The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
VOL. 143. l-1"'w;r^y^Gw^
TRUST
BROOKLYN
CHASE
THE
COMPANY
Chartered
NO. 3710
NEW YORK, AUGUST 1,1936.
NATIONAL
Kidder, Peabody & Co.
1866
George V. McLaughlin
BOSTON
NEW YORK
THE
OF
OF
CITY
The
BANK
NEW
YORK
is
chase
tra-
•
President
PHILADELPHIA
ditionally
For
bankers* bank.
a
many
it
years
BROOKLYN
NEW YORK
served
Member Federal Deposit Insurance
has
large number
a
Corporation
of banks and bankers
as
New York
WdbFaigoBank
Member Federal
RESOURCES OVER
Deposit Insurance Corporation
Government
FRANCISCO
Securities
Corporation
Member Federal Deposit Insurance
depository.
reserve
United States
UnionTrustCo.
SAM
correspondent
and
COMMERCIAL BANKERS SINCE 1852
United States
Government
$200,000,
Securities
Hallgarten & Go.
FIRST BOSTON
Brown Harriman & Co.
Incorporated
CORPORATION
Established 1850
,
63 Wall Street, New York
BOSTON
NEW YORK
Telephone: BOwling Green 9-5000
CHICAGO
NEW YORK
SAN FRANCISCO
PHILADELPHIA
London
Chicago
♦
AND OTHER
PRINCIPAL CITIES
Boston
Philadelphia
Chicago
San Francisco
Representatives in other leading Cities
throughout the United States
WERTHEIM & CO.
120
The
Broadway
State and
New York
Amsterdam
London
CARL M. LOEB & CO.
61
NewTorkTrust
Company
Barr Brothers & Co.
BROADWAY
Capital Funds
NEW YORK
Municipal Bonds
.
$32,500,000
INC.
Chicago
New York
Berlin
Amsterdam
Paris
London
IOO
BROADWAY
57TH ST. &VTIFTH AVE.
40TH
ST.
&
MADISON AVE.
United States Government
SECURITIES
NEW
EDWARD B. SMITH & CO.
PHILADELPHIA
New York
•
.
Pittsburgh
(5th Ave.)
•
State
New York
31 Nassau Street
Cleveland
YORK
BOSTON
•
Allentown
European Representative's Office:
London
•
Eaaton
-
Municipal
Industrial
8 KING WILLIAM
Railroad
STREET
-
Public Utility
BONDS
LONDON, E. C. 4
Correspondent
R.W.Pressprich&Co.
*
Edward B. Smith & Co., Inc.
Minneapolis
CHICAGO
St. Louis
Members New York Stock Exchange
Member Federal Reserve
N. Y.
System and
Clearing House Association
New York
Chicago
Philadelphia
San Francisco
II
Financial
Chronicle
A. G. Becker & Co.
1936
BAKER, WEEKS
Incorporated
Aug. 1,
& HARDEN
Established 1893
Members
New York Stock Exchange
New York Curb Exchange
Investment Securities
Commercial Paper
New York
J. & W.
Investment Securities
Seligman & Co.
'
'
Philadelphia Stock Exchange
Chicago Board of Trade
52 WALL
Chicago
Wall
Street
NEW YORK
STREET, NEW YORK
Graybar Building, New York
Commercial Trust Bldg., Philadelphia
And Other Cities
64
* '
'
,
No.
London
Buhl Building, Detroit
Lothbury, London, E. C. 2
Bourse Building, Amsterdam
Correspondents
6
SELIGMAN
BROTHERS
52, Avenue des Champs-Elysees, Paris
BIRMINGHAM
MARX & CO.
BIRMINGHAM, ALABAMA
To the Holders
"...
SOUTHERN
MUNICIPAL
•'
of
'
'
"
.1
•
AND
CORPORATION BONDS
Minneapolis, St. Paul & Sault Ste. Marie
NEWARK
Six Per Cent Secured Notes
Railway Company
New
With the approval of the Interstate
Commerce Commission, a
plan for extending these notes from August 1, 1936, to
February
1, 1938, with interest at 5% per annum
during the extension, is
being offered to the noteholders, in view of the
Company's inabil¬
ity to pay them at this time.
'
Jersey State & Municipal Bonds
Newark Bank & Insurance Stocks
Full information as to the
plan, and how to participate therein,
has been sent to all noteholders whose
addresses are known.
It is
highly desirable that those noteholders who have not received
such information should communicate
immediately with either
D. W. Aljoe, Assistant
Secretary,. 64 Wall Street, New York
City, or First National Bank and Trust Company of Minne¬
J. S. RIPPEL & CO.
18 Clinton St.
ST.
Newark, N. J.
LOUIS
apolis,
Minnesota.
MINNEAPOLIS, ST. PAUL
&, SAULT STE.
MARIE
RAILWAY COMPANY
By C. T. Jaffray, President.
St. Louis Securities
J5r/X
*
SAINT LOUIS
,
509 OUVT ST
Members St. Louis Stock
Exchange
State of San Paulo
(UNITED STATES OF BRAZIL)
Fifteen-Year 8 % Sinking Fund Gold Bonds
External Loan of 1921.
Pursuant
Provisional
the
of the principal of the above Bonds
which matured January 1,
1936.
The State of San Paulo has therefore
authorized the issuance of four additional coupons
for each Bond for interest
maturing prior to March 31, 1938, the date of expiration of
the period covered by this Decree.
The new coupons will be due
semi-annually from
July 1, 1936 to January 1, 1938
inclusive, and the Decree provides that the first two
coupons
be paid at 25%
of their face amount and the last two at
35%
of their
face amount.
Missouri and Southwestern
Stocks and Bonds
i
to Decree No. 23829 of
February 5, 1934, Issued by the Chief of the
Government of the United States of Brazil, no
exchange was provided for
payment
Smith, Moore & Co.
Holders
of the Bonds who
by presenting their Bonds
St. Louis
The First Boston
desire may obtain the above-mentioned
new
coupons
after July 31, 1936, with appropriate letter of
transmittal
■
St. Louis Stock
Corp. Wire
so
on or
at the office of Speyer & Co.
Exchange
State
San Paulo,
of
CLOVIS
RIBEIRO,
Secretary of Finance.
Coupons due July 1,1936.
DETROIT
MICHIGAN
.
Funds have been deposited with the
undersigned on behalf of the State of San Paulo
sufficient to make a payment of 25% of the face
amount of the coupons due July 1, 1936
appertaining to the above Bonds in accordance with the above
Decree.
Acceptance of
such payment amounting to $10. for each
$40.. coupon and $5. for each $20.
coupon is
optional with holders of said Bonds and
coupons, but pursuant to the said Decree such
acceptance will be considered in full satisfaction of the
claims for interest represented
by such coupons.
MUNICIPALS
and
CORPORATION
BONDS
by
WATLING, LERCHEN & HAYES
No present provision has
Members
New York Stock Exch.
to April 1,
1934, the
future adjustment.
New York Curb Assoo.
Detroit Stock Exchange
Holders of new coupons due July 1, 1936 may obtain
payment of the above amounts
coupons
with
appropriate letter of transmittal at the office of the
and surrendering them for final cancellation.
presenting
undersigned
been made for the unpaid
coupons which matured prior
date of the Decree, and
they should be retained for
effective
Chicago Stock Exch.
334 BUHL
BLDG.,
Speyer & Co.
DETROIT
New York,
July 30,
THE
BUCKEYE
26
I,
Members of Detroit Stock Exchange
PENOBSCOT
BUILDING, DETROIT, MICH.
Special Agent.
Dividends
MICHIGAN MUNICIPALS
Charles A. Parcells & Co.
1936.
PIPE LINE
Dividends
COMPANY
Broadway,
New York, July 18, 1936.
A
dividend of Seventy-five (75) Cents per share
has been declared on the
Capital Stock of this
Company, payable September 15, 1936 to stock¬
holders of record at the close of business
August 21,
INTERNATIONAL HARVESTER
COMPAQ
Quarterly dividend No. 72 of $1.75 per share o
the preferred stock, payable
September 1, 193C
has been declared to
stockholders of record at th
close of business August
1936.
SANFORD B.
.
■'
'
WHITE
Secretary
.
1936.
J.
R.
FAST,
Secretary.
Far othar dividends
sea
page vii.
i
AUGUST
Vol. 143
No. 3710
1936
1,
CONTENTS
Editorials
page
Financial Situation..,
Gov. Landon
British
on
637
..
Agriculture and Labor—______
649
650
Diplomacy in Eclipse
Comment and Review
Monthly Range of Prices on the N. Y. Stock Exchange. _ 652
Book Review—Report on
Week
the European
on
,
642
646 & 698
Foreign Political and Economic Situation
and
Foreign Exchange Rates
681
641
the Works Program.
Stock Exchanges
Comment
Course of the Bond Market
652.
Indications of Business Activity
653
639
700
York Stock Exchange
Week
on
the New
Week
on
the New York Curb Exchange..
News
Current Events and
Bank and
666
Discussions
690
Trust Company Items
Dry Goods Trade.
742
791
State and
792
General
Corporation and Investment Newsi
Municipal Department
Stocks and Bonds
Foreign Stock Exchange Quotations
698
.
700
Dividends Declared
Auction Sales
u
...
—
New York Stock
New York Stock
Exchange—Bond Quotations.
New York Curb Exchange—Stock
New York Curb
_
741
709
718
724
727
730
Exchange—Stock Quotations—_
708 &
Quotations
Exchange—Bond Quotations
Exchanges—Stock and Bond Quotations
Canadian Markets—Stock and Bond Quotations
Other
734
Over-the-Counter Securities—Stock & Bond Quotations.
737
Reports
Foreign Bank Statements
644
Course of Bank Clearings.
698
705
Federal Reserve Bank Statements
General
Corporation and Investment News
.
742
Commodities
The
782
Commercial Markets and the Crops
784
Cotton
Breadstuff s
Published
:
788
Every Saturday Morning by the William B. Dana Company, 25 Spruce Street, New York City
Editor William Dana Seibert, President and Treasurer; William D. Riggs, Business
Manager.
Other offices:
Chicago—In charge of Fred H. Gray, Western Representative, 208 South La Salle Street (Telephone
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; Creat Britain, Continental Europe
(except 8pain), 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 of the Board and
Financial
Y1
This is not
The offer of these Bonds is made only by means of the Offering
Offering Circular.
an
Aug. 1, 1936
Chronicle
Circular.
$29,500,000
The Chesapeake and Ohio Railway
Company
Refunding and Improvement Mortgage 3y2% Bonds
Series
Due August 1, 1996
Dated August 1, 1936
Interest payable February 1 and August 1
in New York City.
Sinking Fund calculated to be sufficient to retire the entire issue on or before
maturity.
102%% on or prior to August 1, 1971,
accrued interest to the redemption date
Also redeemable, as a whole or in part, at the option of the
Company, at any time, upon 30 days' notice if the redemption date be an interest payment date and otherwise upon 60 days'
notice, in either case at the following prices, plus accrued interest to the redemption date: on or prior to August 1, 1941 at
105%; thereafter and on or prior to August 1, 1947 at 104%%; thereafter and on or prior to August 1, 1953 at 104%! thereafter
and on or prior to August 1, 1959 at 103%%; thereafter and on or prior to August 1, 1965 at 103%; thereafter and on or prior
to August 1, 1971 at 102%%; thereafter and on or prior to August 1, 1977 at 102%; thereafter and on or prior to August 1,
1983 at 101%%; thereafter and on or prior to August 1, 1989 at 101%; thereafter and on or prior to August 1, 1992 at 100%%,;
days' notice
Redeemable for the Sinking Fund on 30
any
on
interest payment date, at
the redemption prices below set forth for general redemption;
and thereafter at
being also payable/ but otherwise than out of Sinking Fund.
and thereafter at
100%,.
■
Company's Refunding and Improvement Mortgage dated April 1, 1928, to
To be issued under the
Guaranty Trust Company of New York and Herbert Fitzpatrick, Trustees, as
The issue and sale of these Bonds
the State of New York.
Ohio Railway Company has summarized as follows certain parts of its letter dated July 28, 1936 describing this issue.
The Chesapeake and
The entire letter and
subject to authorization by the Interstate Commerce Commission.
are
of Counsel, these Bonds will be legal investments for savings banks in
In the opinion
supplemented.
Exhibits, 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 funds to be provided by the
Company to the extent required, (a) to redeem at 110% on October 1, 1936, $24,784,000 principal amount
Company's Refunding and Improvement Mortgage 4%% Bonds, Series A, due October 1, 1993,
and (b) to redeem at 105% on October 1, 1936, $1,000,000 principal amount of The Chesapeake and Ohio Northern
Railway Company First Mortgage 5% Bonds, due October 1, 1945, and (c) to redeem at 110% on or before November 2,
1936, $553,000 principal amount of Virginia Air Line Railway Company First Mortgage 5% Bonds, due May 1, 1952
(an additional $347,000 principal amount of said bonds held in a Sinking Fund to be cancelled).
Subject to certain
terms and conditions, Morgan Stanley & Co. Incorporated and certain associates have agreed to purchase severally
from the Company these Series E Bonds at 97%%0 and accrued interest to date of delivery.
PURPOSE
ISSUE
OF
of the
The
EARNINGS
of earnings of The Chesapeake and Ohio Railway Company for the years
following compilation
both inclusive, consolidated
(as to the period January 1, 1926 to April 30, 1930,
1926 to 1935 inclusive
Valley Railway Company, the properties of which were acquired by the Company
May 1, 1930) is from Page 6 of the Company's letter describing these Bonds and is subject to the statements there
made and to the information in the Company's Condensed Income Accounts and Profit and Loss Accounts (Exhibits
2 and 3 attached to said letter) and the notes forming integral parts thereof.
with
earnings
of The
Hocking
on
Fixed
Charges
Railway
Railway
Calendar
Operating
Operating
Operating
Gross
and Miscellaneous
Times
Years
Revenues
Expenses
Ratio
Income
Deductions
Earned
1926
$153,524,289
$104,796,900
68.3%
$42,799,337
$11 818,623
3.62
1927
154,084,689
103,241,252
67.0%
42,748,090
11,223,780
3.80
1928
145,626,404
95,220,878
65.4%,
43,916,750
11,242,144
3.90
1929
150,667,975
98,117,587
65.1%
46,845,995
10,349,176
4.52
-
1930
137,173,037
86,921,031
63.4%,
44,971,419
10,823,580
4.15
1931
119,552,170
74,497,861
62.3%
37,598,665
10,902,181
3.44
10,778,546
3.18
1932
98,725,859
55,965,115
56.7%
34,306,301
1933
105,969,522
58,326,084
55.0%
38,675,807
10,435,997
3.70
1934
109,489,077
60,814,971
55.5%
38,051,289
9,988,886
3.80
1935
114,031,434
63,289,894
55.5%,
40,949,005
9,909,520
Upon
SECURITY
and payment of
redemption
the
present
financing,
Bonds,
called for redemption
retirement of Series B Bonds which were
the
the Series A
referred to above,
on
4.13
and the
completed
July 1, 1936, and after giving effect to
there will be $69,862,000 principal amount of Refunding and Improvement Mortgage
bonds
principal amount of such bonds in the Company's treasury,
all of which will be secured, in the opinion of counsel for the Company, by a direct lien on all of the 2,768 miles of road
now owned in
fee by the Company (excepting 48 miles acquired since the date of the Mortgage and not subjected
to the lien thereof by subsequent supplements), and on the Company's owned equipment and its leasehold interest in
leased equipment, all subject to the prior liens, in so far as they attach, of mortgages securing underlying bonds
(after satisfaction of The Chesapeake and Ohio Northern Railway Company First Mortgage and the Virginia Air
Line Railway Company First Mortgage) in the principal amount of $115,892,000, of which bonds in the principal
amount of $114,853,000 are publicly held, and subject to equipment obligations, in so far as they attach, outstanding
in the hands of the public on May 31, 1936 in the principal amount of $49,006,000.
The Mortgage permits the issuance
outstanding in the hands of the public, and also $18,152,000
of
additional
bonds
thereunder
for
a
wide
variety
of
purposes
as
forth
set
in
the
Company's
letter
describing
be issued by the Company under present underlying mortgages
except to the extent defined in the Mortgage to refund prior debt secured by certain of said underlying mortgages.
The Mortgage does permit the extension, at any rate of interest, of bonds constituting prior debt.
this
issue,
but does not permit additional bonds to
The foregoing is
merely
dated July 30, 1936,
a
brief outline of certain information contained in the Offering Circular
and is subject to the more detailed statements therein.
Circular should be read prior to any
may
be
obtained
from
purchase of these Bonds.
undersgined,
the
Price 99y2%
The
Underwriters (the undersigned and
or
from
any
The entire Offering
Copies of such Offering Circular
other
Underwriter
of
this
issue.
and Accrued Interest
certain associates) have severally agreed,
upon
certain terms and conditions, to purchase these Bonds
from the Company when, as and if issued and accepted by the Underwriters, and subject to authorization on or before July 31,1936 by the Interstate
Commerce Commission of their issue and sale and to the approval of Messrs. Davis Polk Wardwell Gardiner & Reed, counsel for the Underwriters.
It is expected that delivery of Bonds in temporary form,
& Co.
on
or
about August 10, 1936, against payment
exchangeable for definitive Bonds when prepared, will be made
The Underwriters have authorized Morgan Stanley &
in the open market or otherwise,
either for long
or
at the office of
J. P. Morgan
therefor in New York funds.
Co. Incorporated to purchase and sell Bonds for the respective accounts of the Underwriters,
short account, during the period and within the limits set forth in the Agreement between the
Underwriters.
MORGAN STANLEY &
CO.
Incorporated
KUHN, LOEB & CO.
July 30, 1936.
EDWARD B. SMITH & CO.
The Financial Situation
TO A degree that hassince obtained for several years in a few branches. toOn the contrary, the average,
past, possibly not not the depression got well
stocks are reported
be rather low on merchandise
Within the past few days, however, dispatches from
widely separated points have suggested the early
stages of a substantial volume of more or less speculative buying on the part of distributors and perhaps
some others, particularly where agricultural products
were concerned. This anticipatory buying, so far as
it exists, seems to be largely the result of fears of
shortages by reason of the drought and belief that
has
greatly
improved earnings, the restoration of dividend paythe news of the past week or two
under way,
corporation reports showing
been featuring
ments
where they had
increases in such payments
or
been earlier reinstated or
where they have never been
of the present
wholly discontinued, glowing accounts
operations, and highly optimistic
of business
state
forecasts of the immediate
with brief
tation
Security prices
future.
prices will be higher later.
periods of hesi¬
Such
reflecting this
are
Public Credit and the
general situation, notwith¬
"Many
standing that brokers'
loans show
of rising
indications
no
in
.
that in
peak
this is
that
tion year
with
formerly
in the
least
of
sort
most
likely
whose
of voters
the
after
managing the
own
about
lowed by a
e vident
any
those of the
public at large.
the
also
It is
note¬
more
effects of destruction of
to
worthy in view of the re¬
fects.
ports being issued by the
before the
cline
(apparently
crop
taking the
are
The
a
can
at the moment
vast
army
of
the
the
only be made to see the
con¬
they ought to
prove a source
realities of
improvement was
waves
activity
of
increasing
the
and
reverse
being largely superimposed
upon
relief recipients is fre¬
underlying trends too
strong even
for the type
of madness that has been
the
in vogue
find themselves,
situation in which they now
if any more fa¬
little
but
as
under
employment
doubt¬
general
"over-due" in any event,
quently mentioned as a source of much sup¬
port for the Administration that is providing
the relief.
If those constituting that army
conditions,
country
private
due
began,
business
nothing of its inevitable indirect ef¬
What will those on relief do when the
ditions that must then exist.
by private ad¬
vices) that
whole,
less
or
more
direct
the public credit—
government is no longer able to provide for
Obviously they cannot hope to find
ready
period of activity
de¬
less to the fact that
show
them?
Department of Agriculture
confirmed
say
somewhat
that culminated in the
degree of accuracy,
figures alone are enough to
how broad and how tragic must be the
of activity
higher than had obtained
but it is well-known to be enormous.
These
past usually left the
rate
$12,500,000,000 of existing national
be stated with
however, in
the
companies, and cor¬
porations with large so-called liquid surpluses
cannot
optimis m. Sue h re -
cessions have,
savings banks, insurance
in¬
opera¬
considerably less
tions and
acquired for the most part at almost in¬
credible premiums.
The total of government
securities to be found in the portfolios of
terests do not coincide with
be fol¬
period of sub¬
reduced
stantially
household affairs of the
of affairs from the
debt
is
natural death
a
relatively brief pe¬
a
riod of time, only to
path leading to disaster?
,
And how tragically little will be left for
them when the public credit is destroyed!
The Federal Reserve member banks alone now
various concessions to
blocs
they fail to feel alarm as they
mountain of public debt daily
Nation to turn the course
produce
to
tofore died
of consideration!
are
probable, the
campaign that
on
tablished. They have here¬
watch
considered
were
pro¬
$3,000,000,000 each year, even when
liabilities are left
growing higher and higher, and are able to
observe not the slightest indication of any
determined effort on the part of those who
al¬
than
results
closer
much
less
situations have
several occasions
is failing to live within its income
some
How could
promise
to
seems
though
since the New Deal was es¬
out
incidentally
campaign
that
arisen
that their sole
of
recall that
once
nounced,
the bonus and contingent
ready getting under way,
a
at
similar,
consternation they
source of
what
past few years will
by
campaign
a
With
general business during
support
in¬
bitterness
unusual
of
of
the
serious matter this must be for
face the fact
must
elec¬
an
a
conclusion!
teresting by reason of the
fact
course
What
pressed years that followed,
more
the
recipients of public relief who have come, or
are
coming,
to
this
patently inescapable
eliminated by the de¬
All this is the
closely following the course
magic.
1929 were fully
values of
been
have
who
that the hand that feeds them possesses no
quotations
not observed since the
in evidence.
are
Those
expressed belief that those now depend¬
ent
upon the
government for their daily
bread are at least beginning to understand
already reached levels
have
already having that
effect
expressed the other day
a
indications that
some
is
his
instances, at
some
least, current
or
and
it
politician of experience and discernment.
We earnestly hope that he is warranted in
by
and despite the fact
way,
are beginning to realize
public credit must be pre¬
there will be nothing for them"
the
This opinion was
buying of itself natur¬
ally tends to raise prices,
relief
on
that
.
served
important
any
.
Unemployed
several
of great strength
in Washington for
past.
years
His¬
has
the
was
case
tory may well again repeat
with
vorable than
in 1934,
for those who would
itself.
sane
replace present policies
management of national affairs.
and that the time
than partially save the situation,
can more
Broadly similar conditions apparrently exist
Canadian prairie
provinces.
What
It
must
he
also
one
is
certainly
arrive
that
appraising with
To
to
at
he
Does
the fact that activity is in substantial though
calculable part supported by the expenditure
bonus funds, which must presently be exhausted.
inof
a
situation concerning which
working conclusions, and it is
doubtless is
any
finding difficulty in
feeling of substantial assurance.
date, expansion of inventories does not appear
have
played
a
particularly important part except
Will
It Mean?
practical executive to make of all
Just what is the
this?
in the
possibility isj
of
passed when later pre-'
cipitation
This
greater by reason
the
The trouble
the
is, of course, that the long continued
Treasury deficits,
and
such
a
House Catch Afire?
financed by inflationary tactics,
of the New Deal
number of the other policies
as
the most
recently enacted tax law, have
admirably prepared the soil for excessive and highly
destructive inflationary
ary
boom activity.
The budget¬
situation and the methods that have been em-
638
Financial
Chronicle
Aug. i, 1936
ployed in raising funds have unfortunately resulted
should. Few, however, under existing conditions of
in
uncertainty, have
an
and bank
deposits, which
to the business
until
artificial
enormous
the
constant temptation
are a
community and will continue to be
situation
budget and by
expansion of bank credit
corrected
is
by balancing the
substantial reduction in bank
a very
holdings of government obligations. As long
conditions continue to
business
activity
question
whether
the
marked increase in
any
of necessity
almost
raises
the
artificially induced boom of
an
injurious variety is about to be ushered in, and
each
to
exist,
such
as
time it
be
to
seems
the
answer
somewhat
question with
The situation
difficult
more
some re-
spects to that which existed toward the end of 1927,
but
radically different in
yet shown the hardihood to pro-
there has of late plainly been a substantial increase
in maintenance work, as was almost unavoidable
when greater demands began to be made upon the
It is likewise true that here
industrial machine.
and there, probably now in larger degree than for
time past, the more venturesome business man-
some
agers are
expanding facilities.
Government subsidy
and government salesmanship have likewise made
some
progress
in inducing a larger volume of home
building. Such operations as these are, however, ob-
assurance.
existing is similar in
now
as
ceed vigorously with the work thus suggested. True,
other respects.
viously being conducted on a scale that is hardly
than very conservative compared with what
more
By the
was
usual during most of the years of the first post-
beginning of 1928, the portfolios of the banks had
war
decade.
become loaded with assets
had
which, however "sound,"
place in commercial banks. Deposits had as
no
result become
a
enormously swollen, supplying the
people at large with purchasing media sufficient to
finance
the
In this fact we have an important explanation
failure
the
of
of employment to increase
more
markedly as business activity expands, as thoughtful
students have long recognized. If it were possible
extraordinarily active and expanding
to know in advance the degree in which industry
operations of 1928 and 1929 without further impor-
would presently gain sufficient confidence to undertake long range expansion activities, we should
tant
enlargement of bank credit.
now
The banks
are
again similarly overinvested in unsuitable
as-
sets, with the result that the volume of deposits is
larger than at
have
in
sufficient
time in
any
existence
finance
to
an
they
history.
enormous
business, if these deposits
as
our
We again
purchasing media in
volume
expansion
used
are
a
in
intensively
as
in 1928 and 1929.
were
date
consisted
bonds, and loans
consist
of
the
held
assets
is
of
no
are
Modern,
highly
mechanized
industry
smoothly and effectively only when
or
functions
substan-
a very
tial part of the population is engaged in getting
ready to produce more abundantly and
over
any
more
cheaply
on an even
substantial period of time only if it
far
as
other differences of first
very
fact that
inflationary tactics
on
either its
own part or on the
part of the government itself, and only if it is left
reasonably free from all kinds of useless and
sense-
less government interferences, subsidies, regulations
punitive expeditions.
and
Greater confidence
doubt induce
but unless such confidence and such optimism
1927,
faith—mis-
placed, it is true, but faith none-the-less—was
eral
in the
outlook.
Business
men
were
gen-
ready to
based
a
actually
so
already
were
proceeding.
believed to be
There
as a
were
almost
everyone
what
was
was
gree
comparable to 1927.
doubtless
due
in
he learned
with
exist, at least in
Today
any
de-
The lack of confidence is
part to the fact that the hard-
headed business
man.
the
has not forgotten the lessons
inflationary boom of the late
twenties, and in part to the fact that public policies
are
such
that
assurance
can
in
no
intelligent
man
can
feel great
making long term commitments that
The
For half
a
Capital Expenditures
decade Amedican
more
arrived.
ferred
industry has not been
by the needs of each day
There is doubtless
maintenance,"
as
a
vast
amount
as
of
it
"de-
it is termed in the railroad
industry, and in addition new equipment to take
advantage of recent discoveries and inventions and
to meet
new
economic
demands is
mechanism
over the next
decade,
course
the next
half a decade, rests at bottom not upon "confidence"
or "psychology" but upon the question of whether
or not we can brinS ourselves effectively to demand
wiser Public policies. Treasury deficits, which show
little indication of diminution, simply cannot coptinue indefinitely in existing proportions without
bringing utter disaster to our banking and credit
mechanism, which of course means disaster to the
whole economic structure. The effect of such deficits
is obviously magnified by ill-considered foreign poli-
the
than keeping plants in order to
the extent demanded
Conclusion
We tbus ^rrive at the conclusion that the
of business
with
ence
doing much
Ultimate
or even
cies, particularly the tariff, such arbitrary interfer¬
readily be deferred.
Deferred
a
really healthy forward movement,
then
enthusiasti-
cally at work to eliminate these shortages.
that kind of faith does not
are
matter of fact
shortages of various types of capital
equipment, and
boom of very substantial proportions,
solid grounds they cannot produce
upon
proceed vigorously with plans involving long term
commitments and
or
optimism at the present time could without
more
essentially long
assets in
keel
goes
about its tasks with prudence and foresight, and
the banks held all these real estate loans and other
term
two.
not as a result of artificial stimulation afforded by
great importance
importance. As evidenced by the
of
course
year
corpo-
deposits brought into existence is
concerned, but there
nearly able to foresee the
Today they
part.' This difference in the nature of
the volume of
rate
securities.
obligations of the Federal government
for the most
as
largely of real estate loans,
on
more
in the future. But industry proceeds
The unsuitable assets of the banks at the earlier
rate
be much
business conditions during the next
needed,
gets
to
or
will be
once
functioning
as
policies
If
business management as is
we
now
must
in full force and effect in Washington,
continue,
to
this:
into
a
that such
assume
to
or
embodied in
recently adopted tax law, and many of the other
the
Is
question
business
disturbing policies
comes
likely
to
down
work
state of boom before the inevitable
are
virtually
itself
up
collapse,
will it continue to proceed with caution, keeping
prepared
as
best it
may
for the day of reckoning?
the
It is indeed just this question that is forced upon
it
the minds of thoughtful observers who from day to
Volume
Financial
143
639
Chxonicle
day read the optimistic predictions and the reports
gained $4,000 to $3,092,000,
of feverish
Government
to the
As
activity bred of fears of shortages.
opinions
answer,
For our
well differ.
may
affairs
we
those of their
and
enterprises to be¬
vulnerable than is unavoidable. They
come more
will,
take full advantage of whatever
,should suppose,
opportunities present themselves from week to week
were
entirely un¬
Corporate Dividend Declarations
enterprises would feel warranted in permitting
their
States
while United
holdings
changed at $2,430,227,000.
part, we should doubt whether those who manage
our
security
FAVORABLE corporate dividend actions were a
week.
United States Steel
feature the current
dividend of $1 a share on account
Corp. declared
a
Of accruals
its
on
7% cumulative preferred stock,
month, but be inclined to avoid
payable Aug. 29 next; previously, 50c. a share was
long term commitments whose success depends upon
paid each quarter from Feb. 27, 1933, to May 29 last.
and from month to
Prior to this
long continuation of favorable conditions.
Federal Reserve Bank Statement
period regular quarterly dividends of
$1.75
a
were
share
a
OF CHIEF interest in Federal Reserve banks,
the current condition
the
dend of 50c.
combined, is the modest decrease of currency in
ously.
of
statement
circulation.
1
12
The credit summary
discloses that only
and
a more
that
reserves
the
excess
System obviously
rapid decline when it estimated
of member banks would attain
$3,500,000,000 mark by Aug. 15, when the in¬
creased
reserve
requirements
go
Bonus
into effect.
payments by the United States Treasury occasioned
a
$300,000,000
seems
currency
increase late in June, and it
that only a small part
returned from circulation.
ingly
far has
sum so
It is becoming increas¬
obvious that currency expectations need a
Use of hand-to-hand money appar¬
revision.
little
of that
ently is destined to remain on a much larger scale
than in the years
before the banking crisis,
as
the
closing of thousands of banks left many communi¬
without
ties
adequate banking facilities.
cies noted in recent weeks
000,000
excess reserve
the next two weeks.
into its
Tenden¬
suggest that the $3,500,-
total will not be realized in
The Treasury continues to dip
general account with the Reserve institu¬
tions, and this factor, combined with the modest
decrease, occasioned an increase of $60,-
currency
000,000 in the week in the excess reserve total, which
now
is estimated
of course,
official
after
It is,
matter of small moment whether the
a
is attained by Aug.
estimate
the
officially at $3,050,000,000.
requirements
cess reserves
a
prodigious
additional distribution of 97%c. a share
dends, which
dividends
clared
a
in amount of 30c. a share, up to
were
of current
level
the
quarterly disbursements, both
payable Sept. 15; this compares with payments of
$1.50
Dec.
on
June 30 last,
$1
Kresge Co. declared an
share in addition to the
share
on
the
common
share,
an
extra dividend of
well as the regular quarterly of like
as
The
Treasury did not reimburse itself for such acqui¬
the gold certificate holdings of the 12
regional institutions moved up only to $8,185,529,000
to
increased, and total
notes
in
actual
circulation
101,000 from $3,976,863,000.
banks
moved
up
Federal Re¬
fell
to
deposits
on
$3,951,-
Total deposits with the
modestly to $6,780,214,000
July 29 from $6,754,308,000 on July 22.
bank
But cash
thus advanced
$8,500,276,000 from $8,490,947,000.
serve
12
reserves
reserve
account
on
Member
advanced
to
$6,016,170,000 from $5,935,131,000, while Treasury
deposits
from
in
on
general account dropped to $466,210,000
$519,317,000.
foreign
bank
Only modest changes appeared
and
non-member bank
The ratio of total reserves to
Owens-Ford Glass Co. declared a dividend of
share
the
on
which compares
common
with 50c.
stock, payable
on
declared
Co.
addition to
an
deposits.
deposit and note lia¬
Sperry Corp. declared a dividend of $1 a share on
the
common
Aug. 20,
stock
voting trust certificates, payable
and compares with payments of 25c. a
share made
July 1, 1935, and Dec. 29, 1934.
on
$277,000
to
$3,668,000, but industrial advances fell $125,000 to
$29,448,000.
Open market bankers' bill holdings
■
STOCK prices moved week. The upward tendency
here, this irregularly in fairly active
markets
a
lies titant note
appeared
turned into a general
was
period.
in the early dealings,
on
Tuesday, and this
recession in the mid-week
Thereafter the market steadied, so that
changes for the week are small in most groups
net
Liquidation
of issues.
time in certain
registered.
early gains.
steel
was
quite pronounced for a
Stocks, and some recessions thus are
But others retained portions, of their
Quarterly reports for some of the large
companies appeared during the week and ap¬
parently
caused a little disappointment, for the
subjected to considerable selling on
steel group was
Motor company stocks also dropped
Wednesday.
sharply in the same session, although these concerns
have
been
doing
quite well.
No
particular im¬
portance attaches to the shake-out, however, as it
followed
a
steady
nervousness was
portant factor.
increased
in
stock, payable in both instances on Sept. 16.
mon
Western
System
Allegheny Steel
extra dividend of 15c. a share,
regular quarterly of 25c., on the com¬
a
Discounts
the
$1.25
Sept. 15,
June 15 and March 16
last, and 30c. quarterly previously.
bilities, combined, moved up to 79.2% from 79.1%.
by
Libbey-
amount, on the common, payable Sept. 30.
a
Na¬
12%c.
The New York Stock Market
one.
July 29 from $8,185,322,000 on July 22.
S. S.
of 30c. a
regular quarterly of 25c. a
extra dividend
but
on
March 31, 75c. on
stock, payable Sept. 30.
tional Lead Co. declared
a
on
31, 1935, and 25c. in preceding quarters.
tics, and the aggregate is now $10,642,000,000.
in vaults
stock,
dividend of $4 a share on the common
of recent weeks was continued
as
Chrysler Corp. de¬
payable Oct. 15.
are
$8,000,000 in the week covered by the current statis¬
sitions,
in
bring the previous three quarterly divi¬
to
ex¬
stocks of the country increased
Monetary gold
an
even
raised the total of
are
still will be
15, for
stocks, payable
common
International Harvester Co. declared a quar¬
order
anticipated
the
on
terly dividend of 62%c. a share on the common stock
institutions in the week to July 29.
The Board of
share
a
Sept. 15, as compared with only 25c. quarterly previ¬
$30,000,000 currency was returned to the regional
Governors of the Federal Reserve
paid from date of incorporation.
Co. of N. Y. declared a divi¬
Consolidated Edison
advance of two
weeks.
Some
caused by events in Spain, and the
drought
situation also remained
an
im¬
But the market was at least equally
impressed by the continued favorable trend of trade
and industry.
i
640
Financial
Trading last
-
in
creases
Saturday
quotations,
resulted
in general
with industrial
there any
halt in the upswing
advances carried
the best
issues showed
market
Early
ceded
optimism
changes for the day
but very
than
more
metals group
United
small.
of
moment,
also dipped.
Steel
few issues in
a
on
Wednesday, possibly
preferred stock
50c., whereas it had been
resumption
would
be
effected.
Steel, motor and other industrial issues
liberally,
week in
were
instances.
relatively steady.
Thursday.
sold
were
than offsetting early gains of the
more
some
the
Overnight publication of
dividend only to $1 from
full
re-
Corp. quarterly earnings
report caused unsettlement
that
on a mod-
mostly down-
were
because the company increased its
hoped
the
Motor and steel stocks
others, and
States
the
to ,5 points, but the entire
up
the
was
as
Leading
Tuesday profit-taking developed
on
est scale and
ward
gains
reflected
of
figures of the
and the movement in that session.
year
the
levels to
Nor
Monday,
on
in-
stocks
nearly all descriptions in keen demand.
Most
Utility and carrier stocks
The trend
of
the
was uncertain on
industrial
stocks
that
dropped sharply the previous day showed recoveries,
but specialties, oils and utilities were soft.
Changes
yesterday
clines
small and inconclusive.
were
appeared in
while
carrier
a
and
Small de-
majority of industrial stocks,
utility shares were almost
motionless.
'
In
low-priced
a
rail
speculative tinge.
stocks
favor, and large gains
in
were
on
Secondary and
almost
were recorded
continual
for the week,
Industrial
bonds
improved.
United States Treasury obligations and
with
a
speculative interest also
the best-rated corporate bonds
some
ceived.
issues
new
In the
cheerful,
Aug. 1, 1936
Early in the week values
showed
on the Stock Exchange
tendency to advance to higher ground,
a
However, despite continued favorable business and
trade
reports,
profit-taking,
coupled
with
short-
selling, claimed the market in'later sessions.
of
result
positions
this
and
diminished
changes
in
a
ous
prices
pressure
buying
trading.
turned
moved
highly
As
a
lower
to
selective
in
At the close yesterday price
irregular, this trend being observable
comparison of prices with Friday of the previwere
General
week.
43% against 42%
Electric
on
closed
yesterday at
Friday of last week; consoli-
dated Edison Co. of N. Y. at 41% against 41; Columbia Gas & Elec. at 22 against 21%; Public Serv-
ice of N. J. at 47 against 47%; J. I. Case Threshing
Machine at 160 against 168; International Harvester at
81% against 84%; Sears, Roebuck & Co. at
82% against 80; Montgomery Ward & Co. at 46%
against 45%; Woolworth at 53% against 53%, and
American
Tel.
&
Tel.
at
171%
against
170%.
Western Union Tel. closed yesterday at 88% against
88%
at
on
217
Friday of last week; Allied Chemical & Dye
against 210; Columbian
against 127; E.
against
164%;
I.
du
Carbon
at
Pont de Nemours
National
Cash
127%
at
165
Register at 26%
against 25%; International Nickel at 50% against
51; National Dairy Products at 26% against 27;
National Biscuit at 33 against 33; Texas Gulf Sulphur at 35% against 35%; Continental Can at 73
the listed bond market attention centered
the issues with
as
Chronicle
but
hardly varied at all,
announced
were
and
foreign dollar section the
there
also
were
well
tone
re-
was
recessions,
some
against 77; Eastman Kodak at 180 against 175;
Standard Brands at 15% against 15%; Westinghouse Elec. &
at
24%
Mfg. at 140 against 133%; Lorillard
against
24%;
United
Alcohol at 37 against 33%;
States
Industrial
Canada Dry at 14%
against 14%; Schenley Distillers at 39% against
39%, and National Distillers at 28% against 26%.
The steel stocks, with few exceptions, made further progress this week.
United States Steel closed
yesterday at 65 against 64%
on
Friday of last week;
Grains, cotton and other agricultural commodities
Inland Steel at 102 against 98%; Bethlehem Steel
moved
at 55% against 55%; Republic Steel at 21% against
21%, and Youngstown Sheet & Tube at 72% against
steadily higher, owing to the drought in the
West, but that incident is far from an unmixed
blessing, and the stock market
in
a
part for this
bit
was
stimulated only
Some of the metals
reason.
uncertain, and other commodities also showed
irregularity.
European developments unsettled the
foreign exchange markets perceptibly
progressed.
The
almost to the
be
French
franc
rather
pesetas
point at which gold
reflected
the
New
the
chaotic
York
high
new
stocks touched
new
Stock
levels
conditions
for' the
in
New
York
new
Stock
On the
New York
year
while
new
half-day session
shares;
on
25
low levels.
high levels
Call loans
Exchange remained
un-
on
Exchange the sales at
Saturday last
Monday they
were
were
611,840
1,826,285 shares;
on
Tuesday, 1,903,870 shares;
on Wednesday, 1,947,880
Thursday, 1,512,530 shares, and on Friday, 1,609,970 shares. On the New York Curb Ex-
shares;
on
change the sales last Saturday
on
Monday, 417,948 shares;
were
231,670 shares;
on Tuesday, 392,080
Wednesday, 403,345 shares; on Thursday,
370,025 shares, and on Friday, 499,595 shares.
shares;
on
In the motor
Auburn Auto
group,
on
closed
Friday of last
week; General Motors at 69% against 69%; Chrysles at 119% against 118%, and Hupp Motors at 2
against 2. In the rubber group, Goodyear Tire &
Rubber closed yesterday at 24% against 23% on
Friday of last week; United States Rubber at 32
against 29%, and B. F. Goodrich at 23% against
The railroad shares made further advances
20%.
this week.
Pennsylvania RR. closed yesterday at
against 36%
on Friday of last week; Atchison
Topeka & Santa Fe at 84 against 83%; New York
Central at 40% against 40; Union Pacific at 137
against 135%; Southern Pacific at 40% against
39%; Southern Railway at 20% against 18%, and
Northern Pacific at 27% against 27%.
Among the
oil stocks, Standard Oil of N. J. closed yesterday
at
'
Stock
70%.
yesterday at 33% against 33%
37
changed at 1%.
the
that
On the New York
Exchange 90 stocks touched
the
again could
profit.
Exchange 162 stocks
low levels.
and 23 stocks touched
on
once
a
*
touched
Curb
the week
Sterling
steady, but bootleg dealings in Spanish
country.
On
as
dipped yesterday
shipped to the United States at
was
were
62% against 63% on Friday of last week; Shell
Union Oil at 18% against 19%, and Atlantic Re-
fining at 28% against 29.
In the copper group,
Anaconda Copper closed yesterday at 39 against
39% on Friday of last week; Kennecott Copper at
44% against 44; American Smelting & Refining at
88
against
86%,
and
Phelps
Dodge
at
37%
against 37%.
Trade and industrial reports continue to make
optimistic reading,
as
there is
no
indication of
any
recession.1 Steel ingot production for the week end-
-t
Volume
641
Financial Chronicle
143
Prices were irregular on the London Stock Exchange in a fairly active session last Monday. British funds were cheerful, but profit-taking took place
in many of the industrial issues and that part of
the list showed numerous losses and only a few
American Iron and
ing today was estimated by the
70.9%
last week and 41.0% at this time last year.
Electrie power production for the week ended July 25
totaled 2,088,284,000 kilowatt hours, according to
71.5% of capacity against
Steel Institute at
advances. Gold mining issues were uncertain, but
This compares with
the Edison Electric Institute.
most international securities moved upward, with
the exception of Spanish issues. German obligations did very well, owing to the belief that a general conference on political questions will be held
in September. An uncertain tendency again was reported in London on Tuesday. British funds were
firm, while industrial securities remained quite unAs indicating the course of the commodity marcertain, with further profit-taking in evidence. Ankets, the September option for wheat in Chicago
glo-American trading favorites improved in the
closed yesterday at 110%c. as against 103%c. the
foreign section, owing to favorable reports from
close on Friday of last week.
September corn at
New York. The approaching holidays restricted
Chicago closed yesterday at 101%c. as against
trading on Wednesday, and further reduction of
87%c. the close on Friday of last week. September
commitments kept some sections of the market unoats
at
Chicago closed yesterday at 40%c. as
settled. British funds did well, while recessions
against 36%c. the close on Friday of last week.
predominated in the industrial department. InterThe spot price for cotton here in New York closed
national issues also were offered at lower figures,
yesterday at 12.85c. as against 13.16c. the close on
The tone was more cheerful on Thursday, despite
Friday of last week.
The spot price for rubber
further small trading. British Government issues
yesterday was 16.44c. as against 16.31c. the close on
were well maintained and more gains appeared in
Friday of last week. Domestic copper closed yesterthe industrial list owing to diminished profit-taking,
day at 9%c., the close on Friday of last week.
International securities were dull and not much
In London the price of bar silver yesterday was
changed. Gilt-edged issues were quiet and steady
19% pence per ounce as against 19% pence per
yesterday, while small advances took place in most
ounce on Friday of last week, and spot silver in New
industrial issues.
York closed yesterday at 44%c., unchanged from the
Little trading was done in a gloomy session at
close on Friday of last week.
Paris at the start of the week. Prices declined all
In the matter of the foreign exchanges, cable
along the line, so far as French issues are contransfers on London closed yesterday at $5.01 11/16
cerned, but a little demand appeared for foreign
as against $5.01 13/16 the close on Friday of last
issues other than the Spanish securities. Rentes
week, and cable transfers on Paris closed yesterday
dipped fractionally, while industrial securities
at 6.58%c. as against 6.60 15/16c. the close on Fridropped more heavily. Bank stocks were particuday of last week.
larly soft under the leadership of Bank of France,
previous week
and with 1,823,521,000 kilowatt hours in the corresponding week of last year. Gar loadings of revenue
freight for the week to July 25 amounted to 731,062
cars, the Association of American Railroads notes,
This is a gain of 10,660 cars over the previous week
and of 135,490 cars over the same week of 1935.
2,099,712,000 kilowatt hours in the
which
European Stock Markets
weeks
was
quoted for the first time in almost two
owing to restrictions on trading
while reforms
MOVEMENTS the principal European stock quiet . were being pace, Tuesday, decline continued at unwere small and irregular in mar- accerelated effected. The as there was general an
trading
on
kets this week.
ward in the
and
The tendency was
tional positions. Rentes were marked
Berlin, but the tone improved to a degree in
later
A good deal of nervousness was oc-
trading.
casioned, especially in Paris, by the bloody civil war
in
in
Spain. A number of Spanish securities are listed
the
French
market, and they suffered drastic
Some French issues were affected sympa-
declines.
thetieally, while rentes declined on indications of
an
ever-increasig budgetary deficit and modest sub-
scriptions to the short term loan recently announced
in
endeavor to
an
France the
bring out of hoarding and back to
60,000,000,000 francs officially estimated
to have been
placed in hiding or sent abroad. More
hopeful
indications from London that the Con-
were
tinental
ing.
hoarding of British bank notes is decreas-
Money rates nowT are low in all the leading
European markets, and indices of trade and industry reflect favorable Trends.
Business recovery in
Britain
French
improvement is a matter of course, now that
the strikes
as
are
measured
toward
has
i/een
Great
almost
over.
quite
remarkable,
and
The German tendency,
by the heavy industries, likewise is
greater activity. Such favorable factors were
counterbalanced,
caution,
the many
however, by
a
natural
spirit of
occasioned by the Spanish rebellion and
political uncertainties in Europe.
and internasharply lower,
and heavy losses were registered in virtually all
French equities. International securities were dull
and not much changed. After a firm opening on
Wednesday, prices once again declined at Paris,
Losses were more modest than in the preceding session, but still substantial. Rentes and bank stocks
were affected more than other securities. The trend
on Thursday was somewhat uncertain, but fairly
cheerful in most sections. Rentes were steady, while
bank stocks improved but did not hold all of their
gains! Among French industrial securities gains
outnumbered the losses. Rentes disclosed a firm
trend yesterday, and bank stocks also improved, but
the industrial group was irregular,
On the Berlin Boerse the week started with a dull
session, in which prices were mildly irregular,
Profit-taking was noted and it caused losses up to
2 points in prominent speculative vehicles, but other
securities were dull and motionless. The tendency
to reduce commitments again was in evidence, Tuesday, and further unsettled the market. The opening
was steady, but prices gave way under modest offerings, with the declines chiefly fractional. A few
stocks lost 1 to 3 points, while fixed-interest securities remained motionless.
Uncertain movements
easiness regarding both the internal
generally down-
early part of the week at London/Paris
*
Financial
642
continued
and
and
characterize
to
gains
that group,
German
the
Heavy industrial issues
Wednesday.
Aug. 1, 1936
market,
correspondingly stringent measures. The impression
in de-
prevails everywhere that Spain will emerge from
were
to 2 points were registered in
up
Chronicle
but other securities were inclined to seek
the civil war either with a deep Red tinge or with
a
completely fascist regime.
Public participation increased
The military situation was chaotic from the start
Thursday, and the tone in that session was cheer-
and it has not yet cleared up to any great degree,
slightly lower levels.
on
ful.
Many of the steel and mining issues showed
gains of
wise
point
a
or more,
like-
groups
Fixed-income securities held firm,
improved.
The favorable trend
trading
othef
while
was
maintained yesterday, but
u
•!
r*
General Mola, in the north, declared
into sllbmission> rather than risk the destruction
w
Spanish Civil War
...
ally by volunteers from the' civilian ranks of the
Left Front.
early this week that he preferred to starve Madrid
modest scale.
was on a
But the military initiative rested ever more clearly
with the Government forces, who are aided materi-
^ ^
cap^ai
battle.
a
But these words merely
CIVIL war raged without abatement imcertain masked his anxious wait upon the expected rebel
Spain drive from the south, which
week, with the outcome no
materialized,
this
-
more
than at the start of the
is
It
the
becoming increasingly plain,
on
never
July 18.
however,
that
plans of the rebels miscarried, and time
appar-
the side of the Government forces.
Lead-
ently is
of
ers
on
rebellion
the
quite obviously relied heavily
the surprise element.
upon
taneous
a
bloody conflict
They staged
a
simul-
uprising in the northern part of Spain and
troop movement from Morocco to southern ports,
with the evident intention
tween the
north did
cqueezing Madrid be-
pincers of these forces.
they achieve
huge
army
leanings about him and started
General Francisco
of rebellious sol-
The
Left Front
a
monarchist
march
on
Madrid.
Franco, reputed to be the guiding
spirit behind the rebellion,
the south.
upon an
attack against Ma-
possession
in
reported
were
of
The rebels
important
some
mountain passes to the north of the
capital and it
well be that a desperate battle for Madrid will
may
Judging by surface indications, the Ma-
develop.
drid authorities would appear to feel no anxiety re-
garding defense of the city.
They sent important
moved toward the same center from loyal Barcelona,
a
success.
of civilians with fascist and
diers and
having decided
contingents tQward Saragossa, while other troops
north, gathered
less fortunate in
was
Spanish Navy remained loyal to the
regime at Madrid and quickly put
end to the transfer of
gained control of
a
unable to hold all
an
troops from Morocco to the
Gibraltar.
around
area
But only in the
as
drid with what forces he could muster.
Gen-
an
outstanding
ing given up hope of reinforcements from the south
and
Mola, who headed the insurrection in
eral Emilio
the
of
By Thursday, General Mola was described as hav-
The
rebels
in
the
south
few cities, but they have been
the towns they took
.
Obviously
and
of the important battles of the wrar may
one
take
place in Saragossa.
Sebastian,
The seaside resort of San
the northern coast,
on
recaptured
was
by loyal forces late last week, together with a long
strip of the coastline,
a
so
that the rebels must face
threat from the rear. Valladolid, in the center of
the rebel territory, also remains in loyal hands.
brief
struggle for
ended last
Monday with that town in control of the
Madrid regime.
But far to the south, in the Gibral-
tar area, rebel and loyal forces massed in prepara-
enough, the failure of the rebel plans in the south
tion for
compromises the
Seville, Cordoba, Malaga and other cities.
situation from
the revolutionaries.
has
over,
whereas
easy
the
access
rebels
But
respects.
The Madrid
the
No
less
carry
quarter is asked
Government,
sea
well
insurgents
plainly determined to
end.
to the
are
the viewpoint of
and to supplies,
situated
are
in
and
the fight to its bitter
none
is
given.
In radio broadcasts and press
mous successes.
ments
stateop-
though actual events failed to bear
even
out their claims and
extravagant
predictions. Naturally enough,
stories
quickly lost
their effect,
and in the current week the._true situation
shine
enor-
they predicted the early collapse of their
ponents,
the
seems
through such flimsy fabrications.
the rebels remain
is clear that the
somewhat
began to
The aims of
uncertain, although it
tendency is fascist in the main and
monarchist in part.
A provisional government
was
and
a
statement issued last Saturday, Gen-
eral Cabanellas indicated that
republic, if the rebels win.
Spain will remain
The inference
Alfonso would not be invited to
The Madrid
day. that
statements
as
resume
was
the throne,
authorities, in turn, declared last Sun-
their regime
probably
the current
is
Communist."
Such
authorized, by decree, to confiscate all build-
The Spanish Constitution provides for such
ures,
but to
stitution remained
issued.
was
created
a
meas-
large degree that section of the Condead
a
letter
until
the decree
Another decree, issued the
committee of four
all industry in the country.
members
It
was
same
to
day,
control
reported persis-
tently that foreign property had been seized by the
Spanish authorities,
dicalists who
nection
the Ford
were
or
by the Socialists and Syn-
supporting Madrid.
are
and
General
In this
Motors
named specifically.
con-
plants in
But
messages
received at Washington, Thursday, from
our
diplomatic and consular representatives in Madrid
declaring that American property had been protected
successfully.
progress and
An exodus
caused
some
of foreigners
anxiety, but it
was
in
appears
that the evacuation is proceeding with reasonable
dispatch. American, British, French, German, Italnow are
necessarily will deepen the
aid the movement, if
necessary.
Left, and force the successful side to take
a
ian and other vessels
ex-
Gover-
ings and equipment belonging to religious orders,
of little real significance,
are
conflict
not
political chasm between the extreme Right and
treme
a
that
is headed by
Mayors of all Provinces and cities in Spain
Barcelona
In
now
illustrates the tendency toward extremism.
nors
were
regime.
Government, which
Premier Jose Giral, took a step on Tuesday which
organized by the rebels at Burgos late last week,
Miguel Cabanellas the head of the
Battle-
to be completely in the hands of the rebels,
with
General
stern fight to decide the control of Cadiz,
The Madrid
were
Both sides continued all this week to claim
a
ships shelled Moroccan towns,, but Spanish Morocco
such
numerous
either side and
on
more-
A
of Madrid,
just south
Toledo,
deal of conjecture
are
as
in Spanish ports to
There
was a
good
to whether the rebels in Spain
being aided by the fascist Governments of Italy
''
'
;
Volume
and
Germany, but
'
.
'
■
/
•
:
^
643
but it is plain that the German authorities are endeavoring to provide an answer in the form of peace
agreements. Italy also appears for the moment to
regime in France debated
of making supplies available to the
question
■■•
■
.
Chronicle
positive information was made
no
The Left Front
available.
the
_
Financial
143 \
be peacably inclined, so far as Europe is concerned,
and Britain is endeavoring to dispel Italian ani-
Madrid authorities.
Naval Armaments
mosities
through
termination
of the anti-Italian
THAT a naval race soon will be in full swing is elements in a situation that is fraught with dangers,
Mediterranean agreement. These are the hopeful
by the extensive preparations now
indicated
All European countries are increasing their armaments at a feverish rate, which is a sufficient indication of underlying opinions of the real position.
The brief meeting of British, French and Belgian
statesmen in London on July 23 was followed almost immediately by attempts to induce Germany
and Italy to attend a five-Power conference on European problems, to be held in the autumn. A gather^
ing of that nature was proposed in the resolution
adopted at London, probably because that appears
to be the only means for bringing both Germany
and Italy back into full collaboration with other
countries. Ambassadors of the three countries called
in bodies at the Foreign Offices in Berlin and Rome,
on July 24, to make known officially the results of
the London gathering and invite the attendance of
Germany and Italy at a subsequent conference. In
both Fascist capitals it was indicated that some
time must elapse before a reply is made. German of-
being made for construction of major units immediately after expiration of the Washington and London pacts
Sir Samuel Hoare,
at the end of this year.
First Lord of the British
the House of
Admiralty, announced in
Commons, Wednesday, that contracts
had been awarded for two new
construction
to
fications will not be
costs have not
35,000-ton ships, with
Sped-
begin early next January.
ready until- October, and the
But the early
yet been determined.
letting of contracts was excused on the ground that
the firms thus will be able to prepare
for energetic
work at the earliest possible moment.
The British
statement
in
followed immediately by
was
intimations
Washington that the British precedent will be
followed
by the United States. Admiral William H.
Standley, Acting Secretary of the Navy, expressed
the conviction that American
ton
building of two 35,000-
ships will start next January, to keep pace with
The last Naval
British construction.
Bill, it
two
mined that any
other treaty nation was proceeding
construction.
similar
pleted
ficials were represented as sympathetic, but it was
stated that the matter requires "careful thought."
Italian spokesmen made it known that acceptance
depended only on dissolution of the anti-Italian
battleships whenever the President deter-
new
with
Appropriation
pointed out, authorized the building of
was
The
picture
com-
was
Mediterranean coalition formed by Britain at the
height of the Anglo-Italian dispute regarding
Ethiopia.
*
A number of incidents early this week provided
Thursday by intimations in Tokio that
on
Japan will provide for the replacement of four capital
ships in the 1937 naval program of that country,
with construction of two vessels to be started
next year.
Somewhat
more
early
encouraging than these
London announcement,
Thursday,
reports
was
that
Anglo-Russian naval agreement had been
an
reached.
a
The
elude the Russian Asiatic fleet.
for
<
understanding, however, does not inIt
provides merely
exchanges of building information and for Rus-
sian adherence to the
London
recent
evidence, of the new trend toward European conciliation and collaboration. The British Foreign Seeretary, Anthony Eden, announced in the House of
Commons, Monday, that the period of uncertainty
following the termination of sanctions against Italy
was over,
and that British assurances of protection
to certain Mediterranean countries no longer ap-
qualitative limitations of the
peared necessary.
agreement, so far as the Atlantic
The French and Greek Govern-
ments had acted previously, on their own initiative,
fleet of Russia is concerned.
to dissolve the
European Conciliation
cation
Mediterranean accord, and the notifi-
by Mr. Eden also terminated the arrange-
UNDER the leadership of the British Govern- ment so Various aspects of the European situation
far as Yugoslavia and Turkey are conment, determined efforts now are being made
cerned.
to
adjust the problems arising from the German vio-
lation of the Locarno
of the
before
there
pressed the hope that the London conference of last
The dif-
week would lead to full Locarno negotiations, with
League in the conquest of Ethiopia.
ficulties
are
real
is
much
relations of
lomatic
European States, and diligent dip-
clarify the situation.
national
Germany and Italy
or access
to raw materials. The British Govern-
international conference under the ausHe made it clear,
however, that the British Government would view
with distaste any immediate introduction of the
mandates problem by other countries in interna-
extent
of the
on
agreement.
The Reich,
opened the
penetration of the Balkan area.
way
to
It is
eco-
now
rumored in London that the German authorities also
endeavoring to reach an agreement with Czecho-
slovakia, while German assurances to Poland on
the
be one answer to the German demand for colo-
nies
problems, but some doubt exists as to the
and
cooperating
trian Government and thus
are
tories, as a transfer of mandated lands to Germany
may
ment, he said, would be "glad to consider that mat-
are
acting with Italian assistance, has placated the Ausnomic
,
It may very
well be significant that Captain Eden discoursed
for some time on the question of mandated terri-
certain inter-
unquestionably
nature
that is
some
be discerned. Moreover,
vague and shadowy in the
can
inquiries doubtless will be made in coming
weeks to
Germany and Italy as participants.
great and it may wTell be some months
progress
reviewed by the Foreign Secretary, who ex-
were
pact and the Italian flouting
Danzig problem also give cause for a degree of
optimism.
Berlin to
London still lacks a formal reply from
the questionnaire on Chancellor Hitler's
real intentions with
regard to neighboring countries,
ter at an
pices of the League of Nations."
tional discussions.
Only
unofficial intimations were available re-
garding the reputed German moves toward European
conciliation, but the reports appear creditable,
Warsaw dispatches of last Sunday indicated that
an exchange of notes had taken place between Germany
and Poland regarding recently developments
Financial
644
Chronicle
Russian Trade and Finance
in the Free
City of Danzig. The correspondence left
the Polish authorities with a "very optimistic view"
of that
to
situation, a report to the New York "Times"
The German statement to Poland with
said.
regard
Danzig eventually will be placed before the
League of Nations, it was stated, and in Polish opin¬
ion will have
important
At least equally
favorable reaction.
a
intimations in London, conveyed in
are
dispatch of Tuesday to the New York "Herald
Tribune," that the Reich is seeking to adjust its
a
relations
Chancellor
Czechoslovakia.
with
is said to have
proposed
Hitler
ten-year non-aggression
a
pact, in return for which Czech authorities would
meet the demands of the German
discontinue
and
country
the
minority in that
alliance
Czechoslovakia and Soviet Russia.
at
between
The authorities
Prague, who haye relied consistently upon France
guidance in their foreign affairs, were said to
for
be disinclined to meet the German views.
fication by
Germany of the North Sea island of
Heligoland received
House
of
Reforti-
attention in the British
some
Commons, Wednesday, but the debate
merely reflected the current British desire to placate
the Reich and avoid animosities.
In
reply to
ques¬
Aug, X, 1936
SOVIET Russian authoritiesreducing debt rapidly,
of late, their program for have pushed charges
internal and external loans and for
on
In general these
moves appear to be related to the Russian official
fear of war, for they are accompanied by almost
frantic efforts to increase gold production and ac¬
cumulate reserves of that metal. Complete conver¬
sion of the internal debt was announced a month
together with a new issue of 4,000,000,000 ru¬
ago,
bles of
The
4% bonds.
holders
some
as
past. Moscow officials have made it
plain in the last two years that they no longer care
for
it
foreign credits costing 7
was
for
announced
reservations with regard to that
were
ac¬
dealt with in special international
negotiations.
he
Foreign Trade, that the Russian Government
6% for foreign advances.
reasonable bases still
said, but the general practice of paying cash for
most
Since last No¬
purchases will be continued.
has been reduced to
time to
come
Ethiopia, but it
to
that Italian diplomats
seems
winning victories
on
For all
are
purposes
practical
$75,000,000 from $115,000,000.
Especialy interesting, in these circumstances,
ITALIAN military forces complete theirbattle for
will have to conquest
some
Long-
desired,
are
vember, it was indicated, the entire foreign debt
Italy and Ethiopia
of
Last Monday
8%.
or
by A. P. Rosengoltz, Commissar
term credits on
tion, if it
was over¬
type of obligations which have proved popular in
Russia in the
that the British Government could
than express
loan quickly
expected to prefer the lottery
are
would not pay even
more
new
subscribed, according to Moscow reports, but the
conversion probably will not be completed until next
year. The intent is to consolidate the internal debt
into a single issue of 18,700,000,000 rubles of 4%
obligations. Part of this loan will bear no interest,
tions, Foreign Secretary Anthony Eden declared
hardly do
restricting
other countries.
imports from
other fronts in the meantime.
London
of Trade once
again would guarantee Russian trade
obligations up to £10,000,000, at a charge of 5%%.
All authorities agree
the British Government/
indicated its entire acquiescence in the Italian in¬
is
vasion of
intensive
Ethiopia by announcing in the House of
are
reports to the effect that the British Board
that Russian gold production
increasing by leaps and bounds, partly through
development of new fields and partly through
more
exploitation of older fields.
Commons, Monday, that no further need exists for
the
Mediterranean agreement
against Italy.
eign Secretary Anthony Eden made it plain that
the
Government
British
Ethiopia
directed hereafter toward
oration in
was
regards the conquest
of
closed incident, with all efforts to be
as a
obtaining Italian collab¬
European affairs.
the discount rates
banks.
Present
Foreign Office there that the German Legation
at Addis Ababa would be discontinued and
replaced
by a Consulate. This action implied recognition by
the German Government of the actual situation in
a
long step toward formal
ac¬
significance of this development is best appreciated
when it is
contrasted with the
long and fruitless
the
leading
centers
Effect
July 31
Rate in
Pre¬
Rate tn
Country
vious
Date
Effect
July 31
Country
Rate
Established
Holland
Argentina..
SH
Mar.
11935
Austria....
3H
4
10 1935
1 1935
15 1935
15 1935
11 1935
4~
Batavta
are
3
PreDate
vious
Established
Rate
3H
Hungary... / 4
(•
3
July
6 1936
Aug. 28 1935
Nov, 29 1936
3
June 30 1932
4)4
3)4
3)4
4J4
May 18 1936
Apr.
6 1936
3.65
2 1935
3H
...
Belgium...
Bulgaria...
Canada....
2
m
July
July
May
Aug.
Mar,
Chile
4
Jan.
24 1935
4H
Java...
4)4
Colombia..
4
July
18 1933
6
Jugoslavia.
5
Feb.
1 1935
eS
Lithuania..
6
Jan.
2 1934
7
3
Jan.
11936
6)4
Morocco...
6H
5
Oct.
21 1935
6
Norway
3)4
May 28 1935
May 23 1933
...
6
4M
2)4
7
--
Czechoslo¬
Danzig
India......
Ireland....
Italy......
Japan
...
3.29
June
Aug. 21 1935
2)4
Poland
5
Oct.
England...
2
June 30 1932
2H
Portugal...
5
Dee. 13 1934
Estonia....
5
4H
Deo.
4
6)4
4)4
Rumania
Finland....
Sept. 25 1934
Dec.
4 1934
South Africa
3H
France
3
4
Spain
5
May 151933
July 10 1935
4
July
9 1936
Sept. 80 1932
5
Sweden....
7
Oct.
7)4
Switzerland
Denmark..
ceptance by the Reich of the Italian conquest. The
any
at
DISCOUNT RATES OF FOREIGN CENTRAL BANES
vakia....
Ethiopia, and it is
rates
shown in the table which follows:
Additional evidence
Hassel, the German Ambassador to Rome, informed
Foreign Central Banks
THERE have been noof
changes during the week in
of the foreign central
presented last Saturday, moreover, of the rap¬
prochement between Germany and Italy. Ulrich von
the
Discount Rates of
For¬
Germany
m
..
Greece
13 1933
....
..
.....
2)4
2)4
25 1933
7 1934
5
4
6
-6)4
6
4
6)4
Deo
1 1933
3
May
2 1935
2
attempts by the Japanese Government to obtain
some
sort of
recognition by
Manchurian situation.
a
Foreign Money Rates
major Power of the
Summer rains
now
are
de¬
Ethiopia, but they have not
IN bills Friday market discount rates 9-16% on
LONDON open 9-16%, as against for short
discouraged the natives of that country who object
Friday of last week, and 9-16% for three months' bills,
scending in torrents
to Italian rule.
day, that
native
The
a
losses," it
a
admitted in
had taken
attackers
was
late last week
saua,
was
Rome, Wednes¬
sharp encounter between Italian and
forces
native
It
on
place
were
near
repulsed
Addis Ababa.
with "grave
stated. Much destruction
by
a
was
others
on
an
were
against Y%%
call in London
open
at
on
on
Friday of last week. Money on
Friday was J^%. At Paris the
market rate remains at V/2% and in Switzerland
2M%.
caused
oil ship and according to
by explosion of a munitions dump.
as
Bank of
fire in the Italian port of Mas-
Eritrea, caused according to some reports by
conflagration
on
England Statement
THEfurther largefor thein goldended July 29 shows
statement gain week holdings of £4,222,~
a
329, which, of course
,
raises the total to another
new
Financial
Volume 143
£193,361,551 a year ago.
As the bullion gain was attended by
an expansion of £4,976,000 in circulation, reserves de¬
clined £754,000.
Public deposits rose £22,358,000,
while other deposits decreased £22,086,471.
The
high of £240,948,244, in comparison with
which fell off
of bankers' accounts,
latter consists
£903,-
£22,990,028, and other accounts, which rose
The
557.
proportion
reserve
down a little to
was
33.30% from 33.90% the week previous.
Loans on
Government securities increased £635,000 and loans
other securities
on
Other securities con¬
£405,350.
which rose £677,247,
sist of discounts and advances,
No change
Below are shown
with comparable figures for pre¬
investments of 135,000
ratio is
2.0%,
now
2.2% the previous
contraction
a
the different items
Circulation a
the year
before at 3,472,216,000 marks. Bills of exchange and
checks, advances and other daily maturing obligations
record decreases, namely, 173,074,000 marks, 622,000
marks and 11,588,000 marks respectively.
Below
we
furnish a comparison of the various items for
4,116,979,000 marks.
three years:
Changes
Reichsmarks
Reichsmarks
Assets—
+
1,915,000
abroad
No change
Reserve in foreign curr.
STATEMENT
+ 140,000
—173,074,000
Bills of exch. and checks
Silver and other coln...
July 29,
July 31,
1935
Aug. 3,
Aug. 2,
1933
Aug. 1,
1936
1934
1932
Notes
on
*
other Ger. bks
—622,000
Advances
+ 135,000
Investments
£
Circulation
Public
Other deposits
Bankers' accounts.
accounts...
Other
Gov't securities
Other securities
& advances.
Disc.
Other assets
389,309,716 382,184,173 374,727,992
11,491,339
42,292,000 24,359,737 11,859,964 21,517,023
114.694 642 114,179,990 133,433,683 143,267,249 121,252,018
89,457,395 84,951,848
76,223,071 75,680,219 96,506,961
36,300,170
39,371,471 38,499,771 36,926,722 53.809,854
96,408,310 87,370,889 81,248,781 90,020,963 75.979,220
35,213,342
26,224,551 24,201,389 19,344,663 23,557,274
14,314,101
11,171,929
8,868,748
7,138,302 10,842,377
12,385,345
20,917,241
19,086.249 13,359,012 10,475,915
69,337,015 39,671,682
62,848,078
52,377,000 45,099,694
240,948,244 193,361,551 192,157,793 191,521,188 139,399,674
448 670 000 408,261,857
...
deposits
Securities
Reserve notes & coin
Coin and bullion
Proportion of reserve
to
2%
Reichsmarks
3,472,216.000
—96,000,000 4,116,979,000 3,546,120,000
620.229,000
746,114,000
793,147.000
—11,588,000
163,783,000
215,297.000
al94,283,000
oblig
Other liabilities
Propor'n of gold & for'n
curr. to note clrcul'n.
*
Reichsmarks
74,709,000
93.948,000
73,952,000
23,638,000
30,156.000
24,524,000
3,168,000
8,397,000
5,232,000
4,194,413,000 3,376,616,000 3,131,171,000
293,542.000
244,699,000
al61.316,000
15,350,000
15,007.000
1,532,000
59.127.000
40.492,000
41,422,000
709,180,000
660,937,000
530,663,000
593,778,000
688,619,000
a547,662,000
2.2%
2.88%
2.0%
+ 0.30%
expired March 31,1936.
Validity of notes on other banks
a
Figures of July 7
latest available.
New York Money
Market
29.88%
42.07%
2%
43.25%
32.55%
2%
33.30%
2%
liabilities
Bank rate
Liabilities—
Notes in circulation
Other dally matur.
STATEMENT
July 23, 1936 July 23, 1935 July 23, 1934
for Week
Of which depos.
BANK OF ENGLAND'S COMPARATIVE
COMPARATIVE
REICHSBANK'S
Gold and bullion
ceding years:
Notes in circulation reveal
marks, bringing the
96,000,000
stood at 3,546,120,000 marks and
year ago
made in the 2% discount rate.
was
The Bank's reserve
marks.
against 2.88% last year and
as
year.
of
total down to
which decreased £271,897.
and securities,
645
Chronicle
2%
ONLY desultory in the Newat unchangedmarket
rates
reported dealings
York money
were
Bank of France Statement
this
THE statement for the week endedof 145,362,605
July 24 shows
increase in gold holdings
an
francs, which brings the total up to 54,831,945,813
francs.
The Bank's gold holdings a year ago aggre¬
.
and
francs
71,276,631,639
gated
two
years
ago
ratio is now
at 59.09%, compared with 74.67% last year and
79.56% the previous year.
A decrease appears in
The
francs.
80,252,198,856
reserve
abroad of 3,000,000 francs,
credit balances
in bills
bought abroad of 13,000,000 francs, in adavnces on
of 1,336,000,000 francs and in ad¬
Treasury bills
securities of 43,000,000 francs.
A
also recorded
in note .circulation of 737,-
against
vances
is
loss
francs,
000,000
bringing
a
year
ago
French commercial bills disoounted,
creditor current accounts
State
to
and temporary advances
increases,
register
namely
348,000,000
francs, 523,000,000 francs, and 835,000,000 francs,
respectively.
Below
furnish
we
a
comparison of the
various items for three years:
BANK
OF
COMPARATIVE STATEMENT
FRANCE'S
July 24, 1936
July 26, 1935
July 27, 1934
Francs
a
Francs
Francs
+348,000,000
discounted.,
—13,000,000
Adv. on Treas.bills
—1,336,000,000
Adv. agst. securs...
—43,000,000
—737,000,000
Note circulation
d Tern. adv. to State
+523,000,000
+835,000,000
Propor'n of gold on
hand to sight llab.
6,689,231,078 7,301,424,891 4,248.290,468
1,230,525,324 1,140,597,936
1,258,229,276
9,058,398,335
3,421,072,574 3,17"l",219"203 3,0~54",b6b"580
84,544,395,580 81,127,709,300 80,809,413,690
8,253,054,800 14,330,624,407 20,062,474,384
5,274,025,000
+0.29%
Cred. curr. accts...
a
Bankers' bill and
quite unchanged this
money held to 1% for all transactions
York Stock Exchange, while time loans
commercial paper rates were
Call
week.
on
the New
l1/4%>
at
offered
were
Treasury sold on
with takers scarce.
The
Monday the usual issue of $50,-
000,000 discount bills due in 273 days, and awards
were made at an average of 0.224%, computed on an
annual bank discount
basis.
New York Money
Rates
DEALING in detail withday toloan rates was the
call day, 1% on the
Stock Exchange from
through the week for both new
The market for time money
doldrums, no transactions having been
ruling quotation all
and
loans
renewals.
is still in the
reported this week. Rates continue nominal at l}{%
for all maturities. The demand for prime commercial
held fairly steady this week. Paper has been
supply and trading has been quite
active.
Rates are %% for extra choice names
running from four to six
months and 1% for names
Bankers' Acceptances
THE demand for prime bankers' acceptances have
quite sharp this week but transactions
been
59.09%
74.67%
79.56%
b Includes bills discounted aborad.
c Pre¬
d Representing drafts of
10-blllion-franc credit opened by Bank*
Includes bills purchased In France,
viously included In French commercial bills discounted,
Treasury on
ing only a minor role in the market.
less known.
French commercial
bills
will
is play¬
of reserve requirements
Aug. 15, and that factor
Francs
+ 145,362,605 54,831,945,813 71,276,631,639 80,252,198,856
9,082,768
14,751,171
20,285,765
—3,000,000
b Bills bought abr'd
c
on
paper
for Week
Credit bals. abroad,
readily
available in good
Changes
Gold holdings
clear that the increase
be met
was
81,127,709,300 francs and the year before 80,809,413,690 francs.
exists for accommoda¬
tion, and the requirements easily are met, since the
credit reservoir remains full to overflowing.
It is,
total down to 84,-
Circulation
francs.
544,395,580
the
Little demand
week.
have
prime bills.
tions
Bank of
Germany Statement
been few on account
Rates show no change.
Official quota¬
Bank of New
bid
3-16% asked; for four months, 5-16% bid and
as
issued by the Federal Reserve
York for bills up to
and
of the limited supply of
and including 90 days are l/i%
THE statement in gold third quarter of July shows
anTincrease for the and bullion of 1,915,000
34% asked; for five and six
marks, which brings the total up to 73,952,000 marks.
5-16% asked.
Gold
a
year ago
two years ago
currency
aggregated 93,948,000 marks and
Reserve in foreign
140,000 marks and
74,709,000 marks.
registers
a
gain
of
Reserve
months,,%% bid and
The bill-buying rate of the New York
Bank is 34% f°r bills running from 1 to 90
days, %% f°r 91- to
180-day bills.
120-day bills and 1% for 121- to
The Federal Reserve banks'
holdings
646
Financial
of acceptances increased
000.
Open market rates
in
far
so
from $3,088,000 to $3,092,for acceptances are nominal
dealers are concerned, as they continue
the
as
to fix their
The nominal rates for open
rates.
own
market acceptances are as follows:
,
■
m
180 Days
150 Days
—120 Days—
Bid
Asked
'
Bid
Prime eligible bills.
Asked
X
—90
51«
60
Asked
5i«
Days
Bid
X
FOR
Asked
H
Days
Bid
Prime eligible bills
Bid
516
30
WITHIN
Days—
Bid
Asked
X
DELIVERY
X
Asked
X
THIRTY
Chronicle
Aug. ~1,1936
demand for
As
foreign currencies, particularly sterling.
compared with the past month
considerable exchange business is
foreign exchange market for security
seriousness of the
carious
the
%% bid
Eligible non-member banks
in
of
foreign funds to New York, and
funds
London.
to
Continental funds
The
be
to
seems
American securities to
ling rate
The
largely, centered in
Were this demand for
through sterling, the ster¬
much firmer than it is,
following is the schedule of rates
the
various
classes
of
the
at
paper
in effect
now
market
Rate in
Date
2
Previous
Established
Effect on
July 31
Boston
when under
slackening is due.
DISCOUNT RATES OF FEDERAL RESERVE BANKS
Federal Reserve Bank
time
a
'.
Rate
Feb.
8 1934
New York
IX
Feb.
2
Jan.
17 1935
The
Britain
and
have
Cleveland
IX
Richmond
2
May
9 1935
2X
share
Atlanta
2
Jan.
14 1935
2
Jan.
19 1935
2X
2X
other side
2
Jan.
3 1935
Chicago
St. Louis
11 1935
May
2
May
2
Feb.
2
2
-
16 1934
do
Sterling Exchange
There has been
Currently sterling is firm
and of
course
is
essential change
no
on
seasonal account
greatly helped by tourist require¬
These seasonal
ments.
offset
sterling and the general foreign exchange
foreign exchange market for the past three
weeks.
factors, however,
by the flow of Continental
are
largely
chiefly from
money,
Holland, through London to the New York market.
The
range
produced
by the
pared with
between
The
rate
for cable transfers
range
British
financial
$5.01 7-16
and
$5.02%, compared with
following tables show the
on
and the
Paris, the London
mean
open
decline,
Bank
Monday,
July 27
of
Saturday, July 25
Monday, July 27
Tuesday, July 28
PRICE PAID
July 30
...75.993
..75.987
138s. lOd.
138s. lOd.
Thursday,
Friday,
138s. 9>^d.
138s. lid.
BY
THE
UNITED
138s. 93^d.
July 30
July 31
STATES
(FEDERAL
RESERVE BANK)
•
Wednesday, July 29.
July 30
35.00 Friday,
July 31
$35.00
35.00 Thursday,
Tuesday, July 28
35.00
35.00
just stated, seasonal factors favoring sterling
largely
offset
by
the
considerable
volume
European buying of American securities.
of
Foreign
exchange circles report that the buying has become
an
increasingly important factor in the foreign
change market in the past few
is
reported to be of
in volume
The
ex¬
buying
general nature and is fluctuating
with the general volume and interests in
market.
the
a
weeks.
Foreign exchange rates do not reflect
fully the European demand for dollars with which to
finance
to
a
security purchases here.
considerable extent
until the
This week the
After the August bank holiday it seems
the
Bank
of
England
purchases considerably, but
will reduce
on
probable
its
weekly
the other hand it is
apparent that the Bank will continue to put
wide
a
British credit structure.
in
Runciman, President of the Board of Trade,
concluding his annual
survey
The demand is offset
by month-end commercial
of Great Britain's
industrial and commercial position in the Commons
July 15, said: "If there
of
have industrial peace at
to
are
no
hope that trade
home, there is
progress
ported his contention by
facts,
further develop¬
disturbing character abroad,
a
among
which
a
and
we
every reason
and the recovery of the
Mr. Runciman
large
array
sup¬
of statistical
the following:
were
"In the first place the number of insured workers
employed is 440,000 greater than
$35.00
Monday, July 27____
are
PRICE
Wednesday, July 29
Saturday, July 25
As
GOLD
again
£3,221,039 in gold bars/
past four years will continue."
138s. lOJ^d.
FOR GOLD
\
75.970
July 31
MARKET
increase
an
England bought
PARIS
75.916 Friday,
LONDON OPEN
show
to
753.
on
...75.922 Thursday,
Tuesday, July 28
not
bringing the total purchases since Jan. 1 to £40,045,-
Mr.
market gold price,
CHECK RATE ON
Bank's
the
high level, but
a
London check
75.915. Wednesday, July 29
August
approach of the Christmas holidays.
ments
MEAN LONDON
During
after the August holidays circulation should normally
base under the
price paid for gold by the United States:
Saturday, July 25
The increased note circu¬
purchases have been important
March.
since
outstanding ele¬
position and in the
circulation is expected to reach record
com¬
has been
pur¬
gold purchases and the high level of the Bank
of the
factors
of between $5.01% and $5.03% last week.
range
•
The
bills,
of between $5.01% and $5.03%
a range
week.
the
on
continued heavy
that
for sterling this week has been between
$5.01 5-16 and $5.02% for bankers' sight
last
and available
activity in the
gold by the Bank of England.
lation and the gold
the
with the
Even fixed income securities
foreign exchange market.
in
foreign funds
strong under the continued easy money
SERLING exchange continues the;world although
firm and is in de¬
mand from many parts of
dull.
profits
consequent
in New York
are
j
ordinary circumstances holiday
of England note circulation are the
ments
markets
_
Not all the activity in the London
much to
are
conditions
chases of
2 X
These
Course of
the
market.
2 X
Minneapolis
Kansas City
Dallas
San Francisco
.
2X
2
14 1935
10 1935
May
8 1935
2X
2X
May
:
.
high level of industrial activity in Great
income
2
2 X
:
surprisingly active at
be ascribed to the flow of
can
there.
2X
2 1934
Philadelphia
measured by dollars would doubtless be
as
The London market is itself
different
Reserve banks:
of
movement
proceed directly from Conti¬
nental centers rather than
THERE have been no changes this week banks.
Reserve in the
for
pre¬
these events have also accelerated the movement of
Amsterdam, through sterling.
rediscount rates of the Federal
The
purposes.
Spain and the
%% bid
Discount Rates of the Federal Reserve Banks
a
political condition in France have stimulated
movement
Continental
DAYS
Eligible member banks
civil strife
six weeks
or
passing through the
a year ago,
number of unemployed 300,000 less.
receipts fcr the firet half of the
up on
those of the
ceipts
are
money
4%
up,
same
same
year are
bank clearances 7%
value of retail sales 7%%
quarter in
1935.
running at the rate
increase
of
£1,830,000
period in 1935.
duction for the first quarter is
up.
and the
Gross railroad
Postal
up,
re¬
and the
Industrial
pro¬
9% above that of the
Production of pig iron is
of 7,500,000 tons
1,000,000 tons
over
last
a
year,
year,
an
and but
little below 1929 level.
Steel output
11,500,000 tons
which is far above the 1929
a year,
level and constitutes
a
is at the rate of
record."
Money rates in Lombard Street continue
Two-and three-months' bills
are
easy.
9-16%, four-months'
Volume
bills
Financial
143
19-32%, and six-months7bills
All the
gold
continues
doubt that the civil war in
23-32%.
offer in the London open market
"for unknown destination."
on
taken
be
to
it is generally be¬
lieved, this destination has been quite often the
British Exchange Equalization Fund, which in turn
disposes of. a large part of its gold to the Bank of
England. Ever since the advent of the Blum adminis¬
tration in France, it is believed, the Exchange Equali¬
past several weeks,
During the
gold with the
the'
past few
Paris
as
All signs
on
on
Paris and not
MOVEMENT
GOLD
York,
was as
NEW YORK,
AT
Monday
until after September, as the
repatriation of French balances
from abroad during the coming months, under the
menace of heavy punishments and fines after Sept. 1
for failure to declare or rectify faulty declarations of
received at San Francisco from
above
figures
gold
:
for the
are
week ended
metal,
on
of the metal
or
marked for foreign account.
Canadian exchange was
firmer this wTeek than at
Montreal funds ranged
premium of 1-64%.
Referring to day-to-day rates, sterling exchange on
Saturday last was firm and up from the previous
any
time since early in May.
from
a
discount of 3-64% to a
limited
sight
Bankers'
market.
close
in
$5.01
13-16@$5.02J4; cable transfers, $5.01 15-16@
a
was
The range
was
$5.01%@$5.01 15-16 for bankers' sight and
$5.01 11-16@$5.02 for cable transfers.
On Tuesday
the pound was slightly easier.
Bankers' sight was
$5.01%@$5.01 13-16; cable transfers, $5.01 11-16®
$5.01%. On Wednesday sterling showed a firm under¬
tone.
The range was $5.01%@$5.02% for bankers'
sight and $5.01 15-16@$5.02 3-16 for cable transfers.
$5,023/8.
On Monday exchange was dull.
As approved by both chambers
holdings abroad by
of land, buildings, securities, interest-
gation this week-end.
the law applies to
of Parliament,
'French citizens
-
involving participations
indirect, but does not apply to
foreign securities held in France.
(German registered marks, both commercial and
travel, have advanced in the New York market in
the past "few days.
The demand for commercial
bearing credit , and contracts
payments direct or
or
marks
has
and has enabled
further the amount of
balances blocked by the standstill/agree¬
steady. ' The range was
$5.01%@$5.01% for bankers' sight and $5.01%@
$5.02 for cable transfers.
On Friday sterling was
Thursday sterling
lower, the
range was
was
their mark
The
ment.
to reduce
demand does not seem to reflect any
greatly increased American
On Wednesday
cents.
22.75
gold
or
and the commercial
In
the
Continental and Other Foreign Exchange
FRENCH francs continue relatively firm although
unit has been showing
much easier under¬
the
tone since
a
Friday of last week.
There
can
be little
last
free mark, which is
two
practically non-existent.
the
parity is 40.33 and it has been quoted during
week around 40.29, a purely nominal quotation.
Its
The
ing
following table shows the
relationqf the lead¬
currencies still on gold to the
United States
dollar:
Old Dollar
France
(franc)
Switzerland (franc)
Holland (guilder)
This Week
3.92
6.63
16.95
8.91
6.58% to 6.61}^
16.85H to 16.89
7.89 to 7.90
19.30
40.20
Italy (lira)
Range
Parity
13.90
5.26
—
Belgium (belga)
New Dollar
Parity
mercial sight
bills finished at $5.01%; 60-day bills
at $5.00%; 90-day bills at $5.00%; documents for
payment (60 days) at $5.00%; seven-day grain bills
at $5.01%.
Cotton and grain for payment closed at
$5.01%.
buying of German goods.
travel marks were advanced 25 points
mark 20 points to
weeks commercial
marks have risen 10.8%, largely on demand from
Amsterdam.
Theoretically, at least, the registered
marks are supposed to be on a par with the so-called
to 24.00 cents
$5.01 5-16@$5.01% for bankers'
sight and $5.01 7-16@$5.02 for cable transfers.
Closing quotations on Friday were $5.01 9-16 for
demand and $5.01 11-16 for cable transfers.
Com¬
from Amsterdam
come
New York banks
•
On
M. Auriol
strictly enforced after its promul¬
that the law wall be
or
There wrere no
change in gold held ear¬
abroad by French citizens.
that fiscal agents of the Treasury have been
instructed to examine the books of corporations and
says
■
.
received from Russia.
was
exports
property held
approximately $1,150,000 of gold wa
change in gold held ear¬
foreign account. On Friday $139,900 of
exports of the
marked for
Account
$1,972,000
Australia.
open
ministry looks for a
On Thursday there were no imports or
Wednesday.
remain
would
Note—We have been notified that
These hoards are
30,000,000,000 francs to
of hiding.
40,000,000,000 francs.
The Finance Ministry announced that the books
None'
Decrease:
has come out
variously estimated at from
31,000 from Russia
The
15,000,000,000 francs. The announced,.figure
of the domestically hoarded
currency
23-JULY 29,
Gold Held Earmarked for Foreign
subscriptions by
been expected to
indicates that not a franc
$2,729,000 total
„
might reasonably have
reach
398,000 from India
,.
by the French citizenry,
that time
Exports
Net Change in
real fact is that
confidence
$2,104,000 from Colombia
196,000 from England
condition, that bond sub¬
reached 2,000,000,000 francs.
were the issue accepted with
disguised the true
scriptions had already
The
recently launched has
On Tuesday Finance Minister
with some degree of satisfaction,
failure.
Auriol announced
which
INCLUSIVE
Imports
a
of confidence in
Government's credit situation.
popular bond issue
The
follows:
JULY
through any renewal
the future of the
Tuesday
Thursday
Reserve Bank of New
practically ceased, due to threats of
kinds emanating from official quarters in
Las
various
this week was
hoarders of small
proceeded chiefly from Paris
has
means,
£440,000, on Wednesday
£198,000, and on Friday
£147,000. On Saturday last the Bank of England
bought £506,176 in gold bars, on Monday £1,106,600,
on Tuesday £702,400, and on Friday £905,863
The gold movement at the Port of New York for
the week ended July 29, as reported by the Federal
On
£131,000,
£198,000,
unfavorable conditions
permanent recovery in the franc. It is conceded
that the demand for British notes which for months
proved to be
Saturday last £201,000, on
follows: On
of anxiety as to the future.
point to extremely
for
down its
offer in the London market
Spain is having an adverse
French financial conditions
the franc and
on
owing to the intensification
less than £10,000,000.
no
Gold
effect
earmarked
Bank of France. It is thought that in
weeks the fund has withdrawn from
Fund has been drawing
zation
647
Chronicle
32.67
68.06
32.62
The London check rate on
67.90
Paris closed
on
to 32.73
to 68.02
Friday
week. In
New York sight bills on the French centerrfinished
at 6.58%, a-gainst 6.60 7-16 on Friday of last week;
at
76.18
cable
against 75.91 on Friday of last
transfers
at
6.58%, against
6.60 15-16; and
648
Financial
commercial
sight bills at 6.55%, against 6.57 15-16.
Chronicle
tain
Aug.
governments, including Argentina,
disclosed
that
1,
1936
Brazil and
"in self-
Antwerp belgas closed at 16.84% for bankers' sight
bills and at 16.85% for cable transfers, against 16.86
defense," has been obliged to enter into several ex¬
and 16.87.
change clearing agreements which are no more than
40.24 for
Final
quotations for Berlin marks
bamkers' sight
transfers,
bills and 40.25 for cable
comparison
in
were
with
40.23
and
40.24.
Italian lire closed at 7.89 for bankers' sight bills and
7.90 for cable
at
Austrian
18.87,
Czechoslovakia
on
against
18.89;
4.13%,
at
against
Bucharest at 0.74, against 0.74%;
on
Poland at
18.88, against 18.93; and
2.21%.
against
2.21,
closed at
schillings
exchange
4.14%;
transfers, against 7.89 and 7.90.
on
Finland at
on
Greek exchange
closed
He
Peru.
also
Britain,
He expressed the
sophisticated form of barter.
a
hope that these
only
can
It is believed that these
American
The
exchange
agree¬
British authorities
as a
competition by Germany in the South
severe
markets
idea which
at
forced upon the
were
result of
only temporary measures as they
to maintain international trade at a
serve
lower level.
ments
are
through the clearing agreement
originated in Berlin.
Argentine
market in New York is
peso
com¬
0.93% for bankers' sight bills and at 0.94% for cable
paratively small and is believed to have been ab¬
transfers, against 0.93% and 0.94%.
sorbed
in
last
the
weeks
few
by
demand to finance expansion
pany's activities in Argentina.
EXCHANGE on the countries neutral importance
|
presents
features of during the
war
no
new
from those of recent weeks.
rencies
move
franc is firm and rules
of
32.67
The Scandinavian
in sympathy with the pound.
Holland
guilder, despite
the
strong position of the Netherlands Bank, has been
ruling below dollar parity of 68.06 cents.
for this is to be
found in the
The
movement
reason
of Dutch
Tuesday.
1%%. This indicates
probable early reduction
a
in the rediscount rate of the Netherlands Bank.
only nominally quoted.
are
business moratorium in
Spain which
was
The
civil
has
war
showed
to
reduced to
com¬
plete uncertainty and increasing timidity of capital.
showed
an
apparent improvement in the trade
balance due to attempts to
restrict imports through
higher tariffs, but there had been
the
no
improvement in
of dollar remittances to
United
days
on
States
ordinary imports from
cover
longer, amounting to 450
were
June 27, against 420 days
on
ing all that time, however, and for
vious, the Spanish authorities
were
May 28.
less
Argentine
33.44
on
Recent dispatches
the
peso
with the
from Argen¬
indebtedness
nation's
in
than
paper
the
to
18% from $324,000,years.
The official
States
United
the
has
been
$10,000,000 from $50,000,000
closed
pesos
Friday, official
on
Friday of last week; cable transfers at 33%,
against 33%.
The unofficial
milreis, official quotations,
bills
and
8.48.
8.46
for cable
The unofficial
against 5.80.
at
or
free market close
27.65@27.70, against 27.50@27.65.
or
are
Brazilian
8% for bankers' sight
transfers, against 8% and
free market close
5.90,
was
Chilean exchange is nominally quoted
5.19, against
5.19.
is
Peru
nominal at
25.15,
against 25.10.
a
long time
acting
more
EXCHANGE on the Far of importance. These
features Eastern countries pre¬
sents
currencies
pre¬
favor¬
sterling.
no
new
generally
Dur¬
It
Japan that the
move
in close sympathy
army
in the next six years.
minister that the nation
Spain and the United States.
market here for pesetas
Bankers'
sight
on
sight
at
bills
closed
at
transfers,
on
32.61
for checks
32.69
on
67.93.
and
and
at
Swiss
Checks
on
25.87 and cable transfers at 25.88,
and
25.88; while checks
on
francs
32.62 for cable
32.70:
Copenhagen
checks finished at 22.40 and cable transfers at
against 22.40 and 22.41.
Friday
that
22.41,
to
against 25.87
were
asserted by the
was
could
provide 5,000,-
without financial shock.
increase
in
in
the
military
It is thought
budget
will be
It is also planned
jnake large expenditures for social reforms, funds
probably be raised by taxation.
Closing quotations for
29.32, against 29.31
on
yen
checks yesterday
Friday of last week.
were
Hong¬
kong closed at 31%@31%, against 31%@31 13-16;
Shanghai at 30.16@30%, against 30.16@30%; Mani¬
la
at
50.00,
against
50.00;
Singapore
at
59.00,
against 50.59; Bombay at 37.89, against 37.91; and
Calcutta at 37.89, against 37.91.
and cable transfers at 25.22, against 25.21 and 25.22.
Spanish pesetas
the
for which will
Sweden closed
Norway finished at 25.21
yen
It
effected through an issue of bonds.
67.96; and commercial
67.90/ against
against
large.
Friday of last week; cable
67.93, against
at
never
Amsterdam finished
67.92, against 67.94
transfers
was
However, the exchange
000,000
with
quarters
budget will rise by 3,000,000,000
yen
American, to the detriment of trade relations between
official
confirmed in
was
war
ably toward British and French accounts than to
at
compared
as
exchange situation and delays in authorization
the
at
were
quotations, at 33.44 for bankers' sight bills, against
Foreign trade reports for the first four months of the
year
that
as
on
1930.
Business and financial reports received
prior to the outbreak of the fighting reflected
that
indebtedness
term
was
Spain.
high
as
revealed that the outstanding Argentine short-
an
already extremely unfavorable commercial situation
in
above ,30,
$265,000,000 in the past six
survey
to terminate
difficulties
added
rise
United States has been reduced
The
Aug. 3 will doubtless be continued beyond that
on
date.
com¬
pesos
2t.55 cents
believe
Competent observers
official rate of 33.46.
tina
in
Spanish pesetas
week, having been bid
Wednesday, against
on
would
rate
London for investment
The Amsterdam private discount rate is
purposes.
now
good domestic
an
exchange restrictions lifted in Argentina the free
000 to
capital to New York and
this
27.65 cents
cur¬
The S wiss
generally above dollar parity
The
cents.
firm
were
a
American
Argentine free
of
Gold Bullion in European Banks
not quoted in New York.
THE following table indicates the amounts of gold
bullion (converted into pounds sterling at
par
of
exchange) in the principal European banks
as
of
EXCHANGE on the South American countries is
following
On July 15 Mr.
respective dates of most recent statements, reported
Walter
to
an
even
course.
Runciman, President of the British Board of
us
by special cable yesterday (Friday); comparisons
Trade, made it known in the House of Commons that
are
bilateral agreements are under negotiation with cer¬
four years:
shown for the
•
corresponding dates in the previous
Volume
Financial
143
649
Chronicle
Wallace and Professor
1936
of—
France
Germany b_
Spain
Italy
Netherlands
Nat. Belg._
.
Sweden
Denmark
1934
1933
£
£
£
£
__
Norway
191,521,188
2,847,900
90,546,000
69,960,000
71,815,000
75,000,000
61,409,000
15,335,000
7,397,000
6,577,000
6,602,000
139,399,674
655,808,860
11,365,650
90,386,000
73,184,000
63,615,000
76,757,000
61,461,000
12,636,000
7,397,000
6.569,000
192,157,793
642,017,591
193,361,551
650,213,053
7,390,800
90,775,000
60,450,000
57,372,000
101,814,000
45,266,000
19,794,000
7,394,000
conserving soil values and preventing erosion, are
657.340,121
35,957,350
90,237,000
61,356,000
84,206,000
74,244,000
89,156,000
11,445,000
7,440,000
7,911,000
pushing forward in the* drought
Prev. week.
for
is
putting the Federal government into the power
The
besides
observing recognized constitutional limita¬
tion, would not deprive the farmers of their inde¬
with
Agriculture
on
make the
or
private business
and will doubtless
longest sections of Governor Landon's
or
competitor
government a
industry.
Governor Landon's second and third points need,
..
One of the
policy which is to be "eco-
a
and socially right" would be one which,
pendence
and Labor
that
assume
niimically
is £1,226,860.
Governor Landon
general tenor of his acceptance speech
clearly opposed to regimentation, and it seems
'.-fair to
20, 1935; latest figure available,
b Gold holdings of the
exclusive of gold held abroad, the amount of which the present
of the West,
areas
allowing flood control to be used as a device
business.
Amount held Oct.
a
Bank of Germany are
year
of
or
1,258,592,145
1,058,333,210 1,240,432,404 1,235,062,284 1,250,700,698
1,256,482,952
1,051,748,581 1,156,093,030 1,233,961,554 1,244,974,862
Total week.
Tugwell, under the guise of
1932
240,948,244
438,655,566
2,471,400
88,093,000
a42,675,000
51,985,000
106,956.000
49,451,000
24,041,000
6,553,000
6,604,000
England—
Switz'land
1935
£
Banks
"Our farm¬
receive, elucidation.
ers," he declared, "are entitled to all of the home
acceptance speech was that in which he
stated his
regarding agriculture. His opinions on that
subject were awaited with special interest, partly
markets
views
consumer," and "we
because the votes of a dozen farm States may come
indicated, but since injustice to consumers is chiefly
and
the
deciding the election contest in November,
to
near
partly because the farm problem appeared to be
of all others which
one
Cleveland
the
fore
Republican leaders, be¬
convention,
to
attack.
or
Governor Landon
seemed
most loth
Long before either President Roosevelt
appeared on the political hori¬
Federal aid to agriculture had become a settled
zon,
American
while under
policy, and
the Roosevelt
they
them in this
be
to
a
supply without injustice to the
can
.policy that protects
propose a
right." What the policy would be is not
brought about by unduly high prices, there is
suggestion, perhaps, of tariff arrangements which
would
admit
domestic
foreign agricultural products only if
"dependent in part
are
For farmers who
prices became too high.
"suffer from
upon
foreign markets" and
disadvantages arising from world dis¬
order," it is proposed to "pay cash benefits in order
farm families
to cushion
our
Administration so-called "aid" has been given an un¬
effects
price fluctuations and
precedented extension and its principles and meth¬
standard of
ods laid
lines,
no
out
on
novel and often
the
abolition of the
at
single stroke.
a
highly dangerous
Republican candidate was likely to propose
kind of aid
present complicated structure
The practical question was what
Republican Administration might be
a
old
of
living."
This
against the disastrous
to protect their
reminiscent of the
seems
McNary-Haugen equalization fee whose opera¬
tion
able
was
twice condemned
veto messages.
by President Coolidge in
The effect of cash payments
would be to maintain American
level than that of world
prices at
higher
a
prices. Aside from the ob¬
expected to approve, what present forms of aid it
jections to subsidizing the production of more than
would condemn and discontinue, and what
the domestic market could take
would
the
for
set
new
Governor Landon
aims it
policies which it adopted.
tween domestic and
off, the spread be¬
export prices, if it became large,
frankly conceded that Federal
would
almost certainly encounter
payments under the original Agricultural Adjust¬
tance.
It is to be
ment Act "did
make clear that he does not
help to tide farmers
over a
difficult
Before the Act had been set aside by the
government
Supreme Court, however, he declared, "the Triple
price fixing
period."
A
rapidly disorganizing American agriculture,"
was
and "some of its worst effects continue."
The for¬
one
contemplate
that would
fourth
any
amount
price raising.
Landon's
Governor
into
action
or
resis¬
consumer
hoped that Governor Landon will
form of
either
to
*
proposal cuts deeply
aspect of the present farm policy.
"Wide¬
eign market for American farm products has been
spread ownership of moderate-sized tracts of land,"
lost, and the American market has been opened to
he reminded
farm
products from abroad.
publican Homestead Act."
both
at
home
and
"The loss of markets,
abroad," in Governor Landon's
opinion, "far outweighs the value of all the benefits
paid to farmers." Still
of
view,
is
through its
"the
worse,
fact
program
that
that is
set
supplies of the country."
taking them in the order in which they
national land
a
were
con¬
policies in connection
and flood
prevention
pro¬
On the surface, there is nothing to distin¬
gram."
this
Roosevelt
the
proposal from the policies
which
Administration has been following,
the
save
significant phrase "and keep it all out of
politics" which
was
acceptance speech.
ever,
use
pro¬
added to the statement in the
It is certainly to be hoped, how¬
that Governor Landon
has
no
intention of
we
stand
"the
that
program
of the
over
in this view of
He
benefits
will
accordingly
which
will
be
gave assurance
paid under
our
higher than the production level
go no
family type of farm." Without splitting hairs
land," it is apparent that the proposed plan would
not
only put an end to the large benefit payments
which have
been made
extensive cotton
check
to
acreage,
the further
corporations controlling
but would alsdNend to
development of
large-s^ale
"bom-
mercial
farming under either individual or corpo¬
management.
If the large-scalje^ producer o
rate
wheat,
corn- or
in excess of
Jarriis
be
are
counting
cattle is to receij^e
no
cash benefits
whutN^&iJJUbe- paid to producers whose
of only moderate size, he ivill no longer
encouraged
upon
to
the
produce
Federal
for
foreign
government
markets,
to
make
good to him the difference between the domestic
tionary regimentation of the farmers
tural
saw
the limits to be set for "moderate-sized tracts
and
Secretary
He
for—preserving freedom of opportunity in
all walks of life."
giving his support t;o such .far-reaching and revolu¬
as
hearers, "was the aim of the Re¬
agriculture "one phase of the general principle that
of
points in the proposed
servation and erosion control
guish
one
"economically and socially right."
out, is the establishment of "effective soil
with
for
Administration,
program" he proposed to replace by
The first of the four
gram,
the
of scarcity, has gambled with
the needed food and feed
This "futile
from the public point
his
the
export price.
surplus, beyond
The question of
an
ordinary
or
an
agricul¬
reasonable
650
Financial
might not long be troublesome tinder
carry-over,
such
a
policy.
The
and there will
was
be
can
means to
employees to join
whether it
industry.
It
any
that, in the absence of
means
a
union
to refuse to
or
the
join
union."
a
interference from
Governor Landon
coercion
employee
or any
the
a
a
between
the
are
labor
a
situation
or
claims of
"Taking
tangle, and rushing it
bad way to
a
other
any
situation."
by
a
number
of Labor and its affiliated unions that the so-called
company
union, whatever its form, ought not to be
tolerated
even
of
employer
unions
of
organizers
hibition.
1
everything
this
actually
gives
or
been,
Landon
on
committing itself in
the whole, harmonious
a
not
any
of its ad-
labor controversy and
up a
and they
may
a
plea for
organize they
are
organize under
to
any
they choose to adopt. If they choose to remain
right.
from
that is
equally
There is to be
anybody
their
privilege
and
interference either way,
no
or any source or
in any form.
Labor
spokesmen to the contrary notwithstanding, the declaration
union
does not call for
does
nor
certainly
workers to
of
support of the company
champion the
organize if the appeals
the
International
Non-partisan
kind
of
League
labor
identified,
was
"labor
only
can
government
appeals to
are not
Major George L. Berry, who
Union and chairman of the
the
shop, and it
open
does not exclude reasonable
by coercion.
dent
it
presi-
Pressmen's
recently formed Labor's
seems
entitled
to
speak for
quoted
as an
Printing
enforced
as
organization with which he is
see
?
r
•
/•
British Diplomacy in Eclipse
By all odds the most significant political devel-
decline of British political influence in Europe and
*
the Far East. Not for many years has Great Britain
suffered
diplomatic rebuffs,
so many
been called
or
to meet defeats in such rapid succession.
upon
To
those who have been accustomed to think of British
foreign policy
far-seeing, and obviously practical
as
if not always beyond reproach, the change has
even
seemed almost
catastrophic.
No kind
amount of
or
British diplomatic effort has been able to hold Germany
to the armament restrictions of the Versailles
treaty
prevent the military reoecupation of the
or
Rhineland.
In
spite of British championship the
Geneva policy
of sanctions collapsed, and neither
diplomacy
threats availed in the slightest de-
nor
to impede the Italian conquest of Ethiopia and
gree
the annexation of the country.
British fleet which
Mediterranean
sea power
remnant
as
was
a
A large part of the
hurriedly assembled in the
reminder to Italy of Britain's
has been quietly withdrawn, and the last
of
defensive
the
alliance
against
Italy
which British diplomacy formed among a number
just been abandoned.
reconsider the question of Turkish fortifications in
If workers wish to
unorganized,
n*
privileged class. .His declara-
running to the White House with
form
l
•
The decisions of the Montreux Conference, called to
agencies, and he specifically condemns
be free to do so,
•
that labor
propose
by the government through
settlement.
one
/
,
of Mediterranean Powers has
does
policy of stirring
then
of
countenance to interference by either
no
ministrative
the
formation
the
contention.
shall continue to be
side
with
white, the labor policy of the Roosevelt
Governor
tion
it,
remotely suggestive
to be exempt from any such pro-
were
Administration has
with
satisfied with
type was to be banned, union
Without
black and
were
even
interference
another
d
umpire, protecting
an
the contention of such organized
if the workers
was
the eclipse of British diplomacy and the consequent
any
organized labor shows how hard their
and that while
His position
1
to
is represented by the American Federation
as
two of its points.
or
a
privilege and immunity have been hit. It
has been for years
labor
made public on Thursday.
opment abroad during the past few months has been
The denunciation of this declaration
of leaders of
to
fellow
doorstep of the President is
handle
needed
clear before, and the letter merely reinforced
source means,
conflicting groups."
a
hardly
Thomas, Socialist candidate for President, which
union
public interest first of all and acting also "as
mediator
he
to
The position of the
other person."
dispute, after it gets into
to
any
by the employer,
government should be that of
or
was
it, "entire freedom from
sees
intimidation
or
restate
and
The declaration
Republican platform that employees
be free from
or-
in regard
amplify his views as he did in his letter to Norman
their
or
no
labor
ganization,
The
contract, an employee has an equal right to join
as
Governor Landon was well advised in leaving
him "the right
their craft
con-
require,
so
doubt about his position
type of union they prefer,
their plant,
covers
available if conditions
ciliation made
sees
from organization.
right to organize, however,
prohibited, and the good offices of
any source
boldly outspoken and unexpectedly explicit. He
beneficial results jto labor
of
order preserved, interference with either party from
that of agricul-
of labor to organize, and
The government
part in labor controversies except
no
to see that public interests are safeguarded, public
accu-
speech, Governor Landon
acceptance
believes in the right
of
should take
On the subject of labor, on the other
hand, which follows immediately
the
than Major Berry, who is right.
be need of further
exposition before its detailed effects
in
We
prefer to think that it is Governor Landon, rather
four-point agricultural program is cast in
rately gauged.
Aug. 1, 1936
_
of what the industrial struggle is all about."
.
general terms,
ture
Chronicle
on July 23 as saying that
in the Governor's vision of the
umpire
a
total misunderstanding
the
Straits, have registered
a
virtually complete
defeat of British claims.
This is not all.
Repeated hints have failed thus
far to draw from Germany
any
reply to the British
questionnaire regarding the Hitler
peace
proposals
for Eastern and Central Europe, and friendly rela-
tions
with
France
have
more
than
strained until the possibility of a break
been
once
openly
talked about.. Italy has refused to take part in an-
other Locarno
conference until the last trace of
British opposition in the Mediterranean
ated, and not then unless Germany
equal,
was
and the further condition
added, if recent reports
are
was
is
was
obliter-
invited
as an
likely to be
to be believed, that the
fact of the Ethiopian conquest shall be formally
admitted.
The
attempt to encircle
Germany,
en-
gineered by France but with the benevolent acquiescence
of Great Britain, has failed, and
an
under-
standing between the German and Italian dictatorships has been effected through the medium of
accord between
Germany and Austria.
an
In the Far
East, where British commercial interests in China
long made Great Britain
a
Power to be reckoned
with in Chinese foreign policy, hardly
any
evidence
Volume
Financial
143
is to be discerned of British
opposition to the ad-
of
Japan, and only the other day Sir Samuel
Hoare felt it desirable to assure Japan that the
vance
great British naval station at Singapore was not to
be regarded as in any way a menace to that country,
No
explanation is sufficient to account for
one
these
whole world
in
ers
The
reverses.
an
now
Treaty of Versailles,
impossible position
Great
far
as
as
the continued
was
concerned, and when
away
the largest gainer by
subjugation of Germany
the
the
as
knows, placed the victorious Pow-
Britain, far and
the
German mercantile
mands of France for
a
any
that would
the British attitude toward the German fortification
and the crippling of
marine, yielded to the derigorous enforcement of the
treaty provisions, it involved itself in entanglemets
from which it could not
It is difficult to
of the
hope to
understand,
escape
now
with credit,
that the prestige
League of Nations has been dissipated and
the
League machinery left helpless, how the British
people or their successive governments could ever
have
-
imagined that the League would work when
faced
with
a
real
test, and the repeated official
protestations of high devotion to the League have
become
increasingly transparent.
sound
any
Britain
make
France
or
limitation
war
or
desired,
reduction
was never
would accept,
or
of armaments
less likely, and the acceptance of the
Kellogg-Briand anti-war pact
the part
There
for supposing that either Great
reason
of Heligoland is officially one of indifference.
of Great Britain, by reservations which ob-
The large issue of peace in Western and Central
Europe, on the other hand, to which a Locarno Con-
agree]
ference was expected to make a contribution, has
was
accompanied,
viously lessened such slight importance
ment had.
as
the
on
not been
<
Along with these impediments and weaknesses has
marked decline in respect for parliamentary
gone a
Ethiopian controversy should be settled aroused
widespread resentment. There is no public opinion,
in the British sense, in Germany or Italy, but only
the opinion of a dictator. The trend of such legislation as the Blum Government is forcing through
the French Parliament is clearly in the direction of
a Socialist State, and one wonders what functions
a Parliament will perform in France if a Socialist
regime is finally established. The situation in Spain
is still so confused as to make prediction futile, but
the triumph of either Socialism or Fascism in that
country would not make political relations with
Great Britain any easier or more confident,
With a gloomy record of international rebuffs
and a Continental situation full of anxiety, British
foreign policy is moving cautiously, although by no
means without plan. Quietly, it would seem, the
League of Nations is being left to its fate, with no
apparent interest in the proposals of reform which,
at the last meeting of the Council, the member
States were invited to submit. There will be no British opposition to a Nazi control of Danzig, notwithstanding that nominally the League should be
consulted about any change in the political management of the city. There is little likelihood of British
opposition to any arrangement about the Polish
Corridor that Poland aid Germany may make, and
appropriation of the German colonies, the de-
struction of the German navy
651
Chronicle
dropped.
In the view of European diplo-
without an international agreement is
impossible; the question is upon what terms agree-
macy, peace
be reached. "The
which British
institutions which has tended to leave Great Brit-
ment
ain
diplomacy is now following is obviously determined,
in the first instance at least, by a desire to conciliate
Italy and Germany. If the effort succeeds, and Italy
and Germany join Great Britain, France and Bel-
politically isolated and
has
never
the defensive. Europe
on
recovered from the
subjection of parlia-
mentary government by political and military die-
tatorship which prevailed during the four years of
the World War.
tablishment of
The Bolshevik revolution
Soviet
a
and
es-
regime in Russia showed
that, for the Russian people,
parliamentary
sys-
tern, under the conditions which then obtained,
was
not
a
desired, and the history of the short-lived Wei-
mer
Constitution in
mend the
where.
Germany did nothing to
parliamentary idea either there
The
or
com
else-
rapid change of ministries in France
has
emphasized the political instability which, in
spite of parliamentary forms, has produced the wide-
spread social disturbances which have occurred in
that
country during the past two
Spain, which has
a
months,
constitution and
some
and
gium in
a
course
conference, the only important obstacle to
agreement will be the attitude of France.
There
is much reason for expecting that Great Britain,
if the issue |is raised, will refuse to countenance any
longer the legalistic policy which for years has determined the attitude of France toward Germany,
There are indications that Premier Blum will be
found
sors
more
conciliatory than most of his predeces-
in office have been, and that France, torn by
internal agitation and deeply concerned over the
outcome of the rebellion in Spain, will not allow
itself to be isolated.
A peace agreement for Central and Eastern Eur-
of the
usual
can
parliamentary forms, is today torn by violent
and bloody revolution. It is political dictatorship
ope
that is
cultivating, there is profound dread in Britain of
now on
the march in
Europe, apd where die-
tatorship prevails parliamentary institutions either
a
disappear
as
or
shrink rapidly to
political forms,
mere
The
problem of recovering diplomatic prestige,
accordingly, is made more difficult by the fact that
British
the
appearances
parliamentary
is
as
system,
firmly rooted
as
of
all
the
other
an
or
sys-
In
active public
Commons, but which only
a
short time
strong enough to force the retirement of
Minister whose ideas about the way
Great Britain to develop friendly relations with
Soviet Russia and subsidize the expansion of Anglo-
opinion which not only finds a voice in the House
of
its leader, and at that point French and British
opinion is in accord. It will be a delicate matter for
Russian trade without alienating Germany, and in
large European States.
Britain, for example, there is
revival of Pan-Germanism, especially with Hitler
notwith-
ever
to
standing complaints about particular Cabinets
Great
difficult. In spite of the friendly rela-
all
which
Ministers, is different from the governmental
tems
more
tions with Germany which British diplomacy is
a
ago was
Cabinet
in which the
dealing with the two countries Italy has
now
also
to be considered. Unless something unforeseen happens, the next few months are likely to see more
active diplomatic developments in Central and EastEurope than in the West,
ern
British diplomacy,
one
remain permanently under
may
a
be
cloud.
sure,
will not
The Empire is
too vast and its political contacts too many and
Financial
652
vital to
ing
permit of thinking of Great Britain
role not of the first importance.
a
as
play¬
The condi¬
The British parlia¬
tions, however, are changing.
Chronicle
become, not a bulwark against Fascism
Socialism, but
or
ernment is still
of
an
outpost in which popular
effectively practised.
gov¬
The recovery
Germany is hastening rapidly the liquidation
of the evil consequences
new
order has not
of the World War, but
yet fully emerged, and in it
a
Coast Line
approximately the position that it held before.
task of British
diplomacy is to adapt itself to
time in which it will have to cooperate
it
The
oftener than
hope to lead.
can
gains
2% points to 89%, and Southern
have been moderate.
Utilities Power & Light 5s, 1959,
advanced
2% to 73%.
New financing declined considerably,
and
confined
the
was
to
issue of
$10,500,000 Wisconsin-
Michigan Power 3% s, 1961.
High-grade industrial bonds have been firm.
Most of the
fractional price changes have been on the side of the
been generally
higher,
notable instance being the
a
13%-point rise of Allis-Chalmers
high
moderately.
High-grade railroad bonds have shown little change dur¬
ad¬
Prices of issues which take their cue from stocks
vance.
151%.
at
con v.
4s, 1945, to
better prices.
been
new
a
Building supply issues have been strong,
Inland
Most of the steels
Steel 3%s,
some
interest in the foods,
1948, advancing 1% to 98%.
com¬
1961, advanced
% to 106%; Otis Steel 6s, 1941, declined % to 101%.
The averages
and United States Governments also gained
Because of unsettling
during the past week.
4%a, 1952, fell 3% to 74%.
There
Purity Bakeries 5s,
Consolidation Coal 5s, 1960,
declined 3% to 44.
The foreign bond market has been fairly
utilities and industrials have all been higher,
for railroads,
rose
developments abroad, International Telephone & Telegraph
has
continued to advance this week, although in
the
cases
1987,
while the oils have been quiet.
The Course of the Bond Market
Bond prices
Atlantic
higher.
been
prices of most utility bonds moved within a very
The
narrow range
manded
most
have
Railway 4s, 1956, gained 2 points, closing at 76.
have
a new
bonds
4%s, 1964, advanced % to 85% ; Central RR. of
New Jersey 5s,
no
great Power except Germany seems likely to hold
railroad
Lower-grade
mentary system is still solidly grounded, but Great
Britain has
Aug. 1, 1936
and
nese
Hungarian
Polish issues
bonds
advanced,
have been especially
steady.
while
Japa¬
French
and
weak.
'
New York Central 3%s, 1907,
ing the week.
rose
Moody's computed bond prices and bond yield averages
given in the following tables:
% point
and Union Pacific 4s, 2008, advanced % to 108%.
101%
to
are
MOODY'S BOND PRICBSt
{Based on Averags
V
120
S
Govt.
Bonds
120 Domestic
by Ratings
Corporate* by Groups
Averages
July 31.. 110.13
112.50
Individual Closing Prices}
Aaa
Aa
A
Baa
120.96
123.97
110.61
97.62
RR.
P.
120 Domestic Corporate
120 Domestic
1936
120
by Ratings
Corporate by Groups
Daily
Corp.*
.
on
All
tic
**
<Based
120 Domestic Corporate*
Domes¬
1936
Daily
MOODY'S BOND YIELD AVERAGES!
Yields)
Domes¬
V.
Indus.
Averages
108.03
110.42
119,69
July 31—
4.04
tic
ft
30
r07-
Aaa
Aa
Baa
RR.
3.48
3.62
4.14
4.90
4.28
4.15
3.68
A
P
U
Indus
eigns
5.75
30- 110.09
120.75
110.23
97.47
107.85
110.23
119.48
30-
4.05
3.49
3.63
4.16
4.91
4.29
4.16
3.69
112.31
123.75
120.75
110.42
97.47
107.85
110.23
119.48
29—
4.05
3.49
3.63
4.15
4.91
4.29
4.16
3.69
112.31
123.53
120.75
110.23
X
97.47
107.67
110.23
119.27
28-
4.05
3.50
3.63
4.16
4.91
4.30
4.16
3.70
27- 110.00
112.31
123.53' 120.75
97.31
X
107.67
110.23
119.27
27—
4.16
4.92
4.30
4.16
3.70
25- 109.93
112.11< 123.75
120.54
110.05
97.16
107.67
110.23
119.07
25—
4.06
3.49
3.64
4.17
4.93
4.30
4.16
3.71
24.. 109.92
112.11
123.53
120.54
110.05
97.31
107.67
110.23
119.07
24—
4.06
8.50
3.64
4.17
4.92
4.30
4.16
3.71
23.. 109.93
.
112.31, 123.75
29- 110.07
28- 110.05
112.11
123.53
120.75
110.05
97.16
107.49
110.23
119.07
23—
4.06.
3.50
3.63
4.17
4.93
4.31
4.16
3.71
X
X
110.23
4.05
3.50
3.63
X
:
x
5.75
112.11
123.32
120.54
110.05
97.16
107.49
110.23
118.86
22—
4.06
3.51
3.64
4.17
4.93
4.31
4.16
3.72
21- 109.87
111.92
123.53
120.33
109.86
97.16
107.49
110.23
118.66
21—
4.07
3.50
3.65
4.18
4.93
4.31
4.16
3.73
111.73
123.32
120.33
109.68
96.85
t
20-. 109.77
107.31
110.05
118.45
20—
4.08
3.51
3.65
4.19
4.95
4.32
4.17
3.74
X
4.18
4.96
4.32
4.17
3.74
X
22.. 109.89
18- 109.77
111.92
123.63
120.33
109.86
96.70
107.31
18—
4.07
3.50
3.65
111.73
123.53
120.33
109.68
96.70
107.14
110.05
110.05
118.45
17- 109.76
118.45
17—
4.08
3.50
3.65
4.19
4.96
4.33
4.17
3.74
16- 109.81
111.73
123.75
120.33
109.68
96.54
106.96
110.05
118.66
16-
4.08
3.49
3.65
4.19
4.97
4.34
4.17
3.73
15- 110.02
111.73
123.32
120.54
109.49
t
96.70
106.96
110.05
118.66
15—
4.08
3.51
3.64
4.20
4.96.
4.34
4.17
3.73
14- 110.15
111.92* 123.53
120.54
109.68
96.70
107.14
110.05
t
118.66
14-
4.07*
3.50
3.64
4.19
4.96
4.33
4.17
3.73
X
13- 110.07
111.73
123.32
120.33
109.68
96.39
107.14
110.05
118.45
13—
4.08
3.51
3.65
4.19
4.98
4.34
4.17
3.74
11- 110.05
111.73
123.53
120.33
109.49
96.39
107.14
110.05
I
118.45
11
—
4.08
3.60
3.65
4.20
4.98
4.34
4.17
111.54' 123.32
120.33
109.31
96.08
106.60
110.06
3.74
118.45
10—
4.09
3.51
3.65
4.21
5.00
4.36
4.17
3.74
123.53
120.33
109.12
96.08
106.60
109.86
118.45
9„
4.09
3.50
3.65
4.22
5.00
4.36
4.18
3.74
X
123.32
120.11
10- 110.05
111.54
9- 110.07
5.77
t
5.82
8- 110.09
111.16
109.12
95.48
106.25
109.68
118.04
8
4.1L
3.61
3.66
4.22
5.04
4.38
4.19
3.76
I
7- 109.99
110.98
123.10
119.90
108.94
95.33
106.07
109.68
118.04
7„
4.12
3.52
3.67
4.23
5.05
4.39
4.19
3.76
t
6- 110.07
110.98
123.32
119.90
108.94
95.33
106.07
109.49
118.04
6..
4.12
3.51
3.67
4.23
5.05
4.39
4.20
3.76
Exohan ge Clos ed
123.10
110.98
119.90
X
4..
4—
Stock
108.94
118.04
3—
4.12
Stock
3- 110.04
95.48
106.07
109.49
Exchan ge Clo* ed
3.52
3.67
4.23
6.04
4.39
4.20
3.76
2- 109.91
110.98
123.10
119.90
108.94
95.33
105.89
109.49
118.04
2„
4.12
3.62
3.67
4.23
5.05
4.40
4.20
3.76
1- 109.90
110.98
123.10
119.90
108.94
95.33
106.07
109.31
118.04
1—
4.12
3.52
3.67
4.23
5.05
4.39
4.21
3.76
Weekly—
,
5.80
X
X
Weekly—
June 26— 109.88
110.79
122.46
119.48
108.75
95.63
106.25
108.94
117.84
19- 109.93
110.79
122.46
119.27
108.94
95.63
106.60
108.75
117.63
12.. 110.01
110.98
122.67
119.07
108.94
95.93
106.42
109.75
5- 109.99
110.42
122.46
118.66
108.75
95.18
105.72
108.39
117.84
122.24
118.86
108.94
95.18
105.89
108.67
117.63
-
June 26
4.13
3.55
3.69
4.24
5.03
4.38
4.23
3.77
4.13
3.55
3.70
4.23
5.03
4.36
4.24
3.78
5.85
12-
4.12
3.54
3.71
4.23
5.01
4.37
4.24
3.76
5.95
5—
4.15
3.55
3.73
4.24
5.06
4.41
4.26
3.77
6.06
May 29..
19—
118.04
J
5.77
May 29.. 110.01
22- 110.20
110.61
4.14
3.56
3.72
4.23
5.06
4.40
4.26
3.78
5.91
110.23
122.03
118.66
108.75
94.88
105.54
108.57
117.43
22-
4.16
3.67
3.73
4.24
5.08
4.42
4.25
3.79
5.92
15- 109.98
110.42
121.81
118.45
108.94
95.18
105.72
108.57
117.22
15—
4.15
3.58
3*74
4.23
5.06
4.41
4.25
3,80
8- 109.70
109.86
121.60
118.04
108.38
94.73
105.20
108.39
116.82
8..
4.18
3.59
3.76
4.26
5.09
4.44
4.26
3.82
5.84
1- 109.69
109.31
121.38
108.03
93.09
104.51
108.03
116.01
1—
4.21
3.60
3.80
4.28
5.14
4.48
4.28
3.86
5.96
Apr. 24.. 109.80
17- 109.96
109.68
121.38
117.22
117.22
108.21
94.88
104.85
108.21
116.42
Apr. 24..
4.19
3.60
3.80
4.27
5.08
4.46
4.27
3.84
5.86
110.05
121.38
117.43
108.57
95.78
105.89
108.21
116.62
17..
4.17
3.60,
3.79
4.25
5.02
4.40
4.27
3.83
5.83
9- 109.75
110.42
121.60
117.63
108.57
96.23
106.42
108.39
116.62
9—
4.15
3.59
3.78
4.25
4.99
4.37
4.26
3.83
5.83
3- 109.64
110.23
121.60
117.73
108.57
95.93
106.25
108.21
116.62
3—
4.16
3.59
3.78
4.25
5.01
4.38
4.27
3.83
5.83
4.24
5.03
4.39
4.28
3.84
4.23
5.04
4.39
4.26
3.83
4.24
5.03
4.39
4.28
3.85
.
.
-
Mar. 27.. 109.66
110.05
121.17
117.43
108.75
95.63
106.07
108.03
116.42
Mar. 27—
4.17
3.61
3.79
20- 109.51
110.23
121.38
117.84
108.94
95.48
106.07
108.39
116.62
20—
4.16
3.60
3.77
13- 109.11
110.05
120.75
117.63
108.75
95.63
106.07
108.03
116.22
13-
4.17
3.63
3.78
121.17
118.04
109.49
97.62
108.57
108.39
116.22
6—
4.12
3.61
3.76
4.20
4.90
4.25
4.26
3.85
6„ 109.46
110.98
,
5.89
585
5.80
.
5.94
5.87
Feb. 29.. 108.98
110.61
120.54
117,84
108.94
97.16
107.67
108.39
115.81
Feb, 29—
4*14
3.64
3.77
4.23
4.93
4.30
4.26
3.87
6.00
21- 108.95
110.79
120.96
117.43
109.12
98.09
108.57
108.57
115.81
21..
4.13
3.62
3.79
4.22
4.87
4.25
4.26
3.87
6.92
15- 108.62
110.61
120.96
117.43
108.94
97.62
107.85
108.75
115.81
15—
4.14
3.62
3.79
4.23
4.90
4.29
4.24
3.87
6.05
108.22
110.23
120.96
117.02
108.39
96.70
106.60
108.57
115.61
8—
4.16
3.62
3.81
4.26
4.96
4.36
4.25
3.88
6.10
1- 107.96
109.68
120.75
116.82
108.03
95.78
105.54.
108.57
115.41
1—
4.19
3.63
3.82
4.28
5.02
4.42
4.25
3.89
6*15
31.. 108.03
109.68
120.76
116.82
108.03
95.63
105.37
108.57
115.41
Jan. 31—
4.19
3.63
3.82
4.28
5.03
4.43
4.25
3.89
6.13
24- 107.89
109.68
120.54
116.62
108.21
95.78
105.37
108.57
115.41
24-
4 19
3.64
4.27
5.02
4.43
4.26
3.89
6.11
17- 108.34
109.31
120.11
116.62
107.85
95.18
104.68
108.39
115.02
17-
4.21
3.66
3.83
3.83
4.29
5.06
4.47
4.26
3.01
6.17
10- 108.02
108.39
119.90
115.41
107.14
93.99
103.48
108.21
114.04
10—
4.26
3.67
3.89
4.33
5.14
4.54
4.27
3.96
6.26
3- 107.94
107.31
119.27
114.63
106.07
92.53
101.97
107.86
112.69
3-
4.32
3.70
3 93
4.39
5.24
4.63
4.29
4.03
6.23
High 1936 110.28
Low 1936 107.77
112.50
123.97
120.96
110.61
98.09
108,57
110.42
119.69
Low 1936
4.04
3.48
3.62
4.14
4.87
4.25
4.15
3.68
5.75
107.14
119.07
114.43
106.07
91.96
101.64
107.85
112.31
High 1936
4.33
3.71
8.94
4.39
5.28
4.65
4.29
4.05
6.31
High 1935 109.20
Low 1935 105.66
106.96
119.69
114.43
105.72
91.67
101.31
107.67
112.11
Low 1935
4.34
3.94
4.41
5.30
4.67
4.30
4.06
99.20
116.82
108.57
98.73
77.88
90.69
94.14
106.78
High 1935
4 80
3.68
3.82
4.26
4.83
0.40
6.37
6.13
4.36
6.78
6.97
4.54
3.73
4.16
4.54
5.72
4.95
4.41
4.25
6.12
4.91
3.91
4.30
5.01
6.42
4.93
5.34
4.46
7.41
8Jan.
1
Yr. Ago
1
July 31'35 109.05
103.48
118.66
110.23
103.48
85.99
96.85
105.72
108.57
97.47
115.02
107.67
95.93
77.66
97.16
91.11
104.85
2 Yrs.Ago
Yr. Ago
July 31'35
2 Yrs.Ago
July 31134 105.88
July 31*34
•
these prices are computed from average yields on the basis of one "Ideal" bond (4 H% coupon, maturing In 31 years) and do not
purport to show either the average
level or the average movement of actual price quotations.
They merely serve to Illustrate in a more comprehensive way the relative levels and the relative movemento!
yield averages, the latter being the truer picture of the bond market.
For Moody's index of bond price* by months back to 1928, see the issue of Feb 6 1932 page 907
••
Actual average price of 8 long-term Treasury Issues,
t The latest complete list of bonds used In computing these Indexes was published in the Issue of May 18 1935*
3291.
page
ttAverage of 30 foreign bonds but adjusted to a comparable basis with previous averages of 40 foreign bonds,
X
bally
averages
discontinued, exoept Friday
of each week.
BOOK REVIEW
Report
on
the Works Program
Works Progress Administration, Harry L. Hopkins, Administrator, Division of Research, Statistics and Records.
106
-
pages.
Washington: Government Printing Office.
"This report,
issued
as
of March 16, is
a
review of the
development of the public works program under which, by
March 1, more than 3,800,000 persons were
employed. The
larger part of the report is concerned with progress through
December, 1935, subsequent developments bemg presented
in an appendix.
The treatment is comprehensive and, ap¬
parently, thorough. Following a summary explanation of
the works program and its
background and purposes, the
report takes up the operation of the program as shown in
the trend of
employment, financial aspects, types of projects,
and occupations of workers on relief; the administrative
Volume
Financial
143
653
Chronicle
organization of the undertaking, including further description
of projects, the purchasing system, earnings on the various
projects, the programs for artists, musicians, actors and
writers, and the non-Federal and housing divisons; and the
emergency conservation work, the Resettlement Administra¬
tion and the Bureau of Public Roads.♦ Other agencies to
Appendices, covering statutory and technical aspects of
the texts of the Emergency Relief Ap¬
propriation Act of 1935 and of a large number of Executive
orders, information about project approval procedure, op¬
erating procedures relating to employment, and statistics
extends include
Interior, Labor,
War, Navy and Treasury, the Library of Congress, the little
known Alley Dwelling Authority at Washington, the Rural
Electrification Administration, and the Veterans' Adminis¬
ment and the
which the program in one way or another
the departments of Agriculture, Commerce,
EPITOME
TRADE—COMMERCIAL
OF
STATE
1936.
The high rate of business activity was more than sus¬
tained the past week.
With gains in car loadings, steel
production, automotive activity, lumber cut, coal produc¬
tion and crude runs to stills, the "Journal of Commerce"
weekly business index advanced to a new high of 94.2, as
compared with a revised figure of 92.0 for the preceding
week.
During the corresponding week of last year the
Friday Night, July 31,
stood
index
74.8.
at
While
the electric
showed a
output
slight drop from its recent peak, yet production of
electricity
14.5% larger than for the corresponding
week last year.
- The
steel industry continued its high
operating rate, this being one of the outstanding surprises
of the season.
It is stated that steel buying has gathered
sufficient fresh momentum to sustain production through
August at approximately its present rate. - The current buy¬
ing movement—which shows no marked signs of abate¬
ment—has placed a fairly large accumulation of orders on
mill books on top of the heavy June backlogs, not all of
which have been shipped
The seasonal expansion in com¬
mercial loans this fall is expected to be the largest of the
recovery period.
Because of the sustained high level of
business activity
during the past several months, many
the past week was
industrial
middle-sized
need
concerns
finance
to
loans
The firmer trend of
commodity prices also encourages commercial borrowing to
build up inventories.
Fall buying in wholesale markets
throughout the country promises to be the largest since the
recovery began.
Commodity markets generally continued
heavier working capital requirements.
their upward
trend, with corn occupving the center of the
new high peaks.
The government's an¬
soaring to
stage,
showing employ¬
Accompanying
the text are a number of charts, graphs and illustrations.
The element of propaganda appears to have been rigorously
excluded, and the report may be commended as the only
available detailed record of the activities of the Works
from Jan. 1 to Feb. 29 of the present year
one-half of the corn production in six im¬
nouncement that
States had been
portant
chief
the
was
covery
damaged by drought beyond re¬
in the skyrocketing of corn
factor
The trend of the securities market, which has been
prices.
with 2,428 new
freight cars on July 1, 1935, and 17,813 cars
July 1, 1934.
On July 1, 1929, equipment orders in¬
cluded 39,638 new freight cars.
The Association further
reported:
on
New freight cars
on
New locomotives
order on June 1, this year, totaled
cars,
were
731,062 cars.
This
was
increase of
an
electric locomotives
locomotives
on
Retail
on
order oh July 1, 1935,
New steam locomotives
New freight
cars
shows
a
gain
for the
drought
becomes
officials
were
increasingly
11,604, compared with 1,868 cars instaUed in the
confronted with the knowledge that approxi¬
mately one-half of the total
by
has
Government
been
burned
the prevailing
beyond
drought
in major producing
of possible recovery
corn acreage
In
hope
detailed
a
report
covering
conditions up to July 28, the Bureau of Agricultural Eco¬
nomics declared that acreage in Missouri, Iowa, Kansas,
Nebraska, Oklahoma and South Dakota is, from the stand¬
point of the 1936 corn crop, worthless.
A weather item of
interest was the report from Mobile, Ala., that a tropical
Revenue
cars
Florida-Alabama
coast.
Along
the
vast
expanse
of
the
Upper Gulf shipping virtually was at a standstill.
How¬
important damage was reported. In the New York
City area it was quite warm during the early part of the
week, but heavy showers broke the hot spell, cool weather
corresponding period of
installed in the same period
Loadings
Car
Freight
Rise
1.5% In
Week
Loadings of revenue freight for the week ended July 25,
1936, totaled 731,062 cars. This is a rise of 10,660 cars, or
1.5%, from the preceding week, a gain of 135,490 cars, or
22.7%, over the total for the like week of 1935, and an
19.8%, over the total loadings
corresponding week of 1934.
For the week ended
July 18 loadings were 21.6% above those for the like week
of 1935, and 16.9% over those for the corresponding week of
1934.
Loadings for the week ended July 11 showed a gain
of 28.1 % when compared with 1935 and a rise of 19.9% when
comparison is made with the same week of 1934.
The first 18 major railroads to report for the week ended
July 25, 1936 loaded a total of 346,115 cars of revenue freight
on their own lines, compared with 342,372 cars in the preced¬
ing week and 283,653 cars in the seven days ended July 27,
1935.
A comparative table follows:
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS
increase of 121,020 cars, or
for the
(Number of Cars)
,
..
Loaded on Own Lines
Received from Connections
Weeks Ended—
Weeks Ended—
18.July 27 July 25i July IS .July 27
1936
I 1936 I 1935
1936 I 1935
July 25 July
1936
Atchison Topeka & Santa
21,658
32,260
23,374
Fe Ry.
Baltlmore & Ohio RR
Chesapeake & Ohio Ry._
Chicago Burl & Qulncy Ry-„
Chicago Milw St Paul & Pac Ry.
Chicago & North Western
18 398
22,393
17,941
Ry
2.316
Gulf Coast Lines
International Great Northern
Missouri-Kansas-Texas
2,080
RR
4 908
RR—
Missouri Pacific RR
16,339
New York Central Lines
41 255
New York Chicago & St
x
8 579
7,475
7,640
6,250
6,708
8,355
1,310
1,849
2,485
13,499
7.937
8,145
10,607
1,199
1,738
2,974
8,818
8 388
7.208
33,969
37,492
38,239
9,058
8.878
31,550
7,242
3,288
33,723
3,786
5,859
*5,550
7,262
4.192
5.545
10,487
1,375
1,644
3,084
21.337
18,655
4.252
4,212
67.446
56,735
42.980
42.490
5,171
4,741
5,279
4.443
23 357
1.8.196
4,852
7.938
4,504
6,501
*8,012
7,987
7,221
27,797
6.419
Ry
6 940
27,710
6,758
6,175
1346,115^342,3721283.653'192.828tl91,247
Excludes cars
Orleans
4,437
12,679
10.927
26,108
20,253
13,724
16,634
13,421
2,232
1,972
4,344
5,975
Total.
1
5,034
15,370
10,197
19,686
33,071
22,243
19.336
21,199
16,825
1,939
2,191
4,761
17,183
40,065
5,722
21,835
Pennsylvania RR
Pere Marquette Ry
Pittsburgh & Lake Erie
Southern Pacific Lines
Wabash
5,417
15,262
22,652
68,224
Louis Ry
Norfolk & Western Ry
storm had
severely battered the coast cities around the Gulf.
Hurricane winds rode out of the Gulf of Mexico toward the
58, and
this year totaled
of 1934.
Eighteen new steam locomotives and 11 new electric and Diesel loco¬
motives were placed In service in the first half of this year, compared with
25 steam and 81 new electrics commissioned in the first six months of 1935,
and one steam and 8 electrics placed in service the first half of 1934.
1935 and 5,362
12 to 20%
week of
pronounced.
1, this year, totaled
placed in service in the first six months
10,660
over the figures of 1935 for the same period.
Wholesale
business shows gains for the week of 20 to 35% compared
with last year's figures.
The devastating effect of the
areas
order on June
on
electric and Diesel locomotives 30.
new
1.5%, compared with the preceding week; an in¬
of 135,490, or 22.7%, compared with a year ago.
business
locomotives and 22
and 40 steam and 107 electric
order, July 1, 1934.
or
crease
25,748.
included 67 steam and 23
order July 1, this year,
on
I9ectric and Diesel types, compared with six steam
generally upward in past weeks, showed some recessions
in prices the latter part of this week.
Car loadings for the
-week
the various funds.
status of
Progress Administration.
tration.
THE
the program, give
Interchanged between S. P.
Co-Pacific Lines and Texas
158,120
& New
RR. Co.
TOTAL LOADINGS
CONNECTIONS
AND RECEIPTS FROM
ever, no
Weeks Ended—
July 25, 1936
Chicago Rock
forecast
Illinois Central System
for
partly cloudy
Saturday.
Overnight at
was
Warmer
tonicht
Boston
and
it
was
Saturday.
58
to
Kansas City, 58 to 84; Springfield,
Mo., 60 to 84; Oklahoma
City, 70 to 92; Salt Lake City, 64 to 96: Seattle, 58 to 78;
Montreal, 58 to 72, and Winnipeg, 72 to 94.
+.
new
freight
cars were on
order by Class I railroads
of the United States
on July 1, this year, than on any
July 1
since 1929, the Association of American Railroads announced
on
July 31.
railroads
on
Orders for new freight equipment by the various
July 1, last, called for 28,089 cars, compared
St Louis-San
Island & Pacific Ry.
Francisco Ry
Total
JUbdULIU LXUU
JL lit?
30,630
13,890
21,265
24,732
12,313
70,652
58.310
V/JL
.
i.vuu
reported as follows:
Loading of revenue freight for the week ended July 18 totaled' 720,402
cars.
This was an increase of 127,730 cars, or 21.6% above the corre¬
sponding week in 1935 and 104,362 care, or 16.9% above the corresponding
ended July 18
week
„
week
in
1934.
Loading of revenue
Freight Car Orders at Highest Point Since 1929
More
July 27, 1935
26,438
30,330
13,884
r
78
degrees; Baltimore, 64 to 78; Pittsburgh, 54 to 72; Port¬
land, Me., 54 to 76; Chicago, 58 to 74; Cincinnati, 56 to 78;
Cleveland, 60 to 70; Detroit, 56 to 76; Charleston, 66 to 90;
Milwaukee, 62 to 76; Savannah, 72 to 88: Dallas. 72 to 98;
New
July 18, 1936
26,236
70,756
prevailing the last, few days. Today it was fair and warm
here, with temperatures ranging from 61 to 75 degrees.
The
freight for the week of
July 18 was a decrease
3,922 cars, or % of 1% below the preceding week.
Miscellaneous freight loading totaled 284,222 cars,
of
decrease of 3,618
cars
below the preceding week, but an increase of 47,895 cars above the
corresponding week in 1935 and 56,985 cars above the corresponding
week
in
1934.
Loading
cars,
a
a
of merchandise les* than carload lot freight
of 2,644 cars below the preceding week,
decrease
totaled 160,472
but an increase
654
of
Financial
4,592
the
week in
same
Coal
the
above the corresponding week in 1935
cars
1,836
10,797
Grain
1934.
week,
cars
week
in
18,809
grain
above
1935,
above the
cars
week
same
in
corresponding
58,555
preceding week, 25,171
and
All
districts
11,384
in
1935,
cars,
increase
an
the
number
of
freight
revenue
follow:
in
compared
1936
with
ended
districts
July
alone,
preceding week this
week
in
Live
below
same
in
the
below
the
1936
Four weeks In January
in
the
1934.
the
In
in
Coke
1935
amounted
and
the
week
below
above the
cars
2,151
of
cars,
the
same
Five
week
but
cars
an
the
previous
two
1935
1934
2,183,081
2,920,192
2,461,895
2,340,460
'3,026,021
2,504,974
520,741
565,502
592,672
604,192
616,040
16,790,029
17,177,596
3,135,118
2,418,985
2,544,843
3,351,801
2,787,012
weeks in February
Four weeks in March
Four weeks In April
Five
weeks in May
cars
the
same
below
cars
of
1,534
2,518
cars
above
cars
649,759
724,324
720,402
4
Week of July 11
;*
Week of July 18
the
loading of live stock
decrease
a
Week of July
2,087
above
cars
13;899
increase of
an
33,988
cars
week in
to
21,184
4,158
and1
but
year,
5,573
same
cars,
increase
an
above the
of
week
same
2,968
in
cars
1935, and
1934.
53,680
decrease
a
cars,
increase of 19,558
cars
of
1,299
cars
below
above the corresponding
week in 1934.
above the corresponding
cars
above the
cars,
of
increase
REVENUE
a
3,981
week
same
decrease of 679
above
cars
in
Total
In
18,685,355
the
table
following
1935
week
in
RECEIVED
FROM
18,
year.
1936.
During
undertake
we
increases
vania
important
to
also
show
Baltimore
the
Central
1936
1936
883
255
262
9,477
2,068
8,654
Gulf Mobile & Northern
1,569
Illinois Central System
47
1,095
1,015
884
Georgia
Delaware Lackawanna & West
—
20
59
69
954
2,145
1,857
4,882
6,760
5,735
6,455
5,648
Mobile & Ohio
210
213
157
2,252
2,124
325
234
11,134
4,424
11,838
170
156
1,433
1,630
1,759
8,257
6,962
7,572
2,914
3,538
Erie.
2,754
2,621
1,018
2,404
13,972
6,293
1,700
1,080
7,168
1,803
13,455
4,144
Grand Trunk Western
Lehigh & Hudson River
Lehigh & New England..
Lehigh Valley
Maine Central
Monongahela
Montour
2,318
40,065
9,775
1,854
b New York Central Lines
N. Y. N. H. & Hartford
New York Ontario & Western.
N. Y. Chicago & St. Louis
5,545
Pittsburgh & Lake Erie
7,168
5,171
Pere Marquette
,
3,276
1,940
33,855
9,464
1,553
4,407
5,182
4,874
3,650
149
108
1,001
11,552
5,413
1,583
1,568
3,210
283
179
1,913
36,760
9,310
2,047
32
54
38,239
11,056
1,973
30,500
Louisville & Nashville—
930
1,510
287
344
944
662
10,659
4,837
9,071
3,889
165
15,982
158
230
349
1,371
312
237
182
127
130
306
209
1,724
2,629
1,485
2,385
1,557
2,414
1,662
2,523
1,204
408
379
332
545
492
54,377
46,952
45,871
28,779
24,144
94,166
80,333
80,669
59,675
49,466
949
701
671
19,880
2,670
21,199
3,776
13,202
1,445
7,143
15,606
18,907
2,426
19,798
3,622
10,408
1,258
3,605
2,736
10,487
3,051
7,643
2,469
6,601
3,914
2,773
Nashville Chattanooga & St L.
Tennessee Central
Total
i
Grand total Southern District
2,466
5,045
Northern District—
Belt Ry. of Chicago
Chicago & North Western
Chicago Great Western.
Chicago Milw. St. P. & Pacific.
Chicago St. P. Minn. & Omaha
1,666
Duluth Mlssabe & Northern..:
8,878
7,342
Duluth South Shore & Atlantic.
4,319
5,273
4,709
Elgin Joliet & Eastern
4,847
4,504
3,842
260
360
36
27
354
291
246
233
145
1,379
1,150
888
699
1,188
17,590
15,368
'
10,969
207
837
1935
841
5,961
Pittsburgh & Shawmut
1,190
1936
1,831
Pittsburgh Shawmut & North..
Pittsburgh & West Virginia....
Rutland
from Connections
1934
324
Mississippi Central
8,233
323
Detroit & Toledo Shore Line_.
1935
18
Total Loads Received
1,426
16,850
Macon Dublin & Savannah
4,023
8,199
2,666
Detroit & Mackinac
ENDED JULY
353
996
401
Detroit Toledo & Ironton
Southern
1,624
20,352
19,383
Georgia & Florida
36
Delaware & Hudson.
the
System, and the
Group B (Concluded)—
1,058
5,033
8,988
Central Vermont.
RR.,
Ohio
Freight Loaded
Railroads
1935
7,057
1,287
Central Indiana*
last
showed
Lines, the Pennsyl¬
(NUMBER OF CARS)—WEEK
1,307
7,305
1,343
1,573
which
System;.
758
Chicago Indianapolis & Louisv
roads
week
Central
Total Revenue
from Connections
121
of
same
&
System, the Atchison Topeka & Santa Fe
631
7,742
York
New
Total Loads Received
1934
total
a
with the
of these roads
the
576
Boston & Maine
period
the
were
System,
486
Bangor & Aroostook
this
when compared
The most
CONNECTIONS
Eastern District—
Ann Arbor
July
showed increases
Illinois
Freight Loaded
1936
same
below the
1934.
FREIGHT LOADED AND
Railroad
cars
the
Total Revenue
1
for
cars
decrease of
a
districts alone,
9,675
totaled
loading amounted to 8,660
preceding
1935
Western
totaled
loading
above the
loading
of
decrease
a
with
1934.
loadings for separate roads and systems for the week ended
preceding week,
cars
cars,
increase
an
week this
the preceding week, but an
week
2,266
1935.
products
the
Ore
loading
of
16,519
12,315
however,'
July 18
preceding
in
but
week,
was,
ended
week
Forest
11,917
It
to
loaded
1935 and
2,169,146
2,927,453
2.408,319
2,302,101
2,887,975
2,465,735
471,126
2,353,111
Four weeks in June
preceding
week
same
above
products
decrease
a
increase of
an
amounted
loading
1935.
week
same
for
but
year,
grain
and
cars,
1935.
stock
the
week
grain
37,794
totaled
18
1, 1936
cars
.
•
Western
of
freight compared with the corresponding weeks in
Loading
years
in
increases
of
above the corresponding
week in 1934.
In the
cars
above the
cars
above
cars
week
Aug.
reported
1934.
totaled
loading
products
the
Chronicle
revenue
above the
cars
and
2,305
above
cars
loading amounted to 108,510 cars, an increase of 1,132
preceding
and
and
1,962
17,128
3,353
9,719
775
5,205
249
1,739
8,318
129
403
322
4,787
3,388
470
295
379
138
135
21,548
16,231
15,327
3,430
2,666
542
537
481
562
439
Ft. Dodge Des Moines & South.
Great Northern
Green Bay & Western.
Lake Superior & Ishpemlng
2,441
1,997
577
642
982
870
6,040
2,861
7,987
3,552
7,518
4,587
5,405
3,661
2,254
148,591
129,198
132,634
148,326
125,870
625
485
372
589
24,632
26,498
3,965
15,370
3,769
2,619
12,480
1,469
269
6
227
6
6
Cambria & Indiana
1,102
856
898
11
12
Central RR. of New Jersey..
Cornwall
5,658
1,013
5,343
5,036
9,955
9,185
596
100
40
32
Cumberland <fc Pennsylvania.
294
261
280
32
28
Chicago Rock Island & Pacific.
Ligonler Valley
Long Island
Penn-Readlng Seashore Lines
97
56
63
49
17
739
828
2,400
1,808
920
985
1,144
Pennsylvania System
67,446
55,441
Reading Co
13,419
10,973
12,988
6,311
42,490
14,902
5,311
1,119
33,799
11,908
Union (Pittsburgh)
West Virginia Northern
56,470
12,196
6,201
5,510
8,392
Chicago & Eastern Illinois
722
1,095
1,305
1,906
5,777
7,334
97
72
1,883
2,311
1,274
2,094
2,624
538
33,071
5,850
2,296
1,429
6,307
10,119
624
6,758
Wabash
Wheeling & Lake Erie
Minneapolis & St. Louis
Minn. St. Paul & S. S. M
Northern Pacific.
314
229
304
161
1,415
1,229
1,334
990
115,598
90,077
95,453
46,578
36.194
22,652
3.489
20,607
2,903
22,028
3,087
5,034
2,265
4,580
2,007
340
258
227
49
30
19,336
1,838
13,389
13,981
6,114
641
541
8,240
2,890
16,372
1,134
11,396
2,503
7,475
1,307
11,489
2,050
866
816
2,297
1,819
1,681
2,118
1,318
2,611
6,674
1,685
873
352
216
203
11
1,254
1,469
1,393
1,036
1,118
1,926
1,190
1,880
813
771
1,356
968
56
73
928
972
553
325
267
188
133
74
93
21,190
Spokane Portland & Seattle—
Total.
Allegheny District—
Akron Canton & Youngstown
Baltimore & Ohio
Bessemer & Lake Erie
Buffalo Creek & Gauley
2,917
30
38
32
0
0
3,341
Western Maryland
2,896
3,207
5,728
5,012
Central Western District—
Atch. Top. & Santa Fe System.
Alton
Bingham & Garfield
Chicago Burlington & Qulncy..
Chicago & Illinois Midland
Colorado & Southern..
i
......
Denver & Rio Grande Western.
Denver & Salt Lake
Fort Worth & Denver City
Illinois Terminal
Nevada Northern
North Western Pacific
Peoria & Pekln Union
Total
147,020
,
113,322
117,358
100,646
80,330
Southern Pacific (Pacific)
St. Joseph
Grand Island
21,928
Chesapeake & Ohio..
22,243
21,337
Norfolk & Western
17,055
17,026
19,425
17,224
10,927
4,212
8,560
3,932
Norfolk & Portsmouth Belt Lirie
1,006
726
710
1,233
3,438
3,636
3,424
773
667
48,024
38,443
40,783
17,145
19,443
a
21
5,082
3,244
241
532
1,216
13,824
10,957
11,977
8,220
1,020
6,678
203
150
153
5
5
1,569
1,278
1,480
2,116
1,489
110,883
92,755
98,954
49,253
39,410
177
Union Pacific System
Utah
3,515
Western Pacific
in U. P.
System
942
Virginian
1,030
1,056
2,036
484
Included
Toledo Peoria & Western..
Pocahontas District—
3,249
341
1,569
Spokane International
Total
14,102
Total
Total.
Southwestern District—
Alton & Southern
Southern District—
Group A—
Atlantic Coast Line
Clinchfleld i
7,273
1,210
5,961
990
955
683
450
162
122
43
30
1,265
396
.
6,480
Charleston & Western Carolina
Durham & Southern
„
•
Gainesville Midland..;
Norfolk Southern.
_
Piedmont <fc Northern...
Richmond Fred. & Potomac..
3,466
1,267
520
4,484
1,536
1,183
592
Kansas Oklahoma & Gulf
139
243
258
49
78
74
Kansas City Southern
Louisiana & Arkansas
994
1,451
1,032
901
351
395
885'
696
337
337
3,798
3,264
8,066
6,394
3,364
17,446
18,477
13,640
2,707
11,540
152
124
120
653
557
39,789
Southern System
Winston-Salem Southbound...
328
7,642
20,626
Seaboard Air Line
33,381
34,798
30,896
25,322
Gulf Coast Lines
International-Great Northern.
_
4,500
156
204
159
196
148
2,212
2,186
2,235
1,375
1,644
1,327
2.C11
2,939
233
197
137
156
1,101
863
2,166
1,492
1,574
1,164
1,487
1,233
2,040
1,414
1,044
790
103
442
350
262
1,093
Louisiana Arkansas & Texas...
Litchfield & Madison
208
102
235
216
Midland Valley
624
627
586
269
142
Missouri & Arkansas*
138
94
96
228
182
4,964
4,318
4,636
3,129
17,183
13,403
14,102
8,388
2,667
7,252
Missouri-Kansas-Texas Lines..
Missouri Pacific
Natchez & Southern
Total
125
145
116
1,939
2,191
...
Fort Smith & Western
207
163
109
Burlington-Rock Island
63
...
St. Louis-San Francisco
St. Louis Southwestern
230
148
167
199
130
Atlanta Birmingham & Coast..
1,440
879
554
448
Atl. & W. P.—W. RR. of Ala..
Terminal RR. Ass'n
832
926
630
4,068
3,572
1,153
2,567
863
4,127
2,251
252
196
228
207
359
369
420
326
113
111
89
7,458
1,996
5,289
7,718
2,006
3,898
2,201
3,294
1,797
14
16
213
367
44
97
2,586
Texas & Pacific
865
34
125
8,562
Quanah Acme & Pacific
Group B—
Alabama Tennessee & Northern
749
Central of Georgia
Columbus & Greenville.
Florida East Coast....
Note—Figures for
Michigan Central RR.
1934
Texas & New Orleans
revised.
*
Previous
figures,
a
Not
available,
5,782
,253
2,643
4,234
5,500
4,537
3,779
2,312
3,658
2,670
1,818
18,618
15,339
Wichita Falls & Southern
218
230
165
61
Weatherford M. W. & N. W...
102
35
13
27
56.120
48.544
50,189
57,292
4
qf St. Louis
,
'
2,930
48,261
b Includes figures for the isoston & Albany RR., the C. C. C. & St. Louis
RR., and the
Moody's Daily Commodity Index Advances Sharply
Moody's Daily Index of Staple Commodity Prices adThe largest net changes for the week were advances in
vanced sharply this week, reaching a new high for 182.5 this
wheat, corn, hogs and steel, and a decline in cotton.
There
Friday, as compared with 177.9 last week.
were also gains for
silk, cocoa, hides, rubber, wool and coffee.
Volume
Financial
143
The price of sugar declined moderately, while there were no
changes for silver, copper and lead.
The movement of the Index during the week, with com¬
parisons, is as follows:
Fri.
July
Juiy
July
Tues. July
Wed.
July
Thurs. July
Fri.
July
Sat.
Mon.
177.9
24
25
27
28-...
29...
30
31
—
.178.8
180.0
.180.7
181.5
...182.5
.-.. —
2 Weeks Ago, July
.177.0
169.0
163.5
175.3
17
June 30
July 31
1935 High— Oct.
7 & 9
Month Ago,
Year Ago,
-.148.4
Mar. 18.
Low—
1936 High—July 3i
Low— May 12
— —
The index for the metals and metal products group rose to
1926 average,
pig zinc.
Prices
Index of Wholesale Commodity
During Week Ended July 28 to
Weekly
Advanced
Level Since
Highest
February—Average for July
Above June
new
tinuing, the "Annalist" also had the following to say:
The rise reflected primarily higher prices for the grains and
Strengthening prices for fats and
and
Cotton, lemons and tin declined.
WEEKLY
"ANNALIST"
THE
tankage, and mixed fertilizers
oils,
caused the index for the chemicals and drugs group to increase slightly. A
w as reported in denatured alcohol.
Drugs and pharmaceuticals
sharp decline
remained unchanged at the mid-July level.
The ho use furnishing goods group
advanced 0.1% due to rising prices of
furnishings, principally tablecloths and dinner
Furniture declined
sets.
prices for bed springs.
er
The wholesale foods group decreased 0.4% during the
5.4% decline in fruit and vegetable prices and
a
bereal products.
a
week, largely due to
0.2% decline in prices of
1.3% and meats rose 0.2%,.
lower prices were reported were butter,
Dairy products advanced
Individual food items for which
INDEX
PRICES.
OF
New York, mutton,
at
prices
cured
Compared with
it is 1.5% lower.
a year ago,
Falling prices of bituminous coal, Connellsville coke, and Oklahoma fuel
the index for
July 30,1935
121.7
119.6
117.4
127.2
123.8
132.6
week, the cattle fee sub-group
Food products
-
The index
of the
and pulp remained unchanged.
Statistics includes 784 price series
of Labor
Bureau
*110.6
alio.7
108.2
170.8
170.8
163.7
and is based
Metals..
112.8
all2.9
109.1
111.8
111.8
111.5
97.1
97.1
98.3
modities for the preceding five weeks and for
and July 29, 1933:
country's markets
weighted according to their relative importance in the
Fuels
Textile products
Building materials
—
Miscellaneous
87.1
87.1
82.9
126.7
125.1
1926 as 100.
the average for the year
on
Cottonseed and
middlings.
Crude rubber declined 0.6%. Automobile
linseed meals averaged higher.
tires and tubes and paper
Farm products
materials group to decline
the fuel and lighting
Wholesale prices of anthracite coal were slightly higher.
0.1%.
declined 2.1%, due to lo\ er prices for bran and
July 21, 1936
level of a
The current food index—81.0—is at the
vegetable oils.
month ago.
Follov ing the sharp rise of the preceding
(1913=100)
macaroni,
canned corn and string beans,
beef, lamb, cured and fresh pork, coffee, glucose, lard, oleo oil, and
oil caused
COMMODITY
WHOLESALE
July 28, 1936
Chemicals
fresh beef
Higher
beans, smoked salmon, and pepper.
cocoa
reported for evaporated milk, rye flour, hominy grits,
were
meal, dried apples, apricots and prunes,
corn
most
flour, and
livestock and their products, while butter and eggs, bananas, potatoes
tea were also higher.
Agricultural implements,
plumbing and heating fixtures were unchanged.
oatmeal, wheat flour, dried peaches, bananas, onions, potatoes,
high since February was reached by The "Annalist"
Weekly Index of Wholesale Commodity Prices, which
advanced to 126.7 on July 28 from 125.1, July 21.
Con¬
A
malleable iron castings, electrolytic copper, and
Average prices of pig tin declined.
motor vehicles and
slightly because of lov
"Annalist"
86.2% of the
The advance was a
this year.
the highest point reached
result of higher prices for
182.5
.162.7
655
Chronicle
ing table shows index numbers for the main groups
The folio
of com¬
July 27, 1935, July 28, 1934,'
*
125.0
—
(1926=100.0)
All commodities
—
b All commodities on
74.0
73.8
74.9
old dollar basis.
July
July
*
Preliminary,
a
quotations
exchange
on
France,
for
monthly
average
for July rose to 125.6 from 121.4 in
June, reflecting the rise in the weekly index during the past
weeks as a result of the drought, the "Annalist" said, pre¬
senting
July
July
July
11
4
27
27
28
29
1936
1936
1936
1935
1934
1933
69.2
80.2
80.1
80.3
79.5
79.4
79.2
74.7
Farm products
81.4
80.8
82.5
80.2
80.2
77.1
64.5
Foods
81.0
81.3
81.8
80.8
81.0
82.2
70.8
66.1
94.4
90.1
86.1
88.3
69.5
69.9
71.4
68.4
67.0
All commodities-
Hides & leather products.
COMMODITY
WHOLESALE
94.0
93.8
94.3
94.2
Textile products
follows its monthly index:
as
June
18
1936
Commodity Groups
Switzerland, and Holland.
The
July
July
25
1936
b Based
Revised.
70.2
70.1
69.6
69.5
—
59.6
PRICES.
OF
July, 1936
June, 1936
'
July, 1935
76.4
75.2
74.7
86.2
86.1
86.1
85.6
85.4
85.7
86.3
80.8
86.8
86.1
86.1
85.7
85.6
85.1
86.7
80.1
Chemicals and drugs.
79.1
79.0
78.6
78.3
78.0
78.4
75.6
73.4
Housefurnishlng goods
(1913=100)
77.0
Metals & metal products.
Building materials
INDEX
MONTHLY
"ANNALIST
THE
82.6
82.5
82.4
82.6
82.6
81.9
83.0
74.6
71.3
71.4
70.7
70.3
70.1
67.5
70.1
65.1
79.5
79.3
80.3
78.7
78.8
*
*
75.5
75.2
75.0
74.4
74.2
*
*
*
*
*
Miscellaneous
119.9
Textile
112.9
116.0
125.6
Farm products
121.6
129.9
Raw materials_.
105.7
107.6
Seml-manufact'd articles
*110.2
products
—
.
Building materials
162.8
98.3
81.4
80.9
80.8
79,9
79.9
79.3
79.3
79.6
76.9
71.2
79.4
79.2
78.9
78.8
77.9
78.5
73.2
All commoditiesother than
97.1
81.4
79.5
Finished products
109.1
111.5
Chemicals
Miscellaneous
*
*
80.0
170.9
111.8
97.1
—
110.6
111.8
Metals-
76.4
81.6
170.8
112.6
Fuels
76.9
76.8
Fuel & lighting materials.
83.0
86.2
87.1
2
farm
products
All commodities other than
farm
products & foods.
♦Not computed.
125.6
All commodities
*
Preliminary,
123.6
121.4
74.1
72.1
b All commodities on old dollar basis.
72.9
b Based on exchange quotations for France,
Switzerland, and
Holland.
Wholesale Commodity
Point
,
July 25 According to National
of
0.1% in Wholesale Commodity Prices During
Ended July 25 Reported by United States
Department of Labor
Wholesale commodities advanced 0.1% during the week
Gain
preceding week.
The all-commodity index is 2.7% above
this year's low of mid-May and 1% above the corresponding
week of June.
Compared with the corresponding week of a
it is 1.3% higher."
year ago,
The Commissioner continued:
The farm products, hides and leather products,
and metal products,
textile products, metals
building materials, then icals ar.d Giuts, and house-
furnishing goods groups advanced during
the week.
materials, and miscellaneous commodities declined
Average wholesale prices of rawr
above
month ago.
a
materials rose
Semi-manufactured articles increased 0.4% and are
1,8% higher than for the corresponding
products group increased
finished
This group shows an
week of June.
The index for the
0.2% to 81.6% of the
1926 average.
advance of 1 % ovtr the June 27 level.
Commodities other than farm products
(non-agricultural) and com¬
(industrial) ad¬
0.1% during the week.
Each of these groups is 0.9% above the
a month ago.
Non-agricultural commodities are 0.5% higher than
corresponding wreek of 1935, while industrial commodities have
modities
vanced
level of
for
Foocts, fuel and lighting
slightly.
0.3% to a point 0.9%
the
other
than
farm products and processed foods
advanced 2.1% during the year
The
The
increase
week—0.8%—was registered by the
registered 77.4%, and a year ago, 77.1 %. The announcement
by the Association, under date of July 27, went an to say:
The trend of commodity prices was
generally upward during the week
declines
ith 15 of the
increasing and only six declining; the
principal increases during the week v ere in meats and eggs. Rising for the
sixth consecutive week, the index of farm product prices w as at the highest
level reached since February. Cotton and small grains were low er during the
week but rising prices for cotton, hogs, lambs, poultry, eggs and hay were
sufficient to result in the rise in the group index.
Textile price mo . ements
were mixed last week, with raw materials moving downward, and several
semi-finished cotton materials rising in price; the net result was a slight
decline in the group index.
A rise in the price of copper to the highest
with
of the
five
principal groups registering increases and with
occurring in only two.
The food index again moved upw ard w
price series included in the group
combined w ith rising quotations for steel scrap,
index moving up to a
period.
During the week 43 price series included in the index advanced and 19
declined; in the preceding week there were 55 advances and 26 declines; in
the second preceding week there were 51 advances and declines
point reached in five years
and copper wire, resulted in the metals
tin,
zinc,
new
high point for the recovery
WEEKLY
WHOLESALE COMMODITY
Compiled by the National Fertilizer
25, Ju
v
18,
1936
1936
79.9
78.9
Month
Ago
June 27,
1936
Year
Ago
July
27,
1935
Fats and oils
Cottonseed oil
79.4
80.2
75.3
75.0
70.5
68.9
93.1
Foods
0.7% due largely to increases of
2.7% in grains. Higher
vheat, cov.s, steers, hogs, live
fresh milk at Chicago, seeds, and
dried beans. Lower prices were reported for barley, calves, lambs, cotton,
lemons, hops, onions, and potatoes.
The current farm products index—
81.4—is 1.5% higher than a month ago and 5.6% higher than a year ago.
Rising prices for steer hides and cowhides caused the index for the hides
and leather products group to advance 0.2% to 94.0.
Average prices of
leather, shoes, and other leather products remained firm.
Week
July
Total Index
4.1% in the sub-group of livestock and poultry and
Preced'g
Week
Group
28.6
farm products group advanced
1926-1928=100
Latest
Per Cent
prepared roofing. Chinawccd oil and turpentine
Average prices of brick and tile, cement and structural steel
PRICE INDEX
Association.
Bears to the
steady.
The
ended
A month ago, it
compared with 78.5% the week before.
as
Each Group
lumber, gravel, sand, and
were
week
interval.
during the
group.
the
during
advanced
July 25 to the highest point reached since last November.
The index last week stood at 76.0% of the 1926-1928 average,
The advance resulted frcm higher prices for
building materials
declined.
Association
Fertilizer
following is also from the announcement issued by
largest
commodity price index compiled by the National
wholesale
Mr. Lubin:
•
Fertilizer Association
Following a slight decline in the preceding week, the weekly
Week
ending July 25, according to an announcement made July 30
by Commissioner Lubin of the Bureau of Labor Statistics,
United States Department of Labor. "The advance brought
the all-commodity index to 80.2% of the 1926 average,"
Mr. Lubin said, "partially recovering the decline of the
Price Average Reached Highest
During Week Ended
November
Last
Since
93.6
88.3
88.3
75.9
73.4
75.5
prices were reported for corn, oats, rye,
Cotton
72.2
73.2
68.3
66.0
poultry, apples, oranges, timothy hay,
Grains.
89.2
89.9
76.6
76.6
73.1
71.5
73.3
76.7
79.9
79.7
79.5
77.0
77.4
77.6
75.1
69.3
76.6
Farm products
22.3
Livestock
16.4
Fuels
10.3
Miscellaneous
commodities..
7.7
Textiles
70.2
70.3
68.2
68.0
6.7
Metals
84.4
84.1
82.5
81.5
5.8
Building materials
82.8
82.8
80.7
77.5
1.3
Chemicals
94.6
and
94.6
94.6
94.4
66.5
drugs
65.lr
65.2
62.5
.3
Fertilizer materials
of cotton goods resulted
.3
Fertilizers
73.1
73.1
71.1
73.7
0.1% increase in the index for
the textile products group as a whole.
.3
Farm machinery
92.6
92.6
92.6
92.0
The sub-groups of silk and rayon,
woolen and worsted goods, and other
Clothing and
79.0
78.5
77.4
77.1
Continued advances in average wholesale prices
in
a
textile products including
knit goods
100.0
burlap and raw jute were lower.
remained unchanged.
.
r
Revised.
.
All groups combined
-
Financial
656
Chain Store Sales in New York Federal Reserve District
Chronicle
year,
whereas during the first six months of 1935 sales were
reporting chain store systems in
(New York) District were 13.2% higher than
but after allowing for differences in the number
Second
last year,
of shopping
were
Department stores in all localities and also the apparel stores
October.
reported
higher rate of collections than last year.
a
a
Accounts
Year Ago
Outstanding
Stock
Net Sales
Locality
Hand
on
registered
three months.
For the first six months of 1936, total sales of the reporting chain stores
6.9% larger than in the corresponding period of 1935,
were
with
+
June
There
was
1936
49.2
52.5
+ 10.1
47.3
4.3
46.3
51.0
—2.6
36.7
40.1
+ 12.1
42.7
45.3
+ 17.1
+ 11.2
+ 1.8
Northern New Jersey
+ 1.3
+8.7
+ 7.4
Bridgeport
+9.1
Elsewhere
+ 7.3
+ 5.3
38.2
41.7
+ 6.1
+ 7.4
—2.9
33.0
37.1
+ 5.2
+2.6
Southern New York State.
—1.2
+ 2.0
Central New York State—
+ 9.5
Hudson River Valley Dlst.
of all chains combined was somewhat larger than for total sales.
+ 13.1
Capital District
+4.1
Total
Sales per
Total
Sales per
Sales
Store
Sales
Store
+ 10.2
+4.4
+ 13.4
+ 12.7
+ 6.0
—2.1
+ 14.1
+ 16.4
+ 16.4
+ 0.5
Shoe
+ 16.7
+ 16.1
+ 10.6
—14.8
—5.3
44.4
previous in the following table:
year
a
—19.5
Variety.
Total
49.0
42.9
+ 10.0
—1.9
45.8
+ 9.3
+ 5.0
;
Candy
+ 1.7
+5.8
+0.7
+ 15.2
Ten-Cent
+8.5
+ 8.9
+ 16.4
June sales and stocks in the principal departments are compared with
those of
—1.5
Grocery
stores...
Apparel stores
Type of Store
No. of
Stores
+ 10.7
+ 15.6
All department
Jan.-June, 1935
10"5
+ 7.1
+ 11.7
+ 8.3
Niagara Falls
Percentage Change
Jan.-June, 1936
Compared with
+
+ 5.8
Westchester and Stamford.
Percentage Change June, 1936
Compared with June, 1935
—0.2
+ 13.2
+ 13.4
Net Sales
+6.9
Stock on Hand
Percentage Change
June, 1936
Compared with
+ 17.2
Percentage Change
June 30, 1936
Compared with
June
June, 1935
+ 6.8
Furniture
+ 22.9
Linens and handkerchiefs
Increase
50.2
Northern New York State.
as compared
between June, 1935 and June, 1936, so that the percentage increase in sales
per store
1935
0
Rochester
slight decrease in the total number of stores in operation
a
Month
+9.1
+ 12.1
+ 8.3
Buffalo
decrease of 1.3% between the first half of 1935 and 1934.
a
to June
+ 13.0
New York
Syracuse
>
-
End of
were
smaller decline in sales from a year ago than in May, and the
a
May 31
Collected in June
February
The reporting candy chains
chains reported the largest increase in the daily rate of sales in
grocery
Per Cent of
Percentage Change from
The 10-cent, shoe and variety chain stores recorded substantial advances
sales, which, however, when adjusted to an average daily basis
of June
last
1.7% higher than last year, the first appreciable increase since
days between this year and last, the percentage
increase was somewhat smaller than for May," states the
Federal Reserve Bank of New York, in its "Monthly Review"
of Aug. 1.
The Bank adds:
in
1.8% lower
Department store stocks of merchandise on hand at the end
"Total June sales of the
smaller than the previous month's increases.
1936
than in 1934.
During June Reported 13.2% Above Year Ago
the
Aug. 1,
of
30, 1935
+4.0
Toys and sporting goods
Reserve Bank of New York
+ 22.7
.
+ 1.4
+ 21.5
—2.6
+ 18.4
10% in Wholesale Trade During June as
Compared with June, 1935, Reported by Federal
+ 6.6
Yardage sales of silk goods showed the largest advance since July, 1933,
jewelry sales the most pronounced increase since May, 1934', and sales of
the
grocery,
drug,
paper,
goods,
cotton
and shoe firms made
favorable year to year comparisons in eight months to
concerns
a year.
the
The diamond
registered the largest increase in sales since last February, and
May.
Sales
but the decrease
of men's clothing
was
remained
concerns
below
a
year
in this district averaged 8.4%
concerns
compared with
as
an
between the
first half of 1934 and 1935.
The
drug,
hardware
and
jewelry firms
continued
to
report
larger
a
also recorded
a
a
small
increase
in
reduction in stocks.
in June than
a year
ago
stocks,
The rate
while
the
grocery
of collections
+ 0.7
Home furnishings.
+ 13.9
Books and stationery
+ 13.6
+ 0.6
Cotton goods
+ 13.3
+ 16.9
Women's and misses' ready-to-wear
+ 2.6
+ 13.2
+ 23.4
Hosiery
+ 8.7
+ 12.4
Men's and boys' wear
+8.2
+ 15.1
Musical instruments and radio
+ 8.2
Women's ready-to-wear accessories
+ 11.3
+5.8
'
+ 10.7
Woolen goods
Silks and velvets
+ 3.0
—8.8
+ 1.9
—1.6
Shoes
+ 1.0
+ 9.4
+ 10.2
+0.6
Miscellaneous
As to the sales of
department stores in the Metropolitan
of New York during the first half of July, the Bank
area
reports:
During the first half of July, sales of the reporting department stores in
sponding period
more
than
had
year
a
ago,
but sales
seasonally from the
weather.
increase
amount of merchandise on hand this year than last and diamond concerns
reported
+ 10.1
the Metropolitan area of New York were
higher than in the corresponding
increase of only 0.4%
+ 1.2
+ 15.3
ago,
smaller than in the previous two months
For the first six months of 1936, total sales of the
reporting wholesale
period of 1935,
+ 16.8
most
the hardware and stationery firms recorded larger advances in sales than
in
+ 17.2
Men's furnishings
According to the Fedeial Reserve Bank of New York,
June sales of the reporting wholesale firms in the
Second (New York) District averaged 10% higher than
last year, the largest increase since March.
Sales of neaily
all of the reporting lines rose substantially over a
year ago,"
the Bank states.
Continuing, the Bank also has the follow¬
ing to say in its "Monthly Review" of Aug. 1:
Toilet articles and drugs
Luggage and other leather goods
"total
Silverware and Jewelry
13.1% higher than in the
June level, accompanying extremely hot
Reporting stores in New York and Brooklyn showed
over
a
year
ago,
corre¬
to have declined somewhat
appear
a
10.8%
while reporting stores in Northern New Jersey
28.0% increase in sales, attributable in part to the reduced volume
a
of sales in July,
1935
the initiation of the sales tax in New Jersey.
on
firms again
averaged higher
in the majority of reporting lines.
Conditions in
Philadelphia Federal Reserve District—
Activity Well Sustained
Industrial
Percentage Change
Outstanding
June, 1935
Commodity
Per Cent of Accts.
June, 1936
Compared loith
Collected in June
Percentage
Change in
May 31
Net Sales
First Six
Net
Sales
Groceries
Men's
Stock End
Of Month
+ 9.6
clothing
Mos. 1936
1935
—8.4
1936
90.4
from 1935.
90.4
+3.7
—10.0
40.8
45.4
+ 10.7
Cotton goods
+ 22.4
40.0
43.0
+ 15.2
Rayon and silk goods
+ 41.0*
59.3
65.0
Shoes
T
+ 19.8
41.4
-
+ 2.4*
43.0
—3.1
Drugs.
+ 16.6
+
25*. 7
22.9
32.8
+ 13.8
+ 14.2
48.9
48.4
+ 9.9
Stationary
+ 10.6
59.4
60.6
+ 10.1
+ 4.8
of factories, coal mines and oil fields has shown additional
gains during June," according to the Bank, which reported
that its adjusted index "rose to 86 as compared with 85 in
May, 83 in April and 74 a year ago." The Bank, in its
Aug. 1 "Business Review," also had the following to say:
+ 11.8
Hardware
According to the Federal Reserve Bank of Philadelphia,
activity in the Third (Philadelphia) Reserve
District "has been well sustained since April at the highest
level since 1930.
Industrial production comprising output
industrial
-
Paper
+ 15.9
Diamonds
+ 27.1
Jewelry.
+ 54.3
Weighted average
49.2
+ 3.6
+ 94.2
J 25.7
+ 10.0
55.7
51.8
28.5
j
+ 36.9
58.4
+ 8.4
The
of farm crops
condition
does not reflect the
same
and livestock in this section
severity of drought
apparently
in other parts of the country.
as
Prices of farm products and foods have advanced during the month, and
largely
Inc., nol
value of
May with the exception
of public works and utilities.
+ 24.8
*
Quantity figures reported by the National Federation of Textiles,
ncluded In weighted average for total wholesale trade
Building operations continue seasonally active, although the
contracts awarded and permits issued declined from
as
a
of this rise total Income from the sale of farm
consequence
products, particularly dairy and poultry, has increased sharply, reaching
lately the largest amount in several years with one exception.
The value of retail and wholesale trades sales during June changed little
June Sales of Department Stores in New York Federal
Reserve District 10.7% Above Last Year—Increased
seasonally
but
continued
than last year.
New York Federal Reserve Bank says that
sales of the reporting stores were
"in June total
10.7% higher than last
year.
The increase in total sales," the Bank states, "was
larger than that shown in May, but after allowing for differ¬
ences in the number of
shopping days between this year and
last, the increase was smaller than in May."
The Bank also
has the following to say:
•
Department stores in most localities reported gains in sales
but the increases in the daily rate of sales were not as large
year,
-
over
as
last
in the
Sales of stores in the Capital District and in Syracuse,
Jersey and
Southern
New
York
favorable comparisons in average daily sales in
a
State
showed
the
number of months.
but
on an average
least
daily basis the increase
was
less than that reported
in May.
During the first half of 1936, total sales of the reporting department stores
In this District
were
year
ago.
more
Early
active
Manufacturing
although seasonal influences
are
apparent in certain lines of manufacturing.
Sales of iron and steel products, including machinery and machine tools,
structural
increased
a
materials, engines and pumps and electrical apparatus, have
and
year ago.
the volume of unfilled orders at present is larger than a
Similarly, the demand for silk, cotton and wool manufactures
has expanded somewhat
since
forward commitments.
Sales of other durable and non-durable products
have continued larger than
a
the middle
year
ago.
of last month, as indicated by
.
.
.
Output of manufactures has continued gradually upward.
On a season¬
ally adjusted basis, this bank's index of productive activity in June rose to
84% of the 1923-25 average as compared with 83 in May and 81 in April;
a year
ago
this index
half of this year has
last
year
and in
production
was
was
69.
The rate of manufacturing activity in the first
averaged about 10% higher than in the
June
was
the
same
highest for that month since
1930
period
when
declining sharply.
Sales
of the leading apparel stores in this district Were 15.6% higher than last
year,
a
Demand for factory products on the whole has continued fairly active,
In reporting on department store sales in the Second
(New York) District, in its Aug. 1 "Monthly Review," the
New
than
,
»
During First Half of July
Northern
.
.
Sales also Noted in Metropolitan Area of New York
previous month.
appreciably greater
reports for July also indicate that demand at retail has been
8.9% higher than in the corresponding period of last
Weekly Output of Electricity 14.5% Above
The Edison
disclosed that
light and
Electric Institute,
the production of
power
a
Year Ago
in its weekly statement,
electricity by the electric
industry of the United States for the week
Volume
Financial
143
totaled 2,088,284,000 kwh.
Total
indicated a gain of 14.5% over the
corresponding week of 1935, when output totaled 1,823,521,ended July 25,
1936,
Change from June '35 to June *36
output for the latest week
000 kwh.
Type of Building
Electric output during the week ended July 18 totaled
2,099,712,000 kwh.
This was a gain of 16.2% over the
1,807,037,000 kwh. produced during the week ended July 20,
1935. The Institute's statement follows:
•
PERCENTAGE INCREASE OVER
Total
There
Week Ended
Week Ended
Regions
July 25, 1936
July 18, 1936
9.7
11.2
11.8
Central Industrial
18.2
21.4
21.3
Not
West Central
15.7
16.7
18.4
available
Southern States
17.4
18.8
20.0
19.2
17.5
28.0
12.6
8.9
13.0
14.5
16.2
16.5
Pacific Coast
The
in
(in Thousands of
Kilowatt-hours)
1934
June 20.
June 27.
July
4.
July
11.
May
9.
May 16.
May 23.
May 30.
June
6.
June
13.
July
18.
25.
1931
1930
1929
1,429
1,637
1,688
1,654
1,645
1,602
1,698
1,689
1,717
1,723
1,660
1,657
1,707
1.698
1,703
1,704
1,594
1,626
1,712
1,667
1,686
Bureau
of Labor Statistics included,
value of buildings for
governments in the
report.
For June, 1936, the value of these public
$10,084,000; for May, 1936, to $3,250,000, and for
the
by
Federal
and
State
issued
were
during
the following important building
June for
1935
1936
of—
Jan.w_.
1.425
1,381
1,578
1,598
1,656
1,639
1,648
1,556
1,648
1,654
1,664
1,684
1.662
1,594
1,621
1,610
1,635
1,607
1,435
1,442
1,441
1,457
1,342
1,604
1.416
1.645
1,434
1,440
1,651
1.644
1.698
1.704
1.705
1,615
1,690
1.699
1,723
1,592
1,727
the Borough of Manhattan, for
apartment houses to cost over $3,700,000, and for institutional buildings
to cost over $5,000,000; in the Borough of Queens, for apartment houses
to cost over $800,000 ; in East Hartford, Conn., for factory buildings to
cost $295,000; in Buffalo, N. Y., for factory buildings to cost $370,000;
in Chicago, 111., for factory buildings to cost over $500,000, and for store
buildings to cost over $500,000; in Detroit, Mich., for factory buildings
to cost nearly $900,000; in Cincinnati, Ohio, for public utility buildings
to
cost nearly $2,000,000;
in Washington, D. C., for apartment houses
to cost nearly $1,500,000 ;
in St. Paul, Minn., for factory buildings to
to
cost
in
$19,000,000;
nearly
cost
over
$400,000; in Fort Worth, Texas, for amusement and
Feb
8.025,886
8,375,493
.
April...
8,336,990
May—
8,532,355
June
July
+11.6
+ 13.9
+ 11.7
+ 12.9
+ 13.1
Sept
Oct
Nov
Dec
Total
1932
1933
to
cost
in
$1,000,000;
over
THE NUMBER OF FAMILIES
CONSTRUCTION, TOGETHER WITH
PROVIDED FOR IN NEW DWELLINGS,
1,362 IDENTICAL CITIES IN NINE REGIONS OF
STATES, AS SHOWN BY PERMITS ISSUED, MAY AND
IN
New Residential Buildings
85,564,124 80,009,501 77,442.112 86,063,979
03,420,266
No.
Geographic Division
Middle Atlantic
333
East North Central..
302
West North Central.
-
162
140
1,362
$75,268,266
57
Central.."
96
54
Mountain
547
10,608,227
3,404,765
and the weekly figures are
Total..
Percentage change.
949
968
7,377,249
1,089,687
2,168
1,895
444
314
2.932,536
1,136
1,038
1,277,595
8,440,279
497
400
2,309
2,360
$51,825,363
$19,128
$12,916
+48.1
+ 45.2
—
Total Building Construction
New Non-Residential
{Including Alterations
and Repairs),
Buildings,
Building Operations in United States During June—
Decided Increase Noted in Activity as Compared
in
as
June
of
this
year
was
additions, alterations and repairs to existing structures.
of
a
ago,
year
June building activity showed an even more
buildings as measured by
permits issued in June, 1936, showed a gain of $39,800,000, or 142%
over
the corresponding month of
1935.
Indicated expenditures for new
non-residential buildings increased $21,000,000, or 81%, and the permit
valuation
of
additions,
alterations
and repairs
increased
more
than
pronounced
$9,000,000, or 52%.
approximately
of
residential
The increase in the value of all construction amounted
$71,000,000,
or
first six months of
the
During
value
The
increase.
97%.
1936
,
■
-
permits were issued for buildings
This is an increase of 76% over the
Over the same period the value of new
121%; the value of new non-residential
buildings advanced 69%, and the value of additions, alterations and repairs
valued
at
nearly
increased
$610,000,000.
period
corresponding
residential
buildings
of
90
140
$2,033,404
14,253,328
10,820,448
1,395,529
8,567,023
1,680,001
3,930,203
1,069,288
6,673,099
1,362
New England
$50,422,323
Middle Atlantic
333
East North Central..
302
We6t North Central.
128
South Atlantic
162
East South Central..
67
West South Central..
96
Mountain
54
Pacific
Total
1935.
increased
6,691,639
•
1,905,192
2,320,585
839,863
2,692,866
686,976
6,146,459
making available the report, the Department of Labor
also had the following to say:
percentage
indicated
change
permits issued
by
the
from
May to June
in the number and cost of
June in Foundries in Phila¬
Federal Reserve District Reported by
University of Pennsylvania
Increased Activity During
delphia
Activity in the gray iron and steel foundries located in
in the
Philadelphia Federal Reserve District increased during
June
according to reports received by the Industrial Research
Department of the University of. Pennsylvania.
For the
the third consecutive month in
production was maintained at the highest level since
the second quarter of 1930.
The gray iron foundries, which
have increased their output every month since last February,
produced more castings in June than in any month since
October, 1930.
The Research Department further reported:
steel foundries this represents
which
during the month, but those of
Nevertheless, both groups of foundries
Shipments of gray iron castings also rose
castings fell off about 9%.
steel
reported
a
large increase in the volume of unfilled orders.
which
The
decreased,
gray
while the
amount
which increased, and in coke,
of scrap in stock declined slightly.
iron foundries reported smaller changes except in scrap
GRAY IRON FOUNDRIES
for each of the different types of construction is
tabulation:
Type of Building
Number
Estimated
Per Cent
June,
Cost
New non-residential
....
Additions, alterations and repairs
+45.2
+ 1.0
(Short
ing
Tons)
Capacity
29
Production of gray iron castings
+ 40.6
+0.4
Jobbing
+ 6.6
For further manufacture
28
*
+ 2.0
-
+34.4
Shipments
17
Unfilled orders.,
Raw stock:
change in comparison with the same month of last year
the table below for the 708 identical cities having a popula¬
24
23
Scrap
for which comparable data are available:
23
Coke
The percentage
10,000 or over,
1936
Report¬
29
+ 9.0
New residential
in
which
declined noticeably.
Firms
of
2,495,119
6,782,562
2,572,503
18,026,127
+ 34.4
No. of
is shown
7,037,976
14,451,884
following
Change from May to June, 1936
Total
$6,316,786
35,485,891
22,594.035
$35,854,631 $155,635,160 $115,762,883
+ 40.6
Percentage change...
May, 1936
During June the inventories of raw materials on hand in the steel foundries
34%.
In
building
$6,831,433
57,334,377
30,487,175
6,796,224
20,954.235
3,290,484
8,192,163
3,010,291
18,738,778
$2,122,705
12,448,346
changed substantially especially in pig iron,
The
June, 1936
May, 1936
widespread, eight of the nine
The gain in residential building was
especially pronounced.
Reports from 1,362 identical cities show an in¬
crease
of 45% in the value of residential buildings, an increase of 41%
in the valOe of non-rbsidential buildings, and an increase of 7% in the
geographic divisions showing gains.
Compared with
Estimated Cost
Cost
June, 1936
measured by the value of permits
issued, showed a decided increase in June, according to a
report made July 25 to Secretary of Labor Frances Per¬
kins by Commissioner Lubin of the Bureau of Labor Statis¬
tics, United States Department of Lgbor.
"The value of
building construction for which permits were issued during
June was 34% greater than in May," the report stated.
"This is especially significant since in five of the past seven
years building permit valuations have been lower in June
than in May."
Continuing, the report said:
increase
Estimated
Cities
Geographic Division
with May
The
3,490
1,999
based on reports covering approxi¬
of the electric light and power industry
70%.
based on about
Building activity,
452
8,641
2,437
$2,250,925
14,444,100
3,757,248
8,558,680
928,397
3,057,956
1,316,941
8,793,736
East South Central..
May, 1936
June, 1936
May, 1936
$2,469,345
33,194,259
13,191,704
128
South Atlantic
New Dwellings
Cost
90
Pacific
mately 92%
of
June, 1936
New England
Families Provided for in
Estimated
Cities
West South
Note—The monthly figures shown above are
tion
THE UNITED
JUNE, 1936
1931
7,435,782
6,678,915
6.494,091
6,771,684 f7.370.687
6,294,302 7,184,514
6,219,554 7,180,210
6,130,077 7,070,729
6,112,175 7,288,576
7,166,086
6,310,667
6,317,733 7,099,421
6,633,865 7,331,380
6,507,804 6,971,644
6,638,424 7,288,025
7,011,736
6,480,897
5,835.263
6,182.281
6,024,855
6,532,686
6,809,440
7,058,600
7,218,678
6,931,652
7,094,412
6,831,573
7,009,164
7,131,158
6,608,356
7,198,232
6,978,419
7,249,732
7,056,116
7,116,261
7,309,575
6,832,260
7,384,922
7,160,756
7,538,337
8,078,451
7,795,422
8,388,495
8,197,215
8,521,201
August.
to
recreational
Loe Angeles, Calif., for school
buildings to cost over $1,000,000; in Oakland, Calif., for factory buildings
to cost over $650,000, and in Pasadena, Calif., for a school building to
Cost
nearly $600,000.
A contract was awarded by the Procurement
Division of the Treasury Department for an additional building at the
Bureau of Engraving and Printing to cost nearly $5,000,000.
buildings
ESTIMATED COST OF BUILDING
(THOUSANDS OF KWH.)
1934
Ch'ge
7,762,513
7,048,495
7,500,566
7^382,224
7.544,845
7.404,174
7,796,665
8,664,110
value
for apartment
In New York City, in the Borough of the Bronx,
P. C.
Month
March
1,436
1,461
1,542
1,675
1,688
FOR RECENT MONTHS
1,437
1,494
1,665
2.088.284 1.823.521
DATA
the
1,723
1,468
1,483
1,655
1,956.230 1,655,420
2.029,704 1,766,010
2,099,712 1,807,037
July
1932
1,436
1,576
2.029.639 1,772,138
2.
1933
1,633
1,643
1,650
1,655
1935
1936
1.928,803 1,698,178
1,947.771 1,701,702
1,961,694 1,700,022
1.954,830 1,696,051
1.922.108 1.628.520
1.945,018 1,724,491
1,989,798 1,742.506
2,005.243 1.774.654
May
by
awarded
buildings amounted to
Permits
Weekly Data for Previous Years
in Millions of Kilowatt-hours
P. C.
in
included
projects:
Ch'ge
Week of—
were
June, 1935, to $16,158,000.
WEEKS
FOR RECENT
DATA
collected
private construction, the number and
to
contracts
houses
Total United States.
with the corresponding
previous year.
information
addition
cities
Middle Atlantic-.
t.
+96.9
+51.6
1.43% in the number of family-dwelling units
of
increase
an
of the
which
16.9
10.6
12.2
July 4, 1936
July 11, 1936
was
+ 141.9
+ 80.8
+ 34.9
Additions, alterations and repairs
Week Ended
End.
2 Wks.
Major Geographic
Cost
+93.7
+48.5
+21.7
provided in these 708 cities, comparing June, 1936,
PREVIOUS YEAR
Estimated
Number
New non-residential.
month
New England
^
New residential
.
Rocky Mountain
657
Chronicle
Pig iron
11,792
3,966
3,514
Per Cent
Change
Change
from
from
May,
1936 June, 1935
0.0
0.0
+ 18.7
+ 64.1
+ 22.1
+ 64.5
452
—2.9
+ 61.0
3,991
+21.4
+ 71.0
627
+ 22.4
+4.0
1,582
1,134
+ 0.7
+ 12.5
—11.3
+ 17.3
462
+ 5.6
—12.1
Financial
658
Chronicle
STEEL FOUNDRIES
Aug. I, 1936
and San Francisco indicated that sales during the second half
Los Angeles
for verterans' service bonds had started, were 16%
of June, after payment
Per Cent
No. of
Firms
Per Cent
Change
Change
June, 1936
(Short
Report¬
ing
larger than ina comparable period of 1935, while for the first
from
1936 June, 1935
May,
Tons)
the increase was 9%.
month
from
.
.
Capacity
8
+3.5
+89.7
—2.4
+ 104.3
+ 93.2
+ 22.3
3,938
6,322
—9.1
+103.5
+ 16.0
+$9.9
For further manufacture
Shipments
7
0.0
500
-
Jobbing--8
0.0
8,630
4,342
3,842
Production
—-
Unfilled orders
—
—
*
614
+ 25.7
—1.5
Early estimates of total District production of grain and
6
—28.5
Conditions
trict—Trend
fruit and nut crops, although smaller than
Business Activity in San
Six Months of Year Re¬
ported by Wells-Fargo Bank & Union Trust Co.
Business failures in San Francisco during the first six
Improvement
Chicago Federal Reserve Dis¬
in
Gains in Sales of Hardware and Electrical SupplyFirms—Department Store Sales 1% Below May
Certain
Reserve
District
showed
during June
gains
months
in the Chicago Federal
of wholesale trade
lines
May, it is indicated by the Federal Reserve Bank of
Chicago in its "Business Conditions Report", of July 28,
which noted that department store sales dropped 1% during
the month.
Industrial employment, according to the Bank,
increased 1%, while wage payments Remained unchanged
from May.
Sales of new automobiles in the district during
the first six months of 1936 were reported substantially
above the same period of 1935.
review the Bank had the following to
made
electrical
and
ware
stantial
during the first half of
These
Dollar-volume of department store sales was up
in dry goods,
the
over
this
comparison.
sales
expanded
sales
were
Data
7%%
month
a
over
"were
contrary
electrical
the
a
In
the
while
with last
the
in
year
ago.
trade
grocery
followed
in
the
Trade at
"Volume of
production, employment and trade was sus¬
tained in June at the May level, although usually there is
a decline at this seasoD," said the Board of Govern or jof the
and
in
May
...
Federal Reserve
System in its monthly summary of general
business and financial conditions in the Uhited States, based
Department Store Trade
Because of
of
Chicago
•sales
in
department
the
against
as
Detroit
less.
district
the
half
the
the
between
in
year-to-year
was
for
those
whole
a
declined
last
year
1935.
A
year.
a
of
recorded
in
at
ago
times
June
the
two
they,
with
2.12
times
first
1%
above
for the
for
the
first
period
of
its
the Board,
third week
July, reflecting in part the effects of the drought."
In
summary, issued July 24, the Board further reported:
Production and Employment
industrial production increased
The Board's seasonally adjusted index of
from 101%
of the 1923-25 average in May to 105% in June.
weeks
of July,
Steel pro¬
about 70% of capacity in June and the first three
duction continued at
although
a
considerable decline is usual at this season.
The cut of lumber showed a
Output of automobiles declined seasonally.
seasonal rise in June following a substantial increase in the preceding month.
'
...
Wholesale prices of commodities, according to
"advanced between the middle of May and the
the
stocks
in
only
were
i
brought
the
in
7% took place
of
for
and
years,
of those
excess
8%%
was
18%
almost
time; stock turnover
compared
as
of
over
and
30,
same
volume that
a
gain
seasonal recession
May and
year
2.29
was
be
the
date to nearly 11% in
to
close
hand
comparison,
largest®to
year
the
on
in the-period
statistics for June and the first three weeks of July,
upon
of department store
only 1%
recession in the 1926-35 average for June of 5%.
Sales in
7% smaller in June than a month earlier, those in Milwaukee
a
months
six
as
3%, while stores in smaller cities sold
In
sales
4% in June in aggregate sales
stores, the total dollar volume
Seventh District
were
declined
counter-seasonal expansion of
a
of
Production, Employment and
May Level as Compared with a Seasonal
Decline
was
far,
so
decline
Volume
June
drug andi
the
year
moderate
a
corresponding data for 1935.
Summary of Business Conditions in United States by
Board of Governors of Federal Reserve System—
sup¬
groceries
Jnue,
supply trades showed the largest gains of
the first six months of this year
gains of 31% and 22%, respectively.
corre¬
hardware and drug
increase
the
building permits for
,
earlier, and that
comparison
Francisco
Real estate sales, 3,708 for an aggregate value of $26,000,000, registered
The gains in hardware and drug sales
June,
for
seasonal.
increase
from
trend
to
than
greater
a
2% larger each; however, the dollar volume of electrical
plies sold declined 5% from May.
9.3% in groceries, 15.5% in hardware, 17.2% in paper and
totaled $8,091,825, a 32% increase over the
5% gain in busi¬
of 1935, while - grocery sales were 1%% less in
covering the month of June show that grocery
half
first
ness
10.6%, and wholesale
stationery and 23.3 % in electrical supplies.
San
Drugs recorded only
activity indicated in the January-June
trade, judging by the January-May results, registered an increase of 5.5%
say:
and 25%, respectively—the aggregates for the
margins—16
in line with the well sustained improvement
are
period, the bank said, reporting;
supply firms in the Seventh District exceeded by sub¬
sponding six months last year.
figures
in general business
by reporting wholesale hard¬
1936
12% in number and 74% in
by Wells-Fargo Bank & Union Trust Co. of San Francisco.
Wholesale Trade
Sales
decreased
1935, according to the July "Business Outlook," published
with
In its
First
liabilities, in comparison with the corresponding months of
compared
as
During
1936
of
General
in
Francisco
Trade—Substantial
Wholesale
in
According to the present outlook,
last year, will be about average.
ably exceed the average of recent years.
—46.1
Coke
Business
July 1.
field crops indicate
probably be somewhat larger than in 1935, and will prob¬
that output will
—22.0
162
Scrap
and crops and livestock were in good to excellent condition on
areas,
•+59.3
6,322
Pig iron.
6
point recorded on that date
1934.
"Weather conditions in the Twelfth Dis¬
trict, however, have been favorable in almost all important producing
for any recent year except
Raw stock:
6
the United States
Drought conditions existing throughout a large part of
reduced crop prospects on July 1 to the lowest
8
half of the
.
Production increased at woolen mills and was sustained at cotton
Industrial
Manufacturing industries
in
crease
Employment Conditions
the
in
Seventh
and
non-durable
trend
than
by
similar
a
goods
the.latter,
hand,
wage
payments,
increases
the
.
coal
.
2%
of
food
the
former
mining
a
durable
to
favorable
less
and employment increasing
products,
employment
and
contributing
the
place
both
in
products
groups
on
the
construction—showed
merchandising,
increases
in
public
all
of
car
sales
automobiles
new
of both
1935.
cars,
through
likewise
new
Data
but
for
wholesale
have
and used
of
been
sold
the
in
show
used
much
distributors
heavier
have averaged
cars
June
those
middle of June, contrary to seasonal tendency.
Steel mills and plants producing machinery
employed more workers, and at
automobile factories there«was less than the seasonal decline.
mills employment was
unchanged, although
a
At te tile
decline is usual in June, while
the clothing industries reported a decrease in the
number employed.
Total value of construction contracts awarded, as reported
by the F. W.
Dodge Corp., increasedisomewhat from May to June and continued to be
substantially larger
than
a
year
residential building.
There was
ago.
a
further increase in
.
Agriculture
Crop estimates by the Department of Agriculture on the basis of July 1
first
considerable declines for
half of
1936
followed
closely the trend of production, sales by reporting dealers in this district
being substantially larger than in the first six months last year, although
the volume sold
Factory employment and payrolls showed a slight increase between the
middle of May and the
conditions indicated little change from last year for wheat and corn and
Distribution of Automobiles
number
mills
Output of foods increased.
decline is usual in June.
groups
coal mining.
The
a
...
industries—comprising
and
in¬
took
leather
expansion.
according
recorded
%%
1%
a
showed practically
For the non-durable
.
each
and
non-manufacturing
utilities,
Classified
payrolls decreasing
greater share of this
except
industries,
percentage.
other
The
registered
volume of employment from May to June, but
change in aggregate weekly payrolls.
no
District
where
gained
this
decline from
gained.
Some
new
and
than
slightly;
last.
considerably higher in
moderate
a
cars
during the month in stocks of
only
year
used
further
used
ton
area
in
cultivation
Agriculture at 30,600,000
and
an average
took
July 1
on
acres
Since July 1
of 41,400,000
Cot¬
estimated by the Department of
was
compared with 27,900,000 acres last year
acres
in the years 1928-32.
Stocks
Distribution
1936 than
May in sales of
decrease
oats, hay, potatoes and tobacco.
prospects have been reduced by extreme drought over wide areas.
new
place
cars.
Freight
loadings increased seasonally In June and the distribution
car
of commodities to consumers was maintained at the May
months retail trade
of business
as
level.
In recent
measured by sales of automobiles and by the volume
of department,
variety and mail ofder stores has expanded
considerably.
Conditions
June
in
San Francisco Federal Reserve District—-
Trend
of
Industrial
Production
Near
May
Level
Commodity Prices
The general level of wholesale commodity prices,
as
measured by the
index of the Bureau of Labor Statistics, advanced by about 3% between
''Industrial
production in the
Federal Reserve
Twelfth
(San Francisco)
near the
May
District in June remained
level," according to the Federal Reserve Bank of San Fran¬
cisco, "and during the first half of 1936 averaged considerably
higher than in the first half of 1935.
Similar half-year period
comparisons show that industrial employment advanced
moderately and that pay-roll gains were somewhat larger
than increases in the number of wage earners
the Bank reported on July 26, adding:
employed,"
The increases in output, in industrial
employment, and in wage payments
took place
principally in the durable goods industries.
Value of building
permits advanced further in June to the highest level in over five years,
the middle of May and the third week of July,
the same amount earlier in the year.
and dairy products
and there
were
following
a
decline of about
Prices of wheat, flour, feed grains
owing primarily to the drought,
advanced sharply,
increases also in the prices of
cotton textiles, silk, rubber, copper and
hogs and pork, cotton and
finished steel.
Bank Credit
Gold imports, which had been in large
in July.
Reserve banks declined,
the
volume in May and June, declined
Funds held by the Treasury as cash and on deposit with Federal
cashing
of member
as
the result of disbursements in connection with
bf veterans' service
Consequently
bonds.
reserve
balances
banks, which had declined in June, rose once more to their
previous level.
Total loans and investments of reporting
member banks in leading cities,
and contracts awarded for engineering construction increased
moderately.
after increasing sharply at
Measures of the distribution of goods,
declined somewhat in the four weeks ending July 15, reflecting largely a
fluences,
level of
a
were
year
after adjustment for seasonal in¬
all higher in June than in May and substantially above the
earlier.
.
.
.
Department store sales declined less than seasonally during June in most
parts of the District.
Special reports received from department stores in
reduction in
loans
to
the end of May and the early part of June,
security brokers
and dealers in New York City.
Balances held for domestic banks increased by $800,000,000 during the
period,
as a consequence
of redepesit with reporting banks of a considerable
part of funds acquired by banks through
Treasury disbursements.
Volume
Monthly
Financial
143
Board
of
Indexes
Federal
Governors of
of
Reserve System
9%
is
July 25 the Board of Governors of the Fed¬
eral Reserve System issued as follows its monthly indexes of
industrial production, factory employment, &c.:
of business
ume
the
13%
Seasonal Variation
Seasonal Adjustment
"
'
'
■
'
May
June
June
May
June
1936
1936
'
1935
1936
1936
1935
'
8%
was
over
States have been rising at an even
half of 1936, they were 17%
At $1,151,000,000 in the first
rapid rate.
in June 1933.
usual, provided the largest
in quantity being about 10% more than in the first half
higher than in June, 1935 and 95% higher than
In the first six months of 1936 raw cotton, as
-
of 1935.
P103
101
86
86
V104
84
Z?104
#105
105
101
105
85
Z>99
101
98
pl00
100
97
J>48
46
30
2>56
56
35
1936 railroads have obtained
Total
Residential
p36
32
24
p40
38
26
$62,000,000 and other corporations
57
36
p69
70
43
Industrial production,
Manufactures
total.
Minerals
Construction contracts,
p58
Factory employment (b)
7-85.7
T 79.7
79.5
■
7*79.3
66.4
70
70
63
72
71
P89
Department store sales, value
88
80
p85
88
Production Indexes
76
113
105
66
113
114
100
100
plOl
100
95
73
112
88
84
87
82
119
118
99
134
142
2>104
111
104
P100
102
74
58
Automobiles
Leather and shoes
Cement.
74
71
150
147
145
138
161
147
Minerals—Bituminous coal
p75
76
79
p66
66
71
'
p66
69
97
P57
69
85
P146
149
133
P149
150
136
80
120
105
Anthracite
Petroleum, crude
Iron ore shipments
-
Silver
--
...
m
79
99
95
76
47
__
88
46
75
m
53
94
91
-
103
Zinc
55
--
73
56
■
sales based on dally
Indexes of production, car loadings and department store
Based on three-month moving averages of F. W. Dodge data centered
b Indexes of factory employment and payrolls without seasonal
at second month,
adjustment compiled by Bureau of Labor Statistics.
Index of factory employment
adjusted for seasonal variation compiled by Federal Reserve Board of Governors.
V
Preliminary.
r
Revised.
AND
Payrolls
Employment
Without
Without
Adjusted for
Variation
Adjustment Seasonal
Seasonal
Adjustment
June
May
June
June
May
June
June
May
June
1936
1936
1935
1936
1936
1935
1936
1936
1935
86.3
7-85.8
r80.1
86.0
r85.7
r79.7
79.5
r79.3
66.4
100.7
7-99.6
84.4
100.3
r99.1
84.2
90.5
89.6
66.9
Machinery
82.2
r80.1
71.7
82.4
r81.1
71.8
78.5
76.9
r5 5.7
Transporta'n equip
99.0
7*96.7
88.7
104.5 rl05.5
93.7
109.1
rll2.1
82.4
108.2
7*105.2
101.5
107.2
Total
Iron and steel..
93.4
119.9
rl24.0
60.1
59.7
53.4
60.6
60.1
53.8
62.3
r61.6
51.0
metals
90.8
89.4
7-82.8
89.7
89.0
r81.8
76.1
75.2
r62.9
Lumber & prod'ts.
57.3
r57.1
48.8
57.5
r56.7
48.9
49.3
r48.1
36.3
Stone, clay & glass
58.3
58.2
Textiles & prod'ts.
114.3
rlJ5.6
-
53.5
60.7
59.8
55.7
49.5
49.3
94.5
94.2
91.7
93.2
94.2
90.4
75.7
77.0
k
1.
Fabrics
91.8
90.7
90.6
90.6
90.7
89.4
76.5
76.4
r
2.
We. r. appar'l
96.7
98.1
90.0
95.2
97.9
88.6
69.6
r73.8
64.6
85.9
86.2
86.4
82.4
83.9
83.0
66.7
65.9
70.9
Leather
products.
June
40.5
70.9
'
72.0
number
employment index
was
80.4 relative to
the 1923-25
7.3% higher than a year ago.
The payroll index was almost
76, or 27% higher than in June, 1935.
Estimates indicate that all Penn¬
sylvania factories about the middle of June this year employed approxi¬
mately 866,000 wage earners and paid out in wages a total of $19,439,000
a
week.
The average earnings of wage earners at all the reporting plants
combined were about $22.81 a week, or virtually the highest since 1930.
The
number of hours actually worked also increased
in the month by
about the same amount as did the payrolls, and was substantially larger
than
RR. repair shops..
Automobiles
stated:
also
average,
GROUPS
(1923-1925=100)
INDUSTRIES*
Seasonal
Payrolls in Pennsylvania Factories
to Mid-June—Gains Also
Reported in Factories in Delaware
The number of wage earners employed in Pennsylvania
factories increased 1.5% and the amount of wage payments
2.4% from the middle of May to the middle of June, accord¬
ing to indexes compiled by the Federal Reserve Bank of
Philadelphia from reports received from 2,308 manufactur¬
ing establishments employing about 468,800 wage earners
who received in wages approximately $10,695,000 a week.
These gains were rather execptional, since usually tjiere is
no change in employment and
a decline occurs in payrolls
between May and June.
Under date of July 17 the Bank
The
FACTORY EMPLOYMENT AND PAYROLLS—INDEXES BY
Nonferrous
and $13,000,000.
$7,000,000, $139,000,000
Increased from Mid-May
100
87
Tobacco manufactures
a
1932 it appears these
the first part of
Employment and
66
V107
Food products
*
''
$11,000,000 and $62,000,000.
amounts, respectively, were then
and Industries—
Textiles
averages,
utilities
$228,000,000.
•
half of 1935 were, respectively, $27,000,000,
by Groups
Manufactures—Iron and steel
Lead.
During the first six months of
$172,000,000 in new capital, public
If the records are turned back to
63
Freight-car loadings
market for new capital for enter¬
to the money
the first
amounts in
The
86.0
7-80.1
r 85.8
86:3
...1
Factory payrolls (6)
...
Resort is being made
prise much more freely than a year ago.
value:(a)
All other
-
1935, and 53% over the
the value for June,
1933.
item of exports,
General Indexes—
The value of exports in the
Imports of goods for use in the United
more
June
1935 and 72% over the value in
month of June, 1936, at
than for the first half of
more
value for June,
Without
merchandise exported, at $1,134,000,000,
the value of domestic
year
$180,000,000,
Adjusted for
traffic by high¬
of traffic by rail.
making its additions to the vol¬
transacted within the country.
In the first six months of
has at least kept up with the quickening
the first half of 1933.
1923-1925- =100)*
of Board of Governors,
(Index numbers
There is every evidence that the
increase of 10.7%.
Foreign trade also has been growing and
was
BUSINESS INDEXES
Their forecast for the third quarter
the second quarter of 1935.
over
an
ways
Under date of
659
Chronicle
a
or
year
ago.
June
The
improvement in both
employment and payrolls again reflects
largely sharp gains in durable goods industries, particularly
and their products, transportation equipment, and
lumber.
iron and steel
The employ¬
the highest for that
month since 1930, and this was also true of "the payroll index which in
June rose
to 73.2.
Compared with the low in 1933, the gain in the
number of wage earners during the first half of this year was about 61%,
and the increase in wage disbursements amounted to 222%.
Despite this
at
index
ment
69% of the 1923-25
over
was
indexes in June were still only about
both these
advance,
average
70% of their
reached in 1929.
high levels
occurred
also
Increases
industries,
goods
non-durable
the
in
following
102.4
102.9
rlOl.O
100.4
96.3
r98.9
95.8
92.7
r90.9
Tobacco products.
57.2
57.0
58.1
56.9
56.7
57.8
48.3
46.8
46.8
Paper and printing
Chem'ls & petrol.
99.2
99.6
96.4
98.3
99.0
95.6
90.3
91.9
83.4
111.8 rill.2
111.3
108.3 rllO.O
107.2
102.3
102.9
95.0
The low levels reached in 1932 were less than 73 for employ¬
ment and over 51 in payrolls.
The average gains so far this year from
the low thus amounted
to almost 30% in the '%umber of wage earners
Food products
products
except pet'm
refining
2. Petrol, ref'g.
112.3
111.6
111.6
107.8
110.1
106.4
101.5
102.7
93.7
employed
108.6
rl09.6
109.6
110.6
rl09.4
110.6
105.0 rl03.4
99.3
1929,
Rubber products-'.
81.9
81.8
r78.8
83.9
r83.0
r80.9
*
comparatively
been
have
Fluctuations in the first half of this year on the
May.
around
narrow,
in
94
employment
and
whole
82
in
payrolls.
...
Chem. group,
1.
,
in
declines
79.4
r76.8
64.9
and payrolls without seasonal adjustment com¬
piled by Bureau of Labor Statistics.
Index of factory employment adjusted for
seasonal variation compiled by F. R. Board of Governors.
Underlying figures are
for payroll period ending nearest middle of month.
June 1936 figures are pre¬
liminary, subject to revision.
r Revised.
employment
lower.
32%
index
the Phila¬
following to say:
conditions in Delaware factories,
Regarding
Indexes of factory employment
in total wage payments.
Compared with the high in
index continued about 15% lower and the payroll
and 59%
the
delphia Reserve Bank had the
Delaware
and
rolls
factories
working
reported
a
from
time
gain
May to
of
5% in employment, pay¬
Compared with a year ago,
about
June.
employment was 5% larger and payrolls almost
16% greater.
Volume of Business This Year Expected to Be Best Since
By United States Chamber of Com¬
Employment Higher
Any Time Since October 1930
1929—Survey
merce
Finds
Than at
In
of business conditions the Chamber of Com¬
that "with the record prac¬
tically made for seven months, it is clear that the course of
1936 may show this as the best year in physical volume of
business since 1929.
Only extraneous influences, outside
a
the normal
operations of business processes" says the Cham¬
prevent this result." The Chamber, whose sum¬
mary of national business conditions, appeared in its "Wash¬
ington Review" issued July 25, states that "the course of
events carried employment in manufacturing establishments
in June 1936, to a point higher than at any time since Oct.
1930," and it adds that "if the second half of the present
year has usual relations to the first half, employment in
manufacturing will be back to the level of the spring of
1930."
In part the Chamber further comments as follows:
ber "can
now
Manufacturing has not been alone in going forward.
(
of 1936 construction undertaken
months
would
seem
In the first six
to have
in value at least 75% more, for the country as a whole, than in
sponding part of 1935.
show
that
more
members
are
now
employed than in
Steadily growing activity appears in other fields too.
employed in retail trade increased at least 178,000, the number em¬
was
better
than
which in advance
channels of transportation has
In the second quarter of 1936 movement by railroad
of goods through the
risen proportionately.
the
forecast
of the regional shippers' advisory boards,
concluded that railroad freight in carloads would be
in employment
during June followed slight increases of*
ductions in employment occurred this June in
and allied industries, while seasonal
and vegetable canning factories.
and
metal
women's millinery, clothing
gains in working forces took place in
Employment continued up¬
machinery industries,
up
by
with substantial gains
occuring in the forces of several plants.
Reports from 1,74
basis
for
these
representative factories throughout the State form
During June these factories employed
statements.
The reports are
Division of Statis¬
382,739 workers on a total weekly payroll of $9,617,022.
collected and tabulated and the results analyzed in the
tics and Information, under the
direction of Dr. E. B. Patton.
The State Labor Department's index of the volume
ment was 77.2 in June, 6.4% higher than in June
by power companies at least 8,000.
movement
decrease
in May and 0.2% in April, both of which were contrary to usual
and 0.9% respectively.
Further seasonal re¬
in several
ployed by railroads increased at least 68,000 and the number employed
The
The
0.1%
fruit
For example, be¬
usual decrease
saesonal decreases of 1.3%
most
and the beginning of summer this year the number of per¬
a
The statement continued:
ward
the spring
compared with
0.3%.
The usual changes for the period are based on the
average movement from May to June in the last 21 years.
of
the
tween January
►
change from May to June,
the corre¬
of 1930.
sons
Employment in New York State factories declined 0.4%
May to the middle of June, according to
a statement issued in Albany, June 10, by Industrial Com¬
missioner Elmer F. Andrews.
The decrease was slightly
less than a usual decline of about 0.6% during this period,
the statement said.
Total payrolls showed practically no
from the middle of
aggregated
The figures published by the building trades unions
of their
0.4% Noted in New York State Factory Em¬
ployment from Mid-May to Mid-June—Payrolls
Practically Unchanged During Month-—Declines
Shown in New York City
survey
of the United States says
merce
Decrease of
Manufacturing
of factory
payrolls
was
66.6,
of factory employ¬
of last year.
10.7% above last June.
The index
Both indexes are
computed with the averages for the three years 1925-1927 taken as 100
The
percentage changes in employment from May to June
22 years are
given in the following table:
....
in the last
111999286705
1
1199227634
660
+1.0%
+0.9%
—1.2%
+0.3%
—0.3%
—0.4%
1919....
1199331024
Financial
(+)JOR DECREASES (—) MAY TO JUNE
INCREASES
—0.9%
—2.8%
—0.7%
—0.4%
—0.3%
+0.3%
1926
1928.-
1929
—2.0%
+1.6%
of
by male and female workers, respectively.
—1.4%
—1.6%
(prelim.)__
—0.4%
millinery, clothing and al¬
seasonal reductions in the women's
non-manufacturing
week during June was 40.8, or
per
concentrated there.
machinery industries reported
and
ployment, following
fo rces of
a
g ood part
mo
+
loss of 1.3% in em¬
a
Almost all of the loss in employment in auto-
factories was due to the liquidation of a factory.
in forces, most
Structural and architectural iron works reported a decrease
of which occurred in
dustires reported slight net gains
*ndu
Me>st other metal and machinery in-
concern.
one
in the number employed.
In the food
stries, seasonal increases in baked goods, beverage and ice cream plants
were
in the forces of
than sufficient to offset reductions
more
some candy
Up-State Industrial Districts Report Net Increases in Employment
Four of the six up-State
industrial districts reported net increases of less
than 1% in employment from May to
rolls.
Total payrolls were greater
plants contributed to the increases in both forces and pay¬
metal
some
June.
In Buffalo and Albany-Schenectady-Troy, futher gains
in five districts.
in
Reallocation of 97,909 tons of sugar out of the existing
Philippine quota of 1,098,738 short tons, to other producing
announced
areas, was
payrolls continued upward in some
In Rochester, employment and
sugar-producing areas was made in accordance -with
of the Jones-Costigan Sugar Control and
Allotment Act and the O'Mahoney-Jones resolution, ap¬
proved June 19, 1936. The AAA further announced:
the
provisions
workers than in
May and were operating longer
Utica district almost off¬
Puerto Rico
employing
more
Gains and losses in working forces in the
other;
textile mills.
3% in payrolls occurred in
strike conditions were largely responsible for
large part of the advance of
a
In
Syracuse,
the decline in both employment
and payrolls.
June in employment and payrolls
The percentage changes from May to
by districts
given below;
are
May to June, 1936
Payrolls
Employment
City
+0.7
Rochester
+0.7
+0.7
Buffalo
+ 3.5
+ 0.6
+ 1.3
Binghamton-Endicott-Johnson City.
+ 0.3
+ 5.8
Utica,
—0.1
+3.1
—2.7
—3.6
—8.3
—4.6
Albany-Schenectady-Troy
—
New York City
Syracuse
-
Employment and Payrolls in Illinois During
Greater Than Seasonal Increases
Industrial
Over
According
May,
Department of
Illinois
to
Labor
Industrial
and total
wage
payments in
compared with May, according to a
of the data contained in reports from
employment
Illinois during June, as
statistical
summary
non-manufacturing industries,,
in employment and 1.9% in
payments," it was stated by Peter T. Swanish,
manufacturing
4,675
and
"increases of 0.9 of 1%
show
total wage
Chief
of
Division
the
Research
and
Statistics
of
of
the
in his monthly review of the
industrial situation in that State.
Mr. Swanish said:
Illinois Department of Labor,
period, 1923-1936, inclusive, the records of the Division
show that the average May-June changes were
the 13-year
For
Statistics
Research
and
of 1% in payrolls.
The
1.9% in employment and
payrolls, respectively, exhibit greater than seasonal gains.
It will be
recalled that the changes during March as compared with February repre¬
sented
greater and contra-seasonal increases;
that the changes during
April as compared with March exhibited, contra-seasonal increases, and
that the changes in employment and payrolls during May in comparison
with April represented contra and greater than seasonal gains, respectively.
The increases during June as compared with May represent greater than
seasonal gains and thus, for four out of the first six months of this year
the changes in employment and payrolls reflect definite growth in indus¬
of
increases
current
trial
Hawaii
1%
of
0.1
in employment
changes
May-June
with
Compared:
of
of
0.9
and
1%
June,
June,
the
1935,
7.8% in employment and 16.3% in total
index
1935,
57.1
from
of
0.8
and
to
66.4,
working
0.9 of
and
total
of Year
Paid,
Wages
or approximately 2.1%, according to Euro¬
advices received by Lamborn & Co.
The firm on
July 27, said:
117,011 tons,
of
pean
The 14 countries
Czechoslovakia,
1.1%
of
designated
which
enterprises
increases
to
the
in
Sex
the
number
of
male
sex
of
Total
,
males
to
payments
wage
paid to female workers increased
number
the
classification
male
of
and
female
2.0%
during
non-manufacturing industries
the
taken
workers
2,164
reporting
increased
1.6%.
2.9%, while total wages paid
payments to males increased
increased
2.2%.
industries,
of
2.3%,
increased
0.4
of
group,
a
representing
1,750
1% in the number of female workers employed during June
compared
with May.
increased
0.4
of
payments
wage
male and
female
number
of
female workers during June increased
manufacturing
for
male
worked
hours
for
workers
In
male
and
and
the
in
female
1,876
female
and
1.7%
with May
for
1,939
combined,
enterprises
and in
these
reported
establish¬
3.1% greater in June than in May.
manufacturing
workers,
female
non-manufacturing
workers
were
1.6% and 1.3%, respectively.
industries,
of
group
ments the total hours worked
Hours
workers
combined, in all reporting establishments,
hours increased 2.4%.
Total hours worked by male
total
man-hours
female
workers
the
the
and
Man-Hours During June in Comparison
and
In
male
to
1% and. 2.4%, respectively, during the May-June period.
Changes in
For
Total
as
group,
establishments,
separately,
workers.
Sugar stocks on hand for these
1,442
increased
reporting
man-
2.0%
male
for
enterprises reported
increase
0.7% in total man-hours worked by male and female workers combined.
the United Kingdom.
countries on June 1, 1936, amounted to
date in 1935, a de¬
approximately 2.7%.
for the 14 principal European countries for the
of sugar
Production
starting Sept. 1, 1935, is placed at
season
5,758,000 long tons, raw sugar,
as
or
decrease of 732,000 tons,
against 6,490,000 in the previous season, a
11.3%.
in Manufacturing
Industries During June
for Fourth Consecutive Month—Payrolls Continued
Increase
Reported
Employment
in
Non-Manufacturing
and
Upward Trend Started in January
June marks the fourth consecutive
month in which gains
manufac¬
employment have been shown in the combined
turing and non-manufacturing industries surveyed monthly
Statistics, United States Depart¬
of Labor
by the Bureau
Labor, Commissioner Lubin reported to Secretary
of Labor Frances Perkins July 23.
"The increase in pay¬
rolls in June in these combined industries continues the
of
consistently each month
"Based on reports sup¬
plied by approximately 135,000 establishments employing
over 7,000,000 workers, it is estimated
that 58 000 workers
which
gains
been reported
the report said.
have
since
January,"
were
returned to
jobs in these combined industries over the
that
and
month
interval
weekly
$1,100,000
month."
In
three
formation
in
aggregate
greater in June than
The report continued:
the
of
four
available
is
preceding years,
all
for
of
for
1932-35,
these industries,
in
wages
the
which monthly
declines
net
were
preceding
were
in¬
shown
employment between May and June ranging from approximately 100,000
to
In
300,000 workers.
June,
1933, a sharp increase
was
fol¬
registered
lowing the alleviation of the banking situation.
A comparison of employ¬
ment in these combined industries in June, 1936, with June, 1935, shows
increase
an
Weekly
of
payrolls
approximately
in
June,
805,000
1936,
were
workers
over
$37,500,000
the
interval.
year
than
greater
in
the
as
large
corresponding month of last year.
While
the
increase
gains shown
several
industrial
in
in
the
groups
total
January.
the
Gains
June
was
not
as
particularly significant.
were
factory
only six of the preceding 17
a
which
expansion
in
employment in
three immediately preceding months, the gains in
Factory employment showed
continuing
an
Bulgaria,
Holland, Hungary, Irish Free State,
of 92,841 tons, or
crease
the
*
Germany,
Italy, Poland, Spain, Sweden and
nearly
May-June period.
as
included in the survey are Austria, Belgium,
France,
3,351,366 tons as against 3,444,207 tons on the same
in
According
Ago
tons, raw sugar value, as compared with 5,530,536 tons
consumed during the similar period last season, an increase
reporting enterprises, showed decreases of 0.7 of 1% in the number of male
and
632
Sugar consumption in the 14 principal European countries
during the first nine months of the current crop year, Sep¬
tember, 1935 through May, 1936, totaled 5,647,547 long
ment
and
industrial
showed
manufacturing
workers
The
paid.
respectively.
3,914
wages
the
wage
female
wages
while the index of payrolls advanced
1936,
Employment
May.
establishments,
Total
June,
in
forces,
with
Within
Foreign countries other than Cuba.
130
—
European Consumption of Sugar from September, 1935
to May, 1936, Reported in Excess of Similar Period
increases of
show
1% in the number of female workers employed during June as
compared
while
in
from
Reports
indexes
1936,
employment for all reporting industries rose from 73.5 in
79.2
to
Changes
their
—45,673
quota.
activity within the State.
The
Tons
Area—
Cuba..—
97,909
The above allotments are contained in General Sugar Quota Regulations.
Series 3, Revision 2, Supplement I, signed by the Acting Secretary of
Agriculture July 27, 1936.
The Tydings-McDuffie Act (Philippine Independence Act) establishes the
amount of sugar which may be admitted in the United States free of duty
from the Philippines during 1936 at 800,000 long tons of raw sugar and
50,000 tons of refined sugar (equivalent to about 970,000 short tons raw
value). The quota of 1,098,738 short tons for the Philippine Islands here¬
tofore established by quota regulations exceeds the 969,664 short tons, raw
value, to be shipped in 1936 under the duty free quota established under the
Philippine Independence Act, by 129,074 short tons. A quantity of 31,165
short tons of sugar arrived in 1935 for 1936 consumption and is not charge¬
able under customs procedure to the 1936 duty free quota. The full duty of
1,875 cents per pound would be paid on any sugars brought in during 1936
for con sumption in the United States in that year in excess of the duty-free
Virgin Islands
In liis review Mr. Swanish also had the following to say:
June,
—--
Showed
June
of
Tons
8,515
—23,204
19,755
Area—
Louisiana and Florida
hours.
t
direct proportion to their existing quotas, are as
follows;
City district, some shoe factories
set each
Philippine
quantities allotted to the sugar-producing areas out of the
The
deficiency, which are in
In the Binghamton-Endicott-Johnson
were
July 27 by the Agricultural Adjust¬
The Administration said that it has
been found that Philippine sugar producers will be unable to
deliver this quantity of 97,909 tons for United States con¬
sumption during the calendar year 1936.
Reallotment to
of the metal and chemical plants.
of
on
Administration.
ment
other
factories.
Four
Found Unable to Fill Export
United States—Deficit of 97,909 Tons
by AAA to Other Producing Areas
to
Reallotted
Reductions in the
building and repairing concerns accounted for
of the decrease.
bile and automobile parts
0.7 of 1% more than in May.
Philippine Sugar|Producers
Quota
increase of 1.3% during May.
an
boat and ship
some
In the manufacturing plants,
40.6 in June as compared with 40.2 in May.
In
enterprises, the average number of hours worked
hours were
average
lied industries, which are
metals
,
actual hours
1.0% from the average of 40.3 in May.
of
decreases
worked in June by 407,799 wage earners in the
industrial enterprises reporting man-hours were 40.7, or an increase
3.381
the
showed
of man-hours worked
in the total number
1%
of
and 0.4
concerns
A large part of the decline was due
3.6% during the May to June period.
The
1%
Average
the
York City
of
0.3
+4.2%
Employment in New York City factories declined 2.7 % and payrolls fell
to further
1,294
—2.9%
—3.6%
1936
Further Seasonal Curtailment in New
industries,
of
classification
this
Within
—1.8%
1936
+0.1%
-
Aug. 1, 1936
Chronicle
contraseasonal
has
employment
years
been
in
gain
shown
June
from
each
have
May
to June,
month
been
since
shown
in
for which information is available, while
661
Financial Chronicle
143
Volume
'
INDEX NUMBERS OF
shown in only seven instances.
The gain
0.4% indicated the return of more than 27,000 workers
to
jobs in the manufacturing establishments of the country over the
month interval and raised the June employment index
(86.0) above the
in
payrolls have been
in
increases
October, 1930.
manufacturing industries reported more workers in
June than in the preceding month, and 55 industries showed larger pay¬
rolls.
The major gains were in the durable goods industries.
Employment
in the durable goods group increased 0.9% over the month interval, the
June index
(79.9) exceeding the levels of any month since September,
1930.
A decline of 0.1% was shown in the group of non-durable goods
industries.
The June emploj'ment index for the non-durable goods group
the
of
Fifty-six
1,000 workers employed in this group
(1923-25 equals 100), 926 were employed in
June, 1936, while a similar comparison of the durable goods indexes indi¬
cates that for every 1,000
workers employed in that group during the
index-base period, 799 were employed in June, 1936.
The net gain in employment from May to June in the combined manu¬
facturing industries .was more than 31,000 workers.
Retail trade establish¬
ments reported a slight gain in workers, the important group of general
merchandising establishments, which is composed of department, variety
and general merchandising stores and mail order houses, showing a slight
gain instead of the customary seasonal recession.
The level of employ¬
ment in retail trade was higher than in June of any year since 1931.
Each
of
the three utility
industries reported increased employment.
for
every
reached the highest
in
Employment
industries
Other
metallic
reporting
dyeing and cleaning, and
workers
in
gains
insurance.
6.7% in employment
month
any
index
employment
the latter
The
gain
and
in
ment
'1.3%
what
employment
machinery,
meat
petroleum
railroad
in
the
of
succession
The
The
gains
1936,
in
and
in
importance
in
3.6%;
clothing,
in
ment
The
the
and
shops,
1.0%;
0.4%.
29.0
is
(109.8)
76.5
77.4
65.8
62.5
59.3
69.0
68.7
67.6
54.7
56.1
41.5
54.6
54.8
51.4
53.1
53.7
42 „9
95.3
94.8
82.3
65.5
64.9
50.3
62.5
61.8
51.5
48.1
46.3
34.6
111.0
B106.2
98.5
93.7
Z87.5
73.4
72.6
z69.1
56.0
65.1
z60.7
40.7
102.7
98.6
96.0
102.1
98.6
93.8
73.6
72.4
63.9
75.2
73.9
59.4
144.3
147.5
122.3
143.3
149.2
106.7
100.3
Z99.1
84.2
90.5
89.6
66.9
132.6
138.3
110.6
156.5
168.8
127.5
113.2
Z121.2
102.4
102.0
Z107.7
84.3
79.1
77.1
69.6
72.8
71.1
56.1
120.4
120.6
102.8
92.0
91.8
74.6
-
Structural & ornamental
metal
work
Tin
and other tinware
cans
tools,
tools, files, & saws)
Tools (not including edge
Wirework
not including trans¬
portation equipment
Agricultural implements..
Cash registers, adding machines
and calculating machines—
Electrical machinery, apparatus
Machinery,
supplies
Engines, turbines, tractors and
water wheels
87.0
86.1
72.8
79.6
78.4
109.8
107.8
85.1
104.2
101.7
71.8
242.5
Z215.4
165.5
162.0
zl41.9
100.9
70.8
70.4
64.0
61.4
63.6
Foundry & machine-shop prods.
Machine tools
Radios and
phonographs
Textile machinery and parts.
106.6
96.3
69.8
97.2
77.7
Z105.5
93.7
109.1
zll2.1
82.4
537.1
544.1
416.0
439.4
433.8
340.3
Z115.6
107.2
119.9
Z124.0
93.4
64.6
62.2
48.2
71.9
68.6
46.6
36.8
34.7
28.4
18.2
17.0
12.6
95.8
Z98.7
$66.2
91.8
z95.6
65.5
60.6
60.1
53.8
62.3
z61.6
51.0
65.4
59.0
railroad.
Locomotives
Shipbuilding
repair shops
watches
<fc
and
recording devices
factory
1.2%
declined
May to
(38.5%),
employment
and
over
.rubber
64.6
87.7
78.9
73.2
73.3
60.0
91.4
80.7
81.7
79.9
67.2
52.8
49.5
80.9
80.4
59.8
73.4
47.3
48.9
57.1
88.0
81.8
66.8
64.9
53.2
110.8
102.5
98.8
97.3
77.6
z56.7
48.9
49.3
Z48.1
36.3
73.0
67.1
59.3
56.7
48.5
49.8
41.9
45.9
43.9
31.5
38.5
Z38.4
30.9
31.3
z31.3
20.9
99.0
Turpentine and rosin...
54.1
68.9
65.1
51.7
Lumber, millwork
65.5
82.3
57.5
Furniture
67.7
112.3
lead and zinc
Stamped and enameled ware.
97.8
98.9
58.6
58.1
59,9
49.5
49.3
40.5
60.7
31.4
29.5
19.3
60.1
45.5
44.0
40.1
97.3
95.2
91.9
93.0
82.0
33.1
31.0
27.5
26.7
27.4
19.1
68.2
70.2
66.8
50.0
52.8
46.1
93.2
94.2
90.4
75.7
77.0
70.9
90.6
90.7
89.4
76.5
76.4
80.4
80.0
81.3
68.2
68.8
76.7
90.7
90.4
85.1
77.9
77.3
65.6
82.8
84.5
81.2
71.9
73.8
65.9
104.1
products.
Pottery
32.1
58.4
97.3
Glass
55.7
39.9
58.9
Cement
59.8
42.3
Brick, tile and terra cotta
107.1
107.3
Non Durable Goods
Textiles and their products.
Fabric.
Carpets and rugs
Cotton goods
(9.7%).
boots
and
Employ¬
its
86.7
96.7
67.7
67.2
76.9
97.9
88.6
69.6
Z73.8
64.6
88.3
86.6
70.2
Z63.3
63.7
132.6
108.4
77.0
z95.2
71.3
84.7
87.5
79.1
82.2
75.1
114.2
100.3
73.8
73.0
63.2
55.0
62.9
55.2
43.3
54.3
47.2
105.9
105.0
98.4
99.7
101.9
94.7
82.4
83.9
83.0
66.7
65.9
70.9
79.7
81.4
80.6
58.2
66.8
64.7
94.3
92.8
94.6
95.9
91.1
51.5
100.4
96.3
98.9
95.8
92.7
115.9
114.8
114.2
106.0
104.1
99.6
184.9
178.9
170.0
.198.6
192.9
173.4
79.6
74.9
77.2
65.0
61.0
60.8
Canning and preserving
91.3
68.1
89.5
100.3
85.1
102.7
Confectionery
67.5
69.0
72.4
58.6
59.9
63.3
Food and kindred products
'
Baking
Beverages
Butter
90.9
Flour
70.8
70.5
73.8
65.5
65.2
62.9
Ice cream
86.4
82.0
84.6
71.7
69.4
68.4
Slaughtering & meat packing..
84.2
82.8
81.4
80.2
77.6
74.8
43.4
39.2
43.3
43.3
39.4
40.7
80.8
81.7
83.3
71.8
74.0
73.6
■56.9
56.7
57.8
48.3
46.8
46.8
67.2
interval.
from
49.4
113.4
Leather
51.0
83.6
manufactures..
93.7
63.1
91.5
Boots and shoes
67.6
60.5
93.5
Leather and
77.9
105.4
95.2
Shirts and collars
were
cottonseed
83.3
104.1
119.7
level
74.7
108.1
61.5
Corsets and allied garments.
Men's furnishings
78.9
84.0
113.4
87.0
1934.
87.7
84.0
Clothing, men's.
June
83.5
72.0
112.3
Hats, fur-felt.
Knit goods...
Wearing apparel..
computed
are
78.8
89.4
refining—copper
The
the
the "month
payrolls
80.9
74.4
&
unbroken
the
(12.5%), and women's clothing
industry
76.2
64.0
Millinery
wirework,
82.9
84.6
68.8
Lighting equipment.
Silverware and plated ware—
1930.
industry
50.5
75.2
82.7
Jewelry
Smelting
Z61.6
76.1
91.7
time
62.7
62.4
81.8
87.9
Brass, bronze & copper product
62.2
52.9
89.0
87.5
Aluminum manufactures
65.6
59.7
89.7
Nonferrous metals & their prods
65.9
60.2
Electric railroad
Clocks
52.3
78.0
114.3
Cars, electric & steam
Railroad
56.2
104.5
Typewriters and parts
steam
June.
than'
higher
66.8
76.9
Establishments
finishing, pottery, and shipbuilding industries.
of
57.4
40.7
1.2%;
chemicals,
monthly since October,
confectionery,
wares,
automobile
indexes
81.9
41.9
electrical
adding machines and calculating machines industry.
A seasonal
decline of
4.2% was reported in the agricultural implement industry,
and declines ranging from 2.1% to 2.9% were shown in the boots and
shoes, dyeing
79.0
50.9
which
registers,
small
77.3
58.2
rose
26.8% in employment in the typewriter industry was due
labor troubles, as was the decrease of 6.6% in the cash
cotton
87.3
60.2
2.0%; slaughtering
absorb workers in
fertilizer
the
(14.1%), millinery
shoes,
87.7
Stoves
of
to
55.7
z82.5
paratus and steam fittings..
opera¬
declines in employment from
were
industry
industry continued
September,
The
primarily
76.9
83.9
Steam & hot-water heating ap¬
some¬
major
goods,
shown
index
oil-cake-meal
decrease
78.5
72.4
Employ¬
was
machine
to
this
been
have
employment
largest percentage
seasonal,
mills
furniture,
and
continued
employment in
which
0.9%.
goods, 1.6%;
cotton
and
month since
any
71.8
z82.1
Plumbers' supplies
steam
;
decreased plant
caused
of
2.6%;
rayon
foundries
0.8%,
rolling
men's
were
supplies,
industry
1.9% in
of
June,
recorded
also
tool
machine
increase
shown
1.2%;
5.9%
brick,
cement,
and
industries
Other
and
shops,
and
works
1.7%; silk and
refining,
repair
1.2%,
disturbances, which
were
apparatus
packing,
z81.1
83.2
steel works, and
Hardware
over
The increase in this industry
interval.
localities.
employment
gains 'in
82.4
products,
Including machinery.__
(not incl. silver and
plated cutlery) & edge tools.
new
3.9%;
millwork,
eteel
furnaces,
by labor
several
in
5.0%;
apparatus,
month
the
retarded
tion
and
heating
blast
the
over
77.6
Forglngs, iron and steel
the month interval
canning and preserving industry reported
The
metalwork,
hot-water
z83.4
Cutlery
of
structural
were
83.3
Lumber, sawmills
character.
in
90.6
Cast-iron pipe
34.1%; radios and phonographs, 12.6%; beet sugar, 10.7%,
and
ice
cream,
5.3%.
A number of industries manufacturing building
construction
materials
also
reported employment gains,
among
which
a
z92.7
goods
Steam railroad..
in
gains
pronounced
seasonal
were
57.6
92.6
Bolts, nuts, washers and rivets.
part of 1931.
most
z76.1
Automobiles
industries registered
manufacturing
76.5
Aircraft
"highs" in em¬
ployment in June.
The blast furnaces, steel works, and rolling mills
industry reported the largest pumber of workers employed in any month
since August, 1930; employment in foundry and machine shops exceeded
,the levels of any month since September, 1930; the engine, turbine and
tractor industry reported the highest employment since March, 1930, and
electric and steam car building shops reported the maximum employment
since April, 1930.
Employment in June in the electrical machinery, steam
fittings, structural
metalwork, aluminum, millwork, brick and steam
railroad repair shop industries exceeded the levels
of any month since
of
number
A
69.7
rolling mills
is
(86.0)
October, 1930.
since
*79.2
Blast furnaces,
Industries
7.9% above the level of
June,
1935
(79.7), and marks the- highest employment level recorded
since October, 1930.
The payroll index for June, 1936 (79.5), is 19.7%
above the June, 1935, level (66.4), and is alsd higher than the index of
1936,
June,
66.4
79.9
Transportation equipment..
Manufacturing
The
z79.3
and
partment of Labor reported:
1935
79.5
Durable Goods
the United States De¬
In making available the foregoing,
1936
79.7
not
in
shown
was
1936
z85.7
Iron and steel and their
anthracite
mining, and a decrease of 1.9% in brokerage.
The decreases in the
remaining three industries reporting declines
(bituminous coal mining,
year-round hotels, and wholesale trade) ranged from 0.7% to 0.1%.
of
decline
seasonal
A
June,
1935
Non-durable
quarrying and nonproducing, laundries,
were
petroleum
crude
mining,
metal
mining,
May,
1936
86.0
machine
a
xJune,
Durable goods
gas
showed
1935,
June,
with
comparison
A
gain.
June
All Industries.
of 21.5%,
gain
May
1936
showed' a
industry
construction
building
private
the
substantial
further
light and power and manufactured
level, registered since December, 1931.
electric
the
in
Employment
June,
Manufacturing Industries—
during the index-base period
industry
Payrolls
Employment
90
that
indicates
(92.6)
1923-1925=100)
(Three-year average
in any month since
recorded
level
EMPLOYMENT AND PAYROLLS IN
MANUFACTURING INDUSTRIES
employment of
Tobacco manufactures
'
returns
supplied
by
establishments
representative
in.
90
manufacturing
In
June,
employing
1936,
reports
received
were
workers,
4,200,590
whose
from
24,823
weekly
were
The
of
factory employment and
1920
1921
1922
..
payrolls
1925
1929..
0.3
1930--
*.
-
-
-
1931..
1932--
3.1
«.
1934..
0.1
-
1933..
0.1
-
..
..
0.8
1.1
_
2.2
De¬
crease crease
0.8
-
_
Year
1928..
1.2
0.7
1923
1924
crease crease
..
..
83.4
84.8
85.0
83.1
79,8
80.2
74.5
110.3
111.0
109.1
95.8
97.0
87.4
88.8
89.8
85.1
79.9
83.0
75.6
102.5
103.0
99.0
98.1
98.9
89.4
petroleum refining
108.3
zllO.O
107.2
102.3
102.9
95.0
110.1
106.4
101.5
102.7
93.7
111.7
110.3
108.1
108.9
107.0
98.0
34.4
40.0
43.3
35.2
39.9
42.0
96.8
95.8
93.3
95.9
93.7
Explosives.
88.4
83.1
86.5
87.6
80.4
72.6
Fertilizers.
68.1
110.7
79.2
67.1
113.9
zll4.5
112.5
106.6
Z106.0
94.0
341.4
325.9
262.4
259.0
240.5
98.0
97.5
99.5
96.7
95.7
95.8
110.6
Z109.4
110.6
105.0
zl03.4
99.3
83.9
z83.0
80.9
79.4
Z76.8
64.9
57.4
z59.0
52.9
53.2
50.9
41.8
129.8
130.9
120.5
121.3
119.1
97.7
72,6
"70.0
72.9
70.9
z68.2
58.9
Boxes, paper.
Paper and pu
and
1935..
0.0
1930-.
from
May to June in
«,
-
-
—
-
-
6.9
-
-
-
-
In¬
Year
1919
-
-
1920
2.0
1921
2.1
1922
3.5
1923
M
-
1924
1.7
1925
1.8
1926
De¬
1
crease crease
.
.
.
.
Year
2.2
1928..
,1.5
2.5
De¬
crease crease
1929..
0.4
Soap
1.5
1930..
3.2
4.3
1931..
5.0
0.2
1932..
Petroleum refining
7.3
.
.
1 n—
.
5.2
1933..
2.0
— «,
.
Rubber products
.
1927
._
..
0.0
0.4
..
1927
.
.
0.2
I
3". 3
1935..
1.5
1936..
69.2
10~5
1934..
'
1926
64.6
publishing-
Payrolls
In-
De¬
In¬
..
44.2
91.9
Printing
inclusive:
Employment
1919
44.2
90.3
following tabulation shows the percentages of change in the Bureau's
of the 18 years, 1919 to 1936,
Year
67.3
46.4
64.3
and snuff
Cigars and cigarettes.
and Job..
general indexes
each
63.1
56.7
95.6
341.9
establish¬
earnings
$96,142,837.
66.6
55.7
107.8
these indexes is the three-year
They have not been adjusted for seasonal
computing
99.0
115.3
100.
55.9
96.5
in
as
98.3
Chemicals.
used
1923-25, taken
variation.
ments
base
The
industries.
average,
3.1
0~3
.
x
June, 1936 Indexes preliminary, subject to revision, z Revised.
662
Financial
Chronicle
Non-Manufacturing Industries
The
16
non-manufacturing industries surveyed,
ment
and payrolls for
from
May,
1929 is
for
age
numbers
used
the
of
June,
1935,
shown below.
are
the index base,
as
of
non-manufacturing
in Canada—Dominion
Reports Heavy Damage to
Crops by Drought in Western Ontario and Through¬
The
12-month
aver¬
Information
issued on
July 28 the fifth of a series of seven telegraphic reports
covering the crop conditions throughout Canada, which also
included the tenth of a series of 15 weekly telegraphic re¬
ports on crop conditions in the Prairie Provinces of the
Dominion. The Bureau said that 86 agriculturists distributed
over the farming areas
provide the basic information foi
these reports.
The following summary is from the report
made available July 28:
is not available from the Bureau's records:
years
INDEXES OF EMPLOYMENT AND PAYROLL TOTALS
FACTURING INDUSTRIES IN JUNE, 1936
IN
NON-MANU¬
AND COMPARISON WITH
MAY, 1936 AND JUNE, 1935
(Average 1929=100)
Emiloyment
Payrolls
P. C. Change From
Industry
P. C. Change From
Index
Index
June
May,
June,
June,
May,
June,
1936 *
1936
1935
1936*
1936
Situation
Statistics
The Dominion Bureau of Statistics at Ottawa,
earlier
for
Crop
of
Most of Prairie Provinces
out
in computing the index
100,
or
industries.
of
Bureau
employ¬
1936, where available, and percentage changes
and June,
1936,
Summary
indexes
with
Aug. 1, 1936
1935
Summary
■
During the past fortnight,
84.6
Retail
General
—0.1
+ 3.0
68.4
+ 0.2
+ 5.9
85.3
T rade—Wholesale
+ 0.3
+ 3.8
66.4
+ 0.9
+ 6.2
light &
Electrio-railroad
+ 5.9
maintained,
+ 1.0
+6.5
situation was definitely
72.1
_
&
+ 0.7
+ 2.7
77.4
—1.5
+ 7.7
88.1
+ 1.5
+ 10.4
is
71.7
+ 0.3
51.2
—6.7
75.7
'•
a
66.8
+ 1.0
—25.4
—36.4
—1.0
—0.7
—2.8
61.6
Metalliferous
61.9
+ 1.8
+34.8
48.2
+ 1.1
+ 2.6
+ 5.9
43.9
+ 4.1
+ 29.8
73.0
+ 0.6
—4.9
58.5
+ 0.9
—1.2
83.9
—0.2
+ 3.3
b66.6
—0.5
+4.8
Crude petroleum producing
87.2
1
Laundries
+ 6.0
75.8
+ 0.3
+0.2
+ 4.7
69.2
—4.0
+ 23.0
—1.8
The
Insurance
c
+ 11.1
c
Preliminary,
+ 0.4
+ 1.0
c
+ 1.1
+ 4.4
+ 21.5
c
+ 5.2
+ 38.4
Weekly
one
of
Report
Movement,
Lumber
The lumber industry
stood at 69%
of
Week
shipments.
orders
new
of the best
Prairie
production during
from
important
business
hardwood
and
softwood
during the week
production;
shipments
business of the
covering the
9%
were
Reported
18
below
10%
was
AAA
previous week, ended July 11,
new
The
below
hardwoods
of
575
servation
above
shipments
above
duction
mills
mills.
last
The
210,008,000
all
or
feet,
and
feet,
a
year
ago
453
of
it
feet
1935;
hemlock
hemlock
reported
was
and
on
Grain
for
give
as
Mill
July
1936, by
18,
the
week
same
was
new
of
business
said.
for the
Production
feet,
week
were
same
11,643,000 feet.
was
Reports
identical softwood mills
171,123,000
feet;
feet,
shipments
and
227,201,000
was
orders
were,
respec¬
received,
203,-
Crops by Bank of Montreal—
Expected to Be Lightest in
West
continuing to deteriorate in most areas of
moisture, estimates indi¬
yields of the West will be lighter than
years," states the Bank of Montreal, in its weekly
the crops of Canada, issued July 30. The Bank
the grain
further reports:
In
and
in the
latter
to
an
early
already commenced in Saskatchewan
Province
harvesting will
soon
the
staple
crops
have
all
made
satisfactory
progress.
In
Ontario general rains and cooler weather have been beneficial to all growing
crops
but
curtailed
yields of grains,
canning
crops
and
early potatoes
by the previous hot dry weather and the
favorable to fruit.
the
season
have been
has
not
been
In the Maritime Provinces the general outlook is en¬
couraging with crops throughout progressing well.
good crops of the principal staples are indicated,.
of the
will
In
British
for public
County Agricultural
be
not
made public
Associations
the Agricultural
old
year,"
until
composed
are
Conservation
payment will be made to
one
H.
R.
commodity
information
feel
new
a
Tolley,
programs,
Administrator
several
By combining the payments
year.
that
the
program
Average
The
of
program
on
payments
interval
of
30
into
will be
days
payments
producer
a
the AAA,
of
were
made
the work incident
one,
greatly reduced.
before
data
on
will be made public will, at least to
-
payments
some
extent,
•
Oil
Crude
Output
Declines
American
During
Petroleum
Columbia
Institute
estimates
that
the
daily average gross crude oil production for the week ended
July 25, 1936, was 2,960,950 barrels. This was a decline of
17,400 barrels from the output of the previous week. The
figure was allso above the 2,917,200 barrels
calculated by the United States Department of the Interior
^current week's
be the total of the restrictions imposed
by the various
oil-producing States during July. Daily average production
for the four weeks ended July 25, 1936, is estimated at
2,944,800 barrels.
The daily average output for the week
ended July 27, 1935, totaled 2,734,650 barrels.
Further
details, as reported by the Institute, follow:
to
Imports of petroleum for domestic
daily
States ports for the
average
use and receipts in bond at principal
week ended July 25 totaled 983,000 barrels,
of 140,429 barrels, compared with
barrels for the week ended July 18 and
a
daily average of 123,286
146,893 barrels daily for the four
weeks ended July 25.
Receipts of California oil at Atlantic and Gulf ports for the week ended
with
a
daily
a
daily
average
of 33,286 barrels, compared
of 47,571 barrels for the week ended July 18, and 30,321
barrels daily for the four weeks ended July 25.
average
Reports received from refining companies owning 89.7% of the 3,889,000
be fairly
Some rust infection is reported in Manitoba and Saskatchewan.
Quebec
in
only
program,
of
July 25 totaled 233,000 barrels,
prematurely and indications point
Cutting of early grains has
Manitoba
general.
be made available
Latest Week
United
harvest.
new
course
also
the
Daily
crops
P The grain is ripening
payments
Conservation
participating
making public
"We
a
and
Agricultural
are
"Under
under
to
respective counties.
during the
to
The
are
the offices
in
or
of the
11,423,000
as
Con¬
for the mak¬
The announcement • said:
Associations.
"Under the
213,172,000
were
Agricul¬
days after they have been received by producers.
during the
the Prairie Provinces from lack of
report on
30
who
their
cate that
for many
included provisions
regard to payments
233,526,000 feet.
reported
154,030,000
Canadian
Yields
Administration announced
485 soft¬
Years
"With
with
pro¬
826,000 feet and 148,978,000 feet.
Report
which
expenses.
County
farmers
in
all
reported
10% below the production
Production
Shipments
production
of
week
Northern
Northern
17% below production.
207,074,000
tively,
or
reported
as
Identical
Last week's
but
and
Northern
and
pine
Adjustment
prevent attempts to exploit those receiving these payments."
hardwood mills
90
reported shipments below
Northern
except
below
orders
week.
production.
feet,
All
18.
showed
Public
program
data
The
feet;
hardwood
reported for the week ended
Shipments
2% below
9,636,000
July
redwood
and
year,
9% below production.
or
211,797,000
shipments,
will not be general in the good crop areas
Soil
inspection either at the AAA
booked
feet;
were:
above those of corresponding
year's
totaled
Reports from
or
ended
regions
California
last
Lumber orders
wood
same
feet;
Northern
except
softwood
pine,
222,808,000
the preceding week
Harvesting of wheat and barley has commenced
individual producers, productivity indices, and county asso¬
ciation
feet
245,169,000
a
particularly during the
ing public of payments to producers, the base acreages of
1
reported orders
Southern
feet,
237,787,000
during the week
All
shipped
figures for
feet.
reporting regions
production
combined;
Revised
feet.
production,
;
213,485,000
production.
but
softwoods
and
221,431,000
mills produced
556
A further scorching of crops
extremely light harvest for the West, as
an
tural Conservation Associations under the Agricultural
was
at least
July 18,
of
light hay crop and bare pastures, the feed problem
a
Agricultural
Conservation
week ended
areas
problem.
the scantiest of any. week
was
July 23 rules and regulations for the County
on
ther stated:
the
fariq,
Benefit Payments to Producers
Program—Data Will Be Available^to
Public 30 Days After Payment Is Made
11%
below production; shipments were 11% below output.
Pro¬
duction in the week ended July 18 was shown by reporting
softwood mills 33% above corresponding week of 1935, when
production in the West was still curtailed by strikes; ship¬
ments were 34%
and orders 37% above shipments and
orders of last year's week.
The Association's reports fur¬
During
Make
to
Under
Reported
output.
serious
extremely
an
further north for another fortnight.
operations of
mills.
July
ended
where the season has been
The yields of coarse grains have suffered
has become very serious.
Lumber Manufacturers Associa¬
regional associations
constitutes
in most southern districts but
July 18 of 3% fewer mills was 3% above revised
production figures of the preceding week; shipments were
5% above, and new orders 4% above that week, according
reports to the National
Provinces
past month and with
week
the
and
...
scattered localities north-west of that city.
For
Reported
remain
prospects
crop
The only effective rains fell in the Edmonton district and in
years.
whole.
the fourteenth consecutive
below production.
Shipments also
were
output.
good
In British Columbia, bountiful crops are
Vancouver Island,
on
record.
on
resulted and there will be
of production and
average
fair to
Saskatchewan,
according to districts, while precipitation
in
ended
hemlock
a
Temperatures of the past week varied from 2 to 12 degrees above normal,
Ended
during the week ended July 18, 1936,
of the 1929 weekly
1929
below
All
usual, and over
as
In northern Manitoba
The continued absence of moisture in the southern and central
July 18
Mills,
than wheat,
more
has
fairly optimistic reports emanate from districts north of the Canadian
promised, particularly
b Cash payments only; value of board,
c Data not available for 1929 base.
and tips cannot be computed,
orders,
The
in the
way
the lightest in many years.
as
salvage seed and feed from the fields.
National main line in Alberta.
+4.4
c
to
and east-central
some
Less than 0.1 of 1%.
a
is
the
of
well under
The prairie grain harvest
definitely established
now
grains have suffered
coarse
now
+ 31.2
+ 2.0
c
Building construction
orders
large hay crop of fine quality is
a
begun and it is
+5.4
—1.9
87.5
Dyeing and cleaning
new
Drought
Columbia.
large southern territory of the three provinces, the main objective of farmers
(year round)
Brokerage
to
drought
In the Prairie
of Quebec and at the present time, rain
Quebec and eastern Ontario.
Maritimes,
—4.8
Services—
tion
Ontario
Brunswick and the interior of British
needed in New
harvesting of
+53.2
53.4
fell
western Ontario
The
+ 4.5
42.0
—9.7
Quarrying and nonmetalllc
week
damage in
Provinces.
relieved by heavy rains last week.
has also threatened crops in parts
motor-
Bituminous coal
64%
most
however, there has been practically no relief in the form of
Provinces,
+ 4.0
+ 1.6
throughout
rain, although the prevailing temperatures are not so scorching.
bus operation and malnt
Mining—Anthracite
oom,
Prairie
+ 0.5
63.3
&
power
manufactured gas.
*
caused heavy
the
81.3
90.3
Telephone and telegraph.
Hotels
has
+4.8
+ 3.5
and
but
of
+0.2
+ 0.4
Public UtilitiesElectric
drought
95.6
82.6
merchandising.
of the Maritime
prospects
Provinces, Quebec, eastern Ontario and British Columbia have been well
Other than general mer¬
chandising
,
the good crop
barrel
estimated
daily potential refining capacity
indicate that the industry as a whole ran
basis,
of the
to stills, on
a
United
States,
Bureau of Mines
2,990,000 barrels of crude oil daily during the week, and that all
companies had in
pipe lines
as
storage
at refineries,
of the end of the
bulk terminals, in transit and in
week, 65,819,000 barrels of finished and
unfinished gasoline and 107,595,000 barrels of gas and fuel oil.
1
Cracked gasoline production by companies owning 95.9% of the potential
charging capacity
of all cracking units indicates that the
industry
as
a
Volume
whole,
on a
663
Financial Chronicle
143
Bureau of Mines basis,
barrels
produced an average of 685,000
daily during the week.
DAILY
the
from
forecast,
PRODUCTION
AVERAGE CRUDE OIL
barrels
July
quota
but
market demand in Oklahoma as set
with the August
even
by the Bureau of Mines
accepted.
July Oklahoma operators, in an effort
were
In both June and
balance between demand-and-supply,
to maintain the even
B.
Actual Production
Average
Week Ended
of M
of
4 Weeks
Dept.
held
Week
*
Ended
Ended
culations
July 25,
July 18,
July 25,
July 27,
(,July)
1936
1936
1936
1935
548,200
157,350
659,200
161,250
540,650
152,050
523,950
64,000
59,600
25,550
176,850
56,400
427,750
85,750
251,000
61,950
59,650
25,950
175,750
55,900
426,750
84,700
249,650
61,350
59,350
25,500
179,200
&5.150
426,250
84,400
248,550
61,800
59,050
25,650
156,750
50,450
465,000
57,500
188,800
1,146,900
1,140,300
1,139,750
1,065,000
82,600
80,000
22,650
113,900
Cat-,
Int.
569,800
164,200
Oklahoma.
Kansas
Panhandle Texas
North Texas
West Central Texas
West Texas
East Central Texas..;
East Texas
Southwest Texas
Coastal Texas
1,146,500
Total Texas
153,050
150,300
148,350
80,050
148,850
186,800
232,900
228,350
228,900
136,550
31,300
107,700
33,800
38,800
13,400
4,700
69,400
29,700
110,000
29,700
109,650
28,500
32,450
38,300
15,500
4,450
74,150
38,200
29,750
109,950
32,700
37,450
16,700
4,500
74,150
16,600
4,600
73,900
30,450
105,400
45,000
42,400
11,150
4,100
54,000
2,366,400
2,385,950
2,394,450
2,366,300
2,171,050
550,800
575,000
583,900
578,500
563,600
2,917,200
2,960,950
2,978,350
2,944,800
2,734,650
North Louisiana--
Coastal Louisiana.
Total Louisiana.
Arkansas
Eastern
Michigan
Wyoming
Montana
Colorado
New Mexico.
Total east of California.
California
Total United States
Note—The figures
indicated above do not include any estimate of any
oil which
might have been surreptitiously produced.
FINISHED AND UNFINISHED
GASOLINE AND GAS AND FUEL OIL, WEEK ENDED JULY 25, 1936
CRUDE RUNS TO STILLS AND STOCKS OF
(Figures In Thousands of Barrels of 42
Daily Refining
Capacity
Gallons Each)
Slocks of
Finished and
Unfinished Gasoline
Crude Runs
to Stills
Slocks
of
Unfln'd
District
Reporting
tial
Rate
P.
Total
C.
612 100.0
612
East Coast..
C.
Daily
P.
Aver¬
Poten¬
Oper¬
At Re¬
age
ated
fineries
499
154
146
94.8
110
462
444
96.1
400
90.1
453
317
Terms., .Sap'tha
Distil.
dkc.
Fuel
Oil
82.6
11,129
915
1,069
249
512
2,871
793
5,047
3,434
1,036
4,544
1,162
75.3
Ind.,111., Ky.
and
6,530
1,162
5,626
81.5
Appalachian
Gas
in
Finished
2,024
542
10,773
Okla., Kans.,
384
84.8
Inland Texas
330
160
48.5
115
71.9
Texas Gulf..
680
658
96.8
647
98.3
Gulf
169
82.8
Mo.:
163
96.4
135
No. La.-Ark.
80
72
90.0
39
54.2
175
Rocky MtQCalifornla...
97
60
61.9
83.3
852
789
92.6
50
495
1,060
9,072
La.
62.7
125
1,989
3,408
1,705
7,833
455
,
186
220
242
2,396
86
62
435
101
Commission, Mr. Armstrong pointed out the August increase
is probably the only one that can be expected this year.
He added that it was an excellent time to correct the in¬
equities which have, arisen in the allowables ratio between
pools in Oklahoma.
Kansas, it was disclosed,
also will follow the Bureau of Mines estimate for August,
various flush
barrels.
set at 166500
A reduction of
•
15,956 barrels daily in the Texas
Bureau of Mines
August.
E. O.
Thompson, Chairman of the Commission, pointed out that
inasmuch as the State's actual output now is 2.17% under
the allowable, August production, despite the new allowable,
actually will be under the Bureau's estimate.
A decline of 524,000 barrels in stocks of domestic and
foreign crude petroleum during the week ended July 18
pared the total to 308,859,000 barrels, the Bureau of Mines
reported July 29.
Stocks of domestic crude were off 518,000
barrels, while holdings of foreign crude registered a drop
of 6,000 barrels, the report disclosed.
Sharp declines in daily production totals in Oklahoma
and California brought a net drop of 17,400 barrels in
daily average output for the nation for the week ended
July 25.
Total production was set at 2,960,950 barrels by
the American Petroleum Institute.
This total compared
with the Bureau of Mines' estimate of July market demand
of 2,917,200 barrels, and actual production in the like
1935 period of 2,734,650 barrels.
t
■.
Output in Oklahoma dipped 11,000 barrels to total 548,200
barrels, as compared with the July market estimate of
569,800 barrels set by the Bureau of Mines.
The Oklahoma
Corporation Commission, it will be recalled, set the allowable
for July sharply below the Bureau's figure.
Despite a cut
of 8,900 barrels in California—more than the 8,500 net dtop
for the entire area east of the Rocky Mountains—output
on
the West Coast of 575,000 barrels was far above the
Bureau's estimate of 550,800 barrels.
Texas and Louisiana
were the major States to show higher production.
There were no crude price changes posted this week.
is 3,241 barrels above the United States
estimate
of Texas market demand for
.
72,242
Prices of
Typical Crudes per Barrel at
(All gravities where A. P.
89.7
3,488
Reported...
2,807
80.5
33,801
183
401
Estd.unrepd
3,918
20,286
1,271
6,273 105,150
270
2,445
July 25 '36
July 18 *36
3,889
3,889
21,557
21,704
6,543 107,595
6,533 106,999
z30,550 zl9,922
z5,974 Z108322
37,719
2,990
3,889
3,889
37,897
2,925
U.S. B. of M.
2,739
July 1935.
x
Bureau of Mines basis currently
estimated,
z
As of July 31, 1935.
.97
1.42
1.15
.95
Mid-Cont't., Okla., 40 and above.. 1.18 Huntington. Calif.. 30 and over.—
1.43
Winkler, Texas
.85 Kettlemen Hills, 39 and over
1.10
Smackover. Ark.. 24 and over
.75-.80 Petrolia. Canada
Western Kentucky
REFINED
Inter-State
Average Production Off in Week
Members of the Interstate Oil
Compact Commission have
special committee of three to study the best
means of obtaining renewal of the pact by the six member
States, it was disclosed at the first regular session of the group
in four months, held at Dallas, Texas, on July 31.
The delegates attending the meeting voted to recommend
to signatory States that the pact be renewed when it expires
September 1, 1937.
The special committee is composed of
Ernest O. Thompson, chairman of the Texas Railroad Com¬
mission, Homer Koch, Kansas representative, and William
Bell, Illinois representative.
The group will make a report
at the next meeting on October 1.
Renewal of the compact, it was pointed out, will give more
time to bring California and Louisiana into the pact.
Other
non-member oil states also will be asked to join.
Neither of
organized
MARKETS
REFINERY
HOLD
RATES
a
SEEN
STEADY
Allowable for Oklahoma Up 49,325
Barrels—Texas Quota 3,241 Barrels Above Bureau
of
Mines
Figure—Crude Oil Stocks Dip—Daily
MODERATELY—
BEARISH—REFINED
PRODUCTS—GASOLINE STOCKS DIP
IN
RISE
Oil Pact—August
$1.10
1.15
-
1.23 Central Field. Mich
1.23 Sunburst, Mont..
Illinois
♦
Petroleum and Its Products Seek to Renew
Wells
I. degrees are not shown)
$2.45 Eldorado, Ark., 40
1-25 Rusk, Texas, 40 and over
1.42 Darst Creek
Bradford, Pa
Lima (Ohio Oil Co.)
Corning, Pa
xEst.tot.U.S
allowable,
Aug. 1, to 1,157,941 barrels, has been ordered by
the Texas Railroad Commission.
The new total, however,
effective
799
1,170
2~331
the
production far below the levels set for the State by
Bureau of Mines.
In his recommendations to the
Statistics continued to hold
the spotlight in the
nation's
petroleum products as refined markets held stable.
With the exception of a rise in the refinery operating rate
to within fractions of the record high set last May, the
refined
general background of the
refined branch of the industry
remains strong.
and unfinished gasoline dipped 315,000
week ended July 25, according to the
statistics furnished by the American Petroleum Institute.
Stocks of finished
barrels
during
the
total holdings to 65,819,000 barrels, off
the record high of 73,871,000 barrels set
Motor fuel stocks have shown an uninter¬
rupted drop since late in June,
Gasoline held at refineries was off 178,000 barrels to
decline pared
The
S,052,000
from
early in April.
(
37,719,000, while bulk
terminal holdings of 21,557,000 were
147,000 barrels under the previous week.
A gain
barrels in stocks of unfinished gasoline pared the
motor
in
fuel
inventories
to 315,000 barrels.
of 10,000
net drop
Output of
for
20,000 barrels to 685,000 barrels.
operations within
fractions of the record high of almost 81% of capacity set
last May.
Daily average runs pf Prude oil to stills rose to
a new high, gaining 65,000 barrels during the week to total
2,990,000 barrels.
Considerable alarm has been caused by
the high operating rate in view of the fact that the peak of
the summer rise in gasoline consumption is less than five
for the Texas side of the Rodessa field will
weeks
these States have
both
were
as
invited
yet joined the compact group although
send representatives to the meeting.
to
The commission did not officially
discuss the problem of rising
production in the Louisiana side of the Rodessa field.
It was disclosed, however, by E. 0. Thompson, who repre¬
sented Governor Allred of Texas, that the Louisiana control
had been invited to send observers to a hearing set
August 5 at Jefferson, Texas, at which production quotas
be considered by
the Railroad Commission.
Renewal of the compact will have
agency
by the respective State legislatures and by
Congress before it becomes effective.
After holding production quotas far under the market
levels set in the estimates released by the United States
Bureau of Mines j the Oklahoma Corporation Commission
to
be ratified
posted a substantial increase in the State's allowable
August to allow producers to turn out sufficient oil to
meet the Federal agency estimated market demand.
Recommendations of Oklahoma oil operators and the
conservation officer, W. J. Armstrong, to the State Cor¬
poration Commission that the August Statewide allowable
for August be established at 575,500 barrels, up 49,325
has
for
cracked gasoline rose
A rise of
nearly 2% established refinery
away.
The main
reason
is the rush on the
for the near-record refinery
operations
build
part of refiners and distributors to
the winter.
most of the
country, coupled with the increasing popularity of oil-burn¬
ing furnaces, brought record demand for fuel oil.
Stocks of
fuel and gas oils rose 596,000 barrels to 107,595,000 barrels.
Socony-Vacuum Oil Co. Friday reduced the dealer price
of gasoline % cent in the metropolitan New York area with
the exception of Staten Island, effective immediately.
The
new price is 8.2c a gallon and was necessary to meet local
marketing conditions, the company indicated.
Other refined
price schedules in New York City held unchanged.
Refined
up
their stocks of fuel oil in preparation for
year the bitter cold weather ruling over
Last
Financial
664
markets throughout the nation were
ions being confined mainly to minor
scattered
Price
generally steady, revis¬
adjustments in various
with local marketing conditions.
to conform
areas
changes follow:
Chronicle
markets
Aug. 1,
1936
throughout
the nation were generally steady, reconfined mainly to minor adjustments in various
scattered areas to conform with local marketing conditions.
viions being
Price changes
.
follow:
July 30—Standard Oil Co. of Indiana advanced fuel oil, B grade, %-cent
gallon in Chicago and surrounding territory to 5% cents a gallon gross
a
and 4% cents
a
The
gallon for 800 gallons and over.
Substantial Buying of Lead Features Week's
Business in Non-Ferrous Metals
price is effective
new
Aug. 1.
Socony-Vacuum reduced the dealer price of gasoline in metro¬
July 31
politan New York City—with the exception of Staten Island—% cent to
8.2
c.
a
gallon.
U. S. Gasoline (Above 65 Octane), Tank Car Lots, F.O.B.
Standard Oil N. J
$.07)
.071
Socony-Vacuum
Tide Water Oil Co._
Richfield Oil (Calif.)
.07)
Warner-Quinlan Co-
New
Colonial Beacon—$.07)
.07)
.07)
.07)
Gulf
-.06 H
-.06)6
06
.05)<j-.04^|
.06
-.06
.08
I Tulsa
.07)
Republic Oil
-$.06
Orleans-
Los Ang., ex_
Gulf ports--.
.075
Texas
Shel
Refinery
Chicago
New York—
-MM
07
East
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
New York
i
$.04%1
(Bayonne)
Texas.$.03%--03% | New Orleans.$.03T^-.04
.04%-,05
I Tulsa
04%-.04>£
North
Los Angeles.'.
Fuel Oil, F.O.B. Refinery or Terminal
N. Y. (Bayonne)
Bunker C
$1.05
Diesel 28-30 D
1.65
New Orleans C
California 27 plus D
$1.15-1.25
$
Phila., Bunker C
.90
1.05
Gas Oil, F.O.B. Refinery or Terminal
N. Y.
Bayonne)
(Chicago.
$.04-.04%l
27 plus
32-36
j;
iTulsa
G0-$.02%-.02% I
%.02M~.02M
Gasoline, Service Station, Tax Included
*New York
Cincinnati
$.182
$.175
Minneapolis
"Metal and Mineral Markets" in its issue
of July 30, said
though the lead market has been fairly active all this
month, the demand for the metal in the l^st week was
unusually brisk. Lead buyers seldom indulge in what the
copper industry refers to as a "buying wave,", but the
record for the calendar week ended July 25, showing sales
of about 27,000 tons, was Very impressive.
In fact, the
sales were the largest' in volume for a, seven-day period since
1929.
Domestic copper quieted down considerably, as all
in the trade expected.
Zinc became firmly established at
4.80c., St. Louis. Tin prices were irregular on conflicting
reports in reference to the negotiations for the renewal of
the control agreement at the end of this year.
Figures on
automobile operations in this country in the first half of the
year reveal that 2,490,408 vehicles were produced, which
compares with 2,218,255 in the same period last year. The
publication further stated:
that
$.184
zBrooklyn
.177
Cleveland
.175
New Orleans
.168
Denver.
.215
.175
Camden
.168
Detroit
Philadelphia
Pittsburgh..
Boston
.165
Jacksonville
Copper Firm at 9 He.
.23
Newark
Buffalo
165
Chicago
a
-----
.16
San Francisco
St. Louis
settled down to
.16
.19
————
A7
Los Angeles
175
.195
.20
Houston
Following the heavy buying wave in copper in the previous week, business
a more
normal basis, with the price structure firm at 95£c.,
delivered in the Connecticut Valley.
new
a
15
The total sales to date for July strike
level for any single month on record, with
174,263 tons sold.
Con¬
sumption in midsummer continues at a good rate, and the tendency is
Not Including 2% city sales tax
toward
higher prices before the end of the year,
even
trade authorities
believe.
Weekly Coal Production Higher than
The United
States
Year Ago
a
Continued
Bureau of Mines,
in its weekly coal
report, stated that production of bituminous coal increased
slightly in the week ended July 18.
The total output is
estimated at 7,038,000 net tons, a gain of 192,000 tons, or
2.8%, over the preceding week.
Production during the
corresponding week last year amounted to 5,485,000 tons.
Anthracite production in Pennsylvania during the week
ended July 18 is estimated at 752,000 net tons.
This is in
comparison with 761,000 tons in the preceding week, and
724,000 tons in the corresponding week of 1935.
During the calender year to July 18, 1936, a total of
218,053,000 tons of bituminous coal and 29,137,000 net tons
of Pennsylvania anthracite were produced.
This compares
with 200,232,000 tons of soft coal and 30,569,000 tons of
hard coal produced in the same period of 1935. The Bureau's
statement follows:
strength in
COKE
OF COAL
AND
BEEHIVE
(IN NET TONS)
good
demand
for
the
With the foreign
purposes.
the
among
in the foreign production and marketing agreement to the extent of
least
at
5%.
Without a higher rate of production, the supply situation
get altogether too tight, it is claimed in several quarters.-
may
According to the latest report on apparent consumption of copper for
the world, except the United States, issued by the American Bureau of
Metal
Statistics, foreign countries are absorbing the metal at about the
rate
same
months
as
in
Average monthly consumption for the last three
1935.
(March-April-May in
instances)
most
in
the
foreign field
was
101,000 short tons, against 101,320 tons monthly for all of 1935 and 90,085
tons
monthly in 1934.
Lead Buying Active
Except for the fact that producers are temporarily more deeply interested
in reducing surplus
week would
last
ended
stocks than in higher prices, the activity in lead in the
undoubtedly have brought about
was
quite firm in all directions.
29 involved
July
August shipment
about
Week, Ended
and armament
Important producers would like to raise output
production.
group
The undertone
ESTIMATED UNITED STATES PRODUCTION
abroad indicates
copper
metal for general consumption
price now above the 9c. level, there is some agitation abroad for increasing
to
19,200 tons,
about
Sales of lead
consumers.
advancing market.
an
Sales for the week that
of which
most
far
so
60,000 tons, indicating that July will go down
was
this
as
sold
month
for
total
of the most
one
active buying periods in recent years.
Calendar Year to Dale
\
Producers believe that domestic consumption of lead during the second
July 18,
1936
July 11,
July 20,
1936 d
1935
c
half
1936
1935
of
1936
1929
e
will
make
better
a
showing
than in
the
Jan .-June
period.
This optimism is based on reports of expanding
Bitum. coal:
activity in building, con¬
tinued high operations in the automobile industry, and a broader market
a
Tot. for per'd
Dally
aver..
7,038,000 6,846,000 5,485,000 218,053,000 200,232,000 282,467,000
1,173,000 1,141,000
914,000
1,294,000
1,188,000
1,667,000
Penn. anth.: b
Tot. for per'd
752,0.0
Daily aver..
125,300
761,000
126,800
724,000
120,700
29,137,000
174,000
30,569,000
182,500
24,700
4,117
10,100
1,683
726,700
491,300
2,873
38,205,000
228,100
for
Daily
aver..
4,233
4,250
a Includes lignite, coal made Into
coke, local sales, and colliery fuel,
b Includes
Sullivan County, washery and dredge coal, local sales, colliery fuel, and coal shipped
by truck from authorized operations, c Subject to revision, d Revised, e Adjusted
tract settling basis of
ESTIMATED
WEEKLY
are
subject to revision
sources or
on
are
PRODUCTION
based
OF
COAL, BY STATES,
recent
receipt of monthly tonnage reports from district and State
of final annual returns from the operators.)
some
time
at 4.60c., New York, which
was
also the
con¬
the American Smelting & Refining Co., and at 4.45c.,
Premium business
weekly report
reported by St. Joseph lead
was
on
its
own
sales compiled by the industry reveals that the
on
buying of zinc
believed.
railroad carloadlngs and river shipments and
on
was
Even the
metal.
Firmer Tone in Zinc
The
(IN THOUSANDS OF NET TONS)
buying of lead
buying lead in larger quantities than in
brands sold in the East.
comparable the number of working days in the three years.
(The current estimates
The recent
the important outlets for the
held
Quotations for lead
3,767,600
22,033
St. Louis.
to make
in the electrical field.
among
past.
'
25,400
materials
distributed
cable makers have been
Beehive coke:
Tot. for per'd
raw
well
has
been
even
more
active than
most
producers
The record for the calender week ended July 25 showed sales of
24,000 tons of Prime Western and 1,500 tons of Brass Special.
to
consumers
for the week totaled about 4,200 tons.
Shipments
Since the price
was
raised to 4.80c., the buying has naturally moderated, but business was by
no
Week Ended
State
July 4,
.1936p
1936p
Alaska
July 13, July 14, July 13,
1935r
1934
Alabama
Aver.
1929
2
2
2
2
122
1923d
s
s
167
means
absent.
A fair tonnage has been sold in the last few days at the
higher level.
July
July 11,
The
industry
abroad, and
was
some
very
much
interested
producers went
so
far
as
in the
firmer
price tendency
to contend that the price here
should be raised another five points.
188
199
Arkansas and Oklahoma
25
23
16
16
70
74
Colorado
62
68
51
52
106
The Joplin ore market responded to the recent
advance in zinc, sellers
165
Georgia and North Carolina
1
1
•
1
*
296
s
389
raising the quotation for concentrate 50c.
s
per ton.
Tin Again Unsettled
-Illinois
626
652
391
519
870
1,268
Indiana
207
203
134
200
299
451
An official statement issued in Singapore on July 27 informed the industry
42
35
33
51
56
87
that the terms of the delegates of the International Tin Committee offered
Iowa.
Kansas and Missouri.
89
74
47
86
103
134
669
592
487
516
889
735
82
93
74
95
191
202
23
26
15
19
45
42
<
Kentucky—Eastern
Western
Maryland
Michigan
3
•—
North and South Dakota
6
13
17
41
36
33
44
41
30
...
New Mexico
3
50
T
Montana..
26
21
21
50
52
5
14
Pennsylvania bituminous
13
12
10
10
14
354
Ohio
306
238
359
447
854
1,900
1,870
1,182
1,539
2,798
3,680
Tennessee
81
74
68
55
99
113
Texas
12
12
14
11
19
23
Utah
27
55
87
155
225
239
19
20
35
37
1,512
1,115
1,345
2,029
1,519
479
Northern b
29
157
21
1,577
a
22
177
28
West Virginia—Southern
20
207
Virginia
Washington
389
245
437
754
866
75
74
100
in behalf of the signatory countries
ment
fered
at the end of this
were
year
for the renewal of the restriction
have been rejected by Siam.
thereupon withdraw^.
Details of the terms
agree¬
The terms of¬
were
not
disclosed,
but unofficially it was reported that Siam held out for a rating of
18,000
tons, whereas the delegates were not disposed to offer
tonnage of 15,000.
Straits tin in
three-quarters
cent.
The trade
tin prices until the "bargaining"
plan
more
than
a
standard
News of the difficulties naturally unsettled the market,
spot, suffered a net loss for the week of about
New York,
to an end.
expects continued
period
over
sharp
fluctuations
in
the extension of the control
Final agreement, generally expected in producing
115
Wyoming
68
66
comes
circles,
may not come
Chinese tin,
until later in the
year,
99%, was nominally as follows: July 23,
42.875c.; 24th,
42.675c.; 25th, 42.875c.; 27th, 41.250c.; 28th, 41.375c.; 29th, 42.400c.
'
Other Western States
*
c
Total bituminous coal.
1
*
2
4
Ingot
6,846
...
6,507
4,582
5,809
9,605
11,208
761
Pennsylvania anthracite
Grand total
*
830
635
793
1,029
1,950
7,607
7,337
5,217
6,602
10,634
13,158
Includes operations on the N. & W.; C. & O.; Virginian; K. &
M.; B. C. &. G.5
and on the B & O. in Kanawha, Mason and Clay counties
b Rest of State, including
a
Grant, Mineral and Tucker counties,
c Includes Arizona, California, Idaho, Nevada
<* Average weekly rate for entire month,
p Preliminary,
r Revised,
Alaska, Georgia, North Carolina and South Dakota included with "other Western
States."
* Less than 1,000 tons.
and Oregon.
s
Production
The "Iron
Rises Half
Point
to
71^%
Age" in its issue of July 30 stated that steel
buying has gathered sufficient fresh momentum to sustain
production through August at approximately its present
rate.
This week's ingot output, estimated by the "Iron
Age" at 71}$%, a half point higher than last week, may be
the peak of midsummer production, but it does not now
seem likely that the rate will fall much, if
any, below 70%
Volume
Financial
143
during the next month. The outlook for the ensuing months
definitely promising regardless of politics.
The 4'Age"
is
further stated:
which shows no marked signs of sub¬
The current buying movement,
mill books on
of the heavy June backlogs, not all of which have been shipped.
Some
mills have larger bookings than they had a month ago.
Delivery
siding, has placed a fairly large accumulation of orders on
top
bar
grade, and
promises on sheets range from four to six weeks, according to
consumers
continue to press for shipments.
where it is 67%;
two points to 77% in the Cleveland-Lorain district; two points to 78%
in the Valleys, and two points to 82% in the Ohio River district.
Even
at Chicago, where drought conditions have caused some hesitation among
agricultural implement manufacturers and others catering to the farm
market, the ingot rate has advanced 2H points to 72K%.
While the effects of the drought have not been fully measured businessIngot production has gained one point at Pittsburgh,
orders have been rein¬
fruit crops have not suf¬
wise, fears have lessened and some canceled steel
It is
stated.
now
apparent that vegetable and
plate consumption will be only slightly
hence tin
materially and
fered
for beer cans.
reduced, and this is more than offset by increased use
of scrap
prices, with heavy melting steel 50c. a ton higher at Pittsburgh and Chi¬
cago, and
25c. higher at Philadelphia, resulting in an advance in the
"Iron Age" scrap composite to $13.67 compared with $13.25 last week.
The high point this year was $14.75 early in March, and last year'speak
Accompanying the strong steel situation is a general mark-up
was
only
little below 100,000
a
Initial steel orders for 1937 models are appearing, while at the same
The peak
going forward for runs on 1936 cars.
time heavy shipments are
buying for new models probably will be reached in late August.
Railroad equipment
buying is
should rise
week,
one
of the most promising prospects to
If car loadings, recently around 700,000 cars a
sustain fall steel business.
toward their
October peak,
usual
shortage of cars
a
rebuilding.
recently numbered only 191,000 against 631,000
might be experienced that would hasten new purchases and
The surplus freight cars
in
Now motive power
1931.
cars
for the
rails, the
may
Norfolk & Western.
This week's railroad
also be needed.
3.000 Jank cars for the
orders include
Union Tank Car Co.
and
1,000
Plate for 5,000 tons.
A
good
work is still in prospect, though actual
deal of construction
week total less than 21,000
inquiries for fabricated structural steel this
tons with lettings at
about 16,650 tons.
South call for nearly
In
the
trade
pipe
A number of small bridges in the
there is considerable interest in several projected
gasoline-carrying lines.
'
.
1925-27
a
lb.
85.5%
50.4% Jan.
27
28
51 9%
Feb.
3
5
50.9% Feb.
10
July 29
44.0^, Nov. 11
Aug.
5
46.0% Nov. 18
,Aug. 12.....48.1% Nov. 25
2
Aug. 19
48.8% Dec
52.6% Feb.
17
53.7% Feb.
55.4% Mar
are
for the former and $18.84 for the latter.
unchanged at 2,159 c.
No immediate change in
prices of these products is expected, but consideration is being given by
some
producers to higher prices for the fourth quarter.
THE
24
July
15
35 3% Oct.
39 9% Oct.
July
22
42 2% Nov.
Aug. 26
Sept. 2
Sept. 9
Based
2.159c.
.2.122c.
One month ago
2.124c.
One year ago
steel bars, beams,
85% of the United States output.
2.124c.
1932
1.977c.
Oct.
4
1.926c.
Feb.
1931
2.037c.
2.273c.
2.317c.
2.286c.
2.402c.
13
Jan.
7
Apr.
2
Dec. 11
Jan.
4
1.945c.
Dec. 29
1930
-
-
1928
-
1927
7
1
Apr. 24
Oct.
3
$18.84
18.84
17.84
...
—.
One year ago
-
1935
1934
1933
*
-
1932
1931....
1930
-
—
1929
1928
-
1927
$13.25
12.96
1936
-
1934
1933
1932
1931
1930
1929
-
-
1928
1927
-
20
709%
67 9% July
70 4%
_%71.2
27
71.5%
6
69.0%
of the iron and steel
July 27 stated:
The gap for the customary summer decline in the steel industry became
last week
narrow er
operations increased 2 points to 70 ^ %, under strong
as
consumption, almost equaling the best week of the year.
Operations in the Pittsburgh district made
67% of capacity.
an
unusual gain of 4 points to
The rate in the eastern Pennsylvania district was up
lh points to 50>£%, highest since before the start of the depression.
At Youngstov
n,
operati
2 points to 78%; Wheeling 8 to 89;
nsv ere up
Cleveland 34 to 85; Birmingham 6 to 58; New England 15 to 78.
nati
dow
was
4 points to 76%,
n
The national average
1 point lov er than the hifh
of 70^% was only
mark for this year, reached by the industry in the
year at
this time operations
Cincin¬
and the other districts unchanged.
Last
week of June 27.
45% and in 1934 they were 29 Y%.
w ere at
Although considerable divergence is apparent in the trend of some of the
markets, demand in
lines has
some
A
than offset declines in others.
more
disposition tow ard the building up of inventories has become more pro¬
nounced among certain consumers.
Many observers believe volume will be supported substantially well into
August,
though operations
even
future in
Automobile
m
week to week in the
96,863 untis,
last week totaled
production
5,546 from the
fluctuate fr,
may
districts.
some
previous
week.
this industry the
In
an
increase of
active
mid-season
demand has started predictions of total production of 4,600,000 units this
3,946,934 last
compared with
700,000
units
behind
the
1929
year.
Such a total would be about
Indications still point to
figure.
ex¬
an
tremely short dip in production while changeovers to new models are being
Ford plans to shut down for two weeks, starting Aug. 3.
made.
One of the unusual features in the current activity of the steel industry
from
The
some consumers.
unseason¬
The overtime payment plan adopted by steel producers last
•
week is
con¬
sidered unlikely to be reflected In payrolls this year and probably will not
become apparent until operations begin to approach capacity.
has developed in scrap and "Steel's" jrice composite
Last weeik's
21 cents to $13.12, the fourth consecutive weekly rise.
Apr.
2.018c.
Dec.
Railroad
9
2.273c.
Oct.
29
2.217c.
July
Nov.
5,000 tons to
1
18,077 from the previous week but awards for reinforcing
bars increased
17
2.212c.
guilders had a fair week, with 1,170 steel box cars placed,
Shape awards were dovn about
car
including 1,000 by Norfolk & Western.
7,000 tons to 15,431.
Due to the rise in the scrap index, "Steel's" iron and steel price composite
is
up
2 cents
The finished steel composite is unchanged at
to $33.51.
$53.40.
of basic Iron at Valley
on average
furnace and foundry Irons at Chicago,
Philadelphia,
Birmingham.
$18.84
18.84
17.90
16.90
14.81
15.90
18.21
18.71
18.59
19.71
Buffalo,
Valley
Jan.
Nov.
May
Dec.
Jan.
$18.84
17 83
16 90
13.56
13.56
14.79
15.90
18.21
17.04
17.54
<
4
Strengthened prices of Spanish ores, not only in
world markets,
have been noted
as
result of the
a
Jan.
3
Deo
6
further added:
Jan.
7
May 14
Jan
27
15
16
Dec. 17
July 24
Deo.
Dec.
Nov.
U.
Steel is estimated at
S.
66%, against 63% in the week before and
Leading independents are credited with 77%, com¬
61% two weeks ago.
pared with 76% in the preceding week and 72% t\ o w eeks ago.
1
The following table gives a comparison of the percentage
with
the nearest corresponding week of previous years,
Low
15.00
17.58
16.50
15.25
72
1936
U.
25
10
13
8
12
6
$12.67
June
9
10.33
Apr.
23
Feb. 18
Jan. 29
Dec. 31
Jan. 11
11.25
55
6.43
July
5
1930
Dec. 29
1929
Dec.
1928
Dec.
3
13.08
July
Nov. 22
50
+ 1X
Independents
S. Steel
+3
77
+2
49
33
96
72 H
+
76 X
+IH
—
59
H
—2
33
+3
52
92
+1 Yk
+1
70
100
K
+1
+4
27 Y
—2H
+1
64
57 X
__
preceding-
+2
2
13.08
—1
33
1933
8 60
14.08
25
1931
Sept. 25
9
40
.* 26 J4
Jan.
3
+3
45
1934
9.50
66
—1H
1935
6.75
+2
of production
together with the
approximate changes in points, from the week immediately
Industry
Feb.
Dec.
Mar.
Aug.
Jan.
Jan.
this country but in
Spanish rebellion.
Steel ingot production for the week ended July 27 is
placed at about 72% of capacity according to the "Wall
Street Journal" of July 30.
This compares with 70% in
the previous week and 67% two weeks ago.
The "Journal"
Low
7
5
1
5
5
Jan.
6
Jan.
7
May 14
Nov. 27
Jan.
and
on
No.
1 heavy melting steel,
quotations at Pittsburgh, Philadelphia
and Chicago.
$14.75
13.42
13.00
12.25
8.50
11.33
-
67.2%
13
July
53.7% July
64.5%
Jan.
High
1935
6
62 0% July
Apr.
13
11.58
One year ago
74.0%
it stood at $13.13.
Based
July 28. 1936, $13.67 a Gross Ton
One week ago
0%
70.2%
30
June
increase brings the index almost even with the fourth week in May, when
Steel Scrap
One month ago
60 0%
Jan.
High
1936
68.2%
69.5%
70
1.867c.
Jan.
Based
July 28, 1936, $18.84 a Gross Ton
One month ago
1
2.008c.
Pig Iron
One week ago
on
8
53.5% June 15
55.8% June 22
2
"Steel" of Cleveland in its summary
is up
Mar
1933
1929
1936—
Jan.
51.7% June
52 9% June
69.1%
69.4%
87.9%
25
13
49.2% Apr. 20
49.4% Apr. 27
30
Jan.
May
70.1%
54.6% Mar. 23
49.5% Mar. 30
6
46.7% Apr.
16
Dec.
Dec.
Further strength
Low
2.084c.
Jan.
Oct.
1934
7
markets
tank plate
High
1935
48.3%
48.9%
50.8%
49.7%
52 0%
9
56 4% Mar.
55.7% Mar 16
9
49.7% Dec. 23
Sept. 16
Sept. 23
Sept. 30
Oct.
Dec.
4
49.9% May
49.4% May 11
50.0% May 18
Tin plate operations are holding at the high average of 95%.
on
wire, rails, black pipe, sheets and hot
rolled strips.
These products represent
2.130c.
2.130c.
^.2.199c.
2.015c.
1936....
47.9%
45.8%
Oct.
ally high demand for wire is another aspect arousing considerable comment.
Finished Steel
-
.32.8%
is the insistence for rush shipments
"IRON AGE" COMPOSITE PRICES
July 28, 1936, 2.159c. a Lb.
One week ago
1936—
20
51.8% Jan.
8
year,
the highest rate attained since August, 1930.
average,
Finished steel and pig iron composite prices
an¬
„
The "Iron Age" index of capital goods activity has advanced to
of the
July 27
on
1936—
14.
21
1
July
near
10,000 tons of shapes.
|o*«5
1935—
July
The Soo Line has bought 3,000 tons of
Seaboard Air Line is inquiring for 6,280 tons and the Nickel
Steel Institute
and
of the steel capacity of the industry will be 71.5% of ca¬
pacity for the week beginning July 27, compared with 70.9%
one week
ago, 74.0% one month ago and 44.0% one year
ago.
This represents an increase of 0.6 point, or 0.8%
from the estimate for the week of July 20.
Weekly in¬
dicated rates of steel operation since July 1, 1935 follow:
adversely affected by hot weather,
was
turned upward again, and last week was
units.
of
The American Iron
nounced that telegraphic reports which it had received indi¬
cated that, the operating rate of steel companies having 98%
$13.42.
Automobile production, which
has
665
Chronicle
65
71 H
68 H
1927
1932 not available.
Current Events and Discussions
I
=
£5 ■
5B
S
E
!SSE5 5
The Week with the Federal Reserve Banks
daily average volume of Federal Resreve bank credit
outstanding during the week ended July 29, as reported by
the Federal Reserve banks, was $2,468,000,000, a decrease
of $10,000,000 compared with the preceding week and of
$3,000,000 compared with the corresponding week in 1935.
After noting these facts, the Board of Governors of the
Federal Reserve System proceeds as follows:
The
On
July 29 total
decrease
EE
1
s
of
1
-
-y
1
Reserve bank credit amounted to $2,460,000,000, a
$6,000,000
for
the
week.
This
decrease
decreases of $30,000,000 in money in circulation,
cash and deposits v
corresponds
deposits and other Federal Reserve accounts, and an increase
in
monetary gold
estimated
to
of $8,000,000
stock, offset in part by an increase of $81,000,000 in
member bank reserve balances.
were
requirements.
with
$48,000^000 in Treasury
ith Federal Reserve banks and $3,000,000 in non-member
be
Member bank reserve balances on July 29
approximately
$3,050,000,000
in
excess
of legal
666
Financial
Relatively small changes
purchased
bills,
reported in holdings of discounted and
were
industrial
advances
United
and
States
Government
securities.
Chronicle
Aug.
district and $15,000,000 at all reporting member banks.
of other domestic banks declined $87,000,000 in the
1, 1936
Deposit balances
New York district and
$144,000,000 at all reporting member banks.
The statement in full for the week ended July 29, in com¬
parison with the preceding week and with the corresponding
date last year, will be found on pages 706 and 707.
Change in the amount of Reserve bank credit outstanding
and in related items during the week and the
year ended
July 29, 1936, were as follows:
Increase
(+) or Decrease (—)
Since '
July 22,1936
July 31, 1935
A summary of
the principal assets and liabilities of the
member banks, .together with changes for the
week and the year ended July 22,1936, follows:
reporting
Increase
Assets—
$
Loans and Investments—total
(+)
Decrease
or
(—)
Since
i
July 22, 1936
t
July 15, 1936
$
22,446,000,000
July 24, 1935
$
—68,000,000 + 2,392,000,000
N
July 29, 1936
4
$
Bills discounted
Bills
U.
bqjight
8. Government securities
In New York City
-3,000,000
-2,000,000
Industrial
Other Reserve bank credit-
29,000.000
—6,000,000
----
-1,000.000
-6,000,000
+ 1,000,000
—1,000,000
938,000,000
227,000,000
—1,000,000
—9,000,000
(except banks)
2,054,000,000
Accepts, and com'l paper bought-319,000,000
+ 1,000.000
3,000,000
2,430,000,000
advances > (not
including
$24,000,000 commitm'ts—July 29)
Loans to brokers and dealers:
$
4,000,000
*—29,000,000
+9,000,000
Outside New York City
on
securities
to
Loans
Loans
real estate
on
credit..._..__2.460,000,000
Monetary gold stock...
10642000,000
Treasury & National bank currency_-2 496,000,000
—6,000,000,
—5.000 000
+8,000,000 +1,498,000,000
—1,000,000
—14,000 000
Loans to
banks
-
U. S. Govt, direct obligations-
Obligations
fully
guaranteed
by
United States Government
1,277,000,000
3,350,000,000
Other securities
Money in circulation
Member bank
reserve
6
—30,000,000
+81,000,000
+605,000,000
+916,000 000
2,907,000,000
—48,000,000
—84,000,000
123,000,000
balances.-.—6,016,000,000
Treasury cash and deposits with Fed¬
eral
Reserve
banks
-
Non-member deposits and other Fed¬
eral Reserve accounts
Returns
of
Banks
in
New
+41,000,000
York
City
and
Chicago—Brokers' Loans
and
also
for
the
Chicago
member
City member
banks, for the
current w$ek, issued in advance of full statements of the
member banks, which latter will not be available until the
Demand deposits—adjusted
Time deposits
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER
BANKS
IN CENTRAL
RESERVE CITIES
-New York City-
-Chicago-
July 29 July 22 July 31 July 29 July 22 July 31
1936
1936
$
1935
1936
$
1936
$
Outside New York City
on
securities
to
others
8,694
8,754
7,548
866
897
793
72
73
$
2,077
2,074
1,735
57
43
43
30
727
723
142
144
159
133
20
19
20
1
Loans
(except banks)
722
Accepts, and com'l
126
128
133
133
paper bought
Loans on real estate—
;
122
15
15
27
25
62
5
5
7
Other loans
1,215
1,215
1,106
332
334
237
U. S. Govt, direct obligations..
3,880
3,894
3,174
1,121
;1,116
923
Loans to banks
*
Obligations fully guaranteed by
United
States government
15
505
516
342
93
92
Other securities
82
1,148
1,146
1,036
306
306
+1,725,000,000
+163,000,000
+273,000,000
+ 57,000,000
'
Domestic banks
6,010,000,000
——432,000,000
Foreign banks.-Borrowings..."
*
+15,000,000
—144,000,000 +1,270,000,000
+ 1,000,000
+169,000,000
—22,000,000
,
July 15 figures revised (Chicago district).
Dedication of Canadian
King
by
War Memorial at
Edward—British
King's
Vimy Ridge
First
Visit
to
France Since Accession to Throne
Kind Edward VIII of Great Britain
joined with President
Albert Lebrun of France and Prime Minister W. L. Mac¬
The
dedication
of
the
Canadian National War Memorial
2,350
2,289
2,122
615
600
490
53
51
44
32
31
36
Vimy Ridge (France) marked the King's first visit to
France since his accession to the throne.
Unveiling the
monument, the King delivered a speech in tribute to the
Canadian dead, in which he said "in
dedicating this memorial
to
fallen
comrades we invoke the
splendor of their
sacrifice, and the consecration of our affection for them,
rather than the gunfire which battered this hill
20 years
ago."
Stating that the memorial has been erected to the
memory of those who on Easter Monday, 1917, wrenched
that vital position from the Germans and to the
memory of
our
all the other thousands of Canadian soldiers
who lie buried
France, wireless advices from Paris to the New York
"Times" on July 25 said:
in
261
Reserve with F. R. Bank
Cash In vault
Balances with domestic banks..
Other assets—net
78
78
95
193
204
470
465
510
75
76
LiabilitiesDemand
206
.
deposits—adjusted
Time deposits
United States govt,
75
Foreign banks
6,269
6,255
5,507
1,551
1,538
1,322
570
deposits
Inter-bank deposits:
Domestic banks
561
571
434
434
414
191
191
244
101
101
29
\
2,429
2,437
2,040
650
653
510
383
397
246
5
6
4
Borrowings
Other liabilities
Capital account
This monument, with the possible
exception of the Menin Gate, is the
been erected on the Western front
It has
finest that has
The
following is the King's speech as given in Associated
Vimy, to the "Times," and in which it
was indicated that the first two
paragraphs of the speech,
spoken in French, are translated:
Press accounts from
I
375
"367
242
""24
"26
"38
1,429
1,455
227
227
225
Complete Returns of the Member Banks of the Federal
Reserve System for the
Preceding Week
As explained above, the statements of the New
York and
Chicago member banks are given out on Thursday, simul¬
taneously with the figures for the Reserve banks themselves
and covering the same week, instead of
being held until the
following Monday, before which time the statistics covering
the entire body of
reporting member banks in 101 cities
cannot be compiled.
•„
In the following will be found the comments
of the Board
t
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 July 22:
The condition statement of
weekly reporting member banks in 101 leading
ties on July 22 shows a decrease for the
week of $68,000,000 in total loans
and investments, increases of
$99,000,000 in reserve balances with Federal
Reserve banks, of $111,000,000 in demand
deposits—adjusted and of $15,000,000 in time deposits, and a decrease of
$144,000,000
in deposit balances
standing to the credit of domestic banks.
Loans to brokers and dealers in New York
declined $1,000,000, loans to
brokers and dealers outside New York
declined $9,000,000, and loans on
^securities to others (except banks) declined
$26,000,000 in the New York
district and $29,000,000 at ail
reporting member banks.
Holdings of
acceptances
and commercial paper bought
increased $7,000,000 in the
Chicago district and $9,000,000 at all
reporting member banks; loans to
banks declined $2,000,000; and "Other
loans" declined $43,000,000 in' the
New York district and $32,000,000 at all
reporting member banks, and
increased $8,000,000 in the Dallas district.
Holdings of United States Government direct
obligations declined
$53,000,000 in the New York district and
$8,000,000 in the San Francisco
district, and increased $23,000,000 in the
Chicago district and $12,000,000
in the Cleveland district, all
reporting member banks showing a net re¬
duction of $17,000,000 for the week.
Holdings of obligations fully guaran¬
teed by the United States Government
increased $1,000,000 and of "Other
securities" $12,000,000.
more
10 years to erect the lofty twin
columns, the foundations of which
100 feet down into the chalk of the ridge, and to carve the 20
sculptored
figures and engrave the names of the 11,285 dead on the
enclosing wall.
go
14
1,428
taken
than
am
made
grateful to you, Mr. President (President
Lebrun), for having
Vimy to join with us on the occasion of today's
'
very
the
journey to
ceremony.
•.
..
The presence
'
+ 111,000,000
+898,000,000
1
at
1935
$
Loans to brokers and dealers:
In New York City
+ 490,000,000
+ 99,000,000
kenzie King of Canada on July 26 in
paying tribute to the
Canadian soldiers who lost their lived in the World War.
L
(In Millions of Dollars)
Loans and investments—total..
—49,000,000
14,857,000,000
5,014,000,000
823,000,000
United States Govt, deposits
Inter-bank deposits:
comihg Monday.
Assets—
4,816,000,000
380,000,000
2,508,000,000
+264,000,000
+313,000,000
*
—3,000,000
Below is the statement of the Board of Governors of the
Federal Reserve System for the New York
banks
with domestic banks
+ 1,000,000
+ 12,000,000
"
551,000,000
Member
Reserve with Fed. Reserve banks.
Cash In vault
Balances
—25,000,000
+3,000,000
+ 6,000,000
—2_,"obb"666
—41,000,000
+ 331,000,000
*—32,000,000
-17,000,000 +1,398,000,000
1,145,000,000
56,000,000
3,609,000,000
9,471,000,000
Other loans
Total Reserve bank
+83,000,000
+60,000,000
others
of the
President of the
Republic will
touch
the Canadian people.
profoundly
For my part I congratulate myself that
you have
the opportunity to express from the bottom of
my heart to the
French nation my thanks and all
gratitude of the people of Canada for
the honor you have done to those whose
sacrifice is inscribed on this monu¬
given
me
ment and for the welcome you have
accorded to their parents and friends
who have crossed the ocean to be
present at this inauguration.
Recalls Ottawa Dedication
In the capital city of Canada, at the heart of
the Dominion, there is
memorial chamber
set
apart as a perpetual reminder
losses of Canada in the great war.
of the
service
a
and
Nine years ago I had the privilege of
dedicating an altar within it where
a book of remembrance
recording the names of more than
60,000 Canadians who gave their lives for the
cause which Canada made
will lie forever
her
Above
own.
"All's
These
words
the
well, for
tell
us
that,
door is graven:
there
over
reveal
the
beautiful
his peers a happy warrior sleeps."
meaning of what we do today.
They
among
inner
and
impressive
Canadian people would not feel it
that
Canadian
armies
is
as
was
fought and died.
the
Ottawa
complete.
It
is
It
"over
memorial, the
"over
was
there"
there"
that
their
final monument must stand.
Today, 3,000 miles from
the shores of Canada, we are
assembled around
that monument—yet not on alien soil.
Brooke, whose
be
"forever
One of our English poets, Rupert
ashes lie in an Ionian island, wrote that
where he lay would
England"—that
England for which he died.
parable; but here today that parable is living truth.
The realization of it will, I know,
bring comfort to
Canadian
hill of
and women.
men
Vimy is
now
For
this
He
spoke
a
many thousand
glorious monument crowning the
and for all time part of Canada.
Though the mortal
sons lie far from home, yet here
where we now stand,
Artois, their immortal memory is hallowed
upon soil that is
Canada's as any acre within her nine Provinces.
remains of Canada's
in ancient
as
surely
By
a gesture which
of France
all can understand, but soldiers
especially, the laws
Canada shall stand forever.
have decreed that here
"We raise this memorial
to
pression in stone chiseled by
to
her
fallen
will long
sons.
remember
It
Canadian
a
marks
and
warriors.
It is an inspired ex¬
skilful Canadian hand of Canada's salute
the
Canada
And the ground it
covers is the
All the world
there
scene
can
of
never
feats
of
arms
which
history
forget.
gift of France to Canada.
Demand
deposits—adjusted increased $62,000,000 in the
New York
district. $25,000,000 in the Boston district and
$111,000,000 at all reporting
member banks.
Time deposits increased
$11,000,000 in the New York
Deeds of Valor Survive Quarrels
indelibly
on
over
the pages of
are
our
battlefields the
names
troubled human story.
of which
It is
one
are
written
of the con-
Volume
Vimy will be one such name.
Is peace
to
our
Finland
sacrifice and the
gunfire which battered
atlantic
telephone
its outstanding 6
due Sept. 1, 1956.
while
loved ones of their lands who, like you, lie
their name, as well as in yours, Canada speaks
that her thoughts,
In
today.
obliterate whatever
She appeals to them to unite in an effort
Canada asks that the nations of Europe strive to
makes for war and for death.
to
bring into being a world of peace.
This is the trust which we, the living,
It is
and died.
A world at peace,
received from those who
Canada believes, is the only
valor and the sacrifice of all who gave
memorial worthy of the
War.
their lives in the Great
Lebrun of France drew a lesson
President
suffered
which we hold in common.
a trust
from the alle¬
on
the United States.
More than 6,000
% 'external loan sinking fund
Hungary Remits 50% of Aug. 1 Interest on
of Kingdom of 1924
the monument, and (we quote from the
account from Vimy to the "Times") pledged the French
nation to tend Canadian graves through the centuries.
Distinguished representatives of several countries were
present at the dedication exercises, Great Britain, France
and Canada being represented by various officials of note,
Ian MacKenzie, Canadian Minister for National Defense,
being one of those who took an active part in the dedication.
Jesse I. Straus, United States Ambassador to France, and
General John J. Pershing attended as representatives of
gorical figures
Due Sept. 1, 1945, Drawn
gold bonds
The bonds will become payable on that
date at the head office of the bank in New York.
The bank, as fiscal agent, is also notifying holders of
Republic of Finland 22-year 6% external loan sinking fund
gold bonds due Sept. 1, 1945, that there has been drawn by
lot for redemption on Sept. 1,1936, at their principal amount
and accrued interest, $246,000 principal amount of these
bonds.
Bonds so drawn should be presented for payment at
the head office of the fiscal agent, on Sept. 1.
-
_
Sept. 1 Outstanding 614%
Bonds, Due Sept. 1, 1956—
Republic of Finland, it was announced on July 28 by
The
of you, are also of the many
silent in their graves.
adopted
resolution was
the National City Bank, of New York, as fiscal agent, will
redeem on Sept. 1, 1936, at their principal amount, all of
Canada, in a trans¬
from Canada, said in part:
message
on
Gold
Loan
$246,000 of 6% Bonds,
Redemption
Mackenzie King of
Canada wishes the nations of Europe to know
a
for
their comradeship, I unveil
to Canada's dead.
Prime Minister
Redeem
to
External
example, of reverence
this memorial
spirit of thankfulness for their
In that spirit, in a
Such
He was succeeded by Count Hertling
an office he
of the Province of Pomerania,
held until 1919.
this hill 20 years ago.
for their devotion and of pride in
indemnities."
19, 1917.
chief President
became
and
*nd rebuilding of hope.
fallen comrades we invoke the splendor of their
consecration of our affection for them rather than the
or
by the Reichstag July
which drove the opposing hosts to
vanished from the fair landscape
annexation
"without
battle¬
conflict.
Already the scars of war have well nigh
beneath us.
Around us here today there
And so, also, in dedicating this memorial
done on those
solations which time brings that the deeds of valor
fields long survive the quarrels
667
Chronicle
Financial
143
State Loan
Speyer & Co., as American fiscal agents, have been in¬
the trustees of the State loan of the Kingdom of
Hungary 1924 that the Hungarian Government has provided
foreign currencies to meet 50% of the interest due Aug. 1,
1936.
For the balance, Pengo Treasury bills of the Govern¬
ment have been deposited to the credit of the trustees with
the National Bank of Hungary, said an announcement issued
July-27 by the Speyer firm, which added:
formed by
Canadians—ex-service
As directed by the trustees,
holders of the Aug.
men—participated in the exercises.
Speyer & Co. are prepared to pay to the
1,1936 coupons of the dollar bonds on or
after that
$9,375 per $18.75 coupon and $1,875 per
$3.75 coupon.
Such coupons will be stamped "paid 50%" and returned to
the bondholders to be reattached to their bonds in order that their claim
date, $18.75 per $37.50 coupon,
Receipts of Australia During Fiscal Year Ended June
30
Reported £3,656,000 in Excess of Ordinary
Expenditures
for the balance may be
♦
and expenditure of
the consolidated revenue fund of the Commonwealth of
Australia for the year ended June 30, 1936, shows an excess
of receipts over ordinary expenditure of £3,556,000" (Aus¬
tralian pounds), said cablegram advices from the Prime
Minister's Department, Canberra, F.C.T., Australia, to
David M. Dow, New York, Official Secretary for the
Commonwealth.
The result, it is pointed out, is subject to
minor adjustments.
The cablegram advices, as made avail¬
able by Mr. Dow, also contained the following:
"The interim statement of the receipts
The revenue increases over the
budget estimate include:
excise, £3,588,000: sales tax, £582,000.
$57,000 of 5% Gold Bonds of City of Brisbane (Australia)
Drawn for Redemption in Sinking Fund on Sept. 1
of City of Brisbane, Australia, 30-year sinking
gold bonds due March 1, 1957, are being notified
by The National City Bank, of New York, as fiscal agent
for the loan that there have been drawn by lot for redemption
in the sinking fund on Sept. 1, 1936, at their principal
amount, $57,000 of these bonds. Payment will be made on
that date at the head office of the bank.
Holders
fund 5%
Customs and
expenditure for relief to
The latter being due to increased
receipts from customs and excise on petrol.
The approximate
July 29, Speyer & Co., as special agent for the State
Paulo 15-year 8% loan of 1921, announced that,
pursuant to the terms of Decree No. 23829 of the Chief of
the Provisional Government of the United States of Brazil,
of
£1,680,000.
Victoria, deficit about 1225,000.
Queensland, deficit, .1742,000.
South Australia, surplus, £243,000.
Western Australia, surplus, 188,000.
Tasmania, deficit about i.230,000.
'
The
States
shows
for
result
combined
the issuance of four
of receipts
excess
an
of debt.
of approximately
the
£8,000,000 for sinldng fund for
following table shows the individual results in United States currency
The
coupons
which will be due
of $4.00 to the Australian pound:
Bondholders may obtain these new coupons
Decree.
ment, funds have been
Surplus
Government
Deficit
$6,720,000
900,000
State of Victoria
of the coupon.
2,968,000
State of Queensland
"972~666
State of South Australia
352,000
State of Western Australia
$15,548,000
L.
Robert
Fisher, Secretary of the New
issued the following announcement on
bearing on rulings by the Exchange on the bonds:
change,
$11,508,000
NEW
$4,040,000
Net surplus
York Stock Ex¬
"
920*666
State of Tasmania
deposited with Speyer & Co. sufficient
25% of the face amount of the July 1, 1936 coupon of
the above loan.
Acceptance of this payment is optional,
but if accepted by bondholders it is to be in full payment
to pay
$14,224,000
Federal
State of New South Wales
for interest
covered by
by presenting their bonds, with letter of transmittal, at the
office of Speyer & Co.
Under the terms of the Decree, according to the announce¬
,
converted at the approximate rate
additional
from
expenditure
over
£1,000,000, after providing from revenue
the redemption
the principal
July 1, 1936 to Jan. 1, 1938 inclusive,
maturing prior to expiration date of the period
figures.
Commonwealth of Australia and the six
the
exchange was provided for the payment of
this loan, which matured Jan. 1, 1936.
The State of
San Paulo has therefore, the announcement said, authorized
of
Figures for the States of Victoria and Tasmania have been approximated.
Those for other States are published
San
no
follows:
New South Wales, deficit,
Issues Four Additional
On
results of State Government finances for the year ended
June 30, 1936, are as
(Brazil)
Paulo
Coupons on 8% Loan of 1921—Funds Remitted for
Payment of 25% of July 1 Interest—New York
Stock Exchange Rules on Bonds
£1,474,000. principally due
primary producers, and grants to States for
Federal aid to main road construction.
San
of
State
.
Expenditure exceeds the budget estimate by
to
preserved.
July 31
YORK STOCK EXCHANGE
Committee
on
Securities
July 31,
Death of Dr. Michaelis, Chancellor
World War
Notice
of Germany During
will
of
Dr. Georg Michaelis, Imperial Chancellor of Germany
during the World War, died of a heart attack at Fuerstenwalde, Germany, on July 24.
Dr. Michaelis was 79 years
of age.
Associated Press accounts in a sketch of his career
said in part:
Dr.
-
Georg Michaelis succeeded to the
Before
assumed
Commissioner
and
office
arousing
a
as
Chancellor
Under-Secretary
he
bad
of Finance.
been
Prussian
Food
A week after his
ap¬
Reichstag Germany was ready for an honorable
pointment he told the
peace,
storm of adverse comment among
the allied nations.
in divine rule and at the start
World War had condemned parliamentarism and opposed any curbing
Deeply religious, he was also a believer
of the
of the Kaiser's powers.
He visited the United States
war
in Europe if France
Commentators
identify
$17.50
per
$1,000 bond on Aug. 1, 1936 ;
be dealt in "flat" and to be a delivery
That the bonds shall continue to
settlement
in
the
Feb.
1,
of
transactions
made
beginning Aug.
1,
1936,
must carry
1937, and subsequent coupons.
ROBERT L. FISHER,
Secretary.
Chancellorship of Imperial Ger¬
1 of the same year.
he
on
25-year 8% sinking fund external loan gold bonds, due 1946:
The Committee on Securities rules that the bonds be quoted ex-interest
Uruguay
1917.
July 14,
until Nov.
be made
1936.
been received that payment of $17.50 per $1,000 bond
surrender of the coupon due Aug. 1, 1936, from Republic
4
.
His predecessor was Von Bethmann-Hollweg.
Under fire almost from the first in the Reichstag, he held office only
many
having
in 1922, warning in an interview of a new
seized the Ruhr.
attributed his downfall as Chancellor to his refusal to
himself with
peace
/
resolutions demanding an end to the war
$929,000 of Bonds of Cuban 5% Loan of 1904 Drawn
for Redemption on Sept. 1—$107,000 Purchased in
Market by Fiscal Agents for Cancellation Through
Sinking Fund
was made on July 29 by Speyer & Co., as
the Republic of Cuba 5% loan of 1904, that
$929,000 principal amount of bonds of this issue have been
drawn for redemption on Sept. 1, 1936.
The bonds so
drawn will be paid at par on and after that date at the office
of Speyer & Co. in New York.
In addition to the above
drawing, Speyer & Co. have purchased in the market for
Announcement
fiscal agents for
Chronicle
Financial
668
cancellation
delivery of bonds with the July
sinking fund $107,000 principal
After retirement of these
through the
of bonds
amount
the
of this issue.
bonds, there will remain outstanding
1,
Jan.
That
$8,155,500 bonds out
1932, to Jan. 1, 1934, inclusive, and
1,
subsequent coupons attached; and
the bonds shall continue to he dealt in '"flat."
1937,
1,
and
Sales of Securities
Republic of El Salvador with the assent by
the holders of a
substant al majority of the outstanding bonds of all series
of the Republic to the recently announced readjustment
agreement.
This agreement was negotiated with the Re¬
public of El Salvador early this year by Douglas Bradford,
Secretary of the bondholders protective committee, and was
signed in New York on April 27, 1936, by the committee
and a representative of the Council of Foreign Bondholders,
of London, with Dr. Rodrigo Sanayoa, Minister of Finance
of the Republic.
It provides for cash payments on all
matured, unpaid coupons in arrears on the series A, B and C
bonds, and is the first such adjustment to also provide for
resumption of sinking fund payments retroactively for
From
an
announcement issued in the matter
Total sales of stock in June
6.0%
Distribution of the $85.0,000
The two leading New
of sales
$198,495
70,941
1
Sinking fund
$269,436
$173,993
28,377
eries B—Interest
Sinking fund
ies C—Interest
42,565
Sinking fund
increase of
SEC
$829,731
20,269
Account redemption scrip
$850,000
over
Rule
<
Exempting
Individual Notes and
Lien Upon Real Estate
Individual notes and bonds which are
leasehold interest therein
or
$1,074,477,
May.
Bonds Secured by
secured by lien upon
exempt from the
are
operation of Section 15(a) of the Securities Exchange Act of
1934, under a rule adopted by the Securities and Exchange
Commission, provided such notes and bonds are not part of
an issue of securities.
The effect of this rule, the Commission
July 24, will be to relieve brokers and dealers in mort¬
from the necessity of registration as over-the-counter
on
gages
brokers
357,925
10.1%
Adopts
business is. confined ex¬
dealers provided their
or
.
,
95.6% of the value
and 99.9% of bond
all exempt exchanges in June was
The dollar value of sales on
said
202,370
$315,360
—
York exchanges accounted for
exchanges, 94.5% of stock sales,
all registered
on
sales.
an
the following
will be made as follows:
(including rights) were 43,937,284 shares, or
Total principal amount of bonds sold was
Mays figure.
below
$332,383,475, and increase of 33.2%.
real estate
eries A—Interest
all registered securities ex¬
on
July 26 by the Securities and Exchange Commission. Stock
sales (including rights) had a value of $1,164,147,431, a
decrease of 4.8% from May; bond sales were valued at $283,772,216, an increase of 36%, the Commission stated, adding:
18 months.
is also taken:
value of sales
The dollar
changes in June amounted to $1,447,926,966, an increase of
1.1 % oyer the value of sales in May and an increase of 13.4%
over the value of sales in June,
1935, it was announced on
the largest single cash
payment that has come out of Central or South America
for bondholders since 1929, was made on July 30 by the
National Exchanges During June
on
Reported by SEC Above May
Readjustment Agreement
Payment of $850,000, reported as
•
.
Republic of El Salvador Pays $850,000 on Three Series
of Bonds—Represents First
Disbursement Under
New
FISHER, Secretary.
ROBERT L.
$35,000,000 bonds originally issued.
of the
clusively to selling or dealing in entire mortgage obligations
which are not part of an issue of such securities.
The exemp¬
tion does not extend to participation certificates issued
The
against single mortgage obligations.
new
rule is desig¬
nated Rule AN22.
With respect to
bonds of series A:
matured coupons, July 1, 1935, and Jan.
$49.50 will be paid for the two
on
1, 1936,
bond of $1,000.
bonds of series B:
each deposited
With respect to
and the scrip
SEC Amends Form 8 Under Securities Exchange Act—
1936,
bond
each deposited
matured coupons, July 1, 1935, and Jan.
1, 1936,
bond of $1,000.
with respect to bonds of lesser
Proportionate payments will be made
denominations of each series.
(r
and to receive new amiended
To collect these payments
certificates of
asked to present their certificates of deposit
The presentation of these certificates of deposit
collection of payment by certificate holders Who have not otherwise
is>uing depositary.
and the
expressed their assent to the plan
ments
and agreement, will automatically
consti¬
certificates of deposit,"* says the statement
by the committee to the holders, "assenting bondholders will receive
of deposit issued by the Manufacturers Trust
amended certificates
new
Co.,
the New York Trust Co., depositary,
and paying agent, which will be in such form that checks for future interest
payments may be mailed direct to certificate holders without the expense
and inconvenience of presenting the certificates of deposit for stamping
or collection.
Semi-annual payments of interest due July 1, 1936, and
thereafter will be made by check to be mailed to the holders of the amended
certificates of deposit by the
depositary.
.
Republic is now to remit
of the loan for the first
six months of 1936.
It is now expected that the interest coupon payment
due July 1, 1986, may be paid during August.
At that time the depositing
holders of bonds of series C who also hold certificates of deferred interest
(scrip) will be notified as to the first redemption thereof.'V
"Pursuant to the
under
reports
SEC, deeming it necessary for the exercise of the
it and necessary and
of investors
ties
do, pursuant to autnority conferred upon
to
so
the adjusted service
protective
Fred La vis,
As previous¬
stated, Douglas Bradford, 120 Wall Street, New York,
F. J. Lisman is the
"Form revised 7-27-36."
amendment shall be effective immediately upon
The foregoing
the committee.
t
used
for
any
Rule JB-1
amendment to an application for
JB-2
or
or
to
a
SEC
1 Coupon
on
coupon
due Aug.
Examination of Investment Trusts—In
Brought By Stockholder In Equity Corp.—
Court Denies Restrain¬
ing Order But Sets Aug. 6 as Date For Hearing
Begins
Justice Luhring of District
Preliminary to the public hearings brought under way by
Commission in Washington on
the Securities and Exchange
July 27, in furtherance of its examination of investment
trusts and companies, the Commission announced on July 24
that William W. Swift will act as officer to take testimony
Rulings on the bonds by the New York Stock
were announced as follows by Robert L. Fisher,
hearings.
At the
same
time the Commission said:
Exchange
Secretary,
Mr.
on
EXCHANGE
Inns of
July 30, 1936.
.
by the
interest pursuant to
5, 1934, and
having been received that payment of $10 per $1,000 bond will
made on or
after July 31, 1936, on surrender of the coupon due
July
1936,
31,
No.
holders may
order that
in
the United
23829, of
collect
States of Brazil, dated Feb.
notice
July
1,
The
1936:
Wednesday,
gold
,
Committee
bonds,
Aug.
5,
on
Securities
that
transactions
made
beginning
1936, in State of San Paulo 15-year 8% sinking fund
external loan of
rules
1921, due 1936,
Court, London, and is a
may
...
as
Assistant United States Attorney of the Western District of Tennessee
1917 and since leaving that office in 1922
and served for
time with the
a
The companies to
has been in private practice,
NRA."
be studied beginning July 27 include Interstate Equi¬
Corp., New York City; Chain and General Equities, Inc.,
Yosemite Holding Corp.,
Union
Investors,
be settled only by
Boston;
Detroit; Joint Investors, Inc., New York City;
Inc., Detroit, and Granger Trading Corp.,
New York
City.
has
Commission
set
for
down
Reliance International Corp., New
■
Decree
Mr. Swift will serve
holds a certificate from the
member of the Tennessee bar. He served
native of Tennessee
a
public
examination
Aug. 3, 1936, the following companies, also predecessors of
Securities
State of San Paulo that four
additional coupons due July 1, 1936, to Jan.
1, 1938, inclusive, will be
attached to the 15-year 8% sinking fund gold bonds, external loan of 1921,
due 1936, upon presentation
at the office of Speyer & Co. on or after
announcement
to the
Swift,
in
The
•Committee
Mr. Swift will assist him
preside when Commissioner Healy is absent.
only during the first part of the public inquiry.
July 30:
NEW YORK STOCK
he
and
ties
Republic.
Referring
amendment
1936.
Action
at the
of the 8% Republic of Uruguay bonds of
1, 1936, will be paid at the National City
Bank, New York, at the rate of 3j^% per annum, according
to announcement made July 28 by J. Richlind, Minister of
on
registration pursuant to
report pursuant to Section 13, if such
.
8% Uruguay Bonds of 1921 to Be
Paid at
Kate of 6 lA% Per Annum—Rulings on
Bonds by New York Stock Exchange
the
publica¬
tion, provided that Form 8, as it existed prior to such amendment, may be
Commissioner Robert E. Healy will preside.
The
it by the Securi¬
and 23(a) thereof,
printed copy thereof
Exchange Act of 1934, particularly Sections 12, 13
marked
Chairman of the bondholders'
committee, which consists of R. W. Iiebard,
Frederick E. Lober and Montgomery Schuyler.
1921
functions vested in
appropriate in the public interest and for the protection
hereby amends Form 8 to read as set forth in the
~
Aug.
Securities Exchange
the
readjustment agreement the
the amount necessary to cover
is Secretary of
annual
to
is filed with the Commission on or before Sept. 25,
.
.
on
of
The
for their present
depositary, successor depositary to
ly
Commission announced
1934, as well as amendments to applications for
registration under that Act.
The old form may still be used,
however, for amendments filed with the Commission on or
before Sept. 25, 1936.
The text of the Commission's action follows:
tute such assent.
"In exchange
Annual Reports
July 28 that certain changes had been made in Form 8, in
view of the fact that that form is now being used for amend¬
Act
deposit in exchange, holders are
to the
to
Registration Applications
The Securities and Exchange
bonds of series C:
$31.50 will be paid for the two
on
Amendments
and Amendments to
of £100.
With respect to
"
Form for
of
Use
matured coupons, July 1, 1935, and Jan. 1,
issued for the coupon of Jan. 1, 1933, on each deposited
£3-12-0 will be paid for the two
York City, and American
and
was at one
Monday,
Equity Corp.:
York City; Eastern Shares Corp., New
British & Continental Corp., New York, London,
California; and in addition, Reliance Management Corp.,
City, which
|l
on
New York
time controlled by Reliance International Corp.
For the public inquiry on these 10 companies, 47 witnesses have been
attend.
asked to hold themselves in readiness to
questionnaires in¬
issue of July 4, page 31.
Regarding a writ to stay the hearings a Washington dispatch
July 27 to the New York " imes ' said:
Reference to the examination, and the
cident thereto,
£
T.
The
effort
Fisher,
a
to
was
halt
the
made in
hearings
our
by injunction was made by Frederick
former director of Chain and General. The suits were filed
of 10 a. m., the time set for the
in the United States District Court ahead
Financial
143
Volume
669
Chronicle
Requirements Desirable
Fixed Reserve
the
Mr. Fisher filed two identical suits, one against
other against Equity Corp., into which was merged many
hearings to begin.
SEC
and the
In
investigation.
resident of New Canaan, Conn.,
companies now under
of the
suit Mr. Fisher, a
one
informed the
before the SEC as a witness,
and asked that the commission be restrained from enforcing the subpoena.
In the second suit, against both the Equity Corp. and the commission,
Mr. Fisher asked that the officers and directors of the corporation be
enjoined from complying with an SEC subpoena and also that the SEC
had been subpoenaed to appear
court that he
technical wording in Section 30 of
SEC to "investigate and study"
the set-up of utility holding companies and make a report to Congress on
that study.
It is Mr. Fisher's contention that the words "investigate and
study" cannot be construed so as to empower the SEC to hold public
suits
directed mainly at
are
to the best
as
Contentions in the Suits
his bills that the
Fisher sets forth in
Equity Corp, was
asked by
calls for the production of records
the corporation, but that the directors of the corporation have refused
accede to his demand.
Forming part of the bill is a reply from the
of
to
subpoena, which also
the corporation advising him that the latter is co¬
operating with the SEC in its investigation of holding companies.
It is asserted in the suits that the stockholders of the corporation will
be irreparably damaged if the directors and officials comply V ith the
subpoena, because it Vill necessitate the removal of valuable corporate
records to Washington, vbere they may remain for several months.
Mr. Shencker
counsel representing SEC), opposing the suits, told the
court that the preliminary investigation of the investment companies has
been in progress for more than a year; that all the evidence the SEC needs
already is in Washington, and that there is to be no removal of books or
other records from the company's office to Washington.
legal representative of
restraining order when
counsel entered into an agreement Under which the SEC will not call
officials of Equity Corp. or Mr. Fisher to testify until a hearing is held on
the motion for a temporary stay.
Justice Luhring set Aug. 5 for a hearing
on
to sign
Luhring refused
Justice
temporary
a
this.
July 18 issue, page 356.
our
in Re¬
Trust Co. on Increase
Comments by Guaranty
Requirements of Member Banks in Federal
Reserve System—Excess Reserves Not Most Impor¬
serve
economies in the opera¬
tion of the 12 Federal Reserve banks, Joseph A. Broderick,
a member of the Board of Governors of the Federal Reserve
is
System,
the Board of Governors of
check credit expansion
through an increase of 50% in reserve requirements of
member banks in the Federal Reserve System, the Guaranty
Trust Co. of New York states that whatever view may be
taken as to the wisdom of the increase, and its probable
effect under present conditions, it is important to remember
that no possible line of action by banking authorities can
assure the future soundness of the country's monetary and
banking system so long as the Federal budget remains in
its present state.
This comment is made in the "Guaranty
to
System
Reserve
Federal
July 27. According to
the
"Survey," "excess bank reserves represent only one
aspect—and, in the long run, not the most important aspect
—of the menace of inflation.
Regardless of Federal Reserve
policy," it is noted, "a balanced national budget is abso¬
lutely essential to the preservation of a sound currency."
sufficient to cover expenditures,
situation
This
over
Our
use
view
own
this
of
be,
that the
changing of
that should be used only on the rarest
and urgent need of control.
Frequent
method would make it impossible for bankers to know where
is
device
a
is
there
when
clear
a
As long as bankers in this
credit policies.
in formulating their
they stood
continues to
and
been,
has
requirements
reserve
subject to fixed laws and rules governing reserves, it is of
importance that they know what their reserve requirements are.
country remain
the
utmost
The
of drastic changes—particularly advances—in
requirements would constitute a serious unsettling influence in the
possibility
ever-present
reserve
this
For
first
to
their
use
position,
at
is
Reserve authorities
to increase
power
the
hold
should
be
avoided and
of
by the
reserve
The
dividend is fixed by law
6%
Possible
The
tutes
possibility
of
Effects
effects
reduced the
rate
average
last
the
In
paid on Federal obligations.
of the last few years have
interest rate on such securities.
In 1933
on
government bonds was 3.31%.
Now it is 2.51%.
alone the yield of government short-term paper has
interest
was
Treasury's heavy refinancing operations
The
materially
the
into surpluses.
go
$39,796,177
which
fallen
year
average
0.09%.
0.17% to
from
.
.
and Expenses of Member Banks of Federal
System—Net Profits Shown in 1935 for
Time Since 1931—Gross Earnings in 1935
Earnings
Reserve
First
Slightly Smaller Than in Two Previous Years
Federal Reserve "Bul¬
Reserve System, taken
as a wlio'e, showed net profits for the year 1935 for the first
time since 1931.
It is stated that these profits were earned
notwithstanding the continued low level of money rates and
the large volume of funds for which the banks found no
employment and on which they consequently received no
According to the July issue of the
improvement, the "Bulletin" goes on to say,
a decrease in charge-offs, an increase in re¬
The
return.
reflected
has
appreciation in
and
coveries,
and
earnings
expenses
are
on
on
EARNINGS AND EXPENSES OF MEMBER
Board's
the
far
security and
1,684
Net earnings from current
a
determination
the
on
general business situation
impair business
to
adverse
influence
commitments,
far
the
as
fear
of
effect
durable
an
on
such
action
has
as
of
ultimate
the
goods
been
bond
confidence in
especially
issues,
Federal
the
inflationary
business
industries,
outlook,
may
849
833
$378
$394
$374
operations
254
376
295
♦
858
873
638
557
,—356
—225
212
409
151
174
187
125
137
depreciation
profit or loss (—)
_
the
strong
new
last
with
few
and
years;
respect
construction, and the like.
Reserve
authorities
the
general
rise
in
and
particularly
on
reasonably be regarded
serves
level
to
of
In
quiet
prices,
prospects
as
this
long-term
to
for
constructive.
so
the
its
the
to the figures, the "Bulletin" says:
With regard
.Net profits,
current
shown in the tables, include not only net earnings from
as
operations
profits on securities sold, less
depreciation.
In 1935 net profits were slightly
total capital funds, as compared with
4%% of capital in 1934 and 7%% in 1933.
In the
also recoveries and
but
charge-offs for losses and
than
more
for
$100 of
every
about
of
losses
net
$4
period from 1925 to 1929 net profits averaged nearly 9% of capital funds.
Cash dividends declared were increased slightly in 1935 and for the first
1929 were covered
in full by net profits; they continued, how¬
time
since
ever,
smaller than in the years prior to 1933.
earnings from
Gross
is concerned, it is quite con¬
ceivable
that the lowering
of excess reserves may have a stimulating
influence, rather than the reverse.
Even with the decrease in excess
reserves,
existing bank resources will, of course, remain more than ample
to meet any probable demand; for commercial credit for some time to come.
Moreover, the fear of inflation has been one of the most important factors
tending
859
$715
Recoveries, profits on securities sold, &c._.
commodity markets has also
indicates
and
gesture
1935
$1,207
$1,244
$1,237
„
Total current expenses
Losses and
1934
1933
1929
Total current earnings—,<
action.
the
as
BANKS
(In Millions of Dollars)
Trade and Finance
inflationary influences, the increase
in reserve requirements may reasonably be interpreted as diminishing the
likelihood and the ptobable magnitude of an ultimate price inflation, and
thus as representing a conservative market influence.
However, the extent
to which
present price levels rest upon inflationary expectations, rather
than upon the outlook for sound and orderly business recovery, is an open
question.
At any rate, market trends have not yet been visibly affected
As
securities sold. The figures
presented as follows in the
"Bulletin":
Net
part of the banking authorities to resist
by
/
•
♦
To the extent that the action of the Board consti¬
discussed.
anti-inflationary
an
Earnings in excess
maximum.
as a
When net earnings fall below 6% the
surplus fund may be drawn upon to declare the full dividend.
Last year the 12 banks combined, despite a
$69,000 operating deficit
at the Minneapolis bank, paid a normal dividend amounting to $8,504,974,
and $641,301 was transferred to surplus.
Illustrating the importance of the yield on government securities to the
income of the banks, their combined gross earnings totaled $42,751,000, of
amount
that
Cash dividends declared
been widely
fixed ratio to its own
to an amount of stock in
required to subscribe
capitalization.
adjustments
that current
position of member banks should continue to be made
traditional methods of discount policy and open-market operations.
the
as
of the Jteserve
requirements,
requirements
reserve
'
with any bank, to their
banks are the commercial
membership in the Reserve System.
Each member bank
require¬
reserve
for them to exercise their full power at once
rather than to proceed by stages and thus
keep member banks in a state of constant uncertainty.
Under present
conditions such a state of uncertainty will exist, although it is gratifying
to note that the Board of Governors recognizes that frequent changes in
double
and
cut an undisclosed extent.
the Reserve banks are paid,
stockholders
The
which
banks
at
been
have
dividends of
stockholders.
saving of $240,000.
In addition, the salaries of
Philadelphia, Richmond, Minneapolis and San
annual
an
Presidents
bank
the
of a salaried
be better
would
it
ments,
of the Board
of
part
for preventive measures in advance
situation called
that the
choose
should
and
have also felt that if the Federal
we
reason
decide
the steady decline,
the economy drive, the position of Chairman
of the individual banks has been made an honorary instead
As
of
banking situation.
should
from
the interest rate paid on government
of these securities and the
96% of their earnings.
in
$2,430,000 000
constitutes
them
have resulted
to
years,
hold
banks
The
from
income
declared
was
of several
period
a
securities.
insufficient
Associated Press a$v
but leaving an
margin for the usual 6% declaration.
vices from Washington, July 24, state:
letin," member banks of the Federal
part, the "Survey" continues:
occasions
visiting the various banks, inspecting their
higher-bracket payrolls, looking for additional
possibilities for savings.
It was indicated in press accounts
from Washington, July 24, that the survey has been under¬
taken following the disclosure that figures of the Reserve
banks for the first six months of this year show earnings
Survey," issued by the company on
In
about
to bringing
view
a
methods and
of
Discussing the recent move of
the
Effect Economies
Survey by Board of Governors to
Inflation—Balanced Budget Held
in
Factor
Essential to Maintain Sound Currency
Federal Reserve Banks Prompts
Decline in Earnings of
The
\
the increase in
15, was referred to in
regarding
announcement
requirements, effective Aug.
reserve
Francisco
tant
policy.
Board's
The
With
hearings and issue subpoenas.
him to resist the
The
question.
Act, which directs the
the Public Utility
Mr.
to business
has been used to give this assurance
means
comparative merits of raising reserve require¬
ments, reducing the Federal Reserve banks' holdings of government securi¬
ties, and other possible means of control have been actively discussed in
financial circles for many months without bringing any general agreement
another
is
be enjoined.
Both
best
Whether the
[this
the chart
and
we
expenses
smaller
than
substantial
securities
than
reduced
in
also
in
recoveries
sold.
in
the
for
charge-offs
1935
as
previous
four
Although
current operations were
from
The improvement in net profits reflected
charge-offs
on
table and in
investments.
loans and
on
earnings
bad
of
Charge-offs for losses and
$500,000,000 in
000,000
yields
net
shown in the
as
slightly smaller in 1935 than in 1933
were
declined,
earlier years.
decrease
in
increase
omit.—Ed.l
reflecting
1934,
current
operations,
current
and
previous
and
years
depreciation
compared with
years
doubtful
an
about
with
an
and
profits
on
amounted to
average
a
and
assets,
more
of nearly $800,-
$200,000 000
in
the
The net losses reported by member banks from 1932
due to these large charge-offs.
period prior to 1929.
to
1934
The
a"d
were
chart
current
shows
that
expenses
from
increased
1927
through
slightly.
1929
The
total
increase
current
in
total
earnings
current
670
Financial Chronicle
earnings
in
loans
and
from
a
of
that
member
and
1935,
than
of
loans
on
as
and
banks
member
and
in
yields
of
continued
of
an
offset the
effect
to
in
part
securities.
on
declines
in
increase
the
in
volume
of
institutions and detailed analyses of earnings and expenses
small increase resulting
a
by States and of insured commercial State banks grouped
by size of banks.
total
1933
steadily, reflecting in part
result
a
1929
From
rates.
declined
investments
interest
in
banks
growth
there was also
although
interest
principally
reflected
period
investments,
rise in
current
earningB
decrease
a
in loans
reduction
a
in
rates
1927 to 6.10%
1935.
Interest
in interest
rates,
which
more
earning assets.
5.45%
1929, and declined to 4.68% in 1933 and 4.16% in
rates on investments declined from an aver¬
in
dividend
and
of 4.70% in the years 1927-1929 to 3.53% in 1933 and 2.76% in 1935.
the period of
decreasing gross earnings Bince 1929 member banks
age
In
have
on
reduced
also
deposits.
from
1927
demand
1930,
deposits
Total
salaries
1935,
but in
reduction
a
•
eliminated by the
about
of
Banking Act of
1933.
banks increased slightly in 1934 and
about one-fourth smaller than in 1929,
by
paid
wages
latter year were
the
vestments.
on
practically
was
and
with
compared
principal reduction was in interest paid
time deposits, which averaged about 3 1/3%
averaged less than 2% in 1935, and interest paid on
The
expenses.
Interest paid
to
one-fifth
in
total
loans
and
in¬
Stock of Money in
the Country
The Treasury
Department at Washington has issued the
customary monthly statement showing the stock of money
in the country and the amount of circulation after deducting
the moneys held in the United States Treasury and by
Federal Reserve banks and agents.
The figures this time
are for June 30,
1936, and show that the money in circu¬
lation at that date (including, of course, what is held in bank
vaults of member banks of the Federal Reserve System) was
$6,241,204,963, as against $5,952,598,759 on May 31, 1936,
and $5,567,092,519 on June 30, 1935, and comparing with
$5,698,214,612 on Oct. 31, 1920.
Just before the outbreak
of the Wolrd War, that is, on June 30,
only $3,459,434,174.
—
'
^
of
A further decrease occurred
The average rate of interest and discount on loans increased from
in
Aug. 1, 1936
1914, the total
was
The following is the full statement:
These
changes in current earnings and expenses have had the net result
enabling member banks to continue throughout the depression to show
earnings on current operations, which in most of the past 10 years
of
net
have amounted to about 1.50%
of total loans and
declined in
low level of 1.29%.
Losses
1935, however,
to
a
investments.
This ratio
and investments charged off by banks
began to increase
practically all earnings and profits in 1931, and resulted
1932, 1933 and 1934.
In 1934, although allowances for
loans
on
in 1930, absorbed
in
losses in
net
losses
and
depreciation
stantially
from
larger
securities
1930,
while
increase,
sold,
The
the
and
result
total
and
Both
Federal
profits
investments
National
in
and
net
as
sold
whole,
a
reported
showed
again
1935, however,
also the ratios of
sub¬
net
further
a
showed
less
was
net
than
profits to total
capital funds.
member
as
with
compared
as
as
profits in
were
taken
banks
the smallest amount since
to
securities
banks,
to total
State
district,
1935
member
previously written off and profits
from
the
of
level,
and
Reserve
losses
profits
that
amount
half the pre-depression
loans
maximum,
a
from
In 1935 losses declined
recoveries
with
profits.
reached
recoveries
banks
and
member
whole
net
in
each
losses
a
in
1934.
banks
in
each
showed
group,
Member
net
banks
in
the
Minneapolis and New York districts, which reported relatively the
largest net losses in 1934, showed the greatest improvement in
1935, while
member
banks
in the
Richmond
and Chicago
districts, which reported
relatively small net losses in 1934, showed the smallest improvement in
earnings in 1935.
Insured
non-member banks,
for which
figures are
compiled by the Federal Deposit Insurance Corporation, also reported
larger
net earnings and smaller
charge-offs in 1935 than in 1934, but these banks
as
a
showed
group
Data
for
become
with
deposits of
operations in
in
1935,
includes
tinued
a
National
available.
small
over
banks
with
net
a
in
1935.
for the year 1935 have not yet
groups of insured State banks, except those
$50,000,000, showed larger net earnings from current
1934,
allowances
to show
size
group
size
1935 than in
after
loss
net
banks by
All
for
deposits
and all but
recoveries,
between
of
loss, though
a
one
losses,
&c.
$5,000,000
much smaller
showed
group
The
and
which
$50,000,000
than
one
net profits
group
in
con¬
1934.
Resources of State Banks Dec. 31 Reported Over
$3,000,-
000,000 in Excess of Dec. 31, 1934—Survey of Ameri¬
Bankers Association also Shows Like Gain in
can
Deposits
Continued improvement in the condition of State chartered
banking institutions, with an increase of more than $3,000,000,000 in a year in total resources, is shown in a report
issued July 25 by the State Bank Division of the American
Bankers
Association.
Division's
The
Committee
report was prepared by the
Bank Research from data
State
on
furnished by State banking departments.
"The combined
of 10,473 State supervised banks were
$35,724,-
resources
723,000
of
as
deposits
Dec.
amounted
31,
1935,"
the
report
"Total
says.
to
$30,526,920,000.
Total loans and
discounts stood at $12,430,404,000 and total investments
were
$14,170,421,000."
A year previous, tables in the
report show, there were 10,644 State supervised banks, with
combined
resources
of
$32,680,203,000; total deposits,
$27,297,959,000; loans and discounts, $13,060,033,000, and
investments, $12,582,325,000.
Of the reporting State banking institutions on Dec.
31,
1935, 82% were commercial banks, the report states, 9%
trust companies, almost 9% stock and mutual
savings banks
and less than 1% were private banks.
Continuing, the
report says:
The parallel upward movements of deposits and total invested funds of
total State
supervised bafiks during the
in these items in
recovery
in
supervised banks
it is
noted:
(1)
previous year,
year
1932 and
State
banking.
1933,
Based
on resources
compared with
1933, and declines of 7%
from
years
on
1935
an
and
1934 and 1935, after declines
indications of definite steps toward
figures assembled for
and liabilities
that deposits in
as
are
rose
as
of Dec.
31,
approximately
total
over
increase of about 9% in 1934
12% in
1933 and
State
1931 to 1935,
12%
over
the
the
1932, respectively,
the
preceding years of 1932 and 1931; and (2) that total invested
funds increased by approximately 2% in 1935 and also in 1934, while
they
had decreased by 9% in 1933 and by 11% in 1932.
In
X3
and analysis of earnings and expenses of
State banks doing a commercial business, it is brought out
that in a majority of States they have increased their
earning
ability during 1935.
On the basis of data covering 7,928
a
banks in 42
States, the report
says:
The most significant fact to be pointed out is that
banks, after deducting charge-offs
recoveries,
2 2
survey
were
new
profits of State
loans, investments, &c., and adding
shown in 37 of the 42 States which reported in 1935, in
on
comparison with net profits in only 11 of the 35 States reporting in 1934.
Measured in terms of dollars per each $100 of invested funds, net profits
in 1935 ranged between $2.40 and $0.10 per $100, with
profits of $1.00
or over
per
19 States showing
$100: while in 1934 net profits did not exceed
$1.20 per $100 and only three States showed profits of $1.00
The
report contains
resources
and liabilities
voluminous
of
all
classes
tables
of
or
over.
showing
State
the
chartered
©
2
O O
o
CO
a a
QQ OQ
•
Revised figures.
a
Does not include gold other than that held by the
Treasury.
b These amounts are not Included in the
total, since the gold or silver held i
security against gold and sliver certificates and Treasury notes of 1890 Is include
under gold, standard silver dollars, and silver
bullion, respectively.
c
This total includes credits with the Treasurer
of the United States
payable i
gold certificates in (1) the Gold Certificate Fund-Board of
Governors, Feder
Reserve System, in the amount of $5,291,078,912, and (2) the
redemption fund f<
Federal Reserve notes in the amount of $12s948,478.
d Includes
e
$1,800,000,000 Exchange Stabilization Fund.
Includes $60,800,000 lawful money deposited as a
deposits.
reserve
for Postal Savinj
f The amount of gold and silver certificates and
Treasury notes of 1890 should 1
deducted from this amount before combining with total
money held in the Treasui
to arrive at the total amount of
money in the United States.
g Includes
Atlanta.
money
held by the Cuban
agency
of the Federal Reserve Bank
_
<
Volume
held outside the con-
h The money In circulation Includes any paper currency
nental limits of the United States.
United States
Note—There Is maintained In the Treasury—(1) as a reserve for
Treasury notes of 1890—1166,039,431 in gold bullion; (11) as security for
Treasury notes of 1890—an equal dollar amount In standard silver dollars (these
notes are being canceled and retired on receipt); (111) as security for outstanding
silver certificates—silver in bullion and standard silver dollars of a monetary value
notes and
equal to the face amount of such silver certificates; and (Iv) as security for gold
certificates—gold bullion of a value at the legal standard equal to the face amount of
such gold certificates.
Federal Reserve notes are obligations of the United States
and a first lien on all the assets of the Issuing Federal Reserve Bank. Federal Reserve
notes are secured by the deposit with Federal Reserve agents of a like amount of
gold certificates or of gold certificates and such discounted or purchased paper as Is
eligible under the terms of the Federal Reserve Act, or, until March 3, 1937, of
direct obligations of the United States If so authorized by a majority vote of the
Board of Governors of the Federal Reserve System.
Federal Reserve banks must
Including the redemption fund
which must be deposited with the Treasurer of the United States, against Federal
Reserve notes in actual circulation.
"Gold certificates" as herein used Includes
credits with the Treasurer of the United Statotpayable in gold certificates. Federal
Reserve bank notes and National bank notes are In process of retirement.
maintain
a reserve
671
Financial Chronicle
143
by Wayne C. Taylor, Acting Secretary of the Treasury.
They will be 273-day bills, and will be sold on a discount
basis to the highest bidders.
Tenders to the offering will
be received at the Federal Reserve banks, or the branches
to 2 p. m., Eastern Standard Time, Monday,
Tenders will not be received at the Treasury De¬
partment, Washington.
The Treasury bills will be dated Aug. 5, 1936, and will
mature on May 5, 1937, and on the maturity date the face
amount will be payable without interest.
On Aug. 5 an
issue of similar securities in amount of $50,102,000 will
thereof,
Aug. 3.
up
They (the bills) will be issued in bearer form only, and in amounts or
denominations
of
$1,000,
tender
for
an
Banks
Savings
Below
$10,000,000
Deposits
Association
1932—National
of
Reports
July 1 Total at $10,020,013,775—Depositors, Assets
and Surplus Reach New Peaks
Deposits in mutual savings banks of the United States
exceeded $10,000,000,000 on July 1, a matter of $10,000,000
less than the all-time record established in 1932, it was
announced
on July 27 by the National Association of Mutual
Savings Banks, which reported the July 1 total at $10,020,013,775.
"In 16 of the 18 States where mutual savings
banks
the Association said, "there was a con¬
sistent rise of deposits in the first half of 1936.
Massachu¬
setts led with a gain of $32,719,724, followed by New York
with $31,379,324 and Connecticut with $10,243,149.
The
gain for the half-year in all of the States was $102,200,723,
or more than twice the increase in
the last six months of
operate,"
In the first half of 1936 depositors of mutual institutions also grew
increase
numbers,
the
total to
new
a
also
increase
This
was
that in
the
last
in
bringing the
262,235,
substantially higher than
120 years of mutual savings banking, and the rate
above
rose
again led with
to
amounting
record of 14,340,047.
before in the
ever
of accounts
half of
of
Massachusetts
1935.
gain of 89,146 depositors; New York was second with
a
69,394, and Connecticut third, 33,142.
While deposits and depositors were increasing, assets likewise
to their
New York had the largest gain,
highest point, $11,349,335,582.
Massachusetts,
$42,545,306;
Total gain for
18 States
the
advanced
$40,646,534;
$16,249,222.
Pennsylvania,
Each
The price offered must be expressed
the basis of 100. with not more than three
on
decimal places, e. g., 99.125.
J
Fractions must not be used.
deposit from incorporated banks
and trust companies and from responsible and recognized dealers in invest¬
ment securities.
Tenders from others must be accompanied by a deposit
Tenders will be accepted without cash
of 10% of the face amount of Treasury
are
bills applied for, unless the
accompanied by an express guaranty of payment
bank
or trust company.
tenders
by an incorporated
•
Aug. 3,
thereof
opened and public announcement of the
soon as possible thereafter, probably on
Immediately after the closing hour for receipt of tenders on
1936, all tenders received at the Federal Reserve banks or branches
up
the closing hour will be
to
acceptable prices will follow as
the right to reject any or all tenders or parts
than the amount applied for,
of tenders, and to allot less
and his action in any such respect
Those submitting tenders will be
final.
expressly reserves
The Secretary of the Treasury
the following morning.
Federal Reserve banks in cash or
must be made at the
The Treasury bills will be exempt, as to
taxation, except
bills allotted
other immediately
Aug. 5, 1936.
on
gain from the sale
shall be
advised of the acceptance or re¬
Payment at the price offered for Treasury
jection thereof.
available funds
The Association further reported:
1935."
$1,000,000
$1,000 will be considered.
amount less than
tender must be in multiples of $1,000.
Record
$500,000, and
$100,000,
$10,000,
(maturity value).
No
Mutual
•
July 30, Mr. Taylor stated:
In his announcement of
mature.
in gold certificates of at least 40%,
or
principal and interest, and any
exempt, from all
(Attention is invited to
not exempt from
other dispostion of the Treasury
otherwise recognized, for the pur¬
other disposition thereof will also be
and inheritance
estate
taxes.
Treasury Decision 4550, ruling that Treasury bills are
No loss from the sale or
the gift tax.)
bills shall be allowed as a deduction, or
of
poses
hereafter imposed by the United States or any
any tax now or
of
its possessions.
and this notice
the conditions of their
Circular No. 418, as amended,
Treasury Department
prescribe the terms of the Treasury bills and govern
issue.
$136,942,534, also maintaining the ac¬
was
celerated rate of increase.
by $26,126,988 to $1,238,977,039,
The combined surplus account rose
The New York banks gained by $11,373,200;
another record.
by $6,898,104, and Massachusetts by $4,826,554.
%,
an
rate of gain was
Surplus ratio to deposits for the 18 States now stands
moderately higher.
at 12.4
The
Pennsylvania
increase of 0.2 of 1 %, providing a reserve of more than 12 cents
for each $1 of deposits.
Other figures governing mutual deposits were of interest.
account
July 1 stood at $698.74,
on
in the half-year.
small
This fact
Rhode
accounts.
$846.06;
New
York,
dividend rate for
Island
had
the
and
Massachusetts,
all mutual banks
low earning power
Mutual
explained by the large number of new,
was
$788.04,
be
savings
especially
accounts are
officials
highest
of
accounts,
$668.76.
$2,822,098.31 new domestic.
and
Average
average
and assay
MINTS AND ASSAY
RECEIPTS OF GOLD BY THE
2.58%, reflecting the continued
growth
that
of deposits
The increase of small accounts is held
of
saving
the
spirit.
Numbers
of such
than a dollar or two, and savings bankers
no more
of these accounts
are
New York
-
1% a year in the rate of interest charged on
directly to industrial and commercial borrowers,
was annouuced on July 30 by the Federal Reserve Bank of
Cleveland.
The change is effective today (Aug. 1).
The
announcement by the Bank (to quote Associated Press ad¬
vices from Cleveland June 30) said that "the reduction made
amounts to a flat 1% per annum except that, in no event,
shall the rate be reduced below 43^% per annum."
$141,262,000 Received to Offering of $50,000,000 of
273-Day Treasury Bills Dated July 29—$50,047,000
Accepted at Average Rate of About 0.224%
San Francisco
________
Total for week ended July
Tenders
totaling $141,262,000 were received and $50,047,accepted to the offering of $50,000,000, or thereabouts,
of 273-day Treasury bills, dated July 29, 1936, and maturing
April 28, 1937, it was announced on July 27 by Wayne C.
Taylor, Acting Secretary of the Treasury.
Reference to
the offering was made in our issue of July 25, page 513,
The bids were received at the Federal Reserve banks and
2 p. m., Eastern Standard Time,
In his announcement Mr. Taylor said:
The accepted bids ranged in price
from 99.945, equivalent to a rate o
about 0.073% per annum, to 99.811, equivalent to a rate
of about 0.249%
Only part of the amount bid for
bank discount basis.
latter price was accepted.
The average price of Treasury bills to
be issued is 99.830 and the average rate
It
was
announced by the
GOLD
RECEIVED
is about 0.224% per annum on a
average
rate of 0.224% compares with rates on
273-day bills of 0.115% (bills dated July 22),
0.071% (bills dated July 15), 0.067% (bills dated July
0.191 % (bills
Treasury
BY FEDERAL RESERVE
on
July 27, that
BANKS AND THE
TREASURER'S OFFICE
(Under Secretary's Order of
Dec. 28, 1933)
Gold Coin
Received by Federal Reserve
Week ended July 22
Banks:
Gold Certificates
—
Received by Treasurer's
$18,265.92
31,641,940.92
$383,830.00
109,518,830.00
$31,660,206.84
Received previously
$109,902,660.00
~2~6~8~,4~56~66
$3,600.00
2,481,020.00
$268,456.00
$2,484,620.00
Office:
22
Redeived previously
Week ended July
—
Total to July 22
-
Note—Gold bars deposited with the
New York Assay Office in the amount of
$200,572.69 previously reported.
Previous reference to
The
$2,822,098.31
requiring all gold to be returned to the Treasury. Since the
Order was issued and up to July 22 receipts have totaled
$144,315,942.84. Of the amount received during the week
ended July 22, the Treasury revealed, $18,265.92 was gold
coin and $387,430 gold certificates.
The following is the
data made available July 27 by the Treasurury:
bank discount basis.
recent issues of
510.08
305,655.27
$405,695.92 of gold coin and certificates was received by the
Federal Reserve banks and the Treasurer's office during the
week ended July 22, under the Order off Dec. 28, 1933,
the branches thereof up to
annum, on a
$252,368.24
$2,657,276.64
24, 1936__
$181.55
295,000.00
1,548.998.24
671,753.17
$405,696 of Hoarded Gold Received During Week Ended
July 22—$18,266 Coin and $387,430 Certificates
000
at the
New Domestic
1% Annually to 4J^% Minimum
A reduction of
per
$90,616.80
78,700.00
27,146.81
28,195.97
19,943.45
7,765.21
New Orleans
loans made
July 27.
Secondary
$9,507.19
2,152,000.00
424,941.56
70,827.89
Philadelphia
Denver
growing by similar amounts.
Cleveland Federal Reserve Bank Lowers Interest Rate
Industrial Loans
OFFICES
and depositors
Seattle
on
The gold, the Treasury
received as follows by the various mints
offices during the week ended July 24.
made known, was
Imports
said
symptomatic
opened with
note that many
was
$5,731,743.19 of gold was received during the
July 24 by the various mints and assay offices,
the Treasury announced on July 27.
It said that $2,657276.64 of this amount was imports, $252,368.24 secondary
A total of
week ended
of capital.
pointed to general improvement.
to
The average
decrease of almost $6 per account
a
Mints and Assay Offices During Week
24—Imports Totaled $2,657,277
Gold Receipts by
Ended
July
made in
our
the receipts of hoarded gold was
issue of July 25, page 513.
8),
dated July 1), and 0.240% (bills dated June 24).
United States Under Nationaliza¬
Week Ended July 24 Amounted
to 2,586.40 Fine Ounces
Announcement was made by the Treasury Department on
Silver Transferred to
tion Order During
Thereabouts, of 273-day
1936
Announcement of a new offering of Treasury bills to the
amount of $50,000,000 or thereabouts, was made on July 30
New Offering of
/
$50,000,000
or
Treasury Bills—to Be Dated Aug. 5,
July 27 of the transfer of 2,586.40 fine ounces of silver to
the United States during the week ended July 24, under the
672.
Financial
Chronicle
Executive Order of Aug. 9, 1934,
nationalizing the metal.
The Treasury, said that
112,963,182.18 fine ounces of the
metal have
of
Says Quoddy Will Be Finished
Speaking late this afternoon before
been transferred since the issuance of the Ored
Aug. 9, Which
given in
was
issue of Aug.
our
Jbrom
the
Treasury's
lowing is taken
11, 1934,
of July 27
announcement
"Quoddy will be completed.
to°'"
the fol-
and
SILVER TRANSFERRED TO UNITED STATES
,
San
*
2
New Orleans
__
2
1.
______
r
and
power
5 Maine.
-
a
—-
■
as
III
the
e
silver
conference,
Pa^s
Mr
was
he
Newly-Mined Silver by Mints and Assay
Treasury Purchases Totaled 716,Fine Ounces During Week Ended
July 24
of silver
turned
were
talked
Rockland,
a
total of 716,360.85 fine
r
410 fine
onnoes
ot the metal have been turned
ounces
„
'
_
*
Dec.
adefphia^
21,
1933
as
of
receipts
^„„a
^at
j
\
'
i
Roosevelt
Waters-—Visits
Ends
Cruise
in
Home
at
Summer
North
include
to
developments
Potomac,
employed
ride
were:
issue.
.
;
.
Regarding the conclusion of the President's cruise, a dispatch July 28 from Campobello Island to the New York
said:
covered 437 nautical miles in about 90 hours
Rockland, Me., July 14..
m8ht8rfarriVf1 rebrraente<*tbe President's second
many days, for he stopped here from 2 to 4
p.
...
visit to Campobello
yesterday,
m.
remain-
ing in the cockpit of the Sewanna while Mrs. Roosevelt and a
party of
friends went out to visit him and their
three sons in the Sewanna's
crew,
James, Franklin Jr. and John.
^
whicty shared with the destroyer
the Passamaquoddy
on
on
■
„
From the start
on
on
of the cruise,
shore until he went in
slan
ang
page
President
however, Mr. Roosevelt
small boat to
a
Roosevelt
dress
detail
^
salute
by
a
company
uniforms, drawn
has
been
to the President
up
has
not -touched
further
-
,
!?"!n Royal n' ?
EWaS, Canadian Mounted
^
assigned by the
at
the
Roosevelt
fOT.a
in
Dominion
Police,
private wharf.
project.
Government
to
act
as
to
the
Ated Stat
tions
With
From the
S
same
i
r»
and Canada
as a
Lord
•
„
,
n
was given by President Rooseprincipal topic of the proposed con versa-
Tweedsmuir
account to
and
Prime
the "Times"
Minister
King.
also quote:
we
He indicated that he would also discuss
proposals for exchange of dutyfree power between the two countries.
He gave no details of his
need, based
on
own
ideas
on
the
subject, but emphasized the
the history of industrial
development, for additional sources
of power.
In the category
•
of discussion he listed the St.
velopment, for which
Lawrence waterway de-
treaty
was turned down by the Senate
early in
possible tidal power plant, in this region, far
larger than the experimental Passamaquoddy experiment, on which work
is soon to stop, at least for the
present, for lack of an appropriation by
this
a
administration, and
Congress.
a
•
5,000 workers
The
.
,
.
appeared
in our issues
514.
page
•
Welcomed
Roosevelt, the first President of the United
an official visit to Canada's Governor-Gen-
pay
(July
ovation with liis arrival in Quebec yester-
an
31)
as
the
Lord
of
guest
take
between
nations
is
Tweedsmuir.
important than
more
in solving grave world problems.
tion
The
before"
ever
The President made
men-
of the Canadian-American
reciprocal trade agreement,
evidence of the desire of the
referring to it as "tangible
of the two countries to practice what they preach
they speak of the good neighbor."
The President, is was stated in Associated Press advices
people
when
from Quebec,
was taken to Dufferin Terrace, overlooking
Lawrence River, for addresses of welcome and his
St.
the
own
Stating that the President
response.
welcomed in
was
addresses by Lord Tweedsmuir,'Canada's
W. L. Mackenzie King, the Prime
Governor-General;
Minister; Adelard God-
bout, Prime Minister of Quebec, and J. E. Gregoire, Quebec's
Mayor, all of whom cited Canadian-American friendship as
ovon,_lft
ori
.
4.
t
*
oll
„
aml^e
,
»SaiQ
nations, the Associated PresSj
.
is
my
prayer,"
said: Lord
Tweedsmuir,
nZhiVnVT« ?°US"!f
Republic of the United States and
help
to restore
A
,.f
in part,
.
luncheon
near
the
shaken
the
at
where
liberties
nearby
of
Citadel,
Arnold
and
the
"that,
not
by
alliance
any
«ie «mo purp«e.
may
British
Commonwealth
mankind."
summer
residence
Montgomery,
Etorraed thc city «f New Year's Eve, 1776,
of
the
American
Governor-
revolutionists,
followed the speech-making,
•
President's Remarks
Speaking in English and French
objected
same
a„2
^,3
of the
President, responding to the greetings, made the statement
that "frank dealing, cooperation and a spirit of give-and-
guard
during his stay here.
advices
Others
were housed in barracks.
s cruise
361 and July 25,
This
paper from Campobello
July 29 it was stated that a long range program for development of hydro-electric power through cooperation of
day
day
General,
-
on
Velt that
to
erai, received
cove
_
In
President
States
the
sandy, pine-covered
of 40
in line
of
...
in Quebec—Greetings
Tweedsmuir, and Prime Minister
Mackenzie King—Response by President
or a picnic.
....
«!W
silent
the duty
Extended by Lord
.
,
a
Hopkins
his drive, although Eastport is only a short
.,
«
..
of J»fr IS.
"It
First Time Ashore in Two Weeks
foot
of
north
the
to
by motor launch from Lubec.
weeks'
E. L. PateMackenzie King,
Prime Minister of
Canada; Norman Armour, United States
Minister to Canada; Adelard
Godbout, Prime Minister of
Quebec, and Mayor P. Gregoire of Quebec. An account of
the President's visit to
Quebec is given in another item in
as
waters
of Maine this afternoon as the
area
employed there at the peak of operations
Atlantic
visiting at Campobello Island, N. B., and the East Coast of
Maine, where
he viewed the
Passamaquoddy Power Project now under
construction, he boarded a special train at St. Andrews,
N.
for Quebec in the
evening of July 30. In Quebec
yesterday (July 31) the President was the guest of Lord
Tweedsmuir, Governor General of Canada; others scheduled
of actual sailing time after
leaving
Canadian
in
Campobello and
President Roosevelt this week concluded his two
cruise in North Atlantic waters and after
(President Roosevelt)
word picture
a
decision made after he told newspaper correspondents yesterday
a
President covered 40 miles
j
Passamaquoddy Power Project In Maine—Weiat
Quebec By Lord Tweedsmuir
in the welcoming ceremony
Lieutenant-Governor of Quebec;
of local citizens that it
group
was a circuitous one, which led him past Quoddy City, a modern
village built at a cost of $1,500,000 to house the families of 600 workers
corned
to take part
a
future, and drew
His triP
——
i
project
power
of Maine towns,
convoying the Sewanna throughout the President's vacation cruise.
93 043 959 74
a
Roosevelt yesterday assured
References to the President
in
the
board
to
planned to view the Passamaquoddy project only from the motor
yacht
163i345A8
10,'l88!99
The receipts of newly-mined silver
during the week ended
July 17 were noted in these columns of July 2d, page 513.
He
yacht Potoma
Harbor
pay a courtesy visit to a group
Eastport. . . .
Mr- Roosevelt visited the nearby
^542°826li8
V
1
-
1936.":""""
thmugh July 24,
„
limes
Pulpit
when
to,
July
motor
possible program in Which the tidal hydroelectric project would be
a
expanded
page
amended)
2222222222222222.222222222
.
Mr
money
result of
1936:
Denver
this
since
the
incompleted Passamaquoddy tide harnessing
would be completed at some time in the
I
Francisc~o~_~~_""_"~_~AII"I""I""""I~II"~"""""I
naude,
aboard
Although Passamaquoddy is to be abandoned shortly, after an expenditure of $7,000,000, because Congress refused to appropriate additional
of
over
Dec.,31, 1933,
Treasury's statement of July 27, follows:
President
conference
press
men
before he went to
including Eastport and Lubec.
RECEIPT^ OF SILVER BY THE of
MINTS AND ASSAY <t>FFICES
(Under Executive Proclamat'on
Total
(irst
newspaper
just
for the first time, and to
the mints and assay offices.
Reference to the proclamation was made in the "Chronicle" of
San
Me.,
Before leaving at 8 o'clock in the evening he visited the coast of Maine
to
Phi]
Roosevelt.s
briefly with
to look at the
24^421 410 tine ounces ot
Silver annually. Since Dec. 31, 1933 a total of
93,043,960 tine
„
one-day
a
said in part:
over
the Em art ment to absorb at least 94 491
me
Department to absorb at least
The
for
Reporting the President's visit to the Passamaquoddy
project the "Times" correspondent at St. Andrews July 30
by the Treasury Departoffices, it is learned from
a
Statement issued July 27
by the Treasury.
The silver
was
purchased by the Treasury in accordance with the
President's proclamation of Dec. 21, 1933, which authorized
4441.
.
plans
Sewanna.
ment to the various mints and
assay
Jo'a'a
described
from
During the week ended July 24
ounces
Roosevelt
conferring with officials of those States en route from Quebec to Hyde
during the. previous week
of
363.85
Mr.
mont, New Hampshire and Massachusetts, which he will make Saturday,
was
^
Offices
work stopped, these people must have
as
tour of the flood area of the Connecticut Valley, embracing parts of Ver-
at
Receipts
soon
2,586.40
transferred
y
,,
^
as
the building of roads and schools.
as
-__112.963il82.18
"Chronicle" of July 25, page 513 reference
the
to
a new source of
employment reservoir for 5,000 unemployed in Eastern
an
----
1936..
24, 1936
made
conference Mr. Roosevelt had warmly defended the
He added that
During the
Total for week ended Ju y 24,
Tota receipts through July
development,
power
he added, will all be discussed at Quebec.
press
relief work such
Seattle.
-
the benefits of the
on
parliamentary action might be necessary to
Passamaquoddy work, both as an experiment promising
_
___
and
large development.
a
Earlier at
2 524 40
FrancfscoL"ILIILI"_I^IIHIIIIIII"IIII™IIIII"IIIII"
Denver
Congressional
These matters,
Fine Ounces
Newark18,
*
that
effectuate
(Under Executive Proclamation of Aug. 9,
1934)
I believe in Quoddy and I believe you do,
He added that be believed it would be necessary to "educate the people
of this country and of Canada"
*
Week ended July 24, 1936:
of local residents of Campo-
a group
belio and Eastport, invited to a "home folks" reception, the President said:
858.
page
Aug. 1, 1936
to
accounts
of
his
on
recent
which sai(J he was
be accorded ill
re"?5ed
a "forei?" ruler;"
fnr
JS '
."J,"2
'or the honors; w' something within
but
p
the terrace,
vacation
say
this
.
because
Canadian refer to
and, in the
they
are
same
when
an
way,
I
have
American
as
,
me
been
a
in
Canadian
waters
Canada all the honors customarily
n
J
the American President
cruise
.
?
rebelled at
in
Canada
'foreigner.'
I
that
He is just
in the United States Canadians
1 am grateful
word
foreign.'
never
heard
have
are
an
not
a
'American,'
"foreigners'—
'Canadians.'
"That simple little distinction," he added,
tban anything else the relationship between
"^n bo^b s*des
tbe
^ne
we
are
80
our
"illustrated
two
to
me
better
countries.
accustomed
to
an
undefended
boundary 3,000 miles long that we are inclined to minimize its vast importance, not only to our own continuing relations hut also to the
example
which it sets to the other nations of the world."
After emphasizing the fact that
Canadians visit each other every
hundreds of thousands of Americans and
year without the use of passports,
and
calling for "frank dealing" between nations, he said:
"Within recent months another significant action speaks * louder than
words, for the trade agreement which I had the
privilege of signing with
Volume
Financial
143
both
of
people
of the
countries
dealing,
cooperation and
important than
United
"The
a
before."
ever
States
Canada
and
indeed,
and,
necessitated
with
kenzie
King.
said
because
received
had
colonists
Court of Appeals, which on June
a
French
fluent
of
end
in
his
speech
thanking
President
the
Mayor
for
Gregoire
"warmth
the
of
at least obviate
the
of
foot
the
monument
your
suit followed
sentative
and
on
thinking the
that, not by alliance, political
thonghts and pursuing the
same
United
States
of
the
he
shaken liberties
and
the
or
same
may
help
to
Mackenzie
District
restore
powers
King
said:
when
faith
is
times when
these
everywhere
Court
of
'
have
"It
surely
the
is
between
a
of
which
the
by
unfortified
visit
of the District Supreme Court in permitting the stay.
are
fear,
growing
when
issue,
page
frontier,
NLRB
friendship
Mr.
between
President,
Case
and
men
inspires
in
of
control
Act, passed at the last session of
Associated
in
which
The remaining
will
petition of
advices
be
$150,000, out of
Congress, it
from
was
stated
29,
July
Washington,
engineers under the Emergency Relief Appropriation Act of 1936,
retained
in
the
office
of
allocation.
Chief
the
of
Engineers as
a
for
reserve
'
Today's allotments provided for the preparation of detailed plans for the
following
projects:
Merrimack
River
Connecticut
South
basin,
River
Central
Susquehanna
New
River
in the Boston
basin,
engineering district,
Providence,
the
in
York,
in
the First New
basin,
in
the
Pittsburgh flood control
program,
R.
I.,
$150,000.
Angeles flood control
Baltimore district,
$325,000.
United
in the Los Angeles district;
against
orders
meat peacking concern
a
ease
Decision
on
Numerous
months
from compeling
Ship Corp., Ltd.,
ago.
The
injunction
Co., of St. Paul,
it
or
was
its employees.
stated:
In
opinion of more than 5,000 words,
granted the shipbuilding firm
also restrains
the board members
officials or employees of the firm to attend hearings before
Supreme
tested the
Judge Brewster cited the Schechter case by which the
In¬
the
Bituminous Coal Act,
Government
cannot
as
members pending arguments
Supreme Court that
employer-employee
relations
where
interstate commerce is involved.
Case of Electric Bond & Share Co.
and the Carter case which
opinions by the
regulate
volving Constitutionality of Public Utility Holding
Company Act, and to Base Conclusions on Test
Judge Brewster had granted the temporary
The
Postponement of more than 40 suits involving the con¬
stitutionality of the Public Utilities Holding Companv Act
of 1935 was asked by Solicitor General Stanley Reed in a
petition filed with the U. S. Supreme Court on July 24, in
which he stated that the validity of <he Act could best be
tested by the action brought in New York against the
.Electric Bond & Share Co., and that the temporary delay of
other
cases
would "conserve much time, labor and expense."
jln the Washington "Post" of July 25 it was sfated that thepetition asked the Supreme Court to reverse a decision of the
Circuit Court of Appeals for the District refusing to permit
postponement of suits brought by the North American Co.
and the American Water Works & Electric Co.
added
that
the
The "Post"
District
Supreme Court had previously
agreed to postponement after the Attorney General had made
a
special plea for such action.
From a Washington dispatch
July 24 to the New York "Times" we take the following:
I
National Labor
weeks by
denied a
to restrain the Board.
the board.
$75,000.,
Suits
New
in
Government
the
of Wilson &
that
was
continued the temporary injunction he had
several
In his opinion,
Defer
Court
Rules
National Industrial Recovery Act was tested,
to
District
Regulate Intrastate Business
The Judge's refusal, contained in an
$100,000.
Federal Government Petitions United States
Court
States
Circuit
Court
the Boston "Herald" of July 23,
'
in the Pittsburgh district, $200,000,
program,
Several
Federal
by
with the Bethlehem
district, $150,000.
York District,
Clendenning and Big Bend projects, jn the Huntington, W. Va., district,
$50,000.
Los
.
Minn., which sought to restrain the Labor Board from hold¬
ing hearings on union demands that a discharged worker be
reinstated.
On July 16 Federal District
Court Justice
Matthew M. Joyce, of St. Paul, finding "it unnecessary to
pass on the constitutionality" of the National Labor Rela¬
tions Act, denied the company the petition.
The latest of the restraints agains the NLRB was in the
nature of a refusal by Judge Elisha H. Brewster, of the
Federal District Court of Boston, to dismiss an injunction
which restrained the members of the Board from interfering
total fund of $1,200,000 provided for
a
by
restraining
The latter
continued:
the Army
later
Press
•
various
Omnibus Flood Control
the
in
•
Relations Board have been issued the past several
Federal District courts, while one court
Project^
on July 29 by the War Depart¬
$1,050,000 to survey seven flood
projects authorized
Denied
Cannot
made
was
allocation of
the
referred to in
was
>.
Orleans—Cincinnati
„
.
Department Allots $1,050,000 for Survey of Seven
Announcement
4272.
Restrained
Several
ment
June 22
dread
the century of
.
Flood Control
Appeals for the Dis¬
our June 27
the U. S. Court of
on
Courts—Rehearing of Jones & Laughlin Steel Corp.
Canada,
to
hearts anew."
War
of the
lower court and also the
humanity is increas¬
of
world.
understanding and
your
armaments
cry
the
for
message
message
nations,
economical admin¬
1
Appeals in overturning the
trict of Columbia
being supplanted
the single shaft,
for peace,
peace
our
"In
of Mackenzie King
uncertainty overcrowd the skies, when the
ingly
of a score of suits.
its owrn process by a fixed
Specifically, the Supreme Court is asked to pass upon the action
the Republic
purpose,
Court would eliminate the
appeal to this
mankind."
of
Remarks
apace,
an
and arbitrary rule bearing no relation to the orderly and
The descision of
and
by
"It limits the control of the trial court over
otherwise, but through
Commonwealth
British
avoid preparing and trying a
burden and expense to the courts and to the litigants
istration of justice."
is my prayer
rights of all
impossible for the Govern¬
substantially similar actions
ment, or any other defendant against whom
have been brought by different plaintiffs, to
reception.
"It
though such procedure is attended by
multiplicity of almost identical suits, although the trial of one fairly repre¬
Montcalm
and
Wolfe
to
procedure which will coriserve
a
"The decision of the Court of Appeals makes it
the broad terrace on the shores
sun-warmed St. Lawrence, Lord Tweedsmuir sounded the keynote of
facing thousands of persons sitting out
the
■
from adopting
appropriate safeguards calculated to protect the substantive
yearly exchanges of visits by Americans and Canadians would
at
need of any further litigation or
litigants.
Lord Tweedsmuir*s Remarks
Standing
without
this Court
protracted trials and successive
the necessity of long and
•
"It prevents the trial court
"tighten the close bonds which already unite our two peoples."
of the
suit which promises to eliminate the
one
appeals,.
welcome."
He said the
in succession, with the
permitting the lower court to await the outcome of an appeal to
in
demonstration of his
a
gave
1:;
■,
Reed brief continued, "obliges
multitude of similar suits brought for a common purpose,
a
much time, labor and expense, even
the
Near
the lower court had
Argumemts by Mr. Reed
lower court to proceed, either simultaneously, or
trial of
spiration."
.
'
y'W'
nobler monument,"" he continued.
a
26.
deferment.
"The decision of the Court of Appeals," the
brave
French, to
"For on these fields
of battle was
born the living miracle, which we are privileged to see
today—two great racial stocks residing side by side in peace and friend¬
ship, each contributing its particular genius in the molding of a nation.
"This is a monument worthy of those who gave their lives; this is an
example from which all thinking men draw deep satisfaction and in¬
is
The Govern¬
back, went to the District
last held that
22
exceeded its authority in granting the
British, and to brave Amer*
have fallen in battle, be it in victory or in defeat."
who
/'Yet there
Shareyase had been finished.
a
brave
to
Cummings on Dec. 7,
suit against Electric Bond & Share on Nov.
The stay was granted but the utilities, fighting
fascination for him and many of his countrymen
of Abraham and the cliffs which lead to them "are
Plains
memorials
until the Electric Bond &
ment had already filed its
>
.
of
and to promite orderly and eco¬
1935, moved that the District Supreme Court stay its proceedings in the
cases
of King
death
the
of
news
,
common purpose,
a
nomical judicial administration," Attorney General
He extended an invitation of King Edward to
as well
as Lordl Tweedsmuir and Premier Mac¬
States,
Quebec had
the
eternal
ican
suits, prosecuted for
fundamentally they
special conditions, but
own
America
great grief.
United
the
He
our
said
President
The
George
visit
needs and
our
•
Hence, to avoid clogging the Court's calendar "with a multiplicity
same."
the
are
effort of the courts as well as
amount of time and
a great
of the parties."
Empire," the President then said, "share a democratic form of government
which comes to us from common sources.
We have adapted these institu¬
tions to
important
protracted, and would have
examinationof intricate intercorporate relation¬
elaborate
an
ships, consuming
;
all parts of the British
'
suits, each of which was of the magintude of an
anti-trust action, would necessarily have been
today, frank
spirit of give-and-take between nations is more
problems that face the world
the solution of the grave
"The trial and preparation for
others," the Reed brief said.
trial of these
good neighbors.
"In
would require decision in
"Each of these suits involved questions which
each of the
speak
preach when they
what they
practice
to
desire of the
is tangible evidence of the
Prime Minister last autumn
your
673
Chronicle
The legal controversy over the method of testing the
Act has been going on for months.
While all the
Holding Company
cases concern
the Govern¬
ment's power to make the utilities register with the Securities and Exchange
Commission, the Administration insists that the Electric Bond & Share
is best suited for a real determination of
-
injunction against the board
of law points in the preceedings.
.
.
.
at its Fore River plant had in-
Board claimed that the company
dulged in unfair
officials
and
labor practices, and attemp ed to summon the company
of its employees to hearings in the Federal Building.
some
The Court temporarily enjoined the Board
company,
members from investigating the
and then the -Board sought a dismissal of the petition.
^4*-+4
Other temporary retraining orders against the NLRB were
issued upon pleas of Remington-Rand, Inc.; Goodyear Tire
and the General Motors Corp,
The decision
Remington-Rand case was handed down on July 17
by Federal District Court Judge John Knight, sitting at
Jamestown, N. Y., who signed an order temporarily re¬
straining the Labor Board from prosecuting charges of unfair
labor practices filed against the company by the Office Equip¬
ment Workers Union.
The Board was directed by the Court
to show cause on July 27 why the order should not be made
& Rubber Co.,
in the
permanent, but on that day Judge Knight deferred decision
on
the Board's application.
The company was given 10
days to file a brief and counsel for the Board five days for
answering brief.
In reporting the issuance of the tem¬
an
porary
order by Judge Knight on July 17, Associated Press
Buffalo, that day, said:
advices from
case
In its complaint the company challeneged the authority of the National
constitutionality.
and Regional Labor Boards to compel its attendance at a hearing
40 Suits Originally Brought
to
answer
Tuesday
charges it was guilty of unfair labor practices in strikes at its
r
More than 40 suits were brought in
and December,
1935, just
as
the
.Act
12 Federal courts during November
was
to go into effect.
Seven
were
plants in Tonawanda and elsewhere.
The employees' complaint was filed recently with the regional
board here
brought in the District Supreme Court, these including the North American.
by Vernon M. Crofoot of Syracuse, representing the Remington-Rand joint
and American Water Works cases.
protective board.
,
674
Financial
The company's complaint charges the Wagner Labor Act violates seven
Chronicle
Proposal
amendments and two articles of the Constitution.
Also
July 17 the District of Columbia Supreme Court
temporary restraining order to prevent the Labor
Board from opening a hearing on July 21 in Akron, Ohio,
on unfair labor
charges against the Goodyear Tire & Rubber
Co.
Hearing on a company petition for a permanent in¬
junction had been scheduled for this week, on July 27.
The
following advices from Akron, July 17, are from the Cleve¬
In
signing
the
July 18: V
Justice
Luhring,
said
It
appeared that the proposed hearing would disrupt employment contracts
with workers and would
"strife and contention" detrimental to Good-
cause
year's operations here.
'
The hearing was called by the NLBR after charges had been filed by
the United Rubber Workers of America, following attacks on union organ¬
izers at Gadsden, Ala., where Goodyear has a plant.
Press
following to
The NLRB
advices from
St.
Corp. case,
Paul, July 6, had the
say:
A
proposol that
on
charges of unfair labor
ican
which
Motors Corp. a temporary injunction against the Labor Board.
St. Louis, who refused to allow the request of the motor concern to halt the
The
Labor
Board,
hearings last Tuesday.
*
.
Judge
following
Moore's
ruling,
started
.
The action at St. Louis is against General Motors, the Chevrolet Motor
Co. and the Fisher Body Corp.
The complaint charged that 13 employees
discharged from the St. Louis plants for union activities, and further
alleged that both the Chevrolet and Fisher companies employed "industrial
spies and armed guards" in an attempt to force employees to resign from an
that
have the
workers'
union.
for
rehearing of its petition to compel the Jones-Laughlin
Steel Co.,-of Pittsburgh, to reinstate
employees reported
discharged because of alleged labor activities.
The petition
had originally been denied by the Court on June
15, as
noted in our issue of June 20,
page 4108, when it ruled that
the Board has no authority to regulate the relations of em¬
ployer and employees "in production or manufacture."
On July 15 the Court denied the Board's
application for a
rehearing of the previously denied petition, but did not set
a
forth the
on
for its action.
One other decision involving the NLRB was handed down
June 30 by the Sixth United States Circuit Court of
there is
cases
The
these
proposed
from
court
gradually
tribunals
The
Court set
aside
an
order issued by
the
NLRB
Committee suggested
The
lar
types
avoid
In
-
would
of
need
did not
commerce,
come
within the jurisdic¬
tion of Congress or of the Board it created.
Moorman, Xenophen Hicks and C. C. Simons, gave a unanimous decision
dismissing the Board's request for enforcement of an order seeking to com¬
pel the Freuhauf company to reinstate certain employees and to refrain
from
administration
the
since
not
substantial
assume
At
or threatening to discharge other employees for
activity
United Automobile Workers Federal Labor Union No. 19,375.
The brief opinion commented that authority for the act was "claimed
under
the
commerce
clause
of
Constitution."
the
It
then
concluded:
commerce in which the trailer company may be engaged
the Congress has no authority or power to regulate or control such
was
between
the
trailer
and
company
its employees.
NLRB
The
of
throughout
particu¬
the country
administrative
George Washington
until
proportions
to
the
court,
but
almost
"there
a
that
about
are
the process
did
century later.
1,300
separate
in¬
to enact laws from Congress to administrative
power
of
Department
the
and
violation
NRA
of
lias resulted
contended.
cited
It
in
the
food and drugs, which might "fall afoul
the Federal Trade Commission, the
Federal
the
can
added,
report
Committee
the
Agriculture,
administrative bodies
Some
The
administrative agencies
of the
injustice,"
and
Department
penalties,
Commission."
Communications
criminal
impose the equivalent of
even
mentioning
fines
which
levied
be
can
for
Treasuryy and Labor Department regulations.
AAA
and
licensing
"tantamount
to
termed
were
"extreme
by
provided
system
delegating
shall be inflicted for
those
of
delegated
Committee
the
determine what kind
to
power
examples"
acts,
violation of the law
penalties provided by
of
power.
said,
was
punishment
regulations, in addition to the
or
Congress."
the Washington correspondent of the New
According to
York "Journal of Commerce" the report suggests enactment
of legislation prohibiting practice before Federal adminis¬
trative agencies by members of Congress, Government offi¬
cials,
officers of
and
cers
government-owned corporations and
committeemen
national
of
ganizations, whether with
the same advices
The
Bar
only
proposal
evils
of
services
made that
is
make
a
lobbying
lobbying.
.
latter group and the
appropriate committee of the American
an
study
and
.
or¬
From
rendered for compensation.
are
and
distinction between
proper
objectionable
without compensation.
or
take the following:
we
when the
offi¬
State political
and
limitation of law does not affect the
present
Association
to
attempt
draft
bill
a
legitimate professional
which
will,
if
possible,
.
will
which
legal work and
reach
the
recognized
<
Judicial
Hit
Powers
Under the Constitution, the report said, the judicial power of the United
States is vested in the
not be
may
legally constituted courts of the land and "such
exercised
by
the legislative
Government, but actually the judicial
and
interstate
held
independent
an
radio station advertising
a
the
of
relations
hardship
Postoffice
tive
.
for
overlapping nature
of
case
of
"Since the order is directed to the control and regulation of the relations
.
apellate divisions, and
specializing in
Washington.
Committee said,
transfer of
of
"great
between the trailer company and its employees in respect to their activities
in the manufacture and production of trailers and does not affect
any phase
any
would be
in
and
agencies."
tional
.
the
present,
stances
discharing
in the
of
be
supersedes.
Committee declared that the division of constitutional powers has taken place
provide
The three AppeUate Judges who sat in the Fruehauf case,
Judges Charles
trial
branches
into
up
Hearings
centralization
discussing the
The
sequently entered interstate
work
judicial
its Judges would
officers which it
both
include
broken
be
cases.
excessive
former
the
the
over
practicable,
in
decisions.
that its decisions should be subject to review,
would
tdibunal
new
division
Fruehauf
to
take
and
functions,
specified cases, by the circuit courts and Supreme Court.
It held that the manufacture of trailers which sub¬
Trailer Co. of Detroit.
would
and, when
the administrative
among
executive
or
for independent review of their
provision
no
administrative
The
reason
Appeals at Cincinnati, which held that Congress had no
authority to regulate or control the relations between an
employer engaged in manufacture and his employees unless
those relations directly affected interstate commerce.
In
noting this, Associated Press advices from Cincinnati,
June 30, also had the following to
say:
"bewildering multiplicity" and the over¬
combine judicial with legislative
agencies
The
Several weeks ago the Labor Board filed an application
with the United States Fifth Circuit Court at New Orleans
In its report,
the committee
to
power
resulted from the
have
were
automobile
public July 27.
three years' study,
a
of administrative agencies, such os the
scores
Office,
"Evils"
each
The Circuit Judges' order reversed District Judge George H. Moore of
to the Amer¬
by its Special Committee on
lapping jurisdictions of these agencies, the Committee said, adding that the
Circuit Judges John B. Sanborn and J. W. Woodrough granted the General
hearings.
drafted
Customs Court and the
make regulations and
decisions having the force of law.
To quote from Asso¬
ciated Press advices from Washington, July 26:
I
in
holding the Wagner Labor Act unconstitutional.
exercised by 70-odd
Federal Alcohol Administration, the
Patent
Missouri, in
case,
the judicial functions
develops from
declares
recruited
similar
Ex¬
as
Federal Administrative Court be estab¬
a
over
Association
Bar
practices in the assembly plant of General Motors Corp.
Citing a decision by Judge Merrill T. Otis of the Western District of
a
Cited
government agencies is embodied in a report
some
Appeals here from holding hearings in St. Louis
Committee of Ameri¬
Bar Association—NRA and AAA
lished to take
restrained today by the United States Circuit Court of
was
to
Government Ad¬
amples of Delegated Power Incident to New Deal
As to the order issued in the General Motors
Associated
Court
Administrative
Judicial Functions of
Administrative Law and mgde
restraining order,
temporary
Federal
New
ministrative Agencies Made by
can
a
land "Plain Dealer" of
for
Take Over
on
issued
Aug. 1, 1936
categories of tribunals
executive
or
to
power
the
of
is dispersed among two addi¬
power
referred
departments
legislative courts' and
as
'execu¬
courts'."
"Legislative courts" include the Court of Claims, the Court of Customs
Patent
"a
are
already
referred
Almost
without authority to issue the order."
Apeals,
the
conglomerate
Customs
Courts,
consisting of the
to,
exercising
invariably
in
73
judicial
recent
years,
etc.,
power
the
"executive
while
Federal
administrative
in
267
report
classes
suggested,
courts"
agencies
of
cases."
when
en¬
croachments have been
attempted by Congress into the rights of the States
decreasing constitutional guarantees of individual
been embodied in statutes clothing Federal adminis-
under the Constitution
Charles
G.
Dawes
Predicts
Operating
Predicting
the
at
Steel
Finishing
Capacity by Jan. 1
operation
of
steel
Plants
City National Bank & Trust Co.
of
Chicago,
rative
at
have
with
than
weeks
business
commentators
have
been
looking for
a
recession
demand
on
the part of the public.
needs which is
It is this tremendous accumulation of
being expressed in the
already at capacity.
inability of trade and economic commentators
as
unusual
a
year
as
the panic year,
to see that this is an unusual
and arising
as
an
inevitable
consequence of that extreme."
From
General
Chicago
a
dispatch to the New York "Times" said:
Dawes said that
his
investigation had disclosed
that
Federal
a
administrative
of
larger
the
Con¬
approves,
in principle, the establishment
without
court,
court
opinion that such
"(1) Its essential
segregation
agencies
(or
hereafter
following features:
should be to provide
functions
now
proposed
to
exercised!
be
lodged
a
means
by
in
for the gradual
Federal
administrative
such
agencies) and to
independent forum for the exercise of those judicial functions
issues both of law and of fact, either
originally or on review of the
establish
on
should have the
purpose
of judicial
an
decisions of such agencies.
<
"(2)
dent
Its members should be lawyers, should be appointed by the Presi¬
confirmed by the Senate and' should hold their offices
during
behavior.
At the
^outset the members of the administrative court
and
nals which would be
»
by
aproving or disapproving
pending bills dealing with the subject; and expresses
should,
five months.
space
its
is greater than capacity for production of finished
products.
According to weekly figures released today by the American Iron and
Steel Institute, steel plants are
operating at about 71.5% of capacity.
To reach 85% of capacity by Jan. 1,
meeting General Dawes' prediction,
production of ingots would have to increase nearly 20% during the next
over
Government
according to a Washington dispatch to
"Times," recommends adoption of the follow¬
100%
rate of operations for
finishing plants would mean that production of
ingots would stand at about 85%, because capacity for production of
ingots
a
powers
Federal
Association,
"Resolved, That the association
of
current volume of business handled
The amazing thing is the seeming
the
the provisions of any
by the steel companies."
"Tin plate is
judicial
or
to
ing resolution:
in the rate of operations of steel
plants.
As each week goes by without
bearing out their prognostications they move the date ahead."
"What they forget is that there is
nothing seasonal about the stored-up
allotted
With regard to the set-up of the administrative
court, the
Bar
the New York
"For
legislative
that
stitution.
of
July 27
on
said:
year,
they
agencies
dimensions
finishing - plants
capacity by Jan. 1 next, Charles G. Dawes, Chairman
the
liberties,
or
good
60
far
as
practicable, include the members of those Federal tribu¬
superseded by the court.
'"(3) While at the outset
number
of
classes
be
such
of
administrative
Congress.
as
to
of
serve
its
jurisdiction should be confined to
administrative
as
a
nucleus
controversies
in
could,
controversies,
which
from
its
jurisdiction
time
to
■
a
organization
over
time,
limited
should)
other classes
be reposed
by
Volume
activity
purchas¬
ing by farmers through marketing and purchasing associations of more
than $250,000,000.
In addition, farmers' mutual fire insurance companies
number 2,000, mutual irregation companies well over 3,000, while the num¬
ber of co-operative rural Telephone companies is estimated at approximately
supplies
division and an appellate
each division should be
susceptible of subdivision into branches for the hearing of particular
classes of
cases, to
the end that the benefit of expert and experienced
"(4)
organization should
Its
division
judges
within
and,
include
flexibility
satisfactory
a
trial
a
that at the
be achieved andi
be preserved.
may
may
"(5) It should, to the full extent permitted by its size and is
ambulatory
missioners
that,
so
far
so
possible,
as
examiners.
or
its
having
"(8)
have
legislative power.
no
should
establishment
exercised
not
impair
detract
or
the jurisdiction now
from
courts."
by constitutional
the American Bar Association
on
The members of
Aug. 24.
O. It. McGuire,
St. Paul, Minn.;
Richard Bentley, Chicago; Louis G. Caldwell, Washington,.
D. C., and Julius C. Smith, Greenhboro, N. C.
committee
the
submitting
the report
Va., chairman;
Clarendon,
outstanding to 1,280 farmers'
of June 1 was $40,000,000.
to regional co-operatives, which finance local
number of co-operatives financed through the
associations
so
are
The volume of loans as
made
that the total
are
Monte Appel,
of loans, or about 2,500.
.
.
.
purchasing co-operatives do not
13 banks is roughly double the number
on
farmers' marketing and
commonly purchased
on
a
supply most
of course, is the farm
include those providing credit, which,
American farmers," the
co-operative basis by
Governor added.
have
$2,200,000,000. Almost all
of there farmers' credit co-operatives operate under the supervision of the
FCA, having grown up out of the 20 years of experience of the 12 Federal
Land Banks.
Through the influence of the Federal Land banks, and the
co-operative farm loan associations which they represent, farmers have
been put in' touch with central investment markets where money may be
"The 5,000 and more farm credit
report is to be acted upon at the annual meeting of
The
Many of the loans
"The figures
either
by the several circuit courts of appeals.
directly by the Supreme Court or
Its
business co-operatives.
*
\
farmers' marketing organizations,
2,500,000.
The estimated sales-
marketed during the 1934-35 season
The 13 banks for co-operatives have loans
decisions should be subject to review, in specified cases,
Its
membership of approximately
a
$1,343,000,000.
was
•
It
should
and
total amount of co-operative
value of farm products co-operatively
should have broad power to govern its internal organization
and its practice and procedure by rules and regulations.
"(7) It should have no executive, inquisitorial or prosecuting power,
■{: "(6)
purchasing
sideline
This
farmer-members.
Governor Myers said there are 8,800
cases
,
their
5,000.
jurisdiction,
would be heard in
he district or
region where they arise and
excessive concentration of
power in
Washington would be avoided, and, to this end and to assist
it in the expeditious handling of its work, it should be assisted by com¬
be
for
amounted to $90,000,000, giving the
of practicability,
range
particular subject-matters
over
time
same
the
675
Chronicle
Financial
143
volume
a
of
borrowed at
co-operatives in the United States
aggregating
outstanding
loans
available to farmers at
low cost and then made
a
approximately
wholesale rates.
in the United States are
"Farmers in almost every county
Secretary Roper, in London, Says Time for Independent
Thought and Action Has Passed—Argues for Inter¬
dependent Action in Trade—He and Treasurer
Julian Guests at Luncheon of
Pilgrims
Arguing for world
co-operation from the standpoint of
interdependent thought and interdependent action, Secre¬
tary of Commerce Roper, speaking in London, on July 23,
stated
that
follows in
a
time
for independent thought and inde¬
passed."
He was further quoted as
has
wireless message from London on July
live
We cannot
and
"the
action
pendent
complicated
alone.
Happy and lasting results,
require
era,
exchange
an
of
goods
operated by the
under the FCA makes credit
co-operatives handling insurance,
irrigation and other lines.
Farmers' organizations being financed today
by the 13 banks for co-operatives have a membership of over 1,000,000
available to the 20,000 farmers' business
farmers."
by
Security in
the
offered
Lindbergh Warns Against Dangers to
Aviation—Declares It Our Responsi¬
would
conditions
ing
patience
time
economic
changing
We
ment.
found
status
be
willing to buy abroad
dp not think
that
provided
Trade
Policy
open-minded
a
social
contacts
a
by President Roosevelt
proved
better
all
the
understand¬
with
which
radical
extreme
which
business
course,
avoiding
would
system
be
with
and
just
a
not
return of the ultra-
destructive policy
revolutionary, and
and
likewise
destructive.
We
believe
In
a
profits,
but
we
believe
in
remarks
luncheon
Julian,
of
given
Secretary
by the
Treasurer of
Roper
Pilgrims in
the
United
were
his
delivered
honor
States.
The
and
at
a
W.
A.
guests
The
included Robert W. Bingham, United States Am¬
bassador; Sir Thomas Inskip, Minister for Coordination of
Defense; Sir Auckland Geddes and Lord Howard of Pen¬
guests
fundamental change ever made in war."
He "went
to say:
"It has abolished what we call the sense of
on
our
follow:
Unlike the builder of the dug-out canoe, we
less
than
responsibility for the result of our experiments, which in other fields have
been passed to future generations.
We who are in aviation carry a heavy responsibility on our shoulders,
tives.
/ :-
.
ment
together in peace we have
every
country
and
we
have
taken
that doing
military
have imposed aeronautical time upon
We have moved so fast we
tactics,
defense of astronomical time,
old
the
away
probably been civilization's greatest safeguard in the past.
travel in Europe I am more than ever impressed with the serious¬
which has
As I
damage
two
or
When I see that within a day
confronts us.
which
the situation
of
ness
be done which no time
can
can
ever
replace, I begin to
security—security which is dynamic,
static, security which rests in intelligence, not in forts.
And in the fact that intelligence must be combined with aviation I find
some
cause
for hope.
It requires more intellect to operate an airplane
realize
must look for a new type of
we
not
than
trench
to dig a
or
shoot a rifle.
The education which is necessary in
value of civilized institutions.
aviation must also teach the
responsibility
Our
I
to
find
in
creating
relieved by knowing
somewhat
and that
cause
some
we
force
great
a
for hope in
destruction may
be
the belief that power which must be bound
aviation's responsibility to justify the
is
for
have allied this force with intelligence
we
have moved power further away from ignorance.
knowledge is less dangerous to civilization than
It
follows:
as
a
It is our responsibility to make sure
destroy the very tilings we wish to protect.
not
and education
In noting the foregoing, an announcement made available
by the FCA further commented on Governor Myers state¬
of
changes.
from
do
we
so
.
have been drawing the world closer
the armor of
fhe heart
gering
'
^
we
nation in war.
It is no longer possible to
with its army.
Armies can no more stop
an air attack than a suit of
mail can stop a rifle bullet.
Aviation has brought a revolutionary change to a world already stag¬
Farmers' co-operatives
purchasing oil, gasoline, insurance,
irrigation, electricity and other farm supplies are today the
fastest growing among the 20,000 or more farmers' business
co-operatives in the United States, according to a statement
issued July 26 by W. I. Myers, Governor of the Farm Credit
Administration.
The business of farmers' oil co-operatives,
mutual fire insurance companies, and other farm supply
purchasing organizations is increasing steadily and the oper¬
ations of many of these and other types of farmers' co-oper¬
atives is being financed by the 13 banks for co-operatives,
the Governor said.
He particularly commented on the de¬
velopment of oil and gasoline co-operatives, 150 of which
now have loans
outstanding from the banks for co-opera¬
have lived: to see our harm¬
fabric turn into carriers of destruction even more dangerous
battleships and guns.
We have lived to carry on our shoulders the
wings of
shield
Purchasing Co-operatives
Governor
Meyers
of
FCA
further remarks, as
23, to the New York "Times"
given in wireless advices, July
stripped
Steadily,
Our libraries,
value most is laid
an army.
In part, his
bombardment."
to
We can no
defense into attack.
institution which we
museums—every
for while
Business Volume of Farmers'
has turned
longer protect our families with
President of the American Chamber of Commerce in London.
♦
It
warfare.
rith, former Ambassadors to Washington, and F. E. Powell,
Increasing
Reports
have developed in avia¬
"I believe it has created the
tion, as to which he said:
were
Morrison, Member of Parliament.
introduced by W. S.
against the perils to security which
bare
measuring just profits and that all related segments must be considered.
The
Lindbergh warned
July 23, Colonel Charles A.
most
progressive but
inadequate
German Air Ministry
luncheon tendered him by the
a
in Berlin, on
treat¬
nations
.
an
At
and
administration, it
its
through
Ministry in
Berlin
wiser plan under present
procedure in
among
require
middle road
a
if we
Act.
closer relationship
trends
that
radical
a
to
concluded.
are
human
must seek
conservative
avoiding
and with
and
vision
end I
than
accomplish
negotiations
Our
this
To
be
could
in
in
such
light of this
through the Foreign
Congress
With
the
abroad.
sell
should
in
We Should
Not to Destroy That Which
Protect—Address Before German Air
bility
peoples in the different countries.
need
■
Charles A.
Col.
varying conditions of nature throughout the world and the varying skill of
We
officers.
same
co-operative financing service
"Another
+
new
as
In addition to the 5,000
-
23:
least in this
at
organized for
national farm loan associa¬
tions making mortgage loans, some 550 production credit associations, also
built on co-operative principals, make crop and livestock loans available.
In some localities these two types of associations have joint offices or are
co-operative credit.
that which is barbaric.
combination of strength and
intelligence.
"Farmers' co-operatives in the United States fall into two general classes."
Governor Myers explained.
"One type is made
keep their heads together as a means of doing
a
up
better job of selling their
These groups are called marketing co-operatives.
products.
In the other
type, farmers get together for co-operative buying of farm supplies
provide essential business services such
for power
as
or
to
fire insurance, water, electricity
purchasing
co-operatives,
corresponding
to
consumers'
10 years, Mr. Myers stated.
Commenting
on
the recent rise of
interest in consumers' co-operatives and the estimate of their total business
volume for
over
or
70%
of this, is made up of farmers' co-operative
He said the total number of farmers' organizations set up for the specific
a
welcome
from which
of co-operative purchasing number nearly 2,000.
business of $187,000,000 in the
1934-35 marketing
This
season.
group had
In addition,
approximately 40% of the marketing associations are engaged in buying
we
quoted above, said:
General Milch welcomed Colonel and Mrs. Lindbergh in General Goering's
name,
and:
expressed
many
and
obtain
with
a
Colonel
Lindbergh
probably
put him
as
a
with
a
a
the hope
that
thanked
would
German
enjoy their stay in Ger¬
concluded
him
for
his
welcome
and
praised
German
aviation, but quickly launched into his real speech, which
the
his
grave
He
aviation.
and American aviation.
first political
address
he
had
ever
in the center of the international situation.
result of
the
in
they
good impression of
toast to Colonel Lindbergh
achievements
was
purchases of feed, seed, fertilizers, and other farm supplies.
purpose
the aviation facilities
1934, amounting to $365,000,000, Mr. Myers pointed out that
$250,000,000,
for
England
flown
inspect
co¬
operatives among city people, have doubled their business volume during
a visit to Germany to
of that country.
As to the
accorded them, the Berlin account to the "Times,"
from
having
and light and other services."
Farmers'
the past
Colonel and Mrs. Lindbergh arrived at Berlin on July 22,
largely of farmers who
delivered and which
It
was
obvious that,
stay in Europe, Colonel Lindbergh had become impressed
menace
of
war
and
was
particularly concerned about what
bombing air fleet might do to European civilization.
676
Financial
v
Chronicle
Orval W. Adams of Utah Warns Against Present
Spend¬
ing and Borrowing Policies of Federal Government
—Before Montana Bankers Convention Declares
that only
Speaking before
because
are
that
the
who
man
them realizes he is paying.
pays
$8,000,000,000 will fall
as
added burden
an
on
mean taxes
in future years; and at least
the
the poor man and the man of just average means.
will be paid by the man who is not
partly in in¬
to foot
.
the bill.
Mr. Adams, who is Executive Vice-President of the Utah
State National Bank of Salt Lake
City made it clear at the
speaking as an individual,
and his remarks "should not be
interpreted as in any way
reflecting the policy or viewpoint of the present administra¬
above
outset of his remarks that he
Secretary's
tion
compared with
of
the
spokesman
Adams, it
American
is
was
Bankers'
Association
In
official
we
a
quote:
depositor
as such
has refused to purchase Government bonds.
borrowed
by the Federal
five out of
Banks today hold obligations of
times their aggregate capital.
such bonds would wipe out
six dollars of the
been
the
new
sufficient
A drop of
artificial market.
sale of such bonds
whole,
as a
crop
The
more
duces its
Do
our
depositors understand that they are the creditors and the
Do they understand that when the
Government re¬
debtors?
own
banks to the
debts by
inflating
currency, it also reduces the debts of the
depositors, renders impossible the
depositors of such dollars
as
were
return
by the banks to the
entrusted by the depositors to the
banks,
destroys not only the earning value of the deposits but
destroys also in large
part the principal of the deposit?
Does the
average
depositor realize that the Administration is
steadily
engaged in making permanent that which
wa^ originated to meet a temporary
or balancing budgets or
and that instead of reducing expenses
encouraging a revival of industry, further and
emergency,
greater charges are placed
upon
industry?
The
action
of
the
Reconstruction
in
reducing interest rates, followed within a
day
the Federal Reserve Board is
increasing reserve
of the determination of the
channels of
resources
or
Finance
Corporation
two by the action of
requirements tells the story
Administration
to prevent any return to normal
financing industry; its determination
Government the
from
of the commerical
to preserve for the use of
banks; to prevent such
resources
finding another market.
burdens upon
Does the average depositor realize what
him, both direct and indirect, lie in the Social
Security Act,
the cost of which may well exceed the
entire tax burden imposed
upon the
people of this country but a generation ago ?
You need not be told that
private enterprise cannot compete with tax
supported governmental agencies; that the existence of
such
agencies restricts
the field for private
enterprise, that you cannot loan money in competition
with Government.
Likewise, you need not be told that business cannot
function without a knowledge of costs
and market.
Today business is with¬
out such
knowledge.
good
than
crop
It cannot anticipate what is
going to happen, what
Eastern Iowa,
in
depending upon
as soon
markets
circumstances warranted.
as
few "bright spots" in the drought picture
a
These included fever cattle and hogs to
while oats and hay were far better than
of winter wheat added to carry-over stocks would be
ample for
domestic requirements, and although
some
spring
why bread prices should be increased.
Weather Bureau
on crop
as
advices
to other developments in the
,
conditions that tended to bear out the observations
Rapid deterioration of both
corn
and small grains throughout the Middle
and Northwest section was reflected in the Weather Bureau's report,
More Farmers Get WPA
From
the
Works
destitute farmers
Great
•
inevitable end of uncontrollable
crop
of survival,
of the Secretary.
result of the accumulated effects
that continued borrowing and con¬
one
chance
the drought front in Washington, which began with a report from the
on
of the
depositor understand
Portions of the
some
available supplies,
Plains
Progress Administration
came
activities
were
drought
had
been
.
.
.
Work
depositor realize that the Government
tinued unbalanced budgets lead to the
altogether
Secretary'Wallace's analysis of the situation headed several developments
experimental policies of the Administration, of continued threats to
industry, and of the consequent destruction of confidence in the future?
banks the
still had
July 29 to the "Times"
drought situation that day:
policies of Government, together with the fact
that Government is today the chief customer
for the accumulated funds of
as a
an
We quote, further as follows from the Washington
resulted from the low interest
inflation ?
"almost gone."
of
necessarily and directly
Does the average
was
Indiana
with
no reason
primarily upon the continuanace of the present high market for bonds of
the United States ?
Have we made it clear to our depositors that the
reduction of more than
one-half in the returns paid on their
deposits has
has become the banker's main customer
days will have
wheat probably would have to be imported, Secretary Wallace said he saw
annual assessments, and
average
ten
or
two years ago.
pay such assessments rests
the
1934."
compared with that of 1934.
be fed
Does the average depositor realize that
apart from such assets the FDIC
has but the banks to look to to the extent of
their
Does
are
belt "where the crop can still be saved
corn
Secretary Wallace pointed to
as
accomplishes through the ownership of such bonds itself.
depositors ?
that part of the
ready to begin purchases
$320,000,000 consist of bonds of the United States ?
To put it bluntly, the
primary function of the FDIC today is to protect banks
against the risk of
loss resulting from depreciation in bonds of
the United States, and this it
our
Crops
the Government had its representatives on the principal terminal
sale of the bonds
We know that the very occasion
requiring
The average
today ability to
prospect of such
He explained that the Agricultural Adjustment Administration had not
depositor relies in part upon the security
afforded through insurance of deposits in the Federal
Deposit Insurance
Corporation.
But does the average depositor know that that
corporation,
to protect his deposits, holds total assets of some
$340,000,000, of which about
that
was no
yet found it necessary to buy cattle under the program authorized, but that
us would require a sale of such bonds by other banks.
continue to,purchase the obligations of Government.
But this is not all.
hogs to prevent greater
precipitation and temperatures.
by
we
already
Illinois and
three
of the United States
no
There
In most of Kansas, Nebraska and Missouri, Mr. Wallace said, the corn
national banks of the
We know that there could be
held by us except to other banks.
over
"Rains and heat of the next week
10 points in the market of
even
40% of the capital of the
of cattle and
Secretary said, because of the already depleted animal
and the yields kept above
banks?
some
2,500,000,000 bushels, making
extraordinary significance," he added.
moneys
totaling
of about
Rains May Save Part of
Does
borrowed from
Government
We know that the present market for bonds
country.
a
every
have
Government
1,600.000,000 bushels,
to about
was cut
crop
yield
wholesale slaughter
the
recurrence,
as
he know that in the past year
Yet,
normal
He declared the factor of the greatest significance is whether rains
truly as though such impositions were called taxes by the low interest
policies of government and by competition of Government with banks.
an
the
:1934) the
a
our
their earnings and their savings, but also to show them how
they are further
is
that year
numbers.
duty to do what we can to make the people tax conscious, to show
depositors that visible taxes are but a trifling portion of the real tax
burden, to show them not only the extent to which invisible taxes cut into
The
Reporting on the
conference, Washington advices, July 29,
July 30, said:
press
losses to farmers from animal starvation.
our
taxed
below the small crop of 1934.
or
necessary
its President, Robert V. Fleming."
Mr.
be noted, is Second Vice-President of the
From his address
and the
to the New York "Times" of
may
American Bankers' Association.
It is
whose
being sapped by the successive
of Government upon the functions of the banker
At his weekly press conference on July 29, Henry A.
Wallace, Secretary of Agriculture, predicted that unless the
current high temperatures abated and there is a heavy
rainfall during the next week or ten days the current corn
crop will be the smallest for any year since 1881.
-The
Secretary, discussing drought conditions, revealed on a
brief inspection tour of the Middle West, said that weather
during the next fortnight would be the determining factor as
to whether the crop would be 300.000,000 to 400,000,000
You might say that 85 %
that he is going
aware
clearly recognize that just
Drought Aid Until Next Spring Seen by
Administrator
Tugwell—Nebraska
and Kansas Added to Emergency Drought States—
Secretary of Agriculture Wallace Says Size of
Current Corn Crop Depends on Weather During
Next Fortnight
present borrowings that will
85% of the total bill will be paid by
us
Resettlement
Much of the other
depositor,
Let
about this result.
being destroyed by encroachments of the Federal Govern¬
Government
.
will be raised by visible direct
taxes, taxes
direct invisible taxes, in greater part through
Do not let it happen
increasing control by the Federal Government of the operations of the banks
He continued in part:
sum
monopoly let it be because we
the founda ions of independent banking
encroachments
of the funds entrusted to our care."
Mr. Adams told the
bankers that "this year the Federal Government will
spend
$9,000,000,000."
.
shut our eyes to the successive steps taken by certain men in the
State rights are
as
the-present spending and
borrowing policies of Government can lead to but one end,
the destruction of the savings of our
depositors." Mr.
Adams' address dealt with the responsibility hnd
obligation
of the individual banker "to inform our
depositors
in regard to money, credit and elements of sound
public
finance upon which rests to so great a degree the
banking
structure, and consequently the safety and earning power
About one-ninth of that
.
ment, by what amounts to coercion and by unjustifiable gratuities, just so
declared that "the continuance of
some
we
Government to bring
the Montana Bankers' Association at
Park on July 25, Orval W. Adams
.
business.
have determined that that is best for the country.
National
.
balanced budget for Government lies the possibility of a true
a
of
k*' If banking is to become a Government
Independent Banking Suffers Through Encroach¬
ment Upon Its Functions by the Government
Yellowstone
in
restoration
Aug. i, 1936
report that
a
32,010
being put to work on projects in six of the nine
A report
States.
lhesident
before
laid
of the
agency's
Roosevelt
at
drought relief
Campobello
by
Harry L. Hopkins, WPA Administrator.
The
same
agency
announced
an
allotment
$1,000,000 for conservation projects in
/drought States.
persons out
North
by
President
Roosevelt of
Dakota, hardest hit of all
The program there had provided employment for 13,467
of the State's 25,000 allotment, said the WPA.
Following his return to Washington on July 27 from a
tour of the drought sections of the
country, Rexford Guy
Tugwell, Resettlement Administrator, at a press conference
that day, expressed the opinion that the Federal Government
will, in all probability, be forced to continue its program of
giving relief and advancing forage loans in the stricken areas
until well into uext year.
The Administrator found condi¬
tions most serious in North and South Dakota,'Montana and
Wyoming, in which States he believes Government aid will
be needed until next spring, if not longer.
■
The following, bearing on Mr. Tugwell's comments, is
from Washington advices, July 27, to the New York "Herald
Tribune" of July 28:
The rural population in
About two-thirds of them
Tugwell said, the
grass
these
are
has virtually disappeared.
well, only heavy rains in the late
for the grass to re-seed.
at the
mercy
States is small—not
more
than
225,000.
in the severely parched area, where, so Dr.
summer
or
According to Dr. Tug¬
early fall will make it possible
Unless it does re-seed, the top soil will be wholly
of windstorms, and conditions will be the
same
as
in the old
"dust bowl" farther south.
Dr. Tugwell intends to make
a
report to the Permanent
Drought Com¬
field will be left to it, what its costs
will
mittee established to deal with the emergency.
incentive for them to increase their
obligations.
their responsibilities. In the
designation of 57 counties in six States oh July 27
"emergency drought counties" by the Department of
Agriculture Drought Committee, the official drought terri¬
tory wa. increased to 607 counties in 17 States.
The designa¬
tion on July 27—the 12th made by the Committee since the
initial designation on July 7—included 7 counties in
Nebraska,
be directly in the conduct of its
business, and indirectly in the proportion of the
expenses of Government to
be saddled upon it.
That is why businessmen of
experience and ability
hesitate to borrow, and in
fact, refuse to borrow money.
There is no
They hesitate to add to
aggre?ate, they
see
are marking time, waiting to
We certainly know today, as we never knew
relation between
government and_ business, that
what is going to
happen.
before, that there is such
only under
a
sound
a
Government
can
business
prosper.
We know today
With the
as
the first named in that State.
The other counties certified
a
Volume
Financial
143
-
Chronicle
677
official
July 29 Associated Press accounts from
Sterling, 111., stated that a "major victory" in the national
Missouri and
drive to unionize the steel industry was claimed that night
by Van A. Bittner, Western director of the movement, as
a result of the settlement of a strike
at the Northwestern
Barb Wire Co. plant at Sterling.
The advices from which
drought areas on July 27 included 28 additional in
Kentucky, 16 in Minnesota, 4 in Montana and 1 each in
Wyoming.
The "emergency drought counties"
in these States now total 70 in Kentucky, 25 in Minnesota,
75 in Missouri, 32 in Montana, and 13 in Wyoming.
Kansas
was added to the
drought roster on July 24 when 27 counties
as
named in that State.
were
Other States in which "emergency
drought counties" have been named include the entire State
of North Dakota, and parts of Arkansas, Colorado, Georgia,
North Carolina, Oklahoma, South Carolina, South Dakota,
Tennessee and Virginia.
•
On July 30 the Drought Committee added an additional
31 counties in Minnesota, Colorado and Nebraska to the
official drought list.
At the same time the Agricultural
Adjustment Administration announced further modifications
in its 1936 soil conservation program; as to the changes in
the conservation program, Washington advices, July 30, to
the New York "Times" of July 31, said:
The
AAA
modified its soil conservation
further
central group of States to encourage
program
for the east
farmers to replant leguminous crops
where those planted in the Spring had been wiped out by drought.
Under
we
quote likewise stated:
It
Mr. Bittner asserted the end of the walkout, announced today
by Robert
Pilkington, mediator for the Department of Labor, bad been "negotiated
by the C.I. O.", the
supporting John L. Lewis' fight for industrial
group
unionism.
The
strike
settlement,
made effective
late
unanimous
today by
of the newly-organized
Sterling unit of the Amalgamated Iron,
Tin Plate Workers'
vote
Steel and
Union, provided:
A flat pay increase of 10% .
Recognition of the Amalgamated as the representative of the strikers
for collective
bargaining purposes.
1.
2.
3.
Return of all strikers "without discrimination"
as
production of the
plant returns to normal.
Amicable
4.
ployer
settlement
of
differences
between
employees
and
em¬
working conditions.
over
Governor
Landon, Republican Presidential Nominee,
Upholds Right of Labor Union to Promote Or¬
ganization
of
Unorganized
Industry
Views
Enlarging upon Acceptance Speech Indicated in
Letter to
Norman
Thomas, Socialist Candidate
Carolina, Tennessee, Virginia and West Virginia, the AAA moved
back to Sept. 1 the date
by which farmers might plant soil conserving crops
for benefit payments.
Both modifications would encourage cooperation with the soil conserva¬
tion program and put money into the pockets of
otherwise would receive less income
the year's
on
Governor Alf M. Landon, of Kansas, Republican nominee
v..
$297,000 of which was grants and $530,000 loans.
With this
allotment, the RA has thus far distributed $5,718,750 for
drought relief, of which amount $2,595,000 represents loans.
The States receiving allotments on July 27 were: Arkansas,
$15 000; Colorado, $220,000; Georgia, $50,000; Kansas,
$275,000; Nebraska, $175,000; Oklahoma, $17,000; South
Carolina, $40,000, and West Virginia, $35,000.
Suspension by American Federation of Labor of Unions
Allied with Committee for Industrial Organization
Opposed by Wisconsin State Federation of Labor
and
Garment
Settlement
Workers'
Steel
of
Union
Strike
New
in
York—
Illinois
in
Reported
'Through Groups Supporting John L. Lewis
At its annual convention at Beaver
for President
drought-hit farmers who
efforts,
The Resettlement Administration announced on July 27
the allocations of $827,000 in relief funds to 8 drought States,
Dam, Wis.,
on
July 24,
for
President, expressing his views on rights of labor, indi¬
supports "the right of a labor union to promote
by lawful and proper means the organization of an unor¬
ganized industry which includes the right to send in an
organizer."
Governor Landon thus expresses himself in a
letter to Norman Thomas, Socialist candidate for President.
Mr. Thomas had requested that the Governor enlarge upon
the statement contained in his speech of acceptance (given
on page 521
in our July 25 issue) regarding labor and its
rights.
In his letter to Mr. Thomas, Governor Landon
says that "in my statement
there is nothing to suggest
that I am in favor of infringing in any way the right of free
speech or free assembly.
I am opposed to any such in¬
fringement."
Governor Landon's letter to Mr. Thomas,
made public at Topeka on July 30, follows:
cates that he
.
Federation of Labor to dismiss all charges against leaders
of the Committee for Industrial Organization and urged
the
American
Federation
Labor
of
to
"cooperate whole¬
heartedly in the Committee for Industrial Organization drive
to organize the steel and rubber industries along industrial
lines."
The
differences
between
the
Committee
In¬
for
dustrial Organization—the group headed by John L. Lewis—
and the American Federation of Labor have heretofore
been referred to in these columns, and an item with regard
thereto appeared in our July 25 issue, page 519.
In advices
from Beaver Dam July 24 to the Milwaukee "Sentinel" it
stated
was
that
the
adopted what J.
Wisconsin
"a reasonable
Federation
of
Labor
(head of the Adjustments
Friedrick
F.
Committee which drafted
termed
State
report supporting Mr. Lewis)
a
which it may be possible
the contending forces."
The
plan, said the "Sentinel" advices, provides:
to reestablish
That
all
plan
harmony
upon
among
charges against organizations affiliated "with the C. I. O. be
immediately dismissed, and all plans for suspension
or
expulsion of such
organizations from the A. F. of L. be dropped.
That
the A.
the C.
I.
the
and completely with
organization drive to organize the steel industry and
the rubber industry on an industrial organization basis so that this plan
and the respiting organization may have a fair chance to prove its efficacy.
That the C.
I.
O.
confine its industrial organization drive to the steel
July 29, 1936.
New
The
plan also provides that
a
I have received your
an
industrial
and report
movement
committee is to
unions,
include two
three from
to the
1937 national convention.
members fr dm craft unions,
federations,
State
three from
two from
city central
bodies and two from Federal labor unions.
On
posed
July 25 it
action of
Federation of
stated that a protest against the pro¬
Executive Council of the American
Labor in calling to trial the 12 unions allied
the
Committee for
adopted
by
Industrial Organization had
Dressmakers
Local
of
a
of
the
resolution, set forth the effort of the Execu¬
tive Council to suspend and expel the
grave
22
been
International
Ladies' Garment Workers Union in New York -City.
An¬
nouncement of this, it was stated in a Washington dispatch
to the New York "Times," came from C. I. O. headquarters.
From the dispatch we quote:
The protest, in the form
O. I. O. unions
was
"precipitating
crisis in the ranks of labor."
the
of 30,000
name
Executive
Council
drop
spirit, although,
You have asked for further comment
speech that
as
you
it is rather unusual
say,
personal letter.
a
on
the statement in my acceptance
says:
Under all circumstances, so states the Republican platform, employees
to be free from interference from any source, which means, as I read
are
it,
entire freedom from
fellow-employee,
coercion
intimidation
or
by the
employer,
all
any
other person.
or any
In your letter you state:
The history of the American labor movement shows that repeatedly
employers' organizations like the National Manufacturers' Association
have used the phrase—free from interference from any source—to mean
a denial of the right of a labor union, or labor unions, actively to promote
the organization of an unorganized factory or an unorganized industry.
It is absurd to talk about labor's right to organize if in every factory workers
more or less at the mercy of the owners of their jobs must organize spon¬
taneously without any help from their fellows.
Is this the interpretation
to be given to your words ?
In my statement,
which you quote, there is nothing to suggest that I
in favor of infringing
am
bly.
I
am
meet
in any way the right of free speech
opposed to any such infringement.
among
organization, with complete freedom from influence from
soever.
free
assem¬
one what¬
any
The workers should be fully protected in this right by the public
This necessarily includes the right of a labor union to promote
authorities.
by lawful and
proper means
which includes the right to
the organization of
send in
in Kansas during my term as
July,
or
The workers have the right
themselves or with others of their own choice to promote
unorganized industry,
an
organizer.
an
serious labor disturbance that has occurred
Governor, in Cherokee county, in June and
I acceded to a request, jointly preferred by the sheriff and
1935,
prosecuting attorney of Cherokee county that I send troops to maintain
I instructed the troops through the Adjutant-General
order.
maintain
to
order,
disarm
to
all
armed
civilians,
of Kansas
including
have
been
armed
smelter properties
give
up
in
off the private
arms
behalf of the
labor
commissions.
They
were
instructed to
the
armed
a
punitive
the resolution called
measures
now
being
on
mine
on
and
obliged to
were
permitted
to
carry
watchmen.
the peace and
preserve
execution of all laws of the State of Kansas.
had made it
not
property where they were employed as
The troops were further
who
Guards
groups.
carrying deputy constable commissions
these deputy
secure
the
Gunmen from other States
practice to threaten striking workers in Kansas
were
forced to stay out of the State.
The troops,
and
other
ducted.
however, were directed not
activities of the strikers
This included
picketing,
protected frompossible violence of
and
any
10
long
so
interfere with labor meetings
as
both
they
were
meetings
peaceably
and pickets
con¬
were
kind.
My action in this instance protected the workers in the right of free
speech and free assembly.
members of the local,
"to
letter of July 24, and its courtesy and candor merit
same
questions of this nature in
guards employed by the smelter and mine operators and those that may
was
with the
the
in
answer
to discuss
In connection with the only
the A. F. of L. President, within 60 days
special .committee to study all phases of organizational set-up
within the labor
York, N. Y. '
Dear Mr. Thomas,
and rubber industries until further action is taken by the A. F. of L.
appoint
.
208 East 18th Street,
to
F. of L. participate wholeheartedly
O. in
.
To Mr. Norman Thomas,
the Wisconsin State Federation of Labor asked the American
the
campaign, Mr. Bittner
said, adding: "And the first settlement."
modification, applicable to Delaware, Kentucky, Maryland,
and become eligible
In
4
the first strike involved in the steel union
was
Double
.
In another
North
a
of
for farmers taking advantage of the opportunity was held out as a
pay
reward.
The
date
|
Yours very truly,
con¬
ALF
M.
LANDON, Governor.
templated against the C. I. O. and its constituent unions, to cancel the
hearing and trial before the Council
on
Aug. 3 and to refer the whole
troversy to the coming convention of the
power
A. F. of L., which alone has the
and authority to deal with matters of such grave importance,
deeply affecting the whole future of the American labor movement."
In
con¬
conclusion
the
dressmakers
.
so
.
.
appealed to the Executive Council "to
Gov.
Landon, Republican Presidential Nominee, Con¬
with Economists—Meets with Col. Ayres of
Cleveland and Benjamin M. Anderson, Jr. of New
York—Mr.
Landon
Also
Holds
Conference
on
Drought
fers
„
put aside all secondary consideration of the jurisdictional
face
of paramount
claims in the
needs for unity against the powerful iron and steel
corporations and to join with the C. I. O. in the great campaign to organize
the biggest open shop
industry in the country, the steel industry."
Governor Alf. M. Landon, of Kansas,
dential
nominee,
met
with several
Republican Presi¬
at Topeka
economists
Financial
678
July 27, and on the same day held a conference on the
drought situation.
In addition to conferring with Colonel
Leonard P. Ayres, Vice-President of the Cleveland Trust Co.,
and Benjamin M. Anderson, Jr., Ph.D., Economist of the
Chase National Bank of New York, Governor Landon's
on
on political and other subjects, were with Robert M.
Hardy, of the National Bank of Commerce of Yakima,
Wash., and head of a Yakima Dairy Association; Lewis L.
Strauss, of Kuhn, Loeb & Co., New York, and President of
talks
the Jewish
Chairman
Agricultural Society, and Max Epstein of Chicago,
of the General American Transportation Corp.
From United Press Accounts from
|fe
we
quote:
encouraging reports of the political
enthusiasm for the Governor's ideas
These visitors brought the Governor
trend in their sections, and expressed
after
t
Topeka
political conditions with him.
discussing business and
.Colonel Ayres said he believed Governor Landon would make a "safe
had a broad outlook that included the
and sane" President and that he
whole.
interests of the nation as a
"You sometimes think of him as
industries of the region where he was born"
said, "but his roots are in the
He
Mahoning Valley, Pa.).
informed
business affairs
on
<
the Governor of a prairie State," he
said Governor Landon was unusually well
and that his attitude toward business was.
encouraging.
with the recent statement
after a conference with Gov.
he was in agreement
Colonel Ayres said that
of Representative
John Hollister of Ohio, who
would be wise to name a non-partisan
board of banking experts to revise the nation's banking laws.
"Business is good," Mr. Ayres said, "and in some spots it is so good
that it is approaching prosperity.
One of the keys to recovery is the
restoration of confidence so that there will be a renewal of long-term
Landon, said they agreed that it
financing."
He said the recent Federal Reserve
quiet conference
a
He was a guest
Governor's mansion several months ago.
second visit with Mr. Landon.
Mr. Anderson made his
at
Board boost in reserve requirements
prudent."
"wise and
was
at the
According to a dispatch from Topeka to the New York
"Times," those at the drought conference in the Governor's
office included H.
L.
Collins, Agriculture Department
statistician for Kansas; J.
Mercer, Sanitary Livestock
the State Board of
Agriculture; V. L. Morrison, Assistant Administrator of
the Kansas Emergency Relief Commission; Ogden Jones,
Commissioner; J. Mohler, Secretary of
in charge of water resources,
and R. G. Merrick and B. F. E. Marsh of the land extension
division of the Santa Fe RR:
In part, the "Times" dispatch
State B »ard of Health engineer
Earle of Pennsylvania:
Governor
magnificantly under President Roosevelt.
.
.
.
could do any better, and we waited
for an answer.
I want to tell you we were considerably disappointed.
We found vague, far-reaching indefinite generalities.
We in Pennsyl¬
vania are skeptical of Republican generalities.
Our people listened to them
for 40 years and finally gave up hope of ever having Republican promises
We wondered how
fulfilled.
Governor Landon
...
With this Republican
record in mind, we looked
leads
me
to believe he
has the solution.
frankly disappointed in that Governor Landon's speech.
"strong silent man." From
of the issues.
We found
indeed, a "silent" man, silent on the true issues of the cam¬
The mid-West is
He had been pictured to us by his sponsors as a
such
naturally expected frank discussion
a man we
that he was,
to the policies he intended to carry out.
paign and even more silent as
Iowa:
Governor Herring of
substitute for the present farm program ?
What would Governor Landon
He makes
remarks on soil conservation and closes
vague
keep that program out
to
with a promise
Kansas farmers should tell the
is now being administered.
county committee.
These committees
of politics.
Governor just how this conservation program
elected
non-partisan basis.
on a
substitute for these farmer committees?
What would Governor Landon
Would
substitute
he
Washington for the farmers
conservation
out of poilitics?
program
Finally Governor Landon
cushion
appointed by
men
neighbors ? Is that the way to take the soil
selected by their own
our
promises to "pay cash benefits in order to
of price fluctuations
farm families against the disastrous effects
and to protect their
standard of living."
This is precisely what the Roose¬
but only a part of what it has been doing.
velt Administration is doing,
He promises to do in the next
proposals for a non-partisan
laws
Representative Hollister's
•
*
'
■
Illinois:
Horner of
Governor
New Deal has already, not only
board to study the simplification of Federal banking
were referred to in our July 25 issue, page 520.
for a clear statement of
replace those of President Roosevelt. We
found very little. - There was a promise of "reasonable" security.
But
who is to say what is "reasonable?"
Who is to go behind that evasion
and say what "reasonable" means? Remembering that Governor Landon
considered $1.08 a week "reasonable" for a Kansas family on relief, we
were worried.
Nor were we impressed by his promise to economize and at
the same time to provide adequate relief for the farmer and the unemployed
worker.
We were amazed to find him insisting that government should be
an "umpire" and then executing an about-face to say that industrial disputes
should not be the concern of the President.
.
Governor Landon holds that the Federal Government has been unable
to solve the problem of unemployment and the presumption is that he
expects private industry to succeed.
Let us consider an example, the
steel industry.
Governor Landon may be familiar with that, since his
uncle, William T. Moosman, is the chief lobbyist in Harrisburg for the
Pennsylvania steel masters.
The Pennsylvania steel industry is booming
today as it has never boomed since the World War.
Yet employment lags.
Why?
Because modern machinery is replacing the workers in the steel
mills, just as it is replacing the workers in mine and factory and on our
farms.
We have come to a show-down with the machine age.
President
Roosevelt gave us the solution when he shortened hours of work and estab¬
lished minimum wages.
Now, as a result of Supreme Court decisions, we
must look for another solution, but no word or deed of Governor Landon
specific policies which were to
reported conditions very bad in at least
rate for a round trip.
threat to the laboring men
We have been doing
are
10 Kansas counties,
the worst situation being in Lynn County, where 51% of the farmers
need immediate assistance to enable them to save their livestock.
^ The Governor explained that the State officials had gained valuable
experience during the 1934 drought and that he believed that the railroads
would be generous in establishing emergency rates, as in that year,
k In 1934 the railroads, on shipments of cattle to well-watered areas and
back again in the fall, fixed a rate of 85% of the regular rates on shipments
out of the State and a rate of 15% on the shipments back, which amounted
Air. Collins
1936
1,
said.
what he
in
there was a concealed
On the contrary,
lation*
The farmers in each county elect a
also said:
to a one-way
Aug.
Chronicle
four years, if elected, a part of what the
promised, but actually accomplished.
Governor Cochran of Nebraska:
In summing up a comparison
of taxes, Kansas has a heavier property
addition a State income tax and
which we do not have in our State.
find that Kansas has been far from a
self-sustained State during the administration of Governor Landon.
We
find that Kansas, though 24th among all of our States, in population, is
15th among the States in the amount of help received from the Federal
tax,
both local and State, and has in
cigarette tax besides certain other taxes,
Six Democratic Governors
Criticize Acceptance Speech
Kansas, Republican Presi¬
of Governor Landon of
dential Nominee
July 28, six Democratic governors in a coast-to-coast
their home States (over the National
On
And yet with all of those taxes we
Government.
I do not
radio broadcast from
network) entered into criticism of The
acceptance speech of Governor Alf M. Landon, Republican
Presidential nominee.
Governor Landon's speech, delivered
at Topeka on July 23, was given in our issue of a week ago,
page 521.
It was noted in the New York "Herald Tribune"
of July 29 that for the unusual method of answering the first
official utterances of the rival Presidential candidates the
Democratic National Committee had recruited Governors
Louis J. Brann of Maine; George H. Earle of Pennsylvania;
Henry Horner of Illinois; Clyde L. Herring of Iowa; Roy L.
Cochran of Nebraska, and Charles H. Martin of Oregon.
In a last-minute change, said the paper indicated, Governors
Theodore, Francis Green of Rhode Island was substituted for
Governor Brann.
The remarks of each of the Governors
limited, to nine minutes.
Extracts from their criticisms
Broadcasting
Co.
to
Governor Martin of Oregon:
In one breath, the Governor
tional
breath,
security
There were a few places
to get
But it
in Governor Landon's address
I realize
But when he did, he raised more questions than he
for some sort of social security.
with strings attached. "We shall amend the
Act," he declared, "to make it workable."
Well, the law
...
I gathered that he was
is a social security
Social Security
has been on
the books for months.
How does Governor Landon
What
are
the
terested in social security
work?
I'm in¬
know that the present law will not
amendments he proposes, to make
it workable?
and I would like to know.
...
He doesn't
Roosevelt's farm policies, but he wants to pay bounties to
farmers and to continue the present Administration's policies on soil
like President
the
How does that differ from the present policies
difference going to save
erosion and drought
relief.
of the Government,
and if it is different, how is the
money?
He wants to balance the budget immediately and at the same
for the needy and unemployed.
The budget would
time continue to care
be balanced now if the
needy and unemployed.
Federal Government discontinued its care for the
...
-
he is noted for his courage
said that he is hardy frank
when he promises to save money and spend it at the same time.
He steered.
shy of the tariff.
He made a wide detour around the utilities question.
He didn't mention stock market regulation.
He breathed never a word
about banking legislation or a public works program or specific labor legis¬
)h Governor Landon's admirers assure us that
and frankness, but in plain honesty it must be
that
absolutely essential.
conditions.
my
the
over
sincere conviction that he is too immature
vast and
Governor
politically to
House in a
complex responsibilities of the White
time of stress and moment in foreign and
Democrats
ability often change
in the light of experience and changing
without reflecting in the slightest upon
And yet,
Landon, it is
take
...
of principle and men of great
men
their opinions on public questions
domestic affairs.
Opposed to Policies of President Roosevelt
in Detroit on Aug. 7—Conference Called
Meet
by Former Senator James
where he appeared
down to cases.
settled.
to the tradi¬
In the next
Governor Landon pledged himself to a Federal system of social
and to a Federal relief for unemployment.
How does Governor
was
Landon reconcile those conficting positions?
■
.
~
condemned the use of Federal powers in
States' rights
of
pattern
to
Island:
the State of Kansas
regulating national economic problems and said that a return
follow:
Governor Green of Rhode
anything in Governor Landon's record in
see
give cheer to the taxpayers.
A.
Reed and Sterling
E. Edmunds
At
the
instance
of
former
Senator
James A.
Reed
of
Missouri, and Sterling E. Edmunds, of St. Louis, a meeting
•of Democrats opposed to the policies of President Roosevelt
will be held in Detroit on Aug. 7.
According to the Detroit
"Free Press" of July 28, three of' the five Democrats who
joined in the anti-Roosevelt manifesto to Democratic
National Convention delegates on the eve of the Philadelphia
sessions will participate in the Detroit discussions, viz.:
Former Senator Reed; former Governor Joseph B. Ely, of
Massachusetts, and Bainbridge Colby, of New York,
Secretary of State in the Wilson Cabinet.
The invitation
to the meeting issued by Mr. Edmunds is quoted as follows
in the "Free Press":
We
are
agreed,
history and
President
of
one
our
are
free
,
all
,
who have any knowledge of constitutional
system
of government, that
Roosevelt and his perseverance in his
the prospect of
the re-election
of
collectivist policies, with
his packing the Supreme Court to validate them, presents
of the gravest
citizen.
as
problems which has ever confronted the free
American
Volume
Mr.
according to
Edmunds,
the
the United
Assistant in
former
He is
Financial
143
indicated,, is a
paper
and has written
former newspaperman and attorney
on law and international law.
a
Department.
State
States
several books
of five which urged the Democratic
The action of the group
Convention to repudiate
President Roosevelt was referred
4275.
these columns June 27, page
to in
swollen expenditures for relief.
I charge the present administration with delaying recovery in the United
States
and
Frank Knox Accepting Republican
Vice-Presidential Nomination—Says Country Must
Choose Between Regimentation of Economic Life
and
Continuance
of
American System of
Free
Col.
Declaring that "the issue before the Country is the pres¬
Knox, Republican
the nomination at
Chicago on July 30, added that "on this issue the Republican
party appeals to the whole people."
According to Col.
Knox, "the Country must choose between the regimentation
of the economic life of 130 million people by politically
ervation of free enterprise," Col. Frank
nominee for Vice-President, in accepting
appointed Federal bureaucrats and the continuance of the
American system of free enterprise under a Government of
Constitutional powers." Col. Knox asserted that, "all the
major New Deal experiments have ended in failure and
economic loss.
The American people do not want
Federal regimentation of their economic activities, even if
.
.
.
The Vice-Presidential nominee
and fair."
t could be efficient
"the Republican Party does not promise to
solve all these problems that you face." He went on to say
that,
in part:
"
'
•
it
It
does
and
promise to make
It
would
agriculture,
of trade and industry
of the problems
Above all, it
the problems of poverty and insecurity.
promises you that in its effort to aid in these problems it will not prevent
from trying to work out your individual and personal problems for
you
truthful
energies.
The nomination
Gov.
of
Col.
Landon and
ship.
On this
ment
as
in the major measures of recovery
But
failed
has
It has not
completely.
It has not fulfilled the duties of its steward¬
issue, that it has not conducted the affairs of govern¬
one
efficiently and economically, it should be condemned and rejected
New Deal Measures
•
under
by
the
deceptive slogan of
Topeka, Kan., July 30, 1936.
date for Vice-President,
This policy of government
Roosevelt as founded
Deal
or to
explain what it is aimed at
It began with
a
on
It is ending with the
No
tap-dancing.
major
WPA
They
measures
and
the NRA, the
were
devaluation
Such
Not
new.
of these New
There is
reference to the fate of these strange experiments.
no
not
are
They failed in
one
mentioned in the 1936 platform of the Democratic party.
measures is
There is
PWA, the CWA,
measures
old in history before America was discovered.
were
Babylon and Rome and England centuries ago.
Deal
of public funds
from it.
AAA, the
dollar.
of the
use
explain the New Deal, or
can
one
economic planning, but every one knows what came
The
of them
one
plan is.
proposal for a belt of trees in a territory that nature
a
had decided should not have trees.
to conduct classes in
the
No
where it is going.
or
has been able to make clear what the economic
reference in all that platform to the
Whatever concrete
New Deal
economic planning.
or to
no
.
.
.
the Republican party has in mind will be
measures
And whatever
presented to the voters before election, not after.
the Constitution of the United States.
I have
issue of
measures
Not
Chicago, 111,,
years
ship add for me a meaning to our new relationship.
enthusiasm to the work
of
our
friend¬
They contribute
vigor and outstanding ability of Colonel Knox.
ALF
M.
LANDON.
On the
mere
con¬
of American life.
It is the issue of the kind of economic system the Ameri¬
can
people will live by.
It is
now a race
.
.
an
issue that goes to the heart
It is
.
a
•
,.
between inflation
race
.
business,
over
conditions of work.
and the revival of
The race is not yet decided.
No
clear.
now
one can
It
But we know what it means.
describe it.
local
over
larger issue,
a
between the exhaustion of Federal credit and the coming
The fundamental issue is
or even
define the New Deal
means
Federal control
local bank credit, over local wages, over
local
Federal regimentation of the labor, the
It leads to
business and the home of every American citizen,
It leads to price-fixing and production control
leads inevitably to the extinction of
r
by Federal authority.
It
the small business man, to the end of
free enterprise in America.
l'Free Enterprise"
Federal Regimentation or
is
half-way
no.
in which
house
American enterprise
of competitive industry and free
The country must choose between the regimentation of the
economic life of 130,000,000 people by politically appointed
under
question whether Federal regimentation of the economic life
a
great nation can be successful or
a
can
man
not.
It is the verdict of history,
Rome to Mr. Roosevelt in Washington, that
Diocletian in
from
Federal bu¬
the American system of free enterprise
government of constitutional powers.
a
It is not
of
take
can
The coercive control of bank credit leads unavoidably to control
of investment and that leads to the end
shall do together in a common
we
Republican party will gain much strength in this campaign
will violate the obligation
one
But there is
reaucrats and the continuance of
a
Not
promise.
a
victed of failure.
enterprise.
The
will break
one
already said that this is po ordinary campaign.
efficiency in administration the present Government stands
shelter.
May I add to the warm tribute which you are paying tonight to my
friend and fellow-worker, Colonel Frank Knox?
from the experience, the
Deal.
New
a
officially explained by President
guess,
philosophy of try anything once, was initiated under the title of economic
planning. No one of its proponents has even been able to define the New
re¬
Frederick Steiwer, Chairman, Committee to Notify the Candi¬
an
that all the measures of the present
In the mad whirl of economic experi¬
by the people.
There
The
say
the task of administration it
normal business activity.
Knox
spectively President and Vice-President at the Republican
National Convention in Cleveland on June 11, was referred
to in our issue of June 13, page 3955.
The speech of ac¬
ceptance of Gov. Landon was given on page 521 of our
issue of a week ago.
Senator Steiwer delivered the address
at Chicago July 30 notifying Col. Knox of his nomination.
At the notification exercises a telegram from Governor
Landon was read by Sentor Steiwer as follows:
confidence and
to
few sound and desirable measures of regulation.
a
be freely conceded.
must
of natural recovery.
The Hon.
the present administration with re¬
charge
kept faith with the nations.
yourselves, with your own ambitions, your own enterprise and your own
cause.
be
not
ments there have been
sensible and practical
effort to install
every
help in the solution
to
measures
I
administration have been failures.
of contracts.
be made.
can
world.
the Republican administration may urge upon Congress, not one will flout
efficient
It does promise that this Government will be as economical and
as
the
This endless succession of interferences and experiments was inaugurated
Enterprise
stated
in
sponsibility for the 10,000,000 still unemployed.
and in
of
Above all, you see the results in the millions
still unemployed.
That
Speech
679
Chronicle
no
one
successfully guide the course of industry for a great nation.
All the major New Deal experiments have ended in failure and economic
The acceptance
It is
speech of Col. Knox follows in part:
ordinary campaign that confronts us.
no
It is
no
choice that the country must make next November.
campaign,
In this Presidential
in every other, it is for the nation to decide whether the
as
administration in office has performed its duty.
diate
responsibility
to
little flame of recovery that
before
the
blessings of
a
employed back at work,
unhappy and
nation
12,000,000
helpless
the
promote
were
even
imagined.
That job
and
men
victims of
The
was
to
carry
out
12,000,000
un¬
workers
women
present
who
were
world depression for which this
a
administration
present
of Washington.
had
just
moral
one
obligation
keep.
to
There
the economic life of
a
are
There
are,
economists, if you will look for them outside
limits to the ability of government to regiment
people.
When it blindly
passes
these limits, it does
industrial production; it destroys it.
always encounters
interference
Such
a
Federal regimentation should not go, even
it passes these limits
drought
There
beyond the control even of a New Dealer.
or
other
some
force
limits beyond which
if it could be efficient. When
are
it destroys personal initiative and individual liberty.
The American people do not want Federal regimentation of their eco¬
nomic activities even if it
could be efficient and fair.
As A1 Smith has
expressed it, the American people do not want a dictator, not even if they
could get
Here
not responsible.
was
The
Deal
job to perform.
one
that would enable American enterprise to put
program
the
to
was
imme¬
one
had begun to burn in the Summer of 1932,
New
a
administration had just
responsibility
That
meet.
had just
known and true principles of economic life.
are
for that matter, competent
not encourage
...
The present administration in the Winter of 1933
There
loss.
ordinary political
a
we
good
one.
have the issue
that must be decided next November.
It is
whether the American people shall have an orderly and economical gov¬
recognizing the
limitations of Federal power
That obligation was to fulfill the solemn promises of economy and mod¬
ernment
eration with which it lured the people in the campaign of 1932.
determined to reorganize the American economic system by experiment.
did it meet that
How
did it
keep
embarked
that moral
on
a
responsibility?
How did it do that job?
How
From the day that it took office it
obligation?
series of hysterical experiments on the economic life of
a
burdened people.
At
time
a
of the
universal
cooperation
country
should
policy of credit adulteration
was
been
have
and
a
necessity it initiated
At
men.
strengthened
currency
„
a
it
experiment
foreign trade and frightened domestic finance.
a
time when the
inaugurated
that
a
demoralized
prevented re-employment.
sage
of reform measures
so
By coercion of Congress it forced the
installed
recklessly
reduced
a
drawn that
a
agriculture
they
on
of taxes.
a
.
hamstrung
destroyed
was
a
new
already hard to bear it
em¬
ploiters, that all business men are motivated by greed, that all working
people are victims of oppression.
inevitable recovery
on
could
I do not need to tell
not
its way.
you
going to exchange
our
was
retarded and discouraged.
free
a
rendezvous
date.
with destiny.
What
this
is
not
told the American people that they have a
As I understand the term,
rendezvous?
Under
present
a
rendezvous is
conditions,
the
a
most
likely rendezvous is with a receiver for the Treasury.
After
the
what
acceptance by the people of the promises
had
a
When they
looks like.
with
a
have
a
They had a
They had a rendezvous with Farleyism.
rendezvous with the tax collectors.
rendezvous
of the 1932 plat¬
unexpected rendezvous did the people have?
rendezvous with the NRA.
And
are
political magicians.
job,
we.slowly emerge from its thralls with the menaces of governmental in¬
They
economic system for the rainbow millennium of
The
the results.
be permanently blocked by governmental
But it
They do not believe that the American
failure until the New Deal came along.
...
With the American system preserved, we shall in due time have
form,
.
defaulted in its obligation.
occasional breathing
the
and
ploicy of squandering public funds and increasing the weight
It is still
do not
in economic life, not an
The President has recently
desperately for
The present administration ignored its responsibility, failed in its
error.
They want order
They want dignity in government, not a merry-go-round.
They
believe that all bankers are scoundrels, that all employers are ex¬
mentation of visionaries and amateur economic planners.
food
governmental enterprise to compete with private business.
.
spell.
The American people are not going to surrender this prospect to the regi¬
of relief.
time when the burden of taxation
barked
that
time when private industry was struggling
start it set up
At
of
not
people, living in plenty and security, without exploitation or destitution.
foreign markets and increased the cost of living and multiplied
the expense
At
regimentation
a
recovery,
They want work, not relief.
pas¬
revival of enterprise and paralyzed the renewal of investment.
It
The people want
They want economy, not waste.
system was a
;
It set up a system of regimentation of industry that reduced production
and
know what the decision will be.
government
a
They want cooperation among the partners in production, not industrial
strife.
when
campaign of abuse and vilification of business
credit
We
rhetoric.
or
They
The American people want no
destiny plotted on blueprints in a Washington office.
date with destiny they want to know what the lady
They want to have
a
word to say about it.
•
solvency and nondescript currency and business disturbance shadowing the
future.
You
Republicans Committed to "Free Enterprise"
•
see
condition
the results In the fourth year of mounting
of
our
currency,
in the bloated
reserves
deficits, in the chaotic
of
our
banks,
in
the
The issue before the country
this issue the
-
is the preservation of free enterprise.
Republican party appeals to the whole people.
On
It appeals
Financial
680
to the millions of sincere Democrats
who have been outraged by the
ap¬
Democratic
principles.
It appeals to the millions of thrifty and hard-working people
whose patiently accumulated savings in life insurance and savings accounts
are jeopardized by the reckless spending of the present administration.
It appeals to the millions of business men who have for years faced the
adversities of depression and are now facing the regimenter and the taxgatherer. It appeals to the real forgotten men and women of the nation,
agriculture and personal service and small
of workers in
the millions
the garb of ancient
in
practices
un-American
of
pearance
terprise who have been ignored in
en¬
all the pretense of social legislation of
the New Deal.
It appeals to the women
of America, who have borne the hardest blows
unemployment and now face the problems of household
of depression and
of living in an economy of scarcity.
management under a rising cost
,.
Promises of Republican Parly
.
The
is
does not promise to solve all
these problems
It has no patent nostrums to cure every economic ill.
face.
There
But the
of all our economic problems.
to the solution
royal road
no
party
Republican
that you
It does promise a fair and
It does promise that this government will be as eco¬
Republican party does make certain promises.
honest
government.
nomical and efficient as it can be made.
It
help in the solution of the
to
measures
install sensible and practical
problems of trade and industry
Above all, it
aid in these problems it will not prevent
from trying to work out your individual and personal problems for
and
the problems of poverty and insecurity.
agriculture,
promises you that in its efforts to
you
yourselves, with your own
energies.
*
.
.
ambitions, your own enterprise and your own
point where the blazes along the trail run out.
a
Two
One lies along the apparently easy valleys of a regimented
lie ahead.
paternalistic government which falsely promises
society, maintained by a
provide its subjects with a security that men were wont to purchase
to
The other lies along the rugged heights of
by their own efforts.
in the past
self-support, self-government and self-respect.
Which
will
have always taken the
Take
emerged
an
Because we
greatest national asset.
vestige of 300
every
us
More
self-reliant way, the self-respecting way, American
as our
years
Schacht
Dr.
of
Appeals
Germany
Emphasizes
Olympics
The answer is in
your
hands.
Next November you will choose the American way.
Traders—Article
World
J(
Credit
for
Welcoming
Guests
Need
Germany's
from
for
to
Raw
Materials
welcoming the Olympic Games guests to
Hjalmar Schacht, Economic Minister and
President of the Reichsbank, appeals to the world for
commercial credit to enable Germany to replenish her de¬
pleted raw material supply.
This was made known in
Berlin advices July 26 to the New York "Times," which
In
article
an
Dr.
Germany,
likewise said:
The
printed in the periodical
article,
for
demand
Schacht's
colonies
from
the
which
"Reichsbank," reports Dr.
could obtain
Germany
raw
materials and in which her workers and merchants could find employment,
but he proposes a more
immediate way out of the crisis by the restoration
Germany, the article emphasizes, does not want a loan, which would
increase
her
foreign indebtedness,
Schacht
she wants
says
already under
short-term
a
transfer moratorium.
of exports.
Germany, the article points out, can maintain her raw material supply
"an
international
to
do
business
understanding
that
would
permit
the
world's
according to long-range calculations."
At present Germany is buying up raw materials
own
creditors
told to
are
take
payment
i|i German goods at Germany's
prices.
Death
of
Frederick
S.
Chamberlain,
Banker of
Federal
Britain, Conn.—Also Director of the
serve
may
being replaced by a single system.
The Panama Canal
the last 20 years
Would place the collection of tolls on the sound principle that
ment system
ratio to the earning capacity of vessels
payment should be in direct
toll
the legitimate interests of vessels using the canal as well as those
of the Government.
Shipping men appear to
rules,
measurement
an
William
be divided over changing the Panama Canal •
and some believe the proposed single system would
increase in tolls which, they asserted, already were far too high
E.
a
Re¬
director of the
Mr. Chamberlain, who
63 years old, was born in New Britain and began his
career in the old Mechanics National Bank of that
was
banking
city, in
to be Teller.
In 1907,upon being appointed
Cashier of the New Britain National Bank, he transferred to
later becoming Vice-President and Cashier,
President, the office he held at his death. From
1915 to 1919, he was Treasurer of the State of Connecticut.
In addition to his banking interests, at the time of his death,
Mr. Chamberlain was President, Treasurer and a director of
the New Britain Gas Light Co.; Treasurer and a director of
the New Britain Institute, and a director of the Stanley
Works, Bristol Brass Co., etc., etc.
that institution,
and in 1928,
.
Departure of Committee Recently Appointed by Presi¬
dent Roosevelt to Study Panama Canal Tolls—
Group Will Submit Recommendations
as
Required
by Congress
a
appointed recently by President
survey of the tolls imposed on vessels
using the waterway, sailed on July; 28 for the Canal Zone
Alfred
Sloan
P.
Jr.
of
General
William E. Dodd,
United States Ambassador to Germany,
May 1, sailed for
who had been in the United States since
his post in Berlin on the Washington of the United States
Lines on July 29.
For five weeks (according to the New
York "Times") he
lectured on "Critical Moments in Ameri¬
History" at the University of Chicago summer session.
Others sailing on the Washington were Wilbur J. Carr,
Assistant Secretary of State; L. A. Wheeler, chief of the
foreign service division of the Department of State, and
James A. Farrell, retired President of the United States
Steel Corp.
Alfred P. Sloan Jr., President of the General Motors
Corp., sailed for Europe on July 29 on the Queen Mary.
Reporting Mr. Sloan as statiDg that we are undergoing a
period of superifcial prosperity, and warning that America
now must "watch her step" for a false boom, the New York
"Herald Tribune" of July 29 further indicated him as saying:
can
Sloan first said that
Mr.
intelligently in
he
good next year.
general
a
way
was
most
optimistic that business Avould
"But later we've got to do things more
than
we're doing
now."
He declined to
amplify this remark.
Arrival
New York of
Dr.
Vicente Vita,
Manager of the Bank of Nicaragua
in
General
Dr. Vicente Vita, General Manager of
agua,
arrived in New York
He has
on
the Bank of Nicar¬
July 28 aboard the Grace
come
to this
country to confer
with the directorate of the Bank of New York & Trust Co.
with
regard
to the financial and economic programs of
The departure of Dr. Vita from Managua, was
reported in our issue of July 25, page 508.
Nicaragua.
Senator
King Sails for Puerto Rico—Seeks First Hand
on
Conditions
Incident
to
Proposed
Independence
Senator William H.
King, of Utah, sailed for Haiti and
July 30 on the Colombian liner Haiti.
Mr.
King before his departure commented on the legislation
pending in Congress on Puerto Rican independence and
according to the New York "Times" said he felt that he
should get first hand information on conditions and the will
Puerto Rico
on
of the Puerto
Ricans
on the subject.
He said he had an
"whether they should be granted complete
independence, the right of Statehood or should continue the
present status."
open
mind
on
J. P. Morgan Departs on His Yacht Corsair for Europe
—Expected to
J,
P.
Remain Away Six Months
or
More
Morgan, head of J. P.
Morgan & Co., sailed on
July 29 for his annual visit, to Europe aboard his yacht
Corsair. The financier had planned to sail on the CunardWhite Star liner Queen Mary, which also departed on July 29,
but following a recent attack of neuritis, altered his plans,
deciding to make the trip on the Corsair. The yacht sailed
from
The committee of three
Roosevelt to make
and
Germany, Sails to
Secretary of
Berlin—Assistant
Motors Leave for Europe
Information
New Britain, Conn., and
in Madison, Conn., on July 27.
in
Duties
Carr
State
Ambassador to
Dodd,
Resume
'
Chamberlain, President of the New Britain
National Bank,
rose
Administration has pointed out many times during
that enactment of legislation eliminating the dual-measure¬
New
Federal Reserve Bank of Boston, died at his summer home
which he
effect on the great number of American and foreign
Canal, and may result in the preesnt
system—by United States and Panama Canal Rules—
have a far-reaching
shipping companies using the Panama
Bank of Boston
Frederick S.
of measurements for vessels.
York about the end of August apd hold several
principal port cities of the United States. American
and foreign shipping men, especially those whose operations are identified
with the Panama Canal, will have an opportunity to present their views.
The committee is to complete its survey and submit its report and
recommendations to the President by Jan. 1.
Their findings, it is thought,
liner Santa Clara.
from whatever country
willing to sell and at almost any price, though when she comes to paying
the
about three weeks confering with Canal
They plan to return to New
1935 level only if enabled to increase her present exports
by at least 80,000,000 marks monthly, and for that purpose Dr. Schacht
merchants
_•
...
authorities and studying the systems
commercial credits to buy raw
materials which will be paid for later from the proceeds
the meager
;
The committee expects to pass
Zone
continue to be
of international credit.
is
to say:
only the
civilization as great as that we have
Which way shall we go?
who made America.
urges
equitable system of measuring such vessels and levying tolls."
In reporting the departure of the committee on July 28, the
New York "Herald Tribune" of July 29, had the following
regimented state, but of the self-respecting and self-reliant men
a
I know what it will be.
on
it finds necessary or
doctrine, not of the soft and spineless kept
I preach to you the
so
9f Vessels for the Panama Canal' as
desirable to provide a practical, just and
for the Measurements
result in
of progress, leave
America is too young, too vigorous, to b9 deceived by false promises
And
Dr.
the
easy way.
Citizen of
;
President on April 13. Under
legislation the committee is required to report its findings
to Mr. Roosevelt prior to Jan. 1 and "to make such advisory
recommendations of changes and modifications of the 'Rules
Congress, signed by the
of
God placed here, give us the American character, and
would swiftly reconstruct here a
we
today.
of
from
materials that
raw
fathers chose.
our
right way of life is not the easy way.
often than not, the
character has
Pennsylvania; Rear Admiral George H. Rock, United States
Navy (retired), and former Governor Arthur Weaver of
Nebraska.
The committee was appointed by President
Roosevelt in accordance with a bill enacted at the past session
and protect
We know the path
choose?
we
The members of the
the University of
An con.
Dr. Emory R. Johnson, of
are
dual measurement
.
Again we reach
ways
aboard the Panama RR. line
committee
hearings in various
promise to make every effort to
does
Aug. 1, 1936
Chronicle
the
land
Mr.
near
Glen Cove, L. I., and will
Morgan in England.
He is expected to remain
away from 6 to 10 months.
Reference to Mr, Morgan's
recent illness was made in our issue of July 4, page 46.
banker's estate
3
to
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o
to
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to
Ui
CD
00
tb
97
June
High
96
79*2
77
Low
97
May
High
Low
April
80
98*4 5278 48*8
87
8434
45
96
85&S
49
98
955s 77*2 83l2 95*2
70
10478 81 1043 105 105 107*4 86841 4*8 9634 10378 104*2 98 8578 75 86 1 6*2 109*4 1 21 34
104*4
72
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94'8
112
121*4 129*2 2458 247824 24 106 80*4 80 75 22 20*2 203s 9 34 ia5'32l057,6 10JI78l047ts 105*4 1037i210372 79*4 92 1 4*2 120*12 128*4 1104*0521 0
102*2 103*4 9558 83*4 71*8 83*s 115*4 108*8
120*2 128*4
24
22*4 2158
23
1045s
73
74*4 69*4
98*2
18
19
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10478
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9,1
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49*2 46*4 72i2
45
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80*4 9034
94*2
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79
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115
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120*8 12738
75
23*8 22U 20*2
23
1033s
43
71*2
73
,19*4 1834
68
23
•
25
99
80*4
105*8 104*8 10384
12078 127*2 104*2 109
High 98*4 85*s 87 9 *4 50*4 45 '66975s 105*4 l l2 104i2 105*4 104 106 85*4 1108*582 97*4 103*4 1043s -96*2 83*2 74*4 83*21 4 108*4 1 6*4 106 7458 1100*0 *22 12 5s 128* 28*2 27 25*2 28*s106 43 8534 8534 81*2 3034 23 21*2 20 10 *8 10512610 34 106 11055s60 *8 104*8 81*2 953s 1 5 1120*21*42 1273s 105 109l1 02
Low
9578
76
843s
96
45
40*s
9978 8634 89*4 9978 54*4 45*s
March
73
High
98
Low
8212 86*2
98
10478 104*8 IO3S4 104 1047S
93
70
1053g 10434 107
113
49*s 39*2 67&s
96*2 827s 8234
98
90*4
IOI84 102*8 9478 78*s
66
78*4
11334 10758 112 103*4 72i2
120
105*4 104 104 105
80
106*2
47*s 39*4 64rj8
10434
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79
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111
83
97*s
92*4
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102
109
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73
9158 81*2 6978 8I84
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90
115
~74~78 101*4 101*2
108*2 118
114 107
126*4
10078 121 128
1104*260 7s 88 1110*3*44 98 11021205 1100*052 98 8634 7638 87 1113*44*2 11083S09 112*87 1101*07s27458 1100&830 4
1
February High 100 8784 8 *2 9 7s 57*2 47*4 68i2 105*46 10034*901 2 1102*24 105*701 *42
10 0
Low
795s
113*2 "72*4 101*4 101*2
27
1025s
43
106*4 110
2534 24i2
105i2 110
28
32^8
129*2
120
1267s 32*2
99
27
3258 295g 285s 32i2
121
99
2534 24*4
30
29
28
78*2
79
73
23*2 18*2 17*2
104l2 10334
80
95*4
1103s
127 104
87 8 9034 86 27 24*4 24 18 10 *4 107 10634 105810658 1103*044 85 95 1 5 11197812 *8 127*4 105*2 1108*098
82
8212
77
24
2U2
1478 9534
21
93*2 94 8934 31*4 26*2 26*2
8512 8678 8134
105*4
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27
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113
96*4
15
7*2
107*4 10638 10734 106
9178
15
106
81*s
106 105
33
29i2 28*8 3238
993s
20
106&S 1055s 106*2 10334
91&S
108&S 108 10734 105*2
85
78
92
86
78
114*4 12O84
10534109
111*2 11934
75
105 108
81
69
126 104
112 122 125
10578 109l2
January High
10 *4 8 *2 85l2 9834 4984 42 65 10534610 78 105 100*2210 i 11043450 *2 102l01 62 84 I108*49O 84 94 100*4310 *2 103 92*4 84 70*2 84 1133431 *8 11037870 *2 1109*42* 120 75 101*4 1101*01*22 98*4 120*2 1263s 325g 29*2 29 32l2 1043s01 6 10934910 34
BONDS
RPtrhaoiocnegnfse
Monthly
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Low
965s
83
81*2 96*4 40*4 33i2
Refund &
L&lou sv 10-year 4s
Atlantic Gulf Atlantic Auburn A&su tin Baldwin B&ait gold
68*4
74
& 5s
&
Ref
Tol Ref
Ref
1st
5s
98*4
101
32
29*4 28*2
88 88 835s 30 253S 25
79*4
32
119 125
80
75
23
2212
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21
88
107
10584 106l2 104*4
109
11934 12412 105 108
Atl
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1st
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1 384 1 3 41 7 1 0 102*16 37*237 105 34i23 14 71*2103 10458 98 1067s1 5l21 1 1 13s 108*2109 107 1 34 10658 1 2341 3*2 1 1*4
High
50 10 *2 100 79*2 1110341 106*43601 s 72i2 71 1103l40 142 95l2 8914 70*8 5234 10 38 1110*0588 11000l152s 139*2 94i8 I1O0OI234s 80 71 1 4 106 1110*5i22 11008*9184 1112U*3 2 11128483 4
High
425g
High
4234
High
48*2 102 10 7s 65 1 0 105 73 72*2 10234410 i2 95 913s 80 5634 lO U 1091s01 i2 IO 2IOU2 136 4 93*8^6*4 103 8U4 78 1 6 11047850 78 128i2 1107120 1 384 1 43 1 712 1 4&1 100 1 0 107l51 124 453g 4 12 10312410 34 27 8134 101*4 11003l5142 98i4 106i2 I12l 1 5i2 1112i3U2 109i21J3 2 107108 10578610 *8 1 4 107*4 1 3*2 1111*22*4
97
66*4
69
92*8 85i2
63i2
94*8
46*4
66
100
71*4
35*8
111*8 1125s I O84
66
112 105
130
36
109 102
27*4
104l2
27
104*8
70
103
97
105
114
109*2 1095s 108*2 108 106 111 106*8 11234
112
109
4512 9 i2 9 84 67 I1O076I142 72*2 685s 10312401 9434 88 68 50 lO Li 1091401 *4 9 3410 2 1325s 905s 1101*02*2 743g 73 111123*21105i062 1 7 109*2 11125s4 1128431 5s 10934ll g 1 2 1 4 96 107i21 6l2 1 0 1023 l02i 37 34 102344IO 84 27t2 2714 72 102*2 105 98 1106*06748 11133s514 1I09iH42 109142 10712 108*2 106 l i4 1065s710 14 1 U21 34 1 234 10434510 34 110053s8 4
1
1
Low
97
97
63i2
68
895s 82*4
68^8
905s
9834
42
63
71
8884
6978
32i2 32is
24
26i2 7034
104U
101
107
112 108
127
97
107 107 106
n058
111
48's101 9 3410 697s IO6I4 727s 72 11031s40 1s 95 89i2 *35 lO U H109140i2 1013s 14312 97 102l01 2324 7 l2 75i2 1 458 10638 11135s62 is 1IO07i9824 1 3l2 1 2i 1 3i2 1091231 1s 1I123883 4 97i2 1 1 110102 732l 42i2 4U2 1045s 27 77 101 4 11043s50 98i8I1O0584612111278434 1 1 1085S1 107 78701 l2110053s53s IlO7S4s 1065g1111*83 1 0i2l s
1
Low
Low
9834
43
Low
March
74*4 6I84
109
2d
April
88
521964 8.1952 4 19485's9 _137'4^9814 1940 8195 48195 415s_90'5920 1960F.195s43 .195 .'4H2«38s9 1936 51s_.481960 195 5196 0 .194 50C.1967 .195 6 4'5s6>_1934 . 1934 red194 19526s. 8194 194 50s_. 1947 50197
Gen
May
99*2
100
Atl
June
84*2
75
61
7
69
59
NIES
89l4 82*4
69
9912
"24
4418 99i2 9934 58l2
69
9H2 8578
70
75
49l2 98i2
60
9812
February High COMPA 49 10 5s 10 78 57i2 1 0 11043s150 4 7312 76 1041 97l2 95l2
9934 55i2
4314
100
January High TRIAL
Low
6478 67i2
110
93
887s
72
4712
101
134i8
104
77l2
94
103
109 100 125
112
4134
94*2
11314
23l2
102
*
9634
75
100
40
24
76
106
112 112
110
101U
105U
97
107 106
107 107
106
111 106 112
1IO06587481100975s
10512 110
105 108
83*2
95
97
102
108
112
119
113
33i2 34i8
90
105U
73
102
128
110
Low
112
7434
110 105
81
70i2 7U4
97
124
100
106
100
7 78 U7i2 105 1345g 11007*912211121837s 1I 3145 10 1 6 8.1 9 1123441 12 10U2 106*4 1107*4612 47 46i2 110U240 l2 28is 84i2 10 38 1103&S40 34 973S IO6I4 1H117S4i211006*28341 0 109 107*01 872811021220 &S11105s4 1053401 7 l i21 2l 1 2* 1 8i2105 10534910 12
74
115
96i2
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42
4238
25
96i2
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100
103
107 109
105
112 118 104
43 4 10 3g 100 55 1 0 10314410 34 70 6978 102*4 95 89*4 75 54 96 108580 IO 84 18215 94 104 7878 79 1 2l 1 5 4 110013s43 130*2 1 0*8 1 3 4 1113i41s10 3s 1 912 1112193 4 99 IO6I4 1 834 49 48I4 10314 303s 817s 9714 10412 9734 106i2 11103s2*4 1IO04i6I42 11047870 34 11006l672s 10734 lT"l211051450 34 1 0i2l 1 234 1 8 1033s310 7s 11005*463s
1
40t2 98U
97
53
53
55
101
109
87l2
78
4834 36*2
90
9912
66i2
913s
90*2
70
121 108 112
102
42
97
4U2 99i2
26
7U2
9434
96
104
110
100 114
105
105
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112 118
.
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trial Conference Board,
a
world industrial production showed
moderate recession during
ceding
Least
month.
France and Italy,
Board
the
Decline
in
said an
July 17, which added:
011
Belgian eteel, /coal and textile industries occurred in May,
condition
partly
tion.
France,
In
attributable
business
of
was
noticeably retarded
by the
engaged
in
the
manufacture
Activity
in
the
United
goods industries,
still below
regarding
political situa¬
the
during the early
showed little change
seasonal
amount
combined
1929
of
outbreak
of
military
supplies
strikes.
Kingdom remained at
although operations in
a
industries
little recession.
showed
high
June output
Italy,
In
level
the capital
in
goods trades are
consumers'
many
a
capacity.
According to
The
to uncertainty
activity
May, but during the latter part of the month and in
part
the
May from the level of the pre¬
was noted in Great Britain,
announcement made available by
change
of
decline
index
average,
as
of
75
Industrial
was
Conference
Board,
apparent in the gold value
countries
compared with
(excluding Italy)
36.9%
only the
usual
of world trade.
stood
during March
at
35.8% of
and 32.9%
in
April, 1935.
to
have
stood
at
declined
during. May.
67.4% of the
1928
world prices of foodstuffs and
The
average,
combined
as
index
of
compared with
nine
raw
materials
commodities
68.1% in April.
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June
During
According
survey, issued July 23.
Activity in the first six months of
193G showed a marked improvement over the corresponding
period
last year
major
indexes
and
of
increases occurred
substantial
production
and
security markets, the Board said.
Conference Board
In
less
the
than
automobile
the
Residential
the
output
decline
seasonal
period
all
An announcement by the
during
from
a
year
ago
than
June
the
building contracts awarded showed
same
in
and in the
continued:
industry,
usual
distribution,
most of
a
considerably
showed
preceding
month.
greater percentage gain
the
other
major
business
indicators.
According to the F. W. Dodge Corp., the total volume of
building contracts awarded in 37 StateV east of the Rockies during June
increased
7.9%
attributable
The
The Conference Board reports
1 «
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During June business activity continued the advance
begun in March, although the volume of industrial produc¬
tion remained below the level of December, it was reported
by the National Industrial Conference Board in its monthly
over
the National
'
1
1
in
During First Half of Year Above Year Ago
.
According to the monthly statement of the National Indus¬
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to
Board
ference
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improvement
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June, 1935.
over
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the
iron
building
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This gain is partly
and
to
public works.
industry
constitutes
significant factors in improvement noted by the Conference
Steel ingot output for the
60% above that for the full
year
first half of the
1932.
year was
approximately
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Zinc production
the total output for June
was
were
has
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higher
advanced
short tons,
highest figure for any month since May, 1930.
Crude petroleum pro¬
rose to
a record
high level for the industry during the first six
duction
of
months
Gasoline
during
the
stocks
the
although stocks
year,
first
are
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last
1936 was
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President, Harold Stone, is expected to contain
of the progress we
toward greater
have made toward ideal savings banking,
usefulness of the Association in the future.
a
as
way
The President's
address will be followed by a discussion of broad investment considerations
and
money-rate trends
by an out-of-State savings banker who
has dis¬
tinguished himself in recent months by his addresses along this line.
We
have
the
arranged for
a
thorough
and well substantiated
discussion
of
outlook for real estate from one of the most prominent analysts and one of
the most outstanding speakers on this subject in the United States.
We have arranged for a
what is
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discussion of inter-bank relationships and of
being done in the commercial banking field in the
as
less degree to an
a
way
activity has swept Virtually the entire country, and
undeniable facts
State of New York to Be Held in New
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high levels.
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suggested at last year's meeting, and it is also expected to point the
the
corresponding
period of 1932.
Electric power production has been advancing steadily
since
October, 1935, and,
during this year, output has reached record
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are
undertaking of research studies in
as a
of research.
more
than half
committed in greater
an
effort to ascertain
basis for possible improvement of the banking business
whole and individual banking practices.
York, Sept.
24 and 25
(The 43d annual convention of the Savings Banks Associa¬
tion of the State of New York will be held this year in New
York City, at the Waldorf-Astoria Hotel, Sept. 24 and 25.
The largest attendance in recent years is anticipated at the
convention, it was stated in the "Association News Bulletin''
of
July 24, published by the Savings Banks Association,
the following from the publication:
■
also quote
.
We
■
Survey of Personal Loan Business in Banks by A. B. A.
A survey
of the personal loan business in banks, together
with recommendations and forms for installation and opera¬
tion of such departments, has been published by the Bank
Management Commission of the American Bankers Associa¬
tion in a
24-page bulletin which has been sent to all Associa¬
tion members.
The bulletin states:
684
Financial
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Personal
increase
loan
in
departments in
instalment
place
permanent
mated
that
credit.
To
are
which
of the population
these
at
Personal
banks
financing,
an
oggggo
has
people
the
the United
of
the personal
same
time is
loan
States
to
come
occupy
without bank
department extends
a
valuable
profitable to the bank.
H<N
that "they cannot be offered as
provide
or
a
for low earnings
plan for investing all, or even a major
portion, of tbe banks'
sonal
loans
was
a panacea
excess reserves."
H.
E.
Blair,
Louis
Conn.,
J.
S.
committee of
the
East
Hartford
& Trust
Trust
R.
Burton, President National
B.
France,
Assistant
Bank of
Vice-President
The
section containing
Arch
Trust
G.
W.
Co.,
Chicago,
Fred
Cashier
Roy
waukee,
L.
Stone,
Vice-President
Wis.
Bank
of
Bank
&
111.
Berger, Treasurer Norristown-Penn Trust Co., Norristown, Pa.
Plans for
Third
Co.,
East
A
Hartford,
Co., Lawrence, Mass.
be
Far Rockaway, New York.
Society for Savings, Cleve¬
America
complete
Power
Conference
to
Be
Held
National
Trust
&
National
Bank,
Wil-
D.
World Power
C.,
in
Congress
47
exposition
of
power
developments
and
re¬
United States—a "Panorama of Power"—will
brought together for the first time in connection with
the Third
pation
Wisconsin
World
Washington Sept. 7-12—Second Congress on
Large Dams to Be Held at Same Time—Technical
Study Tours Also Planned
Co., Oklahoma
Calif.
First
Los Angeles,
Anderson, Vice-President Continental Illinois National
B.
Assistant
forms with recommendations for
L. W.
»Eley, Vice-President Security-First National Bank of
Calif.Chairman.
Director 0.
Hughes,
S 8 8*K Sfi «S
of personal income loan depart¬
prepared by the following committee of the Bank
ments was
ton,
Savings Association, San Francisco,
i I Sw3 S sfi S S
*JUQ
a
Eepey Albig, Secretary Savings Division, American Bankers Associa¬
Vork, Secretary.
.
5
Ohio.
F.
t;r »H
a
sources in the
Rodney Ball, Treasurer Lawrence Morris Plan
Merwin
S •••3***5=tfog-flUfjuu^r
•t«S«to£2u<s2St5«2-2^g32i-SsSsSr g
in
Vice-Chairman.
John
land,
Vice-President City National Bank
President
isBisssitfsiK&MjWHZ
CO V
installation and operation
Chairman.
Thomas,
NU
This survey on per¬
made
by the following
Savings Division of tbe Association:
City, Okla.,
W.
— ui
«h-°
Management Commission of the Association:
loan
departments are being operated by banks
advantageously and profitably, tbe bulletin says, but warns
in banks
_
tion, New
It is esti¬
States.
are
a
3 °s^j ««
»"I5SS
outgrowth of the continued
apparently
®
-
Inu CO US »P
sss<— tit tos
coo
* c a a a
in the national economy of the Unitd
85%
service which
xif5 ^^5
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as
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-
Sept.
'C.
the
on
nations.
7-12.
Merrill
World
Conference, to be held in Washing¬
On July 30 it was announced by
that
Large Dams
From
definite
Power
have been
Washington,
and
received
July 5,
the
of
partici¬
the
assurances
Conference
Second
so
far from
American
Na-
Volume
Financial
143
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of the
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plans for their conservation and utilization.
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experience of the nations of the world in
received
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Congress on
currently.
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appear in
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final
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series
a
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world's
leading engineers to the scenes of this country's greatest
industrial accomplishments, have been completed as a sup¬
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technical
study
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tours,
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both
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more
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with
and
will
utilities
great
take,
South
New
of
tories,
Pittsburgh's
tories,
the
San
In
bridges,
Washington,
involved
tion
distribution
technical
the
on
in
Third
the
of the
General
Niagara
West,
Tennessee
the
of
production
the
in
and
the
after
and
conference
foreigners,
distinguished
of
Americans
2,500
for
Power
National
"The
will
will
come
wonders
of
from
Europe,
Asia,
this
country:
The
Electric and
Falls,
Coulee,
Westinghouse
Detroit's
Bonneville
automobile
and
Boulder,
fac¬
fac¬
the
Valley, &c.
be
conservation
The
power.
the
devoted
of
primarily
power
tours
will
resources
round
to
the
economic
and the
out
the
produc¬
conference
amounting to $100,000
World
Power
Conference
have been
York
Board of the Consolidated
an
announced
appropriation
said
from
Edison
Company of New
and Chairman ^of the Finance Committee
ference,
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Institute, and $25,000 from the National Electrical Manu¬
In announcing the contribution, Mr.
Carlisle pledged whole-hearted support of the Conference
on
behalf of private industry, both in connection with the
facturers Association.
Washington
and
program,
with the
traveling
program
of
world's
leading engineers.
'
An item bearing on the Third World Power appeared in
our issue of
May 2, page 2936, in which it was noted that
the conference is being held in the United States in response
to
an invitation
by President Roosevelt.
Legislation author¬
izing this action by the President was passed by Congress
and signed by the Chief Executive on Aug. 26, 1935.
The
First World Power Conference was held in London, 1924;
the second in
Berlin, 1930.
made to
by the private electric
industry of the United States, Floyd L. Carlisle, Chairman
of the
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side.
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the
view
mills,
discussion
problems
and
visitors—who
York,
steel
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great
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the
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This sum,
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finance
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July 27.
the
combined
Congress, will
the Conference.
are:
of
Con¬
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The contributions
$75,000 from the Edison Electric
Lloyd's Shipbuilding Statistics for Second Quarter of
1936—Continued Upward Trend Noted in Produc¬
tion of Merchant Vessels
The
upward trend in the production of merchant vessels
of 100 gross tons and over
tons shown for the quarter
ment
issued
July
Lloyd's figures
a
gain of 130,000
ended June 30 last,
says
a
state¬
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all maritime countries except Russia,
15
cover
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by
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Register
of
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authentic
during
the
June
quarter
increase
small,
was
the United
for
The
For Great Britain and Ireland
84,000
States and
during
production
in
mentioned
is
'
.
shown by
the
last
Lloyd's Register in
Other countries..
-
848,732
90,275
1,011,998
1,820,114
The
to
output
51%
Of
and
in
the
the United
as
the previous quarter.
world output of merchant vessels of
upwards, the returns show that a total of 1,342,970 gross tons is being
constructed
under
the
classification
intended
for
tons
being built
other
are
supervision
countries.
in
with
Great
Nearly 90%
fF
yyy
and Ireland,
of
that
Lloyd's
Society.
Shipping and
Of the aggregate, 760,610
Register
5
the
of
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70% of the output for the entire world,
nearly
are
begun during
tons more than the total
period' as compared with an
quarter just ended represented 206,000 gross
similar
tonnage
of 185,000
excess
The
launched during the same
tons in the previous quarter.
comparison
between
new
.
.
.
in the last two
in the following tonnage table:
work
New
and
launchings
Launchings
Work,
June 30 '36
Mar. 31 '36
June 30 '36
Mar. 31 '36
281,872
385,011
229,393
349,866
165,285
295,204
193,421
200,505
579,259
460.489
393,926
Great Britain and Ireland
666,883
World total
In
the
1,000
construction.of
gross
tankers,
oil
.
.
during the last
55,000 tons was reported
quarters
in the
following tonnage table:
June 30
1936
Gt. Britain & Ireland-. 179,980
141,380
Holland
77,140
73,800
57,540
Denmark
37,570
...
gain of
Mar. 31
1936
Sweden
a
and motorships
Lloyd's Register shows the status of tanker
.
two
June 30
Germany
comprising steamers
tons each and upwards,
June quarter.
for the
construction
United States
100 gross tons each
£
g
rH
iN-f
ICOCOIOHHHHrl
compared with
total
r
y 8
co co
1
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being supervised by Lloyd's Register.
New steamers and motorships on which construction was
842,361
49,760
927,993
States are now building 4.7% of the entire
only 2.7% in the March quarter, while
proportion for Great Britain and Ireland is 43.5% as against 46.3%.
other countries are producing 51.8% of the total production compared
of
Shipyards
world
the
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Britain
of
World total
r<
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Mar. 31 '36
1,951,005
Great Britain and Ireland
United States
I
Q
Other countries
June 30 '36
IP
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quarters is shown by Lloyd's Register
representing gross tons:
the figures
I
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.
two quarters in the
the following table,
i
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IC
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therefore,
tons, as compared with 40,000
tons for all other countries, taken
y
comparison
for
only about 6,000
group.
countries
available
been
It continued:
ships are now under way.
reported for all the leading ship¬
were
building nations except France and Italy.
a
not
have
'n
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time past, the statement said.
all, 1,951,005 gross tons of merchant
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148,100
45,300
63,700
73,485
26,200
1936
Japan
Spain
France
Other countries
World total
Mar. 31
1936
18,675
45,065
3,970
15,456
18,950
656,626
600,896
34,865
20,220
15,456
of
Britain and Ireland and' 582,360 tons in
all the merchant shipbuilding in Great
of
I
The
world
great majority of
total
equipped
the tankers building are motorized.
Out of the
tons, 567,206 tons represent vessels to be
of
656,626
gross
with
internal
combustion
engines.
688
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at
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to
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quarter.
tons
tons
gross
92,000
is
.
.
Lloyd's
Register
the following
1936
Mar. 31
June SO
1936
1936
Japan
Ireland
430,146
402,890
Germany
..273,606
216,731
France..
119,700
108,200
United States.
114,355
106,385
Italy
96,169
41,305
20,856
75,111
60,960
21,984
13,230
10,285
Holland
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composed
March
In the
is
Denmark.
also
2%.
in
the
.
.
turbines
in
the
the
Register,
11,360
24,860
was
under
March
reported, however,
of
over
oil engines for marine
In
were
all
countries
quarter to
shown
engines}
rising
in
the
the
total
from
279,573
to
the
returns
for
indicated
341,610
377,995 in the June period.
the
quarter,
^ &«««^
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W
Franca
continues
the
the
«
O
during
Sweden
and
were
and
France
eighth
Ireland's
shaft
all
coun¬
the
for
in;
June
construction
of
figure
of
these
of
steam
building
the
March
for Denmark.
4,000
in
construction
lead
ranked
Italy
tons
40,000
Italy showed
a
that
December
seventh, while
addition
In
in
gave
the
to
work under .way
for the United
tons
loss of
11,000
15,000 tons
tons.
Register
under
in
the
way
during
the last two
table,
following
the
Afar. 31
1936
quarters
figures
June 30
repre¬
842,361
365,179
317,053
Denmark
^.156,811
I 148,005
150,662
France
146,280
Italy
_
large ships,
each
being built
March
of 20,000
one
Four
each in
Ireland
gross
tons
or
during the June quarter,
period.
and
are
now
Holland and Germany,
one
in
above,
in
being built
Holland
in
the
as
1936
124,250
90,275
71,620
45,304
10,285
United States
Germany
Mar. 31
1936
848,732
Holland
and
now
Sweden
Japan...
Ireland, and
is
ninth.
in
gross
of
in
eighth
tons:
Ireland......
as
little change
very
various shipbuilding
by a wide margin,
Sweden, in the order named.
the
Denmark
and
1936
Britain
and
of 6,000
Britain and
the
period,
of
continue to
had
June 30
in
ranking
made of 6,000 tons for Japan, 2,000 for Holland,
16,000
Lloyd's
gross
Lloyd's
©
March
the
the advance
of
by
fO
rH
one.
place
gain
and
one
shown
Great
horsepower of
S.H.P.
which
March
contrast
The
is
the
the June quarter,
States, gains
for
in
and
in
Holland
States,
in
use.
to 1,075,075.
420,945
horsepower
I.H.P.
seventh
Britain
j/
,
Ireland
Japan,
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by Germany,
June
and
Great
quarter,
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Great
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to
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in the total
the aggregate of
dropping
W
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countries.
senting
production
construction,
quarter
gain
.
in all countries advanced from 962,530 I.H.P.
sharp decline
steam
shown
Lloyd's
says
June quarter the total of indicated horsepower
construction
tries
motorships,
quarter being about
Increase
A
of
E',,,
fi H U 4H
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Nearly 61% of the total current world construction of merchant vessels
is
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in
Mar. 31
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Sweden
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1936
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Jurie 30
Great
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Federal Farm Mortgage Corp 3s
1946-1949
1949-1952
1941
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1945-1947
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1944-1964
1944-1949
Federal Farm Mortgage Corp 3s
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GOVERNMENT SECURITIES
High
March
February
Low
High
High
Low
Low
April
High
May
Low
June
\
High
Low
High
117
117.24
117.21
118.8
117.19
118.3
117.20
117.30
106.30
107.28
107.17
108
107.16
108.8
107.25
108.11
112.7
112.24
112.20
113.5
112.20
113.10
112.25
113.3
110.18
111.2
110.30
111.13
110.29
111.19
111.10
111.16
107.19
108.10
108.2
108.12
108.1
108.20
108.12
108.17
103.23
103.15
104.11
104
104.18
104.8
104.30
104.5
104.19
103.5
104.3
104
104.26
104.19
105.2
104.25
105.20
105.5
105.16
107.19
108.16
108.16
109
108.15
108.22
108.16
108.26
108.27
108.12
115.18
115.11
116.31
105.24
106.17
106.2
107
111
111.16
111.2
112.15
109
109.23
109.5
110.19
106.17
107.6
106.20
107.16
102.20
103.14
102.23
102.29
103.16
107.22
108.2
103.24
104.14
103.29
105.
104.27
105.23
105.16
106.2
105.18
106.13
105.30
106.11
103.19
104.16
103.27
104.30
104.30
105.18
105.9
105.25
105.17
106.15
105.27
106.6
108.5
108.28
108.7
108.26
108.22
109.12
108.26
109.6
108.23
109.4
108.26
109.10
105.12
106.7
105.21
106.20
106.19
107.16
107.9
107.20
107.7
107.30
107.18
108
100
100.22
100.6
101.3
101
102
101.23
102.5
101.23
102.12
101.25
102.7
100.31
101.19
101.7
102.7
102.3
103.1
102.24
103.12
103.26
103.8
103.14
103.24
101.31
101.23
102.8
101.24
102.13
101.22
102.2
101.7
•
103.2
102 "2 7
103" 25
103.27
104.11
104.2
104.15
104.6
104.20
104.3
100.26
101.20
101.4
102.12
102.8
103.6
102.25
103.10
102.22
103.14
102.20
103.8
1942-1947
101.20
102.4
101.29
103.1
102.30
103.18
103.14
103.26
103.17
104.1
103.15
104
2%s- —1942-1947
100.15
100.22
100.17
101.14
101.10
102.10
102
102.16
102.6
102.17
102.3
102.16
1952
100.17
101.13
100.27
102.2
102
102.30
102.17
103.1
102.15
103.7
102.10
1949
1942-1944
99.16
99.21
101.2
101
102.28
101.15
101.29
101.8
101.29
101.2
99.20
101
inn an
101.28
101.14
ini
101.4
101.25
2%s
Home Owners' Loan Corp 2^s
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102.20
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1936
Aug. 1,
««
tfj? ti
$14,900, this price being $400 in advance of the
previous sale.
on
July 28, Seth A. Emerson
Cashier.
Mr.
Emerson
the bank in 1912 and after
ing departments
was
sent
entered
was
the
appointed
employ of
rotating through various operat¬
to
Antwerp
as
sub-manager of
the
bank's
the
Foreign Collection Import Department at head office
and his
new
branch there.
Recently he has been head of
assignment will be with the Personal Loan De¬
partment at the 42d Street Branch.
Arrangements
were
completed July 28 for the sale of
membership in The Chicago Stock Exchange at $4,200,
a
up
The
$200 from the last previous sale.
Continental Bank &
nounced
as
Lucius
Wilmerding and
William
B.
Winter
were,
on
July 28, elected trustees of the Bank of New York & Trust
Co., New York City.
Mr. Wilmerding is
a
partner in the
on
Trust
Co., of New York,
an¬
July 30 the appointments of Herbert M. Prior
Assistant Secretary, and Richard J. Lighthall
Trust Officer.
Mr. Lighthall was
the Bankers Trust Co.
as
Assistant
previously identified with
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W
Y.,
was
The
consummated on
July 29,
forming
one
Tribune," which further said :
merged
Scarsdale
banks
continue
will
The combined
branch.
Llewellyn D.
was
69
years
to
operate
deposits
were
the Caleb Heathcote
as $12,300,000.
as
a
listed
the Eliot
a
Savings Bank of Boston.
He entered the
em¬
ploy of the International Trust Co. of Boston 50 years ago,
and later joined the Old Colony Trust Co., of Which he
was
a
Vice-President when the institution was merged with
•Owing to the resignation of John P. Dailey as Cashier of
the First National Bank of Belleville, N. Y.t several promo¬
tions have been made in the bank's personnel, it is learned
an
"News" of July 17.
Frank J. McFadden,
Assistant Cashier, is advanced to the Cashier-
o o
o»Tr:i:3»3»2
nmpQ^cQoannn
CQ
a
Maurice E. Karosen, a Teller at the institu¬
becomes Auditor, and Howard McMaster, heretofore Savings Teller, is made Commercial Teller.
Mr. McFadden, the new Cashier, has been with the bank
eight years, and prior to that time was with the American
department;
Bank of Newark six years.
National
Andrew J.
Co.
K.
Porter, a Vice-President of the Columbia Trust
of Boston,
tion by the
Mass., was elected President of the institu¬
directors on July 24.
Mr. Porter succeeds Alfred
who becomes Chairman of the Board of
In noting Mr. Porter's appointment, the Boston
Wellington,
Directors.
"Herald"
with
heretofore
0y
ship; Herman M. Miller, formerly an Assistant Cashier, is
promoted to be an Assistant Vice-President; Thomas J.!
Walker, who has been in the bank's employ five years, has
been elected an Assistant Cashier in charge of the loan
of
Porter
Mr.
the First National Bank in 1929.
from the Newark
0
Mass., died
Managers of the Boston Provident Association and a trustee
of
o
caeacQDa
PQ « 03 ffl ffl
tion for eight years,
Vice-President of the First Na¬
on July 27.
Mr. Seaver,
old, was a member of the Board of
Seaver,
tional Bank of Boston
who
l-o ^V-al j«
2 o
^4)«2r?o
5
the
"Herald
!
•«
a
g
I ffl B5
largest banks in Westchester County, it is learned
from White Plains advices on that date to the New York
of
•
S=uegSSigs|£s
Scarsdale, N.
Plains, N.
'
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§
proposed merger of the Caleb Heathcote Trust Co.
Y., with the County Trust Co. of White
The
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depositors
checks
"Herald
of
the
Tribune"
closed
S"2 e£SS
Insurance
Corp.
announcement
Sterling,
Caroline
from
was
S
y
£y
0
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to exceed
■t
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359
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July 16
each
on
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ganization in 1933.
each
institution
The payments will be made
uu
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available by
today, August 1, the paper said.
Announcement
to the
that more than 400
that day had received
reported
on
began
its
the Federal
payments.
"Sun" of July 26, that
previous
day
by
Warren F.
Bank, Hillsboro, had
the face amounts of their
beneficial
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$32,000.
authorized
10%
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H
UP
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State Bank Commissioner for Maryland, that the
County Bank, Greensboro; the Peoples Bank of
tificates- of
i;
2
8
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a
fl fl fl
o 0 o
by him, with the approval of the Federal
Deposit Insurance Corporation, to- make second distributions
of
'
was
made
July 24 by William Prentiss,
on
Jr., Acting Comptroller of the Currency, that the 6,900 de¬
positors of the United States Savings Bank of Washington,
D.
C.
(closed
since 1933), would
receive
a
dividend
10%
totaling $170,000, it is learned from the Washington "Post"
Denton and the Hillsboro-Queen Anne
been
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bank
the
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the Baltimore
made
trso—tn*
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July 25.
Mr. Prentiss
ordered Carter
respective cer¬
interest, issued under plans of
reor¬
reported as saying that he had
was
B.
Keene, the receiver of the hank, to dis¬
tribute the dividend checks "as rapidly as possible."
The
payments
further
had
this
of
dissolve
to
U.
S.
Court
dismissed the
case,
trial
the
court
Funds
to
for
additional
The
on
the
loan
Corporation.
based
begin
a
We
the
quote
"Post"
dividend, the third made by the receiver, had been
the
of
Apeals
for
according to the acting comptroller.
District of
the
Columbia
last
Monday
effect."
the'
payment of
obtained
loan,
by
dividend
new
dividend
the receiver
made
the
on
commitment obtained
payments made to
Cooper, former President of the bank,
receivership,
thereby affirming, Prentiss said, "the judgment of the
same
The
10%
24.
July
part:
because of the suit Wade II.
filed
The
to
were
in
Distribution
learned
jPt
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ranging from 25 cents to $5,060, when
Deposit
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Subsequently, July 29, East Hampton advices
York
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believed to be fully protected by the
depositors.
payments to
H^P?
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Federal
Deposit Insurance Corporation, which is guarantor for. commercial, savings
and Christmas Club deposits up to $5,000.
It will be the first time in
New England's banking history that the FDIC has been called upon to
make
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a
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from the
made possible
Reconstruction
remaining assets
months
of
the
by
an
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bank,
was
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brings the total
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of
the
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one
was
of 65%, the second
was
15%.' These added to the third announced
total to 90%.
yesterday (July 24) raises the percentage
—•
Philemon
Stanberry
B.
-•■
»
•
has
bfeen
-
elected Vice-President
National Bank, Pomeroy, Ohio, to succeed
Edward M. Nye, according to advices from that
the Pomeroy
of
the
late
place appearing in "Money
and Commerce" of July 25.
Cosmopolitan National Bank of
Chicago, 111., which is to replace the old Cosmopolitan State
Bank, will open for business about Aug. 7, it was announced
on
July 21 by Jacob R. Darmstadt, who has been chosen
to head the new institution.
Mr. Darmstadt also indicated
that depositors of the old bank would receive a return of
more than
the 40% scheduled to be distributed upon the
The
newly
organized
opening of the new bank.
Officers chosen for the new
organization, in addition to Mr. Darmstadt, are Joseph H.
Vice-President; Daniel M. Shannon, Cashier, and
Ethel A. Anderson, Assistant Cashier.
The new institution
will begin business with a capital of $250,000, consisting
of $150,000 preferred stock to be held by the Reconstruc¬
tion Finance Corporation and $100,000 common stock; sur¬
Meyer,
plus
of
$50,000,
and
undivided
is
profits
of $10,000.
The
22, from which this information
obtained, also supplied further details as follows;
Chicago "Tribune" of July
of the
Creditors
is
ment
made,
Cosmopolitan State Bank,
will be
as
after the 40%
dividend pay¬
follows:
$1,125,000, and the balance
still clue depositors, approximately $745,000, or a total of $1,870,000.
To
secure
the RFC loan the RFC
will hold book asset values of
RFC, which
•
made
a
loan
of approximately
approximately 80% of which are real estate equities, indi¬
and real estate bonds.
...
He [Mr. Darmstadt] pointed out that the old State bank had liquidated
86%% of its deposits from the peak of $12,600,000 in 1928 to slightly
less than $1,700,000 by the time of closing on Feb. 17, 1933.
Under the
receivership since then, as shown in the statement of July 1, 1936, the
amount realized
on
book value of $1,284,257 for assets liquidated was
$2,500,000,
vidual
mortgages
$1,165,977,
or
Losses from liquidation amounted to
90.8% of book value.
$118,280, or 9.2% of the book value.
Of
the
21,000 depositors
still on
calls
for
less
of
ing
payment in
than
3,000
turning over
for
release
$75,000 in
The Raleigh
the
near
22%
have
filed
claims
full to approximately 18.000 depositors with accounts
waivers of 60% were obtained on the remain¬
in
the
old hank.
from
liability,
stockholders
of
the old bank are
cash to make possible full payment to the
depositors and have agreed to purchase the
for
books,
The plan for payment to depositors
each, and
accounts
return
In
$50
the
Mr. Darmstadt said.
with the receiver,
6mall
bank building for $175,000.
"News and Observer" of July 18 is authority
that' payments to all creditors, totaling
statement
$1,000,000, have been
made by three western North
Financial
694
Chronicle
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Directors
announced as com¬
of
the
Bank
of
American
National
Trust
&
Champion Bank & Trust Co. of Cannon; the Bank of Creswell, and the Biltmore-Oteen Bank of Biltmore.
The paper
Savings Association (head office San Francisco, Calif.) have
authorized the purchase of the First National Bank of San
Dimas and the San Dimas Savings Bank of Los Angeles
County, according to the Los Angeles "Times" of July 16,'
also
which added:
plete
July 17 by Gurney P. Hood, State Banking Com¬
on
missioner
for
North
Carolina.
The
institutions
the
are
stated, in part:
The
Champion Bank & Trust Co. of Cannon, which closed in June, 1933,
paid to depositors dividends of $150,125 and settled $226,642 in depositors'
claims
Total
,by offsets and trades.
amounts paid out
tions.
was
A
The
paid
total
$15,066.
of
was
$294,865.
was
claimants $129,735.
$607,678, which equaled the amount
$155,695 remained uncollected.
Bank
of' collec¬
banks
will
become the
San
Dimas
Branch of Bank of
,
of June 30 had combined
as
capital, surplus, and
undivided profits of $116,000 and combined assets of $768,000.
The cost of liquidation
of
Biltmore, which failed in November,
1930,
by
$20,415.
The total amount collected
The total uncollected was $623,826.
The cost of liquida¬
$34,946
Preferred
tion
The bank paid secured
combined
The San Dimas banks
...
Biltmore-Oteen
depositors
offsets.
were
The
America National Trust & Savings Association.
in
dividends
and
settled
$21,193
in
claims
claimants received
$17,984.
Associated Press advices from Klamath Falls, Ore., on
July 13 reported that G. C. Lorenz, a Klamath Falls busi¬
ness man, was elected President of the First National Bank
of
Klamatli
Falls,
Giannini interests
institution
an
of
stated
Effective
July 18, the First National Bank of Idaho,
Boise, Idaho, changed its title to the Idaho First National
Bank of Boise.
On the same date the Comptroller of the
Currency authorized the institution to maintain branches
in the following cities in Idaho:
City of Coeur d'Alene,
City of Moscow, and City of Lewiston.
'
that
the
recently acquired by
San Francisco.
o
Board
of
The dispatch
Directors had
been
the
further
increased
to
include D. O.
Hood, a Portland investment dealer, who had
been assisting in the change of control of the institution.
Subsequent advices by the Associated Press from Klamath
Falls, July 16, reported that the Giannini interests had
"announced the purchase also of the First National Bank of
Merrill,
Ore.', of which A. M. Collier of Klamath
The dispatch added:
President.
Falls is
Volume
Financial
143
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National Bank
establishing
of $49,719,027 as compared with total
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cash
$10,418,206
on
hand
tl
a
bank
and
due
from
(as against $12,970,256
on
resources
In
the
banks
are
Dec. 31)
;
United
States bonds and government securities at $18,154,735 (as compared with $16,734,513), and loans and dis¬
counts at $14,831,785 (as against $15,029,232).
On the debit
deposits are given as $44,797,417
$46,141,438 on the earlier date).
The
with
bank's capital and surplus, at $1,650,000 each, remain un¬
changed, but undivided profits now stand at $305,938 as
against $294,683 on Dec. 31.
0. H. Cooke is President of
the institution and E. W. Carden, Executive Vice-President.
In its statement
of
as of June 30, the Midland
reports total assets of £510,263,347
as compared with total resources of
£487,108,900 on Dec. 31,
1935, of which the principal items are:
Coin, bank notes
accounts
Bank, Ltd., of London
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and balances with the Bank of
£48,695,719
Dec. 31) ;
on
£39,691,499)
;
England, £43,026,530 (against
British Treasury bills, £52,863,844
investments, £120,990,284
(against
£111,464,862), and advances to customers
counts, £191,859,141 (against £177,120,890).
ties side of the account,
paid-up capital and
remain
the earlier date,
the
same
as
on
and
other
ac¬
On the liabili¬
reserve account
at £14,248,012 and
£11,500,000, respectively, but current deposit and other ac¬
counts (including profit balance) have increased to £467,452,184 from £443,655,177 on Dec. 31.
The
side of the statement, total
(as compared
U
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resources
at
£
u
,
The Bank of Hawaii, Honolulu, in its statement of con¬
dition as at the close of business June 30, reports total
statement
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the
Standard
Bank
of
South
Africa, Ltd.
(head office London), covering the fiscal year
ended March 31, and presented to the proprietors at their
123rd ordinary meeting on July 22, has recently come to
hand.
The
report shows net profits for the 12 months
(after payment of all
expenses and rebating current bills)
£477,536, which when added to £165,169, representing the
balance to credit of profit and loss
brought forward from
the preceding fiscal year, made £(>42,705 available for dis¬
of
tribution.
terim
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of
this sum,
dividend
at
the
income
tax)
calling
the statement
rate of
for
10%
£125,000
tells us, an
per annum
was
paid,
(subject
and
in¬
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£75,000
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This
premises
amount
loss account.
and
Total
the
The
Lloyds
American
Bank,
Ltd.,
&
of
of the
as
Standard
Bank of
and
bank
assume
on
London
July
South
in 1862.
founded
America, Ltd.
London)
and
the
(controlled
Anglo-South-
&
liability for all its obligations to depositors
ratified by the shareholders of the latter
17.
South,
capital of the enlarged Bank ,of
America will be £4,500,000 authorized,
The
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In
next.
the
interval,
it
is
The ac¬
understood,
there
interruption in the normal course of business.
Under the merger plan, it is understood, 100,000 of the £5
no
shares of the Bank
handed
took
now
of
over
the
over
London
of
& South America
are
to be
(Chilean Nitrate, Ltd.) which
Anglo-South American Bank's nitrate assets,
to
Cliilnit, Ltd.
much less than the nominal amount
stated to be worth
£7,500,000 at which they were taken over by Chi nit.
The
was
13,
be
which
Bank,
others, was
will
statement as £73,709,-
acquire the business of the Anglo-South American Bank,
Ltd., and
August
£2,500,000, with reserve fund
Ltd., have announced that an agreement
entered into by the respective directors of the institutions
whereby the Bank of London & South America, Ltd., is
to
1
tual date of transfer has been fixed for the close of business
institution
The Bank of London
by
•
_
' X3
£4,040,000 issued, arid published reserve £2,000,000.
South Africa, Ltd., are shown in the
of like amount.
u
y
i)
n
directors
resources
555, and its paid-up capital
•
•
account,
leaving a balance of
recommended be ap¬
propriated as follows: £125,000 to officers' pension fund,
£125,000 to pay a dividend of 5s. per share on 500,000
shares (being at the rate of 10% per annum), subject to
income tax,. making a total distribution for the year at
the rate of 10% per annum, and £50,000 to pay a bonus of
2s. per share (subject to income tax), leaving a balance of
£142,705 to be carried forward to the current year's profit
to
£442,705.
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4)
Hfc-
circumstances
the
leading
Anglo-South
to
up
the
under
agreement
Bank loses its identity,
the London Financial News of
American
began, it is learned from
July 8, in 1031 with the collapse of the Chilean nitrate mar¬
ket.
In
the autumn
of that year financial assistance to
the extent
a
group
ments.
of £8,500,000 was
extended to the institution by
of bankers to enable the bank to meet its engage¬
In the
summer
of the following year the share¬
holders acted
protect the deposits, whereby the liability
of £8.500,000 was transferred to Chilnit,
to
for the bank's debt
Ltd.
We quote
the paper mentioned, in part, as follows:
The provisional agreement
Bank
the
and
the
uncalled
Bunk
capital
of
of
entered into between the Anglo-South American
London
the
and
Anglo-South
South
America
nor
its rights,
does
if
not
any,
include
under
an
Volume
697
Chronicle
Financial
143
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value
of
the two
South
banks
are
American
outlined in
Bank.
the amalgamation of
circular to the shareholders of the Anglo-
...
consideration," it is stated in the circular,
with the preference shareholders* reluc¬
tantly came to the conclusion that it was advisable to approach the Bank
of London and
South America with ,a view to some form of amalgama¬
"Taking
all
"the directors,
factors 'into
after
consultation
the com¬
plexity of the problem, and the board are satisfied that the terms now
proposed are the best which can be obtained and should be accepted.
tion.
Negotiations
"The resolution
fication
not
presented
considerable difficulties
to be submitted to the shareholders
only of
the agreement with
owing to
London and
provided for in the 1932 arrangement of taking any surplus over
£7,600,000 plus interest which might be obtained from the nitrate assets.
On the other hand, Chilnit will accept the 100,000 shares in full settlement
of its claim against the bank in respect of the latter's guarantee of the
It
will
go
into
voluntary
liquidation,
^JPnreor
^f®0
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liabilities.
but evidently there
«?
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rO'rJ'r?
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«•
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^
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will
be
for
'A'
to shareholders
distribution
'B.'
or
© 00 bHjl rH tJH ©
of any class, whether
.
shares,
however,
will
appreciate the fact that owing to
generous
position is
their
1931."
place in
believed
is
It
that
no
,
.
there will be nothing available for them,"
v;orse than it would have been had liquidation taken
.
that the names
its subsidiary,
of
The
disappear.
Bank and
will gradually
will be absorbed "so far as
of the Anglo-South
American
the British Bank of South America,
staffs of these two concerns
possible."
Redundant branches of the bank, it
The
the Anglo-South,
was
the nitrate assets
subscribed by the Bank of England and a group
banks.
important
The
New
is understood, will be closed.
capital of Chilnit, which was formed to take over
amalgamation
York
will
auxiliary of
become effective Aug. 13. The
Anglo-South American Bank,
the
Ltd., is the Anglo-South American Trust
are
at 55 Cedar Street.
The Bank of
America,
since
assets.
then
J#JfJ?
though it is greatly regretted that
of
or
CO
rH rH rH
&#<ZJ?
attitude of Chilnit in agreeing to a settlement of its claim
on
the above lines, the necessity which otherwise must arise of making
a
call on these shares will be avoided.
As regards holders of 'B' shares,
of
sory)
'A'
"Holders of
the
South
which has been entered into with Chilnit.
provides for a final settlement of the relations between the bank
and that company.
On the one hand, the bank will agree to hand over to
Chilnit the 100,000 shares to be received from the Bank of London &
South America, and to renounce the right (which is now obviously illu¬
will be left without either, assets
rH CO
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available
Preference
The latter
"In this manner the bank
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America, but also an agreement
nitrate
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Cliilnit; nor does it include the Anglo-South'e liability
Chilnit that the nitrate assets would realize their
£7,600,000.
The circumstances leading up
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the guarantee to
under
face
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B
0
b.
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taos;
S°
s"57- r?
B S «
established
1923.
Control
Lloyds Bank in 1918.
Street.
••
in
of
the
has borne
1862,
institution
Co., whose offices
& South
present title
London
its
was
acquired
by
The New York Agency is at 67 Wall
;
'
.
-
698
Financial
Chronicle
Aug. 1, 1936
THE
We collect
any part of
documentary
or
clean drafts drawn
the United States and
on
BERLIN
STOCK
EXCHANGE
Closing prices of representative stocks
each day of the pasf week:
on
foreign countries.
July
HEAD
TRUST
AND FOREIGN
OFFICE
COMPANY
Berliner Handels-Gesellschaft
Berliner Kraft
July
30
31
38
39
Commerz'und Prlvat-Bank A. G
39
38
39
127
156
(6%)
Licht (8%)
u
July
29
Per Cent of Par
Allgemeine Elektrizitaets-Gesellschaft
DEPARTMENT
July
28
27
..
MANUFACTURERS
July
July
25
j
received by cable
as
126
126
126
39
126
127
156
155
155
156
156
BROAD
104
103
102
102
102
103
119
119
118
117
114
105
104
104
104
106
Deutsche Erdoel (4%)
STREET, NEW YORK
.119
Deutsche Bank und DIsconto-Geseilschaft.. 106
55
136
135
133
134
135
133
pf 7%. 123
123
123
123
123
123
106
106
Dessauer Gas
Member Federal Reserve System
(7%)
-
Deutsche Reichsbahn (German Rys)
Member New York Clearing House Association
Dresdner
Member Federal Deposit Insurance Corporation
Bank
Farbenlndustrle I G (7%)
104
104
104
105
....171
170
170
170
171
172
(6%).-...
144
143
142
143
143
146
Hamburg Elektrizitaetswerke
Hapag
147
146
146
J.45
145
16
16
146
16
16
16
16
Mannesmann Roehren..
114
113
113
115
115
116
17
17
17
17
17
197
...•
195
195
196
197
...
—
228
226
227
Gesfuerel
FOREIGN
EXCHANGE
RATES
Norddeutsoher
Pursuant to the requirements of Section 522 of the Tariff
Act of 1922, the Federal Reserve Bank is now
certifying
daily to the Secretary of the Treasury the buying rate for
cable transfers in the different countries of the world.
give below
FOREIGN
Relchsbank
EXCHANGE
R\ TES
CERTIFIED
BY
Salzdetfurth (7%%)
Siemens & Halske (7%)
184
184
184
184
182
182
208
205
202
203
204
205
FINANCIAL MARKET—PER
ENGLISH
FEDERAL
CABLE
The daily
RE3ERVE
closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
BANKS TO TREASURY UNDER TARIFF ACT OF 1922
'
JULY 25, 1936 TO JULY 31, 1936, INCLUSIVE
;
Noon Buying Rate for Cable Transfers in New York
Value in United States Money
fountry and Monetary
July 25
,
July 28
| July 29 | July 30
Europe—
\
Austria, schilling
.188583*
.188550*
.188550*
Belgium, belga
.168700
.168636
.168615
.012950*
.012950*
Bulgaria, lev.
Czecjoslo'kia,
$
$
012950*
July 31
$
.188500*
.168769
.168586
.012950*
.012950*
.013000*
.041414
.041426
.041410
I .041400
.041392
.224145
.224058
.223941
|
'.224066
.223987
.223887
.017833
.016750
5.019062
.018125
Finland, markka
.022075
France, franc.
1
Asia—
.022075
.022062
.022081
.041358
.022068
.066100
.066074
.066059
.066037
.065964
.402650
.402584
.402576
.402646
.402557
.009396
.009403
.009393
.009400
.009400
.009406
.679865
.679607
.679517
.679657
.679792
.294750*
.294750*
.294750*
.294750*
.078916
.078883
.078900
.078858
.252146
.252041
.252158
.252108
Holiday
.188925*
.188825*
.188900*
.045490
.045420
.045460
.007283
.007300
.007266
.007266
.007266
.007266
.137016
.136941
.136887
.136875
.136878
.136366*
.258829
.258746
.258641
.258745
.258712
.045420
117%
.
in the United
'
.
Closed
eign)
S.
S.
44 %
44 %
44%
44%
50.01
50.01
50.01
50.01
50.01
50.01
77.57
Treasury
U.
77.57
77.57
77.57
77.57
77.57
44%
Treasury
(newly mined)
CURRENT
NOTICES
—Mackay & Co., 14 Wall St., New York, have prepared
a
study of the
relationship between the total
power output
.258562
of utilities from 1921 to 1935.
The study states that "production of power
is.now
.327153
.326996
.326869
.326835
.326775
.326530
.022950
.022983
.022933
.022933
.022933
.022933
299625
.300041
.299833
.299833
.299833
.299833
299791
.300208
.300000
.300000
.300000
and the capital expenditures
.300000
high
so
as to
force installation of
new
equipment regardless of any but
engineering considerations."
nounce
Loewi
&
Co.,
members
New York
Stock
Exchange,
the opening of a seasonal branch office at the Grand Union
an¬
Hotel,
.300208
.300000
.300000
.300000
.300000
Saratoga Springs, New York, under the direction of Mortimer W. Loewi,
299791
.300208
.300000
.300000
.300000
.300000
resident partner.
315208
.311533
.314416
.313833
.312085
.311666
New York office.
378785
.378555
.378527
.378647
.378577
.378432
292780
.292905
.292947
.293090
.292985
.292987
588312
.588375
.588312
.588312
.588375
.588312
299791
,
Australia, pound
4 002437*3, 997062*3.995875*3.997562*3.997000*3.993875*
Zealand, pound. 4 033375*4 030000* 4.029312* 4.030250* 4.029875*4.025875*
Africa—
I
I
.999908
.999843
.999772
.999869
.999778
.999573
.999000
.999000
.999000
.999000
.999000
.999000
277625
.277625
.277625
.277625
.277625
—Blyth & Co., Inc.,
.997437
.997312
.997406
.997218
.334560*
.334680*1
.334620*
H. Mead Rogers has become
ment business and is a governor
opening of
New York,
a
Exchange,
announce
branch office in the Grand Union Hotel at Saratoga Springs,
under the management of Joseph
.334420*
asso¬
York,
of the Bond Club of Buffalo.
—L. F. Rothschild & Co., members New York Stock
the
western New
Mr. Rogers is widely known in the invest¬
W. Sidenberg.
The office
.996937
.334650*
announces that
with headquarters in Buffalo.
.277625
.997437
A direct telephone connection will be maintained to the
ciated with its organization as sales representative in
I
South Africa, pound.. 4.970833*4.966250* 4.963958* 4.966666*
4.965312* 4.964479*
North America—
dollar
117%
(for¬
U.
.045410
Australasia—
Newfoundland,
117%
,
Bar N. Y.
—3ehatzkin,
....
117%
.188850*
,"
Canada, dollar
Cuba, peso
Mexico, peso
117%
.251959
.189000*
.045630
India, rupee
Japan, yen..
Singapore (S. S.) dol'r
New
85%
106%
.078883
.252250
.189050*
Chefoo (yuan) dol'r
Hankow(yuan) dol'r
Shanghai (yuan) dol
Tientsin (yuan) dol'r
Hongkong, dollar..
85%
106%
price of silver per ounce (in cents)
States on the same days has been:
•
China—
1
85%
106%
.294750*
.078941
85%
106%
.679369
.294750*
85%
106%
The
.022075
066139
.402650
..
Germany, relchsmark.
Greece, drachma
Holland, guilder
Hungary, pengo
Italy, lira
Norway, krone
Poland, zloty
Portugal, escudo
Rumania, leu
Spain, peseta
Sweden, krona
Switzerland, franc
Yugoslavia, dinar
Fri.,
July 31
4%—
>.014541
koruna
krone
Thurs.,
July 30
Holiday
2%%
1960-90
.188583*
.168719
England, pound sterl'g5.021250
Denmark.
Wed.,
July 29
3%%—
W. L
British
S
.188480*
I
Tues.,
July 28
Holiday
Consols,
British
July 27
Mon.,
July 27
.
19 9-16d.
19 9-16d.
19 7-16d.
19 %d.
19 7-16d.
Silver, peroz__ 19 ll-16d.
138s.l0d. 138s.9%d.
Gold, p. fineoz. 138s. 10 %d. 138s. lOd. 138s.lid.
138s.9 %d.
Unit
H
Sat.,
July 25
j
17
We
as
j
(8%)
Braunkohle (8%)
Rheinische
record for the week just passed:
a
Lloyd
will have direct private wire connections.
South America—
Argentina,
334840*
peso
Brazil, mllreis..^
.084900*
.084750*
.083966*
.083966*
.083933*
.051700*
.051733*
.051733*
.051733*
.051733*
.051733*
.569000*
.569000*
.569000*
.569000*, .569000*, .569000*
796875*
.796875*
.796875*
.796875*
COURSE OF
BANK
CLEARINGS
.083900*
Chile,
peso
Colombia, peso
Uruguay, peso
*
.796875*
.796875*
Bank clearings this week will show a decrease compared
with a year ago.
Preliminary figures compiled by us, based
telegraphic advices from the chief cities of the country,
today (Saturday, Aug. 1),
bank exchanges for all cities of the United States from which
it is possible to obtain weekly returns will be 7.2% below
those for the corresponding week last year.
Our preliminary
total stands at $5,346,112,497, against $5,760,774,027 for
upoD
Nominal rates; firm rates not available.
THE
indicate that for the week ended
PARIS
BOURSE
; Quotations of representative
each day of the past week:
stocks
as received
by cable
July 25 July 27 July 28 July 29 July 30 July 31
Francs
Bank of France
Francs
5,900
Francs
5,600
5,600
670
Canadian Pacific
641
610
231
225
194
192
19,800
19,800
645
636
636
870
870
331
~325
645
653
650
no
de
Kuhlmann
127
365
362
1,080
1,050
1,070
1,090
900
890
920
950
234
222
229
234
485
Energie Electrique du Nord
Energie Electrique du Littoral..
99
126
930
Eaux Lyonnaise cap
100
125
369
1,140
France."
Credit Lyonnaise
no
127
374
Courrieres
452
463
435
424
405
404
730
720
680
680
639
615
622
622
643
626
618
613
358
361
361
361
15
14
13
83,579,675
72,300,000
110,055,000
113,259,178
96,134,950
65,891,666
51,300,057
27,176,000
$3,800,740,503
654,353,245
$4,096,455,570
574,596,900
$4,455,093,748
891,018,749
$4,671,052,470
1,089,721,557
-4.6
one day
$5,346,112,497
$5,760,774,027
-7.2
San Francisco.
Cleveland
Baltimore
13
971
936
900
925
67.10
66.40
66.00
66.40
65.50
64.80
64.75
65.00
65.90
65.20
64.60
64.30
64.30
68.50
68.60
70.25
69.30
68.70
65.60
670
"361
70.40
69.90
69.50
69.60
90.10
88.90
88.30
88.25
88.90
2,840
1,045
2,850
2,840
2,850
992
982
855
835
827
Soclete Francalse Ford
35
35
35
Societe Generale Fonciere......
Soclete Lyonnaise
86
87
88
81
914
885
892
912
Soclete Marseillaise
509
505
503
503
64
63
62
60
315
300
296
"300
41
40
40
39
Saint Gobain C & C
Schneider «fe Cie
......
Tubize Artificial Silk, pref
Union d'Eelectricltie
Wagon-Li ts
•
Ex-divlieni.
902
'
35
Twelve cities, Ave days
Other cities, five days
Total all cities, five days.
All
cities,
65.60
71.30
2,840
1,000
—14.3
159,975,000
New Orleans..
day
Rentes, Perpetual 3%..
Rentes 4%, 1917
Rentes 4%, 1918
Rentes 4%%, 1932 A
Rentes 4%%, 1932 B
Rentes 5%, 1920
Royal Dutch
Cent
$2,909,488,318
219,917,039
265,000,000
164,765,000
76,810,000
60,400,000
109,154,000
87,766,500
78,920,996
52,204,771
51,724,338
20,304,000
Chicago
Philadelphia--
Detroit
Holl-
Pechlney
1935
$2,493,353,166
252,715,811
275,000,000
New York
Pittsburgh
Lyon(PLM)
Nord Ry
Orleans Ry 6%
Patbe Capital
Per
1936
1
461
100
L'Alr Liqulde
...
summary
Total all cities for week
315
675
loss for the
Kansas City..
St. Louis
"850
15
330
a
Our comparative
Boston."
640
860
15
Comptoir Nationals d'Escompte
Coty S A—
Week Ending Aug.
191
19,700
900
d'Electricltie
Cie Generale Transatlantlque—Citroen B
At this center there is
Friday of 14.3%.
Clearings—Returns by Telegraph
198
19,800
1
Cie Generale
week in 1935.
5,600
19,800
__
same
for the week follows:
614
245
Francs
198
Canal de Suez cap
Cle Distr. d'Electricltie
Commercial
5,700
Francs
257
Banque de Paris et Des Pays Bas
Banque de l'Union Parislenne..
Credit
Francs
the
week ended
35
+ 14.9
+3.8
—2.9
+8.8
+ 19.7
+0.8
+29.0
+21.8
+26.2
—0.8
+33.8
—7.2
+ 13.9
-18.2
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week.
We cannot
furnish them today, inasmuch as the week ends today
(Saturday) and the Saturday figures will not be available
until noon today.
Accordingly, in the above the last day
of the week in all
cases
has to be estimated.
In the elaborate detailed statement,
however, which we
able to give final and complete
previous—the week ended July 25.
For that week there was a decrease of 0.1%, the
aggregate
present further below
results
of
for
cleanings
the
for
we are
week
the
whole
country
having
amounted
to
Volume
Financial
143
in the same week
increase of 21.3%,
$5,384,940,030, against $5,389,405,361
in 1935.
699
Chronicle
Week Ended July 25
Outside of this city there was an
C earlngs at—
the bank
clearings at this center having recorded a loss of
12.5 %.
We group the cities 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 12.0%, but in the Boston Re¬
serve District the totals record an increase of 9,7% and in
I
Seventh Feder al Reserve D istrict
Mich—Ann Arbor
Detroit
Grand Rapids.
following
we
furnish
1,264.809
Ind.—Ft.
16,826.000
South Bend
—3.5
249,369
80,899,323
1,757,474
1,123,1
+25.9
--43.5
72,577,879
1,593,095
--12.6
716,497
--46.1
532,737
--18.4
11,269,000
683,842
2,993,579
12,962,979
656,9
14,209,000
724,011
--45.2
--25.6
958.434
764.721
+25.3
7 147,319
Wis.—Milwaukee
6,340,682
2,556,034
18,243,252
Rap.
Des
Moines
Sioux City
3,443,276
111.—Bloomington
365,557
281,886,691
Chicago.
1933
$
Chi cago
3,750,679
13,926,370
1,051,147
4,709.955
Terre Haute
la.—Cedar
—
$
252,823
960,001
Wayne
Indianapolis
287,935
--31.0
+ 12.7
+34.7
+27.0
+ 19.4
+38.9
255,810
52,212,714
949,793
560,570
404,024
10,572,000
509,562
2,705,531
11,817,505
525,308
190,554
4.989.622
.
4,880,267
2,164,707
293,174
229,039,165
2,353,820
456,980
208,021.050
4,076.804
235,993,558
553,604
2,380.677
+71.2
1,878,523
508,727
2,264.179
813.483
628.285
+29.5
1,441,682
869,934
+65 7
512,154
904,104
503,630
879,203
448,606,199
367,675,103
+ 22.0
323,777,256
320,711,115
67,9C 0,000
20.240,290
11,443,361
61,200,000
Decatur
769,043
Peoria
"•'/
by Federal Reserve
18.5%.
a summary
2,522,637
Lansing
Philadelphia Reserve District of 17.0%.
The Cleveland
Reserve District has managed to enlarge its totals by 30.2%,
the Richmond Reserve District by 19.2% and the Atlanta
Reserve District by 30.7%.
In the Chicago Reserve District
the totals show an improvement of 22.0%, in the St. Louis
Reserve District of 32.7% and in the Minneapolis Reserve
District of 21.9%.
In the Kansas City Reserve District
the gain is 37.7%, in the Dallas Reserve District 16.6% and
In the
243,872
101,882,237
1934
%
the
in the San Francisco Reserve District
Inc. or
Dec.
1935
1936
556,718
...
Rockford
Springfield
districts:
SUMMARY
OF
BANK
CLEARINGS
Total (18 cities)
-
Eighth Federa
Inc.or
Reserve Dis trict—St. Lo uis—
"
1933
Federal
Reserve
1934
Dec.
1935
1936
Mo.—St. Louis..
1st
Boston ....12 cities
2nd
New York..12
251,409,647
229,185,673
+9.7
199,377,444
3,507,722,810
—12.0
2,939,771,361
301,229,450
b
b
17,519,756
9,524,081
b
206,650,174
b
b
528,000
387,000
+36.4
343,000
297,000
136,308,156
102,757,535
+32.7
99,926,651
88,540,837.
1,944,618
48,789,692
18,278,782
1,526,303
415,448
2,836,449
64,267,357
14,991,706
1,517,002
429,954
250,220,551
195,693,932
+37.0
+ 18.1
+36.9
Tota- (4 cities).
3,506,430,968
301,999,320 +17.0
220,536,821 +30.2
68,100,000
23.584,779
10,685,756
111.—Jacksonville.
Quincy
225,704,759
3,087,666,744
"a
27,848,523
14,631.633
Tenn.—Memphis
%
Dlsts.
93,300.000
Ky.—Louisville..
Week Ended July 25,1936
3rd
Philadelphia 9
"
353,237,590
4th
Cleveland..
5
"
287,189,121
6th
Richmond .6
"
120,081,445
100,776,583
+ 19.2
91,716,505
73,841,800
6th
Atlanta
10
"
130,079,844
99,499,572
+30.7
90,402,751
77,537,422
18
"
I
7th
Chicago
448,606,199
367,675,103
+22.0
323,777,256
320,711,115
Ninth Federal
8th
St
4
"
136,308,156
102,/57,535
+32.7
99,926,651
88,540,837
9th
Minneapolis 7
"
104,164,328
85,468,840
73,412,609
85,951,214
"
112,920,500
100,114,539
"
50,940,491
43,680,650
30,926,227
"
242,291,719
204,612,760
+ 16.6
+18.5
32,221,165
12th San
163,125,993
156,687,149
Reserve Dis trict
Minn.—Duluth..
Minneapolis
10th KansasClty 10
11th Dallas
5
+21.9
+37.7
Louis...
Fran..12
125,589,694
172,965,146
St.
3,408.753
69,123,766
25,927,848
aui
i
N.
D.—Fargo...
S. D.—Aberdeen.
Mont.—Billings
1,925,551
653,513
669,109
2,455,788
.
Total
110 cities
5,384,940,030
Outside N. Y. City
2,397,874,766
—0.1<
1,976,767,165 +21.3'
4,628,575,617
5,123,316,755
1,768,179,036
32 cities
+15.3'
296,695,158
Helena
275,610,613
Tenth Federal
We now add our detailed statement showing last week's
figures for each city separately for the four years:
Neb.—Fremont-
104,164,328
Inc.
1935
Reserve DIst trlct-r-Bosto
or
702,302
638,991
274.968
633,366
279,864
584,717
2,631.626
2,213,500
1,669,321
10,670,524
1,153,422
+44.7
11,036,997
Fall
.
River
Springfield
Worcester
Conn.
—
Hartford
New Haven
545,337
1,632,137
199,834,884
N.H.—Manches'r
Total (12 cities)
251,409,647
3,052,817
7.820,200
9,045.400
439,199
Second
392,807
229,185,673
Feder al Reserve D Istrlct—New
N. Y.—Albany__
424,207
1,670,975
175,000.000
388,023
1,761,352
198,COO,000
550,793
516,788
2.575.900
1
—3.3
1.039,902
7,210,902
3,495,719
J 22.2
11.8
6,633.900
338,475
+ 9.7
199,377,444
15.7
87,374,477
582,832
2,727,544
528.335
480,081
172,965,146
125,589,694
+37.7
5,679,373
707,141
Ft.
Elmira
580,202
658,677
—11.9
Jamestown
568,707
436,199
+30.4
2,987.065,664 3,412,638,196
6,521,757
5,704,960
—12.5
+ 14.3
'
388,381
415,435
3,691,286
*320,000
2,764,879
+ 33.5
300,000
+ 6.7
"207,917
17.331.378
+28.8
Northern N. J.
30,359,102
13,460,671
32,179.638
15,480,736
19,943,567
—27.3
+70.8
1,656,692
1,491,984
50,940,491
43,680,650
+16.6
32,221,165
30,926,227
—5.6
33,466,539
26,886,558
9,561,000
7,374,000
801,688
466,977
27,097,407
12,724,239
4,123,008
3,325,746
23,415,274
Spokane
Ore.—Portland.
.
Utah—S. L. City
Calif.—L'g Beach
Pasadena
Sacramento
San
Total (12 cities)
3,087,666.744 3,507,722,810
Third Federal
Reserve Dist tict—Philad elhpia
318,412
—12.0
+53.9
337,581
298,447
b
b
8264,000
+ 13.6
305,665
1,284.669
225,707
946,256
+34.2
+35.8
343.000.000
291,000,000
1,290.274
+ 17.9
+ 12.4
1,984,440
1.1
1,805,502
226,568
230,255
1,169.546
289,000,000
900.000
8.6
967,387
+8.1
939,866
1.814.932
1,675,139
1.095.933
N. J.—Trenton..
—40.0
5,893,000
Total (9 cities).
353,237,590
301,999,320
+ 17.0
301,229,450
250,220,551
...
Cincinnati
b
b
54,909,386
87,566,827
Cleveland
Columbus.....
Mansfield
42,215,933
64,982,159
8,384,000
1,119,709
10,378,000
1,596,833
b
+30.1
+34.8
+23.8
+42.6
b
b
b
b
43,449,420
70,943,968
b
3,154,415
+ 16.0
100 378,072
2,736,221
94,305,211
1,977,694
1,261,195
945,018
1,155,348
801,274
1,003,354
242,291,719
Total (12 cities)
Grand
total
204,512,760
+ 18.5
168,125,993
156.687,149
(110
5.384,940,430 5.389,405,361
cities)
Inc.
Canada—
102,417,864
90,577,605
49,703,770
18,995,558
Winnipeg
Vancouver
Ottawa
Quebec
Hamilton
103,835,020
+27.8
90,054,875
85,103,479
220,536,821
+30.2
195,693,932
206,650,174
.
'
Calgary
St. John
Victoria.
—
Richmond
S. C.—Charleston
Md.—Baltimore
.
D.C.—Washing'n
•RIchm ond—
128,000 + 132.9
298,109
2,398,000
1,924,000
29,465,846
19.6
98,466
2,528,000
22,873,119
Saskatoon
1,353,772
Regina
Brandon
724,593
J 24.6
34.7
658,987
564,629
+ 15.6
+28.2
49,037,103
13,354,029
38,029,351
9,748,235
Moose Jaw
19,605,422
53,245,932
15,288,212
120,081,445
100,776,583
+ 19.2
91,716,505
73,841,800
New Westminster
35,250,029
976,125
61,553,760
Brantford..
Sixth Federal
Nashville
.j
Ga.—Atlanta
Augusta
Macon
Fla.—Jack'n ville.
Ala.—Birh'bam..
Mobile
Reserve DIst rict—Atlant
a—
48 300,000
1,408,409 + 122.8
+27.6
11,801,406
35,400,000 +36.4
1,106,831
*1,000,000
14,734.000
794,236
658,696
12,859,000
+ 39.4
16,503,760
1,337,038
13,742,920
1,231,999
+20.1
+8.6
3,138,081
15,060,885
Miss.—Jackson..
.
b
+ 51.8
+ 14.6
b
32,600,000
894,638
583,463
10,445,000
12,830,705
859,053
b
3,267,212
10,326,644
26,400,000
693,541
457,276
8,631,000
8,658,286
781,958
b
La.—NewQrleans
28,790,816
75,553
21,527,353
+43.5
+33.7
74,465
20,263,597
82,316
18,239,189
Total (10 cities)
130,079,844
99,499,572
+ 30.7
90,402,751
+43.5
+36.4
—14.0
+5.2
+ 16.2
66,371,963
14,891,525
3,561,800
—0.6
2,604,931
294,103
392,922
+4.4
+ 10.6
323.498
337,672
1,111,972
348,028
623,274
607,538
1,059,474
418,169
1,223,959
426,437
717,473
488,342
26.6
19.3
960,775
532,745
823,891
554,639
565,252
2,752,789
2,068,198
+33.1
Prince Albert
348,820
+5.9
Moncton
748,933
Kingston
530,568
329,525
773,332
457,879
Chatham
362,407
Sarnia
506,460
—3.2
853,187
737,107
+ 15.9
+9.4
+4.4
+15.7
317,883,065
275,610,613
+ 15.3
331,314
485,248
580,148
166,264
563,336
499,683
108,433
Total (32 cities)
a
Not included in totals,
bNo clearings available.
1,481,550
1,473,519
2,304,140
3,051,984
2.409,744
296,933
754,386
522,024
444,410
195,869
607,393
606,750
841,398
899,974
1,851,589
246,889
2,897,360
761,899
483,522
370,000
369,598
228,428
864,458
557,359
481,075
697,603
454,527
621,680
296,695,158
352,148,192
77,537,422
Vicksburg
137,208,217
104,612,371
151,304,682
16,332,338
3,815,225
3,745,421
1,830,010
3,784,429
6,646,621
+ 17.6
551,054
Sudbury......
$
98,515,233
78,033,333
—19.0
Kitchener
Windsor
1933
277,012
+20.5
+ 1.7
+ 19.7
+20.5
Sherbrooke
_
1934
3,604,422
1,986,017
3,400,949
4,725,456
1,645,010
1,339,671
2,231,712
3,142,795
+ 16.2
221,512
Peterborough.
1,946,501
9,905,329
7.5
$
+ 17.3
291,660
615,111
Medicine Hat—
Tenn.—Knoxville
539,775
856,705
782,409
564,264
95,311.314
77,239.163
34,630,018
13,926,448
17,116,493
3,543,420
2,115,122
3,784,429
4,271,196
1,635,348
1,457,904
2,171,646
3,707,574
3,293,751
or
Dec.
+60.2
+ 1.7
+31.7
+8.8
+3.4
+ 16.6
Fort William
Total (6 cities).
1,744,561
Lethbridge
Edmonton
150,242
2,060,000
26,456,144
14,723,504
3,728,640
2,458,484
4,395,710
5,148,479
1,663,510
2,617,086
3,686,025
2,668,606
325,607
410,367
London
Reserve Dlst rict
1935
1936
Halifax
132,738,075
Fifth Federal
4,628,575,617 5,123,316,755
Week Ended July 23
b
287,189,121
Va.—Norfolk.
—0.1
+21.3 1,768,179,036 1,705,064,123
Clearings at—
983,907
_
W.Va.—Hunt'ton
6,024,328
Outside New York 2.397,874,766 1.976 767,165
6,169,400
Total (5 cities).
Pa.—Pisstburgh
4,260,000
253,250
19,073,825
8,100,094
2,747,363
2,469,686
+ 12.9
Montreal
b
39,332,080
57,767,986
7,418,000
*
1,120,991
'
Youngstown...
19,675,676
+27.7
+3.9
+60.5
Santa Barbara-
Toronto
Feder al Reserve D Istrict—Clev eland
Ohio—Canton
21,229,214
6,994,000
412,239
18,525,197
8,624,734
2,683,595
2,046,467
2,010,238
1,089,805
1,380,125
2,566,150
2,111,000
Fourth
SCO
241,000,000
1.021,531
783,139
1,201,092
4,250,000
tl
3,323,272
2,538,033
+24.5
+29.7
+71.7
+ 15.7
+ 19.8
+24.1
+31.3
973,314
1,298.322
2,552,000
Wllkes-Barre..
York
10,619,150
Francl
2,939,771,361 3,506,430,968
a*300,000
1,450,874
2,005.983
850.157
b
1,121,926
2,215,442
Francisco.
San Jose
,
489.920
b
119 385 000
*6.800.000
138,478.574
...
Stockton
Scranton
24,221,900
4,924,774
1,000,000
1,442,000
a862,988
1,999,168
Yakima
14,777,695
24.239,882
Philadelphia
Reading
417.799
+ 14.8
+25.2
+3.6
5,360,385
Twelfth Feder al Reserve D istrict—San
285.184
Newark..
.....
-^0.1
a627,U24
_
Wash.—Seattle..
,860,396,581 3,418,252,632
4,957,669
5,360,689
3,107,451
2,801.925
2,400,806
2,500,000
—2.2
Lancaster
1,287,794
33,591,313
3,413,877
Galveston
293,778
3,846.443
Chester
539,520
22,803,927
4,794,796
1,296,000
District—Da lias—
38,551,793
6,709.017
1,494 OJO
Worth....
Wichita Falls.
574,958
3,760,789
Bethlehem
100,114,539
La.—Shreveport.
27,761,652
Pa.—Altoona
112,920.500
513,283
771.804
Dallas
8,876,925
705,648
26,086,304
J.—Montclalr
421,140
21,615,951
1,488,815
2,515,732
69,046,496
2,825.572
563,225
446,289
York
41.6
N.
26,427,262
47,776
b
1,564,683
225,704,759
+20.8
Conn.—Stamford
32,733
1,773,938
25,715,476
1,719,420
2,555,256
76,948,407
3,161,340
410,839
—15.7
Syracuse
79,507
+80 7
Eleventh Fede ral Reserve
9,765,797
3,808,924
6,633.300
26,500,000
Rochester
City
+48.7
4,797,868
Texas—Austin
104,327
32,000,000
New York
as
79,388
143,894
2,270,956
124,484,721
Total (10 cities)
242.827
675,698
2,049,217
1,228,045
"
„
85,951,214
496,682
287,656
8,005,102
Buffalo
73,412,609
•
1,035,095
ton...
+21.9
2,242,986
3,314,771
.
City.
St. Joseph
Colo.—Col. Spgs.
1933
4,432,764
Bingha
85,468,840
287,152
Total (5 cities).
3,731.743
R. I.—Providence
1,621,594
a—
New Bedford..
.
381,686
2,076,080
+40.6
+24.5
+ 1.4
+ 13.2
+42.5
+75.9
+ 10.3
+24.6
Pueblo...
Lowell
Portland..
Mass.—Boston
—3.5
598,315
_
Mo.—Kan
1934
Dec.
+ 16.6
+22.9
+9.6
+9.9
—1.7,
+8.3
+ 18.9
635,855
2,005,996
218,969,347
—0.1
+74.1
3,753,241
Kan.—Topeka
%
"
653,912
118,020
Wichita
Me.—Bangor
+23.4
+ 18.9
+ 16.9
*260,000
3,190,347
32,904,698
2,275,104
Omaha
Week Ended July 25
Clearings at—
Federal
+40.8
384,385
2,544,226
Reserve Dis trict—Kans
-
Hastings....
Lincoln
First
21,803,363
1,647,803
452,148,192
317,883,065
1936
Minn eapolis
1,705,064,123
5,389,405,361
Total (7 cities).
Canada
—
2,420,370
66,014.781
* Estimated.
700
Financial
Trading
the New York Curb Exchange
on
active at rising prices
the
market
the
early gains
turned
Tuesday.
among
have
Wednesday and
some
were
in
was
Stocks
interest has been
and while there
were
a
$332,000
on
-
Total.
The
Week Ended July 31
Sales at
moderately active throughout the week.
quiet during the brief session
were
Friday
Total
$38,000
$35,000
29,000
67,000
145,000
15,000
41,000
Wednesday
Thursday
some
Corporate
$1,184,000
1,964,000
2435,000
2,906,000
2,540,000
2,649,000
Tuesday
Oil shares
Government
Domestic
Foreign
2,314,663 $13,378,000
true also of a few scattered issues
Value)
Foreign
231,670
417,948
392,080
403,345
370,025
499,595
Monday
apparent in the aviation, brewing and mining issues.
market has been
Shares)
Saturday
tops were established on Monday
moderately active and
Bonds (Par
(Number
of
July 31 1936
of,
Public utilities
the specialties and merchandising stocks.
been
Stocks
Week Ended
on
new
Aug. 1, 1936
quite
canceled.
irregular
This
was
during the fore part of the week but
were
demand and several
and
Chronicle
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE
EXCHANGE
CURB
THE
33,000
33,000
43,000
35,000
49,000
.
$1,255,000
2,026,000
2,235,000
3,094,000
2,590,000
2,739,000
$229, OOfc 413,939,000
Jan. 1 to July 31
New York Curb
1936
Exchange
Saturday
Stocks—No. of shares-
few scattered issues that broke into
1935
1936
1935
2,314,663
1,471,780
83,411,412
30,517,863
$13,378,000
332,000
229,000
$20,294,000
186,000
271,000
$521,930,000
$714,931,000
11,524,000
7,966,000
7,643,000
$13,939,000
$20,751,000
$541,420,000
$732,465,000
Bonds
new
high ground, the general list moved within
tively
stocks
narrow
channel.
attracted
the
Foreign government
Foreign corporate—-
Oil, mining, brewing and aviation
most
gains, but public utilities
Domestic
a compara¬
attention
were
and
showed
modest
Total
GOLD
The Bank of England
gold reserve against notes amounted to £225,600,525
compared with £221,111,585 on the previous Wednesday.
Further large purchases of bar gold were announced by the Bank and the
total amount bought during the week under review was £5,393,875.
In the open market offeringsfwere on rather a larger scales about £2,140,000 being disposed of at the daily fixing.
Buying was mainly for a special
quarter and the fixed prices included a good premium over gold exchange
parities.
Renewed activity among the public utilities was apparent
during the trading on Monday, particularly in the preferred
section, and a number of the more active stocks in this
group set new tops for 1936.
Electric Bond & Share was
especially active as it moved into new high ground at * 26 %
with a gain of 1% points.
Columbia Gas & Electric pref.
advanced 3% points to 115% and Central Maine Power pref.
moved smartly forward 434 points to 80.
Other noteworthy
gains were American Superpower pref., 234 points to 5234;
Jones & Laughlin Steel, 2 points to 38; Royal Typewriter,
4% points to 69; National Gypsum A, 2 points to 5034;
Crane Co. pref., 2 points to 134; Black & Decker, 234 points
to 23, and Ainsworth Manufacturing Corp., 234 points to
54%.
The transfers for the day were approximately 420,073
July 8
154
Equivalent Value
of £ Sterling
Ounce
—
12s. 2.60d.
139s.
Id.
139s,
138s.
8d.
138s.
8Hd.
138s. lOd.
139s.
.138s. 10.58d.
-
-
12s. 2.68d.
12s. 3.04d.
12s. 2.99d.
12s. 2.86d.
12s. 2.68d.
12s. 2.81d.
The following Vere the'United Kingdom imports and exports of gold
registered from mid-day on July 6 to mid-day on July 13:
Exports
Imports
British South'Africa
British West Africa
the
United States of America..£299,452
British India
7,500
.£1,832,859
125,169
Tanganyika Territory
-
Germany
9,186
British India
New Zealand
Germany
Netherlands..
France
Switzerland
Venezuela
Other countries
—
;
502,157
10,640
409,028
20,531
6.834,127
38,204
7,766
22,142
5,650
80,205
152,095
136,226
Netherlands
France
Switzerland
Finland
44,918
Other countries
925
;
£9,811,809
£726,971
Gold shipments from Bom bay last week amounted to about £1,069,000.
The SS. Rawal Pindi carries £889,000 consigned to London and the SS.
President Polk £180,000 Consigned to New York.
The Transvaal gold
output for June, 1936, amounted to 944,165 fine ounces, as compared with
938,050 fine ounces for May, 1936, and 889,026 fine ounces for June, 1935.
SILVER
The markefhas^been quiet and although prices have been inclined to
fluctuate, the tone has been fairly steady.
Sales on China account have continued and the Indian Bazaars have
made some resales, while speculators have both bought and sold.
The
Indian Bazaars have also given support,
also for forward
buying for prompt shipment, and
delivery.
There have been
progressed, due in a measure to the lower electric output
reported for the week ending July 25 as compared with the
preceding week.
Oil stocks were fairly steady and were
little changed from the previous close.
In the specialties
list, the gains were somewhat more numerous, new tops
being recorded by United Chemicals, both common and
preferred, and Mercantile Stores pref.
High-priced stocks,
of America and
Per Fine
July
9
July 10
July 11
July 13
July 14
July 15
Average-
trading on
Tuesday and several of the strong stocks again registered
new peaks for 1936.
The buoyancy of the utilities section
gradually extended into other parts of the list and there
were numerous new tops in evidence as the session closed.
Industrials and miscellaneous specialties shared the spotlight
with the utilities, Jones & Laughlin Steel adding 3 points
to its previous gain and closing at 41.
Gulf Oil of Pennsyl¬
vania surged upward 3 points to 89% and Royal Typewriter
again climbed forward with a gain of 134 points at 70%.
Other advances included Derby Oil & Refining pref., 2%
points to 7234; Pittsburgh Plate Glass, 4 points to 135;
Penn Salt, 234 points to 132%, and Pepperell Manufacturing
Co., 1 point to 71.
The market was fairly steady during the early trading on
Wednesday, but scattered losses were apparent among some
of the preferred stocks in the public utility group as the day
like Aluminum Co.
as
Quotations during the week:
shares.
dominate
SILVER MARKETS
reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
July 15 1936:
on
to
GOLD AND
THE ENGLISH
at 36.
continued
9,991,000
We
Derby Oil & Refining pref. and Falstaff Brewing reached
new high ground and Central States Electric pref. moved
ahead 4 points to 54.
Royal Typewriter advanced 1%
points to 64
and Jones & Laughlin Steel gained 1% points,
utilities
-
quiet and made little change
either way.
McWilhams Dredging was one of the strong
shares and moved up 2% points to 88, at its top for the day.
Public
-
no new
features and, for the near future, no wide move¬
ment from the present level is anticipated.
The following were the United Kingdom imports and exports of silver
registered from mid-day on the 6th instant to mid-day on the 13th inst:
Exports
Imports
GnTlR.fl
9
O
Trinidad and Tobago.
1,964
11,491
1,314
France
Other countries
generally down. ' This was true also of many of the
popular trading favorites, but the declines were usually in
were
1 Q1
United States of America..
Malta
8weden
*30,200
Netherlands
Sherwin-Williams Co.
British India
£l ,056,290
Hongkong
-
Netherlands
France
Other countries
£189,175
£1,103,450
small fractions.
*
Specialties assumed the leadership in the curb dealings on
Thursday, and while the rest of the market held fairly steady
and
without noteworthy
movement, specialties moved
briskly upward and a number of substantial! gains were regis¬
£99,638
30,800
*10,000
28,500
7,220
9,374
3,643
Quotations during the week:
generally small. McWilliams Dredging was in
demand and again raised its top to a new record for 1936.
Other noteworthy gains were Aluminum Co. of America 2
points to 133%; Great Atlantic & Pacific Tea N. V. stock
3% points to 121 %; Indiana Service 6% pref . 4 points to 32;
Ohio Brass B 2% points to 31; St. Regis Paper pref . 134
points to 92 % and United States Radiator pref. 5 points to 31.
Curb market trading was fairly brisk during the early
dealings on Friday, but considerable irregularity due to profit
taking developed as the day progressed and many active
were
stocks closed
ional
on
the side of the decline.
There
exceptions, particularly in the specialties
were occas¬
group,
which
in active demand and in many instances were able to
hold their gains to the close of the market.
The advances in
were
this group included among others American Hard Rubber
lfpoint to 34%; Crane Co. 234 points to 3534; Bohack 1 pref.
to 40 and Driver Harris pref. 1% points to 110. As
compared with Friday of last week, the range of prices for
the week was toward lower levels, Aluminum Co. of America
closing last night at 134 against 13534 on Friday a week ago;
Commonwealth Edison at 111% against 114%; Creole
Petroleum at 2334 against 2434; Humble Oil (New) at 65%
against 67%; International Petroleum at 33% against 35%
and Sherwin-Williams Co. at 135 against 139%. *
3jpoints
IN NEW YORK
IN LONDON
-Bar Silver per Oz. Std.Cash
2 Mos.
1911-16d.
1911-16d.
9
July
July 10
19Hd.
19$-16d.
July 11.
July 13——1911-16d.
July
19^d.
July
19&d.
Average
-19,677d.
tered as the session closed.
Public utilities showed a few
isolated advances and aircraft stocks were firm, but the
changes
Coin at face value.
July
July
July
July
July
July
1913-16d.
19Hd.
19^d.
19 ll-16d.
19%d.
19.719d.-,
The highest rate of exchange on New
fromf July 9 to July 15 was $5.03 and the
/
(Per Ounce .999 Fine)
8
45 cents
9—
45 cents
10-...
45 cents
11
45 cents
13
45 cents
14—
45 cents
York recorded during the period
lowest $5.01
DIVIDENDS
Dividends
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
are
dividends previously announced,
but which
have not yet been paid.
The dividends announced this week are:
Per
Name
Share
of Company
Acme Wire Co., voting trust certificates.-.
50c
Allegheny Steel Co. common—
Common (extra)
7% preferred..
Allegheny & Western Ry. gtd. (semi-aim.).
Altorfer Bros., preferred
American Factors, Ltd. (monthly)
American Hide & Leather preferred
American Metals Co. preferred
American Tobacco, class A & B (quar.)
Atlas Plywood Corp
25c
15c
—
Resumed
—
When
Holders
Payable of Record
Aug.
Sept.
Sept.
Sept.
Jan.
$1
15c
Aug.
Aug.
75c
Sept.
h$4- Sept.
$1X
Sept.
July 31
Sept. 1
Sept. 1
Aug. 15
Dec.
19
Aug.
1
July 31
Sept. 18
Aug. 21
Aug. 10
25c
Nov.
Nov.
2
25c
Aug.
Aug.
1
Volume
Financial
143
Per
Share
Name of Company
25c
25c
25c
—
—1
Sept.
Sept.
Aug.
1
1
1
1
Ai50c
40c
Border Co., common (quar.)
Sept.
Sept. 30
Aug.
1
3uc
Sept. 1
/i50c
Sept. 1
50c Aug. lo
50c. Aug. lo
SIM Aug. 10
Oct.
1
$2 M
Oct.
1
SIM
37 Mc
Sept. 1
12Mc Sept: 1
$4 Sept. 15
62 Mc
Sept. 1
ouc
Sept. 15
50c
Sept. 1
$2
Boston & Albany RR_ .;
Bourne Mills (quar.)
Brach (E. J.) & Sons
'
1
Carman & Co. class A
Central Surety & Insurance (semi-ann.)—
Extra
Chester Water Service Co. $5M pref.
(quar.)—
Chicago June. Rys. & Un. Stockyards
6% preferred (quar.)
Chicago & Mail Order Co. (quar.)
(quar.) —
___
,_,
Chrysler Corp
_
Connecticut Power Co. (quar.)
Consolidated Edison Co., N. Y
Continental Steel Corp
Preferred
1
SIM
(quar.)——
Blue Ribbon, Ltd., 6M % preferred
Extra.
1
Oct.
25c
—
7% preferred (quar.)__
Bigelow-Sanford Carpet Co., Inc
Preferred (quarterly)
Oct.
$1M
(quar.)..
Extra
Bethlehem Steel Co. 5% preferred
Aug. 20
Sept. 1
Aug. 15
Aug. 15
5c
—
Berghoff Brewing Corp. (resumed)
—
SIM
'
(quarterly),
Crown Drug Co., common
Preferred (quarterly)
Crown Zellerbach Corp., cl. A & B
Dayton & Michigan RR. (semi-annual)
10c
—
—
43Mc
SIM
87 Mc
$1
8% preferred (quar.),,.
Delaware Division Canal (semi-annual)
Deere & Co., preferred (quar.)
SI
35c
—
Dexter Co
25c
Dominguez Oil Fields (monthly)
Eastern Shore Public Service $6M pref. (quar.),
$6 preferred (quar.)
Eastern Utilities Associates (quar.)
East Mahoning RR. Co. (semi-annual)
Eddy Paper Corp
25c
SIM
SIM
50c
SIM
30c
50c
50c
Electric Auto-Lite
Electric Products Corp
Electric
SIM
SIM
SIM
SIM
Shareholding Corp., $6 pref
El Paso Electric Co. (Del.) 7% pref. A (quar.),,
$6 preferred B (quar.),,,.
El Paso Electric Co. (Texas) $6 pref. (quar.)
Equitable Investment Corp. of Mass. (Boston)
Fairbanks, Morse Co., 6% pref. (quar.)
FitzSimmons & Connell Dredge & Dock
Extra
50c
_
SIM
__
12 Mc
12 Mc
2oc
General Metals Corp. (quar.)
'
25c
75c
General Telephone Corp., com
$3 conv preferred
Georgia Home Insurance (semi-ann.)
50c
;
10c
Extra
Globe & Rutgers lire Insur. Co., 2nd pref. (qu.)
Golden Cycle Corp. (quar.)
...
$2M
40c
60c
Extra
;
;
Gorham Mfg. Co., vot. trust certificates
Grand Union Co., preferred
Great Atlantic & Pacific Tea Co. (quar.)
Extra
25c
25c
SIM
....
25c
.
Preferred (quarterly)
Gulf States Utilities Co., $6 pref. (quar.)
4^0
$5M preferred (quarterly)
Hackensack Water Co., 7% pref. A (quar.)
Hancock Oil Co., class A and B (quar J
Class A and B (extra)
Harmonia Fire Insurance Co. (Buffalo)
2oc
60c
Aug.
sept.
Heyden Chemical Corp.
25c
Sept.
Sept.
25c
■_
Preferred (quar.);
SIM
Hobart Mfg. Co., class A (quar.).
37Mc
40c
Holophane Co....
Preferred (semi-ann.)
$1.05
Imperial Tobacco of Great Britain & Ireland— *w7M%
Inland Steel Co
7oc
International Harvester Col
97Mc
.......
62 Mc
25c
Quarterly
Jarvis (W. B.) Co". (quar.)I—.III—-I_.
Jewel Tea Co., Inc., common (quar.),
Jones (J. Edw.) Royalty Trust—
A participating trust certificates
B participating trust certificates
C participating trust certificates
.1
($500)
15
24
24
15
31
31
1
10
7
7
7
31
31
1 Aug. 14
15 Sept. 19
15 Sept. 19
SI
July 25 June 30
July 25 June 30
July 25 June 30
Oct.
l sept. 15
(quar.)
$2 preferred (quar.)
Pacific Fire Insurance (quarterly)
Extra,
Parker Rust Proof (quarterly)
Pender (David) Grocery Co., class A
Aug. H Aug. 7
Aug. 11 Aug. 7
Sept. 1 Aug. 10a
Sept. 1 Aug. 20
Sept. 1 Aug. 20
(quar.) —
Pfaudler Co., preferred (quarterly)
Pittsburgh Suburban Water Service—
$5M preferred (quar.)
Radio Corp. of America—
$3 M cumulative conv, 1st preferred
Rainier Pulp & Paper, class A & B (quar.)
Remington-Rand, inc
Quarterly
5% preferred (quar.)..,
$6 preferred (quar.)
Representative Trust Shares (s.-a.)
Rhokana Corp. (interim)
'
•
SIM
Aug. 15 Aug.
5
Oct.
IS ept.
9
Sept. 1 Aug. 10
Oct.
1 sept. 10
Oct.
1 Sept. 10
Oct.
Oct.
i
y
1 Sept. 10
1 Sept. 10
July 31
-
Final
Riverside & Dan River Cotton Mills, 6% pref—
Rochester Gas & Electric, 7% pref. B (quar.)—
6% preferred C& D (quarterly)
...
Holland Paper Co., Ltd. (initial)...
Rose's 5,10 & 25c. Stores (quar.)
7% preferred (quarterly).
Sagamore Mfg.Co
:%iif:
;
Sanford Mills, common..
Second Investors Corp. (R. I.), $3 pref. (quar.)
Security Realty, pref. (quar.)
Sherwin Williams Co. (quar.)
5% preferred (quar.).
Sperry Corp., voting trust certificates
—..
$2
Stamford Water Co. (quar.)
$10.74
Stamper No. I Trust, series A ($500)
Series AA ($500)
$10.77
$2.69
Series B ($100)..—
Series BB ($100)
$2.68
hU
Stromberg-Carlson Telep. Mfg. Co., pref
Sunray Oil Corp. (Dela.) common
SI
Susquehanna Utilities Co., 6% pref. (quar.).
$1
Tennessee Electric Power Co. 5% pref. (qu.)_
SIM
6% preferred (quar.)
7% preferred (quar.)
$1.
7.2% preferred (quar.)
50c
6% preferred (monthly)
50c
6% preferred (monthly),
50c
6% preferred (monthly)
60c
7.2% preferred (monthly),.
60c
7.2% preferred (monthly)
60c
7.2% preferred (monthly)
Tide Water Power preferred (quar.),.
SIM
h$ 1M
Tubi ze-Chatillon 7% preferred
sir
7% preferred (quar.)
Tuckett Tobacco Co., Ltd., preferred (quar.)..
50c
Union Bag & Paper Co
50c
United Engineering & Foundry Co. (quar.)
SIM
Preferred (quarterly)..,
25c
United States Freight (quarterly)
$1
United States Steel, 7% cumul. preferred—
h$4M
United Wall Paper Factory, prior preferred—..
25c
Universal Insurance (Newark, N. J.) (quar.)
25c
Quarterly
25c
Quarterly .,;
25c
Quarterly
__jSIM
Universal Winding Corp. preferred (quar.)
$2M
United States Envelope (semi-annual)
S3M
Preferred (semi-annual)
_—.
—
-
I!
°
—
-
—
Sept. 1 Aug. 21
Sept. 1 Aug. 13
Sept. 1 Aug. 13
Aug. 10 July 27
Aug.
1 July 20
Aug.
1 July 20
Aug.
4 July, 27
July 20 July 13
sept. 1 Aug. 15
Aug.
1 July 25
Aug. 15 July 31
Sept.
1 Aug. 15
Aug. 20 Aug. 10
Aug. 12 Aug. 15
July 26 June 30
July 25 June 30
July 25 June 30
Jjily 25
June 30
Sept.
Aug.
Aug.
Aug.
Sept.
Sept.
Sept.
Sept.
July
Aug.
Sept.
July
Aug.
Sept.
Sept.
sept.
Oct.
Oct.
Oct.
Oct.
Aug.
Sept.
Oct.
Aug.
Sept.
Oct.
Sept.
Sept.
Oct.
Oct.
17
11
20
15
15
15
15
20
15
15
20
15
15
Aug. 10
Sept. 10
15 Sept. 30
_
Aug.
Aug.
Aug.
Sept.
Aug.
Aug.
15
18
18
1
29
10
Sept. 1
Aug. 7
Aug. 8
Aug.
8
Aug. 21
Aug.
1
Aug.
1
Aug. 15
Dec.
Nov. 15
Mar.
Feb.
15
May
July
Aug.
Sept.
Aug.
Sept.
Aug.
Aug.
Sept.
Sept. 21 Aug.
Aug.
1 July
Sept. .1 Aug.
15
28
15
15
10
31
21
1
—
60c
Vanadium-Alloys Steel........
Virginia Electric & Power $6 pref. (quar.)
Walker Mfg. Co. $3 conv. preferred
Weill (Raphael) & Co. pref. (semi-ann.)
Wentworth Mfg. Co. (quarterly)
Wesson Oil & Snowdrift, $4 conv. pref
Western Tablet & Stationery Corp
Westvaco Chlorine Products (quar.)
i—
—__
—
h75c
$4
30c
$1
25c
10c
10c
-—...—-—-—
Wheeling Electric Co. 6% pref. (quar.)
Whiting Corp. 6M% Pref. (quar.)
Whitman (Wm.) & Co., Inc., 7% pref. (quar.),.
Will & Baumer Candle Co., Inc
Williams (J & B) Co. (quarterly)
SIM
SIM
10c
50c
June
Nov.
2 Oct.
15
Sept. 1 Aug. 15
5
Aug. 15 Aug.
Aug. 15
Sept.
Aug. 15
Sept.
Aug.
3
Sept.
July 20
Aug.
Oct.
Sept. 12
Aug. 15 Aug. 10
Aug. 15 Aug. 7
_
h$ 1M
...
....
——
30c
40c
$1M
U2&
$1M
62 Mc
25c
15c
(quar.)..
Massachusetts Bonding & Insurance,
McWilliams Dredging Co. (quarterly)
—
Mead Corp., cumulative preferred A
Merchants Fire Assurance, initial (semi-ann.)..
Extra
_
Midland Mutual Life Insurance Co
Michigan Assoc. Telephone Co., 6% pref
6% preferred (quarterly)—
Michigan Bakeries, Inc., preferred (quar.)
$7 preferred (quarterly)
Montgomery Ward & Co
(quar.)
Monsanto Chemical (quar.)
Extra
29
30 Sept. 10
sept.
1 Aug. 10
Oct.
1 Sept. 18
2 Oct. 20
Nov.
Sept. 16 Sept. 2
1 July 27
Oct.
1 Sept. 15
1
Aug. 15 Aug.
Sept. 10 sept. 4
Sept. 16 Aug. 31
24 Aug.
8
30 Sept.
15 Aug.
1
15 Aug.
1
1
15 Oct.
1
Aug. 15 July 30
Sept .28 Aug. 31
Oct.
1 Sept. 15
Aug. 20 Aug.
5
Aug. 15
Sept.
Sept,
Aug. 15
(quarterly)
SIM
12Mc
12Mc
SIM
SIM
$1
$1.
Below
we
15 Aug.
1
30 Sept, 11
30 Sept. 11
15 Aug. 28
Nov.
2 Oct. 16
Aug.
Sept.
Sept.
Sept.
Aug. 10 July 28
Aug. 10 July 28
give the dividends announced in previous
weeks
paid.
This list does not include dividends an¬
nounced this week, these being given in the preceding table.
and not yet
Holders
Aug.
Oct.
Morris (Philip) & Co. (quarterly)
Morse Twist Drill & Machine Co.
Munsingwear, Inc
National Acme Co., resumed
National Container Corp. (quar.),
Preferred (quar.)
National Credit Co. (Seattle, Wash.)5% preferred (quar.)
National Lead Co, (quar.).,
Extra
Class A preferred (quar.)
Class B preferred (quar.),,
National Union,Fire Insurance Co,...
16 July
30 Sept. 10
30 Sept. 10
1
16 Aug.
1
Aug. 16 Aug.
Aug. 16 July 31
July 20
Aug.
July 20
Aug,
July 28
Aug.
Sept.
Aug. 20
Sept.
Aug. 15
July 27
Aug.
July 27
Aug.
Aug.
July 27
Aug.
July 27
July 31
Aug.
July 31
Aug.
July 23
Aug.
Aug.
July 23
Oct. 15 Sept. 11
Oct.
1 Sept. 18
Sept. 15 Aug. 25
Sept. 15 Aug. 25
Manufacturers Casualty Co. (quar.)
Extra
:
Marchant Calculating Machine Co
Marine Bancorporation, fully partic.
Initial stock (quarterly)
Aug.
Sept.
Sept.
Sept.
Aug.
Sept.
Aug.
Aug.
Aug.
.—
Extra
5
15
8
1
5
30
30
30
27
12
21
21
31
4
P
...
Extra
Oct.
Sept.
10
5
.1.77
$7.21
SIM
($500)
($500)
Kroger Grocery & Baking Co. (quar.)
6% preferred (quar.)
7% preferred (quar.)
Krueger (G.) Brewing Co. (quar.)
JLawson Realty Co., 7% pref. (quar.)
Death & Co., $2M preferred (quar.)
Lee (H. D.) Mercantile Co. (quarterly)
Lessings, Inc
;
Libby-Owens-Ford
Lindsay Light & Chemical
Lone Star Gas Corp., 6% conv. pref. (quar.),
Managed Investments, Inc. (quarterly):
...
■
Oct.
Oct.
15
15
4
15
15
24
10
—
Northeastern Water &
Occidental Insurance Co. (quarterly)
Ohio Bower Co., 6% pref. (quar.)
Ohio State Life Insurance Co.
Oshkosh Overall Co. (quar.)
Holders
When
Payable of Record
Aug. 15 July 28
Aug.
6 July 25
Sept. 1 Aug. 15
Sept. 1 Aug. 10
Aug. 15 Aug. 5
Sept. 1 Aug. 3
Aug.
1 July 23
Sept. 1 Augi 20
Sept. 1 Aug, 20
(quar.)
Electric, $4 pref. (quar.)
Extra
Preferred (quar.)
Kresge (S. S.) Co; (quarterly)..
Extra..
Preferred (quarterly)
Mueller Brass Co.
Oct.
Sept.
Oct.
1
8
13
Sept. 1 Aug. 15
Sept. 30 Sept. 16
.
Kobacker Stores, Inc
Preferred
Class A
sept. 15
Aug. 10
Aug. 10
1.95
...
Keith-Albee-Orpneum Corp., 7% preferred
Preferred (semi-annually)
Sept. 15
16
Aug. 15
Aug. 15
July 28
Aug. 15
Aug. 20
Aug. 20
sept. 22
Aug. 15
Sept. 15
Sept. 15
Sept.
50c
;
North American Oil Consol.
(quar.)
North am Warren Corp., conv. pref.
15 Dec.
sept.
Hart-Carter Co., $2 conv. pref. (quar.)
Extra
Nonquitt Mills (resumed)
Aug. 31 Aug.
Aug. 15 Aug.
Sept. 15 sept.
Sept. 1 Aug.
Oct. 15 sept.
Oct. 15 Sept.
Oct. 10 Sept.
Aug. 10 July
Sept. 1 Aug.
Sept. 1 Aug.
Aug.
Sept.
July
Aug
Aug. 20 Aug.
Oct,
1 Sept.
Aug.
1 July
Aug,
1 July
sept.
1 Aug.
Sept. 10 Aug.
Sept. 10 Aug.
Sept. 15 sept.
Sept. 1 Aug.
Sept. 1 Aug.
Sept. 1 Aug.
Sept. 1 Aug.
Sept. 15 Aug.
Sept. 15 Aug.
Sept. 30 Sept.
12 Mc
common.
July 21
Oct. 10 Oct.
Aug. 15 Aug.
sept. 1 Aug.
Oct.
1 sept.
Oct.
7 Sept.
Aug. 15 Aug.
sept. 1 Aug.
sept. 1 Aug.
July 31 July
Sept. 1 Aug.
Sept." 1 Aug.
Aug. 15 Aug.
Dec.
Per
Share
Name of Company
Aug, 15
Aug.
5
Aug.
5
sept. 4
sept. 4
Aug. 15
Aug. 15
July 28
Aug. 15
Aug. 31
July 23
Aug.
8
Aug. 15
July 30
July 30
Aug.
5
Aug. 15
Aug. 15
Aug. * .7
Aug. 14
1 Sept. 15
Oct.
701
Holders
When
Payable of Record
UV*.
JBandini Petroleum (monthly)
Baton Rouge Electric Co. $6 preferred
Chronicle
Name o f
of Record
Company
Abraham & Straus, Inc., preferred (quarterly)—
Adams (J. D.) Mfg. Ob. (quarterly).
...
Aug.
Aug.
Adams-Millis Corp. (quar.)
Preferred (quarterly)
Aug.
Aug.
Sept.
Sept.
—
Agnew Surpass Shoe Stores (semi-annual)......
JExtra..........................
Oct.
Preferred (quar.)—i
Alabama Great Southern RR., preferred——
Alabama Power Co., $5 pref. (quar.)
Alaska Juneau Gold Mining (quarterly).,
July
July
July
July
Aug.
Aug.
15
15
24
24
15
15
'
*
Sept. 15
July 13
Co. 7% pref. (qu.)..
Chemical & Dye Corp., common (quar.)..
International Investing Corp. preferred..
Kid Co., $6M pref. (quar.)
Mills
Aluminum Goods Mfg. Co. capital stock
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Oct.
Aluminum Manufacturing, Inc. (quarterly)
Sept.
15
10
10
31
31
10
24
27
20
Sept. 20
Sept. 15
Quarterly
7% preferred (quarterly)..
7% preferred (quarterly)
American Bank Note Co
Dec.
Dec. 15
Sept.
Sept. 15
Extra
Alaska Packers Assoc. (quar.)
Allentown Bethlehem Gas
Allied
Allied
Allied
Allied
...
Dec.
Oct.
Oct.,
.
Quarterly
American Home Products Corp
Monthly),.
American Light & Traction
Preferred (quarterly)
Aj(quar.)__
(quar,)
American Machine & Foundry Co. common...
American Mfg. Co. preferred (quar.)
Preferred
>!!
Dec.
Nov. 25
Oct.
July
8 '
Sept. 12 I
Dec. 12
Aug.
Sept.
Aug.
Sept.
Aug.
Aug.
Aug.
July
Aug.
;
Oct
1
14a
Apg. 14a
July 20
Aug.
1
July 15
July 15
July 18
Sept. 15
Dec.
(quar.),.
American Re-Insurance Co
Dec. 15
Sept. 10
Sept. 10
July 151
July 24a
July 11 j
Aug. 25
Jan.
—
American Investment Co. of 111., cl.
Clas B (quarterly). .;
"
Aug.
Aug.
Aug.
Sept.
-
Preferred (quar.)
—
Amerex Holding Corp. (initial)
American Can Co., common (quar.)
American Cities Power & Light class A (quar.).
American Envelope Co., 7% pref. A (quar.)
7% preferred (quar.)..
American Gas & Electric Co., preferred (quar.)
American Hardware Corp. (quar.)
July
July
July
July
Tuly
July
July
July
July
Dec. 15
Aug.
July 31
702
Financial
Per
Name of Company
American Paper Goods 7%
pref. (quar.)
Sept
American Reserve Insurance
American Ship Building (quar.)
1
Aug.
1
Aug.
1
Aug.
Aug. 31
50c
50c
American Smelting & Refining
American Sugar Refining Co. (quar.)
50c
50c
Preferred {quarterly)
Jet.
O. t.
$l'&
American Thermos Bottle
Anaconda Wire & Cable Co
Anier. dep. rec. ord. reg__
Anheuser Bush, Inc. (quarterly)
rw
10%
7
\ug.
lune
11
Dec. 30 Dec. 20
Aug.
Aug.
1 July
1 July
Sept.
Aug.
20
20
1 July 21
1 Aug. 10
1 July 20
Nov.
2 Oct.
Feb.
1 Jan.
Aug.
h$ 3
3lMc
Sept.
Aug.
Aug.
49c
42c
Aug.
$2
(semi-annually)
1
Baltimore American Insurance Co
Extra
10c
5c
Bangor & Aroostook RR. Co. (quar.)
Preferred (quar.)
Bangor Hvdro-Eiectric
Bankers & Shippers Insurance Co. of N. Y. (qu.)
63c
SIM
20c
$1
25c
Extra..'.
Barnsdall Oil (quarterly)
Beacon Mfg. Co. 6% preferred (quar.)__
Beatrice Creamery 7 % preferred
20c
S1H
SIM
S1H
SI H
Beatty Bros., Ltd., 1st preferred (quar.)
Belden M fg Co
(quar.)
Belding-Corticelli, Ltd. (quar.)
Preferred (quar.)
Best 6l Co. (quarterly)
Birtman Electric Co. (quar.)
Oct.
6
20
21
1
1
_
31
31
10
3
3
10
31
1
1 July
Aug.
Aug. 15 Aug.
Oct.
1 Sept.
Oct.
1 Sept.
£>0c
25c
15
Aug. 15
sill
•
25
25
ulv
10
15
15
If July
1 July
1 July
Aug.
Aug. 15 Aug.
Aug. 15 Aug.
Aug. 14 Aug.
Nov. 15 Nov
(quar.)
Blauner's, Inc. (quar.)—
Preferred (quar.)
Bloch Bros Tobacco (quar.)
Quarterly
6% preferred (quar.).
6% preferred (quar.).
25c
75c
37 He
Bloomingdale Bros., pref. (quar.)
Blue Ridge Corp. $3 preferred (quar.)
Bon Ami, class B (quar.)
11
11
Aug.
Aug.
25c
__
Preferred
15
15
15
1
1
Sept. 30 Sept. 25
Dec. 31 Dec. 24
1 July 20
Aug.
Sept. 1 Aug.
5
n75c
50c
1 Sept. 18
Aug. 15 July 31
Aug. 25 Aug. 20
$1
Sept. 25 Sept. 20
1 July 17
Aug.
Aug.
July 17
Oct.
common
Brewer (C.) & Co. (monthly)
Monthly
British Columbia Telep., 6% preferred
(quar.)_.
Broadway Dept. Stores, Inc., 7% 1st pref
S1H
$1M
S1H
S1H
SI H
Brooklyn-Manhattan Transit, preferred (quar.)
Preferred (quar.)
Preferred (quar.)T
Brooklyn Union Gas Co. (quarterly)
Buckeye Pipe Line Co. (quar.)
Buckeye Steel Casting Co. (resumed)
Oct.
Oct.
1
Tan.
Jan.
2
Apr.
Apr.
1
tent.
1
...
Aug. 15 Aug.
1
1 July 15
Aug.
Aug.
Tuly
15
Aug.
Aug.
July
11
15c
SIM
37 He
SI M
25c
Cherry-Burr ell (quarterly
Preferred (quarterly)
Chestnut Hill RR. Co. (quar.).
Chicago District Electric Generating, $6 pref
Chicago Yellow Cab Co., Inc. (quar.)
Chile Copper Co
Cincinnati Advertising Products (extra)
Cincinnati Inter-Terininal RR—
1st guaranteed preferred (s -a.).....
Cincinnati Street Ry. Co: (quar.)
Cincinnati Union Terminal Co.—
5% preferred (quar.).
5% preferred (quar..
City Baking Co., 7% preferred (quarterly).
City of New York Insurance Co. (s-a.).
Aug.
Aug.
Aug.
Aug.
July
July
July
rSl
SIM
SIM
SIM
20
20
31
July 16
Tuly 17
1
Aug.
Aug.
Aug.
$2
25c
Oct.
Sept. 20
Aug.
July 24
Sept. 19
Sept. 20
Oct.
Oct.
Tan.
Dec.
60c
Aug.
75c
Aug.
50c
Aug.
July 16
July 30
Aug. 15
75c
*og.
Aug.
Si 8
July
July
Aug.
20c
Tulv
Aug.
25c
Aug.
Aug.
-—15c
SIM
87 He
75c
50c
Aug.
20
31
15
15
5
June 30
July
Sept.
20
Aug. 15
•Tuly 15
Aug.
Aug.
July
July
15
20
50c
Aug.
Aug.
10c
Aug.
July 20
5
15 Aug.
10c
Nov
16 Nov
SIM
38c
&1
62 He
,
SIM
SIM
SIM
25c
SIM
37 He
SI M
70c
SIM
50c
Sept.
5
Aug.
Aug.
Aug. 20
July
9
July 16
1
Aug.
July 31
Oct.
Sept. 15
Aug.
Sept.
Aug.
July
Aug.
Aug
Aug.
July
28
Cresson Consoi. Gold
1
18a
tent.
Aug.
50c
Sept.
Aug.
Aug. 20
Aug.
8
Aug.
July
25c
12Hc
Bound
Brook
15
20
15
15
15
15
15
15
15
15
15
15
15
15
15
15
25
25a
15
15
Aug
31
<uly
'uly
31
Sept. 21
July
18
July
Aug.
July
July
20
31
17
17
6Mc
/i75c
h70c
Detroit Hillsdale & South Western RR
Diamond Ice & Coal Co. 7% pref. (quar.)
.uly
20
July
15
Aug. 18
Aug.
4
tuly 24
July 20
Sept. 19
Dec.
11
Dec.
Derby Gas & Electric Corp. $7 preferred
$6H preferred
,
$2
Sept.
Aug.
Aug.
Aug.
■
Aug.
Jan.
Aug. 20
1
iuly
1
iuly
July 24
1 July 24
19
Dec.
50c
Preferred (semi-ann.)
Dictaphone Corp
Preferred (quar.)
Diem & Wing Paper 7% p
>ref. (quar.)
Distillers Co. Ltd (final)
Dividend Shares, Inc (quar.)
Dixie Vortex Co. (quar.)
Class A (quar.)
Doctor Pepper Co. (quar.)
Quarterly
Domestic Finance Corp., $2 pref. (quar.)
Dominion Bridge Co. (quar.)
Nov. 14
Sept.
Sept.
Sept.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
July
July
July
Sept.
Sept.
SI
$2
SIM
12H._
2 He
37 He
62Hc
-
35c
Aug.
Aug.
Aug.
Aug.
SIM
15c
Aug.
Aug.
Aug.
June 22
Oct.
Sept.
Sept.
Aug.
July
Aug.
July
July
Sept.
Sept.
Sept.
Sept.
SL125
SI H
;
50c
Edison Electric Illuminating Co. of Boston
El Dorado Oil Works (quar.)
Electric Bond & Share $5 pref. (quar.)
$2
40c
—
SIM
$6 preferred (quar.)
SI H
50c
Electric Storage Battery Co. (quar.)__-_
Preferred (quar.)
Elgin National Watch Co
50c
50c
Elizabeth & Trenton RR. Co. (semi-ann.)
SI
5% preferred (semi-ann.)
SIM
El Paso Natural Gas, preferred
h% 26 M
Preferred (quarterly
SIM
Emerson Drug Co. class A & B (quar.)
40c
8% preferred (quar.)
50c
Empire& Bai State IVleg. Co.,4% guar, (quar.)
SI
4% guaranteed (quar.)
SI
Emporium Capwell (semi-ann.)
25c
Enamel Products Co
Engineers ouhlic Service Co., $5 preferred
Erie &
July 20
July 31
1
Aug.
1
Aug.
4
Aug.
3
\ug.
50c
Eastern Gas & Fuel Association, 4M% Pref.
$5 H preferred
$6 preferred
3
7
15
10
10
12Hc
:
6% preferred (quarterly)
Eaton Mfg. Co. (quarterly)
15
14
14
Dec.
Aug.
r30c
-
July 25
Aug. 15
Sept.
50c
60c
7% preferred (quar.)
Dow Drug Co
Duplan Silk Corp (semi-annual)
Duquesne Brewing Co. (quar.)
Oct.
Oct.
35c
Dow Chemical Co
Extra
Dec.
75c
SIM
1
.
Aug.
Sept
25c
Diamond Match
10c
h$4
h $4.40
;
h$ 4.80
$2
S2H
87 He
87 He
Pittsburgh RR. Co. 7% gtd. (quar.)
7% guaranteed (quar.)
Guaranteed betterment (quar.).
Guaranteed betterment (quar
Eureka Pipe Line Co
80c
Oct.
Aug.
Aug.
Aug.
Aug.
Aug.
Sept.
Sept.
Sept.
Oct.
Oct.
Aug.
Sept.
Aug.
Oct.
Sept.
.
10
15
6
6
8
8
5
20
Sept. 20
July
Aug.
July
Sept.
Aug.
22
22
20
15
21
Nov. 21
Sept. 26
July 27
Aug.
15
Aug.
Aug.
Aug.
Ayg.
Sept.
iuly
July
July
/uly
(uly
Aug.
Dec.
Nov. 30
Sept.
Dec.
Aug.
Oct.
S2H
SI
Aug.
15c
Aug.
SIM
SIM
Aug.
--
40c
6c
—
6Mc
Aug.
Aug.
Oct.
...
15
15
1
Dec.
Aug.
SI
Plantation Co
June 22
Oct.
80c
Ex-cell-O Aircraft & Tool Corp
Faber, Coe & Gregg, Inc., 7% pref. (quar.):
Fair (The) : 7% preferred (quarterly)
s.
Fall River Gas Works (quar.)
Famise Corp., common
Common class A (quarterly)
'July
Sept.
Sept.
July
Aug.
Sept.
Sept.
Sept.
Sept.
July
Aug.
Sept.
July
Aug.
1 Sept
July
July
Sept.
6Mc
Ewa
1
15
June 26
Nov
Dec.
Olass B
20
Aug.
15
15
July 23
July 31
July 31
July 14
July 15
Aug.
Aug.
Aug.
Sept.
—
25
25
15
15
Aug.
—
1 July
1 July
20
Aug.
1 July
1 Sept. 19
1 Dec. 19
15
1
20
Aug.
Aug.
an.
15
Sept.
Aug.
Aug.
Sept.
Aug.
Aug.
(quar.)
Delaware Division Canal of Pennsylvania
De Mets, inc., $2.20 preferred
Dennison Mfg. Co. debenture stock
Dentist's Supply Co. of New York (quar.)
Quarterly
7% preferred (quar.)
7% preferred (quar )
Denver Union Stockyards, 5H% pref. (quar.).
Deposited Insurance Shares, class A
j.
Aug.
Oct.*
25
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Co.
European & North American Ry. (semi-ann.)
Aug.
1
Aug.
Aug.
July
July
July
July
July
July
Aug.
Oct.
(quar.)
RR
Erie <& Kalamazoo RR
$1 H
\ug.
Dec.
Aug.
Aug.
Aug.
Dallas Power & Light $6 pref. (quar.)
Eppens Smith Co. (semi-ann.)
Aug. 20
20
23
15
25
25
15
14
20
Sept.
Sept.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Sept.
Aug.
Oct.
Oct.
—
20
July
July
20
July
July
July
Aug.
July
July
July
iuly
Dec.
Aug.
(quarterly)
20
Aug.
Aug.
Sept.
20
July
July 31
Sept. 25
Aug.
Sept.
Oct./
Aug.
Sept.
Cumberland County Power & Light pref. (quar.)
Cuneo Press, inc. (quarterly)
28
75c
July
Aug.
Aug.
Sept.
Oct.
Oct.
Mining & Mill Co. (qu.)__
Tulv
Aug
Aug.
6
Sept. 5
Sept. 14
Aug.
3
Aug.
Aug.
Aug.
Aug.
Aug.
Sept.
Aug.
Aug.
Aug.
Aug.
Oct.
Crandall-McKenzie & Henderson, Inc
&
Sept
Aug.
Aug.
Sept.
Crown Cork & Seal, Ltd. (quar.)
Crum & Forster, preferred (quar.).
Preferred
Oct;
Oct.
...
All"'. 31
June 26
10c
Centrifugal Pipe Corp. (quar.)
~
Quarterly
Century Ribbon Mills preferred (quar.)
Century Shares Trust partic. pref. (semi-ann.)
Chase National Bank of New York common
Chemical Paper ivitg. Co., 7% 1st pref.
(qu.)
Sept.
15
Aug. 15 July 31
Aug. 31 Aug.
8
12Kc
T
6% preferred (quarterly)
Charis Corp. (quar.)
Chartered Investors, Inc. (quar.)
tent. 15
July
Aug.
50c
Extra
Champion Paper & Fibre Co
Oct.
Aug.
k25c
Valley Elec. Properties—
6% preferred (quar.)
Central Power & Lignt Co.
(Mass.) 7% pref
6% preferred
:.
Central Surety & Insurance (monthly)
Cerro de Pasco Copper Corp
Chain Belt Co
1
30
30
SIM
Central Arizona Light & Power
86 pref. (quar.).
...
July
Tuly
SIM
(quar.)..
Central Mississippi
5 Aug.
Aug.
Aug.
X35c
$7 preferred (quar.)
Central Cold Storage (miar.)
Central Hudson Gas & Elec., vot. trust.
ctfs_„
Central Illinois Securities, preferred
1 Aug. 15
1 Aug. 15
Sept.
Sept.
Sept.
25c-
_
12Hc
37 He
Corporate Investors, Ltd. (quar.)
Cosmos Imperial Mills. Ltd
Oourtaulds. Ltd. (interim)
Delaware
25c
Campbell Wyant & Cannon Foundry.
Canada Southern Ry. (semi-annual)
Canadian Bronze Co., Ltd., common
(quar.)
Preferred (quarterly)
Canadian Converters. Ltd. (quar.)
Canadian Dredge & Dock Co. (semi ann.)
Canadian investors Corp., Ltd.
(quar.)..
Canadian Oil Cos., Ltd. (quar.)
8% preferred (quar.)
Capital Management Corp
Carnation Co., 5% preferred (quarterly).
7% preferred (quarterly)
7% preferred (quarterly)
Carolina Insurance Co. (s-a)
Castle (A. M.) (quarterly)
Caterpillar Tractor (quar.).
30c
Sept.
Nov
24
24
50c
California Lacking ooro. (quarterly)__
Calif. Water Service, preferred (quar.)_
S3
Quarterly
7% preferred (quar.)
Davenpori vVaterDo .6% pref
50c
Calamba Sugar Estates (quarterly)
SIM
Dayton Rubber Co. class A
25c
Calgary Power, preferred (quar.)
SI
—
,
Copperweld Steel (quar.)..
Corn Exchange Bank Trust (quar.)..
25
SIM
SIM
Extra
h87^c
—
1
2c
Burroughs Adding Machine Co
Byron uackson (quarterly).-
4c
"60%
'
21
5c
_
»V.,«1 H
SIM
SIM
e2 H %
SIM
$1.10
$1
(quarterly)
Consolidated Cigar Corp., 6H% pref. (quar.)__
7% preferred (quarterly)
Consolidated Edison $5 pref
(quar.)
1
Consoi. Gas. El. Lt. & Pow. Co. of Baltimore—
Common (quar.)
Class A 5% preferred (quar.)
Consolidated Oil Corp. (quarterly)
$5 pref. (quar.)
Consumers Power Co. $5 preferred (quar.)
6% preferred (quar.)
6.6% preferred (quar.)
7% preferred (quar.)
6% preferred (monthly)
6% preferred (monthly)
6% preferred (monthly)
6.6% preferred (monthly)
6.6% preferred (monthly)
6.6% preferred (monthly)
Container Corp. of America——
Continental Can Co., Inc.-, common (quar.)
1 Sept.
SIM
Bullocks, Inc., 5% pref. (initial)
7% preferred
68Mc
25c
A
Oct.
$1H
$1H
Bunker Hill & Sullivan Mining &
Concent'g Co.
Cedar Rapids
Manufacturing & Power
Class
Sept. 15 Aug.
1 July
Aug.
1 July
Aug.
1 July
Aug.
25c
Bullock Fund. inc. (quar.)
17
50c
Consolidated Chemical Industries, class B
75c
Preferred (quar.)
Bucksain iNaiaonal Mining
Buffalo Ankerite Gold Mines. Ltd.
(quar.)
Buffalo Niagara & Eastern Power, 1st
pf. (qu.)
21
uly
50c
__
Light 6H% pref. (qu.)
75c
(quar.)
Nov. 10
July
Aug.
Extra
>
Tuly 20
Aug 10
Aug.
12Hc
$1H
common
(quar.)
Community Public service Co. (quar.)
Compressed Industrial Gases
Concord Gas Co., 7% preferred
Confederation Life Association (quar.)
Quarterly
Connecticut Light & Power—
5M% preferred (quarterly
6 H % preferred (quarterly)
Connecticut & Passumpsic Rivers RR
Consolidated Amusement Co. (quar.)
Aug. 20
Aug.
Sept.
23c
Commonwealth Investment Co.
__
Holders
Dec.
Commercial Discount (Los Angeles, Calif.)-'
Commonwealth Edison (quar.)
1 July 31
1 June 26
tept.
Co., preferred (quar.)—■
Badger Paper Mills. Inc., 6% pref. (quar.)
Columbus Ry. Power &
Columbus & Xenia RR
20
1 ruly
Aug.
1 July
Aug.
1 July
Aug.
1 July
Aug.
Aug. 15 Aug.
Aug. 15 Aug.
Oct.
1 Aug.
Oct.
1 Aug.
1 July
Aug.
7 Aug.
Aug.
7 Aug.
Aug.
1 July
Aug.
Aug. 15 July
SI H
87 He
When
Payable >f Record
87 He
25c
(quar.)
Columbia Pictures Corp..
20
1 Aug.
7
1 >uly 15
10 July 15
10 Tuly 15
Sept.
Aug.
S2H
Atlas Powder
5
Sept. 30 Sept. 20
Atlantic & Charlotte Air Line Ry. (s.-a.)
Atlantic Macaroni Co., Inc
Atlantic Refining, 4% preferred (initial)
Prior preferred
•tent.
35c
(quar.)
Associated Dry Goods 1st preferred
Associated Telephone Co., .Ltd., $1M pref. (qu.)
Associated Telep. & Teleg. Co., 7% 1st pref
1st $6 preferred
Atchison Topeka & Santa Fe
Manufacturing Co.
2
Ltd.
Breweries.
Colgate-Palmolive-Peet (quar.)
Preferred (quar.)
Columbia Broadcasting A & B (quarterly)
Columbia Pictures $2M conv. pref. (quar.)._
Columbia Gas & Electric Corp.—
6% cumul. preferred series A (quar.)_<—
5% cumul. preferred (quarterly)
5% conv. cumul. preference (quar.)
5
35c
Preferred
Boss
tept.
Coast
__
h$3H
SIM
SIM
37Hc
—
—
July 15
July 15
Aug.
7
2
Share
City Water Co. of Chattanooga, 6% pref. (qu.)_
Cleveland & Pittsburgh Ry reg. gtd. (quar.)
Registered guaranteed (quar.)
Cluett, Peabody & Co., Inc., com. (quar.)
5
35c
Archer-Daniels-Midland Co. preferred (quar.)
Extra
5
22
50c
Armstrong Cork Co. (quar.)
Asbestos Mfg. preferred (quar.)
Preferred (quar.)
-
July
50c
Quarterly
Apple ton Co. preferred
Preferred (quar.)
Per
Name of Company
1 July 20
Aug.
Sept. 14 Aug. 14
50
Anglo Iranian Oil Co
16 Sept.
16 Dec.
Dec.
50c
Aug. 1, 1936
Holders
Payable of Record
SIM
SIM
7% preferred (quar.)
Quarterly
Preferred
When
Share
Chronicle
Aug.
15
15
25
25
31
Aug. 31
Nov
3ft
July 15a
Sept 14
Aug.
5
1
Aug.
July 20
(uly
July
July
Sept.
21
29
28
19
Volume
Financial
143
Per
Share
Name of Company
Dec.
Oct.
Aug.
Aug.
Fidelity Eund. inc. (quarterly)....
Florida Power Corp. 7% pref. A (quar.)—;
7% preferred (quar.)—
Fort Worth Stockyards Co. (quar.).
Fourth National investors Corp., common
Franklin Fire Insurance (quarterly)...
Aug.
Sept.
Sept.
Aug.
...
-—
Aug.
...
Aug.
Aug.
5ept.
Sept.
Aug.
Extra.
Franklin Simon & Co.. Inc., 7% pref
Freeport Texas Co. (quar.)
,—
Preferred (quar.)..
Dec.
Mar.
June
...
General Stockyards Corp. (quar.)
$6 preferred (quarterly)
Genesee Brewing A & B (quar.)
-
Gillette
Safety Razor Co., $5 pref. (quar.)
Globe Democratic Publishers, pref
Globe WerneckeCo., pref, (quar.).....
Preferred (quarterly)
Gold Dust Corp
Gotham Silk Hosiery Co., 7% cumul. pref
7% cumulative preferred (quarterly)
Grace National Bank of N. Y. (semt-ann.)_..
Great Lakes *>reage& Dock Co. (quar.)..
Great Lakes Engineering Works (quar.)
Oct.
Jan.
Aug.
Aug.
Aug.
Sept.
Aug.
Aug.
Aug.
Aug.
.....
Great Western Electro-Chemical Co
Great Western Sugar Co. (quar.)—
Preferred (quar.)
Oct.
Oct.
......
_
Guelph Carpet &, Worsted Spinning Mills—
6)4 % preferred (quar.)—
Gura (Ohas.) & Co.. pref. (quar.)
Hale Bros. Stores (quar.)
Hamilton Watch, 6% preferred..
Hartford & Connecticut Western RE.—
2% preferred (semi annual)
Hartford Electric Light (quarterly)
Hartford Times, Inc. 5)4% preferred
Hat Corp. of Amer., 6)4% cumul. pref.
i.
6)4% cumulative preferred (quarterly)
Hawaiian Commercial & Sugar Co
Hecla .vi ining t u> (quarterly)
Heileman (G.) Brewing (quar.)
Hershey Cnocolate Corp. (quarterly).
Convertible preferred (quarterly)......
Hercules Powder Co., preferred (quar.)
Hibbard. Spencer, Bartlett & Co. (monthly)...
....
...
...
...
$154
SI *4
15c
$3)4
;
Extra
—.
Quarterly
Extra....:
....
■
—
—
6894c
m.
$1)4
16c
25c
75c
$1
$194
10c
50c
$154
26c
;
Extra..
'.
Homestead Fire insurance Co. (s.-a.)
Hoover & Allison Co., 7% pref. (quar.)
Honolulu Plantation (monthly)
Horders, Inc. (quarterly)
5c
50c
...
$154
15c
15c
,
Hormel (G. A.) Co. (quarterly)
Preferred A (quarterly).
Home (Josenh) Co.. pref. (quarterly)
...
__
Horn & Hardart (New York) (quar.)..
Extra.
.
.
.
$1)4
12J4c
12)4c
l2J4c
121c
Hollinger Consolidated Gold Mines.
Holly Sugar Corp. (quarterly)
Preferred (quarterly)
Home insurance Co. (quarterly)
.....
.....
Preferred (quarterly)
Houston Light at Power, 7% pref. (quar,)
$6 preferred (quarterly)
25c
$154
$1H
40c
20c
$154
•
Quarterly
...
$154
$1H
Lehigh Portland Cement Co. common
Lerner Stores Corp., 614% preferred (quar.)—.
Lexington Utilities 6)4 % preferred
6)4 % preferred (quar.)
—
Life Savers Corp. (quar.)
Liggett & Myers Tobacco com. & com. B
Lincoln National Life insurance (quar.)......
Quarterly
Extra
...
;
-
$7 jr. preferred (quarterly)
....
——
——-
4
International Harvester,pref. (quar,)...
International Utilities Corp., $7 prior pref
$3 K prior preferred (series 1931)
Interstate Dept. Stores, 7% pref. (quar.).,
Interstate Hosiery Mills (quar.)..............
Intertype Corp., common
1st preferred (quar )
-
Iron Fireman Mfg. (quar.)
15
7%
prefenoo
—_
.......
Kalamozoo Stove
Kalamazoo Vegetable Parchment Co.
(quar.)..
Quarterly..
Kansas City St. Louis & Chicago EE., $6 pref.
Kekaha Sugar Co. (monthly)
Kelvinator Corp
Kendall
Kentucky
Junior preferred (quar.)
3734c
3734c
25c
25c
$194
$194
194%
25c
$1
$134
25c
$194
fc50c
$194
40c
$1
30c
30c
8734c
25c
8734c
$1A4
30c
$194
40e
50c
50c
$1.10
$1.10
r25c
I!
15c
I
Guaranteed preferred (s.-a.)
Lunkenheimer Co., preferred (quar.)
Preferred (quar.)
10
Aug. 11 July
Aug.
1 July
Aug.
July
Aug.
July
Aug.
July
Aug.
July
Sept.
Aug.
Aug. 10 July
Aug.
1 July
Aug. 15 Aug.
Aug. 15 Aug.
27
15
15
McClanahan Refineries (quarterly)
15
15
20
McCrory Stores Corp., preferred (quar.)
fuly
Aug.
Aug.
Sept.
Aug.
Am,.
Aug.
itt
Qu nerly
Extra.
McGraw Electric Co. (quar.)
E xtfUi
31 Vug. 21
1 July 20
1 July 15
1 July
14
1 July
21
10 July 31
10 July 31
1
1 Aug.
1 Aug. 17
Nov.
1 July
2 Oct.
Oct.
1 Sept.
25
27
1 July 20
Aug.
1 iune 30
Aug.
1 fune 30
Aug.
Aug. 10 Iuly 31
Sept. 1 Aug. 15
Sept. 1 Aug. 15
15
1 July 16
Aug.
Sept. 10 Aug. 25
Dec.
10 Nov. 25
Sept. 10 Aug. 25
Dec.
Sept.
jOet.
10 Nov. 25
1 Aug. 12
1 Oct.
1
2 Dec. 31
'Jan.
Aug. 15 July 24
30
18a
17
17
31
20
18
28
4a
21
15
15
17a
—
$Llli4
...
(quar.)
7 % pref.
...
Mergenthaler Linotype
(quar.)
Metal & Thermit Corp., common
Metropolitan Industries preferred (quar.)——
Metropolitan Storage Warehouse (quar.)..—.
Michigan Public Service Co., 6% preferred.,—
7% preferred
...—
MIdco Oil Corp. (quar.)
—
Schuylkill Haven RR. (s.-a.) ——
Mine Hill &
Minneapolis Gas Light (Del.), 7% pref.....
6% preferred (quarterly)....
— ...
Minneapolis-Honeywell Regulator.
...
Extra
:
Mississippi Power & Light, $6 pref. (quar.),
Modine Mfg
Co.
.——Mohawk Hudson Power, $7 preferred
.
5
20a
20a
18
I
1
15
6
1 July" 15
5
15
1
Aug.
1 July "20'
Sept. 30 Sept. 20
Dec. 31 Dec. 21
1 Sept. 15
20
25
Sept. 1 Aug. 10a
Sept. 1 Aug. 10a
Aug. 20 Aug.
1
Aug. 20 Aug.
1
.
....
-
-
-
-
-
_ -
-
Monarch Knitting, Ltd., 7% preferred
Monmouth Consol. Water Co., 7% Pr©f
Monolith Portland Cement, pref—
Montana Power Co., $6 preferred
Montreal Light Heat & Power Co.
(quar.)
(quar.)
—
17
2 Dec. 21
15 Aug.
5
16 July
15 Tuly
15 Aug.
Nov. 1
1 July 15
1 Aug. 10
1 July 20
1 July 20
1 July
1
1 Aug.
July
July
July
Juiy
Aug.
15
15
15
15
20
31
Nov. 30 Nov. 30
1 July 20
—
■
434% preferred (quar.),
2
13
13
18
1 July
1 July
1 July 15
10 Aug. 10
1
Aug.
1
Aug.
1
Aug.
1
Aug.
Aug. 31
...
Merchants Refrigerating Co. of N. Y„
3
Aug.
Aug.
*
Mercantile stores Co., 7% pref.
20
Oct.
5
15 Dec.
Aug.
Sept.
— -
—
Mclntyre Porcupine Mines (quar.)
McKay Machine Co. (extra)
McLellan S.ores Co.
6% preferred (quar.)
Melville Shoe Corp. (quar.)^
2d preferred (quar.)
....
7 Sept. 30
Aug.
1 July 21
Oct. 10 Sept. 22
Hept.
5
Dec.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Sept,
Sept.
Aug.
Aug.
Aug.
—.—.—-—
Newspapers, 7% pref. (quar.)
7% preferred (quarterly)—
Aug.
1 July
1
Aug. 10 July 31
Aug.
1 July 15
Aug.
1 July 15
Aug.
1 July 15
Aug.
1 Tuly 15
Aug. 10 July 31
Aug. 16 July 31
Oct.
1 Sept. 30
July
5
Sept. 15 Sept.
Sept.
McClatchy
15
15
8
15
1
5
Nov. 16 Nov.
Nov. 15
—
1
1
24
1 Nov.
1
1
Aug. 15 Aug.
Aug.
Massawippi Valley RR. (s.-a.)
May Department Stores (quar.)—.....—.—
Maytag Co. $6 first preferred (quar.)...
...
$3 cumulative preferred (quar.)...
...
McCall Corp. common (quar.)—
......
15
31
20
Dec.
—.-...
...
July 11
July 11
Aug. 12
Aug.
1 July
Aug.
1 July
Aug.
1 July
Aug.
1 July
Sept. 1 Aug.
Aug.
1 July
Aug.
1 July
Aug.
1 July
Aug. 15 Aug
Sept. 15 Sept.
Oct.
1 Sept.
Sept. 1 Aug.
-
Jan.
31
31
5
I
Sept.
vug.
7
Aug. 31 Aug. 14
1
Aug; 15 Aug.
_ _
.
10
1 Aug.
Oct.
Aug.
Aug.
Aug.
Aug.
pf. (qu.)
$6 1st oreferred (quarterly)
Lynch Corp. (quar.)—
—
Miov (R
rl.) ot Co
Inc (quar.)_
Madison Square Garden Corp. (quar.)
.; —
Magnin (I.; A Co., $6 preferred (quar.).—
$6 preferred (quar.)
*
—.
Mahoning Coal RE. (quar.)
—....
Manhattan .Shirt (quarterly)
—
Marine Bancorporation (quar.)
...
..
15
2 Dec. 31
July 20
Sept. 24-
Dec. 31 Dec. 23
Sept. 1 Aug. 15
Jan.
——
...
Luzerne County Gas & Electric $7 1st
15
30
30
Jan.
20
1 July
Aug.
1 July
Aug.
Aug. 24 July
Aug. 15 A.ug.
1 Sept.
Oct.
—
$6 pref. (quar.)
Nov.16 Oct.
Aug.
iuly
July 20
July 20
Aug. 15 July
Aug. 15 July
1 July
Aug.
July
Aug.
Oct.
Sept.
July
Aug.
Aug.
Sept.
July
.Aug.
Aug.
July
Louisville & Nashville RR
20
15
15
16
16
4
15
1
25
25
4
18
_
1
Aug.
1
Aug.
1
Aug.
1
Aug.
Sept. 30
15
20
25
Sept. 21
July 20
Louisiana & Missouri River RR—
Louisiana Power & Light
Aug. 31 Aug.
Aug.
1 July
Aug.
1 July
Aug.
1 July
Aug.
1 July
Aug. 15 Aug.
Aug. In •uly
Aug. 15 Aug.
Aug. 15 July
Aug. 15 July
Aug. 15 Aug.
Aug. 28 Aug.
Sept. 25 Sept.
Aug.
1 July
Aug. 14 July
Aug. 14 July
Nov 16 Oct.
Aug.
...
11%
6)4% preferred (quarterly).
Loose-Wiles Biscuit Co., common..
5% preferred (quarterly)
.——
Lord & Taylor Co. 2d pref. (quar.)
—
1st pref. (quar.).—Los Angeles Gas & Electric Corp., 6% pref
Louisiana & Missouri RR.pref. (s-a)
1 Juiy
Aug.
Quarterly
Ironrite Ironer.8% preferred
Jantzen Knitting Mills (quar.)
1
50c
50c
15c
Lone Star Gas
Oct.
—
_
.
15
15
4
15
5
Sept,
International Business Machines Corp. (quar.).
International Nickel Co., preferred (quar.).
International Printing Ink (quarterly)
....
Preferred (quarterly).
International Cigar Machinery Co.......
1
15c
—
Preferred (quar.)
Liquid Carbonic Corp. (quar.)--—..—
—
Little Miami RE., spec. gtd. (quar.)...,
Special guaranteed (quarterly)
Original capital
Original capital
Loblaw Groceterias, class A & B (quar.)..
Lock-Joint Pipe Co 8% preferred iquar.)——.
8% preferred 'quar )
Loew's Boston Theatres Co. (quar.)..—.......
Loew's. Inc., $6)4 cum. preferred (quar.)
July 31
——.
—
....——
Lincoln Printing Co., preferred (quar.)..——
Lincoln Service (Wash., D. C.) (quar.) ...
Preferred (quarterly)
Lincoln Telep. & Teleg., 6% preferred A (quar.)
Link Belt (quar.)
24
24
5
Aug.
....
..
—
—
10
13
13
26
10c
2c
Illuminating & Power Security (quar.)
7% preferred (quarterly).
Imperial Life Assurance of Canada (quar.)
Oct.
Aug.
$194
$114
25c
Lee Rubber & Tire Co.
20
Aug.
Aug.
.
——
...
10a
6
15
15
24
1
20
20
50c
Quarterly.
Ingersoll-Rand Co
Insurance certificates, Inc
Inter^Oity Baking Co., Ltd.
..
Preferred (quarterly)
Lane Bryant, Inc., 7% pref. (quar.).......
Lansihg Co. (quarterly)
—...
Lanston Monotype Co.
(quarterly)
Lawbeck Corp., 6% pref. (quar.)...
—
24
20
30c
...
ii.
•
Preferred (quarterly)
25
Hussman-Ligonier (resumed)
Hutchinsom Sugar Plantation (monthly)
Hydro-Electric security Corp.—•
5% preferred B (semi-annual)
Idaho-Maryland Mines Corp
Idaho Power, 7% pref.
(quar.)
....
$6 preferred (quarterly)
Illinois Northern Utilities, 6% pref. (qu.)
__
—
:
Landis Machine Co. (quar.)
22
19
Humoerstone shoe, Ltd. (quar.)..............
Howey Gold Mines, Ltd
—
Quarterly
22
July
iuly
July
July
Tuly
—
1 July
Ludlum Steel Co.
$1
68 He
10c
("quar".)III
Aug.
25c
.
—
(quar.)—
Landers, Frary & Clark (quarterly)
27
Aug. 15 Aug.
1
Sept. 1 Aug. 15
Sept. ' 1 Aug.
8
Aug.
1 July
1 July
$20
...———
..
Aug.
Aug.
Lake of Woods Milling Co. (quar.)————»«■
2 Sept. 15
2 Sept. 15
Aug.
1 July
Aug.
1 July
Sept. 14 Sept.
Aug.
1 iuly
Aug.
8 Aug.
Aug. 1 July
Greene Cananea Copper Co. (quar.)...
...
Greenfield Gas Light, 6% preferred (quarterly)
Greenwich Water & Gas System, 6% pref.....
Gude Winmill Trading Corp. vot. trust ctfs_._.
•
.
.....
July
iuly
Iuly
July
July
July
Iuly
July
July
Aug.
1 Sept.
1 Dec.
1 July
1 July
1 July
1 Aug.
16 Aug.
1 July
1 July
15 Aug.
Aug.
1
Aug. 16
Aug.
1
Aug.
1
Aug.
1
Aug.
1
Aug.
1
Aug.
1
Aug.
1
Sept. 1
2c
....
....
Special preferred (quarterly)
Aug. 15 Aug. 10
—
-
„
Kroehler Mfg Co., class A preferred
Class A preferred (quar.)
15
25
27
15
15
18
17
22
Aug.
Aug.
Sept.
:.
Hinde-Dauch Paper, 6% preferred A
Hollander (A.) & Son, (quarterly)..
Estra
1 Aug. 17
1 Aug. 14
1 July 15
1 Sept.
1 July
1 July
1 Iuly
1 July
1 July
1 Aug.
1 Nov.
1 Feb.
1 May
Aug.
....
Green (H. L.) Co. Inc. (quar.)
Preferred (quar.)—.
1 /uly
1 July
1 July
1 July
Aug.
Extra..
iuly
Aug.
Aug.
July
-
King Oil Co. (quarterly)—.
Kings County Trust (quar.)
Klein (D. Emil) (quar.)
Preferred (quar
Kokomo Water Works Co., 6% pref. (quar.)
Kress (S. H.) (quarterly)...
15
16
20
15
15
25
21
20
20
Aug.
General Baking Co., common.
General Cigar, Inc. (quar.)
...
Preferred (quar.)—...................
Preferred (quar.
Preferred (quar.
Preferred (quar
German Credit & Investment—
*
Keokuk Electric Co.. 6% pref.
(quar.)
Keystone Steel & Wire (quarterly)
15
Aug.
1st preferred A certificates
July
July
Oct.
.
General Foods Corp. (quar.)
. .*;
General Hosiery. 7% preferred (quar.)
General Mills, inc., common (quar.).....
General Motors Corp., pref. (quar.)
1
1
1
1
1
1
2 Oct.
Gas securities, preferred (mo.)
Monthly
Holders
of Record
Name of Company
15
31 Dec
1 Sept. 10
Nov.
Preferred(quar.)__
Froedtert Grain & Malting, partic. pref. (qu.)
Fuller Brush Co. 7% pref. (quar.)
Common A (quar.)
;
...
Holders
When
Payable of Record
Sept. 30 Sept, 15
Fansteel Metallurgical Corp. $5 pref. (quar.)__
$5 preferred (auar.)
Farmers & Traders Life Insurance (quar.)
Federal Knitting Mills Co. (quar.)..
Fibreboard Products, preferred (quarterly)
703
Chronicle
Aug.
Aug.
Aug.
Sept.
Aug.
Aug.
Aug.
Aug.
Aug.
Au*.
1 July
1 July
1 Aug.
1 July
20
20
1'..
20
1 July
10
1 July
17
1 July 17
1 July 17
15 July 31
1
Aug.
1
Aug 15 Aug.
1 Tuly 20
Aug.
1 July 21
Aug.
1 July 16
Aug.
1 July 15
Aug.
1 July 15
Aug.
1
Aug. 15 Aug.
1 iuly 15
Aug.
Sept. 1 Aug. 31
Sept. 1 Aug. 31
Aug. 15 Aug. 4
4
Aug. 15 Aug.
1 Iuly 15
Aug.
1 Iuly 20
Aug.
Aug. 1 July 15
Oct.
1 Sept. 15
1
Aug. 15 Aug.
2
Aug. 12 Aug.
1 July 10
Aug.
Aug. 15 July 31
Moody's Investors Service, partic. pref.(quar.)
Aug. 15 Aug.
1
Moore Drop Forging Co. class A—
Moore (Wm. R.) Dry Goods (quar.)—.—...
Aug.
1 July
1 Oct.
22
Quarterly
—
—
—
Mortgage Corp. of Nova Scotia (quar.)
—
Muskogee Co.. 6% cum. pref. (quar.)
Mutual Chemical Co. of Am. 6% pref. (quar.)..
6% preferred (quar.)
Mutual Telephone (Hawaii) (monthly)..——
Nash
Motors—.———
...
National Automotive Fibres A (quar.)—..—.
Series A (extra)
-—
National Bearing Metals Corp
7% preferred (quarterly).
National Biscuit Co. (quarterly)
—
.....
...........
Preferred (quarterly)
National City Bank
Jan.
Sept.
Morris Plan Insurance Society (quar.)...
Quarterly—
Oct.
...
of N. Y. (semi-ann.)
National Distillers Products (quar.)...
National Lead, preferred B (quarterly)
National Liberty Insurance Co. of AmericaExtra...
:
National Power & Light Co....
...
$6preferred (quarterly))....
..........
National Tea Co, preferred (quar.)......
Nation Wide Securities Co., tr. ctfs. B
Dec.
1
2 Jan.
2
1 Aug. 27
1 Nov. 26
1
Aug,
Iuly 24
Sept. 1 Aug. 15
Sept. 28 Sept. 17
Dec. 28 Dec. 17
Aug. 20 Aug. 10
1 July 18
Aug.
1 July 10
Aug.
1 Iuly 10
Aug.
Sept. 1 Aug. 20
1 July 20
Aug.
Oct. 15 Sept. 11
Aug. 31 Aug. 14
Aug.
July 11
Aug.
July 15a
Aug.
July 17
1
Aug.
Aug.
1
Aug,
Aug.
July 27
Sept.
June 29
Aug.
Aug.
July 13
Aug.
July 15
704
Financial
Per
Name of Company
When
Share
Nehi Corp. first preferred
Neisner Bros. cum. pref. (quar.)
Newberry (J. J.) Realty Co., 6M% pref. A (qu.)
6% preferred B (quarterly)
New Brunswick Fire Insurance (s.-a.)
Extra
New
England Grain Products Co. (quar.)
England Water, Light & Power—
6% preferred (quarterly)
New Haven Clock Co. 6M % preferred.—
New Jersey & Hudson River Ry. & Ferry—
6% preferred (semi-ann.)
New Jersey Zinc (quar.)
New Process Co. (quar.)
New
Preferred
—
(quar.)
— _
Nortnern RR. Co. of N. J., 4% gtd. ^quar.)
4% guaranteed (quarterly)
—
Ohio Water Service Co. A
Old Dominion Co. (Me.)
35c
Oliver United Filters, Inc., series A_„
Onomea Sugar Co. (monthly)
Extra
50c
20c
40c
$1
Ontario Steel Products, Ltd., 7% preferred
Orange & Rockland Electric Co. (quar.)
7i$lM
10c
\
Oswego Falls Corp., 8% 1st pref. (quar.)
Oswego & Syracuse RR. (s.-a.)__
±
Outlet Co. (Providence, R. I.) (quar.)
$2
$2 M
50c
25c
-
SIM
SIM
Overseas securities Co., lnc
Owens-Illinois Glass (quar.)
c25c
Paauhau Sugar Plantation Co. (monthly)
Pacific American Fisheries, Inc., pref. (quar.)
Pacific Finance Corp. of Calif. (Del.)—
Preferred A (quar.)
Preferred C (quar.)
Preferred D (quar.)
Pacific Gas & Elec. Co., 6% pref.
(quar.)
5H % preferred (quar.)
Pacific Lighting Corp.. common (quar.)
SIM
10c
SIM
...
ac Light Co., 7% pref.
(quar.)..
$6 preferred (quarterly)
Pacific Public Service 1st preferred.
,
Pacific Southern Investors, lnc
Pacific Tin, special stock (quarterly)
Package Machinery Co., 1st pref. (quar.)
Pan American Airways
Parker Pen (quar.)
Penick &
Ford, Ltd (quar.)..
Co., 7% preferred (quar.)
7% preferred (quar.).
7% preferred (quar
•.).
Pennsylvania Gas & Electric (Del.) A (qu.)...
7% and $7 preferred (quar.)
Pennsylvania Power Co., $6.60 pref. (monthly)
$6.60 preferred (monthly)
$6 preferred (quarterly)
Penn Traffic Co. (semi-annually)
Peoples National Bank (Brooklyn)
Peninsular Telegraph
Aug. 25 Aug. 18
Aug.
1 July 15
Sept. 1 Aug. 21
Sept. 1 Aug. 21
Aug.
1 iuly 20
Aug. 15 Aug. 10
Aug. 15 Aug.
6
Aug.
1 July 15
Aug.
1 July 15
Aug.
1 July 15
1
Aug. 15 Aug.
Aug. 17 Iuly 31
Aug.
1 July 30
Aug. 20 Aug. 10
Aug. 20 Aug. 10
Aug. 15 July, 31
Aug.
1 July 25
Aug.
1 July 25
Aug. 20 Aug.
7
Aug.
1 July 21
Aug.
July 21
Aug.
July 21
Aug.
July 21
Aug.
July 24
Aug. 15 July 30
Aug.
5 July 31
Aug.
July 15
Sept.
Aug.
Sept.
Aug.
Sept.
Sept.
Oct.
10 Sept. 30
10 Dec. 31
July 15
Aug. 15 Aug.
1
Oct.
1 Sept. 16
Aug. 18 Aug.
1
Oct.
Sept. 10
& Lake Erie (semi-ann.)..
Oct.
16
22
25
25
1 July
Extra
Dec.
Oct.
:
Oct.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
10
Mills, (quar.)
-
St. Louis, Rocky Mt. & Pacific Co., preferred..
Preferred.;
San Carlos Milling (monthly)
Dec.
—
Quarterly
l
Aug.
Aug.
Aug.
—
Schwitzer-Cummins Co. (initial)..
Scotten Dillon Co_
...I..
Seaboard Oil Co. (quar.)
Second National Investors Corp., preferred
—
Security Insurance (New Haven) (quar.)
Seeman Bros., Inc.. common (quar.)
Selby Shoe Co. (quar.)
Servel, Inc., common
7% cum. preferred (quar.)
7% cum. preferred (quar.)
Sharp & Dohme, cumul. pref. el. A (qu.)
$1M
SIM
87 Mc
Shawinigan Water & Power Co. (quar.).
15c
35c
62 He
15c
Shenango Valley Water, 6% pref. (quar.)
Sierra Pacific Electric Co., pref. (quar.)
Signode Steel Strapping (quar.)
Preferred (quar.)
Simmons Co. (resumed)
—;
Simpsons, Ltd
Sioux City Gas & Electric Co., 7% pref. (quar.
Skelly Oil Co., 6% preferred (quar.)
Sm(th Agricultural Chemical Co
6% preferred (quarterly
Smith (S. Morgan) Co. (quar.)
Quarterly
.
Solvay American Investors Corp., 5M% pef_.
South Carolina Power Co. $6 pref. (quar.)
Southern Calif. Edison Co.
(quar.)
Southern Canada Power Co., Ltd., com. (quar.
Southern Fire Insurance Co. (N. Y.) (s.-a.)
Spiegel May Stern Co. (quar.)
...
Preferred.
SIM
50e
Si
£
Extra
Si
SIM
SIM
l Hc
ic
37 He
20c
60c
75c
25c
Preferred (quarterly)
Superior Portland Cement Co. A.
15c
5c
37 He
h$ 3
SIM
SIM
25c
SIM
27Mc
Swift & Co. (quar.)
.Syracuse, Binghamton & New York (quar.)
Syracuse Lighting Co., Inc., 8% pref, (quar.)..
6M% preferred (quarterly)
6% preferred (quarterly)
Tacony-Palmyra Bridge, 7M% pref. (quar.)
7M% preferred
5% pref
Tampa Electric Co. (quar.)
__
25c
$3
$2
SIM
SIM
SIM
SIM
SIM
56c
SIM
$2
SIM
SI
Telautograph Corp. (quar.)
15c
Telephone Bond & Share Co., 7 % 1st pref
1st $3 preferred
Telephone Investment Co. (monthly)
21c
Sept.
Aug. 20
Dec.
Nov. 20
Texas Gulf Sulphur Co
Texas Pacific Coal & Oil Co
Texas Power & Light,
$2M
$1M
$1M
$1 H
5c
3%
37 He
37He
Quarterly...
Pullman, Inc. (quar.)
37He
Public Service Co. of Colorado,
7% pref. (mo.). 58 l-3c
6% preferred (monthly)
50c
5% preferred (monthly)
41 2-3c
Public Service Corp. of N. J.
(quarterly)
60c
8% cumulative preferred (quar.)
$2
7% preferred (quar.)
$1 %
6% preferred (monthly)
50c
6% preferred (monthly)
50c
$5 preferred (quar.)
$134
Public Service of Northern Illinois (quar.)..
50c
6% preferred (quarterly)
SI H
7% preferred (quarterly)
SIM
Oct.
Mar. 31
Oct.
Sept. 21
Jan.
Dec.
21
15 July
1 July
24
1 July
1 July
15
Aug.
Aug.
Aug.
Aug.
Sept.
Sept.
Sept.
Aug.
Sept.
Sept.
Aug..
Aug.
Aug.
15
15
1
30 Sept.
1
30 Sept.
1
30 Sept.
1
31 Aug.
1
30 Sept.
1
30 Sept.
1 July 15
1 July 15
lr July
15
49c
27Mc
50c
$6 preferred (quar.)
25c
SIM
SIM
90c
common.
55c
12Mc
Tidewater Associated Oil Co
15c
Tidewater Oil Co
45c
Tobacco & Allied Stocks. Inc
Toburn Gold Mines, Ltd.
(quar.)
Toledo Edison Co., 7% pref.
(monthly)
9A
58 l-3c
6% preferred (quar.)
50c
5% preferred (monthly)
411-3c
Tonopah Mining Co. (resumed)
3c
Trans-Lux Daylight Picture Screen
10c
Corp.(s.-a.)
Tung-Sol Lamp Works conv. pref. (quar.)
20c
Twin Bell Oil Syndicate
(monthly)
208 S. La Salle Street
Bldg. Corp. (Chicago)
Quarterly
Quarterly
1 July
1 July
15
1 July
20
15
6
$2
1
21
30
17
17'
10
15
25
20
Sept. 19
Dec. 19
22
July
Aug. 10 July 31
1
Aug.
July
Aug.
Jiily 21
Aug.
July 21
I
Aug.
Aug.
Nov.
Nov.
1
Aug. 15 July
Sept.
Aug. 15 July
Aug. 15 July
Sept.
Aug.
Aug.
July
15
15
20
31
15
July
15
15
Nov.
43 Mc
Sterling Brewers, lnc
Sterling, Inc. (initial):
Preferred (quarterly)
Sterling Securities Corp. S3 1st pref
Strawbridge & Clothier Co.. 6% pref. (quar.)..
Suburban Electric Securities Co., 1st pref.
(qu.)
Sun Oil Co. (quarterly)
Thatcher Mfg. Co (quar.)
Third National Investors Corp.,
Thompson (John R.) Co. (quar.)
31
Aug.
43 Mc
Stein (A.) & Co. (auar.)
26
Aug.
3
Sept.
Aug. 15
Oct.
Sept. 15
Sept. 30 Sept.10
Aug.
July 11
Aug.
July 20
July 20
Aug.
Sept.
Aug. 15
Sept.
Aug. 15
Aug.
July 20
Aug. 15 July 24
Aug. 15 Tuly 24
Aug.
July 20
Aug.
July 20
15
Oct.
20c
31 Mc
Stanly Works, 5% preferred (quar.)
(quarterly)..
Preferred (quarterly)
7% pref. (quar.).
11
15
July 17
Aug.
Aug. 15 JuJy 24
Sept.
Aug. 20
Aug.
July 20
Aug.
July 25
Aug.
July 25
5
Aug.
Sept.
Aug.
$1
SIM
SIM
12 Mc
SIM
60c
Steel Co. of Canada
Jan.
SIM
SIM
SIM
S6H preferred (quar.)
Squibb (E. R.) & Sons $6 1st pref. (quar.)
Standard Cap & Seal Corp. (quar.)
...
15
15
20
11
July
Sept. 15 Sept.
Aug.
1 July
Aug. 15 July
Aug.
1 July
Aug.
1 July
Aug.
1 July
Aug.
July
Aug.
July
Sept.
Aug.
Oct.
12 Mc
62 He
Dec.
10
21
Aug. 15 Aug.
Second Twin Bell Syndicate (monthly)
Securities Corp. General $6 pref. (quar.)
$7 preferred (quar.).J
Preferred A (quar.)
Tampa Gas Co., 8% pref. (quar.)
7% preferred (quarterly):
yloi
Taylor & Fenn Co. (quarterly)
21
21
15
11
Aug. 15 Aug.
1
Sept. 30 Sept. 15
Dec. 31 Dec. 15
(quar.)—
Savannah Sugar Refining Corp. (quar.)
Preferred (quarterly)
—
Sept. 17
July 15
July 10
July 22
July 15
Aug.
July 20
Aug.
1 July 20
Sept. 30
Saguenay Power, 5M % preferred
San Francisco Remedial Loan Assoc.
1
July
July
July
Aug.
Sept.
July
July
July
July
July
July
Aug.
Aug.
Aug.
Extra
Preferred (quarterly)
8
Aug.
Aug.
Aug.
Sept.
—
Republic Investment Fund, A&B pref. (quar.)
Reynolds Metals Co. (quar.)....
5H % preferred (quar.)
Rhode Island Public Service, pref. (quar.)
Class A (quarterly)
Rich's Inc. (quar.)
Richmond Insurance Co. of N. Y, (quar.)
St. Lawrence Flour
1
15 Dec.
Aug.
1 July 20
Aug. 13 July 16
Sept. 10 Aug. 20
Sept.
$1 %
37 He
15c
(quar.)
1 July
1 July
1 July
Sept. 15 Sept.
Sept. 10
Aug.
$i y%
75c
Properties (A. P. W.), Inc., class B
Public National Bank & Trust Co.
B
June
Jan.
37Uc
1
1
Dec.
Jan.
26c
(quar.)..
1U
Jan.
Pittsburgh Brewing Co., S33^ pref___
Pittsburgh Ft. Wayne & Chicago Ry. Co. (quar.)
;
July
July 10
Sept.10
Aug. 20
July 15
Aug.12a
July 20
Aug.
7
Aug.
7
Oct.
Pitney-Bowes Postage Meter Co
...
5
20
21
20
20
20
15
July 14
July 14
July 21
Sept. 25
Aug.10
Sept.
Aug.
Aug.
..
Quarterly
7% preferred (quarterly)
7% preferred (quarterly)
Pittsburgh & Lake Erie RR. (semi-ann.)
Pittsburgh Screw & Bolt (resumed)
^Pittsburgh Youngstown & Ashtabula Ry. Co.—
7% preferred (quarterly)
7% preferred (quarterly)
Plymouth Found. A (quar.)»
:
Extra
5
Aug.
Sept.
July
Aug.
Aug.
July
Oct.
Aug.
Extra
15
15
15
1
Aug.
Aug.
Aug.
Aug.
Pioneer Mill Co. (monthly)
Progress Laundry (quarterly)
Jqiy 15
July 15
July 15
Oct.
Extra
5M% preferred (quar.)...
Class
Rapid Electrotype (quarterly)
Quarterly
Raymond Concrete Pile Co. $3 preferred
Reading Co. (quarterly)
1st preferred (quarterly).
2nd preferred (quarterly)
Reliance Mfg. of 111. (quar.)
Russell Motor Car Co., Ltd., 7 % pref
Nov. 21
Aug.
Sept.
Sept.
Philadelphia Electric Co
i
$5 preferred (quar.)
Philadelphia Elec. Power Co., 8% pref. (qu.)_.
Phila., Germantown & Norristown RR. Co....
Philadelphia Insulated Wire Co. (s.-an.)
Philadelphia Suburban Water Co., pref. (quar.).
Phillips-Jones Corp., preferred (quar.)
Phillips Petroleum Co. (quar.)
Princeton Water Co. (quar.)
Procter & Gamble (quar.)...
Aug.
Aug.
——
Aug. 15
Nov. 16 Nov.
Feb. 15 Feb.
.*
Portland RR. Co. (Me.) (semi-ann.)
Potomac Edison Co., 7% pref.
(quar.).
6% preferred (quar.)
Potomac Electric Power Co.,
6% pref.
Aug.
Aug.
*
Nov. 15
Sept.
PeterDorough RR, Co. (semi-annually)
Philadelphia Co. 5% preferred (semi-ann.),
Plymouth Oil Co
Quincy Market Cold Storage & Warehouse Co—
$5 preferred
Railway & Light Securities Co. 6% pref. (qu.)_.
Randall Co. class A (quar.)
Dec.
July 31
July 31
July 20
July 18
Tuly 18
July 15
10 July 31
1 July 17
July 20
July 20
Sept,
1 Aug. 15
Sept. 15 Sept. 1
Aug. 15 Aug.
5
Pacific Power
Phoenix Finance Corp., preferred
(quarterly)
Preferred (quarterly)
Aug. 10 July 31
1
Aug. 31 Aug.
Aug.
1 July 15
Aug. 15 July 24
(quarterly)
Quaker Oats, preferred (quarterly)
Quarterly Income Shares, lnc
Quebec Power Co.. (quarterly)
Sept.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
...
Resumed
Peoria & Bureau Valley RR. OL-a.)
Utilities
Payable of Record
Share
Riverside Cement Co., $6 1st pref. (quar.)
Rockland Light & Power (quar.)
Roos Bros.. Inc., Del., $6M pref. (quar.)
Root Petroleum (initial)
Dec.
North Oklahoma Gas Co., 6% pref. (quar.)__to_
6% preferred (quar.)
North Pennsylvania RR. Co. (quar.)
Northwest Engineering (resumed)
25c
Northwestern Public Service, 7% pref. (quar.)..
$1M
6% preferred (quar.)
$1M
Noyes (Chas. F.) Co., 6% pref. (quar.)
45c
Oahu Railway & Land (monthly)
15c
Oahu Sugar Co., Ltd. (monthly)
20c
Ohio Public Service Co., 7% pref. (monthly)
58 l-3c
6% preferred (monthly)
50c
5% preferred (monthly)
412-3c
Extra
First preferred (quar.)
Second preferred (quar.)
31
Aug. 20 July 31
Sept. 19 Aug. 31
Aug. 19 July 31
Sept.
Aug. 15
Aug.
July 20
Aug.
July 10
Sept
Aug. 22
Adjustable preferred (quar.)
North American Edison, preferred (quar.)
North Carolina RR. Co., 7% gtd.stk- (s-a).
Northern New York Utilities, pref. (quar.)
9
31
Nov. 14 Oct.
(quar.)
Aug. 12
1 July
Aug. 15 July
Nipissing Mines Co., Ltd
Extra
28
Aug.
Norfolk <fc Western Ry. (quar.)
n
1
sept.
New York Merchandise Co. (quarterly)
Nineteen Hundred Corp., class A (quar.)
Pittsburgh Bessemer
20
July
July
Aug.
July 31
Aug. 10 July 20
Aug.
1 July 27
Aug.
1 July 27
*orK Air jurake (resumed)
Class A
Public
Holder's
When
Per
Name of Company
1, 1936
Rand Mines (interim)
Aug.
Aug.
—
New
Aug.
Holders
Payable of Record
Aug. 15 July 31
Aug.
1 July 15
June 30a
Aug.
Sept.
Aug. 15
Aug.
July 16
Aug.
July 16
Aug.
July 24
Aug.
July 24
Aug.
July 15
Nevada-California Electric, preferred (quar.)
Newberry (J. J.). 5% pref. A (quar.)
Chronicle
Oct.
15-
Aug.
July 15
3
Aug.
July
3
July
Aug.
1
Aug. 15 Aug.
7
Aug.
July
7
July
Aug.
Aug. 14 July 31
Aug. 15 July 31
July 25
Aug.
Aug.
July 25
3
Aug. 17 Aug.
Aug. 15
Sept.
Aug.
July 15
Sept. 15 Aug. 25
Aug. 10
Sept.
Aug.
July 23
Oct.
Sept. 1
July 22
Aug.
Aug. 15 July 20
Aug. 15 July 20
Aug. 15 July 20
Aug.
Sept.
Aug.
July 25
Aug. 15 July 31
Aug. 15 July 31
Sept.
Aug. 20
Sept.
Aug. 20
Aug.
July 16
Aug.
July 15
Aug. 10 July 15
Aug. 10 July 15
Aug.
July 20
1
Sept. 15 Sept.
July 11
Aug.
Aug.
July 11
July 11
Aug.
Aug. 15 July 31
Aug.
1 July 21
5
Aug. 15 Aug.
Sept. 1 Aug. 10
Aug. 31 Aug. 10
Aug.
3 July 20a
Aug. 21 July 21
Aug.
1 July 15
Aug.
July 15
Aug.
July 15
Aug.
July 15
Sept.
Aug. 15
July 20
Aug.
Aug.
July 31
50c
Oct.
Jan.
Dec.
19
25c
Aug. 10 July
20
40c
Sept.
Aug.
5
Aug.
July 15
Nov.
Oct.
Oct.
Oct.
Sept. 11
Jan.
Dec.
50c
Union Oil Co. of Calif,
(quarterly)
United Biscuit Co. of Amer., com
Preferred (quarterly)
Preferred (quarterly)
United Corp., $3 preferred
(quar.)
United Dyewood, preferred
(quarterly)
Preferred (quarterly)
United Gas Corp. $7 pref. (quar.)
United Gas Improvement
(quar.)
Preferred (quarterly)
United N. J. RR. & Canal Co.
118
75c
SIM
$1M
SIM
25c
SIM
S2H
Sept. 19
Sept.
15
4
11
Sept.
Aug. 14
Sept. 30 Aug. 31
Sept. 30 Aug. 31
Oct.
10 Sept. 21
Volume
143
Financial
*
*'
Share
United Light & Ry. Co., 7% pref. (monthly)
58 l-3c
6.3% preferred (monthly)
6% preferred (monthly)
7% preferred (monthly)
6.3% preferred (monthly)
6% preferred (monthly)
7% preferred (monthly)
6.3% preferred (monthly)...
6% preferred (monthly)
United Playing Card Co. (quar.)
54c
50c
58 l-3c
54c
50c
58 l-3c
Extra
United States Fire Ins. Co. (quar.)
Oct.
Oct.
25c
Oct.
25c
Foundry Co.
Aug.
Aug.
75c
1st preferred
United States Pipe &
Common (quar.)
Oct.
45c
SI Mi
Aug.
.
United States & Foreign Securities, 1st pref
United States & International Securities—
15
15
15
15
15
15
Sept. 15
Sept.15
Sept. 15
Sept. 19
Oct.
50c
Oct.
37Mc
37Mc
(qu.)
....
Aug.
Sept.
July 30
Aug. 31
Oct.
Weston (Geo.) Ltd., 5% pref. (quar.)
West Penn Elec. Co.,
7% pref. (quar.)
6% preferred (quar.)
West Penn Power, 6% pref.
(quar.)
7% preferred (quar
West Vh • — Virginia Pulp & Paper Co. pref. (quar.)
Wheeling & Lake Erie Power & Light 7 % pref.
White (S. S.) Dental Mfg. Co....
Wilcox-Rich Corp., B (quar.)
Sept. 16
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Sept.
20
20
20
July
3
July
3
Aug.
1
July 31
July 20
Aug.
1
Aug. 15
July 15
Monthly
-
24
24
Wilson & Co. (quarterly).:
$6 preferred (quarterly)
Winstead Hosiery Co (quarterly)
'
common
1 July 24
20 Sept. 30
Quarterly.
•
Aug. 15 luly 15a
Aug.
1 June 15
Aug.
1 July 21
Aug.
1 July 21
$5
;
25c
75c
Common (extra)
SI M
....
Upper Michigan Power & Light Co.—
6% preferred (quar.)
6% preferred (quar.)....
6% preferred (quar.)
Utica Gas & Electric Co., 7% pref. (quar.)....
Utilities Stock & Bond Corp
vot. tr. ctfs
Vapor Car Heating Co., preferred (quarterly)
Preferred (quarterly)
■
Vauxhall Motors, Ltd. (interim)
Virginia Coal & Iron Co. (quar.)
Virginian Ry.. 6% preferred (quarterly)...
Vulcan Detinning, preferred (quarterly)
Wagner Electric
Wailuku Sugar Co. (monthly)
$1 M
_
Dec.
50c
Dec.
$9
30c
25c
10c
,
Western Cartridge Co. 6% pref. (quar.)
Westinghouse Electric & Mfg
Preferred (quarterly
West Jersey & Seashore 6% spec. gtd. (s.-a.)
M
87 Mc
2 Dec.
issued
statement
by the
Clearing House is given in full below:
;
.
STATEMENT
OF
ASSOCIATION
MEMBERS
FOR
THE
OF
THE
WEEK
NEW
ENDED
*
New
\
YORK
1936
Deposits,
n
Blue
stock,
Ridge Corp. $3 conv. pref., ser. 1929, 1-32 of
the option of the holder 75c. cash.
pref. stock div. of
and
10,955,200
25,431,700
*78,407,000
Continental Bk. & Tr. Co
Chase National Bank...
103,964,300
Guaranty Trust Co
Manufacturers Trust Co.
Cent. Hanover Bk. <fc Tr.
Corn Exch. Bank Tr. Co.
First National Bank
Irving Trust Co
Fifth Avenue Bank
New York Trust Co
Com'l Nat. Bk. & Tr.Co.
Total
*
panies, June 30, 1936.
3,542,000
422,000
2,082,000
43,385,000
42,629^000
"
517,081,300
As per official reports: National,
252,624,000
511,684,000
533,181,000
160,817,000
10,806,000
37,131,000
91,144,000
13,749,000
22,397,000
48,106,000
3,871,500
122,927,400 cl,876,615,000
3,440,500
47,589,000
69,091,300
<*819,787,000
2,724,200
16,633,000
8,385,100
88,346,000
22,744,400
320,625,000
7,873,900
77,530,000
78,048,000
8,595,100
7,000,000
5,775,000
Publio N. B. & Tr. Co..
764,432,000
59,102,000
10,000,000
5,000,000
12,500,000
Marine Midland Tr. Co.
486,837,000
90,750,600
25,000,000
Title Guar. & Trust Co..
10,731,000
35,415,000
416,526,000
14,007,300
63,661,200
16,662,900
500,000
Bankers Trust Co......
134,348,000
*53,305,400 al,455,660,000
52,685,400
465,652,000
177,649,400 61,415,719,000
20,000,000
90,000,000
32,935,000
21,000,000
15,000,000
10,000,000
50,000,000
4,000,000
813,864,500
9,809,942,000
486,000
3,021,000
27,573,000
1,231,000
43,679,000
tru3t
a
u
Payable in U
x
Less tax.
y
S
Less depositary
funds
of
returns
are
a
publishes regularly each week
number of banks and trust companies which
of the New York Clearing House.
The
not members
following
are
z
Per 100 shares.
Condition of the Federal Reserve Bank of
;
The following shows the condition of the Federal Reserve
Bank of New York at the close of business July 29 1936,
in
comparison with the previous week and the corresponding
date last year:
'TCI„'T--"
■
July 29, 1936 July 22, 1936 July 31, 1935
S
3,219,458,000 3,160,637,000 2,576,220,000
Redemption fund—F. R. notes..
Other cash
$
S
hand and due from
United Sates Treasury.*
838,000
77,296.000
t
Total reserves
...
ri
935,000
76,344,000
1,537,000
72,410,000
3.297,592,000 3,237,916,000 2,650,167,000
Bills discounted:
Secured
Govt, obligations,
guaranteed
U. S.
by
direct and (or) fully
Total
1,213,000
1,521,000
bills discounted
Bills bought in open
market
Industrial advances
—
1,106,000
7,293,000
1,332,000
2,503,000
1,110,000
7,278,000
....—
1,080,000
1,423,000
2,734,000
Other bills discounted
'
'
2,196,000
3,528,000
h.
1,801,000
6,929,000
.
United States Government securities:
Treasury notes
406 823.000
165,475,000
88,263,000
406,823,000
165,475,000
480,777,000
Treasury bills
660,561,000
660,561,000
744,318,000
671,683,000
671,463,000
756,576,000
75,000
8,264,000
132,469,000
79,000
10,396,000
149,465,000
10,854,000
33,573,000
114,323,000
88,263 000
Bonds
Total U. S. Government securities..
99,496,000
164,045,000
Other securities
—
Foreign loans on gold.
?'
•
New York "Times"
The
for
expenses
A deduction has been made for expenses,
Total bills and securities
^
com.
common
com¬
*
id) $28,579,000.
$89,337,000;
share of
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,
550,240,000
June 30,1936; State, June 30, 1936;
As of July 1. 1936.
Includes deposits in foreign branches as follows: (a) $240,759,000; (6) $79,847,000;
(c)
one
r
Gold certificates on
National City Bank
share of
one
or at
p Kobacker Stores, Inc.,
each share of preferred.
Average
6,000,000
20,000,000
Bank of Manhattan Co..
Mills
share of Pacific So. Investors, Inc., com¬
Assets—
Chemical Bk.&Tr. Co..
.
Light, 1-32 of 1 sh. of class B stock for each
Deposits,
Average
Surplus
Members
Bank of N. Y. ATr. Co.
,
Time
Undivided
Capital
Net Demand
Profits
•
Clearing House
mon
-
HOUSE
SATURDAY, JULY 25,
<•
h On account of accu¬
New
v
CLEARING
Payable in scrip,
the option of the holder, 75c. in cash.
or at
Pacific Investors Corp., M
stock for each share held.
m
City
York
g
Payable in preferred stock.
j
share of class A stock
:
■
stock,
I American Cities Power &
15
Weekly Return of the New York City
Clearing House
common
mulated dividends,
15
15
15
21
21
31
31
31
Jan.
SIM
previously reported
f
k Corn Products Refining Co., stock div. of l-25s sb. of Allied
Inc., for each sh. of Corn Products Refining Co. held.
Nov. 16
Aug.
SIM
/ Payable in
1
3 July
Aug. 31 Aug.
Aug.
1 July
Aug.
1 July
Aug.
1 July
Aug. 20 July
Aug. 31 July
Aug. 31 July
5c
Welch Grape Juice Co., preferred (quar.)
1
Payable in stock.
e
1 Nov. 16
Dec.
90c
SIM
SIM
S2M
Wentworth Mfg. Co. (quar.)
Westchester Fire Insurance (quar.)
Extra.
"3 i
vj
Aug. 15.
as
Fuly 15
1 July 15
1 July 15
15
1 Aug
1 Aug. 15
Aug.
Aug.
25c
...
10
Aug.
Sept.
9ept.
%2
5% preferred (semi-ann.)
Waukesha Motor Co., extra
The following corrections have been madeOverseas Securities Co., Inc., div. payable Aug. 5,
17
Sept. 21 Sept.
1
Aug. 20 Aug. 15
Aug. 20 Aug. 15
15
Aug.
1 July
Oct.
1 Sept.
9
SIM
;
1 July
20 Oct.
Oct.
20c
^
July
;
c
25c
Warren Foundry & Pipe Corp
Washington Gas Light Co. (quar.)
22
22
10
5
20
19
19
10
Aug.
Aug.
Transfer books not closed for this dividend.
a
1
July
July
Aug.
Aug.
July
Aug.
Sept.
Sept.
Oct.
Oct.
Zeller's, Ltd., 6% preferred
18
1
1 Aug. 21
Sept.
Aug.
25c
SIM
SIM
(quar.)..
week
1
10 Dec.
...
IIIIIIIIIIIII"
Monthly
Yale & Towne Mfg. Co. (quar.)
Ymir Yankee Girl Gold Mines
30%
Waltham Watch Co., prior preferred (quar.)
Walton (Chas.) & Co., 8% pref. (quar.) ^
The
26
Aug.
Aug.
Sept.
Aug.
Aug.
Sept.
Woolworth (F. W.) Co. (quar.)
Worcester Salt Co., 6% pref. (quar.)
Wrigley^Wm.) Jr. Co. (monthly)
26
Sept. 10 Sept.
Nov.
Wisconsin National Life lasurance (s.-a.)
Extra
26
1 Jan.
Aug. 15 Aug.
Aug.
1 Fuly
40c
Washington Ry. & Electric Co
; 5% preferred (quar.)
5% preferred (quar.)..
1 Oct.
Feb.
SIM
Extra
Walgreen Co.
1 July
Nov.
40c
,
,
Aug.
$1M
$1M
$1M
UH
Fuly
Nov.
Extra
Preferred divs. Nos. 5, 6. 7 and 8
United Verde Extension Mining Co. (quar.)
Universal Leaf Tobacco Co., Inc. (quar.)
July
July
Aug.
Aug.
Aug.
Extra
Dec. 21 Nov. 30
United States Sugar Corp.—
i
Holders
Payable of Record
Westmoreland, Inc. (quar.)
Sept. 19
July
1 July
Share
Westland Oil Royalty Co., class A (monthly).
July
July
July
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Sept.
Sept.
Sept.
When
Per
Name of Company
Payable of Record
54c
705
Holders
When
Per
Name of Company
Chronicle
Gold held abroad
Due from
foreign banks
Federal Reserve notes of other
banks...
Uncollected items
the figures for the week ended July 24:
10,854 000
34,440,000
Bank premises
INSTITUTIONS NOT IN THE CLEARING HOUSE WITH THE CLOSING
OF BUSINESS FOR THE WEEK ENDED FRIDAY. JULY 24, 1936
All other assets
""255,066
4.415,000
11,937,000
34,302,000
.
NATIONAL
AND
STATE
BANKS—AVERAGE
4,155,377,000 4,113,737,000 3,571.975,000
Total assets
FIGURES
'
Liabilities—
Loans,
Disc, and
Investments
Manhattan—
.
Grace National
Sterling National
Trade Bank of N. Y.
$
24,565,500
21,869,000
5,293,735
Other
Cash,
Including
Notes
Bank
Res. Dep.,
Dep. Other
N.
Banks and
Gross
Elsewhere
Trust Cos.
Deposits
$
%
Y. and
$
82,600
647,000
181,332
5,975,400
4,019,000
1,279,847
2,563,900
1,524,000
80,703
$
29,459,400
25,012,000
5,846,734
Brooklyn—
3,886,000
96,000
1,035,000
TRUST COMPANIES—AVERAGE
Loans
Disc, and
Cash
Invest.
Manhattan—
$
57,300,200
645,000
Dep. Other
Banks and
Trust Cos.
Deposits
$
$
$
*4,931,300
218,821
*3,423,400
3,423,600
18,246,138
Brooklyn
89,130,000
2,837,000
35,283,000
Kings County
34,820,523
2,407,152
7,543,014
Fulton
Lawyers
United States
*1,131,665
2,268,400
2,578,934
732~600
e"'
*
$
5,848,000
64,483,500
10,710,826
12,140,185
20,491,000
40,443,900
75,593,855
178,000 119,905,000
39,591,195
Total liabilities
149,713,000
49,879,000
50,825,000
7,744,000
8,849,000
5,977,000
113,536,000
59,469,000
49,964.000
6,863,000
7,500,000
5,792,000
as
follows: Empire.
Fiduciary, $795,812; Fulton, $3,201,300; Lawyers, $8,974,300.
$3,492,900:
4,155,377,000 4,113,737,000 3,571,975,000
total reserves to deposit
F. R. note liabilities combined
and
industrial
ad¬
Ratio
of
to
make
84.5%
vances
84.3%
79.6%
9,151,000
Commitments
9,293,000
8,863.000
t "Other cash" does not Include Federal Reserve notes
or
a
bank's
own
Federal
Reserve bank notes.
These are certificates given by the United States Treasury for the gold taken
over from the Reserve banks when the dollar was on Jan. 31. 1934, devalued from
x
100 ceuts
Includes amount with the Federal Reserve Bank
50,825,000
7,744,000
8,849,000
Gross
*9,782,200
13,914,704
8,882,336
129,684,000
50,221,000
Capital paid in
All other liabilities
Res. Dep.
N. Y. and
10,296,900
893,870
1,223,444
949,100
*
3,093,824,000 3,030,354,000 2,621,799,000
Surplus (Section 7)
Surplus (Section 13b)
Reserve for contingencies
FIGURES
12,192,087
19,941,100
29,444,600
73,003,585
....
Federation
Fiduciary
5,129,000
Elsewhere
:
Brooklyn—
Total deposits
Deferred availability items
People's National—
Empire
circulation
810,396,000
707,052,000
808.382,000
Deposits—Member bank reserve acc't.. 2,721 024.000 2,649,737,000 2,411,308,000
U. S. Treasurer—General account...
16,266,000
169,897,000 ; 180,467,000
Foreign bank
22,987,000
8,620,000
20,905,000
Other deposits
185.605,000
181,998,000
177,163,000
F. R. notes In actual
to
59.06 cents,
these certificates
being worth less
to
the extent of tne
difference, the difference Itself having been appropriated as profit by the Treasury
under the provisions of the Gold Reserve Ac
of 1934.
Financial
706
Aug. 1, 1936
Chronicle
Weekly Return of the Board of Governors of the
The following is
Federal Reserve System
issued by the Board of Governors of the Federal Reserve System on
Thursday afternoon, July 30,
banks at the close of business on Wednesday. The first table presents the results
for the System as a whole in comparison with the figures for the seven preceding weeks and 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
showing the condition of the twelve Reserve
Reserve Agents
returns
and the Federal Reserve banks.
The comments of the Board of Governors of the Federal Reserve System upon
the
"Current Events and Discussions "
for the latest week appear in our department of
LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS JULY 29. 1936
COMBINED RESOURCES AND
T™"
July 29, 1936 July 22, 1936 July 15, 1936 July
ASSETS
.
$
$
8,. 1936 July
1936
1,
June
24, 1936 June 17.1936 June 10,1936 July 31, 1935
$
$
$
$
$
$
•
6,224,116,000
U.S.Treas.x 8,185,529,000 8,185,322,000 8,186,524,000 8,106,569,000 8,106,541,000 7,958,042,000 7,938,539,000 7,939,040,000
21,829,000
13.261,000
12,518,000
12,364,000
12,949,000
12,185,000
12,542,000
11,663,000
12,542,000
269,230,000
295,572,000
276,269,000
272,844,000
266,238,000
293,440,000
303,084,000
287,652,000
271,008,000
...................
Gold ctfs. on hand & due from
Redemption fund (F. R. notes)——
Other cash *
Total
reserves...
■
...............
8,500,276.000 8,490,947,000 8,486,718,000 8,390,119,000 8,385,728,000 8,243,250,000 8,227,326,000 8,247.873,000 6,515,175,000
Bills discounted:
Secured
by
U.
S. Govt, obligations,
fully guaranteed
1,676,000
1,992,000
1,528,000
1,863,000
1,052,000
1,847,000
1,438,000
1,858,000
2,006,000
2,215,000
3,985,000
2,204,000
4,177.000
2,362,000
3,244,000
2,159,000
3,432,000
Other bills discounted.......—.
Total bills discounted
3,668,000
3,391,000
2.899,000
3,296,000
4,221,000
6,189,000
6,539,000
5.403,000
6.570,000
3,092,000
29,448,000
3,088,000
29,573.000
3,084,000
29,457,000
3,085,000
29,500,000
3,077,000
29,785,000
3,077,000
29,936,000
3,076,000
30,058,000
3,076,000
4,687,000
30,064 000
28,354,000
direct and (or)
Bills bought in open
.......——
market
Industrial advances
U. 8. Government securities—Bonds....
Treasury notes
........
Treasury bills
—
3,138,000
292,212,000
265,686,000
315,697,000
315,678,000
315,673,000
324,721,000
315,673,000
315,672,000
324,721,000
1,496,719,000 1,496,719,000 1,494,218,000 1,494,218,000 1,494,218,000 1,494,199,000 1,494,219,000 1,541,224,000 1,569,963,000
568,034,000
623,337,000
620,337,000
620,357,000
620,337,000
608,787,000
620,337,000
620,337,000
608,787,000
•
2,430,247,000 2,430,209.000
Total U. S. Government securities.. 2,430,227,000 2,430,227,000 2,430,227,000 2,430,228,000 2,430,228,000 2,430,234,000 2,430,253,000
181,000
181,000
Foreign loans on gold
.........
...............
Due from foreign banks
—
Federal Reserve notes of other banks....
Uncollected Items..
Bank premises
All other assets...
181,000
181,000
181,000
""22T.OOO
"""225",000
24,185,000
553,019,000
48,055,000
45,418,000
28,268,000
591,182,000
48,055,000
44,275,000
"""635:000
""229" 000
"~237~666
"**•237:666
"""238:666
""'238:666
18,821,000
598,237.000
48,054,000
42,533,000
229,000
25,884,000
681,238,000
48,055,000
43,499,000
20,020,000
678,636,000
48,051,000
15,392,000
551,560,000
48,052,000
38,813,000
24,037.000
696,106,000
48,052,000
21,916,000
17,127,000
531,098,000
455,435,000
48,051,000
44,685,000
49,904,000
42,331,000
38,196,000
47,516,000
9,555,612,000
11,637,790,000 11,669,412,000 11,751,471,000 11,564,283,000 11,642,495,000 0,366,921,000 11,504,062,000 11,362,832,000
Total assets....
LIABILITIES
F. R. notes In actual
181,000
2,466,616,000 2,466,460.000 2,465,848,000 2,466,290.000 2,467,492,000 2,469,617,000 2,470,107,000 2,468,971,000 2,469,820,000
Total bills and securities.....
Gold held abroad
181,000
181,000
.
,
3,951.101,000 3,976,863,000 4,006,015,000 4,040,332,000 4,046,086,000 3,980,018,000 3,872,984,000 3,785,980,000 3.261.627,000
circulation.....
4,893,667,000 5,833,391,000 5,099,616,000
Deposits—Member banks' reserve account 6,016.170,000 5,935,131,000 5,871,746,000 5.814,251,000 5,589,134,000 5,307,954,000
125,981,000
516,404,000
929,072,000 1,421,457,000
731,016,000
592,501.000
506,644,000
519,317,000
466,210.000
U. S. Treasurer—General account
23,288,000
61,675,000
60,378,000
56,258,000
55,192,000
61,415,000
60,321,000
60,100,000
57,158,000
Foreign banks..—
.........
229,553,000
221,584,000
243,947.000
195,677,000
201,277,000
238,445,000
205,713,000
202,795,000
Other deposits...
240,676,000
.....
Total deposits..........
.....
Deferred availability Items.........
Capital paid In
Surplus (Section 7)
Surplus (Section 13-B)
Reserve for contingencies
—
...
All other liabilities
6,780,214,000 6,754,308,000 6,730,060,000 6,584,011,000 6,576,619,000 6,488,961,000 6,597,086,000 6,655,417,000 5,478,438.000
559,363,000
130 170,000
145,501,000
26,513,000
34,105,000
10,824,000
—
Total liabilities..................... 11,637.790.000
Ratio
of
total
reserves
to
deposits
591,841,000
129,790,000
145,501,000
26,513,000
34,105,000
10,491,000
669,018,000
129,822,000
145,501,000
26,513,000
593,077,000
130,988,000
145,501,000
26,513,000
34,117,000
9,744,000
34,111,000
10,431,000
673,759,000
130,947,000
145,501,000
26,513,000
34,117,000
8,953,000
t549,671,000
130,879,000
145,501,000
26,513,000
t34,116,000
11,262,000
686,625,000
130,813,000
145,501,000
26,513,000
34,111,000
10,429,000
529,204,000
130,871,000
145,501,000
26,613,000
34,118,000
55,228,000
460,873,000
146,647.000
144,893.000
21,572,000
30,781,000
10,786,000
11,669,412,000 11,751.471.000 11,564,283,000 11.642,495,000 11,366,921,000 11,504,062,000 11,362,832,000 9.555,612,000
and
79.2%
F. R. note liabilities oomblned..
Commitments to make industrial advances
79.1%
79.0%
79.0%
78.9%
78.7%
78.6%
79.0%
74.5%
23,711,000
23,771,000
23,839,000
23,844,000
23,870,000
24,452,000
24,679.000
24,798,000
23,022,000
$
$
Maturity Distribution of Bills and
$
$
$
$
$
$
$
Short-term Securities—
650,000
124,000
684,000
4,159,000
120,000
61,000
48,000
52,000
591,000
586,000
715.000
876,000
725,000
137,000
715,000
194,000
660,000
77,000
340,000
47.000
468,000
359,000
638,000
425,000
362,000
223,000
3,391,000
2,899,000
3,296,000
4,221,000
6,189,000
6,539,000
5,403,000
6,570,000
352,000
769,000
244,000
1,727,000
1,874,000
4,000
963,000
247,000
1,625,000
270,000
1,935,000
763,000
270,000
2,095,000
2,028,000
170,000
270,000
599,000
2,038,000
1,966,000
837,000
234,000
664,000
92,000
3,032,000
16-30 days bills discounted....
;
31-60 days bills discounted...
61-90 days bills discounted
Over 90 days bills discounted
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...
61-90 days bills bought in open market. -.
Over 90 days bills bought In open market.
Total bills bought In open market
3,088,000
3,084,000
3,085,000
3,077,000
1,716,000
1,502,000
1,482,000
261,000
561,000
647,000
26,858,000
26,985,000
24,745,000
30,058,000
30,064,000
28,354,000
2,028,000
31,000
673,000
278,000
658,000
2,360,000
3,668,000
1-15 days bills discounted
1,959,000
17,000
20,000
622,000
283,000
106,000
352,000
•
1,681,000
658,000
2,500,000
16,000
4,411,000
566,000
1,350,000
668,000
656,000
2,308,000
3,077,000
3,076,000
3,076,000
4,687,000
1,631,000
1,491,000
1,259,000
272.000
1,671,000
228,000
663,000
681,000
770,000
461,000
620.000
458,000
1,779,000
575,000
930,000
670,000
623,000
882,000
840,000
26,214,000
61-90 days Industrial advances
26,243,000
26.157,000
757,000
26,280,000
26,834,000
599,000
26,771,000
Over 90 days Industrial advances....
Total Industrial advances
...
29,448,000
29,573,000
29,457,000
29,500,000
29,785,000
29,936,000
1-15 days U. S. Government securities-.
16-30 days U. S. Government securities..
31-60 days U. 8. Government securities.
61-90 days U. 8. Government securities.
Over 90 days U. 8. Government securities
.
-
Total U. S. Government securities
*
463,000
16,000
288,000
179,000
617,000
469,000
172,000
1,550,000
-
172,000
560,000
1-15 days Industrial advances
4,386,000
270,000
1,429,000
411,000
16-30 days Industrial advances
31-60 days Industrial advances
4,852,000
360,000
110,000
'
48,541,000
52,407,000
33,514,000
41,541,000
28,827,000
26,341,000
28,225,000
27,979,000
28,459,000
41.541,000
34,975,000
32,260,000
36.241,000
28,459,000
27,979,000
28.827,000
28,580,000
31,956,000
98,298,000
52,393,000
57,286,000
53,559,000
65,536,000
60,415,000
69,886,000
117,972,000
123,716,000
66,661,000
115,812,000
123,242,000
114,972,000
130,275,000
129,459,000
87,452,000
123,716,000
79,282,000
2,168,244,000 2,172,780,000 2,180,913,000 2,189,045,000 2,193,821,000 2,181.236,000 2,175,206,000 2,177,337,000
2,166,814,000
2,430,227,000 2,430,227,000 2,430,227,000 2,430,228,000 2,430,228,000 2,430,234,000 2,430,253,000 2,430,247,000 2,430,209,000
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-.-.
~~i8i~666
Federal Reserve Notes—
isi~66o
isi~66o
i8iT666
i8i~666
""181",000
181:660
"""181:666
181,000
Total other securities
181,000
181,000
181,000
181,000
181,000
181,000
181,000
4,291,673,000
Issued to F. R. Bank by F. R. Agent
Held by Federal Reserve Bank
340,572,000
4,308,344,000 4,331,177,000 4,345,447,000 4,304,059,000 4,243,935,000 4,132,931,000 4,074,896,000 3,532,140,000
259,947,000
288,916,000
270,518,000
263,917,000
325,162,000
305,115,000
331,481,000
257,973,000
3,951,101,000 3,976,863,000 4,006,015,000 4,040,332,000 4,046,086,000 3,980,018,000 3,872,984,000 3,785,980,000 3,261,622,000
In actual circulation..........
Collateral Held by Aoent as Security for
Notes Issued to Bank—
Gold ctfs. on hand & due from U. 8. Treas.
By eligible paper
U. 8. Government securities
Total
•
x
collateral..
4,368.401,000'1,379,167.000 4,388,670,000 1.391.066,000
"Other cash" does not Include Federal Reserve notes,
These
are
the Gold Reserve Act of 1934
1,341,267,000' 4,307,403,000
4,173,632,000 4,128,136,000 3,599,929,000
t Revised figure.
certificates given by the U. S. Treasury for the gold taken over from
Jan. 31,1934 these certificates being
of
4,313,023,000 4,319,023,000 4,348 023,000 4,342,023,000 4,271,523,000 4,260,523,000 4,125,523,000 4,087,023,000 3,389,839,000
5,109,000
4,113,000
5,090,000
4,880,000
1,647,000
2,043,000
2,744,000
2,144,000
2,378,000
43,000,000
37,000,000
205,000,000
42,000,000
39,000,000
67,000,000
47,000,000
58,000
53,000,000
the Reserve banks when the dollar was devalued from 100 cents to 59.09 oents on
worth less to the extent of the difference, the difference Itself having been appropriated as profits by the Treasury under the provisions
.
.
.
•
Financial
Volume 143
707
Chronicle
Weekly Return of the Board of Governors of the Federal Reserve System (Concluded)
WEEKLY STATEMENT OP RESOURCES AND LIABILITIES OP BACH
Two
OP THE 12 PEDERAL RESERVE BANKS AT CLOSE OP BUSINESS JULY 29 193*
Ciphers (00) Omitted
Federal Reserve Bank of—
Total
Cleveland Richmond
Phila.
New York
Boston
Atlanta
Louis Minneap. Kan. dtp
St.
Chicago
San Fran.
Dallas
9
5
RESOURCES
9
9
$
9
9
9
9
Gold certificates on hand and due
from U. 8. Treasury
401,139,0 580,171,0 260,761,0 207,351,0 1,660,487,0 225,810,0 179,768,0 238,512,0 150,582,0 560,084,0
8,185,529,0 501,406,0 3,219,458,0
1,962,0
511,0
,380,0
937,0
948,0
367,0
2,018^0
206,0
838,0
859,0
Redemption fund—F. R. notes..
603,0
2,034,0
11,663,0
Other cash *
38,407,0 28,365,0 16,855,0 11,647$0
77,296,0
39,822,0 13,925,0
303,084,0 32,603,0
,8,814,0 13,296,0 *73,0 15,081,0
9
S
9
5
..
8,500,276,0 536,043,0 3,297,592,0 440,494,0 609,047,0 277,983,0 221,016,0 1,700,912,0 240,594,0 188,788,0 252,745,0 157,935,0 577,127,0
Total reserves....
Bills discounted:
Seo. by U. S. Govt, obligations,
direct A (or) fully guaranteed
1,676,0
Other bi'ls discounted......
1,992,0
35,0
191,0
1,213,0
16,0
12,0
44,0
1,521,0
60,0
18,0
21,0
70,0
79,0
307,0
"81~0
386,0
70,0
86,0
217,0
1,732,0
16,0
2,734,0
191,0
35,0
56,0
21,0
3,092,0
29,448,0
224,0
3,104,0
1,110,0
7,278,0
316,0
293,0
1,571,0
120,0
3,635,0
108,0
723,0
384,0
2,052,0
401,0
1,239,0
86,0
973,0
324,721,0
1,496,719,0
608,787,0
21,607,0
99,596,0
40,510,0
88,263,0 28,217,0 31,507,0
406,823,0 130,061,0 145,220,0
165,475,0 52,902,0 59,068,0
17,105,0
78,838,0
32,067,0
13,142,0
60,575,0
24,639,0
38,630,0
178,054,0
72,423,0
17,360,0
80,019,0
32,548,0
11,571,0
53,334,0
21,693,0
16,425,0
75,708,0
30,794,0
12,502,0 28,392,0
57,628,0 130,863,0
23,440,0 53,228,0
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
181,0
93,570,0 212,483,0
671,683,0 216,827,0 237,694,0 131,821,0
99,208,0
291,543,0 130,493,0
87,898,0 124,248,0
95,642,0 214,502,0
Total bills discounted
3,668,0
Bills bought In open market
Industrial advances
U. S. Government securities:
Bonds
Treasury notes
Treasury bills
Total U. S. Govt, securities. 2,430,227,0 161,713,0
Other securities
Total bills and securities
2,466,616,0 165,057,0
Due from foreign hanks
Fed. Res. notes of other banks...
Uncollected Items
Bank premises
........
All other resources
Total resources
22,0
1,472,0
54,397,0
6,525,0
1,672,0
23,0
75,0
8,264,0
132,469,0
10,854,0
34,440.0
18,0
403,0
57,133,0
3,113,0
275,0
221,0
24,185,0
553,019,0
48,055,0
45,418,0
5,140,0
713,0
41,188,0
5,080,0
3,772,0
10,0
8,0
1,550,0
45,057,0
2,919,0
1,466,0
17,257,0
2,284,0
1,416,0
1,145,0
81,0
78,0
28,0
2,349,0
77,702,0
4,830,0
745,0
61,0
87,0
7,0
1,648,0
35,035,0
3,360,0
470,0
3,0
1,331,0
18,961,0
1,531,0
359.0
4,0
1,417,0
21,937,0
2,453,0
382,0
.
1,600,0
7,0
673,0
26,104,0
1,526,0
266,0
16,0
2,899,0
25,779,0
3,580,0
476,0
11,637,790,0 762,042,0 4,155,377,0 708,097,0 910,829.0 460,485,0 342,655,0 2,078,109,0 397,280,0 298,871,0 417,513,0 282,153,0 824,379,0
,»
<)i
LIABILITIES
F. R. notes In actual circulation. 3,951,101,0
Deposits:
■ ■.
909,519,0 169,898,0 121,247,0 151,450,0
808,382,0 295,125,0 386,581,0 184,467,0 171,855,0
356,695,0
Member bank reserve account. 6,016,170,0 298,865,0 2,721,024,0 312,750,0 404,769,0 187,383,0 112,741,0
U. S. Treasurer—Gen'l acc't—
Foreign bank
Other deposits
Total deposits
....
Deferred availability Items
Capital paid in
Surplus (Section 7)
Surplus (Section 13-B)
Reserve for contingencies...
All other liabilities
.......
Total liabilities
Commitments
466,210,0
57,158,0
240,676,0
2,637,0
22,708,0
5,253,0
5,002,0
18,765,0
5,310,0
169,897,0
20,905,0
181,998,0
18,943,0
4,225,0
1,855,0
23,979,0
2,512,0
3,163,0
965,890,0 160,218,0 121,568,0 196,984,0 132,635,0 401,343,0
70,998,0 23,286,0 22,513,0 20,061,0 23,208,0 28,098,0
1,656,0
3,940,0
1,653,0
1,370,0
1,713,0
6,623,0
1,844,0 27,346,0
291,0
8,180,0
4,287,0
1,770;0
23,754,0
1,998,0
2,303,0
6,780,214,0 324,670,0 3,093,824,0 338,680,0 437,732,0 217,037,0 140,796,0 1,045,281,0 193,397,0 149,738,0 218,989,0 159,343,0 460,727,0
129,684,0
57,017,0
559,363,0
130,170,0
145,501,0
26,513,0
34,104,0
10,824,0
9,401,0
50,221,0
9,902,0
£0,825,0
2,874,0
1,413,0
7,744,0
8,849,0
5,848,0
70,0
55,206,0
44,163,0
12,564,0
14,371,0
1,007,0
3,111,0
257,0
40.836,0
12,231,0
13,406,0
4,231,0
3,000,0
588,0
4,717,0
79,513,0
12,109,0
1,391,0
7,573,0
23,870,0
3,756,0
4,655,0
546,0
894,0
1,373,0
16,715,0
4,250,0
5,616,0
754,0
2,518,0
151,0
5,186,0
3,448,0
1,280,0
187,0
264,0
21,350,0
18,603,0
2,973,0
3,149,0
1,003,0
1,449,0
709,0
•
37,251,0
3,937,0
3,613,0
1,142,0
840,0
291,0
28,151,0
10,195,0
9,645,0
1,121,0
1,849,0
192,0
28,354,0
3,816,0
3,783,0
1,252,0
1,328,0
894,0
11,637,790,0 762,042,0 4,155.377,0 708,097,0 910,829,0 460,485,0 342,655,0 2,078,109,0 397,280,0 298,871,0 417,513,0 282,153,0 824,379,0
to make Industrie
advances...
*
83,383,0 312,499.0
r ■
2,749,0
23,711,0
i
9,151,0
1,526,0
326,0
2,328,0
397,0
91,0
1,804,0
77,0
286,0
4,440.0
536,0
"Other oash" does not include Federal Reserve notes.
FEDERAL RESERVE NOTE
Two
STATEMENT
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 Bank..
In actual olroulatlon
Collateral held by Agent as se¬
curity for notes Issued to bks.
Gold certificates oh hand and
due from U. S
Treasury....
Phila.
Cleveland Richmond
t
S
$
Atlanta
s
S
Kan. Citv
9
9
Dallas
9
Louis Minneap
81.
Chicago
9
9
9
San Fran
9
4,291,673,0 380,162,0
340,572,0 23,467,0
921,335,0 314,011,0 402,787,0 196,941,0 194,832,0
18,886,0 16,206,0 12,474,0 22,977,0
112,953,0
966,921,0 179,008,0 127,708,0 164,611,0
9,110,0
6,461,0
13,161,0
47,402,0
94,390,0 358,967,0
11,007,0 46,468,0
3,951,101,0 356,695,0
808,382,0 295,125,0 386,581,0 184,467,0 171,855,0
909,519,0 169,898,0 121,247,0 151,450,0
83,383,0 312,499,0
4,313,023,0 396,000,0
945,706,0 315,000,0 407,000,0 197,000,0 164,685,0
191,0
1,499,0
35,0
21,0
56,0
35,000,0
966,000,0 164,632,0 130,000,0 163,000,0
95,000,0 369,000,0
336,0
70,0
947.205.0 315,191,0 407,035,0 197,056,0 199,706,0
966,000,0 179,710,0 130,000,0 166,076,0
Eligible paper
2,378,0
U. S. Government securities-
Total collateral
New York
Boston
%
16,0
53,000,0
4,368,401,0 396,016,0
78,0
76,0
15,000,0
3,000,0
95,336,0 369,070.0
Weekly Return for the Member Banks of the Federal Reserve System
Following is the weekly statement issued by the Board of Governors of the Federal Reserve System, giving the principal
items of the resources and liabilities of the reporting member banks in 101 leading cities from which weekly returns are obtained.
These figures are always a week behind those for the Reserve banks themselves.
The comment of the Board of Governors of
the Federal Reserve System upon the figures for the latest week appears in our department of "Current Events and Discussions
immediately preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
The statement beginning with Nov. 6, 1935. covers reporting banks In 101 leading cities, as It did prior to the banking holiday In 1933, Instead of 91 cities, and has
also been revised further so as to show additional Items.
The amount of "Loans to banks" was Included heretofore partly In "Loans on securities—to others" and partly
In "Other loans."
The Item "Demand deposits—adjusted" represents the total amount of demand deposits standing to the eredlt 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 changed In two respects In accordance with provisions of the Banking Act of 1935:
first. It Includes United States Government
deposits, against which reserves must now be oarried, 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 lnoluded a relatively small amount of time deposits of other banks,
whloh are now lnoluded In "Inter-bank deposits."
The Item "Due to banks" shown heretofore lnoluded only demand balances of domestlo 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 oash items reported as on hand or In process
of collection whloh have been deducted from demand deposits.
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN 101 LEADING CITIES. BY DISTRICTS, ON JULY 22 1936 (In Millions of Dollars)
Federal Reserve District—
•
New York
Phila.
$
9
9
$
1,249
9,625
1,188
1,839
628
552
3,047
9
1
7
49
22,446
okers and dealers:
<
Louis Minneap. Kan. Citv
Boston
%
Loans and Investments—total
Loans to
St.
Total
ASSETS
9
Atlanta
Chicago
$
Cleveland Richmond
9
9
9
9
SanFran.
9
9
374
689
7
2
641
Dallas
470
2,144
3
2
14
41
166
«
4
2
938
11
902
9
227
27
75
24
14
3
2,054
153
871
147
215
65
53
203
64
30
46
319
43
135
22
6
6
5
37
8
8
26
2
21
1,145
82
247
63
183
24
23
68
43
6
17
22
367
3
25
2
4
1
1
9
7
3,609
320
209
100
132
473
112
100
140
133
353
428
1,356
4,137
181
322
878
315
211
1,624
227
168
268
192
701
Obligations fully guar, by U. S. Govt.
9,471
1,277
18
544
105
68
40
40
150
59
14
49
30
160
Other securities
3,350
164
1,333
313
262
74
80
425
113
46
135
48
357
4,816
250
2,390
225
289
131
68
803
115
86
253
In New
> ork City
Outsld
New York
Loans
on
*
.....
City
securities to others
banks)
(except
—
Acceptances and com'l paper bought.
Loans on real estate
-
Loans to banks
Other loans
U. 8
Govt, direct obligations
Reserve with Federal Reserve Bank..
Cash in vault
v
56
,
3
129
77
______
1
380
124
66
15
34
18
10
56
11
5
12
10
19
Balance with domestlo banks
2,508
127
197
155
254
155
149
439
129
110
316
193
284
Other assets—net
1,324
79
535
87
112
37
40
109
24
17
24
27
233
14,857
5,014
1,014
6,783
763
1,026
395
308
2,250
389
263
476
363
827
288
957
276
719
197
177
803
178
121
146
120
1,032
823
12
231
71
77
43
52
147
11
3
23
36
117
6,010
245
2,506
316
359
217
190
873
250
136
435
18€
297
...
LIABILITIES
Demand deposits—adjusted
Time deposits
United States Government deposits..
Inter-bank deposits:
Domestlo banks
Foreign banks
——
432
398
2
1
1
7
851
25
379
21
13
29
6
32
9
4
2
4
327
3,487
235
1,559
221
333
88
85
342
83
55
88
77
321
Borrowings
Other liabilities
Capital aooount
10
_
_
_
_
_
_
_
«.
—
*
1
,
mmmm
— mmtm
«
—
mm
______
12
______
<
_____
______
1936
Aug.l,
708
Exchange
Stock and Bond Sales—New York Stock
AND YEARLY
DAILY, WEEKLY
Occupying Altogether Sixteen Pages—Page One
of such sales In
computing the range for the
United States Government
year.
Securities
the New
on
Below
furnish
we
a
bonds
Daily, Weekly and Yearly
daily record of the transactions in
Week Ended
Number of
July 31 1936
the New York Stock
32ds
a
point.
/,'
*
...
ThursdayFriday
July 28 July 29 July 30 July 31
Daily Record of U. S. Bond Prices July 25 July 27
High
117.28
117.29
117.31
us
118.1
117.27
117.28
117.29
118
117.29
117.31
Total sales in $1,000 units...
11
20
15
(High
107.28
107.28
Low.
107.28
107.26
Close
107.28
107.28
Treasury
4^8. 1947-52
!
v
Total.
118
117.28
1%.31
Close
33^8. 1943-45...
...
$360,000
833,000
280,000
12,496,000
11,019,000
9,521,000
803,000
11,056,000
1,046,000
978,000
620,000
1,151,000
1,049,000
1,147,000
$56,603,000
$4,856,000
$4,940,000
ira
7
8
13,006,000
13,181,000
$66,399,000
107.29
107.28
107.31
107.28
107.30
108.1
107.29
107.28
107.30
108.1
7
4
113.13
113.11
113.5
113.8
113.7
113.10
113.13
113.11
113.5
113.8
113.10
113.10
113.13
1,257,366,000
$56,866,000
$2,070,938,000
$1,932,844,000
113.11
3
111.13
111.13
111.14
Low.
111.12
111.13
111.13
111.13
111.13
111.13
111.16
14
4
108.13
108.15
—
108.12
-
—
—
-
108.12
10
2
104.13
104.15
104.16
104.16
[Low.
104.12
104.13
104.16
Close
104.12
104.13
104.16
10
17
3
213
-
•
-
Below
74
High
105.6
Low-
,105.4
105.6
Close
3s. 1946-48
105.5
105.5
105.6
High
-
-'mm—
mm
mm
-
mm
—
—
mm
—
—
'
—
-
2
Total sales in $1,000 units, -ttsr
108.25
High
Low.
108.25
.
Close
108.25
Total sales in $1,000 units...
105.30
*
-
mm
-
—
— —
104.13
104.14
104.17
6
-
mm —
—
—
mm
105.11
105.9
108.8
105.11
105.9
105.11
—
—
mm
59
108.9
108.9
3
108.27
108.28
108.26
108.28
108.26
12
mm
« Low.
ICllse
105.29
105.30
106.1
10
First
Second
10
70
Indus¬
Grade
Grade
Utili¬
40
roads
ties
Stocks
trials
Rails
Rails
ties
Bonds
106.1
164.86
53.50
34.89
60.81
107.00
111.35
90.36
106.15
103.71
165.98
53.89
35.13
61.24
106.22
111.33
90.28
106.20
103.67
35.14
61.06
106.76
111.33
90.26
106.29
103.66
July 29.
106
54.19
35.59
61.68
106.70
111.36
90.40
106.33
103.70
166.92
54.04
35.79
61.67
106.68
111.28
90.23
106.24
103.61
July 25.
106.2
167.01
July 27.
106.5
165.67
53.51
July 28.
165.56
53.31
35.37
61.05
106.73
111.23
89.98
106.20
103.54
106.5
106
76
33
31
20
105.27
105.29
105.30
105.27
105.29
105.29
105.27
105.29
105.30
1
10
5
50
108.29
"
$1,000 units...
Total
July 31.
105.29
-
20
Utili¬
;
July 30.
106
106.1
Total
20
Rail¬
1
5
108.29
10
30
-
Date
108.9
105.29
-
10
108.9
108.9
Bonds
Stocks
"108.9 *
105.29
-
compiled by Dow, Jones & Co.:
as
trials
108.9
5
-J.-*.
'
of representative
Indus¬
1D8.9
105.30
•
Close
Total sales in $1,000 units...
fHlgh
10*6.1
averages
the New York Stock Exchange
105.12
52
on
105.12
105.9
54
—
daily closing
123
—
-
the
stocks and bonds listed
104.16
104.14
'
—
are
mm-
104.16
105.26
Low.
3Hs. 1946-49
-mm
mm
104.18
1
[High
im
108.9
—
108.9
-
—
-
108.9
Close
mm
104.15
101
108.9
Low.
3Hs. 1941-43..
■mm
■
1
10
$1,000 units...
...
mm mm mm mm
Stock and Bond Averages
■
—
10
High
•
5
108.13
Total sales in $1,000 units...
Total sales in $1,000 units
Total.
108.13
108.15
-
Low.
Close
116
108.12
-r--
—
1
108.15
•.
-
High
...
230,265,000
111.13
111.11
$3,455,000
5,850,000
111.16
111.11
Close
3«s. 1943-47
Government
4
3
8
111.11
4
Total sales in $1,000 units...
Total sales in
$445,213,000
197,222,000
1,689,201,000
Railroad and industrial
3^8, 1946-56
3Ks. 1949-52
$184,515,000
47,561,000
State and foreign
High
3^8. 1940-43
$4,940,000
4,856,000
56,603,000
$66,399,000
1
113.10
8
2
Total sales in $1,000 units...
n
9,480,870
Bonds
8
113.10
Close
Total sales
157,682,862
295,547,119
9,412,375
Stocks—No. of shares.
Low.
3s. 1951-55....
1935
108.1
107.28
Jan. 1 to July 31
1936
1635
1936
Exchange
113.8
4s. 1944-54.
•
United States Treasury
Rates
108*25
108.26
108.28
108.29
108.28
Low.
108.24
108.24
108.26
108.27
108.28
108.24
108.26
108.28
108.28
108.28
525
6
158
310
11
107.20
107.20
107.22
107.23
107.23
Low.
107.16
107.20
107.19
107.20
107.22
Close
107.20
107.20
107.22
107.23
107.23
Total sales in $1,000 units...
3
11
5
28
9
102.11
102.14
102.17
102.15
102.17
Bills—Friday, July 31
for discount at purchase.
70
High
are
108.27
Total sales in $1,000 units...
quoted
108.27
Close
High
3^8. 1941
3^8. 1944-46
-
High
Low.
102.7
102.8
102.9
102.12
102.13
102.14
Close
102.9
102.11
102.14
102.15
102.15
102.14
24
23
128
216
154
High
2^8. 1955-60
102*16
103.21
103.22
103.23
103.25
103.25
13
| Total sales in $1,000 units...
Low.
103.18
103.19
103.23
103.22
103.24
Close
103.18
103.22
103.23
103.23
103.24
Total sales in $1,000 units...
25
3
4
30
211
2KB. 1945-47..
•
High
101*30
101.31
102
102.3
Low.
101.30
101.28
101.30
101.30
101.31
102
102.1
24
11
25
102.5
102.3
102
Close
102.5
14 1936.
Oct.
21 1936.
28 1936.
Nov.
101.11
101.8
101.9
101.4
101.6
101.7
101.7
101.8
Dec.
101.4
101.6
101.8
101.9
101.11
Dec
6
30
104.4
104.7
-—J
104-4
104.4
103*6*
103.7
—
1—
mrn
.
..
—
-
mrn
103.5
mm
mm
,
10*3.6*
Low.
103.5
103.6
103.5
103.5
103.7
103.5
103.5
103.6
Jan.
27 1937
Feb.
3 1937
25%
25%
25%
25%
Feb. 10 1937
Feb. 17 1937
Feb. 24
1937
3 1937
Apr.
14 1937
30%
30%
30%
30%
30%
30%
30%
Apr.
21
1937
30%
Apr. 28 1937
30%
Mar.
Mar. 10 1937
Mar. 17
-----
1937
Mar. 24 1937
Mar. 31
Apr.
-
1937...
7 1937...
Indebtedness, &c.—Friday, July 31
5
12
I High
103.27
103.25
103.27
Low.
103.26
103.25
103.27
103.27
103.25
103.27
78
2
—
25
35
1 High
Low.
20
102.19
Figures after decimal point represent one or more 32ds of
a
point.
Int.
Int.
102.19
1 Close
10
10*2*19
J
'
20 1936
Quotations for United Statest Treasury Certificates of
103.6
103.6
1 Close
2$*s, 1942-47.
13 1936
Jan.
---.a.
10*3*5"
Close
Total sales in $1,000 units
Federal Farm Mortgage
6 1936
Jan.
—
mm
J
3s, 1942-47
Dec. 30 1936
Jan.
•
1
Total sales in $1,000 units
Federal Farm Mortgage
2 1936.
Dec.
Asked
20%
20%
25%
25%
25%
25%
—
1
38. 1944-49
Nov. 25 1936.
.
23 1936-.
1
10
1 High
198
143
275
104.7
Low.
Total sales in $1,000 units...
Federal Farm Mortgage
128*
104.7
1 Close
.
101.8
101.5
I High
\
3KB. 1944-64
4 1936.
Nov. 18 1936.
101.4
101.5
Deo.
0.20%
7 1936.
Oct.
101.5
Total sales in $1,000 units...
Federal Farm Mortgage
16 1936.
Oct.
Close
•
2 1936.
Sept. 9 1936.
Sept. 16 1936.
8ept. 23 1936.
Sept. 30 1936.
Low.
High
2KB. 1951-54.....
9 1936.
Aug. 26 1936.
Nov. 10 1936.
15
123
16
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
Aug.
Aug. 12 1936.
Aug. 19 1936.
Sept.
Bid
Asked
Bid
5 1936.
oct.
102.5
102.1
102.1
Total sales in $1,000 units...
2KB, 1948-51
'
13,919,000
11,616,000
New York Stock
26
(High
!
836,000
Week Ended July 31
Sales at
118.4
118
113.5
Total sales in $1,000 units...
.
Sales
$4,473,000
10,204,000
$693,000
$3,420,000
9,091,000
118.4
Low.
Bond
9,412,375
Tuesday
Wednesday
of
Total
States
Bonds
Bonds
611,840
1,826,285
1,903,870
1,947,880
1,512,530
1,609,970
Monday
Quotations after decimal point represent one or more
,
United
For'n Bonds
Mis cell
and
Shares
Saturday
Exchange.
State,
Municipal dk
Railroad
Stocks,
Federal Farm Mortgage Corporation's
Treasury certificates on
and
Exchange,
Transactions at the New York Stock
.
York Stock Exchange
Home Owners' Loan,
of the day. No account Is taken
sales arp disregarded in the day's range, unless they are the only transactions
NOTICE—Cash and deferred delivery
....
Maturity
Rate
Bid
Asked
Maturity
Rate
Bid
Asked
104.2
104.4
....
101.11
Sept.15 1938...
2X%
2^%
2K%
2%%
1K%
101.9
100.19
100.21
Feb.
1 1938...
101.21
Dec.
15 1936...
101.2
101.4
June 15 1938
101.10
101.12
Feb.
15 1937...
Sept. 15 1936...
1H%
1H%
IX %
IX %
101.19
100.25
100.27
Apr.
15 1937...
Dec.
1 X%
101.3
101.5
Mar. 15 1938...
3%
104.13
104.15
m%
101.25
101.27
Sept. 15 1937...
3 K%
103.21
103.23
2H%
103.8
103.10
Dec.
25
15 1939...
June
Total sales in $1,000 units...
15 1941
High
102.25
102.25
102.26
102.27
102.26
102.30
Mar. 15 1939...
Low.
102.23
102.22
102.24
102.24
102.24
102.26
Mar. 15 1941...
Close
102.23
102.25
102.26
102.26
102.26
102.30
June
Total sales in $1,000 units...
23
7
53
45
3
92
Home Owners* Loan
38, series A, 1944-52
■
15 1940...
15 1940...
High
101.16
101.16
101.19
101.19
101.20
101.20
Mar. 15 1940...
Low.
101.14
101.14
101.15
101.18
101.17
101.18
June
Close
101.15
101.16
101.19
101.19
101.19
10
8
4
30
85
101.15
101.17
101.19
101.20
101.21
101.22
1 Low.
2^8. series B, 1939-49..
Home Owners' Loan
101.14
101.13
101.19
101.20
101.19
101.15
101.17
101.19
101.20
101.20
101.22
$1,000 units*...
4
4
1
32
6
8
FOOTNOTES FOR
•
Note—The
1
above
table
includes
only sales
Transactions in registered bonds were:
Treasury 3^3, 1946-1949
1
Treasury 2J4s, 1955-19601
_
Treasury 3^s, 1944-1946
1
_•
of
coupon
...105.30 to 105.30
_=;___107.18 to 107.18
102.12 to 102.12
Bid and asked prices; no
3%
101.28
101.30
3%
102.10
NEW YORK STOCK PAGES
sales on this day.
1 Companies reported in receivership.
a
bonds.
15 1939...
101.20
Close
2KB. 1942-44
Total sales in
104.22
7
| Hlgb
103.21
101.25
104.20
101.20
$1,000 units...
Home Owners' Loan
Total sales in
103.19
101.23
n
r
Deferred delivery
New stock,
Cash sale.
x
Ex-dividend.
V
Ex-rights.
102.12
tin
'.l
Proctor
Abbott,
&
Paine
-
consolidation of
Members
ABBOTT, PROCTOR & PAINE
New
York Stock
Exchange
leading exchanges
CHICAGO
NEW YORK
Volume
CLEVELAND
MONTREAL
•
INDIANAPOLIS
$
per share
64%
13*8
*6388
13
SALE PRICES—PER
HIGH
Tuesday
July 28
Monday
July 27
S per share
55
56*2
64
13
SHARE, NOT PER
Wednesday
July 29
$ per share
*65
56*2
$ per share
*53
54%
„Sales
STOCKS
NEW YORK STOCK
the
CENT
Friday
Thursday
July 30
"26*2
2768
*2*4
276s
2%
27*2
23s
785s
79
79*8
4*8
4*8
*4*8
July 31
$ per share
$ per Share
78
27
23s
'
4*8
"20*2
27*8
2*2
*20%
79«4
4*4
20*2
27
793s
20*2
27*2
23s
78
4%
*95
~13%
138s
3*2
*3
"13*4 T3%
13*8
360
Abraham <fe Straus
No par
100
—
Acme Steel Co
26
15,000 Adams Express
4*8
4
38*2
3778
3778
*36*2
*36*2
38
37*2
38*4
42% 42*2
30*4 30*2
*100*2 103*2
209*2 21I84
24*4 24*4
1278
13*8
82
82
48
48*4
24*2
24*2
3*2
3*2
50*4
10784
*48
*105
537B
403s
*53*2
40
70
*68*2
60*4
50
136
*135
1348s 135*8
165*2
*165
383s
3778
80
7784
49
50
125
125
~13%
13*4
365s
42l2
30*2
...No par
218
24*4
13*8
38*4
39
38
38
38*2
38
37*4
38
38
38*2
38
38*4
41*4
3138
4u2
328s
*4138
423s
31*2
41%
31*2
4H4
315s
32l2
25
4984
25*8
13*8
1358
82
82
518s
52
25*4
50*2
25*4
3
3
3
52
*49
*100
103*8
51
*51
5134
40
37*4
3884
70
70
71
50
50
50
39
40
37*4 39*4
♦68*2 70*2 *6812 70*2
50
50*4
51*4
; 50
136*4 136*4 136*4 136*2
125*4 131
130*2 131
*165*8 166
16578 166
39
39
40*8
40*8
82
84*4 84i2
85*8
5034 51
50*2 51
70
*68*2
50
50*2
83
83
82
51
50*4
5178
128
126»4 *120
100
100
29
*28
29
10*4
*10
11
22*8
27*2
28
273s
,98
97*4
277b
97*2
4i2
27*2
97*8-
17
17
17
178s
33
33
21
213s
55s
55s
5*2
34
47*4
3*4
*19*2
*1168
27*4
82i2
34
47*4
3*4
21*8
12
27*2
*33*8
34
47*4
3*8
4784
3*4
21*4
83
2384
23
1138
1138
33
33
21*4
2138
84
83
24*4
24
24
1178
32*4
•
*132
53
*50
55
1334
14
14
*51*4
74
74*2
76*2
77*2
65«4
66*4
67
68
75*2
6684
23*4
23*4
24
2278
165
167
165
27*2
109*2
27% 28*8
IO8I2 IO884
2584 26
27*2 27*2
26
27
27
8578
86*2
86
?4
*123*2 125
*27*2
55
*140
24
,
2784
55
14084
24
170*2 17084
♦99*8 100*2
101*4 101*4
*142*2 144l2
11*8
1078
25*2 26
*106*2 107
85s
858
64
64
78
*6
4*8
*50
*26*4
3878
53*2
193s
100
7b
634
4*8
55
27*2
39*8
53*2
193s
100
345s
15*2
32%
2O84
*3158
2038
584
36*4
4538
6*4
6
6*4
38*2
38
385g
46
46*4
46*2
3*8
21*4
12*4
2878
86*2
23
3
2112
lll2
273s
83
235s
II84
31*4
*50
27*2
77
67*2
235s
66*2
2218
27*2
88
36
47*4
3*8
2112
128s
3
3
203s
12*4
28
27
203s
123s
28*4
84%
2334
84*8
85*2
84
23
23*4
2284
12
11*4
31*2
31
;
77*4
6784
227b
54
13*4
135s
77
76
77
66
67*4
22*8
I6684 *164
2284
*140
142
34
35
125*2
276s
125
127
28
28
*125
28
54i2
545s
54
54
54
3412
*26*4
27*
IO684 IO684 *106*4 107
8*2
8*4
884
6278
62*4
63
63*2
*7b
4*8
54l2
*26*4
38*2
55
19
107
2684
107
8*4
62
25*4
172*2
100
102*4
11*4
8*4
61
8*4
615g
84
78
6*4
4*4
6
55s
4
4
*50
55
*50
55
*50
55
27*2
3958
*26*4
3878
27*2
26*4
27
39*2
385s
395g
5578
1984
56
5734
58
59*2
19*4
*26*2
387b
58*2
27*4
39*2
60*4
4
19
19
101*2
*995s 101*2 *100
12*2
12*2
13
13
19*4
100
12*4
100
12*4
19*8
99*2
*12*4
19*4
99*2
13
54*4
72*2
*90
5384
12*4
"For
72*2
108
54
12*4
72*4
*90
533s
12
72*4
72i2
108
*100
53*2
12*2
54
126s
footnotes see page
708
7284
108
*73
73
108
*100
108
500
$6 preferred
..No par
4,000 Amer Hawaiian S S Co.
10
7,900 Amer Hide A Leather——.1
2,800
6% conv pref———SO
3,300 Amer Home Products—
1
2,800 American Ice
No par
1,000
6% non-cum pref
100
It),700 Amer Internat Corp...No par
8,200 American Locomotive..No par
3,600
Preferred
100
3,900 Amer Mach A Fdy Co .No par
3,400 Amer Mach A Metala..No par
5,700 Amer Metal Co Ltd...No par
6% conv preferred
100
300 Amer News, N Y Corp .No par
35,600 Amer Power A Light..No par
5,100
$6 preferred...
No par
7,200
$5 preferred .
No par
70,800 Am Rad A Stand San'y.No par
......100
21,700 American Rolling Mill—..25
,
Preferred
Amer
Safety.Razor....No par
7,600 American Seating Co. .No par
150
Amer Shipbuilding Co .No par
20,900 Amer Smelting A Refg-No par
500
Preferred..
4
..100
200
2d preferred 6% cum... 100
1,100 American Snuff....
-25
10
Preferred
—100
29,600 Amer Steel Foundries..No par
310
Preferred—.......
100
400 American Stores— - -N0 par
1,500 Amer Sugar Refining..—100
-
100
—100
Preferred.
9984
101*2 102
1,500 American Tobacco..-.--—25
3,800
Common class B
—25
144
10«4
25*2
107
11*4
26*8
107
S%
61
8%
63%
78
78
400
Preferred
100
12,200 Am Type Founders Inc ... .10
1
Preferred
-——...100
62:666 Am Water Wks A Elec.No par
600
1st preferred
....No par
3,500 American Woolen.....No par
Preferred
..—....100
4,200
1,000
1,300
6
6
4
4
2,300
55
200
27
27
100
3834
58*4
18%
*99*2
*12%
43*2
73
73
*100
1,100
11,400 Amer A For'n Power...No par
2,800
Preferred.
No par
1,700
2d preferred
...No par
600
39%
60*4
19%
101*2
1278
43*2
120*2
*100
54*8
60
53*2
60
51
50%
1,27b
12%
13*4
1284
1284
12%
73%
i2~666
9,200
Arnold Constable Corp......5
4,700
1,800
50
800
3,400
"""266
18,700
1,100
108
51*4
1284
1
jAm Writing Paper
....No par
Amer Zinc Lead A Smelt—.1
Preferred
25
$5 prior pref
25
Anaconda Copper Mining..50
Anaconda W A Cable..No par
Anchor Can
No par
$6.50 conv preferred.No par
Andes Copper Mining
.20
Archer Daniels Mld'ld.No par
7% preferred
100
ArmourACo(Del)pf 7 % gtdlOO
Armour of Illinois new.
5
$6 conv pref
....No par
Preferred
—100
Armstrong Cork Co...No par
69,500
2
Jan
13
3
8
103% July 27
222% July 29
28% Mar 26
1384 July 28
23% Mar 12
7
Jan 31
84
35% Jan 21
Preferred
...
31
11
24
11
125% Mar 29
63*4 Feb 11
55*2 Apr 15
27gMay 1
34
Apr 20
37
June 17
54% July
28*2 Mar
5% Jan
53*4 June
19»4May 13
Jan
31
17
30
30
5
39*4 Feb 11
Jan
75
Mar 25
4% Jan
39% July
38*2 July
38% July
457, Feb
267b July
49
Mar 25
17% Jan 23
5% Jan 27
Apr 28
684 Jan
2
195.
12*4 Jan
12% Jan
69
8
91
12% Jan
157
•
Feb 28
Mar
9
2*2 Apr 28
Feb
June
•
8l84July 22
6% Apr 1
Mar 25
98
Jan
51
21*2 Jan
July 17
July 1
27
110
28
Mar 25
195
32
1
*
F®b
6
July 17
July 7
Apr
4% Mar
84<4
Jan
28
June
8
Jan
4*2 Mar
6*2 Sept
104% Mar
% Apr
74
Highest
share $ per share
7484 Feb>10
>21
137S Feb
100*2 Jan 10
3584 Feb 14
2
91
per
56% July 27
Sept
13% Oct
1% June
Apr
84 Mar
2% Mar
188
62*2 Nov
116
Oct
7484
1178
100*2
37%
24%
20%
8%
Nov
173
Nov
Deo
Deo
Nov
Dee
Deo
Feb
2% Deo
Sept
i&0% Jan
74
4
Deo
187
Apr
1«4 Mar
3% Deo
14% Deo
14% Deo
14% Deo
6% Apr
33*4 Deo
2
Mar
21
Jan
32
125
Mar
173
Deo
Sept
24% Deo
22*2 Dec
3*8 Mar
/49
June
9
NOV
75*4
Oct
12
Mar
37%
Oct
14
Mar
2284 Nov
4% Deo
2% Mar
.
June
26
48%
40
Deo
Jan
80
Deo
41%June
13% Jan
5784 Feb
47% Nov
70
4
43
Jan
Apr 28
May 2
11584 Feb 24
51*4 July 31
136% July 28
137% July 17
21
Mar
110
Jan
149%
162%May29
30
Apr 30
57% Apr 27
166% Jan 14
15184
Jan
168
10
Mar
Nov
42%
65
Jan
72
3
40
124
31
Jan
41
25% Mar
34
July 31
Jan
3
1334 Feb 13
32% Mar 6
30% July 31
99%June 17
5
May 2
14% Feb 17
984 Mar 26
43% July 11
18*2 Apr 7
3778 July 10
21% July 20
6% Apr 30
29>4 Jan 2
12
Apr 30
25
Apr 30
Jan 20
5% July
Feb 21
102
7*2 July 10
20% July 1
16% Jan 9
89
Apr 8
3*2 Apr 30
984 Jan 2
13
Feb
85% July 30
68%!' Apr 16
130 June 12
3
87%May 11
29
July 3
4,700 Am Sumatra Tobacco—No par
11,900 Amer Telep A Teleg——100
2478
*1234
13
44
45
44*2
44*4 447b
44*4
43*2
448s
43
43*4
121*2 *119
120*2 *119
121*2 *119
*118*2 121*2 *118*2 121*2 *119
*1077s 108*4
1077b 10778 *107% 108
10784 10784 *10758 108*2 *1077b 108*2
434
47«
484
478
47b
478
434
434
484
47g
484
478
74
350
*50
6
4
4*8
17,200
118
No par
Co
172*4
171
*143
144
~257g *26*2
7b
144
141
*24%
20,500
111% Mar 18
59
Apr 28
9% Apr 30
100% Jan 2
177gjune 9
22*8 Jan 21
*1% Jan 14
7% Jan 2
58
Apr 28
I
$ pit share
II484 Jan 14
Co).25
—10
Am Comm'l Alcohol Corp..20
American Crystal Sugar
10
6% 1st pref
....100
Amer Encaustic Tiling New.l
Amer European Sees. .No par
Amer Colortype
Lowest
Highest
$ per share
42
Mar31
100
7% preferred
Am Coal of N. J (Alleg
20
9984
10634 IO684
8*2
6234
78
53*2
*140
142
4
55
67*4
227b
166
36*4
35% 36%
129*2 *125
129%
28
*27*2 28
6*2
*6
*6
*50
"26**8
7b
7B
1*8
22%
*140
144
,
26*2
65*2
*164
166
265s 27*2
27*8 275s
27*8 2778
109*2 *106
109%
10978 1097fi *107
26*4 2678
267b 27
26*2 27*4
27
27*2
27*8 27*2 *27*2 28*2
88
87
8978
87*4 89
89*2
*147
149
1497s
148*2 148*2 149
107
107
*107
1077b *107
10778
61
61*2
*61% 62
*61*2 61s4
.
200
100
54
54*2
142
*140
*140
142
14084 14084 *140
25
25
25*2
243s
24*2 253s
243g
172
171*2
171*8 17178
171
17084 1723s
99*4
99*4
99*4
9884
W
9984
99*2
101
101*4
100*2 IOI84 101*2
101*4 IOI84
143
143*2 143
146
*142*2 145
*143
11
11«4
11*8
1188
11*8
11*4
107b
26
11*2
3134
132
1384
278s
55
11*4
313s
132
54
142
125
1178
2784
13*2
~35*2
348s
36*8
11*2
*18
16
32*4
2084
76
•
14
3
31*8
133*2
*50
54
1384
75*2
28«s
277b
1083s 109
273s
26
•
133i2 *132
I6684 *164
*164
87*2
*123*2 125
2734
27»4
163s
*3134
20»4
54
*147*2 149*2 147*2 147*2 *145*2 149
*106*4 107
*106
1077s *106*4 107
*61
62
61%
62
6134
62
*142 *
*140
*140
348s
16
2078
*132
143s
14
14*4
123s
3278
16*2
3234
20
6
Preferred
1,200 American Chicle
*31*4
134
*132
22*2
26
12
83*2
2378
117s
32*2
134
27*8
38*2
28*2
84*2
52
*108
14*8
734
38
11*4
2734
*132
*164
♦13*2
7*2
5*2
35?4
46*8
400
2,900
14*8
734
—25
100
16,100 American Car A Fdy...No par
Preferred
.100
2,900
..No par
3,700 American Chain
4l2
14*8
784
3784
3858
100
conv
—
"""700
43s
A P W Paper Co
..No par
Albany A Susque RR Co.. 100
^Allegheny Corp
.No par
pref
8,700 American Can.
10%
27*2
30*2
9884
98
par
par
par
Ala A Vicksburg RR Co.. 10C
Alaska Juneau Gold Min
10
170
29
4*4
12
127
par
100
Preferred
——60
4,500 Am Brake Shoe A Fdy.No par
102
97
475s
3*8
21%
51
10
Pref A with $30 warr__.100
9,700
Pref A with $40 warr
100
2,400
Pref A without warr..—100
2,100
1,400
2M% prior conv pt..No par
5,700 Allegheny Steel Co
No par
10 Alleg A West Ry 6% gtd—100
4,800 Allied Chemical A Dye. No par
3,800 Allied Mills Co Inc....No par
66,200 Allied Stores Corp
..No par
500
5% pref.
..100
59,700 Allis-Chalmers Mfg
No par
2,300 Alpha Portland Cem..No par
5,000 Amalgam Leather Co
.1
800
7% preferred....
—50
700 Amerada Corp
No par
800 Am Agrlo Chem (Del).No par
10
7,400 American Bank Note
*10*8
26*8
29*2
9884
4*4
*13*4
7*2
37*8
4%
17
98
24^600
*28
98
3334
21*8
684
3534
100
102
4*4
*13*2
7*2
38i8
1638
~M00
10*2
43g
2878
12
*28
9778
8
52
98
5034
No par
1.400 Advance Rumely
No
Affiliated Products Ino.No
7,900 Air Reduction Inc new. No
3,000 Air Way El Appliance-No
29
101*2 10134
29
293s
117s
33
*28
*49
*123
125
125
28*2
2788
134
82
8212
507b
5078
*123*4 126*2
100*8 101
263s
235s
28*8
14
3
39
10*2
25*2
391
5*2
347b
47*2
55s
3734
10l2
24l2
29*4
1334
784
8*4
136*4 136*2
131*4 13384
1655s 1656s
10*2
23*4
2778
97*2
3958
1684
33*4
206s
14
21
21
4*4
39
34*4
3
101
22
*32*4
3
51
136*2 136*2
1357s 1357b
135*4 136*2 133*2 135*2
105*8 165*8 *165*8 1655s
38*4 395s
38*4 398s
8
24
52
39
1378
80*4
643s
101
40*4
38*4
80*4
5234
53
100
8
3
216*2 219
24
24l2
13
135s
24
25
*24
106
106
100
1378
*101
219
219
24*2 24i2
; 13*8 135s
*80*4 81*4
515s 5234
2512
*28
38
24
22212
247b
> 313s
106
*101
52
21%
778
221
38*4
104
2134
38
106
4*8
3*8
5412
27«
.
,10*4
*1338
*101
1384
3984
43s
4
825s
*82
10*4
438
4
39*8
9934
43S
1358
3*4
36*2
221*2
10*4
2134
*97
3*4
37
37
51*2
81*2
"13*8
43
.
51*2
50*2
4
4*8
387fi
38i2
53
*120
79*2
438
100
Adams Millls....
1,400 Address Multigr Corp
183
4*4
53
50
"l3%
*3
*177
4
106
103*2 103*2 *101
*68*2
267b
2*2
37
37*4
425s
31%
•
4%
13*8
13*2
383s
37
37*2
43*4
3184
211*2 217*4
24
243s
13
133s
82*4 82*4
48*4
4934
243H
248s
3*4
278
52
517s
*105
107*2
4%
190
45s
4*4
3778
38*2
366s
78*2
47b
*3
*175
29
9934
*28
13*4
4
190
"4*8 ~~4h
78*2
20~" "i",I66
26*4
23s
Range for Previous
Year 1935
if 100share Lots
Lowest
Par
Preferred.
"1*166
*96
*3
4
20*8
26*2
2*2
77
2*2
79
4*4
"26"
26*4
2i2
27
*23s
*175
*3
190
"26"
20*2
On Basis
Week
54%
112*2
66*2
709
Ratios Since Jan. 1
Shares
*53
*53
54%
112*2 *111
112i2 *111
112i2 *111
113*2 *110
65
66
65
66
66
6434
65
64l2
13
13*8
13*4
13*4
1284
13*4
127b
13*8
*95
*175
NORFOLK, VA.
•
EXCHANGE
Preferred
"20»4 "20*84
RICHMOND, VA,
New York Stock Record—Continued—Page 2
143
55
113*2 *110
53%
*110
>
*1
orders executed
for institutions and individuals
LIVINGSTON & COMPANY
-
i
-
••
-f
Stocks, Bonds, Commodities
in
for
LOW AND
Saturday
July 25
■»
»
and
'
and other
-
Commission
66
Apr
21
27
May
Apr
Apr
124
Apr
10
235*2 Jan
7*r Feb
43
24
13%
36*4
95*2
2978
30
28
28
9
28
30
2
3
20
15
Jan
7
34
23% July 7
89% Jan 21
18
Apr 30
25% Jan 2
56% Jan 7
136*2 Jan 3
104
Jan
6
133% Jan 7
20% Apr 30
107% Jan 4
28 May 29
43% Apr 30
129
Jan
6
5434 Apr
<4May
4*8 Apr
3% July
44
Jan
2
24
May 18
28
Jan 20
35
Jan
8
15*2 Jan
2
97
9
Jan 14
April
Feb 28
Feb 27
Jan 14
Feb 13
Feb 19
Mar
Mar
37b Mar
12
Mar
8*4 Apr
/29% Apr
17b Oct
14*4 Oct
4*2 Mar
9
Mar
32
Mar
18% Mar
4% Apr
13% Mar
72
Jan
z24
Jan
1% Mar
10% Mar
8% Mar
10*2 Mar
134*2 Mar
1584 Mar
Mar
66
June 29
Jan 29
6
104
6
Feb
150 ' Mar 17
Aug
34*4
9*4
3584
19*8
9284
378
9*4
9*4
Deo
Nov
Deo
Deo
Deo
Deo
Aug
Aug
17
Aug
38*4 Aug
42
4% Mar
20
Mar
31% Apr
Nov
38% Nov
478 Jan
37«4
Feb
11% Nov
2784
75*4
33*4
12%
32*4
130%
36*4
Nov
Deo
Nov
Deo
Deo
Nov
Nov
9% Nov
49*2 Aug
41% Aug
25*8 Deo
159
Sept
32% Nov
9584 July
2178 Deo
26*4 Jan
64% Deo
144
May
117*4 Aug
Jan
.76
June
125
Feb
143
July
12
Mar
83
Feb
32% Dee
50% Dee
124
Dec
18% Jan
987s Mar
72% Apr
7484 Mar
129*8 jah
25*4 Nov
113.
43
Dfeo.
Jan
70% Feb
140*2 May
27% Nov
160*2 Nov
104U Nov
107 <
Nov
141
Nov
II84 July 28
35
,
Jan 10
27
July 28
107% June 11
11% Feb 1
70% Feb 1
2
10
Feb
3
Mar
38%
22%
94*4
10%
6884
2%
11%
5%
31
Mar
49:
Deo
Deo
nov
Sept
Nov
Deo
Deo
Deo
Aug
8
Mar
7% Mar
48:
Mar
478 Mar
35*2 Mar
% Mar
Jan 10
2*4 Mar
7% Mar
73*2 Mar
31
Mar
9
5
Apr
40% July
60*4 July
2684 Mar
2
2
2
21
30
6
Jan 30
9
15
Feb 17
50
Jan
107% July 15
47*4 Feb 24
7% Jan 9
2.
14
Feb
111
37
Apr 30
118 May 11
105% Jan 3
4%June10
66*4 Jan 2
22*2 Mar
6*2 Feb
72
Aug
84 May
284 Apr
Dec
May 13
June
June
101%
63
102% Feb
88%Mar 13
136
Jan 2
30
13
28
3
28
30
10
30
3
96
Mar
2% Mar
15% Oct
67b Nov
60% Mar 3
1417s Jan 29
26% Jan 28
178
Feb 14
Mar 13
87b June
20 May
19% Apr
92>4 -Jan
7% Apr
Feb
30
121
127
36
20% Mar 21
149*2 Apr 30
87
66
116*2 Mar 6
27% July 28
33*4 Apr 8
91% Mar 20
15234 Mar 11
108%May 28
73*2 Jan 22
143%May 28
36% July 31
9
67% Mar
Nov
40
357g Mar 20
July 16
54
July 31
14% July 28
78% July 10
6934 July 10
27% Jan 4
165
Apr 6
36% Feb 20
18% Apr 30
157
115
Oct
134
Feb 20
Deo
Jan
Oct
4778 July 24
5% Jan 14
2
33%
Jan
28
37
11
23
Deo
65
8
33
Jan si
46
Jan
Deo
3
32% July 11
27b June
17*4 Apr
9% Apr
23*8 Apr
oct
May
3378
6
8% Mar
7
Deo
80.
Deo
16*8 Apr
37
Deo
107s Sept
17%
96*2 Oct
3% Mar
7
36
Jan 13
117
110% Jan 20
7% Jan 25
97
122
Jan
84
Jan 28
Aug
Apr
3*4 Apr
55% May
125
Jan 28
85
62% Mar 23
15
Mar
4
Jan
Jan
Apr
12% Deo
52
Aug
122% July
109
109
6%
70%
110
Deo
Jan
Jan
Jan
25% July
5084
Deo
Mar
9%
Deo
4
=4fi
New York Stock Record—Continued—Page 3
710
Aug.
Range for Previous
S per share
Wednesday
July 29
Thursday
July 30
Friday
July 31
$ per share
14% 15
$ per share
$ per share
8 per share
14%
*1418
*100
18
17*8
14%
14%
110
*100
110
*100
107
*113
41
*40
85
87
85
87
*83
105
106
85%
106
23%
105% IO534
32%
3094
22% 23%
30
*27
106
32
33%
33%
2384
2284 23%
23%
2934
29% 29% *27%
2884 29%
28*4 29
28*4 29%
114
11312 11312 II384 11334 *113
65
61
61
66%
64%
61%
125
125
*123
*123
123% 123%
17
17
*16%
*16%
*16% 17
36
34
35
37%
3312 35
6
*6%
6%
6%
*6%
6%
32*4
33
329s
23%
*2712
*32
512
5%
3*8
3*4
3%
3%
*4318
44*8
*40
42
21%
*3H4
42*4
21%
*113
31%
42*4
17%
18%
*112
18
112
113
*237g 24
23%
*1111*32 11H2 *111'532
*37%
*3714 40
93
93
93
14%
14%
14
*84*8
85*4
*85%
299g
29*4
30
21
21
5434
55l2
55
56%
17*4
116
1784
2078
549s
56%
17%
38%
117
17
17%
23%
17
23
*109*4 112
*84
87
2678
27%
47
47
107
107
*113
115
*40
115
22
9,500
26"f466
18%
41
41
67
67
124
124
16%
34%
1,500
27,700
630
3
2%
40%
13,800
500
1734
17%
116
117
38%
3884
3%
*2%
40%
40%
2,100
150
17%
24
169s
*21%
*110% 111% *110%
700
1,200
60
2,600
70
19,600
3,100
30
1,700
*85
87
84
84
26%
26%
4734
89*4
42%
31%
47
27%
47%
89%
88
8934
88
89
88%
42
40%
41
40%
31%
7934
31
31%
30%
------
600
3,700
400
78%
79
4,200
900
2
*1%
2
1,300
9,200
210
*40i2
31%
79%
*7*4
*H2
42
42
31%
79*4
8%
31%
7934
8
8
2
2
16
16%
*1%
16%
53*4
54%
51*4
50%
9%
40%
51%
89%
40%
31%
16%
31%
80%
7%
7%
7
2
*1%
15%
...
100
100
Preferred
60
Bangor A Aroostook
100
Preferred
No par
Barker Brothers
6)4% conv preferred....100
Barnsdall Oil Co
5
No par
Bayuk Cigars Inc
1st
—.100
preferred
Beatrice
25
100
...50
Creamery
Beech Creek RR Co
Beech-Nut Packing Co
20
Belding Hemlnway Co .No par
Belgian Nat Rys part pref
Bendix
Aviation.
6
Beneficial Indus Loan—No par
No par
Best & Co
Beth Steel
new
(Del)-No par
20
6% preferred
7% preferred...
100
Blgelow-Sanf Carp Inc .No par
No par
Blaw-Knox Co
20
Blumenthal & Co pref
2,000
200
41
340
13,000
5
Bohn Aluminum A Br
No par
Bon Ami class A
Class B
No par
Borden Co
15%
12,900
16%
15
15%
5014
7?8
38
49*4
10178 10178
5478
5578
5134
5134
48% '48%
8%
8%
40%
40%
54%
50%
55
54%
55
54%
55
50%
50%
48%
51%
48%
52%
53%
17,800
1,700
48%
400
51
8%
16,200
2,500
14,900
56%
51
*48
49
*48
884
3934
7%
*36%
52%
734
3984
51%
51%
102
54%
51
102%
*50
50%
50%
517fi
51%
9%
12%
51%
10
934
12%
12%
17
*1638
17%
17%
*120% 121% 121% 121%
13%
13%
13%
1384
110
*103
*103
*106% 110
912
*12
8
38
8%
8%
*37%
52%
39%
51%
38
37%
51%
5334
*48
51%
102%
102% 102%
102% 102%s 102% 102% *102
59
51
51
49%
49% 5O84
51%
513s
*51
*51
*51
51%
51%
51%
51%
51%
11
10%
10%
10%
10%
10%
10%
9%
12
123s
12%
12%
12%
12%
129s
12%
17%
17%
17%
1734
17%
17%
17%
17%
*120% 121
*120% 121
121% 121% *120% 121
13%
13%
13%
1334
13%
1384
13%
1234
51%
*51
52%
48%
8%
1,000
4,100
200
Briggs
1%
10*4
33%
32
28
277s
28*4
*4%
*13%
28*4
5%
1534
*18
20
4%
2134
1%
32
28%
28%
110
*103
111
111
*103
478
22%
6778
6778
30
66%
2934
30
*33%
34*4
35
3578
19s
1138
1%
19s
11%
35%
14%
11%
35
14%
*56%
1278
42
•
••
.
-
13
42
17
17
*50%
97%
52
*
—
H
*7%
166
35
1%
1178
35%
14
14%
*56%
1278
31%
27%
28%
5%
42
34%
14%
*56%
1234
*41%
42
16%
*50%
29
5%
15%
20%
4%
22%
67S4
30
3534
17
51%
"7%
7%
99
*
101%
"7%
14
.
7%
1%
1094
32%
28%
29
534
*103
111
11
11
11%
88%
87
103% 103%
*
35
1%
1%
10%
33%
14%
*56%
11%
34
...
~
+
"7%
10*4
11%
10%
86%
86%
88
103% 103% *103
20
20
20
20
*20
57
66
56
*40
56
*51
♦80%
66%
*1%
*4%
82%
66%
82
83
83
84%
66%
*1%
4%
1%
67%
679g
*1%
2
3,600
40
44,000
'------
10
*8
10
*8
28
28
28%
29
28%
1%
334
29%
3
3
9
*8%
134
334
3
3
1%
3%
3
3
9%
*8%
8
9
134
334
7%
$6 preferred series A-No par
Brooklyn Union Gas
No par
Brown Shoe Co
No par
7%
7%
~
39%
17,200
California Packing....No par
1%
10%
*33*4
1%
11%
34%
Callahan Zinc-Lead
13%
*56%
14%
5,600
18^500
3,700
13,200
34
14%
«.
-
8
10%
11
90
90
7%
*51
55
83%
67%
*184
4%
1%
7%
8
3
8
8
IO934 Jan 24
7714 July 11
1678 Apr 30
14i2July
18% May
June 27
44
80% June 12
June 30
39
255s Jan
2
©12% July
3,6 July
2
2
43U Apr 30
47i2June 30
41
Jan 17
40% Jan
4
7
2
9734 Feb 4
44i2May 11
May 19
*50
8i8May 19
2
*6
6%
6%
30%
*6
6%
594
6
6
*5%
6
5%
534
28%
*
5%
5%
27%
10
100
2
*134
400
2
4%
4
Cannon Mills
No par
Capital Admlnis cl A
Preferred A
..1
10
Carolina Clinch A Ohio Ry.100
Stamped.
...100
Preferred certificates
100
on Mil Is.No par
Preferred.
100
1%
7*4
-——---
30%
1»4
3%
3
17»4
2%
*8%
17%
17%
58
58
58
9
2%
2
5%
5%
5%
5%
28
------
*27
Preferred
100
4,900 Chicago Pneumat Tool-No par
Conv preferred
1,300
No par
600 {Chic Rock Isl & Pacific.. 100
2%
5%
5%
No par
6
Cab
------
2
10
Common
...
4
1%
7%
28%
1078 Jan 20
37
Apr 30
12«4May 8
45*4 Jan 8
25
4,900 Chesapeake Corp.
.No par
22,900 Chesapeake A Ohio
25
{Chio A East Bl Ry Co
100
600
6%
preferred...
100
1,600 Chicago Great Western...100
Preferred
100
2,500
{Chio Ind A Loulsv pref—100
6,600 Chicago Mall Order Co
5
1,000 {Chic Milw St P A Pao-No par
Preferred
.100
3,200
5,100 Chicago A North Western. 100
68%
900
7%
preferred...
6%
preferred.—.
.1,400
1,500 Chicago Yellow Cab
.
2
Canadian Pacific
100 Checker
54%
% Jan
Campbell W & C Fdy.-.No par
Canada Dry Ginger Ale
5
Canada Southern...
..100
4,900 Certain-Teed Products.No par
310
7%
preferred
100
150 Champ Pap A Fib Co 6% pflOO
83%
118
July
2
20*4 Mar 19
April
z20
Apr 8
19*8 July 13
114U Jan 15
102
Mar 11
26
11 l%May
29
100
100
No par
103s Apr 30
54
Jan
6
87
Jan
4
91
Jan
4
6*<May 22
92i2 Jan 6
116
Jan
7
54*4 Jan 16
21<4May 22
19
Apr 30
54 May
1
253s Jan 6
35
Apr 28
6% Apr 29
97%May 2
47*4 Jan 21
8%June
80iz Feb
4
4
Mar 13
19
113
99
Jan
Jan
H2 Feb
7% Apr
Mar
Mar
Mar
Mar
Feb
7i2
9%
3618
IO6I4
3%
32
June
578 Mar
"jan
107*4
14
Oct
100i2
Jan
Nov
Feb
11% Mar
wSept
79
1178 Mar
1518 Mar
34
Jan
Jan
6
Feb 28
1434 Mar
9*8 Mar
16*8 June
103U Jan
28 >4 Mar
6 <8 Mar
29*4 July 30
63*8 Mar 7
100% Apr 13
90
Jan 15
38
Dec
21
Mar
45
9,6 July 14
6472 Mar 6
69
Apr 4
5012 July 24
12U Mar 5
51i2 Mar 5
5334 July 29
104
Apr 7
56i2 Jan 31
65*8 Jan 15
13
2
Jan
2
4
6
Jan
May 12
25%May 13
li2 Apr 30
2% Apr 27
2i2 Apr 29
6*4May 1
12i2 Apr 30
4034May 4
li2 Apr 23
3i2 Apr 24
314 Apr 28
19*4 Jan
2
May
514 De0
6*8
40~
Jan
Deo
18
Sept
25% Dec
4912 Aug
116
Dec
1512 Nov
88
Nov
14*4 Deo
115
May
2018 Nov
1081s June
33i2 Sept
95
14*4
I17i2
241?
22*4
5712
Sept
nov
Mar
Oct
Deo
Nov
Feb 28
12014 Mar 26
48
Apr 6
20U Feb 19
24
July 29
Mar 23
14% Feb 14
20is Feb 14
123
July 22
5
2
39*8 July
Jan
28l4
Jan
3*4 Mar
27i2 Sept
17
Nov
23% Aug
114
Dec
90
Dec
22i2
597s
Dec
Jan
July
47*4 July
27*4 Nov
7Ui2 Dec
100
8% Dec
29* Dec
171s Nov
2412
Feb
23 >8
Jan
55
Oct
30*5 May
42
Dec
1*8
14
Apr
May
36i2 Mar
90
Jan
553s
5i2
38
Oct
Deo
Dec
46*4 Aug
100
Aug
43
Mar
7H2 Aug
53
Mar
63*4
111?
87b
17*4
3*8 July
414 Mar
8]8 Mar
62*4 Mar
3% Mar
100
Aug
Deo
Deo
Dec
Dec
Mar
9*4 Nov
97i2 Dec
2i2 Mar
3*4 May
8i4 Mar
24ig Nov
23
3%May 5
1% July 21
14
Mar
5
14*8 Nov
14*4 Nov
1314 Mar
1
Apr
514 Apr
28
3*8
10i2
Jan
Jan
247s Mar 23
10
Mar
22i2
Jan
6% Mar 20
25U Feb 13
1% Mar
11*8 Mar
20%
Jan
32
Mar
66
Dec
3612
Aug
19
Mar 24
Jan 10
30*8 July 20
39*8 July 31
178 Feb 10
14
Apr 13
40% Apr 2
16*2 Jan 2
57*4 Mar 24
16
Feb 19
43% Jan 11
18% Feb 24
62i2 Apr 18
97l2June 10
101i2 July 7
9*4 Feb 19
186 June 22
143 July 15
78*4 Apr 15
3214 Jan 6
3112 Feb 19
14 July
2i2 Mar
712 Mar
8% Sept
Apr
8*8 Oct
60
30
June
58
Mar
7
Apr 14
1914 Mar 24
102i2June
1
12
Jan 31
31*8 Jan 6
27g Feb 11
11
21
21
2
59
Feb
Feb
Feb
Jan
July
57g
478
12is
20i2
22
Jan
14
Nov
Aug
Mar
95
July
7
Dec
4594 Mar
8312 Apr
36% Jan
19i2 Apr
161s Nov
Nov
Nov
8ig Dec
IIH4 Nov
12612 Nov
60
Nov
35% Jan
2U4 Nov
"62*4 Nov
29
Mar
May
6212 Aug
6% July
96% Mar
38*8 Jan
12% Jan
10912 Jan
659s Deo
3*8 Mar
159s Dec
88% Deo
22%
23
Feb
Mar
4*8 Mar
36
Mar
37% Mar
1
Apr
% June
*8 Feb
Feb
1*8
21
Deo
6H4 Nov
5314 Deo
2% Jan
3U Deo
2U
Jan
5*s Dec
Mar
9
Deo
1918 June
*35
Nov
3
Jan
49t
Jan
1
14 Mar
*4 Mar
l*<t June
3*8 July
4*8 Mar
20
Mar
3
Feb
8
*4 July
8
Jan 11
8
July 15
1
1*8 Mar
114 July
31s4 Apr
1%
6*4 Oct
33% Nov
17*8 Deo
56it Oot
13*4 Jan
40% Oct
85
34
107
*42% "Feb
88
65
9*4 Jan 17
3i2 Nov
48
Feb 21
67
Nov
49s Mar
32% Feb
82*4 Feb
76i2July31
3514 Mar 13
8%June27
Jan
51
28
48% Nov
115
Sept
19i2 Deo
45i2 Oct
14
72
2
59
92ig Deo
3714 Jan
17i2 Deo
19% Deo
63
33
l%May 19
2?8 Jan 4
114 Apr 28
19i2May 14
2214 Jan 2
Deo
5i2 May
June 10
104U Mar 7
z21
Apr 29
69% Apr 17
SSUJuly 17
69*8 July 15
314 Jan 13
6I4 Jan 15
2<% Feb 5
101
100
85i2 May
2*4 July
39i2 July 16
74
6
11%
20
67S Feb 24
3*4 Apr 22
54i2 Feb 28
43% July 21
24U Feb 21
3414 Feb 19
49% Feb 28
6418 June 15
Apr 30
3OI4 Apr 30
22
6
90
20
Mar
33i2 July 25
311a Feb 4
33U Feb 13
9
Mar 23
Jan
Century Ribb
Mar
lll2 Jan 10
20*4 Apr 28
25
Apr 27
2>2 Jan 2
8I4 Jan 2
14is Apr 29
2*8 Jan 2
16% Apr 29
Jan
11
*51
15a July
1
July 15
8% Apr 30
6
Central Aguirre Assoc.No par
Central RR of New Jersey.100
200
Jan
4
15
114
Jan
30
2,800
1,300
106*4
15%May
Apr
9% Jan
85
Calumet A Hecla Cons Cop.25
Caterpillar Tractor
No par
Celanese Corp of Am..No par
{Celotex Co
No par
6% preferred..........100
8%
Mar
100
..1
90
3%
*2
10
103% 10312
68%
9
100
.No par
7,900 Cerro de Pasco Copper .No par
334
9
Preferred
Byron Jackson Co
53%
52*4
83%
67*4
3
No par
6,100
27% '23,000
30% 13,100
76%
1,260
76
42%
*7%
100
Byers Co (A M)
4,500 Carriers A General Corp. ...1
5,100 Case (J I) Co
—100
8%
30%
30%
1%
1%
3%
2%
*8%
------
44
30
134
3%
101%
29
30%
17%
26
29*4
7334
29%
*1%
3%
2%
*8%
1734
58
708.
74%
10
27
------
,158% 164
139*4 139*4
*8%
18%
page
*1111
~~8~
10
58%
2%
5%
_
*8
58%
2%
29
84
*
7%
*8%
29%
1%
3
Bldg gu pf ctfs.100
Butte Copper A Zinc
5
38
10%
2
Bush Term
1%
11%
88
4%
100
2.600
103% *102% 103%
20
20% *20
68%
Debenture
69%
101%
....
8
56
Bui lard Co...
29%
99
*
rights
Second paid rights.........
29%
10
101%
100
No par
100
preferred
Mfg
preferred
Budd (E G)
67%
99
*
2
see
Jan
878 Jan
67
20
18%
58%
For footnotes
16is Apr 28
Apr
126% Apr 18
30is Feb 14
54% Mar 6
101s Jan 15
461s Jan 24
7*4 Mar 18
16% Mar 4
89i8May 5
3184 Apr 15
2438 Mar 5
57% Apr 2
63*4 Apr 8
23
Mar
Oct
96
,10712 Jnty
Mar
Apr
2
4534 Apr 30
3
6
§2*4
8
7
Dec
Dec
20i2
Feb
Jan
44
60
Feb 18
Feb 28
48
Feb
Mar
Mar
June 12
13*8 Jan
83 June
21 % Jan 20
20
Jan 18
Oct
Nov
18*4 Nov
109
Sept
Mar
73
35
5
90
2994
35*4
66%
19i2
115
85
13i2May
29%
900
2
684
2
8
5
2,700
10,300
1,280
4%
22%
16
58%
29
Jan
Jan
10
Preferred
4%
2084
51%
2
30
60
42
17%
584
*18%
20
2,700
16
58
29
200
584
51%
2
6%
14
42
17
30%
14
16
58
58
18
107
4i2 Jan
Burroughs Add Mach. .No par
{Bush Term..
No par
51%
2%
17
58
2% July 9
2% July 8
29% Apr 30
33^4 July 8
15% Apr 30
21
Apr 30
4178 Jan 3
112% Apr 3
13% Jan 6
82% Jan 10
14'8 Jan 6
16*4 June 26
110
May 8
33i2 Jan
par
6.500
42
*2
♦167s
29
42
*8%
17%
9%
283s
584
*15%
2
♦8
1%
3%
29%June 30
3
Apr 9
No par
Preferred
No pur
No par
*50%
*is4
8
*1%
3%
26%June 5
5% June 30
Brooklyn A Queens Tr.No par
Bklyn Manh Transit..No
Bulova Watch..
41%
16%
51%
*1%
8
734
-
Manufacturing.No par
5,800
4,600
29,200
1,100
2
4%
31%
29%
12%
4%
1®4
8
*4%
I84
2
11
21
13
31
July 13
35i8 Apr 10
,
8i2 Apr
No p-
12%
68
*7%
1%
Jan
10
28
97g
.
48
June 19
6Hs Feb
July
106*4 June
35*4 Feb
25
July
87
187g Feb 13
Budd Wheel
12%
84
4%
1%
7,200
8,400
12%
83%
67%
*1%
4%
90*4 Jan 2
21*8 Apr 24
11
Apr 22
13% Apr 24
26% June 4
112%May22
112
i2 June
Bucyrus-Erie Co
1234
99
*50
2
2
33s Feb 14
4%
20%
164
166
168
171
167% 170% .167
164%
*130
140
142
*130
142
142% *130
142% *130
76
76
76
75% 75%
75%
75%
75%
75%
26?8
2578 26*4
25% 27%
25% 26%
25% 26%
28
28
29%
27%
28%
2784 28%
28% 28%
71
72
72%
71%
71%
7I84 74
71*4
72%
*31
29
3184 *30% 31
29%
28% 28%
29%
30%
42
42
42
42%
41% 41%
42%
42% 42% *40
*7
*7
*7
*778
8%
8%
7%
7%
7%
8%
*100
107% *100
107% *100
107%
107% *100
107% *100
64
54
54% 54%
5434
52%
52% 53%
52% 54%
90
Jan
Apr 27
3784
4%
20%
66%
28%
166
11
May 21
59
1% July 16
Bruns-Balke-Collender.No par
31%
28%
5%
14%
75%
26%
27%
71%
103% 103%
*19*4 20%
Feb 21
36
3*4 Mar
Apr
7i2 Mar
80% Apr
70
6
7,400
1%
10%
1%
2784
2834
•130
*88%
June 19
98
22% Feb 27
May 13
19% July 27
109*4 Apr 2
108
100
4,200
10
1%
10%
31%
20
4%
21%
67%
2934
35%
14%
*56%
12%
41%
16%
*50%
43
*50%
99
101%
1%
1034
33%
"13
17
16%
52
35
1%
II84
34%
14%
*1%
1198
13
97% *-...
101%
7%
28%
5
67%
*17
32
28%
28%
16%
18%
4%
21%
67%
2984
35%
30
*18%
4%
20%
66%
*29%
20
31
20
4%
21%
15%
1%
10%
5
*18
4%
22
*14
1%
10%
31%
27%
*28%
*684
*14%
1%
IO84
15%
5
*14
103
'
1%
10%
1%
107fi
32%
2884
2878
10%
3
Jan 20
12% Apr 30
31*2 July 28
83i2 Mar 4
lli2 Jan 30
Briggs & Stratton—...No par
Bristol-Myers Co
5
1st paid
1%
10*4
8*8 Jan
95
Jan 21
{Botany Cons Mills class A.50
Bridgeport Brass Co
No par
Rights..
*50
$ per share
64
..15
Boston & Maine
------
% per share
10
(The)—r
Borg-Warner Corp
1,900
8%
100
6
Boeing Airplane Co
7,500
*1%
15%
15%
Pref assented.....
Baltimore <& Ohio
Bloomingdale Brothers .No par
Preferred....
100
71,400
88%
2
—.100
Preferred
10
80
8
79.8
7%
89*4
*88
42,200
16,300
1,400
52,000
313s
79%
*7%
*1%
15%
40%
31%
78%
7%
41
80%
*88
47
Assented
Preferred
3934
27%
2678
47%
Prior A..
Baldwin Loco Works..AT© par
37,500
7,800
117
3934
-No par
No par
Austin Nichols...
Avlat Corp of Del(The)new.3
600
3 per share
Jan 17
11,500
3,000
3
Highest
$ per share
June 26
23,400
3%
Lowest
14
Atlas Tack Corp
No par
Auburn Automobile—No par
10,800
Highest
48
No par
100 (112
Preferred
18%
116
-100
4% conv pref ser A
190
18
18%
11734 11734
39
3934
16
17
16%
16^8
1634
25
25
*2134
*2134 25
110% 110% *110% 111%
111%
88
85
85
87%
1 *85
29%
28% 2934
28%
27%
47%
47%
46%
47%
47%
17%
17%
116%
39%
..25
Atlantic Refining
Atlas Powder..
500
3%
2%
41%
6%
33%
-100
Preferred—
3,000
5%
6%
33
5*4
3
200
67%
128
6%
1634
33%
At G & WISS Lines—JV© par
15~600
I684
34%
6%
34%
6%
*6
*32
44
*124
1634
33%
6
32%
5%
66%
100
Associated Dry Goods_.--.-l
Associated
84
85%
No par
Artloom Corp
Preferred
6% 1st preferred—..—100
7% 2d preferred-}00
Oil
25
Atcb Topeka A Santa Fe.-lOO
Preferred—
100
Atlantic Coast Line RR—100
100
85%
105
105% *105% 106
31
32 88
3034 32%
22 I2
22% 22%
22%
27
27
*27% 28
28%
28*4
28%
28*4
113% 113%
*113% 114%
3%
24
17%
23%
*84
3
*2*4
*4084
41%
21%
31%
38%
16%
38%
*109*4 112
5%
42
17%
17%
117
38%
*20
27%
28%
113%
67%
125
I684
35%
534
32
32
389s
Par
Shares
I684
Year 1935
Lowest
Week
i....
117
116
124%
1634
33%
3%
3%
42%
21%
32%
4334
On Basis of 100-sftaro Lots
EXCHANGE
110
40
40
40
40
41%
2I84
21%
2134
21% 22
32
31%
32%
32%
31% 32%
43
43
43%
42% 43
43% 43% *43
113
*113% 114
*113% 116
113% 114
*113% 116
17
17
1634
17%
17%
I684
1684
16%
1634
*92
94%
94I2 94%
93%
94%
9234
9234
94%
18
1738
17%
1734
17%
17%
17%
18%
1784
18
18
18
18%
18%
18%
18%
18%
1734
111
111
*111
*111
112
112
112
112%
112%
24
24
24
23%
23%
23%
2384
23%
23%
111% *111'S,6 111% *1111532 111% *11115,6 11178 *U1'S32 111%
40
40
*37%
39%
*37%
*37%
3984
39%
*37%
94
93
93
93%
93% *92%
*91% 93
93%
14
14%
14%
14%
14%
1438
14%
14%
14%
*85%
85%
*85%
85%
85%
8534
85%
28%
29%
3034
29%
2934
28%
30%
29% 2934
22
21
22%
2234
22%
22%
22%
22%
21%
*55% 56%
55%
5534 56
55%
55%
55% 56%
55
55%
56%
57%
56%
66*4
55%
58%
57%
42
2I84
16%
*92%
17%
16%
94%
3
2*4
42%
*40%
43
66
5%
5%
3%
3%
3%
3%
4234
41%
21%
3184
4294
28%
113
33
*32%
534
5%
113
116
1612
*9214
17%
*18%
34
*32
34
17%
*105% 107
115
*40
*111
41
105
16%
*106
18%
*105
107
115
*40
83*4
17%
18%
*111
*105
*110
41
105
16%
110
41
109
115
*40
84
16%
*106
115
*105
*110
84%
18
I6S4
110
*40 1
*10498 109
Range Since Jan. 1
NEW YORK STOCK
'
15%
*106
19%
18%
19%
18%
110
STOCKS
ff\T
the
SHARE, NOT PER CENT
Tuesday
July 28
Monday
July 27
S per share
Sales
JOT
SALE PRICES—PER
AND HIGH
LOW
Saturday
July 25
1,
914 July
5*8 Jan
10% Jan
20*8 Deo
54*4 Deo
2*8 Jan
4U Deo
4
Jan
19*4 Deo
•jj
Volume
AND
LOW
Monday
July 27
July 28
*23%
9%
*33
36%
23%
*33
36%
122% 124%
120% 121%
18
18
18
18%
85
85
84
85
*6
34
112
*37%
6%
33%
6%
6%
34
*110
33%
*50
*52
132
*111
129
112
II334
5334
112
27%
28%
6%
6%
27%
27%
30%
3134
32%
32%
29
29
3234
2934
30
29%
*37
37%
130
29
30
29
132
129
36
36
37
47
*4534
22%
2234 23%
105% 106
97
72%
71%
*110% 'W immm> *110*8
105
105
105% 105%
80
79«4
78%
79%
119%
119% 119% *118
79
3*4
76%
76%
77
8
8%
33
32%
18%
334
7734
8%
3234
18%
33%
18%
32%
18%
12%
*23%
13%
*12%
26
*23%
9
434
4%
17%
17%
78
17%
4184
41%
*106
10634
*5%
13%
*105%
5%
5%
13%
%
%
-
7%
%
*3%
3%
*13%
20%
15
3%
14%
14%
20%
20
20%
18
18
16%
2%
42%
107
13%
*105%
7%
%
3%
18%
2%
*70
*
-
43%
2%
1734
16%
2%
2%
83%
84
39%
31%
34%
35%
67%
67%
71%
67%
5%
45%
46%
46%
*46%
*104
109
9%
9%
9%
36%
62
109
*104
37%
17%
9%
38%
38%
35
34
67%
65%
70%
66%
8%
9%
9%
37
66
67%
69%
9%
Feb
5
4,900
7,700
14,600
2,900
240
109
984
36%
300
4% Apr■30
No par
•30
15% Apr
27% Apr•30
Consol Ed Co of N Y..No par
preferred
Consol Laundries Corp
No par
5
Consol < HI Corp
No par
Class
11%
11%
18%
104%
*62
69
64
64
*41%
47%
41%
42
59%
58%
58%
13%
14
14%
1234
77%
12%
80
18%
1934
64
67
40%
59%
69
64
7534
29%
23
45%
19%
19%
6%
74
29%
24%
46
44%
29%
24%
46%
19%
19
19%
6%
6
78%
30%
*29%
22%
22%
23
24
24
45%
47
46
47%
45%
4634
45
19%
20%
19%
1934
19%
6%
19%
*6%
20%
*6%
6%
6%
6%
*148
150
"9"
*4
*13
*13
18
*56
58%
58%
"e"
57%
3434
*41%
2034
20%
36
42
21%
3584
35%
4134
4134
4134
21
21%
21
20%
54
9%
72S4
5*16
40%
22%
*40
....
22%
*5
14%
166
23
23
984
41%
42%
21%
22%
*20
13%
75
6
*38%
22%
53%
9%
78%
6%
39%
22%
*9%
77%
6%
*38
23
53%
9%
79%
6'%6
40%
23»4
54
*9%
200
24
25
1,800
100
*s4
%
*34
%
*34
%
*1%
2%
*1%
2%
*1%
2%
5%
*4%
5%
"""300
14%
100
14%
*14
14%
*4%
*14%
11534 11534
165
*12
18
8%
8%
18
8%
173% 174%
155
35%
9%
10
155
35%
10
16734
12934 12934
113
113
*12%
18
884
9
17434 178
154
154
35%
3534
9%
9%
4034
3934
4034 41%
112% 112% *111% 112%
13%
13%
13%
12%
For footnotes see page
708,
*4%
*14
14%
*14
*115
*115
166% 167%
129% 129%
114
114%
167%
5%
1434
165
165
10
*115
167%
12934 12984
114
114
18
*12%
9%
834
178% 179
*155
157
34%
35
9%
10
16634
11,400
129% 129%
800
*113
*12%
8%
114
100
18
9%
19~500
179% 180
3,100
157
60
157
34%
934
39
34%
Continental Steel Corp .No par
Bank Trust Co.20
Corn Exch
25
100
Preferred
No par
Coty Inc
10
140
%
Apr
46%
Jan
4
35
Jan 27
4
Apr 30
7%May
28
3% Mar
4
14
Feb 18
Mar
47% Apr
Mar
Jan
18% Feb
14% Mar
5
Jan
99% Mar 13
1
Clft8B A
—
pref..100
No par
preferred
Inc
Cutler-Hammer
4
Jan 15
10% Jan
1
Cushman's Sons 7%
No par
60
May
36%May
43% Jan
7% Apr
6
28
17
6
27
102
5% July
40%
Mar
10434 July
a
Jan 21
73
Mar
70% Jan 27
61
June
6
16
Mar
6
June
90
65
Mar
Preferred
52
Jan
7
27
Jan
Deisel-Wemmer-Gllb Corp. 10
Delaware & Hudson
100
Delaware Lack & Western..50
Denv & Rio Gr West pref .100
.100
ColOO
Mackinac Ry Co...100
Detroit Edison
6% non-cum preferred.. 100
Devoe & RaynOlds A__No par
No par
Match
Participating preferred...25
Distil Corp-Seagr's
Ltd No par
No par
..—.—No par
No par
Dominion Stores Ltd..No par
Douglas Alter Co Inc..No par
Rights
ANo par
Convertible class B_.No par
Dresser (SR)Mfg conv
100
Preferred
.——100
DunhiU International
1
Duluth 8 S & Atlantic
—.No par
Duplan Silk
Du P de Nemours(E
7
Mar
6
23% Feb 20
9% Feb 7
11
153
Feb 17
65
Mar
Jan 24
65
May 12
45
Apr
2
Aug
60
10
21% Jan 31
Jan 10
58% July 27
33% July 14
40% Jan 25
8
4284 July 29
34% Jan 2
38
Jan
18% Apr 30
19%June 27
4084 July 18
41% Jan
2
784 Apr 28
50% Jan 6
2% July 10
29
Jan
6
5% Jan 10
%May 20
1% Jan 6
4% July 10
13% July
7
8
Feb
7
21
Feb
Oct
35% Aug
26% Jan
343s Jan
33
Dec
June 19
61%June 4
11% Jan 23
3
16784July 29
133% Apr 1
11534 Feb 14
25
Jan 13
9% Feb 11
Apr 28
180
152
July 24
166
28% Jan 6
534 Apr 28
37
July 31
Mar 13
Apr
6
10% July 20
44% Feb 19
Feb
6
17% Feb
4
114
?4%
Jan
684 May
17% Mar
13% Mar
638 Mar
% June
% June
Jan 15
8% Mar 9
18% Jan 17
11534 July 28
156
3
Mar
1%
5%
79% July 30
6' 3|6 July 30
39% July 23
25
July 31
184 Jan 15
100
3034 Apr 27
110% Jan 23
10
Apr 30
23% Mar
4034July 18
J) .No par
100
3
Apr 29
June 12
Apr 30
No par
5
Jan
4
133
(The)
Feb 20
13
I)&Co.20
Schild
Preferred..;
52
42
129
Auto-Lite
Dec
Feb
26
Feb
No par
Jan
18%
31
114
6% cum preferred
19
2
6% non-voting deb
100
Duquesne Light 1st pref—100 zl11% June 12
18
Mar 11
Durham Hosiery Mills pf.100
5% July 1
Eastern Rolling Mills
5
Eastman Kodak (N
2284 Mar
19% Apr 28
3684 Jan 20
14% Apr 30
4% Jan 4
128 May 12
100
Preferred
Mar
2
6% Mar
9
20
Co
Mar
89% Mar
3
14% July 29
89% Apr 6
5
Dec
15
9% Mar 11
21% Mar
Jan
37
44% Jan 14
24% Apr 13
No par
Davega Stores Corp.—
Electric Boat
74% Mar
July 22
lO'iMa1"
41
115
Jan
43%
10% Apr 28
6% Jan 7
63% Jan 7
No par
Preferred
CurtiR8-Wright
Elec
47% July
109
II84 Sept
23% Mar
1
35%May 26
16%June 4
Diamond
47% Apr
Oct
Oct
4% Mar
35% Jan
6
19
28
15
28
30
2% Feb
50
Packing
Deere &
60
148%
1% July 13
Curtis Pub Co (The)—-No par
8%
4134 Mar
Jan 14
3734June
31% July
6384 Apr
7
45% July 29
46% July 22
Jan
84
15% Mar
82%June18
Mar 27
15% Mar 16
Jan
28% Mar
168% Apr 15
7% Mar
43% Jan
102
69
Jan
7
5
38% Feb 11
46
Apr 8
1
July
6284
95% Apr 29
.
Eltlngon
36,200
40%
Cuba Co
3,600
11134 11134 *11134 113%
14
14%
13%
13%
4% Mar
100
Preferred
6,000
35,000
66% July 30
Jan 14
162
Dec
22
Feb 11
Eaton Mfg Co
3934
39
% Aug
Mar 20
Class A
81,400
_
4
Dome Mines Ltd
39%
4% Apr 18
46
1
;_5
Continental Motors
5,400
78%
69I6
Jan
June
35% Apr 30
2% Apr 30
28%June 6
27
July
55% Apr 30
Continental Insurance
56%
9%
6
Dec
2%
2 50
20
Continental OH of Del
2,800
39
75%
1% Mar
6% Mar
6
15% Mar
243g Mar
2034
1,200
99,300
Feb
17%June30
Dixie-Vortex Co
*40
*40
54
20%
2,800
1,400
20,700
%
5%
13%
2034
700
56
2%
5
42%
*20
21
18
*34
174% 17434
155% 155%
36%
3534
934
41%
6%
40%
23%
5%
*111% 112% *111% 112%
13*4
23%
*12%
*1%
1
2%
12934 12934
114%
*14%
734
7534
5"i6
114% *114
934
42
2234
*40
73%
*115
36%
42
2234
5",6
5%
734
41%
2034
5%
*4%
175
35%
9%
*34
157
35
9%
*1%
18
*54%
35%
41%
9%
%
*129% 12934
54%
35
834
2%
166%
54
35%
4234
18
Feb
72%
67%May
Det &
5%
55
53%
*38
*4%
55
54%
%
*115
20%
*40
74%
"5%
*4%
53%
40%
*61
*61
15%
July 14
6% Feb 10
Continental Diamond Fibre..5
Continental Can Inc
Det Hillsdale & SWRR
*12%
54%
*38
300
147
9
53%
8%
72s4
*1%
14%
20%
147
148
70
2,200
15,200
14,000
2,100
12,100
16,500
18,200
800
6
41%
*55
35%
14
35%
58%
21»4
----
14%
18
*4%
18
*13
21%
.•
59%
*13
6
*4%
18
*41%
....
*61
*61
*61
*61
6
14934 *147
'
47%
60%
14%
7734
78%
8134
30
23
59%
11,500
60
64
24%
77%
30
147% 147% *147
148
64
*42
19%
1,400
103%
7% 132,600
19% 64,100
30
75%
30%
6%
1834
47%
30
■
103
*42%
*58%
14%
77%
*29%
*22%
74
29%
22%
45%
7%
4334 July 28
109
86% July 31
87% Jan 13
100
Cudahy
634
14% May
100%
1% Jan
67% Jan
No par
B
Preferred
Oct
3% May
7% Feb 13
20% Feb 13
19% Mar 3
234 Feb 21
300
18
72%
20% Apr 17
26% Mar 9
490
104
Mar 25
10% Jan
96
18%
Nov
•85
12%June
1584May 14
38
17%
69
Continental Bak CI A ..No par
94
104% 104%
7
6%
18%
18%
Mar
Mar 24
5% preferred v 10
100
Container Corp of America.20
*36%
18%
19%
Mar
85
11% Feb 5
1% Jan 16
2
96
18%
Nov
7
62
%May
tConsolidated Textile..No par
38
19%
24
Jan 15
,
106%June 30
6
Jan
6% Jan
*92%
190
3
Jan
•28
3% Apr
•30
11% Apr
*37
1,000
7,700
102
101
No par
1,900 Cream of Wheat ctfs...No par
22,300 Crosley Radio Corp—No par
No par
6,000 Crown Cork & Seal.
52.70 preferred...... No par
900
$2.25 conv pref w w.No par
2,400
20 Cr W'mette Pap 1st pf.No par
11,000 Crown Zellerbach v t c.No par
3,500 Crucible Steel of America. .100
200
33% Jan 3
13% Jan 22
72% Jan 27
73% Feb113
1
14% Nov
Jan 10
78
1
16,600 Corn Products Refining
10,700
3
June
>24
6 534 June
100
Preferred
55
May 19
8
100
Consol Film Indus
■
May
19
100
No par
Jan
5% Mar
12% Feb 27
10
100
96%
58%
13%
9
37
9
20
38
40%
36
34
66
36%
*105
107%
107% *105
10634 107
1%
1%
1%
1%
*1%
1%
12
11%
1134
1134
11%
1134
10
10
10%
934
10%
934
3734
2584 Mar
96
*62
734
*33%
*104
109
*104
109
Mar
2
Jan
29%
Feb 17
82
3
July
16
37
58
175
2%
84 Mar
27
98
45
*154
31%
Oct
16%
5% Feb 17
44% Jan
7
38
69
*14%
39%
31
110% Dec
97% July
32% July 24
97
58
*114
39%
2%
<
"20%
15,900
2,700
8,900
1,700
July 22
24% Feb 21
14%June 26
*37
*40%
165
34%
6534
6834
7684
20%
2%
31%
2%
86%
17%
July 22
122
Oct
"56% "Feb
2% Apr 30
Preferred
6,500
19,300
123
Jan
59% Apr 28
97
*62
*14
2%
8534
73
43,000
9
Jan 10
Mar
39%
110
8
8284May
9
97
38
18
*21
2%
31
67
37
900
400
31
June 16
99
110% Jan
97
18
23
Jan
55
(The)
No par
Cuba RR 6% pref
...100
Cuban-American Sugar
10
Preferred.
100
*10438 105
103% 104
6%
6%
6%
6%
18%
I884
18%
18%
103% 103%
634
6%
55i«
7
*37
97%
38
*6
2%
2%
84%
*65
109
107
9%
9%
38%
*104
107
*104
107
*106% 107
1%
1%
1%
1%
1%
*1%
13
*12
*11%
12%
12%
*11%
10%
934
10%
10%
10%
10%
37%
2%
15
20%
162
*160
162
163% *160
162% 162% *160
5
5
5%
5
5%
434
5%
5%
36%
36%
36%
36%
36%
36%
36% 36%
29%
30%
30%
30%
30%
30%
30% 31%
60
59%
59%
60%
59%
5934
6034 61%
45%
*45%
45%
45%
*45%
45%
45%
*45%
47%
47%
47
47%
47
47
47%
4734
3034
4634
69%
-
2,900
92,900
480
15
20%
16%
3934
32
34%
71%
7%
17
39%
35%
*38
16%
39%
2%
68%
71% 72%
162% 162%
*8%
3%
14%
20%
14
20
2%
60%
*45%
100% July
Consol Coal Co (Del) v t o.25
%
3%
39%
45%
100
123% July 18
10618 July 26
11,100
1,800
%
3%
2%
60%
8
"7%
%
3934
6%
100
Jan
Consol RR of Cuba pref... 100
%
3
2%
36%
28%
preferred
110
"l~506
"7%
39%
28%
72% July 21
Prior preferred
"2"666
"
7%
14%
2%
4%
1634
*105%
*105%
20%
17%
35
53%
434
42%
41%
42%
107% *106i2 107
5%
5%
5%
*5%
13%
1234
13
13%
2034
36%
9
Prior pref ex-warrants.. 100
42%
2034
28%
59%
*45%
Jan
Preferred
"""i20
16%
4%
17
77
36%
44
Consolidated Cigar
Preferred
5,100
107
5%
14
34%
*37%
434
1634
20%
162% 162%
5%
5%'
35% Mar
10
Credit
Connecticut Ry & Ltg
10
78
77
73
107% July 13
Congoleum-Nalrn Inc. .No par
Congress Cigar
No par
95
20
34
*20
78
2034
68
July 28
2
6
14,
$6 preferred series...No par
Conde Nast Pub Inc
No par
390
934
*75
76%
72
2
z45% Jan 22
51% Jan 23
May 20
Commonw Ith & Sou...No par
74%
95
15
33
35%
74%
20
*67%
Jan
8034 Jan
100
$4.25conv pf ser of *35No par
Commercial Solvents.-No par
200
24
78
20%
31%
*5%
9%
*71
*75
%
33%
148
16%
%
234
*21%
Jan
90% Jan
preferred
Comm'l Invest Trust.-No par
Conv preferred
No par
II,900
1,500
1,800
57,100
94,800
3,800
3,700
9,000
12%
78
%
32%
11%
9i
7%
,
1212
1234
33%
7
April
40% Dec
48% Dec
33$ Mar
Commercial
~3~806
21
*19
24
*105%
3%
8%
32%
33%
20%
9%
7%
33
17%
33
3%
77
76
8
*71
133s
13
3%
8
8
*21%
7%
3284
17%
*5%
5%
-
11834 119
16
16%
16%
3%
76%
1234
107
106
13%
W
334
75%
78
2%
97
42%
4334
107
15%
105%
7934
79%
118% 119
79%
78
117% 118
12%
*73% 100
4%
4%
16%
104"
104%
*1834
3334
21
78
78
17%
104"
77%
39%
*37
9
79%
*5%
13%
*105%
7%
%
3%
14%
20%
17%
21%
*37
15,400
78
2%
134
Feb
4\i% conv pref
1,400
70%
7
Feb
7
6% Mar
Mar
Preferred series A......100
2234 137,300
72%
Jan
36
2
Mar
IO84
36% Feb 20
37% Mar 1"
42%May 26
52.76 conv pref
No par
Columbia Gas & Elec_. ATo par
200
4634
lj Mar
5
Jan 11
49
Jan
684
98s Feb 19
Jan
94
Mar
69»4 Mar
__
5%
1,800
71
77%
39%
31
100
Jan
9
■
Jan 15
2834 July 20
Columbian Carbon v to No par
Col Pict Corp v t c..
No par
100
Apr
15%June
101
Feb• 28
55% July'31
16
200
77
2%
112
100
Preferred
Colorado & Southern..
6
106 %
39% Apr 30
107% Jan 3
8% Jan 6
No par
100
Preferred
20% Jan
53%
5
102%May 19
4% 2d preferred
99%
2%
85%
77%
20%
39%
Collins & Aikman
72% Nov
57%June
55% Jan 16
13 June 30
m.No par
^Colorado Fuel & Iron .No par
*99
84
20%
122% July 31
Colonial Beacon Oil...No par
99%
84
21%
Jan 31
__
13,500
2,800
106
Aug
84
320
22
110
129
100
106
July
July'28
Jan 15
4% 1st preferred
*44
June
20
124
80
2234
48
7
70% Feb
Colgate-Palmollve-Peet No par
6% prelerred
100
2,000
1
Feb 20
50
Apr 28
No par
(The)
27% July
2
Mar
Mar 30
250
30%
31%
28%
29%
127% 128
38%
37%
12% May
July 30
46
28%
*28%
4634
84
2%
•24
46% Mar
111
3% Mar 16
24
May 2
21% Jan 2
19% Jan 2
44
6934
7
100
Class A
30
Oct
6984 Sept
3% Apr
48
260
6%
106% 106%
83
2%
41,200
Mar
12
Sept
3% Mar
86% Feb 19
7% Mar 5
31%
38
38
300
28
28%
28% 28%
*25% 30
127% 128
85
84%
76%
21%
*104
27%
'*•6
6%
30%
31%
75
*21
75
17
42%
584
104% 104%
5334
55%
112
21,900
*110
24%
9%
12%
*73% 100
434
434
106
13%
8
8
17%
42%
106
32%
9%
77
8%
*18%
18%
23
*70
*79% 9734
*73% 106
434
4«4
*79% 80%
*73% 100
33
9%
75
8
8%
13%
984
*70
75
*70
7634
78%
23
25%
9
14%
11734 118%
*116% 119
15%
14%
14%
3%
334
3%
13%
1334
*8%
71%
119
3%
77%
■8%
*56%
*99
123
*118
119
14%
1434
384
23
104% 104%
79%
78%
7934
118
15
15%
3%
*18
573g
15%
600
Coca-Cola Co
July
Jan
Feb
31
48
Preferred...
5H%
104% 105%
118
14%
*8
7,600
_
Jan
....
120
120
122
Clev & Pitts RR Co special 50
Cluett Peabody & Co ..No par
22%
4534
99
70%
71%
37%
106%
99
99
71%
72
71%
105
105%
99
97%
22%
23%
22%
105
29%
130
35%
4534
47
*4534
47%
21%
*118
29
*27
30
36
*4534
105% 105%
96
9684
32
29
131% *129
29%
127% 129%
*30
~3~606
59
122%
31%
30
No par
37%
36
133%
*29%
3234
Equipment
72%
4%
2384
107%
Clev El Ilium Co pref. .No par
Clev Graph Bronze Co (The) 1
120
6%
29
Clark
100
28%
28%
5%
27%
3234
6
2,000
Jan
Jan
33
100
10
28
28%
5%
29%
6%
30%
3234
Preferred
City Stores
*50
112
28%
534
310
I,500
1,700
9
124% July 27
19% Feb1 14
2
2
7
21
4
15% Jan
No par
25
•25
Mar
35
85% Jan 21
5
City Ice & Fuel
33%
57%
57%
14%
1434
103% 104%
53%
5334
*110
Jan
Lowest
$ per share
30% Jan 6
1
II84 Jan 24
3
8
Jan
111%
117% 121
534
28%
28%
5%
18
83%
6%
60
134% *129
28
*27%
3,200
7
25
33
*57%
*129
54%
5284
*110
'
10
25
*110
51
59%
104
104
55
112
6%
3634
3634
5734
14%
14
83%
3234
111
*50
117%
*56%
104
104
112
112
114
5734
14%
5734
13%
6%
32%
111
59%
17%
17%
84
6%
17%
83%
133
*129
129
11834 122%
Highest
5 per share
20 June 12
No par
.
36%
*32
Par
2,100 Chlckasha Cotton Oil
2,400 Chllds Co
Chile Copper Co
91",466 Chrysler Corp
9
8%
102% 121%
...
56%
5634
Shares
36%
*32
36
*50
11234
112
112
55
8%
Lots
$ per share
Lowest
Week
$ per share
24
2534
23%
8%
23%
11134
36
38%
..
132
112
5784
5784
57%
57%
13%
1334
13%
13%
*103% 104
*103% 104
53% 55
5284
55
*110
38%
54%
*129
112
*129
3234
11134 *110
*50
_.
54
5414
32
38%
37%
3884
*32% 36%
122% 123%
1734
17%
84% 85
6%
6%
III84 *110
*110
*50
9
9%
On Basis of 100-share
STOCK
EXCHANGE
the
July 31
$ per share
23%
23%
8%
884
*31%
36%
120% 122%
17%
17%
83% 84%
•f
6%
6%
32
3234
23%
9
23%
9
$ per share
$ per share
$ per share
23%
9
NEW YORK
for
Range for Previous
Year 1935
Range Since Jan. 1
STOCKS
Sales
CENT
Friday
Thursday
July 30
Wednesday
July 29
Tuesday
July 25
*2314
SHARE, NOT PER
HIGH SALE PRICES—PER
Saturday
$ per share
711
New York Stock Record—Continued—Page 4
143
2
June
12s4 May
103
Mar
86% Mar
126%
Feb
104
Feb
12
Nov
384 Mar
110%
Jan
141
Jan
16%
Jan
3% Mar
19% June
107
Jan
3% Mar
New York Stock Record—Continued—Page 5
712
LOW
AND
HIGH
PRICES—PER
SALE
NOT PER
SHARE,
Sales
CENT
Tuesday
July 25
July 27
July 28
$ per share
$ per share
$ per share
5i2
•; i634
558
5*2
17*4
17*2
743s
74i2
77
78
81*4
82
45
5*4
1634
5*2
17*8
July 30
53g
173g
July 31
$ per share
55g
5*2
Shares
75
76
78
80
79*2
82
44i2
4478
4534
453g
4534
*h
1S4
34
*5g
84
*58
s4
s8
*134
54i2
2*4
*134
*5334
1»4
134
53i2
*112
5312
11534
618
14
2438
1434
76
76
83
83
*7938
*80
14*2
15*4
2538
25*2
15*2
1558
16
*70
7*4
-
-
75*2
76
807s
80*2
45*2
*5g
178
8178
4578
4,000
.34
200
178
200
4534
34
1*8
54
5378
54I2
11212
14*2
*75
80
75
*14
*79
83
*79*2
89*2
*80
6
14*8
1334
1334
2658
25*8
27*4
15*2
15*4
15*2
15*8
2434
25*2
2434
1638
1578
16*4
16*4
2578
16*2
*70
•
«.
«.
—
*70
14*8
1434
1458
27
27*4
2778
7*8
65g
634
634
634
612
678
65g
3*8
3*4
3
3
3
3
278
3
1334
*156
52
53*4
163
12
12
1384
*13*8
5234
5334
163
*155
1178
*155
*12
12*2
52
5234
160
47
46*2
47
46
46*2
45*2
46
24*4
24*8
245*8
24
24
2334
24
9834
*95
99
99
*95*2
99
*95*2
40
100
*83
87
*83
88
*83
88
88
88
*87
89
29*4
8
8
3634
3634
29*8
2984
38
75
26*2
*
273s
135
37*2
*
62
3934
41
1134
5*2
3578
135
62
*55*4
39
39
37*2
37*2
*37*2
5
38*2
55s
13*2
13*2
534
538
5434
127g
2334
12*4
149*4 *140
1497s *140
8*2
8*4
8*2
8*2
13*8
135t
125g
3084
3034
31*2
3078
'31*4
*5734
103
103
102
146
42l2
43
4234
4334
40
40*4
39*4
40*4
23g
2*4
2i
23g
*46
49
49-
*47
4934
4934
44*8
4934
55
*55
55
64*2
119
70
119
7138
8
8*4
53
53*4
478
478
*113
125
238
*28
37*2
125
*113
38*2
3734
37*2
44
44
46
46
2038
203s
20*2
20*2
36*2
3678
36*2
3634
,
'
75
*54
70
*55
58
60*4
119
119
119*8
'
-
*113
125
-
117
*29
2*4
25g
158
15&
5334
5378
4*4
7*4
4i2
43g
4i2
3,200
7*2
7*2
'738
738
5,200
13*4
23*2
2258
108
108*4
13,400
158
15S
378
19
18
18
28
2734
38*4
28
38
*358
38*4
18*4
18*4
19
3934
40*2
39
19
1934
40*4
413g
"
35
3434
145
3438
*147
*53*4
60
29
347s
«.
*53*4
2734
29*8
*76
80
-
-
-
60
2978
*76
80
63&s
*2
*26
61
6178
23s
6134
*2
2*4
30
*26
*14*2
16
153s
153s
*15*2
*45*2
47*8
47*8
47&s
48
29
9434
95*8
9*4
9*8
9&S
92*2
*91*4
2*2
25g
18i2 Nov
7012 Jan
2
106*2JuIy 30
19
Mar
76
Jan 21
59i2June 20
14634 July 27
100
No par
7% preferred
100
Gen'l Gas & Elec A
General Mills
No par
Preferred
100
.
General Motors Corp
$5 preferred
10
No par
Gen Realty & Utilities
1
56 preferred.*
No par
General Refractories
No par
Gen Steel Castings pf_.No par
Gen Theatres
Gen Time
EqulpCrpNo par
Instru Coup No par
Gillette Safety Razor
Conv preferred
8*4
34l2
147
39
20
19*2
41
4038
41
35
35*8
147*4 *147
60
*53*4
29
*53*4
295g
79*2
61*4
*178
*76
617s
*76
29
61
2*4
*27
29
35*2
-
»
*.
«
387g
5,000
1914
40*8
193g
8,600
4H2
33,900
35
*53*4
2978
2838
77
50
*76
.
60
29*8
79
62*4
59*4
*178
17
18
18
117
*115
117
*115
117
52*2
*120
129
*32
118
33*8
*32
36
36
*36
8*4
8*2
18*4
18li
117
117
8*4
18*4
*115
102i2 *101
35
35*8
-
pace
708
«
-
-
31,000
+
*.«.
-
-
-
7,300
2
29
29
20
29
118
118
34*8
*32
---
-
-
«-
20
118
33*8
«.
»
M.
—
-
-
36*8
36*8
280
8*4
8*4
97g
4,500
18*4
*1738
18*4
700
■
—
120
_
♦llo
20
120
10212 *101
101
101
102*2 *101
10212 *101
102*2
35*4
35*2
3534
3578
36*4
365g
3634
3658
3634
*12458
125
*1245g
125
*1245s
15
1412
14l2
143g
1458
14%
15"
1434
*1434
1434
1434
143*
106
*106*2 108
*10478 10734 *105*2 10734
106
*105
107
105*2 106
6
6
6
6
578
6*2
6*8
6*4
6
6*8
6*8
6*8
For footnotes see
-
«
61*2
2*8
^
4,800
17
*12458
8,100
355g
*147
60""
*178
*27
38*2
5334
18
No par
Preferred
100
Goodyear Tire & Rubb. No par
1st preferred..
No par
Gotham Silk Hose
No par
Preferred
100
Graham-Paige Motors
No par
1,400
53
83s
No par
No par
18*8
28
54
36
1
Granite City Steel.
Grant (W T)
*27*2
52*2
34*4
36
Gold Dust Corp v t c
Goodrich Co (B F)
50
1
Conv prefsertes
18
28
53*2
*32
No par
600
18
2778
38*2
19*8
800
34
100
Grand Union Co tr ctfs
1,400
*32
Preferred
700
15*2
*36
No par
1,700
47*2
36
No par
.No par
13,300
15*2
345S
Gimbel Brothers
10
1,700
20
-
800
»
40
5,000
1
Gr'by Con M S & P 2d stpd 100
1
.No par
43s Feb
5
July 27
70*2 Jan
6
6
118
12284 July
20i2
30
U
Jan
Sept
Feb
'
8
Oct
11
Mar
1534
Jan
x1338
638 Nov
6
Nov
14 July
145i2
Oot
4078 Nov
3778 July
1>2 Aug
15*2 Aug
18
Aug
18
Apr
Oct
xl20*2 Deo
26*8 Mar
593a Nov
5978
116
Feb
7212
Jan
Jan
120
Nov
4178 July 28
884 Mar 5
10
Mar
21
Deo
3
Aug
Feb 17
55
July 30
175s
Feb
6I4 Deo
42*8 Nov
Jan 17
110
June 20
93i2
Jan
312 Apr 28
3212 Apr 28
50
105
Gen Railway Signal—.No par
Preferred
100
46l2 Nov
127i2 Jan
43<8June 22
12H2May 13
7238 July 27
Jan 27
115
44*8 July 28
II712 Jan 13
537j Jan 6
38
134
*17*2
1912 Jan
July 29
58
General Printing Ink..No par
$6 preferred
No par
Gen Public Service
No par
37s
3878
150*8 July 29
2
2
25g
"
7j Jan
3
1«4
2*2
34i2 Apr 30
3338 Feb IS
5»4 Jan
334
1734
5378May
140
18»8 Jan
I84
27*2
17
Jan 23
Gen Outdoor Adv A...No par
Common
No par
378
1734
27*8
38*2
19*8
39*2
141
No par
134
46*2
53
35*8
103s Nov
378
15*2
129
73a Mar
15S
48
53
1134 Mar
25fi
15*2
*120
32*8 Mar
6
378
47*2
129
6
6
143s Jan
212
1534
52
Feb
3434 Feb
Deo
Dee
100 >8 Sept
Mar
7% cum preferred
General Cigar Inc
•
5i2 Mar
8434 Jan
63
1»8
*334
49
*118
*101
100
93
15*2
52
♦1245s
3,600
34,200
1,200
1,900
48*4
130
83g
77,800
2434
16
48
8*8
95
2378
9*4
92*2
93
*91*4
22*4
108*4
24i2
13
48*2
*117
5312
12,600
4i2
*18*8
2778
83s
3,000
54*4
19
30
200
7*4
4
23g
5,000
4*4
*93*2
3
4
434% conv preferred
Gobel (Adolf)..
Goebel Brewing Co....
2*2
64*2
M
2*2
32
5378
*3*2
145
117
7*2
4
SO
10
1,400
4,600
101
13*8
Deo
1314
1078
3334 Feb 10
3,400
9238
*63*2
1,400
45s
9*4
Jan
Mar
2
Glidden Co (The)
92;*8
*76
60
*56*2
35*2
9*8
8i2May 20
97
7
53s Nov
Jan
8,900
_
I8I4 Jan 27
12i2 Feb 19
104i2 Apr 21
384 Jan
10'4 Apr 28
...No par
900
934
lli2May 11
Deo
-
Jan
102*2
4234
4U2
5334
5278
93
275S
2,400
35*2
20i2
7sMay
Nov
55
4
Mar
600
9334
60
778
*7&8
36
23*8
612 Jan 23
30*8 Nov
2
38,200
9334
934
35
400
2,500
3634
108
6
Mar
514 Mar
16*8
9412
958
145
71*8 233,800
69*4
122*2 122*2
40*4
40*2
36*2
21
434 Mar
Feb 24
670
20*2
53 *2 Feb 29
55
15,800
1,900
107*2 108
23
237s
*94
95*4
3H2 Apr 30
15
II84 Jan 11
1458
2412
Feb 20
155s Feb 11
77*8
108*2
75
2
15*2
24
125
473s Jan 17
Deo
Nov
2
14l4'
2178
21*4
112i2 June
2312 July 15
35*8 Feb 4
118*2June 3 xl35
Apr 14
No par
39*2
13
70
$8 pref class A
245g
13*4
3014 Apr
1714 Mat
8
Deo
584 Jan
77*8
108
35
Class A
10
*50
463s
13
77*2 Feb
Feb
38*2
133g
2178
108
10834
2358
24*8
95
9434
9*4
9*4
9238
923s
212
25g
3
July
50
2234
55
63
Jan
46
4l2
7*8
13*8
205g
30
19
39
64*4
Deo
36i8 Nov
No par
2278
3638
55
Deo
111
57 pref class A
46
5434
Jan
934
978 Mar
30
21*8
&
63s
1934 Mar
517g
46
43
3038
60*8 Mar
49
*38
42*4
Feb
Feb 17
Jan
21*4
42i2
July
2512 Dec
10278 Deo
587S Aug
2U Mar
2014 Jan
3834 Feb 17
14
47
4178
114
3934 July 29
127
No par
39*4
437g
Deo
Sept
6
..No par
46
4134
Aug
25
30'8June
Conv pref series A
39
45*2
19
!<5
45U
11U2 Apr 21
General Foods
*113
99
443s Nov
5
30
20 78
44
107i2July 30
2418 Apr 30
9584 July 1
47*2Mar
22,400
15,800
2*4
46
45
June 26
375g
2*4
98*2
32
1618 Mar
28i2 Mar
16
Apr
106U Mar
13i8 May
84i2 Apr
4884June 23
32*8 July 31
II84 Mar 2
6
47
*29*2
98
4i8 Jan
37*4
2*8
2*2
98
Apr 30
25i2Mar21
..No par
30*4
"
4
General Electric
2034
3634
3Q
33i8 Feb 11
105i2July 17
11378 Apr 22
95,000
190
*113
2l2
2
44*8
43*4
119
30*4
4
100i2 Feb 26
20
119
98
145
500
118*2 119*8
2*4
30*4
Jan
z2478 Jan
146*2
4,400
98
38
57
57
"60
9934
2778
102i2 105
4,000
1,400
60
*98
1»4
3278
*49*4
-
101
258
32*8
59""
58*2
110
July 29
3i8 Aug
7i2July
1578
397s
117
23g
52
63
3734 July 28
4i2
Feb
6
1434
3958
*165s
2*4
49i2 Feb 14
78
42U Apr 30
21
July 2
No par
General Bronzei
78
*18.,.
8*8
;
2012 Jan 9
Apr 30
20U Jan 27
47
4438
38*4
37*2
23g
2
5*8 July 24
34
8i2 Deo
Jan
3»4 Mar
July
57s Mar
2
38
21*8 Nov
-No par
$8 preferred
General Cable
8*4
1378
146*2 *146
4378
3838
2*4
110
2,700
7,500
8*8
13*4
15*2
13*4
3578
445g
4378
3758
14934 14934
143g
13*8
*32
13*2
31*4
32*8
IO584 106*2
57*8
57*4
53a Mar
1214 Mar
Apr 28
212 Jan
Apr
48i2 Deo
22i2 Nov
Oct
146
Aug
*76*8
133s
*26
13
3
3
6
1434
13*4
2O84
*2
13
,
Jan
...5
10
1578
73g
2738
General Baking
*49*4
*77
434
*56*4
Gen Amer Trans Corp
General Asphalt
10,700
78*s
738
27*2
37*4
15,400
4,100
14i2
4l2
2i2
134
No par
15*4
7*2
*3l2
*18*8
Preferred
77*2
4i2
*923),
Gen Amer Investors—.No par
100
153g
7*4
958
10,300
15
78
937s
12
102
12*8
50
14*2
1434
77*2
1438
21
570
783g
14*2
I458
109*2 111
2378
235s
100
14i2
1478
7734
1412
44*4
*54*4
438
10
Preferred
Fuller (G A) prior pref. No par
$6 2d pref
No par
1458
1458
7734
*98
Freeport Texas Co
23*2
3U2
*104*4 10534
2*2
1
w
5534
50
45*2
20*4
*36*2
No par
w
12*8
31
31
10
No par
Preferred...
Fourth Nat Invest
23*4
50
125
Foster-Wheeler
55*8
48
23g
*2934
38*2
31
31
10
100
12*2
*47
*113
238
23g
2*2
31
50
13
13
,
37
Aug
Apr
May
Gabriel Co (The) cl A..No par
Gamewell Co (The)...No par
108*2 10812 *106*2 108*2 *106*2 108*2 *106*2 108*2 *106*2 108*2
5
-..
5
47s
478
478
434
45g
45g
45g
458
37
38
37
37
38'
36
37*2
3734 38*4
383g
*106*2 108*2
36
3,200
117S
70
70
71*4
72*8
7138
7034
12134 12134 *12U2 122
*121*2 122
41
40 L
4178
40*2 40*2
40*4
8
8
8
8
8*4
778
53
55
55
5334
5334
5334
1
121*2 121*2
4134
41*2
8*4
8*8
53
53*2
41*2
72
pref...
24
47
119
119*4
7238
713s
534
July 18
95
new..
5558
47
61*2
Corp
12*8
49
*55
-»«
Food Machinery
24
50
*119
*121*2 122l2
*40*2
-
55g
Deo
Deo
54
No par
55
*47
64
64
t Follansbee Bros
12*2
12i2
40*8
238
2*4
260
15
39i2 Dec
125
'
*101
149*2 150*8 *140
14934
8*8
83g
8*8
8*4
4458
38*4
49
64*2
105
38*2
Jan
Dec
Mar
100
56*8
2412
57*8
57*8
57%
57*8
*57*8
14634 *146
146*2 *146
146*2 *146
57*8
58*2
146*2
104
*3758
Mar
17
115
101
100
12*4
149*2
8*2
113*4
3034
100
4
Mar 25
Apr 8
July 25
6978 Mar 30
73S Jan 9
First National Stores.-No par
conv
3158 Feb 24
18i8
5378
160*8
4784
x85
Florsheim Shoe class A .No par
43^ %
7
Deo
Jan
6*^% preferred
10
62
Nov
3*8
Apr
Apr
Preferred series A
■
135
6
48
.100
545s
2338
55*4
2412
1234
13*4
6,700
26*2
26*8
Apr
®8 Mar
40
F'kln Simon & Co Ino 7%pfl00
74
*69*2
2
Mar
Firestone Tire & Rubber
240
5,100
*55*4
12
12
11*2
1134
102
101*4 101*4 *101
102
5458
245g
1258
13
7,500
r
Deo
8i4Mar 19
584 Mar 25
1478 Aug
92
Pllene's (Wm) Sons Co.No par
250
*
135
53g
13
12
1158
*101
535s
,
13
1234
103
5
53g
1,400
107*2 10778
30*8
2834
100
101*4
39*4
39i2
62
2378
533g
*
3534
35*2
62
8*4
*146
36
*120
13*8
102
36
3558
62
12
1134
125t
*140
.
35*4
4018
July 13
Fidel Phen Fire Ins NY
70
13,100
1,000
3,100
3,000
4,900
May
38
Preferred
20
11058 1105g *1105s 113
28*4
2834
29*2
28*2
105
10538 10538
105*4
45
45*2
45*2
45*2
32*2 32*2
3258
3258
7
7
634
6*2
15
100
Federal Mln & Smelt Co
2,900
2,900
4234
4214
69i2 Feb
10i2 Mar
8584 Nov
4
8
25
3578
*34
*34
Jan 15
9884 July 25
Federal Motor Truck ..No par
Federal Screw Works—No par
m
(9
1884 Apr 30
Federal Water Serv A.-No par
Federated Dept Stores. No par
mi
13i2 Deo
84
7,800
1,300
<-
Jan
19i2 Deo
684 Mar
No par
7,200
120
13
*101
2334
1238
35*2
-
14
15*2Mar
12212 Jan
Rico.20
Preferred
538
'
Mar
Mar
4078 Jan
8I2 Apr 29
3434 Jan 7
100
9
41
13
ll7s
53*4
23*2
110*2 1105s
100
Fairbanks Morse & Co.No par
4
3678
42*2
42l4
*34
Nov
55l2 Nov
7*a Dec
Feb 15
2>8June
5*8
62
-
53g
13
103
34
55
19
4% Jan
9
120
40
*101
433g
34
Feb
Aug
Mar
Jan
..25
o
Nov
Jan 10
Fairbanks Co
4
62
"62"
13
37
43
17*8 Feb 21
2784 Feb 21
50
12
Exchange Buffe tCorp.No pai
Preferred
14i2
15i2
4i2
718
8i2
June 30
Dec
Mar
23i8July
5
6% oonv preferred
14
June 30
Sept
8I4 Nov
68
50
538
130
**61*2
*5*4
36
35
Apr 30
Apr 29
6884 Nov
7s Jan
•'••/.Da Aug
U8 Mar
7*8 Feb 21
1134 Jan
..5
9*8
4*2
834
4l2
53g
*3334
10778 108*2 *105*8 108
*105*8 1077s
107*2 107*2
30
30*4
29*2 30*8
2934
29*4
29*4
30*8
100
99
*100
99
101*2 101*2
101*2
100*4
38*4
3838
39*4
37*2
39*8
38*2 3934
3934
*69
75
75
*69
75
*68*2
*69*2 74
28
26
2634
27-34
275s
26*4
26*4
2634
101*2
*68*2
9*8
4*2
5*2
5*4
29
2834
105*2 105*2 *105
10538
455g
455g
45*8
4534
32
31*4
32*8
32ig
7
6*2
7*4
634
734
7*2
*35*2
108*8
37*2
4338
105*8 105*8
46
4634
31
29*4
105*8 105*8
4634
*46*2
*2838
36
*34
,
884
438
110*2 llOSg *110*2 111
29
29
2878
29*2
*11058 114
29*2
29]4
*100
36
*33*8
*
5*2
37*2
433g
43
42*2
42l2
938
4*2
55s
3784
435s
9*4
*4
55s
37
36*4
36
934
4
16
..100
Cleaner
Eureka Vacuum
100
•
11
...100
Fajardo Sug Co of
*38
53g
5U Apr
Federal Light & Trac— ...15
40
9
134
97
100
40
4
66
Jan
14 Mar
89i2June 30
3,400
40
5*2
Jan
Jan
7,100
*38*2
4
5234
12534
Feb
Jan
99
40*4
10
7
July 22
55
-i—100
Mar
Feb
7*2 Aug
34*8 Dee
31s4 Deo
*8 Apr
15*8 Apr 17
48
24
*3834
39
83s
69
No par
Erie & Pittsburgh
share
per
6
116
712 Jan
?
Mar
212 Mar
,
7
5
No par
4678
40
538
934
July 27
$5*^ preferred
Evans Products Co
100
*39
4
78
84
Flrt preferred
Second preferred
160
88
,*83
*105
45*2
July 27
3
9
4512 Jan 14
preferred
Erie
-
40*2
*39
*32
45*4
M
3,900
165
4534
23*2
9834
2378
*95*2
24
9834
«•
1,500
1,180
5212
*155
9834
-
13
52
52i2
162
•
4,700
6,700
67g
3*4
4684
2312
./
M
1478
2534
7*8
5334
5312
160]8 160*8 *158
%
«
14
2534
13*2
253s
112
1
Equlpable Office Bldg.No par
2,000
13,800
10,100
2,700
1558
26
3*8
*12*4
53*2
■>."
1384
500
6
6
50
July
No par
conv
Highest
5514 Jan
1*8 Feb
378 Feb
112 Jan
53i2July 25
100
".
1*8 Mar
$6 preferred
89*2
6
6
15
*70
1334
$5
200
82*8
*80
5% Pref
K
55g Sept
85
12 Jan
..50
Engineers Public Serv
734 Feb 21
29iz Jan
4238 July 13
par
Endicott-Johnson Corp
80
'
8912
6% part preferred
1,600
75
No par
t Elk Horn Coal Corp. No
'
14^
No par
Elec Storage Battery ..No par
900
5478
112
112
*14
5,100
Lowest
E per share S
1734 July 14
5*4 July 28
688 Jan
32^4 Jan
Electric Power & Light.No par
$7 preferred...
56 preferred
Highest
% pet share
'
Elec & Mus Ind Am shares...
6,900
81
534
*70
«
76*2
24*2
1578
26*2
.3*8
*1212
81
63g
1534
17*8
112
79
*80
26
15
1378 1 14
26i2ik2634
«•,
83
89*2
6*4
1538
24
*70
714'
82
54
*72
16*2
Lowest
$ per share
Par
6,600
53,600
5*2
17*8
79*2
453s
*5g
*134
4534
*5378
79
*80
6*4
7412
79*2
*112*2 114
1434
*1334
1434
*70
89*2
6*8
15
*143«
14*4
83
,
*80
89*2
6*8
.14
2438
5478
116
*112
112
1434
7934
*76
3
5434
112
1478
1414
4
.
16*2
76
58
134
v
538
1678
Range for Previous
■Year 1935
On Basis of 100-share Lots
Week
53g
5*4
16*2
73*2
78*2
4538
.
1936
1,
EXCHANGE
the
$ per share
$ per share
Range Since Jan. 1
STOCK
YORK
NEW
Friday
Thursday
Wednesday
July 29
Monday
STOCKS
-
fOT
JUI
Saturday
..
Aug.
3
xl07*2
109
Oct
"
106
Jan 10
2
Apr 28
26i2May 25
33U Apr 30
3212 Apr 30
17
July
30'8 July
13%June 25
z74
June 30
684 Jan
69
Jan
nag Feb
Feb
5
U8 Mar
4
155s Mar
118*2 Mar 14
37a Jan 21
43
Feb 21
44i2 Apr
8
60i2 Feb 7
24*8 July 31
\185« Jan
90
16
Jan 24
l«i8 July 31
6
102*2July 31
5514 Jan 14
55
Jan
6
2 is8 July
8
87
2
9934 Feb 17
8I2 Apr 28
78
77
2
Jan
Jan
6
June 30
13s July
6
3i8 Apr 30
16
Apr 29
25
Apr 30
28'2 Jan 16
109
Oct
3>8
39i8
1634
33i2 Deo
Jan
14
Apr
12
Mar
51
Deo
Dec
Nov
19i2 Aug
70i2 Jan
218 Mar
93
18
Mar
7584
Deo
Feb
4912
Deo
23*8
Aug
884
Deo
July 27
/*2 Feb 28
10U Feb 17
21*8 Jan 6
2378 Apr 15
111
July 25
3178 Apr 15
1234 July 7
13f>8 Jan 21
Jan
84 Apr
1434 Mar
367s July 25
6
3934 June 11
52i2July 6
378 Jan 2
678June 30
80
4i2 Nov
41U Deo
1*8 Apr
143a May
7i2 Mar
40
Mar
434
22
14t2
Deo
82
Deo
2678
Jan
92
12>8 Mar 11
1534 Mar
70
Apr
2t2 Apr
96
20
85
July
3
412 Feb 19
11*4 Mar 20
Apr
1*4 June
Jan
Nov
Jan
10*2 Deo
Deo
4i2 Oct
3*8 Nov
6*8 Jan 15
514 Mar
214 Mar
5
Jan
23*8 Jan 15
143s May
2934
Jan
35»2 Apr
1818 Mar
358a Nov
39
28
3.SI4 Sept
2
July 28
Mar
Gt Nor Iron Ore Prop .No par
16
Jan
2
20*2 Feb 19
9U Mar
16
Deo
Great Northern pref
100
3214 Jan
6
44
Feb 21
9*a Mar
35'8
Deo
Great
pa*
31
Jan
i
100
136
Western
Sugar..No
Preferred
Jan
6
Green Bay & West RR Co. 100
5012 Mar
9
Green (H L) Co Inc
22
Apr 28
Greene Cananea Copper... 100
65
May 21
Greyhound Corp (The)
4834May 11
1% July 7
24
July 7
Guantanamo Sugar
Preferred
1
5
No par
55
Mar
29 7a
95
Feb
July 28
Jan 23
80U Jan 27
Jan
3478 May
Jan
140
21
Apr
50
y
10
25*8 Nov
28*8
•'
34
95
Dec
Feb
6i8 July
7
1
Mar 19
3i2 Feb
39
26*8
119
Feb
74*2 Nov
2*4 May
19
Feb
9U Jan
2
19«4 Mar
4
4
Mar
3012 Jan
2
55
Mar
3
6
Apr
1 Us
34U
No par
283S Jan
7
54
July 30
12
Mar
33t2 Nov
Jan 24
118
Mar
6
48
Mar
3414 July
3
2U4
Jan
3084
Deo
30
Jan
35
Deo
4
Mar
8
6i2
Apr
100
Preferred
Hackensack Water
7% preferred class A
Hall Printing
100
105
25
30
..25
33
Jan
4
June 10
3618
Jan 16
10
6
Jan
9
11*2 Apr
Hamilton Watch Co...No par
Preferred
.100
14
Jan
2
2138 Feb
Hanna (M A) Co 55 pf.No par
Harbison-Walk Refrac.No par
Preferred
Hat Corp of America cl A
Hayes Body Corp
9
100
Preferred
634% preferred.
9
100
Gulf Mobile & Northern
Gulf States Steel....
39
14714 July 29
109
May 19
100
June 22
30*8
100
120
1
12
100
2
Jan
3
Jan
3
Jan 20
10418 Feb 17
4*8 A
pr
30
6
4
Feb
8
10 >*2 Mar
18
119
41*8 Apr
I
Apr 23
163s Mar 25
126
115
9
Jan
Mar
9
5
63
Jan
10012 Sept
16
Mar
43U May
108
Deo
Deo
Deo
Oct
14*2 NOV
112
Deo
105
Nov
30*8
121
Deo
9934
Jan
5i2
Feb
14'8
Deo
Feb
113*2
Dec
6
Oct
81
1*8 Mar
Deo
.
New York Stock
Volume. ;143
SALE PRICES—PER
HIGH
AND
LOW
Saturday
Friday
July 25
Wednesday
July 29
$ per share
$ per share
$ per share
*10938 110% *109% 110% *10984 11084
109% 109% *109% 111
*125% 130
*125% 130
*125% 130
*125% 130
*125% 130
163
31%
3184
*113% 115
114
Shares
*116% 118%
*39
39%
*109% 111
I884
18%
3684 3634
114%
*400
450
*40
41
26%
*76
70%
50
3%
*112
114
9%
3%
.
3%
3%
12
12
12
114
17
3%
12
17%
2
24%
45%
*65%
25
24%
25%
46
46
47
67»4
*66
*1434
15%
IO84
15
15
10%
10%
30%
*128% 134
9834
9884
29
30%
2%
30
133
133
17%
2
2%
25%
2
24%
24
45%
45
2%
24%
45%
24
44
66%
66%
65%
15%
10%
29%
66
66%
15%
10%
15%
30%
30
66%
1584
10%
291,4
135
11%
11
11%
13%
14%
14
7%
4%
10%
10%
3%
*25
2634
*162% 164%
3%
14%
6
1334
*534
1384
14%
7
11
5%
584
1334
1438
5%
13%
14%
734
7%
7%
734
6%
39%
39%
4484
43%
6%
45%
6%
44%
4
*334
4
4
4
4
11%
11%
11%
11%
11%
3%
3%
3%
*24%
3%
2638
IO84
3%
4%
11%
3%
26%
*25
164
26
162
128% 129% *128
6
38s
39%
41%
39
40
39%
4034
3934
3934
2
2
41%
40%
41
*3984
111
*110% 111
2934
28'4
28®4
49
49
49%
19
18%
19%
65%
G734
6784
14
13«4
13%
20%
20%
21%
110
28%
2
111
110%
28%
2
40%
39%
111
*110
40
28%
50
49%
62
62
62
62
62
13
21%
21
22
21
1234
21%
13
22
13%
21%
63,200
12,800
98
98
98
98
98
98
98
2034
20%
2134
*2034
20%
21
21%
*25%
*122%
26%
26
26
25
25
*25
26
25
25
.98
*122%
*122%
,
23
23
41
41
23%
26%
.
94
23%
2584
*93
43%
22%
41%
22%
42%
42
22%
43%
24
24
24
23%
26
2534
2634
26
25%
26
25
25%
24
44%
20
4334
19%
*26%
25«4
69
69
*65
*20
.
-
584
,
102
95
*65
-
*5%
534
*85
<
26%
1
*65
71
*65
21%
28%
21%
29%
21%
21%
21%
21%
29
30
27
28
49
47
47
47
47
47
47
16%
18%
1634
16%
17%
1734
13%
22%
13%
22%
22%
22
11
10%
62%
64
8%
28
*27%
65
8%
*27%
63%
8%
28
8%
109
108% 108% *107
108% 109
108% 109
13%
12
11
-
11%
107% 107%
16
15%
58
58%
6484 65%
9
8%
£27%
27%
108
16
109
66
*165
*165
168
*165
168
*165
20%
20
20
20
20
20
20
20
20%
33
32%
32%
4484
31%
44%
31%
45%
31%
44%
38%
32
44
32%
44%
38%
51%
32%
44
,
130
35%
47%
10%
*2
4784
2%
11%
11%
37%
2:8884
28
*36
91
92
29%
36%
28%
36%
29%
*130
*130
36"
11
48%
11%
35%
46%
12%
47%'
48
47%
35%
47%
*2
*1134
91
91
*2
2%
I2I4
*11%
For footnotes see page
708
27%
*36
36%
-
-
-
-
1284
35%
45%
123s
47%
47
47%
*2
2%
•
11%
92
27%
*35%
*130
*130
36
12
92%
28%
36%
37%
500
/ 300
1,700
""900
1,400
2,200
S
4634
45%
12%
47%
47
2%
*2
46%
12%
47%
2%
11%
11%
19%
*130
3d34
45%
*11%
*47
*2
11%
-
-
«.
37%
46
12%
47%
2%
13%
640
4,700
2,800
11,900
300
8
Jan
2
Jan
2
7
Apr 29
5812 Jan 18
2
Jan
2
25
July 31
80
Jan
7
20
May 20
1
18
June
4
Kelvlnator Corp
No par
Kendall Co pt pf ser A .No par
1434 Jan
2
87
Class B.
Kenneoott Copper
28U Jan
1734.1 u ie
.No par
3J
Apr 28
20*2 Apr 28
No par
Kresge (S S) Co
10
Stores...No par
1vJ134 July
1
4% Apr 29
100
7478 Feb 26
100
7% preferred
Preferred
Kress
Lacelde Gas Lt Co St Louis 100
;
Bryant
5
Lehigh Portland Cement
25
100
50
4% conv preferred..
Lehigh Valley RR-Lehigh Valley Coal
--50
(The)...No
Lehn & Fink Prod
Corp
Corp..—No
.
Liggett A Myers Tobacco—25
Series B——————.25
6
12
,
Jan
2
387sMay
5
par
Libbey Owens Ford Gl.No par
Libby McNeill & Llbby No par
Life Savers Corp..
..5
July
9% Apr 29
May 11
89
par
4
47U Jan
2
7
May 19
25
May 7
Marl6
97
9734 Mar 13
100 xl80%June 9
19
Apr 29
Lily Tulip Cup Corp...No par
....
2578 Jan
36
July
2
No par
—No pat
32*2June
3
21
28
23
2
Lima Locomot Works..No par
Link Belt Co
...No par
Loew's lnc
No par
.......No par
Long Bell Lumber A ...No par
Loose-Wiles Biscuit.
25
100
5% preferred
Lorillard (P) Co
10
43
104i2 Feb
2
Apr
3% Jan
40*2 Mar 13
107 May 19
2118 Apr 28
7% preferred
——.100
t Louisiana Oil pref..—
100
142
Louisville Gas A El A ..No par
Louisville & Nashville
100
Apr
3
2%
Deo
28% Deo
42% Deo
110
Deo
85 July
31
Feb 21
36% May
49% Nov
Dec
110
Jan
49
Jan
78
Oct
14
Deo
90
Mar
Aug
16
Nov
36
Jan
120% Apr
37
Aug
99% NOV
38% Mar
117% Mar
50
Apr
126% Deo
115% Mar
384 Mar
120% Deo
14% Deo
93
Nov
22
6% Mar
Deo
7%
Feb
20% Nov
1584
Jan
30
34
Oct
90% Oct
31% Nov
Mai
6
Jan
3% Mar
10% Aug
28% Nov
18% Jan
97
July 30
84
96
45
July 30
1384 Mar
Mar
July
30% Deo
22%June 22
29% Apr 24
8
7% Jan
43
Jan
8
26% July 30
110% Feb 10
21
Mar
1984 Mar
103% Apr
Nov
6%
Oct
Deo
41
Mar
Deo
27% Nov
Apr
113
3
2
May
42
Jan
80
56% Apr
22% May
80
77% Jan
3
Jan
8
1184 July 30
16% Mar 17
23
2%
23
July 13
6% Mar
90
"16"
Mar 24
12
6% Nov
Oct
Nov
Aug
27% Deo
46
Aug
32
Mar
19% Mar
21% Oct
5
May
h
28%
Jan
9
8% Mar
Jan
Deo
14%
17%
10% Mar
Jan
103»4 July 22
14% Mar
4
5
Mar
10%
Oct
11% Jan
3% Aug
1584 Nov
9584 Nov
17% Jan
"21%
Mar
749% "Oct
6
Feb
6
1% Mar
16% Feb
109% July
1684 July
59% July
66
July
11% Jan
6
28
15
31
31
5% May
67% Mar
6
31% Jan 29
115
Jan 16
116% Jan 15
165% July 16
23% Feb 5
39% Feb
50% Feb
44% Apr
54% Jan
108% July
3% Feb
8% Mar
45
21
19
6
8
17
Jan 17
Mar
94% Apr
9384 Apr
151% Jan
15% Oct
13%
17%
24%
31%
Mar
Mar
Mar
Feb
102
Feb
I
122
167% May
28% Nov
27% Nov
112% April
26% Jan 27
107% Nov
124
Oct
43
Deo
37%
55% Nov
10884 Oct
2%
Oct
4%
1% Mar
33
Apr
151
Aug
Aug
120
Mar
11
24
10% Nov
29% Nov
6% Sept
21
Deo
41% July
112
Deo
26% Nov
18% Mar
7
13
Jan
3
15
Deo
May
4
5l%May 25
28
July 31
4% June
20
10% Mar
23
' Aug
57i2 Jan
2
93
July 22
34
Mar
64
8
May 14
Jan 30
Apr *149%
Ludlum Steel
22% July
35
Feb 19
12% Mar
35
42
Jan 21
37% Nov
46
127*2 Jan 9
27% Jan 30
7,300
3,600
2,500
Macy (R H) Co Ino...No par
40% Apr 30
Madison Sq Gar v t c..No par
6% preferred
Magma Copper
t Manatl Sugar..
Preferred
100
.......10
8% Jan
2
34i2 Jan
.....100
1%
Jan
6
2
..100
7*4
Jan
2
130% Mar 16
37% July 31
49% Mar 4
113
"
14% Apr 18
July 21
3% Feb 7
17% Feb 7
49
30% Apr
5% Jan
18%
%
4
Sept
,
130
Feb
3084
18% June
„
Deo
Deo
26
MacAndrews A Forbes..... 10
Maok Trucks Ino.....No par
""600
5
3% Dec
Jan
26,700
20
Feb 24
33% Jan 31
50% July 13
26»4 Feb 6
June 10
2
No par
Preferred
Lerier Stores
123
20*2 Apr 27
15% July 29
7*8 Jan 2
12
July 15
15*2 Apr 30
94*2 Apr 30
8*2 Jan 2
No par
.,
Lee Rubber & Tire
ehmau Corp
101% July 15
22>4 Apr 2
29«4 Feb 19
28
32
Lambert Co (The)-.—No par
Deo
Nov
Deo
2
16% Sept
19%June 30
100
5% preferred...
Mar 16
66
No par
No par
(S11) & Co
Kroger Groc & Bak
1
7
4
18*2 Jan 7
3?8 May 11
—..No par
Preferred
Feb 28
Oct
47%
130
8% May
70% June
6% Mar
24% Oct
75>8May 27
39*2 July 15
116i2/une29
Jan
Deo
484 Aug
6%
July 28
22
100
10
Jan 27
36% Nov
65% Nov
154
28
126% Feb 24
t0% Feb 21
43% July 30
121
Apr 6
26
Apr 2
43% July 31
24
July 28
3314 Feb 25
94% July 23
,28% Jan 2
24% Jan 2
25% Mar 20
17
Jan
42*4 Jan
190% Deo
16
July
56% Dec
5% Mar
129
19 >4
Deo
5
25
5
13
Jan
13%
42% Mar
7
100
Jan
3
Mar
June
Jan
July
Mar
July
May
Mar
Jan
Jan
Jan
5
53% Feb 21
23% Jan 30
6784 July 27
19% Feb 17
May
88
438
20% Deo
29% July 21
12134 Feb
—100
Preferred.
10
June
4
100
Loft Ino
290
Feb 10
113
No par
"2^566
9,800
111
4%
21%
98%
15
—No par
Liquid Carbonic
600
Mar 26
2412 July
1
7,700
25,800
1,700
44% JUly 31
82
$12.50
Kayser (J) & Co
5
Keith-Albee-Orpheum pf—100
Kelsey Hayes Wheel conv cl AI
Lane
54% Feb 19
129% Mar
738 Feb
44
12is Apr 30
103g Apr 30
1
City Southern
Jan
1*4
1%
22%
123%
1%
5% Jan
8
Feb 21
Jan
Deo
23% Sept
22% Mar
34% Mar
135
May 22
50
.No par
Preferred-
June
Apr 27
23
Apr 28
47ig Jan 2
15
Apr 29
100
Preferred
188
19%
3784
12
'
31%
31%
44%
45% 45%
39
41
38%
53%
5284 53%
108% *106% 108%
2%
2%
2%
434
4%
4%
42%
42% 42%
111
*110% 111
2484
24% 2434
145% *143% 146
34%
3134 3234
27
28
27%
92% *92
92%
27
28%
27%
36%
36% 3634
36%
12%
3,300
4,900
4,700
2,700
3,300
22,100
9,300
59%
168
109
120
14,300
16
58«4
65%
109
109
2,700
11%
107%
9
9%
2684 2634
*106% 109
108% 109
168
91%
47%
10%
540
11,800
1,700
2,300
July 27
90%June 12
Apr
26
149%
Oct
7%
2% July
%
107
Kaufmann Dept Stores
Dppt
5% Mar 11
37
100
Preferred.—
Kresge
5% Feb 14
1584 Mar
38
6
9
Nov
888
Oct
20*2 Apr 30
Inter Telep & Teleg
.No par
Interstate Dept Stores. .No par
Johns-Manville
2
Mar 18
15s Jan
Nov
108
8>4 Mar
July 31
Deo
121
Mar
4
3% Feb 10
214 Jan
.No par
Jewel Tea Ino
6
334 Apr 30
.No par
100
International Silver...
460
13
*165
45
11,000
11%
13%
22
22%
22%
22%
103
103
*10284 105
13
13%
13%
13%
2%
2%
28s
2%
"/if?
11
1134
17%
11%
13
1034
22%
21%
103%
103% 103% *103
14
13
13
13%
2%
2%
2X
11
*
*10%
10%
108
109% 107% 108
1534
15»4
15%
15%
58
58%
58%
57%
22%
103
103%
13%
13%
2%
2%
107% 107%
16
16
1584
58
58
58%
62
62%
61%
8%
8%
884
28
28
27%
109
*107% 109%
109% 109%
109%
36%
*47
300
21%
30%
11
28
200
71
48
13%
125U Feb
15
5% Deo
36% Oct
1% Oct
9% May
1% May
4% Mar
53
2
8
Mar
Mar
May
Mar
46% Mar
2% Feb
4i% July 31
160
4i{ Jan
43%May
International Shoe
Preferred
7
Mar
4%
2%
23%
60%
18% Jan 11
8%June 26
2
8
35*2 Jan
5658 Jan
.No par
100
Island Creek Coal
Feb 14
114% Feb 20
13»4 Apr 13
7% Jan 18
14812 Jan 23
2% Apr 30
100
7% preferred
9
147
41
Mar 23
22»4 July 10
Apr 28| 185% Apr 11
Int Hydro-El Sys cl A —.25
Preferred
Jan
18% Feb 24
13% Apr 17
34% Apr
160
100
Preferred
10
29%
13%
3
19U Jan 9
212 Jan 2
9* July
l
2% July 10
International Cement. .No par
Internat Harvester
.No par
200
90
21%
IO84
91%
35%
"
49%
18%
13
27%
130
534
7
6
5%June 10
11% Apr 30
3^4 Jan 7
100
Kinney Co
31
11
37%
*36
103
885s July
6*g Jan
Int Business Machines.No pari
100
90
.
40
600
2134
18%
Feb 18
4
21,800
«4 Apr
9% Mar
Apr
70
No par
Intertype Corp
5% Jan
1334 Deo
17% Oct
3% Jan
22*4 Deo
38% Deo
59% Deo
6*4 Mar
6
May 12
4ia Jan 2
25'sMay 21
106 May 12
No par
No par
International Salt
Feb
6% Mar
Jan
Internat Agrlcul
Prior preferred
180
2«4
60% Deo
17% Feb
11
27
31%
26% 26%
102% 102%
584
534
5% Jan 23
Jan
1934 Mar
58
4
31%
90
38
39%
38%
39%
52
52
52
51%
52%
5134
52%
5134
108% *106% 108% *106%
*108
108% *108
108% *108
2%
2%
2%
2%
2%
2%
2%
2%
2%
5
5
4%
484
4%
4%
484
4%
4%
42
42
43
43
43
42%
42% 42%
*42%
*110%
110% 110% ♦110% 111
*110% 111
*110% 111
24%
24%
24%
24% 24%
2434
24%
24% 2434
146
145
145
145
144% 146
145%
*144% 145
33
34
34
34%
3484
33%
33%
33%
33%
27
27
27
27
27%
2634 27%
26%
2684
37
4%
32%
26%
3.700
Nov
100
Keystone Steel & W Co No par
Kimberly-Clark
No par
*85
71
80
Nov
7
Feb
15
*25
27
4%
*31%
268s
10584 10534
13
13%
2%
*26
4%
32
31%
*10%
168
32%
43%
29,200
20%
12%
11%
109%
45
20
15%
IOS4
•
108
*165
44%
20
12~500
73
July 27
No par
Kansas
Jan
1% Mar
47
Ingersoll Rand
9,300
48
29
103
109
45
1984
*96
29%
47
15%
57%
62%
8%
*27%
44
97
94
21%
21%
11
*93
26
71
2%
4434
20%
26%
26%
4%
4%
32%
*4%
31%
69
*11
54,800
44
27
*26%
.
4%
34
*65
108
21%
97%
20
95
1384
22
21%
96
21%
96%
2134
21%
21%
2184
96
44%
20%
44
20
*85
*102
20
20%
19%
95
I8S4
24%
96
*85
18«4
*9%
12%
22%
24
21%
95
43
*93
24
22%
*85
2138
26%
94
23%
23
24%
*93
44%
20%
94
7,000
1,700
4,000
23%
2O84
*93%
1
20%
20%
96
27
94
*93
26
25%
2534
al06
106
106% 106% *10534 107
6
*534
*534
6%
*584
6%
25%
"5J00
July
Deo
3% Feb 19
28% Feb 19
Kan City P & L pf ser B No par
24
Deo
42
31%
5
Kalamazoo Stove Co.
42
2
Jan
495
June
Jones & Laugh Steel pref..
-
Jan
11
30% Mar
6% Mar
Mar
185s Apr 30
No par
Preferred
Jan
338
Feb
44U Feb
30
10
Class C
118
22% Deo
....100
Leased lines
Jan
July
3084 Dee
100
1,800
-
33
1
8184
534 Mar
100
10
Deo
6% Mar
19% Deft
x20% July
37i2July
114
July
544
3*8 June 10
81^ Apr 27
13%May 4
100
2,220
-
2284
94
100
No par
87%
23%
25S4
21%
& Manhattan
Motor Car
.43%
-
41
23%
2034
4%
85%
43%
*118
22
26%
*32%
25%
-
-
24
96
5%
-
23%
41%
22%
34
-
5,800
104
43
BR Sec ctfs series A
40
41
20
27
123
24
22
*26%
*4%
117%
8884
43%
43
*118
800
117
123
22%
20
*32%
88
89
43%
.......
85
85
84%
11784
*12284 123
2
3
5
July
4834
36%
73% Apr
5778 Feb
5
Preferred
23%
96%
20
86
42
600
Deb
Jan 21
Co
Indian Refining
Industrial Rayon
*122%
84%
117
4,200
21%
26
*25
Oct
131
49
6% pref series A
120
98
21
23%
4134
25%
25%
84%
119
122% 123
*118
*118
-
117
21%
*97%
*122%
84
84
84
84
83%
83%
82%
112
118
113%
111% 112%
*122% 123
*122% 123
*122% 123
83
80%
80%
83% 8684
80%
*41 '
*41
4134
41%
41%
41%
*112
600
18%
*,17%
90
Feb
76
July
70% July
12*4 Jan
Illinois Central
410
13%
Mar
7
Int Printing Ink Corp.. .No par
Preferred
100
90
71
122
4
Inter Pap & Pow cl A. .No par
Class B
.No par
1,200
1,100
June
638 Jan
1,200
28
June
162
Jan
54s4June
6,600
1,300
7,000
45,100
49% .49%
Jan
22*4 July 2
65*4 Jan 14
Int Nickel of Canada., .No par
'
5
141
Jan
11
44% Feb 19
3978June
50
Hupp Motor Car Corp
400
13%
*17
son
Feb
Jan
142%
25
c new
33,700
62
18%
t
Preferred..
Hu
•
127
112*4 June 30
Feb 17
414
Int Mercantile Marine .No par
14
I884
v
9,400
2,500
1384
20%
-
Howe Sound
119
Highest
'
$ per share $ per share
85
Jan
120
Dec
No par
Class A
Houston OH of Tex
600
6784
98
..
11,800
13,500
111
28
28%
49%
18%
20«4
*118
2,100
,200
1,300
2%
44%
40%
*110
111
28%
28%
*49%
18%
42%
*19
*118
11%
3%
24%
2%
42%
*39%
Household Fin partio pf
Jan 13
80
2
19% Jan 13
108
No par
\ 500 Intercont'l Rubber
27,700 Interlake Iron
4
49%
1834
6734
49%
•
*122%
7
24%
164% 164%
2
1%
9
...5
.
Jan 27
141
163i2 Mar 24
3534 Jan 2
11518 July 15
136
Apr 17
June 13
30% Jan
No par
4,200 Inland Steel
7,000 Inspiration Cons Copper...20
1
1,300 Insuranshares Ctfs Ino
5,800 t Interboro Rap Tr v t c—100
930 Internat Rys of Cent Am.. 100
Certificates
No par
1,900
Preferred
100
1,800
128% 128% *126i2 12984
6%
684
6%
6%
3
3
3%
3%
6%
*3
41
3%
2
128%
6%
6%
*3
3%
2%
40%
2
26
16334 164
108
Class B
160
52
5234
5284
5258
52%
52%
52%
86
83
81
86%
84%
82%
8484
160
159
*155
159% *155
*156% 159
4
384
3%
384
384
3%
384
3%
5
5%
5%
*5%
5%
5%
5%
5%
50 %
50%
51%
51%
50»4
51%
51%
50%
51%
51%
*128% 129
6%
6%
6%
3%
162
3%
112
Holly Sugar Corp
No par
7% pref
100
Homestake Mining
.100
Houdaille-Hershey cl A No par
130
8,500
:
par
No par
Hollander & Sons (A)
600
700
25*2 Apr 30
—No par
..No par
$5 conv pre!
3,200 Hudson
34,100
6,100
20,200
2,500
85%
51%
*96
3,500
52%
*128% 129
24%
21%
19%
800
158
5%
*3
26
164%
164
165
11%
3%
*24%
Conv preferred
Holland Furnace
1,600
12,400
46%
40%
4
*93
300
1,700
14,100
7%
684
5%
26
10
13%
7
6
4
22%
4084
9,800
800
6
5%
*23%
36,100
11%
584
11%
11%
534
684
4
98
July 29
July 31
10
3012
*5%
39%
*3%
5%
20%
67
Hershey Chocolate....No
800
101% 102
7%
334
18%
Jn30
135
*130
135
5%
52%
52%
52% 53
85
85
84%
86%
*155% 158
*15684 158
63%
13%
*9%
5%
39%
*3%
1034
3%
40%
49
Jan 23
128
-
684
6
*2884
2
45
100% 101%
6
111
29%
133
102%
6%
40%
28%
133
133
*584
4084
11
100
6%
2
15%
10%
9934
*5%
6%
*15
99%
11
*3
84
100
2,000
3%
17%
9934
11%
51
mNo par
$7 cum preferred...
Mar
133
107% July
117
May 14
150U July 8
Hercules Po «der
110
11%
18%
2%
24S4
45%
6684
15%
1034
17
99
11%
40%
*3%
-
3%
12
17%
Hazel-Atlas Glass Co.——.25
Helme (G W)
25
Preferred..
100
$ per share
100
*10%
3%
*3%
*10%
16%
46
*15%
*9%
28%
134
3%
12
*1084
2%
25%
66
67%
3%
3%
2
11%
6
-
-
$ per share
Par
Highest
No par
100
Lowest
Lowest
Hercules Motors
114
*112
Year 1935
100share Lois
3,500
30%
17%
24%
46%
11%
*7%
30
12
11%
I684
17%
2%
*9%
30
30
30%
30%
*111% 113% *111% 114
,
16%
2
31%
50
■
80
50
*
31
3184
*163
300
164
*163
164
On Basis of
EXCHANGE
*125% 130
164
*163
—
27%
69%
9%
163
•
'
*114
163
132% 132%
132% 132%
13234 13284 *132%
132% 132%
*67
65
*67
71
67
67"
71%
*64%
*63% ■67
112
112
114
115
*116% 117% *116% 117%
115% 116%
40
39
37%
39%
40%
40%
38%
36%
3784
37%
111
111
*109% 111
*109% 111
*109% 111
*109% 110%
18%
19%
19%
19% 20% x20
19%
20%
1984 20%
36
36
37%
36% 3684
36%
35%
36%
35%
35%
*114
114
114
*112%
*112%
*112%
421
425
435
*400
*411
430
450
421% 421% *410
41
40%
40% 41%
4034
4084
4034
40%
40%
40»4
27
26
26
27%
26% 27%
26%
26%
26%
26%
*76
76
76
76
76%
7534
7584
7584
7584
*7584
70
70
70
70
69
*67%
69%
69%
*67%
69%
9%
9%
9%
9%
9%
934
9%
9%
9%
9%
51
51
*50
51
51%
50%
51%
50
5084 51%
"71*84
*67
163
31%
>
*132%
.
$ per share
109
109
$ per share
Range for Previous
Range Since Jan. 1
YORK STOCK
Week
Thursday
July 30
$ per share
STOCKS
NEW
the
July 31
Tuesday
July 28
163
.Sales
for
NOT PER CENT
SHARE,
Monday
July 27
*160
Record—Continued—Page 6
Feb
May
Deo
57% Nov
11% Deo
Jan
Feb
37%
Jan
10
Deo
2% May
May
New York Stock Record—Continued—Page 7
714
LOW
AND
EXCHANGE
the
Saturday
Monday
Tuesday
Wednesday
July 25
July 27
July 28
July 29
July 30
July 31
Week
$ per share
$ per share
$ per share
Shares
S per share
$ per share
*9
10%
35%
16%
19%
37%
20
*3%
10%
1%
2
7
♦46
*22
24%
46%
3
3
3
3%
46
46
46
4634
1534
16
1934
3%
1138
1%
*3%
334
500
11%
1%
11%
33,700
1%
660
*1%
8
8%
25%
1,500
Maracalbo Oil Explor
Market Street Ry
100
180
Preferred
580
Prior
2d preferred
*33g
3%
180
47
46%
46%
15
15
15%
2,800
18,700
3234
338
*8%
834
*83g
884
15%
*8%
16%
8%
*8%
3234
33%
32%
33%
32%
33%
32%
33
1
(Del).5
100
Marine Midland Corp
8
45%
3%
t Manhattan Ry 7% guar. 100
Mod 5% guar
100
Manhattan Shirt
25
25
4634
*3%
46
834
16%
1934
No par
Mandel Bros
8
25%
*3
3,300
25
8
*23
32%
1534
70
1534
20%
11
1534
8%
•
40
15%
*1934
*3%
2
f
600
10%
10%
*33
15%
9
8%
300
3434
9,800
100
100
preferred
Marlln-Rookwell
No par
Marshall Field & Co
No par
Martin-Parry Corp
No par
Mathleson Alkali Wks-No par
100
*158
160
*158
54%
54
5434
54%
54%
54
54%
54
54
53
53%
3,100
May Department Stores—10
1584
47%
15%
15%
15%
15%
15%
1534
16%
16
16
1,700
Maytag Co
*46%
*45%
47%
15%
*46%
47%
*46%
47%
47%
47%
*46%
4734
50
*45%
50
*45%
50
50
*47
60
*158
160
54%
*15%
47
50
*45%
*158
160
160
160
109
109
109
109
109
160
*47
109
109
*109
109
109
160
10
800
m
150
No par
32%
32
32
32
32
15
15%
1434
15
15
16%
32
32%
16
3184
9934
32
16
32%
16%
16%
*97% 101
1634
99%
*99% 100
1934
*19%
42% 42%
9634
96%
*99% 100
*99% 100
*3134
1634
1,500
ex-warrs.-No par
45
Feb 13
No par
McCall Corp
No par
300
*97% 101
29
Mar 17
10
Mar
1
Feb
684 Mar 17
6% Apr
% June
11% July 31
3% Mar 19
2% Oct
384 Mar
10% Mar 18
6
4% Mar 18
6084 Mar 5
3084 Apr
1
20
12
5
4
36% Feb 19
160'8 July 8
136
Mar
May
2
110%June
9
92
June 19
100
24
Jan 31
June 16
19%
19%
19%
16
42
19%
42%
McGraw-Hill Pub Co..No par
141%
*19%
41%
400
42%
6,500
Mclntyre Porcupine Mines..5
3958 Mar 25
49% Jan 24
9634
96
96
93%
95%
3,000
McKeesport Tin Plate. No par
10%
44%
14
15
14
14
14%
1434
14%
14%
13%
1334
14%
*102% 105
*101% 105
*102% 105
*101% 105
*101% 105
*101% 105
15
15
1534
15
15%
15%
15%
15%
15%
*1434
14%
*14%
*
*
*
*
103%
103% 104%
104%
104% 104%
10434
10434
47,100
2,700
McKesson & Robbins
93% July 31
85s Apr 30
118% Jan 3
1134 Feb 14
13,400
McLellan Stores
1
6% conv pref
100
1934
41%
43
97
9
97%
9634
9
*79%
8%
9
9
9
43%
43%
43%
14%
43%
~80~
80%
60
9
43%
9%
43%
43%
60%
61
62%
*34
*34
51
51
51%
5134
10%
2234
39%
9%
39%
*120
121
121
*100
104
80
8%
64
64
122
*62%
6434
*62%
%
.%
1%
*2%
*3%
19%
%
*%
I84
*1%
2
*284
3%
*2%
3%
*3
384
334
334
*19
19%
9%
64
84%
85%
2%
5%
5%
*23
98
6%
«
19%
6%
23%
98
98%
22%
*98%
84%
8
Minn-Honeywell Regu.No par
*65
Apr
8
60
6% pref series A
No par
Minn Moline Pow Impl No par
106%June 19
6
17
7
14
27
2
10
12% Mar 23
9,000
% Jan
I'aul & SS Marie. 100
1% July
3%
..
21%
834
9
834
29
3%
29
29%
2%
6%
6
6%
62%
3%
3%
22%
2234
98%
22%
----
--
240
Preferred
.No par
7% preferred
4% leased line ctfs
100
100
8%
7,300
14,300
Preferred series
600
6,000
3,000
Mohawk
2,500
Monsanto Chem Co
22%
23%
99
98%
99%
A
Conv preferred....
Carpet Mills
20
10
47%
46%
68
66%
1%
40%
68
47%
47
48
*46
46%
*46
47
*66%
70%
1%
46%
1%
41%
46
46%
46%
46
*66%
46
*66%
1%
39%
20%
183g
46%
46%
66%
45%
45%
■
1%
39%
20%
39
1%
40%
20%
22
21%
22%
18%
18%
19
18%
19%
1%
39%
2134
18%
84
85
1%
66%
45%
*46
40%
39%
21%
40
22%
22%
29,200
1834
18%
18%
3,400
*86
89
415
84%
30%
89
89%
8834
89
30%
85%
30%
88%
30%
30%
29%
29%
30
32%
31%
32%
62
62%
62
63
63
64%
6334
64
64%
64%
64%
67
*102
*102
-
-
-
-
*102
—
-
*102
-
*102
*102
-
2,600
3,200
------
"
"19%
19
19%
18%
49
49
49
1634
16
16%
2534
16%
26
1634
25%
16%
26
1634
16%
14
13%
13%
14
14%
48
48
16%
1634
17
*243g
26%
25
2634
16
16%
16%
13%
%
14%
1334
932
32%
33
19%
20%
48
932
*163
27
27
112
112
*109
14%
—
25%
25%
25%
932
-
-
-
26%
27%
112
112
*34
3534
*3334
3534
2734
27%
27%
*163%
25%
26
27
2684
*111
112
'
*49
-
-
28%
*167
175
*167
175
150
*143
150
*143
"
150
50
32,500
600
16%
25%
16%
16%
25%
26%
1,400
16%
1638
16%
14%
14
16%
14%
11,000
7,600
932
33%
41,300
9
732
916
32
33
33
32%
2534
26
2634
27%
26%
400
27
18,900
27%
21,100
100
111
111
110
110
112
19,100
11034
26%
2638
27%
18,100
164
164
163% 163%
-
110
110% 110%
1434
14%
40
28,500
%
%
%
%
%
%
*%
34
%
%
500
66%
66%
6634
67%
65%
65%
66%
6534
66%
7,000
54
5584
66%
55%
%
66%
58
10%
*43
10%
4334
56%
57%
118
42
117
67%
117
11
8%
10%
11
43
42
42%
8%
.
8%
56
57
116
117
8%
10%
42%
53%
53
53
*107
112
*107
112
*107
112
*107
*26
30
*26
30
*26
30
*26
52%
52%
53%
53%
117
8
8
8134 Nov
102%July 3
14
Apr 30
104
434 Mar
21% Nov
47% Oct
19% Jan
27% Jan
14% Deo
14% Deo
5% preferred
100
Murray Corp of Amer
10
Myers F & E Bros.....No par
Nash Motors Co
-No par
Nashv Chatt & St Louis... 100
National Acme
Nat Aviation
1
Corp
No par
Rights..!
National
Biscuit
.10
2
15% July
7
20%May 4
12% Apr 30
9% Apr 30
3,6 July 15
31% Apr 30
.*...100
No par
Stamping. No
National Lead
par
10
2d
preferred..
100
National Steel Corp
National Supply of Del
9,600
2,600
8
2,700
National Tea Co
..25
25
Preferred
100
....No par
1034
10%
10%
3,700
Natomas Co
No par
45
4534
2,800
Neisner
No par
1,000
Newberry Co (J J)
No par
5% preferred series A... 100
t New Orl Tex & Mex... 100
53
54
*107
112
*26
25% June 11
2834 , Jan 2
26%June 30
*26
29%
54%
112
------
29%
------
Bros
158
June
7g
%
57%
1978
Jan
Jan
Apr
Jan
74% Jan
77g July
10%June
3284 Apr
41
Apr
104% Apr
10% Feb
13%
1234
13%
12%
13%
13%
13%
13%
14%
62,800
46%
46%
13%
4634
12%
46
4634
47
48
48
49
51%
3,100
40
40%
40%
41%
41
41%
3934
41%
40%
41
40%
41%
81,000
*34%
35%
7734
35%
3534
34
'35%
33
34%
33%
34%
3,700
N Y Chio & St Louis Co. ..100
77%
*3%
75%
74%
76
77
78
4,000
3%
*3%
3%
*3%
Preferred series A...
New York Dock....
8
10
29
2
6
10
18
29
15
7
4
30
8
1784 Jan
78
33%
75%
34%
7684
3%
12%
36% Jan
3% July
*133
*11
135%
1%
1%
1%
*92
12
135% *133
*95
9734
98
11%
136
1%
*95
334
11%
137
1%
97
12%
*11%
*133
98
12%
3%
3%
3%
3%
3%
3%
9%
434
9%
434
9%
9%
8%
9%
4%
384
434
3%
4%
3%
3%
334
334
11%
11%
11%
11%
11%
10%
11%
63
66
*63%
64
99%
65%
99%
64
99%
99
99
434
70
1%
2,800
No par
9
Apr
32% Jan
New York Central.
No par
2784 Jan
...1
100
100
Preferred
100
N Y & Harlem
119
*61%
63
*99
100
.
*108
109
99
*108
1%
*273
*109%
34%
*56
8%
1%
278
108%
108% *108
1%
1%
*1%
*1%
278
282%
278% 280
34%
35
35%
3484
56%
56%
8%
56%
8%
56
8%
10534 10534 *106
108
2734
*5134
28%
28%
29%
53
53
53
2%
2%
*22%
13%
44%
For
23
*2%
*22%
106
284
Jan 10
3
Apr 24
834
8%
4,200
4%
5
1,300
4
i_
.
3%
3%
3%
5,500
Conv preferred
100
N Y Ontario & Western
100
N Y Railways pref
No par
11%
12%
6,700
N Y
57
29%
2%
2%
52%
13%
44%
135g
44%
44 %
45%
*105%
_
45
27%
52%
*2%
*22%
13%
43%
8%
8%
105% 10534
_
*100
*100
28%
52%
footnotes see page 708
34%
57
106
170
160
1%
285
100
1,200
-
—
-
-
33%
34%
43,600
56%
33%
56%
8%
120
9834
*109%
34%
8%
67
108
*1%
*278
278
*109%
56
8%
23
1334
9834
108
1%
*1%
.278
66
99
108
56
23
13%
64
64
*9834
35%
23
1334
281
2
90
tNYNHi Hartford. ...100
98
1138
3%
11
108
Jan
tNY Investors Inc...No par
N Y Lacka & Western..
100
2,500
34
*100
*100
*100
8%
281
*109%
*109%
*109%
107% 108%
1%
*1%
6
3%
33s
Preferred stamped........_
*11
Jan
56%
1,400
34,200
9
8%
105
*100
28%
2734
52%
*50%
234
2%
2%
2%
26%
*22%
26%
13%
13%
13%
*22%
1234
44%
43
43%
105%
—
—
—
2634
28%
52
52
52
47,000
50
2%
26%
1,000
13%
18,200
42
7% preferred
N Y Steam 86 pref
87 1st preferred
t Norfolk Southern
Norfolk & Western
100
10
5,000
7% Apr 28
9% Apr 27
57
May 21
83
93% Apr 23
100
1% Apr 21
210
105
Preferred
50
North Amer Aviation
No Amer Edison pref--No
.1
par
100
Northwestern Telegraph
50
Norwalk Tire & Rub-.No par
Preferred
Ohio Oil Co
Mar 17
No par
100
Pacific
9
2% Jan 7
z2% Jan 17
Adjust 4% pref
100
North American Co—No par
Northern
July
No par
No German Lloyd Amer shs_.
North Central
50
—
28%
41
800
Shlpbldg Corp part stk..l
1
50
.No par
Oliver Farm Eq new. .No par
Jan
2
May 12
23% Apr 30
5234 Feb 6
65g Jan 6
Jan
11
Apr
14
Mar
4% Mar
634 Feb
22%
Apr
141% Mar
13% Mar
12% Mar
Sept
113% Nov
112
4
xl06
Sept
108
June
21
May
32% July
31%May 26
Mar 17
150
Jan
162% May
121%
Jan
140% July
14% Feb I',
4% Mar
14% Aug
Feb 11
% July
% Mar
40% Mar
1% Nov
84 Nov
8384 Nov
3
Mar
5
1% Feb 11
75
Jan
2
60
July 31
9
Mar
20% Aug
119
July 31
36
Mar
77% Aug
11% Jan 17
z8% Mar
11%
13% Jan 24
7% Jan
21%June
43% Jan
13% Dec
4184 Oct
61% Deo
4584 July 31
59% Jan
3
108
Apr 14
3% July
4% Mar
10% Dec
51% July 31
42% Apr 13
3634 July 20
18% Mar
12% Mar
36% Nov
2984 Deo
Mar
19
Dec
July 20
9% Mar
39
Deo
4
17% Feb 17
139
June 27
2% Feb
98
6
2
Mar
4
Mar
112
Mar
% May
5
Mar
4
5% Feb
6
14% Feb 7
7% Feb 24
5% Feb 24
5% Feb 24
15% Mar 13
73% Feb 5
100
July 22
108% July 20
2% Jan 14
July 14
96
Nov
16%
139
Deo
Dec
June
1% Deo
99
May
Oct
8%
Jan
5%
Oct
16%
6%
384
2%
16%
Aug
Nov
2% Mar
% Mar
% May
6% Mar
51
Oct
69
June
79
May
84 Aug
87
Deo
Nov
Jan
Jan
92% July
102% Dec
2% Deo
Mar
218
Deo
8
99
Jan
108
June
35% July 27
9
Mar
28
Nov
300
109% July
59
June
9
158
35% Mar
Mar
Jan
4%
97%
23%
50%
Jan 17
12% Feb 21
101/
Mar
3
3684 Feb 20
67
Mar 24
4% Mar
30
6
Jan 22
12% Apr 30
17% Jan 15
24% Jan
54% May
6
6%
2%
2
4
11% Deo
14% July 31
57
22%May
Jan
July 15
43
1034 Mar 19
6
Jan
37% Apr 14
106% July 21
Jan
Aug
34% Nov
6
2
2
4%
1% Mar
23% May
15% July 27
33% Mar
Jan
9
23% Deo
22% Deo
108
98
Apr
July
July
36% Nov
158% Deo
7
2
6% Mar
10%May 16
50
30
28% July
11234 Mar
80
9
884
4%
3%
9%
434
3%
30
N Y Air Brake
434
"3%
9%
484
10%
132
Newport Industries
"3%
*
98
3%
130
1%
1%
*
3%
10%
132
133
1%
1%
1%
*95
133
3%
3%
334
*10%
,
137
"
32 July 28
8884 J an 9
Feb 11
46
78
9
July 31
13%
3%
15% Mar
30
46
7784
*3%
*1034
30% Apr 6
17% Feb 19
Apr 30
21
Apr30
108% Jan 4
107% Jan 6
10
Apr 28
21
No par
7% pref class A.
July 23
2284 Mar 6
51% Mar 11
21% Feb 19
164
Jan
7% Mar
9% Aug
July 31
9
153
No par
Nat Cash Register
Nat Dairy Prod
Nat Enam &
Jan
43
100
7% cum pref
45%
53%
*107
33% Dec
15% Dec
1534 Nov
26% Deo
1034
_
Dec
Sept
43%
53%
1 % May
13% Mar
10%
29%
Apr
62
43%
112
%
31«4
32% July 30
60
8
Feb
65% May
67
118% 119
57%
55%
117
8%
200
Deo
Dec
89% July 29
1
9%May 11
12%
1%
40%
66
60
7
National Pow & Lt...-No par
Nat Rys of Mex 1st 4% pf. 100
12
*1%
94% Nov
2134 Mar
41% Dec
4
143
12%
1%
Nov
Jan
168
12%
*1%
23
May
2
1%
Dec
70
13734 Jan 21
1284
Jan
4%
44%May
100
12%
Feb
Deo
3
21
No par
3
19% July 20
.100
*1%
*%
8%
10%
7
Feb 25
1% Feb 10
_
Preferred B
1%
116
71
Preferred A
1234
115% 115%
8%
*8%
Jan
144
1%
67
55
172
12%
,
6
•
*167
1%
13
Mar
103
*143
«*1%
12%
8
16%
No par
Murphy Co (G C)
200
1%
13
July
Inc.....No par
Preferred
Munsingwear
33%
28%
*1%
1234
1
1% Mar
IO84 Mar
July
22% Mar
33%
10,200
2% July
5% May
4
4% Dec
1734 Dec
6% Nov
41% July 28
34%
28%
7
Mar
15% Jan 2
Apr 30
7% pref class B
100
t Nat Depart Stores...No par
144"
Feb
1
1% Mar
10% Apr
11
1
Nat Distil Prod
28%
5% Feb 10
6% Feb 8
26% Apr 14
9% Feb 21
30% July 21
28% Apr 30
class B
13,000
27%
2% Dec
Mullins Mfg Co
29,800
*143
Nov
84 Nov
Apr
Motor Products Corp..No par
Motor Wheel
__5
28%
*167
68
% Mar
84 Jan
27%
175
Dec
Mother Lode Coalltion.No par
14%
150
150
zlll%June
7% Nov
60% Jan
28
*143
Nov
50
14%
*33%
Mar
Oct
85
84
5984 Feb
No par
Essex
2734
*167
*167
*143
19%
14
SI6
33%
—
*49
50
16%
24%
110%
110% 110% *110
15
14%
15%
1434
2734
2634 27%
26%
34
3334
3334
*3334
27% 28%
27% 28%
27
26%
26%
3234
25%
110%
110% *109
15
15%
15%
26%
S16
33%
*163
26%
26%
*111
n32
32%
S16
33%
3234
*163
18%
18%
18%
19%
*48%
16%
19%
*47%
16%
31
7
44
1
18%
3% Mar
116%
1% Feb 10
July 30
Morris &
39%
8% Mar
60% Mar
May 29
Morrel (J) & Co
21%
Jan
2% Mar
9% Mar
115% Dec
1484 Deo
97% Dec
65% Nov
8% Nov
60 84 Oct
33% Dec
42% Deo
684 Oct
20% Deo
24% Sept
234 Feb
3
320
18%
97% Dec
Jan
48
600
40%
22%
Jan
Dec
z28% Apr
,l%May 19
66%
7,200
17,900
Dec
Mar
Jan
76% Mar 24
Nov
Deo
58
3584 Jan
1
1%
11
1984 Deo
45% Sept
131
15%
105
784 Feb 11
May 19
79
35% June
Apr
July 27
87
Mont Ward & Co Inc. No par
47
*29
84
98,600
66%
66%
1
4734
Oct
10a4
109% Mar 16
4
20% Jan
Nov
40
Nov
2%May
378 Jan
No par
20
Dec
May
85
a:98
14% Jan
t Missouri Pacific
23
234 Mar
234 Jan
l6%Jnue
5% Jan
100
100
Mo Kan Texas RR
2934
2%
6%
Jan
100
Mission Corp
.
57%
No par
7,300
6
98%
300
Rights
45%
6% Jan
t Minneapolis & St Louis.. 100
234
9734
3,100
Minn St
234
22%
9
1,500
234
22%
Mar
1,200
9%
98%
88
%
3%
131% Mar 30
July 14
110
1%
29%
6
Feb 21
..100
*106% 108%
7%
No par
Milw El Ry & Lt 6% pref. 100
1%
*2%
20%
9
2334 July 21
47% Apr 6
pref
5%
38%
8%
85%
24%
52% July 28
12% Apr 13
8 %cum 1st
7% Mar
3384 Nov
90% Jan
Jan
3
Midland Steel Prod
Mar
Mar
*17% Apr 30
21% Jan 9
310
28
3
9
6
42%
June
2084 Mar
22
Apr
5% Jan
10
Oct
Jan
103
6834 Mar 17
3784 Apr 3
31% Jan
Mid-Continent Petrol
55
41
40% Jan
104
' 21%
2
5
*%
3%
Apr
5
8,800
19,100
54
Jan
July 21
105gMar 5
Miami Copper
22%
Deo
Nov
5784 Nov
81
Mesta Machine Co
61%
*2%
108
Mar 24
Merch & Mln Trans Co .No par
%
20
19
4,600
125
84
15% Mar 26
108
Apr 23
4,200
125
8
Feb 17
10
*102
85
46
May 13
1%
3%
2884
234
41%
30
63%
3%
*33g
2%
9%
29%
30
23
2334
98
*234
22%
7% preferred
12% Jan 2
97% Jan 10
55% Jan 31
6%May 22
*3g
*1%
%
1%
3%
334
22%
42%
1
100
1
7
97% Jan
7%
*62%
63%
%
9%
106% 107
108% 108%
8
8%
,1%
5134
10
No par
37% Jan 3
1H2 Apr 29
5134
37
*34
52%
104
*102
81
80
40%
124% 124%
41%
122
*62%
80
37
51%
2234
%
6
9
420
23
1%
2%
29%
2%
534
62%
22%
19%
9%
29%
2%
19%
9%
*19%
29%
9%
293g
*2%
,
61%
*34
*
*%
1*4
Mengel Co (The)
62%
No par
Melville Shoe
2,000
9%
83
86 pref series A
1,700
8%
10
415g
70
.No par
8%
52%
122
1,600
Mead Corp...
62%
*100% 104
*100% 104
87
87
86
83%
108% 108% *108% 109
8%
8%
8%
8%
82%
*108% 109
8%
41
,
*100% 101
------
5
No par
$3 conv pref
8%
5134
9%
2234
9%
44
8%
8%
37
10%
23%
42
43%
121% 12234
~80~
81
62
52%
10%
23%
4434
*34
37
37
10%
23%
10%
44%
62
62%
51
103g
9%
44%
8%
8%
*34
23%
38%
37
934
80
80
8%
8%
8%
62%
8%
"80"
80
19%
11
33% Nov
156
July 21
96
19
41%
97
Deo
Deo
Nov
4
42
19%
41%
*19
Deo
Deo
Jan
84%
32% July 17
1634 July 29
Feb 24
10
2384
3%
45%
14%
32%
Feb 28
2
Deo
Oot
Sept
19% Nov
3
May
9% Deo
1% Deo
33
21% Feb 28
Jan
Jan
12%
66%
30
35% Mar
5% Jan
56% July 15
55
June
2384 Mar
103
12% May
Mar
684 Mar
5
50% Apr 8
110%June 15
29
Mar
19% Mar
109
Prior preferred
3
Apr
Apr
13% Mar
10-% July 16
57% Jan 10
23% Feb 3
23
Highest
1 per share $ per share
8 per share
July 25
JMcCrory Stores Corp new..l
6% conv preferred
100
27,200
32i2May 27
14% Apr 30
17i2May 4
2% Jan 3
8% Apr 30
Hg Jan 7
6% July 27
18»4 Jan 10
2% July 7
41
May 5
11% Jan 22
6i2 Apr 28
27% Apr 27
153% Jan 17
43%May 4
13i2 Apr 30
47
;
1st pref called
*32
8 per share
7
June 30
No par
Preferred
Preferred
«...
109%
Preferred....
Lowest
Highest
Lowest
Par
15%
3%
8
25
26
9
40
11%
1%
7%
7%
24
24
*2%
16
1584
♦8%
32%
109
1%
1%
7
6%
*2284
*2%
2
20%
11
334
9
*34
16
20%
3%
11%
20
3%
10%
*158
10%
19%
3%
16
20%
334
10%
17%
8%
38%
8%
*35
39%
17%
16%
1934
334
17%
10%
*1%
v
*35
39%
-
17
*6%
$ per share
9%
*884
9%
9%
*35
Range for Previous
Year 1935
On Basis of 100-share Lots
YORK STOCK
NEW
for
Friday
Thursday
Range Since Jan. 1
STOCKS
Sales
NOT PER CENT
SHARE,
SALE PRICES—PER
HIGH
Aug. 1, 1936
5
55
7%
102
Dec
Deo
Nov
3% Nov
86% Mar
10% Nov
99
Aug
13% Mar
25%
Deo
35%
52%
2%
Deo
Jan
1% July
z20
Mar
9% Mar
16% Oct
Jan
32% Jan
14% Deo
27% Deo
Volume
New York Stock Record—Continued—Page 8
143.
AND"HIGH SALE PRICES—PER SHARE,
LOW
Sales
NOT PER CENT
STOCKS
NEW YORK
for
July 25
Friday
the
July 29
July 30
July 31
$ per share
$ per share
$ per share
$ per share
Shares
Tuesday
19
20%
19%
19%
19%
19%
1934
112% *110
112% *110
112%
112% 112%
*10%
11%
11%
11%
11%
11%
11%
12%
27
27%
27%
27%
27%
27%
27%
27%
*
139
*104% 139
*104% 139
*104% 139
16%
16%
16% 16%
16%
16%
16% 1634
*82
88
*82
87
*82
86
*83%
90
*50
53
*51%
53
*51%
52% *51%
52%
*114
*113%
*113%
*113%
*156
158
158
156% 158% £158
157% 158
Lowest
Par
9,200
par
100
107
Jan
11%
2,600
Oppenheim Coll & Co..No par
8
Jan
2
27
2734
8,400
Otis Elevator
*104% 139
*104% 139
15%
16%
15%
16%
13366
12
12%
27%
27%
*83
51%
*156
20
*113%
156
157
"TI60
156
No par
123
13%
*13%
13%
*5%
5%
5%
5%
12%
11%
11%
*11
6%
*57
6
•
6%
11%
11%
6
6
40%
57%
40%
58%
*6
6%
41
57%
40%
14
*13%
6%
41
57%
58%
*17%
18
125% 125%
40%
18
18
18
*124
127
150
150
*148
14
14
14
14
14
14
Ills
11%
11%
11%
11
14
13
13
11%
13%
*13
*25s
27g
....
*2%
*148
69%
58
78
75%
76
67%
8%
*24
68
9
25
3%
3%
*41%
42
24%
25
7
7
*8
8%
8%
68%
8%
24%
3%
42
24%
6%
7%
11%
2%
68%
9%
7
57%
*17%
*148
14%
10%
11
7%
14
39%
'
57%
58
19%
*124% 127
14
12%
40%
57%
*1734
19%
123
6%
7%
40
40%
58
14%
7%
12%
7%
3934
57%
14%
14
7%
13
700
1,540
870
920
7,800
3,400
Pacific Amer Fisheries Ino.__6
Pacific Coast
10
1st preferred
No par
13
10
11
3,200
51,400
*12%
14
200
14%
14%
64%
58%
63%
60
63
77%
78
78
78
78
78%
82
8%
8
69
9
67
8%
69%
9%
8
69%
8%
2%
8%
70
9%
24%
2%
8
69
8%
2,900
2%
840
1,600
70
18,600
3,200
9
8,600
8%
600
3
24%
2434
6%
6%
7%
11%
2%
6%
6%
8%
11%
8%
8%
11%
11%
11%
11%
2%
2%
2,500
62%
91%
2%
62%
2%
64%
91%
91
9134
3%
64%
91%
3%
2%
63%
3%
3%
*3%
4
6%
6%
6%
6%
6%
6%
3,200 Penn-Dixie Cement
25%
6%
6%
7%
11%
*2%
8%
11%
66%
67
67%
65
90%
*3%
6%
90%
8
90%
3%
6%
2%
11%
24%
3%
42%
24%
6%
3%
*42%
23%
6%
8
5,600
3%
600
42%
6%
36%
2,200
No par
5,400
Penney (J C)-
No par
69
1,600
Penn Coal & Coke
26
25
24%
26%
25
25
25
25%
2,100
37
37%
37
37%
36%
37%
37
37%
36%
37%
31,500
40%
41%
40%
40%
41
41
41%
43
43
44
*115
*115
116
116
*115
116
116% *115
116
*115
116
37
46%
46%
46%
48%
48
51
50%
*47g
5%
*4%
*41%
5%
43%
98%
*4%
*42
5%
43%
4%
43%
*38%
*95%
*95%
*72%
22%
81
80%
*22
14%
1434
37
35%
37
*35
*115
52%
4%
44%
4%
*42%
44
*95%
98
*95%
97%
*9534
*97
*6%
1%
*10%
*1%
91%
87%
10%
9%
12
*65
75
*11
111
1%
7
11
1/88%
9%
44%
73
1%
*69%
45
*6%
*70%
11%
1%
*31
32
32
*57
58
*57
*8
81
*38
39
*177
12
97g
To"
12
178
32
*1%
*14%
7%
84
84
32%
32%
6
82
July 13
13
54
Jan 13
24
Mar 28
13%
58
*60%
11%
1%
32%
70%
8%
39%
*8
39%
*177
10
98
97
97
200
10
72%
*1%
1%
*57
8%
39%
1%
15
1%
45%
7%
1%
89%
934
*10%
*72%
44%
*6%
75
*70%
90%
10%
7
*6
10%
*10%
1%
1%
7
180
U
600
4,200
1%
90
91
95
10,800
10%
10
11%
25,000
12%
*10%
*72%
83
45
7
75
43%
*6%
*70%
11%
300
12
83
mm
4434
mm
mm
17,800
7%
1%
"i~600
70%
9
40
1%
1,300
31%
1,000
Pillsbury
9%
40
11
41
10
41%
*177%
11%
70%
.
"
1~800
1034
42%
mm
m
1,500
«.
—
10%
10%
10%
£10
10%
74
73
75
*72
75
15
15
15
15
7%
84%
34%
85
85
85
760
35
32%
34%
940
15
7%
8
7%
86%
86%
33%
88
85%
7%
85%
34
34%
35%
1%
1%
7%
19,500
330
*1%
1%
100
*15%
17%
80
784
6,900
7%
*1%
16
16
22%
21%
17%
*6%
17%
6%
*2
"
2
2
*1%
15%
21%
17%
16%
21%
17%
6%
16%
21%
18
6%
2%
7%
6%
*2
2%
*2
7%
*7%
7%
*7%
3%
2%
3%
3
*26%
27%
45%
*27
27%
45
45
*118
*118
47
48%
*108
3%
27%
45
120
48%
45%
120
48%
47%
109% 109% *108% 110%
*1%
2
15%
15%
21%
*21
17
*6%
*2
7%
3
27
44%
*118
46%
17%
634
2%
7%
3%
28%
45%
120
47%
110
110
2
2
17%
17%
17%
*6%
6%
*6%
2%
7%
*2
6%
2%
300
*2
7%
7%
"T366
3%
3
3%
2,800
*7%
3%
28%
43%
*118
47
109
28%
4484
120
47%
109
125
125
£124% 124%
142% *138
142% *137
140
*137
*157
*163
165
163
*112
*112
113% *112
51
19%
108
51%
20%
50%
108
20%
113% *112
52
51%
20
108
*107% 108
96%
96%
14%
14%
96%
14%
12
12%
20%
108
96
*94%
14%
12
12
110
*106
78%
79
*106
110
*32%
45
78%
5%
33
44%
*106
79%
5%
32%
451
6%
33%
45%
57
14%
12%
108
78%
6
79%
6%
47
*46
49
41%
*40%
42
*11%
12%
*11%
*77
79
*2%
5
32
*108
119
*29
*137
163
163
400
900
140
*162% 163
8,500
*112
"""206
*112
*107
78%
6%
34%
34
44%
43%
12%
110
80
7%
34%
43%
12
*106
78%
110
79%
100
5,900
7
53,300
35
35
44%
45
3,800
4,500
6%
12%
11
11%
79
*77
79
76
77
92%
13
13%
13%
31
31
31%
*110% 112% *110%
25%
26%
25%
*108
109
4%
108
*101
5
4%
22%
21%
95
95%
92
109
55%
55%
61%
65%
59%
55%
*59%
*108
26
"25"
39
39
108
108
25
25%
25
*1063g 109
*106% 109
28
28% 28%
28%
55%
5534
55% 55%
55%
*59
60
5934
59%
5934
14
13%
*1284
*12%
1334
25
25
*25
25%
25%
40
40
40%
40%
29
55%
56
28%
55%
5934
*56
*12%
14
*12%
19
708
2834
40
40%
*39%
41
preferred
Real Silk Hosiery...
Preferred
Reis (Robt) & Co
1st
200
*59
39%
*15
800
59%
For footnotes see page
2%
17
22%
28%
26
*2
*15
87%
14
14
2%
20
13,000
85,100
7,300
No par
No par
No par
$3.50 conv 1st pref.No par
t Radio-Kelth-Orph
No par
Raybestos Manhattan.No par
Reading
50
*11%
19%
19%
18%
19%
90
90
87% 88
89% 89%
21% 2134
2I84
21%
*21% 22%
106
105
*103
*103
105
*103% 106
5
434
434
4%
484
4%
4%
22%
21% 22
21% 22%
21% 22%
95
96%
94% 95
93% 94%
96%
94
*93
95
94%
93% 94
94%
14
13%
13% 14%
14%
1334
14%
31% *31
32%
33%
32%
*31% 32%
112
112
112%
112% 112% *110% 114
26
26%
26%
26%
25% 26
2534
*103
...No par
Radio Corp of Amer
Preferred B
12%
17
par
8% conv preferred.....100
6% preferred
100
Purity Bakeries
No par
1st
~8~700
19%
No
2d preferred
19
87 %
inc.
100
20
*21%
...100
Gamble
200
170
87
Preferred
preferred
Remington-Rand
50
50
10
100
No par
...100
$6 preferred
25
25
Rensselaer & Sar'ga RR Co 100
Prior preferred
Reo Motor Car
Republic Steel Corp
6% conv preferred
5
No par
100
6% conv prior pref ser A.100
6
3,300 Revere Copper & Brass
1,900
800
80
Class A
Preferred
10
...100
No par
4,000 Reynolds Metals Co
100
5M% conv pref
100
l
1,800 Reynolds Spring new
8,100 Reynolds (R J) Tob class B.10
50
"4" 100
Class A
10
Rhine Westphalia El & Pow._
Rltter Dental Mfg
No par
1,900 Roan Antelope Copper Mines
7
Mar
5
2
78% Nov
2
2% Feb
37% Jan
4
61
12
10
Dec
Oct
21
2
7
167
July 22
1% Apr 24
117g Jan
20
12
6
May 18
112
Jan
7
367* Jan
2
16%June
6
1
103
May
91%May 4
9%May 9
9%May 12
83% Jan 2
68% Apr 28
85% Mar
Jan 17
Jan
8
9% April
91% Apr 8
41% Apr 4
167
July 22
3% Feb 6
Nov
25
NOV
1
2% Aug
Mar
1% Mar
% Feb
4% June
16%
5% Jan 16
% May
6% May
36
Jan 16
49
Jan
2
122% Feb 26
49% July 22
113
July 15
130
July 14
144% July 14
164
July 14
114
Apr 1
52% July 29
24% Mar 20
133% Apr 17
117% Mar 27
17% Jan 6
14% Jan 17
l08%June 18
80
July 15
9% Feb 19
38% Apr 14
48% Feb 24
48
July 22
Jan
7
37
Jan
4
978 Jan
2
16% Jan 30
41
4
88
17g Apr 28
12%May 7
22
18% June 30
85% Jan 3
9
62
6% June
Dec
39
July 28
24% Apr
Nov
3
July
16% Dec
3% Sept
13
6
21
10% Apr
1% Mar
"l2%
35% Jan
102
2% Nov
6% Mar
2878 Jan
Jan
Mar
6% Mar
2
70
1
16% Apr 2
26% Mar 3
19% Feb 19
9% Mar 4
3% Jan 11
12% Feb 6
Jan
5
Feb
65
June 20
2
Mar
5% Mar
3
Jan
7
26% June
172
Dec
Nov
76% Jan
12% Aug
44% Aug
180
Aug
22% Mar
4
Jan
5
38
Apr
5
l%May
3
Feb
June 25
Nov
1%
% July
31
65% Aug
Deo
8
2% July
11% Jan 31
2
21
5
6
Feb 21
42% July 31
181
Jan
58% Jan
Dec
July
50
7% Apr 30
Dec
60
1% Jan
30% July
3
Dec
40
10%
Jan 15
Feb
14%
85
Mar
53% Apr
13% Mar
Mar
Feb 21
7%June 8
35% Apr 28
"B%
Nov
3
17
Jan
10
97g Jan 10
84
2% Apr 29
18
Apr 30
40%May 12
117% Apr 7
39
Apr 29
103% Feb 21
113% Apr 3
128
Apr 4
146
Apr 14
5% pf (ser of Feb 1 '29). 100
Pub Ser Corp of N J...No par
$5 preferred
No par
6% preferred
100
7% preferred...
..100
8% preferred
100
Pub Ser fil & Gas pf $5.No par
88
2
Jan
t Pressed Steel Car...No par
Procter &
15% Feb
49% Apr
July 13
2
41
*2
6
3
2
49
*15
7% Apr 29
May 29
68
38% Jan
5% July
1% Jan
41
2
Jan
Dec
11% July 31
6%May 21
*46
800
4%
4% Jan
41
11%
4% Nov
x68%
* Postal Tel & Cable 7% pf 100
49
*10%
38% Mar
35% Mar
Porto-Ric-Am Tob cl A.No par
Class B
No par
107% 107%
12%
Feb
101% July 24
2
*40%
17
22%
...5
Pure Oil (The)
600
Dec
28% Dec
45% July
85% Nov
Mar 13
Jan
*46
2
20
Plymouth Oil Co
Pullman
12%
6%
25
*..100
Pond Creek Pocahon..No par
Poor & Co class B
No par
240
23,200
12% 164,500
100
100
Preferred.
19~900
15%
25
Pittsburgh & West Va
100
Pitts Youngs &A Ry 7% pf 100
Pittston Co (The)
No par
57,000
96
23
Dec
19%
Oct
12% Mar
12
1% July
66
14
19%
15%
11
1% Mar
6% preferred
Pittsburgh United
52%
95%
14
1% July
49
19%
96
4
40% Apr 11
Dec
19% May
Oct
7% Mar
3% July
Pitts Steel 7% cum pref...100
Pitts Term Coal Corp
1
51%
15%
19% Mar
Mar
Nov
Mar 13
176
20
15
5
4
167g Mar 13
3% Jan 13
8
100
52%
96
Feb
18
54% July 28
98
July 15
81% Jan
3% Jan
8% Jan
70
par
Preferred
19%
107% 108
2
45% Jan
Pitts Ft Wayne & Chic pf. 100
Pittsb Screw & Bolt..No par
51
15%
Jan
12%June
100
No
Mills
Pittsburgh Coal of Pa
49
*15
29%
*38%
111
124% 125%
140
10
Pirelli Co of Italy Am shares..
40%
2%
29
25
47%
10
Flour
40%
*46
17%
29%
*
4,600
300
21%
92%
91%
*31
*109
1,500
4484
76
87
478
47
26%
120
2%
17
*21%
102
43%
400
4,200
*2
*15
20
102
79
26%
*118
23
76
2%
18
15%
*19
96
80
43
47
52%
20%
108
108
34%
*40
-m
79
43%
48
mm,
108
43
42
*77
*94%
14%
11%
33%
*47
*15
51%
19%
108
6%
33%
*40
11%
*162% 164
6,700
15%
21
125
163
300
17
*137
125
1534
,
15%
*137
123
2
21
*122
125
2
2% July
Apr 27
10%June 30
25% Jan 7
100
1%
*177%
1%
No par
Phillips Jones Corp...No par
7% preferred
100
Phillips Petroleum.*..No par
Phoenix Hosiery
5
31%
*57
50
Rights
1%
*57
50
Phillip Morris & Co Ltd
31%
70%
11%
4
9% July 28
Phila & Read C & I
1%
*165
"*1%
No par
Preferred
75
72%
*1%
9%
$6 preferred
J Phlla Rapid Tran Co
7% preferred
Pierce Oil Corp pref
Pierce Petroleum
11%
5
Phelps-Dodge Corp
25
Philadelphia Co 6% pref...50
31%
11%
32
16%
7%
33
*6
10%
*177
9%
72%
71
31
Pfeiffer Brewing Co...No par
*97
7%
11
12%
*70%
*11%
1%
2,100
4,400
8,100
500
83
44%
*6%
14%
12%
53
*72%
75
1%]
8%
*1%
*14%
7%
84%
Jan
16
53
*10%
7%
*32
39%
9%
56
54
12
*70l4
*11%
*7%
100
No par
Preferred
Pet Milk
Petroleum Corp. of Am
54
83
45%
*6%
75
88%
9%
9%
45
7%
7%
10%
1%
89
*70
39%
70
*68%
7%
10%
1%
*10%
83
45®4
*177
34% Nov
64% Dec
37%
98
83
3
54%
*97
*69%
44%
*6%
64% Jan
100
38%
98
98
*10%
1%
"11%
100
97%
38%
98
116% Mar
43% Aug
12%
37%
*97
37%
32% Dec
39% Apr
Oct
2% Feb
9% Mar
16% Mar
14%
*53
leb
17% Mar
30
108%
9
17% Mar
38
54%
38
30% Nov
29
14%
12%
54%
People's G L & C (Chic)...100
Feb 21
July 31
116%luue
6% Aug
5% Aug
Mar
7% Feb 19
500
53%
39
5
Mar
18
44
Feb 19
Mar
84% Sept
3
44% July 20
102% July 14
800
53%
110
1% Nov
81
July
2
8034
55
100
Dec
May
25% Apr 28
22%
*52%
June 30
Dec
8%
Feb
57% Apr
2% Mar
10% Mar 24
48% Mar 24
27% July 17
30
4%
15
100
22%
14%
13
2
2
28% Apr 29
101% Sept
14% Sept
21% Nov
6
Apr
64%
67g Jan 28
Dec
Sept
12
100
*72%
13
Feb 21
73
Nov
80%
% Apr
4% Oct
8% Feb
% July
91% July 31
17
50
Peoples Drug Stores..Noo par
2% Mar
20
Peopria & Eastern
22%
1434
27g Mar
May
Dec
Pere Marquette
Prior preferred
80%
13%
5% Jan
47% Mar
26%June
10
Apr
117g Apr
17% Jan
Nov
9% Aug
11
Oct
Deo
1%
800
*22%
38%
67
3
1
23
10
12
1
2
24
17
Apr
Dec
7%
21
200
*72%
12%
Preferred series A
100
Penn G1 Sand Corp y to No par
Preferred....
7
12% Jan
Mar 13
4% Jan
28% Jan
par
Pennsylvania
8
28
14
Mar
Jan
June
Mar
Dec
Aug
24,400
2234
38
No
6
3% f une 23
10
142% Deo
434
8034
13
Corp
Dec
Jan
684 July
6
4
Nov
51%
43
*77
38%
1%
-
*22%
14%
12%
13
100
-
22%
14%
37%
7
*3%
42%
—
81
13
*97
49%
-
80%
22%
14%
81
22%
14%
381
7
4%
..
98
12%
10%
52%
3,100
98
37%
*6%
51%
800
38
3
Jan
123
87% Feb
3
Peerless Motor Car..
Penick & Ford...
25
36
37%
90%
June
56
21
Jan
Feb
12
Dec
Mar
3%
10%
%
6%
71%
97% Feb 13
10%May 20
1% Jan 2
62% July 30
37%
40%
6%
64
No par
5,500 Pathe Film Corp
No par
3,700 Patino Mines & Enterpr No par
8%
25
*24
*39%
3%
1
Parke Davis & Co
4% Apr
74% Apr
8% Apr 20
17% Jan 13
234July 7
40%May 4
23
Apr 28
4% Jan 2
6%June 20
6,600 Parker Rust Proof Co.l_2.50
4,100 Parmelee Transporta'n.No par
24%
Feb 19
59
1
Park Utah C M
Feb 10
7
Dec
5%
31% Dec
June
111%
20% Jan
18% Jan 3
Apr 28
7% Apr 20
10
*42
24%
18
13
July 16
67
100
3%
90%
*35
preferred
Second preferred
42%
66%
*90%
37%
First
3%
*24
11% Apr 30
6% Jan 2
13
1
10
Mar
12
July 16
100
Park-Tilford Inc
42%
*24
152
No par
3%
24
2%
66%
90%
3%
6%
36%
25%
37%
preferred
conv
Paramount Pictures Inc
42%
24%
2%
6%
8%
Paraffine Co Inc
3%
24
8
1% Jan
17% Nov
3% Dec
'
19
Feb 27
Jan
Nov
70
58% July 22
19% July 11
140
Dec
129
Mar
1
Dec
55
115% Mar
13% Mar
130
Panhandle Prod & Ref.iVo par
Aug
1
9% Feb 10
July 20
3
par
Mar
14
41
Jan
No par
Mar
80
July
17% Sept
3% Apr
118
Trans...5
42%
24%
2%
6%
&
42
11%
4
Corp. .No
Petr
92
Feb 11
17
100
Motor Car
24
24
par
2
8
3
11
30
15
125
114% Mar
4
3%«July 15
177g Mar 25
9% Feb 11
Nov
11% Nov
26% Dec
Jan
38
8
Feb
July22
100
24%
3%
11%
*3%
Pac Western Oil
Packard
4% Jan
30% Jan
47% Apr
14%May
No par
6% preferred
Pan-Amer
8% July
25
Pacific Telep & Teleg
14
3% Jan
2
164% Mar
2'isJune 16
July 8
No par
Electric
Pacific Ltg Corp
No
Pacific Mills
64
8%
2d preferred
Pacific Gas &
120
11
14%
53
114
128
700
3%
,
14
7
Co...25
18
2%
59%
*12
Jan
July 22
Jan 2
47
125
200
95% Feb 19
114
18
*148
150
20% Mar
7
100
125
.
10%
*12%
234
3
77%
8%
68%
8%
8%
6%
12%
13%
8
40
123
13%
7%
150% *149
2%
59%
59
*76
8%
124
13%
2%
*56
818
18%
122
14
*13%
6%
11%
6%
2
No par
__
Preferred...
Owens-Illinois Glass
Rights
'
*13%
2
20% Dec
107
4% Mar
22% Jan
106
June 12
136
Jan
July
70
100
Jan
Apr
11% Apr
4%
32% Feb 24
12% July
No par
Prior preferred
Outlet Co
75
Mar 25
14
per share
3% July
25% Mar 30
115% Feb 24
24% Apr 27
ioo
Otis Steel
100
52
*50%
5134
*113%
Corp(The) vtciVo
Preferred A
Preferred
82
82
85%
Omnibus
100
Highest
I per share
$ per share
2
11%
19%
*103
Lowest
Highest
19%
20%
19%
113%
113% *105
19%
Year 1935
On Basis of 100-sftare Lots
EXCHANGE
$ per share
17
July 7
*110
Range for Previous
Range Since Jan. 1
STOCK
Week
July 27
$ per share
Thursday
Monday
$ per share
Wednesday
July 28
Saturday
715
May
5
Feb 17
42%
115
6% Nov
2% Nov
Jan
121
Jan
104% Dec
73
Mar
117
85% Mar
132
148
Deo
99
Jan
113
July
52%
65
8%
4
Jan
17
Oct
5% Mar
49% Mar
29%
Dec
119% Deo
103
June
Feb
Mar
'
35% Mar
92
Dec
1% Mar
16% Mar
29% Mar
36
Apr
33
Apr
6
Oct
3% Apr
20% Apr
30% Dbc
43% Jan
43% NOV
38
Dec
11
Aug
72
Nov
3% Jan 14
1
Mar
3
Oct
Jan 14
8
Mar
18
Nov
23% Jan 15
99% Apr 15
7
June
69
Aug
88
Nov
21% Oct
98% June
2% Mar
25%
Nov
110
24% Jan 23
Apr 15
114
20%
99
Feb 19
Jan 13
28% Mar
78% Oct
97
95
16% Feb 17
5% Apr
16
9
Mar
9
36
Jan 10
13
Apr
Apr 28
22%May 25
120
Jan 23
75
Apr
25
50
Apr 27
July
3
34
Feb
5
117
Jan 13
30
Mar
Nov
95% Nov
37%
Dec
Dec
115
Nov
32
Dec
June
113% Dec
43% Mar
55% Apr
11% Dec
58% Nov
5% Mar
21% Feb
20%
Dec
33
Dec
101
July 17
Apr 29
58% Feb 28
59% July 27
65% Feb 10
10% Jan
3
13% Jan
19% Feb
2
35
32
3
40% July 29
Jan
17% Apr
Dec
5% Dec
20% Nov
4
105
Deo
17% Oct
13% Dec
78%May 4
10
Apr 20
90
Deo
Mar
77
24%June
Deo
100
8% Mar 25
26% Feb 19
May
Nov
46% Nov
20% Mar
62% Feb
8
1678 Apr 30
4% July
Jan
4% D 0
26% Deo
53% Jul.v
9
Mar 10
67
Nov
13% Mar
New York Stock
716
LOW
AND
SALE PRICES—PER
HIGH
SHARE,
Record—Continued—Page 9
NOT PER CENT
STOCKS
Sales
fftT
NEW
jur
$ per share
•
*28
2334
13
12
2%
2i2
1278
458
12-^8
3978
1«4
99
*10l8
IOI4
*61
623g
1
78
2i2
47g
214
36l4
!'80
8134
82i2
334
*358
334
84
83%
378
70
70
7018
*3%
7014
245s
*69
'24%
2434
25
2478
15U
24i2
1558
1478
2578
2514
*91%
8I4
58i2
31%
15'4
155s
245s
2434
*92
92
92
92l2
8%
838
5884
*5812
3212
834
838
5834
*32
*3U2
1934
-
59
3212
123
123
938
9
3458
34
414
2712
19%
1934
1958
197s
*12212 12334
938
12
84
2%
5
12
86
6
5%
23%
2%
4%
*12%
31%
28%
34i8
4i4
27i2
414
2738
4U
27i2
34%
*4%
27%
123
123
84
2%
434
12%
13
70%
25%
15%
26%
92%
8%
58%
31%
19%
*123
35
3%
70%
2478
15
2434
*55i8
60
*55i8
60
58
58
85
85
85
85
85
2914
4
4i8
29i4
*91%
18l2
3478
10
llOU IIOI4
7
718
1H2
*75
12
~32%
41i4
40%
18i2
3714
5H2
10
51i2
IOI4
69l2
.
1914
3578
70
*66
155
323s
4018
18l2
35%
5U2
10i8
2812
*
155
70
19%
*110
36%
*52
97g
1434
24%
1434
3,500
2434
9,600
*31%
187g
8
32
*31%
19%
1834
12234 12284
9
9%
35
34%
*55%
85
92
*92
8%
9%
34%
4%
29%
*124
59
*55%
85
85%
19%
1212
41%
40
35,100
Simmons Co
48
1,500
25%
7,400
14%
14%
49,300
112
27%
*
14,100
3,200
155
61,500
47,200
Southern Railway
Preferred
100
19
Jan
400
Mobile & Ohio stk tr ctfs 100
34
9%
1,700
*734
70
77g
7%
13i2
14%
13%
Sparks
19,400
80
80
81%
82
82
83
83
31
31
3034
31
31
3034
3034
22
30%
22%
22%
23% 135,600
27%
28
51%
51%
570
79
8534
83%
108% 108%
15,900
81%
*10512 1071s
2678
2678
1534
16
127
*125
*978
734
17i2
46i2
51
10
8
18i2
47
2058
21-38
20%
2738
2978
28%
22%
29%
50
51
50%
51
23%
23%
28 .v 28%
28%
28%
5134
50%
5134
5134
83
84
82
85%
82%
84%
82%
82%
108%
107i8 10718 *10512 108% *105% 108% *106
2734
2634
2758
27%
27%
27%
27%
27%
16
1534,
*125i2 127
10
8
3834
3938
3634
3678
26i2
63i2
28i2
73i2
3i4
25
63i4
*27
7312
3%
*lli8
1112
*48i2
53
77g
18
10
8
18%
*4534
47
51%
4712
5314
5178
16
125
9?8
8I4
1834
*46
52i2
3i8
15%
al25
10
1784
*3
*25
.
52
15%
*125
16%
127
9%
734
97g
734
18
157g
127
934
734
*45%
51
200
28%
3,300
15%
16%
41,100
110
*125% 127
9%
7%
7%
17%
17
46%
17%
46-%
4638
50%
51%
45%
5034
3
3
3%
No par
.1
$5.50 preferred.
No par
Spencer Kellogg & Sons No par
Sperry Corp (The) v t c
1
Spicer Mfg Co
No par
Conv preferred A
No par
Spiegel-May-Stern Co..No par
6^% preferred
Square D Co
Preferred
No par
>
1,400
11,600
51%
7,400
3%
800
Preferred..
800
$6
.
cum
$7
cum
1383 Jan
44
63
99
1207g Jan
9%
5i8
9%
2434
39
37%
38%
15,900
Standard Oil of Calif
37
37%
36%
37%
16,600
Standard Oil of Indiana
25
3234 Jan
25
25
25
Standard Oil of Kansas
10
25
63i2
6438
28
28
73
74
6334
28%
-
334
64%
28%
73
73
1134
3%
*11%
3%
1134
53
*314
11%
*48i2
*48%
53
26
64%
63%
64%
*27
29
27
27
28
28
73%
73%
7334
73i2
73%
73
3%
11%
*48%
3%
11%
53
3%
11%
*48%
3%
6334
30,500
400
2,100
3%
1138
800
11%
3%*
11%
53
200
1,400
53
*48%
2
Preferred.
19%
10,000
21
48,900
Stone & Webster
57,700
J Studebaker Corp (The)
4i2
438
4%
4%
37
37
4%
4%
3634
36%
36%
1,000
20
2,100
4%
438
4%
43g
6,800
36
)
4i2
4%
1318
3434
1312
1334
14
14
147g
14
14%
14%
14%
14
14%
10,300
3 512
35
36
35
35%
34%
35
34%
35
34%
34%
5,100
*8l2
878
834
8%
*8%
8%
*8%
834
200
2034
3034
2034
21
8%
20%
2078
2034
20%
20%
20%
10,800
31
3034
31
30%
30%
3034
30%
1%
13%
178
1234
2
2,100
1,400
878
3034
*8i2
2034
3078
*2
/2i4
2»8
1358
1334
1334
*6'8
7
7
7
838
8I4
*8%
8i2
21
,2034
31
31
2i4
1378
13
1%
1%
13%
1%
1234
*7
7%
8
3958
40
39i2
40
7%
39%
35i4
3514
35
35%
35%
1178
12
1134
12
11%
36%
117b
10
10
934
10
978
10%
*900
1100
397g
7
7
734
39%
3534
11%
8
3934
36%
1134
10%
10%
*900
1100
*950
1100
*925
49
*46
48
46
37
37
37
37%
*60%
62
*607g
10%
10%
*10
10%
90
90
47i4
47i4
*46
37%
37%
*36
*6112*934
6214
*75
90
10i2
-
62l4
62i4
1012
*;934
*80
90
1100
,
46
37%
62
*7
13
7%
2
1%
.
13
12%
4,900
7
.7
700
"
Sun
Oil
6
6
9
638
*27
..
938
638
30
87g
Superior Steel
100
Class
A
Telautograph Corp
6%
6%
30%
*9%
6%
6
30»4
9%
*28
10
*6%
30
*29l2
30
*9»4
10
*914
9l2
32
3158
3214
3134
634
6%
*29%
3158
6%
*2978
17i8
*104
*51
183s
66i2
13 is
20
1258
9&8
*10514
6
*858
26i4
35
-63s
3034
638
30
3134
*9%
30%
9%
32%
6%
30
31%
578
32
28%
30
6%
*9%,
32
57g
29
6%
6%
800
30%
*29%
30%
600
9%
*9%
9%
32%
31%
3234
9,100
6%
5%
*27%
6%
10,400
2934
1,200
17%
17%
18,100
10434 10434
*35
54%
100
6
29%
1734
17%
177g
17i2
1734
17%
17%
1734
*104% 105
*10378 105
*1037g 105
*104% 105
55
*50
56
*50
547«
5478
547«
54%
547g
1858
1834
19'8
19%
1812
1834
19%
1878
203g
66
65%
66U
6634
66i2
66%
65%
66%
65%
133s
13%
13%
13%
1314
13i8
13%
13%
13%
20
21
21i2
20% 21%
2014
20%
20%
22%
135s
13l2
13%
1334
13%
127g
13%
1234
1234
10
10
9%
934
97g
97g
10%
9%
10%
*105% 106
105i2 106
105i2
105% 105% *105% 106
6
6
6
6
6
6%
6%
6%
6%
9
9
9
9
9
9
*8%
*8%
9%
267g
27'g
27%
26i2
26%
265S
26%
2834
27%
35
35
35
3514
3434
35%
3434
35%
37%
173s
105
100
&
$3.60
The
Pacific
Ry
Mfg
conv
pref
Fair..,
37%
11,500
1434
14
15
13%
14%
42,500
87%
90
88
88
*126',612638
4212
4234
For footnotes -»ee page
I
708
3%
8
700
91%
378
July
103% 105%
2,290
3%
-16,800
83
83 84
84%
82%
83%
1261i6l261i6 ♦126',6 126% *126i16 126%
43
43%
4278
43%
4234
42%
6,200
334
130
2,300
Truax Traer Coal
Truscon Steel
No par
10
20th Cen Fox Film Corp No par
Preferred
No par
Twin City Rap Trans..No par
Preferred
100
Ulen
Co
No par
Under Elliott Fisher Co No par
Preferred
...100
Union Rae Ar Pan Corn No par
5
Feb 28
12% Mar
5
3234 July 31
100% Jan
5
1414 Mar
110
3934 Feb 25
100
10
8
2
6
3
No par
Jan
478 Jan 21
Apr 30
51
1218 Jan 6
Apr 27
1478
12%
4
;
1434 Jan
TImken Detroit Axle
July 21
62i4 July 27
1214 Feb 14
No par
Tri-Continental Corp..No par
6% preferred
No par
85
334
Tide Water Oil
Feb 18
9i2 Feb 18
3034 July 29
26
Transue & Williams St'l No par
12%
83%
Preferred
4
49
44
3
3
Transeont & West'n Air Inc.
85
3%
334
37g
83%
84%
84%
12638 1263s *l26'i6l265,6
43%
433g
43%
4212
Tidewater Assoc Oil
June
11
Apr 30
15s
5
8»2Mar 23
19i8 Feb
106i2 Mar
60
4
3
Mar 11
2038 July 30
72i2 Feb 18
1434 Feb 25
Jan
Apr
14
Apr
1318 May
May
514 Apr
Jan
2i2 Mar
478
Jan
6
718 Apr 30
2212June
1
3138 Apr 27
8»4May 20
Jan 22
278June 30
7
Feb 29
1078 Feb 18
61
125s
100
10%
Deo
Deo
Nov
Oct
Oct
Deo
June
5
Jan
Mar
29
Nov
5i8
Jan
1338 Mar
1% Mar
17
Apr
7% Mar
84
Jan
2634
458
283s
478
714
69
Mar
Mar
2
24%
15
July 30
74%June 29
99
Jan 13
125i2 Apr ?3
133
Jan 17
125
5284 Feb 19
29
Deo
Deo
104i2 Nov
48
Deo
Mar
14
Mar
15U Nov
Oct
Mar
1^8 June
5384 Mar
Dec
'
Dec
13is
2i2 June
18
5
1578
72i2 Nov
35s Oct
3i2 Mar
Aug
91i2July 29
26»4 Nov
28
•
Mar
13
41
878 Nov
Mar
Apr
2
65U
HKloMav 21
Oct
Dec
2
323s Mar
8% Jan 20
Feb
16
178 Mar
10718 Mar 11
28i2
4438
50
61 >s
Deo
Deo
12i2 May
Dec 1075
1050
5i8 Mar
6
834
3014
3634
9%
■
2
Jan
Deo
Deo
li2 Nov
6'4 Deo
978 Jan
Mar
4
93
Sept
33%
6% Sept
12
4
Dec
9
2234
16% Mar
28»4 Apr
3% Jan
8i2 Jan
I6I2 Jan
Feb
1234 Aug
Apr
D4 Apr
4
Dec
25
14
27% Apr
3
Mar
3i2 Dec
Mar
2
Jan
Nov
305s
Jan
10%May 19
7is Jan
77
121
1778 Oct
314 Mar
15
Sept
32% Dec
8
24% Jan
par
par
2
No par
4,200
12
33g
pref
Jan
5
16,500
79%
837S
cum
16,300
12i4
378
$3.50
938
10U Mar 11
July 22
Deo
60i2 Mar
14% July 24
2334June
8U Jan
1
.25
Thompson Prods Inc...No
Thompson-Starrett Co.No
Jan
8i2May 23
314 Jan 2
.100
10%
80
84%
Third Avenue.i.._.
Third Nat Investors
13%
1U2
6
1878
15'8 Deo
1034 Nov
115i2
234 Feb 11
July 15 1375
834June 16
89'
1
22%
7684
Jan
1514 Feb 29
143s Mar 6
28
100
Co..
10
1134
95s Feb 14
6
337g Apr 27
59
Mar 25
No par
Preferred
Thermoid
13
77
I47s July 28
July 27
Deo
Deo
Mar
ill
634 Mar 12
36
Deo
10
2i2 Mar
214 Apr
Mar 12
3884 Feb
300
No par
20%
200
91
4
Nov
50
3is Mar
36
4
6
16,000
115-8
278
3
2
9%June 30
No par
13%
77
84l2
Jan
56
1,500
14% Mar
Deo
32i2 Nov
6% Mar
8
Jan
Tlmken Roller Bearing.No par
Transamerica Corp
No par
13,500
4% Jan 28
1284 Jan
5312 Jan 28
24i2 Apr 16
2134 July 27
7% Jan
Co. 100
13
37
4
57s Jan
1
7,400
884
3
1 >8
10
39,500
6
Feb
33
6634
29
8
Jan
6% Jan
No par
19%
6
Deo
Deo
32
Feb
40
65%
*8%
4078
333s
25
20%
28%
Deo
Deo
2i2 Nov
116
Apr
Oct
Texas Corp (The)
Texas Gulf Sulphur
Thompson (J R)
280
Jan
Aug
26i8
2878
20
5% Apr 27
2878 Jan 6
Thatcher
300
111
12i2 Deo
9U Aug
1 I3g
Mar
78 July
Jan
Apr
6
634May 14
200
2,000
1918
130
30
6
600
9
12i2 Sept
122% June
Mar
.5
37
10%
105i8 Nov
2734 Mar
Tennessee Corp
61
90
8%
2
958 July
..No par
No par
Old
*10
Oct
July
23
3578 Jan 30
Texas
*80
8%
Nov
84
5
28i2 Apr 28
X Symington Co
200
10
Jan
Oct
48
8
No par
Swift Internat Ltd
48
90
15l2
Feb
Mar
40% Feb
25
Texas Pacific Coal & Oil
934
Oct
47% Feb
2014 Apr 28
Texas Pacific Land Trust
878
Mar
Mar
25
15,200
*80
Deo
36U May
18'8 Deo
Mar
6
Swift & Co
11,600
9
7U
8i2
3314
437g
IOI84
9
23
10%
90
Nov
9
Sutherland Paper CO
10
Sweets Co of Amer (The)...50
12%
9
50% July
65
July
3
11%
*85
6
Deo
8I4
8i2
Mar
Mar
Mar
1
10%
9%
31
2i2
li2
I84
484
40i2 Mar 18
'
9»8
Feb 24
Feb 24
12434May 15
10%
61
18
129
2
12%
*45%
107
313s Apr 13
2
10%
*36%
5384 Mar 20
8534 July 31
108% July 31
Jan 11
1134
62
2378 Jan 29
2978 July 27
Jan
3534
37%
9is Jan
Jan
3334 Deo
834 Nov
70i2 Nov
July 31
3634 Jan 25
Jan
36%
36%
Apr
69i2 Apr
3i8 Mar
3U June
15% July 29
27
3534
*60
Feb
July27
72
39%
36%
*45%
8
May 18
16i2 Apr 30
14*8 Jan 2
1
1100
Deo
118
38%
48
I6I2
215s
par
39%
1100 *900
5i2 July
100
387g
*900
Deo
..No par
Preferred
7%
9,500
Jan
23sMay 21
1
Superheater Co (The)..No
Superior Oil..
7%
8,300
27,500
2
Mar 27
8%May
48
No par
7%
7%.
25l2
113% Jan 24
par
1834
*81
1234 Mar
1097sJune 8
353sJune 10
No par
20%
*120
28
31
52-38
19%
83
Nov
283s May
68
21
37%
Deo
27
12i2 Mar
6834 Jan
1% Mar
19
120
152
3584 Mar
20%
82
Jan
Feb
1038 Mar
Mar 19
1934
36%
20
934 Mar
83
Oct
132
70
21%
120
112
3334 Feb 10
74
July 21
19%
8U2
Jan
Deo
Nov
1534 May
7
20%
117#
36i2
30
6
12%
120
7012 Nov
68i2
9
2134
36
Mar
15U Apr
10% Aug
Si's Jan
2434May
20%
8012
Mar
65
1134
*118
13
24
Deo
Apr
20i2 Deo
1834 Jan
20i2 Deo
116I4 Deo
65% Deo
4638 Nov
334 Jan 17
10
19%
21%
36
Jan
Jan
Sterling Products Inc
Sterling Securities cl A.No
12
120
193s
Deo
Nov
28
Feb 26
Convertible
12%
12%
1178
12%
11%
82
82
81
81
8234
121% *120
121%
121% *120
Oct
60
107i2
Mar 26
32i2 July
4138 July
21% July
41i2 July
16i2
111
Standard Oil of New Jersey.25
Starrett Co (The) L S_.No par
2134
2038
>
v
160
534 Nov
July
Feb
Mar
484
6i2
1334 Mar 17
38%
62
6
978 Feb 17
193s July
3
Apr 28
2634 Apr 30
37%
*23
10
Jan
39%
26
8%
7% Feb 29
3434 Mar
Apr 30
3678
*21%
75
July 29
3834
1134
938
12
37%
2114
838
Mar
2134 Apr 27
1438 Apr 19
39%
20
81
13
37
1178
.
Mar
39
1934
21I8
3578
22
37i8
1158
8034
Jan
3914
19i2
1978
'•
2934May
1578 Apr 30
3834
26
Dee
Deo
50
Mar
3658
*22%
63%
5i2 Mar
63i8 Mar
5
prior pref....No par
prior pref
No par
Nov
>
3414
42
.No par
No par
1978 July 25
July 24
124
78
3%
3%
314 Mar
40i2 Nov
295s Dec
Jan
111
1
Stand Investing Corp..No par
Standard Oil Export pref.. 100
4
34
12
684 July
63%June
3i8
*3
21
Mar
101% Mar 18
534 Apr 30
678 Jan
73% June 10
preferred.... 50
Stewart-Warner
5
*118
Feb 20
*3
3
2534 Nov
4is Nov
July
July
J Stand Gas & El Co...No par
17%
45%
Comm Tobacco
9
3
Mar
7
No par
.i
Stand
127g
15
100
Standard Brands.
,-y
7i4 Mar
31
No par
Jan
17
54% July 30
1134 Feb
par
6,400
9%
734
9%
5134
17%
3,500
27%
16%
127
330
1,000
Withingtou
\
23% Jan
2
1234 Apr 27
100
Spear & Co
*75
51
1st preferred.
Spang Chalfant & Co Inc pflOO
28,000
80
2714
Spalding (A G) & Bros .No
130
220
32
2034
7
Jan
80
27i4
4
Jan
55%
31
2038
25
21%
32
*50
150
25
41%
*68
69 78 Nov
Mar
70
July
20%
9
Dec
783 Mar
114
Mar
39%
70
3678
478
31
4
100
*109% 112
*109% 112
734
7%
77g
7%
7%
15%
15%
14%
1334
1434
Dec
Deo
2034 Mar
278 Oct
Jan 16
73
Feb
Southern Pacific Co
111
Nov
1U
3
1^8 May
40
Apr
17
100
100
91
14 June
6
41,700
*50
Jan
38 Aug
4% Feb
132
378 July 29
26
Apr 27
par
Apr
134 Feb
4i2 Feb
43^8 Mar 12
2812 Jan
41%
21
Mar 31
14i2 Jan 25
36 % July 31
634 Jan 15
3134 Mar 30
June 20
40%
547g
76
Jan 31
40%
40%
4i8 Nov
20<8 Jan
8
55
20i2 Feb
72
6,000
80
-
*30
Sugar...No
Preferred
56%, Nov
is4 Apr
414 Feb
April
Apr 17
Apr 17
32%
Southern Calif Edison
Mar
95
110
Solvay Am Invt Tr pref... 100
.
Jan
22
878 July 15
July 12
12%May 20
South Am Gold & Platinum.. 1
So Porto Rico
6
Feb 29
52
Oct
101S4 Mar
60
Mar
31%
19%
*8%
300
4%
27%
Jan
109
22
.a.i—.lOO
No pa
Snider Packing Corp...No par
Socony Vacuum Oil Co Inc.. 15
46
114i2Mar 11
1638 Jan 13
40%June 30
7%
23i2 Nov
11314 June
114i2 June
13% Deo
Jan
Jan
32%
5478
70
112
4
Mar
55
July 16
6578 Jan 2
preferred
Smith (A O) Corp
24%
12
31% Dec
10434 Mar
8
Jan 20
97i8May 29
July
112
..100
47
July"27
32
834 July
Sloss-Sheff Steel & Iron... 100
180
38%
978
Preferred..
160
87
33
3512 Jan
113
1634 Apr
19% Jan
59
Jan
25*8 July 30
1934 Jan
i3%June
59
Nov
Jan 17
25
*8034
53
70
200
Jan
3
14
July 27
No par
10
Petroleum
59
20
*9%
Simms
Skelly Oil Co...-,*
2
Apr
Apr
7
Apr
Apr 30
110i2 Jan 2
No par
Dec
84 June
84
434
43%
30%
1434
Conv
85
38%
6934
3,500
14,800
Shell Union Oil
Deo
1
89
55 conv pref
Sharpe & Dohme
Conv preferred ser A.No par
Sheaffer (W A) Pen Co .No par
Deo
10
2534
Apr
6
15% Jan
lli8 Jan
2034 Jan
No pot
No par
No par
..No par
35%
36%
4
4%
4%
30%
29%
29%
127
129% *123
934
36%
19%
----
70
(F G)
Sharon Steel Corp
10,300
52%
111
'
Sbattuck
10%
10%
37%
978
32
I
-.1
102
Nov
3
lOU Mar
4
3% July 24
preferred
100
Silver King Coalition Mines -5
27%
3934
700
,L--—*
1,300
155
"31%
Preferred
Servel Inc
Highest
share $ per share
July 21
59% Jan 21
234May 25
61%May 13
par
Second Natl Investors______l
9,600
26%
*
13,700
123
4%
32%
100
19%
37g
154
53% Jan 6
78 Jan 2
2
Apr 23
3034June 4
No par
12334
4
"3134
300
8%
57%
7%
714
1334
7*8
*__
93
57%
18%
.1
100
Sears, Roebuck & Co..No
320
32
r
32
28
378
28
-400
7%
577g
12234 12234
.
21,500
June
3778 July 15
No par
Preferred-
2
97% Feb
1
138May 26
7%June 4
5,200 Seaboard Oil Co of Del-No par
100 Seagrave Corp
No par
40,100
19%
37%
70
400
71
9178
Preferred
4,200 J Seaboard Air Line
25%
577g
..
230 Scott Paper Co...
70%
53
*68
11012 111
32%
41%
700
24%
58%
4
28%
3.30C Schulte Retail Stores
Jan
110% tune 30
11
per
82
10i2 Feb 19
2934 Feb 28
3% Mar 4
638Mar
July 29
„
$
14
Jan 24
27
109
70%
25%
917g
8%
18
100
No par
Lowest
117% Feb 19
*
778 Jan
6% preferred
100
181
7% preferred
....100
1.10C Savage Arms Corp
No par
20,001 Schenley Distillers Corp
5
40C
5J£% preferred
....100
70%
8%
July
U2 Jan
2% Jan
It
3%
58%
Preferred
14C
14,701 Safeway Stores
8334
49
4
29U
2878
"32"
40l4
*49
1st preferred
^.100
t St Louis South western... 100
3%
46%
4i8
*
32
3978
46l2
23i2
46i2
4734
155
"3134
221
82%
47
47
4634
46%
23
23%
24%
2314
23% *2234
23%
2284 2234
1434
14%
14%
1434
1434
14i2
14%
14%
1458
14i2
115
*112
115
*112
115
*112
*112
115
*112% 115
*
J St Louis-San Francisco..100
6,80(
378
*4
4%
4%
27%
30%
28%
126% *123% 127%
*8012
4
2,40(
5%
83%
24%
7434 Apr 28
538June
22
10
2%
*3%
147g
24%
Ruber'dCo(The)cap stkNo par
7% pre!
100
123f
82%
15
$ per share
St Joseph Lead
Rutland RR
60(
3%
70%
25%
15%
25%
25%
Year 1935
Highest
$ per share
Par
15,60(
•
Range for Previous
Lois
Lowest
60()
•57f
24&f
84
83
37g
12234 12318
9ig
9%
9'8
3434
123i« 1231s
*4634
86
5%
2433
243f
23{
434
On Basis of 100-share
Shares
30
110
2i4
'*35%
*358
334
2%
47fi
13%
84
84%
6%
23*8
Range Since Jan. 1
STOCK
jl v va*
Kf
Week
$ per share
YORK
«*. v/iwxit
EXCHANGE
the
33
31
31
*31
34
32i8
323f
29
29
27
•28
30%
2834
28%
*107% 10978 *107% 10934 *107% 10934 *107% 10934
111
11134
111%
111% III84 *111% 113
llll2 11112 *m
13
12%
1234
12%
1234
*1238 ♦12%
127g
*12%
1234
39
383g
39%
38%
39i2
3934
3934
3812
40%
40%
99
99
99
99
99
99
99
99
,*98%
*9834
16s
1%
1%
1%
158
4%
1%
1%
1%
1%
*10
103s
*10l8
10%
10%
10%
10l8
10%
10%
10%
61
62
6134
6134
60%
6134
*6078
6134
61%
61%
1
1
1
1
1
1
1
7s
%
78
23g
*23s
2%
2%
2%
238
2%
2%
2%
*2%
36
36
34-r's
35%
35%
35% 35%
35%
3514
34%
334
3%
3%
*3%
4%
*334
*35g
4%
*384
4%
*11H2 IHS4
1%
23%
2%
434
3078
30l2
110
110
*12i4
3934
*9814
*534
24
1,1 JJJ VW
Friday
July 31
$ per share
33
32
3212
3034
3058
*'■
6
6I4
24ia
2i2
47a
>4%
12i8
84%
86%
6
*584
23 58
».
438
12i8
•'
84
84
6
*214
! July
$ per share
2312
6
23
Thursday
July 29
*82
84
*82
July 28
$ per share
share
per
Wednesday
July 27
July 25
$
Tuesday
Monday
Saturday
Aug. 1, 1936
May
16
Dec
Deo
Deo
8I4 Nov
9718 Nov
678 May
814 Nov
2478 Deo
33i2 Deo
1258 Nov
73
Deo
5% Nov
87 U
133
50U
Deo
Apr
Jan
Volume
LOW
AND
HIGH
PRICES—PER
SALE
Sales
NOT PER CENT
SHARE,
$ per share
27ao*
27*8
July 28
$ per share
95%
2178
95i2
96
22t4
22%
13614 13614
*9658
97
$ per share
96
22%
96%
22
136% 137
97
97%
2778
28%
2778
18
18is
27%
18%
2184
21%
26i2
82
82
29
29
29
8%
47%
8%
48
8
8l4
*4714
97
22%
135% 138
18%
18%
97%
27%
28%
18%
23%
22
22
114
82
*28
96
22
18%
26%
26%
*112% 114
27
82
$ per share
21%
26%
21%
*112% 114
97%
22%
136% 137%
97
97%
28
28%
27%
28%
28%
1878
*20i4
2712
Wednesday
July 29
Tuesday
Monday
July 27
27
27
114
81%
287s
8%
97%
27%
27%
$ per share
96
96%
22%
137% 138%
97%
97%
28.,# 28
27%
28%
18%
19%
*21%
23
27%
27%
22%
82
81%
29
29
81%
29%
8%
48%
8%
48%
83%
73
*157
99
1%
83
81%
73
161
*97
*80%
74
75
97
29%
8%
48%
*28
29
48%
50%
49%
*2%
13%
50%
3%
49%
13%
*27%
*18%
13%
28%
187s
13
*94
95
*2%
99%
32%
*6%
*11%
■
*83
9%
29%
74%
"3
34
7
12
27%
27%
18%
187g
27%
18%
28
1878
95
94
94
99%
99
99%
99%
84
83%
78%
7178
64%
76%
79%
71%
6578
67%
*71%
67%
-
129
144
*142
144
.142
*165
168
168
168
5%
5%
1%
1%
1%
*78
82%
4%
*33%
*114
*4%
*15
478
34%
115
57g
33%
1%
*126
44%
4%
33%
114% 114%
*4%
4%
43%
43
32%
71
Yl
72
72
72
"ii
*125
130
*125
130
*4
15%
33
7%
8
*7%
7
*4%
15%
14%
*4
7
1578
33
32%
*18
7%
33%
18%
7%
23%
22%
4
4
4
78%
*76%
1078
11
11
*52%
55
*52%
778
8
Y4~%
39%
81%
*103
39%
81%
108
108
100
100
8%
21%
28%
21%
28%
25
25
24%
678
*1%
39%
*8%
*103
28
7%
7%
22%
28%
24%
7%
*1%
1%
39%
397g
"l%
39%
41%
89%
42%
42%
*37%
38%
28
*37%
26
26
26%
70
27%
*85
29
88
88
4
22%
*3%
7%
15
4
778
*76
76%
53
53%
39
1%
*1%
41%
39%
30
80
22%
14%
4%
22%
378
2278
*3%
77g
3%
8
75%
54
29
114
*114
30%
%
2,000
29%
90
10
"l%
*1%
41%
42%
81
81
l"l5%
lOJOO
400
20
105% 105%
107% 108%
100
100
460
100
20
*114
U5%
10
*
97g
3,500
18%
200
2%
6%
88%
2%
2%
2%
2%
6%
6%
88%
6%
89%
41%
1,100
2,400
20,700
10,500
...100
Preferred
100
Western Union Telegraph. 100
138% 143%
20,200
Westlnghouse El & Mfg
41
90%
42
150
*2
6
6%
87%
41
*147
150
30
26%
26%
26%
26%
2,300
37%
32
*37%
277g
38%
37%.
37%
28%
220
*65
80
*65
80
105
*99
29%
28%
*88%
30
27%
*65
80
28%
29%
90
89
89
28%
*87
90
200
900
4%
1,300
31,800
700
500
11,700
75
75
75
75
75
75
500
54
54%
53%
53%
54
16,000
28%
70
71%
72
72%
72
71%
72
1,270
64%
64
64
63
63
63
64
1,700
87
87
88
90
88
88
88%
89
88
94%
89
65%
6578
65
66%
64%
64%
64%
64%
63%
64%
63%
40
40
40
41
40
41
42
42
41%
94%
63%
42
70%
116
32%
7
71%
116
32%
7%
4878
71%
*116
32%'
7'
49%
487g
73
72%
118% *116
34
7%
For footnotes see page
20%
21%
145
*28%
2078
142
21%
144
20%
142
28%
21%
143
1,500
610
2,800
1,200
96,000
370
49%
48%
48%
48%
48%
47%
4778
3,100
73%
71%
73
71%
72%
71%
7278
23,400
*116% 118%
118% *116% 118
37
37
3878
36%
39%
35%
7%
7%
7%
7%
7%
7U
100
,117% *116
34%
35%
7%
7%
703
20
141
29
65% Mar
4% Mar
Oct
15
Nov
96
Nov
87
Nov
165
Dec
143
Jan
5
Feb
10% Nov
35% Mar
3% Mar
50% Nov
7% Mar
9% Sept
16% Sept
73
Sept
53
Jan
3
Mar
11%
9% Mar
24% Mar
9134 Dec
6278 Jan
17%
Deo
Jan
48
Dec
27% Mar
73% Mar
119% Jan
14934 Feb
1
Mar
% Mar
124% Apr
7334 July
50% Nov
119% Nov
140-% May
165
Aug
4% Aug
2
Nov
Feb
33
Nov
114
Nov
2
91
Feb
48% July 21
34
May
4
63
Dec
Mar
June
133%May 27
114%May 15
9% Feb 8
30% Feb
126
7
May 29
86
Feb 19
4%
10®8
734
16%
Feb
Mar
Mar
118
Jan 16
10
Feb 28
2% Mar
17% June
85
Jan
72%
Jan
56% Nov
2134 Jan
44%
Deo
63
Deo
478
37
Dec
Dec
120% Oct
112% nee
734 l<ov
2
June
15
Feb
33
Nov
63% Mar
109% Feb
1
Apr
83
May
ia4 Mar
1
May
4% Mar
26% June
114
Jan
1%
Feb
11734 Dec
3% Nov
534 Deo
4% Dec
978 Nov
33%
120
DeC
Apr
6% Nov
6%June
83
9
May 26
1% July 11
33%June 30
78
Feb 25
19
Feb 25
24
July 21
79
June 25
19
8
29
31
11
287s July 24
29% Jan 2
14%
5778
278
10%
Feb
Feb
Feb
Mar
25% Apr
11
Dec
Feb
3
Dec
Jan
2% Mar
47
Dec
10%
Dec
14% Mar
52
Dec
Mar
5
1%
28%
% Mar
1%
2% Mar
778 Mar
6%
17
Aug
20% Aug
32
Sept
25%
30%
Dec
6
4
Mar
June 23
85
Apr
1
Jan
11% Feb
85
234 Jan 13
46% Jan
2
30%
Jan
34
Mar
2
110
Apr 21
87
Feb 20
101
July 24
39 78 Mar
36
Mar
Mar 23
116
12% Feb 21
2034 Feb 24
Feb
7
978 Feb
7
4
Feb 13
95
3
143% July 31
150
July 22
48% Mar
Oct
9.1% Dec
99% Nov
92
Nov
12038
Dec
Jan
11434
Deo
5% Mar
7% Mar
1% July
10%
Dec
1934
Deo
3%
778
Jan
95
2%
Feb
20% Mar
18
Mar
32% Mar
90
Feb
10
Mar
Jan 3
July 29
29
Jan
18
,32
Nov
Jan
104%
3334 Jan 25
,39
Feb
3
84%
82% Feb 7
106
July 24
72
7
Jan
122%June 30
Dec
7s4 Nov
90
55% Nov
96
6
8% Apr 27
15
Apr 30
2
Apr 25
5% Jan 2
72%May 4
3434 Jan 13
94% Jan 6
123% Jan 7
22%June 8
36% Jan 14
1934June 29
Jan
Jan
91% Jan
6
Dec
16'4 Mar
Jan
77% Nov
3534 Dec
9834 Nov
126
33%
38%
Dec
Dec
Dec
25% Nov
35% Sept
July 21
14%
29
4% Mar
Apr
Apr
99
2278
8
% June
11%
July 21
*4
77g
....
Nov
2% Jan
19% Mar
22% Dec
19%
11%
Jan 18
99
14%
8
50
preferred
—50
'instrum't-No par
Class A
No par
1st
Weston Elec
1434 Mar
73
July 23
45
100
22%
7%
Westingh'se Air Brake.No par
Aug
27% Feb 19
50
Wheeling Steel Corp...No par
Preferred
100
White Motor
50
3%
22%
4
22%
3%
778
July 10
6% Mar 2
2% Jan 18
1,500
14%
3%
7%
July 30
168
June 24
22%
*22
144
80
14%
3%
*3%
133%
Jan 14
22%
22%
4
34
3%
3%
Jan
Apr 15
Apr 9
Jan 24
Apr 9
Apr 9
July 31
Westvaco Chlor Prod..No par
14%
22%
Mar 12
Wheeling & L Erie Ry Co.. 100
23
*3%
97g Jan 27
18% Jan 28
20
3%
*22
Pacific
5}4% conv preferred
28%
% July 17
59
Apr 2
31,600
*99
29%
100
preferred
Western
5
2% Apr 29
2
9% Apr 30
44
Apr 29
%June 18
4% Jan 2
1578 Jan 7
21
Apr 30
.19% Apr 28
47% Jan
11134 Jan
9%
2d
Mar
4% July 21
116% Jan
100
Maryland
29
Oct
34% Feb 21
100
18%
14%
140
Western
99
110% Feb 15
169% Feb 18
16% July 24
26% Apr 17
1778 Apr 17
1078 Jan 4
100
9%
75
19%
lOOf
pref
preferred
6%
18%
54%
138
Preferred
6% preferred
West Penn Power
9%
63%
2078
No par
No par
100
preferred..
*17%
73%
139
Conv
West Penn El class A
9%
65
20%
1
18%
72%
138
...100
Preferred
Wesson Oil & Snowdrift No par
9%
65
20%
pref
*17%
72%
20%
Convertible
Wells Fargo <fc Co—
64%
136% 138
48%
49
No par
Warren Bros
Webster Eisenlohr.....No par
75
*40
t Warner Quinlan
800
72
*39
No par
No par
1,700
22%
29%
$3.85 conv pref
2,500
54
29
6
Warner Bros Pictures
6%
64%
30
100
24%
54%
29
73%
*29%
No par
B
Preferred
No par
Warren Fdy <fe Pipe
No par
Waukesha Motor Co...
5
4%
8
class A—No par
500
14%
3%
No par
Preferred
Ward Baking
5,200
23
23
No par
Walk (H) Good & W Ltd No par
8%
*27%
Feb 17
20
5
3
6
July 21
3478June 24
100
6H% preferred
t Walworth Co
zl59% Dec
Oct
137%June 10
4%June 29
9% Jan 7
Apr 30
115% Apr 2
5% Jan 3
73% Nov
Feb
Dec
2
30
Mar
39%
7
100
78
Apr
51
3%
20%
July 31
No par
No par
Co
Walgreen
Nov
11% Dec
7% Jan
Mar
5
Jan
18% Nov
110
July
2% Jan
125
Jan
9234 May
5
100
100
Waldorf System
Class
4
7%
Dec
Dec
Dec
11
100
Preferred A
22%
27%
24%
8%
*19
*99
27
*65
*87
300
*121%
37%
24%
15
7%
75%
53%
*121%
37%
4%
22%
3%
,
37%
29%
3,600
*80
*80
27
*14%
23%
7
26
88
24%
24
24
28
29%
378
22%
*26%
27
*99
28
23%
14%
22%
27%
*147
*99
*99
3%
7578
3%
*74
Detinnlng
Preferred...
t Wabash
6%
8%
*19
150
70
1,200
*%
138% 141
27%
75
7,000
%
8%
150
38
21%
7g
153
91
42
4278
139% 141%
28%
*70
114
60
33,700
200
18
18
*20%
Vulcan
Apr 27
May
100 £114% Jan 16
70%June 24
100
Preferred B
7
*4%
100
*152
42%
150
20
88,500
89%
41%
41%
£137% 139%
142%
150
""""•50
74
125
55%
*121
121% *120%
89%
4
12%
*81
preferred
preferred
96
2
39% Jan
8% Mar 16
48% Mar 19
6
13s4
20%
46
133%
Jan 23
5
7
Jan
24% Dec
734 Nov
45s4 Nov
1978 Jan 23
4% Jan
32
2% Jan
3% Apr
Oct
75
.No par
9% Mar
87% Mar
Oct
6
14
11%
"l%
Chem
Oct
7g
May
72
100
2,500
3%
9
5% preferred
Virginia Ry Co pref
"2",200
75%
June
16% Apr 30
28% Jan 16
Virginia Iron Coal & Coke.100
15%
18
9
30
;
July
120
32%
2l7g
1
320
15
*1778
*20%
3%
3% Jan
3% July
60%
9%
75%
72%
6
2
Mar
3% Mar 24
96%
160% Feb
4% Mar
65
2234 Mar 23
50% July 28
July 29
4%
74
78% July 29
68% Jan 3
46% Jan 21
115% Jan 7
131
Apr 27
76
19%
125
July 28
82
161% July 15
115
Apr 7
114
Vicks Shr & Pac Ry Co comlOO
6%
7%
8
9
7
7% Mar 26
100 zll0% Feb 17
40
Apr 30
5
Vlck Chemical Inc
Va-Carolina
July 30
8034
4
32%
*103
140
28%
7
.5
85
2
19
1478
81
8.1%
80%
105%
105% *103
108%
107% 107% *108
99
99
99
99%
82
104
139
28
39
*81
*145% 150
134
*1%
100
of Am.No par
7% Apr 1
35% July 24
Jan
47
Utilities Pow & Light A
_.l
Vadsco Sales
No par
Preferred
16% Feb 4
28% July 14
June 2
105
13
Mar 24
*52%
7%
100
17% Oct
1% Feb
2034 Mar
834 June
35
109
52%
24
No par
Preferred
2978 Apr 13
9% Feb 17
4834 July 30
2
Va El & Pow $6 pref..-No par
12%
27%
7
U S Tobacco
100
Nov
7% Apr 30
90
11%
8%
...100
Aug
78
85
8
Jan 23
52%
22
50
U S Steel Corp
Preferred
118
Jan
16% Jan
100
50
U S Smelting Ref & Min
Preferred
Jan
105
11%
27%
.104
9178
114% 114%
32%
118
117% 117% *117
7%
7%
7%
7%
3278
32%
33%
32%
7)
100
1st preferred
6
100
100
55
24
82
115
115% *114
115% *114
10
10
9%
9%
9%
*9%
*17
*17%
18%
18%
18%
18%
2
2
2%
2%
*2%
2%
6%
6%
6%
6%
6%
6%
89%
*18%
105%
*114
89
32%
33
*14%
*74
3%
76
*80
*80'.
85
*107% 108
107% 108
99%
99%
99%
99%
121
*120
1078
8%
85
106
11%
55
8%
25
~~1%
76%
8%
28%
*1%
3%
76
8%
25
*80
4
%
28%
6%
18%
20%
%
*18%
6%
33%
%
22%
130
*4%
77g
%
*18%
32
1,800
3,000
15%
*52%
%
%
*%
4%
*4%
*14%
32%
20%
11
200
8f
4%
7
3278
*52%
*79
""r406
71
No par
.No par
7% 1st pref....
47%
47%
1,500
33%
U S Rubber
Vanadium Corp
778
7%
U S Realty & Impt.
Van Raalte Co Inc...:
7%
*117% 118
No par
Prior preferred v t c
8
2
%4July 14
31% July 29
6% Apr30
10% July 2
No par
v t c
t c
9,400
7%
7
v
2,300
7%
15%
Class A
4
May
87j Jan
U S Industrial Alcohol.No par
U S Leather
Jan
160
Rights
21
7%
*1778
11%
120
35
7%
18
55
36,800
2,900
8
22
76%
1%
1%
500
33
3%
"5%
5
2%
18
4%
10
2%
21
78
8,600
200
143
2%
7%
32%
133%
2%
22%
33
66% 139,900
278
18%
32%
*18
23%
*76
7
73%
*71%
64%
27g
33
33
33%
117% 117% *117% 118
7
9
278
33
117% 117%
7
15%
*84
*126
*125
7%
12
U S Hoffman Mach
9
80%May
91
20
100
Corp...5
preferred
44
17
74
130
278
85%
500
7
*6%
7%
Jan
Apr 29
24%June 4
13
Apr 30
100
U S Gypsum
7
7
6
10
100
35
*126
130
7,300
12%
34%
2
No par
39,200
29,500
1,200
5,500
332
37
164
20
No par
No par
500
Jan
78 July 29
13% Apr
21% Jan
Jan
Oct
46
1278 Feb
50
Dec
111
19% Jan
113% July
1
26%
Dec
Nov
Jan 11
6% Apr 30
5
Apr 30
67% May
57% Apr 29
Mar 23
Mar
83% July 21
117
14% Apr 30
Jan 7
100
43
32%
17
72*
2%
95
2
109
100
20%
114% 114% *114% 115
*4i4
4%
4%
4%
135
2%
95
66% Jan
Universal Pictures 1st pref.100
US & Foreign Secur
Preferred
600
4%
32
*71
3
19
32%June 18
153
U S Freight
72%
84
4%
July 10
Preferred
*114
*79
4
1,400
7,400
27
18%
9
Jan 15
No par
U S Pipe & Foundry
U S Distrlb Corp
27
20% May
Jan
United Stores class A..No par
Preferred class A
..No par
Preferred
3038
6
15
100
Preferred
Jan
26% July
28% Jan
10% Apr 27
No par
Universal Leaf Tob
Dec
90% July
1334
93
No par
20% Oct
978 Mar
7534 Nov
24
111%
'
20
22% Jan 6
5% Apr 30
40% Apr 29
1
Paperboard
Feb
7
100
12,400
76%
75%
47%
47%
19
t United
32% Feb 18
Jan
14%
82% Mar
79% Mar
4% Mar
2
112% July 23
68
Jan 21
5
United Gas Improve
Preferred
7
44
21% Apr., 4
2834 Mar 6
Jan
10
""§26
74
*114
33
United Drug Inc
United Dyewood Corp
Preferred
31% Feb
Highest
share $ per share
24% Mar 18
No par
21%
20%
44
4%
Preferred
June 10
100
,
$ per
16% Apr 27
13
United-Carr Fast Corp.No par
United Corp
...No par
43%
21
82%
..100
No par
36
*34
36
4%
Preferred
14%
*165
20
*78
•v'
United Carbon
*2%
.
74%
1%
5
14%
49%
..
3078
"5%
Aircraft Corp
Un Air Lines Transp Corp...5
United Amer Bosch
No par
United Biscuit
No par
t Universal Pipe & Rad
14%
90% Jan 2
22% Jan 2
20% Apr 30
No par
780
6,000
5%
United
Car
25,700
510
45,900
16,700
12,500
1%
Tank
1
16%
50
3%
9%
1%
*130
*2%
7%
165
32%
"5"%
48
200
3078
9%
9%
*165
*126
*126
*126
1%
27,800
70
*140 "
17
19
*17
19
85%
*84
Union
102% 107%
144
5
700
2,500
2,300
7g
97% July 28
28% Feb 7
138%Juyl31
No par
4,300
78
77%
144
144
*47%
82%
33
*81%
71% Jan
2078 Apr 30
108% Jan 7
No par
67g
85
6%
Highest
$ per share
100
United Eng & Fdy
United Fruit
10%
131
*114
4%
*114% 115
4%
4%
*16
19
11%
*33%
48
*78
34
9%
6%
Preferred
United Electric Coal
112
*10
*158
100
__
1,300
1778 155,700
17%
112
129% 130% £130
"5%
1%
48
5
85%
*165
44%
82
478
6%
12%
84%
131
*143
*114
*78
11%
34%
34
66%
34
-
6%
3J2
3578
7
127g
%2
Union Pacific
3,800
50
316
Union Carbide & Carb.iVo par
25
Union Oil California
5
3,000
72%
21%
48%
31%
15
Lowest
37
84%
5
*36%
100% 102%
100
99
76
21
48%
332
*94%
72%
33%
48
14%
110
162% 162% *161% 162%
14%
15%
14%
15%
72%
21%
*47%
947g
99% 100
161% 161%
27%
18%
65%
34%
45
18%
66%
21%
*44
27%
72%
1%
34%
*114
13%
77%
21%
45
*2%
13%
64%
33
45
3%
12%
15%
50
3%
14%
27%
18%
95
72%
21%
*114
50
*2%
17%
30
1,700
1,000
102% 102%
,.i
76
33
.
49
%
13%
49%
7878
142
5
5^
101%
99
1%
15
68%
*165
13178
165
98
%
14%
72
131% 133
129% 130
*142
78%
73
74
7178
85
29%
76
5
78%
74
30%
7434
79%
*81%
78%
30%
31
74%
65%
7%
6%
84%
,27
3,000
'
75
30%
9%
9%
*71%
79
18
9%
29%
73%
9%
30%
,•
17%
76%
*84
84
9%
30%
9%
84%
«5%
36%
85
*81%
9478
162% 162% *161% 162%
15
1578
15%
15%
532
S16
316
%
31%
33
33%
33%
6%
6%
6%
6%
12
11%
11%
11%
*83
84
3%
13%
*94
99%
*161% 162%
15%
157s
932
*2%
102%
478
36%
*158
*14%
50
14
26%
162
16%
16
48%
14%
66,500
22,000
1,000
8% 205,400
48% 10,100
14%
13,100
4,200
27%
8%
27
*97
*15%
16
■
2678
14
*158
1%
16
50%
3
13%
18%
26%
99
1%
1,400
*28%
161
1%
27%
267g
*20%
Year 1935
Lowest
$ per share
Par
600
82
*97
99
r%
98%
*81
161
160% 161
1%
82
76%
*97%
*112%
112% 112%
10
10%
-
14,400
5,000
4,500
138%
137
Range for Previous
EXCHANGE
Shares
96
22%
95%
22%
82
17
17%
18
17%
17%
17%
18
17%
112%
*nn2 112% *111% 113% *111% 112% *112
10%
10%
*9%
978
9%
10%
9%
9%
6%
7%
6%
6%
6%
6%
6%
7
*70%
$ per share
115
8%
On Basis of
STOCK
Week
*81
102
*80
July 31
27%
28%
19%
23
27%
115
4712
47%
48%
14
14%
14% \ 14%
1438
14%
14%
14%
27
27
26%
27
27%
26%
26%
27%
*102% 103
*102% 103
*102% 103
*102% 103
4%
4%
4%
4%
*4%
5
*434
5%
*35
37
37
37
38%
35% 37%
35i2
8278
83%
83%
83%
83%
82%
827S
83%
*
Friday
115
27%
*112% 115
8%
Thursday
July 30
the
Jan. 1
\Wy-share Lots
Range Since
STOCKS
NEW YORK
for
Saturday
July 25
717
New York Stock Record—Concluded—Page 10
143
—
White Rk Min Rpr
ctf..No par
No par
..No par
White Sewing Mach
Conv
preferred
—.5
Wilcox Oil & Gas...
No par
Wilson & Co inc
$6
100
preferred
Wool worth (F W) Co..
Worthington P&M
Preferred A
10
100
21% July
84
July
18% Feb
1334 July
1
37% Jan 10
8
109% Feb 19
3
28% Mar
4
7
17
6
3% Apr 28
Apr 28
234 Jan 7
0%June 19
16
70
-
June 20
4434 Apr 23
23% Apr 30
Apr 30
Mar
5% Jan 13
Jan
14% Mar
46% Jan
678 Mar
12% Oct
1% Mar
24% Jan 10
5% Mar 30
6
Jan
1
Mar
11
Jan 14
378
87
Jan 15
68
Apr
Apr
5
51
56% Feb
35% Mar 23
11 s4
Jan
Mar
32% Nov
102% Nov
19% Dec
24% Jan
484 Dec
20% Deo
3% Deo
9% Nov
79
Nov
65% June
25% Nov
75
Mar 23
4
66
Mar 23
25% Mar
Apr
61
Jan
20
51% Nov
Wright Aeronautical—No par
62% Jan
6
106
Mar 11
68
Dec
Wrigley (Wm) Jr (Del)-No par
25
63% July 30
79
Feb 10
8234
Apr
33% Apr 28
834 Jan 3
45
Jan 23
21% July 30
35% Mar
7334 Mar
1734 Apr
2% June
6
1
6
145
July 29
31% May
96
18
Mar
13
Mar
53%
4678
6
1 !8%June
100
56
100
Preferred B
47
Yale & Towne Mfg Co
Yellow Truck & Coach cl B.10
100
Preferred
Young Spring & Wire..No par
Youngstown S & T_.
No par
5H%
preferred
36,800
Zenith
Radio
10,000
Zonite Products Corp
Corp
100
No par
1
83% Jan
42% July
4134 Jan
105
11%
Jan
Jan 28
534July
7
55
Apr
6
73% July 28
25
39% July 31
Qa«
Ton
A
38% Apr
1% May
2% June
Nov
35% Nov
9%
105
Deo
Nov
Dec
Dec
Dec
1434 Nov
734
Dec
Complete
Bond
RICHARD
Brokerage Service
WHITNEY & CO.
Members
New
York
Stock
Members
New
York
Curb
15 BROAD
Exchange
Exchange
NEW YORK
STREET,
Telephone BOwilng-Green 9-4600
A. T. & T. Teletype
New York Stock Exchange
718
TWX,
N.
Y. 1-1793
Bond Record, Friday, Weekly and Yearly
Aas. u use
On Jan. 1, 1909 the Exchange method of quoting bonds was
changed and prices are now "and interest"—except for income and defaulted bonds
NOTICE—Cash and deferred delivery sales are disregarded In the week's
range, unless they
regular weekly range are shown In a footnote in the week In which they occur.1 No account Is
the only
are
transactions of the week, and when selling outside of
th*
taken of such sales in computing the range for the year.
Friday
BONDS
N.
Y.
STOCK
*8
EXCHANGE
Week Ended July 31
U.
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
S.
Week's
Last
Range or
Range
Sale
Friday's
Since
Price
Government
4s
Low
15 1947-1952 A O 118.4
15 1943-1945 A O 108.1
4%s—Oct
3%s...Oct
Bid
Friday
Asked
Jan. 1
No.
High
117.27
•
M N
111
113.13
F
A
109
111.19
J
D
"99%
M N
25-year gold 4%s
J
Cordoba (Prov) Argentina 7s—1942 J
95%
113.13
36
3%S—Mar
3%8—June 15 1943-1947 J D
111.16
339
3s
Sept
15 1951-1955 M S
i04~17
3s
June
15 1946-1948 J
105.12 105.4
108.9
108.13
22
104.12
104.18
233
105.12
223
3%s—June 15 1940-1943 J D 108.9
Treasury 3%s_._Mar 15 1941-1943 M S
Treasury 3%s.__June 15 1946-1949 J D ~1~0~6~5~
Treasury 3%s_._Dec 15 1949-1952 J D
105.26
106.5
105.27
105.30
108*27
108.24
108.29 1080
Treasury 33*8
Treasury 3%s___Apr
Treasury 2%s—Mar
Treasury 2%s.._Sept
Treasury 2%s_—Sept
Treasury 2%s
1 1941 F A
Aug
108.29
15 1944-1946 A O 107.23 107.16 107.23
15 1955-1960 M S 102.14 102.7
1.02.17
15 1945-1947 M S 103.24 103.18
15 1948-1951 M S 102.5
101.28
1951-1954 J D 101.11 101.4
Federal Farm Mortgage Corp—
3%s
Mar 15 1944-1964 M S
3s
May 15 1944-1949 M N 103.6
3s
.Jan
J 103.27
15 1942-1947 J
2%s.
.Mar
1 1942-1947 M S
Home Owners' Mtge Corp—
3s series A
108.25
108.9
11
67
106.17108.20
102.20104.30
102.29105.20
107 19109
108
109.9
165
103.24106.13
66
103.19106.15
56
108.5
109.12
105.12108
558
100
103.25
273
100.31103.27
102.5
214
101.7
101.11
780
100.23101.15
102.17
102.13
103.5
104.7
103.7
11
82
105
25
102.30
223
101.20
144
101.22
55
99.17101.29
1942-1944
101.22 101.13
A
1948 A
101.20104.1
100.15102.20
1963 MN
♦External
s
f 7s series B
s
f 7s series C
20 M
19%
20%
J
20%
98%
*99"
21
9%
3
•
9%
4
5
10%
9%
1945 J
15
99
'
.1945 J
♦External
9%
♦External
s
f 7s series D
1945 J
•9%
8
f 7s 1st series
1957 A
♦External
sec s f 7s
8%
*8%
8%
4
11
9%
♦External
2d series. 1957 A
f 7s 3d series. 1957 A
Antwerp (City) external 5s
1958 J
Argentine Govt Pub Wks 6s... 1960 A
Argentine 6s of June 1925
6
2
8%
8%
8%
*17
s f 66 of Oct 1925.. 1959 A
s f 6s series A
1957 M S
External 6s series B
T
D
1958.
Extl s f 6s Of May 1926
1960IM N
_
100
100%
19
100 %
101
External
100%
100%
101%
101%
20
101
16
100 %
101
100%
External s f 6s (State Ry)...1960lM S
Extl 6s Sanitary Works
1961 F A
Extl 6s pub wks May 1927.. 1961 M N
Public Works extl. 5Mb
1962 F A
101
100%
100%
100%
100%
100%
100%
100%
100%
101
101
19
51
33
1956 M N
102
101%
94
93%
102%
94%
26%
107%
"26
107%
14
1957 J
J
1945 F A
1949 M S
Belgium 25-yr extl 6%s
f 6s
i-1955 J
External 30-year s f 7s
Stabilization loan 7s
1955 J
J
A
"l06%
f 6 Mb of 1927—1957 A
1952 J
116
106%
106%
102%
*101%
O
D
107%.
107%
115%
M S
J
♦Brazil (U S of) external 8s
1941 J D
♦External s f 6%s of 1926...1957 A O
♦78 (Central Ry)
107%
D
1956 M N
Bergen (Norway) ext s f 5s
1960
♦Berlin (Germany) s f 6%s
1950
♦External sinking fund 6s___1958
*?3
"l07%
23%
24%
36%
28%
O
28
D
28%
24
23%
24%
36%
33%
27
27
1957 M
S
..1958 F
A
'102%
28%
101%
101%
1950 J
D
104%
104%
1962
D
Brisbane (City) s f 5s
Sinking fund gold 6s
20-year s f 6s
Budapest (City of)—
♦6s July 1 1935 coupon
on
(City) 6%s B-2..1955
J
100%
99%
*25%
99%
External
s
f 6s
ser
C-2.....1960 A
O
External
s
f 6s
ser
C-3.
O
*97%
S
41
54
22
9
27
"21
13
83
86
♦6s stamped
1961 M
♦External
s 16Mb.
♦6%s stamped
S
68%
68%
External 7s stamped
7s unstamped
100
267
3
60%
105%
105%
104% 106%
100% 102%
93% 99%
89
44
99%
46
47
37
67
48%
71%
61%
61%
21%
68%
30%
41%
....
1965 J
♦5%s of 1930 stamped
♦5%s unstamped
1965
♦German Rep extl 7s stamped. 1949 A
♦7s unstamped
1949
German Prov & Communal Bks
10
95% 101%
97% 101%
97% 101%
1958 J
♦(Cons Agric Loan) 6%s
♦Greek Government
s
70%
7s part paid
♦Sink fund secured 6s
♦6s part paid
1964
Hungarian Cons Municipal Loan—
♦7%s unmatured coup on.-.1945 J
Irish Free State extl s f 5s
f 6%s_.1954 F
Extl
8
27
95
25
99
~69""
6
55
1
♦7s with all unmat coup
s
♦Mexico (US) extl 5s of 1899 £.1945 Q
♦Assenting 5s of 1899
♦Assenting 5s large
♦Assenting 5s small
1945 Q
85
71
♦Assenting 4s of 1904
-1954
♦Assenting 4s of 1910 large
♦Assenting 4s of 1910 small
J
55%
)"j
65%
36
58
66
67
15
57%
67%
♦§Treas 6s of *13 assent (large) '33
67
2
59%
68%
71
13
61%
5
39%
71%
48%
♦{Small
Milan (City, Italy) extl
6%s—1952
Bulgaria (Kingdom of)—
♦Sink fund 7s July coup off. .1967 J
J
♦Sink fund 7 Mb May coup off 1968 M N
Canada (Dom of) 30-yr 4s
1960 A O
5s
..1952 M N
Aug 15 1945 F
A
...1961 J
♦Carlsbad (City) s f 8s...
47%
14%
7
13
16%
15%
6
13
17%
109%
13%
15%
109%
114%
114
100
102
"35%
15 1960 J
15 1938 A
Apr
♦Chile (Rep)—-Extl s f 7s
♦External sinking fund 6s
♦Extl sinking fund 6s
Feb
♦Ry ref extl s f 6s
Jan
♦Extl sinking fund 6s..Sept
♦External sinking fund 6s
♦External sinking fund 6s
♦Chile Mtge Bank 6%s
♦Sink fund 6%s of 1926
♦Guar s f 6s
O
F
A
1961 J
1961
14%
14%
14%
M
1962 M
1963 M N
1957 J
1961
A
P
D
13
12
♦Cologne (City) Germany 6 %s_ 1950 M
Colombia (Republic of)
♦6s Apr 1 1935 coup on.Oct 1961
♦68 July 1 1935 coup on. Jan 1961 J
see page
723.
19%
50
50
......
*112%
42
105% 110
111% 115
96% 100
17
30
19
32%
25%
10
20%
19%
50
2
97
97
84%
84
l1
....
76
91% 100
84%
36
78
30%
31
9
25
32%
23
23
23
7
23
31%
*99
9%
5%
*8%
*8%
8%
9%
5%
..
98
104%
9%
5%
10
.....
8%
15
7
....
*
----
D
"6%
D
.
5
10
5%
—
......
J
J
A
O
74
S
17%
7%
6%
5%
*6%
7%
74
5%
8
....
6
10
....
7%
10
75%
42
s
f 6 %s
Sec extl
s
f 6%s_.
1958 M
1959 M S
1
New So Wales (State) extl 5s. .1957 F
External s f 5s
Apr 1958 A
Norway 20-year extl 6s
-.1943 F
20-year external 6s
17%
17%
104%
A
O
17%
17%
9
104%
28
5
104
10
101
35
104% 107%
107%
9
44
25
96%
101%
96%
104
104
F
A
"22%
21%
1953 M
S
97%
80%
76%
101%
97%
13
D
_
S
*21
23%
23%
23%
23
36
34%
Municipal Bank extl s f 5s
♦Nuremburg (City) extl 6s
28
37
Oriental Devel guar 6s
6
14
16
14
15%
13%
15%
27
14
13%
22
15%
13%
13%
13%
13%
12%
50
13
2
8
18
5
*12%
12%
12
12
1958 M N
5%s
15%
15%
1955 M N
15%
Panama (Rep) extl 5%s
1953
11%
2
24
40%
19%
27%
24%
19
25%
19
Extl deb
195?
Oslo (City) 30-year s f 6s
Slnksng fund 4%s
9
,24
4%s
27%
27
6
21
12
f
27
14%
14%
13%
13%
13%
12%
s
52
25%
♦Extl
s
1955 A
f 5s ser A
♦Nat Loan extl
s
*105
*67%
s
Stabilization loan
f 6s 2d
a
f 7s
External sink fund g 8s
Porto Alegre (City of)—
♦8s June coupon off
coupon off
22%
81
76%
101%
97%
105%
73
88
1
8
14
9
5
19
....
....
104
105% 108
,
100% 104%
99% 102%
96%
97%
102% 104
18%
27
78%
86%
72%
82%
101% 104
96%
97%
104
106
67
90%
58
81
12%
13%
37
17%
19
16%
16%
80%
44
111%
62
..1947 M
62%
12
S
15%
14%
15%
6
15
9
12
41
11%
11%
11%
12
13
50
50
60%
45%
50%
61%
7
61%
.
74
32
40
96
16
22
15
19%
15%
1959 M S
14%
D
11%
f 6s 1st ser..I960 J
Poland (Rep of) gold 6s
♦7%s July
O
D
.
Pernambuco (State of)—
♦7s Sept coupon off
♦Peru (Rep of) external 7s
♦Nat Loan extl
J
1963 M N
♦Stamped
15%
19%
14%
19%
100% 104%
106%
102
14%
9
105%
101%
96%
13%
9%
77
106%
101%
14
6%
5%
50
103%
101%
13%
5
7%
7%
7%
106%
101%
61
4
4%
4%
4%
"106%
S
61
10%
7%
10%
12%
12%
A
S
14%
4
10%
7%
7%
101
A
1965 A O
1970 J D
14%
7%
1944 F
...
1956 M
54
77
89%
30%
1963 M
14%
14%
83
51%
99
External sink fund 5s
External sink fund 4%s
14%
14%
14%
14%
14%
14%
14%
53
97%
83%
99
34
External
2
60%
87%
83% 100
73%
29
31%
36%
•
71%
99% 102%
32% 45
31
50
112% 115
1
37%
26
38
2
.
110
17%
16%
116
85
*80
104
21%
84
84%
4
2
20
5
13
13%
-
102%
50
O
1962 M N
1951 J
16
26%
24%
38
13
1960 M
♦Chilean Cons Munlc 7s
♦Chinese (Hukuang Ry) 5s
28
99
19%
16%
36%
32%
36
1942 M N
1961 J
f 6s.
"31%
1960 A
1961
69
114%
100
93%
35%
32%
15 I960 A
A
101%
109%
1
4
38
1950 M
f 6s..Oct
99%
25%
23%
Minas Geraes (State)—
Sec extl
1954 J
♦Cent Agric Bank (Ger) 7s
♦Farm Loan s f 6s._July
45%
14
*18%
20%
J
71
1954 J
66
70
20
J
♦4s of 1904*.
66%
"76"
104
20
D
69%
65
j"j
28%
4
*
S
1975
45%
34%
37%
31%
28%
26
98%
21%
19%
105%
21%
°
A
1984
34
27%
3
26%
*16
105%
1957 A O
1947 F A
f 7s
11
$ bonds
39%
Jugoslavia State Mtge Bank—
♦Leipzig (Germany)
70%
3% external
29
25
34
98%
♦Medellln (Colombia) 6%s
1954 J D
♦Mexican Irrig assenting 4%s.l943 MN
83
•
25%
1965 M N
sinking fund 5%s
Lower Austria (Province of)—
♦7%s June 1 1935 coup on -.1950 J
70
*27
J
95
92%
34%
*30
.
......
A
Japanese Govt 30-yr
85
O
.
29%
20
29%
11
S
70%
64%
1976 A
.
A
External sec s f 7s ser B
1947 M
Italian Public Utility extl 7s—.1952 J
85
1976 F
F
9
98%
28%
37%
34%
34%
......
1960 MN
102
38%
99%
100%
28
34%
~
22%
41
36
......
J
30
95
190
166% 182%
6
25%
33%
36
O
29%
30%
93
167
8
♦78 unmatured coupon on
J
1946 J
♦Hungarian Land M Inst 7%s.l961 M N
♦Sinking fund 7%s ser B
1961 M N
70%
f 4 %-4 Mb
150
26%
1952 A
85
Extl re-adj 4%-4%s...
Extl s f 4%-4%s„
27
27
"
A
Refunding
25%
24%
32%
1968
A
1977 M
26%
25%
A
22%
99%
18
149% 183
151
172%
---.
5
33%
....
1968 F
22
98
100% 104%
5
28%
21%
1
8
29
158
68
93
97%
105% 108%
69
Italy (Kingdom of) extl 7b
1951 J D
Italian Cred Consortium 7s A.. 1937 M S
M S
102%
101% 104%
2
4
174
D
109
102
15
68%
183
O
♦Hungary (Kingdom of) 7%s_.1944
105% 109%
98% 102%
19
28%
19
27%
27% 36%
5
5
166%
D
105% 110
101% 109%
118%
19
183""
f ser 7s__1964 MN
♦
97% 101%
97% 101
97% 101%
98% 102%
97
90%
22% 32
17
65%
67%
21%
162%
160
D
....
10
94% 100%
104% 107%
104% 107%
68
166%
1949 J
60
26
102
37%
90
46
106
102%
21%
22
1949
1961 F
6
51
95
German Govt International—
..1961 F
Extl sf 4%-4%s.—
For footnotes
102
96
....
31
*80
1960 A
♦Buenos Aires (Prov) extl 68—1961 M
98
7%
,
1941
28
102%
104%
20%
97
92
106%
100%
*
29
28%
20%
21%
99% 103
99% 101
96%
11
105%
100%
.
160%
7%s unstamped
10
7%
96
♦Hamburg (State) 6s
1946 A O
J
♦Heidelberg (German) extl. 7%s '50 J
Helsingfors (City) ext 6%s
1960 A O
External g 4%s of 1928
s
1
....
96%
26
68%
68%
.........
100%
Haiti (Republic) 8 f 6s ser A
32
♦Guar
11
*41%
67%
64%
D
French Republic 7%s stamped.1941 J
37
32
Austrian (Govt) s f 7s
♦Bavaria (Free State) 6 Mb
21%
98
100%
7%
11%
8
11%
8%
11%
7%
11%
101
107%
ser
95
105%
101%
99%
101%
99%
J
1948 J
J
1967 J
1945 M S
97% 101%
97% 101%
107%
J
El Salvador 8s ctfs of dep.Estonia (Republic of) 7s
97% 101
107
s
106
100
100
65
97% 101
107
♦Farm Loan 6s
23
*21
3
100
♦Farm Loan
81%
34%
21
25
O
25
107%
107%
1955 J
10-year 2 Mb
25-year 3 >is. a—
92 % 100
81%
1940 A
22
100%
s f
17
36
27%
O
101
1957 M S
s
99%
95%
25
1940 A
101
External 5s of 1927
Australia 30-year 5s
Buenos Aires
J
1956 M S
♦Frankfort (City of) s f 6%S—.1953 M N
21
17%
17%
8
100 %
1959 J
External
s
17%
High
17
88%
70%
♦Dresden (City) external 7s...1945 M N
100.17103.7
1st ser 5%s of 1926
2d series sink fund 5%s
Finland (Republic) ext 6s
External sink fund 6%s
O
♦Antloqula (Dept) coll 7s A—1945 J
♦External
1
Low
99.16101.29
♦Sink fund 6s Feb coupon on. 1947 F
s
1942 J
50
..1955 F A
Apr 15 1962 A O
External gold 5%s
20%
94
94
Denmark 20-year extl 6s.-_
17%
*99%
96%
101%
—
96%
1952 A O
B
7
47%
94%
...
{♦Stamped extd to Sept 1 1935... M S
Dominican Rep Cust Ad 5%s..l942 M S
103.27
102.19
♦Sink fund 6s Apr coup on
Akershus (Dept) ext 5s
External
v
102
ser
34
100
A
J
Sinking fund 5%s—Jan 15 1953 J
♦Public wks 5%s—June 30 1945 J D
Czechoslovakia (Rep of) 8s
1951 A O
Sinking fund 8s
No.
20%
21%
81
A
100.26103.14
103.25
102.19
Agricultural Mtge Bank (Colombia)
sec s
20%
99%
95%
S
1949 F
Since
Jan. 1
Deutsche Bk Am part ctf 6s.-.1932
Foreign Govt. & Municipals—
♦External
M
1944
Range
Bonds Sold
Asked
High
19%
19%
27
1949 F
External loan 4%s
20%
21%
..
102.20104.20
1 1944-1952 MN 102.30 102.22
1 1939-1949 F A 101.20 101.14
May
2%s series B__Aug
2Kb series G
Costa Rica (Republic of)—
♦7s Nov 1 1936 coupon on„_1951
External g 4%s
104.4
O
A
Cuba (Republic) 5s of 1904
External 5s of 1914 ser A
&
Low
Foreign Govt. & Mun. (Concl.)
105.24108.11
113.11 113.5
108.9
Bid
Price
115.3
111.16 111.11
D
Friday's
87
108.1
15 1944-1954 J D
15 1946-1956 M S
Dec
" High
118.8
Low
Range or
Sale
Inetesrt Period
Week Ended July 31
Week's
Last
30
118.4
107.26
BONDS
Y. STOCK EXCHANGE
ser.
1961 A
O
1940 A O
1947 A
O
..1950 J
J
1961 J
D
1966 J
J
46
*19
......
17%
47%
21
17%
—-
10
10
Volume
New York Bond Record—Continued-Page 2
143
Friday
BONDS
Week Ended July
Last
Inter st Period
N. Y. STOCK EXCHANGE
31
Low
Foreign Govt. &Munic. <[Concl.)
M N
M
yohtxwj
CAW a l
O
A
A
26-year external
6s
♦Rhlne-Maln-Danube 7s A_
l
1960 M 8
Price
2
99% 101%
22
b
18
22%
29%
25%
6
18
28%
112
112
2
109
112%
110 M
111%
12
109
25%
3
22%
25%
111%
24%
38
1940 A
O
17 M
18
19
15
21
♦0%s Aug coupon off
1953 F
Rio Grande do Sul (State of)—
♦8s April coupon off
1946 A
A
15%
16%
16
14
24
24
15
,
♦6s June coupon off
♦7s May, coupon off
1908 !
17
16
17%
4?
1906 M N
18M
18%
19
2b
♦7s June coupon off
Rome (City) extl 6%s
1967 J
17M
17M
17%
79%
Rotterdam (City)
1904 M N
D
D
1962 A O
extl 6s
Roumanla
(Kingdom of Monopolies)
♦7s August coupon off
1959
♦Saarbruecken (City) 6s
1953
Sao Paulo (City of
Brazil)—
♦8s May coupon off
1952
♦Extl 6%s May coupon off..1957
79
78 X
14
2
8V
115
*112
21
20%
54%
81%
110
122%
14%
26 %
26 M
26 %
26
26%
26%
M N
*18M
16%
22%
16%
28%
25
19%
M N
27
•Saxon State Mtge Inst 7s
♦Sinking fund
♦7s
♦7s Feb coupon off
s
88
89%
*28
s f 5 Ms
M N
M N
J
D
*
1971 J
j
1952 M S
1961 A
O
♦External a f 6s
I960 M N
♦External s f 6s_.
1964 M N
Venetian Prov Mtge Bank 7s.. 1952 A O
Vienna (City of)—
♦6s Nov coupon on..
1952 M N
1958 F A
(City) external 7s
Yokohama (City) extl 6s
32
35
25%
32%
1961 J
Ref A gen M 5s
Con ref 4s
75
Bell Telep of Pa 5s sertes B
1st A ref 5s series C
51%
Belvidere Delaware
*163
150
*95
91
166
93%
100% 105%
83
73%
68% 76%
73%
82%
79
AND
102%
100
M
S
Coll trust 4s of 1907
...1947 J D
Adriatic Elec Co. ext 7s
1952 A O
Ala GtSou 1st cons A 5s..—..1943 J
D
1st
cons
48
ser
B
...1943 J
♦Albany Perfor Wrap Pap 6s..1948
♦6s with
warr
assented
A
1st g
1946 A
A
1949 J
D
58.1.
conv
..1950
Allegh A West 1st gu 4s......1998 AO
Ailegh Val gen guar g 4s
1942 M 8
Allied Stores Corp deb 4M8...1950 AO
A Ilia-Chalmers
Mfg
conv
deb 4s 1945 MN
♦Alplne-Montan Steel 7s..
1955 M
Am Beet Sugar 6s ext to Feb 11940 F
Am A Foreign Pow deb 5s
..2030 IV
American Ice
Bklyn Qu Co A 8ub
101
------
*106%
77
117
70
101%
a77%
-
-
-
—
3
----
102
103
97
.53
80
109
111
103% 107%
77
3
10
102%
53
77
55
72
*63
76
101
104%
97%
93%
96%
98
19b
87%
93
93%
101
78
95%
83
83
85%
48%
86%
62
64
36%
65%
101
101
101%
4
111
101
111%
101%
,,15
136%
153%
724
------
------
151%
gtd 5s. 1941 MN
J
1941 J
37
457
19
98
101%
90
108% 112%
99% 101%
118% 153%
*100
3
96%
100%
74%
74
74%
-
-
-
135
76
75%
-
75%
38
114
108%
109
37
107% 110%
112%
113%
37
112
113%
114%
72
112% 115
109% 119%
112
114%
107% 117
D
1905 F
Am Type Founders conv deb—1950 J
A
J
108%
112%
113%
3b
30
113
111%
112%
115%
112%
113%
113%
25
113
116%
114
111% 117%
101% 106%
108% 134%
114
—1975 MN
Atcb Top A S Fe—Gen
Adjustment gold 4s
Stamped 4s
J
105%
37
36%
110%
38
97
37%
uo%
12
32% 49
32% 48%
99% 105%
23% 34%
26% 33%
67%
84%
37.
Q
J
------
144
67%
31%
32
6
32
4
67%
68%
*102
M
8
J
D
"103%
103%
F
A
98%
97%
105%
J
1995 M N
1955 J D
105%
114%
------
109%
------
34
103%
104%
__
27
99
667
106
113%
110%
109%
110
108%
109%
D
1960 J
1948 J
D
------
D
111%
111
107%
111%
Rocky Mtn DIv 1st 4s
24
2
4
-
-
-
-
9
24%
7
24%
7
105
------
110%
110%
79%
80%
75%
21%
19%
5
78%
79%
74%
20%
18%
18%
99%
20%
18%
18%
99%
101
101%
107
107
107
17
J
113%
113%
113%
10
Cal-Arlz 1st A ref 4Ms A——1902 M
S
112%
112
113
25
121%
129%
23%
22%
20%
32%
23
33
30
29
102% 106%
109% 110%
71% 93%
73
94
89%
31%
20
6
18%
17%
11
303
101%
26%
26%
100%
100% 101%
77
113%
120%
77
22
91
3
75
3
109
1
119% 122
124% 128%
104
105%
113%
120%
128
128
105%
104%
108%
------
*106
113%
120%
128%
105%
108%
3
10
1
106%
*103%
85
69
95%
115
110
108
105
104
103%
81%
82
"lb
110
109%
103%
------
82%
20
18
81%
58
57%
60%
60
214
1
18
85%
2
1
20
18
------
2
1970
F
Guaranteed gold 4%s..Sept 1951 M
Canadian Northern deb 6 %s.
1946 J
Canadian Pac Ry 4% deb jstk perpet J
Coll trust 4 %s
1946 M
5s equip trust ctfs
Coll trust gold 5s
94%
105%
104%
------
14
------
26
23
16
2
'
106%
1
5
14
1
.
..—1944 J
A
115
16
115%
112%
110%
110%
122%
121
117%
118%
116%
116
116%
116
115%
116
12
128
128%
22
6
6
lb
97%
102%
113%
105%
100%
49%
106%
108%
106
116J
1085,
105%
54%
108%
111%
106
115%
114%
115%
18
36
...1938
106%
107
1st A consg 6s8er A..Dec 15 1952
110%
110%
110%
106%
105%
106%
60
68
----
8
37
16
87
10
73
90
30
6
27
36%
*60%
68
52
68
23
36%
1961
55
55
55
1987
89%
86%
91
66
83
83
2
114
1987
27
25%
13
71
11%
20
25
12
20
1
21
29
30
20
24
13%
13
25%
25%
20
Members
—
Telephone HAnover 2-7900
T.
&
20
;
*5
20
1
107%
108
10
104
104
15
20
....—
New York Curb Exchange
-
—
A.
T. Teletype
NEW YORK
NY 1-911
Chicago. Indianapolis and St. Louis
5
13%
25%
Vilas & Hickey
—
----
27%
14%
104%
BROKERS
-
102% 108
84
29%
...—
♦Cent Branch U P 1st g 4s
4s
129
87%
42
105
108%
105%
Carriers A Gen Corp deb 5s w w 1950
Cart A Ad 1st gu g 4s
—1981
120%
121
118%
116%
116%
194
*48%
106%
1960 J
1949 J
108% 114%
113% 118%
97
105
Dec 1 1954 J
4%s
4s
guar g
67
90
92% 101%
105% 107%
103% 105%
17%
9%
111% 118%
17
107%
104%
trust
55%
61
104%
Collateral
(♦Car Cent 1st
29
68%
114%
118%
119%
120%
96%
18
80%
48%
120%
113%
120%
"96%
103
6
115%,
118
103%
108% 111
104%
65% 84%
19% 30%
103
116%
116
118%
O
4%s
.
95
------
11
85%
59%
60%
96%
105%
104%
Railroad, Public Utility and Industrial Bonds
90
80%
113% 116%
103% 109%
109% 118
75
68%
98% 100%
20
1951
BOND
Private Wires to
90
74
91
77
------
i
Exchange
98
68
(♦Cent New Engl 1st gu
Central N J gen g 5s
General 4s.—...—
102% 107%
49 WALL STREET
105
74%
61%
6
19
For footnotes see page 723
New York Stock
105
88
72
100
105% 107%
110% 113%
110% 113%
J
114%
100%
85
Cent 111 Elec A Gas 1st 5s
109
1965 J
114
109
50
Trans-Con Short L 1st 4s._. 1958 J
12
24
109%
110%
104%
104%
106%
7
25
106
74%
92
75
108%
84%
100%
99%
125
105%
79
107%
103% 105
102% 108
119
105%
80%
103
4
106%
115%
113%
113%
103
96
105
108%
109%
*105%
.—1955 J
113
100% 104%
10
1948
(♦Central of Ga 1st g 5s...Nov 1945
♦Consol gold 5s
—1945
♦Ref A gen 5%s series B
1959
♦Ref A gen 5s series C.
1959
♦Chatt Div pur money g 4s__ 1951
♦Mac A Nor Div 1st g 5s
1946
♦Mid Ga A Atl Div pur m 5s_1947
♦Mobile Div 1st g 5s
—1946
Cent Hud G A E 1st A ref 3%s. 1965
103% 105%
99
94%
15
•
111
54%
79%
106%
----
121
1969 A
Oct
June 15 1955
Guaranteed gold 4%s
1956
111
62
114%
Conv g 4s Issue of 1910
Conv deb 4%s_._
Conv 4s of 1905.
4
105>i
105
32
4s...1995 A O
1995 NoV
Conv gold 4s of 1909
110%
------
-------
AO
M N
I960 J
g
J
-----
114%
118%
1957
July 1969
Caro Clinch A O 1st 5s
Amer Water Works A Electric—
Armstrong Cork deb 4s
O
Guar, gold
105%
115%
J
O
...1962 A
79
114
J
1940 J
1942 A
Canada Sou cons gu 5s A
83%
105%
J
1900 J
20-year sinking fund 5Mb.-.1943 M N
Convertible debenture 4 Ms. .1939 J
J
Cal Pack conv deb 5s
♦Caihaguey Sugar 7s ctfs
66
112%
5s...
1952
♦Consol 5s
J
1955
Bush Term BIdgs 6s gu tax ex.. 1960 A O
By-Prod Coke 1st 5%s A...—1945 M N
Cal G A E Corp unf A ref 5s_..1937 MN
66%
114
O
(♦Bush Terminal 1st 4s
97
105%
22
3
....
.
104
114
13b
1957 M N
1950 F A
Consol 4%s—
—..1957 M N
8 (♦Burl C R A Nor 1st A coll 5s 1934 A O
♦Certificates of deposit
Guaranteed gold 5s
Guaranteed gold 5s
Guaranteed gold 5s
90%
100%
J
Deb g 6s series A—
1950 F A
1945 M N
Bruns A West 1st gu g 4s
J
1938 J
Buffalo Gen Elec 4%s ser B—.1981 F A
Buff Rocb A Pitts gen g 5s
1937 M S
Canadian Nat guar 4%s
94%
8
58
103
97
8
(♦Am Writing Paper 1st g 6s..1947
♦Certificates of deposit
Anaconda Cop Mln s f deb 4 Ms 1950
♦Anglo-Chilean Nitrate 7s
1945
♦Ctf8 of deposit..
(♦Ann Arbor 1st g 4s
...1995
Ark A Mem Bridge A Ter 5s... 1964
Armour A Co (III) 1st 4Ms.... 1939
1st M s f 4s ser B (Del)
1955
A
89
102
24
54
74%
106%
71%
J
Debenture 5s-_
24
96
59%
10
121%
128%
120%
128%
*107%
25
24%
24%
24%
23%
23%
------
78
M
s f deb
121
------
------
89%
33%
40%
1
108%
-13%
D
82
132
1/7
115
108%
112%
112%
74%
*101%
O
38
1st lien A ref 5s series B
Brown Shoe s f deb
3%s
115
------
74
Am Internat
35-year
S
------
53%
Am
Am
154
A
96
A
f deb 5s
Corp conv 5M8..1949
Rolling Mill conv deb 4Mb.1945
Telep A Teleg coll tr 5s.-.1946
88%
58
1953 J D
Amer I G Chem conv 5Ms.__.1949 M N
s
87%
57
62
1950 AO
5s...
88%
F
82
O
♦5s stamped....
426
94
------
1944 F
♦Coll &
88%
79%
35
O
(Alleghany Corp coll tr 5s
conv
78
(♦Boston A N Y Air Line 1st 4s 1955 F
con
36
79
59%
1st 5s 8tamped, i
45
98
88%
58%
87
60
105
8
.1944
1967 M S
...1955 M N
—1901 A O
JJ_
105
10b
99%
104%
M
37%
37%
ser
104%
49
112
97%
87%
39%
4%s
99
97%
D
Boston A Maine 1st 5s A C
1st M 5s series II.
1
20b
90
J
1948
Big Sandy 1st 4s..
5
8*
J
35
D
1948
Alb & Susq 1st guar 3 Ms
Coll &
M N
94
------
95%
70
J
57
59%
8*
81%
J
57%
56%
100%
100%
a77 %
*111%
70
12
106
88%
111%
98%
103%
104%
5(*Botany Cons Mills 0%s—1934 AO
♦Certificates of deposit..
Brooklyn City RR 1st 5s
.1941 J J
Bklyn Manhat Transit 4 %s.—1900 M N
58%
106
89%
1st lien A ref 6s series A....1947 M N
Debenture gold 5s
1950 J D
D
17
104%
111%
D
♦Berlin Elec El A
Underg 6%s.l956
Beth Steel cons M
4%s ser D—1960
INDUSTRIAL
J
81
75
D
3%s..1943
♦Berlin City Elec Co deb 6
%s._ 1951
♦Deb sinking fund
6%s
1959
♦Debentures 6s
1955
COMPANIES
♦{(Abltibl Pow & Paper 1st 5s. 1953
Adams Express coll tr g 4s....1948
104
A O
J
cons
Bklyn Union El 1st g 5s
Bklyn Un Gas 1st cons g 5s
RAILROAD
104
J
56
~
61
6
A
58
*73%
22
107%
56
"56
25
74
105
—.I960
29
101%
54%
40%
33%
105
1951
33
*33%
77%
101%
59
106%
29%
"79
58
104
-----
4s stamped..
1951
Battle Creek A Stur 1st gu 3s__ 1989 J
Beech Creek ext 1st g
A
33
75
77
O "l07%
1951
22%
*72%
99
104%
Bangor A Aroostook 1st 5s....1943
23%
79
90%
107
73
1990 M
F
ser
40
79
105% 111%
95% 100%
107
74
P L E A W Va
8ys ref 4s
1941
Southwest Div 1st 3 %-5s
1950
Tol A Cln Div 1st ref 4s A—.1959
Ref A gen 5s series D...
2000
Conv 4 %s
1900
22%
79
1
270
54%
(Baldwin Loco Works 1st 5s—.1940 M N
23%
104%
118%
103% 107
86
1959 J
6s assented
1940
Bait A Ohio 1st g 4s
July 1948
Refund A gen 5s series A. ..1995
1st gold 5s
—July 1948
Ref A gen 6s series C
1995
37%
104
118
98%
75
23%
22%
104 M
High
Low
5
98
57
Auburn Auto conv deb
4%s—.1939 J
Austin A N W lstgu g 5s..—. 1941
37 M
A
No
111%
85
104
23%
22%
F A
M N
Since
Jan. 1
89%
97%
85%
90%
98%
56%
53%
3%s
Trondbjem (City) 1st 5Hs
1957 M N
♦Uruguay (Republic) extl 8s.. 1946 F A "57 %
Warsaw
81%
25%
—
1955 F
f 5 Ms guar
14
32
*25
....1946 F
TaiwanElec Pow s f 5Ms
Tokyo City 6s loan of 1912
External
89 M
1940 J
Nov 1 1935 coupon on..1902
Silesia (Prov of) extl 7s
1958
♦Sllesian Landowners Assn 6s. .1947
Sotosons (City of) extl 0s
.1930
Styrla (Province of)—
Sydney|(Glty)
15%
1945 J
6 Ms.
g
Serbs Croats A Slovenes
(Kingdom)
♦8s Nov 1 1935
coupon on.. 1902
15%
16
A
29%
23%
21%
20%
90%
16%
18%
16%
*17%
High
Range
Bonds Sold
107
111%
97%
------
1937 J
19%
22%
23
23
J
M
J
Asked
107
1948 J
4s—
2d 4s
23
17%
14%
26
25%
J
<fc
*118
D
J
May 1 1945 M N
1948 J
J
Atl Gulf A W ISS col tr 5s
Atlantic Refining deb 5s
San Paulo (State
of)—
§♦88 July coupon off
1930
♦External 8s July coupon off .1950
♦External 7s Sept coupon offl956
♦Exter al 0s July coupon off. 1908
♦Secured s f 7s
....1940
Bid
15
—
F A
J
J
tr 5s
Atl A Dan 1st
g
25%
17%
16
1946 J
A—1944 J
1st 30-year 5s series B
1944 J
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 M N
19%
O
•nA,
Low
Atl Knox A Nor 1st g 5s
Atl A Chan A L 1st 4 Ms
10-yr coll
Rio de Janeiro (City of)—
♦8s April coupon off
•
Hioh
Low
99%
21%
21%
______
Range or
Friday's
Sale
Week Ended July 31
99%
O
...1947 F
i
No
N. Y. STOCK EXCHANGE
a99%
S
A
v^uwuoiauu
High
BONDS
Since
Jan. l
i!
Bid
Price
Last
Range
Range or
Friday's
a
Asked
Sale
719
Week's
Friday
Week's
-
-
-
-
71
.
1
15
23
20
f
28
105% 108
99% 104%
43%
77%
86% 103%
83
93%
New York Bond Record—Continued- Page 3
720
Aug.
ly
1936
1
Friday 1
BONDS
N.
•■■■<
Harnett Hros. &
Y.
STOCK
*
L
Johnson
Range or
Sale
<St
Asked
Low
J
D
J
J
F
( ^ew York Stock Gxchenge
j *^eW York C**rb Gxchongc
A
A
Range
Bonds Sold
Friday's
Bid
Price
F
.
_
£Members
|
Last
Inter stIeP riod
EXCHANGE
Week Ended July 31
Week's
Hiah
110 *
110 *
7
80
104*
_
Low
3
110*
79
Since.
Jan. 1
2
104*
High
110M 111M
85 M
65*
98 M 105
Trivete Wire
108
48 M
87*
75*
197
80*
104*
71
59 *
99
104*
105*
12
99
105*
68
A
J
O
F
Jan
Col & Tol lst ext 4s
133 So. Le Sell# St.
O
J
A
.Apr 15
.
Debenture 5s
Chicago, Itt.
Hew retk, H- r.
87*
73
A
Debenture 5s
One Well Street
85
74*
IVI N
RAILROAD "BONDS
85
IVI N
F
Conn Ry & L lst & ref 4 Ha
1951
1951
104*
------
O
J
*111
105
-
*111*
_
A
A
*Dlgby 4-5200
Connections
Randolph 7711
n. r. 1-761 -+ 9ell System Teletype +- Cgo. 343
104*
104*
104*
-
----
----
-
—
-
26
110*2 »110532 110>332
——————
J
------
*102
-----
*109*
108
1
108
105*
M 105*
98 *
105 H
110
112 H
110* 111 M
110*32 112M
104 M 104 M
107 M 110M
Friday
Week's
Last
Ratige or
BONDS
Sale
N. Y. STOCK EXCHANGE
Week Ended July 31
&
104*
104*
104*
94
104* 104M
O
104*
104*
104*
99
103 M 104*
Range
J
of Upper Wuertemberg 7s.—19S
J
Consol Gas (N Y) deb 4 Ha
1951
J
{♦Consol Ry non-conv deb 4s..
Since
Asked
Through Short L 1st
Guaranteed
Jan. 1
gu
4s_1954
"IblH
1960
Certaln-teed Prod 5*s A
85
D
conv
con g
5s.
135*
110*
110*
123 H
123*
110*
99M
99*
Potts Creek Branch 1st 4s_—1946
3*s.__1949
1949 J
M
1958
.1977 F
1st & ref 4*s ser B
53
J
J
ser
113
-
—-
-
20M
1982 MN
J
J
Ch G L & Coke 1st
gu g 5s
1937
{♦Chicago Great West 1st 4s.. 1959 M S
J
{♦Chic Ind & Louisv ref 6s
1947 J
------
38
1947 J
J
------
1947 J
J
------
IVI N
1966
1966
107*
103M
105
104*
104*
8
102
102
102*
13
10,0*
106*
105*
100*
106*
14
102*
56
102*
57*
57
57*
66
66
26
112*
115*
18
97
6
82
21
268
*38
23 M
22
—
—-
—
—
— —
12
1
24
16
101*
*110*
.....
52*
1969
—
54*
J
B..May 1 1989
J
♦Gen 4Ha series
C_.May 1 1989
♦Gen 4 Ha series
E__May 1 1989
♦Gen 4% series
F___May 1 1989
{♦Chic Milw St P & Pac 5s A..1975
♦Conv adj 5s
-..Jan 1 2000
J
{♦Chic & No West
""—
w
*,
v
"
gen 6
g
3*s..l987
o 72^-- AC70<
♦General 4s
Stpd 4s
47
54*
57*
56
55*
56*
18
57*
57*
2
20
47*
47*
49*
17*
20M
21*
782
O
7M
35M
7*
7*
344
" ~
33*
.35*
30
37
36*
37*
39
37*
38*
10
10
69*
25
36
40*
68
33*
35*
37
--
M N
M N
......
♦Gen 4*s stpd Fed lnc tax..1987 M N
♦Gen 5s stpd Fed lnc tax—.1987 M N
38M
38*
40 H
39*
*38*
1987 M N
..1936 IVI N
.
"23
9*
48*
54*
54*
37
2
50'
56
38*
42*
57*
56
61*
...May 1 2037
J
D
43 M
21
20*
21*
73
17
27
stpd.May 1 2037
J
D
19M
68
16
19*
18*
18*
20*
♦lst & ref 4 Ha ser
C.May 1 2037 J D
♦Conv 4 Ha series A
1949 M N
16
25*
25*
12*
12
20*
13*
60
10*
17
♦lst ref g 5s
♦lst & ref 4*s
5{♦Chicago Railways lst 5s stpd
Aug 1 1933 25% part pd
^
{♦Chic R I & p Ry gen 4s
1988 J
♦Certificates of deposit...
{♦Refunding gold 4s
A
J
—
—
—
42
75*
.
34 M
31
1952
17*
15*
14*
18*
A O
M S
♦Certificates of deposit
19*
M
J
J
J
J
M
N
D
D
D
D
s
8M
586
32
31
7
105
Gen & ref M 4s
36
9
80
111*
ser
~9l"" "~5
91
1944
1944
lst mtge 4s series D
lst mte 3*s ser E.
..1963
1963
Chic & w;est Indiana con
4s... 1952
Chllds Co deb 5s...
1943
Chile Copper Co deb 5s
{♦Choc Okla & Gulf
cons
_u_1947
6s.-.1952
Cln G & E lst M 4s.A
•____1968
Cln H & D 2d gold
4*s_._____1937
C I St L & C 1st
g 4s—.Aug 2 1936
Cln Leb <fc Nor lst con
gu
J
J
J
J
J
A
J
M
A
J
D
J
J
J
J
O
J
N
O
J
91*
24
74
79
80*
82
61
84
106*
105*
110*
106*
105*
110*
108
104
Cleve Cin Chi & St L gen 4s...1993
General 5s serial B
1993
Ref & lmpt 6s ser C—
1941
Ref & lmpt 5s ser D
1963
D
SDr & Col Dlv lst
g 4s
W W Val Dlv 1st
17
105* 109
105* 108*
108* 112
47
107
104
21
*
101*
J
101*
J
94*
J
101*
101
99*
100
*104*
5s series B guar
For footnotes
see
105*
110
J
*106*
73
86*
9
24
O
O
25
_
2
136
94*
1973 A
O
O
*110*
4
10
-
-
-----
—
—
--
8
105*
110*
10
-----
---
-----
-
-
106*
106* 107*
—
105
-
-
31*
78 M
90 M
1
105
1
105* 108 M
105* 108M
—
-
-
100M 105
3
—
110
-
30
38
32*
17
31M
38 M
16*
17*
15*
66
32
31*
17*
33
13M
20 M
20 M
15*
16
27
27
28*
*2*
—
-
115*
-----
108*
108*
6
1
70
35
105
77
1
82
12
108
63
20
5
19
20*
51
*103
109*
------
.
O
—
—
—
109*
109*
4
103*
111
107
108
3
128* 138
*113
114
110
110
109*
27
107*
-----
J
89*
87*
A
106*
106*
__
106*
88
88*
Ref & lmpt 5s of
1927.......1967 IVI N
Ref & lmpt 5s of 1930
1975 A O
Erie & Jersey lst s f 6s
J
1955 J
—
-
—
83*
83*
—
..
88
74
142
1
105 M
99 *
107
105M
89 M
105M 106 H
77*
89
8
74 M
'
113
101* 110
100* 108M
105M 107 M
89 *
88*
2
75
89 M
87
88
6
74
88
81
84*
83*
315
70
86
80*
849
69 *
85 X
117
117
Genessee River lst 8 f 6s
J
1957 J
N Y & Erie RR ext
lst 4s.._ 1947 IVI N
3d mtge 4Ms
1938 IVI S
21M
6
105*
88*
—'
16*
109*
104*
O
23 M
107*
105*
89
82
108M
12*
138
J
O
52*
107
135*
*107
_
15 M
107
107
*107
J
105
104 M 104 M
*108*
J
35*"
112* 116M
19*
------
116«X
50 M
15 H
116
105
O
113
108M 110M
108* 111M
50
107*
-
7
108* 110
"35"
60
J-
-
31M
71
45
107*
-
3M
66
10
19
*35*
77
—
108*
110*
115*
*35*
*25*
*25*
*114*
-
13
23
-
-
108*
115*
110
—
-
65
-
-
75
32
5
*
—
-
O
—'
—
—
117*
5
117
117*
118*
6
116* 119M
111
112*
*102
——
—
-
-
-
—
-
—
-
5s International series
s f 5s
stamped
1942
lst lien 6s
stamped......__ 1942
30-year deb 6s series B
1954
Fiat deb sfg7s
..1946
-
-
—
—
—
"
--
111
111
110*
21
106*
106*
107
46
103
103*
9
97
IVI
—
-
—
119
-
-i—
S
J
J
{♦Fla Cent & Penln 5s
1943 J
{♦Florida East Coast lst 4 Ms.-1959 J
D
102H
103
102*
104M
S
8*
99
103
101H
5
97 H
103
7
101M
104
102*
102*
1
82
-—
-
61
------
60*
92
8
8*
37
8*
5
*7*
9*
4*
*4*
*105*
*105*
deposit
Fonda Johns & Glov 4
Ms
1952
{{♦Proof of claim filed by owner. M N
(Amended) lst cons 2-4s
1982
4*
60*
95
103 H
60 M
52 M
84 H
56 M
8
66 M
61
11 M
7
10 X
8
11
-
{{♦Proof of claim filed by owner M N
♦Certificates of deposit
J
-1941 J
1961 J
D
D
93* 100*
96
♦Gen Elec
108
1
5
4
3M
6M
6M
105
106*
108
78
•79
94*
89
-
-
108
78*
-
-
2
105
105
106M
106
110M
13
35 M
84
23
94*
75 M
94M
103*
95
106*
104*
104
94* 101*
101* 107*
108* 111*
111* 112*
-
-
-
—
Ms A
1947
(Germany) 7s Jan 15 1945
♦Sinking fund deb 6 Ma
1940
♦20-year s f deb 6s
1948
106
113
113
Goodyear Tire & Rub lst 5s...1957
105* 111
105* 112
100* 109
♦{♦Gould Coupler lst s f 6s
1940
Gouv & Oswegatchie lst 5s.... 1942
Conv deb 6s
103*
J
D
IVI N
Gotham Silk Hosiery deb 5s
...1945 J
J
J
O
J
-
-
-
34*
------
-
-
-
-
88
D
30*
------
34*
*33
103
35
101
29
2
34*
.
101H 104 M
_
—
103
5
88*
102
26*
31
142
16
16
5
*33
------
105*
105
8
98*
A
114*
J
D
Gr R & I ext lst gu g
4Ms——-1941 J
J
-
-
-
-
108*
105*
104*
98*
113
30
30 H
102
76
106
34 M
34 K
35
104
98
37*
-
-
19
31
12
20 X
20
*21*
F
w
106
*33
86*
O
J
9
8
103
105*
-
J
IVI N
w!946 IVI
102
J
J
{♦Ga & Ala Ry 1st cons 5s
1945 J
{{♦Ga Caro & Nor lst ext 6s„ 1934 J
♦Good Hope Steel & Ir sec 7s.'.1945 A
Goodrich (B F) Co lst 6 Ms.—1947 J
*122
A
J
Gen Pub Serv deb 5
Ms
1939 J
Gen Steel Cast 5
Ms with warr. 1949 J
{{♦Gen Theatres Equip deb 68.1940 A
106
95
__
98
102
7*
.1974 M
Gas & El of Berg Co cons
J
g 5s__ 1949
Gen Amer Investors deb 5s A..1952 F
Gen Cable lst s f 5
J
---—
-----
70
101^ 102^
103*
*59
60*
O
104
2
*75
J
Galv Hons & Hend lst 5
Ms A..1938 A
78*
67
102*
42 M
103
_
_
J
Framerican Ind Dev 20-vr 7
J
J
Ms 1942
{♦Francisco Sug 1st s f 7Ms—-1942 IVI N
.
102*
*101*
101*
_
D
103* 105*
89
2
70
102*
102
-
s
IVI
70
.
1956 J D
1942 IVI S
1942 IVI s
lst lien
of
A
96* 104*
111* 119
ill * 113"
---
....1954 F
Fort St U D Co lst
g 4 Ms
Ft W & Den C lst
g 5 Ms
——
109*
103
-
-
-
J
1953 A
♦Certificates
109* 113
105
_
"99*
100
110*
...
-
D
1953 A
—
♦lst & ref 5s series A...
100* 106
101* 103
100* 102
104
52
'--———
47
106
'
-----
J
A
100*
105*
105*
107*
32*
D
Gen
4s series D
104 M 107
100*
105*
105*
*106*
105*
S
1953 A
conv
14
100*
------
A
Conv 48 series A.
Series B...
'
1977 A
99* 105*
100* 103*
*106*
F
A
1972 A
page 723.
—
*111
J
1948 M N
f 4 Ha series C
—
105*
93*
O
s
—
102
*111
s f
-
103*
O
lst
—
120
Cleve & Pgh gen gu 4*s ser B.1942 A
Series B 3*s guar
1942 A
Series A 4*s guar
1942 J
lst
—
.....
*100..
5*s
—
108*
110*
107*
J
g 4s
1940 J
Cleve-Ollffs Iron lst mtge 4Ha. 1950 M N
Cleve Elec Ilium lst M
J
3*s.__1965 J
F
-
*105*
J
N
A
100* "23
*96*
105*
J
' 109
35
*106*
110*
106*
*103*
...1950
Gen 4 Ha ser A
......1977
Gen & ref natg4*s ser B
1981
Cleve Short Line 1st gu 4*s
1961
Cleve Union Term gu
45
101 *
1940 M S
Series C 3*s guar
Series D 3*8 guar
61
*105
110*
106*
94
82*
103
-----
D
lmpt 4 Ha ser E
1977
Cairo Dlv 1st gold 4s
1939
Cin Wabash & M Dlv 1st 4s_1991 J
St L Dlv lst coll tr g 4s
1990 M
9
16
81*
102*
*34*
100*
100*
,
Ref &
107
105*
110*
108*
103*
82*
1942 M N
4s
prior.. 1996
lst consol gen lien
g 4s
1996 J
Penn coll trust gold 4s
1951 F
Ernesto Breda 7s
Fairbanks Morse deb 4s
Federal Light & Tr lst 5s
108
102 M
1965 A
106*
106M
IVI N
5s stamped.
1955
Erie & Pitts g gu
3Ma ser B...1940 J
Series C 3 Ms
1940 J
Erie RR lst cons g 4s 4s
J
101* 104 M
102 M
1956 M N
1941
70 M
13
98
J
J
75 M
102
105
O
J
61
1
20*
1939 J
1995 J
49 M
49 *
46*
20
......
East T Va & Ga Dlv lst 5s....
Ed El 111 Bklyn lst
cons 4s
Ed Elec (N Y) 1st cons
g 5s
Elgin Joilet & East lst g 5s
El Paso & S W lst 5s
—
95*
Q F
Cin Union Term 1st
gu 5s ser C. 1957 M N
lst mtge guar 3*s series D—1971 M N
Clearfield & Mah lst gu 4s.... 1943 ■»
J
♦Ctfs of deposit
1
190
O
East Ry Minn Nor Div 1st 4s—1948 A
64*
106 M
82*
O
1937 J
10
•
-
65 M
106*
1995
Dul Sou Shore & Atl
g 5s
103 H
65 M
40
101*
J
Duquesne Light lst M 3Ms...1965 J
♦{East Cuba Sug 15-yr s f 7 Ma. 1937 M S
"83* 94"
90*
Chicago Union StationGuaranteed g 5s.
Guaranteed 4s
♦2d 4s assented
102
81*
A
1995
.1995 J
1
106*
J
F
103 M
104
106 M
1
'
101*
J
1965 A
J
*
102
106*
A
1952 A
1961
96
-----r
J
s
F
105
100* 103M
106*
106*
82*
1937
J
103
109 M
101*
------
O
1
105*
*62*
——-
-
j
♦Second gold 4s 1
*89
------
A
-
1943 IVI N
IVI N
♦Detroit & Mac lst lien g 4s.-.1995
111*
42
15
13*
15*
14*
1960
Gen & ref 4*s series D
Gen & ref 5s series E
43*
20*
19*
22*
20*
11*
76
J
{♦Des Plaines Val lstgu 4*s..l947 IVI
Detroit Edison gen & ref 5s ser C '62 F
46*
31
106
57
D
----
80
16*
8*
*110*
42
70
9
19*
16
------
♦Conv g 4*s
i960
Ch St L & No O 5s...June 15 1951
Gold 3*s
June 15 1951
Memphis Dlv 1st g 4s
1951
Chic T H & So East lst 5s
1960
Inc gu 5s
..Dec 1 1960
310
76*
35*
32*
17*
15*
32
15*
'—1934
♦Certificates of deposit.'.
{♦Secured 4*s series A
43*
57*
Detroit Term A Tunnel 4*s._1961 IVI N
Dul & Iron Range 1st 5s
1937 A O
68
6
D
1937 J
—-
-
J
cons g 4s
1936
{♦Consol gold 4 Ha
1936 J
{♦Den & R G West gen 5s. Aug 1955 F
♦Assented (subj to plan)
A
♦Ref & lmpt 5s ser
B._.Apr 1978
{♦Des M & Ft Dodge 4s ctfs...1935 J
65*
58*
43
5
A
taxll987
♦4Ha stamped........
§ ♦Secured g 6Ha
46*
22
------
M N
1937
non-p Fed inc
46
54 H
------
J
J
88
-
—
—
D
1971 J
♦lst 4s assented
♦Chic M & St P gen 4s ser A..1989
♦Gen g 3Ha ser
-
J
J
1969
J
1969 J
f 5s... 1951 IVI N
as to Penna tax
1951 IVI N
23
——
J
lst mortgage 4 Ha
21*
104* 105*
26* 39*
28*
49
29
48*
28* 46*
15* 28
16*
29
92* 102*
111* 111*
-
S
1952 J
lst4*s
Den Gas & El lst & ref
122*
600
J
1936 J
1936 J
Stamped
{♦Den & R G lst
14
----
23*
22
*101
Del Power & Light
lst & ref 4*s
97
14
Cuba RR lst 5s g
lst ref 7 Ha series A
lst Hen & ref 6s ser B
Cumb T & T lst & gen 5s
Dayton Pow&Lt lst & ref 3Ha
Del & Hudson lst & ref 4s
Gold 5 Ha
113*
114
117*
6
48*
42*
1951
J
113
116
A
IVI
108*
4
D
F
^
M N
Crown Cork & Sealsf4s
Crown Willamette Paper 6s
.
-
^
D
J
warr
Copenhagen Telep 5s Feb 15..
55*
104*
108*
107*
106*
2
39
"
41
8
40*
J
Container Corp lst 6s
15-year deb 5s with
110
112
*_
23 %
J
1956 J
4*s
104
3
36*
C
♦1st & gen 5s series A
♦lst & gen 6s series
B.May
107
14
96
16
*38
B
Chic Ind & Sou 50-year 4s
Chic L S & East lst
13
104*
128
19*
122*
104*
31M
42*
101* 103
106*
53*
121*
104*
121M
30 M
62
108*
111*
113*
19
19 M
♦Certificates of deposit
Chicago & Erie 1st gold 5s
♦Refunding g 5s ser
♦Refunding 4s series
—
----
31
20
104*
108*
111*
115*
96*
1994
102
11
19 H
24
106
110
112*
------
A
*101*
-
108
112* 118*
108* 109*
111*
------
S
A
1971 F A
{{Chicago & East 111 1st 6s... 1934 A O
{♦C & E 111 Ry (new Co) gen 5s. 1951 M N
1st & ref 6s
115*
51*
107*
D
-
-
104*
104*
*110
Chic & Alton RR ref g 3s.....1949 A
Chic Burl & Q—111 Dlv
J
45
-
106*
....
115*
42*
44
----
M N
*112
con g 4s
1989
2d consol gold 4s
1989
Warm Spring V 1st g 5s.. —1941
30
J
----
29
*20*
30
109 M
32
IVI N
110* 113*
99* 100*
108* 111
61
—-r —
R & A Dlv 1st
Illinois Division 4s
General 4s
2
36
*110..
May 1940
22
*20*
J
J
f 5s
20
IVI N
115* 157
110* 138*
110* 112*
118* 126*
40
124*
110*
100*
s
100
102* 106
151
110M
.1992
Ref <fc lmpt 4*s
—1993
Ref & lmpt mtge 3 Ha ser D..1996
Craig Valley 1st 5s
154*
133
------
1939
General gold 4*s
150*
*21
J
106
1
20
O
22*
21
106*
'20
------
—
88
90
313
134M
1944
coll 5s
Ches & Ohio 1st
152 H
106
106*
J
J
Consolidation Coal
102*
67
26
106
105 M 108
121* 127
7
44
93*
*23*
—
A
108
89
6
85
105*
105M
Champion Pap & Fibre deb 4 *81950
Chesap Corp conv 5s
1947
111
126
92*
—
—
J
High
103* 110*
102
102
125 *
93
1948
Low
16
107*
101*
Cent RR & Bkg of Ga coll 5s..1937
Central Steel 1st g s f 8s
-.1941
10-year
High
110
109*
*
5s
g
HO
...1949
—
J
J
Low
Cent Pac 1st ref gu g 4s
—
♦Consolidated Hydro-EIec Works
Friday's
Bid
Price
NO,
V
.
J
O
A
4*s..
guar
J
A
Stamped
32
30
35
M
107M 108 M
108*
2
105*
56
104
105*
99*
36
103M 106
24
118*
44
105M
98
100
56
122
*104
100
104 M
*106
108
110
Volume
New York Bond Record—Continued—Page 4
143
Friday
Week's
BONDS
Last
Range or
N. Y. STOCK EXCHANGE
Sale
Friday's
Week
Ended July 31
Bid
Price
100%
*94%
95%
S
D
A
1st & gen sf 6%s
1950
Great Northern 4%s series A—1961
General 5%s series B
1952
Since
96
J
100%
97
113%
113%
108%
113%
113%
108%
104%
1977
103%
102%
-.1946
103%
119%
118
104%
103%
120%
1946
106%
105%
106%
Gen mtge 4s ser H
♦Green Bay A West deb ctfs A
Feb
♦Debentures ctfs B
Feb
Greenbrier Ry 1st gu 4s
1940 M N
Gulf Mob A Nor 1st
5%s B
1st mtge 5s series C
88%
99 '
81%
91
107% 114
107% 116
103% 112%
96% 105
96% 105
109% 120%
99% 106%
114
108
113%
*65
72
9
10
60
lol"
1950
-.1950
O
Gulf & S I 1st ref & ter 5s Feb 1952
J
♦77%
81%
75%
J
*80
69
Stamped-.
Gulf States Steel deb
5%s
♦Harpen Mining 6s
Hocking Val 1st consg4%s
♦Hoe (R) A Co 1st
mtge
{♦Housa tonic Ry cons g 5s
102%
J
.1952
J
1944 A
O
1937 M N
H & T C 1st
g 5s lnt guar
Houston Belt & Term 1st 5s
1937
1937
Houston Oil sink fund
5%8 A--1940 M N
Hudson Coal 1st s f 5s ser A
1962
Hudson Co Gas 1st g 5s
1949
Hud A Manhat 1st 5s
ser A1957
J
s
-
74%
32
26%
108
"87% I
82
81
82%
99
100
79
A
J
1st A ref 4 %b series C
Illinois Steel deb
98
84
75
90%
82
91%
100% 101
89% I
97
87
97
71%
67%
92%
89%]
D
84
81%
84
107%
O
107%|
O
*102
104
J
*37
44
105
99% 102%
21% 46%
106%
108%U~
105
108%
107
103%
89%
87%
107"
95
93
.49 % I
48
J
A—July 1952
J
1956
O
1941 A
o
1947 J
J
M
s
96
90
97
93
87%
96%
93%
94% I
99%
148
J
..1944 A
45%
65%
60%
35
37%
35%
9%
34
34%
53%
74%
99%
88%
*85%
98%
90%
"59
74%
101
91%
IV! N
IVI Nl
F
A
J
J
74
Jl
88%
77%
2%
10%
35%
35
59
92% I
87% I
99%
93%
79%
93%
83%
1955 F
A
1936
A
F
A
77%
2%
95
95%
105%
51%
A 110,932
O
87%
J
J
J
J
108%
104%
42
84%
102
67
42
39
33
38%
2
92
102
Kentucky Central gold 4s
1987
Kentucky A Ind Term 4%s...l961
*111
107
160
100%
89
102
115
101%
103%
107
103% 103%
104% 106%
160
155
106%
*114%
106%
103% 108%
112% 116%
120
115%
119
100
112%
42%
90
100%
72%
100%
36
163
122
1
99% 102%
118
104% 112%
27% 42%
74
32
71%
73%
20
71
73%
71%
1942
71
1
98% 102%
66
80%
64% 80%
65
87
67%
*66%
77
1937
101
161"
4
101
1941
104%
103%
29%
104%
1
103%
5
100% 104%
99% 105%
30%
166
102
102%
14
1954
101
101%
8
1965
105%
74%
*97%
105%
5
75%
18
1954
1954
f 4 %s A
Cons sink fund 4%s ser C
Lehigh A New Eng RR 4s A
Lehigh & N Y 1st gu g 4s
1945
1st Arefsf 5s 1944
s f 5s
1st A ref 8 f 5s
167" ""5
110%
41%
1942
Lehigh C & Nav
Secured 6% gold notes
Leb Val Harbor Term gu 5s
107
98
loo"
cl A 5s ctfs.. 1959
1st & ref s f 5s...
2
32
96%
104%
*
106%
1997
1st & ref
----
101%
*103%"
105%
104%
1997
Lake Sh A Mich So g
3%s
♦Lautaro Nitrate Co Ltd 6s
Lehigh Val Coal
22
*103%
First and ref 6%s
.1954
Kinney (G R) A Co 7 % % notes 1936
Kresge Foundation coll tr 4S..1945
s
96
35
16
Lake Erie A West 1st
g 5s
2d gold 5s
67%
53%
40
103%
Coll tr 6s series A
Coll tr 6s series B
96%
33
"94%
Laclede Gas Light ref A ext
5s. 1939
Coll & ref 5%s series C
1953
Coll A ref 5%s series D
1960
4
107
109%
102% 106%
103
{♦Kreuger A Toll
95
11019j2ll3%
74% 87%
*35%
93%
Kings County Elev 1st g 4s.-.1949
Kings Co Lighting 1st 5s.
1954
91%
99%
106%
40%
37%
1948
1961
30
102%
100
1954
70
70
1964
57%
61%
1974
60
g 4s.
.
Since
Jan. 1
General cons 5s
2003
Leh Val Term Ry 1st
gu g 5s—1941
Lex A East 1st
50-yr 5s gu
1965
Liggett A Myers Tobacco 7s—1944
81%
33%
97%
64
34
66
1
51
6
1938
98%
60%
98%
2
1954
95
97%
58
40
69%
105%
105%
*120%
134%
69%
—1951
97%
73%
*106%
s
f deb 3 %s
1946
1952
1960
131
1937
p m deb 5s
Guar ref gold 4s
104
21
30%
98
104%
98
104%
104% 105%
57
80%
97
101%
60
72%
54%
69%
53%
68
98
82%
100
137
121% 126
74
103%
*102
104%
102%
18
111
96
97%
103%
1949
20-year
124%
108
1938
Unified gold 4s
73
115
*108
Loews Inc
61%
103% 107
124
Little Miami gen 4s series A—1962
Lombard Elec 7s ser A
Long Dock Co 3%s ext to
Long Island gen gold 4s
High
94%
58%
64
2003
6s....
Low
97%
59%
1940
—2003
98
45% 74%
104% 106
104% 105%
101
104%
98
102%
99% 103%
103%
103%
1944
132
132
131
1951
120
120%
118
133%
122%
98%
111%
84
98%
103%
.1949
Lorillard (P) Co deb 7s—
5s
Louisiana A Ark 1st 5s ser A...1969
Louisville Gas A El
(Ky) 58—1952
Louis & Jeff
Bdge Co gu 5 4s
1945
Louisville & Nashville 5s.
1937
Unified
gold 4s
1st refund
96%
111%
*107%
*103%
108%
108%
102%
1940
5%s series
A
1st A ref 5s series B
1st A ref 4
%s series C
Gold 5s
2003
109
....2003
102%
1946
1980
Mob A
Montg 1st g 4%s
1945
South Ry Joint Monon
4s—1952
Atl Knoxv & Cln Div
4s....1955
♦Lower Austria Hydro El 6
Gen mtge
4%s ser A
♦Certifiaates
105
102%
95
109%
81
112
98
99%
96
112
98
103%
100
Manila Elec RR & Lt
s
f 5s
Manila RR (South
Lines) 4s
108% 113
88
99
102% 104%
99% 100
78
76
78
41
42
23
44
22
44
58%
54%
34%
71%
55
35
35
1953
♦2d 4s
91
97
40%
58%
41%
60%
56%
*94
100
{♦Manhat Ry (N Y) cons
g 4s-1990lA
♦Certificates of deposit
86
76
2013
of
111% 113
107% 109%
103
105%
107% 109%
102% 106
107% 111%
103% 110%
104'
107%
101% 104%
105
109%
111% 114
.
103%
I960
8 f 7%s—1942
deposit
1_
108%
101%
*107%
*90%
*114
%s. 1944
McKesson A Robbins deb
5%s_1950
Maine Central RR
4s ser A
1945
{{♦Manati Sugar 1st
108%
102%
*104
1941
2003
Paducah & Mem Div 4s
St Louis Div 2d
gold 3s
107
109%
108
i- .2003
1st A ref 4s ser D
109
_i
°l
91
1939
1st ext 4s
1959
{♦Man G B A N W 1st
3%s...1941
Mfrs Tr Co ctfs of
partlc in
A I Namm & Son
1st 6s
*97
1943
Marion Steam Shovel s f 6s
1947
Market St Ry 7s ser
A...April 1940
Mead Corp 1st 6s
with warr
Metrop Ed 1st 4%8 ser D
1968
Metrop Wat Sew
58
100
105%
109%
105
109
105%
109%
102%
105%
110%
100% 103
11
18%
1%
3%
102 %
*12
13
*1%
1977
*20
"3l"
j*103%
♦Miag Mill Mach 1st s f 7s
1956
Michigan Central Detroit A Bay
City Air Line 4s
1940
3%s
lmpt 4%s series C
Mid of N J 1st ext 5s
Milw El Ry A Lt 1st 5s B
1st mtge 5s
1979
104%
1961
105%
ser
101% 105%
101% 106
82%
32%
5%
1949
A
94
*64
3 %
1962
refunding gold 4s
29%
*88 %
{♦Milw & State Line 1st 3%s..l941
{♦Minn & St Louis 5s ctfs
1934
♦Ref A ext 50-yr 5s
23%
102% 104%
90
105%
1971
103
102
108
104% 109%
98% 106
67%
95
59
..1940
{{♦Milw&Norlst ext4 %s(1880) 1934
1st ext 4%s
1939
Con ext 4%s
-—1939
{♦Mil Spar & N W 1st gu 4s... 1947
♦1st A
95% 100
78%
92
102
4s.l938
asstd
90
101%
1950
A D 5%s
{{♦Met West Side El
(Chic)
♦Mex Internat 1st 4s
1945
98
101%
107%
105%
42
115
Lehigh Val (Pa) cons
General cons 4%s
*92
93%
42
1961
Range
Asked|
Low
Leh Val N Y 1st
gu g 4 %s
1951
Kendall Co 5%s—
1937
&
1952
.'
4%s unguaranteed
Kings County El L A P 5s
Purchase money 6s
Bid
1st gold
77%
1%
52
-
Price
Ref A
86%
57
101
Friday's
Jack Lans A
Sug 3%s.
*33
Plain
90
*27
1961
Range or
Sale
88% 100
(par $645)..1943
♦Ctfs w w stmp
(par $925)-.1943
♦Ctfs with warr
(par $925)-.1943
Keith (B F) Corp 1st
6s....-.1946
....
Week's
Last
81%
73%
""
110"32 111%
85%
87%
96
94%
108%
108%
104% 105%
95%
Kansas Gas A Electric
4%s...l980 J D
♦Karstadt (Rudolph) 1st 6s—1943 M N
♦Ctfs w w stmp
80
95%
105%
50%
O
69%
65%
79%
90% 101
75%
92%
2%
54
56%
45
36%
%|
75
88
.1939 J
33
101
74
93%
86% 97%
96% 102%
115% 150
34
47%
9%
14%
33
46%
150
10%
*
46%
99
99%
148%
37%
O
.1956
....
95%
93%
93
James Frank A Clear
1st 4s...1959 J D
Kan AM 1st gu
g 4s__
1990 A O
{♦K C Ft S & M Ry ref
A O
...
105
105%
94%
92%
48%
46%
95%
AI~I07
{♦Iowa Central Ry 1st A ref 4s. 1951 M S
Stamped-
88
106% 108%
*104
J
1952
♦Certificates of deposit
K C Pow A Lt 1st
mtge 4%s..l961
Kan City Sou 1st
gold 3s
1950
Ref A lmpt 58
Apr 1950
Kansas City Term 1st 4s
1960
85
86%
4s..l945
g 4s..
72%
88%
Interlake Iron 1st 5s B
1951 M N
lnt Agric
Corp 5s stamped 1942— Nl N
Internat Cement conv deb
M N
4%s..l952
80%
*96%
♦Certificates of deposit
{♦10-year 6s.—1932
♦Certificates of deposit
{♦10-year conv 7% notes
1932
♦Certificates of deposit
Ref s f 6s series A
1955
lnt Rys Cent Amer
1st 5s B...1972
1st coll trust
6% g notes.
1941
1st lien & ref 6
%s
1947
lnt Telep &
99
D
3%s ser B..1986
Inland Steel 3%s series D
1961
{ Interboro Rap Tran 1st 5s—1966
-
94
91%
*100
Ai
4%s
1940
Ind Bloom A
West 1st ext 4s_.1940
Ind 111 A Iowa 1st
g 4s
.1950
{♦Ind & Louisville 1st gu 4s
1956
Ind Union
Ry 5s series B
1965
Ref & Imp mtge
...
87
"98%
88%
89%
J
86
85%
90
100%
64%
84%
103% 106%
106%
*83
J
89
91%
68%
79%
80%
A
1963
A
|
*94
J
Western Lines 1st
g
111 Cent and Chic St L
& N O—
Joint 1st ref 5s series A
1963
79%
81%
69%
100
78%
*105%
J
Internat Hydro El deb 6s
lnt Merc Marine s
f 68_<
Internat Paper 5s ser A &, B
108%
105% 112
102% 105
101% 103%
87%
89%
110%|
81%
89%
39%
104
105*
82%
3%s—1951
4s
1951
g
79
81%
g
Teleg deb
Conv deb 4%s...
Debenture 5s
46%
105%
122
J
.1952 J
1953 M N
Springfield Div 1st
ser
100% 103%
38% 48%
119% 123
*90%
84%
88%
D
♦1st 5s series B.
♦1st g 5s series C
102% J
86%
...1950
Litchfield Div 1st gold 3s—.1951
Loulsv Div & Term
g 3%s—1953
Omaha Div 1st gold 3s
1951
St Louis Div & Term
g 3s... 1951
Gold 3%s
....1951
♦Adjustment 6s
103
*104
1955 M N
ser
102% 105
-.1952 A O
1955 M N
Aug 1 1966 F
89
104
*104
o
-.1951 M
37%
124%
70%
103
*107
J
1951
1951
Refunding 5s
{♦Int-Grt Nor 1st 6s
69%
107%
O
1951
Purchased lines 3%s
Collateral trust gold 4s
40-year 4%s
Cairo Bridge gold 4s
70%|
31%
IlllnolB Bell Telep
3%sserB—1970
Refunding 4s
44%
64%
77
♦Adjustment income Ss.Feb 1957
Extended 1st gold 3%s
1st gold 3s
sterling
Collateral trust gold 4s
116
31%
44
Friday
BONDS
107% 110%
122
-
Illinois Central 1st
gold 4s
1st gold 3%s
104%
122"
102%
102%
1
A. T. & T. Tele. N. Y. 1-159*
N. Y. STOCK EXCHANGE
Week Ended July 31
79
101
*102%
J
Telephone Whitehall 4-2900
96?
77%
*102%
J
<
NEW YORK
102
110
69
69
|
102%
*107%
*31%
122
121%
70%
68%
J
1949
1999
90
95%
Dl
1942
Hackensack Water 1st 4b
100%
Members New York Stock Exchange
Wall St.
63
70
O
96%
D. H. SlLBERBERG & Co.
7%
14%
106% 107%
*107
.
FOR BANKS AND DEALERS
95
90
86
1973
-
General 4 %s series D
General 4%s series E
Gen mtge 4s ser G
100% 103%
97
86
BROKERS IN BONDS
High
Low
High
1976
General 5s series C
Jan. 1
Asked
Low
Grand Trunk Ry of Can g 6s__1936
Grays Point Term 1st gu 5s —1947
Gt Cons El Pow (Japan) 7s
1944
Range
&
*;2%
M St P A S3 M con
g 4s lnt gu.1938
1st cons 5s
1938
1st cons 5s gu as to int
1938
36%
33
43
1st A ref 6s series A
1946
33
25-year 5%s
1st ref 5%s series B
1949
1978
29%
92%
1st
1941
Chicago Term s f 4s
{♦Mo-Ill RR 1st 5s series A
1959
Mo Kan & Tex 1st gold 4s
1990
Mo-K-T RR pr lien 5s ser A...1962
40-year 4s series B
1962
Prior lien 4 %s series D
1978
♦Cum adjust 5s ser A
^♦Mo Pac 1st A ref 5s ser
Jan 1967
A
1965
♦Certificates of deposit
♦General 4s
1975
♦1st A ref 5s series F
1977
♦Certificates of deposit..
♦1st A ref 5s series G
1978 M N
♦Certificates of deposit
♦Conv gold 5%s
♦1st & ref g 5s series H
1949 Nl N
1980 A O
♦Certificates of deposit
♦1st & ref 5s series I
1981
♦Certificates of deposit—
♦Mo Pac 3d 7s ext at
4% July..1938
{♦Mobile A Ohio
gen gold 4s...1938
♦Montgomery Div 1st
g 5s..
♦Ref & impt 4%s
♦Sec 5% notes
1947
1977
14
1938
14%
91%
Mohawk A Malone 1st gu g 4s. 1991
Monongahela Ry 1st M 4s ser A'fiO
Mont Cent 1st gu 6s,_
1937
1st guar gold 5s
Montana Power 1st 5s A
Deb 5s series A
110%
14%
14%
92
109%
104%
110%
104%
103
104%
1937
103
1943
106%
106%
107
1962
102%
102%
Montecatlni Mln & Agric deb 7s
Montreal Tram 1st A ref 5s
1941
Gen & ref s f 5s series A
1955
94%
94%
*102%
102%
95
103
*80
105% 111
103% 105%
104%
106% 108%
97% 104%
66%
97
100% 104%
83%
87
85%
88
103
8
f 5s series B
s
f 4 %s series C..1955
80
83
Gen & ref
For footnotes see page 723.
Gen & ref
Gen & ref
97%
s
f 5s series D
84
86
1955
.1955
*80
Aug.
New York Bond Record—Continued—Page 5
722
Bought
Price
Low
1974
1974
North Cent gen & ref 5s
LOBDELL & CO.
A. T. & T.:
vV1„.
NY 1-735
Week's
Last
Range or
Range
STOCK
EXCHANGE
s.«
1939
Morris & Essex 1st gu 3 Ha
2000
Constr M 5s series A
1955
Constr M 4 Ha series B
1955
Mutual Fuel Gas 1st gu g 5s—1947
gS
High
No.
104 %
1
93%
52
90
31
90
103
84
Price
Week Ended July 31
Morris & Co 1st s f 4%s
Friday's
Bid
&
Asked
Low
Y.
Sale
104%
J
J
92%
92%
D
J
M N
96 %
M N
88
M N
1937
Nassau Elec gu g
1951
Nat Acme 1st s f 6s
—1942
Nat Dairy Prod deb 3%s w w._1951
Nat Distillers Prod deb 4 Ha—1945
Nat Ry of Mex pr lien 4 Ha
1957
♦4%s Jan 1914 coup on
1957
♦4%s July 1914 coup on
1957
♦4%s July 1914 coup off- —-1957
♦Assent warr & rets No 4 on '67
♦Assent
*
J
J
J
D
"(56%
"66%
92 H
86
103
"il
67
*104
106%
106
106%
"2i5
104 H
104%
104%
18
1948
103
J
J
*2%
J
J
*2%
*3
Ohio Public Service 7 %s A
1st & ref 7s series B
2%
Ontario
*2%
2%
6%
*2%
4%
4%
6%
2%
2%
'2%
"6%
*3%
3%
6%
O
*2%
*2%
"4%
2%
6%
2%
'51
—1965
Nat Steel 1st coll s f 4s
1954
^♦Naugatuck RR 1st g 4s
D
106%
106%
2%
Ore-Wash RR & Nav
J
J
D
New England Tel & Tel 5s A—1952
IVI N
lat g 4 Ha series B
1961
F A
N J Junction RR guar 1st 4s- —1986
N J Pow & Light 1st
O
First & ref 5s series B
,
N & C Bdge gen guar
32%
33%
42
Guar 3%s trust ctfs
42
Guar 3%s trust ctfs D
30
Guar 4s
42%
40%
43%
294
32%
41%
43%
79
89
99%
♦Paulista Ry
115
80%
94%
Penn Co gu 3%s coll tr
50
24%
36
74
.
114
113%
98
115
98%
463
130
102%
139
101% 104%
109%
110%
92
106% 110%
102
A
J
J
A
J
J
J
D
103%
49%
44%
47
55%
55%
87%
117%
1942
.1937
B—.1941
-1942
1944
88%
"38%
o
IVI
122
D
J
F
89
69
83
118
14
112
8
30
1
.
32%
61%
97%
151%
42
49%
72%
119% 122%
60
76%
101
102%
104% 106
103%
*105
D
A
61%
24
106%
104
r
105
106%
1952 IVI N
'—.1963
59%,
55
57%
80
A
J
43%
*101%
S
F
45%
126
122
*76
s
M
102% 104%
105
108%
"~b
72%
72
s
58
38%
38
102
101% 104%
108%
48
46%
A
99% 102
93
161% "lb
101%
103%
*105%
O
IVI
2
102
102
*100%
101%
104%
107%
4
102% 107%
104
104%
101
101% 105%
94%
96%
44
D
105%
105%
6
89
Pa Ohio & Det 1st & ref 4 %s
O
105%
106
7
99
90%
105
105%
103% 107%
108% 108%
106
107%
A.
981 J
J
90%
Pennsylvania P & L 1st 4%s._
981 A
O
107%
107
107%
6b
95%
96%
333
96%
Pennsylvania RR cons g 4s
943 IVI N
112%
112%
112%
1
110% 113%
101%
101%
67
948 IVI N
114%
114%
1
111%
105%
105%
12
948 IVI N
*114%
89%
90%
356
95%
95%
53
96
98
102%
100
98
90
94%
95%
66
103%
29
102%
158
82
,92%
91%
92%
98%
547
70%
92%
88
98%
97
97
70
96%
86%
101% 104%
103
*107%
108%
105% 109
*107%
108%
106% 108%
59
77%
62
60
63
80
57
55
57
20
75
52
-
Consol gold 4s
4s sterl stpd dollar May 1.
F
D
125
A
IVI N
"~99%
105%
105%
34
105% 109%
102%
102%
93
101% 102%
Pere
125
125%
115
23
122% 125%
113% 116%
92% 100%
3
A
O
IVI
S
28%
*100%
26%
23
27
26%
4
24%
38%
27
27%
7
24%
27
27
29
26%
26
26%
9
31
29
31%
147
16
17
17%
24
D
31
29%
31
♦Harlem R & Pt Ches 1st 4s. 1954 IVI N
85
177
46
89%
June 1992 M S
40%
39
40%
158
D
38%
36%
*103%
38%
27
O
107
52%
106%
50%
*105
106%
108%
1947 IVI N
1951 IVI N
107
53%
28
389
105%
106%
"~2
109%
6
974 F
956 J
Marquette 1st ser A 5s..-
110%
Nov 15 1969 M N
24
51
89
1
111
89
97%
100%
113
1
,120
124
113
117%
110
115%
Phila Co sec 5s series A
106
105%
106
Phila Elec Co 1st & ref 4%s
1st & ref 4s
967 M N
A
971
106%
106%
107
103%
104%
78
973
J
40%
38
40%
93
Phila & Reading C & I ref
5s.
_
D
104%
75
•
5
103% 106
105
109
103% 108%
37
55
949
S
20%
17
20%
97
15%
32%
937
J
31
31
31%
24
25%
34
._
943
o
108
108%
7
_
Conv deb 6s.
Philippine Ry 1st s f 4s
Pillsbury Flour Mills 20-yr 6s.
Pirelli Co (Italy) conv 7s
25
37%
37%
41
35%
15%
51%
26%
28
40%
84% 101
940 A
942 A
Pitts C C & St L 4 %s A
Series B 4%s guar.
32%
49%
103%
82%
.93%
—
O
106% 109
70
90
*111%
112
114
111
112%
112
111
113%
110
112%
O
85
111% 112%
110%
942 M N
945 M N
*110%
Series E 3%s guar gold
Series F 4s guar gold
949 F
953 J
A
*106%
105% 106%
D
*111
111
111
Series G 4s guar
957 M N
960 F A
113%
113%
109
113%
963 F A
964 IVI N
970 J D
975 A O
120""
120"
108% 108%
115% 121%
977 J
107%
—
Series J cons guar 4%s___
General M 5s series A
General mtge 5s series B
104% 107
53%
31%
General 4%s series C
Pitts Va & Char 1st 4s guar.-i.
99% 105%
106% 108%
108% 111
106
107%
♦Pitts & W Va 1st
4%s ser
1st M 4%s series B__
1st M
J
113%
*110
120
120%
1
120%
20
119%
119%
2
107%
108
"92%
91%
92
"91%
89%
92%
*109%
O
O
32
118
121
115% 121%
116
121%
107
110
109% 109%
91
958 A
960 A
A—
4%s series C
1
120%
120%
943 M N
D
958 J
102
110%
102%
123%
107%
106
83%
3
80
14%
208
12%
2
105%
'
102%
56
128%
17%
21
127
12%
15%
30
12%
15
14%
62%
63
4
'118%
118%
119
23
107
107
1
105%
105%
105%
104
103%
104
61
3
4%s series D
Port Arthur Can & Dk 6s A—.
"92% "27
73
92%
22
75
92
144
74
92%
96
Porto Rican Am Tob
22%
t*Postal Teleg & Cable coll 5s
§t♦Pressed Steel Car conv g 5s.
^♦Providence Sec guar deb 4s._
108
96% 103%
120
51
115
108%
*119%
103
953 F
93
80
107%
Pitts Y & Ash 1st 4s ser A
1st mtge 6s series B
Port Gen Elec 1st 4%s ser C._
1st 5s 1935 extended to 1950
110% 111%
2
80
17
105%
*82
Series C 4 %s guar
Series D 4s guar....
Series H cons guar 4s
Series I cons 4%s
36
108%
952 IVI N
100
155
22%
21%
63%
122
106% 107%
103% 106%
104%
105%
15
102% 105%
103% 106
105%
106
37
101%
1
A
97%
100%
112%
2
977 J
953 F
123%
D
F
17
105
3
1st
82%
12%
107%
102%
12%
107%
IVI N
S
98%
117
72
15%
A
92
124
46
80
"83%
1957 IVI
51
9
974 J
110%
-1961 F
105
76
108% 112
115%
948 J
962 F
*101
D
A
11
115%
1st gen 5s series C
39
O
100%
104%
97%
100%
112%
112
117
1st gen 5s series B
22
J
J
111
124
92%
71%
♦Certificates of deposit
111
J
87
67%
A
A
106% 112%
A
54
70
F
134
D
45
1940 F A
1943 M N
O
47
14%
981 J
967 J
974 F
j
9
General
O
89%
12%
105% 111%
115% 121
977 J
General 5s series B
2
19
87
1950 A
88
14%
1
17
General 4 %s series D
164
85
Niagara Share (Mo) deb 5H3—1950 IVI N
112%
114
General g 4%s series C
106%
87
Niag Lock & O Pow 1st 5s A..1955 A
112
89%
J
956 J
980 IVI S
943 M N
4%s series C
106%
92%
87%
A
}~"i
73
121
112%
Apr
106
90%
1937 F
1946
42
109%
121
121
106%
106
2d gold 4 Ha
f 4Hs_—1939
1946 J
37
24
103
~90% "43
"90%
J
1965 J
A.-1951 IVI N
M N
109%
108%
109%
102%
37%
17%
1st mortgage 5s
1st mortgage 5s
-.1956 M N
J
N Y Susq & West 1st ref 5s.---1937 J
39
26%
1957 IVI N
Ha. 1965
Jan 1965 Apr
25%
26%
♦Debenture 4s
N Y & Putnam 1st con gu 4s._.1993 A O
M N
N Y Queens El Lt & Pow 3
105%
26%
34
A
108
27%
27
39%
1955 J
94% 100%
100% 100%
4
28%
37%
♦1st & ref 4 Ha ser of 1927--1967 J
106
102
27
108%
99% 104%
105% 111%
109
990
Phila Bait & Wash 1st g 4s.—_
99%
115% 120%
23i
103%
121%
940 A
„
4s
April
Peoria & Pekin Un 1st 5%s—
99%
109
104%
104
943 A
—
5s
Peoria & Eastern 1st cons 4s.
1st g
118% 122%
42
120
981 A
-
Peop Gas L & C 1st cons 6s.
115
105i5,6
102%
b
4b
112
119%
965
968 J
970 A
Debenture g 4%s
General 4%s series D
Gen mtge 4%s series E
♦Income
122%
112%
112%
119%
O
960
4 %s
4 %s series A
General 5s series B
Refunding gold
100% 102%
101%
947 M
Consol sinking fund
General
132
102%
970 A
—
114%
111% 114%
984 J
Gen mtge 3%s ser C
I62"
O
4%s series B
106%
74%
103%
101%
95
39%
101%
110%
98%
O
Aug 15 1963
102
74%
80%
1940 A
page 723
64
J
D
J
1944
5s.-1949
28-year 4s
73
D
J
97%
♦Collateral trust 6s
see
C
55
17
104
J
F
E trust ctfs
101
283
J
For footnotes
ser
30
260
1948 J
Deb 5 H8 series B
Deb 5s series C
64
108%
98% 103%
90%
"90~~
.1956 IVI N
J
J
1956
No Am Edison deb 5s ser A
63%
2
121
123%
105
101%
♦Non-conv debenture 3Ha--1947 IVI S
♦Non-conv debenture 3 Ha.-1954 A O
J
♦Non-conv debenture 4s
1955 J
North Amer Co deb 5s
102%
<
119
977 A
105%
IJ^Norfolk & South 1st g 5S-..1941
N & W Ry 1st cons g 4s
1996
Pocah C & C joint 4s
1941
101%
ioI%
118
941 M S
*104%
| ^Norfolk South 1st & ref 5s.-1961
102
J
lst 4s series B
Nord Ry ext sink fund 6 %s
101%
2
"46
89%
98
1965
14 Ha-'46
107~"
106%
960 J
*105%
ser
119
120%
106%
90%
95%
1998
1937
6s stamped
111%
119
Penn Glass Sand 1st M 4 %s—
103
{♦N Y Westch & B 1st
111
J
Penn-DIxie Cement 1st 6s A
100% 102%
104% 105%
gen s
D
100
105%
YTelep 1st &
103%
119
103%
N Y Trap Rock 1st 6s
113%
102
HO
*102%
N
113%
111
109
*105
5s
112
112%
103
112%
*
109
*110
J
IVI N
4 Ha series B
1973
IVI N
N Y L E & W Coal & RR 5H8-1942
J
NYLE&W Dock & Impt 5s.1943 J
M S
N Y & Long Branch gen 4s
1941
gold
16
111% 115
109
113%
1st ref s f 7s
A
Guar 3%s coll trust ser
'
99
Terminal 1st gold 5s
4
Parmelee Trans deb 6s
*106
Prior lien 6s series A
113%
77
IVI N
N. Y. & Rlchm Gas 1st 6s
113%
J
IVI N
N Y Steam 6s series A
"56
105%
112%
A
J
122
N Y Gas El Lt H & Pow g 5S..1948 J
^♦N Y Rys Corp inc 6s
106%
99% 103
24%
39%
109% 109%
104% 106%
*112%
S
273
{♦N Y Providence & Boston 4s_1942
13
107% 109
*108%
1968
42
---1938
NY Edison 1st & ref 6 Ha A—1941
General 4s
26%
106%
1955
41%
Serial 5% notes
N Y O & W ref g 4s
8
"7
25
<4
J
-1953
38
M S
♦Non-conv debenture 4s
108%
l"6l"%
S
MN
RR ext 5%s
40%
1974
♦Conv debenture 3 Ha
♦Conv debenture 6s
M
1955
Pat & Passaic G & E cons
27
101
108
104% 107
104% 107%
113%
Paramount Pictures deb 6s
Paris-Orleans
42
{♦N Y & N Eng (Bost Term) 4s 1939
J*N Y N H & H n-c deb 4s
1947
J
J*Park-Lexington 6 %s ctfs
41%
1978
A
Oct 1 1938
N Y Connect 1st gu 4 Ha A
1953
1st guar 5s series B
1953
N Y Dock 1st gold 4s
-1951
N Y Lack & West 4s ser A
J
90
102
105% 107%
106%
~~
101
75
100
42
1946
2000
1973
105%
108%
108%
*106%
105
25%
J
26
35
1998
—
106%
"l7
94%
Purchase money gold 4s. --.1949
O
89%
99
3-year 6s—
N Y & Harlem gold 3 Ha.
A
104%
104%
103% 106
3
IVI N
1946
A. 1942
1964
1938
1938
4s
99%
"l7
111% 114%
♦1st M s f g 3s loan ctfs
34%
39%
39%
1942
N Y Greenwood L gu g 5s
O
107%
*103
'l~07%
126%
119% 123
93
2013
1st lien & ref 3Ha ser D
N Y & Erie—See Erie RR.
A
J
109
108
6
98%
1946
2013
Ref & impt 5s series C
2013
N Y Cent & Hud River M 3 Ha-1997
Refunding 5 Ha series A
104%
122%
35
Ref 4 Ha series C
103%
122%
94
10-year 3%s sec s f
Ref & Impt 4 Ha series A
A
Lake Shore coll gold 3 Ha
Mich Cent coll gold 3 Ha
N Y Chic & St L 1st g 4s
104%
125%
98%
Ref & impt 4 Ha ser
O
Paramount Broadway Corp—
1955
Debenture 4s
O
A
122 %
1998
Consol 4s series A
J
A
125%
122
1953
1944 MN
J
126%
88% 100
1945 J
4 Ha
77%
52
1956
-1954
N Y Cent RR conv 6s
17
45%
10
1956
♦1st 5%s series A
11
36
1954
109%
2
4
1966
4%s—.1955
77
♦Hst 5s series B
112
100
107
series B„
99%
♦1st 5s series C
♦1st 4 Ha series D
60%
Ref mtge 3%s
75%
J|*N O Tex & Mex n-c lnc 53-1935
107
13
107
114
{^♦Pan-Am Pet Co (Cal) conv 6s *40
♦Certificates of deposit
98%
1952
68
107
113%
Paducah & III 1st s f g
83%
""99"
NO&NE 1st ref&impt4Hs A.
New Orl Pub Serv 1st 5s ser A.1952
111%
106%
106%
114"
Pacific Tel & Tel 1st 5s.
106%
88%
A
1983
3b
110%
107
101
1937 J
Pac RR of Mo 1st ext g
89 %
1960
4 Ha
New Orl Great Nor 5s A
New Orleans Term 1st gu 4s
60
101%
110%
J
A
.58
74
J
100%
J
F
120% 122
*121%
D
J
♦New
J
J
A---1941
1st & ref 4s series G
104% 112%
74%
85%
93
103%
J
4s——1961
1963
Pacific Coast Co 1st g 5s
6V
,
J
1946
Otis Steel 1st mtge 6s ser
66
81
O
103% 107%
61%
77%
65
M N
1948 J
England RR guar 5s——1945
J
♦Consol guar 4s
1945
Newark Consol Gas cons 5s
73
109
80
80%
A
Guar stpd cons 5s
Pacific Gas & El gen & ref 5s
107
65
75
108%
109
O
1937
Power N F 1st g
1943
Transmission 1st 5s—1945
♦2d extended gold 5s
J
74
75
71%
Oregon RR & Nav com g 4s—1946
J
Ore Short Line 1st cons g 5s—1946
"4%
O
64
69
J
Oslo Gas & El Wks extl 5s
J
J
74
75
F
J
2%
2%
3%
71
75
Q
Ohio River RR gen g 5s
105
High
120
121%
112% 115
1938 Q
A
1946
1947 F
Ohio Indiana & West 5s. -Apr 1
Ontario
J
1943
1965
4s
Ohio Edison 1st mtge 4s
Low
Q
M N
Ohio Connecting Ry 1st
No.
74
M N
;
High
Jan. 1
75
—1961
1964
4%s ser B
Ref ,mtge 5s
Since
©
*121
ext—1944
Norweg Hydro-El Nit 5%s—1957
Ref mtge
Northwestern Teleg 4%s
104%
57%
73%
102
104%
101% 106%
*3
J
4 Ha—
on.1926
& rets No 4 on
20
91%
104%
M N
♦4s April 1914 coupon on —1951 A
♦4s April 1914 coupon off—1951 A
warr
109% 116%
108% 110%
M N
♦Assent warr & rets No. 4
♦Assent
91%
91H
A
& rets No 5 on '77
warr
94%
98%
92%
1941
1st & ref 6s ser B
105%
©
*114
.1945
'33 to
April 1 1935 incl coupons. .1945
North Pacific prior lien 4s
1997
Gen lien ry & Id g 3s Jan.—2047
Ref & impt 4 %s series A
2047
Ref & impt 6s series B
2047
Ref & impt 5s series C
2047
Ref & impt 59 series D—•
2047
Nor Ry of Chlif guar g 5s
1938
Nor States Pow 5s ser A
1941
Og & L Cham 1st gu g 4s
A
AO
♦4s April 1914 coupon on —1977
♦4s April 1914 coupon off—1977 A O
Nat RR of Mex prior lien
High
104
*110%
F
5s
4s stpd
Nash Flo & S 1st gu g
88
Low
*116%
MN
gtd Gs ext at 5%-,-1941
Namm (A I) & Son—See Mfrs Tr—
Nash Chatt & St L 4s ser A
1978 F
Mut Un Tel
Since
Jan. 1
97%
87%
S
S
♦Stpd as to sale of April 1
Kingsley 1030
Friday
BONDS
N,
♦Oct 1935 and sub coupons.
123 S. Broad St., Phila.
48 Wall St., New York
HAnover 2-1720
IVI
IVI
^Northern Ohio Ry 1st guar 5s—
♦April 1 1934 & sub coupons. 1945
Exchange
Members New York Stock
A
Gen & ref 4%s series
S3
Bid
Quoted
-
1936
Range
Friday's
<fe
Asked
Sale
EXCHANGE
STOCK
Week Ended July 31
Sold
-
Y.
N.
Range or
Last
BONDS
BONDS
RAILROAD
1,
Week's
Friday
107
conv
6s.
^♦Providence Term 1st 4s
Pure Oil Co s f 4%s w w
4%s without warrants
s
f deb 5s
"72%
72
942 J
.
.
Purity Bakeries
102
*101%
"76%
*106%
75%
953 J
29%
960 M
J
933 J
957 M N
956 IVI S
950 J
J
950 J
J
"98%
941
951
Gen & ref 4%s series A
997
Gen & ref 4%s series B
997
"76%
"_9
64%
82
30%
182
28
41%
41
80
.
100
99%
100
9
21%
79
10%
92%
147
110% 131%
104%
12
102% 105%
98%
65
118
120
97%
79% 101%
80%
66%
104% 108
73%
92
*100%
73%
77% 103
118
104
118
42
103
*84
^♦Radio-Keith-Orph pt pd ctfs
for deb 6s & com stk (65% pd
§*Debenture gold 6s
Reading Co Jersey Cent coll 4s.
103
*9%
J
948 J
28%
95%
119% 119%
123
91% 103
158
99%
75
100%
106%
106%
106%
106%
158
18
63
32
96% 100%
14
106% 108%
1
105%
82%
108
Volume
New York Bond Record—Concluded—Page 6
143
Friday
BONDS
Last
N. Y. STOCK EXCHANGE
3 b
N A
Wee^c Eiuled July 31
Gen
107
1946 J
J
s
f 7s
♦Rhine-Westphalia El Pr 7s_..1950 M
N
~25 M
1944 IVI N
IVI N
S{♦Richfield Oil of Calif 6s
♦Certificates of deposit
33%
23%
33%
103
"sIM
103
50
50
*80%
3
1
35
107%
52%
90
94%
76%
90
82%
S
"~4
*115%
S
46
no"
*108%
19
19%
13
*22
~24%
24%
26%
24%
"25%
28
"24
77
110%
103M
103%
J
O
110%
5
103%
17
*90
5s... 1948 J
J
79 M
♦Certificates of deposit
I960
j"i
♦Con M 4Hs series A
.1978
♦C 'tfs of deposit stamped..
m"s
♦Prior lien 5s series B
♦Certificates of deposit
J
♦1st terminal A unifying 5s_. 1952
1990
♦Gen A ref g 5s ser A
St Paul City Cable cons 5s
28
,
♦Adjustment
{♦Vera Cruz A P 1st
{♦July coupon off
70%
Sharon Steel
1935 F
A
deb4%s
1951 IVI s
D
1952 J
♦{Siemens A Halske
1935 J
f 7sj:
s
♦Debenture s f 6 Ms
SIlesian-Am Corp coll tr 7s
Silesia Elec Corp 6%s
144
22%
47
24
1941 F
J
i4
26%
"28
119%
48
15%
gu
4%
5%
6%
"~24
5
5%
3
9%
128
8%
7%
8
*13%
89%
*108%
90
40
3%
4%
3%
4
14
107%
12
97%
134
103%
54%
103%
54%
2
60%
19
60
*
1
3
57%
J
25%
25%
♦Ref A gen 5s series B
66
66
1941
Toledo A Chic Div g 4s
1941
{♦Wabash Ry ref A gen 5%s A.1975
♦Certificates of deposit
66
1980 AO
♦Certificates of deposit
Walker (Hiram) GAW deb 4%sl945
5%
4%
7%
8%
10%
9%
13%
Walworth Co 1st M 4s..
Wash Term 1st gu
*125"
107%
106
107%
106%
19
12
105% 109
94%
97%
88%
81%
59% 103%
42%
54%
56
90
24%
31%
96%
99%
103% 106%
100% 102%
114% 125
106% 108%
102% 106%
40-year
guar
1945 F
1945 F
3%s
4s
A
140
26
32%
36%
33
1
25
33
106%
10
118
90
88
90
95%
93%
95%
28%
29
10
60
60
57
58%
26
24%
103% 108%
105
106%
♦5s assented
108%
110%
110%
76%
309
53
76%
90%
93%
95
108
149
68%
71%
95
98%
98%
99%
99%
1
Wilk A East
85
65
78
16
124%
122%
2
110%
121%
125
3
119
123
1
5
109% 110%
112
110
108
102%
25
101% 104%
109%
109%
O
S
33%
34%
48
44
167%
42%
105%
2
105
107
107%
23
103
108%
100
103%
*
100%
106%
105%
106%
S
108
107%
108
"37
86
103% 106%
104
109
24
24
22%
33%
92%
49
85
96
86%
"91%
25
91
J
A
110%
32%
32%
54
D
1949 M S
106
34%
107%
J
J
109
33%
105%
34
1951 J
1960 IVI
2
35
96% 102
86%
3
81
92
104
*105
111%
111%
111%
"5
101%
100%
101%
183
107%
107% 112%
99
101%
99% 106%
92% 106%
110%
124%
J
A
1946
RR 1st consol 4s
114
1
101%
J
IVI
Wheeling Steel 4%s series A... 1966 F
106
108%
110%
94% 101
105% 108%
106
J
Registered .*
.2361 J
Wheeling A L E Ry 4s ser D..1966 M S
106%
100%
14
30-year 5s
♦Westphalia Un El Power 6s. .1953 J
2361 J
105%
83
*98~
90
West Shore 1st 4 s guar
104%
73%
69
77
107%
Western Union coll trust 5s—1938 J
105""
69
41%
102
1946
Gen gold 4s
{♦Western Pac 1st 5s ser A
106%
41%
109%
1937
1943
West N Y A Pa 1st g 5s.
105
2
52
80
101%
12
101% 101%
28
98%
46%
107%
105
92%
76%
91%
106% 118
92%
86
109
105
J
77
71
101%
18
93
70
3
78
107%
114%
95
*
84
72
1977
1st A ref 5%s series A
114
93%
79
1961
1952
1st mtge 4s ser H
Western Maryland 1st 4s
114%
76
94%
97
1996
"92"
89%
*102%
103%
78%
107%
107%
1938 M S
1938 M
S
"83*
1964 J
D
107%
20
5s...1955
Staley (A E) Mfg 1st M 4s
1946
1C5"
Standard Oil N J deb
1961
1943
99
104%
98%
92
84
20
105%
99
143
21
1
11
167
166%
97%
J
S
98%
101%
251
106%
106%
16
32
Will A S F 1st gold 5s
92
Wilson A Co 1st M 4s series A:.1955 J
J
1960 J
J
99%
124%
2
104%
100%
6
103
D
O
*115
98%
*110
A
91
J
108%
108%
109%
14
A
106%
106%
107
24
O
101"1S
102%
101»16 102
101
*104%
74% 100%
124%
116
1953
102%
30
121
106
118%
105% 111%
87% 107
101»,6I05
101
102%
99% 105
2000 J
D
122
123%
~~9
1977 A
O
104%
103%
104%
26
98
105%
1979 A
O
104%
104%
16
97
105%
105
104%
105%
38
97
108%
108%
3
"108%
176
66%
42
*105
107%
101
101%
"57
110
161%
31
45
67
31%
106% 107%
99% 102
107
♦Certificates of deposit
111^
{♦Sup A Dul div A term 1st 4s '36 MN
{♦Certificates of deposit
J
♦Wor A Conn East 1st 4%s.._1943 J
110%
34
18%
17%
21%
58
15%
25%
19
Winston-Salem S B 1st 4s
19
27
15%
25%
13%
11%
13%
19
"21%
9
15%
12
*
9
25
*10
21
21
104
107
14%
Youngstown Sheet A Tube—
1st mtge s f
5s ser B
...1970 A
O
F
A
Conv deb 3%s
1951
1st mtge s f 4s ser
1961 IVI N
C
10513i610513i6
117%
101%
1
118%
115
99%
547
101%
235
105% 118%
98% 101%
110% 111%
117
Texarkana A Ft S gu 5Ms A.. 1950
Texas Corp conv deb 5s
1944
D
'
102
1947
1944
"122"
63
105
94
D
101%
18%
18%
120
103%
100%
4Ms..1939
J
107%
1st gu g 5s
9
26%
23%
66
J
{♦Wis Cent 50-yr 1st gen 4s...1949 J
25%
D
97%
124%
Tenn Elec Pow 1st 6s ser A
100%
♦Ctfs for col A ref conv 7s A. 1935 MN
25
23%
J
99%
81% 117
105
♦Ctf dep Chase Nat Bank
1942 J
1938 J
97% 102%
57%
84
104% 108%
34
14%
104% 106
98%
{♦Wickwire Spencer St't 1st 78.1935
J
90
101
*100
1940 M N
White Sew Mach deb 6s
*103
Term Assn of St L 1st g
1st cons gold 58
34
74%
West Penn Power 1st 5s ser E.1963
87
O
30%
25
105%
124%
Westchester Ltg 5s stpd gtd.._1950
251
A
155
78%
1939
Wash Water Power s f 5s
91%
♦Adjinc 5s tax-ex N Y._Jan 1960
91
32%
31%
34
34%
30%
32%
A
91%
5Ms A..1964 M S
J
Third Ave Ry 1st ref 4s
1960 J
77
60
122
6%
91%
Tex Pac Mo Pac Ter
36%
32%
35%
5
32%
*32%
34
Washington Cent 1st gold 4S..1948 Q IVI
91
..1980 J
27
66
110%
7%
91%
Gen A ref 5s series D
34
58
91%
Gen A ref 5s series C
26
A
.1969 IVI N
...1981 M N
Texas A Pac 1st gold 5s.
Gen A ref 5s series B
10
60
1941 IVI
♦Deposit receipts
25-year gold 5s
D
34
s
♦Warner Bros Co deb 6s
Warren RR 1st ref gu g 3%s..2000 F
95
1943
34
28%
98%
1951
98%
38
S
87%
76%
gold 5s
89
26%
{♦ Warner-Quinland Co deb 6s. 1939 IVI
80%
con
1
S
193
Debenture 3Ms
78%
70
O
105
Tex A N O
3
96%
97%
1939 IVI
170
f g 4s
76%
84%
67%
100% 102%
72
82%
35%
1955 A
I
6s debentures
Warner Bros Pict deb 6s
97%
s
98% 104%
24
106%
92
Gen refund
68
93
97%
O
96%
O
102%
32%
1955 A
91%
1947 A
103% 105%
35%
♦Certificates of deposit...
♦Ref A gen 5s series D
91%
Tenn Coal Iron A RR gen 5S..1951 J
Tenn Cop A Chem deb 6s B...1944 IVI
97%
92
33
A
97%
Tenr Cent 1st 6s A or B
105%
81
30%
.1976 F
94%
♦Studebaker Corp conv deb 6s. 1945
Swift A Co 1st M 3%s
1950
70
58
104
"66
76%
♦Certificates of deposit
♦Ref A gen 4%s series C....1978 AO
s
3%s
106% 109%
34
S
Staten Island Ry 1st 4 Ms
4
105%
102%
92%
s
s
D
g
6%
20%
97%
66
IVI
IVI
1st 4Mb (Oregon Lines) A...1977 IVI
{♦Spokane Internat 1st
15
"ii"
76%
Gold 4 Ms
Gold 4Mb.
lien g 5s
62
"20
115
95%
104%
92%
Funding A real est g 4%s...l950 IVI N
15-year 6 %s
1936 F A
reor
108%
58
1939
1st
107%
97%
84%
South Bell Tel A Tel 1st s f 5s_1941
Southern Colo Power 6s A.
1947
So Pac coll 4s (Cent Pac coll).1949
East Tenn
108
*105%
Des Moines Div 1st g 4s
Omaha Div 1st g 3%s
"62
O
Mobile A Ohio coll tr 4s
S'west Bell Tel 3 Ms ser B
2%
10
3
*102%
11%
1963
.1951
3%
15
1941
24%
A
St Louis Div 1st g 4s.
3%
14
Det A Chic Ext 1st 5s
6%
1936
1956
107% 107%
*2%
104% 107%
117% 124%
13%
3%
3%
Sou A Nor Ala cons gu g 5s
Gen cons guar 50-year 5s
Devel A gen 6 Ms
Mem Div 1st g 5s..1
106% 108
*108%
*__
41
20
24
J
95%
89%
1954
21
157
1st 4s stamped
1955
Southern Ry 1st cons g 5s....1994
Devel A gen 4s series A..... 1956
Devel A gen 6s
1956
75
85%
160
21
*4
5S..1937 M N
78
60
75
1939
11%
99%
con gu g
64
70
102%
49%
95% 104%
97% 104%
51
73%
J
33
33%
29%
76
1959
J
35%
120%
103% 107%
27
33%
86
104%
J
113
108
27%
72%
4%s..l934 J
103%
27
185
77
1939 IW N
12%
3%
105%
So Pac Coast 1st gu g 4s
..1937 J
So Pac RR 1st ref guar 4s_..il955 J
1
104%
1st lien g term 4s
7
"98%
So Pac of Cal 1st
29
♦2d gold 5s
4
105%
O
70
1947
J Wabash RR 1st gold 5s
27
16%
103% 107%
15
99%
1950 A
107
78
97%
13%
105%
San Fran Term 1st 4s...
137
104
104%
15
J
4Mb
120%
98
111
25
103
103%
104%
S
114% 120%
13
20%
12%
19%
16%
O
Gold
\
29
O
28
30
1951
1968 IVI
106%
1966 IVI
108% 114%
34
62%
6%
106 M
106%
1958 A
111%
"35
"99
....
118
31
100%
*14
J
118%
Virginian Ry 3%s series A
105
89
25%
113
31
119
108%
108
27%
101%
101%
31
2003
15
"
108
*112%
Va A Southwest 1st gu 4s
1st cons 5s
78
*14
A
..1946
"161%
s
Virginia El A Pow 4s ser A
1955 MN
Va Iron Coal A Coke 1st g 5s. .1949 IVI S
99%
111
Socony-Vacuum Oil 3Ms.-_—.1950
Skelly Oil deb 4s
101% 104%
106% 109%
39%
69%
28%
44%
100% 102%
101% 102%
10
*110%
103%
109
41
14%
120%
25%
A
112%
103%
11
102%
*107%
J
"I
*26
1951 MS
112%
103%
S
102% 104%
103
*114
84%
31
D
106%
99
97%
109
J
17%
18%
110%
4
108%
1942 J
106%
1951 IVI N
Shell Union Oil deb 3%s
Shinyetsu EI Pow 1st 6 Ms
conv
56
44%
102
104%
17%
"4%
108%
105
60%
58%
8
S
111% 115
107% 111%
J
4s...1934 J
♦Vertlentes Sugar 7s ctfs
9
30
Vanadium Corp of Am conv 5s_1941 A O
Vandalla cons g 4s series A
1955 F A
Cons s f 4s series B
1957 MN
92
♦Certificates of deposit
{♦Atl A Blrm 1st g 4s
1933 M S
$ ♦Seaboard All Fla 6s A ctfs..1935 A O
♦Series B certificates
28
50
♦1st A cons 6s series A...1..1945 M S
114%
D
1953 IVI
1944 IVI
UtII Power A Light 5%s
Debenture 5s
76%
5
♦Certificates of deposit
113%
Utah Lt A Trac 1st A ref 5s.-.1944
Utah Power A Light 1st 5s
1944
13%
O
114%
49%
26
A
123
J
44%
40
15
111
J ♦Universal Pipe A Rad deb 68.1936
251
A
1959 A
g
92
*25
41
79
120%
Oct 1949 F
5s.
{{♦United Rys St L 1st
68
O
118%
33%
22%
22%
99%
122%
117%
*28%
25%
19%
"26"
{♦Refunding 4s
1968 J
90%
J
119
118%
*28%
27%
104
1950 A
June 2008 IVI
64%
Scioto V A N E 1st gu 4s
1989 M N
{{♦Seaboard Air Line 1st g 4s..1950 A O
♦Certificates of deposit
{♦Gold 4s stamped
♦ctfs of deposit stamped
1st lien A ref 5s
Gold 4s
68
106%
14
♦Sink fund deb 6%s ser A...1947
15
*102%
!
Union Pac RR 1st A Id gr 4s...1947 J
1st lien A ref 4s
June 2008 IVI
17%
121
1947 IVI N
90%
26
Stamped
deb
14%
13%
18%
.1946 A
conv
120%
♦Un Steel Works Corp 6%s A..1951
♦Sec s f 6 %s series C
1951
75
96
1972
f 6%s series B
12-year 4s
104% 106%
21
*19
121
81
27%
25%
167
662
Santa Fe Pres A Phen 1st 5s..1942 M S
Schulco Co guar 6%s
J
1946 J
s
A
87
15%
14%
17%
200
27%
1943
Stamped
O
107%
67%
71
'
86
28
A
89%
101% 107%
99%
106%
92
51%
25%
1937
Guar
90%
{{♦Union Elev Ry (Chic) 5s...1945
U S Pipe A Fdy conv deb 3%s..l946 IVI N
U S Rubber 1st A ref 5s ser A.. 1947 J
J
105%
35
*19%
J
79
Union Oil of Calif 6s series A.. 1942 F
103
75
*105
S A A Ar Pass 1st gu g 4s
1943 J
San Antonio Pub Serv 1st 6s__1952 J
99%
94%
95
98
s
7
22%
St Paul A Duluth 1st
St Paul Un Dep 5s guar
130
84%
105%
*106%
O
5
21
60
1940
115
*90%
J
U N J RR A Can gen 4s_:
82%
27%
25%
*101%
tPaciflc ext gu 4s (large)
120%
122
90%
O
United Drug Co (Del) 5s
36%
41%
*101%
Mont ext 1st gold 4s
105%
93
Union Elec Lt A Pr (Mo) 5s...1957 A
Un E L A P (111) 1st g 5%s A..1954 J
43
6
1937 J
St Paul Minn A Man 5s
96% 101%
99%
S
7s
s f
42%
24%
107% 110%
79
25
43%
con g 4s._ 1968
{♦St Paul E Gr Trk 1st 4 %s... 1947
{♦St Paul A K C Sh L gu 4%s. 1941
86%
99% 107%
120
1945 M
Uijigawa Elec Power
United Biscuit of Am deb 5s. .1950 A
71
1937
Guaranteed 5s.
77%
99%
*91%
A
35
80
23%
22%
24%
25M
22 M
1989 MN
♦2d g 4s inc bond ctfs.-.Nov 1989 J
High
100% 103%
I6i%
78
79%
27
{♦St L SW 1st 4s bond ctfs
Low
122%
*122
1952 F
22%
82
"27
f 7s
sec s
13
35%
35%
♦Guar
24%
24%
78%
J
J
3
104%
104%
85
92
*75
54
37%
112% 112%
107% 109
79
gu
47
102
*100%
♦Tyrol Hydro-Elec Pow 7%s._1955 IVI N
44
1955 J
Rocky Mt A P 5s stpd
{♦St L-San Fran pr Hen 4s A... 1950 J
78%
106%
105%
119%
23
26
103
19
St L
78%
78%
105%
Tri-Cont Corp 5s conv deb A..1953 J
J
Truax-Traer Coal conv 6%s.._1943 M N
47%
♦Certificates of deposit
{♦St L Peor A N W 1st
3
»
34
43 M
4s ...1933 IVI N
No.
*108%
33%
St Louis Iron Mt A Southern—
g
High
49
St Joe & Grand Island 1st 4s._.1947
♦{Riv A G Div 1st
Jan. 1
eqco
102%
1942 M S
Toronto Ham A Buff 1st g 4S..1946 J D
Trenton G A EI 1st g 5s.
1949 IVI S
23
O
1996 A
Since
11
Bid
102%
Tol W V A Ohio 4s ser C
24
81%
1996 J
D
1953
8
35%
1948
St Lawr A Adir 1st g 5s
2d gold 6s
1st 6s dollar series
Tol A Ohio Cent ref A Imp 3% s 1960
D
Tol St L A W 1st 4s
1950 A O
6
79
St Jos Ry Lt Ht A Pr 1st 5s...1937 M N
Friday's
&
Asked
Sale
J
25%
37
J
.1949
.1941
1937 J
Range
Range or
Last
Price
Low
Third Ave RR 1st g 5s
25%
82
J
Rut-Canadian 1st gu g 4s
Rutland RR 1st con 4%s
102% 105
34
27%
28%
21%
81
50
1962 IVI
109%
43%
D
{{♦R I Ark & Louis 1st 4%s..-1934
126
95% 100%
106
43%
A
Gen mtge 5s series E
8
10
106
40%
1955 F
♦Ruhr Chemical s f 6s
19
42 %
1939 J
M
78
42 M
♦Rio Grande June 1st gu 5s
G&E4MS series D_.__.1977
165
"~5
103
Roch
-s
A
High
110
25%
J
1949 A
106
25%
41%
1952 J
♦lst'con A coll trust 4s A
Low
«
n
Tokyo Elec Light Co. Ltd—
•26
25M
*24%
Richm Term Ry 1st gu 6s
♦Rima Steel 1st s f 7s
{♦Rio Grande West 1st gold 4S.1939
'31 %
*23 M
25
25%
25%
♦Direct mtge 6s
1952 M N
♦Cons mtge 6s of 1928
1953 F A
♦Cons M 6s of 1930 with warr '55 A O
>■
74
30
106%
J
♦Rhine-Ruhr Water series 6s.__1953 J
No.
104
97M
107M
♦Rhelnelbe Union
High
112%
114%
97%
107%
104%
112 M
96 %
H2M
A
1961 F
mtge 4%s series B
N. Y. STOCK EXCHANGE
Week Ended July 31
Jan. 1
108%
107
*
Purch money 1st M conv 5%s *54 M N
Revere Cop & Br 1st mtge 4 %s_1956 J
J
BONDS
Since
Asked
&
Low
Remington Rand deb 4%s w w.1956 IV! S
Rensselaer A Saratoga 6s gu.._1941 IVI N
Republic Steel Corp 4 %s ser A. 1950 M S
Range
Friday's
Bid
Week's
Friday
Range or
Sale
Price
723
Week's
70%
70
37%
36%
71%
32
•38%
108
117% 126%
105%
105% 109%
57%
71%
22% 43
e
Cash sales transacted during the current week and not
included in the yearly
range;
No sales.
r
Cash sale only transaction during current week,
transaction
during
current week.
{
at exchange rate
current .week,
n
of $4.8665.
a
Deferred delivery sale only
transaction during
t Accrued interest payable
Under-the-rule sale only
Negotiability impaired by maturity,
-
reorganized under
such companies.
J Companies reported as being In bankruptcy, receivership, or
Section 77 of the Bankruptcy Act, or securities assumed by
*
Friday's bid and asked price.
No sales transacted during current week.
♦ Bonds
selling flat.
Deferred
delivery sales transacted during the current week and not Included
in the yearly range;
"
2
No sales.
New York Curb
724
extensive list
In the following
from
we
furnish
complete record of the transactions
occurred during the week covered:
the New York Curb Exchange for the
~~4X
61X
83 X
72 X
*
*
Allegheny Steel 7% preflQO
pref
24
June
Apr
4X
15*
62*
4*
Mar
100
400
3X
29X
700
300
1
200
50
82 X
62
84
370
,72*
75
250
61X
"22X *23*
*
*
1,700
'""366
2*
100
131* 137*
1~950
2*
Alliance Investment com
134""
*
..
118* 119
100
6% preference
Aluminum Goods Mfg...*
Aluminum Ind com
*
17*
Aluminum Ltd
62*
100
American Beverage com—1
American Book Co
100
American CapitalClass A com
76
Feb
June
19
Apr
Apr
2*
2*
Jan
87
Jan
Feb
Jan
1,100
45
600
87
2*
700
100
70
"34* "_34* "34*
"166
18
Burma Corp Am dep rets..
Butler Brothers
.10
13*
Mar
Cable Elec Prod
75
Mar
101
Mar
Mar
June
4*
Jan
Jan
27
Jan
Jan
121*
4*
Class B
44
1
7X
44 X
7X
6X
750
6,400
July
5* May
Jan
31*
11,700
Jan
Ainer Cyanamid class A.10
Class B
10
n-v
Amer Dist Tel N J
com.
120
36*
121
4X
5
Amer Equities Co com
1
Amer Fork & Hoe Co com*
50
5
21X
21
21
Amer Foreign Pow warr...
Amer Gas & Elec com
*
3X
*
44*
1UX
American General Corp 10c
$2 preferred
1
33 X
Preferred
77*
3X
.
3X
45X
43X
111X H2X
8X
9
400
1,975
36*
91*
Preferred...
2,200
11,400
33X
33X
250
B
Feb
1
IX
Amer Potash & Chemical.*
46
19*
17*
25*
27*
1
25*
Feb
30 * |
14
Jan
30*
Jan
1*
39*
"27
28X
27
"""350
3
37,200
1,000
2*
2%
*
*
91*
91*
92 X
50
49X
53
pref—_ .5
*
Angostura Wupperman„ 1
Apex Eleo Mfg Co com
*
2*
5*
4X
IX
5X
lio
I
110
Jan
May
4
June
4X
900
2X
4,400
1*
Jan
6X
900
4*
Jan
700
110X
300
IX
1
*
6X
IX
5X
ex
*
6
6X
ex
1,600
4,000
13,900
9X
8,900
.10
Preferred
Associated
Elec
9X
Industries
£1
Amer deposit rets
Assoc Gas & Elec—
"lox
12
x
94
10
9X
10*
12X
12X
700
Mar
Jan
Class A
$5 preferred.
*
ix
IX
12 x
IX
IX
IX
12*
12*
800
X
*
*
9,500
Option warrants.
Assoc Laundries of Amer.*
400
8,900
2
__*
c common
45*
Associates Investment Co *
Associated Rayon com
*
Atlanta Gas Light pref. 100
Atlantic Coast Fisheries..*
2X
47 X
500
2X
2*
500
Jan
63*
Feb
4*
Feb
2*
Jan
7* June
31
July
Jan
4
3*
3*
7*
Jan
7*
7*
Jan
9*
"lox
9X
10*
"3,200
*
"14"
*
Warrants 1
*
"~3X
13*
53*
3
14*
53*
24,000
12,200
1
IX
9*
IX
3X
11*
1*
Automatic Products. __..5
9X
9X
9X
Atlas Plywood Corp
Austin Silver Mines
.*
11
5,600
2,000
1,400
41
90
Babcock & Wilcox Co...
49
90
Baldwin Locomotive warr.
Baumann
Bellanca Aircraft com
*
"~2* "~2*
pref.
200
50
11
IX
2*
*
*
18,400
4,800
15*
100
15*
37
37
24 X
20*
18 X
18*
3*
25*
20*
3*
25
3,600
1,800
'U'X
44*
45*
19*
19
20
1,600
40
35*
40
40
5,100
800
*
100
Botany Consol Mills com.*
*
25
3*
24*
*
15*
23*
12
12
18*
Bower Roller Bearing
17*
100
15*
50
25
12*
18*
5,300
1,600
5,500
*
2*
2*
200
'32 Jan
* June
'16 May
26*
Jan
Jan
Apr
*
*
Feb
3*
94
100
36*
9*
!
Class A
35
British Amer Oil coup
*
24 X
—.—
24*
300
9.400
2*
July
20C
16*
Jan
100
2*
May
1,000
20
3*
26*
18*
Jan
100
•
10
*15*
For footnotes see page
729
2*
22
Jan
Feb
Mar
4*
Feb
warr
100
...100
18*
19*
*
55
10*
10*
16*
Feb
104*
525
111* 112*
425
101
650
Jan
102
Apr
Apr
90
Jan
Conv 5% preferred.. 100
Columbia Oil & Gas new.. 1
19*
July
Apr
56*
July
16*
Mar
99* May
116*
Jan
Jan
9*
107*
Feb
116
9*
2*
2*
25
"51*
50
31*
"26"
26
5
5
July
May
55
48*
"49"
Jan
Jan
Jan
July
Apr
102
Apr
81
78* July
17*
Jan
July
300
42*
Feb
2,700
3*
Feb
10,200
1*
1*
Apr
2*
27*
Jan
3*
Feb
Jan
31*
Jan
55*
32*
28*
2,400
18*
31*
Jan
55*
July
20
Jan
44
Feb
17
May
x4X May
30*
Feb
16* May
22
650
50
175
2,200
6*
Feb
48*
26*
»16
17*
200
120*
119
49
200
105
May
124*
Mar
49*
1,800
38
Jan
49*
July
26*
50*
"te
300
41,900
3,600
"T*
4*
4*
61*
61*
64*
6*
6
100
800
Jan
34*
Jan
59
*
Jan
24
1
3
Jan
41*
Jan
3* May
60
62
70
70
65*
250
43
May
15*
4,400
11
Jan
4*
15*
4*
4*
100
*
700
9X
*
51*
9*
51*
10*
1,200
•
100
50
700
June
40
42*
3*
*
2*
"4",200
Jan
Jan
Jan
41
May
9* June
3*
1*
Jan
34*
500
63*
~2*
16*
2*
5
17*
119""
Feb
July
July
July
40
31
80*
77*
July
16*
Feb
1* May
Apr
Mar
1* May
7*
Feb
June
66
6*
Feb
June
63
70
July
65*
19*
4*
1*
July
52*
16*
Apr
July
Feb
Jan
Feb
Feb
6
3*
8*
Jan
Apr
7
*
45*
May
7
July
July
12
Mar
4
Mar
73
*
500
46*
1,100
42
May
108* 116*
3*
4
9,325
93
Jan
Columbia Gas & Elec—
55
Mar
18*
5,700
Cockshutt Plow Co com..*
Cohn & Rosenberger
.*
11* May
Feb
5
26* July
7*
2,500
53
*
Club Alum Utensil Co
July
Feb
21
86
16"400
78*
Colon OR Corp com
*
Colt's Patent Fire Arms.25
Jan
51
2*
July
7* May
1
July
8*
Apr
4*
Feb
11*
July
Columbia Pictures
11
Mar
111
3*
44
111*
*
Warrants
2*
11
103
Apr
July
70
Apr
2*
4*
Community P & L $6 pref *
Community Water Serv..*
Mar
Feb
Como Mines.....
Feb
Compo Shoe Machinery_.l
Connecticut Gas & Coke—
Jan
Jan
151
June
Jan
123
May
Feb
July
1*
July
*
13*
July
Jan
4*
14*
ill"
4,900
115*
r2i800
*
Consolidated Aircraft....1
Consol Copper Mines
5
Consol GELP Bait com. *
Jan
July
July
19*
Mar
35*
Jan
18* July
13*
Jan
2*
Apr
43* June
14* July
5
July
34
May
*
Jan
3* July
12*
Apr
20* May
40
June
30
Feb
27
Feb
29*
Mar
9*
13*
15*
Feb
20*
5% preferred A
Consol MIn & Smelt
Consol Retail Stores
*
Apr
Jan
Jan
Mar
25*
9*
50
Feb
Jan
5
21*
4*
4*
93*
57*
56*
5*
57*
6
1,300
97
97
60
Feb
Cosden Oil
100
13*
3
Mar
Am
Jan
Jan
26* June
Apr
Mar
*
13
1*
100
300
44
4*
8*
4*
200
Jan
Jan
'is July
11*
Jan
40* May
14* July
3* June
84
Jan
Jan
July
3* May
53*
Jan
May
Jan
* May
6*
Jan
9*
Jan
Jan
Feb
1* May
July
33
3*
1*
Mar
Jan
16
Feb
49
Apr
23*
6*
93*
116
Jan
Apr
July
Mar
57* May
6* Mar
105
Mar
Jan
3*
101* June
2
Feb
10
Apr
19
Mar
49*
Mar
100
6*
Jan
9
Apr
5,300
4*
July
8
Mar
4* June
1*
Jan
6*
Jan
8
Feb
4*
Feb
17
6*
3*
14*
1,200
31,300
11*
12*
100
5*
2*
90
34
*
Apr
5,900
Feb
Courtauld's Ltd
8*
53*
10*
29*
27*
Jan
7*
26*
9*
15*
12*
5*
Crane Co
29
9*
14*
-8*
Feb
650
325
43*
Feb
Jan
Jan
July
2
4*
com
Preferred
Mar
117
88
5
Corroon & Reynolds—
Common
5*
45
Jan
113
6
14*
4*
Jan
21,300
7,100
1,300
19*
92
*
com
Copper Range Co
Cord Corp
Feb
97
4,400
* 168,500
700
14*
92
$3 preferred A
Jan
Feb
18
2*
325
20*
4*
..100
Continental Securities
Cooper Bessemer
Mar
6*
'16
14
31
Consol Royalty Oil
10
Cont G & E 7 % prior pf 100
Continental Oil of Mex—1
Mar
1*
2*
*
14*
dep rets ord reg
£1
Cramp Ship & Engine. .100
1*
16*
20*
4*
53
8% preferred
Jan
July
Mar
20,500
'16
30*
1*
100
5
*
Jan
116*
97
1* June
31
Secur $3 pref.
Jan
2*
*
1
*
36
*
Commonwealth Edison 100
Commonwealth & Southern
1* June
Jan
*
300
100
Feb
73*
2*
2*
June
Feb
com
Preferred
July
25
11*
Croft Brewing Co
"32* "36
134
"23*
Crocker Wheeler Elec
Apr
35*
100
Creole Petroleum
Mar
*
134
23*
11*
"16
24*
12*
15
13] 500
25
6,700
6,700
5,900
Crown Cent Petroleum
11* May
* June
24
Apr
120*
Jan
19*
Jan
9
.1
1
*
1*
4,600
Apr
»i6 July
5
Crowley Milner & Co
1
5,500
68
Jan
Feb
10*
24*
12*
11*
Mar
July
July
1* July
15* June
150
16*
38*
37
*
July
6*
100
81
Cleveland Tractor com
*
Clinchfield Coal Corp.. 100
Feb
48*
Mar
20*
5*
1,500
32
80
June
8* June
3
*
Feb
3
75
Cleve Elec Ilium com....*
14*
97
Brillo Mfg Co com
Registered..
3*
100
7% preferred
2*
100
s32 July
Jan
70
*
Corp class B—
1*
:~u
15*
Jan
2,200
*
Class A
14*
3*
City Auto Stamping
*
City & Suburban Homes 10
Claude Neon Lights Inc.. 1
Jan
1
Bridgeport Machine
Preferred..
125
26
Feb
Feb
Feb
Jan
$3 opt conv pref
Brazilian Tr Lt & Pow
200
20*
7*
5*
1*
15*
2*
19
20
*
12 *
Blue Ridge Corp com
Bourjois Ino
Borne-Scrymser Co..
28*
"2*
63*
55*
2X
*
Black & Decker Mfg Co..*
BUsb (E W) & Co com...
7% 1st preferred
Jan
Feb
Jan
15*
Cities Serv P & L $7 pref.*
July
1
3*
*
Bohack (H C) Co com
1*
9is
5*
5
14*
13
July
X
com
(S) & Co
May
400
5
1,400
Jan
5*
121
11
Purchase warrants
Blumentbal
Mar
July
May
24*
Jan
*
2*
3*
142
*
Berkey & Gay Furniture.*
conv
2*
17
*
May
100
Convertible pref
$2.50
Mar
Jan
16*
Preferred B
Preferred BB
8
Bell Tel of Pa 6 * % Pf-100
Benson & Hedges com
*
Blckfords Inc
10*
*
*
Preferred
Jan
51
1
Bell Tel of Canada
7*
87*
Jan
725
95
916
Apr
400
50
Apr
40
(L) &Co7 % pf dlOO
*
13.900
2*
89
12*
530
49
Apr
Feb
40
10*
*
Commonwealths Distrib.l
10
Jan
3*
2*
87*
Childs Co pref
100
Chief Consol Mining CoJ.l
Cities Service com
..*
Axton-Fisher Tobacco—
common
50
*
.....
July
Feb
1,000
8
Automatic-Voting Mach.*
100
Mar
*
96
1
1*
July
85
Jan
Jan
Mar
Jan
6*
104*
112*
Jan
June
28
Co..50,
Atlas Corp common.
$3 preference A
Class A
.10
Centrifugal Pipe
*
Charis Corporation
10
Chesebrough Mfg
25
Chicago Flexible Shaft Co 5
Chicago Rivet & Mach...*
Mar
Mar
.
_*
Conv preferred
100
Conv pref op ser '29.. 100
Mar
Jan
92
68
Jan
200
5*
"lo*
6% pref without
7% preferred
Feb
110*
10*
Jan
19
18*
Products....
Cent Maine Pow 7% pf 100
Cent P & L7% pref
100
Cent & South West Util—1
Cent States Eleo com
.1
Feb
Jan
83
Jan
25* July
107* June
51*
1*
33*
*
28*
19
15
1st preferred
Cent Hud G&Evtc
Jan
104*
*
1,000
July
Mar
48
*
*
$6 preferred
Common..
Atlantic Coast Line
9
94:
*
5
12*
50
9*
*
—
com
$7 div preferred
99*
82
*
...
Feb
2*
29
4*
32
13
Mar
475
300
1
7% 1st partic pref.—100
7 % prior preferred
100
Celluloid Corp com
.15
Jan
Apr
600
Arkansas Nat Gas com
Arkansas P & L $7 pref
Art Metal Works com
2
4,600
Arcturus Radio Tube!
IX
Jan
1* May
21* Apr
29 X
28
Appalachian El Pow pref.*
18
25c
Castle (A M) & Co
Feb
916
37*
5
Cataiin Corp of Amer
1
Celanese Corp of America
'July
2,500
Mar
10*
16*
100
66*
82
3*
37*
3*
*
Casco
July
IX
29X
66*
80*
10*
preferred
*
Carrier Corporation __.._*
Mar
Jan
~30* """325
*
Common class A
114*
Jan
26
28 X
*
"36"
Mar
31
Jan
Jan
$6
July
July
F-eb
Jan
Mar
Apr
4,700
~30~~
Anchor Post Fence
Jan
46*
29
25X
Jan
Apr
2*
Carolina P & L $7 pref...*
Feb
5
43*
Amer Pneumatic Service.*
Amer Thread Co
Feb
3* May
33* Apr
*
Class B
Feb
Jan
24 X
100
Preferred
24*
12
25X
com
Jan
39*
450
66*
1*
Convertible class A.
July
Jan
126*
7
Jan
800
Apr
*
1
Carnation Co
121
Jan
35X
24X
23*
*3*
29*
15*
34*
Carman & Co-
7*
33X
22 X
34X
25
Superpower Corp
1st preferred
non-voting
Mar
Feb
July
30*
23 X
Amer Meter Co
Feb
9
36*
40*
50
25
6% preferred
Am
25
Capital City Products
Carib Syndicate
Jan
3,200
20
Amer Mfg Co com.
Amer Maracaibo Co
48*
Jan
108
1,500
25*
Canadian Indus Alcohol A*
Mar
Feb
3*
Feb
Mar
103
dep rots A ord sh.£l
shs_£l
£1
Calamba Sugar Estate..20
Canadian Car & Fdy Ltd—
Feb
2
115
19
25*
Amer dep rets pre! shs
Feb
9
38
8X
$2.50 preferred...
Amer Hard Rubber com.50
Amer Laundry Mach
Amer L & Tr com
43
29*
Jan
Apr
Jan
June
9
45*
25*
Am dep rets B ord
Jan
116
*
100
preferred
conv
_.
35X
36
39*
*
v t c
Canadian Marconi
25
July
400
100
Am
Jan
Am Cities Pow & Lt—
Class A
32*
30*
Cables & Wireless Ltd—
Jan
2*
9j6
*
*
Apr
May
86*
$3 preferred
$5.50 prior pref
Mar
Jan
9*
10c
Common class B
*
com
$3 convertible pref
Warrants
Feb
25*
152
27*
6*
12*
Burco Inc
Feb
200
44
3*
37*
4*
100
28*
8*
Jan
7* May
27
July
*
82
July
Apr
27
8*
28
*
Co
Bruck Silk Mills Ltd
Bunker Hill & Sullivan.. 10
15
7
(EL)
27
Feb
900
7
10c
Bruce
550
28*
27
25
11
"r8X
June
250
20
*
29
10
11
1
12*
61*
63*
98* 100
70
Class A preferred
Brown Forman Distillery. 1
July
2*
Jan
Mar
29
*
17
Jan
1936
High
2* May
ord reg._10s
Jan
17*
70
28
28*
June
2*
*
Jan
2*
Am dep rets
Feb
24*
Low
Amer Tobacco—
Brown Co 6% pref
100
Brown Fence & Wire B—*
Mar
116
Range Since Jan.
Shares
dep rets ord bearer £1
ord reg__£1
British Col Pow clA
Feb
Mar
IX
Price
British Celanese Ltd—
Mar
62
\
Week
Buckeye Pipe Line
50
Buff Niag & East Pr pref25
$5 1st preferred—
*
Bulova Watch $3* pref..*
109
17*
for
of Prices
Low
High
Am dep rets
Feb
58
250
12
*
com
6% preferred
84
Am
July
July
21
Allied Products cl A com 25
Aluminum Co common.
35
15
*
pref
British
Jan
Mar
10* June
44* May
2* June
27
Apr
* June
Jan
37*
67* Feb
114
1
Allied Internatl Invest
113*
Jan
55
1
Alles & Fisher Ino com
46*
June
10X
3X
28X
*
;
Allen Industries com
May
2*
Week's Range
Sale
Par
99
5~ 600
Last
High
40
lox
$0 preferred
conv
Low
20
53
"3*
Alabama Gt Southern. —50
Ala Power $7
Shares
25
103X 103 X
"Zx "T
*
preferred
Warrants
d9
Range Since Jan. 1 1936
15
1
10
Agfa Ansco Corp com
High
d9
42
*
Ainsworth Mfg Corp
Air Investors com...
Conv
Low
Sales
STOCKS
CContinued)
Week
103 *
7% 1st pf 100
*
Aero Supply Mfg cl A
Class B—
for
of Prices
Price
Acme Wire vto com—20
Adams Mlllls
'
Friday
Week's Range
Sale
Par
Brill
on
Sales
Last
STOCKS
V t
transactions of the week, and when selling outside of the
on
Friday
7%
1936
Saturday last (July 25, 1936) and [ending the present Friday (July 31, 1936). It is compiled entirely
the daily reports of the Curb Exchange itself, and is intended to include every security, whether stock or bond, in
beginning
which any dealings
$3
a
1,
No account Is taken of such sales In computing the range for the year.
regular weekly range are shown in a footnote In the week In which they occur.
week
Aug.
Exchange—Weekly and Yearly Record
NOTICE—Cash and deferred delivery sales are disregarded In the week's range, unless they are the only
May
1*
Jan
15
2*
Jan
Feb
36
July
134
July
34*
16
1*
7*
2*
Feb
Feb
Feb
July
Jan
Volume
143
New York Curb
Friday
Exchange—Continued—Page 2
Sales
stocks
Last
Week's Range
for
(Continued)
Sale
of Prices
Price
Crown Cork Internal A__*
153*
Crown Drug Co com___25c
Preferred
Cuneo Press
63*%
4%
24
25
Cuban Tobacco
com
preferred
15%
4
4%
%
*
Davenport Hosiery Mills.5
'l33*
Dayton Rubber Mfg com. *
Class A
35
Range Since Jan. 1 1936
600
3,300
July
5%
Feb
July
500
37%
Feb
43
July
Mar
109
Apr
Guardian Investors
Apr
Gulf Oil Corp of Penna.25
Gulf States Util $6
pref..*
50
11,900
106
,J16
1%
July
800
z9
100
12
12
Mar
Jan
1,100
16%' Apr
143*
Mar
273*
10% June
Apr
July
16%
4%
67%
16%
14%
4
19%
8%
36%
37%
72
69
18
363*
"18%
18%
40
4,700
3,000
600
600
19%
July
300
8%
Mar
1,500
36 %
15
July
May
5%
Mar
875
'"800
26
26
26
34
£1
Doehler Die
Casting
*
Dominion Tar A Chem com *
Dominion Steel & Coal B 25
11
34
35%
2,100
6%
'"500
100
11
Jan
200
235* Mar
27% May
Mar
Mar
163*
Feb
50
8%
Jan
1 %
Jan
25% Mar
165* June
11
Distillers Co Ltd—
Amer deposit rets
July
4%
Apr
723*
July
V
183* July
213* June
103*
Apr
373*
19
July
Apr
25
June
123*
26
June
353*
8
8
5%
July
4% June
Jan
73*
July
July
FeD
Douglas (W L) Shoe Co—
Jan
22
100
1113*
111% 115
72
ZZIIIlO
110
Apr
1243*
Mar
65%
Jan
733*
Jan
300
110
2%
72%
Jan
z94%
180
27%
109
3%
25
1,400
72
27%
Duke Power Co
....10
Durham Hosiery class B__*
Duval Texas Suplhur
*
113*
20
3%
39
5
53*
12
113*
75
%
July
~4~306
3,100
73*
25
253*
23*
443*
50
23%
3,100
423*
443*
123*
*
..
...
133*
73*
23*
3,300
1,100
45
133*
200
4,300
.....
"eo"
Edison Bros Stores com..*
Eisler Electric
1
3%
Elec Bond A Share com..5
$5 preferred
*
~60" ""loo
24%
33*
243*
75
75
853*
853*
.....
113*
I*
i
9
*
66
33*
Jan
July
1% May
113*
423*
Mar
Feb
33*
Jan
23
Jan
443*
July
24%
Jan
45
July
Jan
14
June
6%
15% June
233*
Mar
36
63
July
Mar
Jan
43*
4,400
111,400
15%
Feb
27
July
77
1,500
64%
Apr
88
July
873*
113*
93*
66
73*
4
27
9
4,400
74%
Jan
883*
July
Apr
Apr
Jan
12
Mar
93*
753*
July
July
Jan
8J*
Mar
93*
Feb
2%
200
9%
4,400
6%
50
18%
66
Apr
73*
600
63*
73*
973*
1,300
5
May
625
88
May
98
Jan
Jan
293*
Feb
15
Jan
19 3*
Apr
30%
Jan
383*
42
63*
i
$6 conv pref w w
*
Elec Shovel Coal $4
pref..*
73*
10
warrants
Jan
633*
July
July
973*
~17% "17% "173* "n500
373*
15
Empire District El 6%.100
Empire Gas A Fuel Co—
6%
preferred
100
63
38
37%
150
2
62 3*
65
450
43
62%
"65"
66
665*
175
44
43 %
47
63
70%
68%
27
26%
"1%
72
195*
!%■
40
1,750
1,150
2
Jan
65
July
Jan
66
July
Jan
663*
Feb
warrants
7% preferred
100
Ex-cell-O Air A Tool.....3
~19%
7
9
__l
15 H
Fanny Farmer Candy
II
Fansteel Metallurgical...*
Fedders Mfg Co com
*
11%
28%
Corp com..*
Flat Amer dep rets
FIdelio Brewery
7
1
115
6%
"MOO
800
100
12
500
23 % June
700
28%
Jan
May
2%
preferred
20%
24
1
_
21%
17%
21
Feb
Iron
Jan
.*
46
46
1
1
Irving Air Chute
1
Italian
Feb
Jan
313*
Jan
Jan
40 3*
Mar
213*
13*
July
Apr
9
May
70
Feb
32%
July
45
Apr
40% May
60
Feb
11,900
4,400
7% May
July
22% June
93*
Feb
283*
Feb
32
Feb
200
250
1,200
500
1,000
Gen Outdoor Adv 6% pflOO
Gen Pub Serv $6 pref
*
Gen Rayon Co A stock
*
%
84
200
1%
43%
*32
43%
%
19
2%
Feb
1%
84
2,800
Jan
16
Jan
2%
30
1%
18%
18
19
50%
50%
General Tire A Rubber. .25
72
50%
74%
100
300
1,200
600
600
6% preferred A
100
Georgia Power $6 pref
*
$5 preferred
*
97
97
89%
89%
125
Gilbert (A C) com
Preferred
5%
42%
200
*
40
143*
14%
5%
42%
14%
20
19
20
Glen Alden Coal
10
3,500
53*% preferred..... 100
6% preferred
100
7% preferred
100
Naumburg
2.50
Laugh lin Steel. 100
Kansas City Pub ServicesCommon vtc
*
Gold field Consol Mines. 10
Gorham Inc class A com.
preferred
,._*
%
"18%
19
%
700
%
6,100
'18% "18%
'"150
2%
Feb
Jan
213*
July
183*
Jan
13
Jan
493* May
Feb
23*
% May
40
Apr
>16
Jan
71
June
Jan
1
49
-
May
3*
Feb
July
Jan
853*
813*
23*
12%
Jan
193*
July
47
Jan
523*
Mar
68 % June
85
Apr
79%
(Emll)
...
*
*13
Gray Telep Pay Station..♦
page 729
%
3* May
103* June
50
23*
403*
Feb
30
Apr
Feb
""73* "73*
4
'"300
6
Jan
43*
403*
1,000
563*
553*
7,600
363*
250
23*
93*
73*
Feb
Jan
Jan
May
403*
July
Jan
563*
July
383*
Jan
653*
533*
July
Feb
93*
450
Jan
10
Jan
32
93*
203*
Feb
93*
100
203*
21
143*
6,400
2,000
20
203*
Jan
243*
243*
Feb
1,800
133*
Apr
143*
Mar
Mar
June
Feb
403*
93*
July
Jan
Feb
36
363*
273*
363*
110
14
June
363*
925*
Jan
993*
July
July
July
33*
33*
33*
33*
100
33*
Jan
200
33*
Jan
63*
63*
13*
13*
100
13*
Jan
33*
9
"7§k "75"
1~250
May
203*
Jan
69
84
Feb
283*
Apr
July
13*
Apr
33*
Feb
7
Apr
53*
Feb
143*
73*
143*
Feb
53*
Feb
393*
383*
73*
Apr
Feb
733*
73*
283*
37
700
53*
300
29
12
113*
123*
3,000
103*
103*
11
33*
800
3
3
333*
333*
43*
43*
353*
July
33* June
2,200
16,500
333*
700
July
July
33* May
64
Feb
Jan
Jan
10
300
10
13*
13*
4
4,600
/*16
200
63*
600
63*
313*
31
233*
233*
253*
170
3*
.
3*
300
~2§"
"766
63*
32
"27"
2136
203*
13*
1,200
213*
700
13*
143*
23*
Jan
9i6
88
Jan
88
June
3i6
6
June
273*
32
Feb
20
15
Feb
Feb
Feb
Apr
Jan
Mar
3* May
13*
Feb
313*
263*
Jan
% May
3*
Apr
Jan
Jan
333*
May
3* May
3*
Jan
233* May
200
Jan
June
3*
93*
Jan
Jan
Jan
23*
July
Jan
Jan
64
Jan
%
13*
34
103*
36
863*
923*
100
4
413*
853* 863*
903*
923*
993* 100
33*
43*
343* 423*
3*
53*
3*
53*
425
703*
Jan
40
76
Jan
90
86
May
2,500
3,850
1,000
200
13*
30
3*
13*
1113*
10
Feb
Mar
15*
Feb
3*
■>
Feb
Jan
Jan
Mar
Jan
863* June
93
May
1023* June
43* July
44
Apr
13*
63*
Mar
Mar
Jan
113
Apr
July
12
July
23*
23*
200
43*
53*
17,200
43*
53*
3,600
3*
203*
93*
3*
200
203*
100
93*
43*
100
8
100
33*
Mar
96 3*
14
Apr
107
Jan
x25
June
743*
Jan
78
Mar
Jan
60
May
13*
Jan
33*
._
Knott Corp common
Koppers Gas A Coke
93
102
Feb
Jan
Mar
13%
2%
4
83,400
Lefcourt Realty com
Preferred
100
1
.24
583*
6
106
243*
150
2,000
Jan
Lion Oil
Jan
Lit Brothers com
„__*
Loblaw Groceterias cl A..*
Lockheed Air Corp
Lone Star Gas Corp
Feb
Jan
7i6 May
183*
Jan
51
1,500
Jan
*
53* June
123*
Mar
Jan
13* June
123*
3*
Feb
63*
*
;_*
93*
45
23*
70
5
Development
"57k "59k
53*
20
Lerner Stores 6 % % pref 100
Lehigh Coal A Nav
Leonard Oil Develop
July
Jan
53* June
53*
Jan
3* May
24
Mar
113*
6
Apr
Mar
1093*
14
43*
13
83*
93*
3*
1316
1093* 1093*
133*
143*
43*
43*
200
113*
11,500
3,000
63*
3*
50
3,300
500
_
83*
90
Feb
Mar
July
153*
Jan
43*
Jan
July
Jan
25
Jan
2
Feb
1073*
73*
Feb
111
Apr
15
Mar
3
Mar
Jan
113*
Jan
Jan
53*
Apr
203* June
Long Island Ltg—
Apr
903*
83*
Feb
Jan
Feb
Class B
Jan
Jan
393*
Mar
7%
8
Jan
20
July
Preferred class B
%
Jan
2%
Jan
18% June
July
July
rl%
3,500
13%
13%
300
10
Jan
18
18
100
17
July
%
43*
106
Lakey Foundry A Mach.. 1
Lane Bryant 7% pref..100
Langendorf United Bak—
Class A
l
183*
33*
2%
43*
Lackawanna RR of NJ 101
73
74
July
Co—
6% preferred.
Kreuger Brewing
July
68 %
5
40
95
Jan
4
95
*
1
July
74
RubberllllHIio
Apr
Apr
Apr
r1
Grand Rapids Varnish
Mar
10
7% preferred B
..100
5% preferred D.....100
Kingston Products
1
Kirby Petroleum
1
Klein
Jan
16% May
3%
Feb
763*
270
Ken-Rad Tube A Lamp A*
Kingsbury Breweries.
1
S16
43*
253*
Feb
Feb
Feb
Feb
Common..
213*
4
13*
16
323*
Jan
June
July
Apr
Jan
preferred
183*
*
*
183*
Feb
173*
Apr
103*
133*
14,000
6 3*
May
103*
Jan
123*
13,400
95*
Jan
143*
Mar
43*
8,700
Apr
93*
*
43*
100
923*
43*
923*
94
130
33*
723*
100
83
83
833*
250
64
63*
"10%
7
400
103*
123*
4,500
Lucky Tiger Comb G M.10
Lynch Corp common
5
413*
423*
300
Mangel Stores Corp
63*% pref w w
_.*
5
53*
200
100
56
preferred
Jan
133*
1
Loudon Packing
*
Louisiana Land A Explor.l
Louisiana L P A L Co—
$6
Rights
283*
200
KIrkland Lake G M Ltd.l
Mar
43*
Jan
Gorham Mfg Co—
V t c agreement extended
Grand National Films Inc 1
Jan
36
V t c preferred A
*
Kansas G A E 7% pref.100
24
Globe Underwriters
Godchaux Sugars class A.
Ol&SS
Apr
June
57
Warrants
Feb
18%
12%
800
25
General Telephone com.20
$3 convertible pref
._*
70%
July
110.
Jersey Central Pow A Lt
Jan
43*
July
67
'
223*
Jan
393*
Jan
403*
73*
10
com
Superpower A.
Jan
46
223*
Apr
26
*
Cap Copper
Lake Shore Mines Ltd__.l
*
500
11
403*
73*
iron Fireman
Mfg v t C..10
Jan
Electi[o—
conv pref class B.
Warrants
3*
1
233*
103*
117
125
17
'17%
4,100
Jan
July
July
Kings County Lighting—
18%
2%
2%
'5I6OO
683*
653*
3*
International Vitamin
Kleinert
2%
"253* ~27~~
Mar
145* May
293*
..100
Investors Royalty
500
2%
18
50
250
New warrants
Apr
30
General Alloys Co
Gen Electric Co Ltd—
see
6%
Jonas A
Fort Worth Stk Yds Co..*
Froedtert Grain A Malt—
15
183*
Internatl Safety Razor B_*
Internat'l Utility-
Jones A
4%
11
173*
36
Warrants
International Petroleum..*
Registered
International Products"!*
Feb
6,500
11
93*
*
Feb
May
112
63* June
100
133*
Corp!_IIl
Feb
Ford Motor of France—
For footnotes
IntI Metal Indus
A...
Internal Mining
89
10
Mar
100
203*
Internal Holding a Inv
*
Internal Hydro-Elec— "
Pref $3.50 series
50
Feb
17
July
Feb
133*
11
I! 100
preferred
Jan
7%
20%
2%
7%
July
7%
19%
23%
American dep rets...100
203*
Insurance Co of N Amer 10
International Cigar Mach *
3*
July
Jan
35
213*
Feb
523*
__i
Interstate Hos Mills
_*
Interstate Power $7 pref.*
93*
163*
3
55
150
353*
Jan
July
11
533*
*
V t c common
%
50
24
Class B
74%
47
7%
Jan
173*
July
Feb
Industrial Finance—
10
48
$3
Jan
Apr
6% June
4%
133*
*
20%
4
*
13*
Jan
Jan
Mar
June
1%
,
14%
1,500
10,100
475
reg_.£l
._
July
-
7%
class A
Feb
6,300
Ford Motor Co Ltd—
Am dep rets ord
Non-voting
44
*t6
%
Jan
Jan
63*
143*
Jan
3,500
343*
Feb
Indian Ter Ilium Oil—
July
59
$6
Mar
23*
133* June
7% preferred
100
Ind'po-is P&L 63*%pflOO
1%
38J*
37
.....
83*
723*
35
153*
3*
Ireland..£1
5,800
57
com
Jan
15
11
*
50
103*
105
..III
preferred"III*
35%
Ford Motor of Can cl A__*
Class B
*
Britain and
$7 prior
59
pref B
Apr
Apr
Apr
33*
103*
100
183*
343*
Indiana Pipe Line..'... 10
Indiana Service
6% pref 100
Class B
35%
conv
July
83*
11
coup..*
Class A
*
Investment
86
Jan
11
Registered
*
Imperial Tob of Canada!15
Imperial Tobacco of Great
Apr
Feb
100
$6
Jan
Jan
Feb
Industries
July
Florida P & L $7 pref
Gen
91
68
Shares cl A..*
Chem
July
76%
115
323*
153*
Amer deposits rcts_._£l
Imperial Oil (Can)
2,200
76%
115
Imperial
72
600
%
(Philaj.Io
Am dep rets ord reg._£l
Gen Fireproofing com...
98
42
i
213*
33*
$6 preferred
Flintkote Co common
Gen Gas A
Common
27
2,600
18% xl9%
7
7%
8%
9%
15%
15%
11%
11%
27
28%
35
36%
113*
13*
"4
13*
7% pref 8tamped"IIioo
7% pref unstamped. 100
Jan
First National Stores—
Conv preferred
50
103*
653*
Jan
19
Corp
713*
1,300
3,400
"26 3*
Jan
5
Fairchild Aviation
7% 1st preferred.100
Jan
53*
'1~400
*
15
%
Fisk Rubber
Mar
Jan
Apr
inc^-
21
41
'16
16
*
Fire Association
of Delaware
100
European Electric Corp—
Ferro Enamel
Jan
Feb
Mar
103*
33*
13*
3*
700
143*
*
Hud Bay Min A
Smelt
Humble Oil A Ref
1,300
27
'
19
50
Brewing
63*
103*
*
preferred.."I"ioo
Illuminating
44
Falstaff
7%
Jan
253*
23*
Option
Jan
July
72
500
~~4%
*
Horn A Har
dart.......
Jan
Jan
Evans Wallower Lead
128
363*
300
6,400
133*
4
A"*
Mar
Mar
Line
Holt (Henry) A Co cl
Hormel (Geo A) & Co
13*
85
Eureka Pipe
1303*
Apr
63* July
13* June
1.400
143*
*
153*
83
63*% preferred
100
7% preferred
..100
8% preferred...
100
Empire Power Part Stk__*
Emsco Derrick A
Equip..5
Equity Corp com
10c
Mar
Feb
243*
1
Heyden Chemical.. "~Io
Hires (C E) Co cl A
*
Holllnger Consol G M
5
Holophane Co com
*
103*
Jan
Elgin Nat Watch Co
Helena Rubensteln
July
Jan
Jan
Electrographic Corp com.l
124
73*
Hazel tine Corp
*
Hecla Mining Co_IIII"25
July
5
41 %
Option
1103*
50
713*
Am dep rets
pref
8 sh
Hartford Electric Light.25
Hartman Tobacco Co..
*
Harvard Brewing Co
1
7%
59%
Elec P A L 2d pref A
130
850
63*
393*
900
Electric Shareholding—
Common
High
76
""63*
52
Jan
525
1
*
543*
Mar
74
Class A
Low
*
393*
Feb
6
80
653*
com
$5.50 preferred
Hall Lamp Co
"87"
Hygrade Food Prod
5
Hygrade Sylvania Corp..*
110
Jan
73*
713*
preferred
Shares
81
23*
1
Illinois P A L $6 pref..
*
6% preferred
..100
66
633*
16
""73*
73*
74
Easy Washing Mach "B".*
,
*
*
633*
preferred
100
Eastern Malleable Iron.25
Eastern States
Corp
*
Elec Power Assoc
Greenfield Tap & Die
1163* 1213*
1263* 1263*
333*
36
63*
73*
2J*
23*
13*
13*
863*
90
Hydro Electric Securities
6%
Economy Grocery Stores.*
25
Jan
Feb
105%
700
73
June
25
43*% prior preferred. 100
*
$7 preferred series A..
Range Since Jan. 1 1936
for
Week
High
_
East Gas & Fuel Assoc—
$6 preferred series B
100
%
53*
Ho
Corp
7% 1st preferred
Gt Northern
Paper
Huylers
Common
Low
Handley Page Ltd—
193*
70
16% May
Dictograph Products
2
Distilled Liquors Corp...5
\
121%
Grocery Sts Prod com..25c
Apr
1S16
103*
15%
13%
67%
*
Eagle PIcher Lead
*
Feb
.1
7% preferred
100
Dubllier Condenser
Corp.l
stock
Feb
11%
4%
72%
183*
19%
8%
Dow Chemical.
Draper Corp
com
22% June
Jan
4%
25
100
Diamond Shoe Corp com.*
Driver Harris Co
Non-vot
350
107
%
9%
15%
13%
Price
Great Atl & Pac Tea—
5%
43
20
7% preferred..
of Prices
Par
16%
Jan
22%
Dennlson Mfg 7% pref.100
Detroit Gray Iron Fdy
5
Derby Oil A Ref Corp com*
Preferred
*
Detroit Gasket A Mfg coml
Detroit Steel Products
Week's Range
Sale
24
De Havlll Aircraft Ltd—
Am Dep Rec ord
Reg_£l
6% pref ww
Detroit Paper Prod
4
Last
High
Low
11%
stocks
(Continued)
Shares
16
107
100
Cusl Mexican Mining..50c
com
High
23%
5%
40%
vtc__*
com
Darby Petroleum
Low
Sales
Friday
Week
Par
725
*
63*
93*
94
53*
Feb
Jan
96
July
Jan
84
July
July
Jan
May
83*
Feb
153* May
95
Jan
13*
56
40
July
23*
Mar
343*
Jan
553*
Feb
4
423*
Apr
Apr
93*
66
Jan
Feb
New York Curb
726
Last
of Prices
Low
High
for
Week's Ranye
Sale
Price
receipts.£1
Margay Oil Corp
*
Shares
300
21
Marlon Steam Shovel....*
8%
common..*
95 %
2%
4%
15%
7%
95%
2X
4X
53%
15 X
100
12
June
8%
98
2%
4X
54
3,300
5
Apr
27%
July
9%
22%
8%
100%
Mar
Jan
Mar
4
Feb
7%
Oldetyme Distillers
1
Outboard Motors B com..*
Feb
"
1,300
62%
600
1%
Jan
Jan
900
4%
July
Jan
ww
.
—
150
^
B—*
io x
50
June
64
Feb
49
Pacific Eastern Corp
Memphis Nat Gas com..5
Memphis P & L 7% pref..*
Mercantile Stores com—*
9%
87X
1,900
10%
90%
5%
1,850
102
101
102
Co—-
5%
300
800
5%
•"'866
~36*
~35~
"36"
—100
102
101
102
200
A—1
preferred
7
7
700
Merchants & Mfg cl
Participating preferred
6X
& Scott *
6%% A preferred—100
8%
"1,700
""OX "~7X
54
54
13%
Jan
90%
Feb
105%
200
-54
%
Mesabl Iron Co
Apr
8%
82%
20%
89%
5%
Jan
36
102
July
62
5,
Jan
A
Apr
*
*
Michigan Sugar Co
4
IX
3X
IX
1%
1%
2,900
4%
1%
"16
Jan
5%
Jan
5%
6
200
5%
3%
10
4
IX
800
Class
4%
4%
1%
2%
Class B
v
t c
1
500
6
$2.80
Mid vale Co
25
800
52
54X
525
10%
'"loo
"six ~31%
7% pf.100
Miss River Pow 6% pf. 100
Mock Judson Voehringer.*
29
28
29
1,300
pref.*
99
99
101
*
1
91
91
93
Minn Pow & Lt
2d
prefeirod-rr. a*
Molybdenum Corpl
cl A *
Utll.-10
Montgomery Ward A
*
Montreal Lt Ht & Pow—*
Monroe Loan Society
6%
6%
4%
Jan
41%
153"
6X
5%
"38
~~2X
"~7% "8%
I~8o6
6%
33%
13%
37%
35%
15%
38%
5,300
"2% "2%
l"l" 100
1,100
6
1,100
900
500
51%
25 y8
25%
25%
100
19%
19
19%
51
1%
5,400
1,800
7,900
"16
1,800
1%
200
com...*
4
pref—*
National Refining com—25
25%
*
"lx
National Oil Products
Mach
400
87%
8%
8%
100
5
5%
8,300
5
%
%
Ap<
23%
11%
35
Apt
~
24%
Sugar com
Powdrell & Alexander...
Refining..*
28
5% % pref.. 10
12.50
Nat Union Radio Corp—1
11
%
%
400
25
,316
4,000
%
Prentice-Hall Inc
Jai
10X
Nestle-Le Mur Co cl A—*
2%
~~9% "16%
112
75
*
14%
"~2% "2%
400
'"166
New England T & T
5
Zinc
Co 100
25
3
3%
*
New Haven Clock Co
Newmont Mining Corp. 10
New Process common..
9%
88%
*
N Y & Honduras Rosario 10
N Y Pr & Lt 7%
$6
38
24%
'
24
I65"
*
preferred
1
N Y Steam Corp com
*
N Y Telep 6%% pref.. 100
N Y Wat Serv 6% pref. 100
8%
17%
8
%
23
17%
122
7%
"55%
65%
15
600
.5
Class B common
Noma
Electric
July
May
*
*
5
Pyrene Manufacturing..10
Quaker Oats com....
*
6% preferred
100
Quebec Power Co
*
Ry & Light Secur com
*
July
Jan
Mar
Common
$6
1,500
200
25
20
11,800
Apr
6%
700
4%
3,400
3,700
4%
1,100
6%
5%
100
316
3,6
900
Nor Pennsy
7%
81%
81%
88
87
"82"
88
96%
7%
1st preferred
Northwest
6% May
14% Apr
116%
Jan
53% June
11%
20%
Jan
July
125
75%
7%
Reynolds Investing
Rice Stlx Dry Goods
Richfield Oil pref
Richmond Rad com..
Feb
*
*
16%
May
2%
1
7%
28%
Apr
2%
3%
July
Jan
Jan
3% Feb
36% Apr
3%
Jan
3%
Jan
% May
98%
Jan
,
14%
44%
3%
7%
5%
6%
8%
Oilstocks Ltd com
5
$1.20
Oklahoma Nat Gas com. 15
preferred
2...50
For footnotes see page
Jan
4,400
500
21%
16%
35%
July
26% May
Jan
101%
104%
90
10
38%
1,100
31%
350
'"600
100
14
14%
12%
14%
14
3,200
32%
32
33%
2,050
729
42
42
11%
83%
12%
3,200
85%
430
135%
1,900
130
131
July
June
90
Jan
50
Jan
18%
4%
July
12%
Jan
7%
2%
7%
June
Jan
600
7%
Jan
36%
Apr
7%
Jan
66% May
98%
Jan
Feb
1
10%
42
14%
85%
140
June
3%
400
18%
July
5%
4,300
3%
Jan
20%
6%
36%
5
5%
50
Apr
July
1%
19%
1%
18%
9
1,400
16
14
16
350
23%
8%
11%
Jan
July
Jan
32
32
200
30
8%
8%
2%
28
15,200
28%
2%
2%
500
12
12%
1,700
10
12
10%
1,800
101
103
150
18%
July
37
1%
Jan
37% May
41
19%
30%
2%
Jan
%
8%
9%
8%
98%
12%
Apr
Apr
11
11%
May
Apr
103
105
26%
27
26%
69
109
July
59
July
29%
100
July
70
70
\
70
'
May
20
590
108% 109
57
57%
57
99
July
10
6%
"150
July
92
Jan
99
98
99
6
Jan
110
1% June
85
82%
38%
450
50%
Jan
40%
500
22
Jan
14
82%
39
Jan
"ok "7"
"666
£145%£145%
20
5%
Jan
115
18%
17
23
23
18%
23%
2,375
1%
%
June
141
Jan
Feb
7%
July
87%
41%
15%
.
July
July
Apr
Mar
Jan
Apr
Jan
18%
July
17
Jan
22%
2%
July
Jan
1%
%
Feb
Feb
100
100
9
137%
149
14%
300
X
%
Jan
% May
3i«
71S
98%
108%
9%
13%
50
July
25
Feb
19%
Apr
Feb
36
Feb
2%
9%
14%
32
35
Jan
2,300
3
Jan
7% June
15% Mar
2,400
21
June
150
8%
24%
9%
25
6%
6%
100
5%
25
6% July
% July
12%
Jan
4%
Jan
1%
Jan
6% May
1
3%
,
17
%
1,400
18%
3,000
5%
300
2%
3,100
9%
1,000
1%
1,400
1%
Apr
3%
800
3%
July
104%
5%
2%
"l%
5
1
conv
pref
20
Apr
%
5%
2%
9
1%
3%
*
18%
18%
"l6
*
Ryan Consol Petrol
3
16
*
67%
"5%
St Regis Paper com
7%
preferred
100
500
10
7%
5
5%
3
*
common
516
4,100
800
250
5%
39,300
1,360
7%
3
1,400
300
3
Jan
Jan
14%
Jan
Jan
*16
26% June
38%
Jan
Mar
8
3%
1%
70
3j6
3%
55
26}
8J
13
203
7
3%
11
Mar
Jan
2%
6%
Jan
1%
30
23
Apr
1%
39%
Mar
70%
July
19
Mar
6%
4%
'u
Jan
5%
93%
May
Feb
July
Apr
Feb
92
Jan
Feb
Jan
July
10
Feb
Jan
6%
34%
1%
41%
Apr
July
May
?t6
1
105% May
4%
Feb
19%
Apr
Jan
7
26
150
1
CO
1
Jan
Jan
Apr
500
34%
1
1
Mi CO
Manufacturing.25
400
93%
7%
33%
2
4%
2,000
5%
90
Schulte Real Estate com.. *
Scoville
4,000
%
16
93%
Savoy Oil Co
70%
18%
5%
3%
88%
63%
18%
5%
3%
5
100
Salt Creek Producers
Feb
9,300
"16
88
St Anthony Gold Mines..1
Mar
200
3
17%
18%
*
*
3
16
*
Rustless Iron & Steel.
July
Jan
Apr
Feb
Feb
Feb
Scranton Spring Brook
Mar
Jan
38
Jan
26%
Apr
48
Feb
35
Jan
Securities Corp General..*
Seeman Bros Inc
*
109%
July
Segal Lock & Hardware..*
2%
2%
Jan
110%
July
Seiberling Rubber com..,
3%
110
Feb
114%
July
Selby Shoe Co
101%
13%
Jan
109
July
Selected Industries Inc—
Jan
10% June
no
$3
*
Royal Typewriter
July
26%
108% 108%
1,900
10
1
*
25
Jan
Jan
Jan
90
28%
112% 113
9
Safety Car Heat & Lt__100
85
June
110%
8%
%
17%
Jan
Apr
4%
"116%
7%
8%
6%
Royalite Oil
Feb
Apr
100
Ohio Oil 6% pref.
100 "110%
Ohio Power 6% pref... 100 £112%
Ohio P S 7% 1st pref.. 100
8
1,200
3,800
*
Rossia International..
July
62
77%
700
35%
28%
4%
13%
6% preferred ser D..100
July
Mar
Jan
Mar
71
25
31
3
*
Roosevelt Field Inc
July
70
103
29%
Apr
Feb
14%
Rochester Gas & Elec Corp
July
% May
Apr
s16 May
7%
30%
7
Enginerring..*
Ohio Edison $6 pref
-*
com
Reybarn Co Inc..
Jan
20
100
Novadel-Agene Corp
Ohio Brass Co cl B com
(Daniel)
*
-
Reed Roller Bit Co
Northern N Y Utilities—
Northern Pipe Line
10
Nor Sts Pow com cl A.. 100
40
Jan
50
700
*
50c
conv
Schiff Co
100
preferred.
7%
Mar
9%
85
13%
13%
4%
*
Common
$3
Russeks Fifth Ave
825
5,600
4
"5%
'""500
*
Root Petroleum Co...
2%
62
*13% "l4"
*
Reliable Stores com
2,800
4%
Jan
Raymond Concrete Pile—
Jan
""30
13.100
Nor European
Oil com___l
RR
50
Nor Ind PubSer6% pf.100
A
Class B
Class
Jan
Jan
Reeves
52,900
57
4%
Rainbow Luminous Prod-
Relter-Foster Oil..
716
59%
3,800
Ry & Util Invest cl A
Jan
2%
4%
*
preferred
15
6%
6%
1%
Jan
Apr
2%
Nor Amer Lt & Pow—
No Am Utility Securities.*
Nor Cent Texas Oil Co
5
June
*
$5 preferred...
$6 preferred
Pyle-National Co
Jan
July
16%
6%
36
9%
Puget Sound P & L—
Jan
2%
pref
24
14%
June
2,000
'-36
"13%
6% prior lien pref—100
700
39
f.
18
116%
.1
7% prior lien pref..-100
Pub Util Secur $7
27
%
2%
5%
Apr
Pub Service of Okla—
Mar
4%
110%
12%
*
Red Bank Oil Co
13%
Apr
11%
10%
6%
100
100
preferred
Jan
38
7
Apr
12
33%
11%
*
*
preferred
36
2%
2%
1,400
,.—-.*
200
14%
5
17
98(|
May
31%
%
100
38
....
Nipissing Mines
15%
55
50
112%
Pub Serv of Nor 111 com..*
Niagara ShareNlles-BementrPond.
44
Jan
620
36
87
916
preferred
Raytheon Mfg v t c
%
14%
'15%
800
97%
74
July
74%
Jan
23% June
2%
Feb
2%
16%
Class A opt warr
Class B opt warr
132%
May
$6
Niagara Hudson PowerCommon
Jan
Mar
% June
1st preferred
7% 1st preferred
Jan
1,000
57
Jan
114%
111%
107%
1,000
6%
July
%
9%
90
9%
19
Jan
1,200
Pub Serv of Indiana $7 pf.*
Jan
9% June
9ie July
1%
6%
122
42%
22%
Mar
Pub Serv Co of Colo—
Jan
69%
105%
103
25
July
2,100
$6
July
74% Maj
5%
Jan
3% June
400
pre!..100
N Y Shipbuilding Corp—
Founders shares
130
17
%
%
Providence Gas.
25%
600
3%
106%
716
39
3%
500
280
76
%
105
*
N Y Merchandise
9%
89
18%
110%
106% 107%
8%
5%
Jan
%
316
Prudential Investors
3%
79
3%
*
N Y Auction Co com
1,100
77
78
18
July
June
1
Prosperity Co class B.^..*
123
New Mex & Ariz Land—1
5%
3%
68%
42%
*
Rights ......—1
Royalty
Jan
74
100
preferred
New Bradford Oil
112
Propper McCallum Hos'y
si6 Julj
1%
Jan
11
100
Nev Calif Elec com
Jan
37
Producers
Maj
111%
1T666
114
12%
20
110
36
74
Pressed Metals of Amer..*
1% Junt
400
"
*
pref..100
Nelson (Herman) Corp—5
Neptune Meter class A—*
Nehi Corp common
1
*
Premier Gold Mining
17% Maj
45% June
9
*
Nelsner Bros 7%
New Jersey
1,400
Pf-100
Nebraska Power 7 %
7%
28%
7%
11%
7%
Transit
Nebel (Oscar) Co com
Can com..*
Pr&tt & Lambert Co
!% May
Nat Tea Co
6
Feb
32
----*
New common
Power Corp of
Jai
preferred.-..*
National
*
5
Potrero
1% Fel
1%
Jai
42% Maj
National Steel Car Ltd...*
National Sugar
50
95%
69%
83%
Plough Inc
Api
Jai
Jan
Conv part
60
July
June
1% May
'"11%
Pittsburgh Plate Glass..25
Pleasant Valley Wine Co.l
Jai
500
1
Nat Service common
'"806
"25% "25%
86
Feb
27
44
RR-50
1
Pittsburgh Forgings
July
Ap<
2
16
1%
*
May
132% 132%
Pittsburgh & Lake Erie.50
Pitts Bessem & L E
7%
4%
60
National P & L $6
Nat Rubber
900
4%
5%
48%
1%
23,700
8%
Meter..
28
13
"l%
June
Pitney-Bowes Postage
25
49%
5
76
4%
76
100
preferred
7%
Pierce Governor com
138
33 X
150
30
Piedmont & Nor Ry—100
30
38%
Warrants..,
Nat Mfg & Stores
July
'""90
32
Tel. 100
Nat Leather common
6%
3%
149
7%
*
1
Nachman-Springf tiled
*
Nat Auto Fibre A vt c—*
National Baking Co com.l
Nat Bellas Hess com
-1
Nat Bond & Share Corp..*
National Candy Co com..*
National Container com..*
National Fuel Gas
*
National Gypsum cl A...6
National Investors com.-l
$5.50 preferred—
1
*
400
155%
100
10
10
pref ser A
142
38%
Distillery.. 1
Mueller Brass Co com
conv
Pie Bakeries Inc com
*
Pines Winterfront Co
5
Pioneer Gold Mines Ltd_.l
31%
Preferred A
Mountain Sts Tel &
$3
Jan
July
35
153"
Moore (Tom)
Mountain Producers
1
Common
15
*
Mtge Bank of Col Am shs.
Jan
81
200
66%
6%
7%
■
375
4,600
Jan
Phoenix Securities—
Jan
Moody's Invest Service..*
Ltd com
Jan
Jan
15%
Montana-Dakota
Moore Corp
22
850
7%
4X
89
45%
3%
Jan
42,300
110
.2.50
& Power Co
*
*
*
Phila El Pow 8% pref.—25
Phillips Packing Co
*
July
1% May
109
4%
Apr
~5~506
5%
Apr
35
*
50
Philadelphia Co com
Phila Elec Co $5 pref
39%
8%
25%
51%
58%
29%
18%
110%
Pepperell Mfg Co.-_-.100
Perfect Circle Co
*
Jan
5% May
32%
Penn Traffic Co
Jan
90%
85
A....*
91%
53
Mining Corp of Can
*
Minnesota Mining & Mfg. *
Moh & Hud Pow 1st
10%
19
107%
20
4%
*
Pa Water
'—*
*
50
10X
23%
*
$2 conv pref
29%
Jan
100
Pennsylvania Sugar Co..20
Feb
Jan
450
4%
1
pref..*
preferred..
Co
$6
Jan
May
77
17%
pref
Pa Pr& Lt $7
Feb
Apr
1,500
preferred.
Pa Gas & Elec class
Mar
8%
6%
32%
8%
25%
39%
25%
5
30
.
Pennroad Corp vtc
Mar
19
June
56
56
7%
3%
Jan
Jan
5%
3%
29%
26%
104%
38
Penn Mex Fuel Co
Penn Cent L & P $5
Midland Oil Corp—
Midland Steel Prod
10
90
100
Feb
Jan
2%
90
U
11
9
July
4
Preferred
Apr
Jan
July
"te
Jan
150
*
.
Penn Salt Mfg
*
*
106% 106%
1,000
Peninsular Telep com—
Mar
Middle States Petrol—
t c
1,100
6,000
1,800
B
Feb
102
Jan
2.900
High
Low
4
Patchogue Plymouth
Pender (D) Grocery A
Apr
%
Jan
4,800
*
Michigan Gas & Oil
Preferred
31%
10%
Jan
40
Jan
3,200
1,300
7%
4%
32%
29%
32
Range Since Jan. 1 1936
Shares
Paramount Motor
Jan
May
3%
100
%
Jan
2%
for
Week
19
9Q
25%
stock
*
Page-Hersey Tubes Ltd..*
Pan Amer Airways..... 10
Pantepec Oil of Venez—.1
July
Feb
Apr
Metrop Edison $6 pref..
Mexico-Ohio Oil
v
4%
32%
6%
6%
4%
"~7X
*
1st preferred...
High
2%
15%
2%
18%
7%
'166%
$1.30
July
Mar
Apr
Mar
Low
6
Pacific Tin spec
Apr
59
79%
5%
27
.....
Merrltt Chapman
Class A
1st pf.25
Price
5%% 1st pref erred ...2 5
Pacific Ltg $6 pref-......*
Pacific P & L 7% pref.. 100
May
Jan
76
89%
Mc Williams Dredging—
7%
Securities
Pacific G & E 6%
Jan
Apr
42
54
Mayflower Associates—
Mead Johnson &
*
*
1
Class A conv pref
Overseas
May Hosiery Mills—
McCord Rad & Mfg
of Prices
Pacific Public Service
1
Massey-Harris common..*
Mass Utll Assoc v t c
*0*4. nmf
Week's Range
Sale
Par
July
7%
15 J*
Last
High
22 X
American dep
Masonlte Corp
Low
1, 1936
Sales
STOCKS
(Continued)
Range Since Jan. 1 1936
Week
21
Mapes Consol Mfg
Marconi Internat Marine—
Aug.
Friday
Sales
Friday
STOCKS
(Continued)
Par
Exchange—Continued—Page 3
7
15%
14
-r
33%
Water Co $6 pref
July
July
i
$5.50 prior stock
;
Allotment certificates.
67%
2%
Jan
41%
Apr
5%
46%
Feb
100
42
2%
3,200
1%
Jan
4%
Mar
2%
3%
3,200
2
Jan
4%
Feb
3%
84%
3%
5,100
84%
88
89%
4%
45
4%
45
30%
Common
Feb
Jan
600
*
25
.
Jan
2%
Jan
40
4%
Jan
Mar
Feb
100
81
Jan
92
June
650
78
Jan
95
Mar
Volume
New York Curb
143
Friday
STOCKS
Last
Week's Range
Sale
(Continued)
Par
Selfridge Prov Stores—
Amer dep reo
of Prices
Price
Low
12k
6k
Shattuck Denn Mining—
Shawinlgan Wat & Pow_.
Shenandoah Corp com...
$3 conv pref
25
Sherwin-Williams com..25
12k
7k
19 k-
400
k
Jan
15
Apr
4k
Feb
18k
July
8k
23k
4k
Feb
7k
134
~
-
140
750
117
111
120
17o
18
-
18k
k
343
Singer Mfg Co Ltd—
Amer dep rec ord reg—£1
Smith (LC) «& Corona
k
343
Mar
Feb
1,400
1,900
110
-
Par
*"*200
lk
-
2k
lk
Jan
Apr
55
Jan
Apr
5k
7k
7k
24
27 k
1,200
2k
2
2k
28k
28k
1,500
28
28
100
100
10
7% preferred
Southern N E Telep
Southern Pipe Line
Southern Union Gas...
U S Int'l Securities.....
1st pref with warr
July
Feb
3k
7
Jan
k
July
Jan
19
lk
34k
Mar
Jan
3k
Feb
28k
500
34k Feb
27k Mar
25k
Jan
2k May
76k July
141
4k
4k
4k
100
May
Southland Royalty Co—
7k
25
So"west Pa Pipe Line
7k
400
50
39
1,300
Apr
July
28k
6k
76k
7k
2k
Jan
6k
32k
Jan
Ilk
40k
Feb
Feb
Mar
Mar
Am
dep rets ord reg
£1
k
33
32
200
9k
716
9k
900
33
k
1,150
Standard Cap & Seal com.
40
k
Jan
41
150
Standard Dredging Co—
Common
Investing $5.50 pf.
42k
.10
19k
18k
Standard Oil (Neb)...-.25
13k
13
Standard Oil (Ohio) com 25
34 k
107
"3k
Standard P & L
4,800
3,200
50
3k
3k
July
33
Jan
Standard Silver Lead...
52
k
H
3k
12k
35k
17k
Mar
July
11
7
200
Apr
July
2k
2k
25
May
Apr
Apr
k
4k
4k
52
Jan
Jan
Feb
July
k
Jan
Feb
Apr
6k
7k
8,000
3k
Jan
7k
Feb
41k June
13
July
Stetson (J B) Co com..
Stlnnes (Hugo) Corp
200
7
3,900
2k
Stroock (S) & Co
28
Stutz Motor Car...
2k
2k
Sullivan Machinery
18
50
Mar
4
——
Rights
Sunshine Mining Co... 10c
3k
'im
100
1
Feb
2k
18
1,400
200
4k
10,700
13k
75k
150
5k
25k
'¥,700
16,800
4k
22k
Jan
9 k
5
Mar
July
Jan
2k June
30
Jan
Feb
Jan
r'32 June
12k July
29,500
9k
lk
15k
6k
2k
"5k
June
Apr
Feb
Feb
Apr
r«j2 June
24k
6k
9
37
"37"
53
175
38 k
300
2k
3k
9,800
4
3k
4k
26k
4k
27k
6k
25k
6k
5,700
7,900
6k
2,000
5k
k
4k
k
5k
5,900
Tenn El Pow 7% 1st pf. 100
Tenn Products Corp com.*
Texas Gulf Producing. _..*
Texas P& L7% pref...100
108
"5k
100
1
5k
400
108
20
6
2,900
54
54
55
12 k
Ilk
12k
1,600
7k
7k
7k
100
"3k "4k
19400
500
Tobacco Prod Exports...*
Tobacco Securities Trust
"4k
dep rets ord reg
£1
Am dep rets def reg
£1
Todd Shipyards Corp....*
Toledo Edison 6% pref. 100
45
103 k 103 k
110
7% preferred A
100
Tonopab Belmont Devel.l
Tonopah Mining Of Nev.-l
110
24
7k
"75"
75
Utlca Gas & Elec 7% P*
Mar
102
Apr
Mar
10k
July
July
87 k
7% preferred
4k
82k
Jan
4
k
..100
7% preferred
West Va Coal & Coke—.*
'Williams (R C)&Co
Williams Oil-O-Mat Ht.
lk
33 k
20 k
3k
33k
13,900
18
"25"
m
May
Jan
July
Jan
6k
3
Jan
July
3k
Jan
33k
200
2k
July
lk
July
3k
3
91k
Apr
May
Jan
Feb
July
July
Mar
Feb
July
_26 k
"moo
7k
5k
9k
5k June
4k May
10k
Mar
200
5k
Feb
800
8
June
July
32k
20
100
18
27
Mar
11,100
19
Jan
10k
2k
2k
36k
900
20
July
20 k
900
1,200
25
ik
ik
4k
37k
Jan
June
Jan
10k
51
Jan
25k
200
Feb
Jan
Feb
Jan
Feb
102k
July
July
June
7
May
Apr
15k Jan
7k May
78
100
Jan
27
7k
Jan
July
May
9k May
64
102k
3
Wise Pr & Lt 7%
102 k 104 k
2k
16k
14
lk
6k
Mar
70k
3k
175
Jnly
100
May
104k
5k
2,300
Mar
Feb
16 k
10,200
ik
100
7k
32k
700
2k June
7k Apr
10k May
1
6k
Apr
100
pref—100
4k
8k
400
1,400
30
July
July
80
32k
Feb
3k
5k
8k
8k
2k
2
7,800
2,900
Jan
10
Apr
16k July
,
3
15k
40
91k
7
Feb
Feb
Jan
July
Jan
Jan
11
Mar
Jan
35 k
July
7k Mar
lk June
9k
Feb
4k
Feb
29
BONDS—
Abbot's Dairy 6s—..1942
Alabama Power Co—
1st & ref 5s—
1946
1951
1956
1968
1967
tl05k 107
105 k
103 k
101k
'90 k
1st & ref
Amer Com'ity Pow 5k8'53
Am El Pow Corp deb 6s '57
July
July
Amer G & El deb 5s- .2028
107k
Am Pow & Lt deb 6s..2016
100 k
103
4k3
s
f deb 5s '52
Aluminium Ltd deb 5s 1948
Jan
106
Apr
113
Apr
Feb
Arkansas Pr & Lt 5s.. 1956
Feb
Associated Elec
%
lk
lk
Jan
1,400
"lk '"lk """166
25k
Aluminum Co
Jan
Feb
3
6k
Feb
Mar
July
July
Feb
lk
k
Feb
5k
87k
66
"6k
Conv preferred
Wilson-Jones Co
Mar
21k
5k
48k
3
300
101
May
3k May
73k May
3
34k
20k
9k
9k
9k
48 k
48k
50k
zlOlksIOlk
Wil-low Cafeterias Inc—1
107
Jan
.
2,100
*
103
Mar
Feb
9k May
10
5k
32k
4
81
"26k
20
Mar
Jan
July
28,100
2k
lk
June
67
Mar
2k
Jan
77
600
Westmoreland Co..
1st & ref 5s
12k
575
West Texas Util $6 pref..*
1st & ref 5s...
10
Mar
2k
Jan
2k
7k
1st & ref 5s...
June
July
32
Westvaco Chlorine Prod
Feb
ilk July
k June
1,900
Westmoreland Coal Co—*
Feb
52
4k
87k
pref—100
1
Wayne Pump common—1
Wentworth Mfg Co......5
Western Air Express
1
Western Auto Supply A__*
Western Cartridge pref. 100
Western Grocery Co
20
Western Maryland Ry
7% 1st preferred
100
July
9k
68k
46
4
28k
10
Walker Mining Co.
lk
7k
109
June
12k
Jan
lk
3
3k
30 k
class, A.... *
i.
79 k
Apr
Mar
27
1,800
1
"lk
100
:
Jan
July
Feb
24
Apr
150
Jan
Jan
June
70
3k
lk
Venezuelan Petrol
May
Apr
5k
1
Venezuela Mex Oil Co
39k
Jan
4k
Mar
6k May
32k Mar
6 k July
k
4k
100k
5k
6k
Feb
Feb
Feb
18
93
4k
..
Class B
51k June
35k
Jan
2k
Feb
3 k July
17k
Jan
4k
Mar
54
100
150
1,500
100
7k
5
Jan
July
2k May
8k
Mar
Jan
May
lk
Utah Radio Prod
Woodley Petroleum
1
Wool worth (F W) Ltd—
Amer deposit rets
5s
Wright-Hargreaves Ltd..*
Yukon Gold Co
5
Jan
June
6
>16 June
2024
Debenture 6s
"600
H
Jan
7,300
3k
Jan
Jan
Conv deb
2,600
lk
Jan
Feb
Conv deb 4k8 C—1948
Conv deb 4k8-——1949
4k8--1953
105k
Ilk
104
62
105k
103 k
116k
July
July
Feb
91k
Feb
108 k
Mar
105k June
Ilk July
28k
Feb
108k
Mar
103k Jude
!05k
Jau
18,000
2,000
105
Mar
107k
Feb
106k May
108k
J&n
35,000
109
104
Feb
July
102 k
95
10k Ilk 67,000
22 k
*22
106 k 108 k
47*666
100
101k 129,000
102 k 103
22,000
103 k 104 k
104 k 104 k
107
107
Apr
$33,000
103 k 103 k
96,000
22,000
101k 102 k
93 k
95
86,000
91
88 k
246,000
107 k 107k
18,000
17,000
105k 105 k
105k
*107k
116k
103 k
103 k
62
104
105k 106
2"666
117
Apr
104
95,000
63 k 102,000
July
65k
Feb
Associated Gas & El Co—
3k
.......
Tri-Contlnental warrants.
3k
3k
3k
4k
3k
Triplex Safety Glass Co—
Am dep rets for ord reg—
Mar
26k
July
Conv deb 5s
Ilk
Mar
Debenture 5s
10
Tubize Chatllion Corp.
1
Class A
Tung-Sol Lamp Works.
1
80c dlv pref
._*
7k
7k
36 k
34k
10k
8k
36k
4,000
Twin Coach Co
1,200
1,733
13k
15
4,400
Ulen & Co 7k% pref—.25
Union Gas of Canada
"2k "_2k """166
"2k
6
May
Mar
23k
Mar
Feb
Apr
Ilk
Jan
Apr
Feb
Apr
June
2k
36
36k
400
25k
July
May
14k
36
*
14k
500
Sk
Jan
19 k
19k
*
9k
"2 k
....
8k
51
lk
20 k
10k
51
2k
1,800
1,400
100
11,800
*
1
12
Apr
7k
35k
lk
8
Pref non-voting...__..*
7k
117k
Option warrants
United G & E 7% pref, 100
United Lt & Pow com A..*
8k
8k
8k
8k
8k
800
66
9k
67k
19
20
4
Apr
Feb
Apr
July
20,900
$6 oonv 1st pref...
7k
8k
114k 119
lk
2
lk
..*
66 k
United Milk Products
16 k
7
4k
36k
14k
Mar
June
Feb
July
July
*
48,700
3,700
4,900
Jan
81k
Jan
k
Jan
7,500
50
22
Mar
10k
July
51
July
2k
Jan
10k
9k
Mar
Mar
119
July
2k Mar
93
July
85* July
9)
July
68
July
20
July
55
May
registered
71k
71k
74
48 k
"48"
50
49
49 k
48
49 k
51k
50
"54"
50
49
50 k
50
53 k
54
90 k
91k
87k 88 k
102 k
*102
98k 99k
Am
dep rets ord reg
£1
United N J RR & Canal 100
5k
100
5k
257
3
729
5k
;
v
^
Jan
June
6k
257
Jan
June
29,000
7,000
67,000
61,000
80.000
1,000
3,000
20,000
51,000
3*666
35k
Jan
80k
July
28k
27k
Mar
54
Mar
54
July
July
30
Jan
57k
July
29
Mar
57
Jan
55
July
July
59
July
91k
91k
July
Mar
30k
33
Mar
75
Jan
78
Jan
100k May
96k Jan
104
July
101
Apr
Mar
Baldwin Locom Works—
6s
98 k 100
99
99
with warrants...1938
6s stamped w w..1938
6s without warrants 1938
95k
1938
Bell Telep 6f Canada—
1st M 5s series A. ..1955
115k
1st M 5s series B...1957
102 k
.1960
122 k
5s series C
Bethlehem Steel 6s—1998
Binghamton L H & P 5s '46
Birmingham Elec 4k8 1968
Birmingham Gas 5s... 1959
Boston Consol Gas 5s. 1947
96
k
23,000
95k
95k
96k
37.000
97k
70,000
115k
120k
122 k
138 k
*106
94 k
84 k
*105
115k
79
Apr
100
73k
Apr
100k
Mar
75
Apr
98k
July
114 k
Jan
117
Mar
116
Jan
121
Mar
116k
Jan
123k May
10,000
134
Jan
145
Mar
106 k
96
105k
Feb
107
ii5~666
89k
Jan
96
Apr
July
85 k
12,000
76
Jan
105 k
IO5S32 July
87k
109
103k
107k
6,000
105k
Apr
109
104k
9*666
102 k
113k
33,000
60,000
2,000
109k
98k
111k
105k
Apr
Mar
Apr
108
104
107
July
15,000
17,000
11,000
Jan
Buffalo Gen Elec 5s...1939
99
*104
104
Canada Northern Pr 5s '53
104k
Canadian Pao Ry 6s.. 1942
113
113
104
103 k 104
Cedar Rapids M & P 5s.'53
Cent Ariz Lt & Fr 53.1960
108
89k
98
1956
Apr
18~66o
Broad River Pow 5s.. 1954
Gen & ref 5s
5.000
77k
122 k
140
120 k
Carolina Pr & Lt 5s... 1956
$3 preferred.........
Molasses Co—
United
page
1950
...1968
....1968
Conv.deb 5k8
1977
Assoc Rayon 5s_—..1950
Assoc T & T deb 5k8 A '55
Atlanta Gas Lt 4k8—1955
Atlas Plywood 5k8—1943
5s
6s stamped x w
$3 cum & part pref....*
United Corp warrants.
United Elastic Corp
United Gas Corp com
Feb
7
United Aircraft Transport
Warrants
om
Jan
700
1,4k
14k
Ilk
13
10k
.
10
*
5k8-—-1938
Mar
pref. 10
Trunz Pork Stores......
see
24
24
9k
24 k
lk
76 k
8k
4
76
Trans Lux Pict Screen—
For footnotes
24
—
4k8—1947
Am Roll Mill deb 5s.. 1948
Amer Seating 6sstp—1946
Appalachian El Pr 5s. 1956
Appalachian Power 5s. 1941
200
Jan
4
Jan
4k
19k
43 k
3k
7k
24
8k
Amer Radiator
Am
Mar
Wolverine Portl Cement-10
Jan
52
65
Tishman Realty & Const.*
Tobacco Allied Stooks
*
Feb
Jan
lk
3k
5k
23 k
com
Utah Apex Mining Co
Utah Pow & Lt $7 pref—-
66
51k
«l
Jan
3
k
3k
4k
Jan
102
-.9--
Teck-Hugties Mines
*
7
Jan
18
5
5k
Technicolor Inc common.
Texon Oil & Land Co
June
200
74
Swiss Oil
Corp
Syracuse Ltg 6% pref..100
Taggart Corp common...
Taloott (J) Inc 5k % pf-50
Tampa ElectrleCo com..
Tastyeast luc class A....1
Taylor Distilling Co
May
6
4k
Jan
16k June
2k
12k
Swan Finch Oil Corp—.15
Swiss Am Elec pref
100
29
28 k
Sun Investing common.
_
10
Universal Insurance
Western Tab & Sta v t c__*
12
2,400
2,000
23,000
70
May
50c
Feb
18k
36k
Jan
Apr
14 k
63
6k
41k
Jan
Class B__
Jan
12
May
1
Jan
13k
35
19
100
Apr
100
~6k
275
July
59
...50
—20
"
June
5
18k
7
June
3
9
36k
Jan
Feb
27
Waco Aircraft Co
100
6k % preferred
Common class B
k
3k
4k
Va Pub Serv 7%
24k
250
Waitt & Bond
18k
Sterchl Bros Stores....
s
United Stores vtc
Universal Products
4
5.20C
1,400
Wahl (The) Co common..
107k
1,300
32
2k
Universal Pictures
.
1,100
Feb
Jan
500
-—
Stein (A) & Co common..
United Chemical
100
United Wall Paper
Universal Consol Oil
16k
Mar
2k
29
Apr
Jan
July
Feb
July
July
3k
87k
3k
35k
7k
Apr
97
2J4
6k
May
20(
"""766
6k
18k
49k
23k
Jan
21k
.400
3k
50
...
700
35k
3k
Common class B
250
44k
19k
13k
107k
33k
100
5% preferred
Unexcelled Mfg Co
Union American Inv'g
7% preferred
U S Rubber Reclaiming.
U S Stores Corp com
Vogt Manufacturing
Conv preferred
Standard Oil (Ky)
Apr
k
Feb
~87k
28 k
4
Util Pow & Lt common—
29
100
Jan
May
2k
2k
Feb
2k
k
90
42
3k 4
24 k
32
2k
2k
10
com—
Feb
10k June
33k
Feb
4k
Jan
lk
Feb
41k
Feb
Jan
Jan
Apr
IOC
16
Jan
Feb
3k May
86k
-
Playing Card
Corp
Jan
May
60
83
ik
Feb
9k- July
Stahl-Meyer Inc com
Standard Brewing Co
Tri-State T & T 6 %
16 H
U S Lines pref
U S
10
Jan
July
38k
80
2k# - 2k
"87 k
k
dep rets ord bear.„£l
Am
Spencer Chain Stores...
8quare D class A pref
Common.
100
k
July
Spanish & Gen Corp—
Thermold7% pref..
Tilo Roofing Inc
Preferred...
Utility Equities Corp
Priority stock
Utility & Ind Corp
Conv preferred
48
Jan
Feb
149
3k June
July
July
July
lk
2,12.'
k
U S Foil Co class B
1
South Penn Oil
Suuray Oil
common
Jan
k
High
lk
Jan
Finishing
Apr
365
39 k
8
20(
Class B
U S
20 k
Apr
89
39 h
20C
9k
IK
89k
40
1
116
2,800
Southern Colo Pow cl A.25
1st preferred
25
June
July
Low
Shares
Dairy Prod class A
United Verde Exten
5% original preferred_25
6% preferred B
25
5k % pref series C
25
2d preferred
Sterling Brewers Inc
Preferred
16
1,300
16 H
v tccom—
Steel Co of Can Ltd.
lk
U S Radiator
Sonotone Corp....
Preferred...
9k
110
k
High
..10
U S
Range Since Jan. I 1936
for
Week
of Prices
United Shipyards com B__
United Shoe Mach com..25
Apr
331
4|
Low
Price
June
145k
Southern Calif Edlson-
Stand
United Profit Sharing
Preferred
May
July
200
10
Apr
Jan
Apr
Week's Range
Sale
Hiah
Low
47k
135
Shreveport El Dorado Pipe
Line stamped
..—25
Singer Mrg Co
.100
Typewriter
13k
6k
19 k
100
5% cum preferred
Sherwin-Williams of Can
"16
16
Las<
(Concluded)
Shares
2k
*16
STOCKS
Range Since Jan. 1 1936
for
Week
High
727
Sales
Frday
£1
Sentry Safety Control
Seton Leather com
Exchange—Continued—Page 4
Sales
112k 112k
106 k 106 k
2,000
Jan
Jan
Jan
104k
116k
104 k
113k
107k
Feb
Jan
June
Jan
Feb
July
Mar
July
Feb
Mar
Week's Range
for
Sale
of Prices
Low
High
Week
Price
$
Low
Price
High
101
100%
101%
103%
103% 103%
5,000
100% 100%
4%s ser F-1976
1968
5s series G
11,000
1981
4%s series H..
Cent Power 5s se: D__1957
Cent Pow & Lt 1st 5s_1956
95
Cent States Elec 5s...1948
72%
r,5%s ex-warrants—1954
fcent States P & L 5%s '53
Chic Dlst Elec Gen 4%s '70
73%
Yards
74
110% 111
111
19,000
104%
May
88% June
8?%
Jan
61
Apr
62% May
65
Apr
104% Apr
105% July
109%
101%
Apr
102
July
Feb
Jan
June
99%
3,000
98%
84%
102
11,000
84%
82%
83% 345,000
102
48,000
102%
104
103
82%
1950
5%s '42
Apr
June
104
78%
1949
50%
52%
5%s '37
18,000
79% 127,000
39,000
79%
10,000
52%
78%
78%
6%s.1952
1st 4%s series
1954
112
111% 111%
111
111%
C—1956
110% 111
4%s series D —1957
4%s registered...1957
1st M 4s series F
1981
1st
110% 110%
106%
106% 107
105%
105
104
1965
5%s '48
Community Pr & Lt 5s '57
Connecticut Light & Power
3%s series H
Com'wealth Subsld
103% 104
1956
105%
75%
74%
75
Jan
125% 126
^
-
—1962
106% 106%
107% 107%
-
107%
1st lien & ref 5s
93
Jan
July
Indianapolis Gas 5s A. 1952
Jan
86% June
July
Ind'polis P L 5s ser A. 1957
Intercontinents Pow 6s '48
July
Jan
102
Mar
85%
103%
105
66%
Jan
May
80% July
80% July
34
Feb
52%
65%
Jan
110% 110%
1939
Gen mtge
110%
110% Mar
1,000
80,000
55,000
26,000
37,000
2,000
1,000
10,000
3,000
{122% 123
1954
4%s
1,000
6,000
107% 108
107%
Apr
110%
Jan
113
Jan
Mar
July
113
Mar
July
110%
July
105%
103%
102%
63%
Jan
108
Jan
106%
Apr
105
May
77%
95
{100
stpd.1939
Consol Pub 7%s
Aug 11940
.1940
Crane Co 5s
-
-
1952
1947
106%
105%
'7
6%
'
Aug 1 1952
Deb 7s
Certificates of deposit-
6%s_. 1937
Elec Power & Light 5s.2030
87%
Elmira Wat Lt & RR 5s *56
107%
El Paso Elec 5s A
7
6
Aug 1 1952
Certificates of deposit-
6
3,000
13,000
1%
1%
1,000
1%
1%
11,000
102% 102%
87%
88%. 240,000
1,000
107% 107%
104% 104%
1950
26,000
5,000
131
140% 141
129% 131
103%
102% 104
140%
88%
88%
88%
Ercole Marelli Elec Mfg—
6%s series A
65
1953
Erie Lighting 5s
{104% 105%
28%
30
1965
European Mtge Inv 7s C'67
6%s
101% 101%
1942
{27
1%
Farmers Nat Mtge 7s. 1963
Federal Sugar Ref 6s
Federal Water Serv
__
1933
110% July
Jan
106
Mar
88
Jan
Jan
96
Jan
85% Jan
101% June
102
Mar
Banks 6s-5s stpd
102% 103
44,000
104
8,000
104
5%s.l979
"104%
Florida Power & Lt 5s. 1954
96%
104% 104%
96%
Gary Electric & Gas—
5s ex-warr stamped-1944
97%
97%
99%
99
26%
{26%
Deb gold 6s. June 151941
96%
Deb 6s series B
1941
95%
General Bronze 6s
1940
94%
102 %
101%
92%
92%
6%s A. 1956
68
69
General Rayon 6s A._ 1948
..
„
„
Gen Wat Wks & El 5s. 1943
91
90
Georgia Power ref 5S..1967
101
101
85%
Georgia Pow & Lt 5s-.1978
Gesfurel 6s
4% Jan
4% May
%
Jan
%
Jan
101% Jan
74
Jan
99%
102%
Mar
Jan
Glen Alden Coal 4s___1965
Gobel
"89"
(Adolf) 4%s_._1941
_
102%
^
«
Gulf States Util 5s__. 1956
4%s"3erle8 B
Hackensack /Water
5s series A
Hall Print 6s
-
-
-
112% May
124% July
110
Feb
100%
48
104%
1977
Rubber 7s
98%
80%
101%
93%
Mar
Jan
72%
55%
75
104
104% 105
1936
1st 5s series A
_
1st
1978
1981
1950
1951
For footnotes see page
105
105
Jan
4%s series C
1961
1947
H--1961
...
105%
103%
Apr
107%
July
LIbby McN & Libby 5s '42
Lone Star Gas 5s
1942
July
99%
Feb
4%s C '61
5%s_1951
Louisville G & E
10%
Feb
Manitoba Power
3
Jan
2%
Jan
Feb
92% June
107% July
105
Feb
141%
July
Jan
Feb
July
69
39%
June
June
Jan
104% Apr
28% June
5%
93%
101
105%
106%
111
103%
105%
106
..
98
99%
97%
96%
102%
102%
June
27%
20
June
27
86
96
Feb
July
May
Mar
Apr
May
85
Apr
Jan
72
Jan
25
May
1,660
9,000
3,000
{106
94
93
729
75
90
Feb
Jan
71
June
Jan
June
23,000
61,000
i3~666
84,000
47
May
61
106
19,000
Jan
108
Jan
103%
103%
115%
100%
Apr
106
Mar
90
101
Jan
Jan
106%
Mar
119%
June
Feb
103%
Apr
Apr
99%
July
Feb
108%
108%
July
July
12"66o
95%
Feb
90
Apr
12,000
1,000
103%
Jan
99
104%
July
Apr
102% Apr
103% May
Feb
108%
Jan
102%
Jan
103%
102% Feb
104% June
106% June
112% June
104%
Apr
13,000
105
Apr
Mar
31,000
7,000
103%
Jan
107%
106)
May
107%
86%
July
2,000
18,000
35,000
10,000
3,000
15,000
106
75%
July
Jan
104%
105%
June
Feb
Feb
24
54
June
58
33
June
94%
Jan
103%
91%
Feb
Jan
1957
Miss Pow& Lt 5s
103%
105% 106%
June
62
Mar
103
Jan
93%
Feb
105%
105% 105%
101% 102%
28,000
102% May
106%
Mar
54,000
105% 105%
98%
Jan
102% Mar
83% May
89% Mar
102%
106%
July
105%
92%
105
Jan
107%
May
109%
June
97
6,000
91
92%
56,000
97
97%
61,000
{106% 107
108
108
107% 107%
5%s, '55
107%
Missouri Pub Serv 5s_1947
74%
74%
96
96
78
~4~666
107
Feb
3,000
106
June
75% 103,000
57%
Jan
95%
98
76
6%S
Munson SS
1944
6%s ctfs..1937
Nassau & Suffolk Ltg 5s
7
'45
98%
6%
7%
103% 105%
106
106%
.
94%
95%
28,000
9,000
11,000
11,000
97
Apr
30,000
85%
Apr
18
31
328,000
4%s.l981
108
108
5,000
2022
122
122
8,000
107% 108
97
2,000
105,000
119
2,000
6s series A
107%
27%
96%
118
93%
Jan
5% July
102% May
77% 102,000
77
63,000
77% 198,000
10
106
105%
97
31
July
May
117%
Jan
105% May
86%
Jan
109%
Jan
64% May
64% May
64% Apr
125
June
109
98%
119
79%
79%
79%
99%
102%
85
Jan
43,000
88%
Jan
90
90%
14,000
74%
Jan
86%
19,000
69
Jan
2,000
97
May
107% 107%
2,000
105
July
110%
106% 106%
103% 104
82,000
105
Apr
107%
39,000
102%
Jan
104
3,000
20,000
1,000
105%
101%
111%
Mar
Mar
Apr
4,000
Apr
Feb
Feb
5%s
1954
6,000
July
112
98%
99%
Debenture
Feb
July
Jan
99%
N E Gas & El Assn 5S.1947
July
107% June
97%
July
July
101% May
99%
July
Feb
July
Montana Dakota Utilities
98%
Mar
Mar
July
108% May
New Eng Pow Assn 5s. 1948
June
Jan
6,000
Mississippi Riv Fuel 6s '44
Miss River Pow 1st 5s. 1951
Missouri Pow & Lt
24
101% July
104% July
107% May
Feb
July
July
Feb
Feb
Feb
Mar
Mar
New Orleans Pub Serv—
5s stamped
1942
86
Income 6s series A..1949
N Y Central Elec
103
5%s '50
103
90%
86%
104
July
July
Feb
New York Penn & Ohio—
Ext
4%s stamped.-1950
N Y P&L Corp 1st 4%s '67
N Y State E & G 4%s.l980
106%
103%
Mar
Apr
July
Jan
105%
July
1959
{107
107%
105%
May
109
Jan
Mar
Nippon El Pow 6%s__1953
{86
87%
84%
Mar
90
Feb
60
Mar
No Amer Lt & Pow—
75
Feb
94
95%
65%
66%
107%
106%
103%
110%
107%
93%
43%
Mar
Jan
Feb
Feb
Feb
Mar
July
Jan
Feb
Jan
108%
Mar
Mar
July
103
Mar
107%
3,000
104
Mar
106%
2,000
111% June
106% Apr
107
Jan
May
39%
82%
5,666
107
Jan
Feb
Mar
108%
105%
112%
108%
38%
90%
104%
{111%
Feb
July
44
39,000
85%
106%
105%
71 %
102% July
106% 106%
104
106%
24"66O
99
98%
103% 103%
111
111%
103% 103%
104% 104%
103% 103%
106% 107
105% 106
106
106%
106
72
101% July
103% May
97%
Jan
Mar
99%
106%
71%
104%
102
101
Apr
77%
32%
104%
107%
103%
2i% June
99
104% June
104% May
104%
Apr
101%
Jan
77
1,000
105%
Jan
Apr
77%
Jan
1,000
87%
102%
78
1950
44
45,000
Feb
1948
July
93
Jan
92
Apr
Apr
Conv deb 5s
64
Jan
79%
Conv deb 5s
July
17,000
Jan
Feb
July
Mar
Apr
Feb
88
June
Mar
108%
Feb
103
28,000
30%
108
104%
102%
Jan
92%
Deb 5s series B__:_2030
102%
Jan
98%
99%
Nebraska Power
103
July
July
92
Nat Pub Serv 5s ctfs. 1978
Jan
56%
July
July
i
99%
"92%
Feb
Apr
104
107
7,000
6%s '45
1943
Milw Gas Light 4%s„1967
Minn P&L 4%s
1978
5S..1
1955
Mississippi Pow 5s
1955
Midland Valley 5s
Feb
90
July
.85%
109%
Feb
May
106
81
85%
Feb
101
95%
July
Jan
79
Feb
8,000
97
Jan
Feb
83
Jan
54
103
119
July
Jan
Feb
17
50
103%
106%
Gas 5s '48
Jan
Jan
Memphis P & L 5s A*.1948
Metropolitan Ed 4s E. 1971
Nevada-Calif Elec 5s. 1956
22%
104% 105%
96%
106%
Jan
McCord Rad & Mfg 6s '43
Nelsner Bros Realty 6s '48
30
102
June
9,000
Feb
98
30
26%
83
104%
4%
100% 101%
Mar
Jan
98%
{..—
105%
9,000
2,000
July
101
Jan
Jan
101% 101%
{25
7s without warrants-1941
Jan
Apr
104%
105% 106%
84%
95%
6,000
2,000
75%
103% 104
105% 105%
Jan
100
52%
54
{107
108
101% 102%
McCallum Hosiery 6% a '41
103%
Jan
10,000
Jan
Mansfield Min & Sweet—
May
1,000
63
65
21,000
71%
63%
{106% 108
"98%
1945
Long Island Ltg 6s
11
105% June
99%
71
29/666
{118% 120
101%
Lexington Utilities 53-1952
July
102% July
105%
104
5%s_1950
Sink fund deb
Lehigh Pow Secur 6s-.2026
108
102
105
60%
1943
Feb
July
Jan
2,000
29,000
5,000
"60%
Kansas Gas & Elec 6s.2022
May
Apr
98
20,000
July
99% June
69%
m
1947
109
106%
31,000
105
106%
104% 104%
{105% 105%
70%
5%s '55
Jersey Central Pow & Lt—
1969
105%
"e'ooo
{100%
53
Stamped
1948
1955
92
Apr
Feb
76
1942
Jacksonville Gas 5s
5s series I
79
102% 103%
104%
1953
Ref & impt 5s
1957
7s_1952
1942
Superpower 6s_1963
6% s series D
5%s series F
131
92
{23
6%s with warrants. 1943
4%s series D
4%s series E
Hydraulic Pow 5s
107% 107%
4%s._1958
Apr
Jan
1%
75%
Feb
111%
53%
2,000
13,000
81
100% 100%
104
104
July
82
Kentucky Utilities Co—
Jan
Jan
28
80
107
Jan
42,000
June
Jan
Jan
July
July
Houston Light & Power—
1st
79
80
58,000
Feb
65
85%
1st mtge 5s ser
6,000
2,000
Feb
85
Jan
38,000
48,000
101%
85%
104
40%
105%
96
3~I~66O
Apr
Jan
81%
Kansas Power 5s
Jan
30
92%
1935
Hamburg El Underground
& St Ry 5%s
1938
Houston Gulf Gas 6s..1943
81
82%
101% 102%
103% 103%
{109% 109%
105% 106
Hamburg Elec 7s
Hood
89%
108%
91
104% May
109% May
35,000
June
Jan
105% Mar
29
{106
109
67%
74
104
-
1961
5s_1938
8tpd.__.1947
89
55%
73
Guardian Investors 5s_1948
1947
-
74
Grocery Store Prod 6s. 1945
Guantanamo & West 6s '58
Gulf Oil of Pa 5s
Jan
82
to 1 \z
Grand Trunk West 4s. 1950
Gt Nor Pow 5s stpd.. 1950
106%
7,000
+<5173
1953
107
91%
108
35,000
42,000
91%
"101% 135,000
28,000
85%
5,000
Feb
91
Mar
88%
92%
83%
84%
23,000
6%
♦
65%
Apr
15,000
27%
95%
.96%
General Pub Serv 5s.-1953
84,00C
76,000
85
86%
105% 105%
{77
80
Koppers G & C deb 5s_1947
97% 182,000
97%
99%
96%
95%
96%
102%
94
69%
27
20,000
6%
1961
New Amsterdam
Gatlneau Power 1st 5s_ 1956
Gen Vending Corp 6s. 1937
Certificates of deposit
25~666
75%
97
91%
Kimberly-Clark 5s
91
First Bohemian Glass 7s '57
Gen Pub Util
2,000
100% 100%
2,000
Jan
104
July
110
Jan
July
103
106
July
Jan
60
105% Mar
Jan
July
100%
1961
Firestone Tire & Rub 5s '42
Fla Power Corp
85
105%
Nat Pow & Lt 6s A...2026
Firestone Cot Mills 5s. 1948
1,000
13,000
95%
95%
July
July
97%
Jan
May
81,000
102% June
83% Apr
107% June
88%
28%
5,000
102
73
Isotta Fraschini 7s
101%
50,000
Jan
86%
66%
Isarco Hydro Elec
3,000
1%
96
100
23,000
64
Iowa Pub Serv 5s
2,000
93%
92
92
5%s '54
9,000
•4,000
94%
Apr
July
5s series H
Jan
127%
75%
.........
Finland Residential Mtge
-
11,000
{107
1967
European Elec Corp Ltd—
Fairbanks Morse 5s
65%
9,000
25,000
84,000
Jan
75
Middle States Pet
6%s with warrants.1943
Deb 6%s__,
....1938
Empire Dist El 5s
1952
Empire Oil & Ref 5%s. 1942
86
75
Without warrants
El Paso Natural Gas—
19,000
11,000
73
Louisiana Pow & Lt 5s '57
Detroit Internat Bridge—
102
76% 184,000
Iowa-Neb L & P 5s... 1957
Jan
106
29,000
June
105%
Jan
99
Jan
Mar
102% May
107% May
99%
Jan
105%
Jan
102% Jan
4,000
106
Jan
95
HI %
6,000
76
109,000
73%
1947
109
5,000
8,000
Jan
99
72,000
73%
5s series Aw w
109
4,000
102% 103%
106% 107
105% 106
101%
28,000
1958
Mar
106% 106%
103
Feb
J956
5s series D
May
May
70
{108
109
98%
106
5,000
Jan
76
4%s series F
106%
104% 104%
-
104%
1950
Dixie Gulf Gas
106
106
----
Derby Gas & Elec 5s..1946
6%s
2,000
{108% 110
5%s. 1959
5s 1st series B
m
77%
{75%
-
106
Denver Gas & Elec 5s. 1949
Det City Gas 6s ser A.
100
100
Dallas Pow & Lt 6s A. 1949
5s series C
m,
106
Invest Co of Amer—
106
124
29%
m
92%
102%
Cumberl'd Co P&L 4%s '56
Delaware El Pow
13,000
103
Crucible Steel 5s
Cuban Telephone 7%s 1941
Cuban Tobacco 5s
1944
35%
101 ■
93% 181,000
6,000
103%
20,000
102% 103
93
1958
Cont'l Gas & El 5s
95%
{35%
14,000
51,000
99
Feb
July
Consol Gas Util Co.—
1st & coll 6s ser A-.1943
July
111
7s series F_
5s series B.
Conv deb 6%s w w.1943
98
82%
Interstate Public Service—
113%
113%
110
Jan
1957
June
July
110%
120
8,000
Jan
Jan
102
106
Jamaica Wat Sup
1981
109
101%
93%
Feb
Jan
Mar
108% 108%
"95%
1955
7s series E
1952
International Salt 5s..1951
International Sec 5s..1947
Interstate Power 5s___1957
Debenture 6s
1952
Consol Gas El Lt & P (Bait)
1st ref s f 4s
101
Feb
81%
58
International Power Sec—
Jan
Italian
Consol Gas (Bait City)—
5s
1950
1963
Indiana Service 5s
69%
69%
97%
3,000
26,000
"*94"
82
107
105%
102
101%
1957
-
Iowa Pow & Lt
1951
7s series A
5s series D—
112
112
111%
A...1953
4%s series C
5s
97%
99%
Commonwealth Edison—
1st M 5s series B
1951
.1948
Hydro-Elec 5s '58
Indiana & Mich Elec 5s '55
6%s series C___
1943
1st M 5s series
5s series C
Indiana Gen Serv 5s.
July
80
Pipe
5%s
1953
6%s series B
Jan
2,000
106% 107
105
56%
4,000
102,000
104% 105%
101% 101%
96%
97%
78%
80%
106%
98
97%
101%
1st & ref 5s ser C—1956
106
76
105
Sfdeb5%s—May 1957
Indiana Electric Corp—
6s series A
1947
Jan
11,000
High
Low
$
76%
108% 108%
105%
Feb
104
Jan
84%
Line 6s
1st & ref
97%
76
Range Since Jan. 1 1936
Week
of Prices
High
75%
76%
108%
for
Week's Range
Low
A '53
5%s ser B-1954
111 Pow & L 1st 6s ser
July
Feb
111%
67
99%
Gas
1949
Idaho Power 5s
1947
Illinois Central RR 6S.1937
111 Northern Util 5s.-.1957
6s series B
95%
75%
95
Jan
86%
-
1966
Commerz & Privat
July
Apr
96
16,000
-
1955
Cities Serv P & L
Jan
101
Jan
49,000
-
6s series B...
Service
Jan
Mar
July
July
Apr
Apr
-
Cities Service 5s
Conv deb 5s
1,000
99%
93%
102%
105%
102%
104%
Jan
94
{102% 103
76
76%
76%
96%
97%
97%
5%s.l942
Chic Rys 5s ctfs
1927
Cincinnati St Ry 5%s A '52
Chic Pneu Tools
Cities
4,000
100%
Indiana
1940
Cities Service Gas
106
105
105% 105%
1961
Stock
5s
10,000
10,000
100% 102
8,000
89%
89%
94%
95% 230,000
71%
73% 181,000
73%
75% 665,000
88,000
73%
74%
89%
6s series B
104
104
1957
Cent Ohio Lt & Pr 5S-1950
Chic Jet Ry & Union
1949
Hygrade Food 6s A
9,000
79,000
103% 103%
104
1956
Cent Maine Pr 4%s E_
Sale
(Continued)
Central 111 Public Service—
58 series E._.
Last
BONDS
Range Since Jan. 1 1936
Last
Sales
Friday
Sales
Friday
BONDS
(Continued)
1st & ref
Aug. 1, 1936
New York Curb Exchange—Continued—Page 5
728
114
Jan
108
Jan
1st
5%s___
..1962
N Y & Westch'r Ltg 4s 2004
108
103"
Niagara Falls Pow 6s. 1950
5s series A.
5%s series A
Nor Cont'l Util
1956
5%s—1948
No Indiana G & E 6s. 1952
101% 103
111% 111%
105% 105%
1954
Debenture 5s
108
94
{106% 106%
37,000
13,000
90%
53
106%
Jan
97
Feb
Mar
Jan
Mar
Apr
67
July
Mar
108
Uan
Volume
New York Curb
143
Friday
BONDS
Last
(Continued)
Sale
Price
Exchange-Concluded—Page
Sales
Week's Range
of Prices
Low
for
Range Since Jan. 1 1936
1966
5s series D_
105 %
.1970
No States Pow
5%s.__1940
N'western Elec 6s
1945
102 &
104 %
N'western Power 6s A. 1960
Certificates of deposit.
Ohio Edison 1st 5s....I960
Ohio Power 1st 5s B..1952
1st & ref
4%s
102
107%
105%
105%
ser D_ 1956
Ohio Public Service Co—
6s series C_ ........1953
5s series D
....1954
5%s series E
105%
1961
Okla Gas & Elec 5s___1950
6s series A
.1940
'l05~"
..
Okla Power & Water 5s '48
Oswego Falls 6s
"93%
Price
Pacific Coast Power 5s '40
Pacific Gas & El Co—
1941
119%
Pacific Invest 5s ser A. 1948
Pacific Ltg & Pow 5S..1942
Pacific Pow & Ltg 5s.
Palmer Corp 6s
Penn Cent L & P
1955
.
5s
"89%
1938
4%s. 1977
1971
loo"
Penn Ohio Edison—
6s series A
Deb
1950
5%s series B
1959
Pennsylvania Power 5s '50
Penn Pub Serv 6s G^1947
5s series D
...'1954
4%s series B.
Mar
July
50%
Jan
July
July
7,000
13,000
98%
103%
105%
Jan
Jan
41,000
104
Apr
107%
Mar
3,000
103%
Apr
107
Mar
1,000
108%
Feb
104%
July
July
Apr
112
9,000
107
May
103% June
107
Feb
Tide Water Power 5s.
102
Mar
105
Feb
Tietz
86
Apr
94%
Jan
93%
Jan
100%
July
105%
Apr
107
Toledo Edison 5s
Twin City Rap Tr
Ulen Co—
Jan
121% Mar
102% Mar
116% May
Feb
94%
1968
4s series B_ ___;
1981
Peoples Lt & Pr 5s
1979
Phlla Electric Co 5s..1966
Phlla Elec Pow 5%s..l972
Phila Rapid Transit 6s 1962
Phil Sub Co G & E 4% '57
4%S--.
1957
United Elec N J 4s.__ 1949
United El Serv 7s ex-w 1956
United Industrial
96%
13%
111%
111
107%
65
Pittsburgh Coal 6s... 1949
Pittsburgh Steel 6s... 1948
Pomeranian Elec 6s.. 1953
Poor & Co 6s
.1939
22
Mar
106
3~5~66O
$102% 103%
92%
93%
100%
$106
107%
119% 120%
100% 100%
J115 % 118
88% 90
15",000
3,000
49,000
119%
ib2~6oo
103
104%
1,000
70,000
$105% 106%
100
100%
35:666
98
Apr
114
13,000
104
Power Securities 6s
95% 96%
13%
13%
111% 111%
109% 112%
91
91%
107% 107%
65
105
16,000
46,000
4,000
Jan
"108
107
104
81,000
47,000
52,000
32,000
9,000
64,000
30,000
8,000
3,000
13,000
104%
105
73%
106%
21%
105
22
97%
1949
7,000
105
1,000
18,000
73%
74%
105% 107
$105% 107
89% 91%
100
23%
6% perpetual certificates
23,000
~
5:660
I,000
97%
15,000
101
5,000
23%
80
Mar
1st & ref 5s
1956
5s series C
1966
111%
105%
104%
104%
103%
1978
1980
ser F_ 1981
..I960
Jan
104
May
105
Mar
104%
97%
Apr
107%
101%
Jan
.1966
104
96
90%
85%
1968
Jan
86%
6
15%
113%
112%
94%
108%
75%
106%
111% June
109% June
86%
Jan
105% Mar
41%
Jan
Safe Harbor Water 4%s '79
106%
St Louis Gas & Coke 6s *47
San Antonio PS5sB„_l958
San Joaquin L & P 6s B '52
105%
66
67*
Texas Elec Service 5s. 1960
Texas Gas Util 6s
1945
Texas Power & Lt 5s
1956
105
104% 105
I6o%
36
36%
105% 106
6s
2022
Mar
Apr
20% May
Feb
106
103%
65
June
105%
106%
66%
90%
97%
Mar
27%
1979
_
Scripp (E W) Co 5%s_1943
1962
107
Feb
101
July
32
Feb
Mar
June
Jan
145% May
108%
Jan
111%
104
Feb
107
101%
Jan
104%
102
Jan
1045
103%
Apr
6,000
11,000
1,000
6,000
6s series A.
6% % serial
6% % serial
25
28
Utah Pow & Lt 6s A..2022
4%S
25
89
96%
"95"
io'oco
91
89
5s series E
95
3,000
28,000
105%
1,000
20%
18%
103%
67
8,000
104%
70%
101
107%
2,000
17,000
5,000
30,000
21,000
19,000
77,000
110
4%s. igei
103%
106%
76%
103%
99
1957
S'western Nat Gas 6s. 1945
99%
104%
105% 45,000
106% 228,000
106
106% 27,000
13,000
109% 110%
106
14,000
106%
.1,000
103% 103%
106%
75%
103%
'98%
102%
$103%
99%
104%
106%
78
2,000
"83~~
Jan
1966
81%
80%
Standard Inveetg 5%s 1939
101%
80
100
..1952
July
5%s._l
1955
5s...
72
Jan
Jan
100%
81%
Jan
Jan
106% May
95
June
Jan
113
May
Jan
90%
July
105%
2,000
105
July
Feb
106% Feb
103% July
101% July
106% May
107% June
103J132 July
90%
Jan
92) $ Mar
~i~,666
June
June
105% Apr
96%
Jan
100% May
95%
Jan
91%
Jan
83%
Jan
100
Feb
104
Apr
23,000
82,000
17
June
27
4,000
8,000
104
July
107
Jan
105%
Mar
107%
Feb
104
i~5~6oo
18,000
io5~666
26,000
10,000
101%
July
100%
July
July
95%
Jan
106
Jan
107
105
Feb
107% May
99
Jan
105
July
Jan
111
95%
July
July
69%
July
103%
88%
33%
Jan
Jan
Mar
i4~666
105
Mar
107
Feb
106% Mar
107% June
106
Jan
107
3,000
101%
Jan
105
5,000
103
101
Jan
104%
107%
107%
104%
"
9~66C
17,000
German Cons Munic 7s '47
Secured 6s...
.1947
106%
100%
Mar
Jan
Mar
105%
July
106
Mar
102%
Apr
Feb
Feb
Feb
Feb
Jan
Jan
100%
Jan
Jan
Mar
70%
8
Mar
Maranho 7s
1958
July
July
Mendoza 7%s
June
Jan
.
Mar
Jan
1951
106%
110%
110%
Apr
107
Feb
104%
Rio de Janeiro
106% May
100
16:660
Jan
Jan
108
82%
104
99
.
103%
104%
92%
Jan
91
Jan
100
May
Jan
20,000
4,000
55%
Jan
57%
Jan
7% May
2,000
8%
72% June
11,000
74
24% May
33%
14,000
25
34
Jan
Jan
Jan
102
July
July
9,000
60%
July
18% May
24
1,000
23
"2,60b
12
16%
16%
5,000
1%
7s"stamped._1945
May
19% May
9
May
Apr
Feb
Feb
Jan
Jan
Feb
13%
9%
71%
Jan
14
Mar
Feb
95
July
July
Jan
79%
3,000
63
Feb
88
2,000
18
Jan
20
3,000
Jan
20%
14%
98%
"s'ooo
19%
14,000
15
15
3,000
2
1%
44,000
23,000
1%
54,000
1%
47,000
1%
1%
1%
1%
$63
21
73
28%
28%
32%
26%
12%
17%
20
19%
15
99%
18% May
61
98
19%
Feb
Mar
May
10,000
19%
19%
$13%
July
11
95%
89%
$86
98%
74
1,000
1,000
19,000
79%
Jan
67
17%
92%
10%
12%
22
Jan
Jan
1
14%
Jan
Jan
May
% May
1
June
1
May
49
.
July
Apr
Jan
98% Mar
23% *Apr
17%
Jan
2%
Jan
2%
Jan
2%
Jan
Mar
12
June
2%
60
Jan
Apr
83%
67% May
Feb
22
15%
$13
"79%
_
6%s__1959
Russian Govt 6%s.__1919
6%s certificates
1919
5%s—
1921
5%s Certificates
1921
101%
105%
69
.
Santa Fe
Jan
26%
22
12
15%
Issue of Oct 1927
Mtge Bk of Chile 6s.
1931
Mtge Bk of Denmark 5s '72
Parana (State) 7s
1958
Jan
Mar
21%
21%
May
24
Mtge Bk of Bogota 7s. 1947
Issue of May 1927
106
Jan
Jan
20
60%
21%
21%
$21%
1951
4s stamped
70%
.
28%
29%
101% 101%
99%
99%
21%
Medellin 7s series E..1951
Apr
Feb
58
18%
17
1,000
29
t^ima (City) Peru6%s.l958
100%
1,000
3,000
28%
29%
101%
Hanover (City) 7s
1939
Hanover (Prov) 6%s__1949
Feb
20%
20%
20%
74
1953
Feb
Jan
38,000
47,000
66,000
82% 235,000
101% 49,000
3,000
66,000
23%
19%
Danzig Port & Waterways
External 6%s
.1952
Feb
Jan
11,000
79,000
Feb
27,000
20%
8%
Apr
92%
57,000
1
107% May
107%
Feb
116%
Jan
Apr
Jan
10",000
20%
70%
Apr
99
104%
83%
83%
82%
83%
82% 83%
80% 83%
20%
.1951
98
10,000
82
110
Mar
(Province)—
6s series A
101% May
103%
103%
82
Stand Gas & Elec 6s..1935
.
Prov Banks 6s B...1951
Feb
101
99
1937
..1952
Mar
56%
105
104%
113%
97
106% 107%
103% 104
5s_^1941
7s stamped
July
112,000
52,000
20,000
103%
Jan
106%
101 %
102% 102%
$104%
7%s stamped
1947
Cauca Valley 7s
1948
Cent Bk of German State &
JUly
103
102
Jan
106% 106%
103
Jan
Apr
Mar
80
$107%
106%
•
Buenos Aires
16
10Q%
106%
105%
100
July
84%
78,000
16,000
124,000
«
Pub Serv 6s A...1952
Yadkin Riv Pow
108% June
24% July
97
July
June
98
107%
$105
106%
106% 106%
104%
104% 105
$107% 111
"94%
93%
69%
67%
69%
105%
105% 105%
__
Baden 7s
Jan
101
37%
92
107
Agricultural Mtge Bk (Col)
20-year 7s
1934-1946
20-year 7s
1947
Jan
103%
104%
106%
104%
104%
3:666
101
107
61
~
Mar
88%
FOREIGN GOVERNMENT
July
101
104%
100
108
AND MUNICIPALITIES—
17
10,000
Apr
Jan
Jan
$100%
100
Wash Gas Light 5s.__ 1958
Wash Ry & Elec 4s.. 1951
Mar
12
101%
124
25%
106% 106
$105
108%
99%
99%
104
July
Mar
106%
76%
6,000
104
106
July
34
76
101
.1937
West
Mar
103
101
22%
West Penn Traction 5s '60
West Texas Util 5s A. 1957
100
Jan
101
95
Wash Water Power 5s_ 1960
West Penn Elec 5s.__ .2030
July
102%
101%
Jan
106%
Jan
110% June
June
98%
102%
23
Baking 6sl
Jan
32%
33%
Waldorf-Astoria Corp—
Ward
Apr
90
Feb
Mar
40
Mar
104
Feb
105
Jan
104%
2,000
1954
1946
.
29
Jan
45%
Jan
25% May
25% June
100%
93%
95%
7s with warrants
74% June
102%102?132
10O3132x04%
101% 102%
1952
6s
90
4,000
i04
Jan
Feb
77% May
104%
75%
102%
Jan
Jan
41%
99%
15,000
Valvoline Oil 7s
1937
Vamma Water Pow 5%s '57
Va Public Serv
5%s A. 1946
1st ref 5s series B ..1950
Apr
July
52,000
95%
96%
104% 10o%
93%
Apr
Mar
98
111% 112
88%
89%
Utica Gas & Elec5s D_ 1956
July
22% June
3,000
.
106
.1944
104%
May
105
Certificates of deposit1951
1940
Wis
Jan
106%
106%
Debenture 6s
29%
26%
U4% 110%
67
Wise Pow & Lt 5s E..1956
5s series F
1958
Jan
74
105%
1945
notes... 1939
notes
July
July
s
98% May
1945
Certificates of deposit.
Convertible 6s
1935
70
8,000
10,000
6,000
11,000
29,000
106%
$25%
2o%
A.........1973
Wise-Minn Lt & Pow 5s '44
July
103
3%'s.May 1 1960
3%s B.July 1 '60
So'west Pow & Lt 6S..2022
114%
1952
Jan
Sou Calif Edison Ltd—
S'western Assoc Tel 5s.1961
106
1959
Un Lt & Rys
(Del) 5%s *52
United Lt & Rys (Me)—
108
106% 106%
1945
..1974
14,000
6,000
65
60%
106%
106%
110%
109%
Jan
104%
70%
100%
1951
108
1967
6%s
39%
101% 101%
.....1954
July
Jan
106%
Southern Nat Gas 6s.. 1944
107
July
Apr
103
Sou Carolina Pow 5s. 1957
5%s '57
i07%
38
5%s-_r___.__
Feb
July
July
Jan
24
38
Newspaper Un 6s '44
West United G & E 5%s *55
Wheeling Elec Co 5s
1941
Jan
Apr
2,000
Southeast P & L 6s
Debenture 6sDec 1
Mar
Jan
J^n
78%
106% 106%
14%
14%
104% 105%
103
100
.1948
Sou Counties Gas 4%s.1968
33,000
32
$2o
5%s '52
United Lt & Pow 6s___1975
Jan
22% June
$65%
99%
106%
104%
104%
104%
69%
100%
106%
1960
101% 103
107%
39,000
83%
88% 373,000
Danish
2025
161%
6%s 1941
Mar
Jan
83%
Jan
83%
$17%
17%
1935
S'west Pub Serv 6s
Mar
108%
91%
99%
Jan
86%
25%
6s with warrants...1935
1970
Sheridan Wyo Coal 6s. 1947
109% 110%
93
91%
88
5s series A
5s series B
Jan
105
100
Schulte Real Estate—
__
Apr
June
108
105%
$108
Saxon Pub Wks 6s... 1935
Sou Indiana Ry 4s
Mar
49
89
1x0%
(Leonard) 7%s.l946
6s series
78
59,000
29,000
26,000
66,000
8,000
52,000
5,000
8,001,
Thermoid Co 6s stpd.1937
July
Jan
II,000
$129%
.1955
S'western Lt & Pr 5s
60
June
May
96%
52,000
$26%
$22%
Sou Calif Gas Co
83%
6%s_.1953
Jan
105
19,000
89
l8t.& ref mtge 4s
Jan
Jan
Jan
100
3%s
July
103
48,000
88
4%s series D
Apr
95
Mar
87
100
__
Shawinigan W & P 4%s '67
4%s series B
1968
Apr
94
Mar
Jan
July
91%
Ruhr Gas Corp 6%s..l953
Ruhr Housing 6%s
1958
Servel Inc 5c.
Jan
100
Feb
112
126,000
Reliance Manag't 5s
1954
Rochester Cent Pow 5s '53
Seattle Lighting 5s
1949
Second Int'l Sec 5s.__ 1948
Jan
104
82
July
July
Feb
108%
108%
106%
114%
108%
102
106% 106%
104% 104%
105% 106
Queens Boro G & E4%s '58
5%s series A
..1952
6s ex-warrants
105%
Jan
105
June
33,000
16,000
104%
94
ser D. 1950
Sou Indiana G & E
Feb
106%
5,000
1,000
15,000
105% 105%
103
103%
1st & ref 5s series C. 1950
Sauda Falls 5s
45
1,000
105
94%
82%
York Rys Co 5sl.
5%s_1949
Puget Sound P & L 5%s '49
Ref M
Apr
Mar
Mar
101%
98%
13,000
111%
105%
104%
104% 105
Pub Serv Subsid
Quebec Power 5s
19,000
105
Jan
104
„
107%
16,000
50%
50
50%
46)
105%
107%
Tenn Public Service 5s 1970
Terni Hydro-El
Jan
58
81
$108% 109%
$x07% 109%
Tennessee Elec Pow 5s 1956
Jan
132%
Pub Serv of Oklahoma—
4s series A
74%
May
$105% 106
Jan
5s series B
High
62)
1970
June
107.
Low
79% 131,000
78
47,000
1954
1957
_
109%
Apr
3,000
139% 140%
Pub Serv of Nor Illinois—
Ref M
4%s.
Syracuse Ltg 5%s
June
100
105%
108
104
Prussian Electric 6s.. 1954
Public Service of N J—
Debenture
1946
103
101%
106%
104%
10,000
105
4%s series F
1961
Potrero Bug 7s stpd.,1947
Power Corp (Can) 4%s B '59
1st
.
70%
77%
Range Since Jan. 1 1936
9
55
Super Power of 111 4%s '68
1st
for
Week
High
U S Rubber Co—
Piedm't Hydro-El 6%s '60
Piedmont & Nor 5s... 1954
Portland Gas & Coke 5s '40
Potomac Edison 5s___1956
78%
Union Amer Inv 5s A. 1948
Union Elec Lt & Power—
14", 000
103%
100%
Week's Range
of Prices
Low
1936
70%
107
$106
112% 113
$107% 107%
Peoples Gas L & Coke—
4%s
7-4% stamped
7-4% stamped
104%
105% 105%
104%
104% 105%
106
106%
$108% 109%
Penn Water Pow 5s... 1940
1st & ref
June
lsts f 6s
x-w
4% s series D
4%s series E
1st & ref 4%s
4%s series I
June
104%
103
104%
..1979
Penn Electric 4s F
105%
104
Standard Pow & Lt 6s. 1957
Standard Telep 5%s..l943
Stinnes (Hugo) Corp—
Jan
109% 109%
105% 105%
$107
107%
104% 105
June
Jan
98
106
Feb
Mar
70
102%
107% 108%
105% 105%
105% 106
104% 104%
Jan
Jan
102%
102%
Sale
High
Low
51
102
729
Sales
6s 3d stamped.___. 1944
1947
1st 6s series B
12,000
31,000
6,000
4,000
3,000
105%
105% 105%
102% 103%
104
104%
104% 104%
$68
..
N'western Pub Serv 5s 1957
Ogden Gas 5s
1945
11,000
69
1969
4%s series E
105
Last
0Concluded)
9
Northern Indiana P S—
5s series C
BONDS
Week
High
6
Friday
83%
84%
83%
69
May
May
64
May
63% May
66
97
-h
Jan
Santiago 7s
1949
12
12%
15",000
1961
7s.
12
12
12,000
11%
11%
Jan
12% May
12%
Jan
Jan
83%
82%
102%
*
No par value,
a
Deferred delivery sales not
included in year's
ltt
year S
t Friday's bid and asked price.
in
range-
No sales
'
were
™
ranee
transacted during current
wMkSor%SilyeSi,sef! tranaaoted durlnK ">•
«
rrn,
Included iS
week
week and not lnolu.
No sales.
consolldat
Aug. 1, 1936
IP
Other Stock Exchanges
Sales
Friday
New York Real Estate Securities
Closing bid and asked quotations, Friday, July 31
Stocks (Concluded)
,
Par
Unlisted Stocks
ASk
Bid
Bid
Ask
*
10%
4%
Torrlngton Co
Union Twist Drill
67
>950
39 Bway Ino units........
7
United Gas Corp
64
JbWay
Bldg 6H»»
5
6
,...1
United Shoe Mach Corp. 25
-
Utah Apex Mining
Utah Metal A Tunnel
on
Baltimore Stock Exchange
Established 1853
6o S. Ca I vert St.
BALTIMORE, MD.
Louisville, Ky.
Hagersfown, Md.
Members
York
New
Baltimore
and
1
_
Waldorf System Inc
»
*
Warren Bros Co
39 Broadway
NEW YORK
3
"2%
2%
2,020
500
1%
2%
225
2
100%
99
High
Feb
14%
21%
3%
20
20%
Low
High Shares
Low
21%
Feb
5%
104
Jan
90%
21% June
70
July
3% May
Jan
July
24
23%
24%
185
7%
89%
7%
7%
89%
75
4
89
1,312
83
Jan
28%
9%
90%
40
40
60
39
Jan
Mar
Mar
42
1
1
6
Venezuela Holding Corp. *
Venezuela Mex Oil CorplO
STEIN BROS. &> BOYCE
Price
—25
Preferred
Orders Executed
Week
*
4%
69
7%
103 East 57 St Bldg 6s. 1941
01
1
for
of Prices
*
City A Suburban Homes..
Lincoln Bldg Corp vtc...
32
Dorset ctfs of deposit
Oliver Cromwell ctfs
Sub Elec Sec Co com
Texla Oil Corp
Week's Range
Sale
Stene A Webster
Unlisted Bonds
Range Since Jan. 1 1936
Last
Exchange
55
„
Jan
"X
1%
83c
1%
20,680
50c
50c
60c
70
3
80
Jan
30c
3
14%
15%
8%
15%
224
8%
365
Feb
Feb
Feb
July
1
Feb
4
Apr
Apr
Jan
m
16%
May
July
Jan
2%
9%
7%
3
2%
1%
Jan
Mar
10%
Apr
Bonds—
Eastern Mass St Ry—
82%
83
$9,000
Jan
83
July
Series B 5s
1948
86
88
1,100
70
Jan
88
July
Series D 6s
1948
96
96
500
80
Feb
96
July
Series A 4%s._.—1948
York, Pa,
Stock Exchanges
70
Chicago Board of Trade and Commodity Exchange, Inc.
Baltimore Stock Exchange
Last
Week's Range
Sale
Par
of Prices
Low
Price
Listed and Unlisted
Sales
Friday
Stocks-
SECURITIES
CHICAGO
July 25 to July 31, both inclusive, compiled from official sales lists
High
for
Week
Range Since Jan. 1 1936
Shares
Low
PaaJ ILDavls
High
Members;
Arundel Corp
Bait Transit com
1st
*
t c„ *
v
pref vtc
Black & Decker
16%
preferred
Jan
7%
Feb
2%
19%
20%
25
July
30
155
27
May
36
Jan
112
1,297
110
44%
------
100
315
111
July
116
Feb
20%
890
11
Jan
21
July
33
20
Fidel & Guar Fire Corp. 10
93%
112%
.308
20%
20%
Fidelity & Deposit
3fi
471
17
Jan
36
174
88
Jan
111
July
July
117
39%
Apr
50
Jan
Jan
12
July
104% 111
43%
44%
11%
11%
15%
269
16
15%
9%
Jan
15
960
93%
July
20%
Chicago Stock Exchange
July 25 to July 31, both inclusive, compiled from official sales lists
com
t... *
v
2d preferred
Mar Tex Oil—.
1
1
25
1%
■
1
293
258
1%
2%
2
262
262
Merck & Miners Transp.*
36
36
36%
131
26%
26%
15
2%
Monon W Pa P S 7 %
pf.25
%
262
5
1%
Last
Par
Feb
•
Jan
Feb
2%
Apr
31
Jan
37%
Mar
23%
Feb
27%
June
June
100
Preferred.
——100
2%
30
53
53%
25
5
14%
13%
14%
3,508
Owings Mills Distillery.. 1
1%
1%
1%
25,090
New Amsterdam Cas
Penna Water & Pr com..*
Seaboard Comm'l
U S
A 10
com
Fidelity & Guar
-
-
-
-
-
-
97
97
10%
------
------
10%
9
19%
36%
7,353
2
19%
17%
Western National Bank.20
36%
36
10
3% Oran
1% June
Apr
9%
Apr
1% July
40
Feb
55
16%
Jan
98
Jan
Jan
July
8%
Feb
10%
July
13%
Apr
19%
July
34
Jan
36 %
Apr
87
1%
Shares
Price
Common
(new)
*
Adams (J D)
Mfg com---*
Advance Alum Castings—5
Allied Produota Corp—
.10
-
Class "A"
—25
Amer Pub Serv Co pref. 100
Armour & Co common—6
Asbestos Mfg Co com
1
Associates Invest Co com. *
Automatic Products
Automatic Washer
5
com
conv
4,750
51%
July
June
56%
18%
July
15
8%
4,950
5%
Jan
8%
Mar
15%
22%
2,000
11%
June
550
21
35
37%
240
20
4%
4%
3
4
2,100
4,950
16
7%
14%
15%
21%
37%
4%
4
45%
9%
14
14
Berghoff Brewing Co
Baltimore City—
4s School House
1961
115
115
$200
115
July
impt—.1961
115
115
300
115
Jan
Bait Transit 4s flat.. 1975
31%
31
32%
40
38
40
4s sewerage
*
A 5s Hat-
/...1975
B 5s
1975
Read Drug & Chem 5 %s'45
Wsh Bit & Annap 5s flat *41
42,500
3,750
4,500
99% 100
9
15%
33
July
17
Jan
41
July
84
Jan
100
Apr
1,000
9
July
119% June
Jan
100
Apr
2,000
100% 100%
------
117
8
May
101% June
9
July
July 25 to July 31, both inclusive, compiled from official sales lists
Sales
Range Since Jan. 1 1936
Last
Par
for
Sale
Stocks—
Week's Range
of Prices
Week
Price
Low
'
High
Borg Warner Corp com 10
Low
High
8%
preferred100
Brock & Sons (E J) com..*
27%
7%
Feb
Jan
6%
Jan
July
.7%
Feb
11
1%
May
5
Feb
18
6%
Jan
16%
21%
Jan
32
14
7%
3
870
July
Jan
July
Apr
14%
10%
July
Mar
Jan
111%
Mar
Jan
Apr
64
900
Feb
30*
183%
Jan
22%
2,600
July
Mar
10
107%
Feb
50
29
27%
Feb
July
48%
80
21%
28%
15%
25%
39%
Jan
110
30%
14%
9%
21%
Mar
27%
13,150
5,250
12,500
25% 27%
78% 80%.
109% 109%
7%
16%
Jan
22
27
Apr
30%
Mar
Apr
Brown Fence & Wire-
Class A
*
,
*
27%
14%
10%
—...
15
10%
Castle & Co (A M) com. 10
preferred
Cent 111 Pub Serv pref.—.*
1
26%
Jan
11%
July
7%
Jan
34%
18%
10%
Mar
1,100
38%
Mar
Jan
56
July
250
14
July
17
Feb
200
1
Jan
12%
63%
300
12
July
18
Jan
590
57
Jan
66
Feb
6,350
15%
1
12
62%
63%
Mar
150
1,600
36,750
55
14%
*
100
2%
853
Cent Cold Storage com..20
Central 111 Sec com
1
Conv
Shares
13%
9%
Bruce Co (E L) com
*
Butler Brothers..—.10
Exchange
Friday
14
26%
79%
Class B
Boston Stock
1
Blnks Mfg Co A conv pref *
Bliss A Laughlln Inc oap.5
Jan
May
4% June
2% July
July
1,300
15%
16%
28%
Jan
600
47%
9%' 9%
3%
3%
16%
29%
com
140
45%
"l4"
Bendix Aviation
Bonds—
High
159
56%
16%
51%
56%
.....
pf *
com..
Jan. 1 1936
97%
*
Backstay Welt
&iince
Low
380
153% 157
Bastian-Blessing Co com. *
40
Range
Week
21%
Abbott Laboratories com.*
Common
Mt Vern-Woodb Mills—
Common
for
of Prices
Low
High
Mar
248
261
Week's Range
Sale
Jan
2
May
1%
575
Mercantile Trust Co.—.50
Feb
%
Sales
Friday
StocksMfrs Finance
CHICAGO
Feb
84
10 So. La Salle St.,
Feb
28%
92
1
Finance Co of Am class A. *
577
Chicago Stock Exchange
Chicago Curb Exchange
New York Curb (Associate)
112
100
Houston Oil pref
Feb
28%
m
Eastern Sugar Assoc com.l
Preferred
Jan
5
92
25
Consol Gas E L & Power.*
5%
141
5%
22%
New York Stock Exchange
28%
*
com
Preferred-
2%
5
5
Apr
% June
16%
2,156
2
------
*
17
16%
2%
Feb
Central S W—
Amer Pneumatic Serv Co-
Common
Common
Amer Tel & Tel
1%
659
2
2,025
149%
196
117%
3%
vn%
100
139%
68%
-.100
200
1%
3%
100
Boston & Albany
Boston Elevated
1 %
3%
170% 172%
139
140
25
6% non-cumul pref.-.50
67%
140
68%
2%
Apr
5%
July
July
Apr
__100
Prior preferred
100
Class A 1st pref stpd 100
Class B 1st pref stpd. 100
7%
28%
7%
Apr
178
Jan
143
Feb
May
65
28
11
Boston Personal Prop Tr_*
Calumet & Hecla.
26
Copper Range
25
East Boston Co
_._..*
17%
4%
12
11%
13%
13%
10%
8%
Class C 1st pref stpd .100
Class D 1st pref stpd. 100
5%
301
30
9%
10%
9%
10
7%
14
14%
12
8%
540
9%
60
70
Feb
Jan
Apr
July
41
Feb
July
6% May
14%
Feb
17
Jan
10%
5
June
15
Feb
8%
June
20%
Feb
630
Jan
m
1
12%
5%
May
15%
512
Jan
14%
Apr
872
6%
Jan
%
Jan
9%
1H
Apr
150
11
Feb
East Gas & Fuel Assn—
Common...,.
Cherry Burrell Corp com.*
Chicago Corp common...*
2%
70
Preferred
Chic & No W Ry com. .100
Chic Rivet & Mach cap
*
Chic Yellow Cab Ino cap.*
6%
51
3%
Jan
11%
Mar
Consolidated Biscuit bom. 1
65
488
41%
Jan
83
Mar
74
124
60
Jan
84
Mar
2%
2%
.7%
95
2%
1%
Jan
3%
Apr
1st preferred
100
45
Preferred B
100
14%
,15%
60
8%
Feb
Adjustment
100
5%
5%
55
3
Feb
8%
Jan
15
Apr
July
June
60
Jan
Jan
169
Mar
»
com.
2d preferred...:
14
14
Ilium.--,.100
*
15
56%
165
166%
21% 24
166
24
General Capital
Gilchrist Co
—
250
2,150
35
775
1,330
33
50
155%
20
Jan
Apr
400
36%
May
11
11
10
14%
7%
15
666
5%
13%
July
41%
Gillette Safety Razor
*
14%
Hathaway Bakeries cl A..*
Class B
2
Preferred
31%
Helvetia Oil Co
1
Copper Co
Maine Central
48
56
*
Employers Group.
Isle Royal
25
100
com
1%
10
♦
"2%
127%
v
Mergenthaler
Linotype-
to
Old Colony RR
15
200
30
1
1%
10
25
2%
47
North Butte
7%
2%
31%
25
New Eng Tel A Tel
100
N Y N H & H RR (The) 100
Mass Utilities
41%
9
5% cum preferred... 100
45
125
3%
3%
2%
Pacific Mills
Pennsylvania RR
Quincy Mining
*
8
Jan
150
35
Jan
64%
30
40%
Jan
50
4%
50%
49%
30%
3
14,600
1,000
800
3
26%
28
28
111
43%
33%
26
100
10
30%
4%
n
300
8,150
1,050
2%
113
500
200
10%
72%
11%
%
7%
%
7%
2,900
4%
4%
4,500
4,500
69%
4
450
26%
Common.
1
*10%
5
6% prior pref A
100
7% cumul pref.—... 100
"14%
8hawmut Assn tr ctfs
For footnotes see
,
page
733
2
13%
8
2%
35
106
4%
35
'
2%
25
19%
2%
Arp
22%
5%
Apr
62
Jan
49%
May
31
Feb
Feb
Apr
May
Mar
Feb
July
Jan
June
4%
Feb
Jan
34%
31%
7%
3%
Apr
Jan
Mar
1% May
Jan
96%
49
May
116
72%
11%
Apr
Feb
Jan
July
July
25
7
6
com
14%
...»
"40%
com *
Feb
Econ Cunnghm Drug
Apr
Eddy Paper Corp (The)..*
300
40c
July
100
%
7%
Jan
373
Jan
18
Mar
Elec Household
16%
27%
15%
10
18%
Jan
45
Mar
Elgin Nat
38
1%
2%
Feb
136
2%
Apr
36c
825
26c
135
20
1,257
45
3%
5%
Feb
May
58c
June
70%
Mar
56c
Jan
1%
Apr
Jan
20
14%
May
18
July
598
28%
Apr
39
Feb
340
70c
Jan
109
15%
Jan
22
July
1%
Jan
2
Jan
740
1.967
11
Jan
1%
15%
Feb
July
Utll cap.5
Watch Co... 15
Feb
7%
Feb
450
27%
4%
July
July
47
8
Apr
Apr
Apr
180
120
Jan
133
80
107
24
106
July
110
Jan
9
Mar
35%
3%
Jan
1,350
13%
26%
7%
10%
Jan
14%
19H
Jan
27
4%
Jan
700
90
40
14
15
310
20%
40%
16%
21
400
160
38
40%
17%
27%
15%
38%
18%
58%
15%
7%
18%
68%
16%
8
37%
18%
30%
27%
8%
14%
812%
20%
30%
15
Feb
12%
Jan
75
26
July
2%
36%
Dixie-Vortex Co com....*
Class A.
1%
% June
Jan
5%
20
13%
75
Dexter Co t rue;
July
30
32
com 10
Jan
Jan
10%
20
34%
4%
Preferred...........100
Jan
3%
15%
107
Decker (Alf) & Cohn
Feb
Feb
2
Cudahy Packing pref. .100
Curtis Lighting Inc com..*
July
Mar
21%
21%
132
Preferred.
July
19%
51
21
Reece Buttonhole Maoh.10
100
2,450
35%
4%
35%
131% 133
11
130
17%
37%
1%
*
Cord Corp cap stock.....6
Crane Co common...—.25
41%
Jan
17%
36%
1%
Continental Steel— ~ T~~
Common
Dayton Rubber Mfg com. *
Cumul class A pref. .35
Jan
80c
Reece Folding Machine. 10
Feb
Mar
21
"~W
27%
Apr
May
1%
38%
34c
25
May
7%
117%
80c
"17%
Jan
1%
18
180
20%
60
5%
26% May
62%
391
47
20%
25
Jan
-
127%
35c
-.100
Old Dominion Co
July
40
120
26%
_
Edison Elec
Feb
73%
Consumers Co—
72
3%
Jan
28
III""
61%
Apr
May
16
4%
Commonwealth Edison. 100
6%
20%
53
•
4%
74
60
48
15
Cities Service Co com
.*
Club Aluminum Uten Co.*
61%
1%
49
130
*
*
100
.
Eastern 8 S Lines
35%
It*
Compressed Ind Gases cap*
Eastern Mass St Ry—
Common
_100
_
72
34
Chicago Flex Shaft com..5
Chicago Mall Order com. .5
—100
6% cum pref
4%% prior pref
2%
Chain Belt Co com......*
Feb
35
132
.
1
♦
Preferred
*
Central States Pr & Lt—
Preferred
...*
Boston & Maine—
Common.....
rl
Prior lien preferred
1,450
50
Jan
Jan
9%
18% July
38% May
Jan
16%
9%
75
July
July
Mar
July
Mar
Mar
16
June
21
June
41% June
20
23
Apr
13
June
18%
Jan
27%
Jan
38%
July
16%
400
30
Mar
410
1,600
Jan
Fitz Simons & Son (D A D)
Common
*
Gardner-Denver Co com.*
General Candy Corp A
5
Gen Household Utll com. *
Godchaux Sugars Ino—
16%
7%
Jan
23
Apr
39
Jan
60
1,200
4,100
11%
Jan
16%
July
July
1,750
2,800
1,250
22%
8%
22%
200
20
3
Jan
9
'
Class A
Class B
58%
...»
20
...
Goldblatt Bros Ino com..
Great Lakes DAD com..
Hall Printing Co com... 10
Harnlschfeger Corp
com
Heileman Brew Co G
nap
30%
27%
9%
10
*12%
May
Jan
39%
Mar
Jan
20%
July
Jan
July
28%
9%
700
26
July
30%
33%
1,150
6
Jan
11%
Apr
14%
70
9%
Jan
17
Apr
4,850
8%
Jan
13%
Apr
13
Apr
Volume
Financial
143
Chronicle
731
M
Sales
Friday
Last
Week's Range
Sale
Stocks (Concluded)
Par
Low
High
Heller (W E) pre! w W...25
25%
Horders Inc com..
12%
27
13%
IS
Houdaille-Hershey cl B-.»
300
25
July
350
11
Apr
13**
Feb
Jan
22**
May
32*4
Mar
May
12**
Jan
Cincinnati Telephone
Coca-Cola A__...__
Feb
10%
27%
10%
Indep Pneum Tool vtc..*
Iron Fireman Mfg v t o
Jarvis (W B) Co cap
1
Jefferson Electric Co com.*
61
61
61
27**
22%
27**
27**
23%
6,800
18**
39%
550
31%
Stove com...*
"43"
41%
43
630
40
40%
2,450
9%
5,300
Kalamazoo
Katz Drug Co com
1
Kellogg Swltchtoard
com 10
Preferred
(new)
Ken-Rad T A Lamp
40 X
9%
96
12*4
40%
2y
13%
41%
2%
27
2*4
1%
31
24
Mar
40
Apr
40
June
July
70
Mar
32
Feb
42
May
75
Apr
July
96
4%
9%
8%
12%
12%
47%
10**
10
Apr
14
390
34**
Feb
43
1,350
1%
1%
3*4
Jan
5,900
Jan
Feb
Meteor..
May
11 %
2,300
7
Jan
13**
Jan
50
Lynch Corp com....,
37%
McQuay-Norrls Mfg com.*
Manhatt-Dearborn com..*
34
Jan
33
Apr
43
27
Jan
38**
60
50
50
June
13%
1
July
16%
7%
35
39%
"l%
Marshall Field common..*
50
680
30
*
Electric com...5
1,450
4
5
McCord Rad A Mfg A
38
15**
6%
13**
6%
42
37%
36%
59
Lion Oil Refining Co com.*
Loudon Packing Co com.. *
13%
6%
"III
com.
Mer A Mfrs 8eo cl A com. 1
Prior preferred
34
4
450
Apr
1,400
7%
Jan
300
6%
July
•
6**
Jan
Mar
15
9%
4
2**
2%
2%
2
7% prior Hen
2**
M lller & Hart Inc conv
2
2%
6%
46%
24%
pf. *
Modlne Mfg com
47
*
Muskegon Mot Spec cl A. *
National Leather com... 10
Natl Rep Inv Tr conv pf.*
6%
*
com
mm—.—
Natl Union Radio com...]
3**
Jan
16
Mar
6%
Apr
8
25*4
Maj
35
2%
Jan
7
Jan
49
Pea body Coal Co B com..*
18
Perfect Circle (The) Co..*
Pines Wlnterfront com...6
Potter Co (The) com.
Prima Co com
7 %
20
Jan
1%
70
2%
2%
6%
1
%
3*4
Jan
Mar
4%
3%
Jan
11**
Jan
55
17
Jan
Jan
25**
15**
65
38**
1%
300
It*
Jan
7
180
5%
32%
%
Jan
10
Feb
150
Jan
47
1%
37%
July
23
250
Jan
7%
15**
June
10
7%
Jan
28
Apr
57
Apr
27 4*
Jan
Jan
3**
Feb
Mar
22**
Apr
41
Jan
90
Jan
25
25%
100
19
500
•,?
1%
18
200
17
36
200
32
4
3%
7% June
14
Jan
26**. July
21
6
3**
**
3**
50c
6% preferred vto
Apr
July
2%
Mar
4%
July
750
2%
2**
Jan
5%
Apr
Jan
6
3,650
71
300
69
100
49
May
130
103
Jan
49**
230
150
142
Apr
115
4**
4%
1%
5
"lS%
Co com..10
4%
1%
.18
Rollins Hosiery conv pref *
Ross Gear & Tool com...
70
950
150
9,550
11%
10
24
8angamo Electrlo Co...
24
65%
67%
18%
67%
19%
Schwltzer-Cummins cap^.l
Sign ode Steel Strap com..*
Mar
July
72%
July
72%
118
July
Jan
Mar
140
Jan
Jan
•
123
June
112**
150
July
19%
2,900
Feb
July
July
Jan
50
17
Jan
26
35
Jn
67%
20%
July
18**
ri
July
Feb
July
10%
20
2%
Apr
14%
Mar
28
30
27**
June
32%
Mar
26
Jan
28%
20
5%
20
88
91**
190
St Louis Nat Stkyds cap..*
86
86
5%
*
4
Convertible preferred..*
150
5%
303*
20**
9%
20%
"3%
Utll A Ind Corp
400
18
3**
31
25
4%
13**
18
.....
Thompson (J R) com...25
Utah Radio Product com. *
10
13
13%
*
Storkllne Fur conv pref.25
Swift International
16
3
1%
Viking Pump Co
11**
3**
19%
17%
26
25
Convertible pref
7% June
Jan
May
10%
Sivyer Steel Cstgs com...*
Swift A Co
Jan
1 %
235
S'west Lt A Pow pref
Stein & Co cl A com
2%
11
28
~28~~
30
h,
»
3%
6
31**
21**
9%
3%
1H
4
950
15**
2%
Apr
61
Feb
91%
July
July
79**
Jan
91
Mar
3%
Mar
7
Apr
Walgreen Co
Apr
18H
Apr
350
950
28 %
Apr
10**
35**
Jan
2,850
20 \i
Apr
25
100
8%
Jan
12**
Feb
2 V*
Mar
4**
Feb
500
%
May
2
Jan
350
2%
May
5**
Jan
3,700
Feb
18**
Jan
Tan
20
*
17**
15**
6%
37%
Wisconsin Bankshareecom*
Zenith Radio Corp com..*
110
15**
Jan
24
Feb
100
39*|
Mar
41
Jan
5%
33**
2,750
33
33
Wieboldt Stores.Inc com.*
Wtlllams-Oll-O-Matic com*
21
39**
4%
*
5%
common
20
17**
17%
14**, 16
6**
6**
32**
39**
-
3
6%
7
2
Feb
July
13**
July
5%
Mar
1%
Mar
8
Feb
220
Jan
9
July
2
10
28
29
380
27
*
4
4
15
4
6**
6**
79
5%
Jan
5
May
21
4**
25
July
48**
Jan
16
134
-
10**
Jan
40** June
208
July
171
20%
2
Stock
June
Jan
Jan
Feb
v
Feb
35**
8%
July
7
May
Feb
July
Exchange—See
741.
pag9
Watling, Lerchen 8l Hayes
New York Stock
Members
New York Curb Associate
Exchange
Exchange
Buhl
Chicago Stock Exchange
DETROIT
Building
Telephone, Randolph 5530
400
4
Apr
30
Apr
350
16
Apr
4,060
3,700
10
Mar
26,600
Jan
6**
35
June
22%
16
Jan
July
8**
Jan
.Tan
11
-
Jan
5**
Detroit Stock
39**
July
Exchange
July 25 to July 31, both inclusive, compiled from official sales lists
Sales
Friday
Last
«*'...
•
Stocks—
Par
Auto City Brew com
of Prices
Low
Price
..1
*
Delsel-Wem-Gil
..1 J
27
July
300
19*4
920
18**
21**
1,040
15%
5
Det Paper Prod com
-.1
*
Mar
178
5%
May
22%
Feb
%
July
%
587
5*4
800
85
37
Jan
4
Jan
Apr
152**
7*4
10*4
Jan
7*4
23
Jan
25
Jan
2%
Feb
Apr
Apr
Mar
150
37
July
%
2,995
1*4
1*4
128
405
8%
8%
1*4
July
23**
7%
294
148
4%
35
*
Jan
"19*4
Apr
6%
147
*
24**
July
19
23%
%
148
-.1
com
Apr
Mar
Apr
15** June
—
100
Dolphin Paint B
14
63
13
23
com
Det Steel Prod
950
6%
------
Detroit Edison
com
27
Feb
July
18**
*
Det Cripple Creek
Det-Mich Stove
46
15**
*10
com
425
3*4
June
9%
54%
21
"18%
Consolidated Paper com. 10
Crowley, Mliner com..
High
Jan
1%
8,115
2,432
26
26%
*
Casco Prod
10
Low
Shares
54**
Burry Biscuit Corp.... 50c
Capital City Prod com.
2%
9*4
*
Briggs Mfg com
Week
High
2
2%
Range Since Jan. 1 1936
for
Week's Range
Sale
-
Feb
4
Mar
19
19%
1,115
9%
Jan
19*4
July
com
.10
70**
72
3,348
54%
Jan
72
July
Goebel Brewing com
..1
7*4
7%
2,920
6%
Jan
10*4
4%
3%
8%
Federal Mogul com
General Motors
.
19
.
7*4
Graham-Paige com.!..
1
2%
2%
850
2
July
Grand Vly Brewing
Hall Lamp com..
1
3%
3%
110
3%
July
6*4
200
Hoover Ball & Bear
*
com
Houdaille-Hershey
Oil.l
McClanahan
18
2,949
14
Apr
26*4
1,490
20*4
Apr
26*4
6%
405
5 **
lH
1*4
16,370
3
3%
1,475
June
1% July
3
July
8*4
1*4
3*4
6%
26%
-
16%
25%
17%
------
♦
McAleer Mfg com
5
Mich Steel Tube Pr com 2.50
3*4
39*4
40*4
"5
Mar
Mar
July
Mar
Mar
Mar
July
July
Feb
Apr
1*4
Feb
3% June
4*4
July
Feb
40*4
July
July
".6
320
32
1,230
Jan
22
2,915
15
Apr
675
3
July
11
11*4
2,833
24%
24**
426
22** Mar
4*4 June
Feb
12*4
Apr
28**
6%
1,175
4*4
615
5%
4%
5?*
5%
1,935
3,815
31*4
31*4
3%
3%
21%
3**
21%
Ho "r20"
18%
20
22
II
Prudential Investing... ..1
..5
Reo Motor com
..2
(H W) com
River Raisin Paper com
.....
......
6
.
.
.
4%
-
5%
5%
Square DA
Standard Tube B com.. ..1
*
(Fred'k) com..
Timken-Det
Axle com.
1
Tivoll Brewing com
8*4
*
United Shirt Diet com..
-----
Universal Cooler A
-
8%
*
B
Warner Aircraft com... -.1
763
20
3%
_
Parker Rust-Proof com 2.50
22
18*4
"18**
Packard Motor Car com
Stearns
•
20
Apr
Jan
Feb
Feb
July
3*4
Nat Auto Fibres vtc..
Rickel
1,665
3?*
Jan
3*4
16
1,817
1*4
39**
.
10
250
18*4
1J*
3*4
Mid-West Abrasive com50c
Murray Corp com
5
4%
18
18
------
Motor Products com...
May
6
-
Refineries _.i
Michigan Sugar com
Jan
27*4
23
15*4
31*4
19*4
-
1
McClanahan
11
350
3
*
com
470
1**
-
Ho
Kresge (S S) Co com
Lakey Fdy & Mach com ._i
Jan
5%
13
12
*
B__
Hudson Motor Car
6%
6%
I10
Motor Wheel com
7
12** June
17** May
5% June
39**
com
Preferred
Wahl Co oom
228
217
217
20
20
7
45%
44%
Feb
July
7
12
1%
1%
7
'
Mar
25
Mar
7
Baldwin Rubber com.. ..1
July
14,850
•125% 127%
146Hz150
150
Jan
Jan
6**
Jan
18
45
Playing Card
Printing
Jan
2*4
3%
'
49%
4%
27 J*
July
4
8
60
Feb
Apr
700
7,100
1,050
4,250
m
19**
25
5
23**
9%
July
Jan
26
%
37%
6%
10%
25%
;
5
21**
5
JaD
Raytheon Mfg—
Standard Dredge—
Common.
;
22**
*
Feb
47
115% 116%
119% 121
126%
100
So Colo Pow A com
21**
22%
Jan
Mar
Jan
69
116
100
Preferred
"21%
3%
Feb
11
2%
3%
100
t o
July
Jan
38**
750
3**
*
v
Feb
14
*
Mar
70
69
Mfg
28
June
Mar j
5
950
3
4%
..60
Common
Jan
11
*
Cleveland
Jan
300
18
*
Common
Reliance
23
63
Western Art
Feb
Mar
%
1
35
~
Common
Preferred
150
14
13**
B
Feb
Public Service of Nor 111—
preferred..
preferred
Quaker Oats Co—
28
14
9%
Randall A..
Feb
10**
1,450
47**
25**
1%
1%
Penn Gas <fc Elec "A" com*
Common
27**
4** June 1
Apr
July
3%
170
23
100
10
6%
7%
45
Jan
15%
9
.100
com
Feb
Jan
Northwest Utll—
Prior lien pref
40
Apr
51
6
9%
24%
Northwest Eng Co com..*
Parker Pen Co
133
100
U S
25%
31
6
Northwest Bancorp com..*
7% preferred
45
8% preferred
U S
11**
24**
%
•
com
m
36
Noblltt-Sparks Ind oom..*
North Amer Car
45
45
1%
Apr
13%
51
Gypsum cl A com..5
National Standard
33** June
*
Feb
49**
1%
6%
46%
%
25**
Nachman Sprlngfllled com*
Natl
Jan
..*
Detroit Stock
47
Jan
28
B
Midland Utll—
6% prior lien:
Mar
25
257
(
*
July
15
31**
Procter & Gamble
54*
1,250
3,800
3,300
8,840
Conv preferred A
July
30**
Jan
3**
Midland United CoCommon...
14**
Mar
8
13**
United Milk A
61
Mar
16
*
Feb
July
11**
18
256
t_*
8*
620
Mickelberry's Food ProdCommon
.......I
Middle West Corp cap
5
Stock purchase warrants
35**
2,300
39,950
9,900
7
*
110
25
11**
31
Moores Coney A
7
Jan
Jan
42
*
10
14**
30**
July
*
Manischewltz
7
;
July
18
*
3?*
July
July
Jan
July
100
14**
*
36**
13%
48%
4%
14%
6%
Jan
40
National Pumps..
♦
Jan
44
30**
11**
11**
.*
Jan
May
85
68
July
8**
92**
18**
Leonard
Apr
60
106
100
Feb
107
Jan
18
Lunkenheimer.:
21
770
92%
95
.40
Kroger...
Jan
Mar
5%
92
*
Julian & Kokenge
Kahn A.
Jan
3%
780
_*
Hobart A
Feb
Jan
177
7%
4%
*
Gibson Art
July
High
Jan
106%
■-
♦
Formica Insulation
8
1%
100%
6**
50
Low
Shares
3%
106
(Dan)
Crosley Radio
*
Eagle-Picher Lead ......20
Feb
Feb
2,090
Llbby McNeil & Llbby..lO
Lincoln Printing Co—
Common
McGraw
68
May
9,400
1%
Cumulative preferred..*
$3** preferred
Lindsay Lt & Chem
July
24
250
•
oom
60
400
28%
41
5
Lrath <fe Co
87
13**
oom A *
Ky Utll Jr cum pref
50
Kingsbury Brew cap...,. 1
La Salle Ext Uidv com
8%
10
96
100
8
400
Week
High
3**
3%
Range Since Jan. 1 1936
for
of Prices
Low
Price
Cohen
26
2,950
Par
Cinti Ball Crank pref
_*
Cinti Gas & Elec pref. .100
Cincinnati Street Ry
50
Jan
22
10 ^
21%
39**
29
16** May
50
26
Co
Stocks (Concluded)
High
Low
25
Illinois Brick
Week's Range
Sale
Shares
18
*
Hormel & Co (Geo) com A*
Last
Week
of Prices
Price
Sales
Friday
Range Since Jan. 1 1936
for
4*4
1%
—
8*4
8%
8%
4*4
1%
'
15**
Jan
6%
23*4 June
6
July
6*4
July
July
July
8*4
7%
Mar
5
4*4
July
7
100
30*4
May
1,735
3*4
July
33%
Jan
Feb
4*4 June
Jan
24
Feb
12*4
5*4
5,878
Jan
20
July
Jan
Apr
11*4
12**
Mar
Jan
9*4
4*4
July
,516
Jan
3
Mar
6*4
July
%
8%
140
.211
7*4
--6*4
Jan
8%
4%
5,912
2*4
1%
2,555
210
Feb
17
160
2,209
9**
-
,
4*4
Jan
-
Apr
6%
6%
6%
11*4
Mar
Wolverine Brew com— ..1
%
575
July
1*4
Mar
33**
%
30%
%
*
33%
1,370
15
Jan
33*4
July
100
100
July
Wayne Screw Prod com ..4
Wolverine Tube com—
BALLINGER & CO.
Members Cincinnati
UNION TRUST
100
Preferred
100
100
100
-
100
July
Stock Exchange
BLDG., CINCINNATI
los angeles securities
Specialists in Ohio Listed and Unlisted
Listed and Unlisted
Stocks and Bonds
Wire System—First Boston
Cherry 6711
Dobbs-Crowe-Wagenseller & Durst
Corporation
A. T. A T. Tel. Cin. 291
Member Los Angeles Stock
626 So.
Cincinnati Stock Exchange
Spring St.,
Exchange
LOS ANGELES
July 25 to July 31, both inclusive, compiled from official sales lists
Last
Par
Week's Range
for
Sale
Stocks—
Los
Sales
Friday
of Prices
Week
Price
Low
High
Range Since Jan. 1 1936
Shares
Low
Angeles Stock Exchange
July 25 to July 31, both inclusive, compiled from official sales lists
Sales
Friday
High
Last
Aluminum
Industries
*
Churngold
Jan
27
Mar
25
Jan
20**
276
35
14**
15
733
for
of Prices
Low
High
Shares
Range Since Jan. 1 1936
Feb
105
19**
14**
imgp
19**
103** 103**
103**
14**
«ee
38
Week's Range
Sale
Mar
24
*
foiiinnie-
13%
22
Cinti Advertising Prod...*
for
Jan
11%
20
100
100
9%
11%
24
American Laundry Mach20
Chaipp Coated
1st preferred.
115
11**
25
109
19** June
102
12**
8
Mar
Apr
17**
Jan
17
Feb
June
Stocks—
Bandinl Petroleum
Par
10
4
4
4
2%
Co.__J
Berkey A Gay Furn
Bolsa-Chlca Oil A
Price
2
2%
8%
8%
Week
100
Low
3%
High
Jan
8,300
2
July
3.800
5%
May
2%
2%
10
Jan
July
July
732
Financial
Last
Par
Bway Dept Store pref..100
Buckeye Union Oil com__l
Common vtc
Week's Range
of Prices
Week
Preferred vtc
Chapman's Ice Cream
Chrysler Corp..
Jan
104X
Apr
Pennsylvania
Par
RR
6c
Jan
16c
Feb
Penna Salt Mfg....
5c
July
17c
Feb
Feb
Feb
Phila Rapid Transit
13c
14c
16c
20
16c
16c
20
3X
120 X
29 X
10
4
500
120 X
100
29X
50
10c May
30c
10c June
20
1
Jan
30c
July
95
May
20 X June
12
12
12 X
13
13
■13 X
500
1,600
11%
5X
900
14 X
28
32 X
10 X
May
18 X
19
19
600
12
Apr
,
Apr
Apr
July
4X
121X
June
4X
4X
L 4%
25
30X
Phila Elec of Pa $5 pref..*
Phlla Elec Power pref..25
16c
*
Price
50
8,667
1,567
7,750
20
*
District Bond Co
98
Stocks (Concluded)
3,000
4
*
40
High
8c
29 %
_
ioo x
Low
9c
120%
_
Shares
8c
*
+
Sale
8c
5
Preferred
Last
8c
Citizens Nat T & S Bk__20
Claude Neon Elec Prod.
*
Consolidated Oil Corp...
Consolidated Steel com
Range Since Jan. 1 1936
8c
1
100
High
100
100 %
1
Central Investment
Low
Price
1
.
Preferred
Friday
for
Sale
(Concluded)
Aug. 1, 1936
Sales
Friday
Stocks
Chronicle
50
50
Low
Phila & Read Coal & Iron *
Philadelphia Traction
2,767
113X 115%
34 X
35
58
Feb
Salt
Dome
Oil
Corp
8X
79
Tacony-Palmyra Bridge. *
Tonopah-Belmont Devel.l
Tonopah Mining
1
60 X
___*
Sun Oil Co
*
33 X
239
2%
Jan
8%
Jan
IX
IX
60
13 X
187
4X
25
61%
11
81%
303
33%
110
X
1,300
30%
57
J an
75
Mar
71%
Jan
90%
Mar
29%
Jan
38%
Mar
«i6
%
Jan
Jan
1
1 %
Feb
1,319
6,397
3 %
Feb
Apr
5%
July
Feb
565
301
5X
July
300
19
19
19%
700
53 X
14 X
Feb
20 X
75c
60c
75c
28,300
20c
Feb
87 Xc
General Motors Corp
Gen Paint Corp B
69 %
io x
69 X
72 X
1,900
64 X
Jan
10 X
300
*
8X
8X
Apr
72X July
12X June
United
10 X
Preferred.......
*
16
16
16
300
11X
Jan
48 X
47%
48%
10 X
*
17 X
17
18
Jan
13X
24X
United Gas Impt com
Preferred
10
Gladding-McBean
& Co..*
Globe Grain & Mill Co..25
Hancock Oil A com
*
Holly Development Co
1
'
9
ox
23
80c 07 Xc
85c
200
8X
500
OX
22
22
1
18 X
Jan
5,900
46c
Jan
Mar
July
Apr
July
Mar
Feb
Apr
Apr
1.50
.
_
Union
Traction i
Corp
X
5X
4X
*
810
1
X
__50
common
8
Apr
79
40 %
Apr
48%
14%
Apr
19%
64
108%
Apr
8%
8%
ioo
7%
Jan
13%
14%
23%
$8,000
8 X
Jan
9,406
8X
Apr
8%
9%
111% 112%
Coal.l..
Westmoreland
X
35% May
12% Mar
28% May
Jan
3%
19% May
Apr
7%
1% July
10%
Jan
4% July
16% May
19
6
,
May
200
79
Jan
July
117
1,042
75
5X
131
7X
76 %
6
Feb
112
11X
4X
16X
00 X
Feb
39
9X
*
Emsco Der & Equip Co... 5
Exeter Oil Co
Douglas Aircraft Inc
High
Apr
ox
33%
"18
1
Scott Paper
Low
28%
113%
Apr
Jan
80 X
...
Mar
5% ' Apr
10 X
Feb
389
13X
50
Reo Motor Car Co
Range Since Jan. 1 1936
Shares
37 X
131
IX
preferred
for
Week
High
36 X
10 x
7%
Range
of Prices
128
50
113%
35 X
ox
Jan
15 X
Jan
Sales
Week's
Feb
113% June
9
July
Bonds—
Jade Oil Co
10c
12c
12c
Kinner Airpl & Motor
1
Lincoln Petroleum Corp__l
42c
41c
15c
15c
1,300
715
Lockheed Aircraft Corp..l
Los Ang G & E 6% pref 100
13c
9c
Jan
16c
Feb
50c
6,700
9,100
Elec & Peoples tr ctfs 4s '45
37c
July
95c
Feb
19c
Peoples Pass tr ctfs 4s. 1943
41,400
8c
Feb
29c
Feb
ox June
Phila Elec (Pa) 1st 5s. 1966
11X
iiox
Jan
July
4X
July
ox
OX
10 X
106 X
106 X
107 X
Los Ang Industries Inc...2
Los Ang Investment Co. 10
4%
4X
OX
2X
2,000
5
Jan
OX
Jan
Mensaco MfgCo
Nor don Corp
1
4%
4X
OX
4%
Jan
5
1,100
2
X
Jan
ox
Mar
_.5
12c
12c
13c
12c
July
28c
1
42c
42 c
47c
6,000
6,400
25c
Jan
1
72%c
100
50c
Jan
57 Xc
85c
Apr
July
8c
Jan
Occidental Petroleum
Oceanic Oil Co
Olinda Land Co
6
72 Xc 72 X<
14c
14c
1,600
105
14c
*
23%
23 X
24
2,333
21,000
18X
Jan
26
11X
11X
700
10 X
Jan
11X
39 X
39
30 X
200
31X
32
32
100
20X
Jan
800
18X
Mar
Preferred
25
X
32
25
24X
51X
51X
106 X 100X
8
7X
24 X
24X
51X
*
106 X
Pacific Public Service
1st preferred
*
7%
*
Republic Petroleum Co
1
25 X
10
Rice Ranch Oil Co
1
16c
12c
Samson Corp 6% pf ann.10
2%
2X
r
S J L & P 6 % prior pref. 100
Sec Co Units of Ben Int..*
Security-First Nat Bk
20
Signal Oil & Gas A com... *
ox
100
58 X
120
BROADWAY,
Jan
2X
Jan
25X
13X
16c
34,400
2,889
10c
Jan
40c
July
July
July
Apr
2X
300
IX
Jan
13X
700
Pittsburgh Stock Exchange
July 25
to July 31,
both inclusive, compiled from official sales lists
Friday
110
110
30
45
45
50
103 X
45
May
45
Jan
54X
50 Xc
Jan
60C
Jan
200
11X
Jan
25 X
July
"32%
Jan
38 X
31%
32 X
2,500
38 X
30
25
28 X
38 X
28 X
28 X
1,500
25
27%
27 X
28
So Calif Gas A 6% pref. .25
Southern Pacific Co
100
Standard Oil of Calif
*
31X
31X
31X
40 X
39
40
41X
39
25
13 X
22%
Universal Cons Oil Co...10
23 X
22X
25
Kamps Bakeries. _*
Weber Showcase & Fix
pf. *
Wellington Oil Co
1
Western Air Express
1
32 X
32
9
Yellow Checker Cab.*
50
54c
30
110
July
32
July
Stocks-
ar
Mar
800
27 X
26
200
31X
July
34X
800
24
Jan
41X
July
39X
600
35 X
13X
13 X
Apr
22 X
8,600
1,800
1,700
11.
22
9
20 X
Apr
7X
Jan
25
'
July
33
500
12 X
Feb
1
33
Fort Pittsburgh Brew
July
Harb-Walker Refrac
80
5X
Feb
10 X
Mar
8X
1,700
29
Jan
28 X
June
47
Blaw-Knox Co
*
Carnegie Metals Co..
1
Columbia G & E Co
*
Devonian Oil
Clark (D L) Candy Co
Crandall McK & Hend.
*
.
_
Feb
Feb
Electric Products
Mar
OX
Jan
44 X
July
10c
45c
22c
Jan
3c
47c
3c
3c
5
Apr
*
com
July
63c
Feb
1
1.20
1.20
1.30
1,000
14,600
1.00
Feb
1.40
Jan
Imperial Development .25c
1XO
1%C
2c
6,500
lc
Jan
4c
June
7c
7c
7c
1,000
6c
Jan
15c
Jan
300
__1
Amer Radiator & St Sani._
American Tel & Tel.... 100
22 X
7Xc
Jan
Unlisted—
22
20 X
X
23 X
171X
170 X
172 X
256
5
ox
5X
OX
400
4X
4X
3X
ex
42 x
4X
3X
100
3X
Commonwealth & Southern
4%
3%
300
Aviation Corp (Del)
Cities Service Co
Curtiss-Wright Corp
7
1
42 X
Montgomery Ward & Co.
Nor Amer Aviation Inc
North American Co...
Packard Motor Car
8X
July
Feb
7X
Mar
Jan
7X
3X
Feb
2,400
100
37
Apr
5X
7X
42 X
Jan
47 X
10
July
35%
Feb
200
36 X
8X
600
35 X
200
7X
Apr
24X May
35
10X
11
1,000
7
12 X
_
12
12 X
1,800
9X May
Radio-Keith-Orpheum
ex
6X
Texas Corp
..25
United Corp (Del)
United States Steel Corp.
Warner Bros Pictures Inc
40
40
8
8X
ox
300
July
July
July
Apr
May
35 X
10 X
...
Radio Corp of America..
23%
177 X
Jan
2 X
7X
42 X
47 X
General Electric Co
May
May
150
Jan
100
40
13
1,800
6
May
Feb
Jan
7X
July
8
Apr
14X
July
5X
40
Apr
July
July
Apr
40
8X
67 X
07 X
07 X
200
68 X
May
71
12 X
11X
12 X
2,700
9X
May
13
14X
1
Range Since Jan. 1 1936
Fireproofing
51%
51%
5
*
com
Preferred-
Plate Glass. .25
.
*
Steel Foundry *
Plymouth Oil Co
5
Renner
1
Company
Shamrock Oil & Gas
Standard Steel Spring
•_*
*
United Engine & Fdry
United States Glass Co..25
Vanadium Alloy Steel
*
Victor Brewing Co
1
Westinghouse Air Brake..*
Feb
July
Jan
3% June
2%
Jan
16%
Jan
7%
Jan
165
985
3
4,715
200
36%
6
Jan
8%
20
July
Feb
15
July
10%
July
40
Mar
1
July
25
31
Jan
143
97
Jan
10
Jan
2,200
1
52%
5%
422
41
1,990
,
1%
41%
106%
14%
Jan
Apr
Feb
Mar
Apr
Jan
4%
%
2%
60
July
Mar
3^
26%
112
25
12%
131
134%
9%
10%
9
8%
15%
15%
1%
1%
3%
4%
24
24%
35% 38
625
7%
Jan
98%
Jan
7% May
398
40
193
1,193
253
Jan
12%
Jan
1
Jan
3%
1,857
Jan
560
21
610
200
22% May
1%
Jan
298
42
90c
Jan
Apr
3
20
983
2
95c
31
Apr
Jan
95c
2,290
60c
Jan
41%
42%
135% 141%
689
34%
Jan
110
97
Jan
100% 100%
>0%
5%
4%
Westinghouse El & Mfg. 50
Feb
Jan
July
Jan
9,692
2
"42
Mar
Apr
Apr
15%
250
1
38%
62%
20%
4%
23%
July
2
100
15
High
July
14
200
19
10%
24%
27%
47%
13%
1,170
1,879
12
Forging Co...l
Screw & Bolt.
500
337
Low
3*
*
_......
244
26%
Pittsburgh Brewing.-
Pittsburgh
Pittsburgh
Pittsburgh
Pittsburgh
32%
54%
17%
2%
23%
4%
8%
Shares
1
Mountain Fuel Supply
Natl
High
35%
35%
105% 106
12%
14
*
5
9
T~
*
McKinney Mfg Co
30%
50%
16%
2%
21%
4%
8%
18%
23
Koppers Gas & Coke pf. 100
Lone Star Gas Co
Low
10%
Follansbee Bros pref... 100
Feb
10X
50
3c June
—<r-
Duquesne Brew Co com..5
14X
Mesta Machine Co
5 X
14
50
4%
*
10
28 X
Jan
4X
300
50
45c
Price
*
9
8X
_10c
Cardinal Gold
Week
Allegheny Steel com
*
Armstrong Cork Co com.*
July
July
July
July
July
35
Mining—
Zenda Gold
for
of Prices
Apr
500
Week's Range
Sale
Feb
110
38 X
Calumet Gold..*.
Sales
Last
25
Black Mammoth
NEW YORK
June
8
PITTSBURGH, PA.
A. T. & T. Tel. Pitb-391
July
107 X
Jan
BLDG.,
Court-6800
Specialists in Pittsburgh Listed and Unlisted Stocks and Bonds
July
Jan
.25
Van de
Jan
Pittsburgh Stock Exchange
BANK
Tel
May
5X
20 X
29 X
Transamerica Corp
48X May
May
113
New York Curb Exchange (Associate)
July
32
105 X
29%
31X
Union Oil of Calif
40 X
20 X
90
53XG
Original pref.
6% preferred
5%% pref
UNION
Feb
300
54c
So Calif Edison Co
31c
Feb
Mar
27
July
f
Members
Mar
25
20
June
110
/
a/*™.
•
July
U X
Pacific Gas & Elec Co
Jan
23
3,000
H. S. EDWARDS & CO.
Feb
1
6% 1st pref...
.25
Pacific Indemnity Co
10
Pacific Lighting Corp....*
10
4,000
Jan
10
Pacific Clay Products
Pacific Finance pref C
23%
111% 112
419
100
July
Unlisted—
Lone Star Gas 6% pref. 100
Pennroad Corp vtc
150
3%
Jan
106%
5%
Mar
Feb
-
Feb
ST. LOUIS MARKETS
I. M. SIMON &CO.
Established 1874
DeHaven & Townsend
Business Established 1874
Members
Mid-Weatern and Southern Securitiea
Enquiries Invited
New York Stock Exchange
NEW
1415 Walnut Street
all
MEMBERS
Philadelphia Stock Exchange
PHILADELPHIA
on
New York Stock Exchange
St. Louis Stock Exobange
YORK
New York Curb
Chicago
Board
315 North Fourth St., St.
30 Broad Street
(Associate)
of
Trade
Louis, Mo.
Telephone Central 3350
Philadelphia Stock Exchange
St. Louis Stock Exchange
July 25 to July 31, both inclusive, compiled from official sales lists
Friday
Last
Week's Range
of Prices
Sale
Stocks—
Par
Price
July"25
Sales
Low
High
to
July 31, both inclusive, compiled from official sales lists
Range Since Jan. 1 1936
for
Last
Low
American
Stores
*
100
Baldwin Locomotive
*
Securities
Bankers
Bell Tel Co of Pa
Budd (E
3%
pref .50
pref. 100
G) Mfg Co
*
Preferred—
100
.
124
.»«.
-
*
«.
-
103
Budd Wheel Co...
*
Chrysler
5
10%
119%
Curtis Publishing Co com *
18%
Corp
Elec Storage
General
Battery..100
Coal
Lehigh
Preferred
II
Pennroad Corp v t
•
i
*
Mtt'iouir-
8%
119%
Jan
125%
Mar
25
Brown Shoe com..
Burkart Mfg com
1,150
9%
Jan
85%
Jan
15%
112%
Mar
10
10
11
564
8%
Apr
14%
Mar
_*
Coca-Cola Bottling com__l
Columbia Brew com
5
124%
24%
July
Dr
118% 124%
18%
19%
1,306
86
Jan
211
17
June
60
*
ox
4,421
1,056
12%
14
OX
1,272
486
July
42%
21%
55%
High
for
Range Since Jan. 1 1936
Week
Shares
3%
*
Apr
Apr
Jan
Pepper
*
com
25
20
July
51%
92
50
May
68
70
145
48%
Jan
77
Feb
95
5%
227
30
51
"68"
22
30
95
84
57
Jan
95
July
500
3
Jan
5%
5%
5
*
733
13 X
Feb
30
Jan
28%
Mar
30
July
64%
6%
July
Feb
Mar
78%
80
325
21
22
80
17
July
22
July
July
99
99
20
97
July
100
July
85
80
Ely & Walk Dry Gds com25
2d preferred
100
Emerson Electric pref..100
85
100
74
Mar
30%
Feb
.80
85
July
34%
Mar
Falstaff Brew
1
8%
9%
2,862
Jan
72%
July
Griesedieck West Brew..10
17%
18
18%
166
Hussmann-Ligonier
12
12
13
330
14%
July
12%
100
6%
9%
Jan
12%
Jan
15
June
4
Jan
com..
Jan
11%.
Jan
Jan
6%
8%
14%
Feb
Preferred.
Jan
8%
Mar
Huttig (S & D)
8
Mar
262
3%
1,183
1%
Jan
636
9%
Feb
14%
Feb
3,101
3%
Jan
5%
'Feb
5%
27
July
54
3%
13
High
52
com
.
*
*
8%
*
2X
3%
12%
4%
Low
30
22
30
*
103
13%
Low
30
*
preferred"
103
72%
»..*>
B
Apr
162
24%
c
-tr-f
Feb
Jan
27
Price
American Invest A com.25
6%
21%
July
of Prices
Jan
Feb
205
45%
Light
36
177%
400
69%
8%
25
&
Jnlv
July
44%
23%
50
26
149%
2%
oo x
Navig
&
Valley
Power
13
524
45%
10
Mitten Bank Sec Corp. .25
Nat'l
482
10
Asphalt
General Motors
Lehigh
27% 28%
170% 172%
2%
3%
26%
27
123% 125
■
Par
Week's Range
Sale
High
Stocks-
»American Tel & Tel
Sales
Friday
Week
Shares
%
*
com..
Hyde Park Brew
com...
Hydraulic Pr Brick comlOO
Preferred
100
4%
17
Jan
July
6
6
100
18
18
25
15%
Apr
1
1
50
50c
Jan
6%
8
96
4
Jan
9%
20
7%
18
1%
*9
July
July
Apr
July
Feb
Mar
Financial
Volume 143
Friday
Week's"Range
of Prices
Week
Price
International Shoe com—*
49 %
Key Boiler Equip com
*
Laclede-Christy Clay com*
13%
Laclede Steel
~23%
20
com
Low
High
Range Since Jan. 1 1936
Last
49%
14
47%
8%
6%
22%
210
10%
Stocks
High
Low
Shares
70
490
Jan
Jan
Jan
July
53%
14%
12%
Mar
Feb
July
30% Feb
(Concluded!)
Par
Roos Bros common
23%
23%
80
21
21
45
19
June
28
Mar
59
61
17
52
July
61
July
Shell Union Oil com..
17%
17%
July
Signal
Natl Bearing Metals com.*
Natl Candy com
*
2d preferred
100
47
42%. 47
400
11%
11%
392
Schlesinger & Sons
com
*
...
Preferred
102
102
30
9
9
135
5%
5%
100
*
1st preferred...*
100
60
60
2d preferred
100
45
45
Scullin Steel pref
*
Southwstn Bell Tel pref 100
Stix Baer & Fuller com
*
10%
Wagner Electric
34 %
5
4%
125% 125%
15
10%
32%
10%
35
Jan
47
July
Feb
9%
Jan
.100
7% June
3% May
15
May
102
July
25
25
*
Oil
Standard Oil of Calif
*
9%
28%
July
Tide Water Assd Oil com.*
5
July
6% preferred
Transmerica Corp
127% Mar
10% June
Mar
35
Apr
July
100
*
Union Oil Co of Calif....25
Union Sugar Co com
25
7% preferred
Bonds—
25
Universal Consol Oil....10
tCity &SubPS5s
United Ry 4s c-d
1934
29
29
29%
29%
29%
26%
Jan
34
%
1%
18%
28%
19%
30%
54
53
56
%
40%
%
40%
1%
8%
37%
1%
41%
17%
17%
8
8
2
8%
37%
1,660
506
July
Jan
May
200
Feb
Feb
19%
July
Apr
32
July
July
Jan
1% May
Jan
6%
35% June
289
2,286
1%
8
Apr
Jan
23H
695
2
Feb
121
42
1,020
11,362
8%
39%
110
15%
23%
1,288
Feb
Jan
Mar
23i
10
8
29%
58%
Apr
1%
July
41% July
2%
9
Jan
Mar
47%
Feb
Jan
34
Apr
17%
104%
13%
22%
20%
30%
23%
775
14%
Jan
19
Feb
35
101
Jan
106%
13%
21%
19%
13%
22%
31,133
11
Apr
14%
2,166
21
Apr
28%
Feb
21%
4,865
10
Jan
21%
July
30
30%
810
23
Jan
31
May
Jan
28
July
50% June
59
July
104% 104%
23
7%
2,065
Mar
Feb
May
27
$2,000
1,000
113
Apr
July
45
Jan
80
18%
28%
*
Spring Valley Water Co..*
60
123
11
So Pac Golden Gate B
Apr
1%
2,796
July
100
Feb
40
60
Jan
5%
5
Rights
Southern Pacific Co
Mar
52
5
645
10%
35
121
1%
100
Soundview Pulp Co
Scruggs-V-B D Gds com.25
com
9% June
1,225
106
118
118
*
15%
105
23%
104%
105
25
17
285
Preferred.
100
S J L & Pr 7 % pr ppref. 100
com
High
Low
Shares
24
24
com
Week
High
24
McQuay-Norris
Mo Portland Cem com—25
Low
Price
Range Since Jan. 1 1936
for
Range
of Prices
...1
Landis Machine
Rice-Stix Dry Gds com
Week's
Sale
49%
13%
10%
11%
Sales
Friday
for
Sale
Par
733
Sales
Last
Stocks (Concluded)
Chronicle
Walalua.
59
Wells Fargo Bk & U Tr. 100
Western Pipe & Steel
10
Yellow Checker Cab A..50
59
300
300
25
59
300
36%
36%
47
47
25
Apr
200
Apr
38
July
Jan
26%
23%
327
Jan
290
3,773
38
49%
51
July
Members
Dean Witter & Co.
Municipal and
PRIVATE
Corporation Bonda
New York
Los Angeles
Oakland
Portland
Beverly Hills
Honolulu
Sacramento
Stockton
York
Stock
Seattle
Tacoma
Fresno
Exchange
San Francisco StockExchange
STRASSBURGER & CO.
San Francisco CurbExchange
Chicago
Board
Chicago
LEASED WIRES
San Francisco
New
Stock
of
Trade
Exchange
MONTGOMERY STREET
133
New York Curb Ex.
New
(Asso.)
York Cotton Exchange
FRANCISCO
SAN
(Since 1880)
New York
Coffee <k Sugar Ex.
Commodity Exchange, Inc.
Honolulu
Stock
Exchange
Members: New York Stock
Exchange—San
Exchange—San Francisco Stock
Curb
Francisco
Exchange—Chicago
Board of Trade—New York Curb Exchange (Associate)
Direct Private Wire
San%!Francisco Stock Exchange
San
JulyI25 to July 31, both inclusive, compiled from official sales lists
Friday
Last
Week's Range
Sale
I Stocks—
Par
•
Price
of Prices
Low
High
Francisco Curb
for
Week
Range Since Jan. 1 1936
21%
21
Assoc Ins Fund Inc
5%
40%
22%
4%
40%
21%
10
Oil Co
Associated
25
Atlas Imp Diesel Eng com 5
Bank of California N A_ 100
Bishop Oil
195
1
Byron Jackson Co
6%
Low
6,191
23%
1,386
195
6%
29
...»
21%
5%
40%
192
7%
29%
29
269
17
Jan
22%
5%
50%
3% Apr
40% July
21% July
187% June
90
70
6
6,410
1,491
15%
Par
20
Calaveras Cement com
7%
i.29
*
100
10
preferred
California Copper
Calif Cotton Mills
1%
100
33
105
Caterpillar Tractor
*
Claude Neon Elec Prods..*
Clorox Chemical Co
29
5%
5%
92
California Packing Corp..*
Calif Water Serv pref. .100
com.
28%
f>5%
92
i
1H%,
33
35
38%
A
12
1%
| 33
| 39%
104
75%
92
{<12
75%
105
Jan
Alaska Mexican
Feb
Alaska Treadwell
July
Amer Rad & S
7% July
July
Amer Tel & Tel
100
171 %
1
70c
Amer Toll Bridge....
103%
103
103
$3
Fruit'com
preferred
41
July
105
25
10
*.100
20
17
20%
71%
61
72
_*
22
22
17%
16%
25%
18%
Emporium Capwell Corp.*
Emsco Derrick & Equip..5
Plantation——
Fireman's Fund Ins
19
63
_
.25
100%
10
;
3%
Foster & Kleiser
Galland Merc Laundry.
General Motors
_
.
*
10
com.
Gen Paint Corp A com
*
Gladdlng-M cBean
Golden State Co Ltd
*
Hale Bros Stores Inc
*
Hancock Oil Co
*
5
16%
110
3,765
39%
15%
10%
110
5%
Feb
19
19
7%
*17"
7%
8%
80%
Pineapple
43
43
69%
69%
73
1,924
10
11
16
16
150
200
9%
16%
10
1,051
22
23
33
34%
16%
July
Jan
z
California Art Tile A
29
32
17%
2%
7%
17
17%
12%
12
32
32
Preferred
Island Pine Co Ltd com.20
25
ts Preferred
2%
6%
3
16
7%
12%
32
Langendorf Utd Bak A—*
11
11
11%
Letourneau
38%
9%
9%
35
40
Libby, McN & Libby com *
1
Lockheed Aircraft
L A Gas & Elec Corp pf 100
2%
Magnavox Co Ltd
Magnin (I) & Co com
107
2%
9%
9%
9%
10%
107
107%
2%
2%
375
12%
12%
100
12%
July
13%
July
45c
July
61c
July
Jan
11% May
7%
15%
Mar
72
87
1
Canadian Pacific
38
Natomas Co
*
10%
100
17%
86%
83%
14%
Common new...
No Amer Inv com
preferred
100
5%% preferred.....100
6%
North Amer Oil Cons
10
July
Consolidated Oil
13
13
72
July
Crown Will 2d pref
85
85%
May
14%
10
1,988
10
Oliver United Filters A.
31
31
31%
23
32
July
2%
July
July
7%
July
M
Mar
107
July
Jan
104%
Jan
9
68%
65%
14
Jan
Jan
20
25
Pacific Fish Co
6% 1st preferred
25
14%
39%
32%
13%
39%
32%
5% % preferred
25
29
29
Pacific G & E com
480
1,332
1,093
399
6%
21
16%
June
116
.
3J
18
Jan
13
Apr
16%
6%
225
4.50
Jan
16%
July
4,090
3.15
Jan
6%
July
....
1
1.30
1.25
1.30
655
1.00 May
13%
14%
50
12% May
48c
48c
58c
25c
22c
25c
500
15c
Jan
58c
Feb
15c
Mar
20c
Apr
1
33c
23,750
26,200
10c
Feb
Jan
Jan
17%
40%
32%
29%
80
104%
Jan
5,830
3,247
4%
Jan
100
125
124
125
80
100
150
150
150
142
*
77
77
226
Preferred (non-vot)
com..
preferred
6%
Paraffine Co's
com
Preferred
...
Ry Equip & Realty com..*
105%
5
*
100
Rainier Pulp & Paper B. *
18%
87%
32
Republic
10%
_
July
Mar
2,950
1,366
Pac Pub Ser (non-vot) com*
Pacific Tel & Tel
20%
50
22%
_
Pete...
76%
102% 105%
105
5%
500
185
85
18%
87%
32
32
5
18%
13%
60
125
34,212
18%
Jan
23
Jan
47
July
Jan
8%
10%
July
Jan
200
25c
Jan
150
27%
Jan
100
11
Pacific Clay Products...
July
July
14
Mar
8
June
11
Jan
2.80
1,791
2.60
July
3.20
873
3%
Apr
6%
3.60
202
8.10
14%
11%
12%
1%
11%
Pacific Portland Cem—100
3*60
Pacific Western
(Del)
155
13
Apr
May
66
1,125
July
Jan
Feb
5
May
18
Feb
12%
14%
Feb
Apr
6%
10
Jan
Jan
221
1%
Apr
2%
Jan
100
9
Jan
13%
Mar
Feb
Schumacher Wall Board.
Jan
50
Shasta Water
Mar
Southern
July
.
—--
25
6% pfd.100
Sou Pac-Gd Gt
July
Standard Brands
July
58% July
107% May
8% July
25% July
May
Feb
964
24%
27%
190
37
220
15% July
10% May
1,633
10
Texas Consol Oil
700
125
United Corp
350
Mar
Jan
1.05
25
July
Feb
Preferred
Apr
Mar
37% June
32% July
28% July
Feb
52%
16% Mar
12% July
2.10 June
55
July
July
Jan
55c
Feb
Jan
70%
1,290
3.10 June
4.50
888
5
10% May
9% May
12
Warner Bros Pictures—
14%
Feb
15
20
Jan
Apr
6,900
42c
4~50
Victor Equipment
5%
54
8%
5%
25c
160
United States Petroleum..
2
July
51
31%
28%
Title Guaranty..
Jan
Apr
July
Mar
31
16
Calif-Edison..25
6% preferred
July
54
45
Security-First Natl
4.00
50
Jan
July
139%
7%
54c
17%
22%
6%
4%
2.75
_.
Pacific Eastern Corp
July
Jan
21c
735
250
Occidental Petroleum
Mar
1.00 June
41
Jan
300
Olaa Sugar .J.
United States Steel
'29
Mar
7%
O'Connor Moffatt;——
Pacific Coast Aggregd.
Feb
July
4.10
20
2
6%
36%
5
Jan
35c
12
310
20
Jan
101%
4%
17%
80%
Jan
12,180
7%
—
Nevada Porph
119
68
Jan
2.65
390
Montgomery Ward
Mountain City Copper
North Amer Aviation
Jan
6%
300
1
13c
20
J&M&MOll
McBryd Sugar..
2 Menasco Mfg Co
Richfield Oil pref
July
Feb
1
Mar
31
July
95c
10
19%
29%
26%
4.05
July
50c
Radio Corp
18
Jan
37c
3.95
43c
Packard Motors
Jan
Feb
1.60
3.55
2
6% June
12%
13%
Feb
Feb
75c
45c
July
33%
32%
14%
2.95
19
Jan
22c
3.60
July
June
Apr
1
Preferred...
Apr
Jan
Feb
16%
5%
20
Feb
108% May
21% July
21% July
47% Mar
Apr
Kinner Air & Motor....1
Apr
July
106%
7%
8%
24% 25%
20%
22%
4,280
3,705
3,500
84
57
57
Apr
1
17%
86H
106
*
21
July
1.55
Italo Petroleum
Jan
106%
7%
25%
*
preferred
67
185
Superior Port Cem B
Pacific Can Co
Jan
Feb
Internatl Tel & Tel
bPac LIght'n Corp com
59
17
50c
Internatl Cinema.
2
Jan
Jan
June
1,088
25%
44%
26%
Mar
Jan
720
6,625
90c
1
Feb
32
July
2
16
23
6%
17%
14%
40%
32%
29%
Jan
Apr
186
335
98c
Idaho-Maryland
Apr
13% July
Jan
1,046
24
17
17
38
26%
44%
23%
80c
1
Lincoln Petroleum
Jan
23%
6%
Mar
65
21%
Klelber Motors
17%
28
17
6%
Sugar
9%
63%
Holly Development
Honokaa Sugar Co
Jan
65
15
_
B
Jan
Jan
4%
496
21%
Riverside Cement A
Occidental Ins Co
Feb
120
2
18
July
July
1,200
90
Jan
July
1.40 May
-.20
Preferred
11%
June
11
125
50
1.00
20
Gt West Elec-Chem
2
10%
14%
26%
43%
23%
General Metals
July
19% July
33%
Jan
10% June
17%
5
General Electric..——
23%
3,764
84
Jan
July
Elec Bond & Share
2
Oahu Sugar
334
200
3
7
6%
35
38
86%
July
1
Jan
13
16
Feb
73
Jan
3,826
83
Apr
June
3%
48%
July
21%
21%
38%
86
21
63
112
May
Curtiss-Wright Corp.
2
25
Nat Automotive Fibres._.
20%
Jan
106
20%
19%
400
2,260
Jan
106
20%
19%
48c
4%
11%
106
Marchant Cal Mch com. 10
48c
4%
11
100
preferred
Cent Eureka com
6% June
6% May
-
Mar
Feb
July
100
July
1.00
40
680
6%
4,400
18
27
275
17% July
13% May
87
1.30
Cardinal Gold
Apr
17
Mar
1.25
z
June
17
Apr
July
July
11
17
85
1.00
25
*
Mar
7
235
335
5% July
9%
8%
100
4,617
8,461
""7%"
75c
July
6%
225
Jan
5%
11
1%
5%
975
Jan
Mar
5%
July
16
550
14%
7%
75c
Jan
Feb
21%
400
1,115
20
July
Calif-Pacific Trading pref.
26
400
Feb
75c June
39%
Calway Co
14% Apr
8% July
14%
Jan
19% May
2,230
3,395
Feb
Apr
10
370
Jan
May
18%
54%
1,723
52
Jan
30%
40
840
9%
16%
22%
34%
10%
Jan
Jan
6%
5% May
12
Mar
3%
55
"""4%"
950
10
July
97
1,025
43
31
*
Hunt Bros Acorn
5%
6%
285
8
8%
80%
17%
Jan
14% Feb
57% June
3
177%
Feb
July
July
12
13%
5%
63
14
30
Jan
Mar
35
22
700
63
Honolulu Oil Corp Ltd—*
Paauhau
6
31
July
63
100% 102%
3%
3%
Hudson Motors.
6%
39%
14%
39%
10
July
16
Hawaiian
1*
Jan
July
87
105
3%
32%
Apr
39c
300
10
105
16,366
3,055
1,540
2,265
150
293
11,575
87
70
6,186
24
Calif-Ore Pow 6% *27—100
65
117
Apr
19%
California Associates
Feb
July
Mar
660
14
Feb
106%
23%
31%
110%
10%
100
Jan
Jan
73c
68c
75c
35c
9
200
Cities Service
Eldorado Oil Works
Ewa
1
148
m
D1 Giorgio
...3
10
29% 29%
108%J,109 %
1*9
9%
103% 105
*
Aviation Corp
Bancamerica-Blair
10
21"
5
20c
Jan
Bunker Hill-Sulllvan
104
*
Feb
June
Bolsa Chica A
f 40
Pref B
37%
105
Feb
104
M»Pref A
45
10
400
13%
5%
Atlas Corp
Apr
*40
*
100
3,512
Feb
41c
14%
14%
23%
24
170% 171%
6
16
*21
29%
108%
*
> 9%
July
78%
40
*
92
5
348
104
*
20
Argpnaut Mining
Ark Natl Gas A
1%
High
8c May
12%
Anglo Natl Corp
Mar
400
^21
Crown Willamette pref
CrownZellerbach vtc
Feb
7
1,870
Low
800
16
39%
32%
400
12
*
Cons Chem Indus A
369
10c
40c
American Light & Power..
30
Week
10c
25
July
195
Jan
Shares
Price
5
24
July
for
of Prices
Low
High
Feb
76
Cst Cos G&E 6% 1st pf 100
Cons Aircraft Corp
1
Range Since Jan. 1 1936
Week's Range
Sale
High
Anaconda
Calamba Sugar com
Sales
Friday
Last
Shares
Stocks—
Anglo Calif Nat Bk of S F20
Exchange
July 25 to July 31t both inclusive, compiled from official sales lists
Sales
48%
625
Apr
Apr
July
'
Jan
West Coast Life Insur
5
25
Jan
Jan
*
r
Jan
May
June
13%
July
No
Cash sale—Not Included in range for year,
Dar
value
c Cash
sale
r
Ex-dlvldend
t Company In bankruptcy, receivership
or
»
Kx-rlghts
reorganization
2
Listed
t In default,
Aug.
Financial Chronicle
734
1,
1936
Canadian Markets
LISTED
69
5*8
Jan
3 1937
101* 102 *
Last
67
5s
Oct
1 1942
112
Sale
6s
Sept
15 1943
113
Stocks
(Concluded)
12 1949
94
95*
5s
May
1 1959
117* 118)4
121* 122)4
1 1963
89
91
4s
June
1 1962
107* 108)4
4*s__
Jan
114* 116
Ford A
..June 15 1936
97
99
June 16 1954
99
101
2 1959
104
106
5s
July
4*8
Oct
Province of Manitoba—
4*8
5s
..Dec
6s
4s
Feb
4*8
May
Gen Steel Wares com
Great West Saddlery
*
pf 100
.
15 1943
4*8
Oct
15 1946
1 1951
90
92
90*
86)4
»
92)4
88)4
7%
2
*
13
Hinde & Daucb
*
Hunts A
Hunts
Internatl Utilities A
*
U%
*
24
25
68
*
20%
18%
68%
21%
18%
»
1.45
1.75
100
3%
4%
Kelvlnator
Lake of the Woods
Laura Secord.....
Wood,
—*
Loblaw Groc A..
B
Maple Leaf Milling
Preferred
Gundy
14 Wall St.
Preferred
&
New York
Co •, Inc.
5%
National Sewer Pipe A...*
2d preferred
Page-Hersey
Pantepeo Oil
Ask
Bid
Ask
Bid
Canadian Paclfio Ry—
Canadian Pacific Ry—
4s
96*
perpetual debentures.
Sept 15 1942
4)4s
..Deo 15 1944
5s-.
July
1 1944
6s
97
10Q
Sept
1 1946
105
5s
Dec
1 1954
108
4*s
101
115
105*
108*
4*8
112* 113*
July
1 1960
104* 104*
116
»
»
}
Photo Engravers
Porto Rico pref...
»
100
Power Corp
...»
Pressed Metals
•
Riverside Silk A
115* 116*
1 1951
4)4s...... Sept
4)48
June 15 1955
118
4)4s
July
6*s
1 1946
127
128*
118*
Grand Trunk Paclfio Ry—
,Feb
1 1956
116
July
July
11957
1 1969
114* 114*
4s
Jan
1 1962
109
38
Jan
1 1962
102
6s
Oct
1 1969
118* 118*
120
120*
..
1 1970
Feb
6s
116*
120*
«
-
25
100
*
*
...»
Members
Stocks—
Par
Abltlbl.
6% preferred-
2
14
5
13
Beatty Brothers pref_._100
Beauharnols Power
»
104
3%
146)4 148)4
29)4 29)4
26
26%
11% 12%
100
Blue Ribbon 6)4% pref.50
Brantford Cord 1st pref.25
Brazilian
___*
Brewers <fc Distillers
,*
90c
Preferred
British American Oil
Bread
1st
preferred
B preferred
56
24%
4%
40M
41*
25)4
4)4
42)4
*
26
...»
100
41H
5%
100
*
100
"1%
43
6*
_
*
*
25
Mar
175
July
25c
Apr
5
June
16 %
July
Jan
25c
Feb
16
Jan
40c
Apr
79
Jan
3*
Jan
105
1.00
7%
20
10
40c
26
Jan
Feb
Feb
Mar
Jan
Feb
July
1.35 June
96
6%
Feb
Apr
21% June
27
Jan
82
97
Mar
July
Jan
11H
18*
Feb
19
JaD
29*
29
Apr
31
June
30
Jan
46
July
113%
5
100
Jan
116
July
13
4
June
10
72%
15
72
July
80
Feb
10
Apr
41
July
161
6%
27
Jan
Apr
471
67
Jan
67*
408
49%
Jan
61
30
66%
60%
8)4
July
40
105)4
441
14
607
"17%
6,220
2.633
22,705
2,537
110
97
75
57%
Apr
Jan
Apr
July
9* June
106
June
8% June
14
July
9
JaD
14%
July
May
4*
34*
Feb
19
Feb
10
Jan
102
June
2%
26*
17*
Apr
Mar
4%
Apr
36
May
13*
A p/
May
98
2%
Jan
51*
Jan
Jan
Jan
65
17*
102
July
Mar
4*
Mar
57%
57%
86
68*
June
155
150
149
Jan
170
200
170
190
Jan
222*
198
199
219
194
197
7
'281*
281
283
513
22L
220
..100
......
198'
.100
...100
100
...100
and
170% 174
220*
100
Huron & Erie
148
'""9)4
148
Feb
July
Apr
Feb
213
Feb
Jan
197)4
182*
300
Feb
271
136
164
Jan
182
Feb
156
220
July
235
Mar
Jan
160
Feb
1
70
July
90
Mar
47
150
76
..100
9
July
14*
76
71
*
Landed Banking
100
55
55
14
84
84
5
Toronto Stock
9
9%
137*
Jan
Feb
58
Mar
July
52*
83*
95
Feb
Exchange—Curb Section
June
Friday
July
Last
Jan
Sale
Jan
10
107
3*
150
Feb
^
Jan
33
25%
Jan
July
4,389
5,500
9%
Jan
26%
15%
85c
Mar
1.40
Jan
265
2*
July
4%
Feb
141
13
Apr
135
50
June
Feb
18*
Mar
56
July
4,462
16H
Jan
500
3%
July
5%
Feb
42%
47%
July
190
33
Jan
267
37%
Jan
July 25 to July 31, both inclusive, compiled from official sales lists
Stocks—
Par
Price
Sales
Week's
Range
of Prices
Low
High
Range Since Jan. 1 1936
for
Week
Shares
High
Low
June
27
161
2714
Apr
Mar
Apr
6
Feb
5
90
Jan
100
July
130
44
4%
Feb
221
Trust—
Canda Permanent
14H
July
June
Apr
Jan
90
81
80
May
93
Feb
8
125
June
15
Feb
14
75
9
Feb
14
July
57
Feb
Jan
101
July
Bruck Silk
*
Canada Bud..-..
Canada Malting
...»
Canada Vinegars
Canadian Wire Box A
...»
»
9*
10
32*
20*
*
Disher
*
pref..
Dominion Bridge
...»
Dom Tar A Chemical....»
Preferred
300
10*
32*
1,295
32
20
21
255
6* Mar
30* May
19* May
24*
130
21
JaD
9%
350
8%
July
16*
Mar
10* June
35
Feb
JaD
27*
26* June
9
Jan
5
June
10
10
329
10
July
11*
Mar
40*
7*
41*
814
32
Jan
41*
July
295
4
8*
July
91
91
10
56
Jan
6
211
4
May
6*
Jan
75
30
Jan
40*
July
100
40
Apr
70
Feb
29
July
35
Feb
5%
41*
7*
100
Hamilton Bridge
Preferred
9%
24*
Consolidated Press...
Steel
9
»
5%
8
10
Jan
96
July
5*
40*
40*
50
50
29
30
65
20*
6*
21
11,872
7
20
4
Jan
50
50
50
50
30
Jan
50
33*
33*
36
14,723
33*
Jan
39*
Apr
10
10
Jan
13*
Mar
32*
30
32*
34*
Feb
16
15*
16
June
May
100
Honey Dew..
_*
Humberstone Shoe
»
29
Feb
July
6%
35
40
35
88 %
1,970
4,801
3,960
5%
7
7)4
8*
9
101 % 101)4
9%
39
Jan
10
40%
141
45
18
Jan
Jan
25
Jan
238
836
27%
146
17*
Feb
Jan
8
25
Eastern Steel Prod
Easy Washing com......*
1%
100
Dominion Steel & Coal B 26
90
Jan
Feb
Jan
198
Feb
81
20)4
25)4
*
93
45
22 *
162
Jan
Mar
12 %
97
153
July
Jan
25
.25
13
75
100
100
590
6
14
Jan
25
Dominion Coal pref
Dominion Stores
485
800
45
A..*
20
1,421
1,290
39
May
Canadian Wall Paper
Carnation Co pref
»
29%
100
19
160
16
Jan
6
7
7%
8%
15
94
July
68
Canadian Northern Pr.__*
Distillers-Seagrams
6%
24
2%
30
88
19
67
896
40
Jan
High
Jan
216
79
14
Canadian Bakeries pref 100
Canadian Cannerslst pref
245
1.25
774
6H
77
Canada Wire & Cable B_„
Conv preferred
100
77
Canada Steamships of .100
Preferred
5%
100
90
Canada Packers
Canadian Car
5
42
42
50
Canada Cement...
Preferred
52
24%
"42 %
.»
Building Produots A
Canada
2%
15)4
15
.50
Brit Col Power B
Burt (F N)
95c
2%
Brewing Corp of Canada.
Burry Biscuit pref
13*
107
3
Low
Shares
24
Bathurst Power & Paper A*
7*
Toronto General Trusts 100
11%
36
5%
2
100
Loan
Range Since Jan. 1 1936
10,845
1,580
35
Apr
4% July
29)4 May
20% preferred
24
...100
Alta-Pac. Grain pref.._100
American Cyanamid B..10
Bell Telephone
2*
June
2.25
100
Nova Scotia.:
Sales
for
Price
19
Jan
18%
5%
...50
Imperial
Week
*
Mar
1.00
Dominion
Toronto Stock Exchange
of Prices
Low
High
July
17%
Commerce
July 25 to July 31, both inclusive, compiled from official sales lists
Week's Range
21%
15
Royal
Sale
25%
70
Jan
100
100
Canada...
Inc.
WA. 3401-8
Last
July
July
Feb
Banks—
Toronto
Friday
July
Jan
Winnipeg Electric
Toronto Stock Exchange
King Street West, Toronto.
12
Jan
33
...
New pref erred
Montreal
16
Jan
18%
14%
3%
Western Cada Flour pf.100
Westons (Geo) com
•
Canadian Commodity Exchange,
New York Curb (Associate)
Feb
17
»
West Can Flour
STOCK BROKERS
14*
2.25
65
•
com
Preferred
Duncanson, White & Co.
Feb
Jan
75
•
com
(Hiram)
Feb
54
130
1,547
1,099
1,181
40c
*
Union Gas..
Walker
Apr
105*
150
.
United Steel
121
July
June
101
6%
5%
*
Preferred
Feb
July
1,345
»
Standard Steel pref
Steel of Canada.
Jan
July
14*
40c
100
100
Twin City
2
15*
12
75
2,210
100
-
103*
Feb
Apr
90
16%
"46"
Preferred
-
Jan
3
8*
12
July
May
Jan
5%
29
5%
6
13%
43%
3%
*
Tip Top Tailors...
6s
'4)48
175
88%
22%
100
Standard Chemical
Canadian Northern Ry—
Canadian National Ry—
102)
38)
Feb
May
4% June
5%
Simpsons Ltd B
Simpsons Ltd pref
Ask
Bid
Ask
Bid
11,410
5
Russell Motors pref
Guaranteed Bonds
530
1,032
30c
Russell Motors
Dominion Government
227
100
Orange Crush
Orange Crush 1st pref-.100
Railway Bonds
Apr
15
40C
National Grocers
Ontario Equitable
75c
12 H
1fi8^
Muirheads com
Private wires to Toronto and Montreal
50
1,015
37%
Jan
1,640
101
175
1
May
890
102
June
3
5%
3)
100
Moore Corp com
A
225
4)
34)
100
Preferred
Mar
14%
•
McColl-Frontenac
Mar
63%
31
•
100
MaRsey-Harrls com..
12
69
190
34
1.25
Mar
64%
860
1.20
72*
18%
260
12
102%
50
51%
9%
10%
Jan
Jan
14
*
B
Bonds
12
Feb
July
13*
15
102
*
*
Internatl Nickel com..
Canadian
8
High
16%
28*
3,029
5,608
935
2
13%
5
100
4
Low
Shares
8
14%
6%
*
B
Imperial Tobacco—
Intl Milling pref
15%
20%
70%
58%
Range Since Jan. 1 1936
for
Week
20
20
•
Hamilton Utd Theatres.25
119
118
Preferred
Gypsum
Nov
19%
57%
3%
112
June
15
68%
1 1961
6s
110* HI*
Price
*
1 1958
113)4
Range
of Prices
Low
High
.....50
112* 113)4
108* 110
6*8
Sept 15 1952
Mar
1
6s
2 1950
Prov of Saskatchewan—
Province of Nova Scotia—
4*b..
Mar
Week's
15%
20%
—*
Goodyear Tire
4*s
112* 113*
110* 111*
15 1960
15 1961
Apr
Apr
4*8..:
15 1965
Province of Quebec—
Prov of New Brunswick
4*8
Par
Fanny Farmer...
Prov of British Columbia—
Sales
Friday
Ask
f64
1 1956
Oct
4*8
Bid
/66
11948
Jan
6s...
Stock Exchange
Toronto
Province of Ontario—
As*
Bid
UNLISTED
Municipal Issues
Provincial and
Province of Alberta—
AND
29%
5%
17)4
■8%
23%
6*
18%
9r
13
3
5
June
Apr
13% May
8%
9
July
Feb
July
July
23%
Mar
20%
25%
78
25
July
25%
July
75
101
June
102%
34%
July
190
9,575
3,895
-18)4
3,216
2,155
14
May
8
May
13
300
10
Mar
3
770
Apr
4% May
1%
Apr
8
July
Jan
Feb
18%
July
11%
13%
Feb
3
May
July
Imperial Oil
Int Metal Indust
Int Metal Indust pref.. 100
International Petroleum..*
Mercury Mills
*
Montreal Power
National Steel Car
*
North Star Oil
5
Ontario
Silknit pref
100
Roger Majestic Corp Ltd..
Simpson (R) pref
100
Shawlnlgan
...
*
Standard Paving pref-.100
Supersilk pref
...100
Super test Pete com..
*
»
No
par
value.
110
Jan
9
30*
13
24*
7*
17*
Apr
Apr
July
Feb
1.20
Preferred
Standard Paving
20
1,503
20*
"3" 90
77
1.20
50
1.00
Jan
1.75
Mar
3*
3.90
525
3.15
Jan
4.00
Mar
77
-
5
77
10
6
673
115
20*
3*
117*
19* 20*
2
3*
55
569
5,013
75
July
4
June
90
Feb
Jan
Jan
1.16
6*
117*
July
July
111*
18*
23*
Mar
3*
July
Jan
27
17
27
171
11
Jan
27
July
68
66
68
15
66
July
72
Mar
35*
35*
18
32
Jan
36
Apr
/ Flat price.
.
Volume
Financial
143
Chronicle
735
=»
Canadian Markets—Listed and Unlisted
Toronto Stock
Exchange—Curb Section
Friday
Last
Par
Tamblyns (G)
Week's
Sale
Stocks (Concluded)
of Prices
Low
High
Price
*
*
Toronto Elevators pref. 100
United Fuel pref......100
Walkerville Brew.
Range
38
Thayers preferred
Low
High
Jan
40
Mar
20
20
37
'Feb
119
Feb
35
110
July
May
34X
1,225
20
Apr
2X
*
Stocks (iConcluded)
32
130
114
2X
275
1.00
1.00
10
30
Last
34X July
2X June
354
Feb
2)4
Mar
Par
Sudbury Contact
1
Sullivan Consolidated
Sylvanite Gold
Sladen-Malartic
Week's Range
for
Sale
Shares
20
112
Sales
Friday
Range Since Jan. 1 1936
for
Week
38X
20
Il3X
32)|
Toronto Stock Exchange—Mining Section
Sales
of Prices
Low
High
Shares
Price
16c
17c
16o
l
1.83
1.73
1.90
..1
3.45
3.27
3.50
..1
70c
650
70c
Waterloo Mfg A.
tm
am
Toronto Stock
July 25
ma
am
m.
m.
1.00
July
Exchange—Mining Section
July 31, both inclusive, compiled from official sales lists
to
Shawkey Gold...
♦
Tashota Goldflelds
1
39c
37C
41c
Teok-Hughes Gold..
...
•
6.30
6.15
6.60
Texas-Canadian.
»
1.80
1.76
1.90
Toburn Gold
........
........1
1.85
1.65
1.90
42Xc
40)4 o
43c
Par
for
Sale
Stbcks—
Week's Range
of Prices
Low
High
Week
Price
Range Since Jan. 1 1936
30c
30c
30o
900
2.30
2.25
2.48
*
1.40
1,40
1.80
lie
Shares
Low
...»
3Xc
3Xo
Wiltsey-Coghlan
1
W right-Hargreaves. .__..*
8c
654c
8c
8.20
8.05
8.30
34,035
44,024
60,400
24,200
47,910
11,415
Ymlr Yankee Girl.......*
42c
44o
42o
9,620
Waite- Amulet
White Eagle
High
........
Acme Gas & Oil
...*
10c
1
7c
A J ax
10c 10
50c
55c
3c
7Mo
2Ho
7Hc
8Xc
5.90
5.80
6.00
1.70
1.50
1.70
12,650
54,900
2,200
38,800
24,100
3,544
71,375
..l
94o
90C
97c
20.000
1
230
17c
......1
4$£c
4Me
25c 118,575
5c
10,750
1
7c
7c
8c
1
5Xc
4Xc
5Hc
41 868
*
30c
19c 34^0
53c
69o
Alton Gold
Oil & Gas
..1
..1
-
Alexandria Gold
*2jio
Algoma Mining.........*
Anglo Huronlan
»
Argosy Gold Mines
*
Arntfield
Ashley Gold....
AstorlarRouyn
Bagamao Rouyn
Barry-Holllnger
...
Base Metals
Bear Exploration
Beattie Gold Mines
8,
Jan
6
1.00
Apr
1.70
July
July
Apr
6Xo May
2)40 Jan
5Xc Jan
3 Ho Mar
97o
40c
Jan
Mar
69o
1.20 June
1.84
76o
1.80
24.401
1.62
July
15c
Jan
T.lb
8.10
8.50
3.80
Jan
5c
mo
UXc
6c
1.800
1,577
41.800
9c
2o
Jan
13c
6,700
6o
Jan
73o
Jan
52c
52c
60o
24c
23M0
26c
7.75
7.50
Bidgooe Kirk.......
1
B R X Gold Mines...-.50c
1.65
Buffalo Ankerite........l
Buffalo Canadian. ......*
Bunker Hill...
*
Calgary & Edmonton
Calmont Oils.......
*
1.51
1.57
1
13
13X
51,485
*
July
13c
6,525
2,100
1.35
52o
Apr
5.65
Jan
5
.
454c
6o
High
Jan
20c June
83o
Mar
1.90
2.25
Mar
3.50
43o June
70o
75c
July
July
July
1.15 June
Apr
28e
Jan
68o
4.30
Mar
6.70
1.65 June
2.50
Apr
1.20
Jan
1.90
July
20o
Jan
25o
Apr
May
July
440 May
40 0 May
1,60
Jan
2,60
Feb
1.00
Jan
1.80
July
9X0 June
2054o
Feb
30
Jan
5Xo June
30
Jan
lOo June
7.55
Mar
9.00
Feb
38o
Mar
710
Jan
to
July 31, both inclusive, compiled from official sales lists
Sales
Friday
Last
Stocks—
Par
Week's Range
Sale
of Prices
Low
High
Price
for
Week
Range Since, Jan. 1 1936
Shares
Low
High
10c June
14o June
28c
July 25
31o
July
6)40 Feb
11X0 Feb
10c llXc
Low
Toronto Stock Exchange—Mining Curb Section
Jan
650
41,900
1.64
1
Canadlan-Malartlo.
Cariboo Gold
Jan
4.10
7.75
1.42
._*
Bralorne Mines
4)4o May
12)4o May
Jan
1.64
1.50
Bobjo Mines
IX©
3%c
Feb
880 May
70c Feb
4e May
40o June
14^c
60o
.*
1
18Xc
9Mc June
137,350
46,380
69,184
14,792
79,495
4,490
l
.....
Big Missouri..
6Mo
12,900
41,985
35,790
99,850
220,295
16,985
18,120
4,100
21,670
10,700
Wayside Consolidated .50c
Sales
Last
1.02
830
Towagamac Exploration. 1
Tread well-Yukon
l
Ventures
...
Friday
95c
Range Since Jan. 1 1936
22)4 o
July
Aldennao Mines........*
Brett Trethewey.
1
Feb
Central Manitoba.......1
45c
Jan
Churchill Mining
Cobalt Contact.
27)4® July
8.60 June
2.00
6Xo
1
2c
._...*
Dalhousle Oil
64c
East Crest Oil
25)40
Mar
Home Oil
8.95
July
13e May
Hudson Bay
Kirkland Townslte
18o
Lake Maron
1.60 June
Jan
1
,
July
Feb
18
June
1.30
1.27
95)40
Mar
1.40
Feb
:1
1.80
1.80
1.88
525
1.15
Jan
1.88
1.43
1.32
1.43
1.24
Jan
1.69
Jan
1
4.60
4.55
4.75
2.41
Mar
4.90
July
Central Porcupine
„*
Chemical Research......*
51c
60c
57c
50c
July
1.10
1.25
590 July
1.60 Feb
...»
8
8
;•„*
.*
26Xc
1
22c
21o
*
Malrobio Mines
Mandy Mines.
Night Hawk
"i"6o
15c
500
7o
Jan
27o
July
May
2c
Jan
13c
UXc
Jan
57c
3Xo
Jan
July
9Xo May
lXc
Jan
394o
Mar
38o June
78c
Feb
6X May
13X
Feb
Feb
2.345
2,336
72Xo
Jan
1.43
22X0
Jan
28Xo
Feb
27,100
14)4 0
Jan
31o
May
15o 17Xc 155,800
3e
Jan
2lo
June
iHo
Jan
12o
Jan
1X0
Jan
1.00
1.04
25X0 2654c
...1
5c
50
...»
35c
35o
1
3c
30
27c
554c 110,800
42o 27,550
42,500
13c
4,500
3Xc
>
7c
Feb
42o
July
6X0 May
July
.1
12o
25c 69,100
22Xo
7Xo 1454c 266,650
440 49Xc
75,400
5c
5X0 49,500
2c
2Xe 41,000
62c
70c
8,705
_
Castle Trethewey
Central-Patricia
1.87
6Hc
7c
5
Chlbougamau Pros
Clericy Consolidated
Coniagaa....
1.75
*
.........
12,808
22,500
78,250
4,450
13,540
38,850
3.36
3.35
250
1.11
♦
1.75
•
90C
122
Jan
May
3c
218
Jan
Jan
May
2.25
...»
Dominion Explorers
1
Eastern Malartic Gold M.l
Eldorado.....
l
2.20
2.40
6,906
Jan
56X
Conlaurum
Dome Mines....
2.80
1.80
140 May
4.25 June
2.75 Apr
53 X
66X
1.375
42
Jan
61X June
5Hc
75c 84^c
mo
Jan
520
830
July
July
6.90
Jan
6Xc
83c
83c
88c
1,000
27,120
10,863
9.25
9.10
9.55
6 433
1
7Xc
7c
8c
.._._.*
1.13
1.10
1.22
31,100
52,087
___l
35c
35c
41c
40.550
50c
25o
25c
25c
Falconbridge
SlHc
.*
Federal-Kir kland.
God's Lake..
Goldale
Gold Belt
Jan
2o
Jan
10)4 c June
370
Jan
1.13
5c
5Xc
3.15
3.15
Barker Gold——........1
High wood Sarcee
*
Holinger Consolidated ...6
Homestead Oil
15Xc
150
"l5H
...
5,500
15H
7,412
59c 126,775
93c 108,058
15
1
Howey, Gold
Int Mining W'ts
J M Consolidated.
30c
25c
52c
44c
..1
85c
85c
3.20
]
3,20
.1
Kirk Hudson Bay....
1
Klrkland-Lake.
....1
60c
60c
1.74
92c
625
61c
Lake Shore Mines
...1
58X
45Mc
Jan
960
July
4.75
4.60
4.90
22c
.1
29c
May Spiers Gold Mines
Molntyre Porcupine .....6
23.095
20o 24)4 C 236,450
29c
69,025
42X
24Xo
47)4
41H
MoKenaie Red Lake
1
1.97
1.96
2.10
McLeod-Cockshutt
*
4.70
3.90
4.70
.....1
7Xc
7Mc
8)4c
...
McMillan Gold
50
55
57c
57c
5c
mo
mo
92,850
2il96
64,800
111,945
146,950
20,903
37.300
6,275
70,000
51,900
21,850
98,300
171,700
1.15
6,350
42)*
McVittie-Granam .......1
200
20c
25c
McWattera Gold-.....—*
1.46
1.42
1.57
Mining Corp.......
•
1.45
1.40
1.45
Mlnto Gold
*
50c
50o
65c
Moneta-Porcuplne
...1
M orris-Kirkland ........1
27c
15Ho
21c
62c
•
Murphy Mines
1
_*
5c
mo
mo
1
New Dec Mines
1.03
1.00
New Golden Rose
Nlpissing
.5
2.60
2.55
2.80
»
63X
62X
6354
Northern Canada Mining *
O'Brien Gold..
.1
56c
53c
7.00
4.40
7.00
8c
7c
mo
Noranda
71c
61Xo
71c
»
......
4.50
4.55
4.75
8,250
6,926
19,250
292,585
9,300
47,918
19,783
1
1.01
1.01
1.07
52,360
Olga Oil & Gas New.....*
Omega Gold...
1
Pamour-Porcuplne
Paymaster Consolidated.
Perron Gold
.
......_..l
1.46
4lo May
Jan
Macassa Mines.
Maple Leaf Mines
87c
1.00
5c
6.15
56c
120
Jan
2Xo
Mar
5.90
July
3.12
Jan
£*
1.22
55
49X
Mar
2.24
3.50 June
2)40 May
19o July
1.19
Apr
1.11
Apr
7)40 Jan
6X0
Jan
540 June
X
Jan
28)40
Jan
34c
Jan
7c
July
40c
Mar
3.50
Mar
50)4 o
Jan
1.12
Jan
2)4o
Jan
2.72
2.50
2.75
Prospectors Airways.....*
Preston (new)
*
Quebeo Gold
1
2.40
2.20
2.60
2,600
1.79
1.71
1.90
78c
72c
78c
40,875
9,100
700
July
Quemont Mining
*
mo
7c
8c
1,500
5c
Feb
__l
4.00
3.85
4.30
Jan
1.30
40,170
9,685
2.25 120,975
2.04
24c 2934c i06,200
1.44
Reno Gold...
1
Read Lake-Gold Shore...*
1.25
1.30
1.00
Mar
30c
30c
2.30
80c
73C
1.50
Slsooe Gold
j
4.35
4.15
Soutn Tlblemont
Stadacona-Rouy n
St Anthony Gold
Sudbury Basin
.*
.
......*
^
5c
50
60c
55c
__1
32c
290
...»
4.65
4.60
2.35
14,284
4,850
80c
1.85 198,506
4.45
534c
57,723
21,000
63c 282,860
32c
87,728
4.75
,
9.992
33o May
80o
Feb
6354 July
1
1.50
Mar
Jan
Premier Gold
2.28
Jan
1.00
2.30
7.60
1
1.50
44)4
8.50
60c
Jan
1.30 July
3.05
Jan
8.10
Sheep Creek....
42c
1.78 June
Jan
8.10
Sherritt-Gordon
July
5.05 May
15o Feb
July
July
1
.i
Jan
20
27,510
20,100
41,755
5,725
10,805
Ban Antonio......
July
1.00
1.49
233
Feb
7)4 May
5Xc July
2)4c
2.13
7.75
Mar
2c
25Xc
Mar
July
1.38 May
29XC Mar
6X0 June
July
1.30
*
46c
26o May
7.15
..1
60
Jan
2c
...
94c May
Jan
7.25
Roche-Long Lac..
Royalite Oil
July
5)40
l
Read-Authler
Jan
70o June
1.75
5)40
1
......
4.10
July
JulyJuly
4.90 June
25c May
Pickle Crow....
Pioneer Gold...
Peterson-Cobalt...
17 X
Jan
Mar
51H
6.25
Manitoba & Eastern.....*
Mar
11c
Jan
little Long Lac.........*
....1
13)4
55)4o
Jan
19o
July
31c June
46c
1.00
3.63
18X0 May
Jan
4Xo
150 July
Jan
300
5o
'
Jan
290
1.02
Feb
15o
Mar
10
Jan
4c
1
Xo May
Apr
9c
Feb
3Xc
Jan
7Xo
M'ir
20
Jan
4c
Jan
23c May
9c
May
63o May
7.00
July
150 May
85c June
5.20 June
1.25 May
1.74 Feb
4Xo
Feb
3.95
Mar
7.60
July
8.00
July
12.00
Jan
1.80
Jan
2.75
July
2.10 May
21c Mar
3.25
Jan
2.25
July
1.40 May
8o July
4.35 July
1.35 May
50c
Jan
mo
Mar
32c
270 May
2.15 Mar
39 Xo
3.45
2.25
July
July
Feb
Jan
560
Jan
1.00
Jan
1.85
July
2.87
Jan
4.45
July
3)4o
Mar
8Xo
Feb
18)4 o
Jan
63c
July
18c
Jan
38Xo
Feb
3.00
Jan
4.««
Feb
85c June
Sales
Last
Stocks—
Par
Week's Range
for
Sale
Feb
2lo July
40o June
7c
58 H
45c
2634c
13c
4.10
19X©
....
Mar
100
1
Lee Gold Mines
17c May
6Xo Jan
23,090
1
Lebel Oro
Jan
65c
58
1.20
Jan
5,000
Friday
56c May
Jan
1.75 150,510
65c
50,800
..1
-.1
6c
3X0
3.20
1,983
378,025
1.06
17,500
21c
57,765
6c 133,450
6.50
9,022
Lamaque-Contact
Lava Cap Gold
lie
July
4c
July 25 tolJuly 31, both inclusive, compiled from official sales lists
75c
1.00
5Xc
Jan
70c
Jan
13,210
56,050
1.01
..1
....1
June
2X0
Feb
3.63 369,095
17c 186,475
.....1
....
Feb
10c
72c May
1.20 May
_
Jan
18c June
3lXc
480 June
21c
_
Jan
18o May
1.45
441,450
Hard Rock..
7c
Apr
Jan
13o
32c
65
7o
Mar
65c
27c
.....1
1
26o
July
3c
11c
27c
5Xo
3Xc
15Xc
Ritchie Gold—
Robb Montbray
July
4c
75o
Jan
14)40
250 July
50c
...1
9c
_
12o
Montreal Stock Exchange
12c
Granada Gold.
754c
36c
UXc
1
1
_
1
Wood-Klrkland
62Hc
20c
1
1
_
...
90c July
1
16c
Pend Oreille
101,001
2,750
111,600
41,600
13,550
112,100
98,700
32,400
37,600
27,600
""26c
.1
Pawnee-Kirkland
1.38 Mar
9.60 July
•
16c
20c
.
13c
5c
1
ParkhUl—
Sudbury Mines
Temiskamlng
Greene Stabeli...
Gunnar Gold
Halcrow-S way re
15o
...1
5
Feb
7c
Grandoro
15c
Gr&ham-Bousquet
Corp
OH Selections...........*
Osisko Lake
1
Porcupine Crown
1,500
27,900
72,950
12.299
9,100
Goodfish Mining........1
Nordon
of Prices
Week
Price
Low
High
Range Since Jan. 1 1936
Shares
Low
High
Acme Glove Works Ltd-
6X% preferred
100
Agnew-Surpass Shoe..
*
95
97
14
8
9
600
Alberta Pacific Grain A.-.*
2
2
15
AnglCan T pf 7 % Can regSO
*
Associated Breweries..
Bathurst Power &
Bawlf N Grain
BeU
Paper A*
13X
100
..100
149""
pref
Telephone
Brazilian Tr. Lt & Pr
*
British Col Power Corp A.*
54X
9X
12X
Building Products A
*
Canada Cement.....
class A
Steamship
*
Canada Steamship pref 100
Canadian Bronze.—.... *
Canadian Canners oonv pf*
Canadian Car & Foundry.*
Canada
....25
Preferred..
Canadian Celanese
Jan
July
55
July
15
Jan
17 X
Feb
Mar
10
24
July
38
228
141
Mar
150
11X
30
9
9
42X
6X
40X
27X
2454
6X
77X
1254
30)4
4X
9X
42X
6)4
2
7X
37X
2
6X
37X
7,933
656
33
Jan
990
6
May
58
Jan
i'3
June
2
185
8
915
37X
100
370
8X
8
854
20X
8,785
6,761
27X 28
119X 120X
220
29
Canadian Foreign Invest.*
29
Feb
225
7X
19
Feb
5X
7
7
19
32 X
590
2,245
41
.
185
5
13
23X
Jan
Jan
Apr
34
Mar
51
May
215
15
Mar
22X
41X
2054
40X
23X
1,690
18X
41X
18
17
18X
1,747
9.717
Dist Corp Seagrams
Dominion Bridge...
*
Dominion Coal pref.. ..100
Dominion Glass.
Preferred.
-.100
100
Dominion Steel & Coal B 25
Dominion
Textile
6X
*
1.95
—I
23X
Enamel & Heating Prod.
General Steel Wares.—.
Charles
*
Gypsum, Lime & Alabast. *
Hamilton Bridge
—*
Hamilton Bridge pref.. 100
Hollinger Gold Mines
5
Gurd,
Preferred
Lindsay (C W)
*
..100
354
5X
67
5X
IX
23
6X
K
....»
McCoU-Frontenac OH...
Montreal Cottons pref. 100
Montreal L. H & Pr Cons.*
17
Feb
Apr
34 X
Jan
32
Jan
14X
Apr
41X
18X
July
July
Jan
115
Feb
Jan
155
July
May
8
Feb
July
4X May
79
68
262
6)4
1.95
23X
595
106
60
45
IX
680
19X
July
Jan
Jan
7
Feb
3X
Feb
28 X
Feb
3
Feb
200
16
354
6X
7X
5X
16X
3)
6)
8
554^
1
Jan
655
13
Mar
18X
490
3
June
5X
Jan
170
5X June
Mar
548
5X
8X
8X
150
4
15
13)4
50X
15)
135
14
7X
51X
93
93
55
36
36
10
"23X
23)4
3X
4X
4X
14X
25X
3X
454
15
95
95
3054
32X
13
7 X
"32X
-
Jan
Jan
Feb
15X
Feb
9X
57X May
4X
15)4
13X
15
4
Jan
136 X
45
93
Feb
11X
July
July
Jan
12 X
•
5
168
45
"50X
5X
48
7,190
45
*
Massey-Harrls
•No par value.
16
£1
International Power pf.100
Jamaica Public Service. .*
Lake of the Woods
155
1,175
14
*
Imoerial Tobacco of Can
Int Nickel of Canada
110
5X
2
Foundation Co of Can...*
Howard Smith Paper
109
155
"m
68
Paper..
Eastern Dairies.
Dryden
Electrolux Corp
110
6
Feb
128
3,692
6
2
31X
May
6X July
5X,June
10X
July
July
20 H
May
57X
16X
25
Crown Cork & Seal Co—*
50
3,742
26
Apr
Mar
8M
25X May
112
Feb
7X
5X June
5X
Apr
5654
16X
—*
Cockshutt Plow
Con Mining <fc Smelt new
2
13
41
Jan
"57""
2
Feb
Feb
31
12X
Canadian Paclfio Ry ....25
July
July
"l2X
Canadian
7
Feb
3X
15X
654
5X
754
6)4.
80X
Jan
July
IX
Apr
6X June
Candn Industrial Alcohol.*
*
Locomotive...*
8
27X
3854
654
5X
Class B._
42X
Jan
22 X
40X
1,635
3.125
1,440
16
July
pref 100
Candn Hydro-Elec
Jan
Feb
Feb
Jan
3X May
5
27X
Jan
Jan
160
7X
Il9X
9X
28
June
15H
323
79
4
*
100
Preferred 7%
4,295
Jan
51X
9X
10 X
24
11X
*
Can North Power Corp—*
14
6
149
30
100
Preferred
Can Forgings
36
10
147
4X
»
10
100
July
2
24
B
Brock Silk MUIs
54X
25
May
7X June
95
June
May
50
25X
Jan
1,405
13.60
Mar
940
9X June
Mar
Apr
6X
Apr
Jan
Jan
45
July
17X
14X
Mar
Jan
Mar
20
13 X
7
6,460
43 X
Apr
54
Feb
67
Jan
94
July
33
Jan
36
June
Jan
26
July
May
4
1,737
1,519
30
3,204
1,240
16 X
2
m June
10 X May
14X
7 X
7H
17 X
Feb
Jan
Jao
Feb
100
86
Jan
100
Feb
6,625
30
May
34
Jaa
Financial
736
Aug. 1,
Chronicle
1936
Canadian Markets—Listed and Unlisted
Montreal Stock
Sales
Stocks (Concluded)
Week
Price
Par
93
44 %
44 %
25
43 %
43
-*
Preferred
Natl 8teel Car Corp
16
15%
44%
43%
16%
61
61
Niagara Wire Weav pre!.*
——*
63N
"io
Jan
29
July
372
5.280
Jan
44%
199%
85
Jan
...25
pre!----100
*
50
Paper pref .100
Rolland Paper
3
St Lawrence Corp
A preferred--
14%
St Lawrence
40
20%
Shawinigan W & Power..*
Sberwin Williams of Can.*
6
Jan
10
July
Jan
95
June
99
123
88
106
234
123
Feb
July
110
Jan
Jan
118
99
Feb
.
101*4
40
16%
18%
6%
125
100% 101%
2%
3%
13%
14%
36
41%
19% 20%
18
18%
July
420
4%
May
6H
Feb
12%
Feb
18*4
July
Central Patricia Gold
97
Jan
Mar
Duparquet Mining
Jan
41*4
18N
July
May
23*4
Mar
16
127*4
13
390
11
66
67
812
67
60
60%
156
49
'39
38
39
25
25
25
210
3
215
2%
20
2%
Jan
14
Jan
Mar
Jan
67*4
Apr
Jan
6094
Jan
39
32
Jan
2*4
10
11
55
10
57%
57
57%
42
--
2.25
2.40
5,950
10
11*4
3,000
9 No
June
21o
Feb
8.10
8.30
830
7.65
Mar
8.90
Feb
594c
6*4c
4,000
22,150
ll*4o
Klrkland Lake
1.28
1.36
4.50
4.75
51*4
100
Dominion
100
Nova Scotia
5c
4%C
5*4c
87c
.
100
*192%
10940
Jan
1.00
July
55c
Mar
93o May
43 No May
3,625
3.18
23c
23c
300
22 No
Jan
38c
2.30
500
2.20
Mar
3.40
Jan
1.50
1.50
1.88
Jan
1.90
July
57c
49,360
63c 147,555
1.00
62c
18%o
Jan
63c
July
3.55
3.40
3.55
1,565
2.38
Mar
3.55
July
2*4
13*4
2N
19,965
1.30
May
2 50
Feb
12
1394
2,299
13*4
13
13*4
65
6% June
6*4
Jan
1394
13*4
July
July
95c
1.00
400
80c
Mar
2N
15*4
Ltd.l
San Antonio Gd M Ltd—i
Sberritt-Gordon Mines.—1
Stadaconna-Rouyn Mines *
2*4
395
4H
Feb
250
2*4
13%
Jan
15*4
Jan
18*4
Mar
Jan
5.00
July
Feb
July
Sylvanlte Gold
Unlisted Stocks—
18
Abltibl Pow A Paper Co..*
Mar
Cum 6% pref
—100
Abltibi ctf of dep 6% ,pf 100
Mar
Jan
1.00
—
*
Preferred
58*4 June
1.95
1.40
Jan
140
33
133
Jan
140
Feb
Can & Dominion Sugar.._*
59*4"
60
75
57
Apr
61N
Feb
257
148
Apr
170
Feb
Canada Malting Co Ltd.
32*4
32*4
50
3094
Apr
35
Feb
137
195
Jan
205
Jan
Canadian Lt & Pow Co. 100
23
23
20
20
Jan
23
Feb
1923^ 195
99
184
May
214
Feb
Claude Neon Gen Ad Ltd *
284
151
271
Jan
300
Feb
Consol Bakeries of Can.
42
282
282
172
164
Jan
Feb
181
35c
Canadian Government
2,532
Jan
9*4
7*4
July
28*4
55
57
355
45
June
65
Jan
15
15
70
15
June
15
June
20N
20 N
34
10
19
Jan
21
June
120
30
May
40
Mar
96*4
Jac
May
31
Weston
330 Bay St., Timti
7
:
494
470
Apr
2N
45
48
615
22
29*4
29
30
225
26*4
1694
.*
17*4
930
13 N
*
•No par value.
494
46
100
Ltd
7*4
102
494
100
.
Feb
2N
18*4
102
Preferred
July
173
424
OllpflOO
Roy all te Oil Ltd
Feb
July
20
Ltd pref30
Price Bros Co Ltd
industrial Bonds
5*4
1994
Massey-Harris Ltd preflOO
Public Utility and
255 St. James St., Montreal
Jar
2
57
General Steel Wares pf 100
McColl-Frontenac
18 H
19*4
*
Loblaw Groceterias A....*
Municipal
INCORPORATED
ESTABLISHED 1813
5
8
Jan
Apr
1594
11,486
694
Int Paints (Can)
30
7
60o
20o June
35c L_ 300
494
4*4
A.—*
B
HANSON BROS
_
18c418*4c
18c
Consolidated Paper Ltd..*
Ford Motor of Can A
St., Ottawa
July
2.30
4.60
4.70
1
Macassa Mines Ltd
Donnaconna Paper
58 Sparks
Feb
4.75
700
4.90
1.42
Mar
4c June
400
Jan
Mar
200
197
100
Royal
90c
64*4c 64*4c
Gold-.—1
'Apr
2o
98c
17094 173
*153%
100
Montreal
Feb
153% 155
138
100
-
Commerce
2.50
2.43
2,650
16,800
Brewing Corp of Can
Canadlenne
July
7494c
1.32
Brew A Distillers of Van
50
;
July
1.00
1.00 288,435
4.70
Gold
Jan
4*4
Banks—
Canada
July
6.65
Unlisted Mines—
Arno Mines
Cndn Malartlc
Mar
May
18
; 20.
1.90
Mar
34,990
3,680
July
N
11
100
Preferred
3*4
14*4
June
*
6.50
McVittie Graham M
20 N
12
July
Mar
37 No May
1.60
Jan
18.125
1.90
11*4
1
July
July
July
June
100
4.45
1.76
Howey Gold Mines Ltd-.l
104
1.50 May
8
Jan
71c
830
4.30
42*4c June
4.15
6.30
1.00
1
4,500
2,894
3,179
1,300
July
2.88
6*4c
Feb
18*4
6,315
July
4.25
82c
57,550
Apr
18 %
Jan
35
July
89o
Mar
58,900
8.25
Jan
18
May
2.30
*
Wright-Hargreaves
11N
14%
114
Winnipeg Electric
—
July
1.40
July
Jan
1.85
1
Thompson-Cad
.
1
Ventures Ltd
*
Wayside Con G M Ltd-50c
Teck-fiughes Gold
7.55
4.40
1.43
6.35
4.30
5.281
1,995
35
Wabasso Cotton
71c
5
13%
16%
5%
25
Vlau Biscuit pref
1.03
66c
Sullivan Consol..
Mar
75
120
12%
66%
8794c
70c
S laden-Mai
July
65
120
*
—25
Preferred
July
6394
150
*
Steel Co of Canada
30*4
240
10
100
Southern Can Power
92*4c
Siacoe Gold
95
18
18%
e%
*
Preferred
July
Mar
70c Jupe
1,900
22,148
Shawkey
61
123
preferred_.i_100
Power Corp oi Canada.—*
Preferred
May
56
77c
4.35
1
13
10
72c
3.85
-1
1
1
425
77c
4.80
Read-Authier Mine
High
Low
3.95
4,100
7.55
Corpl
Quebec Gold Mining
July
220
7.05
7.30
Week
1
June
44
Feb
Shares
1
45
17*4
for
of Prices
Low
High
Price
Par
Gold
Jan
105
100
(Concluded)
Pickle-Crow
Mar
98
"99
Ottawa L H & Power..100
Quebec Power
Regent Knitting
Jan
10
100
Preferred.
39
103
95
Ontario Steel Products...*
Preferred
Stocks
Apr
3994
59
63%
62
220
*
Ogilvie Flour Mills
High
85
1,493
30 %
29
Common (new)
Noranda Mines
Low
40
93
__*
National Breweries
Penmans
High
93
Tramways—100
Montreal
Shares
Week's Range
Sale
for
of Prices
Range Since Jan. 1 1936
Last
Range Since Jan. 1 1936
Week's Range
Sale
Market
Sales
Friday
Last
Low
Curb
Montreal
Exchange
Friday
May
Apr
Apr
Feb
Jan
104*4
6*4 May
July
48
39 N
Feb
17*4
July
/ Flat Price.
Montreal Curb Market
Last
Stocks—
Par
Week's Range
for
Sale
of Prices
Low
High
Week
Price
35
Asbestos Corp voting tr..•
Government
Sales
Friday
35
36
Range Since Jan. 1 1936
Low
Shares
17 N
3
1,055
36
4N
4%
75
2%
24 N
2,263
1.95 June
5%
3*4
1,485
16N
Jan
27 N
Apr
Brit Col Packers (new)
8N
8N
-----
20%
20%
»
Cndn Vickers
pref. 100
Catelli Food Prods pf A.30
cum
B
5N
Commercial Alcohols
*
------
Dominion Eng Works
Dominion Stores Ltd
*
------
*
9%
Dom Tar A Chemical Ltd *
7%
cm
pf 100
May
13
20
May
27%
125
2
2
20
18
55
11N
N
12 N
49 1
12
5N
5N
12
*
DomTar A Chem
8
10
3
16
2
Canadian Int Inv Tr Ltd.*
85
85
33
34
8%
7%
25
.
2
25
Feb
15
May
5N
July
4%
Feb
Montreal Island Pr 5Ns *67
45%
104% 106
Jan
19 %
Feb
Burns & Co 5 %s-3 Ns. 1948
16
11,448
2,875
8
Jan
19
Feb
Calgary Power Co 5s-_1960
70c
Jan
1.46
Feb
Canada Bread 6s
1941
109
111
107
Jan
24 N
Apr
Canada Cement Co 5 Ns '47
Canadian Inter Pap 6s *49
106
20 N
93 N
Montreal Tramway 5s 1941
19
Jan
31**
July
Can North Power 5s..1953
104
104 N
New Brunswick Pr 5s. 1937
Apr
July
Jan
Can Lt A Pow Co 5s.-1949
101N 102 N
Northwestern Pow 6s. 1960
39**
Apr
Canadian Vickers Co 6s *47
Jan
14%
Feb
2.60
May
Cedar Rapids M A P 5s '53
Consol Pap Corp 5 Ns.1961
112N 113
55 N
/55
Ottawa Lt Ht A Pr 58.1957
108
Feb
Dominion Canners 68-1940
113
Ottawa Traction 5 Ns. 1955
5*i
Feb
Dominion Coal 5s
105
101 N
80
8
Jan
Dom Gas & Elec
Feb
Dominion Tar 6s
1949
105
Feb
Donnaconna Paper 5 Ns *48
102
*
20 N
20 N
21
31
31%
3%
275
33 N
10
36 N
2,420
10%
30
1.20
•1.25
255
50c
10N
255
9
June
3
3N
90
3
July
6N
7
30
5
Apr
100
79
Jan
------
------
*
33 N
Inter Utilities Corp cl A..*
Inter UtllCorp class B ..1
"L20
*
10
*
3
Mitchell & Co Ltd (Robt) *
------
pref. 100
------
Sarnla Bridge Co Ltd A..*
B
—1.50
-————. *
------
—
Sou Can Pac Ltd pref-.100
103
3
10
1.05
3,111
89 N
89 N
100
100
80
5N
2N
33N
4
97 N
4
48
100
7
5N
7
'
195
6
6
Jan
13%
94 N
Mar
101
Feb
-
-----
5s
5NS--1960
Mar
1 1960
105% 106%
78
99
93%
90
1940
90%
6NS-1945
1.60
50
1.50
par
1939
value) 3s
Certificates of deposit...
91
-
-
Nova Scotia LAP 5s. 1958
Ottawa Valley Pow 5 Ns '70
Jan
107
--
'
12
82
83"
Saguenay Power 4*4s.l966
98
99
Shawinigan W A P 4 N8 '67
99%
Simpsons Ltd 6s
,.1968
Quebec Power 5s
62
98
Jan
103
July
Gatineau Power 5s.-.1956
50
5
June
12
July
General Steelwares 6s. 1952
Gt Lakes Pap Co 1st 6s '50
f58
2
99%
104
1949
--
107%
108%
101 N
East Kootenay Pow 7s 1942
Eastern Dairies 6s
1949
12
106
1 1957
Fraser Co 6s___Jan 1
103
101
70
Deo
Feb
1950
70
69
96 N
Provincial Pap Ltd 5 Ns '47
51%
102%
85 N
69
Corp of Can 4 Ns '59
Apr
5N
50%
102
Power
3.00
June
44%
5s
91%
11
June
106%
Montreal L H A P ($50
—
—1.50
Thrift Stores Ltd—
Cumul pref 6N%
25
Walkerville Brewery Ltd.*
Walker-Gooderh & Worts *
99%
9
Brit Col Power
57%
92
357
Imperial Oil Ltd
-
Minn A Ont Paper 68.1945
91
17
1.00
—
80
56 N
15
13 N
Rogers-Majestic Corp A..*
105 N
97
July
July
106
107
Jan
1.00
*
MoColl Frontenao Oil 6s *49
115N 116%
50
15%
cum
Bell Tel Co of Can 58.1955
120
*
Power of Can
Jan
1,694
*
Page-Hersey Tubes
113
8
..Voting trust otfs
Home Oil Co Ltd
B
81
112
99%
38 N
94
"n"
Melchere Dlst Ltd A
f80
6Ns--
94
*
Int Petroleum Co Ltd
Feb
1 1942
6Ns
Feb
11947
Maple Leaf Milling—
2*4s to '38—5Ns to '49
Massey-Harris Co 5s_ -1947
37 N
BeauharnoisLH&P 5%s *73
Beauharnois Pr Corp 5s *73
8%
Lake St John Pr A Pap Co
97
98%
Feb
Feb
12
59%
f58%
95
Ask
Bid
Ask
Abltibi P A Pap otfs 5s '53
Alberta Pac Grain 6s.-1946
1.35
Jan
7%
July
Bid
36
55c June
Fraser Cos Ltd..
Inter City Baking Ltd..100
Int Paints (Can) Ltd A...*
Utility Bonds
July
Jan
Industrial and Public
Feb
26N
360
New York •
NY 1-208
Jan
4
2N June
25
•
Bell System Tele.
Jan
Apr
June
2
30 Broad Street
Jan
July
1.50
245
9N
Mar
66
3
Corporation
Montreal and Toronto
Royal Securities Corporation
HAnover 2-6363
Feb
3%
Canada Vinegars Ltd
*
Canadian Vickers Ltd...*
•
Private wire connection between New York,
July
4%
Beauharnois Power Corp.*
Brit Amer Oil Co Ltd
»
24 %
Municipal
•
High
Jan
Bathuret Pr & Paper cl B_*
3N
25N
8N
SECURITIES
CANADIAN
July 25 to July 31, both inclusive, compiled from official sales lists
103
81
97%
103
103%
105 N 106%
101% 101%
104% 104%
105 N
102
--
Smith H Pa Mills 5Ns *53
106
107
58 N
Southern Can Pow 5s. 1955
105
106
113
105
2%
33%
632
18%
30
21c 25Nc
37 N
46c
1,900
59,150
2
32 N
18
120
.
July
3%
Feb
Int Pr A Pap of Nfld 5s *68
102 N
103 N
Steel of Canada Ltd 6s '40
26%
17*4
Apr
34%
Feb
83 N
United Grain Grow 6s. 1948
96 N
98
19
Feb
MacLaren-Que Pr 5Ns '61
Manitoba Power 5NS-1951
82 N
Jan
84%
85%
United Securs Ltd 5'%s '52
85
86
Winnipeg Elec 6s
2%
33
Walker-Good & Worts pf.*
86%
87%
15c
July
Oct 2 '54
--
Mines—
Base Metals Mining
Beaurort Gold
*
------
44c
1
30c
Jan
37c
Jan
CURRENT
47c May
76c
Jan
Big Missouri Mines
]
52c
52c
60c
16,693
52c
July
Bulolo Gold Dredging
6
31N
29%
31N
680
29%
July
Cartler-Malartic Gold
1
23c
13c
23c 327,300
20
Jan
230
July
Cent Manitoba Mines Ltdl
48c
46c
49c
5,100
18Nc
Jan
58c
July
Consol Chib Gold Fields-.1
1.75
1.75
1.88
5,760
1.10
Apr
2.30
Mar
37
—Bear, Stearns & Co., members New York Stock Exchange, announce
Jan
Dome Mines
*
56 N
185
61
1
80c
75c
83c
16,900
52c
July
890
July
FalconbridgeNickelMines *
9.50
9.15
9.55
705
6.90
Jan
9.55
July
July
440
Feb
that
Francoeur
Goldale
Gold
Mines
12c
53
43
Jan
1
64 Nc
Greene-Stabell Mines..—1
12c
16c
13,600
10c
39c
»
39c
200
22 Nc
Apr
55%c
—Hirsch, Lilienthal & Co.,
a
66c
29,340
23c
Jan
73c
May
1
61c
60c 65Nc
32,150
28N0
Jan
70c
1
58c
425
Jan
60c
May
Lamaque Contact Gold M*
45c
58c 59Nc
44c 46 Nc
6c
Jan
46 Nc
July
13c
Jan
29c
containing
a
165 Broadway, New York, have prepared
discussion of the outlook for
the public utility
—Peter P. McDermott & Co., 39 Broadway, New York, have prepared
June
Lake Shore Mines
circular
industry.
48c June
J-M Consol Gold
Joseph F. Patten has become associated with them in their bond
department.
June
East Malartic
56 N
NOTICES
Mar
Lebel Oro Mines
Lee Gold Mines
20c
1
1
21
31,500
2,333
5c
6c
41N
42 N
120
1.05
1.05
1.12
1,000
2.76
2.76
100
O'Brien Gold Mines Ltd.. 1
7.00
4.60
Pamour-Porcup M Ltd...*
4.45
4.45
7.00 141,570
700
4.60
Mclntyre-Porcup N Ltd .5
New Golden Rose..
Nipissing Mines Ltd
5
5Nc
------
1
Parkhlll Gold...
Perron
Gold
-
1
25 Nc
1
1.45
22c 25Nc
1.30
1.48
52
3c
Apr
6c
Feb
Mar
1.05
July
46 N
1.12
Jan
21,500
61,175
10,300
bulletin
on
Newport Industries Inc., $1 par capital stock.
—Homer & Co., Inc., 40 Exchange Place, New
York, has issued its quar¬
terly review of the high grade railroad bond market.
—Frederick J. Van Horn, formerly with L. S. Carter & Co. has joined
July
3.95
a
40
2.35 June
Jan
35c
Jan
7.00
July
3.75
Jan
5.10
June
18c June
31N
Feb
1 75
Feb
1.12
Jan
the sales department
—James
Talcott,
Co., Portland,
—Lee B.
Inc.
as
of Lord, Abbett & Co., Inc.
Inc.,
Oreg.,
has been appointed factor for National
manufacturers
Ross has become associated with
sales representative.
Games
of games.
Lancaster & Norvin Greene,
Volume
Financial Chronicle
143
New York
Bid
1
May 1
Nov 1
Mar 1
1976
1964
1964
1960
Jan 16 1976
a3HB
d3Ma
a3Ks
o3Ha
a3HB
July
o3
July
a 4a
May 1 1967.,..
a 4a
Nov
a 4a
1 1968
May 1 1969
May 1 1977
a 4a
Oct
1 1980
New York Trust
....
a4K» April 1 1966
115K
o4 Ks Apr 15 1972
115K
04
115K
o4Kb Dec 15 1971
Bid
11654
June 1 1974
Hb
04KB
a4 Kb
a4Kb
Feb 16 1976
1165*
Banca Comm Italians. 100
1 1977
516
68
10
Bronx
County
7
Chemical Bank A Trust. 10
Clinton Trust
50
75
85
New
Colonial Trust
13 K
15K
Title Guarantee A Tr...20
Continental Bank A Tr.10
19
20 K
U nderwriters
100
Corn Exch Bk A Tr
65K
66 K
United States
100 2100
1 1963
119K
a4 Kb June
1 1966
a4 Kb July
1 1967
1195*
1195*
115K
04 KB Deo
115
115K
a6s
121
.J
1 1979
1225*
25 1937
Jan
Canal A
20
Ask
Highway—
Trust..—
134K
mmm
Can A Imp High 4 Ks '66
1315*
Barge C T 4s Jan
106 K 107
104K 10554
1939 53
B
JAJ 3
MAN'
.25
75
2150
Par
Bid
Ask
100
278
283
Harris Trust A Savings. 100
400
430
Northern Trust Co.. ..100
830
870
National
First
235
141
BOUGHT
MAS
MAS
SOLD
—
QUOTED
-
111
110
Members New
E
6 CENTRAL
...MAS 6 .50 t 02.15
1942-1960
113K
—
PUTNAM & CO.
MAS 61.00 t 02.50
1937-1941
112
11K
65
105 K 106 K
1937-1941
Holland Tunnel 4Kb ser
1937-60.. J AD 6
149
105*
Hartford Insurance Stocks
1942-1960
ser
52 K
146
Ask
Inland Terminal 4Kb ser D
102 K 103
George Washington Bridge
4Kb ser B 1939-53
50 K
.25
York
Ask
215
.33 1-3 §137
Trust
Bid
Gen A ref 2d
4s
Preferred
68 K
K
42 to '46
Ask
Gen A ref 4s Mar 1 1975.
Gen A ref 3d ser 3 Kb '76
50 K
Bid
-.100
Bayonne Bridge 4s series C
3 Kb '65
48 K
Barge C T 4Kb Jan 1 1945.
Port of New York—
ser
20
Canal Imp 4s JAJ '60 to '67
Port of New York Authority Bonds
Bid
54
Manufacturers
Continental Illinois Bank A
Improvement—
4a Mar A Sept 1968 to '67
mmm
51
139 K
American National Bank A
4Kb April 1940 to 1949..
2 85
134K
.
Par
World War Bonus—
Highway
6a Jan A Mar 1946 to *71 6
Highway Imp 4 Kb Sept '63
Canal Imp 4Kb Jan 1964..
25
Chicago Bank Stocks
Ask
1
Lawyers
66
25
1025*
126
136 K
20
New York State Bonds
1
„
Kings
121
.
117 54
o4Kb Mar
115
less
349
17 K
10
16 K
1720
County........100 1670
Irving
95*
24 K
344
100
260
Central Hanover
1 1962
less
Guaranty..
12
V 8K
Ask
23 K
250
1185*
1 1964
b 2.45
70
Bid
Fulton
o4 Kb May 1 A Nov 1 1957
o4K« Mar
b 2.35
525
...10
Empire
117
115
3s1974
115
Nov 15 1978..
o4 Kb Mar 1 1981
1 1960
3s 1981
Par
Ask
105
116 K
Jan
a4K« Sept
o4KsMar
Bid
Companies
Ask
Ask
104K 1045*
107K 1075*
107 K 1075*
1065* 1075*
10654 106K
1065* 1075*
112K 1125*
112K 1125*
1125* 1125*
111** 112
112K 1125*
1 1976
o4b
City Bonds
<^737
112K 113K
Tel.
York Slock
Exchange
ROW
HARTFORD
5-0151
A. T. T. Teletype
Hartford 35
—
United States Insular Bonds
Philippine Government—
Bid
4s 1946.
Ask
Ask
Bid
Honolulu 6s.
3.50
4KB Oct
1959
105 K 107
U S Panama 3s June 11961
118
4Ks July
1952
105K 106K
1955
101K 103 K
101 K
6s
Apr!
6s
Feb
1952
108 K 110
5Ks Aug
1941
113
115
115
117
Hawaii 4Kb Oct 1956
3.00
1195*
Par
3.50
3.75
4Kb July 1958
6s July 1948
109
U 8 conversion 3s 1946
111K
112K 113K
Bid
1955
opt 1945.....JAJ
U2K 113K
3s 1956 opt
4s
Bid
4s 1958 opt 1938
1956
opt 1946
JAJ
1946
MAN
35*8 1955 opt 1945.-MAN
1946
1023,6 102 k
opt 1944.....JAJ
MANl 1035*
4s 1957 opt 1937
MAN
4KB 1957 opt 1937
.JAJ
4Kb 1957 opt 1937..MAN
4Kb 1958 opt 1938..MAN
1015*,102
56
Aetna Life.
33 K
35 K
Homestead Fire..
83
85 K
27 K
Importers A Exporters—5
26
36 K
14
Knickerbocker
Lincoln
5
33 K
.10
American of Newark
.
11
5s._.
California
Chicago
5s...
Denver 6s
14" ~
89
59
Fire Assur com_2K
10
10
2 K
8K
9K
National
10
Ask
100
100
98 H
100
York
3 H
55
Merch A Mfrs Fire New'k 6
17K
69K
Merch
Fire
Shippers... .25
103
108
National Liberty
1(K)
A
627
637
National Union Fire
2
20
12 K,
19
72
K
11K
9K
130
134 K
14
5
21
23 K
New Amsterdam Cas
.10
29
30 K
New Brunswick Fire
10
36 K
38 K
10
27
28 K
New Hampshire Fire
10
44
43 K
New Jersey
255*
45 K
27 X
45 K
49
2 K
4K
5K
Fire
5s
-
mmm
20
46
2
20
23
100
104
Fire
Northern
North
15K
12.50
New York
2.50
River
26 K
8
10
Northwestern
25
50
Pacific Fire
25
134
Phoenix
10
28 K
120
116
47
5
110K 114 K
75 K
77
105*
12 X
National
..5
Providence-Washington .10
41K
10
138K
92 K
88 K
20 K
26 K
29
Accident
Preferred
21H
43 K
27 K
101
St Paul Fire A Marine..25
114
219
Seaboard Fire A Marine..5
11
13
16
40 X
18
Seaboard Surety
28
55
57
Security
76
80
Southern Fire
10
26
28
28K
Globe A Republic
Globe A Rutgers Fire.. .15
Rossia
27
38 5*
5
Glens Falls Fire
23
25
.10
34
2154
1
Alliance
103
32
Fire
Georgia Home
2d
99
99
30 X
11
Springfield Fire A Mar..25
Stuyvesant
5
141
144
Republic
(Dallas)
Rochester
10
American
5
10
32
12 H
14K
K
30
"
preferred
Great Amer Indemnity
99
Halifax
/50
91
84
86""
Pacific Coast of Los Ang 5s
Pac Coast of 8alt Lake 6s.
100
First of Montgomery 6b
First of New Orleans 5s
91
94
Pac Coast of San Fran 6s..
100
First Texas of Houston 5s.
97 5*
995*
Pennsylvania
100
108
New Haven... 10
36 K
38
100
/31
34
100
101
67
/27
28
Tennessee
100
22 K
18
10
10
Fire
6K
7K
24
Sun Life Assurance
100
515
545
265*
Travelers
100
566
576
72
Southern Minnesota 5s
8
101
St Louis 5s
.1
110
Potomac 5s
82
.
Fire..
Hamilton
Pacific Coast of Portland 5s
-.5
Great American
100
975*
Oregon-Washington 5s
45
2
■
975*
Ohio-Pennsylvania 5s.
J*
43
10
Franklin
97 K
North Carolina 5s
80
53
National Casualty
Fire Assn of Philadelphia 10
5
Firemen'8 of Newark
Bonds
Maryland-Virginia 5s
New
4K
3
51
36
General
101
78
First Carollnas 6s
Bank
Mississippi-Tennessee 5s..
100
Mass Bonding A Ins..
12 K
Maryland Casualty
57 H
Carolina
Teletype CGO. 437
Louisville 5s...
A 25*
Dallas 5s
3 H
1
16 K
81
30 K
Fidelity A Dep of Md.. .20
Bid
98""
8K
15 K
Connecticut Gen Life.. .10
Lincoln 5s
100
74 K
55 K
34
City of New York
Ask
95
5s.
27 K
Continental Casualty.. -.5
State 0540
100
Burlington 5s.
26 K
6
73 H
13 H
29 K
Fireman's Fd of San Fran25
Atlantic
38 K
6
4K
10
Excess
Land
Ask
36 K
25
Federal
100
5
Fire
Bid
.10
Camden
MUNICIPAL BOND DEALERS
99
5
14 J*
Employers Re-Insurance 10
Bid
Ins Co of North Amer..l0
78
2K
.
American Re-Insurance .10
Eagle Fire
5s...
10
10
Automobile
Bought—Sold—Quoted
Atlanta
....
.10
American Surety
107
MUNICIPAL BONDS
Stock
Security
Baltimore Amer
106 y8
JOINT STOCK LAND BANK BONDS & STOCKS
Joint
..............5
Fire
.25
Bankers
-
Home
•
Agricultural
American Reserve.....
102K ;103
104
St., Chicago
Home
105
54
Boston...
120 So. LaSalle
Par
Ask
111
10
American Home
Ask
|
104 W105 K
109 K 10954
3s
Bid
Casualty A Surety 10
Aetna Fire
American Equitable
Ask
10054 10013,6
10054 1005*
10054 1005*
Aetna
American Alliance
Conversion 3s 1947
Federal Land Bank Bonds
3s
Insurance Companies
Govt of Puerto Rico—
100
First of Fort
Wayne
First Trust of
100
5s..
100
Chicago 6s__
Fletcher 5s
Phoenix
100
Fremont 6s
78
5s
Greenbrier 6s
100
San
Greensboro
100
Southwest
5s
Illinois Midwest 5s
77
80
97
Illinois of Montlcello 5s
99
Iowa of Sioux City 5s
100
Kentucky of Lexington
100
La Fayette 6s
100
15
33
37
100
65
68
.100
Denver.
Des
Bid
100
Dallas
Moines
Virginian
Land
Par
Atlantic
Antonio
5s
5s
5s
1
2
25
100
67
First Carollnas.:
100
2
100
2
100
4
Ask
3
7
■r
FIC1H3—Aug
F I C IKS...Sept
1
1
F I C 1 Ks
15 1936 6.35%
1
1
F 1C IKS—Nov
16 1936 6 .40%
1
25
FIClKs—Dec
15 1936 6.40%
t
t
45
II
FIClKs—Feb
F I C IKs—.Mar
FIClKs... Apr
.
Nat
60
FIClKs—July
Bid
Ask
1
Ask
National Bronx Bank...50
National Safety Bank. 12 K
Penn Exchange
10
54
60
National..50
50
Bensonhuret
Chase
.13.55
475*
-
»
495*
/54K
2-6s
m
mmm
—
f35
40
mmm.
mmm
Par
Teleg (N J) com.•
100
Canada.. 100
Bid
119
-
122 K
91
Cuban Telep 7% pref.. 100
48
63
20
24K
15K
17 K
Emp A Bay State Tel.. 100
Franklin Telegraph
100
Gen Tel Allied Corp $6 pf.
125*
...
...
Int Ocean Telegraph... 100
101
115
Mtn States Tel A Tel.. 100
139
143
100
990
1020
Sterling Nat Bank A Tr.25
35
365*
New England Tel A Tel 100
125
127
First National of N Y..100 2080
2120
Trade
20
12 K
43
67
...
40
43
40
43
/545*
/54K
•
mm
mrn»
mm
For Footnotes see
page 740
103 K
-
Bid
Ask
25
118
19
21
Peninsular Telephone com*
19
20
Preferred
29
—
100
111
112
114
21
24
156
mm
114
Roch Telep $6.50 1st pf.100
So A Atl Telegraph
25
158
A
S'western Bell Tel
Lincoln Tel A Telegraph..*
Bank
40
N'west Bell Tel pf 6 K % 100
Pac A Atl Telegraph
25
Sou New Engl
49 K
mmm
43—
New York Mutual Tel. 100
99 K
59
«•
..1953
2-6s
48
47 K
27
deb
44
25
60
1953
Atlantic
Debenture Corp 2-6s '53
Realty Bond A Mortgage
Corp 2-6a
Potomac
Realty
97K
50
'
ture
Par
-
94
Peoples National
100
-
1245*
Publlo National
.
1953
2-6s
Ask
1235*
125 K
145
148
44
National ...100
43
40
Telephone and Telegraph Stocks
1
196
Flat bush National.
40
1
1
42
King8boro
'53
43"'
190
Avenue
mmm
765*
74
—12K
Fifth
1953
Potomac Deb Corp 2-6s
Union Mtge Co 5KsA 6s'37
Universal Mtg Co 6s '34-'39
34
Commercial National.. 100
City (National)
(all
Issues) 2-5s
1953
Potomac Cons Deb Corp—
•mrnm
Corp
Potomac Maryland Deben¬
79
Ask
115*
45K
1954
Bond
Ask
'
1
1
80
Bhnk of Yorktown...66 2-3
Series B 2-5s
60 K
77
Potomac Franklin Deb Co
/3l
1
Nat Union Mtge Corp—
Series A 2-6s
1954
Potomac
77 K
/3!
100
Cincin A Sub Bell Telep.50
Bid
Bank
mm,
57
415*
(Mtge Guarantee series).
Bondholders part ctfs
Bell Telep of Pa pref
100
Merchants
43K
-
(Mtge Security series)..
Nat Cons Bd Corp 2-5s '53
Bell Telep of
Par
33K
Bid
■mmm
1
1
1
Bank Stocks
315*
2.50
Fire
Ask
Nat
|
Par
38 K
Bondholders part ctfs
Preferred
Bank of Manhattan Co. 10
36 K
Md
1953
(Central Funding series)
Nat Bondholders part ctfs
Am Dist
New York
Westchester
Nat Deben Corp 2-68.1953
Debentures
15 1937 6 .55%
15 1937 6 .55%
15 1937 6 .60%
—
Co 5Ks A
1934—43
Inc 2-5Si—
5*
15 1937 b .50%
15 1937 6 .65%
Mtge
6s-..—.
'
FIClKs—Jan
1
58 K
77
53
1953
2-6a
Cont'l InvDebCorp 2-6s '53
Mortgage Bond Co of
56
Bid
I
1
'53
Cont'l Inv Bd Corp 2-5s '53
Home
K
Ask
Arundel Bond Corp 2-58
Debenture
Bid
53
Bank
57
56
78 K
78 K
Arundel Deb Corp 2-6s '53
18
100
20 K
10
Associated Mtge Cos Inc—
Virginia
15 1936 b .30%
15 1936 5 .30%
Oct
98
24
Federal Intermediate Credit
Bid
101K
12
Virginia-Carolina
19K
55
U S Guarantee
Bid
1953
2-58
All series
20
San Antonio
U S Fidelity A Guar Co..2
U S Fire
4
77 K
Allied Mtge Cos Ino—
Pennsylvania
70
Hartford Steam Boiler. .10
37 X
28 X
74
10
10
Surety Guaranteed Mortgage Bonds and Debentures
99
21
Carolina...
35K
27 K
74 K
...
Hartford Fire
101
Potomac
6
Fremont
Lincoln
North
—
Stocks
Par
~
m
96K
Ask
-
Hanover Fire
Harmonla
m
-
100
5s
Bank
101
97 K
Virginia-Carolina 5s
94
Joint Stock
....
Lm
Union of Detroit 5s_
91
Atlanta
5s...
100
100
Telep... 100
pref. 100
124K 125 K
Trl States Tel A Tel—
Preferred
Wisconsin Telep
10
7% pf.100
105*
115
11K
Financial
738
1936
1,
Aug.
Chronicle
Quotations on Over-the-Counter Securities—Friday July 31—Continued
DEFAULTED
Railroad Securities
Guaranteed Railroad Stocks
Offerings Wanted
3o$epb (XJalker $ Sons
Member} Nn» York
DUNNE&CO.
Slock Exchange
120 Broadway
Tel* REctor
2-6600
STOCKS
^Tince1855,
\b
BONDS
RAILROAD
Bought
Guaranteed Railroad Stocks
Sold
—
—
Quoted
Earnings and Special Studies
(Guarantor In Parenthesis)
Dividend
Par in Dollars
Bid
C.00
Central)-—
96
on
Request
& CO.
SLOANE
E.
JOHN
Asked
Members New
Alabama A Vlcksburg (Illinois
JOhn 4-1360
New York
20 Pine.Street,
GUARANTEED
NEW YORK
York Security Dealers Ass'n.
Members New
\
Dealers In
Yor\Security Dealers Association
100
Albany A Susquehanna (Delaware A Hudson)..— ..100
10.50
177
6.00
101
39
York
HAnover 2-2455
Bell System Teletype NY 1-624
106
2.00
41 Broad St., New
182
-100
40
Allegheny A Western (Buff Roch A Pitts)
Beech Creek (New York Central)
8.76
139
141
66
—100
4.00
97
99
5.00
100
102
5.00
96
99
3.50
88
90
2.00
49
51
2.00
46
Bonds
58
100
stamped
Chicago Cleve Cine A St Louis pref (N Y Central) —100
Cleveland A Pittsburgh (Pennsylvania)—
•
145
3.00
Railroad
142
8.50
—100
•
(New York Central)
(New Haven)
Boston A Albany
Boston
A
Providence
—
York Central)
Carolina Cllnchfield A Ohio (L A N-A C L) 4%
Canada Southern (New
—
Common 5%
stock
Betterman
Delaware
—
(Pennsylvania)
pref (N Y Central)
194
4.00
76
79
-100
Michigan Central (New York Central)
50.00
950
1100
—60
Western)
Morris A Essex (Del Lack A
W)_.
—
Old Colony (N Y N H A
100
-
—
Preferred
102
10034
21
24
67
-
70
...60
1.50
3.00
76
165
170
Pittsburgh Fort Wayne A Chicago (Pennsylvania)
38
40
7.00
178
(Delaware A Hudson)—
St Louis Bridge 1st pref (Terminal RR)
Second preferred—
Tunnel RR St Louis (Terminal RR)
.
.
6.90
103
6.00
150
-
-
M
1(M)
3.00
3.00
10.00
256
260
6.00
88
92
5.00
100
5.00
78
82
.
74
-»
6.00
80
83
50
3.50
51
55
.60
3.00
6734
70
Portland
•
Western)
West Jersey A Sea Shore (Pennsylvania)
...
RR
74
434s,
92
92 34
•
85
•
-
aa
62
9134
93
9634
3%s, 1946
434a, 1967
434a, 1966
Union Pacific debenture 3^8,1971
Toledo Terminal RR
66
9634
111
...
»
-
96
9934
64
Washington County Ry 1st 334a. 1954
97
9834
66
Philadelphia, Pa
York
New
9534
90
1957
•534
94
Island-Frisco Terminal
Southern Pacific secured
Wire* to
79
75
Toronto Hamilton A Buffalo
Private
56
94
.
Stroud & Company Inc.
78
93 34
53
Shreveport Bridge A Terminal 1st 5s, 1955
Somerset Ry 1st ref 4s, 1955—
Southern Illinois A Missouri Bridge 1st 4s. 1951..
QoofaNom—Appraieale Upon Requeai
44
104
76
St Clair Madison A St Louis 1st 4s, 1951
CERTIFICATES
EQUIPMENT TRUST
1043*
X
l()t
334a, 1961
1st
a*
1023*
104
/4o
Consolidated 5s, 1945--.
Rock
-
90
88
1013*
Minneapolis St Paul A Sault Ste Marie 2d 4s, 1949
Montgomery A Erie 1st 5s, 1956
New York A Hoboken Ferry general 5s, 1946
Preferred
Warren RR of N J (Del Lack A
-
-
66
101
534a, 1978
1946..
1st 5s, 1955
...
Kansas Oklahoma A Gulf 1st 5a, 1978..
Little Rock A Hot Springs Western 1st 4s, 1939—
Macon Terminal 1st 6e, 1965—
Maryland A Pennsylvania 1st 4a, 1951
Meridian Terminal 1st 4s, 1955
'
98
9634
6434
Kanawha A West Virginia
a-
-
9934
t~
Hobo ken Ferry 1st 5s,
150
Canal (Pennsylvania).. -100
1(M)
Utlca Chenango A Susquehanna (D L A W)
—100
Vailed (Delaware Lackawanna A Western)
Vlcksburg Shreveport A Pacific (Illinois Contra!). -100
United New Jersey RR A
69
99
Goshen A Deckertown 1st
'
84
t~
/65
Georgia Southern A Florida 1st 5s, 1945
106
100
80
_.
182
100
—
Rensselaer A Saratoga
102
...
80
7.00
-
Preferred
Chateaugay Ore A Iron, 1st ref 4s, 1942-.—
Chesapeake A Ohio 334s, series D. 1996...
Choctaw A Memphis, 1st 5a, 1952
Cincinnati Indianapolis A Western 1st 5s, 1965—
Cincinnati Union Terminal 334a, aeries D, 1971...
Cleveland Terminal A Valley 1st 4s, 1995-.-
-
95
'
Buffalo Creek 1st ref 5s, 1961
«
85
85
—....—......
68
—100
Pittsburgh Bessemer A Lake Erie (U S Steel)
4348, 1944
Convertible 5a, 1940-45
83
82
Prior lien
98
4.50
69
8034
66
-
...60
1053*
63
95
4.00
Hartford)
1043*
1st 434s, April 1 1943-.-.——
1942...
5.00
Northern Central (Pennsylvania)
Oswego A Syracuse (Del Lack A Western)
a.
100
—
3.875
100
«
—
Maine 3s, 1950...
Prior Hen 4s,
79
93
1953
Birmingham Terminal 1st 4s, 1957
89
189
76
76
-
Boa ton A
86
10.00
100
—
1945
Boston A Albany
5.60
New York Lackawanna A Western (D L A
68.
Asked
74
Augusta Union Station 1st 4s,
48
-.100
Fort Wayne A Jackson
Georgia RR A Banking (L A N-A CL)
Lackawanna RR of N J (Del Lack A Western)
Bid
534a. 1945.
Akron Canton A Youngatown
ROESER & PENDLETON, INC.
Railroad
Bid
Atlantto Coast Line
Baltimore A Ohio
„
Boston A Maine
6a
&1.75
1.00
63.00
2.00
2.00
63.60
64.25
63.75
2.50
534a
63.75
2 50
434a
1
New York Central
64.25
434s—
434a
5s
L
4Hs
3 75
2.00
2.25
Public
Utility Stocks
64.50
3.75
64.50
3.75
Par
Ask
434s
62.00
1.25
Pennsylvania RR 4>$8
62.00
1.00
Alabama Power $7 pref—*
Arkansas Pr A Lt $7 pre!.*
62.00
1.00
Assoc Gas A El orig
62.85
2.00
63.00
2.00
63.00
2.00
Canadian Pacific 4>$8
Cent RR New Jer 434s—.
63.00
2.00
62.00
1.25
Northern Pacific
Chesapeake & Ohio 534s..
61.50
1.00
61.00
0.50
5a
2.00
2 25
4s series E due
6s
634a
434a
6s
62.60
;
6a...
N Y N H A Hartf
4.00
4.00
66.75
6.00
Pere Marquette
6.00
Chicago R I & Pao 434a—.
69
69
6a
73
73
July 1936-49
2J*s series G
84
92 34
94
534
7
Miss Rlv Pow
73*
Mo Pub
preferred
$7 preferred...
*
12
113
62.75
Bangor Hydro-El 7 % pf 100
Birmingham Elec $7 pref.*
2%
Buff Nlag A E pr pref...25
62.75
5a
2.00
62.75
434a
2.00
63.00
non-call Dec 1 1936-50
2%
Carolina Pr A Lt $7 pref.. *
6% preferred
*
Par
Mississippi Power $8 pref..
$7 preferred
82 H
pref..*
*
$6.50
Reading Co 434s
Jan A
Bid
Atlantic City El $6 pref—*
1.00
66.00
65.00
_
6s
434a
5s
66.75
68
Chic Mllw A St Paul 434s.
63.20
—
62.00
Chicago A Nor West 434s.
INC.
HA™tTl282 52 William Street, N.Y.
2.00
63.20
New Orl Tex A Mex
2.50
2.25
62.86
62.85
2.50
63.30
NTT Chlo A St
Canadian National 4^8..
ROBINSON, MILLER & CO.
3.00
6s
Missouri Pacific
63 50
4>£s
;■«.
334a Deo 1 1936-1944..
Analysis upon Request
Ask
Bid
Ask
63.00
4^a_.
4J^s
6a
(a producing oil company)
Equipment Bonds
6
.
Mountain States Pr com.*
13
115
7%
78
80~~
100
Nassau A Suff Ltg pf__100
Nebraska Pow 7% pf__100
2534
26
Newark Consol Gas...100
121
100
New Eng G A E
102
913*
N E
93
Erie RR
3
63.00
6a
3.75
65 00
534s—
3.75
65 00
6HS
65 00
d.60
76
90
90
Cent Ark Pub Ser pref. 100
99"
85
——
6s
90
Cent Maine Pow
6% pf 100
75
78"
..100
81
84
New
77>4
7934
New Orl Pub Serv $7
1.00
63.00
2.50
63.00
2.50
Great Northern 434s
6a
61.75
1.00
61.75
1.00
Hocking Valley 6a
61.75
1.00
62.85
2%
1.50
——
6H8
62.00
1.00
Internet Great Nor 434s.
Long Island 434s
6s.
64.50
3.50
63.00
2.00
62.50
1.75
Louisv & Nashv 434s
61.75
1.00
6s
434s
......
5s
1.00
634S
2.50
68
63.50
2.50
65.00
4.00
Western Maryland
5a
65.00
6348---
1.00
4.00
Western Paciflo 6s
For footnotes
Bid
11
|
100
6% preferred...
6.60% preferred
preferred
106
1063* 1073*
.20
2.00
4.00
4.00
Bid
34
7% preferred
100
Hllnols Pr A Lt 1st pref..*
Interstate Natural Gas..*
Interstate Power $7 pref.*
740.
112 34
64
115
66
H
I
%
111"
111
112
553*
563*
2434
26
'
233*
24
34
Los Ang G A E 6% pf. .100
5434
98
preferred
*
«•
783* .7934
45
46
10534
5534
105
.a*
56 34
107
11234 114
94
«
—
97
107 34
11034 11234
111
102
11234
103 34
107 34
10934
110
89 3*
100"
114
8234
84"
92
94
106 34 10734
113
110
9034
1103*
88
90 3*
107
—
Queens Borough G A E—
preferred
100
913*
92 34
7% B 100
6% preferred C
100
107
Sioux City G A E $7 pf.100
Sou Calif Edison pref B.25
97
99
28 34
293*
Rochester G A E
105
South Jersey Gas A El. 100
17034
-
«
105 i)*
194
Tenn Elec Pow
100
Long Island Ltg 6% pf.100
7% preferred
..100
-
36 34
Ohio Power 6% pref...100
Ohio Pub Serv 6% pf__100
6%
110
11134
preferred... 100
7%
194
Kings Co Ltg 7% pref.100
Ask
353*
preferred..
..100
Okla G A E 7% pref... 100
Pacific Pow A Lt 7% pf 100
Penn Pow A Lt $7 pref...*
Philadelphia Co $5 pref..*
Pub Serv of Colo 7% pf 100
101
Jamaica Water Sup pref-50
Jer Cent P A L 7% pf__100
Kan Gas A El 7% pf._.100
Memphis Pr A Lt $7 pref.*
Mississippi P A L $6 pf...*
see page
$7
194
65.00
-
107
99
Hudson County Gas...100
Idaho Power $6 pref
*
2.00
33 34
122
106
cum
-
3134
112
109
95
62.50
-
8
47 34
10534 10634
7%
122
102
634
N Y A Queens E L P pf 100
Foreign Lt A Pow units..*
102 34
78 34
84
11534
17
Nor States Pr $7 pref..100
Ohio Edison $6 pref..
*
100
Dallas Pr A Lt 7% pref. 100
Derby Gas A Eleo $7 pref. *
Essex-Hudson Gas
100
Ask
44 34
10734
100
100
114
112
4934
Continental Gas A El—
7%
pf._*
80
106
Gas A Elec of Bergen.. 100
Hamilton Gas Covto
65.00
Par
Lawyers Mortgage
$7
74 34
111
102
62.50
434s.—
4s*
...
$6.50 preferred B
Consol Traction (N J).100
Consumers Pow $5 pref..*
New
N Y Pow A Lt $6 cum pf_*
101
Realty, Surety and Mortgage Companies
Pari
preferred.
99
100 H
100
—
534a
Empire Title A Guar...100
$7
Cent Pr A Lt 7% pref. .100
Columbus Ry Pr A Lt—
1st $6 preferred A...100
100
Wabash Ry
63.50
Minn 8t P A S S M 4s.—
1.00
61.75
61.75
Maine Central 6s
0 75
61.75
5a
0.75
61.60
5s
1.50
61.60
Virginian Ry 4348
2.00
62.50
434s.
2.00
62.75
Union Paciflo
1.75
62.75
Pacific 4s
1.75
63.00
5^8
2.50
63.00
5s
1.75
63.25
5s
Southern Ry 4 >4 a
Texas
1.75
62.65
6s
62.25
434a
434a
Illinois Central 434s
6a
Paolflo
3.50
3.50
62.65
534aT
Southern
64.75
64.75
St Louis Southwestern 5a.
62.00
434a
6s
534% pf-»
Pow Assn 6% pf..l00
Eng Pub Serv Co—
prior lien pref
*
Jersey Pr A Lt $6 pf.*
85
~
434s_.
preferred
85
St Louis-San Fran 4s
434a
Denver & R G West
6a
6% pref. 100
Serv $7 pref... 100
Bid
6% pref 100
7% preferred
..100
Texas Pow A Lt 7% pf.100
Toledo Edison 7% pf A 100
United G A E(Conn)7% pf
United G A E (N J) pf-100
Utah Pow A Lt $7 pref...*
9234
9434
Utica Gas A El
88
89
Virginia
Ry
7% pf._100
100
80 34
71
81
10734 10934
109 34
93
111
95
70
-
77
75 34
102
100
134
137
-
Volume
Financial
141
Quotations
Over-the-Counter Securities—Friday July 31—Continued
on
Securities of
the
Specialists in —
Associated Gas & Electric System
S. A. O'BRIEN
&
Members New York Curb
150
BROADWAY, NEW YORK
Water Works Securities
CO.
Complete Statistical Information—Inquiries Invited
Exchange
75
FEDERAL
COrtlandt 7-1868
Direct Private
739
Chronicle
Swart.Brent & Co.
ST., BOSTON
HANcock 8920
INCORPORATED
Telephone between New York and Boston
40 EXCHANGE PLACE, NEW YORK
Tel.: HAnover 2-0510
Teletype: New York 1-1073
Bell System Teletype—N.Y. 1-1074
Public
Utility Bonds
WANTED
OFFERINGS
Bid
Amer States P S
6%b_1948
Ask
79
Amer Wat Wks & EI 5s '76
101
Aria
Edison 1st 5s
1948
1945
Bid
Ask
53%
'»
••
City Pub Serv 3s_ 1951
55%
Kan Pow A Lt 1st
4%s *65
Telep 5%s_1956
Long Island Ltg 5s
1955
102
73
71
Los Angeles G A E 4s_1970
106% 107
Metrop Edison 4s
First Mortgage
109% 110%
95
93
1st 6s series A
'
,
Keystone
108% 108%
102%
86%
85
Ark Missouri Pow 1st 6s '53
t
Kan
81
.
Associated Electric 5S.1961
69%
47%
49
37%
38%
43
38%
39%
43%
1978
46
47
...1973
105
rnmm
106
of Subsidiaries
Water Works & Electric
Co., Inc.
Consumers Water Co. (Maine)
70%
Assoc Gas A El Co
—
American
'
Bonds
Assoc Gas A Eleo
Income deb
4%s '68
Corp—
3%s
Income deb 3%s_—1978
Income deb 4s
1978
Income deb
4%s
Conv deb 4s
ser
G *65
1st A gen 4%s
Mtn
I960
106% 106%
Spates Pow 1st 6s 1938
98
Narragansett Elec 3%s '66
Newport N A Ham 6s. 1944
103
76
77%
1973
78
79
1973
86
87
N Y Edison
Conv deb
1973
93
95
Est. 1854
101
PORTLAND,
MAINE
Tel. 2-3761
103%
106% 107%
New York Cent Eleo 5s '62
Conv deb 6s
Niagara Falls Power—
Conv deb
'
H. M. PAYSON & CO.
Monongahela W P Pub Ser
1978
4%s
6%s
Sink fund Income 4s 1983
Sink fund inc 4%s._1983
49
-
49%
54%
Sink fund Ino 5%s..l983
3%s
ser E '66
75
*m
98%
mm
■''mm
mm
mm.
105
105%
Northern N Y Utll 5s. 1955
102
103%
Old Dom Pow 5s May 15'51
66
68
100% 101%
Parr Shoals Power 6s. 1952
102
105
Bellows Falls Hy El 5s 1958
Blackstone V G & E 4s *65
102% 103%
Pennsylvania Elec 5s .1962
105
106
109% 110%
102% 102%
Penn
106% 107
Potomac Elec Pr
Cent Ark Pub Serv 5s 1948
Central G A E 6^8—-1946
1st Hen coll tr 6s
1946
Cent Maine Pr 4«
107
3%s H '61
Telep Corp 1st 4s '65
Peoples LA P5%s —.1941
105% 106%
79%
Pub Serv of
106
83%
Pub Serv of Okla 4s A. 1966
107%
NH3%sD'60
Pub Utll Cons 6%s
San Diego Cons GAE 4s *65
Sou Calif Gas 1st 4s..1905
Columbus Ry P & L 4s '66
107% 107%
Sou Cities Utll 5s A..1958
105% 105%
S'western Gas A El 48.1960
106%
V
81
1948
"
82
109% 109%
106% 106%
63
61%
Federated Utll
106% 107%
/45
•
-
6%s__1957
-
-
82
80
Green Mountain Pow 5s '48
Iowa Sou Utll
Tel Bond A Share 5s. .1968
64
101
125
1942
102%
98
107
Light 4s
m
100"
89
91
107%
103
103%
103% 104
1966
99% 100
1954
100
6 Hs series A
1954
Butler Water Co 5s___1957
Calif Water Service 4s 1961
105
1st mtge 4s
1961
Monmouth Consol W 5s '56
Monongahela Valley Water
"
M uncle Water Works 5s '65
104%
New Jersey Water 5s.
950
102
New Rochelle Wat 5s B '51
96
102
...
mmm
102%
1951
103%
City of New Castle Water
99
101
99
101%
108
5Hs
1951
New York Wat Serv 5s '51
102%
mrnrn
101%
mmm
1957
105%
mmm
Clinton W Wks Co 58.1939
101%
Commonwealth Wat (N J)
5s series C
1957
105%
...
Penna State Water 5 Hs '52
Penna Water Co 6s
1940
1st A ref 5s
.1950
1948
1st consol 5s
1948
101
Prior Hen 5s
1948
103%
1965
Community Water Service
5 Hs series B
6s series A
83%
86%
Phlla Suburb Wat 4s.
88
91
Pinellas Water Co 5 Hs '59
100%
—
Consol Water of Utlca—
4 Hs
19
95%
97%
97%
1st mtge 5s
19
Davenport Water Co 5s '61
99
107
108J
98%
102%
lOOi
Pittsburgh Sub Wat 5s '58
108
Richmond W W Co 5s. 1957
105%
Roanoke W W 5s
_
1950
101%
St JosephWater 4s sel9A66
Scranton Gas A Water Co
105
4Hs
1958
Scranton Spring Brook
Water Serv 5s
1961
103% 104%
104
104
105%
105
1952
100% 102%
1952
100
102
Sedalia
106
107
South Bay Cons Wat 5s '50
Sou Pittsburgh Wat 6s '55
108
1977
102%
1954
102%
1962
104%
mmm
102
Indianapolis Water 4 Hs '40
105
1st mtge 3Hs
1st lien A ref 5s
1960
105
1st Hen A ref 6s
1970
105%
102%
1st Hen A ref 5 Hs-1953
1st Hen A re' 5Hs—1954
Indianapolis W W Secure—
Real Estate Bonds and Title Co. Mortgage Certificates
Jan 1 1941
Ask
Bid
(The) 1st 6s '41
B'way Barclay 1st 68.1941
/42%
/51%
/31
32%
Certificates of deposit.
/31%
32%
Metropolitan Corp (Can)—
6s—!—
1947
/40
42 %
Ask
5s
.1967
5Hs '47
1960
5s series B
1960
Terre Haute Water 5s B '56
6s series A
*
102%
79%
mm
mmm
---
103
105
102
103
103
Union
Water Serv 5 Hs '51
Water Serv Cos Ino 5s. 1942
West Virginia Water 6s *51
W Va Water Serv 4s.-1961
101% 103
97
102%
100
"
"h
Western N Y Water Co—
5s series B
99
87%
103
1949
mm
mmm
102%
1958
101% 103
100% 101%
Texarkana Wat 1st 58.1958
m
100% 101%
1966
Water Co
5s series A
mmm
5s
Bell System Tel.
N Y 1-588
1st A ref 58 A
rnmm
,
6s
Illinois Water Serv 5s A '52
INCORPORATED
94%
Roch A L Ont Wat 58.1938
102
Huntington Water 5s B *54
& CO.
93
105
1942
6Hs series B
our compre¬
hensive statistical reports on real estate issues.
Alden 1st 6s
99%
Plalnfleld Union Wat 5s '61
1946
1946
Connellsvllle Water 58.1939
Hackerusack Wat Co 5s *77
Bid
100% 102
1st consol 4s
5s serels A
Broadway, N.Y.
94%
103%
106
Peoria Water Works Co—
5s series B
Real Estate Securities
150
101
92%
102
—
103
1947
Greenwich Water A Gas—
2360
99
Ore-Wash Wat Serv 5s 1957
mm
■m
103
BArclay 7
90%
Ohio Water Service 5s. 1958
1941
City W (Chat) 5s B__.1954
5s series A__.
AMOTT, BAKER
98
101
Newport Water Co 58.1953
1951
6 Ha series A
104% 104%
'•
inquiries for copies of
104
99%
Ohio Cities Water 5%s '53
Ohio Valley Water 5s. 1954
(Wash)
5s
6s series B._.
We invite
103
102 H
Morgantown Water 5s 1965
102% 103%
103% 104%
4 Ha '58
5s
1950
...
\
103%
—
Wisconsin Pub Ser
I'
103%
Citizens Water Co
107% 109"
100
101%
5Hs
1957
Chester Wat Serv
105
Middlesex Wat Co 5 Hs' 67
*■
106%
West Penn Pr 3 %s ser I '66
Western Mass Co 3 %s 1946
Wisconsin G A El 3%sl966
Wise Pr A
126
---
Ask
Long Island Wat 5Hs. 1955
Works
6 Hs series A
WashA Suburban 5 %s 1941
Western Pub Serv 6%s '00
103% 104%
5%s—1950
104% 104%
83%
85%
Virginia Power 5s
Water
1st 5s series C
Utlca Gas A El Co 6s. 1957
63
Edison El 111 (Bos) 3%s '65
Federal Pub Serv 1st 6s '47
103%
Birmingham
Bta
\sk
99% 101%
105%
103% 105%
1956
68 aeries B
3%s_ 1960
Conn River Pr 3%s A.1961
Consol E & G 5-6s A—1962
Alabama Water Serv 5s '57
Alton Water Co 5s
68 series C
Public Serv of Colo 6s. 1961
105%
1963
106% 106%
80
/78
103% 103%
91% 93%
104% 105%
G "60
ser
Colorado Power 6s
Pacific Gas A El
99%
98%
78%
82%
Cent III Light 3%s_ —1966
Cent Ind Pow 1st 6s A 1947
Bid
mmm
Participating 8s.__.1940
Brooklyn Edison 3 %s_l906
Water Bonds
mmm
102% 102%
1st A ref mtge 3%s_1966
46%
Sink fund Income 5s 1983
New Eng G A E 6s.__ 1962
101
1950
98
1st mtge 5s
..1951
1st mtge 5Hs
-.1050
101
Westmoreland Water 5s '52
100%
103
97% 100%
'
Interstate Water 6s A. 1940
102%
Jamaica Water Sup 5%s '65
106%
Joplin W W Co 5s
105
1957
'
m m m
mmm
■
mmm
Wichita Water Co 5s B. *56
102%
102
Metropol Playhouses Ino—
Broadmoor
Majestic Apts 1st 6s..1948
6s
1948
S f deb 5s
/63%
30
Metropolitan Chain Prop—
B'way A 41st Street—
1st leasehold 0%s_ .1944
Broadway Motors Bldg68 stamped
1948
f28
90 %
94
65
Munson
64
67
Chesebrough Bldg 1st 6s '48
ChryBler Bldg 1st 6s__1948
73
74 %
91%
93 %
Court A Remsen St Off Bid
1st 6s
Apr 28 1940
Dorset (The) 1st 6s.__ 1941
East Ambassador Hotels—
1st A ref 5%s__
1947
Fxjult Off Bldg deb 58.1952
Deb 5s 1952 Legended
.
50 Bway Bldg 1st 3s inc '46
500 Fifth Avenue—
0%s
70 %
1939
/28H
30 H
35%
36 H
80%
78 %
51
52%
_
/45%
38 H
/56
57
5%s series Q
19th A Walnut Sts (Phila)
1st 6s
July 7 1939
/25
165 Bway Bldg 1st 5%s '51
/49%
71%
Prudence
73 %
/43
1961
5s
1943
/49H
/36%
Income
10%
12
1944
70
/48
50
Realty ext 1st 5HS.1945
67
68 %
6s
65
George 4s____1950
73
1936
Lewis Morris Apt Bldg—
6%s
Apr 15 1937
Lie coin Bldg Inc 5%s_1903
60 Park PI
51%
53 %
616 Madison Av 1st 6Hs'38
May 151948
(Newark) 6s *37
38%
/17H
/17H
19H
19H
23 H
54 H
25 H
7%
/II
55 H
15
65
'
1st 6 Hs
■/
106
100
102
172
17
100
pref. .100
preferred
♦
100
Katz Drug
-
105
Preferred
7%
Stores
preferred
*
120
*
5
8
100
30
35
preferred
100
100
110
Reeves
100
105
5
100
100
»
88
Bid
,
102
103
(Daniel) pref
Rose 5-10-25C Stores
-
108
9
100
100
6%%
115"
-
18%
102
Green (H L) 7%
-
12
Melville Shoe—
Murphy(G C) $5 pf
Nelsner Bros pref
___
Oct 23
1940
/58H
/51H
Schlff Co preferred
United Cigar Sts 6 % pf. 100
6% pref ctfs
U 8 Stores preferred
___
100
24%
24%
2
28
27%
5
Sugar Stocks
Textile Bldg 1st 6s
54
65
/48%
Ludwlg Bauman—
93 %
50%
1958
Trinity Bldgs Corp—
1st 5Hs
1939
98
100
Far
66
68
.20
23%
24%
-1
20
21%
_.l
33%
35%
*
%
1%
Walbridge Bldg (Buffalo)—
1st 6Hs
Oct 19 1938
/2 8
Westing house Bldg—
38
(M H) Stores—*
ASk
11%
108% 110
Miller
6%
35
Bid
100
4%% preferred
(I) Sons com
16
38
5%
•
2 Park Ave Bldg 1st 4s 1941
/51%
Corp
1942
1936
14
36
*
Edison Bros Stores pref 100
Flshman
Kress (S H) 6% pref
Lerner Stores pref
5%
100
preferred
Kobacker
/22
53 H
*
(H C) common..*
Par
14
Syracuse Hotel (Syracuse)
London Terrace Apts 6s '40
I)
1st 5 Ha
61 Bway Bldg 1st 5 Ha 1950
General 7s
1945
74%
92%
(Bklyn)
Securities
Ask
11%
94
5
Bickfords Ino...
Bohack
Bid
*
100
$2.50 conv pref
Sherry Netherland Hotel—
59%
1947
Iff 6 %s (L
51
Diamond Shoe pref
1945
67 %
92
90
Borland Shoe Stores
7% preferred
B/G Foods Inc com
Savoy Plaza Corp—
/57%
Kelth-Albee Bldg (New
Lefcourt Manhattan Bldg
1st 4-5s extended to 1948
51H
50 H
1st fee A1' hold 6 H 8 -1940
1946
Bldg 1st 68.1951
49 H
Par
Roxy Theatre—
1949
1st 6s
Store
Chain Store Stocks
9H
Realty Assoc Sec Corp—
5%s unstamped
Graybar Bldg 6s
Hearst Brisbane Prop 6s '42
Hotel Lexington 1st 6s '43
n
Co
5 Ha double stpd
Fuller Bldg deb 6s
1 ?t 6s
Chain
64 H
1400 Broadway Bldg—
1st 6%s stamped
1948
Lot w's Theatre Realt
Boston
89
103 E 57th St 1st 6s_. 1941
Fox Theatre A Off Bldg—
1st 0%s
Oct 1 1941
1st
-
/30%
1 Park Ave 6s_.Nov 6 1939
Bldg 1st 6s '43
Corp 6s____1958
Rochelle) 1st 6s
NEW YORK
/39
30
73
Hotel St
-
46 %
/37H
1941
1939
Harrlman
Chicago
57 William St.
5 Ha series F-l
Oliver Cromwell (The)—
1st 6s
Nov 15 1939
Film Center
42 Bway 1st 6s
8
103
103%
BURR Si COMPANY Inc.
101H
5 Ha series BK
45%
62d & Madison Off Bldg6s
N »v
1947
40 Wall St
N Y Eve Journal 6 %s_ 1937
N Y Title A Mtge Co—
33%
104%
1949
1952
72
5 Ha series C-2
/6%
78%
1960
6s series A
36 H
35
1st mtge 2s stmp A reg'55
1st A gen 68
1946
1949
unstamped
502 Park Ave 1st 6s.
/55%
/31%
Bldg 1st 6%s
6s series C
'mmm
101
W'msport Water 5s
N Y Athletic C ub—
Chanin Bldg Inc 4s
104%
95
1945
1945
Kokomo W W Co 5s. .1958
Lexington Wat Co 5 Hs '40
69 %
69%
1st fee A leasehold 4s '48
_
_
/72H J5
For footnotes
see page
740.
Ask
Par
Savannah
7%
Sugar Ref
♦
preferred.....100
West Indies 8ugar Corp.. 1
Bid
126
126,
3%
Ask
t
Financial
740
Chronicle
Aug. J, 1936
Quotations on Over-the-counter Securities- Friday July 31 —continued
HAMILTON GAS CO. V T C
Specialists in all
Bought, Sold & Quoted
Investment
QUAW & FOLEY
30
DISTRIBUTORS GROUP,
NEW YORK
STREET
BROAD
Company Securities
Members New York Curb Exchange
Kneeland 8C Co.—Western Trading
ISSUED
Correspondent
SECURITIES
REORGANIZATION
WHEN
Incorporated
BOwllng Green 9-1420
Street, New York
63 Wall
Telephone HAnover 2-0030
investing Companies
SECURITIES
RIGHTS
Bid
Par
Amerex Holding
Established 1019
Members oj
BROAD
22%
23%
7% preferred
Investors Fund C
Corp—*
1.20
11%
12%
1.07
1.18
Amer General
Teletype N Y 1-1397
Angeles, Gal.
Investors Fund of Amer.
Invest Co of Amer oom
1.31
Corp.
Equities Ino
Am Insurance Stock Corp*
Assoc Stand Oil Shares.-.2
Amer A Continental
ST., N. Y.
HAnover 2 8780
Los
2.21
Amer Business Shares... 1
the New York Security Dealers Assn.
25
18.94
2.01
Affiliated Fund Inc com.
4
Basle Industry
7%
4%
4
44
42.
»
108.64 110.84
9.89
10.70
Mass Investors Trust....1
27.85
29.55
1
16.62
18.16
4.70
Mutual Invest Trust
A...1
.34
"".54
Nation Wide Securities.. 1
4.60
33.07
35.37
Voting trust certificates.
1.96
Fund Ltd——1
19%
20%
N Y Bank Trust Shares...
Canadian Inv Fund Ltd.l
4.25
4.65
No Amer Bond Trust ctfs.
74%
42
No Amer Tr Shares 1953..
2.70
British Type Invest
Molybdenum Co.
Bullock
39
Central Nat Corp el A—*
Sylvania Industrial Corp.
..
61
*
4%
6%
Series 1955—
29.05
Series 1956
3.53
1%
Series 1958
3.56
1
Commercial Nat'l Com
2.87
Corporate Trust Shares...
Series AA
Accumulative series
BOwllng Green 9-3565
Teletype N
Y
AA
36
100
110
38
6.20
ser A
Deposited Insur Shs A
Deposited Insur 8b ser B.
2.65
Diversified Trustee Shs B.
10%
15
-
-
-
«...
Amer Air Lines Inc
Bid
.75
1.89
......
Maofadden Publica com..*
29 %
12%
32%
Arch
American
72
73
Maytag warrants
11%
_*
American
▼ t o__
Book..
.100
Merck A Co Ino com.....1
American Hard Rubber—
106
8% cumul preferred
6%
25
31
31%
Amer Maize Products....*
17
21
American Hardware
American Mfg
Preferred
American
29%
31%
100
78
83
Republics com.*
Andian National Corp
*
Art Metal construction. 10
Beneficial Indus Loan pf. *
Bowman-Blltmore Hotels
1st preferred
100
Canadian Celanese com..*
49
50%
15%
52%
16%
54
29
100
118
122
Carrier Corp 7% pref._100
Climax Molybdenum
*
73
Columbia Baking oom
51 cum pref
12
4.30
4.55
1.17
1.26
Standard Utilities Ino
State Street Inv Corp
31.50
33.85
12.4*9
'40%
30.92
■
25
Class B
*
Crowell Pub Co com.....*
27
54 %
.56%
54%
56%
53
55%
100
108 %
Dentists' Supply Co of N Y
46%
Dictaphone Corp
53%
$7
preferred...
*
Preferred
100
Dixon (Jos) Crucible... 100
49%
56%
120
Doehler Die Casting pref. *
101%
51%
Preferred
„50
Douglas Shoe preferred-100
Draper Corp
*
.
Flour Mills of America
*
46
50"~
American
*
shares...
15
70
73
1%
5%
5%
33%
5%
6%
6%
36%
*
Golden Cycle Corp
Graton A Knight com
10
48
—.100
49
51
39%
32%
41
Preferred
Great Lakes S3 Co
com...
Lawrence Portl Cement 100
Lord A Taylor com
100
1st 6% preferred
100
2d
8% preferred
102
5l""
4*
Great Northern Paper..25
Jacobs (F L) Co
Klldun Mining Corp
1
100
20
16%
2
18
3%
Yeast...100
..5
*
Publication Corp com
$7 1st preferred
*
100
Remington Arms com
*
S covlll Mfg
.25
Singer Manufacturing.. 100
Sparta Foundry common..
Standard Cap A Seal— .5
Standard Screw
100
Stromberg-Carlson Tel Mfg
Sylvania Indus Corp..— *
Taylor Milling Corp
*
Fundamental Tr Shares A.
6.31
6
Pat
_
.1942
Trusteed Amer Bank Shs B
1.15
1.68
1.44
1.95
2.11
Trusteed Industry Shares.
Trusteed N Y Bank Shares
1.72
1.95
1.62
1.76
U S El Lt A Pr Shares A„
20%
21%
1.07
1.17
£3.20
3.30
1.30
1.38
1.52
1.65
1.31
1.43
Un N Y Bank Trust C 3_.
3%
1.62
Un N Y Tr Shs se rF
1%
2%
1.27
1.38
Wellington
18.78
20.60
Steel
Preferred
Huron Holding Corp
Incorporated Investors..*
1937
.30
45%
.45
27.17
Pomeroy Ino com
35
346
26%
tSovlet Government Bonds
27%
39
41
149
8%
9%
29
7% gold rouble
Ask
1
92.10
1
I
'
Bid
Ask
Union of Soviet Soo Repub
1943
88.36
10% gold
29%
17
Bid
Union of Soviet 800 Repub
rouble—19421
87.50
*
103
2%
12%
8
No
par
10
•44%
109
2%
14
9%
A
Coupon,
value,
a
Interchangeable
f Flat price,
v i
b Basis
When Issued,
price,
t
c
Registered
Ex-dividend
y
coupon
(serial).
Now selling on New
York Curb Exchange.
§ Ex-20% stock dividend,
t Now
listed
t Quotations
on
New
per 100
Vork
Stock
Exchange
gold rouble bond equivalent to 77.4234 grams of pure gold.
Warren Northam—
*
40
Weloh Grape Juice pref. 100
West Va Pulp A Pap com.»
102
100
102
33 con v preferred
16
CURRENT
17%
NOTICES
104
37
7%
38%
White (8 S) Dental Mfg.20
White Rock Min Spring—
16
17
period in five years for
$7 1st preferred
100
Wlloox-Glbbs common..50
100
25
35
immediate future is regarded as best since the depression got under
way,"
the firm states. "Carriers of Class I (the better ones
com v t c.
6%
—A sharp rise in traffic this autumn should make 1936 the best
earning
New York, declare in
our
railroads, Pask & Walbridge, 1. Wall Street,
study entitled "The Railroad Industry."
a
after charges for the group will surpass the 1935 figures
by 20%
126
and in some instances much more
Ask
able to realize
Bid
Aft
100.4
Aug 15 1936 100
Aug 15 1937 101.12 101.16
Aug 151938 102.14 102.18
101.3
101
June
1 1939
l%s
1%8
2s
'
-
for
Home Owners' Loan Corp
-
-
l%s
Journal
98
104~~
01 uomm
6%s.l937
Merchants Refrlg 6s..1937
Nat Radiator 5s
1946|
N Y Shipbuilding 58—1946
85
98
/35%
37%
95
97
88
90
101% 102
70%
72%
101.3
l%s
Sept 1 1939 101
17
Haytian Corp 8s
1938 /15
Jones & Laughlln Steel—
4%s
..1961 100% 101%
106
107
Std Tex Prod 1st 6%s as '42
Strutb Wells Titus 6%s '43
/II
13
Texas
101% 102%
17
/15
/63% 65%
Corp deb 3%s__ 1951
Wither bee Sherman 6s '44
Woodward Iron 5s—1952
81
over
some
a
moderate balance after charges.
It is estimated that net
to 25%
notwithstanding that maintenance
was
the early months of the year and is expected to be substantial
time further."
—Announcement is made of the formation of Worthington, Brown &
Co., Inc., to engage in the origination and distribution of corporate issuer
The board of directors consists
of Walter C. Brown, Frederick W. Nash and Charles Emmet
Bradley.
and to deal in general market securities.
Two of the directors of the company have been actively identified with
industrial and chain store financing in their former connections, Walter O.
Brown
Nash
ley
Reynolds Investing 5s 1948
Boovtlle Mfg 5%s—.1945
"The
particularly) should be
60
102%
....
19
55
102
6%
5%
32%
100
8%
7%
44
Schoellkopt, Hutton A
.
25.27
Corps
Corp..
Corp..
120
Federal Farm Mtge Corp—
24
Bancamerlca-Blair
First Boston
.100
103%
Deep Rock Oil 7s
22
Investm't Banking
Young (J S) Co com—100
7% preferred
100
Cudaby Pack
1955
1%
WJR The Goodwill Station
102% 102%
4s. 1950
1%
Worcester Salt
Debenture 3%s
1951
Consolidated Oil 3%s.l951
conv
1.67
1.36
*
4
1.30
1.54
1.25
com.
Fund
110
Commercial Invest Trust—
1st 3%s
1.19
shares
Tobacco shares
Guardian Inv Trust
Voting trust ctfs
3%
34
341
43
$3 cum preferred
112
1.59
1.48
120
95
1.27
103
Corp—*
Tubize Chatlllon cum pt.10
Unexcelled Mfg Co...-.10
United Merch A Mfg oom *
Un Piece Dye Wka pf. .100
U S Finishing pref
100
Preferred
Bear Mountain-Hudson
River Bridge 7s
1953
Chicago Stock Yds 5s. 1961
B
.
Merchandise shares.
108
3%
43%
6.40
Mining shares...;
44%
17%
7.06
B
...
21
2%
2.22
1.55
Petroleum shares
RR Equipment shares..
19
40%
2.05
Investing shares
5"
80
104
Trustee Standard Oil Shs A
34
Bid
....
7.27
250
110
1~5~64»
3.04
2.97
D
Food shares
22
Miscellaneous Bonds
Am Wire Fabrics 7s
8.14
Trustee Standard Invest C
6.61
heavy
American Tobacco 4s.l951
7.00
•
Agricultural shares
Automobile shares..
50"
42%
9
West Dairies Inc
34%
17%
2%
19%
8.14
14.38
Supervised Shares
Group Securities—
85
*
com
2.76
D
Chemical shares
3
16%
Pharmacal
Trico Products
1%
Gair (Robert) Co com
Preferred
__.*
Gen Fireprooflng 57 pf.100
25.81
110
Steel
13
4%
24.25
General Investors Trust..
4.36
C
5.35
5.75
2.76
.
B
w
5.05
Taylor Wharton Iron A
Foundation Co-
Foreign shares
__*
Pathe Film 7% pref-—*
Petroleum Conversion
1
77
14
Casket...—..*
Leather
AA
BB
10.39
B
*
* 108.31
4.16
Super Corp of Am Tr Shs A
43%
28.69
*
A
28%
113% 115%
5% preferred
100
New Haven Clock pf___ 100
Ohio
22.24
Standard Am Trust Shares
Building shares
2%
26%
47
Nat Paper A Type com
21.35
5.15
1.93
10%
70
24%
*
Spencer Trask Fund
-
8.15
101
Ohio Match Co.
43%
68
100
Northwestern
3%
27
Columbia Broadcasting A *
National
Norwich
2
9%
Ask
5.27
23
Selected Industries oonv pf
1.781
Mock Judson A Voehringer
Preferred
4%
4%
100
preferred
Preferred
100
Preferred
*
Preferred.....
Bid
10.05
Selected Income Shares...
'7.35
B
Par
5.15
3.90
25o
Foundation Trust Shares
Ask
14.08
4.85
Selected Cumulative Shs..
-
4.10
Fundamental Investors Inc
Par
13.58
1.74
Eqult Inv Corp (Mass)..5
Equity Corp cv pref
Fidelity Fund Ino
*
Industrial Stocks
1.89
4.85
Dividend Shares.
7-0700
1.10
1.72
.60
Fixed Trust Shares A
115 Broadway, N. Y.
Tel. BArclay
Bell System Teletype NY 1-1493
3%
.99
Selected American Shares
-
2.95
3.85
D
Members New York Security Dealers Association
3
•
—
Royalties Management...
■
3.69
C
1920
43
*
Selected Amer Shares Ino
Deposited Bank Sha
Bristol & Willett
Established
30
Cumulative Trust Shares. *
Over-the-Cdunter Market
........
115
10
7% preferred
In the
73"
14
Plymouth Fund Ino A.lOo
Quarterly Ino Shares..25c
Representative Trust Shs.
Republlo Investors Fund .5
.......
28
100
Common B shares
SERVICE
69
40
Class B
3.51
Series ACC mod
8% preferred..
COMPREHENSIVE
----
3.51
mod
Crum A Forster Ins com 10
A
-
2.76
Series
1-1666
—
—
Securities... 100
Northern
.»•»
2.76
—
Pacific Southern Inv pref.*
Class A
*
10
9%
Continental Shares pref
Inc.
Broadway, New York
78%
3.58
27.02
Class B
/New York Security Dealers Association
.
Members! commodity Exchange,
2.12
4
Century Trust Shares...*
C. E. UNTERBERG &, CO.
25.78
.
Maryland Fund Ino com..
Broad St Invest Co Ino—
Climax
1.16
42
10
6%
Keystone Cust Fd Ino B-3. x23'50
Major Shares Corp..—.*
3%
4.85
Shares...*
Ask
1.02
'.
.
Investment Tr of N Y—*
4%
6%
Bankers Nat Invest Corp *
Bid
Par
Ask
17.80
*
Fund
Administered
M. S. Wien & Co.
as
as
was
a
a
general partner of George H. Burr & Co., and Frederick W.
general partner of Merrill, Lynch & Co.
formerly syndicate
manager
—O'Brian, Potter &
Charles Emmet Brad¬
with E. W. Clucas & Co.
will be at 70 Pine St., New York City, N.
Co., investment firm of Buffalo,
appointment .of Horatio W. Turner
offices at 40 Wall Street.
as
Offices
Y.
announces
the
its New York representative with
Mr." Turner is resigning from Bank of the Man¬
hattan Co., after five years as an official there,
prior to which he
partner in the stock exchange firm of Kelley, Drayton & Converse.
was
a
Volume
Financial
143
Chronicle
741
Bonds—
Quotations
Over-the-Counter Securities
Friday July 31—Concluded
on
Bid
1946
-
1946
Bank of Colombia 7% 1947
Bank of Colombia 7 % -1948
Barranqullla 8s'35-40-46-48
Antioquia
8%
1945
Bavaria 6%s to
Palatinate
Bavarian
1945
Bogota (Colombia) 6 Ha '47
1945
8s
Haiti
1953
95
34
Hansa SS 6s stamped. 1939
20%
/38
/22
/27
/17%
/24
18%
25%
/19
/15:%
A6 %
22
Housing & Real Imp 7s '46
Hungarian Cent Mut 7s '37
Hungarian Discount <fc Ex
change Bank 7s
1936 /28
Hungarian defaulted coups f20 40
Hungarian Ital Bk 7 Ha '32 /27
Useder Steel 6s
194v
/25
37%
Jugoslavia 5s...
1956
/44 5
Coupons.
Koholyt 6 Ha
1943 /22%
Land M Bk Warsaw 8s '41
/45
Leipzig O'land Pr 634b '46 /27
Leipzig Trade Fair 7s. 1953 /26
/6%
6s
1940
/5
Brandenburg Eleo 6s.. 1953 721%
Brazil funding 5%. 1931-51
/69%
Brazil funding scrip
/72
Bremen (Germany) 7s *35
/21%
1940
Bank
1962
7%s
Brown Coal
Ind
6 Ha
Corp—
1953
17%
A
o
6%
6%
'
8
23
69%
-
-
«.•»
6%
Luneberg Power Light &
Water 7%
...1948
23%
Meridionale Elec 7s
7s
--
1945
Munich 7s to
/24%
27
Munlc Bk Hessen 7s to '45
Buenos Aires scrip
/48
49%
Burmelster & Wain 6s. 1940 A10
113
Caldas (Columbia) 7%s '46
/11% 11%
Natl
(Colombia) 7%—1947
12%
10%
11%
1947
Al%
AO
A0%
/2
14%
196S
/14
/14
66%
Callao (Peru) 7%%—1944
Cauca Valley 7Ha
Ceara (Brazil) 8%
1946
5
27"
39
Ohio Listed and Unlisted Securities
24 %
Members Cleveland Stock Exchange
25%
58
27
73
01 L LII
H
54
25
Union Trust Building# Cleveland
23
7s assented..
Chilean Nitrate 5s
City Savings Bank, Buda¬
pest, 7s
1953
68"
59
Costa Rica funding 5% '51
Costa Rica Pao Ry 7 %s '49
50%
A8
1949
5s.
6Hs_.1959
49
52
Protestant
Dortmund Mun Utll 6s '48
Duesseldorf 7s to
1945
/21
23
Dulsburg 7% to
1945
721
23
.1953
/21%
/24
/24
Frankfurt 7s to...
1945
/22%
140
German Atl Cable 7s. .1945
725
24%
145
•
-
8%
26%
/23
1948
Sao Paulo (Brazil) 6s. 1943
—1951
Saxon State Mtge 68—1947
27
/20 50
10
A2%
13%
June 1 *35 to June 1 '36. '/15
16
Graz (Austria) 8s
98
1954
Gt Brit & Ireland 5%s '37
111
113%
4s____.
1960-1990
116% U7%
Guatemala 8s 1948
44
/40
Toho Electric 7s
Hanover Harz Water Wks
Vesten Elec Ry 7s
1957
/20%
23%
1955
1947
Tolima 7s.
26
25
26 H
38
11%
96
99
96
97
H
99 M 101
26
/24
23 H
/21
/24M 26
1947
1945
For footnotes see page 740.
AUCTION
The
following securities
were
Wednesday
on
120
62
63
119
Jan
27
28
130
14
178
10
Jan
25
13
Jan
45
7%
150
7%
17
July
Feb
6%
24% July
30% July
106% June
Feb
.19%
Feb
71%
110% July
75
July
73
July
24%
13%
July
May
July
"
7%
70
Jan
15
July
35%
10%
Jan
Jan
51
20
36
Jan
51
22
25
19%
Mar
23
Jan
Apr
July
49
50
105
34%
Jan
55
19
18%
19
198
10
Jan
20
22 H
22
22%
4%
150
19% June
26
555
3%
Mar
13
133
8
June
27
446
20% May
16
150
15
4 H
13
4%
12%
23%
15%
Mar
July
Feb
5% May
13
July
27%
17%
Mar
Mat
5
28
27%
4,146
28%
49
49*
100
25
18%
45%
14%
Apr
Apr
Feb
16%
9
1,625
6%
510
1%
16%
8%
1,240
1
June
50
12
July
29%
June
16%
July
Jan
5
July
50
9
July
12
July
6
6
4%
1
1
10
10
12
2%
30%
28%
2%
30%
100
13
30
31%
564
27
Jan
2%
*30%
30
4%
Feb
4%
30%
Feb
Feb
Apr
35
Jan
106
Jan
1% June
104%
15
16
192
9%
Jan
16
Patterson-Sargent—*
Peerless Corp
3
Richman
*
20
20%
2%
201
17%
July
27
100
59
480
2% June
Jan
56%
106
3%
2%
58%
2%
33%
16
33%
16
34
11%
60
59
--*
791
3%
Jan
Feb
20
6% cum preferred-.-100
Packer Corp
*
2%
68
2
Jan
4%
14
May
19%
Jan
July
Jan
June
Feb
Feb
12
8% cum preferred—100
S,M A Corp
1
Stouffer class A.
*
Vlchek Tool
,_———*
*
Jan
Mar
51
106
Selberling Rubber.
Feb
22
6
Weinberger Drug
West Res Inv 6%
SALES
sold at auction
294
2,570
13%
63
Ohio Brass B
1950
Wurtemberg 7s to
68%
21%
13
27
94
.1951
United Steamship 6s—1937
68%
20
13%
classB
*
Cem... *
Tool
-*
Murray Ohio Mfg
Myers (F E) & Bro
National Acme.
---1
National Refining
-25
Preferred
100
24
City 7s
Unterelbe Electric 6s. 1953
11
70
Jan
Mar
107%
61%
59%
68 H
-*
National Tool
-50
7% cum preferred—100
Nestle LeMur cum cl A. - - *
Nineteen Hund Corp cl A.*
/10%
14
Jan
54
21
National Tile....
Tucuman Prov 7s
rucuman
180
Mar
15%
66
Apr
90
20
Monarch Mach
93
Stinnes 7s unstamped-1936
7s unstamped
1946
30
18
70
Medusa Portland
16%
28
100
116% 110%
McKee (AG)
12"
125
18%
11%
63
66
-----
f22
/66
/60
StettlnPub* tJtJl" 78—11946
20
stamped
6%
Leland Electric
160
18
*
Lamson & Sessions
60
23%
High
Low
Shares
27
-
20
1940 flOOH
7s
/9%
/19
13
37
...1956
Serbian 5s
38
/44 55
Serbian coupons...
Slem & Halske deb 68.2930 /285
8
Coupons
Dec 1934 stamped
Apr 15*35 to Apr 15'36.
German
Young Coupons
12-1-34
Scrip
6%s
/ 7%
H
High
100
27
*
100
*
Cleve-Cllffs Iron pref
*
Cleve Elec 111 $4.50 pref..*
Cleveland Ry.
-100
Certificates of dep—100
Cliffs Corp v t c-_——_*
Commercial Bookbinding.*
Electric Controller & Mfg *
Faultless Rubber..
*
Foote-Burt
*
Fostoria Pressed Steel
*
Greif Bros Cooperage A—*
Halle Bros
5
Interlake Steamship
*
Jaeger Machine
*
Kelley Isl Lim & Tras
*
/59%
/ 75
/II
fl5H
/24%
/23
/25
Saxon Pub Works 7s—1945
/37
/26
22 H
Low
23
preferred.
/19
1947
stamped. .1942
Santander (Colom) 7s.
25
16 H
24
f20
/40
/38
A1
Bk 6s '47
7%
1957
Salvador 7% ctf of dep *57
Salvador 4% scrip...
Santa
Catharlna
(Brazil)
Santa Fe 7s
42
155 H 158
1945
Saarbruecken M
142
German defaulted coupons
July to Deo 1933.:
'747
...
32
Royal Dutch 4s
German Building <fe Land
Jan to June 1934
45
/28
/38
A5%
/22
/21%
R C Church Welfare 7s *46
/74
July 1934 to June 1936..
/35
25%
25%
/27
French Govt 5 Ha
1937
French Nat Mall SS 6s '52
German scrip
German called bonds.—_.
Westphalia 6s '33
*36
Rhine Westpb Eleo 7% '36
Rio de Janeiro 6%
1933
Rom Cath Church 6 Ms '46
Salvador
Gelsenkirchen Min 6s. 1934
...1948
1946
Prov Bk Westphalia 6s
22%
European
Mortgage & In
vestment 7%s
1966
16*
23
many) 7s
Price
.1
Allen Industries Inc
Prior
(Ger
Prov Bk
52
Week
City Ice & Fuel
58
/21
23
for
of Prices
Apex Electric Mfg
23
/21
/53
/16
1968
Church
56 H
23 H
55
/20%
Par
Stocks—■
97
/94%
Week's Range
Sale
/28
1945
48%
Range Since Jan. 1 1936
Last
.1947
to
Sales
Friday
/28
1962
Ind
1948
7%-—.-
Panama 5% scrip
Porto Alegre 7%
11%
25%
Electrlo Pr (Germ) 6%s '50
Mtge
49
/ll%
/23
East Prussian Pow 6a. 1953
7 Ha.
National Hungarian &
4s
/56
/47%
Dawes
July 25 to July 31, both inclusive, compiled from official sales lists
berpfals Eleo 7%
1946
Oldenburg-Free State 7%
/65
A7
German
Cleveland Stock Exchange
/82
North German Lloyd 6s *47
Columbia scrip issue of '33
Issue Of 1934 4%
1946
bank 6 % %
/86
14%
68%
Cordoba 7a stamped_.1937
7s stamped.
1951
614s
1946-1947
Nat Central Savings Bk of
/27
& T. GLEV. 565& 566
T
A
25 H
26
Panama 6*4%
(A & B)
Hungary
6s assented
20c
....
CC & D 7—1948-1949
Chile, Government—
Cundlnamarca
Bank
$ per Share
Corporation
""
t
/23
/23%
Recklinghausen 7s ..1947
,
Sticks
Shares
5 Cook
Telephone GHerry 5050
Nassau Landbank 0 Ha '38
—_$1 lot
A
By A. J. Wright & Co., Buffalo: *
Municipal Gas & Elec Corp
Call
preferred—
/55
/23
/21
!_1959
—.1952
Montevideo 6s
/30
1957
Shares
Stocks
'
$ per Share
4 Fidelity-Philadelphia Trust
Co., par $100
420
25 Germantown Trust Co., par $10..——
——
:
...
24%
10 Corn Exchange National Bank & Trust Co., par $20.
53
50 Pennsylvania Co. for Insurances on Lives & Granting Annuities, par $10— 39%
100 A. W. Drake Manufacturing Co., 8%
23 H
/22%
/23
72 H
/51
Mannheim & Palat 78.1941
21
/18
Hungarian
16%
/6%
1969
British
20%
fO 3y£
Jo/B
Bolivia (Republic) 8s. 1947
7s
1958
7a
Ask
24
Cons
Clt 7% to
6s
Bid
Ask
/21
/31
/19%
/19%
.35 flat
....
By Barnes & Lofland, Philadelphia:
Foreign Unlisted Dollar Bonds
Anhalt 78 to
Per Cent
$200 Securities Co. of New York, consolidated 4s
10
123
30% June
35
12%
Feb
Apr
July
18%
prpf.100
85
May
80
85
9
17
Jan
19
June
10
Inc....*
11%
18%
70
Jan
85
July
No par value.
of the current week:
of Sales and Collections of Manufacturers
by National Associa¬
of Credit Men and United States Department
New Survey
By Adrian H. Muller & Son, New York:
Shares
Stocks
and Wholesalers to be Issued
$ per Share
3 iNatlonal Bank of Yorkville in New
York, N. Y., v. t. c
tion
.....$100 lot
100 Reece Transmission Co. (Me.)....
S3 lot
100 Engineer Gold Mines, Ltd., Inc. (Del.), par $5
10 Planters Industrial Corp. (Fla.), common and 10 preferred,
52 The Cessna Aircraft Co. (Kansas), common
of Commerce
.31 lot
;
par
$100
$5 lot
During the past several months
$19 lot
of Credit Men has
By R. L. Day & Co., Boston:
Shares
$ per Share
County Trust Co., common
lid., par $100
15 Worcester Transportation Associates, common
10 George E. Keith Co., preferred, par $100
:
2 Western Massachusetts Companies..
500
Consolidated Gold
1 Boston
19H
....
Corp.,
73
...
par
44
34M
:_
.$5 lot
i
Athenaeum,
10 M
;
$1 and 30 GUlette Camera Stores, Inc.,
par $10...
par $300
325
...
14 General Investors Trust,, par $1
50 Technology Chambers Trust, par $100
250 New England Public Service Co., common, par $5
..6.68
....
—$2 lot
.;
100 Bangor Hydro Electric Co., common, par $25
40 Springfield Gas Light Co., v. t. c., par $25..
47 Converse Rubber Co., common
2 Columbian National Life Insurance
...
2%
21%
15%
9%
81
Co., par $100
Bonds—
Per Cent
$2,000 City of Woburn 4Ms, July 1,1941 reg'd tax exempt
chool loan.. 106 % & int.
lections of both
it is announced, is broken down according to lines
and geographical regions, and is consequently a
informative and comprehensive survey.
The previous
survey,
trade
of
more
survey
conducted by the Association has been superseded
by this new survey,
and
the
cooperatively handled by the Association
Department of Commerce, and to be released "by
Department of Commerce near the close of each month.
the past several years the National Association of
Credit Men has been conducting a survey of sales and col¬
lection conditions in approximately 100 cities of the United
the
For
States.
By Crockett & Co., Boston:
Shares
concerning sales and col¬
manufacturers and wholesalers. This new
ment of Commerce, a new survey
Stocks
6 Worcester
4 Pittsfield & North Adams
the National Association
developed, with the United States Depart¬
■
CURRENT
Stocks
NOTICES
$ per Share
10 Nashua Manufacturing Co., preferred, par $100
25 Nashua Manufacturing Co., common, par $100
5 Goodall Worsted Co., par $50
.A.
1
24 %
4H
Week," in which they list bond issues discussed during the previous week
66
,
$100—
81
11 Plymouth Cordage Co., par $100
60 Huron Milling Co
104%
;
....
15 Saco Lowell Shops, common, par $100.
1/Columbian National Life Insurance Co., par $100
11
3%
79%
9 New England Power
Assn., preferred, par $100
20 Heywood-Wakefield Co., common, par $25
30 Converse Rubber Co., common..:..
20 Saco Lowell Shops, 2d preferred, par $100..
6 Western Massachusetts Companies.
York Stock Exchange, 39 Broad¬
New York, are distributing a weekly circular, entitled "Bonds of the
way,
11%
24%
47H Thermatrol Manufacturing Co., preferred, par $100 and 85 common
$5 lot
30 Emerald Bay Inc
prior preferred; 70 preferred, and 200 class A common..$50 lot
1 Columbian National Life Insurance Co., par
—Ira Haupt & Co.,"members of the New
86
15 Farr Alpaca Co , par $50
10 Nashua Manufacturing Co., preferred, par $100
1 Amoskeag Manufacturing Co., preferred..
17
I
...
9%
13%
34 H
81
by important statistical organizations.
—Carreau & Co., members of the New York Stock
Exchange, 63 Wall
St., New York, have prepared an analysis of W. T. Grant Co., operating
471 variety stores, principally in New England and the mid-Atlantic States.
—Distributors Group, Inc., 63 Wall St.; New York City, has prepared
analyses of American General Corp.^and of the Equity Corp. giving effect
to their June
30, 1936, reports.
—A. R. Titus & Co,, 32 Broadway, New York, are distributing a detailed,
special report on ^Louisiana & Arkansas Ry. Co., giving its history and
present financial position.
742
Financial
£ Adams Express Co.—Listing—
The New York Stock Exchange has authorized the listing of
$9,771,000
10-year 4M% debentures, due Aug 1,1946
;
^oThe debentures are to be issued under an indenture, dated as of Aug 1,
1936.
They will be offered to the holders of collateral trust 60 year 4%
bon s, due March 1, 1948, and the holders of collateral trust 4% distribu¬
tion bonds of 1907, due June 1, 1947, outstanding in the hands of the public?
in exchange for an equal prircipal amount of such bonds
The debentures
will be offered only to such holders and only in exchange for such bonds.
The collateral trust 50-year 4% bonds, due March 1, 1948, and the collateral
trust 4% distribution bonds of 1907, due June 1, 1947, are non-callable.
—V. 143, p. 416.
Akron Canton & Youngstown
June—
Ry.—Earnings.—
1936
1934
$179,845
60,271
27,447
$142,858
35,403
14,151
$146,626
52,763
25,949
1,102,159
410,902
226,273
Gross from railway
Net from railway-..—
Net after rents
1935
977,130
328,904
923,734
363,606
201,466
1933
.
$161,443
70,245
46,044,
Chronicle
—
189,148
725,705
244,065
123,313
—V. 142, p. 4326.
Alabama Great Southern RR.—Earnings.—
June—
Gross from railway
Net from railway
1936
Net after rents
From Jan. 1—»
Gross from railway
Net from railwayNet after rents-
—
1935
1933
46,595
$432,688
108,167
70,152
$437,617
150,464
114,506
2,451,737
291,088
75,485
3,058,311
731.017
370,038
—
1934
$448,877
63,463
$547,539
137,509,
66,776
..
2,448,175
524,020
348,657
2,063,057
389,836
138,455
—V. 143, p. 97.
last year.
Orders booked for the three months ended June 30, 1936 amounted to
Alton RR,-
Co.—Earnings—
[A subsidiary of Commonwealth & Southern Corp.]
..
on
Balance
—V. 143,
chgs.
pref. stock
$51,707
—.
p.
400,963
195,178
402,730
4,851,493
4,849,086
195,178
'
2,342,138
2,342,193
$78,104
$753,599
$647,740
572.
Alaska Juneau Gold Mining Co.-—Closed
Net after rents
From Jan. 1—
|t< The decision
was rendered on charges filed by the International Union of
Mine, Mill and Smelter Workers, Local 203, which called the strike May 22
1935. This strike is still technically in progress, although the mine reopened
July 5, 1935, under police protection, and some of the strikers returned
to work.
In its decision the board ordered the company to end "efforts to coerce"
its employees in the matter of their union affiliations and to withdraw
recognition and financial support from the Juneau Mine Workers Associa¬
tion, a "company-dominated" labor organization.
The company was further ordered to reinstate with back pay 29 miners
who struck and to whom re-employment was refused, and to place in their
former positions on the waiting list, when employment is available, nearly
100 others who joined in the strike.—V. 143, p. 261.
Acquisition—
Tim uireoGors have declared
common
an extra dividend of 15 cents per share in
regular quarterly dividend of 25 cents per share on the
stock, no par value, both payable Sept. 16 to holders of record
to
the
Sept. 1.
At
a
special meeting of the stockholders of this company and the West
merger of the two companies was
Leechourg steel Co. neld July 27, the
approved.
The New York Stock Exchange has authorized the listing of 136,470
additional shares of common stock (no par) on official notice of issuance in
connection
with
stock of West
the acquisition by merger of 24,545 shares of common
Leechburg Steel Co. (par $100) making the total applied for
765,974 shares.
Allegheny Steel Co. and West Leechburg Steel Oo. have entered into a
joint plan of merger and reorganization, dated May 25, 1936, whereby the
Allegheny Steel Co. and the West Leechburg Steel Co. will be merged into
one corporation and the
surviving corporation after such merger will Con¬
tinue to be the Allegheny Steel Co., under the terms of which plan there
are to be issued:
136,470 additional shares of its common stock (no par)
to cover the conversion of 24,545 shares of common stock of West Leech¬
burg Steel Co. (par $ 100) into shares of common stock of Allegheny Steel C o.
I* The joint plan of merger and reorganization was submitted to the stock¬
holders of each of the corporations on
July 27, 1936, for approval.
Income for Four Months Ended. April 30, 1936 (Allegheny
Steel Co.)
Gross sales, less discounts, returns and allowances
Cost of sales,
Selling, administrative and general
Provision for depreciation
1934
1933
$1,205,591
def227,735
$1,148,377
273,645
56,942
6,417,887
768,778
def526.157
6,126,038
1,244,096
12,278
6,191,660
1,680,652
506,786
694
7,525,247
1,496,148
def40,123
Net after rents
expense
$8,832,682
7,835,549
267,896
-
138,203
Balance
Miscellaneous income and interest earned
Altorfer Brothers Co.—Accumulated Dividend—
have declared a dividend of $1 per share on account of
$3 cum. conv. pref. stock, no par value, payable
Aug. 10 to holders of record Aug. 1. A similar payment was made on July 10,
May 15, March 15 and Jan. 15, last, and on Nov. 1, Aug. 1 and April 15,
1935, this latter being the first distribution on this issue since Jah. 30, 1932,
when a regular quarterly dividend of 75 cents was paid.
Accruals after the payment of the Aug. 1 dividend will amount to $5.50
per share.—Y. 142, p. 4327.
The directors
accumulations on the
Leather
Amalgamated
Companies,
—
A special stockholders' meeting will be held on Aug. 26 to vote on a plan
of recapitalization designed to eliminate $105.25 per share accumulated
on the 49,600 shares of $7 preferred stcok ($50 par). The plan
that the preent preferred shall be reclassified share for share Into
amount of new $50 par value $3 cumulative preferred stock,
In addition preferred stock¬
holders are to receive five shares of new common for each preferred share
held, in lieu of accumulated dividends.
The present 175,000 shares of common now outstanding, it is proposed,
will be reclassified into 70,000 shares of new common, common stockholders
receiving two-fifths share for each share now held.
Oh completion of the
plan there will be outstanding 318,000 shares of common of an authorized
issue of 650,000 shares along with 49,600 shares of $3 preferred stock.
The management states it hopes that when the plan is approved, divi¬
dends can be inaugurated on the preferred at rate of $3 annually.—V.
143,p. 417.
equal
American Bank Note Co.
(& Subs.)—Earnings—
1936—3 Mos.—1935
$693,019
$337,251
25.020
26,641
Period End. June 30—
Operating profit
Other income
Total income
Netincome___
$486,545
7,821
67,435
162,485
$254,416
7,569
67,435
$773,864
$248,805
Prov. for income taxes.
$179,412
$298,638
44,226
110,031
_
Pref. div.- -Foreign sub.
Pref. div.— -A. B.N. Co-
Com.divs. —A. B. N. Co
1935
1936
Net sales billed—
Cost of sales, incl. deprec. and all expenses
except
Federal income taxes
____
Operating income
Acc'ts receivable.-
1,018,040
940,901
Market, securities.
1,813,950
1,671,450
.
Common stock ac-
to
employees...
117,174
77,020
Total income
15,602,043
-
$768,373
275,372
391,032
Accounts payable
326,295
402,162
229,920
105,867
583,452
391,032
337,173
Tax
—
stock.
382,791
495,000
1,347,736 shares
— -
5.770,414
.........18,832,522
17,757,224
77,526 Approp, surplus
182,794 Surplus..
583,452
3,355,959
__
46,694
446,171
1,617,119
71,015
.18,832,522
17,757,224
surplus
Cash
Def. &unadj. chgs.
Total
Total
-V. 142, p. 2981.
American Cities Power &
Based
on
that
Dec.
on
Light Corp.—Interim Report
June 30, 1936, market prices for investments, the net assets
amounted to $27,198,372.
The corresponding figure at
date
31,
1935,
$25,141,515.
was
Net unrealized appreciation of invest¬
ments
(excess of market value over book value) at June 30, 1936, was
$8,837,218, and the corresponding figure at Dec. 31, 1935, was $7,847,541.
Net assets on June 30, 1936, were equivalent to $176.36 per share o
class A (preferred) stock outstanding and, after allowing for class A stock
at the amount to which it is entitled in liquidation ($55 per share), to
$6.43 per share of class B stock outstanding.
These amounts were arrived
at after deducting provision, for normal Federal income tax of 15% on so
much of the net unrealized appreciation as would, upon realization, repre¬
sent taxable profit.
Earnings for 6 Months Ended 'June 30
[Including Wholly Owned Subsidiary]
1934
1935
divs.
valued at
market prices following
resp. div. record dates
-
$528,588
.
.
.
2,193
43,101
-
32,970
$434,507
$576,386
10,832
39,675
$528,588
29,699
.
$163,629
412,756
$725,621
20,272
163,629
$615,211
$615,211
expenses.
165,979
Val'n of stock divs. appl.
in reduction of book
value of investments-
Interest
Provision for Federal and
State income taxes
Bal.,
sur.
(excl.
1933
'
291,114
50,286
74,476
7,200
8,726
$460,735
$484,698
of"
106,000
$554,954
$1.55
$0.41
common
The net current and working assets on June
30, 1936 were $28,576,815
compared with $23,986,692 on June 30, 1935, an increase in net working
capital of $4,588,122.
Orders booked in the first half of the current year amounted to
$30,664,836, an increase of $13,638,729 or 80% over the $17,026,106 bookings
in the first half of 1935.
Unfilled orders on June 30, 1936 totaled $10-
776,376 compared with $8,669,549 on June 30, 1935, an increase of $2,106,827 or 24%.
Net income for the quarter ended June 30, 1936 was $1,334,473 or 99c.
a share, compared with $577,196 or 43c. a share in the second qtiar. of 1935.
112,015
67,435
352,507
446,171
5,027,511
$362,250
$489,08
$1,043,745
400,620
$2,088,600
on
.
reserve
Earned Surplus and Undistributed Profits Account—6
1936
Balance Jan. 1
Netprofit
Earnings per share
stock (no par)
_.
of approp.
results of sales of sec)
$2,984,221
Other
charges
-----S
----Provision for normal Federal income taxes
$
Pref. stks. of subs.
Common
—
Contract deposit..
'
4,495,650
6,527,730
Dividends payable
Advances
quired for resale
Invest,
1935
"
4,495,650
6,527,730
_
24,736,901
$2,662,151
322,070
Other income.
$
Preferred stock...
Operating
$27,399,052 $16,370,416
—
$283,643
1936
Liabilities—
i
bldgs., ma¬
chinery, &c—-10,138,740 10,596,634
Inventories
1,681,492
2,153,613
Land,
Cash divs. and interest-
' 1935
79.969
$433,646
15.133
434,870
15.385
134,870
324,971
Consolidated Balance Sheet June 30
Total.
Taxes
1936
161,199
76.316
168.578
Stock
Mfg. Co.—Earnings—
6 Months Ended June 30—
$715,575
165.622
36,338
$1,179,957
78,858
Other deductions
$488,796
....
1936—6 Mos.—1935
$1,128,407
$667,900
47,675
51,550
$362,271
82,889
24,967
$719,660
Depreciation
$596,441
107,645
—V. 142, p. 3834.
Allis Chalmers
to
dividends
1936
_
Inc.—Plans
Pay Arrears—
$591,032
5,408
Net income before Federal and State income taxes
Provision for Federal and State income taxes.
(
>
444,341
252,261
—V. 143, p. 98.
Assets—
Allegheny Steel Co.—15-Cent Extra Dividend—Listing—
addition
1935
$1,105,191
Gross from railway
Net from railway
Shop Upheld—
The company was declared guilty of unfair labor practices by the Na¬
tional Labor Keiations Board in a decision announced on July 24, which held
that a strike for a closed shop was not illegal.
on
1936
$1,326,965
258,027
defl5,569
convertible into six shares of common stock.
Period End. June 30— 1936—Month—1935
1936—12 Mos.—1935
Gross revenue.
$1,506,807
$1,401,210 $17,375,030 $15,960,229
Oper. exps. and taxes.718,459
609,021
7,871,369
6,857,088
Prov. for retire, reserve.
140,500
116,175
1,556,430 *
1,264,120
Dividends
Earnings.—
June
Gross from railway
Net from railway
an
Int. and other fixed
of orders booked in
$17,389,072, an increase of 71% over the $10,160,026
the corresponding quarter of 1935.—V. 142, p. 3835.
proposes
.
Alabama Power
1, 1936
Billings in the June quarter this year were $15,765,884, an increase of
$6,093,114 or 62% over billings of $9,672,770 in the corresponding quarter
From Jan 1—
Gross from railway—-Net from railway
Net after rent3
Aug.
$1,796,676
Net cash inc. for period, per inc. acct.
460,735
Addj. applicable to prior periods
Profit
realized
on
sale
of
Total
Divs. on
conv. class A stock, optional
div. series, paid in cash and in cl. B
stock (capitalized at $1 per share)..
Dividends on class B stock.
Balance June 30..
1935
$468,778
484,698
9
1934
$319,005
362,250
1,900
securities
879,139
265,800
21,213
$3,136,550
$1,219,276
$704,370
x231,329
x231,326
231,915
289,610
$2,905,220
$987,951
$182,845
(net) during period
x
Mos. End. June 30
.
Maximum cash option would have been $231,333.
Volume
Financial
143
Chronicle
743
Consolidated Balance Sheet June 30
■
1936
Assets—
1935
$
$
<
Investments
Cash
Notes receivable-_
86,100
280,947
7,435
20,450
Financing exp. def.
rec—
Accts. receivable.-
577,300
199,525
181,165
Specialists
All
Notes
payable to
banks, secured.
9,616,905
_
38,700 Prov.
15,000
480,500
6,764,036
8,733,262
987,951
144,200
480,500
6,763,059
8,734.239
2,905,220
McDonnell & Co.
-...28,823,354 17,008,4381
Total...
28.823,354 17,008,438
1936, quotations, the aggregate market value was
$37,340,274.
Unrealized depreciation of investments at June 30, 1936,
was $8,837,218 after
deducting $116,000 for normal Federal income tax
of 15% on the taxable profit which
would result upon the realization of
such appreciation,
y Serial class A stock, par $25; convertible optional div.
Based
on
American Electric Securities
Corp.—Earnings—
6 Months Ended June 30—
Gross income
.1935
1936
$207,585
29,226
49,686
Expenses
Estimated Federal taxes.
Net profit.
$44,678
15,302
4,039
,
$25,337
$128,672
Net asset value of
1936 compared
There
Members
June 30,
series, $3 cumulative (entitled in
liquidation to $55 per share)—out¬
standing, 154,222 shares.
Class B stock (par $1), outstanding, 2,907,509
shares.
Class B stock reserved for
(a) conversion of class A stock, 220,318
shares, and (b) dividends on class A stock,
1,008,032 shares (maximum,
annual requirements, 19,277
shares).—V. 143. p. 417.
:■
Rights and Scrip
Federal
for
income taxes
participating preferred shares
$3.73
to
Dec.
on
31,
1935
and
$4.36
was
$2.87
June 30,
June 30, 1935.
on
on
w^re^outstanding 184,893 participating preferred shares
on June 30,
American-Hawaiian SS. Co. (& Subs.)—Earnings—
Period End. June 30—
Operating earnings.....
Operating expenses
1936—Month—1935
$1,281,489
$1,120,283
1,130,339
986,037
Net profit from oper'ns!
Other income
Total profit
Provision for deprec'n._
Balance-
$7,539,159
6.739,326
$5,699,032
5,630,467
$799,832
4,523
30,837
$68,565
21;824
$157,948
56,455
$138,769
56,493
$101,492
3,268
...
Non-recurring items
1936—6 Mos.—1935
$134,246
$151,150
6,797
$82,275
$90,390
340,531
$830,669
342,099
$488,570 def$250,140
6,273
48,382
42,336
in
27,688
179,230
expenses
Res
for conting
Capital
Capital surplus
Earned surplus
Total..
$
$
Accts. pay. &accr.
41,365
Divs. & int.
1935
1936
Liabilities—
x28,387,056 16,011,746
120
/New York Stock Exchange
York Curb Exchange
j New
BROADWAY,
TEL.
NEW YORK
RECTOR
2-7815
Anglo-Chilean Nitrate Corp.—Listing—
The New York Stock
Exchange has authorized the listing of $12,433,000
sinking fund income debenturs due Jan, 1, 1967 on official notice of issu¬
ance in exchange for outstanding certificates of deposit for 20-year 7%
sinking fund debenture bonds, due Nov. 1, 1945, issued by Anglo-Chilean
Consolidated Nitrate Corp. and assumed by the
company or undeposited
debenture bonds, in accordance with the
readjustment plan, dated Jan. 27,
1936, of the company.—V. 143, p. 98.
Ann Arbor RR.-
-Earnings.-
June—
1936
Gross from railway
Net from railway
35,835
railway
40,886
$104,760
$124,612
American Ice Co.
228,745
Earned per share
on
88,112
no par
—Y. 142, p. 4329.
shs. of
com.
$137,726
$3,175,371
2,698,793
356,903
Depreciation
$119,675
47,848
Total income.
Interest
$16,883
67,319
$114,620
283
loss$50,436
7,070
$114,903
-
Portion of def. of sub. applicable to
minority int..
Profit before Federal and State taxes'.-.-the six
1935
$3,037,201
2,689,817
376,479
loss$29,095
45,978
loss$43,366
Other income.
For
„
$167,523
52,903
•
months
ended
June 30, 1936, net loss was $331,391 after
charges but before Federal and State taxes, comparing with a net loss of
$268,450 in the first half of 1935.—V. 142,
p. 3154.
American London Empire
Corp .—Dissolved—
See Standard
Investing Corp. below.—V. 130,
801.
p.
American Machine & Metals Inc.
(&
Period End. June 30—
Gross profit on sales
Other income
1936—3 Mos.—1935
$311,845
Total income
49,862
$356,252
227,332
Subs.)—Earnings
1936—12 Mos.—1935
$1,057,4«>5
$790,648
118,543
160,749
$274,234
44,407
$324,096
202,049
24,535
13,583
3,942
$1,175,951
771,939
108,498
$80,087
286,110
$207,564
298.260
$0.26
Expenses
Depreciation and depl..
$0.28
$0.69
27,587
Interest....----Fed liucome taxes, &c..
11,405
9.500
Net profit.
Shares capital stock
$80,428
Earnings per share.
142, p. 3661.
-
5n,584
32,366
American Maize Products
6 Mos. End. June 30—
Net prof .after int., depr.
Federal
1936
$369,528
1934
loss$89,024
$177,819
Earns, persh. on 300,000
shs. com. stk.
(no par)
$1.20
Nil
As of June 30, 1936 total current assets
wore
liabilities
were
$374,435 —V. 142,
American
Metal
11,671
$78,332
286,110
$0.27
Co.—Earnings—
1935
1933
Co.,
p.
$462,476
$0.59
$3,549,108 and total
$1.54
current
4166.
Ltd.;—Accumulated Dividend-—
The directors
have declared a dividend of $4 per share on
account of
accumulations on the 6% cum. pref. stock,
par $100, payable Sept. 1 to
holders of record Aug. 21.
A like payment was made on June 1 and March
2 last, and compares with $2 paid on Dec. 2 and
Sept. 3, 1935, this latter
being the first payment made since Sept. 1, 1931 when a regular
quarterly
distribution of $1.50 per share was made.—V.
142,
—
American
p.
3154.
Smelting & Refining Co.—Bonds Retired— ~
The company retired on
July 15 $5,000,000 4% first mortgage bonds due
leaving approximately $18,000,000 still outstanding, it was an¬
July 29.
Of these bonds, $25,000,000 were sold privately to
five insurance companies to provide part of the funds for
retiring first
mortgage 5% bonds on Oct. 1, last.
On April 1, 1936, $2,041,000 of the
4% bonds were retired.
The company has the right to redeem at
par not
less than $2,000,000 of these bonds from time to time.—V.
142, p. 3836.
in
1950,
nounced
on
American
States
Public
Service
Co.-
Arkansas Natural Gas Corp. (&
3 Months Ended June 30—
Subs.)—Earnings—
*
operating revenue.
Operating expenses, maintenance and taxes *
1936
1935
$4,436,852
2,532,290
$4,630,170
3,371,593
$1,904,562
150,840
$1,258,577
163,882
Total income
$2,055,403
$1,422,460
Approximately 15,000 employees will receive vacations with pay under
this policy.—V. 142, p. 1804.
Inc.—Weekly
Output—
23.7%
the output of 38,145,000 kilowatt
for the corresponding period of 1935.
Weeks Ended—
July 4
July 11
July 18--.
July 25
—V. 143, p.
1936
over
1935
-..43,272,000
45,270,000
46,969,000
47,181,000
574.
and
"
178,495
29,534
171,080
151,105
110,153
658,488
154,197
497,098
$1,078,731
$448,969
Proportion of loss of Louisiana Oil Refining Corp.
-
"Net income
-
*
Does not include any provision for taxes on undistributed profits under
the "Revenue Act of 1936."—V. 142, p. 3331.
a
.
Associated Gas & Electric
Co.—Weekly Output—
For the week ended July 18, Associated Gas & Electric System reports
of 81,442,484 units (kwh.), which is an increase of 14.2%
above the production a year ago.
Improvement in gross revenues and net
income has not corresponded to the rise in output, because of rate cuts and
higher expenses and taxes.
In an effort to offset rate reductions and to
build up revenues, the system has been pushing the sale of appliances ex¬
net electric output
tensively.
In a special sales campaign which started Jan. 1 and ended June 30,
operating companies of the system in cooperation with appliance dealers
in Associated territory sold 58,029 electric and gas
refrigerators, according
to the preliminary report of the campaign just issued.
These sales ex¬
ceeded the goal of 45,000 by some 29%.
It is estimated that the use of these new appliances will increase the
annual electric output of operating companies which comprise the Associated
System by about 24,900,000 kwh. and the annual gas sendout by about
58,000,000 cubic feet.
Stockholders Told of Gainsdn Revenue and
Output—
"The position of the company showed considerable improvement during
and this improvement has been continued during 1936 to date,"
S. J.
Magee, Vice-President and General Manager announced at the
1935,
annual meeting of stockholders held July 13.
Mr. Magee pointed out that for the 12 months ended May 31, gross
earnings were $5,190,894 higher than for the previous annual period, and
that operating income was $777,143 higher. He said that when the
earnings
statement for the 12 months ended
May, 1936 was compared with that for
year 1935, the gain in gross during the five months was seen to be
$2,729,462 and the increase in operating income $1,219,205.
Earnings have not been increased so fast as output, Mr. Magee declared.
He said that during the first six months of this year, electric output of the
Associated Gas & Electric System was more than 9% higher than for the
first half of 1935 and more than 14% greater than for the same period of
1934.
"Rate reductions, increases in taxes, and increased costs of supplies have
been largely responsible for the fact that greater output has not shown a
corresponding increase in earnings," Mr.
.
Magee stated.
Legal Expenses Considerable
Mr.
Magee said
that
unfortunate
drain on the company was the
Courts the petition for reorganization of
of the National Bankruptcy Act, which
was filed against the company on June 8, 1934.
A considerable portion of
the time of the major executives of the company is consumed by the serious
attention they must give to this petition, he asserted.
"The company has never, since its incorporation in 1906, defaulted on
any obligation when due, either before or after the filing of this petition.
It has continued to pay its debenture interest in full.
We believe that the
company is wholly solvent, and that for this reason the petition for re¬
organization will ultimately be shown to be without any merit whatsoever."
an
expense incurred to oppose in the
the company under Section 77-B
.
Tax Liens Contested
matter
giving the management concern is the assessments
Federal Government in December for $50,962,163, which it
alleged was due for back taxes, including interest and penalties, for the
years 1927 to 1933," said Mr, Magee.
"These assessments are based upon
the utterly unfounded assumption by the Internal Revenue Department of a
taxable net income during the period 1929-35 of nearly $300,000,000.
Obviously, any assessment based on an assumed taxable income of ap¬
proximately twice the total gross operating revenues is wholly fantastic."
He said that the company was defending this suit, and had filed
appeals
to the Board of Tax Appeals from these assessments.
The stockholders voted
Works & Electric Co.,
Output of electric energy of the electric properties of American Water
Works & Electric Co. for the week ended July 25 totaled 47,181,000
kilowatt
an increase of
charges
Arkansas Natural Gas Corp., interest charges and
amortization of discount
Reserves for depletion and depreciation
"Another
American Tobacco Co.—To Give Vacations—
hours,
deductions:
Interest
amortization of discount
made by the
The company on July 23 notified
employees that a full week's vacation
with pay would be given to all those not
already receiving vacations who
have been in the continuous employ of the
company for one year.
This policy applies to all plants of the
company.
The dates of the
vacation periods will differ for the various plants so that
they will not be
closed at the same time.
Water
------
Subsidiary
-Reorganization
Plan—See page 780.
American
$2.53
.
the
&c
taxes,
$951,397
707,572
98,120
55,702
298,260
—V.
$252,118
$1.41
stk_
'
Other
1936
Costs and expenses
6 Mos.
Apex Electrical Mfg. Co.—Earnings—
Period Ended June 30, 1936—
Net profit after charges & Federal income taxes
but exclusive of surtax on undistributed
profits.
def$201,758
(& Subs.)-—Earnings—
3 Months Ended June 30—
Net sales
1,342,123
204,488
4,509
3 Mos.
424,732
—V. 143, p. 99.
Net operating revenue before depletion &
deprec.
income
$494,843
—V. 142, p. 4328.
$241,620
58,123
27,600
1,643,969
388,370
190,196
1,880,075
Gross
Net profit before Fed'l
income tax
1933
$282,683
73,430
70,477
38,064
.
1,919,740
329,906
156,836
Net after rents
1934
$316,965
63,119
Net after repts
From Jan. 1—•
Gross from railway
Net from
1935
$316 993
1934
30,694,000 29,032,000
36.741,000 31,870,000
37,786,000 32,719,000
38,145,000 32,758,000
hours
1933
1932
32,910,000 23,813,000
37,280,000 25,881,000
37,610,000 25,653,000
36,946,000 25,862,000
holders in line with the
to continue the committee for equity
security
policy set forth in resolutions adopted at the 1934
meeting of stockholders.
Papers Filed Seeking Appeal
Motion
on
Judge Mack—
which will be presented to the U. S. Circuit Court of
effort to obtain permission to appeal from Judge Julian W.
Mack's refusal to rule himself out of company's reorganization
proceedings,
were filed July 29 by attorneys for the
company, H. C. Hopson and other
Appeals in
papers
an
"
trustees.
of
Judge Mack, before his recent departure for Europe, submitted a charge
prejudicf against him to Federal Judge Robert P. Patterson, and upon
the
latter's
withdraw.
recommendation,
after
hearing
the
allegations
declined
to
Financial
744
The company then
applied to Judge Martin T. Manton of the Circuit
appeal, but Judge Manton
Court for a stay of the proceedings pending an
declined to grant one.—V. 143, p. 576.
Atchison Topeka &
Santa Fe Ry. System—Earnings-—
[Includes Atchison Topeka & Santa Fe Ry.—Gulf Colorado & Santa Fe
Ry.—Panhandle & Santa Fe Ry.]
Period End. June 30—
1936—Month—1935
1936—6 Mos.—1935
Railway oper. revenues_$13,297,005 $10,779,207 $69,496,823 $61,589,643
Railway oper. expenses. 10,497,840
8,920,303
59,539,597
51,431,416
Railway tax accruals...
1,111,188
859,930
6,398,408
5,173,885
Other debits
Cr99,383
Cr977
Crl76,073
256,090
Net ry. oper.
$999,951
income.. $1,787,359
Average miles operated.
—V. 143, p. 99.
13,308
13,227
$4,728,249
13,310
$3,734,890
13,233
outstanding common stock are required to permit the company to make
application to the court for final confirmation of the plan.
Common stockholders who have not yet accepted the plan are urged to
send in their certificates promptly to Drexel & Co., agent, 15th and Walnut
Sts., Philadelphia, Pa., or to J. P. Morgan & Co., sub-agent, 23 Wall St.,
N. Y. City, for stamping to evidence such acceptance.—V. 143, p. 576,419.
Baltimore & Ohio
1935
1936
1934
Gross from railway..—$14,334,265 $12,127,877
Net from railway
Net after rents.—.....
From Jan. 1—
Gross from railway
Net from railway
Net after rents.—.
3,849,752
2,477,890
3,352,575
2,374,428
79,466,026
19,306,169
12,114,255
1934
1935
$227,611
$214,090
def815
def23,980
def23,096
def41,821
def21,262
1,599,154
119,165
def57,381
1,447,194
59,087
defl08,653
1,425,359
def5,726
defl59,115
1.257,152
defl4,352
defl68,183
17,730,371
11,575,858
56;654,087
17,126,781
11,038,965
Co.-—Earnings—
[And Baltimore Coach Co.]
$219,821
[Inter-company items eliminated]
306
.
69,7m,759'
.
1933
1936
1933
$12,640,365 $11,616 249
4,006,566
4,562,181
2,846,181 ' 3,495,529
68,980,962
17,358,268
11,197,053
Baltimore Transit
$228,407
1936—6 Mos.—1935
1936—Month—1935
Period End. June 30—
Operating revenues.....
Operating expenses
$967,461.
807,697
$893,678
810,817
$6,002,177
5,026,627
$5,694,184
4,881,936
...
Taxes....————
98,587
79,389
602,927
492,305
Operating income—.
Non-operating income
—
Net after rents.:
—V. 143, p. 99.
$61,176
3,667
$3,472
4,788
$372,621
11,424
$319,941
$64,843
9,126
$8,260.
8,652
$384,046
$332,106
Atlanta & West Point RR.—Earnings.—
1936
June—
Gross from railway
Net from railway
1935
$139,206
14,429
def7,074
_
From Jan. 1—
Gross from railway
Net from railway
Net after rents
$116,528
def1,302
defl9,645
835,821
98,338
def 26,514
.
...
Net after rents
726,854
47,285
def59,853
Gross income
1934
$104,839
"def7,536
def25,511
1933
$111,750
9,527
def9,253
702,857
601,072
defl4,558
def133,701
36,608
def71,947
143, p. 100.
Fixed
charges.....—
.
Net income
$55,716
1936
1934
1933
$2,979,565
436,113
16,044
$3,213,737
51,309
$3,062,581
473,884
18,053
23,313,558
5,863,413
2,170,622
22,090,283
5,211,957
1,696,127
23,010,020
6,839,915
3,376,034
21,908,699
7,092,793
3,364,657
Gross from railway.$3,155,544
526,629
1936—6 Mos—1935
$3,827,016
2,098,926
342,710
$3,431,436
2,156,692
345,430
295,009
30,668
302,028
33,337
$51,135
$929,314
15,346
Other income
Gross income
....
Deductions.
railway
1936—Month—1935
$314,142
$386,700
def$ll,535
—
Operating income
857,495
377,332
From Jan. 1—
Net from railway
Net after rents
51,068
$281,038
19,010
def19,087
def30,554
$3,711
61,764
$70,145
61,307
$910,227
365,900
$1,354,826
def$58,053
$8,838
$544,327
$961,944
.
1935
Net from railway
Net after rents
61,832
$322,213
def$392
Bangor & Aroostook RR.-—Earnings—
Period End. June 30—
Gross oper. revenues
;
Tax accruals.
Atlantic Coast Line RR.- -Earnings.—
12,164
—Y. 142, p. 4330.
Operating expenses*
June—
Gross from
RR.—Earnings.—
June—
-Earnings.-
defl0,439
def33,131
June—
Gross from railway.
Net from railway-...-Net after rents....
—V.
Aug. 1, 1936
—V. 143, P, 264.
Atlanta Birmingham & Coast RR.-
From Jan. 1—•
Gross from railway
Net from railway
Chronicle
Net income
x
—
Includes maintenance and
$1,385,380
392,882
depreciation.—V. 143, p. 419.
—V. 143, p. 576.
Atlantic Oil
Bangor Hydro-Electric Co.—Bonds Called—
Producing Co.—Acquisition—
The purchase by this company of interests in oil and gas leases on three
tracts of land in the Henderson field of Winkler County, Tex., from Wahlenmaier Petroleum Co., of Fort Worth, for $750,000 cash and $400,000 to
be paid in oil, was announced by E. H. Blum, Vice-President and General
Manager of Atlantic.—V. 138, p. 2736.
Atlas
Plywood Corp.—To Pay Two 25-Cent Dividends—
The directors
on July 24 declared two dividends of 25 cents per share
the common stock, no par value, one payable Aug. 15 to holders of
record Aug. 1 and the other payable Nov. 16 to holders of record Nov. 2.
These will be the first payments made on the issue since July 15, 1934 when
a dividend of 50 cents per share was distributed.—V. 142, p. 1277.
each,
on
Atlas Poyrder Co,
(&, Subs.)—Earnings1935
1934
1933
$7,476,460
$6,152,328
$6,522,089
$4,141,210
6,675,921
5,678,291
5,750,932
4,038,455
6 Mos. End. June 30—
Sales
(net)
$
1936
Cost of goods sold, deliv¬
ery
The company announced that it will call for redemption all of its out¬
standing first lien and refunding mortgage gold bonds.
On Sept. 1, 1936,
all bonds of the 5% series due 1955 will become payable at 105% of their
principal amount, while on Dec. 1, 1936, all bonds of the 4)4% series due
1960 will be payable at 105% of their principal amount and bonds of the
4% series due 1954 will be called at 103%. All bonds will become payable
at the City Bank Farmers Trust Co. on the respective redemption, dates,
but immediate payment at the full redemption price together with interest
may be obtained upon presentation of the bonds at the offices of the bank,
22 William Street, New York.—V. 143, p. 419.
Beaumont Sour Lake & Western
Net operating profit—
1
$800,539
65,879
$474,037
85,945
$771,156
$102,755
47,749
$866,418
130,662
$559,982
80,200
$818,906
141,799
$169,943
40,686
$735,756
4,391,550
$479,782
4,188,198
$677,107
4,063,867
$129,257
3,878,845
$5,127,306
205,791
374,945
$4,667,981
246,092
249,964
$4,740,974
252,197
247,488
Net from railway.
$4,008,102
Other income (net)
Federal income tax
Net income for period-
Surplus, beginning of yr.
Preferred
dividends
Common dividends
1933
864,954
215,113
def48,451
921,795
247,392
def34,311
693,185
181,699
def83,742
—V. 143, p. 100.
Belding Heminway Co.—Earnings—
Period End. June 30—
Net profit after deprec..
int.,
Shs.
$4,241,289
249,966
$2.12
249,968
$0.93
249,978
261,439
Nil
$1.70
Income account for 12 months ended June 30, 1936: Sales, $14,411,098;
cost of
goods sold, delivery and Other expenses (incl. deprec. of $569,217),
$12,936,345; net operating profit, $1,474,753; income from marketable
securities, $28,061; income from investment in unconsolidated subsidiary
company, $23,582; income from miscellaneous investments, $60,569; profit
on sale of securities (net), $65,193; miscellaneous other income (net), $9,789;
gross income, $1,661,948; Federal taxes (no provision has been made for
surtax on undistributed profits), $244,805; net income for period, $1,417,143;
dividends on preferred stock, $417,589; amount earned on common stock,
$999,554; amount earned per share on common, $4.
$
Plant, property
and equipment. 6,676,617
G'd-will, pats., &c. 4,053,011
Secur. of affil. cos.
956,940
Cash
2,772,370
Notes & accts. ree. 2,180,732
Notes rec.—Empl.
14,543
Preferred stock...
c
...
a
4,052,967
1,282,409
2,851,215
2,117,609
21,320
Accts.
Fed .taxes & other chgs
com. stk. outstdg..
Shs.
85,097
unconsol.
1,604
3,137,396
2,544,260
1,257,000
Security invest—.
972,649
Def'd items (net).
48,151
......
U. S. Govt, secur.
Total
a
1,040,390
Res've
for
657,227
d525,960
Surplus
11,926
4,546,570
24,700,371
Total
4,171~925
24,700,371 24,069,968
Common stock represented by 249,966 shares of no par value in
(249,968 in 1935)
.
(18,004 in 1935) and 11,472 shares of common stock in 1936 (ll,470in 1935).
c After reserve for depreciation and' obsolescence of $7,243,914 in
1936
and $6,811,837.
d Reserve for contingencies only.—V. 143, p. 576.
Amount
Accepted
to Date
$1,890,000
7,569,500
114,268 shs.
456,043 shs.
Common stock
4
$2,428,965
$2,061,717
2,092,444
2,092,444
2,092,344
$1.08
$1.01
$0.98
$0.80
an
extra dividend of 25 cents per
Bessemer & Lake Erie
share and
a
RR.—Earnings.—
1936
Gross from railway
Net from railway
Net after rents
From Jan
1—
.
....
'
•
Net after rents
—V. 143, p. 100.
Bethlehem Steel
1935
$1,655,861
951,624
781,466
•
,
5,567,478
1,888,334
1,687,277
$1,016,753
430,493
367,079
1934
1933
460,406
$729,515
392,434
329,726
3,834,656
536,836
499,775
2,092,582
181,490
108,798
$1,182,983
521,625
,
4,073,331
925,103
869,112
Corp*—Report for Second Quarter1936
on hand June 30, 1936, was $89,561,632
as
compared with $78,469,055 at the end of the previous quarter and
$49,589,474 on June 30, 1935.
"Steel production averaged approximately 66.2% of capacity during the
second quarter as compared with 45.3% during the previous quarter and
38.6% during the second quarter of 1935.
Current steel production is
approximately 67 % of capacity.
"The directors declared a dividend of $1.75 per share on the 7% cum.
pref. stock, and of 25 cents per share on the 5% cum. pref. stock, payable
in each case on Oct. 1 to holders of record on Sept. 4.
Consolidated Income Account {Including Subsidiary Companies)
Period End. June
Total income-
30—
Less interest charges
Prov. for deprec., obso¬
lescence & depletion-
Percentage of Total
Outstanding
70.6%
72.5%
57.1%
41.2%
These figures show that with regard to the first mortgage bonds, con¬
solidated mortgage bonds and pref. stock, the company has in hand accept¬
ances from the holders of more than the minimum amounts required under
Section 77-B of the Federal Bankruptcy Act; and that acceptances from
holders of only 8.8% (that is, about 97,000 shs.) additional of the total
$2,497,544
2,314,989
quarterly dividend of like amount on the common stock, par $1, both
payable Aug. 15 to holders of record Aug. 5.
These will be the first divi¬
dends paid since March 1, 1934 when a quarterly dividend of 30 cents per
share was distributed.—V. 142, p. 295.
Works—Deposits—
Up to July 25 the holders of the various classes of securities now out*
standing have accepted the plan of reorganization now pending in the
U. S. District Court in the amounts and percentages shownIbelow:
First mortgage bonds
Consolidated mortgage bonds
Preferred stock
$2,881,324
Berghoff Brewing Co.-—Dividends Resumed—Extra Div.—
1936
b Represented by 30,012 shares of preferred in 1936
Baldwin Locomotive
1933
E. G. Grace, President, says:
"The estimated value of orders
1,816,446
2,629,468
1,397,000
925,976
45,321
24,069,9681
1934
The directors have declared
665,291
uncoil.
accts. & contln's
Atlas
Powder Co
Inventories
on
Subs.)—Earnings
1935
per
Gross from railway..—
Net from railway
and Federal tax.
by empl. but not
yet issued
Current accts. due
of
9,860,900
8,714,625
incl.
pref. stk.
pay.,
$280,294
1936
share after
preferred dividends
—Y. 142, p. 3156.
Install, paid on stk.
receivable, &c__
Stock
div.
%
9.860,900
8,714,625
Common stock..
6,930,233
Mlso.accts.& notes
from
$
Liabilities—
1935
$298,000
after
June—
1936
1935
$
Assets—
inc.
Earnings
Balance Sheet June 30
1936
1936—6 Mos—1935
interest,
amort., minority int.,
$3,742,101
...
$115,200
Beneficial Industrial Loan Corp. (&
stk. outstand¬
com.
ing (no par)
per share.
$124,000
6 Mos. End. June 30—
$4,171,925
1936—3 Mos .—1935
before
Federal taxes..
266,002
$4,546,570
Earnings
but
&c.,
—V. 142, p. 2817.
Net
b
$103,244
11,977
def55,470
1935
67,188
Gross inc. for period..
1934
$106,160
def370
def38,546
1,193,608
374,556
61,178
Net after rents
From Jan. 1—
Net after rents..
3
$110,522
1,130
def35,228
1936
Gross from railway
Net from railway.
Gross from railway.
and other expenses
RR,—Earnings.—
$143,490
def1,762
def44,125
June—
1936—3 Mos.—1935
1936—6 Mos.—1935
$7,191,508 $15,380,710 $11,666,157
1,583,884
1,605,334
3,324,922
3,220,379
$9,175,233
4,159,958
3,785,265
8,021,332
7,252,167
Net profit
—$3,431,391
$1,800,909
$4,034,456
$1,193,611
Earn, per sh. on com
x$0.49
y$0.O5
z$0.17
Nil
x After
allowing for quarterly dividend requirements on 933,887 shares
(par $100) of 7% pref. stock and 933,887 shares (par $20) of 5% pref. stock,
After dividend requirements on the 7% pref. stock,
z After allowing for
dividend requirements on the 7% pref. and only quarterly
dividend requirements on the new 5% pref. stock, issued as of April 1,1936.
The steel industry has encouraging prospects for the near future, Mr.
Grace said in issuing the report.
Orders received this month have been
more than sufficient to support the present rate of operations, 67% of
capacity, he continued, while the unfinished orders of $89,561,632 were
the largest in several years.
Excepting the quarter ended oh June 30, 1934, the earnings for the
second quarter of this year were the best for a quarter since the third one
y
six months'
Volume
of
1930.
half year
No
The six months' earnings of $4,034,456 were the largest for a
since the second six months of 1930.
has been made in this year's statements for the surtax
provision
undistributed net income.
Mr. Grace said the corporation had in its employ during June
persons, the largest number in its history.
In the first six months
on
66,179
81,706
of last
employed.
Although the average selling price of steel was about $4 a ton less in
June than in
1929, Mr. Grace said, the corporation's paroll was equal
to the 1929 level, and the average number of hours worked by each employee
was eight to nine fewer a week.
"The total payroll in June," Mr. Grace said, "was $10,200,000, against
$425,000,000 for all of 1929.
The average number of hours worked weekly
wdSK49.8, against 48 and 49 hours in 1929.
Thus, with eight hours less
work a^week, the payroll is
equalling the 1929 level, and we have more
employees."
year
were
Mr. Grace said the higher wages and lower selling prices explained
the lower earnings than in 1929.
"In the 5y years of depression through
June 30, 1936," Mr. Grace said, "Bethlehem lost $20,000,000, and paid
in wages
$375,000,000."
Discussing unemployment,
he said the estimated total of 10,000,000
"not caused by industrial unemployment."
industry," Mr. Grace declared, "except the buildingconstruction industry, that is not employing as many men as in 1929.
Industry is doing its job and doing it well."
The average billing price for Bethlehem's products was slightly lower
in the second quarter than in the first
quarter, Mr. Grace said.
Owing
to the establishment of
higher prices July 1, it was fair to assume that
average billing prices would be higher in the third quarter, he added.
Mr. Grace said $3,000,000 was spent for new plant improvements in
the second quarter, and $6,800,000 in the first half.
The corporation has
available $6,500,000 additional for capital improvements, which total is
being increased, he said.
Regarding efforts to unionize the steel industry, Mr. Grace said he
did not find "any real interest
among Bethlehem employees in the C. I. O.
unionization campaign."
Mr. Grace said approximately 6,000 of Bethlehem's employees took
vacations with pay last month under the plan adopted recently by the steel
industry.
He estimated that the vacations would cost the company
$1,000,000 before the end of the year.—-V. 143, p. 101.
out of work
men
"I
know
of
745
Financial Chronicle
143
Bourne Mills, Fall River,
The directors have declared
a
Mass.—Dividend Increased—
dividend of $1.50 per share on the
no
par
Corp.—Stricken from List—
Bowman-Biltmore Hotels
The first mortgage leasehold 7% sinking fund gold bonds,
1934 have been stricken from the New York Stock Exchange
p.
265.
Brandon
Corp.—Accumulated Dividend—
The company paid a dividend of $1.50 per share on account of accumula¬
on the 7% cum. preferred stock, par $100, on July 1 to holders or
record June 25.
A like payment was made on April 15, last.
A dividend
of
was paid on Jan. 2, 1935 and on Nov. 1, 1934.
May 1, 1934: $3.50 on April 2, 1934 and
2, 1934.—V. 142, p. 3157.
$3.50 per share
company also paid $3.86 on
per share on Jan.
Stock
taxes & other
$190,011
$197,255
$384,354
$384,161
650,304
$0.29
626,955
$0.30
650,304
$0.59
626,955
standing (no par)
Earnings per share
—V. 143, p. 101.
Broad River Power
1936
Total operating revenues
Operating
--
expenses
Maintenance
stock.
The corporation, one of the strong independents, develops owned
leased oil properties and at present operates in California, Texas and
Oklahoma fields.
As of Dec. 31, 1935, the company's 54 operating wells
1935
$3,312,875
1,464,602
$2,726,001
1,099,967
236,177
440,687
$885,302
46,565
30,624
$1,001,591
568,829
135,773
$915,926
592,935
108,275
-
income
on
396,737
$955,025
-
Other income..
on
199,411
renewals, and replace-
Provision for taxes
Interest
144,582
216,382
;
Provision for retirements,
ments of fixed capital
Interest
)
funded debt
unfunded debt
64,175
J°3.880
Crl,781
06,916
$234,594
$157,751
Amortization of debt discount and expense.
Interest charged to construction..—__
or
were
producing daily
does not refine
or
prorated allowable of 1,742 barrels.
a
process its
The company
Balance of income
Reported net earnings for 1935 were at 38 cents per share on the 369,900
then outstanding.
The stock is on a regular quarterly dividend
of 2M cents per share.
There is no preferred stock authorized or
outstanding and no funded debt.
basis
Brooklyn Edison Co., Inc.—Earnings—
Y
From
President; Louis J. Brunei, Vice-President &
General Manager; Joseph Tedesco, Secretary-Treasurer; E. J. Valencia,
Assistant Secretary-Treasurer.—V. 141, p. 425.
the 18 preceding quarters, prior to which regular
quarterly disbursements
of 8>£ cents per share were made.—V. 142
p. 2984.
,
(Sidney) Blumenthal & Co., Inc.- -Earnings—
„
June
Operating profit
Depreciation reserve,..
Reserve for taxes..
Net loss..
-6 Months-
3 Months
.
Period Ended—
energy.._i
From miscell.
27, '36 June 29, '35 June 27 j '36 June 29, '35
$38,307
$104,960
$60,431
$532,221
97,842
95,788
195,685
191,576
2,034
69,243
Operating
$59,535
...
prof$7,138
$135,254
Federal income tax)__
6 Mos. End. June 30—
Net oper. prof, after ded.
of factory, admin, and
but
exps.,
1936
Gross corp. income...
Int.
long-term debt._
int., amortix. of
debt disct. & exp. &
1935
1934
226,937
286,238
$3,293,462
791,416
$1,410,638
802,979
203,260
$1,950,528'
158,905
392.614
69,226
$3,011,332
64,764
111,664
114,881
120,027
Balance, surplus.....
$3,393,362
$2,899,668
$1,835,647
$215,145
$335,172
1,150,961
$2.94
per share
Including dividends paid
to
1,150,928
$2.52
preferred
1,150,916
Gross
Brooklyn Union Gas Co.—Earnings—
of
Less
$
Cash in banks and
hand
9,874,696 10,245,507
3,198,331
1,785,509
Customers'accts.. 4,905,045
4,411,621
securs
less reserves
receivable
Cust. notes receiv.
41,983
297,149
..
__
14,829
72,284
accts.
48,028
123,850
6,441,657
147,809
Accr'd int. & dlvs.
receivable
Accts. payable and
accr'd expenses. 5,189,785
Notes payable
1,605,707
royalties
11,018
27,360
banks
316,343
496,547
1,155,448
&
of
Good-will &
eq.
pats.
Total
After
of
838,500
1,380,000
2,500,000
Com. stk. outst'g-12,308,860 12,308,530
Surplus
.21,590,183 17,054,118
$5,036,900
19,314
$5,350,279
49,756
$2,342,683
1,255,000
$2,742,849
$5,056,215
1,258,811
2,513,394
$5,400,035
2,518,101
73,594
256,976
132,567
$986,908
31,042
$1,410,442
$2,285,845
62,753
$2,749,366
341,337
$1,017,950
$1,751,780
$2,348,598
$3,608,336
$1.89
$3.07
$3.69
$0.46
$0.08
$1.16
$1.37
suspense
Revs,
in
suspense
$2.35
$3.15
$4.85
1,852,666
858,969
«
&
int. thereon...
Net inc., incl. revs.
__
a
This figure includes amounts held in suspense pending the final deter¬
mination of the validity
Total
$14,483,026 in
1936
43,110,894 39,070,400
and $13,037,738 in
Corp.—V.
and preferred shares of Borg-Warner
1935
142,
of an order of the P. S. Commission dated March 3,
1934, which directed a temporary reduction of 5% in rates.
On June 27,
1935, the Appellate Division reversed the order of the Commission and
remitted the case to it for further hearing.
b The retirement from capital of Metropolitan Works caused a reduction
in accrual for Federal income tax of $149,000.
c Earnings per share are based on average number outstanding.
Note—Certain changes in classification have been made in the above
statement to afford more detailed information of the company's operations
than in prior interim statements.—V. 142, p. 2987.
r
Brown-Forman
Boston & Maine
RR.—Earnings—
Period End. June 30—
1936—Month—1935
Operating revenues
Net oper. revenues
Net ry. oper.
$2,721,082
21,767
$0.04
Earns, per share:
Net inc., excl. revs, in
866,250
called.
28,738
43,110,894 39,070,400
3,010,306
Net inc., incl. revs, in
7% pref. stock..)..
2,459,695
13,881,409 12,674,319
137,065
375,016
common
3,040,985
$1.33
suspense
Revs. & int. in suspense.
suspense-.--^-
262,202
depreciation
Includes
P. 3333.
y
709,331
1,599,808
Net inc., excl. revs, in
c
other
Prop.,plant &
709,536
100,775
long-term debt..
int.
&
miscell.
in suspense
25,609
412,101
charges.
Stocks, bonds &
x
on
Other
■—
222,955
Gold bonds of sub.
stock
1,689,683
$2,333,246
9,437
deductions _T—
companies, &c._ 2,503,220
x
Int.
6,495
163,000
Pref.
11,458,379
894,137
364,783
Income applic. to corp.
property
Other income (net)
1,609
813,405
other def. inc
10,879,195
5,549,254
841,019
367,978
bl,547,428
5,926,062
Retirem't&replace, exp.
3,363,560
Notes pay. current
Adv.
-
-$11,015,735 $11,129,065 $21,935,486 $21,801,778
Operating expenses
closed
Deferred
notes
$
1st mtge. bonds
Mat'lssupp., &c__ 7,669,537
Prepayments
105,701
y
1935
$
Special reserve.^..
receivable
from
1936
Liabilities—
Dividends payable
Res. for Fed. tax.
and officers
traveling ad vs. &
Due
revenues
1936—12 Mos.—19.35
$11,015,546 $11,442,708 $21,935,781 $22,620,315
in suspense
Crl89
313,643
295
818,536
Total..
1935
§
notes
at filed tariff
Maintenance
$0.19
constitutent
.
1936
accts.
rev.
schedules
Consolidated Balance Sheet June 30
Other
1936—6 Mos.—1935
Per. End. June 30—
1,150,899
$1.59
stockholders
companies.
rec.
„
July 20,.Matthew O. Brush was
577.
a
Taxes
out¬
standing (par $10)...
Em pi.
„
265,949,064 1199173,484 1116565,898
„
meeting of the board of directors
a
Gross revenue
$3,458,126
on
$9,932,995 $11,235,517
$1,161,710
$3,007,225
Preferred dividends...
Assets—
354,796
359,100
105,978
$2,553,986
director, succeding F. C. Marston, resigned.—V. 143, p.
248,928
$4,520,592
837,071
126,196
545.993
$5,344,531
Deprec. of plant & equip
906,522
Int. & financing charges
164,684
Federal income tax
815,199
Minority interest
Marketable
76,913
$2,320,670
"
Brooklyn-Manhattan Transit Corp.—New Director—
At
Total income
y
$3,497,222 $13,795,048 $14,939,343
837,257
3,502,953
3,349,030
1933
$4,293,655
Earnings
9,360,916
$3,356,393 $13,411,293 $14,382,112
171,616
488,725
690,934
Dr30,787
Drl04,970
Drl33,704
a
depr. chgs. $5,138,110
Int. disc. & sund. rec'ts.
206,421
stock
$3,388,764
991,181
Sales of electric energy—
kwh
.290,961,994
fore ded. of
com.
on
9,679,620
2,381,189
Misc.
—V. 143, p. 421.
be¬
Net income
_
2,233,000
Operating income
$3,309,547
Non-oper. revenues
102,973
Non-oper.rev. deduct'ns
Dr23,755
Net income
jlncluding Constituent Companies ]
Shares
revenues..$11,578,386 $11,851,372 $47,428,860 $48,467,718
4,939,385
5,005,533
19,788,884 20,171,745
1,096,454
1,108,257
4,549,062
4,552,944
expenses
pf$271,402
Borg-Warner Corp.—Earnings—
y
$11,066,795 $11,392,626 $44,530,444 $46,616,976
511,591
458,746
2,898,415
1,850,742
Retirement expense
Taxes (incl. provision for
—V. 142, p. 3157.
selling
sources.
miscell. deductions
.
1936—12 Mos.—1935
•
of electric
sales
Total oper.
Corp., Ltd.—Accumulated Dividend—
The directors have declared a dividend of 50 cents a share on account
of accumulations on the 6K% cum. pref. stock, par
$50, payable Aug. 1
to holders of record
July 28.
Similar distributions were made in each of
1936—3 Mos.—1935
Period End. June 30—
Operating revenues:
Wallace Mein is
Blue Ribbon
'
—V. 143, p. 101.
crude.
shares
William
$0.60
Co.—Earnings—
30-^-
12 Months Ended June
Gross
At the opening of business of the San Francisco Stock Exchange July 24
was formally listed
523,925 shares of capital stock ($5 par) of which
154,025 shares have been reacquired by the company and held as treasury
1936—6 Mos—1935
1936—3 Mos.—1935
charges.
Shares capital stock out-
.
there
The
$1.75
Bridgeport Brass Co.—EarningsPeriod End. June 30—
Net profit after deprec.,
Operating income..
San Francisco
list.—V. 143,
tions
was
on
due March 1,
■
no
Bishop Oil Corp.—Stock Listed
Exchange—
capital
value, payable Aug. 1 to holders of record July 23.
This
compares with $1 paid on May 1 and Feb. 1, last; 50 cents in each of the
four quarters of 1935; $1 on Nov. 1 and Aug. 1, 1934; $1.50 on May 1,
1934, and $1 per share paid on in each of the three preceding quarters.—
V. 142, p. 618.
stock,
income
Other income
Gross income
Deductions
Net income
—V. 143,-p. 101.
$3,841,060
948,205
492,729
The
1936—6 Mos.—1935
$3,671,479 $22,158,377 $21,824,342
969,005
602,817
83,425
77,851
3,331,967
502,882
542,953
5,204,964
2,965,014
520,354
$576,155
634,792
$680,668
630,405
$1,045,836
3,803,275
$3,485,368
3,768.514
def$58,637
$50,263df$2,757,438 def$283,145
Distillery Co.—To Be Added to List—
York Curb Exchange will list 80,000 additional shares
stock, $1 par, upon notice of issuance.—V. 143, p. 577.
New
common
of
Bucyr us-Erie Co .—Readjustment Plan Approved—
The stockholders a special meeting held July 30 approved the proposed
plan of financial readjustment.
Present preferred stockholders will receive one share of common and $5
in cash in lieu of the $16 dividend arrearage. Holders of convertible prefer¬
ence stock will receive 1 y new common shares for each share held.
Officers of the company indicated that the adoption of the plan places
the company in a position to pay dividends on its common as soon as justified
by earnings.—V. 143, p. 265. '
Financial
746
Buffalo General Electric Co. (&
Subs.)—Earnings—
Period, End. June 30— 1936—3 Mos.—1935
1936—12 Mos.—1935
Operating revenues
$4,264,021 $3,841,258 $16,858,235 $15,684,599
Oper. rev. deductions-.
2,888,045 x2,768,109 11,611,097 xll,002,906
....
$1,073,149
62
$5,247,137
918
$4,681,692
250
$1,073,212
528,419
Operating income
$1,375,976
Non-oper. income, net..
803
$5,248,056
2,099,245
Chronicle
Aug. 1, 1936
Inc.—Accumulated Dividend—
Carman & Co.,
of 50c. per share on account of
cum. conv. class A stock, par $100, payable
1 to holders of record Aug. 15.
Similar payments were made on
June 1 and March 7, last.
A dividend of $1 was paid on Dec. 1, 1935.
V. 142, p. 3841.
The directors have declared a dividend
accumulations
$2
the
on
Sept.
$4,681,942
2,128,733
Carriers & General
Grossincome
Deduc. from
$1,376,779
520,267
....
inc.-
gross
$856,512
x$544,792 $3,148,811 x$2,553,208
Changed to give effect to major adjustments made later in the year
1935.T-V. 142, p. 3333.
Net income
x
Corp.—Earnings—
[Formerly International Carriers, Ltd.]
Six Months Ended June 30—
Income—Cash dividends
Power Corp. (& Subs.)—
Period End. June 30*-- 1936—3 Mos.—1935
1936—12 Mos.—1935
Operating revenues--.. $8,274,259
$7,402,659 $32,417,717 $30,543,785
Operating rev. deduct's.
4,850,205
x4.482,568
19,476,610 xl8,103,737
Operating income$3,424,053
Non-oper. income, net..
4,665
$2,920,090 $12,941,106 $12,440,048
20,421
23,416
65,769
"Gross income..
$2,940,512 $12,964,523 $12,505,817
xl,267,388
5,240,393
x5,127,106
$3,428,718
1,318,086
Deduc. from gross inc..
Balance
Divs. of pref.
i.
.
-
-
-
-
$1,673,124
1,110,631
.
stock of
subsidiary company.
$7,724,129
70,555
......
_
$7,378,711
48,631
338,611
Net income..
$2,110,631 x$l,602,568
$7,675,497 x$7,040.100
x Changed to
give effect to major adjustments made later in the year
1935.—V. 142, p. 3333.
Management fee..
June—
1936
Gross from railway
Net from railway
Net after rents
$61,597
defl3,750
29,133
From Jan. 1—
Gross from railway
386,132
def68,148
defl62,670
Bush Terminal Buildings
but
1935
.
$64,971
defll.977
def23,497
,395,920
def 91,847
defl86,044
1933
$76,761
13,667
475
378,037
def46,340
defl26,095
403,945
13,982
def75,775
7,269
57,483,
19,900
$10,682
$54,740
$85,851
Co.—Earnings—
1936—Month—1935
$16,519
Butler Brothers,
1936—6 Mos.—1935
5,777
$71,308
$83,563
Chicago—Earnings-
6 Months Ended June 30—
Net profit
;
Calaveras Cement
1935
$3,044 loss$501,709
Co.—Accumulated*.Dividend—
The directors have declared
the 7%
cum.
dividend of $1 per share on account of
pref. stock, par $100, payable Sept. 1 to
a
holders of record Aug. 15. A similar payment was made on July 1, May 1,
March 2 and Jan. 16, last, Nov. 15 and Aug. 12, 1935, this latter being the
first distribution made on this issue since Jan. 15, 1934, when a regular
quarterly payment of $1.75 per share
was
made.—V. 142, p. 3333.
Callahan Zinc-Lead Co.—Rights to Subscribe—
WHolders of capital stock ($1 par) of record July 27 will be offered the
right to subscribe at $1 per share for capital stock, to the extent of one
share for each share held, subject to the condition that if the total amount
of stock subscribed for by stockholders, together with -the total amount of
stock purchased pursuant to a certain option, be less in the aggregate than
370,000 shares subscriptions shall be returned to subscribers.
The rights
to subscribe expire Aug. 17.
See also V. 143, p. 577.
Calumet & Hecla Consolidated Copper
Period End. June 30—1936—3 Mos.—1935
Rev. from copper sold.. $1,237,464
$1,078,930
Cost of same....730,813
Co.—Earnings
1936—6 Mos.—1935
$3,798,637
$1,709,165
2,255,102
1,250,843
798,009
•
gain...
—
Total income.
.
_
$506,65116,515
Depreciation
Depletion
Other charges—_
Net profit
$1,543,536
20,901
$458,323
21,613
$302,535
190,727
222,927
$1,564,437
532,405
798,723
240
..
$280,922
21,613
$523,166
171,380
265,094
_.
515
$479,936
314,770
354,429
33,125
302
$86,452 Iossfll 1,634
$233,007 loss$222,389
-V. 142, p. 2987.
Cambria & Indiana RR.—
June—
1936
Gross from railway
$86,667
Net from railway.21,928
Net after rents
68,373
_
From Jan. 1—•
Gross from railway.
$585,690
Net from railway
38,774
Net after rents.348,258
—V. 143, p. 101.
"
-
-Earnings.1935
1934
1933
$102,595
35,043
65,586
$76,969
8,335
49,791
$96,446
22,905
67,014
$559,742
$518,938
127,652
$596,018
188,207
442,442
176,070
469,745
Canadian National Lines in New
June—
1936
Gross from railway
Net from railway.
;.
438,168
England.— •Earnings:
1935
$97,600
def41,371
def84,101
$83,668
def40,655'
def92,327
1934
$82,438
def22,361
def 66,717
638,885
defl63,537
def413,581
521,821
def171,602
def460,608
513,326
def 117,550
def396.605
.
Net after rents..
From Jan. 1—
•
1933
$80,972
def 16,729
def 68,186
474,350
def 116,929
def416,149
102.
Canadian National
Rys.—Earnings—
[All-inclusive System]
Period End. June 30—
1936—Month—1935
1936—6 Mos.—1935
$14,739,765 $13,712,254 $85,461,428 $80,131,795
14,730,323
14,207,939
82,986,388
77,964,258
Net revenue
p.
$9,442
$495,685
$2,475,040
$2,167,537
9,782,060
8,786,059
$1,175,549
Net profit
$1,403,812
1936—6 Mos.—1935
$62,044,346 $56,528,624
55,253,346
50,466,605
$6,790,999
$6,062,018
Earnings of System for Third Week of July
,
Gross earnings
—V. 143, p. 578.
loss635,263
-
.
Balance Sheet June 30
1935
1936
a$! ,212,798
793,925
799,062
30,106
27,967
delivered
896
Cash dep. with
Liabilities—
accrued
1935
1936
exps...
$28,087
$1,898
Prov. for Fed. cap.
dlv.
stock
7,725
5,065
21,642
19,862 5% debentures™ 2,000,000
12,624 Prov. for Fed. in¬
come tax
19,900
3,159
Dividend payable.
30,106
Cap. stock (par $1)
b602,120
Capital surplus... 6,547,231
Def. franchise tax.
160*,743
_
27,967
559,343
5,928,540
for sec.
pur.
not yet rec.;
38,722
14,939
Acer. int. on bonds
tax
19,619
Pay.
Cash divs. receiv..
_
|
$5,685,084' Acots. payable and
paying agent—
Rec. forsecur.sold,
Cash in banks
644
$9,252,129 $6,547,759
-$9,252,129 $6,547,769
Total
b Warrant attached to
each $1,000 debenture entitles the holder, subject to and as provided in
the indenture, to purchase 50 shares of common stock of the corporation at
any time prior to Jan. 1, 1937 at the price of $10 per share and at any
time thereafter and prior to Nov. 1, 1950 at prices ranging from $12.50
to $20 per share.
On June 30, 1936 options to purchase, or before April 14,
1941, 6,547 shares of common stock at $16.02 per share and 4,147 shares
at $16.11 per share were issuable to Calvin Bullock under agreement dated
Aug. 26, 1929.
Net asset value per share on June 30, 1936 was $9.88, an increase of
$1.35 or 15.81% over the net asset value of $8.53 per share on Dec. 31.
Company has paid cash dividends on the common of five cents per share
quarterly since 1932.
In the letter to stockholders the company advises: "On April 14, 1936
Market value at June 30,
1936, $7,168,342.
corporation purchased the assets of Southern Bankers Securities Corp.
and Second Southern Bankers Securities Corp. for 42,777 shares of Carriers
& General Corn, stock, having a then liquidating value of $9.82 per share,
and $122,220 in cash.
The assets thus-^acquired consisted of securities
and cash valued at $593,895 on April 14, 1936.
Many of these securities
have since been liquidated and proceeds reinvested."
The corporation, as presently constituted, will not qualify as a "mutual
investment company" under the definitions and limitations of the Federal
Revenue Act of 1936, but the letter states: "In view, however, of the high
cost at which many of the securities are Carried in the portfolio it is unlikely
that the company will realize taxable profits on the sale of its securities
during the current year. If so, the discrimination of the Revenue Act
of 1936 will not be felt this year."—V. 142, p. 2j88.
Casco
Products
Corp.—Earnings—
Earnings for 3 Months Ended May 31, 1936
Net income after depreciation, provision for bad debts, estimated
sales
managers' bonus, Federal and State taxes, &c...
$55,599
155,000 no-par shares capital stock—$0.36
Earned per share on
—V. 143, p. 266.
Celotex
Corp.—To
Make Exchange
Offer
to
Bond and
Debenture Holders—
July 29, that it had filed a registration
statement with the Securities and Exchange Commission in Washington
covering $4,000,000 of 4^% sinking fund convertible debentures to be
dated as of Nov. 1, 1936, and to mature Nov. 1, 1951.
The company
proposes to offer convertible debentures of this issue to present holders of
the company's $821,500 outstanding 6 H%
first mortgage bonds and
$1,849,500 of outstanding 6% income debentures as part of an exchange
plan designed to retire both issues in their entirety.
The proposed deben¬
tures will be convertible into common stock until maturity at the rate of
two shares of common stock for each $100 principal amount of debentures.
Under the exchange plan holders of first mortgage bonds would receive
new debentures on a par for par basis plus a premium of 5% and accrued
interest to Nov. 1, 1936.
The income debenture holder would receive in
exchange for each $1,000 old debenture a debenture of the new issue for the
same principal amount, and in addition one share of the company's $100
par 5% cumulative preferred stock plus a warrant entitling the holder to
purchase two shares of the company's common stock at $55 a share until
Oct. 15, 1939, the expiration date of the warrants, and $15 representing
interest accrued from Aug. 1, 1936 to Nov. 1, 1936.
.<
The company reserves .the right to declare the plan operative during the
exchange period, its decision to depend upon the cooperation it receives
from the securityholders in carrying out the plan.
It is expected if the plan becomes operative that the unexchanged balance
of the new issue of 4
debentures will be publicly offered by a banking
corporation
announced
group and names of members of which will be later announced.
Acquisition-—
B. G. Dahlberg, President, has announced the purchase by the company
of the Methuen, N. J., plant of R. J. Scott & Co.. manufacturers of asphalt
According to Mr. Dahlberg, this new property will bei
by Celotex for the manufacture of certain new products now under
development.
"Despite the fact that the capacity of the Celotex plant at New Orleans
has been recently increased," Mr. Dahlberg stated, "it can hardly be
expected to do more thah care for the rapidly increasing demands for current
Celotex products.
The only way to provide for the development of new
products was to acquire another plant and the R. J. Scott factory seems
ideally suited to our present requirements and future plans."—V. 142,
P. 4017.
used
Central Maine Power Co. (&
Period End June 30—
Subs.)- —Earnings—
1936—12 Mos—1935
1936—Month—1935
$513,272
245,112
$463,691
232,820
$6,220,785
3,089,999
$5,927,539
2,948,207
Non-oper. income, net-
$268,160
4,612
$230,871
9,459
$3,130,786
44.688
$2,979,332
70,257
Gross income
Deductions
$272,772
147,628
$240,330
147,836
$3,175,474
1,775,554
$3,049,589
1,803,044
$125,144
108,099
$92,494
108,099
$1,399,920
1,297,182
$1,246,545
1,297,182
Ry.—Earnings—
Period End. June 30—
1936—Month—1935
Gross earnings.
$10,957,610 $10,189,871
expenses.--...
$81,340
loss411,601
-
Operating revenues
Operating expenses
578.
Canadian Pacific
Working
$75,150
255,496
sales of investments
basis of average cost) -
roofing material.
Gross from rail way j
Net from railway.
Net after rents
Operating revenues
Operating expenses
2,734
prof$306,206
$336,451
$553,923
58,073
55,934
55,93A
Note—During the period there was a decrease (improvement) in the net
unrealized depreciation of investments amounting to $571,896.
The
Other income.
4,473
,
....
1936
l..
—V. 142, p. 2310.
143,
4,295
1,155
$50,710
—
on
Net operating loss
Dividends declared
a
for bond int. but be¬
fore Fed inc. taxes
—V. 143, p. 421.
,
on
(computed
Total
$14,516
Period End. June 30—
Net profit after expenses,
deprec., and allowance
-V.
8,235
2,264
1936—6 Mos —1935
before
Bush Terminal
accumulations
Net income
Net profit on
Co.—Earnings—
1936—Month—1935
Federal income taxes.
—V. 142, p. 4332.
143, p.
8,413
2,300
—
Investments
1934
$57,611
def28,104
def46,147
tal stock tax
Deferred charges
Period End. June 30—
Lossafter exps., deprec.,
—V.
$112,174
13,127
Other expenses.
Prov. for normal Fed. income tax
not yet
Net from railway-..—
Net after rents
—V. 143, p. 101.
Operating
$101,721
10,407
12,281
3,126
—
agents and dividend-paying agentsLegal and auditing fees
—
State franchise taxes and Federal capi¬
Assets—
Burlington & Rock Island RR.—Earnings.—
&c.,
$66,655
45,519
Fees of custodian, registrar, transfer
Earnings—
int.,
26,669
$169,737
18,968
Total income.
Buffalo Niagara & Eastern
«Aa3le«r
J&3;Lr>
«.A^3£L>
$140,789
28,948
Interest on bonds, &c
1936
$2,461,000
1935
Increase
$2,428,000
$33,000
Net operating income.
;
-
Net income
Pref. div. requirements.
(Preferred dividends have been paid at
Oct. 1, 1934.)—V. 143, p. 423.
one
half of the full rate, since
Volume
Financial
143
Central of
Georgia Ry.—Earnings
June—
1936
Net after rents
$1,034,068
6,690,202
7,053,559
801,649
157,292
5,834,586
880,454
defl0,538
238,596
135,627
782,000
95,010
From Jan. 1—•
North American Co., common
American Cities Power & Light Corp.,
Class A—.
Net after rents
268.092
179,110
—V. 143, p. 102.
Central Illinois Public Service Co.- -Earnings—
1936—6 Mos.- —xl935
Period End. June 30—
1936—3 Mos.—xl935
Total oper. revenues
$2,883,678
$2,734,584
$5,800,850
1,504,804
$5 ,455,400
1 ,406,662
637,035
163.766
514,141
740,605
518,770
564,113
119,759
371,782
736,902
368,594
$923,503
2,266
$1,721,727
25,620
$925,770
634,886
5,765
$1,747,348
1,174,920
$1,891,939
1,282,077
11,146
11,448
27,978
32,166
56,409
64,931
Provision for retirementTaxes
766,518
322,524
65,211
295,403
372,512
252,022
704,760
287,022
53,893
213,351
370,778
181,273
Net operating income-
$809,485
11,825
Maintenance.
.
Other income (net)
Gross income..
Funded debt interast—.
General interest (net)__„
of
stock
North American Co.
The market prices on June 30, 1936 for the securities listed above, plus
the cash on hand and cash dividends receivable, less current and accrued
liabilities and
at Dec.
Net inc.before
pf.divs.
$187,277
$499,585
$470,595
$235,623
Note—No provision has been made for Federal surtax on
Shares
1936
Total operating expenses
$547,252
373,502
$178,036
1,241
$173,750
1,330
$226,044
91,486
9,051
$179,278
91,414
9,075
$174,524
91,295
revenue—net.
774
9,075
;
Net
income
before
depreciation.
Federal income tax, &c
Deficit
Cash
$74,153
$78,789
$125,506
1936
1st mtge. 5%
bonds
other intang.$0,395,603
1935
1936
gold
__$3 585,000
$3,600,000
Accounts payable.
Liabity insurance.
1,329
106,229
Other current liab.
1,643
8,189
9,168
763,610
Consumers'
40~844
47,708
Subscriptions rec.
Prepd. insur., taxes
Reserves.
3,910
13,491
Special deposits...
Subscriptions to $6
pref. shares
188
Total
1 000,000
388,291
.....
1,073,880
1,000,000
354,946
on
sale of
Total
$6,969,463 $6,914,616
Central Power & Light Co.
Maintenance
$6,969,463 $6,914,616
$1,681,166
661,771
64,581
112,843
209,938
177,368
642,433
65,499
109,655
198,951
159,954
Prov. for retirement
Taxes
Net
:
earns,
from oper.
earns,
«
General interest
„
1936—6 Mos.-—xl935
$3,822,561
1,302,790
129,087
227,836
404,548
346,765
$3,338,828
966,556
d74,121
51,990
Res've for conting.
785,618
683,639
752,000
Res've for taxes—
3,500
147,099
Misc. accr. liabil
_
_
..._a31,174,976 31,685,839
Capital
...48,794,369 63,772,944
Total
_e20,908,114
6,973,606
48,794,369 63,772,944
Total
7% pref. stock, issue of 1912, cum. (par $100), 75,433 shs., less 6,633
pref. stock (par $100): 6% series, 101,240,
held in treasury; convertible, optional div. series, 15,788,
less 475 shares held in treasury; convertible optional series of 1929, 36,561,
less 4,900 shares in treasury; common stock (par $1) 10,130,062 shares, less
16,486 .shares held in treasury,
b At average cost, including valuation
heretofore placed by directors upon stock dividends received,
c Includes
interest receivable,
d Includes accounts payable, e After deducting excess
of par value of preferred stocks held in treasury over cost thereof of
1,573.—V. 142, p. 777.
a
shares held in treasury; serial
$56,369
def85
$636,215
4,189'
$664,323
1,255
$44,538
26,567
$56,284
26,449
$640,404 "•
316,222
$665,578
311,594
$17,971
18,930
$29,835
18,930
$324,182
227,160
$353,984
227,160
Central Vermont Public Service
Period End. June 30——
$714,402
429,386
11,793
$507,499
441,872
12,059
$1,414,115
862,306
23,474
$1,028,153
887,119
24,291
Deductions
34,140
66,635
68,556
Gross income
Net income
—
-
Pref. div. requirements _
Corp.—Earnings—
1936
1936—M^onth—1935
12 Mos.
.
1935
Files with SEC
Jersey.—Earnings.—
1935
1934
1933
$2,425,955
680,988
47,202
$2,659,528
825,686
408,474
$2,306,648
630,971
186,499
15,472,646
3,517,924
595,952
14,798,726
3,971,156
1,778,759
14,881,667
4,453,085
2,302,558
550,808
262,990
12,930,100
3,390,159
1,346,511
4332.,
Central States Edison
Inc. (&
12 Months Ended June 30—
Subs.)-
•
Gross operating revenues
Operating expenses
Maintenance.
Taxes
(other than Federal income taxes).
Depreciation—
Net operating income.
Non-operating income of subsidiaries.
Earnings—
1936
1935
$354,012
179,747
28
28,041
26,045
37,650
$325,963
171,964
35,537
25,951
30,803
$82,527
3,063
$61,706
Gross income of Central States Edison, Inc
$85,590
Dr6,161
$61,384
Drl0,349
Total gross income.
$79,429
$51,034
Total
-j.
Dr321
Charges of subsidiary companies:
Interest
corporation on July 28 filed with the Securities and Exchange Com¬
registration statement (No. 2-2364, Form A-2) under the Securi¬
1933 covering $7,300,000 of first mortgage bonds, series B, due
Aug. 1, 1966. Thednterest rate on the bonds will be furnished by amend¬
ment to the registration statement.
According to the registration statement, the net proceeds from the sale
of the bonds will be applied as follows:
$4,784,000 to be deposited with Old Colony Trust Co. to redeem on
Oct. 1, 1936, at 105% and accrued int., $4,450,000 of first and refunding
mortgage 5% gold bonds, series A, due Oct. 1, 1959.
$1,811,803 to repay a loan of that amount made by the company and
deposited with Chase National Bank, New York, trustee, under the Rutland
Ry.. Light & Power Co. first mortgage, to be used with $25,322 of sinking
fund money in the hands of the trustee, to redeem on Sept. 1, 1936, at 110
and accrued int., $1,633,000 of Rutland Ry., Light & Power Co. first
mortgage 5% 40-year gold bonds, due March 1, 1946.
The balance of the proceeds will be used by the company to reimburse its
treasury for moneys expended for the payment on Nov. 1, 1933, of $188,700
of Pittsford Power Co. bonds together with accrued interest; for the pay¬
ment from time to time, through the sinking fund, of $145,000 of Rutland
Ry., Light & Power Co. bonds, together with accrued interest; and in the
construction or purchase of extensions or purchased property and to provide
for the construction or acquisition, or both, of further items of extensions
or purchased property.
The bonds are redeemable at the option of the company at any time after
30 days' notice at 107% if redeemed on or before Aug. 1, 1937, and there¬
after the premium shall be reduced by X of 1 % for each year to and includ¬
ing Aug. 1, 1964.
No premium will be paid if the bonds are redeemed
The
mission a
ties Act of
after that date.
The price to the public, the names of the underwriters and the under¬
writing discounts or commissions are to be furnished by amendment to
the registration statement.
Files
Declaration
with
SEC—The
corporation
has
filed
a
declaration
792
832
Cr25
25
(32-29) under Section 7 of the Public Utility Holding Company Act of 1935
covering the issuance of $1,800,000 of promissory notes maturing not more
than nine months from the date of issuance.
31,644
20,986
Federal income taxes
31,790
21,193
According to the declaration, the proceeds from the notes will be applied
to the redemption on Sept. 1, 1936, at 110% and int. of $1,633,000 Rutland
$26,031
loss$2,807
Fixed charges of Central States Edison, Inc.:
15-year coll. trust bonds—3% fixed.
2% income
*
debentures..
Optional 5 Yx % de¬
bens., series due
1954
..23,099,000 23,099,000
Int. accr. on debs.
719,246
727,621
810
1—
Bal. available for
on
14,283,000
$43,728
1936
----
925,653
cl90,316
due 1948.13 ,948,000
$1,823,813
1,158,490
$2,485,911
after rents....
on
480,850
152,322
Net oper. income.—
Non-oper. income, net..
Net after rents
Int.
...
receivable..
25,000
$1,020,100
8,052
.
*
16,114,315
wholly
2,584
Central RR. of New
—V. 142, p.
in
owned subsidiary
$1,411,531
June—
Net
series
andoah Corp
Invest,
S
5
Liabilities—
5% conv. debens
$1,896,026
1,259,811
$240,062
$19,426
$461,699
'
$48,185
Adjustments made subsequent to June 30, 1935, but applicable to the
period beginning Jan. 1, 1935, have been given effect to in this column.
Note—No provision has been made for Federal surtax on undistributed
profits.—V. 142, p. 4170.
Gross from railway.
Net from railway..
$
1935
1936
1935
$'
.47 ,350,579 45,576,103
$146,451
90,082
Net income before pre¬
From Jan.
Consolidated Balance Sheet June 30
$156,440
112,712
x
---
$5,864,030
Operating revenues—Operating expenses
ferred dividends
Gross from railwayNet from railway.
15,000
$3,425,894
$6,973,606
1,273,793
118,755
210,586
394,083
321,508
Amortization of debt dis¬
.
2,477,096
- — --
$21,406,687
Balance, June30
$504,671
2,827
count and expense
cr6,722
161,239
3,138,986
Transf. tores, for contin.
33,158
before int.
Funded debt interest
,
■
prOf702,028
(net)
Drl03
$714,505
Other income (net)
Net
(& Subs ,)—Earnings—
1936—3 Mos.—xl935
$1,941,007
......
'
less 6,400 shares
—V. 142, p. 3334.
Operation
Power purchased.......
12,354
$8,356,126
$3,580,410
__df$22,l08,7l6 df$3834,618
Adjust, applic. to prior
period
Deficit
200
Period End. June 30—
Total gross earnings
442,818
Total...
Divs.
276,806
Suspense
66
4,784
shares..
Surplus.
962,614
.
Unamort. discount
'
1 054,620
Common
1,000
debt
588
739.707
688,902
Miscellaneous credits
Cash....
Pref. shs. $6 cum.
8,318
257,577
dep's.
,
713,065
above)
721,646
188
rents
99,900
110,519
124,422
Inventories
50,294
45,000
56,247
119,598
receivable
65,531
Taxes
12,000
Account—6 Months Ended June 30 •
1935
1934
1933
df$3145,783
$4,320,117
$8,863,568
Com. stk. of Shen¬
...
9,688
company)
discount & exp.
$688,902
$962,614
Profit arising from pur.
and retire, of debens..
b Investments...
Accrued items
$6,355,788
(affil.
Unamortized
751,617
$739,707
94,256
Balance, Jan. 1
def$21,396,239
Net deficit for period (as
Assets—
Liabilities—
1935
Property, plant &
equit., franchise
and
$210,997
1,075,159
85,435
only.
1936
Comparative Balance Sheet June 30
Interest
$474,036
$713,065
dividends
year; therefore the above statement for the first half of 1936, 1935 and 1934
showed results before deducting such appropriations.
_
$688,902
Appropriations
securities
Note—It is the company's policy to make an appropriation to the reserve
for renewals, replace}t ent and retirements at the end of each calendar
Cash in bank
Jn ,043,854
265,671
Salaries, &c
Deficit
Losses realized
Acc'ts receivable.
$634,768
1,040,536
18,898
49,369
1936
$578,932.
400,895
$651,697
426,983
«.
Total fixed charges
Ajnortiz. of debt discount & expense-
&
$376,856
1,024,621
18,617
22,520
Interim Consolidated Surplus
1934
1935
.
$224,714
Investments
$751,617
292,237
$713,065
Deduct—Int. & discount
Central Ohio Light & Power Co.—Earnings—
Assets—
$376",856
$265,671
369,097
$350,106
1,007,527
26,982
28,662
Total income
x
1933
x$350",l66
Cash divs. & interest
undistributed
Corp.)]
1934
1935
1936
2989.
p.
6 Months Ended June 30—
Total operating revenues.
Non-operating
Ended June 30
Income—Stock divs
Figures for the three and six months ended June 30, 1935, reflect adjust¬
subsequent thereto but applica ble to those periods.
profits.—V. 142,
make a total of $38,556,035 compared to $37,364,239
Corporation has no bank indebtedness or notes payable.
reserves,
31, 1935.
Earnings for Six Months
ments made
,
,
.
33,896
34,276
1,175
1.468,800
3,600
General Realty & Utilities Corp., common
62,205
Atlas Corp., warrants
30,000
The only important change in the investments during the six months'
period was the purchase of 1,350,000 shares of common stock of Blue Ridge
Corp. with the proceeds of the sale of 164,347 shares of common stock of
selling
17,328
771,989
„
Taxes
17,138
2,100
-
Blue Ridge Corp., common
Detroit Edison Co., common
pre¬
commissions and exps.
x
class B
Preferred
»
Amortization
of
bond
discount and expense-
Shares
580,489
1,990,655
Electric Shareholdings Corp., common
$1,887,585
4,353
$821,310
583,387
5.528
Operation
Power purchased
Gas purchased
ferred
■
......
Gross from railway
Net from railway
Amortization
Report—
1936 were as follows:
-
$1,141,379
41,738
def66,002
$1,121,071
81,617
13,195
Investments of the corporation at June 30,
1933
1934
7,568,651
1,015,682
_
Central States Electric Corp.—Interim
-
1935
Gross from railway
SI,229,809
Net from railway.150,876
747
Chronicle
com.
Includes Central
stock & surplus
Service Co., Central States Edison Co., and
receivers of Central States Edison Co. for periods prior to March 1, 1935.—
V. 142, p. 3499.
States
Ry., Light & Power Co. first mortgage 5% 40-year gold bonds, due March 1,
1946, issued and secured by a mortgage executed by that company to Lin¬
coln Trust
Co., trustee.
Opportunity for hearing in this matter will
V. 143, p. 423.
be given Aug. 7,
1936.—
748
Financial
Central Vermont Ry.,
Period End. June 30—
Railway
Inc.—Earnings—
1936—6 Mos.—1935
1936—Month—1935
oper. revenues.
$494,587
$515,382
$2,790,405
$2,629,656
Net rev. from ry. oper__
Net ry. oper. income
16,185
103,011
def4,039
Inc. avail, for fixed chgs_
defl ,539
87,115
89.183
108,934
55,888
def53,813
def40,856
267,073
159,619
236,560
654,067
Fixed
charges
105,111
Income deficit
647,697
transf.
to profit & loss
—V. 142, p. 4170.
$19,751
$106,650
$688,552
$417,507
•
Century Shares Trust-—Earnings—
1936
1935
$152,000
1934
$66,336
,♦
$43,850
45
,
$152,000
13,838
Expenses.
$66,336
6,800
1'
' /
■
22,172
552
Aug. 1.
$39,958
9,217
•
723
$69,581
$40,995
69,203
40,246
$378
$748
159,909
Undistributed income-
$978
314
.
828
$160,886
.
$43,895
3,937
$59,535
$138,162
-
shares purchased and sold
able
"
Balance Sheet June 30
1936
Assess—
Life insurance
Y.
banks
on
1935
$33,471
3,744
$79,442
2,420
159,909
outstand'gll,064,315
69,203
4,540,214
378
S
payable for
Res.for div.on par¬
905,110
504,976
265,036
222,510
72,519
58,575
ticipating shares
and
payable Aug. 1.
_
deposit
aShares
Undistributed inc.
977
_
withBrown Bros.
Harriman & Co.
Accrued divs. rec.
Accts.
rec.
for sales
ofshares
Total
4,691,657'
11,262,416
Total
11,262,416
4,691,657
Represented by 420,812 participating shares (no par) in 1936
(173,008 in 1935), and 420,.,12 ordinary shares no par in 1936 (173,008 in 1935) .—
V. 113, p. 267.
a
Charleston & Western Carolina Ry.June—
1936
Gross from railway
Net from railway
1935
$170,884
47,168
23,831
Net after rents
From Jan. 1—
Gross from railway
a
$153,725
31,776
15,869
1,092,464
337,890
211,195
Net from railway
Net after rents..
—V. 143, P.
1,037,906
298,059
191,460
—Earnings.—'}
1934
1933
$150,918
38,642
19,464
1,060,701
376,990
253,996
960,765
341,403
229,266
Chartered Investors, Inc. —Balance Sheet June 30—
Assets—
1936
$519,488
1935-
$69,664
.
Invests, at market
value
Liabilities—»
6,956,391
6,118
5,864,306
9,289
1936
Reserves
1935
$73,281
$66,265
pf. stock 1,275,000
y Common stock..
170,000
Capital surplus... 5,543,225
1,275,000
170,000
x
Acer. int. receiv..
$5
cum.
Unapprop.
int.
i
div.
income
4,012,076
&
535,266
Treasury stock..Drl 14,775
480,594
Dr60,675
Total
..$7,481,997 $5,943,2601
Total
$7,481,997 $5,943,260
Represented by 51,000 no par shares,
y Represented by 170,000 no
z Represented by 4,591 no
par shares in 1936 and 2,427 no
par shares in 1935.
Our usual comparative income statement for the 6 months ended
June
30 was published in V. 143, p. 578.
x
par shares,
Chesapeake & Ohio Ry.—Bonds Offered—Morgan Stan¬
ley & Co. Inc.; Kuhn, Loeb & Co., and Edward B. Smith
& Co. on July 30 offered $29,500,000
refunding and improve¬
ment
1
mortgage 3bonds series E at 99H and interest.
Dated Aug. 1,1936; due Aug. 1,1996.
Interest payable Feb. 1 and Aug.
N. Y. City.
Sinking fund calculated to be sufficient to retire the
m
entire issue
on or before
maturity.
Redeemable for the sinking fund on
30 days' notice on any interest date, at
102)4 % on or prior to Aug. 1, 1971,
and thereatter at the
redemption prices below set forth for
general re¬
demption; accrued interest
to the redemption date being also
payable, but
otherwise than out of sinking fund.
Also redeemable, as a whole or in
part, at the option of the company, at any time, upon 30
days' notice if the
redemption date be an interest payment date and otherwise
upon 60 days'
notice, in either case at the
following prices, plus accrued interest to the
redemption date: on or prior to Aug. 1, 1941 at
105%; thereafter and on
,fi,rior
1. 1947 at 104)4%; thereafter
and on or prior to Aug. 1,
prior to Aug. 1, 1959 at 103H%; there¬
1, 1965 at 103%; thereafter and on or prior
1< 1971 at 102)4%; thereafter and on or prior to Aug. 1, 1977 at
102%: thereafter and on or prior to Aug. 1, 1983 at
101)4%; thereafter
and on or prior to Aug.
1, 1989 at 101%; thereafter and on or prior to
1953 at 104%; thereafter and
after and
on
or
on or
prior to Aug.
1992 at 100)4%; and thereafter at
100%.
Guaranty Trust Co. of
NeW York and Herbert
Fitzpatrick, trustees.
Issuance
Issue and sale of bonds authorized
by the Interstate Commerce
Commission.
.
...
Legal Investments—In the opinion of counsel, these bonds will
investments for savings banks in the State of
New York.
from Letter of W. J.
Harahan, Pres., Dated
be legal
July 28
—
Purpose of Issue—The net proceeds from the sale of these bonds will be
used, together with funds to be
provided'by the company to the extent
required (a) to redeem at 110% on Oct.
1, 1936, $24,784,000 ref. & imp.
mtge. 4)4% bonds series A, due Oct. 1,
1993, and (b) to redeem at 105%
9^^
J' 1936, $1,000,000 Chesapeake & Ohio Northern
J50!1- r®,'
• I •. 1945 .and (c) to redeem at 110 % on or
Ry. 1st mtge,
before No v. 2,
1936, $553,000 Virginia Air Line Ry. 1st
mtge. 5% bonds, due May 1, 1952
(an additional $347,000 principal amount of said bonds held in a
sinking
fund to b3 canceled).
Security—Upon the redemption and payment of the series A bonds,
referred to above, and the
completed retirement of series B bonds which were
called for redemption on July 1,
1936, and after giving effect to the present
financing, there will be $69,862,000 ref. & imp. mtge. bonds outstanding in
the hands of the public, and also
$18,152,000 of such bonds in the company's
treasury, all of which will be secured in the opinion of counsel for the com¬
pany, by a direct lien on all of the 2,768 miles of road now owned in fee
by
the company
(excepting 48 miles acquired since the date of the mtge. and
not subjected to the lien thereof
by subsequent supplements), and on the
company s owned equipment and its leasehold interest in leased equipment,
all
subject to the prior liens, in so far as they attach, of
mortgages securing
underlying bonds (after satisfaction of Chesapeake & Ohio Northern Ry.
1st mtge. and the Virginia Air Line
Ry. 1st mtge.) in the principal amount
of $115,892,000, of which bonds in the
principal amount.of $114,853,000
publicly held, and subject to equipment obligations, in so far as they attach,
outstanding in the hands of the public on May 31, 1936 in the principal
amount of $49,006,000.
The mortgage permits the issuance of additional
bonds thereunder for a wide variety of purposes but does not permit addi¬
tional bonds to be issued by the company under present underlying mort¬
gages except to the extent defined in the mortgage to refund prior debt
secured by certain of said underlying mortgages.
The mortgage does permit
the extension, at any rate, of interest, of bonds constituting prior debt.
purchase of capital stock.
Company now owns directly 48.26% of the
capital stock of the Pere Marquette Ry. and through wholly owned sub¬
0.9% of said capital stock.
Virginia Transportation Corp., a wholly owned subsidiary, owns 45.67%
of the capital stock of Erie RR., 7.44% of the common stock of New York,
Chicago & St. Louis RR. and 42.75% of the capital stock of the Chicago
& Eastern Illinois Ry. which is now in process of reorganization under
Section 77 of the Bankruptcy Act.
*'■'
Jcompany holds an option from the Alleghany Corp. for the acquisition
of 215,000 shares of the common stock (10% of the total capital stock) of
theErieRR. and 167,300 shares (49.58%) of the common stock of New York
Chicago & St. Louis RR.
This option, if exercised, would vest in the com¬
pany, either directly or through wholly owned subsidiaries, a numerical
majority of the capital stock of the Erie RR. and of the common stock of
New York, Chicago & St. Louis RR.
The necessary authority from the
Interstate Commerce Commission for the exercise of this option has not yet
been applied for.
The Chesapeake Corp.'s published balance sheet for Dec. 31, 1935 shows
that said corporation owned 3,648,745 shares of the company's common
stock (par $25) out of a total of 7,653,918 shares,or approximately 48%.
As of July 24, approximately 44% of the common stock of Chesapeake &
Ohio Ry. was beneficially owned by Chesapeake Corp., the major portion
of which is pledged to secure two collateral trust bond issues of the latter
corporation, of which Guaranty Trust Co. of New York is trustee; and that
Alleghany Corp. is the beneficial owner of approximately 69% of the stock
of Cnesapeake Corp., which stock is pledged to secure three collateral trust
bond issues of Alleghany Corp., of which Guaranty Trust Co. of New York
is trustee; and that approximately 47 % oTthe common stock of Alleghany
Corp. is owned by Midamerica Corp.; and that O. P. Van Sweringen holds
an option to purchase 55 % of the voting stock of Midamerica Corp., pending
the exercise of which option he is entitled to vote such stock.
,
1923670845
as
of May 31, 1936
Mortgage bonds
x$ 193,806,000
Equipment trust obligations
y49,006,000
1st pref. stock (par $100)
3,000
2d pref. stock (par $100)
200
6)4% cum. con v. pref.—series A (par $100)
93,000
Common and scrip (par $25)
'
191,350,842
x Includes $11,498,000 ref.
& imp. mtge. bonds, series B, called for re¬
demption on July 1, 1936, being the balance of such series B bonds, which
had not been surrendered for redemption on May 31, 1936.
y Includes
$15,938,000 of equip, trust ctfs. of 1934, part of which mature and the bal¬
ance of which the company is calling for redemption on Sept. 1, 1936.
To
provide a part of the funds for such maturity and redemption the company
in July, 1936, issued and sold $15,300,000 of serial notes, issue of 1936,
maturing in 10 annual installments of $1,530,000 each.
The company is not indebted to Reconstruction Finance Corporation,Railroad Credit Corporation, Federal Emergency Administration of Public
■—
—
—
Works
$156,951
54,221
36,850
102.
Cash
did not operate.
The Interstate Commerce Commission, in a decision dated April 2, 1929,
authorized the company to acquire control of the Pere Marquette Ry. by
Capitalization Outstanding in the Hands of the Public
155,789
32,351
29,073
trust cos
Accts.
pur. of securities
2,542,178
599,164 Accrued expenses.
1,456,827
banks
Cash
133,453
and
trust cos
Other
1936
Liabilities—
$
660,263
7,250,777
1,065,470
Fire insurance
N.
1935
$
Casualty insur
Aug. 2, 1936
Company—On Dec. 31, 1935, the company operated 3,106 miles of road
of which 2,767 miles were owned in fee, 9 miles were operated under lease,
8 miles were operated under contract and 322 miles were operated under
trackage rights.
In addition, the company owned 1 mile of road which it
sidiaries an additional
6 Months Ended June 30—
Cash dividends
Interest
Chronicle
or to
_
banks.
Earnings for Calendar Years
Calendar
Ry. Oper.
Years—
Revenues
$153;524,289
154,084,689
145,626,404
150,667,975
137,173,037
119,552,170
98,725,859
105,969,522
109,489,077
114,031*434
Ry. Oper.
Expenses
$104,796,900
103,241,252
95,220,878
98,117,587
86,921,031
74,497,861
55,965,115
58,326,084
60,814,971
63,289,894
Fixed Chgs. &
Gross
Oper.
Ratio
68.3%
67.0%
65.4%
42,748,090
43,916,750
46,845,995
44,971,419
37,598,665
34,306,301
38,675,807
38,051,289
65.1%
63.4%
62.3%
56.7%
5.0%
55.5%
55.5%
Times
Misc. Deducts Earned
Income
$42,799,337
$11,818,623
11,223,780
11,242,144
3.62
10,349,176
10,823,580
10,902,181
4.52
10,778,546
3.18
10,435,997
9,988,886
3.80
9,909,520
4.13
40,949,005
3.80
3.90
4.15
3.44
3.70
Operating results for the first five months of 1936 (during part of which
coal traffic was unusually heavy because of the severe winter)
compare with tne results for the same months of 1935 as follows;
period
"
1935
1936
$44,37o,345 $52,427,901
26,197,729
28,945,737
18,177,616
23,482,164
Railway operating revenues
Railway operating expenses
Net operating revenue
Operating ratio.
Net railway operating income
Non-operating income
59%
—
li
—„
Grossincome—_
Deductions from gross income
55.2%
13,751.662
500,706
14,252,368
4,037,790
19,002,525
388,495
19,391,020
4,374,110
Netincome
n
_____
10,214,578
15.016,910
Listing—Company has agreed to make application for the listing of the
bonds
on the New York Stock
Exchange and in connection therewith for
Exchange Act of 1934.
Sinking Fund—The supplemental indenture to be dated Aug. 1, 1936,
will contain a covenant that the company will pay to J. P. Morgan & Co,
as sinking fund trustee under the
mortgage
on Feb. 1, 1937, the sum of
$80,400, and thereafter, on Aug. 1, 1937 and on Feb. 1 and Aug. 1 of each
year, and until the series E bonds shall have been paid in full, or adequate
provision satisfactory to the corporate trustee made for their payment, the
sum of $80,400,
plus an amount equal to interest at the rate of 3)4% per
annum on all series E bonds
previously acquired through the operation of
the sinking fund either by purchase or
redemption.
The said amounts
shall be applied by the sinking fund trustee to the
purchase of series E bonds
if the same can be purchased at or for less than the redemption price prevail¬
ing on the next ensuing date on which series E bonds may be redeemed for
the sinking fund, plus the amount of interest accrued on such bonds so
purchased at the time of purchase, or to the redemption of series E bonds
(to be arawn by lot) at the redemption price then in effect, all as more
fully set forth in the 8th supplemental indenture to said ref. & imp. mtge.
Bonds purchased or redeemed
through the operation of the sinking fund
are Co be canceled.—V. 143,
p. 579.
their registration under the Securities and
.
Chicago Burlington & Quincy RR.- —Earnings.
June—
1936
Gross from railway...—
Net from railway
Net after rents
1935
1934
1Q83
$7,488,032
1,373,852
$6,095,979
163,992
def737,660
$6,416,673
1,327,829
419,182
$6,855,543
2,402,241
1,446,747
43,963,246
36,658,488
9,308,165—5,721,464
3,221,621
653,027
37,276,148
9,153,720
3,935,322
-9,001,143
263,655
From Jan. 1—
Gross from rail way
Net from railway.™.-.
Net after rents—V. 143, p. 102.
34,154,983
3,263,779
Chicago & Eastern Illinois Ry.—Earnings.June—
1936
Gross from railway
Net from railway.
From Jan. 1—
Gross from railway
Net from railway
Net after rents
143,
p.
1934
1933
$992,549
119,733
def29,096
$1,031,623
61,158
$991,330
247,418
53,770
7,577,948
Net after rents
—V.
1935
$1,165,110
245,013
35,571
6,491,604
1,259,369
208,268
6,201,471
1,211,508
79,966
5,521,991
861,522
def358,697
1,693,630
393,592
234,331
102.
Chicago Great Western RR.
June—
Earnings.—
1936
Gross from railway
Net from railway
Net after rents.
—V. 143, p. 267.
1934
1933
$1,188,318
225,562
9,947
$1,207,427
312,595
66,316
$1,374,737
8,315,801
1,799,078
266,784
Net after rents
From Jan. 1—
1935
$1,527,592
489,223
197,111
Gross from rai 1 way
Net from railway
7,184,833
1,274,043
7,133,001
def47,519
6,592,168
1,484,035
defl,518
1,691,014
271,697
508,835
256,492
Chicago Mail Order Co.—Extra Dividend—
The directors have declared an extra dividend of 12)4 cents per share in
addition to a regular quarterly dividend of 37)4 cents per share on the
common
stock,
par
$5, both payable Sept. 1 to holders of record Aug. 10.
was paid on June 1, last and in each of the four
an extra dividend of 50 cents per share was
A similar extra dividend
quarters of 1935.
In addition
Volume
paid
Financial
143
Jan. 20, 1936, and
on
Chicago & Illinois Midland Ryv
June—
1936
Gross from railway
Net from railway
Earnings.—
1935
$235,794
93,895
80,946
58,684
59.651
85,851
86,096
1,677,855
539,013
456,384
Gross from railway
Net from railway
Net after rents
1936
1,627.599
485,863
438,289
1,363,990
1,383,791
353.979
452,730
333,649
426,797
Gross profit.
Interest and brokerage._
Chicago Indianapolis & Louisville Ry.—Earnings.—
1936
1935
1934
$790,133
railway.
railway
Net from
$684,963
128,392
4,567
95,713
def49,955
1933
$662,658
176,653
49,406
3,622.411
568,419
def271,767
3,622,411
568,419
def271,767
142,051
def4,758
Net after rents
$592,597
4,934,794
945,736
88,184
railway
Net after rents
3,857,475
*
658,699
def55,736
—V. 143, p. 105.
Chicago Milwaukee St. Paul & Pacific RR.- -Earnings.
June—
1936
Gross from railway
Net from railway
1935
1934
>
Gross from railway
Net from railway.
^
Net after rents
50,258,662
9.080,733
2,123,177
1933
$7,057,347
1,229,417
226,178
$9,180,362
$7,062,426
1,538,292
def64,650
316,788 defl026.467
Net after rents
From Jan. 1—
$8,456,905
3,009,122
1,840,024
"
41.377,672
40,952,214
6,752,135
1,103,604
8,535,940
2,588,429
39,491,189
9,463,099
2,926,578
143, p. 579.
28.691,285
1,380,899
16.450,188
466,655
66,792,674
45,068,671
30,072,184
16,916,843
20,657,928
2,223,336
19,273,475
1,213,682
8.199,171
3,049,819
general expenses...._ 25,656,704
Interest paid ^accrued-,
82,766
for
inc.
taxes
Net
-
of
U.S.& other countries
11,579,468
3,528,097
1,392,943
920,318
income.29,473,737
65,612,041
18,659,310
39,300,875
8,192,084
35,198,273
4,747,534
27,372,721
95,085,778
32,120,255
Balance Jan. 1
,
—
Total surplus
57,960,185
43,390,357
4,314,391
6,471,587
1,083,081
2,166,163
1,086,447
2,172,894
54,710.939
40,131,016
32,120,255
4,332,326
$4.31
4,345,788
$1.88
4,315,076
$1.10
1935
1934
1933
$8,322,142
1,013,884
158,922
$6,510,949
317,972
def392,428
$6,813,198
829,794
80,225
$7,046,716
1,883,606
1,086,955
41,761,255
3,343,092
defl,570,468
35,368,871
4,582,769
275.273
36,271,016
32,650,340
4,479,072
def442,564
Gross from railway
railway
Net after rents
From. Jan 1—
Gross from railway
Net from railway
Net after rents.
5,336,977
919,286
standing
(par $5)
Earnings per share
—V. 143, P. 424.
4,314,391
$6.83
......
Consolidated Balance Sheet June 30
Assets—
Cash.
1936
$
'
Car shipments against B-L drafts,
b Notes and accounts receivable
Inventories
on
estate
&c
deposit in closed banks
not
used in
1935
$
65,285,978
6,242,124
67,696.660
14,604,488
8,008,168
10,553,401
30,723,451
1,198,754
2,687,472
Marketable securities
Real
1936
.
First quarter..
Second quarter
Cash
Chicago & North Western Ry.—Earnings.—
June—
Net from
44,382.708
685,963
Divs. paid & declared—
Gross from railway
—V.
——
66,410,790
381,884
Surplus June 30
84,299,801
Shares capital stock out¬
From Jan 1—
Net from
1933
Admin., engin., selling,
advertising, service &
Prov.
June—
1934
$
$
$
295,569,895 231,103,779 114,771,203
292,224,109 251,187.187 202,412,493
98,321,015
Total income
—V. 143, p. 102*
Gross from
1935
6 Mos. End. June 30—
$
Sales of autos. & parts__358,634,899
Cost of sales
$212,678
.
749
Consolidated Income Account 6 Months Ended June 30
1933
1934
$243,506
67.775
61,884
$276,530
Net after rents.
From Jan. 1—
Chronicle
Jan. 21, 1935.
The regular quarterly divi¬
dend was increased from 25 cents to 37H cents with the March 2, 193b
payment.—V. 143, p. 579.
on
operation
Investments, land contracts and miscell.
accounts.
2.747,130
2,920,552
171.216
662,916
2,975,000
48,008,552
2,765,116
Notes & accts. receivable due from officers & empl's
Investments in and accounts with subsidiaries
7,919,953
3,878,958
24,559,732
1,392,199
201,377
827,024
Chrysler Management trust
455,000
c Land,
buildings, machinery, equipment, dies, &c. 50,475,282
Goodwill
1
1
1,982,573
2,407,211
;
Prepaid insurance, taxes, &c
Total..
192,178,767
169,171,526
Accounts payable
Notes payable, current
Notes payable, not current
32,885,311
27,277,563
Accrued interest, taxes, insurance, &c
Provision for income taxes
1,050,734
11,768,327
IjlrCLi
Chicago Railways Co.-—Interest—
Interest of 2}$%
gold
will be paid on Aug. 1, 1936, on the first mortgage 5%
due Feb. 1, 1927 (stamped as to 25% partial redemption),
bonds,
upon presentation of bonds for endorsement of payment.—V.
142, p. 777.
Reserve for contingencies, «Scc
d Capital stock
Chicago Rock Island & Pacific Ry. —Earnings.—
1936
1935
1934
1933
$6,320,342
$4,857,465
27,850
def577.727
$5,859,554
442,920
$6,054,873
2,086,692
1,362,268
34,654,169
29,512,247
2,537.353
2,210,^22
defl,929,958 def1669,907
30,914,480
4,644,238
516,869
29,217,821
5,935,780
1,484,880
__
From Jan.
143, p.
.763,219
def5,816
1,156,923
1—
Gross from railway
Net from railway
Net after rents—
Total
..
..
579.
Chicago St. Paul Minneapolis & Omaha Ry.—Earns.
June—
1936
1935
$1,631,274
427,678
220,056
8,422,905
985,948
def229,725
Gross from railway
Net from railway
Net
after rents
From Jan.
143,
p.
Childs Co. (&
Operating profit
Other income
Total income...,.Interest
$1,161,194
145,066
10,429
$1,487,725
526,294
374,708
6,723,254
597,573
def322,589
6.916,249
1,084,959
224,712
6,514,304
1,109,899
242,324
1935
1934
1933
$8,693,048
8,173,236
$9,285,577
8,709,346
$8,331,776
7,704,723
$ 56,164
9,376
$519,812
12,960
$576,231
$627,053
17,114
$565,540
217,316
$532,772
$588,135
233,988
to
Depreciation
-
11,904
222,979
3,853
245,508
9,086
330,647
319,321
320,353
HI)
8,308
4,901
9,089
14.566
47,394
$42,758
loss$22,470
$18,084
$3,324
uotions
Net profit.
142, p. 3162.
Subs.)—Earnings—
Operating
expenses, maintenance &
Net oper. rev. before depletion &
income..
taxes.*—30,272,700
Bonus to
Total income...
29.707,028
1.871.793
1.787,797
ization of discount
4,457,108
1,754,928
4,501,193
Preferred dividends paid & accrued
1,828.338
Earnings applicable to minority interests
476,915,
126,262
Service Co.—Interest charges & amortiza¬
tion of discount..
—2,512,921— 2,665,331
Reserves far depletion & depreciation
5,687,132
5,706,160
Reserve for contingencies
550,000
Cities
Net income.
*
$1,127,153 / $1,454,002
Does not include any provision for taxes on undistributed
profits under
the "Revenue Act of 1936."—V. 142, p. 4333.
'
Chrysler Corp.—To Pay $4 Dividend—
The directors
on July 24 declared a dividend of $4
per shan the
oer
stock, par $5, payable Sept. 15 to holders of record Aug. J 5.
This
compares with $1.50 paid on June 30, last; $1 on March 31, last; 75 cents
paid on Dec. 31, 1935; 25 cents paid each quarter from March 31, 3934,
to and including Sept. 30, 1935; 50 cents paid on Dec. 31 and
Sept. 15,
1933; 25 cents paid each three months from Jan. 2, 1931, to Dec. 31, 1932,
inclusive, and 75 cents paid per share quarterly from April 2, 1926, to and
including Sept. 30, 1930.
In addition, extra dividends of 25 cents per
share were distributed on Sept. 30 and June 29, 1935, and on June
30, 1934.
common
Eligible employees will receive this
compensation
on
their
arrangements for distri¬
bution will also be made in plants at Windsor, Canada; Marysville,
Mich.;
Dayton, Ohio; New Castle and Evansville, Ind.; Helena, Ark., and Los
Angeles, Calif.; and at Chrysler Motors, Ltd., of London, England, and
Societe Anonyme Chrysler, Antwerp, Belgium.
New De Soto Plant—
K. T. Keller, President of the company, announced that a new auto¬
mobile plant will be opened in Detroit in September for the production
of De Soto passenger cars.
This expansion of the company's production
facilities will represent an investment of approximately $5,000,000 and
will provide employment for about 1,750.
The new De Soto plant, which will begin production on 1937 models
when completed, will consist of two buildings.
One heretofore has been
as
the
building.
company's Wyoming plant, and the other will be an entirely
Both buildings will be newly equipped with machines and
tools.
Plant is expected to produce approximately 500 finished cars a day.
The De Soto Division has increased its unit sales this year by about 60 %
as compared with 1935, according to Mr. Keller.
The dealer organization
has grown to nearly 3,000.—V. 143, p. 267.
'
marketable securities amounted to
Cincinnati New Orleans & Texas Pacific Ry.—Earns.
Gross from
1936
1935
1934
1933
$1,351,477
543,153
368,122
railway
Net from railway.
Net after rents..
$1,138,626
404,497
305,121
$1,007,808
$1,083,628
372,767
486,403
259,744
361,993
7,912,405
3,048,330
6,406,117
6,343,486
2,501,501
1,804,522
5,454,796
From Jan. 1—
Gross from railway
Net from railway
Net after rents
—V. 143, P.105.
w_
2,221,516
....
Cincinnati Street
Per. End. June 30—
income,
_
2,01,3,935
1,488,794
r.
Ry.—Earnings—
1936—Month—1935
1936—6 Mos.—1935
after
int.,
deprec., taxes, &c-.:_
Earns, per share on 475,239 shs. cap. stock—
—V. 142, p. 4333.
Net
2,105.651
1,504,539
.
$25,173
Cities Service Power &
$13,142
$165,086
$85,323
$0.34
$0.18
Light Co. (& Subs.)—Earnings
3 Months Ended June 30—
Gross operating revenue
Operating expenses, maintenance & taxes.*
1936
1935
$13,223,366 $12,307,784
7,580,155
6,974,830
$5,643,210
307,722
441.153
Total income
$5,950,933
$5,774,107
2,324,847
802,006
137,761
2,404,336
885.895
938,496
923,896
Other
first half of 1935.
net
cur¬
$5,332,953
Subsidiary deductions—Interest charges & amort¬
ization of discount
$82,301,148 and
balance of the bank loans amounting to
$10,000,000 incurred in connection with the retirement of the Dodge debt.
The corporation now has no debts except current liabilities.
Inventories
amounting to $30,723,451 decreased $18,042,227 since Jan. 1, 1936.
De¬
preciation and amortization charges during the half year were $7,583,724.
The net property, plant and equipment account now amounts to
$50,475,282.
I
additional
first regular pay day falling oh or after Aug. 10.
In addition to the plants in Detroit, special
Net operating revenue before depreciation
income
Semi-Annual Re-port—
Passenger car and commercial vehicle sales for the period were 578,407
units, as compared with 487,157 during the same period last year.
Total
sales amounted to $358,634,899, as compared with $295,569,895
during the
rent assets were $85,881,796.
The corporation has paid the
.
employees of Chrysler
Corp. and the successful results of this car model year, it has been decided
to distribute an additional $2,000,000 to employees.
Every employee now on the payrolls, who was on the payrolls during
any part of the fourth quarter of 1935, will participate.
In the distribution of this fund, to be made shortly, the
length of service
of the employees who share in it will be given recognition.
The minimum amount paid to any eligible employee wil
be $25.
An extra amount over and above this minimum will be paid for each
additional year of service at the rate of $1 per year, up to and
including
June—
$16,566,161 $16,281,288
Subsidiary deductions—Interest charges & amort¬
and
Employees—
depreciation..$14.694,367 $14,493,491
Other
Cash
192,178.767 16.9,171,526
The following notice was posted in Chrysler plants on July 29:
In appreciation of the cooperative efforts of the
new
1936
1935
$44,967,068 $44,200,519
Gross operating revenue.
760,245
23,958.774
54,710,940
b Less allowance of $52,342 in 1936 and $51,543 in 1935.
c After depre¬
ciation of $63,014,569 in 1936 and $67,700,665 in 1935.
d Represented by
shares of $5 par value.
known
Cities Service Co. (&
3 Months Ended June 30—
441,471
$644,167
734
300,564
Res. for Can. exch., &c.
.
4,550,119
11,010,784
21,661,630
10 years.
1936
$8,063,622
7,507,458
Federal tax
—V.
$1,146,976
20,421
defl35,100
Subs.)—Earnings—
6 Mos. End. June 30—
ue
1933
105.
Sales and rentals
Other
1934
,
1-
Gross from railway
Net from railway
Net after rents
—V.
15,887,412
21,571,955
Approp. surplus account of repurchase of cap. stock
849,920
Unappropriated surplus.
23,865,307
Earned surplus
84,299,800
-
June—
Gross from railway.
Net from railway
Net after rents
—V.
9,800,000
15,000,000
Preferred dividends paid & accrued
Earnings applicable to minority interests
Cities Service Power & Light Co. interest charges &
amortization of discount.
Reserve for depreciation
910.404
805.296
94,044
Net income....
$890,018
$608,037
*
Does not include any provision for taxes on undistributed
profits under
the "Revenue Act of 1936."—V. 142, p. 3336.
k»
Financial
750
Cincinnati Advertising
Earnings
1935
1936
1934
$32,934
$4,507
$1.31
$0.18
6 Months Ended June
$1.16
^no 143, p. 424.
par value).
for the Period Jan.
Income Account
June 30,1936
1, 1936 to
6 Months Ended June
Federal income and capital stock taxes
notes
Industrial
Net earnings from
Accounts receivable
$212,469
120,395
19,178
3,096
29,062
bonds at 5H%
above bonds
2% normal Fed. inc. tax and personal prop, tax on
Interest on 3% income notes-
—
*13,772,197
4,399,515
600,254,818 539.324,877
60,929,941
Invest, insubsids.
Retail auto'bile instalment
Cash
_
U. S. Govt, securities
Notes
Accounts
Interest
(less reserve)—
rec.
Unbilled
income....
i
receivable
Materials and supplies
'
Miscell. invest, (less reserve)
Miscell. current liabilities..
liabilities
Reserves
Capital
Earned
i___
surplus
surplus
Other assets
assets
1934
1935
1936
135,812
123,080
Gross from railway
Net from railway
2,993,286
Net after rents
1,224,998
2,589,350
1,005.167
913,316
89,404,141
handled in the last two
was
months of 1935.
1933
136,615
2,838.966
1,302,785
1,229,109
2,245,175
1,003,843
745,340
T
1,277,947
Consolidated Income Account
Corp.—Suspension Postponed—
trading upon another exchange.—V.
counts
July 30 announced that the date for,
Net
Colorado Fuel & Iron
Earned surplus Jan. 1
surplus
Surplus adjustments
Profit &lbss surplus..
Earns, per sh. on average
1934
$480,449
51,846
defl6,806
$388,140
45,282
def36,814
2,620,565
182,485
def224,663
2,458,662
246,223
defl82,837
2,206,909
177,315
def259,068
From Jan. 1—
Gross from railway
3,234,428
541,440
50,779
$93,349
13,287
def4,739
11,692
Net after rents
def28,704
$2.93
x
Commercial Credit Co.—Earnings—
1935
1936
.
1933
1934
Net profit after interest,
disc., Fed. taxes, &c_
'
5,077,769
3,345,266
2,379,567
Gross purchases of receivables of $402,459,870 were
six months period in the company's history.
*
930,754
the largest for an>»
agts. by factor
110,835
1,687,673
cos.,
available for consolidated interest and dis¬
count charges for the six months period of 1936, after charging off or pro¬
viding ample reserves for doubtful items, was $6,953,004, compared with
$4,643,263 for the corresponding period of 1935.
Consolidated interest
and discount charges were earned 8.21 times compared with 6.88 times for
the same poriod of 1935.
The net income from operations available for dividends, after providing
for all Federal and other taxes, except Federal surtaxes on undistributed
earnings, credited to earned surplus for the six months period of 1936 of
$5,077,769, is another high record.
Net income for the six months ended
June 30 applicable to the common stock outstanding at the end of the period
amounted tQ $3.60 per share.
Net income for the 12 months ended June 30,
1936 applicable to the common stock outstanding at the end of the period
was $6.70 per share.
In a letter to the stockholders of the company, A. E. Duncan, Chairman,
Net income from operations
following to say about the operations and future
outlook of the
company:
"Current volume and operating resources of the company have for several
months been the largest in its history.
This, and the increased efficiency
of the
personnel, have resulted in a reduced expense ratio, favorable past
due, repossession and loss record, which,
with continued low interest rates
money, has more than offset the substantial downward re¬
adjustment in finance charges."
Company recently increased its dividend rate on the common stock to
an annual rate of $3 per share.
The directors are committed to the declara¬
tion of a 20% stock dividend on the common stock payable Sept. 30 to
stockholders of record Sept. 10, subject to amendment to the certificate
borrowed
be acted upon at a special meeting of the stockholders
Aug. 26, increasing the number of authorized shares of common stock.
of incorporation to
on
Stockholders will vote Aug. 26 on amending
tion
so as
the certificate of incorpora¬
autnorized common shares to 3,000,000 ($10 par)
Such an amendment will make it possible to declare the
to increase the
from 2,000,000.
20% stock dividend contemplated in letter to stockholders dated May 29.
Due to the conversion of 65,253 shares of 5M% convertible preferred
118,641 shares of common stock, there is at present an insufficient
number of shares of authorized common to declare the 20% stock dividend.
—V. 143, P. 105.
,
into
Accts. pay.,
20,461
pur., &c_
Fed.
invest.
288,337
400,001
234,239
400,001
Deferred charges
Furn. & fixtures
1,206,946
759,618
7
&
Dealers'
Interest
ployees,
incl.
State"
in cap. stk.
6,622,462
6,631,178
423,065
14,438,561
1,516,085
&
of subs.
Paid-in surplus.
409,587,592 322,074,797
■
Min. int. of oth's
4,735,123
surp.
...
•
21,568,452
Reserves
Earned surplus.
Total
'
reserve
Deferred income
em¬
&C-.
5,384,557
10,318,793
8,368,346
accrued
423,065
taxes.
purchased
1
Total
4,160,504
2,932,093
26,554,824-22,778,882
25,888,141
29,731,716
409,587,592 322,074,797
shares in 1935 after deducting 190,335
$1,522,680 and 2,517,410 no par shares
1934, including 164,118 shares owned.—V. 1431 P- 425.
x
Represented by 2,836,923
no par
shares held in treasury at a value of
in
Commonwealth & Southern Corp.
(& Subs.)—Earns
1936—Month—1935
1936—12 Mos.—1935
$9,753,583$127,967,070$117,266,286
$10,813,302
4,880,294
65,583,901
58,743,691
Oper. exps. & taxes
5,722,017
Prov. for retire, res've..
884,767
10,932,121
10,220,127
961,769
Int. & other fixed chgs__
3,367,425
40,861,888
40,283,332
3,274,676
Divs. on pref. stock
749,740
8,997,013
8,996,805
749,763
Period End. June 30—
Gross revenue
Balance
-V.
143,
$105,075 def$128,643
p.
$1,592,145 def$977,669
581.
Commonwealth Edison Co.—Earnings—
Period End. June 30—
Gross earnings
Net income
To Increase Stock—
561,233
Inv. In affil. co.
for sale to
8,824.739
5,086,190
5H% debs..... 18,461,000
18,461,000
Notes payable..212,715,334 169,117,219
Divs. payable..
2,863,760
1,324,967
& employ's for
Stock
11,136,176
&c
contingencies.
1,003,100
652,385
Due from officers
stk.
20,139,280
1,259
due
Res. for losses &
Iusurance.
Miscell.
bal.
!
mfrs. & selling
173,687
1,980,611
sec.
Misc. aects. rec.
•
Common stock
Credit
realizable val.
pur__$402,459,870$267,119,272$208,172,513 $76,017,901
7,200
22,695,384
3,953
pref
Com. stk. scrip.
cars
at depreciated
of
rrom
conv. of
2,834,229
24,992,000
'35.
$4.25 ser
Capital
ac¬
& other prod's
<
14,046,100
Serial pref. stk.,
359,780,678 267,542,309
ceptances
$
14,046,100
opt. ser. 1929.
install,
wholesale
1935
$
Serial pref. stk.,
43,189,069
Dep. with .Supt.
6 Mos. End. June 30—
$1.12
1936
Liabilities—
$
lien notes and
Marketable
—V. 143, p. 105.
$2.54
1935
■
44,101,839
Cauad'n
14,101
16,148
327,361
11,816
15,115
V •"
.
receivable
403,789
3,451
def7,196
413,005
def24,180
■
$3.16
$
Repossessed
522,399
38,970
41,964,651
'
.
1936
From Jan. 1—
Gross from rail way
Net from railway.
48,815,532
279,013
52.510,598
After deducting dividend of
Assets—
$65,045
$54,528
def9,551
<lef9,243
$69,255
def3,891
8,311
Gross from railway
Net from railway
Net after rents
275,669
13,941,399
27,617,806
129,777
420,484
20% in common stock, as the stated value
shares distributed to common stockholders May 28, 1936, amount¬
ing to $3,779,315.
Consolidated Balance Sheet June 30
x
1933
1934
1935
2,838,928
16,659,659
29,034,203
282,742
Notes and accts.
Ry.—Earnings.—
1936
2,799,582
564,197
1,959,716
4,541,962
18,236,920
29,452.703
52,442,966
outstanding.
Cash
Columbus & Greenville
1,840.804
of $8 per
105.
June—
5,100,216
amount common stock
1933
$454,338
4,147
7,256,518
365,329
2,349,227
4,644,397
x21,910,427
25,928,661
Dr40,52Q
Balance...
2,378
def65,696
$597,356
98^812
Net from railway
Net after rents
792,568
4,320,422
Paid-in
-Earnings.—
1936
June—
Gross from railway
9,757,387
Corp.—Interest—
1936, on the Colorado Fuel & Iron Co. general
bonds, due 1943, will be paid on that date
by the Colorado Fuel & Iron Corp. (which corporation has assumed the
bonds under reorganization).—V. 142, p. 3163. '
Net from railway
Net after rents.
taxes
for losses, credit res've
and contingencies
The interest due Aug. 1,
1935
after
Divs. paid on pref. stock
Divs. paid on com. stock
142, p. 3337.
Colorado & Southern Ry.-
600,254,818 539,324,877 437,789,307 189,800,587
purchased
income
and after all deduct'ns
mortgage 5% sinking fund gold
on
1933
$
of bills and ac¬
Volume
of the 10-year convertible 6% gold debentures due July 1,
1938, has been postponed from July 31, 1936, as previously announced, to
August 15, 1936, by which time it is expected that the securities for which
these debentures now constitute a receipt will be listed and available for
Gross receivables
1934
1935
$
The New York Stock Exchange on
had the
Six Months Ended June 30
1936
105.
Colon Oil
and insurance and in
Corporation's bid of $10,031,000 was the highest of seven bids received
pursuant to the offering, and the Superintendent of Insurance immediately
asked the Court's approval of his acceptance and recommendation thereof.
The Supreme Court at Special Term on April 3, 1936 entered an order
denying the application of the Superintendent of Insurance.
From this
order corporation took an appeal to the Appellate Division of the Supreme
Court, and that Cotirt on July 7, 1936, pursuant to a three to two opinion,
entered an order reversing the order of the lower Court and directing the
Superintendent of Insurance to sell the stock of National Surety Corp. to
this corporation.
Interests opposing approval of the sale have since filed
notice of an appeal to the Court of Appeals of the State of New York.
1—
143, p.
—V. 143, p.
.—l—-359.780,678 270,376,537
-
„
Early in the year the Superintendent of Insurance of the State of New
York, as liquidator of National Surety Co., offered for sale to the highest
bidder all of the stock of National Surety Corp., which writes fidelity,
the suspension
.
*90,315
7,728,184
1935 the automobile
In
season
$398,834
186,681
151,592
$393,005
146,953
$400,062
165,608
156,913
—V.
25,988,056
industry advanced the showing of new models
to November instead of January of the succeeding year and a considerable
part of the wholesale financing applicable to the only part of the 1936 selling
$9,362,064
Total
$438,313
From Jan.
33,716,240
Dbcfg&SG
Clinchfield RR.- -Earnings.—
Net after rents
17,576,697
factoring subs—
Totals-..
x
-V.I41.P. 3686.
June—
1
Gross from railway.
Net from railway
32,710,023
48,907,699
surety, burglary and certain other types of bonds
connection therewith has an investment protfolio.'
.$9,362,064
Total
s
48,817,384
Accts. receivable of
83,172
497,596
10,780
Int. due from subs, consol
Deferred
Accrued Insurance
5,304
Prepayments
52,654
41,795
140,228
2,160
6,651
68,348
1,272,999
196,590
48,505
Increase
64,189,575
and
acceptances
1,937,482
5,318,400
Accrued Interest
Deferred
1935
$
notes.226,960,334 162,770,759
automobiles) 50,286,720
by products other than
.
3,302
130,153
21,329
378
74,643
4,430
and county warrants
rec.
,
(secured
instalment notes
Industrial
Accrued taxes
lien
Wholesale automobile lien notes
$276,250
3% income notes, dae 1955.
Long-term debt
Accounts payable
612,062
256,522
10,946
Inv. in subs, not consolidated.
June 30, 1936 with the
1936
Liabilities—
Common stock ($1 par)
..$3,679,789
consolidated 3,971,654
June 30
The following is a comparison of the portfolio at
corresponding date in the preceding year:
Balance Sheet June 30, 1936
|
-
Dollar Outstandings at
$40,737
1
...
$
income.
13,241,720
24,591,052
and
233,463,409 247,235,606
of factoring subs.122,386,138 117,986,623
Totals
Net earnings
Interest on 1st mtge. 5H % bonds
Interest on p. S. territorial and foreign
(secured
automobiles) 37,832,772
Wholesale automobile lien notes
x
$106,318
106,150
—
—
57,060,903
$
206,572,499
instalment notes
by products other than
41.618
operations
Increase
149,511,596
lien
-
acceptances-.
Other income
1935
1936
30-
instalment
automobile
Retail
'
Other taxes,
Provision for retirements
corresponding period of 1935, follows:
$
$446,731
231,493
21,327
7.500
38,474
Maintenance
Fixed assets
Corp.—Financial Report
following:
by classes, in comparison with the
Operating revenue.
Operation
A.CvCt'O
$121,139
The report for the six months ended June 30, 1936 affords the
The volume of all receivables acquired by the operating subsidiaries,
Citizens Utilities Co.—Earnings—
Net
1935
1936
$225,841
-
Commercial Investment Trust
,
1, 1936
Subs.)—Earnings—
30—
Net profit after charges
—V. 140, p. 636.
$29,116
share on 25,200 shares
per
Commercial Discount Co. (&
Products Co.- —Earnings—
6 Mos. End. June 30-1—
Net profit after charges & expenses,
but before Federal taxes-—
-
Aug.
Chronicle
1936—Month—xl935
1936—6 Mos.—xl935
$6,533,454
$6,180,013 $41,153,749 $39,473,854
*544,100
596,842
5,177,347
5,555,080
*To provide for the increase in taxes under the Revenue Act of 1936
recently passed by Congress, net income for the month of June, 1936, has
been adjusted to reflect, among other increases in taxes, a particular in¬
crease of $249,145 applicable to the first six months of 1936 for the surtax
on estimated undistributed profits for 1936 calculated on the basis of the
present rate of dividend disbursement.
xAs adjusted.
For the six-month period, the increase of $1,679,894 in gross earnings
was more than offset by an increase of $2,269,480 in operating expenses
Volume
and
Financial
143
Provisions for
taxes.
taxes
alone
greater by
were
$1,607,387.
The
owing mainly to the State 3 70 public utility tax.
Federal unemployment tax, and to increased provisions for Federal income
factor in increasing operating expenses.—V.
Period End. June 30—
revenues:
From sales of gas-
142, p. 3164.
From misceli.
1936—12
1936—3 Mos.—1935—
Total oper. revenues
$660,069
Mos.—xl935
$2,393,268
$2,594,361
$579,080
A trustee exps. during
319,725
predecessor operation)
Maintenance
Taxes
718,582
$6,097,417
3,505,044
296,812
Operating
expenses
Retirement
expense
156,278
152,758
48,294
45,509
$183,643
179,636
189,278
$249,143
$1,Q08,493
—
Net income from oper_
Net from mdse. A other
$778,097
,
39,016
58,333
25,936'
52,614
operations
1,242,800
avail,
6c
for
for
prov.
$1,454,459
9,006,643
on
$4,460,334
$5,833,015
32,938,192 37,646,255
Z>r468,175 Drl,920,146 Drl,474,252
Gross corp. income. $8,846,040
Int. on long-term debt..
1,759,916
Misc. int. and amortiz'n
59,992,927 $35,478,380 $42,005,018
1,737,500
6,866,234
6,953,400
570,675
552,508
134,714
96,389
int.,
1
Net income
renewals
replacements, Ac-
Interest
5,256,486
4,952,557
1,347,686
Operating income
$1,052,761
Non-oper. revenues
8,214,584
Non-oper. rev. deduc'ns Dr421,304
of debt disc.A expense
Bal.
25,921,084 $27,864,618
15,076,786
15,568,063
1,431,406
1,207,053
$6,934,406
3,827,970
304,290
1,282,775
Fed¬
income),.
misceli.
1,240,310
307,015
42,912
42,905
•
(other than
eral
sources.
Taxes (incl. provision for
Federal income tax)--
(incl. receivership
Oper.
$5,520,723 $21,675,324 $22,346,757
1,413,683
4,245,760
5,517,860
$5,378,835
Total oper. revenues
Community Public Service Co.—Earnings—
W.Period End. June 30—
1936—12 Mos.—1935
1936—3 Mos.—1935
Operating
reduction was a
Partial restoration of wage
Only)
Income Statement (Company
increase in tax expense is
tax and State and local taxes.
751
Chronicle
$301,758
bonds
356,246
$817,114
180,000
7,070
248,208
220,535
294,071
Divs.declared
6,388
$1,066,816
$209,579
90,000
88,322
$5
on
$8,120,713 $28,059,638 $34,480,943
$6,989,734
cum.
preferred stock
-
10,496,245
—
10,496,245
Sundry int. paid for pub¬
lic & inter-co. int.—
Prov. for renewals A re¬
'
1,792
1,267
-
Bal. available for divs.
on
placements
60,384
46,785
Predecessor earnings
$17,563,393 $23,984,698
stock
corn,
Sales of gas, M. cu. ft—
20,671,966
20,564,293
5,164,358
5,139,857
—V. 143, p. 425.
Inc.—Application Ap¬
$71,526
39,306
$455,301
105,548
9,253
$116,118
Compressed
proved—
$110,833
$570,103
$116,118
5,285
20.204
10,570
pany to list 45,839 additional shares of capital stock, no par.
These shares
will be issued as a 60% stock dividend to stockholders of record Aug. 1,
stock-
$511,772
4,742
42,868
Balance, end of period
$464,162
$105,548
$105,548
1936.
The additional shares will be admitted to trading on notice of
registration under the Securities Exchange Act of 1934 and upon official
notice of issuance.—V. 143, p. 424.
Net earnings
Bal., begin, of period-
$151,257
...
Disct.
Divs.
on
Divs.
on common
x
359,354
1,160
—
bonds reacq'd-
on
pref. stock
The Chicago Stock
85,736
$464,162
Includes six months' operation by company and six
months' predecessor
operation.
Balance
Sheet
1936
69.797
102,702
22,000
26,448
tnvest'ts.
Funds depos.
45,068
Acer,
wages,
(other than
Accts. receivable
coolaia
& other deps.
3,968
383,189
5,997
12.759
12,759
Accts.pay.to subs.
323,592
284,199
Unred. ice coups—
Ins.
Consumers'
Prepaid
taxes,
tension
Res.
in¬
Ac—
20,126
19,335
Rental equipment.
485
264
726
deposits
1,760
1,918
1,796,245
1,845.738
line
for
235,700
264,250
stoqk
4,286,825
Earned surplus.464,163
4,286,825
Common
Total
x
—14,195,028
14,104,951
21,038,011
$8,638,480
280.415
Gross income
Fixed charges
$2,310,687
685,996
$2,308,618
$9,299,772
2,786,345
$8,918,896
2.961.446
Net income
Divs.—Pref. stock
$1,624,690
278,828
1,050,657
$1,510,874
290.086
1,050,657
$6,513,427
1,122,267
4.202,629
$5,957,449
1,159,901
4,202,627
$295,204
$170,130
"$1,188,530
$594,919
$1.15
106.
$1.05
$4.62
$4.11
Balance
Earns,
Listing—
trust
York Curb
Exchange has approved the listing of $7,109,750
certificates
representing
9,384
additional
Consolidated Chemical Industries,
3 Mos. Ended June 30—
Net profit
Consumers Power Co.—Earnings—
[A Subsidiary of Commonwealth A Southern Corp]
-1935
1936—Month—1935
1936—12 Mos
$2,445,767 $31,834,548 $29,067,895
$2,646,275
1,188.905
15,629,941
14,170,531
1,365,995
Prov. for retire, reserve.
262.500
237,500
3.000.000
2,850,000
Int. and other fixed chgs.
384,083
4,944,790
4,637.685
336,529
350.378
4,207,972
4,207.912
Divs on pref. stock
350,722
Balance
shares of common
23,404
$136,333
Net profit
$117,800
$142,243
Net profit for the first six months of 1936 was $106,888 compared with
profit, of $232,846 in the first six months of 1935.—V. 142, p. 3164.
Consolidated Edison Co. of N.
Y.—Dividend Doubled!—
July 27 declared a dividend of 50 cents per share on the
value, payable Sept. 15 to holders of record Aug. 7.
This compares with dividends or 25 cents per share paid in each of the six
preceding quarters; 50 ceuts paid in December, September and June, 1934;
75 ceuts paid in March, 1934 and in December, 1933; 85 cents paid in
Sep tember, 1933 and June, 1933 and $1 per share paid each three months
from December, 1929 to and including March, 1933.
stock,
on
no
par
Consolidated Income Statement (Including
Period End. June 30—
Affiliated Companies)
1936—3 Mos.—-1935
1936—12 Mos.—1935
Operating
revenues;
From sales of gas
From
sales
$10,198,846 $10,661,767
of electric
Frour misc. sources—>
$41,265,580 $42,990,871
*
43,438,938
1,832.708
617,605
energy
From sales of steam-.
Continental
Inc. (Del.) (& Sub¬
1934
$229,869
66.126
21,500
Reserves for income taxes
•Tlie directors
$284,899
$330,527
Assets—
a
5,280,304
Fire insur.
2,458,043
Sundry accts., Ac.
31,701
Sundry Investm'ts
198,941
-
Divs. pay. A accr.
400,900
670,180
Est. Federal tax—
421,702
252,874
13,000
"75,500
356,616
567,571
328,671
583,664
interest
Capital surplus... 2,508,777
Earned surplus
5,328,126
2,503,000
4,279,307
2,329,149 : Funded debt instal.
68,170
due
238,468 Deposits, Ac
52,068
Reserves
3,292
40.601
Minority
Deferred charges.,.
342,988
503,604
fn cos.' stk..
50,610,335 50,373,649
Total
long-term debt-Misc. int., amortiz. of
debt disct. A exp. and
misceli. deductions
Divs.
$13,820,824 $56,308,201 $57,515,892
5,140,464
4,990,368
20,428,535
19,966,802
outstanding 291,813 shares of class A common
including 10,000 shares in treasury, and 2,000,000 shares of class B com.,
including 2,919 shares in treasury, all without par or stated value.
Our usual comparative income statement for the 26 weeks ended June
27 was published in V. 143, p. 582.
Continental Securities Corp.—Earnings—
Six
Months
Cash
Ended June
30—
—
dividends
Miscellaneous
—.
Total
-
income
fees
Service fees, salaries A directors'
Taxes
482,102
2,012,174
160,298
161,481
641.541
1936
Assets—
°
646,448
x$8,849,038 x$8,186.873 $33,225,951 $34,818,604
x
$61,061
Investments,
Edison
Com. stk.
3,089,186
1,895
7,174
8,166
273,136
1,259,669
717
Co.
69,460
2,215
$32,519
1936
Funded
1935
$288,795
1,433,700
2,778,000
3,171
debt
1,433,700
2,778,000
(par $5)
expenses
18,988
2,184
23,150
23,150
$288,795
Res.
for
payable
taxes
int.
pay¬
able on deben—
10,496,245
156,733
"l~46i
1,730
Accts. and accrued
Accrued
151,880
$120,869
10,773
2,271
2,169
69.450
Preferred stock
4,183,549
ree'le
Deficit
10,496,245
_
"1,085
Labilities—
1935
$187,078
at
Acc'ts receivableAccrued int.
Y., Inc
_
$2,191
market
Consol.
75
714
1,540
1,403
69,450
1,737
1934
$38,113
79,549
3,206
Balance Sheet June 30
Cash
Applicable to:
$5 cum. pref. stock of
of N.
587,571
10,890
2,150
$89,163
11,336
2,083
(domestic and foreign)
2,084,038
affil.
Net income
1935
$29,337.
57,884
350
1936
$24,060
63,029
2,073
Legal and auditing
—
Reports to Government agencies
Office expenses and miscellaneous—
of
pref. stock of
companies held
by the public
50,804,335 50,373,649
Total
After reserves.
a
Net income.
314,051
10,616
Note—The company has
Interest on debentures
Gross corp. income-$14,463,851
within 1 yr.
Bals. in closed bks.
Inv.
400,891
563,752
748.965
Fiscal agency expenses
Operating income
$14,489,034 $13,847,489 $56,530,582 $57,419,651
72,107
259,330
Non-oper. revenues
84,57 8
484,024
Dr98,772
Dr48l,712
Non-oper. rev. deduc'ns Drl09,760
Dr387,783
_
j Funded debt— —
4,271,427 !
fund..
Inventories
$
pref. stock--.40.090.000 40,090,000
118,000
1,138,000
462,377
505,588
Accounts payable.
300,055
248,749
Acer. Int., tax., Ac
8%
Cash
S
Liabilities—
$
$
Acc'ts receivable..
43.591,484 174,961,242 178,594,546
2,005,465
10.679,359
10.647,337
171,893
3,820,566'
622,500
revs—$56,088,097 $56,430,610 $230.726747 $232.855254
Operating expenses
26.448,348
26,714,381 110,107,535 111,163,944
Retirement expense
4,084,937
4,647,745
18,536,214
20.582,103
Taxes (incl. provision for
Federal income tax)— 11,065,777
11,220,995
45.552,415
43.689,556
June 27 '36 June 29 '35
Land, buildings,
mach'y, Ac....31,232,914 31,311,578
Pats., g'dwill, Ac.10,313,187 10,324,645
Total oper.
on
$3,201,765
Consolidated
Corp.—Comparative
Baking
June 27 '36 June 29 '35
Income—Interest
Int.
$4,051,843
-V. 142, p. 4172.
1935
$213,965
79,844
16,320
1936
$250,132
—
90.396
common
A taxes
exps.
Balance Sheet—•
Depreciation charged off
net
Estimated.—V. 143, p.
Oper.
sidiaries)—Earnings—
v
of com.
stock
stock, $25 par, upon notice of issuance.—V. 142, p. 3337.
-
sh.
per
797.743
Period End. June 30—
Gross revenue
1st n.tge. 25-year 5 4> sinking fund bonds, series A, due Jan. 1, i960,
and the common stock trust certificates representing 171,473 outstanding
shares of common stock, $25 par.
The Exchange will also list co.iui.on
stock
a5,777,766
Divs.—Common stock.
a
$43,315 in 1935.
The New
$7,497,470 $32,311,418 $29,676,491
$7,969,187
exp.
$8,959,400
340,371
14,195,028 14,104,951
Tota.
1936—3 Mos.—1935
1936—12 Mos.—1935
$5,535,196
$5,056,227 $22,173,944 $19,844,280
2,240,168
2,253.100
9,051.894
8,844,057
115,742
119.177
764,314
675,493
78,079
68,965
321.264
312,660
5,316,269 a23,352,017
105,548
1936 and $2,796,800 in
After reserve for uncollectible accqunts of $55,081 in 1936 and
y
of
$2,181,200
127,417
After reserve for retirements of $2,892,599 in
1935.
Co.
Power
&
Operating income
$2,191,421
Non-operating income.119,266
1,282
4,855
extensions
Preferred stock
Light
362
ex¬
for conting..
Contrib.
382
surance,
84,347
194,316
84,663
dep..
Consumers' line
Letter of credit for
iuat'l A supplies
Inv. of mat 1 A, sup.
215,661
Fed. income tax)
625
retire,
exp.,
A taxes
ins.,
taxes
1,035,923
Tot. oper. revenue.—
Oper.
29,861
deposits
973,252
Notes receivable-.
y
sumers'
Rev. from steam sales—
Misceli. oper. revenue—
un¬
on
funded debt
17,000
hand
on
74,566
90,282
payable
int.
Accr'd Int. on con¬
119,690
deposits and
cash
Acer.
Electric
Gas
June SO—1
Rev. from electric sales.
Rev. from gas sales
due
I960.-.$6,984,750 $7,200,000
1,
Accounts
with
trustee
Def. contr'ts rec._
Bank
Jan.
prog.12,149,148 12,216,387
Inv. in sub. cos.;.
Misceli.
Exchange has approved the application of the com¬
Consolidated
Per. End
1935
$
Liabilities—
1st 5s, series A,
Gases,
Baltimore—Earnings—
'
1936
S
Prop., pl't A eq.,
incl. wk.Jn
30
1935
S
Assets—
x
June
Industrial
Com. stks. of affil.cos.
held
by min.stkhldrs
Total
x
Bal. avail, for divs. on
com.
Sales
of electric
9,376,529
9,446,708
1,194,828
1,914,097
1,097,919
2,100,492
$22,577,826 $24,165,625
37,762.355
37,838,342
energy,
M.kwh
Sales of steam, M. lbs—
x
upon
thereof.—V.
Total
^
$4,526,816 $4,544,817
market quotations or estimated fair value in the absence
142, p. 2495.
—
"
*
stk. of Consoi.
Ed.Co.of N.Y.,lnc.
Sales of gas, M. cu. ft
"
Based
$4,526,816 $4,544,817
Rubber
Co.—Voluntary Reorganization Plan—
Representatives of majority holders of the common stock have sent a
to
stockholders for approval of a plan of voluntary reorganiza¬
would be taken care of and dividend pay¬
1936 unpaid accumulated preferred divi¬
dends amounted to $12 a share.
letter
Includes the interest of minority stockholders.
Converse
4,840,297
11,351,933
4.511.338
11,292,099
tion whereby preferred accruals
ments resumed.
As of July 1,
Financial
752
of a new $45 par voting preferred stock in
exchange for the present $33 par preferred stock, on a share-for-share basis.
soon as the plan is effective a quarterly dividend of 50 cents a share will
be paid as of July 1, 1936.
The new preferred will be entitled to $46.50
a share in liquidation.
Dividends of $2 a year will be paid, cumulative
from July 1, 1936.
•
There are at present outstanding 17,744 shares of $33 preferred stock
on which net profit for the year ended March 28, 1936 was equal to $8.87
The plan calls for issuance
As
share
Chronicle
Aug. 1, 1936
1,1932, and regular quarterly dividends of 35 cents
per share previously each three months.
Accruals on the pref. stock,
after the payment of the current dividend, will amount to $3.35 per share.
—V. 142, p. 3847.
Dec. 1, Sept. 1 and June
Crystal Tissue Co.—Earnings—
be made effective unless 90% of the outstanding pre¬
voting preferred on or before Sept. 15,
The plan will not
1936, but the time may be extended or the required percentage reduced,
if consented to by the parties involved.
The owner of the largest single
block of preferred stock has consented to the plan and has sent in its stock
for exchange when the plan goes through.
Directors have approved the
plan, subject to approval of stockholders.—V. 139, p. 2043.
Earnings per
Condensed Balance Sheet
Accts. receivable.
_
203,028
Plan—
40,195
838,354
The company has completed a contract with Aetna Life Insurance Co.
which provides for group life, health and accident insurance for all employees
of company.
Approximately 4,000 employees are eligible under the plan
Plant & prop., net.
852,672
which will go into effect Aug. 1.
A substantial percentage of the insurance
company.—V. 142, p. 3671.
Other def'd charges
Stocks other corps.
Co.—10-Cent Dividend—
.
on July 24 declared a dividend of 10 cents per share on the
stock, par 25 cents, payable Oct. 10 to holders of record Oct. 1.
paid on June 10, last.
The company stated that the reason for the common dividend being paid
on Oct. 10 instead of Sept. 10 is accounted for by the fact that the company's
fiscal year started earlier than Jan. 1, 1936.
Therefore the company is not
penalized by taxes on undistributed income for its fiscal year ending Sept. 30,
1936, but of course is for its undistributed income during its next fiscal year,
which begins Oct. 1. .Consequently, this dividend will be allowed as a de¬
duction from next year's income.—V. 142, p. 3165.
x
Corp.—Accumulated Dividend—•
Period End. June 30-—
Operating revenues
Operating expenses
Depreciation
Depletion
Bond, &c., interest
of
Interest
$8,729,070
3,458,701
502,295
1,478,276
411,596
684,882
U. S. & Can. inc. taxes,_
1933
1934
1935
yl936
$8,571,092
3,395,916
491,975
1,540,095
409,680
55,241,713
3,282,088
Net income
Bal. transf. to sur__
$2,919,127
4,209,820
$1,383,214
3,459,824
Previous earned surplus
_
$1,579,640
2,313,371
Net
loss$71,428
3,576.210
925,392
$9,355,547
1,252,710
Total surplus
dividends
Preference
4,468,520
375,753
$4,951,899
563,694
$4,430,175
375,760
Prov.
for
divs.
accr.
95,044
on
xl78,384
x516,320
116,625
1,646,000
$4,209,820
$3,459,824
$2,313,372
Willamette Paper
Co.
Miscellaneous charges.
403,560
Earnedsur. April 30..
$7,363,478
_
consolidated net profit of Crown Willamette Paper Co.
1935 and $1,129,680 for the year 1934.
y Consolidated net profit of Crown Willamette Paper Co. and its subsiaiaries for the year, less minority stockholders' proportion, amounted
to $1,961,916, which was $315,916 in excess of the year's dividend require¬
ments on the preferred stocks of that company.
Until all accumulated
preferred dividends in arrears on those stocks, which at April 30, 1936,
amounted to $3,430,000, are paid, no part of the earnings or funds of the
Crown Willamette Paper Co. will be available to the Crown Zellerbach Corp.
z As the result of agreement with the United States Treasury Department
as to
depreciation rates and policy, .depreciation provided for the year
ended April 30, 1936, has been reduced approximately $410,000 compared
with the amount which would have been charged on the basis formerly
used by the companies, and uepreciation an
losses on plant retirements
charged to profit and loss in prior years, aggregating $2,226,599, have
been restored to surplus.
This adjustment is retroactive to May 1, 1929,
with respect to the Crown Zellerbach Corp. and its wholly owned sub¬
sidiaries, and to May 1, 1930, for Crown Willamette Paper Co. and its
subsidiaries.
These revisions are tentative and subject to final review by
the Treasury Department.
.
x
After deducting
of $1,467,616 for the year
Consolidated Balance Sheet
a
$
bBldgs., mach'y
& equip., &c__ 42,087,423
Intangibles
7,956,995
Cash
3,869,306
Notes
&
214,763
rec.
3, lYo~ 330
1,869,320
5,767,270
sees.
5,996,364
117,232
10,039,712
9,524,145
6,509,044
819,635
6,118,158
Deferred charges
&
853,148
for
943,099
1,345,806
311,500
subs.
1,274,625
called
Notes,mtges.,&c.
pay.
(non-cur.)
Capital surplus.
102,182,164 101,309,7681
498,967
other
Mtgs.,notes, &c.
pay. (current)
of
459,295
356,343
Can. inc. taxes
Earned surplus.
Total.
966,889
&' other exps.
Bonds
rec'bles,
otb. than curr.
15,347,142
5,388,300
9,340,610
22,994,700
28,666,334
3,967,903
Accr.payroll, int.
taxes.
Products, Inc.
Inventories:...
&
stk.
Common stk._
Prov.
from
Fobreboard
Inv.
e
Accrued Fed.
acc'ts
receivable
Div.
40,213,726
$
Ser. A pf. stk.
d Ser. B pf.
33,534,627
1935
$
15,347,142
5,388,300
9,340,610
Bonds
14,064,800
Cap. stk, of subs 28,896,325
Accts. payable.
2,819,455
c
24,800,781
Marketable
Total
7,800,000
7,363,478
7,639,866
1,314,300
4,209,820
7,536,269
102,182,164 101,309,768
a After
depletion and amortization,
b After depreciation of $31,053,417 in 1936 and $30,937,399 in 1935.
c Represented by 190,731 nopar shares,
d Represented by 59,870 no-par shares,
e Represented by
1,868,122 no-par shares.
Acquisition—
239,964
239,964
RR.—Earnings.1935
1934
1933
$2,062,846
361,799
275,983
$1,928,343
165,531
$1,833,934
187,392
92,382
11,860,611
1,688,835
1,237,851
12,381,060
1,701,363
1,369,576
9,947,598
245,318
def684,926
228,700
—V. 142,p.4336.
Delaware Lackawanna & Western RR.
Earnings.—
1936
1935
1934
1933
$4,124,402
841,964
$3,953,990
951,532
570,535
$3,958,314
481,661
$3,825,745
617,983
298,971
24,448,940
4,749,786
2,643,749
22,805,560
4,331,067
2,317,572
23,291,371
5,223,469
2,973,272
20,502,698
3,536,776
867,517
June—
1,140,488
672,714
From Jan. 1—
Net after rents
—V.
143, p. 107.
&
Rio
Grande
Western
RR.—Reorganization
Plan
Filed—Proposes to Consolidate All Denver Properties-—
Cuts Fixed Charges 59 %—
The management plan
of reorganization for the company has been filed
Denver.
•
Denver properties
Western, the Denver
Western, the Denver & Salt Lake, the Rio Grande Junction
and the Goshen Valley Railroad, the latter a small branch line in Utah.
Jan. 1, 1937, is the proposed effective date of the plan.
Annual fixed interest charges of the new company, if plan is approved,
which include, in addition to Denver & Rio Grande
&
Salt Lake
will be $2,358,445 compared with fixed interest
charges on present proper¬
ties of $5,749,586, a reduction of 59%.
"The object has been to provide a new
capital structure for the properties
safely within their ability to support and apportion among existing security
holders and other creditors on basis of respective seniorities of their posi¬
tion," it is stated.
As part of its reorganization the road would offer new 4% refunding
bonds to meet its entire debt of $10,691,850 to the Reconstruction Finance
Corporation.
The debt to the RFC includes money
borrowed to acquire the Denver and
Salt Lake Western.
In return for full payment
of its debt to the RFC, the road suggested
that that agency should agree to underwrite the refunding of $1,500,000
first-dnortgage,;bonds and $9,734,000 of 6% bonds of the Denver & Salt
Lake which are outstanding.
The Rio Grande is owned jointly by the Missouri Pacific and the Western
Pacific Railroad Corp.
Under the proposed plan, these two shareholders would receive 100,000
shares of new common stock for every 150,000 shares of old common stock
they now hold.
Certificates—
The Interstate Commerce Commission on July 23 authorized
the issu¬
exceeding $1,650,000 of trustees' certificates bearing interest at
a rate or rates not
exceeding 4% per annum; such certificates to be sold at
not less than par and accrued interest, and the proceeds used to pay taxes
due July 31, 1936, and to pay for rail and accessories purchased and to be
purchased.
;
The trustees propose that $1,000,000 of the certificates will be designated
as series A and
$650,000 as series B, that both series will be dated July 31,
1936, will be in the denom. of $1,000 or any multiple thereof, will bear
interest at a rate or rates of not exceeding 4% per annum, payable, with
respect to the series A certificates, at their maturity, Dec. 31, 1936..and
with respect to the series B certificates on Dec. 31,1936. and April 30, 1937,
the latter date being also the date of maturity.
It is expected that the
series A certificates will bear interest at the rate of 1
% and the series B
2 ®/q
The proceeds from the sale of the certificates will be used (1) to the extent
of $500,000 to pay for.the last half of the 1935 general taxes levied by the
various counties of Colorado, and which will become delinquent if not paid
on or before J
ily 31, 1936; (2) to the extent of $500,000 to pay the Colorado
Fuel & Iron Co., or its trustee, for 11,809 tons of new rail, with fastenings
and other accessorias, purchased and delivered to the trustees on or before
July 31, 1936; and (3) to the extent of $650,000 to pay for approximately
13,600 tons of additional rail and necessary fastenings and accessories to be
ordered and purchased by the trustees, and which in their opinion are
required for maintenance.—V. 143, p. 583.
ance
of not
.
Denver Tramway Corp.
Statement
(& Subs.)—Earnings—
of Earnings, Expenses and Fixed Charges for 12 Months Ended
June 30
Total operating revenue
July 25 announced the purchase of the Midland Paper
The corporation will assume possession on Aug. 1.—V.
The company on
Co. of Chicago.
after rents
Trustees'
1936
LiaMlittes—
$
•
timber
leases,
Land,
lands,
&c
April 30
1935
1936
Assets—
,'997
$502,707
The plan provides for consolidation of all the so-called
stock of Crown
pref.
19
668,520
$540,521'
here with the Inter-State Commerce Commission and the Federal court in
*
335,798
taxes.
income
683,518
55,410
1—
Gross from railway
Net from railway
Gross from railway
Net from railway
575,509
Additional provision for
$35,243
12,318,578
1,886,240
1,159,086
railway
Denver
108,861
$1,171,227
1936
.
Net after rents
Deprec. & losses restored
to surplus
z2,226,599
Miscellaneous credits.__
$1,224,039
19,997
$1,110,844
$2,039,260
354,474
218,295
June—
Cr4,341
1,129,6801
24,106J
1,467,616
27,371
60,383
$90,653
•
Net after rents
1,646,000
32,286
57,033
426.
Net from railway
Co
$1,167,006
def519
$14,434"
Gross from railway
minority
Other companies
$91,172
—
Gross from railway
Net from
Corp.]
1936-—12 Mos.—1935
$4,213,356 $4,065,093
3,046,350
2,954,249
$67,303
def 1,058
-
Delaware & Hudson
316,195
Crown Willamette Pa¬
per
1936—Month—1935
$328,163
$299,515
260,860
208,343
Pref. div. requirements.
—V. 1431p.
1,689,663
29,536
stockholders:
Light Co.—Earnings—
$66,245
51,811
Net oper. income
Non-oper. income, net-
From Jan.
$10,033,465
3,071,009
522,420
1,157,739
142, p. 2824.
[Incl. Cumberland Securities
Deductions
Years Ended April 30
$1,255,250 $1,199,626
Total
Represented by 93,000 no par shares—V.
Gross income
dividend of $1.50 per share on account of
accumulations on the series A and series B $6 cumulative preference stocks,
no par value, both payable Sept. 1 to holders of record Aug. 13.
Similar
payments were made on June 1, last. A dividend of 75 cents was paid on
March 1, last; $1 was paid on Jan. 1, 1936; 75 cents per share was paid on
Dec. 1, Sept. 1, June 1 and March 1, 1935; and on Dec. 1, 1934, and divi¬
dends of 37cents per share were distributed each quarter from Dec. 1,
1931, to Sept. 1, 1934, incl. In addition, a dividend of $1 per share was
paid on Nov. 1, 1935.
Gross profit
250,000
640,000
247,773
Dr2,500
510
—$1,255,250 $1,199,626
Cumberland County Power &
The directors have declared a
Consolidated Income Account for
,
279,814
Dr2,500
8,815 Treasury stock—
8,383
An initial dividend of like amount was
Crown Zellerbach
640,000
•
The directors
common
250,000
Common stock—
x
Earned surplus
7,340
9,900
2,943
13,649
Cum. pref. stock._
15,027
'
Ins., unexp'd & on
deposit
Total
Crown Drug
Tax reserves
$37,859
9,900
4,144
15,062
1
Accruals
Pres.,
cash surr. value-
costs will be paid by the
Jan.
99,711
40,195
12,175
Inventories
$58,830
$57,845 Accounts payable124,849 Pref. div. payable
$21,133
124,641
Cash
June 30 '36 Dec. 31 '35
Liabilities—
June 30 '36 Dec. 31 *35
Assets—
Ins. on life of
Crosley Radio Corp.—Adopts Insurance
$651,588
16,756
$0.07
41,940
$0.34
depreciation and other chargesshare on 93,000 common shares
Net income after
ferred is sent in for exchange for new
1935
1936
$6$7,287
6 Months Ended June 30—
Net sales—
Operating
expenses
(incl. depreciation)
$3,053,024
2,249,942
Taxes.
356,806
143, p. 582.
Cumberland & Manchester RR.—Merger—
Net operating income
Total miscellaneous income
$446,275
Gross incomeInterest on underlying bonds
Interest on general and refunding bonds
Amortization of discount on Funded debt-.
$477,558
31,283
See Louisville & Nashville RR.—V. 123, p. 2892.
Deere & Co.—35*Cent
Preferred Dividend—
35 cents per share on account
7% cum. pref. stock, par $20, payable Sept. 1 to
holders of record Aug. 15.
A like amount was paid on June 1 and March 2,
The directors have declared a dividend of
of accumulations on the
last„ Dec. 2 and Sept. 3, 1935, and compares with 20 cents paid on June 1
and March 1, 1935; to 10 cents on Dec. 1 and Sept. 1, 1934; 5 cents per
share distributed in each of the six preceding quarters; 10 cents paid on
Balance for dividend
142,
p.
2,686
preferred stock and other corporate
$117,854
purposes
—V.
on
96,688
260,329
.
2993.
Volume
753
Financial Chronicle
143
Denver & Salt Lake
Dominion Stores, Ltd.—Earnings—
Ry.—Earnings1933
1934
June—
1936
1935
Gross from
$135,568
def39,801
defl5,036
$146,828
49,908
82,347
$95,213
32,139
40,333
$110,234
1,235,691
252,382
361,545
817,506
296,320
564,557
171,891
122,005
641,669
212,085
186,180
railway
Net from railway
Net after rents
_
39,085
45,341
24 Weeks Ended—
loss after taxes,
June 13 '36 June 15 '35
Net
renovation
depreciation,
of plant, &c
—V. 142, p. 4337.
$370,570
$36,992
From Jan. 1—
Gross from railway
Net from railway
Net after rents.
470,494
—V. 143, p. 107.
Detroit & Mackinac
Net after rents
From Jan.
$51,034
672
defl,218
def3,904
$60,446
10,375
5,444
271,840
4,379
defl2,499
277,463
24,693
def28,380
268,215
9,587
def5,496
Net after rents
143,
1934
$1,649,494
1,002,602
5,517,122
1,958,669
1,098,200
4,171,156
1,182,316
741,396
3,326,097
$787,340
360,492
253,467
•
def817
s
Gross from railway
Net from railway
908,830
Net after rents
1,757,301
def526,762
def695,905
147
def412,805
—V. 143, p. 108.
1—
Gross from railway.'
Net from railway
—V.
1933
1934
$44,782
305,225
24,957
railway
1933
1935
$1,909,898
1,262,370
1,125,381
From Jan. 1—
1935
$67,026
13,952
8,124
Gross from railway
Net from
Earnings-
1936
$2,642,837
1,837,258
1,595,815
Net after rents
Ry.—Earnings.-
1936
June—
Duluth Missabe & Northern Ry.June—
Gross from railway
Net from railway
984
108.
p.
Duluth South Shore & Atlantic Ry.
1935
1934
1933
$254,165
105,586
94,376
$253,095
105,668
80,682
$168,701
31,054
1,333,308
385,182
273,106
1,084,504
230,668
'144,457
1,064,452
182,029
50,471
804,279
3,144
defl40,705
Net after rents
Detroit Steel
Corp.—Files with SEC—
$18.50
share, less $2.50 per share
The prospectus is dated Aug. 10.
The proposed offering does not rep¬
resent new financing by the corporation.
Since its incorporation in 1923 the corporation has been engaged in the
business of manufacturing cold rolled strip steel.
Its facilities have been
gradually expanded and improved, the most recent addition being a new
cold 4-high rolling mill installed last year.
Craine-Schrage Steel Co., a
subsidiary, is sales agent for its entire output, and for other steel products
including tool steels, wire ropes, tool bits, drill roads, &c.
per
Gross from railway
Net from railway
Net after rents
—Y. 143, p.
108,
Duluth Winnipeg
& Pacific Ry.—Earnings.—
$81,874
def17,440
def30,507
defl0,743
685,976
493,764
121,161
def24,925
6,472
def70,894
*
$74,208
3,468
13,737
$67,062
def 13,000
430,725
def24,591
$105,568
5,762
defl7,093
Net after rents
1933
1934
1935
1936
June—
Gross from railway
Net from railway
From Jan 1—
Gross from railway
Net from railway
Net after rents
—V. 143, p. 108.
340,425
defll7,994
def29,602
defl,272
(E. I.) du Pont de Nemours & Co.-—Earnings—
Earnings for 4 Months Ended April 30, 1936
Net income after all charges and prov.
11,549
From Jan. 1—
Commission
a registration statement under the
Securities Act with respect to 65,000
shares of common stock.
Watling. Lerchen & Hayes, Detroit, have
agreed to purchase from certain stockholders a minimum of 37,500 shares
and a maximum of 60,000 shares at $16 per share.
In addition, they have
offered to buy 5,000 additional shares, under an option to be exercised on
or before Dec. 31, 1936, at a price equal to the original offering price, but
The corporation has Died with the Securities and Exchange
not less than
—Earnings.
1936
$338,260
162 499
138,014
June—
Gross from railway
Net from railway
[And Wholly Owned Subsidiary Companies]
$113,243
for Fed. excess profits taxes
1936—3 Mos.—1935
1936—6 Mos.r—1935
operations.$17,510,725 $13,114,915 $32,199,006 $25,802,122
3,785,831
3,594,889
7,566,268
7,019,751
Period End. June 30—
Detroit Steel Products
The New York Curb Exchange has approved the listing
outstanding shares non-par value stock.—V. 142, p. 4175.
June—
Net from
1936
Jan.
railway.
Net from railway..
165,092
203,010
134,049
4,717,340
2,639,161
1,916.787
-
3,401,928
1,820,954
1,318,743
Net after rents
.
1,795,111
1,836,031
1,017,574
544,297
1,689,983
951,445
505,990 '
33,804
rec.
1,332,407
2,833,643
4,500,000
2,653,186
$8,853,982 $21,449,400 $17,451,762
$11,661,572
from inv. in
12,316,617
General Motors Corp.
$191,909
85,671
31,040
$187,136
82,093
2,069,117
1,166,170
152,490
1,163,378
Drl43,311
$14,509,402 $10,200,576 $25,977,775 $20,133,323
bonds of sub
14,187
14,187
28,375
28,375
income
Income
1933
1934
$254,804
127,045
56,385
Net after rents
17,242,571
2,499,361
4,998,723
$23,978,189 $11,353,343 $38,691,971 $22,450,485
debenture stock
1,639,397
1,639,397
3,278,793
3,278,793
Total net income
Divs.
on
,
1—
railway.
Net from railway
Net after rents—.—_
613,123
Co.—Larger Dividend—
259,432
declared
a
dividend
Balance Sheet June 30,
Condensed
'
Assets—
Cash
$99,366
203,173
less reserve
Common stock,
Earned
100,000 shs_.
surplus
$62,044
28,092
3,906
500,000
255,242
184,666
if lower
Patents
$1.74
,.$196,312,228 $178,729,397
Surplus at beginning of year
Net income six months
a
38,691,971
5,000,000
of
revaluation
from
22,450,485
14,000,000
—
resulting
Adjustment
1935
-_
$249.004,199 $206,179,882
Divs. on deb. stock ($1.50 quarterly—$3)
3,278,793
3,278,793
Divs. oncommonstock (1936, $2.50; 1935, $1.30)
27,637,615
14,369,411
Total
-
$30,916,408
Total dividends
Surplus
$17,648,204
$218,087,791 $188,531,678
a^ June 30----
with past custom, the value of du Pont company's
General Motors Corp. common stock was adjusted on the
March, 1935, to $162,000,000 ($16.20 a share)
March, 1936, to $176,000,000 ($17.60 a share), which closely
accordance
In
investment in
books of the company in
1,799
Total
11,051,662
1936
a
151,425
17,672
Land, buildings & equipment.
Mlscell. & deferred charges
$3.27
investment in General Motors Corp
Accounts payable......
Reserve for taxes
Other reserves...
Inventories, at cost or market,
11,052,395
$0.89
1936
191,182
-
market, if lower
11,054,010
Surplus Account June 30
Liabilities—
U. S. & market bonds, at cost
$9,847,276 $36,107,371 $19,220,009
.
•
of 25 cents per
share on the
common stock, par $5. payable Sept. 1 to holders of record Aug. 15. ' This
compares with dividends of 20 cents per share paid each three months
previously.
have
$9,713,946 $35,413,178 $19,171,692
bAmt. earned on com..$22,716,072
Bal. appl. to com.
1,235,723
612,127
—V. 143, p. 108.
directors
stk_$22,338,792
Avge.no. com. shs.outst 11,051,329
Amount earned a share.
$2.06
Gross from
Receivables,
on
206,500
935,247
83,685
$14,495,215 $10,186,389 $25,949,400 $20,104,948
Net
$271,442
120,434
48,571
railway
Net from railway
From Jan.
Less int.
397,200
-Earnings.-
1935
1936
June—
Gross from
or
on
Less prov.for Fed .inc.tax
Detroit & Toledo Shore Line RR.-
Dexter
39,948
Profit
664,306
—V. 142, p.4336.
The
141,500
547,546
securites (net).
not
cos.
$315,286
-121,796
87,274
$460,753
223.490
4,083,222
2i 154,647
1,498,826
_
101,490
683,688
Drl91,236
whooly owned
Inc. from miscell. invest.
1933
1934
1935
$487,669
t,632,738 $18,782,371
119,605
178,395
$9,520,026
86,608
Inc. fr. inv. in controlled
1—
Gross from
$13,724,894
55,514
Income from oper
RR.—Earnings.—
$550,446
250,194
166,815
railway
railway
Net after rents
From
of 200,395
Prov. fordepr. & obsol—
Inc. from market, securs
Detroit Toledo & Ironton
Gross from
Income from
Co.—Listing Approved—
$849,286
and
;
Total
$849,286
Earnings for the six months ended June 30 was published in V. 143, p. 584
in
corresponded to its net asset value as shown by the balance sheets of
General Motors Corp. at Dec. 31, 1934 and Dec. 31, 1935, respectively.
b Including E. I. du Pont de Nemours & Co.'s equity in undivided
profits or losses of controlled companies not wholly owned.
.
(S. R.) Dresser Mfg. Co. (& Subs.)
a
Gross
1934
1933
$552,430
291,130
$262,410
187,127
52,680
$124,384
112,529
$252,424
211,598
57,762
$148,771
loss$16,936
14,499
$22,602
17,107
loss$9,831
15,661
$165,880
12,107
28,238
loss$2,437
1,810
5,696
$39,709
1,630
8,848
$5,830
$125,535
def $9,943
$29,230
1,096,931
1,026,322
978,221
profit on sales—
.
Net profit on sales—
Other income
17,109
-
Gross income
Income charges
prov. for ipcome taxes.
_
income
Earned surplus Jan. 1__
for valuation
of treasury stock
Mis cell, adjustments
Adj. of
Consolidated Balance Sheet June 30
1935
Admin., gen. & sell. exp
Research & exper. exp__
Net
-Earnings-
1936
6 Mos. End. June 30—
„
116,220
17,994
"""587
49,064
21,250
98,010
D~r~8~,868
529
603
699
$1,065,972
$1,029,304
2,106
$1,056,971
$1,065,972
$1,027,191,
$1,056,971
a
$1,213,598
After depreciation:
1933, $36,346.20;. 1934,
Liabilities—
1935
1936
715,991
Notes receivable..
3,556
$762,722
303,104
4,662
96,277
100,413
Due
from
$35,556.$!;
1935,
1936
-
1935
$210,601
Accrued liabilities.
93,976
$44,823
40,406
40,133
1,750,000
1,750,000
107,050
1,213,598
1,065,972
Reserve
for
y
con¬
Capital stock._.
35,074
41,147
2,488
834*865
17,000
332,304
305,064
Land, buildings,
mach'y & equip.
856,577
107,050
6,146
stock
surplus...
684,643
11,151
4,284
ant Heater Co..
Earned
749,893
Working funds and
advances
Other curr. assets
.
2
Total
x
At
less
stock
33,989,751
43,792,181
Inventories
3,283,878
2,355,306
Prov. for awards
advances, &c_
a
Corp.com.stk. 176,000,000 162,000,000
Misc. investm'ts 32,747,810
35,953,913
sions,
un¬
5,754,594
2,271,524
1,639,890
2,484,189
28,923,273
25,242,238
80,186,217
188,531,678
for
de¬
__.d218,087,791
999,656
1,125,693
3,619,067
dts.
contings.
Surplus
acquired..
bad
preciation, &c. 89,942,102
Reserve
stock
debit Items
Def.
empls.
Res.for ins.,pen¬
and
Notes receiv. for
sold to emp
to
der bonus plans
General Mot'rs
1,115,969
General
.696,237,507
Motors
646,002,8411
Corp.
common
Total
stock,
696,237,507 646,002,841
10,000,000 shares carried at
$17.60 a share in 1936, $16.20 a share in 1935 (9,843,750 shares of which
are represented by E. I. du Pont de Nemours & Co.'s interest in General
Motors Securities Co.).
b Quoted market value June 30,1936, $20,732,196
(1935, $34,165,751).
d E.
c
Represented by 11,065,762 shares of $20 par value,
I. du Pont de Nemours & Co.'s equity in surplus
of controlled
com¬
panies not wholly owned has increased since acquisition by a net amount
of $2,964,814, which is not included in surplus in above balance sheet.
V. 143, p. 584.
Corp.—Stock Offered—J. Hathaway Pope, New
recently offered 80,000 shares of capital stock at
$6 per share.
The shares offered do not constitute new
financing by the corporation.
Duro-Test
Capitalization—Authorized, 250,000 shares (par $1); outstanding, 200,000
History and
10, 1929.
2
98,853
64,965
$3,415,358 $3,025,252 |
-
cost
covertible
19,550,956
20,725,187
47,109,117
shares.
Patents
Deferred charges..
23,061,657
curities
$
1,135,000 V 1,135,000
Deben. stock...109,294,800 109,294,800
c Com. stock...221,315,240
221,315,240
Accts. payable..
4,658,149
3,732,460
Divs. payable on
deben. stock.
1,639,422
1,639,422
Accrued liabils. 15,092,327
10,542,721
Misc.accts.pay.,
advances, &c.
2,530,335
1,898,874
York,
Invest, in co.'sown
x
30,057,238
23,408,449
accts.
1935
S
Liabilities—
Bonds of sub. co
$38,-
Pref. stock of Bry¬
secur.
Inventories
&
b Marketable se¬
a
tingencies
officers
and employees..
Marketable
58,228,439
Notes
co.
Accounts payable.
Def. accts. & notes
receivable
29,997,184
will, &c
Cash
Total
Accts. receivable..
$426,422
good¬
Com. stk. of the
Balance Sheet June 30
Assets—
Patents,
common
096.79, and 1936, $33,800.
Cash
props..300,047,125 287,024,827
Misc. accts. rec.,
$5,243
953,018
$1,213,598
Surplus June 30
$
1936
1935
$
Assets—
Plant &
receivable
res.
Adj. of prior years' taxesi------
1936
Oct.
Total
'.$3,415,358 $3,025,252
depreciation,,
y 100,000 shares of class A participating
(no par); 100,000 shares of class B stock (no par).—
Y. 142, p. 3167.
Business—Corporation was incorporated in New York,
Its wholly owned affiliated companies—Tingsten Products
Corp. was incorporated in New York, Nov. 17, 1930, and Tungsten Re¬
search Laboratories, Inc., was incorporated in New York, June 5, 1935.
Corporation and the Tungsten Products Corp. lease at 583 Broadway,
York, space approximating 25,000 square feet, in which they have
salesrooms, general offices, and a complete plant for the manufactrue of incandescent lamps—all of which is fully owned.
New
their
754
Financial Chronicle
The Tungsten Research Laboratories, Inc.
occupy
by lease at 127 Greene
St., New York, approximately 6,000 sq. ft., where they maintain a
plant
for the manufacture of tungsten and molybdenum wire, and a
fully equipped
experimental and research laboratory, all fully owned.
consulted regarding this matter, a£d have expressed a
unanimity of opinion
that it would be advantageous
tp company to exchange the present 7%
preferred stock for a 4% preferred stock, provided that it be convertible
into common stock, and they will be glad to
exchange their stock accord¬
ingly.
This plan thus has the endorsement of the largest preferred and common
Duro-Test
Corp. manufactures several hundred types of incandescent
lamps of different watt and volt sizes: Processed lamps, decorative
lamps,
locomotive headlight lamps, and lamps up to and
including 2,000-watt
for flood lighting of all kinds; traffic lights, extra
duty lamps, vibration
lamps, tubular lamps, mine lamps and many others.
stockholders,
as well as the directors.
"If the stockholders approve the plan and the offer of
1931
1932
1933
1934
$
$
$
$
Grosssalas_... 103,797 302,044 403,504 542,753
is
corporations
dividend
record
of
the
follows:
as
corporation
a
and
its
100% Stock dividend
Eastern Utilities Associates
Period End. June 30—
Gross earnings
affiliated
Tungsten Products Corp.—On May 9, 1936,
Retire,
follows:
Taxes
stock dividend of 62^c.
paid by the issuance of 352 40-100 shares
(no par) common stock.
Earned surplus was charged in the sum of
$40,475
representing this dividend.
share
was
declared, which
sum
6 Mos. End.
Balance
$672,243
$513,814
666,920
509,320
268,848
642
3,084
3,490
4,162
659
193
$4,021
$1,215
Balance Sheet
as
,
2'=:=^-
Prepaid expenses
177,392
613
-
1
Total.
j.
*
Current liabilities.
Federal tax reserve
.
_
_
$200,000
95,449
4,163
Earned surplus
Edison Electric
24,617
1,988
$69,398
7,284
$51,615
4,731
36,127
...
Net income from operations.
Non-operating revenue—Net.,
Uncollectible
Net
$76,682
Gross income
11
45,805
47,552
271
$30,600
$8,193
Liabilities—
1936
Notes payable
Accounts payable
....
Preferred stock divs
83,350
Consumers'
195
687
13,786
73,731
.
Deferred
62,485
Reserves
Inventories
1,983
Prepayments
3~069
1,950
2,874
Unrealized
Suspense
1,428
8,835
_
Capital surplus
Miscell. deposits..
Spec, deps.,trustee
"
Com.
$3,074,941
$3,318,201
2,692
392,422
stock
cap.
Total....
32,999
3~5b~690
120,367
since
32,999
9,543
350,690
,
profit.
1,1934.
Total
10,097
4,365
373,480
(par $1)
Deficit
6,120
59,468
60,346
11,127
credits.
60,463
1,984
of such appropriation for the year
142, p. 3673.
months of the year.—V.
81.466
3,249.732
$1,017,656
$4,913,422
$5,291,281
Period End. June 30—
Total operating revenues
1936
4,4il,351
$9,335,620
8,433,930
8,433,930
$17,820
.
2,864,245
$9,090,865
$194,220
$656,935
$901,690
1,436
30, 1935,
$283,333 for interest on these debentures of which
$125,000 is
applicable to the five months prior to April 1, 1935.
Note—Net excass of ledger value over sales price of investment
securities
sold during 12 months ended June
30, 1936 ($1,133,292), and excess of
sales price over ledger value of investment
securities sold during the three
includes
$3,318,20
months and the 12 months ended June
30, 1935 ($46) and the three months
ended June 30, 1936 ($11.86), have been
applied to capital
surplus.
Analysis of Surplus for the 12 Months Ended June 30, 1936
Earned
Capital
Total
1936 applicable to the first six
.
t-
Earnings-
3 Mos.—1935
$39,760
10,643
7,077
1936—6 Mos.—1935
.
Maintenance
$33,943
10,095
5,612
2,125
5,242
2.945
$78,513
$68,241
20,823
3,987
Operation
Power purchased—
13,322
2,997
10,473
7,629
21,553
10.636
3,658
10,350
6,206
$12,003
$7,922
$23,267
*
Provision for retirement-
Taxes......
Net
operating income
Other income (net)
.
"
5,219
General interest
125
87
185
176
$12,128
2,831
$8,009
4,419
$23,452
6,626
June 30, 1936.
owned subsidiaries"
5
17
Total.
299,435
Excess
30,462
299,435
79,933
57,437,335
_
of
ledger
value
over
315,006^78
.372,444,013
sales
1,119
1,103
securs. sold during
12 months ended June
30, i936, net
16
2,238
before pref.
dividends—.
Dividends
,
7%
on
ferred stock.
1,133,292
Miscellaneous deductions
20,316
Balance, June30,1936.....
59,121
$2,465
$15*704
$4,890
1,487
1,501
2,974
1936
3,003
57,417,019 313,873,385 371,290,404
1935
1936
$7,633
$964
$12,729
$1,887
Note—No provision has been made for Federal surtax on undistributed
profits.—V. 142, p. 2993.
Eastern
Steamship Lines, Inc.—To Exchange Pref. Stock
The directors are recommending to stockholders the creation of a new
issue of $2 (no par) convertible preferred stock to be offered share for share
for the present $3.50 (no par) preferred. Such part of the present preferred
as is not exchanged will be called for redemption at
$55 a share.
Each
share of the
Liabilities—.
preferred will be convertible into 3-1-3 shares of common
stock during one year from Oct. 1, 1936 three shares during the two
years
following and 2>£ shares thereafter.
A special meeting of stockholders will be held Aug. 12 to vote on the plan.
It is proposed to authorize 63,806 shares of the new preferred and to in¬
crease the authorized common stock from 490,106 to 600,000 shares.
In a letter to stockholders, President A. B. Sharp says:
"It has been possible during the past few years to accomplish the retire¬
ment of all of company's bonded indebtedness and first preferred stock in the
hands of the public.
Directors are firmly of the opinion that It will be to the best interests of
company if eventually it may have outstanding in the hands of the public
only one class of stock, namely, the common stock..
ACcts.
On demand..
16,836,785
Cash in banks—
$
payable.
1935
$
4,699
150,113
15,361,276
Divs.
25,009,759
1,742,727
Taxes accrued..
1,476,626
securs..
3,169,224
300,062
Accts. receivable
Acer. int. ree'le.
275
118,215
surplus).
4,803,301
4,803,302
Capital surplus.313,873,385 314,676,780
700,990
665,639
Earned surplus.
Time
a
Balance
1,133,292
20,316
Comparative Balance Sheet June 30
Cash in banks—
pref.
—
Surplus
49,471
Miscellaneous.
Assets—
Net income
Surplus
56,730,929 314,676,780 371,407,709
656,934
6o6,934
Transf. from "res. for invests,
in-wholly
$16,012
8,867
11
Funded debt interest—;
Amortization
Surplus
.
price of invest,
164
Gross income
Balance, July 1,1935.
Surp. inc. 12 mos. end.
$15,836
831
_
1936—12 Mos.—1935
$ll,9o5,li0 $13,746,971
31, 1937, to a rate of
per annum and interest has been accrued in the income account
at these
The statement of income for the three months
ended June
4%
Mar.
$3,074,941
Co.—Earnings—
$2,302,703
2,108,483
<
East Missouri Power Co.
$8,622,479
rates.
Note—It is the company's policy to make an appropriation to the reserve
for renewals, replacements and retirements at the end of each year; there¬
fore, this balance sheet does not reflect in such reserve the proportionate
part
87.257
2,999.530
$8,408,404
214,075
x Includes
$167,265 stock dividends received for the 12 months ended
June 30, 1935. For the 12 months and three months
ended June 30, 1936,
and three months ended June
30, 1935, there were no stock dividends
received.
Stock dividends received are taken on the
company's books
either at par value—or if no
par value then at stated value as shown in the
balance sheets of the respective
issuing companies—or at market value if
less than par value or stated value, as the case
may be.
The interest rate on Cuban Electric Co.
6% debentures was reduced by
agreement, for the six months ended April 30, 1935, to a rate of
1 H % per
annum and for the
period from May 1, 1935 to Oct.
deps.,
refund
110,587
1935
$2, 263,100 $2,404,800
Accrued items..
115,955
78,789
$8,000,209
'
$2,126,303
2,108,483
,.
Surplus income......
Long-term debt
Accounts receiv'le.
$1,778,759
18,356
742,747
1936—3 Mos.—1935
$2,o6d,l64
$3,477,877
438,861
I,l75,i74
Gross income
Net income
Consolidated Balance Sheet June 30
Notes receivable..
$1,678,799
$1,011,684
Expenses, incl. taxes...
therefore the above statement for the six months ended June 30, 1936
and 1935 show results before deducting such appropriation.
15,845
$7,756,659
243.550
22,294
Per. End. June 30—
x
year;
Miscell. investm'ts
$1.67
$3,706,090
72,669
Electric Bond & Share
<
plant
&
k' eqpt., franch.&c$2 ,790,151 $3,031,622
$195,439
__
644,821
....
Income balance-
applicable to properties sold during 1935.
4,247
79.122
4.7
$1,586,396
92,403
-V. 142, p. 35U6.
Note— It is the company's policy to make an appropriation to the reserve
for renewals, replacements and retirements at the end of each calendar
—
17 4
20.6
3,251,000
590
long-term debt of East Coast Pub. Ser. Co.
1935
r
%
1936—3 Mos.—1935
1936—12 Mos.—1935
$7,300,881
$6,996,008 $30,466,191 $29,774,533
3,334,585
3,035,918
13,461,058
12,247.712
865,000
865,000
3.460.000
3,190.000
36,000
60,000
141,801
240.000
1,478,900
1,329,000
5,646,673
5,688,417
$56,347-
4
Miscellaneous interest—
1936
operating income.
Non-operating income..
Miscellaneous rents
Interest and discount
income tax, &c._
Interest on unfunded debt of subsidiaries
Balance, before prov. for renewals & replaces.
(depreciation) & Federal income tax
revenue.._
Taxes accrued
Net income before deprec., fixed charges, Federal
Prop.,
5?/v
Illuminating Co. of Boston—Earnings
Operating revenues
Operating expenses
Depreciation
xl935
$262,455
150,252
34,315
23,646
2,625
$288,268
156,136
Operation
After eliminating figures
71,696,000
Triprpn
..
Amount >
16,998,000
8.810,000
Stores, Inc. (& Subs.)—Earnings—
Period End. June 30—
(& Subs.)—Earnings—
1936
Taxes, excl. of Federal income tax
Uncollectible accounts
.
1935
97,798,000
42,674,000
68,445,000
Earnings for 4 Months Ended April 30, 1936
..$299,761
Maintenance
Cash
Inc.—Weekly Input-—
Net income after depreciation, interest, Fed. income
taxes, &c
Earned per share on 108,250 shares of common stock
(no par)
—V. 143, p. 270.
149
Total
.$299,761
6 Months Ended June 30—
Total operating revenue
H (cost).
$1,533,497
—V. 143, p. 584.
Edison Bros.
Capital stock
East Coast Public Service Co.
Assets—
77,652
49,500
29,624
$1,652,869
National Power & Light Co—
loss$246
-V. 142, p.3848.
x
30,903
1936
Operating Subsidiaries of—
American Power & Light Co.. ..114,796,000
Electric Power & Lignt Corp.. 51,484,000
Liabilities—
(net)__
§2,520
companies.119,235
Current assets
on
$1,690,273
.
of April 30, 1936
Assets—
Securities of sub.
Int.
$1,776,280
77,652
14,855
$102,768
»
267"
Net income
It,
725,000
987,768
560,718
gross
...
assets
3,995.247
336,027
725,000
980,971
565,383
For the week ended July 23, 1936, the kilowatt-hour
system input of the
operating companies which are subsidiaries of American Power & Light
Co., Electric Power & Light Corp. and National Power & Light
Co., as
compared with the corresponding week during 1935, was as follows:
$426,222
361,822
Fed.& State income taxes
Fixed
$113,223
,
Ebasco Services
$30,600
income
4,180,663
337,849
Applicable to E. U. A.
142, p. 4338.
$396,853
____
1936—12 Mos.—1935
$8,566,149
$8,295,036
_
-V.
Years Ended Oct. 31—
1935
1934
1933
Apr. 30 '36
from
340,053
31,579
60,416
84,706
44,246
Applicable to minority interest.
(less returns
Deductions
(incl. inc. taxes)__
_
$657,235
344,174
27,240
60,416
76,717
45,918
Pref. div. deducts.: B. V. G. & E. Co
The P. G. Co. of N. J__"
Earnings for Slated Periods
and allowances)
Total cost of goods sold
and expenses
accruals.
Interest and amortization
a
of $4,000 representing this dividend.
Gross sales
$674,225
was
Tungsten Research Laboratories, Inc.—On May 9, 1936, a 40% stock
dividend was declared, which was paid by the issuance of 40
shares of
common stock having a par value of $4,000.
Earned surplus was charged
in the
reserve
(& Subs.)—Earnings-
1936—Month—1935_
Operation
Maintenance
declared,
stock, having
as
so
cancellation.—V. 143, p. 270.
and
was
which was paid by the issuance of 38,020 shares of common
a par value of $38,020.
This dividend was paid out of surplus
Earned surplus, $23,452 and capital surplus, $14,567.
»
per
pre¬
exchanged by the stockholders will be subsequently called for retirement
xl936
„
.
)fikDuro-Tesl Corp.—On May 9, 1936,
1935
$ *
$
$
611,047 766,652 379,873
Six months.
x
Dividends—The
exchange of
ferred stock is thus carried out, any of the present preferred stock not
Sales Year Ending Oct. 31
1930
Aug. 1, 1936
"The largest holders of the present preferred and common stocks have been
b
deposits 15,165,522
U. S. Gov.secs
pref.
Miscell.. shortterm
Invests,
decl'd
on
stocks—
2,108,482
2,108,482
1,769,501
Capital stock.171,901,233
Res. (approp. fr.
171,901,233
d
1,722,024
cap.
(ledger
57,417,019
56,730,929
value)
c513,718,221 508,132,391
Prepayments...
101,225
53,219
Del.
charges...
708,751
709,575
new
Total
a
551,877,623 552,092,867
Total
.551,877,623 552,092,867
Valuation at market quotations of United States Government securities
30, 1936, was at that date $1,495,300 and of those owned at
owned at June
June 30, 1935, was at that date
b Valuation at market
owned at June 30,
June
1936,
$1,780,000.
quotations of miscellaneous short-term securities
that date $3,170,900 and of those owned at
was at
30, 1935, was at that date $300,000
c Notes
receivable from:
American & Foreign Power Co., Inc., $42,500,000; United Gas Corp., $28,925,000; Bon s; Northern Texas Utilities Co.
6% 1st mtge., due Nov. 1, -1940, extended from Jan. 1, 1936 (entire issue),
$1,220,000; Texas Power & Light Co. 4%% 1st mtge., due 1965—$4,800,000
principal amount, $5,037,120;- miscellaneous bonds, $4,617,094; Cuban
Volume
Financial
143
Electric Co., 6% debs., due May 1, 1948, $20,000,000; stocks and option
warrants, $498,809,007; wholly owned subsidiaries; Securities (loss reserve
at June 30,1935 of $1,284,860 appropriated from capital surplus), $2,610,-
Exchange Buffet Corp.—EarningsYear Ended April 30—
1936
Sales.
$2,802,964
000.
d Represented by:
i value $ 100 a"sh.; enaccumulated divs.)
com. stock & scrip ($5 par
value)
-V. 142. p. 2826.
_
_
15,221
13,745
11,796
$184,331
$122,384
15,256
$86,881
61,026
sur$22,776
$184,331
$137,640
$147,907
244,504
$0.09
244,104
244,104
244,104
Nil
Nil
Nil
...
....
....
.
Srocess'g taxes & State
munic. taxes..
;
Net loss
Shares capital stock out-
300,000
1,155,655
300,000
1,155,655
10,791
Dividends..
35
Deficit
1,000,000
2,500,000
standing (no par)...
Earnings per share.
...
J
-
5,267.147
20,000,000
»5,267,147
Comparative Balance Sheet April 30
Assets—
1936
1936
1936
a
holds
778,644
60,000
.
Inventories
&c..__
d$250,828
c$24,189pf.a$273,950
b$27,383
a
Equivalent to 68 cents a share on 398,480 (no par) shares of capital
stock,
b Includes a net profit of $64,425 derived from the Polish textile
business, which has since been sold,
c After crediting to operating results
61,863
Accts. receivable.
13,772
310,662
31,226
.
Cash....
Deferred charges..
{
2,261
138,398
60,232
an
extra dividend
share on
_
common
stock, par $5, payable Aug. 15 to holders of record Aug. 8.
The regular quarterly dividend of 30 cents
per share was paid on July 1,
last.—V. 142, p. 3341.
Electric
Based
Fairchiici Aviation
Taxes
,
1934
$361,599
$369,558
$152,204
296,579
$361,599
$369,558
20,126
36,974
27,539
1,642
24,062
$448,784
1,355
31,545
$263,679
4,054,930
489,963
113,572
674
4,920
>,526,233
$4,813,492
$4,714,726
115,429
$6,862,818
c285,659
266,220
on sale of
securities
prof326,690
Divs. on $6 cum. pref.
stock
(optional stock
dividend series)
1935
1934
$1,664,525 $1,664,525
975.609
975,609
435,000
440,000
16,272
67,168
Consumers' depos.
20,866
21,186
Miscell. liabilities.
3,672
2,815
Taxes accrued
13,753
18,974
Retirem't reserve.
672,905
526,125
Prem.
stk.
Notes payable....
Accounts payable.
189,834
240,670
10,027
10,414
on cap.
Gas bench renewal
reserve-
Contrib. for ekten,
Operating reserves
Unadj. credits....
Earned surplus...
Total
.$4,313,414 $4,325,909
1936
Net profit after deprec.,
Federal income taxes,
and other charges....
shs. cap.
stock, no
—V. 142, p. 2827.
1935
§
receivable..
302,012
dl61,158
Accts. receivable..
8,971
17,061,907
942,654
159,112
15,194
1935
1936
Mobilities—
§
Investments....21,131,411
$
24,655
1,264
7,034
3,988
583,970
18,889
877
6,635
4,438
598,667
.—$4,313,414 $4,325,909
1934
1935
$226,085
$90,881
$1.46
$0.58
Accts. payable and
accrued
1933
$85,151
$9,321
$0.55
.
$0.06
Notes
payable to
banks, secured.. 2,906,914
taxes
b Pref.
c
stock
Common stock..
Surplus..
—21,603,552
18,178,8671
Tonnage shipments of Ferro porcelain enamels and other minerals for the
first half of 1936 broke all records for any similar period in the company's
history, said R. A. Weaver, President.
Ferro recently granted vacations, with pay, to all shop workers.
This
Summer, all employees paid on an hourly wage rate basis will be.given their
choice of the one-week vacation with full pay, or no vacation and an extra
week's wages for any week they may select.—-V. 142, p. 4176.
6,000
10,149,500 10,149,500
1,603,959
1,604,632
6,885,023
6,410.805
(Marshall) Field & Co. (& Subs.)—Earnings—
21,603,552 18,178,867.
Total...
Market value June 30,
1936 was $23,461,817 against $12,837,138 in
b Represented by 101,495 ($23,461,817) no par shares,
c Shares
of $1 par value,
d Includes interest receivable.
Sales for the last two quarterly periods, compared
1935.
a
Total....-
$1,507,325
404,939
252,155
Net after rents
From Jan. 1—
$1,064,438
226,230
138,782
8,957,424
Gross from railway
Net from railway
1935
6,927,905
2,034,304
1,416,983
1934
$1,111,831
330,536
209,861
1933
$1,031,444
404,794
243,353
.
2,723,323
1,853,659
—
Netafterrents
—V. 143, p. 109.
5,767,293
4,192,989
1,443,670
699,660
883,050
45,594
-
—
—
-
-—$48,317,471
1936
First quarter
__
_
$47,856,115
1935
——$22,730,415 $19,910,600
...
Total.——
«
1936
—-
Second quarter-——
Corp.—Out of Receivership-—
Elgin Joliet & Eastern Ryv—Earnings.—
——
If the lines of merchandise which company has discontinued, as a result
of ceasing to operate as a jobber, are eliminated from both years, the sales
for the same two quarters compare as follows:
S. District Court for the Eastern District of Illinois has dis¬
June—
-
Second quarter.--.--.
dividend of $1.50 per share on account of
accumulations on the $6 optional cum. conv. pref. stock, no par value,
payable Sept. 1 to holders of record Aug. 5.
A similar payment was made
in each of the four preceding quarters, prior to which the last previous
dividends of $1.50 per share (or at the holder's option, 44-1,000 of a share
of common stock) were made on Sept. 1 and March 1, 1933.
Accumulations after the payment of the current dividend will amount
to $15 per share,—V. 142, p. 3167. —
Electric Shove] Coal
corre¬
1935
$23,811,415 $23,151,856
24,506,056
24,704,259
1936
First quarter
A ccumulated Dividend—
charged the company from receivership.—V. 138, p. 1404.
"with sales for
sponding quarters last year are as follows:
,
The directors have declared
Corp.—Wages Increased—
The company announced a general increase of 5 % in salaries and wages for
all employees, effective July 1.
7,930
58,156
expense
par
Ferro Enamel
$
Prov. for Fed. Inc.
_
24,404.256
21,245,656
——$47,134,671 $41,156,256
———
Net results for the Same two quarterly periods are as follows:
1st Quarter
2d Quarter
6 Months
1936
loss$442,734 loss$400,640 loss$S43,374
-
——
——
—
Improvement
Prior to this
irear
-
——
the
loss94,532
124,990
30,458
$348,202
$525,630
$873,832
had not earned a net profit during the first
six months of any year since 1930, as shown by the following net results for
the first six months of each year, from 1933 to 1936, inclusive:
-
-
company
loss$l ,300,600
Ioss6,401,100
loss2,375,400
1934
1935
1936
-
—loss$1,907,000
Ioss843,400
pr ofit30,458
—V. 142, p. 4339.
Fairbanks Morse & Co. (& Subs.)—Earnings—
Fitz Simmons &
1936
$11,075,786
9,700,596
1935
*934
$7,966,126
7,162,518
$5,474,967
$1,375,190
Ac. Cp_.
77,377
$803,608
85,579
$350,884 loss$712,765
70,791
26,108
$1,452,567
334,324
146.629
185,000
$889,187
297,794
137,472
76,931
$421,675 loss$686.657
247,447
179,593
152,000
160,000
$786,614
$376,990
$22,2281oss$1026,250
6 Mos. End. June 30—
4-
Costs and expenses
Operating profit
et inc. Mun.
Liabilities—
Capital stock
Earns, persh. on 154,720
1936
Net sales
19325
168,762
Comparative Balance Sheet Dec. 31
6 Mos. End. June 30—
227,307
......
Consolidated Balance Sheet June 30
Gross from railway
Net from railway
sur$20,833
$14,697
.
Federal Mogul Corp .—Earnings—
304,485
adjusted Dec. 31, 1931.
U.
$7,532
;
—V. 143, p. 585.
Bal. cap. surp. June 30 $6,885,023
$6,410,805
$4,527,833 . $4,221,199
c Includes losses on securities determined on the basis of book value as
The
$189,595
Total
Losses realized
a
$151,302
158,834
221,442
192,934
Prepay ments—10,230
UnadJ. debits
5,329
$590,663
4,010,490
373,234
Total
Total.
$117,665'
132,362
Mat'ls & supplies.
$343,853
5,809,146
$276,960
6,585,184
Cap! gain arising from
purchase and retire¬
ment of pref. stock...
Credit
arising through
cancellation of scrip..
Adjustment applicable to
prior period
Divs.
$212,960
23.366
Acc'ts receivable..
...
a
168.236
$166,912
15,611
.....
....
Assets—
' 1935
1934
Plant & property.$3,843,217 $3,819,119
Cash-.
40,262
55,843
152,204
......
Net income.
Balance cap. surp. Jan. 1
Cash
164,532
$130,049
12,384
revenues.
Balance, deficit
Approp.
ASS€tS,m~mm
396,226
53.974
60,000
Dividends.
$653,180
20,236
42,281
to red. above
value of stock dividend
to market
1933
$891,398
443.159
60,625
60,000
Net
$410,031
243,149
...
1934
$895,229
Interest charges
1935
expenses
1935
...
expense.
Maintenance...
Retirement reserve accrual
Taxes
1933
Interest...
Co.—Earnings—
$875,967
467,246
61,225
60,000
157,446
Operation
respec¬
.....
Operating
...$1,246,059 $1,189,898
Corp.—-New Director, &c.—
Fall River Gas Works
Stk. divs. valued at mkt.
Total income
Total.
shares in 1936 and 244,104 in 1935—
on
Calendar Years—
Gross revenues
Earnings for Six Months Ended June 30
tive div. record datesCash divs. and int—
no par
a director of the company it was
July 28.
Duncan B. Cox, Vice-President of the Ranger
Engineering Corp., a subsidiary, has been elected Secretary and Treasurer
succeeding William H. Schwebel.—V. 143, p. 428.
announced
June 30, 1936 market prices for investments, the net assets
of the corporation on that date amounted to $20,968,888.
The corre¬
sponding figure at Dec. 31, 1935 was $19,970,263.
The net unrealized
appreciation of investments (excess of market value over book value),
at June 30, 1936, was $2,330,406, and the
corresponding figure at Dec. 31,
1935 Was $1,630,947.
The net assets of the corporation at June 30, 1936
were equivalent to $206.60
per share of $6 preferred stock outstanding and,
after allowing for preferred stock at the amount to which it is entitled
in liquidation ($105 per share
plus accrued dividends), to $5.48 per share
of common stock
outstanding.
t
'
..$1,246,059 $1,189,8981
Represented by 244,504
William C. Franklin, has been elected
Shareholdings Corp.—Interim Report—
1936
a
2,140
196,504
158,966
V. 143, p. 585.
on
prices following
11,171
under stock sub¬
scription plans..
Total...
of 50 cents per
4,460
in advance
Deficit
Electric Auto-Lite Co.-—Extra Dividend—
The directors have declared
1936
Employee bonuses
$150,000 from a special contingent reserve of $300,000 established Dec. 31,
1934.
d Equivalent to 63 cents per share.—V. 142, p. 3673.
the
1936
Capital stock—$1,222,620 $1,220,620
178,046
162,670
$11 Accounts payable.
841,791 (Prov. for Fed. inc.
60,000 j
tax
97,214! Subrentals colleo'd
$1
Equip. & fixtures.
Mortgage bonds.
tion, interest,
Liabilities—
I
Goodwill & lease¬
1933
1934
1935
8,274
123,805
Cr4,942
N. Y. State franchise tax
Eitingon Schild Co., Inc. (&Subs.)—Earnings—
6 Mos. End. June 30—
Net profit after deprecia¬
1,272,970
.prof$22,776
Depreciation
(Nopar value, stated
titled upon liquidatioii to $100 a sh. &
$3,637,497
68,120
140,757
Cr6,546
$2,896,184
loss$67,700
106,790
Cr3,905
Interest
Fed. inc., cap. stk. and
-—Shares Outstanding--
June 30, '36 June 30, '36 June30,
'
1933
1934
1935
140,756
103,313
Cr555
Gross profits.
At June 30, 1936, and June 30, 1935, $7,500,OO0 and $7,976,762, re¬
spectively of notes were due Oct. 26, 1938 and a $35,000,000 note was due
Nov. 15, 1938.
The latter note is subordinated to other indebtedness of
American & Foreign Power Co., Inc., consisting of bank loans of $30,000,000 at June 30, 1936 and $31,907,048 at June 30, 1935, debentures of
$50,000,000 and said notes due Oct. 26, 1938; such subordination to con¬
tinue until said bank loans of American & Foreign Power Co., Inc., are paid.
Shares
Authorized
755
Chronicle
w
5,124,083
1933
$3,399,490
4,112,255
Connell Dredge &'Dock CoExtra
Dividend—
The directors have declared an extra dividend of 12H cents per share
regular quarterly dividend of like amount on the common
stock, no par value, both payable Sept. 1 to holders of record Aug. 21.
Similar distributions were made in each of the four preceding quarters,
in addition to the
—V. 142, p. 2827.
Total income..
Depreciation—,
Interest
—
Federal taxes
Net
profit
—V. 143, p. 585.
Follansbee Brothers Co.—To Vote
on
Plan—
A special meeting of stockholders has been called for Sept. 28 to vote
charter amendments necessary for the plan of reorganization, which is
on
expected to be ready for filing by Aug. 15, the date set by the court.
Included in the project is the raising of about $5,000,000 through the
sale of a new bond issue and common stoOk,
To present holders will be
756
Financial
Chronicle
Aug. 1,
Gamewell Co.—To Retire
Preferred Stock—
The stockholders at their annual meeting Aug. 18 will vote on a proposed
Inquiries Solicited in
reduction in
capital stock by cancellation nad retirement of 672 shares of
preferred stock purchased by corporation and held in treasury.—V. 142,
p. 2156.
Gary Electric & Gas Co.
Gannett & Co.,
Bonds and Common Stock
Inc.—Listing—
The New York Stock Exchange has authorized the listing of 75,000 shares
of $6 cumulative convertible preferred stock
issued and
are
TRADING DEPARTMENT
Period End. June 30—
Operating
New York
1936—3 Mos.—1935
$657,3114,
10,282
$2,622,416
33,056
$2,241,879
10,023
$569,052
$2,655,473
$2,251,903
444,935
91,796
3,927
377,253
95,210
V
998
1,763,677
1,567,320
395,210
69",666
69,000
276,000
3,558
276,000
$57,934
Total income
$26,590
$236,916
$5,914
exps., maintenance
and taxes
Bond interest
Int. on unfunded debt..
--
offered the right to subscribe to the new securities, and any part not so
subscribed is to be underwritten.—V. 142, p. 783.
Florida East Coast
_
From Jan. 1—
Gross from railway
Net from railway.
Amort. of debt expense
Retirement expense
Ry.—Earnings r—
1936
Net income for divs..
1 935
$427,415
def19,575
def157,393
1 934
$348,686
defl32,163
def255.399
1933
$330,625
defl29,749
def256,773
$321.246
def96.838
def213,407
5,242,4371,776,085
997,111
_
Net after rents
4,989,745
1,321.265
540,435
Gas Utilities
5,020.387
1,783,044
997,827
4.464,466
1,595,229
845,456
Florida Public Service Co.-
$1,686,079
925,947
230,421
164,426
209,470
Other income.
$312,560
17,419
$401,411
23,422
$329,980
240,000
$424,834
Interest
expenses
and
Maintenance
provision
for
retirements,
capital.
on 4% first mortgage bonds
convertible income debs, due 1958 (repre¬
sents available net income for int. to Oct. 31,
*35)
Interest on unfunded debt
Fort Smith & Western
Ry.—Earnings.
1936
$51,172
184
def7,042
def 5,198
defl2,171
2,959
def3,530
357,697
41,972
7,593
303,815
def4,982
def45,931
314,678
12,059
def24,824
6 Mos. End. June 30—
$51,009
3,661
def3,679
305,328
11,874
def24,529
Gross from railway.....
Gross profit
x
•
June—
1936
$453,068
116,417
•
Mos.—1935
$20,515,311
14,113,703
$2,563,845
332,087
$7,592,310
499,133
$6,401,608
429,943
$3,277,411
500,633
$2,895,932
394,549
$8,091,443
1,247.515
$6,831,551
968,829
Netprofit
$2,776,778
Earnings per share on
5,251,440shs. cap.stk.
$0.53
$2,501,383
$6,843,928
$5,862,722
$0.47
$1.30
$1.11
Total income
1933
1934
1935
52,922
$387,567
55,343
def4,005
$612,548
286,618
224,286
$489,292
202,658
132,231
2,698,345
714,789
341,402
2,320,500
378,968
47,543
2,699,272
975,244
624,413
2,376,830
763,854
441,998
Net from railway
Net after rents
From Jan. 1—
Gross from railway
-
}
from railway
Net after rents
x Includes
proportionate share in results of operations of controlled
companies.
Note—Depreciation provided during the first six months of 1936, aggre¬
gated $821,800 of which $213,815 has been included in selling administra¬
tive and general expenses.—V. 143, p. 587.
—V. 143, p. 428.
General
Fundamental
1936
Income—Dividends
_
Total income
Expenses
_
See
L
Net profit for the period
x
Miscellaneous
As of Jan.
1, 1936 the corporation changed its method of accounting so
profits and losses on sales of securities would be determined on the
applying actual costs (costs of specific securities delivered).
Prior
to that date average costs were applied against such sales in
determining
the profits and losses.
Depreciation.
Res. for Fed. inc. tax, &c
Liabilities—
custodian.$1,060,748
3,575,282
$241,941
1,932,634
8,919
Securities owned..
Divs. & int. receiv.
15,427
stock.
17,651
Acc'ts receivable.
6,005
771
Capital stock
2,105
1,000
surplus
Earned
surplus.__
Total
3,731,911
432,431
$4,669,880 $2,190,240
x Par 25 cents,
y Par $2.
Note—No provision has been made for Federal income
board of directors of the corporation, by resolution, intend
The
taxes.
the
corporation qualify as a "mutual investment con pany" within the definition
set forth in Section 48 of the Revenue Act of
1936.
Assuming the pro¬
visions of that section are con plied with and that all of the taxable income
for the year is distributed within the year, no Federal income tax will accrue
but the corporation's status under the Revenue Act cannot be determined
until the close of its calendar year.—V
Gabriel Co.—Stock Increase
Preferred dividends
Common dividends.
to have
142, p. 4178.
878,530
5,678,108
278,370
1,004,772
666,793
5,907,709
92,672
1,005,702
720,039
7,641
-
_
-
1,995,162
4,081,655
1,348,034
1,951,362
741,747
373,776
$3.56
782,259
$4.11
$4.12
Consolidated Balance Sheet May 31
'
1936
Assets—
1936
1935
$
$
Liabilities—
-
1935
$
Land, bldg. and
equip., &c
21,467,093 21,899,881
Cash
10,848,936
7,144,104
Drafts & accept
2,523,571
3,315,234
officers & empl.
99,114
Notes
Accounts payable.
2,517,169
$
Preferred stock
y
&
accounts
receivable
^Claims
for
6,346,905
x
22,305,700 22,305,700
Common stock..16,691,960 16,691,960
Savings
Acer.,
accts.
local
of
2,385,499
taxes,
-
refund—
of processing tax
Advances
6,071,410
on
&c.1,704,880
192,175
345,217
purchases, &c„
717,957
Inventories ______14,834,459
1,046,484
839,350
17,989,641
1,004,692
member¬
ships .'sundry ad¬
vances, &c
water power
Pref. divs. accrued
223,057
3,599,809
223,057
Min. int. in cap. &
grain
Invests.,
The stockholders, by a 70% affirmative vote, for the second time have
approved a proposal to increase the authorized class A shares from 198,000
to 300,000. together with terms for disposal of the additional shares as
17,789
3,710,383
1,341.445
268,689
$3.40
on com..
Prepaid expenses.
Again Approved—
4,391.
333,536
4,075,251
1,338,342
1,995,162
1.338,342
1,995,162
-
_
Balance
Earns, per sh.
*291,933
1,835,143
52,526
6,202,401
241,177
1,003,052
3,602,193
.
6,000
y490,068
Paid-in
$4,669,880 $2,190,240
....
2,500
9,000
for contlng..
3
^
$1,533
for taxes.
737
.
Deferred charges._
1935
$3,969
agement fee
Reserve
Res.
cap¬
1936
Accounts payableReserve
for man¬
5,574,173
113,658
3,484
Net income
Balance Sheet June 30
1935
78,312,162
5,470,595
207,513
Minority int. in subs
"
1936
112,621,463
6,088,743
764,667
_
136,985,716
5,616,918
221,488
1,0/5,085
income.
Gross income
Interest charges
basis of
deposit
1924
5,545,230
71,688
Net operating profit^.
that
Assets—
1933
$
83,886,335
sales, inol. manu¬
facturing, selling, ad¬
min. and other exp__14l,835,012
loss$2,047
$25,080
$
118,092,058
Cost of
$31,708
10,817
22,938
$57,405
32,325
.
Net loss from sales of securities.
$
143,074,459
Net sales
$2) ,866
1,842
3,038
1935
$
147.380,242
Years End. May 31—
1935
$54,368
Interest
Mills, Inc. (& Subs.)-—Earnings—
1933
Investors, Inc. (Del.)- -Earnings—
6 Mos. Ended June 30—
Total
1936—6
$2,915,520
361,891
Federal taxes
Gross from railway.
ital
Ltd. (of England)—Payment—
1936—3 Mos.—1935
Profit
143, p. 110.
Subscripts to
Corp.—Control of
below.—V. 143,
$10,923,758 $10,300,856 $22,715,991
8,008.238
7,737,011
15,123,681
-
Expenses, &c
Other income
Fort Worth & Denver City Ry.—Earnings.-
with
Transportation
1—
Net after rents
on
$25,088
Corp. (& Subs.)—Earnings—
1933
$45,152
Net from railway
Funds
$38,585
,
General Foods
1934
1935
$52,416
Net from railway
Net after rents
x
$31,057
5,969
The Guaranty Trust Co. has advised the New York Curb Exchange
that, in accordance with the terms of its circular letter dated June 18,
1936, it has sold in the London market the letters of allotment for new
ordinary shares of General Electric Co., Ltd. (of England) upon which
appropriate instructions had not been received at the close of business
July 14.
Holders of American depositary receipts for the ordinary shares
of record June 19, who had not heretofore entered instructions covering the
letters of allotment to which they were entitled may present at the trust
department of the depositary their American depositary receipts for
stan.ping and payment at the rate of 40 cents per depositary share repre¬
senting their pro rata portion of the net proceeds of sale after deduction
therefrom of the expenses of the depositary.—V. 142, p. 110.
$52,733
June—
Gross from railway
Net
$45,939
7,354
Co.—See latter company
General Electric Co.,
Cr499
Balance of income
-V. 142, p. 3850.
Car
586.
p.
149,249
24,215
13,530
Interest charged to construction
—V.
$50,726
8,296
$42,430
American
Pressed Steel
on
From Jan.
$296,913
265,856
2355.
General
re-
newals and replacements of fixed
Provision for taxes
Int.
226,886
Net income
$1,757,789
1,050,381
1933
,$27/,825
-
—V. 140, p.
1935
1934
1935
222,098
Balance
-Earnings
1936
3,900
$272,825
Total expenses
Federal income and capital stock tax.
12 Months Ended June 30—
369.748
9.131
Co.—Earnings—
Calendar Years—
—rV. 143, p. 109.
Operating
>
,,
—V. 142, p. 2827.
Total income
.
1936—12 Mos.—1935
$565,026
4,026
-.
Oper.
A. T. & T. Teletype N. Y. 1-752
June—
Gross from railwayNet from railway.
Net after rents
(no par) all of which shares
143, p. 271.
$667,593
revenue...
Other income
NEW YORK STOCK EXCHANGE
15 Broad Street
outstanding.—V.
Gary Electric & Gas Co. (& Subs.)- -Earnings—
Eastman, Dillon 6 Co.
MEMBERS
1936
1,031,502
27,122
3,269,336
5,389,238
5,579,029
861,220
1
surplus of subs.
21,441
Spec. & conting.res 3,787,668
Capital surplus.-. 5,389,238
Earned surplus.-- 6,268,856
1
rights
good-will, &c
proposed by the company.
The action
necessitated
by the refusal of the Securities and Exchange
Commission to permit the registration statement previously filed to become
was
effective until such time
as
it had been
satisfactorily amended.
The issuance of 102,000 additional class A shares is provided for.
The
presently outstanding 2,000 class B shares would be exchanged for 40.000
of the A shares on a 20-for-l basis.
Proceeds from sale of the additional shares is to be used to increase work¬
ing capital and |or other corporate purposes.—V. 143,
p.
271.
1936
Interest
Div.
on
on
_
bonds of subsidiary company
preferred stock of subsidiary company
Profit before
providing
for interest
notes and income taxes 1
•
to
x
on
1935
$468,775
215,244
27,712
9,750
$479,518
x$216,069
$285,508
178,410
5,850
9,750
The provision for interest on income notes and income taxes amounts
approximately $63,000.—V. 142, p. 2995.
Total
Represented by 665,054 shares of no par value.
$16,540,227 in 1936 and $15,697,99o in 1935.
x
59,009,084 59,470,751
y
After deprecition of
Note—By action of the boards of directors of the companies concerned,
cash in the amount of $11,024,725 has been set apart in special funds to
provide for the discharge of all liabilities arising out of processing
imposed under the Agricultural Adjustment Act, recovered or not
taxes
paid.
Agricultural Adjustment Act, both the amount of the cash and provision
for such liabilities are excluded from the company's balance sheet.
To Increase Directorate—
The stockholders at their annual meeting Aug. 11 will vote on increasing
the number of directors from 17 to 18.—V. 142, p. 3851.
General Motors Acceptance Corp. —Files
income
—
59,009,084 59,470,751
This amount is deemed to be sufficient for the discharge of any such liabili¬
ties.
Because of the unusual situation ariging out of the invalidation of the
(Robert) Gair Co., Inc. (& Subs.)—Earnings—
3 Months Ended June 30—•
Profit for the period
Provision for depreciation
Total
Issue $100,000,000 of
The corporation on
mission
a
with SEC—To
Securities—
July 28 filed with the Securities and Exchange Com¬
registration statement (No. 2-2363, Form A-2) under the Securi-
Volume
Financial
143
Chronicle
757
ties Act of 1933
covering $50,000,000 of 10-year 3% debentures, series due
1946, and $50,000,000 of 15-year 3>£% debentures, series due 1951.
According to the registration statement, the company contemplates
applying the entire net proceeds from the sale of the debentures to retire
outstanding short-term notes either by payment at maturity or by re¬
purchase in advance of maturity and if, and to the extent, made advisable
by current demand of the business, to purchase receivables in the ordinary
course of wholesale and retail
financing or to make advances to subsidiaries
or
the option of the company as a
from time to time in part in amounts of not less than
$5,000,000
date prior to maturity after 60 days' notice at 102% if redeemed on
or before Aug. 1,
1938, and with successive reductions from the redemption
price of
during each successive two-year period thereafter, to and
including Aug. 1, 1944, in each case with accrued interest.
No premium
will be paid if the debentures are redeemed
after Aug. 1, 1944.
The 3 M % debentures are redeemable at
the option of the company as a
on
any
whole
from time to time in part in amounts of not less than
$5,000,000
on any date prior to
maturity after 60-days' notice at 103% if redeemed on
or before
Aug. 1, 1938, and with successive reductions in the redemption
price of
during each successive two-year period thereafter, to and
or
including Aug. 1, 1948, in each
with accrued interest.
No premium
redeemed after Aug. 1, 1948.
case
will be paid if the debentures are
The price to the public, the names of the
underwriters, and the under¬
writing discounts or commissions are to be furnished
by amendment to the
registration statement.—V.
General
Motors
143, p.
587.
1936
&C.-.11 990.314
12,096,335
393,588
1,430,718
Cash
27,122
17.740
1 163,973
2
048,878
789,315
1,766,843
594
411
_
Accrued int.
rec__
Marketable securi¬
ties, at cost
Accrued int. on lnv.
243,939
west
in
rec. &
from
$3.17 per share on the average common shares
outstanding during this
period.
This compares with earnings of $1.85
per share for the six months
ended June 30, 1935.
"Net earnings
applicable to the common stock for the 12 months ended
June 30, 1936 were equivalent to $5.01
per share on the
average common
shares outstanding during this period.
"Net earnings available for
dividends, including equities in the un¬
divided profits or losses of
subsidiary and affiliated companies not con¬
solidated, for the second quarter ended June 30,1936 amounted to $88,108,•
34,390
bonds
due Mar. 1,1938
3,914,000
1st mtge.
4>£% s. f.
bonds, due July
1, 1945.
2,850,000
Capital stock...11,638,930 11,590,765
Capital surplus...
607,379
Earned surplus... 2,006,753
942,129
12,930
98,989
banks
189,067
183,834
14,835
141,604
206,650
12,238
Repair parts, <fcc._
14,837
17,083
120,543
in
Total
quarter
inc.
3,958
res.
hands of receivers
ended June
6,898
87,947
5-yr. 6% 1st mtge.
officers
and employees
Deferred accounts
Patents
in
Res. for Fed.inc.tax
$
306,958
240,006
25,500
y
accrd.
interest
Accts. rec. less
Due
800,000
North¬
247,540
em pi. pen.
Res.for empl.group
accident insur..
28,391
Magnesite
Co
Notes
95
31ofl35
Res. for
166,212
84
28,210
Investments
Invest,
Accounts payableAccrued accounts.
cum.
800,000
Other
1935
Liabilities—
$
Notes receivable.
Accts. receivable..
Corp.—Earnings—
30. 1936 were equivalent to $2 per share on the
average common
shares outstanding during this
quarter.
This compares with earnings of
$1.17 per share for the second quarter of 1935.
For the six months ended
June 30, 1936, net
earnings applicable to the common stock amounted to
net
1935
$
bldgs.,
machry.,
Cash
Alfred P. Sloan Jr., President, announced
July 27 the following:.
"Net earnings applicable to the common
stock for the second
372, compared with
1936
Assess—
Real est.,
x
Inventories
for such purchases.
The 3 % debentures are redeemable at
whole
Balance Sheet June 30
I
Total
17,148,204 17,661,127
After depreciation and depletion of $3,460,568 in 1936
($3,048,697 in
y Represented by 454,281 no par shares in 1936
(443,121 in 1935).
—V 142, p. 4340.
17,148,204 17,661,127
x
1935).
Georgia & Florida RR.—Earnings—
Per. End. June 3J—
Railway
1936—Month—193 5
$96,427
$104,908
3,338
15,087
def6,335
7,529
oper. revenue._
1936—6 Mos.—1935
1,397
931
998
Non-operating income.
$528,606
3,276
def43,459
8,023
def$4,938
Net rev. from ry. opers.
Net ry. oper. income
$8,461
1,061
def$35,436
5,754
def$4,624
6,369
def$5,936
$7,399
def$41,190
def$10,994
_
Gross income
Deductions
$522,577
22,640
defll,818
7,193
earnings of $52,219,467 for the second quarter of
1935.
After deducting dividends of
$2,294,555 on the preferred stock,
there remains $85,813,817,
being the amount earned on the common shares
outstanding, which compares with earnings on the common stock of
$49,924,912 for the second quarter of 1935.
"For the first six months of
1936, net earnings available for dividends
amounted to $140,572,546,
compared with net earnings of $83,729,838 for
the first six months of 1935.
After deducting dividends of
$4,589,110 on
the preferred stock, there remains
$135,983,436, being the amount earned
on the common shares
outstanding, which compares with earnings on the
common stock of
$79,140,728 for the first six months of 1935.
"Net earnings available for dividends
for the twelve months
ended
June 30, 1936 amounted to
$224,069,218.
After deducting dividends of
$9,178,220 on the preferred stock, there remains
$214,890,998, being the
amount earned on the common shares
outstanding during this period.
Surplus applic. to int.
.
Georgia & Florida RR.—Earnings
—Third Week of July—
1936
1935
Period—
Gross earnings
—-V.
-
$16,450
—Jan. 1 to July 21
1936
$16,450
Georgia
Home
Insurance
Co.
1935
$586,255
143, p. 588.
$577,228
(Columbus,
Ga.)—
Extra Dividend—
The directors
have declared
extra dividend
of 10 cents per share in
addition to the regular semi-annual dividend of 50 cents
per share on the
an
capital stock, par $10, both payable Aug.
1 to holders of record July 24.
"No provision has been made for the
Federal surtax omposed by the
Revenue Act of 1936 on any undistributed
profits accruing after Jan. 1,
—V. 140, p. 2356.
"Cash, United States Government and other marketable securities
June 30, 1936 amounted to
$306,635,814, compared with $229,858,180
June 30, 1935 and $199,435,663 at Dec.
31, 1935.
Net working capital
June 30, 1936 amounted to
$388,890,622, compared with $340,667,357
June 30. 1935 and
$319,961,219 at Dec. 31, 1935.
[A subsidiary of Commonwealth & Southern Corp.]
1936—Month—1935
1936—12 Mos.—1935
$2,122,968
$1,906,537 $24,870,662 $22,659,541
Oper. exps. & taxes
1,102,728
932,794
12,334,216
10,926,655
Prov. for retire, reserve.
133,750
125,000
1,552,500
1,335,000
Int. & other fixed chgs.
508,496
508,773
6,301,017
6,141,661
Dividends on pref. stock
245,870
245,873
2,950,437
2,950,486
Georgia Power Co.—Earnings—
1936.
at
at
at
at
"Net sales of General Motors
Corp., excluding inter-divisional transac¬
tions, for the second quarter ended June 30, 1936 amounted to
$466,114,437,
compared with $343,209,087 for the second
quarter of last year.
Net sales
for the six months ended June
30, 1936 amounted to $807,420,502, com¬
pared with $594,883,990 for the
corresoonding period of 1935.
"Net sales of General Motors
Corp., excluding inter-divisional trans¬
actions, for the twelve months ended June 30, 1936 amounted to
"A detailed
statement, including balance sheet and income account, as
as a comparison of unit
sales, and other comments, will be issued to
stockholders
at an
early date."—V. 143,
429.
p.
on
July 20 approved the capital readjustment plan
outlined in last week's
"Chronicle."—V. 143, p. 587. 110.
General Printing Ink Corp.
(&
Period End. June 30—
Operating profit
Total income.
Other deductions
as
Netprofit—.
Net from railway
$521,757
66,355
Gross
$288,499
41,906
36,000
$768,197
$588,112
Net from railway—
Net after rents
99,050
103,921
73,282
$210,592
$565,224
$426,580
183,990
$0.86
183,990
183,990
$1.75
$273,669
—...
stock
"
out¬
standing (no par)
Earnings per share..
V. 142, p. 3851.
183,990
$1.21
__
$2.51
„
General Public Utilities, Inc.
(&
Period End. June 3Q—
Gross oper. revenues.._
expenses
Net oper. income____
$166,687
8,024
Non-operating income._
Total
$174,711
Exps. & taxes of G. P. U.
Inc. (excl, oper.
divs.)
Charges of sub. cos
Int. on funded debt
Divs. on G. P. U.,
Inc.,
1936—12 Mos.—1935
$4,767,148
$4,527,941
3,025,142
2,868,467
$136,684
$1,732,005
44,708
$1,776,714
2,603
36,^U4
72,651
$1,693,623
65,072
418,512
870,934
3,242
3,242
38,910
$59,023
$26,645
29,971
468,623
875,146
$383,284
39,810
com.
stock and surplus..
—V. 143, p. 272.
5^280.971
directors
have declared
a
dividend
of
25
cents
stock, par $20, payable Aug. 20 to holders
An initial dividend of like amount
was paid on April 20
on
the
of record
Aug. 4.
last.—V. 143, p. 429.
General Refractories
3 Mos. End.
June 30, '36
Period—
Net sales
Gross profit
$2,334,878
1,802,204
$8,645,406
6,815,750
1029,655
72,107
...
.
194,995
$604,781
$2,024,651.
360,801
sources
Profit before allowances for
deprec., depletion,
taxes, interest, &c
Depreciation
Depletion
Corporate and property taxes.
_
.
Bond discount and expense amortized
Interest other than on funded debt
Interest
on
funded debt..
Federal and Penn. income taxes
No deduction has been made to
33,750
38,844
30,153
146.299
20,798
,
1,958
53 256
cover
_
140,218
183,701
167,695
$312,784
(est.)
Net profit
x
profits.
33,454
10.611
367
_
Extraordinary items
x
.
$973,025
estimated surtax
on
1935
1934
1933
$181,915
34,165
12,636
defl2,349
1,145,235
151,875
946,001
93,933
9,781
97o,981
836,345
116.757
69,380
145,092
19,184
Golden
$141.065
$144,477
10,290
def 10.762
def 1,346
16,724
Cycle Corp.—Extra Dividend—
The directors have declared an extra dividend of 60 cents
per share in
addition to a regular quarterly dividend of 40 cents per share on the
capital
stock, par $10, both payable Sept. 10 to the holders of record Aug. 31.
Extras of $1.60 per share were paid in each of the four
preceding quarters,
and extra dividends of 60 cent per share were distributed on June
10 and
March 10, 1935, and on Dec. 10, 1934—V. 142, p. 2996.
Gotham Silk
Hosiery Co., Inc. (& Subs.)—Earning
6 Mos. End. June 30—
Consul,
profit after
deprec. and interest._
Earn, per sh. on 27,204
shs. pref. stock
Earns, per share on com¬
mon
1936
1935
1934
1933
net
stock
$150,999
$92,774
$3.50
$3.41
-a$203,091 —z$207,922
$0.14
Nil
Nil
j
Nil
x After all charges,
including depreciation, interest on funded debt and
non-recurring charge-offs of $o8,312.
a After all charges including write¬
down ($91,000) of silk inventories to market at June
30, 1934.—V. 142,
p. 4180.
i.
•
The company has notified the New York Stock
Exchange that the offering
the close of business on July 14,
to holders of common stock of record at
of the
extent
right to subscribe at $3
of
one
share for
per
each
undistr buted
share for
four
Aug. 12, to Aug. 22.1936—V. 143,
shares
p.
common
stock ($1 par), to the
extended from
held, has been
588.
Films, Inc.—Stock Sold—
Edward L. Alperson, President, has announced that of the
400,000 shares
new stock offered to
stockholders, 384,296 shares or 96%, have
een
sucscribed for and that Robinson, Miller & Co., on behalf of the under¬
of
writing group, state that the unsubscribed stock amounting to 15,704 shares
will be withdrawn for private investment.
Consequently, no stock will be
offered to the public.—V. 143, p. 430.
Grand Trunk Western
114,977
6,736
_
_
1,481,112
223,079
234,613
$171,199
13,393
def 12,528
Grand National
12 Mos.End
June 30,'36
$532,673
Cost of sales and expenses of
operations
Other income from various
1,565,461
212,162
215,523
—V. 143. p.111.
Co.—Earnings—
*
.
1,550,634
235,131
264,710
Graham-Paige Motors Corp.—Rights Extended—
share
per
railway
Net from railway
Net after rents
General Telephone
Corp.—25-Cent Dividend—-
common
1933
$251,316
35,487
41,886
1936
from
From Jan. 1—
Gross from railway
24,139
$141,437
1934
$23j,799
17,257
17,608
June—
$1,669,483
4,752
5,733
34,385
72,327
$5 pref. stock
Balance avail, for
Subs.)—Earnings—
1936—Month—1935
$433,4^4
$382,432
266,737
246.747
1935
$276,987
54,882
55,431
Georgia Southern & Florida Ry.— Earnings-
51,140
88.250
$1,305,738
56,383
$373,935
49,737
50,527
..
$1,732,490
1,734,681
263,220
278,895
40,271
1
The
1936
$313,048
56,755
Net after rents.
—V. 143, p. 111.
1936—6 Mos.—1935
$717,057
$94,094
Georgia RR.—EarningsJune—
Gross from railway
Net from railway
From. Jan. 1—
Gross from railway
Subs.)—Earnings—
1936—3 Mos.—1935
$343,204
$248,228
Federal taxes.
com.
$132,123
30,731
Other income
Operating
Balance
Net after rents
General Paint
Corp.—Readjustment Plan Voted—
The stockholders
revenue
—V. 142, p. 4179.
$1,368,-
178,0£3.
well
Shares
Period End. June 30—•
Gross
June—
_
.—
Net after rents
From Jan. 1 —
Gross from railway.
Net from railway
Net
RR.—Earnings.—
1936
Gross from railway.
Net from railway
after rents
-
...
.—
1935
1934
1 Q33
$2,116,265
571,808
382.505
$1,763,134
351.409
$1,608,980
300.977
119.419
$1,485,505
235,496
12,303,768
3,235,819
2,215,521
10,214,916
9,445.823
1.868,702
686,380
7,385.424
206,203
2.040.258
1,126.840
—V. 143. p, 272.
Grand Union Co.—Smaller
The directors have declared
accumulations
on
the $3
a
cum.
87.562
622.950
def461,639
Preferred Dividend—
dividend of 25 cents per share on account of
conv.
pref. stock,
no
par
value, payable
Financial
758
A similar payment was made on
of 37M cents per share had been distributed in
quarters and prior to then regular quarterly
dividends of 75 cents per share were paid.
Accumulations after the payment of the current dividend will amount to
$2.87y3 per share.—V. 143, p. 588.
—V.
Div.—
share in
after rents
Net from railway
.
$6,503,543
1,718,228
1,102,137
$5,498,817
2,329,248
1,601,504
5,788,086
3,175,721
24,731,858
5,755,162
1,456,518
& Western RR.- -Earnings.
def 1,625
$97,218
12,274
defl 1,759
220
689,333
144,039
74,393
15,558
after rents
1933
$99,436
15,643
def7,980
$140,946
36,381
$83,229
529,743
21,477
def21,728
513,110
55,936
9,820
From Jan. 1—
Gross from railway
Net from railway
Net after rents
■».
780,207
186,057
87,101
—V. 143, p. 112.
RR.—Earnings.—
Gulf Mobile & Northern
110,428
after rents
55,133
$476,495
165,982
94,937
2,686,509
805,945
307,489
2,686,509
805,945
307,489
$459,031
137,405
$490,465
158,271
79,137
$575,290
230,120
1933
1934
1935
1936
...
Gross from railway
Net from railway
From Jan. 1—
2,804,025
857,179
404,186
3,433,857
1,223,446
Gross from railway
Net from railway
Net after rents
-
578,785
?
—V. 143, p. 112.
Gulf & Ship
136,311
697,100
2,229.900
1,500,000
1,923,700
690,800
Common
stock
2,229,900
1,500,000
2,391,241
Surplus
Total
$7,137,844 $6,568,557
3172.
dividend of 40 cents per share on the com¬
par value, payable Oct. 1 to holders of record Sept. 15.
with 25 cents paid on Aril 1 last, this latter being the first
payment made on the common stock since April 1,1932, when a semi-annual
dividend of 25 cents was paid.
A like payment was made on Oct. 1, 1931,
as against 40 cents paid on April 1,1931, and 50 cents on Oct. 1 and April 1,
1930—V. 142, p. 1122.
mon
stock,
no
This compares
Corp.—Stock Offered—Charles E. Doyle & Co.,
offered 78,200 shares ($1 par) com¬
stock at $2.50 per share.
Hostetter
def28,032
$85,565
10,167
defl5,790
$96,355
31,084
5,555
719,922
112,192
def36,382
Gross from railway
Net from railway
Netafterrents
formula originated by Dr. Jacob Hostetter, a
642.523
88,750
def50,263
613,105
111,062
def46,167
company never
had an unprofitable year and paid dividends every year
During this period the capitalization of the old company was
$90,000 while the net earnings for the entire 31-year period averaged over
$100,000 per year.
Transfer agent, First National Bank, at Pittsburgh.
Registrar, Mellon
National Bank, Pittsburgh, Pa.
The board of directors consists of: Saunders Norvel, (Pres.); William H.
except one.
def71,533
Authorized
Outstanding
-.*300,000 shs. 235,000 shs.
549,698
105,657
Capitalstock ($1 par)
*
Of the 65,000 shares of authorized stock not outstanding 25,000 shares
will be held in the treasury and 40,000 shares will be under option to the
underwriters upon completion of this financing, to be used for further
corporate expansion.
Honolulu Rapid Transit Co.,
Gross
Co.—Listing Approved—
141,550
$486,225
54,848
48,611
328,912
300.550
$157,798
$458,348
Net rev. from transp.
$25,635
$26,792
$157,313
Rev. other than transp.
2,490
2,398
15.894
14,053
Net rev. from opers..
Hancock Oil Co. of California—Extra Dividends—
$28,125
$29,190
18,364
$173,207
115,417
$171,852
,$10,805
$57,790
$63,079
19,244
Deductions
declared extra dividends of 12 H cents per share in
cl. A
stocks, no par value, all payable Sept. 1 to holders of record
Aug. 15—V. 142, p. 2997.
The directors have
addition to the regular quarterly dividends of 25 cents per share on the
common
Net revenue
'—V. 142,
p.
$8,881'
4342.
Hudson Motor Car Co.
on the
$2 cum. conv. preferred stock no par value pay¬
1 to holders of record Aug. 15. This compares with $1 paid on
1, last, 50 cents paid on June 1, last, and $2.25 per share paid on
March 2 last, this latter being the first disbursement made since Dec. 1,
1931, when 25 cents per share was paid; similar payments were made in the
two preceding quarters and prior thereto regular quarterly dividends of
50 cents per share were paid.—V. 142, p. 4022.
accumulations
(& Subs.)- -Earnings—
1936—6 Mos.
1936—3 Mos.—1935
-1935
Net profit after deprec.
x
dividend of 50 cents per share on account of
108,772
.
Period End. June 30—
Hart-Carter Co.-—Accumulated Dividend-—
a
$75,403
Operating expenses.
The New York Curb Exchange has approved the listing of
outstanding shares of common stock, $5 par.—V. 142, p. 2668.
1936—6 Mos.—1935
$80,483
from transp.
rev.
Ltd.—Earnings-
1936—Month—1935
Period End. June 30—
—V. 143, p. 112.
The directors have declared
physician of Lancaster, Pa.,
bitters in private practice.
Advertising expenditures of the predecessor Hostetter companies totaled
over $4,425,000 in the period from 1889 to 1920, and the present Hostetter
Corp. announces that of the net proceeds from the sale of this issue, which
will total $150,562, $90,000 will bedevoted to an advertising program. The
balance of the net proceeds will be devoted to raw materials, plant equip¬
ment, machinery improvements, organization expenses, working capital, &c.
The company has no bonds or preferred stock.
From 1889 to 1920 the
who used the
Capitalization—
$101,234
20,006
def3,528
$92,707
def2,771
Gross from railway
Net from railway
Netafterrents
From Jan. 1 —
mark, which, more than any other type of advertising, has served to
advertise the proprietary and pharmacuetical preparations based upon the
1933
1934
1935
1936
The present corporation was formed in 1934 to carry on the business
identified for generations by the famous "St. George and Dragon" trade
Ingersoll, (Vice-Pres.); Carl F. G. Meyer; Arthur B. Adams, (Vice-Pres.);
William B. Wylie, (Sec.-Treas.).
Island RR.—Earnings.—
June—
and B
$81,546
158,182
taxes, &c
1st pref. stock
2nd pref. stock...
$7,137,844 $6,568,557
Total
—V. 142, p.
mon
1934
1935
1936
June—
Gross from railway
Net from railway...
Haloid
1935
$167,721
New York, on July 29
Green Bay
Net
payable.
rolls
pay
Holophane Co., Incji—40-Cent Dividend— M*"/
143, p. 112.
June—
1,607,862
1,006
3,679,605
Accrued
The directors have declared a
1,839,460
6,809,260
—
Accts. receivable..
Aug. 7.
1, 1931.
1933
32,090,646" 29,801,671
9,777,934
7,138,616
36,886,929
10,535,592
Accounts
107,202
2,448,983
2,570,998
...
Netafterrents
Net
1
103,804
1934
1935
1935
,307,768
$6,307,768
1936
$8,302,690
3,388,133
From Jan. 1—
Gross from rail way
—V.
1
Deferred charges..
Cash
Ry.—Earnings.—
«:
Gross from railway
Net from railway
Net
Pat'ts & goodwill.
'
Great Northern
$252,346
805,386
115,148
$423,554
1,007,654
Notes receivable-_
175,531
Inventories
1,807,394
Mlscell. investm'fcs
15,835
Plants & equlpm'c 3,604,071
142, p. 4341.
June—
1936
Liabilities—
1935
1936
Assets—
common
Great Atlantic & Pacific Tea Co.— Usual Extra
dividend of 25 cents per
dividend of $1.50 per share on the
stock, no par value, both payable Sept. 1 to holders of record
Like amounts have been payable each quarter since and incl. Sept.
The directors have declared an extra
addition to the usual quarterly
1936
Comparative Consolidated Balance Sheet June 30
1 to holders of record Aug. 10.
Sept.
June 1, last, while dividends
each of the five preceding
Aug. 1,
Chronicle
,
$1,551,978
and other charges
y$325,367
Before provision for Federal income taxes,
x
$2,144,805
y
y $506,977
Depreciation for second
able Sept.
quarter of 1935 amounted to $450,476, and for first six months of 1935 was
July
$915,227.
The earnings for the six months ended June 30, 1936 are the largest for
any half-year period since the first six months of 1930.
Likewise, the net
profit for the second quarter is the best showing for any quarter since the
first three months of 1930.
M
Commenting on the results of operation, A. E. Barit, President of the
company, attributed the substantial improvement in earnings to a consis¬
tent increase in operating efficiency as sales and shipments gained momen¬
tum in the second quarter.
Shipments for this period totaled 38,850 units
as compared with 28,764 units in the first quarter and 28,509 units in the
corresponding period last year.
This brought shipments for the first six
months of this year to 67,614 units, compared with 55,686 for the first half
Hayes Body Corp.—To Make Auto Trailer—
The company has developed a steel frame house
in production at its Grand Rapids plant early this
trailer which will be put
fall.
Company is the first directly connected with the automobile industry
to announce entry into the rapidly growing house trailer field although a
number of motor companies are known to be investigating the potential
market.
'
»
The Hayes design differs from most trailers now on the-market in that
chassis, body frames, and part of the sides will be of steel. Most trailer
manufacturers at present use wood or wood reinforced with steel.
It is
understood that weight and manufacturing costs of the Hayes trailer are
about the same as thpse of wood.
The Hayes trailer will be marketed through automobile dealers. The new
operations may necessitate reopening company's Ionia plant which has been
shut down for a number of years.—V. 142, p. 3172.
1936—3
x$840,517 x$l,074,540 x$2,398,392 x$2,900,043
87,922
92,748
157,842
182,546
Operating profit
Other income...
$928,439
145,263
121,041
Net income
Convertible pref.
$2,556,234
$662,135
Federal taxes.
$1,167,288
124,244
127,488
339,309
336,104
$915,557
$1,880,822
253,844
253,844
526,312
divs..
Common dividends.
526,312
507.688
1,052,624
change in the amount of notes outstanding as reported
The first maturity of $250,000 on Aug.l,
$3,082,589
292,127
368,338
$2,422,127
507,688
1.052,624
California
Earnings
x
per share
$118,021 sur$135,401 sur$320,510 sur$861,816
701,749
701,749
701,749
701,749
$0.58
$0.94
$1.95
$2.37
After deducting shipping expense and selling and general administrative
expenses.
1936
Assets—
1935
$
1935
$
Liabilities—
Land,
bldgs., ma¬
chinery, &c
21,389,458 19,929,313
Cash
732,135
366,912
Accts. receivable.. 1,160,230
980,453
Inventories
10,537,636
8,219,724
Deferred charges..
393,505
360,329
.
"•
271,351
271,351
b Common stock.
728,649
728,649
Accts. & wages pay 2,176,472
723,563
Notes & loans pay. 1,500,000
Accrd. Fed. taxes. 1,289,148
1,218~457
Accrued divs
780,156
780,156
Deprec'n reserve..10,159,371 10,756,434
Surplus at organiz. 3,297,212
2,820,829
Earned surplus...16,528,915 15,075,601
a
c
Conv.
pref. stk.
Treas. stk
zation.
and
34,212,965 29,856,7321
Dr2,518,310 Dt2,518,310
Total
34,212,965 29,856,732
Represented by 271,35F4io par shares,
b Represented by 728,649
no par shares, c 17,507 shares preference stock and 26,900 shares of common
stock both at cost.—V. 142, p. 3172.
a
Heyden Chemical Corp.—25-Cent Extra Dividend—
The
directors
have
declared
an
extra
dividend
of
25
cents
exchange for the present class B stock with the new common.
V. 141, p. 3692
v
Illinois Central
per
share
Heywood-Wakefield Co.—Earnings—
6 Mos. End. June 30—
1936
1935
loss$53,129
RR.—Earnings of System—
June^~
1936
Gross from
Net from
railway
railway
1933
$7,947,050
2,927,088
2,211,786
1934
1935
$7,526,966
1,784,986
$8,941,454
2,065,295
953,266
$7,902,858
1,584,744
945,450
959,907
53,667,644
12,078,107
5.942,203
^
From Jan. 1—
Gross from railway
Net from railway.
46,883,759
9,474,505
5,151,396
44,181,598
11,391,547
6,507,477
40,726,954
11,523,177
"6.645,273
'
1934
$6,517,945
1,487,623
832,326
$6,852,203
2,436,900
1,929,452
38,619,906
35,342,320
9,940,611
6,190,936
9,806,574
6,268,926
.
Netafterrents.
June—
1936
Gross from railway....- .$7,702,571
Net from railway......
1,667,662
Net after rents
773,612
From Jan. 1—
Gross from railway
46,854,976
Net from railway
Netafterrents.
.
10,160,384
5,276,905
Imco
page
1934
1933
41,298,346
8,367,687
5,146,651
1933
Participating
Co.,
Ltd.—Exchange
Offer—See
781.
Rayon Corp. (& Subs.)-
6 Mos. End. June 30—
Profit from operation
Allowance for deprec'n.
1936
Prov. for contingencies.
Interest charges.
S.
1933
$1,122,388
310,664
75,703
76,000
52,000
164,500
27,140
95,200
$260,212
$1,079,342
502,000
$686,242
222,150
15,000
,
3 J43
deductions
of U.
1934
$1,603,597
331,754
28,000
$724,828
321,912
95,491
_
Adjust,
-Earning
1935
$950,223
311,656
10,000
Govt.
securities to par
Prov. for Fed. inc. tax..
$457,076*
xNet profit
Dividends paid
509,460
Balance, deficit.
loss$59,099 loss$386,696
1935
$6,896,046
1,344,600
887,802
—V. 143, p. 589.
Other
in addition to the regular quarterly dividend of like amount on the common
stock, par $10, both payable Sept. 1 to holders of record Aug. 20.
Similar
extras were paid on Dec. 2 and Jan. 2, 1935.
An extra dividend of 10
cents was paid on March 1, 1934.—V. 142, p. 3510.
Net profit after all chgs.
x$298,028
x Before
Federal income taxes.
has authorized the com¬
This will permit distribution of one new preferred share and one
share for each old class share with accumulation of $10 a share
even
Industrial
Total
of Corporations
Earnings of Company only.
Consolidated Balance Sheet June 30
1936
Co.—Additional Stock Authorized—
Commissioner
pany to issue 90,565 shares of $10 par 6% preferred stock and 150,565 shares
of $10 par value common in connection with the company's plan for reorgani¬
Netafterrents....
Deficit
Shs. coin.stk.out.(no par)
working capital position of the
company was reported by IV r. Barit.
As of June 30, 1936 current assets,
including cash of $14,830,903, totaled $20,092,244, against current liabili¬
ties of $5,775,277, indicating working capital of $14,316,967.—V. 143,
p. 274.
common
Gross income
Cash discount, &c
no
1936 will be paid when due.
Continued improvement in the cash and
The
1936—6 Mos.—-1935
los.—1935
There has been
in the last annual statement.
Hunt Bros. Packing
Hershey Chocolate Corp. (& Subs.)—Earnings—
Per. End. June30—
of 1935.
$52,384
Shs.com.stk.out.(nopar)
Earnings per share
x
Subject to adjust,
upon
606,500
$0.75•
504,000
$243,788 sur$577,342 sur$464,092
599,256
556,128
199,939
$0.43
$1.80
$3.43
detail audit as of end of fiscal year.
Volume
143
Financial
Chronicle
Consolidated Balance Sheet June 30
1936
1935
$
$
Assets—
Cash
1,629,900
1,800,000
3,494,878
Ctfs. of deposit— 1,000,000
U. S. Govt,
secur,
Commercial
paper
Accr'd int.
1936
1,233,005
x Capital stock
Accounts payable.
Accrued payrolls..
980,000
2,990,231
2,000,000
receiv_
2,271
657,498
47,250
Officers accts. rec.
1,487
12,978
Dep. in closed bks.
val.
surr.
'4
com.
856
19,280
America
Prov.
Corp.
for
of
6,923
7,121
18,538
254,730
80,504
Inland Steel Co.
252,000
2,459
A
for
malnt.
plants,
71,607
Profit & loss surpl. 5,835,799
Paid-in surplus... 2,360,793
Nat'l
City Bank
24,990
Plant and equip. 6,667,671
Good-will,
patent
y
rights, Ac
108,196
6,044,383
2,252,459
Interest
Estimated Federal tax.--*
Net profit-Shs. com. stk.
1
34,018
55,740
Earnings
Total
17,292,706 17,330,663
Total
17,292,706 17,330,663
Represented by 606,500 shares of no par value in 1936 and
599,256 in
y After depreciation of $4,379,927 in
1936 and $3,800,598 in 1935.
—V.
142, p. 2669.
1936
101,757
$405,274
139,994
84,793
2,919,285
1,060,118
743,969
2,475,514
742,194
2,434,912
2,171,519
Net after rents
Indiana Associated
Period End. June 30—
lease
of
1936—6 Mos
•1935
$593,161
$551,695
$94,921
99
117
609
50,530
315,223
307,001
oper¬
ating property
50
50
Operating taxes.
457
300
12,799
12,125
75,480
72,771
$35,829
$32,099
$201,392
$170,940
Net operating income.
—V. 143, p. 274.
Murray Jr., receiver, in his monthly report states in
part:
Traffic—The Subway division during the month of June carried
65,118,239 passengers, an increase of 2,385,034 or
3.80% ss compared with June,
All lines on the division showed increased
1935.
traffic over the correspond¬
ing month of last year, ranging from 2.08% on the Lenox
Ave. & White
Plains Koad Line to 8.05% on the Pelham
Bay Park Line.
The traffic actually increased at a rate of
about 1% during the month.
A study of station receipts brings out an
interesting point. - The reduction
in fare on the steam railroads has
apparently changed the riding habits
of many passengers on the
Interborough system.
Receipts at outlying
stations to which passengers were accustomed
to
capital stock.—V. 142, p. 4342.
International Great Northern
RR.—Earnings.—
June—
Gross from railway
1936
defl5,461
def31,021
5,787,032
854,095
def29,937
5,694,718
1,040,326
279,016
—
Net after rents
—V. 143. p. 113.
drive in automobiles or
declined, whereas the receipts at Grand
Central Station increased
8%.
Undoubtedly some of the increase at Grand Central Station is
traffic developed as the result of the
reduction in railroad fares.
The Manhattan division
during June carried 17,979,651
passengers, an
increase of 319,498 or 1.81% as compared with
June, 1935.
The number of passengers carried on the
entire system
during June was
increase of 2.704,532
Subway
3.36%
or
Division
as
compared with June, 1935.
Operations
Period End. June 30—
1936—Month—1935
1936—12 Mos.—1935
Gross oper. revenue
$3,586,369
$3,483,193 $44,600,022 $43,858,527
expenses
2,087,757
2.113,474
Operating
25,677,685
$1,498,612
156,815
25,679506
per
share
to
218,708
$1,232,022 $17,087,283 $16,770,373
218.707
2,624,491
2.624,491
Balance
Used
for
$1,123,090
30 cents per share were paid in each of the
three preceding
quarters and compare with 15 cents paid each
three months from April
15,
1933 to and including Oct.
15, 1935.
The company paid dividends of
30
cents per share on Jan.
16, 1933 and on Oct. 15, 1932; 45 cents on
July 15,
1932 and April 15, 1932, and
62^ cents per share each three months from
Jan. 15. 1929 to and
including Jan. 16, 1932.—V.
142, p. 3679.
International Ry. Co.,
Period End. June 30—
-
Other revenueTotal
1936—3 Mos.—1935
$1,551,714
$1,399,743
33,777
27,489
16,899
18,853
1936—6 Mos.—1935
$3,107,416
$2,805,684
69,353
57.647
30,412
35,151
$1,446,086
175.430
103,382
340,908
$3,207 182
417,387
247.517
204,311
118,710
246,662
7.023
13,705
408.339
274 850
496,826
25.426
28.243
256,007
544.176
103,238
Conducting
transp'n—
General and miscell
Rentals, tran. taxes, &c_
Amortiz. of discount.--
422,358
204.415
136,562
248,227
9,131
14,206
Depreciation
272,786
Taxes...-
-
Interest
Net income
—V. 142, p. 3173.
—1-
Balance—City & co__ $1,154,410
to
city under
$8,182
Cr52,508
Cr75,213
$1,065,823 $14,538,006 $14,317,839
1936—Month—1935
$371,546
233,845
1936—6 Mos.—1935
$2,996,615
$2,632,186
1,458,327
1,394,524
Inc.applic.to fixed chgs
$139,608
$137,701
$1,538,288
revenues..
868,911
Net inc. from oper...
$1,065,823 $14,538,006 $14,317,839
582,501
10.408,305
9,992,544
$285,498
4.636
Balance-
$483,321
7,084
$4,129,700
25,586
Period End. June 30—
Gross profit
and branch office
1936—3 Mos—1935
$490,406
$4,155,287
$4,349,664
24.369
Manhattan Division Operations
Period End. June 30—
Gross oper. revenue-.-.
Operating
Net oper. revenue
Deduct—
1936—12 Mos.—1935
$974,196 $11,853,055 $11,924,096
882,647
10,471,071
10,328,633
$950,407
841,093
of
jointly
$109,314
$91,549
$1,381,984
$4,967
-3,902
3,505
6,440
$4,838
3,858
3,449
6,471
$59,033
$56,945
46.580
41,705
78,439
"46,494
37,609
81,963
$18,815
Rental
$18,616
$225,757
$223,010
$90,500
$72,934
$1,156,227
$1,372,453
$1,595,463
oper¬
ated lines.
Queensboro Line
Lexington Ave. Line
White Plains Kd. Line
Other rent items—
Bal. of net oper. rev
—VP 143, p.
590.
International Business Machines
Corp.—Earnings—
[Including earnings of foreign subsidiaries]
Period End. June 30—
Net
income
after
all
1936—3 Mos.—1935
charges and taxes
x$l,942,080
Shs cap. stock (no par)738,934
Earnings per share
$2.62
$1,776,201
717,412
$2.47
'
1936—6 Mos.—1935
$3,832,001
$3,548,115
738,934
$5.18
717,412
$4.94
Net before Federal taxes was
$2,289,080 for second quarter of 1936 an<
compares with $2,030,701 for same period of
1935.
/
The earnings for the six months ended
June 30, 1936 were the
largest six
months' earnings in the
history of the corporation, as were also the
earnings
for the three months ended June
30, 1936 for any quarter in the
company's
history.
x
/
The earnings reported above include those
of the company's
foreign sub¬
sidiaries, of which $376,555 was in countries where
exchange is at present
blocked by governmental restrictions.
1935
were
fully covered by reserves.
Similar blocked profits for the
year
Company Purchases Building—
Corporation has purchased the 20-story
building at 578-590 Madison
Avenue, on the southeast corner of Madison Avenue and
57th Street,
New York, it was announced
July 28.
After alterations, this
building will
become the world center of the I. B.
M., from which its business in 79
Netprofit
$337,710
288,680
37,875
30,000
226.943
29,875
32.000
562,260
78,021
76.000
450.087
$80,312
$48,892
$191,804
$106,436
taxes
——
—V. 142, p. 4023.
&
1936—Month—1935
expenses
Reserve for
1936—6 Mos.—1935 '
$908,084
$687,733
$436,867
selling expenses
Depreciation
$4,325,294
$290,134
Non-oper. income
$1,237,662
•
Intertype Corp.—Earnings—
-
$1,154,410
loss$20,056 Ioss$134,248 loss$101.711
$379,015
239,407
Gross
Head
—
898.662
Oper. exp. & taxes—„
Crl71,956
contract No. 3
$2,898,483
361,795
232.794
708.259
406,432
238,310
498,038
17,209
27,347
510.007
International Rys. of Central America—
—V. 143. P- 114.
Cr31,320
Payable
Buffalo—Earnings—
$1,602,392
183,284
Passenger revenue
Freight revenue
$1,013,314 $14,462,792 $14,145,882
,
purchase
of
of enterprise—
charges
809,588
bring the three
Period End. June 30—
$1,341,798
Fixed
6,571,015
2,015,861
970,411
1,779,647
previous quarterly dividends on the
stock up to the same rate, thus
making the total dividend dis¬
tributions for 1936, $2.50
per share.
Both dividends will be
paid on
Oct. 15 to holders of record
Sept. 19.
$1,369.719 $18,922,336 $18,179,020
137,697
".835,052
1,408.647
Income from oper:—
•Current rent deduc'ns..
Gross inc. from oper._
6,304,868
common
Maintenance
—..
$1,380,656
458,651
255,791
International Harvester
Co.—Larger and Add}l Div,—
«
Power operation
assets
1933
•
$1,053,048
295,118
149,935
92,967
The directors on July 24 declared a
quarterly dividend of 62 M cents per
share on the no-par common stock
and an additional dividend of
97 H
cents
buses
Net oper. revenue
19o4
$926,712
Net from railway
new
Taxes....
1935
$963,744
126,544
Net after rents
From Jan. 1—
•over
an
12
Dividends of
Interborough Rapid Transit Co.—Earnings—
Thomas K.
83,097,890,
$2,392,510
$2,129,198
1,200,000
1,200,000
$1.99
$1.77
profit was $5,232,823 after
a share on 1,440,000
shares,
share on 1,200,000 shares in first
$2.29
months ended June 30,
1936,
Net after expenses,
$17,359,412; depreciation and depletion,
$4,213,520; interest, $1,918,938; estimated Federal income
taxes, $1,434,619; net income, $9,792,335, equal to
$6.80 a share on 1,440,000 shares of
683
53,086
Operating expenses
for
1935
$101,863
Uncollectible oper. rev..
856,391
455,625
$3,298,191
1,440,000
per share
Gross from railway..—
Net from railway
633,333
322,418
Telephone Corp.—Earnings—
1936—Month-
revenues
742,393
474,195
494,976
—V. 143, p. 113.
Rent
1933
$418,263
139,267
1—
Gross from railway.....
Net from railway
Operating
1934
$404,573
105,917
64,723
Net after rents
From Jan.
1935
$484,527
168,521
114,481
.
1934
$3,441,214
follows:
Co.—Earnings.-
June—
outstanding (no par)._
1935
$4,148,424
928,414
445,500
382,000
comparing with $4,858,307 or $4.05 a
half of 1935.
Consolidated income account for the
x
Gross from railway
Net from railway
a
of
The building will
For the six months ended June
30, 1936, net
charges and Federal income taxes, equal to $3.63
1935.
Illinois Terminal
house
contributions
$5,404,374
1,229.672
403,125
473,386
-
Depreciation and depletion
6,987,205
2
charges..
will
1936
Net operating
earnings
of
Ac
It
(& Subs.)—Earnings—
3 Mos. End. June 30—
Res. for gen. cont.
3,094
administered.
142, p. 4181.
cust'ers'
quantity disc'ts.
Divs. payable
Miscell. accts. and
Deferred
stk. of Ind.
Fibre
1,975
advances, Ac—
Subscrip. to capital
of
157,509
20,529
redemp.
of minor, shs. of
of
life insurance
stock
for
29,675
46,250
29,293
Mtge. notes'reoeiv.
Cash
Prov.
83,490
Water A inS?. depos.
229,396
42,893
income tax
Other accr'd obllg.
2,243,198
Investments
354,467
53,494
Provision for Fed'l
1,774
1,074,156
1,468,742
be
have special offices,
meeting rooms and other accommodations for the many
representatives from the
company's foreign organizations, visiting headquar¬
ters for consultation and
training.
All departments now at various loca¬
tions in
Manhattan, including the main offices now at 270 Broadway, the
sales rooms at 310 Fifth
Avenue and the Service Bureau at 95 Madison
Avenue, will be housed in the new location.
The purchased
building, which was opened in 1926, contains about 1,700,000 cubic feet and has
approximately 100,000 square feet of floor space.
It is valued for tax
purposes at $1,725,000, the valuation
having been re¬
duced from $2,250,000 in the last
few years.
It is unencumbered by
mortgage.
Sellers were the estate of H. H.
Rogers.—V;
8,000,000
300,410
84,950
will
international museum, demonstrating the
various countries to the
accounting art through history.
$
8,086,667
759
throughout the world
permanent
1935
$
Liabilities—
Cust. accts. reo'leMdse. inventory..
countries
61,210
70,000
(John) Irving Shoe Corp.—Stocks Offered—Brown
Young
Co., lnc,, N. Y. on July 27 offered 24,000 shares of
pre¬
ferred stock and 24,000 shares of common stock
in units of
1 sh. of pref.'stock and 1 sh. of common
stock at $28.50
unit (or at the market, but in any event not to exceed
$30 per unit), or the preferred stock at $25
per share and the
common stock at $5
per share.
per
A prospectus
dated July 16 affords the following:
Guaranty Trust Co. of New York, transfer agent.
Bank & Trust Co. of New York: registrar.
Company—Originating
as a
partnership with
one
_
_
Commercial National
store, in December
1921,
The John Irving Shoe Co., Inc., grew to a chain of
25 stores, selling women's
$2 and $3 shoes, popular priced hosiery,
handbags, and shoes accessories.
John Irving Shoe Corp; (incorp. in
Del., May 7, 1936) acquired the busi¬
ness of the predecessor and
operates the entire chain of stores.
The chain
of 25 retail stores merchandises under three
different names, John
Irving,
Wilson, and Crosby Shoe Stores. Five stores sell shoes at
one uniform
price
of $2; 14 at one uniform price of
$3; and the remaining six stores at
$2 and
$3.
The volume of sales is divided into about the
following proportions:
73% shoe and shoe findings, 23% hosiery, and 4%
handbags.
The principal field of operations is in
the larger cities between
Boston,
Mass., and Bridgeport, Conn. Of the 25 stores in the
chain, 20 are located
ip that area, one in New York State, one in
Pennsylvania, one in the District
i Columbia, one in Maryland, and one in
Virginia.
The company is purely a retail
organization, selling only through its own
stores.
It is not engaged in any
manufacturing or wholesaling activities.
Purpose—Proceeds expected to be received by the
company from the sale
of the stock will amount to
$358,950 before deduction of estimated
expenses
of $13,155, payable by the
company.
If all the warrants are
exercised
at
$9, there will be $216,000 additional to the
company; if at $12.50, $300,000:
and if at $15, $360,000.
'
When received,
approximately $150,000 of the net
proceeds
used for the purpose of
expansion,
of additional stores and
are
to
be
including the acquisition and equipment
modernizing such present stores as may require
it.
The contemplated expansion will
require larger inventories of
merchandise,
and the remainder of the proceeds will
be used for that
purpose.
Business Development—The
general development of the
predecessor's
business for the past three fiscal
years, for the three months
period from
the date of the end of the last
fiscal
year, Jan.
31, 1936 to April 30, 1936
and for the year ended April
30, 1936, as shown by the statements of
con¬
solidated profit and loss is as follows:
193465
Financial
760
Gross Sales,
% Net
Net
Income
Income of Sales
x$43,859
1.81
64,841
2.44
95,746
3.05
,
Operating
Profit
& Allowances
Gross
Profit
$2,415,272
2,655,141
3,137,345
$815,165
874,259
1,059,064
Less Returns,
Year End.
Jan. 31
$53,275
76,142
114,508
137,031 4.22
53,110
45,827
5.23
x Including
income of subsidiary prior to date of acquisition,
y Year
ended April 30.
z Three months ended April 30.
The annual dividend requirement on the 24,000 shares of preferred stock
proposed to be outstanding as a result of this financing will amount to
y
3.243,531
$36,000.1
1
161,273
1,121,309
877,052
1936
301,111
zl 936
Outstanding
24,000 shs.
40,000 shs.
146,500 shs. .
122,500 shs.
Warrants—Purchasers of the 6% cumulative preferred stock are to receive
with each share a detachable warrant entitling the holder to purchase one
share of the common stock of the company at any time up to July 1, 1939.
prices at which these warrants may be exercised are $9 per share if the
is exercised on or before June 30, 1937, $12.50 per share if the
during the period beginning July 1, 1937 and ending
June 30, 1938 and $15 per share if the warrant is exercised during the
—
Investment in securities
Fixed assets
(net)
Deferred charges
,$1,074,950
Total
x
Total
$266,797
52,067
752
600,000
122,500
32,834
company's position as of the close of business June 30,
per share after pro¬
31, 1935, this liqui¬
Laughlin Steel Corp.—Definitive Bonds Ready—
Co. of New York was prepared, beginning July 27,
to exchange at its corporate trust department, first mortgage bonds,
A 4^ %, due March 1, 1961, in definitive form for outstanding bonds
Jones &
of this issue in temporary
Jewel Tea Co.,
form.—Y. 142, p. 3174.
Mar. 21
1935
$1,395,225
1,450,684
1,439,369
1934
$1,214,762
1,276,473
1,335,685
1 933
$1,095,551
1,061,842
1,052,312
April 18
1,497,019
1,436,962
1,276,651
May 16
1,499,772
1,422,600
1,265,773
1,073,939
1,502,338
1,417,014
1,579,602
1,407,424
22
July
'
11
—
-
made on account
Keith-Albee-Orpheum Corp.—Preferred Dividend—
declared a dividend of $1.75 per share on the 7%
preferred stock, par $100, payable Oct. 1 to holders
A like payment was made on July 1 and April 1 last,
this latter being the first payment made on the preferred stock since Oct. 1,
1931, when a regular quarterly dividend of like amount was paid.
The directors have
Consolidated Income Account (Incl.
26 Weeks Ended—
Period End. June 30—
1,548,166
dividend
Net profit after all charges
Per share on the 64,304 shares
profit
Earns, per sh.
$0.15
Nil
Total oper. revenues
xOper.exps.& taxes...
Gross income
Funded debt interest....
General interest
of bond
$525,216
363,799
$1,074,571
742,823
$1,131,977
787,968
$161,417
640
$344,009
1,142
$331,749
3,874
$162,057
80,000
1,584
$345,151
137,500
2,471
$335,623
160,000
2,978
,
disc't
and expense
Net inc. before divs__
Pref. stock dividends
Balance..
10,133
$68,538
44,682
44,682
$40,695
23,870
20,267
11,935
$85,377
336,530
23,975
*'
$23,856
No provision has been made for Federal surtax on
74,125
Kirby Petroleum Co.—Listing
New
The
Exchange
Curb
York
$184,912
89,364
has
outstanding shares of common stock, $1
Approved—
approved the listing of 500,000
par.—V.143, p. 431.
Inc.—Dividend Plan Approved—
Kobacker Stores,
the plan operative for payment of the
preferred stock.
The plan provides that
preferred share will receive in exchange for accumulated dividends a
stock dividend of one share of no-par common and a cash dividend of $1.75.
The
have
directors
declared
accumulated dividends on the 7%
each
regular quarterly dividend of $1.75 on the preferred, due
payable Aug. 15 to stock of record July 29.—V.
The
been declared,
June 1, has
143, p. 276.
(S. S.) Kresge Co.—Extra Dividend—
The directors
the
July 29
on
declared an extra dividend of
30 cents per
to the regular quarterly dividend of 25 cents per share
stock, par $10, both payable Sept. 30 to holders of record
addition
common
Sept. 10—Y. 143, p. 276.
(S. H.) Kress & Co.—Stock Increase—
increasing the authorized com¬
2,678,787 shares (instead of to 2,500,000
May 12, 1936), each present share to be
The stockholders on Aug. 18 will vote on
mon
as
stock from 1,500,000 shares to
authorized by stockholders on
exchanged for two new
shares.—V. 143, p. 277.
Superior & Ishpeming RR.—Earnings—
1936
•
$427,804
306,679
Gross from railway
1936—6 Mos.—1935
252
$165,491 '
68,750
1,230
$493,303
284,730
June—
Co.—Earnings—
$165,239
income
Other income (net).
x
Nil
Nil
1936—3 Mos—1935
$553,846
388,607
$710,441
Net
Lake
Kansas Electric Power
June 27 '36 June 29 *35
for deprec. & income taxes
Depreciation
151,683
413,394
3174.
Per. End. June 30—
Subs.)—Earnings—r
Weeks Ended—
26
Profit before prov.
2,497,306
$182,454 loss$750,377
$44,412
on 576,320
shs. common stock
$6.60
$1.75
shows a net profit of
This is equal to $11.10 per share on the 64,304
preferred stock now outstanding.—V. 142,
(B. F.) Keith Corp. (&
<
33,625
3857.
on
2,821,069
70,720
$1,115,733
Net
7% cum. pref. stk_.
ended June 27, 1936, the company
For the 52 weeks
share in
1936—6 Mos.—1935
$3,416,917 $1,898,612
1,284,091
347,794
Interest.
$113,408
107,190
profit after all charges
$351,586
$132,797
For the 52 weeks ended June 27, 1936, the company shows a net profit
of $683,433 after all charges, including depreciation and provision for
income taxes.—V. 142, p. 3174.
payment is
that the company's dividend
1936—3 Mos —1935
$3,011,693
$1,399,223
417,997
...
Provision for income taxes
1,015,899
Laughlin Steel Corp.—Earnings—
Deprec. and depletion..
$565,030
364,935
$424,573
Depreciation
1,311,074
extra" to all employees was voted by
the directors.
The "wage extra" will be paid Sept. 19, 1936, to all who are
then in the employ of Jewel Tea Co., Inc., and who were continuously
in its employ since Dec. 29, 1935, the end of the previous fiscal year.
Officers and senior executives are excluded from participation.
This
"wage extra" distribution will be among more than 2,000 employees
throughout the Jewel organization and will be on the basis of a 6% wage
or salary "extra" on the total income of each worker, including wages or
salary, commissions, bonuses, or other special awards, up to a total average
income oi $50 per week for the first 28 weeks of 1936.
Those whose average
income exceeded $50 per week will receive the 6% "extra" on the $50 average,
but not on that portion of their income above that figure.—V. 143, p. 115.
Profit after Federal tax.
$896,698
deprec. & income taxes
1,071,758
July 27 declared the 35th regular quarterly
of the Revenue Act of 1936 so
Subs.)
June 27, '36 June 29, '35
.
Profit before prov. for
1,265,347
year and tax year will correspond.
At the same time a special "wage
Amortiz.
1 to
last.
1, 1935 and one of
Provision for income taxes
record Sept. 16.
Net oper.
*
have declared a regular quarterly dividend of $1.50 per
participating dividend of 10 cents per share on the $6 cum. and
1,034,522
Regular Common Dividend—Wage Extra Dividend—
The directors on
—V. 142, p.
a
participating dividend of 38 cents was paid on June
1, 1934.—V. 142, p. 2671.
A
of $1 per share, payable Sept. 30 to common stockholders of
This advance of 15 days in the customary date of dividend
Jones &
First Naional Bank of
St., in New York, or at the
Mass.
drectors
share and
p.
1936
$1,470,582
.1,522,355
1,534,026
25
13
due Sept. 1, 1948, are
debentures, series A,
5H%
being notified that $300,000 of these debentures have been selected by lot
redemption on Sept. 1, 1936, at par and int. together with a premium
of 2% of their principal amount. Of this total, $100,000 is being redeemed
through operation of the sinking fund, while the company is exercising its
option under the trust agreement in calling the remaining $200,000. Hold¬
ers of bonds so selected should surrender them for payment on the redemp¬
tion date at the principal office of City Bank Farmers Trust Co., successor
$714,238 after all charges.
shares of 7%
cumulative
Inc.—Sales—
Four Weeks Ended—
June
def$17,899
for
after allowance
The Guaranty Trust
Feb.
$9,581
undistributed profits.
of record Sept. 15.
exercise of warrants, it was approximately $103.70 per share.
meeting of the directors held July 16, 1936, James K. Trimble's
Jan.
def$10,992
_
cumulative convertible
resignation as Chairman and as a member of the executive committee was
accepted. Mr. Trimble will continue as a director. W. L. Nelson was
chosen to succeed Mr. Trimble as a member of the executive committee.
—V. 142, p. 3511.
1936,
$9,034
30 the value of
for the effect of
series
$41,870
59,770
92 cents was paid on June
dating value was approximately $90 per share. Since June
the shares has risen and at the close of business July 22,
a
59,770
Sartic. preferred Aug. 10. Similar no par value,were made on June 1,
olders of record stock, series A, distributions
both payable Sept.
1936, shows a liquidating value of approximately $99
vision for taxes (but not Federal surtax).
As of Dec.
At
$69,351
Participating Dividend—
Value—
in part:
statement of the
A
$18,893
29,885
provision has been made for Federal surtax on
trustee, 22 William
Boston, in Boston,
Philadelphia—Asset
of
$38,919
29,885
$1,074,950
_
Wasserman in a letter to stockholders July 24
President William Stix
states
No
The
Corp.
Chairman Resigns—
2,500
Balance
—V. 143, p.. 591.
Investment
14,956
2,500
Kendall Co.—Bonds Called—•
$500,492 Accounts payable, trade
666 Accrued liabilities
13,687 Due to officers
£03,987 6% cumulative preferred stock
75 Common stocks
178,286 Surplus
18,758
policies
Inventories
14,860
1,250
—V. 142, p. 3680.
Holders of 20-year
Liabilities—
Value of life Insurance
7.449
Pref. stock dividends...
1938 and ending on June 30, 1939.
Accounts receivable
$196,980
133,723
3,930
pref.
inc. before
dividends
Consolidated Balance Sheet, April 30, 1936
Assets—
$221,582
131,484
3,386
1,250
Net
The
Cash
$96,447
66,860
1,994
disc't & expense
warrant is exercised
Pro Forma
$199,656
Dr2,675
of pref. stock
Amortiz.
warrant
period beginning July 1,
$223,822
Dr2,239
disct. &
of debt
Amortiz.
$99,140
Dr2,693
7,430
General interest
$666,990
467,334
$114,829
65,746
1,483
Gross income
Funded debt interest.._
$702,224
478,402
$117,561
Dr2,732
income
Net oper.
Other income (net)
$338,784
239,644
expense
Authorized
Capitalization—
6% cumulative pref. stock ($25 par)..
Common stock (par $1)
on
$360,385
242,823
Oper. exps.& taxes._.
x
1936—6 Mos.—1935
1936—3 Mos.—1935
30——
1, 1936
(& Subs.)—Earnings—
Kansas Power Co.
Per .End. June
Total oper. re venues
"
:
Aug.
Chronicle
Net from railway..
Net
248,830
p.
123,204
543,510
117,475
202,814
Net from railway
Net after rents..
Lane
98,278
592,430
117,148
19,747
19.975
1933.
$166,695
102,580
89,167
1—
Gross from railway
—143,
$234,740
143,093
926,513
374,282
after rents.
From Jan.
1934
1935
$217,415
118,553
310,834
639
def61,304
116.
Bryant, Inc. (& Subs )—Earnings—
Years End.May
Sales.........
31—1936
1935
1934
....$13,296,481 $12,754,378 $12,398,603
profit after depreci.,
int. & prov. for Fed¬
1933
.
$10,751,930
Net
~
$95,548
$148,774
89,364
$59,410
undistributed profits.
,,201,010
common
255,582 dep 161.001
65,765
126,228
$1.01
eral taxes.
Shares
128,928
Nil
stock
outstanding (no par)..
Earnings per share
—V. 143, P. 277.
.
128,957
$1.31
128,95/
1 Nil
..
—V. 143i p. 115.
Lehigh & Hudson River Ry.—Earnings.—
Kansas Oklahoma & Gulf Ry.
1936
June—
from railway
Net from railway
Gross
Net after rents..
From Jan. 1—
Gross from railway.
Net from railway
Net
after rents
$192,411
102,695
63,744
1,171,970
604,112
378,516
-Earnings.
1935
1934
$142,665
45,577
20,891
$159,331
82,839
51,306
$166,111
83,754
50,915
925,446
384,427
220,042
944,765
472,404
290,840
834,504
385,127
204,999
—V. 143, p. 115.
Net profit after all chgs.
incl. Fed. inc. taxes._
Earns, per
B shares
'
Net from railway
Net after rents.
From Jan.
1933_
$120,049
33,215
12,806
$119,831
40,706
18,673
Net after rents.
771,445
248,363
758,667
226,719
681,741
209,507
100,760
91,196
72,580
116.
1936—3 Mos.—1935
1936
Net from railway
$622,278
$633,793
$1.17
$1.24
$948,138 y$l,140,222
Net after rents
1934
$401,492
158,478
152,813
$164,204
47,603
46,144
1,996,750
519,441
392,801
Gross from railway
1935
$306,765
49,720
39,169
June—
1936—6 Mos.—1935
1,785,045
518,325
518,796
182,523
501,246
434,006
sh. on cl. A &
$1.79
$2.16
y Before including non-recurring income of $503,302 from purchase of
company's debentures.
Including this non-recurring profit earnings per
share was $3.23.—V. 142, p. 3175.
1934
$138,527
40,553
14,824
1—
Gross from railway
Net from railway
—V. 143, P.
1935
$127,650
32,035
7,664
775,828
219,488
69,791
Gross from railway
Lehigh & New England RR.—Earnings.—
Kelsey Hayes Wheel Co. (& Subs.)- -Earnings—
Per. End. June 30—
1936
June—
1933
Gross from railway
Net from railway
Net
after rents
—V. 143, p. 116.
.
1933^
$270,414
?4.194
69,881
1,401,235
278,578
280,184
Volumt
Financial
143
Chronicle
Lehigh Valley RR.—Earnings.—
June—•
1936
Gross from railway—
Net from railway
Net after rents
_
Net after rents.—
20,751,232
5,023,236
3,113,315
21,078,521
5,413,728
3,291,547
17,632,806
3,163,196
1,021,246
McGraw-Hill Publishing Co., Inc. (& Subs.)—Earnings
Period End. June 30—
Net profit after interest,
taxes
and
all
other
—
—
—
charges incl. deprec..
Earns, per sh. on 600,000
shares capital stock
—V. 142, p. 4345.
Corp.—New Chairmaji—
The committee
also
Sachs,
432, 277.
a
was
director,
was
elected
a
Vice-President.—V.
:
Provision for taxes
262,330
300,648
4--
_
323,659
Operating income
company to issue
$1,011,724
30,584
39,453
registration under the Securities Exchange Act of 1934 and
issuance.—V. 143, p. 433. "
$119,122
Period End. June 30—
Operating
on
notice of
Gross income
Deductions.
$935,587
277,256
175,671
41,520
$5,985,425
1,150,586
382,166
235,791
$5,809,574
1,460,183
814,751
248,429
$65,922
179,577
Otherincome-
July 28 declared a dividend of $1.25 per share on the
common stock, no par value,
payable Sept. 15 to holders of record Aug. 31.
This compares with 50 cents paid on June 15 and March 16 last, and 30
cents paid each three months from Dec. 15, 1933 to and including Dec. 16,
1935, and on Oct. 2, 1933.
This latter was the first dividend paid since
Sept. 1, 1930 when a quarterly payment of 25 cents per share was made.—
V. 143, p. 432. v
1936—6 Mos.—1935
1936—Month—1935
$897,408
147,889
22,959
42,963
revenues
Net oper. revenues
Net ry. oper. income.
Libbey-Owens-Ford Glass Co.—-Larger Common Div.—
The directors
It is
these ad¬
Maine Central RR.—Earnings—
585,035
250,154
16,424
40,988
$56,681
Balance of income
r-V. 142, p. 4183.
dividend of $1 per share on the common
ditional shares as a 100% stock dividend if stockholders at their
meeting
to be held July 31,
1936, approve a proposed amendment to the com¬
pany's articles of incorporation increasing the authorized common shares to
200,000. These additional shares will be admitted to trading on notice of
$1,011,724
Amortization of debt discount & expense
a
the company to list 96,350 additional shares of common stock, no
par.
the intention of the board of directors of the
20,322
$936,213
579,182
230,312
Gross income.
Interest op 5% 1st mortgage bonds
Interest dn 5H % debentures
Interest on unfunded debt
$0.45
Listing—The Chicago Stock Exchange has approved the application of
211,258
$932,178
4,035
Otherincome
•
1935
retirements, renewals & replacements of
fixed capital
$273,971
$0.66
distributed each three months from Sept. 1, 1933, to Dec. 1, 1934, incl.,
and 37H cents per share paid
In addition the
previously each quarter.
company paid an extra dividend of 25 cents on Dec. 1, Sept. 1 and June 1,
1935, and a special dividend of 50 cents on Dec. 1, 1934.
L,806,282
262,330
Maintenance
Prov. for
1936
$401,925
$0.20
no par value, payable Sept. 1 to holders of record Aug. 20.
A like
payment was made on June 1, last and compares with 75 cents paid on
March 1, last; 50 cents paid in each quarter of 1935; 25 cents per share
143, p.
$1,976,716
435,298
23,251
$124,445
$0.34
stock,
Lexington Water Power Co.—Earnings—
12 Months Ended June 30—
Operating revenue—Electric
Operating expenses
1936—6 Mos.—1935
$204,909
The directors have declared
formed during the fiscal yedar ended June 30.
E. J. Bermingham was elected a director and a Vice-President, and Alex¬
ander
1936—3 Mos.—1935
McWilliams Dredging Co.—$1 Dividend—
Bunker has been elected Chairman of the Executive Com¬
Arthur H.
mittee.
$3,402,157
962,173
684,823
592.
143, p.
Lehman
,
1933
$3,269,565
535,506
162,372
1—
From Jan.
Gross from railway—
Net from railway.
—V.
1934
$3,630,556
928,280
631,828
23,618,308
5,882,692
3,614,129
—.
1935
$4,118,147
1,289,273
902,761
—
761
of transactions made
beginning Aug. 1, 1936, must carry the Feb. 1, 1937,
and subsequent coupons.—V. 142, p. 790.
$217,191
184,835
$617,957
1,019,951
$1,063,180
1,091,653
$32,356 def$401,994
def$28,473
on
.
Net income.
—V. 142, p. 4346.
def$113,655
Managed Investments, Inc.—Extra Dividend—
The directors have
declared an extra dividend of 5 cents per share in
quarterly dividend of like amount on the common stock, no
Aug. 15 to holders of record Aug. 1.
Similar extra
dividends were paid on May 15, last; Dec. 23, 1935, and Feb. 15, 1934.—
Y. 142, p. 2834.
addition to
.
a
par value, both payable
Lone Star Gas
Corp.—Preferred Stock Called—
The company has called for redemption as
of Sept. 30, next, at par and
dividends, the 6% cumulative preference stock.
Holders of the
cumulative preference shares will have the alternative of exchanging their
holdings for common shares at the rate of seven shares of common for each
share of cumulative preference.—V..142, p. 3858.
accrued
Manufacturers Casualty Insurance Co.—Extra Div.—
The directors have declared
an extra dividend of 10 cents per share in
to the regular quarterly dividend of 40 cents per share on the
capital stock, par $10, both payable Aug. 15 to holders of record Aug. 1.
—V. 141, p. 756.
addition
Long Beach Gas Co., Inc.—Tenders—
Empire Trust Co., as trustee, is inviting tenders for the sale to it of first
40-year sinking fund gold coupon bonds at a price not ex¬
ceeding 105 and accrued interest, in an amount sufficient to exhaust the
sum of $8,772.
Tenders will be received up to 3 p. m.t Aug.
1936.—
V. 141, p. 756.
Marchant Calculating Machine Co.—To Resume Divs.—
mortgage 5%
The
directors
haye
declared
a
dividend
of
50
cents
per
share on the
stock, payable Aug. 15 to holders of record July 31. This will be
the first distribution to be made since July 15, 1930 when a dividend of 40
common
cents per share was paid.—V. 143, p. 433.
Long Island Lighting Co.—Bonds Called—The
Company
on
July 31 called for redemption
Masonite
Sept. 1, 1936 three
on
The
will redeem $16,669,000 Series B 5% first refunding
mortgage gold bonds, due Sept. 1, 1955, at 105, while the Queens Borough
company
Gas and
Electric/Co., a subsidiary, will redeem $5,200,000 5% first re¬
funding mortgage gold bonds, due Sept. 1, 1955, at 105, and $5,150,000
4refunding mortgage bonds, due March 1, 1958, at 104.
Funds for the redemption of these bonds were provided through the
recent sale of $27,019,000 of refunding bonds to leading insurance com¬
panies at an interest cost to the company of 3.75%, thereby effecting a
savings of $342,000 per annum to the system.
The company bonds should be presented for payment to
Irving Trust
Co, with March 1, 1937, and subsequent coupons attached.
The Sept. 1,
1936, coupon should be detached and presented in the regular way.
The
Queens Borough bonds should be presented to the Guaranty Trust Co. of
New York.—V. 143, p. 592.
Long Island RR.—Earnings.June—
1936
Net from
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
1934
1933
$2,130,272
639,062
172,741
$2,205,564
693,743
231,903
$2,120,811
894,084
12,055,565
2,685,630
445,169
railway
railway
1935
$2,244,406
692,316
186,389
Gross from
11,520,143
2,255,826
93,460
11,773,831
2,883,612
800,274
11,380,325
3,586,176
1,606,929
.
460,360
—V. 143, p. 592.
Louisiana Arkansas & Texas
June—
1936
•
Net from
Net after rents
From Jan.
1—
$96,334
29,823
14,953
$87,921
24,319
8,432
$81,593
24,069
11,744
464,338
90,468
6,089
479,477
377,188
45,602
def30,934
Net after rents
—V,
143, p.
and concurrently the old
preferred stockholders will be given the privilege of
exchanging their old preferred stock (subject to allotment) for the new pre¬
The unsubscribed stock will be taken up by the underwriters
at $103 per share.
In connection with the financing, the outstanding com¬
mon stock will be split up on a two-for-one basis.
The entire program is subject to the necessary registration statements
being filed with the Securities and Exchange Commission. Counsel for the
company and counsel for the underwriters, together with the auditors, are
now at work on the preparation of the registration statements together with
other legal details.
It is understood that a further special meeting of both the preferred and
common stockholders will be required to act on further amendments.
By
reason of this fact and the requirement of the Securities Exchange Act
that registration statements must be on file for a period of not less than
20 days, it is understood that subscription rights for the common stock¬
holders and exchange privileges, subject to allotment, for the old preferred
stockholders, will not be available until the latter part of August or the fir g
week in September.—V. 143, p. 433.
ferred stock.
Gains—
1933
114,950
13,626
116.
Louisville & Nashville
RR.—Earnings-
June—
1936
Gross from
$7,243,601
2,065,694
1,535,077
railway
Net from railway
Net after rents
From Jan.
carry out the program.
Under the plan, the common stockholders, by reason of their preemptive
rights, will be offered the opportunity to subscribe pro rata to the proposed
issue of new 5% preferred stock (series A, convertible until Sept. 1, 1941)
v
1935
1934
1933
$6,053,579
1,489,820
1,193,812
$5,717,140
1,096,035
670,658
$5,508,289
1,332,772
1,052,966
1—•
Gross from railway
42,683,913
10,835,262
8,141,764
36,323,883
8,197,326
6,265,658
35,645,775
9,018,529
6.953,101
30,233,815
6,402,340
4,187,622
Bonding
&
Insurance
Co.—Reports
.
The company's premium income for the first six months of the current
showed an increase over the corresponding months of the previous
of approximately $700,000, while loss payments increased by only
$175,000, President T. J. Falvey stated in his semi-annual report to the
year
year
-
Gross from railway
Net from railway.
the company's certificate of incorporation that will be required
to
Massachusetts
1934
623,269
145,870
35,034
railway
railway
ments to
Ry.—Eamings.1935
$125,877
26,630
12,567
Gross from
Corp.—Refinancing Plan Voted—
At the special meeting July 22, the stockholders approved the plan of
financing proposed by the directors and approved the underwriting agree¬
ment therefor which had been entered into subject to such action by the
stockholders.
The stockholders also adopted the first of certain amend¬
bond issues aggregating $27,091.000.
directors.
Interest and other income likewise showed substantial increases.
The company's assets for the 12 month period from Jxily 1, 1935 to June
30, 1936 were increased over $3,000,000, total assets now exceeding $20,000,000 and being the greatest in the company's history.
The premium and claim reserve items were substantially strengthened,
as was the company's business producing organization,
according to the
report.—V. 143, p. 593.
'
Massey Harris Co., Ltd.—To Change Sinking Fund Pro¬
visions—
||
•
July 30 called for redemption on Oct. 1, 1936, two
aggregate principal amount of $22,753,000 outstanding.
of $12,753,000 first and refunding
mortgage 5H%
The holders of the company's outstanding debentures, at a special
meeting to be held Aug. 31 will be asked to waive default occasioned by the
company'
failure to make sinking fund provisions, and to release the
company from the trust deed covenant to pay $300,000 into the sinking
fund Oct. 31 next and the same amount semi-annually thereafter.
Instead, the company proposes to pay $100,000 into the sinkingfund
Oct. 31, next, and $100,000 semi-annually until 1942, then $125,000 from
1942-45, $150,000 on April 15 and Oct. 15, 1946, and $150,000 on April
10-year secured
5% bonds, dated Oct. 1, 1931, and due Oct. 1, 1941, which will be redeemed
103%.
Holders of the bonds are requested to present them for redemp¬
time outstanding bonds at 102 up to Oct. 15, 1937, and at 101 at any time
thereafter until Oct. 15, 1947.
Net from
railway
Net after rents
Bonds Called—
The
company
bond issues witn
The
issues
on
an
consist
bonds, series A, dated Aug. 1, 1921, and due April 1, 2003, which will be
redeemed at 102% and accrued interest and $10,000,000
at
tion on Oct.
The funds
1, at the railroad's offices at 71 Broadway, New York
City.
for redemption of these issues were
provided through recent
sale of $26,000,000 of 3^%
bonds.
The Interstate Commerce Commission
on July 6 approved the
acquisi¬
rights and franchises of the Cumber¬
The railroad of the Cumberland company, constructed in
1917, extends
northerly from a connection with the Louisville company's line at Heidrick
to Manchester, 23.02 miles, with a branch extending westerly from a
point
near Manchester to Herron, 3.41 miles, all in Knox and
Clay counties, Ky
The Louisville controls the Cumberland company
through ownership of
its entire capital stock except directors' qualifying shares, and has
operated
its railroad properties under lease since Jan. 1, 1927.—V.
143, p. 592.
Lower-Austrian Hydro-EIectrfc Power Co.—Interest
The
interest
due Aug.
1
—
1936, on the guaranteed 20-year closed first
gold bonds, due 1944, will be paid on that
mortgage sinking fund 63^ %
date.
The Committee
•
on
Securities of the New York Stock
„
Exchange rules that
the bonds be quoted ex-interest 3J4 % on Saturday,
Aug. 1, 1936; that the
bonds shall continue to be dealt in "flat" and to be a
delivery in settlement
1947.
The company
*.
"
would be empowered to redeem in whole
or
in part at
any
provides, in addition, that all sinking fund requirements must
$2,000,000 of the bonds redeemed before the company
make any cash payment on its shares or pay interest or principal of
any securities to which these 5% debentures, due 1947, have priority.
—V. 143, p. 433.
The plan
be fulfilled and
may
Acquisition—
tion by the company of the properties,
land & Manchester RR.
15
Maytag Co. (Del.)—Earnings—
$8,187,601
169,254
24,757
$4,267,602
$8,148,525
$8,381,612
3,469,924
3,413,254
6,391,856
133,000
102,000
62,498
26,460
237,500
133,848
40,035
6,790,057
197,000
124,996
37,391
$754,692
Total
$7,943,098
154,692
50,735
66,923
22,914
Int., royalties, rents, &c.
Net profit on sec. sold._
1936—3 Mos.—1935
$4,333,685
$4,180,197
102,669
83,642
11,101
3,762
$4,447,455
Period End. June 30—
Net sales.
$663,389
$1,345,286
$1,232,168
$0.30
$0.22
$0.49
$0.38
1936—6 Mos.—1935
Less manufacturing, sell-
ing & general expenses
Prov. for Fed. inc. taxes
Depreciation.
Other
deductions
Net profit
Earns, per sh. on 1,617,922 com. shs. (no par)
—V. 142, p. 3001.
■
^
Financial
762
Corp.—Accumulated Dividend—
Mead
dividend of $ 1.50 per share on account of
$6 cum. preferred stock, series A, no par value,
the
like dividend was paid on
payable Sept. 1 to holders of record Aug. 15. A
June 1 and March 2. last, and on Dec. 2, 1935,
this latter being the first
since June 1, 1932,, when a regular quarterly
disbursed.—V. 142, p. 3514.
payment made on the issue
dividend of like amount was
Net loss
—
_
real est. oper.
on
Interest paid,.
& commissions
_
_
178,496
175,678
47,667
6.439
2,806
"2*388
paid for lease cancella¬
tions & rent reduct'ns.
24,289
Miscellaneous charges,,
Miscellaneous income,
99,516
034,154
81,349
Cr59,626
108", 593
Cr45,634
78,276
Cr25,379
$1,661,245
$1,127,413
$1,276,843
27,892
$1,661,245
$1,127,413
251,529
155,830
....$1,409,716
$971,583
$1,074,402
$2.42
$513,218
47,395
$2.69
$465,823
Earns,
per sh. on com.
stock outstanding—_
*
.
$3.60
_
4,202,888
721,602
—
$6,531,927
stock, 6%
Dividends paid: First preferred
Second preferred stock, 6%
Common stock, $1,625 per
57.504
14,998
602,665
—
share
1936--
200,533
1935
4,727,832
1936
5,000,624'Accounts payable.
217,150
4,559,508
3,042,262
12,096
Accrued liabilities.
305,473
17,416
of
Mission
190,137
Common stock in
142,511
139,253
464,514
887,223
5,856,760
1,943" 400
499.960
464,326
1,110,881
4,665,467
--.12,735,636 11,196,329
Total
..12,735,636 11,196,329
Total
(1,000 shares in 1935) (held for resale to
employees at agreed price of $8,231 in 1936; $10,331 in 1935).
a Repre¬
sented by 371,611 shares no par value in 1936 and 371,401 shares in 1935.
b After reserve for depreciation of $2,260,301 in 1936 and $2,059,104 in
x
1936
cost in
900 shares at
143, P. 434.
1935.—V.
to
have
declared
U.
S.
extra
National Properties,
District Gourt
for
Southern
the
Dividend—
The
directors
have declared
a
Co.—Accumulated Div.
dividend of $2 per share on account
of
6% cum. pref. stock, par $100, payable Aug. 15 to
Similar payment was made on May 15, last.
A dividend of 50 cents per share was paid on Feb. 15 last and one of $1
per share in July, 1935, this latter being the first dividend paid on the
preferred stock since Feb. 15, 1933, when a regular quarterly distribution
the
of the current dividend will amount to
$15.50 per share.—V. 143, p. 117.
Period End. June 30—
revenues
"Uncollectible oper. rev
Operating expenses
Operating taxes
494,201
46.746
92.923
25,346
24,038
1936—Month—1935
1936—6 Mos.—1935
$3,102,232
$2,685,909 $17,822,849 $16,017,184
949
12
20,821
36,969
1,896,132
1,756,138
11,063,616
10,600,939
358,583
321,812
2,124,140
1,882,726
Net operating income.
$607,947
$846,568
$4,614,272-$3,496,550
—V. 143, p. 434.
approved the listing of 534,145 out¬
standing shares of common stock, $1 par.
The Exchange will also list
27,855 additional shares of common stock, $1 par, upon notice of issuance.
Steel Products
Co.
3 Mos.
Manufacturing profit
Expenses
$1,061,091
107,444
—
6 Mos.—
June 30, '36
$764,367
112,833
operating income-
~
$29,592
14
36
$13,991
8,937
$29,606
17,875
822
Funaed debt interest
General interest
Amort, of bond discount
824
1,638
$27,551
17,875
1,645
854
Gross income
854
1.709
1,709
prei~~
$6,321
$8,383
dividends.
$3,375
$4,688
Note—No provision has been made for Federal sutax or undistributed
profits.—V. 142, p. 4027.
__
Missouri Gas & Electric Service
$21,195
200,926
45,604
135,465
181,718
$626,743
Reserve for profit sharing
Federal income taxes
profit
$410,725
per share on 234,915 shares
stock (no par)
$1.73
$0.81
$2.55
Company reported a net profit of $653,500 or 92 cents a common share
n the first half of 1935.—Y. 142, p. 3178.
common
Rockford
&
Southwestern
RR.—Recon¬
struction Loan Denied—
The
Interstate
Commerce
Commission
on
July
16
denied
the com¬
pany's application for a loan of $90,000 by the Reconstruction Finance
Corporation.—V. 142, p. 4026.
$91,904
.
'35 Dec. 31 '35
$474,192
307.300
.
71.294
5,492
8,759
8,829
(net)__
24.840
37.226
17,726
4,369
1,413
347
Net loss.
Balance
91.661
23,086
7.405
18,716
5,991
1.474
$2,628
Amort, of debt discount and expense.
Amort, of pref. stock comm. & exp
$29,441
1,821
$32,069
Sheet Dec. 31. 1935
Liabilities—
___
.
Plant, property, rights, fran¬
7% cum. prior lien pref. stock
($100 par)
chises, &c.„
$3,591,738
stock
commissions
Sinking fund
&
other
b$6 cum.
and
32,784
exps. in process of amort
Miscellaneous investments
2,402
4,534
discount
process of
&
expense
110,889
Cash (inch working funds)
deposits
for
of bond Interest
Accrued
Accrued
Miscell.
2,362
Cust. accts. & notes receiv..
default)
liabilities..-
Accounts
5,874
payment
J.
$464,100
772,600
869,800
„Dr600.614
Deferred
87,568
Prepaid accts. & def'd charges-
stock-.
Due to affiliated company
in
amortization
preferred stock
Common
Deficit
Funded debt (in
special
deposits.
c
_i
payable
interest
taxes
current
liabilities
Reserves-
1,640,700
24,245
438,011
27,864
110,205
18,992
2,136
154,538
66,510
17,915
$1,037,468
Earns,
Milwaukee
10
$70,676
73,935
-
Total net earnings
t
Interest on funded debt__i___
$3.922,5781
Total
After
a
7,726
P.
Net
$91.893
Dr22
$21,228
reserve
Net earnings from operations
Other income
to
$115,570
Taxes—State, local, &c
$1,605,181
24,045
44,827
71,822
$70,698
33
Operation.
Maintenance
Provision for retirement
Materials and supplies
$651,534
100,115
34,126
Mar.
Period—
Total operating revenues
1
9
Mar. 10 to
to
Year Ended
Dec. 31 '35
$589,762
378,595
30,332
45.985
42,956
Jan.
$1,825,458
220.277
25,559
90,638
109,896
Co.—Earnings—
for the Year Ended Dec. 31, 1935
segregated as to periods prior and subsequent
proceedings for reorganization]
Income Account
[Income account
Special
$953,647
100,811
Other deductions
$27,514
$13,972
$15,303
8,937
'
—
Other income
a
Operating p'fofit
Depreciation
17,804
16,807
10,617
1.707
10,074
7,261
904
5.064
3,690
1,331
4,866
Maintenance
(& Subs.)—Earnings—
June 30 '36 Mar. 31 '36
Period Ended—
$91,786
18
purchased
Gas purchased
18,587
18,102
14,885
3,107
9,722
8,381
$15,303
Power
Net
-1935
$102,377
4,277
Operation
Debt
Midland
379.090
11,938
def52,710
1936—6 Mos.
1936—3 Mos.—1935
$50,522
$45,400
8.989
8,633
9,859
8,689
5,896
4,445
Period End. June 30—
Total oper. revenues
Pref.
Michigan Bumper Corp.—Listing Approved—
The New York Curb Exchange has
11,187
143, p. 117.
Assets—
-
$66,486
def5,884
defl8,004
23.839
Missouri Edison Co.—Earnings—
General interest
Michigan Bell Telephone Co.—Earnings—
Operating
184,510
37,303
Net income before
July 31.
of $1.50 per share was made.
Accumulations after the payment
$82,286
5,729
District of New York has
of the principal amount of said bonds, such payn ent to be
deemed payment in full of the semi-annual interest instalment payable on
June 1, 1936, as provided in the debentures to be issued pursuant to the
company's amended plan of reorganization, as further amended and as
confin. ed by order or the Court.
The Court confiru ed on June 24 the plan of reorganization as amended.
The consummation of the plan awaits the final preparation of the papers.
—V. 142, p. 4184.
holders of record
1934
$64,739
11,975
4,013
1—
after rents
—V.
1933
1935
after rents
From Jan.
Net
6,802
30,508
Ry.- -Earnings-
and expense
equal to 2 7o
accumulations on
279,364
494,329
103.257
*
Inc.—Payment—
authorized the payment to each holder of 6% sinking fund gold bonds, 1958,
with Dec. 1, 1933 and subsequent interest coupons attached, of a sum
Michigan Associated Telephone
321,203
35,988
2,785
$84,003
16,503
Gross from railway
Net from railway
dividend
the regular semi-annual dividend
Merchants'
The
an
337,767
49,447
10,631
1936
Taxes..-.
of 10 cents per share
of 75 cents per share on
the common stock, par $12.50, both payable Aug. 1 to holders of record
July 27.
Extra dividends of 25 cents per share were paid on Aug. 1 and
Feb. 1, 193o.
The regular semi-annual dividend was raised from 50 cents
to 75 cents per share with the Feb. 1 last payment.—V. 142, p. 961.
directors
addition
$60,908
13,503
6,673
117.
143, p.
Pro v. for retirement
Merchants Fire Assurance Co.—Extra
Tne
in
$45,816
def931
def5.945
Missouri & Arkansas
Net
stock.
Common
from railway
after rents.-I*.
Gross from railway
Net from railway
184,919
a
1933
1935
$65,311
17,222
9,765
429,063
103,153
61,557
after rents
1—
June—
Paid-in surplus
1934
1936
$76,420
20,228
12,824
railway
Gross from railway
20,061
293,539
Earned surplus
16,690
15,021
treasury...
Mississippi Central RR.- -Earnings.—
Net
store replacem'ts
200,867
4Vi% pref.stock.. 2,218,700
6% cum. 1st pref.
499,960
6% cum 2d pref__
2,337.884
76,088
342,978
assets
of New York has been appointed agent to
1-75th
June—
Net
store
dep.
$3,480,067
scrip certificates at the rate of $0.25504
of a share.
Funds were available for payment on and
after July 28, 1936.—V. 142, p. 3515.
261,323
Res. for self-ins. &
271,570
97,113
2,574,264
charges..
85,929
surance, &c
Deferred
and
$3,211,453
undis¬
of 1936.—V. 143, p. ?79.
Corp.—Agent—
Guaranty Trust Co.
each
for
1,613,199
9,231
412,232
Dr38,241
0486,910
327,129
i 2,666,027
redeem outstanding common stock
sub¬
mgrs. secur.
Investments
c
leases
31,209
10,721
employees..
Prepaid rents. In¬
b Fixed
on
Deposits
$5,541,585
474,225
0234,110
217,003
2,760,339
$473,407
$373,641
Net deficit
—V.
Fed. income tax..
officers
and
1936—6 Mos.—1935
$6,484,560
From Jan.
officers
of
Accts,
$
1,782,050
261,589
and employees..
&c
118,188
Note—No deduction included above for estimate of the surtax on
Net
1935
$
Liabilities—
Cash In closed bks.
Accts.
defll2,385
Net from railway
,
J'
$
Inventories
def219,289
tributed profits imposed by the Revenue Act
Gross from
Consolidated Balance Sheet June 30
1936
Notes & accts. rec.
def246,667
1936—Month—1935
$1,295,683
$1,108,069
262,614
128,879
119,153
21,257
Other income—
r—net37,732
52,170
Int. on funded debt
455,062
442,494
$5,856,759
.
—
for surtax on undistributed profits.
Assets—
Cash
3,502,809
255,293
Net railway revenues--.
Net after rents
$5,122,212
1,409,715
-
No provision made
3,374,224
128,034
[Excluding Wisconsin Central Ry.l
The
Total.
at June 30,
3,335,546
38,852
/•,
—V. 143, p. 117.
.
30, 1936—
31, 1935-----
for the six months ended June
as
$733,205
185,281
Net after rents.
From Jan. 1—
$1.04
for the 6 Months Ended June 30, 1936
Consolidated Earned Surplus 'Account
Balance
1934
$500,537
def33,726
def96,856
260,184
160,064
Total revenues
fore Federal inc. tax
at Dec.
1933
1935
$548,941
def9,196
def69,867
1936
$851,774
Net from railway
Minneapolis St. Paul & Sault Ste. Marie Ry.—Earnings
Fed. inc. tax (estimated)
as
639,369
268,365
174,807
Period End. June 30—
$1,248,951
174,549
Balance
584,898
209,326
134,002
Net after rents
Combined net inc. be¬
Net income
574,113
210,997
125,003
'
Gross from railway
$610,126
96,908
Net loss of real est. subs.
Net income
$113,972
52,012
37,715
117.
Gross from railway
Net from railway
Bonuses
--
$83,998
20,832
13,573
Minneapolis & St. Louis RR.—Earnings.June—
2,880,869
184,349
144,447
67,293
3,766
^
21,108
11,477
Gross from railway
$9,463,395
5,741,438
-
Depreciation
Net after rents
From Jan 1—•
$86,654
692,058
296,657
202,812
Net from railway
—V. 143, p.
1933
1935
1934
1936
$17,344,781 $15,130,971 $13,531,775
10,469,395
8,829,424
11,758,744
Store oper. & gen. & ad¬
3,181,253
3.273,985
3,619,636
ministrative expenses.
6 Mos. End. June 30—
1933
$103,589
29,681
15,730
Net after rents,
Sales
Cost of sales
1934
1935
1936
June—
Gross from railway
Net from railway
(& Subs.)—Earnings-
Melville Shoe Corp.
Earnings.—
Midland Valley RR.-
The directors have declared a
accumulations on
Aug. 1, 1936
Chronicle
no
reserve
par
shares,
c
$3,922,578
Total
for uncollectible accounts of
b Represented by
par shares.—V. 141,
$3,871.
Represented by 8,698 no
2742.
Missouri Illinois
Net
—V.
after rents
143, p.
1934
1933
$83,487
20,249
-7,393
$72,183
17,709
4,898
520,571
118,753
29,101
511,163
109,142
36,153
466,619
118,736
49,804
373,971
49,298
def31,868
1—
Gross from railway
Net from railway
Net
1935
$86,167
13,586
4,047
1936
after rents
From Jan.
RR.—Earnings.—
$102,856
33,527
17,086
June—
Gross from railway
Net from railway
118.
-
Volume
Financial
143
Missouri Pacific
1936
1933
The directors
1934
$5,713,660
$6,161,261
1,383,587
619,249
$6,369,182
41,421,556
34,621.028
5,565,484
3,449,465
1,492,645
36,066,484
8,343,029
3,891,970
31,344,757
8,881,107
Gross from railway
1935
$7,138,656
1,650,279
717,221
Net after rents....____
From Jan. 1—
..
660,753
7,748
_
1,878,657
1,134,875
6,618,661
2,450,757
—V. 143, p. 594.
Mobile & Ohio
1936
railway
Net from railway
$726,653
52,613
18,413
4,908,990
873,295
4,079,771
Net after rents.
From Jan. 1—
i07,618
railway
Net from railway
Net after rents
—V. 143, p. 118.
370,263
defl79,188
265,482
Mohawk Hudson Power Corp.
Period. End. June 30—
stock,
common
_
$715,166
92,721
def7,399
$728,552
on
par
4,395,744
683,082
47,388
Balance
41,687
1936—12 Mos.—1935
$3,053,091
1,442,913
—.
pf. stks. of subs
$2,838,175 $11,830,355 $11,493,632
1,535,607
5,887,997
6,280,979
$1,610,178
552,115
$1,302,567
552,115
$5,942,358
2,208,462
$5,212,652
2,208,462
Net income
$1,058,062
x$750,452
$3,733,895 x$3,004,190
Changed to give effect to major adjustments made later in the year
1935.—V. 143, p. 118.
Net profit
Class A preferred divids.
Class B preferred divs__
Common
Monolith Portland Cement Co.—Accumulated Dividend
a dividend of 25 cents per share on account
cumulative preferred stock, par $10 payable
Aug. 12 to holders of record Aug. 2.
A like amount was distributed on
May 9, last, Dec. 10, 1935; Dec. 10, June 10 and March 10, 1934, and on
Sept.. 28, 1933.
The last regular semi-annual payment of 40 cents per
share was made in January 1930.—V. 142, p. 2835.
dividends
stock
com.
June—
1936
Gross from
railway
Net from railway..
Net after rents
Gross from
2,303,802
1,402,438
774,195
2,039,570
1,248,777
645,092
2,035,287
1,224,766
630,253
Other mkt.
Monsanto Chemical Co.—Extra Dividend—
The directors have declared
an
extra dividend
of 25 cents per share in
addition to the regular quarterly dividend of like amount on the capital
stock, par $10, both payable Sept. 15 to holders of record Aug. 25.
A
was paid on June 15 and March 14 last, Dec. 14 and Sept. 14,
1935, and on Dec. 15, 1934, while on Dec. 29, 1933, an extra dividend of
75 cents per share was distributed.—V. 142, p. 3516.
similar extra
Co.—Report—See page 780.
(Philip) Morris & Co., Ltd., Inc.—Dividend Increased—
July 30 declared a quarterly dividend of 75 cents per share
$10, payable Oct. 15 to holders of record Oct. 1.
Previously regular quarterly dividends of 25 cents per share were paid from
April 16, 1928, to and including July 15, last.
In a letter to stockholders notifying them of the dividend action, L. B.
McKitterick, President, states in part:
"An increase from $1 to $3 in the annual rate of the regular dividend has,
within the last few days, been discussed informally by the directors and
they contemplated taking action with respect thereto at the director's meet¬
ing usually held in September.
However, because of recent public rumors
as to the probability of an increase in the dividend rate and
because of
inquiries made by stockholders to whom such rumors have been com¬
municated, and in view of the offering made to stockholdess to purchase
on
the common stock, par
as
per
the prospectus,
clusion that the matter of the
increase
the directors
came
to the con¬
in the dividend rate should be acted
this time and the stockholders informed of the action taken."
—V. 143, p. 595.
upon at
Morse Twist Drill & Machine Co.—Div.
Again Raised—
The directors have declared a dividend of $2 per share on the
capital
stock, payable Aug. 15 to holders of record July 30.
This compares with
$1.25 paid on May 15, last; $1 per share paid in each of the two preceding
quarters and 50 cents per share paid each three months from May 15, 1934
to Aug. 15. 1935, inclusive, and on May 15, 1931.—V. 142, p. 3180.
Munsingwear, Inc.—Larger Dividend—
The directors
July 30 declared a dividend of 75 cents per share on the
common stock, no par value, payable Oct. 1 to holders of record
Sept. 15.
A dividend of 50 cents was paid on July 1, last.
A special dividend of $1
was paid on Jan. 2, last, this latter being the first distribution made
since
June 1,1932, when a dividend of 25 cents was paid.
A dividend of 35 cents
per share was paid pn March 1, 1932; 50 cents per share in each of the
three
on
Receding ^quarters and 75 cents per share quarterly previously.
Nashville
Chattanooga & St. Louis Ry.—Earnings.—
June
1936
Gross from
railway
Net from railway
1935
$1,100,467
1934
93.865
40,594
$1,080,504
199,791
141,394
6,171,631
384,214
181,964
6,598,410
1.100,321
707,803
6,077,920
948,295
643,979
■,
550,543
Accts.
$93,005
$o.33
$4.06
1935
1933
&
144,360,034 129,703,332 119,279,881
4,393,942
4,409,230
4,007,352
Profit
—_
$8,216,916
482,588
Total income
$8,699,504
Int. &subsid.pref. divs1,788,408
Federal taxes
983,000
Net profit
.
Preferred dividends
-----
$5,636,608
544,256
"I
$6,281,165
$7,275,754
631,608
825,557
$6,180,865
1,993,966
722,000
$6,912,773
$8,101,311
2,103,386
800,000
2,079,758
867,950
345,481
$3,464,899
345,481
$4,009,387
346,745
$5,153,603
360,570
$5,582,615
$3,119,417
$3,662,642
$4,793,033
$5,928,097
Earns, per sh. on 6,263,-
165 shs. common stock
—Y. 142, p. 3684.
3,034,420
1,523,565
116,193
10,782,654
9,707,063
Fire ins.
144,677
20,001,890
__
cos.
319,173
17,032,881
reserve-
Plant
-
4,797,284
426,664
----
426,664
2,500,000
reserve
Promotion res've
'
4,699,418
6,172,298
4,819,456
6,251,932
Pension
7.654,511
7,654,511
1,500,000
Cl. A pref. stock
CI. B pref. stock
&
.
Domestic
440,645
535,720
403,508
Foreign
470,919
reserve
7,000,000
.
Foreign exchange
Nat. Lead Co.
prop,
3,000,000
4,797,284
reserve
Employers liabil.
Foreign
Plant
reserve
reserve
from
capital stock
$
3,467,138
600,000
1,085,572
116,193
2,250,000
Div. payable
Employ, life ins.
notes
(net).
rec.
miscell.
Coinmon
res.
248,713
249,032
24,367,600
24,367,600
10,327,700
30,983,100
30,983,100
10,327.700
stock.
Surplus
21,837,812
20,233,775
Total
--106,913,053
103,654,057
and
44,128,813
charges
459,661
Total
44,225,535
437,015
106,913,053 103,654,057
In 1936, 34,883 shs. of pref. A, 25,815 shs. pref. B and 3,216 com. shs.;
1935, 34,883 shs. of pref. A, 25,815 shs. of pref. B and 321 shs. com.
—V. 142, p. 3685.
x
in
*
National Public Service
Corp.—Collateral to Be Sold—
The New York Trust Co., trustee under theindenture dated Feb. 1,1928,
announced July 30 the dates for two auctions of the collateral securing the
debentures.
At the first auction, set for Aug. 27, there will be offered in two lots (a)
60,144.3 common shares of the Municipal Service Co., provided stock¬
holders of that company approve at a meeting called for Aug. 3 the issuance
of
share
one
for
each
ten
shares
now
outstanding,
or
601,443
common
(b) 600,000 common shares of Seaboard Public
Service Co., the charter of which has been voided and repealed by Delaware.
No bid of less than $8,900 will be received for (a) if the same shall consist
of 60,144.3 shares; and no bid of less than $30,560 will be received for the
parcel if the same shall consist of 601,443 shares.
At the second auction, on Sept. 10, there will be offered 712,411 common
shares of Jersey Central Power & Light Co., representing 68% voting
control in that corporation.
All three companies were former Insull properties in the East.
The 712,411 shares will be sold in a single parcel, and no bid of less than
$5,000,000 will
received on the equities.
The Public Service Corp. of New Jersey has advised the protective committeefor the National Public Service Corp. 5% debentures that it would be
willing to submit a bid at auction of $5,000,000 for two-thirds of the 1,053,770
shares of the Jersey Central common stock.
Public Service's interest in Jersey Central Power & Light is shared by
Associated Gas & Electric Co., inasmuch as Associated some tjme ago
purchased 32.8% of the Jersey Central common stock which Central
Hanover Bank & Trust Col held as collateral for a loan to National Public
Service.
common
In addition to its holdings of Jersey Central l ower & Light
stock, Associated Gas & Electric also possesses a block of National
Public Service debentures.—V. 142, p. 3861.
National Tea Co.—Sales•—
$5,135,421
4,662,014
4,733,906
1936
1935
$4,387,876
4,929,167
4,898,378
1934
$4,344,288
4,735,402
4,747.235
4,582,700
4,816,420
4,608,491
5,022,922
4,349,416
4,885,980
5,037,572
4,588,974
4,659,679
4,796,725
4,626,518
4,843,404
4,743,075
4,881,542
xJune20'36 June 15 '35 June 16 '34
June\7 ,'SS
Four Weeks Ended—
Feb.
I
Feb.
29
Mar.
28
April
May
25
——
23----
June 20
July
4,628,100
—w
4,504,609
18
24 WefkS'Ended—
Net
Shs.
profit after Fed. tax
com.
stk.
out.
$23,043
par)
628,250
Earnings per share, .r—_
Nil
x 24H weeks ended June 20, 1936.
$0.89
$0.49
$0.58
$0 76
*
$234,010
$233,138
$892,109
629,500
642,453
646,453
$1.32
$0.31
—
$0.30
-Y. 143, p. 119.
Corp.—Earnings—
Period End. June 30—
Operating profit
Deprec. & depletion
Interest
Federal income taxes—
Profit
Net
1933
$4,928,125
4,650,848
5,062,463
(no
1936—3 Mos.—1935
$4,979,213
$5,139,001
1,074,268
964,314
487,104
496,414
548,201
550,174
1936—6 Mos.—1935
$9,169,180 $10,362,623
1,976,598
1,782,084
1,065,502
977,324
944,365
1,044,413
$2,805,570
profit
stock (par $25)
Earnings per share
—V. 142, p. 4028.
$3,191,169
242,807
1,182,715
$6,558,802
242,807
$2,805,570
2,156,977
$1.30
$2,948,362
2,155,777
$5,182,715
2,156,977
$2.40
$6,315,995
2,155,777
$1.37
$2.93
National Union Fire Insurance Co.—Extra Dividend—
The directors have declared
an extra dividend of $1 per share in addition
regular dividend of.like amount on the capital stock, par $20, both
payable Aug. 10 to holders of record July 28.
Extra dividends of $1 were
also paid on Feb. 10 last and on Aug. 12, 1935.
An extra dividend of 50
cents was paid on Feb. 11, 1935.
For detailed dividend record see V. 142,
p. 792.
to
a
Natomas
Co.—Earnings—
6 Mos. End. June SO—
Surplus-
$100,
1935
8
Accts; payable.
Notes payable.Tax
3,251,032
3,501,066
employees
x
1936
Liabilities—
1,147,888
Shs. cap.
-
Otherincome
$2.82
yPar
all of the capital stock]
owns
,
$
3,380,066
receiv.
Notes
(& Subs.)—Earnings—
6 Mos. End. June 30—
1936
1935
1934
Net sales.
.-$156,970,891 $139749,170 $129568,398
Cost, expenses, &c
Depreciation.
187,066
678,539
y271,415
Spec, non-recurring int.
National Dairy Products Corp.
.
739,742
.
$424,943
4,330,138!
National Steel
$955,309
31,372
def7,772
6,650,926
723,480
Gross from railway
Net from railway
Not after rents.
678,684
y271,470
3,243,032
-
Foreign
1933
$942,072
85,784
41,293
Net after rents
From Jan. 1—
$1,698,352
232,386
shares in the alternative, and
Montreal Tramways
shares
$2,066,755
730,742
.
4,147,926
747,504
$879,513
sees.:
Domestic
Deferred
due 1960, in exchange for temporary first and general mortgage bonds,
4H% series due 1960.—V. 142, p. 2674.
4,532,260
655,513
y309,510
equipm't (net)
The Chase National Bank announced that it is prepared to deliver at
its corporate trust division, definitive first mortgage bonds, 4H% series
f
x
3,095,100
#0.v7
1,147,888
sees.
Domestic
1.575,426
962,360
471,519
See
4,223,719
U. S. Govt.
Monongahela West Penn Public Service Co.—Defini¬
Ready—
additional
$2,615,510
730,775
232,386
772,836
$
Cash
118.
The directors
$2,740,927
730,775
232,386
773,775
1936
Assets—
tive Bonds
on
$6,593,782
Misc. investm'ts:
railway.....
143, p.
159,769
$2,615,510, $7,254,528
Company and domestic subsidiaries in which it
1933
$322,257
218,569
126,135
1—
Net from railway
Net after rents
—V.
1934
$310,433
185,438
84,815
$6,246,638
347,144
Consolidated Balance Sheet June 30
Inventories
$391,366
259,463
598.856
x Includes
expenses,
taxes, depreciation and depletion.
the shares having been split 10 for 1 effective May 15, 1936.
Sees, of affil.
1935
$330,178
,192,311
93,447
$6,655,672
$1,795,735
819,775
.
out¬
standing (par $10)--.
Earnings per share
the 8%
Monongahela Ry.—Earnings.—
13,245,981
$1,003,991
Shares
The directors have declared
on
1933
.
22,724,956
$2,287,385
453,542
.
Expenses and taxes..
Deprec. & depletion.
x
of accumulations
1934
$29,380,62$ $19,492,619
$2,740,927
"See x
Gross profit on sales.
660,113
•
$2,835,434 $11,812,619 $11,474,759
2,740
17,736
18.873
Deducts, from gross inc.
1935
$36,607,915 $32,064,071
'34,320,530: x30,268,336
3,805,470
Operating income
$3,048,179
Non-operating inc., net.
4,912
From Jan.
Co.—12f^-Cent Extra Dividend—
Cost of goods sold
173,584
69,363
$9,701,352 $39,701,911 $38,716,033
x6,865,917
27,889,292 x27,241,274
Gross income
dividend of 25 cents per share on the
July 28 declared an extra dividend of 12 ^ cents per
a regular quarterly dividend of like amount on the new
$10, both payable Sept. 30 to holders of record Sept. 11.
Net sales
(& Subs.)—Earnings—
1936—3 Mos.—1935
a
1936
1933
1934
.
Operating revenues.---. $9,969,227
Oper.rev. deductions...
6,921,047
on
National Lead
The directors
share in addition to
Other income
Gross from
Divs.
July 24 declared
stock, par $1, payable Aug. 20 to holders of record Aug. 5. This
will be the first dividend paid by the company since May 1, 1931 when^a
quarterly dividend of 20 cents was distributed.—V. 142, p. 3351.
Income Account Six Months Ended June 30 (.Incl. Subs.)
1935
$846,155
153,850
-
on
common
RR.—Earnings.—
'
June—
Gross from
763
National Acme Co.—To Resume Common Dividends—
RR.—Rarnings.—
June—
Gross from railway
Net from railway
Net from railway
Net after rents
Chronicle
rvpfif
flft.Pl*
1936
1935
1934
1933
HpTlrPP
deplet. Fed. taxes, &c.'
Earns. per sh. on 995,820
shares capital stock--
$607,578
$521,049
$454,781
$141,209
$0-61
$0.53
$0.46
$0.14
764
Financial Chronicle
Earnings for 3 Months Ended June 30, 1936
Return
Gold dredging
Rock operations
Land rentals
,
_
Water operating
Discount,
miscell.
&
int.
2,700
40,500
1,500
13,500
6,900
$429,874
Kdeprec., land sales & cancellations
& prospecting_
110,829
36,729
r
Nevada Northern
June—
$0.28
1936
1934
1933
29,080
7,862
5,033
274,985
120,455
176,590
30,905
14,750
158,571
27,480
12,390
121,268
def20,995
def39,184
845
Gross from railway
89,280
119.
Nevada-California Electric Corp.
1936—Month—1935
Period End. June SO—
Gross oper. earnings
(& Subs.)—Earnings
1936—12 Mos.—1935
Oper.& gen. exps.& taxes
$650,375
300,174
$616,873
285,970
$5,672,838
2,671,418
$5,081,216
2,759,236
Operating profits
Non-oper. earns, (net)..
$350,200
2,713
$330,903
8,633
$3,001,419
48,716
$2,321,980
$352,914
112,112
59,669
$339,537
119,688
67,402
$3,050,136
1,375,483
606,685
$2,447,691
1,454,463
639,190
Total income
Interest.
1.
Depreciation....
.
125,711
Discount and expenses on
securities sold
8,031
8,531
98,356
102,475
Profit arising from retire¬
ment of bonds & debs.
loss889
10,240
135,009
1,707
7,081
18,739
33,169
additions
deductions..!
$170,503
dividends, &c
•V. 143, p. 281.
New
147,075
$1,085,879
$350,460
England Gas & Electric Association (& Subs.)—
12 Months Ended June 30
1936
Total operating revenues—
Operating
expenses
Maintenance
Federal income.
Other taxes
1935
1934
$2,729,576
863,627
£2,855.143
1,170,302
505,568
$2,869,137
889,457
458,031
19,600,644
6,903,754
4,157,446
16,569,361
17,231,793
14,188,051
4,477,785
2,096,694
$2,346,646
291,872
Net after rents...
$2,638,519
183,214
2,133,210
19,409
4,747
19,413
$302,315
The
has filed an application with the Interstate Commerce
asking authority to issue and sell $16,000,000 10-year 4%
The proceeds would be used to discharge the foolowing obligations: Reconstruction Finance Corporation loans, $10,869,568;
Railroad Credit Corporation loans, $3,199,415; notes of Nickel Plate
Development Co., $1,258,107 held by Erie Land & Improvement Co.; a
total of $15,327,091.
In addition, the carrier needs approximately $1,000,000 for unspecified coroprate purposes.
Any deficiency in such amount
which ozuld not be provided b. the note sale, would be made
up from cash.
As collateral security for the notes, Nickel Plate would
pledge $16,000,000
refunding mortgage 4K % gold bonds, series C, certificates of deposit repre¬
senting 115,193 prior lien shares, 14,800 preferred shares, and 168,000 com¬
mon shares of capital stock of
Wheeling & Lake Erie Ry. and 15,000 shares of
company
common stock of Detroit & Toledo Shore Line RR.
The notes would be dated Aug. 1, 1936, mature
Aug. 1, 1946, and bear
interest at 4%, payable semi-annually on Feb. 1 and
Aug. 1.
The sale,
it is said, will 1
'to'* 1,
be handled by ™
~
~
~
Edward B. Smith & Co —V. 143,
.
Connecting RR.—Earnings.-
June—
1936
Gross from railway
143,
p.
Amortization of debt discount & expense
Balance of income
—V.
$269,016
211,239
141,681
1,399,241
1,074,737
671,227
1,422,459
1,140,474
706,752
1,443,206
1,173,924
731,099
119.
New York Edison Co.,
Period End. June 30—
From
sales
Inc.—Earnings—
1936—3 Mos.—1935
sources.
$23,353,641 $23,059,909 $94,451,697 $93,925,751
737,680
795,282
3,431,311
3,128,379
Total oper. re venues$24,091,321
expenses
Retirement expense
Taxes (incl. provision for
Federal income tax
Total gross earnings..$13,769,945 $13,485,992 $52,177,520 $51,377,673
Operating costs
4,916,708
4,473,159
18,669,649
17,288,389
905,366
771,064
3,548,196
3,324,563
Depreciation
1,251,290
1,207,628
4,413,008
4,330,498
Taxes—Federal, State &
2,223,604
8,099,269
8,024,435
municipal
2,193,815
kwh.
Interest
on
& expense
117,071
118,673
40,667
17,910
962,789
53,064
488,265
187,417
472,480
208,714
962,947
105,282
3,851,568
283,548
845,451
$1,523,093
$4,484,725
$5,139,859
Other chgs. against inc._
at
of subs.
656,458
656,458
2,625,832
3,610.519
6,487
6,487
25,951
35,658
$579,536
$860,147
$1,832,942
$1,493,682
Note—At March 31, 1936 cum. pref. divs. of New England Power Asso¬
ciation were in arrears $2.50 for each 6% pref. share and .83 1-3 for eaca
$2 div. pref. share outstanding amounting to a total of $l,657,3oO.—V.
Bonds should
for
be surrendered to City Bank Farmers Trust Co.,
payment on Oct. i.
Holders may present their bonds to
any time prior to the redemption date and receive the re¬
demption price in full, excluding interest due Oct. 1, 1936, which will
be paid on and after that date.—V. 142, p. 4186.
New York Ontario & Western Ry.Junp—
From Jan. 1 —
Gross from railway
Net from railway
Net after rents..'
1936
railway
.'
Net from railway
Net after rents—
$69,084
def2,975
def24,778
1935
$70,291
def8,989
def28,852
1934
1933
$68,408
defl2,622
def 1,260
def32,641
399,278
def29,954
railway
$78,814
defl53,279
397,821
def97,736
def2i8,852
441,145
def83,279
def206,808
486,586
def 17,240
def158,662
—V. 142, p. 4348.
New Orleans & Northeastern RR.1 CHfi
Gross from
railway
Net from railway
IQ"}^
-Earnings.
1934
$214,829
77,009
30,309
$191,624
48,095
14,413
$174,441
37,354
$1,265,815
378,469
Net after rents
1,098,887
245,792
42,961
1,105,864
261,772
33,826
565
1933
$174,230
41,162
def8,179
From Jan. 1—
Gross from
railway
railway,.
Net after rents
111,501
857,070
161,144
88.001
138,083
4,399,936
1,012.048
4,343,737
1,133,569
676,867
4,840,577
1,2^8,368
664,855
4,595,212
53 .>.496
New York
1,262,796
809,955
Stocks, Inc.—Shares Offered—
New York Central
def227,228
RR.—Earnings1936
June—
1935
1934
1933
$29,586,541 $25,055,702 $25,409,874 $25,025,100
6,077,402
7,954,998
7,033,513
8,051,460
railway
Net from railway
4,239,983
Net after rents
2,546,059
3,129,717
4,384,965
From Jan. 1—
railway.----171,616,006 150,482,705 151,520,643 130,871,662
35,408,141
39,942,790
34,351,627
41,191,177
Net from railway
19,688,552
Net after rents
—V. 143, p. 596.
new type of seouruy was offered
July 28 with the announcement by
Hugh W. Long & Co., Inc., New tfork, of an offering of 2,000,000 shares of
special stock at approximately $12 per share.
Each series of this special
Stock has underlying assets consisting of selected common stocks of an
industry, the name of which appears in the designation of the series.
The research work of the company is provided
through a contract with
Manhattan Foundation, Inc. under the direction of Daniel L. Grant,
economist.
°
Tne directors of New York Stocks, Inc. are: Colonel Harlow D. Savage,
H. Lough, Sol win W. Smith, Hugh W. Long and Thomas F.
Chalker.
New York Stocks,
Inc. has authorized for issuance 21 series of special
separately, ano each representing a separate business or
Outstanding shares of any series may be redeemed for cash or
converted into shares of any other authorized series at the holders' request.
The respective series, including a Government bond series available for
issue only on conversion of outstanding stock of other series, are as follows:
stock each available
'
15,039,674
Agricultural
Insurance
Alcohol
Machinery Industry
Merchandising
<&
Industry
Distillery Industry
Automobile Industry
Aviation Industry
17,167,684
12,493.512
Stock
Metals
Bank Stock
Oil
Supply Industry
Business Equipment Industry
Public
Chemical Industry
Electric Equipment
48,826
—V. 143, P. 119.
Gross from
$752,751
216,842
181,238
industry.
T.,no
Gross from
1933
$722,111
William
Net after rents
Net from
1934
$769,092
224.468
—V. 142, p. 4349.
def24,506
1—
Gross from railway
Net from
___L
Jersey & New York RR.—Earnings.—
June—
Jan.
-Earnings.
icn^
$719,930
188,026
102,5-3
A
New Haven Water Co.—Report—See page 781..
From
1
Gross from
142, p. 3862.
New
409,748
$17,251,059
the trustee at
Net after rents
during the period:
6% pref. shares
$2. div. pref.
shares..^
Gross from
405.442
bonds,
1, 1936.
105%, all of the outstanding $30,000,000 principal amount of these
railway
Net from railway
Pref. divs. of New Engl.
Pow. Assn. declared
-
116,822
$4,461,475 $18,051,413
..692,411,468 646,32 8,440 2 789577,767 2 61^671,319
bonds.
earns,
Consolidated balance
$6,195,180 $24,812,783 $24,128,383
1,616,882
6,355,928
6,467,575
Tne company is nooifying noiuers ox its lso lien & ref.
mtge, gold
series A (6>3%, due Oct. 1, 1941) that it will redeem on Oct.
1,094,532
$1,242,482
Miscell. interest
Pref. divs. of sub. cos.!.
Consol. bal. bef. divs
1 6,119,253
3,852,344
219,177
1 6,711,918
$30,000,000 Outstanding Bonds Called—
trustee,
Ambrtiz. of debt discount
Minor, int. in net
k
4,162,262
$5,808,844 $23,491,698 $22,379,446
458,593
1,708,168
1,930,821
Dr72,258
Dr387.073
Drl81.884
47,420
Net income...
$4,898,907
Sales of electric energy—
....
H,810,536 $17,447,397 $18,409,787
I,869,209
7,484,688
7,641,857
1,376,227
$23,855,191 $97,883,009 $97,054,131
11,976,841
49,990.068
49,473,341
1,907,243
7,689,325
9,082.091
1
miscell. deductions
Maintenance
$4,502,766
funded debt.
1,902,668
4,068.607
$6,322,555
Int. on long term debt-Miscell. int., amortiz. of
debt disct. & exp. &
|
Consolidated balance.
12.146,179
1,901,529
Operating income
$5,975,005
Non-operating re venues.
432,606
Non-oper. rev. deduct'ns
Dr85,057
Gross corp. income
Per. End. March 31—
1936—3 Mos.—1935
1936—12 Mos.—1935
Gross oper. revenue
$13,256,570 $13,045,116 $50,184,282 $49,387,122
Otherincome
513,375
440,875
1,993,238
1,990,550
1 936—12 Mos.—1935
of electric
energy
From miscell.
Operating
England Power Association (& Subs.)—Earninga
1933
$220,304
172,121
101.375
Operating revenues:
142, p. 4029.
New
1934
$246,064
176,119
113,422
1,396,488
.1,076,830
669,425
From Jan. 1—
Gross from railway
Net from railway
Net after rents
—V.
1935
$206,172
154,618
90,781
..
unfunded debt.
596.
p.
New York
$377,601
on
5.944,665
3.372,447
•
Commission
2,203,474
369
Interest
5,221,034
3,023,871
collateral trust notes.
$2,758,354
153,117
New England Gas & Elec. Association—
Interest on funded debt
766,929
Plans $16,000,000 Collateral Trust Note Issue—
-$2,385,602
372,752
Gross income
Deductions from incomes—Subsidiary companies.
1933
From Jan 1—
1935
Operating income
Other income (net)
293,332 /
1936
Gross from railway
Net from railway._
—$13,466,810 $13,081,109
6,788,676
6,460,492
1,087,285
1,028,434
1,069,915
1,119,905
291,563
307,464
1,882,723
1,779,210
Provision for retirements
245,644
$3,337,425
1,192,714
657,484?
Net from railway......
Net after rents
Surp. available for re¬
demption of bonds,
674.253
99,610
193,888
Chicago & St. Louis RR. —Earning s.-
railway
Net from railway
miscell.
and
8,817
946,723
309,231
375,106
Gross from
132,066
Other
7,693
864,406
$90,982
def 7,794
June—
def2,082
$22,820
1933
$102,832
def 5,298
,.%
Net after rents
1935
$27,083
4,986
2,763
1—
Net from railway
Net after rents
143, p.
$282,315
$42,554
18,356
12,232
Net after rents..
—V.
$190,904
Ry.—Earnings.—
:»
Gross from railway
Net from railway
From Jan.
$620,779
193
$112,031
def9,032
def 1,451
—V. 143, p. 281.
New York
Totals..
a
Earns, persh. on 992,920shs. cap.stk.
—V. 142, p. 3006.
430,493
Only
1935
1—»
Net after rents
;
_
tax.
Jan.
$5,178 799
778,^5
1,112,194
359,597
276,217
Net after rents
From
1936—6 Mo .—1935
$6,493
$124,601
8,626
def2,646
railway
Gross from railway
Net from railway
\
Company
1936
Gross from railway
Net from
incl. taxes, insur.,
reclamation, assets, acct.
Federal income
Earnings of
1, 1936
System—Earnings-
1936—Month—1935
$749 599
$635,487
def93,942
defl64.056
revenues
Net ry. oper. income
16,212
$190,904
exps.
li int., reel, assets acct. maint. &c.,
1
depletion dppdgqd lands, miscell.
_
Operating
June—
$620,779
gen. exp.,
Period End. June 30—
$368,961
300
16,212
Totals
Non-oper.
Net
$170,204
miscell.
credits & charges
.
Cost
$539,166
3,000
54,000
8,400
Aug.
New Orleans Texas & Mexico Ry.
Railroad
Building
Industry
Food Industry
Government bonds
i
The offering prospectus asserts:
Industry
Utility
Industry
Railroads
Equipment Industry
Steel Industry
Tobacco Industry
"There are times when the purchasing
power of an investor's income can be better sustained by a generous inclu¬
sion of equities among his investments than by holding a preponderance of
fixed income securities.
As the commodity price level advances and the
cost of
living rises, fixed dollar income buys less and less.
Those who are
entirely dependent upon interest, rents or other fixed dollar income at such
be compelled to reduce their standard of living."—V. 143, p. 1|9.
times may
Volume
Financial
143
New York Power &
Period End. June 30—
Chronicle
Niagara Falls Power
Light Corp.—Earnings—
1936—12 Mos.—1935
1936—3 Mos.—1935
Operating revenues
fo,uo^toyu
$6,034,390
Oper. revenue deducns.
4,034,163
»po,uoy^,0^1,000
$6,039,463 $24,321,886
*4,108,118
16,529,674
$24,013,591
*16,686,893
Operating income.... $2,000,226
Non-oper. income, net__
Dr2,330
$1,931,345
$7,792,211
1 nnn
1,099
Dr298
n-nno
10,499
in aqo
$1,932,444
1,188,125
$7,791,913
4,707,802
$7,337,196
4,883,138
Period End. June 30—
$7,326,697
xoyouuOT.
„
Gr°ss income
$1,997,890
1,164,422
Deduc'ns from gross inc.
Net
x
income
$3,084,110 x$2,454,058
major adjustments made later in the year
$833,468
Changed to give effect to
V. 142, p. 3182
New
York
Operating
& Queens Electric Light
& Power Co.—
1936—12 Mos—1935
1936—3 Mos.—1935
revenues:
$5,175,997 $20,048,189
22,749
1,159.394
Total oper. revenues.
$5,198,746 $21,207,583 $21,333,107
3,033,169
11,754,867
12,223,200
456,711
1,873,691
2,052,469
_
expenses
•
Retirement expense
Taxes (incl. provision for
Federal income tax)-.
$5,183,487
2,873,365
387,487
$21,245,537
87,570
848,096
747,058
3,326,488
3,003,309
$1,074,538
2,885
Dr3,431
$961,807
$4,252,537
788
Dr245
7,593
Drl9,901
$4,054,128
16,826
deduct'ns
Gross corp. income.
Int on long-term debt—
$1,073,992
218,750
$962,350
150,029
$4,240,229
761,973
Operating income
Non-oper. revenues:
Non-oper.
rev.
-
-
Miscell. int., amortiz. of
debt disct. & exp. &
miscell. deductions
-
avail, for divs.
7,458
113,693
$698,627
$4,055,851
600,029
409,439
$3,046,382
62,500
222,595
$847,784
Drl5,104
$3,255,661
61,288
;
Net income.
Divs. declared on pf.stk.
Bal
^P©ratine:revftnnpiK
Operating revenues
Oper.
„
on
common stock
Sales of electric energy—
kwh
$2,983,882
$3,194,372
Corp.—Earnings-
of steam..
expenses
Retirement expense.
$1,832,708
2,264
$2,005,465 $10,679,359 $10,647,337
54,374
51,240
1,651
$1,834,972
1,241,748
58,965
Total oper. revenues..
$2,007,116 $10,730,600 $10,701,711
1,266,580
6,358,266
6,461,800
84,020
440,915
451,684
310,566
289,716
1,471,740
$223,693
20,431
Dr6,461
$366,800
17,796
Dr7,628
$2,459,677
76,783
Dr35,197
$2,447,667
$237,663
355,016
$376,968
356,426
$2,501,263
1,422,646
54,604
69,032
247,557
—
Operating income
Non-oper. revenues
;
?
Gross corp. income...
Int.
long-term debt—
int:, amortiz. of
on
debt
disct.
&
exp.
miscell. deductions
.
Gross income.
_
-VIHSTuo.
88,152
JDr37,425
.
$2,498,395
1,427,705
&
...
Co.
(& Subs.)—Earnings—
1936—3 Mos.—1935
1936—12 Mos.—1935
$2,667,099 *$2,607,296 $10,502,378 $10,514,458
1,400,000
1,364,647
5,702,062
5,444,009
$1,267,098
49,014
$1,242,649
$1,316,113
456,026
$1,295,579
Net income.........def$171,958
269,882
on
pf.stks
Bal. avail, for divs.
$800,808
631,248
$831,059
627,552
on
common stock
Sales of steam—M lbs..
1,914,097
$203,507
11,351,933
2,100 ,492
$169,560
11,292,099
—V. 142, p. 4030.
New York
Susquehanna & Western RR.—Earnings.—
June—
Gross from railway
Net from railway
1936
$256,160
58,236
1,941
Net after rents
From Jan 1—
Gross from railway
Net from railway
Net after rents
—V. 142 p. 4349.
1935
$327,704
111,415
61,960
.
*
1,779,725
513.876
213,173
1,949,387
1,891,020
549,456
214,506
New York Water Service Corp. (&
General
Subs.)-
*
operation.
regulatory commission
General
expense
transferred to construction
uncollectible accounts
expenses
Provision
for
Earnings—
1936
1935
$2,900,957
870,760
17,921
10,879
Crl6,875
23,250
$2,863,082
836,435
16,090
4,177
-
revenues,
1,631,214
374,899
97,502
567,542
308,903
Rate case expense
Other
Cr 18,220
312,157
58,547
20,834
24,840
90,211
273,653
46,556
19,196
earnings before provisions for retirements
•„& replacements & Federal income tax
$1,473,980
27,349
$1,570,141
48,739
Maintenance
Real property
129,501
taxes
Excise taxes.
Corporate taxes
Net
Other income
Gross
corporate income..........
Interest
on
Interest
on
mortgage debt
gold notes......
Miscellaneous interest....
Amortization of debt discount & expense.
Interest charged to construction
...
_.
Provision for retirements & replacements.——
Provision for Federal income tax
Prov. for int. on Fed. income tax of prior years..
Expenses
in
connection
with
debt
not consummated
Net income
—V.
$3,178,702
$3,428,588
6
Period End. June 30—
Operating
revenues
Oper.
deductions...
1936—12 Mos—1935
1936—3 Mos.—1935
$2,520,098
1,766,635
$2,170,560
xl,589,654
$9,744,181
6,916,505
$9,274,847
x6,656,319
Operating income
Non-oper. income, net—
$753,463
$580,906
8,151
$2,827,676
14,184
$2,618,528
13.279
Gross income
Deduct, from gross inc..
$757,705
388,542
$589,057
$2,841,860
1,552,129
$2,631,807
1,650,018
rev.
4,242
396,689
Net income—_
$369,163
x$192,368
$1,289,730
x$981,788
„* Changed to give effect to major adjustments made later in the year
1935.—V. 142, p. 3335.
Norfolk Southern RR.
June—
-Earning s.1935
1936
Gross from railway
Net from railway
_
Net after rents.
_
_
_
1933
_;
...
$585,357
$638,072
252,843
184,653
314.831
2,209,195
426,536
155,966
_
From Jan. 1—
Gross from railway
Net from railway.
Net after rents
1934
$505,581
186,671
126,826
2,429,631
559,198
234,291
240,627
2,481,605
701,534
360,115
$604,696
278,055
209,272
2.191,940
306,579
defl8,069
—V. 143, P. 120.
Norfolk & Western
Ky,—Earnings
1936—6 Mos.—1935
1936—Month—1935
oper. revenues.
$7,647,836
Net ry. oper. revenues.—
Net ry. oper. income...
3,645,381
2,585,983
48,286
$6,428,959 $42,807,089 $36,467,758
2,893,644
19,407,183
13,913,578
2,360,630
15,165,147
10,826,378
107,504
274,817
753,056
$2,634,270
$2,468,134 $15,430,965 $11,579,434
Other income items
Gross income
Interest
Net
on
funded debt.
income
178,816
294,364
1,072,866
1,767,013
$2,173,770 $14,358,098
$2,455,453
$9,812,421
—V. 143, p. 437.
North American Car
Corp.—Equipment Trusts Offered—
Freeman & Co., Central Republic Co., Stroud & Co., Inc.,
and
Chandler & Co., Inc.,
on July 27 offered $2,500,000
equipment trust certificates series 0 (4
%), dated Aug. 1,
1936.
To be unconditionally guaranteed by endorsement
both as to principal and dividends by North American Car
Corp.
To be issued under the Philadelphia Plan.
Amount
Price*
Maturity
Yield
S
Maturity
Price*
Yield
101.4900
1.50
125 000
Feb.
1, 1942
99.5189
%
4.60
Aug. 1, 1942
99.2224
4.65
Feb.
98.8909
4.70
125,000
125,000
Aug. 1. 1937
101.9600
2.50
Feb.
1,1938
101.9996
3.125
125,000
125,000
125,000
Aug. 1, 1938
Feb. 1, 1939
Aug. 1, 1939
101.9154
3.50
101.1783
4.00
125,000
125.000
125,000
125,000
Feb.
*
Amount
%
1. 1937
Feb.
,
101.1183
4.10
98.0264
4.80
1, 1940
100.9670
4.20
125,000
125,000
125,000
125,000
125,000
125,000
1, 1945
97.9261
4.80
Aug. 1, 1940
100.7278
4.30
125.000
Aug. 1, 1945
97.4718
Feb.
1, 1941
100.4041
4.40
96.9906
4.90
100.0000
4.50
125,000
125,000
1, 1946
Aug. 1, 1941
Aug. 1, 1946
96.8673
4.90
1, 1943
Aug. 1, 1943
Feb.
1, 1944
Aug. 1, 1944
Feb.
Feb.
98.5259 I 4.75
98.4380
4.75
4.85
Plus accrued dividends.
The Marine Midland Trust Co. of New York, trustee.
Certificates ill
Aug. 1, 1936.
Dividends payable at
H % per annum semi-annually on Feb. 1 and Aug.1.
Certificates
and dividend warrants payable to bearer with option to register as to
principal only.
Red. in whole or in part on any div. date, at option of
corporation, upon at least three weeks' prior published notice, at principal
amount thereof and accrued divs. to date of redemption and a premium
on said principal amount equal to 2% thereof if redemption date is prior
to Aug. 1, 1941, and prior to the date of maturity thereof, and equal to
1% thereof if the redemption date is on or subsequent to Aug. 1,1941, and
denom. of $1,000 each to be dated
rate of 4
12 Months Ended June 30—
Operating
1933
$268,594
58,177
14,559
1934
$292,839
61,302
16,966
$5,279,376
1,850,788
$837,294
125,000
Divs. declared
def$48,490
$4,999,473
1,820,770
Niagara Lockport & Ontario Power Co. (& Subs.)-
$
_
$5,070,448
208,928
458,284
$860'086
$4,800,316
199,157
52,930
Earnings—
1,340,559
Taxes (incl. provision for
Federal income tax)
Misc.
1936—12 Mos .—1935
1936—3 Mos.—1935
revenues:
From miscell. sources.
Operating
.
Period End. June 30—
Period End. June 30sa es
.
Deduct. from gross inc.
Railway
New York Steam
From
deSiom 111
Non-oper. income, net—
127,329,814 113,904,016 518,324,628 472,115,850
—V. 142, p. 3007.
Operating
re v.
Operating income.
^
From sales of el. energy $5,042,247
From miscell. sources.
141,240
Operating
-
x$744,318
~9o5.
Period End. June 30—
765
$1,501,330
782,074
9,275
18,837
33,972
CV624
197,750
55,671
7,287
$1,618,880
785,040
48,602
7,360
—
.
39,602
Cr2,934
200,500
60,017
15,526
refunding—
—
...
$465,164
142, p. 3355.
Niagara Hudson Power Corp. (& Subs.)—Earnings—
Period End. June 30-r
1936—3 Mos.—1935
1936—12 Mos.—1935
Operating revenues
$19,617,068 $18,454,875 $77,622,861 $74,569,912
Oper.rev. deductions... 12,152,289 xll,757,166
49,005,027 x47,071,348
Operating income
$7,464,778
Non-oper, income, net..
8,146
annually) upon application as
This issue of certificates is to be
mills
$6,697,709 $28,617,833 $27,498,564
xDrl3,271
86,789
xl95,573
set forth in the agreement.
secured by deposit with the trustee of
2,050 steel tank cars,
title to the following standard railroad equipment:.
886 refrigerator cars, and 300 converted refrigerator cars.
The American Appraisal Co. has certified that tbe fair value of these
to a going operating company for continued use in the service of
North American Car Corp. or similar service is $5,247,215.
cars
History and Business—Corporation was incorporated in
Jan. 23, 1926, as successor to North American Car
on Jan. 1, 1922, to acquire the net assets of North
Illinois on
Co. (Del.), organized
American Car Co of
Dispatch.
Company is engaged directly,
subsidiaries, in the business of operating as owner or lessee
W. Va. and Atlantic Seaboard
and through
and leasing tank, refrigerator, and live poultry cars to industrial shippers
and railroads on a rental and mileage basis
In connection with such
operations, several car repair shops are operated, being principally engaged
in the repair and maintenance of the company's own cars, although some
repair work is done for other car lines and shipper owners of cars.
Tank cars are leased to various railroads and shippers for use in the
transportation
of
petroleutai .products,
asphalt,
chlorine,
commercial
acids, molasses, cottonseed oil, and other kinds of liquid products.
Refrigerator cars are furnished to railroads and shippers for the trans¬
portation of meats, fruits, eggs,
m<Poultry
20,403
$376,682
...
olders
Erior toof these certificates the Pennsylvania State tax (not to exceed five
the maturity thereof. Corporation agrees to reimburse to the
beer, milk, and other perishable
com-
furnished to railroads for the use of shippers for the
handling and transportation of live poultry,
In general, the compensation received for the use of such cars has been
and is either a fixed price per car per month, or per trip, paid by the lessee
of such cars, or the mileage earned by such cars loaded and empty paid
by the railroads under the published tariffs filed with the Interstate Com¬
merce Commission.
In the case of tank and refrigerator cars, the usual
practice has been and is to charge a fixed rental per car per month or per
trip and to credit to the lessee the mileage earned by such cars up to,
but not in excess of, the fixed rental.
Live poultry cars have been and are
Operated at tariff rates collected from the shipper by the railroad carrier
cars are
and remitted by it to the company.
As of April 30, 1936, the company and its subsidiaries operated a total
consisting of 4,367 tank cars, 1,461 refrigerator cars, and
2,413 live poultry cars.
Of such tank cars, 3,088 were under equipment
trusts, 607 were subject to certain purchase money obligations, and 672
were owned by the company free of encumbrance; of such refrigerator
cars, 600 were under equipment trusts, 500 were subject to certain pur¬
chase money obligations, and 361 were owned by the company free of
encumbrance; of such poultry cars, 2,349 were under equipment trusts,
and 64 were owned by the company free of encumbrance.
A portion of
of 8,241 cars,
Gross income
$7,472,925
Deduct'ns from gross inc
2,847,430
$6,684,437 $28,704,622 $27,694,138
2,951,594
11,526,926
12,166,214
Balance
$4,625,494
Divs. on pf. stks. of subs
2,968,525
$3,732,843 $17,177,696 $15,527,923
2,976,874
11,870.848
11,908,707
Net income
$1,656,969
x$755,969
$5,306,848 x$3,619,216
x
Changed to give effect to major adjustments made later in the year
1935.—V. 142. p. 3182.
proceeds from this financing will be used for the purpose of converting
refrigerator cars.
organized for the purposes stated:
Palace Live Poultry Car Co. was formed in 1929 for the purpose of
and is operating live poultry cars acquired frofn the Live Poultry Transit
Co., and those ownedL or leased by North American Car Corp. and Palace
Poultry Car Co.
Central States Equipment Corp. was organized in 1930, and has as
its principal business the repairing-and cleaning of live poultry cars for
the
300 of such live poultry cars into
The following named subsidiaries were
Nonquitt Mills Co.—To Resume Dividends—
The directors have declared
stock, payable Aug. 15 to
payment made since 1930,
A $10 partial liquidating
disbursements were made
a dividend of $1 per share on the capital
holders of record July 28.
This will be the first
when a $5 partial liquidating dividend was paid.
dividend was paid in 1929, prior to which no
since 1924.—v. 141, p. 1603.
766
Financial
Chronicle
Palace Live Poultry Car Co. ana the manufacture and sale of fertilizer to
Premier Poultry Manure Co.
Cars are repaired at cost plus a nominal
profit percentage and fertilizer is sold to an affiliate at cost.
Premier Poultry Manure Co. was organized in 1930 and is engaged in
the sale of fertilizer manufactured by Central States Equipment Corp.
North American Fruit & Steamship Corp. was incorporated in 1929,
and for a short time was engaged in the purchase of bananas in Mexico,
transportation of the fruit to the United States by steamship and sale of
the fruit in this country.
Its operations were unprofitable and it is now
in
Aug. 1, 1936
Balance Sheet, Dec. 31,1935
Assets—
Organization expense
6% debentures, due Jan. 1 '44.$1,896,000
Notes payable, due July 1 '38.
169,620
$2,849
3,510,768
Investments-...
Cash
Notes pay. (demand&
Accounts payable
receivable
Accounts
1,615
Accrued interest receivable
756
Special deposits
Other
deferred
of liquidation.
North American Equipment
operated by the parent company undOT an agreement whereby
Equipment Corp. makes no profit or loss from the oper¬
ation or ownership of the cars.
Palace Poultry Car Co. prior to 1930 owned and operated live poultry
cars.
Since that time it has been liquidated, its capital stock returned to
the treasury and its operations taken over by the Palace Live Poultry
Car Co
It is now entirely inactive although its charter is being maintained.
Industrial Equipment Corp. and North American Transit Refrigeration,
Inc
have never had any assets, liabilities or active operations and their
capital stocks have never been issued.
Industrial Equipment Corp. has
functioned as a third party (vendor) in equipment trusts to comply with
legal formalities in the issue of trust certificates under the so-called Phila¬
delphia Plan, but its corporate existence has not been maintained.
The
charter and corporate existence of North American Transit Refrigeration,
Inc
have been maintained.
A subsidiary, Western Reduction Co., was incorporated in 1928, and
was engaged for a time in the manufacture and sale of produce derived from
the reduction of dead animals removed from the City of Chicago.
It sold
its machinery and equipment, business and goodwill in 1932, and in 1934
all its regaining net assets, which included its plant at McCook, 111., were
taken over by the parent company in consideration of the surrender of its
capital stock, but its charter is still in effect.
A subsidiary of the company (not named) owns certain fractional interests
in oil and gas leases on wells located in Oklahoma and Texas, upon the
production of which weds such subsidiary receives a portion of the revenues.
The company purposes, as soon as practicable, to dispose of its interest
in this subsidiary or have the subsidiary dispose of it/s interests in such
$6 cum. pref. stock (3,257 shs.,
no
are
leases.
Deficit arising from reval. dur¬
ing 1935 of certain assets...
surplus...
Total
$3,548,925
Northern Alabama
Ry.—Earnings-
June—
1936
Gross from
Net from
Net after rents.
$54,102
26,277
351,664
railway.
1935
$53,609
20,888
7,038
railway
$450,000 to retire bank loans payable to Continental Illinois National
& Trust Co. of
Cnicago, the proceeds from which have been employed
working capital in the conduct of company s business.
(5) $345,100 to be used for working capital in the conduct of the com¬
pany 8 Dusiness.
aeries E equipment trust certificates are to be
paid, or called for payment
and paid, as follows:
'$70,000 at par on Aug. 1, 1936, and $70,000 at 101
as of Feb.
1, iy37.
Series G are to be paid, or called for payment and
paid, as follows:
$90,000 at par as of Jan. 1, 1937, and $90,000 at 101
as of Jan.
1, lu37.
Series H are to be called for payment and paid in the
principal amount of $200,000 at 101 as of Oct. 1, 1936.
Series T are to
be paid or called for
payment and paid, as follows:
$10,000 at par as of
Oct. 1, 1936, and $40,000 at prices varying from 100H to 101 as of Oct. 1,
1936.
Steel Car Equipment Co. series Jbt equipment trust certificates
are to be paid, and called for
payment and paid, as follows:
$60,000 at
par as of Sept. 1, 1936, and $180,000 at 101 as of Oct. 15, 1936.
The
W. Jt£. P. Townsend purchase contract obligation in the principal amount
of $185,612 is to be paid at par.
.
.
,
Summary of Funded Debt and Capitalization (Giving Effect to Present
Financing)
Authorized
Series
I
Series
J 5%, 1936 to 1943
Series
K 5%, 1936 to 1944
4M %, 1936 to 1943
-•
i
O 4>i %, 1936 to 1946
Series
$1,000,000
1,200,000
700,000
700,000
2,300,000
500,000
2,500,000
—
Series L 5^%, 1936 to 1944
Series M 5%, 1936 to 1945Series
S 5M%, 1936 to 1938
Outstanding
$439,000
560,000
355,000
376,000
-
1,309,000
100,000
2,500,000
1934
1933
8,625
$41,023
10,668
def2,322
$46,395
19,874
2,515
291,268
107,456
9,944
275,635
94,476
16,200
252,803
93,160
20,719
From Jan. 1—•
Gross from railway
Net from railway.
150,509
Net after rents
56,313
—V. 143, p. 120.
North American Co. (&
Subs.)—Earnings-
12 Months Ended June 30—
1935
1936
1934
Operating revenues:
Electric
$87,132,405 $81,176,639 $77,821,022
3,008,311
3,080,673
3,284,205
4,176.892
3,924,326
3,816,660
10,633,016
10,062,932
11,649,358
5,194,130
4,007,351
3,991,487
1,219,550
1,071,354
1,489,851
Heating
Gas
(4)
$3,548,925
Total.
Transportation
as
515,781
207,260
-V. 142, p. 2676.
be used for the
Bank
325,700
(no
Paid-in
nection
cars.
A stock
59,926 shares)
1,152,287
Common stock (par $0.80)-._
244,365
Earned deficit
370,021
.
Purpose—The net proceeds, after deducting estimated expenses in con¬
therewith, will be approximately $2,340,550.
These funds will
following purposes:
(1) $540,000 for converting 300 live poultry cars into refrigerator cars.
(2) $6/5,400 to retire $570,000 outstanding equipment trust certificates
as follows:
tieries E, $140,000; series G, $180,000; series H, $200,000;
series T, $50,000.
(3) $430,00u to retire purchase money obligations incurred in connection
•
class
cum.
par,
,
,
par)
$1.60
North American
with the purchase of certain
17,301
6,677
2,037
1938)..
taxes
Other accrued items
Corp. was organized solely for the purpose
of acquiring title to certain cars under a rental purchase contract.
These
cars
140,421
Accrued
7,071
course
272,612
446
Acer. int. (pay. July 1
5
•<«
items
matured)
Mat'd int. on debs. & notes..
25,859
Coal—
Miscellaneous
Total operating revenues
$111640,199 $103250,914 $101849,051
41,233,336
38,086,503
36,956,815
6,560,301
6,299,689
6,565,986
12,177,831
10,946,726
10,783,011
3,749,964
3,213,508
2,996,183
Operating expenses
Maintenance
Taxes, other than income taxes
Provision for income taxes
Net
operating
$47,918,766 $44,704,487 $44,547,055
767,243
864.770
827,616
4,693,526
4,319,602
4,279,236
115,131
1,839
Dr35,825
4,953
57,657
45,141
206,354
215,737
177,002
revenues
Interest
—
Dividends
Net profit on merchandise sales
Net income from rentals.
Other income
-
Gross income
$53,705,973 $50,164,093 $49,840,226
14,708,368
15,418,821
15,956,906
631.612
692,261
668,242
186,196
189,277
134,228
Interest during construction charged
to property and plant
Crl34,446
Cr319,725
Cr293,911
Preferred divs. of subsidiaries
8,263,509
8,182,698
8,270,952
Minority interests in net income of
subsidiaries
1,315,694
995,260
933,104
Appropriations for deprec. reserve
13,854,136
13,434,960
13,457,656
Interest
on
—
funded debt
Amortization of bond disc. & expense
Other interest charges
.
„
Balance for divs. and surplus
Divs.
on
North Amer. pref. stock
for
Balance
stock
common
$10,713,048
1,820,034
$14,880,903 $11,570,539
1,819,316
1,820,034
divs.
and surplus
$13,061,587
Earnings per share on average shares
common stock outstanding
$1.52
—V. 143, p. 281.
"
$9,750,505
$8,893,014
$1.13
$1.08
'
$5,639,000
$6 first preferred stock (no par)
Series A
50,000 shs
Series B
10 588 shs
($~20~par).—-Ill-——III-—500,000
Common stock
►
147,*429
shs
shs
Earnings for 5 Months Ended May 31, 1936
Income from operations
2
■___
Northern New York Utilities
Period End. June 30—
16,644 shs
_
$521,501
L_
Depreciation, depletion and amortization
366,162
Balance
$155,339
3,712
Total.
Interest
$159,051
97,258
16,897
21,789
2,913
15,935
'
Debt discount and expense
j
Interest on purchase money obligations, &c
:
Expenses of subs, in liquidai ton (net)., &c., deductions..
Provision for Federal income taxes
___
1936—12 Mos.—1935
$5,232,221
$5,067,687
3,554,124
x3,504,622
$1,397,952
934,582
$1,198,250
x802,684
Operating income
Non-oper. income, net..
$463,369
$395,566
3,557
$1,678,096
4,638
$1,563,065
12,403
Gross income
Deduc'ns from gross inc.
$464,304
239,846
$399,124
245,309
$1,682,735
968,598
$1,575,468
992,313
$224,458
x$153,814
$714,137
x$583,155
934
....
Other income.
Inc.—Earnings—
1936—3 Mos—1935
Operating revenues
Oper. revenue deduc'ns.
Net income
x Changed to
give effect to major adjustments made later in the year
1935 —V. 142, p.,3355.
Northern Ohio
Calendar Years—
Telephone Co.—Earnings—
1934
1935
'
•
$755,620
470,144
$712,362
438,490
$285,476
-.
Operating expense.
$273,872
82,840
$4,260
Add:
--
Minority stockholders' interest in net loss of sub. consolidated.
Dr2,048
_
Consolidated net income
Underwriting—The
names
Taxes (county, State and Federal).
$2,211
of the principal underwriters and the amount
Other
1,182
$191.032
2,157
$201,437
78,656
4,314
$193,190
84,575
3,900
income.
which each has agreed to purchase are as follows:
Freeman & Co., New York
Central Republic Co., Chicago
i
$625,000
625,000
625,000
625,000
-
-
Stroud & Co., Inc., Philadelphia..
Chandler & Co., Inc., Philadelphia
--
Interest
on
funded debt.
Amortization of debt discount.
$118,466
72,352
37,405
-.
Balance Sheet May 31, 1936
Assets—
*
Cash
$ 180,249
Marketable securities
Notes and
Notes payable to banks.....
rec'ble..
Inventories
Accrued liabilities
Other current liabilities
Other accounts receivable
239
(net)
Deferred charges
Other assets
Equipment trust certificates.
4,704,360
6,163,572
222,919
Investments
$617,952
337,169
153,913
809,981
3,271,000
212,014
56,576
Accounts payable—trade
1,553
457,421
234,391
accounts
Fixed assets
Preferred dividends paid or accrued.
Liabilities—
,
Purchase money obligations.
20,838
Sundry reserves
First pref. stock, series A
First pref. stock, series B
1,584,000
1,104,000
3,007,620
311,145
569,672
Common stock (par $20)
Paid-in surplus
Earned
surplus
Income
balance.
Assets—
055,887 $3,966,631
16,845
Inv. in affil. cos..
securs.
25*750
Cash & deposits..
67,236
25*934
1,440
1,425
48,355
58,042
1,430
Co.-owned
Empl. work, funds
Notes & accts.
stock held In treasury
Z)r49,502
rec.
2,353
54,500
Other
$11,985,542
Total
$11,985,542
1,683
Mat'l & supplies..
Total.
assets.
105,704
Prepaid rent & ins.
7,750
145,391
curr.
31
1935
t—
Common
in¬
Due from subscr..
Cost of preferred and common
Sheet Dec.
1934
1935
capital
stalled
stock
7% preferred stock
Funded
debt
600,000
Accounts payable.
Disc,
143, P. 281.
on
fund. dt.
111,754
9,970
86,125
1934
$1,496,200 $1,496,200
035,300
1,030,305
43,243
1,519,500
34,555
Int. accr'd but not
due
30,000
Advance billing
Accrued
Divs. & other
34,826
715
488
83,690
77,965
31,525
taxes
27,308
62,009
accr.
liabilities
Res. for accr. depr.
87,916
Corporate surplus.
50,397
Net inc. unapprop.
—V.
$104,715
71,973
29,924
$2,818
Balance
Fixed
_
8,709
40,543
2,817
North American Gas & Electric Co.—Earnings—
2Mos.End.
Gross earnings
General expenses and taxes
12 Mos. End.
Feb. 29,'36.
Periods—
Dec. 31/35.
;
on
other notes
payable
Amortization of cost of debenture interest financing
.1
Balance deficit
$56,509
8,844
$5,995
2,299
18,960
1,964
465
$47,665
41,486
113,760
11,892
2,789
$17,694
$122,263
Note—The figures for 2 months ended Feb. 29, 1936 are unaudited.
I
$4,467 697 $4,326,512
Total
$4,467,697 $4,326,512
141, p. 283.
Northern Pacific
June—
Net earnings.
Interest on Chase National Bank loan
Interest accrued on 6% debentures
Interest accrued
$7,582
1,587
Total
—V.
Net from
Ry.—Earnings.—
1936
Gross from
railway.
railway
Net after rents.
—
.
$4,955,972
830,563
544,987
1935
1934
1933
$3,730,918
34,357
def218,353
$4,263,933
757,207
509,463
$4,628,422
22,786,730
927,794
defl9.462
22,735,256
3,247,275
2,102,163
20,373,233
1.320,218
1,039,079
From Jan. l—r
Gross from
railway
Net from railway..
Net after rents.
—V.
143, P. 120.
26,204,494
2,741,826
1.454,822
898,540
def722,894
-
Volume 143
Financial
Northern Pennsylvania
Operating
209,924
16,752
83,819
$244,581
117,808
and
1935
$1,409,262
152,724
18,792
97,778
expenses
for
retirements, renewals
of fixed capital
ments
Federal
$206,899
105,446
income tax
Operating income
Other income
income
Interest
$362,389
'
189,648
13,266
19,722
_
Interest on unfunded debt
Amortization of debt discount and expense
-
$312,344
191,070
14,362
19,752
$139,752
funded debt
on
.760,916
130,951
replace¬
Other taxes
Gross
Preferred
1936
$1,466,664
831,290
121,497
Maintenance
Provision
Orange Crush, Ltd.—Reorganization Plan Voted—
Power^Co.- *•.Earnings-
12 Months Ended June 30—
Total operating revenues
767
Chronicle
stockholders
July 28 approved a plan of reorganization
70 cent convertible preference stock and
be exchanged for each share 1st preference
stock.
Accumulations on 1st preferred stock amounted to $29.75 a share
as of July
1, 1936, and l-10th of a share new preference stock and K share
new common will be
exchanged for each share present 2d preferred.
Accu¬
mulations on 2d preferred amounted to $13.50 a share as of July 1, 1936.—
V. 143, p. 598.
whereby four shares
three shares
new
on
new
no
par
will
common
Pacific Electric Ry.—Earnings—
Calendar Years—
Operating
Operating
1
Taxes.
$156,986
$22,499 def$164,665
2,584,922
2,614,657
$36,500
2,650,902
$2,779,322
$2,614,401
225,015
.
June—
Gross from railway
...
Net deficit
1935
1934
1933
$321,495
51,283
36,640
$293,757
38,116
18,435
$316,457
58,248
29,198
$263,279
1,653,079
89,238
defl4,649
1,439,955
1,460,193
1,181,453
def58,695
75,819
def83,992
defl33,483
def322,850
...
,
_
Net from railway
Net after rents
...
...
defl81,229
4,594
Ohio Associated Telephone Co.Period End. June 30—
revenues..
Earnings—•
1936—Month—1935
$58,465
•
225
33,458
4,385
..
Uncollectible oper. rev..
Operating expenses
Operating taxes
Pacific Fire Insurance Co.—Extra Dividend—
The directors have declared
an extra dividend of 50 cents per share in
a regular quarterly dividend of $1 per sha» e on the capital stock,
$25, both payable Aug. 11 to holders of record Aug. 7.
Extras of
25 cents per share were paid on May 12 and on Feb. 11 last, at which time
the regular quarterly dividend was raised from 75 cents to $1 per share.
An extra dividend of 50 cents was paid on Nov. 4. 1935, and extras of 25
cents were distributed on Aug. 5 and May 5, 1935.—V. 142, p. 3008.^
aouition to
par
1936—6 Mos —1935 ^
$53,688
596
31,462
3,307
Pacific
$313,166
$340,262
1,643
197,096
3,514
188,154
23,802
26,310
f2,562,423
—V. 140, p. 4076.
34,661.
—V. 143, p. 120.
Operating
Lighting Corp. (& Subs.)—Earnings—
12 Mos. End. June 30—
Gross
1936
1935
1934
1933" WH
y$50,196,323y$47,616,293y$42,950,581 $44,768,802
revenue
Net operating income
$20,397
$18,323
Tin
oi
Operating expenses
i7n
on
21,710,470
Taxes.
—V.
193.486
-Earnings.—
1936
From Jan. 1—
Gross from railway.
580,037
$323,811
159,146
$202,516
Interest and other deductions.
Net from railway
Net after rents.:
8,833,514
494,998
600,889
Net operating loss
Gross income
Northwestern Pacific RR
.
$9,062,840
8,639,788
J9,004,701
$87,159
expenses
Non-operating income
Balance of income
—V. 143, p. 281.
1933
1934
1935
$9,780,615
9,382,242
revenue
r\Qii
noi
QOm
«C/i
10A
10
Hid
19,124,616
5,384,732
18,684,923
5,740,511
20,021,086
6,483.096
6,613,219
r_.
$97,696
$115,213
Net income
143, p. 597.
$21,872,634 $21,112,111 $18,525,148 $20,259,452
4,817,718
4,929,669
5,152,191
5,374,612
40,666
24,565
33,321
Int. charged to constr'n.
Cr7,233
Cr21,625
Cr69,915
Depreciation
7,039,844
6,698,415
6,778,805
7,116", 044
Bond interest.
Ohio Edison Co,- —Earnings—
Other
[A Subsidiary of Commonwealth & Southern Corp.]
Period End. June 30—
1936—Month—1935
1936—12 Mos.—1935
$1,384,304
$1,222,400 $16,666,315 $15,529,557
654,301
575,962
7,705.523
7,042,907
Prov. for retire, reserve.
125,000
125,000
1,350,000
1,350,000
Int. & other fixed chgs..
279,080
327,890
3,938,654
3,865,482
Dividends on pref. stock
155,576
155,577
1,866,905
1,866,882
Gross
revenue
Oper.
exps.
and taxes..
Balance-
$170,345
$37,970
$1,805,233
$1,404,284
—V. 142, p. 4350.
Amortiz.
Ohio Service
Holding Corp. (& Subs.)
1934
$1,640,624
1,061,024
24,933
$488,639
Subsidiaries' operating expenses
Ohio Service Holding Corp. operating expenses
dis¬
Divs.
853,566
276,744
271,314
277,679
profit..$9,128,072
Net
$9,204,343
66,359,430
$7,491,117
1,513,410
1,515,893
1,555,753
1,755,843
242
165
572
264
1,179,990
1,179,990
1,154,505
999,179
4,343,303
4,825,893
4,825,893
$2,164,991 df$l,177,293
def$90,061
pref. stocks of
on
subsidiaries
Com. divs., minority int.
of subsidiaries
pref.
on
stock
of
of Pacific Ltg. Corp..
1935
$1,515,469
999,780
27,050
;
bond
Pacific Lighting Corp.
Cash div. on com. stock
-Earnings-
Calendar Years—
of
'
count and expense
Div.
Revenues
interest
3,860,714
Remainder to surplus. $2,573,716
Earns, per sh. on 1,608,63 lshs. no-par com. stk
Deductions of subs., minority interest, &c.
434,619
$554,667
417,548
Consolidated net earnings for the year...
Previous conso idated earned surplus
$54,019
246,382
$137,119
123,226
$300,401
3.135
51,632
$245,634
for
purchase & re¬
habilitation of
Miscellaneous
investments...
on
sequent to Dec. 31 1936
54,863
$150 monthly (per contra)..
Notes
Accrued Interest receivable...
321
63^%
28,339
33,045
Deferred charges
31, 1936...
mtge.
32,444
payable of
notes
15,000
Accts. pay. (lncl. accr. payroll)
Accr'd int. on long-term debt
45,114
in hands of public
Accrued
■
15,878
taxes......I
49,636
Reserve for Fed. income tax..
28,853
2,505
6,683
Reserves
2,514,029
Minority int. in subsidiaries..
770,890
Preferred stock ($5 par)
2,553,300
\tto*-
Other accrued liabilities......
Other liabilities
...
Common stock ($1 par)
x Other liabilities
9,748
...
1,239,435
Earned surplus
Total
$9,453,6911
Excess
of par or
from discount
on
245,634
Total.i
$9,453,691
stated values of capital stocks,
earned surplus of subs, at date of
values of invest,
capital surplus and
acquisition, April 6, 1933, over recorded
books of parent companies, $651,247;
surplus arising
coll. trust bonds of Telep. Service Co. of Ohio
on
reacquired
$9,699; surplus arising from retirement of $5 non-cum.
pref. stock of Ohio Service Holding Corp, $268,576; surplus arising from
reacquired pref. stock of Ohio Service Holding Corp. not yet retired and
from bonds of Telep. Service Co. of Ohio owned
by Ohio Service Holding
Corp., $43,743; surplus arising from appraisals of property, plant and
and equipment adjusted as of May
31, 1934 (telephone companies), $266,170.—V. 141,p. 1604.
and held in treasury,
___
Oklahoma City-Ada-Atoka
June—
11,242,343
9,068,233
Total
railway J
1,789
89,444,000
1,592,114
Current liabil..
9,385,724
Deprec. reserve. 69,503,352
Other reserves..
3,312,908
Surplus
^14,885,461
debt
Total.
Pacific
Ry.—Earnings.—
Represented by 1,608,631
-Collateral
Telephone & Telegraph Co.-
The company has notified the New York Stock Exchange that it with¬
capital stock of the Bell Telephone Co. of Nevada which
1907, securing its first mortgage and collateral trust 5% sinking fund 30gold bonds, and the terms of the indenture requiring the substitution
of at least equal value to the property withdrawn,
were met.—V. 143, p. 282.
year
of cash and (or) property
Pan American
The
Airways Corp.—-To Be Added to List—^
York Curb Exchange will list 38,750 additional shares
stock, $10 par, upon notice of issuance.—Y. 142, p. 487,
New
common
Paraffine Companies,
Inc.—Listing—
(David) Pender Grocery Co.—Earnings—
6 Months Ended—
June 27 '36 June 29 '35
Stores in operation
Markets in operation
Sales
399
119
-
Provision for Federal & State income taxes
14,271
12,123
Class A dividends-
3,498
def378
174,885
63,868
166,422
62,377
def3,254
—V. 142, p.
*
revenues.
$688,523
363,617
48,670
r
$656,603
339,390
47,764
54,192
48,916
$141,502
$166,340
82 971
Taxes—State, local, &c
Paramount
515
General int .'of Old Dominion Ice Corp
Interest on funded debt
General interest
Amortization of bond discount and
Net loss
-Y. 142, P. 3686.
e xpense
701
$142,018
earnings
$0.26
/
$147,000
160,000
$307,000
Profit
on
debentures of Paramount Pictures Inc. purchased for
retirement
63,000
Total
$370,000
387,000
34,000
debentures of Paramount Pictures Inc...
on
Foreign
exchange
adjustments
Reserve provided for Federal undistributed earnings tax,
investments and other contingencies..
$167,041
72
146,250
2,359
"
Pictures, Inc.—Earnings—
$65,753
Earnings for Three Months Ended June 30, 1936
Interest
Net earnings from operations
income
Other
—
1934
51,762
Provision for retirement reserve
'»
65,070 shs. cl. B stk. (no par)
4033.
Dividends from non-consolidated subsidiaries
1935
Maintenance
$51,543
48,984
$0.04
a.
Oper. earns, after prov. for est. normal income tax and after
applying $800,000 of the inventory reserve set up as of
Dec. 28, 1935.
[Including Old Dominion Ice Corp.]
Calendar Years—
Net income available for dividends....
113
$7,747,515
7,667,328
14,433
12,090
Earns, per sh. on
221,822
85,393
32,450
404
.
$8,178,899
8,115.266
—
1933
$28,659
Co.—Earnings—
171581
$24,172
146,250
3,137
17,581
«
of
The New York Stock Exchange has authorized listing of 23,804 shares of
4% cumulative convertible preferred stock (par $100) and 23,084 shares of
Common stock (no par) upon official notice of issuance upon conversion of
23,804 shares of 4% cumulative convertible preferred stock.—V. 143, p. 438,
1934
Old Dominion Power
were
owned by this company and had been deposited with the American Trust
Co. as successor trustee under mortgage and deed of trust dated Jan. 2,
$33,528
5,319
With-
drew from the American Trust Co., San Francisco, on July 2, 1936, 1,500
shares of the
1935
-
1,685
95,219,000
2,080,093
9,336,136
63,991,371
2,637,092
12,291,630
262,953,222 260,384,881
y
Cost of sales & operating expenses
143, p. 121.
Total net
and surp.
drawn—
272,623
139,618
92,769
Net after rents.
S
19,666,500
of subsidiaries
Funded
.262,953,222 260,384,881
10.831
Gross from railway
Operating
Operation
8,156,256
6,324,512
Represented by 196,665 shares (no par),
no-par shares.—V. 142, p. 3008.
$38,760
17,905
9,546
'
Net after rents.
From Jan. 1—
—V.
I stk.
current
assets
1936
railway
Net from railway
Net from
Other
$42,410
19,254
Gross from
1935
$
Pref. stock
x
Citizens Ice & Fuel Co
28,960
revenues
Other assets
12,600
payable maturing prior
to Dec.
146,855
and
*.
19,666,500
franchise
230,624,425 228,569,147 y Common stock 29,937,924
29,937.924
Invest, in secur.
7,631,941
7,872,985 SUb. pref. stock. 25,223,450 .25,223,450
Cash.
4,386,278
9,461,981 Min. int. in com.
45,539
Youngstown, Ohio, payable
1935,
1936
x
Mtge. note of Ice & Fuel Co. of
470,389
Notes & acc'ts receivable
Materials, supplies & mdse...
in
Adv. for contr..
12,744
hand...
$299,192
Liabilities—
<fc
Deferred charges
63
Cash in banks and
x
$
$2.94
$2.27
1936;
1935
$
prop.
Long-term debt outstanding..$1,866,400
Notes & bonds maturing sub¬
19,824
properties
Special deposit
Unbilled
$246,382
87
1936
Asscte—
Plants,
Liabilities—
Property, plant & equipment.$8,658,286
adv.
13,876
Consolidated Balance Sheet Dec. 31,1935
Assets—
Cash
$260,345
.
Consolidated earned surplus at Dec. 31
.
$4.05
in
Balance Sheet June 30
Net adjustments
Divs. on pref. stock (Ohio Service Holding Corp.
'
$4.00
y Includes other income of $254,408
$334,343 in 1934.
Balance transferred to surplus
Note—-Of the
excess
costs
foreign
425,000
(loss)
of certain
$476,000
pictures for
which
a
reserve
was
provided out of the 1935 earnings, as referred to in the company's annual
report for that year, approximately $800,000 was charged to operations in
the current quarter in accordance with the company's regular film amortiza¬
tion tables.
Accordingly, this amount of the reserve has, as above stated,
been
credited to
operations.
Financial Chronicle
768
Aug. 1, 1936
net income for the period under review, whereas no such provision was
required in 1935.
Security transations for the six months ended June 30, 1936 resulted
in a net realized profit of approximately $516,000, computed by applying
sales against inventory valuations of such securities at Dec. 31, 1930 and
cost of subsequent purchases.
Securities purchased during the six month
period in question and still in the portfolio of the corporation at June 30,
1936 showed at that date an aggregate unrealized profit, based on original
cost, of approximately $48,000.
Sales of securities purchased between
Jan. 1 and June 30, 1936 resulted in a small net realized profit based on
original cost.
70,460 shares of the corporation's own stock held in treasury were retired
following the annual meeting of stockholders held on April 22, 1936, thereby
„
Currently selling at about $3 per share
Petroleum Conversion Corporation
(Common)
Additional information on request
LANCASTER & NORVIN GREENE INC.
ST.,
30 BROAD
A. T. & T. Teletype
N. Y.
Hanover 2-0077
NY-1-1786
_
to 2,000,000 shares the total outstanding in the hands of the
public.—V. 142, p. 2840.
reducing
not
results
include
of
operations
of
Olympia
Theatres, Inc., and its subsidiaries in receivership throughout the period,
and whose operations, therefore, do not affect the current earnings of
Paramount Pictures Inc.
Operations of partially owned companies not
consolidated are included only to the extent that dividend income has been
received therefrom.
Parainount's net interest as a stockholder in the com¬
bined undistributed earnings of such partially owned companies, available
to it if, when, and to the ectent that dividends are paid to it therefrom,
amounted, for the quarter, to approximately $305,000.—V. 143, p. 599.
above
The
results
do
Light & Power Co. (& Subs.)—Earnings
Penn Central
1936
Operating
$5,172,875
1,487,775
$4,906,000
1,385,109
450,453
383,010
104,113
374,159
Maintenance
$2,376,311
95,358
—
Provision for retirements
Federal income taxes
Other taxes
Operating income
Other income
(net)
$7,359,846 $29,933,877 $29,752,392
1,985,988
7,986,446
7,957,067
Gross income
on
-
—
$2,416,739
1,265,250
14,816
85,781
4,587
—
funded debt
unfunded deb.t
Amortization of debt discount and expense
Interest
on
Miscellaneous deductions from income
Interest charged to
construction
—V.
142, p.
85,781
23,488
Cr916
Cr 10
$1,047,221
•
-
Divs.
on
[Including income -rom Allied Companies operated by virtue of Clear¬
field Bituminous Coal Corp. lease]
1936—3 Mos.—1935
Charges to income.
Net
1934
1933
$1,655,690
488,145
$1,480,397
432,694
438,917
334,143
529,200
9,599,992
1,932,654
7,782,067
1,445,752
8,023,049
1,613,995
2,176,036
1,710,416
1,920,489
489,819
From Jan. 1—
;
Gross from railway
Net from
railway
Net after rents.
_.
Pittsburgh & Shawmut RR.—Earningsi—
From Jan.
—
pf$166,711
16,365
115,503
73,658
$33,691
17,827
$240,369
84,954
$31,492
81,873
..
$35,406
def8,058
def4,180
$49,769
7,399
6,431
.
367,155
45,512
56,208
355,622
283,017
16,157
14,071
1935
1936
June—
$62,898
defl4,963
def22,650
$71,458
3,925
def 1,750
527,786
78,149
522,848
56,676
10,093
Net after rents
$103,696
21,509
10,849
502,632
58,237
railway
From Jan.
26,691
10,020
418,839
43,333
5,739
1—
Net from railway.
Net after rents
....
—V. 142, p. 4351.
Portland General Electric Co.
"
Net
General taxes
...
1936
June—
Gross from railway.
..
Net from railway
From Jan
1933
1934
1935
..$36,013,833 $31,676,595 $31,348,280 $29,084,542
10,577,092
9,397,618
9,553,234
10,934,776
6,707,931
6,105,599
6,276,127
7,444,758
.-
1—
Gross from railway.
-204,968,166
Net from railway..
55,631,632
-
Net after rents
..
35,180,994
178,853,949
49,641,542
32,656,018
176,377,459 148,271,228
48,983,219
42,560,959
31,715,058
24,065,977
1936
1935
1934
1933
$490,513
25,184
defl64,154
$512,016
58,421
def94,876
$477,435
15,991
$211,206
9,296
^fl73,210
def32,153
2,540,330
2,380,219
2,434,516
def84,675
def342,269
def204,560
_def1,008,611 def1,162,388 def1,186,556
defl69,928
def426,173
June—
Gross from railway.
_
Net from railway
Net after rents
From Jan. 1—
...
...
Gross from railway.
Net from railway.
Net after rents
_
__
738,027
...
...
..
—V. 143, p. 121.
Pennsylvania Water & Power Co.- -Earnings■—
1936
Gross income
Operating expenses
Maintenance expenses..
Renewals
and
1934
1933
$2,943,812
641,580
165,084
$2,771,097
$2,667,095
replace-
;
■
.
x
$1,065,605
53,732
859,696
funded debt.
Net income,
.u
Preferred dividends
Common dividend
x
for
Surplus
$406,929
■
207,515
227,900
529,343
$1,046,022
7,301
644,772
644,772
$409,716'
$393,949
Earns, per share on com.
$2.35
outstanding
—V. 142, p. 3010.
Pere
Period End. June 30—
1936—Month- -1935
$2,577,893
651,890
316,363
31,713
7,860
275,438
Other income
Deductions
charges
"
Net income
143, p.
(subject to the ade¬
of the provision for depreciation)
$485,247
Potrero
Sugar Co.—Options—
and interest of Wilson Ebert & Co., Inc., in and to the firm commitment and
option to purchase 51,601 shares of common stock of the company.
In the "weekly Bulletin" issued by the New York Curb Exchange under
date of July 3, 1936, a notice appeared to the effect that Potrero Sugar Co.
had notified the Exchange that Wilson Ebert & Co., Inc. had assigned the
above-mentioned commitment and option agreement to another firm in
Montreal, Que.
Potrero Sugar Co. has now ended notified the Exchange
that the previously reported assignment was not consummated.
Frank B. Brecka has been elected a director and W. Henry Gray has been
elected a Vice-President.
An advisory committee has been formed con¬
sisting of Henry M. Wise, Elsworth Bunker, F. B. Brecka, and Felix Benet.
—V. 143, p. 284.
Pressed Metals of
America, Inc.—Admitted to Unlisted
Trading—
.—
The New York Curb Exchange has admitted to unlisted trading privileges
the rights or holders of common stock to subscribe at $20 per share for
additional shares of common stock,in the ratio of one additional share of
common
stock for each'10 shares of
common
stock held.
The rights of holders of common stock to subscribe for additional shares of
stock will expire on Aug. 31, in Toronto, Canada, instead of Sept. 1,
common
1936,
as
previously announced.
The final date for trading in the rights will
be Aug. 28, and transactions in rights on
Aug. 27 and Aug. 28 will be for
143, p. 284.
The General American Transportation Corp. has taken over control of
Pressed Steel Car Co.
At a meeting in Pittsburgh July 28 Pressed Steel
$64,778
1936—6 Mos.—1935
$2 ,122,805 $15,765,758 $13,463,403
407,746
4,142,503
3,109,700
1,916,041
220,360
2,627,448
210,807
261,500
30,928
45,822
37,014
9,150
1,743,849
288,149
1,684,950
def$46,010
$1,166,983
Car, Inc.,
Pressed
Co.
Lester
was
pany.
The reorganization of the company was authorized
July 28.—V. 143,
p.
by the Federal Court
284.
Pressed Steel Car Co.,
Corp. of America—Asset Value—
Inc.—Organized—
Progress Laundry Co.—Extra Div.—Larger Div.-—
1936,
liabs., was $18,175 per share, compared with $17,116
per share at Dec. 31, 1935 on 2,010,160 shares then outstanding.
6 Months Ended June 30—
over the property and business of the old
N. Selig, President of General American
elected chairman of the board of the new com¬
organized to take
Car
See Pressed Steel Car Co. above.
The net asset value of 2,000,000 shares outstanding at June 30,
Income from dividends and interest (approx.)
x Net
income, before giving effect to security
was
Steel
Transportation Corp.,
$337,177
after deducting all
1936
$624,000
1935
$178,000
transactions, after all expenses
578,000
143,000
x Provision
for estimated Federal income tax is included in arriving at
$633,794
2,907
372,366
Supplementing its listing application, dated May 14, 1936, company
has notified the New York Curb Exchange that Wilson Ebert & Co., Inc.,
has assigned to Milner Ross & Co. of Toronto, Ont., all of the right, title
121.
Petroleum
$2,231 005
1,273,100
97,384
Pressed Steel Car Co.—Control Passes—
Operating revenues
—V.
$2,410,134
1,262.307
100,908
1,672
411,451
$2.41
$2.45
Marquette Ry.—Earnings-
Net oper. revenue
Net ry. oper. income
Fixed
$2.46
$2,233,315
Dr2,309
The provision for depreciation made by Portland General Electric Co.
the six-month periods ended June 30, 1936 and 1935, is based, re¬
"Cash" only.—V.
shares
$2,410,839
Dr705
spectively, on an annual accrual of 1 2-10% and <1 1-10% of the book
value of properties used and useful in public service, plus an interest accrual
for each six-month period equal to 2% of the estimated balance in the
reserve for depreciation as of the end of each calendar year.
—V. 142, p. 3866.
515,871
140,443
$1,064,061
9,573
$1,083,354
31,653
644,772
'
206,693
240,370
527,191
294,608
526,923
$152,176
on
Provision for depreciation
,
1935
$4,001,206
1,129,069
638,821
Net inc. to earned surplus
"
232,263
333,757
525,627
Taxes
597,085
135,698
~
234,118
ments expense
Interest
1935
$3,151,933
757,239
235,587
6 Mos. End. June 30—
——
Provision for Federal income tax
—V. 143, p. 599.
Pennsylvania Reading Seashore Lines.—Earnings.—
;
Sundry income deductions
quacy
..
Net after rents
Total net earnings
on funded debt
Interest
Only
Earninge of Company
1936
n
$4,374,948
1,274,155
689,954
Net earings from opers. before prov. for deprec.
Other miscellaneous income (net)
,231,112 $35,043,593$33,311,418
$6,701,448
income
oper.
(& Subs.)—Earnings—
,
Operating expenses
>
~
1933
1934
$78,700
1,231
def6,242
Gross from railway
Net from
Gross operating revenues
[Excludes L. I. RR. and B. & E. RR.]
Per. End. June 30—
1936— fonthr-1936
1936—6 Mos.—1935
Railway oper. revenue—$36,103,073 $31,732,872 $205437,010 $179171,356
22,336,935 149,888,775 129,566,207
Railway oper. expenses. 25.520,762
2,209,751
12,469,300
11,879,745
Railway tax accruals—
2,319,400
159.982
948,914
Unemployment insur
Railroad Retirement Act
549,109
2,154,066
61,118
Uncollected ry. revenues
16,539
788,784
3,490,228
625,556
3,677,970
Equipment rents
862,640
Joint facil. rents.
1,254,392
226,816
149,751
76,043
121. "
p.
6 Months Ended June 30—
Pennsylvania RR.Regional System—Earnings—
50,644
Pittsburgh Shawmut & Northern RR.—Earnings.—
Gross from railqay
$15,864 loss$50,380
$155,415
a
of $17,895 for 3 months ended
June 30, 1936, and $17,551 for 3 months ended June 30, 1935, $76,451 for
12 months ended June 30, 1936 and $81,103 for 12 months ended June 30,
1935—V. 142, p. 3010.
Fed. income taxes). loss$71,804
Includes depletion and depreciation
1933
$76,648
18,160
19,845
1—
$84,010
143,
1934
$30,036
def11,209
defl0,821
265,391
defl9,983
def 13,800
.
Net from railway—
Net after rents
—V.
1935
1936
Gross from railway.
652,867
loss$51,706
20,097
6,097,911
859,940
1,009,389
—V. 143, P. 283.
Net from railway—.
(before
income
1935
Net after rents
44,125
3184.
$1,460,672
304,643
Net after rents
$3,101,120
2,934,409
inc.(incl. divs.
companies)
p.
1936
$3,059,893
3,143,903
from allied
——
$1,878,890
492,165
railway
$95,832 prof$17,326
Loss
purposes.—V. 142,
Pittsburgh & Lake Erie RR.—EarningsJune—
Gross from railway
Gross from railway.
$^70,193
,
$4,775,536 $19,554,141 $19,402,034
$4,862,764
Restated and adjusted for comparative
x
1936—12 Mos —1935
$681,725
777,558
Grossearnings
Oper. exps. and taxes..
a
598,322
Balance
33,678,998
35.984,409
$5,373,858 $21,947,431 $21,795,324
598,322
2,393,290
2,393,290
$5,461,086
pref. stock
June—
Period End. June 30—
8,426,486
„
3687.
Pennsylvania Coal & Coke Corp. (& Subs.)—Earnings
Miscell.
-
Netincome....
$1,087,764
n
Net income
$2,471,669
1,265,250
9,395
-
Income deductions—
Net from
Interest
xl936—12 Mos.—jfl935
$7,484,839
2,023,753
Net earnings
426,609
319,377
112,679
285,913
$2,373,363
43,376
expenses
1936—3 Mos.—xl935
$15,786,333 $65,918,286 $63,431,391
1935
12 Months Ended June 30—■
Total operating revenues
Philadelphia Electric Co. System—Earnings—
Per. End. June30—
Oper.rev. (inch non-op.)$16,389,215
Oper exps (incl. renewal
& replace, res. & all
taxes)..
8 904,375
„
an extra dividend of 5 cents per share in
regular quarterly dividend of 15 cents per share on the common
The directors have declared
addition to
a
stock* no par value, both payable Aug. 1 to holders of record July 20.
Dividends of 10 cents per share were distributed on May 1, and Feb. 1
last, and on Nov. 1, 1935.
Prior to this latter date no payments were made
since
was
Nov.
made
1, 1932 when 20 cents per share was paid.
A like payment
July 1, 1932 and dividends of 25 cents per share were dis¬
April 1 and Jan. 1, 1932.—V. 137, p. 2473. '
-
on
tributed on
Volume
Financial
143
estimated proportionate amounts of profits of
Frank Corp., amounting to $3,385.
Providence Gas Co.—Annual Report—
1935
Operating
Depreciation
Net
1933
1932
$3,032,712
1,695,218
133,060
$3,068,393
1,498,788
136,664
250,000
$3,298,610
1,613,060
158,805
$812,381
859,222
expenses
Interest
1934
$3,007,939
1,878,411
137,147
180,000
Calendar Years—
Gross oper. earnings
$1,004,435
$1,182,940
1,127,729
$1,301,745
1,288,834
$46,841
1,074,028
$0.76
$15,892
1,074,028
sur$55,210
1.074,028
$1.10
sur$12,912
1,074,028
$1.21
income
Dividends
Balance, deficit
Shs. stk. outst. (no
Earnings
per
par),
share
200,000
J.,020,327
$0.94
769
Chronicle
On
225,000
Castelberg Jewelry Corp. and
similar basis, the 12 months ended June 30, is exclusive of estimated
proportionate amount of profits of Castelberg Jewelry Corp. and Frank
a
Corp., amounting to $48,859/
In the 12 months figures, the profit for the six months ended Dec. 31,
1935 is after deducting a proportionate amount for bad debt losses and
repossessions for 1935, as shown in the annual accounts, while the profit
for the six months ended June 30, 1936 is after making an estimate of bad
debt losses and repossessions.
Figures for 1936 are subject to audit and
adjustment at the end of the fiscal year.—V. 143, p. 285.
,
,
^
Republic Investors Fund, Inc.—Earnings—
Earnings for the 6 Months Ended June 30, 1936
Balance Sheet
1935
S
Dec.
31
1935
$
Assets—
1934
$
1934
Total
_11 ,507,445 11,507,445
Capital stock
500
1st mtge. series A_
1st mtge. series B.
Consumers' dep__
,250,000
76,478
3,250,000
93,738
1,040,569
Other reserves...^
,433,468
1,452,511
Accrued interest._
54,166
82,601
1 ,460,873
54,167
81,452
1,465,329
.
214,805
Divs., payable
Deprec. reserve
Unadjust.
credits.
Profit and loss
117,990
..
-
_;
_
—
-
-V.
20,238,399 20,252,847
140. p.
..20,238,399 20,252,847
Total
results
to
$18,275
special surplus
Note—No provision has been made for any Federal surtax on income not
distributed as dividends.
!
Balance Sheet June 30, 1936
Liabilities—
Cash in banks and
on
hand
Public Service Co. of
Oklahoma—Listing Approved—
Exchange has approved the listing of $16,000,000
1st mtge. bonds, series A, 4%, due Feb. 1, 1966.—V. 142, p. 3521.
Due
Public Service Co. of New
Hampshire—Earnings—
Divs.
receivable..-
Prepaid
1936—Month—1935
$436,350
revenues
expenses
306,318
Net oper. income
$130,032
2,425
Non-oper. income—netGross income
-
Deductions
Net
income.
-
Pref. div. requirements.
Seeks
$377,427
243,275
$134,152
794
3,337,52£
6,812
4,674
expenses
6% pref. stock, series A (con¬
vertible) (par $10)
$1,809,820
863,840
$1,843,109
827.345
$62,514
46.612
$66,933
45,359
$945,980
550,473
Exemption—
The company has filed
Total
application
1
$1,138,432
(32-28) with the Securities and
Depreciation & depletion
Quarterly Income Shares, Inc.—Asset Value—
a
gain of $12,432,602
Shares, Inc.,
had unrealized appreciation of $13,101,786, which is an increase of $8,429,487 during the past year.
In the two years,
months since the company's inception, the total
gain, combining distributions and the increase in net asset value, of 60%,
ngure^n average increase of approximately 23% annually.—V. 142,
Queens Borough Gas & Electric Co.—Bonds Called—
See Long Island Lighting Co., above.—V. 143, p. 600.
G.
Harbord,
Chairman
of the
.
Radiomarine Corp. of
Period End. June 30—
oper. revs.
Teleg.& cable oper. exps.
Uncollect, oper. revenues
Taxes assign, to oper'ns-
1936—Month—1935
$86,210
66,411
$79,231
64,090
250
250
3,546
3,013
$11,878
1936—6 Mos.—1935
$495,275
$450,162
389,829 —375,188
15,000
15,000
20,675
16,030
$83,271
84
353
537
$16,086
Gross income.
$57,444
2,490
$12,231
$83,808
$59,934
$16,086
$12,231
$83,808
The Chemical Bank & Trust Co. announced that general mortgage 4H %
bonds, due Feb. 1, 1961 are now available for delivery in definitive
Temporary bonds are to be surrendered at the corporate trust
department of the Bank at 165 Broadway, New York, N. Y.—V. 142,
p. 4353.
form.
Revere
Copper & Brass Inc. (& Subs.)—Earnings—
6 Mos. End. June 30—
1936
Gross sales, less returns and allowances
Cost of goods sold, exclusive of depreciation
Operating
expenses
:
$1,834,122
70,833
-
Interest
on
bonds
Amortization of bond prem. disc. & other exps
Provision for Federal income taxes
Net profit for period
Earn, per sh. on 7% pref.
$1,521,398
78,125
$1,904,956
144,650
641,339
197,446
30,889
157,200
Operating profit before depreciation
Non-operating income
Total income
1935
$15,314,401 $11,709,433
xl2,165,746
9,028,462
1,314,531
1,159,572
$1,599,524
147,071
605,434
251,970
81", 450
$513,597
stock—
$7.70
$5.39
Earn, per sh. on CI. A stock
$1.66
$0.75
x Includes $156,501 credited to metal stock reserve.—V. 142, p. 3186.
Rhokana
The
and
$733,430
—
-
Corp.—Interim and Final Divs.—
directors
on
July 29 declared an interim dividend of 12}$%
on the common stock, making 17M% for the
against 12H% the year before.—V. 141, p.2l27.
final dividend of 5%
a
year,
Richmond Fredericksburg
& Potomac RR.1935
1936
June—
Gross from railway.
Net from railway
1933
$551,827
144,717
73,033
$542,249
161,940
73,520
3,542,264
731,467
304,577
55,890
Net after rents—
Earnings.
1934
$556,741
74,817
6,506
$583,969
131,026
3,425,044
820,048
363,007
3.317,339
894,317
388,113
From Jan 1—
3,874,888
823,059
288,772
Net after rents
—V. 143, p. 122.
Rima Steel
•
Corp.—Interest—
The coupon due Aug. 1, 1936, from the 7% closed 1st mtge. 30-year
sinking fund gold bonds, due 1955, will be paid on that date at the rate of
5% per annum, in pengoes, in Hungary.
The Committee on Securities of the New York Stock Exchange rules
Aug. 1,1936, coupon on Saturday, Aug. 1,
1936; that the bonds shall continue to be dealt in "flat" and to be a delivery
1, 1936, must carry
Riverside & Dan River Cotton Mills, Inc.—$3 Dividend
The
directors have
the first
dividend paid
Rolland
The Chase National Bank announced that it is prepared to deliver at
its
corporate trust division, definitive 20-year 4H % debentures in
exchange
for termporary debentures.—V. 143, p. 441.
Earnings
the
common
12 Months
$751,988
1931, when
a
distributed.—V. 142,
p.
1,
have
declared
an
on
account
of
regular
4190.
semi-annual
dividend of 25 cents per share
10 to holders of record July 27.—V.
initial
stock, payable Aug.
141, p. 1453.
Rutland
RR.—Earnings.—
Net from
1936
railway
railway
Net after rents
$246,765
$0.63
share
per
Paper Co., Ltd.—Initial Dividend—
directors
Gross from
per share on common stock$1.88
Note—The net profit includes that of nominal, non-operating companies,
the operations of which are conducted wholly for the account of Reliable
Stores Corp. and of Levy Realty Corp. (100% owned), but is exclusive of
-
on
June—
Corp.—Earnings-
taxes
dividend of $3
since Jan.
dividend of $3 per share was
The
Definitive Bonds Ready—
3 Months
a
6% cumulative preferred stock, par $100, payable
Sept. 1 to holders of record Aug. 21.
Similar payments were made on
July 1 and Jan. 2 last, July 1, 1935, and on Nov. 2, 1934, this latter being
distributed.
Period Ended June 30, 1936—
Net profit after int., deprec., & normal Fed. inc.
declared
accumulations on the
July 28 declared a cash dividend of 15 cents per share
and a stock dividend of 1% on the common stock, par
$1, both payable
Oct. 1 to holders of .record Sept. 10.
Similar payments were made on
July 1 last, these latter being the first payments made on the common
stock since Jan. 1, 1931 when a regular quarterly dividend of 40 cents
per
on
Reliable Stores
1, 1937, and subsequent coupons.—V. 142, p. 797.
$59,934
Remington Rand, Inc.—1% Stock Dividend—
was
$922,329
2,047,803
Permanent Bonds Available—•
the Feb.
Net income
share
105,722
$3,022,094
$2,756,564
4,046,767
2,047,767
Earnings per share
$0.50
$0.01
$0.44
$0.47
a Includes
non-recurring charges of $145,467 in the June quarter and
$431,504 for the six months period.
$2,661,063
4.046,767
in settlement of transactions made beginning Aug.
—V. 143, p. 441.
The directors
57,446
Co. pref. dividends—
Net profit
Shares common stock-__
that the bonds be quoted ex the
Deductions
T
$8,706,541
1,498,932
3,943,083
402,240
Trumbull-Cliffs Furnace
Gross from railway
Net from railway
America—Earnings—
$16,002
Operating income
Non-operating income..
p"r
$11,373,041
a2,615,616
4,905,092
772,793
Non-operating charges
Depreciation
Board, announced on
July 24 that a dividend on the outstanding shares of the corporation's
new $3.50 cumulative convertible first
preferred stock was declared by the
board of directors at its regular meeting held July 24.
He stated that this action was taken at the July meeting in view of the
possibility that no meeting of the board would be held in August,
The dividend is 87H cents a share, covering the period from July
1,
1936, to Sept. 30, 1936.
It is payable on Oct. 1 to holders of record
Sept. 9.
An initial payment of like amount was made on July 1 last.
General Harbord also announced that more than 97 % of the B preferred
stock of the corporation has been deposited for exchange under its
plan of
recapitalization.
In order to give holders of the remaining unexchanged B preferred stock
an opportunity to receive the current dividend on the new first
preferred
stock, the board of directors has extended the period for exchange of B
preferred stock by fixing Sept. 30, 1936, as the date to and including which
this exchange may be made.
The dividend on the first preferred stock issued after Sept. 9 and
prior
to Oct. 1, 1936, in exchange for B preferred stock will be
paid as soon as
possible after Oct. 1.—V. 143, p. 284.
Teleg. & cable
$3,848,797
738,480
1,966,668
168,410
$7,134,043
al,267,793
2,507,944
697,243
Federal income taxes
Corp. of America—Preferred Dividend—Exchange
James
1936—6 Mos—1935
$11,311,086
$8,706,541
Cr61,955
—
Time Extended—
General
$3,848,797
series B
over a year ago.
With the payment of the 14th consecutive dividend of $762,947, total
cash distributions to shareholders reached the aggregate of $8,365,664.
At the close of the quarter ended July 15, Quarterly Income
Radio
profits
52,910
Profit
Interest
Net assets at market value of $43,129,946 are reported for the quarter
ended July 15, 1936.
This represents a gain of $2,287,585, inclusive of a
tax reserve on unrealized profits, over the
quarter ended April 15,1936, and
$1,138,432
-
1936—3 Mos—1935
-
first mortgage bonds, due
1961, bearing not more than 4% interest, and
5,400 shares of preferred stock, $5 Dividend Series, from the provisions of
Sec. 6 (a) of the Public Utility Holding Company Act of 1935.
The company is a subsidiary of New England Public Service Co., a
registered holding company, and the proposed issues have been authorized
by the Public Service Commissions of New Hampshire and Vermont.
h\,Opportunity for hearing in this matter will be given Aug. 10, 1936.—
V. 143, p. 441.
•
Total
Republic Steel Corp. (& Subs.)—Earnings—
Period End. June 30—
Operating profit
$7,140,244
Adjust, for minority int.
Dr6,201
Exchange Commission for exemption of its proposed offering of $1,000,000
an
I
-
Note—No reserve has been provided for any Federal surtax on
and income not distributed as dividends.—V. 142, p. 2683.
$1,015,764
544,401
245,480
140,160
67,335
531,443
85,872
6% pref.stock, ser. B (par $10)
(par 25c.)
Capital surplus
Earned surplus
3.173,110
$134,946
68,013
4,039
1936.
Reserve for Federal taxes
Common stock
$1,803,597
39,512
$132,457
69,943
pay¬
Reserve for selling charges
1936—12 Mos.—1935
$5,107,672
$4,976,707
$1,770,147
39,673
158
2,456
stock
434
fixtures,
[Including Manchester Street Ry. and New Hampshire Power Co.]
Period End. June 30—
Operating
Operating
common
816
and
for depreciation
reserve
$50,000
expenses
on
able July 1,
9,671
furniture
less
pref.
Accrued
Dividends and accrued interest
Office
to
accrued divs. paid in
13,335
996,512
Securities owned at cost
bank (secured)
stockholders for
Note payable to
$117,661
delivered
The New York Curb
8,609
(exclusive of
from security transactions, which are carried direct
Due for securities sold but not
1670.
$26,884
—
Net income for six months ended June 30, 1936
Assets—
Total
—
Expenses (exclusive of expenses of sale of capital stock and of
those applicable to transactions in securities)
131,758
214,806
2,001,141
Accounts payable
$24,595
2,289
S
Liabilities—
Property & plant. 17,885,991 17,918,515
Mat'ls & supplies.
864,384
941,590
Cash
449,935
507,412
Accts.
receivable.
810,526
644,644
Deferred charges.
227,562
240,184
R. I. Hospital Tr.
500
Co., trustee
Dividends received and accrued
Interest received and accrued
From Jan.
railway
Net from railway
Net after rents
143,
p.
1934
1933
$266,876
15,178
def4,714
$280,050
26,776
8,368
$305,393
1,632,803
48,330
def28,185
1,556,860
7,313
def94,604
1,635,803
95,372
def6,233
1,609,161
127,334
82,956
39,035
40,048
1—
Gross from
—V.
1 935
$295,261
41,466
26,339
285.
770
Financial
Chronicle
Safeway Stores, Inc.—Subsidiary Company Merged—
St.
The New York Stock Exchange has received notice from the
company
that pursuant to a plan of reorganization approved and
adopted by the
respective boards of directors of Safeway Stores, Inc., and of its two whollyowned
subsidiary
corporations,
Western
States
Consolidated Income Account
6 Mos. End. June 30—
1936
Profit from operations $1,593,428
Otherincome
31,079
Grocery
Co., Inc., of
Co., a Nevada
corporation (called the "transferee"), the transferor transferred, conveyed,
assigned and delivered to the transferee all of the assets, properties, business
and good will owned by the transferor at the close of business on June
27,
The plan provides that the transferor shall be dissolved
1936.
prior to
Dec. 31, 1936—Y. 142, p. 4353.
St. Louis Brownsville & Mexico Ry.
1935
1934
$277,541
$292,280
def6,456
def33,536
$288,396
55,207
24,884
def38,543
def58,479
_
Net after rents
From Jan. 1—
Gross from rail way.....
2,932,422
Net from railway
2,599,840
807,165
491,290
780,321
381,898
Net after rents
—V. 143, p. 123.
2,234,304
750,956
347,633
935,981
542,807
Years Ended Dec. 31—
xl935
(& Subs.)—Earnings—
xl934
xl933
1932
$11,439,559 $11,677,684 $11,197,151 $12,943,525
7,111,513
7,147,605
6,594,498
7,996,409
195,786
139,268
5,929
1,455,853
1,464,489
1,508,262
1,542,914
revenue.
expenses
Bus rental
Depreciation
Taxes assignable to rail¬
way and bus operation
Federal & State inc. taxes
:
1,031,105
2,035
1,108,802
2,382
1,096,230
1,144,975
843,317
792,264
1,374,378
1,507,972
$799,948
23,063
$1,022,874
24,070
$617,855
30,466
$751,253
53,980
$823,011
1,047,842
572,935
$1,046,944
1,050,556
591,646
$648,321
1,055,706
612,939
$805,234
1365,745
632,792
20~268
5,541
23,952
30,690
28,579
$818,035
Net operating income.
Non-oper. inc. & credits
Total income
Interest on funded debtOther interest,
-
Loss
abandonment of
investment property
Other expenses
$624,750
$1,051,014
loss
for the
'
•
I
,
Liabilities—
b $7 cum.
$69,718,660
Buses and equipment
794,012
Miscell. physical properties.1,152,742
&
advs.
to
People's
on
c
1,494,144
5.298
dep. for special purp.
715,781
x
10,308,625
15,181,114
Funded
40,834
Accounts
45,522
Accrued int.
Notes & acc'ts receivable..
on hand and in banks..
Cash
2,098,286
188,139
....
,
2,664,329
3,530,100
......
payable
3,816,927
7,070,369
257,453
.....
1st mtge. real
on
5)4% notes
Accrued wages.!
Outstanding tickets..
Employees' deposits....
11,000
251,674
79,877
7,758
323,359
taxes
Reserve for Federal and State
income
Total
a
c
$76,811,5491
•
_
After
reserve
taxes
After expenses,
—
70,848
....$76,811,549
no
shares,
par
1935
certain of the wholly owned subsidiaries of the
St. Louis Public Service Co., incl. the St. Louis Motor
Coach Corp., were
dissolved and the assets, liabilities, and
operations were taken up on the
books of the parent company.
The principal asset of the St. Louis Motor
Coach Corp. was all of the
outstanding stock of the People's Motorbus Co.
of St. Louis, represented
by 16,160 common
shares, which
are
paid on May 1 last, this latter being the first dividend paid
1934, when $1 per share was distributed.
Dividends of $1
share were also paid on May 1 and Feb. 1, 1934, while on Nov. 1,
1933, a payment of 50 cents per share was made.
This latter dividend
was the first paid since May 4,
1932, when a quarterly dividend of $1
per share was disbursed.—V. 142, p. 3186.
the Texla Oil Corp. and Coastland Oil
Corp., at meetings held July 24 approved a merger of the three companies
by a vote of more than 80% of the outstanding stock of each of the com¬
panies, it was announced by the respective boards of directors.
Under the adopted agreement, the 446,000 outstanding shares of Salt
Dome stock will remain outstanding, and the company will issue 108,635
shares to present stockholders of the other two companies, in the basis of
one share of Salt Dome for each OH shares of Texla,and one share of Salt
Dome for each 10 shares of Coastland, leaving unissued 445,365 of the
1,000,000 authorized shares.
These shares will be registered on the Phila¬
delphia Stock Exchange, on which the company'
stock now is listed.
—V. 143, P. 123.
San Antonio Uvalde & Gulf
revenue
expenses
railway oper.inc—
Otherincome
_
Total income.
Deductions _:
Bal. avail, for int., &c.
671,371
238,201
60,079
444,253
2,809
588,522
def140,964
51,193
Net after rents.:
$323,814 def$260,036
San Jose Water
Works—Earnings—
1935
Operating revenue, water.......
Operations'.
Bad debts
i.
Taxes (other than Federalincome tax).
—
Net operating revenue
Non-operating revenue, rentals (net)
Net after rents........
From Jan. 1—
Gross from railway
Net from railway......
Net after rents—______
...
...
_
....
1935
$3,974,752
703,213
355,528
$3,119,169
105,477"
defl95,732
1934
Net income
Balance Sheet Dec. 31
Assets—
Fixed
1935
1934
capital...$4, 798,562 $4,776,393
Investment.
$3,585,848
734,540
480,817
$3,647,847
1,021,466
679,566
18,542,983
1,348,110
defl74,221
19,936,805
3,664,620
1,870,391
18,559,259
3,353,627
1,127,330
($100 par)
capital stock of the
assumed
approximately $7,658,000.—Y. 143,
p.
133,119
190,000
15,926
27,930
Accrued interest..
24,479
26,541
26,958
Acer, taxes & ins..
15,747
32,374
23,283
25,616
Prov.
(est.)
Inventories
Deferred charges..-
232,061
Period End. June 30—
1936—Month—1935
$1,658,098
$1,311,589
547,065
384,508
Net ry. oper. income—.
279,016
152,785
Non-operating income._
5,365
6,375
oper. revenues.
from ry. opers.
Gross income.
Net income
-V. 143. p.
123.
$284,381
275,170
Accounts
payable
&accr'dexps
for
stock
'
'
$159,160
261,689
15,263
in¬
tax
come
Pref.
Fed.
31,233
\
7,507
7,507
3,535
417
30,363
46,237
306
306
29,694
19,924
1,501,500
($25
par)
1,501,500
Capital surplus
2,022
1,501,500
&
other
Deferred credits to
income
Due to affil. co
959
Reserve—Contrib.
for
extensions..
6% cum.
stock
Com.
conv. pf.
($25 par).
stock
.
Earned
After
$5,310,877 $5,306,9281
reserve
surplus
Total
Seaboard Air Line
June—
$2,695,058
222,397
35.463
1935
Netafterrents
19,230,743
3,213,593
1,161,953
1934
1933
$2,521,902
136,360
def41,108
$2,394,949
149,317
def26,230
$2,401,301
311,238
18,075,192
18,715,126
4,021,067
16,816,226
3,441,467
1,478,350
From Jan 1—
Gross from railway.....
Net from railway
and$775,849 in 1934.
Ry.—Earnings.—
1936
Gross from railway
Net from railway
Net after rents..
1,822
133,032
$5,310,877 $5,306,928
for depreciation of $825,308 tad935
140,p. 811.
1,501,500
159,061
3,690,661
1,690,067
1,834.374
126,782
iBondholders' Agreement Terminates—
The bondholders'
protective committee for the first mortgage 50-year
July 30 announced that the bondholders' protective
31, 1931, will be terminated on Aug. 8, 1936.
The
committee is comprised of Heyward E. Boyce, Arthur M.
Collens, Bertram
Cutler, Fred P. Hayward, and John W. Stedman.
4%
gold
bonds
on
agreement dated Jan.
Holders of the certificates of deposits should surrender
their
certificates
depositaries, Chase National Bank or the Mercantile Trust
Baltimore, and make payment to such depositary for the account
Earnings—
1936—6 Mos—1935
$9,227,899
3,037,942
1,569,512
36,094
$7,802,540
2,460,654
1,239,594
38,192
$1,605,606
1,744,884
$1,277,786
1,577,083
$9,210 def$102,528 def$l39>277 def$299,297
23,988
divs.
accrued
deposits
to the
442.
St. Louis Southwestern
Ry. Lines-
Deductions
by the Atchison
1934
$1,988,000 $2,000,000
.80,854
30,475
24,686
24,339
218,600
on
rev.
1935
debt
240
Cash in banks and
Unbilled
Liabilities—
Funded
240
.....
Special deposits
1933
—
Fort Worth & Rio Grande
together with $4,467,000 of first mortgage bonds.
Advances made by the Frisco which would be
rev.
•
Preferred dividends
Common dividends
x
Atchison would acquire the capital
stock, the first mortgage bonds and cer¬
tain indebtedness for advances made
by the Frisco to its subsidiary.
In
turn the Atchison would
pay to the Frisco $1,519,325 cash.
There are outstanding 29,283 shares of
Railway
641
11,904
Provision for Federal income tax (est.).
-V.
The company has been authorized in a
court order by Federal Judge
George H. Moore to sell its subsidiary, the Fort Worth & Rio Grande Ry.,
to the Atchison, Topeka & Santa Fe
Ry.
Under the purchase contract the
Net
$164,999
68,258
95,045
•:
....
—
$1,293,973 def$493,703
Sale of Unit Authorized
by Court—
total
$419,012
80,061
59,458
71,116
19,390
23,988
$208,426
90,090
90,090
...
.
Other deductions—
Total
1936
21,947,383
3,329,098
1,687,523
31,315
Prov. for deprec. of property, plant & equipment..
853
$434,222
82,316
99,619
Total income
37,392
Earnings of Company Only
:—^
Gross from railway...__
Net from railway
$418,159
985
Cons'rs'
Unemployment Acts.
June—
——
Management fees
$695,584
188,534
29,157
2,710
43,112
13,911
$433,237
Maintenance
On funded debt
O tb er inter es t_.
1934
$689,908
169,601
26,598
1,725
47,018
11,728
...
$92,587 for June 1936, and $396,818 for period Jan. 1,
30, 1936, for accruals for Federal Railroad Retirement Act of
1935,
and Federal and State
360,608
54,358
def97,005
196,211
Calendar Years—
After charges of
to. June
def23,658
—V. 143, p. 123.
$l,3o4,084 def$456,310
40,110
$47,152
def 1,442
From Jan. 1—
System—Earnings—
$330,030 def$254,062
6,215
'
5,97
1933
$67,631
10,476
def 10,182
1936—Month—1935
1936—6 Mos.—1935
$4,177,342
$3,268,117 $22,941,247 $19,343,416
3,469,530
3,208,948
19,784,290
18,229,402
*306,837
def280,o79
def630,198
*1,207,517
23,192
26,317
126,566
173,887
•
_
1934
$56,471
def39,213
def62,576
Misc. curr. liabil—
St. Louis-San Francisco
Ry.
Net
1935
$92,421
25,645
def1,600
Gross from railway—.
Net from railway
hand—
Acc'ts receivable..
on
an
Period End. June 30—
RR.—Earnings.—
1936
the balance sheet ot the latter company
investment.
The People's Motorbus Co. of St. Louis was
acquired,
together with its then parent company and subsidiaries, on Oct. 31,
1933,
and the net profits from that date to Dec.
31, 1935, amounted to $454,917,
of which $263,771
represents the net earnings of 1935.—V. 141, p. 1606
the net cost of the stock is shown
„
Corp.—Merger Voted—
Stockholders of this company,
x
*
.
per
5% series A, in such
proportion as the court may hereafter determine.
As the People's Motorbus
Co. of St. Louis is not in
receivership, the accounts of that company have
not been consolidated with those of the St. Louis
Public Service Co., but
Operating
Operating
■
deposited with
the trustee, to be
pledged as additional security for the United Railways
Co. of St. Louis 1st general
mortgage 4% bonds and the City & Suburban
Public Service Co. 1st mortgage
sinking fund bonds,
as
p.
......
per share was
since Aug. 1,
2,035
Total..
of
$5,435.
b Represented by
Represented by 343,620 15-18 no par shares.
Note—During
598,745
—
estate
Accrued
•
743,351
The directors have declared a dividend of $1 per share on the capita!
stock, payable Aug. 4 to holders of record July 28.
A dividend of 50 cents
24,005,875
9,276,453
debt..—
—
Collateral 6% loan
int. on funded debt &
collateral 6% loan
Working funds
a
153",225
loss$78,399
$186,662 l's$l,303,212'
586,702
391,135
11
195,657
$0.33
Nil
$0.09
Nil
including writing off of development and exploration
3690.
'
Acer.
Reserves...
Deferred charges
167,820'
Sagamore Mfg. Co .—Dividend Doubled—
$7,084,800
Capital surplus..
Surplus from repurch. of bds.
Operating deficit.
Materials & supplies for con¬
struction & operations.558,129
„
Cr~5,138
210,926
Net after rents
pref., series A, stk.
Common stock
...
Motorbus Co. of St. L
Ctf. of partic. of a closed bank
Cash
Drl 2
26,279
$647,175
...
Gross from railway
Net from railway
Consolidated Balance Sheet, Dec. 31, 1935
Assets—
in
_—
Netprofit
Dividends paid.
1_.
Earns, per sh. on cap.stk
June—
ing intangibles)
Inv.
Drl
3,356
Salt Dome Oil
year
Road and equipment (includ¬
5,411
50,000
Depletion...
Receiver's report.
x
232,898
507,660
....
Run Mill
$921,883
_
ended Dec. 31
$198,773
232,898
554,751
55,215
,
on
Net
$1,425,844
223,724
541,302
Obsolescence of the Doe
Provision for
injury and
damage claims
$848,627
90,589
538,677
87,140
Other deductions
charges.—V. 142,
.
St. Louis Public Service Co.
Operating
Operating
$192,593
defl2,837
def46,714
2,621,131
1933
$174,819
23,953
Abandoned leases
1
.
32.604
$1,624,507
Total income...
Depreciation
1934
$1,393,240
Interest and expenses on
funded debt
1933
.
1935
$825,191
23,435
Minority interests......
-Earnings.—
1936
1936
Joseph Lead Co. (& Subs.)—Earnings—
x
Texas (called the "transferor") and Western States
Grovery
June—
Gross from railway.
Net from railway
Aug. 1,
Co. of
of the
committee of $10.90 for each $1,000 principal amount of bonds.—V.
143.
p. 123.
Schulte Retail Stores Corp.—Losses Attributable
to Real Estate
Largely
Operations—
General Samuel McRoberts, chairman of the propective committee for
holders of the 8% cumulative preferred stock states that the committee
was
advising preferred stockholders in a general letter issued July 28 based
upon the committee's
study of the affairs of the corporation that:
"It is
date in the reorganization proceedings that the
attributable largely to its real estate operations.
operations are principally in leaseholds.
Whether leases
apparent even at this early
corporation's losses
The real
estate
are
Volume
143
Financial
Chronicle
should be rejected or
retained, and the extent of resulting landlords' claims,
are questions of vital
importance to preferred stockholders. The rehabilita¬
tion of the company
requires that the business of
estate be
Period End. June 30—
Gross
merchandising and real
brought into better balance.
771
Southern California Edison
Co.,
Your committee is, therefore, taking
active part in the business and
legal phases of the real estate situation
with a view to
protecting the interests of preferred stockholders."
General McRoberts also stated
that with regard to the examination of
Mr. David A. Schulte,
President, and the other officers of the corporation,
"to determine whether the acts
and conduct of the officers of the
company
have been such as to promote the
interests of the company and its stock¬
holders and whether the
management should be permitted to continue the
operation of the business," it is the view of
earnings
an
Expenses and taxes
Fixed charges
.
Depreciation
Balance for surplus.
-V. 143, p. 603.
.
Operating
Earnings—
1936
1934
1935
$1,574,905
328,016
Total income
a
Deprec. & deplet., Fed. taxes, &c
$1,025,121
$791,177
9,649
$733,990
23,132
$1,259,865
645,783
Operating profits.
Other income
$1,114,062
322,885
$1,246,889
12,976
expenses
$800,826
392,012
$757,122
382,546
$614,082
$408,814
$3/4,577
Net profit
Earned per share on 1,244,383
no-par
shares of capital stock
291,131
Heretofore financed mainly by International
Paper Co., Southern Kraft
Corp. has had no securities outstanding with the public. Sale of its
$14,500,000 first leasehold and general
mortgage bonds will provide funds for
prepayment of $1,582,759 of bank
loans, for the acquisition from Inter¬
national Paper Co. of
$1,619,000 Louisiana Pulp & Paper Co. first mort¬
gage 7% bonds, for the
redemption of $292,700 Bastrop Pulp & Paper Co.
first mortgage bonds, and for the
retirement of bonds and notes of the com¬
pany owned by International Paper Co.
The remaining indebtedness to
International Paper Co., estimated at
approximately $22,763,582, will be
met by the issuance to the
parent company of $14,000,000 of income notes,
due 1947, and 59,900 additional
shares of common stock at a stated value
$0.49
$0.33
$0.30
x After
deducting share of products accruing to operators of Kettleman
Hills absorption
_
.
plants.—Y. 142, p. 3523.
Sears, Roebuck & Co.-—Files with SEC—
The company on
July 27 filed with the SEO a registration statement
(No. 2-2358, Form
A-2) under the Securities Act of 1933 covering 267,710
shares (no par) capital stock.
Of the stock
being registered, 67,710 shares
were issued to the
treasurer of the company and offered under an
employee's
stock purchase plan
expiring Dec. 31,1938, at $25 a share, and the remaining
200,000 shares are also to be offered after
the effective date of the registra¬
tion statement under an
employees' stock purchase plan which terminates
Dec. 31, 1941, at $45 a share.
>
^
of $5,999,000 and the balance of
approximately $2,764,582 will become paidsurplus of the company. The income notes will be unsecured and will
fear
interest at the rate of
6% a year, payable only out of income after deprecia¬
tion and after deduction of interest
charges on the new bonds, any deficiency
in any year to be cumulative and
paid in subsequent years to the extent
earned after such deductions.
All accumulated and unpaid interest will
be payable at maturity.
in
:
According to the registration statement, the proceeds to be received
by
the company from the sale of
the stock will be used for
general corporate
purposes.
All of the 100,000
outstanding common shares of the company will
owned by International Paper Co.
Introduces New Line of A uto Tires—
A prospectus, dated
The
company is introducing a new tire, the "Allstate
Standard," to
meet competition from a
number of tires called "first-line standard."
The
new tire is
being offered only in the Chicago area, as far as known.
It carries a
guarantee of 15 months, against 18 months for the Allstate
and 12 months for the
Crusader.
(
Prices range from $5.59 for the
4.40-21 size to $8.35 for the 5.50-17 size.
The sale is stated to be "for a
limited time only," and
savings of "at least
Dated
Securities Acceptance
Corp.Months Ended June 30—
Volume of business
:
Collections
1, 1936, due June 1, 1946, Chemical Bank & Trust Co.
Smith, trustees.
Prin. and int.
(J. & D.) payable at the
agency of company in New York, in such coin or
currency of the United
States as at time of payment shall be
1936
,
Denom. $1,000, registerable
4,308.933
315.990
_
General and operating expenses
100,833
111,483
a
Operating profit
Fixed charges on 5% debentures
$103,674
2,083
...
......
Operating profit before Federal
Provision for Federal
taxes
*
$76,464
'
-
$101,591
13,725
$87,866
taxes
$76,464
11,511
$64,952
$15.32
Net profits
Earned per share preferred stock
($25 par)-.—
Earned per share common stock
_
*
$4,615,028
3,753,441
244,594
91,804
76,326
....
$17.57
1.22
4
*
0.99
Annual basis—excluding 2,000 shares
preferred, 3,185 shares
issued June 29, 1936.
common
Balance Sheet June 30. 1936
Assets—
Liabilities—
Cash....
Notes
$535,402
3,331,266
receivable
Repossessions
Coll. trust notes and
bonds...$1,887,000
Coll. trust bonds—long-term..
9,689
receivable...
Cash value life Insurance.
Deferred charges
Contingent
741
.
11,260
77,507
Furniture and fixtures
290,000
103,221
Accts. payable and accrued
9,322
Other notes receivable—
Accounts
8,559
reserves
Reserve for losses
Deferred
5%
.
income
conv. debs, due June
Preferred
1, '46
stock
71,659
53,210
202,545
500;000
300,000
Common stock
....
530,240
Surplus
Total
.$3,983,749
45,873
Total
..$3,983,749
-V. 143, p. 286.
Seversky Aircraft Corp.—Listing—
The
New
York
Curb Exchange has approved the
listing of 280,000
outstanding shares of capital stock, $1 par.
The Exchange will also list
560,000 additional shares of capital
stock, $1 par, xipon notice of issuance.
—Y. 143, p. 442.
Silesia Electric
Corp.—Bonds Restored to New York Stock
Exchange List—See under "Current Events and Discussions"
in last week's
"Chronicle.", page 508.—V. 140, p. 1500.
Soss
Manufacturing Co.—Transfer Agent—
The Colonial Trust Co. has been
appointed transfer agent for this
pany's capital stock.—V. 143, p. 603.'
Southeastern Gas & Water Co.
(&
Operation
Subs.)—Earnings1936
;
Maintenance
Taxes (other than Federal
income)
...
Net operating earnings.
Non-operating income
Total
Expenses & taxes of Southeastern Gas & Water Co.
(excl. operating divisions) & Southeastern In¬
vestment Corp
$691,611
278,003
38,346
38,087
1935
$653,986
274,601
42,826
34,930
$337,173
9,729
...
$301,627
12,338
$346,903
$313,966
*
Gross income
Deductions of Subs, and Operating Divisions—
Interest
Federal income
taxes
Minority interests
Deductions of Southeastern Gas &
11,981
15,228
$334,921
$298,737
23,618
1,316
115,569
3,545
Amortization and discount
Depreciation and depletion
:■
"
22,353
7,365
100,308
14,522
103
Cr687
74,970
105,252
1105,948
Water Co. {Excl.
Operationg Divisions)—
Interest
on
first lien bonds.
Interest
on
general lien bonds..
Other interest
Depreciation
Federal income tax
Balance available for dividends and
surplus
—V. 143, p. 603.
...
75,114
184
190
439
439
135
principal only and fully registered in
after and before maturity.
For sinking fund, bonds will be red. at par
plus accrued int. to the date of redemption.
Company will reimburse to
owners any taxes, other than
estate, succession, income and inheritance
taxes (but specifically
including, as to any such bond owned by a resident
of Penn., capital stock taxes
imposed by that Commonwealth) that are or
may be lawfully imposed and paid under any
present or future law of
Penn. upon such bonds or upon such owner as a
resident, not exceeding,
however, in any year five mills upon each dollar of the taxable value of
such bonds, and also any income or
corporation taxes in respect of or
measured by the interest on such bonds
(or, in case of savings banks or
trust companies having savings
departments, neasured by the amount of
deposits invested in such bonds) that are or may be
lawfully imposed and
paid under any present or future law of Mass. upon such owner on account
of the ownership of such bonds or on account of
the interest thereon, not
exceeding in the aggregate in any year 6% of the interest thereon.
Sinking Funds—Company will covenant to provide a fixed sinking fund
calculated to retire by maturity 50% of the bonds of the
4XA% series due
1946.
Company will also covenant to provide an additional sinking fund
based on earnings for the retirement of bonds of the 4
series due 1946.
For the fixed sinking fund company will covenant to
pay to the trustee
on or before each of the
following dates, an amount sufficient to redeem
the principal amount of bonds of the
414,% series due 1946 set opposite
said date: Feb. 1, 1937,
$600,000; Feb. 1, 1938, $625,000; Feb. 1, 1939,
$650,000; Feb. 1, 1940, $675,000; Feb. 1, 1941, $705,000; Feb. 1, 1942,
$735,000; Feb. 1, 1943, $765,000; Feb. 1, 1944, $800,000; Feb. 1, 1945,
$835,000; Feb. 1, 1946, $860,000.
For sinking fund based on earnings
(which is in addition to the fixed
sinking fund) company will covenant to pay to the trustee on or before
June 1, 1937, and June 1 of each year thereafter
through June 1, 1945,an
amount equal to 25% of the "balance of
earnings of the company applicable
to sinking fund" during the year
ending on Dec. 31 next preceding such
payment.
However, no such additional sinking fund payment in respect
of any year shall exceed an amount sufficient to redeem
$300,000 principal
amount of bonds of the 434% series due 1946.
In lieu of making any sinking fund payment for the retirement of bonds
of the 434 % series due 1946 in cash, in whole or in
part, the company will
be entitled to deliver to the trustee bonds of the
434 % series due 1946 previ¬
ously issued and receive a credit therefor on account of its sinking fund
obligation to an amount equal to the principal amount of the bonds so de¬
livered.
Company will have the right to anticipate any sinking fund pay¬
ment but only by delivery of bonds to the trustee as aforesaid.
Purpose—Company intends to apply the net proceeds, exclusive of accrued
interest, from the sale of the bonds estimated at $13,702,500 (after deduc¬
tion of $145,000 for estimated expenses) as follows:
(a) $298,554 to reimburse treasury for redemption in full at 102 on
Aug. 1, 1936, of $292,700 Bastrop Pulp & Paper Co. 1st mtge. 634s, due
Feb. 1, 1940 (exclusive of accrued interest), of which bonds
$24,100 are
owned by affiliates.
(b) $1,700,000 as follows: $1,582,759 to prepayment in full of the 5%
notes (bank loans) of company aggregating said amount and
payable serially
from Oct. 20, 1936, to July 20, 1938, and $117,240 to reimburse
treasury
for reduction in bank loans on April 15,1936, from
$1,700,000 to $1,582,759.
Such bank loans were used for extensions and
improvements to the mills
of the company at Panama City, Fla.; Mobile, Ala., and Moss
Point, Miss.
(c) $1,619,000 to the acquisition from International Paper Co. of $1,619,000 Louisiana Pulp & Paper Co. 1st mtge. 7% sinking fund serial
gold
bonds (exclusive of accrued interest), which bonds will be
5% 1st mtge.
bonds due Jan. 1, 1950.
Upon acquisition thereof by the company these
bonds will be pledged under the indenture to secure the bonds
offered
hereby.
(d) The balance, amounting to $10,084,946, will be applied to retire
the following bonds and notes of the
company owned by International
Paper Co. and receive by it either for cash advances to the company or as
part consideration for properties transferred to the company, viz.:
(1) $8,682,634 to retirement in full of $10,000,000 1st mtge. leasehold
and fee 5% bonds, series A, due Oct.
1, 1961, owned by International
Paper Co. to be retired by the company at the above cost,' exclusive of
,
accrued
(2)
interest.
$1,402,311
to reduction of demand notes aggregating
$21,724,455
Paper Co.
Company and Business—Corporation was incorp. in Del., March 31, 1930.
Is engaged in the manufacture and sale of kraft
paper and board, and in
the manufacture of sulphate (kraft)
pulp, most of which is used in the pro¬
owned by International
duction of its
own
paper and board.
The kraft board manufactured by the
company with minor exceptions is
direct to manufacturers of container boxes and
other converters.
sold
Approximately one-half of such board
mainder is sold
1,787
to
'
com¬
„
12 Months Ended June 30—
Gross operating revenues.,
as
denoihs, of $1,000, $5,000 and
$10,000 and authorized multiples of $10,000;
coupon and fully registered bonds interchangeable.
Redeemable at option
of company, other than for
sinking fund, in whole or in part on any date
upon 30 days' notice, at following prices: 103 if red. on or before
June 1,
1938; 102if red. thereafter and on or before June
1, 1940; 102 if red.
thereafter and on or before June 1,
1941; 101K if red. thereafter and on or
before June 1, 1942; 101 if red. thereafter and on or
before June 1, 1943;
100^ if red. thereafter and on or before June 1, 1944; and 100 if red. there¬
1935
$4,766,726
;
legal tender for public and private
debts.
-Earnings-
Gross income
June
be
July 30, affords the following:
and Howard B.
20%" are claimed, "against selling
prices of other tires of comparable
quality."—V. 142, p. 4353.
f 6
$1,153,873 $12,835,775 $10,942,741
Corp.—-.$14,500,000 Bonds Offered—The
financing for this corporation, a subsidiary of
International Paper Co., took place July 30 with the
offering
of $14,500,000 first leasehold and
general mortgage bonds,
43^% series, due 1946, at a price of 98P2 ami interest.
The
underwriting group, headed by The First Boston Corp.,
includes Bancamerica-Blair
Corp.; Halsey, Stuart & Co.,
Inc.; Blyth & Co., Inc.; Harris, Hall & Co., Inc.; Lazard
Freres & Co., Inc.; E. H. Rollins &
Sons, Inc.; Paine,
Webber & Co.; A. C.
Allyn & Co., Inc.; Hemphill, Noyes &
Co.; Dominick & Dominick; Granbery, Safford & Co.; Otis
& Co., Inc.; Jackson &
Curtis; Starkweather & Co., Inc.,
and Whiting, Weeks &
Knowles, Inc.
-
StMonths Ended June 30—
x*Gross earnings
$1,298,990
Southern Kraft
first public
the committee that this inquiry
should be of great benefit to the
corporation and to all the parties.
In this
respect the committee's letter states:
"The inquiry seeks the
facts, and
events to date indicate
that all parties welcome the
opportunity to spread
them on the record."
The letter concludes with a
request for the support of preferred stock¬
holders.—V. 143, p. 123.
Seaboard Oil Co. (&
Subs.)
..
Ltd.-—Earnings—
1936—Month—1935
1936—12 Mos.—1935
$3,576,849
$3,247,243 $40,136,439 $36,425,446
1,232,256
1,058,936
14,328,752
13,527,467
599,187
629,337
7,984,983
7,451,231
446,414
405,096
4,986,927
4,504,006
loss$26,8l7
on
spot sales.
is sold under contracts and the re¬
Of the kraft paper manufactured by the com¬
pany, approximately 50% represents
the entire output is sold
wrapping grades of which practically
through jobbers.
The balance of the company's
772
Financial
Chronicle
production represents grades sold for the most part direct to bag
manufacturers and other converters, including affiliated companies.
More
than five-sixths of the company's kraft paper, exclusive of sales to affiliated
paper
Aug.
Southern Pacific SS.
sales
of March 31, 1936, After Giving Effect to Present Financing
Authorized
1st leasehold & gen. motge. bonds, 4% series,
due 1946
Non-int. bearing note sec. by purchase money
—
Outstanding
$14,500,000
$405,449
2,337,035
def302,751
def307,586
2,160,611
def383,167
def384,908
1,960,958
def368,4Sl
def377,004
Gross from railway
can
Net after rents
—V. 143, p.
-
Control—Company regards International Paper Co., which owns 40,100
or 100% of its outstanding common stock and International
Paper
& Power Co., which owns 98 + % of the voting power of International
Paper Co., as its parents.
Underwriters—The name of each underwriter and the respective principal
amounts of the bonds severally to be purchased by each are as follows:
The First Boston Corp., New York
$3,250,000
Bancamerica-Blair Corp., New York
1,750,000
Halsey, Stuart & Co., Inc., Chicago
1,500,000
Blyth & Co., Inc., New York1,500,000
Harris, Hall & Co. (Inc.), Chicago
1,000,000
Lazard Freres & Co., Inc., New York
750,000
E. H. Rollins & Sons, Inc., New York
750,000
Paine, Webber & Co., Boston
500,000
A. C. Allyn & Co., Inc., Chicago
500,000
Hemphill, Noyes & Co., New York
500,000
Dominick & Dominick, New York
500,000
Granbery, Safford & Co., New York
500,000
Otis & Co., Cleveland
450,000
Jackson & Curtis, Boston
400,000
Starkweather & Co., Inc., New York
«.*;
350,000
Whiting, Weeks & Knowles, Inc., Boston
300,000
Net from railway—...
_
Net after rents.......
From Jan. 1—
Gross from railway.
..
Earnings for Stated Periods
Years Ended
Dec.
31-
■3 Mos. End.
Mar. 31 '36
1934
1935
$3,595,678
$3,788,000
$893,012
365,262
16,221,871
811,383
21,554,743
136,311
5,980,267
$16,643,962 $20,182,813 $26,154,128
60,097
59,900
36,341
$7,009,591
24,053
—$16,704,059 $20,242,713 $26,190,469
$7,033,645
Gross sales, less returns,
&c.—-Affiliated cos. $2,664,464
Kraft,
Ltd.,
338,986
Other customers
13,640,510
Total net sales
Other income—net
Total
Pulpwood,
labor,
ma¬
terials, &c.._
Maintenance & repairs—
9,779,440
Taxes (other thaninc.)__
Outward freight & de-
347,976
livery
Selling,
1,117,027
&adm.
13,432,195
1,843,996
304,581
3,467,378
535,610
105,239
810,799
44,974
537,675
809,212
2,332,184
1,026,877
' 43,039
959,586
3,286,125
1,069,053
166,687
926,593
911,422
311,519
20,000
192,805
$3,256,954
$4,198,165
$5,161,237
$1,489,669
542,149
24,894
613,330
22,519
613,330
20,422
1,978,290
1,775,553
1,648,459
17,791
52,172
306,723
416,688
21,530
13,043
115,657
$2,502,336
1,844,600
$764,661
Depreciation
Net profit from oper—
on funded debt-
Int.
Parent company
Others
Int.
on
other debt—
Parent company
Others
383
1,120
■
Amort .of debt disc.& exp
Prov. for ineome taxes
55,581
175,000
_
Net profit
Dividends
$710,499
—
$1,555,798
—
Pro-Forma Balance Sheet
Assets—
39,742,393
9,163,314
5,451,654
10.683,010
6,762,090
36,823,187
10,097,530
6,269,078
1
to
July 21
1936
1935
—-
,,
$2,424,027,
; J
1935
$1,992,075 $66,954,786 $57,147,756
■
Profit after
bad accounts..
Interest.
•
—
Fed.
for
Prov.
&
1933
$1,982,523
147,576
loss292,903
11,250
_
,
loss48,096
12,476
464,561
20,912
11,250
State
61,000
faxes.
income
1934
$3,031,969
1935
$2,661,296
1936
$3,904,792
and
deprec.
'
$382,649
Net profit
—
-V. 142, p. 3189.
loss$60,572
$136,326 loss$304,156
Spokane International Ry -Earnings1935
1936
June—
Gross from railway.
_ _ _ .
Net from railway
Net after rents
From Jan.
-
—
1934
1933
$52,422
3,729
def 1,862
$71,475
20,437
10,493
$52,641
8,048
1,264
$46,020
4,370
def 2,442
243,486
240,197
3,358
def34,186
def 87,012
1—•
337,895
70,601
Gross from railway
Net from railway
,
defl,128
def33,710
20,901
Netafterrents
196,564
def47,298
—V. 143, p. 126.
Standard Gas & Electric Co.—Annual Report—
The consolidated balance sheet and statement of consolidated income and
surplus account as reported include only subsidiary companies, that is,
companies in which Standard Gas & Electric Co. owns more than 50%
of the voting stock.
Prior to the year 1934, it had been the practice of
Standard Gas & Electric Co. in preparing consolidated balance sheets and
statements of consolidated income and surplus accounts to include, ih
addition to companies described above, certain affiliated companies, in
which Standard Gas & Electric Co. owned less than 50% of the voting stock.
The financial condition and results of operations of company and of its
subsidiary and affiliated companies, not including Deep Rock Oil Corp.
(debtor under Section 77-B of the Federal Bankruptcy Act, as amended)
and Beaver Valley Traction Co. (in receivership) and subsidiaries of such
companies, are reflected in the balance sheets and earnings statements.
Consolidated Income Account Years Ended Dec. 31
[Consolidated earnings of Standard Gas & Electric Co. and subsidiaries
(exclusive of Deep Rock Oil Corp. and Beaver Valley Traction Co., and
the subsidiaries of such companies) for the year ended Dec. 31, 1935 com¬
pare with consolidated earnings for the year ended Dec. 31, 1934 (the
1934 figures being rearranged and reclassified from those contained in the
1934 annual report to place them on a basis comparable to the classification
followed in the preparation of the 1935 statement of consolidated income
and surplus account].
Subsidiary Public Utility Companies—
1935
1934
$89,610,511 $87,044,815
45,983,892
44,619,497
Net operating revenue
Other income (net)
$43,626,618 $42,425,318
308,966
367,261
Operating revenues
—
Net operating revenue and other income
$43,935,584 $42,792,579
Appropriation for retirement & depletion reserves. 11,741,586
11,428,762
Amortization of contractual capital expenditures__
37,000
37,000
Gross income.
—
Rents for lease of properties
on funded debt.
Interest
*.
Other interest
Divs.
1,053,320
205,149
—
pref. capital stock of Consolidated Gas Co.'
of the City of Pittsburgh guaranteed by Bhila Co.
Appropriation for special reserve.
1,050,658
503,868
on
Federal and State tax on interest on funded debt.
of March 31, 1936
.$32,156,998 $31,326,817
1,229,098
1,226,787
13,572,998
13,883,662
Amortization of debt discount and expense.....—
Other income deductions
as
Jan.
Week of July—
1936 ,I
....
69,192
-
500,000
407,553
3,112
.
—
Interest charged to construction—
69,192
360,770
12,018
Cr45,215
Cr48,900
Liabilities—
Plants, properties, intangibles,
&c. (net)
$27,290,478
Woodlands,
less stumpage "
—
credits
Investments
Cash
——
Receivables (net)
Inventories
4,790,407
687,394
632,491
3,689,671
2,414.942
Deferred assets & expenses__
Total.—
Funded debt
Current liabilities
Due
Paper
Co.-.--
Capital stock
7,000 000
Paid-in surplus
2,764,582
46,378
surplus
465,838
98,144
applicable to Standard Gas & Elec. Co
$6,159,267
Income of non-utility subsidiary co3. applicable to
Standard Gas & Electric Co
580,837
$5,246,288
...
Other Income
Total.
.$40,343,810
Period End. June 30—
1936—Month—1935 "
1936—6 Mos.—1935
Before depreciation.
3,976,180
.
$1,297,289
1,927,798
$9,804,870
13,748,778
$6,658,003
10,432,216
31, 1936, under
Earnings of Company Only
1934
..$13,761,015 $10,340,702 $11,190,250
4,631,471
2,877,538
4,184,479
3,054,709
1,438,393
2,807,190
-
-
From Jan. 1—
Gross from rail way—68,140,055
Net from railway
Netafterrents
17,120,919
8,376,327
56,851,335
13,702,604
6,148,762
53,480,610
14,229,610
7,058,813
1933
$9,253,779
3,115,738
1,631,109
43,459,529
8,267,983
599,841
—V. 143, p. 603.
come
on July 29 declared
a dividend of $1 per share on the
stock voting trust certificates, par $1, payable
Aug. 20 to holders
on
int. on funded debt—
4,418,970
$1,951,343
;
Amortization of debt discount and expense
Consolidated net income.
The
—
167,199
57,893
151,162
consolidated
operating revenues and consolidated net operating
(before appropriation for retirement and depletion reserves) of
the public utility companies of Standard Gas & Electric Co.
system, which
includes the affiliated companies, namely, Market Street Railway Co.,
(Dela.), and
subsidiaries of such companies, compare as follows:
Year Ended Dec. 31—
Operating
Net
revenues
revenue (before appropriation
retirement and depletion reserves)
operating
1935
1934
--$132,540,936 $128,803996
for
60,236,867
58,255,486
—
The consolidated operating revenues
shown above increased $3,736,940
2.90%, during 1935 as compared with 1934, while consolidated net
operating revenue
(before appropriation for retirement and depletion
reserves) increased $1,981,381, or 3.40%.
or
Proceedings for Reorganization
On Sept. 27, 1935 company filed a petition under Section 77-B of the
Federal Bankruptcy Act, as amended, in the United States District Court
for the District of Delaware, since which date the company
by order of
of record Aug. 10.
This compares with 25 cents paid on July 1, 1935 and
Dec. 29, 1934, this latter being the initial distribution on the issue.—
the
V. 142, p. 3525.
of this
$6,746,568
4,418,970
122,695
59,295
166,677
$2,454,143
charges of Standard Gas & Elec. Co
Other interest
Sperry Corp.—To Pay $1 Dividend—
The directors
on
$7,221,781
Consolidated net income before deduction of in¬
Mountain States Power Co. and Northern States Power Co.
•
1935
$6,941,063
194,495
revenue
Railroad Retirement Taxing Act, declared unconstitutional.
1936
',470,418
248,637
...
Income Charges of Standard Gas & ELectric Co.—
Interest on funded debt—
*
Includes credit of $116,380 for month and period due to
reversing in
months June to December, 1936, $814,664 accrued to
May
Net from railway
Net after rents
1,117
301,841
405,439
2,640
Expenses and taxes of Standard Gas & Elec. Co—
Federal and State tax
$3,318,142
301,538
427,658
—
indebtedness of affiliates.
Total
Railway oper. revenues_$17,566,950 $13,272,186 $90,237,034 $75,634,496
Railway oper. expenses. 12,264,510
10,211,490
69,077,845
59,397,853
Railway tax accruals.—
*888,214
1,039,852
*6,811,702
6,071,010
Equipment rents
1,014.685
674,615
4,169,062
3,356,252
Joint facility rents
81,398
48,940
373,553
151,376
Net ry. oper income:
After depreciation..
42,254
...
Other interest
Lines—Earnings—
—
June—
Gross from railway
on
942,601
of Standard Gas & Electric Co—
Dividends from affiliate
Dividends from others
Interest
Southern Pacific
$15,165,474 $14,265,076
8,540,368
8,920,643
-
Balance of income of subsidiary public utility cos.
1,038,427
.$40,343,810
—
Dividends on capital stocks held by public
Minority interests in undistributed net income
14,000,000
298,508
Reserves
Earned
1,554,479
-
International
to
Balance
$14,679,861
-V. 143,.p. 125,
common
—
Spear & Co.—Earnings—
153,332
4,756
exp.
Prov. for doubtful accts-
39,452,293
1,247.593
2,376,654
1,731,395
Operating expenses, mainteanance and taxes.
i
expenses—
gen.
9,944,568
1,432,469
305,822
1933
$6,860,266
—Third
Period
Gator
sub. company
1934
56,007,653
1,294,652
661,883
45,010,351
12,109,185
7,759,243
Gross earnings.
—V. 143, p. 604.
.—.
-
1935
&6,479,398
1,476,301
861,120
.
— _
Net from railway
Net after rents
'
—
-
1936
$7,445,568
1,942,462
.
shares
1933
-Earnings
June—
Gross from railway
be created.
_
125
Southern *Ry.-
6 Mos. End. June 30—
270,000
179,862
14,000,000
14,000,000
100,000 shs.
7,000,000
Note—$1,619,000 of first mortgage bonds of Louisiana Pulp & Paper Co.
(assumed by the company) will be pledged under the indenture under which
the bonds offered hereby will be issued.
No additional bonds of such issue
-
Net from railway
Net sales
1942Income notes due 1947
Common stk. (no par) outstanding 100,000 shs_
18,894
18,637
From Jan. 1—
$14,500,000
mortgage due serially May 1,1934, to Nov. 1,
1933
$372,988
def63,008
def62,950
.
.
as
1934
$360,410
def48,618
def49,356
Net from railway.
Net after rents
Capitalization
1935
$479,180
7,279
8,123
2,732,809
def78,079
defll6,504
companies, is sold
Gross from railway.
on spot sales and the remainder under contracts.
The
(in dollars) to affiliated companies since Jan. 1, 1931, in some cases
made below market, have amounted to the following percentages of the
total sales of the company: 1931, 24.4%; 1932, 23.5%; 1933, 18.1%;
1934,
19.6%; 1935, 17.6%; 1936 (3 mos.), 14.9%.
The company has four subsidiaries in which its aggregate investment is
not significant in respect of either the assets represented or the sales or
operating revenues of such subsidiaries: Gator Kraft, Ltd., which sells the
company's kraft board in Great Britain and other foreign countries; St.
Andrews Bay Holding Co., which owns all of the stock and certain debt of
Atlanta & St. Andrews Bay Ry.; Atlanta & St. Andrews Bay Ry., which
operates a steam railroad between Panama City, Fla., where one of com¬
pany's principal mills is located, and Dothan, Ala., connecting at that
point and en route with three main line railroads; and St. Andrews Bay
Transportation Co., a subsidiary of Atlanta & St. Andrews Bay Ry., which
operates a bus and* motor truck line between Panama City, Fla., and
Dothan, Ala., and between Panama City, Fla., and Pensacola, Fla.
The company and its subsidiaries, respectively, with the possible exception
of Gator Kraft, Ltd., the business of which may be discontinued, intend to
continue to carry on the businesses of the general character described above.
1936
Lines.—Earnings.-
1936
June—
1,
,
has been continued in possession of its property.
petition was considered necessary by the directors as
court,
The filing
a
result of
Volume
143
Financial
Chronicle
the deposit of an insufficient amount of the
notes and $9,826,500
6% convertible
Byllesby*Engineering & Management Corp. owned by
affiliated companies,
$126,800; minority interest in capital stocks and surplus
of
subsidiaries (in preferred stocks, $138,112,450; in common stocks, $21,221,153; in surplus, $4,756,976), $164,090,580; capital surplus of Standard
Gas & Electric
Co., $111,173,242; surplus of subsidiary appropriated for
investment in its own capital stock reacquired
$1,428,750; consolidated
surplus, $20,161,974; total (as above), $405,958,359.
Protective Committee for $4
Preferred Stock—
A protective committee has
been formed to represent holders of the $4
cumulative preferred stock in the
reorganization proceedings.
The Court has permitted the continuation of the
deposit of notes under
the plan since the date on which the
petition under Section 77-B was filed,
and as of Dec. 31, 1935, a total of
$10,738,50(1 of the 20-year 6% gold notes
and $6,591,000 of the 6% convertible
gold notes had been deposited, repre¬
senting 70.30% of the aggregate face value of the two issues outstanding
and at May 31, 1936, 71.18% of such notes were on
MacGowan, former
other members
deposit.
Battle, Levy, Vantine & Fowler, New York; Miller, Owen, Otis & Bailly,
York, and Hering, Morris & James, Wilmington, Del. are counsel.
Stockholders are requested to authorize the committee to act
behalf and will not be
obligated for any expense.
outstanding stock of Byllesby Engineering & Management Corp.
That corporation for many years has rendered
operating, engineering, finan¬
cial and other services to subsidiary and affiliated
companies of
Gas & Electric Co., and is
continuing to furnish the same
Income Account for
week last year.—V.
17,485
32,110
20,588
19,729
111,608
122,695
indebtedness of affiliates
bank balances, &c_.
Total income.„
__
.
$6,949,191
4,418,970
167,199
59,295
166,677
57,894
151,162
$2,117,049
12,649,821
on
on
$7,143,686
42,450
18,287
27,570
16,897
7,128
82,163
$6,884,686
4,418,970
Interest
Interest
$6,241,877
301,841
165,000
432,328
2,640
$7,133,323
funded debt of affiliates
$2,153,966
11,396,703
70,883
Legal services and expenses
Trustees' and paying agents' services and expenses
Taxes (other than Federal or State income
tax)
Advertising
Stationery and printing
47,115
.
.
...
.....
Gross income
Interest
__
funded debt.
on
Other interest
Federal and state tax
....
on
int.
on
funded debt
•
Amortization of debt discount and expense
Net income
Previous balance
Credits to surplus account
62,389
Total surplus
Dividends
on
Charges to surplus account
railway
Net from railway
on
Period End. June 30—
Gross profit (after de-
Di vs. receivable & int. accrued
on sees,
of affiliates
1,026,495
7,551
1,213,891
243,691
75,157
980,764
451,272
75,157
a..
16,563
305,333,376 305,627,335
Accrued divs. on stocks of affiliates
Dividends receivable on other investment securities
Indebtedness of affiliates, current.
Investments
Office furniture and fixtures
1
J*"'"
1
Net profit from opers.
Total
1,528,896
Liabilities—
prior
312,842,923 310,752,453
Prior preference, without par value—authorized, 750,000
shares, repre¬
as
follows:
$7 cumulative—issued, 378,000 shares, less 9,652
shares reacquired and in treasury,
and in
outstanding, 368,348 shares; maximum
payable in liquidation, $100 per share and dividends accumulated
thereon.
$6 cumulative—^issued and outstanding, 100,000
shares; maximum amount payable in liquidation, $100 per share and
dividends accumulated and in arrears thereon.
$4 cumulative preferred,
without par—authorized, 1,500,000 shares; issued 757,642 shares, less 200
shares reacquired and in treasury, outstanding, 757.442
shares; maximum
amount payable in liquidation,
$50 per share and unpaid cumulative
arrears
dividends.
Consolidated Balance Sheet Dec. 31 (Including
Subsidiaries)
1935
Assets
1934
$
$
Cash on hand, demand
deposits and time deposits. 22,710,972
25,143,709
(net).
6,882,086
6,887,749
6,533,667
6,450,588
Other current assets
3,498,710
2,379,663
Investments
73,086,004
73,237,719
Property, plant and equipment, &c
639,463,806 640,725,727
Intangibles
22,205,632
23,220,294
Excess of owning companies' ledger values of securi¬
Notes and accounts receivable
Inventories
ties of subsidiaries consolidated
book value thereof—
Deferred charges
Other assets
„
-
over
the latters*
70,106,855
39,502,743
635,123
Total
Liabilities—
Notes payable
■
(other)
~
Accts. payable (incl. payrolls and sundry accruals)
Serial payments of (current) long-term date
Accts. payable to affil. cos. not consol., current
Accrued taxes
Accrued interest
Dividends payable and accrued
Deferred liabilities and unadjusted credits
Gold notes due Oct. 1935
Gold debentures
Subsidiaries funded debt
Reserves for retirement and depletion
Amortization of intangibles
52,629
3,016,864
385,000
'
3,015
9,082,707
4,648,158
1,631,244
4,093,055
24,649,500
49,000,000
276,233,300
91,368,927
-
Contingencies
Insurance
Contribution for extension
Other
Capital stock and surplus
Total
73,127,372
34,583,816
433,838
-.884,625,600 886,190.475
'
Notes payable (banks)—secured...
2,156,552
2,832,862
9,513,424
-_x405,958,359
6,375,000
7,326
2,673,275
385,000
3,311
9,449,548
5,528,026
1,407,487
3,776,263
24,649,500
49,000,000
274,545,800
84,797,806
179,967
7,154,842
2,062,016
2,806,344
1,157,015
410,231,951
pref.
Electric
shares), $21,626,070 minority interest
445.284
650,895
1,793,209
2,546,570
5,042
4,767
22,566
22,035
common
.
company...
$2,832,302
21,636
Total
$2,853,939
Surplus charges
...
Preferred dividends
210,258
123,518
3,161,345
Common dividends
$3,674,374 $11,303,808 $14,396,505
11,151
1,969,089
14,935
$3,685,526 $13,272,897 $14,411,440
36,514
784,879
332,857
123,648
493,955
494,366
2,529,083
12,645,378
10,116,323
Surplus for the period_def$641,182
$996,281 def$651,315
$3,467,894
Net income per share of
stock.
x$0.21
y$0.28
x$0.85
y$1.09
Based on 12,645,380 shares in hands of public June 30, 1935.
y Based
12,645,415 shares in hands of public June 30, 1936.—V. 142, p. 3189. ■"
x
was
Investing Corp.—Subsidiary Dissolved—
announced
on
July 20 that American, London and Empire Corp.,
the company's only subsidiary, 99% of stock of which was owned, was
dissolved in April, 1936.—V. 143, p. 604.
Standard Products
Co.—Listing Approved—
The New York Curb Exchange has approved the listing of 300,000
outstanding shares of common stock, $1 par.—V. 142, p. 4354.
Staten Island
Rapid Transit Ry.—Earnings:—
June—
1936
Gross from railway
Net from railway——
From Jan.
$119,371
def2,452
def47,146
1934
731,040
defl7,416
def283,991
1933
$144,458
25,593
def5,265
$146,014
41,736
19,024
866,699
152,119
»
833,317
188,287
5,756
1—
Gross from railway
Net from railway
Net after rents
—V.
1935
$119,126
defll,417
def45,758
790,067
defl4,222
def230,796
Net after rents
def44,536
143, p. 126.
;
Sterling Securities Corp.—Asset Value—
The corporation in its report for the six months ended June 30, 1936,
shows that after provision of $944,000 for normal Federal income tax of
13% on the taxable profit which would result from the realization of net
unrealized appreciation of investments, net assets of the corporation on the
basis of carrying investments prices at June 30, 1936 market
quotations
or the management's valuations in the absence of market quotations, were
$19,486,550, equivalent to approximately $82.72 per share for the 235,573
shares of first preferred stock outstanding on that date, compared with
$79.73 per share outstanding at Dec. 31, 1935.
In addition, two dividends
aggregating $6 per share were paid on Feb. 18 and May 15 respectively,
on account of prior accumulations.
After allowing $50 per share for the
first preferred stock and $5.50 per share unpaid accumulated dividends
thereon to June 30, 1936, the indicated asset value of the $1.20 preference
stock was approximately $12.82 per share as compared with $9.30 per
share at Dec. 31, 1935.
Total income for the six months period from dividends and interest was
$283,000.
Net income after deducting expenses and taxes was $206,545.
During the period there was a net realized profit on the sale of securities,
after provision for normal Federal income tax, of $459,177 which was
credited to the deficit account.—V. 143, p. 604.
1
.
T~
Stevens Hotel Co.—Stricken
.
,
from List—
The first mortgage 20-year sinking fund gold 6% bonds, series A, due
July 1, 1945, have been stricken from the New York Stock Exchange list.
—V. 142, p. 1486.
.
Stewart-Warner Co.
Period End. June 30—
Net
income
after
Shares common stock...
Earnings per share
(& Subs.)—Earnings—
1936—3 Mos.—1935
1936—6
los.—1935
all
charges, &c
$622,035
1,241,847
$0.50
$524,428
1,246,847
$0.42
$1,054,362
1,241,847
$0.85
$1,020,491
1,246,847
$0.82
Consolidated balance sheet as of June 30, 1936, shows current assets
totaling $9,286,923, including cash of $3,022,417 against current liabilities
of $1,616,006, or a working capital ratio of 5.7 to 1.
At Dec. 31, 1935,
current assets totaled $8,056,535, including cash of $2,412,188 against cur¬
rent liabilities of $1,630,325.
Consolidated net sales for the first half of 1936
were materially larger
refrigerator sales for the period showing
The refrigerator division of the company in the Six months
to June 30, 1936 showed a book profit for the first time.—V. 142, p. 3190.
than in the first half of 1935, with
a
.884,625,600 886,190,475
x Arrived at as follows:
Preferred stocks of Standard Gas & Electric Co.
(represented by 368,348 shares of $7 cumulative preferred, 100,000 shares
of $6 cumulative preferred and 757,442 shares of $4, cumulative
preferred,
all of no par value), $87,350,943; common stock of Standard Gas &
Co. (represented by 2,162,607 no par
undis¬
on
Standard
sented
amount
in
parent
—
a
surtax
Surplus credits
It
2,040,792
2,164,962
Indebtedness to affiliate
16,564
Funded debt.....
73,649,500
73,649,500
Insurance reserve
2,156,552
2,062,016
a Preferred stock
j......
87,350,943
87,350,943
Com. stk., no par, outstanding 2,162,607 shares.. 21,626,070
21,626,070
Capital surplus...
..111,173,242 111,173,242
Surplus account
14,829,259
12,649,821
Total
-
$17,285,166
424,218
Net income applic. to
i
_
years
and interest thereon
...
foreign income
(not incl. pro v.
tributed profits, if any)
Amount applic. to minor,
for estimated
provision
■.
.
(.471,107 $13,862,653 $17,709,384
141,069
743,068
744,273
75,898
incl.
.
$3,493,891
211.261
taxes
on
Federal income taxes for
1935—12 Mos.—1936
(.379,454 $13,011,691
91,652 '
850,961
■
liabilities,
additional
los.—1936
$3,312,481
181,409
common
Accounts payable
Accrued
1935—3
Federal &
312,842,923 310,752,453
„
Subs.)—Earnings—
Gross income
Income charges
;'—
.
1,999,409
651,984
143,601
Other income credits...
1
2,001,787
Deferred charges
2,692,886
1,208,795
717,021
ducting mfg. and other
cost of goods sold)...$10,449,299
$11,521,185 $41,741,099 $45,711,611
Selling, admin. & general
expenses
7,136,818
7,141,731
28,729,407
28,426,444
stocks of subsidiary.
720,286
1,057,383
294,795
3,335,714
1,107,463
524,540
Standard Brands Inc. (&
int.
2,941,062
$477,165
234,798
141,209
(Includes Operations of Certain Foreign Subsidiaries for Periods Ended Apr il 30
or May 31, 1935 and 1936)
1934
$
ijji
demand
Cash, time deposits
Cash deposited for note, &c., interest.
Cash, special deposits..
1933
$571,535
286,491
196,605
—V. 143, p. 126.
$14,829,259 $12,649,822
A$S€t$~~~*
Cash
1934
$638,982
229,777
127,995
3,520,097
1,065,147
354,687
From Jan. 1—•
Gross from railway
Net from railway
Net after rents.
Balance Sheet Dec. 31 (Company Only)
1935
Earnings—
1935
$669,606
233,306
118,381
Net after rents
for
Balance, surplus
604.
1936
Gross from
256,530
.
p.
June—
$14,829,259 $13,621,551
715,199
preferred stocks—in cash
143,
Spokane Portland & Seattle Ry.-
1934
$6,224,616
301,538
165,000
441,052
■
1,117
.
on
Other expenses
Gas
Years Ended Dec. 31 (Company Only)
Dividends from affiliates
Dividends from others
Interest
Electric output of the public utility operation companies in the Standard
& Electric Co.
system for the week ended July 25, 1936, totaled
100,264,222 kwh., an increase of 13.4% compared with the corresponding
prorating of its operating expenses
by it, to companies in the Standard
on a
1935
their
on
Weekly Output Shows 13.4% Increase—
Standard
type of services,
corporation, based
K.
New
shares of
among the various companies served
Gas & Electric Co. system.
John
partner of Guggenheim Brothers, is Chairman, and the
James Bruce, Vice-President, National Dairy Products
are
Corp.; Frederick E. Hasler, Chairman, executive committee, Continental
Bank & Trust Co. of New
York, and Joseph McMullen, partner, W. R,, K.
Taylor & Co.
Thomas Stokes, 37 Wall St., New York, is Secretary, and
During the year Standard Gas & Electric Co. sold to operating companies
in its system, without profit to Standard Gas & Electric
Co., the 100,000
at cost to that
773
in capitarstock~of
$14,823,000 20-year 6% gold
gold notes, both due Oct. 1, 1935,
under the terms of a plan for the extension of the
maturity of these notes
to Oct. 1, 1940.
This plan was to become operative when 95% of the
total principal amount of the
outstanding notes maturing in 1935
taken
as a whole, had been
deposited under the plan, or, in the discretion of the
board of directors, when at least 66
2-3% of such outstanding notes had
been deposited, or if a petition or answer
by the company for reorganization
under Section 77-B of the Federal
Bankruptcy Act had been approved by
a court of competent jurisdiction as
properly filed, then upon the confirma¬
tion of the plan by the Court.
gain of 141 %.
Stromberg Carlson Telephone Mfg. Co.—Accum. Div.
The directors have declared
of accumulations
on
a dividend of $1.62 H Per share on account
the 6H % cumulative preferred stock, par $100, pay¬
able Sept. 1 to holders of record Aug. 17.
A similar payment was made
on
Financial Chronicle
774
June 1 last.
A dividend of $3.25 per share was paid on March 2 last, this
first dividend paid since Sept. 1, 1934 when a regular quar¬
terly payment of $ 1.62 Hi per share was made.
Accumulations after the current payment will amount to $6.50 per share.
—V. 142, p. 3363.
RR.—Earnings.—
Texas & New Orleans
latter being the
1936
$2,571,075
231,776
def91,748
Net after rents
19,364,170
4,116,348
-
Gross from railway——
16,446,127
2,836,790
816,827
The Directors have authorized the immediate payment of a $625,000
6% first mortgage loan representing the balance of a $1,500,000 first
mortgage bank loan incurred in October 1934, in connection with a refund¬
ing operation at that time. As the result of this action the company will
have no funded or mortgage indebtedness, according to O. H. Wright,
President. At the same time the board voted to declare an initial dividend
of 5 cents per share on the $1 par common stock, the dividend being payable
Net from railway
Net after rents—1,545,047
—V. 143, p. 127.
Co.—■Listing—
Texon Oil & Land
The New York Curb Exchange has
.
1934
$2,717,573
.391.915
def58.345
1933
$2,484,597
498,646
58,544
16,529,622
2,344,403
def257«429
1935
$3,326,755
663,690
255,310
June—
Gross from railway——
Net from railway
Sunray Oil Corp.—To Pay Off Loan—Initial Dividend—
def706,945
13,750,633
1.809,910
v>'
approved the listing of 936,024.044
$2 par, in lieu of 936,024.044 presently listed and
outstanding shares of common stock, no par.—V. 142, p. 4195.
shares of common stock,
Sept.ltoholdersofrecordAug.il.
Commenting upon the action of the directors, Mr. Wright said:
"The only indebtedness the corporation will have after the payment of
the balance of its first mortgage loan will consist of open loans from banks
„
Aug.
1936
1,
.
Third Avenue Ry,» System—Earnings—•
[Railway and Bus Operations]
at a lower rate of interest.
The company has recently sold 20,000 shares
of the new issue of 5}4% cumulative convertible preferred stock of which
about 5,000 shares were subscribed by common stockholders under rights
Period End. June 30—
1936—Month—1935
Operating revenues
$1,158,912
$1,107,323
Operating expenses
836,870
823,349
Taxes*
*
113,374
*
111,553
which
expired on June 30. The proceeds from the sale of this stock were
$940,000.
"The company is now completing its ninth well in the Oklahoma Mansion
area, with a potential for the eight wells already completed of approxi¬
mately 40,000 barrels per day as Sunray's interest. This is exclusive of the
interest of other partners.
The company has more than doubled its oil
reserves in the last nine months due to new discoveries at Gray County,
Texas; Rooks and Ellis Counties, Kansas, and in Oklahoma.
"Second quarter earnings will show about the same as was reported for
the first quarter when net earnings, after reserves, preferred dividends and
all taxes, were $136,750, equal to slightly more than 7 cents per share on
^
1,328,615
1,183,560
$208,668
38,185
$172,421
39.042
$2,170,959
$2,111,481
$246,853
239,998
$211,463
228,402
$2,628 714
2,757,012
$2,565,981
2,739,791
—
Operating income. —
Non oper. income-Gross income
1936—12 Mox.—1935
$13,530,067 $13,091,587
10,030,494
9,796.546
,
—
Deductions----
457,755
454,500
,
~~
Net income
—V. 143, p. 127.
the common stock.
"Due to increased production of Sunray, it is anticipated that the last
half of the year will show a substantial gain in earnings over the first six
def$ 16,939 def$128,298 def$173,810
$6,855
Toledo Peoria & Western RR.—Earnings.—*
1934
1935
1936
$207,761
53,400
21,311
$138,771
16,972
3,091
1,145,131
338,843
809,451
143,313
805,277
138,694
Sunshine Mining Co.—New Vice-President-—
Roy D. Leisk, former Vice-President of United Verde Extension Mining
Net after rents—.
—V. 143, p. 127.
166,668
43,632
43,666
Co., has succeeded Frank Eichelberger as Vice-President in Charge of
Operations of this company, R. M. Hardy, President, announced recently.
Mr. Hardy also warned stockholders that earnings would be less the second
half of the year because of work on a new shaft, but the long-term outlook
Operating revenues
1933^
13,104
Gross from railway
Net from railway
June—
months."
Gross from railway
Net from railway-Net after rents.j,
From Jan. 1-r-
Listing Approved—
The New York Curb Exchange has approved the listing of 50,000 out¬
standing shares of 5H % cum. conv. pref. stock, $50 par.—V. 143, p. 445.
was
very
Tri-State
Netsales__
Costs & expenses
—
_--—___
___
Operating profit.....
Other income..
$477,291
Operating expenses-_
Operating taxes
1936—3 Mos.—1935
$435,311
351,555
29,672
1,318
318,021
22,146
7,147
2,055,008
190,861
$94,654
$93,826
$1,507,175
1,323,478
$801,211
777,$24
$2,826,822
2,545,795
$2,000,339
1,871,987
$183,697
13,347
$23,387
4,767
$281,027
$128,352
9,350
20,466
—V.
$528,649
—
operating income
143, p. 127.
Tubize Chatillon
$2,573,590
-J®,119
1,967,092
$2,781,665
1,410
Net
1936—6 Mos.—1935
'
746,651
163,402
79,013
1936—6 Mos.—1935
1936—Month—1935
Uncollectible oper. rev..
Superior Steel CorpEarnings—
Period End. June 30—
$150,860
33,772
17,322
Telephone & Telegraph Co.—-Earnings-
Period End. June 30—
favorable, he emphasized.—V. 143, p. 126.
$144,597
30,319
127,484
$469,895
-
Corp.—Accumulated Dividend—
of
The directors have declared a dividend of $1.75 per share on account
accumulations and
a
regular quarterly dividend of $1.75 per share on the 7 %
The accumulated dividend will be
paid on Sept. 1 to holders of record Aug. 10 and the regular quarterly
dividend will be paid on Oct. 1 to holders of record Sept. 10.
A dividend of $3.50 per share was paid on June 1 and May 1, last, and
dividends of $1.75 per share were paid on July 1, April 1 and Jan. 2, last.
This latter being the first distribution made on the preferred stock since
Jan. 2,1933, when a regular quarterly dividend of $1.75 per share was paid.
Accruals after the current payments will amount to $10.50 per share.—
cumulative preferred stock, par $100.
Total income-
$197,044
$28,154
$301,493
$137,702
income taxes, &c—138,318
59,983
213,679
131,021
loss$31,829
$87,814
$6,681
—_---
Depreciation, int., Fed.
Net profitEarns, persh. on 113,576
shs. capital stock.
$58,726
$0.52
Nil
$0.77
$0.06
The income account for the 12 months ended June 30, 1936 follows: Net
sales, $5,381,346; cost and expenses, $4,896,054; operating profit, $485,292;
other income, $34,774; total income, $520,066; depreciation, interest and
Federal income taxes, $392,242; net profit, $127,824; equivalent to $1.12 a
share.—V. 142, p. 4139.
—__
V. 143, p. 446.
Twentieth Century-Fox
Film Corp. (& Subs,)-—Earns.
26 Weeks Ended—
June 27, *36
Gross inc. from sales & rentals of film
—
-
Dividends
Symington Co.—Earnings—
Period End. June 30—
1936—3 Mos.—1935
Lossaft. depr., tax., &c-•
$8,996
$70,585
Other income——
40,170
—
Net profit—V. 143, p. 605.
7,856
-
not consolidated
$144,692
14,786
$31,173
137,777
414,156
432,880
$24,912,163 $21,043,005 $18,694,958
Oper. exps. of exchanges, head office &
adminis. expenses, &c
5,889,109
5,178,831
5,103,265
Amortization of production costs
12,490,340
10,495,570
9,152,690
Participation in film rentals
3,048,298
3,443,903
2,729,999
Proportion of losses of controlled subs.
not consolidated
42,971
Interest
111,017
142,196
148,452
Amort, of disc. & exps. on fund, debt20,527
29,367
32,506
y Depreciation of fixed assets
133,680
139,384
138,804
Provision for Federal income tax---450,000
215,000
190,000
$64,801 loss$129,907
loss$62,727
168,012
449,064
.
Other income
Total income.-
J
■
Proportion of prof, of controlled subs.
1936—6 Mds.—1935
$24,932
89,734
June 30, *35 June 30,'34x
$24,295,086 $20,369,421 $18,090,756
121,649
171,322
& literature-----1
——^
-
Telephone Service Co. of Ohio (.& Subs.)—Earnings—
Calendar Years—
1935
Revenues
1934
$723,776
6,675
;»
$692,665
3,514
$730,451
Non-operating income
;
revenues
-
•
v
Total
3,732
$696,179
354,855
3,293
$374,843
239,790
$338,031
217,040
$135,052
$120,990
108,415
109,110
$26,637
34,641
$11,880
$61,277
1,731
7,600
$34,650
9
351,876
Subsidiaries'operating expenses
Telephone Service Co. of Ohio operating expenses.
Net profit
Net income
-
Deductions of subsidiaries' minority interests, &eBalance---.
-———
———
—
——
Consolidated net earnings for the year
Previous consolidated earned surplus-
—_
—
Balahce.Net adjustments
—
—
——
Divs. paid on cap. stk. of Tel. Serv. Co. of Ohio
<
Consolidated earned surplus at Dec. 31--
$34,641
Gross from railway-—
Net from railway
Net after rents—From Jan. 1—
Gross from railway--
$192,234
55,944
38,223
Non-operating income
1935
$163,501
42,111
24,368
Net from railway——'—
Net after rents——
—V. 143, p. 127.
1,159,966
305,464
,189,339
1,059,443
273,098
174,125
1936
$4,819,316
3,284,709
------
1935
$4,440,164
3,040,727.
.
$1,534,607
482,888
$1,051,719
—
—
$1,399,438
449,572
$949,866
20,010
-
41,324
$1,071,729
552,762
33,395
7,037
$991,190
1933
1934
Gross income.
$141,976
32,396
16,824
$149,498
»
30,027
~
16,543
.
Interest on funded debt
Amortization of discount
Miscellaneous rents, &c
— -
(& Subs.)—Earnings—
fonths Ended June 30—
Operating income-—
Ry.—Earnings.—
,1936
$1,199,242
$1,355,781
$1.43
Net operating revenue
Taxes assignable
as^of March 20, 1936.—V. 141. p. 288.
Tennessee Central
$2,769,190
Twin City Rapid Transit Co.
6
Operating revenue-Operating expenses
'Acquisition—The common stock of Ohio Central Telephone Corp. and
Mt. Vernon Telephone Co. was acquired by Telephone Service Co. of Ohio
June—
-
z$0.55
z$0.49
x Not
including Wesco Corp. and subsidiary companies,
y Not including
depreciation of studio building and equipment absorbed in production costs,
amounting to $259,954 in 1936, $266,607 in 1935 and $326,221 in 1934.
z Earnings
per share on 2,436,409 (no par) shares class A and B stock.
Note—No deduction has been made for surtax on undistributed profits..
For the quarter ended June 27, 1936, the consolidated profit from opera¬
tions, after all charges including normal Federal income taxes, was $1,529,430, compared with $738,974 for the second quarter of 1935.—V. 143, p. 606.
22,770
$52,046
——
Earns, per sh. on 1,228,039 shs. common stock and B stocks---
Interest
on 1st lien 5% coll. trust bonds of Tele¬
phone Service Co. of Ohio-—
-
903,348
200,638
93,924
1,045,597
283,205
173,335
---------
on
funded debt--
—
-
-
601.239
35,112
6,276
x
Net income to
x
Before provision for surtax on undistributed profits.—V. 142, p. 2848.
prpfit and foss.„. —$478,535
.
$348 563
„
Twin State Gas & Electric Co.—Earnings—
Tennessee Electric Power
Co.—Earnings—
[Incl. Berwick & Salmon Falls Electric Co.]
Period End. June 30—
[A subsidiary of'Commonwealth & Southern Corp.]
.
Period End. Jui
Gross revenue
e
30—
__
F Balance.—V. 143, p. 605.
—
$41,045
-
Texas Mexican
June—
1936
$88,396
4,545
Net after rents--.
From Jan. 1—
deflO.993
$46,1*53
^
Gross income.
Deductions
$340,670
$636,810
1935
$77,942
7,952
def2,436
-
-
677,079
202,869
127,543
653,068
218,645
150,328
Net operating income-
Non oper. income—net-
Net income
Pref. div. requirements-
1936—Month—1935
$190,850
$177,505
147,497
121,982
$2,339,721
1,766,615
$2,292,354
1,596,113
$43,353
$55,523
$573,106
$696,241
458
66
3,623
1,667
$43,811
24,236
$55,589
25,290
$576,729
297,608
$697,908
308,114
$19,575
20,790
$30,299
20,790
$279,121
249,475
$389,794
249,475
1936—12 Mos.—1935
—V. 143, p. 446.
1934
$58,853
def5,916
defll,977
.
450,357
109,466
56,370
/
.
1933
Tyrol Hydro-Electric Power Co.—Interest—
$45,113
12,111
def20,576
+
Gross from railway
—V. 143, p. 127.
1936—12 Mos.—1935
$1,089,141 $14,155,667 $12,629,924
585,838
8,019,385
6,804,701
•
105,000
1,260,000
1,260,000
223,007
2,688,617
2,673,435
129,141
1,550,852
1,551,116
Ry.—Earnings.—
Gross from railway
Net from railway
Net from railway
Net after rents---
Operating revenues
Operating expenses
1936—Month—1935
$1,267,888
Oper. exps. and taxes
768,263
Pro v. for retire, reserve
105,000
Int. and other fixed chgs.
224,591
Divs. on pref. stock—
128,987
321,037
defl8,699
def65,390
The interest due Aug. 1, 1936, on the 7% guaranteed secured mortgage
sinking fund gold bonds, due 1952, will be paid on that date.
The Committee on Securities of the New York Stock Exchange rules
that the bonds be quoted ex-interest 3H% on Saturday, Aug," 1, 1936;
that the bonds shall continue to be dealt in
flat" and to be a delivery in.
settlement of transactions made beginning Aug. 1, 1936, must carry the
Feb. 1, 1937, and subsequent coupons.—V. 142, p. 801.
Volume 143
Financial Chronicle
Union American
With
Investing Corp.—To Dissolve—
view to enabling stockholders
a
enhanced
value of .its
United
benefit immediately from the
to
assets, directors have recommended the dissolution
of the corporation and a
meeting of stockholders will be held on Sept. 2,
1936 to vote upon the action.
It is estimated by the management that stockholders will receive in
liquidation approximately $38 per share if all securities are liquidated at
current market prices, which compares with the
original offering price to
the public in 1928 of $28 per share.
There are presently outstanding
64,541 shares of common stock and option warrants expiring until June 1,
1938 to purchase 52,543 shares at the original
offering price.
Of an issue
of $2,500,000 of 5% debentures due
1948, publicly offered in May, 1928
at 993^ and accrued interest, $1,403,000
principal amount now outstanding
will be called for payment on Dec. 1, 1936 at
101H and interest.
In a letter to stockholders July 30
notifying them of the resolution adopted
by the directors, David M. Heyman, President, states in part:
"It seems suitable that you should be advised of the considerations which
have led the directors to recommend the
dissolution, particularly as this
decision was not animated by any lack of
prosperity of the corporation's
affairs, but is influenced by its very state of prosperity and by the desire
of the board that the stockholders shall
directly and promptly enjoy the
*
results of such prosperity.
It is now estimated that if all the securities owned
by the corporation are
liquidated at approximately current market prices and if all the presently
outstanding option warrants are exercised, there will be available for dis¬
tribution to all the stockholders, after payment of all obligations and
expenses, approximately $38 per share; but the amount ultimately received
by stockholders will necessarily be dependent upon market prices prevailing
at the time of actual liquidation of
specific securities, which in turn will
affect the amount of taxes payable by the corporation.
"Although the stock of the corporation is listed on the New York Curb
Exchange, it has not, for a long time at least, enjoyed a ready market.
"In view of these facts it appears to be
advantageous to all promptly to
liquidate the corporation s6 that its security holders may immediately
benefit from the present enhanced
value of its assets."—V. 142, p. 4041.
United Gas Improvement
Week Ended—
143,
p.
a dividend
of 50 cents per share on the
stock, par $5, payable Aug. 18 to holders of record Aug. 8.
This
compares with 37H cents paid on May 19 and Feb. 14, last, and 25 cents
paid on Nov. 8 and Aug. 9, 1935, on this new class of stock.
On May 10,
1935 the company paid a dividend of 37 M cents per share on the old no par
common stock which was
607.
*
Income Account
Income:
Interest on notes receivable from subsidiary companies
Miscellaneous income
Total gross income
-
-
revenues
Oper. exps., inc. taxes..
$8,742,055
3,978,638
"
$4,763,417
Other income (net).....
42,648
$2,425,117 $17,234,663 $12,022,250
33,477
98,997
101,993
Gross corporate income $4,806,065
.
$54,846
Assets—
x
Liabilities—
Investments and advances..$1,229,573
on bonds of
Kentucky
Disc't
Pow. & Lt. Co. in process of
amortization
Deposit for Fed. inc.
predecessor
co.
41,250
taxes of
Interest charged to con¬
struction.
Property retirement and
depl. reserve approp..
$309,561
$1,283,576
Capital
Account & int. receivable from
Earned
Cr842
Crl6,203
046,580
779,036
4,214,236
on
bonds
8,656
at
1,000,000
54,846
.......$1,402,216
Total
1936
and
receivable
notes
of
1935
1934
1933
$673
98,584
366,819
$852
94,653
359,925
$1,839
97,584
386,649
30
25
62
50
$474,690
Total income
$7,395,16
37,380
recorded
surplus...
investments
$108,294
366,366
-4
Divs. from investments.
Miscellaneous income
$466,101
18,096
261,431
$455,492
29,942
265,865
$486,122
53,928
270,041
$186,574 "
102,522
$159,684
102,522
$162,152
102,522
$57,162
$59,630
22.235
on
surplus
Securities, Ltd.—-Earnings—
Years End. Mar. 31—
on loans
3,498,731
$1,370,839 $11,852,051
for
Interest
Interest
145
1,985
21,051
57,656
48,712
—
$1,402,2161
United
$315,532
date of organization
25,024
TotalJ
$1^
payable...
Estimated reorganization exp.
Accrued Federal taxes
bonds
256,788
$1,276,932
05,397
Capital stock (par
Accounts
Miscell. unadjusted credits
($25,000),
&c
Interest
$294,693
:
Balance Sheet, Dec. 31, 1935
,
Expenses.
to public and other
1
Net income.
$2,458,594 $17,333,660 $12,124,243
Int.
$83,778
5,387
817
20,526
2,200
Amortization of bond discount of subsidiary company
1936—12 Mos.—1935
from oper_.
175
General expenses
x After
deducting reserve
$961,284.—V. 142, p. 4357.
$5,989,165 $32,616,995 $26,251,920
3,564,048
15,382,332
14,229,670
$83,603
-
State and miscellaneous Federal taxes
Federal income tax
Subsidiaries—
revs,
for the Year Ended Dec. 31, 1935
Gross
Cash
Subs.)- —Earnings—
1936—3 ilfoj- -1935
.
,
Southern United Ice Co..
Co.—Weekly Output—
Prior to May 10,
United Public Service Corp.—Earnings—
1 r
Period End. June 30—
Net
subsequently split two-for-one.
1935 regular quarterly dividends of 25 cents per share were distributed.
In addition a Christmas bonus of 50 cents
per share was paid on Dec. 24.
1935 and 1934.—V. 142, p. 3702.
*
July 25, '36 July 18, '36 July 27, '35
(kwh.)__. 83,336,155
84,094,696
74,511,719
United Gas Corp. (&
Operating
Engineering & Foundry Co .-"-Larger Dividend-—
The directors have declared
common
-
Electric output of system
—V.
775
Balance, surplus..
1,247,842
Common
$195,667
102,522
dividends.
Balance, surplus.....
$93,145
$84,052
Balance Sheet March 31*
Preferred divs. to public
Portion applic. to minor¬
$3,268,927
9,345
9,345
y
37,380
14,118
10,525
37,462
68.129
$1,350,969 $11,777,209
$7,289,651
equity of United
Gas Corp. in income
of subsidiaries
Total income
Expenses, incl.
$1,350,969 $11,777,209
99.859
$7,374,569
224,097
2,869,812
22,819
93,276
$590,269
$8,584,168
$4,280,660
Notations—All intercompany transactions have been eliminated from the
Interest and preferred dividend deductions of subsidiaries
represent full requirements for the respective periods only (whether paid
or not paid) on securities held
by the public.
The "portion applicable to
minority interests" is the calculated portion of the balance of income
applicable to minority holdings by the public of common stocks of sub¬
sidiaries at the end of each respective period.
Minority interests have not
been charged with deficits where income accounts of subsidiaries have so
resulted.
The "net equity of United Gas Corp. in income of subsidiaries"
includes interest and preferred dividends paid or earned on securities
held,
plus the proportion of earnings which accrued to common stocks held by
United Gas Corp., less losses where income accounts of individual sub¬
sidiaries have resulted in deficits for the respective
periods.
No provision has been made for Federal surtax
upon "undistributed net
income" of the companies for the six months ended June 30,
1936, inasmuch
the amount of such income subject to surtax is not determinable until
Dec. 31, 1936, and is dependent upon the action of the
companies' boards
as
directors with respect to the payment?of dividends
on or before Dec. 31,
Comparative Statement of Income and Summary of Surplus (Corporation Only)
Period End. June 30— 1936—3 Mos.—1935
Gross income from subs. $1,299,678
$1,264,085
Other.-.i
25,486
22,819
Total income
$1,325,164
93,276
760,988
Expenses, incl. taxes...
Interest.
Balance
•
carried
to
$1,286,904
68,031
715,488
1936—12 Mos.—1935
$5,114,684
99,859
$5,006,770
84,918
$5,214,543
308,725
2,984,175
$5,091,688
224,097
2,869.812
$470 900
$503,385
$1,921,643
$1,997,779
Summary of Surplus for the 12 Months Ended June 30, 1936
Total
Capital
$19,931,872 $13,417,683
^
Surplus, July 1, 1935
Add
Earned
$6,514,188
balance
come
from statement of in¬
for the 12 months ended June
30, 1936 (as above)
1,921,643
_
Total—______
_$21,853,51.5 $i3,417,683
ledger value of
■
miscellaneous investments
35,719
Deduct
reduction
—
.
_
—
in
1,921,643
$8,435,831
,
-
.
.Surpuls, June30,1936
....$21,817,795 $13,417,683
35,719
$8,400,111
Balance Sheet June 30 (Corporation Only)
1936
JLsscts
1
1935
Ǥ
*
1936
^
Liabilities—
Investments ...215,991,757 208,103,660
Cash
1,861,259
1,428,753
Loan
•
$
b $7 pref. stock.
receivable,
subsidiary
c
44,982,200
37 2d pref. stk. 88,468,000
d Common stock
7,818,959
3,414,000
Bank notes pay.
Note pay., Elec.
21,250,000
292,756
292,776
Accounts receiv¬
able, other
1935
$
44,982,200
88,468,000
7,818,959
21,250,000
Bond & Share
Accounts receiv¬
able subsids..
4,530
30 1938
3,000,000
Elec.
Bond & Share 25,925,000
Accts.
payable.
Accrued
17,740
accts..
409,663
4,465,221
Capital surplus.
13,417,684
8,400,112
Reserve
Earned
218,154,579 213,243,718
'
....10,462,448 10,442,594
United
States
Radiator
Total
was
25,630
302,542
4,201
134,042
108,476
25,630
309,496
....10.462,448 10,442,594
approximately
$6,621,282
Corp.—Proposes
to
($6,-
Revise
The company has announced that it proposes revision of its capital struc¬
ture to provide for the extension of the maturity date of its debentures to
1946 from Feb. 1, 1938, the adjustment of its preferred stock to a reduced
basis plus common shares, and the adjustment of its common stock on a
one-for-two basis.
.
.
The plan provides that the present 5% debentures which were issued in
mature in 1938 be exchanged for new debentures carrying 5%
1928 and
coupon rate and convertible into new common stock at the rate of $15 for
one share of common to Feb. 1, 1939, thereafter at $20 to Feb. 1, 1941, and
at $25 to
Feb. 1, 1943.
The terms also provide that 25% of the net profits
be applied annually to the retirement of the debentures and that no
dividends shall be paid upon
any class of stock the effect of which would
shall
reduce net quick assets to less than $1,750,000.
The preferred stockholders are asked to exchange their
.
7% cumulative
shares
($100 par) with accumulations amounting to $36.16 a share as
May 31, 1936 for new 6% cumulative preferred ($50 par) on a share for
share basis and 2)4 shares of new common.
As proposed, preferred stock¬
holders will receive the equivalent of approximately one-half of the presently
outstanding common.
The common shareholders
stock
to
be
allocated
to
are
the
asked to give up one-half of their present
preferred
receive one new share of common ($1
now
shareholders.
They would thus
par) for two shares (no par) common
held.
The capitalization^under the new plan would consist of $2,331,000 5%
debentures, 42,096 shares of 6% preferred ($50 par) and 600,000 shares of
common stock, 211,076 of which would be issued.
Of the authorized com¬
mon 155,400 shares would be set aside for conversion of debentures, and the
remaining shares of the authorized common will be available for sale to raise
needed working
capital.—V. 143, p. 288.
Total
surplus.
Corp.—Larger Preferred Dividend—
July 28 declared a dividend of $1 per
share on the
7% cumulative preferred stock, iiar $100,
payable Aug. 29 to holders of record Aug. 1. This compares
with dividends of 50 cents per share paid each quarter from
Feb. 27, 1933, to and including May 29, last.
The directors
In
on
explaining the$l dividend declared
on the pref. stock the finance com¬
Chairman, stated that directors
consideration to heavy drafts made against surplus during the period
beginning on Oct. 1, 1931. Furthermore, they pointed out, the corporation
has been spending large sums on modernizing its plants.
These factors,
it was indicated, made a larger dividend on the preferred inadvisable.
The number of employees rose from 193,199 in the first half of last year
to 208,096 in the first half of this year, a gain of 7.7%. Aggregate number
of hours worked by all employees increased from 167,556,511 to 209,155,310,
or 24.8%.
Average horns worked by each employee each month rose from
144.5 in the first half of 1935 to 167.5 in the first half of this year, a gain of
15.9%. Average hourly earnings for each employee were unchanged at
mittee, of which Edw. R. Stettinius Jr. is
gave
73
cents.
Net working assets of the corporation and its
$405,525,242, against $389,194,778
on
subsidiaries on June 30
Dec. 31, 1935, and $440,877,285
Dec. 31, 1931, the finance committee stated.
•"The increased demand for steel products which evidenced itself late in
to
pay.
-V. 143, p. 606.
^106,516
on
Notes and loans
Total
Total
x Market
value March 31, 1936
077,120 in 1935).—V. 141, 290.
were
Co., due Nov.
8,807
bonds
United States Steel
;
earned surplus.
$
5,126,173
4,733,500
1,077
Capital Structure—
$2,416,686
above statement.
of
on
Surplus
$7,289,651
con-
sol'd earned surplus
1935
$
10,301,742 10,259,426 1 Common stock... 5,126,173
Accts. receivable..
24
24 Funded debt
4,648,000
Cash in bank
*
32,408
56,570 Accts. pay. & accr.
224
Trustees accounts.
233 Res. for exch. on
4
390
Acer. dlv. and int.
127,360
126,216
bond interest...
2,596
125 Investment res've.
Prepaid charges.'.
522
250,766
84,918
$1,373,788 $11,877,068
68,031
308,725
715,488
2.984,175
760,988
Balance carried to
Liabilities—
$
Investments
Dividend payable.
$3,245,464
25,486
taxes
Interest-
$
1936
Acer. int.
$3,270,950
Other income
1935
,
$3,245,464
United Gas Corp.—
Net equity of United Gas
Corp.
in
income
of
subs, (as shown above)
Assets—
x
ity interests
Net
.
1936
25,925,000
21,216
379,899
4,466,572
13,417,684
6,514,188
218,154,579 213,243.718
1935," the committee declared, "continued to expand for and during the
second quarter of 1936, in which both production and shipments reached
the
highest tonnage total in any quarter since that ended on June 30, 1930.
operations for the quarter measured by finished output averaged
60.8% of total capacity.
"Accordingly, the earnings and net income results are more satisfactory
than those obtained quarterly for over five years past."
«M
J
The committee pointed out that the net earnings for the six months'
period were $19,175,021 larger than for the corresponding period of last year.
"In view of this showing," the statement continued, "the directors have
declared a dividend of $1 a share on the preferred stock.
The
Financial
776
Aug. 1, 1936
Chronicle
Balance Sheet June 30
Points Considered in Dividend
"In declaring at this time
the quarter alone showed an
the amount stated, while the net income for
improvement in earnings, the directors have
given consideration to the following features:
"(1) That for the entire period from Oct. 1, 1931, to July 1, 1936, the
corporation from its current operations has earned nothing on its capital
stocks. In fact, the deficit from operations for that period has totaled the
large sum of SI 16,286,000. Notwithstanding, dividends were paid in that
period totaling $54,791,000, making a total draft on undivided surplus of
$171,077,000.
"(2) That the corporation is required to expend large sums for the
modernization of certain of its productive facilities in order to meet condi¬
,
J
brought about by changes in mechanical appliances for production
of product demanded by customers.
"During the six months ended June 30, 1936, there was expended on
capital account for additions and betterments and in payment of maturing
subsidiary companies' bonds and mining royalty notes a total of $29,663,857.
This amount compares with a total reserve from earnings for depletion and
and to supply the character
depreciation of $26,994,370 and a sale of equipment trust obligations by
subsidiary railroads of $4,650,000 to provide in part funds for additional
equipment."
Consolidated Income Account for Quarter Ended
Stocks
.
Divs. rec.
1933
$4,881,554
14,504,794
11,350,272
12,468,480
10,606,589
$14,722,240
3,363
Int. on
1.231.454
Net loss from disposal of
sundry property assets
and securities
75,000
aExtraord. deductions.
b550,000
$2,767,592
3,362
1,246,723
$8,613,909 df$5,725,035
3,362
3,459
1.269.266
1,298.094
Charges & allowances for
depletion & deprecia¬
on
U. S. Steel bonds
bonds of subs—
b
2,868,169
Surplus
1
88,051,954 87.982,254
Total
1931, and still on hand at June 30, 1936.
are priced at market quotations or management's estimated fair values as
of Dec. 31, 1931.
Securities purchased subsequent to that date are carried
at cost.
Total investments priced at market quotations at June 30. 1936.
amounted to $11,075,168.
b Represented by 92,000 shares of $5.50 divi¬
dend priority stock in 1936 (94,340 in 1935) and 567,549 shares of common
stock, both of no par value, of the unissued authorized common stock,
276 000 shares are reserved for conversion of the priority stock and 330,000* shares are reserved for the exercise of warrants at $20 per share at
any time, without limit, except that the time may be limited upon notice
under certain circumstances as provided in the warrants.
Total authorized
common stock. 1,320,000 shares.—"V.. 142, p. 3192.
a
Securities owned at Dec. 31,
(& Subs.)—Earnings—
Utilities Power & Light Corp.
Consolidated Statement of Income for the
12 Months Ended March 31, 1936
(Exclusive of the Operations of All British and Two American Subsidiaries
but Including Income Received from Such Companies)
Public utility
*
b$30,709,096
operating revenue
Public utility expenses:
10
Operating.
Maintenance
—
3,100,610
of income taxes
Taxes, exclusive
1,991,040
Net available for divs.$12,862,423 def$762,493
1,600,779
3,602,811
1,801,405
(1%)
(H %)
$5,350,241 df$8,627,367
1,801,405
1,801,405
(M%)
iV2%)
Surplus for quarter— $9,259,612df$2,563,898
Earn, per share on com.
$0.75
Nil
$3,548,836df$10,428772
Nil
Nil
pref. stock
on
Kate
income
Public utility non-operating income (net)
Public utility gross income-
$10,151,390
124,880
—
$10,276,271
375,054
—
—
Non-utility gross income.
Proportion of overhead expenses (of which taxes alone were approxi¬
mately 90% in 1935, $1,532,773 in 1934 and $1,359,702 in 1933) of Lake
Superior Iron Ore Properties, which normally are included in value of the
season's production of ore carried in inventories, but which, because of
curtailment in tonnage of ore to be mined and shipped, is not so applied.
I
Income Account for 6 Months Ended June 30
a
1936
y
/
-
1935
1934
26.546,313
27,661,120
1933
$
•
Total earns, half year—
Deduct—
46,891,630
1,086,081
Net income
22,745,452
23,263,705
20,210,295
19,897,260
6,725
2,450,808
3,800,861
6,724
2,500.431
4,397,415 xl9,124,214
6,724
7,035
2,531,975
2,606,750
deductions-
51,000
1,150,000
4,230.000
3,498,440
Net available for divs.
16,238,727
:
on
U. S. Steel bonds
on
bonds of subs—
Interest on
& L. Corp.—before prov. for
cumulative preferred dividends not earned or declared
$1,159,684
tion and obsolescence- 26,994,370
Int.
-------—
$10,651,325
debt
6,937,163
unfunded debt
255,058
Interest charged to construction
Cr42,223
Amortization of debt discount and expense
484,139
Taxes on interest and other charges..-171,437
Provision for Federal and Dominion income taxes
453,151
Dividends on preferred stocks paid or accrued
1,030,178
Net income of certain subsidiaries available for cumulative
preferred stock dividends not declared or accrued
186,937
Minority interests
—
15,799
Gross income
Interest on funded
Balance applic. to Utilities P.
Charges & allowances for
depletion & deprecia¬
Int.
Net loss from disposal of
Cum.
Div.
....
"
r"
x2,936,294
3,602,810
(1%)
(1^%)
Balance, surplus
Earns, per share on com.
10,834,511
$0.41
b See footnote (a) above.
United Wall
xl,639,724 x25,357,638
3.602,810
3,602,810
(1%)
(1%)
x6,539,104
Nil
xLoss.—V. 143,
p.
3,619,639
x5.242,534 x28,960,448
Nil
Nil
Paper Factories, Inc.—Pays All Accruals—
a dividend of $4.50 per share on account
the 6% cumulative prior preferred stock, par $100.
payable Aug. 10 to holders of record Aug. 1.
This payment will eliminate
all accruals on the preferred stock up to and including Juue 1 last.—
V. 142, p. 3698.
Utah
Ry.—Earnings.—
Gross from railway
1935
1934
1933
$31,730
def5,938
def20,705
$34,683
def6,479
defl9,698
442,538
278,080
507,972
109,922
25,032
25,052
def77,632
172,171
52,355
$45,056
,def3,709
defl0,003
$55,926
14,111
7,428
519,180
136,496
Net from railway
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
—V.
65,898
143, p. 128.
Utica Gas & Electric Co.
Per. End. June 30—
(& Sub.)- -Earnings—
1936—3 Mos.—1935
$5,078,270
3,351,002
$4,884,283
x3,145,133
$457,235
1,172
$384,913
:$1,727,267
831
4,088
$1,739,150
3,459
$458,407
243,138
$385,744
:$1,731,356
243,585
968,867
$1,742,610
969,093
$215,269
x$142,158
$762,488
x$773,517
Gross income
Deducts, from gross inc.
Net income
x Changed
to give effect to major adjustments made later in the year
1935.—V. 142. p. 3192.
Utility Equities Corp.—Earnings—
-
6 Months Ended June 30—•
'
1936
Interest earned
--—.....x—
1935
1934
$197,584
12,963
$198,477
$203,725
19,091
21,095
$210,547
17,710
Dividend income
$224,820
24,736
164,539
26,487
-
$1,785,792
a
Consolidated net loss
After crediting $1,377,380 income from subsidiaries
not consolidated
$1,230,413 for cumulative preferred dividends not earned
or declared by certain subsidiaries consolidated.
b Earned surplus of Laclede Gas Light Co. has been charged with a
provision for possible refunds to consumers under rate reduction orders of
the Missouri Pubic Service Commission against which an injunction and
a
If such refunds were made they would
the amount shown in the above con¬
stay order have been obtained.
decrease by approximately $332,000
solidated statement of income as the
March
operating revenue for the 12 months
1936, and, after allocating a portion to the minority
approximately $280,700 the amount shown
31,
interest, would increase by
as the consolidated net ld^ss.
c
item
This
represents
the portion of cumulative preferred dividends
for the 12 months ended March 31, 1936, not declared by certain
sidiaries and not covered by earnings of those certain subsidiaries in
sub¬
that
period.
Such dividends become obligations of the individual subsidiary
companies when they are declared by such companies, but are not an
obligation of Utilities Power & Light Corp. or its other subsidiary com¬
panies.
The
1936—12 Mos.—1935
$1,202,732
x817,818
Operating income
Non-oper. income, net..
2,568,832
-
and deducting
i
.
Sells British
Operating revenues
$1,292,068
Oper. revenue deducts..
834,833
__
$1,370,911
326,873
24,178
21,055
-
-
Administrative, accounting and general expenses
Amounts written off notes and accounts receivable
Provision for depreciation—
——
Interest on debentures
Interest on unfunded debt
Amortization of debt discount and expense
Taxes on debenture interest
ended
1936
June-—
^
$1,338,372
103,267
a
on
def$70,728
.--
Other income
607.
have declared
The directors
of accumulations
—
Utilities Power & Light Corp. and Utilities Pow. &Lt. Corp., Ltd.
Income from subsidiaries not consolidated
Balance
5.404,216
pref. stock
on
Rate
pref. divs. not earned or declared by certain subsidiaries-- cl ,230,413
Balance
sundry property assets
and securities
bExtraord.
OAn
1,816.773
3,049,061
-
Provision for retirements
2,280,000
_Q1
12,591,260
—---
—
Public utility gross operating
Div.
84~875
5,284,549
2,692,830
13,827
88,051,954 87,982,254
Total
81,473
14,762
Capital stock--- 5,167,549
Prov. for taxes
7,445,236
13,385
1
equipment-
i^ULl)Sl/diiCLV'bSS^mmm '
Net income
Int.
Accounts payable-
& accr.
bond interest--Office
1935
1936
Liabilities—
1935
843,522
479,668
June 30
1936
1935
1934
$29,227,034 $14,117,864 $21,082,389
Quar. End. June 30—
tion and obsolescence-
alnvestm'ts—Bds.
,
tions
Net earnings
1936
831,695
245,401
7,761,470
Assets—
Cash..
Properties—
.
British
properties of the corporation have been sold to Lazard
$25,The transaction, it is said, was negotiated by Floyd B. Odium,
head of the Atlas Corp.
It involves transfer of ownership of the Greater
London Counties Trust, Ltd., which controls important British utilities
and represented one of the most important assets of Utilities Power &
Light Corp.
The purchase, it is stated, carries ownership of all issued common shares
of Edmundson's Corp. not already held by the public and amount to
approximately 2,700,000 shares, which at current quotations are valued
at roughly £6,000,000.
While details have not been announced officially, it has been learned
that the consent of the British Treasury was asked and granted.
This,
however, was more of a formality than an actual need because dollars in
payment are easily available in America without any transfer problem.
Prudential Assurance Co. being one of the purchasers.
Lazard Brothers are understood to have been acting in behalf of Imperial
Continental Gas and Prudential Assurance Co. which, it is stated, are
Brothers and associates, according to London dispatches, for about
000,000.
-likely to hold the shares
permanent investment and make no public
as
issue.
Directors' and finance committee fees
1,290
Transfer and registration fees
General office supplies and expenses.
3,495
7,705
$217,568
16,000
1,430
5,051
7,343
Taxes, excluding Federal income tax.
4,751
3.410
1,920
Excess of income over expenses...
$175,595
$184,334
$191,223
Salaries
-
17,330
2,160
5,704
^
6,483
Admitted to
Unlisted
Trading—
The New York Curb Exchange has admitted to unlisted trading privileges
the class B stock, $1 par, in lieu of voting trust certificates for class B stock,
$1 par.—V. 143, p. 288.
Valley RR .—Abandonment of Operation—
Surplus Account 6 Months Ended June 30, 1936
Paid-in surplus Jan. 1, 1936, after deducting dividends paid
therefrom of $307,052 and incl. excess of assigned value over
cost of priority stock retired in the amount of $84,300
$2,320,534
Earned surplus, since Jan. 1, 1932:
Balance, Jan. 1, 1936
end. June 30, '36, as annexed-
$423,531
175,595
Net profit on sale of securities, less Federal in¬
come tax of $7,996
al09,507
Net inc. for 6
mos.
The
Interstate
Commerce
Commission
on
July
17 issued
a
certificate
permitting the abandonment of operation by the company over the line of
the Kinzua-Hemlock RR. extending from Kushequa to
Westline, approxi¬
mately 9.41 miles, in McKean County, Pa.—V. 119, p. 1735.
Virginia Iron, Coal & Coke Co.—Earnings—
Period End. June 30—
Gross
Expenses
Operating loss--
1936—3 Mos.—1935
$233,082
$299,070
1936—6 Mos.—1935
$596,004
$752,453
Other income
313,551
647,754
748,026
$14,481
15,727
$51,749
39,490
prof$4,427
$23,098
37,410
--.
270,072
$36,990
13,891
—
prof$l,246
30,801
$60,509
$29,555
34,177
$708,633
Deduct, dividends paid on priority stock.
161,000
547,633
Balance, June 30,1936
Surplus,
^
a
as per
Profits
average
lished
or
b$2,868,168
annexed balance sheet, June 30, 1936
losses
on
Total loss--
securities sold
are
determined
on
book values. The book values are the written-down values estab¬
31, 1931, and (or) subsequent costs,
b Before provision for
Dec.
June 1, 1936.
Net loss
V. 142, p. 3017.
the basis of the
accumulated undeclared dividends of $644,000 on the priority stock as at
the last dividend payment date,
Int., deprec., depl., &c
Vanadium
The
directors
common
stock,
-
$12,258 prof$38,604
69,696
59,210
$81,956
$20,605
Ilk
Alloys Steel Co.—60-Cent Dividend—
a dividend of 60 cents per share on the
values payable Sept. 2 to holders of record Aug. 10.
have declared
no par
This compares with 50 cents paid on
June 2, March 2 last and on Dec. 2
Volume 143
Financial
1935; 25 cents paid on Sept. 2, June 20, April 10 and Jan. 2, 1935; 50 cents
paid on Aug. 20 1934, and 25 cents per share distributed on May 15 and
March 20, 1934, and on Nov. 20, 1933.—V.
142, p. 1139.
•rn
9 •
4
m
w*.
-r-t
Virginian Ry.
1936
-
1935
1934
$1,178,677
541,663
Gross from railway
Net from
$1,399,354
786,023
656,176
$1,084,508
517,784
441,051
$1,137,074
603,399
529,569
8,197,903
4,383,987
3,916,839
7,643,235
4,069,820
3,372,880
7,020,257
3,630,714
3,141,923
6.318,494
3,075,861
2,642,146
railway
576,473
Net after rents
1933^
From Jan. 1—
,
Gross from railway
Net from railway
Net after rents
—V. 143, p. 128.
-
.
-
Wabash Ry.—
Earnings.—
June—
1936
Gross from
Net from
railway.
railway
_
—
Net after rents
From Jan 1—
Gross from railway..
—
Net from railway
Net after rents
—
—
1935
1934
$3,571,097
694,104
192,575
$3,113,830
483,276
48,270
$3,221,467
757,664
276,136
$3,297,345
1,006,228
511,190
22,181,125
5,218.170
2.324.477
20.304,230
4,834,205
2,227,134
19,493,859
5,250,227
2,366,448
17,097,712
3.376,493
267.666
1933o
^
—V. 143, p. 288.
committee will make further distributions from time to time
it
See also V. .143,
p.
607.
(Hiram) Walker-Gooderham & Worts, Ltd. (& Subs.)—
Earnings— " •
Period End. May 31—
from
operations
1936—3 Mos.—1935
Washington Gas & Electric Co. (& Subs.)- -EarningsCalendar Years—
all
charges
of
manufacture, distribu¬
tion & management
1933
1932
$1,346,343
$1,391,172
927,550
921.375
737,781
672,606
Net inc. from oper
Miscell. non-oper. inc.-
$535,435
5,190
$494,663
7,256
$608,561
Dr2,748
$718,566
5,496
$540,625
Total income.
Miscellaneous deductions
856
$501,919
1,819
$605,812
4,745
$724,062
11,784
$539,768
$500,100
$601,067
$712,279
67,189
75,054
96,787
97,558
$606,957
$575,154
$697,854
$809,837
Debenture interest,
570,564
99,744
579,283
85,381
581,091
97,220
578,646
96,983
29,119
7,200
29,278
7,200
22,714
7,200
010,450
$1,168,122
59,610
$4,792,991
249,795
$3,803,399
131,993
Int.
$1,860,591
$1,227,732
138,569
$5,042,787
446,804
$3,935,392
382,344
Amortiz. of debt disc. &
278,070
48,242
127,916
155,722
85,154
693,229
148,062
503,700
$1,339,129
115,204
Total income
Prov. for depreciation__
$913,004
115,204
$3,661,875
345,613
$2,901,285
345,613
150,892
dis¬
92,500
Prov. for income taxes.
.
Net profit
Preference dividend
charges of Wash.
Gas & Electric Col
Depreciation.:
expense
and expense
Bank interest
Earnings available for
Prov. for special reserves
Prov. for loss on Cana¬
dian
on
Assets—
$1,223,924
$797,799
$3,316,262
$2,555,672
Long-term debt
Cash in banks and on hand
Cash deposited for
Notes
,
$1.85
$1.21
$5.02
$3.87
247,159
1936
payable Jan. 1,
Accounts
net loss of
a
$6,000.—V. 143, p. 448.
Mfg. Co .—Accumulated Dividend—
holders of record July 21.
A similar payment was made on
and March 16, last, and compares with $1.50
paid on Nov. 1 and
to
of Aug.
l
Federal
year)
2,263
875,240
items.
Reserves
Deferred credit to income
840
Interest
on
funded debt
Other interest
Miscellaneous deductions
843
$18,498
2,700
5,279
5,880
1,457
306
...
$11,302
-V. 141, p. 939.
987
$9,530
($100 par)
Power, Ltd., 6%
1,331,800
33,800
stock
if
earned)
pref. (no
15,750
par)
x
Wash. Gas & El. Co. com¬
mon
stock
2,495,000
Surplus from appraisals
Total
..$21,455,9281
Represented by 100,000
Water Service
no par
3,065,444
121,283
deficit
Total
$21,455,928
shares.—V. 140, p. 3918.
Cos., Inc.- •Earnings—
12 Mos. Ended June 30—
Income interest
1936
1935
$51,996
8,501
1934
$50,861
7,342
$55,367
9,244
$60,501
3,524
1,476
36,102
3,433
4,291
9,282
$58,204
4,829
2,151
38,141
5,115
4,634
1,423
$64,617
4,255
1,383
42,967
6,540
5,097
$2,392
$1,908
$3,099
Miscellaneous income
4
5
1—
Wentworth Mfg.
Co.—Listing Approved—
The New York Curb Exchange has approved the
listing of 102,474 out¬
standing shares of
300
pref. stock ($100 par)
(cum.
Dividends
Net income
„
1,700
Southern Utah Power Co. $5
x
Provision for Federal income tax.
338
5,969
90,147
7,182
2,164,202
$17,655
$21,183
2,237
...
2,255
pref. stock
Subscr'ns to pref. cap. stock.
Wash. Gas & El. Co. 7% cum.
1934
income
income
on
Consumers' deposits, &c
Due to affiliated companies..
Earned
Gross
div.
1,096
$54,875
27,278
1,832
3,150
4,960
$20,343
Earnings from operations
Other
....
cum.
4,000
6,012
Provision for retirements
Taxes (other than Federal income)
11,577
Acer. Fed. inc. taxes (current
Dom. Elec.
$56,898
24,059
2,483
89,658
years)
Accrued Interest receivable..
Cash in closed banks
Deferred
16,091
8,980
93,438
112,673
216,814
12,090
Accrued Federal income taxes
pref.
....
(other)
(other than
income)
of subsidiary company
Other liabilities and accruals.
Co.—Earnings—
General operations
Maintenance
taxes
Accrued
share
1935
revenues..
Accrued
125,144
42,342
142, p. 2850.
Calendar Years—
Operating
per
long-term debt.
interest
plies, &c
Inventories of merchandise..
after the payment of the current dividend
will amount to $2.25 per share.—V.
Wannacomet Water
Fep. 1, 1935 and 75 cents
Aug. 1
May 1,
Aug. 1,
payable
(prior
10,711
1,299
Pref. stock subscr'ns receiv._
Inventories of materials, sup¬
The directors have declared a dividend of 75 cents
per share on account
of accumulations on the $3 cum. conv. pref.
stock, par $50, payable
1935, 75 cents on May 1, 1935, $1.50 on
in each of the five proceding quarters.
County & municipal warrants
Unbilled revenues (est.)
Accrued
10,009
Notes receivable
ending Aug. 31,1935 approximated
receivable
(miscel.)....
payable
Acer. int. on
Special deposits
The profits for both years exclude results from
operations of the corpora¬
tion's subsidiaries in Great Britain.
The combined results from operations
of such subsidiaries for the fiscal year
Long-term land purch. contr.
52,250
1,573
304,657
31,026
_
$11,802,000
Municipal debs, assumed
Accounts
payment
of bond int.
Treasury Department.
as
pf$140,467
106,886
74,513
Liabilities—
capital
$19 696,523
Miscell. investments (at
53,753
cost)
Sink, fund & release
980
deposits
.
quarter on such shares
Accumulations
$10,371
stock.
Fixed
Notes—Provision has been made from earned surplus in respect of a
settlement of claims aggregating $1,000,000 asserted
by the United States
Walker
$125,988
$99,670
pref. stock
on common
Consolidated Balance Sheet, Dec. 31, 1935
par value
outstanding at close
of period
Net income in terms of
dollars per share per
3,891
Balance defeicit
Divs.
Divs.
300
exchange
660,000 shs. without
or
1934
$1,416,038
exp., maint. and
taxes other than Fed.
income tax (net)
$1,790,834
69,757
Other income
nominal
1935
$1,462,985
Operating revenues
Total income
Int. and pref. divs. from
subs, receiv. or accrued
1936—9 Mos.—1935
Profit
count
and when
liquidate its real estate and other property at a fair price.
committee's real estate advisers, this real estate and other
property is of considerable value, which however can only be fully realized
in the event of an
improvement in the market for this type of property.
Since the sale of the property of the W. B. & A. E. RR., some of the
minor properties purchased
by the committee have been sold.
The com¬
mittee has incorporated and
organized the Washington, Baltimore & An¬
napolis Realty Corp., which is now the owner of all the property acquired
at the sale less the
properties disposed of.
At the time of distribution,
you will receive a certificate of stock of said corporation in lieu of your
deposited bonds, a detailed accounting and a description of the properties
now owned
by the Realty corporation.
We anticipate a distribution the
latter part of September.—V.
141, p. 1952.
Wailuku Sugar Co.—Dividend Correction—
after
as
is able to
According to the
Oper.
The extra dividend that the
company recently declared amounted to
40 cents per share (not 4 cents per share as
erroneously stated in last week's
"Chronicle").
777
thousand checks each would substantially increase the costs, and further,
Cleveland Trust Co. is desirous of making one accounting and distribution
which cannot be made until the funds from the receiver's final distribution
are received by it.
The aforesaid distribution by the bondholders' protective committee will
comprise only the committee's pro rata share of the cash proceeds, and the
*
.
-Earnings.-
June—
Chronicle
common
stock, $5 par.—V. 142, p. 3699.
Washington Baltimore & Annapolis Electric RR.—
Up—
Total income
Salaries & expenses, trustee's fees, &c.
General taxes
Interest
on
funded debt-
Interest on unfunded debt
Amortization of debt disct. & expense
Provision for Federal income tax
1,272
Distribution Held
The bondholders
protective committee for the first mortgage 5% 30-year
gold bonds, in a letter dated July 28, states:
On June 14, 1935, the property was sold under foreclosure proceedings
and the bondholders' protective
committee, representing 92.04% of all
outstanding bonds, bought in at the sale, for the benefit of the holders of
certificates of deposit, certain rights'of'way,
easements, terminal properties
and other real estate located in Baltimore,
Washington and Annapolis and
at various other points along the line of the road.
The operation of the
railroad was thereafter abandoned, except that, with the
assistance of the
Baltimore & Ohio RR., a newly formed company,
organized by the holders
of underlying bonds on the old Annapolis Short
Line, has continued the
operation of the North Shore line between Baltimore and Annapolis, on
,
which line the W. B. & A. mortgage was a third
lien, with no equity therein
existing for the benefit of W. B. & A; bondholders.,
A distribution of the proceeds of the foreclosure sale has been
delayed
for two primary reasons: First, a claim made by the bondholders'
protective
committee that the holders of the first and second
mortgage bonds on the
Short Line Railroad were not entitled to
participate as general creditors
in any distribution of general funds in the hands of the
receiver; and second,
the filing of a final distribution account by the receiver.
As to the first cause, the questions raised by the
exceptions filed by the
bondholders'
committee were argued in the U. S. District Court for the
Maryland some time ago, and the court has very recently handed
decision in Which it is determined that the holders of the
first
Net income.
Balance Sheet June 30
Assets—
1936
1935
Liabilities—
Inv. in affiliated &
other cos
Cash and working
funds.
4,825
17,673
pref. cap. stocks
of affiliated cos.
17,945 Unreal,
Debt discount and
expenses
Organization
exp__
.
1935
$699,000
79
$748,000
63,000
17,368
17,396
Liability to deliver
27,873
companies
..
Due affiliated cos.
Due from affiliated
Prepaid expenses
1936
Long-term debt.
$1,186,092 $1,190,769
disc, on re¬
acquired
25,632
1,230
_
31,831 Notes pay. to Fed.
Water Serv.Corp
1,230
25
73
45
secure.
78,500
Accts. payable..
579
Miscell. accruals..
509
648
Acer. int. tax, &c.
25,423
305,000
12,152
119,868
18,989
305,000
12,215
81,426
x
Capital stock
Paid-in
surplus
Earned surplus...
Total
x
$1,258,525 $1,246,675
Total
..$1,258,525 $1,246,675
Represented by 5,100 shares no par value.—Y. 142, p. 3017.
District of
down its
and second mortgage bonds of the Short Line RR.
general creditors in
are
entitled to
participate
distribution of funds derived from unliened assets.
The first receiver's report has now been ratified and confirmed and
the
moneys distributed thereunder to Cleveland Trust Co., trustee, have been
received by it.
as
a
As to the second cause, the receiver will shortly file his final
report.
In
regular course the report should be ratified by the Court within 50 days
thereafter, and the receiver will then be in a position to make his final
distribution.
As regards the distribution of the cash proceeds of the foreclosure
sale
and funds received from the receiver, the Cleveland Trust
Co., trustee,
which will make a final cash distribution to the holders of
undeposited
bonds, and the bondholders' protective committee, which will make a dis¬
tribution of its share of the cash to the holders of certificates of
deposit,
both deem it advisable to postpone this cash distribution until after the
receiver makes his final distribution, as the sending out of two sets of several
West
Virginia Coal & Coke Corp.—Earnings—
Period End. June 30—
Production—tons
Gross profit on coal sales
Other
operating
profit
and income
Gross profit from oper.
1936—3 Mos.—1935
542,853
536,546
$13,773
$143,417
1936—6 Mos.—1935
1,200,940
$93,472
1,231,413
$418,703
217,023
198,846
383,382
494,233
$230,796
$342,263
$476,855
$912,937
117,001
116,033
13,177
123,709
12,228
234,924
37,000
250,444
21,635
242,427
26,489
248,876
54,670
Selling, admin, and gen¬
eral expenses
Interest
on
funded debt.
Depreciation & depletion
Prov. for Fed. inc. taxes.
Net loss
18,500
124,821
14,645
$44,170 prof$77,115
Earns, per sh. on 400,000
shs. cap.
stk. (no par).
Nil
1.19
$67,148prof$340,472
Nil
$0.85
Financial
778
Chronicle
Balance Sheet June 30
Assets—
$311,132
$390,393
receivable (net).
hands
$329,269
91,507
961,173
125,122
495,275 Operating reserves
Funded debt..... 1,600,000
Ees. for contlpg..
420,338
x Common stock..
5,103,066
146,863 Surplus
1,217,799
43,183 Earnings for cur¬
rent year...... def67,149
6,311,393
of
6,054
trustee
Prepaid, accrued &
other items
146,614
Investments
32,566
yFixed assets.... 6,754,967
Total
1935
$288,570
80,030
176,591
1,000,000
434,588
5,103,066
845,701
Acer. int. & taxes.
881,634
607,726
Inventories
In
1936
Vouchers & accts.
payable
Accounts and notes
Cash
Western Ry. of
Liabilities—
1935
1936
Cash
$8,819,954 $8,269,020
Total.
Represented »by 400,000 no-par shares,
y After depreciation of $3,858,997 in 1936 and $3,393,289 in 1935.—V. 142. p. 4199.
defll,876
defl2,310
741,873
41,627
2,159
Net after rents
.
railway
Net from railway
Net after rents.
—V. 143, p. 129.
...
647,580
def40,437
def62,439
def18,303
def33,547
Western United Gas & Electric Co.
v
6 Months Ended June
30—
Total gross earnings
Gas
1-
purchased-
—
Power Durchased-
-
Maintenance
The Interstate Commerce Commission on July 20 approved the ac¬
quisition by the Erie RR. of control of the West Clarion RR. Co., by
purchase of its stock.
See also V. 143, p. 607.
-
West Virginia Water Service Co.—Earnings—*■'
-
....
Maintenance..
General taxes.
$984,178
312,172
49,870
151*548
$524,188
22,136
$470,587
47,973
-
income.
Gross corporate income.
Interest on bonds
...•
Miscellaneous interest
Amortization of debt discount and expense
Interest charged to construction—Cr
Provision for Federal income tax
$546,325
266,647
4,525
26,617
.
.
1935
$1,079,797
323,736
76,787
155,085
(& Subs.)—Earns.
-,1936
$4,177,574
497,592
_
1.347.218
186,999
-
$518,560
259,343
A
10,260
26,337
736
524
13,742
80,490
$135,667
34,500
4,341
$1,288,346
$1,278,323
705,750
705,750
14,000
42,959
...
debt
'i
13,343
41,423
$517,806
$525,637
.
of Western United Gas & Elec-
414,071
416,845
Note—The income account for the six months ended June 30, 1935 gives
effect to the allocation of certain year end and interim adjustments.
Net
income before allocation of these adjustments amounted to $476,686.—V.
142, p. 3018.
7,475
80,000
$155,039
69,000
$1,273,982
1,515
Interest on funded debt
Net income
141,890
233,499
94,056
350,790
Amortiz. of debt discount & expense
Div. requirements
trie Co., stocks
4o,00^
1.239.963
,
338,667
125,340
353,329
...—...—
........—...—
Interest on unfunded
$3,848,729
470,966
41»oyo
----—-—
Net earnings
621,103
def3,192
def24,050
$1,286,832
depreciation...
Other income.
7,309
2,596
.551,383
-
Net earnings from operations...
1936
12 Months Ended June 30—
$111,168
,$95,729
State, local & miscell. Federal taxes.
Federal income tax....
Prov. for
1933
1935
$105,794
defl4,562
defl8,569
1936
Gros^from
*
1934
$122,718
10,860
4,043
EC-..:.:.
West Clarion RR.-—Control—
Other
Alabama.—Earnings.—
June—
Gross from railway
Net from railway...
340,472
...$8,819,954 $8,269,020
x
Operation
Aug. 1, 1936
Westvaco Chlorine
Products Corp .—Extra Dividend—
dividend of 10 cents per share in
dividend of like amount on the common
value, both payable Sept. 1 to holders of record Aug. 15.
Similar payments were made on June 1 last.—V. 142, p. 3700.
The directors have declared an extra
-
Dividends
on
preferred stock.
addition to a regular quarterly
stock,
par
no
Consolidated Balance Sheet June 30
1935
1936
Assets—
PFt,
9,450,506
[ 36,500
-
Mat'ls & supplies.
(l6~3~862
§70,627
103,003
Wat.
redemption..
5,226,500
stock
50,356
32,464
237,215
132,640
228,391
137,580
812,559
Notes & accts. pay.
Accrued liabilities.
Co.
109,298
887,207
for redemption,
Deferred chgs. &
prepaid acc'ts..
567,615
630,065
1,114,000
1,114,000
2d $6 cum, pref.
365,000
552,000
Capital surplus... 1,467,798
Earned surplus...
541,935
365,000
a
1,575
Calendar Years—
'
Common stook.
552,000
.
1,500,257
458,724
10,570,906 10,574,018
Total
226.391
226,173
Taxes.
330,473
330,313
$464,562
32,694
$403,103
38,864
$497,257
145,074
7,518
3,103
$441,966
152,203
7,889
2,853
Operating income
(net)
1.258,158
57,395
54,130
...
....
Other income
-—
—
*
—
Total income
Interest on funded debt
Amortization of debt discount and expense
Other deductions
—•—-
-
.......
$341,560
—
.
'
$279,021
Wheeling Steel Corp, (& Subs.)—Earnings—
x
Period End. June 30—
sstlos
loss
disc
1936—6 Mos.—1935
1936—3 Mos —1935
•
Gross
Repairs & maintenance.
Co.—Earnings—
1936—3 Mos.—1935
1936—12 Mos.—1935
From sales of gas
Ft. sales of el. energy.
From miscell. sources.
$6,526,007
11,508,759
227,431
$1,493,066
2,633,966
80,678
$1,616,380
2,746,589
72,862
$4,207,711
2,379,522
255,581
$4,435,831 $16,960,521 !$18,262,198
11,262,167
2,667,052
10,283,436
1,534,344
1,359,229
367,091
$6,004,005
10,664,400
292,116
$16,184,877 $35,925,113 $31,098,362
11,406,322
27,137,343
21,391,097
1,204,763
1,135,735
2,311,614"
2,381,704
Depreciation & depletion
1,255,071
1,351,530
2,211,959
2,597,530
Sell., gen. & admin, exp.
Westchester Lighting
Per. End. June 30—
Operating revenues:
1,448*408
1,240,426
2,781,337
2,389,046
Prov. for doubtful accts.
70,449
61,103
125,198
114,670
$989,761
130,687
$1,357,662
306,650
$2,224,315
$1,120,448
343,500
108,648
$1,664,312
742,700
39,413
$2,542,729
$668,300
$882,199
$1,602,871
returns,
&c—_—.$19,846,634
Costs & expenses...... 14,739,625
Profit from operations $1,128,318
Other income....
Total oper. revenues-
Operating
^
Depreciation
10,570,906 10,574,018
Including unamortized debt discount and expense and commission on
capital stock,
y Represented by 11,500 shares (no par),
z Represented
by 5,000 shares (no par),
a Represented by 12,000 shares (no par).—
V. 143, p. 448.
v
*934.
$2,275,143
Net income
Total
^
$2,355,588
1-2 §0,031
Operating revenue, electric.....
Operation
....1
Maintenance..
z
6% bonds called
x
$
5,260,000
Funded debt called
for
Wheeling Electric Co.—Earnings—
1935
$
Funded debt
39,022 Def. liab. & unadj.
credits.
1,001
82,436 Reserves
y 1st $6 cum. pref.
Prem. on Kanawha
Val.
1936
Liabilities—
$
$
equip. 9,396,518
Investments
114,978
Mlso. spec, depos.
50,355
Cash.
141,244
Notes & accts. rec.
143,292
Unbilled revenues.
43,324
Due from affll. cos.
9,000
prop.,
expenses
Retirement expense
Taxes (incl. prov. for
506,679
530,027
1,877.483
1,979,587
$1,065,928
2,182
JDr8,005
$871,660
5,454
Dr4,310
$3,440,373
Dr4,404
I>r39,897
$1 060,105
$872,804
-251,287
$3,396,072
1,002,950
$3,485,682
1,005,150
193,865
988,387
1,034,723
$427,652
$1,404,735
$1,445,809
4712634,400
156,695
....
Interest, &c
Net
profit......
Earns, per sh. on 387,685
.
$1,285,013
389,227
Est. Fed. income taxes.
$3,486*099
Federal inc. tax)
Non-operating revenues.
Non-oper. rev. deducts.
Gross income
24,509
$871,277
*
318,414
687.248
252,610
"
.
■
$0.77
"
$0.25
Nil
$1.18
provision made for Federal surtax on undistributed profits.
In connection with the deductions for Federal income taxes, it is stated
shares_
common
22,535
Dr22,953
Note—No
that the aggregate expenses and losses directly
Int.
long-term debt—
Miscell. int,, amortiz. of
on
249,087
178,353
Net income--^
_
$632,664
•
.
Sales of gas—Cubic feet.1187578 200 1163217,400 4842132,800
Sales of elec. energy—
*
Kw hours
55,389,478
47,433.100 220,420,476
—V. 142, p. 3366.
202,247,932
"
Western Public Service Co.—Accumulated Dividend-—
The directors have declared a dividend of 56 M cents per share on account
of accumulations on the $1.50 series A preferred stock no par value, payable
Sept. 1 to holders of. record Aug. 10.
A dividend of 37H cents was paid
on June
1, last.
Accumulations after the current payment will amount
to
93M cents
per
share.—V. 143, p. 289.
"
Western Tablet & Stationery
'
*
Corp.—25-Cent Div.—
The directors have declared
mon
stock,
no par
a dividend of 25 cents per share on the com¬
value, payable Aug. 15 to holders of record Aug. 5.
A
like payment was made on May 15, last, and compares with $1 per share
paid on Dec. 21, 1935, 1934 and 1933.
On Dec, 20, 1932 a dividend o
60 cents per share
was
distributed.—V. 142,
Western Maryland
Per. End. June 30—
Oper. revenues
Fixed charges
i
Net income.
Period—
Gross earnings (est.)
2852.
1936—Month—1935
..
Net oper. revenue
Net ry. oper. income...
Other income..........
Gross income..
p.
Ry.—Earnings—
$1,253,876
410,584
315,182
12,490
$1,265,838
348,666
317,489
10,492
1936—6 Mos.—1935
$7,845,363
$7,428,309
2,610.205
2,179,895
2,109,269
1,984,266
38,771
45,861
$2,148,040
1,582,738
$2,030,127
.1,594,090
$64,405
$63,028
$565,302
$436,037
$245,015
Jan. 1 to July 21
1936
1935
$8,731,653
$8,124,104
—V. 143, p. 607.
Net after rents
Gross from railway
Net after rents.:
—V. 143, p. 607.
1936
$1,061,250
def183,878
def343,423
$923,431
37,508
def57,705
6,053,931
33,982
def853,767
5,343,821
536,348
def177,231
1934
1935
1933
$981,256
159,350
70,436
$976,420
157,810
57,391
Western Union Telegraph Co.—To
,
5,232,702
933,508
413,775
4,443,247
292,357
216,260
Pay Bonds—
The company's 15-year 6M % bonds amounting to $15,000,000,
maturing
1936, will be paid off at the Chase National Bank, New York,
on and after that date.
The company will pay these bonds out of treasury
funds, augmented by a small and short-term bank loan.—V. 143, p. 448
Aug. 1,
From Jan.
— .
Net after rents
143,
1934
1933
$1,161,825
316,436
*
217,322
$1*007,078
357,012
214,787
7,008,386
1,756,152
1,189,914
6,453,569
1,444,425
927,586
6,064,319
4,489,616
,1,646,906
1,166,457
541,929
1—
Gross from railway
Net from railway-...—
—V.
1935
$1,153,980
327,893
* 249.888
p.
608.
Wichita Falls & Southern
RR.—Earnings—
1935
$50,825
20,259
14,737
1934
1933
$53,966
20,577
14,779;
$52,932
18,405
12,916
$48,981
16,053
9,903
251,648
53,700
22,333
June.—
250,446
51,569
21,639
278,072
72,967
36,818
258,537
62,793
26,124
1936
Gross from railway
Net from railway—
Net after rents
....
From Jan. 1—
Gross from railway
Net from railway
Net after rents—
143. p. 130.
revenues
Co.—Earnings
....
......
Taxes (other than Federal income)—.....
-
Earnings from operations
1934
$31,377
7,646
4,649
8,907
2,714
3,150
5,843
$15,788
Other income
,
600
6,320
$12,161
268
....
—
37.1
$16,057
8,760
2,329
—....
income
Interest on funded debt
Other interest
—
—
1935
$36,404
......
General operations—
Maintenance.. j_
Provision for retirements
Gross
•
'
Water
Calendar Years—
Operating
1,029,550
.
Net income
From Jan. 1—
Net from railway.
1936
$1,295,118
398,294
328,120
railway
Provision for Federal income tax—...
Western Pacific R R.—Earnings.—
June—
Gross from railway
Net from railway..
June—
Gross from
Net from railway.-Net after rents..
—V.
$327,981
264,953
$300,327
...
Wheeling & Lake Erie Ry.—Earnings.—
——-Williamstown
-
$327,672
263,267
-Third Week of July—
1936
1935
occurred
the
to
tax
debt disct. & expenseI
& miscell. deducts
attributable to the flood,
in March, amounting to $710,737, was charged directly
surplus account.
This represents a deductible item for income
purposes.—V. 142, p. 3700.
which
$12,532
8,760
1,995
441
...
$4,527
$1,777
—V. 141, p. 941.
Willys-Overland Co.—Reorganization Plans—
A reorganization plan was filed in the U. S. District Court at Toledo
July 25 by Empire Securities, Inc., which holds 85% of the 1st mtge.
bonds and 97% of the general claims.
The new
company, it is stated, will start with working capital of $3,500,000 in cash and with equipment available at the Toledo and Los Angeles
plants the company can manufacture and sell 70,000 cars in 1937 with
earnings of more than $1,600,000 after all charges but before Federal taxes,
Holders of the $2,000,000 6H% bonds are to receive 70 shares of 6%
($10 par) preferred stock of the new Willys-Overland Motors, Inc., and
70 shares of common, or 210 shares of common stock for each $1,000 bond
and unpaid coupons, in addition to the $700 cash offered in an agreement
filed in court Aug. 15, 1935.^
L
Volume
143
Financial
Bondholders may subscribe for $10
units, consisting of one share of
preferred and one share of common, at rate of 50 units for each
$500 bond.
Preferred stockholders may subscribe for the
$10 units on basis of two
units for each share of old
preferred.
Common stockholders may subscribe for the $10 units on basis of one
unit for each
10 shares of
Subscription rights
firmed.—V. 143,
p.
are
common
to
stock
now
extend until
35
held.
days after the plan is con¬
608.
Wisconsin Central
Ry.—Earnings—
Period End. June 30—
Totalrevenues
1936—Month—1935
$1,136,902
$899,818
406,289
232,110
228,248
71,621
Net railway revenues...
Net after rents
Other
Int.
income—Dr
funded
on
Net
85,903
debt..r.
35,322
155,723
129,478
income....
1936—6 Mos.—1935
$5,723,425
$4,801,164
970,061
1,516,191
£>rl0,041
536,178
202,950
402,616
942.195
887,105
$12,866 def$119,424 def$753,544df$l,155,187
-V. 143, p. 130.
Chronicle
series
to
779
the trustee
for
credit
Co.—Earnings-
6 Months Ended June 30—
Income—Interest on investments.
Operating
$2,358 "
4,709
37,315
$32,637
13,274
$28,182
Surplus
Note—Profit
to
$3,441
2,250
26,946
$44,383
16,201
$19,362
19,830
$28,182
def$468
expenses.
Net profit
Dividends paid
of 1936
1935
1936
Interest on stock subscriptions.
Dividends on stocks.
i
on
sale of investments of $184,273 for the first six months
resulting from increase in price
book value has been credited
over
surplus.
Balance Sheet June 30
Assett—
1936
Investments
b$l,917,102 $1,621,806
442,278
206,883
Cash
Acer.
Due
divs.
&
int.
&
refunding mtge. gold bonds and the first mtge. gold bonds will be de¬
posited with the trustee of the
mortgage securing such bonds simultaneously
with the issue and sale of
the new
bonds, and thereupon such mtge. will be
12,014
9,157
1,634
109,190
sale ol se¬
on
subscr.
on
stk. of
co.
(net).
61,074
1,082
6,804
Furn. & fixtures..
Prepaid expenses.
Total..
623
of inv.
137,230
623
for retir.
of
pref. cap. stock.
49,593
56,066
3,292
562,018
658,330
576,698
279,111
6% pref. stock
Common stock.
546,009
974,865
Surplus
$2,441,988 $2,084,266
Total
$2,441,988 $2,084,266
June 30- 1936, market exceeded book value
by $882,175.—V. 142,
p. 3701•
,
Wisconsin Public Service Corp, (&
Subs.)—Earnings—
Calendar Years—
Operating
i935
revenues
Operation
$6,974,133
2,112,008
332,253
600,000
1,032,930
2.123,326
349,134
Maintenance and repairs..
Appropriation for retirement
1934
$7,232,534
;
910,000
reserve
Taxes
1,085,740
Management fee
67,516
567,034
Net operating revenue
34,682
Other income.
...
;
$2,094,102
29,628
1 933
$6,775,780
1,902,641
305,263
581,617
897,180
159,528
162,608
543,995
33.472
$2,156,865
33,045
General and administrative
expenses
Provision for doubtful accounts.
by purchase or merger the
properties, franchises and businesses of Iron
Mountain Electric Light & Power Co. (organized in 1890), Wisconsin
Traction, Light, Heat & Power Co. (organized in 1900, and a number of
other utilities in Wisconsin and the
Upper Peninsula of Michigan, which
had been in
operation for various periods.
Company is engaged principally in the generation, transmission and
sale of
electricity and the manufacture, transmission and sale of gas.
During the year 1935, approximately 69% of its total power output was
produced by its own electric generating facilities and the balance was
Purchased from outside sources.
Company manufactures all gas produced
for sale and for its own use.
Company furnishes directly one or more classes
of
electric service in 134 communities of which 84 are in Wisconsin,
in paper mill and manufacturing districts of the Fox
River Val ey, and 50 are in
mining and manufacturing regions in the Upper
principally located
180,000.
Michigan. The territory served has
Electric and
gas
in its territory.
appliances
Gross income.
;
,
funded debt
Amortization of debt disc, and exp..
on
Note interest
Interest
on
$2,123,730
1,249,999
71,589
Capitalization, Giving Effect to Present Financing
First mortgage bonds
a$10,500,000
Preferred stock ($100 par)
60,000 shs.
c3,734,300
Common stock ($20 par)...
-350,000 shs.
5,225,000
a33i% series due 1961.
b Additional bonds may be issued under the
mortgage upon compliance with the provisions thereof. c6% series, cum.
This amount does not include
1,559 shares in treasury of the company.
Balance
'
payable (banks)...
*1,520
Bal. before int. chgs.,
provs. for inc.taxes
9,789
15,300
Crl,685
$677,626
431,497
$721,543
826,922
$932,840
817,141
$246,129 def$105.379
Other interest..
$115,699
Other income deductions
Interest charged to construction--..
Net income
-
Dividends
on
pref. stock
Balance
103.353
382",500
94,562
10,716
22,350
Cr3,113
.......
15,300
Cr2,702
Consolidated Balance Sheet, Dec. 31
1935
Assets—
Cash
1934
$
5
on
hand, de¬
depos. &
time deposits...
1,398,966
mand
Bond
interest
1935
Liabilities—
■
697,855
and
Accounts payable.
Accrued liabilities.
Indebtedness
other deposits..
Accounts receiv.
194,396
186,655
(customers)....
a
624,329
906,464
564,843
Deferred
932,121
Reserves
145,824
173,008
7%
Materials & suppl.
Other curr. assets.
lass)
affil.
$
129,192
1,020,468
6,375,000
123,276.
850,569
to
companies
Long-term
7,495
2,769
debt-.24,220,000 17,220,000
130,987
121,706
4,451,357
3,882,422
"
Invests, (at cost or
•
1934
$
Notes payable
,
359,060
387,860
Fixed assets
48,413,850 49,484,826
Deferred charges.. 1,201,638
612,943
liabilities
ser A cum. pref.
stock ($100 par) 5,397,500
6J4% ser. B cum.
pf. stk. ($100 par) 3,429,900
6% ser. C cum. pf.
stock
$1,350,992
411,794
preferred
213,164
316,840
$1,401,659
$1,409,812
415,546
$1,473,088
413,087
411,676
.
.
•
......
,
$939,198
.
,
$989,983 '
.
.
$1,060,001
$994,266
a
Including maintenance and taxes other than income taxes, but excl.
provision for depreciation.
* Loss.
The annual interest
requirements on the $10,500,000 of bonds to be out¬
standing upon completion of the present financing and the retirement of the
1st & ref. mtge. bonds,
5% series due 1957, and of the 1st mtge. bonds,
4 A% series due
1961, will amount to $393,750.
Amortization of bond
discount and expense, other interest charges apd other deductions, less
interest during construction charged to property and plant, for the years
1933, 1934 and 1935 aggregated $21,202, $30,937 and $16,567, respectively,
and for the 12 months ended
May 31, 1936 aggregated $17,435.
Of the
above operating revenues for the 12 months ended May 31,1936, approxim¬
ately 85.2% was derived from electric service, 11.2% from gas service and
3.6% from transportation service.
,
The company at present expects to amortize the unamortized bona
discount and expense on the 1st & ref. mtge. bonds 5% series due 1957 .and
the 1st mtge. bonds, 4 A% series due 1961, and the premium to be paidon
the redem.pt on of such bonds, over the life of the 1st mtge. bonds, 6 A %
series due 1961.
,
Control—The records of the company show that
Co.,
North American Edison
parent of the company, owns of record or beneficially 261,250 shares,
or 100%, of the common stock.
All of the voting stock of North American
Edison Co. is owned by North American Co.
•
a
,
Principal Underwriters—The names of the principal underwriters ana the
respective principal amounts of the bonds severally to be purchased by
each, are stated below:
First Boston Corp., New
k
_
$1 >6^5,000
l.bJo.OOO
York
l»b25,UUO
750,000
Securities Co. of Milwaukee, Ind., Milwaukee
1.982,015
surplus...
$1,466,616
6,472
Brown Harriman & Co., Inc., New York
served for unpaid
Earned
$1,408,179
1,633
3,430,000
4,371,000
9,000,000
stock dividends.
$1,397,891
3,768
1935
Spencer Trask & Co., New York
Capital surplus...
Earned surplus re¬
657,325
12Mos.End.
May 31 *36
$2,916,570
1,449,954
5,398,600
($100 par) 4,370,300
Com. stk. ($10 par) 9,000,000
accum.
$2,808,181
1,400,002
1934
$1,352,512
Non-oper.revs, (net)
$2,374,519
33,600
/.,
...
notes
$2,796,617
1,398,726
Years Ended Dec. 31
1933
Operating revenues$2,674,982
a
Operating expenses...
1,322,470
Income..
Provision for deprec'n..
$2,408,119
966,688
126,318
32,437
324,939
12,300
\
Outstanding
Authorized
b
i
41,446
513,584
$2,189,910
959,110
estimate I population of
Company operates nine electric generating stations, eight of which are
on land owned,
having an aggregate installed capacity of 40,854
kilowatts, comprising six hydro-electric stations with an aggregate capacity
of 17,600
kilowatts, one station with steam generating capacity of 20,000
kilowatts and hydro-electric generating capacity of 1,440 kilowatts, and
two Diesel stations with an
aggregate capacity of 1,814 kilowatts.
&c., deductions
Interest
an
also merchandised by the company
are
located
7,456
800,000
Dividends payable
Res. for investm'ts
for
$4,292
payable
on pur.
1935
$7,377
Bank loan..
Prov.
curities
Due from stkhldrs.
1936
expenses...
Accts.
History and Business—Company was originally incorp. as Peninsular
Power Co. in
May, 1911 in Wisconsin, and changed its name to Wisconsin
Michigan Power Co. in May, 1927. In 1927 and 1928 the company acquired
I enmsula of
Liabilities—
Acer,
Due
investments.
on
1935
the principal
amount thereof, either
against a particular sinking fund
payment or in anticipation or future
sinking fund payments. All cash so paid to the trustee for the sinking fund
i® to be applied to the redemption of an equal principal amount of bonds of
the 3 A % series due
1961, within 90 days after the deposit of the sinking fund
cash, at the redemption price
applicable at the time. Company is required
to provide, from sources
other than the sinking fund, the accrued interest
and the premium on bonds so
called for redemption or the sinking fund.
Purpose—Company intends to apply the net proceeds, $10,495,637
(estimated without including accrued interest from
July 15, 1936 but after
allowance for $109,362 estimated expenses), together with other
treasury
funds in an estimated amount of
approximately $31,445, to redeem on
Sept. 1, 1936 $5,000,000 1st & ref. mtge. gold bonds, 5% series due 1957,
?&J03>s, and $5,000,000 1st mtge. gold bonds, 4^% series due 1961, at
105M%, plus accrued int. to redemption date, requiring $10,527,083
(exclusive of expenses).
Funds sufficient for the redemption of the first
canceled and discharged.
Wisconsin Investment
at
282,754
—
750,000
750,000
500,000
---
Blyth & Co., Inc., New \ork
Mellon Securities Corp., Pittsburgh
Harris, Hall & Co. (Inc.) Chicago
J. & W. Seligman & Co., New York.
Stone & Webster and Blodget, Inc., New York
Coffin & Burr, Inc., Boston
—
Alex. Brown & Son, Baltimore.
Dillon, Read & Co., New York
—V. 143, p. 608.
250,000
250,000
250,000
.....
1,625,000
.
Total
a
53,244,530 53,040,113
Total
...53.244,530
53.040.113
After reserve for doubtful accounts of
$116,211 in 1935 and $97,506 in
1934.—V. 143,
p.
449.
.
Yale & Towne
Mfg. Co.—Earnings—
June 30 '36
Period Ended—
--—Wisconsin-Michigan Power
Co.—Bonds
First Boston
Offered—The
Corp,, Spencer Trask & Co., the Securities Co.
Milwaukee, Inc., Brown Harriman & Co., Inc., Blvth
.<k Co.,
Inc., Harris, Hall & Co., Inc., J. & W. Seligman &
Co., Stone & Webster and Blodget, Inc., Coffin &
Burr,
Inc., and Alex. Brown & Sons on July 31 offered at 103 and
int. $10,500,000 1st
mtge. bonds, 3%% series due 1961.
A prospectus dated
July 31 affords the following:
of
6 Months
3 Months
.
Net earnings from operations
Interest received
Mar. 31 '36 June 30, *36
$566,550
14,332
6,440
31,798
12,689
$271,233
100,330
$611,037
201,902
$238,232
Total income-
Depreciation charges
$250,461
$339,804
101,572
Other income.
$316,089
17,466
6,249
—..
$170,903
$409,135
Net profits after taxes (no deduction
made for surtax on undistributed
profits)
—V. 142, p. 3019.
Dated July
15, 1936; due July 15, 1961.
First Wisconsin Trust Co.,
Milwaukee, Wis., trustee. Principal and int. (J. & J.) payable in
lawful
money of the United States at the agency of th^ company in
or
New York.
Coupon bonds in denoin. of
principal, and registered bonds in
and $5,000. Red. in whole, or in
part by lot, on any day prior to maturity,
at 106%, if red. on or before
July 14, 1937; the premium thereafter de¬
creasing Yz Of 1% on July 15, 1937 and on each July 15
annually there¬
after, to and incl. July 15,1940, thereafter decreasing A of 1% on
July 15,
1941 and on each July 15 annually thereafter, to and incl.
July 15, 1956,
on and after which date
redemption may be effected at par, together, in
each case, with accrued int. to redemption date.
Supplemental indenture creating the bonds of 3 A % series due 1961 will
contain provisions requiring
company on July 31 of each of the years 1937
to 1960, both incl., so long as any of such bonds are
outstanding, to deduct
$105,000 from the net bondable value of property additions against which
additional bonds would otherwise be issuable or cash might be
withdrawn,
or, to the extent to which such deduction can not be made in any such
year,
the company shall pay cash to the trustee for a
may,
in lieu of all
or
sinking fund.
Company
part of such cash payments, surrender bonds of such
Yellow Truck & Coach
Milwaukee,
$1,000, registerable as to
interchangeable denom. of $1,000
Mfg. Co .—Earnings—
-6 Months-
Period Ended June 30—
1936
1935
12 Months
1936
Net sales
-$27,412,187 $16,752,352 $46,516,634
Profit from oper. (incl. the co.'s proI
portion of net profits or losses of
wholly owned & controlled cos. not
consolidated) before prov. for deprec. & Fed. income taxes
3,095,224
703,100
3,849,157
Provision for depreciation
455,704
456,962
907,763
Provision for Federal income taxes—
465,089
53,795
456,307
Net profit
$2,174,431
The quarter ended June 30, 1936 showed a net
$192,343"
$2,485,087
profit of $1,383,389. This
with a net profit of $432,311 in the second quarter of 1935.
No provision has been made in the above earnings for the Federal surtax
imposed by the Revenue Act of 1936 on any undistributed profits accruing
after Jan. 1, 1936—V. 142, p. 3534.
compares
Financial
780
(Rudolph) Wurlitzer Co. (&
a
$2,470,287
1934'
$2,451,470
3,255,942
Gross income from sales
Operating expenses
Prov. for losses
3,096,628
3,288,899
$626,341
552,181
$837,428
553,956
$74,160
378,378
$283,472
274,016
repossessions and
on
161,430
doubtful accounts
reorganization managers (Francis E, Frothingham, Chairman), in
holders of the company, states:
"Further delay in getting this property out of the bankruptcy court
can but work against the best interests of the security holders, who have
already suffered sufficiently as a result of protracted delays incident both
to difficult negotiations and to the passage of the Holding Company Act.
The alternatives to the acceptance of this modified plan are either in¬
definitely prolonged negotiations or liquidation.
"Since a preferred stock under the modified plan is substituted for the
income bonds provided for in the original debtor's plan, it was thought
proper that the present first lien bondholders should have certain rights
extended to them in the form of provisions attached to the preferred stock
issue not ordinarily given to such a security.
"The provisions made for the debentures are substantially those of the
original debtor's plan of June 1, 1935, already approved by more than twoThe
Subs.)—Earnings—
*1936
$4,467,996
Years Ended March 31—
Aug. 1, 1936
Chronicle
letter to the security
^
.pf$l,050,623
529,699
Miscellaneous income.
Miscellaneous
pf$l,580,323
464,506
deductions
0
taxes estimated.
.
20,000
206,654
_
thirds of the issue.
xprof$909,163
$472,538
$557,489
x Before amount transferred to reserve for contingencies of $354,559.
Note—For 1936 depreciation has been included in cost of goods sold and
(or) expenses. For 1935 and 1934 depreciation has been included in operat¬
ing expenses.
Consolidated Balance Sheet March 31
Net loss
1935
1936
Assets—
Marketable
secur.
Receivables
z
Life Insurance
Em pi.
house
pur¬
chase contract..
30,807
399,766
Other assets
Land,
$'
$
Liabilities—
1,422,400
362,429
82,028
249,088 Notes payable.... 1,995,500
543,742
133,236 Accounts payable.
87,922
3,264,352 Mtges.pay.—curr.
1,313,149 Acer, taxes, wages,
406,931
14,403
interest, &c
Long term liabs
3,696,645
38,549 Other curr. liabils.
259,202
510,757 Reserves
640,621
Deferred income..
283,115
7,329,823 Minority int. outr
64,158
standing
7% pref. stk. ($100
1,308,500
par)
337,728
8,492
5,035,109
1,636,124
19,922
Inventories
I
S
$
Cash
1935
1936
I
bldg.,
&c.,
less depreciation 7,066,999
Deferred charges..
93,190
Pats., copyrights &
goodwill
1
Com.
stock
275,148
3,733,510
187,613
284,073
285,922
,
Modifications of June 1, 1935 Plan of Reorganization July 15, 1936
filed in the proceedings for the reorganization
U. S. District Court .for the District of Mary¬
the Bankruptcy Act, a plan of.reorganization
dated June 1, 1935.
This plan met with opposition, and written exceptions
thereto were filed by a committee consisting pf R. Emerson Swart, George
deB. Greene and Garrettson Dulin, representing the holders of a substantial
On June 10,1935, there was
of company pending_in the
land under Section 77-B of
number of the first lien bonds.
As
126,184
.
the first lien bondholders both the major position on the
majority of the new company; the debentures
receive 75% of the common stock; a substantial minority vote through the
present ownership of first lien bonds will lie with the interests in control
of the International Utilities Corp.
"Under all the circumstances, we believe it to be to the interest of the
holders of the first lien bonds and of the debentures of the company to
accept the modified plan and we recommend such acceptance.'
"The plan gives
board and the actual voting
a
result of negotiations over an
above named
extended period of time with the
committee and the reorganization managers
the carrying through of the June 1,
the Court to supervise
debtor is proposing
with the provisions
hearing upon
($100
par).
Capital surplus
3,129,200
572,105
3,180,800
523,265
Paid-in surplus
225,000
225,000
Earned surplus
1,479,655
917,645
Modification of Section 1 of June 1, 1935
New Company to Be Formed—As provided in
be formed in Maryland, to be known as
will
Total
z
&c.
.14,628,140 12,917,518
After reserve for loss on repossessions, doubtful accounts, music lessons,
of $761,869 in 1936 and $769,203 in 1935.—V. 141, p. 1787.
Total
14,628,140 12.917,518
Yazoo &
Mississippi Valley RR.—Earnings.—
June—
Net after rents..
From Jan. 1—
1933'^
1935
1934
$1,009,021
297,363
$1,094,847
490,188
51,148
..$1,238,883
397,633
168,392
railway
railway
117,820
282,334
...
Gross from railway
Net from railway.
6,812,668
1,917,723
Net after rents
612,936
.
5,384,634
1,716,603
376,347
5,561,692
1,450,936
257,962
5,563,847
1,085,252
def39,330
—V. 143, p. 130.
Montreal Tramways
Co.—Earnings-—
[Operations under the contract with the City of Montreal results]
1935
1934
1933
$10,672,019 $10,752,615 $10,650,523
1,446,729
1,417,107
1,413,559
235,283
193,559
234,434
Calendar Years—
Car earnings
Autobus earnings....
Other earnings
Total revenue....
$12,354,031 $12,363,281 $12,298,516
6,098,211
6,380,964
6,372,354
1,317,403
1,319,341
1,116,201
1,520,912
1,300,597
1,343,211
Operations and taxes
Autobus expenses..
Maintenance and renewals
Balance
$3,362,379
Total net
$3,466,750
80,648
$3,417,505
10,500
From contingent reserve
574,502
$3,428,005
Distributed
as
$3,443,027
$4,041,252
$69,213
3,209,421
3,022
112,209
$68,582
3,175,538
2,980
108,182
$68,508
3,175.710
2,888
112,715
$3,393,866
a34,139
$3,355,282
a87,745
$3,359,821
181,431
follows:
-
To company: Operating profit
Return on capital..
Interest
on
working capital
Interest
on
autobus investment
Total to company
Financing expense
City rental
500,000
j
Total
$3,443,027
$3,428,005
$4,041,252
$147,292 in 1935 and $93,686 in 1934 additional due but unpaid.
Following is a statement of the company's revenues, interest and other
charges, dividends, &c., with comparisons:
'
a
1934
1933
$3,393,866
$3,355,282
92,950
122,517
$3,359,821
104,093
$3,486,815
2,408,892
30,394
Calendar Years—
From contract
$3,477,799
2,418,533
39,288
200,000
1935
■.
Other revenue
Total
revenue
Bond interest
a
Exchange
Revenue for foreign exchange
Other expenses
Reserve for depreciation
b
Other expenses
180,000
5,140
140,000
6,158
630,000
$4,501
c4,894,128
600,000
Year's surplus
Previous surplus
Additional reserve for depreciation
Profit and loss balance.....
On
reserve
per
U.
share
S.
$4,838
2,639,289
$5,017
2,634.272
$4,298,629
$9.06
Dividends
a
630,000
$617,517
612,500
$2,644,127
$9.07
$2,639,289
*
funds
$634,501
and
sterling,
bin value of securities,
brought forward of $2,250,000.
General Balance Sheet Dec. 31
1935
A
Inv.
for
©
acct.
(incl.
sub. &
Cash in
on
500,000
gold bonds,
Gen.
hand
314,148
Co.'s
gen.
&
1,235,000
41,938
due
120,978
charges..
97,540
50,193
54,269
414,843
374,611
s.
21,351,000 21,351,000
& ref.
mtge..
contract on acct.
27,125,100 27,272,100
484,768
507,607
338,289
336,158
27,347
Empl's' secur. dep.
26,453
Dividend payable.
157,500
157,500
due 1955
Accts. & wages pay.
Suspense account-
813,000
802,511
provisions
.with
Total
—V. 140, p.
93,686
64,793,921 65,625,336
1,856,701
1,622,421
Surplus
240,978
allow.
1,556,051
Res. for co.'s acct.
financing
4,298,629
3,690,990
2,644,128
of contract
Total
64,793,921 65,625,336
3220.
American States Public Service
June 1, 1935 Plan of Reorganization,
Certain modifications to the plan
Co.—Modifications of
July 15,1936—
of reorganization dated June 1, 1935,
being satisfactory to the protective committee
for first lien bonds (R. Emer¬
Swart, Chairman), the committee is recommending to the bondholders
represented by them that they assent to the plan as so modified.
son
of the capitalization
will have no funded
approximate capitalization, authorized
and issued;
.....
'A
par)
Common stock ($1 par)
it
t
(a)
.
looi/p/f
$4,166,500
221,428
preferred stock will have the following characteristics:
Entitled to receive out of the surplus or the net profits of
in preference to the common stock, dividends at the
The
.
„
nf%vi VPn
$4,200,000
225,000
company
the new
rate of
payable semi-annually and cumulative from Nov. 1,
no dividends to be paid on the common stock unless all accumulations
have been paid on the preferred stock and unless at least one full year's
dividends on the preferred stock have previously been paid; (b) redeemable
at any time as a whole or in part by lot on 20 days' prior notice at $26 per
share plus dividends; (c) entitled on liquidation to par plus dividends
before any distribution or payment shall be made to the holders of the
common stock;
(d) entitled to full voting rights, each share of preferred
stock having four votes and each share of common stock one vote.
(e) No securities ranking senior to or on a parity with the preferred stock,
including notes to banks for loans aggregating in excess of $50,000, to be
issued without the consent of the holders of two-thirds of the shares of
preferred stock outstanding expressed either in writing or at meeting called
for the purpose of considering the matter.
Whenever the amount of
preferred stock shall have been reduced to not in excess of 25% of the
amount originally issued, then such securities senior to or on a parity with
the preferred stock may be issued with like consent of the holders of
majority of the shares still outstanding.
54%
1936;
per
annum,
Modifications of Section 2 of June 1, 1935 Plan of
Reorganization
capital structures of subsidiaries of the debtor company will be
as provided in the plan, subject to minor changes noted below.
Since the filing of the plan of reorganization dated June 1, 1935, the
Railroad Commission of California has granted authority for the merger
Of the Bear Valley Utility Co. into American States Water Service Co. of
California, as provided in the plan, and has also granted authority to
American States Water Service Co. of Calif., the corporation surviving the
merger, to issue $3,400,000 of first mortgage bonds, series A 44%. dated
as of Oct.
1, 1935, and due Oct. 1, 1960.
The date of maturity may.
however, be changed with the approval of the Railroad Commission or
The
readjusted
California.
As soon as possible, an application will be filed with the Michigan P. U.
Commission to carry through the merger of Upper Peninsula Power Co.
and St. Ignace Public Service Co. into Edison Sault Electric Co. as described
plan of June 1, 1935, and to issue approximately $1,046,800 of first
mortgage bonds of Edison Sault Electric Co. for the purposes mentioned
The bonds, however, may be made to mature later than 1948.
the year named in the plan, and may carry interest at a rate less than 5%
in the
in the plan.
per annum.
necessary or
The indenture may also provide for a sinking fund
advisable in connection with the sale of the issue.
if found
Modifications of Section 3 of June 1, 1935 Plan of Reorganization
In order to provide the necessary funds to pay
off outstanding debt of
the Michigan subsidiaries, to pay off the bank loans of the
debtor company,
the holders of the first lien bonds of the debtor
company and to provide for reorganization expenses and working capital,
the trustees plan, subject to the approval of the judge, to sell the first
mortgage bonds of Edison Sault Electric Co. above mentioned and the
excess of first mortgage bonds of American States Water Service Co. of
Calif, over the amount which may be required for distribution to the holders
of the first lien bonds of the debtor company.
If the trustees are able to
arrange for the sale of all of these bonds prior to distribution under the
plan at not less than the principal amount thereof with accrued interest, a
a cash distribution to the holders of the first lien bonds of the debtor com¬
pany will be made in lieu of the distribution in bonds as hereinafter provided.
The following settlements and exchanges will then be made after confirma¬
tion of the plan:
Bank Loans—The bank loans of the debtor company, which amount to
$151,440, are fully seemed.
Such loans will be paid in cash and discharged,
First Lien 54 % Gold Bonds Series A, Due May 1, 1948—There are out¬
standing in the hands of the public approximately $7,575,400 of first lien
54% gold bonds series A, due May 1, 1948.
Interest due May 1, 1935,
on such first lien bonds was not paid when due, but an amount equal to
the interest due on that date was subsequently paid against surrender of
the May 1, 1935 coupons.
Holders of the first lien bonds will receive in settlement for each $1,000
of first lien bonds with Nov.
1, 1935 and subsequent coupons attached:
(a) $400 of first mortgage bonds series A 44 % of American States Water
and subsequent coupons attached;
(b) 22 shares 54% cumulative preferred stock of the new company; (c) 7.3
shares of common stock of the new company, and (d) $132.50 cash.
If, however, the trustees, prior to distribution under the plan, are able
to arrange for the sale of the total issue of first mortgage bonds of American
States Water Service Co. of California at not less than principal amount
thereof with accrued interest, cash in an equal amount to item (a) above
will be paid to the bondholders in substitution therefor.
No fractional shares of preferred or common stock of the new company
will be issued, but non-voting, non-dividend bearing scrip representing a
fractional share of preferred or common stock of the new company will be
issued in lieu thereof.
Such scrip may on or before Nov. 1, 1937, when
combined with other like scrip aggregating one or more full shares, be
surrendered for a full share or full shares of preferred or common stock of
the new company, as the case may be.
Ten-Year 6% Convertible Gold Debentures, Due December 1, 1938, and
General Creditors—The amount of claims held by general creditors is esti¬
mated at $12,000.
There are outstanding in the hands of the public
approximately $3,310,200 of 10-year 6% convertbile gold debentures, due
Dec. 1, 1938, with June 1, 1934, and subsequent coupons attached.
The holders of such debentures and general claims which are allowed will
receive in full settlement one share of common stock of the new company
per $20 principal amount of debenture or general claim.
On general claims,
Service Co. of Calif., with April 1, 1937,
f. gold bonds,
Reserves in accord.
from
co.
$
7,000,000
Accrued interest..
Stores
Bal.
335,619
966,000
55,226
ref.
bonds (at cost).
Prepaid
1934
due
1941
bank and
but will have the following
debt,
and the collateral therefor will be released.
1st & ref. mtge. 5%
500,000
2,504,216
Call loans
7,000,000
par).
of
Acc'ts receivable..
$
Liabilities—
of
cos.) 2,501,530
shs.
asso.
Includes
Common stk. ($100
59,374,311 60,644,165
guarantee fund.
Inv.
1935
1934
©
•
.
Prop. & equip
$8.82
c
—
.
American States Utilities
Corp. or by some other appropriate name.
In lieu
outlined in the June 1, 1935 plan, the new company
to make cash payments to
$634,838
;
Net income...
Earnings
$3,463,914
2,426,878
273,361
13,028
400,000
Adjustments
Plan of Reorganization
the plan, a new company
Preferred stock ($25
$1,005,697
239,029
1936
Gross from
Net from
designated by
1935 plan, the
modifications to the plan, to be made in accordance
of Section 77-B with the approval of the Judge after
notice to creditors and stockholders, and which are as follows:
1.311,500
odd amounts
over tne
eliminate
$20 multiple will be paid in cash in order to
fractional holdings.
$6 Cumulative Preferred Stock—No provision is made for
the holders of
such stock.
made in the June 1, 1935 plan or is made in
these modifications for the common stock class A or common stock class B
Similarly
no
provision
was
of the debtor company or for claims arising
or for any contingent claim.
from tax refund
obligations
Modifications of Section 4 of June 1, 1935 Plan of Reorganization
Board
of Directors of New Company—The new company will be managed
board of nine directors, three to be selected by the reorganization
three by the bondholders' committee and three to be designated
by the Judge.
•In order to insure continuity of management during the formative years
of the new company, the original members of the board will be classified for
a period of two years, with the terms of office of one nominee of the reor¬
ganization managers and one nominee of the bondholders' committee expir¬
ing at the end of the first year, and the terms of office of all directors (in¬
cluding the two directors elected by the stockholders at the end of the
first year to fill vacancies created at that time) expiring at the end of the
by
a
managers,
second year.
Thereafter, classification will cease and all directors will be elected to
office until the next succeeding annual meeting of stockholders or
hold
until their respective successors are
duly elected and qualify.*
Table of Exchange of New for Old
Securities
Will IRpftpfflfit--"—■■
Outstanding
Existing Securities—
First lien 5J^s 1948
Each $1,000
10-year conv6% debs..
Each $1,000
Each $20
-
Secured bank loans
cum.
Class
pref.stock
A
Class B
com.
com.
100,578
stock
Pref.
Shares
Com.
Shares
a
Cash
Bonds
stock
Seeb
$62,000]
15,000
6% mtge notes
of
Securities of Imco Upon
American
States
Outstanding
Authorized
Participating Certificates
escrow agent, or (b) on which permission to deal in such shares on the
Stock Exchange, London, shall have been granted, whichever is the later
date, and terminating (a) on June 30, 1938, or (b) on a date one year and
46 weeks after the date upon which su'Ch class B shares shall be so deposited
as
To be paid in cash.
Water
Service
b Approximately
be sold to retire this
Co.
$359,400 1st mtge. bonds of Edison Sault El. Co. to
debt.
1935
$1,678,401
$1,643,847
1,146,394
$526,947
...
1934
1,151,454
Gross revenues
497,453
Operating expenses and taxes..
with the escrow
agent,
to Imco for cancellation and direct Imco to cause to
be sold outside of the United States one class B share of the Swedish Match
buying rate
of properties disposed
Interest and amortization, subsidiary companies..
$507,280
$526,947
27,451
26,907
687,498
674,259
Interest and amortization, parent company
9,827
'
......
-
Total
escrow
on
by the escrow agent at a price not less than the London
the date of sale for 20 Swedish Kronor, plus all taxes, com¬
missions and expenses incident to such sale not otherwise provided for by
Imco.
Imco will pay over the excess of the proceeds of the sale of such
class B share over the minimum net sales price to the holder surrendering
the
Balance
whichever is the later date, to surrender such par¬
ticipating certificate
Co. held in
Consolidated Income Account Years Ended Dec. 31
Net income from operations
of in 1934..
Completion of Plan
„
Capital shares (par $1)
30 shs.
30 shs.
Participating certificates
x675,000 units
x675,000 units
x The number of
675,000 participating certificates represents the maxi¬
mum number of
participating certificates deliverable upon exchange of all
shares of International preference stock.
Each participating certificate according to the deed poll under which
issued will entitle the holder thereof at any time within the period com¬
mencing with the date (a) on which all 675,000 class B shares of the Swedish
Match Co. shall have been deposited with Lazard Brothers & Co., Ltd.,
©
$169,900]
Plains Lt.& Water Co.:
Bonds
Organization of Imco—Imco Participating Co. Ltd., having its statutory
Plate House, 10-11 Finsbury Circus, London E. C. 2, England, is a limited company incorporated
under the English Companies Act, 1929.
The company was incorporated
on April 15,
1936, and has engaged in no business up to this time other
than the business incident to its incorporation.
The company has no
parent companies.
.
. „ ■
Imco Factor Co. Ltd. (incorporated under the English Companies Act
of 1929 and qualified to do business in New York for the purpose of signing
the resignation statement as the authorized representative of the registrant
in the United States and for the purpose of performing other purely minis¬
terial functions in connection with the plan) has the same directors as the
registrant. Its Share capital is owned by clerks employed by Slaughter &
May, solicitors to the registrant.
'
Property—No cash is to be obtained by Imco from the issue or sale of the
participating certificates or scrip registered which is being offered only to all
holders of International preference stock on the same basis.
Imco has
obtained £30 against issuance of its capital shares.
Imco has not acquired
nor does it expect to
acquire any property from its directors or trustees or
from the protective committee except that the protective committee pur¬
suant to an agreement, paid to Imco $15,000 and has agreed to pay up to,
but not exceeding, an additional $45,000 to cover all expenses incident to
the organization of Imco, the making of the proposed offer of exchange, fees
if Lazard Brothers & Co.. Ltd., escrow agent, and other expenses incident
and principal business or executive office at River
shs.} Not provided for in plan of reorg.
$120,400 >
There are no'
by this pros¬
pectus.
99,729 shs.j
Upper Peninsula Pow.Co.:
1st mtge. 6s 1953
10-year 6% notes 1943
St. Ignace Pub Serv. Co.:
5 % mortgages notes..
Rathburn El. Co. Ltd.,
a
delivered to Imco the latter will issue in exchange therefor one participating
certificate; and scrip for participating certificates will be issued in exchange
for odd shares of International preference stock delivered.
underwriters of the participating certificates or scrip offered
to the conduct of business of Imco.
$7,575,400 166,658.8 55,300$3,030,160$1,003,741
22
7.3
400
132.50
3,310,200
165,510
50
12,360
618
-1
151,440
To be paid in cash.
16,511 shs.]
General creditors
$6
781
Financial Chronicle
Volume 143
participating certificate and cancel the same.
The holder of a participating certificate is not entitled to direct the sale
of class B shares at a particular price or at a price which will yield him a
All sales of class B shares of Swedish Match Co. made
minimum return.
pursuant to the direction of
made as nearly as practicable
use
holder of a participating certificate will be
in the order in which the relative participating
a
surrendered and, in addition, the escrow agent is entitled to
its discretion as to the time at which class B shares shall be sold and the
certificates
are
number of Stab class B shares to be sold at any one time pursuant to
Net loss for year
Consolidated Income Account for
1
$174,764
$207,126
Five Months Ended May 31
1936
1935
$682,984
$613,427
474,264
Gross revenues
450,976
Operating expenses and taxes
$208,720
10,209
280,303
Interest and
amortization, parent
company
$162,451
10,731
$81,792
Balance
Interest and amortization, subsidiary cos
$129,489
Net loss for five months.
281,209
663,055
Unadjusted debits...
34,154
Class A ($1.60 cum.) common
Class B common
Current
liabilities
Reserves
Capital surplus
.•
$19,505,536
Imco Participating
offered
one
437,876
Total...
$19,505,536
v'
Co., Ltd.—-Exchange Offei
The holders of International Match Corp.
are
14,559
1,371,533
53,377
2,341,021
1,107,362
Deficit
Total..
1,363,120
11,228,400
debt
Funded
Property purchase obligations
Consumers' advances
—V. 142, p. 292.
$1,673,208
2,129,803
$6 preferred stock
participating preference stock
participating certificate of Imco Participating Co.,
Ltd.,
for each two shares of International Match Corp. participating
preference stock.
Scrip, exchangeable for full participating certificates
when assembled with other scrip in appropriate amounts, is being offered
in exchange for odd shares of such participating preference stock.
A pros¬
pectus dated July 8, filed with the Securities and Exchange Commission,
affords the following:
Purpose—Charles E. Adams, Frederic A. Delano, Harold I. Pratt, Row¬
land H. George, David B. Stern and Frederic S. Goodwin are acting as a
protective committee for the International Match Corp. participating
preference stock.
As of May 13, 1936, 383,699 shares of International
preference stock were deposited under the protective agreement. The pro¬
tective committee has been negotiating with representatives of Swedish
Match Co.; Irving Trust Co., as trustee in bankruptcy of International
Match Corp.; Aktiebolaget Kreuger & Tolls Konkursbo; Guaranty Co. of
New York, and City Co. of New York, Inc., who were interested and (or)
engaged in the original issue and sale of International preference stock;
the protective committee acting under deposit agreement dated April 11,
1932, for the 20-year 5% sinking fund gold debentures and 10-year 5%
convertible gold debentures of International Match Corp.; the protective
committee acting under debenture holders' protective agreement dated as
of April 8,1932, for the 5% secured sinking fund gold debentures of Kreuger
& Toll; and certain other committees representing security holders of Inter¬
national Match Corp. and (or) Kreuger & Toll, in an effort to obtain some¬
thing of value for the holders of International preference stock and holders
of the certificates of deposit of the protective committee.
These negotia¬
tions resulted in this offering of participating certificates and scrip.
The protective committee interested certain English holders of Inter¬
national preference stock, not deposited with the protective committee and
unconnected with it, in the proposed plan. As a result these English holders
formed Imco to take advantage of this plan which had been so negotiated
in order that the proposed offering of participating certificates and scrip
might be made possible.
Funds to cover the expenses incident to the
organization of Imco, and to the proposed offering of participating certifi¬
cates and scrip, will be provided by the protective committee out of funds
furnished to it by Guaranty Co. of New York and the City Co. of New
York, Inc.
Imco is informed that the protective committee has advised the holders
of International preference stock and the holders of its certificates of deposit
that it believes that the proposed offer of Imco is the best that could be made
in exchange
the circumstances.
formed by British holders of
to them under all
Imco
was
International preference stock for
of furnishing the machinery to take advantage of this
plan, to make the proposed offering, to execute orders of holders of the
participating certificates for the sale of class B shares of the Swedish Match
Co. held by Lazard Brothers & Co., Ltd., as escrow agent, and to transmit
amounts received therefrom to such holders in accordance with the terms of
the sole purpose
the participating certificates.
Terms of the Offering—The
participating certificates of Imco are to be
stock presently outstanding
For each two shares of International preference stock
offered to holders of International preference
on
the following basis:
the
above,
for the
thereon the dates upon which such period commences
Swedish Match Co. are not deposited with
the escrow agent on or prior to July 1, 1937, or permission to deal in said
shares on the Stock Exchange, London, is not granted on or before said
date, then in that event the certificates of International preference stock,
If all 675,000 class B shares of
delivered to Imco pursuant to the offer of exchange, shall be re-delivered to
the holders of participating certificates against surrender thereof for can¬
(Such agreements provide that the 125
the Swedish Match Co. has agreed to cause to be
Liabilities—
Deferred accounts._.
purpose of stamping
and terminates.
cellation.
Consolidated Balance Sheet, Dec. 31, 1935
Property, plant, equip., &c_.$17,998,995
Current assets.
541,442
Mlscell. Investments.
21,129
246,761
Special deposits
direction of holders of participating certificates.
At any time on or after the commencement of the period referred to
holders of participating certificates may surrender the same to Imco
,000 class B shares which
deposited will be deemed
deposited upon the delivery to the escrow agent of an agreement by Stockholms Enskilda Bank Akfiebolag to deposit the same.) The holders of par¬
ticipating certificates will have no other rights to the return of International
preference stock whether or not such holder exercises his right to surrender
his participating certificate to
Imco for cancellation and direct Imco to sell
Swedish Match Co, held in
outside the United States one class B share of
by the escrow agent.
The participating certificates are to be issued upon the following terms
and conditions, to all of which each taker or owner thereof consents and
agrees: (a) title to the certificate shall be transferable to the extent per¬
mitted by law with the same effect as in the case of a negotiable instrument;
(b) any person in possession of the certificate, regardless of the manner in
which he shall have acquired possession, is thereby authorized to represent
himself as the absolute owner thereof and is thereby granted power to
transfer absolute title thereto by delivery thereof to a bona fide purchaser,
that is, to any one who shall purchase the certificate for value (present or
antecedent), without notice of prior defences or equities or claims of owner¬
ship enforceable against his transferor; (c) every prior taker or owner waives
escrow
and renounces all of his equities or rights in the certificate in favor of every
such bona fide purchaser shall acquire
absolute title to the certificate and to all rights represented thereby; and
(d) Imco and the escrow agent may, at their option and in their discretion,
respectively, accept and treat the bearer thereof as the absolute owner
thereof for all purposes, and neither Imco nor the escrow agent shall be
affected by any notice to the contrary.
Neither the holder of a participating certificate nor any other person shall
have any rights under the participating certificate against the escrow agent
or any person other than Imco and neither Imco nor its officers shall be
liable under the terms of the participating certificate for anything whatso¬
ever except wilful misconduct provided that this provision shall not affect
any liability arising otherwise than under the terms of the certificate.
The 675,000 participating certificates (including scrip for all or part of
675,000 participating certificates) authorized and offered may not be in¬
creased in amount and the capital shares presently authorized and out¬
standing may not be increased in amount. No other class of securities may
be issued. by Imco.—V. 143, p. 113.
such bona fide purchaser, and every
.
New Haven Water
Calendar Years—
Income from operation.
1935
$1,695,191
183,725
Oper. & maintenance
General expense
Taxes
Co.—Earnings—
...—
203,906
311,272
235,325
Depreciation
1 QT?
1932
$1,575,664
$1,420,078
1934
$1,696,600
164,636]
208,156)
683,720)
306,199/
233,883
238.7731
184,157
208,084
231,765
230,060
Balance, deficit
$566,012
272,728
$464,585
$366,750
560,000
560,000
$293,284
520,000
$121,184
Net income
Dividends
319,141
560,000
Non-oper. deducts, (net)
$653,171
286,421
$438,816
Net revenue
$95,415
$193,250
$226,716
$760,962
322,146
$783,725
Comparative Balance Sheet Dec. 31
1935
$
pl't & eq. .14,955,888 15,059,377
351,018
391,426
318,805
Cash
190,370
206,157
Acc'ts receivable
177,550
.
.
Notes receivable.
Other assets
.
Total
141,
Funded
Acct.
debt
$
6,400,000
payable and
67.050
104,656
146
183
Res've for taxes._
62,096
127,893
7,420
148,948
119,859
Dividends payable
92,915
280,000
9,370
126,507
Surplus
280,000
2,190,495
16,191,278
Total
.
accrued.
Inventories
—V.
7,000,000
6,400,000
Capital stock
1934
7,000,000
15,999,641
.
Interest
$
Liabilities—
Prop.,
Inv. in sub. co
1935
1934
$
Assets—
p.
2284.
accrued
items..
2,313,706
....15,999,641 16,191,278
782
Financial
Chronicle
Aug. 1, 1936
The Commercial Markets and the
Crops
COTTON—SUGAR—COFFEE—GRAIN—PROVISIONS
PETROLEUM—RUBBER—HIDES—METALS—DRY GOODS—WOOL—ETC.
sudden and sharp upturn in the market.
Commission houses
active buyers.
Offerings from primary markets con¬
COMMERCIAL EPITOME
were
Friday Night, July 31, 1936.
Coffee—On the 27th inst. futures closed 5 to 8 points
higher for Santos contracts.
Sales totaled 7,500 bags.
Old Rio contracts closed 6 to 9 points higher.
Sales were
4,000 bags.
New Rio contracts closed 9 to 14 points higher.
Sales of hew Rio totaled 2,250 bags.
Rio de Janeiro futures
were 25 to
100 reis higher.
Cost and freight offers from
Brazil were steadier, with Santos Bourbon 4s at from 8.95
to 9.10c.
Local spot prices were steady, with nothing
of consequence in the way of sales.
Havre futures were
34 to 34 franc higher.
On the 28th inst. futures closed
1 point higher to 2 points lower for Santos contracts.
Sales
of this contract totaled 9,500 bags.
Old Rio contracts
closed 4 to 7 points higher, with sales of 6,250
bags.
New
Rio contracts closed 8 to 10 points higher, with sales of
3,250 bags.
Rio de Janeiro futures were 100 reis lower to
150 reis higher.
Cost and freight offers from Brazil were
about unchanged, with Santos Bourbon 4s at from 9.00 to
9.15c.
Local spot prices held steady to firm.
Brazilian
coffees here and afloat totaled 870,000
bags, against 888,000
last year and 859,000 in 1934.
Havre futures were un¬
changed to 34 franc higher.
On the 29th inst. futures
closed 4 to 9 points down for Santos contracts.
Sales totaled
9,500 bags.
Old Rio contracts closed 3 to 6 points lower.
tinued
were
Local closing: Sept., 6.15; Dec., 6.25; Jan., 6.28; March 6.37;
May, 6.45.
Sugar—On the 27th inst. futures closed unchanged to
points lower.
Sales were 11,000 tons.
The selling in the
1937 positions was credited to producing interests.
These
months have lost 16 to 17 points since July 10.
In the
•market for raws sellers are holding at about 10 points over
bids.
Except for one cargo of Puerto Ricos, clearing Aug. 12,
at 3.70c., 3.80c. to 3.85c. is asked.
Refiners were reported
to be getting a bit more new business at 4.75c.
On the
28th inst. futures closed 2 points lower to 1 point higher.
5
Sales totaled
19,150 tons, which was the heaviest volume
May.
There was considerable hedge selling
in the new crop months, coming largely from producers,
and believed to have been influenced by the easier raw
since
were 3,750 bags.
The new Rio con¬
points lower, with sales of 2,250 bags.
Janeiro futures were 25 to 75 reis higher.
Cost
and freight offers from Brazil were
irregular, with some
offers off 5 to 15 points.
Santos 4s were generally at 8.85
to 9.10 c.
Havre futures were 34 franc lower to 34 franc
higher.
Rio
to
4
de
On the 30th inst. futures closed 10 to 12
Santos contracts with sales of
30,500 bags.
tracts closed 12 to 16 points
New Rio contracts
points up for
Old Rio con¬
higher, with sales of 2,000 bags.
closed 18 to 20 points higher, with sales
of 7,250 bags.
Rio de Janeiro futures were 50 to 150 reis
higher.
Cost and freight offers from Brazil were 10 to 15
points higher in some instances, with Santos 4s generally at
from 8.95 to 9.10c.
Colombian coffees
zales at 1134c.
fHavre futures were
franc lower.
were
firm with Mani-
34 franc higher to 34
Today futures closed 13 to 18 points up for
Santos contracts, with sales of 158 contracts.
tracts closed at 9 to 12
Old Rio
con¬
points advance, with sales of 63
con¬
New Rio contracts closed at 24 to 30
points up, with
sales of 65 contracts.
Rio de Janeiro futures were 350 to
375 reis higher, and in Santos futures were 300 to 500 reis
tracts.
•
higher.
The Brazilian Government was reported a buyer.
Importers are said to have bought 20,000 bags of Santos 4s
late yesterday at 9 c.
Cost and freight offering prices were
9.05 to 9.0734c. today.
Havre futures were 34 to 1 franc
higher.
'
Rio coffee prices closed
July
—» »
September-
-
Santos coffee
as
9.16
9.19
-
5.07
-5.11
follows:
September
—8.94
December
9.10
9.25
—
Cocoa—On
the 27th inst. futures closed 1
point lower.
considerable selling by the Wall Street element,
but these offerings were well absorbed
by the trade.
Manu¬
facturers were reported inactive.
Volume of sales totaled
There
186
an
was
lots, or 2,492 tons.
New York warehouse stocks showed
increase of 486 bags.
Local closing: Sept., 6.14; Dec.,
6.37; May, 6.45.
On the 28th inst. futures
unchanged.
There was further Wall Street liquida¬
tion, these offerings being readily absorbed by the trade
and commission houses.
Manufacturers were still noticeably
absent from the market.
New York warehouse stocks
a new
low figure for the past 334 years.
Volume of business transacted
113 lots, or 1,514 tons.
on
the
local
Exchange
was
Closing: Sept., 6.14; Dec., 6.26;
Mar., 6.37; May, 6.45.
On the 29th insL futures closed
1 to 3 points lower.
Sales totaled 142 lots, or 1,903 tons.
Price range continued narrow.
A buyer who has been
accumulating Mays for some time past was in the market
again purchasing a fair portion of the total in that month.
It is estimated that in recent sessions
the accumulation for
this one account runs into more than
several hundred lots.
Warehouse stocks declined a further 499
bags yesterday to
708,704, another new low.
Local
closing: July, 6.50;
Sept., 6.13; Oct., 6.15; Nov., 6.20; Dec., 6.24; Jan., 6.27.
On the 30th inst. futures closed 3 to 5
points down. Trad¬
ing was very quiet, the speculative element evidently being
attracted to the grain markets. The
manufacturing interests
also seemed indisposed to make
any commitments.
A
further decrease of 1,900 bags in warehouse stocks
was
reported. Local closing: Sept., 6.09; Dec., 6.19; Mar., 6.32;
•May, 6.39. J Today futures closed 5 to 6 points up. Revival
of speculative interest in
cocoa
futures
the
AAA
announcement
was
indicated
by
a
that
97,909 tons of
•
Philippine quota had been reallotted to the other areas.
National Sugar bought 38,000 bags of Puerto Ricos, second
half August clearance, at 3.65c., making a new spot
price
off 5 points.
The 97,909 tons of the Philippine quota reallotted was the amount on which the full duty of
1.8734c.
would have to be paid if shipped to United States this year
because of the limit of duty free shipment set by the Inde¬
pendent Act.
London futures closed unchanged to 34d.
higher.
On the 29th inst. futures closed unchanged to
3 points lower.
Sales were 7,500 tons.
The new crop
months registered a drop of 20 to 27 points under the top
prices of the year, July recording a loss of 20 points since
July 13.
Offers in the market for raws included one cargo
of Puerto Ricos at 3.70c., and one lot of St. Croix at the
same
price.
Other than this prompt sugar, sellers were
holding nominally at from 3.30 to 3.85c.
Refiners, it is
thought, might pay 3.65c.
In the refined, Sucrest an¬
nounced a price of 4.75c. for October-November shipment,
off 10 points, and a price of 4.45c., off 25 points, for
JanuaryFebruary delivery.
An interesting item of news was the
report that three Louisiana sugar plants, long idle, will be
reopened.
London futures closed unchanged to 34d. lower
except for spot July, which was 34d- higher.
Raws were
reported sold at 4s. 534d., or about 0.84c., f.o.b. Cuba,
with further sellers at 4s. 6d., Or about 0.85 ^c.
On the 30th inst. futures closed 2 to 3
points higher.
Transactions totaled 4,850 tons.
In the market for
raws
a
1,100 ton lot of St. Croix offered Wednesday at 3.65c., had
been advanced to 3.70c., and the
shipping date postponed
until September.
One 10,000 bag lot of Puerto Ricos, first
half August, was still on offer at 3.65c., while other lots were
at 3.70c. for second half August, and one Cuban
cargo was
Refiners
were
believed
willing to
3.65c. for September arrival sugars.
London futures
were
unchanged except for August, which was off 34d. Raws
were offered in a small
way at 4s 534d., the price at which
about 27,000 tons sold yesterday.
Today futures closed
unchanged to 1 point up. Trading was light, with the under¬
tone steady.
No sales of raws were reported, but refiners
were said to be interested in
September sugars and willing
to pay 3.65c.
Withdrawals of refined sugar continued only
fair.
Futures were unchanged to 34d. higher in
London,
pay
while
raws
sold at 0.84 of
a
cent f.
be closed tomorrow and also
Prices
6.26; Mar.,
closed
dropped 795 bags to
and
market
offered also at that level.
follows:
4.481 December
5.07 J March,.
prices closed
March
May
July
as
early
the
Sales of this contract
tract closed 3
scarce.
Warehouse stocks decreased 1,000 bags, and
reduced to 705,778 bags, a new low for several years.
were as
July—
March.
—
.-.,-
September
on
o.
b. Cuba.
London will
Monday.
follows:
2.451 January
2.44 May...
.—-..-2.74)
-_l
'
2.49
2.44
•'
:—:—
,
Lard—On the 25th inst. futures closed 2 points lower to
points higher.
Trading was light.
The hog market was
a quiet affair.
Total receipts at the principal Western mar¬
kets were light at 12,600 head, against 12,100 for the same
day last year.
Liverpool lard futures finished steady, un¬
changed to 6d. higher.
There were no export clearances of
lard reported from the Port of New York on
Saturday.
On
2
the 27th inst. futures closed 7 to 12 points
higher.
Trading
moderately active, with packers the best sellers on the
The undertone was firm throughout the session.
Closing hog prices at Chicago were unchanged to 15c. higher.
The.bulk of sales ranged from $10.80 to $11, and the
top
price quoted on the day was $11.10.
Western receipts were
fairly liberal and totaled 68,200, against 45,100 for the same
day a year ago.
Liverpool lard futures closed quiet, with
was
advance.
spot and September deliveries finishing unchanged and the
deferred months 3d. lower.
There
were
the week-end from the Port of New York.
no
clearances
over
On the 28th inst.
futures closed 7 to 12 points higher.
The continued strength
in hogs and the firmness in all grain markets were the chief
factors contributing to the strength of lard.
Western
hog
were again fairly liberal and totaled 58,600, against
37,800 for the same day last year.
Prices at Chicago closed
receipts
Financial
Volume 143
10c. higher, with the top price
registering $11.15.
.
Most of
the sales
reported ranged from $8.80 to $11.05.
Liverpool
lard futures were virtually unchanged on the near months,
with the later deliveries 3d. to 6d. higher.
Export ship¬
ments of lard from the Port of New York
continued to
run
light, with clearances Tuesday totaling 8,400 pounds to
Glasgow.
On the 29th inst. futures closed 20 to 30 points
up.
These were the top prices of the day.
The pronounced
strength was attributed to shortage of feed crops this year,
this in turn having a marked effect in strengthening the hog
market.
An added factor in the rise of prices was aggressive
buying on the part of speculative interests.
The market,
in the trade's opinion, is in fact in the hands of the specu¬
lative interests, who are influenced by the recent action of
corn.
New highs for the season were established in hogs
yesterday, and prices at Chicago closed 10 to 15c. higher.
The top price of the day was $11.30, and the bulk of sales
reported ranged from $9 to $11.15. -Receipts at the prin¬
cipal Western markets were 54,400 head, against 34,000 head
for the same day a year ago.
On the 30th in^t. futures closed 20 to 30 points higher. At
one time ^prices soared to a level of 30 to 40 points above
yesterday's finals. General buying by speculative and trade
interests advanced lard futures.
This extraordinary demand
was influenced largely by the skyrocketing of corn prices,
which were in turn affected by alarming official reports that
over half of the corn crop was lost.
The weakness in hogs,
which were 10c. to 20c. lower,—was practically ignored by
speculators. The top price early in the day was $11.20, and
some
of the sales reported ranged from $8.70 to $11.05.
Western receipts were again liberal and totaled 56,300 head,
against 32,000 for the same day a year ago.
The export
demand for lard continues slow.
Liverpool lard futures
followed the advance in American markets on Wednesday
and closed firm, 9d. to Is. higher.
Today futures closed 5 to
12 poihts up with the exception of July, which showed a net
gain of 20 points.
The wild upward movement in the grain
markets, especially in corn—is naturally affecting lard be¬
cause of the greatly diminished supplies and expensiveness
of feed, which will in turn affect hogs and lard.
DAILY
PRICES OF LARD
CLOSING
,
July
September
October
December
Sat.
10.95
11.02
11.07
11.07
Mon.
FUTURES IN CHICAGO
Tues.
11.02
11.10
11.15
11.17
11.22
11.27
Wed.
11.15
11.20
'
11.35
11.40
11.42
31.55
Thurs.
11.55
11.70
11.75
11.90
Fri.
11.75
11.77
11.80
12.02
Pork—Mess, $31.00 per barrel; family, $30, nominal, per
barrel; fat backs, $21 to $24 per barrel. Beef: quiet.
Mess
nominal; packer nominal; family $15 to $16 per barrel,
nominal; extra India mess, nominal.
Cut Meats: pickled
hams, picnics, loose, c. a. f.: 4 to 6 lbs., 16Hc., 6 to 8 lbs..,
15^0.; 8 to 10 lbs., 14c. Skinned, loose, c. a. f. 14 to 16 lbs.*
23Mc.; 18 to 20 lbs., 22^c.; 22 to 24 lbs., 20^c.
Bellies,
clear, f. o. b., New York: 6 to 8 lbs., 22c.; 8 to 10 lbs., 21 %c.
10 to 12 lbs., 20%c. Bellies, clear, dry salted, boxed, N. Y.:
14 to 15 lbs., Uy8e.; 18 to 20 lbs., 14^c.; 20 to 25 lbs.,
14^0.; 25 to 30 lbs., 143^c. Butter: creamery, higher than
extra and premium marks: 35 to 35Cheese: State,
Whole Milk, held, 1935, fancy, 23 to 23UjC.
Eggs: Mixed
colors, checks to special packs: 17^ to 28c.
Oils—There is
a
continued improvement in the volume of
Crushers are holding firm at 9t^c.
deliveries of Linseed oil.
in tanks.
•
Quotations: China Wood: tanks, forward, 17.5c.,
drums, spot, 18.0c.; Cocoanut: Manila, tanks, Coast, 43^c.,
spot, 4^c.
Corn, crude, tanks West mills, 9Jic.
Olive,
denatured, spot, Spanish, 1.10c.
Soy Bean: tanks, mills,
8}£c., C. L. drums, 9.2c., L. C. L., 9.7c. Edible, 76 degrees,
10Mc.
Lard, prime, extra strained winter, 1134c.
Cod,
crude, Newfoundland, nominal, 41c.; Norwegian Yellow,
35V£c.
Turpentine: 41c. to 45^c.
Rosins: $6.25 to $8.35.
Cottonseed
Oil
Crude S. E., 8%c.
December
sales, including switches, 217 contracts.
Prices closed as follows:
9.98(5)
August
September..
9.97 (a)
October
9.98(a)
10.01 @10.02 November
January
February
July
10.00(5)
10.00(a)
...
9.98@10.02
9.98 @
Rubber—On the 27th inst. futures closed 4 to 7 points
Sales totaled 750 tons.
During the day 100 tons
delivery against July contracts.
London
and-Singapore closed quiet and steady, with prices un¬
changed to l-16d. higher.
Local closing: July, 16.34;
Sept., 16.36; Dec., 16.48; Mar. (1937), 16.59; May, 16.67.
In the local market outside prices were slightly firmer,
with standard sheets quoted at 16 9-16c. for nearby deliveries.
On the 28th inst. futures closed 11 to 12 points higher,
higher.
were
tendered for
Transactions totaled 560 tons.
Factories resumed buying
somewhat larger scale and prices in the outside market
advanced l/8c. per pound to a spot basis of 16 9-16c. per
op. a
pound for standard sheets.
business
was
also
done.
A larger volume of shipment
Certificated stocks
of rubber
in
Chronicle
totaled 170 tons.
London was quiet and unchanged.
Loca
closing: Sept., 16.41; Dec., 16.51; March, 16.63; May, 16.72-:
Today futures closed unchanged to 4 points down.
Sales
totaled
16.58; May, 16.77.
Oh the 30th inst. futures closed 2 to 7 points down.
ing
was
quiet and without special, feature.
94
Transactions
was
little
interest
in rubber
trading was dull. London closed
unchanged, but Singapore was 1-32 to l-16d lower. Local
closing: Sept., 16.40; Dec., 16.51; March, 16.61; May, 16.68.
as a
consequence
Hides—On the 27th inst. futures closed 9 to
11 points
pounds.
In the domestic
spot markets sales of 5,000 June-July light native cow hides '
were
reported at 11c. a pound.
It was also learned that
2,000 heavy native cows had been sold at ll^c.
Nothing
was reported
from the Argentine on frigorificos.
Unsold
stocks in salt as of July 24 amounted to only 8,000 Argentine
steers, July salting, for which sellers at that time asked up
to 12c.
Local closing: Sept., 11.18; Dec., 11.52; Mar.,
11.82; June, 12.11.
On the 28th inst. futures closed 4 to 9
points up.
Sales totaled 2,440,000 pounds.
In the Argen¬
tine spot market 13,000 frigorifico steers sold at 12c., July
higher.
Sales
totaled
take:off, representing
920,000
The
closing:
Local
11.90; June, 12.20.
18
fractional advance
a
previous sale.
feature.
domestic
over
the last
without
11.60; Mar.,
spot markets were
Sept.,
11.22;
Dec.,
On the 29th inst. futures closed 12 to
points higher.
Transactions totaled 4,920,000 pounds.
markets totaled 49,300
with July heavy native steers selling at 13 cents.!
Sales reported in the domestic spot
hides,
This was an advance of V£e. against the last sale.
Local
closing: Sept., 11.40; Dec., 11.72; Mar., 12.02; June, 12.32.
On the 30th inst. futures closed unchanged to 2 points
lower.
Transactions totaled 2,280,000 pounds.
Continued
activity was reported in the spot market as firm prices.
Heavy sales of raw hides in Chicago were reported.
The
total was stated to be 76,800 hides.
Prices were firm, light
native cows May-June take-off bringing lie.
Certificated
stocks decreased 2,168 hides.
They now total 858,814 hides.
Local closing: Dec., 11.70; March, 12.02; June, 12.32. Today
futures closed 13 to 17 points down.
Sales totaled 120,000
pounds in the forenoon, and for the day totaled 160,000
pounds. Warehouse stocks decreased 12,730 hides to a total
of 846,084 hides.
Local closing: Dec., 11.57; June, 12.15.
Ocean
ing
as
Freights—Commodity
news was
all highly promis¬
to trans-atlantic grain freight.
Charters included:
Sugar: Aug., Cuba to United Kingdom-Continent,
Trips: trip across, $1.75; West Indies round, 95c.; same, p. t.;
$1.03.
Wheat: Aug. St. Lawrence, A.R. p.p.
United Kingdom
2s. basis.
Coal: prompt Hampton Roads to Santos 10s.
Grain booked:
This included some loads from Albany and some from New York, to Antwerp
at 10c. to the Mediterranean at 14c. a total of 24 loads in all; 8 loads to the
13s. 9d.
same,
\
•
Mediterranean at 14c.; Albany and New York together booked 56 loads of
grain to Antwerp at 10c.
Coal—New York coal merchants generally expect a slowly
rising early autumn industrial demand, beginning about midAugust.
The anthracite handlers, as well as the domestic
bituminous trades look for a fair upturn also in early buying
by retailers, who have reduced stocks and have been for the
most part out of the market since early June.
Many op¬
erators in southern West Virginia are now on a six-days-aweek working basis to meet run of mine requirements.
Bituminous production for the third successive week rose in
the seven days ended July 25th.
The output then was
7,220,000 tons.
For three weeks to July 25th it was 21,104,000 tons, and the weekly average 7,074,000 tons, com¬
pared respectively with 16,378,000 and 5,459,000 tons a'
year ago.
Copper—The only real development of interest was the
production quotas abroad, placing foreign
producers on a 75% basis owing to the heavier consumption
in European countries, this of course applying to those com¬
panies operating under the restriction agreement. This is an
advance from the current permitted rate of 70%.
Primary
copper production of foreign companies on the 30% curtail¬
ment basis was around 66,000 tons monthly, or 792,000 tons
a year.
The new 25% curtailment will permit a monthly
output of about 70,000 tons, or 848,400 tons annually.
In
the opinion of the domestic copper trade, the quota increase
is a modest one, considering the present heavy consumption
of the metal abroad.
Recent heavy purchases of copper by
Great Britain, the Continent, Russia and Japan have re¬
duced supplies to below normal.
Foreign purchasing in the
domestic market, moreover, was held responsible in a
measure for the recent advance of copper Jo the 9%c. level,
from 9^c.
Sales have been rather light during the past
week, which was to be expected in view of the very heavy
buying by consumers recently for delivery over AugustNovember period.
June statistics revealed world stocks of
around 460,000 short tons, of which approximately one-half
was held in the United States, a reduction of 7,000 tons from
the previous month.
increase of copper
Tin—The feature of the week
was
the outcome of the
Siamese negotiations, reports upon
which were most confus-.
ing, and led to considerable irregularity in the markets.
Early advices stated that there had been "mutual acceptance
of the principle of renewing tin restrictions (with Siam), but
further negotiations were necessary as to quota."
Gains of
more
than £3 were quickly scored at London, and with
American buying reported a factor, prices rose further at the
second session Wednesday, making the gain £6 5s on standard
and £5
Trad¬
There
contracts.
futures and
warehouses licensed by the Exchange
decreased by 30 tons
to 15,780 tons.
During the day 140 tons were tendered for
delivery against July contracts.
London and Singapore
closed quiet and steady, with prices showing slight advances.
Local closing: July, 16.45; Sept., 16.48; Dec., 16.60; Mar.,
16.70; May, 16.79.
On the 29th inst. futures closed 1 to 5
points lower.
Sales totaled 150 tons.
Spot ribbed smoked
sheets declined to 16.47 from 16.50.
London and Singapore
closed slightly higher.
Local closing: Sept., 16.45; Dec.,
783
a
ton
guide, §ales
to
41.65c.
on
Straits.
With these advances abroad
as ar
made here in Straits for October at 41.62 Ho.
Later advices severely checked this feeling of
were
•
784
Financial
optimism concerning Siam
negotiations,
and naturally
affected prices.
One report had it that a cable was received
by Amsterdam from the International Tin Committee to the
effect that the Siam deadlock had been ended without coming
to any definite agreement.
A Reuters advice from Batavia
quoted M. Vandebrook, committee delegate who conferred
with the Siamese officials last week, as stating that nego¬
tiations "have been definitely broken off."
He added that
negotiations will only be resumed at Siam's request. Arrivals
of tin at Atlantic ports for July so far total 5,936 tons; at
Pacific ports 320 tons; tin afloat to United States ports
Thursday Was 5,476 tons; official warehouse report 265 tons.
Lead—Although there is no urgent demand, the market's
position is strong, and regardless of how quiet conditions
become, the feeling prevails that prices will not only hold,
but eventually go higher.
It is estimated that some 80% of
consumers' needs for August have been covered, with Sep¬
tember 20 to 25% taken care of.
The American Bureau of
Metal Statistics Wednesday showed that lead consumption
outside of the United States this year has averaged 101,178
tons a month, against 98,665 tons in all of 1935, and
95,771
tons in 1934.
The report is based on three to six months'
consumption in leading foreign consuming countries.
Zinc—A
quiet demand for the metal has been in evidence.
buying is being spread over a
three-month period, with recent business calling for deliveries
Prices continue steady.
through October.
Advices from
It is reported that current zinc
Idaho said that for the first time in ten years a $2,000,000
zinc plant in the Coeur D'Alene mining region is operating at
full
capacity. In the tri-State district operators have under¬
a reversal of sentiment since last week, and higher
prices are now forecast for both the metal and the ore.
Shipments of concentrate last week were the best in six
gone
weeks.
Steel—Operations in steel showed further gains, the rate
this week being estimated at 71.5% of capacity.
This is an
increase of 0.6 points over the previous week, and compares
with
44% of capacity for the corresponding week last year.
It is calculated now that steel buying has gathered sufficient
fresh momentum to sustain production through August at
approximately its present rate.
This week's ingot output
may be the peak of midsummer production.
According to
steel observers the outlook for the ensuing months is de¬
cidedly promising regardless of politics. Labor disturbance,
has ceased to be a threatening factor.
The current buying
movement, which shows no marked signs of subsiding, has
placed a fairly large accumulation of orders on mill books
on top of the heavy June
backlogs, not all of which has been
shipped..
Accompanying the strong steel situation is a
general mark-up of scrap prices, with heavy melting steel
50c. a ton higher at Pittsburgh, Chicago and Philadelphia,
resulting in an advance in "The Iron Age" scrap composite
to $13,67, compared with $13,25 last week.
The sustained
demand for finished steel products at this time,
when
normally a marked recession is in order—is one of the out¬
standing industrial developments of the year.
Operations
are
maintained at leading steel centres at above 71% of
capacity, and one of the most wholesome features is the
diversified character of the demand for steel.
Among recent
orders received are 4,000 tons for a paper mill in Charleston
by Virginia Bridge Co., 700 tons for rayon mill addition at
Rome, Ga., also by Virginia Bridge, and 200 tons for a
Southern Railway bridge in Virginia, by the same company.
Chronicle
Aug. 1, 1936
these lines do not make distributors of the domestic
too comfortable.
any
wool for
use
is viewed
Prices
firm
are
on
clip feel
all types of scoured
Current inaction
in the woolen manufacture.
temporary, and there is much expectation of a
substantial early fall business.
as
Silk—On the 27th inst. futures closed 3 to 6 points higher.
Certificated stocks of raw silk in
Sales totaled 740 bales.
warehouses licensed
by the Exchange increased by 20 bales
the close of business
Friday.
During the day 110 bales were tendered for delivery
against July contracts.
The price of crack double extra in
the New York spot market advanced 2c. to $1.73.
The
Yokohama Bourse closed 6 to 13 yen higher, while the price
of grade D in the outside market advanced 5 yen to 735 yen
a bale.
Yen exchange was unchanged at 29 HLocal clos¬
ing: July, 1.70H; Aug., 1.55; Sept., 1.65; Oct., 1.63; Nov.,
1.62; Dec., 1.62.
On the 28th inst. futures closed 4c. to 6c.
up.
Sales totaled 1,540 bales.
During the day 160 bales
were tendered for
delivery against July contracts.
This was
the last day upon which such notices could be issued.
The
to
a
total of 5,30 bales in storage at
total for
the
month
stands
bales.
320
at
Price of crack
double extra in the New York spot
market advanced 3He.
to $1.76HCertificated stocks of raw silk in warehouses
licensed by the Exchange increased by 20 bales to a total of
550 bales in storage at the close of business Monday.
The
Yokohama Bourse advanced 15 to 19 yen, while the price of
grade D in the outside market advanced 17H yen to 752 H
yen a bale.
Yen exchange was unchanged at 29Local
closing: Aug., 1.70; Sept., 1.69; Oct., 1.67; Nov., 1.66H;
Dec., 1.66HOn the 29th inst. futures closed 2 to 5c.
lower.
Transactions totaled 1,150 bales.
Spot advanced lc.
to S1.77HThe Yokohama Bourse closed 3 yen lower to
2 yen higher, while the price of grade D in the outside market
advanced 10 yen to 762 H yen a bale.
Yen exchange was
unchanged at 29HLocal closing: Aug., 1.68; Sept., 1.67;
Oct., 1.62H; Nov., 1.62H; Dec., 1.62H<
On the 30th inst. futures closed lc. lower to 2He. higher.
The price of crack double extra silk in the New York spot
declined He. to $1.76 a pound.
The Yokohama
market
Bourse closed 2 to 3 yen lower.
In the outside market grade
D silk was 12H yen lower at 750 yen a bale.
In the New
York market sales totaled 60 contracts or 78,000 pounds.
Local
closing: Sept., 1.68; Oct., 1.65; Nov., 1.64;H Dec.,
1.64; Jan., 1.63; Feb., 1.63; March, 1.63.
Today futures
closed He. to 2He. up.
Transactions totaled 104 contracts.
The price of crack double extra in the New York market
unchanged at $1.76. The Yokohama Bourse advanced
while the price of grade D silk rose 2H yen to
752H yen. Local closing: Aug., 1.70; Sept., 1.68H; Oct.,
1.67H; Nov., 1.65H; Dec., 1.64H; Jan., 1.65; Feb., 1.64H;
Mar., 1.65.
was
1 to 2 yen,
COTTON
Friday Night, July 31, 1936.
The Movement of
the
Crop, as indicated by our tele¬
grams from the South tonight, is given below.
For the week
ending this evening the total receipts have reached 39,742
bales, against 28,419 bales last week and 16,973 bales the
previous week, making the total receipts since Aug. 1, 1936,
6,788,727.
Receipts at-
Sat.
Man.
Wed.
Tues.
Fri.
Thurs.
Pig Iron—There was very little of interest in the reports
from pig iron centers. However, furnace agents here recently
were able to
report the receipt of a good inquiry for pig iron
in single carloads.
A feature of this business is provided by
delivery specifications running to the end of September, in
addition to prompt
delivery orders.. A large number of con¬
suming plants have been working on iron purchased during
the last quarter of 1935, and it is expected these supplies will
have to be replenished soon.
Large iron orders are still
lacking in current demand, and it is expected that business
of this type will be deferred until fourth
quarter buying gets
under way.
There are no indications as yet that a settlement
of the Brooklyn Molders' strike will soon take place.
On
the whole sentiment in the trade is cheerful, the feeling being
quite general that pig iron, will soon reflect in a substantial
way the marked recovery of business and industry throughout
the country.
Wool—Conditions have been quiet, but
regardless of this
trade, dealers are holding firm, confident of the
strength of their position.
There are many inquiries, but
few sales.
It is reported that there is no cheap wool to be
had in the Boston market at this time, and the consensus of
opinion is that a stable basis on domestic wool has now been
accomplished.
Unsold stocks in growers' hands are not
causing any uneasiness, the growers appearing just as confi¬
dent of their strong position as the dealers.
Supplies held
in growers' hands are scattered throughout many States. The
foreign wool situation is regarded as generally healthy, and
the strong position in crossbred wools is a rather notable
feature.
Heavy imports of foreign wool in the United States
for the first half of this year are creating considerable interest
on the part of domestic dealers.
It was recalled that these
imports reached a rather imposing expansion during the
latter half of 1935, and naturallly substantial increases along
slowness of
1,980
Houston
"
Galveston
1,596
265
686
14
76
Corpus Christi..
1,066
2,240
,
7
1,907
2,538
2,850
2,136
2,013
"99
200
8
New Orleans
Mobile....
Pensacola
1,951
644
1,325
~122
275
168
7,500
4,946
Charleston
219
l",096
193
The
533
"51
142
1,171
1,873
28
28
•
-
"281
281
"200
35
240
349
349
5,433
4,750
9,673
39,742
Baltimore
Totals this week.
7,964
5,623
12,229
8,559
"890
Wilmington
Norfolk
Total
,119
,986
,569
.140
669
660
281
489
Savannah
945
7,440
1,132
following table shows the week's total receipts, the
Aug. 1, 1935 and stock tonight, compared with
total since
last year:
1935-36
Receipts to
July 31
This
Week
Galveston
Texas City..
Houston.
Corpus Christi...
Beaumont
New Orleans
Since Aug
1 1935
7,964 1,582,943
44,483
174,201
5",623
288,245
12,229
38,152
8,559 1,823,790
Stock
1934-35
This
Since Aug
Week
1 1934
2,842
202
7",774
27,282
2,761
5,312
2",819
"810
1936
1935
224,463
2,548
362,195
1,051
194,952
39,619
25,814
279,340
312,833
82,534
2", 926
78",274
36,650
"43
5,193
2,097
148,257
2,833
66,759
768
270,044
Gulfport
"533
394",325
Pensacola
1,171
Jacksonville
Savannah
Brunswick
Charleston
1,873
170,057
3,981
321,027
"28
215",750
"247
161
25",269
1,652
67
47
1,132
56,054
24,148
47,863
1,652
"281
1,156
11,283
11,223
26,100
18,438
7,293
14,718
17,606
""497
"5~, 829
349
37,708
58
39,742 6,788,727
46,866
Mobile
Lake
Charles
Wilmington
Norfolk
8,436
N'port News, &c.
New York
Boston
Baltimore
427
943
500
1,000
Philadelphia
Totals..
In order that
we
10,961 1,212,092 1,073,695
comparison may be made with other years,
give below the totals at leading ports for six seasons:
Volume
Financial
143
Receipts at—
Galveston
Orleans.
Mobile
533
Savannah
5,119
593
4,351
9,620
3,013
1,262
1,576
2,640
1,122
"1*620
*3*788
""129
5,731
13,374
12,559
4,973
1,123
maximum rise of 19 to 23 points.
This level attracted con¬
siderable profit taking, and pressure became so persistent
827
1,873
43
?"~~28
""*247
*1*786
281
67
293
823
1,132
1,156
998
917
107
364
that within a comparatively short period all of the early gains
vanished, and at the close slight net losses were registered.
A factor that seemed to
play a part in influencing sales, was
the official forecast of rains for Texas and Oklahoma.
Trade
419
Brunswick
"
"
Charleston
purchased approximately 10,000 bales of October.
On the
27th inst. prices closed 1 to 7 points lower.
Trading was
fairly active, especially in the early session, prices showing a
1930-31
1931-32
1932-33
12,104
4,861
15,903
4,168
2,435
2,842
7,774
2,819
2,926
7,964
5,623
8,559
Houston
New
1933-34
1934-35
1935-36
Wilmington..
Norfolk
N'port News.
1
AU others
13,749
28", 992
2*0*094
5*5*443
*71*614
"*5*679
Total this wk.
39,742
46,866
62,636
96,563
98,638
12,986
10,961
16,670
33,012
35,048
12,986
Since Aug. 1—
xne
interests accumulated a fair amount of contracts on the scale
down.
Liverpool cables were 12 to 16 points better than
due, the English market finally closing 7 to 10 points net
higher. Average price of middling based on the 10 designated
spot markets Monday, was 13.07 cents.
exports ior tiie wetm enuiug iius evening icaw <w^uir uuu,
On the 28th inst. prices closed 11 to 13 points down.
Sentiment appears to be getting more bearish concerning the
44,397 bales, of which 21,168 were to Great Britain,
1,770 to France, 8,238 to Germany, 1,313 to Italy, 4,150 to
Japan, nil to China and 7,758 to other destinations. In the
corresponding week last year total exports were 28,792 bales.
Below are the exports for the week.
of
Week Ended
yield of the forthcoming crop.
Rumors that a private crop
estimate placed production slightly below 13,000,000 bales,
strengthened this bearish feeling.
Predictions of rain for the
Southwest found ready response in a selling movement that
carried prices down about $1 a bale,
^JTrom this point the
Exported to—
July 31, 1935
Exports from—
Britain France
Galveston
8,660
Beaumont
Italy
many
1,949
Houston
market made
Ger¬
Great
Japan
3,269
1,867
465
469
-.~
—
1,121
6,221
mmm'
192
.
Pensacola
122
Savannah
1,901
675
200
1,450
--mm
1,193
Charleston
1,036
28
315
Norfolk
Gulf port..
281
m
21,168
Total 1935
......
........
mm—
....
808
mm—
-mm*
..--
--m~
—
—
10,816
12,219
327
2,265
82
-
1,770
8,238
608
44,397
9,333
28,792
1,342
4,550
5,866
6,372
2.440
11,438
5,275
34,611
28,444
18,012 111,243
Exported to—
Aug. 1, 1935. to
July 31, 1936
Exports from—
Great
Ger¬
Britain
Galveston
Japan
China
13,379 264,298 1390,350
14,984 326,363 1591,119
32,164
454,664
461,714
71,437
965
745
2,109
380
150
200
168,521 123,588
7,477
3,931
53,016 24,870
1,504
228,221
39,590
3*444
16*024
6,838
2,769
11,208
1,346
8,984 233,691 1378,685
13,602
43,099
3*750 28,835 315,850
50
3,780
3,659 150,213
5,497
13,119
33,070
4,051
1*500
300
9,701
1,086
1,185
25,345
18,053
15,570
many
Corpus Christ!
218,527
250
Houston
941
Texas City.
"8" 191
Beaumont
New Orleans..
325,092 290,588
5,455l
9,572
137,020 31,936
Lake Charles..
Mobile
Jacksonville..
2,226
.
Pensacola
Savannah
85,173
125,825
Charleston
218,457
2*323
153,317
Wilmington
3,850
3,862
4,531
2,721
8,394
210
~~96
314
3,062
36,423
48,297
35,678
3,506
14,462
472
1,872
11,618
457
Los Angeles
Francisco.
6,333
58,773
2,737
1464,475 716,124
315
Total 1934...
779
887,966,398,059 1551,523
75
9,519
475
42,175 976,984 6037,306
6,272
3,3631601,582 108,674
8431877,515 391,447
3,587
6,807
8,279
us
declining
our telegrams tonight also
the following amounts of cotton on shipboard, not
On Shipboard Not Cleared
Ger¬
Britain France
Galveston
Orleans..
1,000
1,270
2,378
1,400
1*956
Houston
New
3,387
2,034
2,160
Coast¬
many
Foreign
wise
*419
6,604
7,131
4,814
Other
237
1,331
1,000
1,759
2,165
2,200
2,601
1,452
6,100
5,867
7,326
Savannah
Mobile
3",720
1,345
Norfolk
Total
1936—
Total 1935—
Total 1934—
356,095
189,085
272,014
148,257
25,269
74,554
97,705
Speculation
in
cotton
4,924
1,821
13,864
for
7,598
18,255
40,082
future
500
528
1,500
and
active, with the trend in the main downward.
It
fairly
Sentiment
Liverpool cables than expected and a tight
spot situation, prices in the local market moved forward
rather sharply to a level of 16 to 18 points over the
previous
close.
At this point the market met considerable
hedge
selling and week-end liquidation, which caused prices to
ease off, but at the close a substantial
portion of the early
gains were still holding firmly.
An outstanding feature of
the day's reports was the skyrocketing of the July
delivery
in the New Orleans market, the price of which was run
up
135 points.
Lack of certificated stocks and short covering
forced the price to 14 cents.
Reports from New Orleans
were to the effect that few contracts
changed hands at the top
and that the sudden strength was attributed to a
large bear
operator who was forced to fill his requirements at the peak.
Subsequently July in the New Orleans market dropped back
to its relatively normal level and closed 18 points
up from the
previous day's close.
The feature in the local market was
buying by Wall Street interests, who were said to have
reverse
action
of
the
market in
a recent
private
crop
report that
These sales
were
estimated at about 20,000
bales,
believed to have been hedging against pool stocks.
reported that all of the final holdings of pool spot
sold Wednesday.
Average price of middling,
based on the 10 designated spot markets, was 12.68c., com¬
pared with 12.64c. Wednesday.
Today prices closed unchanged to 1 point up. At one time
generally bearish, influenced largely by a private
crop report published the early part of the week, which
estimated the yield of the new crop at 12,800,000 bales.
These figures were considerably above general expectations.
On the 25th inst. prices closed 10 to 14 points up.
Due to
and
with the
For three successive days prices had been
the bearishly inclined were becoming more
the belief generally
were
was
cotton
was
became
much stronger
to
nections.
23,013 1,189,079
29,769 1,043,926
62,420 2,310,245
delivery
await
of 8 to 12 points in the last half hour.
Fresh selling de¬
veloped at this point, but prices closed with fair net gains
for the day.
A feature of the trading was the moderately
heavy selling of October by brokers with cooperative con¬
26,100
ports—
will
traders
of
these decidedly bearish views.
This was evident by the
sharp turn-about of certain traders, who set about covering
their earlier short lines.
This, together with substantial
buying of local operators, carried prices to a maximum gain
Stock
500
generality
that the coming crop would be
considerably larger than looked for by the generality of
traders.
However, recent estimates appear to have checked
Total
Charleston,
Other
led
Leaving
Great
the
aggressive, encouraged by
for—
July 31 at—
much to do
today's session.
45.759
In addition to above exports,
give
that
On the 30th inst. prices closed 4 to 5
points higher.
The
publication of two private crop estimates, which were
700,000 to 1,000,000 bales lower than the initial forecast,
had
Total 1935....
now
Average price of middling based on the 10 designated spot
markets, was 12.64 cents, compared with 12.90 cents
Tuesday.
21,014
1*96,571
was a
dicting 4,000,000 bales or over for Texas.
The weekly
weather report was about as
expected except for Oklahoma,
which was somewhat worse than recent reports indicated.
9,233
286,758
71,050
Seattle.......
Total
expected
457
8*666
552
315
..
There
the
further confirmation of this 12,800,000-bale forecast.
There
was talk that some of the
leading spot interests were pre¬
193,167
1,700
from
active months broke to about the 12-cent level, averaging a
decline of about $1 a bale from the
previous close.
It is
203,971
8,506
2*897
Baltimore
Philadelphia
291,530
6,780
77
14,910
1,078
792
5.719
York
17,334
3,162
4,627
34,266
Gulf port
Boston
1,878
1,382
1,753
"*508
Norfolk
Total
Other
Italy
90,164
18,989
20,188
45,068
ranee
195,130 154,188
300,247 150,365
62,948 65,418
demand
trade, Liverpool and commission
houses.
Spot houses, the South and New Oelrans sold.
Average price of middling based on the 10 designated spot
markets was 12.90 cents,
compared with 13.07 cents Monday.
On the 29th inst. prices closed 21 to 26
points down.
This
pronounced weakness was due to a decided change of senti¬
ment to the bearish side, influenced
by a bearish private crop
report.
This report estimated the new crop at above
12,800,000 bales.
Traders generally for some time past
regarded the prospects as indicating a crop considerably under
those figures.
Much long liquidation developed, coming
largely from speculative sources.
Trade interests were the
most prominent
buyers, mainly on the scale down.
All
1,171
7,758
1,329
From
night, but the forecast continued for showers.
fair
558
4,150
1,313
prices were
publication is out of the way.
The pre¬
dicted precipitation for Oklahoma failed to materialize over¬
6,869
2,486
15
but at the close
this Government
200
6,413
336
11,023
1934
1,156
2,619
fair recovery,
substantially below the previous closing level.
The
Government's initial production estimate will shortly be
issued, and the trade is looking forward to it with much
interest.
No large scale operations are expected now until
465
rn.rn.mm.
_
........
257
Total
........
'
........
558
Los Angeles
San
mrnm
--mm
Mobile
New
mmm~
—
—
«.
Lake Charles
Total
4,403
1,227
-mmm
•
a
still
Total
Other
China
1,195
327
New Orleans
785
Chronicle
were
futures showed
was
"
a
maximum gain of 13 to 15
subsequently lost
on
points, but this
profit-taking and selling for short
account.
There
was
also
considerable
hedge
selling.
Nothing remarkable about the weather reports.
There was
considerable evening up over the week-end.
The Liverpool
market
was
quiet and
without
special feature.
The official
quotation for middling upland cotton in the
New York market each day for the past week has been:
July 25 to July 31—
Middling upland
Sat.
13.30
Mon.
13.23
Tues.
13.10
Wed. Thurs.
12.80
12.84
Fri.
12.85
Market and Sales at New York
Futures
'
1
Spot Market
Saturday—
Monday
Tuesday
WednesdayThursday
Friday
—
—
—
Total week.
Since
Aug. 1
SALES
Market
Closed
Closed
Steady, 14 pts. adv.
Quiet, 7 pts. dec
Quiet, 13 pts. dec
Quiet, 30 pts. dec
Steady, 4 pts. adv..
Steady, 1 pt. adv
Spot
Steady
Barely steady,
Steady
Barely steady.
Steady.
Barelysteady
Contr'ct 1 Total
_
*337
r.soo
2,800
5,000
_
1,837
2,800
5,000
..
337
64,702
9.637
9,300
41.700 106,402:
Financial
786
Futures—The
and
lowest
highest,
closing
prices
Chronicle
at
Movement to July
New York for the past week have been as follows:.
Wednesday
July 29
Tuesday
July 28
Monday
July 27
Thursday
July 30
Closing
kept,—
.
12.67ft
12.88ft
12.99 ft
13.05ft
12.72ft
Montgomery
12.72ft
_
12.20ft
12.45ft
12.58ft
12.65ft
12.24ft
Forest City—
12.25ft
Oct.—
Hope
Jonesboro—
.
Nov.—
12.04ft
12.27ft
12.39ft
12.08ft
578
165,657
31,274
116,644
34,472
24,370
66,204
311,219
191,907
49,089
55,319
15,448
71,565
128,891
"342
734
Ga., Albany
• Athens
12
,
(1937)
Atlanta.
Range.. 12.35-12.41 12.37-12.62 12.18-12.38 12.00-12.15 11.95-12.08 12.06-12.19
12.00 *
12.26 —
12.37 —
12.05
Closing. 12.39 —
12.06
Feb.—
—
1,075
2,248
—
Augusta
Columbus
•
Range
800
.
61
Macon
Rome
-
12.05ft
12.06ft
Range.. 12.37-12.45 12.37-12.61 12.19-12.39 12.00-12.15 11.95-12.10 12.b4-12.20
12.25 —
12.37
12.01 — 12.06
Closing. 12.41 —
12.06-12.07
April—
Range..
12.24ft
12.01ft
12.36ft
12.06ft
Closing. 12.39ft
12.06ft
"ioo
119
Columbus
-
-
"72
Jackson
—
99
Vlcksburg.--
lav—
41
Yazoo City—
Range.. 12.36-12.43 12.36-12.59 12.18-12.37 12.00-12.16 11.93-12.11 123)6-12.19
12.23 —
12.01
12.37-12.39 12.36 —
12.05-12.06 12.06
Closing
2,800
Mo., St. Louis
200
N,C.,Gr'nsboro
.
June—
-
-
.
13
405
450
*
.
68
1
■
-
9
4
380
"""369
13
1
I
1
1
1
233
""16
"130
2,936
7,174
5,458
130
1
1
162
16,960
759
15,907
22,712
89,989
92,794
950 33,100
i,774 28,829
275 20,284
14,523
5,381
16,159
34,494
76,849
17,118
384
56
22
"""~22
934
145
v
1,328
4,301
131
400
400
100
551
300
"300
74
588
505
1,156
75
5
194
180,285
58,216
8,795
429
19,458
5,905
7,097
31,755
37*856
247,656
10,104
800
227
695
29
11,679
18.405
24.406
40,620
14,29ft
24,050
11,153
3,317
22,878
41,311
82,602
11,061
13,034
19,823
21,509
23,658
11,040
29,424
647
9,646
4,197
4,267
557
251
414
2,144
1,117
1,878
2,163
223
2,875
114
400
11,032
233
3,299
11.99ft
12.04ft
12.05ft
S.C., Greenville
Tenn., Memphis
Texas, Abilene
12.32-12.55 12.20-12.33 11.97-12.12 U.95-12.09 12.03-12.14
12.21ft
11.97
12.02ft
12.03
12.32ft
Austin
Brenham
Nominal.
.
.
;
•
Dallas.-
Range for future prices at New York for week ending
July 31, 1936, and since trading began on each option:
Option for-
Range for Week
10.21
30 12.69 July
27
9 1936 13.57 July
Jan.
9 1936 12.90
10.42
Sept. 1936Nov. 1936—
Jan.
10.39
1936— 11.99 July
Sept.
9.80 Jan.
10.12 Mar.
9.94 Feb. 25 1936 12.76 July
10 1936
30 12.61 July 27 10.20 Mar. 27 1936 12.78 July
10 1936
9.76 Jan.
10 1936
1937—
Mar. 1937— 11.95 July
Apr. 1937—
May 1937— 11.98
Juiy~30 12769July "27
10.48 June
1 1936 12.78
July
lb" 1936
June 1937—
1937—
11."9*5
July
"30 12755July "27 ii.~9~5 ~July~3o"l936
The Visible Supply of Cotton
tonight,
12.55
as
"iidy" 2"7~1936
made
up
bales-
Stock at Manchester
*-•
■
.
10,540,
50
947
1,940!
5,963
24,930
80,316
14
208
135
662
5,817
2,234
29
79 469 1206417
16,030
Texarkana
—
Total, 56 towns 30,522 5,299,174
*
.
1935
503,000
657,000
101,000
New York
1933
1932
1931
1930
1929
62,000
i
-
956,000
565,000
184.000
55,000
12,000
9,000
425,000
178,000
21,000
65,000
54,000
7,000
11,000
432,000
761,000
89,000
20,000
63,000
62,000
65,000
10,000
9,000
-
20.45c. 11920
-40.00c. 11912
13.20c.
18.30c. 11919
34.20c. 11911
12.50c.
19.05c. 11918
29.10c. 11910 ——15.25c.
10.00c.11925——24.85c.11917 ——25.05c. 1909
12.80c.
6.05c. 1924 ——32.40c.11916
13.20c. 11908
10.70c.
8.25c. 11923 -----22.45c
1915
fi,30c.ll907
13.00c.
12.55c. 11922
21.45c 11914
12.50c. 11906
10.90c.
-—-19.20c. 11921
12 15c.|1913
12.00c.11905'
11.00c
-
476,000
■>
825,000
474,000
193,000
20,000
76,000
American cotton afloat for Europe
Egypt, Brazil,&c, ,afl't for Europe
Stock in Alexandria, Egypt-
87,000
199,000
111,000
787,000
Stock in Bombay. India
Stock in U. S. ports
1,212,092
Stock in U. S. interior towns-—1,206,417
U. ,S. exports today
-n9,749
Via Mounds, &c
Via Rock Island
Via Louisville
Via Virginia points
-—
—
-
2,060
1,317
h
19
h
"145
3,578
h
h
3,152
5,179
h
h
8,889
h
349
h
58
-_-—
_-
Via other routes, &c
Deduct Shipments—
Overland to N. Y., Boston, &c—Between interior towns
h
8,056
1,520
h
8,683
h
1,791
h
.
3,774 >
h
7,098
h
h We have withheld the totals
the end of the crop year.
-1934-35-
-1935-36-
Aug. 1
-
h
-
h
Receipts at ports to July 31
39,742
Net overland to July 31
3,774
South'n consumption to July 31--125,000
.168,516
*48,947
mill
Since
Since
TnlcititWppH*
over
h
213
Including movement by rail to Canada.
Southern
h
h
since Aug. 1 so as to allow proper adjustment at
of
n
.
Total to be deducted
Leaving total net overland f
Excess
h
h
tab
consumption to July 1
Week
Aug. 1
h
46,866
7,098
80,000
h
h
133,964
*12,017
h
h
h
'
h
h
*
h
h
.
119,569
Total in sight July 31.
h
h
h
121,947
h
*
Liverpool stock—
Manchester stock
24,844
bales-
238,000
156,000
316,000
381,000
43,000
22,000
42,000
63,000
Bremen stock
115,000
118,000
371,000
Havre stock-.
98,000
67,000
148,000
Other Continental stock—-—a
82,000
810,000
86,000
101,000
American afloat for Europe----.
87,000
.140,000
121,000
351,000
U. 8. ports stock.
1,212,092 1,073,695 2.372,665 2,983,776
U. 8. interior stock--.
—1,206,417 1.121,546 1,145,796 1,177,653
XT. 8. exports today.9,749
6.074
19,946
63,575
—
.
Total American
East Indian, Brazil,
-3,091,258 2,790,315 4,637,407 5.820,004
Ac.-
347.000
40,000
-
-
-
_
—....
-
------
Other Continental stock
Indian afloat for Europe-.
58,000
61,000
45,000
75,000
53,000
Egypt, Brazil, &c., afloat
199,000
Stock in Alexandria, Egypt
Stck in Bombay, India—.
111,000
787,000
Total East India, &c—
554.000
44,000
66,000
22,000
73,000
64,000
154,000
101,000
621,000
419,000
Manchester stock
*
h
Decrease,
Quotations for Middling Cotton
at
h
17,058
h We withhold the totals since Aug.
proper adjustment at the end of the crop year.
•
1 so
as
to allow of
Other Markets
—
Liverpool stock
Bremen stock.
Havre stock
"413
h
h
.
Total visible supply
A71%6ViCCL7l—~
n
278
.
-
*
h
2,608
.
884,000
-4,899,258 4,278,315 6,824,407 7,580,004
Of the above, totals of American and other descriptions are as follows!
Aug. 1
[Week
2,875
12,457
Via St. Louis
121,000
997,000 1,717,000 1,709,000
64,000
91,000
88,000
121,000
351,000
140,000
93,000
154,000
180,000
101,000
213,000
302,000
621,000
967,000
819,000
1,073,695 2,372,665 2,983,776
1,121.546 1,145,796 1,177,653
6,074
53,575
19,946
Since
Since
Aug. 1
In Sight and Spinners*
Total European stocks—
-1,234,000
Incia cotton afloat for Europe—_
53,000
——1934—35
-1935—36-
Week
,
Total Great Britain-——
758,000
Stock at Bremen————
176,000
Stock at Havre---.--'-.--.
143,000
Stock at Rotterdam.—..—11,000
Stock at Barcelona
—
Stock'at Genoa--Stock at Venice and Mestre—
Stock at Trieste..
Quotations for 32 Years
12.85c. 11928.
12.10c. 11927
13.15c. 11926
July 31—
Shipped—
1933
715,000
110,000
7,477
176J
28,0471121546
5,501
Overland Movement for the Week and Since Aug. 1
by
i-
;
.
Total Continental stocks
1934
870,000.
86,000
295
Includes the combined totals of 15 towns in Oklahoma.
1936
1935
1934
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.
1936
20
7
6
Waco
are
July 31—
Stock at Liverpool
56106,038
2,856 35,819
11,714309,055
8,054
2,385
93
4,181
78
5,789
10,842
"495 4,602
1,126
2,451
68 14,348
23
San Antonlo-
cable and telegraph, is as follows.
Foreign stocks as well
as afloat are this week's returns, and
consequently all foreign
figures
20
4" 544
Robstown.—
23 1936
27
30 12.62 July 27
1937— 11.95 July
Feb.
17 1936
July 21 1936
3 1935 12.32 July
8 1936
9 1936 12.78 July 10 1936
3 1936 12.25 July
9 1936 12.78 July
30 12.59 July
Deo. 1936— 11.96 July
Jan.
Paris
Range Since Beginning of Option
July 1936Aug. 1936—
70
1,448
8,070
74
1,471 82,608
387,971
172,732
2,905 35,932
2,755
18,49 12 ,087,364 37,35 7367 ,117
99
1,113
54,788
488
24
18,553
233
11
2,100
12,274
610
418
3,833
60,693
547
40
3,172
35,124
15 towns *—
12.22ft
12.34ft
Range..
Closing.
'
17
1
13
-
3,564
53
17
,
•
2
138
100
31,774
631! 9,823
556 49,955
260 52,851
2,203 63,401
456
7,071
6,862
128
16,279
""88
9,993
1,482 41,951
2,464 11,243
1,695 29,640
Oklahoma—
Range..
Closing.
July—
;
Aug.
"448
-
Greenwood.
Natchez
Stocks
Week
Season
Week
41,683
La., Shreveport
Miss.Clarksdale
12.00ft
12.26ft
12.37»
Closing. 12.40ft
larch—
,
•
19.717
Walnut Ridge
Range.. 12.36-12.44 12.34-12.59 12.17-12.38 12.00-12.16 11.96-12.10 12.05-12.20
12.23-12.24 12.02-12.03 12.07
12.34 —
Closing. 12.40 —
12.07-12.08
.
18
Pine Bluff—
12.09ft
;
Dec.—
July
——
Newport-
—
Closing. 12.45ft
Oct.
"*•
Little Rock—
Range
n
""25
Helena
Range.. 12.44-12.65 12.43-12.69 12.24-12.48 12.02-12.23 11.99-12.14 12.10-12.24
12.05-12.06 12.09-12.10 12.10 —12.43-12.45 12.30 —
12.50 —
Closing
Jan.
13
Ark., Blythvllle
Range..
Closing
2
Selma
Receipts
812
59,291
15,568
82,923
85,767
109,854
27,572
36,999
31,826
Eufaula..--.
Range..
•
70
Ala., Birming'm
Aug.(1936)
31
Ship¬
July
Week
Season
Week
Aug. 2, 1935
ments
Stocks
ments
Friday
July 31
Movement to
31, 1936
Ship¬
Receipts
Towns
Saturday
July 25
Aug. 1, 1936
54.000
30,000
57,000
88,000
180,000
213,000
967,000
334,000
47,000
1
Week Ended
July 31
•
Saturday Monday
-
Galveston
Neiw Orleans
12.97
Mobile..,
13.00
13.05
4
Tuesday
Wed'day Thursday Friday
12.53
12.57
13.00
12.78
12*85
12.62
12.66
12.93
12.80
12.59
12.93
'
74,000
91,000
93,000
302,000
819,000
13.35
13.30
13.00
Norfolk
1,808,000 1,488,000 2,187,000 1,760,000
3,091,258 2,790,315 4,637,407 5,820,004
Total, American
Closing Quotations for Middling Cotton on-
13.15
13.10
13.00
12.55
12.76
12.75
Montgomery
Augusta
Memphis
13.10
13.04
12.90
12.65
13.75
13.69
13:30
Savannah.
_
13.15
13.10
13.55
12.80
Houston
13.01
12.91
12.80
Little Rock__
Dallas
13.00
12.95
12.70
12.70
12.64
12.80
12.60
12.50
Fort Worth
New York Cotton
12.64
12.55
12.55
12.46
12.25
12.25
12.80
12.80
12.60
13.34
12.60
12.59
12.50
12.29
12.29
12.57
12.64
12.60
12.80
12.80
12.60
13.35
12.60
12.59
12.50
12.30
12.30
Exchange Elects Five to Member¬
-At the Interior Towns the movement—that is, the
receipts for the week and since Aiig. 1, the shipments for
the week and the stock tonight, and the same items for the
corresponding period of the previous year—is set out in
ship—At a meeting of the Board of Managers held July 28
the following were elected to membership in the New York
Cotton Exchange: Chauncey G. Parker Jr., of Auchincloss,
Parker & Redpath, Washington, D. C., who do a stock,
bond, and commodity business; Aubrey S. Wolford, of
Marshall Geer & Co., New York, who are engaged in the
cotton futures business; Charles D. Mclver, of Mclver &
Pell, of Charlotte, N. C., who do a general merchandising
business; John Reginald Barnes, of Major, Cleaver & Co.,
Liverpool, England, cotton merchants and brokers, and
Edward Watkins Hellwig, of E. W. Hellwig & Ca., Inc.,
detail below: '
New York.
.Total visible supply..
4,899,258 4,278,315 6,824,407 7,580,004
Middling uplands, Liverpool—.
7.10d.
6.68d.
7.07d.
6.25d.
Middling uplands, New York.—
12.85c.
11.95c.
13.00c.
10.15c.
Egypt, good Sakel, Liverpool——
11.53d.
8.54d.
9.23d.
9.12d.
Broach, fine, Liverpool
5.72d.
5.81d.
5.43d.
5.37d.
Peruvian Tanguis, g'd fair, L'pool
7.85d.
O.P.Oomra No. 1 staple,s'fine.Liv
5.80d.
u
—
-
-
... ...
Continental imports for past week have been 56,000 bales.
Mr; Parker is
a
member and Governor of the
Volume
Financial
143
member
member
member
Liverpool Cotton Association, and Mr. Hell wig is
Washington Stock Exchange, Mr. Wolf or d is a
the Dallas Cotton Exchange, Mr. Mclver is a
the Memphis Cotton Exchange, Mr. Barnes is a
the
member of the New York Coffee and Sugar
of
of
of
a
Exchange.
from
wilting. • Not blooming as much as it has been, but stalk is already
loaded, and could not carry much more. No complaints of insects, and
chances for a bumper crop are excellent.
Honey Grove (Fannin County)—The cotton crop in this section is holding
well as could be expected under the condition of the hot and dry
However, a good rain would be the thing just now.
Paris (Lamar County)—Crops are well cultivated, plenty of moisture,
very few signs of insects, plants still growing and fruiting.
Have never
up as
weather.
seen
New Orleans Contract Market
787
Chronicle
prospects better at this time of year.
Terrell (Kaufman County)—The crop
rain and is not
Friday
July 25
land that
July 31
Saturday
and we
can
go
continues to hold up well without
signs of needing it except on some of the lightest
However, this light land is not suffering,
two weeks without any damage being done.
If it does not
showing
any
worked well.
was not
start excessive
raining to bring worms we will have the best crop in years.
Some farmers say they have the best they have ever had. There are many
grown bolls and a few that are speckled, but none open yet.
There is still
no insect
damage.
Aug. (1936)
September
October
Wills Point
November
Jan.(1937)
February
(Van Zandt County)—Weather continues favorable and the
week. Light to heavy showers fell in spots,
harm as no serious insect damage has yet
Most of the crop is blooming and fruiting freely, with some
On an average, the prospects are the best we have had for many
crop made good progress the past
which has done more good than
December.
occurred.
_
shedding.
March
April
years.
May
Central Texas
June
*
unfavorable.
Tone—
Spot
Quiet.
Steady.
Options
Steady.
b bid
a
Cameron
(Milam County)—Rain the past week, 2M inches, was very
Cotton is shedding and dying in spots account too much rain,
If rains continue our prospects will be cut short again.
July
Steady.
'
asked.
■
Cleburne (Johnson County)—Crop this area is making excellent progress.
The moisture is about right and the plant is still fruiting properly. Excellent
growing conditions have made the prospect the best we have had in this
Weather Reports by Telegraph—Reports to us by tele¬
graph this evening indicate that if Oklahoma should get a
couple of days of soaking showersTb would be put in the ranks
with the rest of the cotton States, but another week of heat
territory in several years. Think the acreage increase will amount to
15%.
No insect uamage of any importance.
Expect first bale
Aug. 10.
utterly ruin the crop prospects of that
extremely bright.
The only rains
of consequence in the western belt have been in Tennessee
and in the southern part of Mississippi.
plaints
and drought would
State, which
were
once
*
Thermometer
Rain
Rainfall
dry
0.01 in.
dry
dry
2 days
0.22 in.
dry
dry
dry
dry
3 days
0.23 in.
Galveston, Tex
Amarillo, Tex
Austin, Tex.'.
Abilene, Tex
Brenham, Tex
Brownsville, Tex
Corpus Christi, Tex
Dallas, Tex
Del Rio, Tex
El Paso, Tex
1 day
1 day
1 day
2 days
low 72
mean
low 66
mean
low 76
mean
low 64
mean
mean
83
low 64
mean
high
98
low 70
mean
high
0.01 in. high
96
low 64
mean
83
84
80
81
85
84
82
85
87
83
85
82
81
81
0.04 in.
high
0.68 in.
0.14 in.
high
high
high
high
high
high
high
high
high
high
high
dry
dry
dry
dry
dry
dry
dry
ry
drj
5 days
3.29 in. high
dry
high
2 days
0.50 in. high
dry
high
96
102
96
98
102
104
103
104
98
low 76
mean
low 70
mean
low 72
mean
low 64
mean
low 72
mean
low 06
mean
low 68
mean
72
mean
low 64
mean
low
low 68
mean
low 70
mean
low 63
mean
low 66
mean
low 66
mean
96
low 65
mean
95
low
67
mean
96
low 68
mean
94
98
76
mean
82
85
low 72
mean
85
94
low
low 72
mean
96
low 64
mean
83
80
0.15 in. high
0.30 in. high
94
low 72
mean
82
94
low 64
mean
high
0.50 in. high
0.34 in. high
1.39 in. high
96
low 68
mean
82
96
low
76
mean
86
90
low 70
mean
80
83
_
—
1 day
1 day
day
1 day
— -
Tampa, Fla
Savannah, Ga
Atlanta, Ga_
Augusta, Ga
Macon, Ga
.
Cotton
0.01 in.
3 days
3 daysdry
'
high
0.06 in. high
1 day
0.88 in. high
1 day
0.14 in. high
1 day
dry
high
dry
high
dry
high
2.16 in. high
2 days
6.76 in. high
2 days
79
94
low 72
mean
100
low 74
mean
98
102
98
low 60
mean
79
low 59
mean
81
low 62
mean
80
97
101
102
low 69
mean
mean
79
low 58
low 56
mean
mean
80
75
low 56
mean
78
low 71
mean
86
low 58
mean
78
low 61
mean
81
low 62
mean
82
low 70
mean
82
low 68
mean
82
low 64
mean
79
94
100
Exchange Weekly Crop
87
Report—The
each week publishes a compre¬
hensive report covering cotton crop conditions in Texas,
Oklahoma and Arkansas. The current week's report, dated
Dallas
Cotton
July 27, is
as
Exchange
follows:
TEXAS
Abilene (Taylor County)—The past week has been hot and dry, and the
early cotton is beginning to suffer, but if we get rain next week will make
fair crop.
Some early cotton is opening.
weeks have been dry and warm,
the three-inch rain we had. We
are not suffering for rain now but a good rain would be beneficial.
Shamrock (Wheeler County)—It has been hot, dry and windy with some
hot winds this week. Average maximum daily temperature 100.6 and aver¬
age minimum daily 75 deg.
Some cotton is now showing need of rain. It
has all held up well during this long hot dry spell.
Less than one-fourth
r~ Floyda da (Floyd County)—The past two
and cotton has made fine progress after
■
Cotton acreage about
6,000 acres less in this county than last year. This section must have a
general good season soon if we are to gin as much cotton as last year. No
prospects of rain now.
Snyder (Scurry County)—The conditions in this part of the country are
good, but it is getting dry. We will need some rain by next week to make
inch of rain has fallen in Shamrock since
a
the
was followed by clear sunshiny weather.
Insect com¬
only nominal, and as a whole we consider the crop almost perfect
right time, and
are
to date.
.
,
Taylor (Williamson County)—Except for showers in the
southern part of
this county conditions have been favorable during the past week.
have increased in territory where there have been frequent showers,
Insects
but not
Fully 75% of the county has not had any rain for
10 days. Will get first bale around the first of August, but movement will
not be general before the 20th.
Temple (Bell County)—Showers over county this week were injurious.
Complaints of cotton growing too fast and not fruiting. Also reports of
fleas damaging cotton.
Dry, hot weather necessary to make fair crop of
cotton this county.
*
to the extent
expected.
Texas
East
-
Longview (Gregg County)—Crop has continued to make good progress
during the past week. Plants are loaded with fruit, with very little shedding.
Expect about 35% increased yield over last year. No complaints of insects.
Sulphur Springs (Hopkins County)—Cool nights and cloudy days past
week have increased insect possibilities although very little damage as yet.
Prospects continue good with large plants well fruited.
jd
Tyler (S7nith County)—Crop this section is progressing rapidly. Most of
the crop is blooming with entire crop now reported about two weeks late.
Some leaf worms have been reported in the bottom land, with only slight
damage as yet.
South
Texas
'
Corpus Christi (Nueces County)—Weather has not been favorable for past
week.
The sunshine did not last long in this section and it has rained in
almost all parts since the 22d, and cotton was given another setback.
Farmers are still poisoning and where possible they are picking.
Picking
should be general (if it quits raining) by the end of the coming week. Worms
have been kept down but the weevil are more plentiful. Weather at present
very unsettled.
Harlingen (Cameron County)—Weather the past week has been partly
clear and partly cloudy with showers.
We have had altogether too much
rain and what we most need is clear hot weather. - Condition of the plants is
fine, there is a good tap root. Cotton is blooming in the top and fruiting
satisfactorily. Insect damage is very slight. With good weather from here
on we will make a big crop.
San Antonio (Bexar County)—Showers the past three weeks have changed
the condition of our crop considerably.
Where poison has been used the
crop has some better chance, but in the other localities the insects are making
quite some headway, even the leaf worm is making its appearance.
The
plant is getting rather rank and we need hot dry weather to check the
growth as well as the insects. Average opinions are that we should average
about last year's production, which at first looked like it was double last
year's. We have had showers every day and if these should continue there
will be considerable boll rot.
Present rainfall averages about seven inches
above normal.
■
OKLAHOMA
still having extremely dry, hot weather
the crop is going to deteriorate very
rapidly. To date it has held up remarkably well.
Frederick (Tillman County)—Another week without rain, and about all
we can say for the crop is it is holding up well and holding its fruit.
No
insect damage to speak of.
The nights are cool, which is about the only
thing that is in our favor. The general opinion is that if we can get rain in
the next 10 days we will make a fair crop.
Cotton on the high and tight
lands is the only cotton that shows to be suffering badly for moisture
Elk City (Beckham County)—We are
and if we don't get rain right now
right now.
Hugo (Choctaw County)—Crop still making good progress in McCurtain
and Choctaw counties, stalk full of bolls and blooms.
Scattered showers,
but need good rain.
Moisture is sufficient at present, but getting dry. In
Bryan, LeFlore and Pushmataha counties rain is needed. Some shedding,
and progress is slow.
Crop later this part of territory.
Magnum (Greer County)—Continued dry past week with temperatures
well above the century mark, resulting in 5% lower crop condition than a
week ago. Pessimists now predict the crop will be one-third to one-half of
normal, but with normal conditions thereafter believe would make fully
last
West Texas
a
Hillsboro (Hill County)—We had another perfect week for cotton inHhis
Our rainfall for the week was about 2M inches, which came at
territory.
83
low 57
dry
high 100
3 days
4.18 in. high 98
dry
high 101
1 day
0.08 in. high 102
dry
high 93
dry
high 96
2 days
0.94 in. high 94
.
Dallas
mean
low 68
dry
Vicksourg, Miss
Mobile, Ala.
Birmingham, Ala.—_
Montgomery, Ala
Jacksonville, Fla
Thomasville, Ga
Greenwood, S. C
Columbia, S. C
Ashe ville, N. C
Charlotte, N. C
Newbern, N. C
Raleigh, N. C
Weldon, N. C
Wilmington, N. C
Memphis. Tenn.—
Chattanooga, Tenn
Nashville, Tenn
86
mean
low 72
dry
Meridian, Miss
Pensacola, Fla
mean
low 64
98
-
1.01 in.
dry
1 day
low 78
high 102
dry
dry
Henrietta, Tex
Kerrviile, Tex
Lampasas, Tex
Longview, Tex
Luling, Tex
Nacogdoches, Tex
Palestine, Tex
Paris, Tex
San Antonio, Tex
Taylor, Tex
Weatherford, Tex
Oklahoma City, Okla.
Eldorado, Ark
Fort Smith, Ark
Little Rock, Ark
Pine Bluff, Ark__>
Alexandria, La
Amite, La
New Orleans, La
Shreveport, La
93
high 100
high 96
high 102
high 94
high 96
high 90
high 98
high 96
high 96
high 106
high 96
high
82
84
67
80
86
83
84
84
80
89
80
1 day
about
about
year's yield or possibly 20% over.
one
little sickly looking bloom in top
Much of our cotton very small and
of plant, which looks bad unless we
get rains this month.
County)—The weather the past week was another of
and no rain. Unless rain comes very shortly"
reports of crop deterioration by
of this territory. Cultivation is
good, taproot is also good, plants mostly healthy but showing signs of the
effects of continued hot weather. No insects with the exception or scattered
reports of grasshoppers, but no damage as yet. Early cotton blooming and
Waurika (Jefferson
continued high temperatures
considerable damage is sure to occur, as
farmers in town today from all sections
fruiting satisfactorily.
May 28.
Receipts
Week
Receipts at Ports
from
Stocks
the Plantations
at Interior
Towns
Receipts from Plantations
Ended
1936
1935
1934
1936
1935
1934
1936
1935
1934
good crop.
(Nolan County)—Scattered showers have fallen the past week,
some hail doing considerable damage.
A small section of the territory
badly in need of rain, however, the majority of the crop is still doing fine.
Believe that a general rain in a week or 10 days would be very beneficial.
Very little complaint of insects.
North Texas
Sweetwater
also
is
(Red River County)—Weather past week has been ideal for
cotton.
Plant growing nicely, full of fruit, large bolls, and blooming freely.
Some shedding, some complaint of insects, but not serious at present.
Clarksville
Look for first bale Aug. 10.
(Dallas County)—Light showers to heavy rains over most of terri¬
tory past week wiU be beneficial, provided we have fair hot weather from
now on.
Very little shedding as yet. Bolls developing rapidly, blooming
freely. Prospects better than for several seasons at this time of year.
Garland (Dallas County)—Cotton crop in this section is looking good
As a whole, the crop is rree of grass and the stalk is fruiting well.
Some
few have reported that the fleas are damaging the crop to some extent.
"■
Greenville (Hunt County)—Cotton crop is improving daily. No rain this
section, and it is getting very dry, but cool nights are keeping the plant
Dallas
Apr.
34,771
21,251
79,174 1,814,475 1,423,1781,506,117
15.333
Nil
38,413
1—
20,044
1,779.076 1,396,198 1,467,685
1,732,879 1,370,838 1,436,369
1,693,071 1,345,933 1,404,254
1,651.649 1,328,412 1,378,269
1.594,234 1.301,899 1,351,401
33,148
NU
39,157
40,509
45,48?
52,470
75,235
46,544
51,676
34,486
Nil
8-
15,791
21,595
21,061
18,627
24-
May
152229-
21,846
NU
Nil
36,803
15,228
1,201
4,060
Nil
19,561
1,106
8,501
NU
Nil
6,280
34,989 1,554,3131.269,564 1,312,579
34,833 1,517,9831,244,820 1,284,177
47,623 1,465.3621,218,931 1,262,078
7,151
Nil
NU
NU
Nil
NU
NU
Nil
6,431
25,524
33,705
June
18,907
12-
47,072
32,597
19-
39.972
14,317
13,466
26-
5-
21,698
8,706
59,054
1,424,6121,201,29^ 1,236,729
NU
3-
21,952
9,188
NU
10-
13,918
N11
17-
13,381
16.973
50,199 1,384.1541,181,3631,222,383
34,622 1,349,502 1,161,4211,203,873
20,715
51,435 1,301,7651,145,0081,179,660
NU
24-
28,419
37,205
60,608 1,255,3641,133,5631,164,839
NU
31
39,742
46,866
62,636
l,206.417il,121,54611,145,796
Nil
July
—
J
Nil 35,853
Nil
16,112
4,302 27.222
25,760 35,787
34,849 43,693
Financial Chronicle
788
World's Supply and Takings of Cotton—The follow¬
ing brief but comprehensive statement indicates at a glance
the world's supply of cotton for the week and since Aug. 1
for the last two
seasons
from all sources from which statistics
obtainable; also the takings
sight for the like period:
are
amounts gone out of
or
1935-36
Cotton Takings,
Week and Season
1934-35
Week
Season
Week
Season
5,026,475
h
4,399,822
121,947
18,000
6,000
h
9,000
h
h
h
h
h
h
h
h
5,205,244
h
4,551,969
H
4,899,258
h
4,278,315
h
305,986
248,786
57,200
h
h
273,654
167,454
106,200
h
h
h
Visible supply July 24———
Visible supply Aug. 1
American in sight to July 31 Bombay receipts to July 30—
Other India ship'ts to July 30Alexandria receipts to July 29
Other supply to July 29 * b—
119,569
38,000
12,000
-
19354
200
Total supply
Deduct—
Visible supply July 31
h
h
200
£ *
6,000
Aug, 1, 1936
629
Governor,
Total takings to July 31
Of which American
-
Of which other.
h
Bales\
368
CHARLESTON—To Liverpool—July 29—Sacarrappa, 368To Manchester—July 29—Sacarrappa, 1,082-—
To Hamburg—July 29—Sacarrappa, 1,036—
—
GULFPORT—To Liverpool—July 12—Topa Topa, 281
To Ghent—July 29—Indiana, 82
——
To Havre—July 29—Indiana, 410
——--—
—
To Dunkirk—July 29—Indiana, 398
HOUSTON—To Dunkirk—July 24—Indiana, 72
To Liverpool—July 30—Colonial, 1,799
To Havre—July 24—Indiana, 393
To Manchester—July 30—Colonial, 6,861
—
To Copenhagen—July 27—Trolleholm, 463--To Oslo—July 27—Trolleholm, 32
To Gdynia—July 27—Trolleholm, 257
—
To Gothenburg—July 27—Trolleholm, 326
To Bremen—July 25—Hedderheim, 1,116-To Hamburg—July 25—Heddernheim, 751
—
To Ghent—July 27—Binnendijk.
65
■-■To Rotterdam—July 27—Binnendijk, 84
LOS ANQELES—To Liverpool—July 29—Narenta, 257- —
To Japan—July 23—Golden Hind, 236---July 27—Asama
Maru, 100
To India—July 27—President Monroe, 15----- — --MOBILE—To Liverpool—July 15—Topa Topa, 2,941---July 17—
1,082
1,036
281
82
410
398
72
1,799
393
6,861
463
32
257
326
1,116
751
65
84
257
336
15
3,570
-f-—--------
To Manchester—July
17—
2,145—July
Topa,
15—Topa
2,651
Governor, 506-
192
To Genoa—luly 24—Ada O., 192NEW ORLEANS—To Oporto—July 23—Meanticut,
*
Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
b Estimated,
h We withhold totals since Aug. 1 so as to allow proper
To Gdynia—July 29—Tampa, 284
To Havre—July 25—Cranford, 469
adjustments at end of crop year.
To
Rotterdam—July 25—Cranford, 191—
To
200
284
469
191
621
200.
Genoa—July 25—Chester Valley, 621
Trieste—July 25—Chester Valley, 500_:
India Cotton Movement from All Ports—The 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:
To
-----—
500
LAKE CHARLES—To Gdynia—July 29—Borkum,
To Oporto—July 29—Borkum, 100
100
100
100
—
-,.
—
125
433
315
120
125
NORFOLK—To Bremen—July 25—City of Hamburg,
of Hamburg, 433
Bremen—July 28—Chemnitz, 315Liverpool—July 29—Antinous, 120
To Hamburg—July 25—City
PEN SAC OLA—To
To
1930
1935
1934
To Manchester—July 29—Antinous,
To Havre—July 29—Afoundria, 28
I
July 30
Receipts—
Since
Week
Since
Week
Aug. 1
Since
Week
Aug. 1
SAVANNAH—To
For the Week
18,000
....
3,000
Aug. 1
25,000
car appa,
8,000
895
—--?--,
Great
Great
Conti¬
Britain
nent'
Conti¬ Jap'ndk
Britain
nent
Total
China
28—Saccarappa,
47—July
997
134
-
——
To Antwerp—__?..—._?_-, 134-To Gdynia—--?-_—-_?--, 650
Japan
650
To Japan—__ ?__—__ ?__, 2,619—
To Hamburg—July28—Saccarappa,323—
Exports
From—
904
*—
950
Since August 1
,
2
28
28—Sac-
9—July
Liverpool—-?——-—?,
To Manchester——
38,000
Bombay
------
2
&
China
To Bremen—._?__—100
Total
2,619
1,093
--?--—-_?—,770
100
—
372
To Rotterdam—„ ?__—--?_., 372
Bombay—
1936
1,000
1935
6,000
5,000
42,000
14,000
28,000
44,397
43,000
"l'ooo
"2;66O
"aCoOO
1,000
20,000
5,000
6,000
33,000
Other India:
1936.....
2,000
5,000
6,000
10,000
1,000
1934.
12,000
6,000
6,000
——
July 10
"l'ooo
"LOGO
aU—
Total
1936
10,000
1,000
1935
1934
55,000
26,000
39,000
3,000 42,000
11,000 14,000
11,000 28,000
Liverpool—By cable from Liverpool, we have the follow¬
ing statement of the week's imports, stocks, &c., at that port:
"l'ooo
Alexandria Receipts and
"2:660
"3:660
2,000
5,000
7,000
Shipments
Forwarded
Total stocks
Of which American.
Total imports
Of which American
Amount afloat-.
Of which American
Spot
4,000
1,000
1,000
;
Since Aug. 1_.
12:15
This
Week
Week
1
This
Week
Since
This
Since
Aug.
Aug.
1
Since
Aug.
1,000
12,000
1,000
10",600
5:606
.....
Total exports
5,000
Thursday
Friday
Quiet.
Wednesday
Moderate
Moderate
demand.
Moderate
7.49d.
business
demand.
7.40d.
•
P. M.
Quiet.
doing.
demand.
1
1,000
3,000
7,000
1,000
12,000
Liverpool-
To America
Tuesday
A fair
Mid .Upl'ds
To Manchester, &c
—
To Continent and India.
July 31
58,000
657,000
238,000
79,000
31,000
155,000
33,000
follows:
Monday
Saturday
as
Market,
Exports (Bales)—
To
60,000
634,000
227,000
46,000
17,000
142,000
42,000
Liverpool market for spots and futures
day of the past week and the daily closing prices of
spot cotton have been
Receipts (cantars)—
This week
July 24:
51,000
640,000
237,000
90,000
13,000
152,000
56,000
The tone of the
each
1934
1935
1936
Alexandria, Egypt,
July 29
-
July 17
57,000
626,000
246,000
62,000
23,000
188,000
48,000
Futures.
Market
Steady,
to 3
pts.
advance.
■
opened
----
Market,
4
Note.—A cantar is 99 lbs.
Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week ended July 29 were
1,000 cantars and the foreign shipments 5,000 bales.
Firm,
un¬
2 to 6
6
to
8
pts. 7 to 10 pts.
decline.
Quiet but
1 pt.
6 to 10 pts.
decline.
7.10d.
Very stdy.
Barely stdy Barely stdy
advance.
Very stdy.,
P. M.
7.18d.
7.28d.
7.41d.
to 1
dec. stdy., 4 to
pt. adv 5 pts. adv.
Quiet but Barely stdy Quiet but
Steady,
7 to 12 to 19 pts stdy., unoh 4 to 6 pts.
to llpt dec
advance.
decline.
dec.
Steady,
pts. 4 to 10 pts. stdy.,
advance.
9 pts.
advance.
Prices of futures at
Liverpool for each day
are
given below:
Manchester Market—Our report
received by cable to¬
night from Manchester states that the market in yarns and
cloths is steady.
Merchants are buying very sparingly.
We give prices today below and leave those for previous
weeks of this and last year for comparison:
July 25
Sat.
Tues.
Mon.
Close Noon Close Noon Close Noon Close Noon Close Noon Close
New Contract
d.
d.
d.
d.
d.
d.
d.
d.
d.
July (1936)
7.07
7.14
7.17
7.06
7.08
6.93
6.89
6.88
6.78
October
6.73
6.77
6.80
6.74
6.72
6.59
6.54
6.55
Twist
d.
d.
s.
s.
d.
>
6.58
—
.
-
6.42
—
6.40
_
-
-
-
6.52
.
-
-
-
«.
mm
—»
6.56
6.46
6.59
6.63
6.66
6.58
6.46
6.42
6.43
6.40
6.41
March
6.57
6.61
6.64
6.58
6.56
6.45
6.41
6.42
6.39
6.40
6.45
Jay
6.65
6.59
6.62
6.56
6.54
6.43
6.40
6.41
6.38
6.39
6.43
July
6.51
6.58
6.52
6.50
6.39
6.36
6.37
6.35
6.36
6.40
October
6.26
December
6.20
January (1937).Cotton
8% Lbs.'Shirt¬
ings, Common Middl'g
to Finest
Upl'ds
32s Cop
6.66
6.60
-
d.
d.
6.52
December
1935
1936
FH.
Thurs.
Wed.
to
July 31
8% Lbs. Shirt¬
32s Cop
ings
to Finest
Twist
d.
d.
Common
d.
s.
d.
s.
Cotton
Middl'g
Upl'ds
d.
•
*
•
-
—
—
6.30
6.60
--
-
-
6.24
6.23
6.17
-
-
-
-
6.10
..
6.05
-
-
-
6.10
6.05
-
_
--
-
--
6.46
6.16
6.11
April—
24....
May—
1—.
8—.
15-.-.
22—.
29—.
9%@n%
9%@11 %
9%@11
9% @11
9 %@11%
9
6.78
@92
1
9% @11%
@93
6.62
10% @11%
9 0
1
0^0—@9 2
90
@92
9 0
@9 2
9 0
@9 2'
@93
6.46
9 1
@93
6.46
10%@11%
10% @11%
9
1
10% @11%
1
@93
@93
6.56
9
6.57
9
1
@
3
6.64
10% @11%
10
@11%
@92
6.68
9
9
6.88
6
6.92
June—
5—.
12—.
19—
9%@ 11%
9%@11%
90
9 1
9
1
10% @11%
10 J* @11%
9 1
10% @11%
9
10—.
11
96
17—
11%@12% 9 7
11
@12% 9 7
10 3
10% @12
20—.
@90
6.83
6.82
9%@11%
9%@11%
8
@93
8 6
@90
6.76
@93
7.00
9% @11%
8 6
0.79
@93
7.18
9% @11%
8 6
@90,
@90
@97
7.18
10
@100
7.58
10
@10
7.47
10
7.33
7.10
6.85
July—
3—,
24—.
31—
@12%
4
1
@10 1
@10 5
•
Shipping News—Shipments
6.94
8 6
@90
@ 90
8 6
@90
7.02
;io%@n%
8 6
@90
6.80
10
8
@90
6.68
in
@11%
@11%
@11%
@11
8
6
6
6.94
detail:
Bales
BEAUMONT—To Liverpool—July 28—Custodian, 170
To Manchester—July 28—Custodian, 157
GALVESTON—To Liverpool—July 23—Colonial, 821
To Porto Colombia—July 30—Ruth Lykes, 305
To Manchester—July 23—Colonial, 1,128
To Buena Ventura—July 30—Ruth Lykes, 300
To Melbourne—July 24-—Belfast Maru, 30———
To Japan—July 24—Belfast Maru, 1,195To
Copenhagen—Jtdy 28—Trolleholm, 340
-
To Oslo—July 28—Trolleholm, 100
To Gdynia—July 28—Trolleholm, 1,512
To Gothenburg—July 28—Trolleholm, 670
-
170
157
821
...
-
—
-
-
29—Binnendijk, 460
Lykes, 95
100
1,512
670
3,269
460
——
To Rotterdam—July 29—Bennendijk, 591
To Maracaibo—July 15—Tillie
305
1,128
300
30
1,195
340
-
To Bremen—July 28—Heddernheim, 3,269
To Ghent—July
Friday Night, July 31, 1936
6.90
7.01
@92
0
BREADSTUFFS
6.81
591
—-
96
Flour—Notwithstanding the upward rush of wheat prices,
mill buying was limited, hesitant, stocks apparently having
been well built up.
As one individual put it, the flour mar¬
ket is making its history in the general grain market.
It
is thought that as soon as prices become stabilized there
will be
a large scale.
prices closed unchanged to
Trading was moderate, with prices more or less
erratic.
The grain belt over the week-end received the best
general rains in weeks.
It was stated, however, that these
rains were too light to afford any real relief to the growing
crops, particularly corn.
Predictions of further unsettled
weather and more rains induced considerable selling of wheat,
causing prices to drop
to l%c. from the opening level.
There was a subsequent rally, prices closing near the top of
the day, or about the same range as the previous close.
There was nothing in the news, crop or otherwise, of real
a
resumption of mill buying on
Wheat—On
the
25th inst.
Mc. higher.
On the 27th inst. prices closed IIMjC.
was attributed largely to the failure
of the previous day's forecast of rains to materialize.
This
bullish news had a more pronounced affect on corn, the
strength of this grain appearing to have a powerful pull on
striking interest.
higher.
This firmness
Volume
Financial
143
the other grains.
Strong Winnipeg and Liverpool markets
played their part in the advance of Chicago wheat. Weather
conditions over the Canadian belt continued unfavorable
for the crop.
Wheat in Buenos Aires advanced almost 2c.
to new high marks as unsettled weather is again developing
there.
New wheat from the surrounding Chicago territory
is coming to the local market quite freely.
Sales for ship¬
ment fell off, and the trading basis was termed easier.
On
the 28th inst. prices closed 1 to 2c. higher.
This advance
was attributed to the persistent strength
in foreign wheat
markets and continued unfavorable crop conditions
in
Canada.
The domestic weather and crop news was far from
encouraging.
The conspicuous feature of the trading was
the scarcity of offerings.
Hedging sales were very much
lighter.
Attention is being given now to diminishing re¬
ceipts of United States winter wheat and to word that the
Dakotas and Montana are harvesting the smallest spring
wheat crop on record.
Another interesting item: A Canadian
unofficial report indicated that because of ravages of drought
and high temperatures the wheat crop of the prairie provinces
had deteriorated to less than half normal.
A condition of
45% contrasts with a condition of 76% at this time last year,
and pointed to a yield of 215,000,000 bushels, as against
400,000,000 bushels suggested some weeks ago.
On the
29th inst. prices closed 2H to 2%c. up.
Continued bad
crop reports coming in not only from American wheat areas,
,
but also from
Canada—reports from which flatter are be¬
coming increasingly alarming—were the chief factors in¬
fluencing prices in their upsweep this session.
Wheat in
Buenos Aires, Liverpool, Winnipeg, Duluth and Kansas
City advanced to new highs, or as much as 2H to 5c. The
top prices at Chicago and Minneapolis came close to the
highs of the previous season.
An item of no small interest
was the report that Italy, Belgium, Switzerland and Holland
had jtined the United Kingdom in acquiring around 7,000,000 bushels from Canada during the past two days.
This
was looked upon as proof conclusive that wheat importing
countries are not a little apprehensive concerning their wheat
requirements, at least until next January, when the new
Argentine and Australian supplies will be available.
With
a large portion of the world drawing on Canada for wheat
supplies, and the Dominion's new crop prospects being dras¬
tically changed from day to day because of highly detrimental
weather conditions—it doesn't require an expert to figure
out the future trend of prices.
It now appears certain that
Canada's production will fall short of a normal export
Chronicle
light until just before the close.
On the 28th inst.
prices closed He. to lMc. higher.
Good rains were re¬
sponsible for the early recession in prices.
It was learned
later, however, that the best rains fell outside of the heavy
producing areas, and with further clear weather predicted,
it was not believed that what remains of the crop is safe.
Traders appear not disposed to make any substantial com¬
mitments until after the publication of private crop estimates
Aug. 4, which are awaited with considerable anxiety.
On
later analysis of weather reports and crop news,
moderate
very
demand
>
in
six leading
The States afflicted
that
Sat.
September
May
CLOSING
OF
Sat.
No. 2 red
PRICES
September
--
December
May
-
*
Season's
High and
102 %
December.... 97%
May
98%
September.
July
-
attention is centered in wheat and
92%
93%
trast
corn.
grain.
DAILY CLOSING PRICES OF OATS IN NEW YORK
■
Sat.
July
6. 1935
July
6,1935
Aug. 19,1935
No. 2 white
Mon.
48%
-
48%
Tues.
49%
Wed.
Thurs.
50%
52%
Fri.
52%
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO
Sat. Mon. Tues.
Wed. Thurs, Fri.
September
—————
35
35%
35%
38%
40%
40%
December-36
36%
37%
40
41%
42%
May
37%
38%
38%
41%
43%
44%
—
-
Season's High and When Made
94}
September
44%
35%
May——— 37
December
with oats,
Jan.
June
Aug.
I
Season's Low and When Made
7, 19351 September—- 31%
4, 19351 December
33%
1, 19351 May
29%
June 13.1935
June 13.1935
Aug. 17.1935
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG
Sat. Mon. Tues.
Wed. Thurs. Fri.
which showed substantial declines.
The
pronounced strength in corn was attributed to the general
conviction that much of the crop is beyond repair, even
though weather conditions should improve very materially.
Therefore, this grain closed strong after showing early
declines on reports of rains.
On the 27th inst. prices closed
2 to 23^c. higher.
Another blistering heat wave struck the
corn belt over the week-end, which in some
spots, was said
to have put the finishing touch to the crop.
However
there were some scattered rains that helped in other
regions!
The local spot corn trading basis was firm.
Sales for ship¬
ment were, moderate, and offerings from the
country were
Fri.
101%
93%
93
relatively low price compared with corn makes this grain
attractive. A good demand for the relatively
good crop is anticipated. Today prices closed % to l^c. up.
At one time the list showed maximum gains of over 2c. a
bushel.
The relative cheapness of oats is attracting many
in the trade, and a steady demand is looked for in this
prices closed y8o. to %a. higher.
the strongest of the grains, and was in
sharp con¬
was
98
90%
91%
appear very
Corn—On the 25th inst.
Corn
Thurs.
94%
86%
87%
prices closed 1% to l%c. up.
Oats and
rye are being feverishly bought by speculators and mer¬
chandisers.
The former is being heavily marketed, but the
OF WHEAT FUTURES IN WINNIPEG
Sat. Mon. Tues.
Wed. Thurs. Fri
93%
94%
95%
—"
'
92%
94
95 f
....
Wed.
On the 30th inst
127% 127%
Season's Low and When Made
94%
91%
84
prices closed %e. to Ac. down.
displayed was ascribed to hedging sales and
heavier marketings.
The action of this grain was entirely
out of line with the other grains.
On the 27th inst. prices
closed y8o. to Ac. higher.
This firmness was due almost
entirely to the strength of other grains, particularly corn.
On the 28th inst. prices closed ^c. to Ac. higher.
There
was nothing of special interest in this grain, its firmness being
influenced largely by the strength in other grains.
On the
29th inst. prices closed 134c. to 134c. higher.
This was a
fair response to the strength of the other grains.
The oat
crop undoubtedly is suffering considerably from the drought
and heat the same as the other grains, but naturally most
FUTURES IN CHICAGO
Sat. Mon. Tues.
Wed. Thurs. Fri
103% 104% 106% 108% 110
110%
--103% 104% 106
109% 111
111
104% 105% 106% 110% 112% 112
Apr. 16. 1934 September.... 78%
July 31. 1935 December
81
Aug.
1, 1935 May—
88%
Tues.
Oats—On the 25th inst.
WHEAT
When Made
DAILY CLOSING PRICES
October..
December
OF
-
93
90%
83%
The heaviness
WHEAT IN NEW YORK
Mon. Tties.
Wed. Thurs
Fri
121% 122% 123X 126
-
DAILY CLOSING
Fri.
116% 119%
High and When Made
I
Season's Low and When Made
September
84%
Jan.. 5, 19351 September
67%
Mar. 25,1935
December.... 65
June
6, 19351 December
60%
June
1. 1935
May
68%
July 29.19351 May
56
Aug. 13.1935
of
PRICES
112%
Season's
the upward swing.
At the
profit-taking developed, and
under this pressure most of the early gains were wiped out.
Prices firmed again towards the close, still showing frac¬
tional gains over last night's finals,
DAILY
Mon.
91
88%
81%
-
December.—
limit in
wave
107% 109% 110
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO
$1, the highest since Aug. 25, 1930, when the May position
$1.00%. Canada suffered another rainless day, and
the forecast was for continued clear and warm weather,
which means further irreparable damage.
Russia, which
was expected to produce a surplus, is experiencing a destruc¬
tive heat wave.
The quality of other European wheats is
being lowered by excessive moisture at harvest time.
Today prices closed % to %c. up. Bad crop reports, both
domestic and foreign, were again the chief factors in the
continued upward swing of prices.
Sensational jumps of
about 4c. a bushel at Liverpool led to big advances of all
grains today in Chicago.
It was the fifth successive day.
Liverpool had reached new high price records for the sea¬
son.
Buying (here took on large proportions, and prices
the 4c.
corn,
DAILY CLOSING PRICES OF CORN IN NEW YORK
Sat. Mon. Tues.
Wed. Thurs.
sold at
heavy
year's crop
No. 2 yellow—
predicted.
a
Iowa, Kansas, Missouri, Nebraska,
It is regarded as very likely
might be the smallest since 1881.
therefore, are certain. Argen¬
tina is the only source, and the condition of the newlyharvested grain there is too moist to permit shipment.
Today prices closed 1% to 3%c. up.
Under a fresh wave
of buying futures again scored the 4-point limit in gains
over last night's prices,
In the later trading heavy profittaking was indulged in and prices dipped, only to strengthen
again and close about a cent under the highs of the day.
General conviction that a real crop calamity is assured in
corn, and with all grain markets shooting forward, the
bullish enthusiasm prevalent among the trade would seem
highly justified.
Wheat and corn sold at new peaks
in almost all markets.
July wheat at Winnipeg sold above
levels
this
Heavy importations of
upward.
Reports continue of devastating effects of the hot
dry weather both in this country and Canada.
No moisture
top
were
Oklahoma and South Dakota.
prices closed IVs to l%c. higher. Influ¬
enced by the pronounced strength in corn, all grains worked
almost scored
States has been damaged beyond recovery
swept corn values upward just as soon as the market opened.
Further soaring of prices was halted solely by trade rules.
On the 30th inst.
was
developed and prices responded readily, closing
substantially above previous day's finals.
On the 29th inst.
prices closed 2bA to 2 Ac. higher.
This grain, while very
strong, failed to reach the limits of wheat, prices for which
latter grain had a maximum rise for the session of approxi¬
mately 4c. The corn belt was promised rather general
showers, but these predictions have failed to materialize so
many times—that these further promises had little or no
effect in dampening bullish enthusiasm.
Besides; the alarm¬
ing statement of Secretary Wallace to the effect that unless
beneficial rains occur in the next ten days in many areas of
the corn belt, the corn crop will rank as one of the country's
greatest failures—gave the trade and outsiders much food
for thought.
In Kansas City corn sold as much as 53^c.
higher.
Spot markets generally were strong.
On the 30th inst. prices closed the full permitted limit
of 4c. tip.
Official announcement that half of the corn crop
demand.
relief
789
July-—
October
—
42%
41%
-
44
45
42%
43%
46%
45
46%
45%
46%
45%
Rye—On the 25th inst. prices closed Ac. to Ac. up.
Trading was moderate and without special feature.
On the
27th inst. prices closed 134 to 2He. higher.
The bullish
weather reports and the marked strength of corn and wheat
were the influences responsible for the
strength of rye,
On
the 28th inst. prices closed lAc. down on the
July delivery
and %q. up on the other months.
The weakness of July
was attributed to liquidation of
long contracts.
This weak¬
ness very likely would have carried the rest of the list lower
I
Financial
790
Aug. l, me
Chronicle
<4
corn.
and Since
Week
Since
Week
Since
Week
Since
July 1 to—
July 25
July 1
July 25
July 1
July 25
July 1
1936
1936
1936
1936
Bushels
Bushels
Bushels
Bushels
On the 30th inst. prices
OF RYE FUTURES IN CHICAGO
PRICES
CLOSING
DAILY
Mon.
Sat.
-
Tues.
Wed.
Thurs.
Fri.
74
72%
..
December.-
May
75%
-—
78 %
74
74%
76%
78%
74%
76%
79%
79%
September.--w 76
December--— 53%
May
52%
OF RYE FUTURES IN WINNIPEG
CLOSING PRICES
Mon.
Sat.
Tues.
Wed.
Thurs.
Fri.
July..
57%
58%
59
60%
62%
64%
October
57%
58%
59%
61%
62%
OF BARLEY FUTURES
PRICES
CLOSING
Mon.
Sat.
Tues.
IN CHICAGO
Wed.
Thurs.
61%
62%
64
66
—
63
63
65
67%
—
September
61%
62%
64
—_
.
December
May
-'-
"DAILY CLOSING PRICES
69
a
Mon.
Tues.
72
69%
72%
'
Wed.
52%
52%
53%
50%
51
West Indies
1
46,030
visible
The
Fri.
"
New Orleans
-—-
Galveston
Fort Worth
Hutchinson
,-.119 %
Hard winter pat«nt»
Hard winter clearr
-
6.25@6.551 Barley goods—
6.40@6 70|
Coarse
;3.40
5.55@5.75l
Fancy pearl.Nos.2,4&7 4.65@4.90
.
-
All the statements below
.
regarding the movement of grain
—receipts, exports, visible supply, &c.—are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ended last Saturday and since Aug. 1 for each
of the last three years:
•
.
'
147,000
21,000
10,000
113,000
15,000
2,000
8,000
85,000
142,000
19,000
161,000
211,000
1,682,000
3,640,000
35,000
242,000
253,000
517,000
412,000
256.000
193,000
5,000
2,000
1,454,000
171,000
83,000
6,501,000
1,635,000
238,000
350,000
31,000
4847666
12,574,000
6,423,000
9,000
12,000
877,000
649,000
1,929,000
1,624,000
9,000
509,000
%597,000
1,030,000
6,239,000
6,365,000
6,896,000
6,867,000
7,289,000
3,849,000
-----
-
158,000
1,190,000
-
—
Minneapolis
;
Detroit
—
3,155,000
109,000
afloat
1936-— 59,836,000
July 18, 1936
45,856,QOO
July 27, 1935
29,207,000
Total July 25,
Duluth Includes
801,000
70,000
438.000
25T066
*5*7*660
4,617,000 33,638,000
4,680,000 31,487,000
6,466,000 6,722,000
61,000 bushels feed wheat.
Barley,
Duluth, 390,000 bushels:
total, 390,000 bushels, against 460,000 bushels In 1935.
bushels: New York afloat, 89,000; Albany, 4,290,000:
Buffalo, 7,416,000: Buffalo
grain
Note—Bonded
not
afloat, 763,000; Duluth,
included
above:
Wheat, New York, 956,000
2,376,000: Erie, 1,888,000: Chicago, 120,000: on Lakes,
768,000; Canal, 761,000: total,
19,427,000 bushels, against 6,660,000 bushels In 1935.
'
Wheat
Corn
Oats
Rye
Bushels
Canadian-—
Bushels
Bushels
Bushels
Ft.
Barley
Bushels
555,000
216,000
323,000
1,460,000
7,921,000
William ,& Pt. Arthur 27,648,000
Montreal..-,
58,000
34,000
39,000
4,823,000
*2,582,000
160,000
On Canal
*
3,000
129,000
468,000
Duluth...-
Total
196,000
3,370,000
-----
Milwaukee
Total
1,000
2,000
194,000
323,000
-
-
Buffalo
9.45@9 .751 Rye flour patents
5.25@5 35
7.00@7.301 Seminola, bbl., N®s. l-3_ 9.65@
6.05(a)6 451 Oats, good—
—
2.85
5 25@5 75 i Corn flour
2.70
1,000
6,000
8,464,000
-
On Lakes
"
*1*666
14,000
49,000
46,000
35,000
1,154,000
-
-------
Chicago
FLOUR
"7",666
li'ooo
101,000
5,000
1,825,000
15,723,000
5,126,000
'
St. Joseph
St. Louis
52%
"~5*, 666
47,000
154" 666
901,000
4,000
200,000
2,670,000
1,643,000
5,478,000
Baltimore
Omaha
2 white.
Bushels
271,000
66,000
56,000
afloat-—
Philadelphia.—
Kansas City
New York—
Barley
Rye
Bushels
Bushels
384,000
New York
Peoria
No
Corn
Bushels
5,000
56%
Rye, No. 2, f.o.b. bond N. Y_. 72%
Barley, New York—
47% lbs. malting
78%
Chicago, cash
75-100
Oats
Wheat
Boston
Indianapolis.--
Oats.
accumulation at lake and
25, were as follows:
STOCKS
Bushels
United States—
1,000
1,000
3,716,000
grain, comprising the stocks' in
GRAIN
Sioux City.
Wheat, New York—
No. 2 red, c.i.f., domestic.-.127%
Manitoba No. 1, f.o.b N.Y. 110%
supply of
seaboard ports Saturday, July
57%
GRAIN
*24*666
at principal points of
granary
"i"66o
10,214,000
1,569,000
1,361,000
478,825
255,870
120,330
Total 1935
278,000
11,000
127,000
1,000
16,245
8*030
.-
Total 1936
54%
Closing quotations were as follows:
Spring pats.,high protein
Spring patents
Clears, first spring
Soft winter straights—.
Hard winter stra gh a...
71,000
Brit. No. Am. Col.
Other countries.
6,160,000
4,002,000
26,000
2,000
1,280,000
205,556
58,024
18,000
33,000
So. & Cent. Amer.
56%
53
'
Corn, New York—
No. .2 yellow, all rail
39,001
22,299
Continent
Wichita
Thurs.
55
49%
—
-
-
October
Fri.
OF BARLEY FUTURES IN WINNIPEG
Sat.
July
Barrels
Barrels
Kingdom.
United
64%
DAILY
•
j
79%
73%
1936
1936
79%
When Made
I
Season's Low and When Made
Jan.
5, 19351 September—_ 45
June 13, 1935
June
3, 19351 December
48%
June 13. 1935
Aug.
1. 19351 May
46% Aug. 19. 1935
Season's High and
DAILY
76%
72%
September
Corn
Wheat
Flour
Exports for Week
closed 2%c. up. With the price
of corn soaring out of reach of many, the present levels
of rye appear attractive, and demand for this grain is
expected to continue right along. Today prices closed % to
%c. higher.
In the earlier trading prices scored advances
of 2y2 to 3c. above last night's close.
On this bulge profittaking developed, which resulted in almost a complete wip¬
ing out of the early gains.
,
for the week and since
The destination of these exports
offsetting influence of the strength in
the other grains.
On the 29th inst. prices closed l%e. to
lj^c. higher. This advance was largely in sympathy with
had it not been for the
wheat and
f
>
■
1,303,000
1,108,000
Other Canadian & other
bush. 60 lbs
bbls.imbs
1.778, 000
1,828,000
Minneapolis..
208, 000
214,000
15,000
Toledo
173, 000
St.
134,000
Louis
37,000
19,000
—.
Kansas
City..
Omaha
St.
Wichita
Sioux City
_
44, 000
285, 000
280,000
89,000
14,000
4,953,000
1,851,000
13,087,000
6,333,000
643,000
1,609,000
575,000
-.
93,000
505,000
1,209,000
Total
wk.
*36
403,000
23,832,000
Same
wk.
'35
331,000
Same
wk.
'34
325,000
11,166,000
12,343,000
Since Aug.
366, 000
374, 000
643, 000
476, 000
3,514,000
Buffalo.-
water
1,464,000
251,000
312,000
63,690,000
68,105,000
121,331,000
3,479,000
3,396,000
3,137,000
1,770,000
1,898,000
2,786,000
1,743,000
1,886,000
2,013,000
59,836,000
63,690,000
4,617,000 33,638,000
3,479,000
6,239.000
1,770,000
6,867,000.
1,743,000
1936.-123,526,000
113,961,000
150,538,000
4,617,000 37,117,000
4,680,000 34,883.000
6,466,000
9,859,000
8,009,000
8,263,000
9,682,000
8,610,000
9,175,000
5,862,000
28,121,000
points
Total July 25, 1936.—
Total July 18, 1936
Total July
27, 1935
1,745,000
491* 600
628,000
497,000
135,000
Joseph...
157,000
1,183,000
77,000
160,000
48, 000
14, 000
38, 000
897,000
1,712,000
259,000
5,309,000
2,731,000
Indianapolis..
Peoria
Barley
2,000
34,000
125,000
26,000
186,000
508,000
156,000
228,000
628,000
83,000
12,000
88,000
Detroit..
266,000
153,000
1,000
1,847,000
2,194,000
15, 000
525,000
2,451,000
...
Milwaukee--.
Rye
bush. 56 lbs. bush. 32 lbs. bush.56lbs. bush.ASlbs.
3,044,000
198,000
Chicago
Duluth
Oats
Corn
Wheat
Flour
Receipts at—
6,000
1,000
15,000
1,000
13,000
30,000
3,000
31,000
..
Summary—
American
-
Canadian
Total July 25,
"4" 000
Total July 18, 1936
87,000
Total July 27, 1935
-
The world's skipmeDt of wheat and corn, as furnished by
Elroomhall to the New York Produce Exchange, for the week
29,000
24,000
ended July 24 and since July
shown in the following:
"
1, 1936, and July 1, 1935, are
■
•
Corn
Wheat
'
620,000
Exports
19,209,000 385,018.000 208,586,000 141.568,000 26,979,000 98,055,000
18,261,000 220,493,000179,512,000 50,269,00015,095,000,60,561,000
1933______ 17,788,000 300,936,000 213,751,000 74,877,00015,629,00055,531,000
Since
July 1
'
July 24
1—
Since
Week
Since
Since
Week
1936
July 1
July 1
July 24
July 1
1936
1935
1936
1936
Bushels
'
Bushels
Bushels
Bushels
1935
1935
1934
seaboard ports for
Total receipts of flour and grain at the
the week ended Saturday, July 25, 1936,
follow:
Bushels
North Amer.
352,000
Argentina
1,589,000
702,000
16,879,000
1,272,000
3,951,000
2,952,000
7*4*4*666
2,200,000
3,2*3*2*666
442,000
1,046,000
1,6*75*666
7,034,000
27,350,000
28,520,000
5,026,000
21,772,000
30,602,000
Australia
3,647,000
Oats
Corn
Wheat
Rye
Barley
bbls.imbs bush. 60 lbs. bush. 56 lbs. bush. 32 lbs bush.BQlbs. bushA8lbs.
New York
158,000
30,000
PhiladelphiaBaltimore
'
15,000
Halifax
99,000
149,000
14,000
19,000
235,000
215,000
358,000
19,000
30~000
"5" 5o6
7,000
New Orleans *
li'ooo
18,000
20,000
Galveston
i
170,000
861,000
Montreal
38" 666
Fort William.
18I"666
lYi'doo
18,000
wk.
*36
302,000
205,000
7,036,000
Since Jan 1'35
*
2,267,000
8,548,000| 65,003,000,
I
Week 1935
on
"4*060
1,000
136,000
2,562,000
348,000
4,260,000
31,000
2,469,000
186,000
3,083,000
1,103,000;
199,000
9,514,000
12,000
3,823,000
72,000
1,989,000
428,000
Since Jan.1'36
1,103,000
23,755,000
9,266,000
Receipts do not include grain passing through New Orleans for foreign ports
through bills of lading.
The exports from the several seaboard ports
ended Saturday, July 25, 1936, are shown in
for the week
the annexed
statement:
Wheat
Corn
Flour
Oats
Rye
Barley
Bwhels
Exports from—
Bushels
Barrels
Bushels
Bushels
Bushels
Albany
143,000
96,000
Boston
57,330
41,000
New York
New Orleans
"2" 000
-
7,000
Halifax
8*61*666
Montreal
Fort William.-
Total week
Same week
38,000
16,000
151*666
181,000
1936—
1935
27,318,000
6,453,000
,
Weather Report for the Week Ended July 29—The
general summary of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
weather for the week ended July 29, follows:
by extremely high temperatures in much
with maximum readings or 100 deg. or above
occurring on every day of the period over considerable areas, especially
from the middle Mississippi Valley westward and northwestward.
The
highest reported from first-order stations was 114 deg. at Concordia, Kan.,
on July 24, and at Omaha, Neb., on July 25.
Showers were general and frequent from the eastern Ohio Valley east¬
ward and northeastward, but in the interior they were generally scattered
and mostly light, though the last day of the period had more general and
substantial rains in much of northern Missouri, north central and north¬
eastern Kansas, and eastern Colorado.
Aside from these there was not
enough rain to be of material benefit in Central and Northern States from
the Mississippi Valley westward.
The week, as a whole, had about normal temperature in the South and
somewhat below normal in the Northeastern States; otherwise the weekly
means were above normal generally throughout the country, ranging from
about 6 deg. higher than normal in the central Ohio Valley to as much as
12 deg. or 13 deg. in the central and northwestern Great Plains.
Rainfall of the week relieved, at least temporarily, droughty conditions
in considerable portions of the Ohio Valley and locally in the lower Mis¬
souri Valley and southwestern Plains; also frequent rains from "West Vir¬
ginia and northern Virginia northward were decidedly helpful in most
localities.
Moisture conditions in the Southern States are mostly satis¬
factory, except in the northwestern Cotton Belt. In central and northern
States from the Mississippi Valley westward to the Rocky Mountains,
except locally as indicated, the drought was intensified by absence of
general rainfall and the persistently extremely high temperatures during
The week
1,569,000
1,361,000
120,330
46,030
most
As
428*600
Sorel
Total
2,542,000
17,183,000
was
characterized
of the interior of the country,
Sorel
Total
4,244,000
.
------
16,000
Boston
■
3*4*0*666
•
640,000
9,938,000
96,000
Oth. countr's
Flour
1,000
1,608,000
Black Sea
India
Receipts at-
1,000
8,257,000
Bushels
151,000
151,000
181,000
3 3" 606
93,000
of the period.
indication of the seriousness of the
an
present situation and the ex¬
tremely unfavorable weather of July, to date, the case of Iowa may be
cited, which is typical of a large interior area. In Iowa reports from 113
stations, up to July 26, show a State average rainfall for the month of
only 0.42 inch, or 14% of normal. Only in three years of weather records
Volume
143
Financial
,
has 1July had an
average of less than 1.50 inches—0.50 in 1886.
1894, and 1.49 in 1930.
The general situation is rather favorable in the Atlantic area,
0.63 in
except
needed, especially for pastures, in New York and locally,
while many central and western counties of Virginia
continue extremely dry.
Crops are doing well also in most of the Cotton
States, except northwestern Arkansas and Oklahoma.
In the interior
valleys showers of the week were iecidedly helpful in northeastern Ken¬
tucky, northern and central Ohio, much of southern and northeastern
Indiana, and also east central Illinois, while late crops improved in much
of Michigan.
Other areas favored during the week were eastern Colorado,
that more rain is
in
Pennsylvania,
northeastern
Kansas
and
northwestern
Missouri.
With the above exceptions, conditions
throughout the interior and the
Northwest became progressively worse, with the heat and dryness of the
growing season, April 1 to July 28, exceeding the severity of the 1934
drought. West of the Rocky Mountains conditions continue mostly favor¬
able, especially for irrigated crops which are doing well; also most pasture
lands and ranges are fair to good. The
heavy rains of the past week were
especially favorable in Arizona, but it was too warm for late spring grains
in the Pacific
and
somewhat
better
than
expected in
a
fully up to ex¬
good many places.
are
However, unfavorable conditions in the Northwest caused further deterio¬
ration in spring grains in that area.
In South Dakota yields from spring
wheat are decidedly disappointing, while the weather was
entirely too hot
dry in Montana. Spring wheat harvest has begun in North Dakota,
but most of the crop is being cut for feed or fields are
being used for grazing.
In parts of Minnesota conditions are somewhat
better, ranging from very
poor in the extreme west to good locally in parts of the southeast.
Grain
sorghums probably still have a chance in the lower Great Plains. Rice is
doing well in Louisiana.
and
Corn—In
general the corn crop continued to deteriorate rapidly in
of the principal producing sections.
Showers were helpful and the
shows improvement in the eastern Ohio Valley, especially in much
of Ohio and parts of Indiana, while there was some local
help in Illinois
Where late fields still have prospect.
In Illinois condition of corn is still
fair in considerable areas of the north, but
poor elsewhere, with heat
causing further tassel burning and firing and early ears barren.
In Missouri the crop, in general, seems to be standing up somewhat
better than in 1934, but is mostly
poor to a failure, with much beyond help.
In Texas progress and condition were
mostly good. In Oklahoma deteriora¬
tion was rapid, except in a few localities, with upland corn almost a complete failure and cottom lands badly burned. Corn has been largely de¬
stroyed in the Plains States and much is beyond recovery in Minnesota.
In Iowa weather conditions have been more
trying on corn than to this
time in 1934, and the crop appears to have suffered greater damage than
in that year. It ranges from almost complete destruction in the two southern
and two western tiers of counties to badly damaged in the better sections.
most
crop
.
Progress
791
of cotton
making bolls generally; condition good;
crop
growing rapidly; condition of late much
improved; some topping. Early potatoes being dug, crop very poor; late
coming well; sweet potatoes fair to good. Hay, pastures and truck much
improved. Fall plowing begun.
,
Kentucky—Louisville: Light to heavy rains in northeast where most
needed; partial relief.
Progress and condition of late corn fair to very
good, except in northeast and in some northwestern counties where locally
improving; mostly poor. Improvement of all crops, except early corn in
central and south.
Pastures slow response; need more rain. , Tobacco
doing much better in south; irregular improvement in Burley district.
Favorable for planting potatoes and forage crops in most sections.
very good;
well cultivated.
Tobacco
.
,
THE DRY GOODS TRADE
New York, Friday Night, July
With
Northwest.
Small Grains—Threshing returns of winter wheat
pectations
Chronicle
favorable
more
weather
31, 1936.
in most
prevailing
ditions remained
a handicap to improvement and kept sales
figures below the corresponding period of last year.
Other?
districts
over
a
of
the
year ago.
stimulated
buying
consumer
chandise and
also
country, however, registered further gains
While the height of the vacation season
kinds
all
of
of
sport wear, interest in early
appeared to
be
travel
recovery.
In the central
States
of the
belt progress
was
generally satisfactory,
except in some drier sections of northwestern Arkansas.
In the eastern
States growth was mostly good; while many stands of the
early crop are
poor, those of the late cotton, especially in the Carolinas, are better; bolls
are beginning to open as far north as South Carolina.
The Weather Bureau furnished
the
following
of
resume
the increase.
on
Trading in the wholesale dry goods markets continued at
an active pace,
although the peak of the initial fall buying
period
seemed
classes
to
have
passed.
of fall merchandise
commitments in all
Total
well ahead
ran
of last
retailers
anticipated a very active fall season.
women's apparel continued heavy, and beach
reordered
were
and
little
retailers
for
special sales events.
resistance
noticed.
was
the
to
their
retail
accounts
placing of reorders
being harvested. Late potatoes about normal with some fields
being planted. Cutting of hay begun, but crop sh|Ort and many fields
being pastured. Peanuts good; truck fair; cantaloupes, eggplants and cab¬
bage being shipped.
1
North
Carolina—Raleigh: Favorable for the improvement of crops
throughout the Stat6, though condition of corn, meadows and pastures
only fair in mountain region. Progress of cotton good; condition fairly good.
Advance of tobacco generally good with condition
varying from poor to
good; curing becoming general in east. Truck plentiful. Peaches sizing well.
South Carolina—Columbia: Light to heavy rains first
part favorable
for further improvement and development of crops, but heat last two
days
retarded all crop progress, except cotton.
Early cotton being laid by in
north; stands poor, but late stands and growth good; beginning to bloom.
Cotton in south well fruited; beginning to open, but stands not
generally
,
ers
ties
to
area.
ence
'
Mississippi—Vicksburg:
Mostly
favorable.
Heavy
rains
needed
for
late planted corn in some northern localities; progress in south generally
fair.
Progress of cotton fair to good with early planted showing large
bolls in south.
Progress of gardens and pastures excellent in south and
fair to good in north.
Louisiana—New Orleans: Frequent light rains; soil moisture now ample
for all crops.
Progress of cotton mostly very good; condition generally
good to excellent; fruiting well; some scattered bolls opening.1 Progress
of late corn very good; silking and tasseling; condition generally very good.
Condition and progress of rice and cane good.
Harvesting early varieties
of rice begun.
Excellent progress made in planting sweet potatoes, those
planted much improved by rain. Pastures good.
Texas—Houston: Temperature near normal, except rather high over
Panhandle.
Rains generally good.
Progress and condition of corn mostly
;
food, exceptcattle mostly good.where only poor to fair, though improving,
in coastal plains Truck improving. Progress and condition
langes and
of
cotton
mostly
good,
though intermittent rains
over
middle districts
and extreme south favored insect activity and progress and condition in
these sections only fair to locally poor; blooming general over State, except
in extreme northwest, and putting on
bolls. Picking hindered by wet soil.
Winter wheat harvest nearing completion in northwest.
Oklahoma—Oklahoma City: Not and dry; deterioration general.
Heavy
rains urgently needed in almost all sections. Maxima of 100 deg. or higher
daily over entire State with extreme 115 deg. at Alva. %Corn continues to
deteriorate rapidly, except in a few localities where rain occurred; upland
corn almost a complete failure, that on bottom land now badly burned
and suffering.
Grasshoppers damaging in many sections.
Feed crops
generally poor; deteriorating rapidly.
Condition and progress of cotton
mostly poor, except fair to good in many southeastern fields; badly burned
shedding in southeast; some already burned
in most other sections; some
beyond recovery in northwest. Pastures mostly poor or dried up especially
west.
Livestock poor to fair; stock water scarce, numerous wells dry.
Drought becoming worse daily.
Arkansas—Little Hock: Progress of cotton good to excellent due to light
toTieavy rains and warmth, except in some portions of highlands, and some
northwestern counties. Progress and condition of corn fair to good, except
where too dry or damaged in previous weeks; early maturing rapidly.
Tennessee—Nashville: Progress and condition of corn averaged very
in
.
good* fair in limited areas
where insufficient rain, but much excellent.
the
also exerted by the approach of the government's
was
cotton crop report to be published on Aug.
view prevailed that a bearish report, with a
decline in
ton goods
most
cotton
raw
prices,
Although the
resulting further
quotations, would hardly affect cot¬
mills
as
8.
in
are
wholesalers would
like
a
strong statistical position,
the report out of the
Business in silk goods continued to improve.
Satins,
crepes and sheer cantons were in good demand
and dress
to
see
way.
as
of inability to
stocks in producers' hands
secure
immediate
reported none
were
too
heavy.
Prices stiffened as finishing costs rose.
Trad¬
ing in greige goods also expanded, with the demand for fall
goods ^showing a healthy increase.
Business in rayon yarns
continued
unabated.
The
in
almost
become quite acute, and
numbers has
shortage
reserve
reported to be practically exhausted.
strong statistical position,
no
further
the
price
advance
producers' books for
apparent, although
at
on
Notwithstanding the
an impending
occasion
of
the
opening of
Monday were
second-hand offerings were made
October
some
all weaving
stocks were
indications of
business
next
premiums.
Domestic Cotton Goods —Trading
,
Georgia—Atlanta: Temperatures high first part, normal at close. Light
rains generally favorable for cotton, though too dry in a few central
counties where no heavy rains since April; bolls opening in south;
blooming
and bolls forming in north and middle where mostly undersize; condition
from good in southeast to deteriorating in many central and northern
counties.
Corn matured in south; some fodder pulled; other sections
earing, but much still untasseled, small and late.
Tobacco curing near
completion.
Planting of second crop of potatoes in north.
Moderate
shortage of truck. Heavy rains needed.
Florida—Jacksonville: Temperatures and rainfall about normal.
Con¬
dition and progress of cotton fairly good; weather moderately favorable
for weevil activity; bolls beginning to open. Corn matured. Sweet
potatoes
good. Citrus excellent; size good.
Alabama—Montgomery: Relatively cool, with light rains.
Progress of
cotton good; condition still only fair in considerable areas in east and north,
elsewhere mostly very good; fruiting and bolls made good advance; some
bolls opening; picking begun in middle and south.
All crops made good
advance, especially corn, vegetables and pastures.
Sweet potatoes much
improved. Planting potatotes, vegetables and legumes.
,
instances,
some
cover their needs, and
were waiting for reorders
making additional commitments.
A retarding influ¬
before
good; shippedand Piedmont
plants sappy in a few wet localities. Elberta peaches
eing grassy
in
or no
in
staple items, most wholesal¬
during the last few weeks had bought sufficient quanti¬
delivery
now
Prices held firm,
on
the part of
certain
on
manufacturers complained
oats
levels
as
Although the heavy orders from
necessitated,
Virginia—Richmond: Temperature about normal; rainfall slightly above
area.
Many sections in central and western counties excessively
dry. Cotton fair; corn tasseling with many fields developed short. Spring
still
higher
year
Orders on
wear lines
Wholesalers' purchases, on the other
hand, declined somewhat.
conditions in the different States:
in Norfolk
mer¬
fall promotions
•
Cotton—The week had moderate warmth in most of the Cotton Belt,
except for high temperatures in the northwest portion, in which area there
was practically no
rain; elsewhere light to moderate showers were rather
general. On the whole, the weather of the week was favorable for cotton,
except in the hot, dry northwestern portion.
In Texas progress and condition are
generally good, though intermittent
rains in central and south
portions favored weevil activity, with progress
poor to only fair locally; picking was retarded by wet soil.
In Oklahoma
progress was mostly poor, though a good many southeastern fields are
good; many other sections are badly burned, some in the northwest beyond
parts
of the country, retail trade continued its
good showing, save
for a few sections in the Middle
West, where drought con¬
tinued rather
mated
dull, but mills
backlog of
production.
unfilled
Reflecting
were
orders
this
in
cloths
gray
reported to have
equal
sound
to
an
several
statistical
con¬
esti¬
weeks'
situation,
prices held very steady and nearby deliveries on a number
of constructions brought premiums, indicative of a
growing
shortage in stocks.
Although the rather sharp decline in
raw cotton
quotations did not affect cotton goods prices,
buyers were, nevertheless, inclined to await the government
report before reentering the market.
Trading in fine
goods also continued quiet.
While there were increased
crop
sales of
second-hand goods at concessions, mills
appeared
sufficiently strong position to maintain their prices,
for the time being.
Fancy cottons and combed lawns moved
in
a
in fair
lows:
volume.
Closing prices in print cloths
39-inch 80's, 8 to 8%c.; 39-inch 72x76's,
38^-inch
68x72's, 7 to 7%c.; 38^-inch 64x60's, 6c.;
5^4 to 5%c.
_
•
:
'
',
'
■
.
Woolen Goods —Trading
tinued
a
in
men's
were
as
fol¬
7%c.; 39-inch
wear
60x48's,
1
fabrics
con¬
seasonally quiet.
fair amount
Clothing manufacturers received
of orders on fall goods, but mills booked but
little
new business.
Increased interest, however, was shown
tropicals for next spring.
Retailers were busy with
preparations for August sales.
Business in women's wear
goods was moderately active as garment manufacturers con¬
in
tinued
to
fall
needs.
Wholesalers received a good
sport coatings and fall wear, while
retailers reported continued good business in summer and
amount
of
cover
orders
for
sport apparel as well
as
in early fall goods.
Foreign Dry Goods—Trading in linens was quiet.
Al¬
though manufacturers continued busy in their preparations
for next winter's resort
business, actual transactions so far
were
negligible.
Trading in burlaps- was marked by a
sharply expanded demand during the latter half of the
period under review which caused prices to advance.
manufacturers started to
cover
their needs for the fall
Bag
sea¬
and continued good demand from that source was ex¬
pected, as requirements were reported to be far from filled.
son,
Domestically, lightweights
at
5.45c.
were
quoted at 4.10c.;
•
*
-
<
heavies
Aug.
Financial Chronicle
792
1, 1936
paverse County-
119,000 Board of Education of Traverse City, Grand
Mich., 4% general obligation bonds, maturing Sept.
as
$4,000, 1937 to 1941, incl.; $5,000, 1942 to
1946 to 1948, incl.; $7,000, 1949 to 1951,
1952 to 1956, incl.
Charles H. Menmuir, City Attorney,
City, Mich.
Federal Reserve Bank of Chicago
follows$8£00.
Traverse
.^Chicago, ILL
Gulfport Municipal Separate School District, Harrison County,
Miss,, 4% school bonds, maturing Dec. 1 as follows.
$4,000,
1936 to 1940, incl.; $7,000, 1941 to 1948, incLtf$8,000. 1949. to
1950, incl., and $6,000, 1951 to I960, incl.
John L. Heiss.
Gulfport, Miss.
New Orleans Branch, Federal Reserve Bank of
1
1945, incl., $6,000,
Specialists in
Illinois & Missouri
Bonds
152,000
STIFEL, NICOLAUS & CO.,
105 W. Adams St.
314 N. Broadway
DIREGT
CHICAGO
Inc.
WIRE
CORPORATION
of $5,007,900 Municipal Issues Acquired from
PWA—Sealed bids will be received at the office of H. A.
Mulligan, Treasurer of the Reconstruction Finance Cor¬
poration,. 1825 H St., N.-W., Washington, D. C., until
12 o'clock noon, Eastern Standard Time, on Aug. 11, 1936,
for the purchase of all (but not less than all) of any issues
of securities described below.
Bids must be made separately for each issue, must be unconditional,
and be accompanied by a certified check payable to the order of "Recon¬
struction Finance Corporation" for 2% of the principal amount of the
Offering
which the bid is entered.
successful bidders for said
issue for
The
securities will be required to accept
securities at the Federal Reserve Bank or branch named in
the accompany list, and to pay for the same in cash or in other imme¬
diately available funds at any Federal Reserve bank or branch thereof,
within 15 days of acceptance of bid, at the bid prices plus accrued interest
to the date of payment, less the amount of the checks accompanying the bids.
Signed or certified copy of the approving legal opinion of counsel, where
indicated, as to the legality of the issue will be furnished the purchaser
delivery of the
obligation or responsibility
whatsoever with respect to
such bonds,
of the RFC, or the United States of America
thereof, as an inducement to anyone to purchase any of
refer to or use the name
or
or
any agency
said securities.
The following are the
.
issues included in the present offering.
In each
shown the name of the Federal Reserve Bank at which
the bonds will be delivered; also the name of the bond attorneys approving
instance there is
the loan:
$220,000 City
of Gadsden,
Etowah County, Ala., 4% school bondst
$8,000,1937-1941 incl., and $12,000>
maturing April 1 as follows:
1942
Ala.
71,000 City
1956 incl.
A. M. Rains, W. T. Murphree,
Federal Reserve Bank of Atlanta, Atlanta, Ga.
to
Nome,
of
Alaska,
4%
Gadsden,
municipal improvements bonds,
maturing June 1 as follows:
$2,000, 1937 to 1948 incl.; $3,000I'" 1949 to 1963 incl., and $2,000, 1964.
Leroy M. Sullivan, Nome.
Alaska.
Seattle Branch, Federal Reserve Bank of San Fran¬
cisco, Seattle,
Wash.
No. 1 of Pima County, Ariz., 4% school building
maturing June 1 as follows:
$20,000, 1937 to
1938
incl.,
and
$27,000, 1939.
Alexander Murry, county
attorney, Pima County, Tucson, Ariz.
El Paso Branch, Federal
Reserve Bank of Dallas, El Paso, Texas.
67,000 School District
bonds of 1935,
Yuma County Union High School District, Yuma
4% school building bonds of 1935, maturing
follows:
$1,000, 1936 to 1953 incl., and $2,000,
1954 and 1955.
Glenn Copple, County Attorney, Yuma County,
Yuma, Ariz.
Los Angeles Branch, Federal Reserve Bank of
San Francisco, Los Angeles, Calif.
22,000 Northern
County,
Nov.
1
Ariz.,
as
July 1
157,000 City of Hot Springs, Ark., 4% sewer bonds, maturing
as follows:
$3,500, 1937 and 1938; $4,000, 1939 to 1941 incl.;
$4,500, 1942 to 1944, incl.; $5,000 1945 to 1947, incl.; $5,500.
1948 and 1949; $6,000, 1950 and 1951; $6,500 1952 and 1953;
$7,000, 1954 and 1955; $7,500, 1956 and 1957; $8,000, 1958 and
1959; $8,500, 1960; $9,000, 1961 and 1962; and $2,000, 1963.
Rose, Hemingway, Cantrell & Loughborough, Little Rock, Ark.
Little Rock Branch, Federal Reserve Bank of St. Louis, Little
Rock, Ark.
maturing
104,000 City of Chula Vista, Calif. 4% improvement bonds,
Dec. 1 as follows:
$3,000, 1936 and 1937; $5,000, 1938; $7,000,
1939 to 1941, incl.; $8,000, 1942 to 1944, incl.; $9,000, 1945 and
1946, and $10,000, 1947 to 1949, incl.
O'Mel veny, Tuller &
Myers, Los Angeles, Calif.
Los Angeles Branch, Federal Re¬
serve Bank of San Francisco, Los Angeles, Calif.
21,000 Village of Mountain Home, County of Elmore, Idaho, 4% water
bonds, series of Nov. 1, 1934, maturing Nov. 1 as follows:
$1,000, 1936 to 1946, incl.; $1,500, 1947 to 1952, incl., and
$1,000, 1953.
E. H. Anderson, Mountain Home, Idaho.
Salt
Lake City Branch, Federal Reserve Bank of San Francisco.
Salt Lake City, Utah.
18,000 City of Knoxville, Knox County, 111., 4% water revenue bonds,
maturing April 1 as follows:
$500, 1938 to 1949, incl.; $1,000,
1950 to 1955, incl., and $1,500, 1956 to 1959, incl.
Chapman
&
Cutler, Chicago, 111.-Federal-Reserve
Bank of Chicago,—
Chicago, 111.
^
14,000 Village of Mount Prospect, Cook County, 111., 4% water revenue
bonds, maturing Aug. 1 as follows:
$500, 1937 to 1940, incl.,
and $1,000, 1941 to 1952, incl.
Hugh J. Thai, Mount Prospect,
111.
Federal Reserve Bank of Chicago, Chicago, 111.
7,200 Village of Roseville, Warren County, 111., 4% water works
(revenue) bonds, maturing May 1 as follows:
$500, 1940; $600,
1941 and 1942; $700, 1943 to 1945, incl.; $800, 1946 and 1947,
and $900, 1948 and 1949.
Chapman & Cutler, Chicago, 111.
Federal Reserve Bank of Chicago, Chicago, 111. 480,000 City
of Evansville,
Ind.,
4%
sewage
works revenue bonds,
maturing Aug. 1 as follows:
$22,000, 1936 to 1940, incl.; $32,000,
1941 to 1945, incl., and $42,000, 1946 to 1950, incl.
Louis L.
Roberts,
City Attorney of Evansville, Ind.
Federal Reserve Bank of St. Louis,
Louisville Branch,
Louisville, Ky.
34,000 City of Iowa City, Iowa, 4% sewerage revenue bonds, maturing
Jan. 1 as follows:
$5,000, 1956; $20,000,1957, and $9,000,1958.
H. H.
Stipp, Des Moines, Iowa.
Federal Reserve Bank of
Chicago, Chicago, 111.
842,000 State of Kansas, Acting by and Through the State Highway
Commission, 4% revenue anticipation warrants, series A, ma¬
turing
Aug. 1 as follows:
$121,000, 1946; $306,000, 1947;
$318,000, 1948, and $97,000, 1949.
Hon. Wint Smith, Asst.
Attorney General of the State of Kansas.
Federal Reserve Bank
of Kansas City, Kansas City, Mo.
41,000 Commissioners of
Hurlock, Md., 4% bonds (issued for sewer
maturing Feb. 1 as follows: $500, 1938; $1,500,
1939 to 1949, incl., and $2,000, 1950 to 1961, incl.
J. Richard
Jones, Cambridge, Md.
Federal Reserve Bank of Richmond,
purposes),
Richmind, Va.
4% water bonds,
H. A. Kendall,
of Minneapolis.
130,000 The Board of Education of the Borough of
4% school bonds, maturing Jan. 1 as follows:
1939, incl.; $7,000, 1940 to 1946, incl.; $8,000,
incl., and $7,000,1954.
W. H. Smock, Red Bank,
Reserve Bank of New York, New York, N. Y.
Ridgefield, N. J., 4%
48,000 Board of Education of the Borough of
school district
bonds, maturing Sept. 1 as follows:
$2,000,
1936 to 1940, incl.; $3,000, 1941 to 1952, incl
and $2,000.
Hawkins, Delafield & Longfellow, New York, N. Y.
Federal
Reserve Bank of New York, New York, N. Y.
1953.
285,000 Albuquerque, N. M., Municipal School
school district bonds, maturing $15,000
incl.
District 4% municipa1
Jan. 1,1941 to 1959,
& Hoffman, New York, N.
Bank of Kansas City, Kansas City, Mo.
Thomson, Wood
Reserve
Federal
Y.
County.
42,000 Baldwin Fire District, Town of Hempstead, Nassasu
N. Y., 4% district improvement bonds, maturing Sept. 1 as
follows:
$4,000, 1936 to 1943, incl., and $5,000, 1944 and 1945.
Clay, Dillon & Vandewater, New York, N. Y.
Federal Reserve
Bank of New York, New York, N. Y.
School bonds,
275,000 City of Hudson, N. Y., 4% Livingston High
ma¬
turing Nov. 1 as follows:
$5,000, 1937 to 1946, incl.; $10,000,
1947 to 1951, incl.; $15,000, 1952 to 1956, incl., and $20,000,
1957 to 1961, incl.
Samuel B. Coffin, Corporation Counsel,
City of Hudson, N. Y.
Federal Reserve Bank of New York,
New York, N. Y.
,
50,500 Union
School District No. 5
Free
of the Town of Machias,
Cattaraugus County, N. Y., 4% school improvement bonds,
maturing July 1 as follows:
$1,500, 1937 to 1945, incl.; $2,000,
1946 to 1963, incl., and $1,000, 1964.
Creighton H. Murphy,
without cost.
Said securities are offered and will be sold on the condition that the
successful bidders will not expressly or by implication indicate to anyone
that RFC, or the United States of America, or any agency thereof, has
any
Sanders County, Mont.,
1, 1937 to 1954, incl.
Federal Reserve Bank
Red Bank, N. J..
$i6,000, 1937 to
1947 to 1953,
N. J. Federal
ST. LOUIS
RECONSTRUCTION FINANCE
La#
New Orleans
AtldtiitHi
27,000 Town of Hot Springs,
maturing $1,500 Oct.
Hot
Springs, Mont.
Minneapolis, Minn.
Y.
N.
Machias,
Federal Reserve Bank
of New York, New
York, N. Y.
73,000 Union Free School District No. 11 of the Town of Urbana,
Steuben County, N. Y., 4% school building bonds, maturing
May 1 as follows:
$1,000, 1937 and 1938; $2,000, 1939 to 1944,
incl.; $3,000, 1945 to 1950, incl.; $4,000, 1951 to 1957, incl.;
$6,000,1958 and 1959, and $1,000,1960.
Clay, Dillon & Vande¬
water, New lork, N. Y.
Federal Rseerve Bank of New York,
New York, N. Y.
•
.
89,000 Village of West Hverstraw, N. Y., 4% sewer construction bonds,
maturing July 1 as follows:
$3,000, 1937 to 1943, incl., and
$4,000,1944 to 1960, incl.
George S. Raymond, Village Attorney,
Haverstraw, N. Y.
Federal Reserve Bank of New York, New
Ttork, N.\.
•'
96,000 The City of "ionkers, N. Y., 4% assessment bonds, maturing
Nov. 1 as follows:
$6,000, 1949: $29,000, 1950 to 1952, incl.,
and
$3,000, 1953.
Hawkins, Delafield & Longfellow, New
York, N.
.
Federal Reserve Bank of New York, New York,
N. Y.
■
N. C., 4% bonds (on« bid to cover both
203,000 Town of Tarboro,
issues):
$154,000 water works bonds, maturing April 1 as follows:
1937 to 1942, incl.; $6,000, 1943 to 1962, incl., and
$5,000,
$4,000,
1963.
water works bonds, second series, maturing April 1 as
follows:
$1,000, 1937 to 1939, incl., and $2,000, 1940 to
1962, incl.
Reed, Hoyt & Washburn, New York, N. Y
Federal Reserve
Bank of Richmond, Richmond, Va.
49,000
54,000 City of
as
Thomasville, N. C., 4% water bonds, maturing May 1
$1,500, 1937 to 1948, incl.; $2,000, 1949 to 1957,
1958 to 1963, incl. H. R. Kyser, Thomasville,
Federal Reserve Bank of Richmond, Richmond, Va.
follows:
incl., and $3,000,
N. C.
30,000 City of Mandan, Morton County, N. Dak., 4% water bonds
of 1934. maturing May 1 as follows:
$1,000, 1937 to 1939. incl.;
$2,000, 1940 to 1952, incl., and $1,000, 1953.
J. P. Fleck,
Mandan,
N. Dak.
Federal Reserve Bank of Minneapolis,
Minneapolis, Minn.
32,000 Norman School District of Traill County, N. Dak., 4% school
construction bonds, maturing Sept. 1 as follows:
$1,000, 1937
to 1940, incl
and $2,000, 1941 to 1954, incl.
Charles H. Shafer,
Hillsboro,
N. Dak.
Federal Reserve Bank of Minneapolis,
Minneapolis, Minn.
37,000 Board of Education of the City of Northwood, N. Dak., 4%
high school bonds of 1934, maturing Dec. 1 as follows: $2,000,
1936 to 1952, incl., and $3,000, 1953.
Horace G. Webster,
Northwood, N. Dak.
Federal Reserve Bank of Minneapolis,
Minneapolis, Minn.
26,000 Streeter School District No. 42 of Stutsman County, N. Dak.,
4% school bonds of 1935, maturing Nov. 1 as follows:
$1,000,
1938 to 1945, incl., and $2,000,1946 to 1954, incl.
C S.BuckJr^
Jamestown, N. Dak.
Federal Reserve Bank of Minneapolis,
Minneapolis, Minn.
105,000 City of Coshocton, County of Coshocton, Ohio, 4% 1st mtge.
,
water works revenue
1938 to
Robert
Reserve
bonds, maturing Sept. ] as follows:
$5,000,
1956 and 1957, and $3,000. 1958._
Solicitor, Coshocton, Ohio.
Federal
Bank of Cleveland, Cleveland, Ohio.
1955, incl.; $6,000,
A.
Carton,
City
11,000 City of Delaware, Delaware County, Ohio, 4%
maturing Oct. 1 as follows:
$500, 1937 to 1946,
1947 to 1961, incl.
H. D. House, Delaware,
Reserve Bank of Cleveland, Cleveland, Ohio.
40,500 Board of Education of
Jefferson County,
city hall bonds,
incl., and $400,
Ohio. Federal
the Mingo Junction City School District,
Ohio, 4% school improvement bonds, maturing
Sept. 1 as follows:
$1,500, 1937 to 1955, incl., and $2,000,
1956 to 1961, incl.
Hugo Alexander, Mingo Junction, Ohio.
Federal Reserve Bank of Cleveland, Cleveland, Ohio.
41,000 The City of Cushing, Payne County, Okla., 4% electric power
and transmission equipment bonds of 1934, maturing March 1
as follows:
$12,000, 1945; $13,000, 1946 and 1947, and $3,000,
1948.
S. J. Berton, City Attorney, Cushing, Okla.
Federal
Reserve Bank of Kansas City, Kansas City, Mo.
16,000 City of NWata, Nowata County, Okla., 4% water works bonds
of 1934, maturing $1,000 April 1, 1937 to 1952, incl.
Chapman
& Cutler, Chicago, 111.
Federal Reserve Bank of Kansas City,
Kansas City, Mo.
100,000 Hartsville Township, Darlington County, S. C., 4% community
center
building bonds, maturing Sept. 1 as follows:
$3,000,
1936 to 1955, incl., and $4,000, 1956 to 1965, incl.
John F.
Wilmeth, Hartsville, S. C.
Federal Reserve Bank of Richmind,
Richmond, Va.
240,000 State of South Carolina, 4% State hospital for the insane bonds,
maturing July 1 as follows:
$20,000, 1957 to 1959, incl , and
$30,000, 1960 to 1965, incl.
F. Ehrlich Thomson and E. E.
Carwile, Columbia, S. C.
Federal Reserve Bank of Richmond,
Richmond, Va.
Volume
Financial
143
793
Chronicle
41,000 City of Spearfish, Lawrence County, S. Dak ,4% water works
bonds, maturing March 1 as follows:
$2,000, M)37; $3,000,1938,
$2,000, 1939; $3,000, 1940; $2,000, 1941; $3,000, 1942:$2,000,
1943; $3,000, 1944; $2,000, 1945; $3,000, 1946; $2,000,1947;
$3,000, 1948; $2,000, 1949; $3,000, 1950; $2,000, 195D $2,000,
1952, and $1,000, 1953.
Junell, Driscoll, Fletcher, Dorsey &
Barker, Minneapolis, Minn.
Federal Reserve Bank of Minne¬
apolis, Minneapolis, Minn.
174,000 City of Fredericksburg, Gillespie County, Texas, 4% water and
sewer system revenue bonds, series 1934, maturing Sept. 15 as
follows:
$4,000, 1936; $6,000, 1937; $7,000, 1938to 1949, incl.,
and $8,000, 1950 to 1959. incl.
H. H. Sagebiel, Fredericksburg.
Texas.
San Antonio Branch, Federal Reserve Bank of Dallas,
San Antonio, Texas.
i\
58,000 South San Antonio Independent School District, Bexar County,
Texas, 4% school house bonds, series of 1934, maturing April 10
as follows:
$1,000, 1937 to 1939, incl.; $2,000, 1940 to 1952,
incl; $3,000, 1953 to 1961, incl., and $2,000, 1962.
Van H.
Howard Jr., San Antonio, Texas.
San Antonio Branch, Federal
Reserve Bank of Dallas, San Antonio, Texas.
47,000 Phillips Independent School District, Hutchinson County, Texas,
4% school building bonds, series of 1934, maturing Oct. 1 as
follows:
$3,000, 1936 to 1944, incl., and $4,000, 1945 to 1949,
incl.
T. B. Dyer, Amarillo, Texas.
Federal Reserve Bank of
Dallas, Dallas, Texas.
96,000 City of St. George, Washington County, Utah, 4% water works
impt. revenue bonds, maturing Feb. 1 as follows: $1,000, 1938;
$3,500, 1939 to 1964, incl., and $4,000, 1965.
Orval Hafen,
St. George, Utah.
Salt Lake City Branch, Federal Reserve
Bank of San Francisco, Salt Lake City, Utah.
38,000 Town of Kilmarnock* Va., 4% water works improvement bonds,
maturing April 1 as follows:
$1,000, 1938 to 1944, incl.; $1,500,
1945 to 1962, incl., and $2,000, 1963 and 1964.
F. V. Watkins,
Lively, Va.
Federal Reserve Bank of Richmond, Richmond, Va.
64,000 City of Snohomish, Wash., special water works 4% bonds, 1934,
maturing April 1 as follows:
$4,000, 1938, and $10,000, 1939
to 1944, incl.
Preston, Thorgrimson & Turner, Seattle, Wash.
Seattle Branch* Federal Reserve Bank of San Francisco, Seattle,
Wash.
8,900 Town of Bridgeport, W. Va., 4% water works revenue bonds,
maturing March 1 as follows:
$500, 1937 to 1949, incl., and
$600, 1950 to 1953, incl.
Cornelius C. Davis, Clarksburg,
W. Va
Federal Reserve Bank of Richmond, Richmond, Va.
18.000 City of Shinnston, Harrison County, W. Va
4% water works
revenue bonds,
maturing June 1 as follows:
$1,000, 1946 to
1952, incl.; $2,000. 1953 to 1956, incl.; $1,000, 1961, and $2,000.
1962.
Hardin R. Harmer, Shinnston, W. Va.
Federal Reserve
Bank of Richmond, Richmond, Va.
,
8,000 Town of West Unior, Doddridge County, W. Va., 4% water
works revenue bonds, maturing $1,000 April 15,1937 to 1944, incl.
Clyde C. Ware, West Union, W. Va.
Federal Reserve Bank of
Richmond, Richmond, Va.
34,800 Town of Medicine Bow, Carbon County, Wyo., 4% water bonds,
series of 1934, maturing $1,200 Sept. 1 1936 to 1964, incl.
G. R.
McConnell, Laramie, Wyo.
Federal Reserve Bank of Kansas
City, Kansas City, Mo.
because of the partisan differences.
Hundreds of "hunger
marchers" have besieged the Capitol, demanding a fund of
$100,000,000 be provided.
New York
State—Legal Investments for Savings Banks—
Banking Department has compiled a new list of
securities considered legal investments for savings bank
funds, this new list being dated July 1, 1936.
This new list
has been prepared in accordance with the provisions of Sec¬
tion 52 of the Banking Law.
The municipal sections of the
following list are presented under sub-headings correspond¬
ing to paragraphs and sub-sections of subdivisions
5-a,
5-b and 5-d of Section 239 of the Banking Law, as amended
by the 1928 Legislature.
The statement as given by the
Superintendent of Banks which accompanies the list follows:
The State
STATE
BANKING DEPARTMENT, ALBANY. N.
Y.
The
following list of securities considered legal investments for savings
banks has been prepared in accordance with the provisions of Section 52
of the Banking Law.
The list is prepared for the protection of the trustees
of savings banks, and should not be considered a guide for executors,
administrators or trustees generally.
Neither should it be considered as
having been intended for the use or dealers in securities.
The trustees of savings banks are not, because
the
duty of making
a
of this list, relieved of
careful investigation on their own part into the
In fact it would be improper for trustees
legality of their investments.
savings banks to place their sole reliance upon the list.
It has been
prepared after a thorough investigation into the legality of the securities
listed, and is believed, therefore, to be substantially correct; but, not¬
withstanding the care that has been exercised in its preparation it is not
to be assumed that the list is a complete and infallible guide.
The pro¬
visions of the Banking Law relating to legal investments for savings banks
must for the most part be applied as of the date of investment.
Con¬
ditions vary so from time to time that securities which were legal invest¬
ments on the date they were placed upon the list may even now be dis¬
qualified.
Vice versa, securities which are not included in this list may
now be found to be legal.
Therefore, the trustees of savings banks, should
for their own protection, supplement the work of the Department by
their own careful investigation into each doubtful case.
The conditions
under which securities may be considered legal investments for savings
or
,
RECONSTRUCTION^FINANCEICORPORATION
Amends
Bond
banks
Offering Notice—In connection with the
report of the offering by the Reconstruction Finance Cor¬
poration ^on Aug. 11 of various issues of State and municipal
bonds taken over from the Public Works Administration,
we
are
advised by H. A. Mulligan, Treasurer, that the
amount of the Evansville, Ind., 4% sewage works revenue
bonds to be sold has been reduced from $480,000 to $458,000.
This latter amount will mature Aug. 1 as follows: $22,000
from 1937 to 1940 incl.; $32,000 from 1941 to 1945 incl. and
$42,000 from 1946 to 1950 incl. The difference of $22,000
represents the amount that was to mature Aug. 1, 1936.
PUBLIC
are
contained in Sec. 239 of the Banking Law.
An Important provision of the law requires that certain municipalities
shall have power to levy taxes on the taxable real property therein for
the payment of their obligations without limitation of rate or amount.
Municipalities to which this provision applies are specified.
However,
it must be left to the trustees of the savings banks to satisfy themselves
that the securities
comply with the law on the question of unlimited taxes.
It is presumed that in so doing they will be assisted by an attorney's opinion
accompanying the bond issue or by an opinion of their own attorney.
As the cost of preparing
the list is assessed upon the savings banks,
fufficient copies have not been printed to enable us to make a general
distribution.
You
may communicate
desire.
with this Department for any further information
you may
"WILLIAM
R. WHITE, Superintendent of Banks.
July 1,1936.
In the following list new issues are indicated with the
symbol (a), while issues that have been removed since
the publication of the December, 1935, list are enclosed in
WORKS ADMINISTRATION
Announces Allotments in New
Program—-Initial allotments
approved by the President for 352 PWA projects throughout
the country, having a total estimated construction cost of
$50,774,196, were announced recently by Public Works
Administrator Ickes starting allotments on the third Public
Works program.
The announcement was made in press
release No. 2026.
full-faced brackets.
SECURITIES CONSIDERED LEGAL INVESTMENTS FOR
BANKING LAW AS NUMBERED.
Subdivision 1.
All
interest-bearing obligations of the United States or those for which
to provide payment of interest
the faith of the United States is pledged
including bonds of the District of Oolumbla.
and principal,
PWA grants, to
the extent of 45% Of the cost of each
project, total $22,742,034, and secured loans which total
$2,142,000 were included in the list.
Communities re¬
ceiving the allotments in each instance contributed from
local funds 55% of the cost of the project.
Schools, waterworks, sewers, public buildings, bridges,
municipal power
plants, viaducts, hospitals, libraries, fire stations, laboratories, street
improvements, disposal plants, piers, and similar types of useful, recog¬
nized, local works comprise the list, as in previous PWA programs
In
each case the community benefited selected the work with its own
knowledge
of its need and backed its choice with an offer to provide more than half
the finance required as a local contribution from local funds.
•
.
Regulations for proceeding with construction of these 352 projects
follow those developed steadily by PWA in two previous programs under¬
taken since 1933, with contract construction awarded in the
regular es¬
tablished method to the lowest competitive bidder.
Plans have been
proposed by the local body making the application.
These bodies will
let, superintend and administer the work according to local practice
subject to the terms in their grant or loan agreements with PWA which
will assist and inspect the work to insure fulfillment of
agreement and
sound, economical, permanent construction.
V.
Funds for the 352 allotments result from the recent action of
Congress
freeing accumulated assets of the Public Works. Administration in the
PWA revolving fund to further the PWA part in the recovery
program with¬
out additional appropriation of money.
Congress specified up to $300
000,000 of the PWA revolving fund, resulting from prior loans made bv
PWA which are being recovered with interest and
profit, should be used
at the direction of the President, for allotment grants to assist
local bodies
in carrying forward the same type of permanent
improvement works
SAVINGS
BANKS. UNDER SUBDIVISIONS OF 8EOTION 239 OF THE
Subdivision S.
All Interest-bearing obligations of New York State.
Subdivision 8.
Certain Interest-bearing obligations
rltories:
of the following States and Ter-
Alabama
Iowa
Nebraska
,
South Carolina
Arlsona
Kuwm
Nevada
South Dakota
California
Kentucky
Tennessee
Colorado
Louisiana
New Hampshire
New Jersey
Texas
Maine
New Mexico
Utah
Delaware
Maryland
North Carolina
Vermont
Florida
Massachusetts
North Dakota
Virginia
Georgia
Michigan
Ohio
Hawaii
Minnesota
Oklahoma
Washington
West Virginia
Idaho
Mississippi
Oregon
Wisconsin
Pennsylvania
Wyoming
Connecticut
—
•llinnis
—7—
-Missouri
Rhode Island
Montana
Indiana
Subdivision 4.
Ail
interest-bearing obligations, or revenue notes sold at a discount,
of any city, county, town, village, school district, union free school dis¬
trict, poor district, or fire district in New York State, provided that they
were issued pursuant to law and that the faith and credit of the munici¬
pality or district that issued them is pledged for their payment.
Subdivision 5
a.
-
undertaken in earlier PWA programs.
Certain stocks, bonds and other obligations (excluding non-negotiable
warrants), either Interest-bearing or sola at a discount, of the following:
Massachusetts.
Somervllle
Southbrldge
Medford
Springfield
Belmont
Everett
Berkshire County
Fall River
Melrose
Middlesex County
Taunton
Beverly
Maiden
Easthampton
Essex County
Marlborough
Attleboro
Pennsylvania-—Legislature in Accord on Relief Program—
Gov. George H. Earle announced July 30 that an
agreement
had been reached between Republican and Democratic
leaders to break the deadlock over providing
$45,000,000 fdr
unemployment relief.
He said thejspecial session of the
Legislature would end next week.
4
The program will provide for immediate
resumption of
unemployment relief, which was discontinued^a week ago
Saugus
Dedham
Athol
News Items
Lynn
Arlington
Fitchburg
Needham
Wakefield
Danvers
Adams
Framlngham
Metropoli¬ Franklin County
Boston
Boston
tan
District
to
note
5-b)
(see Gardner
Subdivi¬ Gloucester
Swampscott
New Bedford
Waltham
Newbury port
Watertown
Newton
Webster
Norfolk County
Weliesley
Brookllne
Hampden County
Hampshire County
Haverhill
Holyoke
Westfield
Northampton
North Attleborough West Springfield
Pittsfleld
Weymouth
Winchester
Plymouth
Cambridge
Lawrence
Chelsea
Leominster
Lowell
Qulncy
Revere
Salem
sion
Bralntree
Brockton
Chloopee
Clinton
Wlnthrop
Worcester
Worcester County
Financial Chronicle
794
Connecticut,
Ansonia'
Mil ford
Hamden
Hartford
%
Butler County (Hamilton)*
Kansas City
Stratford
Naugatuck
a
-
rt"
Stonlngton
'
Bridgeport
Aug. 1, 1936
Ohio—
Kansas—
Kansas City
School Dist. (Kansas City)*
Bristol
Hartford County
New Britain
Torrington
[Manchester]
New Haven
Wulllngford (borough
Topeka
Merlden
New London
Canton School District (Canton)*
Cincinnati
Sedgwick County (Wichita) *
Dan bury (city and
town)
Derby
East Hartford
and town
Metropolitan DIst., Norwalk
Hartford County Norwich (city and
,
(an Incorporated
town)
municipality)
Shelton
Stamford (city and
Enfield
Fairfield
Fairfield County
Mlddletown
Bayonne
Bergen County
Hoboken
New
Hudson County
Ocean
Bloomfleld
Hunterdon County
Cleveland
Wichita School District No. 1 (Wichita)*
Cleveland City Sch. DIst. (Cleveland)*
Columbus
Wlllltnantlo
Kentucky—
Windham
Rutherford School
District
Somerset County
County
Irvington
Cape May County
Cumberland County Jersey City-
Paterson
Summit
Kearny
Linden
piainfleld
Sussex County
Trenton
Englewood
Maplewood Twp.
Itedbank
Union City
Essex County
Mercer County
Redbank School
Gloucester County
Middlesex County
Union County
Weehawken
Rahway
District
'»■
Ablngton
Columbia Sch. D.
Ablngton Twp.
Coraopolls
Coraopolls
School
Lewlstown
School
District
Luzerne County
Dauphin County
Delaware County
Altoona Sch. DIst.
Donora
Belleville
Donora School Dlst*
Bellevue Soh. DIst.
Dormont
Monessen
Monessen Sch. DIst.
Berks County
Blair County
Dormont Sch. DIst.
Munhall
Ellwood City
a
Swissvale S. D.
Tamaqua
Tioga County
a
Sch. DIst.
District
Borough
School District
Norrlstown
Washington
Norrlstown School
Washington County
District
Butler Sch. District Farrell School DIst.
Waynesboro
Northumberland Co .Waynesboro School
Cambria County
Fayette County
Harrisburg
a
Canonsburg School
District
Harrlsburg School
a
Olyphant
Olyphant S. D.
a
Penn
Carlisle
a
a
Penn Twp. 8. D.
Carlisle Sch. DIst.
aHaverford
District
Twp.
Sch. DIst.
a
Cheltenham
a
Cheltenham Twp.
School DIst.
♦Philadelphia
Wllkes-Barre School
District
♦Philadelphia Sch.
Haverford
[Charleroi]
District
Westmoreland Co.
Wllkes-Barre
Wllklnsburg
Wil kins burg
District
Hazleton
Hazleton Sch. DIst.
Sohool
District
Pittsburgh
Huntingdon County Pittsburgh School
Willlamsport
Wllllamsport
District
Chester
Jefferson County
Chester School DIst.
Clalrton
[Kingston]
[Kingston S. D.]
Clair ton Sch. DIst.
a
Columbia
Lancaster
Bristol
Cumberland
North Providence
Central Falls
East Providence
Pawtucket
Westerly
West Warwick
Lincoln
Providence
Woonsocket
Newport
Warwick
Plttston
Sch.
*
York School District
Certain stocks,
Lansing
Galveston
.
Houston
Independent School District (Houston)*
Port Huron*
San Antonio
(Port Huron)*
Independent Sch. DIst. (San Antonio)*
Tarrant County (Fort Worth)*
Saginaw School District (Saginaw)*
Waco
Minnesota—
Utah—
Duluth
Independent School District (Duluth)*
Hennepin County (Minneapolis)*
Minneapolis
I
'
*
*■'
Ramsey County (St. Paul)*
St. Louis County (Duluth)*
St. Paul
Ogden*
Ogden School District (Ogden)*
Salt Lake City
Salt Lake City School District (Salt Lake
City)*
Salt Lake County (Salt Lake City)*
Virginia—
.
Lynchburg*
Missouri—
Newport News*
Richmond
[Buchanan County (St. Joseph) *1
[Jackson County (Kansas City)*]
■
Joplln*
Joplin School District (Joplln)*
Kansas City
Washington—
Belllngham*
Belllngham Sch. Dist. No. 301
King County (Seattle)*
Seattle*
a
,
School District (St. Joseph)*
St. Louis
Seattle Sch. Dist. No. 1 (Seattle)*
Spokane
Spokane Sch. Dist. No. 81 (Spokane)*
Spokane County (Spokane)*
Tacoma
[Tacoma Sch. DIst. No. 10 (Tacoma)]
Douglas County (Omaha)*
Whatcom County*
Lincoln
-
West
Virginia—
Charleston
Charleston Ind. S. D. (Charleston)*
Omaha School District (Omaha)*
Huntington
New Hampshire—
Hillsborough County (Manchester)
bonds, and other obligations (excluding non-negotiable
warrants), either interest-bearing or sold at a discount, of the following:
Note.—Unlimited tax obligations only are legal tor places Indicated with
asterisk (*).
Furthermore, the legality of obligations issued by schoo
an
v"
Roanoke
Nebraska—
Rutland
Independent School Dlstrlot
(Fort Worth)*
[Harris County (Houston)]
Lincoln School District (Llnooln)*
Omaha*
Burlington
Bennington
Fort Worth
(St. Louis)*
Springfield
Springfield Sohool District (Springfield)*
Subdivision 8 b (1).
•
Fort Worth
St. Louis School District
Pottsvllle Soh. DIst.
Vermont.
Barre
El Paso
Bay City
Bay City School District (Bay City)*
St. Joseph
York
Pottsville
Rhode Island
Cranston
Dallas
Michigan—
Qreftfr*
Battle Creek Sch. DIst. (Battle Creek)*
St. Joseph
District
Plttston Sch. Diet.
Lackawanna Co.
°
Texas—
Austin *
Port Huron Sch. DIst.
Erie County
iFsurroll *
Canonsburg
Baltimore
Saginaw
Warren
Butler
Shelby County (Memphis)*
Kalamazoo School Dlstrlot (Kalamazoo)*
Upper Darby
Upper Darby Twp.
Warren
Nashville
Kalamazoo
Vandergrlft
New Castle School
Erie School DIst.
DIst,
Sharon School DIst.
a Swissvale
Munhall Sch. DIst.
District
Maryland—
Cumberland*
a
Ellwood City School Nantlcoke
New Castle
District
Erie
City School District (Warren)*
Tennessee—
Allegany County (Cumberland)*
Scranton Sch.
Sharon
Altoona
Bucks County
Warren*
Warren
Davidson County (Nashville)*
Scranton
Lebanon
Lebanon Sch DIat
Lehigh County
District
School District (Spring¬
field)*
Stark County
a
Memphis*
Lancaster
Cumberland County Lewlstown
Bradford School
Springfield City
,
Reading
Reading Sch. Diet.
Schuylkill
Conshohocken
Bradford County
Springfield
Portllnd
School
District
ConshohockenS.D.Lawrence County
a
a
Norwood*
Parish School Board (New
Lewlston*
a
Bradford
Mansfield School District (Mansfield)*
Androscoggin County (Lewlston)*
Cumberland County (Portland)*
Pennsylvania
District
Orleans
Maine—
Westfleld
♦Newark
AUentown School
Mansfield*
'
Shreveport
Ridge wood Twp .Sch Westfield School
District
District
Allegheny County
a.Lorain County
DlstrictlNo. 1
Orleans)*
Hamilton Township Montclalr
Morris County
School District
Allentown
Caddo Parish Sohool
(Shreveport)*
Rldgewood Twp.
a
Lorain*
Lorain City School District (Lorain)*
Louisiana—
New Orleans*
Hamilton Township Monmouth County
School District
Hamilton School District (Hamilton)*
Hamilton County (Cincinnati)*
Paducah*
'
,
(Columbus)*
Hamilton
Louisville
East Orange
Elizabeth
Adams County
(Covington)*
Lexington
Orange
>
Dayton*
Franklin County
Kenton County
Rutherford
Passaic County
Harrison
Columbus City Sch. DIst. (Columbus)*
Covington
Covington School District (Covington)*
town)
Brunswlpk
Cincinnati School District (Cincinnati)*
Wichita
West Hartford
New Jersey.
•:
Topeka School District No. 23 (Topeka)*
Waterbury
Middlesex County
Greenwich
Canton
Wheeling
Manchester
Nashua*
Dane County (Madison
North Carolina-
Wisconsin—
Douglas Coun tj(Superlo
Green Bay
r
Charlotte
Kenosha
obligations Issued by
the city. Indicated in parenthesis in each case, are legal.
It will be noted
that unlimited tax obligations only are legal for some of the cities appearing
in parentheses.
We believe that the failure of any city in such case to
have outstanding any unlimited tax obligation would render illegal the
Mecklenburg County (Charlotte)*
New Hanover County (Wilmington)*
Wilmington*
La Crosse*
respective school district
Multnomah County (Portland)*
Multnomah County School District No. 1
districts and counties depends on whether or not the
or
county.
Bibb County (Macon)*
Chatham County (Savannah)*
Alabama—
Birmingham
Berkeley GramraerSch. DIst. (Berkeley)*
Berkeley High School DIst. (Berkeley)*
Berkeley
Los
Poorl&
Los Angeles City Junior College DIst.*
Oakland Grammar Sch. DIst. (Oakland)*
Oakland High Sch. DIst. (Oakland)*
(Peoria)*
Qulncy*
Rock
(Sacramento)*
City
Jr.
College
School
(Sacramento)*
*
San Diego School District (San Diego)*
San Diego High Soh. DIst. (San Diego)*
San Diego County (San Diego) *
San Francisco
p'
San Jose
San Jose Sch. Dists. (San Jose)*
Santa Barbara*
Barbara
Arizona
School
Island
District
No.
41
School
District
(Santa
Barbara)*
Santa
Barbara
High
(Santa Barbara) *
School
i
District
School City of Evansvllle (Evansvllle)*
School City (Fort Wayne)*
Hammond
Hammond School City (Hammond)*
Indianapolis*
Indianapolis School City (Indianapolis)*
Marion County
South Bend
(Indianapolis)*
Vanderburgh County (Evansvllle)*
Rapids
Denver School District No. 1 (Denver)*
Delaware—
[Independent
Bluffs) *]
New Castle County (Wilmington)*
Davenport
Wilmington
Independent School DIst. (Davenport)*
sonville) *
Jacksonville
Tampa
Georgia—
School
District
(Council
Dee Moines
.
.
Des Moines Independent School District
(Des Moines)*
a
Linn County
Polk County (Dee Moines)*
Sioux City
Independent School City (Sioux City)*
Atlanta
Waterloo
Augusta
Woodbury County (Sioux City)*"
Washburn Ext.
1st 5s.
1939.
Battle Creek A Sturgla Ry. 1st 3s, 1989.
Bay City A Battle Creek Ry. 1st 3s, 1989.
Beech Creek Extension RR.—
ref.
Aroostook Northern RR. 1st 5s, 1947.
1st 3Kb, 1951.
Atchlson Topeka & Santa Fe Ry.—
Adj. 4, 1995.
Cons. 4s, 1955.
Beech Creek RR.—
Conv. 4, 1955.
1st 4s. 1936.
Conv. 4, 1960.
2d 5s. 1936,
_
_
Belvidere Delaware RR.
Big Sandy Ry. 1st 4s. 1944.
1st
ref.
434s,
Transcontinental Short Line 1st 4s,
Atlanta Terminal Co.—
1st 6s 1939,
58
•
series A.
1st 5s 1939. series B.
'
—
Atlantic Coast Line RR.—
1st
cons.
4s, 1952.
Gen. unified 434S. 1904. series A.
& Albany RR. Co.—
1st 434s, 1943, series A.
Imp. 4348, 1937.
Imp. 58, 1938.
Imp. 58^ 1942.
Imp. 434s, 1978.
Ref. 6s, 1946.
Ref. 3348, 1952.
Ref. 5s, 1963.
Term.
1st 4s. 1948.
334s, 1951.
Gen. 5s, 1940, series Q, R and S.
Gen. 58, 1941, series T and U.
"
Gen. 5s, 1942, series V, W and X.
Gen. 58, 1943, series Y and Z.
Gen. 58,1944, series A A and BB.
Gen. 5s. 1945, series CC and DD.
Gen. 5s, 1946, series EE.
Gen. 434s, 1947, series FF.
Gen. 4s, 1947, series GG.
1st 5s. 1948.
Ref. A gen. 5s, 1995, series A.
Ref. A gen. 6s, 1995, series B.
Ref. A gen. 6s, 1995, series C.
Ref. A gen. 5s, 2000, series D.
Gen. 5s, 1955, series II.
Gen. 434s, 1961, series JJ.
Gen. 5s, 1967, series AC.
Ref. A gen. 5s, 1996, series F.
Pitts. Lake E. A W. Va. ref. 4s. 1941.
trust 5s, due to August 1937.
trust 5s. due to February 1938.
trust 434s B, due to May 1940.
trust 434s C, due to Feb.
334s. 1943.
Boston A Maine RR.—
10-yr. collat. trust 5s, 1945
[ Equip, trust 634s D, due to Feb. '36]
Equip, trust 434s E. due to Feb. 1941.
Equip,
Equip,
Equip,
Equip,
Equip,
cons.
Boston
Rocky Mtn. Dlv. 1st 4s, 1965.
Coast
Line
RR.
of
South
Carolina 1st 4s, 1948.
Austin A Northwestern RR. 1st 5s, 1941.
Baltimore & Ohio RR.—
Council Bluffs*
Duval Co. Speo. Tax DIst. No. 1 (Jack¬
1st A
Atlantic
Black Hawk County
Denver
Florida—
Co.
Gen. unified 4s 1964, series B.
South Bend School City (South Bend)*
Cedar
Colorado—
RR.
5s, 1950
1962, series A and B.
Evansvllle
a
St. John River Ext. 1st 5s, 1939.
Van Buren Ext. 1st 5s, 1943.
1942. *
Gen. 4s, 1995.
Calif .-Arizona
Lines
Iowa—
Santa Barbara County (Santa Barbara)*
Piscataquis Dlv. 1st 5s. 1943.
Con. deb. 43$s, 1948.
Springfield Sch. Dist. No. 186
Fort Wayne
Fort Wayne
Eastern
gen. 4s.
(stamped)
[Medford Ext. 1st 5s, 1937]
.
Indiana—
District (Sacramento)*
Sacramento County
San Diego
Santa
Allegheny Valley Ry.
Springfield
a
Conv. cons. ref. 4s, 1951
1st 5s. 1943.
1st cons. 4s, 1943, series B.
Equip, trust 5s G, due April 1938.
County
[Sangamon County Sch. DIst. No. 186
(Springfield) *]
v
City Elem. School District
(Sacramento)*
•
Adams
(Rock Island)*
Sacramento City High School District
Sacramento
172,
Rock Island*
(Pasadena)*
Sacramento
No.
(Qulncy) *
Sacramento
Bangor A Aroostoox RR.—
Cons. ref. 4s. 1951.
1st cons. 5s, 1943, series A.
.1946.
Rockford School District (Rockford)*
City Sch. DIst. (Pasadena)*
City High School District
ons:
Adirondack Ry. 1st 434s. 1942.
Alabama Great Southern RR.—
Albany A Susquehanna RR. 1st ref. 3}js.
DIst.
Rock ford
Pasadena
Pasadena
Peoria County School District No. 150
School
Superior*
West Allla*
Certain railroad obligat
City of Chicago*
Elgin*
Elgin Union Sch. DIst. No. 46 (Elgin)*
Los Angeles County (Los Angeles)*
.
Subdivision 7
Board of Education of
Oakland*
Pasadena
(Sioux Falls)*
Chicago*
City School District (Los
Angeles)*
Los Angeles City High School District
(Los Angeles)*
a
Sioux Falls Independent Sohool Dlstrlot
lUinois—
Angeles*
Los Angeles
,
8beboygan*
a Sheboygan County
Sioux Fa'1b*
Savannah
Milwaukee County (Milwaukee)*
Oshkosh*
Racine County (Racine)*
South Dakota—
Muskogee County (Columbus)*
Alameda High School District*
Milwaukee
Racine
Richmond County (Augusta)*
Alameda County (Oakland)*
County
County (La Crosse) •
Madison
Oregon—
Portland*
Macon
Kenosha
La Crosse
(Portland)*
Columbus*
California—
Alameda*
a
1941..
trust 434s F. due to Nov. 1944.
Gen. 4s, 1942.
Gen. 434s, 1944.
Gen. 3s. 1950.
Equip, tr. 6s, No. 3, due to June 11938.
Equip, tr. 434s, No. 4, due to April 1
1943/
Equip, tr. 58. No. 5, due to May 11944.
Equip, tr. 5348,1922, due to Aug. 1 37
Financial
Volume 143
44s, 1941.
1941.
Grand River Valley RR. 1st 4s, 1959.
Morris A Essex RR.—
1st ref. 34s. 2000.
Great
Constr. mtge. 44s. 1955, series B
Nashville Chattanooga A St. Louis Ry.—
1st cons. 4s,
1978, series A.
Equip, trust 44s B. due to Oct. 1937.
1st ext. 34s.
'
-
Gen. 4s, 1955.
Cartbage A Adirondack Ry. 1st 4s, 1981.
Gen. 5s, 1987.
Equip, trust 44s. due to August 1941.
Central Pacific Ry.—
European loan 4s, 1946.
1st ref. 4s, 1949.
1st Through Short Line 4s, 1954.
36-year guar. 6s, 1960.
[Charleston & Savan. Ry. 1st 7s, 1936]
Charleston Union Station Co. 1st 4s, .37.
Equip, trust 5s B, due to Sept. 1938.
1st 54s, 1950, series B.
Portsmouth
Mt.
Lancaster RR. 1st 4s, 1943.
Impt. 44s. 1993, series A.
[Ref. A lmpt. 44s, 1995, series B]
a Ref. A impt. 34s, 1996, series D
Craig Valley Branch 1st 5s, 1940
Hocking Valley Ry.—
1st cons. 44s, 1999.
Equip, trust 5s, due to April 1 1938.
Equip, trust 5s, due to July 1 1939.
Paint Creek Branch 1st 4s, 1945
Potts Creek Branch 1st 4s, 1946.
Hollidaysburg
Rich. A Alleg Dlv. 1st cons 4s, 1989.
Rich. A Alleg. Dlv. 2d cons. 4s, 1989.
Illinois Central RR.—
A
.
1st ext.
1st 4s.
1st
1945.
4q
1Q
Cons. 34s,
1951.
III. Cent. Jt. 1st ref. 5s, 1963, series A.
111. Cent. Jt. 1st ref. 5s. 1963, series B.
111. Cent. Jt. 1st ref. 44s, 1963, ser. C.
Gen. 48.1957.
1st 34s,
1st 6s,
5s, 1944
1944.
Ref.
1948.
2020,
series
and
A,
5s,
Akron
endorsement
o*
Kansas
bonds
cons.
5s, 1963.
Pacific
1st 4s, 1937.
Branch
Ry.
Co.
1st
6s, 1937.
Southern Pacific Co.—
Gold 44s, 1968.
Gold 44s, 1969.
1996.
Gold 44s. 1981.
A
Transportation
a
1st
5s, 1948.
Norfolk Terminal Ry. 1st 4s, 1961.
Norristown A- Main
Line Connecting
10-year sec. serial 4s, 1944
[Conv. 5s. 1934. ]
Central Pacific stock coll. 4s, 1949.
Oregon Lines 1st 44s, 1977, series A,
Equip, trust 5s G, due to May 1939.
Equip, trust 44s K, due to Aug. 1943.
1st 44s,
Equip, trust 44s L, due to June 1944.
Equip, trust 44s M, due to May 1 '45.
San
Francisco Terminals
Pacific Co. 1st 4s, 1950.
Gen. lien A land grant 3s, 2047.
Prior lien A land grant 4s, 1997.
Ref. A impt. 44s, 2047, series A.
Southern Pacific RR.
Ref. A lmpt. 6s, 2047, series B.
Ref. A impt. 5s, 2047, series C.
Ref. A lmpt. 5s, 2047, series D.
—
Southern
Southern Ry.—
(California)—
1st ref. 4s, 1955.
1st
cons.
°
5s, 1937.
1st cons. 58,
1994.
St. Paul A Duluth Dlv. 4s, 1996.
Dev. A gen. 4s, 1956, series A.
Equip, trust 44s, due to March 1940.
Dev. A gen. 6s, 1956, series A.
Dev. A gen. 64s, 1956; series A.
Ohio River RR.—
1936.]
Aiken Branch 1st 4s, 1998.
East Tenn. Reorg. 5s, 1938.
Gen. 5s, 1937.
t Of
this
issue
only
endorsement
guaranty
are
1946.
Memphis Dlv. 1st 5s, 1996.
bearing
St. Louis Dlv. 1st 4s, 1951.
cons. 5s,
bonds
of
Union Pacific
Equip, trust 5sX, due to April 1938.
Equip, trust 5s Y, due to March 1939.
Equip, trust 44s Z, due to Oct. 1939.
considered legal.
1st A ref. 4s,
RR.
A
Navigation
1961.
Equip, trust 4sBB, due to March 1943.
Pennsylvania RR.—
Equip, trust 44s CC, due to Dec. 1944.
Southern Pacific Branch Ry. 1st 6s, 1937.
a South Pacific Coast Ry. 1st 4s, 1937.
Spokane Falls A Northern Ry. 1st 6s, '39.
Stony Creek RR. 1st ext .4s, 1957.
Cons. 4s, 1948.
Cons. 48, 1948
SpuyteD Duyvil a Port Morris RR. 1st
sterling.
34s, 1959.
Sturgls Goshen a St. Louis Ry. lstjSs,
;
Cons. 4b, 1948. sterling, stampedCons. 448, 1960.
1989.
Gen. 44s, 1965, series A.
Gen. 5s, 1968, series B.
Sunbury Hazleton
Long Island City A Flushing RR. Co.
1st cons 58, 1937.
Long Island RR. Co.—
Valley
Gen. 34s, 1970, series C.
Gen. 4 4 s, 1981, series D.
Gen. 44s, 1984, series E.
[Sunbury A Lewistown Ry. 1st 4s, 1936.]
Gen. 4s, 1933.
Unified 4s,
RR.
1949.
Ref. 4s, 1949.
Equip. Trust 5s, E, due to May 1 '38.
Equip. Trust 6s, F, due to Apr. 1 '39.
Equip. Trust 6s, G, due to Jan. 1 '40.
1st
1995.
Cleveland Union Terminals Co.—
Equip. Tr. 44s, H, due to Mar. 1 '41
Equip. Tr. 448,1, due to June 1 '42.
Equip. Tr. 44s, J, due to Aug. 1 '45.
lsf 54s, 1972, series A.
series B.
1st 44s, 1977, series C.'
1st 6s, 1973.
Louisville A JeffersonvUle Bridge Co. 1st
Coal River Ry. 1st 4s, 1945.
-
Colorado A Southern Ry.—
4s, 1945.
Louisville A Nashville RR.—
Gen. 44s, 1980, series A.
1st 5s. 1937.
Ref. A ext. 44s, 1945.
Equip, tr. 54s, 1922, due to May 1937
Columbia A Port Deposit Ry. 1st 4s, 1940
Columbus A Hooking Valley RR. 1st 4s,
1948.
Columbus A Toledo RR. 1st 4s, 1955.
Ry.—
1st 4s, 1951.
Connecting
1st A ref. 54s, 2003, series A.
1st A ref. 5s, 2003, series B.
1st A ref.
a
44s. 2003, series C.
1st A ref. 4s, 2003, series D
Sec. 5s, 1941.
Unified 4s. 1940.
Atlanta Knox. A Cln. Dlv. 4s, 1955.
Mobile A Mont. 1st 44s. 1945.
1951.
Paducah A Memphis 1st 4s, 1946.
1st 5s. 1951.
A Bridge
Co.
1st
1936.
Delaware RR. Co. 1st 4s, 1982, ser. A
Delaware A Hudson Co. 1st A ref. 4s, '43.
[Des Plaines Val. Ry. 1st 44s, 1947]
Detroit River Tunnel Co.: Det. T. A T.
44s, 1961.
Northern
Ry.
gen.
1941.
RR. 1st 4s, 1958.
Minnesota, Northern
St. Louis Dlv. 1st 6s, 1971,
St. Louis Dlv. 2d 3s, 1980.
[Eq. trust 64s D, due to Mar. 1936]
Equip, trust 44s E, due to Deo. 1937.
Equip, trust 5s F. due to Sept. 1938.
Louisville A Nashville Terminal Co. 1st
4s. 1952
Macon Terminal Co. 1st 5s, 1965.
Memphis Union Station Co. 1st 5s, 1959.
Michigan Central RR.—
1st 34s,
Ref. A
Division 1st 4s, 1948.
1952.
lmpt. 44s, 1979.
Mich. Air Line 1st 4s, 1940.
Erie A Pittsburgh RR.—
Fort Worth A DenverCIty
1st ext. 54S. 1961.
Gen.
Southern
Cons. 4s, 1943.
bearing
34s. 1997.
Gen A ref. 44s, 1981, series B
Gen. 34s, 1940, series B.
Gen. 348, 1940. series C.
Florida Southern RR. 1st 4s,
Cons. 5s, 1936.
Soutb Pacific Coast Ry.
i«xlngton A Eastern Ry. 1st 5s. 1965.
Cleveland Short Line Ry. 1st 44s, 1961.
of
2nd 5s, 1945.
South A North Alabama RR.—
2d 5s. 1946.
1945.
Cons. 34s, 1945, sterling.
endorsement of B. A O. RR.
Co. and So. Ry. Co. are considered legal.)
Lake Shore A Michigan Southern Ry. 1st
Gen. 34s, 1950, series D.
Gen. A ref. 44s, 1977, series A.
Ry.
only
RR. 1st 5s, 1938.
1st 4s, 1975.
1939.
Terminal
1989.
Cons. 34s,
guaranty
Gen. 44s, 1942, series A.
Gen. 44s, 1942, series B.
Gen. 34s, 1942, series B.
Gen. 34s, 1948, series C.
Eastern
Issue
Ry. 1st 4s,
Schuylkill A Lehigh RR. 1st 4s, 1948.
Scioto Valley a New England RR. 1st
4s
N. Y. A Putnam RR. 1st cons. 4s, 1993.
New York Short Line RR. 1st 4s. 1957.
Norfolk A Carolina RR.—
Co.
1961, plain.
1st 44s, 1961, stamped.
1st 4 4s. 1961, dollar (x)
this
1st a ref. 5s,
1972, series A.
San Antonio A Aransas Pass
Paducah A Illinois RR. 1st 44s, 1955.
(x Of
Ry.—
Shamokin Sunbury A Lewisburg RR.—
N. Y. A Harlem RR. 1st ref. 34s, 2000.
New York Lackawanna A Western Ry.—
1st A ref. 4s, 1973, series A.
1st A ref. 44s, 1973, series B.
Co.
4s, 1968.
cons.
St. Paul Union Depot Co.
1953, series B.
1st 5s.
trust
Montana Ext. 1st 4s, 1937.
Pacific Ext. 4s, 1940.
Sewe'll Valiey
44s, 1953, series A.
RR. Co.
1st 4 4 8,
Cleveland A Pittsburgh RR.—
East* Pennsylvania
Ref. A impt. 5s, 2013, series C.
New York Connecting RR.—
1st 5s,
coll.
1943.
Oregon-Washington
Kentucky A Indiana Terminal RR.—
[Cleveland Lorain A; Wheeling Ry.—]
[Gen. 5s, 1936]
A
N.Y.C.L. eq. tr. 44s, due to Sept. 15
1st
5s,
.
Co.
Cons. Ext. 5s of 1943.
Equip, trust 64s E, due to Sept. 1938.
Spring. A Col. 1st 4s, 1940.
Delaware River RR.
St. Paul Minneapolis A Manitoba
1st 3s, 1950.
Ref. A impt. 5s, 1950.
White Water Vy. 1st 4s, 1940.
guar.
48. 1943, series A to E.
St. Paul A Duluth RR. 1st
2.60s, 1941, series E.
10-year S. F. 34s, 1946.
[1st 5s,
City Southern Ry.—
1st
Ser. Sec.
(J)Oregon Sh. L. RR. 1st
Kanawha Bridge A Terminal Co. 1st 5s,
1948.
Cairo 1st 4s, 1939.
Cinn. Wabash A Mich. 1st 4s, 1991.
Missabe
Rapids
1940.
Ref. A lmpt. 44s, 1977, series E.
1st 44s,
Grand
Kalamazoo A White Pigeon RR. 1st 5s,
Gen. 4s. 1993, series A.
Gen. 58, 1993, series B.
Ref. A lmpt. 6s, 1941, series C.
Ref. A impt. 5s, 1963, series D.
A
A
1939.
Ry. 1st
only bonds
Louis Ry.—
Terminal
Allegan
Kalamazoo A South Haven RR. 1st 5s,
Issue
Pennsylvania RR. are considered legal.)
Cleveland
Cincinnati
Chicago A St.
Cleveland
4s,
PR. 1st 5s. 1938.
Columbus
A
4s, 1940.
(Of this
bearing
guaranty
1st
Ry.
Ser. Sec. 2s, 1939, series C.
Ser. Sec. 2 4s, 1940, series D.
1955. ext.
Northern Indiana RR.
Terminal
1952.-
Northern Ry. of California 1st 5s, 1938.
Northern Pacific Ry.—
ext. 6s, 1967, series B.
Kalamazoo
B]
1940.
RR. 1st 4s, 1952.
1957.
1st 5s, 1957, series C
a 1st 3 4s, 1971, series D
Cleveland
A
RR. cons. 44s. 1940.
Richmond A Petersburg RR. cons. 44s,
Richmond-Washington
North East Pennsylvania RR.
1939.
4s, 1959.
Jollet
1962.
Reading Co.—
Gen. A ref. 44s, 1997, series A.
Gen. A ref .44s, 1997, series B.
Equip, trust 44s M, due to May 1 '45.
Rensselaer A Saratoga RR. 1st 6s, 1941.
Richmond
Fredericksburg a Potomao
Richmond
Norfolk
Jamestown Franklin A Clearfield RR 1st
Cincinnati Northern RR. 1st 4s, 1951.
Cincinnati Union .Terminal Co.—>
44s,
A
Gen. 5s. 1981. series D.
Pocahontas Coal a Coke Co. Joint 4s, *41.
14s, 1937, series A.
Ser. Sec. 14s, 1938, series B.
1st cons. 4s,
Ref. A ext. os, 1967, series A.
Indianapolis
St.
Louis
A
Chicago Ry. 1st gen. 4s, 1936.
Cincinnati A Muskingum Valley RR.
Gen. 6s, 1975, series B.
Gen. 44s, 1977, series C.
Norfolk A Western Ry.—
"
1st A gen. 5s, 1967.
Guar. 4s,
series
1951.
Jacksonville Terminal Co.—
1963, series E.
Cincinnati
1st 4s,
3s,
Jackson Lansing A Saginaw RR. 1st 34>«
1951.
*
Guar.
1st
Gen. 44s, 1957.
[1st 4 4s, 1963, series A]
1st 4s, 1963, seriqs D.'
Cons. 44s, 1963, series I.
Cons. 44s, 1964, series J.
Gen. 5s, 1970, series A.
1939.
Indiana Illinois A Iowa RR. 1st 4s, 1950.
Chicago Union Station Co.—
Cons. 4s. 1960, series H.
Ser. Sec.
N.Y.C.L. eq. tr. 44s, due to May 15
1940.
Indiana Harbor Belt RR.—
Memphis Division 1st 4s, 1951.
1st
•
.
.
Western Lines 1st 4s, 1951.
Chicago St. Louis A New Orleans RR.—
5s
1963, Series A.
Equip, trust 54s H, due to Feb. 1937.
Equip, trust 44s I, due to Oct. 1937.
Equip, trust 44s K, due to Aug. 1939.
Equip, trust 44s L, due to Oct. 1940.
Equip, trust 448 N, due to Oct. 1941.
Equip, trust 44s O, due to July 1942.
Equip, trust 44s P, due to April 1944.
Line Ry. 1st 4s, 1953.
1944.
N.Y.C.L. eq. tr. 5s, due to June 1937.
N.Y.C.L. eq. tr. 44s, due to Sept. '37.
N.Y.C.L. eq. tr. 5s, due to June 1938.
N.Y.C.L. eq. tr. 5s, due to June 1939.
Springfield Dlv. 1st 34s. 1951.
1956:
Duluth
a
„
St. Louis Dlv. A Term. 1st 34s, 1951.
(<
.
Chicago Indianapolis A St. Louis Short
4fl
a
r
Louisville Dlv. A Term. 1st 3 48.1953.
Chicago Indiana A Southern RR. 1st 4s.
j
a
St. Louis Dlv. A Term.
Illinois Division 1st 34s. 1949.
Illinois Division 1st 4s, 1949.
1
a
1952.
Omaha Dlv. 1st 3s, 1951.
1st A ref. 4 4s, 1977, series B.
4s
sterling 3s, 1951.
34s, 1951.
Litchfield Dlv. 1st 3s, 1951.
Chicago Burlington A Quincy RR.—
1st A ref. 5a, 1971, series A.
[1st
a
1st ref. 5s, 1963, series B.
1st ref. 44s. 1963, series C.
Chesapeake A Ohio Northern Ry. 1st 5s,
a
1951.
1st ref. 5s,
1st 4s, 1938.
a
a
Purchased lines 34s,
Ref. 4s, 1955. •
6s, 1944
1945.
,
Sterling trust 34s, 1950.
Cairo Bridge 1st 4s, 1950.
Chicago St. L. A N. O. Jt.—
Chesapeake A Ohio Grain Elevator Co.
,
-
Ref. 5s. 1955.
Eq. tr. 4s, 1934, due to 1936-49.
Eq. tr. 3s, 1935, due 1936-50.
a Eq. trust 24s, 1936, due 1937-46
\
34s, 1950.
Cons. 48, 1953, series F.
Cons. 48, 1957, series G.
Reading Belt RR. 1st 4s, 1950.
Reading a Columbia RR. 1st cons. 4a,
Equip, trust 44s. due to April 1944.
Equip, trust 44s, second of 1929, due
1
St.
Cons. 44s, 1942, series B.
Cons. 44s, 1942, series C.
Equip, trust 44s 1930, due to May 15
1st ext.
.
sec.
A
[Raleigh A So'western Ry. 1st 4s, *36.]
Ref. A lmpt. 448, 2013, series A.
Lake Shore coll. 34s, 1998.
to Dec.
1951.
1951.
1st 34s,
New Jersey Junction RR. 1st 4s, 1986.
New Orleans Terminal
G#ilst 4s, 1953.
New York Bay Ext.
RR^Ji 6s. 1943.
New York Bay RR. CoT—
1st 5s. 1982, series A.
N. Y. Cent. A Hud. River RR. Co.—
Conv.
Cumberland
A
Chicago
Cons. 4s, 1945. series D.
Cons. 34s, 1949, series E.
1st
Michigan Central coll. 34s, 1998.
New York Central RR.—
Cons. 4s. 1998.
1
1st ext. sterling 4s,
Warm Spring Valley Br. 1st, 5s, 1941
Equip, tr. 54s T, due to June 1937.
Equip, trust 5s U, due to March 1938.
Equip, trust 5s V, due to July 1939
Equip, tr. 44s W, due to October 1940.
Eq. trust 4 4s, 1929, due to May 11944
Equip, tr. 4H8 1930, due to May 1945.
C* j»rt
Bedford
RR. 1st 4s. 1951.
Sheffield Ry.
Deb. 4s. 1942
Gold 34s, 1997.
A
Joy
Harrlsburg
Cincinnati
Louis RR.—
Cons. 44s, 1940, series A.
[Deb. 4s, 1934.]
1st 5s, I960, series C.
Gulf Terminal Co. 1st 4s, 1957.
5s, 1939.
Gen. 44s, 1992.
Ref.
1940.
Gulf Mobile A Northern RR.—
Chattanooga Station Co. 1st 4s, 1957.
Chesapeake A Ohio Ry.—
cons.
Nashville Florence A
6s. 1937.
Equip, trust 44s D, due to Jan.
Greenbrier Ry. 1st 4b, 1940.
Pittsburgh
Constr. mtge. 5s, 1955, series A.
Northern Ry.—
1961.
[Gen. 7s, 1936, series A]
Gen. 54s, 1952, series B.
Gen. 5s, 1973, series C.
Gen. 44s, 1976 series D.
Gen. 44s, 1977. series E.
a Gen. conv. 4s, 1946, series G
a Gen. conv. 4s, 1946, series H
1st A ret. 44s,
Catawlssa RR. 1st cons. 4s, 1948.
Central RR. of New JerseyGen. 4s, 1987.
1st
795
Montauk Ext. RR. Co. 1st
5s, 1945
1st ext.
Cambria & Clearfield RR.—•
1st 5s, 1941.
Chronicle
Grand Rapids A Indiana RR.—
Brooklyn A Montauk RR. 2d 5s. 1938
Brunswick A Western RR. 1st 4s, 1938.
M lssour i-Kansas-Texas RR.—
Prior lien 5s, 1962, series A.
Prior lien 4s, 1962, series B.
Prior lien 44s, 1978, series D.
1945.
Ry.—
Equip, trust 54s. due to May 1 1937.
Gettysburg A Harrisburgh Ry. 1st 44s,
1942.
Cons. 84s, 2002.
Montana Central Ry.—
1956,
Gouverneur A Oswegatchle RR. 1st
Mohawk A Malone Ry.—
1st 4s, 1991.
5s.
1st 5s, 1937.
1st 6s. 1937.
[Secured 64s, 1936.]
Equip, trust 5s A, due to March 1938.
Equip, trust 5s B, due to April 1939.
Equip, trust 44s C, due to Oct. 1939.
a Equip,
trust 24s, series G, due to
Dec.
A Wllkes-Barre Ry.
2d 6s, 1938.
Susquehanna Bloomsburg a Berwick RR.
1st 5s. 1952.
Terre Haute A Peoria RR. 1st 5s, 1942.
Texas A Pacific Ry.—
1st cons. 5s, 2000.
Gen. A ref. 5s, 1977, series B.
Gen. A ref. 5s, 1979, series C.
Gen. A ref. 6s, 1980, series D.
1950.
Pennsylvania Ohio A Detroit RR. 1st A
ref. 448, 1977, series A.
.
449. 1981, series B.
Pere Marquette Ry.—
1st 5s, 1956, series A.
1st 4s, 1956, series B.
1st 44s. 1980, series C.
Equip, trust 44s A, due to Aug. 1942.
Equip, trust 44s 1930, due to May 1
Equip, trust 5s FF, due to Oct. 1937.
Equip, trust 6s GG, due to Nov. 1939.
Equip, trust 44s HH, due to Sept. '40.
Equip, trust 448 JJ, due to April 1942.
Equip, trust 44s A, due to Feb. 1943.
Equip, trust 4s B, due to May 1943.
Equip, trust 44s C, due to June 1944.
Texas Pacific-Missouri Pacific Terminal
RR. of New Orleans 1st 54s, 1964.
series A.
1945.
Philadelphia A Baltimore Central RR. Toledo Walhondlng Valley A Ohio RR.—
1st 4s. 1942. series C.
1st 4a. 1951.
Philadelphia
Baltimore
A
Washington
Toledo A Ohio Central
RR.—
Toledo
1st 4s, 1943.
Gen. 58, 1974, series B.
Canada
Southern
A
Detroit
Ry. 1st 4s. 1958.
Union Pacific RR.—
Gen. 44s, 1981. series D.
1st RR. a land grant 4s, 1947.
1st Hen a ref. 4s, 2008.
1st Hen A ref. 4s, 2008, sterling.
Philadelphia A Chester Valley RR.—
Pref. 4s, 1938.
Non-pref. 3s, 1938.
Philadelphia A Frankford RR. 1st 44s,
1st lien A ref. 5s, 2008.
[40-yr. gold 44s, 1967.]
1952.
Philadelphia
Newton
A
New
York
RR. 1st 3s. 1942.
Philadelphia A Reading RR.—
40-year gold 4s, 1968.
a 35-year deb. 3 4s, 1978.
United New Jersey RR. a Canal Co.—
Gen. 34s, 1951.
1st cons. 4s, 1937.
1st ext.
Gen. 4s, 1944.
Gen. 48, 1948.
Gen. 44s, 1973.
44s, 1943.
1st term. 5s. 1941.
Impt. 4s. 1947.
Del. Rlv. Term. P. M. 5s, 1942.
Del. Rlv. Term. P. M. ext. 5s. 1942.
Pittsburgh
ref. 4s
Ry. Co. ref. a
lmpt. 34s, 1960, series A.
Lake Erie A
West
Gen. 44s, 1979.
Vandalia RR.—
Cons. 4s, 1955, series A.
Cons. 4s, 1957, series B.
Virginia
1941.
Youngstown
A
Ashtabula
Ry. 1st 44s. 1977, series D.
(Of this
Issue only bonds bearing guaranty en¬
dorsement of Pennsylvania RR. are
considered legal.)
Pittsburgh Virginia A Charleston Ry. 1st
4s. 1943.
Pittsburgh
Virginia Air Line Ry. 1st 5s. 1952.
Virginian Ry.—
[1st 5s, 1962, series A.]
[1st 44s, 1962, series B.]
a
i
1st A ref. 34s,
1966, series A.
Equip, trust 5s D, due to May 1938.
Equip, trust 44s E, due to July 1940
Financial
796
Warren RR. 1st ref. 3Ms,
Western New
2000.
York «fc Pennsylvania Ry
Western Pocahontas
1st 3 Ms, 1945.
1st 4MB, 1945.
1st 4s. 1945.
Subdivision 13.
Pittsburgh RR. 1st 4s,
Western Fruit Express Co.—
1949.
1944
Equlp.trust4MsE, due to Nov. 1 1945.
Connecting RR.
1st
A
Impt. 5s, 1947, series A.
Williams Valley RR. 1st 4s, 1938.
WUlmar & Sioux Falls Ry. 1st 5s, 1938.
Wilmington & Newbern RR. 1st 4s, 1947
Wilmington & Northern RR.—
Winstbn-Salem
Southbound Ry.
Bonds of the Land Bank
Chesapeake A Potomac Telephone Co. ox
Virginia 1st 5s, 1943.
(Ky.) 1st A gen. 5s, 1937.
Illinois Bell Telephone Co.
3 Ms,
Subdivision
Elec. Co.—
1965, series C.
1939.
Mtg. & coll. 4s,
1st 5s. 1948
A ref.
P. M
5s. 1967.
EJ
[Gen. 5s, 1949 and 1952, series A A
a Cons. 3 Ms, 1966.
New
1945.
1st 4 Ms, 1980.
North
1st ref. 5s,
1939.
1956, series A.
series B.
Central Hudson Gas & Electric Corp.
1965.
Central Hudson Gas A
Electric Co. 1st
A ref. 5s. 1941.
v
„
1939.
1st A gen. 4M8, 1957, series E.
1st A gen. 4s, 1960, series G.
Central Vermont Public Service Corp. 1st
•
Pennsylvania Electric Co.—
1st A ref. 4s, 1971, series F.
1st A ref. 4s, 1961, series G.
Pennsylvania Power Co. 1st 5s, 1956.
Penn Public Service Corp.—
1st A ref. 6s, 1947, series C.
[1st & ref. 5 Ms, 1954, series B.3
1st A ref. 4Mb, 1956, series C.
1st s. f.
1st
Connecticut River Power Co.—
1961, series A.
(Baltimore)
1954.
1981.
1st
1st
Ilium. Co. of Boston
[Equitable Gas <fc Electrio Co. of Utlca
1st 5s, 1942.3
Erie County Electric Co. cons. 6a, 1959.
Harrisburg Gas Co. 1st 5s, 1970.
Idaho Power Co. 1st 5s, 1947.
v
'
1947, series B
_l
of
1961.
Kings County Electric Lt. A Pr. Co.—
1st 5s, 1937.
1st 6s, 1997.
1st A ret. 4s. 1971.
1st
4s,
1965.
Southern California Edison
Co., Ltd.—
[Ref. (now 1st & ref.) 4 Mb, 1955. J
Ref. (now 1st & ref.) 3 Ms, 1960.
Ref. (now 1st & ref.) 3 Ms, 1960, ser. B.
Syracuse Gas Co. 1st 5s, 1946.
Syracuse Lighting Co.—
1st 5s,
1951.
1st A ret. 5a, 1957,
series B.
1st A ret. 5s, 1953.
a
series A.
Co.—
Union Electric Light & Power
a
Gen. 5s, 1954, series A.
a
Gen. 5s, 1957.
a
Gen. 4
United
4g
Ms, 1957.
Electric Co.
of New Jersey
1st
1949.
[Uti'ca
Gas A Electrio Co.—3
Metropolitan Edison Co.—
»
Gen. 5s, 1956, series
[1st & ref. 5s, 1953, series C.3
1st 4Ms, 1968, series D.
1st 4s, 1971. series E.
D.1
SGen. 5Ms, 1949, series C.J
Gen. 5s, 1952, series EJ
Ref. A ext. 5s,
1957.3
Waterbury Gas Light Co
West Penn Power Co.—
[1st 5s, 1962, series Fj
a 1st 4s,
1965, series G.
1st 4Mb, 19581
1st 5s. 1963, series E
![Milwaukee Gas Lt. Co. 1st 4Ms, 1967.3
[Nassau A Suffolk Ltg. Co. 1st 5s,
'45.3
Tax—
three-judge
July 26.
compelled to pay $550 for each of
would confiscate a large part of
the tax was discriminatory in
their 106 stores in Louisiana and the tax
their profits.
The petitioners also claimed
favor of local or locally owned chains.
Jr.
New
York,
N.
Y.—Model Housing Development Fights
City of New York, through Paul Win-
Tax Assessment—The
dels, Corporation Counsel, told Justice Samuel I. Rosenman in Supreme Court on July 30 that it intended to collect
taxes on the buildings of Knickerbocker Village, the housing
project for white collar workers on the lower East Side.
The
city contends that the buildings are not being used for the
purposes
described in the State Housing Law.
[1st 5s, 1956, series G.J
1st 4s. 1961, series H.
u
a
..
,,
The city's argument was in opposition to a motion of Knickerbocker
Village, Inc., operators of the project, for a summary judgment ordering the
Board of Taxes and Assessments to vacate an assessment of $5,150,000
the buildings and improvements of the land occupied
Value Put at $7,000,000
by the Village.
held that the assessment for the whole project, including value
of the real estate, should be $7,000,000, fixing the value of the land at
$1,850,000 for 1935.
Justice Rosenman reserved decision on the applica¬
tion to vacate the assessment, which concerned only that placed on the
buildings.
John M. Gaston, Jr., Assistant Corporation Counsel, argued that if the
State Housing Law were held to apply to the present use of Knickerbocker
Village the law would be unconstitutional.
He denied, however, that the
project, because of its use, comes under the law.
He said that the constitutionality of Local Law 9, under which the Board
of Estimate granted the project exemption, was also open to question,
because apparently it discriminated among public housing projects with¬
out establishing any real classifications for projects which should or should
not be exempt.
Opposes Exemption Claim
[1st 5s, 1946, series A.J
[Narragansett Electric Co.—3
1st 5s, 1957, series A.1.
1st 5s, 1957, series B.l
1st 5s, 1958, series C.3
Store
a
The Board
1st A ref. 5Ms, 1945,
A Electric Co. 1st 4Ms,
Long Island Lighting Co.—
1970.
Chain
upheld by
of the late Huey Long's laws, was enacted in
1934 to levy $10 to $550 per store, with the burden on outof-State chains.
The court order dissolved an interlocutory
upon
Toledo Edison Co. 1st 5s, 1962.
Twin State Gas A Electric Co.—
[1st ref. 6s, 1948, series A.3
1st ref. 5s, 1955, series B.
4s, 1960, series C.
Los Angeles Gas A Electric Corp.—
Sustains
was
Gen. 5s, 1962, series F.
[Rochester Ry. A Lt. Co. cons. 5s, '54.3
[Rockland Light & Power Co. 1st ref.
4Mb, 1958, series A.J
San Diego Consol. Gas A Electric Co.—
1st A ret. 5MB, 1954.
1940, series B.
tax
Other plaintiffs were:
W. T. Grant Co.; H. L. Green Co., Inc.; G. R.
Kinney Co.,; Melville Shoe Corp.; Montgomery Ward & Co., Inc.; J. J.
Newberry Co.; J. C. Penney Co.; Sears, Roebuck & Co.; Scott-Burr Corp.;
Wohl Shoe Corp.; F. W. Woolworth Co.; Liggett Drug Co., Inc., and
Singer Sewing Machine Co.
Rochester Gas A Electric Corp.—
Gen. 4Mb, 1977, series D.
a
1st A
Court
The tax, one
Hutcheson
Gen. 5s, 1952.
Ref. 58, 1955.
Kings County Lighting Co.—
1st ref. 5s, 1954.
1st ref. 6 Ms, 1954.
ref. 5s, 1956, series B.
a 4 Ms,
1955, series C.
store
United States District Judge Wayne G. Borah wrote in his opinion:
"It is well settled that there are differences and advantages in favor of
large chains, and for that reason the State may tax large chains more heavily
than the smaller ones, and upon a graduated basis."
Concurring with Mr. Borah were Judges Rufus E. Foster and Joseph C.
j
1st A ret. 4s, 1960.
Ms, 1961, series C.
Power A Light Co.—
Kansas City
1st & gen. 4s,
Co.
a 1st A ret. 3Ms, 1965.
Queens Borough Gas A Electric Co.—
Jersey Central Power & Light Co.—
Gas
Gas
A
Ref. 4Ms. 1958.
(New
York) 1st cons. 5s, 1995.
Lawrence
Electrio
1st A ret.
A.
Superior Dist. Power Co.
Service
[1st & ref. 4Mb, 1970.
4Mb, 1967.J
4M8, 1970.]
Edison Electrio Illuminating Co. (Brook¬
chain
A. & P. stores claimed they would be
Hampshire—
New Jersey—
.
Lake
Kentucky—Registration Law
Upheld—Coincident with
preparations by county officials to place the
new State-wide registration law
in effect on Aug. 1, the
measure itself was held valid in a decision rendered by Judge
Gus Thomas at Frankfort on July 22.
injunction and dismissed the complaint filed by the Great
3Ms, series C and D, 1960.
Public
[Duke Power Co. 1st & ref. 4 Ms A 4s,
1967.3
Duquesne Light Co.—
1st
3 Ms,
1965.
' "
1st 4
E
Atlantic & Pacific Tea Co. and 12 other chain operators.
series B.
Public Service Co. of New
C.
1961, series D.
Gen. & ref. 5s, 1952. series E.
Gen. A ref. 4s, 1965, series F.
1st 4Mb.
3Ms, 1966.
[Cons. 5s, 1936.J
[Gen. A ref. 6s, 1953, series B.J
Providence
Ga3
Co.1st
4j,
1J63,
Gen. A ref. 4Ms.
a
1st
a
Detroit Edison Co.—
1st 5s,
A
Potomac Electric Power Co.—
Power Co.—
[1st lien A unify. 4 Ms, 1958.3
a 1st lien A unify. 3 Ms & 3 Ms, 1965.
a 1st lien A unify. 3 Ms, 1970.
a
Bangor Hydro-Electric Co., first 3Ms, 1966.
New York Edison Co.y first and refunding 3Ms, 1966.
Narragansett Electric Co., first 3Ms, 1966.
Niagara Falls Power Co., first and refunding 3Ms, 1966.
,
.
Chesapeake & Ohio Railway, refunding and improvement,; series
United States District Court at New Orleans on
Suburban-County
Gas
Electric Co. 1st A ref. 4 Ms, 1957.
lyn) 1st cons. 4s, 1939.
Electric Illuminating Co.
ings banks and trust funds in the State:
Louisiana's
1966.
Philadelphia
Edison
1
Connecticut—Additions
to
Legal
Investment
List—
According to bulletin No. 3, certificate No. 46, issued by the
Bank Commissioner on July 30. the following additions were
made as of that date to the list of legal investments for sav¬
Louisiana—District
4s, 1966.
f. 5s,
s.
1st lien A ref. 4 Ms, 1967
1st A ref. 4s, 1971.
1st 5s, 1939.
3 Ms, 1965, series
the
issued by the Federal Hous¬
1st A ref. 5s, 1954, series D,
Philadelphia Electric Co.—
D.
1965, series E.
1st A ref. 5s, 1962, series
Gen. & ref. 5s, 1962, series
as are
Judge Thomas upheld the Registration Act in a test suit filed by James
Henry Lee against John Matt Persiful, Bell County Court Clerk.
Mr. Lee attacked validity of the Act on the grounds that it was special
legislation in that it excluded first-class cities from its provisions; that it
violates the law forbidding other persons except election officers and voters
being present in the room where voting is done, and that the machinery for
registration is insufficient to register all voters on the day of the primary,
Aug. 1.
Judge Thomas held that the Legislature had the right to pass a universal
Registration Act, and that registration in first class cities already had been
provided for.. He said the contention that voters would be deprived of
their rights was unsupported by the facts.
1st & ref. 5s, 1962, series H.
1st 3 Ms, 1965.
Connecticut Light A Power Co.—
1st A ref. 7s, 1951, series A.
debentures
the making of
1961, series H.
Pacific Light & Power Co. 1st 5s, 1942'
Cleveland Electric Illuminating Co.—
a
Power
A
1st A ref. 3 Ms,
a
A ref. 5s, 1959, series A.
Edison Elec.
Heat
1st & ref. 4s. 1964. series G.
1st 5s,
4 Ms,
Light,
1938.
[1st A ref. 4Mb, 1957, series E.J
[1st A ref. 4Mb, 1960, series F.j
1966.
Central Maine Power Co.1—
1st & cons. 3 Ms,
1st ref. 4s,
1st 5s.
Pacific Gas A Electric Co.—
1st A ref. 6s. 1941, series B.
Central Illinois Light Co.—
Consolidated Gas Co.
Hudson
Co.
[Northern Pennsylvania Power Co.—3
[1st A ref. 5s, 1956, series A.3
[1st & ref. 53, 1962.3
Gen. A ref. 4Mb. 1981,
1st A ref. 3Ms,
corporation created
Subdivision 17
3Ms, 1996.
1st & ref. 3 Ms, 1966.
Gen. & ref. 5s,
1st
Gas Corp.
Niagara Falls Power Co.—
a
1st 5s. 1939.
Consumers
State Gas A Electrio Corp.
1st 4Ms, 1960.
series A.
1st lien & ref. 5s, 1957, series B.
Buffalo General Electric Co.—
1st 3Ms,
York
1st 5Ms, 1962.
York State Electrio 4
New
1st lien A ref. 6s. 1947,
'
48. 1949.
New York & Queens Elec. Lt. A P. Co.
1st A cons. 3 Ms, 1965.
a
Brooklyn Union Gas Co.—
a
16
under Home Owners' Loan Act of 1933.
praised value permitted to be loaned.
Subdivisions (b) and (c) of Section
of Chapter 414 of the Laws of 1935, shall not apply to savings banks.
1st A ref. 5s, 1951, series C.
a 1st & ref.
3Ms, 1965, series D.
New York Gas, Electric Light, Heat A
Power Co.—
Brooklyn Edison Co.—
-
^
Subdivision
In the bonds of Home Owners' Loan Corporation, a
ing Administrator in payment of such insurance, subject to the restrictions
of subdivision 6 of this section, except that relating to per centum of ap¬
1st A ref. 8Mb, 1941, series A.
1st A ref. 5s, 1944, series B.
Brooklyn Borough Gas Co. gen.
11
Light Co. 1st 4Ms.
1960.
Blackstone Valley Gas A
a
15
Loan Bank, such amount as may
required to comply with any condition of membership therein or credit
Such bonds and mortgages on real property situated in this State as
New York Edison Co.—
1st lien & ref. 4s, 1954.
a
14
Federal Housing Administrator insures or makes a commitment to insure
1956.
1st & ref. 3 Ms,
A Telegraph
and to receive and hold such
1st lien & ref. 4Mb. 1960.
1st cons. 5s,
Telephone
California Telephone Co. 1st
& ref. 5s, 1947.3
Southwestern Bell Telephone Co.—
a 1st & ref. 3 Ms, 1964, series B.
[Tri-State Telephone A Teleg. Co.—J
[1st 5Ms, 1942, series A.3
U
.5s, series B.J
[Southern
New Jersey Power A
1st A ref. 5s, 1938.
1st & gen. 5s,
1966, series B.
Bell
Co. 1st 5s. 1941.
Nebraska Power Co. 1st 4 Ms, 1981.
New England Power Co. 1st
5s, 1951.
4Ms, '55.
Bangor Hydro-Electric Co.—
1st lien A ret. 5s, 1955.
a
Ref. 3 Ms,
a
In the capital stock of a Federal Home
business.
Atlantic City Electric Co.—
a
[Ref. 5s, 1952, series A.J
Southern
1932.
a
Androscoggin Elec. Corp. 1st
1st A ref. 68,
gen,
obligations of a Federal Home Loan Bank
Federal Home Loan Bank Act approved July 22
therefrom.
engaged in the business of supplying
artificial gas, or natural gas, purchased from another
corporation and supplied in substitution for, or in mixture with, artificial
gas, for light, heat, power and other purposes, or transacting any or all
1st A
In bonds, debentures or other
created pursuant to the
bonds of corporations
electrical energy or
Telephone Co.
4Mb, 1939.
Pacific Telephone A Telegraph Co.—
1st <& coll. 5s, 1937.
Subdivision
Subdivision 12.
York
.
1st 4Ms, 1961, series 3.
be
a
1st A ref.
1970.
10-a
(including consolidated bonds) issued by Federal Land
banks and Federal Intermediate Credit bank debentures (including con¬
solidated debentures) issued by Federal Intermediate Credit banks, pur¬
suant to the provisions of the Federal Farm Loan Act, as amended; and
Federal Farm Mortgage Corporation bonds issued pursuant to the provi¬
sions of the Federal Farm Mortgage Corporation Act.
of such
New
[Central Distrist Telep. Co. 1st 5s, '43.J
1st 5s, 1952, Series A.
of the State of New York.
Farm Loan bonds
Certain
C.
New England Telephone A Telegraph Co
10
Subdivision
1st A ref. 5s, 1960, series
a
Winston-Salem Terminal Co. 1st 5s. 1966.
Subdivision
Bell Telephone Co. of Pennsylvania—
1st A ref. 5s, 1948, series B.
1st 4s.
1960.
Pennsylvania RR.
1st 5s. 1937.
of corporations
Cumberland Telephone A Telegraph Co.
1st 4Mb. 1977.
Equip, trust 4Mb D, due to June
the business of furnishing
engaged in
telephone service in the United States.
bonds
Certain
Wllkes-Barre
West Shore RR. 1st 4s. 2361.
Western New York A
P. M.
4Mb, 1945, No. 1.
1st cons. 4s,
a
York Haven Water & Power Co. 1st 5s,
1951.
a
Wheeling A Lake Erie Ry. Co. ref. 4s.
1966, series D.
C.jj
,
[1st 5s, 1952, series A.J
1st 3Hs, 1966.
Corp.—
1st ext. 4Mb, 1946. No. 2.
[West Jersey & Seashore^RR.—3
"list cons. 4s, 1936.3
1st cons. 3 Ms, 1936, series B &
..lst cons. 4s, 1936, series D, E & F.J
West Virginia A
1990.
1st ext.
1st
RR.
Vandermere
Aug. 1, 1936
Wisconsin Gas A Electric Co.—
Gen. 4s, 1943.
Washington Terminal Co.—
Washington A
4Mb. 1947.
Chronicle
1st 3 Ms, 1966, series I.
Wheeling Electric Co. 1st 5s, 1941.
"The
Gaston said, "that the petitioner Is a public
corporation duly organized by virtue of the State
city denies," Mr.
limited dividend housing
Housing Law.
The city can show that the rentals charged by Knicker¬
bocker Village, the incorpes of the tenants residing there, and the character
of the tenancy were such as not to include any of the persons for whom these
,
Volume
Projects
Financial
143
The city has ample
proposed by the State Housing Law.
were
evidence of these facts and is prepared to show upon a trial that they exist."
The Court will thus be called upon to rule on the constitutionality of
Local Law 9 and
on
the general
question of tax exemption for
OFFERINGS
such projects.
797
Chronicle
GUSTINE, Calif.—BOND SALE—The $8,000 sewer bonds offered on
July 27—V. 143, p. 625—were awarded to William Cavalier & Co. of San
Francisco for a premium of $316.60, equal to 103.7075. Donnellan & Co. of
San Francisco offered a
premium of $268.90.
LOS ANGELES COUNTY (P. O. Los Angeles), Calif.—SALE OF
SCHOOL BONDS—The $47,000 Santa Monica City High School District
WANTED
bonds offered
Arkansas—Illinois—Missouri—Oklahoma
on
July 27—V. 143,
p.
466—were awarded to Banks, Huntley
& Co. of Los
Angeles as 3 J^s, at par plus a premium of $690, equal to
basis of about 3.32%.
Dated Jan. 1, 1936 and due Jan. 1 as
$5,000 from 1942 to 1948incl. and $4,000from 1949 to 1951 incl.
a
MUNICIPAL BONDS
Francis, Bro. & Co.
established
Investment
ST.
¥
LOS
ANGELES
Los
METROPOLITAN
WATER
101.46,
follows:
(P. O.
DISTRICT
Angeles), Cadi.—BOND OFFERING—Sealed bids will be received
H. Finley, District Secretary, until 1,30 p. m., August 28 1936
of an issue of $220,000,000
rate is not to exceed 5%.
Denom. $1,000.
Dated Sept. 1, 1936.
Due Sept. 1, 1986.
Certified
check in the amount of $284,000 required.
Assessed valuation of property
in 1935, $1,783,531,020;
population of district, 1930 census, 1,665,833.
by S.
1877
for the purchase of $14,184,000 bonds, part
authorized at an election in 1931.
Interest
Securities
TULSA
LOUIS
RIO BRAVO SCHOOL DISTRICT, Kern County, Calif.—BONDS
VOTED—Bonds in the amount of $17,000 for construction of two new
Bond
Proposals and Negotiations
were
voted by the
Cajon Valley Union School District bonds.
Dated July 13, 1936.
Due July 13, 1950.
Certified
%, required.
Assessed valuation of taxable property in district,
$3,348,570; bonded debt, $19,500.
Area, 74.5 square miles; population,
7,922.
Denom.
NOG ALES, Ariz.—ANNOUNCES REFUNDING
PROGRAM—Kirby
L. Vidrine & Co. of Phoenix, fiscal agent, announce that
the city will refund
all its general obligation bonds by extending the maturity date 10 years
and reissuing new bonds at 4% interest, the plan affecting all of the presently
outstanding indebtedness, with the exception of the Territorial Bonds of
1911.
The refunding bonds will mature in 1942, 1943 and 1944.
The
program was approved by the City Council at a meeting held on July 8,
1936.
The refunding bonds will be accompanied with approving opinion
of Pershing, Nye, Bosworth & Dick of Denver.
Holders of the general
obligation bonds are requested to forward them to the First National Bank,
Nogales, for exchange.
$1,000.
check for 3
FRANCISCO
SAN
and
(City
OF
Calif .-^OFFERING
County),
HETCII HETCHYBONDS—Sealed bids will be
received unjtil 3 p. m. on
Aug. 3 for the purchase of $344,000 not to dxceed 6% interest Hetch Hetchy
1932 series bonds, being the unsold portion of an original issue of $6,500,000.
Of the proceeds of the present offering, $250,000 will be turned over to the
Federal Government in payment for work dose in connection with the
project. The bonds will mature June 1 as follows; $10,000 from 1939 to
1957 incl. and $11,000 from 1958 to 1971 incl.
SAN
FRANCISCO,
AUTHORIZED—The
Calif.—ACQUISITION
Board of
OF
PLANT
POWER
Supervisors on July 20 and the Mayor
July 22 approved an ordinance which delegates to the Public Utilities
Commission of the city and county of San Francisco authority to acquire
by purchase or condemnation, or to construct, an electric light and power
plant, and to issue bonds for the purpose.
The Supervisors hope to obtain
a court test of the validity of the ordinance in time to submit a power dis¬
ARKANSAS BONDS
Markets in all State, County
election
residents of the district at a recent
SAN DIEGO COUNTY (P. O. San Diego), Calif.—BOND OFFERING
—J. B. McLee, County Clerk, will receive bids until 11:30 a. m. Aug. 3
for the purchase of $28,000
ARIZONA
„
classrooms
on
& Town Issues
tribution proposal to the voters
at the November
\
election.
SCHERCK, RICHTER COMPANY
LANDRETH BUILDING,
Rocky Mountain Municipals
ST. LOUIS, MO.
ARIZONA—COLORADO—IDAHO—MONTANA
NEW
MEXICO
—
WYOMING
donald f. brown &
ARKANSAS
company
DENVER
State & Municipal Bonds
Telephone: Keystone 2395 —
COLORADO SPRINGS,
ST. LOUIS, MO.
ARK.
__
COLORADO
WALTON, SULLIVAN & CO.
LITTLE ROCK,
Teletype: Dnvr 15
of Eldredge &
Colo.—BOND SALE—A syndicate composed
Co. of New York,
Boettcher & Co. of Denver and Brown,
of Denver was awarded the $315,000 3% coupon
waterworks refunding bonds offered on July 30.
The syndicate bid' 1.087
for 2.10% bonds.
R. W. Pressprich & Co. of New York, Peters, Writer &
Christensen of Denver and Sullivan & Co. of Denver combined to bid par
for 2H% bonds.
Schlessman, Owen & Co.
ARKANSAS
HELENA IMPROVEMENT DISTRICT, Ark .—OFFERS REFUNDING
PLAN—Tne district proposes to refund about $60,000 of defaulted bond
principal through the issuance of new bonds maturing serially from 1939
to 1956 incl., according to m. w. Elkins & Co. of Little Rock, who have
agreed to assist the district in reestablishing its credit. The district further
desires to reduce the interest rate on $141,000 4 H % bonds to 4% during the
and to lower the rate for the same period from 6% to
additional $69,500 bonds. Payment of past-due interest of about
nine months will be paid as the old bonds are deposited for refunding and,
in the opinion of the refunding agents, it will be for the best interest of
creditors to co-operate-in the current program. Holders of the old bonds will
obtain new bonds with the same numbers, thus maintaining the original
life of the refundings
5%
on an
position of each creditor. Bonds should be sent ior
National Bank, Little Rock.
exchange to the Peoples
FORT
COLLINS, Colo.—BOND SALE—The $745,000
plant refunding revenue bonds offered on July 31
and power
electric light
were
awarded
syndicate headed by Boettcher & Co. of Denver on a bid of 100.71 for
SH% bonds, a basis of about 3.16%.
Denom. $1,000 and $500.
Oct. 1, 1936.
Principal and semi-annual interest (April 1 and Oct. 1)
payable at the United States National Bank of Denver.
Due each six
months as follows: $19,000, April 1 and Oct. 1, 1937; $20,000, April 1 and
to
a
Dated
and Oct. 1,
1942 to April 1,
1,1944; $27,000,
Aprii 1 and Oct. 1, 1945; $28,000, April 1 and Oct. 1, 1946; $29,000,
April 1 and Oct. 1, 1947; $30,000, April 1 and Oct. 1,1948; $31,000, April 1
and Oct. 1, 1949; $32,000, April 1 and Oct. 1, 1950; and $33,000, April 1,
1938; $21,000, April 1
Oct. 1,
and Oct. 1,1939; $22,000, April 1
1940; $23,000, April 1 and Oct. 1, 1941; $24,000, April 1,
1943; $25,000, Oct, 1,1943 and April 1,1944; $26,000, Oct.
1951..
AUTHORIZED—An ordinance has been
issuance of $60,000 coupon municipal
bonds.
JEFFERSON COUNTY CONSOLIDATED SCHOOL DISTRICT NO.
1 (P
O. Bear Creek), Colo.—BOND SALE—An issue of $15,000 3%
school building bonds has been approved by the voters and sold to the
First National Bank of Englewood.
Due $2,000 yearly from 1941 to 1947,
GUNNISON, Colo.—BONDS
CALIFORNIA MUNICIPALS
passed providing authority for the
light and power pi ,nt improvement
$15,000 Dept. of Water & Pow. of City of Los Angeles
Electric Plant Revenue 4s
12-|-60 3.55%.
and $1,000
CBootke,Gillette & Co.
Ill
west
7th
LOS ANGELES
st.
teletype
in 1948.
LAS ANIMAS
la
566
COUNTY SCHOOL DISTRICT NO. 43
(P. O. Hoehne),
sold
Colo.—BONDS SOLD SUBJECT TO APPROVAL—The district has
issue of $9,500 3H% school building bonds to O.F. Benwell of Denver
subject to approval at an election on July 28.
Dated Aug. 1, 1936.
an
MEMBER LOS ANGELES STOCK EXCHANGE
Due
1 from 1938 to 1945.
Colo.—BOND SALE—BrowD, Schlessman, Owen &Co
purchased an issue of $10,000 4% water works bonds at a
$1,500 Aug. 1, 1937,
RIDGWAY,
of Denver have
California Municipals
and $1,000 yearly on Aug.
price of 95.
Due in from 5 to 14 years.
WRAY, Colo.—BOND ISSUE DETAILS—The $25,000 3^%
ing bonds sold recently to Bosworth, Chanute, Loughbridge & Co.
at a price of par—V. 143, p. 304—mature $2,500 annually on July
1937 to 1946, incl. and are callable on 30 days' notice on July 15,
refund
of Denver
15. from
1941 and
any subsequent interest payment date.
Purpose of the issue was to
refinance $17,000 6% water extension bonds, dated Julj 15, 1921 and due
July 15, 1936, and $8,000 4M% refunding bonds, dated Oct.
15, 1930
on
DONNELLAN & CO.
San Francisco, Calif.
111 Sutter St.
and due
$2,000 each Oct. 15
Teletype-S F 396
Telephone Exbrook 7067
from 1936 to 1939. incl.
CONNECTICUT
Conn .—NOTE SALE—The $275,000 tax anticipation
loan notes offered on July 28—V. 143, p. 626—were
to
Murphy & Co. of New York on a .73% discount basis.. The First
National'Bank of Boston bid .785discount and Leavitt & Co. of New
York .84%.
Notes are dated July 28,1936 and will mature July
STAMFORD,
CALIFORNIA
VISTA WATER STORAGE DISTRICT, Kern
Calif.—BONDS OFFERED PUBLICLY—Banks,
Huntley &
County,
Co. and
Griffith-Wagenseller & Durst, both of Los Angeles, are making public
offering of $732,000 6% coupon, fully registerable, bonds, which have
been privately held since their issuance in 1929.
The bonds are priced
to yield the investor from 5M%
to 5%%.
Denom. $1,000 and $500.
Dated July 1, 1929.
Prin. and semi-ann. int. (J. & J. 1) payable at the
office of the District Treasurer, in Buttonwillow; at holder's option, interest
is payable at the Bank of California, San Francisco.
Due serially on
July 1 from 1945 to 1968.
BUENA
G
M-P
28,1937.
Conn .—BOND
SALE—The $200,000 2 H% coupon
offered on July 29—V. 143, p. 467—were awarded to Putnam
of Hartford at a price of 102.543, a basis of about 1.90%.
Goodwin
& Co. of Hartford, and Kean, Taylor & Co. of New York joined
WINDSOR,
funding bonds
& Co.
Beach
tr.T^foflo'4Tu?U0S!Blh93^io,f9f/fnd
payable from a tax lien assessment, collected by the
according to benefits upon all taxable
Such tax lien assessments rank equally with city,
county and school district taxes on land only.
Legality is approved by Orrick, Palmer & Dahlquist, of San Francisco.
The Buena Vista Water Storage District is located in the lower Kern
River area in Kern County, 27 miles west of Bakersfield, and covers an
area of approximately 49,000 acres, including the Town of Buttonwillow.
The district is served by a paved highway from east to west at Button¬
willow, and by a branch of the Southern Pacific RR.
The district is
within four hours' trucking distance from the City of Los Angeles over the
new high-speed Ridge route.
These bonds are
Treasurer of Kern County, levied
DINUBA
District.
HIGH
SCHOOL DISTRICT, Calif.—BONDS AUTHOR¬
decided to issue $85,OOCf school building bonds.
IZED—The School Board has
Si.
FLORIDA
Security
land in the
awarded
temporary
JACKSONVILLE, Fla.—BOND OFFERING—M. W. Bishop, Secretary
City Commission, will receive sealed bids until 2:30 p. m. on Sept. 2
purchase of $285,000 not to exceed 6% interest, second issue of 1936,
refunding bonds. Dated Sept. 15, 1936. Denom. $1,000. Due Sept. 15 as
follows: $200,000 in 1946 and $85,000 in 1948.
Principal and interest
(M. & S.) payable in Jacksonville, or at the Manufacturers Trust Co.,
New York City. The bonds are registerable as to principal and are direct
obligations of the city, secured by net revenue of the municipal electric
light plant, and by pledge of the entire taxable property in the city, both
real and personal.
The bonds have been validated and confirmed by a
decree of the Circuit Court of Duval County, Fla., and will carry the favor¬
able legal opinion of Thomson, Wood & Hoffman of New York City. No
bids for less than par will be considered. A certified check for 2% of the
bonds bid for, payable to the order of the City Treasurer, is required.
of the
for the
798
Financial
Chronicle
Aug. 1, 1936
1937; $1,000, Jan. 1 and July 1 from 1938 to 1946 incl.; $1,000, Jan. 1,1947.
Bidder to name one rate of interest, expressed in a
multiple of H of 1%.
The bonds are direct obligations of the township,
payable from unlimited
ad valorem taxes.
No conditional bids will be considered.
The township
will pay for and furnish the successful bidder with the favorable
legal
opinion of Matson, Ross, McCord & Clifford of Indianapolis.
HAMILTON
TOWNSHIP.
Delaware
Co., Ind.—BOND
OFFERING
—George W. Brinson, Township Trustee, will receive bids until 10 a. m.
Aug. 26 for the purchase at not less than par of the following school building
bonds, which are to bear interest at no more than 3M %:
$25,000 Civil Township bonds.
Denom. $500.
Due $2,500 yearly from
1937 to 1946, incl.
49,250 School Township bonds.' Denom. $500 and $750.
„
Due $3,500
yearly froml937 to 1950, incl., and $3,750 in 1951.
Dated Aug. 26, 1936.
of M%.
Bidders
are
to name rate of interest,
Interest payable semi-annually
on
in
Jan. 1 and July 1.
a
multiple
HARBISON
SCHOOL TOWNSHIP (P. O.
Jasper), Ind.—BOND
SALE—The DuBois County State Bank of Jasper has
purchased the issue
of $8,500 4% coupon school
building bonds which was scheduled for award
on July 18.
The bank paid a price of 105.90, a basis of about 2.96%.
Dated July 1, 1936 and due $500 each six months from
July 1, 1938 to
July 1, 1946, inclusive.
MADISON SCHOOL TOWNSHIP (P. O.
Madison), Ind .—BOND
OFFERING—Edward R. Slattery, Trustee, will receive sealed bids until
7:30 p. m. on Aug. 24 for the purchase of $18,000
3% judgment funding
bonds.
Dated Aug. 24, 1936.
Denom. $450.
Due $900 Aug. 15, 1937;
Feb. 15, and Aug. 15 from 1938 to 1946,
incl., and $900 Feb. 15,1947.
The bonds are direct obligations of the
township, payable from ad valorem
taxes on all taxable
property within the limits prescribed by law.
"MARION,
FLORIDA
DAYTONA BEACH, Fla.—REFUNDING PLAN SUBMITTED
TO
BONDHOLDERS—A refunding plan has been submitted to all known
holders of Daytona Beach,
Florida bonds in a prospectus dated July 15,
Green, Inc., administrative agents for the Bondholders
Refunding Association announce.
The plan provides for a
par-for-par
exchange of the present outstanding obligations of the City of Daytona
Beach, the former towns of Seabreeze and Daytona Beach and former
City
of Daytona, into callable refunding bonds dated
July 1, 1936.
The new
bonds will mature serially 1946 to 1960,
incl., and will bear interest at the
rate of 3M% for five years,
4M % for five years and 5% to maturity.
Chapman & Cutler of Chicago and Giles J. Patterson of
Jacksonville,
Florida will furnish the approving legal opinion on the bonds.
The plans also provides that unpaid interest
coupons will be liquidated at
the rate of 3 % per annum.
Insofar as funds are insufficient for this purpose
bondholders will receive 3% bonds dated July 1, 1936 due
July 1, 1946.
Sufficient funds are available for cash
payment of the first interest coupon
1936,
Welsh
&
due in 1936 at the rate of $15 per
coupon per $1,000 bond.
Bondholders
can cash this coupon at once
by assenting to the refunding plan and forward¬
ing their coupons to the depositary bank. Bondholders have been
to assent
to
requested
the
refunding terms and withhold deposit of their securities
are ready for delivery.
Approximately 60% of the total outstanding bonds included in the plan
until the
are
new
deposited
% interest basis, plus a premium
$36.
Jackson-Ewert, Inc. of Indianapolis offered a $15 premium on a
1% interest basis.
of
.
Name—
or
refunding association of Daytona Beach
Feldie Katz, Chairman; George A.
Bangs, C. E. Harrington, James C.
Tucker, and W. C. Braden, all of whom are serving without
compensation
are:
and represent the owners of a substantial
amount of bonds.
The official announcement of the submission of
the plan to
appears as an advertisement in this issue, p. ill.
bondholders
MARION COUNTY SCHOOL
BOND OFFERING—Don T.
DISTRICTS (P. O. Ocala), Fla.—
Mann, Secretary of the County Board of
a. m. Aug. 18 for the purchase
Public Instruction, will receive bids until
10
following 5M% bonds:
$2,000 Weirsville Special Tax School District bonds.
Due $1,000 on Oct.
1 in 1942 and 1943.
Interest payable April 1 and Oct. 1.
3,000 Fort McCoy Special Tax School District No. 34 bonds.
Due $1,000
June 1 in each of the years
June 1 and Dec. 1.
on
Denom. $1,000.
required.
1938,1940 and 1942.
Certified check for 2%
IDAHO
BEAR
LAKE
COUNTY
INDEPENDENT
SCHOOL
DISTRICT
NO. 1, CLASS A (P. O.
Montpelier), Idaho—BONDS VOTED—An
issue of $88,000 4% school
building bonds carried by a vote of 180 to22 at
an election held on
July 21.
MONTPELIER SCHOOL
DISTRICT, Idaho—BONDS VOTED—The
election held.on July 21 resulted in
approval of the proposed $88,000 school
bond issue by a vote of 180 "for" to 22
"against."
The bonds will bear
interest at 4 %, and will mature in 20
years.
Sale of the issue is dependent
upon approval of a Public Works Administration
grant.
WEISER INDEPENDENT SCHOOL DISTRICT NO. 1
(P. O. Weiser)
Idaho—BOND OFFERING DETAILS—In connection with the
offering
Aug. 10 of $22,000 school bonds, previously mentioned in these
on
columns,
learn that the district will
pay for the printing of the bonds and the legal
opinion must be obtained by the purchaser at his own
expense.
we
First National Bank of Marion
ILLINOIS
BAINBRIDGE TOWNSHIP (P. O.
Rushville), III.—BONDS VOTED
CHICAGO, 111.—BOARD OF EDUCATION WARRANTS OFFERED
INVESTORS—Offering is being n ade of an issue of $1,000,000 Chicago
TO
Board
of Education
1936
building fund tax anticipation warrants by a
syndicate including Hickey, Doyle &
Co., Stifel, Nicolaus & Co., Inc., A.
C. Allyn & Co.,
Inc., Kelley, Richardson & Co., Inc., Bartlett, Knight &
Co., John Nuveen & Co., and John W. Clark, Inc.
The warrants, which
are 33 to 40 % of the
levy, bear interest at 3 % and are priced to yield 2 %%.
They were awarded to the group at par.
FARMINGTON TOWNSHIP
(P.
O. Farmington), III.—BONDS
VOTED—At a special election held oh
July 14 a proposed $40,000 road
graveling bond issue was approved by a vote of 404 to 243.
MT. CARROLL SCHOOL
DISTRICT, 111.—BOND ELECTION—An
a proposal to issued $99,000 school
election is to be held on
Aug, 4 at which
building bonds will be voted upon.
(
ISS^UE
SPRINGFIELD, 111.—MAY
$7,000,000 BONDS—It is reported
that the city may offer for sale soon an
issue of $7,000,000 bonds for the
purpose of financing purchase of the power
properties of the Central Illinois
**MICHIGAN
of
$200,000 would be taken from cash
available
treasury.
in the
MITCHELL SCHOOL
MONROE SCHOOL TOWNSHIP
BOND OFFERING—Joseph W.
Dated Aug. 28, 1936.
$260, Jan. 1 and July 1 from 1938 to 1947 incl.
The bonds are direct
obligations of the township, payable from ad valorem taxes within the
limits prescribed by law.
bonds.
OAK GROVE TOWNSHIP (P. O.
.
34%
2% %
2%%
2M%
3%
$500*each.
Dated July 1, 1936.
Due $500 on each Jan. 1 and July 1 in
each of the years from 1937 to 1951, inclusive.
RICHLAND SCHOOL TOWNSHIP (P. O.
Bloomfield), Ind.—BOND
SALE—The issue of $6,000 4M% school bonds offered on
July lS-^V. 143,
p. 146—was awarded to McNurlin & Huncilman of Indianapolis at par plus
premium of $187, equal to 103.11.
a
RICHLAND TOWNSHIP SCHOOL TOWNSHIP
(P. O. Elletsvilie),
Ind.—BOND SALE—The $4,900 3% school bonds offered on July 15—
V. 143, p. 146—were awarded at a
price of par to the Peoples State Bank of
Elletsvile.
Dated July 15,1936 and due July 15 as follows: $500 from 1937
to 1945, incl. and $400 in 1946.
RUSHVILLE, Ind.—BOND OFFERING—Clarence B; Jordan, ClerkTreasurer, will receive sealed bids until 2 p. m. on Aug. 7 for the purchase
not to exceed 4% interest coupon funding bonds.
Dated
Aug. 15, 1936.
One bond for $421.34, others $500 each.
Due as follows:
$1,421.34 July 1, 1937 and $1,500 Jan. 1 and July 1 from 1938 to 1942, incl.
Rate of interest to be expressed in a multpile of H of 1
%., Principal and
interest (J. & J.) payable at the Clerk-Treasurer's office,
of $16,421.34
SALUDA SCHOOL TOWNSHIP (P. O.
Lexington, R. R. 2), Ind.—
BOND OFFERING—Frank L. Moreland, Trustee, will receive sealed bids
until 8 p. m. on Aug. 27 for the purchase of $7,600 3% judgment
funding
bonds. Dated Aug. 27, 1936.
Due as follows:
$186, July 1, 1937:
$186,
Jan. 1 and July 1 from 1938 to 1943 incl.; $186, Jan. 1 and $356,
July 1,
1944; $356, Jan. 1 and July 1 from 1945 to 1950 incl. and $368, Jan. 1,1951.
Interest payable semi-annually.
The bonds are direct obligations of the
township, payable from unlimited
COUNTY
(P.
O.
taxes within the limits
Rockport),
prescribed by law.
Ind.—PRICE PAID—The
Farmers State Bank of Rockport paid a price of par plus a
premium of
$850, equal to 102.12, for the $40,000 3M% bonds purchased by the in¬
stitution on July 22, as noted in a previous issue.—V.
143, p. 627.
Other
bids were as follows:
Bidder
Premium
Holland National Bank
Robinson & Co., Inc
.,
Bidder—
Premium
$760.00 A. S. Huyck & Co., Inc
708.00 Seasongood & Mayer
653.00
283.85
VINCENNES,
Ind.—WARRANT OFFERING—Joseph I. Muentzer,
noon on Aug. 15 for the purchase
$50,000 not to exceed 6% interest temporary loan warrants.
Denoin.
$1,000.
Payable on Dec. 26, 1936 at the City Treasurer's office.
The
approving opinion of Matson, Ross, McCord & Clifford of Indianapolis
will be furnished the successful bidder.
City Clerk, will receive sealed bids until
of
WABASH, Ind.—BOND OFFERING—Murrel Rife, City Clerk-Treas¬
urer, will receive sealed bids until 10 a. m. on Aug. 8 for the purchase of
$33,900 4% bonds issued to provide for the payment of temporary warrants,
delinquent tax warrants and the purchase of fire equipment as authorized
in an ordinance calling for the sale of the issue.
The bonds will be dated
Aug. 8,1936 and in denoms. of $847.50. Due one bond semi-annually for a
period of 20 years from date of issue. A certified check for
$200, payable to
the order of the city, must
accompany each proposal.
Iowa
Municipals
Des Moines Building
DES
Waterloo
MOINES
Ottumwa
Cedar Rapids
A.
T.
&
Sioux
Davenport
Iowa City
T.
City
Sioux Falls, S. D.
Teletype: DESM 31
$219.00
506.60
1
IOWA
128 00
87.00
311.00
CLOVERDALE SCHOOL TOWNSHIP
(P. O. Cloverdale), Ind.—
BOND OFFERING—C. M. Furr, Trustee will
receive sealed bids at the
First National Bank. Cloverdale, until 1:30
p. m. (Central Standard Time)
On Aug. 31 for the purchase of
$20,000 not to exceed 4% interest judgment
funding bonds. Dated Aug. 1, 1936. Denom. $1,000. Due
$1,000, July 1,
Oxford), Ind.—BOND OFFERING
—As already reported in these columns—V. 143,
p. 467—the Township
Trustee and Advisory Board will receive bids until 2
p. m. Aug. 1, for the
purchase of $15,000 school bonds.
Robin W. Irvin is Township Trustee.
The bonds will bear interest at
3Ms, and will be issued in the denom. of
Premium
2
Share Corp
(P. O. Madison, R. R. I), Ind —
Harrell, Trustee, will receive sealed bids
$5,200 3% judgment funding
Denom. $260.
Due $260, July 1, 1937;
until 8 p. m. on Aug. 28 for the purchase of
Polk-Peterson Corporation
int. Rate
-
Fletcher Trust Co
Indianapolis Bond &
Jackson-Ewert.lnc
A. S. Huyck & Co
Board of
p. m. on Aug. 10 for the purchase
$4,000 4 M % coupon heating plant bonds.
Dated July 1,1936.
Denom.
$500.
Due $500 on Jan. 1 and July 1 from 1938 to 1941, incl.
Interest
payable J. & J.
INDIANA
City Securities Corp
CITY, Ind.—BOND OFFERING—The
Trustees will receive sealed bids until 1
city
CLARK COUNTY (P. O.
Jeffersonville), Ind.—BOND SALE—The
Issue of $80,000
county welfare bonds offered on July 23—V. 143, p. 467—
was awarded to
Paine, Webber & Co. of Chicago as 2 3£s, at par plus a
premium of $1,010, equal to 101.26.
Other bids were as follows: *
Bidder—•
total of $438,000
by the Common Council
of
Although
$7,2b0,000, tne
now
15-00
744.00
.
CITY, Ind.—BONDS TO BE SOLD—A
sewage disposal plant bonds recently authorized
will be sold to Lansford & Co. of Chicago.
Light Co., a subsidiary of the Commonwealth & Southern Corp.
acquisition of the facilities would cost the city a total of
balance
$15.00
623.00
The warrants will mature Dec. 30, 1936.
SPENCER
—Residents of the township voted 124 to
40, at a recent election, in favor
of the issuance of
$17,000 gravel road construction bonds.
Premium
134%
5%
1%
5%
Jackson-Ewert, Inc., Indianapolis.
Interest payable
of amount of bonds bid for,
Int. Rale
McNurlen & Huncilman, Indianapolis
Indianapolis Bond & Share Corp., Indianapolis
bonds
represented by coupon deposits so that the success of the
refunding program is definitely assured.
The location of the remainder of
the bonds is known so that the plan can be
consummated at an early date.
The trustees of the bondholders
of the
Ind.—WARRANT SALE—The $50,000 time warrants issued
to obtain funds for
operating expenses until receipt of the fall distribution
of taxes, which were offered on
July 27—V. 143, p. 467—were awarded to
the Wabash Valley Trust Co., of Peru on a 1
GRAETTINGER, Iowa—BOND
the Town Council will ofter
provement bonds.
OFFERING—On
for sale
an
issue
of
July 31 at 8 p. in.
$6,000 water works im¬
GREENE COUNTY (P. O. Jefferson), Iowa—CERTIFICATE OFFER¬
ING—Charles Cleveland, County Treasurer, will receive bids until 2
p .m.
4 for the purchase of $64,000 secondary road construction fund
anticipation certificates.
Due $32,000 on Dec. 31 in each of the years 1937
Aug.
»
Volume
799
Financial Chronicle
143
check for 3%, required.
The certificates will be
Sale will be made at not less than par, the bidders to
of K % • The purchaser must furnish
the blank certificates, and legal opinion if desired.
$6,000 from 1956 to 1960 incl. Bidder to name one rate of interest on the
issue, expressed in a multiple of K of 1%. Principal and interest payable
at the City Treasurer's office.
The bonds are payable from unlimited taxes
HAMPTON SCHOOL DISTRICT, Iowa—BONDS VOTED—By a vote
of 363 "for ' to 186 "against" the district has given its approval to a proposed
after the award has been made.
and
1938.
dated
name
,
Certified
Aug. 1, 1936.
the rate of interest, in multiples
$150,000 school building bond issue.
SCHOOL
LONDON
DISTRICT,
redemption of an equal amount of street
bonds, which will be called for payment 30 days
MASSACHUSETTS
Iowa—BOND SALE—The
Carleton D. Beh
Board of Education has sold $10,000 school bonds to the
Co. of Des Moines.
OSKALOOSA, Iowa—BOND OFFERING—W. J. Ireland, City Clerk,
purchase of $20,000 swimming
will receive bids until 2p.m. July 30 for the
pool bonds.
AMESBURY, Mass .—TEMPORARY LOAN—The Merchants National
Bank of Boston purchased
at
0.53% discount.
BEVERLY,
on July 15 an issue of $100,000 revenue notes
Due Dec. 30, 1936.
Mass.—BOND SALE—The
KANSAS
$8,000 yearly
CITY, KAN.—BONDS AUTHORIZED—'Two ordinances have
passed which authorize the issuance of a total of $81,500 refunding
HAYS
bonds.
,
;
HERNDON, Kan.—BOND OFFERING—W. J. Bone, City Clerk, will
Aug. 10 for the purchase of $22,000 4% electric
bonds.
Denom. $500.
Dated July 1, 1936.
Principal and semi¬
annual interest (Jan. 1 and July 1) payable at Topeka.
Due July 1 as
follows: $1,000, 1937 to 1952, and $1,500, 1953 to 1956, incl.
Certified
receive bids until 7 p. m.
light
check for 2%
of bid, required.
(P. O. Oskaloosa), Kan .—BOND SALE—
2*4 % public work relief bonds offered on July 27 was
Davis Co. of Topeka on a bid of 101.275, a basis of
about 2.03%.
Dated July 1,1936.
Due $500 on July 1 in each of the years
from 1937 to 1940, and $1,000 yearly on July 1 from 1941 to 1946.
JEFFERSON
COUNTY
The issue of $8,000
awarded to the W. E.
MANKATO,
Kan.—BONDS AUTHORIZED—An ordinance authoriz¬
ing the issuance of $65,000 refunding bonds was adopted
recently.
SEDGWICK COUNTY (P. O.
Wichita), Kan.—PRICE PAID—The
$13.,96, equal
to 100.03, for the issue of $40,000 2^% public work relief bonds offered
publicly by them recently.
The issue had been announced for award on
July 27.
Dated June 1, 1936 and due $4,000 on June 1 from 1937 to 1946
incl.
Competitive tenders were entered by Estes, Payne & Co., Topeka;
Brown-Crummer Co., Wichita; City National Bank, Kansas City, Mo.;
Ranson-Davidson Co. of Wichita paid par plus a premium of
and Baum-Bernheimer Co.,
Kansas City, Kan.
KENTUCKY
municipal
Aug. 1 from 1937 to 1941, inclusive.
on
1940 and 1941.
and will mature June 30,
1937.
MANCHESTER, Mass.—NOTE SALE—The $15,000 coupon harbor
dredging loan-notes offered on July 31 were awarded to Tyler, Buttrick &
Co. of Boston on a bid of 100.099 on %% notes, a basis of about .70%.
Whiting, Weeks & Knowles of Boston bid 100.39 for Is. Dated Aug. I,
1936. Due $5,000 on Aug. 1 in 1937,1938 and 1939.,
NORFOLK COUNTY
(P. O. Dedham), Mass.—NOTE OFFERING—
Ralph D. Pettingell, County Treasurer, will receive bids until 11 a. m.
(Daylight Saving Time) Aug. 4 for the purchase at not less than par of $20,000 coupon tuberculosis hospital home loan bonds.
Bidders are to name
rate of interest, in a multiple of M%.
Denom. $1,000.
Dated April 15,
1936.
Principal and semi-annual interest (April 15 and Oct. 15) payable at
the First National Bank of Boston, in Boston.
Due $4,OO0 yearly on
April 15 from 1937 to 1941.
These notes will be valid general obligations of the County of Norfolk,
and all taxable property in the county will be subject to the levy of un¬
limited ad valorem taxes to pay both principal and interest.
They will be issued under authority of Chapter 98 of the Acts of 1936 and
engraved under the supervision of and authenticated as to genuineness by
The First National Bank of Boston.
This bank will further certify that the
legality of this issue has been approved by Ropes, Gray, Bovden & Perkins
of Boston, Mass., and a copy of their opinion will be furnished the purchaser.
The original opinion and complete transcript of proceedings covering all
legal details required in the proper issuance of these notes will be filed with
The First National Bank of Boston, where they may be inspected.
Notes will be delivered to the purchaser on or about Aug. ll at The First
National Bank of Boston, 17 Court Street Office, Boston, against payment
Financial Statement, July 1,1936
on
1936.
Scharff L Jones
Boston.
-
y
INCORPORATED
—-—
■
.
TELEPHONE RAYMOND 1189
y
SCHOOL
'
■
L.
McDuff, Secretary of the Parish School Board, will receive bids
until 10 a.m., Aug. 4 for the purchase at not less than par of $15,000 bonds
of Franklin Parish School District Ward No. 8.
Bidders are to name rate
Interest payable semi-annually.
Due
.
..
-
•
Cray, McFawn Sl Company
DISTRCIT
DETROIT
Telephone CHerry 6828
A. T. T. Tel. DET347
MICHIGAN
FRANKLIN PARISH (P. O. Winnsborc), La.—BOND OFFERING—
1936.
.
H
NO. 1 (P. O. Jonegville), La.—BOND SALE DETAILS—The $90,000
514% school bonds sold at private sale recently to Sutherlin & Scranton,
Inc. of New Orleans, as reported in these columns at the time—V. 143* p.
468—are dated June 1, 1936 and mature as follows: $3,000, 1938 to 1941,
incl.; $4,000, 1942 to 1946, incl.; $5,000, 1947 to 1950. incl.; $6,000 from
1951 to 1954, incl., and $7,000 in 1955 and 1956.
Dated Sept. 1,
.
x
'S
•
CONSOLIDATED
,
MICHIGAN MUNICIPALS
LOUISIANA
PARISH
./
for Our Own Account
We Buy
New Orleans
CATAHOULA
None
Population, 320,826.
REVERE, Mass.—BOND SALE—The First National Bank of Boston
has purchased $30,000 2% Sea Wall bonds.
Dated Aug. 1,1936x Denom.
$1,000.
Due $6,000 on Aug. 1 from 1937 to 1941, incl.
Principal and
interest (F. & A.) payable at the First National Bank of Boston.
The
bonds are direct obligations of the city, payable from unlimited ad valorem
taxes.
Legality to be approved by Ropes, Gray, Boyden & Perkins of
LOUISIANA MUNICIPALS
A. T. T. TEL. N. O. 180
..$642,918,593.00
$10,808 0
Assessed valuation, 1935
Total bonded debt, not including present issue
Water bonds
All taxes collected prior to
Immediate Firm Bids
'
-
Mass.—NOTE SALE—The $300,000 revenue anticipation
temporary loan notes offered on July 30 were awarded to the Second Na¬
tional Bank of Boston on a 0.534% discount basis.
The National Shawmut Bank of Boston bid 0.55% discount.
Notes are dated July 30, 1936
MALDEN,
in Boston funds.
HENDERSON, Ky.—BONDS AUTHORIZED—'The City Commissioners
have adopted an ordinance authorizing the issuance of $55,000 debt funding
bonds.
Denom. $1,000.
Due $5,000 yearly from 1945 to 1955.
of interest.
coupon
HINGHAM, Mass.—NOTE SALE—rThe issue of $33,000 police station
on July 28—V.
143, p. 628—was awarded to the Rockland
Trust Co. of Rockland as 1 }4s, at a price of 100.626, a basis of about 1.02%.
Dated Aug. 15, 1936, and due as follows: $7,000 from 1937 to 1939, incl.,
and $6,000 in
1 to 10 years.
terest and mature in from
Jno.
$40,000
relief loan bonds offered on July 29 were awarded to the Beverly National
Bank of Beverly on a bid of 100.63 for 1 Ms, a basis of about 1.04%.
Tyler,
Buttrick & Co. of Boston bid 100.59 for l*4s.
Dated Aug. 1, 1936.
Due
notes offered
CHANUTE, Kan.—BOND ISSUE DETAILS—The $21,828 park im¬
provement, $14,500 viaduct and $3,134 cemetery improvement bonds sold
recently to the Sinking Fund Commission—V. 143, p. 627—bear 2% in¬
been
sewer
\
SCHOOL DISTRICT; Iowa—BOND
ELECTION—The Board of Directors has called an election for Aug. 20
for the purpose of submitting to the voters of the district a proposition to
issue $20,000 high school building improvement bonds.
INDEPENDENT
MANNING
NEW
and the proceeds will be used in the
improvement and
BELDING;
Mich.—BOND SALE—The
$51,000 refunding bonds
unsuccessfully offered as 4^s last January—V, 142, J. 996—were sold
later privately to McDonald, Moore & Hayes of Detroit.
Dated Aug. 1,
1935 and due Aug. 1, 1955.
,
serially for 15 years.
ESCANABA,
Mich.—PROPOSED BOND ISSUE—The city plans to
paving bonds to mature serially from 1937 to 1941, incl.
(P. O. Plaquemine),
La.—BOND SALE—The three issues of bonds aggregating $108,000 offered
on July 28—V.
143, p. 147—were awarded as follows:
$80,000 School District No. 1 bonds sold to the National Securities Co.
of New Orleans as 4s, at par plus a premium of $614, equal to 100.76.
a basis of about 3.92%.
75,000 School District No. 4 bonds sold to the Whitney National Bank
of New Orleans as 4^8, at par plus a premium of $863.75, equal to
101.15, a basis of about 4.13%.
25,000 School District No. 3 bonds sold to a,n account composed of Luchlan
M. Vass & Co.; Levy & Rooney, Inc., both of New Orleans, and
issue $45,000 street
Leonard J. Daniels & Co. of Shreveport, at a price of 100.03 for
$15,000 4^s and $10,000 4^s.
All of the bonds are dated Aug. 1, 1936, and mature serially on Aug. 1
from 1937 to 1956, incl.
Waterhouse, City Manager,
IBERVILLE
PARISH
SCHOOL
DISTRICT
LEESVILLE, La.—MATURITY—The $20,000 6% Sewerage District
bonds sold recently at a price of par to the Vernon Bank and the
& Farmers Bank & Trust Co., both of Leesville, jointly—V.
143, p. 468—mature Feb. 1 as follows: $1,500, 1937; $1,600, 1938; $1,700,
1939; $1,800, 1940; $1,900, 1941; $2,000, 1942; $2,200,1943; $2,300, 1944;
$2,400 in 1945 and $2,600 in 1946.
No. 1
Merchants
MOREHOUSE PARISH SCHOOL DISTRICT NO. 5 (P. O. Bastrop),
La .—BOND ISSUE DETAILS—The $10,000 school bonds sold on July26
to the Bank of Oak
Ridge of Oak Ridge—V. 143, p. 628—bear 5% interest
and brought a price of 102.60, a basis of about 4.68%.
Dated Aug. 1,
1936.
Coupon in denoms. of $250.
Due Aug. 1, 1946.
Interest payable
F. & A.
RAPIDES PARISH SCHOOL DISTRICTS (P. O. Alexandria), La.—
BOND SALE—The $27,000school bonds, including $8,000 Glenmora School
District No. 27, $9,000 Rigolette School District No. 7, and $11,000 Big
Island
School District No. 50, offered on July 24—V. 143, p. 147—were
as 5 }4s, at a price of par.
awarded to F. P. Clark of Alexandria,
RAYNE SEWERAGE DISTRICT NO. 1, La.—BOND SALE— The
$25,000 sewer bonds offered on July 28—V. 143, p. 628—were awarded to
Scharff & Jones, Inc. of New Orleans, the only bidders, as 414s, at a premium
of $79, equal to 100.316.
VERMILION PARISH SCHOOL DISTRICT NO. 1 (P. O. Abbeville),
La.—MATURITY—'The $20,000 4^% Sixth Ward School District No. 1
awarded recently to the Bank of Erath of Erath at par—V. 143,
bonds
p.
468—mature July 15
as
follows: $750 from 1937 to 1943, incl.; $1,000.
1944 to 1947, incl.; $1,250 from 1948 to 1952, incl., and $1,500 from 1953
to 1955,incl.
MARYLAND
FROSTBURG,
Md.—BOND
OFFERING—Mayor
Horace
G.
Evans
will receive sealed bids until 7 p. m. (Eastern Standard Time) on Aug.
10
for the purchase of $80,000 coupon refunding bonds.
Dated Sept. 1, 1936.
Denom. $500
Dud Sept. 1 as follows: $5,000 from 1946 to 1955 incl. and
FARMINGTON, Mich.—BOND OFFERING—Leo
City Clerk, will receive sealed bids until 8:30 p. m. on
Gildmeister, Acting
Aug. 6, for the pur¬
$70,000 not to exceed 4% interest refunding bonds.
Dated
Aug. 1,1936.
Due Oct. 15 as follows:
$4,000 from 1937 to 1941, incl. and
$5,000 from 1942 to 1951, incl. Interest payable A. & O. A certified check
for $2,000 must accompany each proposal.
The approving opinion of
Miller, Canfield, Paddock & Stone of Detroit will be furnished the success¬
ful bidder at this own expense.
chase
of
GLADSTONE, Mich.—BONDS TO BE OFFERED
ON AUG. 18—E. H.
informs us that the $28,000 paving and sewage
authorized will be offered for sale on Aug. 18, but that
because of the fact that the offering is made up of eight separate issues, all
of small size, it is anticipated that the sale will be made to local investors.
Bonds will be in denominations of $100 and $500, will bear interest at 5%,
and will be payable in 1 to 5 years.
bonds recently
SCHOOL DISTRICT, Mich.—BOND SALE—The
school building bonds offered on July 13—V. 143,
3s to Robinson & Co., Inc. of Chicago.
Dated
Aug. 1, 1936 and due $14,000 on Aug. 1 from 1938 to 1942, incl.
Legal
opinion of Chapman & Cutler of Chicago.
MARYSVILLE
issue of $70,000 coupon
p
148—was awarded as
MONGANGON TOWNSHIP SCHOOL DISTRICT NO. 2 (P. O,
Riverview), Mich .—NOTE SALE—The Peoples State Bank of Trenton
purchased $7,500 5% tax anticipation notes, due March 15, 1937.
SOUTH
HAVEN, Mich.—BOND OFFERING—G.
Carroll Ross, City
Clerk, will receive sealed bids until 7:30 p. m. on Aug. 10 for the purchase of
$25,000 special assessment paving bonds.
Due $2,500 on July 15 from
1937 to 1946, incl.
Principal and interest (J. & J.) payable in South
Haven.
A certified check for
$500 is required.
Mich.—BONDS VOTED—The voters at a recent elec¬
tion gave their approval to a proposal to issue $32,000 sewer system and
sewage disposal plant construction bonds.
SOUTH LYON,
Mich.—NOTE OFFERING— Ota D. Avery, City
bids until 7p.m. Aug. 1 for the purchase of $30,000
paving notes.
Denom. $500. Dated Sept. 1,1936.
Principal and annual interest (Jan. 15) payable at the City Treasurer's
office.
Due $3,000 yearly on Jan. 15 from 1937 to 1946.
THREE
RIVERS,
Treasurer, will receive
5% special assessment
NO. 4 (P. O. Grand
Mich.—BOND OFFERING—Wilma L. Porter, Secretary of the
sealed bids until 8p.m. (Eastern Standard
Time) on July 31 for the purchase of $41,000 not to exceed 4% interest
coupon high school bonds of 1935.
Dated Nov. 1, 1936.
Due Nov. 1
as foUows:
$1,000, 1937 to 1941, inc..; $1,500, 1942 to 1949, incl.; $2,000
from 1950 to 1966, incl., and $2,500 from 1957 to 1960, incl.
Bonds may
be registered as to principal only.
Payable as to principal and M. & N.
interest at the office of the Treasurer of the Board of Education.
Bids to
be conditioned only on the approval of the issue by Roger L. Wykes,
WYOMING TOWNSHIP SCHOOL DISTRICT
vil'e),
Board of Education, will receive
attorney.
,
;
Financial
800
Northwestern
Municipals
TRENTON, Mo.—DESCRIPTION OF BONDS SOLD—The $234,000
light plant bonds sold recently to the Baum, Bernheimer Co. of Kansas
"City are coupon bonds in the denomination of $1,000, are dated Aug. 1,
1934, and will mature Aug. 1, 1954. They will bear interest at 4%, payable
semi-annually on Feb. 1 and Aug. 1.
The award was made on June 26, the
purchasers paying a price of $251,770, equal to 100.759, a basis of about
3.94%.
"
Oregon, Washington
WELLS-DICKEY COMPANY
VANDALI A, Mo.—BONDS SOLD—The Board of Aldermen has sold an
improvement bonds to the Commerce Trust Co. of
Teletype—Mpls287
issue of $67,000 water
Kansas City and the Vandalia State Bank, of Vandalia.
issued as 3Ms at a premium of $800, equal to 101.194.
X
MINNESOTA
BATTLE CREEK, Minn.—BOND SALE—The State of Minnesota has
purchased an issue of $28,000 3% water works bonds.
The issue was ap¬
proved at the July 14 election—V. 143, p. 620*
CLAY
COUNTY
INDEPENDENT
SCHOOL
DISTRICT
NO.
MONTANA
2
of 124 to 72 at an
buyers who have al¬
ready asked for the bonds.
The bonds were
WEBSTER GROVES, Mo.—BONDS DEFEATED—At an election
held on July 21 the voters rejected the proposal to issue $175,000 park and
playground bonds.
(P. O. Moorhead), Minn.—BONDS TO BE SOLD LOCALLY—The issue
of $20,000 school building bonds approved by a vote
election held on July 21 will be disposed of locally to
Aug. 1, 1936
approved by the voters have been sold to the Farmers & Merchants Bank
& Trust Co. of Cape Girardeau at a price of par for 3s.
Denom. $1,000.
Due in 1946, 1947 and 1948; subject to call at price of 101.
Minnesota, North and South Dakota, Montana,
Telephone—Minneapolis Atlantic 4201
Chronicle
COUNTY
HORN
BIG
(P. O. Hardin), Mont.—BOND SALE—The
issue of $20,000 court house and jail construction bonds
—V. 142, p. 4220—was sold as 4s to the First National
offered on July 6
Bank of Hardin.
Dated July 10,1936.
DETROIT
LAKES,
Minn.—CERTIFICATE OFFERING — E.
J.
Bestick, City Clerk, will receive bids until 7.30 p. m. Aug. 3 for the purchase
of $2,300 3% street impt. certificates of indebtedness.
Denom. $230.
GROVELAND SCHOOL DISTRICT NO. 63, Minn.—BONDS VOTED
—At an election held on July 21 a proposal to issue $30,000 school building
bonds was approved by the voters .
.
MOORHEAD SCHOOL DISTRICT, Minn.—BONDS VOTED—At an
election held on July 21 a proposition to issue $20,000 school addition con¬
struction
bonds
was
approved by
a vote of
124 to 72.
MINNESOTA (State of)—CERTIFICATE SALE—The issue of $1,500,000 certificates of indebtedness offered by the Conservator of Rural
COUNTY
HORN
BIG
(P. O.
Hardin), Mont.—BOND SALE—The
issue of $65,000 refunding bonds offered on July 25—V. 143, p. 306—was
awarded to Brown, Schlessman, Owen & Co. of Denver as 4Ms.
BILLINGS, Mont.—BONDS SOLD—The $60,000 4% refunding bonds
on July 27 were awarded to Brown, Schlessman, Owen & Co. of
as 3 Ms.
There were no other bidders.
Dated Aug. 1, 1936.
offered
Denver
LEWIS
CLARK
AND
COUNTY
O.
(P.
Helena),
Mont.—BONDS
VOTED—At the election held on July 21 the proposed $80,000 hospital
building bonds were approved by a vote of 2,357 "for" to 474 "against."
ROSEBUD COUNTY SCHOOL DISTRICT NO. 12 (P. O. Rosebud),
Credit on July 27—V. 143, p. 470—was awarded to a syndicate composed
of Brown Harriman & Co., Inc., New York, A. G. Becker & Co., Chicago;
the Milwaukee Co., Milwaukee; Piper, Jaffray & Hopwood and Thrall,
Mont.—BOND OFFERING—John Hanson, Chairman of the Board of
Trustees, will receive bids until 2 p. m. Aug. 20 for the purchase of either
amortization or serial gymnasium construction bonds in the amount of
West & Co., both of Minneapolis, Kalman & Co. of St. Paul, and the First
$10,000. Dated Sept. 1, 1936. Interest rate is not to exceed 6%, payable
semi-annually on March 1 and Sept. 1. Certified check for $100, payable
to the Clerk, required.
of
Michigan Corp., Detroit,
as
1.85s, at par plus
a
premium of $912,
equal to 100.06, a basis of about 1.835%.
Dated Aug. 1, 1936 and due on
Aug. 1,1941. Next highest bid of 100.75 for 2s was submitted by an account
of Wells-Dickey Co. of Minneapolis, Northwestern National
Bank & Trust Co., Minneapolis, First National Bank, St. Paul, and the
First National Bank & Trust Co., Minneapolis.
composed
The bankers made
public reoffering at
a
price of 100.75 and accrued in¬
SHERIDAN COUNTY (P. O. Plentywood), Mont.—BONDS VOTED—
an election held on July 21 the voters approved an issue of $50,000 court
jail bonds by a vote of 968 to 425.
The bonds, it is said, will
most likely be sold locally, bear 4% interest, mature in 20 years, optional
in five years.
/
At
house and
_
terest, to yield about 1.70% to maturity.
In the opinion of the bankers,
certificates meet the present requirements as legal investments for
the
savings banks in New York, Massachusetts and Connecticut and, in the
opinion of legal counsel, constitute valid general obligations of the State,
NEBRASKA
the full faith and credit of which are pledged for the payment of principal
and interest.
AND
OTHER
DISTRICT, Minn.—BOND OFFERING—
ISSUES
OF OMAHA
C. H. Gingrich, District Clerk, will receive bids until 8 p. m. Aug. 7 for the
purchase of $16,000 school building bonds.
Bonds are to bear interest at
rate designated in the successful bid, not to exceed 3%.
Denom. $1,000.
Dated July 1, 1936.
Principal and semi-annual interest payable at any
First National Bank
Bldg-
A. T. & T. Teletype OMA 81
NEBRASKA
suitable
bank or trust company named by the purchaser.
Due $l,O0O
yearly on Jan. 1 from 1939 to 1951; $2,000 Jan .1,1952, and $1,000 Jan. 1,
Certified check for $500,
payable to the district, required.
District
will furnish the printed bonds and the approving opinion of Junell, Driscoll,
Fletcher, Dorsey & Barker of Minneapolis.
NEBRASKA
The National company
vote.
SCHOOL
WANTED
OMAHA, DOUGLAS COUNTY, LINCOLN
NEW ULM INDEPENDENT SCHOOL DISTRICT NO. 1, Minn.—
BOND ELECTION—An election has been called for Aug. 4 at which a
proposition to issue $100,000 school building bonds will be submitted to a
NORTHFIELD
MUNICIPALS
OFFERING
CODY, Neb.—BOND SALE—Wachob, Bender & Co. of Omaha have
1953.
purchased an issue of $20,000 4% refunding bonds. Due serially on May 1
incl.; optional on any interest payment date after May 1,
from 1937 to 1956
1941.'
SPRING VALLEY, Minn.—BOND ELECTION—An election is to be
held on Aug. 3 at which the voters will pass on a proposition to issue $25,000
sewage
disposal plant construction bonds.
PLATTSMOUTH, Neb.—BOND SALE—The $42,000 refunding bonds
offered
on July 27 —V. 143, p. 629—were awarded to the First Trust Co.
on a bid of 101.10 for 4% bonds, a basis of about 3.92%.
The
Greenway-Raynor Co. of Omaha bid 101.01 for 4s. Of the issue $21,000
will be dated Aug. 1, 1936 and the balance Dec. 1, 1936. Due in 20 years;
optional in five years.
of Lincoln
WANAMINGO SCHOOL DISTRICT NO. 165, Minn.—BOND OFFER¬
ING—F. A. Engstrom, Clerk of the Board of Education, will receive bids
until 8 p. m. Aug. 7 for the purchase of $12,000 3% refunding bonds.
Denom. $1,000.
Certified check for 2% required.
.
MISSISSIPPI
SUTHERLAND, Neb.—BONDS AUTHORIZED—^he Village Trustees
recently passed an ordinance authorizing the issuance of $19,000 refunding
bonds.
ACKERMAN, Miss.—BONDS AUTHORIZED—The Board of Aldermen
has adopted a resolution
authorizing the issuance of $12,500 school bonds.
BROOKHAVEN, Miss.—BOND SALE—The city has just sold $107,000
H. L. Au
4M % refunding bonds, the proceeds of which will be used in the redemption
a similar amount previously outstanding, including $59,000 6s and
$48,000
The purchasers of that lot were granted an option on an additional
$315,000 refundings, which would replace a like amount of 5, 5M and 5M %
of
New
5Ks.
bonds.
Jersey
Telephoi
KThe purchasers are Edward D. Jones & Co., St. Louis; Nusloch, Baudean
Smith, Inc.; Dane & Weil, Inc., and Scharff & Jones, Inc., all of New
A.T.&T.
Orleans.
Company
ipal Bonds
'or 2-7333
N. Y. 1-528
New Yerfc
ISO Broadway
LEAKE COUNTY (P. O. Carthage), Miss.—BOND SALE—The $3,500
6% registered Laurel Hill Consolidated School District bonds which were
offered on May 4—V.
Carthage at par.
142,
p.
3040—have been sold to W. E. Wiggins of
i
MUNICIPAL BONDS
PEARL RIVER COUNTY (P. O. Poplarville), Miss.—BONDS AND
Bank of Commerce at Poplarville and the Bank of
Picayune at Picayune, jointly, purchased on July 20 the following 4%
NOTES SOLD—The
New
Jersey and General Market Issues
obligations:*
B. J. Van Ingen & Co. Inc.
$47,000 Common school fund notes at par plus a premium of $117.50,
equal to 100.25.
Due serially in five years.
„19,000 County Agricultural High School bonds at par plus a premium'of
$190, equal to 101.
Due serially in five years.
„
67 WILLIAM STREET,
QUITMAN COUNTY (P. O. Marks), Miss.—ROAD DEBT REFUND¬
A. T. &.
ING
AUTHORIZED—The County Supervisors have decided to refund
the outstanding bonded indebtedness of the road districts of the county
and consolidate them into one bond issue which would be a
county-wide
obligation.
WEST
The amount of outstanding road district bonds is $1,004,750.
N. Y.
1-730
Telephon
:
John 4-6364
Newark Tel.: Market 3-3124
$5l»000 City of East Orange, N. J.
POINT, Miss.—LEGAL OPINION—The $30,000 3K% bonds
4%
purchased recently by J. S. Love & Co. of Jackson—V. 143, p. 629—have
been approved by Charles & Trauernicht of St. Louis.
mm
—<
To
&
Yield
4M%
Bonds Due Dec. 1, 1944-64
2.60%-2.90% According to Maturity
Cotytr, Robinson $ Company
MISSOURI
INCORPORATED
BUCHANAN COUNTY (P. O. Saint
Joseph),'Mo.—BOND SALE—
Brown Harriman & Co., Inc. of New York, Harris Trust &
Savings Bank,
Chicago, and the Boatmen's National Bank of St. Louis have purchased a
new issue of $1,110,000 3 % coupon
refunding bonds and are re-offering them
for general investment at prices to yield from
2.10% to 2.75%, according to
maturity.
Dated July 15, 1936. Denom. $1,000.
Due serially on July 15
from 1943 to 1956, incl.
Principal and interest (J. & J. 15) payable at the
Commerce Trust Co., Kansas City, Mo., or at the Chase National
Bank,
New York City.
Legality to be approved by Bowersock, Fizzell & Rhodes
of Kansas City.
In the opinion of counsel the bonds, issued for refunding
purposes, constitute direct obligations of Bucahanan County,
payable both
principal and interest from ad valorem taxes which may be levied on all the
taxable property therein without limitation as to rate or
amount.
The
Attorney General of the State of Missouri has rendered an opinion to the
effect that bonds of the State (and by inference those of its
political subdivisons) which do not contain provisions for payment before maturity,
may be redeemed at their principal amount at any time prior to
maturity.
A test case to adjudicate this opinion is now
pending before the Supreme
Court of the State of Missouri.
Messrs. Bowersock, Fizzell & Rhodes,
Attorneys, Kansas City, Mo., who are to pass upon the legality of the
issuance of these bonds, State that they do not concur in the
opinion of the
Attorney General referred to above.
1180
building bonds recently
Raymond Blvd., Newark
New York Wire:
MArket 3-1718
A. T. & T. Teletype
NWRK 24
REctor 2-2066
NEW JERSEY
DEAL, N. J.—BONDS PASSED ON FIRST READING—On July 22 the
Borough Commissioners gave first reading to an ordinance ordering the
issuance of $180,000 beach erosion prevention bonds.
ENGLEWOOD, N. 3.—BONDS AUTHORIZED— Second and
final read¬
ing was given by the City Council on July 21 to an ordinance authorizing
the issuance of $95,000 incinerator bonds.
FLORENCE TOWNSHIP (P. O. Florence), N. J —BONDS NOT
SOLD—No bids were submitted for the $201,000 3 M % coupon water fund¬
ing bonds offered on July 29—V. 143, p. 630.
Dated Sept. 1, 1936 and due
Sept. 1 as follows:
$5,000, 1937 to 1954 inch; $10,000 from 1955 to 1964
incl. and $11,000 in 1965.
PLEASANTVILLE, N. J.—ANNOUNCES REFUNDING PROGRAM—
A
CAPE GIRARDEAU SCHOOL DISTRICT
(P. O. Cape Girardeau),
Mo.—BOND SALE—The $85,000 coupon ^school
Y
T.: N.
plan
for refinancing
the city's
outstanding
indebtedness,
excluding
certain emergency issues held by the State or State agencies and part of an
issue of 4 M % school bonds, has been submitted for approval of the creditors
Financial Chronicle
Volume 143
Vu—*
of the
municipality, by Antinoph & Classman of Atlantic City,
801
*
,
■
.'
N. Y.—BONDS AUTHORIZED—The Common Council
recently adopted an.ordinance authorizing the issuance of $25,000 school
ONEONTA,
refunding
agents. The program calls for the issuance of new 4% refunding bonas
in the amount of II,091,000, to be dated March 1, 1936 and approved as to
bonds.
legality by Clay, Dillon & Vandewater, New York City. Payment of past
due interest at the rate of 4% per annum to March 1, 1936 will be made on
the basis of 2% in cash and 2% in tax revenue bonds, maturing Sept. 1,
1939.
The Pennsylvania Company for Insurances on Lives and Granting
Annuities, 15th & Chestnut Sts.
Philadelphia, has been designated
depositary.
Refinancing of the debt under the provisions of Chapter 60,
P. L. of 1934 and Chapter 77, P. L. of 1935, was approved by the State
Funding Commission on May 21, 1936.
_
ORLEANS COUNTY (P. O. Albion), N. Y.—BOND OFFERING—
^
Francis W. Buell, Oounty/Treasurer, will receive sealed bids until 1 p. m.
(Eastern Standard Time) on Aug. 20, for the purchase of $75,000 not to
exceed 6% interest coupon or registered highway bonds.
Dated July 20,
1936.
Denom. $1,000.
Due July 20 as follows:
$7,000 from 1938 to 1942.
incl. and $10,000 from 1943 to 1946, incl.
Bidder to name a single interest
rate
on
l-10th of 1 %. Principal
payable at the Orleans County Trust Co.,
the issue, expressed in a multiple of X or
and semi-annual interest (J. & J.)
The bonds are general
Albion.
obligations of the county, payable from
unlimited ad valorem taxes on all its taxable property.
The bonds will be
certified as to genuineness by the aforementioned trust company and will
be delivered on or about Sept. 10, 1936 at the trust company or at a bank
in New York City, as the purchaser may elect.
A certified check for 2% •
payable to the order of the County Treasurer, must accompany each pro¬
posal.
The approving opinion of Caldwell & Raymond of New York City
J.—BONIM5ALE—The $200,000 4% series D
coupon or registered general refunding bonds offered on July 28—-V. 143,
p. 630—were awarded to Leach Bros., Inc., of Philadelphia, at 95.513, a
basis of about 4.54%.
Dated March 1, 1936.
Due March 1 as follows:
$5,000,1940 to 1944; and $25,000, 1945 to 1951, incl.
WEST NEW YORK, N.
will be furnished the successful bidder.
PHILADELPHIA UNION FREE SCHOOL DISTRICT NO. 3 (P. O.
Philadelphia), N. Y.—BOND SALE—The $15,000 coupon, fully registerschool building bonds offered on July 28—V. 143, p. 631—were
awarded to the Carthage National Exchange Bank, of Carthage, at 3%
interest, for a premium of $10, equal to 100.066, a basis of about 2.99%.
Roberts, Morgan & Morgan, of Watertown, were second high with a bid
of $15,037.50 for 3.20s.
Dated Aug. 1, 1936.
Due $1,000 yearly on
able,
Jan. I from 1938 to 1952, inclusive.
PITTSFORD
Pittsford),
YORK
NEW
eight months.
O.
The bonds are direct
from unlimited taxes.
Emily C. Plant, Dist.
Treasurer, must accompany each proposal.
The approving opinion of
Clay, Dillon & Vandewater of New York will be furnished the successful
A
bidder.
ROME, N. Y.—BOND SALE—The $167,500 coupon, fully registerable,
bonds described below, which were offered on July 29—V. 143, p. 631—
awarded to the First Boston Corp. of New York as 1.60s, at a premium
were
for 3.20s.
of $132,
Y.—BOND SALE—An issue of $8,000 4H%
a
basis of about 1.59%:
„
„
emergency relief bonds.
Denom. $1,000.
Due Aug. 1 as follows:
$10,000, 1937 to 1943 and $15,000, 1944 to 1946.
50,000 general city bonds.
For purchase of public work project materials.
Denom. $1,000.
Due $5,000 yearly on Aug. 1 from 1937 to 1946,
registered
Works Progress Administration sewer bonds was sold recently to the
National Bank of Cairo at par. Denom. $500. Dated May
payable May 1 and Nov. 1. Due from 1938 to 1943.
equal to 100.078,
$115,000
BOONVILLE, N. Y.—BONDS SOLD—-An issue of $33,000 sewer bonds,
sinking fund at par.
dated May 1, 1936, was sold recently to the
First
1,1936. Interest
inclusive.
2,500 street impt. bonds.
from 1937 to 1941.
Due $500 yearly on Aug. 1
Denom. $500.
Dated Aug. 1, 1936.
Prin. and semi-ann.
the Chase National Bank in New York.
CARMEL, KENT, PATTERSON AND SOUTHEAST UNION FREE
Carmel), N. Y.—BOND OFFERING
Donegan, District Clerk, will receive sealed bids at the Putnam
County National Bank, Carmel, until 11 a. m. (Eastern Standard Time)
on Aug. 6 for the purchase of $60,500 not to exceed 6% interest coupon or
registered school bonds. Dated Aug. 1, 1936. Denoms. $1,000 and $500.
Due Aug. 1 as follows: $3,000 from 1939 to 1957 incl. and $3,500 in 1958.
Bidder to name a single interest rate on the issue, expressed in a multiple
of H
or
1-10 of 1%.
Principal and interest (F. & A.) payable at the
Putnam County National Bank of Carmel, with New York exchange. The
bonds are general obligations of the District, payable from unlimited taxes.
A certified check for $1,250, payable to the order of Emma C. Dykeman,
District Treasurer, must accompany each proposal. The approving opinion
of Clay, Dillon & Vandewater of New York will be furnished the successful
SCHOOL DISTRICT NO. 10 (P. O.
—John W.
SARATOGA SPRINGS, N.
int. (F. & A. 1) payable at
Y.—BOND SALE—The $185,000 coupon
registered bonds described below, which were offered on July 28—-V.
143, p. 631—were awarded to Kean, Taylor & Co. and Granbery, Safford &
or
Co. of
NewJVork, on a bid of 100.139 for 1.90s,_a_basis of abom 1.88%:
works'bonds. Due"$157000 on July 1 from"l937 to 1941, incl.
Due $5,000 on July 1 from 1937 to 1948, incl.
50,000 emergency relief bonds.
Due $5,000 on July 1 from 1937 to 1946.
$75,000 public
60,000 water bonds.
inclusive.
1
All of the bonds will be dated July 1, 1936.
Denom. $1,000.
Bidder to
one rate of interest on the entire $185,000 bonds, expressed in a
name
or 1-10 of 1%.
Principal and interest (J. & J.) payable at
Trust Co., Saratoga Springs, with New York exchange.
general obligations of the city, payable from unlimited taxes.
The following is a list of the other bids received at the offering:
multiple
of X
the Adirondack
bidder.
The bonds
COLONIE,
N.
that the Town is
Y.—BOND OFFERING PLANNED—We are advised
preparing for the issuance of $44,000 bonds, which
now
will be offered for sale when the files
HERKIMER
COUNTY
(P.
O.
are
N.
are
Harris Trust & Savings
Y.—NOTE SALE
notes sold recently to Demorest & Co. of New York City, as reported in
these columns previously, bear 1 H% interest.
-
2%
2%
2%
Y.—BOND SALE—The $35,000 coupon or registered
on July 28—V. 143, p. 630—were awarded to E. H.
Rollins & Sons of New York on a bid of $35,105, equal to 100.30, for 3Ms,
a basis of about
3.71%. Dated July 1, 1936. Due July 1 as follows: $2,000.
1937, 1938 and 1939; $3,000, 1940; $2,000, 1941 to 1950; and $1,000 from
1951 to 1956.
MINETTO
(P.
O.
Minetto),
N.
Y.—BOND
OFFERING—Frank
Ranows, Town Clerk, will receive sealed bids until 2 p.m. (Eastern Standard
Time) on Aug. 10 for the purchase of $43,500 not to exceed 6% interest
coupon or registered funding bonds.
Dated Aug. 15, 1936. One bond for
$500, others $1,000 each. Due April 15 as follows: $500, 1937; $3,000 from
1938 to 1944 incl., and $2,000 from 1945 to 1955 incl.
Bidder to name
one rate of interest on the issue, expressed in a multiple of X or l-10th of
1%.
Principal and interest (A. & O. 15) payable at the First-Second
National Bank & Prost Co., Oswego.
The bonds are general obligations
of the town, payable from unlimited ad valorem taxes.
Proceeds will be
used to refund a portion of State and county taxes erroneously assessed
the property in certain taxing districts in Oswego County.
The payment
will be made in accordance with an order of the State Tax Commission
equalizing such taxes. A certified check for 2% of the issue, payable to the
order of the Town Supervisor, must
accompany each proposal. The issue
will be approved as to legality by Caldwell & Raymond of New York City.
2%
100.08
^
100.386
100.179
2X %
Gibbons & Co., Inc., and Roosevelt &
Weigold, Inc., N. Y
BlythCo., Inc., and Equitable Securities Corp.,
100.337
100.235
2.20%
Bank, N. Y
Halsey, Stuart & Co., Inc., N. Y
Salomon Bros. & Hutzler, N. Y
100-18
100.18
George B.
IRONDEQUOIT UNION FREE SCHOOL DISTRICT NO. 1 (P. O.
Rochester), N.
school bonds offered
Price Bid
Int. Rate
Name—
completed.
Herkimer),
DETAILS—The $90,000 six-months tax anticipation and emergency relief
„
(P.
District
& Trust Co., Rochester, with New York exchange.
general obligations of the School District, payable
certified check for $400, payable to the order of
Y.—BOND SALE—An issue of $12,500 coupon, regison July 30 was awarded to the Genesee County
Loan Association on a bid of 100.02 for 2.90s, a basis of about 2.89%.
Denom. $1,000, except one for $500.
Dated Aug. 1, 1936.
Principal and
semi-annual interest (Feb. 1 and Aug. 1) payable at the State Bank of
Churchville, in Churchville, in New York exchange.
Due Aug. 1 as fol¬
lows: $1,000, 1937 to 1948, and $500, 1949.
Legality approved by Clay,
Dillon & Vandewater of New York.
The Bank of Batavia bid 100.027
BERGEN, N.
terable, water bonds offered
CAIRO, N.
UNION FREE SHOOL
DISTRICT NO.
6
Y.—BOND OFFERING—Theodore J. Zornow,
Aug. 1 from 1938 to 1946, incl.
Bidder to name one rate of int. on the
issue, expressed in a multiple of X or 1-10 of 1 %.
Prin. and int. (F. &A.)
payable in lawful money of the United States at the Lincoln-Alliance Bank
AUBURN, N. Y.—NOTE SALE—A. C. Allyn & Co., Inc. of New York
purchased $20,000 extraordinary expenditure notes at 0.70%, to mature
in
N.
Clerk, will receive sealed bids until 3 p. m. (Eastern Standard Time) on
Aug. 7 for the purchase of $18,000 not to exceed 5% int. coupon or registered
school bonds.
Dated Aug. 1, 1936. Denom. $1,000.
Due $2,000 on
Adams, McEntee & Co., Inc., N. Y., and
facturers & Traders Trust Co., Buffalo
A. C. Allyn
Manu-
& Co., Inc. N. Y
UTICA, N. Y.—BOND SALE—The $693,168.63 coupon or registered
bonds described below, which were offered on July 30—V. 143, p. 631
were awarded to Adams, McEntee & Co. of New York as 1 Xs, at a premium
of $594.29, equal to 100.085, a basis of about 1.73%.
$283,168.63 delinquent tax bonds.
Due July 1 as follows: $57,168.63 in
1937; $57,000 in 1938 and 1939 and $56,000 in 1940 and 1941.
200,000.00 emergency relief bonds.
Due $20,000 on July 1 from 1937 to
1946, inclusive.
110,000.00 school bonds.
Due July 1 as follows: $6,000 from
1946, incl. and $5,000 from 1947 to 1956, inclusive.
100,000.00 street impt. bonds.
Due $5,000 on July 1 from 1937
,
,
inclusive.
All of the
*
bonds will
1936.
to 1956,
%
.
_
be dated July 1,
1937 to
and int.. (J. & J.)
Prin
payable at the City Treasurer's office, with New York exchange.
Blyth
& Co. of New York submitted the second high bid, offering a premium of
$499.08 for 1.80s.
UNION (TOWN OF) UNION FREE SCHOOL DISTRICT
(P. O. Endicott), N. Y.—BONDS AUTHORIZED—'The Board of
the issuance of $75,000 bonds.
NO. 1
Educa¬
tion has approved
m
MONTGOMERY UNION FREE SCHOOL DISTRICT NO. 7 (P. O.
Montgomery), N. Y.—PLANS BOND
SSUE—The district is considering
junior high school building construction bonds.
Early action is anticipated.
the issuance of $58,000
MONTICELLO, N. Y.—BOND SALE—The $48,000 registered garbage
and refuse
incinerator
plant construction bonds offered on July 27—V.
143, p. 471—were awarded to James H. Causey & Co. of New York on a
bid of 100.30 for 3s, a basis of about 2.96%.
Roosevelt & Weigold of New
York were second high with a bid of 100.23 for 3.20s.
Dated Aug. 1, 1936.
Due $3,200 yearly on Aug. 1 from 1937 to 1951. inclusive—
NEWFANE, N. Y.—BOND OFFERING—Irma Dodge, Town Clerk, will
receive sealed bids until 2 p.m.
(Eastern Standard Time) on Aug. 4 for the
purchase of $22,000 not to exceed 5% interest coupon or registered bonds,
divided
as
follows:
.
$16,000 "Water District No. 1 bonds.
Due $1,000
on
on
Aug. 1 from 1938 to
1943 inclusive.
All of the bonds will be dated Aug. 1, 1936,
Denom. $1,000.
Rate of
Principal and
(F. & A.) payable at the Manufacturers & Traders Trust Co.,
Buffalo.
A certified check for $420, payable to the order of the town
is required.
The approving opinion of Clay, Dillon & Vandewater of
interest to be expressed in a multiple of X or l-10th of 1 %.
interest
New York will be furnished the successful bidder.
NEW
YORK, N. Y.—SEEKS MODIFICATION OF BANKERS'AGREE¬
MENT—The Board of Estimate
on
July 29 authorized Mayor Fiorello H.
LaGuardia and Comptroller Frank J. Taylor to negotiate with the Com¬
mittee of Banks for a modification of the four-year agreement under which
par
of $50,000
coupon,
registerable, general obligation,
unlimited tax.
rate of interest,
project costs bonds. Bidders are to name
in a multiple of X% or 1-10%, but not to exceed 6%.
Denom.
Dated Aug. 15, 1936.
Public Works Administration
$1,000.
Principal and semi-annual inter<»t
g'eb.$5,000 yearly on Aug. 15 from 1937 to 1946 incl.Bank, in New York,
15 and Aug. 15) payable at the National City Certified check for
ue
payable to the Village Treasurer, required. Delivery
purchaser will be made at the Watkins State Bank, Watkins
opinion approving the validity of the bonds by a recognized
municipal bond attorney to be selected by the purchaser will be provided
by the village.
•
2% of amount of issue,
of bonds to
Glen.
An
WELLSVILLE, N. Y.—BOND SALE— The $30,400 coupon,
fully regis¬
terable, bonds described below, which were offered on July 30—V. 143, p.
633—were awarded to Halsey, Stuart & Co. of New York as 2s, at a pre¬
mium of $87, equal to 100.286, a basis of about 1.94%:
$17,400 work relief bonds.
Denom. $1,000, except one for $400.
Due
$1,400 Aug. 1, 1938, and $2,000 yearly on Aug. 1 from 1939 to
1946 incl.
13,000 street improvement bonds.
Denom. $1,000.
Aug. 1 in 1937, 1938 and 1939, and $4,000 Aug.
Due $3,000
1,1940.
1, 1936.
Principal and semi-annual interest (Feb. 1
Aug. 1) payable at the First Trust Co. of Wellsville, Wellsville, in
Dated Aug.
York exchange.
Roosevelt & Weigold of New York
local bankers have been financing the city's tax anticipation requirements.
Mr. Taylor declared that the changes sought will include a reduction in the
of $17,000,000 which will be required in the 1937 budget against
delinquency in that year.
Liberalization of other alleged restrictive
features of the loan agreement will also be requested, the Comptroller added.
N. Y.—BOND OFFERING—James P. Haughy,
Treasurer, will receive bids until
Standard Time) Aug. 10 for the purchase at not less than
GLEN,
2 p. m. (Eastern
Aug. 1 from 1938 to
Due $1,000
1953 inclusive.
6,000 Sewer District No. 1 bonds.
WATKINS
Village Clerk, announces that the Village
.
NORTH
bid
a
on
and
New
premium of $69.92 for 2Xs.
CAROLINA
reserve
BUNCOMBE COUNTY AND CITY OF ASHEVILLE, N. C.—RE¬
PLANS APPROVED—The last step in the huge refinancing
tax
NORTH
(P.
O.
coupon
COLLINS
UNION
FREE
SCHOOL
DISTRICT
NO.
4
North Collins), N. Y.—BOND SALE—The issue of $30,000
or registered school bonds offered on July 27r—V. 143, p.471—was
a bid of
Geo. B. Gibbons & Co. of New
high, bidding 100.18 for 3Ks.
Dated Aug. 1, 1936.
Due $1,000 yearly on Aug. 1 from 1937 to 1966, inclusive.
awarded to
the Manufacturers & Traders Trust Co. of Buffalo on
FUNDING
planned by the City of Asheville and Buncombe County, au¬
months ago, was taken when the Local Government
$18,009,123 Buncombe County re¬
funding bonds, and $2,778,500 Asheville local tax district refunding bonds.
program
thorized
BURLINGTON,
100.299 for 3.20s, a basis of about 3.18%.
York
were
second
several
Commission approved the issuance of
to
a
N.
Caro.—BOND SALE—The
issue
of
$451,000
refunding bonds offered on July 28—V. 143, P. 472—was awarded
syndicate composed of R. S. Dickson & Co., Charlotte; McAllster,
coupon
802
Financial
Chronicle
OHIO
Southern Municipal Bonds
700
NEW YORK
Telephone WHltehall 4-6765
GREENVILLE, S. C.
MUNICIPALS
MITCHELL, HERRICK & CO.
McALISTER, SMITH & PATE, Inc.
•7 BROAD STREET
Xiig.iT,•1936
CANTON
CUYAHOGA
AKRON
BUILDING, CLEVELAND
CINCINNATI
COLUMBUS
SPRINGFIELD
CHARLESTON, S. C.
OHIO
NORTH
Smith &
CAROLINA
Pate, Greenville; Lewis & Hall, Greensboro; the Interstate Securi¬
ties Corp., Charlotte, and the Equitable Securities
Corp., Nashville, at
par.
The successful bid stipulated that the bonds maturing from 1938 to
1952 bear interest at 5% and the balance of the issue 4M%. Gated Aug. 1,
1936.
Due on Feb. 1 as follows:
$15,000, 1938 and 1939; $25,000, 1940,
1941 and 1942; $28,000, 1947 and 1948, and $29,000, 1949 to 1958.
BOND CALL—J. A. Baynes, City Treasurer, has called for redemption
on
Sept. 1, 1936, all of the outstanding general refunding bonds of the issue
1, 1933, and due Sept. 1, 1958.
The call involves a total of
$451,000 bonds, numbered as follows: 1-17, 19-36, 38-118, 120-161, 164-189,
191-209
211-259
261-283
285-289
291-303
305-315, 318-388
390-410,
412-432, 436-440, 442-448, 450-468, 470-472, all inclusive.
Bonds will be
redeemed with accrued interest to Sept. 1, 1936, the date of redemption
upon presentation of them in negotiable form, accompanied by all Sept. 1,
1936, and subsequent interest coupons, at the Chemical Bank & Trust Co.,
165 Broadway, New York City.
No interest accruing after Sept. 1, 1936,
will be paid.
dated Sept.
,
,
DUNN,
N.
,
,
C.—BONDS
,
COLUMBUS, Ohio—BONDS PUBLICLY OFFERED— Phelps, Fenn &
Co. of New York are offering for investment $500,000 2% % coupon bonds
at prices to yield, according to maturity, as follows: 1943, 2.25%; 1948 and
1949, 2.65%; 1950 and 1951. 2.70%; 1952 to 1955, at par; 1956 to 1959,
2.80%.
Legal investment, according to the bankers, for savings banks and
trust funds in New York and certain other States.
,
AUTHORIZED—The
Town
Commissionres
have adopted two ordinances which authorize the issuance of $17,798.50
EAST LIVERPOOL, Ohio—BONDS AUTHORIZED—An ordinance
has been passed by the City Council authorizing the issuance of $115,000
floating debt funding bonds.
GROVE CITY,
GASTONIA,
N.
Car.—BOND SALE—The $773,000 coupon refunding
July 28—V. 143, p. 472—were awarded to a syndicate
composed of JR. S. Dickson & Co. of Charlotte, McAlister, Smith & Pate of
Greenville, Lewis & Hall of Greensboro, the Interstate Securities Corp. of
Charlotte, and the Equitable Securities Corp. of Nashville, at a premium
of $154.60, equal to 100.02.
Bonds coming due from 1938 to 1957 will bear
interest at 4% % and the balance of the issue 4>£ %.
Dated June 1, 1936.
Due on Dec. 1 as follows:
$17,000, 1938 to 1941; $20,000, 1942; $6,000,
1948 to 1946; $40,000, 1947; $44,000,1948; $48,000,1949 and 1950; $59,000,
1951 and 1952; $60,000, 1953 to 1957, and $63,000 in 1958.
$773,000 BONDS CALLED FOR REDEMPTION—Guy C. Killian, City
Treasurer, announces that all of the outstanding refunding bonds dated
March 1,1933, and maturing March 1, 1958, amounting to $773,000, have
been called for redemption on Sept. 1, 1936.
The bonds are numbered
from 1 to 120, incl,; 123 to 306. incl.; 331 to 631, incl,, and from 637 to
804,
incl.
The bonds, accompanied by all Sept. 1, 1936 and subsequent int.
coupons, will be redeemed at par and int. accrued to Sept. 1, 1936, on or
after tnat date upon presentation of same in
negotiable form at the Chemical
Bank & Trust Co., 165 Broadway, New Yortc City.
.
on
MECKLENBURG
COUNTY
(P. O. Charlotte), N. C.—BONDS
AUTHORIZED—The Board of County Commissioners, at the request of
the County Board of Education and the Trustees of the Charlotte
City
Administrative Unit, has authorized the issuance of $1,073,000 school
improvement bonds.
Organized opposition to the issuance of the bonds is
said to be developing among
taxpayers.
.
MOREHEAD CITY, N. C.—BOND SALE—'The First Citizens Bank &
Trust Co. of Morehead City has
purchased an issue of $10,000 6% city
terminal bonds at
-
ROWAN
a
price of par.
COUNTY
(P. O. Salisbury), N. C.—BOND SALE—The
$56,000 coupon, fully registerable, general obligation school building bonds
offered on July 28—V. 143, p. 632—were awarded to the Interstate Se¬
curities Corp. of Charlotte at a premium of $14,
equal to 100.025.
The
first $17,000 bonds will bear interest at 3M% and the balance of the issue
2>\i %.
Dated June 1, 1936.
Due June 1 as follows: $2,000, 1951; $5,000,
1952, 1953 and 1954; $14,000, 1955, and $25,000, 1956.
was
of $15,000 revenue anticipa¬
on July 29 at 6% interest.
Dated Aug. 1, 1936 and due
Principal and interest payable at the First National Bank,
sold
1, 1937.
Morganton.
WILKES
COUNTY
(P.
O.
Wilkesboro),
N.
CREFUNDING
PROGRAM IN OPERATION—The $269,000 refunding bonds mentioned
recently in these columns
being exchanged for
like amount of original
bonds, including those in default and others maturing to and including
June 30, 1939, according to report.
Total amount in default is $107,500.
are
a
The new bonds will bear the same interest as that paid on the old debt,
will be dated July 1, 1935 and mature
July 1, 1960.
The $116,851.66 of
bond interest in default as of July, 1935 is
being paid on the basis of 25%
in cash and 75% in new 4%
funding bonds, dated July 1, 1935 and due July
1, 1950.
The total debt of the county, after allowing for the refunding
operation, is $1,292,450.
Provision for payment of bond interest due in
the 1935-1936 fiscal year was made in the tax
levy for that period.
NORTH
DAKOTA
BLAINE SCHOOL DISTRICT NO. 38, Bottineau County, N* Dak.
—CERTIFICATE OFFERING—O. R. Heinlein, District Clerk, will receive
bids until 2 p. m. Aug. 6, at office of the
County Auditor in Bottineau for
the purchase at not less than par of $4,000 certificates of
indebtedness,
which are to bear interest at no more than
7J4 %. Denom. $1,000. Dated
Aug. 6, 1936.
Interest payable semi-annually.
Due $1,000 each Feb. 1
and Aug. 1 in 1937 and 1938.
Certified check for 5% of amount of bid,
required.
BOWBELLS SPECIAL SCHOOL DISTRICT NO. 14 (P. O. Bowbells)
_
N. Dak .—CERTIFICATE SALE—The issue of
$5,000 7% certificates of
indebtedness offered on July 14—V. 143,
p. 309—was awarded at a price
of par to the First National Bank of Bowbells.
Due
MOREHEAD
issue ol
held
on
SCHOOL
DISTRICT,
N. Dak.—BONDS VOTED—An
was approved at an election
$20,000 high school building bonds
July 21.
STILLWATER SCHOOL
DISTRICT
NO.
3, Bowman County,
Dak.—CERTIFICATE OFFERING—H. A. Soehren, District Clerk,
will receive bids until 2 p.m.
Aug. 8 for the purchase at not less than par of
$2,000 certificates of indebtedness, which are to bear interest at no more
than 5%.
Denom. $1,000.
Dated Aug. 8, 1936.
Due Feb. 8, 1938.
Certified check for 5% of amount of bid,
required.
N.
WILLOW
CITY,
N.
Dak.—CERTIFICATE SALE—The $1,500 7%
on July 27—V. 143,
p. 632—were sold
City.
Due $1,000 in one year and $500 in
certificates of indebtedness offered
to Chris Mehlhoff of Willow
18 months.
LORAIN, Ohio—BOND SALE—An issue of $25,000 4% street paving
a local bank.
Dated Aug. 1,1936.
Denom. $1,000.
bonds has been sold to
Due Sept. 15 as follows:
$1,000 in 1938 and $3,000 from 1939 to 1946, incl.
Principal and interest (M. & S.) payable at the office of the Sinking Fund
Trustees.
LUCAS
(P.
O.
Toledo),
Ohio—BOND SALE—Ryan,
3H% bonds.
MADISON TOWNSHIP SCHOOL DISTRICT
town),
(P. O. West MiddleOhio—BOND ELECTION—A proposed $48,000 school building
a special election scheduled
bond issue is to be submitted to the voters at
for Aug. 18.
;
MONTGOMERY COUNTY (P. O. Dayton), Ohio—LEGAL OPINION
refunding bonds awarded recently to the Weil, Roth &
Irving Co. of Cincinnati and associates as 3s, at a price of 100.211, a basis
of about 2.97 %—V. 143, p. 633—have been approved as to legality by Peck,
—-The $500,000
Shaffer & Williams of Cincinnati.
,
OHIO (State of)—.RELIEF BILL SIGNED BY GOVERNOR— On July
23 Governor Davey forced the Speaker of the Ohio House of Representatives
to sign the relief bill, which provides relief for the needy until Jan. 1, and
then
signed the bill himself.
RIPLEY, Ohio—BOND OFFERING—J. N. Stephenson, Village Clerk,
will receive bids until
noon Aug. 8 for the purchase at not less than
par of
$14,400 4H% factory building alteration bonds.
Denom. $500, except
$200.
Dated Jan. 1, 1936.
Interest payable semi-annually.
Due
$500 each six months from April 1, 1937 to Oct. 1, 1950, incl.: and $200
on April 1 and Oct. 1 in 1951.
Certified check for $200, payable to the
Village Treasurer, required.
two for
SEVILLE, Ohio—BOND OFFERING—W. E. Rossel, Village Clerk, will
bids until noon Aug. 8 for the purchase at not less than par of
$6,000 4% coupon water works bonds.
Denom. $500.
Dated May 1,
1936.
Principal and semi-annual interest (May 1 and Nov. 1) payable at
the Village Treasurer's office.
Due $500 yearly on May 1 from 1938 to
1949. incl.
Certified check for $60, payable to the Village Clerk, required,
receive
SIDNEY, Ohio—BONDS AUTHORIZED—On July 14 the City Council
authorized the issuance of $13,000 fire truck purchase bonds.
OKLAHOMA
APACHE
SCHOOL
DISTRICT, Okla,—BOND OFFERING—J. N.
Waterbury, Clerk of the Board of Education, will receive bids until 2 p. m.,
Aug. 4 for the purchase at not less than par of $11,000 school building bonds,
which are to bear interest at rate named in the successful bid.
Due $1,000
yearly beginning four years after date of issue.
Cert, check for 2% of
amount of bid, required.
BETHANY,
Okla.—BOND
ELECTION—A
OFFERING—Theodore
Ehni,
Village
Clerk, will receive bids until noon Aug. 17 for the purchase of
$4,500 5%
city building and fire station bonds.
Denom. $500.
Dated Aug. 1, 1936.
Interest payable April 1 and Oct. 1
Due $500 yearly on Oct. 1 from 1937
to 1945, incl.
Certified check for 1% of amount of
bid, payable to the
village, required.
CHARDON SCHOOL
coupon
DISTRICT, Ohio—BOND
auditorium bonds
dustrial Commission of Ohio at par.
Interest payable May 1
and Nov. 1.
was
SALE—An issue of
sold recently to the State In¬
Denom. $1,200.
Due serially.
Dated July 1, 1936.
$30,000
bond
CARNEGIE, Okla.—BIDS REJECTED—BONDS REOFFERED—The
$10,000 park site bonds offered on July 20 were not sold, all bids having
been rejected.
Reoffering will be made at 10 a. m. on Aug. 10.
Due $1,000
yearly beginning five years after date of issue.
CHOCTAW COUNTY SCHOOL DISTRICT NO. 3 (P. O. Grant),
Okla.—BOND SALE—The $8,100 school building bonds offered on July
143, p. 633—were awarded to R. J. Edwards, Inc. of Oklahoma
City, which took $8,000 as 4s and $100 as 3s.
Due as follows: $1,000
from 1939 to 1946, incl., and $100 in 1947.
27—V.
,
CUSHING, Okla.—BONDS DEFEATED—By
to 731 "for" the city on
erection of
a
July 21 rejected
high school auditorium.
FAIRVIEW,
Okla.—BOND
$20,000 for construction of
voters
at
an
a
a
vote of 848 "against"
proposed $40,000 bond issue for
ELECTION—A
water
election scheduled for
a
proposed bond issue of
be submitted to the
works plant will
18.
Aug.
;
.
MILL CREEK JOINT CONSOLIDATED SCHOOL DISTRICT NO. 2
Okla.-—BOND SALE—The issue of $17,000 school building bonds offered
July 20—V. 143, p. 473—was awarded to C. Edgar Honnold of Okla¬
on
homa City, who bid for $10,000 4)^s and $7,000 3 Ms.
The former mature ~
$1,000 each year from 1939 to 1948, incl. and the latter at the rate of $1,000
annually from 1949 to 1955, inclusive.
OKEENE,
extension
plus
a
,
Okla.—BOND SALE—The
bonds offered
on
July 27
was
issue
of
$50,000
sold to local banks
premium of $2.15, equal to 100.004.
Due $3,000
water
as
works
5s, at par
yearly beginning
five years after date of issue, except that the last instalment shall amount to
$5,000.
,
^
'
'
OSAGE, Okla—BOND OFFERING—D. L. Haley, Town Clerk, will
receive bids until 9 a. m.
Aug. 7 for the purchase at not less than par of
$15,000 water works bonds, which are to bear interest at rate named in the
Due $3,000 five years from date of issue, and $800 yearly
thereafter.
Certified check for 2% of amount of bid. required.
successful bid.
PERRY, Okla.—BOND ELECTION—The City Council has passed an
ordinance
providing that an election be called for Aug.
proposal to issue $118,000 waterworks system extension
submitted to a vote.
bonds
Ohio—BOND
proposed
issue for construction of a city hall will be submitted to the voters for ap¬
proval at an election to be held on Aug. 4.
SPIRO,
OHIO
$60,000 3%
COUNTY
Sutherland & Co., Braun, Bosworth & Co., and Stranahan, Harris & Co.,
Inc., all of Toledo, purchased at private sale recently an issue of $281,000
•
BROOKSIDE,
1, the
The bonds bear 4% interest are dated April 1,
1936 and mature $1,000 on April 1 from 1938 to 1962, incl.
Sealed bids
will be received by E. L. Grant, Village Clerk.
July 20, 1938.
EDDY COUNTY (P7 O. New
Rockford), N. Dak.—CERTIFICATE
OFFERING—S. K. Haugland, County Auditor, will receive bids until
10 a.-m. Aug. 4 for the purchase of $15,000 certificates of indebtedness,
issued to provide funds fbr
meeting current expenses.
Interest is not to
exceed 7%, and will be payable
annually.
Certified check for 2% of
amount of bid, required.
has been postponed from Aug.
original cate, to Aug. 15.
VALDESE, N. C.—NOTE SALE—An issue
tion notes
Feb.
Ohio—BOND SALE POSTPONED—Sale of the issue
of $25,000 sewer and water bonds
funding bonus and $136,500 refunding bonds.
bonds offered
<
CUYAHOGA FALLS, Ohio—BOND SALE DETAILS—The Provident
Savings Bank & Trust Co. of Cincinnati paid a price of 100.17 for the issue
of $40,098 4% street improvement bonds purchased on June 15—V. 142,
p. 4223.
Basis cost about 3.97%.
Dated June 1, 1936 and due Oct. 1
as follows: $4,098 in 1937 and $4,500 from 1938 to 1947, incl.
was
11 at
bonds
which
is
to
a
be
.
Okla.—BOND EXCHANGE—An
exchanged for
a
issue of $8,000 refunding
like amount of original debt held by the Spiro
State Bank.
STILLWATER, Okla— BONDS VOTED—At the election held on
July 21 the voters authorized the issuance of $210,000 water works extension
bonds by a count of 307 to 139.
VINITA, Okla.—BOND SALE—The city's sinking fund has absorbed
an
issue of
$28,000 sewage disposal plant bonds.
WAURIKA
,
SCHOOL DISTRICT (P. O. Waurika), Okla.—BOND
DETAILS—In purchasing the $35,000 issue of bonds sold on
July 14—V. 143, p. 473—the Treasurer of Jefferson County paid a price of
par and took $21,000 as 2Ks and $14,000 as 3Ms.
SALE
803
Financial Chronicle
Volume 14S
$3,000 In 1945 and 1946. Bonds due
July 1,1941..
on
and after July 1,1942 will be
subject
to call prior to
STOWE TOWNSHIP SCHOOL DISTRICT (P. O. McKees Rocks)
_
Pa .—BOND OFFERING—John K. Henry, District Secretary, will receive
bids until 8 p. m. Aug. 10, for the purchase of $125,000 coupon bonds.
Bidders are to name rate of interest, in a multiple of M %, but not to exceed
Oregon Municipals
Denom. $1,000.
Dated Aug. 1, 1936.
Due Aug. 15 as follows:
$15,000, 1937 to 1941; and $10,000, 1942 to 1946.
Certified check for
$1,000, required.
The bonds will be approved as to legality by Burgwin, Scully & Churchill
of Pittsburgh.
Any and all bonds outstanding are subject to redemption
In numerical order on Aug. 1, 1944, or on any subsequent Interest date.
4%.
.
CAMP & CO., INC.
Portland, Oregon
Porter Building,
SWOYERVILLE SCHOOL DISTRICT, Pav—BOND OFFERING—
Michael T. Zipay, District Secretary, will receive bids until 7.30 P. m.
Aug. 17 for the purchase of $40,000 5% coupon bonds.
Denom. $1,000.
Dated June 30, 1936.
Interest payable semi-annually.
OREGON
EAGLE POINT SCHOOL DISTRICT NO. 9, Ore.—BOND OFFERWeidman, District Clerk, will receive bids until 8 p. m.
Aug. 5, for the purchase of $3,000 school bonds.
Certified check for 5%,
INQ—Edith
required.
LANE COUNTY UNION HIGH SCHOOL DISTRICT NO. 1 (P. O.
Goshen). Ore.—BOND SALE—The issue of $7,000 school bonds offered
July 27—V. 143, p. 633—was awarded as 2Mb to the United States
National Bank of Portland.
Due Aug. 1 as follows: $2,000 from 1937 to
1939, incl. and $1,000 in 1940.
on
MILWAUKEE, Ore,—BOND SALE—The. issue of $7,500 fire equip¬
July 27—V. 143, p. 633—was awarded to Tripp &
McCleary of Portland as 2 Ms, at a price of 100.41, a basis of about 2.68%.
Dated Aug. 1, 1936 and due Aug. 1 as follows:
$500 from 1937 to 1941,
incl. and $1,000 from 1942 to 1946, inclusive.
ment bonds offered on
WARMSPRINGS
IRRIGATION
,
DISTRICT
(P.
O.
Vale),
TIOGA
COUNTY
(P.
O.
Wellsboro),
Pa .—BOND SALE—The
$50,000 coupon operating revenue bonds offered on July 27—V. 143, P. 310
awarded to Dougherty, Corkran & Co. of Philadelphia as 2Ms, at
a price of
100.77, a basis of about 2.13%. Dated Aug. 1, 1936 and due
$10,000 on Aug. 1 from 1941 to 1945, inclusive.
—were
UPPER MERION TOWNSHIP SCHOOL DISTRICT (P. O. Bridge,
port, R. D.), Pa.—BOND SALE—The $55,000 coupon refunding
offered on July 27—V. 143, p. 311—were awarded to Biddle, Whelen
of
Philadelphia
bonds
& Co.
2Ms, at a price of 102.05, a basis of about 2%.
Dated
Aug. 1, 1936 and due Aug. 1 as follows:
$3,000, 1937 to 1941, incl.;
$4,000 from 1942 to 1946, incl. and $5,000 from 1947 to 1950, Incl. The
bankers readily re-sold the issue privately.
as
We Specialize in
Ore.—
OFFERING—Walter C. White, District Secretary, will receive
sealed bids until 2 p.m. on Aug. 29 for tbepurchase of $172,000 4% coupon
refunding bonds.
Dated Jan. 1, 1935.
Denoms. $1,000 and $500.
Due
BOND
Virginia-West Virginia-North Carolina
MUNICIPAL ISSUES
serially in from 3 to 30 years from date of issue.
F. W. CRAIGIE & COMPANY
We maintain markets in
Richmond, Va.
A. T. T. TeL Rich.
Phone 8-9137
Va. 88
CITY OF PHILADELPHIA BONDS
MARKETS APPRAISALS INFORMATION NORTH CAROLINA STATE
YARNALL & CO.
1528
AND MUNICIPAL BONDS ALL SOUTHERN STATE AND MUNICIPALS
Walnut Street
Philadelphia
& ARNOLD
KIRCHOFER
A. T, & T. Teletype—Phila. 22
INCORPORATED
A. T. T. TELETYPE
RALEIGH, N. O.
RLGH 80
City of Philadelphia
3%% Bonds due July 1, 1986/56
Price: 107.639 & Interest to net
SOUTH
2.75%
'
LEESVILLE,
CAROLINA
C.—OBTAINS
S.
PWA
Public Works Administration has made
an
LOAN AND GRANT—'The
allotment of $54,545 to-the
town, comprising a grant of $24,545 and a loan of $30,000.
The money
will be used to finance the construction of a dam in Lick Creek and related
Moncure Biddle & Co.
purposes.
1520 Locust
St., Philadelphia
ROCK
PENNSYLVANIA
BIGLER
HILL, S.
TOWNSHIP SCHOOL DISTRICT, Pa.—
SOUTH
—A. W. Stoker, District Secretary, will receive bids at the office of Bell &
Silberblatt, County National Bank Building, Clearfield, until 10 a. m.,
Aug. 3 for the purchase of $15,000 bonds, which are to bear interest at 3 M %.
Sale will not be made at less than par.
CONNELLSVILLE, Pa.—BOND OFFERING—Burton M. Swartzwelder, Director of Department of Accounts & Finance, will receive bids
until 7 P. m., Aug, 10 for the purchase at not less than par of $133,000
coupon, registerable, bonds, or which $83,000 are issued to refund out¬
standing bonds, $43,500 for sewer construction and $6,500 for street re¬
surfacing.
Bonds are to bear interest at rate named in the successful bid,
in a multiple of M%. but not to exceed 3M %•
Denom. $1,000.
Dated
Aug. 1, 1936.
Int. payable Feb. 1 and Aug. 1.
Due Aug. 1 as follows*
$13,000,1945; $10,000,1946 to 1954; $15,000,1955 and 1956.
Cert, check
for $1,000, required.
The bonds will be issued subject to approval of the Department of In¬
ternal Affairs and the favorable legal opinion of Burgwin, Scully & Churchill
of Pittsburgh.
Sealed bids will be received by Burton M. Swartzwelder,
Director of the Department of Accounts and Finance, until 7 p. m. (Eastern
Standard Time) on Aug. 10.
FAYETTE
COUNTY
(P.
O.
Uniontown),
Pa.—BOND
SALE—
LEAD,
S.
Dak.—BOND ISSUE DETAILS—The
$40,000 school
building bonds approved by the voters at the July 11 election will bear
4% interest and mature-serially in from 2 to 9 years.
Date of sale not
determined.
SALEM,
S.
Dak.—BOND OFFERING—An
Pa.—BONDS AUTHORIZED—An ordinance
been passed authorizing the issuance of $11,000 water works bonds.
NORTH EAST, Pa.—BOND OFFERING—H. Lewis Wilbert, Borough
Secretary, will receive sealed bids until 8 p. m. on Aug. 7, for the purchase
of $17,500 3M % coupon bonds.
Denom. $500. A certified check for 2 %
is required.
NORTH
FRANKLIN
Washington,
R.
D.
TOWNSHIP
6),
SCHOOL
DISTRICT
Pa.—BOND OFFERING—Harry
W.
(P. O.
Gabby,
District Secretary, will receive sealed bids until 7:30 p. m. on Aug. 8, for
the purchase of $12,000 not to exceed 4% interest coupon school bonds.
Dated Sept. 1, 1936.
Denom. $1,000. Due Sept. 1 as follows: $1,000 in
-4,938 and 1939 and $2,000 from 1940 to 1944, incl. Rate of interest to be
expressed by the bidder in a multiple of M of 1 %. Interest payable M. & S.
A certified check for $300, payable to the order of the District
Treasurer,
must accompany each proposal.
Issuance of the bonds is subject to approval
of the Pennsylvania Department of Internal Affairs.
NORTHUMBERLAND, Pa*—BOND OFFERING—Harry H. Haddon,
Borough Secretary, will receive bids until 7:30 p. m., Aug. 18 for the pur¬
chase of $55,000 coupon bonds.
Denom. $1,000.
Dated Oct. 1, 1936
Cert, check for 10%, required.
PALMERTON
SCHOOL
TENNESSEE
DISTRICT, Pa.—BOND SALE DETAILS
—The $26,000 refunding bonds sold on a bid of 101.125 for 3s to the First
National Bank of Palmerton—V. 143, p. 634—are coupon bonds, In the
denom. of $1,000 each, and will be dated July 1,
1936.
Interest will be
payable Jan. 1 and July 1. Due $2,000 yearly. Sale was made on June 26
Interest cost to the district will be about 2.82% annually.
sewer
and sewage disposal plant
.
COUNTY
(P. O.
5%
Dyersburg), Tenn.—BOND CALL—L. C.
Fumbanks, Chairman of the County Court, announces that $101,000 5%
refunding bonds, dated Sept. 1, 1935, due Sept. 1, 1949,
and callable on any interest date at par and accrued interest, will be
redeemed on Sept. 1, 1936 upon presentation at the First-Citizens National
Bank, Dyersburg. Denom. $500.
series O highway
GALLATIN; Tenn .—BOND SALE—The issue of $45,000 auditorium
143, p. 311—was awarded
Webster & Gibson and the Cumberland Securities Corp., both
of Nashville, jointly, as 3 Ms.
Dated July 1,1936 and due July 1 as follows:
$1,000,1937 to 1940, incl.; $2,000,1941 to 1949, incl.; $3,000 from 1950 to
and market house bonds offered on July 24—V.
to Robinson,
1955, incl. and $5,000 in 1956.
McKENZIE SCHOOL DISTRICT
(P. O. McKenzIe), Tenn.—PURr-
CHASER—The $25,000 school bonds reported sold by the district In these
columns recently were
Investment Co.
purchased by the Memphis Municipal Banking 8c
ROANE COUNTY (P, O. Kingston), Tenn.—BONDS AUTHORIZED
County Court has adopted a resolution providing authority for
—The
the issuance of $15,000 court house remodeling bonds.
TENNESSEE (State of)—STATE REVENUES
HIGHER—Led by the
gasoline tax, which showed a 12 % gain, special tax collections of the State
of Tennessee in the 1935-36 fiscal year totaled $26,067,508 compared with
$23,292,803 in the preceding year.
Gasoline tax increased approximately $1,250,000 to account for a part
of the gain of $2,890,885.
Its total was $15,648,644 and motor vehicle
licenses produced $3,457,611.
Tobacco tax accounted for $2,345,860.
Dancey Fort, Commissioner of Revenue and Taxation, said 50% of the
can be attributed to the normal improvement in business that
during the 12 months. Improved methods of collection represented
a factor, and the investigation of gasoline tax evasion also had a wholesome
effect, Mr. Fort said.
increase
occurred
RIMERSBURG, Pa .—BONDS AUTHORIZED—An ordinance has been
passed authorizing the Issuance of $15,000
bonds.
Tenn.—BOND SALE—The issue of $15,000
bonds offered on July 30 was sold at a price of par.
DYER
1950; $1,500,1951; $1,000, 1952.1953 and 1954; $1,500,1955; $1,000,1956;
$1,500, 1957 to 1961; $2,000. 1962, and $1,500, 1963.
water
OFFER¬
District Clerk, will be received
school bonds.
CROSSVILLE,
revenue
McSHERRYTO WN, Pa.—BOND SALE—The $27,000 4% coupon sewer
of $18,000
WEBSTER SCHOOL DISTRICT NO. 201, S. Dak .-±-BOND
ING—Sealed bids addressed to John Borske,
until Aug. 1 for the purchase of $3,000 5%
has
bonds offered on July 25—V. 143, p. 310—were awarded to
Buckley Bros,
of Philadelphia.
Due Jan. 1 as follows: $500, 1940 to 1943: $1,000, 1944 to
issue
plant bonds which was approved by a vote of 264 to 76 at an election
held on July 21 will be offered for sale on Aug. 31, at noon.
Interest rate
is not to exceed 4%.
Due serially from 1939 to 1946.
Interest payable J. & D.
LOGANSVILLE,
DAKOTA
CARLYLE SCHOOL DISTRICT NO. 1 (P. O. Carlyle), S. Dak.—
OFFERED—Geo. E. Kunze, District Clerk, will receive bids
until 4 p. m. Aug. 11 for the purchase of $8,000 refunding bonds, which
are to bear interest at no more than 5%.
Denom. $500.
Dated Oct. 1,
1936.
Interest payable April 1 and Oct. 1.
Due $1,000 yearly on Oct. 1
from 1937 to 1944 incl.
BONDS
An issue of $700,000 refunding bonds was purchased early in June
by the
Sinking Fund Commissioners at 1% interest, at par.
Dated June 1, 1936.
Coupon in denoms. of $1,000 and due serially.
Works
the cost
system,
GRANT—'The Public
C.—OBTAINS PWA
Administration has furnished the city a grant of $45,818 toward
of the construction and equipment of a city hall and fire alarm
estimated to total $101,818.
WAVERLY, Ten n.—BOND ELECTION—The Mayor and Aldermen
ordinance calling a special election for Aug. 7 at which
proposal to issue $55,000 warehouse construction bonds will be voted
have passed an
a
SOUTH WHITEHALL TOWNSHIP SCHOOL DISTRICT (P. O.
Allentown, R. D. No. 3), Pa.—BOND SALE—The issue of $24,000 3%
operating expense bonds offered on July 24—V. 143, p. 474—was
awarded to the Allentown National Bank of Allentown at par plus a
upon.
Sremium of and due July 1 as follows: $1,000,1937; $3,000,1938: $3,000.
Dated
uly 1,1936 $132.50, equal to 100.55, a basis of about 2.89%.
TION—The
TEXAS
coupon
1939; $3,000,1940; $2.000,1941; $3,000,1942; $2.000 in 1943 and 1944
and
AUSTIN COUNTY ROAD DISTRICT NO.
1, Tex.—BOND ELECCommissioners have ordered a special election to
a proposed $30,000 bond issue for road im¬
provements will be submitted to a vote.
County
be held on Aug. 7, at which
Financial
804
Chronicle
NORTHWESTERN MUNICIPALS
TEXAS BONDS
Bought —JSoW
Washington
Quoted
—
Aug. 1, me
Incorporated
DARROUZETT
INDEPENDENT
SCHOOL
DISTRICT,
Tex.—
BONDS VOTED—The voters of the district recently gave their approval
to a bond issue of $10,000 for construction of a gymnasium.
EANES SCHOOL DISTRICT,
Texas—BOND SALE—An issue of
$3,400 school building bonds was sold recently to the State Permanent
School Fund.
INDEPENDENT
SCHOOL
DISTRICT
(P.
SALE—The State Board of Education
bonds at a price of par.
Tex.—BOND
an issue
O.
has
of $40,000 4%
INDEPENDENT
WORTH
SCHOOL
DISTRICT,
Texas—
OFFERING—Ed. J. Williams, Business Manager of the Board of
Education, will receive bids until 10 a. m. Aug. 5, for the purchase of
$1-,350,000 school building bonds, representing instalment O of Series of
1934, amounting to $2,750,000.
No bid will be considered unless the
premium offered is sufficient to produce a yield basis equivalent to 3 H %
Bonds are in $1,000 denomination, coupon in form, registerable as to prin¬
•
cipal only.
Dated Feb.
1,
1934.
Principal and semi-annual interest
(Feb. 1 and Aug. 1) payable at the district depository in Fort Worth, or at
York, at holder s option.
1953; $98,000, 1954 and
1955; $106,000, 1956, 1957 and 1958; $115,000, 1959 and 1960; $123,000,
the Central Hanover Bank & Trust Co. in New
Due Feb. 1 as follows:
$25,000. 1952: $90,000,
1961, 1962 and 1963; and $122,000, 1964. Certified check for $13,500,
payable to the district, required. Delivery to be made at the First National
Bank, Forth Worth. Bonds are offered subject to approval as to legality
by the Attorney General of the State of Texas, John D. McCall of Dallas,
and Reed, Hoyt & Washburn of New York.
All bids must be on printed or mimeographed forms which will be furnished
by the district upon request.
GEORGETOWN, Texas—BONDS VOTED—OFFERED—At the elec¬
on July 23 the voters approved an issue of $60,000 water and light
plant bonds.
Bids for the purchase of the bonds will be received until
Aug. 3 by R. E. Ward, Manager of Water and Light Plant.
Bonds are
coupon in form.
Interest payable semi-annually.
Due in 1947; non-call¬
able.
Certified check for 5% required.
tion held
HAINESVILLE
SCHOOL
district has disposed of a
Board of Education.
DISTRICT,
Texas—BONDS SOLD—The
block of $4,000 4% school bonds to the State
DISTRICT, Texas—BONDS
COUNTY
(P.
O.
Sherwood),
Tex.—BOND
SALE—'The
$50,000 court house construction bonds approved at the July 11 election
have been sold.
KATY
SCHOOL
LEAGUE
a
a
DISTRICT,
Tex.—BONDS
VOTED—Residents
vote
of
a
gymnasium and auditorium.
CITY
134
to
SCHOOL
17
of $31,000
DISTRICT,
the residents
of the
The vote
82 to 50.
was
Tex.—BONDS
VOTED—By
District recently approved
school building bonds,
the
contingent upon approval of
$25,000 PWA grant.
LIPSCOMB COUNTY (P. O. Lipscomb), Tex.—BOND ELECTION—
on
for the purpose
The vote will
Aug. 15.
MINGS CHAPEL SCHOOL DISTRICT. Upshur County, Texas—
BOND SALE—A block of $5,000 4% school bonds was sold recently to the
State Board of Education.
MOORE
recent
GRAYS HARBOR COUNTY SCHOOL DISTRICT
COUNTY
O. Dumas), Tex.—BONDS VOTED—At a
election the taxpayers voted 275 to 106 in favor of the issuance
(P.
of $125,000 road bonds.
NUECES COUNTY (P. O. Corpus Christi), Texas—BOND OFFERING—C. J. Wilde, County Auditor, will receive sealed bids until 10 a. m.
Aug. 10, for the purchase of $275,000 road bonds. Dated Sept. 1,1936.
Denom. $1,000.
Due as follows:
$15,000. 1938 and 1939; $20,000, 1940
and 1941; $25,000, 1942 and 1943; $30,000, 1944; $60,000. 1945; $25,000 in
1946 and $20,000 in 1947 and 1948.
Rate of interest to be named in the bid.
These bonds are part of an issue that was authorized in Nov. 9, 1929 to be
sold bearing interest at not more than 5% and represent a portion of the
unsold balance of $1,138,000 of the original amount.
Bonds will be delivered
on
in instalments
: •'/
issue.
.
.
18 at which a proposal to issue $10,000 waterworks impt.
voted upon.
be held on Aug.
bonds
will
be
Wash.—BOND
OFFERING—A.
C.
Birk,
City
Clerk,
will
8 for the purchase of $5,000 not to
6% int. coupon street impt. bonds.
Dated July 1, 1936.
Denoxns.
$200 and $100.
Prin. and int. payable at the City Treasurer's office.
receive sealed bids until 8 p. in. on Aug.
exceed
VIRGINIA
WEST
VIRGINIA (State of)—BOND OFFERING—Sealed bids ad¬
dressed to Hon. H. G. Kump, Governor, will be received until 1 p. m.
WEST
(Eastern Standard Time) on Aug. 4 for the purchase of $500,000 4% road
under authority of amendment to the State Constitution
Road Bond amendment, and under authority
of an Act of the Legislature known as Chapter 19, Acts of 1935, regular
session.
The bonds will be dated Sept. 1, 1935.
Coupon denoms. in denoms. of $1,000, convertible into fully registered bonds of $1,000 and $500
units.
Due $20,000 each Sept. 1 from 1936 to 1960, incl.
An interest
rate lower than 4%, expressed in a multiple of ^ of 1 %, may be named by
the bidder and split-rate offers may be made.
Not more than two rates
bonds issued
known as $50,000,000 State
be named in any one bid.
Principal and interest (M. & S.) payable
of the United States at the office of the State Treasurer, or,
option, at the National City Bank, New York City.
A certified
check for 2% of the bonds bid for, payable to the order of the State must
accompany each proposal.
The bonds cannot be sold at less than par and
accrued interest and the latter item, to be computed frpm March 1, 1936 to
the date of delivery, must be paid by the successful bidder.
Delivery will
be made in New York City.
Interim certificates will be furnished the
may
in lawful money
at holder's
purchaser.
Successful bidders will be furnished at their own expense with
the final approving opinion of Caldwell & Raymond of New York City.
In speaking of the security behind the present offering, the official call
for bids states as follows: To secure the payment of this bond, principal
for
funds and revenues sufficient are not available
it is agreed that, within the limits prescribed by the
and interest, when other
that purpose,
Constitution, the Board of Public Works of the State of West Virginia shall
annually cause to be levied and collected an annual State tax on all property
in the State, until said bond is fully paid, sufficient to pay the annual
interest on said bond and the principal sum thereof within the time this
bond becomes due and payable.
'
WISCONSIN
MIDDLETON GRADED SCHOOL DISTRICT NO. 12, Wis.—BONDS
VOTED—The voters of the district recently approved a proposal to issue
$25,000 school building bonds.
Wis.—BOND SALE—The Channer Securities Co. of
an issue of $20,000 3% fire station bonds at a price
2.83%.
Due serially from 1937 to 1956, incl.
NEILLSVILLE,
Chicago has purchased
as follows:
$125,000 on or about Sept. 1, 1936 and $150,000
about Dec. 1, 1936.
The approving opinion of Chapman & Cutler of
Chicago will be furnished the successful bidder.
POLK COUNTY (P. O. Balsam Lake), Wis.—BOND SALE—'The
$42,000 3% highway improvement bonds offered on July 28—V. 143, p.
Bank & Trust Co. of
Minneapolis at a premium of $2,050, equal to 104.881, a basis of about
1.66%. Dated May 1,1935. Due May 1, 1940.
464—were awarded to the Northwestern National
PRICE COUNTY (P. O. Phillips), Wis.—BOND SALE—The $100,000
3% coupon, registerable, highway improvement bonds offered on July 28—
V. 143, p. 312—were awarded to the Wells-Dickey Co. of Minneapolis on a
bid of 103.26, a basis of about 2.34%.
The Channer Securities Co. of
Chicago bid 103.0235. Dated May 1,1936. Due $50,000 on May 1 in each
of the years 1941 and 1942.
STEVENS POINT, Wis.—BOND ELECTION POSTPONED—'The elec¬
on the question of issuing $200,000 school building bonds which
tion to vote
was
scheduled for July 28 has been
COUNTY
(P.
O.
Austin),
Texas—BOND CALL—'The
County Commissioners are calling for redemption on Aug. 15, after which
date interest will cease to accrue, the outstanding balance of $105,000 4%
county road and bridge bonds of the original issue of $350,000, due Oct. 10,
1948 and callable.
Bonds will be redeemed and paid at the office of the
Treasurer of the State of Texas.
TRENTON INDEPENDENT SCHOOL DISTRICT, Texas—BOND
SALE—The State Department of Education has purchased an issue of
$2,000 school building bonds.
UNION RIDGE SCHOOL DISTRICT, Upshur County, Texas—
BONDS SOLD—-The State Board of Education recently took up $10,000
school bonds at 4 %.
OFFERINGS
postponed.
VILAS
COUNTY (P. O. Eagle River), Wis.—BOND SALE—The
$64,000 4% bonds offered on July 27—V. 143, p. 476—were awarded to the
First National Bank of Eagle River. The total includes:
$43,000 general obligation, series C bonds. Dated April 1, 1936 and due on
April 1 as follows: $2,000 from 1937 to 1953 incl. and $3,000 from
on or
TRAVIS
NO. 200 (P. O.
Montesano), Wash.—BOND SALE—The issue of $5,000 school bonds
on July 18—V. 143, p. 312—-was sold as 4s, at a price of par, to the
State.
Dated Aug. 18, 1936.
Due serially in from 2 to 10 years from date
of issue.
Optional on any interest payment date after 2 years from date of
offered
of 101.51, a basis of about
An election has been ordered by the County Commissioners
of voting on the question of issuing $33,000 road bonds.
be taken
proposed $40,000 bond issue for construction of a new school building.
of
District recently voted favorably on a bond issue of $15,000 for con¬
issuance
SCHOOL DISTRICT, Wash.—BOND ELECTION—An
election will be held in the District on Aug. 4 for the purpose of voting oh a
sum
HAWKINS INDEPENDENT SCHOOL
SOLD—The $10,000 high school building bonds recently approved by the
voters have been sold to the State Board of Education as 43.
the
PORTLAND
FAIRFIELD
TEKOA,
BOND
struction of
Montana
MEDICAL LAKE, Wash.—BOND ELECTION—A special election will
EDOUCHELSA
IRION
—
WASHINGTON
TEXAS
FORT
Idaho
Teletype—SEAT 191 Teletype—PTLD ORE 160
Teletype—SPO 176
Houston, Texas
CAMERON PARISH (P. O. Cameron), Texas—BOND ELECTION—
A proposal that the parish issue $67,000 courthouse and jail bonds will be
submitted to the electors at an election scheduled for Aug. 25.
Edinburg),
—
SEATTLE
SPOKANE
Sterling Building
Oregon
Ferris & Hardgrove
H. C. BURT & COMPANY
purchased
—
1954 to
1956 incl.
21,000 general obligation, series H bonds. Dated June 1, 1936 and due
$1,000 on June 1 from 1936 to 1956 incl.
WYOMING
BIG HORN COUNTY SCHOOL DISTRICT NO. 1 (P. O. Byron),
Wyo—BOND OFFERING—John A. Francis, District Clerk, will receive
bias until 8 p.m. July 31 for the purchase of $24,000 school building bonds,
which are to bear interest at no more than 4%'.
Denom. $1,000.
Dated
July 1, 1938.
Principal and semi-annual interest (Jan. 1 and July 1)
payable at the County Treasurer's office in Basin.
Due $2,000 yearly
beginning July 1, 1938; optional on any interest payment date.
Certified
check for 10% of amount of bid, required.
WANTED
UTAH—IDAHO—NEVADA—MONTANA—WYOMING
Canadian Municipals
MUNICIPALS
Information and Markets
FIRST SECURITY TRUST CO.
BRAWLEY, CATHERS & CO.
SALT LAKE CITY
Phone Wasatch 3221
Bell Teletype: SL K-37
25 KING
ST.
WEST, TORONTO
CANADA
UTAH
HELPER CITY, Utah—BOND
ELECTION—An election is to be called
for Aug. 25, at which the voters will be asked to approve a bond issue of
$55,000 for construction of a community center and civic auditorium.
LANCASTER COUNTY (P. O.
Lancaster), Va .—BOND ELECTION—
A special election has been ordered for Aug. 11 at which a proposal to issue
$21,000 courthouse construction bonds will be voted
SALE—The issue of $14,000 4% bonds
offered
Va.—BOND SALE—-The
$10,500 4% water refunding
bonds offered on July 27—V. 143, p. 635—were awarded to the National
Bank of Woodstock at a price of 104.125, a basis of about 2.56%.
Dated
Aug. 1, 1936.
Due July 31, 1956.
Redeemable in whole or in part at any
time on or after July 31, 1939.
up to
KEMPTVILLE, Ont.—BONDS AUTHORIZED—The municipality has
authorized the issuance of $38,500 debentures to provide funds for the
erection of a combined public and high school building.
POINTE CLAIRE, Q ue.—BOND
VIRGINIA
EDINBURG,
ELGIN 6438
upon.
on July 27—V. 143, p. 476—was awarded to Comptoir National de
Placement. Ltd., at a price of 99.21.
Dated July 2, 1936, and due on
July 2, 1949.
Other bids were as follows:
Bidder—
4
Rene T. Leclerc, Inc
Dominion Securities Corp., Ltd
-
PORT
ARTHUR,
Rate Bid
—
Ont.—BOND SALE—Bell, Gouinlock & Co. of
of $12,000 4% improvement bonds at a
Toronto have purchased an issue
price of 99.65.
98.28
97.58
Due serially from 1937 to 1951, incl.
@FedFRASER