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The Financial Situation
HAVE
during
WE the pastbeen substantially encouragedrealistic
week not only by the results of the
Rhode Island election, but also by the
of one sort or another, or to severe disappointment
at a later date. The fact that the security markets
have taken the Rhode Island election returns soberly
interpretation placed upon these returns by the and realistically, apparently with full realization of
business community. We have deemed the develop- the difficulties which at best still lie ahead, we
ments in Rhode Island of sufficient importance to find distinctly encouraging.
warrant a rather full discussion, and so have allotted
Dispatches from Washington appearing in the
appropriate space for an article on the subject else- daily press during the past few days have definitely
where in this issue. Suffice it to say at this point indicated that the election results in Rhode Island
that despite the sundry "explanations" that have have made a profound impression in the National
been offered, and notwithstanding the indifference Capitol among both the friends and the foes of
the President is said to be showing to the whole Administration policies. Some seasoned observers
matter, we cannot suphave ventured to predict
press the hope that the
that they will have a noteTake, Borrow and Spend
voting in Rhode Island
worthy effect upon the
"In one Congress district at least there
last Tuesday is of procourse of legislation durseems to be weariness of this continual policy
found significance. It is
ing the remainder of this
of beg, borrow and spend."
We would alter this admirable observation
difficult not to interpret
session of Congress. Just
of the New York"Times" in commenting upon
it as a confirmation of the
how accurate such forethe Rhode Island election returns in only one
impression gained from .a
particular. We should make the phrase
casts are the next week
read "Take, borrow and spend."
number of previous events,
or two ought to make
A spokesman for the Administration during
that the more rational eleclear. Indeed the action
the past week laid great emphasis upon the
desire of his party to "help' 95% of the corments in the population,
of the Senate on the proporations of the country by enactment of the
some of which had for a
posed tax measure within
provisions originally proposed for inclusion
in the so-called "soak-the-rich" tax bill. He
time apparently been
the next week probably
neglected to add that what he really wished
rather dazzled by modernwill offer some clues in the
was to take from the remaining 5% the
to do
property with which to aid the larger number.
day financial legerdemain,
matter.
Congress did not bend a humble knee
are at length waking to
when, at the command of the President, it
The Administration Has
the realization that recent
confiscated all the gold held by private
Crossed the Rubicon
citizens in the country. It did no begging
national policies lead
when it enacted the iniquitous "processing
It is very doubtful in
straight to disaster, and
taxes" for the benefit of farmers engaged in
producing certain "basic agricultural comour judgment whether
can lead nowhere else.
modities." The Administration is much too
there will be a great deal
This view of the matter
imperious to "beg"; it takes.
It would, however, be difficult to say
of change—at least change
is of course strengthened
whether this exercise of the allegedly sovin the right direction—in
by the decision of the
appropriate private property
ereign right to
the policies of the AdminRhode Island voters to
is doing, and will do, more harm than the
borrowing that the Government is continistration. It seems to have
have nothing to do with
ually engaged in; borrowing, that is, in name
crossed the Rubicon and
the plan for having the
only, the process being in large part that of
creating the funds it "borrows" by the simple
probably as a practical
State go needlessly furprocess of having the banks write deposits in
matter could not turn back
ther into debt merely beartificially enlarged
its favor against reserves
by its own policies.
cause the Federal Governnow even if it wished. It
The climax of evil is capped of course when
ment, taxing the people
is too definitely and openly
the Government proceeds to spend the
billions it thus obtains for purposes which
of Rhode Island, was
committed to various socreate no wealth, but which as a matter of
willing to go more deeply
cialistic schemes, to the
existing wealth or make
fact either destroy
into debt to make the
the people presents of numberless white elegeneral "soak-the-rich"
phants that they must henceforth feed and
State a present of a large
philosophy, and the spoils
care for—or else leave to starve.
sum of money to "suppleWe can only hope that the "weariness" of
system operated on a giwhich the "Times" so rightly speaks extends
ment" the funds thus
gantic scale with public
far beyond the borders of Rhode Island.
raised by the State from
moneys. The facts supits own people. The fact,
porting such a conclusion
for fact it seems to be, that the people of even one are far too numerous to be listed here even if there
Congressional district have come to.a realizing srnse were really any need to do so. If special evidence
of the delusive nature of this type of public financing were needed it would be furnished by the last-minute
telegram sent by the Secretary of the Interior to
is cause for deep gratification.
Rhode Island—dispatched at a time when the
A Sensible Attitude
President, according to his own testimony as reBut the level-headed way in which the business vealed in the press, was not even aware that an
community, particularly the financial community, election was about to take place in that State.
seems to have reacted to the whole matter is likewise Addressing a group of voters "noted for their busiheartening. For some time past the more mercurial ness acumen and their habits of frugality and insecurities markets have been inclined to go rather dustry," the Secretary said (as reported in the
to extremes, so it has seemd to us, in their response daily press):
to indications that the country was begininng to
"Certainly at no time in the past has it been possible
turn away from New Deal panaceas. As the readers for any State to build public works 45% of the total
of these columns are aware, we have lately felt cost of which was covered by an outright grant
some uneasiness lest this reaction lead to excesses from the Federal Government. There is no reason
Financial Chronicle
798
to believe that any community in the future will be
able to finance public works on such favorable
terms. . . . At the moment, because the Federal Government is anxious to bring about economic
recovery, we are offering the most generous terms in
the history of this or any other country." We do
not believe comment by us is needed upon this
message sent on the eve of a political election which
was destined to record a decision for or against the
New Deal. We hope none is needed concerning the
meaning of the votes which clearly and emphatically
declined to involve the State of Rhode Island in
any such bargain.
The real question is not whether the Administration will take heed of the Rhode Island warning,
but whether or not it can continue to drive groups
in the party unwillingly to do its bidding. It has
of course long been well known that a large and
growing section of the President's own party is gravely
doubtful of the political wisdom of current policies,
to say nothing of their economic effects. Members
of the House and the Senate, and the political
managers "back home," are as well aware of what
has happened in Rhode Island as they are of defections among their own constituents. They are
doubtless as anxious to cut short the present drive
for radical legislation and get home to look over
the ground as they are currently described as
being.
Current Legislative Effects
Aug. 10 1935
The Tax Bill
IT WAS on Monday,the day before the handwriting
on the wall appeared in Rhode Island, that the
House hastily voted the tax bill in a form not entirely pleasing to the Administration but certainly
containing provisions that would do infinite harm
to all, including those for whom the Administration
has repeatedly expressed the greatest concern. We
have in past issues said very plainly what we thought
of measures of this sort. To our own expressions
of view we may now add some others that in our
judgment are worthy of special attention. One of
the most carefully reasoned of several recent expositions appeared in an issue a few days ago of the
"Chase Economic Bulletin" and is from the pen of
Dr. Benjamin M. Anderson, Jr., economist of that
immense institution. From this booklet, to which
we devote more space on another page, we now quote
the following:
"The pending inheritance and income tax legislation at the
rates provided in the House Bill, H. R. 8974, involves grave
dangers for American economic life. It is not a question
of misfortune for a few rich individuals. It is a matter of
danger for the general economic situation, due to the forced
bankruptcies of great estates or, short of bankruptcy, the disintegration and liquidation at forced sale of large estates.
The legislation will precipitate situations in which changes
in control of great industries will come at unexpected times,
with undesirable changes in personnel and policy. We must
reckon with the combination of the existing high Federal
estate taxes, the existing State inheritance taxes, the proposed new Federal inheritance taxes, the existing State income taxes and the proposed increases 'n the already very
high Federal income taxes in the higher brackets. This combination creates a total of exactions which are not merely,
as the rates themselves would indicate, an approach to
complete confiscation, but which would produce, in practice (when allowance is made for the expenses of administering the estate and for the shrinkage through liquidation),
absolutely and definitely 100% dissipation of assets in the
typical case of a very large estate.
"If this new legislation passes, a man would be much
better off inheriting as a single heir a $400,000 estate in
Government bonds than he would be inheriting a 8400,000,000
estate consisting of diversified assets, some liquid, some
partially liquid, some real estate. In the former case he
would be able to emerge with something like $280,000 worth
of Government bonds, making no allowance for administrattve expenses. In the latter ease, he would go through several
years of agonizing struggle in the effort to salvage something
from the vast estate he had inherited, with the probabilities
. high that he would wind up with no assets, and with the
possibility of a personal liability remaining to a bonding
company for part of the inheritance tax to the Government.
The rates would be so high even on a four million dollar
estate that a man would do better to be the heir to $400,000
than to 84,000,000 in many cases, if the 84,000,000 represented primarily real estate received at a time when real
estate had to be liquidated in a period of even moderately
declining real estate values, or in a sluggish real estate
market.
"The economic consequences to the country of a situation
of this sort can hardly be exaggerated. Crises and panics
have more than once been touched off by the conspicuous
bankruptcy of a sizable house. The effect upon New York
real estate values of the forced liquidation of real estate
held in any one of several large estates would be very grave.
But, apart from spectacular disasters of this character, the
paralyzing effect in the long run upon the growth of capital
in the country, and upon the willingness of men of fortune
to undertake speculative ventures of the kind that develop
new resources or that develop new ideas and new types of
industry would be very grave."
What practical effect this will have on the pending
legislative program remains to be seen. On Thursday
the Senate passed the so-called gold clause suit measure denying claimants the right to sue the Government after the expiration of six months. On the same
day a conference committee reached an agreement
to recommend passage of the social security measure after deleting the Clark amendment permitting the continuance of private insurance plans
exempt from the provisions of the law. Both House
and Senate have now acted in accordance with these
recommendations. The action taken in the matter
of the social security measure is in accord with the
desires of the Administration, and while the gold
clause decision is contrary to White House wishes
so far as the six months' period for filing suits is
concerned, the Administration has apparently become reconciled to the provision. Neither step seems
to indicate any determination to stand more firmly
against the Administration. The outcome in the
matter of the tax bill in the Senate may be of a different order, but again it may not.
On the day before the election in Rhode Island the
conference committee at work on the new Agricultural Adjustment Act measure reached an agreement
somewhat similar to that arrived at two days later
concerning the gold clause bill. In this instance
those who have paid the processing tax may sue for
recovery of the amounts paid if the Supreme Court,
by declaring the Agricultural Adjustment Act unconstitutional, renders such collections illegal in the
first place, provided that the Commissioner of Internal Revenue rules that the taxes paid have not been
passed on to other parties. The findings of the Commissioner are made final unless "arbitrary and capriA spokesman for the Chamber of Commerce of the
cious." There has certainly been no evidence in anydone or undertaken in Congress during the United States, referring particularly to the excess
thing
past few days of a real determination to force any profits provisions of the measure, told the Senate
fundamental change in the course of legislative Finance Committee on Thursday that if the measure
is adopted
policy.
Volume 141
Financial Chronicle
"unequal burdens, unfair discriminations, illogical and
unforeseeable liabilities, continuing uncertainties and prolonged controversies must be the consequence to the taxpayers," and "undeserved revenues and an exceedingly difficult, if not impossible, administration must be the consequences to the Treasury."
Plain warnings of this sort have for the most part
fallen on deaf ears during the past two or three
years. Developments in Rhode Island strengthen our
hope that in this instance the Senate, and perhaps
ultimately the House, will not let them go unheeded.
Works Progress Difficulties
HE Works Progress Administration, whose functions most clearly typify the nature of the work
relief program now supposedly in operation, has, as
is well known, been learning by actual experience of
the impracticality of the basic idea upon which its
existence rests. A new aspect of this matter has come
forcefully to the front during the past week, however.
It is found in the labor difficulties encountered in
New York City and now said to be threatening
throughout the country. Union members on work relief are lustily complaining of the wages paid, and
some of them are actually on strike. It is said that
many non-union employees are in sympathy with the
movement and that some of them are joining the
strikers. Few people with practical experience with
such matters, we imagine, are surprised.
We have no doubt whatever that all of these men
are receiving wages in excess of their worth as measured by the value of the product they are creating.
We have no sympathy with the cry that wages in private industry are likely to be depressed by the low
rates prevailing on such projects. Wages in many,
if not most, branches are too high. They ought to be
reduced. But how can an Administration that has
been all its life preaching high wages as a cure for
most of our economic ills expect men to work contentedly on its own undertakings at half the going
rate? How can it expect to get any really useful
work done which requires skill with dissatisfied
men? The whole episode is but another unpleasant
reminder of the impracticality of the whole plan of
procedure.
T
Federal Reserve Bank Statement
ARIOUS factors have contributed of late to an
ever greater accumulation of idle funds, and
the current condition statement of the 12 Federal
Reserve banks, combined, shows that record totals
again have been attained by the unused credit
resources of the country. The aggregates now
attained are of truly staggering proportions, and the
implied invitation to credit excesses constitutes a
continuing menace. Owing chiefly to Treasury
resumption of the practice of depositing large
amounts of gold certificates with the Reserve system,
but in part also to Treasury redemption of approximately $75,000,000 Panama Canal bonds,
member bank reserve deposits and excess reserves
over requirements increased sharply in the week
covered by the report. Some changes in the character
of the deposits reduced the reserve requirements, and
excess reserves thus gained faster than deposits.
The excess reserves were officially estimated at
$2,550,000,000 on Aug. 7, against $2,510,000,000 a
week earlier, and the previous unofficial record of
$2,525,000,000 established in June thus is exceeded.
It is evident, moreover, that still higher figures will
be occasioned by Treasury deposits of gold certifi-
V
799
cates as National bank notes are retired from circulation, while further imports of gold from Europe
always are a possibility. There is a chance, of course,
that the business improvement now in progress will
cause an enhanced legitimate demand for credit,
but it is altogether improbable that any such gains
would absorb more than a small fraction of the
available resources. And in the meanwhile speculative use of the credit resources is invited by the
current situation.
Although the monetary gold stocks of the country
increased only $15,000,000 in the period covered by
the statement, gold certificate holdings of the
Reserve banks were up $64,499,000, indicating that
the Treasury is reimbursing itself in this manner for
previous gold acquisitions, and possibly also for
National bank note redemptions. The gold certificate
holdings were $6,288,615,000 on Aug. 7, against
$6,224,116,000 on July 31. But increased demand
for currency caused a sharp reduction in vault cash,
and total reserves thus increased only to $6,549,129,000 from $6,515,175,000. Federal Reserve notes
in actual circulation amounted to $3,303,113,000 on
Aug. 7, against $3,261,622,000 a week earlier. Member bank deposits on reserve account were marked
up to $5,114,722,000 from $5,099,616,000, but
Treasury deposits on general account were down
about as much, and total deposits with the system
thus advanced only to $5,480,928,000 from $5,478,438,000. The increase in reserves outweighed the
additions to liabilities, and the reserve ratio thus
improved to 74.6% from 74.5%. In other respects
the current statement is entirely routine. Discounts
by the system fell $270,000 to $6,300,000 on Aug. 7,
but industrial advances increased $742,000 to
$29,096,000. Open market bill holdings were $2,000
lower atTT85,000, wile holdings of United States
Government securities advanced $123,000 to $2,430,332.000.
Corporate Dividend Declarations
IVIDEND declarations for the week were on the
whole favorable. General Motors Corp. on
Aug. 5 declared an extra dividend of 25c. a share
and a regular quarterly distribution of 50c. on the
common stock, both payable Sept. 12. In the previous quarter a regular quarterly payment of 25c. a
share was made on this issue. In commenting on the
Board's action Alfred P. Sloan, Jr., President,
stated: "It has been a long standing policy of the
Board to establish a normal or regular rate of dividend as generous as possible, and one that can be
reasonably counted upon by the stockholders, while
at the same time reflecting the financial position of
the Corporation, the current rate of earnings, and
the future trend, so far as that can ever be discerned.
The increased rate ordered at this time reflects the
judgment of the Board with respect to all these
factors." Declarations by a few other companies of
interest included the action of the Eastman Kodak
Co. in declaring an extra dividend of 25c. a share
in addition to a regular quarterly distribution of
$1.25 a share on the common stock, both payable
Oct. 1; Timken Roller Bearing Co. also declared an
extra dividend on its no par capital stock in the sum
of 50c a share, in addition to the regular quarterly
payment of 25c. a share, both payable Sept. 5. The
directors of the International Nickel Co. of Canada,
Ltd., increased the quarterly rate on the no par common stock from 15c. a share to 20c. a share, payable
D
800
Financial Chronicle
Aug. 10 1935
Sept. 30, and Atlas Corp. on Aug. 9 declared an ini- report was the condition of wheat. There has been
tial dividend of 30c. a share on the common stock. some damage especially to the Spring wheat crop
but from the statement made the loss was not as
payable Sept. 16.
serious as earlier reports indicated.
Business Failures
The Winter wheat harvest this year was estimated
July at 432,000,000 bushels compared with 458,000,000
USINESS failures in the United States in
continued at the low level which has char- bushels, the latter the estimate of July 1 this year
acterized this record for over a year. Reports by and with a yield in the preceding year of 405,034,000
Dunn & Bradstreet show 931 business defaults for bushels. The yield of Winter wheat this year was
the month just closed, with liabilities of $20,446,761, estimated at 14.3 bushels per acre against 11.8 last
against 961 involving $20,463,097 of indebtedness in year, and an average of 14.4 bushels per acre.
For Spring wheat the condition on Aug. 1 was
the preceding month and 912 owing $19,325,517, in
July of last year. The changes that appear in these placed by the Department at 49.4% of normal
figures are unusually small. During the past year against 85.1% on July 1 of this year. The July 1
the monthly record for each month of liabilities has condition was the highest for any year on that date
been less than that for June. Liabilities in June were since 1927 when it was 89.7% of normal. Last
increased very largely by a single receivership, the year Spring wheat production was greatly curtailed,
actual default of which occurred over a year ago. being down to 91,435,000 bushels. The last Spring
The indebtedness reported for the July failures was wheat crop of any size was that of 1932, when the
harvest was estimated at 264,000,000 bushels. Even
nearly as large as that reported for June.
Relatively, it was in the retail class that the report in that year it was 70,000,000 below the crop of
of failures in July made the least satisfactory show- 1928. For this year the present estimate of proing as compared with that month last year. There duction was 173,000,000 bushels against an estiwere 547 such defaults for $7,096,554, of liabilities mated crop of 272,954,000 bushels in the report
last month. These figures compared with 506 retail for July 1.
failures owing $6,627,387 in July 1934. The increase
The outlook for corn has improved over the July
in the number of defaults and in liabilities was not estimate. The condition on Aug. 1 as indicated by
large, but it was higher than for the total. A similar yesterday's report was 75.9% of normal as compared
showing appeared in the report of failures for the with 67.5% on July 1, this year and with 65.6% on
second quarter of 1935. Retail failures were much Aug. 1 1933, the last year when a crop anything like
more numerous for that period than in the previous normal was produced. The corn crop of 1934 was
year, the increase being quite large. For the other practically a complete failure. The harvest last
classifications there were reductions.
year was 1,380,718,000 bushels. In 1933 the harvest
In July this year, defaults among manufacturing was 2,330,237,000 bushels and was by no means as
concerns were slightly higher than a year ago, but full as it has been in other years. The August estithe increase was small; liabilities also show a slight mate issued at Washington yesterday calls for a crop
increase. Failures in manufacturing lines last month of 2,272,000,000 bushels compared with 2,067,601,000
numbered 237 against 235 a year ago, and the liabili- bushels, the estimate in the July report this year.
ties were $6,838,016 compared with $6,785,970 for
The other leading grain crops show a reduction
of last year. It was in these two divisions, in estimated yield as compared with the July report.
July
retail and manufacturing lines, that nearly 85% For oats the August estimate was 1,187,000,000
of all failures in July occurred. Furthermore, for bushels against 1,266,000,000 bushels in July; barley,
that month,the increase in the number of failures in 287,000,000 bushels compared with 317,000,000
these two divisions was wholly confined. In the other bushels last month, and rye 52,200,000 bushels
two divisions wholesale and "other commercial," the against 53,100,000 bushels in July. There was an
latter largely agents and brokers, there were fewer improvement for potatoes and tobacco. For the
.
failures reported this year.
former a yield of 377,000,000 bushels was indicated
in July were,more numerous in the New against 368,000,000 bushels in July and for tobacco
Failures
England States, in the Middle West and in parts of 1,222,000,000 pounds, compared with 1,193,000,000
the South. The increase, which for the month was pounds a month earlier.
very small, was wholly in these sections. There were
Government Cotton Crop Report
reductions in the number of defaults compared with
Government's estimate of the cotton crop of
a year ago, in the New York and the Philadelphia
J. 1935 presents many new complications. A crop
Federal Reserve districts. Quite a notable decline
bales is indicated. This is based on a
in the report for the month just closed, appeared for of 11,79$,000
condition of 73.6% of normal as of August 1, and of
the Richmond Federal Reserve District. For the
as of that date of 198.3 pounds to
Dallas District, also, there was a reduction in the an indicated yield
the acre. These figures are very high. The crop
number of defaults. For the other sections of the
from pests of various kinds than is
South, covered by the St. Louis and Atlanta Federal is perhaps freer
usual at this period and has apparently made good
Reserve districts failures in July this year showed
area announced on July 1 this year
an increase. The increase in the Middle West was progress. The
Minneapolis Federal was 29,480,000 acres, an increase of 4.6% over last
in the Chicago, Cleveland and
a reduction of 2.4% has been
Reserve districts. For the Kansas City District, the year, and from this
Crop Reporting Board for abandonment.
number was reduced this year, likewise for the San made by the
Last year's harvest was 9,636,559 bales so that this
Francisco Federal Reserve District.
year's estimate is 2,162,000 bales above the productGovernment Crop Report
ion of 1934. The condition of last year's crop on
issued by the Depart- August 1 was down to 60.4% of normal, and the
HE August crop report was
ment of Agriculture at Washington late yes- indicated yield at that time 170.9 pounds to the acre.
average
terday afternoon. The important feature of the The per centage of normal of the 10-year
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Financial Chronicle
was 68.7% and the average yield 177.1 pounds to the
acre.
During the next month or six weeks many things
may happen to reduce production this year, or the
progress of the crop may be so satisfactory, that the
yield will be further increased. There were eight
years in the past ten when the harvest was in excess
of the August estimate. In some years the increase
was quite large. For five of the eight years the
increase was in excess of a million bales; in 1925 it
was 2,583,000 bales higher and in 1926 2,609,000
bales more. There was a small increase in yield for
the crop of 1934.
Every cotton producing State excepting two,
Tennessee and California, show a larger indicated
yield this year, than appeared in the August estimate
of 1934. For Texas this year production is put at
3,851,000 bales, and more than 1,000,000 bales each
are indicated for Georgia, Alabama and Mississippi.
The size of the crop this year involves so many
difficulties that the Secretary of Agriculture deemed
it necessary to explain what he thought would be
done about credit facilities. "The Administration
would not hesitate to offer ample loans," &c., &c.
Considering that the Administration now has $271,775,525, tied up on 4,454,000 bales of cotton and that
some Agricultural Adjustment Administration officials, as well as others of influence now advocate
the abandonment of the loan policy, there may be
some difficulties. These loans were due earlier this
summer but have been extended to February 1 next.
The New York Stock Market
NTHUSIASTIC buying of stocks was noted on
the New York market during most sessions of
this week,and occasional periods of liquidation served
to restrain the upward tendency only a little. The
market now has reached the stage where the ups wing
is attracting a good deal of speculative buying, but
it is also evident that sound reasons are back of the
movement. Most of the leading business indices
continue to reflect improvement. Indeed, a few of
the usual reports suggest that the gain is proceeding
with great vigor. Contributing quite a little to the
advance, moreover, was the action of the General
Motors Corp. last Monday in declaring a quarterly
dividend of 50 cents a share and an extra of 25 cents,
against the former payment of 25 cents. Some other
favorable dividend declarations likewise were announced. The political situation is arousing less
anxiety, since Congress is expected to adjourn soon,
while voting in a Rhode Island Congressional District
has disclosed an immense loss of popularity for the
New Deal measures of the current Administration.
The many indications of progress toward normal
conditions increased confidence and sharply higher
levels were attained this week in various sections of
the stock market. Trading was well maintained
and easily exceeded 1,000,000 shares in all the full
sessions of the current week, while more than a
million shares also were traded last Saturday. A
seat on the New York Stock Exchange was transferred yesterday at $125,000, up $11,000 from the
last previous transaction. It is worthy of note that
the price of $125,000 is the best attained since May,
of last year.
The stock market last Saturday gave ample indication of the widened general interest in equities.
The session was the most active for any Saturday in
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801
considerably more than a year, and a sweeping
advance developed, with utility stocks in the lead.
The upswing was resumed on Monday and attained
unusual vigor in the utility and oil groups. Advances
in other sections of the market were more modest,
but also of consequence. The increase of the General
Motors distribution was announced after the close
of the market, and it contributed to an excellent
opening on Tuesday. Motor stocks were marked
upward sharply in that session, but realization sales
increased in other departments and some of the
previous advances in utility and oil stocks were
relinquished. Dealings on Wednesday were much
like those of the preceding session, motor issues
advancing again, while other stocks tended to move
slightly lower. The advance was resumed on Thursday, and in a far broader manner. Motor stocks,
steel issues, merchandising shares and the equities of
the railways and the leading rail equipment manufacturing firms all responded to excellent inquiry.
Optimistic statements regarding the motor industry
produced another wave of buying yesterday in such
stocks, and the movement rapidly was extended to
industrial issues generally, while utility and railway
shares joined in the movement as well. Many new
highs for the movement and the year naturally were
recorded during the week.
In the listed bond market a little more uncertainty
was apparent than in the stock market. United States
Government securities were well maintained early
in the week, but announcement of still another
competitive sale of long-term bonds caused a sharp
recession on Thursday. The opening yesterday was
lower even than the figures of the previous close, but
better inquiry finally developed. Best rated corporate bonds held close to previous levels, while the
speculative issues tended to follow the trend of the
stock market, but in a more subdued fashion. Foreign
dollar issues were rather steady, despite the uncertainty of the European outlook. In the commodity markets movements were somewhat uncertain, but some important items, such as hogs, improved sharply. Grains moved erratically, but the
undertone was good, whereas cotton broke severely
on publication of the crop report, Thursday. The
foreign exchange market reflected the renewed unsettlement in France and the growing opinion that
devaluation faces the gold standard countries.
French francs were under pressure at most times,
while Netherlands guilders once more fell below the
gold export level for a brief period. Sterling was in
quiet demand and moved nearer to the $5 level.
On the New York Stock Exchange 233 stocks
touched new high levels for the year and 11 stocks
touched new low levels. On the New York Curb
Exchange 173 stocks touched new high levels and
eight stocks touched new low levels. Call loans on
the New York Stock Exchange remained unchanged
/
at 14%, the same as on Friday of last week.
On the New York Stock Exchange the sales at
the half-day session on Saturday last were 1,000,870
shares; on Monday they were 1,735,510 shares; on
Tuesday, 1,772,970 shares; on Wednesday, 1,389,220
shares; on Thursday, 1,432,860 shares, and on Friday, 2,188,000 shares. On the New York Curb Exchange the sales last Saturday were 242,980 shares;
on Monday, 445,960 shares; on Tuesday, 339,485
shares; on Wednesday, 273,315 shares; on Thursday,
292,950 shares, and on Friday, 564,595 shares.
802
Financial Chronicle
The share market this week continued to move
toward higher levels and was accompanied by a large
trading volume. Profit-taking, while somewhat
pronounced at times, was absorbed with little difficulty, and at the close yesterday the market established further gains which carried values above the
peak reached on Friday of last week. General Electric closed yesterday at 30 against 28% on Friday
of last week; Consolidated Gas of N. Y. at 3112
/
against 293 Columbia Gas & Elec. at 1014 against
4;
/
8 ; Public Service of N. J. at 4178 against 40; J. I.
/
1
2
/
Case Threshing Machine at 68 against 65; International Harvester at 53 against 512 Sears, Roe/
1
;
buck & Co. at 59 against 53%; Montgomery Ward &
Co. at 36% against 3218; Woolworth at 62 against
/
/
1
2
611 4 and American Tel. & Tel. at 134% against 131.
/
,
Allied Chemical & Dye closed yesterday at 159
/
1
2
against 159 on Friday of last week; E. I. du Pont de
/
Nemours at 1101 4 against 105½; National Cash
Register A at 17% against 17; International Nickel
at 28% against 27%; National Dairy Products at
147 against 16; Texas Gulf Sulphur at 33% against
/
34; National Biscuit at 3114 against 32; Continental
/
Can at 87 against 86%; Eastman Kodak at 148
against 14314; Standard Brands at 14% against
/
14%; Westinghouse Elec. & Mfg. at 66% ex-dividend
against 63; Columbian Carbon at 90% against 89;
Lorillard at 2414 against 241 8; United States In/
/
dustrial Alcohol at 421 4 against 38½; Canada Dry
/
at 914 against 914; Schenley Distillers at 32 against
/
/
3014 and National Distillers at 2612 against 261 8
/,
/
/.
The steel stocks show still further gains for the
week. United States Steel closed yesterday at 431 8
/
against 42% on Friday of last week; Bethlehem
Steel at 36% against 35; Republic Steel at 1914
/
against 1678 and Youngstown Sheet & Tube at 2512
/,
/
against 25%. In the motor group, Auburn Auto
closed yesterday at 25% against 26 on Friday of
last week; General Motors at 44% against 381
%;
Chrysler at 6118 against 5814 and Hupp Motors at
/
/
,
1% against 218 In the rubber group, Goodyear
8
/
.
Tire & Rubber closed yesterday at 20 against 191 8 on
/
/
Friday of last week; B. F. Goodrich at 81 4 against
/
1
2
7 8 and United States Rubber at 14 against 13%.
7,
/
The railroad shares show a rising tendency for the
week.- Pennsylvania RR. closed yesterday at 27%
against 2614 on Friday of last week; Atchison To/
peka & Santa Fe at 52% against 52%; New York
Central at 21 8 against 20%; Union Pacific at 101%
/
7
against 10514; Southern Pacific at 19% against
/
4,
1918; Southern Railway at 7% against 71 and
/
/
1
2
Northern Pacific at 18 against 18. Among the
oil stocks, Standard Oil of N. J. closed yesterday at
47 against 46% on Friday of last week; Shell Union
Oil at 11 against 10%, and Atlantic Refining at 24
against 23%. In the copper group, Anaconda Copper closed yesterday at 17 against 15% on Friday
/
of last week; Kennecott Copper at 2078 against
191%; American Smelting & Refining at 43% against
421 4 and Phelps Dodge at 1914 against 18.
/
,
/
Trade and industrial indices were almost uniformly favorable. Steel-making in the week ending
to-day was estimated by the American Iron and Steel
Institute at 46% of capacity against 44% last week,
35.3% one month ago, and 25.8% at this time last
year. This represents an increase of two points, or
4.5%, from the preceding week. Electric power production in the United States for the week ended
Aug. 3 was 1,821,398,000 kilowatt hours, according
to the Edison Electric Institute, against 1,823,-
dug. 10 1935
521,000 kilowatt hours in the previous week and
1,657,638,000 kilowatt hours in the corresponding
week of last year. Car loadings of revenue freight
were reported by the American Railway Association
at 597,083 cars in the week to Aug. 3 against 596,462
cars in the preceding period.
As indicating the course of the _commodity markets, the September option for wheat in Chicago
4c. against 90%c. the close
closed yesterday at 903
on Friday of last week. September corn at Chicago
4c. as against 787 the close
closed yesterday at 761
4c.
on Friday of last week. September oats at Chicago
/
closed yesterday at 301 8c. as against 32l/ c. the close
8
on Friday of last week.
The spot price for cotton here in New York closed
yesterday at 11.60c. as against 11.95c. the close on
Friday of last week. The spot price for rubber
yesterday was 11.94c. as against 12.15c. the close
on Friday of last week. Domestic copper closed
yesterday at 8c., the same as the close on Friday of
last week.
In London the price for bar silver yesterday closed
at 30 3/16 pence per ounce, unchanged from Friday
of last week. The same held true for spot silver in
New York, which closed yesterday at 673
4c., the
same as on Friday of last week. In the matter of
the foreign exchanges, cable transfers on London
closed yesterday at $4.96% against $4.9578 the close
/
on Friday of last week, and cable transfers on Paris
closed yesterday at 6.62%c. against 6.63%c. the close
on Friday of last week.
European Stock Markets
IXED influences kept the stock markets in the
leading European financial centers in a state
of uncertainty this week. The London Stock Exchange was closed on Monday in observance of the
August bank holiday, and trading was very quiet in
the sessions that followed. The tendency at London
was generally cheerful, however, partly owing to new
indications of industrial recovery and partly because
foreign buying increased. On the Paris Bourse movements were small and uncertain. The developing
strikes at the larger French ports caused nervousness, and a further series of deflationary decrees
likewise contributed to the unsettlement. The Berlin
Boerse was exceptionally dull, and values did not
vary much. Fears regarding the gold bloc currencies
were revived by the heavy recent loss of gold in Holland and the developing resentment in France over
the pay cuts of civil employees. The London market
reported a good deal of buying of British securities
for Continental account, in obvious anticipation of
devaluation of the gold units. The French strikes
caused general apprehension, but they did not prevent the Bank of France from further lowering of
charges for accommodation, and the courageous
action proved helpful to the Bourse. The discount
rate of the French central bank was lowered to 3%
from 3 %, and other charges also were reduced.
/
1
2
Business indices of the chief European industrial
countries reflect only a continuance of tendencies
previously noted. Improvement again was reported
in Great Britain, where the number of registered unemployed fell to 1,972,941, this being the first occasion in five years on which the aggregate dropped
below the 2,000,000 mark. The French situation remains dubious, while German business has not been
aided by the new anti-Semitic campaign of the Nazis
and its repercussions abroad. The number of Italians
M
Volume 141
Financial Chronicle
unemployed has fallen sharply, owing to the policy of
accepting recruits for African service chiefly from
the ranks of the jobless.
Cheerful conditions were reported on the London
Stock Exchange when trading was resumed, Tuesday, after the protracted suspension. British funds
were firm on modest investment buying, but there
were numerous good features among the industrial
issues. The sustained advance of stock prices at New
York occasioned heightened interest in AngloAmerican trading favorites, which advanced briskly.
There was little activity on Wednesday, but quotations were well maintained in nearly all groups of
securities. British funds tended to improve, and
prices of industrial stocks held rather well in the
face of a modest amount of realization selling. Gold
mining stocks came into better demand, and most of
the international issues also displayed a firm trend.
Buying of British funds increased on Thursday, with
much of the activity traceable to frightened Continental capital that was sent to London for safekeeping. British industrial stocks were firm, while
prices of international securities were marked down
a little to conform with advices from New York.
British funds again improved yesterday, and
industrial stocks also were firm, but international securities turned irregular.
Little interest in securities was displayed
on the
Paris Bourse on Monday, owing to the holida
y at
London and the impending decrees of the
Laval
Cabinet. Rentes showed modest impro
vement, and
most French bank, utility and industrial
stocks were
firm as well, but liquidation appeared
in the international section. In Tuesday's dealin
gs few changes
were recorded in rentes, but there was
better demand
for French equities and some of the
international
issues likewise improved. Suez Canal
shares were
in good request, owing to the report
s of vast tolls
by the Italian Government ,for transp
ort of troops
and munitions to the Italian colonies.
The strikes
at French ports impressed the market on
Wednesday,
and modest recessions occurred in rentes
. Bank and
industrial stocks were uncertain, but intern
ational
issues were in good demand. Reductions on
Thursday in the bank rate and in other charges for
accommodation proved helpful to the wavering
French
market in that session. Small advances
were recorded in rentes and most of the French
equities
also improved, but far larger gains appeared
in the
international issues, indicating that a flight of capital again was in progress. Rentes were somew
hat
lower in a quiet session yesterday, but other
securities were steady.
The Berlin Boerse started the week with a
firm
session, but the turnover was small. Gains
were
fractional in most groups, and in some promi
nent
issues no changes whatever appeared. The coal
mining issues were in insistent demand, however,
and 2- to 3
-point advances were registered in such
stocks. In a further dull session on Tuesday, modes
t
irregularity was noted on the German exchange.
Variations in stocks were only fractional, and losses
were about as numerous as the gains. No intere
st
was taken in fixed-income issues. After a firm
opening on Wednesday, prices dipped, and closing
levels reflected no changes of importance in the bulk
of securities. Liquidation appeared in coal mining
stocks, however, and these issues lost all the gains
they made earlier in the week. Trading on Thursday
was dominated by a report of the official Institute
8032
for Business Research, which indicated that many
stocks are above their. real values. There was little
activity and prices moved only fractionally and in
both directions. Changes were only nominal in a
dull session yesterday, and closing levels were virtually unchanged.
Ethiopia and the League
NOTHER brief chapter in the history of the developing conflict between Italy and Ethiopia
came to an end last Saturday, when the special meeting of the League of Nations Council terminated
with results that are remarkable only for their
futility. The Council followed its anticipated course
of delay in facing this vital issue. The course of
the meeting was determined entirely by the British,
French and Italian delegates, and it ended with the
adoption of two resolutions providing for renewed
efforts toward conciliation and arbitration, and a
further.Council meeting on Sept. 4 to re-examine the
position. In the meantime, conversations are to be
held by Great Britain, France and Italy regarding
the Ethiopian problem. Such discussions are to be
held Aug. 16 or 17, in Paris, under the 1906 treaty
signed by those countries with respect to the division
of Ethiopia into spheres of influence. There is not
even a pretense of respect for the League Covenant,
or of international measures to prevent the despoilment and division of a full-fledged member in good
standing, and the League stands revealed once again
as a mere instrument for the devices of the leading
European Powers. An Italo-Ethiopian war now is
considered all but inevitable, and preperations are
being rushed by both countries. Even if the Paris
conferees agree later this month upon an immediate
or eventual partition of Ethiopia under the 1906
treaty, it is difficult to see how hostilities can be
averted when the rains cease in East Africa, for
the mounting war fever is almost sure to precipitate
an armed clash.
The four-day session of the League Council was
started with a secret gathering, and it ended last
Saturday with a public meeting at which the two
resolutions prepared by the representatives of the
three leading Powers of Europe were adopted without a dissenting voice. Italian views are embodied
in the first resolution, which calls merely for a resumption of arbitration, but under the stipulation
that the arbitrators are not to consider the sovereignty of the territory on which the border clashes
occurred late last year and early this year. The
second resolution provides that the results of the
arbitration proceedings are to be communicated to
the Council by Sept. 4, when another special meeting
will take place. Baron Pompeo Aloisi, the Italia
n
delegate, refrained from voting on this resolution,
and already it is surmised that Italy may declin
e to
attend the September Council session. No attem
pt
was made to obtain promises from the disput
ants
that they will not resort to violence. Nor
did the
Council concern itself with the flow of men
and
munitions to East Africa. "There is no hope
here
of any action by the League or by the Power
s that
can halt 'Mussolini's war' in the present
circumstances," the Geneva correspondent of the
New York
"Times" remarked last Saturday. "Apparentl
y the
sole chance of preventing actual warfare
lies in the
three-Power negotiations, which are expect
ed to discover some reparation sufficiently attractive to Italy
to be acceptable in lieu of war and yet leaving enough
A
804
Financial Chronicle
substance to the intended victim to make her prefer
it to the risk of a conflict in which her ultimate suc•
cess would be more than doubtful."
regarded rather
The Council resolutions were
lightly in Rome, according to reports from that
center. Italian officials continued to insist that the
Ethiopian problem must be settled by Italy in "the
most practical way." The Ethiopian Government
accepted the League action because there was no
alternative. Although the arbitration commission
is debarred from considering the sovereignty of
Ualual and other points at which clashes occurred,
a statement was issued at Addis Ababa to the effect
that the commission "cannot fail to take account of
the double fact that official Italian maps place
Ualual in Ethiopian territory, and that an Italian
memorandum previously presented only alleges
simple factual possession of the locality by an Italian
force." Gaston Jeze, the Ethiopian representative
at Geneva, sent a note to the Italian Government on
Tuesday suggesting an immediate meeting of the
two Italian and two Ethiopian arbitrators for the
purpose of naming a fifth and neutral member of
the commission.
British authorities continued this week their
anxious search for some means of preventing actual
warfare between Italy and Ethiopia. Captain Anthony Eden, the British representative at Geneva,
returned to London early this week and conferred
at length with Prime Minister Stanley Baldwin and
Foreign Secretary Sir Samuel Hoare. It was intimated in London that any settlement must be in
accordance with the principles of the League Covenant, and therefore duly respectful of the sovereignty and independence of Ethiopia. But in some
sections of the British press there was a good deal
of criticism of the tactics adopted at Geneva and
the further steps foreshadowed at the coming Paris
meeting. No great concern was manifested in
France regarding this entire affair, even though the
future of the League may be involved.
The Italian Government furnished additional indications of its intentions on Tuesday, when orders
were issued for the mobilization of a further 30,000
troops for service in the Italian colonies of Eritrea
and Somaliland. In a Port Said report of Wednesday to the Associated Press it was stated that approximately 240,000 Italian soldiers and laborers
so far have passed through the Suez Canal on their
way to service in the impending conflict. No less
than nine Italian transports have passed through
the canal on a single day, and it was estimated that
the Italian Government has paid $10,000,000 in
canal tolls on war transports. Reports from Addis
Ababa suggest that the warlike tribesmen of Ethiopia are being restrained with difficulty from rushing upon the Italians in the neighboring colonies.
Emperor Haile Selassie continued to insist, however, that every effort will be made to avert war.
The question of Italian credits for financing purchases of war materials was raised in a new form
on Wednesday, when officials of the Export-Import
Bank of Washington announced that American exporters will receive no aid from the Government
institution for financing cotton exports to Italy.
An Italian Government spokesman was reported in
an Associated Press dispatch from Rome, on Thursday, as saying that Italy has no need of outside help,
financial or otherwise, in her struggle with Ethiopia.
Aug. 10 1935
French Deflation
ERIOUS labor troubles developed in France, this
week, as a consequence of the pay reductions
ordered for all civil employees by Premier Pierre
Laval on July 17, in the endeavor to balance the
national budget and prevent devaluation of the
franc. While the workers in naval centers and on
some commercial vessels were manifesting their
resentment, M. Laval put the finishing touches to a
new series of emergency measures, intended to complete the deflationary program by forcing a drop
in the cost of living. The signal for a wave of strikes
against the pay reductions apparently was given by
the General Confederation of Labor in France, which
met on Monday and decided to oppose the deflationary program. Some 3,000 workers in the Government shipyards at Brest walked out the same day
in protest against the decree cutting their wages.
Rioting followed on Tuesday at Brest, and similar
demonstrations also developed at the naval base in
Toulon. Many workers at Havre and St. Nazaire
became involved subsequently, but the most serious
disorder was noted at Toulon, where five persons
were reported killed on Thursday and 200 injured.
Labor trouble was experienced at the great French
naval arsenals, and another touch was added by a
walk-out of the crews of some of the large French
passenger liners. It was found necessary to postpone the sailing of the liner Champlain for New
York.
Premier Laval and his Ministers conferred all of
Thursday in an effort to complete the deflationary
legislation, and late that day approval was voted
for a long list of decrees affecting financial, economic and business conditions. Approximately 70
to 80 decrees will result from the discussion, a Paris
dispatch to the New York "Times" indicates. The
measures approved include a lowering of the legal
limit on interest rates for commercial loans to 5%
from 6%, and in some instances even to lower figures. Supplementing the reduction in rents for
homes and in the interest rates payable on home
mortgages previously decreed, the Cabinet now has
approved a reduction of 10% in rents payable for
commercial premises and a proportional decrease of
interest rates on related mortgages. The French tax
on the profits of directors of business enterprises
was raised to 24% from 18%, while another decree
provides for curtailment of profits realized on contracts let by the State and local governments. A
special committee is to be set up to regulate meat
prices. A public works program will be started in
order to relieve unemployment, and approximately
2,000,000,000 francs will be devoted to this aim. A
cautious start toward lowering of the trade barriers
which France has built up so energetically in recent
years is to be made through the removal of import
quotas on a number of products. The general aim of
all the measures is to lower prices and increase trade
and employment. M. Laval will have to answer to
the Parliament next October for all his decrees and
their effects, and on the decision then rendered by
the Chamber and the Senate the fate of the franc
probably will depend.
S
Nazi Drive Continues
FFICIALS of the German Nazi Government are
continuing with much energy their campaign
against real or imagined enemies of the Fascist
O
Volume 141
Financial Chronicle
805
movement in the Reich, and Jews, as usual, are served by Danzig. Negotiations for a final settlebearing the brunt of the attack. Although number- ment of the dispute are to begin soon.
less real problems are pressing for solution, the
Chaco Peace Conference
Nazis preferred to raise a furore regarding hotels
UFFICIENT progress has been made by the
that take Jews as guests, and those "Aryans" who
Chaco peace conference at Buenos Aires to
trade in Jewish shops. Not content with such disanimosity, new attacks insure against any possible resumption of hostilities
plays of small-minded racial
also were made upon what the Nazis call "political in the war between Paraguay and Bolivia which
catholicism." The dead level of uniformity and of lasted three years and cost 100,000 lives. The work
subservience to the peculiar Nazi ideology desired of the conference itself is proceeding slowly, partly
by Herr Hitler and his lieutenants was illustrated because of the numberless difficulties involved and
as well by movements against the few remaining partly because some of the neutral participants conMasonic groups in the Reich, and against the Steel sider delay advisable, since the passage of time is a
Helmet organization of war veterans. The some- good guarantee against renewal of warfare. The
what frantic Propaganda Minister of the Reich, Dr. two disputants, however, are said in a Buenos Aires
Paul Joseph Goebbels, declared in a speech at Essen dispatch of last Saturday to the New York "Times"
last Sunday that the fight against the "foes" of the to be anxious for the earliest possible settlement of
Nazis will be waged with ever greater ferocity and peace terms. They are demobilizing their forces
intensity. Oddly enough, the Propaganda Ministry with far greater rapidity than was expected or
at about the same time issued a statement declaring requested by the neutral commission detailed to
that there is complete order throughout the Reich. supervise this work. Bolivia already has demobilThe foreign reaction to the Nazi campaign appar- ized 10,815 men and Paraguay 17,752 men, so that
ently is making at least an impression upon the Nazi Bolivia is demobilizing twice as fast and Paraguay
officials, but they took the quite typical course late nearly four times as fast as the commission had
last week of attempting to coerce foreign press corre- planned. Some 10,000 war prisoners taken by Paraspondents in Germany to send reports that would guay and not yet transported to that country from
make more pleasant reading for the Nazis them- the Chaco have been released and sent back to Boselves. Dr.Ernst Klein of the "Baseler Nachrichten" livia, but 30,000 prisoners held in Paraguay are to
of Switzerland, who spent 15 years in Germany as be retained, apparently in the belief that a Bolivian
the correspondent of his paper, was ordered to leave desire for return of the prisoners will expedite the
Germany within five days because his dispatches peace settlement and the eventual repatriation of
the captured soldiers.
did not please the Nazi authorities.
The gathering at Buenos Aires decided last SaturPoland and Danzig
day upon a formula for settling the difficult problem
EVALUATION of the gulden by the Free City of responsibility for the Chaco war. For a time
of Danzig produced a customs dispute between there was a tendency on the part of the conference
Poland and the little former German city that to adjudicate the matter itself, but wiser counsels
reached a highly acrimonious stage early this month. prevailed and a decision was reached to set up an
But the difficulty now has been settled, apparently international court of three members, one from
through the influence of the Berlin Government. Argentina, one from Brazil and one from the United
The devaluation of the gulden was intended to place States. Paraguay will nominate the Argentine
that currency on a parity with the Polish zloty, but a jurist, while Bolivia will name the one from Brazil,
capital flight from Danzig plunged the currency of and the two chosen members then will unite upon
the small Free City below the desired level. The an American member. If the findings of this court
Polish Government, alarmed over the influx of goods are unsatisfactory to either country, an appeal can
through Danzig, issued a decree on July 18 for the be taken and the entire question submitted to the
collection in zlotys of Danzig import duties on mer- Permanent Court of International Justice at The
chandise destined for Poland. Although Danzig is Hague. At a function in Washington, Tuesday,
within the Polish customs area, the officials of the Secretary of State Cordell Hull took occasion to
Free City declined to recognize the decree. There praise the spirit of amity that is developing now in
was talk in Warsaw for a while of Polish coercion the two Latin American countries. He expressed
of the Free City, but the Danzig authorities, undis- the hope that the way now is open to banish war
mayed by the rumors, announced last week that eternally from this hemisphere. "This example of
duties would be eliminated on important categories the pacific settlement of controversies between two
of goods which are imported chiefly from Germany. nations, coming as it does at an acute stage of
Warsaw promptly demanded an explanation and the strained relations in another part of the world,
termination of this situation, and at the same time should afford genuine encouragement to peace lovers
all shipments of the goods included in the non-duti- everywhere," Mr. Hull remarked.
able group were refused at the Polish border. Polish
India
authorities also are said to have appealed to Berlin
NLY a few days after royal approval was
for proof of German impartiality in the dispute
granted for the new India bill, announcement
between Warsaw and the Nazi authorities of Danzig.
The desired results followed speedily,for on Wednes- was made in London that the Marquess of Linlithgow
day it was announced that a provisional settlement will be the next Viceroy of India. This appointment
had been reached, the Free City agreeing to with- was announced on Tuesday, and the choice was
draw its decree for duty-free importation of goods, regarded in England as an excellent one, since Lord
while Poland agreed to suspend the measures taken Linlithgow has an exceptional knowledge of Indian
to keep such wares from crossing the Danzig-Poland problems, gained partly in that country and partly
border. The Polish order for collection in zlotys of as Chairman of the Joint Committee of Parliament
duties on imports intended for Poland will be ob- which spent two years in drafting the 400-page bill
S
R
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806
Financial Chronicle
signed by King George late last week. He will proceed to his post next April, when the five-year term
of the Earl of Willingdon expires. To the newlynamed Viceroy will fall the task of administering
the bill and placing in effect the new Constitution
for India which it embodies. A measure of selfgovernment is provided in this document for the
Indians, but it falls far short of the demands made
by the Congress party, and it is quite possible that
the next few years will be trying ones for the British
rulers of India. Any difficulties are likely to center
particularly around the powers reserved to the
Viceroy. Such powers include broad responsibilities
relating to the defense of the country and the safeguarding of its finances. Many Indian political
leaders denounced the bill as a sham, but there are
indications that the Congress party will name candidates in the first elections for the Provincial
Legislatures. The signature of the bill means that
the test period soon will begin, and it is doubtless
In recognition of the intricate problems involved
that one of the most able, skilled and tactful of the
Conservative leaders has been chosen at this time
to direct the destinies of India.
Emperor Hirohito
Y A CURIOUS coincidence, great anger was
displayed by officials of the Japanese Government over an American caricature of Emperor Hirohito on the same day that the absolute power and
celestial origin of the Emperor were reaffirmed by
the Government leaders. It would seem that both
incidents represent the subtle maneuvering that
constitutes politics in Japan. The cartoon of Emperor Hirohito, which appeared in the August issue
of "Vanity Fair," assuredly was not calculated to
please the Japanese, since it depicted their Emperor
drawing a jinricksha on which reposes the Nobel
peace prize. This cartoon was one of a series representing "highly unlikely historical situations."
Tokio officials are said to have considered the picture an insult to the Emperor and an offense to the
dignity of the Japanese people. Copies of the publication that reached Japan were confiscated and
Ambassador Hirosi Saito made informal representations to Secretary of State Cordell Hull regarding
the matter. Mr. Hull quite properly expressed his
regret over the incident, last Monday. The question
may well be posed, however, as to why Japanese
officials suddenly should become incensed over the
insult to their Emperor, when the delightful but
thoroughly irreverent "Mikado" of Gilbert and Sullivan is played with great frequency in England and
America, with Japanese visitors often in the audience, quite without protest of any kind. The answer
was supplied Monday by the Tokio Foreign Office
spokesman, who hinted that the present state of
national sentiment in Japan made a display of
energy necessary. "Delay in protesting would have
•been regarded here as another example of the Foreign Office's week-kneed diplomacy," a dispatch to
the New York "Times" remarked. "Not only might
an ugly situation against the United States have
arisen among reckless elements, but the civilian Government would have lost more prestige."
Additional light on the Japanese situation is
thrown by a Government declaration of last Saturday defining the position of the Emperor and making
it clear that he possesses supreme power. Deprecating the introduction into Japan of modern constitu-
B
Aug. 10 1935
tional theories, the Government declared that any
theory which regards the Emperor as an institution
to exercise the supreme power runs counter to the
true character of Japan's national policy. "The
statement will be misunderstood if read as an effort
to settle the disputes as a point of constitutional
law," the Tokio correspondent of the New York
"Times" said. "Its purpose is to terminate the
agitation which has been affecting the sentiments of
the army and navy since 1930, when the Emperor
signed the London naval treaty on Premier Hamaguchi's advice, disregarding that of Admiral Kanji
Kato, chief of the naval staff. Ostensibly the dispute concerned the legal theory of the Japanese Emperorship, 'but it also involved the prerogatives of
the fighting services." Reinterpretation of the Constitution was demanded in Japan in the sense that
the advice of the general staff on matters of defense
would be final. This reinterpretation is held to be
implicit in the !Cabinet's declaration, the "Times"
dispatch indicated.
Discount Rates of Foreign Central Banks
HE Bank of France on August 8 lowered its disto 3%,the 3
count rate from 3
rate
having been in effect since July 18 1935. Present
rates at the leading centers are shown in the table
which follows:
T
DISCOUNT RATES OF FOREIGN CENTRAL BANKS
Country
Austria__
Batavia__ __
Belgium_ __
Bulgaria__
Canada__
Chile
Colombia__
Czechoslovakia____
Danzig_ ___
Denmark_ _
England_ _ _
Estonia__
Finland__
France_ ___
Germany__
Greece
Holland_ _ _
Rate in
Date
Effect
Aug. 9 Established
PreMous
Rate
314
4
2
7
234
4
4
July 10 1935
July 1 1935
May 15 1935
Jan. 3 1934
Mar. 11 1935
Jan. 24 1935
July 18 1933
4
414
214
8
__
434
5
314
6
234
2
5
4
3
4
7
6
Jan. 25 1933
May 3 1935
Nov.29 1933
June 30 1932
Sept.25 1934
Dec. 4 1934
Aug. 8 1935
Sept.30 1932
Oct. 13 1933
July 26 1935
434
4
3
234
534
434
334
5
754
5
Country
Rate in
Effect
Date
Aug. 9 Established
Hungary-__ 454
India
334
Ireland_ _ 3
Italy
334
Japan
3.65
Java
434
Jugoslavia .. 5
Lithuania
6
Morocco
634
Norway- - - 334
Poland_ __ _ 5
Portugal_ 5
Rumania _ _ 434
SouthAtrica 4
Spain
5
Sweden
. 2%
Switzerland 254
Oct. 17 1932
Feb. 16 1934
June 30 1932
Mar. 25 1935
July 3 1933
June 2 1935
Feb. 1 1935
Jan. 2 1934
May 28 1935
May 23 1933
Oct. 25 1933
Dec. 13 1934
Dec. 7 1934
Feb. 21 1933
July 10 1935
Dec. 1 1933
May 2 1935
Preoious
Rate
5
4
334
4
3
33.4
634
7
414
4
6
554
6
5
53.4
3
2
Foreign Money Rates
IN LONDON open market discounts for short bills
1 on Friday were 9-16@/% as against 9-16@5A%
on Friday of last week, and %% for three-months'
bills as against 9-16@/% on Friday of last week.
Money on call in London on Friday was %%. At
Paris the open market rate was reduced on Aug. 5
4
from 43.4 % to 33 %, and on Aug. 7 to 33/2% while
.
in Switzerland the rate remains at 3%.
Bank of England Statement
HE statement for the week ended Aug. 7 shows a
loss of £17,416 in bullion, but as this was attended by an expansion of 0,574,000 in circulation,
reserves fell off 0,592,000. Gold and bullion nOw
aggregate £193,344,135, which compares with L192,186,929 a year ago. Public deposits declined L7,119,000, while other deposits rose £6,327,826. The
latter consists of bankers' accounts which increased
£6,981,998 and other accounts which fell off £654,172.
The reserves ratio dropped to 30.13% from 32.55%
a week ago; last year it was 41.95%. Loans on
Government securities decreased £170,000, while
those on other securities rose 0,992,312. The latter
consists of discounts and advances which increased
0,235,936 and securities which decreased £243,624.
The discount rate remains at 2%. Below are the
figures with comparisons for five years:
T
Volume 141
Financial Chronicle
BANK OF ENGLAND'S COMPARATIVE STATEMENT
Aug. 7
1935
Aug. 8
1934
Aug. 9
1933
Aug. 10
1932
Aug. 12
1931
£
£
£
£
£
Circulation
411,835,000 392,806,331 384,974,512 370,819,429 360.051,001
Public deposits
17.240,000 23,882,943 19,412,087 10,667,587 19,433,691
Other deposits
120,507,816 117,661,236 140,692.030 119,901,329 93,042,033
Bankers'accounts_ 82,662,217 82,001,205 92,893,707 85,322,561 58,162,699
Other accounts— 37,845,599 35,660,031 47,898,323 34,578.768 34,879.334
Govt. securities
87,201,044 83,253,781 88,295,963 70,553,993 53,225,906
Other securities
27,193,701 17,057,710 23,410,498 34,573,878 29,148,749
Diset.& advances- 14,078,313 6,985,141 11,035,865 15,236,346 7,051.367
Securities
13,115,388 10,072,569 12,374,633 19,337,532 22,097,382
Reserve notes & coin 41.508,000 59,380,598 66,555,409 43,599.868 48,253,227
Coin and bullion- 193,344,135 192,186,929 191,529,921 139,419,297 133,304,228
Propor. of res. to !lab
30.13%
41.95%
41.56%
33.39%
42.90%
Bank rate
26t
2%
2%
2%
434%
Bank of France Statement
rrHE weekly statement, dated Aug. 2, shows an
increase in gold holdings of 353,664,280 francs.
The Bank's gold now aggregates 71,630,295,919
francs, in comparison with 80,486,582,153 francs a
year ago and 82,081,165,788 francs two years ago.
Credit balances abroad, French commercial bills
discounted and creditor current accounts register
decrease of 1,000,000 francs, 656,000,000 francs and
1,201,000,000 francs respectively. Notes in circulation show an expansion of 1,086,000,000 francs,
bringing the total of notes outstanding up to 82,212,766,880 francs. A year ago circulation stood at
81,717,825,030 francs and the year before at 82,857,875,355 francs. The proportion of gold on hand
to sight liabilities is now 75.13%, as compared with
79.91% last year and 79.02% the previous year. An
increase appears in bills brought abroad of 1,000,000
and in advances against securities of 86,000,000
francs. A comparison of the various items for three
years is shown below:
807
funds,Ton the other hand, is attaining still higher
levels and excess reserves of member banks of the
Reserve system are estimated this week at no less
than $2,550,000,000. The Treasury sold on Monday
a further issue of $50,000,000 discoUnt bills, due in
273 days, and awards were made at an average discount of 0.07%, computed on an annual bank
discount basis. Call loans on the New York Stock
Exchange held to Wi.%, and the same charge was
made for time loans with maturities up to six months.
Rates for bankers bills and commercial paper were
carried along similarly.
New York Money Rates
EALING in detail with call loan rates on the
Stock Exchange from day to day, V of 1%
I
remained the ruling quotation all through the week
for both new loans and renewals. The market for
time money has shown no change this week, no transactions having been reported. Rates are Y on all
i%
maturities. The market for prime commercial paper
has been moderately active this week. Paper has
been in good supply and the•demand has been steady.
Rates are Y for extra choice names running from
i%
four to six months and 1% for names less known.
D
Bankers' Acceptances
RIME bankers' acceptances have been in fair
demand this week, although there has been
only a limited number of bills available. Quotations of the American Acceptance Council for bills
up to and including 90 days at 3-16% bid and %%
BANK OF FRANCE'S COMPARATIVE STATEMENT
asked; for four months, N.% bid and 3-16% asked;
Changes
for five and six months, %% bid and 5-16% asked.
for Week
Aug. 2 1935
Aug. 4 9133
Aug. 3 1934
The bill buying rate of the New York Reserve Bank
Francs
Francs
Francs
Francs
Gold holdings
+353,664.280 71,630,295,199 80,486,582,153 82,081,165,788
Credit bale. abroad_
is /% for bills running from 1 to 90 days, Y for
1
—1,000,000
7,858,096
12,756,163 2,144,468.470
i%
a French commercial
bills discounted— —654,000,000 6,646,424,882 3,703,827,553 2,857,280,335
91-to 120-day bills, and 1% for 121-to 180-day bills.
is Bills bought abr'd
+1.000,000 1,231,128,539 1,141,236,782 1,390,177,362
Adv. against secure_
+86,000,000 3,256,956.285 3,175,426,195 2,730,675,065
The Federal Reserve banks' holdings of acceptances
Note circulation _ __ _ +1,086,000,000 82,212,766,880 81,717,825,030 82.857,875.355
Credit current acc'ts — 1,201,000,000 13,129,353,153 19,001,635,538 21,012,149,704
decreased from
,687,000 to $4,685,000. Open
propor'n of gold on
hand to sight nab.
-1-0.46%
75.13%
79.91%
79.02%
market rates for acceptances are nominal in so far
a Includes bills purchased in France. b Includes bills discounted abroad.
as the dealers are concerned, as they continue to fix
Bank of Germany Statement
their own rates. The nominal rates for open marOLD and bullion holdings in the Bank of Ger- ket acceptances are as follows:
SPOT DELIVERY
many statement for the last quarter of July
--180 Days— —150Days— —120 Dag —
,
Bid
Asked
Bid
Asked
Asked
Bid
were reported incorrectly in these columns last week Prime eligible bills
Si
Ns
34
'is
3.1
hs
and should have been as follows: Gold increased
—90 Days—
--60
—30 Days—
Bid
Alike!
Bid
Asked
Bid
Asked
48,000 marks, bringing the total of gold and bullion Prime eligible bills
hi
34
IN
34
S's
34
FOR DELIVERY WITHIN THIRTY DAYS
up to 93,996,000 marks, which compares with 74,- Eligible
member banks
% bid
874,000 marks last year and 244,960,000 marks the Eligible non-member banks
Si% bid
previous year. Below we furnish a comparison of the
Discount Rates of the Federal Reserve Banks
various items for three years:
HERE have been no changes this week in the
REICHSBANK'S COMPARATIVE STATEMENT
rediscount rates of the Federal Reserve banks.
Changes
The following is the schedule of rates now in effect
for Week
July 31 1935 July 31 1934 July 31 1933
Assets—
for the various classes of paper at the different
Retchsmarks Retchsmarks Retchsmarks
Retchsmarks
Gold and bullion
74,874,000 244,960,000
+48,000
93,996,000
Of which depos. abroad
No change
33,439.000
16,848.000
Reserve banks:
30,176.000
Reserve in foreign curr.
3,147,000
—2.510,000
P
G
T
Bills of exch. and checks
Silver and other coin _ _ _
Notes °pother Ger. bka.
Advances
Investments
Other assets
Liabilities—
Notes in circulation_ _ _
Other daily matur. oblig
Other liabilities
propor. of gold & for'n
curr. to note circul'n
77,612,000
5,887.000
+461,8160003,838432000 3,431,105,000 3,181,003,000
—86,431,000 158,268,000 226.276,000 204,848,000
5,656,000
—10,396,000
4,611,000
4,731.000
52,268,000 109,027,000 164,538,000
+11,776,000
. —31,000 660,906,000 713,464,000 320,176,000
—37,048,000 651,571,000 653,623,000 526,339,000
+331,663,000 3,877,783,000 3,768,495,000 3,492,125,000
—3,174,000 742,940,000 649,027.000 412,332,000
+8,735,000 224.032,000 176,853,000 196,599,000
+2.11%
4.99%
2.1%
9.2%
New York Money Market
ULLNESS remained the prevailing note in the
New York money market this week, and
charges for accommodation were unaltered. Although
business improvement is now proceeding, no reflection of this gain 'has yet made its appearance
in the money market. The accumulation of idle
D
DISCOUNT RATES OF FEDERAL RESERVE BANKS
Federal Reserve Bank
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Raisin
Effect on
Aug. 9
2
134
2
134
2
2
2
2
2
2
2
2
Date
Established
Previous
Rate
Feb. 8 1934
Feb. 2 1934
Jan. 17 1935
May 11 1935
May 9 1935
Jan. 14 1935
Jan. 19 1935
Jan. 3 1935
May 14 1935
May 10 1935
May 8 1935
Feb. 16 1934
234
2
234
2
234
234
234
234
234
234
234
214
Course of Sterling Exchange
TERLING exchange is exceptionally quiet and
steady. The relative inactivity of the market this
week was due in part to the continuation of the
S
808
Financial Chronicle
holiday season, which this week was accentuated by
the fact that practically all business in London came
to a standstill on Friday, Aug. 2, as London was
completely shut down on Monday, the fifth, August
bank holiday. .1"rading was only slowly resumed on
Tuesday and the market gradually became more
active, but as there were no extraordinary occurrences in the European centers, trading in sterling
was steady. The range for sterling this week has
%
been between $4.95M andd $4.963 for bankers'
sight bills, compared with a range of between
cable
$4.953 and $4.96 last week. The range for
%
4
$4.953 and $4.967 ,
transfers has been between
.95% and
a range of between
compared with
$4.96% last week. The pound shows practically no
change in relation to the French franc since the
second half of last week. While the franc is firmer
on average in terms of both sterling and dollars so
far as the spot rate is concerned, future sterling is at
a considerable premium with respect to the franc.
The steadiness of the spot rate is due chiefly to
operations of the British exchange control.
The following tables give the mean London check
rate on Paris from day to day, the London open
market gold price and the price paid for gold by the
United States:
MEAN LONDON CHECK RATE ON PARIS
74.937
74.75 I Wednesday, Aug. 7
Saturday, Aug.3
74.937
Thursday, Aug.8
Holiday
Monday, Aug.5
74.937
9
Aug.
Friday,
74.85
Tuesday, Aug. 6
OPEN MARKET GOLD PRICE
LONDON
140s. 5d.
I Wednesday, Aug. 7
140s. lid.
Saturday, Aug. 3
140s. 6d.
Holiday Thursday, Aug.8
Monday, Aug.5
__ _140s. 530.
Aug.9_
140s. 9Md. Friday,
Tuesday, Aug.6
PRICE PAID FOR GOLD BY THE 'UNITED STATES (FEDERAL
RESERVE BANK)
$35.00
$35.00 Wednesday, Aug.7
Saturday, Aug. 3
35.00
35.00 Thursday, Aug.8
Monday, Aug.5
35.00
Aug.9
35.00 Friday,
Tuesday, Aug.6
Sterling in all important respects is unchanged
from the past sewral weeks. In fact the pound has
varied less than 1% in terms of gold for the past 12
weeks or more. The British Exchange Equalization Fund regards its operations as the source of the
steadiness. Throughout this month at least, and
probably toward the middle of September, seasonal
factors will continue to favor sterling. The threatening circumstances surrounding the gold bloc currencies, particularly the two leading units, the French
franc and the. Dutch guilder, can have no effect on
sterling quotations other than to lend a firm tone to
the pound. It may be taken for granted that the
British authorities will not take advantage of such
firming tendencies but will use every effort to keep
sterling on the same even keel as the market has
witnessed in the past three months or more. Meanwhile because of the uneasiness felt regarding financial and industrial prospects in many countries, there
must continue an excessive flow of nervous money
to London seeking safety.
The wide trade and industrial activity in Great
Britain, accompanied by expansion of British overseas commerce, is another factor giving buoyancy
to the pound. New capital issues in London are
steadily increasing and there is a strong disposition
there to extend loans overseas in the more safe and
promising fields. New issues are now larger in
volume than at any time in the past 15-years. An
extremely cheerful tone has been imparted to the
British security markets by the July unemployment
figures of 1,972,900, the lowest recorded for five
years. At present the only offset to the flow of funds
to London is a tide of British and Continental funds
Aug. 10 1935
to the New York security markets. Very soon, of
course, London will have to face the usual autumn
pressure in consequence of grain, cotton, and other
raw material imports from this side.
London and the foreign exchange market generally
are gratified by the improved position of the guilder
and the French franc. The London market is
extremely confident as to the course of sterling, but
the general opinion is that the premium on forward
sterling with reference to guilders and French francs
is clearly indicative of an underlying uneasiness with
respect to these two currencies. It is pointed out
that foreign exchange traders in all centers realize
that if M. Laval's plans are to succeed they must
show results within the next few months, between
now and October. As to the Dutch situation, the
London market at least expects that the present
recovery in the guilder will prove only temporary.
The economic problems of the gold bloc countries
are unsolved and London sees no reason for departing from its view that a further crisis must arise
and that ultimately resistance to some measure of
devaluation of currency must collapse, certainly so
far as the guilder is concerned.
As regards the course of discussion on the prospects
for stabilization, which continues in the press, among
business men and economists and in banking reviews,
it is contended in some important quarters in London
that through operations of the various governmental
exchange funds, de facto stabilization, at least of
sterling, has already been attained. Owing to the
general uneasiness as to the German economic situation, the Dutch problems, and because of the extremely critical economic conditions resulting from
the Italian political situation, it is thought in responsible circles in London that any concerted attempts
to effect currency stabilization by international
governmental agreements will be entirely futile at
any presently predictable date. The Italian developments of the past few months, London authorities
believe, have still further deferred the likelihood of
stabilization by international agreement.
In a wireless dispatch to the New York"Times"
from London on Aug. 3, Lewis I. Nettleton, stated:
"Formal stabilization appears on the surface to
be far off, but appearances may well be deceitful
and the growing desire for it may break down the
barriers sooner than expected. One practical suggestion among many attractive but theoretical
solutions is that stabilization may come through
certain additions to the sterling group [referring
evidently to Holland], which thereby would command
such a volume of trade and conduce to such a revival
of activity that it would become irresistibly attractive to those still outside."
Money continues in abundance in the London open
market and rates are unchanged from those quoted
for the past few weeks. Two-months' bills are
9-16% to %%, three-months' bills %%, fourmonths' bills N% to 11-16%, and six-months' bills
%% to p%. Last week six-months' bills were
13-16% to %%.
All the gold available in the London open market
continues to be taken for unknown destinations,
chiefly for private hoarders. On Saturday last there
was so taken £153,000. On Monday the market was
closed. On Tuesday £172,000 was taken, on Wednesday 076,000, on Thursday £185,000, and on
Friday £118,000.
Financial Chronicle
809
The gold movement at the Port of New York for franc. It can be safely asserted that a large part of
the week ended Aug. 7, as reported by the Federal the recent gold acquisitions by the Bank of France
Reserve Bank of New York, was as follows:
were due to restoration of confidence in the franc
as a consequence of M. Laval's economy program.
GOLD MOVEMENT AT NEW YORK, AUG. 1-AUG. 7,INCLUSIVE
Imports
Exports
The rather widely publicized disturbances which
$11,794,000 from Holland
813,000 from India
have been occurring at Brest, Toulon, and other
None
15,000 from Nicaragua
French centers have had little influence on the
$12,622,000 total
current situation of the franc. These disturbances
Net Change in Gold Earmarked for Foreign Account
would doubtless have arisen even if the economy
Decrease, $252,600
measures had not been adopted, as the unrest is
Note—We have been notified that approximately 8275,000 of gold was
received from China at San Francisco.
similar in character to that now prevalent in other
The above figures are for the week ended on countries. The relative firmness and steadiness in
Wednesday. On Thursday $17,040,500 of gold was francs this week is due in some degree to the active
received from Holland. There were no exports of participation of the British exchange control in the
the metal or change in gold held earmarked for for- foreign exchange market for the purpose of holding
eign account. On Friday there were no imports or sterling steady with reference to gold.
exports of the metal but gold held earmarked for
Premier Laval's government with the active
foreign account decreased $107,200.
do-operation of the French banks,it is clear, is making
Canadian funds during the week were quoted in every effort to induce a resumption of the downterms of the dollar at a discount ranging between ward trend of both long- and short-term money rates
M% and 1-16%.
which was interrupted by the guilder crisis. At
Referring to day-to-day rates sterling exchange on present the problem is made difficult by the lack of
Saturday last was dull and steady. Bankers' sight public participation in the stock market and the
4
was $ .9532@$4.95%; cable transfers $4.95%@ general mid-summer calm. Despite the strenuous
$4.96. On Monday, London was closed owing to the measures taken by Premier Laval and the GovernAugust bank holiday. In New York sterling ranged ment's insistence that there should be no devaluation
from $4.95%@$4.95% for bankers' sight and from of the franc, the course of the unit remains uncertain.
$4.958@$4.96 for cable transfers. On Tuesday the Dr. Charles Rist, former Vice-Governor of the Bank
market was more active. Bankers' sight was $4.959
of France,in a recent issue of the "Revue d'Economic
@$4.96; cable transfers
.95%@$4.96H.
On Politique," which he has long edited, expressed
Wednesday sterling was steady. The range was doubt that severe deflationary measures are the
$4.96@$4.9634 for bankers' sight bills and $4.96%@ correct remedy for the French difficulties. He
.,
$4.963 for cable transfers. On Thursday exchange on expressed himself in favor of large direct and indirect
/
London was in demand and steady. The range was credits by the Bank of France to the State in the
$4.963@$4.965 for bankers' sight and $4.96%@ coming months as the only means of enabling the
,
$4.96% for cable transfers. On Friday the pound Government to abstain from appeal to the capital
continued steady. The range was $4.9638@$4.96% markets, and preventing money from becoming
/
for bankers' sight bills and
.963/2@$4.96% for dearer. Dr. Rist considers that such credits would
cable transfers. Closing quotations on Friday were not imperil the franc if concomitant measures are
$4.961 for demand and $4.96% for cable transfers. taken to balance the budget, and the step would
4
Commercial sight bills finished at $4.96%, 60-day render possible cheap money, which cannot alone
bills at $4.953, 90-day bills at $4.94%, documents meet the crisis, but can help materially in that
for payment (60 days) at $4.9534 and seven-day direction.
.
grain bills at $4.96. Cotton and grain for payment
Belgian exchange continues exceptionally steady
closed at $4.96 8.
and firm with respect to all leading currencies, ruling
generally at a slight premium. It is believed that no
Continental and Other Foreign Exchange
small part of the gold recently acquired by the Bank
XCHANGE on the Continental countries is of France represents return of French funds from
generally firmer owing to the improved tone Belgian centers, where they had recently taken
of the French franc. On Thursday the Bank of refuge during the flight from the franc.
France lowered its rediscount rate from 332% to
The German mark situation holds out no promise
3%. The 3% rate had been in effect since July 18, of improvement. The distressing circumstances
when it was reduced from 4%. The rate on loans affecting the mark are common knowledge. It
on gold bars was decreased from 7% to 6%. This becomes increasingly difficult to obtain reliable
was the first reduction on gold loans since the finan- information as to the economic tension existing in
cial crisis in May caused the rate to be raised from Germany. It is plain, however, that Dr. Hjalmar
7
332 0, Loans on securities were lowered from 5% Schacht, President of the Reichsbank and Economic
4% and 30-day loan rates were reduced from Director of the Reich, is clearly worried over many
to
3% to 3%. In foreign exchange circles these phases of political activity which adversely affects
reductions had been anticipated for the past two German business. Latest reports indicate an inweeks, as lower money rates are necessary to M. creasing stagnation of business, unwillingness of
Laval's general policy of effecting economies and manufacturers to take risks, and a decrease in the
promoting industrial activity.
granting of credits for purely industrial purposes.
For the past few weeks the Bank of France has The confusion at Geneva, apparent dissensions
been increasing its gold holdings. Some of the in the Nazi ranks, and a rapid rise in the prices of
additions were due, however, to losses by the Bank essentials of domestic consumption all conspire
to
of The Netherlands, and any procedure which tends aggravate the situation.
Undoubtedly the gold mark is ruling firm, generally
to weaken the position of the Dutch bank is not
regarded as conducive to the best interests of the above par with respect to all other currencies,
but
• Volume 141
E
Financial Chronicle
810
this is an entirely artificial condition created by the
limited amount of free marks allowed by the Reichsbank. The fiction is maintained that the mark is a
gold unit, its par in new dollars being 40.33. Free
marks have been ruling well above par in the New
York market. During the past week they were
quoted several times as high as 40.42. On the
other hand, registered commercial marks are regarded as par 40.33, but the prevailng quotation is
around 23.50. Mark currency sent from abroad,
par 40.33 rules round 35.00. Tourist marks, par
40.33, are quoted around 28.00. Benevolent marks
.
(50% free), par 40.33, rule around 32.00. Letters of
credit based on Dawes and Young loan coupons,
par 40.33, are ruling at 25.00.
The following table shows the relation of the leading
European currencies still on gold to the United
States dollar:
Old Dollar
Parity
3.92
France (franc)
13.90
Belgium (belga)
5.26
Italy (lira)
19.30
Switzerland (franc)
40.20
Holland (guilder)
New Dollar
Parity
6.63
16.95
8.91
32.67
68.06
Range
This Week
6.62 to 6.63g
16.90 to 16.93
8.20( to 8.22
32.72 to 32.81
67.66 to 67.95
The London check rate on Paris closed on Friday
at 74.91 against 74.79 on Friday of last week. In
New York sight bills on the French center finished
at 6.623's, against 6.633 on Friday of last week;
cable transfers at 6.62%, against 6.63%, and commercial sight bills at 6.59%, against 6.609.. Antwerp belgas closed at 16.90 for bankers' sight bills
and at 16.91 for cable transfers, against 16.91 and
16.92. Final quotations for Berlin marks were
40.40 for bankers' sight bills and 40.41 for cable
transfers in comparison with 40.36 and 40.37.
Italian lire closed at 8.21 for bankers' sight bills and
/
at 8.22 for cable transfers, against 8.191 2 and 8.2034
Austrian schillings closed at 19.00 against 19.02;
exchange on Czechoslovakia at 4.163, against
2
4.163/; on Bucharest at 0.95, against 0.983/2; on
Poland 18.97, against 18.99; and on Finland at
.1
2 93/2 against 2.193'. Greek exchange closed at
0.943' for bankers' sight bills and at 0.95 for cable
A
transfers, against 0.943 and 0.94%.
XCHANGE on the countries neutral during the
war is generally firm. On Friday of last week
the Netherlands Bank lowered its rediscount rate
to 5% from 6%, reflecting the improved position
of the guilder. Gold stock of the Netherlands Bank
increased last week 25,100,000 guilders to 582,800,000
guilders. The gold cover was 68%. It is confidently
expected that a further important reduction will be
made immediately. Premier Colijn recently announced that the Government would make a declaration of policy on Sept. 17. He pointed out that it
was unknown whether the new government will
again come in conflict with Parliament as the Cabinet
is an extra-parliamentary one, but that it quietly
awaits a meeting with the Chamber.
Despite the strong stand taken by the Government
and many important interests, the general opinion
in foreign exchange circles both here and abroad
is that deflation policies cannot be successfully carried
out, that circumstances will force some degree of
devaluation in the guilder in the near future. In
some important quarters it is believed that The
Netherlands will become an avowed adherent to the
sterling group.
Swiss francs are exceptionally firm. Par of the
unit is 32.67. The currency has ruled this week
E
Aug. 10 1935 •
between 32.72 and 32.81. It is equally firm with
respect to the European currencies, due in some
measure to the Italian situation and to uneasiness
felt over conditions in Germany. Every disturbance
of a political or financial character in any part of
Europe generally results in a major or minor flight
of capital to Switzerland for security. Spanish
pesetas move in close sympathy with the French
franc. The Scandinavian currencies are firm in
sympathy with sterling exchange, with which they
are allied.
Bankers' sight on Amsterdam finished on Friday
at 67.69, against 67.86 on Friday of last week;
cable transfers at 67.70, against 67.87, and commercial sight bills at 67.67, against 67.84. Swiss
francs closed at 32.74 for checks and at 32.75 for
cable transfers, against 32.78 and 32.79. Copenhagen checks finished at 22.17 and cable transfers
at 22.18, against 22.14 and 22.15. Checks on Sweden
closed at 25.60 and cable transfers at 25.61, against
25.57 and 25.58; while checks on Norway finished
at 24.95 and cable transfers at 24.96, against 24.92
and 24.93. Spanish pesetas closed at 13.723, for
bankers' sight bills and at 13.733/i for cable transfers,
against 13.74 and 13.75.
XCHANGE on the South American countries
follows much the same trends as have been
apparent for many weeks. Exchange on Buenos
Aires is generally firm, moving within narrow limits
and fluctuating closely with sterling, though for the
most part the variations are confined to the unofficial or free market. Brazilian milreis are showing
marked weakness despite the recent application of
more stringent exchange control. On Aug. 6 the
New York Coffee and Sugar Exchange received a
cable message from Rio de Janeiro to the effect that
the Bank of Brazil inspectorate has advised bankers
and exporters that exchange bills on declared sales
for which the delivery period has expired must be
liquidated within 10 days without prorogation. The
inspectorate will refuse shipping permits on new
operations to firms which fail to comply with the
regulations. For further operations exchange must
be covered within five working days from the date of
sales declaration, and respective liquidations within
the contractual periods declared. Dispatches from
Rio de Janeiro on Aug. 7 pointed to the probability
of the suspension of foreign debt payments by Brazil
within a few weeks. According to this report negotiations are now being made between the government
and foreign bankers' representatives for a suitable
formula to effect the suspension. It is estimated that
Brazil is still short about £15,000,000 required to
meet commitments, including loan interest under
thawing agreements and commercial remittances
which are not postponable. Because of the shortage
of foreign money in Rio de Janeiro the prospect is
for debt payment suspension.
Argentine paper pesos closed on Friday, official
quotations, at 33 for bankers' sight bills, against
33 on Friday of last week; cable transfers at 333',
against 333'. The unofficial or free market close
was 26.80@26.85, against 26.70@26.90. Brazilian
milreis, official rates, are 8.20 for bankers' sight
.
bills and 83.1 for cable transfers, against 8.20 and
83. The unofficial or free market close was 5.45,
against 5%. Chilean exchange was nominally quoted
on the new basis at 5.19, against 5.19. Peru i:nominal at 23.86, against 23.86.
E
Financial Chronicle
Volume 141
XCHANGE on the Far Eastern countries follows
the trends prevalent for many months. There
have been no new developments of importance for
several weeks. The Japanese control keeps the yen
in close relationship to sterling. Hong Kong and
Shanghai are influenced by the London silver price,
while the Indian rupee, of course, fluctuates strictly
with sterling, to which it is legally affixed at the rate
of is. 6d. per rupee.
Closing quotations for yen checks yesterday were
29.32, against 29.25 on Friday of last week. Hong
Kong closed at 52.05@52 7-16, against 523.j@
52 11-16; Shanghai at 37, against 37%@37 7-16;
Manila at 49%, against 49.80; Singapore at 57.90,
against 57.95; Bombay at 37.50, against 37.47, and
Calcutta at 37.50, against 37.47.
E
Foreign Exchange Rates
URSUANT 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. We give below a
record for the week just passed:
p
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922
AUG. 3 1935 TO AUG. 9 1935 INCLUSIVE
Noon Buying Rate for Cable Transfers in New York
Value in United Slates Money
Country and Monetary
Unit
Aug. 3
Aug. 8
Aug. 7
Aug. 5 I Aug. 6
Aug. 9
Europe
$
Austria, schilling____ .189483* .189333* .189216* .189116* .189266* .189366*
Belgium, belga
.169088 .169038 .168938 .168973 .168953 .168992
Bulgaria, ley
.013325* .013375* .013125* .013125* .013250* .013250*
Czechoslovakia, krone .041603 .041571 .041550 .041532 .041557 .041571
Denmark. krone
.221333 .221287 .221375 .221458 .321570 .221645
England, pound sterrg 4.956875 4.957750 4.959000 .961166 4.963166 .966333
Finland, markka
.021865 .021890 .021879 .021883 .021910 .021895
France,franc
.066344 .066315 .066208 .066202 .066237 .066268
Germany, reichsmark .403723 .403785 .403228 .403257 .403621 .403921
Greece. drachma
.009452 .009440 .009437 .009439 .009441 .009447
Holland, guilder
.678157 .678838 .676834 .676550 .676735 .677357
Hungary, pengo
.297325* .297125* .297125* .297000* .297125* .297250*
Italy. lira
.082016 .082046 .082038 .082046 .082138 .082150
Norway, krone
.249095 .249054 .249141 .249254 .249362 .249441
Poland.zloty
.189900 .189680 .189500 .189380 .189550 .189640
Portugal, escudo
.045070 .045100 .045097 .045140 .045125 .045150
Rumania,leu
.009950 .009883 .009810 .009760 .009620 .009490
Spain, peseta
.137438 .137414 .137210 .137185 .137239 .137332
Sweden,krona
.255625 .255608 .255666 .255805 .255959 .256025
Switzerland, franc
.327780 .327692 .327235 .327157 .327307 .327450
Yugoslavia, dinar-- _ .022975 .023000 .022987 .022975 .022987 .023000
AidaChinaChefoo (Yuan) doll* .367916 .366666 .372500 .370000 .367916 .365416
Hankow(yuan) doll* .368333 .367083 .372916 .370416 .368333 .365833
Shanghal(yuan)dol. .367812 .366666 .372500 .370000 .367916 .365416
Tientsin(yuan) dolt .368333 .367083 .372916 .370416 .368333 .365833
Hongkong. dollar
.520000 .520625 .520312 .520000 .519062 .518125
India, rupee
.374305 .374240 .374195 .373880 .372475 .374315
Japan. Yen
.292215 .292090 .292110 .292315 .292335 .292410
Singapore (8. S.) dol r .576750 .575000 .575625 .576250 .576250 .576250
Australasia
Australia. pound
3.932812* 3.931875* 3.032500* .937187*3.936250* 3.938125*
New Zealand. pound.3
•3.960625 3.960000*3.961250*
•
.956250*3.955625+3.955625
fee
South Africa. pound 4.906250*4.906250*4.907750*
North America
Canada. dollar
.998723 .998750 .998750
Cuba. Peso
.999200 .999200 .999200
Mexico, peso (silver)_ .277550 .277800 .277675
Newfoundland. dollar .996187 .996125 .996125
South America
Argentina. peso
.330425* .330425* .330450*
Brazil, milreis
.083183* .083177* .083177
Chile, peso
.050950* .050950* .050950*
Uruguay. peso
.803375* .804000* .804000*
Colombia. peso...... .524900* .526300* .529100*
•Nominal rates: firm rates not available.
910000*4.911250* 4.914750*
.998854
.999200
.277675
.996312
.999296
.999200
.277675
.996812
.999348
.999200
.277675
.996812
.330500*
.083152*
.050950*
.804100*
.527700*
.330625*
.083100*
.050950*
.804100*
.527700*
.330800+
.083100*
.050950*
.804100*
.527700*
Gold Bullion in European Banks
HE following table indicates the amount of gold
bullion (converted into pounds sterling at par
of exchange) in the principal European banks as of
Aug. 8 1935, together with comparions as of the
corresponding dates in the previous four years:
T
Banks ofEngland-France a....
Germany b
Spain
Italy
Netheri'ds _
Nat. Belg'm
Switzerland
Sweden...
Denmark...
Norway - - _
1935
£
193,344,135
573,042,367
3,191,000
90,775,000
60,450,000
57,372,000
100,971,000
45,399,000
19,794,004)
7,394.000
6.602,000
1934
£
192,186,929
643,892,657
2,559,200
90,555,000
69.609,000
71,950,000
75,016,000
61,498,000
15,335,000
7,397,000
6,577,000
1933
£
191,529,921
656,649,326
11,624.700
90,386,000
73,416,000
64,500,000
76,872,000
61,461,000
13.872,000
7,397,000
6,569.000
1932
£
139,419,297
657,431,561
34,802,300
90,242,000
61,392.000
85,054,000
75,092,000
89,156,000
11,445,000
7,400,000
7,911,000
1931
£
133,304,228
468,454,008
64,973.800
91.015,000
58,063,000
49.002,000
43,946,000
30,956,000
13,209,000
9,546,000
8,130,000
Total week _ 1,158,334,502 1,236.575,786 1,254.276,947 1,259,345,158 970,599,036
Prey. week _ 1,240,432,404 1.235.062.254 1.2511.700.898 L258.592.145 988.275.971
a These are the gold holdings of the Bank of France as reported in the new form
of statement. b Gold holdings of the Bank of Germany are exclusive of gold held
abroad, the amount of which the present year is £1,508,800.
811
The Outlook for Political Conservatism
The resounding Democratic defeat in the Congressional by-election in Rhode Island on Tuesday is an
event whose political significance is not to be underrated. To be sure, a change of party representation
in a single Congressional district does not materially
affect party strength in the House of Representatives, and it would be foolish to predict that because
the voters of a Rhode Island constituency have revolted, the voters of scores or hundreds of other districts will in due course follow suit. As in most such
changes, local as well as national considerations
doubtless played a part. But the fact that a Congressional district which, in 1932, elected a Democratic Representative by a majority of over 21,000
has now elected a Republican candidate by a majority of nearly 13,000, evidences a change of political opinion too emphatic to be ignored. The emphasis was further accentuated by the rejection of
an $8,000,000 bond issue proposition in aid of a public works program more than half of which was to
be financed by the Federal Government. There was
no question, moreover, that the New Deal was the
issue, for the Democratic candidate boldly championed the New Deal and all its works, while the
• Republican candidate as openly opposed and denounced it.
One does not need to look far beneath the surface
to discover convincing reasons for the political overturn. Rhode Island is predominantly an industrial
State, with cotton textiles as its leading industry.
Thanks to the high price of cotton and the exactions
of the processing tax, the cotton textile industry has
suffered heavily. Most of the cotton mills in the
State are closed, mill properties for sale are a drug
in the market, and thousands of former operatives
are on relief with no important prospect of reemployment in the State or of employment elsewhere. The financial burden of relief presses heavily upon the small mill towns as well as upon the
State as a whole, and the depression in the textile
industry is reflected in depression in other industries
and in business generally. There was no reason whatever, accordingly, why the voters should endorse an
Administration whose sweeping promises of recovery have borne no tangible fruit, and equally little
reason for plunging the State further into debt in
support of a grandiose plan of public works which,
as the whole country now knows, has failed lamentably to break the depression and assist industry
and business to revive.
It is characteristic of President Roosevelt that he
should have affected to treat the matter lightly.
Washington correspondents report White House
statements, made on Mr. Roosevelt's behalf, to the
effect that the President did not know about the
election until he read the account of it in the newspapers, and that he also was unaware until Wednesday that an $8,000,000 public works proposal had
been defeated. If such was the case, his official
advisers must have been singularly remiss in their
duty, for the Rhode Island election had been frontpage news for several days before the voting took
place. Secretary Ickes, supposedly one of the President's intimates, was not uninformed or unconcerned, for on the eve of the election he telephoned
an appeal to the voters, through Governor Theodore
F. Green, calling attention to the fact that "at the
moment, because the Federal Government is anxious
812
Financial Chronicle
to do what it can to bring about economic recovery,
we are offering the most generous terms in the history of this or any other country" for the construction of public works, pointing out that "if a State
needs roads or public buildings, or if a local community needs sewage plants or waterworks or schoolhouses, here is a chance to get them at 55% of their
actual cost," and adding that "I should think that
such an opportunity would particularly appeal to a
State whose people are noted for their business acumen and their habits of frugality and industry."
We may be quite sure that the Administration
knew of the Rhode Island election, even if Mr. Roosevelt himself did not keep it in mind. It would be
idle to think that the rebuff which the election gave
to the New Deal and the policy of "throwing billions
around" has not occasioned serious alarm in Administration circles in Washington, notwithstanding the
attempt of some Democratic leaders to pass it off as
of no special consequence. The question now, however, is not so much whether the Administration will
curb its program and go through the form of moving
toward the Right, as it is whether the Republicans
will be able to use their striking victory in Rhode
Island to aid and hasten the return of political and
economic sanity in national affairs. We say the
Republicans, because it is perfectly clear that if an •
effective opposition to Mr. Roosevelt and his following is to be organized, the Republicans must organize
and direct it.
The general outlines of the party situation in 1936
are already reasonably plain. As far as presidential
candidacies are concerned, there will be no third
party seriously to be reckoned with. Even if the
third party movement were far stronger numerically
than there is any reason to believe that it is, and also
far less discordant and incongruous in leadership,
following and ideas than it has thus far shown itself
to be, the election laws of the States offer almost
insuperable obstacles to putting a new party in the
field between now and November 1936. With a few
barely possible but not probable exceptions, the laws
cannot be changed in the interval except by calling
the State legislatures in special session. Of the 44
legislatures which have been or still are in session
this year, only five, by reason of annual sessions, will
meet again in 1936, together with four others which,
with biennial meetings, will meet regularly in that
year. A third party President, accordingly, can be
ruled out.
There is every reason to expect that Mr. Roosevelt
will continue to control the regular Democratic machinery, and that he will, if he lives, be renominated.
He is already reported to be counting upon the support of the West and South—in other words, the
agricultural States whose cash receipts the Agricultural Adjustment Administration has sedulously
and liberally replenished and enlarged—in which
case he will not need the electoral votes of the East.
The battle-ground, accordingly, if such a forecast
of hopes and plans holds true, will be the few doubtful States of the West, the South, the Central States
or the Northwest whose electoral votes are large
enough to prevent a majority in case they were lost.
The defection of the Northwestern States in which
the Progressive following is strong might, through
support of a third party candidate, bring defeat to
the Democrats, but the launching of the "tax the
wealthy" and other Administration plans makes it
less likely than it appeared to be some months ago
Aug. 10 1935
that the Progressives will be found "off the reservation" when the time for nominating conventions
arrives.
This, in substance, is the situation with regard to
doubtful States. Besides making inroads upon the
Roosevelt strength in the West and South, the Republicans must also hold, and if possible enlarge,
their support in the East where their following is
naturally strongest. They cannot hope to do either,
however, merely by assailing Mr. Roosevelt for violating the declarations of the Democratic platform
on which he was elected, for while his deviations
have been many and unblushing and may well be
exposed, no President's record in this respect has
been beyond reproach. They cannot hope to cope
with the situation if they straddle or dodge the fundamental issues of the New Deal—acquiescing, for
example, in Treasury grants to wheat and cattle
raisers, cotton planters and tobacco growers because
they want the farmer vote, while denouncing Federal
invasions of banking,industry and trade, or pointing
to the dangers of inflation and arraigning the abandonment of the gold standard while at the same time
standing ready to "do something for silver." They
cannot ride to victory on a program of evasion and
compromise. Their only hope is in the frank and
unequivocal repudiation of the destructive and unconstitutional measures of the New Deal, whatever
the category in which the measures are found, and
aggressive acceptance of the challenge to the preservation of the integrity of the Constitution and the
maintenance of government in accordance with constitutional requirements which Mr. Roosevelt has
handed to them.
There is no longer any doubt that the preservation
of the Constitution will be the fundamental issue in
the 1936 campaign, with the powers of the Federal
judiciary as the central point of attack. Unless the
Administration, warned by such signs of popular
revolt as the Rhode Island election, radically
changes its.course, the country will be besought to
support amendments under which the New Deal,
with its socializing and dictatorial theories and
methods, will no longer be obliged, as at present, to
meet the test of the Constitution as applied by the
Federal courts, but the Constitution will be interpreted by the New Deal. If that revolution is accomplished, Executive policy, supported by a Congress
which the Executive can control, will become for all
practical purposes the law of the land, and judicial
protection of public, State and private rights, as the
United States has hitherto known it, will have been
relegated to the limbo of history.
It is against this attack upon the foundations of
the American system of government that the Republican Party has now an opportunity to array itself,
and in 60 doing to draw to its support the large
and growing number of conservative Democrats who
are ready to break with Mr. Roosevelt, but who cannot hope to capture control of the Democratic party
organization. The task will certainly not be easy.
The present national leadership of the Republicans
is not one that inspires confidence, young Republicans are in revolt against the rejection of their demands for recognition in party councils, and the
role of Mr. Hoover is a distinct embarrassment. The
record of the party as a minority in Congress during
the past two years is vulnerable, and unofficial declarations of leaders and party conferences, when not
confined to generalities, have too often been mix-
Volume 141
Financial Chronicle
tures of platitudes, evasions and compromises. If
the Republican Party will commit itself without reserve to some such ringing declaration of constitutional principles as has just been adopted by the
Southern Committee to Uphold the Constitution,
purge the party organization of reaction and dead
wood, and tell the country in clear-cut fashion how
it proposes to undo the mischief which the present
Administration has done, the widespread and increasing opposition to New Deal policies of which
the Rhode Island overturn is an indication will be
given a rallying point. If these things are not done,
Mr. Roosevelt will walk away with the election and
the opposition will have only its trouble for its pains.
The League in Disgrace and Neutrality
in Danger
It is difficult to see how any American who has
followed the recent proceedings of the Council of
the League of Nations in regard to the Italo-E thiopian controversy can fail to feel profoundly grateful that the United States is not a member of the
League. There has been much in the history of the
League to criticize and not a little which its stoutest
friends could only condemn, but never in its checkered and vacillating career as the meeting-place of
the nations and the ostensible guardian of world
peace have elementary justice and the common decencies of international relations been so openly
flouted as in the proceedings of the Council last
week and the resolutions which were their fruit.
From every point of view, the resolutions and the
policy which they embody mark the lowest depth of
moral collapse to which the League has yet sunk.
In the face of a moral obligation which was as clear
as daylight and of a legal obligation which no casuistry could explain away, a small and backward nation, itself a member of the League and entitled to
every protection that the Covenant provides, has
been left to meet unaided the invasion of one of the
great Powers, while two other great Powers are
shortly to meet in conference with the aggressor
Power to decide how territorial dismemberment, if
such is the course which they decide to adopt, shall
best be carried out to their joint and several satisfaction.
It will be recalled that the deliberations of a commission of inquiry, set up by the League, to which
the investigation of certain border clashes between
Ethiopians and Italians had been referred were interrupted, early in July, by the refusal of Italy to
allow the question of the Ethiopian boundary to be
considered, and that it was only after some diplomatic representations by Great Britain and France
that Italy consented to a meeting of the Council at
which the question of the powers of the commission
should be examined. Before the Council met, and
from the moment when its members assembled at
Geneva, it was apparent that whatever was done
would be determined solely by the three Powers, and
that their interests, and not those of Ethiopia, would
govern the decision. Neither Great Britain nor
France pretended that the controversy would be
dealt with on what the whole world knew to be its
merits. The only hope was that the fate of Ethiopia
might be settled without open war, and that hope,
like the Biblical cloud in the east, was no bigger than
a man's hand.
From the outset, accordingly, Ethiopia was virtually ignored. A correspondent of the New York
813
"Times" has given a graphic description of the events
of Aug. 1. A scheduled meeting of the Council for
that day was postponed because a formula which
had been drawn up by representatives of Great Britain and France was unsatisfactory to both Ethiopia
and Italy, but the Ethiopian delegates were not informed of the postponement, and when they inquired were merely told that "they might hold themselves in readiness for a meeting to-morrow." Italy,
it appeared, refused to allow Ethiopia to sit in conference with the three Powers while its fate was considered, and refused also to accept the proposal that
neither party should resort to force while the matter
was pending. When the proposed resolution was
shown informally by the President of the Council to
the Ethiopian adviser, the latter replied that the
choice seemed to be "between suicide and assassination," and that Ethiopia preferred assassination because "we can cry for help first." Social courtesies
extended to members of the Council by the Secretary
General of the League did not include the Ethiopians. Such was the atmosphere in which the fate of
a nation was being weighed.
The two resolutions, one of a few words and the
other long and elaborately phrased, which were
finally agreed to on Aug. 3 were a complete surrender to Italy. After reciting the resolution under
which the commission of inquiry was appointed, the
Council ruled, that Ethiopia and Italy had not
agreed that the commission "should examine frontier questions or give legal interpretation of agreements and treaties concerning the frontier," and
that the commission must not, accordingly, "prejudge a solution of questions which do not fall within
its province." In other words the Ualual incident,
the one on which the commission had split, must be
dealt with without any attempt to decide whether
the affair occurred in Ethiopian or in Italian territory. Having then agreed that the four members
of the commission should select a fifth, the Council,
after expressing confidence that a procedure for settling the dispute would be worked out by Sept. 4,
invited the governments of Italy and Ethiopia to
"inform it of the result" not later than that date,
at which time the Council will reconvene for "a general examination" of the questions at issue between
the two countries.
What the resolutions mean, of course, is that Italy
is to be given a month in which to push forward its
preparations for a fall campaign, and Ethiopia the
same time in which to continue its preparations to
resist. That Premier Mussolini does not intend to
lose any time was shown by the call, on Tuesday, of
three more army divisions, bringing the total of
troops thus far mobilized to about 300,000. Of Ethiopia's resources and preparations not much is accurately known save that they are, by comparison, pitifully small and inadequate. Meantime, while Italy
commandeers ships to transport troops, tanks, airplanes, munitions and supplies to the borders of
Ethiopia, representatives of Great Britain, France
and Italy are planning a meeting some time this
month to decide what effect shall be given to the
Treaty of 1906, in which they agreed to partition
Ethiopia among them. In view of the popular enthusiasm for war in Italy and the influence of appeals for a realization of Italy's "place in the sun,"
there is no assurance that Italy will be satisfied
to accept now the share of territory that might fall
to it if the Treaty of 1906 were acted upon, but be-
S14
Financial Chronicle
tween partition on the one side and invasion on
the other, the outlook for the continued existence
of Ethiopia as an independent State is unquestionably dark.
Such is the bitter fruit of the internationalism
which the League of Nations was to embody and
foster. As far as the reports of the late proceedings
show, not a voice was raised in the Council of fifteen
members to stay the advance of Italy, although a
single adverse vote would have prevented the unanimous action which the Covenant requires. Under
the domination of a triumvirate of great Powers the
lesser States have been effectively cowed, and without a protest these lesser States have acquiesced in
a treatment of Ethiopia which may at any time
be visited upon themselves. It is clear now beyond
question that the League is powerless to prevent
war, that the sanctions envisaged by the Covenant
are weapons which it cannot and dare not use, and
that weak or backward peoples are still subject to
imperialist aggression •by any Power ambitious
enough to covet their territory and strong enough to
attempt, at least, to have its way. The beginning of
the end came when Japan and Germany challenged
the League and the League ingloriously knuckled
down, and Italy, although still a member, has now
openly expressed the contempt for a completely discredited organization which sensible people have
long felt.
It is more than ever gratifying, therefore, to find
the Foreign Relations Committee of the Senate, if
recent reports are correct, standing firmly against
any change in American neutrality laws that would
commit the United States, even remotely, to cooperation with the League in the event of war. Unfortunately, the Administration has already gone
pretty far in assuring the League of American cooperation. On May 21 1933, Ambassador Norman H.
Davis advised the Disarmament Conference at Geneva that while the United States would not join
with other Powers in imposing sanctions upon an
aggressor, it was prepared to consult with the Powers interested with a view to preventing a war, and
if it approved the action of the League in naming a
Power as an aggressor, would so act as a neutral
as not to impede the application of sanctions. What
this means, in practice, is that in case of a war between two or more Powers, the United States would
be under obligation to impose an embargo on the
Aug. 10 1935
export of arms or other war material to the aggressor
State, while permitting such export to the State or
States that were attacked. The Foreign Relations
Committee, however, has let it be known informally
that an embargo would not be approved unless it
applied equally to both or all belligerants, since if it
did not so apply, the United States would soon be in
controversy, and very possibly at war, with the
Power to which export privileges were denied.
In the discussions which have been going on between the Committee and the Department of State,
the question of the munitions trade has naturally
taken first place. The problem is obviously a complicated one. An arms embargo directed against
Italy, for example, would not greatly affect Italy,
since war materials could be obtained from other
countries which had in turn obtained them from the
United States. On the other hand, if no embargo
were imposed and American arms shipments intended for Ethiopia were seized or detained by Italy,
France or Great Britain, the United States would
be confronted with the alternative of enforcing its
rights of neutral trade even at the cost of war, or
tamely submitting to denial of its neutral rights as
it did under the Wilson Administration in the first
years of the World War. Only if American-made
munitions were shipped in foreign bottoms, with
full payment before shipment so that no claims could
be made in case of loss or seizure, would the situation be relieved of some of its dangerous possibilities.
The proper course for the United States under
present circumstances seems clear. There should be
neither consultation nor co-operation with the
League, for neither of those steps can be taken without involving the United States in foreign quarrels.
No discretionary power should be given to the President to impose or withhold embargoes on arms shipments; that matter is one for regulation by law.
Save for the denial of passports to Americans who
desire to travel or reside in war areas, the neutrality
laws should be left as they are, but with timely notice
to the Powers that encroachments upon American
neutral rights will not be tolerated. The United
States, in short, should retain complete liberty of
action under the rights and obligations of international law, as the only course consistent with national safety and the position of the United States
as an independent Power.
The New Capital Flotations in the United States During the Month of
July and for the Seven Months Since the First of January
The new capital flotations in recent months have been
steadily increasing, and in July totaled not far from $650,000,000, or at the rate of $7,800,000,000 a year. Our
tabulations, as always, include the stock, bond and note
issues by corporations, by holding, investment and trading
companies, and by States and municipalities, foreign and
domestic, and also farm loan and publicly-offered governmental agency issues. The grand total of the offerings of
new securities under these varioug heads during July
reached, in exact figures, $644,452,155, comprising $541,975,000 of corporate flotations, $87,412,155 of State and
municipal securities, and $10,500,000 farm loan issues. The
grand total of $644,452,155 for July represents the largest
monthly total since March 1931, when no less than $701,171,681 was reported. The July grand total compares with
$511,909,748 for June, with $472,428,568 for May and with
$507,456,831 for April. The corporate offerings during July
were on a distinctly higher level, the total of $541,975,000
comprising the largest monthly output since January 1931,
when $580,706,279 was offered. It remains to be noted that
refunding operations, as in other recent months, accounted
for the major portion of the new flotations in July, no less
than $510,325,476 out of the grand total of $644,452,155
representing refunding, thus leaving the strictly new capital
application for the month at only $134,126,679.
Financing by the United States Government continues
unabated, and in July consisted of two offerings of 2%
Treasury bonds, an offering of 1%% Treasury notes, and
two double offerings as well as three single offerings of
Treasury bills, as usual, on a bank discount basis. The
details in respect to these offerings are set forth below.
Because of the importance and magnitude of United States
Treasury financing, we give below a summary of the new
offerings made during July and also those offered in the
preceding six months, furnishing full particulars of the various issues and presenting a complete record for the seven
months ended July 31.
New Treasury Financing During the Month of
July, 1935
Secretary of the Treasury Morgenthau on June 27 an-day Treasury bills and
nounced a combined offering of 133
-day Treasury bills, in the amount of $50,000,000, or
273
thereabouts, respectively. Both series of Treasury bills,
-day bills maturing
however, were dated July 3, the 133
Nov. 13 and the 273-day bills falling due April 1 1936, and
Financial Chronicle
815
hence formed part of the Government's financing for the 0.071%. Issued to refund maturing bills. The rate of
3.071% on the above bill issue compares with 0.057% (273month of July. Total subscriptions to both series of Treasury bills amounted to $246,571,000, of which $100,007,000 day) bills dated July 24; 0.052% (273-day) bills dated
July 17; 0.080% (273-day). 0.068% (133
-day) bills dated
was accepted. For the 133-day bills the total amount ap-day), 0.072% (133-day) bills
plied for was $88,147,000, of which $50,007,000 was accepted, July 10, and 0.107% (273
-day bills totaled $158,424,000, dated July 3.
while subscriptions to the 273
In the following we show in tabular form the Treasury
of which $50,000,000 was accepted. The average price for
the 133-day bills was 99.973, equivalent to an average rate financing done during the first seven months of this year.
of 0.072% on a bank discount basis. The 273-day bills weke The results show that the Government disposed of $7,496,sold at an average price of 99.919, or about 0.107% on a bank 178,582, of which $6,188,032,600 went to take up existing
discount basis. This financing provided for the refunding issues and $1,308,145,982 represented an addition to the
of $75,150,000 of maturing issues, while $24,857,000 repre- public debt. For July by itself, the disposals aggregated
$1,084,962,000, of which $300,462,000 was for refunding,
sented an addition to the public debt.
On July 7 Mr. Morgenthau announced a new offering of leaving $784,500,000 as an addition to the public debt.
1%% four-year five-month Treasury notes, series 13-1939, UNITED STATES TREASURY FINANCING DURING THE FIRST SEVEN
MONTHS OF 1935
to the amount of $500,000,000, or thereabouts. The new
1%% Treasury notes were dated July 15 1935 and will
Amount
Amount
Date
mature on Dec. 15 1939, and are not subject to call for reAccepted
Applied for
Price
Due
Offered Dated
Yield
demption prior to that date. The unusual duration term for
$
$
the notes was arranged so that maturity would fall upon
75,150,000 Average 99.949 .0.10%
214.130,000
Dec. 25 Jan. 2 182 days
an income tax payment date. The notes are exempt, both
75,185,000 Average 99.942 *0.12%
141,685,000
Jan. 3 Jan. 9 182 days
75.079,000
142,359,000
Jan.
*0.15%
Jan. 16 182 days
as to principal and interest, except estate, inheritance or Jan. 10 Jan. 23 182 days 232,573,000 75.129,000 Average 99.926 *0.15%
Average 99.927
17
gift taxes. Total subscriptions amounted to $2,970,169,700, Jan. 24 Jan. 30 182 days 203.618,000 75.106,000 Average 99.931 *0.14%
of which $526,233,000 was accepted. The interest rate of
375,649.000
Janus ry total
1%% represents another new low for Government obligations of comparable duration. The most recent large offer- Jan. 31 Feb. 6 182 days 262,805.000 75.185,000 Average 99.939 *0.12%
75.112,000 Average 99.944 *0.11%
196.853.000
Feb. 5 Feb. 13 182 days
ing by the Treasury occurred last month and consisted of
75,024,000 Average 99.941 *0.117%
156,544,000
Feb. 14 Feb. 20 182 days
five-year notes bearing 1.6% interest coupons. This financ- Feb. 25 Feb. 27 182 days 120,712,000 50.054.000 Average 99.946 *0.108%
50,185.000 Average 99.874 *0.166%
165.180,000
Feb. 25 Feb. 27 273 days
ing represented an addition to the public debt. The offering
was made at par.
325,560,000
Febru ary tots I
Mr. Morgenthau on July 4 announced a combined offering
110 years
Mar. I
*2.90%
of 133-day Treasury bills and 273-day Treasury bills, in the Feb. 28 Mar. 6 182 days y38,012,982 y38,012,982 Average 99,949 *6.10%
152,020.000
Mar.
50,114,000
amount of $50,000,000, or thereabouts, respectively. Both Feb. 28 Mar. 6 273 days 157.560,000 50.072.000 Average 99.889 *0.147%
100
Mar. 3 Mar. 15 20-25 yrs. 1559,600,000 1559.600,000
2.875%
issues were dated July 10. The 133
-day bills mature Nov. 20, Mar. 3 Mar. 15 5 years
513,884.200 513,884,200
100
1.625%
and the other, of 273 days, on April 8 1936. Applications
50,052,000 Average 99.953 *0.094%
129.722.000
Mar. 7 Mar. 13 182 days
120.615.000
50,149,000 Average 99.893 *0.141%
Mar. 7 Mar. 13 273 days
the 133
-day Treasury bills amounted to $124,306,000, of
for
104.570.000
50.125.000 Average 99.953 .0.094%
Mar. 14 Mar. 20 182 days
which $50,045,000 was accepted. The average price for these
50.006.000 Average 99.889 *0.147%
67,406.000
Mar. 14 Mar. 20 273 days
Mar. 21 Mar. 27 182 days
108,329.000
50,079.000 Average 99.945 •0.109%
bills was 99.975, the average rate on a bank discount basis
50.071,000 Average 99.864 *
Mar. 21 Mar. 27 273 days
117,186.000
0.180%
being 0.068%. For the 273-day Treasury bills the amount
‘
2.51 .165,182
applied for was $197,310,000, of which $50,100,000 was acMarc h total_
cepted. The average price was 99.939, and the average rate
50,018.000 Average 99.882 *0.157%
Mar. 28 Apr. 3 272 days
119,428,000
about 0.080%. This financing provided for the refunding of
50,062,000 Average 99.867 *0.176%
Apr. 4 Apr. 10 273 days
109.147.000
Apr.
$75,185,000 of maturing bills, while $24,960,000 represents Apr. 12 Apr. 17 273 days 124.413,000 50.020,000 Average 99.866 *0.176%
50,155.000 Average 99.872 .0.169%
115,059,000
18 Apr. 24 273 days
new debt.
100
Apr. 21 Mar. 15 20-25 yrs. 744,000,000 744,000,000
*2.875%
864,000,000 864.000,000
100
1.625%
On July 14 Mr. Morgenthau announced an additional offer- Apr. 21 Mar. 15 5 yrs.
ing of $100,000,000, or thereabouts, of 2%% Treasury bonds
1,808,255,000
April total__
of 1955-1960, to the highest bidders. The bonds were offered
Apr.
May 1 273 days
50,085,000 Average 99.884 *0.153%
at not less than par and accrued interest from March 15 May 29 May 8 273 days 213,212,000 50,091,000 Averaeg 99.885 *0.152%
165,006,000
2
to July 22 1935. The bonds were dated March 15 1935 and
May 9 May 15 272 days
160.256,000
50,255.000 Average 99.892 *0.143%
50,063,000 Average 99.967 *
May 17 May 22 133 days
109,289,000
0.088%
will mature March 15 1960, but are redeemable at the option
5(1,020,000 Average 99.889 *0.146%
May 17 May 22 273 days
114,552,000
of the United States at par and accrued interest on and after
50,021,000 Average 99.965 *0.095%
May 23 May 29 133 days
70,001,000
50,037,000 Average 99.896 *0.137%
May 23 May 29 273 days
118,922,000
March 15 1955. The 27 % Treasury bonds are exempt both
98,779,000 Average 103432
270,077,000
May 26 6-15-34 14 yrs.
2.67-2.71
as to principal and interest from all taxation except estate
449.351,000
or inheritance taxes and the surtaxes. Tenders for $510,May tatal
958,000 face amount of bonds were received, of which $101,- May 28 June 5 133 days
67,548,000
50,013,000 Average 99.961 *0.105%
967,000 was accepted. The average price for the bonds was May 28 June 5 273 days
71,630,000
50,010,000 Average 99.87 *0.149%
12
slightly above 101 19/32, and a total premium of $1,631,894 June 6 June 12 133 days 153,319,000 50,009,000 Average 99.965 *0.096%
days
June
106,569,000
June
50,080,000 Average 99.888 *0.148%
was received. Based on the average price at which the June 6 June 15 273yrs.
738,373,400 738,373,400
9
5
1.50%
100
bonds were issued on July 22 1935, the yield is about 2.77% June 13 June 19 133 days 139,654,000 50,013,000 Average 99.969 *0.083%
June 13 June 19 273 days
134,793.000
50,059,000 Average 99.898 *0.134%
to the earliest call date, March 15 1955, and about 2.78% June 20 June 26 133 days 137,543,000 50,000,000 Average 99.974 *0.070%
to maturity, March 15 1960. This financing represented new June 20 June 2. 273 days 135,365,000 50,010,000 Average 99.907 *0.123%
June 236-15-34 14 yrs.
461,341,000 112,669,000 Average 103.
1832 (2.62kcvernmental debt.
12.67%
Mr. Morgenthau on July 11 announced a new offering of
June total
1,251,236,400
$50,000,000, or thereabouts, of 273-day Treasury bills. The
bills were dated July 17 and will mature April 15 1936. June 27 July 3 133 days
88,147,000
50,007,000 Average 99.973 *0.072%
Tenders to the offering amounted to $223,998,000, of which June 27 July 3 273 days 158,424,000 50.000.000 Average 99.919 *0.107%
July
July
50,045,000 Average 99.975 *0.068%
133 days
124,306,000
$50,062,000 was accepted. The average price for these bills July 4 July 10 273 days 197,310,000 50,100,000 Average 99.939 *0.080%
4
10
was 99.961, the average rate on a bank discount basis being July 7 July 154-yr.5 mo 2,970,169,700 526,233,000
100
1.375%
510,958,000 101,967,000 Average 1011•12 f2.770.052%. This was the lowest rate in the history of Treasury July 14 Mar. 15 25 yrs.
12.78%
financing. The probeeds were used to refund maturing bills. July 11 July 17 273 days 223,998,000 50,062,000 Average 99.961 *0.052%
Another offering of $50,000,000, or thereabouts, of 273-day July 18 July 24 273 days 160,295,000 50,015,000 Average 99.957 '0.057%
July 28 Mar. 15 25 yrs.
320,981,000 106,483,000 Average 10118n f 2.771Treasury bills was announced by Mr. Morgenthau on
12.787%
July 18. The bills were dated July 24 and will mature July 29 July 31 273 days 158,852,000 50,050,000 Average 99.946 *0.071%
April 22 1936. Applications for the issue amounted to $160,July total
1,084,962,000
295,000, of which $50,015,000 was accepted. The average
Grand total
7 496.178.582
price for these bills was 99.957, the average rate on a bank
y Amount based on purchase price. • Average rate on a bank discount basis.
discount basis being 0.057%. Issued to refund a maturing
USE OF FUNDS
bill issue.
Secretary of the Treasury Morgenthau on July 28 anType of
Total Amount
New
nounced an additional offering of 24% Treasury bonds of
7
Security
Dated
Accepted
Refunding
Indebtedness
1955-1960, in the amount of $100,000,000, or thereabouts.
Treasury bills
875.150,000
875,150,000
The bonds were offered at not less than par and accrued in- Jan. 2
Jan. 9
Treasury bills
75,185,000
75.185,000
terest from March 15 1935 to Aug. 5 1935. The bonds were Jan. 16
Treasury bills
75,079.000
75,079.000
Treasury bills
dated March 15 1935 and will mature March 15 1960, but are Jan. 23
75.129,000
75.129,000
Jan. 30
75,106.000
Treasury bills
75.106.000
redeemable at the option of the United States at par and
accrued interest on and after March 15 1955. The 27 1%
Total
8375.649.000 8375.649.000
4
Treasury bonds are exempt both as to principal and interest Feb. 6
Treasury bills
875,185.000
875,185.000
from all taxation except estate or inheritance taxes and
Feb. 13
Treasury bills
75,112,000
75,112,000
Treasury bills
75.024,000
75,024,000
the surtaxes. Tenders for $320,981,000 face amount of Feb. 20
Feb. 27
Treasury bills
50,054,000 1 75,065.000
525374.000
bonds were received, of which $106,483,000 was accepted. Feb. 27
Treasury bills
50.185.000 J
The average price for the bonds was 101 18/32, and a total
Total
5325,560,000 5300.386.000
525,174,000
premium of $1,663,836 was received. Based on the average
Mar. 1
Savings bonds
price at which the bonds are to be issued on Aug. 5, the
7538,012,982
538,012,982
Mar.
Treasury bills
50,114,000 1 75,290,000
24,896,000
yield is about 2.771% to the earliest call date, March 15 Mar. 6
6
Treasury bills
50,072,000 I
1955, and about 2.787% to maturity, March 15 1960. This Mar. 15
214% Treas. bonds 1,559,600,000 1,559,600,000
Mar. 15
1%% Tress. notes_
513,884.200
financing represented an addition to the public debt.
513.884,200
Mar. 13
Treasury bills
50,052,000
75,365.000
24,836,000
Mr. Morgenthau on July 29 announced a new offering of
Treasury bills
Mar. 13
50,149,000
Mar. 20
Treasury 13.11s
50,125.000
$50,000,000, or thereabouts, of 273-day Treasury bills. The
75,041.000
25.090.000
Treasury bills
Mar. 20
50.006.000
bills were dated July 31 1935 and will mature April 29 1936. Mar. 27
Treasury bills
50,079,000
75,023.000
25.127,000
Mar.27
Treasury bills
Subscriptions for the issue totaled $158,852,000, of which
50,071,000
;
$50,050,000 was accepted. The average price for the bills
Total
$2,512.165,182 $2,374,203,200 5137.961,982
was 99.946, the average rate on a bank discount basis being
816
Financial Chronicle
Type of
Security
Dated
Apr. 3
Apr. 10
Apr. 17
Apr. 24
Mar. 15
Mar. 15
Treasury bills
Treasury bills
Treasury bills
Treasury bills
234% Treas. bonds
14% Treas. not.s
Total
May 1
May 8
May 15
May 22
May 22
May 29
May 29
June 15 1934
Total Amount
Accepted
50.018,000
50,062.000
50,020,000
50,155,000
744,000,000
864,000,000
50,018.000
50,062.000
50.020.000
50.155.000
744,000.000
864,000.000
50,085,000
60,091,000
50,255,000
50,063,000
50,020,000
50,021,000
50,037,000
98,779,000
50.085,000
50,091.000
50,255,000
75,168.000
6449,351,000
$300,886,000
$148,465,000
50.013,006
50.010.000
50.009,000
50,080,000
738,373,400
50,013,000
50,059,000
50,000,000
60,010,000
112,669,000
5
Treasury bills
5
Treasury bills
12
Treasury bills
12
Treasury bills
15
1 Si% Treas. notes
19
Treasury bills
19
Treasury bills
26
Treasury bills
26
Treasury bills
15 1934.. 3% Treasury bonds
75,139,000
24,884,000
75,079,000
25,010,000
738,373,400
75,300,000
24,772,000
75,287,000
24,915.000
24,771.000
98.779,000
75,300,000
24,710,000
112,669,000
11,251,236,400 $1,039,191,400
Total
July 3
July 3
July 10
July 10
July 15
Mar. 15
July 17
July 24
Mar..15
July 31
New
Indebtedness
$1,808,255.000 $1,808,255,000
Treasury bills
Treasury bills
Treasury bills
Treasury bills
Treasury bills
Treasury bills
Treasury bills
3% Treas. bonds...
Total
June
June
June
June
June
June
June
June
June
June
Refunding
$212,045,000
$50,007,000
50,000,000
50,045,000
50,100,000
526,233,000
101,967,000
50,062,000
50,015,000
106,483,000
50,050,000
$75,150,000
$24.857,000
$1,084,962,000
$300,462,000
Treasury bills
Treasury bills
Treasury bills
Treasury bills
144% Treas. notes.
234% Treas. bonds.
Treasury bills
Treasury bills
214% Treas. bonds
Treasury bills
Total
Grand total
75,185,000
24,960,000
526,233,000
101,967,000
50,062,000
50,015,000
106,483,000
60,050,000
$784,500,000
57 AOR 172 AR9 SA 1551 nn9 Ann 51 AAR 1411 022
y Amount based on purchase price.
Features of July Private Financing
Proceeding with our analysis of the new corporate securities offered during July, we find that public utility issues
led in volume with $338,591,000, which compares with $88,164,000 for that group in June. Industrial and miscellaneous
offerings during July amounted to $202,733,000 as against
$28,500,000 in June, while railroad financing was only
$651,000 during July as compared with $12,500,000 in June.
Total corporate offerings of all kinds during July, as
already stated, aggregated $541,975,000, and of this amount
long-term issues accounted for $498,742,000; short-term
issues comprised $10,000,000, while stock offerings contributed $33,233,000. The portion of the month's corporate
total devoted to refunding operations was $486,885,330, or
nearly 90% of the total. In June, too, the refunding portion, at $115,488,000 out of $129,164,000, was also close to
90%. In May the refunding portion was $81,566,666, or
about 64% of the total. In April it was $133,890,800, or
over 85% of that month's total. In March it was $112,220,000, or slightly over 93% of the total. In February it
was $23,291,000, or about 78% of the month's total, and in
January it was $2,459,000, or about 31% of the total for that
month. In July 1934 the amount for refunding was $125,500,000, or over 86% of the total. There were a number of
large refunding issues put out in July of this year, among
which we find the following worthy of mention: $70,000,000
hs., 1965; 853,000,000
Duquesne Light Co. 1st mortgage 31
The Edison Electric Illuminating Co. of Boston 1st mortgage
2
1
/
3 s A, 1965; $50,000,000 Public Service Electric & Gas Co.
1st & ref. mortgage 3%s, 1965; $40,000,000 Cleveland Electric Illuminating Co. gen. mortgage 3%s, 1965, and $35,000,000 Southern California Edison Co., Ltd., ref. mortgage
4s
38 B, 1960. The entire proceeds of these issues constituted refunding. In addition to the issues just mentioned,
the Bethlehem Steel Corp. sold 855,000,000 cons. mortgage
4s D, 1960, of which $51,090,000 comprised refunding;
41
Armour & Co. of Delaware put out an issue of $48,000,000
1st mortgage 4s B, 1955, of which $44,329,000 was for re4% notes,
funding; the Pure Oil Co. floated $32,000,000 41
1950, to obtain $27,781,250 for refunding purposes, while
Wilson & Co., Inc. (Del.) came to market with $20,000,000
1st mortgage 4s A, 1955, to provide $19,229,000 for refunding.
The total of 8486,885,300 raised for refunding of corporate
issues in July (1935) comprised $418,382,930 new long-term
Issues to refund existing long-term issues, $53,000,000 new
long-term debt to refund short-term, 8502,400 new long-term
issues to retire preferred stocks, 810,000,000 new short-term
debt to replace long-term debt, and $5,000,000 new preferred
stock to replace existing preferred stocks.
The largest corporate offering during July was the $70,000,000 Duquesne Light Co. 1st mortgage 3%s, 1965, priced
at 1014, yielding about 3.42%. Other public utility flotations of exceptional size were: $53,000,000 The Edison Elec1s
/
tric Illuminating Co. of Boston 1st mortgage 32 A, 1965,
offered at 103.79, yielding about 3.30%; $50,000,000 Public
Service Electric & Gas Co. 1st & ref. mortgage 3%s, 1965,
sold at par; $40,000,000 the Cleveland Electric Illuminating
Co gen. mortgage 3%s,1965, priced at 102%, to yield 3.60%;
$35,000,000 Southern California Edison Co., Ltd., ref. mortgage 3%s B, 1960, issued at 98%, to yield about 3.85%;
$16,000,000 Public Service Co. of Northern Illinois 1st lien &
ref. mortgage 44s I, 1960, floated at par, and $15,000,000
Southern California Gas Co. 1st mortgage & ref. 4s, 1965,
offered at 101%. to yield 3.92%.
Aug. 10 1935
Industrial and miscellaneous financing during July was
featured by the following new emissions: 855,000,000 Beth4s
lehem Steel Corp. cons. mortgage 41 D,1960, priced at 98%,
to yield about 4.35%; $48,000,000 Armour & Co. of Delaware
/
1st mortgage 4s B, 1955, sold at 9814, to yield about 4.13%;
4
$32,000,000 the Pure Oil Co. 41 % notes, 1950, issued at
par; 250,000 shares Commercial Investment Trust Corp.
cony. pref. stock (no par), $4.25, series of 1935, priced at
$100 per share, and involving a total of $25,000,000, and an
issue of $20,000,000 Wilson & Co., Inc. (Del.), 1st mortgage
4s A, 1955 sold at par.
'
Railroad financing during July was confined to a single
offering amounting to only $651,000.
There were no fixed investment trust offerings during
July, and it is also to be recorded that there were no foreign
issues marketed here.
Four of the July offerings contained provisions for converting into or acquiring common stock, namely:
/
$32,000,000 the Pure Oil Co. 414% notes, 1950, each note
carrying a non-detachable warrant to purchase 30 shares of
common stock at $15 per share up to and including July 1
1938, and at prices increasing $2.50 a share for each threeyear period thereafter up to maturity on July 1 1950.
250,000 shares Commercial Investment Trust Corp. cony.
4
pref. stock, $4.25, series of 1935, convertible at rate of 13
shares of common stock for each share of preference stock.
$2,200,000 Medusa Portland Cement Co. 1st mtge. & coll.
trust cony. 3s to 5%s, due 1936-1945, convertible into common stock up to maturity at prices ranging from $50 to $75
per share.
60,000 shares Froedtert Grain & Malting Co., Inc. (Wisc.),
cum. partic. cony. pref. stock, convertible intO common stock
on a share-for-share basis.
The month's financing also included a new issue of $10,000,000 Federal Intermediate Credit Banks 1%% debentures,
due in 9 and 12 months, offered, as usual, at price on application. There was also a refunding issue of 8500,000 Fletcher
4% bonds, priced at par.
Joint Stock Land Bank 3% and 31
Final Summary
The following is a complete summary of the new financing
-corporate, State and city, foreign government, as well as
-for July and for the seven months ended
Farm Loan issues
with July:
SUMMARY OF CORPORATE. FOREIGN GOVERNMENT. FARM LOAN
AND MUNICIPAL FINANCING
1935
MONTH OF JULYCorporateDomestloLong-term bonds and notes
Short-term
Preferred stocks
Common stocks
Canadian
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
Other foreign
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
Total corporate
Canadian Government
Other foreign Government
Farm Loan and Government agencies.
* Municipal-States, cities, dm
United States Possessions
Grand total
7 MONTHS ENDED JULY 31CorporateDomestic
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
Canadian
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
Other foreign
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
Total corporate
Canadian Government
Other foreign Government
Farm Loan and Government agencies....
• Municipal-State, cities, dm
United States Possessions
New Capital
Refunding
$
$
26,856,670
Total
$
471,885,330
10,000,000
5,000,000
498,742,000
10,000,000
30,945,000
2,288,000
55,089,670
486,885.330
541,975,000
78,902,009
135,000
10,500,000
8,510,1413
4,430,000
10.500,000
87,412,155
4,565,000
134,126,679
510,325,476
644,452,155
25.945,000
2,288,000
$
$
$
105,737,004
8,485,000
33.070,000
8,367,000
897,813,996 1,003,551,000
42,100,000
33,615,000
57,441,800
24.371,800
8,367,000
155.659,004
955,800,796 1,111,459,800
9,500,000
471,830,332
568,000
851.593,700
211,592,285
4,430,000
861,093,700
687,422,617
4,998,000
641,557,336 2
Grand total
,023,416,781 2,1354.974.11
•These figures do not include funds obtained by States and municipalities from
any agency of the Federal Government.
In the elaborate and comprehensive tables on the succeeding pages we compare the foregoing figures for 1935 with the
corresponding figures for the four years preceding, thus
affording a five-year comparison. We also furnish a detailed analysis for the five years of the corporate offerings,
showing separately the amounts for all the different classes
of corporations.
Following the full-page tables we give complete details
of the new capital flotations during July, including every
issue of any kind brought out in that month. Full details
as to the separate issues for each of the preceding months
dating back to the beginning of our compilation in March,
1921 can be found in the monthly articles for those months,
these articles now appearing usually on the first or the
second Saturday of the month.
1935
Refunding
s
471,885.330
10,000.000
5,000,000
Total
$
498.742.001
10,000,001
30.9-15,001
2.288,00
New Capital
400,000
18.300,000
1934
Refunding
50,000.000
75,500,000
Total
50,400,000
93,800,000
1,578,914
1,578,914
New Capital
$
1933
Refunding
13,061,000
6,708,750
46,051,725
30,000,000
133,332
486.885,330
541,975,00(
20,278,914
125,500,000
145.778,914
52,893.807
35,000,000
105,000,000
30,000,000 135.000.000
10.500,000
10,500,000
28.549,242
94,513,199
6,484,121
87,412,151.
88,329,078
6,510,146
1,250,000
4,565,000
135,000
117,693,049
213,607,992 161.984.121 375,592,113
510.325.476 644.452.151
by States and municipalities from any agency of the Federal Government.
Total
13,061,000
6,708,750
76,051,725
New Capital
61.500,000
342.000
1932
Refunding
Total
New Capital
1931
Refunding
Total
30,424,000
10.440,000
1,000,000
21,965.000
90,985,000
76,000
2,043,750
52.389.000
101,425,000
76,000
2.0-13,750
49.029,000
111,871.000
115,069,750
40,864,000
155.933,750
1,292,450
16,000,000
27.831,232
15,000,000
93.057,726
3,708,500
15,000,000
96.766,226
50.321,450
155,702,232
223.127.476
44.572.500
[kr aurnioA
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING FOR THE MONTH OF JULY FOR FIVE YEARS
MONTH OF JULY
New Capital
CorporateDomestic
$
26.856,670
Long-term bonds and notes_
Short-term
25,945,000
Preferred stocks
2,288,000
Common stocks
Canadian
Long-term bonds and notes_
Short-term
Preferred stocks
Common stocks
Other Foreign
Long-term bonds and notes_
Short-term
Preferred stocks
Common stocks
Total corporate
55,089.670
Canadian Government
Other foreign government_ _
Farm loan and Govt. agencies__
Municipal, States, cities, &c_ _
78,902,009
4,4'30.000
United States Possessions_ _ _ _
134.126.679
Grand total
* These figures do not include funds obtained
267,699,976
10.529,000
38.500,000
1,000.000
72.029,000
38,842,000
133,332
43,061.000
1,845,813
44.906.813
95,954,807
62,842.000
35.000.000
30,395,055
1,250,000
162.599,862
16,000.000
26,538,782
- 105.380.782
Capital
$
591,320
9,429.000
3,910,000
1935
Refunding
$
59.680
314,162,000
51,090.000
651.000
323,591,000
55,000,000
8,707,600
4,218,750
74,492,400
27,781,250
1934
Refunding
1933
Refunding
1932
Refunding
83,200,000
32,000.000
New
Total
New Capital
s
a
$
50,000,000
4.300,000
471,885,330
New Capital
$
$
New Capital
$
$
Total
$
50,000,000
61,500,000
10,529,000
New Capital
$
$
72.029.000
10,326,000
10,375,000
1931
Refunding
$
Total
$
25,974,000
36,300,000
4,450,000
14,825,000
464.000
800,000
400,000
800,000
--
4,300,000
498,742,000
400.000
50,000,000
50,400,000
10,000,000
7,000,000
11,000,000
43,000,000
32,500,000
50,000.000
43,500.000
10,529,000
72,029,000
21,965.000
30,424,000
52,389,000
38,500,000
61,500,000
1.061,000
38,500,000
90,060,000
10,440,000
100,500,000
1,061,000
12,000,000
10,000,000
$
Total
464,000
400,000
26,856,670
Total
12,000.000
-
150.000
300,000
--10,000,000
10,000,000
5.000,000
5.000,000
3,233,000
3,233,000
18,300,000
75,500,000
13,061,000
93,800,000
1,268,714
310,200
310,200
25,000,000
28,233,000
5,000,000
25.000,000
33,233,000
591,320
9,429.000
3,910,000
59,680
329,162,000
51,090,000
651,000
338.591.000
55,000,000
7,000.000
11,000,000
11,940,600
4,218,750
74,492,400
27.781,250
86.433.000
32,000,000
1,568,714
1,568.714
400,000
4.300.000
486,885,330
1,088,566
75.000
52,893,807
38,500,000
342,000
38,842.000
30.000,000
556,838
70,810,382
1,320,120
1,578,914
1,578,914
93,000,000
32,500.000
30,000,000
1,061,000
7,000,000
2,042,901
12,000,000
310,200
310,200
29,300.000
541,975,000
100,000,000
43,500,000
20,278,914
125,500,000
145.778.914
556.838
40,810.382
1,320,120
1,088.566
75,000
52.893,807
90,985,000
10,440,000
101,425.000
1,088.566
75,000
82,893,807
1,000.000
1,000,000
76,000
76,000
1.000,000
843,750
1.200,000
2,119,750
843,750
1.200.000
2,119,750
110,529,000
100.386,000
400,000
25,000,000
55,089,670
556,838
40,810,382
1,320,120
342,000
342,000
775,000
7,000,000
2,042,901
7,000,000
2,042,901
1,268,714
13,061.000
150,000
775,000
300,000
30,000.000
43,061,000
1,061,000
7,000,000
2,042,901
12.000,000
556,838
70.810,382
1,320,120
1,088,566
75,000
95,954,807
1,000,000
61,500,000
49.029,000
36,414,000
136,800,000
4.450,000
14.975,000
464,000
1,000,000
1,000,000
10.525.000
464,000
1,651.000
342.000
62,842,000
49.029,000
342,000
111,871,000
843,750
1,200,000
115.069,756
1,651,000
40,864.000
843,75(
1.200.000
155,933,75(
aptuanio
MONTH OF JULY
Long-Term Bonds and NotesRailroads
Public utilities
Iron, steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
Other industrial and manufacturing
Oil
Land, buildings, &c
Rubber
Shipping
Inv. trusts, trading, holding, &c__ _
Miscellaneous
Total
Short-Term Bonds & Notes
Railroads
Public utilities
Iron. steel, coal, copper, &c
Equipment manufacturers
•
Motors and accessories
Other industrial and manufacturing
Oil
Land, buildings, &c
Rubber
Shipping
Inv. trusts, trading, holding, &c
Miscellaneous
Total
Stocks
Railroads
Public utilities
Iron, steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
Other industrial and manufacturing
Oil
Land, buildings, &c
Rubber
Shipping
Inv. trusts, trading, holding, &c
Miscellaneous
Total
Total
Railroads
Public utilities
Iron, steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
Other industrial and manufacturing
Oil
Land, buildings, &c
Rubber
ihipping
inv, trusts, trading, holding, &c
Vliscellaneous
Total corporate securities
feRLICULI
CHARACTER AND GROUPING OF NEW CORPORATE:ISSUES IN THE UNITED STATES FOR THE MONTH OF JULY FOR FIVE YEARS
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR THE SEVEN MONTHS ENDED JULY 31 FOR FIVE YEARS
1935
1934
1933
1932
1931
7 MONTHS ENDED JULY 31 New Capital Refunding
Total
New Capital Refunding
Total
New Capital Refunding
Total
New Capital Refunding
Total
New Capital
Refunding
Total
Long-Term Bonds and Notes—
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
27,471,320
Railroads
58,259,680
85.731.000
47,109.100 102,500.000 149,609,100
12,000,000
76,765,500
88.765,500
9.327,000
9,327,000 247,815,300 146,319,700 394.135.000
18,707,000 557,535,000 576,242,000
Public utilities
10,430,800
23,652.200
34,083,000
10,721,000
32,518,000
43,239,000
193,317,300
29.545,500 222,862,800 472,818,000 484,512,000 957.330,000
20,519,334 112,480,666 133.000,000
Iron, steel, coal, copper, &c
102,939,800
6,062,500 109,002.300
Equipment manufacturers
12,434,000
12,434.000
Motors and accessories
5,500,000
2,441,000
7,941,000
28,427,600 127.072,400 155,500.000
Other industrial and manufacturing
2,308.000
2,308,000
1,725,000
1.725,000
5,950,000
76,542,000
82,492.000
011
4,218.750
35,281,250
39.500.000
2,000.000
2,000.000
Land, buildings, &c
893.000
893.000
400.000
400,000
900.000
900,000
2,500,000
50.000
2,550,000
29,850.000
1.220,000
31.070,000
Rubber
•
Shipping
1.650.000
1,650.000
Inv. trusts,trading, holding, &a_
Miscellaneous
4,744,000
4,744,000
200.000
14:910:000
200,000
12.286,000
2,694,000
Total
105,737,004 897,813,996 1,003.551,000
57,939.900 128.460.200 186.400,100
23.621.000 111.008.500 134,629,500
196,017,300
38.922,500 234,939,800 958,335,100 646.758,200 1,605,093,300
Short-Term Bonds & Notes—
Railroads
7,000,000
63.947,000
70,947,000
7.277,000
7.277,000
1,000.000
7,375,000
8,375,000
37,500,000
12.530,000
24,970,000
Public utilities
20,000,000
20,000,000
23,000,000
32,500,000
55,500,000
16.500,000
23,295,200
2,850,000
96,749,000
39.795,200
30,277,500 192.725.000
99,599,000 162,447,500
Iron, steel, coal, copper. &c
5,605,400
5,605,400
100.000
899,000
100.000
4,000,000
3.101.000
Equipment manufacturers
12,000,000
12,000.000
Motors and accessories
6,000,000
6,000.000
Other industrial and manufacturing
2,485,000
1,615,000
4,100,000
300,000
2,958,000 " 3,258,000
100,000
5,000.000
5,100.000
21,535,000
55,035.000
33,500,000
Oil
6,000.000
500,000
6,000,000
500,000
791.000
9.649.000
10,440,000
Land, buildings. &a
4,101.000
1,400,000
7.710,850
4,101,000
9,110,850
Rubber
5,959.100
5,959,100
Shipping
Inv. trusts, trading, holding, arc_
500,000
500,000
Miscellaneous
250.000
6,000,000
6,000 000
250,000
2,610,000
20,100,000
20.100,000
2.610,000
Total
31,050,000
42,100,000
8,485.000
33,615,000
99,405.000 130,455,000
16.600,000
16,936,000
75,736,700
59.136.700
97,849.000 114,785,000 247,311,350
82,099,500 329.410.850
Stocks—
Railroads
Public utilities
1,785,250
6,785,250
5,000,000
7,000,000
9,147,778
2,147,778
4,912,175
1,897,320
31,050,000 212,613,511
6,809.495 181.563,511
Iron, steel, coal, copper, &c
588,750
5,000,000
5,000,000
2,042,901
2,042,901
588.750
1.500,000
1,500.000
Equipmeat manufacturers
Motors and accessories
859,269
859.269
Other industrial and manufacturing
4,651,750
20,160,249
4,651.750
20,160,249
30,170,000
59,778.451
89,948,451
1,491,250
13,606,250
13,606,250
1,491,250
Oil
5.000,000
5,000,000
1.470.120
1,470,120
3,052,500
3,052,500
Land, buildings, &c
1,466.500
1.466,500
Rubber
525.000
525,000
2,168,750
2,168,750
Shipping
Inv. trusts, trading, holding, &c
310,200
310.200
1.088.566
1,088,566
3,143,750
3,143.750
Miscellaneous
25,000,000
44.371.800
9,000.000
19,371,800
9,000,000
75.000
75.000
1.500,000
16,393 290
1,500,000
16.393.290
Total
41,437,000
30,584,199
65,808.800
24.371,800
72,314.307
30.584,199
r
32,317,778 104.632,085
10,072.175
1.897,320
11,969,495 220.725.801
31,050,000 251,775.801
Total—
Railroads
27.471.320
85.731,000
58,259,680
54,109,100 166,447,000 220,556,100
96,042,500
12,000,000
7.375,000
84.042.500
10.327,000
17,702.000 272.785,300 158,849.700 431,635.000
Public utilities
20,492,250 582,535,000 603,027,250
33,430,800
56,152,200
34,221,000
89,583,000
92.181,978
57.960,978
201,079.475 128,191,820 329,271,295 816,829.011 545,839.5001.362.668,511
Iron,steel, coal, copper, S'c
25,519,334 112,480.666 138,000.000
588,750
2,042,901
588.750
7,648.301
5.605.400
100,000
9,163,500 114,502,300
100,000 105,338.800
Equipment manufacture's
12,000.000
12,000.000
12.434.000
12.434,000
Motors and accessories
11,500.000
13,941,000
2,441,000
859,269
859,269
Other industrial ana manufacturing
35,564,350 128,687,400 164,251,750
20,460.249
5,266,000
25,726.249
59.878.451
1,491,250
96.773.451
36,8:J5,000
39.450,000 151,133,250
1,491,250 111,683.250
011
9,218.750
41,281.250
50,500,000
500,000
1,470,120
500.000
1,470,120
791,000
14,701.500
15,492.500
Land, buildings, &a
893,000
400.000
893,000
400.000
900.000
900.000
6.601,000
50.000 •
6.651,000
2.620,000
39,027,350
41.647.350
Rubber
525,000
525,000
5,959.100
5,959.100
2,168.750
2,168,750
Shipping
1,650,0001,650,000
Inv. trusts, trading, holding, &c_
310,200
310,200
1,088,566
1,088.566
-500,000
3,143,750
3,643.750
Miscellaneous
25,000,000
55,115,800
30.115,800
9.250,000
75,000
9.250,000
75,000
4,310,000
4,310,000
2.694,000
51,473,290
48.779,290
155,659.004 955,800,796 1,111,459,800
119,574,099 227,865,200 347,439,299
.-- Total corporate securities
112,535,307 202,462,978 314,998 285
223.025.475 138.668,820 361,694.295 1.426,372,251 759,907.700 2,186,279,951
00
00
ST6I OT *.anv
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING FOR THE SEVEN MONTHS ENDED JULY 31 FOR FIVE YEARS
7 MONTHS ENDED JULY 31
1935
1934
1933
1932
1931
New Capital Refunding
Total
New Capital Refunding
Total
New Capital Refunding
Corporate—
Total
New Capital Refunding
Total
New Capital Refunding
Total
Domestic—
Long-term bonds and notes. 105,737.004 897,813.996 1,003,551,000
57.939,900 128.460.200 186,400.100
23.621,000 111,008.500 134.629,500
38.922.500 234,939,800
196.017.300
795,535,100 646.758.200 1,442.293.300
Short-term
8,485,000
33,615.000
42,100,000
31,050,000
98.205.000 129,255.000
16,600,000
57,536,700
74.136.700
16,936,000
97.849,000 114.785,000
247,311,350
77,099,500 324,410.850
Preferred stocks
33,070,000
24,371,800
57.441.800
2,908.800
2,908.800
11,033,750
11.033,750
6.775.275
6,775.275
95,974,667
31,050.000 127,024.667
Common stocks
8,367.000
8,367,000
27,675,399
27,675.399
61,147,225
32.317,778
93,465.003
1,897,320
3,296,900
5,194,220
124,751,134
124.751.134
Canadian—
Long-term bonds and notes_
90.000.000
90.000,000
Short-term
Preferred stocks
Common stocks
133,332
133,332
Other Foreign—
Long-term bonds and notes_
72.800,000
72.800.000
Short-term
1,200.000
1,200.000
1,600,000
1.600,000
5.000,000
5.000.000
Preferred stocks
Common stocks
Total corporate
155,659,004 955.800.796 1,111.469.800
119,574,099 227.865.200 347,439,299
112,535,307 202,462,978 314,998,285
223,025,475 138,668,820 361.694.295 1.426,372,251 759.907.700 2,186,279,951
Canadian Government
60.000,000
60,000,000
40,922.000
9.500,000
50.422.000
Other foreign government_
Farm loan and Govt. agencies__ _
9.500,000 851,593,700 861.093.700
159.000,000 274,300.000 433.300,000
45,900,000
45.900.000
46,000,000
92,500,000 138,500,000
44,600.000
31.000,000
75.600.000
* Municipal, States, cities, &c_ _ 475,830,332 211,592,285 687.422,617
522,652.632
91,731,102 614,383,734
237,497.291
19.332,890 256,820.181
502,280,946
54.019,826 556,300,772
932,438,662
15,516,000 947,954.662
United States Possessions_ _
568,000
4.430.000
4.998,000
1.400,000
1,400,000
692,000
295,000
692,000
295.000
Grand total
641.557.336 2.023,416,781 2.664.974.117
801.226,731 593.896,302 1,395,123,033
397.332,598 281.795.868 679.118.466
771.998,421 285,188,646 1,057,187,067 2.444,627.913 815,923.700 3,260.551.613
* These figures do not include funds obtained by States and municipalities from any agency of the Federal Government.
Volume 141
Financial Chronicle
819
DETAILS OF NEW CAPITAL FLOTATIONS DURING JULY 1935
LONG-TERM BONDS AND NOTES (ISSUES MATURING LATER THAN
FIVE YEARS)
Amount
Purpose of Issue
Price
Railroads
651,000 Retire equipment obligations, bank
loans and repay advances
99
9,765,000 Refunding: general corp. purposes. 100
40,000.00 Refunding
0
102
5,000,000 Refunding
100
10,000,000 Refunding
7,326,000 Refunding
Placed
100
70,000,000 Refunding
101H
63,000,000 Refunding
103.79
4,000,000 Refunding
16,000,000 Refunding
Placed
100
50,000,000 Refunding
100
35,000,000 Refunding
98%
15.000,000 Refunding
101%
323,591,000
Iron, Steel, Coal, Copper, &c.
55,000,000 Refunding; general corp. purposes_
s
_
4.35 Bethlehem Steel Corp. Cons. M.434s 13, 1960. Offered by Kuhn, Loeb & Co.; Edward B.
Smith &
Co.; Brown Harriman as Co., Inc.; The First Boston Corp.; J.& W.Seligman ds
Co.. and G. M.
-P.
Murphy & Co.
98li
4.13 Armour & Co. of Delaware 1st M. 4s B, 1955. Offered by Kuhn, Loeb & Co.; The First Boston
Corp.: Brown Harriman & Co., Inc.; Edward B. Smith & Co.; Blyth & Co., Inc., and
Lee Higginson Corp.
4.00 Armstrong Cork Co. Deb.4s,1950. Offered by Edward B.Smith & Co.; Kidder, Peabody es Co., and
Lazard Freres dr Co., Inc.
3.75 Brown Shoe Co., Inc., Deb. 3Hs, 1950. Offered by Goldman, Sachs & Co. and Lehman Brothers.
3.95-5.50 Medusa Portland Cement Co. 1st M.and Coll. Trust Cony. 3s to 5Hs, 1936-45. (Cone. into common
stock up to maturity at prices ranging from $50 to $75 per share.) Offered by Hayden, Miller
&
Otis sr Co.; Merrill, Hawley & Co.: Mitchell, Herrick & Co.: Field, Richards & Shepard, Co.;
Inc.;
McDonald-Coolidge & Co.; Curtiss, House & Co., and Maynard H. Murch & Co.
4.00 Wilson & Co., Inc.(Del.) 1st M.4s A, 1955. Offered by Edward B.Smith & Co.: Field, Glore & Co.;
Speyer & Co.; The First Boston Corp.; Haligarten & Co.; Goldman, Sachs & Co.: BancamericaBlair Corp.; Lazard Freres & Co., Inc.: Hornblower & Weeks, and Lee Rigel:won Corp.
9,000,000 Refunding
100
100
100
83,200,000
01132,000,000 Refunding; working capital
4.05 Associated Telephone Co.,Ltd. let M.45 B,1965. Offered by Bonbright & Co.,Inc.;
Paine. Webber
& Co.; Mitchum, Tully & Co., and myth & Co., Inc.
3.50 Central Hudson Gas & Electric Corp. 1st dr Ref. M. 3545, 1965. Offered by Edward
B. Smith &
Co.; Kidder, Peabody ez Co.; Estabrook & Co.: Lazard Freres es Co..
Inc., and Stroud
3.60 The Cleveland Electric Illuminating Co. Gen. M. 334s, 1965. Offered by Dillon. es Co. Inc.
Read es* Co.;
The First Boston Corp.' Brown Harriman & Co., Inc.' Spencer Trask di Co.;
Coffin & Burr, Inc.:
Blyth & Co., Inc.; Stone & Webster and Blodget, inc.: Goldman,
Sachs & Co., and Hayden,
Miller de Co.
5.00 The Cleveland Railway Co. 1st M.53 A. 1945. Offered to holders of company's first mortgage
68 called
for redemption on Sept. 11935. Underwritten by Hayden, Miller &
Co.
privately Connecticut Light dc Power Co. 1st & Ref. M. 3)4s E, 1965. Sold privately.
3.50 Consolidated Gas, Electric Light & Power Co. of Baltimore 1st Ref. M. 3H5 M,
1965. Sold to
a group of institutional investors.
3.42 Duquesne Light Co. 1st M. 3383, 1965. Offered by The First Boston Corp.: H. M. Byllesby
de Co.,
Inc.; W. C. Langley & Co.; Ladenburg, Thalmann & Co.; A. C.
Allyn & Co., Inc.; Edward B.
Smith & Co.; Blyth & Co., Inc.; Mellon Securities Co.; Lee Higgineon
Corp.;Hayden,Stone & Co.;
Kidder, Peabody & Co.; Lazard Freres dr Co., Inc.; Bonbright & Co.
Stone & Webster and Biodget, Inc.; E.H.Rollins es Sons, Inc.; Central Inc.; Field, Glore & Co.;
* Republic Co.: GranberY,
Safford & Co. and Emanuel & Co.
3.30 The Edison Electric Illuminating Co.of Boston let M.3)45 A, 1965. Offered by The First
Boston
Corp.; Lee Higginson Corp.; F.S. Moseley & CO.; Kidder, Peabody & Co.; Brown
Harriman es co.,
Inc.; Burr, Gannett & Co.; White, Weld & Co.; Goldman, Sachs de Co.:
Hornblower & Weeks;
Stone & Webster and Biodget, Inc.; Estabrook & Co.; R. L.Day & Co.; Hayden,
Stone& Co.;Paine
Webber & Co.; Jackson dr Curtis; Tucker, Anthony & Co.; Coffin & Burr,
de Knowles, Inc.; Arthur Perry & Co., Inc.; Spencer Trask & Co.; H. M. Inc.; Whiting, Weeks
Byliesby es Co., Inc.;
Blake Brothers & Co.. and Newton, Abbe dr Co.
privately Keystone Telephone Co. of Philadelphia Promissory Notes due Jan. 1 1942. Placed
privately.
4.50 Public Service Co. of Northern Illinois 1st lien St Ref. M. 4)4s Series I, 1960. Offered by Brown
Harriman & Co., Inc.: Field, Glore & Co.; Halsey, Stuart & Co., Inc.; Lee
Higginson Corp., and
Edward B. Smith & Co.
3.50 Public Service Electric & Gas Co. 1st & Ref. M. 310, 1965. Sold to a small group of insurance
companies and financial institutions.
3.8 Southern California Edison Co., Ltd. Ref. M. 3545 B, 1960. Offered by The First Boston
Corp.:
E. H. Rollins & Sons. Inc.; Blyth & Co., Inc.; Brown Harriman & Co..
Inc.; Lazard
Inc.; Edward B. Smith & Co.; Dean Witter dr Co.; Field, Glore & Co.; William Freres & Co.,
R. Stoats Co.,
Kidder, Peabody & Co.; White, Weld & Co.; Coffin & Burr, Inc.; Pacific
Co. of California, and
Stone es Webster and Blodget, Inc.
3.9 Southern California Gas co. 1st M. & Ref. 4s, 1965. Offered by Blyth de Co., Inc.: Dean Witter
dc Co.; Brown Harriman de Co., Inc.; Stone & Webster and Biodget, Inc.; The
First Boston Corp.;
Edward B.Smith & Co.; Hayden,Stone 'Sr CO., and b.. H. Rollins
ez Sons, Inc.
98H
4,000,000 Retire 7% preferred stock
2.200,000 Refunding: working capital, &c
20,000,000 Refunding;general corporate purl).
Company and Issue, and by Whom Offered
4.50 Kentucky & Indiana Terminal RR, Co. let M.430, 1961. Offered
by Granbery, Safford & Co..
New York and Whiting, Weeks & Knowles, Inc., Boston.
99H
Public Utilities
8,500,000 Refunding
Other Industrial & M▪ fg.
48,000.000 Refunding; other corporate purp-
To Yield
About
100
-Year 434% Notes, 1950. (Each note carries a non-detachable
4.25 The Pure OH Co. 15
to purchase 30
a
ehe.of com. stock at $15 per share up to and including July 1 1938 and at prices
Warrantincreasing
share for each three-year period thereafter up to maturity on July 1 1950.) Offered by Edward B.
Smith & co.; The First Boston Corp.; Halsey, Stuart & Co., Inc.; Lehman Brothers; Field,
Glore
& Co.; Kidder, Peabody & Co., and Central Republic Co.
Miscellaneous
4,300,000 Refunding
-Bridge Co. let M.5H8, 1936-45. Offered by Blyth & Co., Inc.; Dean Witter &
102.438-100 3-5.50 American Toll
Mitchum, Tully & Co.; E. H. Rollins & Sons, Inc.; 1.1worthy & Co. ,and William Cavalier & Co.;
Co.
SHORT-TERM BONDS AND NOTES (ISSUES MATURING UP TO AND INCLUDING FIVE YEARS)
Amount
Purpose of Issue
Public Utilities
10,000,000 Refunding
To Yield
About
Price
Company and Issue and by Whom Offered
5.50 Laclede Gas Light Co. Ref. & Ext. M. 5s, April 1 1939. Offered to holders of company's refunding and extension mortgage 5s, maturing April 1 1934.
97.84
STOCKS
Par or No.
of Shares
Purpose of Issue
Public Utilities
5,000,000 Replace 534% and 6% pref. stocks
Other Industrial & Mfg.
900,000 Working capital
104,000shs Capital expenditures
•
(a) Amount Price
To Yield
Involved per Share About
5,000,000 100
945,000
2.288,000
Company and Issue, and by Whom Offered
5.00 Consolidated Gas, Electric Light & Power Co. of Baltimore 5% series A Pref. Stock
Offered to holders of company's 534% Series Hand 6% Series D preferred
stocks.
Froedtert Grain & Malting Co.,Inc.(Wis.) Cum.Pardo. Cony. Preferred
Stock. (Convertible into Common Stock on a share for share basis.) Offered by
Hammons & Co.,
Inc., New York.
Glidden Co. Common Stock. Offered by company to stockholders;
underwritten by Hornblower & Weeks, N. Y.
15H
22
3,233,000
Miscellaneous......
115
*250,0008 General corporate purposes
AMOUnt
Issue and Purpose
25,000,000 100
4.25 Commercial Investment Trust Corporation Cony. Preference Stock
14.25 Series of
1935. (Convertible at rate of 1)4 shares of Common Stock
Stock.) Offered by Dillon, Read & Co.; Lehman Brothers atfor each share of Preference
Lazard Freres & Co., Inc.
FARM LOAN AND GOVERNMENTAL AGENCY ISSUES
Price
To Yield
About
Offered by
10.000,000 Federal Intermediate Credit Banks
134%
Deb. due in 9 and 12 months (provide for
refunding of debs. maturing July 15)
Price on application Charles R.Dunn, Fiscal Agent, New York.
500.000 Fletcher Joint Stock Land Bank 3% bonds
due 1940& 334% bonds due 1942(refunding) 100
3-3.25 Fletcher Trust Co. to holders of Fletcher Joint Stock Land Bank 5%
bonds due 1951.
10,500.000
ISSUES NOT REPRESENTING NEW FINANCING
Par or No.
of Shares Price
60.000 she
To Yield(a) Amount
About
Involved
Mkt. approx. 826
Company and Issue, and by Whom Offered
1,560,000 Allegheny Steel Co. Common Stock. Offered by White, Weld & Co.; Bosworth, Chanute. Loughridge
& Co.; Chas. 13.
Barney & Co.; Cassatt & Co., Inc.; Dominick es Dominick; Hornblower & Weeks; (.1. M.
-P. Murphy dt Co., and Ladenburg, Thalmann & Co.
•Shares of no par value.
a Preferred stocks of a stated par value are taken at par, while preferred stocks of no par value and all classes of common
stocks are
computed at their offering prices.
out into the channels of business with inevitable inflationary
effects."
BOOK REVIEWS
The Public Utility Question
By Henry George Hendricks. 148 pages. Privately printed.
1935. $2.
formerly a member of the staff of the
Mr. Hendricks,
Committee on Inter-State and Foreign Commerce of the
House of Representatives for an investigation of the public
utility situation, and author of various parts of the staff
report, has here assembled a large amount 'of important
data regarding the organization, control and financial structure of utility companies and the relations of the companies
with investors and consumers. While fundamentally opposed to the political attack to which the utilities have been
subjected, he nevertheless states with frankness the criticisms which have been made and gives full recognition to
be
so much of the criticism as investigation has shown to
valid. He is equally frank in pointing out the weaknesses
of some of the proposals of reform that have been made.
The volume will be found a useful compendium of information and a judicious summary of opposing arguments. The
book is on sale through the American News Co., New York.
Inflation
By E. C. Harwood and Donald G. Ferguson. 64 pages.
Cambridge, Mass.: American Institute for Economic Research.
$1.
A brief exposition, in popular form, of the nature and
varieties of inflation, the history of inflation in Germany and
of inflation and devaluation in France, and an account of
experiences with inflation in this country from the days of
Continental currency and wildcat banking on through the
greenback period and the Liberty bonds episode to the present time. The authors point out, among other things, that
"all purchases of silver by means of newly issued currency
are directly inflationary to the extent of the dollar amount
of the money so issued," that "the potential inflation which
is possible because of the further increase of bank reserves
is of staggering proportions, and may be as much as ten times
the new currency issued," and that "the principal danger
which lies ahead is not a mere matter of the direct inflationary effects to be expected from the existing (bank) holdings
banks
of Government securities," but the necessity which the credit
will find themselves under of supporting Government
of
in order to preserve their own position. "Maintenance
market value of these vast holdings has become essential
the
to the banking system as well as to the Federal Government.
Consequently, it is fairly certain that Government deficits
can be financed by offering bonds to the banking system.
This process can be carried on into the indefinite future, and
the proceeds of these sales, in the form of demand deposits
subject to check by the United States Treasury,can be forced
The Course of the Bond Market
The corporate bond market has been a relatively quiet
affair this week, although some individual issues in the
lower-grade sections of the market have fluctuated sharply.
reGovernment and Government-guaranteed issues, after the
maining within a narrow range over the fore part of
week, have been subjected to moderate pressure on Thursday
on announcement of the Treasury's intention to market
73s
another $100,000,000 of 24 next Monday. Other factors
behind the bond market have remained unchanged. Money
easy, the weekly Federal Reserve
rates continue extremely
reports revealing that member bank excess reserves had
reached a new high record of $2,550,000,000 on Wednesday.
Both high-grade and speculative railroad bonds have
moved within a relatively narrow range this week. Gains
have been registered by Chicago Union Station 4s, which
have risen % to 109%, and New York Central 4%s, 2013,
which have advanced 3% to 69. Among the bonds to decline
were Atchison 4s, 1995, which have receded % to 109%, and
Union Pacific 1st 4s, which have fallen % to 110%.
Fluctuations in utility bonds this week have been narrow,
on the whole, although several speculative issues have been
strong. Interborough Rapid Transit Co. and Manhattan
Railway Co. issues reached new highs in heavy trading in
expectation of announcement of a plan for sale to New
York City. New York Railways Corp. issues have also been
strong and active in prospect of consummation of the reorganization plan to establish bus operation. Improvement
has also been shown by the Associated Telephone Utilities 6s,
1933, and United Light & Power debentures. No new issues
have been offered during the week, but refunding issues
have been announced by Public Service Co. of New Hampshire and Savannah Electric & Power Co., while Utica
Gas & Electric Co. issues have fallen 3 to 4 points to near
the call prices. The Cincinnati Gas & Electric 4s recovered
somewhat from the recent break on fears of redemption.
Industrial bond price movements have been mixed this
week, with no well-defined trend discernible. Among the
heavy equipment issues have been noted a five-point reaction
in General Steel Castings 5%s, 1949, to 80. The Studebaker
Os, 1945, have been firm around 48, and the Murray Body
6%s, 1942, have advanced sharply. The Paramount Publix
certificates for 5%s, 1950, have risen one point to 104%, but
the Warner Brothers Pictures Os, 1939, have declined 1%
points to 79.
The foreign bond section of the market has been rather
Irregular this week. Continued weakness has been noticeable in German and Colombian bonds, as well as in the
entire Italian group. Argentine issues, on the other hand,
have recorded fractional gains, as have Austrian and Belgian bonds. Relative stability has been shown by Scandinavian and Canadian oblirmtions.
Moody's computed bond prices and bond yield averages are
given in the following tables:
MOODY'S BOND YIELD AVERAGES?
(Baud on Individual Closing Prices)
MOODY'S BOND PRICESt
(Based on Armee Yields)
1935
Daily
Averages
Aug. 10 1935
Financial Chronicle
820
120
U. B.
Goel. Donatie
Bonds
Corp.*
1
.
.•
120 Domestic Corporates
by BMW
120 Domestic
Corporate* by Groups
All
120
1935
DomesDolly
Averages
tic
120 Domestic Corporate
by Ratings
Mut
do
A
Baa
120 Domestic
Cornering by prom
f?
so
ForP.O. advs. eign .
,
-6.17
4.26
4.42
6.19
4.26
4.42
6.16
4.25
4.41
6.10
4.42
4.26
6.08
4.41
4.25
6.11
4.41
4.24
6.15
4.23
4.42
6.12
4.25
4.41
RR.
P. U. Indus.
RR.
Baa
A
Ats
Atm
5.71
4.57
4.15
3.75
Aug. 9._ 4.55
4.96
96.70 105.54 108.39
9._ 108.86 103.32 118.25 110.42 102.98 86.12 96.39 103.54 108.39
4.67
4.15
3.73
Aug.
5.75
4.55
4.98
85.61
8._ 108.86 103.32 118.25 110.42 102.98 83.74 96.23 105.72 108.57
4.56
4.15
3.73
5.74
4.55
4.99
4.15
7_ 108.97 103.32 118.66 110.42 103.15 85.74 96.39 103.54 108.39
4.57
3.74
5.74
6_ _ 4.55
4.98
103.32 118.45 110.42 102.98
4.56
4.15
6.- 109.02
5.73
3.73
5-- 4.34
4.97
103.15 85.87 96.34 105.72 108.57
5._ 109.03 103.48 118.66 110.42
4.56
4.16
5.73
3.72
4.54
4.98
96.39 105.72 108.73
3__ 109.04 103.48 118.86 110.23 103.13 85.87 96.23 105.54 108.94
4.55
4.15
5.74
3.73
4.54
4.99
118.66 110.42 103.32 85.74
2._ 109.06 103.48
4.55
4.13
5.73
3.73
1.. 4.54
4.96
96.70 105.72 108.57
I._ 109.05 103.48 118.66 110.42 103.32 85.87
Weekly
4.54
4.13
Weekly
3.81
3.71
5.00
6.12
July 26_ 4.53
4.41
108.37
4.25
119.07 110.42 103.48 84.85 96.08 103.72 108.39
4.56
4.14
July 26._ 109.05 103.32
5.77
3.70
19_ _ 4.54
4.98
5.97
4.40
4.26
96.39 103.89
4.34
4.15
5.84
19.. 109.19 103.48 119.27 110.61 103.15 85.35 93.78 106.07 108.39
3.69
4.36
12_ _
5.02
5.91
4.39
4.26
103.15 119.48 110.42 103.48 84.47
4.53
4.15
12._ 109.00
3.88
5.75
4.53
4.92
5.85
4.40
4.26
110.42 103.63 85.61 97.31 103.89 108.39
4.54
5_ 108.95 103.65 119.69
5.78
4.17
3.70
4.91
June 28.. 4.55
5.81
4.44
4.30
85.23 97.47 106.20 107.67
4.58
June 28_ 108.99 103.32 119.27 110.05 103.48 85.87 97.94 104.68 107.67
4.17
5.73
3.70
4.88
21._ 4.55
5.80
4.47
4.30
21_ 108.80 103.32 119.27 110.05 102.81
4.63
4.19
5.82
3.72
4.98
14_ 4.39
5.81
4.49
4.32
84.72 98.70 104.33 107.31
14.. 108.81 102.64 118.88 109.68 101.97
4.68
4.19
6.00
3.73
4.65
6.12
5.82
4.51
4.32
94.29 103.99 107.31
4.66
4.20
7-- 108.61 101.64 118.66 109.68 101.14 82.60 94.14 103.65 107.49
6.01
3.74
6.13
May 31._ 4.63
5.83
4.53
4.31
82.38
4.65
4.18
6.00
3.74
Mar 31.- 108.22 101.64 118.45 109.49 101.47 82.30 94.43 103.65 107.85
4.64
5.11
24_
5.88
4.53
4.29
24._ 108.66 101.81 118.43 109.86 101.64
4.66
4.17
5.93
3.78
4.63
5.08
17_
5.86
4.29
4.62
94.88 103.82 107.85
17_ 108.55 101.97 118.04 110.05 101.47 83.33
4.68
6.04
4.17
3.74
5.15
10-- 4.65
5.85
4.52
4.29
93.85 103.82 107.85
10_ 108.61 101.64 118.45 110.05 101.47 82.02 94.29 103.99 107.67
4.66
6.00
4.17
3.73
4.84
3.12
5.97
4.51
4.30
3_ 108.89 101.81 118.66 110.05 101.47 82.30
5.97
4.89
4.17
3.73
5.03
8.93
Apr. 26-. 4.84
4.59
4.30
107.67
118.68 110.05 100.98 82.87 95.63 02.84
Stock E cabana a Close
Apr. 26_ 108.61 101.81
19-gating a Closed
Stock E
19._
4.77
6.14
4.19
3.71
5.12
8.11
12- 4.70
4.68
4.31
94.29 101.14 107.49
12_ 108.25 100.81 119.07 109.68 99.88 80.84 92.82 101.14 107.31
4.79
6.25
4.20
3.71
4.74
5.22
6.23
4.68
4.32
6- 108.34 100.17 119.07 109.49 99.36 79.58
6.40
4.82
4.22
3.73
5.36
Mar.29._ 4.79
8.46
4.69
4.33
100.98 107.14
Mar 29.. 108.07 99.36 118.66 109.12 98.88 77.88 90.83 100.98 107.49
4.74
6.28
4.18
3.70
6.33
5.17
4.69
22-- 4.72
4.31
93.55
100.49 119.27 109.86 100.17 79.45 93.26 100.98 108.03
22_ 107.79
6.29
4.73
4.14
3.71
5.19
6.16
4.89
4.28
16- 4.72
79.11
15. 107.04 100.49 119.07 110.61 100.33 81.42 95.63 101.47 108.57
6.09
4.88
4.12
3.69
4.85
5.03
8.12
4.66
4.25
4.65
L. 107.83 101.64 119.48 110.98 101.14 82.99 97.78 101.64 108.39
5.96
4.10
4.89
3.69
4.60
6.03
4.66
4.26
119.48 111.35 101.64
4.62
I.._ 108.22 102.47
5.88
4.11
4.77
3.69
6.02
Feb. 23-- 4.58
4 68
4.27
83.97 99.68 101.14 108.21
4.68
4.13
rob 23.. 108.44 102.81 119.48 111.16 102.14 83.60 99.68 99.68 107.85
5.91
3.71
4.77
6.04
15-- 4.81
4.29
4 77
15_ 107.49 102.30 119.07 110.79 101.14
600
4.72
4.15
4.81
3.73
4.65
6.01
486
4.29
110.42 100.49 82.30 99.04 98.41 107.85
8.. 107.47 101.64 118.66
4.73
0.01
4.17
3.76
4.81
4.67
6.12
4.32
4.88
82.38 99.04 97.94 107.31
I.. 107.10 101.31 118.04 110.05 100.33
4.70
5.85
4.17
4.72
3.76
8.18
4.82
4.03
4.31
98.73 107.49
102.14 1183.14 110.05 100.81 84.35 100.49 96.23 108.78
4.78
lan 25.. 107.33
4.77
8.02
4.21
3.79
4.70
4.99
4.36' 6.11
99.68
18_ 100.79 100.81 117.43 109.31 99.52 82.28 100.17 95.93 108.96
4.78
4.74
8.00
4.22
3.78
8.22
4.70
4.24
6.01
6.08
II.. 106.81 100.81 117.83 109.12 99.52 82.50 L00.00 94.58 106 96
4.82
4.75
4.23
630
3.79
4.73
5.10
4.34
100.33 117.43 108.94 98 88 81.54
05761
4
5.67
4.53
4.72
4.09
3.68
6.78
4.23
4.39
Low 1935 4.52
86.64 00.49 106.07 108.94
0.40
4.83
High 1935 109.20 03.82 119.69 111.54 103.65
6.37
4.25
6.46
3.80
6.13
4 36
awl,1936 atm
94.14 106.78
LowI.C4; 106 66 59.20 17.22 106.07 55.73 77.55 90.59 94.58 106.78
5.90
4.81
4.24
4.72
3.80
6.10
6.35
Low 1934 4.75
4.36
108.75 99.04 83.72 00.49
7.68
6.00
6.20
High 1934 106.131 00.00 117.22
5.75
8.66
4.43
4.97
High 1934 6.81
6.74
60.38 85.61 742.5 96.34
Low 034 99.06 84.85 105.37 93.11 81.78
Yr. A oo6.53
5.07
4.32
5.07
7.30
3.92
Fr. go
4.45
5.36
'
Aug.934 4.96
95.03 76.46 95.03 90.83 05.03
tug.934 107.69 96.70 14.82 107.31
2 Yrs.Ago
6.69
5.48
5.24
4.73
9.01
4.29
4.83
5.83
! Yrs.Ago
Aug.933 3.30
.17 74.77 92.53 84.60 93_73
_ .1,7, 105.23 91.67 107.85 100.33 89
yields on the basis 01 000 ..ideal" buu.I (4 % coupon, maturing 10 31 years) and do not purport to show either tile average
way the relative leve s and the relative move fleet of
•These prices are 000I mad (row average
quotations. They merely serve to illustrate In a more comprehensive
or bond prices by MOB he back to 1928. see the Issue of Feb 6 1932. page 907.
level or the average ,nove cent of actual pr ce
picture of the bond market. For Moody's index
yield averages, the latter being the truer
list
used In Co limiting these Indexes was published In tile Issue of May is 0035
price or 8 long-term Treasury Issues. t The latest co holete won of bonds averages of 40 foreign norms.
•• ',mid average
previous
but adjusted to a comparable basis
cage 3291. tt Average of 30 foreign bonds
Financial Chronicle
Volume 141
821
Indications of Business Activity
THE STATE OF TRADE
-COMMERCIAL EPITOME
Friday Night, Aug. 9 1935.
Business continued its strong upward trend, and from
present indications the upturn this fall will exceed even
the expectations of the most optimistic. Electric output is
at the highest level of the year and very close to the best
levels ever recorded in the industry. It fell off slightly
during the week, but its spread over last year was widened
to 9.9%. Operations of steel mills showed an increase for
the fifth consecutive week and are larger than at any time
since March. The output was estimated at 46% of capacity
as against 44% in the previous week. Usually there is some
slackening at this time of the year. It is also encouraging
because of the fact that the automobile industry, the largest
consumer of steel, has curtailed output somewhat. Another
bright spot in the business situation is the increased activity
in residential building. Sales of chain and mail order stores
in July showed good increases. Divergent trends were
shown in the movement of commodity prices. Cotton declined sharply on the Government estimate of 11,798,000
bales, which was 400,000 to 500,000 bales above the average
of private reports. Secretary Wallace's statement that the
Government would hold its present stocks until the price
reached above 13c., and that adequate credit facilities would
be made available for orderly marketing of the new crop,
was interpreted in some quarters that the 12c. loan on cotton
would be continued. However, nothing definite was heard
on this score. Grains were more active and relatively
stronger, owing to bullish crop news from the Northwest
and a stronger technical position, although evening up operations for the Government report to-day caused some recession
late in the week. Other commodities were quiet and generally lower. Floods in the Philippines were followed by
an avalanche in the village of Balongan. The death toll
was placed at 252, and about 2,009 were said to be homeless.
Large areas in Wisconsin and Minnesota were inundated by
swollen streams and torrential rains on the 6th inst. The
worst flax)] since 1913 swept eastern. Ohio on the 7th inst ,
forcing many to leave'their homes and causing heavy damage
to property and crops. The Tuscarawas and Muskingum
Rivers reached their crest and threatened to tear away
levees. National Guardsmen patrolled the levees, watching
for breaks, while Government Civilian Conservation Corps
workers tried to strengthen the weakened sections. The
Sylvan Beach area of Oneida Lake was visited by a "twister"
on the 2nd inst. It uprooted many trees, blew over two
barns, and put the electric light service out of commission.
It also damaged fruit crops. The temperature reached 90
degrees on the 4th inst., but during the rest of the week it
was generally fair and cooler. To-day it was fair and warm
here, with temperatures ranging from 62 to 81 degrees.
The forecast was for fair to-night and Saturday and probably Sunday; not much change in temperature. Overnight
at Boston it was 58 to 72 degrees; Baltimore, 68 to 76:
Pittsburgh, 64 to 80; Portland, Me., 58 to 76; Chicago, 70
to 80; Cincinnati, 68 to 88; Cleveland, 68 to 76; Detroit,
66 to 80; Charleston, 78 to 88; Milwaukee, 70 to 78;
Dallas,
78 to 100; Savannah, 76 to 88; Kansas City, 80 to 100;
Springfield, Mo., 72 to 98: Oklahoma City, 76 to 102;
Denver, 70 to 88 ;Salt Lake City, 62 to 06: Seattle, 56 to 76;
Montreal, 62 to 76, and Winnipeg, 62 to 82.
Moody's
Daily
Commodity Index Advances to Five-Year
High
Continuation of exceptional strength in top hog prices
this week carried Moody's Daily Index of Staple Commodity
Prices to 165.7 on Thursday, the highest level since early
1930. The Index closed on Friday at 165.4 compared with
163.3 a week ago.
While most of the advance for the week has been due to
top hog prices, moderate gains have been scored by hides,
scrap steel, whaet, wool and silk. Declines have been experienced by cotton, corn, rubber, spot sugar and cocoa in
the order named, while silver, copper and level have remained unchanged.
The movement of the Index number during the week, with
comparisons, is as follows:
Fri..
Aug. 2
Sat.,Aug.3
Mon., Aug. 5
Tues., Aug.6
Wed., Aug. 7
Thurs., Aug.8
Fri.,
Aug. 9
163.3
not compiled
164.0
164.8
165.4
165.7
165.4
2 Weeks Ago, July 26
Month Ago. July 12
Year Ago.
Aug. 10
1934 High,
Aug. 29
Low,
Jan. 2
Aug. 8
1935 High.
Low.
Mar. 18
162.1
158.0
151.1
156.2
126.0
165.7
148.4
Revenue Freight Car Loadings Up 621 Cars in Week
Loadings of revenue freight for the week ended Aug.3 1935
totaled 597,083 ears. This is a gain of 621 cars or 0.1% over
the preceding week, a drop of 15,577 cars or 2.5% from the
toatl for the like week of 1934, and decline of 48,377 ears
or 3.8% from the total loadings for the corresponding week
of 1933. For the week ended July 27 loadings were. 2.2%
under the corresponding week of 1934 and 7.5% under those
for the like week of 1933. Loadings for the week ended July
20 showed a loss of 3.7% when compared with 1934 and a
drop of 9.6% when the comparison is with the same week
of 1933.
The first 18 major railroads to report for the week ended
Aug.3 1935 loaded a total of 284,394 cars of revenue freight
on their own lines, compared with 284,979 cars in the preceding week and 291,182 cars in the seven days ended Aug.4
1934. A comparative table follows:
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS
(Number of Cars)
Loaded on Own Lines
Weeks Ended
-
Received from Connections
Weeks Ended
-
Aug.3 July 27 Aug.4 Aug.3 July 27 Aug. 4
1935
1934
1935
1935
1935
1934
Atchison Topeka & Santa Fe By.
Baltimoie & Ohio RR
Chesapeake & Ohio Ry
Chicago Burlington & Quincy RR.
Chicago Milw. St. Paul & Pac.Ry.
Y Chicago & North Western Ry
Gulf Coast Lines
International Great Northern RR
Missouri
-Kansas
-Texas RR
Missouri Pacific RR
New York Central Lines
New York Chicago & St. Louis Ry
Norfolk & Western By
Pennsylvania RR
Pere Marquette By
Pittsburgh & Lake Erie RR
Southern Pacific Lines
Wabash By
Total
a Not reported.
19.044
25,305
18,183
15,012
17,102
13,756
2,269
1,925
4,543
13.709
36,407
5,028
16,807
55,363
5,076
5,325
24,389
5,151
19,442
26,108
20.253
13.724
16.634
13.574
2,232
1,972
4,344
13,499
35,386
4,192
18,655
56,735
4,741
5.279
23,357
4.852
20.601 4.593 4,371 4,912
25,615 12,906 12,679 13,397
18,938 7,412 8,579 8,599
16,501 6.587 6,250 6,507
20,521 6,736 6,708 6.720
17,010 8,560 8,285 9.109
1.926 1,123 1.310 1.192
3.039 2,015 1,849 1,881
4,425 2,238 2,485 2,670
14,764 7.096 7,208 7,177
35,293 32,763 32,157 33,292
4.564 7,781 7,242 7,600
15,769 3,544 3,288 3,775
52,221 33,886 33,723 32,605
4.796 3.809 3,786 4,019
4,194 5,434 5,859 4,718
25,414
I
5,591 6.470 7,262 6,581
284,394 284,979 291,182 152,953 153,041 154,754
y Excluding ore.
TOTAL LOADINGS AND RECEIPTS FROM CONNECTIONS
(Number of Cars)
'Weeks Ended
Aug. 3 1935
Chicago Rock Island & Pacific Ry.
Illinois Central System
St. Louis-San Francisco Ry
Total
July 27 1935
Aug. 4 1934
21,230
25,691
11,799
21,265
24,732
12,037
21,982
27,231
13.298
58,720
58,034
62,511
The Association of American Railroads in reviewing the
week ended July 27 stated that:
Loading of revenue freight for the week ended July 27 totaled 596,462
cars. This was an increase of 3,096 cars above the preceding week but a
reduction of 13,580 cars below the corresponding week in 1934 and 48,377
cars below the corresponding week in 1933.
Miscellaneous freight loading for the week ended July 27 totaled 226,906
cars, a decrease of 9,413 cars below the preceding week, but an increase of
4.014 cars above the corresponding week in 1934. It was, however, a decrease of 3,570 cars below the corresponding week in 1933.
Loading of merchandise less than carload lot freight totaled 156,337 cars.
a dacease of 1,008 cars below the preceding week, 2,177 cars below the
corresponding week in 1934,and 16,535 cars below the same week in 1933.
Coal loading amounted to 102,934 cars, an increase of 13,192 cars above
the preceding week and 1,264 cars above the corresponding week in 1934,
but a reduction of 26,839 cars below the same week in 1933.
Grain and grain products loading totaled 33,351 cars, a decrease of 28
cars below the preceding week, 10,276 cars below the corresponding week in
1934, and 178 cars below the same week in 1933. In the Western District
alone grain and grain products loading for the week ended July 27 totaled
22,151 cars, a decrease of 5,257 cars below the same week in 1934.
Livestock loading amounted to 9,672 cars, a decrease of 493 cars below
the preceding week, 16,623 cars below the same week in 1934 and 5,408
cars below the same week in 1933. In the Western District alone, loading
of livestock for the week ended July 27 totaled 6,893 cars, a decrease of
16,035 cars below the same week in 1934.
Forest products loading totaled 28,668 cars, an increase of 252 cars above
the preceding week, 6,955 cars above the same week in 1934, and 651 cars
above the same week in 1933.
Ore loading amounted to 34.013 cars, an increase of 739 cars above the
preceding week,3,210 cars above the corresponding week in 1934. and 5,731
cars above the corresponding week in 1933.
Coke loading amounted to 4,581 cars, a decrease of 145 cars below the
preceding week, but an increase of 53 cars above the same week in 1934. It
was, however, a decrease of 2,229 cars below the same week in 1933.
The Eastern, Allegheny and Pocahontas districts reported increases
compared with the corresponding week last year, in the number of cars
loaded with revenue freight for the week of July 27, but the Southern,
Northwestern, Central Western and Southwestern reported decreases. All
districts also reported reductions compared with the corresponding week
in 1933, except the Northwestern. Central Western and the Southwestern.
which reported increases.
Loading of revenue freight in 1935 compared with the two previous years
follows:
1935
Four weeks in January,
Four weeks in February
Five weeks In March
Four weeks in April
Four weeks in May
Five weeks in June
Week of July 6
Week of July 13
Week of July 20
Week of July 27
Total
1934
2,170,471
2,325,601
3,014,609
2,303,103
2,327,120
3,035,153
472,421
566,488
593,366
596,462
2,183,081
2,314,475
3,067,612
2,340,460
2,446,365
3,084,630
520,741
604,192
616,040
610,042
1,924,208
1,970,566
2,354,521
2,025,564
2,143,194
2,926,247
543,510
653,661
656,380
644,839
17,404.794
17,787.638
15,842,690
1933
In the following table we undertake to show also the
loadings for separate roads and systems for the week ended
July 27 1935. During this period a total of 65 roads showed
increases when compared with the corresponding week last
year. The Great Northern RR., the Norfolk & Western, and
the Pennsylvania system were the only roads of any importance which showed an increase in loadings during the
week.
Aug. 10 1935
Financial Chronicle
822
-WEEK ENDED JULY 27
CONNECTIONS (NUMBER OF CARS)
REVENUE FREIGHT LOADED AND RECEIVED PROM
Total Loads Received
from Connections
Total Revenue
Freight Loaded
Railroads
1935
Eastern District
Ann Arbor
Bangor dr Aroostook
Boston & Maine
Chicago Indianapolis & Louitiv.
Central Indiana
Central Vermont
Delaware dr Hudson
Delaware Lackawanna & West
Detroit & Mackinac
Detroit Toledo & Ironton
Detroit & Toledo Shore Line_
Erie
Grand Trunk Western
Lehigh & Hudson River
Lehigh & New England
Lehigh Valley
Maine Central
Monongahela
Montour
b New York Central Lines
N. Y. N. H. dr Hartford
New York Ontario & Western...
N. Y. Chicago & St. Louis..
Pittsburgh& Lake Erie
Pere Marquette
Pittsburgh A Shawmut
Pittsburgh Shawmut & North...
Pittsburgh & Went Virginia...
Rutland
Wabash
Wheeling & Lake Erie
Total
1934
1933
1935
579
1,075
7,384
1,268
15
917
4,477
8,011
215
2,191
352
11,850
4,212
173
1,722
8.989
2,794
3,753
2.302
35,376
9,324
1,640
4.192
5,156
4,741
144
253
955
582
4,852
3,421
555
901
6.945
1,260
27
837
4,034
8.795
238
1,952
210
11,945
3,693
150
1,639
7.874
2,501
3,105
2,105
35,497
9,158
2,170
4,791
4,528
4,859
343
230
1,013
561
5,828
2,989
526
543
8,558
1,216
33
997
8,005
9,473
163
1,663
305
13.334
3,781
136
1,732
8,507
2,989
4,140
2,596
41,090
11,188
2,089
4,527
5,992
4,654
388
401
1,507
640
5,242
3,938
1,050
236
8,499
1,564
56
1,724
6,275
5,438
110
1,061
1,791
11,942
5,267
1,573
983
6,052
1,533
185
45
32,157
10,208
1,739
7,242
5,982
3,786
19
141
1,014
855
7,202
2,539
925
227
8,530
1,616
63
2,447
6,081
5,074
111
843
1,978
11,598
5.229
1,519
918
6,178
1,399
222
42
32,191
10,338
1,703
7,435
4,468
3,878
21
146
789
945
6,234
2,283
130,875
130.513
148,331
128,248
125,429
1935
1934
Total
Pocahontas District
Chesapeake dr Ohio
Norfolk & Western
Norfolk & Portsmouth Belt Line
Virginian
Total
Southern DistrictGroup A
Atlantic Coast Line
Clinchfield
Charleston & Western Carolina_
Durham & Southern
Gainesville Midland
Norfolk Southern
Piedmont & Northern
Richmond Fred. dr Potomac_
Seaboard Air Line
Southern System
Winston-Salem Southbound....
Total
Group /I
Alabama Tennessee & Northern
Atlanta Birmingham & Coast..
-W.RR.of Ala..
Atl. dr W.P.
Central of Georgic
Columbus dr Greenville
Florida East Coast
Georgia
464
26,108
4.008
322
1,001
5,361
625
284
40
760
899
56.735
11,148
5,977
68
3,093
394
26,262
3,846
275
974
5,136
72
263
61
798
1,020
52,905
12,138
5,836
28
3,247
546
30,665
3,372
297
a
5,728
0
293
67
1,141
1,180
64,780
13,286
10,329
68
3,401
578
12,679
1,465
7
18
9,101
40
37
11
1,620
1,085
33,723
12,833
3,272
0
5,182
551
13,074
1,611
8
7
9,417
68
17
21
1,902
782
31,562
12,451
3,508
116,893
113,255
135,133
81.651
79,555
20,253
18,655
745
3,780
21,498
17,373
730
3,262
24,368
20,990
821
4,032
8,579
3,288
1,025
879
9,529
3,507
924
559
43,433
42,861
50,211
13,571
14,519
4,576
8,417
903
368
148
40
1,201
355
306
6,072
18,094
138
5,989
1,012
378
151
38
1,184
353
348
5.982
18,179
127
6,558
1,175
554
158
46
1,720
518
374
6.913
20,543
151
4,031
1,299
711
204
73
867
656
3,149
2,787
10,979
579
4,000
1,347
741
250
59
846
757
2,792
2,902
11,185
541
34,040
33,741
38,710
25,335
25,420
161
732
685
3,540
209
388
705
188
1,092
689
3,681
175
397
915
222
1,084
782
4,151
207
285
695
106
406
896
2,030
235
328
1,207
150
514
918
2,505
215
314
1,319
•
figures. a Not available.
Note-Figures for 1934 revised. * Previous
Michigan Central RR.
1933
1935
273
1.148
18,257
15,328
149
134
1,542
2,327
332
309
1,338
17.290
19,844
246
123
1,632
2.794
350
307
688
8,755
3,569
245
243
1,298
1,958
523
1934
46,607
51,332
22.794
25,445
Grand total Southern District_ •
79,431
80,348
90,042
48,129
50,865
Northwestern DLittict
Belt By. of Chicago
Chicago & North Western....
•
Chicago Great Western
Chicago Milw. St. P.& Pacific
Chicago St. P. Minn. dr Omah
Duluth MIssabe & Northern_ _ •
Duluth South Shore & Atlantic
•
Elgin Joliet & Eastern
Ft.Dodge Des Moines & South
•
Great Northern
Green Bay & Western
Lake Superior & Ishpeming
Minneapolis & St. Louis
Minn. St. Paul & S. S. M
Northern Pacific
Spokane International
Spokane Portland & Seattle...
811
15.499
1,995
16,634
3,244
9.387
964
4,881
302
15,582
484
2,333
1.327
5,509
8,093
351
1,536
709
18,418
2,799
20,465
3,729
9,468
857
3,393
354
14.566
502
1.958
2,365
5.349
9,017
198
1,554
885
18,278
2,542
17,999
3.591
7,776
941
5,399
316
11,234
482
2,188
2,037
5.094
8,226
297
1,142
1,955
8,285
2.494
6,708
2,711
154
354
3,505
128
2,813
435
89
1,458
2.193
2,685
190
931
2.657
8.378
2,331
6,402
3,154
203
347
2,926
97
2,689
312
63
1,192
1,883
2,803
191
1,295
88,912
95.701
88,427
37,089
36,723
19,432
2,656
223
13,724
1.525
10,978
2,087
833
2,034
331
974
1.828
941
91
18,159
258
212
0
11,47
165
1.419
20,614
2.659
156
18,557
1.167
11,834
2,554
831
1,821
231
1.028
1,751
1,107
124
20,588
260
454
11,477
180
1.909
16,977
3,039
154
16,259
1,617
11,121
2,568
755
2,002
247
838
2,040
686
210
15,755
235
380
10,359
190
1,226
4,371
1,935
22
6,250
516
6.253
1,680
1,014
2,038
21
813
1,069
467
83
3,285
241
1,057
6,850
7
1,613
4,845
1,921
60
6,121
734
5,985
1,784
963
1,948
24
830
940
598
65
3,591
257
928
6,513
4
2,742
89,040
97,302
86,658
39,585
40,853
164
180
104
2,232
1,972
152
1,686
1,295
76
204
624
85
4.344
13,499
32
98
7.290
1,987
5,198
3,932
2,452
216
76
47,878
126
139
150
2,030
2,851
120
1,482
1,571
75
225
622
101
4,379
14,202
46
72
8,159
1,820
5,480
4,309
1,908
169
28
210
169
113
2,254
2,403
147
1,460
989
78
300
535
105
4,479
13,574
52
82
7,014
1,871
5,107
3,108
2,151
a
40
3,855
267
189
1,310
1,849
883
1,549
862
384
707
151
183
2,485
7,208
16
113
3,194
1,074
2,265
3,583
15,215
101
35
3,318
241
155
1,105
1,930
811
1.438
687
310
711
171
290
2,607
7,136
19
120
3,181
1,506
2,075
3 577
.
14,182
57
31
50.062
46,037
48.075
45.639
Central Western District
Atch. Top.& Santa Fe System.
Alton
Bingham dr Garfield
Chicago Burlington & Quincy.
Chicago & Illinois Midland._ _ _
Chicago Rock Island & Pacific.
Chicago & F.astern Illinois
Colorado & Southern
Denver & Rio Grande Western_
Denver & Salt Lake
Fort Worth & Denver City...
Illinois Terminal
North Western Pacific
Peoria & Pekin Union
Southern Pacific (Pacific)
St. Joseph & Grand Island
Toledo Peoria & Western
Union Pacific System
Utah
Western Pacific
Total
Southwestern District
Alton & Southern
Burlington-Rock Island
Fort Smith & Western
Gulf Coast Lines
International-Great Northern
Kansas Oklahoma & Gulf
Kansas City Southern
Louisiana & Arkansas
Louisiana Arkansas &
Litchfield & Madison
Midland Valley
Missouri Sr Alkansas
Missouri-Kansas-Texas Lines
Missouri Pacific
Natchez & Southern
Quanah Acme & Pacific
St. Louis-San Francisco
St. Louis Southwestern
Texas & New Orleans
Texas dr Pacific
Terminal RR. Alyea of St. Louis
Wichita Falls & Southern
Weatherford M. W. dr N. W.._
Total
292
616
8,897
4,194
353
212
1,287
3,010
649
b Includes figures for the Boston & Albany RR., the C. C. C. & St. Louis RR ,and the
Number of Surplus Freight Cars in Good Repair Again
Higher
Class I railroads on July 14 had 317,212 surplus freight
cars in good repair and immediately available for service, the
9.
Association of American • Railroads announced on Aug.30,
This was an increase of 45,585 cars compared with June
at which time there were 271,627 surplus freight cars.
Surplus coal cars on July 14 totaled 90,019, an increase of
cars
39,731 cars above the previous period, while surplus box with
totaled 180,691, an increase of 5,518 cars compared
June 30.
Reports also showed 28,312 surplus stock cars, a decrease
of 828 compared with June 30 while surplus refrigerator cars
totaled 6,625, an increase of 432 for the same period.
Increase Noted in "Annalist" Weekly Index of Wholesale Commodity Prices for Week of Aug. 6
A further sharp increase in hog prices together with advances in other livestock and the meats carried The "Annalist" Weekly Index of Wholesale Commodity Prices for
Aug. 6 to within 0.5 point of the 1935 high, which in turn
was the highest since June 1930. The "Annalist" further
announced:
July 30 and 115.7 a
The Index advanced to 126.4 on Aug. 6, from 125.0
pounds in hog prices reflected
year ago. The rise of 74 cents a hundred
market, so subnormal indeed that
the continued subnormal movement to
to meet even the curtailed demand
the supply of fresh pork is insufficient
But for the striking advance In the livestock
due to the high meat prices.
have declined about 0.4 point, since the
and meat group the Index would
1934
Group B (Concluded)
298
Georgia dr Florida
1,425
Gild Mobile & Northern
16,580
Illinois Central System
18,205
Louisville dr Nashville
132
Macon Dublin & Savannah...
131
Mississippi Central
1,601
Mobile & Ohio
2,276
Nashville Chattanooga & St. L •
327
Tennessee Central
• 45,391
Total
Total
Allegheny District
Akron Canton & Youngstown__
Baltimore & Ohio
Bessemer & Lake Erie
Buffalo Creek & Gauley
Cambria & Indiana
Central RR. of New Jersey_._.
Cornwall
Cumberland dr Pennsylvania_
Ligonier Valley
Long Island
Penn-Reading Seashore Lines...
Pennsylvania System
Reading Co
Union (Pittsburgh)
West Virginia Northern
Western Maryland
Total Loads Received
from Connections
Total Revenue
Freight Loaded
Railroads
grains and cotton declined. Advances were recorded for coffee, eggs.
butter and cheese, rubber, lead and zinc.
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES
UNADJUSTED FOR SEASONAL VARIATION (1913._-100)
Aug. 6 1935 July 30 1935 Aug. 7 1934
118.8
117.4
103.9
Farm products
135.6
132.6
113.9
Food products
*108.3
x108.2
113.8
Textile products
164.3
163.7
164.6
Fuels
109.2
109.1
110.1
Metals
111.5
111.5
113.3
Building materials
98.3
98.3
98.7
Chemicals
83.0
82.0
85.2
Miscellaneous
126.4
125.0
115.7
All commodities
_74.7
74.0
68.3
yAll commodities on old dollar basis
.yreliminary. xIteelsed. yiriased on exchange quotations tor trance, Switzerland and Holland; Belgium included prior to March 1935.
Further Increase in Wholesale Commodity Prices
During Week of Aug. 3 Reported by National
Fertilizer Association
There was a general advance in wholesale commodity
prices in the week ended Aug. 3, according to the index of the
National Fertilizer Association. This index advanced to
78.4% of the 1926-1928 average compared with 77.8 in the
week preceding. A month ago the index was 77.5 and a
year ago 73.1. The index last week stood at the same level
as had been reached in the week of May 25, the highest
point attained during the recovery period. The Association
further announced on Aug. 5:
The increase in price last week was general, with eight of the component
groups rising and a slight decline occurring in another group. The most
Financial Chronicle
Volume 141
important advance occurred in the foods index, which rose to the highest
point reached in the recovery which began in early 1933. The rise in the
foods group was due largely to higher pork prices although cheese, eggs.
flour and apples were also higher during the week. Higher prices for hogs.
cattle and wheat were largely responsible for the rise in the grains, feeds
and livestock index. Of the 22 commodities included in this group 11
advanced in price last week and seven declined. A small rise in the textiles
index was the result of minor advances in several textile items. A substantial increase in the price of scrap steel and a small advance in tin were
responsible for the one point rise in the metals index. The fats and oils
group advanced during the week due largely to higher prices for lard and
cottonseed oil; the price of butter was lower. Higher prices for cottonseed
meal and sulphate of ammonia, and the change in discounts for potash salts
resulted in a rise in the fertilizer materials index.
Prices of 42 commodities included in the index advanced in price during
the week while 18 declined; in the preceding week there were 23 advances
and 24 declines; in the second preceding week there were 23 advances and
31 declines.
WEEKLY WHOLESALE PRICE INDEX
-BASED ON 476 COMMODITY
PRICES (1926-1928=100)
23.2
16.0
12.8
10.1
8.5
6.7
6.8
6.2
4.0
3.8
1.0
.4
.4
.3
Latest
Week
Aug. 3
1935
Group
Pre'
ceding
Week
Month
Ago
Year
Ago
82.3
69.0
85.7
68.0
69.3
88.3
77.5
81.5
84.7
68.9
94.6
62.5
71.4
101.6
81.6
69.3
84.0
68.5
69.1
88.0
78.1
81.4
84.8
65.6
94.6
64.3
77.7
101.6
71.4
70.2
66.1
71.5
69.0
88.7
80.4
82.0
86.2
54.2
93.2
65.4
76.1
98.8
77.8
77.5
73.1
Foods
84.1
Fuel
69.1
Grains, feeds and livestock-. 86.9
Textiles
68.1
Miscellaneous commodities- - 69.2
Automobiles
88.3'
Building materials
77.5
Metals
81.6
House-furnishing goods
84.7
Fats and oils
69.4
Chemicals and drugs
95.4
Fertilizer materials
64.6
Mixed fertilizers
71.4
Agricultural implements
101.6
100.0
All grottos combined
78.4
United States Department of Labor Reports Decline
of 0.1 of 1% in Retail Food Prices During Two
Weeks Ended July 16
Retail prices of food declined 0.1 of 1% during the
two
weeks ended July 16, the Bureau of Labor Statistics
of the
United States Department of Labor announced July
30.
The current index, 121.7 (1913=100.0), indicates that food
prices in general are at the level of four months ago.
They
are, however, 10.7% higher
than one year ago, and 16.1%
higher than for July 15 1933, when the index was
104.8.
The Bureau continued:
Percentage changes since last year and two years ago are shown below by
commodity groups. The fruits and vegetables group showed significant
decreases. Price movements of commodities within the group
differ
markedly.
Percent Increase to
July 16 1935. over
July 17 1934 July 15 1933
All foods
10.7
17.7
51.5
6.7
38.3
-24.6
4.1
68.5
5.4
The food price changes of the
past two weeks were relatively small.
Cereals as a group remained unchanged although there was a
decrease of
0.6 of 1% for macaroni. Meats advanced 0.5 of 1% due almost entirely
to increases in the prices of all pork products. Beef products continued
to decline.
The recent decline in the price of dairy products was retarded.
Butter
prices rose 0.3 of 1%, in marked contrast to the declines of the
past three
months. Prices of cheese remained unchanged. Prices of
fresh milk
delivered to householders fell 0.8 of 1% for the 51 cities combined,
due to
price decreases in Boston and Cleveland. Evaporated milk prices
fell
2.7%. Eggs continued a seasonal advance in all areas, and rose 2.8% on
the average.
Fruits and vegetables moved downward 2.3%. Cabbage and onions
continued to decline. Potato prices have shown no change for
the past
three months.
Fats and oils rose 0.3 of 1% due to increases in prices of animal
fats.
Vegetable fats showed no price change. No other commodities
included
n the general index registered significant price changes.
Of the 48 foods included in the general index, 35 decreased or remained
unchanged in price. The greatest relative decrease and
increase since
July 2 were a drop of 13.6% in the price of onions and an increase of
5.1%
lfor pork chops.
The downward movement in the general index was almost entirely due to
price declines in the West and South. Of the 24 cities reporting a general
decrease or no change, only five were in the East. Denver showed the
greatest decrease, 1.9%. The New England area reported the largest
increase. 1.1%. Prices for all cities in that area moved upward or showed
no change.
•
INDEX NUMBERS OF RETAIL PRICES OF FOODS (1913=100.0)
1934
1935
1933
1930
July 2 Apr. 23 Jan. 15 Oct
.23 July 17 July 15 July 15
July 16 2 Wks. 3 Mos. 6 Mos. 9M03. I Year 2 Years 5 Years
ago
ago
ago
ago
ago
ago
ago
All foods
121.7
121.8
125.2
118.5
115.4
109.9
104.8
144.0
Cereals
Meats
Dairy products_
Eggs
Fruits lz vegetles
Beverages
Fats and oils_ __ _
Sugar and sweets
150.6
156.8
104.3
97.4
117.0
95.9
117.6
111.7
150.7
156.0
104.9
94.8
119.8
96.2
117.2
111.8
151.1
154.3
114.4
87.2
136.0
98.8
116.2
107.1
151.2
132.3
112.3
109.0
107.6
101.2
104.6
105.4
151.8
126.4
105.4
109.0
108.4
98.5
93.0
109.8
147.7
120.5
100.8
76.2
119.0
96.4
75.9
109.7
128.0
103.5
97.7
70.4
155.2
92.2
74.2
105.9
158.6
175.2
133.9
101.7
173.5
131.0
123.0
115.9
Percent Change-July 16 1935, Compared with
Commodities-
July 2
1935
(2 Weeks
Ago)
June 18
1935
(4 Weeks
Ago)
July 17
1934
(1 Year
Ago)
July 15
1933
(2 Years
Ago)
July 15
1930
(5 Years
Ago)
All foods
-0.1
-1.1
+10.7
+16.1
-15.5
Cereals
Bread, white
Cornflakes
Cornmeal
Flour, wheat
Macaroni
Rice
Rolled oats
Wheat cereal
Meats
Beef
-Chuck roast
Plate beef
Rib roast
Round steak
Sirloin steak
Hens for roasting
Lamb, leg of
Pork-Bacon. sliced
Ham,sliced
Pork chops
Salmon, red, canned
Dairy products
Butter
Cheese
Milk. fresh
Milk,evaporated
Eggs
Fruits and vegetables
Bananas
Oranges
Prunes
Raisins
Beans, navy
Beans with pork, ean'd
Cabbage
Corn, canned
Onions
Peas, canned
Potatoes, white
Tomatoes, canned.-Beverages
Cocoa
Coffee
Tea
Fats and oils
Lard
Lard compound
Veg. lard substitute
Oleomargarine
Salad oil
Sugar and sweets
Sugar, granulated_ - -Corn syrup
Molasses
Strawberry preserves _
0.0
0.0
0.0
0.0
0.0
-0.6
0.0
0.0
0.0
+0.5
-1.3
-1.8
-0.7
-0.3
0.0
00
0.0
0.0
0.0
-0.6
0.0
0.0
0.0
-1.6
-4.1
-4.1
-2.3
-2.1
-2.4
-6.0
-2.5
+1.0
+0.7
+1.6
0.0
-2.1
-2.9
-1.2
-1.7
-2.7
+4.4
-4.6
+0.5
-0.6
-1.8
-1.0
0.0
0.0
-22.2
-0.8
-22.7
-1.1
0.0
0.0
-0.9
0.0
-1.2
-0.7
+0.5
+1.0
-0.6
+0.5
0.0
0.0
+1.2
+1.8
0.0
-2.1
0.0
+2.0
+1.2
0.0
+18.2
0.0
0.0
+1.2
+13.2
+2.1
+30.1
+42.2
+54.3
+33.6
+26.6
+22.5
+19.0
+4.2
+39.7
+17.8
+45.1
-0.9
+3.4
+0.7
+5.1
+4.5
+6.0
+27.8
-1.7
-6.5
-16.5
-3.4
+1.0
+7.0
+6.1
-17.6
+15.0
+4.1
+6.0
0.0
-1.0
-0.5
+17.7
+15.3
+1.2
+40.5
+22.5
+4.7
+33.9
+30.5
A-8 3
.
+51.5
+55.3
+68.8
+44.5
+40.6
+352
+34.3
+22.4
+75.1
+42.1
+103.3
+9.8
+6.7
-2.3
+5.5
+12.5
+4.4
+38.3
-24.6
-12.5
+11.6
+19.1
+6.5
+10.9
+6.1
-41.7
+31.3
+6.3
+37.5
-41.7
+14.3
+4.1
-5.0
-5.7
-10.6
-1.9
+6.5
-19.2
-12.6
-11.5
-2.8
-10.5
-1.3
-10.5
-11.2
-10.7
-13.0
-18.0
-23.5
-3.5
-15.2
+1.4
-33.2
-22.1
-30.7
-27.4
-16.4
-22.0
-4.2
-32.8
-29.1
-50.3
-32.1
-17.8
--47.0
-20.5
-36.4
-15.0
-12.1
+8.6
-36.4
-16.1
-26.8
-:-Iis
+4.1
+54.9
+83.8
+67.0
+18.0
+42.6
-1 5:5
+15.0
+58.5
+91.1
11.1
-5.0
-4.3
+18.4
+19:5
+45.9
-III
-24.5
+0.7
0.0
+0.7
+0.4
+5.1
+0.5
-0.6
+0.3
0.0
-0.8
-2.7
+2.8
-2.3
+0.9
+0.3
-0.9
-1.0
0.0
+1.4
-12.5
0.0
-13.6
-1.1
0.0
0.0
0.0
-0.4
-0.3
+0.3
+0.5
0.0
0.0
+0.5
0.0
0.0
0.0
-1.4
+0.5
4:1:8
2- -I4
1
.. -7.
57
.
+1.8
+5.5
-4.9
+8.7
-2.1--
16.1
2.0
30.1
3.4
27.8
-1.7
-0.5
54.9
1.8
Cereals
Meats
Dairy products
Eggs
Fruits and vegetables
Beverages
Fats and oils
Sugar and sweets
CHANGES IN RETAIL FOOD PRICES JULY 16 1935, BY COMMODITIES
Weekly Production of Electricity 9.9% Above 1934
Period
The Edison Electric Institute, in its weekly statement,
disclosed that the production of electricity by the electric
light and power industry of the United States for the week
ended Aug. 3 1935 totaled 1,821,398,000 kwh.
Total
output for the latest week indicated a gain of 9.9% over the
corresponding week of 1934, when output totaled 1,657,638,000 kwh.
Electric output during the week ended July 27 1935 totaled
1,823,521,000 kwh.
This was a gain of 8.3% over the
1,683,542,000 kwh. produced during the week ended July 28
1934.
The Institute's statement follows:
PERCENTAGE INCREASE OVER 1934
Major Geographic
Regions
1Week Ended
Aug. 3 1935
Week Ended
July 27 1935
Week Ended
July 20 1935
Week Ended
July 13 1935
New England
Middle Atlantic_
.
Central Industrial_ __
.
West Central
Southern States
Rocky Mountain
Pacific Coast
8.4
7.5
10.4
11.7
11.7
33.3
4.8
6.7
8.5
7.2
9.3
7.6
33.7
5.4
8.3
9.3
6.5
7.3
7.4
31.4
7.3
7.1
8.7
6.3
9.2
8.6
25.0
x1.1
Total United States_
9.9
8.3
8.6
7.2
x Decrease.
DATA FOR RECENT WEEKS
Week of-
1935
1934
P. C.
Ch'ge
Weekly Data for Previous Years
in Millions of Kilowatt-Hours
1933
May 4___ 1,698,178.000 1,632,766,000
May 11._ 1,701.702,000 1,643,433,000
May 18_ 1,700,022,000 1,649,770,000
May 25___ 1,696,051,000 1.654,903,000
June l___ 1,628,520,000 1,575,828,000
June 8___ 1,724,491,000 1,654,916.000
June 15___ 1.742,506,000 1,665.358,000
June 22.... 1.774,654,000 1,674,566,000
June 29 ___ 1,772,138,000 1.688,211,000
July 6„.. 1,655,420,000 1,555,844,000
July 13._ 1,766,010,000 1,647,680.000
July 20___ 1,807,037.000 1,663.771,000
July 27___ 1,823,521.000 1,683,542,000
Aug. 3._ 1,821,398,000 1,657,638,000
Aug. l0_.
1,659,043,000
Aug. l7._
1.874.345.000
+4.0
+3.5
+3.0
+2.5
+3.3
+4.2
+4.6
+6.0
+5.0
+6.4
+7.2
+8.6
+8.3
+9.9
____
1,436
1.468
1,483
1,494
1,461
1,542
1,578
1,598
1,656
1,539
1.648
1,654
1,662
1,650
1.627
1.650
1932
t.
a a a a a a a a a Ca a a a a
Per Cent
Each Group
Bears to the
Total Index
823
Prices used in constructing the weighted index are based upon reports
from all types of retail food dealers in 51 cities and cover quotations on 48
important food items. The index Is based on the average of 1913 as 100.0.
The weights given to the various food items used in constructing the index
are based on the expenditures of wage earners and lower-salaried workers.
The following table shows the percentages of price changes for individual
commodities, and for the various cities covered by the Bureau for July 16
1935. compared with July 2 and June 18 1935, July 17 1934, July 15 1933.
and July 15 1930:
1931
1930
1929
1.637
1.654
1,645
1,602
1.594
1.621
1,610
1,635
1,607
1.604
1,645
1,651
1,644
1,643
1,629
1.643
1,698
1,689
1,717
1.723
1,660
1,657
1.707
1,698
1,704
1,594
1,626
1,667
1.686
1,678
1 692
1.677
1,688
1,698
1,704
1,705
1,615
1,690
1,699
1,703
1,723
1,592
1,712
1,727
1,723
1.725
1,730
1.733
DATA FOR RECENT MONTHS (THOUSANDS,OF KWH.)
Month
of
Jan_ ___
_
March_
Feb__.
April__
May _ _.
Jime....
.
July
Aug__
Sept_
Oct_
Nov_
Dec_
Aug. 10 1935
Financial Chronicle
824
1935
1934
7,762,513
7.048,495
7.500,566
7,382,224
7.544.845
7,404,174
7,131,158
6,608.356
7,198,232
6,978,419
7,249,732
7,056,116
7,116,251
7,309.575
6,832,260
7,384,922
7,160,756
7,538,337
P. C.
Clrge
1932
1933
1931
1930
+8.9 6,480,897 7,011,736 7,435.782 8,021,749
+6.7 5,835,263 6.494,091 6.678.915 7,068,788
+4.2 6,182,281 6,771,684 7,370.687 7,580.335
+5.8 8,024.855 8,294,302 7.184.514 7,416,191
+4.1 6,532,686 6,219,554 7,180,210 7.494,807
+4.9 6,809,440 6,130,077 7,070,729 7,239,697
____ 7,058,600 6,112,175 7.286,576 7.363,730
____ 7.218.678 6,310.667 7,166,086 7,391.196
__-- 6,931.652 6.317,733 7,099,421 7.337.106
____ 7,094,412 6,633.865 7,331,380 7.718,787
____ .6,831,573 6,507,804 6.971,644 7,270,112
____ 7.009.164 6,638,424 7,288,025 7,586,601
85,564.124 ____ 80,009,501 77,442.112 86.083,969 89,487,099
-The monthly figures shown above are based on reports covering approxiNote
mately 92% of the electric light and power industry and the weekly figures are
based on about 70%.
Total_
United States Department of Labor Reports Increase
of 0.5% in Wholesale Commodity Prices During
Week of Aug. 3
Continuing the recent upward movement, wholesale commodity prices advanced 0.5% during the week ending Aug.
3, according to a statement Aug. 8 by the Bureau of Labor
Statistics of the U. S. Department of Labor. The advance
brought the composite index to 79.6% of the 1926 average,
the Bureau stated, adding:
The current index is over 2% higher than at the beginning of the year,
which was also the low point, and is 6% above that of the corresponding
week of 1934. Compared with two years ago the general index shows an
Increase of 15%.
Sharp advances in prices of farm products and foods were the principal
factors contributing to the rise in the combined index. The large industrial
group, which includes all commodities other than farm products and processed foods, remained at the preceding week's level. Throughout the
current year the industrial group has fluctuated within a narrow range and
now stands 0.6% below the level of a year ago.
In addition to the farm products and foods groups, textile products,
metals and metal products, building materials, and chemicals and drugs
also increased during the week. Hides and leather products and fuel and
lighting materials registered minor decreases. Houseftumishing goods and
miscellaneous commodities were unchanged.
With the exception of textile products, chemicals and drugs, housefurnishing goods, and miscellaneous commodities, each of the ten commodity groups show a net gain when compared with the Jan. 5 index.
These increases range from 0.2% for metals and metal products to 6.2% for
foods. The index for the textile products group rose to the Jan. 5 level.
Miscellaneous commodities are approximately 5% below this point. The
decreases for chemicals and drugs and housefurnishing goods have been
less than 1%.
Compared with the level of the corresponding week of 1934. farm products and foods show substantial increases. Hides and leather products,
fuel and lighting materials, and chemicals and drugs are fractionally higher.
Textile products, metals and metal products, building materials, house
furnishing goods, and miscellaneous commodities, on the other hand, are
lower, although the decreases have been moderate.
Group index numbers for the week of Aug. 3 1935. compared with Jan.
the
5 1935 and Aug. 4 1934, and the percentages of change are shown in
table below:
Commodity Groups
Aug. 3
1935
Jan. 5
1935
P. C. of
Change
Aug. 4
1934
,".C. of
Change
All commodities
79.6
77.9
+2.2
75.1
+6.0
Farm products
Foods
Hides and leather products
Textile products
Fuel and light materials
Metals and metal products
Building materials
Chemicals and drugs
HousefurnLshing goods
Miscellaneous commodities
All commodities other than farm
products and foods
78.4
83.4
90.0
70.0
75.0
85.8
85.3
78.5
81.9
67.5
75.6
78.5
86.8
70.0
74.1
85.6
84.6
79.1
82.3
70.9
+3.7
+6.2
+3.7
0.0
+1.2
+0.2
+0.8
-0.8
-0.5
-4.8
66.6
71.8
85.1
71.1
74.7
86.2
87.1
75.5
83.0
69.9
+17.7
+16.2
+5.8
-1.5
+0.4
-0.5
-2.1
+4.0
-1.3
-3.4
77.9
78.0
-0.1
78.4
-0.6
advances
Farm products' prices rose 1 7% during the week, due o sharp
apples, alfalfa,
in grains and other farm products, including cotton, eggs,
and poultry
hay,flaxseed, and white potatoes. The sub-group of livestock
calves and
also recorded a minor increase as a result of higher prices for
on the contrary, were lower. Additional
steers. Prices of cows and sheep,
were corn, rye, lemons,
farm products for which lower prices were reported
and
oranges, timothy hay, hops, clover and timothy seeds, dried beans,
-78.4
of farm products
sweet potatoes. The index for the entire group
ago and more than 33% above two years ago.
is nearly 18% above a year
for
Wholesale food prices advanced 1.5% because of higher averages
other
the sub-group of cereal products, fruits and vegetables, meats, and
decrease. Individual
foods Butter, cheese, and milk recorded a minor
food items for which higher prices were shown were cheese, flour, canned
cherries, fresh and cured pork, veal, cocoa beans, lard, oleomargarine,
for
pepper, edible tallow, and vegetable oil. Lower prices were recorded
• butter, cornflakes, dried apricots, mutton, coffee, copra. oleo oil, and peafoods group-83.4-1s 16% above
nut butter. The current index for the
the corresponding week of last year and 28% above the corresponding
week of two years ago.
The index for the group of building materials advanced to 85.3,returning
So the high point of the year which was reached on June 15. The increase
was due to higher prices for lumber and heating equipment. The subgroup of paint and paint materials recorded a fractional decrease. Brick
and tile, cement, structural steel, and other building materials remained
at the previous week's level.
•
The index for textile products advanced slightly to equal the high for the
year, 70.0. Advancing prices of clothing and other textile products more
than counter-balanced declining prices for cotton goods. Indexes for the
sub-groups of knit goods, silk and rayon, and woolen and worsted goods
were unchanged.
. Strengthening prices of plumbing and heating fixtures and nonferrous
metals caused the metals and metal products group to increase slightly.
The average for the sub-group of iron and steel was inchanged, although
a minor advance was reported in the price of scrap steel. Agricultural
implements and motor vehicles also remained unchanged.
Higher prices for fertilizer materials and chemicals resulted in the index
the 1926 average.
for the chemicals and drugs group advancing to 78.5% of
Prices of drugs and pharmaceuticals were lower, and mixed fertilizers remained unchanged.
Fuel and lighting materials declined 0.3%, due to lower prices for-bituminous coal and Pennsylvania gasoline. No change was shown in the
average prices of anthracite coal and coke.
In the bides and leather products group, weakening prices of hides and
skins more than offset higher prices for leather. The average for the group
as a whole declined fractionally. Prices of shoes and other leather products
were steady.
The group of housefurnishing goods remained at the previous week's
level Average prices of both furniture and furnishings were stationary.
Cattlefeed prices continued to weaken and declined nearly 1% to a new
low for the year. Crude rubber, on the other hand, advanced fractionally.
Automobile tires and tubes and paper and pulp remained at their lows for
the year.
The index of the Bureau of Labor Statistics is composed of 784 price
series weighted according to their relative importance in the country's
markets and based on average prices for the year 1926 as 100.
The following table shows index numbers for the main groups of commodities for the past five weeks and for the weeks of Aug.4 1934, and Aug.
51933:
INDEX NUMBERS OF WHOLESALE PRICES FOR WEEKS ENDED AUG.3,
. -JULY 27,JULY 20, JULY 13 AND JULY 6 1935, AND AUG.4 1934 AND
AUG.5 1933. (1926=100.0)
Aug. Aug.
5
4
1934 1933
Aug.
3
1935
July
27
1935
July
20
1935
July
13
1935
July
6
1935
79.6
79.2
79.1
79.2
79.1
75.1
69.2
78.4
Farm products
83.4
Foods
90.0
Hides and leather products
70.0
Textile products
75.0
Fuel and lighting materials
85.8
Metals and metal products
85.3
Building materials
78.5
Chemicals and drugs
81.9
Housefurnishing goods
87.5
Miscellaneous commodities
All commodities other than farm
77.9
nroducts and foods
77.1
82.2
90.1
69.9
75.2
85.7
85.1
78.4
81.9
67.5
77.2
82.0
89.8
69.8
75.3
85.7
84.9
79.5
81.8
67.6
77.7
82.0
89.8
69.9
75.3
85.7
85.0
79.5
81.8
67.8
78.0
81.9
89.8
69.7
74.9
85.7
84.8
79.5
81.8
68.0
66.6
71.8
85.1
71.1
74.7
86.2
87.1
75.5
83.0
69.9
58.7
65.1
90.4
70.8
66.6
80.8
80.9
73.4
75.4
65.0
77.9
77.9
78.0
77.8
78.4
73.6
Commodity Grasps
All commodities
Production of Electricity in June 5% Above Corresponding Month a Year Ago
The Geological Survey of the United States Department of
the Interior, in its monthly electrical report discloses that
the production of electricity for public use in the United
States during the month of June totaled 7,872,383,000 kwh.
This is a gain of 5% when compared with the 7,471,875,000 kwh. produced in June 1934. For the month of May
1935, output totaled 8,021,448,000 kwh.
Of the June 1935 output a total of 3,450,189,000 kwh. was
produced by water power and 4,422,194,000 kwh. by fuels.
The Survey's statement follows:
PRODUCTION OF ELECTRICITY FOR PUBLIC USE IN THE UNITED
STATES (IN KILOWATT HOURS)
Total by Water Power and Fuels
Division
Changes in Output
from Previous Year
June
May'35 June'35
May
April
556,651,000 547,928,000 525,811,000
New England
2,034,434,000 2,064,795,000 2,039,985,000
Middle Atlantic_ _
East North Central_ 1,821,522,000 1,824,599,000 1,710,507,000
West North Central, 521,703.000 543,980,000 557,550,000
936,061,000 942,163,000 829,489,000
South Atlantic
East South Central, 325,047,000 328,480,000 368,145,000
West South Central_ 374,989,000 390,819,000 401,250,000
267,402,000 298,574,000 302,837,000
Mountain
978,575,000 1,080,110,000 1,136,809,000
Pacific
+3%
+3%
+3%
+15%
+7%
+4%
+5%
+15%
-2%
Total for U. B.-... 7.817,284,000 8,021,448,000 7,872.383,000
+4%
+8%
+4%
-3%
+18%
0%
+28%
-2%
+34%
+7%
+5%
The average dal y production of electricity for public use In the United
States in June was 262,400,000 kilowatt-hours, an increase from the average
daily production in May of about 1 %. The normal change is an increase of
1.8%.
The average daily production of electricity by the use of water power in
June was less than the record output for May, owing to the usual seasons
decrease in the flow ofstreams utilized for water power.
The total production of electricity for the first half of the year was
47,564,000,000 kilowatt-hours. 165,000,000 kilowatt-hours more than
during the same period in 1929, the year of maximum production of electricity. An estimate based on the records for previous years and the production of electricity for the first half of the year indicates a total for the
year about the same as that for 1929.
TOTAL MONTHLY PRODUCTION OF ELECTRICITY FOR PUBLIC USE
1935
1934
Increase Increase
1935
1934
Over
Over
1934
1933
Produced by
Water Power
1935
1934
Kilowatt Drs. Kilowatt Hrs.
January_ _ _ _ 8,349,152,000 7,631,497,000
February_ _ _ 7,494,160,000 7,049,492,000
8,011,213,000 7,716,891,000
March
7,817,284,000 7,442,806.000
April
8,021,448.000 7,682,509,000
May
7,872,383,000 7,471,875,000
June
7,604,926,000
July
7,709,611,000
August
7,205,757,000
September- - •
7,830,819,000
October
7,605,730,000
November
8,058,361,000
December
9%
6%
3%
5%
4%
5%
-_-_
____
-..-_-_
-_-_
._ _ _
10%
12%
16%
15%
10%
3%
2%
0%
x2%
5%
5%
8%
39%
40%
44%
46%
-__-___
_
____
_
---____
33%
40%
47%
42%
36%
34%
32%
33%
34%
39%
40%
91.010.274.000
____
8.7.1.
•
TIM
Total
39%
x Decrease
Coal Stocks and Consumption
Stocks of coal held at electric power utility plants increased 325,841 net
tons in June 1935 and on July 1 stood at 7,920,053 tons, or 4.3% over the
coal in reserve on June 1. Bituminous coal stocks were 6,661.758 tons on
July 1, an increase of 5.2% and anthracite stocks were 1,258,295 tons, or
0.3% less than on June 1.
There were 2,630,844 tons of coal consumed by the electric power utility
plants in June: 2,478,062 tons of bituminous coal and 152,782 tons of
anthracite. When compared with the consumption in May, total coal
Increased 1.9%; bituminous coal, 1.2%, and anthracite, 13.9%•
Financial Chronicle
Volume 141
At the rate of consumption prevailing in June,there was enough bituminous coal on hand on July 1 for 81 days'supply and enough anthracite for
247 days' requirements.
The quantities given in the tables are based on the operation of all power
plants producing 10,000 kilowatt-hours or more per month, engaged in
generating electricity for public use, including central stations, both commercial and municipal, electric railway plants, plants operated by steam
railroads generating electricity for traction, Bureau of Reclamation plants,
public works plants, and that part of the output of manufacturing plants
which is sold. The output of central stations, electric railways and public
works plants represents aoout 98% of the total of all types of plants. The
output as published by the Edison Electric Institute and the "Electrical
World" includes the output of central stations only. Reports are received
from plants representing over 95% of the total capacity. The output of
those plants which do not submit reports is estimated; therefore the figures of
output and fuel consumption as reported in the accompanying tables are on
a 100% basis.
(The Coal Division, Bureau of Mines, co-operates in the preparation of
these reports.)
Review of Business Conditions in Canada by S. H.
Logan of Canadian Bank of Commerce
In a review of Canadian business, issued Aug. 5, S. H.
Logan, General Manager of the Canadian Bank of Commerce, said, in part:
Notwithstanding the seasonal slackening in the automotive trades, steel
production appears to have risen above the comparatively high level of
June. The secondary industries have practically maintained the favorable
record of the two preceding months, revealing more gains than losses in
production. .
Although export trade has been on a declining scale and numerous industries have been adversely affected by this development as well as by
seasonal influences, there have been elements of a stimulating character in
agriculture, construction and tourist trade to hold general business at the
comparatively satisfactory level it reached in the upturn of the late spring.
The contra-seasonal decline in export trade during June was greater than
was indicated a month ago. While a marked decrease in wheat exports
was clearly evident throughout June (this trade was only about two-thirds
as large as in May), there was an unexpected fall in certain other commodities, notably in other farm products, aluminum, lead and nickel
which was not fully offset by increased shipments of forest products, copper
and asbestos. Import trade declined by more than seasonal proportions.
Preliminary reports for July indicate but little change on both sides of
the foreign trade account, and it is to be hoped that with the improved
outlook in Europe and the United States, temporary and artificially based
In some respects as it may be, our export industries will regain the ground
lost early this summer.
New York State Factory Employment and Payrolls
Decreased Less Than Seasonal from Mid-June to
Mid-July, According to New York State Department of Labor
Employment in New York State factories continued to
decline seasonally from the middle of June to the middle of
July, according to a, statement issued yesterday (Aug. 9)
by Industrial Commissioner Elmer F. Andrews. Employment declined 0.5% and payrolls dropped 1.2%, Mr. Andrews said, pointing out that the average changes for this
period, as shown by the movement for the last 21 years, are
decreases of 1.2% in employment and 1.5% in payrolls.
The Industrial Commissioner's statement continued:
The decreases from June to July cf this year were less than the usual
changes in employment and payrolls for the period, but they followed
somewhat larger than usual declines in V e period from the middle
of May
to the middle of June. Many plants reported closings in July of a temporary
nature, for annual vacation, inventory taking or repairs to the
plant.
Fruit and vegetable canneries were at the height of their
activity and
reported a larger than usual seasonal increase in employment
The decreases in employment and payrolls during July lowered
the
Leber Department's index of factory employment to 72.1 and
the index of
factory payrolls to 59.5. Both indexes are computed with the
aye!age for
the three years 1925-1927 taken as 10(1. Compared with the same period
of last year, the number of persons employed this July was 3.4%
higher
and the total amount of payrolls was 6.8% greater.
Reports from 1,583 representative factories located throughout
the State
form the basis for this analysis. They report each month to the Naw
York
State Labor Department's Division of Statistics and Information, which
is
under the direction of Dr. E. B. Patton During the middle week
of July.
these factories employed 340,237 persons on a total weekly
payroll of
$8,094,883.
The percentage changes in employment from June to July in the
last 22
years are given in the following table:
Percentage Increases
June to July
1918
1919
1933
1.6
2.6
4.5
1922
No change
Percentage Decreases
June to July
1914
1915
1916
1917
1920
1921
1923
1924
1925
3.5
1.0
1.0
0.5
0.6
1.8
0.8
3.9
1.1
1926
1927
1928
1929
1930
1931
1932
1934
1935 (prelimlnary)_
2.4
1.7
0.9
0.3
3.8
2.1
5.7
1.9
0.5
Employment Down in Metals
The industries comprising the metals and machinery group reported
a
decrease of 2.7% in employment in July, following a decline of
1.7% in
June. The only divisions of the group reporting employment gains
were
...Yoking, heating and ventilating apparatus, instruments and
appliances
and boat and ship building and repairing concerns. The machinery group,
including electrical apparatus concerns, reported a very slight increase,
due
to small gains in the forces at some foundries and machine shops. Almost all
iron and steel mills curtailed forces, with the group showing a 5%
loss.
Fairly large gains and losses in employment were noted at structural
and
architectural iron concerns, with the group registering a decline
of almost
7%. Slight increases and decreases in forces were reported y most
railway equipment and repair shops, but large lay-offs in a few
concerns
resulted in decreases in both groups. Sharp cuts in employment at a
few
large automobile and automobile parts factories offset small gains in several;
825
this group reported a decrease of 8% in pmployment. Two-thirds of the
firms making instruments and appliances reported some improvement or
that employment was at the same level as in June.
Clothing Industries Seasonally Slow
Seasonal dulness continued during July in all branches of the clothing
industry, except in men's clothing shops. Many men's and boys' clothing
shops were busier, manufacturing for the fall and winter season; some,
however, employed fewer workers than in June and a few shops which had
reopened during that month were closed in July. Makers of women's dresses
and millinery reported the usual July slackening. Some manufacturers of
women s coats began manufacturing for the new season and added workers
to their payrolls. Women's underwear concerns were operating with fewer
employees. Almost, all Jhirt and collar factories reported a slackening of
activity in July. Most of the slight net loss in employment among laundering and dry cleaning plants was due to a cut in the force of one large firm.
Slight Increase in Forces in Textile Industries
The textile industries reported a slight increase of 0.3% in employment,
following a gain of 0.2% in June. A good increase in the forces at some
carpet and rug factories accounted for all el the gait in July. Some of these
factories were employing more workers than in any other month of the last
four years. Silk and silk goods mills reported a decrease of over 5% in the
number employed; this loss was caused by sharp curtailment in the force
at one concern and stoppage of all production in another mill because of
the Hood in the south central part of the State. Cotton goods mills and.
other textile mills also reported net losses in the number of employees.
More Employed in Food Industries
The foods and tobacco industries reported an employment gain of 13%.
Large seasonal Increases in the forces at fruit and vegetable canning factories
and smaller gains in most beverage and ice cream plants caused a good part
of the increase. Only slight changes in employment were noted at most
bakeries and at flour, feed and cereal processing mills.
All divisions of the furs, leather and rubber goods group, except other
leather and canvas goods, reported net gains in employment. Most manufacturing furriers were seasonally busier. Some stoe factories were expanding their iorces in July, while others curtailed employment or operated at
the same level as in June; be net change in the group was a gain of less than
1%. All paints and col4rs factories reported some curtailment. Most of
the sharp decrease in employment in pianos and other musical instruments
was due to the closing of two concerns for their annual vacation period.
Further Seasonal Decline in Employment in New York City
A further seasonal deciine of 2.5% in employment ca.curred in New
York City factories in July. Net leases in the number employed were
reported by all branches of the clothing industry, except men's and boys'
clothing shops. Most manufacturers of men's and boys' clothing added
some workers for the fall and winter manufacturing season. The metals
and machinery industries reported a net decrease of 1.2% in forces. Temporary closings for vacation or repairs to the plant accounted for some of
the decline.
Seasonal increases in employment were reported by many manufacturing
furriers, while some reported that the new season would not start until
August. Fairly large gains in employment were noted at some shoe factories, with the group reporting an increase of over 6%•
Gains and Losses in Empoyment in Up-State Cities
Three of the six up-State industrial centers, Buffalo, Utica and AlbanySchenectady-Troy, reported decreases of from 1 to 4% In employment
accompanied by payroll cuts of from 3 to 5%. Syracuse reported a gain
of 0.4% in forces and a payroll increase of 1.5%. due to slight increases
in employment and payrolls in several industries. In Binghamton, an
employment gain of M of 1% was accompanied by a decrease of 2.7% in
payrolls. Rochester reported a decline of Y, of 1% in the number employed, while total payrolls were 1.4% greater. Curtailment In some of the
metal industries caused a good part of the employment and payroll losses
in Buffalo and Albany-Schenectady-Troy. In Utica, cuts in forces in some
textile mills were the chief cause of the decline. In Binghamton, small
increases in employment in several industries were accompanied by lower
payrolls In some of the metal plants and shoe factories. In Rochester,
employment losses in some of the metal industries were partly offset by
Increased activity in men's clothing shops.
The percentage changes from June to July in employment and payrolls
by districts are given below:
June to July,,1935
City
Albany-Scheneetady-Troy
Binghamton
Buffalo
Rochester
Syracuse
Utica
New York CRY
Employment
Payrolls
-1.1
+0.5
-4.2
-2.9
-2.7
-5.1
+1.4
+1.5
-3.2
+0.4
-2.1
-2.5
Lumber Orders Only Fractionally Below Production
Lumber production made another jump during the week •
ended July 27, to the highest total of any week in 16 months;
shipments and orders were heaviest since April of this year.
Shipments were 10% below output; new business was only
fractionally below production. Total production of reporting mills was 39% above corresponding week of last year;
shipments were 46% and new business 13% heavier than
during the 1934 week. This does not however take into
account the substantial number of small mills, now idle,
which were active last year. The comparisons shown are
based upon reports to the National Lumber Manufacturers
Association from regional associations covering the operations of 631 leading hardwood and softwlld mills. During
the week ended July 27, these produced 212,356,000 feet;
shipped, 190,762,000 feet; booked orders of 211,368,000 feet.
Revised figures for the preceding week were mills, 643; production, 194,907,000 feet: shipments, 181,766,000 feet;
orders, 175,094,000 feet. The .Association's report further
showed:
West Coast, Southern Cypress, Northern Hemlock and
Northern Hardwood regions reported orders above production during
the week ended
July 27. Total softwood orders were 1% below production;
hardwood
orders, 2% above hardwood output. Softwood shipments were
11% below production. All regions but Western Pine and Southern
Hardwoods
reported orders and all reported shipments above those of corresponding
week of 1934; softwood orders'showed gain of 13%, hardwoord orders.
gain of 16% over last year's week.
Identical softwood mills reported unfilled orders on July 27 as the equivalent of 33 days' average production and stocks of 137 days' production,
compared with 29 days' and 166 days' a year ago.
Forest products carloadings totalled 28,668 cars during the week ended
July 27 1935. This was 252 cars above those loaded during the preceding
week; 6,955 cars above corresponding week of 1934 and 651 cars above
similar week of 1933.
Lumber orders reported for the week ended July 27 1935. by 536 softwood mills totalled 198,981,000 feet; or 1% below the production of the
same mills. Shipments as reported for the same week were 178.000,000
feet, or 11% below production. Production was 200,188,000 feet.
Reports from 116 hardwood mills give new business as 12,387,000 feet,
or 2% above production. Shipments as reported for the same week were
12,762,000 feet, or 5% above production. Production was 12,168,000 feet.
Unfilled Orders and Stocks
Reportsfrom 727 mills on July 27 1935,give unfilled orders of 851,373,000
feet and gross stocks of 3,914,654 feet. The 520 identical mills report
unfilled orders as 761,272,000 feet on July 27 1935. or the equivalent of
33 days' average production, compared with 670.158,000 feet. or the
equivalent of 29 days' average production on similar date a year ago.
Identical Mill Reports
Last week's production of 527 identical softwood mills was 196,693,000
feet, and a year ago it was 140,516,000 feet: shipments were respectively
175,936,000 feet and 121,906,000 feet; and orders received 197.033,000
feet, and 174,906,000 feet. In the case of hardwoods, 116 identical mills
reported production last week and a year ago 12.168,000 feet and 9,537,000
eet; shipments 12,762,000 feet and 7,287,000 feet and orders 12,387,000
feet and 10.637,000 feet.
Lumber Production Rises 40% During Four Weeks
Ended July 27—Shipments Up 54%
We give herewith additional data on identical mills for the
four weeks ended July 27 1935 as reported by the National
Lumber Manufacturers Association:
An average of 630 mills reported as follows to the National Lumber
Manufacturers Association for the four weeks ended July 27 1935:
Production
(In 1,000ft.)
Softwoods
Hardwoods
Aug. 10 1935
Financial Chronicle
826
Shipments
Orders Received
1935
1934
1935
1934
1935
1934
667,291
46,050
473,700
35.360
634,431
46,200
415,655
25.931
632,273
42.187
453,532
32,419
713.341 509.060 680.631 441.586 674.460 485.951
Production during the four weeks ended July 27 1936 was 40% above
that of corresponding weeks of 1934, as reported by these mills and 13%
below the record of comparable mills during the same period of 1933. Softwood cut in 1935 was 41% above output during the same weeks of 1934
and hardwood cut was 30% below that of the 1934 period.
Shipments during the four weeks ended July 27 1935, were 54% above
those of corresponding weeks of 1934, softwoods showing gain of 53% and
hardwoods, gain of 78%.
Orders received during the four weeks ended July 27 1935, were 39%
above those of corresponding weeks of 1934, and 8% below those of similar
weeks of 1933. Softwoods in 1935 showed order gain of 39% and hardwoods
gain of 30%, as compared with corresponding weeks of 1934
On July 27 1935, gross stocks as reported by 727 mills were 3,914.654.000
feet. As reported by 525 softwood mills stocks were 3,177.200,000 feet,
the equivalent of 137 days' average production, as compared with 3,841.145.000 feet on July 27 1934, the equivalent of 166 days' production.
On July 27 1935, unfilled orders as reported by 727 mills were 851,373,000 feet. As reported by 525 softwood mills, unfilled orders were
763,558,000 feet,the equivalent of33 days'average production,as compared
with 672,146.000 feet on July 27 1934. the equivalent of29 days' production.
Tntal Inmher
July Output of Car Makers Maintained at High Level
Members of the Automobile Manufacturers Association
produced 256,200 cars and trucks last month—an increase
of 32% over the corresponding month last year and a drop
of only 7% under June 1935, the preliminary estimate issued
by the Association to-day revealed.
On the basis of this estimate, the output of Association
members for the first seven months this year is estimated at
1,791,981 units—an increase of 21% over the output for the
same period last year.
The estimate which is based upon reports of factory shipments covers the operations of all but one of the major
American producers. It is summarized below:
July 1935
June 1935
July 1934
256,20017 months 1935
274,093 7 months 1934
194,727
1,791,981
1,475,336
Summary of Canadian Crop Situation by Dominion
Bureau of Statistics—Stem Rust Lowers Yields and
Grades of Wheat
Under date of Aug. 7, the Dominion Bureau of Statistics,
Ottawa, issued the 11th of a series of 15 weekly telegraphic
reports covering crop conditions in the three Prairie Provinces
of Canada. The Bureau said that 40 correspondents distributed over the agricultural area supply the information
on which the reports are based. It presented the following
summary of the latest report issued Aug. 7:
Compared with prospects a month ago, there has been a calamitous
lowering of the yields and grades of wheat in Manitoba and Saskatchewan
because of stem rust. The infection struck the crop earlier than in 1916
and the crop itself was not so well advanced. Beyond any doubt, the
losses will be relatively more than in 1916. The weather continues hot
and humid in the areas already severely infected and the spread westward
and northward into new districts is continuing rapidly. Saskatchewan Is
now infected as far west as the third meridian—roughly two-fifths of the
farm land and one-third of the wheat acreage in the Province. In the
districts further west and north, the losses will not be as severe as in Manistill two weeks
toba and southeastern Saskatchewan, but with harvest
ahead, there is, at the best, a very uncertain outlook. In the areas first
will
affected, considerable damage to coarse grains will also result, barley
probably be the best crop because of its early maturity.
make good
Apart from the rust-infected areas, the crops continued to
ripening—
Progress. Temperatures remained high—enough to promote
could
and some rains fell in Saskatchewan and Alberta districts where they
fine
be of greatest benefit. Serious hail losses are again reported in the
causing
crops of west-central Alberta. Grasshoppers are migrating and
areas, are very good and feed
limited damage. Pastures, except in small
prospects are much improved in comparison with last year.
Crop Report of Bank of Montreal—Variation Noted in
Prospects in Prairie Provinces
In its weekly crop report issued Aug. 8, the Bank of
Montreal reports that "crop prospects over the Prairie
Provinces of Canada vary greatly with rust affecting an
increasing proportion of the wheat crop in Manitoba and
Saskatchewan." The Bank continued:
Over large areas of southern Alberta and Saskatchewan,lack of moisture,
wIthe partially relieved by recent rains, will reduce the yield considerably.
In Quebec, crops, with exception of apples, and to some extent, tobacco,
are generally satisfactory. Warm dry weather is needed. Harvesting of
grain in Ontario is progressing rapidly under favorable conditions and
threshing will be general this week. Fall wheat is now expected to yield
an average of from 25 to 30 bushels per acre of average quality grain. In
the Maritime Provinces crops generally are in good conditions, with apples
promising well. In British Columbia crops generally are progressing satisfactorily, with indicated yields of grains goods and of tree fruits somewhat
below average.
Farm Prices Declined Generally from June 15 to July 15
According to Bureau of Agricultural Economics
A general decline of two points in prices received by farmers
for the month ending July 15 is reported by the Bureau of
Agricultural Economics, United States Department of Agriculture. All small grains and all meat animals, except
hogs, were reported lower. A decline in prices of dairy
products was reported although seasonal advances usually
occur at this time of year. From an announcement issued
July 30 by the Department of Agriculture we also take the
following:
The July farm price index at 102 was 15 points higher than on July 15
1934. Meat animal prices were 50 points higher than a year ago and
chickens and eggs up 31 points, grains up 5 points, and truck crops 9 points
below a year ago.
A one point decline in the index of prices paid by farmers was reported
for July 15, making a ratio of prices received to prices paid of 81% of
parity on July 15. A year earlier farm prices were at 71% of parity. Corn.
cottonseed, tobacco, retail milk and eggs were the only individual items
with local market prices above parity this month.
At $8.40 per 100 pounds on July 15, farmers received only four cents
more for hogs than in mid-June. Nevertheless, in July 1934, farmers sold
hogs for an average of $3.97 per hundredweight, or less than half the present
price. Hog slaughter at eight primary markets amounted to 338,000
head in the two weeks ended July 13 as compared with 393,000 during
the fortnight ended June 15, ahd 752,000 head in the corresponding two
weeks in 1934.
The hog-corn ratio, a gauge of the profit to be obtained from feeding
corn to hogs, was 10.2 on July 15 as compared with 10.0 in mid-June and
6.7 a year ago. During the last 25 years this ratio, which is obtained by
determining the number of bushels of corn 100 pounds of live hog will
buy at local market prices, has averaged 10.3.for July.
The decline in the United States average price received by farmers for
wheat amounted to less than 1 cent per bushel from June 15 to July 15 as
reports of rust infestation of the srping wheat crop supported price quotations during the period when local market prices usually decline under
the pressure of the seasonal increase In winter wheat receipts.
Cotton prices advanced one-tenth of a cent per pound at local farm
markets from June 15 to July 15, and averaged 11.9 cents per pound at
the end of the period.
Prices received by farmers for potatoes averaged 52 cents per bushel in
mid-July as compared with 40.9 cents a month earlier. This marked
rise was purely seasonal in character, however, resulting from a temporary
scarcity of supplies in the surplus late States which will persist only until
harvesting of the 1935 crop gets under way.
Production of Flour During July Shows Small Gains
When Compared with Preceding Month and July
1934
General Mills, Inc. in presenting its summary of flour
milling activities for approximately 90% of all flour mills
in the principal flour-milling centers of the United States,
reported that during the month of July 1935, flour output
totaled 4,818,990 barrels. This compares with 4,773,545
barrels produced during the preceding month and 4,780,134
barrels produced during July a year ago. The corporation's
summary further disclosed:
PRODUCTION OF FLOUR (NUMBER OF BARRELS
July 1935
Northwest
Southwest
Lake Central and Southern
Pacific Coast
Grand total
June 1935
July 1934
1,098,063
1,829.390
1,582,835
308.702
1,109.382
1,756.061
1,577,034
331,068
1,242,021
1,722,508
1,587.277
228.328
1,344,039
1.811,212
1,704,702
199,124
4,818,990
4,773,545
4,780,134
5.059.077
June 1934
Increase Noted in World's Visible Supply of Coffee
Aug. 1 as Compared with July 1
The world's visible supply of coffee, exclusive of restricted
stocks in Brazil, aggregated 7,670,241) bags on Aug. 1, against
7,540.413 on July 1, an increase of 129,827 bags, or 1.7%,
the New York Coffee & Sugar Exchange announced Aug. 3.
Stocks a year ago amounted to 8,495,850 bags. The Exchange continued:
rom
Stocks in and afloat for various consuming ports of Europe dropped f
3,176,000 bags on July 1 to 3.134,000 bags Aug. 1, while United States
Financial Chronicle
Volume 141
827
supplies were 1,355,240 against 1,302,413 a month ago, and stocks in
various Brazilian ports amounted to 3,181,000 bags, against 3,062,000 bags
on July 1.
This report of the AAA,covering the period from Jan. 1 to Aug. 1, is the
seventh such to be issued; the last previous report was given in these columns
of July 13, page 186.
Entries of Sugar Into United States Against Quotas
Under Jones-Costigan Sugar Act
-AAA Imports of
3,375,745 Short Tons During First Seven Months of
Year
The Sugar Section of the Agricultural Adjustment Administration announced Aug. 7 that the quantity of sugar
entered for consumption in the United States during the first
seven months of this year from Cuba,the Philippines, Puerto
Rico, the Virgin Islands, and Hawaii totalled 3,375,745 short
tons, raw value, without final polarization and final outturn
adjustments. This quantity has been charged against the
1935 quotas for the areas indicated, the announcement said,
adding:
Only 17,000 Bags of Coffee Destroyed by Brazil During
First Half of July
The Brazilian coffee destruction program continues almost
at a standstill with but 17,000 bags reported destroyed during the first half of July, a cable to the New York Coffee
& Sugar Exchange disclosed, it was announced Aug. 3.
During June 59,000 bags were burned; during the first half
of 1935 1,013,000 bags were destroyed; and since the inception of the program of destroying surplus production, in
June 1931, 35,138,000 bags have been eliminated, according
to various data available.
The report, covering entries of sugar from Jan. 1 to Aug. 1, shows that
the quantity entered represented 75.7% of the total of 4,454,019 tons
admissable from those areas under the quotas established for 1935 by
General Sugar Quota Regulations, Series 2. Such quotas and the balances
available for the rest of thp year under such quotas are subject to change
under the Jones-Costigan Act when effect is given to the revised data on
hand as a result of the investigation of importations from the producing
areas in the so-called "basic" years, or if consumption changes, or if any
other debits or credits required under the provisions of the Act are given
effect.
This report includes all sugars from Cuba, the Philippines, Puerto Rico.
the Virgin Islands,and Hawaii recorded as entered and certified for entry or
certified for entry upon arrivalfrom those areas prior to Aug. 1. 1935. The
statistics pertaining to full-duty countries include, in addition to the sugar
actually entered before Aug. 1, 1935, all quantities certified for entry, including quantities in transit on Aug. 1 1935, prior to that date.
The figures are subject to change after final outturn-weight and polarization data for all importations are available.
The status on Aug. 1 1935, of the principal quotas established under
General Sugar Quota Regulations, Series 2, for 1935, is as follows:*
-degree Equivalent)
(Tons of 2,000 Pounds
-96
Area
Per Cent
January-July
Entries Are
of Total
Entries
Admissible
In 1935
Quantity ofSugar
Which May Be
Admitted for
1935 Under
General Sugar
Quota Regulations, Series 2
Amounts
Charged
Against
Quotas
1,857,022
918,352
779,420
893,884
5,341
1,379,939
696,147
647,554
649.775
2,330
Cuba
Philippines
Puerto Rico
Hawaii
Virgin Islands
74.31
75.80
83.08
72.69
43.62
Balance
Remaining
477,083
222.205
131.866
244,109
3,011
Total
1,078,274
75.79
3,375,745
4.454.019
This does not give effect to pending readjustment of quotas referred to In the
press release of April 6 1935 or drawback and export credits.
Direct-consumption sugar is included in the amounts charged against the
various quotas since the direct
-consumption-sugar quota is included in the
total quota for each area. The following tabulation indicates the direct
consumption sugar quotas, amounts of direct-consumption augar admitted
during the first seven months of 1935, as well as the amounts which may be
admitted for the remainder of the year:
(Short Tons
-degree Equivalent)
-96
Cuban direct-consumption sugar:
1935 quota_____________________________
Quantity charged again:at quota
408,545
265,918
Balance remaining
Puerto Rican direct-consumption
sugar:
1935 refined-sugar quota
Quantity charged against quota
123,529
96,432
142.627
Balance remaining
1935 raw-sugar quota
Quantity charged against quota
27,097
9,590
9,590
Balance remaining
Hawaiian direct-consumption sugar:
1935 quota
Quantity charged against quota
29,111
16,679
Balance remaining
Philippine direct-consumption sugar:
1935 refined-sugar quota
Quantity charged against quota
69,665
32.379
Balance remaining
1935 raw-sugar quota
Quantity charged against quota
37,286
9,996
9,996
12,432
Balance remaining
In addition to the sugar charged against the quotas for Cuba and the
other insular areas, a large part of the sugar which may be admitted from
full-duty countries was entered or certified for entry during the first seven
months of the year. The following table shows, in pounds. the amount of
sugar which may be admitted in 1935, the amount which was charged
against quotas during the period January-July, and the amount which may
be admitted during the remainder of the year from the areas specified:
(Pounds
-96
-degree Equivalent)
Area
13eigium
Canada
China
Hong Kong
Czechoslovakia
Dominican Republic
Dutch East Indies
France
Germany
Haiti
Mexico
Netherlands
Peru
United Kingdom
Unallotted reserve
Total
Quantity Which
May Be
Admitted
for 1935
Charged
Against
Quota
608,950
3,985,518
143,952
7,343,561
231,700
600,000
194,462
372,795
53,252
137,117
173,975
4,406,150
139,670
116
77
608,950
137,610
143,952
7,343,561
231,700
445,902
18.391.295
14.389.289
194,462
372,795
53,252
137,117
173,975
4,406,150
139,670
116
77
Balance
Remaining
3,847,908
154,098
4.002.006
Administration Resumes Effort to Obtain Hand in
Directing Oil Industry Activities-Congress Gets
New Legislation with Request for Early Consideration-State Compacts Cut Crude Output
Crude Oil Stocks Smallest Since Early 1927
Sec. Ickes Fears "Hot" Oil Increase-Details
Operations of Oil Administration Under Amended
NIRA
The Federal Administration this week resumed vigorously
its campaign to recapture some measure of control of the oil
industry exercised under the petroleum code, but lost with
the invalidation of the National Recovery Administration
by the Supreme Court several months ago.
Two new bills have been introduced in Congress, one in
the Senate and the other in the House, designed to restore to
Washington, largely through voluntary performance of the
!
oil industry, control of production, prevention of waste &c.
These measures were put forward on Tuesday following a
lengthy conference at the White House late on Monday.
The importance which the Administration attaches to that
phase of its legsilative program at the waning session of
Congress was indicated by the make up of the assemblage
which was in attendance at the parley.
Included among those present were Senator Thomas,
whose new bill was introduced in the Senate subsequently;
Representative Cole, who rewrote the measure presented to
the House; Secretary Ickes, who directed oil control under
the defunct NRA facilities; Representative Rayburn of
Texas, and Charles Fahy, Chairman of the Petroleum
Administration Board.
The Thomas Bill is a substitute for the one already on the
calendar. There is only one major difference between the
two bills offered. The House measure would re-establish a
Federal petroleum administrative board as an independent
agency composed of five members.
The Thomas bil would put the Board under the Department of the Interior. President Roosevelt took a big
hand at the Monday conference in clearing the way for
the proposed legislation which is intended to partially
replace the old petroleum code.
The current legislation was described by Representative
Disney (Dem.) of Oklahoma, as intended to set up an
NRA by voluntary agreement rather than by Federal fiat.
The Thomas-Cole proposal would permit voluntary agreementb within the oil industry subject to approval by the
President. Such agreements would attempt to prevent
waste, eliminate unfair competition and provide adequate
working conditions and pay.
Among other things, it is provided that waiving of the
criminal provisions of the anti-trust laws would be permitted. Provision is made for permanent enactment of
the Connally Act to shut off access of "hot," or illegally
produced oil from inter-State commerce.
The bill would have Congress approve the inter-State
compact executed at Dallas, Tex., on Feb. 16 last, providing for conservation of oil and gas resources. Those
backing the bill see little opposition likely in view of the
fact that President Roosevelt is reported as solidly back
of the measure.
Dispatches from Tulsa, Okla. show the effectiveness of the
voluntary "inter-State oil compact" backed by Governors
Allred of Texas, Marland of Oklahoma and Landon of
Kansas. This means of control found reflection in output
for those States during the past week.
Output in Texas was reduced 66,400 barrels a day to 1,000,800 barrels with every district in the State reporting a cut.
California was second with a reduction of 17,000 barrels to
550,000 barrels a day; Oklahoma dropped from 523,950 to
498,775 barrels daily, while Kansas dipped to 145,725
barrels from 153,050 barrels daily. Louisiana disclosed a
slight increase.
As expected President Roosevelt, in a special message to
Congress on Friday, recommended ratification of the State
compact to conserve oil and gas which was drawn up and
executed by four States at Dallas Texas last February.
This was the only direct recommendation made by the
President in his message, the text of which follows
"To the Congress of the United States.
"I transmit herewith a certified copy of the State compact.
to conserve oil and gas,executed in the City of Dallas, Texas,
on Feb. 16 1935, by the representatives of the States of
Oklahoma, Texas, California and New Mexico, and recommend it for ratification by representatives of the States ot
Arkansas, Colorado, Illinois, Kansas and Michigan. The
828
Financial Chronicle
compact signed by the representatives of these states has
been deposited at the Department of State of the United
States. I also transmit a report of Secretary of State, from
which you will observe that notification has been received
by the Department of State of the ratification of the compact
by the legislatures of New Mexico, Kansas, Oklahoma,
Illinois, Colorada and Texas.
"I recommend that the Congress enact legislation, giving
the consent of Congress to the state compact to conserve oil
and gas, executed at Dallas, Texas, on Feb. 16 1935."
Governor James V. Allred of Texas, commenting on the
proposal to create a Federal oil supervisory board, declared he
was opposed "to setting up any board to tell us of any
artificial demand for oil."
"It would be an entering wedge for Federal control if the
State did not abide by suggestion of the board," he declared
adding,"I am certainly unalterably opposed to putting such
a board in the Department of Interior.
"I have so adivsed our United States Senators," said
Gov. Allred, adding "there is no occasion for a new board in
Washington, certainly not in the Department of Interior.
"I remember what happened before" declared the Governor
"On a committee of fifteen, Texas, the biggest oil producer
in the country, had only one representative. One of the
smaller States had four.'
The President's message drew the fire of Senator Elmer
Thomas, D., Olda., sponsor of the bill in the Senate, who
expressed his dissatisfaction stating
"It speaks only about the compact, That's not the whole
bill that was approved at the White House the other night.
That's only one quarter of it."
The Bureau of Mines reporting for the month of June revealed a decrease of 3,802,000 barrels in the total of crude oil
in storage. Gasoline stocks in the same period declined by
1,976,000 barrels.
Crude oil in storage at the end of the month totoAed
334,757,000 barrels, the lowest level touched since early in
1927, prior to the opening up of the Seminole pool. The
drop in total oil stocks, crude and refined, during the month
was substantially smaller, however, at 287,000 barrels compared with 1,198,000 barrels for May.
Compared with June last year, however, when there was
an increase of 2,095,000 barrels, the showing this year was
favorable. Total combined stocks in storage on June 30
stood at 568,053,000 barrels against 568,340,000 barrels a
month earlier and 589,808,000 barrels at the end of June 1934.
Domestic demand for motor fuel was calculated at
37,885,000 barrels in June for a daily average of 1,263,000
barrels, disappointingly low, says the Bureau, by comparison with May though representing an increase of 4%
over the 1934 figure
Stocks of finished and unfinished gasoline on June 30
totaled 59,507,000 barrels, a drop of 1,976,000 barrels for
the month a compared with the Bureau of Mines recommendation of 2,000,000 barrels
For the first six months of the year domestic demand
reached 199,540,000 barrels, a new record for the period,
and a gain of 3.9% over the 1934 period. The price index
for petroleum products for June was placed by the Bureau
of Labor Statistics at 53.2, compared with 52.2 in May
and 50.6 in June last year.
Prices of Typical Crudes per Barrel at Wells
(All gravities where A. P. I. degrees are not shown)
$0.70
$1.95 Smackover, Ark., 24 and over
Bradford, Pa
1.00
1.15 Eldorado, Ark., 40
Lima (Ohio Oil Co.)
1.00
1.32 Rusk, Tex., 40 and over
Corning, Pa
.87
1.12 Dant Creek
illinois
1.02
Midland District, Mich
1.13
Western Kentucky
1.23
Mid-Cont., Okla., 40 and above__ 1.08 Sunburst, Mont
.81 Santa Fe Springs, Calif., 40 & over_ 1.34
Hutchinson, Tex., 40 and over
1.10
1.03 Huntington, Calif., 26
Spindletop, Tex., 40 and over
2.10
.75 Petrolia, Canada
Winkler,Tex
Oil Administrator Harold L. Ickes said in Washington
early in the week that he anticipated "heavy production"
of "hot" oil in East Texas and California this fall.
"Right now," he said, "oil companies are drawing on
their reserve stocks to supply a record demand for gasoline.
But next fall, when the demand recedes," he added, "there
will be a heavy production of illegal oil in those two States."
Closely on the heels of Mr. Ickes' observation, reports
from Austin, Tex., disclosed action by the Railroad Commission to keep "hot" oil production in check. The Board
announced it will approve no tender offered by refineries
for inter-State shipment of gasoline unless such tender is
accompanied by a certificate from the State Comptroller
showing the amount of gasoline taxes paid by the refinery.
Enforcement of this order, it is expected, will aid in
stopping the processing of gasoline from illegal crude.
At the same time the Texas Commission announced that
it would not in the future grant any exceptions to its rule
demanding that the spacing distance between oil wells in
East Texas be not less than 660 feet, with 330 feet as the
minimum distance from property lines.
This action was taken pending final decision of the case
involving Brown versus Humble Oil & Refining Co. in
which the Supreme Court condemned as invalid all exceptions to the drilling rule that would cause undue drainage
from adjoining tracts or cause waste.
A motion for rehearing in that case has been filed.
One of the outstanding developments in the retail end of
the business during the week was the adoption by the Stand-
Aug. 10 1935
ard Oil Co. of New Jersey of an entirely new method of
calculating filling station prices for gasoline in its territory.
The company moved to set up a uniform price of 13 cents
a gallon, exclusive of taxes, for all points in the State of
New Jersey, the action being followed immediately by competitors who proceeded to do likewise.
The general effect of the new policy was a slight reduction
at most points affected, though there were minor increases
at a few points where the ruling price had been a bit under
the new uniform level.
Previously service station prices had been calculated on
the basis of the refinery price together with the cost of
transportation to the various bulk stations maintained by
the company.
Independent marketers in Los Angeles on Thursday
posted an increase of one cent a gallon in the price of gasoline
in their territory. The action which established the price
for independent stations ot 10.9 and 11 cents a gallon was
made by some 70% of the membership in the Southern
California Petroleum Dealers' Association. 0
In consequence of the policy of the company calling for
large expenditures for modernization,of plant and other
facilities, the Socony-Vacuum Corp. board voted to place its
common shares on a 30-cent annual dividend basis, thus
halving the rate which had been in effect in 1934.
The intention of the company to adopt more conservative
dividend policy had first been intimated in February when
it was announced that future payments would be made on
a semi-annual basis. At that time a 15-cent payment was
voted, but the Street held its conviction until this week when
declaration of another payment at that rate confirmed the
lowering of the annual basis.
In a review of the work of the Petroleum Administration
under the amended NIRA and the Connally Act, Secretary
Ickes pointed out that all agencies of the Administration
ceased enforcement activities after the Supreme Court
decision in the NRA case and since have done nothing more
than answer essential correspondence.
Yet he pointed out that the "Connally Act, prohibiting
the shipment in inter-State or foreign commerce. of oil produced in the excess of the amount permitted by State law
was in no way affected by the Schechter decision."
This is a seperate Act of Congress, he showed, relating to
a particular subject and has in no case been held invalid.
It is being continued in full effect and operation with Federal
Tender Board No. 1 and Federal Petroleum Agency No. 1
situated in Texas, and the oil unit of the Division of Investigations still functioning.
Appropriations to cover expenses of the operations under
the Connally Act, he disclosed, are being carried for the
fiscal year in the second efficiency appropriation bill, whereas
prior to July 1 last such expenditures were financed from an
appropriation contained in the "Emergency Appropriation
Act, Fiscal'Year 1935."
No agreements in the petroleum industry, Mr. Ickes,
stated have been submitted or approved under the NRA as
amended. The Pacific Coast Petroleum Agency and
Refiners' Agreements, and the Michigan supplemental code,
though the latter was not formally canceled, became invalid
with the Supreme Court's decision.
Accordingly there is at present no code or agreements
under administration or being enforced insofar as the petroleum industry is concerned.
Refinery control as it developed under the code was
declared by Mr. Ickes a proper subject for analysis and
useful comment, Mr. Ickes holds in discussing the extension
of the NIRA agencies until April 1 1936 as fact-finding,
rather than control organizations.
He added his belief too that labor conditions, "as to which
a great deal already is known from studies already made,
and marketing practices, should be made the subject of
supplemental field study in light of voluntary action since
the code was invalided. Field work here entailed, he said,
"is under way but will not be elaborate."
One of the most impressive of the several operating
statements published during the week was that of the
Tide Water Associated Oil Co., which experienced its
most profitable half-year since 1930.
Subject to year-end adjustments, the company and its
subsidiaries for the six months ended June 30 last showed
consolidated net profit of $3,367,453 after all charges, equal
after preferred dividend requirements to 26 cents a share
on the 5,632,136 shares of no par common stock, exclusive
of 366,795 shares held in the treasury. •
This compared with $2,678,385, or 14 cents a share on
5,629,227 common shares in the initial half of 1934.
The Phillips Petroleum Co. also disclosed a sharp increase
in profits for the period, showing net income for the six
months after taxes and charges of $5,019,975, equivalent
to $1.21 a share on its capital stock. This compared with
net of $2,510,150, or the equivalent of 60 cents a share,
in the same period a year ago.
Gasoline. Service Station. Tax Included
$ 185
5.176
Minneapolis
Cincinnati
5.193
a New York
.18-.195
New Orleans
.175
Cleveland
188
z Brooklyn
.20
17
Philadelphia
Denver
168
Newark
18
167
Pittsburgh
Detroit
168
Camden
165
.205
San Francisco
Jacksonville
165
Boston
.169
17
St. Louis
Houston
16
Buffalo
145
Los Angeles
.175
Chicago
Kerosene. 41-43 Water White, Tank Car. F.O.B. Refinery
North Texas-$.03%-.03X New Orleana.S.04 -.043$
New York
03;4-.04 A
Tulsa
Loa Angeles- .0454-.05
$0.05
(Bayonne)
Financial Chronicle
Volume 141
N.Y.(Bayonne)
Bunker C
Diesel 28-30 D
Fuel Oil, F.O.B. Refinery or Terminal
81.15-1.251 Phila., bunker C___$1.05
_
California 27 plus D
81.05
1.65 New Orleans C..
.90
Gas Oil, F.O.B. Refinery or Terminal
N. Y.(Bayonne),
8.02)1-.024
I Chicago,
I Tulsa
27 plus„--$.04 -.043( I 32-36 GO__$.0234-.0214 I
U. S. Gasoline,(Above 65 Octane), Tank Car Lots, F.O.B. Refinery
Standard Oil N. J-.3.06
Chicago
New York
$ 055i- 05%
Socony-Vacuum____ .08%
Colonial-Beacon--8.06% New Orleans.. .054-.05%
Tide Water 011 Co__ .0834
Texas
.0834 Los Ang.,ex__ .043.i-.04
Richfield Oil (Calif.) .0634
Gulf
.0634 Gulf ports-----0534-0534
Warner-Quinlan Co- .0634
Republic Oil
0534-.0534
.0634 Tulsa
Shell East'n Pet__ .0834
Not Including 2% city sales tax.
June Production of Crude Petroleum Gains 84,800
Barrels-Inventories of All Oils Lower
The monthly petroleum report of the United States
Bureau of Mines stated that the production of crude petroleum in June 1935 was 82,338,000 barrels, a daily average
of 2,744,600 barrels. This average represents an increase of
84,800 barrels over May 1935, and 76,600 barrels over June
a year ago. The gain in output in June resulted primarily
from seasonal influences. It is noteworthy that the excess
of actual production over the total recommended by the
Bureau of Mines for June was less than the excess over the
allowable of the Federal agency for May. The Bureau's
report further showed:
California showed the largest gain in output of any of the States, its
average increasing from 494,900 barrels in May to 557.000 barrels in June.
The gain in California in June was apparently general throughout all the
important fields. Daily average production in Texas rose to 1,089.800
barrels, the highest in several months. Most of the gain in Texas was
recorded in east Texas where the daily output was 504.800 barrels in June.
Although the total initial in east Texasin June was less than in May,there
were more wells drilling in the field on June 30 than on May 31. Production
in Oklahoma showed a small decline,In Kansas a small increase,in Louisiana
it continued to rise to record levels.
Crude runs to stills averaged 2.724,000 barrels in June,a material increase
over May. Exports of crude amounted to 5,589,000 barrels, a substantial
increase over May. To satisfy the Increased demand, material withdrawals
were made from stocks, the total of which declined from 338,559.000
barrels on May 31 to 334,757,000 barrels on June 30. Crude stocks are now
lower than at any time since pre-Seminole days in early 1927.
Increased crude runs offset a small decline in gasoline yield with the
result that the production of motor fuel again increased. The domestic
demand for motor fuel in June was 37,884,000 barrels, a daily average of
1,263.000 barrels. Compared with May this average was disappointingly
low, however, it represents an increase of about 4% over June 1934. Exports of motor fuel recorded a surprisingly large increase, the daily average
for June being 107,000 barrels compared with 69,000 barrels in May. On
June 30 total stocks of finished and unfinished gasoline amounted to 59,507,000 barrels, a decline of 1,976,000 barrels for the month. This compares with a decrease of 2,000,000 barrels as recommended by the Bureau
of Mines for June.
According to the Bureau of Labor Statistics, the price index for petroleum
products for Jae 1935 was 53.2, compared with 52.2 for May 1935, and
50.6 for June 1934.
The refinery data of this report were compiled from refineries having an
aggregate daily recorded crude-oil capacity of 3,698,000 barrels. These
refineries operated during June 1935 at 74% of their capacity,compared with
an operating ratio of 70% in May.
Arkansas
California:
Huntington Beach
Kettieman Hills
Long Beach
Santa Fe Springs
Rest of State
Total California
Colorado
Illinois
Indiana
Kansas
Kentucky
Louisiana-Gulf coast
Rest of State
Total Louisiana
Michigan
Montana
New Mexico
New York
Ohlo-Cent.and East
Norhwestern
Total Ohio
Oklahoma
-Oklahoma City
Seminole
Rest of State
Total Oklahoma
Pennsylvania
Texas
-Gulf meat
West Texas
East Texas
Panhandle
Rest of State
Total Texas
West Virginia
Wyoming-Salt Creek..Rest of State
Total Wyoming
Other_a
Decrease In stocks, all oils
Demand
Total demand
Daily average
Exports:
Crude petroleum
Refined products
Domestic demand:
Motor fuel
Kerosene
Gas oil and fuel oil
Lubricants
Wax
Coke
Asphalt
Road oil
Still gas (production)
Miscellaneous
Losses and crude used as fuel-
Jan.June
1935
Jan.
June
1934
Total domestic demand
Daily average
June
1934
82,338
2,745
3.008
137
85,483
2,849
82,454
2.880
3,085
145
85,684
2,764
80,040 478,185 448,880
2,888
2,631
2,479
2,838 18,810 17,509
160
868
905
83,038 495,883 467,094
2.788
2,738
2,581
293
2,555
474
2,959
3,438
11,964
1,281
16,392
1,075
878
6,008
5,392
261
566
5,138
1,519
90,758 87,750 522,211 491,678
2.928
2,925
2,885
2,716
287
1,198
90,806
3,020
91.958
2,968
5,589
7,362
4,813
5,133
37,884
2,788
24,417
1,558
71
534
1,733
873
4,388
181
3,288
39,089
3,545
27,010
1.919
93
531
1,531
478
4,411
187
3.418
36.298 199,540 192.164
2,372 22,919 21.865
23.961 173,755 171,004
1.589
9,750
9,548
87
480
497
583
3,231
4,204
1,602
6.421
5.181
1,282
2.088
2,921
3,707 24.023 20.959
148
1.088
884
4,237 19,018 18,985
77,655
2,589
82,210
2,852
75.804 482,289 448,120
2,527
2,554
2,476
c2,095
c3,905
12,405
85,655 518.306 504,083
2,855
2,819
2.785
3,795
8,058
22,432
33,805
18,842
37,121
Stocks
Crude petroleum
Natural gasoline
Relined products
334,757 338,559 357,239 334,757 357,239
5,851
5.977
4,574
5,851
4,574
227,445 223,804 227.995 227,445 227,995
Total, all oils
Days'supply
588,053 568,340 589,808 588,053 589,808
192
207
188
212
202
a From Coal Division. b Imports of crude as reported to Bureau of Mines;
Imports of refined products from Bureau o Foreign and Domestic Commerce.
C Increase.
935
Total
31.2
1,342
44.8
1,851
61.7
2.232
74.4
39.2
1.178
338.9
10,108
16,709
557.0
3.8
115
358
12.0
2.1
84
4,607
153.8
427
14.2
114.5
3,435
22.9
686
4,121
137.4
1,235
41.2
380
12.7
1,680
58.0
338
11.2
258
8.6
80
2.6
11.2
336
160.1
4,805
134.7
4,040
222.8
8,883
15,528
517.6
42.8
1,285
5,118
170.5
150.1
4,502
15,144
504.8
1,729
57.6
8,204
208.8
32,895 1,089.8
317
10.8
499
18.8
707
23.6
1,206
40.2
82,338 2,744.8
Total United States
a Includes Missouri, Tennessee, and Utah.
985
Jan.June
1935
Jan.
June
1934
5,520
DailyAo.
5,548
31.1
1,189
38.4
7,229
7.443
1.875
54.0 11,137 10.050
2,027
85.4 12,023 11.832
1,135
38.8
8.878
7,575
9,316
300.5 53,859 49,788
15,342
494.9 91.126 86.478
123
4.0
773
523
382
12.4
2,075
2,300
2.1
66
371
407
4,736
152.8 27,137 22,993
484
15.0
2,824
2,198
3,406
109.9 18.125
9,167 ,
734
23.7
4,180
4.6152
4,140
133.6 22,285 13,819.
1,234
39.8
6,758
5,343
384
12.4
2,098
1,448
1.875
54.0
9,720
8,091
380
11.6
2,058
1,792
9.0
1,586
1,606
278
85
2.7
486
499
363
11.7
2,052
2.105
5,071
183.6 28,793 33.853
4,182
134.9 23,384 19.481
8,982
224.8 39,813 39.730
16,215
523.1 91,990 92,844
7,102
1.414
45.6
7,945
5,213
188.2 30,739 29.298
4.612
148.8 27,193 24,305
14,954
482.4 87,613 91,399
9,850
1,894
81.1 10,888
8,410
206.7 36,733 32,944
33,083 1,067.2 193,144 187,594
349
11.2
1,975
2,021
539
17.4
3,142
3.228
19.9
3,374
2.841
816
1,155
8,089
37.3
6,516
20
5
82,454 2,859.8 478.185 448,680
Decline in Production of Natural Gasoline Halted
During June
The decline in the production of natural gasoline, which
began in February, was interrupted in June 1935, according
to a report prepared by the Bureau of Mines, Department of
the Interior, for Petroleum Administrator Harold L. Ickes.
The daily average output in June was 4,212,000 gallons,
compared with an average of 4,179,000 gallons in May and
with 3,970,000 gallons a year ago. Production in the
Panhandle declined, that in Oklahoma remained virtually
unchanged,but most of the major fields in California recorded
increases. In June as in May, stocks of natural gasoline
at refineries declined and stocks at plants and terminals increased; however, the net change in June was downward
whereas total stocks increased in May. The report further
showed:
PRODUCTION AND STOCKS OF NATURAL GASOLINE
(In Thousands of Gallons)
Produaion
June
1935
May
1935
1,085
923
90,319
3,011
Davis.
Stocks
June 30 1935
June
1935
310
3,285
May 1935
June 1935
Total
SUPPLY AND DEMAND OF ALL OILS
(Thousands of barrels of 42 gallons)
New SupplyDomestic production:
Crude petroleum
Daily average
Natural gasoline
Benzol.a
Total production
Daily average
Imports b:
Crude Petroleum:
Bonded warehouses
For domestic use
Refined products:
Bonded warehouses
For domestic use
Total new supply, all oils
Daily average
829
PRODUCTION OF CRUDE PETROLEUM BY STATES AND PRINCIPAL
FIELDS
(Thousands of barrels of 42 gallons)
May
1935
Jan.
June
1935
Jan.
June
1934
May 31 1935
Al
Al
At
At
Mania
RePlants
Refineries ds Ter- fineries dt Terminals
minals
East Coast
10.982
9.954
Appalachian.
252 aUio
3.896 4.943 33,274 30:666
210 4,859
ULM ich.and Ky
282 1.764
897
489
757 4,917 4,000 1,302
29.739 30,892 178,483 178,800 2.858 25,811 3.780 21.222
Oklahoma
Kansas
210 1,614
2,414 2,497 15,749 13,200
188 1,810
Texas
41.795 43,154 250,821 213,900 10,710 70,972 9,744 67.025
Louisiana
84 6,914
3.884 3,828 22,303 20,500
7,866
84
Arkansas
171
"iii
194
1,138 1,159 8,548 6.400
Rocky Mountain 4,158 4,172 25,678 28,300 2,058 1.411 1,260 1,368
California
38,848 38.159 243,884 240,500 103,026 3,259 114,618 3,413
Total
Daily average
Total (thous
of barrels)...
Daily average.....
126,349 129,561 781,855 735,400 130,452 115,289 142,716 108,321
4,212 4,179 4,319 4,060
3,008
100
3,085 18,810 17,509
100
103
97
3,106
2,745
3,398
2,579
Stocks of Bituminous Coal in Hands of Consumers at
Five-Year Peak-Consumption of Coal Declines
The United States Bureau of Mines reported that stocks
of bituminous coal in the hands of consumers on July 1 1935
was higher than at any time since January 1930 and within
a million tons of the high peaks of November 1928 and January 1929. The Bureau's report further showed that:
Stocks of bituminous coal held by industrial consumers increased 7.7%
during the second quarter of 1935 and on July I amounted to 33,854.000
tons. Stocks in the hands of retail dealers increased only 2.8% and on
July 1 stood at 7.300,000 tons. In view of the uncertainty of the labor
situation at the mines, consumers have continued to add to their stocks
of bituminous coal, so that on July 1 the stocks (industrial and retail)
amounted to 41.154,000 tons, an increase of 6.8% over April 1 1935 and
an increase of 39.5% over July 1 1934.
The stocks in the hands of all consumers, as measured in terms of
days'
supply, has increased from 37 days on April 1 to 52 days on July 1. This
represents an increase of 40.5%.
The stocks on the upper lake docks have increased from 4,039,000 tons
on April 1 to 6,355,000 tons on July 1. This represents a gain of
47.5%
and is seasonal with the movement of coal on the lakes during the months
that the lakes are open for navigation. However,stocks on the upper lake
docks are 1.357,000 tons, or 27.2% higher than they were a year ago.
Coal in cars. unbilled at the mines, on July 1 1935 amounted to 2,123,000
tons. This is 23.3% higher than on April 1 and 16.9% higher than a year
ago.
Financial Chronicle
830
SUMMARY OF COMMERCIAL STOCKS OF BITUMINOUS COAL,
INCLUDING STOCKS IN RETAIL YARDS
•
Inc. or Dec.
July 1
from
June 1
April 1
July 1
1934
1935
1935b
1935
Prey. Year
Quer. Ago
Consumers' Stocks a
Industrial, net tons_ ___ 33,854,000 29,461,000 31,443,000 23,593,000 +7.7 +43.5
Retail dealers, net tons_ 7,300,000 6,080,000 7,100,000 5,900,000 +2.8 +23.7
Total tons
41,154,000 35,541.000 38.543,000 29,493,000 +6.8 +39.5
Days supply
37 days +40.5 +40.5
43 days
37 days
52 days
Coal in TransitUnbilled loads, net tons 2,123,000 1,771,000 1.722,000 1,816,000 +23.3 +16.9
On lake docks, net tons:
Lake Superior
4,386,000 3.376,000 2,805,000 3,454,000 +56.4 +27.0
Lake Michigan
1,969,000 1,576,000 1,504,000 1,544,000 +30.9 +27.5
Total
6,355,000 4,952,000 4,309,000 4.998,000 +47.5 +27.2
a Coal in the bins of householders Is not included. Figures for ndustr al consumersfrom Table 2. Figures for retailers from sample data. b Subject to revision.
Industrial Stocks and Consumption
During the month of June, all classes of consumers added to their stocks
of bituminous coal. On July 1,stocks in the hands of industrial consumers
stood at 33,854,000 net tons, an increase of 4,393,000 tons, or 14.9%
over June 1. The maximum tonnage increase is shown by class I railroads
and amounts to 1,670,000 tons, other industrials follow with an increase
of 1,170,000 tons, by-product coke ovens with 854,000 tons, public utilities
with 431,000 tons, cement mills with 107.000 tons, steel and rolling mills
with 91,000 tons, and coal-gas retorts with 70,000 tons
During June, conumption of coal by all classes of industrial consumers,
except electric power utilities and cement mills, decreased. The maxmum
percentage decrease was 15% for steel and rolling mills, followed by other
industrials, 11.6%; coal-gas retorts, 7.8%; by-Product coke ovens, 6.9%:
beehive coke ovens, 6.2%, and railroads, 4.4%. Consumption of coal
by cement mills was 10.3% higher than in May and 0.4% higher for electric
power utilities. The total of all industrial consumption in June was
19.700.000 tons, a decrease of 1,466,000 tons, or 6.9% compared with May.
INDUSTRIAL STOCKS AND CONSUMPTION OF BITUMINOUS COAL IN
THE UNITED STATES, EXCLUDING RETAIL YARDS
[Determined jointly by F. G. Tryon, Coal Economics Division, U. S. Bureau of
Mines, and Thomas W. Harris, Jr., Chairman, Coal Committee, National Association of Purchasing Agents.j
Aug. 10 1935
with the preceding week, this shows an increase of 114,000
tons, or 15.7%. Production during the corresponding week
in 1934 amounted to 828,000 tons.
Production of bituminous coal during the month of June
is placed at 30,067,000 net tons, as against 26,773,000 tons
during May and 25,877,000 net tons during June 1934. Hard
coal output for June is estimated at 5,642,000 net tons.
This compares with 4,919,000 tons produced during May
and 4,184,000 net tons during June a year ago.
During the calendar year to July 27 1935 a total of 207,827,000 tons of bituminous coal and 31,553,000 net tons of
Pennsylvania anthracite were produced. This compares
with 203,390,000 tons of soft coal and 35,614,000 tons of
hard coal produced in the same period of 1934. The Bureau's
statement follows:
ESTIMATED UNITED STATES PRODUCTION OF COAL AND BEEHIVE
COKE (NET TONS)
May 1935
(Revised)
Per Cent
of Change
Stocks, end of month, at:
Electric power utilitles_a
By-product coke ovens_b
Steel and rolling mills_ b
Coal-gas retorts_!,
Cement mills_ b
Other industrials c
Railroads (class I)_d
Net Tons
6.764,000
6,446,000
1,472,000
518,000
459,000
9,650,000
8,545,000
Total industrial stocks
33,854,000
29,461,000
+14.9
Industrial consumption by:
Electric power utilities_a
By-product coke ovens_b
Beehive coke ovens
.b
Steel and rolling mills!,
Coal-gas retorts.!,
Cement mills_ b
Other industrials_c
Railroads (class I) d
2,457,000
3,763,000
91,000
791,000
177.000
441,000
6,200,000
5,780,000
2,448.000
4,043,000
97,000
931,000
192,000
400,000
7,010,000
6,045,000
+0.4
--6.9
-6.2
-15.0
-7.8
+10.3
-11.6
-4.4
19,700,000
21,166,200
-6.9
Total industrial consumption
Additional known consumption:
Coal mine fuel
Bunker fuel, foreign trade
259,000
161,000
Net Tons
6,333,000
5,592,000
1,381.000
448,000
352,000
8,480,000
6,875,000
230.000
148,000
+6.8
+15.3
+6.6
+15.6
+30.4
+13.8
+24.3
+12.6
+8.8
Total industrial
Days Supply
83 days
61 days
56 days
88 days
31 days
47 days
44 days
Days Supply
80 days
43 days
46 days
72 days
27 days
38 days
35 days
+3.8
+18.6
+21.7
+22.2
+14.8
+23.7
+25.7
52 days
Days supply, end of month, at:
Electric power utilities
By-product coke ovens
Steel and rolling mills
Coal-gas retorts
Cement mills
Other industrials
Railroads (class I)
43 days
+20.9
a Collected by the U. S. Geological Survey. b Collected by the U. S. Bureau of
Mines. c Estimates based on reports collected jointly by the National Association
of Purchasing Agents and the U. S. Bureau of Mines from a selected list of 2,000
representative manufacturing plants. The concerns reporting are chiefly large
consumers and afford a satisfactory basis for estimate. d Collected by the Association of American Railroads.
MI
On July 1. 418 representative retail dealers reported increases in stocks
respectively over April 1.
of anthracite and coke of 60.8% and 98.7%
SUMMARY OF STOCKS OF DOMESTIC ANTHRACITE AND COKE
P. C. of Change
July 1
1935 b
June 1
1935
April 1
1935
July 1
1934
From
Prey.
Quar.
From
Year
Ago
Retail Stocks, 418 Selected
Dealers
Anthracite, net tons
462,694 372.593 287,677 589,716 +60.8 -21.5
Anthracite, days supply a 44 days 36 days 24 days 61 days +83.3 -27.9
53,160 120,740 +98.7 -12.5
Coke, net tons
90,660
105,618
Coke, days supply_ a
69 days 57 days 31 days 85 days +122.6 -18.8
Anthracite in producers
storage yards
970,000 705,000 774,000 1,541,000 +25.3 -37.1
By-Product Coke at Merchant Plants
Net tons on hand
1,611,000 1,603,000 1,669,000 1,038,000 -3.5 +55.2
Days production
54 days 53 days 53 days 33 days +1.9 +63.6
a Calculated at rate of deliveries to customers in preceding month. b Subject
to revision.
Coal Production Shows Sharp Rise During Latest Week
The United States Bureau of Mines in its weekly coal report said that production of both bituminous coal and
anthracite increased sharply in the week ended July 27. The
total output of soft coal, including lignite and coal coked at
the mines, is estimated at 6,283,000 net tons. This is a gain
of 811,000 tons, or 14.8%, over the preceding week and is
5.5% higher than the figure for the corresponding week in
1934.
Anthracite production in Pennsylvania during the week
ended July 27 is estimated at 838,000 net tons. Compared
July 20
1935 d
July 28
1934
1935 d
1934 e
1929
Bitum coal: a
Tot,for per'd 6,283,000 5,472,000 5,956,000 207,827,000 203,390,000 294,028,000
Daily aver- _ 1,047,000 912,000 993,000 1,184,000 1,158,000 1,667,000
Pa.anthra.: b
Tot,for per'd 838,000 724,000 828,000 31,553,000 35,614,000 39,580,000
180,800
226,800
204,100
Daily aver-- 139,700 120,700 136,000
Beehive coke:
11,200
506,600
10,200
638,000 3,929,000
Tot,for per'd
12,800
1,867
2,846
22,077
2,133
1,700
3,584
Daily aver__
a Includes lignite, coal made into coke, loca sales, and colliery fuel. b Includes
coal, local sales, and colliery Inc. c Subject
Sullivan County, washery and dredge
to revision. d Revised. e Adjusted to make comparable the number of working
days in the several years.
ESTIMATED WEEKLY AND MONTHLY PRODUCTION OF COAL, BY
STATES (IN THOUSANDS OF NET TONS)
(The current weekly estimates are based on railroad car loadings and river shipments
and are subject to revision on recelpt•of monthly tonnage reports from district
and State sources or of final annual returns from the operators.)
Week Ended
State
June 1935
(Preliminary)
Calendar Year to Date
Week Ended
July 27
1935 c
Monthly Production
July 20 July 13 July 21
1935p 1935p 1934p
June
1935
May
1935
8
807
100
304
3
3,052
1,198
245
430
2,580
533
138
36
177
102
54
1,680
8,229
316
58
145
803
86
6,447
2,150
383
3
May
June
1934 r 1934r
Alaska
Alabama
Arkansas and Oklahoma_
Colorado
Georgia and No. Caro
Illinois
Indiana
Iowa
Kansas and Missouri..Kentucky-Eastern a
Western
Maryland
Michigan
Montana
New Mexico
North and South Dakota
Ohio
Pennsylvania bituminous
Tennessee
Texas
Utah
Virginia_a
Washington
W.Va.-Southern_b
Northern_c
Wyoming
Other Western States_ _ _
2
142
21
61
1
471
169
38
80
500
82
23
5
32
19
12
266
1,568
54
14
28
160
16
1,259
372
77
*
1
125
16
45
1
408
140
33
48
475
72
19
5
28
20
11
233
1,209
63
14
23
166
18
1,129
236
75
*
2
164
19
47
1
527
193
44
64
550
95
23
8
35
20
12
373
1,438
65
13
29
123
21
1,387
441
59
•
Total bituminous coal_
Pennsylvania anthracite d
5,472
724
4,613
635
5,753 30,067 26,773 25,877 27,385
826 5,642 4,919 4,184 5,250
8
809
70
336
3
2,558
1,081
235
358
2,450
453
90
37
176
103
66
1,734
6.918
338
56
130
720
76
5,610
1,976
379
a
8
822
54
191
3
2,228
783
190
315
2,281
403
88
25
129
72
46
1.470
7,187
277
56
109
739
76
6,001
2,078
244
2
8
972
37
248
4
2,237
856
173
225
2,444
485
93
26
132
78
56
1,420
7,432
360
55
110
849
80
6,591
2,163
250
1
6,196 5,248 6,579 35,709 31,692 30,061 32,635
Grand total
a Coal taken from under the Kentucky mountains through openings in Virginia
Is credited to Virginia in the current reports for 1935, and the figures are therefore
not directly comparable with former years. b Includes operations on the N. eSz W.,
C. & 0., Virginian, K.& M., B. C.& G., and on the B. at O. in Kanawha, Mason
and Clay counties. c Rest of State, including the Panhandle district, and Grant,
Mineral and Tucker counties. d Includes Sullivan County, washery and dredge
coal, local sales, colliery fuel, and coal shipped by truck from established operations.
Does not include unknown amount of "bootleg" production. p Preliminary. r Revised. *Less than 1,000 tons.
Preliminary Estimates of Production of Coal During
July Show Drop from Preceding Month
According to preliminary estimates made by the -United
States Bureau of Mines, production of bituminous coal
during the month of July 1935 amounted to 22,252,000 net
tons. This compares with 30,067,000 tons produced in
the preceding month and 24,869,000 tons of soft coal produced during the month of July 1934. Anthracite output
during July of this year is placed at 3,549,000 net tons
as against 5,642,000 tons in June and 3,443,000 net tons
in July 1934. The Bureau's statement follows:
Total for
Month
(Nei Tons)
July 1935 (Preliminary)
Bituminous coal
Anthracite
Beehive coke
June 1935 (Revised)
Bituminous coal
Anthracite
Beehive coke
July 1934
Bituminous coal
Anthracite
Beehive coke
Number Average per Calendar Year
Working Working Day to End of July
Days
(Net Tons)
(Net Tom
22,252,000
3,549.000
46,500
26
26
26
856,000
136,500
1,788
30,067,000
5.642.000
60.500
25
25
25
1,203,000
225,700
2,420
24,869,000
3,443,000
50,700
25
25
25
211,146,000
32,194,000
512,600
995,000
207,177,000
137,700
36,209,000
2,028
645,000
estimates will later be adjusted to agree with the results of the
Note-All current
complete canvass of product on made at the end of the calendar year.
Production of World Silver During June Totaled
15,178,000 Ounces
World silver production during June was 15,178,000
ounces, according to figures recently released by the American Bureau of Metal Statistics. This compared with 16,-
Volume 141
Financial Chronicle
969,000 ounces produced during May and 14,550,000 ounces
during April. The Bureau's figures further disclosed that:
World production during the first half of 1935 was 94.518.000 ounces,
as against 89,504,000 ounces during the same period of 1934.
IF. United States production in June was 2,387,000 ounces against 2,693,000
ounces in May and 2,579,000 ounces in April.
Canadian output for June was estimated to be 1,148,000 ounces as
against 1,896,000 ounces in May and 1,001,000 ounces in April.
Mexico, the largest producer of silver, was credited with 5,600,000 ounces
for June which compares with 6,200,000 ounces in May and 5,192.000
ounces in April. The Mexican returns, the Bureau said, were obtained
rather late and are difficult to estimate.
Lead Price Raised Five Points During Week-Zinc
Advanced-Copper Steady
"Metal and Mineral Markets" in its issue of Aug. 8 said
that demand for major non-ferrous metals was somewhat
above the average during the last week, which, so far as lead
and zinc were concerned, resulted in higher prices. Domestic
copper was maintained on the 80., Valley, basis, with the
undertone steady to firm, depending on the views of producers. Copper abroad moved slightly higher. Silver
passed through another week of unchanged prices, an unusual occurrence. Refined platinum was reduced $2 per
ounce by the leading interest, establishing the market at
$30. Cadmium was advanced to 70c. per pound. Quicksilver was available at lower prices. The publication further
said:
Fair Trade in Copper
Sales of copper in the domestic market during the week that ended
Aug. 7 amounted to about 6,500 tons. This continued buying of copper
in fair volume, coming on top of sales of 73,488 tons for the month of July,
has made most producers rather bullish on the immediate outlook for the
metal. Others, however, are disposed to move slowly, believing that stocks
are still ample and actual disappearance of copper into consumption may
not be as good as the current rate of shipments indicates. Virtually all
operators agree that the market is working into a firmer position. Domestic
business booked during the week was on the basis of Sc,, Valley.
Foreign demand was better than in recent weeks and the price scored a
moderate net gain during the last week. Sales reported on Aug. 7 were at
prices ranging from 7.875c. to 7.976c. c.i.f.
Deliveries of copper for consumption outside of the United States and
Canada during June were at the rate of 92,296 long tons a month,according
to the latest estimate of the American Bureau of Metal Statistics. This
compares with a monthly average of 87,927 tons so far as reported this
year. 77.767 tons a month for the whole of 1934. and 62,400 tons a month
In 1933.
Imports of copper into the United States during June totaled 18,303
tens, against 31,466 tons in May.
Exports of refined copper during June amounted to 24,143 tons, against
14.303 tons in May and 24,1374 tons in April. Exports during April, May,
and June. in short tons, by countries of destination, were as follows:
ToMay
June
13
442
exico--------------------------------------------- AprilM 143
Belgium
849 2,056
770
France
7,219 2,219 3,007
Germany........................................... 7 27
:0 9 1,373 2,031
Great Britain....................................... 3 15 2,833 4,470
3,761
Italy ..
.
2,561 1,698 1,748
Netherlands
286 2,147
Sweden
690 1,651
577
China and Hongkong
184
156
62
Japan
4.988 3,105 5,163
Other countries
552 1,673
907
24,674 14,303 24,143
Lead Advanced to 4.20c.
Lead sales during the week were in good volume, sufficient to strengthen
the price structure. The total sales during the last week amounted to a
little more than 5,300 tons. On Friday, Aug. 2, the price advanced five
points, making the quotation 4.20c. New York, the contract settling basis
of American Smelting & Refining Co., and 4.05c. St. Louis. St. Joseph
Lead continued to sell its own brands in the East at a premium, but met
the market in the West. Though most of the tonnage booked was in September-shipment lead, a fair quantity of August material was included.
According to a report of the American Bureau of Metal Statistics, total
lead stocks, which include lead contained in ore and in process. on July 1
were 319,297 tons, against 313.107 tons the previous month. In view of the
fact that curtailment in output has taken place, and shipments to consumers are increasing, the trade was not greatly concerned about the gain
in the total supply of lead.
Zinc at 4.50c., St. Louis
Sales of zinc in the calendar week ended Aug. 3 amounted to more than
7,000 tons, the bulk of which was booked by producers before the advance
in price became effective. The price was raised to 4.50c., St. Louis, by
several sellers late on Aug. 2, and some metal sold on that day at that
level, but the quantity was insufficient to influence the quotation. On the
following day, however, the market was definitely established at the higher
level.
The zinc statistics for July showed a gain in total stocks. Producers of
Prime Western zinc, according to a private report on operations, actually
reduced stocks of that grade 3.032 tons during July. whereas the supply
of High Grade zinc increased 5,846 tons. Stocks of Prime Western at the
end of July amounted to 93,483 tons.
A summary of the American Zinc Institute's statistics for June and July.
Including all grades of zinc, follows:
June
July
Production _______________________________________________ 34,677 35,055
Production, daily rate
1,156
1,131
Shipments
29,393 32,241
Stock at end
112,909 115,723
Unfilled orders
26,967 36,939
Little Change in Tin
There was a moderate demand for tin for near-by delivery during the last
seven days. Prices showed little change. The trade is awaiting the outcome of the meeting of the tin group and expects an increase in production
quotas of about 10%.
Chinese tin, 99% was quoted as follows: Aug. 1, 51.825c.; Aug. 2,
51.75c.; Aug. 3, 51.775c., Aug. 5. 51.775c.; Aug. 6, 51.575c.; Aug. 7,
51.5754.
Correction-Chinese tin. 99%, was 51.50c. per pound on July 27.
831
Production of Steel Ingots Higher in July
The American Iron & Steel Institute in its latest monthly
report places steel ingot production of all companies in July
at 2,270,224 tons. This total when compared with the
previous month, shows an increase of 39,331 tons, but as
July contained more working days than the preceding
month, percentage of operation dropped from 40.31% in
June to 39.44% in July. The output for July 1934 was
1,489,453 tons, approximate daily turnout in July 1935
was 87,316 tons for the 26 working days, while in June the
daily output averaged 89,236 tons for the 25 working days.
In July 1934, which contained 25 working days, the daily
turnout was approximately 59,578 tons. Below we list the
monthly figures as reported since January 1934:
MONTHLY PRODUCTION OF OPEN HEARTH AND BESSEMER STEEL
-JANUARY 1934 TO JULY 1935
INGOTS
(Reported by companies which in 1934 made 97.91% of the open hearth and
100% of the Bessemer ingot production.)
Calculated
Daily Production, AU
Companies
(Gross Tons)
Reported Production
(Gross Tons)
1934
Open Hearth
Ingots
Bessemer
Ingots
No. of
Working
Days
73,968
92,164
103,646
27
24
27
January
February
March
1,786,458
1,993,465
2,540,243
172,489
175,873
203,904
lit Quarter
6.320,166
552,266
89,840
78
April
May
June
2,622,531
3,003,676
2,718,782
257,482
331,620
282,592
117,443
125,907
117,672
25
27
26
2nd Quarter
8,344,989
871,694
120,449
78
lit 6 months
14,665,155
1,423,960
105,145
156
1,340,924
1,245,139
1,127,269
119,869
109,598
117,615
59,578
51,161
50,759
25
27
25
July
August
September
3rd Quartet
3,713,332
347,082
53,763
77
9 months
18,378,487
1,771,042
88,165
233
October
November
December
1,325,777
1,447,626
1,794,437
127,789
132,059
131,467
54,885
61,947
78,570
27
26
25
4th Quarter
4,567,840
391,315
64,1331
78
Total
22.946,327
2,162,357
82,312
311
1935
January
February
March
2,576,671
2,500,062
2,582,211
239,858
224,336
230,810
106,353
115,740
110,313
27
24
26
lit Quarter
7,658,944
695,004
110,616
77
April
May
June
2,358,249
2,331,297
1,978,180
231.916
254,796
210,487
101,558
97,624
89,236
26
27
25
2nd Quarter
6,667,726
697,199
96,247
78
1st 6 months
14,326,670
1,392,203
103,385
155
2,003,011
224,456
87,316
26
July
Calculated Monthly Production-All Companies
Open Hearth
*Bessemer
Total
1934
Gross
Tons
January
February
March
1,824,640
2,036,071
2,594,536
1st Quarter
April
May
June
% of
Capacity
Gross
Tons
% of
Capacity
34.69
43.55
49.13
172,489
173,873
203,904
6,455.247
42.48
2,678,582
3,067,874
2,776,891
55.00
58.33
54.83
2nd Quarter
8,523,347
56.09
871,694
1st 6 months
14,978,594
49.29
1.423,960
1,369,584
1,271,752
1,151,362
28.12
24.18
23.64
119.1311:1
109,598
117,615
18.89
15.99
18.53
July
August
September
3rd Quarter
Gross
Tons
% of
Capacity
25.17
28.87
29.75
1,997.129
2,211,944
2,798,140
552,266
27.89
7,007.513
40.80
257,482
331,620
282,592
40.57
48.38
42.81
2,936,064
3,399,494
3,059,483
53.34
57.18
53.44
44.02
9,395,011
54.70
35.96
16,402.554
47.75
1,489,453
1,381,350
1,268,977
27.06
23.24
23.05
33.59
41.86
47.07
3,792,698
25.28
347,082
17.76
4,139,780
24.42
9 months
18,771,292
41.36
1,771,042
29.94
20,542,334
40.04
October
November
December
1,354,113
1,478,566
1,832,790
25.75
29.19
37.63
127,789
132.059
131,467
18.64
20.01
20.72
1,481,902
1,610,625
1,964,257
24.93
28.13
35.68
4th Quarter
4,665,469
•
•
19.76
5,056,784
29.44
2,162,357
27.39
25,599,118
37.38
49.73
54.28
51.75
239,858
224,336
230,810
34.99
36.82
34.97
2,871,531
2,777.765
2,868,141
48.04
52.28
49.83
7,822,433
1st Quarter
April
May
June
391,315
38.68
2,631,673
2,553,429
2.637,331
1935
January
February
March
30.70
23,436,761
Total
51.83
695,004
35.56
8,517.437
49.97
2,408,588
2,381,061
2,020,406
47.27
44.99
41.23
231,916
254,796
210,487
35.14
37.17
33.17
2,640,504
2,635,857
2,230,893
45.87
44.10
40.31
2nd Quarter
6,810,055
44.55
697,199
35.21
7,507,254
43.48
1st 6 months
14,632,488
48.17
1,392,203
35.38
16,024.691
46.70
July
2.045.768 40.15
224.456 34.01
2.270.224 39.44
Note-The percentages of capacity operated are calculated on annual capacities
of Dec. 31 1933, as follows. Open hearth ingots. 60,583.813 gross tons: Bessemer
Ingots, 7,895,000 gross tons, and as of Dec. 31 1934 open hearth ingots. 60,954.717
gross tons; Bessemer ingots, 7,895,000 gross tans.
Production and Shipments of Slab Zinc During July
Higher
The American Zinc Institute in its monthly zinc report
released on Aug. 6 disclosed that a total of 35,055 short
Aug. 10 1935
Financial Chronicle
832
tons of slab zinc were produced during the month of July
1935. This compares with 34,677 tons produced in the
preceding month and 24,756 short tons during July 1934.
Shipments of zinc during the month under review totaled
32,241 tons, as against 29,393 tons the previous month and
26,966 tons the same month a year ago. Inventories as of
July 31 1935 were above the total for a month ago, and
the same time last year. They stood at 115,723 short tons
on July 31, as against 112,909 tons last month and 97,462
tons at the end of July last year. The Institute's statement
follows:
SLAB ZINC STATISTICS (ALL GRADE5)-1929-1935
(Tons of 2.000 Pounds)
Retorts Average Unfilled
(a)
Produced Shipped Stock at Shipped Operatinq Retorts Orders
End of During End of
for
End of
During
During
Period Period
Period Esport Period
Period
Period
1929
Total for year.
Monthly aver_
1930
Total for year..
Monthly aver_
1931
Total for year.
Monthly aver_
1932
Total for year.
Monthly aver_
1933
Total for year..
Monthly aver..
631,601
52,633
602.601
50,217
75,430
8,352
529
57,999
68,491
18,595
504,463
42,039
434,275
36,356
143,618
196
16
31,240
47,769
26.651
300,738
25,062
314,514
26,210
129,842
41
3
19,875
23.099
18.273
213,531
17,794
218,517
18,210
124,856
170
14
21,023
18,560
8,478
324.705
27,069
344,001
28,667
105,560
239
20
27,190
23,653
15.978
33,077
30,296
33,845
30,686
30.944
25.160
24,756
26.169
26.515
34,527
34,977
35,981
26,656
32,485
32,877
32,072
35,589
30,217
26,966
21,663
21,913
30,294
29,928
32,003
111,981
109,792
110.760
109,374
104,720
99,672
97,462
101,968
106.570
110,803
115,852
119,830
4
28,744
30,763
26,952
26,692
27,193
31,284
30.324
30,442
31.352
31,964
32.793
32,944
26,975
27,779
28,816
25,349
25,086
27,720
29,048
30.637
30.562
32,179
30,265
32,226
26,717
26.676
21.976
27.396
20,831
21.726
16.058
14,281
11.121
19,188
31,929
30.786
Total for year_ 366,933
Monthly aver_ 30,578
1935
35.218
January
33,494
February
36.667
March
352,663
29,389
1934
January.
February
March
April
May
June
July
August
September...
October
November....
December_ __ _
4
5
148
12
28.887
0 32,658 32,230 25,993
33 33,210 33,157 25,816
01 35,196 32,535 ,20,000
b29.691 b29,665
3 33,719 32,450 22.435
38,460 108,680
35,334
April
b27,000 b29.467
23 32,389 30.387 35.878
35,652 107,625
34,597
May
b25,709 628,003
0 33,836 31,230 26,967
29,393 112,909
34,677
June
' b27,172 b28,814
0 33,884 31,244 138,939
32,241 115,723
35,055
July
627,374 629.193 1
Export shipments are Included In total shipments. b Equivalent retorts com-hour basis.
puted on 24
Note-These statistics include all corrections and adjustments reported at the
35,539 c117,685
34,903 116,276
41,137 111,808
year-end.
Steel Production Registers Fifth Consecutive Weekly
Increase
The "Irong Age" of Aug. 8 stated that steel production
in its fifth consecutive advance since Independence Day
week has risen to 47% of capacity. The gain over a week
-is the smallest
ago-one point or slightly more than 2%
since the present upturn began and there are indications
that production may soon level off. The "Age" further
stated:
Any cessation in the advance, however, is expected to be temporarY, to
be followed by renewed expansion in September and October. Belief is
becoming wide-spread that the current recovery in steel output is distinct
from the abortive rebounds of previous depression years and really represents
the beginning of a long pull out of hard times. This view finds its basis
In the absence ofspeculative buying, the astonishing growth of miscellaneous
demand, sustained retail sales of automobiles, accumulating activity in
Capital goods and, of course, the pronounced buoyancy of scrap, the most
sensitive barometer of the steel trade.
Scrap prices have undergone further advances in virtually all market
centers. Rises in heavy melting steel prices at Chicago and Philadelphia
have lifted the "Iron Age" scrap composite from $11.58 to $11.83 a ton,
its highest level since the third week in February.
Changeovers to new models are getting under way in the automobile
industry, although runs on 1935 cars are being prolonged in the case of
some producers because of sustained retail demand. Before this month
has closed the number of cars built since Jan. 1 will have passed the total
-2,869,963-for all of 1934.
Despite belated activity on present models, steel releases to the mills
from motor car makers are declining. Tin plate production, though still
holding at the high rate of 82% as compared with 88% a week ago, is also
due for seasonal curtailment. The interruption in motor car output is
merely temporary to allow for model changeovers; prospects for the remainder of the year are regarded as excellent.
Recent orders from motor car makers include allocations by Chevrolet
-rolled steel products for approximately 90,000 cars. Chrysler,
of flat
Buick and Packard also have bought steel, the last-named specifying rush
deliveries. Ford's purchases in the last fortnight, mainly of sheets and
strip steel, are estimated at close to 50,000 tons.
Base prices have stood the crucial test of volume purchases by automotive
interests, though on sheets deep drawing extras of $3 to $7 a ton were
waived. However, sheets sold without the drawing extra are not subject
to breakage allowance by the consumer, so that the waiving of the extra
is not a complete loss to the mills.
Most encouraging and significant of recent developments if the growing
Consumption of steel by makers of machinery and equipment representing
the capital goods industries. These interests are now more active takers
of steel than are producers of refrigerators, stoves, light household equipment and other consumer goods. This relationship has probably not occurred in more than five years. The growing backlogs of the machinery
group, including builders of machine tools, forging equipment and allied
lines, have been swelled this week by purchases estimated at close to
$1,000,000 by an Eastern subsidiary of an automotive interest. Another
highlight is a purchase by Fiat of $400,000 Worth of American machine tools
field.
for the production of a small car in the low-priced
In the construction field the growing number of private projects is
heartening, particularly because of the slowness with which the Federal
works relief program is getting under way. New York State grade sparalion work, according to present prospects, will not get under way until
next year,and plans for New Jersey and Pennsylvania road and grade crossing work are still nebulous.
Fabricated steel awards, totaling 21,450 tons, and plate lettings, aggregating 7,165 tons, are made up predominantly of public projects, but constructional steel tonnage placed to date this year still lags far behind the
total for the corresponding Period of 1934.
Most producers ofiron and steel will announce fourth quarter quotations,
which will probably be unchanged from present prices, on Aug.21. Though
the code is no longer in force, the trade is continuing to limit commitments
to calendar quarters. The revision of hot-rolled bar extras, effective Aug.
10, will not be entirely in favor of the buyer. Advances on certain sizes
of rounds, squares and flats ranges from $1 to $4 a ton. On the other
hand, bending extras on reinforcing bars have been reduced by the mills
in certain areas from $6 and $16 a ton for heavy and light bending to $4
and $12 a ton respectively.
Pig iron production in July totaled 1,520,263 tons, compared with 1,552,514 tons in June. The daily rate last month, at 49,041 tons, was
5.2% below the June average of 51,750 tons. However, 95 furnaces were
In blast Aug. 1, a net gain of four over the number active July 1.
Advances in steel output during the week include gains of one point to
43% at Pittsburgh, two points to 54% at Chicago, five points to 50% at
Cleveland, and three points to 33% in the South.
The "Iron Age" composite prices for pig iron and finished steel are unchanged at $17.84 a ton and 2.124c. a lb. respectively.
THE "IRON AGE" COMPOSITE PRICES
Finished Steel
Based on steel bars, beams, tank plates
Aug. 6 1935, 2.1240. a Lb.
2 1240.4 wire, rails, black pipe, sheets and ho
One week ago
2.1240.1 rolled stripe. These products mak
One month ago
2 124c.1 85% of the United States output.
One year ago
High
Low
2.124.3. Jan. 8
2 124c. Jan. 8
1935
2.0080. Jan. 2
2 1990. Apr. 24
1934
2.015c. Oct. 3
1.8670. Apr. 18
1933
1.9770. Oct. 4
1.926c, Feb. 2
1932
20370. Jan. 13
1.945c. Dec. 29
1931
2.018e. Dec. 9
2 273c. Jan. 7
1930
2.317c. Apr. 2
2.2730. Oct. 29
1929
2.286e. Dec. 11
2.2170. July 17
1928
2.4020. Jan. 4
2.2120. Nov. 1
1927
Iron
Pie
Based on average of basic Iron at valley
Aug. 6 1935, 817.84 a Gross Ton
817.841 furnace and foundry Irons at Chicago.
One week ago
17.841 Philadelphia. Buffalo, Valley and
One month ago
17.901 Birmingham.
One year ago
High
Low
317.90 Jan. 8
817.83 May 14
1935
17.90 May 1
16.90 Jan. 27
1934
16.90 Dec. 5
13.56 Jan. 3
1933
14.81 Jan. 5
13.56 Dec. 6
1932
15.90 Jan. 6
14.79 Dec. 15
1931
18.21 Jan. 7
15.90 Dec. 16
1930
18.71 May 14
18.21 Dec. 17
1929
18.59 Nov.27
17.04 July 24
1928
19.71 Jan. 4
17.54 Nov, 1
1927
Steel Scrap
Based on No. 1 heavy melting steel
Aug. 6 1935, $11.83 a Gross Ton
*10.584 quotations at Pittsburgh. Philadelphia
One week ago
10.751 and Chicago.
One month ago
10.33
One "ear ago
High
Low
512.33 Jan. 8
510.33 Apr. 23
1935
13.00 Mar. 13
9.50 Sept.25
1934
12.25 Aug. 8
6.76 Jan. 3
1933
8.50 Jan. 12
6.43 July 5
1932
11.33 Jan. 6
8.50 Deo. 29
1931
15.00 Feb. 18
11.25 Dec. 9
1930
17.58 Jan. 29
14.08 Dec. 3
1929
16.50 Dec. 31
13.08 July 2
1928
15.25 Jan. 11
13.08 Nov.22
1927
The American Iron and Steel Institute on Aug. 5 announced that telegraphic reports which it had received indicated that the operating rate of steel companies having
98.7% of the steel capacity of the industry will be 46.0%
of the capacity for the current week, compared with 44.0%
last week, 35.3% one month ago and 25.8% one year ago.
This represents an increase of 2 points, or 4.5%, over the
estimate for the week of July 29. Weekly indicated rates
of steel operations since July 16 1934follow:
1934
July 16
July 23
July 30
Aug. 6
Aug. 13
Aug. 20
Aug. 27
Sept. 4
Sept. 10
Sept.17
Sept.24
Oct. 1
Oct. 8
Oct. 15
Oct. 22
29.8%
27.7%
28.1%
25.8%
22.3%
21.3%
19.1%
18.4%
20.9%
22.3%
24.2%
23.2%
23.8%
22.8%
23.9%
1934
Oct. 29
Nov. 5
Nov. 12
Nov. 19
Nov. 26
Dee, 3
Dec. 10
Dec. 17
Dec. 24
Dec. 31
1935
Jan 7
Jan, 14
Jan. 21
Jan. 28
1935
25.0% Feb. 4
26.3% Feb. 11
27.3% Feb. 18
27.6% Feb. 25
28.1% Mar. 4
28.8% Mar. 11
32.7% Mar. 18
34.6% Mar.25
35.2% Apr. 1
39.2% Apr. 8
Apr. 15
43.4% Apr. 22
47.5% Apr. 29
49.5% May 6
52.5% May 13
52.8%
50.8%
49.1%
47.9%
48.2%
47.1%
46.8%
46.1%
44.4%
43.8%
44.0%
44.6%
43.1%
42.2%
43.4%
1935
May 20
May 27
June 3
June 10
June 17
June 24
July 1
July 8
July 15
July 22
July
Aug. 5
42.8%
42.3%
39.5%
39.0%
38.3%
87.7%
32.8%
35.3%
09.9%
42.2%
%
46.0%
"Steel" of Cleveland, in its summary of the iron and steel
markets on Aug. 5, stated:
Despite a sharp reduction in automobile assemblies last week, due to
widespread suspensions for vacations, and relatively light support from new
construction and railroads, steel demand was sufficient to lift steelworks
operations two more points to 47%. a strong situation prevailing in major
producing districts.
This clearly indicated the sustained or improved volume of miscellaneous
steel buying, continued demand for agricultural equipment, for machinery
and other durable goods.
With the last few days of July estimated, operations for the month
averaged 40.1%, practically unchanged from 40.3 in June. In only one
-in 1928
year since 1919 did July daily average output exceed that of June
and in only two others years, 1922 and 1923, did it come close to approximonth was about 40% higher than in July last
mating June. As output last
year, the month apparently restored this year to a slight lead over the comparable period in 1934.
-was
-49,033 gross tons
Daily average pig iron production in July
-was
5.6% less than in June, and total for the month-1,520,016 tons
Output for seven months this year was 11,349.950 tons, 2.4%
down 2.4%.
higher than in the first seven last year. A net gain of one active stack
was made in the month, to 92 operating July 31.
Steel ingot production for the week ended Aug. 5 is placed
at about 46% of capacity, according to the "Wall Street
Journal" of Aug. 7. This compares with 45% in the previous
week and 42% two weeks ago. The "Journal" further said:
U. S. Steel is estimated at better than 401
%
/ against 40% in the week
2
before and 38% two weeks ago. Leading independents are credited with
/
2
about 501%, compared with 49% in the preceding week and 45% two
weeks ago.
The following table gives the comparison of the percentage of production with the nearest corresponding week of previous years, together with
the approximate changes, in points, from the week immediately preceding:
Industry
1935
1934
1933
1932
1931
1930
1929
1928
833
Financial Chronicle
Volume 141
Automobile assemblies last week were down 13,000 units to 70,000.
Ford was reported to have allocated about 60,000 tons of sheets and strip
on its recent inquiry for 140,000 tons of steel. Automobile manufacturers
generally are making final purchases for current models, and in many
instances production is being prolonged because of brisk retail demand. In
compliance with their agreement with the government for early introduction of 1936 models to stabilize the industry, some makers are distributing specifications for material for the new series, though not yet
released.
Evidently anticipating these, full-finished sheet production last week
rose 15 points to 55%. Black and galvanized sheet output held at a strong
58%, and tin plate at 90%.
Structural shape awards for the week were only 12,500 tons, including
76,000 tons of piling for public works projects. The Ohio River Co.. Cincinnati, awarded towboats and barges requiring 3,500 tons of plates, and
-Inch pipe line for Phillips
-mile 24
3,600 tons of plates were placed for a 20
Petroleum Co., Bartlesville, Okla.
Chesapeake & Ohio entered the market for 100 automobile freight cars.
Domestic freight car awards in July. 500, brought the total for seven months
this year to 6,833. compared with 23.278 in the same period last year. Other
statistics: June iron and steel imports, 33.208 gross tons, 30.4% less than
in May;for seven months this year, 182,891 tons, 9% more than last year.
June exports, 289,687 tons, I% over May; for seven months, 1,595,933
tons. 27% over last year.
Base Prices on steel are firm. Leading producers have issued a new card
of extras for commercial steel bars, effective Aug. 10 for this quarter,
"to bring them more nearly in line with present manufacturing costs."
This eliminates the $5 a ton extra for forging quality, and increases certain
size extras. On the other hand, some sheet mills are waiving their extras
of $3 to $7 a ton for deep-drawing material for the automobile industry,
Fabricated structural shape prices have advanced $3 to $10 a ton since
fabricators decided to figure in overhead and submit copies of bids to their
institute.
By substituting "may" for "must" Public Works Administration has
removed a principal objection to its original order which stated foreign steel
must be used in PWA projects, where price was 15% lower than the
domstic market.
Chicago district steelworks operations last week advanced 3 Points to
62%; Yougnstown, 4 to 53; eastern Pennsylvania, 2 to 3l3.; Cleveland,
6 to 54; Wheeling, 3 to 76. New England was down, 7 to 25. Pittsburgh
held at 41, and others also were unchanged.
"Steel's" iron and steel price composite increased 4 cents, due to scrap;
the finished steel composite remained $54, while the scrap index advanced
38 cents to $11.63.
46
26
55
1434
31
58
94
72
+1
- 34
-%
2
+ %
2
- 34
U. S. Steel
4034
24
Si
13
33
6435
98
76
+ 35
-1
+1
-1
-I- 34
-2
- 34
Independents
5034
2634
58
16
29
53
91
69
+134
-1
-1
-4
+1
1
-1
July Pig Iron Output Dropped 5.2%
Production of coke pig iron in July totaled 1,520,263 gross
tons, compared with 1,552,514 tons in June, according to the
Aug. 8 issue of the "Iron Age." The daily rate in July, at
49,041 tons. decreased 5.2% from the June rate of 51,750
tons. The "Age" further said:
There were 95 furnaces in blast on Aug. 1, making iron at the rate of
50.635 tons a day, against 91 furnaces on July 1, making iron at the rate of
49.180 tons a day. Eight furnaces were blown in during the month and four
were blown out or banked. The Steel Corp. blew two in and took one off
blast; independent steel companies blew four in and blew out or banked
one, and two merchant furnaces were put in operation and the same number
blown out or banked.
Among the furnaces blown in are the following: One Monongahela,
National Tube Co.; one Gary, Illinois Steel Co.; one Aliquippa. Jones &
Laughlin Steel Corp.; one River, Corrigan, McKinney Steel Co.; one Madeline, Inland Steel Co.; one Ford, Ford Motor Co.; one Troy, Troy Furnace
Corp., and one City, Sloss-Sheffield Steel & Iron Co.
Furnaces blown out or banked included one Fairfield, Tennessee Coal,
Iron & Railroad Co.; one Hubbard, Youngstown Sheet & Tube Co.; one
Pioneer, Republic Steel Corp., and one Woodward, Woodward Iron Co.
DAILY AVERAGE PRODUCTION OF COKE PIG IRON IN THE UNITED
-GROSS TONS
STATES BY MONTHS SINCE JAN. 1 1930
1930
1931
1932
1933
1934
1935
91,209
101,390
104,715
106,062
104,283
7.804
55,299
60,950
65,556
67,317
64,325
54,621
31,3.0
33,251
31,201
28,430
25,276
20,935
18,348
19,798
17,484
20,787
28.621
42,166
39,201
45,131
52,243
57.561
65,900
64,338
47,6513
57,448
57,098
55,449
55,713
51,750
First six months_ 100,891
January
February
March
April
May
June
12
MAO
11.0SWAVIN
61,356
28,412
24,536
54.134
54.138
85,146
81,417
75,890
69,831
62,237
53,782
July
August
September
October
November
December
47,201
41,308
38,964
37,848
36,782
31,625
18,461
17.115
19,753
20,800
21,042
17,615
57,821
59,142
50,742
43,754
36,174
38.131
39,510
34,012
29,935
30,679
31,898
33,149
49,041
Se 025
50 050
23.733
36.199
43.592
PRODUCTION OF COKE PIG IRON AND OF FERROMANGANESE
(GROSS TONS)
Pig Iron x
Ferromanganese
January
February
March
April
May
June
Half year
July
August
September
October
November
December
Year
1934
1,477,336
1,608,552
1,770,028
1,663,475
1,727,095
1,552,514
1,215.226
1,263,673
1,619,534
1,726,851
2,042,896
1,930,133
10,048
12,288
17,762
18.302
17,541
12.961
11,703
10,818
17.605
15,418
10,001
10,097
9,799.000
9,798,313
88,902
75,842
1,520.263
1,224,826
1,054,382
898.043
951,062
956,940
1,027.622
13,175
10,188
8,733
7,100
9,830
8,134
4,563
15,911,188
1935
1934
1935
124,190
x These totals do not include charcoal pig iron. The 1933 production of this
ron was 32,941 gross tons. y Included in pig iron figures.
Current Events and Discussions
The Week with the Federal Reserve Banks
The daily average volume of Federal Reserve bank credit
outstanding during the week ended Aug. 7, as reported by
the Federal Reserve banks, was $2,476,000,000, an increase
of $5,000,000 compared with the preceding week and of
$13,000,000 compared with the corresponding week in
1934. After noting these facts, the Federal Reserve Board
proceeds as follows:
On Aug. 7 total Reserve bank credit amounted to $2,476,000,000, an
increase of $11,000,000 for the week. This increase corresponds with
increases of $31,000,000 in money in circulation, $15,000,000 in member
bank reserve balances and $4,000,000 in non-member deposits and other
Federal Reserve accounts and a decrease of $34,000,000 in Treasury and
National bank currency, offset in part by a decrease of $59,000,000 in
Treasury cash and deposits with Federal Reserve banks and an increase
of $15,000,000 in monetary gold stock. Member bank reserve balances
on Aug. 7 were estimated to be approximately $2,550,000,000 in excess of
legal requirements.
Relatively small changes were reported in holdings of discounted and
purchased bills and in industrial advances. An increase of $14,000,000
in holdings of United States Treasury notes was offset by decreases of
$12,000,000 in Treasury bills and $2,000,000 in United States bonds.
Beginning with the week ended Oct. 31 1934, the Secretary of the Treasury made payments to three Federal Reserve banks in accordance with the provisions of Treasury
regulation issued pursuant to sub-section (3) of Section 13-B
of the Federal Reserve Act, for the purpose of enabling such
banks to make industrial advances. Similar payments have
been made to other Federal Reserve banks upon receipt of
their requests by the Secretary of the Treasury. The amount
of the payments so made to the Federal Reserve banks is
shown in the weekly statement against the caption "Surplus
(Section 13-B)," to distinguish such surplus from surplus
derived from earnings, which is shown against the caption
"Surplus (Section 7)."
The statement in full for the week ended Aug. 7, in comparison with the preceding week and with the corresponding
date last year, will be found on pages 870 and 871.
Changes in the amount of Reserve bank credit outstanding
and in related items during the week and the year ended
Aug. 7 1935 were as follows:
Increase (+) or Decrease (--)
Since
Aug.8 1934
Aug. 7 1935 July 31 1935
8
$
$
Bids discounted
-15,000,000
6,000,000 -1,000,000
Bills bought
5,000,000
U. S. Government securities
-2,000,000
2 430,000,000
Industrial advances (not including
+29,000,000
24.000,000 commitments
-Aug. 7) 29,000,000
+1,000,000
Other Reserve bank credit
+5,000,000
5,000,000 +10,000,000
Total Reserve bank credit
+18,000,000
2,476,000,000 +11,000,000'
Monetary gold stock
9,158,000,000 +15,000,000 +1,201,000,000
Treasury and National bank currency2,477,000,000 -34,000.000 +120,000,000
Money In circulation
5,550,000,000 +31,000,000 +216,000,000
Member bank reserve balances
5 115,000,000 +15,000,000 +1,056,000,000
Treasury cash and deposits with Federal Reserve banks
-9,000,000
2,932,000,000 -59,000,000
Non-member deposits and other Federal Reserve accounts
514,000,000 +4,000,000
+76,000,000
Returns of Member Banks in New York City and
Chicago-Brokers' Loans
Below is the statement of the Federal Reserve Board for
the New York City member banks and also for the Chicago
member banks for the current week, issued in advance of
full statements of the member banks, which latter will not
be available until the coming Monday. The New York
City statement formerly included the brokers' loans of
reporting member banks and showed not only the total of
these loans but also classified them so as to show the amount
loaned for their "own account" and the amount loaned for
"account of out-of-town banks," as well as the amount
loaned "for account of others." On Oct. 24 1934 the statement was revised to show separately loans to brokers and
dealers in New York and outside New York,loans on securities to others, acceptances and commercial paper, loans on
real estate, and obligations full guaranteed both as to prin-
cipal and interest by the United States Government. This
new style, however, now shows only the loans to brokers and
dealers for their own account in New York and outside of
New York, it no longer being possible to get the amount
loaned to brokers and dealers "for account of out-of-town
banks" or "for the account of others," these last two items
now being included in the loans on securities to others. The
total of these brokers' loans made by the reporting member
banks in New York City "for own account," including the
amount loaned outside of New York City, stood at
000,000 on Aug. 7 1935, an increase of $10,000,000.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES
New York
Aug. 7 1935 July 31 1935 Aug. 8 1934
Loans and Investments—total
7 504,000,000 7,548,000,000 7,108,000,000
Loans on securities—total
1,601,000,000 1,590,000,000 1,520.000,000
To brokers and dealers:
In New York
Outside New York
To others
805,000,000
55,000,000
741,000,000
793,000,000
57,000,000
740,000,000
613,000,000
53,000,000
854,000,000
.2,132.000.000 2,122,000,000 1,415,000,000
Reserve with Federal Reserve Bank,..
38,000,000
44,000,000
42,000,000
Cash In vault
7,637,000,000 7,701,000,000 6,162,000,000
Net demand deposits
602,000,000 574,000,000 675,000,000
Time deposits
246,000,000 244,000,000 704,000,000
Government deposits
60,000,000
95,000,000
90,000,000
Due from banks
1,993,000.000 2,040,000,000 1,590,000,000
Due to banks
Borrowings from Federal Reserve Bank_
Chicago
1,737,000,000 1,735,000,000 1,464,000,000
Loans on securities—total
196,000,000
196,000,000
266,000,000
To brokers and den ers:
In New York
Outside New York
To others
1,000,000
31,000,000
164,000,000
1,C00,000
30,000,000
165,000,000
20,000,000
33,000.000
213,000,000
Accepts, and commercial paper bought__ 21,000,000
15,000,000
Loans on real estate
236,000,000
Other loans
20,000,000
15,000,000 313,000,000
238,000,000
U. S. Government direct obligations-- 921,000,000
Obligations fully guaranteed by United
82,000.000
States Government
206,000,000
Other securities
923,000,000
82,000,0001 302,000,000
261,000,000
Reserve with Federal Reserve Bank_ 477,000,000
35,000,000
Cash in vault
490,000,000
36,000,000
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
583,000,000
498,000,000
36,000,000
1,658,000,000 1,651,000,000 1,403,000,000
415,000,000 414,000,000 358,000,000
44.000.000
29,000,000
29,000,000
208,000,000
496,000,000
206,000,000
510,000,000
156,000,000
410,000,000
Borrowings from Federal Reserve Bank
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 now given out on Thursday,
simultaneously 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 91
cities cannot be compiled.
In the following will be found the comments of the Federal
Reserve Board 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 31:
The Federal Reserve Board's condition statement of weekly reporting
member banks in 91 leading cities on July 31 shows decreases for the week of
$211,000,000 in total loans and investments and $27,000,000 in net demand
deposits, and an increase of 3166.000,000 in reserve balances with Federal
Reserve banks.
Loans on securities to brokers and dealers in New York declined $29,000,000 at reporting member banks in the New York district and $30,000,000
at all reporting member banks: loans to brokers and dealers outside New
York increased $3,000,000; and loans on securities to others declined
87.000.000 in the New York district and $3,000,000 at all reporting member
banks. Holdings of acceptances and commercial paper bought in open
market declined $7,000,000 in the New York district and 310.000,000 at
all reporting member banks: real estate loans showed little change for the
week, and "other loans" declined $52,000,000 in the New York district,
$10.000,000 in the Boston district, $8,000,000 in the Chicago district and
377,000,000 at all reporting member banks.
Holdings of United States Government direct obligations declined $158.000,000 in the New York district and increased $45,000,000 in the Chicago
district,all reporting member banks showing a net reduction of $127,000.000.
Holdings of obligations fully guaranteed by the United States Government
increased $5,000,000. Holdings of other securities increased $14,000.000 in
the New York district and 530,000.000 at all reporting member banks.
Licensed member banks formerly included in the condition statement of
member banks in 101 leading cities, but not now included in the weekly
statement, had total loans and investments of $1,302,000,000 and net
demand, time and Government deposits of 31,524,000.000 on July 31. compared with $1,300,000.000 and 31,518,000,000, respectively. on July 24.
A summary of the principal assets and liabilities of the reporting member
banks, in 91 leading cities, that are now included in the statement, together
with changes for the week and the year ended July 31 1935, follows:
July 31 1935
Increase (4-) or Decrease (-1
Since
Aug. 1 1934
July 24 1935
Loans and investments—total__ - _18,507,000,000
—211,000,000
+745,000,000
Loans and securities—total
2,967,000,000
—30,000,000
—391,000,000
To brokers and dealers:
In New York
Outside New York
To others
825,000,000
163,000,000
1,979,000,000
—30,000,000
+3,000,000
—3,000,000
—404,000,000
291,000,000
949,000.000
3,120,000,000
—10,000,0001
—2,000,000 —155,000,000
—77,000,000
Accepts, and com'i paper bought
Loans on real estate
Other loans
+13,000,000
U. S. Govt. direct obligations_ _ _ 7,380,000,000 • —127,000,000 +702,000,000
Obligations fully guaranteed by the
892,000,000
+5,000,0001 +589,000,000
United States Government
2,908,000,000
+30,000,000f
Other securities
Reserve with Fed. Res. banks.... 3,863.000,000
294,000,000
Cash In vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from F. it. banks
Accepts, and commercial paper bought__ 131,000,000 133,000,000
122,000,000 122,000,00011,521,000,000
Loans on real estate
1,157,000,000 1,151,000,000
Other loans
U. S. Government direct obligations....-3.103,000,000 3,174,000,000 2,878,000,000
Obligations fully guaranteed by United
355,000,000 342,000,00011,189,000,000
States Government
1.035,000,000 1,036,000.000f
Other securities
Loans and investments—total
Aug. 10 1935
Financial Chronicle
834
15,517,000,000
4,398,000,000
513,000,000
1,814,000,000
4,503,000,000
1,000,000
+166,000,000
—3,000,000
+910,000,000
+73,000,000
—27,000,000 +2,772,000,000
—90,000,000
+4,000,000
+2,000,000 —783,000,000
—2,000,000
+116,000,000
+252,000,000
+733,000,000
—4,000,000
League Council to Consider Italo-Ethiopian Dispute
Again in September—Meanwhile Three Powers
Will Seek Solution—A. F. of L. Urges President
Roosevelt to Protest Threatened African Invasion
The Council of the League of Nations will meet on Sept.
4 to undertake a general examination of the Italian-Ethiopian dispute, it was decided on Aug. 3, and on the same
day the Council provided for resumption of arbitration in
the Ualual clash, which was one of the events precipitating
hostilities between the two nations. The Council stipulated, however, that the arbitrators should not attempt to
pass on the ownership of the territory on which the clash
occurred.
The arbitrators will finish or abandon their work, and will
report the result to the Council by Sept. 4, when the Council
will examine halo-Ethiopian relations "in their various
aspects." Meanwhile, representatives of Great Britain,
France and Italy agreed to undertake negotiations among
themselves "with a view to facilitating the solution of the
differences existing between Italy and Ethiopia."
It was announced officially yesterday )Aug.9) that France,
Great Britain and Italy will begin their negotiations about,
Ethiopia Aug. 16 in Paris.
While these negotiations have been proceeding, Italy on
Aug. 6 announced the mobilization of an additional 30,000
men for service in East Africa. A dispatch from Rome to
the New York "Herald Tribune" Aug.6 gave further details
of this action as follows:
Meanwhile, the Government let it be known that two vessels, the Cello
and Laguna, sailed to-day from Naples for Tripoli. They carried only
officers and supplies, and there is reason to believe they are calling at
Tripoli for native troops to be pitted against the Christian subjects of
Emperor Haile Selassie.
Already there are 100,000 native troops among the Italian forces in
Eritrea and Somaliland. it is said. They will swell the Italian forces,
which should include about 400,000 soldiers and workmen when activities
begin. Five regular army and live Black Shirt divisions were mobilized
before the three divisions called out to-day. These 13 divisions alone
total 130,000 soldiers.
The Italian press leaves no doubt of the significance of to-day's communique, coming immediately after the session of the League Council.
Geneva can continue to "chatter and threaten." says a semi-official newspaper, but thanks to to-day's communique the world knows that "ItalY
has a will of its own, and this is an armed will."
The Executive Committee of the American Federation
of Labor issued a statement on Aug. 6 announcing that the
Federation will ask President Roosevelt to exert all possible
influence to prevent an impending Italian invasion of Ethiopia. The statement said that there is no justification for
war, and called upon workers everywhere to protest against
Italian war preparations.
A dispatch from Geneva on Aug. 3 to the New York
"Times, after describing preparations taken by the League
Council, continued in part:
This arrangement is the outcome of four days of private negotiations
in which the Ethiopians Isere have taken only a small part. It Was adopted
by the Council in the form of two separate resolutions. The first, passed
by a unanimous vote, including Italy's, provides merely for the resumption
of arbitration. The second, added at the request of Ethiopia, sets definitely the next meeting of the Council for Sept 4 and promises that "in
any event" the Council will then discuss the entire problem.
This second resolution was adopted with Baron Alois' of Italy abstaining
from voting. This may foreshadow the absence of Italy from the Sept. 4
meeting.
The Ethiopians accepted this as a present solution of their appeal to
the League apparently because they had to. It was the best they could
get. Their assent to the three-power negotiations has net been asked,
nor is it necessary. That is outside the League's purview, although at
the Council meeting to-night Maxim M. Litvinoff of Russia, as President.
announced the negotiations as "something the Council has learned with
satisfaction" and expressed hope of their happy outcome.
No Move to Avert Vtolence
Nothing is said in the resolutions, nor was any mention made in the
speeches attending their adoption, about the relinquishment of any resort
to violence by either side during the month that is to elapse before the
Council meets again. However, the East African rains are expected to
take care of that.
Nothing has been done or even proposed to halt the stream of troops
and supplies that Italy is pouring into her colonies adjoining Ethiopia.
All likelihood of such action was abandoned early in the negotiations.
Volume 141
Financial Chronicle
There is in fact no hope here of any action by the League or the powers
that can halt "Mussolini's war" in the present circumstances. Apparently
the sole chance of preventing actual warfare lies in the three-power negotiations, which are expected to discover some reparation sufficiently
attractive to Italy to be acceptable in lieu of war and yet leaving enough
substance to the intended war victim to make her prefer it to the risk of a
carnet in which her ultimate success would be more than doubtful.
Failing an agreement in this respect, the idea apparently seems to be to
present Italy to the world in so grasping and unfavorable a light that world
opinion will favor or even urge pressure upon her which at present is impossible under League auspices or by independent action.
Our last reference to the Italo-Ethiopian dispute was in
the "Chronicle" of Aug. 3, page 670.
Comparative Figures of Condition of Canadian Banks
In the following we compare the condition of the Canadian
banks for June 29 1935 with the figures for May 31 1935
and June 30 1934:
STATEMENT OF CONDITION OF THE BANKS OF THE DOMINION
OF
CANADA
Assets
Current gold and subsidiary coin—
In Canada
Elsewhere
Total
Dominion notes—
In Canada
Elsewhere
Total
Notes of other banks
United States & other foreign currencies.
Cheques on other banks
Loans to other banks in Canada,secured,
including bills rediscounted
Deposits made with and balance due
from other banks in Canada
Duefrom banks and banking correspondents in the United Kingdom
Duefrom banks and banking correspondents elsewhere than in Canada and the
United Kingdom
Dominion Government and Provincial
Government securities
Canadian municipal securities and British, foreign and colonial public securities other than Canadian
Ridlin} and other bonds, dabs. & stocks
,
Call and short (not exceeding 30 days)
loans in Canada on stocks, debentures,
bonds and other securities of a sufficient marketable value to cover
Elsewhere than in Canada
Other current loans & disc'ts in Canada_
Elsewhere
Loans to the Government of Canada_
Loans to Provincial Governments --Loans to cities, towns, municipalities
and school districts
Non-current loans, estimated loss provided for
Real estate other than bank premises
Mortgages on real estate sold by bank __
Bank premises at not more than cost,
less amounts (If any) written off
Liabilities of customers under letters of
credit as per contra
Deposits with the Minister of Finance
for the security of note circulation
Deposit in the central gold reserves
Shares of and loans to controlled cos,._
Other assets not included under the foregoing heads
Total assets
June 29 1935 May 31 1935 June 30 1934
5.425,143
8,593,094
8,146,020
9,176,257
38,902,842
9,012,623
14,018,237
15,322,277
47,915,467
201,286,517
197,890,923
125,413,0,6
11,554
201,286,517
197,890,923
125,424,630
7,835,612
21.022,373
96,824,498
5,970,740
20,636,673
96.953,561
12,491,456
18,944,201
94,060.980
4,215,655
3,487.846
3,982,725
13,260,089
22,482,923
20,520,614
88,515,842
98,801,780
65,097,194
838,740,477 835,409,530
654,489,436
135,861,082
43,316,697
138,914,601
43,703,709
129,523,672
39,579,983
85,237,040 81,981,322
98,790,594
67,451,245
71,213,244 125,176,178
831.032,518 824,125,882 862,302,612
156,451,423 147,811,034 146,141,487
16,370.291
26.872,840
26,858.496
107,185,510
120,428.163
128,946,506
14,453,757
8,716,829
5,454,296
14,462,973
8,740,970
5,923,362
13,947,999
7,710,951
6,035,505
76,605,377
76,707,574
78,085,397
52,650,250
52,963,808
52,586,547
6,838,034
6,727,010
3,103,301
13,123,737
6,588,796
20,881,732
13,345,999
3,040,305
3,158,760
1,945,617
2,909,487,377 2,914,800,655 2,814.88 ,538
Notes in circulation
Balance due to Dominion Govt. after de- 129,572,582 122,447,222 141,531,638
ducting adv, for credits, pay-lists. &c_
32,158,578
23,726,986
36,291,531
Advances under the Finance Act
37,944,000
Balance due to Provincial Governments_
35,524,294
32,452,983
35,205,462
Deposits by the public, payable on demand in Canada
Deposits by the public, payable after 545,412,833 561,208,233 485,846,450
notice or on a fixed day in Canada... 1,425,837,190 1,446.488,415 1,364,998,798
Deposits elsewhere than in Canada
Loans from other banks in Canada, 340,947,203 339,861,668 329,509.947
secured, Including bills redLscounted
Deposits made by and balances due to
other banks in Canada
13,775,087
11,609,998
11,825,979
Due to banks and banking correspondents in the United Kingdom
15,250,236
8,044,805
4,760,927
Elsewhere than in Canada and the
United Kingdom
26,648,858
24,279,787
23,277,473
Billspayable
747,474
886,159
701,243
Letters or credit outstanding
52,650,250
52,963,808
52,586,547
Liabilities not incl. under foregoing heads
2,402,762
2,404.781
2,294,175
Dividends declared and unpaid
802,286
2,946,422
616,780
Rest or reserve fund
132,750,000 132,750,000 132,500,000
Capital paid up
145,500,000 145,500,000 144,500.000
Total liabilities
2 899,979,780 2,907.571,319 2,804,390.997
Note—Owing to the omission of the cents in the official reports, the footings in
the above do not exactly agree with the totals give..
German Government Begins New Drive on Foreign
Press Correspondents—Expels One and Intimates
Others May Go
The German Government on Aug. 2 began a new campaign to restrict foreign correspondents, when the Propaganda Ministry ordered Dr. Ernest Klein, representing the
"Baseler Nachrichten" of Switzerland, to leave the country
within five days. Many other foreign correspondents in
Germany were warned that their reports on the German
situation were displeasing, and it was intimated that "quite
a number" of other expulsions might be expected.
On the same day (Aug. 2) there was made public in Berlin
a new and wider definition of treason. Poland Freisler,
State Secretary for the Ministry of Justice, announced that
any opposition to the Nazi party, by direction or indirection,
by commission of acts or omissions of acts, amounts to the
835
crime of "volksverrat" or breach of faith with the communiity. His announcement was amplified as follows in Associated Press advices from Berlin Aug. 2:
Mr. Freisler said that the definition applied specifically to Germans who
owed allegiance, but added that foreigners who offended in the same repsects would expose themselves to severe penalties.
His announcement, foreshadowing new legislation dealing with "treason
against the people," was carried in an introduction to an article on the new
Penal code in the current number of the Duetsche-jurLsten Zeitung, official
organ of practicing attorneys. He said that this crime admitted of no mitigating circumstances such as concientious convictions.
He also declared that there was a difference between an attack upon
the State before it had attained a degree of development corresponding to
its intrinsic nature and an attack upon the people once they had created
the requisite form of State to which they were entitled. Having created
the requisite form, he asserted, they could not throw it off again, like a
garment, without suffering damage to its life power.
The present National Socialist State, Mr. Freisler said, fulfilled the
national requirements. It was the "Volkstaat," and any attack upon it
was treason against the people.
Poland and Danzig Embark on Trade War—Poland
Places Embargo on Imports from Free City, Following Decree Abolishing Duties on Certain
Certain Goods Bought from Germany
Economic conflict between Poland and the Free City of
Danzig broke out this week, following the action of Poland
on Aug. 3 in placing an embargo on all imports from the
Free City. This action was the aftermath of a Danzig decree of a "state of emergency" which abolished customs
duties upon certain essential goods imported from Germany,
and thus practically ended 'Danzig-German tariff barriers.
Danzig had formerly purchased most of her necessary products in Poland, where prices are lower than those in the
Reich. Polish officials said on Aug. 4 that all possible economic pressure would be exerted to force the Nazi Danzig
Government to abolish the allegedly anti-Polish commercial
and monetary measures. Some observers predicted that the
latest Polish action would strengthen the popular desire in
Danzig for reunion with Germany.
It was announced in Danzig on Aug. 8 that a definite
agreement on points in the dispute had been reached. This
agreement provided that Danzig withdraw its decree of
Aug. 1 abrogating the Polish customs union and that Poland
withdraw the July 18 regulations regarding the Polish customs
control of goods from Danzig.
A dispatch from Berlin on Aug. 3 to the New York "Herald Tribune" discussed the situation as follows:
Protesting against the Polish attitude as expressed by this measure and
answering the objection that Hasimir Papee, Polish Minister at Danzig,
had lodged for his Government with the Danzig authorities, Arthur Greiser,
President of the Danzig Senate, addressed a note to Warsaw to-day defining the reasons for the measure.
The Polish Government, Greiser charged, had violated provisions of the
Versailles treaty and was in a major part responsible for "Danzig's terrible
economic troubles." The Polish decree of July 18, concerning the collection of duties on imports from Danzig on Polish territory, which
has led to an almost complete cessation of the most important Free
City
trade, Greiser declared, had brought no advantages to Poland nor had the
Warsaw authorities made any attempt to explain the situation.
On the other hand, the Danzig leader continued, the decree was destroying trade in the Free City and, in tending to re-establish new economic barriers between Danzig and Poland, was bound to destroy the
Free City's attempts to regulate currency. Ile said that already the "disastrous consequences" of the decree had been felt in the economic life of
Danzig, which faced immediate bankruptcy.
"For these reasons," Greiser added,"and in view of the fact that Warsaw
did not keep to its agreement under the Versailles treaty, we were forced
to open the Danzig frontiers to Germany to get the necessary supplies for
the vital wants of the population."
Greiser assured the Polish Government that free access to the sea would
be guaranteed to Poland as heretofore, and that therefore there would be
no changes in the present treatment accorded to goods bound for Poland.
He concluded with the assurance that the free imports would be only temporary and that the measure was necessitated by the dire economic need
caused by the Polish decree and should not be interpreted as a political
move.
Notwithstanding Warsaw's refusal to negotiate with the Danzig authorities at present. Greiser declared that the Free City would be only too willing to resume conversations immediately.
United States
-Swedish Reciprocal Trade Agreement
Becomes Effective—Importers Have Placed Substantial Foreign Orders in Anticipation of Lower
Duties
The reciprocal trade agreement between the United States
and Sweden became effective on Aug. 5, and under the Administration's most-favored-Nation policy the reduced rates
of duty from regular tariff schedules in this country will
apply to imports from all other Nations unless the situation
is changed by a Presidential proclamation. Importers told
the New York "Journal of Commerce" that they had placed
substantial orders abroad in anticipation of the operation
of the agreement. Safety matches of the strike-on-box type
are reduced from 20 cents to 17 cents per gross and other
reductions apply to steel products, cutlery, farm tools and
paperboard. Other provisibns of the pact were noted as follows in the "Journal of Commerce" Aug. 3:
Under the agreement Sweden grants concessions on 64 products
exported
from this country, the most important of which apply to
canned fruits,
raisins and automobile tires. Exporters to Sweden report an increase in
the
number of inquiries relating to goods subject to lower duties.
A proclamation by President Roosevelt at the time the agreement was
announced directs that it shall apply until Oct. 1 to imports from Canada,
France and Algeria, the Netherlands, Spain, Switzerland and Lichtenstein.
Aug. 10 1935
Financial Chronicle
836
Denmark, Germany, Italy
It will apply for 30 days after notice to those of
will benefit during the
and Portugal and its colonies. Other countries
modification with respect
three years the pact is in force unless there is a
to one or more of them.
Three Agreements in Force
tariff bargaining proThree trade agreements are now in force under the
with Cuba last Sepgram of the Administration. The first was effective
Belgium and Haiti. An
tember and it was followed later by treaties with
ago and is awaiting
agreement was reached with Brazil nearly six months
country before becoming
ratification by the Congress of the South American
reached with Canada, France
effective. Accord is understood to have been
separate treaties.
and several other countries for the negotiating of
s in Foreign
Head of Rumanian National Bank Resign
-Inquiry Centers About Illegal
ge Scandal
Exchan
Currency Transfer for Foreign Company
scandal, Grigori DumitAs a result of a foreign exchange
an National Bank, resigned
rescu, Governor of the Rumani
ately began an inquiry to
on July 26. Investigators immedi
s were involved. The
determine if responsible bank official
alleged illegal transfer of 100,scandal developed from the
foreign concern operating in
000,000 lei to Belgium for a
charges of bribery. AssoRumania, and there were many
from Bucharest commented
ciated Press advices of July 26
on the situation as follows
a political upheaval. Premier
Authorities denied the case might cause
his associates said he was merely
Tatarescu conferred with King Carol, but
case.
giving the monarch information on the
associated with any bank,
Tarun Vasilescu, a financial operator not
g of the blocked lel.
arrested to-day in connection with the smugglin
was
he operated in close co-operaAuthorities were working on the theory that
Con with bank officials.
ostensibly to permit free
Mr. Dumitrescu presented his resignation
.
investigations. It was immediately accepted
ed, among them Cawrile
A number of prominent persons were question President of the Senate.
ViceMarinescu, chief of police, and Ion Iliescu.
t Derogatory
Japan Records Informal Protest Agains Periodical
n of Emperor in American
Cartoo
ary of State Hull Expresses Regret at "MisSecret
understanding"
a cartoon appearing
An informal protest by Japan against
ne was received
in the current issue of an American magazi
expressed to
on Aug. 5 by Secretary of State Hull, who erstanding"
Ambassador Saito his regret that such a "misund
appeared in the
should have occurred. The cartoon, which Japanese EmAugust issue of "Vanity Fair," pictured the
scroll tied with
peror pulling a cart, on which reposed a s Emperor Gets
ribbons. The cartoon was entitled "Japan'
of the magazine in
the Nobel Peace Prize." Circulation Japanese spokesmen
Japan evoked some indignation, since
who is considered
believed that it insulted their Emperor,
as of divine origin.
vacation to
Ambassador Saito interrupted his summer at the State
come to Washington on Aug. 5 and to explain accustomed
are
Department that while American periodicalss, the Japanese
ng official
to exercising freedom in depicti
r as a grave
people consider such treatment of their Empero
error.
Department
After the informal conversation, the State
issued the following statement on Aug. 5:
the representations of the AmThe Secretary of State, in replying to
appeared in the current issue
bassador of Japan relative to materials which
the reported statement of the
of an American. periodical, referred to
publisher denying any purpose to give offense.
sorry when incidents occur
The Secretary then said that he is always
and occasion misunderstanding
or situations arise which are taken amiss
between this and any other country.
editor of the magazine,
On Aug. 8 Frank Crowninshield,
Ambassador Saito. The letter
sent a letter of apology to
said:
of a misconception on the part o
I particularly regret that because
portrayed the Emperor in
Japanese readers, we were supposed to have
menial occupation. But I think
the act of drawing a ricksha. obviously a
you will see that our readers
that if you, yourself. will look at the drawing
the wagon is obviously that of a
could have derived no such an idea, as
intended, and appears so in the
military carriage. At any rate, it was so
drawing.
of Aug.5 to the New York "Herald
said:
commenting on the incident,
Tribune,"
A Washington dispatch
Japan, but the jingoist
500 copies of the magazine were sent to
Only
occasion for protest, with Ampress immediately made the publication an
to "prevent the publicabassador Saito coming under fire because of failure
"easy-going" attitude in
tion" of the cartoon and because of his supposed
Ambassador, politically astute, could
his role as Japan's representative. The
be met by a statement of
not have helped knowing that any protest would
it is believed he was pushed
the American policy of freedom of the press, but
naval and military clique in
into the informal complaint because of the
reverence due the Emperor.
Japan, which bases much of its control on the
Cabinet to issue a
The military element last week forced the Japanese
national policy of our
message to the nation which declared that "the
imperial grandson sent to
nation was elucidated in a command given to the
the land shall be reigned
,earth by the sun goddess Amaterasu-Omikami that
for ages eternal." It
over and governed by an unbroken line of emperors
of Emperor Hirohito that
was this expressed belief in the divine descent
formed the basis for to-day's protest.
of anti-American feel' The Japanese protest, viewed from the background
spokesmen on the
ing which was developed by statements of Japanese
some quarters comment was
lampooning, did not come as a surprise, but in
protesting such a trivial
raised on the enthusiasm which Japan displayed in
out, was fanned
incident. Any flame that may have existed, it was pointed
spokesman, who was quoted
,
b.: a statement from Eiji Amau, Foreign Office
as denouncing the cartoon as "terrible."
Brazil's
Declining Favorable Trade Balance Endangers
External Debt Payments
may force
Fears that a declining favorable balance of trade
of five
ts for a period
Brazil to suspend foreign debt paymen
advices Aug. 3 from Rio de
years were expressed in press
Brazilian Finance MasJaneiro. Arthur de Souza Costa,
were baseless so far as
ter, on Aug. 5 said that these rumors
ed, although he admitted
the immediate future is concern
ely what might occur
that he was unable to predict accurat
Rio de Janeiro on
at some later date. A dispatch from
d the Brazilian
"
Aug. 3 to the New York "Times analyze
trade situation as follows:
exports totaled £13,096,For the first five months of this year, Brazil's
leaving a favorable balance of less than
713 and her imports 511,174,156,
the remittance abroad of 510.£2,000,000. Debt payments alone require
remittances, interest on for000.000. a year. If freight charges, private
agreements are included, Brazil's
eign capital investments and thawing
year.
foreign remittances total £22,000,000 a
on Thursday decreed that all
Foreign Minister Arthur de Souza Costa
at the free exchange rate, which is about
Import duties should be figured
This was aimed especially at luxury
30% higher than the official rate.
duties. It is believed his purpose is
imports and those paying ad valorem
ing imports or to increase
either to protect the trade balance by discourag
, if imports continue as heavy
revenues, and hence the available exchange
for the rest of the year.
r on Aug. 8 directed the
The Brazilian Finance Ministe
immediately to meet the service
Bank of Brazil to remit funds
15. Observers believed the
on the foreign debt due Aug.
hen the Government's posipayment was designed to strengt
regarding possible debt suspension.
tion in view of the rumors
Colombia
and
Approves Bill Prohibiting Melting
Exporting of Silver Coins
4 by the Consulate
From a news bulletin issued Aug.
City, we take the following:
General of Colombia in New York
and exporting of silver
Law No. 1 of 1935 which prohibits the melting
them and to apply the
coins and authorizes the Government to recover
the Government's
profits derived from the demonetization to increase
an Savings Bank, was
capital in the Agrarian Bank and in the Colombi
recently sanctioned by the Executive.
Market
Value of Bonds Listed on New York
Exchange-Figures for Aug. 1 1935
Stock
g
total market
The following announcement, showin the
York Stock Exchange as of
value of listed bonds on the New
the Exchange:
Aug. 1, was issued on Aug. 7 by
ing 843,026.As of Aug. 1 1935. there were 1.501 bond issues aggregat
e, with a total
061,990 par value listed on the New York Stock Exchang
market value of 839.457.462,834.
ting $43,This compares with 1,513 bond issues, aggrega
ge July 1 1935
511,242,590 par value, listed on the Exchan
9.
with a total market value of 839,864,332,75
classified by
In the following table, listed bonds are
aggregate
governmental and industrial groups with the
market value and average price for each:
July 1 1935
Aug. 1 1935
Market
Value
Aver.
Price
Market
Value
Aver.
Price
$
$
$
$
19,757,629,885 105.60 20,124,981.410 105.34
4,502,807.964 83.91 4.511.561,901 83.98
4,880,443 55.89
5.610,811 64.51
72,657,839 103.86
73,347,346 104.84
89.791,005 98.40
91,889,801 100.70
53,430,373 90.72
53,976.536 91.65
65,177,629 101.56
28,472,114 97.58
229.934,020 104.09
268,676,816 103.93
147,309,788 100.17
149,115,803 101.46
59,259,414 80.33
65,482,164 88.76
15,117,331 38.59
. 16,450,628 41.99
29,115,881 46.34
30,293,397 48.21
137,875,718 64.27
140,988,083 65.77
374,119,280 95.87
367,084,192 95.61
65,867,388 77.44
67,250,498 79.26
22.071,316 87.14
22.38.,312 88,137
Retail Merchandising
7,987,853,272 74.29 8,029,016,261 74.37
equipment
Railway and
437.660,084 92.19
421,224,917 93.93
Steel, iron and coke
8,117,920 55.18
8,270,854 56.22
Textile
1,960,490,177 103.63 1,952,340,999 103.39
Gas and electric (operating)
190,565,788 85.88
195,293,129 88.01
Gas and electric (holding)
1.109,231,935 107.62 1.104,755,729 107.17
Communication (cable. tel. & radio)._
432,277,516 74.04
437,085,939 74.98
Miscellaneous utilities
21,355,155 103.50
21.458,320 104.00
Business and office equipment
19,359,964 57.18
19,767,796 58.38
Shipping services
11,122,230 46.95
11,930,805 50.36
Shipbuilding and operating
932,382 103.88
933,504 104.00
Leather and boots
48,360,794 125.07
46,687,954 125.90
Tobacco
57 63.03
234,845,676 80.33
237,850,1
..
U. S. companies operating abroad..
Foreign companies (including Cuba
1,357,948,725 69.10 1,372,511.525 69.76
and Canada)
39,457.462.834 91.71 39,864.332,759 91.62
All listed bonds
a two-year
The following table, compiled by us, gives
total average
comparison of the total market value and the
ge:
price of bonds listed on the Exchan
United States Government
Foreign government
Autos and accessories
Financial
Chemical
Building
Electrical equipment manufacturing
Food
Rubber and tires
Amusement
Land and realty
Machinery and metals
Mining (excluding iron)
Petroleum
Paper and publishing
Market
Value
1933June 1
July 1
Aug. 1
Sept. 1
Oct. 1
Nov. 1
Dec. 1
1934Jan. 1
Feb. 1
Mar. 1
Apr. 1
May 1
June 1
July 1
$
8
32.997,675,932
80.79
33,917,221,869
Market
Value
Average
Price
82.97
34.457,822,282
35,218,429,936
34,513,782,705
33,651,082.433
34,179,882,418
84.43
84.63
83.00
82.33
81.36
34,861,038,409
36.263,747,352
36,843,301,965
37,198,258,126
37.780,651,738
38,239,206,987
39.547.117.863
83.34
86.84
88.27
89.15
90.46
90.17
90.80
1934Aug. 1
Sept. 1
Oct: 1
Nov. 1
Dec. 1
1935
Jan. 1
Feb. 1
Mar. 1
Apr. 1
May 1
June 1
July 1
Aug. 1
Average
Price
$
$
39,473,326,184
39,453,963,492
38.751,279,426
39,405,708,220
39,685,455.602
89.79
88.99
88.27
89.39
89.85
40,659,643,442
41,064,263,510
037,232
41,111,
40,263,631,526
40,147,199,897
39.617,835,876
39,804,332,759
39.457,462,834
90.73
91.30
91.29
89.49
90.69
90.62
91.62
91.71
Volume 141
Financial Chronicle
837
Increase Reported in Short Interest on New York Stock
Exchange During July
The total short interest existing as of the opening of
business on July 31, as compiled from information secured by
the New York Stock Exchange from its members, was
870,813 shares, the Exchange announced Aug. 7. This compares with 840,537 shares as of June 28 and 768,199 shares
May 31.
In both cases the registration statements, in the opinion o the Con.
mission, contained untrue and misleading statements and omitted to state
material facts.
Petroleum, Inc., had filed a registration statement (No. 2.1380) for
362,500 units of capital stock, to be offered at $2 per unit, each unit to
contain one share of common and one share of preferred stock. The
company's business was drilling oil wells.
Murwood Gold Mines, Ltd., had filed a registration statement (No. 2-1277)
for 500,000 shares of $1 par capital stock, to be offered at 35c. per share.
Filing of Registration Statements Under Securities Act
Announcement of the filing of 11 additional registration
statements (Nos. 1554-1564, inclusive) under the Securities
Act of 1933 was announced on Aug. 5 by the Securities and
Exchange Commission. The total involved, the Commission said, is $37,236,034.66, of which $36,003,001 represents
new issues. The Commission added:
Registration Statement Filed with SEC by Canada for
$76,000,000 2% Bonds
Announcement was made by the Securities and Exchange
Commission on Aug. 3 that the Dominion of Canada had
filed a registration statement under the Securities Act of
1933 for $76,000,000 *4% bonds maturing Aug. 15 1945.
The registration statement represents the first Canadian
issue, and the second foreign issue, to be filed under the
Securities Act, the Commission said, adding:
Included in this total is $5,500,000 of 4%% sinking fund debentures,
due 1950, and 60,000 shares of 6% cumulative preferred stock of the
Champion Coated Paper Co. (Docket 2-1558, Form A-2, included in Release
No. 447).
The filing of the statement of the Champion Coated Paper
Co. was referred to in our issue of Aug. 3, page 673. The
securities involved, as announced Aug. 5, are grouped as
follows:
No.of Issues
Type of Issue
9
Commercial and industrial
1
Investment trusts
1
Securities in reorganization
Total
826,003,001.00
10,000,000.00
1,233,033.66
The securities for which registration is pending follow:
Analyzed Securities, Inc. (2-1554, Form A-1), of Baltimore, Md., seeking
to issue 1,000,000 shares of $1 par value common stock, 500 shares of which
have already been sold to five of the directors at $5 a share. This stock
will be offered to the public, through the underwriter, Mason-Hagan, Inc.,
of Richmond, Va., at $5.40 a share for the first 2,000 shares, and thereafter
at liquidating value. John E Biggs Jr., of New York City, is President
of the company. Filed July 24 1935.
National Gypsum Co. (24555, Form E-1), of Buffalo, N. Y., seeking to
issue, in a plan of reorganization, 8,814 shares of $100 par value 7%
cumulative first preferred stock and 68,332 35/100 shares of $5 par value
class A common stock. The exchange is to be as follows: One-half share
of the registrant's $100 par 7% cumulative first preferred stock for 1 share
of Universal Gypsum tc Lime Co., $60 par $4 cumulative preferred stock,
/
2
and 11 shares of registrant's $5 par class A stock for 10 shares of Universal
Gypsum tz Lime Co., $1 par class A and/or class B common stock. Filed
July 25 1935.
Loose-IViles Biscuit Co. (2-1556, Form A-2), of Kansas City, Mo., seeking
to issue 42,000 shares of $100 par value 5% cumulative preferred stock, to
be offered at $101 a share. Lehman Brothers, of New York, is one of the
underwriters, the others to be stated in an amendment to the statement.
B. L. Hupp, of Kansas City, is President of the company. Filed July 25 1935.
Keystone Custodian Funds, Inc. (2-1557, Form C-1), of Philadelphia, Pa.,
seeking to issue 10 series of certificates of participation in custodian
funds, at an aggregate offering price of 00,000,000. Filed July 26 1936.
American Cigarette Tobacco Corp. (2-1559, Form A-1), of Danville, Va.,
seeking to issue 4,970 shares of $10 par preferred stock and 29,985 shares
of $6 par clam B common stock, both to be offered at par. R. L. Swain,
of Danville. is President of the company. Filed July 26 1935.
Shaver Forwarding Co. (2-1560, Form A.1), of Portland, Ore., a company
engaged in ownin and operating motor vehicles and water craft, seeking
to issue 9,600 shares of $25 par preferred stock, to be offered at $25 a
share. Homer T. Shaver, of Portland, is President of the company. Filed
July 27 1935.
Sonotone Corp. (2-1561, Form A-2), of New York City, seeking to issue
40,000 shares of cumulative convertible preferred stock and 40,000 option
warrants to purchase an aggregate of 50,000 shares common stock, to be
issued in units of one share of preferred stock with one attached option
warrant, good until Oct. 1 1940, to purchase two shares of common stock,
the units to have an estimated offering price of $10 each; also 13,000
detached warrants to purchase an aggregate of 26,000 shares of common
stock; also 106,000 shares of common stock to be purchasable under the
aforementioned 63,000 warrants; also 160,000 shares of common stock to
be reserved for the conversion of 40,000 shares of preferred stock at a ratio
of four shares of common stock for each preferred. Dr. Hugo Lieber is
President of the company. Filed July 29 1935.
Granite City Steel Co. (2-1562, Form A-2), of Granite City, Ill., seeking
to issue 127,496 shares of no par common capital stock, subscription privileges to be offered at $20 a share to stockholders, on the basis of one
additional share for each two shares held. Hayden, Stone & Co. is the
underwriter, for unsubscribcd shares, if any, and Hayward Niedringhaus,
of Granite City, Ill., is President. Filed July 29 1985.
Excel Inwall Fixtures, Inc. (2-1563, Form A-1), of Wilmington, Del.,
seeking to issue 50,000 shares of $5 par class A common stock, to be
offered at $5 a share. B. L. Laursen, of Dunedin, Fla., is President. Filed
July 29 1935.
Bona Signal Manufacturing Corp. (2-1564, Form A-1), of New York
• City, seeking to issue 84,207 shares of no par participating preference stock,
to be offered at $8 a share. Stephen J. Nagy, of East Orange, N. J., is
President of the company. Filed July 80 1935.
In making available the above list the SEC stated:
In no case does the act of filing with the Commission give to any
security its approval or indicate that the Commission has passed on the
merits of the issue, or that the registration statement itslef is correct.
The last previous list of registration statements appeared
in our Aug. 3 issue, page 673.
Stop Orders Issued by SEC Suspending Registration
Statements of Petroleum,Inc. of Porterville, Calif.,
and Murwood Gold Mines, Ltd., of Toronto
The Securities and Exchange Commission announced,
Aug. 2, that, after public hearings, it has issued stop orders
suspending the effectiveness of registration statements filed
under the Securities Act of 1933 by Petroleum, Inc., of Porterville, Calif., and by Murwood Gold Mines, Ltd., of
Toronto, Canada. The Commission said:
According to the registration statement, the proceeds to be raised by
the sale of the proposed bonds, together with cash from the Treasury of
the Dominion of Canada, are to be applied to the payment or redemption
of notes and bonds now outstanding as follows:
(1) $50,000,000 principal amount 2% promissory notes, payable in
lawful money of the United States of America, dated Sept. 1 1934 and
maturing Sept. 1 1935:
(2) 826,000,000 principal amount 414% Canadian National Railway Co.
bonds, payable in Canada or New York, dated Sept. 15 1924, maturing
Sept. 15 1954, callable as a whole or in part at 102 and interest for payment on Sept. 15 1935, and to be called for payment on Sept. 15 1935.
(These bonds are guaranteed by the Dominion of Canada. Under the
Canadian National Railways Refunding Act, 1935, the Minister of Finance
is authorized to make loans to the Canadian National Railway Co. for the
purpose of refunding callable securities of the company. Proceeds of the
sale of bonds to be issued under this registration statement will be used,
in part, to make such loans to be applied by the company to the redemtpion
of these bonds.)
The following are named as the proposed underwriters of the issue:
The First Boston Corp., N. Y. City.
Dean Witter & Co., San Francisco, Calif.
Edward B.Smith dr Co., N.Y.City.
Dominick & Dominick, N. Y. City.
Brown Harriman dr Co..Inc., N.Y.City. Estabrook & Co.. Boston, Mass.
Bancamerica-Blair Corp., N. Y. City.
First of Michigan Corp., Detroit. Mich.
Cassatt & Co., Inc., N. Y. City.
Hornblower & Weeks, Boston, Mass.
Birth & Co., Inc., N. Y. City.
W.C. Langley & Co., N.Y. City.
Field, Glore & Co., N. Y. City.
The Securities Co. of Milwaukee, Inc..
Goldman, Sachs & Co.. N. Y. City.
Milwaukee, Wis.
Lazard Freres & Co.. Inc., N.Y. City. R. W. Pressprich & Co., N. Y. City.
White, Weld & Co., N. Y. City.
Lawrence stern dr Co., Inc., Chicago, Ill.
Kidder, Peabody & Co.. N. Y. City.
Starkweather & Co., Inc., N. Y. City.
Lee Higginson Corp., N. Y. City.
Whiting, Weeks& Knowles,Inc.,Boston,
Halsey, Stuart & Co., Inc., Chicago, Ill.
Mass.
Hayden,Stone & Co., N. Y. City.
Central Republic Co., Chicago, Ill.
W.E. Hutton & Co., N. Y. City,
Wells-Dickey Co., Minneapolis, MinnF. B. Moseley & Co., N. Y. CitY.
McLeod, Young, Weir & Co., Ltd.,
Stone & Webster and Biodget, Inc., Toronto, Canada.
N.Y.City.
Wood, Gundy & Co.. Inc.. N.Y.City.
A. C. Allyn & Co., Inc., N.Y. City.
The Dominion Securities Corp., N. Y.
Bankamerica Co.,son Francisco, Calif.
City.
H. M.Bylleeby & Co., Inc., N. Y. City. A. E. Ames & Co., Inc., N.Y.City.
R. L. Day & Co., Boston, Mass.
Royal Securities Corp.. N. Y. City.
Interest on the bonds is to be payable semi-annually on Feb. 15 and
Aug. 15. Principal and interest will be payable in lawful money of the
United States of America. The bonds are to be redeemable, in whole or
in part, at the option of the Government of the Dominion of Canada.
on any interest date on and after Aug. 15 1943 at the principal amount
thereof and accrued interest, upon 30 days' published notice. All the
definitive bonds will be coupon bonds in the denomination of $1,000,
registerable as to principal only.
The amount of the bonds to be underwritten by each underwriter, the
price at which the bonds will be purchased by underwriters from the issuer.
and the price at which the bonds will be offered to the public have not
been determined and will be filed in an amendment to the registration
statement.
Standard Oil Co. of New Jersey Files Registration
Statement with SEC Covering 100,000 Shares of
Capital Stock of $25 Par Value
The Securities and Exchange Commission announced
Aug. 6 that the Standard Oil Co. (New Jersey) filed on
Aug. 5 a registration statement (No. 2-1570) under the
Securities Act of 1933 covering 100,000 shares of capital
stock having the par value of $25 per share in connection
with its employees fifth stock acquisition plan. The announcement of the Commission continued:
In describing the purpose of the issue the prospectus states:
Under the provisions of the "Fifth Stock Acquisition Plan" of the
Standard Oil Co. (New Jersey) and its qualified subsidiaries, Standard
Oil Co. (New Jersey) is required to sell to the trustees thereunder such
shares of its capital stock as may be necessary to carry out the provisions
of the plan. It is estimated that the requirement will not exceed 100,000
shares. While the term of the plan as adopted was three years, the stockholders at a meeting held on June 4 1935 voted to terminate the plan
as of Dec. 311935."
The prospectus states that the price for shares of the company in connection with the plan for Jan. 1 through June 30 was $41.50 per share
and that the price from July 1 to Dec. 31 will be $45.50 a share. It is
further stated that "offering will be made only to trustees under the Fifth
Stock Acquisition Plan of the company for the benefits of its employees
and for those of its subsidiaries eligible to participate in such plan."
The company reports with a balance sheet for April 30 1935, showing
total assets of $1,087,247,549.58. It is the first company with total
assets of over a billion dollars to register securities under the Securities
Act of 1933.
Filing of Registration Statement by Philadelphia
Suburban Water Co. for $16,900,000 of First Mortgage Bonds, 4% Series
The Philadelphia Suburban Water Co. filed on Aug. 5
a registration statem ent (No. 2-1572) with the Securites
and Exchange Commission under the Securities Act of 1933
for $16,900,000 of first mortgage bonds, 4% series, due
1965. An announcement by the SEC, issued Aug. 6,
continued:
The proceeds of the issue will be used for refunding purposes, and
the
company on the facing sheet announced the following plan for
giving the
838
Financial Chronicle
holders of existing securities an opportunity to acquire the new securities
prior to general public offering:
On or immediately after the date on which the registration statement
be
becomes effective, present holders of the issues to be refunded will
days after
notified thereof and of their privilege good for five business new bonds
old bonds for
the effective date of registration to exchange the
upon the terms set forth in Exhibit F attached hereto. (The company
to the
states that this exhibit will be filed with the Commission prioroffering
effective date.) Immediately thereafter there will be a public
of so much of the new issue as is not exchanged.
The names and addresses of the underwriters for the issues and the
respective amounts underwritten by them are as follows;
$4,950,000
Hornblovrer & Weeks, New York City
2,750.000
Cassatt & Co., Inc., New York City
1,000,000
D. Barney & Co., New York City
Chas.
1,000,000
Clark, Dodge SC Co.. New York City
1,000,000
Dominick & Dominick, New York City
1,000,000
Corp., New York City
The First Boston
1,000,000
Bidder, Peabody St Co., New York City
1,000,000
Lee Higginson Corp., New York City
1.000,000
New sork City
-P. Murphy & Co.,
G. M.
1,000,000
White, Weld & Co., New York City
250,000
Glore & Co., New York City
Field,
250,000
W.E. Hutton & Co., New York City
200,000
Singer, Deane & Scribner, Pittsburgh, Pa
100,000
feel & Beckwith, Toledo, Ohio
100,000
Paul H. Davis & Co., Chicago, Ill
100,000
O'Brien. Potter & Co.. Buffalo, N. Y
100,000
, Minneapolis, Minn
Piper, Jaffray & Hopwood
100,000
Reed & Co.. Inc., Worcester, Mass
apply the entire
The prospectus as filed states that the company will
general funds, to
net proceeds, plus an undetermined amount from its
now outstanding in
the redemption of the following amounts of securities
the hands of the public:
amount of first mortgage
On Oct. 1 1935 of its $2,434,000 principal
accrued interest:
gold bonds, 5% series due Oct. 1 1969 at 105% and
mortgage
$1,765,000 principal amount of firstinterest;
On Oct. 1 1935 of its
and accured
gold bonds, 4;6% series due Oct. 1 1970, at 105%
of first mortgage
Nov. 1 1935 of its $9,617,500 principal amount
On
accrued interest: and
gold bonds,5% series due May 1 1955. at 10256% and
of first mortgage
On Nov. 1 1935 of its $2,414,000 principal amountaccrued interest.
series due Nov. 1 1967, at 104% and
gold bonds,44%
are at Bryn Mawe
The company, whose principal executive offices
the net proceeds to be
Pa., announced that it will file an estimate as to
prior to the effectIvr
realized and as to the offering price to the public
date of the registration statement.
nal
Associated Stock Exchange of Manila Given Additio
Time Until October 1 to Register with SEC
Aug.
The Securities and Exchange Commission announced been
had
3 that the Associated Stock Exchange of Manila registragranted an extension of temporary exemption from 1 1935.
Oct.
tion as a National securities exchange untilof Rule AN-2.
The extension was effected by an amendment
Pledges "WholeNational Security Traders Association
SEC—Speakers at
Hearted Co-operation" With
sion
Three-Day Convention Laud Work of Commis
-hearted co-operation" with the Securities and
"Whole
the closing
Exchange Commission was pledged Aug. 3 at ion, held in
of the National Security Traders Associat
session
to this
Cincinnati. The organization adopted a resolution
l
after it had first been approved by the Nationa
effect,
at
ee. It also decided to hold its 1936 convention
Committ
convention,
Los Angeles. During the various meetings of the
the
began Aug. 1, numerous expressions of support for er"
which
voiced from the floor. The Cincinnati "Enquir g
SEC were
precedin
of Aug. 4 described the resolution adopted on the
as follows:
day
co-operation with the SecuriIn the preamble to the resolution pledging
that the association desired
ties and Exchange Commission it was stated
ethics" and recognized that its
to "maintain the very highest standard of
nt.
business is to be regulated by the Governme
association's officers to "pledge
The resolutions further instructed the
Commissupport with the Securities and Exchange
their wholo-hearted
by the Federal Government
sion and such other bodies as may be created regulations, clear in their
and
for the purpose of passing intelligent rules
of fulfillment, to govern
verbiage, practice of compliance, and possible
our business.''
its descripWe also quote from the "Enquirer" of Aug.3in
the second day of the convention:
tion of
various department heads
Favorable comment on the 'personnel of the
was made by a number of the
In the Securities and Exchange Commission
of the morning session yesterspeakers during the open forum, the feature
Hoit, Rose & Troster, New York
day. This was led by Oliver J. Treater of
Association of New York, and
City, President of the Security Dealers
with Walter J. Cruttenden,
L. J. Doyle of Hickey, Duyle & Co., Chicago,
Chicago, as presiding officer.
Dealers Association but In
Speaking not as an official of the New York
that Judge J. J. Burns. General
his capacity as a broker, Mr. Troster said
Commission at Washington was
Counsel of the Securities and Exchange
was doing its utmost to se”ve
correct when he said that the Commission
the dealers as well as the public.
security dealers are fortunate that
"I want to say that the brokers and
the Securities and Exchange
they have the present executive personnel of
the story might have been
Commission. If other men had been appointed,
crashes between our
far differenct, and them might have been disastrous
business and the Commission.
Business Is Prospering
of us might have been
"With less conservative administrators, many
we feel twe can work with
ruined. As it is, our business is prospering and
the Commission officers.
placed around over-the"I believe that proper safeguards should be
investors and for the good of
counter trading both for the benefit of the Commission will be disposed
the traders themselves. I do not think that the
n up to, say, 20 or 25%, but
to question any reasonable price commissio
is room for investigation."
when the profit comes to 30 and 60%. there
lines with regard to over-theLeo J. Doyle, Chicago, spoke along similar
stocks and bonds. He held that
counter trading and the sales of unlisted
said that there was no greater
these should be subject to regulation and
investors than in handling unlisted
field for abusing the confidence of the
and buyers could be induced
stocks, where there was no regular market, worthless stocks.
might be
to pay unreasonable prices for what
Aug. 10 1935
be taken
lie recommended that as fast as possible these stocks and bonds
the public
off the unlisted market and placed on the exchanges so that
would have an idea of their quotable value.
New Orleans Cotton Exchange Blames Loss of World
ReMarkets on Administration Policies—AnnualNegport Also Assails Government Programs for
ligible Profits in Cotton Spinning Industry
domestic
Administration policies, seeking to maintain principal
cotton prices above the world market, "are the
tion
and constantly accelerating cause of decreased consumpposiing
of the American staple and the loss of our dominatreport of
tion in the cotton trade of the world," the annual
the New York Cotton Exchange declared on Aug. 7. The
report, signed by Henry Plauche,-Secretary of the Exchange,
a
said that the cotton spinning industry had experienced
profitless year as a result of high manufacturing costs caused
by the National Recovery Administration, the processing
tax, the almost complete loss of the export market, and an
increase in imports of cotton goods. A dispatch from New
Orleans Aug. 7 to the New York "Herald Tribune" quoted
further from the report as follows
a loss, the
With the vast majority of the mills reported operating at
at the present time. It is unpicture of the textile industry is not good
time as business can proceed
reasonable to expect improvement until such
the industry.
without the uncertainties which are now harassing
cotton
of
According to the calculations of the exchange, exports American with
for the season ending Aug. 1, totaled 5,037,940 bales as compared
7.828,957 bales for the preceding season.
totaled
World consumption of American cotton during the last season
0 bales in the season ended
12,242,000 bales, as compared with 14.472,00
Aug. 1 1934.
Carry-Over 8,728,000 Bales
r of American cotton Aug. 1 amounted to 8,728,000
The total carry-ove
This
bales, against 10,598.000 bales at the end of the preceding season.
season.
drop in the carry-over was due to the drought-ravaged crop of last
end of
Of the total carry-over of American cotton in this country at the
4,581,000
the season amounting to 6,871,000 bales, the report states that
-cent loan.
bales were held in the government producer's pool or the 12
report
Of this huge supply financed and controlled by the Government, the
Withsays: "The channels of trade lose large supplies of American cotton.
been
holding of these supplies has maintained a world price level which has
and has
highly remunerative to numerous other cotton producing countries
freely,thus placing them in position
enabled their production to be marketed
ces.'
to increase their production with little fear of unfavorable consequen
Improvement in Durable Goods Industries Found
Most Striking by National City Bank of New York
—Easy Money Finally Affecting Business Situation
Greatest industrial recovery this year has been recorded
by certain durable goods industries, including automobiles,
machine tools, lumber, farm implement sales, residential
building contracts, mechanical refrigerator sales, new orders
for oil burners and air conditioning equipment, the National
City Bank of New York asserted in its "Monthly Letter"
published on Aug. 2. The review expressed the belief that
easy money is finally beginning to affect the business situation. This belief was said to be influenced not only by the
larger volume of bond issues sold and in prospect, but by
the continued strength of the stock market.
The review continued, in part:
As the comments in recent issues of this "Letter" have pointed out,
the business recovery this year has been strongest in various durable goods
lines, led by automobiles, but including refrigerators, electrical appliances,
farm implements, lumber, heating and plumbing equipment, and home and
garden equipment of all kinds: also machine tools, light machinery, and
flanlly residential building. Figures now available for the first half year
making this strikingly apparent.
First Half
-Year
Increase
1935
1934
1,872,431
1,402,201 +33.5
production
Passenger car
389,713
312,062 +24.9
Truck and taxi production
2,262,144
1,714,263 +32.0
Total auto production
4,306,875
3.655,683 +17.5
Lumber orders (000 bd. ft.)
+47.0
Machine tool orders
+75.0
Farm implement salest
$208,173,600 $131.747,900 +58.0
Residential building contracts
760,988
650,447 +17.0
Mechanical refrigerator sales-*34,551
26,672 +29.5
Oil burners, new orders.*
6,060
3,492 +73.5
Mechanical stokers, residential _*_
conditioning equiptment, new
Air
$5,972,000
$4,391,000 +36.0
ordere *
*Five months. t Estimated.
In some of these industries the latest figures are more favorable than
machine tool orders has been very sharp.
those above given. The gain in
point in more than five years. Resithe June index standing at the highest
the first half of July were 123.6%
dential building contracts awarded during
June,
a
higher than last year, and total building showed small gain over
though a decline is usual for seasonal reasons.
on a daily average basis,
of
year
l
By the end of the month the aggregate residentia contracts for the
the full year 1934.
to date probably was as large as during
These figures show that the industrial advance this year has carried
machine
more broadly into capital goods—motor trucks, implements and
the
tools being in that category—and that private enterprise is on
in this depression. Howrise in greater degree than in previous upswings
show
and utility equipment of course
ever, the heavier lines such as railway
totals are still but a small perlittle Improvement, and the construction
centage of the normal.
The Place of Money
to have an effect upon
The belief that easy money Is at last beginning
much more general. It Is influenced
the business situation is becoming
issues already sold and in prospect,
not only by the larger volume of bond
stock market; for the advance in the
but by the continued strength of the
adjustment of the yields on stocks to conlatter evidently is in part an
ts. To that extent it is due
form with reduced yields on other investmen
to the ease of money.
are favorable will facilitate
This is a tendency which if other conditions
capital expenditures. But it is
raising new capital and thus stimulate
Financial Chronicle
Volume 141
important to remember that the initiative is outside the money markets.
Easy money will have little effect, beyond reducing yields on prime securities, unless there is confidence in the economic and political situation,
opportunity for profit and new enterprise, and balanced relations between
all the elements entering in the exchange of goods so that trade can go
on. Too much emphasis upon the money factor is misplaced. The basic
improvement this year has been trade conditions and it is due to expanded
trade that money is being spent more freely on new equipment, and invested in securities in which confidence has heretofore been lacking.
To be sure higher security prices, also the improvement in land values
reported from the farm States, are encouraging in themselves. They relieve pressure on people, make them "feel richer", and may add to Purchas
ing power in the markets. Improved corporate earnings also add to buying power, and lead to increased purchases of industrial goods.
Tax Proposals Seen as Paralyzing on Industry-Dr.
B. M. Anderson of Chase National Bank Declares
They Will Bankrupt Large Estates-Finds Inheritance Rates Higher Than Any Abroad
The pending inheritance and income tax legislation, if
enacted by Congress, would have a paralyzing effect upon
the growth of capital and upon speculative ventures that
develop new resources and new types of industry, Benjamin
M. Anderson Jr., Economist of the Chase National Bank,
declares in "The Chase Economic Bulletin," published on
Aug. 6. Dr. Anderson says the bill as now drawn will force
changes in the control of great industries and will bankrupt
large estates, and adds that the economic consequences of
such a situation can hardly be exaggerated.
The bill discussed by Dr. Anderson was approved by the
House on Aug. 5 and is now under consideration by the
Senate Finance Committee. Congressional action on the
measure is noted elsewhere in this issue of the "Chronicle."
"The legislation," Dr. Anderson writes, "will precipitate
situations in which changes in control of great industries
will come at unexpected times, with undesirable changes in
personnel and policy."
The highest British rates on inheritances, Dr. Anderson
points out, do not begin to approach the rates which will
exist in this country if the new tax legislation passes. He
adds, in part:
When one looks about for experience of other countries as a means of
gauging the consequences of the taxes now proposed for the United States,
one does not find such experience, because such taxes exist nowhere in the
world so far as I can find.
The following table compares the existing and the proposed inheritance
and estate taxes in the United States with those now existing in Great
Britain, in Germany, and in Canada:
RATES* OF DEATH DUTIES IN DIFFERENT COUNTRIES
United States
Net Estate
(Before
Exemption)
$20,000
50.000
100,000
200,000
400,000
1,000,000
4,000,000
10.000,000
20.000,000
50.000,000
Federal
New York
Total Tax
Tax Rate
Total
Estate
Rate Before
Stale
Proposed
Combined
Tax
Transfer Tax Proposed
Federal InTax
(1934 Rates)
Federal In- herit'ce Tax
Rate
Rate
(a)
heritance Tax
(b)
(c)
(4)
Per Cent
Per Cent
Per Cent
Per Cent
Per Cent
0.75
0.75
0.75
0.90
0.90
0.90
17E8
0.95
2.45
1:558
7.66
5.20
1.225
6.425
13.099
18.68
8.70
2.362
11.063
20.64
29.42
13.59
4.245
17.835
29.24
41.86
23.62
8.786
32.404
41.85
60.69
33.20
13.354
46.555
49.77
73.16
38.69
16.672
55.271
57.19
80.85
41.84
18.669
60.508
66.77
86.88
Enaland
Total Combined
Tax Rate
(e)
France
Total
Tax Rate
(f)
Germany
Total
Tax Rate
(it)
Saskatchewan
Total Combined
Tax Rate
(h)
0.^WWw.
.402-4WWWMCRoPWq
'30;100G
2i7.1
0000050'00'0.0-1
Net Estate
(Before
Exemption)
Per Cent
Per Cent
Per Cent
$20,000
6.135
3.00
0.25
50,000
7.524
4.00
'1.444
100,000
8.684
4.80
2.868
200,000
9.888
5.70
5.001
400,000
10.865
7.10
7.032
1,000,000
9.04
12.267
12.741
4,000,000
13.593
11.71
20.476
10,000,000
14.437
13.684
22.827
20,000,000
14.342
14.718
23.615
50.000.000
td 5A7
14737
24055
Source: * Rates applicable in case of one direct heir. a Revenue Act, 1934,
Section 405. b Tax Law. 1933 Chapters 63, 434, 629. c H. R. 8974. July 29
1935 (Section 201). d Based on the four preening columns and Revenue Act
of 1926. e Finance Act of 1930. I Revue des Science et de Legislation financieries,
January-March 1935, g Erbschaftsteuergesetz: Reichsgesetzblatt, Jahrgang 1925,
Tell I. h Canadian Almanac 1935. (The rates in Saskatchewan are the highest
in any of the Canadian Provinces.)
The following table compares the income taxes in certain
countries:
PERSONAL INCOME TAX RATES IN DIFFERENT COUNTRIES*
Income
Magnitude
(,a)
Proposed
Federal and
Existing
Existing Rates New York
Federal and
Rates
New York
Combined Canada Germany Great
State Combined
(c)
Britain
(d)
(b)
Italy
(e)
$20,000
13.5
12.5
13.5
26.3
26.9
3.7
30,000
18.4
31.3
16.1
18.4
31.1
4.3
100,000
37.7
26.9
40.0
41.3
45.8
7.2
200.000
51.0
40.0
34.8
52.7
55.2
8.6
300.000
56.7
40.0
39.0
62.5
55.9
9.0
1,000,000
65.3
50.3
40.0
76.1
61.4
9.7
5,000,000
69.9
54.8
40.0
63.3
83.8
9.9
•The rates for the United States apply to a taxpayer with two dependents. The
rates as computed for foreign countries do no take account of the personal exemptions. Whereas this omission tends to exaggerate the rates in the lower
somewhat, it is of little importance in connection with any comparison brackets
of high
bracket rates. Exemptions outside the United States are generally very low. In
Germany, for example, the exemption for a married man with one child does not
exceed 300 marks. a Foreign currencies have been translated into dollars
following rates of exchange: £ at 85.00, lire at 5.085, relchsmark at 5.40. b at the
H. R.
839.
8974, Sec. 101. c Canadian Statutes, 23-24 Geo. V. ch. 11. d G. Bledermann,
"Einkommensteuergesetz und Korperschaitsteuergesetz" vom 16 Oktober 1934
(1935). page 216. e "Raccolta utficiale delle legit e del decreti del Regno d'Italia."
Vol. 11, p. 9545. In addition to a personal income tax the Italian Government levies
a series of taxes on income whose rates do not vary with income magnitude,but with
the source from which the income is derived. cf "Tax Systems of the World,"
(1934), p. 216; also Fanno, M.,"Element di Solent' dells Finanze (1932).''
Dr. Anderson emphasizes the waste inherent in forced
liquidation of estates, and remarks that the 20% maximum
Federal estate tax in 1929 was sufficient to wipe out the
whole value of certain estates whose owners died in that
year, so that estates had to be liquidated in depression years
which followed. He continues:
It is, moreover, improbable, in the case of large estates, that administration can be completed within a year, and there is no protection against
depreciation taking place after the first year. Moreover, valuation is one
thing and realizing the valuation in the actual liquidation process is another
thing. The market value rule in the case of securities, for example, reasonable enough in the case of moderate holdings of active securities, is a very
unsafe guide in the case of large holdings of relatively inactive securities.
Often these simply cannot be liquidated at the prevailing market price.
Nor can the appraised value of real estate be realized at a forced or hurried
sale. The dangers of complete annihilation of an estate by forced liquidation grow increasingly great as the tax rates rise and the theoretical
percentage left after taxation is reduced. In the case of estates where only
15% is left, which is true of those above $35,000,000 with one heir, the
probability is high that the typical estate would be completely dissipated.
This is on the basis of liquidation wastes only, and omits consideration of
costs of administration.
Another charge brought against the pending legislation is
that it will tend to divert funds from productive to nonproductive uses. Dr. Anderson favors a constitutional
amendment to do away with tax-exempt securities, but he
expresses a doubt that this can be done speedily, and says
that meanwhile the proposed law would force the dynamic
enterpriser into the tax-exempt field.
Dr. Anderson's analysis further deals with such matters
as invasion of the field of State taxation, the graduated
corporation income tax, and balancing the budget. On these
subjects he writes:
•
There appears to be a vast amount of State law rather than Federal law
in the whole body of Title II dealing with the inheritance tax, and it
appears extremely doubtful whether the tax can pass the scrutiny of the
able lawyers in the Senate or of the courts which must finally pass
upon it.
There is a further grave objection to this Federal inheritance tax, that
It constitutes an invasion of the State tax field. The Federal estate law
as it existed prior to the Revenue Act of 1932 was worked out with a view
to protecting the inheritance and estate tax field for the States. It allowed
a credit up to 80% of the Federal tax for similar taxes paid to the States.
It was designed in large part to meet the difficulty that some of the States
had inheritance taxes and others did not, and that men of large fortune
were tempted to move from one State to another because of that fact. In
practice, some 35 States had developed laws which took advantage of this
situation so that the State estate or inheritance tax was automatically 80%
of the Federal tax. If the State did not take it, the Federal Government did
take it, and a man gained nothing by moving from one State to another.
This situation represented the result of the labors of many able men interested in State and Federal taxation and their relation to one another, and
represented a very fine achievement in the harmonious adjustment of our
system of dual government. It would be a very unfortunate thing from
the standpoint of our Federal system if the Federal Government goes further
into this field and spoils the existing arrangements. This increased Federal
estate tax rates imposed in 1932 and 1934 were looked upon at the time as
temporary measures influenced by the great revenue needs of the Government. This proposal seems designed for permanent occupation of a field
on which the States have relied and which the States need.
Capital Accumulation and Social Progress
It has, until recently, been virtually axiomatic, except among Socialist
writers, that the growth of capital through the investment of income in
productive enterprises rather than its expenditure for current consumption
is a mainspring of economic progress and a primary cause of rising wage
rates and rising standard of life for the masses of the people. When capital
and natural resources are abundant and men are scarce, wages are high.
There are those who question this doctrine to-day, holding that "oversaving"
is a cause of crisis and depression, and that men of large fortune oversave.
The came doctrine attacks the growth of corporate surpluses through the
ploughing back into the business of part of the profits of the business
-the
process by which the great Ford industry was built up.
I have no doubt at all that the older doctrine is true, and that capital
growing out of true savings is socially beneficial, has not been overdone and
cannot be overdone. The trouble comes when rapidly expanding bank credit
is made a substitute for true savings. I recognize five main sources of
capital, the first four of which are wholesome, while the fifth can be wholesome if not overworked. They are: (1) individual thrift, through the
investment of part of income in productive enterprise, or in the savings
bank or other financial institution, so that these institutions may put it at
the service of those who are engaged in productive enterprise; (2) business
thrift, including very especially corporate thrift, manifesting itself in the
growth of surplus, on the liability side of the balance sheet, and in the
increase of productive equipment and plant and working capital on the asset
side of the balance sheet; (3) taxation for capital purposes, as when a governing body uses part of the proceeds of its taxes in reducing public debt or
when it builds needed public works out of the proceeds of taxation; (4)
direct capitalization, primarily important in agriculture. This comes when
the farmer uses his spare time in building barns and fences or when the
farmer lets his flocks and herds increase instead of selling off the annual
increase, or when the farmer turns his wheat land into orchard, .k.c.
These four sources of capital are sound and wholesome, and no country
has ever gone wrong through engaging in them. The trouble comes
with
the fifth source of capital, namely, (5) an expansion of bank credit,
the
proceeds of which are used for capital purposes. Held within limits,
this
is a useful and necessary part of the process, particularly as anticipating
the
formation of capital through the other four ways and as easing off
friction
and tension in putting new ventures through and in marketing
operations
in connection with new securities. But this source of
capital was so
terribly overdone in the period from 1922 to 1929, particularly by
stimulating the vast speculative rise in securities and real estate,
that a misinterpretation of it has given a great deal of currency to the fallacy
of "oversaving."
840
all "income" reported for
In 1927 and 1928, for example, the percentage of
of profit on stocks, bonds
taxation to the Federal Government, growing out
this form of "income" was
and real estate ran something like 11%, and
To the extent that
probably the least completely reported form of income.
spurious and fictitious element
these profits were "saved" and "invested," a
in finance became unwas brought into the picture. Virtually everything
of bank credit from
wholesome under the impetus of the gigantic expansion
thing does not lie in con1922 to 1929. But the remedy for this sort of
but rather in sound
fiscatory taxes on large incomes and large inheritances,
Federal Reserve Bank policy.
The Graduated Corporation Income Tax
recommendation of
The House bill has softened very greatly the original
tax with respect to the
the President for graduating the corporation income
of the income to the invested
size of the income, regardless of the relation
was:
capital of the corporation. The original proposal
income tax graduated accord". . . the substitution of a corporation
income in place of the present uniform
ing to the size of corporation
smaller corporations might well
corporation tax of 13%%. The rate for
upward to a rate of 16%,%
be reduced to 10%%, and the rates graduated
corporations, with such cluassificaon net income in the case of the largest
interest may suggest to the
Gong of business enterprises as the public
Congress."
% on net corporate
1
/
of 134
The House bill proposes instead of a rate
net incomes in excess of $15,000,
incomes not in excess of $15,000 and upon
of graduation remains,
The principle
4
141 % of such excess in addition.
dangerous principle. There
however, in the legislation, and it is a very
is no justification for it.
has been thoroughly refuted
The idea that such a tax is a tax on wealth
usually have numerous mall
in discussion now familiar. Large corporations
corporation, on the other hand,
shareholders. A small or moderate sized
individual. The size of the
may be owned primarily by a single wealthy
of its recipients. Such a
corporate income has no relation to the wealth
who wishes to impose a
graduation, therefore, from the standpoint of one
irrelevant. The theory that large
further tax on large incomes, is simply
per cent, than small corporations
corporations in general earn a larger income
table, prepared by
is easily disproved by statistical evidence. The following
corporate earnings for
the National Industrial Conference Board, covering
the year 1923 illustrates this clearly enough:
INVESTMENT OF
PROFIT RATES AND AVERAGE CAPITAL
MANUFACTURING CORPORATIONS, 1923
•
Average
Average
Number of Capital
Profit
Number of Capital
Profit
Corporations Investment
Rate
Corporations Investment
Rate
85,630,000
576
85,787.000 10.0 to 14.9_ _ _
21
Up to -10%- __
4,734,000
518
5.683,000 15.0 to 19.9_ _ __
11
-9.9 to -5.0..
2,788,000
998
17,709,000 20.00 and over__
29
-4.9 to 0.0- 13,598,000
260
0.0 to 4.9
86.323.000
2.925
11.287.000 All misc. corti'mi.
014
c ri tr. 0o
means monopoly is again
A tax on bigness, on the theory t at bigness
prevented by proper enforcement
an irrelevant procedure. Monopoly is to be
which strikes at big enterprises,
of anti-trust laws, rather than by taxation
whether they are monopolistic or not.
among different types of indusSuch a tax is definitely discriminatory as
production is to be efficiently
trial and commercial activity. If steel
units for technological reasons.
carried on, it must be done by large physical
other hand, can be carried on
The manufacture of men's neckties, on the
in capital. A railroad with an
very efficiently in a factory with $75,000
little per share of stock, while
absolutely large net income may earn very
may have a substantial percentage
a bus line with a small absolute income
in a large city must have
earning on its capital. An efficient newspaper
newspaper in a small community
a great capital investment. An efficient
optimum size for efficiency varies
needs a small capital investment. The
communities of different size,
from industry to industry, and varies among
and among different sections of the country.
in one industry might be very
A completely monopolistic enterprise
enterprises in the highly commuch smaller than one of many competing
ignores entirely the distinction
petitive automobile industry. The proposal
l necessity, and size that reprebetween size that grows out of technologica
competing, technologically indesents financial consolidation of formerly
pendent units.
efficiency in production, the
Size that is justified from the standpoint of
known factors, technological in
utilization of by-products and other well
proposed tax on size as such
character, should not be discouraged. The
since, where monopoly really
would not even tend to prevent monopoly,
the one point differential easily
exists, the profits would be such as to make
tax is wrong from every point
bearable. A graduated corporation income
of view.
Balancing the Budget
of course, very much needed.
Financial measures to balance the budget are,
expenditure. But part of the
The greatest of these must be retrenchment in
course be additional taxation.
programme for balancing the budget will of
as a measure for balancing
The pending legislation can hardly be described
primary purpose is avowedly, not
the budget or for revenue purposes. Its
The total yields, on the
revenue, but changing the distribution of wealth.
new taxes, are disappointbasis of the Treasury estimates of the proposed
governmental revenue from the
ingly small, and the effect upon future
the high income tax rates must
dissipation of the estates of those who pay
for the pending tax measures
obviously be adverse. There is no justification
from the standpoint of Government finance.
Receiverships of 19 Insolvent National Banks Ter-Report of Comptroller of
minated During July
Currency
The Comptroller of the Currency, J. F. T. O'Connor,
announced Aug. 5 that during July 19 insolvent National
banks were liquidated, the receiverships thereof being
finally closed, making a total of 104 receiverships finally
closed or restored to solvency since his last annual report to
Congress compiled as of Oct. 31 1934. Continuing, the
Comptroller said:
to depositors and other
Total disbursements, including offsets allowed,
receiverships restored to
creditors of these institutions exclusive of 11
return of 73 61% of total
solvency. aggregated $26,595,665, or an average
dividends amounting
liabilities, while unsecured depositors alone received
The average time required for
to an average of 63.81% of their claims.
11 receiverships restored
liquidation of these institutions, exclusive of the
years and 10 months.
to solvency, is found to have been four
Aug. 10 1935
Financial Chronicle
The 19 banks whose receiverships were terminated during
July are shown in the following tabulation:
CLOSED
INSOLVENT NATIONAL BANKS LIQUIDATED AND FINALLY
DURING THE MONTH OF JULY 1935
Receivership
Date of
Failure
Total
Per Cent Per Cent
Dividends
Total
DisbursePaid
ments Incl. Returns
Unsecured
to All
Offsets
Allowed Creditors Depositors
Farmers Nat.Bank,Henderson,Ia. July 28 1933 3100.828
First Nat. Bank, Wendell, Minn__ Sept.23 1932 112,597
First Nat.Bk.,Jefferson City, Mo.a Aug. 10 1933 122,758
67,373
First Nat. Bank, Deer Trail, Colo_ Oct. 13 1931
60,756
First Nat. Bank, Wellington, Colo_ Jan. 24 1933
Peoples Nat. Bk., Shakopee, Minn. May 13 1931 149,535
Cedar Grove Nat. Bank, Cedar
Sept. 6 1933 107,747
Grove, Ind
First Nat. Bank, Dillonvale, Ohio_ Mar. 15 1934 606,742
91.811
First Nat. Bank, Lafayette, Colo May 9 1932
42,959
Nov. 1 1932
First Nat. Bank,Crosby, N.Dak
First National Bank, El Dorado
Sept.23 1929 186,275
Springs, Mo
Nov. 14 1928 129,891
First Nat. Bank, Cheraw,S. C
Mar. 6 1930 209,888
First Nat. Bank,Tallassee, Ala_
63,361
First Nat. Bank, Forman. N. Dalt_ Nov.24 1930
First Nat. Bank, Rockford,Iowa Feb. 23 1929 147,664
124,985
Oct. 16 1931
First Nat, Bank, Yuma,Colo
51.789
First Nat. Bank,Terrell, Texas a July 27 1931
Merchants National Bank, Willow
53,032
June 27 1931
City, N. Disk
Second Nat. Bank in, Youngstown,
Nov. 30 1931 171,393
Ohio a
104.21
91.25
89.17
97.19
77.74
78.28
108.162
77.7
63.18
94.55
63.8
63.75
105.18
102.20
70.82
31.44
106.52
108.83
46.9
3.96
52.05
42.48
50.31
32.32
75.77
80.62
100.00
42.7
30.04
39.465
21.14
68.26
69.00
102.656
51.22
36.77
59.37
50.97
a Receiver appointed to levy and collect stock assessment covering deficiency in
value of assets sold or to complete unfinished liquidation.
A report of the Comptroller for June appeared in our
issue of July 20, page 413.
FDIC Made Net Profit of $4,716,409 in Year Ended
-Report by Leo T. Crowley Shows Surplus
June 30
-$18,000,After Paying Losses in 19 Closed Banks
000,000 of $41,000,000,000 Deposits in Country
Protected by Insurance
The Federal Deposit Insurance Corporation in the fiscal
year ended June 30 made a profit of $4,716,409 after all
operating expenses and allowance for losses in 19 closed
banks, Leo T. Crowley, Chairman of the FDIC, said in his
annual report made public Aug. 4. At the end of the fiscal
year 14,279 banks out of a total of 15,801 in the United
States were enrolled as members of the Corporation. Approximately $18,000,000,000 of the aggregate deposits of
more than $41,000,000,000 in insured banks is fully protected
by Federal insurance.
Other features of the report were a total income of
$9,057,195, a continued reduction in operating expenses, and
the almost complete disappearance of bank failures. Mr.
Crowley revealed that 22 institutions carrying insurance
have failed since the inception of deposit insurance 22 months
ago, and of these all but three had been placed in liquidation prior to June 30. These 19 institutions had total deposits of $4,088,000, of which the FDIC was liable to the
amount of $2,760,000.
The FDIC announcement continued, in part:
In commenting on the statement, Mr. Crowley said:
It Is gratifying to be able to report so few failures of Insured banks since the advent
of deposit insurance. This small number of bank failures constitutes real evidence
of the soundness of the bank reconstruction program. The Federal Deposit Insurance Corporation and other Federal and State authorities have been instrumental
In placing insured banks on a sound operating basis. Substantial recoveries in the
values of assets held by banks have also been an important factor contributing toward
the Improvement In the general soundness of the banking structure.
It is up to the bankers to make a serious and conscientious effort to discharge the
added responsibilities which deposit insurance has placed upon them. Banks whose
deposits are insured by the FDIC are engaged in a mutual enterprise. Bank losses
Place burdens upon a fund contributed to by all insured banks. It is now, more
than ever, the concern of bankers to see to It that banks are soundly operated: that
new charters are granted only when warranted; that uneconomic institutions are
eliminated through mergers.
'
The report showed that over 93% of the total deposits of closed insured
banks, other than those secured or subject to offset, were fully protected
More than 28,000 accounts, 99% fully insured, were involved
by insurance.
in the closures.
It revealed, however, that 51 institutions which were not members of the
surety agency had closed their doors in the last 18 months, involving deposits
of $35,143,000.
The report presents, in sharp contrast, figures on bank failures for the
10-year period ending in 1930, which took a toll of 7,088 institutions
involving a deposit line of $2,478,831,000.
The Corporation's total income on investments, including the profits on
bonds sold, after deducting provision for amortization of bond premiums,
amounted to $9,057,195, which compared with only $2,273,893 income
realized for the period from date of organization to June 30 1934.
Operating expenses of the Corporation, exclusive of estimated losses on
account of payments to insured depositors in banks which were placed in
liquidation, amounted to $2,832,227 during the last year. This compared
with similar expenses, including initial outlays, of $2,845,475 for the
10-month period from date of organization to June 30 1934. Mr. Crowley
estimated that operating expenses for the present fiscal year would not
exceed $2,500,000, equivalent to 14/1000 of 1% of the potential liability
for insured deposits.
The paring of expenses was made possible by drastic cuts in personnel,
on
which was reduced successively from 2,622 on Dec. 31 1933 to 955
June 30 1934, and to 742 at the end of the last fiscal year.
The statement revealed there were 15,801 banks of all description in the
country on last June 30, of which 14,279 were insured. These included
5,440 National banks and 987 State banks, members of the Federal Reserve
to join the surety corporation.
System, both classes being required by law
mutual
In addition, there were 7,784 State non-member banks and 68
savings institutions.
included 1,016 commercial and 501
The 1,522 uninsured institutions
mutual savings banks.
000
Total deposits in insured banks are estimated at more than $41,000,000,
000.
as of last June 30. The Corporation's liability is placed at $18,000,000,
Deposits up to $5,000 are insured in full.
Volume 141
Financial Chronicle
Assessments paid the Corporation by member institutions, amounting to
$41,461,326, will be credited in full against future assessments which,
under the new banking bill now pending, will amount to a flat annual rate
of 1/12 of 1% of total deposits until a specific fund is established.
R. S. Hecht, President of American Bankers Praises
Statement of Condition of FDIC
The report of the Federal Deposit Insurance Corporation
for the year ending June 30 1935, which has been sent to
member banks is such as "to inspire confidence that banking
is receiving the full measure of helpful service which the
corporation was planned to render," R. S. Hecht, president
of the American Bankers' Association, said in a statement
issued in New York Aug. 7. The report of the FDIC is
referred to elsewhere in our issue of to-day. Mr. Hecht's
statement of Aug. 7 follows:
A study of the Report of the FDIC as of June 30 1935, issued to the
members of the Temporary Federal Deposit Insurance Funds by 'Leo T.
Crowley, Chainnan of tie. Board of Directors of the rorporation. has
brought to bankers a renewed sense of gratification at the high order of
• executive ability which Ns been placed in charge of this most important
government instrumentality.
The details of Mr. Crowley's report are such as to inspire confidence that
banking is receiving, in return for its contributions to the Corporation's
financial structure, the maximum of efficient administration and the full
measure of helpful service which the Corporation was planned to render.
I refer particularly to such salient facts as that while 91% of all licensed
banks in the United States, or 14,279 institutions in number, with 541,000,000,000 in deposits, have been brouget into the FDIC,there has been a
Progressive reduction in operating expenses. There has been a decrease in
this item from $2,845,0,..0. for the ten months ended June 30 1934, to a
budget of $2,500,000, for the twelve months of the current fiscal year. The
Corporation has promptly and fully met all its loss obligations. It refunded
to withdrawing ba_drs 100% of their contributions. Its total innome on
investments amounted to something over $9,000,000. These are all indices
of businesslike management.
I believe that bankers throughout the country will join in congratulating
Mr. Crowley and his fellow directors upon their high degree of public service
which they are rendering in their administration of the FDIC.
Ohio Banks Seen in Soundest Position in Several
•
Years—S. H. Squire, State Banking Superintendent, Notes Sharp Increase in Deposits Shown by
June 29 Condition Report
Bank deposits in Ohio are now larger than at any time
in several years, according to a statement issued Aug. 3 by
Semuel H. Squire, Superintendent of Banks of Ohio. based
on reports made under his bank call of June 29. On that
date the 462 licensed State banks reported deposits of $1.051,168,771, an increase of $146,704,793 since June 25 1934, when
there were 439 licensed State banks in operation. Mr.
Squire said that his survey indicated that the entire banking structure of the State is sounder than it has been for
years, and that fear of any recurrence of banking upsets
has vanished. Some details of his report are given below:
Since the call of March 4, when reporting licensed banks numbered 458,
deposits increased $69,781,142. These advances emphasize the fact now so
generally patent that public confidence in banks has been fully restored.
With this reassuring growth in deposits there has been a corresponding
increase in total resources of Ohio's State-supervised banks, combined
resources totaling $1,216,706,113 on June 29 1935, an increase of $143,337,284 since June 25 1934 and of $68,070,441 since March 4 1935.
Of the various classes of deposits, savings deposits were the largest,
totaling $521,267,333 on June 29 1936, an increase of $64,209,817 since
June 25 1934 and an increase of $23,125,130 since March 4 last. Individual deposits totaled $301,975,493, increases of $65,698,232 and $32,477,691, respectively.
That banks are constantly strengthening their position is further evidenced
by the report of cash on hand and reserve maintained, which totaled $203,578,960 on June 29 1935, a gain of $62,234,561 since June 25 1924 and a
gain of $15,271,585 since March 4 last. Combined capital of all banks
totaled $63,562,395, gains of $2,160,000 and $183,100, respectively.
Substantial reductions are being made by banks in their obligations.
Capital notes and debentures totaled $52,947,000, a curtailment of $1,509,500
since June 25 1934 and of $1,168,500 since March 4 last. Bills and notes
rediscounted and bills payable and bonds borrowed totaled $517,115,
decreases of $256,889 and $472,923, respectively.
Federal Land Banks Advancing Farm Mortgage Loans
in Cash Instead of Bonds of FFMC and Part Cash
The 12 Federal Land banks began on Aug. 5 to advance
farm mortgage loans in cash instead of bonds of the Federal
Farm Mortgage Corporation and part cash, as has been
the practice for nearly a year and a half. W. I. Myers,
Governor of the Farm Credit Administration, explained on
Aug. 5 that the FFMC for some time past has been selling
small amounts of Its bonds in the market, thus securing
ample funds to pay off small creditors of farmers in cash
but using bonds to close most of the loans. With the ready
market for FFMC bonds which are guaranteed by the Federal Government both as to principal and interest, the Governor pointed out that there will be no difficulty in selling
these bonds and putting the Land bank and Commissioner's
loans on a cash basis. Governor Myers continued:
One of the principal reasons for using bonds in lieu of cash in making
Land bank and Commission's loans was to get a far-flung distribution
of them throughout the country and small towns as well as in the cities.
This has been very well accomplished, for about 425,000 loans have been
made since the Corporation came into existence. These bonds have been
very well received by the public in general, and the farmers' creditors in
particular. In fact, during much of the time in which they have been in
existence they have sold at above par. The 2ei% bonds are quoted at
present at better than 101% bid, and the 314% bonds at nearly 104. The
/
3% bonds are selling right around 102%.
841
Building and Loan Associations Paid $780,000,000 to
Shareholders in First Half of 1935—League Official
Sees Marked Evidence of Improvement in Loaning
Situation
Savings, building and loan associations in the United
States have disbursed $780,000,000 to their shareholders
during the first six months of 1935, it was announced yesterday (Aug. 9) by Morton Bodfish, Executive Vice-President
of the United States Building and Loan League. Mr.
Bodfish said that statistical evidence of improvement in
savings and loan circles is reflected by comments of managers of associations throughout the country. He pointed
out that whereas many such institutions were forced to curtail lending operations sharply during the depression, between 50 and 75 1 are now seeking loans. The League's
announcement in discussing disbursals to shareholders during the first half of this year, said in part:
The money changed hands from the associations to the shareholders in
four different ways, he reported. Loans on residential properties for new
construction, repairing, purchase of homes, or refinancing existing obligations accounted for an estimated $362,000,000 of the January through June
outlay. Dividends paid and credited on shareholders' accounts were
placed at $133,000,000. Cash loans to members on security of their shares
In the associations added $35,000,000 to the disbursals. About $250,000.000 was used to repurchase the maturing shares of members or to meet the
applications for repurchase from those not maturing their shares but faced
with a need for their savings at this time.
"Particularly encouraging in this breakdown of association disbursals
is the fact that mortgage loans this year constitute the largest single block
of outlay just as they used to in normal times," said Mr. Bodfish. "In
the like period last year mortgage loans totalled around $175,000,000, while
maturities and repurchases amounted to $300,000,000. Cash loans on
shares show a definite decrease this year from the $75,000,000 so allocated
the first half of 1934. The dividend total for the 1935 period is lower than
last year's, not as a result of decreased rates so much as because ot the decrease in savings and loan assets which was an unaviodable result of the
deflation period. The record for the six months of 1935 would indicate
that the deflation period is probably ended."
-Day Treasury Bills in Amount of
New Offering of 273
$50,000,000 or Thereabouts—To Be Dated Aug. 14
1935 I
Announcement of a new offering of $50,000,000 or thereabouts of 273-day Treasury bills was made on Aug. 8 by
Henry Morgenthau, Jr., Secretary of the Treasury. The
bills, which will be sold on a discount basis to the highest
bidders, will be dated Aug. 14 1935 and will mature on May
13 1936, and on the maturity date the face amount will be
payable without interest. Tenders to the offering will be
received at the Federal Reserve banks, or the branches thereof, up to 2 p. m., Eastern Standard Time, Monday, Aug.
12, but will not be received at the Treasury Department,
Washington. The Secretary's announcement of Aug. 8
continued. On Aug. 14 an issue of Treasury bills in amount
of $75,112,000 will mature. The Secretary's announcement
of Aug. 8 said
They (the bills) will be issued in bearer form only, and in amounts or
denominations of $1,000, $10,000, $100,000, $500,000. and $1,000,000
(maturity value).
No tender for an amount less than $1,000 will be considered. Each tender
must be in multiples of $1,000. The price offered must be expressed on the
basis of 100, with not more than three decimal places. e.g.. 99.125. Fractions must not be used.
Tenders will be accepted without cash deposit from incorporated banks
and trust companies and from responsible and recognized dealers in investment securities. Tenders from others must be accompanied by a deposit
of 10% of the face amount of Treasury bills applied for, unless the tenders
are accompanied by an express guaranty of payment by an incorporated
bank or trust company.
Immediately after the closing hour for receipt of tenders on Aug. 12 1935,
all tenders received at the Federal Reserve banks or branches thereof up
to the closing hour will be opened and public announcement of the acceptable prices will follow as soon as possible thereafter, probably on the following morning. The Secretary of the Treasury expressly reserves the right
to reject any or all tenders or parts of tenders, and to allot less than the
amount applied for, and his action in any such respect shall be final. Those
submitting tenders will be advised of the acceptance or rejection thereof.
Payment at the price offered for Treasury bills allotted must be made at
the Federal Reserve banks in cash or other immediately available funds on
Aug. 14 1935.
The Treasury bills will be exempt, as to principal and interest, and any
gain from the sale or other disposition thereof will also be exempt,from all
taxation, except estate and inheritance taxes. (Attention is invited to
Treasury Decision 4550, ruling that Treasury bills are not exempt from
the gift tax.) No loss from the sale or other disposition of the Treasury
bills shall be allowed as a deduction, or otherwise recognized, for the purposes of any tax now or hereafter imposed by the United States or any of
its possessions.
Tenders Totaling $150,119,000 Received to Offering of
-Day Treasury Bills Dated Aug. 7
$50,000,000 of 273
—$50,102,000 Received—Average Rate 0.070%
Of $150,119,000 tendered to the offering of $50,000,000
or thereabouts of 273
-day Treasury bills, dated Aug. 7 1935,
$50,102,000 was accepted, Secretary of the Treasury Morgenthau announced Aug. 5.. The tenders to the offering,
which was referred to in our issue of Aug. 3, page 678, were
received at the Federal Reserve banks and the branches
thereof up to 2 p. m., Eastern Standard Time, Aug. 5.
Secretary Morgenthaii, in his announcement of Aug. 5,
gave the following details of the accepted bids
The accepted bids ranged in price from 99.962, equivalent to a rate of
about 0.050% per annum, to 99.942, equivalent to a rate of about 0.076%
per annum, on a bank discount basis. Only part of the amount bid for
at the latter price was accepted. The average price of Treasury bills to be
Aug. 10 1935
Financial Chronicle
842
Total to July 31 1935
Received by Treasurer's Office-.
Week ended July 31
Received previously
Retirement of the Treasury from the long-term borrowing field for the
rest of the month was ascribed to two causes. First, the Treasury wants
to leave the market clear for the FCA offering late in the month. Second,
the Treasury's cash balance is sufficient to obviate any need for further
borrowing within three weeks.
The Treasury has a working cash balance of 80,480.761,000, according
to its latest daily statement, and next week's borrowing will keep the total
near the 31,500,000,000 mark. The Treasury considers its cash funds so
ample that recently some of the money has been used to retire maturing
bills. For the past three or four weeks bills have matured at the rate of
375,000.000 a week and the Treasury has refinanced only 350,000,000,
paying the rest off in cash.
Flotation of the FCA securities late in the month is necessitated by the
new policy, announced Aug. 5, of doing farm mortgage refinancing there
after on a strictly cash basis. This and other bond issues by FCA ma"
be needed to supply cash for the purchase of mortgages.
$1,610,886,550 of First Liberty Loan Bonds Exchanged
for April Offering of 23/8%, Treasury Bonds and
4
15 1% Treasury Notes Final Figures Show
Secretary of the Treasury Henry Morgenthau, Jr., announced Aug. 6 that final reports from the Federal Reserve
banks show that $1,610,886,550 of the First Liberty Loan
3% Treasury bonds of
bonds have been exchanged for 2'K
1955-60 or for 1%% Treasury Notes of Series A-1940.
About $1,933,000,000 First Liberty Loan bonds were outstanding when the exchange offering was announced last
April.
Allotments for each issue were divided among the several
Federal Reserve districts and the Treasury as follows
Federal Reserve District
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Treasury
Taal
Notes Allotted
Bonds Allotted
$69,655,500
274.134,900
50,215,850
74,224.950
32,521,350
9,629,950
91.959,200
28,099,700
10,031,050
21,799,400
23,710,650
38,711,700
21,712,350
-
8746.406.550
$66,661,450
515,001,850
23,311.900
63,206,150
29,967,750
3,077,500
98.077,400
12,661,050
5,223,800
7,194,200
6,405,900
25,108,450
8,582,600
5864.480,000
Total Allotted
$136,316,950
789,136,750
73,527,750
137,431,100
62,489,100
12,707,450
190,036,600
40,760,750
15,254,850
28,993,600
30,116,550
63,820,150
30,294.950
$1.610,886,550
Previous references to this offering appeared in our issues
of April 27, page 2785, May 11, page 3136, May 18, page
2785, and June 1, page 3649.
Gold Receipts by Mints and Assay Offices-$6,686,925
Imported During Week of Aug. 2
Gold in the amount of $9,931,841.35 was received by the
mints and assay offices during the week of Aug. 2, it was
announced by the Treasury on Aug. 5. The Treasury
indicated that of the amount received $6,686,925.06 was
imports, $582,334.62 secondary, and $2,662,581.67 new
domestic.
The amount of gold received during the week of Aug. 2
by the various mirts and assay offices is shown in the
following tabulation issued by the Treasury:
Imports
Philadelphia
New York
San Francisco
Denver
New Orleans
Seattle
36,586,700.00
38,634.38
34,556.00
27,034.68
Total for week ended Aug. 2-_.$6,686,925.06
Secondary
$182,421.97
224,200.00
74,791.57
35,520.00
54,513.57
10,887.51
New Domestic
$317.42
184,100.00
1,567,627.30
538,111.00
144.73
372,281.22
$582,334.62
32,662,581.67
$519,478 of Hoarded Gold Received During Week of
July 31-$15,888 Coin and $503,590 Certificates
Receipts of gold and gold certificates during the week
of July 31 by the Federal Reserve banks and the Treasurer's
office, according to figures issued by the Treasury Department on Aug. 5, amounted to $519,477.82. Total receipts
since Dec. 28 1933, the date of the issuance of the order
requiring all gold to be returned to the Treasury, and up to
July 31, amounted to $128,298,375.67. Of the total received during the week of July 31, the figures show $15,877.82 was gold coin and $503,590 gold certificates. The
total receipts are shown as follows:
Gold Certificates
$495,490.00
94,698,090.00
$95,193,580.00
5264.306.00
4% Treasury Bonds to be Offered to
$100,000,000 of 27
Highest Bidders Next Week by Treasury
The Treasury on Monday (Aug. 12) will offer an additional
issue of $100,000,000 of 23/4% Treasury bonds of 1955-60,
it was announced on Aug. 8 by Secretary of the Treasury
Morgenthau. The bonds, which will be sold to the highest
bidders, are of the same series as those offered a week ago;
this previous offering was referred to in the "Chronicle" of
Aug. 3, page 678. Secretary Morgenthau said on Aug. 8
that the offering next week will constitute the Department's
last financing of long term securities this month. The
Treasury, however, will continue its weekly sales of Treasury
bills.
The Secretary also made known on Aug. 8 that the Farm
Credit Administration may offer some time this month not
more than $100,000,000 of securities maturing in not more
than five years. The offering would be for cash. In
reporting Secretary Morgenthau's announcements, Washington advices, Aug. 8, to the New York "Times", said =1
Cold Coin
$15,887.82
30,621,801.85
$30,637,689.67
issued is 99.947 and the average rate is about 0.070% per annum on a bank
discount basis.
Received by Federal Reserve Banks
Week ended July 31
Received previously
$8,100.00
2,194,700.00
$264,306.00
$2,202,800.00
Total to July 31 1935
Note
-Gold bars deposited with the New York Assay Office to the amount of
3200,572.69 previously reported.
Silver Transferred to United States Under Nationalization Order-2,010 Fine Ounces During Week of
Aug. 2
Announcement was made by the Treasury Department on
Aug. 5 that 2,010 fine ounces of silver were transferred to
the United States during the week of Aug. 2 under the
Executive Order of Aug. 9 1934, nationalizing the metal.
Total receipts since the order of Aug.9(given in our columns of
Aug. 11 1934, page 858) was issued, amounting to 112,932,445
fine ounces, the Treasury announced. During the week of
Aug. 2 the silver, according to the Treasury's statement,
was received as follows by the various mints and assay
offices:
..
Philadelphia
New York
San Francisco
Denver
Fine Ounces
Fine Ouns
173.00 New Orleans
454.00
765.00 Seattle
171.00
105.00
Total week end. Aug. 2 1935 2.010.00
342.00
Following are the weekly receipts since the order of Aug.9
was issued:
Week Ended- Fine Ozs.
1934
33,465,091
Aug. 17
26.088,019
Aug. 24
12,301,731
Aug. 31
4,144,157
Sept. 7
3,984,363
Sept. 14
8,435,920
Sept. 21
2,550,303
Sept. 28
2.474,809
Oct. 5
2,883,948
Oct. 12
1.044,127
Oct. 19
746,469
Oct. 26
7,157,273
Nov. 2
3,665,239
Nov. 9
336,191
Nov. 16
261,870
Nov.23
86,662
Nov.30
292,358
Dee. 7
444,308
Dec. 14
Week Ended- Fine Ozs.
1934
692,795
Dec. 21
63,105
Dec. 28
1935
309,117
Jan. 4
535,734
Jan. 11
75,797
Jan. 18
62.077
Jan. 25
134.096
Feb. 1
33,806
Feb. 8
45,803
Feb. 15
152.331
Feb. 22
38,135
Mar. 1
57,085
Mar. 8
19,994
Mar. 15
54.822
Mar. 22
7.615
Mar. 29
5,163
Apr. 5
6.755
Apr. 12
Week Ended- Fine Ozs
1935
Apr. 19
68,771
Apr. 26
50,259
May 3
7.941
May 10
5,311
May 17
11.480
May 24
100,197
May 35
5,252
June 7
9,988
June 14
9,517
June 21
26,002
June 28
16.360
July 9
2,814
July 12
9,697
July 19
5,956
July 26
16.306
Aug 2
2,010
of
Receipts of Newly-Mined Silver by Mints and Assay
Offices from Treasury Purchases-Totaled 863,739
Fine Ounces During Week of Aug. 2
In accordance with the President's proclamation of Dec.21
1933, which authorized the Treasury Department to absorb
at least 24,421,410 fine ounces of newly mined silver annually,
the Department during the week of Aug. 2 turned over
863,739 fine ounces of the metal to the various mints. A
statement issued by the Treasury on Aug. 5 showed that
of this amount 449,911 fine ounces were received at the
Philadelphia Mint, 408,501 at the San Francisco Mint,
and 5,327 fine ounces at the Mint at Denver.
The Treasury's statement of Aug. 5 indicated that the
total receipts from the time of the issuance of the proclamation and up to Aug. 2 were 41,396,266.79 fine ounces.
Reference to the President's proclamation was made in our
issue of Dec. 31 1933, page 4441. The weekly receipts are
as follows (we omit the fractional part of the ounce):
Week Ended- Ounces
Week Ended- Ounces
Week Ended- OutWeS
193419341,157 July 20
115,217 J= 3
Jan 5
.
19 25
547 July 27
292,719 Feb. 1
Jan. 12
477 Aug. 3
118,307 Feb. 8
Jan. 19
1,167.706
94,921 Aug.
Jan. 26
21,126,572
117,564 Aug. 17
Feb.
Feb. ....
Feb.!I
403,179
375,995 Aug. 24
376,504 Mar. 1....... 1,184,819
Feb. 9
232,630 Aug. 31
11,574 Mar. 8....... 844,528
Feb. 16
322,627 Sept. 7
264,307 Mar. 15
Feb. 23
1,555,985
271.800 Sept. 14
Mar. 2
353,004 Mar. 22
55444
'
126,604 Sept.21
Mar. 9
103,041 Mar. 29
695,556
832,808 Sept. 28
1,054,287 Apr. 5
Mar. 18
836 198
369.844 Oct. 5
Mar. 23
620,638 Apr. 12
354.711 Oct. 12
609,475 Apr. 19
Mar. 30
11gg:118
569,274 Oct. 19
712,206 Apr. 26
Apr. 6
67.704
10,032 Oct. 26
268,900 May 3
Apr. 13
2
753,938 Nov.
826,342 May 10....... 1
Apr. 20
.7
8gg,
436,043 Nov. 9
359,428 May 17
Apr. 27
86,907
.......
647,224 Nov. 16
1,025,955 May 24
May 4
363,073
443,531 May 31....... 247,954
600.631 Nov.23
May 11
503,309 Nov. 30
359,296 June 7
May 18
885,056 Dec. 7
487,693 June 14....... .12
May 25
295.511 Dec. 14
648,729 J
June 1
....... 1.253,628
200,897 Dee. 21
797,206 June n
u
June 8
407 100
206,790 Dec. 28
484.278 July 5
June 15
796,750
1935380,532
June 22
July 12
621,682
64,047 Jan. 4
504647:336835
2169
June 29
608,621
July
1,218,247 Jan. 11
July 6
379,010
732,210 Aug. 2
230,491 Jan. 18
July 13
863,739
10
311:12
NON
VI
Bus and Truck Control Bill Receives Final Congressional Approval-Measure Signed by President
Roosevelt
Final Congressional action was taken Aug. 5 on an Administration bill to place the bus and truck systems of the
country under control of the Interstate Commerce Commission, when the Senate accepted minor amendments which
had been inserted by the House when it passed the measure
on Aug. 1, as noted in the "Chronicle" of Aug. 3, page 682.
Senator Wheeler, Chairman of the Senate Interstate Commerce Committee, said he would accept the changes, and the
Senate agreed without a record vote. The bill was immediately sent to the White House for the President's signature.
Principal provisions of the measure were outlined as follows in a Washington dispatch of Aug. 5 to the New York
"Times":
Financial Chronicle
Volume 141
I This
bill, first passed by the Senate April 17 was one of 10 measures
urged by Joseph B. Eastman, Coordinator of Transportation, and endorsed by the Interstate Commerce Commission. It is part of a plan to
give the nation a co-ordinated system of transportation by rail, highway.
water and air.
Common and contract motor carriers engaged in inter-State commerce
would be required under this law to obtain certificates of public convenience
and necessity from the Interstate Commerce Commission.
Hours of labor and safety appliances would be regulated. The Interstate Commerce Commission could regulate truck and bus rates and supervise issuance of a company's securities above $500,000. Trucks carrying
farm produce or newspapers are excepted from the provisions of the law.
ilae bill encountered a stiff fight in the House last week, but was passed
by a vote of 198 to 18 after attempts to substitute a much less sweeping
measure had been beaten in a 160
-to-38 teller vote.
Representative Wadsworth of New York led an unsuccessful fight to
recommit the measure.
Demand for regulation of buses and trucks has been pending before
Congress since 1926. Several times the bill which has now gone to Mr.
Roosevelt has passed the Senate but it had never gained the sanction of
the House until this time.
In effect it gives the Interstate Commerce Commission the same control over these methods of transportation as the commission now holds
over the railroads.
President Roosevelt signed the bill late yesterday (Aug. 9).
Executive Order Places Seven Government Lending
Agencies Under Budget Bureau — Director of
Budget to Control Running Expenses After Sept. 15
President Roosevelt in an Executive Order on Aug. 7
placed seven independent Government lending agencies
under the direct supervision of the Budget Bureau. The
Order "requested" these agencies in the future to submit
estimates of their administrative expenses to the Director
of the Budget and not to incur obligations from and after
Sept. 15 "unless such expenditures shall have been approved
by the Director of the Bureau of the Budget." The agencies
affected are the Federal Home Loan Bank Board, the Home
Owners' Loan Corporation, the Federal Savings and Loan
System, the Federal Savings and Loan Insurance Corporation, the Federal Housing Administration, the Farm Credit
Administration and the Federal Farm Mortgage Corporation.
Amounts to be made available for administrative expenses out of any
such funds shall be so apportioned by the Director of the Bureau of the
Budget by monthly amounts as to prevent expenditures which may necessitate additional funds for administrative expenses. It is requested that
all such apportionments shall be adhered to unless waived or modified by
the Director of the Bureau of the Budget upon the happening of some
extraordinary emergency or unusual circumstances which could not be
anticipated at the time of making such apportionment.
Bill Providing 40-Hour Week for Postal Employees
Sent to White House—House Accepts Senate
Amendments
A bill providing for a 40-hour week for postal employees
was sent to the White House on Aug. 8 after the House on
that date had accepted Senate changes incorporated in the
measure as passed by the Senate on Aug. 7. The Senate
extended the provisions of the bill to railway mail clerks,
and adopted an amendment sponsored 1;ly Senator Byrnes,
providing that railway mail carriers should be employed on
the basis of a six-hour-and-40-minute day. Senator Byrnes
said the Post Office Department had assured him it would
make a survey to determine whether mileage should be a
factor in calculating the service of railway mail clerks.
Our most recent reference to this measure was contained
in the "Chronicle" of Aug. 3, pages 681 and 682.
—no--
Congress Completes Action on Administration's Social
Security Bill and Sends It to White House for
Signature--Few Changes in Measure Despite
Months of Debate—Senate Conferees Yield on
Clark Amendment
The Senate late yesterday (Aug. 9) without a record vote
approved the Administration's social security bill, thus coinpleting congessional action on the measure, which was
immediately sent to President Roosevelt for his signature.
The bill, as passed by Congress, carries the biggest tax
program in American history. It is only slightly changed
from the form in which the President submitted it to Congress last January, despite months of controversial debate.
Conferees from Senate and House, who had been discussing
the bill since June 19, reached an agreement on Aug. 8, and
the House immediately approved the report, including the
elimination of the Clark amendment, which would have
exempted private company pension plans, offering benefits
equal to those provided by the Government, from the old
age pension taxes. Conferees had disputed regarding this
amendmentfor weeks,and the deadlock was broken on Aug.8
when the Senate conferees yielded in their desire to hasten the
adjournment of Congress.
The major provisions of the Social Security Bill were
summarized as follows in Associated Press Washington
advices of Aug. 8
A national old-age pension fund, to be raised by taxing employers and
employes 3% each on salaries up to $3,000 a year, from which benefits of
from $10 to $85 a month would be paid after retirement at 65. The tax
would begin at I% in 1937. and reach the full 3% in 1949.
A tax of 3% on payrolls to be paid by employers to encourage States to
set up unemployment insurance systems. Deductions up to 90% would be
allowed for payments made to State funds. Benefits would be fixed by
State law.
843
Exemption from the taxes for farm labor, domestic help and government,
casual or charity workers. Employers of less than eight persons would be
exempt from the unemployment insurance tax.
Appropriations of $50,000.000 for the first year, or more later, for aid to
dependent or crippled children, mothers' aid, and other welfare activities,
all to be matched by the States.
Here are the taxes provided in the bill:
For Old Age Pensions—One per cent by employers and employes on wages
of all employes up to $3,000 a year in 1937, 1938 and 1939: increasing %
each every three years until 1949, when it becomes 3% each. Excluding
farm labor, domestics and casual workers,the tax is expected to cover almost
25,000,000 workers and, by 1950, to raise almost $1,877,200,000, annually.
For Unemployment Benefits—One per cent by employers of four or more
Persons on their total payrolls beginning next year, increasing to 2% in
1937 and 3% in 1938. Excluding the same classes, it is expected to cover
25,744,000 workers and, by 1938, to raise $826,000,000 annually.
It is estimated that by 1980 the national old age pension reserve fund
will contain almost $46,000,000,000.
Our most recent reference to the conference discussions on
this measure was contained in the "Chronicle" of July 27,
page 524.
Senate by Vote of 53 to 24 Passes Bill Forbidding Gold
Suits Against Government After Six Months—
Measure Goes to House for Consideration of
Senate Amendments
The Senate on Aug.8 passed the Administration resolution
to forbid gold clause suits against the Government after six
months. The Senate approved the resolution by a vote of
53 to 24, and thus returned it to the House, where it has
already been passed, for consideration of Senate amendments. The House measure would have barred gold clause
suits immediately, while the bill passed by the Senate would
permit them for six months.
The resolution was passed by the Senate after less *Ilan
one day's debate, after Administration spokesmen on Aug. 7
had denied warnings from critics that it would endanger
Government credit. The most recent reference to the measure
was contained in the "Chronicle" of Aug. 3, page 681. After
a long discussion on Aug. 7, the Senate agreed to limit debate
so that no Senator could speak more than once or longer than
15 minutes on the bill, or more than once or longer than ten
minutes on an amendment. The Senate debate on Aug. 7
was reported as follows in a Washington dispatch of that
date to the New York "Times":
The one amendment offered to-day was beaten in a viva voce vote. Presented by Senator Barbour, it provided that all future Government securities
should carry clearly on their face a notice that the Government would not
be "subject to suit for non-recovery of either the principal or interest."
Senators Fletcher, Barkley and Connally defended the bill on the ground
that the Government always maintained the right to prevent suits against it
and that holders of gold-clause obligations had not actually suffered since
they had received dollar for dollar of legal tender.
But the opponents, led by Senator Adams and including Messrs. Vandenburg, Barbour and Steiwer, objected to denial of the right to sue.
"There is no warrant for the passage of this bill, either on the ground
that public officials would be harassed by suits or that the Government might
lose a large sum," Senator Adams said. "The virtue of the United States
should not be for sale at any price.
"If the Government wants to establish the principle that its credit is
good only when it chooses, then it will destroy not only its credit but its
integrity."
Senator Barkley argued that Congress always had power to withdraw the
right of the citizen to sue, which he said was a "privilege."
&vs Treasury Aide Quit Over Bill
"Then the final, hard, brutal, cold-blooded fact is that the Government
give no guarantee to any investor," Senator Vandenberg exclaimed.
can
Senator Norris argued that the investor must realize that the Government's
obligation was always carried out only voluntarily.
"But here the Government is denying its citizen the opportunity to ascertain through the courts even if he has a claim," Mr. Adams replied.
Many Senators were surprised when Senator Vandenberg said he had heard
that John G. Laylin, assistant general counsel of the Treasury, had written a
"blistering letter" of resignation to Secretary Morgenthau, "hanging his
resignation on the fact that he would have no part whatever in the repudiation,"
"I should like to know if this blistering letter exists, because if there
is any fernier official of the Treasury who feels so keenly about the immorality of this legislation that he resigned, indicating a feeling of outrage,
I think it is an important exhibit," Mr. Vandenbedg commented.
Mr. Fletcher and Mr. Barkley disclaimed knowledge of this incident.
Senator Vandenberg aroused Senator Connally's anger when he said:
"No Senator is enabled under the law to ask the Secretary of the Treasury
if he has used his $2,000,000,000 stabilization fund to rig the bond market."
Mr. Connally sharply objected to Mr. Vandenberg's statement. The Michigan member replied that he did not make a direct charge, but argued that
what he had inferred would be possible, though he specifically stated that
ha did not believe Secretary Morgenthau would resort to such a practice.
Senate and House Conferees on Holding Company Bill
Report "Progress" but Continue Discussions—
Committees Continue Inquiries on Lobbying
Senate and House conferees on the Wheeler-Rayburn
Holding Company Bill reported "genuine progress" after
their meeting on Aug. 7, but late this week the conferees were
still considering the legislation and apparently had not yet
reached an agreement on the "death sentence" clause and
other important controversial points. Senator Wheeler, coauthor of the measure, warned on Aug. 5 that unless the
conferees reached a compromise which left some "teeth" in
the bill, passage at this session of Congress might be blocked.
The bill was referred to in the "Chronicle" of Aug. 3, page
682. Both the House and Senate committees investigating
lobbying activities in connection with the measure continued
their inquiries this week, with Senate investigators spending
844
Financial Chronicle
much of their time seeking Howard C. Hopson, head of the
Associated Gas and Electric System, whose whereabouts
have been officially unknown for several weeks, and whom
the Senate committee wishes to question in connection with
his company's efforts to defeat legislation.
Bernard B. Robinson, Chicago securities dealer, told the
House committee on Aug. 6 that he talked with Mr. Hopson
on the preceding day in Washington. United Press Washington advices of Aug. 6 summarized this testimony as follows:
Speaking calmly, his elbows resting on the table, Robinson told of talking
with the man who has been the object of a wide search for weeks.
House Rules Committee Chairman John J. O'Connor (Dem., N. Y.)
immediately sent investigators with a subpoena to the hotel in an effort to
apprehend Hopson for questioning.
Robinson, who admitted that he was Hopson's ''contact man," told of a
five-minute midnight conversation with the missing A. G. and E. official
in a fourth floor room in the Shoreham, wbere Robinson lives.
He told the Committee he did not know the name under which Hopson
registered but the room was in the same corridor as his.
His testimony caused an uproar.
"I do not know whether he has left town yet," Robinson said.
He said Hopson sent word to him through a driver known only as Arthur,
but that he did not believe him at first.
He said Arthur came up to his room shortly before 11 p. m.and told him
then that Hopson was in the hotel. He said he had conversed with Hopson
twice yesterday over the telephone.
Robinson said Hopson at that time indicated willingness to testify before
both the House and Senate lobby investigating committees.
The Senate committee on Aug. 7 heard the testimony of
Patrick J. Hurley, Secretary of War in the Hoover Administration, and Joseph P. Tumulty, who was Secretary to
President Wilson. A Washington dispatch of Aug. 7 to the
New York "Herald Tribune' described this hearing in part
as follows:
Both witnesses acknowledged their employment as counsel for public
utility holding companies in connection with the holding company bill,
but said their activities had been confined to legal services. Both denied
ever "lobbying" for or against any phases of the measure.
Meanwhile, the House and Senate conference committee on the bill held
their first friendly session and reported that progress had been made in the
direction of agreement. Section 11 of the bill, carrying the controversial
"death sentence" clause, Senator Burton K. Wheeler, Democrat, of Montana, and head of the Senate committee, announced, will be taken up when
all the other questions at issue are settled.
The former Secretary of War, who appeared as a voluntary witness before the committee, rose in vehement indignation charging the lobby committee with political partisanship because it insisted he tell the amount
he was paid by the Associated Gas and Electric Co. in its effort to defeat
the bill. M the result of lengthy questioning and repeated verbal explosions
Mr. Hurley said that the firm had been paid $100,000 during 1933, 1934
and 1935. Of this amount, he added,$25,000 was for services in connection
with the Wheeler-Rayburn bill.
To back up the committee's disclaimer of partisanship, Mr. Tumulty
then was called to the stand and testified to the receipts of a total of $35,500
for his services in regard to the holding company bill. The fees, Mr.Tumulty
told the committee, came from several firms—the American Water Works,
Commonwealth and Southern Corporation, Public Service of New Jersey
and Cities Service.
Of this amount, Mr. Tumulty said, he paid former Senator George H.
Moses, Republican, of New Hampshire, $5,000: Judge Timothy T. Antiberry, Washington attorney, $2,500, and added that he intended to pay
$2,500 to John Walsh, brother of Senator David I. Wa,sh, Democrat. of
Massachusetts. The three mentioned, he continued, all had advised and
consulted with him constantly since the bill had been before Congress.
The Black investigating committee virtually had set the stage to-day for
the appearance of Mr. Hurley by a veritable night raid by the agents of
the House Rules Committee on his country estate at Leesburg, Va., in a
futile search for the missing Mr. Hopson. The Associated Gas and Electric
Co. official had been reported as passing Monday night in a Washington
hotel and for that reason the House investigators sought the missing witness
at the Hurley home. This apparently was because Mr. Hurley had produced Mr. Hopson for the Senate banking investigation two years ago.
Conferees Continue Discussions of Omnibus Banking
Bill—Title I Occupies Most Attention This Week
Senate and House conferees this week continued their
discussions of the Omnibus Banking Bill, and although the
proceedings at these meetings were not made public, it was
revealed that most of the time this week was devoted to a
consideration of Title I, extending the principle of Government deposit insurance. The principal obstacles to agreement were considered to lie in Title II, relating to the reorganization of the Federal Reserve Board and the open
market committee. Thomas Jefferson Coolidge, UnderSecretary of the Treasury, recently consulted with members
of the conference group to press the viewpoint of the Administration on the measure.
A dispatch of Aug. 6 from Washington to the New York
"Times" discussed the conference heaxings on the bill as
follows:
"I was thrilled by the oratory I heard," Senator Glass, chief conferee,
said with a smile as he emerged from the conference on the Banking Bill
to-day.
This was Mr. Glass's sole remark about the meeting, which concerned.
it was learned, Title I of the omnibus bill. That title relates to Federal
deposit insurance. From other sources than Mr. Glass it was reported
that Representative Stegall, head of the House delegation, objected vigorously to the part of the bill which he considers would "force" banks into
the Federal Reserve System through penalty of losing deposit insurance
after July 11937.
The provision in the bill does not concern existing banks with average
deposits of less than $1,000,000, but it would compel all banks organized
In the future to join the Reserve by July 1 1937, or be deprived of the
Insurance benefits.
Little progress has been made in the few meetings held by the conference
since it was resumed after Representative Goldsborough apollogired on
the House floor for his reflections upon members of the Senate Banking
Subcommittee, which wrote the Senate bill.
Aug. 10 1935
Our last reference to the banking measure was given in
the "Chronicle" of Aug. 3, pages 684 and 685.
Senate and House Conferees Agree on Measure to
Amend AAA—Would Permit Suit for Recovery of
Processing Taxes if Internal Revenue Commissioner Finds Levies Have Not Been Passed on to
Consumer
Senate and House conferees discussing the bill to amend
the Agricultural Adjustment Act reached an agreement on
Aug. 5, and the conference report was presented to the
House on Aug. 7 by Representative Jones, Chairman of
the Committee on Agriculture.
Although Administration leaders in the House were confident of obtaining approval of the agreement in that body, it
appeared that some difficulty might be found in pushing
the measure through the Senate. Senator Borah on Aug. 7
eritized the compromise on the question of permitting suits
to recover processing taxes, and declared that the conferee
agreement amounted to virtual nulification of a Senate
amendment. The conferees agreed to permit suits for illegally collected processing taxes, but decided that the Commissioner of Internal Revenue must first decide if the taxes
have been passed on to the consumer. The Commissioner's
findings would be the basis of all court proceedings, and
would be final unless it was obvious that the findings were
"arbitrary or capricious."
Our most recent reference to the proposed AAA amendments was contained in the "Chronicle" of Aug. 3, page 689.
We quote below in part from a Washington dispatch of
Aug. 5 to the New York "Times" analyzing the agreement
reached by Senate and House conferees:
The provision affecting the recovery of processing taxes now reads:
"(d) No recovery, recoupment, set-off refund or credit shall be made
or allowed of, nor shall any counterclaim be allowed for any amount of
of any tax, penalty, or interest which accrued, before, on, or hereafter accrues under this title (including any overpayment of such tax), unless after
a claim has been duly filed it shall be established in addition to all other
facts required to be established, to the satisfaction of the Commissioner of
Internal Revenue, and the Commissioner shall find and declare of record,
after due notice by the Commission to such claimant and opportunity for
hearing, that neither the claimant nor any person directly or indirectly
under his control or having control over him, has, directly or indirectly,
Included such amount in the price of the article with respect to which it
was imposed or of any article processed from the commodity with respect
to which it was imposed or passed on any part ofsuch amount to the vendee
or to any other person in any manner, or included any part of such
amount in the price or fee for processing, and that the price paid by the
claimant or such person was not reduced by any part of such amount.
"In any judicial proceeding relating to such claim, a transcript of the
hearing before the Commissioner, shall be duly certified and flied as a
record in the case and shall be so considered by the court and the findings
of fact of the commissioners shall be conclusive, unless it shall clearly appear that such findings are arbitrary or capricious.
"The provisions of this subsection shall not apply to any refund or credit
authorized by subsection (a) or (c) of Section 15, Section 16, or Section 17
of this Title, or to any refund or credit to the processor of any tax paid by
..
him with respect to the provisions of Section 3172!the Tariff Act of 1930."
—
Claims for Floorstocics
Another important decision was that wholesalers and retailers may file
claims with the Commissioner of Internal Revenue for all floorstocks of
commodities held unsold at the time any processing taxes were held invalid.
Agreeing with the Senate changes the conferees agreed that all reference
to price fixing must be stricken from the bill, except that in relation to
milk, for which the price received by the producer could be set by a moiority of producers.
The Senate amendments providing that no processing tax shall be laid
on newsprint and that there shall be no interference with advertising were
retained by the conferees, but must be voted on by the House.
The conferees made more flexible the Senate provision for reduction of
the processing tax when the price of a commodity attains a parity level
or exceeds that level.
This provision called for automatic reduction of the tax to 20% of parity
in case the price of a farm product attained parity with that of industrial
goods, and required reduction of the processing levy to 10% of parity if
the farm product price rose to 20 cents above parity.
The conferees wrote in an additional requirement that the tax should
drop to 15% of parity in case of a rise in the commodity price to 10%
above the parity level.
Fixing of Import Quotas
Senate proposal for Presidential power to fix imports quotas for comAmodities conflicting with farm products was retained. but the Executive's
authority to fix a compensatory duty was eliminated The section authorizing segregation of 30% of customs duties for an export bounty system,
stricken out in the Senate, was replaced in the bill by the conferees.
Senate amendments to appropriate $40.000,000 for eliminating diseased
dairy and beef cattle, and to permit the use of $50,000,000 for the purchase
and retirement of submarginal lands were retained in somewhat altered
form, the $40.000.000 being cut to $20,000,000.
These two amendments and another to include the Warren bill making
potatoes a basic agricultural commodity, will be voted upon by the House.
The Kerr-Smith Tobacco Bill and the Bankhead Cotton Bill, inserted as
Senate amendments, were kept in the Farm Bill.
Under the conference agreement, commodities that would be affected
by marketing orders of the Secretaty of Agriculture include beans, milk,
fruits, tobacco, vegetables (other than those for canning except olives and
asparagus) and naval stores.
Senate Finance Committee Holds Hearings on New
Tax Bill, Following House Approval by Vote of
282 to 96—Only House Amendment Was Limited
Exemption for Corporation Gifts to Charity—
Internal Revenue Bureau Counsels Defend Principle of Measure Before Senate Group
Hearings on the new tax bill, designed to raise $250,000,000
additional annual revenue, were conducted this week by the
Volume 141
Senate Finance Committee, following the approval of the
measure by the House on Aug. 5. The House passed the
bill by a vote of 282 to 96. Only one change was adopted
during the entire consideration .of the bill in the House, to
permit corporations a limited tax exemption on account of
charitable donations. This exemption would be limited to
5% of net income. As a result of this change, the prospective
maximum yield from the new taxes was reduced from $270,000,000 to $250,000,000.
The Senate Finance Committee is not expected to complete its hearings until late next week, but the measure will
probably encounter more effective opposition in the Senate
than it did in the House. Eighteen of the House votes
against the bill were cast by Democrats, while 18 Republicans voted for the measure. Yesterday (Aug. 9) the Senate
Finance Committee began secret sessions to consider the
bill. Before these closed hearings started, Senator Vandenberg on Aug. 8 attacked the measure on the floor of the
Senate. He said it was confiscatory, and that the inhefitance
levies would drive the Ford Motor Co. business into the
hands of Wall Street.
Except for the amendment permitting corporations a limited tax exemption on account of charitable donations, the
bill went to the Senate exactly as reported early last week
by the House Ways and Means Committee, as noted in the
"Chronicle" of Aug. 3, pages 682 to 685.
In an effort to hasten adjournment of Congress, Democratic leaders of the Senate on Aug. 6 decided to make
bonus legislation a special order for next January, and at
the same time decided to apply the "gag" to bonus amendments to the tax bill, and move to table them. This motion
would automatically forestall any debate on bonus proposals.
Inflationists in the Senate agreed to this plan if assured that
the bonus proposals and the $3,000,000,000 inflationary
Frazier-Lemke Farm Mortgage Refinancing bill would be
given preferential status for consideration in January.
One of the principal witnesses before the Senate Finance
Committee this week was Robert H. Jackson, counsel for
the Bureau of Internal Revenue. On Aug. 6 Mr. Jackson
discussed the Administration's policy to shift the burden
of depression expenditures through taxation from the lower
Income groups to the wealthier propertied class "in proportion to their ability to pay." Mr. Jackson, who represented
the Treasury, delivered a long prepared statement in which
he condemned inequities resulting from the operation of
the present tax structure and the "general conspiracy" of
rich men to evade taxation by suppressing pertinent informar
,
tion. A digest of his testimony is given below, as contained
in a Washington dispatch of Aug. 6 to the New York
"Times":
Mr. Jackson asserted in support of the Administration's position that
the tax structure it "inherited" in 1933 had in a short period shifted the
tax burden "from these able to those less able to pay," and insisted that
"the trend should be reversed."
Treasury statistics were submitted to show that only $1,409,000,000, or
38.7%, of the 1935 internal revenue collections were from taxes based on
ability to pay, while $2,233,000,000, or 61.3%, was derived from taxes
on consumption. In 1930, 68.2% of the total collections were from "abilityto-pay" taxes, and only 31.8% from consumption levies.
Disclosing similarity to the taxation philosophy laid down by President
Roosevelt in his message of June 19, the testimony of Mr. Jackson dealt
with alleged evils resulting from present concentration of wealth in relatively few hands, and inequities resulting from the present tax structure,
further detailing ingenious devices employed by certain unnamed rich men
to avoid their share of the tax burden.
He told of banks that did a regular busines of buying securities of
wealthy persons with the understanding that they would be resold to them
In 30 to 60 days with interest added, in order that capital losses could
be shown by owners of the securities and thus avoid tax payment.
Although Secretary Morgenthau a few days ago appealed to the committee not to ask him "embarrassing" questions, Mr. Jackson answered all
and supplied, unsolicited, numerous specific cases of tax evasion abuses.
He Says a Balance Is Sought
Mr. Jackson said that "as we emerge from the depression it is time to
make such adjustments in the tax structure as will meet the postponed
costs of protecting the social order with a tax structure in which the
balance between taxes levied on the basis of ability to pay and taxes based
on consumption is more equitable."
"Added revenue to go toward balancing the budget and toward meeting
the cost of overcoming a depression which threatened rights of property,
should be contributed by the propertied class in proportion with their
ability to pay," he added.
He told the committee that the Federal Government faces a complete
breakdown of the tax enforcement machinery because of the increasing
number of deficiency suits which the Board of Tax Appeals has been
called upon to handle, and through NOW:, he said, a two- or three-year
delay in tax payment might be obtained by payment of a $10 filing fee.
He suggested the following remedies:
Creation of an independent board to adjudicate cases of tax deficiency,
or increase the capacity of the Board of Tax Appeals to decide such cases,
either by adding to its present membership or the delegation of work to
examiners.
Discourage suits obviously intended to obtain delays in tax payments by
requiring litigants to post security and be assessed penalties for delayed
payments.
Tax Suit Policy Assailed
"The device permitting a litigation of tax first and payment afterward,
with no security or penalty or disadvantage whatever for the delay, is
proving so costly as to present a challenge to effective enforcement," said
Mr. Jackson.
Although of the opinion that investors in tax-exempt securities were not
to be criticized, the witness said that Congress might well consider the
effect of such investment in nullifying tax rates in drafting rates applicable
to that part of the income which was not tax free.
845
Financial Chronicle
Higher rates would thus apply on incomes of persons with a major part
of their wealth in tax-exempt securities than where their entire income was
taxable, it was inferred.
In opposition to the general view that large fortunes dissipate themselves
in three generations, Mr. Jackson cited Treasury Department experience to
the effect that inherited fortunes are not only perpetuated from one generation to another but actually grow through investments around which every
possible economic and legal safeguard is thrown.
This process resulted, he said, in a diversion of a large proportion of a
tax community's productive resources to the satisfaction of the wants
of a few and a fastening of control in few hands.
"In devising taxes on the basis of ability to pay, those groups should
have their tax burden readjusted to help meet the costs of protecting the
social order in proportion to the advantages which they enjoy," said
Mr. Jackson.
Effect on Ford Reviewed
Answering criticisms of the effect on inherited industries of the proposed
maximum inheritance tax of 75% and contentions that its application to
the Henry Ford estate, as an example, would result in destruction of the
business and widespread unemployment, Mr. Jackson said the effect would
merely be to convert what is now a family enterprise into a widely owned
one, and permit the public to share in future earnings of a business to
which public patronage had contributed substantially.
This result would be produced by the necessity of Eckel Ford floating a
bond issue or offering common or preferred shares of the company to raise
funds for payment of the inheritance tax.
Mr. Jackson argued, however, that since 41%% of the company's stock
already had passed to Edsel Ford, the tax would apply only on $354,000,000
of the estimated $600,000,000 represented by the estate, or the 59% still
held by Henry Ford.
Questioned later by Senator Gerry, Mr. Jackson conceded that it was
"debatable" whether the proposed 75% inheritance tax was confiscatory
and imposed a tax greater than could be raised by liquidation of the
estate.
He agreed, further, that the combined 12% interest on inheritance and
estate tax was "too high," and promised, at the suggestion of Senator
Walsh, to prepare an amendment extending the time during which interest
would not run against inheritance taxes.
Mr. Jackson produced the following figures as evidence
of a recent change in the trend of collections from those
more able to pay to those less able to pay. All amounts are
given in millions of dollars:
1931
1930
Type of Taxes
1932
Amount Per Cent Amount Per Cent Amount Per Cent
$2,410
Income taxes
65
Estate and gift taxes
Capital stock and excess
profit taxes
66.4
1.8
$1,860
48
68.3
1.7
$1,057
47
56.0
2.5
$2,475
Total
665
Miscellaneous revenue_
587
Customs
Processing taxes
68.2
15.6
16.2
---
$1,908
520
378
----
68.0
18.5
13.5
---
$1,104
454
328
----
58.5
24.1
17.4
- --
Total
81,152
31.8
$898
32.0
$782
41.5
fIrnmi tntal
IR 897
100 0
52806
100.0
51.886
100.0
1934
1933
Type of Taxes
1935
Amount Per Cent Amount Per Cent Amount Per Cent
$817
113
27.4
3.8
$1,099
212
30.2
5.8
Income taxes
Estate and gift taxes
Capital stock and excess
profit taxes
$747
34
39.9
1.8
-__
83
2.7
98
2.7
Total
Miscellaneous revenue_
Customs
Processing taxes
$781
839
251
41.7
44.9
13.4
__
51,013
1,288
313
371
33.9
43.2
10.5
12.4
$1,409
1,364
343
526
38.7
37.5
9.4
14.4
Total
51,090
58.3
51,972
66.1
$2,233
61.3
Grand total
$1,871
100.0
$2,985
100.0
53.642
100.0
Continuing his testimony on Aug. 7, Mr. Jackson indorsed
the proposal for a graduated corporation income tax. Associated Press Washington advices of Aug. 7 described his
remarks as follows:
Presenting Treasury tax studies to the Senate Finance Committee, Mr.
Jackson said that the 10% to 161 % rates suggested by the President
4
-not only would
with the smaller corporations bearing the lower levy
to 95% of all corporations.
produce more revenue, but would give tax relief
Only 5% of the larger would have an additional burden, he said.
As for the graduated excess profits tax on corporations which the House
approved in lieu of a wider range of income levies, Mr. Jackson said that
the "adoption of either does not exclude the other." The excess profits
tax was not recommended in the Roosevelt tax message.
"They are inconsistent in principle, and while the application of both
would be complicated," Mr. Jackson said, "it is by no means impossible.
Each is an effort to measure the burden by ability to pay, and each takes
a different measure of ability."
W. S. Farish, Chairman, and W. C. Teagle, President of
the Standard Oil Co. of New Jersey, in a letter to stockholders on Aug. 6 declared that the tax bill "accepts the new
theory that the Government's power to raise revenues can
be availed of to regulate business." We quote further extracts from this letter below:
If the favoritism shown the small unit does not prove enough to accomplish the desired result it would be a simple matter, once the principle
has been adopted as a national policy, to extend it until all the larger
units are forced to disintegrate.
This is manifestly unfair. It is class legislation. Consider the practical
consequences of such a policy on you as an investor in the oil business.
If you purchase an interest in a small company with filling stations or
producing wells, the Government would indirectly grant you a tax concession because of the lower rate levied on the earnings of corporations of
such size, and this regardless of how much the small unit might earn on
its invested capital. On the other hand, if you invested your savings in the
larger company's stock, with its wider distribution of wells and thousands of
station outlets, the earnings on your capital would be taxed at a higher rate.
846
Financial Chronicle
As a means of "soaking the rich" the proposal is equally unsound. A
wealthy investor may hold a small corporation earning 100% but still pay
the lower rate, whereas the typical small stockholder in a large corporation
pays the higher corporation tax.
For the purpose of redistributing wealth, if that is deemed good policy,
taxes should be applied to the individual. Corporations distribute their
earnings currently as dividends which then can be taxed directly. Under
the pending bill the small stockholder would pay, through the corporation
tax, as much per share as the wealthiest owner.
House Approves Bill Making Permanent 15 Temporary
Federal Judgeships in 10 States—Measure Ready
for President Roosevelt's Signature
The House on Aug. 8 passed and sent to the White House
for President Roosevelt's signature a bill making permanent
15 Federal District judgeships in 10 States. This measure
was approved by a vote of 188 to 124 over much opposition
to an "omnibus judgeship bill." Representative O'Connor
led this opposition, contending that "these judges should be
elected, instead of being appointed." Associated Press
Washington advices of Aug. 8 outlined the debate on the
bill as follows:
The measure originally was introduced by Representative Arthur D.
Healey, Democrat, of Massachusetts, to permit filling a vacancy in Massachusetts caused by the death of Judge James A. Lowell. The Senate added
the other posts.
Chairman Hatton W. Sumners, Democrat, of Texas, of the Judiciary
Committee, defended the legislation by saying that not a single judge was
being added, and that present-day conditions and 14 years' experience
proved the need of permanent judges in the districts involved.
Mr. O'Connor contended the additional judges were being forced on some
members by the Senate's action. He complained that House members from
southern New York did not urge the two permanent places included for
that district.
"It is perfectly ridiculous to pass laws and not provide enough judges
for the people," Mr. Sumners said.
The districts in which existing or future vacancies may be filled are two
each in southern New York, Massachusetts and northern Texas, and one
each in eastern New York, western Pennsylvania, eastern Michigan, eastern
and western Missouri, northern Ohio, southern California, Minnesota and
Arizona.
New Oil Legislation Introduced in House and Senate—
Measures Would Prohibit Excess Output and Reestablish Administrative Board
New oil legislation, designed to provide effective control
of crude production, was introduced Aug. 6 in the Senate
by Senator Thomas and in the House by Representative
Cole. Both measures were reported to have Administration support, although the House bill would re-establish
a Federal Petroleum Administrative Board as an independent agency, with $12,000 a year being paid each of
its five members. Senator Thomas' bill would place the
Board under the direction of the Interior Department and
would provide a salary of $10,000. The bills were introduced after President Roosevelt on Aug.5 held a conference
with Congressional spokesmen.
The principal provisions of the proposed oil legislation
were listed as follows in Associated Press Washington advices
of Aug. 6:
Representative Disney (Dem.) of Oklahoma, a principal supporter
of the proposed Act, described it as designed to set up an NRA by voluntary agreement rather than Federal flat.
-Cole plan would permit voluntary intra-industry agreeThe Thomas
ments, to be approved by the President, which would seek to prevent
waste, eliminate unfair competition and set up adequate working conditions
and pay. Waiving of the criminal provisions of the anti-trust laws would
be allowed.
It would enact permanently and put under the Oil Board's administration the Connally Act to choke off access to inter-State commerce of oil
Illegally produced beyond State quotas.
A third major provision would give Congressional consent to an interState compact for the conservation of oil and gas executed on Feb. 16
In Dallas, Tex.
Congressional sources said the President probably would spur the drive
for enactment before adjournment in a special message to be sent to the
Capitol soon along with a copy of the inter-State agreement.
Mr. Disney said he thought there was so little opposition that the bill
could be rushed through the House by unanimous consent of the membership.
President Roosevelt yesterday (Aug. 9) sent a special
message to Congress in which he recommended legislation
approving a State contract to conserve oil and gas, which
was executed last February. The text of the President's
message is given elsewhere in this issue of the "Chronicle."
Senate Committee Investigates Banking House Files
on Railroad Financing—Senator Wheeler Urges
ICC to Postpone Approval of Pending Carrier Reorganizations Until Result of Inquiries
Investigators of the Senate Interstate Commerce Committee revealed on Aug. 3 that they are preparing for public
hearings in a wide inquiry into railroad financing by examining records of the New York banking house of Kuhn, Loeb
& Co. This disclosure followed a statement by Senator
Wheeler, Chairman of the Committee, on Aug. 2, when he
urged the Interstate Commerce Commission to withhold approval of pending railroad reorganization plans until a detailed examination of the past financial transactions of the
railroads can be made by the Senate. Mr. Wheeler sent
his request in a letter to Balthasar H. Meyer, Acting Chairman of the ICC, and pointed out that the Senate has already approved a resolution for a special investigation of
Aug. 10 1935
the railroads. He said that he had been informed that the
Commission was proceeding with reorganization plans despite the inquiry. Senator Wheeler recognized the independent status of the Commission, but said he believed it
should withhold approval of the plans until his Committee
had an opportunity to examine past financial transactions
of these carriers.
Senator Wheeler's letter to Mr. Meyer read as follows: —
--—Supplementing my telephone talk with you on July 22:
Independent bondholders' committees and investors in railroad
securities have been sending me copies of their protests to the Commission
against your going forward with important railroad reorganization proceedings before the Senate Committee on Interstate Commerce has looked
Into and disclosed the underlying facts with respect to those roads. Word
has also come to me,from important sources, that efforts will be made to
push reorganizations through with a view to retaining for corporate insiders control of the roads before there is full public disclosure of the consequences of their past control of those roads.
In view of this I am duty bound, as Chairman of the Senate Committee
on Interstate Commerce, to call your attention to several considerations.
The first is the adoption by the Senate on May 20 of Senate Resolution 71,
directing an investigation of railroads, and specifically railroad reorganizations. The second is the selection on July 5 1935, by the Federal Co-ordinator of Transportation, of railroads to be investigated. He included
for the investigation, among others, every major railroad in receivership or
bankruptcy and, while recognizing that other railroads should be dealt
with also, said: "It seems desirable . . . that railroads which are in
receivership or bankruptcy . . . should have an important place in
the investigation . . ." The co-ordinator referred to "the emphasis
in the resolution upon financial matters, including reorganizations."
The third fact to which I am constrained to refer is the need for making
the Senate Committee's inquiry useful to investors during their current
difficulties, and not merely useful for remote future purposes after the
present situation• has been, as reports of present attempts have recently
described it, "sewed up in a bag" by insiders.
The fourth fact pertinent for consideration is that whenever the Commission has heretofore proceeded under pressure in reorganization matters,
the result has been to take up its time and the time and efforts of independent security holders on plans which had to be abandoned as in
the Frisco Railroad in 1933. or on plans which the Commission approved
to the ultimate loss of the investing public, as in the St. Paul Railway in
1928.
Recognizing that it is the duty of the commission to proceed with dispatch. I cannot fall to note that dispatch must be directed to the primary
end of protecting the public interest and masses of investors, that their Interests are not furthered by dispatch which cannot protect them; that the
most thorough inquiry and preparation should first be had before the reorganization of $500,000,000 railroad property is undertaken which Proposes to leave the same financial interests in control that have admittedly
been unable to manage the road successfully whatever the reasons may be—
else insiders will take care of themselves, and the ordinary public is left
holding the sack.
These remarks are made with full recognition of the independent status
of the Commission and with the conviction that the Commission is acting
in entire good faith, but, in view of what has gone on in the reorganization
of some railroads in the past. I believe that a thorough examination into
the past financial transactions of these roads should be had before the
Commission acts on the plans submitted by those controlling the roads
at the present time.
Senator O'Mahoney Introduces Bill Designed to Revive Principles of NRA—Would Place Administration in Hands of Enlarged Federal Trade Commission
Senator O'Mahoney on Aug. 5 introduced in the Senate
a bill designed to revive the chief objectives of the National
Recovery Administration through the introduction of a
Federal licensing system. Although it was admitted that
there would be no attempt to push the measure at this session of Congress, it was regarded as significant because it
was drafted with the aid of attorneys for the American Federation of Labor, and follows substantially the program
recently announced by William Greene, President of the
Federation.
The O'Mahoney bill carefully avoids the use of the phrase
"inter-State commerce," and uses instead the phrase 'commerce among the States." It provides for a national incorporation law, and makes an enlarged Federal Trade Commission the administrative body. The Commission under
this measure would be composed of three representatives
each of employees, employers and the general public.
United Press advices from Washington Aug. 4 summarized the principal provisions of the new bill as follows:
The bill would authorize the Commission:
To develop a general program for the co-ordination, stabilization and
orderly employment of the basic industries of the United States in order to
bring about a more equitable distribution of the earnings of commerce to
those who are employed and to those who invest their capital therein.
To summon a national industrial conference In which employers and employees, the investing public and the public generally may be represented.
To make recommendations to Congress for methods of fair competition
designed to eliminate unfair trade and labor practices, and make such other
suggestions as its investigations indicate may be desirable for the consideration of the law-making branch of the Government.
ai
Senator O'Mahoney believed the bill to be "a perfectly constitutional
method" of regulating commerce among the States, and said it would outlaw vicious practices by which the investing public has been victimized.
"For example," he said,"it provides that every director shall be a trustee
for the stockholders of his corporation and shall be liable in actual and punstive damages for unconscionable profits he may secure by means of his
power to control stockholders' capital.
"It prohibits the payment of bonuses or commissions except by vote of
the stockholders. It provides that all stock shall have equal voting power."
As additional protection to the minority stockholder, the bill would create
a system of accredited corporation representatives, subject to civil service
examination in corporation law and accounting, to be professional agents
independent of the Government so that small holders may be represented
by agents in whom they can have confidence.
"This bill," its sponsor said, "would solve the holding company problem
by giving to the stockholders of the companies which are strangled in the
Volume 141
Financial Chronicle
holding company net the voting power to control their own capital. It
would confine the Government to its proper sphere, which is not to run the
business of the country, but to prevent one citizen from taking advantage
of the rest."
Senator O'Mahoney's bill represents probably the most comprehensive
attempt to revive the NBA. There is another bill in Congress seeking to
accomplish a similar result from another angle. It is the Walsh bill, designed to give the Government control over wages and hours by forcing
anyone dealing with the Government to meet former code requirements.
Senator Copeland Introduces Revised Ship Subsidy
Bill—Would Meet Cost Between Foreign and
Domestic Cost of Construction and Operation
Senator Copeland on Aug. 6 introduced in the Senate a
revised form of the ship subsidy bill, designed principally to
meet objections by President Roosevelt against earlier
measures of similar character. The bill was referred to the
Senate Commerce Committee. Senator Copeland said that
he would seek to substitute it on the floor of the Senate for
the House bill passed some time ago. The Senate bill carried
provisions under which the Government would supply cash
to meet the difference between costs of constructing ships in
this country and in foreign shipyards, and would also
finance the difference between costs of operating vessels with
American crews and with foreign crews.
A Washington dispatch of Aug.6 to the New York "Herald
Tribune" commented on the ship subsidy measure as follows:
Senator Copeland expressed himself as "optimistic" on the outlook for
legislation at this session, but in other quarters scant hope for action was
held out. It is well known the bill is not on the program of the Democratic
organization in the Senate and there is strong House opposition.
The bill embodies an attempt to meet the numerous objections raised
in the Senate to the original Copeland bill, as a result of which it was sent
back to the Committee. Senator Copeland said the measure had the
support of the Administration and was prepared by an interdepartmental
committee, including Karl A. Crowley, Solicitor for the Post Office Department; Chester H. McCall, of the Department of Commerce, and others.
Senator Copeland declared that the President evidently "wants this bill."
Senator Copeland summed up the chief changes from the bill which he
originally presented. He said the maritime authority had been reduced
from five members to three, without geographical distribution, to be appointed for 12 years, and to get $12,000 a year; that a different method was
provided for "wiping out the present mail contracts," and that the old
construction loan method was abolished and a method provided primarily
for Government construction and sale on the instalmeiat plan to operators.
with an alternate plan for loans from the Reconstruction Finance Corporation.
One of the important provisions of the bill is that in order to get aid
In construction, plans for ships must be submitted to the Navy Department and approved by it. The result of this will be, it is expected,to make
the proposed new merchant marine a useful naval adjunct in war time.
Senator Copeland indicated the bill was hedged about with various safeguards. For instance, the builder's profit under the measure must not
exceed 10%. But if there is evidence of collusion in bidding or in construction by private concerns, the navy yards may be called on for construction.
847
was for that reason that provision was made in the bill reported for a
broad study of the entire question.
This was proposed by the President shortly after the opinion was expressed by Attorney-General Cummings that it would be impossible to get
a review of the Supreme Court decision striking down the original Act
because there was nothing new that the Justice Department could present
to the court in support of their contentions that the Act was constitutional.
Suggests Study
In view of the sweeping effects of the court's decision the President
suggested that a study be made. His recommendations are proposed to be
carried out in the resolution attached as a rider to the bill reported to-day
by the committee.
Under its provisions a commission of nine members would be selected,
composed of three members of the House, three from the Senate, and three
designated by the President. The commission would report back to the
Congress on Jan. 1 the results of a study of the following:
"All pertinent facts for the purpose of determining whether a sound
retirement and annuity system made applicable by law to carriers by railroad engaged in inter-State commerce will promote efficiency and safety
in inter-State transportation or will otherwise enable such carriers better to
perform their duty to serve the public (having in mind ultimate as well as
proximate results), and whether such a system is desirable and in the
public interest."
RFC Report for June—Authorizations Totaled $156,073,731—Statement of Condition as of June 30
1935
A report covering the operations of the Reconstruction
Finance Corporation during June was submitted to President
Roosevelt and to Congress on July.23 by Jesse H. Jones,
Chairman. The report shows that a total of $156,073,730.96
of loans were authorized dming the month. Disbursements
of new and previous authorizations were reported at $131,289,840.62 while repayments were shown to be $45,273,961.50.
According to the report the RFC during June agreed to
purchase $1,000,000 face amount of marketable securities
from the Federal Emergency Administration of Publics
Works to be held and collected or sold at a later date. It also
disbursed $1,294.83 to the Federal Emergency Relief
Administrator, for expenses and received a refund from
the Administrator of expenses previously disbursed amounting to $31.07. The Corporation in June withdrew or canceled authorizations for loans made prior to June 11, and
which had not been disbursed, in amount of $79,091,448.26.
A statement of cash receipts and expenditures contained
in the report shows that $145,623,570.86 was received during
the month and $149,205,811.88 disbursed. The cash balance
at the close of June was $4,047,807.88 as against $7,630,048.90 May 31. (this is a correction of the figures issued last
month by the RFC and given in our issue of June 29, page
4325).
The loans authorized by the RFC during June are shown
in the following tabulation:
Loans under Section 5 of RFC Act:
Banks and trust companies (incl. receivers and conservators)_--- $14,100,549.79
Building and loan associations (receivers)
750,000.00
Railroad Pension Bill Favorably Reported to House—
Mortgage loan companies
7,958,000.00
Amendment Calls for Study of Retirement Plans—
Railroad (trustee)
240,748.00
Borrower engaged
500,000.00
Companion Measure Taxing Payrolls Expected to Loans to industry in the fishing industry
11,180,196.73
Be Postponed
Loans on assets of closed banks
11,231,136.44
Under Emergency Relief and Construction Act of 1932 (Section
The House Interstate and Foreign Commerce Committee
201 (a)(1) Title
on Aug. 2 favorably reported the Crosser Railroad Pension Under Emergency II) and Construction Act of 1932 (Section 36,000,000.00
Relief
201
50,153,000.00
bill, designed to raise railroad pension funds by a 4% excise Under(d) Title II)
Emergency Farm Mortgage Act of 1933 (Section 36)
16.400,500.00
tax on the payrolls of the railroads and a 2% income tax on On preferred stock of banks
12,600.00
workers' wages. Although it was believed possible late this Subscriptions for preferred stock of banks
6.562,500.00
443562:500..0000500
Purchases of capital notes or debentures of banks
week that the measure might be actbd upon favorably before Under Act approved June 19 1934 (Section 14)
541,000.00
adjournment of Congress, actual appropriation of the necesTotal
$156,073,730.96
sary funds would require approval of a taxing bill by the
House Ways and Means Committee, and this seemed exActual disbursements during June on the new and earlier
tremely unlikely. The initial burden on the railroads, if authorizations, according to the report, follow:
the pension measure became effective, would be approxi- To banks and trust companies (Including receivers)
$11,047,712.92
To building and loan associations
mately $60,000,000 a year.
365,484.23
To mortgage loan companies
1,524,471.30
The Interstate and Foreign Commerce Committee added To railroads
1,738,480.00
as a rider to the pension measure a resolution reported some To State funds for insurance of deposits of public moneys
2.376,915.30
borrowers engaged in the
3,000.00
time ago at President Roosevelt's request, calling for the To industrial and commercialfishing industry
To
business
4,234,905.95
appointment of a special commission to make a broad and , To mining, milling and smelting business
272,000.00
On assets of closed banks—Section 5 (e)
91,233.42
comprehensive study of railroad retirement plans.
For
projects
9,158,612.26
A Washington dispatch of Aug. 2 to the New York "Jour- For self-liquidating carrying (par $9,253,000.00)
financing the
and orderly marketing of agricultural
•
commodities and livestock produced in the United States:
nal of Commerce" summarized the principal features of the
Commodity Credit Corporation
97.768.106.76
proposed legislation as follows:
Other
767,022.26
The proposal reported by the House committee is designed to become effective March 1 next year and provides for the retirement of the railroad
employees and the payment of annuities under the following plan:
To a person who has reached 65 years of age: to a person who has completed 30
Years of service at the time he reached 50 years of age. In this case the annuity
shall be reduced by 1-15th of such annuity for each year such employee may be less
than
65 years of age at the time of the first annuity.
To a person who has completed 30 years of service and has been retired by the
carrier on account of mental or physical disability. Such annuities are not to be
subject to deduction.
The bill proposes to circumvent the constitutional question by providing
that the annuities shall be paid out of the Federal Treasury out of funds
raised by special excise taxes on payrolls of the carriers and the wages of
the employees.
While no provision is contained in the legislation for the levying of the
taxes, it is understood that this is to be the subject of another bill to be
handled by the Ways and Means Committee. It is contemplated that the
tax will amount to 4% in the case of the payrolls, to be paid by the
carrier, and 2% on the employees' wages, also to be collected and paid
by the carrier.
The committee was prevented from including the taxes in the bill reported
because of the rules of the House that all tax legislation must be considered
by the Ways and Means Committee. In some quarters it is believed that
the latter committee would do nothing about the matter this session, and it
To drainage, levee and irrigation districts
Secured by preferred stock—Bank and trust companies
Total
1,780,896.22
161,000.00
2131,289,840.62
The following table, contained in the report, shows repayments during the month:
To banks and trust companies (including receivers)
$28,631,735.76
To credit unions
4,295.00
To building and loan associations
797,475.76
To insurance companies
602,170.61
To Federal Land banks
6,384,971.80
To Joint Stock Land banks
51,590.19
To livestock credit corporations
29,123.32
To mortgage loan companies
2,118,898.42
To railroads
808,500.54
To State funds for insurance of deposits of public moneys
66,598.30
To industrial and commercial business
151,759.80
On assets of closed banks—Section 5 (e)
1,191.07
For self-liquidating projects (par $2,000.00)
2,000.00
For repair or reconstruction of property damaged by earthquake,.4c.:
Under Section 201 (a), Act of July 21 1932, as amended
10,617.80
For financing sale of agricultural surpluses in foreign markets
394,766.90
For financing the carrying and orderly marketing of agricultural
commodities and livestock produced in the United States:
Commodity Credit Corporation
5,116,515.48
Other
95,739.43
Secured by preferred stock—Banks and trust companies
6,011.32
Total
$45,273,961.50
848
The statement of condition of the RFC as of June 30 1935
was made available as follows:
STATEMENT OF CONDITION OF THE CORPORATION AS OF THE CLOSE
OF BUSINESS, JUNE 30 1935
Assets
$4,047,807.88
Cash on deposit with Treasurer of United States
82,308.90
Funds held in suspense by custodian banks
20,000.00
Petty cash funds, travel and other advances
Allocated for expenses regional agricultural credit corporations
3,108,524.82
prior to May 27 1933
Allocated for expenses regional agricultural credit corporations
12,640,000.00
since May 26 1933 (under Farm Credit Administration)
Allocated for Federal Emergency Relief Administration (1933
500,000,000.00
Relief Act)
Allocated for Federal Emergency Relief Administration (under
500.000,000.00
Emergency Appropriation Act of 1935) (1)
500.000,000.00
Allocated under Emergency Relief Appropriation Act of 1935(2)
124,741,000.00
Allocated to Secretary of Treasury (3)
200,000,000.00
Allocatedt o Secretary of Treasury (4)
2300,000,000.00
Allocated to Land Bank Commissioner (5)
Lees—Reallocated to Federal Farm Mtg. Corp_.. 55,000,000.00
245,000,000.00
55.000,000.00
Allocated to Federal Farm Mortgage Corporation
34,000,000.00
Allocated to Federal Housing Administrator (6)
8200,000,000.00
Allocated to Secretary of Agriculture(7)
Less—Reallocated as capital regional agricultural credit cor$44,500,000.00
porations
Reallocated to Governor of
Farm Credit Administration 40,500.000.00
$85,000,000.00
115,000,000.00
44,500,000.00
Capital regional agricultural credit corporations
40,500,000.00
Farm Credit Administration
Allocated to Governor
Relief Authorizations (1932 Act):
Advances to Governors of States and Territories:
280,025,518.00
Proceeds disbursed
LOO
Proceeds not yet disbursed
Advances to municipalities and political sub-divisions, including
Puerto Rico:
17,663,490.00
Proceeds disbursed (less repayments)
15,000.00
Proceeds not yet disbursed
Loans under Section 5:
Proceeds disbursed (less repayments):
8480,403,809.46
Bank and trust companies (8)
336,030.16
Credit unions
9,808,130.93
Building and loan associations
19,231,233.41
Insurance companies
59,978.851.95
Federal Land banks
3,094.892.23
Joint Stock Land banks
1,314.873.15
Livestock credit corporations
145,550,618.40
Mortgage loan companies (8)
873,500.00
Agricultural credit corporations
414,344,463.22
Railroads (including receivers)
Processors or distributors for payment of pro567.88
cessing taxes
State funds for insurance of deposits of public
2,146.354.31
moneys
Borrowers engaged in the fishing industry
$1,137,161,824.90
Proceedsnot yet disbursed:
$113,069,680.63
Banks and trust companies (8)
758.42
Credit unions
957.515.77
Building and loan associations (8)
200,359.46
Insurance companies
550,000.00
Joint Stock Land banks
90,224,761.16
Mortgage loan companies (8)
630,000.00
Railroads (including receivers)
534.000.00
Borrowers engaged in the fishing industry...
200,187,075.44
Loans to Industrial and commercial business:
$21,761,313.05
disbursed (less repayments)
Proceeds
33,333,825.62
Proceeds not yet disbursed
Loans to mining, milling and smelting business:
280,000.00
Proceeds disbursed
4,469,000.00
Proceeds not yet disbursed
Loans on assets of closed banks—Section 5 (e):
419.518.54
Proceeds disbursed (less repayments)
11,393,046.74
Proceeds not yet disbursed
contracts for self-liquidating projects:
Loans and
-- 138,411,189.26
Proceeds disbursed (less repayments)(Par $140,199.000.00)
109,160,967.72
Proceeds not yet disbursed (par $110,205,000.00)
of property damaged by earthLoans for repair or reconstruction
quake, &c.:
8,285,212.37
Proceeds disbursed (less repayments)
3,393,086.86
Proceeds not yet disbursed
Loans under Section 201 (c), for financing sale of agricultural
in foreign markets:
surpluses
14,531,593.62
Proceeds disbursed (less repayments)
Loans for financing the carrying and orderly marketing of agricullivestock produced in the U.S.:
tural commodities and
156,066,097.15
Proceeds disbursed (less repayments)
267,493,574.37
Proceeds not yet disbursed
districts:
Loans to drainage, levee and irrigation
27,595,755.58
Proceeds disbursed (less repayments)
71,360,553.36
Proceeds not yet disbursed
Loans secured by preferred stock (Insurance companies):
29,933.000.00
Proceeds disbursed (less repayments)
Loans secured by preferred stock (banks and trust companies):
20,282,715.02
Proceeds disbursed (less repayments)
217,000.00
Proceeds not yet disbursed
10,000,000.00
Stock—The RFC Mortgage Co.—Purchased
Preferred stock (banks and trust companies):
639,976,664.23
Purchased (less retirements)
17,034.960.00
Subscriptions authorized
100,000.00
Preferred stock (insurance company)— Purchased
(banks and trust companies):
Capital notes and debentures
245,002,809.21
Purchased (less retirements)
60,166,500.00
Subscriptions authorized
Purchases of securities from Federal Emergency Administration of
Public Works:
16,167,004.06
Purchases consummated (less gales)
1,345,000.00
Purchases authorized, but not yet consummated
Advances for care and preservation of collateral:
220,664.49
h, Proceeds disbursed (less repayments)
168,247.67
Proceeds not yet disbursed
1,454,668.15
purchased (cost, less proceeds of liquidation)
Collateral
41.026.359.31
Accrued interest and dividends receivable
555,427.81
Reimbursable expense
$691,597.71
Furniture and fixtures
147,845.83
Less—Allowances for depreciation
543,751.88
252,714.21
Miscellaneous disbursements
Total
$5,972,074,771.22
Liabilities and Capital
Payable on certificate of Federal Emergency Relief Administration
Act)
(1933 Relief
Payable under Emergency Relief Appropriation Act of 1935(2)
Payable to Secretary of the Treasury (3)
Payable to Land Bank Commissioner (5)
Callable by Farm Credit Administration for ex-penses of regional
agricultural credit corporations
Liability for funds held as cash collateral
Liability for funds held for other agencies
Proceeds not yet disbursed:
Relief authorizations (1932 Act)
Loans under Section 5
Loans to industrial and commercial business
Loans to mining, milling and smelting business
Loans on assets of closed banks—Section 5 (e)
Loans and contracts for self-liquidating projects
Aug. 10 1935
Financial Chronicle
$242.38
500,000,000.00
43,095,300.00
97,400,000.00
3,740,539.66
286,215.99
9.990,500.00
15,001.00
206,167,075.44
33,333,825.62
4,469,000.00
11,393,046.74
109,160,967.72
Proceeds not yet disbursed—(Concluded)
Loans for repair or reconstruction of property damaged by earth3,393,086.86
quake, &c
Loans for financing the carrying and orderly marketing of agricul267,493.574.37
produced in the U.S
estock
livestock
tural commodities
ural
71,360.553.36
districts
irrigation d
ee
Loans to drainage, levee
Preferred217,000.00
Loans secured by preferred stock (banks and trust companies)._
168,247.67
Advances for care and preservation of collateral
Subscription authorizations:
00
0:034166:950600:00
7
ust
ks and trust companies)
stock (banks
1
6
Capital notes and debentures (banks and trust companies)._
Purchases of securities from Federal Emergency Administration
1.345,000.00
of Public Works authorized
4,669,413.81
Cash receipts not allocated pending advices
8
7,859,321.7
Miscellaneous liabilities (including suspense)
499.22
Liability for funds held pending adjustment
28,740.19
Unearned discount
235,026.29
Interest and dividend refunds and rebates payable
98
38,883,870.
Interest accrued
Deferred credits:
$195,154.37
Income on collateral purchased
373,183.24
Premium on sale of notes
5,947.72
Participation charges
574,285.33
67
3,904,771,666.
Notes—Series "D","DA","E,""G", and "H"
0 00
500,000,00 .
Capital stock
$65,050,963.18
Surplus Dec. 31 1934
125,000.00
Reserve for self insurance
65,175.963.18
29,434.07
Surplus adjustment
Interest and dividends earned, less interest and expenses (Jan. 1
9,615.912.89
1935 through June 30 1935)
22
85,972,074,771.
Total
NOTES
(1) Title II of the "Emergency Appropriation Act, fiscal year 1935..
approved June 19 1934, provides:______ . 4000theinRt; taggraye,gaini..7-=•hoef
0
7
„
.
ginsf5uncoa08
hce
...„_
any
e
"I'hat not exceeding
dissavings or Punobligated balances
cretion of the President, be transferred and applied to the purposes of the
Federal Emergency Redef Act of 1933 and (or) title II of the National
1
Industrial Recovery Act. . . . "
Under the above Act the Corporation to and including June 30 1935, had
transferred $500,000,000.00 to the Federal Emergency Relief Administration.
(2) The Emergency Relief Appropriation Act of 1935, approved April 8
owv....
1935, provides:
_
"Tharrit'Order to provide relief, work relief and to Increase employment by providing for useful projects, there is hereby appropriated, . .
President, to be
to be used in the discretion and under the direction of t
.
immediately available and to remain available until June 301937, . • •
not exceeding $500,000,000 in the aggregate of any savings or unexpended
.
balances in funds of the RFC.
No disbursements have been made by the Corporation under these
provisions of the Act.
(3) Section 2 of the Reconstruction Finance Corporation Act,as amended
aiww.4
by the Federal Home Loan Bank Act, provides that,
. In
( order to enable the Secretary of the Treasury to make payments upon
stock of Federal Home Loan banks subscribed for by him in accordance with
the Federal Home Loan Bank Act,the sum of$125,000,000 or so much thereof as may be necessary for such purpose, is hereby allocated and made available to the Secretary o ithe Treasury out of the capital of the Corporation
and (or) the proceeds of notes, debentures, bonds, and other obligations
issued by the Corporation."
The amount ofsuch stock subscribed for by the Secretary of the Treasury
is 3124.741,000.
(4) Section 4 (b) of the Home Owners' Loan Act of 1933, provides that,
The Board (Federal Home Loan Bank Board) shall deter mine the
minimum amount of capital stock of the Corporation (Home Owners' Loan
Corporation) and is authorized to increase such capital stock from time to
time in such a nounts as May be necessary, but not to exceed in the aggregate $200,000,000. Such stock shall be subscribed for by the Secretary of the
Treasury on behalf of the United States,and payments for such subscriptions
shall be subject to call in whole or in part by the Board and shall be made at
such time or times as the Secretary of the Treasury deems advisable. . .
In order to enable the Secretary of the Treasury to make such payments
when called, the RFC is authorized and directed to allocate and make
available to the Secretary of the Treasury the sum of $200.000,000, or so
much thereof as may be necessary, and for such purpose the amount of
notes, bonds, debentures, or other such obligations which the RFC is
authorized and empowered under Section 9 of the Reconstruction Finance
Corporation Act, as amended. to have outstanding at any time, is hereby
inrseased by such amounts as may be necessary."
The amount of such stock sullscribed for by the Secretary of the Treasury
is 3200,000,000.
(5) Section 30 (a) of the Emergency Farm Mortgage Act of 1933, made
3100,000,000 available to the Farm Loan (now Land Bank) Commissioner
for loans to Joint Stock Land banks. Section 32 of the same Act made
$200,000,000 available to the Farm Loan (now Land Bank) Commissioner
for direct loans to farmers. Of the amount made available under Section 32.
$145,000,000 was paid to the Land Bank Commissioner and the balance
$55,000.000 was reallocated and paid to the Federal Farm Mortgage
Corporation under Section 3 of the Federal Farm Mortgage Corporation Act.
(6) Under the provisions of Section 4 of the National Housing Act of
1934, which states that "the RFC shall make available to the Administrator
such funds as he may deem necessary," $34,000,000 has been paid to the
Federal Housing Administrator.
(7) Section 2of the Reconstruction Finance Corporation Act,as amended.
made available to the Secretary of Agriculture $200.000,000. Of this
amount $135.000,000 was paid to him of which $20,000,000 was returned
to the Corporation. Of the $85,000,000 difference. $44,500,000 was reallocated and disbursed as capital of the regional agricultural credit corporations (Sec. 201 (e) Emergency Relief and Construction Act of 1932).
The remainder. $40.500,000, was made avallable and has been paid to the
Governor of the Farm Credit Administration, pursuant to the provisions of
Section 5 (a) (I) of the Farm Credit Act of 1933.
(8) Loans under Section 5 of the Reconstruction Finance Corporation
Act, as amended, to aid in the reorganization or liquidation of closed Institutions have been authorized in the aggregate amount of $1,128,934,666.36 of which $190,671,240.36 has been canceled. After taking into
consideration repayments of $503,430.516.49 items (8) of the balance sheet
include the balance of 8319.715,937.35 representing proceeds disbursed (less
repayments) and $115,116,972.16 representing proceeds not yet disbursed,
exclusive of $1,445.000.00 loans approved in principle upon the performance of specified conditions.
In addition to loans and other authorizations reflected on the statement
of condition, the Coropration has approved in principle loans In the amount
of $112,938,875.82 and purchases of preferred stock, capital notes and
debentures In the amount of $51.147,480.41 upon the performance of
specified conditions.
This statement of condition does not take into consideration expenditures
incurred, but not paid by the Corporation at the close of business, June 30
1935. nor income of regional agricultural credit corporations whose capital
stock was subscribed by the Corporation.
Volume 141
Financial Chronicle
W. S. Schmidt Urges Amendment to Pending Tax Bill
to Insure Orderly Liquidation of Real Estate Holdings—Declares Otherwise Market May Be Clogged
by Forced Sales to Meet Levies
Amendment of the proposed inheritance taxes to insure
orderly liquidation of real estate holdings was urged on
Aug. 7 by Walter S. Schmidt, President of the National
Association of Real Estate Boards, who declraed that real
estate will suffer heavy losses through the provisions of the
bill as it now stands. Mr. Schmidt in a statement pointed
out that the pending bill fails to make any regular and dependable provision for the orderly liquidation of such estates
as consist largely of real estate where holdings must be sold
to meet the taxes. His analysis of the bill, as made public
by the Association, continued in part:
Payment of the taxes is due within 18 months of death of decedent. The
Commissioner of Internal Revenue at his discretion may extend the payment time for as much as 10 years from the due date where hardship would
otherwise be entailed. The public interest demands, however, that orderly
liquidation be assured, rather than be obtainable only at Commissioner's
consent, where large estates may be made up chiefly of real estate and where
the real estate must be sold to pay the levy. Provision should be made in
the law itself whereby owners and mortgage lenders may be assured that no
sudden dumping of a great estate, coming at a depression period, will clog
the local real estate market. While details of such a regular time-extension
for real estate liquidation might well be left to administrative regulation, a
specific provision requiring the Commissioner to set up such regulations
should be written into the law itself, Mr. Schmidt holds.
The bill already provides that interest be paid on extended payments,
thus conserving the public interest with respect to tax returns. Interest
is set at 3% per annum for the first three years from the expiration of six
months after the due date of the tax, and at the rate of 6% per annum
thereafter to the date of expiration of the period of extension.
The Association, which has protested against haste in the enactment of
any major Federal tax measure, has consistently held that Federal and
State tax policy should be worked out in co-operation, and has twice formally petitioned for a national tax conference to include representation not
only of Natio , State and local tax officials (tax-spenders) but of principal
tax-paying oups also, to work out suggestions to this end.
Government Contract Bill Called Indirect Effort
o Circumvent Supreme Court NRA Decision—
National Association of Manufacturers Says Measure Seeks to Revive Federal Control over Wages
and Hours in Industry
The Walsh Government Contract Bill is "nothing more
nor less than an Administration-sponsored effort to do by
indirection what the Supreme Court said in the poultry case
could not be done directly under the Constitution," the
National Association of Manufacturers said in a discussion
of the measure sent to its members throughout the country,
and made public on Aug. 4. The Association charged that
the Walsh Bill is a Government attempt to revive Federal
control over wages and hours in private business and industry, and that if it were enacted it would increase the cost
of construction and supplies to the Government and to
private builders and consumers. The statement, in part,
is given below:
Under this measure every bidder on Government contracts, every subcontractor, every supplier of material, every borrower of funds from any
of the numerous Government lending agencies and many other classes
of citizens would be subjected to absolute control of a Federal bureaucracy
as to wages, hours and other working conditions.
When the extent to which the present Administration has siezed control
of private credit is considered, and it is realized that it can under this bill
attach to every dollarany conditionsItsees fit asto construction,manufacture,
road building and other industrial activities, the dangerous implications
are apparent. The huge spending power of the Government would be
suspended as a tyranical threat over industry and business of the country.
The practical implications of this effort to revive Federal control are
such that in establishing wage and hour regulations, manufacturers in some
ections of the country would be penalized even more than others because
of the impossibility of providing wage and hour differentials such as existed under the outlawed codes.
If enacted, the adverse effect of such legislation would be to definitely
increase the cost of construction and supplies to the Government and to
private builders and consumers. It would seriously impair efforts of
public and private lending agencies to stimulate new construction and
modernization, and to provide re-employment in the building trades and
industries of the country. It would start the Government upon another
impossible policing job and place a premium upon the irresponsibility of
those who might seek to evade the law. It would make for additional
costs not only to the Government but upon industry, to be absorbed by
the consumer through higher prices.
The Walsh bill was vigorously attacked on the Senate floor
on Aug.8 with charges that it embodies "an outright attempt
to revivify the noisome NRA." Reports from Washington,
however, said that political observers predicted the passage
of the measure at an early date.
Associated Gas & Electric Co. Criticizes Hearings on
Lobbying Activities as Designed to Force Passage
of Holding Company Legislation—Sees Little Difference Between House and Senate Versions
The "issue" in various Lobbying inquiries currently being
conducted with regard to utility activities is "the death sentence for public utility holding companies and bureaucratic
control of operating companies," the Associated Gas &
Electric Co. said in a statement on Aug. 4. The statement
criticized a hearing before the New York Legislature Committee investigating utilities, and said that this was primarily
designed to aid the passage of drastic Federal utility legislation. The company also asserted that there is little difference between the holding company bill as originally passed
849
by the House and that approved by the Senate, and said
that "no legislation generated in an atmosphere of heat,
wrath and spitefulness can be other than harmful to the
public interest."
Progress of Federal utility legislation and of Congressional
hearings into lobbying activities is noted elsewhere in this
issue of the "Chronicle." The statement by Associated Gas
& Electric Co. follows:
The performance of its counsel and witnesses at last Friday's hearing
simply confirms that the Mack Committee, created for the purpose of investigating lobbying activities in New York State, is primarily interested
in endeavoring to aid the passage of drastic Federal utility legislation by
Congress. This is shown not only by its rehash of testimony previously
received and widely publicized, but also by the admission of its counsel and
witnesses that they are working hand in glove with the Senate Committee,
also created to investigate lobbying in Washington, although its energies
are being devoted to any anti-utility sensat onalism which will make newspaper headlines.
The Associated will not be stopped by this or any similar performance
or by any sensational distortion or perversion of the facts from its opposition to injurious provisions of the utility leg slation which is pending before
Congress. Every effort is being made to discredit this enterprise which
has openly and vigorously opposed proposals harmful to its consumers and
investors and to distract public attention from the real issue. That issue
is the death sentence for public utility holding companies and bureaucratic
control of operating companies.
We urge that every holder of public utility securities write to his Senators
and Representatives protesting the enactment of any ill-advised utility
legislation at this session of Congress. Much has been said about the milder
provisions of the House bill as compared with the Senate bill. We see
little if any difference between an arbitrary death sentence and life imprisonment with a death sentence exercisable in the discretion of a Federal
bureau. We feel that no legislation should be enacted about which there
are such serious questions with respect to its constitutionality. We also
feel that no legislation generated in an atmosphere of heat, wrath and
spitefulness can be other than harmful to the public interest.
Advertising Man Dismissed from T. A. Edison, Inc., for
Advocacy of "Whispering Campaign" Against
President Roosevelt
Charles Edison, President of Thomas A. Edision, Inc., on
ug. 5 announced that the concern had dismissed E. P.
er, an assistant in its advertising department, because
he had advocated a "whispering campaign" against President Roosevelt and other national officials. Mr. Cramer,
in testifying on Aug. 1 before the Senate Committee which
was investigating lobbying activities, had admitted urging
such a campaign in connection with the fight against the
Administration's utility holding company legislation. His
testimony was noted in the "Chronicle" of Aug. 3, page 682.
Mr. Edison's statement on Aug. 5 read as follows:
A careful investigation has developed the fact that E. P. Cramer. acting
wholly on his own initiative and responsibility as a private citizen, has
written letters to certain public utilities interests recommending among
other measures a whispering campaign against the President and other
national officials. Although we have obtained no evidence that Mr.
Cramer actually engaged in such a compaign, we feel that his advocacy of
so reprehensible a plan is sufficient to warrant his release from this company.
Thomas A. Edison, Inc., is not a public utility, has no interest in the
Wheeler-Rayburn bill and no interest in Mr. Cramer's political views.
Mr. Cramer's connection with this company terminates to-day.
Mr. Cramer on Aug. 7 received an acknowledgment of
an apology he telegraphed to President Roosevelt on Aug. 4.
The acknowledgment was signed by Stephen Early, Secretary to the President.
Annual Loss of at Least $20,000,000,000 in World Trade
Due to "Short-Sighted" Policies, According to Secretary of State Hull—Indicates Intention to Continue Reciprocal Agreement Program
"Short-sighted policies" by the various Nations of the
world have damaged international trade to the extent of
$20,000,000,000 to $25,000,000,000 annually, Secretary of
State Hull said at a press conference on Aug. 6. Mr. Hull
returned to Washington from a vacation on Aug. 3, and at
that time indicated his intention of intensifying his efforts
to conclude reciprocal trade agreements. His estimate of
the cost of excessive trade barriers was made in connection
with questions based on reports that the Danish Government had issued a decree closing the quota on American
automobiles and parts from September to December, and
reducing the quotas of England and France for the same
period. He declared, however, that he was not specifically
criticizing the Danish action.
The remarks at Mr. Hull's press conference were summar
ized in a Washington dispatch of Aug. 6 to the New York
"Times"
On the other hand, he made it clear that he considered the arbitrary
exercises of such authority over trade by national governments as one of
the factors that have caused the world-wide depression. This type of
activity the United States is seeking to correct by the reciprocal trade
treaties being negotiated with foreign countries, he said.
Mr. Hull went on to explain that under the innumerable artificial and
arbitrary methods and devices of trading between countries that have been
in vogue in recent years, the volume of legitimate international trade had
been whittled down and hacked to pieces.
He expressed hope that the nations would accept a broad, liberal program which would point the way back to economic sanity and business
recovery.
The Premier of Denmark is scheduled to arrive here on Aug. 24, but
Secretary Hull said that he had not been apprised of any official reason
for the visit. He added that he would be happy to receive and talk with
the Premier.
The reciprocal trade treaties were criticized in the House of Representatives to-day by Representative James G. Scrugham of Nevada, who
850
Financial Chronicle
said that they "constitute the most flagrant example of giving away material trade advantages with no adequate compensatory return which is
recorded in all the history of the Nation."
Mr. Scrugham charged that the bargaining power of the Government
had been "progressively diminished" with the completion of each new
reciprocal agreement because of the proviso that beneflas granted to one
country in a treaty must be extended to all others to which most-favorednation treatment is granted.
He Is the author of a bill to displace the unconditional most-favorednation trade treaties with conditional treaties such as the special one between the United States and Cuba, in which benefits are confined to the
two contracting countries.
4.
R. G. Tugwell Discusses Federal Land Conservation—
Says Administration's Program Was Evolved by
President Roosevelt When He Was Governor of
New York
Problems of the Federal land conservation and agricultural readjustment program were explained on Aug. 7 by
Rexford G. Tugwell, Under-Secretary of Agriculture. Addressing the Tompkins County Development Association at
Ithaca, N. Y., Mr. Tugwell urged his audience to approve the
land plans of the Administration. He said that Government
officials are continually consulting those whose interests are
affected, and are seeking to avoid all that smacks of bureaucracy. New York State did not go as far toward catastrophe
as did some other parts of the country, he said, because that
State began to effect a wiser use of land and a wider degree
of control over social resources.
Mr. Tugwell recalled that when President Roosevelt was
Governor of New York he advocated a land-use policy "designed to effect a more satisfactory adjustment of the people
to the land which supported them." This program, he said,
Involved land retirement, reforestation, and rationalization
of social services.
His further remarks were reported as follows in a dispatch
from Ithaca to the New York "Times" on Aug. 7:
"The administration of President Roosevelt is now engaged in an intensive
effort to stimulate in the country as a whole the same procedures and objectives which you have here elaborated. Like you, we are zoning land on
the basis of scientific soil surveys and are assisting the people who have been
rendered economic refugees by the attempt to cultivate unsuitable or exhausted lands to relocate themselves on terms which will prevent a recurrence of the blunders of the past. Like you, we are attempting to rationalize
our agricultural institutions in terms of what our people desire and what
their resources will enable them to produce.
Not Quick or Easy Job
"It is not too fanciful to state that our land utilization program, as it
applies in the great river basin between the Alleghenies and the Rockies,
is simply to build fences and to attend to drainage on a scale commensurate
with the huge natural forces which nature and man have loosed in that
region.
"When we reforest millions of acres, build Norris Dam, undertake watershed protection thousands of miles square, and check water erosion in a score
of States, we are simply draining and irrigating our farm. When we turn
back to grass the lands which have been put under the plow and which have
blown east in the drought, when we attempt to find the natural economic
limits of cotton, wheat and corn, we are simply providing for a rotation of
crops designed to restore fertility and to achieve agricultural balance."
Mr. Tugwell declared that the work seemed dramatic "because the scale
Is so much bigger than anything which we have been accustomed to consider"
and because this size requires the use of the biggest mechanism in the
country, the Federal Government, to deal with the continental problems.
"This is not a quick or easy job on which we are engaged," he continued.
"It is the work of at least a generation and cannot be approached by slap•
dash methods or by emotional ballyhoo. It will require at least ten years
to make a real start on the necessary readjustment of people to resources in
this country. This means that, in the deepest sense, this entire program of
resettlement and rehabilitation must be one of economic co-operation and not
be guided by political expediency."
Rural'Electrification Administration Plans to Spend
$100,000,000 Within Next Year—Committee Representing Private Utilities Says Amount Could Be
Expended Advantageously in Building Distribution
Lines
Agreement as to the desirability of expending $100,000,000
for the construction of electric distribution lines in rural
areas, not now having power and light service, was revealed
in an exchange of letters made public July 31 between the
Rural Electrification Administration and a committee representing the private electric utility industry. The committee
conducted a two-month nation-wide survey of the rural electrification problem, and then presented a program designed
to provide electric service for several hundred thousand
farms. Morris L. Cooke, Administrator of REA, said that
as a result of the committee's study it seemed probable that
during 1935-1936 at least the entire present allotment of
$100,000,000 of Federal funds could be advantageously loaned
to public and private agencies for building rural lines.
Mr. Cooke also predicted that through the general interest
aroused the private industry would be led to large additional
privately-financed expenditures in rural areas. Mr. Cooke
said, in part:
We are very grateful to those leaders of the industry who, months ago
sensing both the business opportunity and the social responsibility inherent
in the Administration's plans for rural electrification, arranged for this
nationwide and industry-wide survey.
During the conduct of this study the newly-organized REA staff has been
In constant touch with the industry's leaders and has sought in every way
to co-operate. Through the activities of this committee representing a very
large part of the operating electrical industry individual companies throughout the country have been kept in touch with the purposes and policies
REA, as these purposes and policies have been developed since REA was
established by Executive Order on May 11.
e
Aug. 10 1935
Thus, while REA has been getting itself together and going through the
necessary preliminaries to action, the private industry, through its constituent companies, has been canvassing its field. Without the loss of
further time co-operative action is now feasible.
The committee representing the industry included the
following members:
William Chamberlain, Chairman United Light & Power Co.
Thomas IV. Martin, President Alabama Power Co.
Grover C. Neff, President Wisconsin Power St Light Co.
P. H. Powers, Vice-President West Penn Power Co.
Hudson W. Reed, Assistant to President United Gas Improvement Co.
H. F. Smiddy, head of commercial department, Electric Bond & Share Co.
W. W. Freeman, Vice-President Colombia Gas & Electric, Chairman.
The REA announcement added:
Whatever the number or amount of loans the REA may make for the
proposed private company construction program, ample provision will be
made for the financing of similar projects sponsored by public bodies
and by farm co-operatives.
Additional work relief funds can be set aside for the use of the REA as
they may be needed, or provision can be made for REA to obtain needed
funds from some other source.
Projects now pending before REA which have met satisfactorily all the
tests thus far applied as to economic soundness, will not be prejudiced by
the proposed program of the private industry. Loans to finance them will
be authorized, as contemplated heretofore, as soon as they receive final
approval.
American Liberty League Asserts President Roosevelt
Has "Usurped" Legislative Powers Through Executive Orders—Says They Involve Policies Which
Should Be Passed on by Congress
President Roosevelt's "usurpation" of legislative power is
"clearly shown" by an examination of the Executive Orders
issued during his administration, the American Liberty
League declared in a statement issued on Aug. 4. A
pamphlet published by the League said that "by no stretch
of the imagination can many of these orders be regarded as
ministerial acts in execution of laws enacted by the Congress. Policies are involved which under the principles of
democracy should be passed upon by the Congress, members
of which reflect the varying viewpoints of citizens of different areas and schools of thought." The League said that
actions of the President in issuing his Executive Orders violated the letter and intent of the Constitution.
The League's charges regarding Executive Orders were
enumerated as follows:
1. Executive Orders issued between March 1933 and July 1935 total more
than 1,250.
2. Administrative orders Issued by officials under authority of Executive
Orders during the same period run into the thousands.
3. Both the Executive and administrative orders have the force of law,
violation being punishable in many cases by fines and even by imprisonment.
4. About 50 new agencies and additional branches of existing agencies
and departments have been created by executive order.
5. Executive Orders already issued during this Administration exceed by
several hundred the total during the entire four years of the last Administration.
6. Orders issued under previous Administrations were almost entirely of
a ministerial character, whereas many issued during the last two years are
executive edicts affecting the lives and property of citizens.
7. Through Executive Orders based on broad grants of power, proposals
previously rejected by the Congress have been put into effect.
8. New agencies created by executive order have embarked upon all sorts
of projects never even discussed at the time of the enactment of the law
which illegally delegated authority to the Executive.
9. The National Industrial Recovery Act and more recently the Work
Relief Act have furnished the authority for the bulk of the law-making
by executive order.
The League said:
So long as the judgment of the entire membership of the Congress is
allied to important questions a balance will be maintained in the public
Interest. It is contrary to our scheme of government to place supreme
power in the hands of a single individual, 28 has been done in European
countries where parliamentary bodies have become nonentities. Encroachment by the Executive upon legislative prerogatives, in violation of the
letter or even the intent of the Constitution, stnacks of autocracy and
despotism. It is subversive of popular government.
Rhode Island Congressional Election Seen as New
Deal Rebuke—Republican Elected Where Democrats Obtained Big Majority in 1932
Administration policies suffered what was described as
a setback in popular approval on Aug. 6 when the First
Congressional District in Rhode Island chose as its Congressman Charles F. Risk, a Republican, who defeated his
Democratic opponent, State Treasurer Antonio Prince, by
almost 13,000 votes. Mr. Risk obtained 48,023 votes and
Mr. Prince 35,054. The result was regarded as particularly significant in view of the fact that in 1932 the district
gave the Democratic candidate a majority of more than
21,000 votes. In the recent campaign Mr. Risk denounced
New Deal policies, while Mr. Prince staunchly supported
the Administration. Republican and. Democratic leaders
attributed the Risk victory to voters' dislike of such programs
as the cotton processing tax and the utility legislation.
President Roosevelt at his press conference on Aug. 7
refused to comment on the result of the Rhode Island election. Associated Press advices of that date from Providence
discussed the situation as follows:
Republican party leaders hailed the result as a repudiation of the Roosevelt Administration and a portent of what is to follow throughout the
nation next year. Democratic leaders in Rhode Island were slow to
comment, although those in National Councils discounted its significance
outside of Rhode Island.
Volume 141
Financial Chronicle
The New Deal was the issue on which the campaign was fought. Antonio
Prince sought support as an Administration candidate and characterized
Charles F. Risk as a "conservative and reactionary" who would "not
support the President's program if he goes to Washington."
Mr. Risk attacked the New Deal for its effect on the cotton textile
Industry, a leading activity of the district, and charged the Roosevelt
Administration with attempting to "discourage private Christian charity
and encourage public charity." Ile accused Mr. Prince of uttering only
"generalities" and called upon him to distinguish between "the good and
bad in the New Deal."
No national figures participated in the campaign.
In Rhode Island, political observers interpreted Mr. Risk's victory
not only as a rebuke to President Roosevelt's policies, but also a sign of
disapproval of the State Democrats, who took control of Rhode Island
last November for the first time.
Business Men Urged to Seek Industrial Loans from
Federal Reserve Banks—E. J. Noble Says $100,000,000 Has Been Borrowed in Year—Analyzes Results
of Spending in New York Area
Established business enterprises needing more working
capital were urged on Aug. 6 by Edward J. Noble, President
of Life Savers, Inc., and member of the Industrial Advisory
Committee of the Federal Reserve Bank of New York, to
apply for loans from Federal Reserve Banks. Speaking on
a radio broadcast, Mr. Noble discussed Federal Reserve bank
loans to industry, and said that about $100,000,000 of such
loans had been approved in the year since the law permitting
the banks to extend industrial credit was passed. Almost
$200,000,000, he added, still remains to be lent.
Loans have been granted to all kinds of business, Mr.
Noble pointed out, with twice as many loans going to manufacturers as to merchants, and five times as much money.
Among the borrowers he listed makers of and dealers in
food products, textiles, lumber and machinery. In the New
York district alone, he said, 60% of the money lent was
being expended for labor, materials and the financing of
accounts receivable, 30% to pay bank debts, 63% to pay
off other obligations, and 1%% for plant improvements.
He estimated that 26,000 workers would be added to payrolls as the result of loans made by the Federal Reserve
Bank of New York.
Discussing the procedure necessarily followed in seeking
such loans, Mr. Noble said, in part:
These Reserve bank loans are intended, as I have said, to furnish working
capital—money to keep a business going or to expand it, so that it can
make money. Working capital can easily be used up in many ways, as by
the sheer drag of the depression, by sudden changes in fashions or popular
taste, by unwise management in the past, by unfortunate investments, by
large expenditures on plant or equipment. Sometimes a business expands all
out of proportion to the capital originally invested. Sometimes a new
sales opportunity produces an unexpected need for new capital. Of course,
there is a general understanding as to what working capital is. But the
phrase—like other expressions in the law—is not defined by the Federal
Reserve Board, and each of the twelve banks is at liberty to interpret it for
Itself, As a matter of fact, money is being borrowed to keep up or increase
payrolls, to add to inventory, to buy raw materials, to pay trade creditors,
to enable a concern to buy for cash or to give its customers credit, to provide
a reserve fund for emergencies; payment of existing loans and purchases
of equipment being sometimes met by a portion of the proceeds of a working
capital loan.
You may be wondering how to go about it to borrow this money.
There is no great difficulty—no red tape entanglements to cut through.
We'll say your banker refuses to make a regular loan. Then you ask
him to participate with the Federal Reserve bank of the district in a
13b
loan.
You know, if I were talking to bankers to-night, I would explain
methods
of participation, and I'd show what good business it is for
the banker. But
I'm talking from the angle of the prospective borrower.
If the banker will co-operate, he will probably take the lead in negotiating
the loan. If not, go yourself to the nearest Reserve bank or branch.
If it is
too far away, write a letter. When you go tell the whole story.
You will
be received courteously and sympathetically. If, after the case
has been
talked over, you seem to be an eligible borrower, there will
be an application
blank to make out. There ought to be no difficulty about
that. The bank
will gladly explain any points you don't understand.
Naturally, the bank
ought to know all the facts if it Is going to lend you money.
representatives will make the necessary credit investigation, The bank's
check up on
your statements, and draw a complete picture of your business
situation.
Then the Advisory Committee, composed of active business men,
will make
it; recommendation, following which the bank will make the final
decision.
Processing-Tax Suits Multiply—Farm League to Launch
Counter Drive Against Tariff—Federal Judge Restrains Collection of Taxes from Packers and
Cereal-Millers—Denounces AAA
Judicial actions to restrain collection of Agricultural Adjustment Administration processing taxes continued to increase in number this week. Indicative of the multiplying
cases involving these taxes was the record of Federal Judge
William H. Kirkpatrick, of Philadelphia, who on July 31
Issued 64 restraining orders and renewed 30 previously
issued, in the cases of meat packers, tobacco growers, flour
millers and others testing the legality of the processing
levies. Meanwhile opposition to the drive against the AAA
taxes developed further, as it was announced on Aug. 5, in
Des Moines, Iowa, that thousands of corn, hog and wheat
growers had been invited to join the newly-formed League
for Economic Equality to fight for preservation of the AAA.
The League announced also that it would seek injunction
suits to halt the collection of duties under the Hawley-Smoot
Tariff Act. It was reported that machinery for the League's
drive would be set in motion to-day (Aug. 10) when the
Executive Council meets at Sioux City, Iowa.
851
Our latest reference to the various processing tax suits
was given in the "Chronicle" of Aug. 3, pages 688 and 689.
On Aug. 5 carded and combed yarn spinners from all parts
of the country, representing 3,000,000 spindles, met at Charlotte, N. C., and passed the following resolution concerning
the processing tax:
If and when, for any reason, seller's liability for processing taxes levied
under the AAA as heretofore and hereafter amended is increased, decreased
or terminated, or such taxes shall be invalidated by final decision of the
United States Supreme Court, prices on any undelivered portion of this
contract are subject to adjustment at a rate per pound computed on the
basis of the conversive factors set up by the Treasury Department decision
4483, approved May 10 1934.
In addition, the seller will credit on the purchaser's account the amount,
computed on the basis of such conversion factors, of any such tax which
by reason of any such invalidity shall have been refunded to the seller or the
seller shall have been relieved from paying, with respect to any delivered
portion of this contract, invoiced within 90 days prior to such determination
of invalidity;
Provided, the buyer shall only be entitled to such credits with respect to
such delivered portions held as floor stocks, as to which direct refunds from
the Government are not recoverable by the holders of such stocks.
Hearings were begun in Federal Court in Columbia, S. C.,
on Aug. 6 on 55 temporary injunctions that had been issued
by Federal courts restraining the Collector of Internal Revenue for the State from collecting processing taxes from
cotton mills. A dispatch from Greenville, S. C., to the New
York "Journal of Commerce" on Aug. 6 reported these hearings as follows:
Assistant District Attorney Louis M. Shimel at the outset moved for dismissal of the suits "solely on the grounds of lack of equity and lack of
jurisdiction." Attorneys for the mills asked the court to make the restraining orders permanent, and pointed out that manufacturers found
it
difficult to pass the tax on to consumer and the mills were absorbing
the
tax. Government attorneys replied that there was no occasion
for the
manufacturers to absorb the tax.
The judges will file their decisions in the cases later, each jurist
acting
separately on the merits of each case brought before him.
Temporary restraining orders against collection of the
processing tax from 18 meat packers and two cereal milling
concerns were granted Aug. 1 by Federal Judge Barnes in
the United States District Court in Chicago. The Chicago
"Journal of Commerce" of Aug. 2 quoted from his decision
as follows:
Describing the AAA's processing tax on foodstuffs as "no tax at all"
and
terming the proposed amendments to the AAA as "extraordinar
y," Judge
Barnes declared:
"I think it is nothing less than deprivation of property—a direct
violation of the Fifth Amendment of the Constitution of the United States."
These 20 suits involved the "cream" of the 'food processing
industry,
including Armour & Co., Swift & Co., and Wilson & Co., with
15 other
packing concerns, and General Mills, Inc., through its subsidiary,
Washburn
Crosby, and Quaker Oats Co.
More than $7,000,000 of processing taxes, mostly for May
and June, are
tied up by the decision. Counsel for the plaintiffs were
instructed by the
court to work out formal details with the United States
District Attorney's
office to-day regarding deposit of the tax funds or their
equivalent in escrow
under the charge of the court.
Declares Levy Not a Tax
Judge Barnes's remarks follow:
"I think that prima facie, the plaintiffs have made a case
plaint showing that the so-called processing tax regulating by their bills of comagriculture and hog
raising has not been done by any power of Congress under the
Constitution. I
further do not believe that this regulation of agriculture and
State commerce, nor do I think that this exaction levied uponproduction is interthe processors is a
tax because it is not levied for any governmental purpose.
"It is not for governmental purpose when money is taken from
the pocket of
John Brown and placed into the pocket of John Jones—it isn't
for
purposes when money is taken out of the pockets of a million John governmental
Into the pockets of a million John Joneses," he stressed, adding Browns and put
that in
there exists no authority for this procedure either under the Inter-Statehis opinion
commerce
laws or the Constitution. It was at this point where violation of the fifth
amendment of the Constitution was charged. "But even lilt is a real
tax, the Supreme
Court has furnished precedent for an Injunction."
Discusses AAA Amendments
Here the judge entered into a discussion of the proposed
amendments to
the AAA, stating that now the legislative branch of the Government
threatens
to remove the right to recover money paid in.
Daily Average Crude Oil Production Drops
100,300 Barrels
Pr. The American Petroleum Institute estimates
that the
daily average gross crude oil production for the
week ended
Aug. 3 1935 was 2,634,350 barrels. This was a drop
of
100,300 barrels from the output of the previous week.
The
current week's figure, however,remained above
the
barrels calculated by the United States Departme2,600,600
nt
Interior to be the total of the restrictions imposed of the
various oil producing States during August. Daily by the
production for the four weeks ended Aug.3 1935 is average
estimated
at 2,705,700 barrels. The daily average
output for
ended Aug. 4 1934 totaled 2,451,300 barrels. the week
Further
details as reported by the Institute follow:
Imports of petroleum for domestic use and receipts
in bond at principal
United States ports for the week ended Aug. 3,
a daily average of 166,142 barrels, compared with totaled 1,163.000 barrels,
a daily average of 142,430
barrels for the week ended July 27, and
153.857 barrels daily for the four
weeks ended Aug. 3.
Receipts of California Oil at Atlantic and
Gulf
ended Aug. 3. totaled 192,000 barrels, a daily Coast ports for the week
average of 27.428 barrels,
compared with a daily average of 21,464
barrels for the four weeks ended
Aug. 3.
Reports received from refining companies
barrel estimated daily potential refining owning 89.5% of the 3,806,000
Indicate that 2,467,000 barrels of crude capacity of the United States,
oil
operated by those companies and that they daily were run to the stills
had in storage at refineries at
the end of the week, 28,489,000 barrels of
finished gasoline; 5,884,000
Financial Chronicle
852
barrels of unfinished gasoline and 106,143.000 barrels of gas and fuel oil.
Gasoline at Bulk Terminals, in transit and in pipe lines amounted to
19,768.000 barrels.
Cracked gasoline production by companies owning 95.9% of the potential
charging capacity of all cracking units, averaged 565,000 barrels daily•
during the week.
•
DAILY AVERAGE CRUDE OIL PRODUCTION
(Figures in Barrels)
Average
4 itreeks
Ended
Aug. 3
1935
Actual Production
Dept. of
Interior
Calcula- Week End. Week End
July 27
Aug. 3
lions
1935
1935
(August)
523,950
153,050
516,600
148,800
415,200
132,150
61,800
59,050
25,650
156,750
50,450
465,000
42,200
57,500
59,150
58,550
25,750
155,250
49,400
455,400
41,750
57,350
61,250
58,800
27,450
149,400
50,550
470,600
47,900
57,200
140,450
Panhandle Texas
North Texas
West Central Texas
West Texas
East Central Texas
East Texas
Conroe
Southwest Texas
Coastal Texas (not Including Conroe)
498,800
145,700
51,900
56,950
26,050
151,550
47,050
432,900
40,000
56,550
512,000
148,000
Oklahoma
Kansas
Week
Ended
Aug. 4
1934
146,600
145,000
121.600
1,024,400 1,003,400 1,065,000 1,047,600 1,044,750
Total Texas
24,800
113,000
22,650
113,900
23,100
116,850
24,400
71,850
130,000
137,800
136,550
139,950
96,250
30,700
103,700
36,800
30,350
107,100
45,700
30,450
105,400
45,000
30,450
106,100
44,550
31,650
103.850
29,800
36,700
11,300
4,000
40,250
11,450
4,050
42,400
11,150
4,100
40,100
11,600
4,200
36,300
9,300
3,800
52,000
55,750
57,650
55.900
49,400
53,000
510,000
53,950
555,800
54,000
563,600
53,750
562,000
47,450
500,800
North Louisiana
Coastal Louisiana
Total Louisiana
Arkansas
Eastern (not Wel. Mich.)
Michigan
Wyoming
Montana
Colorado
Total Rocky Mtn.States
New Mexico
California
2,600,600 2,634,350 2,734,650 2,705.700 2,451,300
Total United States
-The figures Indica ed above do not include any estimate of any oil which
Note
might have been surreptitiously produced.
AND
CRUDE RUNS TO STILLS,FINISHED AND UNFINISHED GASOLINE
GAS AND FUEL OIL STOCKS, WEEK ENDED AUG. 3 1935
of barrels of 42 gallons each)
(Figures in thousands
Stocks
Stocks a Stocks
of
13 Stocks of
of
Gas
of
UnFinand
Daily P. C. tshed finished Other
Repor frig
Aver- Oper- Gass- also- Motor Fuel
011
line
Fuel
line
ated
Total P. C. age
Daily Refining
Capacity of Plants
District
Potenfiat
Rate
1st Coast._
Dpalachlan.
d.. III.. Ky
fla., Kan.,
Missouri_
land Texas
ilas Gulf-‘. Gulf __-_
-Ark.
D. La.
poky Mtn_
lilfornia.-
612
154
442
612 100.0
146 94.8
424 95.9
453
330
617
169
80
97
852
384
160
595
163
72
60
789
itals week:
bug. 3 1935
,,1v 27 1225
Crude Runs
to Stills
468 76.5 15,297
86 58.9 2,110
358 84.4 9,074
844
292
671
265 12,523
130
825
55 5,128
4,971
1,050
4,978
1,141
237
713
8.688
639
234
1,821
280
32
104
967
625 4,770
1,545 1,720
245 11,409
--- 4,038
375
180
783
60
2,855 64,572
3,806
3.806
84.8
48.5
96.4
96.4
90.0
61.9
92.6
260
77
544
106
33
44
491
67.7
48.1
91.4
65.0
45.8
73.3
62.2
3,405 89,5 2,467 72.5 d48,257 5,884 5,960 105,143
3.405 89.5 2,663 78.2 c48,157 6,012 5.915 105,473
b Estimated:
of unfinished gasoline contained In naphtha distillates. blended motor
a Amount
plants; also
includes unblended natural gasoline at refineries and
refineries and 19,534,000 barrels at
fuel at plants. c Includes 28,623,000 barrels at
28,489,000 barrels at refineries
bulk terminals, in transit and pipe lines. d Includes and pipe lines.
and 19.768,000 barrels at bulk terminals, in transit
Federal Government to Reduce Relief Allotments to
New Jersey $3,000,000 Monthly-8,000 Men Face
Loss of Relief Jobs if Projects Are Abandoned
AdAll works projects under the New Jersey State Relief
ministration will be abandoned and the Federal allocation
it was
of funds for New Jersey will be reduced $3,000,000,
revealed on Aug. 6 in orders received by the State Relief
Council. Chester I. Barnard, Chairman of the Council,
works
told Governor Hoffman that abandonment of the Fedprojects would throw 8,000 men out of employment.ranged
have
eral contributions to the State in the past yearHoffman imas high as $7,000,000 per month. Governor
mediately communicated with Federal authorities in an
effort to obtain a modification of the order. A dispatch
from Trenton Aug. 6 to the New York "Sun" quoted the
Governor as follows
without a
"If the Federal allocation for August is cut to $3,000,000
rolls and
compensating number of persons being removed from the relief
Progress Administration, it will be entirely
Placed at work under the Works
Hopkins," the
out of line with the promise made me by Administrator
Governor declared.
allotment for emergency relief
"Mr. Hopkins stated that the Federal
in the
would only be reduced in a way commensurate with the reduction
by November 30
number of relief clients. Mr. Hopkins estimated that
State's requirements
the works program would be so far advanced that the
dollars a month.
for relief purposes could be reduced one and a half million
would continue to make direct grants
He said that the Federal Government
carried out as schedfor relief in the event that the works program was not
uled."
72,000 "White-Collar" Men to Be Employed on Commerce Dept. Census Projects Financed from Work
Relief Fund-President Roosevelt Makes Other
Allotments on Work Program
Secretary of Commerce Roper announced on Aug. 5 that
local
about 72,000 "white-collar" workers will be hired from carry
relief rolls under the Federal work relief program to Deof the
out three census projects under the supervision Aug. 5 appartment of Commerce. President Roosevelt on
Aug. 10 1935
proved the last of these projects, providing for the expenditure of $7,784,000 for a census of business enterprise of 1935,
Including the collection of basic information on number of
operating units, employment, payrolls, receipts and other
business data. An additional $2,097,948 will be spent on the
other two projects, involving compilation of a card index
system from which a list of those eligible for old age pensions can be drawn, and a retail trade survey.
President Roosevelt said at his press conference, on
Aug. 2, that the announced plan of the Administration to
end direct Federal relief would probably not be literally
fulfilled, and that it was possible that in some States there
will remain a small percentage of persons on direct relief
even after the work relief program reaches its peak. On the
following day (Aug. 3) the President approved an allotment
of $12,000,000 to the Forest Service for the purpose of withdrawing land from cultivation and developing it for other
uses. In connection with this plan, a Washington dispatch
of Aug.3 to the New York "Times" said, in part:
The project is in line with the President's policy of buying and taking
out of production 10 acres of land for every acre put into cultivation
through reclamation and irrigation projects. Much of the retired land will
be used for public forests, national parks, improved ranges, wild life
refuges and recreational areas. Civilian Conservation Corps members and
relief workers will be placed on land retired from cultivation in order to
conserve and improve it.
Rexford Guy Tugwell's Rural Resettlement Administration is pushing
ahead, meanwhile, with plans for resettling metropolitan populations in
suburban areas. A survey of 20 or 30 principal cities is being taken with
this in view, it was revealed to-day.
As the first of a great number of rural projects, Mr. Tugwell's organization has requested funds for establishing forest homesteads for 1,000
Ore. It is planned to establish 40 or 50 of these
families at Oak
which
homesteads fromm Ridge, the stranded population in a cut-over timber country
may obtain part of its livelihood, earning the rest of its living by working
in the Willamette National Forest nearby.
Allotments totaling $98,830,000 for a co-ordinated national land-use program were recommended to President Roosevelt by his Advisory Committee
on Allotments July 23. Of this sum, $64,830,000 would be spent by the
Interior Department Bureau of Reclamation, $22,000,000 by the Resettlement Administration.
Another Washington dispatch to the "Times" on Aug. 5
gave further details of allotments from the work relief fund
as follows:
Speeding operation of the vast land-use program, President Roosevelt
approved an allotment of $40,350,000 to-day by Rexford G. Tugwell's Resettlement Administration. He had allotted $12,000,000 to the Forest
Service Saturday for the co-ordinated land program.
About $22,000,000 of to-day's allocation to Mr. Tugwell'e organization
will be used to take land out of present production and to develop it for
other uses. Of the remainder, $18,350,000 will be used by the Bureau of
Reclamation for a land improvement program.
To offset the 100,000 acres of land to be developed by the Reclamation
Bureau, 1,000,000 acres of land will be bought by the Resettlement Administration and the Forest Service for retirement and conservation under the
President's plan to retire 10 acres of land for every one put into use.
The Resettlement Administration has put under option about 11,000,000
acres of land.
A dispatch of Aug. 2 from Washington to the New York
"Herald Tribune" reported the President's remarks at his
press conference on that date, in part, as follows:
Mr. Roosevelt said that he expected the works relief program to be well
under way by the middle of October or Nov. 1. He pointed out, however,
that there are usually more unemployed in January, February and March
than in the early winter, so that the peak of the works relief program
might not be reached until the early months of 1936. In referring to the
promise to Create 3,500,000 jobs, he said he hoped, of course, that the
pick-up in private employment would not make it necessary to reach this
maximum.
Mr. Roosevelt also explained some of the administrative red tape that is
holding back progress on the program. He said that even after the allotments have been made by him, on the recommendation of the allotments
committee, there were three other steps to be taken before the money for
the works progress projects was forwarded to the States. First, the Budget
Bureau had to go through the entire list of approved projects and classify
them under the several headings under which the appropriation was made to
Congress. This, he said, was usually a matter of three or four days for a
long list of small projects, because of the difficulty of classifying some of
them. Then, he said, he had to sign the necessary papers. He said none
of the papers was allowed to remain in the White House more than two
hours.
Delay in Comptroller's Office
From the White House, he said, the papers go to Comptroller-General
John R. McCarl, who must then pass on each project to determine whether
It comes within the scope of the program as outlined by Congress and
whether it has been placed in the proper category by the Budget Bureau.
In some instances, Mr. Roosevelt said, the Comptroller-General's office has
needed two or three weeks to make this check of a list of small projects.
The great part of the delay, up to now, has been in the ComptrollerGeneral's office, he said.
Mr. Roosevelt quickly added, however, that undoubtedly some of the
projects presented difficult questions and that the Comptroller-General
properly studied them carefully before establishing precedents. Ile was
confident, he said, that as the program progressed and after the first
precedents had been established by the Comptroller-General, there would
be much less delay at this point. Presumably, this is one of the questions
which the President explored with the Comptroller-General last week-end
on the Sequoia.
Agricultural Outlook Best in Several Years, According
to W. I. Myers, Governor of FCA
The outlook for agriculture is better than it has been for
several years, W. I. Myers, Governor of the Farm Credit
Administration, said on Aug. 5 in a statement to the representatives of the 12 Federal Land banks who were assembled
Volume 141
Financial Chronicle
in Washington last week to discuss farm sale problems. The
Governor stated:
According to the reports from most of the Federal Land bank districts,
farm sale prices have advanced materially in the last few months, and I am
wondering if we are entering a farm real estate boom period. Personally,
I do not think it would be wise to enhance the prices of farms unduly, and
I believe the influence of the 12 banks should be in the interest of normal
recovery rather than boom enhancement of prices. We should not contribute
to the stimulation of a land boom by becoming over-optimistic about land
values.
Governor Myers referred to the fact that the Federal Land banks have
been lending on normal values of land and that they intend to pursue
this policy rather than to follow prices in any course which they may take
above normal.
He stated that the Land banks are going on a cash loan
basis to-day, the first time in many months, having discontinued the use of Federal Farm Mortgage Corporation bonds
in lieu of cash in closing loans. He added:
We hope before long the land banks will discontinue the use of FFMCI
bonds to secure cash and that they will obtain their loanable funds through
the sale of their own consolidated, tax-exempt bonds.
Referring to the increased use of Land Bank Commissioner and Land bank funds in making loans to young men
• and tenants who wish to become farm owners, Governor
Myers said:
For several years now it has been less profitable in very many instances
to own a farm than to rent it, but we are entering another era now and with
the price of farm land still low in most communities young men and tenants
will have an opportunity to purchase farms. Many tenants during the
depression have felt that they did not wish to accept the risk of becoming
farm owners. As conditions continue to improve, more tenants will take
the risk and become farm owners, if the number of requests for farm purchase
loans now being received by the Federal Land banks is an indication of
future trends. All loans of this kind will be handled on their merits.
Loans Available to Farmers Desiring to Store Grain
on Their Farms—Announcement of Governor
Myers of FCA
W. I. Myers, Governor of the Farm Credit Administration, announced on Aug. 7 that loans will be made on a
business basis to farmers who wish to store grain on their
farms. Governor Myers said:
The production credit associations, of which there are more than 550
In the United States, serving all counties, are equipped to make loans to
farmers on a business basis, taking as security grain held for sale and
stored in farm warehouses. These will be regular production credit loans
and made for any agricultural purpose. They will, however, give farmers
an opportunity to borrow on grain stored in good storage on their farms
and thus avoid the necessity of taking grain to the elevator or mill, to be
purchased later by another farmer for feeding purposes.
The bulk of the feed produced is consumed in the county in which it is
grown, and I believe it will be a distinct service to farmers to grant them
credit on a business basis whereby they can avoid hauling feed back and
forth to the elevator or warehouse but can stord it properly on their
farms
and use it as security for a loan when necessary. Much of the feed
produced in the United States is sold to neighbors, and if a farmer
is
operating on a sound business basis, there is no reason why he shouldn't
be granted credit on the security of grain properly stored on his farm just
as readily as an elevator operator can borrow money on grain held in his
elevator or warehouse.
The amount loaned will depend upon the needs of the borrower
and the
security offered. These loans will be made to farmers who rate as
good
credit risks and who will give their notes to the production credit association together with a chattel mortgage or a warehouse receipt in those
States
where laws provide for their issuance on grain properly stored on
farms.
Navy Department Delivers Ultimatum in New York
Shipbuilding Corp. Strike—Demands Company
Accept Appointment of Arbiters
Continuation of the 12
-week strike at the shipyard of the
New York Shipbuilding Corp. resulted in the issuance on
Aug. 7 of an ultimatum by the Navy Department, in which
it gave the company until noon on Aug. 8 to accept arbitration. At the same time the Department said that in the
future there would be written into Governemnt contracts
a requirement that labor disputes be submitted to governmental arbitration immediately to prevent voidance of
contracts.
The Shipbuilding corporation on Aug. 8 presented its
reply to the Navy's ultimatum that arbiters be accepted.
The company indicated that it agreed to the principle of
arbitration, but reiterated its opposition to the closed shop,
and said that this could not be arbitrated on the ground
that it violates the laws of New Jersey and is condemned
by the United States Supreme Court. Meanwhile union
leaders late this week said that even if the company accepted
arbitration proposals they might not end the strike. Their
remarks were noted as follows in a dispatch from Camden,
N. J., Aug. 8 to the New York "Sun":
While company officials were replying in Washington to the Government's offer, rejection of which might cost the company 550,000,000 in
,naval construction contracts, the union negotiating committee issued a
statement expressing disappointment at reports that the Navy Department
alone would choose the members of the board of arbitration.
It also expressed disappointment that the subject matter for arbitration
has not been defined, a time limit for the proceedings has not been set,
and that the board will insist on a modification of Secretary of Labor
Perkins' plan of settlement.
"If these reports are true," the statement said, "the acceptance by
the corporation of the Navy Department's proposals will in no wise hasten
the settlement of the strike."
Secretary of Labor Perkins yesterday (Aug. 9) said that
means for settling the strike had virtually been completed,
853
and she predicted resumption of work at the shipyards in the
near future.
Associated Press Washington advices of Aug. 7 discussed
the Navy ultimatum as follows:
The demand made on the Camden company to-day was a reiteration of
one made last Friday. President Roosevelt, at his press conference to-day.
said he expected an immediate reply from the corporation.
Col. Henry L. Roosevelt, Assistant Secretary of the Navy,subsequently
disclosed, however, that to-morrow noon would be the latest time in which
the company could agree.
The strike was called by the Industrial Union of Marine and Shipbuilding
Workers of America on a demand for a 15% rise in wages, elimination of
piece work and a preferential shop. The union has stated it was willing
to accept arbitration and charged the company with refusing all mediation
efforts.
The company, on the other hand, has contended before House Labor
Committee hearings into the dispute that the strike was engineered by a
small Communistic minority, that most of the workers were ready to
return to work under the old agreement, and that it would be impossible
for the company to meet striker demands and stay in business.
Our latest reference to the strike was contained in the
"Chronicle" of Aug. 3, page 691.
Board of Tax Appeals Finds C. E. Mitchell Guilty of
Income Tax Evasion in 1929 and 1930—Rules He
Must Pay $1,100,000 for "Wash Sales" to Establish
Losses
The Board of Tax Appeals on Aug. 7 ruled that Charles E.
Mitchell, former Chairman of the National City Bank of
New York, was guilty of fraudulently evading income taxes
in 1929 and 1930, and must pay about $1,100,000 in taxes
and penalties. Mr. Mitchell's attorneys announced on
Aug. 8 that the decision would be appealed. The ruling
was concurred in completely by only eight of the 14 members
of the Board, but it was interpreted as a Government victory, since the ease represented the first test before the
Board of "wash sales" of securities made to establish losses
for income tax purposes. In Mr. Mitchell's case the Board
held that such a sale was fraudulent.
We quote in part from a Washington dispatch of Aug. 7
to the New York "Times," commenting on the decision;
Other big tax cases, including one against Andrew W. Mellon, former
Secretary of the Treasury, involve the same issue.
Although Mr. Mitchell was acquitted in 1933 of criminal charges of
Income tax evasion brought against him by the Government in Federal
District Court in New York, the tax board held that this did not bar it
from finding fraud in the civil proceeding before the board. Conviction
of fraud in a civil suit imposes a penalty equal to 50% of the deficient tax.
The Government's original claim was for $850,429.68 in deficient income taxes and $425,214.84 as a penalty for fraud. The board's decision
overruled some of the Government's minor claims and left for later determination the final amount to be paid by Mr. Mitchell.
But the Bureau of Internal Revenue estimated to-night that taxes and
Penalties "exceeding $1,100,000" would be required of Mr. Mitchell unless
he appealed to the courts for a reversal. Mr. Mitchell "was insolvent by
an amount in excess of $3,000,000" in 1932, however, according to the tax
board's own decision.
Dividing the complicated case into six parts, the board ruled as follows:
1. That Mr. Mitchell was guilty of fraud in claiming in his 1929 tax
return a $2.872,305.50 loss on 18.300 shares of stock sold to his wife and
later repurchased. The board upheld the Government's argument that
this was not a bona fide sale.
2. That Mr. Mitchell was guilty of fraud in failing to include in his
1929 income 5666,666.67 received from the National City Company's management fund, notwithstanding the fact that he subsequently signed a
receipt acknowledging the money to be an overpayment subject to later
repayment. These two omissions made his 1929 return "fraudulent with
intent to evade tax," the board held.
3. That Mr. Mitchell's 1930 income tax return was also made fraudulent by his failure to include $54,900 in dividends received on the National
City Bank stock sold to Mrs. Mitchell in 1929.
4. That Mr. Mitchell actually sustained a loss of 5758,918.25 in 1930
on the sale of 8.500 shares of Anaconda Copper Mining stock to W. D.
Thornton. This was the only point decided in Mr. Mitchell's favor.
5. That acquittal of Mr. Mitchell by a jury in New York in 1933 on
criminal charges of income tax evasion did not prevent the finding of fraud
and a.ssessment of penalties by the board in a civil proceedings.
6. That collection of the deficient taxes and penalties was not blocked
by the statute of limitations, since fraud was involved.
Ernest H. Van Fossan, veteran board member, who also presided over
the Andrew Mellon income tax proceedings, wrote the majority opinion.
He laid heavy stress on the taxpayer's responsibility to file honest returns.
saying that "it is a maxim of our law that,in dealing with the Government,
taxpayers must turn square corners."
Unions Threaten Strike of Skilled Workers on New
York City Relief Projects in Protest Against
Federal Wage Scale—Men Walk Out as Pay is Cut
Union leaders representing various skilled trades employed
on Works Progress Administration projects in New York
City decided at a meeting on Aug. 8 to call a strike of all
skilled unionized workmen on such projects as a protest
against the new Federal work relief wage schedule. They
deferred the announcement of their vote, however, pending
a conference with General Hugh S. Johnson, Works Progress
Administration Administrator.
General Johnson had
announced on Aug. 7 that 270 skilled laborers who had left
their jobs on that date would be given 36 hours to return,
and that those who failed to do so would be dropped from
the rolls.
General Johnson on Aug. 8 carried the dispute to the
public in a radio speech in which he declared that certain
"interests" had special aims to further in opposing the
present relief program.
Union officials yesterday (Aug. 9) were reported to have
said that 15,000 men working on WPA projects would have
joined the strike by next week. WPA headquarters, however, reported that only 752 men were actually striking, and
that only one project had been forced to close down. Presi-
854
Financial Chronicle
dent Roosevelt indicated at a press conference that he would
support the WPA in maintaining the "security wages"
against which the New York workers threatened to strike.
Meanwhile H. L. Hopkins, Work Relief Administrator,
said yesterday that the Government would have 3,500,000
persons at work under its new program by Nov. 1, and that
Federal relief would cease by that date.
George Meany of the Central Trades and Labor Council
said on Aug. 7 that his organization had recommended strike
action to the various locals and intended to stand behind this
announcement. Mr. Meany's statement, and the comments
of city officials, were quoted as follows in the New York
"Times" of Aug. 8
The strikes, which resulted in work being stopped on the Astor low-cost
housing Project at First Street and Avenue A. the only instance of definite
cessation, had the appearance of unorganized and scattered protests until
Mr. Meany explained the steps that lay behind them.
Locals Urged to Strike
On July 12, he said. the Works Progress Administration committee of the
Central Trades had sent out a recommendation to all locals that, in the
event of a cut in wages on relief work projects, the locals should call their
men out.
The cut went into effect last Monday. Up to that time the men had
been receiving the prevailing rate, whatever it was for their craft, but with
the change to a Federal administration they were cut to a fixed rate of
$93.50.a month for skilled workers and rates ranging from $65 to $85 for
the semi-skilled workers.
-hour month. Before, the men
This rate is paid on the basis of a 120
worked just a sufficient number of days each month at the prevailing rate
to earn $60, and usually it was from four to eight days. Now they get
$93.50 for three weeks' work.
Out of 322 men employed in the afternoon shift at the Astor project
yesterday, 146 refused to report for work, leaving 176 men, some skilled
and some not, on the job. Those who refused to work began milling about
in the street, and General Johnson, after taking to Langdon W. Post,
Tenement Commissioner, ordered work stopped.
Post Gives His Stand
Immediately afterward Mr. Post made the following statement:
Approximately 85% of the skilled labor on the Astor housing project
walked out this afternoon, definitely crippling the construction work. At a
conference yesterday with the representatives of the bricklayers' union. I
pointed out to them that for the first time in the history of the construction
have
industry the men who were working on these housing projects wouldwas a
a chance to live in them. I also pointed out that although $93.50 in the
nevertheless it was a 33% increase
reduction in their hourly rate,
amount of money they made each month.
the
The unions which have fought so hard for so many years to establish will
wage
principle of the prevailing wage are fearful that this securityprinciple of
break down this principle. I am in definite sympathy with the
organized labor and the prevailing wage rate and I would not care to have
any share in contributing toward the breakdown of this principle. present
I do not, however, share the fear of organized labor that the
relief wage, which is definitely stated to be a relief wage, can be used by
private employers or contractors to break down the regular wage rate.
-.4,---.
•
Death of Frank H. Hitchcock, Former Postmaster
General
Frank H. Hitchcock, former Postmaster-General under
President Taft, died at Tucson, Ariz., on Aug. 5 after a
short illness. Mr. Hitchcock, who was 65 years old, was
editor and publisher of the Tucson "Daily Citizen" at the
time of his death. The New York "Times" of Aug. 6 published the following brief biography of Mr. Hitchcock:
Frank Harris Hitchcock was born in Ohio. A great part of his active
life was devoted to government, particularly government as conducted by
Republican Administrations. Generally, he shunned public office, preferring to be the man who chose candidates and helped elect them rather
than seek office himself.
In his most important post, that of Postmaster-General under President
a
Taft, be achieved a unique distinction. He converted a deficit into
profit of $219,000 in the fiscal year ended in June 1911. Two years before
in
there had been a deficit of $17,000,000. In his message to Congress,
balance was
February 1912, President Taft emphasized that this favorable
by cutting the number
not attained by reducing the number of employees,
economy.
of post offices, or by lowering salaries, but by scientific
Death of Franklin B. Hayne—Cotton Broker Was
77 Years Old
Colonel Franklin B. Mayne, widely known throughout the
Southern States and in foreign cotton markets, died on
Aug. 3 of heart disease at his summer home near Mandeville, La. He was 77 years old. Mr. Hayne, who conducted
a cotton brokerage business at New Orleans, was formerly
President of the New Orleans Cotton Exchange. Before the
World War he played a prominent part in merchandising
cotton. The New York "Herald Tribune" summarized his
career, in part, as follows:
As Vice-President and a director of the New Orleans Industrial Canal
Land and Harbor Development Co., Ltd.. and a director of the New Orleans &
North Eastern RR. Co., he was long active in reclamation work lii the
suburbs of New Orleans.
Mr. Rayne was born at Charleston, S. C., on Feb. 13 1858.
Educated at the private school of Dr. A. Sachtleben, in Charleston, Mr.
Hayne first engaged in the cotton business in 1883 with the firm of
Watson & Hill, of Charleston. Since 1905 he conducted his own business
In New Orleans.
He was a past President of the East Louisiana RR., President of the
Poitevent & Fevre Lumber Co., a Vice-President and director of the Industrial Harbor and Seabrook Realty companies, and President and director
of the Harbor Equity Co.
J. G. Laylin Resigns as Assistant General Counsel of
Treasury Department
The resignation of J. G. Laylin as Assistant General
Counsel of the Treasury Department was announced on
Aug.8 by Henry Morgenthau Jr., Secretary of the Treasury.
In reporting the resignation, Associated Press advices from
Aug. 10 1935
Washington, Aug. 8, stated that Secretary Morgenthau
declined to say whether it was actuated by disagreement
over Treasury policies. The advices continued:
Senator Vandenberg, Republican, of Michigan, told the Senate yesterday that he "understood" Mr. Laylin had written a "blistering" letter
to Mr. Morgenthau asserting that he "would have no part in repudiation"
of gold clause contracts.
4ecretary Morgcnthau said Mr. Laylin had submitted a formal letter
of resignation. He added that Mr. Laylin originally joined the department for two years and had stayed ia excess of that time. He said,further,
that be had been offered positions with three different law firms.
• ''If he wants to give out his letter of resignation he may do so," Mr.
Morgenthau added.
Mr. Laylin was reported to be in Mexico, but his friends said they did
not know where. Upon tars return here be will become affiliated with the
local law firm of Covington, Burling, Acheson & Shorb.
In his now connection he will be affiliated with Dean G. Acheson, First
Under Secretary of the Treasury in the Roosevelt Administration, who
resigned allegedly in protest against the Administration's financial policies.
Senate Confirms Nomination of E. G. Draper as Assistant Secretary of Commerce—President Roosevelt Also Names Others
President Roosevelt on Aug. 5 sent to the Senate the
nomination of Ernest Gallaudet Draper, of New York City,
as Assistant Secretary of Commerce and the Senate confirmed the nomination on Aug.8. Mr. Draper succeeds John
Dickinson, recently appointed Assistant Attorney General.
He is Vice-President of the Hill Brothers Co., packers of food
products and was formerly a member of the Business Advisory Council.
The President on Aug.5 also nominated Charles H.March,
of Minnesota,for reappointment to the Federal Trade Commission for a term of seven years, and Carl H. Bauer, as
State director of the Public Works Administration in Illinois.
Samuel 0. Rice Resigns as Educational Director of
Investment Bankers Association
Samuel 0. Rice, educational director of the Investment
Bankers Association of America, has resigned his position
with the Association, it was announced at the organization's
office in Chicago, Ill., Aug. 4. Mr. Rice will remain with
the Association, it was stated, until his successor has been
selected. He organized the Association's educational department 12 years ago. Mr. Rice said:
I am leaving the Association with a great deal of regret. It has given
me such a really worth while list of friendships among investment bankers.
editors and educators throughout the entire country that I have long hesitated to lessen the opportunity for these contacts. For some years I
have had a small interest in the publishing business. Now that I feel
assured that business is definitely on the up-trend I feel that I should,
for the eternally-present financial reasons, give more of my time to that
work.
The Association plans to continue, it was said, many of
the activities of its educational department whiCh were
developed under Mr. Rice's direction.
W. W. Aldrich Resigns from Business and Advisory
Council—Head of Chase National Bank Is Latest
of 29 Business Leaders Who Have Left Administration Group
Winthrop W. Aldrich, Chairman of the Chase National
Bank, New York, has resigned as a member of the Business
and Advisory Council of the Department of Commerce, it
was revealed in Washington on Aug. 7. Mr. Aldrich's
resignation, which was submitted on the plea of pressure of
other obligations, was the sixth in recent weeks of the business leaders who were organized two years ago to advise the
Administration on the business situation. Twenty-nine
members in all have resigned from the Council. In a letter
to Secretary of Commerce Roper, Mr. Aldrich said that the
demands upon his time made it difficult for him to attend
Council meetings, and that "in justice to my other obligations" he should resign.
The Council, which now consists of 43 members, has adjourned until Fall. A special committee is said to be considering the question of permanent dissolution. Associated
Press Washington advices of Aug. 7 discussed the most recent resignation as follows:
While amicable reasons have been given publicly for the resignations,
several council members have stated privately that they were dissatisfied
with the Council's effectiveness in advising the Administration. Other
resignations were believed to be impending.
Secretary Roper found no special significance in Mr. Aldrich's and the
other resignations. At his press conference, when asked if there was a
possibility of the Council breaking up, he said "not the slightest."
"There are a lot of business men." the Commerce Secretary added."and
many who resigned were too busy to attend the Council's meetings. Those
who have been with us longer have become more interested in the work
and I venture to guess that these oldest members will be the last to leave."
Others who recently resigned were: Robert L. Lund, St. Louis, Chairman, National Association of Manufacturers; James F. Bell, Minneapolis,
President General Mills, Inc.; Howard Heinz, Pittsburgh, President H. J.
Heinz Company; Edward L. Ryerson, Jr., Chicago, President Joseph T.
Ryerson & Son, Inc.; Harold C. Smith, Chicago, President Illinois Tool
Works.
Pall Meeting of Actuarial Society of America to Be
Held in Toronto Oct. 3 and 4
The fall meeting of the Actuarial Society of America will
be held on Oct. 3 and 4 at the Royal York Hotel, Toronto,
Ontario, Canada, it was announced on Aug. 2 on J. B.
MacLean, Secretary.
Volume 141
Financial Chronicle
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
Arrangements were made Aug. 8, for the sale of a New
York Stock Exchange seat at $125,000, a new high price for
the year, and an advance of $11,000 from the last previous
transaction.
The New York Cotton E- xchange membership of Lee
Rosenberg was sold Aug. 7, to Joseph A. Russell for another
at $9,500, off $1,700 from the last previous sale on July 11.
At a recent meeting of the Board of Trustees of the
Williamsburgh Savings Bank, Brooklyn, N. Y., John F.
Mackay was elected to the board. Mr. Mackay succeeds to
the vacancy caused by the death of James F. Bendernagel.
At the board of directors meeting of the Chemical Bank &
Trust Co., New York, held Aug. 8, Emil C. Williams was
elected an Assistant Vice-President of the bank.
The Equitable Securities Corp., with headquarters in Nashville, Tenn., has announced the appointment of John J. Rust,
formerly associated with Chemical Bank & Trust Co., New
York, as Assistant Vice-President in charge of sales, with
headquarters in their New York office. The company, in
addition to New York, has branches in Birmingham, Chattanooga, Knoxville and Memphis.
Application for a charter has been made to the State
Commissioner of Banking and Insurance of New Jersey for
a savings institution to be known as the Bank of Somerset
County of the Borough of North Plainfield, according to
Plainfield advices on Aug. 8 to the New York "Times"
which added:
Capital stock will be $50,000. the minimum prescribed by State law, with
a surplus of $15.000. A public hearing on the application will be held in
Trenton on Sept. 10.
Depositors of the defunct Su- n Savings Bank of Rising Sun,
Ohio, were to receive a 10% dividend payment on Aug. 8,
according to advices from that place on Aug. 2 appearing
in the Toledo "Blade," which also supplied the following
details:
This is the sixth dividend returned to the depositors and totals 80%.
Payments will be made at the bank at Wayne, where the office of the
liquidator is now.
Depositors of the Munn Ban- king Co. of Portage, Ohio, will
shortly receive a dividend of 30% if an application filed iii
Common Pleas Court is approved, we learn from Bowling
Green, Ohio, advices on August 5, printed in the Toledo
"Blade." The dispatch continued:
The dividend payment will total $38,108, the petition states. The bank
has already Paid a first 30% dividend since it c1losed May 16 1934.
According to the Chicago "Tribune" of Aug. 2, checks
were mailed on July 31 to depositors of the closed Cheltenham Trust & Savings Bank of Chicago for repayment of
$40,345, or 15% more. This is the third distribution since
.
the bank went into receivership, bringing total returns to
65%. The paper continued:
Further repayments are anticipated. Money for the current distribution
was obtained in ordinary liquidation. Receivers William L. O'Connell
reported $16,226 also had been paid in prior claims and old bills.
--a--
A plan to pay off all deferred deposit certificates will be
submitted to the stockholders of the Oak Park Trust &
Savings Bank, Oak Park, Ill., at a meeting to be held Sept.
10. If approved, more than $1,000,000 will be released
to 7,000 holders of the certificates. In noting the matter,
the Chicago "News" of Aug. 2 went on to say:
Stockholders also will be asked to approve a plan for writing down the
pat value of the bank's stock from $100 to $50.
The Reconstruction Finance 'Corp. is co-operating in the payoff Plan.
as well as the Federal Reserve Board and the State auditor of public
accounts.
We learn from the Detroit "Free Press" of July 31 that
the Romulus State Bank of Romulus, Mich., was to reopen
the following day with a 70% payment to all depositors,
involving more than $200,000. The institution had been
operating under a conservator for more than two years.
The paper continued, in part:
The payment to depositors was made possible through the liquidation of
the bank's assets and without the aid of Government loans, according to
James R. Taylor, the conservator. Future deposits will be protected by
Federal deposit insurance.
With the payment of a che- ck for $10,426,849 to J. F. T.
O'Conner, Comptroller of the Currency, the last step was
taken to turn over final liquidation of the defunct Guardian
National Bank of Commerce of Detroit, Mich., to a depositors' corporation. Payment of the remaining claims will
be made by B. C. Schram, the receiver, his last service in
liquidating the institution. We quote further from the
"Michigan Investor" of Aug. 3, from which the above information is also obtained:
The depositors' corporation will continue auditing the assets taken over,
with a book value originally approximating $60,000,000, but on which the
present-day value has been appraised by the Comptroller, the receiver, and
the depositors' corporation in a settlement which fixes 87% as the optional
final payoff. The check turned over to the Comptroller includes $4,025,250
for final settlement of the accounts of 6,500 who elected not to continue
with the depositors' corporation.
855
With 87% fixed as the value of the assets, and 68% already reimbursed
to depositors, the new and final dividend will amount to 19%. Officials
of the depositors' corporation aim to administer the affairs of the closed
institution so that a greater return will be made than the estimate, to the
profit of those who will wait until the affairs are entirely liquidated.
In addition to assuming the Reconstruction Finance Corporation obligation of more than $10,000,000, the corporation has provided for settlement
of upwards of $1,400,000 of unproved claims and contingencies. The total
of known depositors has been reduced to 10,000 with deposit liabilities of
slightly under $30,000,000. Half of the depositcrs who represent fourfifOa of the total deposits co-operated with the corporation, and former
stockholders co-operated voluntarily in making a $5,040,000 assessment
with this and allied National banks of the Guardian group.
It is learned from Blytheville, Ark., advices, on Aug. 1,
printed in the Memphis "Appeal," that the closed First
National Bank of Blytheville was to pay a 35% dividend to
its depositors beginning Aug. 2. We quote the dispatch,
in part:
The dividend is the fourth to be declared since the bank closed its doors
Oct. 30 1931, and brings to 100% the payment to depositors. . . .
Although no official announcement has been made, it is anticipated that
the depositors will also be paid an interest dividend before the receivership
finally is closed, probably early next year.
The fourth dividend, which was announced to-day (Aug. 1), was made posible by the sale of the bank building several weeks ago to the Lee Wilson
estate. . . .
Louis R. Engel was advanced from Assistant Auditor to
Auditor of the Mississippi Valley Trust Co. of St. Louis, Mo.,
on July 31, succeeding the late James M. Turley, whose death
occurred recently, and at the same meeting the directors appointed Clifford L. Moore, Assistant Auditor in lieu of Mr.
Engel. In noting the matter, the St. Louis "Globe-Democrat"
of Aug. 1, went on to say in part:
Mr. Moore has been with the bank since 1917 and is a graduate of the
School of Commerce and Finance of St. Louis University. Mr. Engel, who
started with the Mississippi Valley Trust Co. in 1896, had been Assistant
Auditor since 1928.. .
.
The Davis National Bank of Mullins, Mullins, S. C., capitalized at $50,000, was chartered by the Comptroller of the
Currency on Aug. 2. A. H. Buchan heads the new institution,
with R. C. Tucker as Cashier.
--*-From the San Francisco "Chronicle" of Aug. 1, it is learned
that the First National Bank in Reno, Nev., a subsidiary of
the Transamerica Corporation, on July 31 opened a new
branch at Sparks, Nev. The paper added:
Joseph J. Sbragia, former Sparks banker and a member of the staff of
First National Bank in Reno since 1933, is Manager of the Sparks branch.
First National Bank in Reno now operates two branches in Reno and
branches in Carson City, Winnemucca, Tonopah, Fallon and Sparks.
Course of Bank Clearings
Bank clearings this week will again show an increase as
compared with a year ago. Preliminary figures compiled by
us, based upon telegraphic advices from the chief cities of the
country, indicate that for the week ended to-day (Saturday,
Aug. 10) bank exchanges for all cities of the United States
from which it is possible to obtain weekly returns will be
22.9% above those for the corresponding week last year.
Our preliminary total stands at $5,021,696,594, against
$4,085,273,371 for the same week in 1934. At this center
there is a gain for the week ended Friday of 34.4%. Our
comparative summary for the week follows:
Cleartngs--Returnt by Telegraph
Week Ending Aug. 10
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Franctsco
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
1935
1934
Per
Cent
$2,512,183.690
193,200,766
234,000,000
147,000.000
79,420,459
59,700,000
94,400.000
75,641,400
56,646,063
48,519,750
43.740,822
24,812.000
$1,869,878,820
174,966.859
197.000,000
128,000.000
47,000,000
46.800.000
80.692.000
61.500.971
49,445,755
40,583,183
37,964.846
21.069,000
+34.4
+10.4
18.8
14.8
69.0
27.6
+17.0
+23.0
+14.6
+19.6
+15.2
+17.8
Twelve cities, five days
Other cities, five days
$3,569,264.950
573,815,545
$2.754.901.434
477.696.675
+29.6
+20.1
Total all cities, five days
AB cities, one day
$4,143,080.495
878.616,099
$3.232.598,109
852.675.262
+28.2
+3.0
Total all cities for week
85.021.656.594
84.085.273.371
+22.9
•
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week in all cases has to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous-the week ended Aug. 3.
For that week there is an increase of 17.7%, the aggregate
of clearings for the whole country being $5,760,836,399,
against $4,894,462,824 in the same week in 1934. Outside
of this city there is an increase of 11.8%, the bank clearings
at this center having recorded a gain of 21.5%. 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
an increase of 21.2%, in the Boston Reserve Distriot of
1.8%, and in the Philadelphia Reserve District of 11.4%.
The Cleveland Reserve District has to its credit e, gain of
11.6%, the Richmond Reserve District of 7.1%, and the
Atlanta Reserve District of 4.7%. The Chicago Reserve
District has managed to enlarge its totals by 19.9%, the
St. Louis Reserve District by 10.04%, and the Minneapolis
Reserve District by 13.4%. In the Kansas City Reserve
District the increase is 11.0%,in the Dallas Reserve District
1.6%, and in the San Francisco Reserve District 19.0%.
In the following we furnish a summary of Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS
Week Ended Aug.3 1935
Irmo?
Dec.
1934
1935
1932
1933
Federal Reserve Dicta.
let Boston_ _...12 cities
2nd New York_ _12 "
3rd Philadelpla 9 "
4th Cleveland__ 5 "
5th Richmond. 8 "
6th Atlanta__ _10 "
7th Chicago. _ _19 "
8th St. Loui3... 4 "
9th Minneapolis 7 "
10th Kansas City10 "
5 "
11th Dallas
12th San Fran...12 "
$
232,577,482
3,728,109,042
338,608,245
225,174,005
114,779,848
100,562,075
426,814,483
109,062,026
93.175,181
130,884,740
43,997,400
217,091,372
$
228,482,870
6,566,737
3,07
303,958,623
201,746,713
107,169,723
96,032,409
356,042.202
98,747,696
82,143,369
117,901,839
43,306,260
182,364,383
%
+1.8
+21.2
+11.4
+11.6
+7.1
+4.7
+19.9
+10.4
+13.4
+11.0
+1.6
+19.0
$
220,387,601
7
3,463,775,27
260,327,018
192,999,813
88,440,682
84,953,068
313,404,505
93,069,141
84,719,551
98,443,170
31,529,693
151.300,004
$
230,387,344
5 2 559
3,56 3 8
268.517,739
190,145.876
122,844,653
71,223,130
326,118.822
72,108,318
67.227,816
91,722,390
30,897,155
160,349,268
111 cities
Total
Outside N. Y. City
5,760,836,399
2,140.519,379
4,894,462,824 +17.7
1,914,106,803 +11.8
5,083,349,523
1,732,012,214
5,196,671,070
1,727,069,992
22 alt104
301447.085
336.632.327 -10.4
436.479.238
262.044.341
flanada
We also furnish to-day a summary of the clearings for the
month of July. For that month there is an increase for
the entire body of clearing houses of 21.6%,the 1935 aggregate of clearings being $26,172,566,175 and the 1934 aggre
gate $21,518,988,039. In the New York Reserve District
there is an expansion of 24.7%, in the Boston Reserve District of 18.1%, and in the Philadelphia Reserve District of
11.0%. In the Cleveland Reserve Ditrict the totals are
larger by 13.9%, in the Richmond Reserve District by
15.5%, and in the Atlanta Reserve District by 15.0%.
The Chicago Reserve District enjoys a gain of 18.6%, the
St. Louis Reserve District of 9.6%, and the Minneapolis
Reserve District of 22.4%. In the Kansas City Reserve
District there is an improvement of 12.9%, in the Dallas
Reserve District of 17.4%, and in the San Francisco Reserve
District of 28.5%.
July
1932
July
1933
Inc.or
Dec
July
1934
July
1935
162 cities 26.172,566,175 21,518.988,039 +21.6 24,048.057.931 19,296,068,085
Total
,753 8,470,595,496 +16.9 7,966,186,466 7,620.804,797
9,901,107
Outside N. Y. City
29 nitlaa
4
170 508 cflA
1281.540.494
-0.1
1.791.659.241
1.104.468.356
We append another table showing the clearings by Federal Reserve districts for the seven months of each year
bask to 1932:
7 Months
1934
7 Months
1935
Ine.or
Dec.
7 Months
1932
7 Months
1933
$
$3
8
Federal Reserve Mats.
..76.8 6,198,099,813 7,543,974,791
195 Boston- _ _14 cities 7,042,761,564 6,654,554,695
York_.13 " 111,159,289,901 103,006,883,221 +7.9 94,888,935,345 1110,909,535,152
2nd New
10.097,247,712 8,897,457.767 +13.5 7,608,938,899 8.863,884,966
3rd PhIladelpla 12 "
6,719,608,929 6,011,516,289 +11.8 4,866,394,854 6,285,435,034
4th Cleveland_ _13 "
3,231,010,613 2,900,822,447 +11.4 2,266633.728 3,286,373,368
5th Richmond. 8 "
3,465,606,473 3.058,113,335 +13.3 2.232.453,341 2,790,762,944
6th Atlanta_ ___15 "
11,794,071.144 9,924,702,518 +18.8 7.428404660 11,063,163,415
7th Chicago. _ _25 "
3,433,201,224 3,070,139.039 +11.8 2.433,326,772 2,788,156,966
8th St. Louis__ 5 "
2556,168,741 2,260,086,391 +13.1 1,952,087,344 2,159,022,329
•
9th Minneapolls12
4,563,056,624 3,918,052405 +16.5 3.010,218.957 3,792,243,244
City14 •
10th Kansas
4
4
2,303.938,137 2,089,508,436 +10.3 1.595.549, 30 1,8 3,725,297
10 "
11th Dallas
6,497,890,101 5.496,793,645 +18.2 4,503,651,777 6649,626.865
12th San Fran 21 "
162 clties 172,863,851,163 157,288,630388 +9.9 138983,694,820 158,976903.361
Total
64,861,843,915 57,056,379,761 +13.7 46,681,509,419 59,178,378,083
Outside N. Y. City
..,..4.
fl
00 .......
a Am, x.., qr,,,
n ell not
WA
.4-07
5700 MA ROO
Our usual monthly detailed statement of transactions on
the New York Stock Exchange is appended. The results for
July and the seven months of 1935 and 1934 are given below:
Seven Months
Month of July
Description
1934
1935
1934
1935
234,390,398
154,276,102
21,113,076
29,427,720
Stock, number of shares_
Bonds
Railroad & nib:cell. bonds $178,323,000 $159,245,000 31,238,224,000 81,528,217,000
396,994,000
228,268,000
35,223,000
33,881,000
State, foreign, dm,bonds
397,702,700
444,135,000
23,471,000 69,284,000
U.S. Government bonds_
$235,675,000 $263,752.000 31,910,627,000 32,322,913,700
Total bonds
The volume of transactions in share properties on the
New York Stock Exchange for the seven months of the years
1932 to 1935 is indicated in the following:
1934
No. Shares
1935
No. Shares
7 107 070 IA/
1932
No. Shares
1933
No. Shares
54,565.349
56,829,952
29.900,904
18,718,392
19,314,200
20,098,557
34,362,383
31,716,267
33,031,499
49,663,714 141,296,205
58,129,049
99,110.149
52,896,596
29,845,282
25,335,680 104.213,954
16,800,155 125,619,530
31,470,916
23.136,913
23,000,594
19,409,132
14,404,525
15.850.057
Month of January
February
March
First quarter
22,408,575
30.439,871
22,336,422
April
May
June
124 848,382 213,277,322 340,859,129 176,718,572
Six months
20 427 720
Month of July
21 112 076 120 271 242
23 057.334
The following compilation covers the clearings by months
since Jan. 1 1935 and 1934:
MONTHLY CLEARINGS
Clearings Outside New York
Clearings, Total AN
Mo nth
1935
1934
1935
1934
$
%
$
$
%
$
25,538,411,841 21.395,409,595 +19.4 9.331.886.572 7,843,155,202 +19.0
Jan
20,793,838,124 20,505,980,543 +1.4 7,941,880,939 7,006,078,545 +13.4
Fe
Mao7._ 26,352,301,657 23,512,614,673 +12.1 9,320,994,207 8,354,247,617 +11.6
let 311_ 72,684,551,622 645.414.004,811 +11.1 26,594,761.718 23,203,481,363 +14.6
Apr11_ 24,757,018,469 24,350,745,087 +1.7 9,291.816,289 8.262,130,385 +12.5
Ma y _ _ 24.924,505.50422,955,219.861 +8.6 9,750,988,045 8.496,304.511 +14.8
Jun6.. 24,325,211,393 23,049,672,390 +5.5 9,323,170,110 8,623,868,006 +8.1
2d qu_ 74,006,733,30670.355,637.338 +5.2 28,366,540,496 25,382,302,902 +11.8
,os. 146691284,988 135769642.149 +8.0 54.980.738.16248.585,784.205 +13.1
6141
Jul r __ 28.172868.175 21.51R_ORR.039 -1-21.6 0.901.107_753 R Am
$
$
%
$
$
Federal Reserve Dlsts.
919,797,053
958.562,203 +18.1 1,092,786,140
let Boston _ _ _ _14 cities 1.131,929,110
16,753,202,541 13.436,733,215 +24.7 16,479E60,371 12,087,606,012
2nd New York__13 "
1.489,514,501 1,341.323,694 +11.0 1,159,899,191 1,217,526707
la
ird Phlladelp• 12 "
850,926,238
841,428,313
910,194,663 +13.9
1,036,283,540
4th Cleveland__13 "
343,303,748
436,237,580
434,403,238 +15.5
501,530,040
_ 8 "
5th Richmond
332,607,616
362,986,805
423,123,975 +15.0
486,606,738
6th Atlanta_ _._15 "
1,759,345,244 1.483,103,117 +186 1,421,107,482 1,316,234,853
7th Chicago _ _ _25 "
341,381.577
416,702,813
447,318,745 +9.6
490,167,622
8th St. Louis_ 5 "
314,889.124
393,768,662
346,601,130 +22.4
424,082,967
9th Minneapolls12 ••
521,525,890
547,841,831
643.045,637 +12.9
726,118,652
10th Kansas City 14 "
224,591,241
247,427.765
292,531.262 +17.4
343,394,107
10 "
11th Dallas
732,775,194
747,112,168
802,047,160 +28.5
1,030,391.113
12th San Fran_ _21 "
r.ane.ist
Aug. 10 1935
Financial Chronicle
856
504 am
44-1 R c
The course of bank clearings at leading cities of the country
for the month of July and since Jan. 1 in each of the last
four years is shown in the subjoined statement:
BANK CLEARINGS AT LEADING CITIES IN JULY
Jan. 1 to July 31
1932
1932
1935
1934
1933
1933
1934
1935
(000,000:
$
omitted)
16,271 13,048 16,062 11,675 108,002 100,232 92,302 97,798
New York
799
7.012
7,400
6,324
960 1.018
5,434
1,125
Chicago
6,509
951
788
6.069
5,383
829
5,770
979
Boston
8,339
9.691
7,245
8,4)13
1,421 1,282 1,102 1,147
Philadelphia
229
2,232
281
1,887
1,620
299
1.991
330
St. Louis
330
2,922
361
403
2,534
2,613
453
2,121
Pittsburgh
3,584
402
432
3,088
2,581
445
3.061
568
San Francisco
236
1,733
1.659
175
1,533
234
260
1,131
Baltimore
181
1.407
179
1,284
1,236
1,036
177
210
Cincinnati
279
2,469
302
1,957
2,039
1,605
351
401
Kansas City
287
1,894
248
265
2,051
1,730
297
1,376
Cleveland
214
1,623
280
227
1,416
1,463
274
1,346
Minneapolis
98
755
85
817
93
685
106
502
New Orleans
261
2,079
2,594
202
294
2,097
356
811
Detroit
71
775
83
535
96
685
104
507
Louisville
90
824
96
685
118
805
534
127
Omaha
33
259
36
40
34
259
239
217
Providence
470
64
54
391
499
60
72
315
Milwaukee
106
829
114
118
126
685
801
786
Buffalo
62
666
70
85
576
105
404
458
St. Paul
666
442
666
683
74
78
93
105
Denver
56
418
48
388
58
346
70
277
Indianapolis
889
101
102
782
117
809
134
680
Richmond
33
413
47
50
382
54
274
306
Memphis
95
791
88
649
543
702
95
122
Seattle
356
37
40
296
246
284
43
54
Salt Lake City....
35
318
45
260
239
253
39
51
Hartford
24,215 19,913 22,579 17,783 159,992 146,076 129,856 145,042
9,168 11,934
1,958 1.608 1,475 1.513 12,872 11,213
Total
Other cities
26,173 21,519 24,054 19,296 172,884 157,289 139,024 156,976
Total all
Outside New York_ 9,901 8,471 7,992 7.621 64,862 57,056 46,722 59,178
We now add our detailed statement showing the figures
for each city separately for July and since Jan. 1 for two
years and for the week ended Aug. 3for four years:
CLEARINGS FOR JULY, SINCE JANUA RY 1, AND FOR WEEK ENDING AUG. 3
1935
1934
$
$
-13 ostonFirst Federal Reser ve District
2,226,936
2,866,249
Me.-Bangor
7,343,592
7.712,922
Portland
829,128,857
978,674,191
-Boston
Mass.
2,590,636
2,779,294
Fall River
1,354,703
1,471,690
Holyoke
1,106,691
1,443,890
Lowell
2.617,926
3,084,610
New Bedford
10,980,780
12,546,286
Springfield
5,517,242
6,012,687
Worcester
39,412,695
51,105,241
-Hartford
Conn.
14,822,889
16,844,523
New Haven
4,984,700
5,413,800
Waterbury
34,289,900
39,777,800
-Providence_ _ _ _
R. 1.
1,984,654
2,195,927
-Manchester_
H.
N.
Total(14 cities)
1,131,929.110
Week Ended Aug.3
7 Months Ended July 31
Month 01 July
Clearings at
Inc. or
Dec.
1935
1934
Dec.
1935
1934
Inc. or
Dec.
1933
%
$
$
%
$
$
%
$
+28.7
+2.2
+18.0
+7.3
+8.6
+30.5
+17.8
+14.3
+9.0
+29.7
+13.6
+8.6
+16.0
+10.6
18,033,239
49,781,922
6,069,464,586
19,577.708
10.182,683
9,465,031
18.837,103
80,707,854
39,743,035
318,476,439
99,399,020
36,119,900
258,776,100
14,197,144
15,078,013 +19.6
50,093,664 -0.6
+5.2
5,770.032,948
+6.8
18,329,275
+0.7
10.112,507
8,447,750 +12.0
+7.6
17,499,463
+1.3
79,671,404
+7.1
37,112,681
259,643.322 +22.7
101,027,550 -1.6
+4.3
34,644,700
+8.2
239,148,200
+3.5
13,713,218
631,243
1,853,374
199,160,181
465,195
958,562,203 +18.1
7.042,761,564
6,654,554,695
+5.8
232,577,982
291,011
593,227
2,699,602
1,343,947
11,726,995
4,238,492
8,833,800
1,038,915
1932
$
516,883 +22.1
1,635,021 +13.5
201,000,000 -0.9
568,058 -18.1
495,450
1,818,529
190,000,000
625,789
484,427
2,279,859
193,000,000
502,566
+12.2
+11.4
+11.2
+7.8
+50.7
+10.0
275,000
625,688
2,337,508
1,191,106
12,187,258
3,024,544
337,349
511,325
2,950,120
2,309,726
12,780,420
3,680,494
+4.1
8,194,000
469,363 +121.3
7,089,800
716.959
9,112,800
438.258
+1.8
220,387.601
230,387,344
259,441
532,341
2,428,785
1,247,007
7,779,802
3,852,169
228,482,870
Financial Chronicle
Volume 141
857
CLEARINGS-(Continuea)
7 Months Ended July 31
Month of July
Clearings as
1935
Inc. or
Dec.
1934
S
$
Second Federal Res erve District -New York
-Albany
N. Y.
32,678,083
40,264,797
Binghamton
3.999,713
4,882.369
Buffalo
118,076,639
125,700,000
Elmira
1,962,934
2,541,617
Jamestown
2,064.076
2,630,927
New York
16,271,458,422 13,048,392,543
Rochester
25,572,313
29,447,191
Syracuse
18,902,958
14,910,360
Conn.
--Stamford
10,988,720
14,352,248
N. J.
-Montclair
1.535,522
1,312,723
Newark
66,433,619
72,924,504
i
Northern N.s
108,615,173
165,085,289
Oranges
3,728,319
11,476,697
Total(13 cities)
1935
07
.
0
$
1934
1935
1934
lac. or
Dec.
1933
1932
$
%
3
$
%
$
$
297.479,928
+23.2
263,115,523
31,592,208
+22.1
26.097,702
828,920,558
785,905,744
+6.5
17,521,364
+29.5
15.249,764
15,399,128
+2/.5
13,6/3,372
+24.7 108,002,007,248 100,232,250,427
196,649.084
+15.2
184,726,906
112,339,796
+26.8
101.663,695
87,400,149
+30.6
80.453,821
11,768,452
+17.0
10.779,657
529.982,953
+9.8
504,388,343
+54.8 1,002,917.895
763,555,333
25,311,138
-6.7
25,022,929
16,753,202,541 13,438,733,215 +24.7111,159.289,901 103,006,883,2h
Third Federal Rese rve Di2trict- Philadelphia
Pa.
-Altoona
1,5o5,741 +22.7
11,00,018
1,908,822
Bethlehem
b_
a48,772,597
a*1,900,000
Chester
8,435,265
1,129,758 +11:8
1,280,691
Harrisburg
52,726,695
8,379,908
7,303,702 +14.7
Lancaster
29,606,915
4,506,313
4,210,209 +7.0
Lebanon
1.409.838 +20.2
10,332,286
1,694.480
Norristown
2,282,644 +6.7
13.728,184
2,435,622
Philadelphia
1,421,000,000 1,282.000,000 +10.8 9,691,000,000
Reading
4,855,374 +22.7
36,661,646
5,959,525
Scranton
9,148,211 +7.7
, 63,369,052
9,850,454
Wilkes-Barre
28,339,642
4,074,013
4,586,116 -0.2
York
5,053,001 +35.7
37,885,829
6,858,173
N.J.
-Trenton
17,790,100 +18.5
113.782,200
21,088,500
Total(12 cities)
1,489,514,501 1,341,323,694 +11.0 10,097,247.712
Week Ended Aug. 3
Inc. or
Dec.
10,365,418
b
8,041.477
47,056,978
23,974,143
8,894,389
13,911,795
8,513,000,000
31,615,877
63,720,886
40,741,848
30,992,760
105,142,200
8,924,515
6,640,334
+13.1
1,356,852
+21.1
1.668,744
+5.5
29,200,000
27,697,624
603.914
445,749
+14.9
577,793
358,944
+12.6
+7.8 3,620,317,020 2.980.356,021
6,489,456
6,302,390
+6.5
3,423,135
+10.5
3,446,173
2,478,570
+8.6
2,628,480
513,031
+9.2
519.134
+5.1
18,461,346
17,540,384
27,171,522
37,556,648
+31.3
+1.2
+7.9 3.728,109,042 3,076.586,737 +21.2 3,436,775.277-3,565,128,559
+10.0
400,132 +14.8
b
268,808 +2
-6:ii
372,914
b
290,006
391,871
*2,200,170
382,744
1,187,979
-r-4.8
867,293
1,211,319
327,000,000
1,200,905
2,423,775
1,086,495
1,794,706
3,057,000
293,000,000
981,358
2,493,734
1,283,684
1,493,948
2,846,000
+11.6
+22.0
-2.8
-15.4
+20.1
+7.4
250,000,000
969,679
2,334,948
1,550,420
1,434,858
2,500,900
255,000,000
1,854,957
3,090,514
1,875,813
1,432,521
3,278,000
338,608,245
303,958,623 +11.4
260,327,018
268,517,739
44,f91,616
63,391,786
9,512,000
c
c
c
c
37,968,072 +16.3
58,106,032 +9.1
8,007,800 +18.8
35,L9,927
62,255,695
7,432,700
c
c
34.905,234
58,167,544
7,400,300
*1,300,000
b
1,046,391 +14.2
b
b
930,721
b
735,809
b
106,778,603
96,618,418 +10.5
86,990,770
88,937,189
459,269
a455,937
340,889
-1---4.5
+12.0
+23.6
+16.2
-1.3
+13.8
+18.0
-0.6
-30.4
+22.2
+8.2
1.245,206
8,897,457,767 +13.5
Fourth Federal Res erve District -Clevelando
cub-Akronc
c
c
Canton
4,939,847 +59.9
7.899,524
Cincinnati
210.376,478
177,143,716 +18.8
Cleveland
297,428,991
265,200,064 +12.2
Columbus
38,191,200 +18.4
45,228,400
Hamilton
1,606,324 +15.6
1,856,202
Lorain
624,922 +48.7
920,347
Mansfield
5,454,146
4,717,792 +15.6
Youngstown
b
b
b
Pa.
-Beaver County
1,082,948 -48.6
556.741
Franklin
443,102 -3.8
428,443
Greensburg
945,440 -3.4
913,276
Pittsburgh
453,163,416
402,807,925 +12.5
Ky.-Lexington
5,218,117 -4.8
4,967,898
W. Va.-Wheeling
7,273,266 -2.8
7,082,679
Total(13 cities)
..... 1,036,283,540
910,194,663 +13.9
c
46,433,578
1,408,648,945
1,894,429,076
298,522,700
13,544,730
5.608,204
36,123,993
b
4,875,996
2,668,227
6,916,425
2,921,604,383
38.530,905
45,905,787
c
34.595.048
1.236,488,438
1,729,693,589
252,744,300
11,459,530
3,917,966
33.053,857
b
4,732,015
2,581,795
5,380.024
2,613,251,876
35,621,653
47.997,198
6.719,608,929
6,011,516,289 +11.8
Fifth Federal Reser ire District.- Richmond
W, Va.-Huntington
679,268
684,836
Va.-Norfolk
10,318,000
10,346,000
Richmond
133,973,806
117,310,797
N.C.
-Raleigh
c
c
S. C.
-Charleston_ _ _ _
4,668,512
3,088,392
Columbia
5,010,300
6,887.705
Md.-Baltimore
233,697,916
260,0/9,224
Frederick
1,188,238
1,934,896
Hagerstown
b
b
D. C.
-Washington_
63,082,328
83,003,061
-2.1
-0.3
+14.2
c
+51.2
+37.5
+11.3
+62.8
b
+31.6
4.286,395
69,254,000
889,122,207
c
27.701,787
43.643,579
1,658,884,651
9,177,995
b
528,939,999
4,122.271
60,617,000
809.139,074
c
24,267,178
42,556,603
1,532,973,793
7.395.700
b
419,750,828
434,403,238 +15.5
3,231,010,613
2,900.822,447 +11.4
+15.0
+24.1
+4.3
+10.6
+12.3
+21.8
+31.4
+7.9
+9.9
+30.3
+54.2
+7.6
b
--4.5
+9.4
+13.8
81,535,418
399,160,444
29.127,157
1,202,000,000
16,487,373
21,877.841
375,160,019
30,843,812
460.696,537
34.262,005
22,033,571
26,193,000
b
7,465,795
3,482,490
755,281,006
65,707,340
332,767,880
28,649,332
1,087,000,000
14,370,140
18.359.392
307,278,046
31,012,463
404,682,704
29,707,386
11,282.523
24,742,000
b
7,909,252
3,399,488
685,245,409
+24.1
+20.0
+1.7
+10.6
+14.7
+19.2
+22.1
-0.5
+13.8
+15.3
+27.5
+5.9
b
-5.6
+2.4
+10.2
112,054
24,251,717
423,123,975 +15.0
3,465.606,473
3,058,113,335 +13.3
2,260,607
16,434.938
2,594,381,449
24,434,668
58,395.126
11,011,926
34,912,684
22,131,557
62,039,190
417,913,000
26,993,068
120,371,062
20,985,035
469,964,540
11,204,142
26,143,673
b
223,156,185
b
81,614,054
b
9,014,106
10,752,639
7,400,020,339
18,291,094
80,785,336
23,847,933
28,026,795
1,700,055 +33.0
13,409,219 +15.2
2,096,790,123 +23.7
31,385,187 -22.1
46,834.457 +26.2
8,609,589 +27.0
27,911,072 +25.1
18.508,729 +19.6
53,441,546 +16.1
345,998,000 +20.8
23,633,199 +14.2
110,361,649 +9.1
14,032,812 +49.5
391,491,040 +20.0
8,851,798 +26.6
11,679,614 +123.8
b
b
173.734,979 +28.4
b
b
71,551.894 +14.1
b
b
6,115,333 +47.4
11,726,853 -8.3
6,324,239.984 +17.0
15,931,527 +14.8
72,417,015 +11.6
18,208,497 +31.0
26,280,367 +8.6
1,759,345,244 1,483,103,117 +18.6 11,794,071,144
9,924,702,518 +18.8
Total(8 cities)
501,530,040
Sixth Federal Reser ye District- Atlanta
Tenn.
-Knoxville
9,274,703
10,684,552
Nashville
57,860,964
46,812,694
Augusta
3.664.704
3,821,940
Ga.-Atlanta
149,900.000
165,800,000
Columbus
2,173,177
2,441,483
Macon
2,801,966
3,405,911
Fla.
-Jacksonville __ _ _
37,476,897
49,237,019
Tampa
3,879,028
4.183,687
8im Birmingham
62,597,734
68,772,275
Mobile
4,268,843
5.562,196
Montgomery
2,335,048
8,600,488
Miss.
-Hattiesburg _ _ _
3.460,000
3,724,000
Jackson
b
b
Meridian
1,069,941
1,021,761
Vicksburg
441,926
483,652
-New Orleans
La.
93,167,316
108,026,810
Total(15 cities)
486,606,738
Seventh Federal Re serve District -ChicagoMich.-Adrian
258.089
332,457
Ann Arbor
1,560,766
2,027,624
Detroit
358,3/8,348 2,93,745,724
Flint
3,003.820
4,207,107
Grand Rapids
7,334.986
8,334,799
Jackson
1,051,588
1,458.375
Lansing
4,348,734
5,122,858
Ind.
-Ft. Wayne
2,951,249
3,203,337
Gary
8,259,522
9,421,832
Indianapolis
57,648,000
70,068,000
South Bend
3,486,633
4,713,776
Terre Haute
16,095,291
18,248,312
WLs.-Madlson
2,230,713
3,307,310
Milwaukee
59,881,131
71,724,154
Oshkosh
1,274,350
1.676,548
Iowa-Cedar Rapids
2,467,402
3,995,940
Davenport
b
b
Des Moines
24,015,107
32,772,776
Iowa City
b
b
Sioux City
12,132,691
10,828,870
Waterloo
b
b
-Aurora
111.
881,469
1,257,979
Bloomington
2,168,721
1,513,872
Chicago
960,060,081
1,124,982,846
Decatur
2,452,112
2,651,760
Peoria
9,644,232
11,706,832
Rockford
2,623,143
3.984,142
Springfield
4,851,407
4,123,571
Total(25 cities)
+28.8
+29.9
+21.3
+40.1
+13.6
+38.5
+17.8
+8.5
+14.1
+21.5
+35.2
+13.4
+48.3
+19.8
+31.6
+61.9
b
+36.5
b
+12.0
b
+48.0
-30.2
+17.2
+8.1
+21.4
+51.9
-15.0
Eighth Federal Res erve District -St. Louis
-Evansville
Ind.
b
b
b
New Albany
b
b
b
Mo.-St. Louis
299,223,216 +10.4
330,327,547
Ky.-Louisville
103.943,129
95,972.572 +8.3
Owensboro
Is
b
b
Paducah
b
b
b
-Memphis
Tenn.
50,183,557 +7.1
53,769,670
-Jacksonville
Ill.
321,400 -26.5
238,276
Quincy
1,618,000 +16.9
1,891,000
Total(5 cities)
490.167,622
447,318,745
+9.6
-25.6
6.014.645
5,346,791
+23.0
1,141.674
1.179,371
+5.4
24,873,593
24,808,798
+35.5
510,428
520.491
+61.9
314,656
530,541
+21.5 3,351,337,309 3,469,601,078
+3.0
6,843,004
9,143,092
3,022,113
+0.7
3,262,552
+6.0
2.553,623
3.023,984
+1.2
472,909
636.698
15,845.235
+5.3
18,760,048
23,846,088
+38.2
28,317,115
----
c
+34.2
+13.8
+9.5
+18.1
+18.2
+43.1
+9.3
b
-1.2
+3.3
+28.6
+11.8
+2.6
-4.4
+4.0
+14.2
+9.9
c
+14.2
+2.6
+8.2
+24.1
b
+26.0
b
Is
2,231,673,893
774.745,894
b
b
412,517,898
1,537,168
12,726,573
Is
b
1,991,093,004
685.391,032
b
b
381,733,434
1,349,569
10,572,000
3,433.201,224
3,070,139,039 +11.8
b
b
+12.1
+13.0
b
b
+8.1
+13.9
+20.4
c
c
-225,174,005
201,746,713 +11.8
192,999,813
190,145,876
160,885
2,806,000
28,458,967
149,297 +7.7
2,788,000 +0.6
25,613,141 +11.1
98,585
2,412,000
22,908,492
345,451
2,846,481
22,191,292
830,656
63,682,471
753,487 +10.2
62,309,456
+2.2
15,556,342 +21.1
570,676
662,784
50,724,262
79,245,508
11,636,667
17,553,157
+7.1
88,440,682
122,844,653
2,465,048
12,104,487
35,700,000
859,094
2,055,416 +19.9
9,820,106 +25.8
35,900,000 -0.6
816,370 -5.2
4,029,957
12,861,718
28,500,000
672,998
2,179,019
7,118,794
23,700,000
615,258
807,517
10,450,000
697,754 +15.7
10,502,000 -0.5
535.694
10,702,000
414.088
6,886,978
12,563,138
1,249,020
14,057,228 -10.6
965,620 +29.3
8,256,470
998,049
6,733,136
762,510
18,840,889
114,779,848
b
107,169,723
b
b
b
b
113,219 -1.0
21,304,696 +13.8
109,588
18,286,594
109,129
22,704,212
100,562,075
96.032,409
+4.7
84,953,068
71,223,130
62,372
401,793
104,653,855
46,475 +34.2
587,077 -31.6
81,479,550 +28.4
18.108
599,075
50,151,426
103.525
813,541
63,460,614
2,381,834
2,422,373
-1.7
1,823,089
3,951,977
1,342,411
665,364
1,185,900 +13.2
607,834 +9.5
643,939
471,224
1,340,100
1,278,665
13,399,000
800,365
3,719,202
11,868,000 +12.9
567,821 +41.0
3,250,451 +14.4
10,280,000
405,556
3,004,897
12,002,000
975,849
2,659,248
16,630,285
14.140,996 +17.6
12,829,976
15.546,689
902,920
591,053 +52.8
238,226
610,936
6,602,015
5,504,050 +11/:15
4,942,683
5,124,760
2,970,687
b
2,998,428
b
09
-.
b
2,107.541
b
2,314,340
b
352.986
266,322,802
580,225
2,947,140
792,025
1,287,422
794,747
225,241,267
643,327
2.496,972
934,713
681,168
-55:6
+18.2
-9.8
+18.0
-15.3
+89.0
300,000
220,434.027
688,890
2,467,436
1,212,977
1,007,435
1,137,690
209,075,828
701,17/
2,464,862
767,572
1,789,849
426,814,483
356,042,202 +19.9
313,404,505
326,118,822
b
b
b
73,600,000
23,851,923
66,500.000 +10.7
21,689,178 +10.5
11,208,103
b
402,000
10,238.518
b
420,000
109,062,026
Is
b
65,100,000
17,694,386
49,000,000
15,532,899
+9.5
b
-4.3
9,862,755
b
412,000
7,055,959
b
519,460
98,747,696 +10.4
93,069,141
72,108.318
Aug. 10 1935
Financial Chronicle
858
CLEARINGS-(Concluded)
Week Ended Aug.3
7 Months Ended July 31
Month of July
Clearings at
Du. or
Dec.
1934
1935
$
%
$
Ninth Federal Res erve District -Minneapol 5
10,573,212 +26.5
13,374.921
-Duluth
Minn.
227,237,792 +20.5
273,926,096
Minneapolis
898,391 +20.1
1.123,500
Rochester
8,4544,007 +23.9
104,/36,315
St. Paul
86,839,402 +18.5
27,970,974
N. Dik.-Fargo
+22.1
3,302,00
4,031,000
Grand Forks
608,000 +20.8
734,27
Minot
2,015,123 +42.8
2,878,269
S. Dak.-Aberdeen-- 3,558,117 +58.7
6,648,497
Sioux Falls
+8.6
1,756,501
1,907,516
Mont.
-Billings
2,444,179 +13.3
2,769,828
Great Falls
9,501,046 +33.9
12,721,305
Ilelena
162,762 +42.2
231,463
Lewistown
Total(12 ollies)
424.082.967
726,118,652
$
1934
Dec.
3
1935
$
%
Inc.or
Dec.
1934
1933
$or
..
$
1932
$
4,023,761
82,317,898
2,752,088
45.644,281
14,908.239
1,697,551
66,112,630 +8.4
71,677,005
1.623,182.977 1,463,434.904 +10.9
5,328,929 +32.4
7,054,880
665,949,596
575,880,882 +15.6
244,991,571 +14.0
851.310,064
22,339,300 +7-7
24,056,000
3,776,302 +11.8
4,221,359
12,924,564 +28.3
18,319,654
25.072,938 +41.0
35,362,795
10,166.685 +32.3
13,455,298
13,072,458 +31.2
17.149,763
60,892,732 +25.5
76,439,843
1.084,079 +19.9
1,299,571 .
4,040,603
63.001.958
2,597,678 +55.5
56,771,139 +11.0
20,756,927
1,697,273
18,100,534 +14.7
+8.2
1,569,166
14,287.413
1,517,753
717,658
454,951 +57.7
456,571
599,873
444,340
442,246
+0.5
257,431
280,962
2,516,422
2,207,655 +14.0
1,858,725
1,344,822
2,558,168,741
2,260,086,391
+13.1
93,175,181
82,143,369 +13.4
84,719,551
67,227,816
+0.4
+108.1
+16.3
+8.2
-0.3
+11.3
+4.5
+44.1
+14.4
-8.5
+35.2
+15.1
+12.4
-29.3
2,994,862
2,879,404
66,761.242
823.694,987
41,216.190
69,789,587
80,312,122
11,550,549
2,468,699,540
86.531.675
193,135,887
16,280,179
682,570.165
16,840,335
2,353,223
1.971,993
60,661,911
805,270,131
42,903,687
53,758,427
71,246,943
9.250,925
2,038,568,302
86,006,873
153,088,354
13.829,055
564,997.980
14,145,101
+27.3
+46.0
+10.1
+2.3
-3.9
+29.8
+12.7
+24.9
+21.1
+0.6
+26.2
+17.7
+20.8
+17.8
98.170
153,006
2,463,334
26,892,592
122,186 -19.7
60,085 +154.6
2,061,335 +19.5
26,586,321 +1.2
75,574
b
2,161,299
21.158,576
179,263
122.558
1,775,494
20.312,238
+9.4
+0.9
1,698,502
2.395.575
1,819,085
4,265,218
91,896,510
2,854,705
80,357,128 +14.4
3,247,985 -12.1
67,026,567
2,923,779
59,412,210
2,314,872
382,477
475,794 -19.6
574.228
878,747
497,296
522,472
-4.8
643,045.637 +12.9
4,563,058,624
3,918,052,405 +16.5
130,884,740
431,070
98,443,170
91,722,390
346,601,130 +22.4
Tenth Federal Rese rye District- Kansas City464,217
466,261
Neb.-Fremont
272.138
566,317
Hastings
9,212.184
10,717,822
Lincoln
117,744,530
127.364,877
Omaha
6,409,683
6,390,444
Kan.-Kansaa City9,602,146
10,691,614
Topeka
14,515,743
15,166,851
Wichita
1,198,355
1,727,253
Mo.-Joplin
350.502,691
400,841.574
Kansas City
13,682,000
12,522.392
St. Joseph
21,797,014
29,472,470
-Tulsa
Okla.
2.317,400
2.666,437
1.lolo.-Colo. Springs
93.127.903
101,679,910
Denver
2,199,633
2,844,430
Pueblo
Total(14 cities)
1935
Eleventh Federal Reserve Dist rIct-Dallas3,305,573
4.738,191
Pexas-AustIn
2,971,775
3,148,141
Beaumont
134,825.411
156,579,672
Dallas
10.783.074
13,670,003
El Paso
23.508,913
25.184,554
Fort Worth
7,604.000
7,686,000
Galveston
97,204,230
117,899,107
Houston
1,175.000
1,369,747
Port Arthur
2,893,675
3,531,347
Wichita Falls
8,259.611
9,587,445
IL-Shreveport
23,078,399
20,038,180
967,609,348
76,508,526
149,416,360
59,209,000
708.106,218
8,169,493
18,702,739
58,772,173
1,781.716
3,864.934
1,629,250
2,839,283
117,901,839 +11.0
842,705
967,235
883,899
+9.4
782,552
723.720
34,280.184
+85.4
+18.3
+10.1
+23.9
+4.7
-6.4
+9.1
+16.9
+18.4
+4.3
33,944,882
+1.0
23,888,654
22,187,509
4,807,045 +9.3
1,729,000 -12.3
3,830,918
1,462,000
4,725,621
1.441,000
+43.3
+5.9
+10.1
+26.8
+7.1
+1.1
+21.3
+16.6
+22.0
+16.1
42,772,408
23,697,407
1,065,536.029
94 827.685
156,501,278
55.394.000
772.283.715
9,464,366
22,142,338
61,318,911
1.979.659
1,941,433
+2.0
1.585,569
1,819,305
292.531,262 +17.4
2.303,938,137
2,089,508,430 +10.3
43.997,400
43,306,260
+1.6
31,529,693
30.897.155
Twelfth Federal Re serve District -San Francl sco-1,610,000 +20.1
1,933,333
A/tab.-Bellingham
94.590,168 +29.5
122,479.493
Seattle
31,532.308 +13.4
35,751,000
Spokane
1,957.373 +37.1
2,683,780
Yakima
4.060 976 +26.8
5,100,22.
idaho--Bolse
608.000 +46.5
891,000
3ro.- Eugene
85,160.604 1-33.4
£13,631,902
Portland
2.182,227 +28.1
2,796,471
Hah-Ogden
42,829,914 +28.6
54,210,119
Salt Lake City
8,066,261 +32.0
10,645.335
kr1a.-Phoen1x
3.411,598 +47.3
5,024,185
stilf.-Bakerstield
+6.4
17.589,416
18,717,091
Berkeley
11.256.543 +39.7
15,727,910
Long Beach
2,180,758 +16.
3
2.5300 11
Modesto
9.882,776 +29.3
12,779,344
Pasadena
2,349.855 +19.6
2,810,602
Riverside
19,287,790 +68.6
32,519,367
Sacramento
444.826.308 +27.7
588,080,683
San Francisco
8,531.506 +12.7
9,616,689
San Jose
4,622,393 +13.2
5.233,159
Santa Barbara
5.503,386 +30.3
7,173,447
Stockton
12,848,023
791,063,082
231,612,000
17,44o,969
30,879.861
4,726,486
697,983,539
16.244.807
355,605.036
75,512,927
30.968,757
106,508,742
98,090,520
15,623,473
81,948,801
20.845,477
192.640.126
3.584,428,059
56,358,272
32,526,949
43,851,215
11,420,000
648,991,197
194,250,522
13,067,138
23,429,299
3,914,000
598,725,686
13.745,030
296,191,960
59,024,63u
22,723,747
136,306,870
79,733,839
13.208,053
77.425,528
19,014.770
112,100,651
3,061,125,722
48,695,327
29,080,278
34,818,414
20,678,967
7,449,000
554,670
21,000.089 +22.0
0,890,000 +8.1
630,220 -12.0
19,321,160
4,471,000
282,382
33.734,140
4,845,000
300,333
----.---
23,379,381
21,440,376
+9.0
15,613,600
18,776,188
11,854,080
10,621,844 +11.6
9,603,952
7,757,554
3.402,324
2.797.917 +21.6
2,851.101
2,632.160
2,644,485
2,241,810 +13.5
2,542,009
2,735,708
6,313,375
4,038,890 +56.4
2.582,963
6,157,790
130,203.000
2,259,369
1.057,802
1,396,929
108,264,842 +20.3
2,197,545 +2.8
994,402 +6.4
1,248,448 +11.9
90.458,892
1,529,879
888,938
1,154,128
01,827,154
1,532,375
920.791
1,120,795
1. Total(10 cities)
343.394.107
+12.5
+21.9
+19.2
+33.5
+31.8
+20 8
+16.6
+18.2
+20.1
+27.9
+36.3
-21.9
+23.0
+18.3
+5.8
+9.6
+71.8
+17.1
+16.1
+11.9
+26.7
5,254,322
1,516,000
802.047,160 +28.5 6,497,890,151 5,496,793,645 +18.2 217.091.372 182,364,383 +19.0 151,300,004 180,349,268
1,030,391,113
Total(21 cities)
Iss.
, 83,349,523 5,196.671,070
157,288,830,188 +9.9 5,760,838,399 4,894,462,824 +17.7 5 0
;rand total (182 cities) 26,172,568,175 21518.988,039 +21.6 172,863.851,163
8,470.595,496 +16.9 64,861,843,915 57,056,379,761 +13.7 2,140,519,379 1,914,106,803 +11.8 1.732,012,214 1,727,089,992
lutaide New York-. 9.901.107,753
.
I
CANADIAN CLEARINGS FOR JULY, SINCE JANUARY 1, AND FOR WEEK ENDING AUG. 1
1935
Canada
Toronto
Montreal
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw.
Brantford
Fort William
New Westminster
Medicine Hat
Peterborough
Sherbrooke
Kitchener
Windsor
Prince Albert
Moncton
Kingston
Cbatluun
Sarnia
SudburY
Total(32 MRS)
451,638.780
369,958.252
209.677,738
64,560,762
102.417,952
18.577.702
10.025,131
16,688.791
1934
Week Ended Aug. 1
7 Months Ended July 31
Month of July
Clearings al
Inc. or
Dee.
1935
439,476,933 +2.8
399,946.763 -7.5
289,590,837 -27.6
85,315.783 -1.2
19,437,378 +426.9
18.093.685 +2.6
+0.3
9,995,801
15.776.783 +6.8
3,346,673,858
2,598,984,819
1,270,557,883
431.862,760
616,296,247
111,790,513
04,191,125
108,982,405
22,727,952
7,430,419
6.914,754
11,389.048
16,244,096
16.423.811
1,363,412
2,004,987
6,298,331
2.195,263
4,076.206
2,503,699
2,274.863
21,012,131
7,650.355
6,400,825
10,788,935
14,902.374
12.205,317
1,419,056
1,494,415
5,192,843
2,238,354
3,523,922
2,819,247
2,286.895
+8.2
2.9
+8.0
+5.6
+9.0
+34.6
3.9
+34.2
+21.3
1.9
+15 7
-11.2
0.5
-
145,842,736
47.088,012
44.412,766
76,337,732
117,042,367
87,586,965
8,322,600
12,227,370
37,199,122
13,349,626
23.614,928
17,008,630
14,942,806
1,074,179
2.991,410
2,660,798
4.103,009
9,348,318
1,502,924
3,263,431
2,528,27
1,759.462
1,998.64
3,278,169
890,951
2,841,190
2.506,467
4.223,530
8,385,767
1,183.553
2.9o9,226
2,428,761
1.755,143
1,660,945
3,156,549
+20.6
+5.3
+6.2
-2.9
+11.7
+27.0
+10.3
+4.1
+0.2
+20.3
+3.8
6,197,187
17,664.044
15.991,084
28,574,349
68,087,766
10,856,524
19,863,876
14,906,583
12.587.912
13.021,910
21,331,193
1,379,898,536 1,381,540,494
0.1
9,423,397,758
' 1934
Inc. or
Dec.
1935
89.283.687
74,471,134
51,154,273
15,587,732
34,079,768
3,693,887
1,928.761
3,241.027
110,747,737
87,047,571
80.152.074
16,304,693
4,011,478
4,340,907
2.235,672
3,620,402
+10.6
-1.2
+2.1
+4.4
+11.7
+4.5
-1.1
+16.2
+12.8
-0.3
+4.8
-1.1
+5.5
4,523.264
1,558,451
1,449,291
2,152,240
3,303.611
3,481,981
270,309
382,299
1,675,209
382,069
630,934
524.757
520.084
5,750,728 +7.8
17,904,150 -1.3
3
16,578,414 - 5
1.6
29,035,495 +7.0
63,659,676
7,639,537 +42.1
19,609,930 +1.3
14,970.955 -0.4
+1.4
12.408,654
+7.1
12.156,572
19,250,332 +10.8
184,881
009,119
511,198
963,344
2,159.919
300.695
613.008
459,719
304.5013
320,236
719,730
+5.7
301.447,085
3,212.104,989 +4.2
2,604,445,713 --0.2
1,428,087.697 -11.0
0.2
432,535,245 124,906,493 +393.4
113,465,773 -1.0
+0.6
63,777,515
110,815,776
131,818.527
47,661,301
43,512,991
73,127,043
104,802,612
83.775,368
8,414,537
10,225,849
32,990,638
13,387,221
22,532,183
17,198,425
14,169,037
8,913,021,976
c Clearing house not functioning at present. *Estimated.
a Not Included In totals. b Na clearings available.
1934
Jac.or
Dec.
-19.4
-14.4
1933
1932
--4.4
+749.6
-14.9
-13.7
10.5
122.293,695
98,411,603
153,815,611
15,901,718
3,718,092
4,198,125
2,107,312
3,793,228
72,317,989
83,040,15S
47,817,182
13,884.355
3,853,560
4,762.454
2,082,983
3,492,908
4,858,487
1,601,756
1.565,062
2,630,818
3,539,855
2,652,611
304.525
328,587
1,374,527
450.674
751,129
713.898
547,204
--2.9
--2.7
--7.4
--18.2
--6.7
+31.3
-11.2
+16.3
+21.9
--15.2
--16.0
-26.5
---5.0
6,023,1174
1,659,389
1,047,137
2,276,806
3,224,326
5,583,998
331,341
309,630
1,323,537
472,980
742,371
680,328
601,171
4,571,785
1,810.121
1,b07.617
2.290,923
3,442,317
4,491,822
389.437
367,446
1,912,327
451.422
776,896
576,683
423.381
172,495
574,915
546,289
068.711
1,908,407
253,830
538,432
516,542
341,261
360.283
761,495
+7.2
+5.9
-6.4
-0.6
+13.2
+14.0
+13.9
11.0
-10.8
-9.5
-5.5
198,482
559,123
655,318
861,000
2,431,991
284,770
551,776
552,381
484,044
363,542
560,570
175,979
588,796
629,209
1,193,237
2.375.406
278,155
800.891
584.532
398,079
357,218
359,073
336,532.327 -10.4
436,479.238
202.044,341
Volume 141
Financial Chronicle
THE CURB EXCHANGE
Trading on the New York Curb Exchange was fairly
active and prices moved briskly upward as the market opened
on Monday, but the trend was reversed on the following
day due largely to profit taking. Oil stocks and miscellaneous specialties attracted extensive buying during the early
part of the week and there was considerable interest shown
in the public utilities, but most of these groups lost a goodly
part of their early gains. The volume of business was fairly
large on Monday but gradually simmered down as the profit
taking persisted.
Under the guidance of the power and light stocks, the
curb list moved moderately higher during the two-hour trading period on Saturday, the volume of business reaching the
peak point for any short session since the first of the year.
Many of the popular trading stocks in the public utilities
broke into new high ground for 1935, the leaders including
among others, Electric Bond & Share, American Gas &
Electric, Alabama Power $6 pref. and American Superpower
pref. Not all of the curb stocks participated in the advance
as there were also a number of active issues like Cities
Service, Technicolor, United Shoe Machinery and Pittsburgh
Plate Glass which moved lower.
Oil shares and specialties were the outstanding features of
the trading on Monday, and while the dealings were largely
at advancing prices, the transactions reached the highest
volume since the first of the year. Gulf Oil of Pennsylvania
attracted considerable buying and gained 3 points to 65%,
Humble Oil moved up 1% points to 60%, Great Atlantic &
Pacific Tea Co. n.
-v. forged ahead 4 points to 135 and
National Power & Light $6 pref. registered an advance of
23 points to 75.
Irregularity, due to profit taking in the oils and specialties,
was apparent during the trading on Tuesday, and while the
mining and metal stocks showed a tendency to firm up, the
general list was inclined to move to lower levels. There
were a few scattered gains, but these were usually among
the preferred stocks in the miscellaneous specialties. Gulf
Oil of Pennsylvania was one of the weak spots and lost most
of the gam registered during the preceding session, American
Gas & Electric dropped over a point to 33% and Consolidated
Mining & Smelting Co. of Canada lost 3 points to 167.
Profit taking continued to hold the upward movement in
check on. Wednesday despite the improved demand for
public utilities and specialties. There were some gains,
.
including Great Atlantic & Pacific Tea Co.,n. which moved
-v.
ahead 2% points to 1383,, Dow Chemical which improved
2 points to 102 and American Hard Rubber which recorded
a similar gain to 14. The volume of sales was lower, the
total turnover being 272,425 shares, against 339,895 shares
on the preceding day.
Except for the specialties and oil shares which were inclined to sag, the curb list was fairly steady on Thurschy.
The gains, in most cases, were small though there were a few
of the more active stocks that recorded advances of a point
or more. .These included among others American Hard
Rubber which gained 2 points to 16, Murphy & Co. which
moved ahead 2 points to 105, National Investors pref. which
improved 2% points to 76; North American Power & Light
pref. which went up 25 points to 21%; A. 0. Smith which
A
forged ahead 23/i points to 50 and Consolidated Gas of
%
Baltimore which climbed upward 1 point to 85%.
Price movements were mixed on Friday, and while the final
quotations were at slightly higher levels, most of the changes
were within. comparatively narrow range. Public utilities
a
and specialties attracted most of the buying, particularly
among the preferred stocks. Mining and metal shares and
the oil issues showed little change in either direction. As
compared with Friday of last week, prices were somewhat
higher, Aluminum Co. of America closing last night at 623
against 59 on Friday a week ago; American Cyanamid B
at 213,' against 21; American Gas & Electric at 35/g against
3
323'; American Light & Traction at 14% against 113 ;Atlas
%
Corp. at 12 against 11%; Commonwealth Edison at 81M
against 81; Consolidated Gas of Baltimore at 863/i against
83%; Distillers Seagrams Ltd. at 24 against 20%; Electric
Bond & Share at 16%; against 113'; Fisk Rubber Corp. at
6% against 63/8; Ford of Canada A at 28% against 273, Gulf
Oil of Pennsylvania at 63 against 61; Hollinger Consolidated
Gold Mines at 137g against 133 ; Humble Oil (New) at 59
/
4
against 583; National Bellas Hess at 23 against 2; Niagara
Hudson Power at 83/i against 73; Pennroad Corp. at 23
4
against 2%; Sherwin Williams at 1015s; against 100, and
/
United Shoe Machinery at 83% against 823 .
4
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE
Week "did
Aug.9 1935
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Stocks
(Number
of
Shares)
Bondi (Par Value)
Domestic
Foreign
Foreign
Government Corporate
Total
242,980 52,090,000
445,980 4,194,000
339,485 4,406,000
273.315 3.647,000
292,980 3.764,000
564,595 5.442,000
$13,000
28,000
68,000
50.000
58,000
73,000
$9,000 $2,112,000
34,000 4,256,000
49,000 4,523,000
62,000 3,759,000
65.000 3,887,000
74,000 5,589,000
2,159,285 $23,543,000
$290,000
859
Bales at
New York Curb
Exchange
Week Ended Aug.9
1935
Jan. 1 to Aug.9
1934
1935
Stocks
-No. of shares_
2,159,285
781,530
Bonds
Domestic
323.543,000 812,769,000
Foreign government - _
290,000
642,000
Foreign corporate
293,000
249,000
Total
824,126,000 $13,860,000
32,677,148
1934
$738,474,000
10.281,000
7.836,000
43,625,832
4
5660,430,000
24,384,000
19,226,000
$756,591,000
$704,020,000
Statement of Condition of Bank for International
Settlements as of July 31
In the July 31 statement of condition of the Bank for
International Settlements assets are shown to be 653,837,180
Swiss francs, as compared with 661,014,799 June 30. Cash
on hand and on current account with banks is also reported
lower at 3,889,242 francs, as against 5,258,538 at the close
of June. The statement of the Bank, as contained in
Associated Press advices from Basle, Switzerland, Aug. 4,
follows (figures in Swiss francs at par):
Assets-
July
I. Gold in bars
23,615,658.26
II. Cash on hand de on current account with banks 3,889,242.01
III. Sight funds at interest
12,274.105.21
IV. Rediscountable bills and acceptances:
1. Commercial bills and bankers'acceptances_133,718,391.56
2. Treasury bills
'
215,527,139.77
Total
349,245,531.33
V. Time funds at interest:
Not exceeding three months
36,586,644.41
VI. Sundry bills and investments:
1. Maturing within three months:
(a) Treasury bills
27,679,477.28
(b) Sundry investments
32,713,570.87
2. Between three and six months:
(a) Treasury bills
28,668,850.83
(b) Sundry investments
64,109,552.22
3. Over six months:
(a) Treasury bills
29,645,334.64
(b) Sundry investments
34,728,185.89
Total
217,544,971.73
VII. Other assets:
1. Guarantee of central banks on bills sold- 6,243,247.52
2. Sundry items
4.437,779.87
Total
10.681,027.39
Total assets
136,198.165.14
212,776.178.71
348,974,343.85
34.595,189.1926,470,610.47
33,200,644.73
29,907,556.18
63,575,767.17
29,638,959.39
35,395,298.54
218,188,836.48
6.101,529.35
4,074,527.28
10,176,056.63
653,837,180.34 661,014,799.64
I. Capital paid up
125,000,000.00
II. Reserves:
1. Legal reserve fund
3,324,345.55
2. Dividend reserve fund
5,844,908.94
3. General reserve fund
11.689,817.85
Total
20.859,072.34
III. Long-term commitments:
1. Annuity trust account deposits
154,528.750.00
2. German Government deposits
77 264 375 00
3. French Government deposits (Saar)
2,030,500.00
4. French Government guarantee fund._ 61,930,084.72
Total
295,753,709.72
IV. Short-term and sight deposits (various currencies):
1. Central banks for their own account:
(a) Not exceeding three months
103,641,211.04
(b) Sight
27,478,337.73
Total
131,169,548.77
2. Central banks for amount of others:
(a) Not exceeding three months
2,958,124.42
(b) Sight
11,059,942.51
Total
14,018,066.93
3. Other depositors:
(a) Not exceeding three months
2,371,460.87
(b) Sight
894,286.95
Total
3,265,747.82
V. Sight deposits (gold)
22,122,744.20
VI. Profits allocated for distribution July 1:
1. Dividend to shareholders at 6%
6,247,512.71
2. Participation of long-term depositors_
Total
VII. Miscellaneous:
1. Guaranty on commercial bills sold
2. Sundry items
35,400,777.85
Total
41,648,290.56
Total liabilities
Pres. Month
28,524,507_51
5,258,538.72
15.297,327.26
125,000,000.00
3,324,345.55
5,844,908.94
11,689.817.85
20,859,072.34
154,670,000.00
77,335,000.00
2,030,500.00
61.930,084.72
295,965,584.72
103,689,107.83
27,099,750.99
130,788,864.82
2,955,353.77
10.808.126.60
13,763,480.37
2,122,380.80
1.247.861.24
3,370,242.04
21,717,279.14
7,500,000.00
1,957,483.29
9,457,483.29
6,177,392.23
33,915,400.69
40,092,792.92
653,837,180.34 661,014,799.64
THE ENGLISH GOLD AND SILVERIMARKETS
We reprint the followi
tlia weekly circular of
Samuel Montagu & Co. of London, written under date of
July 24 1935:
GOLD
The Bank of England gold reserve against notes amounted to £192,716,841
on the 17th inst. showing no change as compared with the previous Wednesday. In the open market about £2,000,000 of bar gold changed hands at
the daily fixing and was absorbed by general demand. Prices have again
shown only small variations and .the premium over gold exchange parities
has been reduced to very small proportions. Owing to the need of obtaining means for making foreign payments of an exceptional character. the
Italian Government, under a Royal decree of July 21 has temporarily
suspended the requirement of a 40% gold cover for its note issue. Quotations during the week:
Per Pine
Equivalent Value
Ounce
of £ Sterling
July 18
1408. 1130.
12s. 0.65d.
July 19
141s. ;id.
12s. 0.56d.
July 20
141s. ;id.
12s. 0.56d.
July 22
140s. 8.5id.
12s. 0.90d.
July 23
140s. Sd.
12s. 1.20d,
July 24
140s. 6d.
12s. 1.12d.
Average
140s. 9.33d.
12s, 0.83d.
The following were the United Kingdom imports and exports of
gold
registered from mid-day on the 15th inst. to mid-clay on the 22d Inst.:
Imports
Exports
British West Africa
£92,309 Norway
t1,001,148
British South Africa
1,259.847 Netherlands
57,050
Tanganyika Territory7,328 France
212,306
New Zealand
73,153 Palestine
1,000
Australia
105,786 Other countries
936
British India
66,723
British Malaya
11,871
British Guiana
12,174
Canada
140,000
Netherlands
36,225
Belgium
19,714
France
448.001
Switzerland
31,505
Salved from SS. "Egypt"
40,956
Other countries
18,201
$293,000 $24,126,000
£2,363,793
£1,272,440
1
77.57
77.57
77.57
--1
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8
MONTHLY REPORT OF THE UNITED STATES
o
0
TREASURY AS OF'JUNE 30 1935.
.
F The monthly report of the Treasury Departm-eiirtihoWing 4
assets and liabilities as of June 30 1935 of governmental 1.
corporations and credit agencies, financed wholly or in ;71
;-.
part by the United States, was contained in the Department'a cra
<
July 31. The report is the 13th such .I
daily statement for
to be issued by the Treasury; the last previous one, for
May 31 1935, appeared in our issue of July 13, pages 218 2
to 220.
ca
The report for June 30 shows in the case of agencies I-,
Government funds a proprietary in- 0
financed wholly from
.
terest of the United States as of that date of $3,322,320,368, e
$3,187,248,354 May 31. In the Ls.
which compares with
case of these wholly-owned Government agencies, the pro- 0
prietary interest represents the excess of assets over liabilities, exclusive of inter-agency items.
The Government's proprietary interest in agencies financed
partly from Government funds and partly from private
funds as of June 30 was shown to be $1,105,762,060. This t
compares with $1,119,603,739 as of May 31. In the case CI
of these partly-owned Government agencies, the Governr...
ment's proprietary interest is the excess of assets over ha- ..
al
bilities exclusive of inter-agency items, less the privately- o
0
owned interests. The statement follows:
..........
0
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CI
R
opEiR
4
EERg
7 6
... .
.
•
a
.
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p.
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06
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Grand total
77.57
-
••
3
g
6734
50.01
77.57
v..
C
C
44
44
.
I iiiiiii
ii III.
Total Group II
6734
50.01
0
.000040000M. .N
.
0
.
0 N. .
...; .0
Total Group I
6734
50.01
Vi
II. Financed partly from Govt. and partly from private funds—
Federal Land banks
Federal Intermediate Credit banks
Federal Farm Mortgage Corporation
Banks for co-operatives
Home Loan banks
Home Owners' Loan Corporation_ k
Federal Savings & Loan Insurance Corporation
Federal Savings 8, Loan associations
Federal Deposit Insurance Corporation
War Finance Corporation_ p
6734
50.01
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-, O
a
•:el .i
a
.
..amvowoo, .no o
N
..COW
.
11
8
N
P.
n8882
I. Financed wholly from Government funds—
Reconstruction Finance Corporation
Commodity Credit Corporation
Export-Import Banks
Public Works Administration
Regional Agricultural Credit corporations
Production Credit corporations
Panama Railroad Co
United States Shipping Board Merchant Fleet Corporation
War Emergency corporations and agencies-a
Other_ is
6754
50.01
a
Z
o
02
aF;
1
3F 8c188,5
0;
:",
:
4VVI g
Pppol
I
E
Cd
a n
U
2888
2
oot-t-000s.m. s000s 0.0
1
Co
4
a d.
4
882T48882
It
5
ii..
ft
co2V
Co
•
N
ZID
002
.
7
1
The price of silver per oz.(in cents) in the United States
on the same days has been:
.i-
4
c
.0
a
Co
M
00.1.0.1
WV0ONM000t.0
a0
all
Thurs.,
Frt.,
Wed.,
Tues.,
Mon.,
Aug. 9
Aug.8
Aug. 7
Aug. 6
Aug. 5
Aug. 3
-led. 30 3-16d,
30 3-I6d. 303
Silver, per oz._ 30 3-I6d. Holiday 30 9-16d. 140s. 50. 140s. 6d. 140s.514d
Gold, p.tine oz.I40s. lid. Holiday 140s.9nd. 861-16
8734
86n
Consols.2Si%_ Holiday Holiday 851
British 334%
10754
10754
107
Holiday 107
War Loan._ Holiday
British 4%
11954
11954
11954
Holiday Holiday 11954
1960-90
71
a
4
.6
00
mm ,
mo
'gd
'
04-
R
c.i
0'bit
4
1
0
S
0
0401...t.
m.00,
Co
.
%
N
4
.-.;
2
Co
Co
8%8
00;
'
0
.„.
N
.
..
t
-.14
1
r
-PER CABLE
ENGLISH FINANCIAL MARKET
The daily closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
W
Co
'.'Co
hWN
.
O.
1
8. 8
t.: g
6,598,121 4,780,535
Distribution of U. B. Interests
h0
"
''
sg:i gg
1
Liabilities and Reserves d___
20thlinst. carries
The SS."Narkunda" which sailed from Bombay onithe
The following
gold to the value of about £1,177,000 consigned to London.
y..
of gold for the
are the details of United Kingdom imports and exports
g
month Of June last:
Exports
Imports
ca
4
£256,296
British West Africa
al
7,758,730
Union of South Africa
a
367,998
Southern Rhodesia
i.
1,358,089
British India
5
3245
9
75; 03
British Malaya
g
Hongkong
I-.
a401,824
Australi
45,241
7..
New Zealand
ita
397,200
Canada
19,548
0
British West India Islands and British Guiana_
£65,090
Channel Islands
210,063
18,906
Germany
732.548
615,943
Netherlands
ti
61,678 2,376,647
Belgium
g4
962,222
18,761,196
France
g
511,408
654,615
Portugal
in
29,960
Islands
Spain and Canary
512.637
Sweden
g
733.488
1,969.529
Switzerland
0
15.250
Italy
t
3,757,683
United States of America
45,638
Venezuela
14
24,858
Central and South America (foreign)
tg
65,917
92,163
Other countries
£32,963,002 £9,967,811
SILVER
1
the cash quotation
The market has been very steady during the past week,
21
o
3-164., whilst that for two months varied only
remaining unchanged at 30
g
duo to buying
30 5-16d. and 3050. The steadiness has been
between
for this quarter having
for the American Treasury, substantial amounts
0
freely.
al
been secured as sales on China account were made fairly
../
but the latter
....
Speculators and the Indian Bazaars have made resales,
given some support.
have also
present, but the
0
There is no indication of any important change at
support.
t)
market is dependent upon the continuation of American
.
4
United Kingdom imports and exports of silver .
The following were the
the 22d inst.:
registered from mid-day on the 15th inst. to mid-day on
...
e
Imports
<4
.eaerica. £781.810
£3,956 United States ofx ris
British West Africa
91
3,586
11,337 France
es__
Aden and
4
1.461
3,415 Other countries
Zealand
depnciNw
22,010
British India
35,350
a..
Soviet Union
13,307
i
Belgium
France0
3,210
co..
5,000
•411
Egypt
5.422
ca iii
Iraq
w0
439,885
Japan
25,708
Salvador
2,301
Peru
3,420
ta
Other countries
a,
/786,857
Ci
£574,321
Quotations during the week:
,..
s
g.
IN NEW YORK
IN LONDON
il!:
(Per Ounce .999 Fine)
-Bar Silver Per Oz. Std.2 Mos.
Cash
M3
68C.
July 17
30d.
July 18_ -- 30 3-16d.
68c.
July 18
30$d.
July 19-- - 30 3-16d.
68c.
16d. July 19
30
July 20_ _ _ 30 3-16d.
68c.
30 5-16d. July 20
July 22... 30 3-16d.
68c. 0.2
305-.16d. July 22
July 23-- _ 303-16d.
23
30 5-16d. July
July 2424- - - 30 3-16d.
1
mono aususowasso....d • 68c. i
30.333d.
Average -_ 30.187d.
t)°
period
Z4
The highest rate of exchange on New York recorded during the
$4.95.
from the 18th inst. to the 24th inst. was $4.96( and the lowest
rd
Stocks in Shanghai on the 20th inst. consisted of about 278,000.000
I.A
dollars and 44,600,000 ounces in bar silver as compared with 278,000.000
and 44,600,000 ounces in bar silver on the 13th inst.
a
dollars
t4,9,
Bar N.Y.(tor.) 6754
U.S.Treasury_ 50.01
U. S. Treas.
newly mined) 77.57
Aug. 10 1935
Financial Chronicle
860
Financial Chronicle
Volume 141
861
COMBINED STATEMENT OF ASSETS AND LIABILITIES OF GOVERNMENTAL CORPORATIONS AND CREDIT
AGENCIES OF THE UNITED STATES
AS OF JUNE 30 1935. COMPILED FROM LATEST REPORTS RECEIVED BY THE TREASURY-Continued
DETAILS (In Thousands of Dollars-Last Three Figures Omitted)
Financed Wholly front Government Funds
Reconstruction
Finance
Corp.
Assets
Loans:
Banks
Railroads
Insurance companies
Credit unions
Building and loan associations
Livestock credit corporations
Mortgage loan companies
Agricultural credit corporations
Co-operative associations
States. Territories. ke
Joint Stock Land banks
Ship construction and reconditioning loans
Mortgage loans (not otherwise classified).
Crop livestock and commodity loans
Other loans
Commodity
Credit
Corp.
Other is
31,192
828
24,422
574
374
99,841
22,416
198,558
152,102
152,102
72.765
122
Total
136.295
13.016
501,106
598,590
49,164
336
9.808
1,314
145,550
1,702
24,422
185,025
3,469
99.841
383,579
217,001
217
100,059
72,765
5,136
1206,703 2,220,912
3,419
4
303,624
122
5,086
872,479
100
3.419
4
872,479
100
4,047
82
e102
86
13,709
1,452
86
88
144
3,187
17,702
201
577
63
57,951
18,150
68
3,269
123
11,969
168
2,091
10,361
20,596
20.669
1,755
1,395
2
411
2,900
10
498
543
17
2
110
75
1,454
252
153,602
73
391
160
24,154
1,328
1,274
12,150
36,071
1,381
43
79
45
68
2,771
87
54
565
50.110
15,888
3,703
5,020
51,114
87,166
53,289
6,412
15,713
51.968
401
312,254
13,843
2,443
669
76,766
2,472
19,660
876
12,692
45,604
1,811
19,660
803
5,867
716
8,629
77,850
121,154
43.416
195,015
5
24,546
22,424
661
795
39,173
95,617
21,916
171
3,437
20.596
76,766
14,870
426,810 3,658,250
3,703.432 3,913,875
606
1.957.083 q2,035,785
e94,494
e60,000
153,602
466,748
13,843
4695,140
898 1,414,330
77,850
121,154
44,023
195.015
14,870 6,088,224 11,717,381
249,771
45.000
249,771
45,000
95
10,981
280
1,216
95
27,645
897
1,216
Total liabilities other than
264,540
Inter-agency
,
Inter-agency liabilities:
Due to governmental
corporations or agencies 3,702,653
Total, all liabilities
3,967,193
107
n
449
42
176
757
2,193
5,802
5,057
500,000
n
491
n
22
346
5,824
5,479
13,053
75
56,726
335,929
176
757
21,149
148,850
148,958
75
176
876
13.053
725 1,480,599 5.632,734
44,500
11,473
120,000
7,000
50,000
83,599.294
a45,493 a4,600.638 5,851.130
11,935 3,622,703
20,658
3,000
13,750
e74,728
1,644
93
4,542,047
153,602
13,843
a466,74S
125
118
228
466,748
985
497
c6
77,850
121,154
650 1,423,872 5,296,504
1,245
36.147 c3,467,333
44,023
195,015
c3I,347
2.584
c6,I94 c3,391,771
14,870 6.088,224 11,717.381
page.
CURRENT
NOTICE
-Schatzkin, Loewl & Co., members Now York Stock Exchange, have
opened a branch office in the
Grand Union Hotel at Saratoga, N. Y. under
the direction of Mortimer W. Loowi.
Report of Railroad Credit Corp. as of July 31-Liquidating Distribution of $735,885 Made at Close of
Month
The Railroad Credit Corp. has made total distributions
of $25,020,094 or 34% of the fund administered by it,
according to report filed Aug. 3 with the Interstate Commerce Commission. Payments in cash amounted to $11,285,401 and credits on obligations of the carriers to the
corporation aggregated $13,734,693. An announcement
issued in the matter continued:
Mr. E. G. Buckland, the corporation's President, announced that cash
receipts for the month of July included $153,477 payments in reduction of
loans, $38,770 interest, $5,988 dividends on investments, and $16 from
miscellaneous sources, totaling $198,251.
Distribution No. 19 was made as of July 31, returning $735,885 or the
equivalent of 1% of the fund.
The statement of the corporationlas:of(July 31 follows:
50
166,728
107
For footnotes see following
U. S.
Shipping
War
BoardEmergency
Merchant
Corp.
and
Fleet
Corp.
Agencies g
136,895
e12,977
574
Capital and surplus:
Capital stock
Paid-in surplus
Reserves from earned sut
.
Reserve for dividends and contingencies
Legal reserves
Earned surplus and
undivided proilts
Total liabilities, capital,
and surplus
Production Panama
Credit
Railroad
Corps.
Co.
5
17,722
3,094
4,542,047
Liabilities
Bonds. notes, and
debentures:
Obligations guaranteed by
United States
Other
Accrued interest
Guaranteed by United States
Other
Other liabilities
Deferred income
Reserves:
For uncollectible items
Other operating reserves
Regional
Agricultural
Credit
Corp.
$
Total assets other than inter-agency
2,299,431
Inter-agency assets:
Due from governmental corps,
r209,835
or agencies
Capital stocks and paid-in
surplus of governmental corporations
78,702
Allocations for capital
stock purchases and
paid-in surplus
600,645
Other allocations __
1,353,432
Total, all assets_
Public
Works
Administration
501,106
430,452
49,164
336
9,808
1,314
145,550
873
1,380,398
Total loans
Preferred capital stock, &c.:
Banks and trust companies
Insurance companies
Railroads
Other
Cash:
with Treasurer. United
On hand and in banks States
In transit_
In trust funds
Investments:
United States securities
Obligations guaranteed by United States;
Federal Farm Mortgage Corporation
Home Owners Loan Corporation
Federal Land bank bonds
Federal Intermediate Credit bank secure
Production credit associations_-class stock
A
Railroad bonds and securities
Ship sales notes
Other Investments
Accounts and other receivables
Accrued interest receivable
Real estate and business
property:
Real estate and equipment
Vessels and roiling stock
Stores and supplies
Real estate and other property
held for sale_
Other assets
ErponImport
Banks
THE RAILROAD CREDIT CORP.
Report to Interstate Commerce Commission and Participating Carriers July 31 1935
Net Change
Balance
During
July 31
AssetsJuly 1935
1935
Investment in affiliated companies
x5499,127.00 $50,663,112.97
Other investments
239,500.00
Cash
1199,626.47
57,019.83
Petty cash fund
25.00
Special deposits (reserve for tax refunds)
x16.47
209,023.66
Miscellaneous accounts receivable
x20.61
30,341.20
Interest receivable
9,050.89
113,322.93
Unadjusted debits
x565.25
56,609.95
Expense of administration
8,924.91
67,107.13
1
Total
xS681,380.00 551,436,062.67
Liabilities
Non-negotiable debt to affiliated companies
x5735,336.34 •$48,531,095.10
Lined usted credits
x538.38
2,551,953.74
Income from securities and accts.(interest accrued on
loans, &c).
54,494.72
351,813.83
Capital stock
1,200.00
Total
15681,380.00 551,436,062.67
x Denotes decrease.
• Emergency revenues to July 31 1935
375,422,410.61
Less: Refunds for taxes
$1,833,914.68
Distributions Nos. 1-19
25,020,094.15
Fund share assigned to Railroad Credit Corp.
37,306.69
526,891,315 2
$48.531,095.
Aug. 10 1935
Financial Chronicle
862
CREDIT AGENCIES OF THE UNITED S FATES
COMBINED STATEMENT OF ASSETS AND LIABILITIES OF GOVERNMENTAL CORPORATIONS AND
-Concluded
AS OF JUNE 30 1935, COMPILED FROM LATEST REPORTS RECEIVED BY THE TREASURY
-Last Three Figural Omitted)
DETAILS (In Thousands of Dollars
Financed Part g from Government and Partly from Private Funds
Federal
Land
Banks
AssetsLoans:
Banks
Railroads
Insurance companies
Credit unions
Building and loan associations
Livestock credit corporations
Mortgage loan companies
Agricultural credit corporations
Co-operative esaociationa
States, Territories, dic
Joint Stock Land banks
Ship construction and reconditioning loans_
Mortgage loam (not otherwise classified)._
Crop livestock and commodity loans
Other loans
Total loans
Preferred capital stock dic.:
Banks and trust companies
Insurance companies
Railroads
Other
:lash:
With Treasurer, United States
On hand and in banks
In transit
.
In trust funds
Investments:
United States securities
Obligations guaranteed by United States:
Federal Farm Mortgage Corporation
Home Owners' Loan Corporation
Federal Land bank bonds
Federal Intermediate Credit bank seem's_
Production credit associations-clam A stock
Railroads bonds and securities
Ship sales notes
Other investments
accounts and other receivables
Accrued Interest receivable
Real estate and business property:
Real estate and equipment
Vessels and rolling stock
Stores and suppilee
Real estate and other property held for sale
Cither assets
Total assets other than inter-agency
Inter-agency assets:
Due from governmental corps, or agencies
Capital stocks and paid-lo surplus of governmental corporations
Allocations for capital stock purchases and
paid-in surplus
Other allocations
Total, all assets
Liabilities
1Bonds, notes, and debentures:
Obligations guaranteed by United States
Other
Accrued interest payable:
Guaranteed by United States
Other
Other liabilities
Deferred income
Reserves:
For uncollectible Items
Other operating reserves
Total liabilities other than inter-agency.,..
Inter-agency liabilities:
Due to governmental corporations or agencies
Total, all liabilities
Capital and surplus:
Capital stock
Paid-In surplus
Reserves from earned surplus:
Reserve for dividends and contingencies
Legal reserves
Earned surplus and undivided profits....
Total liabilities, capital, and surplus
8
$
$
$
Home
Loan
Banks
Banks
for
-operaCo
Ives
Home
Owners'
Loan
Corpk
Federal
Savings
and
Loan
Insurance
corp.
$
Federal
Farm
Mortgage
Corp.
Federal
Intermediate
Credit
Banks
$
Federal
Sayings
and
Loan
Associalions
$
Federal
Deposit
Insurance
Corp.
War
Finance
comp
i
i
$
Total
$
4
4
79.228
79,228
33,964
23.936
10,027
4 2,657,656
167,648
733,427
61
2,125,623
177,676
733,489
23,936
79,232 2,657,656
10,676
68,171
441
10,304
el0
10,658
2,050
17,723
2,219
42,684
35,241
25,386
719
6,682
2
38,172
8
2,125,623
176,264
95
3
5,516,712
167,713
7 5,797,623
17,406
1
1,288
121
a
14,692
419,111
315,080
88,203
111,150
695,743
23,842
43,348
99,999
11,139
695,743
23,842
77
5,965
32,465
5,826
112
22,238
a
5
796
n
5
437
5
77
15,633
100.732
n
1,449
43
489
6,477
41,419
44
3,023
1,437
3,579
126
9,582
is
53
m32,464
2,702
36
89,388
37,151
101,874
32,464
336,802
130 7,720,406
36
88,828
1,211
2,377,980
114,935
509
50
581
31
265.965 1.462.892
130,101
90
16
111,500 2,900,694
35.594
20,658
q100.000
100,000
2,392.916
286,624 1,462,892
1,909,916
23.905
29,075
5,395
924
1,515
800
111,500 3,000,694
178,300
130,101
13,861
181,540 1,256,880
15
1
4
4,278
130 7,856,000
336,802
3,917.836
10 2,166,078
22,003
24,834
63,552
7.643
a
14,693
228
a
276
8,824
50
1,982,153
32,464
14,511
7,491
13,745
1,169
101,874
12,692,237
77,852
1,225,599
22,686
37.555
5,813
31,690
16
4.282 2,830,985
277
6,042
-
10 6,262,191
4,282 2,830,985
277
6,042
10 6,329,186
-
104,863
200,000
100,000
289,299
o41,460
10 1,357,778
151,619
1,133
1,220
c30,290
104
111,500 3,000,694
101.874
66,995
60,983
6,012
2,043,137
181,540 1,262,892
16
200,000
126,419
234,722
180,158
70,000
30.000
8,860
25,481
555
5,083
2,392,916
234,139
82.843
452
14,692
1,491
117
286.624 1,462,892
3,547
130,101
32,464
109
32,464
336,802
10,469
28,725
c19,779
130 7,856,000
Non-stock (or Includes non-stock proprietary interests).
Excess inter-agency assets (deduct).
Deficit (deduct).
Exclm vs of inter-agency assets and liabilities (except bond Investments).
Adjusted for inter-agency items and items in transit. $506,769 for guaranteed loans, Am
Excludes contingent wets and liabilities amounting to
Administration, U. S. Spruce Production Corporation, and notes received on account of sale ot surplus war
12 Includes U. S. Housing Corporation. U. B. Railroad
supplies.
Electric Home and Farm Authority. Inc.; Farm Credit Administration (crop production and other loans): Federal
Ii Includes Agricultural Adjustment Administration; Resettlement Administration, Division of Subsistence Homesteads; Inland Waterways
RFC MortCorporation..
Housing Administration; Federal Prisons Industries, Inc.;
Authority. Inc.: loans to railroads. and Inter-agency interests held by the united
gage Corporation; Tennessee Valley Associated Co-operatives. Inc.: Tennessee Valley
States Treasury
obligations held by the Faem Credit Administration.
I Net after deducting estimated amount of uncollectible
S. Treasury for subscriptions to paid-in surplus.
J Includes $5,665,243 due to Federal Land banks from the U.
k Preliminary statement.
in process.
I Includes unissued bonds covering loans
by the United States.
m Assets not classified. Includes only amount of capital stock subscribed
Less than $1,000.
and trust Companies to the amount of $41,460,730.
o Includes assessments paid In by member banks
p In liquidation.
proprietary inter-agency interests which are not deducted from the capital stock and paid-in surplus of the
q Represents capital stock, paid-in surplus, and other
corresponding organizations.
, 63
r Includes loans to Federal Land banks amounting to $60,983 3 .
• Appropriation provided by Congress.
a
b
c
d
e
NATIONAL BANKS
information regarding National banks is
The following
from the office of the Comptroller of the Currency, Treasury
Department:
CHARTER ISSUED
Amount
C.. $50,000
-The Davis National Bank of Mullins, Mullins, S.
Aug. 2
A. H. Buchan; Cashier, R. C. Tucker. Primary
President,
organization.
VOLUNTARY LIQUIDATION
200,000
-The First National Bank of Chickasha, Okla
Aug. 2
Effective May 16 1935. Liquidating agent, A. A. Bugg,
Chickasha, Okla.
Absorbed by the "Oklahoma National Bank of Chickasha."
Oklahoma, Charter No.9938.
CURRENT
NOTICE
-Louis Jacob Long Jr., has become associated with Morgan, Howland
& Co., members New York Stock Exchange.
Financial Chronicle
Volume 141
863
FUNDS APPROPRIATED AND ALLOCATED TO EMERGENCY ORGANIZATIONS, EXPENDITURES
THEREFROM, AND UNEXPENDED BALANCES AS OF JULY 31 1935
The statement of funds appropriated and allocated as of July 31 1935, taken from the daily Treasury statement, is
as follows (cents omitted) (see explanatory note below):
.qources of Funds
Expenditures
APProPrialions
Organizations
Specific
Statutory and Executive Allocations
Reconstruction
Emergency
National
Finance
Emergency
Relief
Corporation
Industrial
Appropriation Appropriatir n
Re overy
,
Act 1935,
Act 1935.
Act
A pprned
Approved
Approved
June 16 1933 June 19 1934 Apill 8 1935
Agricultural aid:
$
Agricultural Adjustment Administration b1716880,281
Less processing tax
d893,520,634
$
37,554,000
Net
823,359,647
Commodity Credit Corporation_f
Farm Credit Administration_f
80,000,000
Federal Farm Mortgage Corporation_
Federal Land banks:
Capital stock
125,000,000
Paid-In surplus
125,000,000
Reduction In int, rates on mortgages.
22,930,000
Relief:
Federal Emergency Relief Admin
1h605000,000
Federal Surplus Relief Corporation
Civil Works Administration
1,345,000,000
Emergency conservation work
93,101,630
Department of Agriculture, relief
Public Works:
Boulder Canyon project
18,339,960
Loans & grants to States, mimic., &c_f _
Loans to rallroads.f
Public highways
313,630,073
River and harbor work
Rural Electrification Administration_
Works Progress Administration
All other
72,000,000
Aids to home owners:
Home -loan system:
Home-loan bank stock
Home Owners' Loan Corporation_
Federal savings and loans associations k50,000,000
Emergency housing
Federal Housing Administration
Resettlement Administration
Subsistence homesteads
Miscellaneous:
Export
-Import Banks of Washington.f _
Federal Deposit Insurance Corporation_ 150,000,000
Administration for Industrial Recovery _
Reconstruction Finance Corp.—direct
loans and expenditures_f
1
Tennessee Valley Authority
37,554,000
3,000,000
60,000,000
Total
Unallocated funds:
By the President
By Public Works Administration
Grand total
$
S
c
3
Fiscal Year
Fiscal Year
1935 and
1936
Prior Years a
Total
3
1,754,434,281
d893.520.634
3
$
33,538,406 1,033,276,980
19,091,966 874,428,668
480,590,512
545,000,000
343,390,000
92,845,000
322,894,000
44,125,000
489.577,243
199.580,506
437,141.725
252,792,586
3,000,000
154.868,382
45,483,201
745.903,352
75,141.970
152,304,158
400,005,000
323,362,315
94,699.000
1
1
500.000,000
132,755,500
1.319.012
178,140,040
165,862,835
205,132,000
c34,000,000
3,389,487
14,446,440
115,863.270
2,627,810
3,644,105
2,095,792
S
687,618,895
158,848.311
104,197,869
423,395,524
200,000,000
687,618.895
175,830.175
174,009,147
124,958,815
74,493,662
19,506,931
41,185
46,862,231
1,347,275
911,040,000 2,693,934,671 1 59,242,287 2,443,115,494 1 73,113,765
1,838,800 116,624,322 f
88,960,000 833,965,000
64,765 816,450,155
17,450,079
51,848,364 767,449,494 263,450,086
1,082,747,945
80,561,249
651,005
11,632,744
92,845,000
125,000,000
200,000,000
33,729,500
1,000,000
38,918,877
6,811,963
860,913,647
395.891,315
600,032,481
200,000,000
125,000,000
125.000,000
22,950,000
•
0392,891,315
313,247,481
200,000,000
146,785,000
Unexpended
101.650,000
1,250,000
65,464,960
689.928,826
199,580,506
1 250,771,798
480,247,086
1,319,012
178,140,040
1,058,908,157
1,648,540
14,418,683
4,390.133
28,883,447
9,885,459
30,711
41,887
28,508,730
460,640,362
125,000,000
200,000,000
50,000,000
238,861.500
35,000,000
143,958,365
6,811,963
6,410,085
2,316,455
975,531
1,081,571
413,724
81,645,700
200,000.000
30,241.584
6,849,186
15,963,873
1,761,663
6,034,250
2,589,649
43,265,888
216,303,647
136,969,752
585,238,957
220,375,133
16,820
20,550.531
459,206,495
58,220,619
636,649,393
249,986.493
1,271,479
178,098,152
569,759,064
43,354.300
13,348,330
229,695,857
18,060.595
141,115,131
363.988
36,122,522
5,000,000
38,750,000
150,000,000
22,408,000
25,000,000
c4302505,041 4,302,505,041
75,000,000
14,863,094 2,276.434.748 2,030,533,387
23,896,533
47,185,331
3,918,134
2,823,381,312 3,294,464,228 1,424,709,352 2,198,236,588 6,605,143,838 16345935,319
354,052,470 9,827,695,783 6,164,187,065
17,408,000
50,000,000
5,535,771
37,500,000
m
715,095 1,801,763,412
n750,553
37.827
150,000,000
19,129,222
1,802,478,507
6,286,324
2.823.381.312 3.300,000,000 1,426,175,000 4,000,000.000 6,605,143,838 18154700,15,
a The emergency expenditures Included in this statement for the period prior
to the fiscal year 1934 Include only expenditures on account of the Reconstruction
Finance Corporation, and subscriptions to capital stock of Federal Land banks
under authority of the Act of Jan. 23 1932. Expenditures by the several departments and establishments for public works under the Emergency Relief and Construction Act of 1932 were made from general disbursing accounts, and, therefore,
are not susceptible to segregation from the general expenditures of such departments and establishments on the basis of the daily Treasury statements.
b Includes (a) $350.000,000 specific appropriations from the General Treasury
under the Acts of May 12 1933, May 25 1934 and June 19 1934; (b) 81,357,885.000
advanced by the Secretary of the Treasury under authority of Sec. 12-11 of the
Agricultural Adjustment Act, which must be returned to the Treasury from the
Proceeds of processing taxes collected on farm products; (c) $1,753,795 advanced
by the Secretary of the Treasury under authority of Sec. 10-A of the Act of June 28
1934; and (d) 38,000.000 allocated Corn processing taxes for purchase of surplus
sugar under the Act of Nfay 9 1934; less $758,513.02 transferred to Division of Disbursement, Treasury Department.
c There are no statutory limitations on the amounts of funds which may be
made available by the Reconstruction Finance Corporation for carrying out the
purposes of Sec. 5 of the Agricultural Adjustment Act, and for the purchase by
the Reconstruction Finance Corporation of preferred stock or capital notes of
banks and trust companies under the Act of March 9 1933. The Reconstruction
Finance Corporation is required to make available to the Federal Housing Administrator such funds as he may deem necessary for the purposes of carrying out the
provisions of the National Housing Act. The amounts included In this column
for the purposes specified are based upon checks issued therefor from time to time
by the Reconstruction Finance Corporation. The authority of the Reconstruction
Finance Corporation to issue its bonds, notes. and debentures has been Increased
by such amounts as may be required to provide funds for such purposes.
d The sum of 38.000,000 of this amount has been allocated for the purchase
Of surplus sugar under the Act of May 9 1934. The remainder is reserved to reimburse the Treasury for the advances referred to In footnote Is.
Expenditures are stated on a net basis, 1.e., gross expenditures less repayments
and collections, details of which are set forth In the supplementary statement below.
g Net, after deducting repayments to the Reconstruction Finance Corporation.
is The appropriation of $950,000,000 provided in the Act of Feb. 15 1934 was
allocated by the President as follows: Civil Works Administration, 5345,000,000;
Federal Emergency Itellef Administration, $605,000,000.
1,080,176
2,198,600
1,802.478,507
6.286.324
354,052,470 9.827,695,783 7,972,951,89
1 Excess of credits, deduct.
.1 Under the provisions of the Emergency Appropriation Act, fiscal year 1935,
the Reconstruction Finance Corporation is authorized to purchase marketable
securities acquired by the Federal Emergency Administration of Public Works.
but the amount which the Reconstruction Finance Corporation may have invested
at any one time in such securities may not exceed 5250,000,000. Moneys paid
for such securities are available for loans (but not grants) under Title II of the
National Industrial Recovery Act. The amount of obligations which the Reconstruction Finance Corporation is authorized to have outstanding at any one time
is Increased by the sums necessary for such purchases, not to exceed $250,000,000
The purchase of such securities by the Reconstruction Finance Corporation is
reflected as expenditures of the Reconstruction Finance Corporation and as credits
against expenditures of the Federal Emergency Administration of Public Works.
The amount by which the available funds on account of such transactions has been
increased is, therefore, included in the funds of the "Reconstruction Finance CorPoration—direct loans and expenditures."
k Includes $700,000 allocated for savings and loan promotion as authorized
by Sec. 11 of the Act of April 27 1934.
1 The appropriation of 3500.000,000 for subscription to capital stock Is included
In the figures shown in the column for RCICOn81,101CtIOn Finance Corporation.
m Under Sec. 3 of the Act of June 16 1934 the Reconstruction Finance Corporation is authorized to purchase at par obligations of the Federal Deposit Insurance
Corporation in a face amount of not to exceed 5250.000,000, and the amount of
obligations which the Reconstruction Finance Corporation is authorized to have
outstanding at any one time is increased by $250,000,000. The amount to be
Included in this column will represent the proceeds deposited with the Treasures
of the United States on account of the sale of such obligations by the Federal
Deposit Insurance Corporation to the Reconstruction Finance Corporation.
n This amount represents the unallocated balance of an allocation of 5400.000.000
by the President to the Administrator of Public Works. As and when such funds
are allocated by the Administrator to specific projects, the amounts are transferred
from an unallocated status to an allocated status.
NOTE—The total amount of expenditures for the fiscal year 1936 in this statement
can be reconciled with the total amount of recovery and relief expenditures shown
on Page 2 by adding to the latter the amounts included in general expenditures
under the captions "Agricultural Adjustment Administration" and "Refunds of
receipts—processing tax on farm products," and deducting the receipts under the
caption "Processing tax on farm products."
DETAILS OF REVOLVING FUNDS INCLUDED IN THE TABLE ABOVE
This Month
Fiscal Year 1936
Organizations
Payments
Commodity Credit Cornoration
Farm Credit AdministPation
Loans and grants to Stmes, municipalities. &eLoans to railroads
Export-import Panto of Washington
Reconstruction Finance Corporation—Direct loans & expenditures
a Excess of repayments and collections (deduct).
Repayments and
Collections
Ne•
Expenditures
Payments
Repayments am!
Collections
$134,867,831
10.573,838
15,897,435
5,546,867
2,682,852
58,285,806
$19,004,560
7,946,028
1,478,752
1,156,733
93,203
63,148,900
3115,863,270
2,627,810
14,418.683
4,390,133
2,589,649
a4,863,094
$134,867,831
10.573,838
15,897,435
5,546,867
2,682,852
58,285,806
$19,004,560
7,946,028
1,478,752
1,156,733
93,203
63,148,900
Net
Expenditures
$115.863,270
2,627,810
14,418,683
4,390.133
2,589,649
84,863,094
COMPARATIVE PUBLIC DEBT STATEMENT
(On the basis of daily Treasury statements)
Mar. 31 1917
Pre-War
Debt
Gross debt
Net bal. In general fund
Gross debt less net bal
once In ann. fund
Aug. 31 1919
Highest PostWar Debt
Dec. 31 1930
Lowest PostWar Debt
$1,282.044,346.28 $26,596.701.648.01 816,026.087,087.07
74,216,460.05 1,118,109,534.76
306,803,319 55
51 on, 097 sula 90 595 £70 509 11090 115 710 950 7,17 59
July 31 1934,
a Year Ago
June 30 1035,
Last Month
July 31 1935
Gross debt
827,189,245,812.83 328,700,892,624.53 529,119,769,527.28
Net bal. In general fund. 2,471,880,859.25
1.841,345,539.47
1,789,067.633.93
Gross debt less net bal
once In general fund 824,717,364,953.58 $26,859,547.085.06 $27,330.701.893.35
GOVERNMENT RECEIPTS AND EXPENDITURES
Through the courtesy of the Secretary of the Treasury
we are enabled to place before our readers to-day the details
of Government receipts.and disbursements for July 1935
and 1934.
Month of July
1934
1935
$
$
17,815,199
23,192,505
132,296,246
164,634,111
313,820,385
19,091,966
19,331,331
29,711,393
General and Special Funds—
Receipts-Internal revenue:
Income tax
Miscellaneous internal revenue
Processing tax on farm products
Customs
Miscellaneous receipts:
-owned securities:
Proceeds of Government
Principal—foreign obligations
Interest—foreign obligations
All other
Panama Canal tolls, dm
Seigniorage
Other miscellaneous
196,128
1,051,656
1,841,139
23,074,864
2.298,883
11,023,356
5,881,866
2,580.036
26,955,144
47,070,043
100,000,000
24,161,611
564,394
45,401,966
50,000,000
18,964,312
3,698,297
54,872,550
7,732,944
1,000
14,056,898
957,774
3,299,002
1.597,097
1,839,757
2,229,827
327,427
380,149,350
Total, general
32,257,651
3,820,536
4,190,478
424,874
24,181
21,009,100
2,613,509
18,734,710
29,404,052
Recovery and relief:
Agricultural aid:
Agricultural Adjustment Administration
Commodity Credit Corporation
Farm Credit Administration (including Federal
Farm Mortgage Corporation)
Federal Land banks
Relief:
Federal Emergency Relief Administration (Incl.
Federal Surplus Relief Corporation)
Civil Works Administration
Emergency Conservation work
Department of Agriculture, relief
Public Works:
Boulder Canyon project
Loans and grants to States, municipalities, dm
Loans to railroads
Public highways
River and harbor work
Rural Electrification Administration
Works Progress Administration
Other public works
Aid to home owners:
Home-loan system
Emergency housing
Federal Housing Administration
Resettlement Administration
Subsistence homesteads
Miscellaneous:
-Import Banks of Washington
Export
Federal Deposit Insurance Corporation
Administration for Industrial Recovery
Reconstruction Finance Corporation—direct
loans and expenditures
Tennessee Valley Authority
218,188,802
39,789,597
963,007
5,242,903
1,565,466
5425
40,662,400
4,161,013
Total receipts
6,836,718
278,908,944
Expenditures—
General:
Departmental (note 1)
Public buildings (note 1)
River and harbor work (note 1)
Panama Canal (note 1)
Postal deficiency
Retirement funds (United States share)
District of Columbia (United States share)
National defense (note 1):
Army
Navy
Veterans' pensions and benefits:
Veterans' Administration (note 1)
Adjusted service certificate fund
Agricultural Adjustment Admin. (note 1).e
Farm Credit Administration (note 1)
Debt charges:
Retirements
Interest
Refunds:
Customs
Internal revenue
Processing tax on farm products
230,394,992
7,779,698
115,863,270
8,427,073
55,761,102
2,627,810
5,739,898
18,815,323
2,439,670
61,081,089
64,765
51,848,364
651,005
156,399,167
4,904.805
39,972,478
1,648,540
14,418,683
4,390,133
28,883,448
9,885,460
30,712
41,888
28,508,730
2,436,566
11,731,582
14,938,000
50,633,530
12,713,553
6,410,085
2,316,456
975,532
1,081,571
413,724
21,344,000
449,512
2,589,650
28,194,771
158,195
1,080,177
51,142,389
203,761
883,677
54,863,095
3,918,135
5133,009,831
2,046,576
Total, recovery and relief
347,385,728
235.878,916
Total expenditures
727,535,078
466,273,908
Excess of receipts
Excess of expenditures
448,626,134
248,085,106
Summary
Excess of expenditures
Less public debt retirements
448,626,134
54,872,550
248,085,106
1,000
Excess of expenditures (excl. public debt retirements) 393,753,584
Trust accounts, increment on gold, dec., excess of
-I-96,807,384
receipts (—)or expenditures (+)
248,084,106
490,560,968
19,406,160
246,145,779
471,154,808
52,277,905
246,145,779
110,041,381
Less National bank note retirements
Total excess of expenditures
Decrease in general fund balance
—1,938,327
Increase in the public debt
Public debt at beginning of month or year
136,104,398
418,876.903
28,700,892,624 27,053,141,415
Public debt at this date
29,119,769,527 27,189,245,813
Trust Accounts, Increment on Gold, &c.
Receipts—
Trust accounts
Increment resulting from reduction in the weight of
the gold dollar
Seigniorage
Total
Expenditures—
Trust accounts
Transactions in checking accounts of governmental
agencies (net)
Chargeable against increment on gold:
Melting losses, eke
Payment to Federal Reserve banks (Sec. 13-B,
Federal Reserve Act, as amended)
For retirement of National bank notes
Total
20.536,303
14,251,293
65,219
2,372,871
272,163
22,974,393
14,523,456
21,431,019
12,585,129
Bonds
2% Panama Canal loan of 1916-36 (called)_..
2% Panama Canal loan of 1918-38 (called)___
3% Panama Canal loan of 1961
3% Conversion bonds of 1946A7
• % Postal Savings bonds (10th to 49th ser.)
$48,954,180.00
25,947,400.00
49,800,000.00
28,894,500.00
121.819,840.00
434% Fourth Liberty Loan of 1933-38(called)a
Treasury bonds:
% bonds of 1947-52
4% bonds of 1944-54
334% bonds of 1946-56
334% bonds of 1943-47
334% bonds of 1940-43
331% bonds of 1941-43
334% bonds of 1946-49
3% bonds of 1951-55
334% bonds of 1941
334% bonds of 1943-45
334% bonds of 1944-46
3% bonds of 1946-48
334% bonds of 1949-52
231% bonds of 1955-60
5758,955.800.00
1,036,762,000.00
489,087,100.00
454,135,200.00
352,993,950.00
544,914,050.00
818,646,000.00
755,477,000.00
834,474,100.00
1,400,570,500.00
1,518,858,800.00
1,035,884,900.00
491,377,100.00
2,406,399,200.00
$275,415,920.00
1,322,995,350.00
12,898,535,700.00
79,467,525.00
United States Savings bonds
$14,576,414,495.00
Total bonds
Treasury Notes
$18,178,400.00
134% series B-1935, maturing Aug. 1 1935—
418,291,900.00
• % series D-1935, maturing Dec. 15 1935-364,138,000.00
334% series A-1936, maturing Aug. 1 1936357,921,200.00
234% series 10-1936, maturing Dec. 15 1936.558,819,200.00
234% series 0-1936, maturing Apr. 15 1936-514,066,000.00
134% series D-1936, maturing Sept. 15 1936-686,616,400.00
13-4% series E-1936, maturing June 15 1936—
817,483,500.00
• % series A-1937, maturing Sept. 15 1937.
502.361,900.00
3% series B-1937, maturing Apr. 15 1937—__
428,730,700.00
3% series 0-1937, maturing Feb. 15 1937....
276,679,600.00
234% series A-1938, maturing Feb. 1 1938618,056,800.00
236% series B-1938, maturing June 15 1938._
455,175,500.00
3% series C-1938. maturing Mar. 15 1938.596,416,100.00
234% series D-1938, maturing Sept. 15 1938._
series A-1939, maturing June 15 1939.. 1,293,714,200.00
23-4%
526,233,000.00
1%% series 13-1939, maturing Dec. 15 1939..
194% series A-1940. maturing Mar. 15 1940.. 1,378,364,200.00
738,428,400.00
134% series 10-1940 maturing June 15 1940....
$10,549,675,000.00
4% Civil Service retirement fund, series 1936
284,700,000.00
to 1940
4% Foreign Service retirement fund, series
3,009,000.00
1936 to 1940
4% Canal Zone retirement fund, series 1938
2,849,000.00
to 1940
2% Postal Savings system series. maturing
125,000,000.00
June 30 1939
2% Federal Deposit Insurance Corporation
100,000,000.00
series, maturing Dec. 1 1939
Certificates of Indebtedrias—
d% Adjusted Service Certificate Fund
maturing Jan. 1 1936
11,065,233,000.00
al
series.
Treasury Bills (Maturity Value)—
Series maturing Aug. 7 1935
Series maturing Aug. 14 1935
Series maturing Aug. 21 1935
Series maturing Aug. 28 1935
Series maturing Sept. 4 1935
Series maturing Sept. 11 1935
Series maturing Sept. 18 1935
Series maturing Sept. 25 1935
Series maturing Oct 2 1935
Series maturing Oct 9 1935
Series maturing Oct. 16 1935
Series maturing Oct. 23 1935
Series maturing Oct. 30 1935
Series maturing Nov. 6 1035
Series maturing Nov.13 1935
Series maturing Nov.20 1935
Series maturing Nov. 27 1935
Series maturing Dec. 4 1935
Series maturing Dec. 11 1935
Series maturing Dec. 18 1935
Series maturing Dec. 24 1935
Series maturing Deo. 31 1935
Series maturing Jan. 8 1936
Series maturing Jan. 15 1936
Series maturing Jan. 22 1936
Series maturing Jan. 29 1936
Series maturing Feb. 5 1936
Series maturing Feb. 11 1936
Series maturing Feb. 19 1936
Series maturing Feb. 26 1936
Series maturing Mar. 4 1936
Serlea maturing Mar. 11 1936
Series maturing Mar. 18 1936
Series maturing Mar.25 1936
Series maturing Apr. 1 1936
Series maturing Apr. 8 1936
Series maturing Apr. 15 1936
Series maturing Apr. 22 1936
Series maturing Apr. 29 1936
254,200,000.00
$75,185,000.00
75,112,000.00
75,024,000.00
50,054,000.00
5 14,000.00
0,1
50,052,000.00
50,125,000.50
50,079,000.00
50,063,000.00
50,021,000.00
50,013,000.00
50,009,000.00
50,013,000.00
5
0,000,000.00
50,007,000.00
50,045,000.00
50,185,000.00
50,072,000.00
50,149,000.00
50,006,000.00
50,071,000.00
50,018,000.00
5
0,062,000.00
50,020,000.00
50,155,000.00
50,085,000.00
50,091,000.00
50,255,000.00
50,020,000.00
50,037,000.00
50,010,000.00
50,080,000.00
50,059,000.00
50,010,000.00
50.000,000.00
5
0,100,000.00
5
0,062,000.00
5
0,015,000.00
5
0,050,000.00
2,027,528,000.00
Total interest-bearing debt outstanding
Matured Debt On Which Interest Has Ceased—
Old debt matured—issued prior to April 1 1917
4% and 4H% First LibertY Loan bonds
334%,
of 1932-47
4% and 4,4% Second Liberty Loan bonds of
1927-42
434% Third Liberty Loan bonds of 1928._
334% and 434% Victory notes of 1922-23._
Treasury notes, at various interest rates
Cite. of indebtedness, at various interest rates
Treasury bills
'Treasury savings certificates
Debt Bearing No Interest—
United States notes
LeSa gold reserve
156,002
701,150
19,406,160
119.781,778
PRELIMINARY DEBT STATEMENT OF THE
UNITED STATES JULY 31 1935
The preliminary statement of the public debt of the United
States July 31 1935, as made upon the basis of the daily
Treasury statement, is as follows:
527,923,375,495.00
2 ,269,150.26
24
4
101, 23,150.00
1,719,500.00
2,776,200.00
779,000.00
8,021,200.00
,
12 156,500.00
33,488,000.00
338,025.00
184,970,725.28
78,087,447
2346,681,016.00
156,039.430.93
5190,641,585.07
12,585,129
1,938,327
Excess of receipts or credits
96,807,385
Excess of expenditures
S Excess of credits (deduct). e Payable from processing taxes on farm products
or advances from the Treasury to be deducted from processing taxes.
Nets 1—Additional expenditures on these accounts for the months and the fiscal
of which will
years are included under Emergency Expenditures, the classification
on
be shown in the statement of classified receipts and expenditures appearing
statement for the 15th of each month.
page 5 of the daily Treasury
Aug. 10 1935
Financial Chronicle
864
Deposits for retirement of National bank and
Federal Reserve bank notes
Old demand notei and fractional currency...Thrift and Treasury savings stamps, unclassified sales, deo
815,457,573.00
2,035,480.41
3,288,668.54
1,011,423,307.02
$29,119,769,527.28
Total gross debt
. a Called for redemption Oct. 15 1935. Also includes amounts of outstanding
15 1934, Oct. 15 1934, and Apr. 15 1935, on
bonds called for redemption on Apr.
which interest has ceased.
Volume 141
Financial Chronicle
TREASURY CASH AND CURRENT LIABILITIES
The cash holdings of the Government as the items stood
July 31 1935 are set out in the following. The figures are
taken entirely from the daily statement of the United States
Treasury of July 31 1935.
Assets—
Gold
CURRENT ASSETS AND LIABILITIES
GOLD
9.143.170296.30 Gold certificates:
Outstanding (outside
of Treasury)
785.980,929.00
Gold elf. fund—Fed.
Reserve Board- —5,553,660.115.48
Redemption fund—
Fed. Reserve notes. 21,828.555.28
Gold reserve
156,039,430.93
F.xch. stabilization fund.1,800,000,000.00
Gold In general fund— 825,661,265.61
Total
9.143,170,296.30
Total
9,143,170,296.30
Note—Reserve against $346.681,016 o United States
Treasury notes of 1890 outstanding. Treasury notes of notes and $1,180,924 of
1890 are also secured by
silver dollars in the Treasury.
Asset:—
Silver
Silver dollars
Total_
SILVER
Liabilftfes338,081,388.35 Silver ct/s. outstanding_ 827,675,351.00
509,475,442.00 Treasury notes of 1890
Outstanding
1,180,924.00
Silver in gen. fund
18,700,555.35
847,556,830.35
Total
GENERAL FUND
847,556,830.35
A Ma
--
Gold (see above)
Silver (see above). _United States notes____
FederalReserve notes__
Fed. Reserve bank notes
National bank notes --Subsidiary silver coinMinor coin
Silver bullion(cost value)
Silver bullion (recolnage
value)
Unclassified—
Collections, Act
Deposits in:
Fed. Reserve banks
Special dopes. acct. of
sales of Govt.sees..
Nat. and other bank
depositaries:
To credit of Treasurer of U. S
To credit of Other
Govt. officers....
Foreign depositaries:
To credit of Treasurer of U. S
To credit of other
Govt. officers.- Philippine Treasury:
To credit of Treasurer of U. S.....
825,661,265.61 Treasurer's cheeks out18,700,555.35 standing
2,317,626.00 Deposits of Government
officers:
12,030,740.00
Post Office Dept
1,306,666.00
Board of Trustees,
37,651,068.50
Postal Savings
5,686,536.95
System:
5,130,392.48
5% reserve, lawful
137,150,806.32
money
Other deposits
3,753,600.08
Postmasters. clerks of
courts, disbursing
2,760,597.69
officers. Ac
201.244,241.74 Deposits for:
Redemption of Nat':
bank notes(5% fund
676,308,000.00
lawful money)
Retirement of add'I
circulat'g notes, Act
of May 30 1908....
8,590,035.72
Uncollected Items, exchanges, Ac
31,404,369.35
8,482,834.83
2,123,706.47
54,578,545.63
10,078,946.66
99,672,343.43
3,214,393.63
1,350.00
6,969,389.95
186,121,510.60
1,222,608.97 Balance of increment resulting from reduction
In weight of the gold
1,099,870.31
dollar
145,326,899.48
Seigniorage (see note 1)- 142,484,312.78
2,170,163.46 Working balance
1,501,256,421.67
Balance to-day
1,789,067,633.93
Total
1,974,189,144.53
Total
1,974,189,144.53
Note 1—This item represents
seigniorage resulting from the issuance of silver certificates equal to the cost of the
silver acquired under the Silver Purchase Act of
1934 and the amount returned
for the silver received under the President's proclamation dated Aug.9 1934.
Note 2—The amount to
was 1,460.257,243.43. the credit of disbursing officers and certain agencies to-day
•
$1,050,515 in Federal Reserve
notes. $1,306,668 in Federal Reserve bank notes
and 837,567,457 in National
tion and are charges against bank notes are in the Treasury in process of redempthe redemption funds and retirement funds for such
notes.
TREASURY MONEY HOLDINGS
The following compilation:
-made—up ft.om
overnment statements, shows the money holdings
Treasury at the beginning of business on the first of the
of May,
June, July and August 1935:
sowings tn U.S. Treasury May 1 1935 June 1 1935 July 1 1935
Aug.
1 1935
$
$
Net gold coin and bullion. 1,018,584,787 1,038,883.274
Net silver coin and bullion
Net United States notes__ 157,355,827 147,384,638
3,005,466
3,193,997
Net National bank notes_
21,263.833
20,100,816
Net Federal Reserve notes
14,525,705
15,139,585
Net Fed. Res. bank notes_
1,872,794
1,148,904
Net subsidiary silver
4,696,791
7.437,616
Minor win,5ro
7,425,689
8,610,344
$
$
995,044,850 981,700,697
146,304,999 159,804,961
1,894,113
2,317,626
29,652,823
37,651,069
16,024,045 12,030,740
1,584,012
1,306.666
4,972.721
5,686.537
18,150,402
7,890,990
Total cash In Treasury.
Lees gold reserve fund... 1227646.396 1,242,983,670 1,213,627,965 .1208 189.288
156.039,431 156,039,431 156,039,431 156,039,431
Cash balance in Tress—
Dep. in spee'l depositories 1.071,606,965 1.086,944,239 1,057,588,534 1,052,149,855
account Treas'y bonds
.
Treasury notes and certificates of indebtedness 1,238,647.000 925,971,000
799,021,000 676,308.000
Dep. In Fed. Res. bank.... 113,882,334
106,764,120 118,346,260 201,244,242
Dep. in National banks—
To credit Treas. U. S
9,920,633
7,580,596
9,028,448
8,590,036
To credit disb. officers_
26,374,452
27,496,290
26,960,972
31,404,369
Cash In Philippine Islands
2.298,230
2,130,910
2,170,164
2,441,338
Deposits In foreign depts.
2,653,478
2,494.978
2,682,474
2,322,479
Dep. in Fed. Land banks.
Net cash in Treasury
and in banks
2,465,383,092 2,159,38%133
Deduct current liabilities. 530,065,559 202,545,878 2,016,069,026 1,974,189,145
174,723,487 185,121,511
Available cash balance. 1,934,717,533 2,956,836,255 1,841,345.539
1,789,067,634
Includes on Aug. 1$ 40,904,406 Si ver bullion and 5,130,392 minor, Ac.,
col
not included in statement 'Stock of Money."
COMPLETE PUBLIC DEBT OF THE UNITED STATES
The statement of the public debt and Treasury cash holdings of the United States, as officially issued as of Mar. 31
1935, delayed in publication, has now been received, and as
interest attaches to the details of available cash and the gross
and net debt on that date, we append a summary thereof,
making comparison with the same date in 1934:
865
CASH AVAILABLE TO PAY MATURING OBLIGATIONS
Mar. 31 1935 Mar. 31 1934
Balance end of month by daily statements, Ac
2,445,841,872 4,817,870,615
Add or Deduct—Excess or deficiency of receipts over
or under disbursements on belated items
—6.940,603 —16,309.699
Deduct outstanding obligations:
Matured interest obligations
Disbursing officers' cheeks
D'sus,unt secured on War Savings Certificates...Settlement on warrant checks
Total
2,438,901,269 4,801,560.916
26,753,283
27,520,283
275.811,890
180,071,198
3.550,335
4,020,905
3,394,080 2,002,154,185
309,809,594 2,213,766,531
Balance. deficit(—)or surplus(+)
+2.129.091.875 +2587.794.385
INTERESF-BEARING DEBT OUTSTANDING
Interest Mar.31 1935
Title ofLoan—
Payable
2s Consols of 1930
Q.
-J. 599,724,050
23 of 1916-1936
48,954,180
-F.
Q.
25 of 1918-1938
2,947,400
-F.
Q.
5
Is of 1961
49,800,000
Q.
-M.
3s convertible bonds of 1946-1947
28,894,500
-J.
Q.
Certificates of indebtedness
159 600 000
3SSs First Liberty Loan, 1932-1947
J -D. 1,392,225,250
Is First Liberty Loan, converted 1932
-1947
J.
-D.
5,002,450
4 yis First Liberty Loan. converted 1932
-1947...I.
-D. 532,489,100
She First Liberty Loan. 2d cony., 1932
-1947...J.
-D.
3,492,150
43(sFourth Liberty Loan of 1933-1938
Foth
A.-0.d1,709,787,200
4 sis Treasury bonds of 1947-1952
A.-0. 758,950,800
35 Treasury bonds of 1944-1954
3.-13. 1,036,762,000
3(s Treasury bonds of 1946-1956
M.-13. 489,087,100
3945 Treasury bonds of 1943-1947
J -D. 454,135,200
3945 Treasury bonds of 1940-1943
3.-D. 352,993,950
3345 Treasury bonds of 1941-1943
M.-8. 544,914,050
Treasury bonds of 1946-1949
3)(s Tre
-D. 818,646,000
•J.
3s Treasury bonds of 1951:1955
M.
-S. 755,477,000
334s Treasury bonds of 1941
F.
-A. 834,474,100
4gs-3 Sis Treasury bonds of 1943-1945
A.-0. 1,400,570,500
Treasury bonds of 1944-46
334s
A -D. 1,518,858,800
38 Treasury bonds of 1946-1948
J.
-D. 824,507.900
3)(s Treasury bonds of 1949-1952
J.
-D, 491.377,100
27 Treasury bonds of 1955-1960
4s
M.
-S 1,458,977,150
2545 Postal Savings bonds
34
101,943,340
Treasury notes
9.566,519,000
Treasury bills, series maturing1935—Apr. 3
c75,038,000
Apr. 10
c75,360,000
Apr. 17
c75.248,000
Apr. 24
c75,102,000
May 1
c76,015,000
May 8
c75,07o,000
May 15
c75,045,000
May 22
c75,168,000
May 29
05,287,000
June 5
c75,139,000
June 12
c75,079,000
June 19
c75,020,000
June 26
c75,300,000
July 3
c75,150,000
July 10
c75,185,000
July 17
c75,079,000
July 24
c75,129,000
July 31
c75,106,000
Aug. 7
c75,185,000
Aug. 14
c76,112,000
Aug. 21
c75,024,000
Aug. 28
c50,064,000
Sept. 4
c50,114,000
Sept. 11
c50,052,000
Sept. 18
c50,126,000
Sept.25
c50,079.000
Nov.27
c50,185,000
Dec. 4
c50,072,000
Dec. 11
c50,149,000
Dec. 18
c50,006,000
Dec. 24
c50,071,009
1934—Apr. 4
Apr. 11
Apr. 18
Apr. 25
May 2
May 9
May 16
May 23
June 20
June 27
Aug. 8
Aug. 15
Aug. 29
Sept. 5
Sept.26
Aggregate ofinterest
-bearing debt
Bearing no interest
Matured.interest ceased
Mar. 31 1934
599,724,050
48,954,180
25,917,400
49,800,000
28,894,600
1,815,850,500
1,392,226,350
5,002,450
532,489,350
3,492,150
5,367,374,200
758,983,300
1,036,834,500
489,087,100
454,135,200
352,993,950
544,915,050
819.096,500
755,481,350
834,474,100
1,400,570,000
78,030,240
6,925,357,900
c100,990,000
c100,050,000
c125.340.000
c125,126,000
c150,320,000
c125,493.000
05,007.000
c74,955.000
c100,110,000
c50.0 ,000
91
c50,078,000
c75,044.000
c75.088.000
c100,236,000
c50.525.000
28,042,868,270 25,693,167,820
707,001,214
399,724,261
74,537,590
59.618,710
Totaldebt
Deduct Treasury surplus or add Treasury deficit
428,824,407,074 26,157,508.791
2,129,091,675 +2587,794,385
Netdebt
626,695,315,399 23,569,714,408
a Total gross debt March 31 1935 on the basis of daily Treasury statements was
$28,817,458,097.73. and the net amount of public debt redemptions and receipts
In transit, dze.. was $6,948,976.50. b No reduction Is made on account of obligations
of foreign Governments or other investments. c Maturity value. d Includes amount
of outstanding bonds called for redemption on April 15 1934.
CONTINGENT LIABILITIES OF THE UNITED STATES, MAR. 31 1935
—Amount of Contingent Liabilite—
Detail—
Principal
Interest a
Taal
Guaranteed by the United States:
Federal Farm Mortgage Coro.:
3% bonds of 1944-49
864,136,300.00 9,721,756.13 873,858,056.13
334% bonds of 1944-64
98,028,700.00
132,747.20
98,161.447.20
3% bonds of 1942-47
139,607,100.00
872,873.13 140,479,973.13
1 tt% bonds of 1937
22,325,000.00
34,882.81
22,359,882.81
234% bonds of 1942-47
271,400.00
601.23
272,001.23
•1,124.368,500.00
Federal Housing Administration_
Home Owners' Loan corp.:
4% bonds of 1933-51
3% bonds, series A, 1944-52_ _ _1,115,737,275.00
% bonds,series B,1939-49
949,812,175.00
% bonds, series C, 1938.._.49,736,000.00
134% bonds, series D, 1937.... 49,843,000.00
2% bonds, series E, 1938
49,532,100.00
Reconstruction Finance Corp.:
sh% notes. series E
2% notes. series G
4% notes, series H
10,762,860.50 1,135,131,360.50
b3,143,289.25
3,143,289.25
14,247,839.44 1,129,985,114.44
6,552,880.77 956,365,061.77
93,255.00
49,829,255.00
109,031.55
49,952,031.55
123,830.25
49,655,930.25
*2,214.660,550.00 24,270,132.26 2,238,930,682.26
149,621,656.67 1,553,763 46
16,000,000.00
188,287.29
84,025,000.00
700,982.04
151,175,430.13
16,188,287.29
84,725,982.04
249,646,666.67 2,443,032.79 c252,089,699.46
Total based upon guarantees
3,626,151,742.22
Aug. 10 1935
Financial Chronicle
866
MAR. 31 1935
CONTINGENT LIABILITIES OF THE UNITED STATES,
—Amount of Contingent Liability—
Total
Interest a
Principal
$
$
$
On Credit of the United States'
58,750.00 d70.058,750.00
70,000,000.00
Secretary of Agriculture
Postal Savings System:
1,205,509,000.40 25,428,588.55 01230,937,588.95
Funds due depositors
Tennessee Valley Authority
Total, based upon credit of the
United States
1,300,998,318.85
Other Obligations—
Federal Reserve notes (face amt.)-
83,149,909.980.00
amounts of
•Includes only bonds issued and outstanding. a After deducting interest on
b
funds deposited with the Treasury to meet interest payments.
outstanding. c Does not
$324.885.825 face amount of bonds and interim receipts interest thereon, held by
include $3.550.000,000 face amount of notes and accrued
of AgriTreasury and reflected in the public debt. d Funds borrowed by Secretary
cotton in his possession
culture pursuant to Sec. 4 of the Act of May 12 1933, upon have been pledged as
receipts for such cotton
or control, for which the warehouse
of Mar. 31 1935 not available.
collateral. e Figures as of Feb. 28 1935— figures as accrued interest amounting to
Offset by cash in designated depository banks and collateral as provided in the
of
3493.219.282.74. which is secured by the pledge
$511,111,174.89:
Regulations of the Postal Savings System having a face value ofand Government
cash in possession of System amounting to $105,331,371.13. and other assets.
as investments,
securities With a face value of $628,238,375 held
fund deposited In the
if In actual circulation, exclusive of $15,848,755 redemption
notes held by the Issuing
Treasury and $250,440,705 of their own Federal Reserve certificates In the amount
banks. Federal Reserve notes Issued are secured by gold of a face value of $231,of $3,288,179.000; United States Government securities
100,000 and commercial paper of a face amount of $5.781.000.
DIVIDENDS
The dividends announced this week are:
Name of Company
Per
Share
When Holders
Payable of Record
20c Aug. 1 Aug. 1
Alaska Mining & Power Co
10c Oct. 1 Sept. 25
Allied Laboratories, Inc. (guar.)
8765c Oct. 1 Sept. 25
preferred (quar.)
$3) cony.
Aug. 31 Aug. 15
2c
American Business Shares
$1 A Sept. 1 Aug. 15
American Capital, prior preferred (quar.)
31X July 1 June 15
(Md.)7% pref. (qu.)
American Dairies. Inc.
15c Aug. 15 Aug. 15
American Investment Securities Co
10c Sept. 1 Aug. 22
American Laundry Machinery Co.(quar.)
Sanitary Corp.
American Radiator & Standard
31X Sept. 3 Aug' 19
Preferred (quar.)
50c Sept.30 Sept.16
American Steel Foundries. preferred
25c Sept. 1 Aug. 21
Archer-Daniels-Midland (guar.)
25c Sept. 1 Aug. 21
Special
10c Sept.25 Sept. 11
Art Metal Works,Inc..common
$46.6 Sept. 1 Aug. 20
-a.)
Atlanta & Charlotte Air Line Ry.(s.
30c Sept.16 Aug. 31
Atlas Corp. (initial)
50c Sept. 10 Aug. 30
Atlas Powder (guar.)
8c Aug. 26 Aug. 9
Bankers National Investment Corp.(guar.).— 15c Aug. 26 Aug. 9
60c. preferred (quar.)
32c Aug. 26 Aug. 9
Class.A and B (quar.)
$1 A Sept. 3 Aug. 15
Baton Rouge Elec. Co.$6 pref. (quar.)
$1 A Sept. 16 Sept. 3
Birmingham Water Works Co.6% pref. (qu.)
Aug. 15 Aug. 1
$1
Beacon Mfg.. preferred (quar.)
$1 A Sept. I Aug. 17
Bigelow-Sanford Carpet. preferred (quar.)
$2 Sept. 1 Aug. 6
Bird-Archer Co
$4 Sept. 1 Aug. 6
-a.)
Preferred (s.
$1 Aug. 1
Boott Mills (quar.)
Sept.30
$1
Co.(quar.)
Boston Storage & Warehouse
Aug. 30 Aug. 20
Bridgeport Machine Co
Feb. 29 Feb. 15
Fence & Wire (Initial)
Brown
$1 Aug. 31 Aug. 15
Class A (initial)
50c Aug. 31 Aug. 15
Class B (initial)
75c Sept. 1 Aug. 20
Brown Shoe Co. common (quar.)
45c Oct. 1 Sept. 20
Bucyrus-Monighan. A (quar.)
40c Oct. 1 Sept. 14
Buffalo Niagara & Eastern Power preferred....
$1 X Nov. 1 Oct. 15
lst 55 preferred (quar.)
W 5 ann Oct. 5 Aug. 27
Burma Corp., Ltd., Am. dep. rec. (final)
3166 Sept.16 Sept. 3
Butler Water Co.7% pref. (quar.)
$134 Aug. 15 Aug. 1
Cabot Mfg. (quar.)
Sept. 2 Aug. 1
r$1
Canadian Hydro-Electric Corp.6% 1st pref_
Aug. 15 Aug. 8
13
-a.)
Co., 7% preferred (s.
Canada Starch
164 Sept.30 Sept.20
Canfield Oil Co.. 7% preferred (quar.)
Sept. 3 Aug. 15a
Central Arkansas Public Service Corp., pf.(qu.) h 1
Aug. 30 Aug. 15
Central Ohio Light & Power $6 pref
Aug. 15 July 31
$1
Central Vermont Public Service,$6 preferred_ _ _
$1 Aug. 15 Aug. 10
Champion Coated Paper (quar.)
$1A Aug. 15 Aug. 5
Chester Water Service preferred (quar.)
25c Sept. 1 Aug. 15
Chicago Corp. preferred (quar.)
15c Sept.20 Sept. 3
Churngold Corp
Cincinnati New Orleans & Texas Pacific Ry.,
Sept. 3 Aug. 15
Si
5% preferred (quar.)
311% Aug. I July 25
City Baking Co. preferred (quar.)
$1A Sept. 3 Aug. 20
City of New Castle Water6% pref.(guar.)
75c Aug. 15 Aug. 5
Clear Springs Water Service Co.$6 pref
(qu.)_ $1 A Sept.16 Aug. 26
Coast Counties Gas & Elec. Co..6% pref.
Sept. 3 Aug. 20
$1
Collins & Alleman, preferred (quar.)
$1 Sept. 3 Aug. 16
Columbian Carbon Co. (guar.)
$I July 30 July 25
Columbus Dental Mfg. Auer.)
$16i July 30 July 25
Preferred (guar.)
I5c Sept. 1 Aug. 21
Consolidated Paper Co. (guar.)
17 Ac Oct. 1 Sept.20
Preferred (quar.)
h$3.A Aug. 1 July 12
Coon(W.B.) Co.7% preferred
r5c Aug. 15 July 31
Corporate Investors. Ltd.(quar.)
17)c Aug. 15 July 31
Cosmos Imperial Mills (quar.)
$1 X Aug. 15 July 31
(quar.)
7% preferred
43
)c Aug. 15 Aug. 10
Crown Drug Co., Inc.. 7% Pref. (quar.)
Crum & Forster Insurance Shares Corp.—
15c Aug. 31 Aug. 21
(quarterly)
Common A & B
10c Aug. 31 Aug. 21
Common A & B extra
$16( Aug. 31 Aug. 21
7% preferred (quarterly)
,
8736c Oct. 1 Sept. 16
Dayton & Michigan RR.Co.(semi-ann.)
Oct. 1 Sept. 16
8% preferred (quarterly)
25c Sept. 2 Aug. 20
Products (quar.)
Detroit Paper
20c Sept. 2 Aug. 28
Durham Duplex Razor $4 preferred
51X Oct. 1 Sept. 5
Eastman Kodak Co., common (quar.)
25c Oct. 1 Sept. 5
Common (extra)
$1.A Oct. 1 Sept. 5
Preferred (quarterly)
East St. Louis & Interurban Water Co.
$1 X Sept. 3 Aug. 20
7% preferred (quar.)
$1 A Sept. 3 Aug. 20
6% preferred (quar.)
$1 Sept. 1 Aug. 21
State Telep. Co.4% gtd.(quar.)_
Empire & Bay
h37 Ac Sept. I Aug. 5
Equity Corp. $3 cony. preferred
$1.20 Aug. 15 Aug. 15
Ewa Plantation
50c Sept. 1 Aug. 15
Faber, Coe & Gregg, Inc
161A Sept. 1 Aug. 16
Fajardo Sugar
Sept. 3 Aug. 19a
Si
Federal Light & Traction Co.. pref.(quar.)
July 29
$1
Federated Capital Corp. common
July 29
6% preferred
Aug. 1 July 15
Fulton Industrioal Security (Atlanta) pf.(qu.)_ _
$1X Sept. 1 Aug. 15
Gates Rubber CO., 7% pref. (guar.)
50c Sept. 12 Aug. 15
General Motors (guar.)
25c Sept.12 Aug. 15
Extra
Si X Nov. 1 Oct. 7
Preferred (guar.)
12Ac Aug. 1 July 24
Genessee Brewing, Inc., class A & B (quar.)_
40c Oct. 1 Sept. 14
Glens Falls Insurance Co.(quar.)
Great Atlantic & Pacific Tea Co. of America—
$1 A Sept. 1 Aug. 9
Common (quar.)
25c Sept. 1 Aug. 9
Common (extra)
Sept. 1 Aug. 9
7% 1st preferred (quar.)
Oct. 1 Sent. 21
11
(quar.)
Greyhound Corp.. preferred A
Aug. 15 July 29
$I
Guggenheim 8s CO. 7% preferred (quar.)
$1A Oct. 1 Sept. 16
Co.,6% pref. (quar.)
Hammermill Paper
25c Sept. 1 Aug. 15
Hancock 011. class A & 13 (quarterly)
87ic
Name of Company
Per
Share
When Holders
Payable of Record
Hanes(P. H.) Knitting Co.,corn.& corn.B (qu.) 121 Aug. 31 Aug. 20
Sept. 3 Aug. 15
Harbison-Walker Refractories common
Oct. 21 Oct. 7
$1
Preferred (guar.)
2
Sept. 14 Aug. 31
Hazeltine Corp. (quar.)
25c Sept. 14 Aug. 31
Extra
15c Aug. 20 Aug. 15
Hawaiian Electric Ltd.(monthly)
25c Sept. 3 Aug. 22
Heyden Chemical (quarterly)
h$4i1 Aug. 1 July 23
Paper 6% pref. A
Ilinde-Dauch
Aug. 26 Aug. 20
Homestake Mining (monthly)
$2 Aug. 26 Aug. 20
Extra
Si X Sept. 3 Aug. 20
Water Corp.7% pref.(quar.)
Huntington
Sept. 3 Aug. 20
Si
6% preferred (guar.)
lOc Aug. 5 July 31
Hutchinson Sugar Plantation (monthly)
20c Sept.30 Aug. 31
Canada
International Nickel of
15c Oct. 1 Sept.16
Irving Air Chute (quar.)
10c Oct. 1 Sept. 16
Extra
25c Aug. 22 Aug. 16
Isotta Fraschint, Am. dep. receipts
65c Sept.10 Aug. 26
Kayser (Julius)
200 Sept. 1 Aug. 26
Keraha Sugar, Ltd.(monthly)
8.273c Aug. 15 July 3
Keystone Custodian Fund series E-2
50c Aug. 31 Aug. 26
Koloa Sugar, Ltd.(monthly)
25c Aug. 15 Aug. 5
Landis Machine
741X Sept. 1 Aug. 20
Lexington Water preferred
25c Sept. 1 Aug. 23
Lincoln Stores (quar.)
$1X Sept. 1 Aug. 23
Preferred (quar.)
20c Sept. 14 Aug. 15
McColl-Frontenac Oil (quar.)
be Sept.30 Sept.23
McFeeley &Prior class A & B (qtr.).
McLennan,
50c Aug. 15
McNealy Red Lake Holding (resumed)
$6 Oct. 30 Sept. 20
Marancha Corp. (liquidating)
$1X Aug. 15 Aug. 7
Mercantile Stores Co., 7% prof. (guar-)
75c Sept. 1 Aug. 26
Middlesex Water Co.(quarterly)
Sept. 1 Aug. 20
Minneapolis Gas Light (Del.)7% pref.(quar.)..
1X Sept. 1 Aug. 20
1
6% preferred (quar.) •
Sept. 16 Sept. 2
Muncie Water Works8% pref.(quar.)
$1 Aug. 15 Aug. 8
Nashua Gummed & Coated Paper (quar.)
$1A July 25
National Securities Investment
July 25
6% preferred
Sept. 3 Aug. 15
Nebraska Power,7% Preferred (guar.)
Sept. 3 Aug. 15
6% preferred (quarterly)
Aug. 15 Aug. 10
Newmarket Manufacturing (quarterly)
5.6c Aug. 15
Trust Shares (bearer)
New York Bank
25c Aug. 15 July 29
1900 Corp. class B (quar.)
Si
Sept. 3 Aug. 15
Nova Scotia Light & Power pref.(quar.)
$1
Sept. 3 Aug. 6
Ohlo Power Co.6% preferred
20c Aug. 20 Aug. 10
Onomea Sugar (monthly)
50c Sept. 3 Aug. 23
Overall, preferred (quar.)
Oshkosh
10c Sept. 5 Aug. 20
Paauhu Plantation (monthly)
25c Aug. 31 Aug. 15
Patterson-Sargent (quarterly)
$1A Aug. 15 Aug. 8
Manufacturing Co. (semi-ann.)
Pepperell
Si X Sept. 1 Aug. 20
Penn State Water, $7 preferred (quar.)
h87 Ac Sept. 1 Aug. 20
Phoenix Hosiery, 1st preferred
As
Aug. 15 July 31
Phoenix Securities, $3 cony. preferred A
40c Sept. 2 Aug. 15
Pillsbury Flour Mills, Inc. (guar.)
20c Sept. 1 Aug. 20
Mills (monthly)
Pioneer
Pittsburgh Suburban Water Service, pf.(qu.)-._ $1 A Aug. 15 Aug. 5
12c Sept. 1 Aug. 15
Plymouth Fund, Inc., class A
X Oct. 1 Sept. 14
Ponce Electric, 7% preferred (quarterly)
50c Sept. 1 Aug. 20
Prentice Hall (quarterly)
75c Sept. 1 Aug. 20
Preferred (quarterly)
65c Aug. 15 Aug. 12
Properties Realization Corp.(v.t. c.) corn
Public Electric Light Co..6% pref. (quar.)........ $114 Sept. 1 Aug. 21
Oct. 1
Reno Gold Mines. Ltd.(quar.)
25c Sept. 11 Aug. 26
Rike-Kumler (quarterly)
h25c Sept. 2 Aug. 21
Rubinstein (Helena). preferred
hiAti Sept. 3 Aug. 18
Sandusky Bay Bridge Co.,7% pref.(quar.)
1
Oct. 1 Sept. 15
7% preferred (quarterly)
Aug. 31 Aug. 15
Secord (Laura) Candy Shops (quar.)
15c Sept. 16 Aug. 230
m Oil Co
Socony-Vacuu
25c Sept.16 Aug. 16
Standard Oil of Indiana (quar.)
25c Sept. 1 Aug. 20
Telephone Investment (monthly)
Si
Sept. 3 Aug. 20
Terre Haute Water Works.7% pref.(quar.)_ _ _
161e Aug. 31 Aug. 27
Third Twin Bell Syndicate (161-mo.)
$114 Sept. 3 Aug. 20
Timken Detroit Axle, preferred (quar.)
25c Sept. 5 Aug. 20
Timken Roller Bearing Co
50c Sept. 5 Aug. 20
Extra
15c Aug. 31 Aug. 15
Telep.& Teleg. Co.,6% pref.(quar.).
Tri-State
14c Aug. 15
Trustee Food Shares, series A bearer
$2 Sept. 5 Aug. 30
Twinn Bell 011 Syndicates (monthly)
50c Sept.30 Sept.120
Underwood Elliott Fisher Co..common
Si
Sept.30 Sept.120
Preferred (quar.)
$1
Oct. 1 Sept. 4
Union Pacific, common
Oct. 1 Sept. 4
Preferred (3.-a.)
30c Sept. 3 Aug. 16
Union Tank Car Co. (quarterly)
$2
Sept. 3 Aug. 15
United States Envelope Co
$3
Sept. 3 Aug. 15
-a.)
7% preferred (s.
-a.)
Nov. 1 Oct. 15
Utica Chenango & Susquehanna Vail. RR.(s.
25c Sept. 2 Aug. 20
Vanadium-Alloys Steel Co
25c Sept. 1 Aug. 15
Van Raalte Co. (Initial)
$114 Sept. I Aug. 15
Preferred (quarterly)
-a.)
75c Aug. 17 Aug. 6
Virginia Fire & Marine Insurance (s.
$1.20 Aug. 31 Aug. 21
Waialua Agricultural Co.. Ltd
5134 Sept. 3 Aug. 6
Wheeling Electric,6% pref. (quar.)
)
$1 1 .1 Oct. 1 Sept.20
Whitaker Paper, 7% preferred (quar.)
50c Aug. 15 Aug. 7
Williams(J. B.)Co. (quar.)
361A Sept. 1 Aug. 20
Williamsport Water (quarterly)
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week,these being given in the preceding table.
Name of Company.
Per
When Holders
Share. Payable of Record.
25c Sept. 1 Aug. 15
Abbott Dairies, Inc. (quar.)
$134 Sept. 1 Aug. 15
7% 1st & 2d preferred (guar.)
25c Aug. 15 July 31
Acme Wire of New Haven
Sc Sept. I Aug. 15
Affiliated Products (monthly)
-a.)
20c Sept. 2 Aug. 15
Agnew Surpass Shoe Stores(s.
20c Sept. 2 Aug. 15
Extra
3% Aug. 15 July 13
Alabama Great Southern RR.Co., preferred_ _ _
$3 Oct. 1 Sept. 9
Alabama St Vicksburg Ry. Co.(semi-ann.)
$2 Aug. 10 July 31
Packers Assoc
Alaska
$2 Aug. 10 July 31
Special
50c Sept. 1 Aug. 20
Allen Industries, corn (quar.)
75c Sept. 1 Aug. 20
(quar.)
Preferred
Allentown-Bethlehem Gas, preferred (guar.)._ _ 8734c Aug. 10 July 31
$1
Sept. 14 Sept. 3
Alexander & Baldwin (guar.)
Sept. 14 Sept. 3
Extra
25c Sept. 14 Aug. 31
Allegheny Steel
5134 Sept. 3 Aug. 5
Preferred (quar.)
$114 Oct. 1 Sept. 20
Allied Stores Corp.,5% pref. (Initial)(quar.)__ _
10c Oct. 1 Sept. 20
Aluminum Goods Mfg. Co.(quar.)
50c Sept.30 Sept. 15
Mfgs. (guar.)
Aluminum
50c Dec. 31 Dec. 15
Quarterly
$134 Sept.30 Sept. 15
7% preferred (quarterly)
$14t Dec. 31 Dec. 15
preferred (quarterly)
25c Aug. 31 Aug. 20
American Arch Co. (quarterly)
75c Oct. 1 Sept. 11
American Bank Note, pref.(quar.)
$1 Aug. 15 July 25a
American Can Co.,common tquar.)
$1 Oct. 1 Sept. 19
7% preferred (quarterly)
75c Oct. 1 Sept. 12
(quarterly)
American Chicle
3 Aug. 20a
American Elec.Securities corp., part. pref.(qu.) 73Ic Sept.10 July 31
10c Aug.
American Factors. Ltd.(monthly)
76ic Sept. 3 Aug. 15
Corp., el. A cora_
American & General Securities
75c Sept. 3 Aug. 15
$3 cum. pref
25c Oct
I Sept.15
American Hardware Corp.(quar.)
25c Jan 1 '36 Dec. 14
Quarterly
20c Sept. 3 Aug. 14
American Home Products (monthly)
25e Sept. 2 Aug. 21
American Hosiery Co (quarterly)
142 Sept. Ia Aug. 21
Ameilean Metals. preferred
Financial Chronicle
Volume 141
Name of Company
Per
Share
When Holders
Payable of Record
American Paper Goods,7% preferred (quar.)__
$l 3i Sept. 15
7% preferred (quar.)
$15 Dec. 15
,
1
American Re-Insurance (guar.)
6266c Aug. 15 July 31
American Smelting & Refining 6% 2d pref
586 Sept. 2 Aug. 9
7% let preferred
$1A Sept. 2 Aug. 9
American Tobacco (guar.)
Co.. corn. & corn.13
$1i Sept. 3 Aug. 10
Anglo-Canadian Telephone, class A (initial).12 c Sept. 3 Aug. 15
Class B (initial)
lOc Sept. 4 Aug. 15
Armstrong Cork (guar.)
12Ac Sept. 2 Aug. 15
tloorn Corp., preferred
h$1 y, Sept. 1 Aug. 15
Asbestos Mfg Co.,$1.40 cony. pref.(quar.)---35c Nov. 1
81.40 convertible preferred (quar.)
35e Feb.1'36
Associated Dry Goods, 1st preferred
583 Sept. 3 Aug. 9
Associated Investment
I
Aug. 15 Aug. 2
Assoziates Investment
e400% Aug. 15 Aug. 2
Atchison Topeka & Santa Fe
$2 Sept. 3 July 31
Atlanta & Charlotte Air Line Ry.(s.
$4 A Sept. 2 Aug. 20
-a.)
Baldwin Rubber, preferred A
$1 Aug. 20 Aug. 15
Baltimore American Ins. Co. (s.
-a.)
10c Aug. 15 Aug. 1
Bamberger (L.) & Co.. 6I% pref.(guar.)
$1.62H Sept. 3 Aug. 15
Bandini Petroleum (monthly)
Sc Aug. 20 July 31
Belden Mfg. Co. (quarterly)
81 Aug. 15 Aug. 10
Belding-Corticelli. preferred (guar.)
$163' Sept. 19 Aug. 31
Best & Co (guar.)
50c Aug. 15 July 25
Bethlehem Steel, preferred
$1 i Oct. 1 Sept. 6
Blauners Inc. (guar.)
25c Aug. 15 Aug. 1
Preferred (guar.)
75c Aug. 15 Aug. 1
Block Bros. Tobacco Co.(guar.)
3734c Aug. 15 Aug. 11
Quarterly
37c Nov. 15 Nov. 11
6% preferred (guar.)
$13 Sept.30 Sept. 25
6% preferred ,quar.)
31A Dec. 31 Dec. 25
Blue Ridge Corp., preferred (guar.)
m75c Sept. 1 Aug. 5
Bon Amt. class A (guar.)
$1 July 31 July 15
Class 13 (quar.)
50c Oct. 1 Sept. 18
Borden Co., common (guar.)
400 Sept. 3 Aug. 15
Boss Mfg. Co., common
$1 A Aug. 15 July 31
Boston Insurance (guar.)
$4 Oct. 1 Sept. 20
Boston & Providence RR.(guar.)
82.125 Oct. 1 Sept. 20
Quarterly
$2 125 Jan.2 '36 Dec. 20
BourJois, Inc.. 323( preferred (quar.)
6831c Aug. 15 Aug. 1
Brach (E. J.) & Son (guar.)
25c Sept. 1 Aug. 10
Brewer (C.) & Co., Ltd.(monthly)
$1 Aug. 25 Aug. 20
Monthly
$1 Sept. 25 Sept.20
Bridgeport Gas Light Co
60e Sept.30 Sept. 16
Bristol-Myers Co., corn,(guar.)
50c Sept. 3 Aug. 9
Extra
10c Sept. 3 Aug. 9
Brooklyn Edison (quar)
$2 Aug. 31 Aug. 9
Brooklyn-Manhattan Transit pref (quar.)
$1b Oct. 1 Oct. 1
Preferred (guar.)
$1 A 1-15-36 Jan. 2
Preferred (guar.)
1) 4-15-36 Apr. 1
Brooklyn Telep.& Messenger (guar.)
$1.25 Sept. 1 Aug. 20
Brooklyn Union Gas (quarterly)
Oct. 1 Sept. 3
$t
Brown Shoe. 7% preferred (guar.)
$161 Oct. 31
Buckeye Pipe Line Co
75c Sept. 14 Aug. 23
Buck Hill Nails (quar.)
1264c Aug. 15 Aug. 1
Buffalo Ankerite Gold Mines. Ltd. (guar.)
Sc Aug. 15 Aug.1
Burroughs Adding Machine Co
15c Spet. 5 Aug. 3
Byron Jackson (quar.)
125c Aug. 15 Aug. 5
Calarnba Sugar Estates, corn. (guar.)
40c Oct. 1 Sept.14
Calaveras Cement, 7% preferred
531 Aug. 12 Aug. 5
California Packing Corp. (guar.)
37 c Sept. 16 Aug. 31
California Water Service. pref. (quar.)
$13. Aug. 15 July 31
Campbell, Wyant & Cannon Foundry Co
20c Aug. 31 Aug. 10
Campo Corp common (guar.)
20c Sept. 1 Aug. 15
Canada & Dominion Sugar, Ltd.(quar.)
r37 Ac Sept. 1 Aug. 15
Quarterly
r3736c Dec. 1 Nov. 15
Canadian Converters, Ltd.(guar.)
50e Aug. 15 July 31
Canadian Hydro-Electric. pref. (quar.)
8134 Sept. 2 Aug. 1
Canadian Oil Cos., Ltd. (quarterly)
r1234c Aug. 15 Aug. I
Carnation Co..7% preferred (quarterly)
$1
oct. 1 Sept. 20
7% preferred (quarterly)
$lA Jan1•36
7% preferred ,quarterly)
813 Aprl'36
/
4
'
Carolina Telep. & Teleg. (guar.)
$234 Oct. 1 Sept. 24
Case (J. I.). 7% preferred
581 Oct. 1 Sept. 12
Castle (A. M.) & Co.(guar.)
50c Aug. 10 July 22
Caterpillar Tractor (guar.)
25c Aug. 31 Aug. 15
Extra
25c Aug. 31 Aug. 15
Cedar Rapids Mfg. & Power (guar.)
75c Aug. 15 July 31
Central Cold Storage
25c Aug. 15 Aug. 5
Central Mass. Light & Power, pref.(quar.)
$134 Aug. 15 July 31
Ceatral Mississippi Valley Elec. Prop. pref. 3qu.) $1) Sept. 1 Aug. 15
Centrifugal Pipe Corp.(guar.)
10c Aug. 15 Aug. 5
Quarterly
10c Nov. 16 Nov.
Century Ribbon Mills. pref.(guar.)
$131 Sept. 3 Aug. 20
Chain Belt Co.(quar.)
15c Aug. 15 Aug. 1
Champion Coated Paper (guar.)
81 Aug. 15 Aug. 10
Champlain Oil Products, pref. (guar.)
15c Aug. 15 July 31
Chartered Investors.$5 pref.(guar.)
$1 A Sept. 2 Aug. 1
Chase (A. W.) Co.. extra
50c Aug. 10 July 31
PreferrNi (quar.)
50c Aug. 10 July 31
Chestnut Hill RR. Co.(guar.)
75c Sept. 3 Aug. 20
Chicago Mail Order (quarterly)
25c Sept. 3 Aug. 10
Extra
1266c Sept. 3 Aug. 10
Chicago Yellow Cab (quarterly)
25c Sept. 3 Aug. 20
Chrysler Corp.(uar.
25c Sept.30 Sept. 3
Extra..................................
25c Sept.30
3
Cincinnati Union Terminal, preferred (quar.)__. $1 It Oct. 1 Sept. 20
Sept.
Preferred (quar.)
SI 31 fan 1 '36 Dec. 20
Citizens Gas Co. of Indianapolis,5% pref
$133' Sept. 1
Cleveland Electric Illuminating, peer (quar.)_ _
8134 Sept. 1 Aug. 15
Cleveland & Pittsburgh Ry.7% guar.(quar.)__ 8714c Sept. I Aug. 10
7% guaranteed (guar.)
87c Dec. 1 Nov. 9
Special guaranteed (guar.)
Soc Sept. 1 Aug. 10
Special guaranteed (guar.)
50e Dec. 1 Nov. 9
Climax Molybdenum Co. (guar.)
5c Sept.30 Sept 15
Quarterly
Sc Dec. 30 Dec. 15
Colgate-Palmolive-Peet (guar.)
12 c Sept. 2 Aug. 6
Preferred (quarterly)
$1
Oct. 1 Sept. 5
Collateral Trust Shares of N. Y., series A
10c Aug. 31
Colt's Patent Fire Arms (guar.)
3131c Sept.30 Sept. 7
Columbia Broadcasting System (guar.)
40c Sept.30 Sept. 16
Columbia Gas Sc Electric Corp.
6% preferred, series A (quarterly)
$165 Aug. 15 July 20
5% preferred, series No. 25
$131 Aug. 15 July 20
(guar.)
5% preference stock (quarterly)
$131 Aug. 15 July 20
Columbia l'ictures Corp., preference (quar.)_
75c Sept. 2 Aug. 15
Commonwealth Utilities Corp.
63.% preferred C (quarterly)
$l< Sept. 3 Aug. 15
Compania Swift Internacional (semi-annual)___
$1 Sept. 1 Aug. 15
Conmo Shoe Machinery (quarterly)
1264c Sept. 1 Aug. 20
Concord Gas, 7% preferred (reduced)
s7Ac tug 15 July 31
Confederation Life Assoc.."Toronto" (quar.)_.
$1 Sept.30 Sept. 25
Quarterly
SIDi. 31 Dec. 25
Connecticut Lt. & Power Co.,664% pt. (guar.) $166 Sept. 1 Aug. 15
53.7,, preferred (guar.)
Sept. 1 Aug. 15
$1
Connecticut Power (quarterly)
62(c Sept. 3 Aug. 15
Connecticut R.& Light Co., pref. (guar.)---- $1 b Aug. 15 July 31
Connecticut River Power,6% prof. (quar.)____ $134 Sept. 2 Aug. 15
Consolidated Cigar. 7% preferred (guar.)
8161 Sept. 2 Aug 15 •
Consolidated Gas & Electric Lt. of Ball
90c Oct. 1 Sept. 14
5% preferred (quarterly)
$1 A Oct. 1 Sept. 14
Consolidated Gas, N. Y
c25c Sept.16 Aug. 9
Consolidated Oil. preferred (guar.)
$2 Aug. 15 Aug. 1
Consumers Power Co$5 preferred (quarterly)
Oct. I Sept.14
$I
6% preferred (quarterly)
$1
Oct. 1 Sept. 14
6.6% preferred (quarterly)
81.65 Oct. 1 Sept. 14
7% preferred (quarterly)
$161 Oct. I Sept. 14
6%, preferred (monthly)
50c Sept. 3 Aug. 15
6% preferred (monthly)
50c Oct. 1 Sept. 15
6.61% preferred (monthly)
55c Sept. 3 Aug. 15
6,6% preferred (monthly)
55c Oct. 1 Sept. 15
Name of Company
867
Per
When Holders
Share Payable of Record
Consumers Glass.7% Pref.(quar.)
$131 Sept. 15 Aug. 31
Continental Can CO., Inc. kcom.quar.)
60c Aug. 15 July 25a
Copperweid Steel (guar).
1266c Aug. 31 Aug. 15
Quarterly
1236c Nov. 30 Nov. 15
Courtaulds, Ltd., ordinary registered
w236% Aug. 19 July 11
Amer. dep. receipts, ord registered (interim)_ ic234% Aug. 21 July 18
Cresson Consolidated Gold (guar.)
Sc Aug. 15 July 31
Extra
75c s ug 15 J ulg 31
2 Aept.. 1 A u y 13
Crown Zellerbach, preferred class A & B
Crum & Forster 8% pref (guar.)
$2 Sept.30 Sept.20
Cuneo Press, Inc., 6 % Preferred
$134 Sept. I July 20
Curtiss-Wright Export Corp. pref. D (quar.) -- - $134 Oct. 1 Sept. 14
Preferred E (quarterly)
5134 Oct. 1 Sept. 14
Dayton Power & Light Co.,6% pref.(mo.)
50c Sept. I Aug. 20
Deere & Co., 7% cumul., pref
35c Sept. 3 Aug. 15
Delaware & Bound Brook RR.(guar.)
82 Aug. 19 Aug. 13
Delaware Division Canal of Penna. (s.
-a.)
$1 Aug. 15 Aug. p3
Denver Union Stockyards, preferred (quar.)_
$161 Sept. I Aug. 20
Detroit Hillsdale & Southwestern RR.(s.
-a.)_.
$2 Jan 6 '36 Dec. 20
Dexter Co.(guar.)
20c Sept. 2 Aug. 25
Diamond Match (irregular)
50c Sept. 3 Aug. 15
Irregular
25c Dec. 2 Nov. 15
Preferred (send-annual)
75c Sept. 3 Aug. 15
Dictaphone Co
75c Sept. 3 Aug. 16
Preferred (quarterly)
$2 Sept. 3 Aug. 16
Diem & Wing Paper Co..7% preferred (quar.)__
$161 Aug. 15 July 31
Dominion Bridge, Ltd. (guar.)
r30c Aug. 15 July 31
Dominion Coal Co., new pref. (initial)
75c Aug. 10 July 31
Dow Chemical (guar.)
50c Aug. 15 Aug. 1
Preferred (guar.)
$13.‘ Aug. 15 Aug. 1
Duplau silk Corp (semi-ann.)
56i. Aug. 15 Aug. 2
Eastern Gas & Fuel Assoc.,436% pref.(guar.)._ 81.121 Oct. 1 Sept. 14
6% preferred (quarterly)
$166 Oct. 1 Sept. 14
Eastern Shore Public Serv. Co., $6H pref.(qu.) 8166 Sept. 1 Aug. 10
$6 preferred (quarterly)
$134 Sept. 1 Aug. 10
Eastern Utilities Associated (guar.)
25c Aug. 15 Aug. 9
Eaton Manufacturing Co.common (guar.)
25c Aug. 15 Aug. 1
Extra_
1234c Aug. 15 Aug. 1
Eddy Paper (initial)
36Ic Aug. 31 Aug. 20
Electric Shareholdings.$6 pref.(resumed)
1 itug 5
0
41. c0 Sept. 3 sept 9
55
Electric Storage Battery Co., corn. (quar.)_ _ _
Oct.
Preferred (quar.)
50c Oct. 1 Sept. 9
Elgin National Watch
15c Sept. 16 Aug. 31
Elisabeth & Trenton RR.,(semi-ann.)._
$1 Oct. 1 Sept. 20
5% preferred (semi-annual)
$1 ij Oct. 1 Sept 20
El Paso Electric Co.(Texas), $6 pref. (quar.)__ $134 Oct. 15 Sept.30
Emerson's Broino-Seltrer. 3% preferred (guar.)
50c Oct. 1 Sept. 1
Empire St Bay State Telep.,4% gtd.(quar.),.__
$1 Sept. 1 Aug. 22
4% guaranteed (quar.)
$1 Dec. 1 Nov. 21
Empire Capital Corp., class A (quarterly)
10c Aug. 31 Aug. 20
Employers Re-Insurance Corp. (quar.)
40c Aug. 15 July 31
Equity Fund, Inc. (guar.)
Sc Aug. 15 July 31
Erie & Pittsburgh Rit Co.7% gtd.(quar.)
8734c Sept. 10 Aug. 31
7% guaranteed (auar.)
8734c Dec. 10 Nov. 30
Guaranteed betterment (guar.)
SOc Sept. 1 Aug. 31
Guaranteed betterment (guar.)
80c Dec. 1 Nov. 30
Fair (The), preferred
58161 Aug. 10 July 27
Preferred (guar.)
8191 Aug. 10 July 27
Farmers & Traders Life ins.(guar.)
Oct. 1Sept.11
$2
Firestone Tire & Rubber. pref.(guar.)
$134 Sept. 1 Aug. 15
First State Pawners Society (Chicago, Ill.) 6qu.) $191 Sept.30 Sept. 20
Fishman(M.H.)(quarterly)
15c Aug. 31 Aug. 15
Fitz Simons & Connell Dredge (guar.)
1234c Sept. 1 Aug. 21
124c Sept. 1 Aug. 21
Extra
Florida Power,7% preferred (quar.)
: c sept.
8
714 S . A ug 15
. 5
7% preferred A (guar.)
Florsheim Shoe Co.,class A (guar.)
25c Oct. 1 Sept.18
12I4c Oct. 1 Sept. 15
Class B (quarterly)
Food Machinery Corp. of N.Y 835% pref(mo).
50c Aug. 15 Aug. 10
50c Sept.15 Sept.10
6 A % preferred (monthly)
Fort Wayne & Jackson RR.,5A % Pref.
- $291 Sept. 2 Aug. 20
Franklin Simon & Co.. preferred
$161 Sept. 3 Aug. 17
Freeport Texas (quarterly)
25c Sept. 2 Aug. 15
Preferred (qua'terlY)
$136 Nov. 1 Oct. 15
General American Corp
$I Sept. 1 Aug. 15
General Cigar preferred (guar.)
$191 Sept. 2 Aug. 23
Preferred (guar.)
$1 9' Dec. 2 Nov. 22
Preferred (guar.)
Mar. 2 Feb. 20
$1
Preferred (guar.)
$14 Junel'IG May 22
General Foods (quarterly)
45c Aug. 15 July 26
Sc Sept.30 Sept. 9
Goebel Brewing (guar.) increased
Extra
Sc Sept.30 Sept.30
Gottfried Baking Co.,Inc . preferred (quar.)___ 13j% Oct. I Sept. 20
Grace(W. R.)& Co.. pref. 8% pref.(s.
-a.)--$3 Dec. 30 Dec. 27
Preferred A (quarterly)
$2 Dec. 30 Dec. 27
Preferred B (semi-annual)
$4 Dec. 30 Dec. 27
Grand Union,preferred
h3734c Sept. 1 Aug. 9
Great Eastern Fire Insurance(N.Y.) ts.-a.)_
c Oct. 1
Great Lakes Dredge & Dock (guar.)
25c Aug. 15 Aug. 3
Great Western Electro Chemical (initial)
80c Aug. 15 Aug. 5
Great Western Sugar (quarterly)
60c Oct. 2 Sept. 14
Preferred (quarterly)
$161 Oct. 2 Sept. 14
Greene Cananea Copper (guar.)
Site Sept.15 Sept. 6
Gude Winmill Trading Corp. (initial)
$1 Aug. 15 Aug. 10
8166 Sept. 16 Aug. 30
Gulf State Utilities. $534 pref.(guar.)
$6 pref.(quarterly)
A Sept. 16 Aug. 30
Gurd (Cnas.) Ltd., preferred (guar.)
$191 Aug. l5 Aug. 1
Hale Bros. Stores (guar.)
15c Sept. 3 Aug. 15
Hardesty (R.) Mfg. Co..7% pref.(guar.)
$191 Sept. 1 Aug. 15
7% preferred (quarterly)
$1 161 Dec. 1 Nov. 5
Hartford & Connecticut Western RR.(8.-160
$I Aug. 31 Aug. 20
Hartford Times, Inc.. $3 preferred(quar.)
75c Aug. 15 Aug. 1
Havana Electric & Utilities, 6% nref
575c Aug. 15 Aug. 1
Hawaiian Agricultural Co. kmonthly)
20c Aug. 27 Aug. 20
Hawaiian Corn nercial & Sugar ‘
quar.)
75c Aug. 15 Aug. 3
Extra
50c Aug. 15 Aug. 3
Hawaii Consol. Ry..7% pref. A (guar.)
20c Sept. 15 Sept. 5
7% preferred A (quarterly)
20c' Dec. lb Dec. 5
Hazel-Atlas Glass Co
$111 Oct. I Sept. 18
Heels Mining (quarterly)
10c Aug. 15 July 15
Heileman Brewing (resumed)
15c Aug. 15 Aug. 1
Hercules Powder. preferred (guar.)
$14 Aug. 15 Aug. 2
Hershey Chocolate (quarterly)
75c Aug. 15 July 25
Cony. preferred (quarterly)
81 Aug. 15 July 25
Hibbard. Spencer. Bartlett & Co.(mo.)
10c Aug. 30 Aug. 23
Monthly
10c Sept. 27 Sept. 20
Hires(Chas. H.) Co.,class A corn.(guar.)
50c Sept. 3 Aug. 15
Hobart Mfg class A (guar.)
3734c Sept. 1 Aug. 19
Hollander (A.) St Sons. (guar.)
1234c Aug. 15 July 31
Hollinger Consolidated Geld Mines
rl% Aug. 12 July 26
Honolulu Gas Co. (monthly)
15c Aug. 15 Aug. 12
Hooven & Allison Co..7% pref.(quar.)
$1°% Sept. 1 Aug. 15
Hormel (George A.)(guar.)
25c Aug. 15 July 27
Preferred (guar.)
$1.50 Aug. 15 July 27
Horn & Hardart of N.Y preferred (auarterly)_ $16 Sept. 3 Aug. 14
.1
Hudson Bay Mining & Smelting (initial)
r50c Aug. 31 Aug. 9
Imperial Life Insurance (guar.)
$391 Oct. 1 Sept.30
Quarterly
c$3 31 Jan.2 '36 Dec. 31
Imperial Tobacco of (It. Britain & Ireland
Interim
w7349' Sept. 9 Aug. 16
Indianapolis Water Co.,5% cumul. pref. mutt%)
A Oct. 1 Sept. 12a
Ingersoll-Rand
50c Sept. 3 Aug. 5
Inland Steel (quarterly)
50c Sept. 3 Aug. 15
Extra
25c Sept. 3 Aug. 15
Insuranshares Certificates, Inc
Sc Sept.20 Sept. 12
International Business Machines Corp. (guar.). $134 Oct. 10 Sept. 21
International Harvester pref. (guar.)
$161 Sept. 3 Aug. 5
Interstate Hosiery Mills (guar.)
50c Aug. 15 Aug. 1
Quarterly
50c Nov. 15 Nov. 1
Intertype Corp.' first preferred
$2 Oct. 1Sept.16
Investment Trust of New York,inc.,collateral
trustee shares, s. ries A (semi-ann.)
10c Aug. 31 July 31
Financial Chronicle
868
Name of Company
Per
Share
When Holders
Payable of Record
Iron & Bessemer Ry.& Light Co.,7% pref.(qu.) $1% Sept. 2 Aug. 15
250 Sept. 2 Aug. 10
Iron Fireman mfg.(quar.)
Quarterly
250 Dec. 2 Nov. 9
El% Sept. 1 Aug. 25
Jantzen Knitting Mills 7% preferred (quar.)
75c Oct. 15 Oct. I
Jewel Tea (quarterly)
25c Oct. 15 Sept. 24
Johns-Manville
Preferred (quarterly)
$1% Oct. 1 Sept. 17
15c Sept.30 Sept.20
Kalamazoo Vegetable Parchment (qua?.)
Quarterly
15c Dec. 30 Dec. 30
Keivinator of Canada.7% pref.(guar.)
$111 Aug. 15 Aug. 5
12%c Oct. 1 Sept. 5
Kelvinator Corp. (quarterly)
$1.50 Sept. 3 Aug. 10a
Kendall Co.. preferrea class A (quar.)
87%c Aug. 20 Aug. 1
Kentucky Utilities Co.,7% jr. preferred
$1% Aug. 15 Aug. 10
Keokuk Electric Co.. 6% preferred (quar.)
25c Oct. 1 Sept.20
Klein (D. E.) & Co., common (qua?.)
Oct. 1 Sept.20
7% preferred (quar.)
$ .75 Sept.30
Rroehler Mfg. Co.. 7% prof. (quae.)
11
Dec. 31
7% preferred (quarterly)
$1
Sept.30
Class A preferred (quar.)
$1
Dec. 31
Class A preferred (quar.)
$1
400 Aug. 31 Aug. 9
Kroger Grocery & Baking (quarterly)
Nov. 1 Oct. 18
7% preferred (quarterly)
6% preferred (quarterly)
$13.5 Oct. 1 Sept.20
Lake Superior District Power Co.
$1% Sept. 2 Aug. 15
7% cumulative preferred (qua?.)
$134 Sept. 2 Aug. 15
6% cumulative preferred (quar.)
37%c Sept.30 Sept.20
Lanaers, Nrary & Clark tquar.)
37tic Dec. 31 Dec. 20
Quarterly
Sept. 15 Sept. 5
Landis Machine. 7% preferred (quarterly)
Dec. 15 Dec. 5
7% preferred 'Quarterly)
h$1% Aug. 15 July 31
Langley's Ltd., 7% preferred
250 Aug. 10 Aug. 10
Lansing Co.(quar.)
$1 Aug. 31 Aug. 21
Lanston Monotype Machine Co.(quar.)
$lit Aug. 15 Aug. 14
La Salle & Koch Co..7% pref.(quar.)
250 Aug. 10 July 31
Lee II. D. Mercantile (quar.)
$1g Aug. 10 Aug. 3
Lexington Utilities, 61 % pref. (resumed)
30e Sept.16 Aug. 30
-Ford Glass (quar.)
Libby-Owens
40c Sept. 3 Aug. 1
Life Savers Corp
$I Sept. 2 Aug. 15
Liggett & Myers Tobacco (quar.)
Si Sept. 2 Aug. 15
Class B (quarterly)
25c Aug. 10 July 1
Lincoln Telep. Securities. class A (quar.)
Telephone & Teleg (guar.) 6% pref A.. $1% Aug. 10 July 31
Lincoln
10c Aug. 12 Aug. 3
LindsayLight & Chemical (quar.)
200 Sept. 1 Aug. 15
Link Belt
$134 Oct. 1 Sept.14
Preferred (guar.)
r25c Sept. 3 Aug. 14
Loblaw Groceterias,class A and B (qua?.)
$2 Oct. I Oct. 1
Lock Joint Pipe. preferred (guar.)
$2 Jan.1 '36Jan. 1
Preferred (guar.)
$1% Aug. 15 July 26
Loew's Inc., $614 preferred (quar.)
15c Aug. 15 July 20
Lone Star Gas
$161 Oct. I Sept. 18
Loose-Wiles Biscuit Co.. 1st pref. (guar.)
$1.50 Sept. 3 Aug. 16
Lord & Taylor Co.. 1st pref. (quar.)
$134 Aug. 15 July 31
Angeles Gas & Electric. 6% pref. (quar.)
Los
$4 Aug. 15 Aug. 1
Louisville Henderson & St. Louis Ry.(5.-a.)....
Aug. 15 Aug. 1
Preferred (semi-ann.)_
Aug. 24 July 31
Louisville & Nashville R.R.Co
Lunkenheimer Co.(quar.)
1234c Aug. 15 Aug. 4
$134 Oct. 1 Sept.20
64% preferred (quarterly)
Jan.l.'36 ec. 21
11
634% preferred (quarterly)
Luzerne Co. Gas & Elec., $7 1st pref.(qua?.)... $1.75 Aug. 15 July 31
$1,50 Aug. 15 July 31
preferred (quar.)
$6 1st
50c Aug. 15 Aug. .5
Lynch Corp. (quarterly)
25c Aug. 15 Aug. 15
MacMillan Co.(guar.)
50c Sept. 3 Aug. 9
Macy (R. H.) & Co., Inc.. (quar.)
15c Aug. 30 Aug. 15
Madison Square Garden (resumed)
51% Aug. 15 Aug. 5
Magnin (I.) & Co.6% pref (quar.)
$1% Nov. 15 Nov. 5
6% preferred (quarterly)
50c Aug. 10 Aug. 1
Managed Investment (quar.)
15c Sept. 3 Aug. 8
Manhattan Shirt (guar.)
40c Aug. 15 Aug. I
Manufacturers Casualty Insurance (quar.)
$3.50 Sept. 1 Aug. 25
Masonite Corp., 7% pref.(semi-ann)
$1.15 Aug. 15 Aug. 10
Matson Navigation (quar.)
15e Oct. 1 Sept.20
Maui Agricultural Co
30c Oct. 1 Sept.20
Extra
40c Sept. 3/tug 15
May Dept. Stores (quar.)
c$1 Sept. I Aug. 15
May Hosiery Mills. $4 pref.(quar.)
4334c Sept. 1 Aug. 31
McCiatchy Newspapers,7% Pr.(q11.)
4c Dec. 1 Nov.30
433
7% preferred (quarterly)
50c Sept. 2 Aug. 1
McIntyre Porcupine Mines (quar.)
50c Sept. 1 Aug. 20
McWilliams Dredging (quarterly)
250 Sept. 1 Aug. 15
Special
3734 Aug. 15 July 31
Meadville Telephone Co. (quar.)
Aug. 15 Aug. 3
Regulator Co
Minneapolis-Honeywell
250 Aug. 15 Aug. 3
Extra
Si 34 Aug. 15 Aug. 1
Monmouth Consql. Water.7% pref.(quar.)_.
150 Nov. I
Monogram Pictures Corp.(quar.)
15c Feb.I '36
Quarterly
25c Sept.14 Aug. 25
Monsanto Chemical (quarterly)
250 Sept. 14 Aug. 25
Extra
$Ig Oct. I Sept.20
Montgomery Ward, class A (quar.)
$2 Aug. 15 July 31
Montreal Light. Heat & Power (quar.)
75c Aug. 15 Aug. 1
Moody's Investors Service, pref. (quar.)
$1% Oct. I Oct. 1
Moore Dry Goods(quar.)
51% Jan 1'36 Jan. 1
Quarterly .
90c Sept.14 Aug. 24
Morrell(John) & Co.(quar.)
10c to $1 Stores. Inc..7% pref.(qu.)- $111 Oct. 1 Sept.20
3.1orris &
Sept. I Aug. 27
Morris Plan Insurance Society. (quar.)
$I Dec. I Nov. 28
Quarterly
50c Aug. 15 July 25
Machine Co.(quar.)
Morse Twist Drill &
50c Aug. 10 Aug. 1
Motor Products(quarterly)
15c Sept. 10 Aug. 20
Motor Wheel Corp
h25c Aug. 10 Aug. 5
Muskegon Motor, special class A
$134 Sept. 2 Aug. 15
Muskogee Co..6% cum. pref. (guar.)
Sept.28 Sept. 19
Mutual Chemical Co. of Amer..6% Pref. (111.)- $I
$134 Dec. 28 Dec. 19
6% preferred (quarterly)
Aug. 20 Aug. 10
Mutual Telep. Co.. Hawaii (mo.)
40c Oct. 15 Sept. 13
National Biscuit Co. (quar.)
$134 Aug. 31 Aug. 15
Preferred (qua?.)
50c Sept. 1 Aug. 15
National Container (quarterly)
50c Sept. 1 Aug. 15
$2 cony. pref.(quar.)
sly Sept.30 Sept. 13
National Lead (quarterly)
$lit Sept. 14 Aug. 30
Class A preferred (quar.)
$1.% Nov. 1 Oct. 18
Class B preferred (quar.)
10c Aug. 15 Aug. 1
-a.)National Liberty Insurance Co.of Amer.(s.
Sc Aug. 15 Aug. 1
Extra
-a.)
$3% Sept. 1 Aug. 20
National Linen Service Corp.,$7 pref. (s.
20c Sept. 3 Aug. 5
National Power & Light Co.,common (quar.)_
National Short Term Securities, pref.(quar.)1734c Oct. 10 Oct. 1
c Aug. 12 July 30
National Union Fire Insurance
11 Aug. 12 July 30
Extra
25c Sept. 3 Aug. 14
New Bedford Cordage
25c Sept. 3 Aug. 14
Class B
1113( Sept. 3 Aug. 14
7% preferred (qua?.)
$lit Sept. 1 Aug. 16
Newberry (J. J.) & Co..7% pref.(quar.)
10c Sept.16 Aug. 15
New Bradford Oil
80c Aug. 21 Aug. 6
New Jersey Insurance (semi-annual)
600 Aug. 10 July 19
New Jersey Zinc (quar.)
50c Aug. 15 Aug. 2
Newmont Mining Corp
Si Aug. 15 Aug. 10
New York Hanseatic (qua?.)
50c Aug. 15 July 31
1900 Corp. class A (qua?.)
50c Nov. 15 Oct. 31
"A. (quar.)
$2 Sept. 19 Aug. 31
Norfolk & Western Ry.(quar.)
$1 Aug. 19 July 31
Adjustable preferred (quar.)
North American Edison Co. preferred (guar.)... $134 Sept. 3 Aug. 15
75c Aug. 31 Aug. 15
Northam Warren,pref.(quar.)
$1 Sept. 1 Aug. 20
Northern RR.Co. of N.J.4% gtd.(guar.)
$I Dec. I Nov. 21
4% guaranteed (qua?.)
$I Aug. 25 Aug. 20
North Pennsylvania RR.(quar.)
15c Sept.10 Aug. 30
North River Insurance (quar.)
Sc Sept. 10 Aug. 30
Extra
Northwestern Public Service. 7% pre
$ 1.16 2-3 Sept. 2 Aug. 20
$1 Sept. 2 Aug. 20
6% preferred
Name of Company
Aug. 10 1935
Per
Share
When Holders
Payable of Record
Sl% Sept. 3 Aug. 15
Nova Scotia Light & Power Co..6% pref
15c Aug. 20 Aug. 20
Oahu By.& Land Co.(monthly)
200 Aug. 15 Aug. 5
Oahu Sugar (monthly)
300 Aug. 15 Aug. 5
Occidental Insurance(quar.)
200 Aug. 20 Aug. 10
Onomea Sugar Co.(monthly)
$2.25 Aug.20 Aug. 8
Oswego & Syracuse RR.(semi-annual)
$1 Aug. 15 July 30
Owens-Illinois Glass Co.(qua?.)
34gc Aug. 15 July 31
Pacific Gas & Electric, 534% pref.(qua?.)
37%c Aug. 15 July 31
6% preferred (quarterly)
600 Aug. 15 July 20
(qua?.)
Pacific Lighting,
15c Sept. 1 Aug. 15
Parker Pen Co., common
0750 Aug. 20 Aug. 10
Parker Rust
-Proof (quar.)
87%c Sept. 2 Aug. 20
Ponder (David) Grocery, class A (quar.)
75c Sept. 16 Sept. 3
Penick & Ford (quarterly)
$1.75 Aug. 15 Aug. 5
Peninsular Telephone Co.,7% pref. (guar.)
75c Aug. 15 Aug. 5
Penmans, Ltd.(quarterly)
Pennsylvania Gas & Elec. Corp., cl. A (qua?.)._ 37%c Sept. 2 Aug. 20
$134 Oct. 1 Sept.20
$7 preferred (quarterly)
$ig Oct. 1 Sept.20
7% preferred (quarterly)
$1 34 Sept. 2 Aug. 20
Pennsylvania Power Co.. $6 preferred (quar.)
$134 Sept. 1 Aug. 31
Peo.nes Telep. Corp. 7% preferred (quar.)
$3.50 Aug. 10 July 19
-a.)
Peoria & Bureau Valley RR.(s.
20c Sept. 1 Aug. 15
Pepper (Dr.)(quarterly)
200 Dec. 1 Nov. 15
Quarterly
$131 Oct. 1 Sept. 25
Petersburg RR.(semi-annual)
SI
Apr.1'36 Mar. 25
Semi-annual
-a.)
$134 Aug. 31 Aug. 10
Philadelphia Co.,5% preferred (s.
500 Oct. 1 Sept. 10
Philadelphia Electric Power 8% cum. Dreg.(qu.)
Philadelphia Germantown & Norristown RR... $1% Sept. 5 Aug. 20
Philadelphia Suburban Water Co. pref. (quar.)_ $1% Aug. 31 Aug. I20
1234 Oct. 10 Sept.30
Philadelphia & Trenton RR.(qua?.)
250 Aug. 30 Aug. 2
Phillips Petroleum
50c Oct. 10 Sept.30
Phoenix Finance Corp.,8% pref. (guar.)
500 Jan 1036 Dec. 31
8% preferred (quarterly)
h$2 Aug. 15 July 31
Phoenix Securities, preferred
eh 34 sh Aug. 15 July 31
Preferred
-a)
75c Oct. 1 Sept. 14
Pittsburgh Bessemer & Lake Erie (s
Pittsburgh Ft. Wayne & Chicago By.(qua?.).. $134 Oct. 1 Sept.10
Quarterly
$1344134 Jan.1 '36 Dec. 10
7% preferred (quar.)
Oct. 8 Sept. 10
7% preferred (guar.)
$13' Jan.? '36 Dec. 10
Pittsburgh Plate Glass (special)
$1. Aug. 15 July 20
Pittsburg's Youngstown & Ashtabula RR.
7% preferred (quar.)
Sept. 1 Aug. 20
Si
7% preferred (guar.)
Dec. 1 Nov.20
Pollock Paper & Box Co., pref.(quar.)
$1
Sept. 15 Sept. 1
Si
Preferred (quarterly)
Dec. 15 Dec. 1
Potomac Electric Power Co.,6% pref.(quar.)_ _ $1
Sept. 1 Aug. 15
$1% Sept. I Aug. 15
534% preferred (quar.)
12%c Oct. 1 Sept. 16
Pressed Metals of America
Procter & Gamble (com. (quar.)
373.50 Aug. 15 July 250
600 Sept.30 Sept. 3
Public Service Corp. of N.J.,com.(quar.)
$5 preferred (quar.)
$132 Sept.30 Sept. 3
6 preferred (monthly
56e Aug. 31 Aug. 1
)
6 preferred monthly
50c Sept.30 Sept. 3
7 o preferred quar.)
$11i Sept.30 Sept. 3
8% preferred (quar.)
Sept.30 Sept. 3
750 Aug. 15,July 24
Pullman, Inc. (quarterly)
Public Service Electric & Gas
$134 Sept.30 Sept. 3
7% preferred (quar.)
$5 preferred (guar.)
$134 Sept.30 Sept. 3
Pyiene Mfg. Co.. con. (special)
20c Aug. 15 July 31
Quaker Oats pref (quar.)
$14 Aug. 31 Aug. I
r25c Aug. 15 July 25
Quebec Power Co.(qua?.)
Reading Co. 1st preferred (quarterly)
50e Sept. 12 Aug. 22
2nd preferred (quarterly)
50c Oct. 10 Sept. 19
25c Aug. 10 July 31
Republic Insurance Co. of Texas (quar.)
Reynolds Metals Co. common
250 Sept. 1 Aug. 15a
% cum. preferred (quar.)
$14 Oct. 1 Sept.160
Rice-Stix Dry Goods, 1st & 2d pref. (quar.)_._. $1 g Oct. 1 Sept. 15
Richmond Insurance Co.of N.Y.(quar.)
10c Aug. 11 July 11
Rochester Gas & Electric, 7% pref. B (quar.)
$134 Sept. 1 Aug. 14
6% preferred C & D (quarterly)
$1% Sept. 1 Aug. 14
Rolland Paper, Ltd.. preferred (quar.)
$1% Sept. 2 Aug. 15
St. Louis Rocky Mountain & Pacific RR.Co.
preferred (quarterly)
$134 Oct. 21 Oct. Fa
San Carlos Milling Co., Ltd.(extra)
50c Aug. 15 Aug. 2
Monthly
20c Aug. 15 Aug. 2
San Francisco Remedial Loan Assn. (clugx.)
75c Sept.30 Sept.15
&rotten Dillon
30c Aug. 15 Aug. 6
Scott Paper Co., common (quar.)
450 Sept.30 Sept. 16
Seaboard Oil of Delaware (qua?.)
15c Sept. 15 Aug. 31
Extra
10c Sept. 15 Aug. 31
Second Investors Corp.(R.I.), $3 pref.(quar.)_
75e Sept. 1 Aug. 15
Second Twin Bell Syndicate (monthly)
20c Aug. 15 July 30
Serve', Inc. 7% preferred (quar.)
$14 Oct. 1 Sept. 20
'
Shawinigan Water & Power (guar.)
r13c Aug. 15 July 24
Shenango Valley Water, 6% pref. (qua?.)
$1.50 Sept. 1 Aug. 20
Sherwin-William Co., common
Aug. 15 July 31
6% preferred (AA)
5134 Sept. 3 Aug. 15
Signal Mountain Portland Cement,pref
/42 Aug. 15 July 31
Sioux City Gas & Elec.. 7% pref. (quar.)
$lit Aug. 10 July 31
Sioux City Stockyards Co.$14 Part Pee(qua?.) 37tic Aug. 15 Aug.
$14 Partldpating preferred (quar.)
37
14c
Nov. 15 Nov.14
Smith (A.0.) preferred (quar.)
$14 Aug. 15 Aug. 1
[Solvay American Investment,534 %,ttref.(q11.)g Aug. 15 July 15
South Carolina Power Co.. $6 pref. (quar.)
$134 Oct. 1 Sept.15
Southern California Edison Co.. Ltd
Common (quarterly)
3734e Aug:15 July 20
Preferred A (quarterly)
4331c Sept. 15 Aug. 20
Preferred B (quarterly)
3734c Sept. 15 Aug. 20
Southern Canada Power Co.common (quar.)
20c Aug. 15 July 31
Southern Pipe Line Co
150 Sept. 3 Aug. 150
Stamford Water (quar.)
$2 Aug. 15 Aug. 5
Standard Coosa-Thatcher (resumed)
12%c Aug. 10 Aug. 1
(quarterly)
7% preferred
31% Oct. 15 Oct. 15
Standard 011 Co. of Calif
250 Sept. 16 Aug. 15
Stanley Works.6% preferred (War.)
373ic Aug. 15 Aug. 3
Stein (A.)& Co.
250 Aug. 15 July 31
Sterling Products, Inc.(qua?.)
950 Sept. 3 Aug. 15
Strawbridge & Clothier Co..6% pr. pref. A (qu.) $134 Sept. '2 Aug. 6
Sun Oil Co., common
250 Sept.16 Aug. 26
Preferred
$134 Sept. 3 Aug. 10
Susquehanna Utilities, 6% pref. (qua?.)
$114 Sept. 2 Aug. 20
Sutherland Paper (bi-monthly)
10c Aug. 31 Aug. 20
Extra
Sc Aug. 31 Aug. 20
Swift & Co.(quar.)
1234c Oct. 1 Sept. 1
Sylvania Industrial Corp.(guar.)
250 Sept. 15 Sept. 5
(quar.)
Tampa Electric
56c Aug. 15 July 31
Preferred A (quar.)
$11. Aug. 15 July 31
Tampa Gas. 8% preferred (guar.)
Sept. 1 Aug. 20
7% preferred (quarterly)
$131 Sept. 1 Aug. 20
Tennessee Electric Power,5% pref.(guar.)._ $1.25 Oct. 1 Sept.14
preferred (quar.)
63'
$1.50 Oct. 1 Sept. 14
7% preferred (quar.)
$1.75 Oct. 1 Sept. 14
7.2% preferred (quar.)
$1.80 Oct. 1 Sept.14
6% preferred (monthly)
50c Sept. 2 Aug. 15
50c Oct. 1 Sept.14
6%freferred (monthly)
7.2 preferred (monthly)
60c Sept. 2 Aug. 15
7.2 preferred (monthly)
60c Oct. 1 Sept.14
50c Sept.16 SW. 3
Tema Gulf Sulphur (quar.)
150 Oct. 1 Sept.14
,
Te X0-Kan Flour (quar.)
15c Jan 236 Dec. 14
Quarterly
15c Apr2'36 Mr14 '36
Quarterly
90c Aug. 15 July 31
Thatcher Mtg. Co. cony. pret.(quar.)
121tc Aug. 15 Aug. 5
Thompson (John R.) (quarterly)
Tide Water Oil. 5% preferred (quar.)
sik Aug. 15
$I
Tide Water Power,$6 pref. (qua!'.)
Sept. 1 Aug. 10
Tobacco Trust Shares, series A reg
17.4c Aug. 15 July 31
2c Aug. 21 July 25
Toburn Gold Mines ((ttar.)
2.4c Aug. 10
Trustee New York Bank Shares cbearer)
-a.)
8.6c Sept. 1 July 31
Trustee Standard 011shares,ser. B (s.
Financial Chronicle
Volume 141
Per
Share
Name of Company
When Holders
Payable of Record
Tyre Rubber,6% pref.(quar.)
$134 Aug. 15 Aug. 10
Union Copper Land & Mining Co
10e Sept. 1 Aug. 1
Union Investment Trust Shares,ser. J (s-a)
$27 Aug. 15 July 15
Union Oil of Calif.(quar.)
25c Aug. 10 July 20
United Biscuit of America (Uttar.)
40c Sept. 1 Aug. 6
Preferred (quarterly)
Nov. 1 Oct. 15
United Dyewood, preferred (guar.)
$1.75 Oct. 1 Sept. 13
United Gas Improvement (guar.)
25c Sept.30 Aug. 30
Preferred (quar.)
$13,1 Sept.30 Aug. 30
United Light & Ry. Co. (Del.)
75' preferred (monthly)
58 1-3c Sept. 3 Aug. 15
6.36% preferred (monthly)
53c Sept. 3 Aug. 15
50c Sept. 3 Aug. 15
65' preferred (monthly)
7% preferred (monthly)
58 1-3c Oct. 1 Sept. 16
53 Oct. 1 Sept. 16
6.36% preferred (monthly)
6% preferred (monthly)
50c Oct. 1 Sept. 16
United- New Jersey RR.& Canal (quar.)
$234 Oct. 10 Sept. 20
United States Elec. Lt.& Pr. Shares,Inc.,ser. B
3C Aug. 15 July 31
25c Sept. 1 Aug. 21
U.S. Freight (quarterly)
United States Petroleum (semi-annually)
IC Dec. 15 Dec. 5
United States Pipe & Fdy Co.. common (quar.).. 1234c Oct. 20 Sept.30
Common (quay.)
12;40 Jan.20'36 Dec. 31
1s6 preferred (quay.)
30c Oct. 20 Sept.30
1s6 preferred (quay.)
300 Jan.20'36 Dec. 31
United States Playing Card (quar.)
25c Oct. 1 Sept.20
Extra
25c Oct. 1 Sept.20
U.S. Steel Corp.,7% prof
50c Aug. 30 Aug. 2
Upper Michigan Power & Lt.Co.,6% pf.(qu.)- $1
Aug. 10 July 31
6% preferred (quarterly)
Nov. 10 Oct. 31
$I
6% preferred (quarterly)
Feb.1016 Jan. 31
$I
Utica Clinton & Binghamton Hy.
—
Debenture stock (seml-ann.)
$234 Dec. 26 Dec. 16
Utica Gas & Electric, 7% Pref. (guar.)
$1.75 Aug. 15 Aug. 1
veeder-Root (quarterly)
50c Aug. 31 Aug. 17
50c Sept. 3 Aug. 16
Vick Chemical Co.(quar.)
Extra
10c Sept. 3 Aug. 16
Vick Financial Corp. (semi-ann.)
754c Aug. 15 Aug. 1
Oct. 1 Sept. 9
Vicksburg Shreveport & Pac. Ry. Co.(semi,ann.) $2
Preferred (semi-ann.)
$2;4 Oct. 1 Sept. 9
Va.-Carolina Chemical Corp.,7% pref
$8 Aug. 12 July 31
Va. Coal & Iron (quar.)
25c Sept. 3 Aug. 15
Virginia Electric & Power,$6 pref.(quar.)
$1% Sept.20 Aug. 30
Vulcan Dstinning. preferred (guar.)
1 4% Oct. 19 Oct. 10
,
Wagner Electric Corp., pref.(quar.)
Sig Oct. 1 Sept.20
Walker & Co., class A
500 Aug. 15 Aug. 1
Warren HR. (semi-annual)
31A Oct. 1 50ct. 5
Washington Ry. & Electric Co.(quar.)
Sept. 1 Aug. 15
55', preferred (quar.)
Sept. 1 Aug. 15
$1
Dec. 1 Nov. 15
preferred (quar.)
Si
5% preferred (5.-a.)
Dec. 1 Nov. 15
82
Sept.14 Aug. 23
Washington Water Power $6 pref.(quar.)
Weaver Piano (5.-a.)
82 Aug. 31 Aug. 31
Weill (Raphael) & Co.. 8% pref. (semi-ann.)
84 Sept. 2 Aug. 1
Wellington Fund (quay.)
15c Sept. 1 Aug. 15
Wesson Oil & Snowdrift Co.. Inc.. pref. (quar.)
$I Sept. 2 Aug. 15
Western Cartridge,6% preferred (quar.)
$1.50 Aug. 20 July 31
869
Per
Share
Name of Company
Western Public Service, 3134 preferred A
West Jersey & Seashore RR.(8.-a.)
Westinghouse Electric & Mfg
Westland 011 Royalty Co., class A (mo.)
Class A (monthly)
Westmoreland. Inc.(quay.)
West Penn Electric. 7% pref. (quar.)
6% preferred (quarterly)
Westvaco Chlorine Products (quar.)
West Virginia Pulp & Paper. pref.(quar.)
West Virginia Water Service, $6 preferred
Wilcox-Rich, class B
Will & Baumer Candle Co.,Inc.,corn
Wilson & Co
Woolworth (F. W.) quar.)
Worcester Salt
Worcelter Salt Co.(quar.)
6% preferred (quar.)
Wrigley (Wm.)Jr. Co.(mthly.)
Monthly
Yale St Towne Mfg. Co
Mons Cooperative Mercantile Ins. (guar.)
h3734c
$1 34
50c
10e
100
30c
$1
$1
1 c
$1.50
/4134
300
10c
1234c
dOc
50c
$1%
$134
25c
25c
15c
50c
When Holders
Payable of Record
Sept. 3 Aug. 9
Jan.I '36 Dec. 14
Aug. 30 Aug. 12
Aug. 15 July 31
Sept. 15 Aug. 31
Oct. 1 Sept.14
Aug. 15 July 19
Aug. 15 July 19
Sept. 2 Aug. 15
Aug. 15 Aug. 1
Oct. 1 Sept. 16
Aug. 15 Aug. 1
Aug. 15 Aug. 1
Sept. 1 Aug. 15
Sept. 3 Aug. 11
Sept.30 Sept.20
Aug. 15 Aug. 5
Aug. 15 Aug. 5
Sept. 2 Aug. 20
Oct. 1 Sept.20
Oct. 1 Sept. 10
Oct. 15
t Quarterly dividend, but amount varies.
a Transfer books not closed for this dividend.
c The following corrections have been made:
Consolidated Gas N. Y. payable Sept. 16; previously reported as Sept. 9,
Imperial Life Insurance and Pittsburgh Fort Wayne & Chicago Ry.
quarterly dlv. payable Jan. 2 1936, was first reported correctly up to and
including July 13th issue then it was incorrectly reported, due to typographical error, as Feb. 2 1936.
May Hosiery Mills, holders of record Aug. 15; previously reported as
Aug. 20.
d l'yr-Fyter class A, pays one share class A stock for each four shares
held in payment of all accumulate dividends.
e Payable in stock.
f Payable in common stock. p Payable in scrip. h On account of accumulated dividends. I Payable in preferred stock.
1 Associated Investment, pays four additional shares for each share held.
m Blue Ridge Corp. (opt. $3 cony. pref., ser. 1929) 1-32d of one share of
corn, stock, or at the option of holder, 75 cents cash. Holders desiring
cash must notify the corporation on or before Aug. 15.
n Federated Capital Corp. liquidating distribution of approximately
$24 per share in cash, payable immediately upon surrender of certificates.
o Parker Rust-Proof is paying a 10% stock div. and its reg. quar. div.
p Electric Shareholding, pays 44-1000ths of oneshare of common stock
or at the option of the holder, 8154 cash
a National Securities Investment liquidating distribution of approximately
$90 a share in cash payable immediately upon surrender of certificates.
r Payable in Canadian funds, and in the case of non-residents of Canada
a deduction of a tax of 5% of the amount of such dividend will be made.
s Phoenix Securities, div. of $2 in cash and 54 of a share of pref. stock.
u Payable in U. S. funds. o A unit. w Less depositary expenses.
x Less tax. y A deduction has been made for expenses.
Weekly Return of the New York City
Clearing House
Condition of the Federal Reserve Bank of
New York
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY, AUG. 3 1935
The following shows the condition of the Federal Reserve
Bank of New York at the close of business Aug. 7 1935,
in comparison with the previous week and the corresponding
date last year:
The weekly statement issued by the New York City
Clearing House is given in full below:
Clearing House
Members
Surplus and
Undivided
Profits
• Capital
$
Bank of N.Y.& Tr. Co_
6,000,000
Bank of Manhattan Co__
20,000,000
National City Bank__ 127 500000
Chemical Bk.& Tr. Co__
20:000 000
:
Guaranty Trust Co
90,000,000
Manufacturers Trust Co.
32,935,000
Cent. Hanover. 21,000,000
Bk.& Tr.
Corn Exch. Bk. Tr. Co.
15 000 000
First National Bank
10:00 ,00
0
0
Irving Trust Co
50,000,000
Continental Bk.&Tr.Co.
4 000 000
Chase National Bank
150:270 000
:
Firth Avenue Bank
500,000
Bankers Trust Co
25,000,000
Title Guar.& Trust Co
10,000,000
Marine Midland Tr. Co_
5,000,000
New York Trust Co
12,500,000
Comm'l Nat. Bk. & Tr.
7,000,000
Pub. Nat. Bk.& Tr. Co_
8,250,000
Net Demand
Deposits,
Average
$
$
128,563,000
10,564,300
356,074.000
25,431,700
41,898,100 a1,147,913,000
389,551,000
48,725,100
177,067,100 51,244,092,000
331,783,000
10,297,500
660,788,000
61,523,090
199,709,000
16,538,000
432,769,000
90,301,700
466,113,000
57,918,100
34,596,000
3,689.000
70,850.900 c1,565,358,000
45,741,000
3,438,900
63,318,100 d787,191,000
15,636,000
7,957.900
63,335.000
7,789,700
264,814,000
21.381,500
58,150,000
7,682.400
.58,007,000
5,272,500
Time
Deposits,
Average
S
5,830,000
31,628,000
146,997,000
17,873,000
51,924,000
95,414,000
18,906,000
20,301,000
5,395,000
1,473.000
2,533.000
56,189,000
19,436,000
299,000
3,353,000
18,785,000
1,819,000
38,355,000
Totals
614 A55 000 731.624.400 8.250.183.000 536.510.000
• As per official reports: National, June 29 1935 State, June 29 1935; Trust
Companies, June 29 1935.
Includes deposits in foreign branches as follows: (a) $208,294,000;(5) $70,946.000:
(c) $64,392,000; (6) 528,409,000.
The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which
are not members of the New York Clearing House. The
following are the figures for the week ended Aug. 2:
INSTITUTIONS NOT IN THE CLEARING HOUSE WITH THE CLOSING
OF BUSINESS FOR THE WEEK ENDED FRIDAY, AUG. 2 1935
NATIONAL AND STATE BANKS—AVERAGE FIGURES
Loans,
Other Cash, lies. Dep., Dep. Other
Disc. and Including N. Y. and Banks and
Investments Bank Notes Elsewhere Trust Cos.
lfanhattan—
$
Grace National
22,617,100
Trade Bank of N.Y. 4,339,225
Brooklyn—
people's National__ 3,944,000
83,100
173,927
$
3,404,800
760,934
96,000
1,282,000
$
Gross
Deposits
$
$
1,927,400 24,549,300
69,393 4,074,372
456,000
5,307,000
TRUST COMPANIES—AVERAGE FIGURES
Loans,
Disc. and
Investments
Cash
lies. Dep., Dep. Other
N. Y. and Banks and
Elsewhere Trust Cos.
Gross
Deposits
Manhattan—
$
$
$
$
$
Empire
47,317,700 *10,865,500 8,837,000 2,588,600 57,695,600
Federation
780.850 1,815,751 8,105,664
192,228
7.049,371
62,697 9,612,846
Fiduciary
622.629
*552,201
10,570,022
919,100 18,916,000
Fulton
18,241,500 *3,116,100 1,294.600
Lawyers County
948,600
35,503,600
28,314,100 *8,733,600
United States
74,358,137
64,428,331 20,810,857 17,722,924
Brooklyn—
114,000 103,949,000
Brooklyn
82,146,000 2,613,000 28,013,000
34,327.788
Schwa County
29.638.967 2.220.509 8.224.065
• Includes amount with Federal Reserve as follows: Empire. $9,749,300; Fiduciary, $295,836; Fulton, $2,908,900; Lawyers County, $8,044,300.
Aug. 7 1935 Sulu 31 1935IAuR. 8 1934
Assets—
$
$
$
Gold certificates on hand and due from
2,614,727,000 2,576,220,000 1,737,930,000
U. S. Treasury.:
1,362,000
1,537,000
1,809,000
Redemption fund—F. It. notes
61,080,000
72,410,000
51,626,000
Other cash*
2,677,169,000 2,650.167,000 1,791,365,000
Total reserves
2,097,000
Redemption fund—F. R. bank notes_
Bills discounted:
Secured by U. S. Govt. obligations
1,302.000
1,332,000
1,695,000
direct & (or) fully guaranteed
2,471,000
2,196,000
10,239,000
Other bills discounted
Total bills discounted
Bills bought in open market
Industrial advances
U. S. Government securities:
Bonds
Treasury notes
Certificates and bins
Total U. S. Government securities.
3,773,000
3,528,000
11,934,000
1,801,000
6,945,000
1,801,000
6,929,000
1,931,000
20,000
98,412,000
481,339,000
159,567,000
99,496,000
480.777,000
164,045,000
165,751,000
396,944..000
215,060,000
739,318,000
744,318,000
777,755,000
35,000
Other securities
Foreign loans on gold
Total bills and securities
751,837,000
756,576,000
791,675,000
Gold held abroad
Due from foreign banks
F. R. notes of other banks
Uncollected items
Bank premises
All other assets
256,000
4,802,000
104,993,000
11,937,000
32,194,000
255.000
4,415,000
114,323,000
11,937,000
34,302,000
1,192,000
4,216,000
92,066.000
11,455,000
34,823,000
Total assets
3,583,188,000 3,571,975,000 2.728,889,000
LiaMlities—
709,842,000 707,052,000 646,966,000
F. It. notes in actual circulation
32,312,000
F. R. bank notes in actual circulation net
Deposits—Member bank reserve awl 2,415,267,000 2,411,308,000 1,701,180,000
7,156,000
38,960,000
16,266,000
U. S. Treasurer—General account...
2,622,000
7,969,000
8,620,000
Foreign bank
177,480,000 185,605,000 122,541,000
Other deposits
Total deposits
Deterred availability items
Capital paid In
Surplus (Section 7)
Surplus (Section 13b)
Reserve for contingencies
All other liabilities
2,639,676.000 2,621,799,000 1,833,499,000
104.127.000 113,536,000
89,606,000
59,468,000
59,469,000 59,472,000
49,964,000
49,964,000
45,217,000
6,863,000
6,863,000
7,500,000
7,500,000
4,737,000
5.750.000
5,792,000 17,080,000
3.583,188,000 3,571,975,000 2.728,889,000
Total liabilities
Ratio of total reserves to deposit an
79.9%
F. R. note liabilities combined
72.2%
79.6%
Contingent liability on bills purchased
for foreign correspondents
166,000
Commitments to make industrial ad9.181.000
vances
8.863.000
•"Other cash" does not include Federal Reserve notes or a bank's own Federal
Reserve bank notes.
These are certificates given by the U. 9. Treasury for the gold taken over
from the Reserve banks when the dollar was on Jan. 31 1934 devalued from 100
cents to 59.06 cents, these certificates being worth less to the extent of the difference; the difference Itself having been appropriated as profit by the Treasury
under the provisions of the Gold Reserve Act of 1934.
Aug. 10 1935
Financial Chronicle
870
Weekly Return of the Federal Reserve Board
condition of the
The following is issued by the Federal Reserve Board on Thursday afternoon, Aug. 8, showing the
as a
at the close of business on Wednesday. The first table presents the results for the System
twelve Reserve banks
those of the corresponding week last year.
whole in comparison with the figures for the seven preceding weeks and with
Federal Reserve note
The second table shows the resources and liabilities separately for each of the twelve banks. The
Federal Reserve notes between the Reserve Agents
statement (third table following) gives details regarding transactions in
appears in our departand the Federal Reserve banks. The Reserve Board's comment upon the returns for the latest week
ment of "Current Events and Discussions."
THE CLOSE OF BUSINESS AUO. 7 1935
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT
June 26 1933 June 19 1935 Aug. 8 1934
Aug. 7 1935 July 31 1935 July 24 1935 July 17 1935 July 10 1935 July 3 1935
s
$
$
s
S
S
$
$
it
ASSETS
6,228.231,000 6.226.221,000 6,126,491.000 6.119,488,000 4,929,548,000
Gold ate. on band & due from U.S.Treas.t 6.288.815.000 8,224,116,000 6,228,004,000 6,226,200,000
23,357,000
22,583,000
21,857,000
22.881.000
22.529,000
21,546,000
21.746.000
21,829.000
21,588,000
Redemption fund (F. R. notes)
239,614,000 234,018,000 219,961.000
238,926,000 269,230,000 265,497,000 251,848,000 241.301,000 216.175.000
Other cash •
Total reserves
Redemption fund-F.It. Para notes
Bills discounted:
Secured by U. S. Govt. obligations
direct and(or) fully guaranteed
Other bills discounted
Total bills discounted
Bills bought in open market
Industrial advances
U.S. Government securities-Bonds
Treasury notes
Certificates and bills
Total U. S. Government securities..
Other securities
Foreign loans on gold
Total bills and securities
Gold held abroad
Due from foreign banks
Federal Reserve notes of other banks....
Uncollected Items
Bank premises
MI other assets
Total assets
LIABILITIES
F. R. notes In actual circulation
F. R. bank notes In actual circulation..
6,388,688,000 6,375,363,000 5,173,866,000
6,549.129,000 6,515,175,000 6,513,247,000 6,499,594,000 6,490,061.000 6.465,277.000
2,347,000
3,939,000
2,902,000
5,384,000
2,987,000
2,950,000
3,350,000
3,432,000
3.138,000
3.083.000
3.026.000
3,608,000
3,057,000
6,300,000
6,570,000
6,109,000
6,665,000
6,841,000
8.371.000
4,685.000
29,096,000
4.687,000
28,354,000
4,676,000
28,358,000
4,679,000
28,268,000
4.687.000
28,175,000
4,687.000
27.904,000
3.681,000
3,200,000
3.774.000
16,776.000
7,137,000
6,881,000
20.550,000
4,690.000
27.518,000
4,723,000
27,386,000
5,200,000
28,000
3,591.000
3,546.000
467,799.000
0 292,222,000 292.416.000 292,743,000 316.865,000 316,891,000 1,257,759,000
.
290.297,000 292.212,000 292 214,00
1,583,826,000 1.569.963.000 1,
564,987,000 1.543.136,000 1,528,108,000 1,533.137.000 1,510.483,000 1,515,436,000
556,209,000 568,034,000 573,034,000 594,889,000 609,889,000 604.879,000 602,879,000 597,914,000 706,202,000
2.430,332,0002.430.209.000 2,430,235,000 2,430,247,000 2,430,413,000 2,430,759,000 2,430.227,000 2,430,241,000 2,431,760,000
440,000
-2,470,413,000 2,469.820,000 2 469 378.000 2.469.859,000 2,470.116.000 2,471,721,000 2,469,572,000 2,469,231,000 2,457.978,000
, .
637,000
19,771.000
443.728,000
49.908,000
44,577,000
635,000
17.127,000
455,435,000
49,904.000
a47.520,000
648,000
18.977,000
459,980,000
49,901.000
.
46 230,
000
643,000
22,075,000
543,628,000
49,904.000
45,325.000
637.000
21.863.000
472,720.000
49,849.000
44,709,000
636.000
17.940,000
527,436,000
49,839.000
44,852.000
711,000
16,853,000
468,964,000
49,820,000
42,531,000
678,000
17,312,000
563,315,000
49,822,000
42,098,000
3,124,000
16,519,000
377,518,000
52,753,000
50,878,000
9,578,163,000 a9.555,612.000 9,558,
312,000 9,831,028,000 9.549,955.000 .577,501,000 9,437,145,000 9,517,819,000 8,134,983,000
33 000
095,3 .
.188.278,000 3,
3,303,113,000 3.261,622,000 3,242,240,000 3.258,418,000 3.267,401,0003,299.860.000 3,197,898,000 3
33,184,000
4,995,666,000 4,059,070,000
Deposits-Member banks' reserve account 5,114.722,000 5,099,616,000 4.944.603,000 4,924,402,000 5.051.797,000 4,899,723,000 5,029.492,000 126,035,000
24,595,000
112,811,000 125.981,000 282.077,000 250,869,000 101.588.000 181,686.000 80.301,000
U. S Treasurer-General account..
6.978,000
24,101,000
25,700.000
24.930,000
27,504,000
24.656,000
22,053,000
23,288,000
.
25 258,000
Foreign banks
202,280,000
231.342.000 229,553,000 230, .
827 000 277.405,000 277,526,000 286,484,000 281,499,000 273,778,000
Other deposits
4
5,480,928,000 5.478.438,000 5,
765.000 5.477,332,000 5,455,841,000 5,393,593,000 5.415,393,000 5, 23,043,000 4,292,923,000
491.
Total depoelta
Deferred availability Items
Capital paid In
Surplus (Section 7)
Surplus (Section 13-B)
Reserve for contingencies
All other liabilities
Total liabilities
Ratio of total reserves to deposits and
F. it. note liabilities combined
Contingent liability on bills purchased for
foreign correspondents
Commitments to make Industrial advances
&futurity Distribution of Bills and
Short-term Securities1-15 days bills discounted
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 bi Is 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 bough In open market
1-15 days industrial advances
16-30 days industrial advances
31-80 days Industrial advances
1-90 days Industrial advances
Over 90 days Industrial advances
Total Industrial advances
438,997,000
146,655,000
144,893,000
22,621,000
30.782,000
10,174,000
460.873,000
146.647.000
144,893,000
21,572.000
30,781,000
a 10.786,000
469,872,000
630
146, .000
144,893.000
287
21, ,000
30,780.000
10.875.000
542,264,000
146,608.000
144,893,000
21.288.000
30.780.000
9.445,000
.000
470.020
146,613.000
144.893.000
20.871,000
30,740.000
13,530,000
531.850,000 467.642,000 551,087,000
146.570.000 146,584,000 146,594,00e
144,893,000 144,893,000 144,893,0020,482,000
20,870,000
20,482,001
30.777.000 30,778,000
30,778,001
13,475,000
9,088,000
12,664,001
381,093,000
146,612,000
138,383,000
22,541,000
24,914,000
9,578,163.000 a9.555.612.000 9 558,342
.000 9.631,028.000 9,549,955.000 9.577,501,000 9.437,145.000 9,517,819,001 8,134,983,000
,
74.6%
74.5%
74.6%
74.4%
74.4%
74.4%
74.2%
74.0%
70.0%
895,000
23,529,000
23.022,000
s
22.197,000
20,850,000
20,844,000
20.579.000
20,404,000
S
5.055,000
92,000
604,000
860.000
224,000
21,696.000
S
6,401,000
255,000
638,000
871,000
208,000
$
5,070,000
412.000
110,000
1,294,000
251.000
$
5,180,000
158,000
290,000
1,059,000
194,000
$
13,083,000
1,462,000
5,028,000
872,000
105,000
$
4,165,000
593,000
987,000
384,000
171,000
4,386,000
617,000
876,000
468,000
223,000
I
4,071,000
55,000
1,301,000
479,000
203,000
6,300,000
6,570,000
6,109,000
$
4,796,000
98.000
594,000
971,000
206,000
6,841.000
6,665,000
8,371,000
7,137,000
6,881,000
20,550,000
787,000
393,000
1,112,000
2,393,000
463,000
566,000
1.350,000
2,308,000
2,502,000
632,000
567,000
975,000
2,356,000
633,000
638,000
1,052,000
667,000
373,000
891,000
2.756,000
906,000
495,000
900,000
2,326,000
870,000
607,000
714,000
2,499,000
1,777,000
857,000
762,000
1.327,000
499,000
1,212.000
359,000
3,130,000
4,685,000
4.687,000
4.676,000
4.679.000
4,687,000
4,687,000
4.690,000
-4,723,000
5.200,000
1,239,000
206,000
682,000
1,624,000
25,345.000
1,259,000
110,000
461.000
1,779.000
24.745,000
1,178,000
184,000
469.000
1,762,000
24,765,000
1.288.000
104,000
492,000
1,609,000
24.775.000
1,250,000
125,000
389,000
728,000
25.703,000
1,207,000
200,000
227.000
791.000
25,479,000
1,203,000
183,000
305,000
525,000
25,302,000
060
1,387,
141,000
266,000
557,000
25,035,000
29,096,000
28,354,000
28,358,000
28,268,000
28,175,000
27.904,000
27,518,000
27,386,000
46.050,000
51,255,000
38,232,000
66,160,000
63,810,000
44.853.000
43,023,000
52.407,000
40,614.000
1-15 days U. S. Government securities
44,853,000
51,055,000
43,023,000
69,348,000
50.419.000
45,550,000
31,870,000
.
40 614,000
.
32.200 000
18-30 days U. S. Government securities82.679,000
83,637,000
87,537,000
88,034,000
57.190,000
94,617,000
52,033,000
52,393,000
50,963,000
31-60 days U. S. Government securities
52,393.000
52,033,000
50,963,000
114,310,000
61-90 days U. S. Government securities.. 109,344,000 115.812 000 109,072,000 105,834.000 2,197.138,000 2.204,784,000 2.177,342.000 2 57,190,000 396,775,000
,169,074,000
.117,339 000 2,185 493 000 2.171.951.000
, .
Over 90 days U.S. Government securities. 2,197,541.000 2
,
4
.
2,430,332,000 2 430.209.000 2,430,235.000 2, 30.217,000 2,430,413,000 2,430.759,000 2.430,227,000 2 430.241.000 706,202,000
Total U. S. Government securities
1-15 days municipal warrants
16-30 days municipal warrants
31-60 days municipal warrants
61-90 days municipal warrants
Oyler 90 days municipal warrants
Total municipal warrants
405,000
35,000
440,000
Federal Reserve Notes
3,388,514,000
3,566,978,000 3,537,646,000 3,478,268,000
Issued to F. R. Bank by F. R. Agent.... 3.575,446,000 3.532 140,000 3,540,798,000 3,548,339,000 299,577,000 237,786,000 280,370,000 3,465,678000 293,211,000
277.400,000
272,333.000 270.518,000 298,558,000 289,921.000
Held by Federal Reserve Bank
. 3,303.113,000 3,261.622,000 3.242,240,000 3,258,418.000 3.267.401,000 3,299.880,000 3,197,898.000 3,188,278,000 3,095,333,000
In actual circulation
Collateral Held by Agent as Security for
Notes Issued to Rant
3,392,839.000 3,277,639,000 3,284,139,000 3,134,156,000
Gold ctfs on hand & due from U.S. Treas. 3,399,339,000 3 389.939 000 3,398,839,000 3,420,339,000 1,414,839,000
10,263,000
5,618,000
6.880.000
5,371,000
5,349,000
4,627,000
5,174,000
0.000
5,00
4,826,000
By eligible paper
222,400,000 205,000,000 201,000,000 175,000.000 188,000,000 165,000,000 233,000,000 225,100,000 281.500,000
U. S. Government securities
3.626.565.000 3.599,929,000 3,604,466,000 3,600,513,000 3.608,188.0003,564,715.000 3.516.257.000 3,514,610,000 3,125.919 000
Total collateral
a Revised figures.
•"ogee. cash does not include Federal Reserve notes.
59.08 cents
dollar was devalued r rota 100
Those are certificates given by the U .4 Treasury for the gold taken over from the Reserve banks when the appropriated as DMIS al the cents to under the
Treasury
[laving been
on Jan. 31 1914, these certificates being worth less to the extent of the difference., tine dif ermine itself
provisions of the Gold Reserve Act of 1934.
Volume 141
Financial Chronicle
871
Weekly Return of the Federal Reserve Board (Concluded)
WEEKLY STA]EMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF
BUSINESS AUG. 7 1935
Two Carriers (00) Omitted
Federal Reserve Bank of
-
New York
Boston
Total
Phila.
Clevesand Richmond Atlanta
Chicago
St, Louis Ifinneay. Kan. City
RESOURCES
$
$
$
S
3
$
$
3
$
3
2
Gold certificates on hand and due
from U. S. Treasury
6,288,615,0 413,953,0 2,614,727,0 274,864,0 434,083,0 188,886,0 133,022,0 1,262,480,0 181,767,0 141,329,0 190,057,0
Redemption fund-F. It. notes
1,362,0 2,104,0
21,588,0 3,644,0
1,504,0 2,051,0 3,196,0
1,672,0
490,0
1,092,0
624,0
Ostiot cash_•
61,080,0 30,807,0 9,818,0 8,355,0 10.079,0
238,926,0 31.891,0
30,828,0 10.925,0 12,583,0 12,317,0
Total reserves
6,549,129,0 449,488,0 2,677,169,0 307,775,0 445,405,0 199,292,0 146,297,0 1,294,980,0 193,784,0 154,402,0 202,998,0
Bills discounted
Sec. by U S. Govt. obligations
direct 3r (or) fully guaranteed
1,302,0
492,0
155,0
374,0
2,950,0
101,0
36,0
39,0
100,0
38,0
40,0
Other bills discounted
25,0
2,471,0
53,0
59,0
3,350,0
120,0
8,0
69,0
72,0
Total bills discounted
427,0
3,773,0
551,0
6,300,0
180,0
101,0
156,0
39,0
108,0
112,0
107.0
Bills bought In open market_.
1,801,0
345,0
475,0
4,685,0
445,0
173,0
169,0
64,0
80,0
557,0
126,0
Industrial advances
6,945,0 3,758,0 1,636,0 4,588,0 1,067,0
29,096,0 2,884,0
448,0 2,058,0 1,157,0
1,887.0
U. S. Government securities:
Bonds
98,413,0 20,005,0 23.032,0 12,330,0 9,977,0
290,297,0 17,279.0
33,547,0 11,378,0 14,277,0 11,452.0
Treasury notes
1,533,826,0 103,729,0 481,338,0 116,533,0 144,065,0 77,123,0 62,251,0 232,173,0 71,664,0 45,530.0 70,478.0
Certificates and bills
556,209,0 36,669,0 159,567,0 40,582,0 50,928,0 27,263,0 22,006,0
89,969,0 25,158,0 15,896,0 24,914,0
Total U. S. Govt. securities_ 2,430,332,0 157,677,0 739,318,0 177,120,0 218,025,0 116,716,0 94,234,0 355,689,0 108,200,0 75,703,0
106,844,0
Total bills and securities
Due from foreign banks_
Fed. Res. notes of oilier banks
Uncollected Items
Bank premises
All other resources
Total resources
Dallas
San Fran.
$
$
121,517,0 331,930,0
302,0 3,547,0
6,433,0 13,810,0
128,252,0 349,287,0
128,0
330,0
145,0
143,0
458,0
288,0
122,0
1,860,0
328,0
808,0
17.550,0 21,057.0
47,229,0 131,713,0
16,696,0 46,561.0
81,475,0 199,331,0
2,470,413,0 161,457,0
751,837,0 181,780,0 220,286,0 121,578,0 95,626,0
358,241,0 108,767,0 77,932,0 108,239,0 83,915,0 200,755,0
48,0
637,0
314,0
19,771,0
443,728,0 45,416,0
49,908.0 3,168,0
554,0
44.577,0
65,0
256,0
60,0
23,0
23,0
606,0 1.444,0 2,621,0 1,092,0
4,802,0
104,993,0 36,952,0 38,124,0 37,623,0 16,120,0
11,937,0 4,642,0 6,632,0 3,029,0 2,331,0
32,194,0 4,252,0 1.646,0 1,178,0 1,611,0
77,0
3,0
4,0
17,0
17,0
44,0
2,677,0 1,330,0
1,131,0 1,518,0
273.0 1,962,0
59,427,0 20,639.0 14,117,0 28,155.0 19,149,0 23,013,0
4,958,0 2,628,0 1,580,0 3,449.0 1,685.0 3,869.0
711,0
250,0
536.0
299.0
869,0
477,0
9,578,163,0 660,445,0 3,583,188,0 536,072,0 713,597,0 365,344,0 263,100,0 1.721,071,0 327.402,0 249,702,0 344,675,0 234,160,0 579,407,0
LIABILITIES
F. It. notes In actual circulation 3,303,113,0 289,272,0
709,842,0 239,056,0 321,584,0 151,150,0 131,530.0 798,299,0 141,705,0 99,470,0 125,546,0 60,999,0 234,660,0
Deposits:
Member bank reserve account 5,114,722,0 292,344,0 2,415,267,0 217.925,0 307,883,0 155,193,0
98,230.0 784,803.0 142,320,0 113,937,0 177,076,0 130,324,0 279,420,0
U. S. Treasurer-Gen. acct.
38,960,0 2,004,0 10,388,0 3,141,0 1,946,0
112.811,0 2,850,0
28,866,0 3,347,0 5,488,0 4,002,0 8,613,0 3,206,0
Foreign bank
7,969.0 2,207,0 2,11 ,0
22,053,0 1,605,0
825,0
802,0
2,585.0
669,0
535,0
599,0
580,0
1,560,0
Other deposits
231,342,0 3,609,0 177,480,0 5,488,0 2,649,0 3,825,0 1,568,0
3,067,0 7,691,0 6,963,0
466,0 4,304,0 14,232,0
'Total deposits
5,480,928,0 300,408,0 2,639.676,0 227,624,0 323,037,0 162.984,0 102,546,0 819,321,0 154,027,0 126,923,0 182,143,0 143,821,0 298,418,0
Deferred availability items
438,997,0 45,381,0 104,127,0 35,518,0 37,204,0 36,050,0 15,459,0
60,518,0 21,244,0 14,378,0 27,442,0 18,764,0 22,912.0
Capital paid in
59,466,0 15,128,0 13,117,0 5,039,0 4,452,0
146,655,0 10,754,0
12,807,0 3,960,0
3,133.0 4,035,0 4,006,0 10,758,0
Surplus (Section 7)- 49,964,0 13,470,0 14,371,0 5,186,0 5,540,0
144,893,0 9,902,0
21,350,0 4,655,0 3,420,0
3,613,0
3,777,0 9,645,0
Surplus (Section 13-b)
6,863,0 2.098,0 1,007,0 3,335,0
22,621,0 2,874.0
754,0
1,391,0
547,0 1,003,0
802,0 1,252,0
695,0
Reserve for contingencies
7,500,0 2,995,0 3,000,0 1,416,0 2,604,0
30,782,0 1,648.0
5,325,0
891,0 1,171,0
828,0 1,363,0 2,041,0
All other liabilities
5,750,0
183,0
10,174,0
206,0
184,0
277,0
215,0
2,060,0
373,0
204,0
266,0
178,0
278,0
Total liabilities
9,578,163,0 660,445.0 3,583,188,0 536,072,0 713,597,0 365,344,0 263,100,0 1,721,071,0 327,402,0 249,702,0 344,675,0 234,160,0 579,407,0
Ratio of total res to dep. & F. R.
note liabilities co.bined
65.9
79.9
69.1
76.2
74.6
63.4
62.5
80.1
65.5
68.2
62.6
66.0
65.5
Contingent liability On bills pur
chased for tor'n correspondentCom miLi ments to make Industrie I
advances
9,181,0
722,0 1,841,0 1,756,0
23,529,0 3,338,0
625,0
473,0
1,887,0
149,0
243,0
448,0 2,866,0
• "Other Cash' does not include Federal Reserve notes.
FEDERAL RESERVE NOTE STATEMENT
Two Ciphers (00) Omitted
Federa• Reserve Agent as---
Total collateral
Phila.
New York
Bortors
Total
Federal Reserve notes:
$
$
Issued to F.11.11k.by F.R.Agt_ 3,575,446,0 318,676,0
Reid by Fed', Reserve Bank___ 272,333,0 29,401,0
In actual circulation
3,303,113,0 289,272,0
Collateral held by Agent as aerarity for notes issued to bks:
Gold certificates on hand and
due from U. EL Treasury
3,399,339,0 321,617,0
Eligible paper. .
551,0
4,826,0
U. 8. Government securities
222,400,0
3,626,565,0 322,168.0
Cleveiand Richmond
Atlanta
Chicago
Si. Louis MInneap. Kan. City
Dallas
SanYran.
S
$
$
$
$
807,520,0 252,836,0 339,330,0 160,649,0 147,467,0
97,678,0 13,780,0 17,746,0 9,499,0 15,937,0
3
$
$
$
3
$
824,665,0 148,028,0 105,067,0 133,049,0 65,980,0 272,179,0
26,366.0 6,323,0 5,597,0 7,503,0 4,981,0 37,519.0
709,842,0 239,056,0 321,584,0 151,150,0 131,530,0
798,299,0 141,705,0 99,470,0 125,546,0 60,999,0 234,660,0
818,706,0 218,000,0 320,715,0 131,000,0 94,685,0
2,303,0
427,0
180,0
101,0
156,0
35,900,0 20,000,0 30,000,0 55,000,0
847,546,0 128,632,0 103,500,0 122,000,0 66,675,0 226,263,0
109,0
39,0
112,0
107,0
283,0
458,0
21,000,0 2,400,0 12,000,0
47.000,0
821,009,0 253,427,0 340,895,0 161,101,0 149,841,0
847,655,0 149,671,0 106,007,0 134,112,0 67,133,0 273,546,0
Weekly Return for the Member Banks of the Federal Reserve System
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the reporting member banks in 91 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 Relerv Board
upon the figures for
e
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.
PRINCIPAL ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER
BANKS IN LEADING CITIES. BY DtiTRICTS. ON JULY 31 1935
(In Millions of Dollars)
Federal Reserve DistriciL08119
and investments-total
Total
18,507
Boston New York
8,403
1,152
Phila.
Cleveland Richmond
Atlanta
Chicago
St. LOtal Minneap Kan. City
Dallas
San Praia.
1,093
1,232
350
333
2,141
545
346
583
410
1,919
Loans on sectirities-total
2,967
187
1,767
179
163
49
42
231
57
32
47
42
• 171
To brokers and dealers:
In New York
Outside New York
To otners
825
163
1,979
6
28
153
804
60
903
13
12
154
6
157
1
48
3
39
1
32
198
5
.52
1
31
1
3
43
1
41
II
160
Acceptances and coming Paper bought
I oans on real estate
Other loans
291
949
3,120
37
88
272
136
238
1,285
22
71
178
2
72
149
6
16
75
3
12
108
29
30
307
9
37
93
6
3
106
20
13
112
2
24
107
19
343
328
V. S. Government direct obligations_
Oblige, fully guar. by U. S. Govt_- other securities
7,380
892
2,908
378
17
173
3,377
377
1,223
291
77
275
628
29
189
121
26
57
96
20
52
1,143
92
309
217
41
91
137
16
44
227
44
120
153
41
41
612
112
334
Reserve aith Federal Reserve ban ksCash in vault
3,863
294
212
93
2,183
55
143
13
163
29
58
11
35
6
539
46
101
9
58
5
97
11
107
8
167
17
15,517
4,398
513
991
313
32
8,165
976
263
825
281
35
782
470
25
245
138
6
210
133
15
1,929
563
39
424
169
14
265
123
4
518
157
11
359
122
19
804
953
50
1,814
4,503
112
207
181
2,106
145
255
129
197
98
106
89
98
303
619
96
184
90
89
244
292
142
145
/85
205
Net demand deposits_
Time deposits
Government deposits
Due from banks
Due to banks
Borrowlove from F. R. banks
1
1
Financial Chronicle
872
gitb
United States Treasury Bills-Friday, Aug. 9
Rates quoted are for discount at purchase.
knitnriat
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Quotations for United States Treasury Certificates of
Indebtedness, &c.
-Friday, Aug. 9
Figures after decimal point represent one or more 32ds of
a point.
United States Government Securities on the New
York Stock Exchange-Below we furnish a daily record
of the transactions in Liberty Loan, Home Owners' Loan,
Federal Farm Mortgage Corporation's bonds and Treasury
certificates on the New York Stock Exchange.
Quotations after decimal point represent one or more 32ds
of a point.
Daily Record of U. S. Bond Prices Aug.3 Aug.5 Aug.6 Aug.7 Aus 8
____ 101.11 101.12 101.12 101.11
{High
Fourth Liberty Loan
--__ 101.11 101.11 101.12 101.10
4,3i% bonds ot 1933-38- Low.
____ 101.11 101.12 101.12 101.10
Close
(Fourth Oa)
554
5
5
13
___
Total sales in $1,000 units_
117
116.30 117
____ 117
'High
Treasury
117
116.30 117
____ 117
4(a1947-62
117
116.30 117
--_ 117
Close
(Close
1
6
1
35
____
Total sales in $1.000 units___
111.29
112.2 112
____ 112
(High
111.31 111.29
112
____ 112
Low4s. 1944-54
111.31 111.29
112
____ 112
Close
6
3
13
15
____
Total sales in $1,000 units_ __
____ 106.20 106.20 106.20 106.18
High
____ 106.18 106.19 106.18 106.14
Low_
114(s-11).1s, 1943-45
____ 106.20 106.19 106.18 106.14
Close
6
131
130
79
____
_
Total sales in $1,000
____ 110.18 110.18
____ 110.22
High
units_110.18 110.18
110.22
Low_
59(1. 1946-56
____ 110.18 110.18
____ 110.22
Close
1
7
____
1
____
Total sales in $1,000 units___
____
____ 107.28 107.25 107.28
(High
____
____ 107.25 107.24 107.25
Low_
Ms, 194347
___
____ 107.25 107.25 107.25
Close
____
3
8
2
Total sales In $1,000 units_
103.29
___{High 104.3 104.2 104.2 104
Low_ 104.3 103.30 104.2 103.30 103.18
Is, 1951-55
Close 104.3 104.2 104.2 103.30 103.18
23
72
1
26
4
Total sales in 81.000 units. _
111111 103.28 103.25 103.26 103.25 103.23
Low_ 103.26 103.24 103.23 103.23 103.18
Ii, 1946-38
Close 103.26 103.25 103.26 103.23 103.18
136
6
36
121
10
Total sales in $1,000 units _
____
____ 108.21 108.21 108.21
-(High
____
____ 108.21 108.21 108.21
1.ow_
894s. 1940-43
____
____ 108.21 108.21 108.21
Close
____
4
2
1
____
Total sales in $1.000 units__
--------108.22
(High 108.24 108.23
--- _ 108.22
---Low- 108.24 108.23
1941-43
B.
M
--------108.22
Close 108.24 108.23
--------25
1
3
Total sales in 81.000 undo...
104.27
105
{Hih 105.2 104.31 105
104.31 104.29 104.30 104.25
Low_ 105
BM,1946-49
104.31 104.31 104.30 104.25
Close 105
15
18
27
1
7
Total sales in 81.000 units...
____ 104.29 104.27
(High 105.1 105
---- 104.28 104.14
Low_ 105.1 104.31
1949-52
3)41.
____ 104.28 104.14
Close 105.1 105
1112
15
__-6
2
Total sales in si.000 units__
____ 108.25 108.26 108.27 108.26
(High
--__ 108.25 108.26 108.26 108.25
LowWs. 1941
--- 108.25 108.26 108.26 108.25
Close
139
6
10
3
____
Total sales in 81.000 units_
(High 106.15 106.14 106.14 106.13 106.10
Low_ 106.15 106.12 106.11 106.10 106.6
1944-46
11;(1,
Close 106.15 106.14 106.12 106.10 106.6
96
80
35
9
2
Total sales its 81.000 units._
High 101.19 101.19 001.18 101.18 101.16
Low_ 101.17 101.16 101.17 101.15 101.4
2I4s. 1955-60
Close 101.18 101.17 101.17 101.15 101.4
168
967
45
23
25
Total sales in $1,000 units__
---- 104
103.28
____ 104
Federal Farm Mortgage {High
---- 104
103.28
____ 104
Low_
1944-64
594..
---- 104
103.28
____ 104
Close
____
1
1
1
_ -_
Total sales in 81,000 units__
Federal Farm Mortgage {High 102:14 102.10 102.12 102.12 102.7
34, 1944-49
Low. 102.14 102.10 102.10 102.10 102.7
Close 102.14 102.10 102.10 102.10 102.7
7
26
49
2
15
Total sales in $1,000 undo...
Federal Farm Mortgage
High 102.19 102.20 102.20 102.21 102.19
Is, 1942-47
Low. 102.19 102.17 102.18 102.19 102.11
Close 102.19 102.17 102.18 102.19 102.11
12
14
12
13
3
Total sales in $1,000 undo...
____ 101.15 101.14 101.12 100.29
Farm Mortgage(High
Federal
101.15 101.14 101.12 100.29
Low
24e8, 1942-47
____ 101.15 101.14 101.12 100.29
Close
1
1
16
Total lalesin $1,000 units__
tome Owners' Loan
1 M gt; 102.11 102.9 102.8 102.9 102.6
2
0 7
2
.
.
.
02 7
7
2 9 102 8 102..7 101.5
0.
l 102 11 10 .
3a, series A 1941-52._ cto
Lo
.
.
02
Aug.9
101.11
101.9
101.10
23
116.27
116.24
116.27
10
111.28
111.25
111.28
76
106.16
106.10
106.16
207
101
100.23
100.30
101.21
101.15
103.18
105.1
101.10
105.8
Dee. 15 1936Apr. 15 1936June 15 1938Feb. 16 1937-Apr. 15 1937-Mar.15 1938...
Aug. 1 1936...
Sept.15 1937-.
104.25
104.18
104.24
3,047
104.18
104.18
104.18
239
108.22
108.22
108.22
5
106.8
106.2
106.8
67
101.8
101.6
101.6
319
103.24
103.24
103.24
1
102
101.29
102
25
102.14
102.7
102.13
15
101.6
100.30
101.3
1 25
101.31
2
3
0. 5
101. 1
65
50
36
25
Total earn .n 31.000 units__
39
6
100.31 100.29 100.23
101
,
dome 120. oers• Loan
11103 101.2 101
244s, series B, 1939-49_ Low_ 100.31 100.29 100.29 100.28 100.18 100.21
100.31 100.28 100.18 100.23
close 101.2 101
177
147
103
45
165
21
Total sales in $1,000 units__
•Odd lot sale.
-The above table includes only sales of coupon
Note
bonds. Transactions in registered bonds were:
101.9 to 101.9
1 4th 41.4s, 1933-38
111.2210 111.28
2 Treasury 4.9. 1944-54
11 Treasury 35, 1951-55
103.2410 103.29
234%
233%
244%
3%
3%
3%
394%
Asked
Bid
sg%
103.21
102.3
105.30
104.9
104.22
106.4
103.5
106
-For review
The Week on the New York Stock Market
of New York Stock Market, see editorial pages.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE.
DAILY. WEEKLY AND YEARLY
Week Ended
Aug. 9 1935
Saturday
Monday
Tuesday
Wednesday ____
Thursday
Friday
Total
107.23
107.21
107.23
8
103.25
103.18
103.25
363
103.20
103.17
103.18
436
108.20
108.16
108.18
12
100.31
100.21
100.26
101.19
101.13
103.16
104.31
101.8
105.6
•••10110b:C1
144%
144%
194%
144%
144%
234%
214%
244%
243%
Maturity
1M
1 M111
June 15 1936_
Dee. 15 1939_
June 15 1940_-Sept. 15 1936_
Mar. 15 1940June 15 1939___
Sept. 15 1938Dee. 15 1935...
Feb. 1 1938___
Int.
Rate
Asked
BM
l
Ini.
Rate
Ivieq044aimc
000c000.u.
Maturity
William Street. Corner Spruce. New York.
Dee. 31 1935
Ian. 8 1936
Jan. 151980
Jan. 22 1936
Jan. 29 1936
Feb. 5 1936
Feb. 11 1936
Feb. 19 1936
Feb. 28 1936
Mar. 4 1936
Mar. 11 1936
Mar. 18 1936
Mar.25 1936
Apr. 1 1936
Apr. 8 1936
Apr. 15 1936
Apr. 22 1936
Apr. 29 1936
May 6 1936
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%
0.15%
0.15%
0.20%
0.20%
0.20%
0.20%
0.20%
Asked
Bid
Asked
Bid
.J444
.! • •
NgNQmeQtiiiiiggSgE28
.4t.Casta00000ZZZZQPPA
atnnmerrial
Aug. 10 1935
State,
Railroad
Stocks,
Number of and Miscall. Municipal &
ForeignBonds
Bonds
Shares
1,000.870
1,735,510
1,772,970
1,389,220
1,432,860
2,188,000
9.519.430 338.539.000
Sates at
New York Stock
Exchange
2407,000
1,018,000
1,254,000
1,257,000
1,220,000
958,000
$2,831,000
6,501,000
7.383,000
6,732,000
7,085,000
8,007,000
1934
4,576,792
9.519,430
-No.of shares_
Stocks
Bonds
210,237,000 $48,518,000
Government
6,624,000
6,114,000
State and foreign
Rallroad & industrial_ 38,539,000 31,794,000
Total
33,338,000
8,077,000
9,065,000
8,681,000
11,647,000
14,082,000
5100,000
558,000
428,000
692,000
3,342,000
5,117,000
56.114.000 Sin 9/7 Ann ema aon ruin
Week Ended Aug. 9
1935
Total
Bond
Sates
United
states
Bonds
Jan. 1 to Aug. 9
1935
1934
167,202,292
240,827,360
$ 5,450,000
45
236,379,000
1, 5,905,000
29
2452,801,200
406,821,000
1,575,924,000
254.890.000 $86,936,000 $1,987.734,000 22,435,546,200
CURRENT
NOTICES
-E. L. Mansbach, formerly a partner of Neuhut, Mansbach & Plohn,
members New York Stock Exchange, announces the formation of the E. L.
Mansbach Co.to conduct a general brokerage business in unlisted securities.
The firm will have offices at 70 Pine Street, New York.
-John E. Sloane & Co., 41 Broad St.. New York, have issued their
monthly summary of comparative earnings of 88 of the principal railroads
in the country for the first six months of 1935.
-Frank A. Pavls and Harry L. Brand have been appointed co-managers
of the bond department of J. R. Williston & Co.
FOOTNOTES FOR NEW YORK STOCK PAGES
• Bid and asked prime, no sales on this day.
Companies reported in receivership.
a Deterred delivery.
a New stock.
r Cash sale.
t Ea-dividend.
U Adjusted for 25% stock dividend paid Oct. 1 1934.
U Listed July 12 1934; par value 10s. replaced El par, share for
value.
44 Par value 550 lire listed June 27 1934; replaced 500 lire par share.
Is Listed Aug. 24 1933; replaced no par stock share for share.
10 Listed May 24 1934; low adjusted to give effect to 3 new shares exchanged for
1 old no par share.
57 Adjusted for 66 2-3% stock dividend payable Nov. 30 1934.
34 Adjusted for 100% stock dividend paid April 30 1934.
"Adjusted for 100% stock dividend paid Dec. 31 1934.
"Par value 400 lire: listed Sept. 20 1934; replaced 500 lire par value.
41 Listed April 4 1934; replaced no par stock share for share.
42 Adjusted for 25% stock dividend paid June 1 1934.
43 Listed under this name Aug. 9 1934; replacing no-par stock. Former name,
American Beet Sugar Co.
44 From low through first classification, loan 75% of current.
44 From last classification and above, loan of 55% of current.
44 Listed April 4 1934; replaced no-par stock share for share.
41 Listed Sept. 13 1934; replaced no-par stock share for share.
44 Listed June 1 1934; replaced Socony-Vacuum Corp. $25 stock share for share.
The National Securities Exchanges on which low prices since July 1 1933 were
made (designated by superior figures in tables), are as follows.
U Pittsburgh Stock
is Cincinnati Stock
New York Stock
ss Richmond Stock
I
, Cleveland Stock
New York Curb
'
14 Colorado Springs Stock 5 51 Louis Stock
New York Produoe
Salt Lake City Stock
New York Real Estate ls Denver Stock
26 San Francisco Stock
I4 Detroit Stock
Baltimore Stock
47 San Francisco Curb
1, Loa Angeles Stock
Boston Stock
U San Francisco Mining
is Loa Angeles Curb
Buffalo Stock
II Seattle Stock
44 Mlnneapolls-St. Paul
California Stock
n Spokane Stock
n New °risen 'Stock
Chicago Stock
"Washington(D.C.)Stock
Chlesgo Board of Trade n Philadelphia Stock
Chicago Curb
Volume 141
873
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Nine Pages-Page One
NOTICE
-Cash and deferred delivery sales are disregarded In the day's range, unless they are the only transactions of the day.
sales in computing the range for the year.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT
Saturday
Aug. 3
Monday
Aug. 5
Tuesday
Aug. 6
1Vednesday
Aug. 7
Thursday
Aug. 8
Friday
Aug. 9
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Range B.nce Jan. 1
On Basis of 100
-share Lots
Lowest
$ per share
per share S per share
per share $ per share
per share Shares
Par 3 per share
.
40
45
*40
43t* 4312 45
4312 *40
463 461
3
473
110 Abraham & Straus
4
8 46
No par 32 Apr 3
*11312 115 *114 115 *114 115 •113 115 *113 115 *113 115
Preferred_
100 110 Jan 10
61
61
"6012 613 *6018 613 *6012 61
4
*59
600 Acme Steel Co
4
607
8
8 6012 605
25 51 June 25
713 7%
714 712
738 73
4
74 712
712 778 12,900 Adams Express
712 754
No par
414 Mar 15
.8912 95
*8912 95
91
9012 91
91
•8912 95
9012 9012
Preferred
120
100 844 Jan 2
303 20N 30
8
303
4 303 304 3012 31
3012 3012 •30
4
3012 1,100 Adams Millie
No pa
28 June 6
115s 1214 12
1214 1218 1214 1218 1238 1212 13
13
1314 14,900 Address Nfultigr Corn
8 Jan 12
10
113 113 *1112 117
8
s
8 113 117
4
*1112 117
41j Mar 18
124 3,400 Advance Rumely
8 I13 12
8 12
No pa
75
8 158
78 73
778 77
71s 8
77
8 8
8
7% 7%
2,100 Affiliated Products Inc_ _No pa
64 Jan 15
146 146 *14478 146
143 146
144 145
142 1438 143 143
2,400 Air Reduction Inc
No pa 1043 Mar 18
8
*7
8
118
1
1
1
118
118 *1
1
1
1
118
900 Atr Way Elec Appliance Nova
3 Apr 3
4
15% 164 1512 1618 153 15% 153 157
4
8 155 157
4
4
8 153 16
8
9,400 Alaska Juneau Gold Mln
1518July 25
1
*2
212
2
2
*112 253 *112 218 *112 218
2
2
200 A P W Paper Co
No pa
112June 24
118 118
118 114
113 114
118 114
118
118
114 5,400 :Allegheny Corp
114
se Mar 30
No pa
•33
4 412
418 418
418 41
412 412
Fret A with 530 warr
412 44 1,000
412 412
24 Mar 21
10
*312 414 *313 418 *312 41
*313 418 *4
414 "418 414
Fret A with $40 warr
2 Mar 27
10
*312 412 *313 4I8 *312
,
43,2 414
*312 4
*312 418
41
Prof A without warr
4
13 Mar 38
10
11
*10
*10
1118 103 10 4 1014 1014 10
4
103 103
10
3
4
234% prior cony pret__No par
600
4
638 Apr 2
27
27
27
277
8 27
2712 2712 2754 28
2714 *27
283
8 2,400 Allegheny Steel Co
No pa
21 Jan 12
1584 1583 15912 15012 15912 160 2 1583 159'2 15712 158
4
4
15812 15912
,
Allied Chemical & Dye_ No pa 125 Mar 18
*1253 128 *126 128 *126 128 *126 12718 1267 1267 *126 12718 2,400 Preferred
4
3
100
10( 123 Apr 20
55
53
8 54
53
4
8 6
55
718
8 53
6
55
67
3 7 8 80,200 Allied Stores Corp
3
4
318 Mar 13
No par
60
60
62
62
623 64
8
6418 6512 6412 6712 67
8814 8,800
5% pref
100 249 June 17
2512 26
253 2612 2618 27
4
264 2614 264 2612 27513 20,600 Allit-Chalmers Mfg
26
No par 12 Mar 13
•1712 173
4 173 17% *173 18
4
4
8 167 174 1,000 Alpha Portland Cement__ No par 14 Mar 13
1712 1712 1714 175
8
*33
8
8 35
34 312 *314 312
312 334
35
8
8 35
34 37
8 3,400 Amalgam Leather Co
218 Niar 14
I
*27
29
27
27
*26
29 29
29
291 *2912 30
29
7% preferred
700
50 26 June 25
673 6814 6714 683
4
651
8 6513 6612 66
66
663 663
6512
4
3.200 Amerada Corp
No par 484 Jan 11
49
"48
49
49
*4812 49
49
513
4 5118 511
50
2,200 Amer Agrie Chem (Del) No par 4112June 1
50
285 283
8
4 287 3012 30
8
3014 295 301
8
307
293 301 14,700 American Bank Note
8 30
4
10 134 Jan 12
*6414 6,514 6414 6414 *5414 65 4 64
64
6514 64
631
63
Preferred
270
,
50 43 Jan 11
36
36
3614 363
4 3714 3714 *3612 367
371
8 3614 37
37
1,600 Am Brake Shoe & Fdy___No par 21 Mar 29
12612 1263 12612 1261 *12634 128 *1263 127
4
4
1263 1263
4
1263 127
4
180
Preferred
100 119 Jan 8
14414 14614 144 146
142 1443 143 1443 14312 144
8
8
143 144
10.300 American Can
26 110 Jan 15
*15918 1597 15918 1597 159 159 *15812 15973 159 1597 •159 1597
Preferred
600
100 1513 Jan 4
4
233 245
8 2438 25
8
2438 2312 2418 2212 233
2312
233 241
4
4,700 American Car Jr FdY
No par
10 Mar 13
5613 5612 *5412 565
8 55
5412 55
56
5414 553
5518 56
Preferred
8 2,200
100 2512 Mar 13
143
•14
4 147 147 *14
3
1412 14
14
*1312 143 •14
8
1412
300 American Chain
'Jo par
8 Jan 30
*7912 85 "7912 81
7913 791_ *7613 81
79
"7612 81
79
200
7% preferred
100 38 Jan 11
*91
93 *91
93
91
91
*9118 9112 91
90% 91
91
600 American Chicle
No par 66 Feb 8
35
*30
*30
31
*30
35
35
*30
Am Coal of N J (Allegheny Co)25 30 Mar 26
35
35
*30
*30
•312 33
8 *312 33
35
4
•313 33
33
4
4 "312 33
300 Amer Colortype Co
33
4 33
4
23 Mar 14
10
8
2412 2434 243 243
8
24
243
8 24
24
2312 237
4
8 233 24% 5,200 Am Coninfl Alcohol Corp
20 2212 Mar 18
12s 1312 1313 137
1338 14% 1414 143
145
8 1414 145 21,400 American Crystal Sager
4 1414
613 Feb 5
1
*116 118
117 117
117 118 *116 1173 1163 1163 117 1173
4
4
7% 2nd met
120
4
4
6752 Jan 2
10
73
73
*72
74
74
573
74
7412 7312 7312 74
74
6% 1st pret
70
100 72 Aug 1
1
I
1
1
13
8 112
113 IN
114 112
14 112 8,700 Amer Encaustic Tiling-No pa
3
4Niay 24
73
*74 84 *7% 8 8 *7
4 73
4
8
8
8
83
8 1,000 Amer European See's_---No Par
731
234 Apr 2
,
•I75
*175
.175
.175 ____
___ Amer Express Co
•175
100 150 July 22
8
518 63
612 67
8
618 634
6
63g 67 __63
8 74,300 Amer & Nut u Power
614 612
No par 2 Mar 13
373
35
8 3634 38
3612 3812 3713 391
Preferred
3714 38
373 393 14,800
8
4
14 Mar 15
No par
1114 1212 1178 1258 11
1214 1114 12
37 NI ar 14
113 12
4
12
127 10,800
2n6 preferred
8
No par
293 3112 313 33
4
4
315 3414 34
8
34
344 34
35
34% 8,200
56 preferred
12 Mar 30
1014 1014 •1012 10 4 103 11
3
4
11
11
*1012 11
11
11
800 Amer Hawaiian El 8 Co No P10
8 Apr 18
°1.
43
4 43
4 *432 478 *434 5
43
4 53
5
4
No par
43
53
4 514 5,400 Amer Tilde & Leather
4
214 Mar 13
8
*247 2634 2514 2514 2538 2512 26
3158 3214 343
4 323 343 10.100
4
Preferred
4
100 17 Mar 13
37
36
363 37
4
36
37
36
361s 36, 363
4 3612 367
8 3,900 Amer Home Products
4
I X 294 Apr 12
23
23
4
212 23
27
8 3
27
8 278 *212 27
8
212 23
4 1,900 American Ice
No par 238 July 24
*2412 25
2412 241 *2414 243 *2414 2412 *2412 .28
4
*2412 28
6% non-cum pref
100
100 22 July 18
812 812
812 91
814 918
812 83
83
8
4 87
4
88 918 10,500 Amer Internal Corp
No pa
412 Mar 18
*212 313 *212 31
*212 312 *23
4 314
23
4 23
4 "23
10 :Am L France & Foamitepret100
4 34
14 Nfar 13
,
174 174 17
171
161z 1678 1613 163
4 1613 1612 1612 173
8 4,300 American Locomotive
No pa
9 Mar 13
*5512 57
553 553 *5514 568 *5514 5612 55
8
8
554 *55
5512
Preferred
500
100 32 Mar 19
24
24
2314 233
4 2314 233
4 23
8
233
4 235 234 235 24
8
5,100 Amer Mach & Fdry CO___No pa
1812 Mar 13
814 8 2
,
8'8 814
838 812 *818 83
818 85
8
8
83 812 2,300 Amer Mach & Metale____No p
414 Apr 4
No par
814 8 2
,
8
8
8
8 14 *73
4 814 *73
4 814 *73
Voting trust offs
60
814
413 Ayr 4
20% 203
s 20
20
204 2118 21
2118 21
21
2012 21
3,200 Amer Metal Co Ltd
1313 Mar 15
No pa
•108
*108
*108 -___ *110 _
112 112 *11012 114
6% cony preferred
100
72 Jan 2
10
2913 *26
*26
2912 *26
2912 *277 291 •2773 2912 •2778 2912
8
Amer News. N Y Corp__ Na pa 524 Jan 3
514 7
3
7 4 814
718 77
63
4 71
7
8
73
73
8 8 118.300 Amer Power & LIghl__No pa
112 Mar 13
363 393
4
4 38
4014 3618 3872 374 394 3814 3914 3812 41% 32.300
$6 preferred
101* Mar13
No par
3178 3414 3312 3458 311g 34
313 333
4
4 3214 3338 3314 3512 39,600
55 preferred
No par
83 Mar 13
8
17
17,
4 1718 1712 1718 17,
1718 173
2 1718
8 17
1712 47.400 Am Rad & Stand San'y_ No par
1013 Mar 13
*15212
*15212 -- *15212 -*1525
175*28
8
_
1525 1524
8
Preferred
10
100 1341251er 1
2414 247
8 2412 25
2414 25
235 24N 237 141- 2414 247 44,800 American Rolling Mill
8
8
2
8
25 153 Mar 18
4
921 *90
*90
0212 *90
91
91
90
92
92
*91
9212
600 American Safety Raiser __No Par 86 Mar 14
*812 83
811 812
812 812
812 812
85
8 98
,
9 4 97
,
412 Mar 12
8 5.100 American Seating v I a_ _No par
23
25
25
25
2312 24 4 *2312 24
234 231s 2318 235
,
8
510 Amer Shipbuilding Co___No par 20 Mar 14
423 43
4
42
42,4 4134 437
8 423 433
4
4 434 435
8
8 425 44
19,300 Amer Smelting & Refg___No par 315 Apr 3
8
*13712 1383 138N 1383 13912 140
4
4
140 14012 *1384 142 *13814 142
700
Preferred
100 121 Feb 4
.116 1163 1163 1163 11714
4
4
4
1174 *11714 1183 2110 11012 *11012 111
4
500
2nd preferred 6% cum
100 103 Feb 14
75
*74
75
75
•75
753 *75
4
753
4 75
7512 75
75
600 American Snuff
25 83 Jan 16
*138 14112 14112 14112 •135
*13712 --- •13712 --- •135
10
Preferred
100 125 Feb 20
187 19
8
19
1918 1812 19
1712 19
1852 19
17
1753 12,000 Amer Steel Foundries____No yar
12 Mar 14
*103 106 *103 1051 •103 10512 105 105
104 10512 1023 103
4
230
Preferred
100 88 Feb 4
37
37
37
373
4
•3672 3718 3714 373
37
4
4 37
8 1,200 American Stores
No par 3312 Apr 4
5114 5218 51% 534 373 373
5514 56
58
5614 5613 56
58
57
4,800 Amer Sugar Refining
100 514 Aug 3
13118 13118 *13212 133
133 133 *13312 13513 "134 13512 *1344 13512
200
Preferred
100 12812 Jan 3
*2213 2212 225 225
8
8 223 2258 2212 233
2
4 2378 2518 243
4
13118 13214 1313 1325 1313 13312 13214 13314 132 .13212 13212 2514 14,800 Am Sumatra Tobacco____No par 1812 Jan 29
4
8
4
134% 22,900 Amer Telep & Teleg
8
100 987 Mar 18
973 977
4
3 98
9814 0812 99
9814 983 29712 98
973 973
4
4
4 2,200 American Tobacco
26 7212 Ayr 3
9914 100
993 1003
4
4 9912 10014 100 100
993
299
4 983 9912 4.800
4
Common class B
26 743 Mar2l
*14012 141
14014 14014 139 139 *13812 1404 *13812 13912 *13912 14012
300
Preferred
100 12918 Jan 18
.4
412
4
4
*37
8 414 *4
414
*4
4
418 a4
200 :Am Type Founders
No pa
212 Mar 18
1414 1612 1532 1638 14
151
1412 1412 *145 1512 153 153
8
620
4
Preferred
4
_10
9 Mar 15
1314 14
14
1412 134 j414 1318 133
4 13
1312 1314 1438 41,70 Am Water Wks & Elea__ _No pa
718 Mar 13
75
75
767 •75
76
8
761
7612 7612 *73
75
75
79
3.900
let preferred
No pa
IS Mar 19
8
8 13
8
71
818
8
77
8 78
73
4 83
8
84 83
47 Mar 13
4 9,40 American Woolen
No par
4512 4912 46
461( 46
46 46
45
48
483
4 4712 483 10,20
Preferred
4
354 Mar 18
10
3
4
5
8
"4
7
8
7
7
8
7
8
*3
4
5
1
*3
54
4 1
400 :Am Writing Paper
5 Mar 29
8
*3
33
8
3
318 31
3
37
33
*318 4
312
312
500
Preferred
No par
24mar 15
4
4
8
37
3 37
438 412 *418 43
414 45
2
8 3.600 Amer Zinc Lead & Smelt_100
453 41
3 Mar 13
48
*43
•44
4914 4614 4614 4614 4614 .45
46
46
48
400
Preferred
25 31 Mar 20
153 16,
4
8 1534 1618 1578 163
4 1612 1714
167 1738 163 173 119,20 Anaconda Copper Mining_
8
4
8
8 Mar 13
50
22
22
*22
2412 "2214 24
2212 2212 221
22
22
22
60 Anaconda Wire & Cable_h'o par 1818 Apr 1
*123 13
4
1234 13
1258 125 •125 13
8
123 l27o
4
8
1254 1414 2,70 Anchor Cat)
No par
1212N1ny 15
107 107
108 107 .105 107
105 105 *102 105 *102 105
6
$6.50 cony preferred_No par 100 July 6
71
*6
10 Andes Copper Mining
7
7
4 712
4 712 *63
*65
4 712 *63
, 74 *63
`
318 mar 21
10
*5012 51
4912 51
49
49
49
49
50
5013 5018 50% 3,20 Archer Daniels Midi'd___No par 36 Jan 18
118 118
*115 118
11812 11812 *118 11812 11812 1181
118 118
8
7% preferred
100 118 Aug 5
10712 1073 1073 1073 1074 1075 107 1077o *10714 108 "10714 108
4
4
8
1,10 Armour & Co (Del) pref
100 97 Apr 3
37
33
4 37
33
4 3%
4
8 4
334 37 13,70 Armour of Illinois new
37
8
38 4
5
34 Apr 3
6212 621
6234 63
63 633
8 63
625
62
8 2,900
6353 6214 63
E6 cony prof
No par 55125Iay I
100 100
.97 102
*97 102
*97 102 .97 102
*97 102
10
Preferred
_100 85 Jan 2
28% 2912 293 295
8
8 283 295
29
4
2912 2912 3014 13.20 Armstrong Cork Co
8 2818 29
No par 2533 July 19
For footnotes see page 872.
No account Is taken
Highest
nee
July 1
1933 to Nang,for
July 31 Year 1934
1935
Hiea
Low Lo
$ per share 5 per sh $ per share
473 Aug 9
4
30
35
43
114 Apr 5
89
89
111
6258July 31
21
414
78 Aug 9
91 July 29
65
7014 585
3313 Jan 2
1412
16
3474
1314 Aug 9
6
64 1IN
123 July 23
4
318
34
75
8
47
83 Feb I I
8
8
958
4%
1493
42uly 18
8018
4
913 113
17 Jan 7
8
IN
33s
2204 Jan 9
1518
1)1N 237
s
112
312 Jan 8
23
4
7%
17 Jan 7
114
514
7 Jan 4
238
43
8 1613
613 Jan 2
2
4
1458
63 Jan 5
IN
3
3%
14N
4NIlly 14
123
(153
3012June 19
1314
2318
15
162 July 29 1074 1151s 1803
4
12712 Feb 27 117
12218 130
738 Aug 9
318
312
814
45
6814 Aug 0
25 4 6312
,
274 Aug 9
103
8
8 '234,
103
2014 Jan 5
114
1112 21'*
378 Aug 9
24
73
4
2114
33 Apr 22
45
25
4Nlay 17
27
703
31)
653
8
573 Feb 16
4
20
2514 48
307 Aug 6
1118
1112 2514
6514July 23
3412
40
504
3734Ju1y 31
1912 38
1012
12814July 23
88
122
96
14614 Aug 3
80
4
9014 1143
168 May 3 120
12612 162,2
253
8July 31
10
337k
12
5712 Aug 2
32
5612
2512
153
8July 31
4
412 124
854 Apr 28
14
19
40
4312
96 June 8
464 70N
3414 Aug 2
20
22
35,
2
33 Aug 8
4
'2
218
62
20 4
3314 Jan 3
,
2084 6211
173
4June II 41
612 134
12712June 14
32
612 727s
78 July 22
71
5134
3 Jan 3
114
838 Aug 9
234
6
10
150 July 22 105
67 Aug 5
8
-1/4
2
3912 Aug 7
1134 30
114
1278 Aug 9
3%
61 174
/
4
35 Aug 7
26
1014
11
13 Jan 10
814
1012 224
612May 22
312 10,
24
2
343 Aug 8
4
17
173
4 4214
37 Aug
244
253
4 363
)
47y Jan 17
2%
3
10
373 Feb 16
4
22
2514 4514
914 Aug 5
413
414 11
6 Jan 18
134
314 10
204 Jan 9
9
1412 1184
58 July 30
32
3512 743
4
24NJuly 31
12
8
8 233
128
93 Apr 26
4
3
314 10,
4
912 Apr 28
:3
412 10
214Nlay 20
127
8 273
127
8
8
11014 Aug 1
63
Si
6:1
2(13
301sMay 7
4
21
3414
112
814 Aug 5
124
3
/
1
1(11g
417 Aug
8
113
:3
8 287
3512 Aug 9
83
8
912 2614
1712 Aug 1
10
93
4
174,
1523 Aug
8
10712 11112 137%
25 Aug 5
134 284
12%
4July 25
953
653
86
4
338
9% Aug 9
2
74
24
284 Jan 7
/
1
16
175
8 30
2812
4718May 17
3014 5114
144 May 8
71
125
100
11714 Aug 6
57
/
4
711 10913
43
76 June 26
4814 71
143 July 19 106
12712
106
193 Aug 1
8
1018
1012 264
106 July 27
52
2 92
597
43 Jan 9 xi 3318
4484
37
7012 Feb 16
4513
72
46
14012MaY 6 102
10312 1294
11
2514 Aug 9
4 24
133
1347 Aug 9
8
98% 1004 12514
99 Aug 6
6313
6514 854
1003 Aug 5
4
64%
89
67
14058Ju1y 31 105
10714 1303
4
24
134 Jan 18
3
13
193 Jan 18
8
7
714 2104
x147 Jan 10
2
1258 273
718
8
7078 Aug 5
48
80
54
47
ONMay 21
1718
7
5112May 21
3512
36
833
4
134 Jan 18
1
414
53
24
84 Jan 18
272 174
54N1ay 23
3
314
9
48 July 27
31
3612 504
1818Nlay 23
8
10
1714
25 May 17
75
8
,
9 4 183
8
175 Jan 4
8
1213
134 2414
109 Apr 26
108
80
84
73
45iay 25
418 1013
318
52 Aug 1
2614 394
21%
12214 July19 106
117
10
1077 Aug 7
764 103%
8
64
818 Jan 3
314
312
63
4
464 714
703 Jan 10
2
4814
10612 Feb 4
85
31 14
54
3014 Aug 9 2 13
iv...
New York Stock Record-Continued-Page 2
874
-PER SHARE. NOT PER CENT
HIGH AND LOW SALE PRICES
Saturday
Aug. 3
Monday
Aug. 5
Tuesday
Aug. 6
Wednesday
Aug. 7
Thursday
Aug. 8
Friday
Aug. 9
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Aug. 10 1935
Range Since dan. 1
On Basis of 100-share Lots
Lowest
Highest
July 1
1933 to Range for
July 31 Year 1934
1935 --High
Low Low
5 pet share $Per 86 $ Per share
Par $ per share
$ per share 5 per share $ per share S prr share 3 per share 5 per share Shares
712 Aug 9
8
27
.1
8
83
4 Mar 6
5
718 712 13,200 Arnold Constable Corp
8
8 73
67
8 718
63
8
4 67
63
672 7
8
4 67
63
4
712 Aug 1
3l
1012
3
3 4 Mar 15
No par
Artloom corp
200
4
4 73
712 712 *7
,
712 7 2 *63
4 712
712
*634 712 *63
633
4
4 70,
633
8
70 Apr 25 7018 Jan 22
100
Preferred
_:
_ *72
__ *72
- •
-- •72
*72
•72
14
714 18
714
712 Mar 13 1412 Aug 8
1
8:100 Associated Dry Goods
8 1. ,
8 1i
4 1438 137 -- 12 143 - -f12 8 133 -1312 137
8 14
137 14
14 - 44
46
99
8
100 807 Apr 3 10112 Aug 9
6% 1st preferred
100 101.12 1,000
10138 1013 101 101 1100 100
3
101 101
101 101
36
38
6471
100 48 Mar 12 7!) Aug 9
7% 2d preferred
800
76
7812 7814 7814 7812 79
76
*77
75
*73
76
*70
26
2912 401
:
25 2934 Feb 21 4012 Aug 7
50 Associated 011
40
40
41
4012 4012 *3912
40
40
*3814 40
•3818 40
353
4
4514 733
4
4
353 Mar 28 5718July 29
53
4 51
513
8 50
517
8
23,3001 Itch Topeka & Santa Fe____1)0 6653 Mar 28 91 June 26
41 51
4
8 523 535.8 515 533
5212 537
7018 90
6314
100
8812 8914 1.0001 Preferred
90
8812 8812 *8812 89
8914 8914 9014 9014 90
2412 5414
1912
100 1912 Apr 3 3714 Jan 4
2234 227 233
4 3,000 Atlantic Coast Line RR
8
2318 2238 2212 2214
2212 2314 23
*2314 24
3
16
6
7 Jan 7
3 Mar 8
100 Al 0 & W I SS LInes____No par
612
*6
614 614 *614 612 *614 612
7
4 *6
4 63
63
6
8
7
' 24
912 Jan 19
8 Mar 5
100
Preferred
400
77s *7
8
77
814 *7
.3 814 *7
•73
5
712 7 8 *714 8
2118
2112 1558
25 2138 Mar 12 28 Slay 16
Atlantic Refining
4 2314 2418 12,300
4 2314 233
233
4 23
4
8 233 243
2312 2418 2414 247
18
3514 551z
4
No par 323 Apr 3 4412500y 16
1,200 Atlas Powder
4 3912 3912 40 40
393
4 3814 3912 *39
4
383 384 38's 383
76
107
83
4
100 1083 Jan 2 11312 Aug 7
Preferred
180
113 11312 11312 11312 11312 11312
113 113
*113 114 *113 114
HI Apr 30 111 Apr 30 Ill
Prof called
4
73 Jan 8
4
1614
4 Star 13
14 -No par
800 Atlas Tack Corp
8 6363 - 4
63
- 8
6 4 *6
8 - -365
63
631 - 4
68
8 -5
65
8 658
83 4
8
1131 2 573
15
No par 15 Mar 18 293 Jan 7
4
253 265
26
8 8,300 Auburn Automobile
2618 2538 2512 2618 2511 2652 2514 2512 25
8
4
612 165
512Nlay 6 14 Jan 2
No par
720 Austin Nichols
8
75
7
4 7
*63
7
7
4
4 63
63
7
7
*63t 718
3114 66
35125l5y 7 63 Jan 2
8
275
No pa
Prior A
110
*3912 40
*3912 40
3
4
393 *3712 39 4 *3712 40
3
*3712 39 4 *3712
8
55 Jan 3
3
4 1034
33
3 Mar 13
Aviation Corp of Del (The)____A
-- - _
-- - -- - -- - -4 Aug 5
4Ju1y 10
---4
23
23
3
New
9
38 14 1- 7755
55
38 14
55
35T2 14
38
55 • 1
f
ii4 -,
72
7 /8
1(f
ill -8
65 Jan 9
112
112 Feb 26
2 34 45,000 Baldwin Loco Works____No par
2
8 3
27
s 318
27
318 312
31it 312
318 314
4
1614 643
712
4
712 Apr 3 263 Jan 21
100
Preferred
21
1912 2014 1912 2012 2212 2412 5,500
8 20
8
2012 2012 205 205
4 34'r
123
712
712 Mar 13 15 Feb 18
100
& Ohio
1478 49,200 Baltimore
4
1312 1412 133 1418 1312 1418 14
1334 1414
1312 14
15
918
3733
918 Mar 13 1918 Aug 9
100
Preferred
1912 13,000
8
8
165 1712 1714 1818 173 1814 18
4
163 1714
17
16
,
86
8812 102 /
4
10 Bamberger (L)& Co pref.-100 1003 Feb 21 10912 Aug 2
4
*10814 10912 *109 10912 10912 10912 *10818 10914 .109 10914 *109 109,
8
2914
3612 46,
50 3618 Mar 12 4912 Aug 9
700 Bangor & Aroostook
8 4812 4912
475
8 4714 4714 4712 4712 4718 4718 47
8
*467 473
9518 115
9112
100 10614 Mar 18 115 May 8
Preferred
60
115 115 *114 115
115 115
115 115
115 115
115
*114
612 Aug 9
214
612
214
314 Feb 25
No par
Barker Brothers
614 612 4,200
534 6
618 614
538 512
518 514
5
5
14
1618 3812
100 32 June 21 6012 Aug 7
614% cony preferred
720
6012 6012 6012
6012 60
58
57
56
55
54
8
547 55
10
572 4654
23
538 Slur
4 914 35,200 Barnsdall Corp
83
,
8 2 834
8
812 87
8 85
83
8
812 918
838 812
6 10
14 565'38rune 18 "
aY 6
23
Nepal 37,
2
Cigars Inc
4
453 *441.2 453
4 1,700 Bayuk
3
4512 45 4 *44
451 1 4512 46
44
4
*423 44
80
10958
89
4
100 1073 Jan 11 115 May 16
1st preferred
40
8
11114 11114 .11152 112 *1115 112
8
11012 11012 *1103 113
8
*1103 111
834
4
1014 193
25 1413 July6 19 Mar I
4 2,500 Beatrice Creamery
163
16
:
8
8 151 1514
155 16
1512 1514 1514 1514 153
*15
100
55
55
100 10012 Jan 5 10818June 18
Preferred
8
8
8
4
8
.100 105 *--.. 1047 *101 1043 *10212 1047 •____ 1047 *.--- 1047
8
765
58
64
20 72 Feb 2 92 July 311
9112 13,000 Beech-Nut Packing Co
91
91
9012 9114 91
92
9012 91
92
92
*911*
7
4
18 133 Aug 7
878 1558
8
4 133 1312 1312 135 14,400 Belding Hemingway Co__No par 111a Mar 26 11712 Mar 7
133
13
8
4
8 123 13
8
4 123 127
1212 123
85 Apr
4
833
9512 127
100 Belgian Nat Rys part prig
*8512 89
8718 8718 *8512 8712
•8512 89 *8512 89 .8512 89
944 337
4
93
8
8
5 117 Mar 1.3 1938 Aug 9
8
8 1838 193 83,200 Bandit Aviation
4 1778 187
1712 1718 173
8 17
3
1612 1718 17, 173
.
8July 5
1218 1918
12
15181%1,41 13 193
4 1818 1814 2,900 Beneficial Indus Loan__No par
8 18,4 1812 181 1 181 2 1814 1814 1818 18,
8
183 183
40
26
21
No par 34 Jan 30 50 Aug 8
4912 1,900 Best & Co
49
8
495 50
4813 4812 4812 49
4
8 473 48
4712 483
4July 29
8
215
2418 4912
8
4
4
8 3434 3612 343 3.55l 343 3614 3533 363 45,0001 Bethlehem Steel Corp__No par 215 Mar 18 373
4
3612 3558 365
35
2 82
547
4
4438
100 553 Mar 18 95 July 30
7% preferred
7,200
9312 95
93
90
88
86
9114 8818 89
34 89
90
90
40
1914
4
143 Mar 19 21114 Jan 23
4
143
Inc__ No par
21
22
2012 1,620 Blgelow-Sanf Carpet
201g 2212 20
2012 2018 2018 2114 22
20
938 Mar 14 137 Jan 8
8
1614
8
6
No par
8
4 1212 125 14,400 Blaw-Knox Co
8
4 123 123
8 1212 123
127
8
117 1218 12
12
4
113
26
17
1658Juno 19 2314 Jan 21
16
No par
240 Bloomingdale Brottaers
4
213 22
2114 2212
*2012 2112 2112 22
22
*21
4
*203 22
109
88
65
100 10314 Jan 22 112 June 19
Preferred
400
*108 10812 10812 10812 10812 10812 108 10812 10812 10812 10812 10812
28
4
28
56,
100 2814 Mar 13 7212July 23
270 Blumenthal & Co prof
*6112 6212 6212 63
6212 6212 6212 6212 6112 63
*6212 70
014 1114
878
618 Mar 18 1214 Aug 9
5
8
117 1214 25,500 Boeing Airplane Co
12
4
8 1058 1118 103 1114 1034, 1114 11
1014 105
4
4412 883
3334
5 3958July 10 591a Jan 8
8 3,100 Bohn Aluminum & Br
8 4512 45 4 4512 457
3
8 4512 455
8 4438 447
4414 447
44
44
91.
70
OR
aro par 90 Jan 31 100 July 18
390 Bon Aml class A
98
9814 98
98
9812 98
98
9812 9812 98
9812 100
4July 17
45-- ---No par 4212 Aug 9 473
B
Claw
800
4212 4212
*4212 43
43
43
45
4314 *43
43
45
.43
,
18
16 21 Mar 29 26 8July 23
-,
-19 s 28 4
8
4
2512 243 2512 2518 257 13,200 Borden Co (The)
25
.
8 2514 253
8 2518 257
25311 257
s
8
1618 313
11 12
10 2814 Jan 15 497 July 31
8 47
8 5,600 Borg-Warner Corp
485
4718 47 475
4712 47
47
4
4914 473 49
48
712 Jan 4
3
3 4 Mar 27
4
33
100
514 1912
6
700 Boston & Maine
614
*538 6
6
,
8 614
6 8 *512 6
*53
*512 6
3
8
7
12June 6
Ds Jan 9
12
200 tFlotany Cone MI118 class A_50
14 *1
14 .
114 1 14
114
1
114 *1
1
1
118 118 *1
812
811 Apr 30 14 July 30
No par
8 1312 1334 12,500 Bridgeport Brass Co
8
8 135 137
8 135 137
8
8
8 135 137
8 1312 137
8
135 137
614
13
-38
/8
2412 Feb 7 4171: Aug 9
8
8
4 405 417 56,700 Briggs Manufacturing -NO p...,
8
4 395 403
4
8 383 403
8
375 387
3712 38
4
373 38
2318 Jan 17 4538July 30
1012
2712
14
No par
300 Briggs & Stratton
8
437 437
44
8
44
44
4 44
8 443
8
*4312 4412 *437 4412 *437
25
26
3712
3 .
5 30 811 1ay 25 3612 Aug 7
Bristol-Myers Co
3618 357 3618 2,000
8
3612 236
36
36
36
36
36
4
*353 36
312 Jan 5
838
8
33
8
13
8
13 Apr 18
8 318 4,000 Brooklyn & Queens Tr___No par
27
8
4 27
23
8 314
27
8 *214 2513
214 23
214 214
8
3114 5111 4
1418Niay 2 317 Jan 3
14
No par
Preferred
1,000
4
233 25
23
4 23
2214 223
22
22
22
22
22
*21
8
4
253
2814 447
/3
No par 36'i Mar 15 457 Aug 9
8
8 4314 4418 4214 4312 4214 4418 4318 4412 4414 457 33.600 Bklyn Manta Transit
4341 433
6914
8218 97
No par 90 Jan 4 100 Aug 8
$8 preferred aeries A
1,100
*9912 100
100 100
8
8
4 993 9973 *095 100
4
993 993
3
*99 4 100
4July 31
,
801
46
43
No par 43 Mar 18 673
12,800 Brooklyn Union Gas
4
4
653 6614 6512 6512 6614 673
4
4 663 6712 6612 67
663
66
4
61
45
41
53 Nfar 11 633 Aug 2
No par
500 Brown Shoe Co
*6012 63
63
6318 *60
6314 6314 6314 62
*61
64
*62
11,14 12514
100 12118July 24 12514 Apr II 117
Preferred
60
8
*1215, 122
12158 1215 12112 12112 *12112 122 *12112 122 *12112 122
8July 5
3,
638 Jan 9
338
8
107
4
200 Bruns-Balke-Collender___No par
s
8 4
*37
8 37
37
8 4
*37
8 4
*37
.371: 4
*334 4
818May 23
414 Mar 14
312
10
8
93
,
32
7
7
75,
7
758 4,900 Bucyrus-Erie Co
718 718
8
8 75
73
7
718
7
15 j i y 16
,
818 Slur 15 6 1,251;lt 23
7
5
46
14
7411
6
40
Preferred
8
8
4 1312 137
8 135 137 12,200
1338 133
8 1234 1414 1358 14
125
1212
100 6234 Mar 22
7% preferred
160
90
*88
88
87
87
86
87
*83
86 86
90
•86
514 Jan 2
744
3
314 Mar 15
3
No par
8 412 8,400 Budd (E 0) Mfg
43
438 412
4311 412
438 413
8
412 45
4
8 43
45
8July 25
16
44
16
100 23 Star 14 403
7% preferred
900
*3414 3612
36
35
35
35
36
67 July 31
4 3614 3612 35
4
363 363
53
2
:
21 Star 21
2
No par
12 53 24.900 Budd Wheel
4
5
518 555
8
538 55
8
514 55
8 558
53
512 553
712July 27
451ay 13
212
612
2
27
33
No par
400 Bulova Watch
6
6
4 6
,
614 614 *534 6 8 *53
612 *618 718
*6
418
8 1513
67
814 Mar 13 1818 July 18
No par
4 7,800 Bullard Co
8 1714 173
175
8 161.t 1612 16
8 1612 167
8
1612 1612 167 167
234 Jan 25
'4 July 9
1",
6
14
Burn* Bros class A___. No par
300
8 1
3
.
8 1
53
4
3
4
3
8
5
38
8
5
*12
8
3
*1.2
8
3
412
58
38Junc 17
112 Jan 23
No par
Class A v t a
---- ---- ---- ---- ---- ---- --- - -.- - ---- - --- ---- ---8
13 Feb 7
14 mar 20
312
1
1
No par
Class 11
100
8
5
2
.3
8
5
8
•3
8
5
.3
5
8
5
*14
8
5
*14
8
3
•14
:1
97 Jan 23
1512
3 Mar 16
4
3
100
preferred
7%
434 .5
4 538 1,860
43
412 6
7
3 8 414
.312 4
34 34 4
1814 Aug 9
Mar 14
1012 rInis
1012
1818 1731 181 i 27,500 Burroughs Add Mach____No par 1314 Apr 8
2
s 167 1714 17
4
8 163 17,
8
8 167 17,
1634 167
:
27
/4
14
318 Jau 21
1
No par
1,000 Mush Term
214 21.i
214 238
214
214
214 214
214 214
*218 234
912
514 Apr 3 1012 Jan 22
2
4
23
100
Debenture
300
8
7
7 3 77
3
734 7 4
9
*8
91
912 *7
912 *6
*7
518 21
418
100 10 Mar 28 2212 Jan 21
100 Bush Term BI gu pref ctfs
8 1412 15
8
167 *1412 167
.14
4
8
•1518 177 *1512 173t 1712 173
6
118 Mar 12
234 Apr 26
358
:
14
112
500 Butte Copper et Zino
8 2
17
8
8 17
17
8 2
8 *15
4 17
13
8 •138 134
4 17
*13
38June 3
4
13 Jan 3
4
43
Ds
38
No par
800 tButterick Co
4
3
8
*5
8
7
4
3
8
7
8
7
8
7
"4
4
3
4
3
8
5
8
5
8
8
113 MU 14 205 Jan 7
4 323
133
8
4
113
No par
6,400 Byers Co (A MI
1614 1638 17
16
16
4
4
163 1712 1618 1612 153 1612 1513
2
877
40
32
100 32 Mar 14 60 Jan 5
Preferred
190
59
4 59
5712 583
59
*56
56
56
57
5714 5714 56
4212 Feb 18
3012 Aug 1
8
4 413
No par
183
165
8
8 34
4 4,900 California Packing
343
3314 3358 3312 3312 3312 337
8
323 3318 3312 34
14
1.4
i,
118 Jan 3
1
'a July 8
% 6,100 Callahan Zino-Lead
12
12
12
52
52
52
12
52
52
58
41 1 Aug 6
ki
8
65
212 Slur 13
4
23
212
418 15,900 Calumet & 'facia Cons Cop___25
4
418
4
414
4
8 414
37
358 378
358
712 Mar 13 2133 July 6
358
8
167
6
6
8 4,300 Campbell W & C Fdy--__No par
2014 205
20
4
203 x20
2012 2118 20
34 21
20
21
21
4
/
1213 2912
514 Aug 3 161 Jan 7
5
4
83
914 958 10,400 Canada Dry Ginger Ale
914
87it
4 9
83
4 9
83
814 9
814 9
48111 5612
100 50 Apr 9 63 Feb 4
44
Canada Southern
54
*51
54
*51
54
*51
•51 - 54
51
*51
54
*51
8
93 Mar 18 1218 Aug 9
8
93
25
8 18,
107
'
23,200 Canadian Pacific
938 10
4
93 10
8
97 10
7
9 8 1018
7g 1018
9
7
9 8 1018
28is 38 14
2214
No par 30 June 1 36 Jan 10
600 Cannon Mills
3418
3418 3418 34
34
8
*337 3418 34
34
3418 34
.34
1218 Aug 9
538 1014
8
43 Mar 21
414
1
01 A
1114 1114 1112 1218 1,200 Capital Admints
11
1112 11
11
12
*11
11
11
2644 39
26
10 3212 Feb 25 45 Aug 6
Preferred A
150
4412 4412 4412 45
45
45
45
8 45
*4512 467
4
*443 47
85
74
00
Carolina Clinch & Ohlo Ry__100 821, Feb 27 87 May 17
91
*87
91
*87
91
*87
91
*87
_ *8814 91
*87
70
100 85 Mar 20 95 July 18
70
92'3
Stud
4
943 *93
4
943
4
943 *93
9434 *93
4
943 *92
*92
95
*92 4
35
35
100 453 Slur 18 69.38July 29
56.4
4 6612 6812 19,900 Case (J I) Co
673
65
6412 6714 6518 66
8 6514 67
6434 663
8 93
587
8
567
100 8312 Apr II 10612 Aug 1
Preferred certificates
__ 4
4-.*10714 - - *10714 --- *10714 115 .1073 115 *108
•1061
5512 Aug 1
23
4
383
:
15
No vat 361 Jan 16
_35
5
8 53 -- 8 4.700 Caterpillar Tractor
8 5214 533
543
54
5i
54 - 12 54 - -12 5314 - 8 5214 527
1912 Apr 26 353 Jan 7
/1
1718 444
1718
_No par
8
4
2812 2918 283 293 34,600 Celanese Corp of Am
29
8 28
2911 2812 263
8
287 2914 29
47
512
118
8
8May 21
118
17 Apr 3
No Dar
4 7,700 t Celotex Corp
8 33
35
8 4
37
418
4
8
414 45
,
42
4
8
37
7
3s
4
1
43
114 Mar 8
4May 21
8
7
No par
Certificates
_
_ _
_
_
_
012
1114
212
Preferred
650
31
3
3h- 32 4 1i4 51 --1- 31 - 12 1,200 Central Aguirre Asso____No 100 2214 Mar 20 3334J1,8e 13 1834 1834 2238
3212 52 12 31
3012 31
Feb 13 29 May 8
3218
par
8
2618 *255 2612
8 26
8
255 255
2518 2518 2514 26
2518 2518
92
53
,
34
200 Central RR of New Jersey_100 34 Mar 18 55 s Jan 4
50
50
52
*49
549
49 49
52
*49
52
52 .49
8
512 123
8
123 Jan 16
61s July 31
512
8 4,600 Century Ribbon Mills__No par
4 83
758
718
73
612 713
8
612 63
612 612
8
8 63
63
11012
82
75
100 9614 Slur 14 10912 Jan 2
Preferred
100 102 *100 102
102 *100 102
*100 102 *100 102 *100
4
15 633 Apr 25
8
2
3014 44,
233
4
5812 11,500 Cerro de Paseo Copper-No par 385 Jan
8 57
4
5812 563 5814 5718 573
56
5612 57
57
57
8
33 Mar 13
8
65 Jan 7
754
314
8
25
4 618 5,000 Certain-Teed Producti_No par
53
*534 6
512 8
612
6
4 638
53
512 512
4July 29
8
105
174 35
100 23 Mar 12 493
7% preferred
590
4478 4478 4512 4512 4518 47
4512 47
46
4614 44
•45
658 Jan 7
412 1612
8
43
8
43 Mar 27
5
Checker Cab
8
4 6,
4 618 *434 618 *43
4 618 *434 618 *43
4 618 *43
*43
8
487
8
34
2912
No par 30 Mar 12 457 Aug 6
4 2,000 Chesapeake Corp
4
4 453 453
8
4 455 453
8
4 457 4578 4512 453
453
45
45
*44
3718
3911 48.8
25 371s Mar 12 4612 Aug 6
8
8 4512 4614 457 4612 16,300 Chesapeake & Ohio
4534 461 1 453 4612 4512 463
4
8
457 46
238 Jan 12
7
1 18
1 Apr 26
1
100
/Chic & East Ill Ry Co
.4
*3
112
2
1,
*34
*14 112
*14 11
4 112 *1
*3
112
8
8
25 Jan 8
8
15
8June 3
8
7
7
100
6% preferred
4 1,500
.
8 *112 13
112 112 *112 15
112 15
112
8
11* •1
*1
214 Jan 7
512
112
58
53 Feb 28
100
1,500 Chicago Great Western
53
8
7
18
1
8
7
8
7
7s
8
7
4
*3
8
7
4
8
7
4
53
8
312 117
412 Jan 4
8
15
8
13 Feb 28
100
Preferred
600
3
3
318 318
318 318
4 3
23
3
*23u 2 4
*253 3
2 Apr 13
1
1 Mar 30
7
100
4
13
:Chic Ind de Loutsv ore
4 *112 234
4 *112 23
4 *114 23
4 •114 23
*114 23
11)
3
2
83,
*114
4
5 1918Ju1,o 7 283 Aug 9 2 Vs
4 4,100 Chicago Mall Order Co
8
8 277 283
12612 275
8
8 263 27311
s
4 263 263
8 2612 263
8
263 263
812
14Mar 29
3 Jan 3
2
14
118 8,100 2,...1hic 5111w St P & Pao_ __No par
1
118
1
118
1
I
1
1
s
7
1
1
3
4
312 1314
4
43 Jan 4
IS Mar 29
100
Preferred
218 17,300
2
8 218
17
2 14
2
158 211
8
112 15
8
*112 15
8June 28
8
55 Jan 7
13
8
13
,
3 2 15
8 7,300 Chicago & North Western-100
25
212
8 2513
23
214 25
238 212
8
214 238
*218 214
4 28
53
338July 1
8
105 Jan 8
8
35
100
Preferred
618 1,600
6
8 6
57
6
*5
5512 6
8 6
57
4 6
53
93
972
8
35
4July 25
338
418 Mar 14
812 914 2,600 Chicago Pneumat Tool___No par
814 812
81s 814
,
8 4 814
8
8 83
83
838 812
4
1414 283
,
141
No par 20 Mar 13 4414 July .1
Cony preferred
43
3.100
3813 3814 3814 3834 4812 41
38
3612 37
37
658
37
8
25 Jan 9
4JulY 9
8
13
3
4
3
4 1.700 tClalcago Rock lel & Pacif1c_100
112 13
1 *112 13
4 13
4
4
112 13
112
13
8
95
238
114 114 *114
8
418 Jan 9
15
8
15 Mar 30
100
7% preferred
212 212 1,100
8
8 25
25
212 258
4
214 23
238
8
212 .2
*2
4 Jan 10
114
2
1 14July 22
100
6% preferred
214 2,400
214
214
2
2
2
4 2
*13
8 214
17
8
17
17o
918 116
918
914July 19 12 Aug 1
No par
Chtcago Yellow Cab
8
8
8
8
8
147 *1012 147 *1012 147 *1012 1478 .1012 147 *1012 147
*11
For footnotes see page 872.
o
HIGH AND LOW SALE PRICES
-PER SHARE. NOT PER CENT
Saturday
Aug. 3
Monday
Aug. 5
875
New York Stock Record-Continued-Page 3
Volume 141
Tuesday
Aug. 6
1Vcdneulay
Aug. 7
Thursday I
Aug. 81
Friday
Aug. 9
Safes
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Range Sence Jan. 1
Oa Basis of 100-ehare Lots
Lowest
Highest
Juk,
1
1933 to Range for
July 31 Year 1934
1935 ----Lore Low
ROA
3 per share
4 Per sh $ per share
Par 4 per share
15
4
1914
10 2512 Mar 12 293 Feb 18
303
4
Chickasha Cotton 011
712 Jan 7
312
312 Mar 15
No par
33
Childs CX.
4
114,
9
1014
9 Feb 23 21 May 22
25
Chile Copper Co
1752
2814
2914 60
/
3
4
Chrysler Corn
6 31 Mar 12 61; Aug 9
1412
243
4May 20
16 July 31
1714
No par
244.
City Ice & Fuel
833
8
07 9212
100 87 Jan 10 100 May 3
Preferred
5 Apr 16
314 Apr 30
12
Pr
314
City Stores new
5
63
/
4
1814July 31
Na par
83 212
/
4
,
1214May 15
(lark Equipment
27
/
3
4
4July 27
Cleve Graphite Bronze Co(The) 1 2758July 3 353
80
7012 78
Cleveland he Pittsburgh
. _50 80 Mar 26 85 July 20
31
38
45
Speel grt 4% betterment stk 50 48 June 25 48 June 25
20
2478
45
/
4
20 July 27 283 Jan 7
Glum Peabody he (.2o
No par
90
93
115
100 11212 Jan 7 128 May 20
Preferred
85
9514 161 ,
1
8
Coca-Cola Co (The)
No par 1617 Jan 2 23012July 31
5012 57
453
/
4
8
Class A
No par 5338 Apr 20 573 Mar 8
200
314
314
Coca Cola Internat Corp_No par
9
Pt.,.
958
1814 Jan 7
1518June 1
Colgate-Palmolive-Peet_ No par
66
883 10212
/
4
100 101 Jan 3 10512 Mar 15
8% preferred
9
10
9 Mar 13 27 Aug 3
28,
,
Collins & Aikman
No par
74
94
893
4
4
Preferred
100 893 Mar 13 10112July 17
5
J
5
8 July 18
644 Jan 10
Colonial Beacon 011
No par
12
35
2
84,
512 Jan 21
12 Mar 13
No par
:Colorado Fuel A Iron
5
2812 Jan 21
1012 32
5 Mar 14
100
Preferred
103
4
20 Aug 9
185
4
8 40.s
100 103 Feb 28
Colorado he Southern
sop 7 Feb 26 1712JulY 19
13
33
;
7
4% 1s6 preferred
65
8
1358 Aug 1
11
30
8
85 Mar 9
100
4% 2d preferred
45
68
7714
Columbian Carbon v t ct __No par 67 Jan 15 94 July 23
213 4115
/
4
173
/
4
3414 Jan 16 81 July 8
Columb Pict corp vs o___No par
1012 Aug 9
3
/
3
4
83 193
/
4
338 Mar 13
/
4
Columbia Gas A Eleo____No par
78s,
52
3512
100 3512 Mar 13 82 Aug 9
Preferred series A
31
41
71
100 31 Mar 15 7012July 8
5% preferred
1112
1844 40,4
10 3912 Jan 2 5318 Aug 9
Commercial Credlt
22
2318 301
.
25 29 Jan 5 3212May 14
7% let preferred
32
4May 13
38
53
/
4
50 523 Jan 7 593
Class A
301
,
23
24
2912 Jan 3 33 Jan 25
25
Preferred B
85
914 110
3
100 109 4Juue 13 11814May 13
6S4% first preferred
112 June 27 11512 Aug 6 112
5Si% Preferred_
300
-58
11514 *115 1 - -3- 11512 11512 •II5i2 1168 *HA fiwis *11513 116
-16 .1 115
-- 5
-8May 2 60 May 22
573
/
4
573
-Clam A stock reeeiptz
Of
3544
5814 Feb 7 69 Aug 9 "22',
No par
11,700 Comm Invest Truss
6712 683
68
8
4 6812 69
4 6714 6814 67
4
673
4 673 683
8412
/
4
91
114
NA par Ill Mar 13 1153 Jan 29
Cony preferred _ .
200
4
4
4
*112 1123 *112 1123 1123 112; *11214 1123 *112 1123 112; 1123
4
4
4
977 July 28 10014 Aug 6
97;
54.25 cony pt ser of 1935 No par
9,700
983 9918 987 99; 993 100; 997 10018 997 10018 99; 10014
4
8
8
8
4
8
1752 Mar 13 237 Jan 7
153
4
No par
15.4 363
/
4
183 , 1914 60.300 Commercial m0ivente
8
193 203 193 20
4
/
4
4
4
183 183
8
/ 1914
3
4
19
197
8 18
214 Aug 9
34
4
1
3 Mar 6
No par
3
/
3
4
214 326,700 CommonwIth & Sou
2
2
112 17
s
218
218
2
2
2
2 18
218
314 5234
173
/
4
2918 Jan 4 60 Aug 9
No par
36 preferred series
8,000
54
58
57
58
56; 5612 56; 5612 5612 '60
55
57
10 May 17
5
53 Mar 18
/
4
5
1318
No par:
600 Conde Nast Pub.. Ino
8
8 14
*73
4 8
8
*712
*Vs 8
*712 9
*712 9
1612
22
353
/
4
27 Mar 15 3778 Aug 5
No par
3612 36; 2,600 Congoleum-Nairn 1no
3714 3714 3712 377
8 3612 37; 36; 3634 36; 37
8May 18
143
/
4
147
7,4
714
9 Feb 7
No par
500 Congrees Cigar
'123 137 *13
8
8
8
8
/ 137
3
4
1312 1312 1312 1312 137 137 *1312 14
8
Cl
23;
49 July 19
32
233 Mar 1
4
790 Connecticut Ity & Lighting_100
3812 3912 3778 383 333 37
39
3914
383
/
4
3
8
3
8
/
4
38
/
4
58
41
Apr 2 56 July 24
65
100 41
Preferred
110
55
55
55
555 55
8
/ *52
3
4
*52
55
53
53
*53
55
1012 Jan 9
7 Mar 14
5,
4
514
133
/
4
No par
700 Consolidated Cigar
73
4 73
4
8
7 4 73
3
/
4
8
731
75
8
7
/ *75
3
4
75
8 7
/
3
4
8
3014
74 Jan 24
31
75
100 62 Mar 28
Preferred
*G8
69
*68
70 .
69
68
*68
69
69
*68
.68
69
4514
4514 747
100 71 Apr 2 82 Feb 28
2
Prior preferred
30
*77
*77
80
*7612 80
7712 77
7712 7712 *7612 80
77
70
4514
49
100 73 Mar 28 80 Mar 6
Prior pref ex-warrante
77
*76
77
*76
*75
77
77
..7- *75 ---- *75
*75
15
8
15s
712 Jan 18
814
312MaY 31
I
8
412 458 , 3,300 Consol Film Indus
412 43
412 -5
4
/ 5
3
4
4
412 43
434 43
4
/
4
73
4
2218 Feb 15
103 2048
1414May 31
No par
173 1818
/
4
Preferred
175 173
8
167 1718 3,800
8
167 1718
8
4 17
17
1712 17
1812
157
8
474/,
157 Feb 20 3218 Aug 5
8
No par
3112 3218
293 313
4
83,200 Consolidated Gas Co
303
4 3012 32
3012 317
z
30
8 3014 31
271
95
723 Feb 23 10012 Aug 5 z71
/
4
No par
Preferred
10018 10018 10018 10012 99; 993
8
4 997 10012 100 10012 10014 10012 3,100
112
418July 31
112
43
/
4
112 Mar 12
No par
312 4
358 33
8
3
/ 38,
3
4
33
4 33
4
8,400 Consol Laundries Corp
35
8 3
/
3
4
33
4 4
63
/
4
14,
1012May 17
612 Mar 13
714
4
No par
8
814 8 8
5
83
8 87 50,200 Consul 011 Corn
85
8 83
4
8
; 914
8
8
/ 87
3
4
8; 914
112',
108
100 10812 Feb 5 112 Jan 28 103
8% preferred
500
•108 10912 *108 10912 *108 10912 *108 10912 10914 1093 *109 110
/
4
5 May 14
218
23
/
4
63
/
4
212 Jan 25
100
700 Coneol RR of Cuba prof
4
4
3; 4
*3; 4
.33
4 4
8
*312 4
*35
8 37
is
13 Jan 6
/
4
12 Mar 12
12
'2,
4
No par
5
8 9.400 Consolidated Textile
5
8
5
8
3
4
3
4
; 3
4
; 5
8
/
3
4
58
12
414
4June 5 1352 Jan 10
6,8
133
/
4
83
20
10
1014 103
10
10
1012 4,200 Container Corp °lags A
10
8 103 10 4 10
1012 10
8
3
2
618 Jan 9
278.1uno 10
'23
8
53
8
No par
312 312 2,600
312
312
312 35
8
312 3
/
3
4
33
8
312
*33
8 312
Class B
412
9 Aug 8
514
1458
412 Mar 13
No par
612 63
/
4
8
63
4 7
83
8 87 14,100 Continental Bak class A
73
4 9
7
712 7 4
3
712
llsJune 13
58 Apr 1
5
8
7
8
23
/
4
No par
Class B
118 14,400
118
; 1
; 7
8
1
7
8
1
7
8
1
l's
4414
44; 64
100 4614 Jan 28 6734 Aug 9
633 64
*6314 64
Preferred
4
1,100
673
4
4
633 63
8
/ 633 6612 67
3
4
8
/ 635 63
3
4
2
37
583
4 64,
/
4
20 823 Jan 15 9118July 22
Can Inc
8712 87
87
87; 4,800 Continental
8 87
8712 8712 88; *8614 873
8712 87
6
4July 29
11
113
/
4
113
7 Jan 15
5
•1012 11
1012 105
8 4,100 Cont'l Diamond Fibre
107 113
8
8
8 104 104 1014 1034 1012 107
/
3
/
3
20
233
8 36,
4
8
2.50 287 Mar 13 4114 Aug 9
4012 403
4 40
3,200 Continental Insurance
4114
403 4118 41
4
4012 4014 4012 4018 41
288
8,
114
13 Jan 8
4
/ Jan 2
3
4
No par
1
1
/
3
4
1
1
118 6,800 Continental Motors
118
1
1
118
1
1
118
/
4
5 153 Mar 14
1214
23 May 23
1544
2234
203 203 205 213 2012 215
8
/
4
8
8
/
4
4
8 2114 215 30,300 Continental 011 of Del
203 213
8 205 21
8
51
4012
5912 Aug 6
4012
4
56
56
1,220 Corn Exchange Bank Trust Co 20 413 Mar 11
4 5818 59
5614 5712 58
,
5912 58 s 59; 5814 583
5512
8July 10
5512 843
/
4
25 62 Feb 6 783
7112 7153 7118 7134 7114 713
8
4 713 7112 7114 7138 7114 7138 8,400 Corn Products Refining
135
151112
100 149 Jan 2 165 May 23 133
•15911.. 16l's 159 161
600
/
3
4
Preferred
4
1603 16014 *100 16012 160 160 *1593 16012
/
4
314
434
3
/
3
4
93
/
4
418 Mar 13
67 Jan 3
8
No par
45
8
43
3.400 Coty Inc
458
5
4 43
4
4 43
4
43
4
/ 434
3
4
412 43
4
23
28
36,
4
8
8
No par 357 Jan 15 397 Mar 4
4 3752 3752 3758 3758 3758 3818 2,000 Cream of Wheat etre
8 375, 373
375 375
8
8 3758 375
1318 1318
7
8
1712
163
4M3y 14
1212 Jan 15
1318 1314
No par
1,200 Crosley Radio Corp
1314 1338
133 1341
4
8
1338 1312 *135 14
36,4
183
4
183
4
2312 Mar 14 36 July 10
No par
3514 3512 2,600 Crown Cork he Seal
35
3518 35
35
3514
312 34
*33
; Ws 3313 3
32
3512 443*
4
4312 Jan 4 473 Apr 20
No par
4
*46
463
4 463 4634 *4618 465
4612
32.70 preferred
300
8
8
8 4618 4618 465 465 *46
.8312 _ --_ *83
47
84
7412 Mar 13 86 Jan 11 "40
Crown W'mette Pap 1s1 pfNo par
*8518 8812 *8514 8712
873 *863 89
4
*8412 87
4
/
3
4
35
8
65
8
314
3 mar 18
63 Jan 10
8
*4
418
No par
418 414
414
412 3,200 Crown Zellerback vs o
*418 414
414
414
418 414
383
s
17
14
23
2312 2312 2438 24
2512 2514 2512 7,200 Crucible Steel of Amerloa___-100 14 Mar 15 2512 Aug 8
2412 24
24
247
8
*754, 78
753 7512 7514 7514
/
4
30
44
71
100 4712 Apr 12 7612 Aug 1
74
74
Preferred
GOO
7312
73
74
74
84
72
33
/
4
15 Feb 19
8
1 Jan 28
114
114
No par
114
13
/
4
1; *114
1; 1,700 Cuba Co (The)
13
8 *114
13
8
114
138
1012
3
314
5 Jan 5 10 May 15
*C.
712 *6
100
30 Cuba RR 8% pref
712 *7
63
4 62
4
*6
7
7
7
712
97
4
312
212
812May 13
518July 22
5; 6
10
614 612 8.300 Cuban-American Surf sr
6; 612
5
/ 614
3
4
4
63
8 63
618
7
1412
2018 65
4Nfay 13
CO
60
6014
100 4012 Jan 3 803
1,500
64
64
Preferred
63
63
63
66
62
6612 63
3518
37
525
8
/
4
*417 423
8
8 42
50 40 May 3 473 Jan 2
2,800 Cudahy Packing
8
4012 40 407
423
4114 *40
8 4114 413
4 40
133 2 /
/
4
1312
15 Mar 15
227 Jan 8
8
1812 1812 1815 1812 1812 183
93
4
8 3,200 Curtis Pub Co (The)
No par
183 195
4
8
1812 1812 1812 185
4
3812
4312 9534
102 103
/
3
4
103 103
Preferred
No par 8912 Mar 14 10514June 13
8
103 1033 103 10312 1,600
1023 103
103 103
4
514
218
2
3 Jan 2
2 Mar 12
214
2;
1
214
2; 16,500 Curtiss-Wright
214
2; 212
238
8
23
214
214
2;
514
12'.
358
1018 Jan 2
614 Mar 15
1
752 7
Claes A
/
3
4
/ 24,500
3
4
7
/ 8
3
4
712 7
758 8
75
8 818
7
/ 8
3
4
7514 Ill
73
10 Cushman's Sons 7%
*83 11014 *87 11014 *87 11014 87
_ _100 73 Mar 23 87 Aug 7
/
4
*8714 11014 •873 1103
/
4
87
61
6412 90
50
*61
68
*61
*61
70
87 preferred
prat- par 61 June 8 72 July 27
No
68
68
70
70
*68
70
70
912
2413 25; 2412 245
1I
4July 23
2512 3,800 Cutler-Hammer Inc
21 ,
1
25
25
16 Mar 13 263
No par
8
8 243 2412 2434 2558 25
*814 87
83
/
4
2 .041
6
07
512
*vs 7
814
4.64i
814
83
4 *814 87
2
814 Feb 14
100 Davega Stores Corp
6 June 7
5
/
4
1018
103 34 18
35; 35; 3612 16,200 Deere he Co
3352 3514
223 Mar 18 3612 Aug 9
4
345 3614 345 35; 3414 3518 35
8
No par
8
103*
8
2512 26
1014
1914
263 273
4
8 3,800
26
Preferred
20 19 Jan 15 273 Aug 9
4 2612 27
281
4
26
2638 263 263
2312
36
35
3612 12,600 Delaware he Hudson
7312
3412 343 34
/
4
100 2312 Mar 26 4312 Jan 7
3312 35
35
3312 3518 3318 34
1534
14
11
333
4
8
153 1553 153 157
8
1512 1618 13,400 Delaware Lack he Western___60 11 Mar 13 1918 Jan 7
8 15
15
8
15
/ 153 153
3
4
214
214
112
900 Deny he Rio Or West pref
212 3
212
*17
1
33
4
1314
43 Jan 8
/
4
112 Feb 27
100
212 *214
2;
214
25
8 *214
63; 34
55
91
9112
91
9212 9212 *9012 931 *9012 9212 9012 '91
800 Detrolt Edison
90
100 65 Mar 13 9412June 28
•412 _ _
*112 _ _
*112
*Ds _ _
5
7
234
Detroit heMackinac Ry Co 100
*112 - ,... ____
5112 - 6 Jan 17
23
4May 1
112
1212May 1
*6
- 12 *6
i
10
5% non-cum
10
6 June 28
__ _100
7 2 - ,2
,
7
,
18 4
,
12
- -12 *6
7
il
*6
712 *6
42
*40
43
.40
20
Devoe he Raynolds A____No par 355 July 15 503 Jan 2
*3912 4214 *40
29
5514
43
8
8
preferred*3912 42
*40
43
419
8912
117
1st preferred
*118 12012 *118 12012 *118 12012 *118 12012 *11812 12012 *11812 12
100 11412 Mar 8 12012July 8
012
*3511 36,
4
21
800 Diamond Match
21
2818
3612 3612 363 3614 3612 3812 36; 307
2812 Jan 2 37 Aug 9
No par
8 37
37
/
4
*38
39
*38
3412
*383 39
4
275
8
*3812 •39
2814
/
4
Participating preferred
25 343 Jan 7 4112May 3
39
39
*38
*38
39
363 3714 3,100 Dome Mines Ltd
/
4
25
No par
32
403
/
4
3418 Jan 10 4312May 17
*363 37,4 363 363 363 3712 3714 3714 3714 38
4
4
/
4
/
4
8
814 2,500 Dominion Stores Ltd
23
8
11
63
/
4
8
1253 Jan 28
4May 29
63
No par
712
712
758
73
8
*773 8
778
8
8
/
3
4
8
2712 27
/ 2712 2914 28
3
4
1414 2812
We
Novell' 1712 Mar 12 30 Aug 9
273 2918 283 2912 2914 303 61,100 Douglas Aircraft Co Inc
4
29
S Per share $ per share S per share $ per share 5 per share $ per share Shares
800
27
27
27
273 2734 *2712 277
4
8 27
*273 28
8
8 2712 277
1,000
418 418
5418
412
8 45
412 45
8 *43
43
8 438
8
4
412
290
173 173
4
4
18
18
*173 1812 *1758 1812 *173 18
4
1814 19
4
8
58
5914 58
5918 577 5918 585 59; 5812 5914 5812 615 128,500
8
8
187 187
8
8 3,000
4
4 183 19
19
19
183 19
4
8
1812 1918 185 183
220
8918 9012
*9012 92
90
90
91
9112 *9012 92
91
91
*312 4
1,200
438
418
4; *414
358 4
418 414
414 412
1512 2,600
1514 15
153 1618
4
8 15
16
1614
14
1514 1412 147
33
3314 33
33
333
4 323 32 4 *323 3314 3212 33
337
8 2,300
4
4
3
*8412 ---- *8412 -- -- *8412 ____ •8412__ __ *8412 ____ *8412 ____
_ _
. *48
_ *48
___ *48
__ *48
-- .48
1,100
2312
8 233
*4822
2212 233 -- 8 2312 - i3
2
412 *23 - -12 23 23 *23 --70
115 115 *11018 11712
*115 122 *118 122
118 122 *115 119
200
*227 231 *228 23018 *22712 229
2285 2283 *22712 23012 22712 22712
8
/
4
400
8
8 55 8 55;
5512 5512 *5512 5618 *5512 56
,
5512 5512 557 557
__ *435
_ *435
*435
*435
_ *435
__ *435
17 17 8 11,000
3
11 4
1712 - 3- 21714 1 3
4
/8
17
-12 17 1714
163
1714 18
300
1037 1037
8
8
8
*10312 104 *10312 104
8
104 104 *1037 105 *1037 105
253 2612 16,200
4
25; 2614
253 267
4
8 2518 2614 2514 26
2612 27
900
100 100
100 100
100 100
100 100
100 100
100 100
310
912
912 *8
*8 1
*612 77
8
8
8
7
/ 77
3
4
8 *8
814
1,400
218 218
2
2
2 1
2
214
218
214
2
2
218
200
1312
15
*14
15
15
135 137
8
8 1312 1312 1212 1312 13
100
19
20
17
*16
20
*16
*16
17
1812 *16
1812 *16
110
15
16
15
*15
*15
17
16; 15
167 *15
8
167 *15
8
*1012 143 *1012 1434 *1012 1312 *1012 1312 *1012 1312 *1012 1312
4
1,000
8
893 903
4
*8712 8912 *8812 90
8 8912 91
8912 895
90
90
7412 7612 3,900
74
733 735
/
4
8 7212 7912 75
74
75
7612 74
914 1012 167,000
918 9;
93 10
4
88 9
5
/
3
4
918 9;
918 97
8
1,800
82
7718 *7718 80
76
793 8014 82
4
80
78
4 79
793
*67
70
70
*65
6912 *67
*67
69
6912 *67
6912 *67
5112 5318 15,800
52
49; 5114 50; 513
51
4 503 513
4
4
8 503 51
23
2212 2212 23
*2012 2112 213 2118 213 215 *21
23
/
4
/
4
8
*812 812 .812 852
812 914
914 9i2
9; 914
912 912
12
514
53
8
1
14
38
12
414
'IS
12
12
12
3
4
*12
14
.2
3
*12
3
4
a
3
4
*12
3
4
*13
/
3
4
3
3
312
312 *3
*212 3
3
312
*234
312 35
/
4
1614 183 16
183
187 18; 1814 1812 *1758 18
8
4
1812 19
110 11014 109 109
•109 112 *110 112 *11012 112 *11014 112
10712 10812 10814 11014
106 10614 10612 10714 10758 109
108 109
12712 12712
/
3
4
127 128
/
4
*130 1303 130 130
127 130
130 130
4
4
1143 1143 11412 115 *11318 ___ *11318 ____ *11318 ---- *113; ----.12 - - •12
_
_ _ *18
__ *16
.10 -- *16
6
5; -4 - 8
57613 - 12
0
5
/ _3 614
4
53
6
58 7
558 W
14734 148
144; 14514 14614 149
144 145
14712 14812 147 148
157 157
*15512 160 *15512 160
159 159 *15512 159
159 159
8
8
8 217 22; 2214 227
2112 2134 2112 2134 2114 217
21; 22
7
73
8
63 7
/
4
Vs
512 512
6
/ 6
3
4
612
63 612
/
4
8
2414 2454 2412 2478 2458 254 2458 24; 2478 27 2618 267
3
4
/
3
4
4
*11012 1103 110 1103 11014 1103 1103 110 4 110 11012 11014 11012
/
4
4
8
75
8 77
712 8
758 7;
7 8 77
73
8 8
5
714
75
8
8
63
8 63
8
63
8 6;
63 612
/
4
•612 63
4
614 6;
638 6;
/
3
4
43
4 5
4; 5
4; 5
478
518
4
4
/
3
4
573 514
4 2318 2512
2312 2258 233
24
25
4 23
2312 25
22 4 243
3
227
8
4
4 2014 21; 19; 2038 193 20; 2014 20; 20
8
197 203
For [nut note, -.cc page 872
500
2,300
500
100
700
3,600
100
19.100
1,700
20
___
5,600
3,800
150
11,600
1,700
52,300
360
30,600
1.400
57.500
23,500
10,800
Dresser(SR) Mfg cony A No par
Convertible class B
No par
Duluth S 8 he Atlantic
100
Preferred
100
Dunhill International
1
Dupla° Silk
No par
Preferred
100
DuPont deNemours(E.I.)3,C,0,20
6% non-voting deb
100
Duquesne Light 1s5 pre
101
Durham Hosiery Mille Met-10('
Eastern Rolling Mills
5
Eastman Kodak (N J)---No Par
8% cum preferred
10C
Eaton Mfg Co
No pa,
Vo pat
Eitingon Send
Elec Auto-Lite (The)
I
Preferred
100
Electric Boat
Elec he Mutt Intl Am shares
Electric Power he Light --No pa,
37 preferred
No pa__No pa.
se preferred
1312 Mar 15
838 Mar 18
14June 13
14June 21
2 J000 6
1234M-ay 21
103 Mar 20
865 mar 18
8
8
1267 Feb 8
104 Feb 18
1712May 16
3 Mar 13
/
3
4
11012 Jan 16
141 Jan 4
165 Jan 16
8
314 Mar 27
193
8June 1
107 Jan 23
3; Mar 15
534 July 2
13 Mar 15
/
4
3 Mar 13
23 Mar 13
/
4
814
23 May 23
9 8May 24
5
33
8
12 Aug 7
14
34 Aug 6
14
2
518 Jan 18
19 Aug 6
123
/
4
92
111 Aug 1
g
11014 Aug 9 31 597
131
Apr 2: 10414
85
115 Aug 5
13
23 Mar 6
8 Jan 7
312
0
512
152 July 9
164 July 26 120
10
233
/
4July 23
34
,
734 Jan 4
1158
29 Jan 3
112 Apr 28
75
3
83 Aug 1
/
4
8 Feb 18 44 212
/
3
4
Da
5; Aug 9
3
2512 Aug 9
212
227 Aug 9
8
8
5
58
12
3
13
,
J2
100
115
90
21
43
/
4
79
120
123
/
4
1
20
113
/
4
FM
218
1153
23
110
1037
2
1283
/
4
107
30
123
/
4
1184
147
22
111
31
15
80
110
3
7
414
9
214
9
658
21
6
19
876
New York Stock Record-Continued-Page 4
HIGH AND LOW SALE PRICES
-PER SHARE. NOT PER CENT
Saturday
Aug. 3
Monday
Aug. 5
Tuesday
Aug. 6
Wednesday
Aug. 7
Thursday 1
Aug. 8
Friday
Aug. 9
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Ranee Since Jan. 1
Os Baits of 100-sbars Lots
Lowest
$ per share $ per share $ per share 3 per share $ per share 1 per share Shares
par $ per share
4712 4712 473 4712 473 48
8
4
4 4712 4712 1,300 Mee Storage Battery
47 4712 4712 473
No par 39 Mar 21
*3
8
4
*
4 4
14 Mar 29
13
No par
12
300 /Elk Horn Coal Corp
*12
5
8
bs
*12
6
8
5*
*5
* 1
1
1
118 114 *1
114
78
118 *118 114
4 Apr 1
800
50
6% part preferred
6518 6518 *64
6518 65
6518 6414 6414 6414 6414 6312 64
4
-Johnson Corp
50 523 Jan 16
700 Endicott
*128 130 *128 130 *128 130
128 128 *12814 130 *129 130
10
3
Preferred
100 125 4 Jan 10
3
47
4
43
4 5
5
412 478
412 434 *414 43
14 Mar 16
6,500 Engineers Public Sery___-No par
357 357
8
8 363 3812 *3712 385
4
8 3712 3812 38
3812 383 39
3
1,800
No par 14 Mar 19
35000'preferred
36
36
37
40
39 8 397
3
8 383 3912 3813 3812 383 393
4
4
4 2,200
No par 1412 Feb 7
$531 preferred
41
3612 3713 38
*3912 43 *40
41
*40
41
4012 42
700
36 preferred
No par 154 Mar 19
*44 47
8 *412 43
412 Aug 8
4
4
43
4 43
412 45
4 *412 43
8
43
4 43
No par
4
700 Equitable Office Bldg
100
74 mar 20
9 4 94
3
93 10
4
93 10
4
* 6,900 Erie
94 93
3
93 105
4
4
4
93
4 93
13
13
127 13
8
13
1312 13
84 Mar 26
13
13
13
1314 14
2,600
First preferred
100
100
034 Mar 12
*714 83
4 *73
4 83
4 *73
Second preferred
4 83
4 *73
300
4 84 *77
2 9
9
9
50 694 Feb 18
•71
72
*71
74
*71
74
*71
74
*71
74
Erie & Pittsburgh
*71
74
133 135
8
8 1312 14
133 14
4
133 14
4
133 14
4
13 8 1418 7,500 Eureka Vacuum Clean
7
5 1012 Mar 19
17
1714 163 17
163 17
4
8 164 1612 1612 17
8
5 15 May 7
1614 lo3
2,800 Evans Products Co
*214 212
2
23
8
*238 212
214 214
2 Apr 30
214 214 *238 21
650 Exchange Buffet Corp_--No par
*1
114 *1
114 *1
114 *1
%Mar 26
114 *1
114
114 *1
Fairbanks Co
25
*43
4 512
53
8 54
512 512 *518 512 *514 512 *5
100
4 Mar 19
512
70
Preferred
2214 223
4 23 2314 2212 224 2212 231s 225 2318 223 233* 4,900 Fairbanks More. & Co-No par 17 Jan 11
8
8
112 113
112 112
*11218 115
113 113
100 72 Jan 17
112 112
11412 11412
Preferred
370
15
538 Mar 15
15
4
16
1612 *1514 15 4 1514 1514 15 4 1612 5,800 Federal Light & Trao
1512 153
3
3
3
*7812 79 4 *7812 7912 *7812 7912 7812 80
80
80
Preferred
No par 48 Jan 8
80
80
140
*50
65
647 *55
*5018 64 8 *55
8
7
*55
68 *55
68
68
Federal Mln & Smelt Co--100 40 Apr 3
*60
83 *50
83
83 *70
*70
100 64 Apr 1
83 *65
83 •70
Preferred
83
334 Mar 23
63
4 64
3
64 7
63
4 63
83
4 7
4 1,800 Federal Motor Truok--No Par
612 61
64 .63
*23
8 38
3
212 27
2 July 6
8 *25* 312 *25
8 318 *25
300 Federal Screw Works--No par
8 318 *25
8 3
13
8 15
8
13
4 218
17
8 214
17
8 17
*13
4 17
8.300 Federal Water Seto A__--No par
8
17
8 2
7 Fab 25
8
2484 233 25
2112 2112 22
2212 23
2212 22
2414 25
10,800 Federated Dept Stores_ _No par 1618 Mar 29
4
8 40 403
41
394 397
4 4012 41
4114 403 403
8
8 41
41.43 3,000 Fidel Phen Fire Ins N Y--2.50 28121far 14
26
*20
26
*24
*193 244 *19 4 243 *1934 251 *193 2512
4
3
Filene's(Wm)Bons Co---No par 16 Apr 9
4
100 1064 mar 6
*111 1123 1123 1123 *111 113 *111 113 *111 113 *111 113
4
4
4
10
634% preferred
143 144 15
4
1512 1518 1512 1514 1512 153 1512 1512 1512 3,900 Firestone Tire & Rubber
8
10 1318May 2
9484 95 95
94 4
3
95 9514 9514 954 953 953
100 8412 Apr 8
8
8 953 9512 2,500
Preferred series A
8
55
6518 5512 5512 5514 553
*5514 551
56
3,000 Fires National Stores____No par 45 4May 6
5514 55
3
4 55
*22
233 *22
3
2312 *22
23 8 *22
3
2318 *2214 2312 *2214 2318
Florsheim Shoe olass A-No par 19 Feb 21
3
314
3 4 34
3
214 Mar 8
3
34 3 8 *3 2 34
33
8 38
3
3
3
34 34 1,200 tFollauebee Bros
No pm
*45
47
4612 4612 *4512 46
45 45
4612 47
4514 46
800 Food Machinery Corp-No par 2014 Jan 16
153 1534 1538 15 8 1512 157
4
7
4 3,400 Foster-Wheeler
8 1518 1512 1514 153
7
8 1518 153
9 4 Mar 15
No var
78
78
80
*77
3
1177
83 *77
78
No par 608 Mar 15
77
77
77 7712
Preferred
70
8June 7
25
Foundation Co
No par
55 If 51 "if 51 21 ;1313i2 if 55r3 1612 ii 1114 2;555 Fourth Nat Invest w w
-34 .
4
1 193 Mar 21
7
1512 15 8 155 16
7
155 15
8
8
4
84 Mar 15
15 4 16
3
155 1618 13,900 Fox Film elan A
8
153 16
No par
*50 591 *5412 5912 5412 56
56
56
5912
564 561 *56
110 Fklu Simon & CO Doe 7% Pf--100 304 Apr 2
2514 2552 25
2512 25
25
2512 247 25
25
2
25
2514 3,000 Freeport Texas Co
10 1714 Mar 1
*1133
8 ___ *117
___ *117
*117
*117
100 11212June 2
_- *117
Preferred
- ____ __
2518 251 *24 2712 *24 26
*24 16
27
20 Fuller(0 A) prior wet
24 14
*24 -No par 15 Mar 13
434 Mar 13
9
9
918 9'8
913 912 *94 9 4
9
91
3
*83 10
4
100
36 2d pref
No par
78May 21
118 *1
*78 1
112 *1
*1
118 •1
11
Gabriel Co (The)el A
*1
No par
112
812
*8
7 Mar 30
812 812
812 *8
*8
81
812 83
*8
No par
84
3
120 Gamewell CO (The)
51,Marl3
914 91
9
914 0'2 2,700 Oen Amer Investors
9
9
84 9
3
9
9
9 14
No par
*92
96
*92
96
96
*92
*92
96 .92
96
*92
No par 843 Jan 10
96
4
Preferred
3814 3812 38
385 39
8
3814 39
3812 39'2 6,800 Gen Amer Trans Corp
3812 39
387
2
5 323 Mar 12
18 8 195
7
4
1918 1938 11,600 General Asphalt
1912 2014 1918 1912 19
8 1912 201
191
10 113 Mar 15
5
738 Mar 2
3
1012 10% 10 8 10 4 1012 10 4 103 10 4 103 1138 113 1183 15,100 General Baking
3
3
8
8
3
8
•13312 136
134 134 *134 136 *135 140
No par 115 Jan 10
135 135 a136 136
90
$8 preferred
7
718
7
5
7
718
7
514 Mar 4
71
7 14
718 714 5,000 General Bronse
74 7*8
.33
8 32
34 37
8
4
414
418
4*8 2,600 General Cable
41
4
414
4
2 Mar 20
No par
912 9*2 1,200
91
83
2 83
938 93
84 94
4 Mar 26
94 *9
8 *9
Clue A
No par
41
413 43
4
38
38 38
100 19 Mar 14
43
4312 4312 43'z 4312 44'2 3,700 'I% curs preferred
5784 5912 6012 4,000 General Cigar Inc
8 564 6712 57
58
57
54 4 557
3
5112 54
No par 50 Mar 25
*140_ *140
_ 141 141 *140 141 *140 141 41140 141
100 12712 Jan
7% Preferred
20
283 2 7
8 8
4
283 2
8 94 283 2912 283 29 8 283 291
4
29
3
30
4
73,800 General Electric
No par 2012 Jan 15
367 37
8
363 3712 363 3714 363 37
4
4 364 37's 9,600 General Food,
4
364 363
2
No par 3214 Mar 15
84 54,700 Gen'l Gas & Eleo A
No par
3
8
4
14 Feb 25
5
8
3
3
12
4
3
4
3
4
5
5
3
4
3
*8
121
1215 1215 *11
14
*11
14
14
*11
I'll
14
100
Cony pref eerie, A
No par 10 Mar 15
*8
15
20
*11
*10
15
20
*10
*10
20 .10
$7 pref clam A
No par 11 Mar 5
20
16
17 *17
•14
15
18
*10
*10
18
18
*10
18
20
$8 pref clan A
UN Jan 15
No par
*44
50
43 43
4912 *42
*43
50 •45
471 *43
43 Aug 5
200 Gen Ital Edema Mao Corp
4712
•69
69s 6912 69 4 69
69 69
6918 6912 69*2 69 691
3
No par 59 8 Feb 6
1,100 General Mille
7
11712 1171 11738 11738 11712 11712 *11712 1197 *11712 119 *11712 119
7
400
7
8
Preferred
100 116 Jan 3
4178 4252 42
383 395
8
3814 39
8 40 8 4112 413a 42
52 447 344,200 General Motors Corp
3
8
10 261 Mar 13
*116 11712 117 1173 11612 11714 1163 1163 116 117 *117 117'8 1,500
4
4
$5 preferred
No vat s10712 Jan 4
*1212 131s *1212 1252 1252 1238 1212 1212 *1213 123 *124 124
8
201) Gen Outdoor Ady A
No par 10 Wier 20
*314 312
314 314
Common
3
3
318 314
2,300
No par
3 Aug 9
*314 312 *314 31
*31
3112 3218 1,230 General Printing Ink
32
32
32
3314 334 33
No par 174 Feb 5
3312 3212 33
4
*104 106 *104 106 *104 1053 105 105 *105 10512 *105 106
30
No par 9313 Jan 22
56 Preferred
314 312
34 34
3
3 3 31
118 Mar 13
3
3
34 3 8 2,700 Gen Public Service
34
No par
34 318
3
4
4
323 33'z 33 4 34'2 3312 3414 *323 334 323 34
3,000 Gen Railway Signal
4
*32
33
5
No par 15 8 Mar 13
Preferred
*10712 10812 *10712 109 *10712 109 *107 10812 *107 109 *107 109
100 80 Jan 2
138 14
13
8 13
4
188 13
13
8 13
8
4 2,200 Gen Realty & Utilities
15
8 13
1
3 Apr 2
4
, 124
2424
2458 1,500
1
2412 2412 2312 2418 *24
8 2312 24
224 228
56 preferred
No par 1434 Mar 20
2134 2218 2158 223
2214 223
4,700 General Refractories
8 215 22
8
8 224 221
4
223 223
8
No par 163 Jan 30
Voting trust certits___No par
Ma Jan 15
540 Gen Steel Castings pref --No par 14 Apr 13
" -"
---- ---- ---- -:- -55.i4 "i(i" -551 -air Ii- -55" Ici"
3
39 4 40
3
2
3712 40
184 1912 1812 194 183 193 49,900 Gillette Safety Rasor____No par 12 Mar 14
4
173 18
8
8
171
17
1718 17
9012 9038 90 8 905
8
9112 92
Cony preferred
913 92
914 9112 3,400
3
8 90 4 93
No par 7012 Jas 4
5
218 Mar 18
8
418 45 26,400 Gimbel Brothers
N. par
3 2 44
3
314 312
3
318 3 8
318 31
34 34
100 18 Mar 27
8 40 4 477
Preferred
3
8 5,000
4 3612 3612 374 407
36
3612 368
35
3514 *35
No par 2338 Feb 7
318
4 8,000 Glidden Co (The)
8 31
3014 30 8 3018 3014 3014 307
7
*3012 30 4 3018 301
3
100 1047 Jan 2
Prior preferred
10813 10812
108 108
120
8
108 108
108 109
*10712 109 *107 109
Rights _
7 JulY 15
8
5
14 Apr 26
214 2
3
8 7:600 :Lionel (Adolf)
214 214
24 214
2
2
14 ---214
8May 2
157 16
8
8,900 Gold Dust Corp vi 0
No par 143
8
4 1614 164 157 16
4 1638 163
1612 1612 1612 163
600
36 cony preferred
No par 11112May 3
117 117 *117 120 *117 120
4
*116 1163 *116 117 *116 117
6,000 Goodrich Co(BF)
712 Mar 13
814 81
No par
818 814
1
81
8
83
8 812
8
100 40 Mar 15
47 47
Preferred
1,200
47
47
473 *463 4712 *45
8
4
4612 4612 4612 471
7
4
4 1912 2014 19 a 203 31,200 Goodyear Me & Rubb-No par 1534 Mar 13
19
193
2 1914 l9s 1912 2014 1914 193
82 8218 1,300
125 preferred
79
No par 70 Apr 11
3
4
4
4 783 79 8 79
*77
79
78
78's 783 783
54 54 2,100 Gotham Silk HOW
54
No par
5
8
24 Apr 4
43
4 44
*43
4 47
44 5
*412 43
4
40
3
Preferred
411 *3912 40 4 4112 4112
100 20 Apr 3
*39
4312 *39
4l'z 4112 4112 *39
1
114June 25
8 5,800 Graham-Palge Motors
8
13
4 17
13
4 17
s
17
8 2
8
13
4 17
17
8 2
14 17
-100
9 4 10
3
914 9 8
514 Mar 19
3
938 9 8
9
12 94 7,300 Granby Cons M Sm & Pr.
94 9
3
12
91
2 94
3 8 34 1,600 Grand Union Co Or offs
3
8
1
2 Mar 15
14
314 3 8
3
3 8 34 *314 33
3
3
*33
8 312
314 38
8May 20
Cony pref series
No par 143
8
7
4
*183 1914 183 18 s 1918 1914 1914 193 x1812 1914 184 18•8 1,100
4
No par 1818 Mar 29
271 *204 2812 2612 2612 2612 2612 2612 2612 1,200 Granite City Steel
*28
2812 27
35
363
8 2,300 Grant(W T)
35
353
No par 26 Mar 26
8 35
3512 3512 351
8 35
*34
35 8 353
3
914 Mar 19
4 113 113
4
4
4 1112 113
4 5,000 Gt Nor Iron Ore Prop. -/Vo par
4 113 113
113 113
8
4
113 1214 113 12
4
8
4
3
4
8 1918 19 4 193 207 40,700 Great Northern pre
100
93 Mar 12
19 8 1918 20
5
1915 193
4 19
1914 195
3012 297 303
2
8 6,500 Great Western Sugar---No var 263 Jan 15
2
2912 29 4 2912 30
3
30 4 30
3
30
31
30
133 133
100 119 Jan 2
134 134
390
Preferred
13312 135 *133 135
133 133
*133 134
40 •23
Green Bay & Western RR 00-100 21 Apr 12
40
40
*23
*23
40 •23
40
•23
40 •23
*3711 _ _ *3712 ___
•374
*374
_ .3712
.1 3912 __
,
__ Greene Cananea 0011002
100 34 Feb
523 4 5312 16,g00 Greyhound Corp (The)
5 4618July 17
4
-4 52; 513 li
5352 1E
4 518 512 - 7
14 523 - 8 513 - 7
4 54717
2
1 Feb 1
17
8
4 2
112 11
No par
1,500 Guantanamo sugar
13
112 112 *112 178
178 2
4
100 19 Feb 16
40
Preferred
*2514 32 *253 32
*247a 30
*244 33
30
245 245
8
8 30
4 Mar 7
300 Gulf Mobile & Northern-100
714 *6
714
*6
*63
74 714
8 712 *64 714 *614 7
21
1,200
20
6 Apr 3
e
100
4
Preferred
1812 1812 1814 19
*1814 193 *183 191
18 8 19
7
No par 12 Mar 29
500 Gulf States Steel
7
3
20
2014 2014 *1812 204 204 20 5
207
20 4 20 4 •20
8 20
3
74
74
*6812 75
20
Preferred
*6812 75
73 *6812 74
100 48 Mar 29
*6812 75
73
300 Hackensack Water
25 211 Jan 16
4
2912 *29
29 4 *2812 293 •2814 281
3
3
29 4 *29
3
*28 4 29 4 *29
3
321
321 *32
10
3212 3212 3212 *3214 3212 *32
7% preferred clams A
25 30 Jan 1
3212 •32
*32
318 Mar 13
Hahn Dept Stores
No par
4 Mar 19
10
.44 14
3ii- 53i 5514 17- 1.565 Hall Printing
4
iis 18
iis i
1
45
4 ils
9
11
200 Hamilton Watch Co
11'2 11
1112 *11
No Va
3
612 Apr 30
2
*10 4 1112 *107 1114 *10 4 1112 *11
3
941
*91
91
40
100 63 Jan 4
91
Preferred
9412 •8814 9412 8814 8814 90
90
*91
120 Hanna(M A) Co 57 pf
..No va 101 Jan 2
4
4
*1054 1054 1053 1053 10512 1054 10514 1054 10518 10514 105 10934
3
18 Mar 15
2314 24
6,400 Harbison-Walk Refrac---No par
8
2314 233
4
233 2418 237 24
4
2 223 23'2 23 8 231
- _ _ _Preferred
100 99 4 Jan
3
- *115
- *113 _-_ *113
- *115
13112- *113
512 Feb 6
07
7
10
-12 1012 10 - 1014 I 8 _- 10124,300Hat Corp of America el A....1
8
3
1138 - -3
11 8 10 4 If% 1012 107
4
30
04% preferred
100 81 Feb 6
8
8
7
*10312 107 8 *105 1077 *105 1077 *105 10714 105 106 *105 1073
18 Apr 27
_ ____ _-_- --- ____ ____ __-- _--- --_- ---- ______ Havana Electric, Ay CO ..No Pa
213 Apr 17
Preferred
100
____ ---- ---- ---- ---- ---- ---- --_- ---- --- --- ______
For footnotes gee Daze 877
Aug. 10 1935
Highest
/sly 1
1933 to Range for
July 31 Yoar 1934
1935
High
Lote Low
$ per share $ Per ell
4912 Jan 7 31 33 2
7
78 Jan 10
14
118 Jan 10
83
65142une 14
45
132 Apr 23 112
j1
5 Aug 5
39 Aug 9
1018
40 Aug 5
11
42 Aug 9
12
57
8May 17
43
4
14 Jan 4
74
1714 Jan 4
812
13 Jan 7
634
70 Feb 2
50
1412July 24
638
3
2314 Feb 21
6 Jan 18
2
2 Jan 19
14
4
93 Jan 18
2
34
25 2 Apr 22
3
48
7
120 July 18
25
1612 Aug 6
4
81 July 12
33
72 Apr 26
40
95 May 24
50
7*'.July 18 W 2 4
9
44 Jan 7
1
214 AMC 6
7
8
25 Aug 8
1618
4114 Aug 7
2014
24 Aug 2
16
114 July 3 285
1818 Jan 7
1318
9512 Aug 9
6718
5714June 22
453
4
23 May 9
1258
13111 Jan 7
2
47 July 25. RN
7
1713 Jan 2
84
85 July 18
4414
104 Jan 7
24
32 July 29
165
8
173
4July 15
814
60 July 2
20
2102May 2
1714
12018 Jam 2
1124
27 July 3
1212
12 Jan 2
43
4
4
24 Jan
94 Apr 2
7
912Ju1y 2
51s
100 June 2
844
44 July 1
25 4
3
2058July 3
1134
114 Aug
64
135 Aug
100
5
712July 2
43
4MaY 1
2
4
10 May!
4612May 1
14
0414 July 2
244
143 May 2
97
30 Aug
• 16
377 July
28
14
3 Aug
4
15 Apr
5
4
1612 Apr 6
634
18 Apr 8
74
614 Feb 5 73 394
7012July 8
51
1183 Apr 23 10012
4
44 8 Aug 9 u 2238
7
1173 Aug 5
4
84
134May 10
84
4 Mar 21
34
3414July 25
1013
106 May 21
614
312 Aug 3
Da
3412 Aug 6
1538
10812 Aug 2
go
2 May 24
4
253
5May 24
10
2338July 9
54
23 July 9
714
4012July 29
14
1912 Aug 7 II 74
93 Aug 6
454
45 Aug 9
8
218
474 Aug 9
134
32 June 15
12
1093
8June 10
803
2
14July 19
7
8
43 Jan 25
4
14
18 Jan 7
143
8
120 June 29
9612
117 Jan 7
2
74
544 Jan 8
264
267 Jan 7
8
1534
92 Jan 10 753
' '.
512 Jan 3
24
50 Jac 3
20
34 Jail 3
114
10 Aug 8
4
6 Jan 7
214
293 Jan 3
4
143
8
2912July 31
18',
-363 AAug9
8
25
124 Jan 7
74
223
4July 15
94
32 May 6
12
25
gg
140 May 4
25 June 8
21
55 May 16
18
5,514 Aug 3 9 5
23
4May 13
38
4314May 14
74
74 Aug 1
4
21 Aug 9
6
24 Jan 8
12
74 Aug 9
254
29'2 July 31
197
8
34 June 29
2e
64 Jan 13
34
7 Jan 2 1 314
12
111 1 1Y 2
01
3
38
5
96 July 25
20
108 June 3
77
2418 Aug 3
12
112 June 11
82
123
8July '28
14
109 July 24
1412
1 May 15
4
612May 25
913
$ tler *bare
52
34
Ss
11
2
38*
1
63
45
120
128
88*
2
104 234
11
2412
13
254
a
loila
93
8 247
8
143
4 2814
9
23
50
68
7
143
2
2714
9
3
1012
1
22
3
3 4 124
3
7
184
30
7712
114
4
341
8 62
52
107
62
98
22
7
83
4
2
Ma
1
4
31
20
2334 354
23
30
87
100
13
254
711s 9214
53
6914
15
25
2
174
104
glas
84 22
80
55
64 174
1712 2712
84 1712
20
63
214 503
8
1134 1604
334
14
5
193
2
14
43
2
8
20
zis
s 1112
87
73
30
43 8
3
12
234
tps 143
8
100
10812
1018
6
214
64
44 12
144 33
27
593
4
97
12741
In 2514
28
367
2
IS
1
014 19
11
21
13
22
6212
50
51
644
118
103
248
8 42
8934 109
814 21
34
63
8
104 254
734 96
2
02
3
234 454
1
90
1014
1
38
8
10
263e
2
1018 233
20
10
175
8 4812
84 147
3
47
72
24
64
364, 30
1538
83
_
1
;
3
18
p64
g
54
184
64
372
384
14
4
.4
23
21
28
84
1214
28
102
2841
1074
- 113
23
120
18
82 4
3
613
8
884
113
4
714
412
8
138
84
40
3111,
494
151
,
3212
3514
1134
---- ---18
59
. ....
--34
34
74 31
5
1814
12
354
154 112
47
83
2012 264
27
31
312
84
34
94
8
3 2 117
3
2
03
25
84
10114
13
243
4
87
100
14
74
193
4 92
3
2
14
3
84
New York Stock Record-Continued-Page 5
Volume 141
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT
Saturday
Aug. 3
Monday
Aug. 5
Tuesday
Aug. 6
Wednesday
Aug. 7
Thursday
Aug. 8
Friday
Aug. 9
$ Per Chars $ Per share 8 per share $ Per share S per share $ per share
27
8 3
3
3
318 314
318 33
8
338 3 8
3
5
358 3 8
11014 11014 11014 11014 110 110
10814 110 *108 109 *108 109
*131 141 *131 141 *131 141 *131 141 *131 141 *131 141
160 *155 160 *155 160 *155 160 *155 159 *155 159
*155
223 223
4
4 22
22
22
2218 *217 2258 2214 2214 2214 23
8
84
84
82
82
803 82
81
81
8214 8214 81 8114
4
*122 12712 *123 12712 *123 12712 12414 12414 *123 12712 *123 12712
*78
7912 7814 7814 *7812 791 *7714 7912 *78
7912 7912 7912
*11418 1147 *11418 11412 *11418 11412 114 11412 *114 1153 *114 11514
8
4
1258 1212 1234 1318 13
1314 13
1378 137 137
8
8
2 137 1412
77
*8
814
8 8
78
7
7 8 838
7
78 8
7
7
74 72
3
*77
385 385 *365 400 *380 400 *373 390
385 385 *382 394
4114 4114 413 413
4
4
4058 4114 40 8 405
5
8 4114 413
8
175 17% 17 8 177
8
5
8 1712 177
8
8 1814 183
8 173 1814 175 185
4
4
*6712 6814 6712 6712 *6612 6713 6612 6612 *623 6612 *63
6558
4
133 1414 143 165
4
4
8 15
4
145 147
8
8 143 15
1618 145 15
8
2 4 23
3
4
27
2 318
23
4 23
3
4
23
4 27
3
318
23
4 3
48
48
*4712 4812 4718 4812 48
4 47
4812
48
473 473
4
3 8 33
3
8
35
8 37
8
35
8 33
38 4
5
8
4 *312 33
4
35s 85
*83
4 912 *712 914
9
914
05 1012
8
4
914 912 *914 93
912 93
4
93
8 952
938 97
8
95 10
8
918 9 8
3
918 912
17
2
17
8 2
178 2
17
8 18
8
13
4 17
18 2
1438 143
4 1414 145
8 14
147
8 14
145
8 137 143
8
4 1414 15
*19
22
*19
22 .18
2178 21
21
217 *18
8
217 *18
8
*53
54
5312 5318 *53
54
54
*5314 54
5314 5314 54
*5
8
*6
7
47
8
4.7
778 *7
812 *73
4 812
*218 212
212 212 .238 21
*214 25
8 *212 212 .238 258
2714 2818 273 285
4
8 28
2838 27
273
4
4 27
2812 2812 283
96
96
*96
99
96
97
9612 97
97
9714 9714 97
*1271
__ *127% --- *12714
___
_ *127
_ *127
___ *127
843 85
8
4-843 - 5
8 84 /1 83 - 8 84 8312 -- 4 85 84386
851
143
8
27
8: 27
23
4 278
27
8 31
318 33
8
314 314
314 338
*612 7
*63
4 7
67
8 67
4
8 *658 63
63
4 67
63
4 67
8
8
8
1033 1378 163 1614 157 1638 157 173
1712 167 177
8
8
4
8 17
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
877
Range dince Jas. 1
On Basta of 100
-chars Lots
Lowest
Highest
July 1
1933 So Range for
June 30 Year 1934
1935
Low Low
High
par $ per share
Shares
$ per share S per 23
37
8July 22 45 1
13 Mar 18
3
2
9,100 Hayes Body Corp
25 85 Jan 2 11712July 24
65
600 Hazel-Atlas Glam Co
94
Helms OD W)
25 127 Jan 5 141 June 4
Preferred
100 1624 Jan 10 162 June 19 120
1,400 Hercules Motors
54
No par 11 Jan 8 2512June 18
40
No par 71 Mar 12 8514June 14
1,400 Hercules Powder
100 122 Feb 9 128 May 3 10413
10
ET cum preferred
200 Hershey Chocolate
44
No par 734 Apr 4 815 Jan 19
Cony preferred
80
300
No par 104 Jan 25 118 July 17
4
15,000 Holland Furnace
5 4 Mar 15 1412 Aug 9
3
No par
1,800 Hollander & Sons(A)
8 8 Mar 29 11 Jan 2
3
54
5
400 Homestake Mining
100 338 Feb 5 412 May 14 200
1,700 Houdaille-Hershey ol A ...No par 307$ Mar 14 42 July 31 3 7
4
Class 11
212
22,600
64 Mar 13 183 Aug 9
No par
200 Household Finance part pf_-_50 49 Jan 2 6812July 31
43
8,000 Houston 011 of Tex tern ctfs-100
912 Mar 15 173a Jan 2
912
Ds Mar 13
33 Jan 4
8
112
11,100
Voting trust etre new
25
20
3.600 Howe Sound Co
5 63 Jan 15 56 Apr 26
2,100 Hudson & Manhattan
512 Jan 21
23
100
23 Feb 27
4
4
,800
Preferred
612
612 Mar 14 1312 Jan 21
100
814 Mar 26 123 Jan 7 31 6
17,100 Hudson Motor Car
4
No par
3 Apr 5
4
84 Jan 7
10
3
4
11,400 Hupp Motor Car Corp
912 Mar 14 1714 Jan 7
94
10,600 Illinois Central
100
15
3
100 15 Apr 11 23 4 Jan 4
100
6% pre series A
40
70
104) 40 Mar 21 5712 Jan 10
Leased lines
RR Sea Mfg series A-1000
414 Mar 30 10 Jan 4
414
24
200 Indian Refining
2 4May 10
3
10
24 Mar 16
15,300 Industrial Rayon
No par 2312May 8 33 Jan 7 * 1314
45
700 Ingersoll Rand
No par 6012 Mar 13 9714 Aug 7
100 109 Jan 7 130 July 18 105
Preferred
26
.8,000 Inland Steel
No par 4614 Mar 22 8614 Aug 2
3,000 Inspiration Cons Cooper
418May 17
24 Feb 27
212
20
3
67 Aug 2
8
1
4 Mar 1
900 Insuranahares CM Inc
3
512
44,700 Unterbaro RapIdTran v I o-100
8 4 Mar 15 177 Aug 9
NO par
Certificates
5
*23 i
*ii4 1
4
73214 138 ;lit 18 ;14 I% *184 --3
214May 27
2
43 Jan 25
3
Internat Rye of Cent Amer-_100
3
38
*234 3
*23
4 3
.212 3
*212 3
No par
214 Apr 26
24
5 Jan 3
10
*23
4 3
Certificates
23
4 23
1314 13's *1312 137
8 137 13 k 1318 1318 1212 1212 *13
100
8
Preferred
914May 21 1812 Jan 10
133
4
120
7
65*
*214 23
4 32
23
4 *218 3
112May 1
8
3 Jan 7
*218 23
4 *214 25
*218 3
No par
Intercont'l Rubber
14
57
57
*512 53
4
4
7 Jan 7
414 Mar 7
7
512 512
No par
5 4 584
3
52
8 5 8 1,600 Interlake Iron
512 52
3
3
278 3
3
3
33
33
238July 11
5 Jan 2
34
112
3
33
8 6,200 Internal Agrioul
No par
314
*29
31
*28
31
*29
10
31
31
32
32
3
100 26 June 1 42 4 Jan 25
3214 3214 3214 1.100
Prior preferred
*179 180 *179 17912 17912 17913 179 179 *179 182 .179 181
8Ju131 29 1253
4
200 lot Business Maehlnes___No par 14912 Jan 16 1847
*6
64
6
]
34 Mar 12
612
614
67 July 31
8
34
6
8 2,900 Internal Carriers Ltd
614 65
614 63
8
618 614
3018 305
8 307 3114 303 313
8
22 8 Mar 15 33 Jan 7
7
18 8
3
4
3012 3112 4,800 International Cement,......No par
8 31
31
3012 31
5112 525
523 53
5112 525
2314
11,700 Internat Harveeter
No par 3418 Mar 18 5314July 31
8 51
8
510 507 5212 5212 53
147 147
1483 14838 14912 14912 *144 150 *147 150 *147 150
8
100 135 Jan 2 152 May 9 110
Preferred
300
23
4 314
3% 4
384
Mar 15
4 Aug 5
312 4
114
25
114
4
334
314 334
314 33 22,300 Int Hydro-El Sys ol A
212 212 *212 234 *25
8June 20
318 Feb 20
17
17
8
8 33
25, 284
4
600 Int Mercantile Marine-No par
4
23
23
4
23
4 23
2758 273
4 273 2814 277 2812 2818 2812 28 4 283
8 28
2812 32,100 Int Nickel of Canada----No par 2214 Jan 15 2938May 17 31 144
8
*123 126 *123 126 *12312 126 *123 126 *123 126 *123 126
8July 11 1304 Mar 14 101
100 1237
Preferred
814
Internal Paper 7% pref
100
2
28
3
24 23
3 Jan 8
11 Mar 15
14
$
,
4
14 3 100 Inter Pap & Pow el A__-.No par
2 8 /4
5
2% /
%
24 -284
214 -2
1
114
158
So July 11
I%
No par
15* Jan 7
.84 1
3
8
1
1
1,400
Class B
114 11
158 134
3
4
2
4
7
8 1
78
1
7
8 1
3
2
14 Jan 12
%May 7
78
78 *7
8 1
6,700
No par
Class 0
11
125
8 117 125
8
Mar 13 125 Aug 3
8 1118 1214 1012 11
8
44
44
100
8 1118 117 16,000
8
103 107
8
Preferred
2713 2712 273
2712
4 2712 273
9
4 273 28
4
2712 2712 2712 2818 2,700 Int Printing Ink Corp---No par 214 Jan 15 2818 Aug 9
*10512 10612 10512 10512 106 10612 *10512 106
65
8July 23
Preferred
50
100 9812 Jan 2 1063
106 106
106 106
32
.31
313 313
4
3614May 14
4 315 3158 3112 3112 3112 3112 31
20
500 International Salt
8
31
No par 29 Jan 21
*48
4834 34818 4814 *48
38
800 International Shoe
4818 48
481
48
No par 424 Mar 19 484 July26
4818 4712 48
*1812 22
*19
22
20
16
22
600 International Silver
100 16 July 19 28 Jan 4
2112 22
203 *1814 205
4
8 21
*70
71
*70
71
40
70
40
69
7% preferred
70
*69
*69
71
71
69
100 8012 Mar 21 75 Jan 3
107 1114 107 1134 1038 1114 103 11's 1058 107
8
s
8
98
3
558 Mar 13 125 Aug 5
8
No par
8 103 1134 89,400 Inter Telep & Teieg
8
,
1314 13
1314 1312 1314 1312 1334 1458 14
818May 8 15 Aug 9
24
3
10,500 Interstate Dept Stores-No par
1434 1438 15
*80
84
*80
81
84
*80
1614
200
Preferred
84
*8211 84
100 7012June 27 84% Jan 7
81
81
81
1212 121 *II% 123
8 12
61$ Mar 13 1312July 23
43
4
500 IntertyPe Corn
*113 1218
8
*115 12
No pa
12
117 12
*26
27
253 28
4
203
4
*2518 27
26
1,100 Island Creek Coal
26
2618 26
1 25 June 3 86 Jan 8
*2512 27
*11012 ---- *11012-- *11012 --- *11012 --- *11012 __- *11012
85
__ ___
Preferred
1 110 Jan 22 1204 Apr 9
*6412 66
65 16 .6512 26
No par 49 Mar 13 67 Aug 8
663 -8 6612
700 Jewel Tea Inc
67
*6512 67
6614 66
6414 8414 6414 62
63
No par 3812 Mar 13 65
58July 30
384
6412 13,700 Johns-Manville
64
607 62 4 6114 6314 63
s
3
*122 1221 *122 12414 12414 12414 3122 124
87
70
100 1174 Mar 15 12512July 23
Preferred
124 12414 124 12412
.13314 175 *13314 175 *13314 175 .13314 175 *13314 153 *13314 153
Joliet & Chic RR Co 7% gtd-100 130 Feb 19 130 Feb 19 115
70
701
7014 711
7
7012 72
73
724 733
45
4
970 Jones & Laugh Steel pref.-100 60 Apr 4 73 8July 30
71
714 71
*118 --- *1173 120 *1173 120 *1173 11912 *1173 11912 31173 11912
4
Kansas City P & L pf ser BNo par 11514 Mar 20 120 Aug 1
9758
4
4
4
4
614
6
6
6
*6
638 *53
34
3
4 834 *53
8
800 Kansas City Southern
83 Jan 7
4
4 814
3 4 Mar 18
614 63
5
100
*83
4 9
93
'I
912 9
912 105
8 1,400
'f
93
912
65 Mar 12 10 4June 18
658
8
3
100
4 9 4 *818 935
Preferred
3
14
14
147 153
8
8 1518 155
514
8
8 1514 1534 1538 1558 1512 1678 12,800 Kaufmann Dept Eitc,res $13.-50
74 Feb 6 167 Aug 9
197 197
$
s 20
20
12
2012 9,500 Kayser (J) & Co
2014 21
3
2012 2114 2018 2012 20
5 15 4 Jan 17 2114 Aug 7
99
Keith-Albee-Orpheum met_100 34 Mar 7 69 Aug 1
99
*55
99
*55
99
16
*55
99
*55
*65
55
99
14 13
8
114 114
114 114
114
114 13
as
2 6,700 /Kelly-Springfield Tire
114
114
as Apr 4
114
2% Jan 17
5
*2018 201 *193 2018 2018 2018 19
4
17
18
5
183
4
900
16
4Ju1y 29
19
No par
6% preferred
6 Apr 4 203
21
21
21
2114 2 8 214 21
5.500 Kelsey Hayes Wheel cony.e1A__I
24
07
6 Jan 25 2312July 18
214 2214 2112 217
22
1814 184 1814 1834 18
19
5,900
112
2114July 26
Class 13
1838 1918 1812 1938 19
1
188
314 Mar 1
4 124 13
1212 123
8
8 125 1278 11,200 Kelvinator Corp
127 133
8
8
8 125 127
No par
12 July 27 181A Jan 9 ,3 1174
125 127
8
•
*91
92
91
91
*9012 95
10 Kendall Co pt pf ser A...No par 84 Mar 21 96 July 9
*92
55
95 *9012 95
95
*92
1918 1958 1858 1912 19
64,800 Kennecott Copper
8
133
4
2014 193 204 193 2014 2018 21
4
4
No par 133 Mar 13 2114May 23
*1612 177 *16
18
100 Kimberly-Clark
173
4 17
17
93
8
17% *16
*16
No par 10 Mar 5 19 July 16
174 *16
*334 41
*33
4 41
*334 43
4 *4
414
100 Kinney Co
214
5 $ Jan 3
3
No par
3 Mar 19
*334 414
334 33
30
3O'z 2712 291
900
8 3012 3412
12
2812 2914 2912 303
8 3012 305
Preferred
No par 23 Mar 29 38 Jan 23
252 2512 2514 2512 2514 2512 253 25 4 2512 253
8
9.200 Kresge (5 5) Co
4 255 26
1014
8
3
4
10 191 Mar 18 26 Aug 9
4
*109 1103 *110 1102 1103 jI04 110 111
4
111 111
111 111
80
7% preferred
9914
4
100 1034 Apr 26 113 Apr 9
*3
314
3
3
412 *412 5
4
314 31
2
312 414
1,600 Kresge Dent Stores
412 Aug 8
2 May 21
No par
*60
70
*80
70
70
*65
70
*85
*65
Preferred
12
70
70
*85
100 42 Jan 11 65 Mar 9
*5812 60
60
60
, 607 607
8
200 Krems (El H)& Oo
*5812 601 *5912 6012 *5912 607
273
8
4
No par 5612 Apr 5 6912 Jan 7
3012 3012 3012 31
8
19
8
303 31
4
No par 2214May 16 315 Aug 9
307 314 x3014 3114 3118 315 11,100 Kroger Oro° & Bak
247 247
8 26
26
*21
25
*2112 26
130 Laclede Gas Lt Co St Louis -100 12 Mar 22 26 Aug 5
25
26
13
25
26
4212 4212 42
42
4114 411 *42
45
45
45
*4014 42
1914
100 194 Mar 27 45 Aug 9
5% preferred
150
4 223 2314 23
223 223
4
4
8 223 22 4 8,000 Lambert Co (Tlle)
8
3
19%
4
No par 2238 Aug 9 2812 Jan 8
23'I 223 2318 2212 227
*53
4 65
8 *Vs 65
718 718
8 .512 6 8
200 Lane Bryant
5
5 May 13
44
614 614 *612 7t8
9 Jan 3
No par
11
•10
1012 101
4
4
600 Lee Rubber & Tire
1012 1058 1014 103
51$
8 1012 1012 103 103
7
84 Mar 14 12 s Jan 7
5
•1314 14
1314 1334 133 l34 1312 133 *1312 13 8 1312 1312
5
900 Lehigh Portland Cement
4
9
50 10'sMarI4 175 Jan 7
*100 1004 *100 1003 *100 1003 *100 1O04 100 100
100 100
73
100 8958 Jan 3 102 June 21
7% prefened
20
814 814
814 83
4
8 4 93
3
8 9,800 Lehigh Valley RR
812 83
8
812 858
814 87
5 Mar 13 1112 Jan 7
5
50
214 214
214 214
6,000 Lehigh Valley Coal
4 *212 25
24
214 23
25
214 27
112 Mar 13
2 8 Jan 4
7
No par
14
914 912
93
4 9
8 10
1012 5,400
7
3 11
10
Preferred
4
103 1114 1018 105
512May I 1212 Jan 23
50
*9114 013
4 9114 9212 9212 927
93
3,700 Lehman Corp (The)
5
k 9012 92 8 9012 9114 91
583
4
No par 6718 Mar 28 93 Aug 9
*13
133
8 1312 1312 13
127 13
13
1,300 Lelm & Fink Prod Co
123 134 13
4
131
10%
8July 23 1714 Jan 25
5 107
8
3612 367
8 3611 3714 357 373
8
8 353 384 355 3614 3618 3714 14,300 Libby Owens Ford Glass_ No pa
4
214 Mar 30 3814 Aug 1
21
23 23
23
23
23
2
600 Life Sayers Corp
*23
2314 23
23 *23
334 23
5 21 Mar 14 2412 Apr 22
16%
11812 11812 120 120 *119 122 *11912 122 *11812 122
*116 120
200 Liggett & Myers Toba000__...35 9414 Apr 5 120 Aug 6
711$
1193 12014 121 122
4
3,800
121 12112 121 122
*118 120
Series B
7314
120 121
25 93 4 Apr 4 122 Aug 6
3
*15814 163 *15814 163 *15814 163 *15814 163
200
160 160 *15814 163
Preferred
100 15113 Jan 30 187 May 4 123
*174 173
4 173 173
4
400 Lily Tnlip Cup Cori)
4 1734 1758 *1718 173 *1718 1758 •1718 1734
1414
----No par 1612June 8 1912 Apr 25
*22
2212 2212 223
21
214 2212
4 22
800 Lima Locomos Works___No par 1312 Mar 14 244 Jan 5
3
223 *2114 2184 20 4
4
134
7 327
32
8 324 3212 32
32 3214 2,600 Link Bell Co
3112 31'2
No par 174 Mar 18 34 July 18
323
4 31% 32
1112
3314 3312 3312 3312 323 3312 313 323
3214 3112 32 8 3,600 Linuld (lubonle
7
32
No par 2412 Mar 13 347 July 29
4
4
161
$
4 39
40
403
8 40
397
8 8,700 Loew 2 Incorporated
8
403
393 393
8
8 397 405
No par 3114 Feb 7 4418July 9
8
8 395 41)
1912
•105 105% *10518 106
400
s
Preferred
10512 10512 *10518 1061 .10518 1057 105 10518
No par 102 Feb 1 10812 Apr 5
66
13
8 l'x 2,300 Loft Incorporated
Ps 13
2 *13
8 112
114 lij
No par
I Mar 15
8
138
8
114 13
154 Jan 2
13
1
*14 I%
14 3
184 l7
17
8 218
17
8 17
8 3,200 Long Bell Lumber A....No par
178
17
8
14 Mar 12
o
24 Feb 14
1
403 403
4
4 41
4 4014 4014 40 4014 1,300 Loose-Wiles Biscuit
4
41
4018 4018 403 403
25 83 Apr 25 413
8Ju1y 25
33
12312 124
125 125
34
12212 124
7% 1st preferred
125 125
12312 12312 *124 125
100 12114July 6 130 Apr 16 116
2418 2414 24
2414 24
2414 2418 2414 2418 2412 9,800 Lorillard (P) Co
10 1812 Mar 26 2412 Aug 1
2414 24
14 4
3
4
4
23
*13812 1393 1393 140
7% preferred
4
1403 14112 144 1443 *143 145 *143 144'2
100 124 Apr 5 14434 Aug 7
4
984
2,
84
34 12,900 :Louisiana 01:
No par
'2
38July 16
3
8
3
4
14 Jan 7
3
4
7
8
3
4
3
4
5
8
3
3
8
4
*8
91
120
8
7 4 78
3
912 10
8
*8
912
Preferred
934 *8
100
412June 19 1412 Jan 8
414
1912 201
6,100 Louisville Gas & El A.
1812 192 1618 1912 193 193
-..No par 103s Mar 18 2018 Aug 9
4 1914 1912 1914 191
8
10 8
3
54012 4278 4012 4012 40
411
4112 42
1,900 Louisville & Nashville
41
41
41
41
100 34 Mar 29 474 Jan 7
34
4,500 Ludlum Steel
213 2112 203 215
8
4
8 203 213
3
4
4
1 123 Mar 26 2318July 29
8 2012 20 4 205s 2118 2114 22
718
4
118 11818
600
Cony preferred
4
*119 1194 1188 1183 118 118 *116 118 3117 118
No par 9014 Jan 4 120 July 29
60
*44
45
*4212 44
*4312 4478 544
*423 44
4
400 MacAndrews & Forbes
43
45
43
10 40 Jan 24 46 Feb 19
21
10
127 127 3127 130
3127 130 *127 130 *127 130 *127 130
6% preferred
100 113 Feb 8 130 May 13
8758
204
100
.
For footnotes 80e page 872
3 per stars
114
63
4
74
967
4
101
145
12312 153
54 1218
59
,
815
111
125%
4812 73%
83
10512
434 1014
53
4 13
310 24304
11
34
211
8
87
8
43
54
1211 293
4
212
55
8
3511 5714
4
1218
9
2614
64 2
414
17
1
714
135
8 387
8
21
511
493
4 66
74 2414
25*
44
4
193
8 3214
4
494 733
11834
105
3414 68
258
6%
21$
4%
54 1712
614 124
2
7
24
63
8
5
7
223
4
34
54
7
a
1114
2
64
15
371
4
131
184
Vs 121
8
, 373
181
4
Mt 467
a
137
110
31a
912
2
6
21
294
11534 180
25
10
2
64
%
312
5
8
23
4
84 247
8
9
2512
66
100
21
33
88
505*
19
at%
59
844
7's 1734
34 165*
2158 8112
55* 10
241
36
1101
,
90
33
5712
6634
89
21
101
185
40
45
77
97 s 1413
7
2 1958
62
1014 2712
6
10%
13% 184
20
3712
1
412
5
20
8
10
24
3
74
115
8 2114
654 94
16
2318
97
8 1814
3
74
1312 41
4
133
8 223
101 21.14
24
714
55
19
36
8512
2314 3358
20
6312
27
60
3214 31%
5
1414
7
1412
11
20
7358 90
911 214
312
5
5
16%
6414 78
1112 2312
324 43 2
7
174 24
73
110
7412 11114
15212
129
16
284
1514 3614
114 195*
164 35 2
3
207
$ 37
72
105
14
3
1
3
3314 514 4
3
1195 12
4
812
151
4 2
212
102 si130
3
4
3%
74 234
21
12
8758 6213
81
4 1912
60
97 30
4214
95
1114
204 33
New York Stock Record-Continued-Page 6
878
Aug. 10 1935
July 1
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT
Saturday
Aug. 3
Monday
Aug. 5
Tuesday
Aug. 6
Wednesday
Aug. 7
Thursday
Aug. 8
Friday
Aug. 9
Sales
for
the
IVeek
$ per share $ per share 3 per share s per share 3 per share 3 per share Shares
23
237
8 2312 237
8 22
2312 2113 217
8
8 9.100
8 2114 215
8 205 215
43
4312 4314 4412 4412 457
8 4713 4812 13,500
3 453 4614 Z457 467
8
4
1,500
812 812 *818 83
4
812 812
83
4 9
818 828 .814 83
3
. 3112 3312 3112 3112 .31
'
1
3338 3212 3212 3213 3212 *3114 3214
300
114
114
*118
112 *118
114
114 *114
114
500
114
114
13
4
470
618
7
512 6
*558 7
*534 712
612
53
4 53
4 *6
*412 6
*412 614 *43
100
4 6
*43
4 6
*43
4 6
6
6
*3213 38
*3212 38
38
38
3814 42
750
41
43
43
4612
22
2238 2112 223
4 2114 2214 2213 243
2538 29,300
8 24
243
4 24
1414 143
2 1414 1414 14
1413 *1418 143
8 1414 1414 3213
14
1,700
2
2
2
218
2
218
13
4 17
4 2,400
2
Ps 17
8
13
4
13
*53
4 57
8
53
4 53
4
5 8 57
7
8
58232 53232
530U53133
5313258132 9.300
3
10,600
77
8 8
73
4 8
74 8
7 3 812
7
77
8 8
7 4 77
3
8
*34
*13 118
112
*12 112
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*12 118
*25
8 3 4 *25
3
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9
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2 214 *132 214 *13
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4
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4 3112 3122 3112 3112 3114 3114
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9
9
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912 10
10
1012 15,700
8
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4
3
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2938 293
4 293 30
4
295 30
8
2914 293
4 293 2912 2912 3013 3,900
3
50
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149 149
150 150 *148 150 *148 150 *148 150
*4618 4714 47 47
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4 8,300
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8
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8
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4
137 1413 10.800
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4
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4
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__ ___ ___
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4 918
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3
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8 2,900
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4 918
9
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8
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4
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600
85
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3838 39
3812 3812 375 3812 37
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4 6.300
39
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1197 1203 120 12018 12018 12018 119 119 *1183 120
8
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6
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63
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8
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*9724 ---- *973 ---- *073 ---_
For footnotes see page 872.
9914
9914 --
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24,300
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1118 1218 17,200
900
4
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4 33
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3
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323 322
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8
12
1212 1314 12 -- -58
80
8112 *78
*78
90
90
90 90
9918 9918 9913 9912
3712 38
377 38
8
STOCKS
NEW YORK STOCK
EXCHANGE
Rase/ Stace Jan. 1
Oa Basis of 100-sharo Lose
Lowest
Par
No par
Mack Trucks Inc
No par
Macy (R H) Co Inc
No par
Madison So Gard v I c
10
Magma Copper
IManati Sugar
100
100
Preferred
No par
Mandel Bros
:Manhattan Ry 7% guar___100
100
Mod 5% guar
25
Manhattan Shirt
1
Maracaibo 011 Explor
5
Marancha Corp
1
Marine Midland Corp (Del)
100
Market Street Ry
100
Preferred
Prior preferred
100
100
2nd preferred
No par
Marlin-Rockwell
No par
Marshall Field & Co
'No par
Martin-Parry Coro
Mathieson Alkali Works No par
100
Preferred
10
May Department Stores
No par
Maytag Co
No par
Preferred
Preferred ex-warrantsNo par
Prior preferred
No par
No par
McCall Core
:McCrory stores classA No par
Class B
No par
100
Cony preferred
McGraw-11111 Pub Co__ No par
McIntyre Porcupine Mintsel____8
McKeesport Tin PlateNo par
5
McKesson & Robbins
50
Cony prof series A
McLellan Stores
No par
100
6% cony pref one A
No par
Melville Shoe
1
Mengel Co (The)
100
7% Preferred
March & Mtn Transp Co_No par
5
Mesta Machine Co
8
Miami Copper
10
Petrol
Mid-Continent
No par
Midland Steel Prad
100
8% cum 1811 Pref
Minn-Honeywell Regu___No par
100
6% pref series A
Minn Moline Pow Impl __No par
No par
Preferred
:Minneapolis & St Louls___-100
Minn St Paul & SS Marle___100
100
7% preferred
100
4% leased line Mfg
Mission Corp
No par
No par
Mo-Kan-Texas RR
100
Preferred series A
0M1ssouri Pacific
100
Cony preferred
100
20
Mohawk Carpet Mills
10
Monsanto Chem Co
Mont Ward & Co Ino____No par
Morrel (J) & Co
No par
Morris & Ease:
50
Mother Lode Coalition___No par
Motor Products Corp____No par
Motor Wheel
6
Mullins Mfg Co
No par
Cony preferred
No par
Munsingwear Inc
No par
10
Murray Corp of Amer
Myers F & E Bros
No par
Nash Motors Co
No par
Nashville Chatt & St Louis __100
1
National Acme
National Aviation Corp.__No par
National Biscuit
.
10
7% cum prof
100
Nat Cash Register
No par
Nat Dairy Prod
No nor
100
7% pref class A.
100
7% prof class B
:Nat Departmenteltores__No par
100
Preferred
No par
Nat! DIstil Prod
Nat Enam & Stamping-No par
National Lead
100
Preferred A
100
Preferred B
100
National Pow & LI
No par
Nat Rye of Me: Rit 4% Dt_-_100
100
26 preferred
25
National Steel Corp
National Supply of Del
25
100
Preferred
No par
National Tea Co
Natornas Co
No par
Nelener Bros
No par
No par
Newberry Co (J J).
100
7% preferred
:New Orleans Texas es Me2__100
1
Newport Industrieti
No par
N Y Afr Brake
No par
New York Central
100
N Y Me A St Louis Co
100
Preferred series A
100
New York Dock
Preferred
100
50
N Y & Harlem
60
Preferred
No par
IN Y Investors Inc
N Y Lackawanna dr Weetern_100
100
NYNH& Hartford
100
Con* preferred
100
N Y 0.itario & Western
N V Railways pref
No par
Preferred stamped
N Y 8/
11pnIdg Corp part stk____I
100
preferred
NY Steam 35 Pre
'
o par
No par
$7 Ist preferred
Noranda Mines Ltd
No par
100
:Norfolk Southern
100
Norfolk & W2ster
,
400
Adlus .4% pret
No par
North American Co
50
Preferred
1
North Amer Aviation
Ve Amer Edison oref ____No par
North German Lloyd
50
Northern Central
Highesi
1933 to Range for
July 31 Year 1934
1935 ----Low Log
High
_
$ per share $ per sh
3 per share
8June 1 281s Jan 8
1833
185
3012 Apr 1 4312 Aug 9
3012
9 Aug 9
212
512 Jan 2
1214
1852 Jan 16 36 May 22
2 4MaY 14
,
7 Feb 6
4
7
8
1
4 Jan 7 10 May 24
6 Aug 2
3
3 Apr 29
29 Apr 23 4612 Aug 9
14
103
4
1314 Mar 15 2538 Aug 9
10 Mar 28 15 July 10
10
1
3 May 23
1 Feb 23
53138 Aug 7
418
412 Mar 23
5
814July 29
514 Apr 1
3
8
38June 14
112July 22
5 Jan 8
2
25 Jan 2
8
103
4June 27
4
33 Mar 1
3
214 Jan 8
1 Mar 15
7
3
8
20 Mar 13 333 Aug 2
12
63 Mar 14 1114 Jan 3
4
63
4
918 Jan 7
4 June 27
214
2334 Mar 14 32 Jan 8
2318
136 Jan 2 150 Apr 1 10512
8
4
357 Mar 29 513 Aug 0
23
8
314
512 Jan 30 145 Aug 5
33 Jan 15 5012July 23
83
4
3218 Jan 7 46 July 23
8
27
8418 Jan 4 103 June 17
28 Mar 14 3512June 17
22
714 Apr 3 13 Jan 3
04
118
612 Apr 3 1218 Jan 3
312
5714 Feb 5 8612 Aug 9
63 Aug 2
4
714 Mar 26
4
8
365 Jan 15 455 Mar 4
8
2858
9012 Jan 15 123 July 25
6714
57
8:gay 22
87 Jan 2
8
3i:
32 May 24 45 Mar 4
912
812 Apr 1 153 Jan 3
8
34
8518Mar 13 110 Aug 9
6
41 Jan 2 58 Aug 7
1712
55 Jan 22
8
3 Mar 12
3
203
4
20 4 Mar 20 3812 Jan 23
3
22 Apr 12 2714June 1 5 22
8July 24 57 854
2418 Jan 15 353
43
218 Mar 13
8May 17
218
912 Mar 15 137
8May 23
918
814 Mar 12 1914July 30
612
6018 Mar 6 114 Aug 3
44
58 Jan 15 105 July 30
205
8
105 Jan 9 z11114June 19 3 68
378 Mar 15
5 4 Jan 2
3
118
31 Mar 14 57'z July 8
15
18
3 Jan 7
s
Is Mar 4
24
4
212July 11
5 Apr 24
4 July 10
1 Mar 6
1
3 Jan 14
124
114 Mar 29
8May 16
103 Anr 9 167
8
103
3
212July 22
614 Jan 7
213
578May 7 1412 Jan 7
578
July 8
3 Jan 4
1
1
112 Mar 30
4 Jan 7
113
10 4 Mar 13 1813 Aug 7
,
1034
55 Feb 29 7712June 12 3 24
8
2114 Mar 12 393 Aug 9
1514
8
567 Apr 9 66 Feb 25
347
8
2
6112 Apr 18 6512:4ay 24
5534
14
14 Apr 4
118May 1
1718 Mar 18 37 July 19
1514
718 Mar 12 113 Jan 7
4
614
8July 23
37
8
7 Mar 13 133
367 Jan 11 82 Aug 9
g
10
11 Apr 3 1838 Aug 2
10
43 Mar 13 145 Aug 9
4
8
35
8
30 Jan 12 3912May 17
1312
12 Apr 27 1918 Jan 7
11
14 Mar 14 2718 Jan 8
14
418 Mar 13
87
8July 25
3
834 Feb 26 1014 Aug 9
514
2214 Apr 1 3312July 16
2214
14118 Mar 7 151 Slay 3 12912
1312 Mar 14 183 Jan 3
3
12
127 Mar 21
8
1712July 23
114
10812July 25 1083 Aug 7 3 80
4
10612 Aug 5 10612 Aug 5 _ ___
118Mar 7
45 Jan 17
8
Is
17 Apr 2 343 Feb 16
4
3
2318May 2 2914 Jan 3
16
21 May 31 3212July 8
10
145 Jan 18 185 Aug 5
873
4
150 Jan 18 16212May 23 122
Jan 26 14012July 30
1215
8
993
4
47 Mar 15
8
1l38 Aug 9
47
8
1 Jan 10
12July 12
3.
8
14 Mar 19
Is Jan 2
14
403 Mar 13 65 Aug 9
8
33
9 Mar 13 19 May 28
9
36 Mar 20 76 May 27
33
x814 Mar 13 Has Jan 4
2814
712 Jan 15 12 Julie 11 52 35
8
2114Ju11e 6 3013 Aug 9
4
4312 Jan 2 61 Aug 9
15
109 Jan 25 117 May 7
80
32 July 13
8 July 29
358
43 Mar 12
8
8 Jan 3
4.
8
181851ar 12 2824 Jan 4
111:
1214 Mar 12 217 Aug 9
8
1214
8 Mar 12 13 Jan 4
6
g
97 Mar 12 25 Jan 7
97
8
33 Aug 9
8
2 Mar 14
2
4 Mar 29
818JMY 10
4
112 Mar 11 139 June 12 101
11414 Mar 14 11414 Mar 14 112
14May 31
53 Jan 3
14
99 May 22 99 Slay 22
781
:
27 Feb 26
3
818 Jan 4
278
6 Feb 26 1438 Jan 7
6
6 Jan 19
2 8 Mar 15
5
25
8
18 Mar 29
1 Jan 9
18
147545 22
14
14May 22
Ms Jan 7
818 Mar 14
618
70 Apr 18 87 Jan 7
6912
69 June 5 92'2 Jolly 15
69
79 May 28 100 Aug 2
79
3034 Jan 15 43 May 22
25
4
13 Jan 17
3
3 Aug 6
:
7
158 Mar 13 188 Aug 5 123
99 Jan 10 1u8 June 18
77
9 Mar 13 223 Aug 9
8
9
3518 Mar 15 5313 July12
31
4 Jan 23
2 Mar 13
2
39
57 Jan 3 97 Aug 7
718July 15 1018 Apr 26
718
8818 Mar 29 95 May 21
71
$ nor 116 1
,
22
4154
3514 6218
7
233
1512 32314
7
8
334
13
4
91.4
3
813
20
41
103
4 2938
1012 20 2
,
33
8
118
413
53
,
9
512
18
23
8
2
814
3
1214
1
414
17
32
83
8 1053
4
123
8
2318
110
30
4i.
10
9
49
24
191
114
84
4
3812
79
414
117
8
1
912
38
318
24
2512
22018
37
8
918
1312
44
38
87
17
8
1518
14
54
1 14
II
:
403
4
136
453
4
844
36
3234
9218
32
1212
1238
633
8
1012
60,2
9518
904
4234
17,
2
9212
42
It
52
333
4
253
4
612
143
4
217
8
8514
85
107
57
8
41
13
8
33
3
518
71
:
438 16
12
343
8
112
8
218
93
4
1211 223
3
39
615
8
20
355
8
6314
37.
58
71
3
8
11
1514 4412
85
8 1634
51, 1522
1218 4658
13
25
37
1114
14
335g
1258 82
1934 4614
87.
314
51A
1314
257
4 4912
14812
$31
8
12
235
13
183
4
---1
5
16
lip
:
138
122
---37
4
2818
3133
327
8
170
14618
10011
65
8
3
4
3
s
3418
10
3318
9
714
618
31
100
6
512
till
183
8
St
18
2511
5
108
112
12112
1522
23
8
1
5814
211*
60
183
4
1018
3014
497
i
112
25
13
283
4
4514
267
8
4314
8,
4
20
13
0
120
/
/
1
4
1 11
83
6
1912
418
98
2418
875s
1133
58
4
15
-lir, Hi
72
893
4
9928
73
90
1097
8
3014 457
8
11s
418
01
187
10012
82
1014 2514
34
45
252
83
4
474 7418
718
16
9214
81
0
New York Stock Record-Continued-Page 7
Volume 141
HIGH AND DOW SALE PRICES
-PER SHARE, NOT PER CENT
Saturday
Aug. 3
Monday
Aug. 5
Tuesday
Aug. 6
Wednesday
Aug. 7
Thursday
Aug. 8
Friday
Aug. 9
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
879
Range Sines Ian. 1
-shard Lots
Os Basis of 100
Lowest
Highest
July 1
1933 to Rano for
July 31 Year 1934
1935
Low LOID
High
$ per share $ per 25
Par $ zur $hare
Shares
13%
2
100 13% Mar 28 217 Jan 7
27,300 Northern Pacific
33
2
50 357 Jan 18 4412July 25
50 Northwestern Telegraph
153
214 Jan 4
118 July 12
400 Norwalk Tire & Rubber --No par
20
Preferred
50 $20 Mar 20 321* Jan 3
812
914 Mar 18 1412May 17
No par
22,400 Ohio 011 Co
1
452 Jan 2
1 May 31
No par
13.100 Oliver Farm Equip
9
Preferred A
No par 1334May 31 26% Jan 2
1,900
312
524 Aug 9
312July 23
13,200 Omnibus Corp(The)vto No par
70
Preferred A
100 75 Jan 16 901 Aug 8
200
43
4
814 Aug 9
4
43 Apr 3
2.100 Oppenheim Coll & Co--No par
1112
No par 11% Apr 4 22 Aug 5
85,600 Otie Elevator
92
100 106 Jan 7 125 July 5
100
Preferred
3
/
4
414 Mar 14 121 July 31
No par
29,500 Otls Steel
712
Prior preferred
100 22 4 Jan 16 7012July 24
1
500
28
No par 38 Mar 12 50 Aug 7
210 Outlet Co
97
Preferred
100 11412 Mar 23 114% Mar 23
- _ ___
60
-Illinois Maw clo.._ ___25 80 Mar 12 104 June 11
2,800 owns
1,900 Pacific Amer. Fisheries Ino-_-.5 14 Aug 5 1514 July 24 27 5
1
2% Jan 7
1 Mar 28
Paoltic Gout
10
312 I
8 Mar 30
latpreferred
No par
83 Jan 2
4
A
1
4 Jan 7
I Mar 27
No par
26 preferred
*214 322 *214 333 *214 333 *2
.
'
314I *2% 1 3% •2 iir 3%
1232
Pacific Gad A Electrie
25 1312 Mar 6 2814 Aug 9
,
2614 26
2614 2612 2814
/
25
2638 26
2612 253 2653 26
4
19
8
19 Mar 18 433 Aug 9
No par
8
41% 433 11,400 Pacific Ltg Coro
43
404 4214 42
414 42
4214 423
4 4112 42
12
12 June 19 21 Jan 2
No par
1,400 Pacific, mule
•1414 15 ''' 148 1438 13% 1414 1312 1312 1414 1414 138 14
'
100 70 Jan 2 152 July 23 768'i
480 Pacific Telep & Teleg
110 11012
111 11112 111 11114 111 11114 *110 112
110 110
9914
100 11112 Jan 14 13412Juae 20
6% preferred
120
*13312 1344 113312 1343 *13312 1344 13312 13312 13312 13312 *13312 1344
4
*712 8
912 Apr 16 2 5
4July 11
8
63
812
8
8 8 914 9,600 Pae Western Oil Corp....No par
7
82 9
7
81g 834
833
2
57 Jan 7 25 22
2
3% Mar 13
No par
47
518
48 5 45,600 Packard Motor Car
5
5's
48 5
5
5%
,
48 5
814
3
Pan-Amer Petr & Trana
5 10 4 Jan 9 12 June 14
*1114 1138 *1114 1212 *1114 1212 *1114 121 *1114 12
•1114 12
12
4
12June 20
*3
7
8
13 Jan 7
2
% •%
700 Panhandle Prod & Ref--No par
1
*3
4
7
2
3
4
7
8
7
8
*7
7
8
8 1
612
61 Mar 12 153 July 30
4
8% cony preferred
100
180
15
1514 *14
1414 15
*1412 j513 151 1512
15
1514 15
1%
55 Aug 7
2
214 Mar 27
10
438 53 188,200 /Paramount Pubilx elife
434 53
3
54 5 8
3
518 538
514 5
83
4 8 58
7
3
11
1 11 May 20 1733 Jan 11
900 Park-Tilford Inc
1314 1314
12
13
12
*1112 12
13
13
*123 13
4
13
2
37
6 Apr 26
24 Mar 21
1
433 19,800 Park Utah 0 M
4
4%
4
4% 432
37
2 4
3 8 412
4
is
158 Feb 18
3 Apr 18
4
300 Parmelee Transporta'n-No par
*7
2 1
*3
4 1
1
1
*7
2 1
1
1
1
1
112 Jan 2
12
%Mar 8
-No par
7
8 4,000 Pattie Exchange
*3
4
7
2
7
8
7
8
7
8
7
s
7
8
7
8
78
73
34
45
8 July 12 1714 Jan 2
No par
Preferred class A
*11
105 107
8
8 2,100
1114 12
1134 1114 1114 11% 1112 1052 11
814
814 Feb 28 15 May 23
13
135
2 5.300 Patin° Mines & Enterpr No par
13
2
13
131* 13
1233 1314 127 13
13
131
/
4
4
152 Jan 4
34July 12
3
3
13
8
112 3,100 Peerless Motor Car
1
18
1
1
"8 1
7
1
1
7
g
73
445
2
4 75
No par 6412 Feb 5 81 July 8
7512 1,100 Penick & Ford
*743 7512 75
4
74
a74
4
7512 7413 743 *74% 748
35%
2
No par 57% Apr 3 807 Aug 1
5,400 Penney (J C)
80
801 8014 7812 80
/
4
80
80
7814 781/4 7914 79
77
413 Apr 20
1%
214 Mar 13
514 14,600 Penn Coal & Coke Corp_ ___ 10
43
4 538
4% 438
5
5% 512
481_ 53
8
514 512
313 438
8% 3'2
2%
512 Aug 6
3 Mar 9
413
No par
38 4 , 7,800 Penn-Dixie Cement
7
4
41
4, 4
4
10
Preferred series A
100 18 Mar 11 2712May 28
2214 25
*213 2512 1,000
4
*20 4 23
3
25
*2212 25 8 *23
7
2434 26
1714
5
50 17% Mar 12 27 * Aug 9
2618 268* 263 263
4
8
2
263
4 263 275 39,200 Pennsy:vania
4 2638 2714 2618 26% 26
No par 30 Feb 5 3938 Apr 1 11 1012
_, 200 Peoples Drug Stores
*3258 33 *3218 33
*3218 32% 32% 3218 32 32
*3218 33
80
3
Preferred
100 110 4 Jan 9 1164 Mar 28
10
1161 *114 11612 *114 11612 11612 11612 *114 1161 *114 11612
*114
174
173 Mar 7 4314July 31
4
4
100
3911 3938 403 10,300 People's 01.& 0 (C71110)
39% 4014 38
3812 411
39
392 3833 39
2
,112 33
8
3 Jan 7
212 Feb 26
8 4
Peoria & Eastern
100
2
2 *112 312 *112 33
•
112 3
' *112 31
914
/
1
94 Mar 13 19 Jan 31
100
. 138 153 *14
4
200 Pere Marquette
4
*14
153 *1414 151
4
1512 14% 1412 *1414 153
4
1412
100 1612 Mar 13 32 Jan 9
Prior preferred
300
29
29
•2714 317 *28
*2712 31
32
31
313 *2712 31
4
12
Preferred
100 13 Mar 15 2412 Jan 11
*21
24
21
600
22
22
*21
23
22
22
23
22
23
914
1414May 15 1953 Feb 4
Pet Milk
No par
*1514 16
*1554 18
161 *1553 1614 "1514 16
*15
*1514 16
97 1018
71
2
8May 23
98
752 Mar 14 115
5
93g 10
4 3,900 Petroleum Corp of Am
933 93
9 8 10
7
938
934 97
11%
4
-Dodge Corp
25 123 Mar 15 2032May 17
18% 1812 18
191
1 1953 1838 1914 23,900 Phelps
1814 183 19
187 198
8
*
21%
50 23 Feb 27 45 July 9
8
3
4 433 43 4 433 43 4 435 43 4 1,300 Philadelphia Co 6% pref
4
43 4 4314 433 44
3
3
4
*423 433
8
4
3
4
3814
tarred
No par 3812 Mar 5 733 Aug 5
*7334 74
$6
300
*72
7412 738 733
*72
73
4 73% 73¼ 73
4 Jan 8 1 112
138July 26
20 :Philadelphia Rap Tran Co_50
4
23
23
4
4 214
*13
4 2% *13
212 218 *2
23
4 *2 ---- *2
*433 5
3
*351 4
6 Jan 12
312July 30
7% preferred
50
120
8
4
41
8 5
4181 48 *43
338 35
13
284 27
4
47 Jan 9
2
13 Mar 21
4
No par
238 23 15,600 Phlla & Read 0 & I
2% 2
5
4
212 3
258 314
278 338
8
1018
10 35% Mar 12 5312June 15
2 4933 497
*4318 493
8 49
4 4812 4812 4838 4918 3,500 Phillip Morris & Co Ltd
4978 4812 483
51
97
512 Mar 22 11 Jan 4
No par
200 Ph11111,8 JODOB Corp
*912 10
*812 10
914 914 *9
*914 10
*914 10
48
7% preferred
100 53% Apr 1 7112 Aug 2
*72
76
*72
76
*72 100
*72
98% *72
81
*72
90
11
133 Mar 12 2333 Aug 6
4
2
8 22
Ns par
4
2318 223 2333 23
2033 215
2333 223 2314 227 2314 100,300 Philip! Petroleum
3
612July 26
3 Mar 21
300 Phoenix Hosiery
5
618 618
8
*512 y
6
*51
8% *512 7
7
"6
100 50 July 8 68 May 25
*5118 60
441
Preferred
60
*5118 6712 *5118 60
*5118
*5118 60
*5118 80
12 Jan 8
3
8
/ Apr 27
1
4
*3
8
12 1,100 Pierce 011 Corp
3
8
3
8
14
25
3
8
3
8
3
8
3
8
38
3
2
3
2
*314 312
234
618 Apr 15
4July 24
23
104)
*312 4
Preferred
500
313 33
*314 4
4
34 4
3 4 33
1
3
112 Jan 8
No par
5
2
4 2.900 Pierce Petroleum
8 July 16
s
3
5
2
*3
8
3
%,,%
3
4
3
3
4
3
4
3
4
7
3584 July 19
18
81 Apr f
No par
1,900 Pillsbury Flour Mills
331 331
3318 331
3314 331
8
,
097 33 2 327 327
8
*3312 3„.
_4
4
Pirelli Co of Italy Amer shares
72
72 Apr 1V 7612 Jan 25
4
793 *6514 793 *6514 791
792 *5933 793 *60
*55
29
% *57
10 Pitts C C & St Louis RR Co_ _10 100 Jan 12 11612 Aug 6
*115- -- *115 . _ _ 11612 1161 115 _ _ *115 73 2
,
*115 - 7
*753 - 7 Mar 14 1012 Feb 4
luo
4
2
8
500 Pittsburgh Goal of Pa
7
9
8% 13 *818 13387
g
83 7
9
9
9
26
100 28'2 July 11 42 Feb 4
300
39
3612 37
42
Preferred
3812 *33
*33
411 *33
*35
35
35
/
4
100 172 Feb 14 178 May 20 1411
Pitts Ft W & Chlo pre
3
*178 1961 *177 4 195 *178 195 *178 195 *178 195 *178 195
41
9 Jan 11
512 Mar 13
8 2,700 Pittsburgh Screw & Boit-- No pa
612 638
812 67
6'2
612
614 653
612 634
63
4 8%
1514
45
10l. 2212 Mar 13 49 July 25
190 Pitts Steel 7% cum pref
4312 4312
43
45
4412 42
45
45
*42
44
45
1
212 Jan 12
13
1 Mar 21
133 . 200 Pitts Term Coal Corp
158 *114
*112 1%
100
8
13
8
18 •13
8
112 112 *13
6%
*1012 14
40
*1112 l2
8% preferred
100 1014 Apr 4 15 Feb 25
*1012 14
's 1212 13
4
13121338 *103 14
Ds
284 23
3%July 29
*27
2 3
114 Mar 20
*27
8 3
25
800 Pittsburgh United
8 27
8
27
4
27
27
8 278
28
2412
493 50's 50
4
100 2412 Apr 4 54 July 30
Preferred
670
4812 512 5112 5214
51
49
.5012 513
4 48
62
7
67
8June 4 1518 Aug 8
180 Pittsburgh & West Virginia 100
15
15
148 15
1518 15% 15
15
15
15
148 147
4
1
2% Jan 4
4
134 *134 17
*114 2 2
1 Mar 21
No pat
8
13
3
300 Pittston CO (The)
13
8 133 *138 214
112 112
93
84
9
611 Mar 15 1152May 17
934
88 9
5
5
912 953
912 5,900 Plymouth 01100
912 92
912 912
6
618 Mar 15 1112 Jan 9
No pat
914 914
912 93
912 9'2
914 914
958 933
4
933 9% 1,800 Poor & 00 0581* B
152
433May 10
*23
4 31
154 Mar 19
*23
No pas
4 318
-Am Tob al A
600 Porto Ric
312 3 2 *314 313
,
3
31
8 38
318 318
11 Jan 8
14
*3
4 1
14 Feb 28
Class B
No par
700
13
8 18g
13
*
13
8 13
3 *118
1
114
7
8
7
8
58
4 57
432
55
43
8.1une 13 1652 Jan 7
53
4 57
8
52 5
,
,
53
4 2.900 :Postal Tel & Cable 7% pref.101
5% 558
533 534
31 Jan 21
138
4 *138 13
18
15
2 14
13
4 14
%
%May 14
4 2,000 :Pressed Steel Car
18 13
13
No pat
14
614
612May 141 17 Jan 21
133 13% 1234 13
100
4
*1214 123 *123 13
4
Preferred
300
*1212 1353 *1214 13
8312
4July 23
52
5234 3,800 Procter & Gamble
4
515 52l3 5112 527
8
52
521
42% Jan 121531
4 523 53
No pa
4
o 523 523
2
40
8
*118% 1187 1187 119 *11812 119 *117 11812 *117 118% *117 11812
5% pref (ear of Feb 1 39
' )-100 115 Jan 2 z12034May 23 al 101
203
2
40
413
4 41
4214 27,700 Pub Ser 0010 0! NJ
42
203 Mar 6 4214 Aug 9
2
No pa
4012 4112 4012 404 404 4114 41
9914 998 99 8 993 100
597
2
99
993
4 1,800
623 Feb 20 100 Aug 6
2
100 100
26 preferred
No pa
4
4
998 100
9914
73
•1071 110 *108 110
100 73 Mar 14 11018 Aug 2
200
6% preferred
110 110 *10814 110 *10812 1098 10958 10938
84
121% 12112 12212 123
*11814 12212+11814 12212 *11814 122
7% preferred
100 85% Mar 18 12412July 10
600
121 121
99
*128 141 1•128 141 *128 141 *128 141 *130 141 *130 14012
8% preferred
100 100 Mar 14 14018 Aug 1
83%
100 pub Ser El & Gas pf 115.
113 July 30
8
*111 1137 i *111 11212 *111 1121 11212 11212 *11114 11314 *1117 11314
99 Jan
--NO Pa
34
42
4312 12,300 Pullman Inc
411 43
/
4
431 43
4
k
42
43
34 Apr 30 627 Jan 9
No pa
4172 43
417 423
4
93
67
s
8% 9
21,100 Pure 011 (The)
87
2 914
57 Mar 21 1012June 19
5
No pa
9
91
9
9
912
87
3 9181
49
905
8 1,040
904 90
4
8912 89% 893 905
8% cony preferred
90
8
100 495 Mar 18 9112June 29
8 8914 004 894 90
7414 75
7512 76
1,300
7112 7112 72
331
6% preferred
100 65 June 25 75 Aug 7
75
725
2 7312 7338 75
15%
/ 13% 13% 1414 4,300 Purity Bakeries
1
4
1312 13121 1314 1312 1314 131
8 4 Feb 1 14%July 18
1
too pa
13% 1314 13
4
4June 26
2 638
614 612, 63
63
83
8 653 72.600 Radlo Corp of Amer
633 612
4 Mar 13
No pa
638 6¼
638 633
22
547 5 2: 5452 5414 5438 5453 545 547
543 5514 5532 5512 3.000
4
47
Preferred
50 50 Mar 18 6212 Jan 25
133
8
/
1
4
Preferred B
6212 6412 16,700
62
63
8
582 597
8 59
86 Mar 12 6412 Aug 9
No pa
603
* 59
627
8 615 627
212 238 17,600 :Radio-Keith-0mb
212 258
25
253 2 4'
3
11
/
4
272 Aug 1
234
4
114 Mar 13
No pa
212 23
238 23
1914 1932 1912 1,000 Raybestos Manhattan-No pa
8
193
s 193 19% *19
1112
*19
1612 Mar 13 21 Jan 2
1938 1914 1912 19
*3812 39 I38
297
37
383
4
35
0
800 Reading
35
38
2
50 297 Mar 28 431 Jan 7
367 381 *34% 35
2
28
1st preferred
*3812 4212 *38/2 4212 *3812 421 *3812 421 *3812 4212 *3812 42 2
,
60 86 Apr 6 42's July10
36
37
*36
37 I *36
*36
371 *36
36
100
367
*
3714 •3(5
27
4May 14
26 preferred
50 33 Apr 17 373
312
9 July 22
3 Apr 4
1s
10
7'4
7 2 ' 600 Real SU Hosiery
,
'2
714 712 •718 7
72
713 713 *7
*7
731
240
50
50
201
Preferred
*48
50 1 48
497 50
8
48
100 201s Apr 2 50 July 22
50
50
50
50
*138 18
1
200 Reis (Robt) & Co
*132 13
4 *112 13
2% Jan 7
1 Mar261
No pa
15
4
4 *112 12
138
1% 11
8
1
1st preferred
300
2
62
8 Mar 121 15 Jan 7
1312 1352 *123 15
*1112 1312 •115 1312 *1112 1312 12
100
12
8 1014 105s 10,800 Remington-Rand
5%
7 June ii 1153 Jan 7
8 1052 107
1
105 107
104 1014 105
8 1012 107
10
g
s
*93
0
let preferred
700
94
9412
948
4 93 8 935
24 4
8 9312 94
100 7133 Jan 151 96 Aug 1
5
*93
8
*90
95
4
2d preferred
95
24
*90
*92
*93
96
100 711 Jan 9 963 Aug 1
94
95
*90
*92
95
*98 117
9812
Reuss & Saratoga RR Co
*98 117
*96 103
100 9812June lOs 110 Mar 1
*96 103
*96 117
*96 117
3!g
414May 9
3
318 9,500 Reo Motor Car
2
/
1
4
3
31
2 Mar 181
3
3% 314
5
3% 314
3% 318
1814 1914 56.800 Republic Steel Corp
9 Mar 151 1914 Aug 9
No pa
181
9
174 17
1712 164 17'2 17
ins 17
% 17
885 71
8
100 2858 Mar 18 71 Aug 9
19,100 6% cony preferred
19
6514 681
67'z 663 677
657 67
68
4
8 86
66
70
7014 1,700 6% pref Ms of dep
28
28 Mar 15i 7014 Aug 9
4
66% 663 *66
653 681
66
68
*65
*67
4
67
71
300 Revere Copper & Brass
814May 16 43 3
738
6
512 Apr 31
738 *7
*67
2 704
712 *7
7
7
753 *7
*15
181
Clam A
18
*15
10 13 Apr 171 1912May 16 42 10
1812 •16
19
18
*16
*16
1812 *15
Preferred
280
*83
87
86
85
100 75 Apr 91 92 May 16
85
•82
85
86
8512 * _ _ 85
*80
*82
171 APr291 24% Jan 10 u 9 8
2.700 Reynolds Meta's Oo ____No pa
5
2333 23 2333 2233 23
2312 235
* 23
233
23
8 2278 23
100 101 June 10 1083
100 5A% cony pref
4July 5 101
•107 108% 2
'107 10814 107 107 *10614 1081 *107 1081 •10714 1O8'a
8 6.800 Reynolds Spring
1214 Mar 20J 23%July 26 47 6
2314 237
s 2312 237
4
*22
22% 227 228 223 23
22% 23
8
547 55
3 5438 5412 542
55
543
4
14,400 Reynolds(R J) Tob Class B-10 4314mar 2)3i 55 July 29
4 5453 547
893
4
543 5412 54
2
70
Class A
10 5514 Apr 221 8112July 16
5514
*1303 63% 1
4
*6114 68
6014 6312 r6312 6312 604 604 6012 6012
121k
Rhine Westphalia Elm, Power_.. 13 June 61 13 June 6
1712 *1312 1712 *1312 171 *1312 171 *1312 171
*1312 1712 *13
*1033 12
Vo par
100 Ritter Dental Mfg
*105 12
8
54 Mar 261 127
518
2June 14
8
8
104 103 *1053 1214 *105 1214 *105 12
*27 2752 2713 2713 .2738 277 nva 277 *2678 278 400 Roan Antelope Copper Mines__ 2172 Feb 25 3012May 17 20
27
27
$ Per share $ Per share $ per share $ per share $ per share $ per share
8
18
1774 1814 17
1732 18
17% 18
178 178 177 1812
*40
43
42
241
42
*41
42 '
*4112 43
41
41
41
*114
112 *114 112
112 112 •133 112 *133 112
112 112
*20
2878 *20 287
287 *20
*20
27
287 no
8
287 *20
8
8
103 113
4
8 103 1114
11
1114 1114 12
4
11
12
1112 12
113 138
184
112
4
112 13
I% 15
8
13
4 13
15
8 13
4
4
*2152 2212 2114 22
21
*21
213
8 2012 21
2138 2112 22
43
414 414
412 412
414 438
4
414 414
514 53
518
95
85
9018 *85
95
•73
9018 *73
*73
95
9018 *73
7
7
*65
8 7
753 814
718 712
7% 714
633 7
21
2038 2118
22
2012 21
2033 213
8
4 205 2132 20% 21
123 123
124 12412 *123 12412
124 125
124 124
*119 123
4
11% 118 1118 113
112
11
3
4 10 4 1114 1038 1112 1133 113
7214 7313 7318 70
*65 , 70
*70
70
*60
6912 70
70
*493 50
4
*49
5012 *49 , 5012
*493 50
4
*493 50
4
4 4 50
93
*115 '. _
___ *115
*115
- - *115
--- *115
*115
:
9814 9414 9514 94 94
*95 2 3 9512 96 943 954
4 94
C14
1412 1412 1414 14
1414 1414 14
143 14 ,_ 14
141 14
/
4
*17
8 238
4 2
*114 2 2 •114 233 *112 214 *138 238 *13
3
*413 614 *412 614 *412 614 *414 614 *41 614 *414 .1, 614
/
4
e
For footnotes see page 872
-
-
$ psr share
1412 3614
33
43
153
412
29
4014
81* 16%
7
2
9
273
2
62
2
353
70
95
151
1 1453
12% 19%
92
108
8
8
52
9
25
30
47
97
114%
60
114
fls
-1
8
;
212 111.
2
CM
1253 3312
2033 87
19
34
8512
69
103
116
953
512
1138
23
4
1033 12
42
2
/
1
4
214
7
j
157
133
17
854
212
6%
14
2
12
44
,
1012 2414
913 2112
47
1
445
67
51% 7414
1%
614
27
2
7%
1214 327,
201* 37
1952 66
11214
86
2
19% 437
8
2
38
12
5112
18
1312 43
914 177
814 14%
1314 18%
2414 87
49
64%
2
6
614 16
814
6%
11% 483
8
7
21
48
747
2
138* x201
4
512 1312
50
64
is
612
1
4
18%
7014
- -712
26
14112
412
1514
I%
812
I%
2553
10
11
4
714
6
22
3
1
1012
14
/
1
6*
5
835g
1025,
25
67
78
88
106
87%
3514
6%
49
33%
8%
4
%
2314
15
112
141*
Ws
38%
291
*
5
85
15
2
52
1
6
325*
30
114
2
1012
8812
8912
6
1114
45
15
12
1%
1033
2
3414
87
- -Eli%
42
12
169
113
*
43
3%
1912
6
597
27
5
161*
14 2
7
614
14
3
29*
1
612
22
64%
117
45
84
97%
108
119%
10412
691
s
147
2
89
63
191
4
912
66%
46
414
23
66%
4112
89%
14
6014
6
3833
1
13,
71
70
126
512
2 4
53
6712
4214
1412
2812
90
2733
112 - 11
4
8953 5151
57
62%
1212 28
518 1812
20
33%
New York Stock Record-Continued-Page 8
880
111011 AND LOW SALE PRICES
-PER SHARE, NOT PER CENT
Saturday
Aug. 3
Monday
Aug. 5
Tuesday
Aug. 6
Wednesday
Aug. 7
Thursday
Aug. 8
Friday
Aug. 9
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Aug. 10 1935
Range Sines .1071. 1
-share Lots
On Basis of 100
Lowest
$ Per share S per share S per share $ per share $ per share $ per share Shares
Par I per share
*4212 4312 4213 4212 427 427
8
8 4312 4313 43
4313 434 4313 1,400 Royal Dutch Co (N Y shares)- 2912 Mar 12
*4
434
4
518
4
54 *4
3 Apr 18
513 *4
518 *4
Rutland RR 7% prof
100
513
1713 1814 18
1812 173 183
4
10 1014 Mar 13
4 1814 1812 1814 20
20
2013 17.900 St Joseph Lead
*4 1
4June 6
3
4
4
1
114
14
118 114 4,000 :St Louis-San Franelsco____100
118
118
118
1
1
118
138
13
1 Apr 3
8 13
4
100
13
4 17
8
15
8 17
18t preferred
3 *112 13
4 2,200
*838 1112 *85 1112 583 1113 *85 1112 *853 1112 *83 1112
6 Apr 15
8
100
3
8
St Louis Southwestern
8
*12
1812 *14
18
*15
1812 *14
1812 *14
100 12 Mar 4
Preferred
1812 *14
1812
39
4J1!ne 13
3918 383 393
8
3818 387
4
8 383 39
8 3818 3814 3818 3813 8,600 Safeway Stores
No par 363
*106 110 *100 10812 *106 110 *106 110 *106 109 *106 109
4
100 1043 Mar 11
6% preferred
*112 1127 11214 11214 *1121 1 1127 11214 11214 112 112
8
100 10612 Feb 7
3
7% preferred
11212 11212
170
1014 10l2
6 Jan15
900 Savage Arms Corp
No par
*912 10
94 94
94 93
93
4 93
4 1013 1014
3
303 3013 3012 303
8
30
4 304 31
3012 3014 303
5 22 liar 12
8
4 313 3214 12,900 Schenley Distillers corn
1
134 Apr 4
23
4 27
8
23
4 3
8
23
8 23
24 3
3
4
27
8 3
23
4 27
4,600 Schulte Retail Stores
16
1714
8 Apr 4
16
17
16
100
1614 1513 163
4
4
4 1512 1512 153 163
800
Preferred
.68
6812 *68
6812 *68
6812 68
68
6812 69
No par 55 Jan 2
*684 69
60 Scott Paper Co
14June 29
No par
*3
8
12
13
*4
12
12
4
'2 . 12
12
12
'2 1,500 :Seaboard Air Line
5 Aug 1
8
*3
4 1
100
Preferred
*5
8 1
*3
4
*3
4 1
1
*7
8
1
*7
8
1
8
2912 293
4
303 3114 3034 3112 305 303
4
8 303 3114 6,000 Seaboard 011 Coot Del_ __No par 203 Mar 12
4 3018 32
8
34July 24
No par
Seagrave Coro
*34 3 2 *34 312 *3
,
,
4 3,
2 *314 3 2 *354 312 *354 312
533 5454 533 5412 53
8
4
5412 535 .55
8
544 57
No par 31 Mar 12
567 597 51,600 Sears. Roebuck & Co
8
3
118May 6
2
1
2
2
24 *2
214
2
214
24 5 218 ' 214 214 1,800 Second Nat Investors
.5512 56
1 40 Apr 3
57
563 5613 5614 57
8
Preferred
5!) i 60
57
850
567 58
8
75 Mar 13
8
I
8 1014 1012 1018 1013
1014 103
8 103 105
8
8
97 1018 , 97 1058 33,200 Serve! Inc
8
714 Mar 14
No par
77
8 78
4
7
75
8 78
73
4 8
7
753 73 '73
73
4 73
4
4 73
4 2,900 Shattuck (F 0)
9 Mar 14
No par
173 183
17
4
173
8 173 1818 173 1814 173 18
8 1714 18
8
8
4
19,800 Sharon Steel Hoop
418 44
34 Mar 12
414 44
,
NO pa
414 414
8 3,100 Sharpe & Dohme
43
8 43
3
414 ? 412 44,
2 43
484 49
48
483
8 4653 47
*4518 47
*4511 47
*453 47
8
Cony preferred ser A _No par 44 June 20
1,000
3
*353 38
Shell Transport & TradIng___£2 203 Jan 2
*3513 38
4
*3512 38
*3513 38
38
*36 i 38
*36
512 Mar 19
1078 11
107 1118 103 114 107 11
8
No par
3
8
18.700 Shell Union 011
103 11
4
103 11
4
*963 9714 9714 9712 973 973
4
4
4 98
98
100 6354 Mar 21
9712 98
1,000
973 08
4
Cony preferred
83 Feb 15
8
13
133
8 13
1318 1318 1418 1338 1418 1314 133
4 1312 134 10,100 Sliver King Coalition MInes___5
6 Mar 15
12
1214 1214 125
8 12
123
8 12
3 1214 123
1214 1214 123
8 7,600 Simmons Co
No par
5 July 19
6
63
8
618 612
54 57
8
3
614 614 1 614 612 11,800 Simms Petroleum
10
653 63
4 1038 1012 *1014 1012 104 1014
,
8
1058 1018 103 103
61 Jan 15
1018 1018 1,700 Skelly 011 Co
25
90
91
874 88
9112 91
89
91 , 91
100 60 Jan 22
91
91
91
1,100
Preferred
*28
31
*29
31
29
29
*28
31
28
100 13 Mar 20
28
*28
30
120 Sloss-Shoff Steel & Iron
4
*4213 463 *4212 463 *40
463 *43
4
4
4534 *40
100 24 Mar 12
453 *40
4
7% preferred
453
4
1714 1714 1712 1714 1712 1713 1713 1712 1712 173 1812 4,100 Snider Packing Corp_ __No par 1614 Apr 3
*17
4
8
3
1318 133
8 114 1212 113 1213 1112 117 116,400 Socony Vacuum 011 CoInc____15 11 Mar 11
8 133 134 125 137
8
4
*111 112 *111 112 *111 11112 11112 11112+111 112 *111 11158
500 Solvay Am Invt Tr pref
100 10713 Jan 15
8 2314 233
225 2278 2234 237
8
223 23
4
4 233 237
No par 20 Jan 30
4
3 2334 233
4 7.600 So Porto Rico Sugar
14512 147 *14553 148 *1454 148 . *14512 148
. 147 14714 *147 148
40
100 132 Feb 4
Preferred
2014 193 2054 193 197
8
194 2014 20
8
8 195 193
8
4 1913 2038 24,100 Southern Calif Edison
25 104:Mar 13
3 May 6
Dairies class A-No par
Southern
---- -- ---- ---- ---- ---- ---- ---- ---- . ---- __- ____
155 July 12
No par
Class 11
__ _
-- -_- ---- ------- - ----- - -- ---1912 187 1953 183 197
8
19
4
100 123 liar 18
4
1853 -- -12 183 _193
19
4
8 1914 19 8 39,100 Southern Pacific Co
-7713 73
8
718 712
73
8 712
512July 8
718 712
7 -_ 73
100
8 , 73
8 753 9,300 Southern Railway
7 July 8
93 10
4
912 10
914 912
100
914 94
97 1012 8,900
3
913 - 93
Preferred
4
*1714 21
*1714 21
*1714 21
*1714 21
*1714 '21
16 , 1714
Mobile & Ohio stk tr Ms 100 15 July 23
300
5 Mar 14
*55
8 712 *6
713 *53
4 712 *0
758 *53 : 7
Spalding (A (3) & Bros___No par
4
*654 7
*57
.59
61
6112 *57
60
60
61
*55
61
*56
61
100 42 Apr 2
1st preferred
20
8712 8814 8812 89
8712 8712 8734 8734 *8712 8734 87
8913
640 Spang Chalfant &Co Inc pref_100 5913 Apr 3
414 412
412 458
418 414
412 412
414 438
318 Mar 13
43s 45
8 4,100 Sparks WIthington
No par
314June 25
8
30 Spear & Co
No par
'
454 414 *418 453 *418 43
4,
*312 4,
4 *352 414 ` 3 414
*70
80
*70
80
80
*72
*72
100 65 Mar 23
80
80
*72
*72
80
Preferred
3513 3518 *35
3512 35
4
35
*343 3514 *343 3514 35
4
3519 1,000 Spencer Kellogg & Sons __No par 32 Apr 3
1134 12
113 12
4
4
113 124 12
4
113 117
1
4
74 Mar 14
8 113 12
1214 35,000 Sperry Corp (The) v $0
1012 11
1113 12
1114 1114 1112 12
124 12$8 1012 12
813 Mar 14
2,000 Spicer Mfg Co
No par
*4413 46
46
4512 46
46
*46
4513 46
4514 46
4612
No par 3314 Feb 14
460
Cony preferred A
6713 6812 8,200 Splegel-May-Stern Co
6712 6712 6738 6814 6613 6812 6714 68
No par 4373 Mar 27
664 67
100
103 103 *101 104 *102 104 *103 104 *101 1034 *102 1035
100 1013 July 26
4
8
6)4% preferred
6 July 27
7 3 84
5
7 4 74
3
712 818
7 4 818
3
8
8
8
8 14 13,500
Rights
1414 14
1413 1418 1438 67,900 Standard Brands
4 14
No par 1353 Apr 30
145 147
3
8 1413 144 1414 143
4
4
No par 12258June 4
4
150
12514 12612 12514 12512 125 125 *1253 128 *1253 128 *1253 128
Preferred
4
4
4
4
4
4 18
3,700 Stand Comm Tobacco
No par
4
418
213 Mar 15
33
4 413
*33
4 4
113 Mar 15
638
614 754 36,800 Standard Gas & El Co-No par
64 64 i 6
63
8 718
6 4 72
,
44 512
3
57
8 74
713 83
8
74 87
3
712 814
712 - 8
134 Mar 15
74 878 43,400
Vo par
Preferred
8 2054 233
4 2114 23
8 2012 2112 2012. 203
43 Mar 15
4
6.100
No par
1513 173
$6 cum prior prat
4 1913 233
2412 21
2212 253
245 15,600
3
8 22
No par
6 Mar 15
2212 2114 2112 21
163 20
4
$7 cum prior prof
138
138
8July 17
13
8 14 *13
138
8
112
13
7
8 *114
8
15
4 1,300 Stand Investing Corp
No par
*118
13
8
3
Standard 011 Export pref___100 111 Jan 3
8
8
*11212 11318 *11212 11318 *1125 1131 1123 11318 *1123 11313 *1125 11313
8
No par 2734 Mar 15
8 3518 3512 3518 355 20,700 Standard 011 of Calif
34
3414 3412 357
8
8 345 353
8
4 347 353
25 23 Mar 15
8 2618 27 32,500 Standard 011 of Indiana
2613 27
3 267 27
2614 265
8
2618 2614 2618 267
2512 *21
*21
2512 *21
26
*21
Standard 011 of Kansas
*2014 2712 *2014 26
10 2512July 31
2512
4678 4738 473 483
8
8 47
4854 465 474 46
8
473 24,700 Standard 011 of New Jersey__ 25 354 Mar 18
3
4 12 45
6
18
1838 1,900 Starrett Co (The) L 8____No par
1814
1213 /tar 14
1854 18
18
183
8 183 181_
8
1813 1858 18
4 7514 653
8 6513 6513 6518 6538 3,300 Sterling Products Inc
8
10 584 Jan 15
6313 6313 6314 644 643 743
13
13
.1 *153 134
l's Mar 19
8 153
8
8 *15
800 Sterling Securities el A___No par
15
*112 15
8 15
8
113 112
313 Mar 28
400
No par
Preferred
412
413 414
414 414 *4
44 414
*413 412 *414 412
*41
44
43 43
100
*4012 44
Convertible preferred
4012 44
*4012 44
60 36 Mar 5
48
*41
125 1314 24,400 Stewart-Warner
8
8 124 127
5
65 Mar 6
8
8 1214 1212 1212 13
1214 1212 124 123
83
8 9
83
4 97 66,000 Stone & Webster
85
8 914
8
No par
9
93
8
213 Mar 14
8
93 1014
8
9
103
35,800 :Studebaker Corp (The) new_l
214 Apr 17
33
4 4
4 4
378 4
33
4 4
33
33
4 34
33
4 34
6512 66
2,700 Sun 011
No par 6011 liar 20
3
6612 6612 6612 66 66
657 66
4 66
6612 663
4
70
100 11513 Jan 10
Preferred
1183 1183 *11812 119 *118 1183 al1814 11814
4
4
119 119
*11812 119
19
1814 1814
300 Superheater Co (The)__No par 311 Apr 4
183 *18
4
1814 1814 *1814 184 *18
*1814 19
214 214 4,500 Superior 011
214 23
8
214 214
213 2 8
1
5
153 Jan 2
24 212
24 214
884 83
100
4
.5 Mar 18
812 83
4
914
87
3 9
9
9,
9
s 2,100 Superior Steel
8
87
8 87
34 Mar 6
412
100 Sweets Co of Amer (The)
412 412 *4
50
412 *4
44
412 *4
*414 412 *4
25 1514July 15
4
154 154 1512 153 12,600 Swift A Co
3
3
1614 1613 154 1614 157 1614 153 16
14 Apr 15
500 :Symington CO
No par
12
*3
8
12
12
12
*3
8
12
12
12
12
12
*14
Class A
14 Apr 20
400
2
No par
2
*13
4
4 13
17
8
4
4 2
13
*13
4 2
*13
013
4 2
5
64July 18
3,200 Telautograph Corp
7
7
7
7
7
64 7
7
7
67
8 713
7
414 412
412 412 2,500 Tennessee corp
5
4 Mae 15
44 44
414 414
418 453
414 414
25 1613 Mar 13
1918 197
8 1914 2014 40.500 Texas Corp (The)
194 20
4
194 2012 103 2014 1913 20
No par 283 Apr 4
4
6,900 Texas Gulf Sulptur
3 344 3412 3418 344 334 34
4 343 347
343 343
8
8
4 34
343
10
314 Jan 2
638 17,700 Texas Pacific Coal & Oil
6
54 6
53
4 6
53
4 6
57
8 6
57
8 6
1
813 Jan 15
4,800 Texas Pacific Lam Trust
1013 10
10
8 1018 1018 10
10
1018 104 1018 103
10
100 14 Apr 12
100 Texas & Pacific Sty Co
*1812 2054 *1614 2054 3014 2014
*1812 2014 *19
2014 *1812 20
1912 1834 1914 4,100 Thatcher Mfg ___ _ __ ___No par 1318May 8
18
1818 18
1814 1814 1814 1813 1913 ID
No par 50 May 4
$3.60 eons prof
,
300
5614 57 .5614 5712 *5614 5712 *5614 5713
*5614 57
*5614 57
10
No par
113
918
5 4 Apr 10
10
,
914 10
11
838 914
3,800 The Fair
9
838 Sls
_100 614 Jan 7
10
99
Preferred
*84
90
*88
*85
*82
90
90
90 90
*83
90
1
211 Mar 7
53
3 53
8 2,500 Thermold Co
,
54 512
54 32
,
53
3 58
3
313 558
5 2 54
,
2 June 28
8 4
100
314 318 *314 34 *33
900 Third Avenue
*312 34
*23
8 4
3
3
4 247 2512
8
1 16 Mar 15
900 Third Nat Investors
233 2414 *2312 243 *2313 245 *2212 2412 244 243
4
8
4
25
513 Jan 7
200 Thompson (J R)
613
612 613
612 *6
557
8 612 *6
6
6
*54 612
174 18
173 18
8
8
11,900 Thompson Products Ins_ No par 134 Mar 13
8
173 177
4
3 173 18
8 1718 1712 173 177
278 3
234 278
24 3
25,300 Thompson-Starrett Co___No par
213 23
4
318 338
133 Mar 15
23
4 33
3
2212
No par 17 Apr 23
2212 *16
223 *16
8
700
*16
20
20
23
23
$3.50 cum prof
2314 *17
8 1012 103 31,300 Tidewater Assoc 011
75 Mar 18
8
4
No par
103
4 1058 104 1013 1058 1013 103
913 1018 10
8
8
1003 1003 10014 10012 3,200
100 84 Jan 8
100 100
Preferred
100 100
993 1004 100 100
4
42
*39
*39 5 41
No par 264 Mar 20
42
70 Tide Water 011
*3514 41
*39
3712 41
41
41
1,000
100 100 Feb 15
10618 1064 10618 10618 10618 10618 *10618 10614 10618 1064 10618 10618
Preferred
3
812 912
45 Mar 15
9
3
10
97 82,200 Timken Detroit Axle
8
812 82
4
814 83
814 83
4
814 853
8
4813 497
4 49
503 11,200 Timken Roller Bearing-No par 283 Mar 15
8
4 4913 493
8 4912 493
8 49
493
4 49
497
44 Mar 12
No par
3
67
8 7
7 2 7 4 35,900 Transamerica Corp
,
67
8 7
754 713
67
8 718
74 714
1013 107
8 107 11
714 liar 29
8
018
WS
95
4
12,500 Transcon & Western Air Ina_ 5
93
8
912 103
4 1013 11
54 Mar 14
8 10
4 1,000 Transue & WilllamaSt'l_ No par
*10
103
93
3 93
1014
94 94
914 954
912 912
43
4 5
5
5 14 21,000 Tri-Continental corv
No par 14 Mar 13
5
5
43
8 5
44 5
44 518
*90
92
92
200
92
No par 69 Apr 4
6% preferred
92
*90
92
*DO
92
9112 9112 *90
No par 36 Feb 7
Trio° Products Corp
4
484 17-8
47
44 Jan 15
43No par
08 - 11 1,600 Truax Traer Coal
1
443 -43-478
*45. /4 *433 - 41
2
63
10
8
313 Mar 13
612 7
9,400 Truscon Steel
6
614 612
63
8 612
618
6
653 63
8
212June 5
400 Twin City Rapid Trans__ No par
*3
314 *3
314 *3
354
34 3
3,
4 354 *314 3
4
4
22
24
2438
224 22 22
470 Preferred
*22
10(1 18 Mar 18
2414 22
2218 2212 22
118June 10
No par
2
*14 17
238
8
2
2
2 18
214
218 214 *258 214 4,000 then & Co
6713 2,100 Under Elliott Fisher Co NO Par 534 Mar 29
6712 6812 *66
653 6512 653 68
*68
8
6912 67
4
68
10
100 12612July 17
Preferred
129 129 *129 133 *129 133*129 133
*129 131 *129 131
29 May 2/4
3212 324 3213 327
4
8 325 34 4 333 3414 3312 34 ' 334 3378 23,100 Union Dag h Pan Coro___No par
8
,
637 15.700 Union Carbide & Carb___No par 44 Jan 15
8
8 62
624 6312 6314 64
8
623 6314 6212 633
027 64
3
3
8 173 13
4
10,600 Union 011 California
25 143 Feb 6
8 173 1812 174 1814 173 177
4
8 174 177
175 173
8
8
-A 1,
For footnotes see page 872.
Highest
July 1
1933 to Range for
July 31 Year 1934
1935 --High
Low Low
I Per share $ per sh
4352 Aug 7
2858
512 Jan 3
3
213
4llay 23
1014
2 Jan 8
4
212 Jan 8
1
14 Jan 12
6
2178May 13
12
46 Jan 2
353
4
11314June 29
80
1144June 19
9018
1118July 17
413
333
3July 17
174
4 Jan 2
134
2018 Jan 18
8
69 June 11
3714
7 Jan 4
3
14
112 Jan 5
3
4
357
3May 9
19
47 Jan 26
3
212
597 Aug 9
8
30
254 Aug 7
14
60 Aug 9
30
11 July 29
31
,
914 Apr 22
6
183 Aug 6
8
4
514July 31
314
50 July 23
30
37 July 29
19
13 May 29
513
98 Aug 7 58 4552
193 Apr 26 zs 54
8
13 July 29
6
184 Jan 9
5
113
8May 23
6
9112 Aug 6
42
33 July 19
12
50 July 19
15
20 Feb 15
311
153
4May 24 11 912
1117
8July 2
76
283
8llay 24
20
150 July 5 112
203
8June 11
1013
53
3JulY 12
3
2 June 10
1 13
203 Aug 1
8
124
1613 Jan 4
512
203 Jan 4
3
7
334 Jan 12
15
73
5
41May 24
63 May 10
3014
91 June 15
20
53 Jan 2
4
27
3
7 Jan 22
1,
3
74 Jan 7
3013
3614May 11
1214
1214 Aug 1
34
1413July 22
6
4713July 22
18
794 Jan 17
74
10312July 1 * 45
87 Aug 1
8
6
1913 Jan 3
1353
130 Apr 9 120
473 Jan 21
213
738 Aug 6
113
87 Aug 8
8
134
235 Aug 5
8
43
4
253 Aug 5
8
6
112 Jan 7
7,
116 Apr 6
9413
387
3May 24
261,
2714llay 9
23
32 Feb 18
19
5012May 23
3358
20 July 9
6
67 Apr 25
453
4
173 Jan 18
1
54 Jan 3
25
8
43 Aug 9
2818
1314July 30
44
104 Aug 3
21
,
453 Aug 1
214
7512.1une 13
42
121 Mar 23
96
2114June 19 211
3 Apr 17
14
1054 July 29,
45*
514 Jan 31
34
1714July 18 6 11
7 Jan 4
3
4
24 Jan 4
14
97 Jan 9
e
633
513 Jan 26
353
233
411ay 17
1613
3634 Feb 19
224
63
8July 9
213
1212May 14
6
25 4 Jan 10
3
1313
1912 Aug 7
8
57 July 19
383
3
11 Aug 9
4
90 Aug 7
45
57 Aug 1
8
21
,
5 Jan 6
2
2512 Aug 9
13
612May 17
44
183
8July 29
10
34 Jan 7
13
3
2314 Aug 6
17
12 May 23 17 753
10213June 4 11 4318
41 June 19
13
1083
3June 18
62
97 Aug 9
8
3
503
3July 29
21
73 Aug 9
4
1133
11 Aug 7
74
107
8July 25
412
514 Aug 9
17
8
9212July 23
51
4213 Jan 7
252
4
67
4May 10
II,
7 Aug 9
33
3
5 boo 19
N
273 Feb 18
4
414
23 Aug 6
8
4
6912July 9
2253
133 Apr 5
95
504 Jan 32
29
6512July 31 "3!
204May 23
1113
3 per ehare
2858 3918
413 15
1514 277
8
458
118
113
618
8
20
13
27
384 57
84es 108
9812 11312
54 1258
1718 384
if
3
15
303
4
61
603
8
'3
2
34
1
203
4 3
84
21,
54
31
514
14
44
32
52
44 9
84 134
54 134
4
77
,
3814 49
264
19
1113
6
57
89
8
1253
84 2413
74 174
Ills
6
51.4 6813
15
274
1813 42
64 1934
8
1214 167
10812
86
393
8
20
137
115
1013 2213
513 103
8
1,
3
34
147
4 333
4
1112 38'2
14
41,
4
314 574
5
13
3014 74
30
66
24
8
2
733
39
6412
1534 3318
113
3
533
13
6
4
213
4 41,
7614
19
.
--17; 25I1
-1
12114 127
3
3
35
8 17
45
8 17
33
10
114 384
T.
17
8
964 114
264 44378
2312 274
41
26
394 5018
153
8
6
4714 664
3
14
3
7
30
3818
44 ills
37
3 134
_
- -1- - 51 3 74'4
118
100
111, 2514
114
314
g5
154
54
34
-24
4
113
518
713 164
318
614
195
8 294
63'4
30
DI
612
61
4 12
134 4314
8
13
39
5218
124
4
83
50
24
94
4
84
1313 2213
47, 11
204
10
13
4
512
3413
17
8
1448
644 87
24
40
80
1004
38
7
812
41
24
5ig
813
4,12
3
804
33
143
34
11
8
13
-13
634
73
42,
2
513
Os
812
39
el
36
1
58 8
47
102
1284
394 504
354 504
114 204
HIGH AND LOW SALE PRICES
-PER SHARE. NOT PER CENT
Saturday
Aug. 3
Monday
Aug. 5
1
881 4
New York Stock Record-Concluded-Page 9
Volume 141
Tuesday
Aug. 6
Wednesday
Aug. 7
Thursday
Aug. 8
Friday
Aug. 9
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Ranee sum Jas. 1
Ors Bath of 100-share Lots
Lowest
Highest
July 1
1933 to Bangs for
July 31 Year 1934
1935
Low Low
High
$ per share $ per oh
par $ per share
8212
/
1
4
100 82 Mar 28 11112 Jan 10
Union Paolfie
/
1
100 7912 Mar 14 904July 3 6278
Preferred
13114
/
1
4
No par 20 Mar 13 2612 July 17
Union Tank Car
81
/
4
97 Mar 13 1812 Aug 9
2
5
United Aircraft Corp
314
7 Aug 9
/
1
4
412 Mar 13
United Mr Lines Transp•t 0-5
7
7 Mar 29 1534 Aug 2
United American Bosch-No par
19
/
1
United Biscuit
No star 204May 16 2612 Jan 9
100 118 Jan 18 118 Aug 7 10414
Preferred
/
4July 9 2014
No par 46 Jan 28 611
United Carbon
11
/
4
5 Aug 5
112 Feb 27
No par
United Corp
2034
4
Preferred
No par 208 Mar 13 4134 Aug 9
612
834June 14 1314 Jan 7
5
United Drug Inc
234
/
1
44 Mar 13 1134May 16
10
United Dyewood Corp
50
100 65 Mar 21 9012May 23
Preferred
314 July18
3
7 Jan 9
/
1
4
No par
United Electra', Coal
491
/
4
/
1
4May 14
/
4
No par 711 Feb 6 92
United Fruit
914
94 Mar 18 1738 Aug 9
/
1
United Gas Improve
No par
8212
No par 8712 Mar 15 10738July 16
Preferred
1
8June 29
33
Vs Jan 28
100
:United Paperboard
114
5 2 Jan 7
7
114June 3
United Piece Dye Wks-No pa
10
100 10 June 3 3312 Jan 24
634% preferred
212
712 Jan 3
3 Apr 4
/
1
4
532 ii
534 i
b5 if 11,550 United Stores class A__--No par
8
858 1
.
7
558 1
5i4 I
48
/
1
Preferred class A
No par 46 Apr 3 654 Jan 19
*60
60 60
100
6434 *60 65 *60 65 *60 65 *60 65
37
/
1
6012 6012 61
62 *61 62
/
1
4
6112 62 *6012 614 *603 6118 1,000 Universal Leaf Tobacco .....No par 51 Mar 15 664July 15
4
/
1
/
4
100 1331 Feb 9 152 July 29 10814
Preferred
30
*151 152 *151 152 *151 152
/
4
/
4
15178 1511 152 152 *151 1511
15
4
29 29
*28
180 Universal Pictures 1st pfd-100 29 Aug 3 403 Mar 15
31
3012 3212 3212
29
30
29 .29
31
2 Jan 18
/
1
4
/
1
4
1 July 13
1
*114 14
112 112 10,200 Universal Pipe & Rad
/
1
/
4
11 11
/
4
11 11
/ /
4
4
/
4
114 13
11 11
/
4
4
414
100 12 Feb 6 1938Mar 6
Preferred
1312 1312 1432 1612 15
430
1634*1314 1514 *1314 1514 *1314 1512
12
4
20 • 143 Mar 14 22 Jan 7
19
19
19
19
1912 9,000 US Pipe & Foundry
1838 19
1914 1872 191
181 19
1314
No par 1914 Jan 7 2112June 25
*2034 2112 *21
let preferred
800
2114 2114 2138
2138 2118 2114 2114 2114 *21
112
2 Jan 3
/
1
4
%June 24
*1
114 *1
No par
600 17 8 Diatrib Corp
llg 11
1
114
1
114
*1
114 11
4
5 July 26 10 Jan 9
100
Preferred
30
*618 714 *61 714
/ 7
1
4
/
4
65
3 6
/
1
4
61 61
/
4
*7
714 *6
/
1
4
/ Jan 4
1
4
/ Jan 2
1
4
100
United States Express
_
U
11 Mar 14 21 Aug 2
No pa
-ioTa 161; -2512 164 16" 261 "ZoTs 114 ------- - 2038 _2,5513 u 8 Freight
-" .
-8
412
932 Aug 9
4 Mar 12
/
1
4
No par
*812 83
4
87
9
/ 4,000 US & Foreign Seour
1
4
8
/ 0
1
4
83
9
918
8
/ 9
1
4
4 87
8
No par 6514 Mar 26 89 July 23 60
*8134 87 *85 87 *85 87 *85 87 *85
Preferred
200
87 8712
87
3414
20 4012 Mar 12 6412 Aug 9
6234 623 64 64
4
/ 6412 3,200 U S Gypsum
1
4
6234 6334 63
8
6214 6212 6238 627
100 143 Jan 11 15712June 11 110
*153 156
154 154
170 7% preferred
/
4
153 153 153 153 153 15312 1531 15314
3
/
1
4
74May 24
/
1
5 Feb 6
5
*718 718 *7
7
/ 758 1,200 U S Hoff Mach Corp
1
4
738 7
/
1
4
738
712
714 7
/ *7
1
4
32
2July 13
3918 4114 4112 411 4012 41
4114 42
/ 5,700 US Industrial Alooh01.-No par 8512 Mar 13 467
1
4
/
4
/
1
4 404 4012
40 403
318
858May 22
312 Mar 15
No par
/ 1,700 U S Leather v t 43
1
4
*614 7
63
4 6
*612 631
8
63
4 67
63, 658
63
4 714
7
7 Mar 16 1484May 21
/
1
4
No par
*1214 1273 127 127
Class A v I a
1312 1234 1318 3,000
2 13
/ 13
1
4
1314 13
133
45
100 53 Jan 22 67 July 19
Prior preferred•1 a
*59 68 *62 68 '
100
*62 68 *62 68
562 66
66 66
3
7 Jan 7
3 Mar 13
No par
4.300 U 13 Realty & Imps
5
5
478 5
5
5
/
1
4
/
1
4
5
51
/
4
5
538
814 5
94
/
1
9 Mar 13 1714 Jan 3
/
1
4
No par
4 1312 141
1312 133
1334 1432 13% 1414 1412 1413 1414 1424 25,800 U S Rubber
1712
100 2412Mar 14 4238 Jan 7
1s5 preferred
4
8
308 355 3658 363 37
/ 363
1
4
8 36
354 3538 34
/
1
/ 3714 38'2 25,300
1
4
5314
60 95 Apr 5 12412 Apr 25
10312 10334 103 103
10214 104'z 6,800 U 13 Smelting Ref & Min
10134 106
/
1
4
10312 105 104 105
511
/
4
8
50 627 Jail 3 7334.July 14
Preferred
*72
73 *72
200
72 72
727
73
727 *72
*72
724 *72
/
1
/
1
4
100 2712 mar 18 43 July 31
2712
4213 4314 428 433
8
4114 423, 421s 433 85,300 US Steel Corp
417 4318 4118 423
6714
/
1
4
100 73 Mar 18 10034July 29
9814 993
4 9812 9934 9834 9934 9814 99
Preferred
9814 10014 100 100g 7,200
8184
/
1
No par 1194 Jan 4 14034May 16
*135 137 *135 137 *135 137 *135 137 *135 137 *135 1354
U S Tobacco
/
1
/
1
4
100 14984 Feb 11 165 Aug 3 124
10 Preferred
165 165 *160 175 *160 175 *160 175 *160 175 *160 175
4
8
33 Aug 9" 7
1 Mar 15
1
3
3 14
3
/ 312
1
4
3
/ 3i2
1
4
3
/ 312
1
4
314 338
338 334 36,900 Utilities Pow & Lt A
12
11 Jan 2
/
4
12 Mar 15
8
4 1,200 Vadsoo Sales
No par
*3
s
3
1
8
5
8
34
3
8
9
8
5
8
"8
3
4
9
8
1914
100 1914 Apr 11 2418June 19
•2232 2458 *2238 244 *2238 2458 *2238 2458 *2238 2458 *2238 2458
Preferred
/
1
1114
21 Jan
/
1
/
1
1518 1538 1514 15
8 5,700 Vanadium Corp of Am....No par 114 Apr 11 254 Aug 7
1514 1538 155
/ 1514 1514 15
1
4
1518 15
344
2
1114 Feb 7
., 23
/ 237k 24
1
4
241 24125
/ 23
1
4
/ 1,700 Van Amite Co Inc
1
4
/
1
2412 2438 244 23
241 24
/
4
5414
100 91 Feb 20 108 Aug 6
*10518 112 *107 108
20
7% MI Met
108 108 4
'108 110 *108 110 *108 110
23
/
1
4
$ 34 May 28 3810une 24
*3738 37
/ 37 3714 36
1
4
1,700 Vick Chemical Inc
37
37
/ 373
1
4
8 37
3678 37
/ 37
1
4
80
*574 70 *5718 70
/
1
40 Vicks Shreve & Pac Ry Co pf_100 70 Aug 6 70 Aug 6
*65
75
75
70
70 *65
17
2
458 Jan 3
2 Mar 18
/
1
4
*278 3
2
/ 278
1
4
1.600 Virginia-Carolina Chem --No par
/ 3
1
4
2
/ 272
1
4
3
318 *2
3
3
10
*1934 2012 20
100 1712June 1 2714 Feb 1
/
4
2038 *1938 207
/
1
2114 2114 214 2114 211 2,100 6% preferred
8 20
5714
100 85 Jan 4 13018May 6
*94
9618
*94
96
7% preferred
96
*94
9618 *04
*94
96 *94
96
60
*10112 102 *10114 102 102 10212 *10114 1023 *10012 1023 •10118 10238
/
1
4
100 Virginia El & Pow $6 pt __No par 7212 Jan 4 10412July 16
8
2
2
4 Mar 8
2 June 22
214 314 *214 314
80 Virginia Iron Coal & Coke-100
/ *23
1
4
/ *234 3
1
4
4 38
7
/ *234 3
1
4
314 3
15
100 15 Feb 19 1512 Feb 28
*15 25 *15
5% pref
25 •15
*15
25
25 .1512 25
25 *15
36
/
1
4
10e 63 mar 29 83 May 10
*7312 7412 *7312 751 7312 7312 *71
10 Vulcan Detinning
/
4
743 *71
4
7412 *70
7518
95
100 10914 Feb 5 11612 Aug 9
Preferred
50
1
2 Jan 8
/
1
4
1 Apr 1
11 11
/
4
100
/
4
11 112
/
4
112 112
800 :Wabash
/
4
114 11 *11 112 *138 112
/
4
13
4
3 Jan 4
/
1
4
*214 212
184 Mar 1
100
212 21
Preferred A
500
252 23,
212 212 *238 23, *28
2%
1
2 4 Jan 19
3
*112 2
1 May 22
/ *Ds 21
1
4
100
Preferred B
*118 vs
*114 212 *114 212 *116 238
/
1
4
7 Jan 10 9 3
/
1
4
/
1
4
634 634
4 Mar 15
No par
612 61
600 Waldorf System
612 634
4
*61
61
4
612 613 'Vs 63
/
1
4
32
3012 32
No par 2634June 8 323 Aug 5 • 154
3234 3112 3214 3112 32
8,000 Waigreen Co
/
4
311 311 3134 32
/
4
*11714 11712 *11714 11712 11712 1171 *11712 1173 *11712 1173 11734 1173
100 114 Jan 7 120 Apr 24 9 80
130
4
834% preferred
4
4
114
372 Jan 7
*214 212
14 Feb 28
/
1
No par
218 214
214 23, 1,600 Walworth Co
214 214
214 214
214 214
5
5 Mar 14 10'4 July 17
No par
200 Ward Baking class A
9
9
9
*83
8 9
/
1
912 *84 9
9
*832 9
*9
14
/
1
11
/
4May 20
*114 11
/
4
14 Feb 28
/
1
138 14
Class B
No par
158 158 1,300
/
1
112 158
13
8 0
11 14
/
4
/
1
24
*41
4412 43 43
100 2812 Jan 12 4314 Aug 6
Preferred
700
43 4314 *4212 4272 4212 4272 42 42
54 July 30
214
5 • 518
214 Mar 16
5
5
51
434 5 32,600 Warner Bros Pictures
512
5
5
5
514
S'g
12
*3814 3812 374 371
/
1
33.85 cony pref
No Par 1413 Mar 18 4012July 29
720
33 36
37
/
4
37 3714 3612 371 37
*3
4
/
1
4
/ 1
1
4
/
1
4
1
1
14 Jan 2
/
1
42, 1
*7
2 1
/Mar 15
1
4
1.700 Warner Quinlan
No Dar
1
1
2
/
1
4
4
/
1
4
53
4
4
6 Jan 7
212 Mar 15
33
4 414
32
7
4
414 33,400 Warren Bros
4
/ 51
1
4
/
4
514 53
No par
7
/
1
4
*1012 12
772 Mar 20 17 Aug 6
11
1614 1614 17
Convertible pref
/
1
No par
114 •104 1212 3,000
/
1
11
14
13
13
/
1
4
22 22
*2112 22
1,000 Warren Fdy & Pipe
No par 2058 Aug 7 28 Jan 8
22
2114 22
21
2114 2112 2058 21
3
6 Jan 2
4
*41 43
/
4
4
4 Mar 14
434 43
51/4 538 *43
/ 538
1
4
No par
4 2,300 Webster Elsenlobr
412 412
4 514
60
*80 - - *80 - _ *80
Preferred
100 85 Apr 29 90 Feb 18
_ - *80 - - *80 - - *80 - -138July 3
*11 Ill *114 *11 "fix »114 /
4
8
4
1 Jan 5
Wells Fargo & Co
112
11
1
4
12
1
*114 -*114 -11
15
4014 41
397 41
8
42
4314 16,500 Wesson Oil& Snowdrift...No par 304 Jan 15 4314 Aug 9
40
41
4014 4078 4012 42
49
*81 811 8112 811 *811 821 *8138 8212 8112 8112 *813 8211
/
4
Cony preferred
400
No par 72 Jan 29 83 July 9
4
/
4
34
200 West Penn Elea class A
72
73
72
72 *71
71
Ns par 34 Mar 6 7312July 10
*7018 72
/
1
4
71
71
71
73
2
397
4
80 80
80 80
250
Preferred
100 3972 Mar 6 833 Aug 9
833 833
4
4
81
83
8012 81
804 81
/
1
36
70 70
70
560 6% preferred
75
100 38 Mar 14 75 Aug 9
74
70
/
1
/
1
70
72's 724 7312 734 731
8812
*119 ---- *119 -- '120 - - *120 _ __ *120 ____ 120 120
/
1
4
20 West Penn Power prof
100 104 Jan 17 120 July 29
*120
783
4
4July 17
100 6% preferred
*112 --__ 11312 113
/
1
4
/
1
4
100 95 Jan 2 1133
/ 112 1111
1
4
/
1
4
1131211112 *113 __- 113 11314
/
4
Fs
West Dairy Prod ol A----No par
2'g Jan 8
14June 8
/
1
---- ---- ---- - _
/
1
4
Al Jan 8
82May 1
it5o Clam B v i o
1
No par
*3
8
-12
3
8
i2
j2
12
-72
-12 ;
%
"8
83
8
8
512
972 Jan 7
8
8
512Mar 15
8
81 6,300 Western Maryland
/
4
7
/ 8
1
4
7
/ 3
1
4
77
8 814
100
74
/
1
13
1234 1234 121 123 *10
*12
7 Mar 81) 13 June 18
/
1
4
2d preferred
/ 1258 1,300
1
4
8 12
100
125
123 *11
4
4
/
4
114 11
/
4
*114 11
11
/
4
3 Jan 7
/
1
4
112July 19
100
300 Western Pacific)
114 114
/
1
114 114 *114 112 *132 14
/
4
2
/
1
4
772 Jan 7
/ 2,400
1
4
238 Feb 26
Preferred
312 3
34 338 '313 34
/
1
100
3
/ 338
1
4
/
1
312 312
34 312
/
1
2058
43 4458 44
/
1
4
/
1
/ 4958 74,700 Western Union Telegraph-100 2058 Mar 14 494 Aug 9
1
4
457
8 4412 481 4612 48
467s 4812 47
/
4
254 253
/
1
4 251 26
/
4
4 2718 2758 2714 2772 11,800 Westingh'se Air Brake __No par 18 Mar 27 2772 Aug 9 99 1534
274 273
/
1
2614 27
2772
63 6418 63 64
67 37,100 Westinghouse El & Mfg
/
1
4
50 32 Mar 18 67 Aug 9
6212 637
4 62% 6372 6314 648 z64
77
20
*110 115 *110 115 *112 115
lst preferred
50 90 Feb 5 117 July 15
114 114 *111 114 *110 114
1
4
8 171 173 51714 1712 1712 1712 1712 173g 1,400 Weston Elm lnstrum3--No par 10 Mar 18 19 July 24
5
174 17
/ / 1712 177
1
/
4
4
*3232 36
*3232 35
15
20
/ 35
1
4
Class A
No par 29 Jan 4 86's July 24
3412 3412 34 34 *3312 35 *32
214 2218 2114 22
/
1
1214
/
1
2034 2114 2034 2114 4,900 Westvaco Chlorine Prod Nopar 164 Mar 13 2312 Jan 3
21
211 2012 21
/
4
18
Wheeling & Lake Erie By Co_100 18 Jan 3 2712July 18
35
*22
35 *22 35 *22
35 *22
35 *22
35 *22
21
20 8% non-cum preferred___100 25 Mar 14 35 July 24
35
35
40
0 *35 40 *35 40 *35
*35 45 *35 4
111
/
4
1,200 Wheeling Steel Corp
23 2358 23
/
1
4
/ 2334 23 234 *2214 23
1
4
No par 1414 Mar 28 2438July 29
/ 2312 2312 2378 24
1
4
/
1
34
Preferred
600
82 82
/
4
100 461 Jan 12 8312 Aug 1
82 82
82 82
*8112 83 *81% 83
83 83
67
2
/
1
/
1
4
/
1
111 1134 11
/
4
1178 11
6 Mar 15 184 Jan 3
111 104 1138 5,200 White Motor
/
4
102 111 1114 11
50
/
4
15
1538 4,900 White Rk Mln Spr otf --No par 13 Mar 2
131
/
4
241 Jan 9
/
4
1412 15
143 143
4
4 13
/
1
4
/ 14
1
4
/ 134 14
1
4
1372 14
/
1
234July 29
114
213 218 *2
114 Marl
800 White Sewing Maohine___No par
214 238
214 *2
214 214 *238 22
214
4
15% July 27
13
13
6 Jan 1
Cony preferred
No par
13
13
/
4
/
4
1314 1312 1312 141 141 1418 1234 1338 4,800
1
24 Jan 8
/
1
1,600 Wilcox 011 Jc Gas
212 21
*21
214
214 214
1 Marl
5
213 218
232 212
212 214
3512May 27
__
_
_
2272
Wilcox-Rich Corp class A _No par 34 Feb
3
/
1
4
7 Jan 2
3 Apr
/
1
4
No par
512 -53
553
59 8 514
"558 -E34 Liz 158 512 - 21,000 Marin & Co Inc
572 19
4
111
/
4
813 Jan 8
2
Class A
No par 2513 Feb
75 Feb 23
58
100 58 Apr
fciii _:am so pre
57
. g
3534 Vcr -6512' - -6513 Iiiii "io- .
761; 2
; -161 -65- 6158 -t
55- /
35
6514June 18
10 61 Jan 1
6138 611 6113
4
4
6114 61% 6114 613 26118 6174 611 62% 13,100 Woolworth (F W)Co
2112 Jan 7
/
1
1,500 Worthington P & W
114
/
1
100 114Marl
1714 1712 18
1712 1712 1712 18
/
1
1758 1758 1712 174 17
4614July 17
Preferred A
460
254
/
1
100 2512 Mar 1
3834 4112
*41
44
41
414 41
/
1
4112 4012 4114 3812 40
8618July 18
Preferred B
3112 1,100
20
100 20 Apr
8 31
*313 3314 32 32
4
8
4 305 305
321 321 3012 315
/
4
/
4
500 Wright Aeronautical
53 Apr 24
/
1
4
No par 3512 Mar 1
12
46
46
*48
4 4812 5012
494 46
/
1
4812 493
48
46
48
4734
82 4 Apr 26
3
4
700 Wrigley (Wm)Jr (Del) No par 733 Mar 1
7712 7714 7714
7712 *77
76
708 77
78
78
*7534 79
25 173 Apr
/ 2378 1,200 Yale & Towne Mig Co
1
4
2412 23
2412 24
1132
248 July 29
4
4
24
24
2414 241 2414 2334 24
/
4
438 Aug 1
258June
3
/ 438 13,100 Yellow Truck & Coach al B-10
1
4
2
/
1
4
/
1
4
358 3
/ 432
1
4
358 3
/
1
4
3
/ 4
1
4
3
3
/ 4
1
4
Preferred
170
6014 Aug 2
100 3112May
25
57 *54 60
58
57
*57 60
59
57
57
57 57
3352 Aug 91 104
/
1
3114 3112 3112 3358 3,500 Young Spring & Wire-.No par 18 Mar 1
32
315 32
8
3158 32
3218 32 32
2458 2618 2512 2638 20,500 Youngstown Sheet & T-No par 13 Marl
2634 July 301 1258
2518 253
4 2518 2578 2412 2558 2412 25
100 3812 April 75l July 24 11 30
71
71
200
8
54 Preferred
74 *69
•70
74 *69
69 69 *685 72
74
*33, 4
No par
3,800 Zenith Radio Corp
418 Aug 5
114May 6
4
11
/
4
33
4 4
4
4
4
3
/ 4
1
4
3
/ 418
1
4
258June 7
1
5.100 Unite Products Corp
4
4
3
/ 4
1
4
2
/
1
4
47 Jan 101
3
/ 4
1
4
2
3
/ 4
1
4
3
/ 37
1
4
8
37
s 4
S per share $ per share $ per share $ Per share 5 per share $ per share Shares
10414 10412 103 105
9858 10114 15,200
/
1
4
9712 10312 9612 9812 97 101
89 89 *8718 90
*8612 90
900
8812 8812 8812 90
*8738 90
400
/
1
*2414 25 *2414 24
/
1
/ 2414 2414 2412 244 2412 244 *2412 2458
1
4
1812 71,600
1618 16
/ 1612 1718 164 174 1658 1738 1714 1814 18
1
4
/
1
/
1
6
/ 714
1
4
614 612
8
678 714
7
/ 77 57,600
1
4
65
8 7
67
8 7
/
1
4
400
/
1
4
*14
1533 *14
15
1312 1318 *1314 14
15
*10
14
15
241 2412 x2412 241 24
4,300
/
4
24
2334 2414 24
4
2412 233 24
20
4
*11334 140 *1133 140 a119 119
4
118 118 *1333 119 *11334 119
55 4 5614 .5612 57
3
/ 58 5812 2,200
1
4
/ 57
1
4
4 57
.5714 574 57 573
/
1
412 5 169,900
412 4 8
4
41
/
4
4
/ 4
1
4
/
1
4
434 5
45
8 5
/
1
394 4014 39
/
1
3858 40
/
1
39 394 394 4134 24,700
4014 3812 40
91 914
/
4
18,400
958 10
8
/ 9
1
4
/
1
4
87s 9%
9
918
87
8 9
/
1
4
9
/ 10
1
4
10
10
9
93
4 1,500
9
/ 9
1
4
/
1
4
934 9
/
1
4
934
934
*7814 80
*7814 80 *7814 80
4
*7814 793 *7814 80 *7814 793
4
4
414
4
/ 438 8,100
1
4
438 41
414 412
/
4
/
1
4
414 4
4
/ 4
1
4
/
1
4
7234 734 72
73 73
4,600
/
1
7312 7212 7272 73 73
73
73
1558 1612 1638 167
/
1
8
/
4
8 161 1658 1614 1612 164 173 71,000
8 163 167
8
200
4
*10512 10612 *1053 10612 106 106 *106 10612 *10618 10612 10612 10612
3
/ 3
1
4
500
3
3
/ *238 312
1
4
314 314 *27
2 314 *278 3%
---- ---- -- ---- --- -.... ---- ---- ......
---- ---- ---- ----
..
For too notes see page 872.
$ per share
/
1
4
90 133
714 89
/
1
1532 2534
812 1514
3
/
1
4
61
/
4
8
17
2114 29
/
1
4
107 120
35
503
2
2
/
1
4
8
/
1
4
2114 377s
914 1814
3
/ 10 1
1
4
7
5934 7594
3
12
714
59
77
1111 201
/
4
86
9938
3
/
1
4
11
/
4
4
133
4
30
88
214
81
/
4
54
76
4014 63
11212 140
16
/ 6612
1
4
7
2
8
414 24
1512 33
1612 102
4
112
4
14
It
114
11
3712
6
151
/
4
6314 78
/
4
3414 el1
118
146
&Is 101
/
4
32
643
4
5
/ 111
1
4
/
4
7
193
4
65
80
4
1284
11
24
2412 6114
9632 141
/
1
/ 654
1
4
54
29
/ 597
1
4
a
6714 99',
99 140
126
150
l's
58
8
17
e
2
4
1914 2212
14
8184
/
1
41 124
/
4
x641 gg
/
4
24
/ 3514
1
4
80
80
17
2
Ms
10
26
5984 BS
85
80
8
/
1
4
9
161 27
/
4
52
82
95
112
11
/
4
47
8
2
/
1
4
8
/
1
4
11
/
4
me
872
4
22
/ 2972
1
4
84 1164
/
1
4
/
1
214
6
/
1
4
5
12
14
/
1
898
24
86
24
5
814
15
317
2
1
38
7
3
14 13 2
3
8
287
2
1312 31
3
7
65
90
8
4
2
/
1
4
15 4 351
1
3
5213 748
4
4412 70
511
4 80
45 26812
89
/ 1104
1
4
/
1
788 105
4
14
/
1
614
II
212
71a 1714
914 23
2
/
1
4
84
/
1
4
/ 1712
1
4
294 667
/
1
a
1572 38
2772 4713
82
95
0
154
/
1
BA 2912
1472 2714
24
/ 29
1
4
24
36
1112 29
34
57
15
281
/
4
$114 8112
118
37
1
5
1114
2
5%
271 3418
/
4
414
9
12
/ 32
1
4
/
1
4
1114 1514
13
/ 317
1
4
2
81
/ 53
1
4
28
/ 42
1
4
167
2 75
54
/ 78
1
4
14
221
/
4
294
714
28
4713
13
22 4
3
1258 333
4
84
593
4
112
43
4
3
/
1
4
73
4
882
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
Aug. 10 1935
-except for income and defaulted bonds.
On Jan. 1 1909 the Exchange method of quoting bonds was changed and prices are now "and interest"
NOTICE
-Cash and deferred delivery sales are disregarded in the week's range, unless they are the only transactions of the week, and when selling outside of the
regular weekly range are shown In a footnote In the week In which they occur. No account is taken of such sales In computing the range for the year.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug. 9
July 1
F7eers
Y.
Range ot
.1:
1933 to
El
Friday's
17 July 31
1
v4
1935
".a. /NO & Askie se
Low
U. S. 0
00000
'sent.
Fourth Liberty Loan
4th 41
/
4%
Oct 15 1933-1938 A 0 101.9
Treasury 414s
Oct 15 1947-1952 A 0 116.30
Treasury 41
/
4-3301 Oct 15 1943-1945 A 0 106.10
Treasury 42
Dec 15 19441954 1 D 111.25
Treasury 31
/
4
9
Mar 15 1946-1956M 5 110.18
Treasury 3 9
/
1
4
June 15 1943-1947 1 D 107.21
Treasury 3s
Sept 15 1951-1955 M S 10338
Treasury 32
June 15 1946-1948 J D 103.17
Treasury 3
/
1
42
June 15 1940-1943 J D 308.16
Treasury 3
/
1
443
Mar 15 1941-1943 M 5 108.23
Treasury 348
June 15 1946-1949 3 D 104.18
Treasury 31
/
444
Deo 15 1949-1952 1 D 104.14
Treasury 31
/
4e
Aug 1 1941 F A 108.22
Treasury 31
Apr 15 1944 1946 A 0 106.2
/
4e
Treasury 24
/
1
9
Mar 15 1955-1960 M 5 101.6
Federal Farm Mortgage CorpMar 15 19441984 M S 103.24
354,
39
May 15 19441949 M N 101.29
Is
Jan 15 1942-1947 1 J 102.7
Mar 1 1942-1947 M 5 100.29
234.
Home Owners' Mtge Corp38 series A
May 1 1944 1952 M N 101.25
Aug 1 1939-1949 F A 100.18
2549
-em sou below.
State A City
Foreign Govt A Municipals
Agricultural Mtge Bank (Colombla)Mink fund tie Feb coupon on1947 F A
-1948 A 0
*Sink fund es April coup op.
1963 M N
Akerehus (Dept) ext ea
1945 J 1
•Antlogula (Dept) 0011 71 A
1
1945
*External at 72 am B
19451 J
*External e f is ser C
19461 3
*External e 0 7e ser 0
1957 A 0
'External a f 7e let ser
1957 A 0
*External sac a 1 7e 2d ser
1957 A 0
*External sec a(7* 3d ear
19681 D
Antwerp (City) external 5e
1960 A 0
Argentine Govt Pub Wks 62
1959' D
Argentine 641 of June 1925
1959 A 0
Extl e f fie of Oct 1925
1957 M S
External 80 fia series A
19581 0
844 aeries B
External
1980 M N
Exile f Mot May 1926
1960 M S
External. I ea (State Ry)
1961 F A
EMI 69 SanItary Works
1961 MN
Ext1644 pub wke May 1927
1962 F A
Public Works extl 51
/
441
09661 1
Australia 30
-year 5e
1957 M 5
External 5a of 1927
1958 M N
External g 4344 of 1928
1957
J
Ausarten (Govt) e f 78
*Bavaria (Free State) 6329
Belglum 25-yr extl 634*
External a f fie
External 30-year.179
Stabilliation loan 744
Bergen (Norway)fo
External sinking fund 511
*Berlin (Germany)s f 634e
*External sinking fund 6a
*Bogota (City) extl e f 8a
*Bolivia (Republic of) ext1 8e
'External secured 7.
*External sinking fund 74"
104
102.12
102.21
101.15
4
124
69
44
102.11
101.12
221
658
*2112 22% --*2112 25 __
31
94
95
9
814
812
3
89
88
1
814
814
8
3
859 e85
814
3
78
2
8
77
8
77
734
6
778
17
99
2991
26
96% 97
80
96
97
9618 97
30
30
9612 97
96
987
8 28
9614 9714 31
9618 9678 29
9618 983
4 20
•9614 067e 18
935
8 948 53
141
1037 106
104
1050
8 66
9918 75
98
96
9812 13
29
1941 F A
1949 M 1 10518
1955 1 1 104
1955 1 D 1105s
1956 MN 10734
1949 A 0 *100
1960 M S 98%
1950 A 0 2718
D 2118
1951
5
1946 A 0 1359
63
1947 M N
1958 1 1
6
6
1969 M 5
sprain(DS of)extern441 82
1941 1 D
1957 A 0
*External.1 634e 00 1926
1957 A 0
*External of 61e of 1927
/
4
D
1952
•741 (Central Ry)
1935 M 5
*Bremen (State of) ext173
1957 M 5
'Mebane (City) a 1 58
1953 F A
Sinking fund gold be
D
1950
20-year 8 I' 6e
Budapest (City of)1962 3 D
Ma July 11935 coupon on
J
1955
Buanoa Alma(City)63441B-2
1960 A 0
External a f fie ear C-2
1980 A 0
External a f 88 ear 0-3
1961 M 5
*Buenos Aires (Prov) en! es
1961 M 5
Ma stamped
1961 F A
*External e f 614.
1961 F A
'634e stamped
Bulgaria(Kingdom of)*Sinking fund Ts July coup off1_9137 J J
*Fink Bind 71
/
441May coup off 1968 MN
Hie No.
101.12 600
53
117
100.20 113
553
112.2
9
110.22
21
107.28
489
104.3
103.28 745
19
108.21
29
108.26
105.2 3,115
105.1 1.374
108.27 163
106.14 289
101.19 1,547
29
10712
1043
4
11212
10812
101
983
8
2714
2259
143
4
734
64
3
62
5
14
27
12
25
10
16
10
4
29
25
13
25
263 150
175
201 118
59
1708 20
1812 203
8 45
3812 3812
4
7
4
968 953
8
9614 965
101
10118
3
10
3512 36
*9518 96 ____
5
39114
91
91
9214 16
*68_ _
.
.
- . i .74
el
59
79
*88
6012 46
58
15
1512
6
7
/
1
0_1948 J 1
•Caldes Dept of(Colombia)74
1960 A 0
Canada(Dom'n of) 30-yr 4a
1952 MN
5e
1936 F A
434e
1064 J J
*Carlsbad (City) 8 f 8e..
6-1946 A 0
'Cauca Val (Dept) Colom 74
/
1
_1950 M 5
*Cent Agile Bank (Ger)
*Farm Loan.0 68
7a-- 1960.0 J
July 15
Oct 15 1960 A 0
*Farm Loan a f tie
*Farm Loan 6944er A - _Apr 15 1938 A 0
1942 M N
*Chile (Rep)-Ext1 4 f Te
1960 A 0
*External sinking fund ea
•Ext oinking fund 6.
Feb 1961 i A
Jan 1961 J 1
*Ry ref ext e f 6,
•Ext sinking fund ea
Sept 1961 M 5
*External ,inking fund 69
1962 M 5
1963 M N
*External sinking fund 614
1957 J D
*Chile Mtge Bk 614e
1961 .3 D
*Sink fund Me of 1926
1961 A 0
*Guar a f Co
um M N
*Guar e f ea
1960 M S
'Chilean Cone Munk, 741
11
113
8
1073 108
8
11313 11414
1013 1018
4
*435, 54
1012 1012
3838 373
2263
8 29
2614 2712
38
39
1318 1314
1318 13544
1318
1312
1318 135
8
1318
1359
1314
138k
13%
1312
13
1359
127
8 127
8
1212
1259
1238 123
8
1114
1114
3
57
55
16
1961 J D
OCIalneee(Hukuang Ry)5a
1954 M 5
Christiania (Oslo) 20-yr if 6e
'Cologne (City) Germany 61
/
45_1950 M S
Colombia (Republic of)
Ma Apr 1 1935 coupon on_Oct 1961 A 0
Me July 1 1935 coupon on_Jan 1961 1 J
*Colombia Mtge Bank 630
1947 A 0
*Sinking fund 7e 00 1926
1948 M N
'Sinking fund 79 of 1927
1947 F A
Copenhagen (City) 45e
10823 D
1963 M N
25
-year g 4 tie
1957 F A
'Cordoba (City) WI a 1 78
•78 stamped
1957
*External sink fund 79
1937 MN
474 stamped
1937
Cordoba(Prov) Argentina 7e -1942 1 J
7
33% 3412
4
10014 1005,
*253
4 28 ----
15
15
2112
2159
2012
2012
*2018
894
8818
51
4313
*62
*53
*76
24%
2438
2012
2012
23 4
3
9008
8712
51
443
2
1
3
5
33
14
4
99
32
78
70
9
52
4
2
11
17
4
57
29
12
2
19
52
10
17
7712 ___-
Range
Since
Jan. 1
BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug.9
h
i4
...Q.
Week's
July 1
Ranee or
4
1933 to
Friday's
gl, July 31
BM & Asked 00,
4 1935
Rayed
Since
Jan. 1
High
Low
Moe No. Low Lae
Foreign Govt. fl, Muffle. (COS.)
Costa Rica (Republic oft
1712
1
30% 378
•744 Nov 1 1932 coupon on
1951 MN 37% 37%
14 __
1712 327
8
28
447e May 1 1936 coupon on__1951 --. 27
94% 100
6818
1
993
4
1944 M 8 993
Cuba (Republic) 56 of 1904
1949 F A *9812 ____ ---90 10
0
83
12
External 6.00 1914 eer A
84
9412
617
3
1949 F A 40418__ ____
External loan 41
/
4e
77 95
61
1438 74
Sinking fund 534e ---Jan 15 1953 1 I 931
2313 42
•Putd10 wk. 5349 --June 80 1945 J D 33% 3614 62
1914
3 4 143 '
3
s
.854
1
118 1178
1959 MN
•Cundlnamarca 63.45
9512 10714 1
773
4
9
Czechoelovakia(Rep on Se
1951 A 0 10612 107
9512 108
77
1952 A 0 *10812 108 --.Sinking fund 844 eer B
981 105
4
79 8
7
4
1942.7 J 1023 10314 38
Denmark 20-year eat! 6e
93 101
75
1955 F A 9814 9938 72
External gold 534e
2
8219 963
61
4 91% 80
External g 434e_Apr 15
1982 A 0 893
Deutsche Bk Am part cif 643 „,..1932
5514 70
4812
1
62
*Stamped extd to Sept 1 193562
6114 71 14
40
6
65 8
3
Dominican Rep Oust Ad 534a-1942 Iii 5 647
55
64
86
15
82
101.14 104.5
98
let aer 51 00 1926
/
4
8
1940 A 0 61
547 84
8
12
62
36
1940 A 0 62
04.27 99.143 102.20
56 series sink fund 519
/
4
100.20 100.25 10224 *Dresden (City) external 79
33
4359
27
327 ---8
1945 M N *28
____ 100.24 101.93
6519 6514
36
81 -.....
1948 1 1 *____
44E1 Salvador (Republic) ite A
35
62
35
3512 26
J J 35
94.26 99.18 102.16
*Certificates of deposit
8412 96
4812
5
49
1967.7 J 94
P228 96.20 301.6 Estonia (Republic of) 79
1031* 108
70
6
Finland (Republic) ext ea
1945 M S 10412 10412
1033
4 15
4
7019 101% 1043
External oink fund 61
1956 M S 103
/
411
20
2113 3514
244 2512 13
/
1
1953 MN
*Frankfort(City of) Is f 8 Ha
/
1
1654 190
8
/
1
9 126
D 1725 1744
French Republic ext1 7340
1941
D 17312 174
1949
19 12712 16912 190
21
33
/
1
4
181
4
External 7. 0( 1924
•Gezniao Government Baena1912 32
1538
2294
19651 D 21% 223 377
64
21% 37%
4
9012 905
4
Bona)36-yr 5349 0( 1930
3113
1949 A 0 30118 3218 132
3014 4759
712 118 *German Republic eat! 7e
4
709
*
63
4
759 111 *German Pro, & Communal Bke
78
712
93
4
(Cone Agile Loan) 614.
1958 J D 3912 4012 16
88
483
8
2312
71
7
14 101 Graz (Municipality of)
PA 10812
49
Me unmatured coupons on
1954 M N *9512 98 ---_
,
63
8
63 1014
61
o
8 48 10759 11014 116,
1937 F A 1117 1137
678 10
3
Or Brit & Ire (11 K of) 5548
8
8
4 35
1990 M N 1185 01173
95 2 1083 119
2
54% fund loan Z opt 1960
7
3
64 98
612
33
/ 39,
1
4
4
88 126
74%
*Greek Government If ger 7e____1944 M N *3808 --------22
44
37
90% 9912
1964 --------------------37
4 part paid
113
2912 2912 12
um F A
44
MI f wowed 541
90
2519 33
165*
9859
90
9859
4459
9112
91
82
67
39
9014 987 Haiti (Republic) a f Se eer A
44
1952 A 0 90
4414
224 36,2
/
1
20%
5
9018 9810 *Hamburg (State) 6,
1946 A 0 2212 2212
90
9512 *Heidelberg (German) exil 7342-1950 1 J 22
441k
31
6
2312
18
15
4
90
444
/
1
5 6614 10114 103,4
9838 HelaIngfors (City) eat 6546
1980 A 0 1023 10314
90
444
/
1
9859 Hungarian Cons Municipal Loan29
/ 38
1
4
25
45
90
983
4
'734. unmatured coupons on_1945 J J *295, 34 __4114
•744 unmatured coupon on
8412 9512
301k 3714
265,
19461 J *2959 3178 ---30
1
98 106
2912
*Hungarian Land M [net 7549_1961 MN 30
7759
2912 35
98 10559
78
1961 M N *2959 35 -_ -.
*Sinking fund 71 sof B
/
441
3212 35
2959
92% 991s Hungary (Kingdom of)7378
344 4913
3
3413
4213
4
*734e February coupon On
81
9812
1944 F A *39% 403 ---120 -___
10813 116
92
Irish Free State ext1 e f Se
1960 MN *115
29
2614
893 133
8
37
60
Italy (Kingdom of) MI 78
60
9413
1951 J D 66
8812
8718 12
93 109
/
1
4
80
80
99
Italian Cred Consortium 7e A
11
,._'37 , S 85
63
8812
14
93 10712
/
1
4
58
89
83
External am e f 7e Ber B
1947 M 5 58
92 4 1011e 119
3
/ 30
1
4
Italian Public Utility extl l.
19521 J 5112 55
4912 85
4912
91
87
99
97 11014 Japanese(loot 30-yr e f 6541
77
90 100
1954 F A 98
87
Esti slaking fund 534e
957 101
8
87
/
1
4
35
196598 N 86
13712
7714 8 %
9
3 Jugoslavia State Mortgage Bank6214
93
'
99
22
2518 38
4 14
25
43
23
vle with all unmet coup---1957 A 0 3959 403
21% 3813
20
12
40 -_-_
*Leipzig (Germany) of 7e
113 18
4
111
4
86
4141
/
4
2938
1947 F A *36
519
559 9% Lower Austria (Province of)
100
4
4
4
•71 June 1 1935 coupon on_1950 J 0 100
/
4
9
8
50
97 106
4
314 *Medellin (Colombia) 63444
8%
4
5
9
19541 D
6%
634 1014
41
*Mexican Irrig Asetng 4349
412
3
412 10
1943 M N
818
217
e
25
39 8 *Mexico (TM) esti Se el 1899 t_1945 CI J 3
7
712
85, --4
_-19%
1708 3112
47
*Assenting fla of 1899
113
4
7
4
812 --19 5 ---- *83
4
.7
11
58
,
___
4312
5
1759 313
19
4
*Assenting 58 large
1812 8114
1828
•Asse11111/5 511 small
Ma of 1904
29
6 ___
3359 41%
42
1954. *
534 53
4
47
1954 .....
68
'Assenting 46 0( 1904
87% 97
/
1
4
47
8
1
3
45, 8
8538 97
/
1
4
*Assenting 44 0( 1910 large
6811
----------------314
,._
..,
.
3
% 7
..,8
97 10214
do4
•AmentIng 46 of 1910 small
76
i
3%
3
14 7
4r8Treas Si of'13assent (iarge)-1933 1 J *---53
8 ____
734 73
•ISmali
2914
321 39%
8
1 5 ------------514
6
83
4
30 33%
3
Milan (City. Italy) exti 6341, ,--1952 A 0
84
98
4014
505
8
ix 5912 13
82
93
36
Minas Germs (State of. Bra01)82
9212
3614
*6322 Sept coupon off
1958 M S 148 1519
1418 195
1418
7
29%
6818 77%
*8 34145ept coupon off
1959 M S 1312 1414 15
1312 1912
14%
8
8
25, 613 65
67
78
4 3812
*Montevideo (City of) 7.
3712
195* .t D 373
4
27%
3114 42
MN 34
*External a f 6s series A
6514
52
Ws
35
1959
45
29
25
3612
New So Wales(State) exil 60
3
1957 F & 10112 102
31
96 10212
7309
14%
3
Apr 1958 A 0 10114 102
_1414 18%
25
External a f 544
96 102%
7812
8
Norway 20
-year extl ea
1319 19
1943 F A 1057 106
1313
13
88
10312 10714
20
-year external 1314
1944 F A 106
10818
4
8713 10313 107
859 14
30-year external 136
859
1952 A 0 10214 10278 36
8318 10014 10414
40-year a f 514a
8659 10419 108%
991 103
19653 13 102
10212 44
7879
External sink fund ea
9913 11014 1148
1963 M 13 10114 1015
4 45: 76
9812 102%
9812 1013 10312
Municipal Bank exti a f 5a
101% 16
19703 D 101
4
98 1013
8013
4
453
458 8212 •Nuremburg (Oft,) eat] 130
1952 F A 2412 241
11 22
2214 353
4
85*
85* 1312 Oriental Devel guar 62
85
1953 M 5 85
7714 90
5 64
2959
En] deb 53.4.
1958 MN 81% 853
35
58%
4
745* 8559
3! 5914
igee M N 10112 1013
28% 47
26
Oslo (City) 30-year e f es
4
3' 73
I
99 10214
2814
2614 489
4
10533 23 *10512 105 4 .---I 89
2718
3
35
11514 Panama (Ree) extl 63.41
10213 10712
•Extle I set A
12
17
1963 MI N 5759 58%
7
40
59
247
8
8
..
54
5
5412 14
*Stamped
1013 1514
27
3619 5412
618
1013 1512 Pernambuco (State of)131
618
1947 M El 13
1018 1108
81
j
*744 Sept coupon off
81
13
15
/
1
4
els
1959 M S 1859 17% 23
1012 1512 *Peru (Rep of) external 70
12
7
20 8
,
*Nat Loan wale f Os let ear _1980 J D 14
10 4 15%
3
Ms
1514 235
759 1712
5
10
3 1512
8
*Nat Loan extl a f 68 3d ser____1961 A 0 14
1514 78
718 1759
434
734
1034 1413 Poland (Rep of) gold 68
1940 A 0 8118 823
4 12
66
71
8318
97
Stabilization loan 8 f 71
1947 A 0 11112 114
11
144
29
63
997 12614
797 9659
k
719
External sink fund g 8a
11
14%
19501 J 9212 95
25
835*
7
12
10% 1414 Porto Alegre (City of)
19
909 1212
Ms June coupon off
1961 J D 19
6
16%
2
1619 22
14
19663 J
14
5473414 July coupon off
14
22
14
5
Prague(Grr city) 734.
1952 M N *104
22
106 -_ _
33% 47
(Greater
99 10512
77
/
1
4
75
99 1023 •Prus8la (Free State) extl 842-1951 M S 221
22's
/
1
8
8
2212 37
23%
1952 A 0 2212 23
26
38
22
*External e f 6e
8
2219 36%
23
Low
Lou
High
100.30
104.10
97.96
101.18
99.26
98.6
9312
07.26
98.12
98.8
94.28
101.6
97.27
99.94
100.14
101.9
114.4
109.98
108.24
107
103.38
100.20
100.20
104.15
104.14
101.26
101.12
104.16
102 24
103.15
104.12
117.7
10428
1128
110 25
107.29
104.10
104.10
108.23
108.28
105.11
106-9
108.28
1M.19
101.28
18
2019
14
12
143
8
6012
551
12
,.
297
8
2112
213
8
18
1813
18
88
8114
448
383
50
46%
70
381k
37
2412
2412
2512
9459
9114
5312
475
60
52
8014
2513
Queensland (State) esti et 70
25
-year external 6.
*Rhine-Main-Danube 711 A
Rio de Janeiro (City of)
Ms April coupon off
*664* Aug coupon off
Rio Grande do Sul (State of)
Ma April coupon off
Me June coupon on
•741 May coupon off
ne June coupon off
Rome (City) ext1 13129
1941 A 0 10908 11012 10
1083
1947 F A 108
4
8
4
387 .-__
8
1950 M 5 .--
94
8309
35%
1
106,11014
103% 109
3759 4312
1946 A 0
1953 F A
15
1214
155
13
25
34
13%
12%
1959
15
1214 1812
1946 A 0
1968 1 D
1966 M N
1987 J D
1952 A 0
14
127
8
1341
13
573
4
1814 31
1314 21
14
4
1312
4
6214 100
1614
13
1418
1334
51
14
127
1318
13
51
2312
22
21
2112
8714
For footnotes see page 887.
NOTE-Sales of State and City securities occur very rarely on the New York Stock Exchange, dealings in such securities being almost entirely over the counter.
Bid and asked quotations, however, by active dealers In these securities, will be found on a subsequent page under the general head of -Over-the-Counter Securities ''
6
New York Bond Record-Continued-Page 2
Volume 141
7.:3
.ti ....
883
w...t.,
Range OF
Wool I
.7,
Any 1
I1110 ,
I.
:
Range of
4;
; 1a33 I
1933 is
BONDS
Range
Ranoe
BONDS
Priday 8
Yriaages
N. Y STOCK EXCHANGE
July 31
Since
4
3
4
1; July 31
1
Sines
N, T. STOCK EXCHANGE(
4 /NO at Asked 0365
14
- a Bid & Asked au•
1935
Week Ended Aug. 9
Jan. 1
Week Ended Aug. 9
1935
Jan. 1
,
r,mr
Sok No
Low
tow Low
HO) 'CO.
Foreign Govt. &MunIc.
Low Low
High
Nig
(Cosa)
,
Rotterdam (City) esti 68
924
29
4
112 13918 Atl & Dan let g 46
30
22
1964M N 11212 11312
27
27
1949 1 1
4214
24
Roumania (Kingdom of Monopolies)3
2d 48
2318
24
2318 3412
1940 1 1
417g
1959 1 .1
405
8
•78 August coupon off
26
3214
33
20
354
29
3612 Atl Gulf & WI SO coil tr ba
1959 F A
2078
3514 47
1937 1 1 10712 1073
iaarbruecken Oltyl 60
50
78
487 ---,
4 24 101
60
Atlantic Refining deb bs
10718 10414
1953 3 3 *
Sao Paulo (City of. Brais11)Austin & N W lot gu g ba
99% 100
9
1941 1 1
75
90 100
1512
1512 193
8
19 ---8
.8a May coupon off
1952 M N *165
*External 6 K. May coupon off 1957 MN
1378
1112
1112
1
1940 10 N 10212 10412 25
1112 19% :Baldwin Loco Works lot 5a
9514 105
9514
San Paulo (State of)10212 154
Bait & Ohio let g 4s._ .July
8214
1948 A 0 101
9512 10412
•86 July coupon off
10
1518
2312 24
7212 153
1936 J J
54
231 1 30
Refund & gen Ss series A
54
1997 1 0 70
7712
*Extensa! 8*JulY coupon off
39
70
1212
17
233
18
4
8
lot gold 58
9418
_1949 A 11 10618 1067
101 10912
1950 J J 81714
July
*External 78 Sept C011000 oft _1956 M S
144 21
81
196
12%
143
8
59
5314 8614
1578 22
Ref & gen 6s series C
1997 1 0 784
*External 6.July coupon off_ - _1968 J J
P L E & W Va sys ref 4a
13
13
4
21
1514 28
105
103
763
8
983 993
1941 ,4 N
9314 100
*Secured .t 78
1940 A 0 727
727 9114
9612 977
8
764 53
8 83
Southwest Div 1st 34-58._
744
86
9912
1950 1 J
61
Tol & Cin Div let ref 48 A
4
61
753 88
612 8612
4
1959 1 1 8
•santa Fe (Pro, Arg Rep) 78
149
1
17
85
65
5212
52
4 72
Ref & gen 55 scrim D
5212 76
1942 M S 65
2001 M 13 683
196( F A
*Stamped
54%
58
478
38
4912 62
Cony 4)4*
6114 6178 21
8
3
812
3
812 607
*Saxon Pub Wks(Germany) 7s__1945 F A
4
2912
3212
715 103
8
2912 4214
31 18
70
5212
Ref & gen M baser F
1994 M S
5212 7612
1943 1 .1 114
open ref guar 6441
114
3
28
28
2912 293
40
4
8
9412
110 11418
Bangor & Aroostook let 50
1951 M N
*Saxon State Mtge Mat 76
28
40
42
74%
39
65
Con ref 4s
1004 10614
1951 1 1 10578 106
19453 0 *
*Sinking fund g 6 1 0
4
2 131 12
383
4
384 5212
40 stamped
103 110
1951 .--. 10914 10914
19463 0
Serbs Croats & Slovenes (Kingdom)1177 -___
8
Batavian Petr guar deb 444a
945
103 118
1942 1 J •104
*Os Nov I 1935 coupon on____1962 ---27
36
2912 14 ____
653
8
64
4
Battle Crk & Slur let gu 3s
1
60
283
68
1981 1 0 653
.78 Nov I 1935 coupon on__ __1962 -_- - 273
2218 36
8
2812 27 _ __
means (Pro" of) extt 7e . _....1958 J
193e 1 1 102
10212
Beech Creek lot gu g 48
19
88
6512 75
7334 7334 4 44
100 10212
.
*Silesian Landowners Asen- ___1947 F A
2
2514
43
6114
2d guar g 5,
50
50
1113? 3 J •10014 ____ ---8014
100 102
613
Solesons (('ity of) 2411 (is
1936 M N aI6014 a16014
158 .17512 Beech Creek ext let g 344e
2 117
66
95
9612
1954 4 0 .98__ ___Styria (Province of)11818 1183
4 92 103
Bell Telep of Pa be series 13
11314 12012
1949 1
•78 Feb coupon off
1946 F A •95
94
4714
86
lot & ref be series C
1161 126%
4
9914
1969 4 0 12512 12618 38 10314
Sydney (City) s f 64e
8
75
•10312
9512 10212 Belvidere Delaware cons 34s
973
4
9914
1943 1
1955 F A
14
ii
10714 1 12
Beneficial Indus Loan deb 710
194t M , 11114 112
ralwan Floc Pow a t 54a
1971 .1 J
30
19
58
2788
274 44
8278
8378 20
3078
1951 1 111
7412 87% *Berlin City Elec Co deb 644s
Tokyo City &a loan of 1912
2412
*Deb Milking fund 648
12
531
25
4
661/ 76
2412 3912
2514
1959 F A
1952 M S .7114
733
4
0 00
External ii 6448 guar
1
22
5
1957 4 3 2412 3 18 5 9
59
2412 393
8 20
1961 A 0 8212 837
2478
74% 86
*Debentures 68
8
•Tollma (Dept of) esti 70
878 124 *Berlin Elec El & Underg 8446
812
*9
31
117 ---413
8
8
195r
1947 M N
2778
rrondhjem (City) let 5%,
100 Beth Steel 1st .0 ref be guar A-1942 AS N 110
11118
41
944
4
91
I
633
9818 9818
10512 11518
1957 M N
Upper Austria (Province-30
4
18
94
of)
193? 1 l 1033 104
10318 1041 2
-year p m &ut 8 f be
M
1
.7s unmatured coupon on
1
51%
95 1101,
1945J D 11012 11012
*Esti 640 unmatured coup0_1957 1 11
--------90
41 12
82 103'; Big Seedy 101 40
_ ---_
1944 1 D •1093
10278 10991
•Uruguay (Republic) esti 8a__1946 F A *10314--5
33
25
364 4778 Bing A Bing deb 844s
38
3412 45
38 14
1959 Al 0 *3712 48 --- _
5912 79
*External 0165
594
12
2612
39
3414 4112 Boston & Maine 1st ba A C
39
7712 87
76
1967 4 S
1960 M N
*External s f 66
79
5
265
,
3418 42
bit M ba serlee II
33
604
39
6012 7938
39 12
1955 M N
7878
1964 M N
Venetian Pro, Mtge Bank 78
55
56
161
707 83
8
7214
let g 4528 ser JJ
70%
1961 A 0 71
5912 74
708 ---1952 A 0 .
Vienna (City of)313
4
33
Boston & NY Air Line lot 48
26
11
1957 F A
26
40%
.65 May coupon on
113
4
16
5278
1212
5%
84% 96
54 1212
9012 15
1:*Botany Cons Mills 644e
1934 A 0
904
1952 MN
Warsaw (City) external 70
A 0
912
11
32
6
7418
*Certificates of deposit
63
6
11
1958 F A
713
4
73
23
41
Yokohama (City) esti 65
63
8014 90
85 12 25
IS•Bowman-Bilt Hotels lot 70_ _1934
1961 .1 13 85
1911 S •514 --------412
Stinp aa to pay of 6435 pt red
43
4 43
4
RAILROAD AND INDUSTRIAL
COMPANIES.
1 tAbitini Pow & Paper let 51_1953 1 D
1
29
Abraham & Straus deb 594*
1943 A 0 10278
Adams Expremeoll tr g la
1948 M 8 9814
Adriatic Elec Co eat 78
1962 A 0 6014
Ala Gt Sou let cons A Ss
1943 J D
let cons 4. ler 13
9812
1943 J D
•Albany Perfor Wrap Pap 65___A948 A 0 45
Alb & Susu let guar 344a
1946 A 0.1044
(Allegheny Corp coil tr Ss
7612
1944 F A
Coll & cony 58
4
1949 1 D 643
*Coll & con• be
1950 A 0 194
be statnped
14
1950- _
es
A del( i Wt lit go 48
1998 A-0 *89
Alen? Vol gen guar it 48
194201 8 10312
Allied Stores Corp deb 44s
1950 A 0 94
A1116-4 halmers Mfg deb bs
1937 MN 1013
8
*Alpine-Montan Steel 7s
__1955 ---- •-Am Beet Sugar fis ext to Feb 1 1940 F A
Am & Foreign Pow deb te
2030 M 8
American Ices f deb ba
1953 3 D
Amer 1 G Chem cony 54s
1949 M N
Am Internet Corp cony 548
1949 1 J
Am Rolling 54111 cony deb 4448_1945 M 8
Al" Sin & It Int 311-yr 5a sec A
1947 A 0
Am Telep & Teleg cony 48
1936 M 8
30
-year coil tr be
19463 0
of deb Se
35
-year
1960 1 J
20-year sinking fund 544a
1943 M N
convertible debenture 448
1939 J J
Debenture 56
1965 F A
roam Type Founders (is etfe
1940 ---Amer Water Works & ElectrioDeb g 68 series A
1976 MN
10
-year 6a cony coll trust
1944 M 13
i•Ani Writing Paper lot g 65
1947 1 J
*Certificates of deposit
.
*Anglo-Chilean Nitrate 78
1945 M N
1•Ann Arbor let a M._ ____ _1995 4.1 J
37
46
21
8
1538
87
Cl
6014
8012
74
38
83
AM
41
13
8
62
93
26
10278
85
6014
107
9812
16
38
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994
96
6412
78
134
67
5212
13
13
2012
8
1412
18
8412
923 4
10834
12
10512
43
9253
95
8312 100
1017
8 43
96 --------87
30 12
10234
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65
108
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47
4112
10512
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10814
1034
6488
103
78
67
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102
973
2
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9
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465
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764
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105
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1064
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31
103
76
8812
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10012
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10518
104
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11312
1137
8
109
1137
8
42
88%
893
4 35
10012 1013 101
4
24
7
2378
233
4
233
4
1
14
1412
17
60
60
1
68
80
18
2012
34
27
6372
80
1934
2012
7%
6012
90
102
2.314
25
1512
6314
784
76
74
879
102
103
9314
10318
l067
8
101
1013
4
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100
100
10412
10014
10712
108%
110
100
102
918
713
4
6812
90
9514
10412
1063
4
914
1043
4
11112
10812
10814
104
10514
10312
110
105
1(2)3
11212
113
106
110%
10312
9212
824
100
10218
745
8
74%
111
9812
109
100%
10218
1033
4
11212
11212
1084
1123
8
403
8
Ark & Men) Bridge & Ter Ss
1964 M 8 93
Armour & Co (111) lot 494*
1939 J D 1033
4
Armour & Co of Del 64e
1943 J .1 10514
1st M 25-year 495 f ser II
1955 F A
933
4
Armstrong Cork cony deb 5s_1940 1 D 10318
Atch Top & S Fe
-Gen g 4s
1995 A 0 10914
Adjustment gold 48
1995 Nov *10418
Stamped 441
1995141 N 10312
Cony gold 48 of 1909
1955 1 ID 1033
4
Cony 48 of 191)5
1955 1 D 104
Cons g 4018sue of 1910
1980 1 D 100
Cony deb 4940
1948 1 D 10812
Rocky Mtn Div lat 4.8
8
19653 I 1031
Trans-Con Short L 1st 4s
19583 1 gill%
Cal-Arlz 00. & ref 44s A
1962 M 8 11012
Atl Knox & Nor lot g 58
8
19463 D 3,1123
Atl & Char! A L let 4 1413 A
1944 J 1 100
-year Is series 13
1st 30
1944 J J •
All Coast Line lot cons 48 July _1952 M El 917
8
General unified 4%o A
1964 1 D
7512
L & N roll gold 45____Oct --,1952 M N
725
8
10 yr coil tr SoMay-1 1945 M N
9112
103
76
747
1113
4
993
4
11012
102
10212
1098
8
113
1127
8
1087
8
113
42
9
93
10418 53
10578 88
9414 348
10318
14
11012 47
1043
4 19
1033
4
1
9
105
10018 2
'
.
48
109
105
31
113 ___
1104
i
12178 ____
100
12
101
9312 33
15
7614
74
17
9
9214
85
8414
75
7518
75
7414
78
8818
79
89
8714
993
4
867
2
86
7112
614
57
90
Brooklyn City R11 lst ba
Bklyn Edbion Inc gen 58 A
Gen mtge be merles E
Bklyn-Manh R T see fie A
IS-year see 60, aeries A
Bklyn Clo Co & Sub con gtd 5s
1st 60 stamped
Bklyn Union El lat g Se
Bklyn Lin Oaa let cone 558
let lien & ref 6a aeries A
Cony deb g 640
Debenture gold be
let lien & ref 5s series B
913
4
913
4
1941 1 .1
1
21
1949 1 1 10712 108
19521J J 108
10812
b
10712 194
1863 1 1 107
1949 J I) 10412 10512 79
90 ____
1941 M 1" •.___
1941 1 1 *7012 76 ____
1950 F A 108
10914
43
4
9
1945 01 N 12014 1203
1247 ---8
1947 M N *123
1_ ___
1936 3
11
0
1950 1 D - 0T4 1 2 28
1957 NI N 109
109
6
84
1067
106
1044
104
65
65
10078
11484
11878
88%
964
91
50
1712
14
39
1018
31
54
10178
1083
4
104
51 12
1712
14
76
3714
5312
7778
1034
1113
8
107
70%
24
2018
88
51
70
8812
Cal 0 & E Corp not & ref be
2
1937 54 N 10814 10814
Cal Pack cony deb be
8
9
1940 1 1 10478 1047
8
9
*Camaguey Sugar 75 ctfa
28
1942
0
Canada Sou cons gu be A
_ -___
1962 A-1954 MS *11214--10218 10258 44
Canadian Nat guar 448
30-rear gold guar 4440._.....195- J 1 11053 11212 46
s
Guaranteed gold 51
44
July 1969 1 J 11412 1147
22
Oct 1969 A 0 11614 117
Guaranteed gold 5s
1970 F A 11612 1167
8
Guaranteed gold 5s
3
4
5
Guaranteed gold 441s.June 15 1955 1 D 11414 1143
4
47
Guaranteed gold 44s
1956 F A 1121g 1123
8 30
Guaranteed gold 44s__Sept 1951 M S 11114 1115
Canadian North deb guar 7s
1940 1 0 10418 10412 25
8
Debenture gold 654s
1940 3 1 123% 12414
10278
85
14
70
,
911
9114
983
4
964
9634
943
4
9178
9178
10218
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4
115
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109
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is
11218
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11378
118
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4
*
1157
1145
,
10753
125
8912
Canadian Pac fly 4% deb stock
8878
1946 Nei S 1028 10312
4
Coll trust 444s
55 equip trust Ws
1941 / 1 11212 11212
Coll trust gold 58
Dec 1 1951 1 0 10618 10712
1960 1 1 102
1034
Collateral trust 44s
50
f•Lar Cent lot guar(45
1944 1 J *51
1 3aro Clinch .00 let ba
8
1939 1 D 10812 1083
let & cons g 688er A ___Dec 15 1952 J D 109
1093
4
Cart & Ad lot gu g45
1981 1 D
75
75
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29
•
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2912
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I
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20
20
1947 %4 N
1959 A C
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1114
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1012
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2014
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1946 1 1 •1512 25
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.___
25
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1951 F A
96
964
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1961 I J
523
4
53
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1987 1 1 101
1013
.1
General 4a
883
4
1987 1 1
90
5214
66
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s
7314
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4
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9512
894
68
244
1034
39
13
6%
7
1712
19
15
20
43
50
90
78
8112 8912
9914 10414
1094 11234
101 14 10712
9512 1033s
40
45
106 109
10712 1104
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78
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1(1714 10978
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47
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2
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20
25
714 97
6734
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101 10884
873 987
4
8
Bruns & West lot gu g 46
193e 1 J 10218
Buff Gen El 454* (series B
1981 F A 10912
Buff Roch & Pitta gen g 110
1917 %.1 5 •10414
1957 M N
62 •
Como! 44e
12•13url 0 11 & Nor let & coil 68_1934 A 0
19
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*Certificates of depoeit
0 •8714
if•Bush Terminal 1st 4,
1952 1C 4312
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1955 1 J
Bush Term Bldg(' 5a gu tax ex
196() A 0 6212
8212
By-Prod Coke lot 544s A
194, M N
10212
110
1043
4
63
19
23
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4
4612
6812
86
6
14
---76
4
____
____
106
32
14
180
21
20
25
132
____
21
24
1
4
4
____
5
____
11
____
____
____
____
121
13
64
____
For footnotes see page 887
BOND BROKERS
Railroad, Public Utility and Industrial Bonds
VILAS & HICKEY
New York Stock Exchange - Members- New York Curb Exchange
49 WALL STREET
-
9212
11012
110
1073
4
1055
71
77324
11012
121
128
6812
109
1024
86%
98
5278
573
4
724
10312
10514
158
93
1004
-
NEW YORK
Prirate Wires to Chicago. Indianapolis and St. Louis
117131s 1064
10814 III
..
884
N
BONDS
Y. STOCK EXCHANGE
Week Ended Aug. 9
New York Bond Record-Continued-Page 3
x,
July 1
Week's
1933 to
4
" Rangeor
•
h
t
23 Friday's 11 July 31
i 1935
*42., Bid & Asked 253
Range
Since
Jan. 1
BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug. 9
Aug. 10 1935
Week's
July 1
.7;
1933 to
Range or
,.
Friday's
el July 31
it
.., it, RIO & Asked ril 24 1935
3
Range
Since
Jan. 1
High
High No. Low Low
Low
High
Low Low
Low
Utah No.
108
99
7
2
104 1067
1945 F A 1053s 106
973 1034 Como! Gas(N Y) deb 542
6532
2
2
1949 F A 1007 10112 106
Cent Pao lit ref gu g 43
109
99 108118
88
974 10218
1951 1 D 10612 107
6312
Debenture 4 Hs
Through Short L let ffU 43
1954 A 0 10112 102 __-8
102 10612
93
6
1957 J J 10514 10532 3
6914 9012
55
Debenture 52
8912 111
1960 F A 86
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19
19
19
1964 J .1 2512 26
3514
654 Canso! Ity non-cony deb 42
52
49
Cent RR & Bkg of Ga coil be _4_41937 M N *6512 68 --4
323
20
1955J J *2213 --------20
114 12114
Debenture 42
12114
8 100
1941 M N 121
Central Steel let a e f 82
4
233 25
.---23%
1955 A 0
6312 864
42
2
Debenture 42
Certain-teed Prod 536e A
1948 M S 8318 857 128
25
22
22
*2212 29%
1956.1 .7 *2212--- ---Debenture 42
4
1023 -.4- 10212 10212 10438
1938 1 .1 *102
Charleston & Bar% let 72
4412
94
29
10
Ws 38
102 10612 Mons Coal of Ml Ist & ref 511-1950 1 D
1947 M N 10512 10612 178
94
Cbeeap Corp cony 52
44
29
10
73
. *Certificates of deposit
3 4 . 91
99 10112 10112 1081
, 36
1944.1 D 10612 107
--year oonv coil Be
10
103 1058
2 98
1
110 4 11313 Consumers Gas of Chic gu 52 ..__..19363 O 10412 10418
Chas & Ohio let con ale
1939 MN 1113 11212 4
4
5 104
105
2 98
,
104 4 109%
.
1952 MN 105
18
1
/
914 1142 12012 Consumer, Power let fa C
1992 M 8 11712 118
General gold 443
68
13
9912 104
4
1946 1 D 1023 103
8312 108 11113 Container Corp let 132
8 37
Ref & 1rapt 442
1993 A 0 11018 1107
83
4913
14
7
3 92
9538
1943 71 D 907
18
10814 112
15
111
84
-year deb 58 with warr
Ref & Impt 434e ser B
1995.1 J 110
93 100
8
693
1
108 10712 Copenhagen Tele]. be Feb 15 _41954 F A 9712 974
96
2
1940 .1 „I 10712 107
Craig Valley lit 52441323y
6
9612 10414 107
1947 J D 10514 10514
10272 10238 Crown Cork Seal of 82
--85
1948.1 .1 -------- -Potts Creek Branch let m
4
1013 105
8
75
8
3
2 9012 10514 112 4 Crown Willamette Paper 88
1113
1951 1 .1 10418 1047
1989 1 1 11118
•
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4
1
/
97 102
4
14
65
10514 MS
87
__ 4_4_
Crown Zelierbach deb be w w- _ 194085 5 1013 102
3
1989.1 .1 *107
26 coneol gold 42
15
37 5412
108 108
Cuba Nor By let 534s
1942 1 D 4818 5014 79
99
2
108
1941 M 5 108 3-Warm Spring V let a bs
29
35
4
4 42
133
4412
1952.1 ./ 403
Cuba RR 1s8 leg
4614
28
1312
40
44
443
1938 3 D 43
36
3314 5014
4
1
/
33
let ref 742 serlea A
ChM & Alton RR ref a no
1949 A 0 44
4
233 44
2
15
32
105
84
101., a06i4
let lien & ref 62 ser B
1936J 0 3912 3912
1949.1 k 104
Chic Burl & Q-II1 Div 1144
10614 10713
1937 J .1 *10614 10618 --- 102
4 108 1097 Comb T & T let & gen 62
923
1949 .7 .1 10714 10812 24
Illinois Division de
8414 1064 11012
4 27
1073
1958 M S 107
General 42
67
801. 151
1943 MN 78
749 947
2
77
10414 10938 Del & Hudson lot 8 ref 4s
1977 F A 1074 10784 20
let & ref 44s ser B
100 101
1936 A 0 ------------93
1971 F A 1103 11112 28
14
52
84% 107 11433
4
1st & ref 52ser A
8912 102 4
894
3
I
97
1937 MN 97
18
73 80
0014 6341
58
1934 A 0 7712 80
I:Chicago & East III let 62
3
5 93 4 10612 10738
10718
197i J .3 107
3
5 2 121 Del Power & Light 1,64354
3
53
9
3
1014 123
i•C & E III By (sew co) gen la -....1951 MN
102 105
88
1969 J 3 *10338 104 ---512 11
let & ref 4312
512
2
*912 117 ---*Certificate's of deposit
10412 11212
93
lit mortgage 4341
1969 J J *10514 112 _4-4
8
8212 11113 117
1982 MN •1143 116 44-Chicago & Erie lit gold be
2712 2712
1_
96
1938 F A *103---3
3
1033 1067 D RR & Bridge let g 42
10678 21
8
97
1937 3 .1 1063
Ch G L & Coke lot an a 52
10214 10712
85
4
4
183 3532 Den Gas& El L let & ref if 58 -.1951 MN 10678 07
4
183
4
f*Chicago Great West lit de---1969 M S 2312 243 110
4
8312 103 10714
2012 34
2012
Stamped as to Penna tax
1959 ---- *2314 2418 -1951 M N *1063 107 ---•42 stamped
3914
23
23
52
28
1936 1 .7 27
15
15
257 4-4_
2138 *Den & R G lit cons a 42
7•Chlc Ind & Louis* ref (Is
1947 .1 .1 *21
2
393
25
25
2712 10
me .1 .1 26
8
15
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1947 .1 .1 *2118 25 --*Refunding g be sec B
. 158 22
tP2 12
913 13
612
812
158* 21
25 ____
1947 .1 41 *21
1532
*Den & R 0 West gen be _ __Aug 1955 F A
*Refunding 42 series C
712
912 19
514
4
1
/ 11
5
3
4 4 814
4k4
7 ---*618
*Assented (a
1986 M N
*1st & gen 5e eerie. A
e/
(alibi to plan)
1112 21
1112
7 ____
4 1912 24
413 834
*Ref & impt be ear B
412
A
*1st & gen 62 series B-May -1966 J .1 *633
Apr 1978 ---6 183
1956 1 J 90 4 90 4
70
3
5
3
86% 921
-year 42
ChM Ind & Sou 50
:
2
214 3
214
212
214
t•Des M & Ft Dodge 4. ells- _1935 J J
2
65
83 8
72
6812 ---4
1061e 1113 Des Plaines Val let gu4362
4
99
3
4
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1969 1 D 1113 1113
1947 M 8 *55
8
4
1053 109 4
95
10734 13
48
3
34 2 5832 Detroit Edleon Sc aer A
3432
1949 A 0 107
1989 J .1 4714 48
:emit'M & 1 F ilen 43 eer A
33
106 110
92
1966 1 D *10612 107 44-4
1989 J J *42% 4718 .--35
Gen & ref Si eerie. B
*Gen a 8SM ser B May 1
10814 1104
93
9
11018
16
53
38
6232
38
Oen & ref 56 series C
•Gen 434s seem 044May 1 _1989 J .1 51
1982 F A 110
3
854 10612 1133
4 5212 19
3812
1961 F A 11112 1125, 29
4
3812 823
Gen & ref 4 He settee D
*Gen 6362 series E__May 1 4_1989 i J 503
9018 10812 11114
10914
5
7
4
3614
3812 843
Gen ds ref bs series Z
•Oen 4342 series F__May 1 _4_1989 I .7 5314 54
1952 A 0 109
30
26
20
95 26
35 ___
1996 J D *30
912
*DM dr Mac lot lien g de
1312 1412 274
tot:We 3111w SIP & Pao be A 4-1976 F A
30
26
---212
4%
12 7 2
2
4% 623
'lot 42 assented
3
*Cony ad] be
Jan I _4-2000 A 0
1995 -- - *30
1212 158
Ws
3014 4812
3014
6
*Second gold 42
:Milo & No West gen g 3404-1987 M N 4012 41%
1996J b *1534__ ---105% 1124
84
6
MN 4212 42%
11218
1961 M N 112
3
34
53
34
Detroit River Tunnel 442
1987
General 42
102 104
87
1
3
3512 53
4
41
4
3538
41
Donner Steel lit ref 72
1942 3 .1 1023 1023
Stpd 42 non-p Fed Inc ts.--1987 MN •
10714 10818
8
1083 --4 102
46 4.1992 tvl N *_
38
36
1987 A 0 *108
7
67 3 Dul & Iron Range 1s6 55
Gen 442stpd Fed Inn tax
3112 58
20
6
4 52
8
884 8112 Dul Son Shore & All g Be
3
36 4
Gen 52 stpd Fed inc tax
1987 M N 4714 4918 41
1987J J 49
9914 10414 110
4 56
41
41
47 Duo:Name Light let 41.isA
5414 ---1987 MN *---434s stamped
1M7 A 0 1041 1043
2 9934 11012 11312
12
4412 70
4 12 44
523
51
M S 11013 1104
let Mg 430(Perim B
Secured g 6361
1931 M N
1957
Me
D 2112 2114 10
1612 31
may I __KM
let ref g 62
714 21
614
50
14% 28
148*
HEast Cuba Sug 15-yr.1 734s _1937 M S 1212 15
1st & ref Atte stpd-May 1 44-2037 S D 174 1913 22
*
_ .... 8912 10141025
1412 28
I D 17
East BY Minn Nor thy 1.6 4. _1948 A 0 *105
1412
18
19
1st & ref 434e ear 04May 1 _42037
101 11112
3 79
--101
1966 MN 101
1949 MN
10
2212 East T Va A Ga Div let M
9
9
105 149
*Cony 442 merles A
10612 1083
4
99
1939 J .7 *10733 10814 --Ed El Ill Bklyn 1st cons 42
1 t•Chicago Railways let 51111614
7
- ---- 107 4 123 2 128
3
sat, 78
Ed Elea(N Y) lot eons g 52
F A
1995 J 1 *1271
aas,
2
7312 7412
Aug 1 1933 25% part pd
4112
1
32
32
3112
3214 4572 *El Pow Corp (Germany) 634s_. 1950ao al s 32 2-3214
3
1988 1 1 35 4 3612 11
MUM R I & P By gen 42
40
82
30
5
32
8212
•334
3212 43
_ ____
•let sinking fund 634s
1953 A 0 32
*Certificates of deposit
10414 10818
1941 M N *1084 --------89
1014
28
1014 17
11
Elgin Joliet & East let g be
1934 A 0 13
PRefunding gold 4e
4
92 1013
2
1966 A 0 1003 1014
8112
9
16
10
El Paso & S W let S.
10
8 1312 26
123
•Certincates of deposit
10172 1064
2
1940 J .1 •1063 --------90
1012
104 18
1414 19
Erie & Pitts g gu 3422er B
1952 M 5 14
1•Secured 474e series A
4
1013 10613
2
1940 3 J *1063 --------90
1012 16
Series C 334e
1418 --1012
„_., *11
*Certificate/ ot deposit
9912 12
89
9712 102
1999 J J 99
die 10
Erie RR let cone a 42 prior
41e
4 45
53
514
1960 1,1 -N
*Cony a 434e
80
70
52
813 7914 90
let consol gen lien g 42
7
1996 1 . 7
104 10538
1961 F A *106
--------99
7
96 105 3
Penn coil trust gold 42
1053
75
4 10
oh St L & N 05.
June 15 1951 1 D 104
78
65
5012
9
412 7614
8312
44-4
88% 89
Cony 42 series A
1953 A 0 7
Gold 334s
June 15 1951 1 13 *77
78
65
504
75 ____
1963 A 0 *73
Series B
8414 11
88
75
69
1951 J 0 82
Memphis Div 1st g 42
62
76
68
75 __
1963 A 0 *
23
25% 753
Gen cony 413 serfes D
71
1960 l D 68
2572
4
ChM T H & So East let be
464
5212 7414
4
1967131N 6618 683 243
1313
45
1312 58
Ref & impt be of 1927
58
Dec 1 _41960 M 8 54
Inc gu bs
52
741s
6814 206
4
463
Ref & impt 52 of 1931)
8
14
3
4
93% 1063 1093
.1 1063 107
1975 A 0 66
1963 .1
Chic Un Sta'n let an 4141 A
3
117
9038 1144 1174
8 11 100
Erie & Jersey let 2 f68
1955 3 J 117
1963 J J 10638 21063
1065, 11014
let Si series B
1
1 11614 1164
924 11212 117
°enema River let s 168
1064 10812
1957
95
1944 J D 10612 107*4 14
Guaranteed 7052
2
105 1093
1947 MN *10914 --------86
106 1067
NY & Erie RR ext let 42
2
1949 J J 10613 1068 14 106
Guaranteed 4s
1938 M S *1041
__ ____
95
---3
331 mtge 434s
2 53 108 4 108 4 10932
3
g
1963 J J 1087 1093
let mtge 48 series D..
7012 83
1964 F A *--68
703
8-- 8 __
3
92 100 4 Ernesto Breda 72
2 92
987
6338
J 98
1952.7
Chic & West Ind con 42
102 107
2
82
4 32
1962 NI 8 1053 1053
lit ref 540 aeries A
6612
1
81
80
9612 9612
103 10738 Federal Light & Tr let bo
1942 M
3 103
1962 34 li 10512 10512
lit &ref 530 serial0
96
83
1942 M
75
96
5
96
55 International serial
5138 68
3014
1942 A 0 6312 6614 60
Childs Co deb 52
3
4
793 963
1
59
95 4 9572 15
let lien 2 f be stamped
ta
4
963
79
1942 M
4
3
1947 1 .7 95 4 963 220
Chile Copper Co deb Si
8012 101
1003. 20
5913
99
lst ilen lits stamped
4114
37
1942 M
36
35 ____
1962 MN•_
**Clow Okla & Gulf cone 55
91
93
4614
14
632 94
*
30-year deb 68 series B
1964 J
8
7
57 2 1013 10714
196/ A 0 1015t 10318 33
CM 0& E let 14 42 A
19461,_ .
8214 97
8214
83 .--2 10212 10314 Fiat deb 2 f g 72
587
3
1987 J .1 10314 10314
Cln LI & r.. 24 gold 4342
4314 47
25
--- ---f•Fla Cent & Penin 62
'2
*43
1943J
NM Q F •10212 --------9718 10112 103
0I St L & C let g 42_ _Aug 2
5714
3 48
2
503 67
100% 10314 7•Florlda East Coast let 4434_1959 1 D 57
82
---1942 MN
CM Lob & Nor lit eon gu 42
8 60
83
712
612
2
1
6 s 127
4
1
*1st & ref 52 (wile. A
1974 13 5
109 1114
97
4
1093 1093
3
4
20203 J *10318- __Cln Union Term let 442 A
714 23
512
4
63
54 12
--•Certincates of deposit
110 113
2
9834
8
20203 J 1125 1125,
let Mtge ba aeries B
1952
11124114': Fonda Johns & Glov 4342
10 100
2
1957 MN 1127 114
1st guar 52 scrim C
, eriii MN
'taproot of maim filed by c "
614
6912 6952
6 ..........
4
*43
19401 ,7 371
--------521.
Clearneld BR Coal lit 42
(Amended) let cons 2-411
2943.7 1 *10112 --------7838 ____ ____
Clearfield & Mah Ist gu 52
44 -3
Ve 5
,I•Proof of claim filed by owner_ MN •333
3
2
4
---- ---- --__ --4
•Cerilficatee of deposit
89 101
65
9
9714
1993.3 71 97
Cleve Cln Chi & St L gen de
8
1013 103
--------83
1941 J .1 *103
Fort St UD Co tat a 4354
9212 108 112
19931 D •____ 112 .44General bs series B
2
s 104 1067
947
5
1961 .7 D 10512 0512
73
1
93 10114 Ft W & Den C let a 534.
99
1941 1 .1 99
Ref & Impt 6seer C
108
1
9438 106 11012
3512 Framerican Ind Dev 20-yr 742 -.1942 J .7 108
60
60
19633 .1 7812 7934 21
Ref & Punt 58 ser D
464
3212 11
15
23
1942 MN 32
60
7712 7•Franc4co SUff 122 2 t 7163
50
1977.1 J 693
2 73 260
Ref & impt 4368 see R
8812 10332 107
4
1939 1 .7 10612 107
Cairo Div lit gold 42
84
76
72
8212 ____
378
8714 93 °sly Hous & Rend let 574e A-1938 A 0 '
4
923 ---58
1991 .7 J *913
Cin W & M Div let 42
3
*
73 4 101 1053
9
4
4
1943 F A 1035 1033
Gannett Co deb 62 Her A
96
88
96 ---66
1990 MN *94
St L Div let coil tr it de
11513 1174
-_- --- Gas & El of Berg Co cons g 62-41949 .3 D *11812 --------1035
_ 44-85
M S
1940
Spr & Col Div let g 42
aoi, 75
35l2
1934 M 8 *6012 63 ____
9512 9512 •IGeleenkirehen Mining 6.
72
*9112 993
4
1940.7 J *10012-- - ---W W Val Div let g 4.
2
99 105
103
7312
8
3
103 3 105 4 Gen Amer Investors deb be A.- 1952 F A 103
Cleveland & Mahon Val g tie- 938 J .7 *10012 --------87
41
9514
85
3 33
023
46
1947 3 1 91
____ 44-4 110% -- -- _ Gen Cable lst 8 f 534e A
1942 A 0 *110
Clev & Pain ffU 434e sir B
4012 50
32%
4812 14
1
- *Gen Elm,
105 105
(Germany)72Jan 15-A945. I 48
--------105
1942 A 0 *104
Series B 3342 guar
49
40
33
1
1940J D 4812 484
'of deb 634.
1942 1 .7 •11112 124 ---- 10038 10738 11114
Serial A 4130 guar
48
8
3
40
4912
1948 MN 48
038
-year if deb 62
•20
.4.- -___
8 --------90
1948 MN *1043
Series C 336. MY
9012 10112
76
7
1939.7 .1 10012 10112
8 ----- ---- ---- ____ Gen Pub Serv deb 5342
1950 A F .1043 Series D 3762 guar
84
54
8512 46
54
10512 10512 Gen Steel Cast 6342 with parr ... 19493 J 80
2 --------91
F A *1073
1977
Gen 44e ser A
21
1314 143
6% 1518
4 93
--.. ..-- {Mien Theatree Equip deb 62-1940 A 0 1312 1414 28
Gen 5c ref mtge 443ser B
1981 J J •107
'8 ---- -..-- .•-...
64 1414
2%
*Certificates of deposit.-13
9
18
5
11
19453 J 13
6
2
4
7312 1004 1067 I•Ga & Ala RI lit cons 52
2
Cleve Sho Line let gu 454e
1961 A 0 1063 1067
24
18
1934 J J •173. --------18
4j•Gis Caro & Nor lei ext 88
74
4
927 104
1972 A 0 10214 10313 52
Cleve Union Term an 534e
ma A 0 ------------3612
Ws 46
85 100
71
101
100
Georgia Midland lot 38
1973 A 0 99
e t 64 Series 13 guar_
let
94
80
66
1977 A 0 9012 9213 81
Ins f‘42series°
3812
34
5
354 443
1945 A 0 38
4
9212 104 10614 *Good Hope Steel & Ir see 78
_ ____
19451 D
Coai River By let gu 4e
8
3
s
1947.7 J 1077 10818 40
8912 1077 109 2
67
2
38
Goodrich(B F)001st 63611
as
6513 66
19383 .1 *10658--*Colon Oil cony deb 62
9213 10012
63
1945 J D 9634 9812 123
6612 90
Cony deb 62
2612
90 ...„
1943 F A •88
t•Colo Fuel & Ir Co gen e t 5s
10.134 129
8334 1034 106
1957 MN 104
1
. 22
Goodyear Tire & Rub lot be
34
il•Col Indus let & coil 52 gu _ _1934 F A 2 8 2512 GO
16
57
7
9313
8212
8213 974
19363 D 93
3
53 3 10
4
513
4
4
513 733 Gotham Silk Hosiery deb tis
198085 N 52
Colo & South 4362 ser A
8
17
1940 F A *2412 25 ____
3638
5213 6512 17•Gould Coupler let 2 185
5213
1
1980 --- 5314 5314
Assented 4312
4
101 101
1942 1 D *4-4. 1013 --- 101
94% (Jou* & Oswegatchle let 52
69
6912
MN 9138 9313 155
Columbia0& E deb 62---- May 1952
1941.7 J *108
68% 9412 Or R & lest let gu g 4342
--------9138 10412 10812
16
93
6038
Debenture 52
Apr 15 1952 A 0 911
44 1013
2 10314 1063
1940 A 0 10314 103
4
68
Grand Trunk of Can deb 71
58
94
Debenture 52
Jan 15 1961 1 J 9113 9212 157
1938 M S 10514 10538 38 10038 10514 1074
Deb guar tis
94
2
10214 11012
1948 A 0 10914 10914
Col & H V lit ext g 42
90 90
--------90
1947.7 D *80
984 10718 Grays Point Term let an Be
73
1078* 19
Columbus By P & L let 434el__....1957 J J 107
68% 8638 97
919
1944 F A 95
9014 1063 11212 (It Cons El Pow (Japan)72
2
4
4
4
• A 0 1113 1113
Secured cony& 543
1950 J J 904 904 17
56
78% 904
4
1053 112
let & gen if 634e
--------91
1955 F A *112
Col & Tol let ext 42
yfi2
82
19383 1 961. 9714 173
9914
9513 1104 1123 Great Northern gen 72 ser A
20
3
1949 F A 11114 112
Comm'l Invest Tr deb 5342
6812
96 10514
1961.7 J 1034 1054 122
100 10314
let & ref 4342 series A
92
*10112 103 ____
1943 A 0
Conn & PURIM RI* lit 42
75 100
8 72 64
997
1932 J .1 98
General 542 serial B
8812 10612 1077
8
1951 .1 .7 •1087
3--- ---Conn By & L let & ref 4Sie
9613
69
67
9212 22
1973.5 .1 91
1
. 106 10812
General 62 eerie. C
96
5
Stamped guar 434.
1951 J .7 10812 10812
19763 1 84% 8514 46
63
7
53 2
8912
General 4742 series D
*Consolidated Hydro-Elec Works
1977 1 j 835g 8578 146
61112
624 89
29
30
4114
1
General 434s series E
29
29
1956 J .1
of Upper Wuertemberg 72
,
For footnote* see page 887
v
New York Bond Record-Continued-Page 4
Volume 141
BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug. 9
r>,
Weere
Jule 1
i
. Rangier
4_ 1933 to
Z
Friday's
,,..•4 July 31
....n. 84,4 & Asked die 1935
Range
Mau
Jan. 1
Low
Mop No. Low Low
High
*Green Bay & West deb ens A
Feb *4118
384 3818
26
*Debentures ens B
Feb
7
738 14
3
/ 83
1
4
3
GreenbrIer Ry 1st gu 48
1940 MN *106
884
Gulf Mob & Nor let 534e B
1950 A 0 7212 75
6
50
53 8 75
1
lit mtge be series C
1950 A 0 681
7012 41
4912
704
50
Gulf &SI let ref & ter 5s ---- Feb1952 J .7 *50 - --------55
864 664
/
1
Stamped
J 1 *5018
4912
4912 501
States Steel deb 530....1942 J D 9712 9714 11
Gulf
50
90
98
/
1
4
Hackensack Water let 4e
1952 J J *107/8
9512 10512 108
*Hansa(38 Lines Os with warr
1939 A 0 43
44
4
31
38% 46%
*Harpen Mining Os
1949 J J 3812 3812
2
3412
3412 4912
Hocking Val let cons g 434e
19993 1 116
/ 1167
1
4
5
91
112% 11712
1•11m (R)& Co 1s16 Me ear A-1934 A 0 33
33
1
20
30
42
•Holland-Amer Line 6e (fiat)
1947 MN
___ --__
1212
13
15
Housatonio Ry cone g 56
1937 MN *121
82
70
82
70
95
H & T C let g 5s lot guar
1937.7 1 1064 10612
1
903
8 10418 106%
Houston Belt & Term let 5s
1937.7 .1 10212 10212
1
89
101 1034
Houston Oil sink fund 5345 A....1940 M N 963
61
4 9712 15
85
98
Hudson Coal let e f be ser A
1962.7 D 4112 427
8 42
85
35
447
e
Hudson Co Gas 1st g be
1949 MN 119
119
5 1015
8 113 4 1197
1
Bud & Manhat 1st 59 ser A
1957 F A 85
86
53
6358
9058
80
*Adjustment Income be - __Feb 1957 A 0 3312 35
k
119
25 4
1
25% 397
BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug. 9
885
Weer*
Ja4 1
13 Range Or
4_, 1933 to
it
Frtdars
e.`A July 31
..a. Bid 4 Asked e ei 1935
Range
Since
Jan. 1
Low
High No
Low Low
lite
Lox & East let 50-yr 5e gu
1965 A 0 115
11612
5
8914 11318 117
Liggett & Myers Tobacco 75
1944 A 0 132'11 13312
6 117
130 1344
53
1951 F A 12012 123
50 103
7
115 k 123/8
8118 104 104
Little Miami gen 48 series A
___ __
1902 MN
Loew's Inc deb a 1 (le
103 12 104
1941 A 0 *10614ifl
76
10314 106
Lombard Elm User A
1952.7 D 461
49
9
60
/
1
4
44
44
Long Dock coneol o 6e
1935 A 0 *10024 10112 ---074 1005 1037
8
8
Long Island gen gold 43
106
1938 J D 106
1
981
4 1047 10
8 614
Unified gold 4e
1
. __-1949 M 8 •103
874 102 105
20
-year pm deb 512
1 1034
4
1937 M N 103 8-* 1021* 103 4
9
921
1
1949 M 8 103
Guar ref gold 4e
/ 1041
1
4
8 19
85 4 10112 1041
1
8
Lorillard (P) Co deb 7e
8
1944 A o 1297 130
25 110
1254 13012
59
118
128
1951 F A 118
981
3 11218 118 4
,
Louisiana & Ark 1st Se ear A
75
/ 97
1
4
1969.7 J 7314
3812
58
757
2
Louisville Gas & El(Ky)fs
1952 MN 1124 1124 10
86
1074 114
Louts & Jett Bdge Co gu g 4ii .....-1945 M El *10614 10712 --_754 102 10614
Louisville & Nashville Si
10712 10712
5 100
1937 M N
10714 107
/
1
4
Unified gold 4e
35
8812 10415 10818
1940.7 J 10712 108
let refund 534e Senda A
1054 16
81
2003 A 0 105
103% 10712
let & ref be series B
10512
6
2003 A 0 104
80% 103 107
/
1
4
1st & ref 434s seriee C
4
/ 40
1
4
2003 A 0 1011 102
74
9812 104
Gold 158
1941 A 0 *108/8 --__ __-9812 1064 109
Paducah & Mem Div 45
_ __-82
1946 F A *1047
102 104%
Illinois Bell Telephone be
1956 1 D 210712 1083
8 37 10312 107 11114
St LOUIR Div 2d gold 3s
8212
2
54%
1980 M 8 828-_744 834
Illinois Central let gold 4e
1951 J .1 *1051s
83
103 10(112
Mob & Monts let g 4 94,1
1945 M S*11012 --------92
10858 Ill
let gold 334e
1951 1 J *10112 10314
7612
7
99 103
South Ay joint Monon 4a
797 _ --1962.7 -I *- _ __
8
193 k
77
86
Extended let gold 3945
1951 A 0 *10112 102
78
/
1
4
991 102
8
Atl Knox,& CM Div 4e
1956 M N 107
10714 11
80
105 108
1st gold 38 eterlIng
____
66
13_ *Lower Atone& Hydro Ei 6368_ 1044 FA 100
1951 M S
100
1
4412
88 100
Collateral trust gold 4a
1
1952 A 0 *75%-__6
74
57
741
4
67
____- 312
Refunding 48
5618
1955 MN 7612 764
/
1
5
6713 8658 'McCrory Stores deb 5945
1941
Purchased lines 334e
1952.7 J *_
74 ---/
1
4
58
70
71
Proof of claim filed by owner _
..
4612
- 1044 10518 29
811 106
4
Collateral trust gold 46
1953 MN 13812 6812
521
4
5912 7512 McKesson & Robbins deb 530-1950 -8
275
63
MN 99
/ 100
1
4
93 100
Refunding be
1955 MN 5612 87
9
7014
74
% 944 8/*Manat1 Sugar lit,f 734e-1942 A 0 1914
19
/
1
4
6
9
11 '
-year secured 6 Me g
15
1936.7 J 941
8 95
12
82
90 101
_ •1618 2912 ____
*Certificates of deposit
74
814 34
40-year 444
Aug 1 1966 F A 5214 5412 119
424 6318
4213
1:•Eltmpd Oct 1931 coupon.. 1942 AM •1612 ____ ____
612
84 32
/
1
Cairo Bridge gold 45
1950 J D 10214 10212
4
701
8
98/3 10212
----------------4
*Certificates of depoelt
12
2112
Litchfield Div let gold 3e
___
j *831/4
73
/
1
4
31
86
1961.7
It•Flat stamped modified -.1942 ---- 20
5
4
20
94 3013
Loulev Div & Term g 332e
1953 J J 92
- 1
i2 4
5 6512 8958 9258
8
7
/
1
4
7
/ 38
1
4
*Certificates of deposit
1618
1618
Omaha Div 1st gold 38
1951 V A *__
687 _-8
60
87
77 :•Manhat Ry (NY) COM g 48 ___1000 A 0 5912 64
506
35
50
64
St Louis Div & Term g 3e
1961.7 J *75
79
61
74
76
*Certificates of deposit
4 60
35
47
105
60
---- 543
Gold 334e
1951.7 J *8112 828
62
13
80
9714
•2d 46
4
4714 17
/
4
27
2013 J D 41
3712 471
Springfield Div 1st g 3Ms
1961.7 1 *9814
67
97% 9712 Manila Elm RR & Lt s f 5e
1953 M 13 *92
95 ___
82
90
98
Western Lines lit g 4s
1951 F A 8812 8912
5
75
8518 8912 Manila RR (South Lines) 48
L
4 7312
49 4
1
1939 M N 721
68
7312
iii Cent and Chic St L & N 0lit eat 4e
88% ____
1959 M N *81
61
6813 70
Joint 1st ref be series A
/ 65
1
4
19633 D 63
28
52%
5212 78% *Man GB & NW 1st 314e
50 ____
50
1941 1 .1 •---let & ref 4 Ms series 0
19633 0 80
49 4
1
6114 13
49 4 We Mfrs 'Pr Co etre of panto In
1
Illinois Steel deb 414s
1940 A 0 108
10814 32 1014 106 10812
A I Namm & Son 18t 6e
95
9
1943 1 D 95
50
7114 95
*Moder Steel Corp rage 65
1948 F A 327
3512
32
7 434 Marion Steam Shovel e f (le
2
31
1947 A 0 59
68
75
41
55
70
Ind Bloom & West 1st art 48
--------891
1940 A 0 *104
, 104 104
Market St Ry 7s ser A _April
88
12
80
1940 Q 1 87
63
92
Ind In & Iowa let g 45
1950.7 1 *100
9514 994 Mead Corp let 65 with wary
72
47
1945 M N 9512 975
8 81
795 9714
:*Ind & Louisville let Hu 4s
7
1966, J *71g .9
7
16
1957 A 0 5512 57
Meridional° Elea 1st 7e A
7
5812
5512 98
By gen 55 ser A
y
Ind
1965 1 J •105% 10712 _1 96
104 10814 Men Ed 1st & ref 511 ger 0
1953 1 1 108
108
8
77
102 108
/
1
4
Gen & ref Is series 13
8
1965.7 .1 •1062
98
14 106 1064
let g 434s series D
8 21
67
1968 M S 10714 1075
MN 1075
8
Inland Steel ist 44 ser A
1978 A 0 1045 105
8
55
79
10358107¼ Metrop Wat Sew & D 514e
1950 A 0 9512 9918 17
74
96 1011
4
let Ma f 434, ear B
80
1091 F A 10458 10478 75
10314 10614 II•Met West Side El(C1210)46 _..1938 F A •1214 1414 ---94 171
/
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9
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17
1977 M 5 •____
8
2 ____
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5613
1966.7 .7 8812 9013 557
6114 934 *Meg Mill Mach let s f 7e
1966 J D *29
3112
33
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86
/
1
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-'87
8 98
14 887
86% 89
Michigan Central Detroit & Bay
1•10
-year Os
0 6513 72
1932
719
72
194
50
City Air Line 4s
4
32
9314 10012 10414
1940 1 .1 102 1 103
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61
204
70
4812 70
169
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1951 M 1 *83
88 -_
87 4
1
834 9012
I•10-year cony 7% note,
1932 M S 9012 92
53
15712
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95
1st gold 334e
103
2
844 1004 1041
1952 M N 103
8
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22
574
89
82
88
9412
Ref & impt 4348 series0
9818 9814
5
70
1979.7 .1
9311 994
Interlake Iron let Si B
1951 MN 7418 78
30
50
72
8212 Mid of NJ let ext be
1940 A 0 70
72
13
61
/
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lot Agri° Corp let & coll tr be1938 M 6 1021 1021
Midvale St &0 coil tr 5 f de
8
26
90
102% 10312
Stamped extended to 1942
M N 98
7
52
9814
91% 9914 Milw El Ry & Li let SIB
/ 99
1
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1961 1 D 98
84
67
7712 100 4
,
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1948 M N 10311 10414 63
74
8
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/
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7618 100
58
4 9912 27
1971 1 7 981
t•Int-Ort Nor let Os ger A
1952 .1 .7 35
25
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2512 41
It*Milw&Nor let ext 4345(1880)1934 1 D •_93 ____
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70
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1
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---- 6512 6512
1939
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1958 J J 3158 3214
4
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5613
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1956.7 J 3112 33
36
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3758 Mil Spar & NW let gu 48
34
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1947 m 8 40
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1944 A 0 46/8 4912 336
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284 5614 Milw & State Line let 3348
70 ___
1941 1 .7 *55
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8
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1941 A 0 55
59
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3
/Minn & St Louis be ctfs
512
4
513 12
1934 MN
4
/ 84
1
4
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47
1947 1 7 7714 78% 66
58
787
8
*len & refunding gold 45
1
1
1949 M El
3
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3114
1955 N. 8 5412 581 143
4
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1
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1962 Q V
112
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1972 M N 78
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7
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let lien & ref 634e
1947 F A *7812 85
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28
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1938.7 .1 28
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15
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,
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1939.7 J 8112 83
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/
4
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1946.7 J 25
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1955 F A 7314 75
321
40
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-year 534e
21
11
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1947 J D 10314 10312
6
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1 84
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7
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7
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6
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1959.7 1 2412 25
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8
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1990 J D 6918 7018 100
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1959 J D 8014 81
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4
19621 1 3612 4012 65
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3318 37
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1938.7 1 1007 1007
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s
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9
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1978.7 1 3414 35
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/ 81
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1990 A 0 *80
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g
1938 A 0 3518 3714 11
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4
t•Mo Pao 1st & ref be en A
2614 27% 42
1965 F A
20
20
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*certificates of deD11811
A 0 *3518 36
28
28
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--- *2514 --------19
19
27
/
1
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K C Pow & Lt 1st mtge 4Ms____1961 F A 11314 113
/
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96
7
110 114
14
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1975 M 8
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7
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1950 A 0 7314 74
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1977 M /3 26% 27's 170
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_1950 J J 59
61
40
53
53
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5
25
all
2614
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1980 J J 10612 10712 50
8412 1015 109
/
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271
52
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1
19114 29 4
.
1
1978 M N 27
Kansas Gas & Electric 494e
19801 D 103
104
23
70 4 10014 105
1
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187
*2514 27 ____
18 s 27
7
•Karstacit (Rudolph) let 811
1943 MN *35
50
1334
82
45
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47
3%
1949 MN
S't 83
3¼
•Certificatee of deposit
7a
7
*3812 40
13
26
42
*let & ref g be series H
191 30
/
4
1912
2714 68
1980 A 0 27
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1943 - . *27
3025 32
1
4
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*2514
__ --__
19 3
5
195 2
3 512
Keith (B F) Corp let CI
1946 M 13 90
9212 64
Ir4
674 9212
•Ist & ref be aeries I
1
194
2
712 116
1912 304
1981 F A 26 4 -:•Keny-SprIngfleld Tire 611
1942 A 0 7812 791g 25
29 4
1
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2
187
8
2614
25
187 27
.
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1942 _
771 79 •Mo Pac 3c1 79 ext at 4% July -1938 MN *80
78
7812
8
----------6958
76
83
Kendall Co 534e
1946 M 5 1021 10314 11
4
68
10112 103% Mob & Birm prior lien g be
19451 J *83___ ____
85
85
85
Kentucky Central gold 45
1987 .7 J 10712 10712
4
80
10412 10712
Small
75
8
78
.7 J 75
75
80/8
Kentucky & Ind Term &Me
1961 1 .7 93
95
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73
77
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let M gold 4e
19451 J *41
44 _--3
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1961 1 .7 *co
80
95 10112
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7
J J *40
55
-__
40
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1961 4 J *1008
--- ---93
99
99
t•Mobile & Ohio gen gold 4e____1938 Id 5 *---Kings County El LA P56
884 ---30
1937 A 0 10812 10812
g2 103
1084 108 4
1
Montgomery Div 181 1 50-1947 F A
12
12
2
9
9
Purchase money 68
1012
1997 A 0 150
150
4 118
1454 150
47
•Ref & Impt 434e
48,
197788 5
412 9
2
412
Kings County E'er 1st g 4e
1949 F A 1024 10212 22
66
94 103
*Sec 5% notes
5
5
5
1938 M S
5
Kings Co Lighting let be
5
9
12
1954 J J
- ____ 100 4 110 114
1
First and ref 634e
•11414- _10512 118 122
1954 J 1 *12118 122
Mob & Mallet ffU gold 4e
1991 M S 8012 8012
2
70
79
8512
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4
774 1004 105
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103
103
10
1937 J J
87
. 4
:•Kreuger & Toll el A 511 ens __ 1959 M 8 361
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8 367
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let guar gold 5e
1937.7 J *10114 1014 __
/
1
7914
97 8 102
1
Montana Power 1,1 55 A
1943 .1 J 106
10612 27
77
Lackawanna Steel let5s A
93 1074
13
1950 M 5 107
10714
7
9412 105% 1094
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1962 1 D 95
96
/ 84
1
4
5012
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67
98
1939 A 0 101
10218 13
90
974 10218 Montecatini Min & AgrioColl & ref 534e eerles C
1959 F A
7714 79
/ 75
1
4
464
/
1
5912 81
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1937.7 1 *78
83 -76
/
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1960 F A 774 79
31
46
59
80
Montreal Tram let & ref Si1941 J 1 10118 1011.
964 1011
L 88
/
4
Lake Erie & Weet 1st g 641
1937 J J 103
10312 19
77
1014 10312
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1955 A 0 8514 86
7
70%
77
86
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1941 1 J 9814 9814
2
81
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1955 A 0 *84
--------7258
Lake Sh & Mich So It 3Me
1997 J D 10014 10012 39
79
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.
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____ ___
1955 A 0 *79
631
4
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73 ---1
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1954 J .1 124 14
174
44
8
7
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1
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1955 A 0 •78_
____
70 4
1
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Lehigh C A Nay a f 44M A
797
8
19541 .1 10512 106
113
77
12 101% 10618 Morrie & Co let a f 434e
1939.7 J 1041 1041 101
8 - -4
82
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101 1051*
1954 1 1 11055$
80
102 106
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2000 J D 91
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70
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91
9512
1945 M 1 *5612 6458 _
5213
84
7314
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1955 MN 9412 9612 39
77
94 102
Lehigh Val Coal let & ref a 1 51
1944 F A 92
92
2
64
871g 0714
Conetr M 4346 sales B
1955 MN 86% 88
106
6512
8312 964
lot & ref If Si
/
1
1954 F A 69
7212 26
33
55
80
Murray Body let mtg 6345
19423 D 133
145
160
98
98 145
let & ref a f 5e
1964 F A 661
8 67
9
3112
51
72
Mutual Fuel Gas let gu g be
1947 MN 109
10914
8
95
103 110
/
1
4
1st & ref a I be
1974 F A 65
32
6514 12
52
7734 Mut Un Tel gtd 6s ext at 50 - -1941 M N •10812 _ _ _ ____
89/8 102 106%
Secured 8% gold notes
19381 .7 95
95
5
73
9114 9618 Namm (Al)& Son-See MfreTrLeh Val Harbor Term gu 5,
1954 F A 98
79
Ms 73
9712 104
Nash Chan & St L lle ser A
1978 F A 874 8712
/
1
2
78
Leh Val N Y let gu a 4 Me
8712 97
7
1940.7 J 85
86
/
1
4
8
75 k
82
99
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1937 F A *104
105 ____
91
10218 10514
Lehigh Val (Pa) eons g 48
93
2003 m N 3612 38
3014
3014 50/8 Nassau Else itu g 4s etpd
1951 1 .1 61
6212 40
3
5014
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5014 62
2003 m N 40
/ 424 20
1
4
33
33
5414 Nat Acme let s I 6e
1942.7 D 10178 10212
4
654
864e 10212
General cone 58
2003 M N 4512 47
30
3912
394 80
Nat Dairy Prod deb 53(1
194/1 F A 1031z 104
100
747
8 10218 105
Leh V Term Ry let gu 151
1941 A 0 *10614 108
8918 10512 1077 Nat Distillers Prod deb 434s
a
1945 M N 100
1004 53
9914
9
914 10014
For footnote, see page 887
7'
-
Record—Continued—Page 5
New York Bond
886
BONDS
N. Y. STOCK F.XCF1ANGE
Week Ended Aug. 9
i
:I!
-3r.
WeAt's
Rano. Of
Frictavs
2,'Z, 818 & Ask42
Low
*218
1957 J 1
•Nat RI of Met pr lien 4 tie
214
*Assent cash war rat No 4 on_
A 0
liii --*Guar 48 Apr '14 coupon
2
23
•Assent casb war rat No 5 on_____
1620
•Nat RR Me: pr lien 4%.
•Aesent casb war rat No 4 on --------313
__ __
1951 A
•lat consol 4s
2
*Amens cash war rct No 4 on _ _ _ _ __
194353 D 10378
Nat Steel let coil St 40
1954 M N *50
:Naugatuck RR let g 4a
1948 3 D *1194
Newark Consol Gas cons 58
1945 J 1 *___
New England RR guar be
19463 J *____
Consol guar 4s.
1952 3 D 12118
New Rag Tel & Tel 15e A
1961 M N 120
Int g 448 serles B
1986 F A *100
NJ Junction RR guar lot 421
4
1960 A 0 1043
NJ Pow & Light let 4 tie
19633 J 6618
New Orl Great Nor be A
*____
NO & NE lot ret&Impt 4 tie A.1952 1
1952 A 0 781.
tNew On Pub Hers let 5e A
1955 ./ D 7812
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4
713
19533 J
New (Mean!! Term let gu 411
1935 A 0 26
t•N 0 Tex•Men n-c be 5s
1964 A 0 30
clot 5e aerial B
3012
1956 F A
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281*
19541 F A
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1964 A 0 2912
flat 5 Si• series A
19413 J *10758
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July 1
1933 to
July 31
1",
;3
1935
;
.11.71
HOS No
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PiAC1
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214
7
112
24
6
2%
6
112
2
4%
2
____
23
4
60
10112
8
665
68 ---6112 --, 60
122
28 10458
121
23
9914
824
8812
10514 43
331 4858
70
50
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38
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74
26
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9
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303
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3114 62
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3
6153
____ ____
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.
7
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483 70
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5512 8012
55% 8014
4
693 87
8
153 2612
1814 3112
197 3112
18% 314
321 1
20
10212 10712
4
1003
1935 A 0 *100
NYB&MBletcong 5s
219
9834
1944 MN 10912 111
NY Cent RR cony 68
64
143
8 86
853
1998 F A
48 series A
Congo:
2013 A 0 6612 6912 247
434
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327
76
4612
2013 A 0 721 1
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76
7372
1997 J 1 9518 96
M 340
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18
4
67
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1942 J J 9514
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6912 304
66
_
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2013
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64
8838 47
87
_—
1998 FA
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9612 87141
3
1998 F A
65
Mich Cent coil gold 3148
13
77
1937 A 0 10178 102
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4312
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1974 A 0 7014
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4
803 220
363
1978 M S 5914
4
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66
414
65
1935 A 0 64
gold notes
3-Yr 6%
13
8
4
1953 F A 1063 1067
924
N Y Connect let go 4% A
,
1
99
108
1953 F A 108
lot guar 5a aeries B
69
4112
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1951 F A
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30
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2 52
1938 A 0 493
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8
28 10818
1941 A 0 1115 112
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1073
8 27 10212
1944 A 0 107
let lien & ref 58 series B
4
9 10214
1951 A 0 1073 10812
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14 Y & Erte—See Erie RR
9 1044
1948 J D 12312 12412
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8
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1940 F A 1131a 11318
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61
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19441 M N 91
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2000 M N 1024 10212
834
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4
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9258
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1978 M N *106--------891,
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7512
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9511
1941 M S *1034
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4
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983 11212
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2
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10718 1083
4
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424 58
8
1113 11418
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106 11014
1947 M 8
NYNHAHn-odeb4a
1947 M S
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,
1954 A 0
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,
1955 3 1
Non-con• debenture 48
1956 M N
Non-con• debenture 4e
1956 1 J
Cony debenture 334e
1948 J J
Cony debenture&
1940 A 0
Collateral Blot 6s
1957 M N
Debenture 49
19873 0
let & ref 414s ser of 1927
Harlem It & Pt Chee let 4s__1954 M N
June 1992 161 S
N Y 0& W ref at,
19563 D
General 4s
1942 A 0
N Y Providence & Boston 40
1993 A 0
N Y & Putnam let con gu 48
1965 A or
•N Y Rys Corp Inc 68...._Jan
10132 _
•Inc 6s assented
1965 J 3
Prior Hen flo wiry; A
1965
Pr. lien 63 assented
1951 M N
NY & Richin Gas let fie A
1982 _—_
t•N Y State Rya 434* A ctfe
1962
'634* series 11 certificatee
1947 MN
N Y Steam 6s aeries A
1951 M N
let mortgage 6a
1956 M N
let mortgage 5e
1937 J J
MY Susq & Weet lat ret be
1937 F A
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1940 F A
gold be
General
1943 M N
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1939 M N
N Y Telco let & gen e t 4346
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1918
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N It Westch & 11 1st ser 1 434o _1946 J J
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47
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893
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1955 A 0 107
107
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48
9212 9412 106
1960 M N
Niagara Share(Mo) deb 54e
38
10
85
81
•Norddeutsche Lloyd 20-yr of 612_1947 M N
7
4718
1947 M N
38%
4812
New 4-8%
15114 39 10512
1950 A 0 150
N ord RI ext sink fund 634o
15
5
1512 21
It•Nortolk South 1st & ref 5e_1961 F A
147
•1318
4
•(JertifIcatee of deposit
50
50
144
1941 M N
1
It•Norfolk & South let g 5s
1996 0 A 11514 1184
914
18
N & W RI let cons g 4a
2
96
1941 J 0 10312 10812
Pocah CA C Joint 4e
8118
4 94
1013
1961 F A 100
North Amer Co deb i5a
42, 56
1957 M 81 10014 102
No Am Edison deb 68 ger A
66
8
66
Aug 15 1988 F A 1007 102
Deb 54-4, Ber B
54
9912 47
987
Noy 15 1989 M N
Deb 68 ger C
98
12312 ____
1974 M S 119
North Cent gen & ref 5, A
1974 M S 1124 --------88
Gen & ref 44* series A
35
8
4
463
1945 A 0 43
t•North Ohio 1st Rum g 5s
35%
48 ____
*43
*Ex Apr'33-Oct'33-Apr'34 cpna-___
•Stmpd as to sale Oct 1933, &
347
40
5
40
*Apr 1934 coupons
19
747
1947 IN S 10812 110
Nor Ohio 'Frac & 1.1 60 A
78
82
1997 Q 1 10314 104
North Pacific prior lien to
4 91
504
723
7158
Gen lien ry & Id g 3, Jan __ _2047 Q F
60
8 8512 42
2047 J 1 835
Ref & Impt 41.4e series A
684
401
20473 1 9612 99
Ret & !mot 68 series B
64
9312 43
4
2047 3 1 923
Ref & impt 58 aeries C
61
38
4 93
913
2047 J J
series I)
Ref & lmpt be se
........
8100
1938 A 0 *1033
Nor Ity of Calif guar 55,
89
8
067
1941 A 0 10612 1--- 23
Nor States Pow 26-yr 68 A
31 93
10814
1941 A 0 108
lot & ref 5-yr (laser B
1944 1 J *10218 104 _...... 100
Teleg 44e ext
Northweetern
15
8858
1957 161 N 39612 9714
Norweg Hydro-El Nit 6 h e
Off AL Cham let gu ads
Ohlo Connecting RI 1st 4a
Ohio Public Service 7148 A
let & ref le series B
Ohio River RR let g 52
General gold 611
t•Old Ben Coal lot 6s
Ontario Power N F 1,1 5*
Ontario TransmIsalon 1,1 5*
Oregon RR & Nay coin a 413
For footnote,- see page 887.
19483 J *31
8
1943 /61 S 1075
1946 A 0 11212
4
1997 F A 1113
1938 1 D •10114
1937 A 0 103
1944 F A *1712
8
1943 F A 1125
8
1945 MN 01105
1946 3 D 108
334 2
10758
15
4
1123
3
112 I
10312
7
103 1
19 I-- —
2
11314
8
1117 ____
7
10812
30
1054
89
78
90
87
10
99
944
834
I my i
Week',
013 to
Itanao 01 ;
Rana*
Since
Vg. flay 31
Friday's
= ,..
Jan. 1
1935
:,,Z, 840 & Askal itc.
-----'nen
Moll
,1 4Q5 No
Low Low
3 100
11418 11813
1946 1 1 11612 117
Ore Short Line let cons g be
11611 11912
OW,
8
_ --__
1940 1 1 *1185
stp 1 cone 52
li 6
8
101
.1 1045 106
7714
--- 88
Guar1981 .1
Ore-Wasb RR & Nay 4a
94 10034
1
6512
1963 91 P 10018 10018
Oslo Gas & El Wks extl be
69
20
14 994
8 0012 179
1941 Si F 083
Otle Steel lot mtge 6s ser A
45
43 --25
36
1940 1 D *37
Pacific Coaet Co tat g 5a
.
8
23
9812 106 109
Pacific Gas & El gen & ref be A _0 _1942 1 1 1061 107
9812 10158
9812 9812
1
80
1928 F A
Pao RR of Mo lot ext g 48
9912 --_84
93 100
1938 1 1 *9234
.2d extended gold 68
10618
5 10314
106 10712
1937 1 J 106
Pacific Tel & Tel let be
10918 11312
11012 16 10414
195) 51 N 110
Ref mtge be series A
10518 1054
93
4
Paducah & Ills let 8 f g 44s _ _1950 1 / *10518 1053 ---2518
3312 4312
43
4312
6
it•Pan-Am Pet Co (Cal)conv 88_1940 1 D
.___
42
437
3314 437
39
25
of deposit
*Certificates
2718
6114 ---4258 611;
6114
t•Paramount-B'way lot 5%,__195l 1 1
62
42
*6018 ___ ____
274
•Certiticatee of deposit
60
55
--------55
*60
1951 --549 assented
Paramount ram Leaky 6s
5814 105
44
1318
.
1_.7 --7 10212 105
112•Proot of claim tiled by owner94
1 D 10212 105
64
15
59 105
'Certificate, of deposit
1950 F A
Paramount Pub Corp 5448
10612 28
8
127
594 10612
12•Proof of claim tiled by owner_ _. --- 105
__. 104
105
59
14
5864 105
*Certificateo of depoelt
13014 163
17 10414
198° in ea 13812 13914
Paris-Orleans RR ext 54s
2 15
343
33
8
1711 345
etre_ _ _
j•Park-Lexington 6%o
8
33
317
3
14
23
1953- 1944 A0 31
Parmelee Trans deb ls
116 11814
102
--- --__
1949 M 5 *1181
Pat & Passaic a & E cons 5a
94
89 ____
8:
24
453
A
1942 1 P •__
•Paulista fly let ref, t 7s
BONDS
EXCFIANGE
N. Y STOC1
Week Ended Aug. 9
&moo
Low
Aug. 10 1935
--94
1937 M S *1031
Penn Co RU 34* colt tr A
81941 F A 10212 102% ___7
8158
Guar 334* coll truet ser B
4 --_- _-__
1942 1 D •1023
83%
Guar 410 trust etre C
81 12
1944 1 0 •10112 ____ ____
ate D
Guar 94-4* trust
— --_1952 M N •10278
8418
Guar 49 ser E trust etre
-- 4
9
82
1983 61 N 10558 1053
Secured gold 434,
8 9312 20
55
4
1941 6 S 925
Penn-Dixie Cement let 68 A
78
Pa Ohio & Det 181 & ref 434o A1977 A 0 *10318 1037 ____
4 79 1012
4
1981 1 J 10514 1053
series B
43.4o
77
7512
198' 4 0 10512 106
Pennsylvania P & L lot 44-4*
9814
- - —__
1943 M N *111
Pennsylvania RR cons g 4s
13
9
9412
1948 NI 16 11212 1- Consol gold 4s
48 sterl stpd dollar May 1 -- —1948 61 N *11178 --------9658
118
1960 Er A 117
25
9812
Consol sinking fund 43.4,
10812 71
1913:' 1 0 108
8058
General 434* series A
47
8758
1968 1 0 11412 115
General fe merles B
um I A 1025 1023
8
4 26 101
Secured 6)4.
1984 M N 10612 107
81
81
Secured gobl 521
973 107
8
68
1970 A 0 97
Debenture g 404e
1981 A 0 10518 106
53
75%
General 414s aeries D
9112
1934 3 1 10412 1057 177
Gen mtge 434, ser E
- --__
lUti
1943 A 0
Peop Gas L & C lot cons 6a
106
1067
80
• 1947 M 1 •116'8--- 8 67
58
Refunding gold
4
1
1940 A 0 6634 663
50
Peoria & Eastern let cons 48
11
4
5
112
April ____1990 491
•Income 40
8312
1974 r A •1074 10814 --_
Peoria & Pekin Tin lst 54e
51
Pere Marquette let ear A 5s ___
7512 774 48
4812
1958 1 1
let 4s seriee B
81
30
1980 M P 80
46
let g 41.4, series C
12434
115
93
10212
1027,
108%
99
107
111
1
1943 64 N Ill
9872
10418 Ma Ball & Wasb lot g 49
951,
1974 F A •11814 123
General 5e series B
87
- - ---_
1977 1 1 *113
39
General g 434, series' C
28
4
49 '00%
1
1981 . D 1113 1124
series D
General 4 tis
3812
27
10012 255
1967 J D 100
8114
2418 37
Mille Co sec bs series A
1 100
1967 VI N 1064 10618
40
26
Phila Elec Co lat & ref 434*
1971 F A 10412 106
19
811%
1st & ref 4e
8
265 3912
59
6312 109
4862
1973 1 1
2414 3612 Phila & Reading C Al net S,
345
3012
1949 191 8 3814 43
62
Cony deb 138
30
26
2612
7
1937 1 1
2014
4012 63
PhIlippine RI let a f 48
8 24
8414
1936 / D 10212 1027
16
304 Phillips Petrol deb 534,
8
7 1031.
2712 45
Pillsbury Flour Mills 20-yr 62_1943 t 0 1077 1084
1
85
1952 9 N .8018 85 ____
9514 Pirelli Co (Italy) cony 78
87
11214
4 WU
194) t 0 112
Pate C C & St L 4348 A
61
40
112
17
99
1942 A 0 112
Series B 434o guar
3212 49
4
4
2 1003
1942 M N 1113 1113
Series C 44s guar
___
_
111
0734
1941 Ni N *110
174
i
Sense D 4a guar
75
891,
____ ____
1940 r A *104
SeSenseE 34s guar gold
1712
8
-- ____
1953 1 D •1093
.
961
Series F 4a guar gold
104 1512
98
4-1957 VI N •10958 110 ___ _
Series 0 4s guar
8
705 95
- -9614
2
1961 F A *1097
Series H cons guar 48
90
95
1983 F A 11712 11712
1
99
Belles Icon, 4448
10514 110
8
1964 VI N 1167 1167
2
9812
4
23
8
Series J cons guar 434*
l5
1974' 1 0 115
9
88%
11558'
General Nf 5e series A
138
4
23
1971 A 0 115
8514
115141
Gen mtge 58 ger B
6
4
108 1113
1977 1 1 10612 1067 , 33
Gen 434o males C
75
10414 10734
97
1
114 1
1941' t 0 114
1044 1075 Pitts SO & L E let g 5e
8
11512 __
1947 1 1 •114
4
1103
lot consol gold be
63
48
, 4
194 6 N
_ ____
94
Pitts VII& Char 181 44 guar
41 12 52
53
66
2
06
19.5t 1 D •10614--378 5112 •P111a & W Va let 414e8er A
65
1958 6 0 65
2
51%
lot 51 4%,aeries B
9712 100
67
12
1960 I 0 64
47
let NI 4149 merles C
109 11131
1948 1 0 •104
10912 ____
112%
Pitts Y & Ash let 4s ser A
86
56
1962 F A •113
118
97
85
lot gen 58 series B
77
1712 32
614
1
82
8212
1953 F A
Port Arthur Can & DL (le A
8212 ____
1953 F A .79
66
let mtge Be series B
1044 108
75
3713
141
0214 9412 Port Gen Flee It 404e we c ._1980 kf S 73%
J
- ____ I 07
1st 5s 1935 extended to 1950
85
83
483
J
50
1/1,4
9
524 Porto Rican Am Tob cony 61_1942 1 1*107--42
2518
31
8
303
293
j•Poetal Feleg & Cable coil 5/1......1953 1 1
135 171
5014
5014
2
384
1912 It•Preased Steel Car cony g 58_ _1933 / J
12
1957 PA N *2212 25
20
4
1214 183 Providence Sec guar deb 4a
811,
1950 PA 13 .80
Providence Term lot 4e
8
357 50
105
15 9818
Pub Ser• El & 01,1 & ret 4%8_1967 1 0 105
1104 117
10518
7
197f F A 105
97
lot & ref 4%e
108 10812
1971 A 0 10518 100
8814
4
let & ref 4s
814 102
8
11
1940 1 5 1013 10112 15
82
Pure 011 a f 54% notes
7418 102
1948 J 3 9712 9812 51
784
Purity Bakeries at deb be
7812 1113
7112 100
:•Radlo-Keith-Orpheum pt pd etre
118 120
% --------35
*53
-for deb 68 & corn stk (85% pd)110 III
15
1941 3 D 58
tl•Debenture gold 6*
40 4511
977
15
73
Reading Co Jersey Cent coil 4a 1951 A 0 97
45
45
8
1997 1 1 1055 10612 38
79
ref 434, scrim A
Gen &
1997 1 J 10611 10612 12
7914
Gen & ref 44-4a series B
3318 45
*
83
1043 110
4
Rem Rand deb 5348 with warr _1947 Si N 1037 10412 3f3
1947 64 N *10414
9912
8
548 without warrants
1015 107
194 %I N
7012 78% Renaselaer & Saratoga tle git
3
1:
1940 A 0 10614 10612
0
8
-7412 8978 Repub 1 & 8 10-30-yr be a t
6112
10538 32
1953 1 .1 104
Ref & gen 5%a series A
8812 1024
4
108
2
1946 6 S 108
78
82
9814 Revere Cop & Brass 88 ser A
3412 __ __
1945 1 J .31
2812
82
•Itheinelbe Union it 78
98
27
27
13
25
106 10814 •RhIne-Ruhr Water series 612._ _1953 1 J
3814
41
1950 NI B *1-103 10714 •Rhine-Weetphalla El Pr 78
32
31 -__A
20
1952 11 N
34%
1054 10812
*Direct mtge (16_
32
32
13
1953 F A
35
101 101 4
*Cons mtge 64 of 1928
32
5
324
*Cons M es of 1930 with wart _1955 A 0 32
88
8
985
3112 3214 31
Al N
1944
20
3/'Richfield 01101 Calif 6e
NI stl
3114 3214 67
194
30
'Certificates of deposit
504
105% 10758
8 42
. 32
194/1 '1 N *365
run et Meek 1st e 4a
1094 113
-1
99
1952 3 J 10714 10714
1076e 11214 Mehra Term fly 1st gu be
1956 F A •524 60 ____
45
101 12 104 'Rims Steel let a I 78
70
8
1931 1 0 9112 9112
10158 10414 1120 Grande Juno 1s1 gu 58
4
*1
4
Grande Sou let gold 4,_....1940 1 1
130 18
j•11.10
1
-- -__
*
*Guar te (Jan 1922 coupon),.....19401 1
109 11312
8
I-66
110 11712 'Rio Grande West lat gold 46_1939 1 1 8018 8014
2412
34
3
1949 4 0 3314
•lat con & coil trust 4a A
105 109
1161a
10758
8214
98
98
106
94
105
1014
102
100
984
98
4
093
104%
7112
103
10412
98%
107
108
108
1114
8
1045
109
8
1025
105
8
903
3
1003
2
997
1105
8
9814
6012
4
102
75
69
68
10258
10258
4
1023
103
103
10734
9312
10612
106'8
106'4
Ill
11412
11312
119:2
1094
115%
106
108
978
107
106%
11812
10712
1314
04
10712
91
8114
8212
108
113
1084
107
7912
1064
4
104,
524
3012
2214
10112
10.54
82
10413
10918
109
1073
4
112
11914
112%
11212
1004
110
1084
15
53'4
27%
104
10914
10412
11214
112
4
1113
1098
4
105-, 11094
1117 110
11312 11712
11358 117
11158 1164
.113, 1164
04 108
110 1 1 4
3
110 4 11358
10714 I0714
68
53
513g 69
68
47
109 10934
1164 11612
774
75
5014
107
42
2518
384
21)
8858
105
105
1114
9934
4
823
854
82
7512
,
1071
511%
531 1
504
35
914
1094
1094
108%
lo2,
8
90
4514
2612
964
105
105
99
9312
51
631
101.P2
1081x
10812
10412
101
10314
91%
1074
23
2614
3914
32
32
32
25
2412
4
1053
8
1053
1084
43
3912
44
4312
43
1312
8
347
:
343
32
10458
48
854
1
1
6612
2412
46
10714
60
9512
1
1
82%
47i2
Volume 141
New York Bond Record-Concluded-Page 6
:
Winks
July 1
Ranes or
4
1933 to
BONDSt
N. Y STOCK EXCHANGE 13 Friday's
r, t
el Jois 31
Week Ended Aug. 9
..1e. Bid & Asked 33
1935
Roch G&E gen M 5 Hs ear C
Gen mtge 41111 series D
Can mtge 58 series E
92•11 I Ark & Louis let 4441I
Royal Dutch 4a with warn
*Ruhr Chemicals 168
Rut-Canada let gu g 46
Rutland RR let con 4548
Low
71101 No
8
3
1948 M 5 1087 109
___ ___
1977 M 5
1962 M 8 *10938109
24
109
4 1238
1934 M El *93
116
1945 A 0 116
3
1948 A 0 •30
1949 1 1 *334 34
41
336
19 J .
36
1
Eitloe & Grand Isld let 4s
1947 J 1 •106
--------8314
8t Joe Ry Lt Ht & Pr let 1
1937 M N 10412 1045
/
1
4
8
e
70
St Lawr & Adr let g 6*
J
1996
6414
2d gold 68
---- • 70
1996 A 0
St Louie Iron Mt & Southern+Mr & G Div let g 48
6712 51
48
/
1
4
1983 MN 66
*Certificates of deposit
•55
67 --,52
+it L Peer & N W let gu 58
/
4
19483 1 391 43
18
37
St L Rocky Mt & P 58 sty .
19553 .1 7218 73
5
37
-San Fran or lien 4,•
/*St 1.
Nu)
I J
1112 13
18
94
3
'Certificates of
_
1118 1114 11
818
+Prior lien 56 series B
deposit. J 13
4
1312
19503
914
*Certificates of deposit
_
2
12
12
914
*Con M 4548 series A___ __1978 M 8 1018 1114 71)
714
*Ctrs of deposit stamped
104 1038 128
718
NIL 8 W let 4e bond IND _ . 1989 MN 8112
2s g 48 Inc bond ctte
NO: 1989.7 1 61
let terminal & unifYing 5s___..1952 J J
GO
Oen & ref a res ear A
4
1990.3 J 503
Eh Paul City Cable cons 55
1937 J J 94
Guaranteed 58
1937 1 .1 96
St P & Duluth let con a 4e
1968 J D *10214
St Paul E Or Trk let 434e
1947 .1 1 *20
PSI Paul & K C 814 L Cu 414e..-1941 F A
1438
tat Paul Minn & Man 5
1943 .1 J 107
M. nt eat let gold 48
1937 J D 104
f Pacific en gu 4e (large)
/
1
1940 J 1 1024
HI Paul Un DeD 5e guar
4
1972 J J 1173
8258
61
6112
513
4
94
964
54
1438
1078:
1043
4
10214
117114
42
5
31
19
1
2
---1
35
10
2
1
51
4112
3518
27
45
45 2
7
84
45
1118
92
/
1
4
85
85
96
8 A & Ar Pass let go a 48
1943 3 J 883
4 8914 72
55
San Awonio Publ fiery 181 6*
10911 16
1952 1 1 109
70
Santa F. Pres & Phan let 5s
1942 M 5 *____ 115 ---, 95
licbulco Co guar 034e
1946.7 J 48
48
1
34
Stip pad
,
4712 4712
264
2
Guar e 1 6144 mice B
1946 A 0 •431s
29
Sown ed
47
28
1
47
orioto v & NE let Cu 4e
2
1989 MN 11314 11314
90
I t•Seaboaid Air Line let a 4a __ _1980 A 0 16
3
16
(18
4
•Cert11catee of deposit
+1311 26 ___
1014
' **Gold 48 stamped. ...
t
1950 A 0 *13
1478 ---10
+cantle of deposit 8tamp
A 0 *12
14 ---,
-ed
1014
+Adjustment 58
212
Oct 1949 P A
212
2
2
/
1
4
/**Refunding 4s
5
412
53
414
1959 A 0
*Certificates of deposit
*414
53 ---4
418
t•let & cons 6s series A_ ----1945 M 5
6
6 14 48
44
*Certificates of deposit
312
5 4 30
3
514
WAN & Birm lat g 4a
812
18
1933 M 5 124 16
1•Seaboard All Fla 68A ate_1935 A 0
5
312
312
24
*Serie° II certificates
.
4
214
1935 F A *312
Sharon Steel HOOD a t 548_
35
9612 977
8 44
1948 F A
Shell Pipe Line e f deb 58
105
1952 M N 104
30
86
Shell Union 011 r f deb 5e
24
783
8
8
1947 M N 1027 103
Shlnyetsu El Pow let 64e
13
1952 J 0 853
86
68
•181emene & Betake a t 7e
1935.3 .1 *70 - --------89
+Debenture d t 634e
1981 M 5 39
36
10
39
Sierra & San Fran Power fie
1949 F A 112
14
113
883
4
'Silesia Etre Corp a f 610
2578
4
2914 30
1946 P A
Silesian-Am Corp coil tr 7.
13
33
9
1941 F A 5914 597
Sinclair Cons 01178aer A
1937 IN 13 1007 10118 18 1004
8
let lien 6345 series B
193:4 .1 D 101
4
101
9978
Skelly OH deb 534s
30
go
4
1989 51 13 1023 103
Routh & Nor Ala cone Cu g 6e_..1936 P A 81041
__ ---99
Gen cons guar 50-year 5e
1963 A 0 *115 4-116
89
South Bell Tel & Tel let 8 t 5e...1941 1 J 1085
8
Southern Cob Power fle A
19471 1 1004
Ho Pao coil 48(Cent Pao coil)
1949 J D 7812
let 414e (Oregon Lthes) A
8
1977 M 8 853
Gold 444e
1968M 13 74
Gold 414e
1969 MN 7312
Gold 4 He
1981 MN 7314
San Fran Term let 42
1950 A 0 105
Ho Pao of Cal let eon glIg 52
1937 MN •1077
8
Ho Pea Coast let gu g 48
1937 .1 J
So Par RR 1st ref guar 4
lam j j 97
8
1st 4s, Stamped
+963
4
1955
Southern By let cons g 55.
1994 J J 7814
Devi & gen 4s series A
4
1956 A 0 353
Devi & Can 68
1956 A 0 41
Devl & Can 634e
1966 A 0 42
Mem Div let a 56
1996.7 J •___
St Louts Dly let a 48
1951 J J •
East Tenn reorg lien a 58
1938 M 5 984
Mobile & Ohio coil tr 4e
1938 M S 323
4
Sweet Bell Tel let & ref 5e
1954 F A 108
f +spoken° Internet let a 5e
19561 1
7
Stand Oil of N Y deb 434e
1981 .7 D 10313
Staten Island RI let 44e
1943 J D
11+80v:ins Hotels 6e aeries A __ _1945 J J 21
*Studebaker Corp cony deb
47
1945 1
simhury & Lewleton let 4s 68
,
19 91 .1 1 *10214
Swift & Co 181 M34s
1950 M El 103
Syracuse Ltg Cu 1st a fia
1981 1 D 1211
/
4
2138
7
12
487 195
8
39
--------94184
47 10338
104
12114
1 108
'renn Cent let 6e A or B
I enn Coal Iron & RR gen 56
Tenn Copp & Chem deb 68B
Tenn Elea Pow lat Be ear A
Term Assn 01St List a 434.
let cone gold 5e
Oen refund a f g 48
Texarkana & Ft8 gu 548 a
Texas Corp cony deb 58
Tex & N 0 con gold 5a
rezae & Pao 1st gold 5e
Oen & ref 56 eerie*, B
Gen & ref lis aerie, C
Gen & ref 56 series D
'rez Pao-Mo Pao Ter 510 A
64
3
1
1197
8
101
29
9912 102
1113
8
8
11558
2
1053
8 11
4
7
897
10414 76
2
100
11512
8
93 4 26
3
9212 41
9212 30
15
100
1947 A 0
1951 1 J
1944 IN B
1947 1 D
1939 A 0
1944 F A
1953 1 .1
1950 F A
1944 A 0
1943.3 J
2000 1 D
1977 A 0
1979 A 0
19801 D
1964 M 1
64
1197
8
10018
983
4
11112
11558
105
89
4
1033
9912
115
923
4
91
911
/
4
98 4
3
10818
0014
46
8714 146
65
7
5
211
44
75
73
43
7412 309
42
1053
8 16
B018
_ ---- 100
__-95
977 145
8
804
9714 ____
97
80
38
74
3612 275
28
4212 41
3512
44
116
3518
727 ---8
60
5314
734
1
9814
73
3312 20
29
10834
9 104
7
11
8
104
61
96
110
10012
15
11
8114
78
434
10114
60
541s
99
98
71
644
/
1
4
93
64
32
56
53
/
1
4
54
67
Third Ave By let ref 44
81
88
1960 1 1 5612 59
sod1Ino ba tax-ex N Y_Jan _1960 A 0 2312 2513 110
1853
'rbird Ave RR let g 8.4
854
1987.7 1 *10112 102 ___
1955 IS 8 9312 9
4
Tobo Elan Power lat 78 A
t
i
704,
Tokyo Elec Light Co Ltdlet 6s dollar eerier.
8955.3 0 8012 82
59
574
Tol & Ohio Cent 58 West div___1935 A 0 10014 l00'i
3
91
rol NIL & W 1st 4s
1960 A 0 90
9018 18
00
Tol W V & Oblo 4aser C
1942 M S •10714 --------103
ham & Butt let g 48
Toronto
1946 J D 102
10218
5 82
Trenton CS & El let a 5.
1949 M 8 .1181
--- ---- 10112
Truax-Traer Coal cony 6148
21943 M N 8814 8814
7
35
Trumbull Steel lit e 1 61
8
4
6
1940 MN 1023 1035
67
11
'Tyrol Hydro-Elee Pow 7 Hs_ _Me M N 8814 8814
2
45
12
cue
+Guar sec a f 75
1952 F A *85
90 ____
1711gawa
Power a 17,
1945 M 8 944 9414
/
1
1
694
glee
Range
Since
Jan. 1
BONDS
N. Y STOCK EXCHANGE
Week Ended Aug. 9
Low Low
High
96
1063 109
4
86
108 108
8918 107 110
75 134
8
903
8 1051s 13612
35
3412
38
30
30
4014
313 51
313
4
4
-.758
887
:
Week's
!sip 1
Range or
1
1933 to
ia
FrtaattJ
1 Jultt 31
...44., /NO at Asked
1935
r3
Range
8311311
Jan. 1
Reek No
Low
Low Low
HIsk
17nlon Klee Lt & Pr(Mo)5e
1987 A 0 1043 10512 10
4
94
/ 10412 109 s
1
4
3
f7n E L & P (III) ling 64e A
1954 1 J 1053 1053
8
8
3
9914 10418 10612
2•11Jnion Bitty RE (Chia)5e
1945 A 0 *1131
_ --,....
2
104
13
23
Union 011 30-yr 6e A
May 1942 F A 12014 1204 12 105
4-11612 12 3
04
Union Pac RR let & Id itr 45-1947 J .1 11012 1113
4 68
94
10778 11318
let Lien &rat 4e
june2008 M 8 106
1063
4 17
8018 10414 1084
/
1
Gold 434e
1967 1 J105 4 1067
3
8 33
81
103 108
let lien & rat 5.
115
.June 2008 M
1154 15
99
113 120
Gold 48
191113 J D 10414 1047
8 28
7fise
991e 1047
8
103 107
United Biscuit of Am deb 511 ----1950 A 0 1053 1063
4
8 62 1053
4 1053 10818
4
96 1041
4 UnIted Drug Co (Del) fie
1953 M 8 9312 95
120
63
87
95
961k 90U NJ RR & Can gen 48
1944 M 8 1114 11114
5
9718 1074 11212
804
WM:Red Rye St L let g 4e
19341 J *3014 34 .--15 4
3
25 4 303
3
4
US Rubber let & ref 5e ear A .....1947J .1 96
98
/ 9315
1
4
174
90
58
84
/ 71
1
4
United 55 Co 15
-year Bs_.....
8
1937 MN *997 10014 ---8518
98 100
54
69
37
WA •Un Steel Works Corp
A
1951 1 D 23214 3212
26
6
3214 43
60
75
*Sec. *1 645. series C
1951 1 D 3212 323
4
3
27
3212 4218
914 17
'Sink fund deb 634e aer A
14
1947 1 .1 327
8 33
23
3
3212 41
818 15114 Un Steel Works (Burl's:02)7e
1951 A 0 14012 14012
1
983
4 120 14012
9 4 18
3
*Universal Pipe & Rad deb 13e -A936 J D 20
2738 53
13
20
31+4
9 4 1618 •Unterelbe Power & Light 6i
3
1953 A 0 *32
354 ---/
1
33
35
413
s
734 1418 Utah Lt & Trac 1st & ref 58
1944 A 0 914 9112 45
504
65
92
74 187 Utah Power & Light let Si
8
1944 F A 91
917
8 58
558
4
897 9314
8
Utica Elec. I. & P Islet g ga
1950 J .1 11614 11614
116 11612
1 109
64
85
URI Power & Light 54e
1947 J D 51
104
56
203
e
2414 56
493 64
8
Debenture 5e
1959 F A 474 5114 172
18
204 5114
8518 63
27
5338 Vanadium Corp of Am cony 54 -1941 A 0 8112 824 46
59
784 96
Vanden:: cons g 45 aeries A
Nu F A *107
--------99
79
963
4
Cow a f 4e aeries B
1957 M N *107
--------85
1024 1017
1014 1024 +Were Crus & P let CU Oill
1984.7 1 8214 ____ ____
134
2
418
*214 -------8
•1July coupon off
1 J
4
4
1118 174 •Vertientee Sugar 78 Me
1942 -- 34 1012
93
8 1 112
3
10412 1038 Va Elec & Powers.series B
1954 J b 1067 1067
8
8 15 10114 1054 1084
/
1
101 1044
1s1 & ref M 59 ger A
1988 A 0 1053 1053 115
8
10538 1077a
4
88
90 4 10214 Va Iron Coal & Coke let g lia
3
1949 1+1 8
_ ---564 64
50
113 1187 Virginia Midland gen 5e
8
101
101
1938 M N •62-_10
91
1003 1027
4
a
Va & Southwest let Cu 54
2003 1 J 9714 9714
04 100
757
8
1
7418 9011
1st cons 6.
1958 A 0 64
85
4
63 8 84
55
5
100 4 1094 Virginia RI let /sealed A
3
1
1
4
1982 IN N 1114 11112 22
89
11018 113
108 1123
8
let mtge 44e aeries B
4
1962 M N 1043 105
4
8412 10314 106
34
50
29
50
/Wabash RR let gold 58
8 9514 98
1939 M N 937
67 s
3
8912 9812
3214 50
•2d gold 56
1939 F A 78
3
7912
48
5778 81
28
50
1st lien g term 41
1984 1 J •6018 64 ---50
534 56
1094 115
Det & Chin Est lat 5.
1941 J J •1001
___ ---_
70
984 101
11
18
Des Moines DI,let a 4e
19391 1 •87 270 ---53
45
717
8
1512 17
Omaha Div 1s1 a 814,
1941 A 0 *57
5912 ---38
451k 624
10
20
Toledo & Chin DIv g 451
1941 IN El ------------66
77
834
107 20
/'Wabash RI net & gen 634. A -.1975 M 8 2014 214 32
8
1214
124 213
4
---- ---2
12 3
'Certificates of deposit. *18
/
1
4
13
11
19
414 9
+Ret & gen 5:: series B
1976 1 A 20
21
71
12
12
213
4
41s 8
*Certificates of deposit_ *18
---1018 19
1018
44 1178
*Ref & gen 414s Series C
21
--- C1 191
65
1978 i 113
4
4
113 21
34 10
*Certificates of deposit
•18 - ---- ----11
13 8 18
7
812 17
1s
*Ref & gen 58 series D
11 0 20
1980: 2114 46
113
4
113 2111
4
'Certificates of deposit
19
19
1
104 17
1012
214 44 +Walworth deb 64e with warr-1935 A 0 48
50
12
1218
33
50
214 418
*Without warrants
A 0 4518 4518
2
86
1212
47
987
8
80
+let •inking fund fle ear A-----1946 A 0 6012 6312 28
3618 084
194
10314 1054
/
1
*Deposit receipts
..... 62
62
1
65
62
65
10214 1037
a
7612 88
Warner Bros Plot deb 5.1939 M S 77
8038 301
484 81
24
58
76
Warner-Quinlan Co deb 68
1939 M 8 2912 30
10
24
40
24
39
503 Warren Bros CO deb Bs
4
8
4 473 361
1941 IS 8 323
30
324 63
1033 113
4
Warren RR 1st ref Cu g 314e __ 2000 F A *____
81 ____
76
80
80
2578 3911 waehtngton Cent let gold 4e
1948 Q M *913
4 9314 _-__
94
79
91
454 60
Wash Term let gu 34e
1945 F A •106
--------86
1034 10612
1007 104
8
let 40-year guar 4e
s
imp 1004
1945 F A •107
--------94
101 105
Wash Water Power a f 5a
___ ____
984 108 1107
/
1
4
19391 J
98 4 1084 Westchester Ltg 58 stpd gtd ......1950 .7 D *11118- 8
8
121
1225
5 1034 11514 1225
8
103 2 1045 West Penn Power ear A 55
7
4
8
1946 IN 8 1073 108
2 10014 106 111 13
112 11612
let 15a aeries E
1963 M B 12012 121
10 1014 11414 122
let eee IN series0
19561 D 10614 10614
6 101
10614 1114
107 110
lit mtge 4e ear H
1981 1 J 108
108
7
901 1054 10912
/
4
82 '0013
80
/ 833 Western Maryland 1,1 4,
1
4
4
1952 A 0 97
9712 109
8718 98
614
734 87
/
1
4
let & rot 510 series A
1977 1 .1 104
10414 27
66
96 105
88
4 764 West N 7& Pa inn 8e
4
1937 J J •1053 106 _-__ 100
10584 107
554 76
Can gold 4e
1943 A 0 10612 107
78
7
102 1084
513
75 2 'Western Pee 1st 53 ear A
7
1946 M 8 32
333
4 17
23
25
37
9912 106
'Is Assented
32
1946
327
8 27
25
361
4
1074 1073 Western Union coll truet tie
4
1938 .1 .1 10412 1043
4 15 - 2 10118 105
551---Fundlng & real est g 44e
1950 IS N 967
8 98
44
82
6718
98
89 -.„.983
4
-year 6 He
15
1936 F A 10212 1023
100 103
4 56
92
97
97
25
-year gold 58
1951 J I) 9818 9912 37
8218 9
7118
913
77 10318
30-year 55
1960 M 8 97
9712 146
72
9712
80
28
624 *Westphalia Un El Power 6a_1953 J J 31
32
25
32
27
4312
3512 fil
West Shore 1st 48 guar
2381 1 1 824 83
/
1
23
68
7412 8814
354 86
/
1
Registered
2361 J 1 *75
79 ____
___.
7014 823e
734 9212
72
88
Wheel & I. E ref 434. ear A
1966 M 5 •1023 1037 --__
8
8
10238 1044
81
97 103
Refunding 6s series B
___ ____
1966 M 5 •1031
6518 1034 104
29
67
RR let consol 441
1949 M 5 •108 410812 --__
102. 109
83
4
107 111
Wheeling Steel Corp let 545 __ _1948 .1 J 104
10412 17
10014 105
70
6
94
let & ref 434e series B
1953 A 0 10058 101
66
60
90 101
102 10412 White Sew Mach 6e with ware
1836 J J 96
96
3
4318
96
65
Without warranta
1 J 96
963
4
9
45
3
6696 4
13
2138
Panic a f deb 6e
1940 M N 86
86
424
1
89
39
4114 /'Wickwire Spencer St'l let 78 1935
--- .
'CU dep Chase Nat Bank
15
4 24
Si8 163
163
44
4
103 194
- 14
+CUB for col & ref cony 7e A ...J935 MN
1312 1538 122
34
3
7
151z
116 1211 Wilk & East let all a 68
/
4
1942.7 D 42
4218
3
33
48
38
5414 65
WIII & 8 F let Cold 5.
1938 J D 1053 10512 17
8
113 1213 Wilson & Co let If 6a A
4
1941 A 0 10814 10814 59
9/53
4 1081s 1104
914 102
/
1
Winston-ElaleM 8 B let 45
1960 1 1 *106
108 -_
83
1043 10812
8
90 104
/*Wis Cent 50-yr let Can 44----1949 J J
1134 54
10
78
3
7 8 1311
3
1084 112
*Certificates of deposit
8
8
74
1
74 104
10918 116
*Sup & Dul dl,& term let 41-1936 FA N
7
/ 14
1
4
6
/
1
4
412
412 74
1014 108
*Certificates of dwelt
*4
-- ---44
412 712
8318 9614 Woe & Conn East 1st 43.4e..1043 J a *.___
- 8 ____
577___ _
66
102 1043 Youngerown sheet & Tube 5e197:3 1 1 9712
/
1
4
4
99
86
6314
894 99
83 100
let mtge s f 58 see B
1970 a 0 97 8 99
5
106
6314
8912 99
/
1
4
113 120
79
94
794 933
4
7
911 9312
894 1004
r Cash sales not Included In years range. a Deferred delivery sale no Included In
years range. h Under-the-rule sale not Included In year s range. I MegotiahilltY
5012 59 impaired by maturity. f Accrued Interest payable at exchange rate of
14.8665.
183 2
8 612
/ Companies reported as being In bankruptcy. receivership, or reorganized under
1004 103
884 9524 Section 77 of the Bankruptcy Act, or securities assumed by such companies.
•Friday's bid and asked price. •Bonds selling flat.
72
8538
e Cash sales in Which no account is taken In computing the range, are shown bel ow
10014 101
81
9418 Antloquia 78, see. D, Aug.9 at 94.
Buenos Aires 6s, ser. C-2, Aug. 7 at 93.
103 103
s Deferred delivery sales In which no account is taken In computing the range, are
Ws n7
112 10211 given below:
/
1
4
/
1
4
Antwerp 5s, Aug. Oat 9934.
94
70
100 1035 Cent. Agri°. Bk. 13s, 011, Aug. Sat 264.
8
804 9 4 Chi. Un. Station 53, B'63s, Aug. 22, at 107.
81
6
0
9812 III. Bell Telep. 68, Aug. 3 at 1074.
87
Norwelgan Hydro El. 548, Aug. Sat 954.
Tin. Stl. Wks. 64s, A'51, Aug. 7 at 324.
re
se
634*
ee eve
se
se
love love
Aug. 10 1935
New York Curb Exchange-Weekly and Yearly Record
888
are the only transactions of the week, and when selling outside or
NOTICE-Cash and deferred delivery sales are disregarded in the week's range, unless they
No account Is taken of such sales in computing the range for the year.
the regular weekly range are shown in a footnote In the week In which they occur.
York Curb Exchange for
In the following extensive list we furnish a complete record of the transactions on the New
Friday (Aug.9 1935). It is compiled entirely
the week beginning on Saturday last (Aug. 3 1935) and ending the present
whether stock or bond, in
from the daily reports of the Curb Exchange itself, and is intended to include every security,
which any dealings occurred during the week coVered:
STOCKS
July
Week's Range Sales 1933 to
for
July31
of Prices
Week 1935
Range Since
Jan. 1 1935
High
Low
Hioh Shares Lew
Par Low
July
8% Jan 21
634
Acme Wire v t o cora- .20
Feb 111036 July
6634 103
Millbr 7% let pt 100
Adams
July 1136 Mar
6
5
Aero Supply Mfg Cl A- •
Mar
4
Se June
2,400
36
•
24 3
Class B
July
7
gh Jan
I
Agfa Ammo Corp com_
184 Feb 3436 July
5
Ainsworth Mfg Corp- -10
Mar
14 Jan
300
1.%
3
18
•
134
Air Inve eters oom
1236 Mar I.636 May
9
•
Cony pref
34 Jan
316 Feb
34
Warrants
Jan
Apr 40
80
50 30
A labamaGt Southern....-50 3814 374
• 724 73%
414 Jan 784 July
70 26
Ala Power $7 Pre
• 84
Jan 694 July
87
210 25
6534
$e preferred
u
34 Feb
34 Feb
Algoma Como!7% lire--5
34
May
Allied Internet' Invest_ •
1M Tr%
a
g
l
100
1
••;66
1
Alliance Investment com_*
54 1236 Jan 1994 Aug
• 18% 19% 12,300
Allied Mills Ina
Mat 6434 July
82
624 1,050 32
80
Aluminum Co common..Aug
6934 Mar 101
1,450 64
lb 97 101
6% preference
1334 Aug
8
94 Feb
100
Aluminum Goode Mfg--• 124 12%
May
17
Mae 83
17
•
Aluminum Ltd corn
Apr
24 Jan
7
24
C warrants
614 Mar
5
Apr
D warrants
37
6034 Apr 6814 July
100
8% preferred
2% July
1
134 Feb
300
24 2%
American Beverage com__
Jan 694 May
87
30 41
69
American Boot Co _ _ _ _100 69
34 Apr
Si Feb
200
Si
34
•
Si
Amer Brit & Cont CorpAmer Canttal2
•
Jab'
134 Ap
Class A corn
34 Jan
Ja
•
1,500
31
,
54
%
Common class B
•
asi 18% Ma 20 Jan
$3 preferred.
76
July
Jul
76
40
•
55.50 prior pref
Am Cities Pow & Li
29
Aug
Mar 46
625 23%
25 444 454
Clam A
44 Aug
Mar
36
4% 8,000
4
Clam B
Aug
22
34
124 2034
elms A-10
Amer Cynamid
15
Mar 22% July
10 20% 21% 13,300
Class B n-•
Mar
76
Jan 80
734
Amer Dist Tel NJ emu_ •
111
Apr 1134 Apr
98
7% tonS preferred_100
24 Aug
14 Feb
1
600
236 2%
Amer Equitlee Co oom......1
34 Aug
3
%
Lie Mar
Founders Corp_ __ _1
36 3,900
•is
Amer
Aug
134 Jan 31
834
50
31
50 31
7% °ref series B
134 Jan 31% Aug
75
50 304 314
6% let pref set D
4% Aug
14 Mar
1%
34 434 1,700
Amer & Foreign Pow warr164 Feb 3051 Aug
32% 3634 20,300 1634
Amer Caa & Eiec cam__
1,650 574 804 Feb 107% Aug
• 106% 107%
.
Preferred
Aug
44 Apr 10
4
350
16
com_50 12
Amer Ilard Rubber
Aug
12% Mar 17
800 104
Amer Laundry Mach__ _20 1636 17
7% Mar 14% Aug
7%
25 11% 14% 22,700
Amer L & Tr com
jury
1714 Feb 2,5
18
25
6% preferred
8
Feb
34 Apr
334
75
44 5
Amer Mfg Co corn
11,4 May
Si Mar
54
1,100
1
36
%
Amer Maracaibo Co
Mar 1531 Aug
8
614
1,875
• 1336 15
Amer Meter Co_ .....
12% Apr 19% Jan
11
Amer Potash dr, Chemical..
234 Aug
14 2% 46,000
Am riuperpower Corp cow •
Aug
64
H 144eb 72
Far
1,500 44
• 664 72
let preferred
Aug
74 Mar 29
• 20% 29
736
11,500
Preferred
4% May
Jan
4
Amer Thread Co Pref..- -6
Amsterdam Trading
•
114 11% Jan 15% may
American shares
St May
34 Mar
3
,
1
Anchor Pors Fence
•
Anglo-Iranian Oil Co Ltd
144 May 154 Aug
9
500
154 154
Am deo rcte ord reg __PI
64 July
May
4
2%
1,000
536 534
Angcritura W upper Corp. 1
74 May
4% Apr
334
300
64
Apex Elee mtg co corn
Jan 1004 Aug
130 5734 71
Appalachian El Pow prof_• 100 1004
9-6 Jan
Ns Ma
Si
400
Si
Si
trauma Radio Tubs____1
2% Aug
36 Ma
34
136 2% 3,300
Arkansas Nat Gas oom-..•
Aug
2
Si Feb
51
21,200
•
1% 2
Common elase A
Aug
7
24 Mar
14
17,900
10
534 7
Preferred
Aug
40 25% 4136 Jan 77
pref.' 784 7
Arkansas P & L $7
7
734 July
131
3% Mar
1,700
734
_5
7
Art Metal Works com
Associated Else Industries
9% Aug
5% Fe
4
400
934 9%
Amer deposit roteAmoo Gas & EleoApr
34 Aug
Si
1,500
Common
94
15.6 May
Mar
1
36 4,400 45-4
36
Cialla A
4% Aug
134 Feb
114
900
3%
•
$5 preferred
lyy June
132 June
132
132 1,400
Option warrants
July
July 145
9 4337 145
Associates Investment Co •
Si Aug
34 Aug
,
36
100
h
34
Assoc Laundries of Amer_•
2% Jan
134 Mar
200
136 1%
smoldered Rayon corn ...•
Apr 244 Aug
22
75 13
Assoc Telep $1.50 pref___• 2436 2436
434 June 10
% Jan
2
84 4,800
5
Atlantic Coast Fisheries,--•
Jan
Mar 30
18
18
Atlantic Coast Line Co--50
July
7% Mar 13
74
72,100
• 114 13
Atlas Corp common
July
Apr 54
67
534 1,900 35
• 5236
$3 Preference A
3% Aug
134 Mar
14
8,700
34
Warrants .
6% Jan
8.4 Mar
24
700
4% 5
•
atlas Plywood Corp
94 July
Jan
136
900
8%
8
A utomatio-Voting Mach_'
Axton-Fisher Tobacco
Feb
880 43% 43% May 60
10 524 555'
Class A common
.
Babcock & Wilcox Co_ ..-•
Baldwin Locomotive WOrks
Warrants
Baumanu(L)&Co7%ed100
Defiance Aircraft v t a.. -1
100
BellTel otCanada
ttenson & Hedges oom- •
•
Cony Ore?.
Blokfords Inc com___ .__•
•
$2.50 cony pre
Blies(3 SV)& Co corn --•
Blue Ridge Corp oom____I
$3 opt MeV pref
•
•
Blumenthal(3) & Co
Bohack(HC)Co corn-- •
ioo
7% let pref
Botany Consol Mills com_•
•
tiouriols Inc
25
Borne Scry tamer Co__
Bower Boum Bearing.. .
.5
Bowman-Biltmore Hotels
_100
% lot preferred.- 7
BrasilnanTr Ls & Pow_._'
•
Bridgeport Machine
Brill Co n class B
Claes A
Bello Mts Co corn
Clam A
Brit Amer Oil coup
Registered
Britian Amer TobsermAm dap rote ord bearerti
Am dep res ord reg„.31
Itralah Celanese 1.10
,
Am dep rep nul rex .105
4636 48%
36
94 9%
12
12
84 9%
1% 24
43% 44
834 934
6
8
2636 2934
28
34
3i
15
11
134
14
1044 123
14
131
5
50
854
4%
100
834
23
1%
334
7,700
1
1
2,800
400 2834 854
5
234
1,400
5
75
50
40
Si
34
3
6
6
9,400 111 634 16
15%
22%
12%
14%
136
74
34
34
1
634
25
144
16
Jan
Aug
Jan
Mar
Jan
Apr
Jan
Ma
Jun
2414
244
27
2636
Apr
Apr
2
2
Mar
1,600
700
800
1% 14
6% 8%
27
27
200
200
100
30% 30%
Mar
Feb
May
Apr
May
Feb
Mar
Feb
Apr
Mar
Mar
Mar
Jan
June
Feb
May
June
Mar
Mar
8%
8%
7%
7%
1834
2,200
4%
For footnotes see page 893
36
50
200
134
8
STOCKS
(Continued)
Week's Range
of Prices
Par Low
British Col Power cl A •
8%
Brown Co 8% prof
100
64
Brown F orman DistillerY I
50 414
Buckeye Plpe Line
Buff Nitta & East Pr pref 25 22%
• 994
$5 Let preferred
Bulova Watch 334 prof'
Bunker Hill & Sullivan__10 44
•
Burco Inc corn
2%
Burma Corn Am den rete _
5%
10
Butler Brothers
34
,
•
Cable Elea Prod v t 0----.
Cables & Wireless Ltd
1%
Am dep rote A ord she_ gl
316
Am dep rcts B ord she £1
Amer dep rots Prof she gl
Jan/ 1
Sales 1933 to
July31
for
1935
Week
High Shares
9
64
42
234
99%
175
600
200
800
550
4534
600
2%
6%
Si
500
2,500
200
136
34
Low
2131
84
54
28
144
66
1854
28
36
134
24
Si
100
200
Ns
316
834
Range Since
Jan. 1 1935
High
Low
2134 July 254 Mar
Aug
9
5
Apr
9% Jan
54 June
Aug
804 jail 42
144 Jan 23% July
6951 Jan 100(4 July
2436 mar 30
July
30
Mar 494 Apr
14 June
Feb
14 Mar
2% Aug
751 Jan
54 Aug
Jan
1
Si Aug
54 Mar
Ng May
3% Mar
•• 15% 20
Feb
Calamba Sugar Estate_20
300
634
74 Jan
814 9
Canadian Indus Aloonol A•
454
200
63,4 Jan
•
73-1 7%
B non-voting
14
134 Ma
1,200
1%
1
Canadian Marconi
11
10% July
54
Canal Construct Co
134 Ma
8,300
134
25c
234 3%
Carib Syndicate
Carman & Co
6Si Jan
.
Convertible class A134
Jan
17
•
Carnation Co cam
544 Jan
83
Carolina P & L $7 pref. •
27
57
Feb
•
$6 preferred
4,4 13% Ma
• 144 15% 6,200
Carrier Corporation
314
434 Apr
2% 84 15,800
Catein Corp of Amer.......1
Celanese Corp of America
90
225 81
May
7% let partici pre_ -100 1044 106
974 ea
425 75
7% prior preferred---100 107 103%
300 184 2
2
5
6
85
y
ISSI
9
15
Celluloid Corp corn
May
• 27% 27%
$7 div preferred
May
78
78
le preferred
Cent Bud()& E v to-: 15% 17% 4 3013 4
'7
0
180
1
6
201 Mlr
Jan
41
Cent P& L 7% prof___100 35
1,400
3
1
Si 1
Cent & South West bill..
00
1
4
33
.
34 24.7
"16
Cent States Elm corn._ 1
5% 9
6% pre without W1LTT 100
244 !
1
4
2
1
54m
M aaarrr
MM
775
15% 3, 00
100 10
7% preferred
Mar
8
7
100
Cony preferred
400
Si
34 Mar
7
8
Cony pre op ser'29_100
un r
600
3-4 JA pe
44 44
•
Centrifugal Pipe
12
4
500 " 2 % Ma,
9
Char-Is Corporation new 1 17% 18
11 5
36
•
Cherry-Burrell Corp
115
Mar
50 105
Chesebrough Mfg
25 140 140
434 1234 Jan
Chicago Rivet & Math_• 17% 18% L000
54 16
530
Apr
23
20
Childs Co prof .
100
4
800
3.4 Jan
34
Si
Chief Consol Mining Co....1
Si Mar
1% 234 110,200" Si
Cities Service corn
•
834
84 Mar
17% 21% 5,100
Preferred
Si
300
54 mar
14 24
•
Preferred B
6
50
8
Mar
• 1614 1734
Preferred BB
74 mar
pi
150
Cities Sere P & L $7 Pref.* 264 29
150
63,4 Mar
Si
27
• 24
$6 Preferred
300
3
334 Jan
834
8
City Auto Stamping__ _ .
•
4
3
Apr
City & Suburban Homes 10
is Mar
Ns
100
34
3i
Claude Neon Liable Inc...I
,
1
1,600 2134 234 Jar
40% 44
Cleve Else Ilium oorn
•
5(4 Jan
136
Cleveland Tractor tiom.._• 15Si 16% 3,400
th may
13,4
Clinchfield Coal corn _100
300
Si
Si Aug
316
Club Alum Utensil Co... •
916
ast
%
5
Cohn & Rosenberger
•
34
15,, 1
1,600
le June
•
Colon 011 Corp cow
25
275 15
Jan
3434
Colt's Patent Fire Arma_25 33
Columbia Gan & Else
mar
32
1,000 32
75
Cony 5% pref
100 70
%
h Mar
Columbia Oil & Gas vie_ •
Si 3,200
Si
1934 38
•
Jan
Columbia Pictures
31% 1,600• 3034 474 Jan
Commonwealth Edison _100 81
Commonwealth & Southern
Si
34
3i 23,900
Warranta
Si
8
700
694
Community P & L $6 pre * 1234 144
,
300
34
134
Community Water Serv •
1%
2% 2,400
July
Mjaaan
1
jj;
Como Mines.
8
400
Compo Shoe Machinery. 1 15% 15%
46
42
18
July
A:13
,
Conn Gas& Coke sec $3 Pf*
.1
Consolidated Aircraft
Consol Auto Merchand'ff.•
•
$3.50 preferred
Consol Copper Mines__ -5
ConeolO E L&P Balloons'
Consol Min & Smelt Ltd-25
Consol Retail Storm
6
8% preferred w w--100
Continental 011 of Meg
10
Consol Royalty 011
Cont & E 7% prior pf 100
Continental 011 of Meg.._1
4934 June Continental Securities__ •
Cooper Besaemer com____•
•
34 Jan
$3 pre A
•
40% July Copper Range Co
5
54 June Cord Corp
132
Jan Corroon & Reynolds
1
Common
4
July
•
$6 preferred A
10
July
I
14
May Coeden 011 corn
100
35
Preferred
May
9% July Courtaulde Ltd
AM den rots ord ret..Al
234 Aug
48
May Cramp(Wm)& Bowan)
104 July
& Eng Bldg Corp.._ _100
26
11
Jan Crane Co cam
100
Preferred
85
Feb
5
Si Jan Creole Petroleum
*
44 Feb Crocker Wheeler Elec
1
7
July Croft Brewing Co
29% Aug Crowley Milner &
Crown Cent Petroleum...I
3
Jan Crown Cork Internet! A..'
10% Jan Cuban Tobacco corn vto_•
•
9% May Cuneo Press corn
100
% preferred
I
May
154 May rue Mel(1C110 MlnIng__50e
7
May Darby Petroleum corn _
274 Feb Davenport Hosiery Mills.•
111% June De Havilland Aircraft Co
18 June
Am Dep Res ord reg £1
Dennison Mfg 7% pref_100
314 Jan Detroit Gray Iron Fdy.....5
29% July Derby Oil& Ref Corp com•
•
Preferred
•
4
June Diamond Shoe Corp
6
12% 13% 10,100
3
84
167
3
3%
8636
167
34
7
June
mu
62c
8,400
1i jj
" Jan
1,700 45% 52Si jeaa
134% Feb
10 116
2 June
1,500
1234
"
400
1,100
300
29
34
2
24
12
44
8,000
2
3% 3%
43
40
Si
Si
500
400
200
10
100
744 83
4
4
43,4 44
25
23
334
14
14
400
a
"16
34
11
11
32
I%
32
1%
700
100
500
84
194
60
66
19%
8%
May
July
Feb
May
Feb
July
110
1084
15
36
8034
17%
43%
1
134
9
154
8
7
54
1834
244
157
1934
30
44
18%
2
54
7
ISi
36
Feb
Aug
Jan
Jan
July
Aug
Aug
Aug
Aug
Aug
Aug
July
Aug
I eb
,
July
Apr
Feb
July
Jan
Apr
May
May
Aug
May
Aug
Aug
Aug
Apr
May
Aug
Apr
June
Jan
Mar
May
Aug
75
Si
z70
87%
Aug
July
July
July
Si
144
1
24
1834
46
Aug
Aug
June
Apr
Mar
July
2%
244
2%
22
29
27
834
4
134
'is
Si
44
86%
182
34
51
Aug
Jan
Jan
June
Aug
May
Feb
June
34 Mar
2
MAY
83
Aug
Si May
Aug
4
534 Jan
27 June
4
Jan
44 Jan
15,,
8
11% mar
144 July
32
5%
3%
111
2%
Si
514
15%
69:4
8,000
8% 15,500
300
151
Apr
May
May
June
July
May
July
4
Aug
43
Si Jan
2
Felt
436
8
7%
134
23
11
10
24
10%
4.4
2 3‘54 M ar
136
2
1
F.Iaotr
Mnb
r
Si June
16 July
34
4,100
163.4 17
125
115 11535
164 174 11,200
8% 8% 3,500
36 1,800
Si
3438
3
2
1:1 NIMMara
Mp
F ap
A
Jane
A
14 June
7 June
%
5 June
4
5734
1%
20
94
34
7
87
10
4
fi
2%
Si
754
_14
au
87
14
01
8
h Aug
Mar
174 July
Ma
Feb 116% July
184 June
Mar
July
10
Ma
136 Jan
May
4% May
Feb
h Jan
Fe
Ma
113.4 July
Jan
3
July
mar
34
Fe
1044 June
Fe
may
29-4 Jan
651 May
Mal
Jan
June 16
13
5714
4
Si
20
104
jar,
May
May
Apr
Feb
Jan
154
574
834
2
20
15
Apr
May
Aug
May
Feb
Apr
New York Curb Exchange-Continued-Page 2
Volume 141
STOCKS
(Continued)
Week's Range
of Prices
Par Low
pictograph Products____ 2
454
Distilled Liquors Corp__ 5 1131
Distillers Co Ltd
Amer deposit rots
El
DistMere Coro Seapyams.• 2031
Doehler Die Casting ___.
• 1934
Dominion Steel &Coal B25
4%
Dominion Tar & Chemical*
Dow Chemical
• 100
Draper Corp
•
Driver Harris Co
.10 1835
7% preferred
100
Dubllier Condenser Corp.1
Duke Power Co
10 54
Durham Hot cl B com _ _•
OUval Texas Sulphur__•
831
Eagle Miler Lead Co---20
554
East Gas & Fuel Assoc
Common
•
331
434% prior preferred.100 64
6% preferred
100 50
East States Pow corn B_•
51
$6 preferred series B___•
831
$7 preferred settee A___•
935
Kw washing Mach "B" •
434
Edison Bros Storm corn •
Eisler Electric Corp
• '
516
Elea Bond & Share cem___5 1135
$5 preferred
• 63
$ri preferred
• 71
Elea Power Asaoe eons
i
435
class A
1
455
Elee P & L 2d pref A
• 13
Option warrants
1
Electric Shareholding
Common
1
434
se cony prof w w
• 86
etectrographic r oro com t 1334
Elgin Nat Watch Co_ -15
Empire District El6%.100 3235
Empire Gas & Fuel 006% preferred
100 20
64% prat
100
7% preferred
100 23
8% preferred
100 2534
Empire Power Part Stir_ •
Emsco Derrick & Equip_ _S
Equity Corp corn
100
15-4
Eureka Pipe Line
50 34
European Electric Corp
Clam A
651
10
Option warrauta
55
Evans Wallower Lead__ •
7% preferred
4
100
Ex-cell-0 Air & Tool
3 1031
July 1
1933 to
July 31
1935
Sales
for
Week
High Shares Low
5% 2,800
1%
114
500 11%
174
834
2431 44,200
2035 1,500
4%
100
102
19
57
a
2%
3g
1,000 36%
"
54
300
94
48
33
700
935
555
5,600
900
2
334
,
435
64%
5335
2,400
125
525
2,500
1,000
1,000
900
2%
53
38
"16
1234
13
5
3355
24
21
13%
104
435
44
8035
55
13
914
31
37
54
631
34
High
7
Jan
164 Apr
Mar 2335 July
Mar 24% Aug
Mar 21
July
555 Feb
July
7
Mar
Jan
Mar 10534 July
May 6134 July
Aug
Apr 20
July
Mar 100
131 Apr
Feb
Jan 57
Aug
June
51 1•OD
June 1235 Feb
Mar
735 May
5
Jan
Mar
Jan 6634 July
Apr 5315 Aug
1516 Aug
Jan
1252 Aug
Ma
Aug
Apr 13
5
Aug
Jan
Jan 34% June
114 May
Jan
1634 Aug
Ma
Jan 6634 Aug
Jan 7434 Aug
Ma
534 Aug
54 Aug
Mar
17
Aug
Feb
135 Aug
Mar
51
34
1
634
1234
2,100
375
300
50
234
58
38
54
4
5
3
2415
4
335
34
3735
251
235
234
34
51 Mar
40
Jan
6
Jan
23
July
14
Jan
54
8735
1434
2.5
35
June
Aug
July
Aug
July
7%
8
8
831
9
12
135
35
36
37
40
1915
1331
14
38
May
May
May
May
July
July
May
Feb
175
8
350 /4 8
50 u 846
4
" 2%
1
155 14,800
34
100 80
2434
2531
734
54
Low
I
2% July
114 July
1,000
200
4
200
1231 13,300 /6
5%
sic
34
2
234
aag
Mar
Mar
Mar
Mar
Apr
June
Jan
May
614
Jan
July
35 Ai)
4
Aug
0
Feu
sie
9 June
114 June
55 May
7
May
1234 Aug
Fairchild Aviation
1
935
252
8
7% July
835 4,400
l. &lard° Sugar Co
71
86
50 511
100 85
Jan 105
Falstaff Brewing
•1
4
551
251
24 Jo
455 1,200
Fanny Farmer Candy
" 254
i
734 Ma
94 955 1,200
93-4
Fanfare! Products Co._ *
1% Mar
14
200
4
554
435
Fadden+ Mfg Co claw A..• 1934 2034
914 Mar 2034
200 SO 4
Federated Capital Cory- •
IS
1
1
July
Ferro Kimmel t urn corn..* 2334 2554 3,700
7% 10% Fen 25%
Flat Amer dep recta
2435 2434
100 15% 2154 Jan 254
Mello Brewery
7,
;6 July
1
34
54 1,900
Fire Association (Phila.) 10 7035 70%
67
125 31
Jan 70%
First National Stores
7% 151 preferrea___100 114 115
112
Jan 115
170 110
Fisk Rubber Corp
532
1131
535 July
1
5% 63.4 5,800
$6 preferred
150 354 67
67
June 88
100 67
Flintokote Co el A
3%
• 23
11% Mar 24%
2454 5,200
Florida P & L $7 Pref....* 40
1,400
1035 Mar 46
851
46
Ford Motor Co LW
Am dep rota ord reg_il
9%
4%
5,400
731 Ma
834 9
Ford Motor of Can ol A • 2734
834 2355 June 324
2831 4,700
Class 13
3731
2535 Jun
75 1434
• 314 32
Ford Motor of France
American deD rcts _100
100
235 Jan
234
3
414
3
Foremost Dairy Prod come
IS Mar
31
34
Preferred
•
N2 Jun
131
32
Froedtert Grain & Malt
Cony preferred
174
1431 AP
Is 1635 1634 1,000 144
General Alloys Co
300
•
51 Apr
134
13' 134
g
Gen Electric Co LSIAm den rota ord rent-gl
932
1134 Mar 14%
Gen Flreproonng
a
400
955
7% 735
451 June
Gen Gas & EDEN cony prof B
534
•
11
Feb 16
teen investment Com..-.1
800
sic
35
54
Ns Mar
51
$6 cony Prof elms 13. •
15
17
Jan
Warrants
iii
14 Jan
34
Gen Pub Sera $6 pret____• 54
24
110 20
55
Mar 55%
Gen Rayon Co A stock. •
155
31 Mar
%
ienerai Tire & Rubber_ _25 4334 4434
38
300 38
July 71.4
6% preferred A
25 5614 89
100 90
90
Apr 99
Georgia Power $6 pref__• 8035
225 35
52
Jan 83
81
preferred
$5
125 50
• 65
50
68
Apr 68
Gilbert (A 0) corn
1
•
1% May
ag
Preferred
22
•
244 Mar 244
Olen Alden Coal
• 17
1334 May 24
1854 16,400 10
Globe Underwriters 1mi_2 1031 1031
5%
400
7
Jan 104
Godchaux Sugars class A_•
10
164 Apr 28
Class B
200
7
Jan 114
•
834 834
Goldfield Consol Mines_ 10
54
35
4 Jan
51
35 2,500
Gold Seal Electrical
1
700
1.
1
7
Lis Ap
g
54
riorham Inc Class A corn
114
'
135 May
335
$3 preferred
11%
•
11% Jul
1951
Gorham Mfg Co
V t o agreement extended
1231 Mar 18
133.4 1535 1,600 10%
Grand Rapids Varnish_ _.•
1034
535 Mar
454
9
1034 6,500
Gray Telep Pay Station-s 1534 1635
600
834 Mar 16%
Great A tl & Pao TeaNon-vol rem stook--• 132
121
Mar 139
170 115
7% let preferred--100 126 13834
1224 Jan r135
110 120
12735
trit Northern Paper
25 213-4 23
May 26
200 194 20
Oreenfield Tay & Die---•
435 Mar
3%
5
6
100
5
Grocery Stores Prod v t 025
34
34 Feb
'is
Guardian Investors
1
34
34 Mar
200
34
%
ouif oil Corp of Penna_25 6131 66
50% Mar 7451
4,700
Gulf States Util $6 pref * 8434 84%
55
25 40
Jan 84)5
•
Hall Lamp Co
Handley Page Ltd
A m dep rcta pref -8 Mi.
634
Hartford Electric Light-25
Hartman Tobaceo Co-...*
14
Harvard Brewing Co
1
254
Ilseeltine Corp
•
8%
Fled& Mining Co
26
935
•
Helena Rubenstein
Hayden Chemical
10 48
Hires(CE)Cool A
Hollinger Congo, CI M.-6 1334
Holly Sugar Corp eoM__.
• 59%
Preferred
100
tiolophane Co corn
•
Holt (Henry, & rn
For footnotes see page 893
• 3
634
134
2%
10
1054
48
13%
60
200
STOCKS
(Continued)
4
5
235
6
34
355
25
263.4
251
235
231
14
600
'
716
1635 292,300
1,500
6631
7435 8,700
514 5,800
534 7,700
900
17
134 3,600
534
8755
144
Range Mnre
Jan. 1 1935
13.4
484
1,700
1,200
1,500
4.100
100
1,600
250
1%
a
3% Mar
3%
50)5
51
255
7
6
g
37
2314
12%
30
1.00
2
5)5
6
635
Mar
71
Ja
1%
AD
3%
June
June 10
Feb 124
Jan
131
Jan 5235
May 2534
July 204
Jan 70
Feb 100
Jan
5
7
Feb
Apr
May
July
July
May
July
Jan
Aug
June
Jan
Aug
Apr
Jan
Jan
Aug
Aug
Jan
Jan
Jan
May
Mar
Mar
Aug
Feb
June
July
Apr
June
Jan
Jan
July
Feb
Jan
Mar
June
July
June
Mar
Jan
July
Ma
May
Apr
Feb
May
May
Jan
Aug
Aug
Jan
July
Jan
Jan
July
Aug
May
Aug
Jan
June
July
May
May
Aug
Apr
May
June
July
Jan
June
Feb
July
Mar
Par Low
Hormel (Goo A) & Co__
'
Bern liardart
• 2435
7% preferred
100 106
1535
Hud Bay Mln &
• 58
Humble 011 & Ref
Hinders of Delaware InoCommon
1
24
7 prof stamped
%
7% prof unstamped_ _100 26
Hydro Electric Seournies-•
435
135
HYgrade Food Prod
5
Hygrade Sylvania Corp
'3235
Illinois P & L $6 prer
• 3034
6% preferred
100 3054
Illuminating Shares CIA. •
Imperial Chem Industries
Amer deposit rota --El
Imperial 011 (Can) ixouD--• 1955
Registered
• 19
Imperial Tob of Canada.5 1355
Imperical Tobacco of Great
Britain and Ireland_ __El 3555
Ind!ana Pipe Line .
531
Ind'polis P & L 634% P1100
Indian Ter Ilium Oh
Non-voting class A ___ _•
255
Class B
231
•
Industrial Finance
V t common
1
6
7% preferred
100
Insuxanoe Co of N Amer.10 67%
international Cigar Mach •
Internatl Hold & Inv Co 5
Internet Hydro-EleoPret $3.50 series
851
50
Internal Mining CorD__1 1035
Warrants
3%
International Petroleum • 33
Registered
International Products...*
34
Internati Safety Hawn B-•
InternaT1 Utility
•
Class A
251
Class B
1
55
$7 prior Drat
•
Warrants
Interstate Equities
Common
1
$3 oonv preferred- -50
Interstate Hoe Mills
•
Interstate Power 37 pref
' 1934
Investors Royalty com_25
Iron Cap Copper Co corn 10
Iron Fireman Mfg v t 0..10 23
Irving air Chute
1335
1
Italian Superpower A---•
%
Warrants
Jersey Central P & L534% preferred
100 6735
6% preferred
100 73
7% preferred
100 8535
Jonas & Naumburg _2.50
Jones & Laughlin Steel-100 2535
Kingsbury Brewerlea
1
Kirby Petroleum
I
Kirkland Lake GM Ltd...1
Klein(Emil)
•
Kleinert Rubber
10
Knott Corp corn
Koister Brenda. Ltd.- -El
Koppers Gas & Coke0e100
6% Preferred
Kress (8 II) 2nd pret--100
Kreuger Brewing
I
Lackawanna RR of N J 100
Lake Shore Mines Ltd._1
Lakey Foundry & Ma011-1
Lane Bryant 7% prat 100
Lefoourt Realty aim
1
Preferred
•
Lehigh Coal & Nay
•
Leonard 011 Develop-25
Lerner Stores common
•
0% pref with ware-100
Libby McNeil & Libby .10
Liberty Baking 7% pfd_100
Lion oll Development ..•
Loblaw Groceterlas cl A_ •
Lone Star Gas Corp
•
Long Island LtilCommon
•
7% Preferred
100
Pref class B
100
Loudon Packing Co
•
Louisiana Land & Explor_ I
Lucky Tiger Comblnatn_ In
Lynch Corp com
5
889
July 1
Week's Range Sales 193310
for July31
of Prices
Week
1935
High Shares
5
2435
100
60
10635
1632 11,700
6155 4,600
High
Low
Low
1651 Jaly 16% July
16
Feb 25
15)1 241
May
833,4 102)4 Jan 108
May
714 1155 Jan 1631 May
22% 44
May
Jan 64
24
50
100
26
4% 1,600
135
100
33
175
3634 10,950
35% 2,600
are
2035
26
235
1%
17
10
10
3434
%
2035
26
235
135
26
1331
14
3434
Mar
Apr
Aug
Mar
June
Jan
Jan
Jan
Jan
1
2634
26
454
334
38
3634
3532
50
Jan
Jan
Aug
Aug
Jan
Mar
Aug
Aug
July
19%
19
14
7,000
100
1,200
6
1035
1134
94
835
1535
1535
12
Mar
Mar
Mar
Apr
04
224
22%
1435
Jan
May
May
July
35%
531
300
100
23%
3%
48
31% Mar
355 Mar
55
Jan
24
251
200
200
1
114 Jan
13-4 Feb
43,4
43-4
Apr
Apr
July
M,ty
Mar
May
June
134
7
71
33%
1
Feb
Aug
Aug
Feb
June
Aug
Jan
Jan
May
May
Aug
Feu
134
54
7
71
50
1,600
76,800
13
1231 3,600
1,700
434
3534 10,900
436
2,600
2%
35
400
2,600
24
580
23
15%
134
200
4,900
1,200
69
73
85%
200
10
20
2634
625
1
235
34
134
254
6
6
95
95
8434
18$4
51
716
344
10%
335
28
29%
24
Mar
Aug
Aug
Mar
Feb
Jan
July
13
1511
64
3954
32%
435
14
1%
31
35
I'S
134
31
33
'is
Jan
Jan
Apr
Mar
235 Aug
34 Aug
35
Apr
34 Jan
1534
13
7
1
)1
34
234
54
34
35
20
22
8
1
35
14%
351
35
Ng
Mar
Jan
June
Jan
June
June
Apr
1112 Feb
2415 Feb
2714 Jan
21
Aug
24 Aho
11 May
23
Aug
1535 Aug
43
60
6035
51
15%
43
60
6034
34
18
Feb
Mai
Apr
Am
Mar
69
Aug
73
Aug
85% Aug
1% Apr
30% Jan
51
I',.
55
15
6
14
54
July
Nt
Aug
Jav
Aug
J.,J,
Jan
255 Jan
3
May
Jan
22
May
74 Atir
331 July
3.4
100
•
sr
103,4 1054
5034
255
1935 1955
634 8
74
14
6254 65
og
655
431 431
19
19
7
854
555 6
7835 84
6834 70
755
8
384 42
MangelStorm Corp
•
64% prat w w
100 5755
Mapes Consol Mfg
•
Marconi Internal Marine
American depreoelpte.41
•
Matgai Oil Corp
Marlon Steam Shovel- •
Maryland Casualty
2
1
M11/18 Util Assoc vto
1
Massey-Harris corn
•
454
Mavis Bottling class A_ _1
35
Mayflower Associates- •
May floelery $4 poet
•
McColl Frontenao Oil__ _•
McCord Had & Mfg B__•
551
McWilliams DredgIng----• 3834
Mead Johnson & Co
• 70
Memphis Nat Gas eom-5
34
Memphis P & L $7 Prof '
Mercantile Stores oom---• 1234
7% preferred
Ion
Merritt Chapman & Scott•
2%
635% A preferred -.100
Mesabi Iron Co
•
Metal Textile pref
•
Metropolitan Edison
$6 preferred
•
Mexico-Ohio 011
•
Michigan Gas& 011
235
Michigan Sugar Co
•
35
Preferred
10
6
Middla States Petrol
Class A vie
134
Clam Byte
Middle West Mil corn...'
34
$6 cony pref ser A w w •
34
Certificates of dap- •
Midland Royalty Corp
52 cony pref
. •
811
58
am 42 54
10
900
4%
5935
1,000• 3235
8,300
25h
1
400
7_
_
4,900
oh
3,200
2_1
2,100. 104
I 40
231
.
2'4001
1
loo' 3
25 15
454
7,300
2
38
32
• 104
111
12,300
2
710' 15
29,000
90
300
50
1
12
25
6%
4
134
1
235
2,500
434
4
634
39%
7031
4
3
35
38
22
12
1%
1,700
650 a 1234
200 444
134
600
15
1,200
1
234
100
400
300
811
60
54
6%
'16
34
235
His
6
1%
54
4614
14
2
100
500 s 54
100
2%
134
800
500
1,800
400
834
100
7
16
1
52
29
1
8534 Aug
6
Jane
8734 July
354
734
2%
154
23
1
51
300
100
200
50
1
Range Sines
Jan. 1 1935
34
4
Jan
Mar
Jan
1)4
Jan
31
Apr
Is
"
7,, May
1754
454
Apr
Mar 96
121-4 Jan
Apr
1235 June
Mar
May
Feb 78
Mar
Jan 53
2% Aug
Mar
80
Jan
234 May
Mar
2035 May
Jan
8
Mar
Aug
ae
Apr
-'• 31..
Jan
Feb 10651 July
8% Apr
Jun
1
J e
Jun
Mar
6
9
/ Atig
Ai
Feb 18u Jul;
Ma
2
48
37
20%
444
331
2635
Ma
Jan
Jan
Apr
Jan
Apr
Mar
42
34 A n'
Aug
535 June
47
July
25
July
10
Jan
62
July
3335 Jan
72
1134
44
7531
48
67
135
18
5%
31
40
9114
635
1
8
4
134
135
1
34
35
41
40%
1235
sg
2134
55
1%
7535
935
70
3.4
8
'is
34
June
Feb
Mar
Jan
Feb
Mar
Fe
Jar
Fe
Apr
Apr
Jan
Apr
Mal
June
July
Jan
Jan
Ma
May
Ma
Jan
34 Jan
2
Mar
55 Mar
Feb
3
80
55 Mar
51 Mar
tis Jan
51 Apr
au Apr
8
Jun
84
6
70
2935
935
A ug
Atig
Aug
July
May
8% Jan
831 June
314
235 June
1% July
5031
544
44
15%
731
39%
1043,1
July
j
Mar
Jan
Jan
July
JulyAug
7535
15
7314
235
1834
Jima
Aug
ian
July
July
34
'" al'
jar
4l
96
I
3%
14
8
May
Jan
May
June
June
2% May
5
14 May
N. Jan
135 Aug
ii Jan
10
Jan
New York Curb Exchange-Continued-Page 3
890
STOCKS
(Continued)
Week's Range
of Prices
July 1
Sales 1933 to
July31
for
1935
Week
Range Since
Jan. 1 1935
STOCKS
(Continued)
High
Low
High Shawl Low
Par Low
Mar 1834 July
5
4%
300
• 1631 16%
Midland Steel Prod
Jan 40% Apr
35
150 1834
40
• 40
Midvale Co
1% Apr
His Mar
Milling Corp of Canada.. •
It 734 12
Jan 19% July
Minnesota et 1,.ing & Mfg'
34 Feb
Iig July
Miss River Fuel rights_ _
May
Feb 100
82
85
Miss River l'ow 6% pfd 100
4
Jan
634 tog Mar
Mock Judson Voebringer-•
875 30% 3034 Mar 7634 July
' 7114 74
Mob & Dud Pow let pref
Mar
9
9
925
3334 35
211 preferred
•
14
73i J
734 Jan 3 % jul y
I 12% 1374 5,600• 24
Molybdenum Corp
Jaa 14434 May
127
620 56
Montgomery Ward A____• 137 139
Aug
200 26% 26% May 32
32
31
Montreal Lt Ht & Pow...._'
Jan 3014 Aug
25 16% 23
30
Moody's invest Service_ _• 30
1834 Feb 2234 July
12
Moore Corn Ltd corn_'
125
Jan 137 June
90
(CO
Preferred A
Mtge Ilk of Columbia
434 Apr
33-4 Feb
American Shares
34 Feb
34 Feb
34
Mountain & Gulf 011
May
4% Jan
3%
mountain Prod u cars.. _ _10
53,' 534 1,500
6134
34 Jan
34
Mountain Ste Pow corn *
Aug
105% Ma 129
100 100
Mountain Ste Tel& Tel 100 129 129
Aug
Jan 108
400 31% 72
'• 103 108
Murphy(0 CI Co
Apr
Apr 116
112
105
100
8% preferred
,Jan
Ma
6
• 4%
Nachman-SprInfIlled Corp*
2% 'Jan
1% May
134
174 2% 13,800
Nati Belies Hass corn_s__,
37
July
200 28% 2934 Fe
37
Nat Bond & Share Corp..' 37
National Container Corp
2234 May
18% Jun
200 10
21
• 21
Common
Mar
30
July 35
29
$2 conv pref
18% July
1134 Ma
• 17% 18% 2,800 1134
National Fuel Gas
% Mar
34
134 2,900
1
National Investors com I
114 jan
Mar 77 i Aug
55
70 sa
1 7334 7734
$5.50 preferred
, JAL
36 Feb
300
A
A
Warrants
Jan
34 Mar
134 1,200
1
ft
•
Nat Leather corn
Aug
46% Feb 81
1,850 32
• 72% 81
National P & L $6 pref
9% Mar
534 Jan
'
2
634 1,200
6
*
Nat Rubber Mach
34 Apr
1
Nat Service common
34 Apr
100
tl
34
34
Cony part preferred___*
85%4 Aug
16% Fean
j4aa b
50 11% 15 May
National Steel Car Ltd....* 16% 16%
• 30
200 25% sag June
30
Nat Sugar Relining
May
Apr
9
9
Nat Tea Co 534% pf- _10
9141603
y
b
634 Feb
634
9% 10% 1,300
National Transit._ _12.50
34
34 May
100•
lig
'is
Nat Union Radio tram..--1
2% Mar
400
4
4
3'
•
Nehl Corp corn
July
50
July 50
31
1st pref
Feb 10034 July
2034 90
Weisner Bros 7% pref__100
Jan
8
434 Apr
2
100
5% 5%
(Berman)Corp---5
Nelson
Jan
9
3%
64 May
Naptune Meter alms A_ •
531 Jan
17 1
% July
2
Nestle-Le Mur Co cl A_ •
Jannne
534 June 626 44 June
534
corn_ _100
Nei Calif Eiec
234
2
Feb
134
100
6
234 23.4
New Bradford 011
June
Apr
1,600 4734 49
62
25 60
New Jersey Zinc
2% Jan
May
I
It
100
1% 134
New Min Ar A ris Land___i
4
July
33.4 May
136
..*
New Haven Clock Co
34% Mar 5334 May
-10 4934 5034 1,700 34
Newmont Mining (ion)
May
Jan 18
104 12
•
New Process corn
3
A ug
une
134 Feb 32
200
74
•
2% 3
N Y Auction Co corn
Apr
11
June 15
11
NY & Foreign Inv pref 100
25% Jan
15
N Y Merchandise
4 Apr
Feb 683
400 17% 83
N Y & Honnurss Resario10 4734 50
6134 Jan 9934 Aug
69
N Y Pr & Lt 7%, Pref---100
53% 53% Jan 78% May
•
16 preferred
N V Shipbuilding Corp
434 Mar 1314 Jan
434
3,800
834 10
Founder, shares
1
12
May
May
400 12
N Y Steam Corp corn___=
• 14% 15%
11334 May I21613i
175 113
N Y Telep 634% Ord-1 0 118 118%
0
4
July
3
Apr
a
100
4
4
5
N Y Transit
75
July
4634 Feb
20
N Y Wat Sere 6% pfd-100
Niagara Hod Pow
834 Aug
.,6
231 Mar
234
7% 8% 46,600
113
Common
June
1,900 7
14 Jan
74
34
Class A opt WAR
Aug
34 Ma
34
700
1Y1 1%
Class B opt warrants
Niagara Share
6
3
191 Aug
%
2% Ma
1,500
2%
6
6
Class B common
2
6% July
834 Ma
754
24% 1,400
• 22
-Pond
Niles-Bement
3
2
July
2,600 0 154
NipissIng Mines
a
May
34 Jan
900
1%
31
1
Noma Electric
Nor Amer Lt & Pr
334 Aug
% Mar
134 3% 6,900' 34
Common
4
2
0
4M Aug
44 Ma
8
• 1934 24% 2,850
$6 preferred_
June
24% Jan
18
North American Match ..-•
44 Aug
34 Jan
34
4% 4,500
3
No Amer Utility Securttlee•
334 May
Jan
2
134
Nor Cent Texas Oil Co__5
May
Jan
714
200
fi
Nor European 011 coin ..1
63')4%
32
Fe
21
Nor Ind Pub Ser6% pfd100
Aug
50 2034 38% Mar 67
67
100 66
7% preferred
Northern N Y UtIllties
Aug
490 4534 4534 Jan 102
93% 102
7% Ist preferred _ _ 100
May
634 Jan
500
4,4
6%
6
10
Northern Pipe Line
14
3
7% A
631 Mar 2
9,100
634
Nor Ste Pow corn class A100 13% 23
634 Jan
3
600
12% 1334
Northwest Engineering__•
Aug
2,100 144 1834 May 25
"
Novadel-Agene Corp.__.• 23% 25
14
19
100 1710
Ohio Brass Co el B corn' 2634 26%
200 454 70
Ohio Edison $6 pref
• 96% 97%
200 81% 89
10434 10434
Ohio Oil 6% pref
100
86%
30 80
Ohio Power 6% pref- 100 106% 107
90%
20 71
Ohio P 8 7% lot pref 100 9534 96%
934
700
11
011stooks Ltd corn
a 11
34
100
1
Outboard Motors B corn
' 1
111
M
4
Class A cony pref
•
134
700
3% 3%
Overseas Securities
•
2
2% 2% 3,900 • 1§
Pacific Eastern Corp
1
1,700 :834 20%
Pacific GI & E6% let pref25 27% 27%
** 1634 18%
5Si% 1st prof
25
400 at 13834 71
• 101 102
Pacific Ltg $e pref
17
M
I
[Warm. Pub Sery non-vot •
734
500 17 174
1634 1634
let preferred
25
1,425 10
34% 36%
Pacific Tin epee elk
Pan Amer Airways___-10 38% 40% 2,000 3114 36
1%
10,200
1% 2
Pentepee 011 of Yentas__•
3%
100
33,4
4
4
Paramount Motor
46% 46% 3,500 1934 3234
Parke. Davie & Co
17
▪ 4
Parker Pen Co
10
900 U 3934 55
63
Parker Rust
-Proof com_.• 61
244 34
•
Pander I) Grocery A
6
Class 13..
•
5%
200
Peninsular Telex, com-_-.* 1134 11%
6634 7934
Preferred
100
24
355 24
41
Pa Cent Lt dr Pow $2.80 pl. 40
67
67
$5 preferred
•
54
2%
100
634 6%
I
Penn Meg Fuel Co
1%
136
2% 2% 11,200
Pennroad Corp v I a
I
934
400
'Pa Gas & Elea class A....• 1534 17
150 74% 80%
103 104
Pa Pr & Lt 37 pref
•
7234 77
•
$6 preferred
250 4234 76%
Penn Salt Mfg Co
ao 102 104%
100 41% 53
76
Pa Water & Power Co.__• 76
1,000 6234 5234
76
Pepperell Mfg Co
100 z59
31
• 21
•
Perfect Circle Co
9031 113
Pet Milk Co 7% pref_100
4
4
1,300
10%
Philadelphia Co corn_ _ _ .
.• 10
71 2934 3334
PhIla Elec Pow 8% pref _25
Phoenix Securities
134
34
334 13,200
I
Common
46% 2,200 1614 27%
$3 cony prof set A..__10 45
834
334
10% 11% 1,100
Pie Bakeries Inc corn
2
1
300
•
Pleree Governor cam _. . 5% 6
For footnotes see page 893
Jan
Feb
Jan
Jan
Apr
Feb
Mar
Jan
Apr
Mar
Jan
Jan
Feb
May
Feb
Jan
June
Mar
Mar
Jan
June
Jan
Fel,
July
Mar
Apr
Feb
July
July
Mar
Apr
Jan
Jan
Apr
Jan
Apr
Feb
May
Mar
July
27
9734
107%
109
9634
11%
1%
June
Aug
May
July
Aug
May
July
July
47ji Alfig
Feb
Feb
Apr
Jan
334
46%
11%
6%
2831
3
25%
102
131
17%
36%
4434
4
233%
4734
17
69
3736
7
12
82
4134
70
11
234
17
104
77
10431
7634
May
July
July
June
July
July
Aug
Feb
Jan
Feb
July
June
July
June
Feb
July
May
July
July
Jan
May
Aug
Aug
Jan
Aug
Aug
" a
80
4
A r:.
j
120
Feb
10% Aug
3334 July
Aug
Aug
July
Aug
Week's Range
of Prices
Aug. 10 1935
July 1
Sales 193310
July 31
for
1935
Week
Range Since
Jan. 1 1935
High
Lew
High Shares Low
Low
2% July
34 Jan
Pines Winterfront Co__-.5
834 Mar 1234 May
831
1034 1,800
Pioneer Gold Mines Ltd I 10
pitney-Bowes Postage
7 June
5
Mar
•
234
634 1,200
6
Meter
2
234 Jan 534 Aug
534 1,000
Pittsburgh Forgings
51
Feb 67% Aug
67% 1,300 51
64
Pittsburgh & Lake Erie-50
8034 2,400 3014 46% Ant 80% Aug
Pittsburgh Plate Glass...25 77
20% July 25% Feb
10.
Pond Creek Pocahontas.. •
2% June
34 Jan
5
Potrero Sugar item
7% Jan 12% Aug
74
100
. 1234 1234
Powdrell & Alexander...9% Feb
6%
25
631 Me"
8
8
Power Corp of Can cora-•
Jan
July 30
1533 23
Pratt & Lambert Co- •
2,4 Apr
134 Jar
1
4
136 2,700
1%
1
Premier Gold Mlning
July
July 31
534 31
Prentice-Hall Inc
934 June 1334 Jan
934
Pressed Metals of Amer_ _c
lie Jan
4 Jan
34
4,000
A
A
Producers Royalty
Properties Realisation
Aug
12% 1234 Apr z18
150
Voting truqt offs 33 1-3e 17% z18
1% Feb
% Mar
34
100
1%
916
Propper McCallum Hos'Y *
8% Aug
434 Ma
4%
8% 2,300
8%
•
Prudential Inveetors
July
83
Jan 99
69
•
$6 preferred
8
2314 Aug
Jan
8
30
Pub Serv of Indian $7 peel• 20% 2334
5
1034 Aug
Jan
10
• 10% 1034
$6 preferred
934 1734 Feb 3834 July
Public Sere Nor Ill tom- •
16
9
Feb 3534 June
60
Common
July
7834 Apr 102
as
100
6% preferred
Feb
77
Jan 83
as
100
Preferred
7%
Public Service Okla
May
81
May 81
81
100
7% pr L pref
34 Feb 1 Aug
%
25
1
1
Pub Util Secur $7 Pt Pf•
Puget Sound P & LMar 40% Aug
734 13
• 31% 4034 2,000
$5 preferred
634 Mar
1734 May
a
• 1234 17% 3,000
$6 preferred
June
33% 3434 Mar 70
Pure 011 Co 6% Drat
-10
0
2% Jan
534 July
PYrens Manufacturing-10
127
Jan 13534 July
150 *106
134%
• 13434
Quaker Oats cam
1324 Feb 147
July
111
6% preferred
100
64( Mar 153.4 July
434
300
1534
By & Light Recur nom...* 15
34 Jan
34 Jan
34
Ry & COI Invent A
Rainbow Luminous Prod
lie Feb
'is June
34
•
Clam A
34 Mar
'is June
III
Class B
•
Raymond Concrete Pile
Jan
5
434
4% Jan
•
Common
Jan
17
Apr 25
17
$3 convertible preferred •
•
6.4
1% May
Feb
Raytheon Mfg•I 0----50c
Feb
1
4
Bed Bank Oil Co
•
74 Jan
4U33 Feb
34
44
•
Reeves(D)corn
A May
%a Apr
1,100
Reiter-Foster Oil
34
14
•
8% Jan
454 Mar
1,600
•
7
6
Reliable Stores Corp
134 Jan
% Mar
100
134
134
Reliance Internat-al A 10e
114 May
;
Ap
234 Feb
34
Reliance Management-- •
3.34 Aug
1%
3% 2,300
3
Reybarn Co Inc
10
14 Jau
34 Apr
1% 1% 1,600 24 ex
Reynolds Investing
1
July 1234 Jan
9
100
10
Rice Stir Dry Goods
• 10
1
Jan
July
200
Richfield ()Beret
51
25
3.4
Apr
85H
pt 85
65
Rochest drE 6% D pf 100
93( Jan
Mar
Rogers-Maffetio CUM A_-•
1
1% A p
,
34 6 Ieb 234 May
100
134 1%
Roosevelt Field, Inc
5
234 July
400
1% 234
Root Petroleum Co
1
July
12
336
300
$1.20 cony wet
20
834 834
1 May
%
100
Ross%) International
•
34
34
3
4 FAepy
26% 261 M abr 2634 May
•
Royallte 011 Co
15% May 28% July
6yy
300
• 25% 27
Royal Typewriter
41
Aug
Jan 68
• 6634 68
100 26
Ruberold Co
534 Fen
234
100
Russets Fifth Ave
5
5% 5%
1 4 May
RYAD Consol Petrol__
•
6031 Map: 794 Aug
3 34 MAar
350 36
Safety Car Heat & Light100 74
79%
34 Jae
Mayar0r
1,900
Bt Anthony Gold Mines I
31
34
14 May
74
St Lawrence Corp corn. •
234 Aug
1
Mar
2% 25,100
Reels Paper corn
1%
Bt
10
Aug
32
174
1,070
32
7% preferred
100 27
I
JAM
M54
5
't•
300
Salt Creek Conseil 011....1
%
51
7% May
534 ja9
ar
1,100
Salt Creek Producers-10
7%
7
1
Jan
Savoy Oil
•
21531 Mar 3334 Jan
33 jan
900 13
Schiff Co corn
• 30% 31
36 Jan
1 A164araar
34 :89, June
Schulte Real Estate corn. •
25
Aug
425 17
Scoville Manufacturing _25 24% 25
2% Aug
%
900 34
2%
Securities Corp General_•
2
60
May
• 50
100
Seeman Bros Inc
50
Mar
% Jan
31
700
Segal Lock & Hardware..'
%
A
234 Jan
133 July
l
134
100 is I
134 134
Selberling Rubber oom •
Apr
Jan 34
15,4 28
Selby Shoe Co
•
Selected Industries Inc
14 Jan
ft Mar
ft
134 1% 10,100
Common
1
48
Mar 6933 Aug
6934 1,800 88
$5.50 prior stook
25 66
200 3734 4634 Mar 7034 Aug
Allotment certificates__
68% 68%
Selfridge Prov Stores234 Jan
2
Mar
134
mer dep reo
34 June
Jan
34
100
Sentry Safety Control.. _..•
X
X
May
33,4
7
834 Mar
1,100
534 5%
Setoa Leather corn
2% Mar
1% Jan
134
800
234 244
Shattuck Dann
_t
191
4 Jan
200 14% 1434 May
Shawinigan Wat & Power.. 16% 16%
Apr 31% Aug
74 20
300
• 30% 31%
Shaeffer Pen corn
1.34 Aug
1( Apr
31
1% 2,100
1
Shenandoah Corp corn_ I
1234 Mar 21
Au:
700 12
1934 21
25
$3 cony pref
1332,'
Jan 111634 July
Sherwin-Williams corn_ _25 100 101% 1,500 119031 84
106% June 113% Mar
160
6% preferred A A____101 107 107%
,
July
235
Mar 301
230 119
Singer Mfg Co
100 296 301
Singer Mfg Co Ltd
3% Aug
2% Feb
2
500
3% 3%
Amer den rec ord reg_el
12% Jan 12% Jan
1234
Smith (H,Paper Mills- •
May
J40 72
3,100 1634 29
53
Smith (A 01 Corp coin_ - 46
Smith (L C) & Corona
July
Feb 14
334
300
Typewriter• corn ___• 13% 14
to
1
Apr
1
214 Jan
3,600
134 2
1
Sonotone Corp
434 Jan
334 Apr
1%
5,300
3% 3%
1
Bo Amer Gold & Plat
Bon Calif Edison
28% Jan 3934 July
7 26
5% original preferred_25
2834 July
1834 20% Jai
20
7% pref series A
tyg Jan 2534 July
400 1534
2534
Preferred B
25 25
2334 July
15% Jan
500 7 14%
54% Prof series C _ _25 23% 23%
Jan 108
104
100
A pr
Bouth'n N E Telep_ _100
1
444 Aug
Jan
600
3% 4%
Bouthn Colo Pow cl A....21
34 Jaii
34 J81
'It
Southern Natural Gas_ _ •
3% Jan
334
434 Apr
10
Southern Pipe Line
▪
M
1
Apr
14 Jun
Southern Union Gas corn.'
434
4% Jan
July
4,700
6
5
Southland Royalty Co-__11
28% May
1,500 15% 21% Ma
24%
2.5 23
South Penn 011
100 3434 4534 Feb 6214 Feb
49
Bo'west Pa Pipe Llne
60 49
Spanish & Gen Corp
31 June
14 Jun
bear.£1
Am dep rcts ord
34 A or
114 40
Am dep re% ord
111 7
4 17
May 27% Aug
27% 1,400 12 3
Square D class B com.......1 22
29
May 3634 Aug
• 343‘ 3634 1,200
Class A pref
1%
314 Fob
1% Apr
•
Stahl Meyer corn
Jan
34
100
% Jun
%
A
Standard Brewing Co-'
35,6 July
29% ms,
125 23
35
Standard Cap & Seal oom-5 35
Standard Dredging Co
8% July
5% July
• 13,4
Cony preferred
1034 Apr 27% Aug
350 1031
2734
Stand Invesitne $5.50 0-* 25
2134 Feb
18
Jan
Standard 011(KY).
10 2034 2134 6,700 13%
May
7,6
734 Mar 12
600
25 10% 11
Standard 011(Neb)
Standard (PI(Ohio) corn 26 1434 1535 1,300 1134 1134 Mar 1934 May
764 91
Feb 9914 May
100
6% preferred
Aug
1
Mar
1
1,900
234 3%
•
Standard P & 1. °ore
3% Aug
54 Apr
1% 3% 2,700
•
Common class B
Aug
9
Mar 21
200
1731 21
•
Preferred
1 7!
. New York Curb Exchange-Continued-Page 4
Volume 141
STOCKS
(Continued)
Week's Range
of Priem
July 1
Sales 1933 to
July31
for
Week
1935
Par Low
High Shares Low
Standard Silver Lead
1
74 8,100
Starrett Corporation
1
1,200
35
31
6% preferred
10
234 7,000
13.4
•
Steel Co of Can Ltd
32
Stein (A)& Co cam
•
5
634% preferred
80
100
Sterling Brewers Inc
1
3%
Stetson (J B) Co coin_
•
734
stinnee (Hugo)Corn
1
8
Stroock(5) ar Co
•
431
Slut, Motor ('sr
•
1
134 1% 1,200
Sullivan Machinery
.• 1134 12%
825
5,1
Bun investing corn
•
234
300
5
5
•
$3 eon, preferred
34
Sunray Oil__
1
134 3,800
131
Sunshine Mining Co__10c 20
2136 11,400 •• 2.10
SwanFinch Oil Corp__ 15
100
236 2%
134
Swift Internacional
It 32% 34
2,900• 19%
Swim Am Elee pret_-_100 54
200 32%
54%
Scylla 011 Corp
1
1
1,200
2% 231
Syracuse Ltg 6% Pref..-100
89
Taggart Corp own
•
100
134
135
Tampa Electric Co corn..' 34
700 2134
3434
Tastyeast Inc 01 A
1
200
1
131
14
terainicoior Inc OOM
• 204 21% 5,100
73'
Teck-Hughes Minen____
1114
15,800
34 4
Tenn El Pow 7% 1st p1100
45
Tenn Products Corp corn.
3,
200
316
316
'texas Gulf Prnducing
•
234
2% 2% 2,100
Texas P & L 7% Pref.-100
75
Tenon Oil& Land Co.....
100
531
414
5.31
Thermoid 7% pref
100 38
200 20
39)5
l'obacoo Allied Stocks
•
8734
robaceo Prod Exports...*
400
24
2
Tobacco Securities Trust
Am dep rata ord reg__Ei
18%
Am dep rota dot reg _El
Todd Shipyards Corp....* 26
400 18
2636
Toledo Edison 6% [wet 100 98
10 51
98
7% preferred A
100
5834
Tonopah Belmont Devel_l
Tonopah Mining of Nev....1
trans Lux Piet Screen
Common
1
134
,
236 234 1,100
Ili-Continental warrants..
14 1% 1,600
34
Triplex Safety Clan Co
Am dep rots for ord reg
11%
'Fri-State Tel&Tel6% 0110
ii 7%
Truss Pork Stores _______•..........
7
Tubize Chatillon
3
334 5
Clans A
1 12% 15% 2,000
934
Tung-Sol Lamp Works...*
236
631 731 4,700
$3 cony prat
• 43
400 12
45
Unexcelled Mfg Co
10
2
Union American
.• 2231 23
300 16
Un El Lt &Pow 6% pfd 100
10334
Union Gas of Can.
•
8
600
431 4%
Up Oil of Calif rights
Union Tobacco COM
•
500
316
316
Union Traction Co
11 3%
50
United Aircraft Transport
Warrants
500
414 534
United Carr Fastener
500
18% 19%
514
United Chemicals Com. •
2%
$3cum & Dan prat
• 40
100 13
40
ors warrants
"to 4,400
31
United Dry Docks corn ..•
31
31 2,400
United Founders
7t5
% 49,900
United Gas Corp oom ]
34
3
34 60,900
Prat non-voting
• 73
764 5,600 15
Option warrants
34
34 18,100
'is
United G & E 7% pret.100 75
10 46
75
United Lt & Pow ooln A....•
131 2% 54,000
Common elan B
•
2,200
231 4
$O COD, let pre!
• 14
3%
21% 38,600
United Milk Products...*
3
125
4
43.1
$3 preferred
• 38
100 so
38
United Molasses Co
Am dep rats ord ref.._g
234
534 1,400
5
United Proflt-Sharing____•
100
1
34
1
Preferred
10
6
United Shoe Mach com_25 8131 8334 1,825' 47
Preferred
213 39
110 304
4035
US Dairy Prod 01B _____
•
100" 34
31
34
S Flee Pow with warr...1
4
36
716 6,300.
Warrants
isr
200
'32
'32
8 Finishing corn
El Foil Co class B
1 12% 1334 1,600
6)4
U B Intl Securities
•
400
131
134
54
let pret with ware
.....
• 0734 68
700 3914
U S Lines prat
•
Playing Card ......
10 3531 3531
700 la 144
U It adiator Corp cool •
1%
7%.preferred
100 16
50 Is 5
16
14 Rubber Reclaiming...
U
34
300
34
134
S Stores Corp
•
15. 151
,
100
United Stores t a
•
1
34
1% 2,100
On Verde Extenalon....51).
234
234 214 3,800
United Wall Paper
20
14 24 12,300
Universal Consul Oil__ -10
7 1.20
Universal lnsuranee.....
8 17)4 1831
514
250
Universal Pictures coin ___1
1
100
2
2
Universal Products
• 434
Utah Apex Mining Co
400
Si
"le
Utah Pow & Lt $7 pree___• 2731 31% 1,000 134
Utah Itadio Products_ _ _ _•
1
1
100
)4
Utica Gas & Esc 7% pt.lUO 100
10 77
100
Utility Equities Corp.....
331 2,000
3
Priority stook
• 87
30
250
69%
Utility & Ind Corp
•
Isle 1,700
14
34
Cony preferred
•
231 336 1,800
Util Pow & Li oom
1
1
131 16,000
7% preferred
100 12% 16% 3,450
3%
Venezuela Melt 011 Co. 10
2
2
134
100
Venesuelan Petroleum___6
131 131 5,700
)4
Vogt Manufacturing
• 13
13
100
Waco A!Torah Co
•
334
700
535 634
Wahl (The) Co corn.....*
2
2
100
14
Wain & Bona el A
•
934 931 1,200
314
Chas B
•
Maureen Co warrants
Walker Mining Co
1
1% 1%
200
'Is
Walker(Riram)-Gooderh'm
& Worts Ltd oom___.• 2634 29% 11,200 20)4
Cumtil preferred
• 17% 18
1,000 124
Wendell Cooper
1
800
'16
34
31
Western Air Expros
2
234 2% 1,900
Western Auto SuPPI A__• 54
500 17
5431
Western Cartridge prof-100 1014 101% .
25 6234
Western Maryland fly
7% 16$ preterred____100 52
50 35
56
Western Power 7% prer 100
85
western Tab & Stitt•t o.• 1431 15%
64
700
Westmoreland Coal Co_ •
11 434
West Texas Uri! $6 pret__• 46
75 22
47
Westvaco Chlorine Preto7% preferred
100 1014 101%
125
West Va Coal & Coke..*
14
434 431 3,300
For footnotes see page 893.
3,
34
eo
Range Since
Jan. 1 1935
Low
34 Apr
st* Feb
34 Mar
4231 Mar
914 Mar
103
Jan
3% Mar
10% June
1% May
64 Jan
1
July
10
Mar
234 Mar
Mar
60
34 Apr
10% Jan
234 Mar
81
Jan
454 Jan
2
Fe
Apr
89
34 June
High
leis June
Ape
1
3% Apr
5034 July
144 July
07
Feb
4
Apr
1531 Mar
2
Jan
934 July
334 Feb
1431 Jan
5
Aug
46
Aug
1% Jan
June
25
3
Feb
3634 Apr
5831 Feb
351 May
97' July
1% Jan
35
July
134 July
27
June
4,1 Mar
7634 July
14 Jan
431 May
93
July
133 Jan
4
4036 Aug
07
May
234 Jan
2234
34'
11%
331
8
0te
231
75
5
22%
60
131
Mar
July
Jan
Jan
Feb
July
July
Feb
Mar
May
Mar
Feb
1934
5
2331
68
83
31
35
Apr 24
7
July
Jan 33
Jan 98
Jam 104
Apr
31
1.4
Feb
2
Apr
34 Mar
STOCKS
(Concluded)
Jan
Jan
Apr
Aug
July
Apr
Apr
834 Feb
1)4 July
July 184 July
June 104 Apr
9
Jan
July
631 Jan
Apr
Jan
July 18
74 July
Apr
July
Jan 45
234 May
Mar
23
Jan
Ma
Jun 10334 June
634 Jan
May
34 June
31 Jun
34 Jan
31 Jan
5
4
Apr
Jun
1834
104
7
3
10%
3%
29
234
1944
10331
3%
14%
2%
21%
14
34
14
35
14
64
%
1
334
3
29
4%
34
7%
70
36
34
2
4
104
34
41%
34
Mar
Jan
Mar
Apr
Mar
Apr
Mar
Mar
Mar
Mar
Jan
Mar
Feb
Mar
Jan
Jan
Jan
Mar
Feb
Jan
Jan
July
Jan
Jan
Mar
Mar
Mar
Apr
Apr
3°31 June
1
r'aa
10
July
Isle Aeb
4 Fug
34
234
134
334
7
2
13
34
16
1
84
14
43%
34
I
34
3%
1*,
87rs
3%
2
it%
34
34
Mar
Art
Aug
Jai
Jan
Aug
July
July
Jan
Aug
A pr
Mar
Jan
May
Mar
Feb
Mar
Ma
Jan
Mar
Au
Feb
Ma
Js
Jut
6
1931
734
40
Isis
3,6
334
80
'II
80
2%
4
2134
434
88
Jan
Aug
July
Aug
Aug
Jan
Aug
Aug
July
July
July
Aug
Aug
Aug
July
Aug
53(
134
714
85
40%
316
Jan
Apr
Apr
July
Aug
Feb
it Aug
) Jan
31
2
Jan
13% Jan
134 June
6834 Aug
31 F'ett
38% May
3
Feb
17
Jan
134 Aug
13. Aug
1% Jan
434 June
2% Jan
3114 Feb
1831 Aug
54 June
1834 July
Jan
8134 Aug
1
Aug
100
Aug
331 Aug
70
Aug
Aug
334 Aug
131 June
16% Aug
3
May
May
13
Aug
634 July
2
Aug
94 May
May
13( Feb
131 May
134
2331 Apr 32%
1834
161.4 Jan
14 June
3(
2
34
Jan
July 60%
48
98
Jan 102
Feb
Mar
Mar
Feb
Mar
July
63
83%
15%
734
47
May
May
Aug
June
July
46%
74%
12
7
28
Mar
Mar
Feb
June
Jan
99
3
Jan 105
June
5
June
Apr
891
July 1
Week's Range Sales 1933 to
July31
of Prices
for
Week
1935
Par Low
Williams CRC)&Co
94
•
Wain?,011-0-Matio Beat
'
Wil-km Cafeterias ino-i
34
•
Cony preferred
Wilson-Jones Co.....
2334
Winnipeg Electric
•
Wolverine Port Cement.10
Woodiey Petroleum
5
Woolworth(F W)LtaAmer deposit rata
58 2831
Wright-Hargreaves Ltd' 731
Yukon Gold Co
134
Range Since
Jan. 1 1935
High Shares Low
400 10
10
234
44
100
31
234
100
2334
1$$
5 136
534 2,000
Low
7
July
3
Apr
31 Mar
24 June
18
Jan
134 July
3 June
4
335 Jan
High
174 Jan
434 Aug
171a Feb
6
Jan
2734 May
134 July
336 June
8
May
100
2831
734 17,200
1% 2,700
24
Mar
734 Aug
31 Mar
2834 June
Mar
10
24 July
17%
5%
BONDS
Abbott's Dairy
Alabama Power 001946
1st & ref 54
1951
1st & ref 51
1st & ref as
1958
let & ref 5s
1968
lat & ret 434s
1967
Aluminum Cost deb 55'59
5s called
1952
Aluminum Ltd deb 6e..1434*
Amer Com'ity Pow 654. 53
Amer & Continental 5e1943
Am El Pow Corp aeb 6e '67
Amer CI & El deb 6s...2023
,
Ant Gas & Pow deb ltn 1939
Certificates of deposit.
Secured nen 65 _
1963
Certificates of deposit.
Am Pow & Lt deb 6a 201tt
Amer Radiator 4148-1947
Am Roll M111 deb 50_1943
Amer Seating cony 65.1938
Appalachian El Pr 65.1956
Appalachian Power 55_1941
Deb 6e
2024
Arkansas Pr & Lt 56_1950
Associated Elea 4 34s_ _ 1953
Associated GU & El Co
Cony deb 5146
1938
Cony deb 4345 0_1946
1949
Cony deb 43.1s
Cony deb 611
1950
0.1,15.
1966
Registered
Cony den 6346
1977
awe Rayon 511
1950
Assoc Telephone Ltd ISs '66
Asses T & T deb 5340 A '56
Assoc Telep HUI 5345.1944
Certificates of deposit.
ee
1933
Ctrs of deposit
Atlas Plywood 5 Ws_ _1943
Baldwin Loco W 5.', w '38
Os without warr____1938
Bell Telep of Canads151
as series A...1955
let M As series B___1067
5s series 0
1960
Bethlehem Steel 65...1998
Binghamton L H & P 55'48
Birmingham Else 43.4* 1988
Birmingham Gas 6a-1959
Boston Consol Ott, 08_1947
Broad River Pow 5s.....1954
Buff Gen Else 5e
1939
Gen & ref is
1956
10435 10434
1,000
8634 102
Jan 1044 Mar
88% Jan 10474
68
5414 8314 Jan 10134
8334 Jan 1014
55
Jan 054
4734 73
44% 6614 Jan 90
921 1054 Jan 107%
4
105% 10534 July 10531
17,000 69
10234 103
974 Jan 103
134 July
231 231 5,000
331
1%
10031 1004 20,000
Jan 102
93
1435 16
14,000
74 Mar 174
73'
10534 106 162.000 34
8934 Jan 106
8,000 13% 18
4034 41
Jan 41
4031 4031 3,000 32% 3234 Jun
4034
25.000 12% 1734 Jan 3534
3331 35
35
3534 13,000 2834 28% May 3531
9034 9131 264.000 884 50% Jan 0136
10334 101% 1.000 973' 1034 Jan 106
9931 994 151,000 62
9431 Apr 100
96
97
51,000 41
Jan 9934
74
105 10534 67,000 64
101
Jan 106%
109
99
10534 Fe
13,090 58
1064 103
84% Jan 11
95% 9634 126,000 60
734 Jan 98
454 4831 181,000 204 2934 Feb 53
10234 103
9934 99%
9834 98,31
9034 91
8531 87
10731 10731
13.000
29.000
27.000
4,000
79,000
27.000
30
32 I 39,000
13,000
23
25
22
2534 188,000
2434 28 157,000
24% 2734 151,000
26% 23% 2,000
2834 2934 11,000
67
684 19,000
1044 10434 5,000
75
754 5,000
22
64,000
24
2131 2334 60,000
9,000
42
48
42
48% 66,000
8034 8034 8.000
57
38,000
63
534 6034 164,000
July
July
July
July
July
July
July
Aug
Apr
A or
.1 ii1y
Aug
Aug
Aug
July
July
Aug
Feb
Jan
July
May
Mar
June
July
July
it
3814
7614
84
9
8
134
1354
47
3234
3014
1434
13
11
1234
12
13
1434
130
99
57%
144
1434
20
20
7/4
3234
3034
114 11434 18,000 98
11.000 97
11734 118
11834 119% 3,000 97%
13334 136
10,000 102
10634 10634 2,000 1634
89
904 157,000 4534
7434 7531 12,000 384
10331 1034 2.000 1024
8934 9131 43,000 29
107 107
3,000 1024
102
1094
1114
1124
12651
10234
694
56
106
70
106%
105
Mar
Feb
Jan
Jan
Jan
Jan
Jan
May
Jan
Jan
Apr
11534
1004
120
138
107
9134
78
109
9134
1094
110
Apr
Apr
July
July
July
June
May
Jan
Aug
jau
May
71
97
98
105
85
8834
46% 839(
9434 11034
724 89
33)4 39
99
106
Apr
Mar
Jan
Jan
Jan
Jan
Mar
Apr
103
11234
101%
100%
113)4
10514
4434
109)4
July
Jan
May
50
7834
45% 67
49
75
46
8714
101
80
9534
72
5514 72
374 59
37% 59,4
25
20
2514 2534
29
48%
93%
62
Jan 99% July
93% Aug
Jo
Jan 97% Ma,
Jan 93
Aug
Jan 105)4 Ayr
Jan 102% May
Jan 9834 July
Jan 8734 July
Jan 84% Aug
Mar 61% Aug
Mar 53
Aug
Jan 71
Aug
Jan 10514 July
Canada Northern Pr As '53 102 10234 29,000
Canadian Pao fly 68..1942 211034 11136 22,000
Capital Adminis 5,._j953 100 100
5.000
Carolina Pr & Lt 6e_1950 964 98
43,000
Cedar Rapids M & P5s'53 11234 11334 6,000
Cent Ariz Li & Pow 5e 1960 10431 105
24,000
Cent German Power 881934
Cent IR Light 5a___1943 10734 10734 1,000
Central Ill Pub Bahia.
&series E
9831 33.000
1956 97
let & ref 4341 ger F_1967 9136 9334 123,000
trs sena.GI
1968 96% 9734 61,000
434% series FI
49,000
1981 9134 93
Cent Maine Pow is 0.1956 10136 105
19,000
434seerlee E
1957 99% 10034 15,000
Cent Ohio Li & Pow 561960 97
974 21,000
Cent Power as see D..1957 87
874 31,000
Cent Pow & Lt 15t 58_1950 8136 84 168,000
Cent State., Elea 50-1948 4431 5135 411,000
6145 ex-war?
1944 4531 53 825,000
Cent States P & L 046.'53 6634 71 113,000
Chia Dies Else Oen 6315'tu 104 10434 36,000
Chic Jot Ry & Union Stk
Yards is
1940 10934 11034 8.000
Chia Pneu Tools 510.1942 10134 1024 26,000
Chic Rye 5 3"8
7536 8,000
1927 73
311
Cincinnati St fly 536s A '52 89
894 30.000
68 series B
8,000
92
1955 91
Cities Service 5e
1960 5536 6034 126,000
Cony deb Se
1950 5634 6031 1150,000
Cities Service Gas 531s '42 904 9234 71,000
CHIN &Pyle* Gas Pipe
Line 6.
1943 100 10031 54,000
cities8erv P & L5%8 195 5034 5836 461,000
5145
5034 59 264,000
194
Cleve Elea Ill let 64_193 10234 10231 23,000
65 series A
1954 105 10534 8,000
5e series B
1961
Common & Prlyat 5345'37 34
35
6,000
Oommonwealth tfclieon1st M 5e series A
13,000
1953 11154 112
let M 5s series B__1954 111 111% 11,000
1st 1131e series 0 -1956 110 11034 25,000
let Cie series D.-1957 110 1 034 22,000
1st M 4e series F___1981 104% 105
89,000
Com'wealth Bubsid 5345.
48 10131 10234 69,000
Community Pr & Lt 68 1967 7231 7331 103,000
Connecticut Light & Power
Ti series A
1951
4 He series0
2.000
1958 1083( 110
6e settee 13
1962 108 108
6.000
Oonn River Pow 55 A 1952 101% 10434 20.000
Consol Gas (Balto City)
fa
1989
Gen m1ge 4 34e
1956
ConsolGas El Lt& P(Balt>
4345 sante 11
6,000
1970 1063( 107
let refs t 48
.
1981 10734 103% 7,000
Canso! Gas Mil001st & colt set A 1943 7634 79
17,000
Cony deb 645w w -WO 19
19% 10,000
Consolidated Publishers
1939
745 stamped
Consumers Pow 4348..1958 10334 1033-4 16,000
let & ref 55
1936 10134 10134 11,000
flemt , ' Wi Fa
,330 a
10101 7534 8131 709.000
12
931
11
1134
fur
Mar 36
June
Feb 2934 July
Mar 2931 July
Mar 31% July
Mar 3,14 July
Mar 2636 Aug
Mar 32
July
Apr 7531 Feb
June
Jan 105
Jan 754
4 Feb
Jan 25% July
Jan 2534 July
Jan 48% Aug
Jan 4736 Aug
Jan
Mar Ma
Jan
Apr 81
Apr 68
Jan
Au;
July
June
Mar
105% Jan 1101
4
87% Jan 102%
6514 Jan 80
Feb 894
58
6631 Feb 92
30% Mar 604
2931 Feb 60%
63% Jan 924
MaY
Aug
June
Aug
Aug
Aug
Aug
Aug
844 Jan 10031
26% 26% Feb 584
2734 2734 Feb 59
102% 102% Aug 108
Aug 111
101% 105
10831 July 114
102
34
33
Aug 47
Aug
Aug
Aug
Mar
Feb
Jan
Feb
513(
43
4034
47
28%
28%
43%
65
8634 1094
109
80
86
4 10514
79% 10414
69% 9414
54
85
3334 5134
112
98%
102
87%
Jan
Jan
Jan
Jan
Jan
Jan
Mar
113%
113
III
110%
105
102%
7334
July
June
July
Aug
July
July
Aug
11934 Jan 12231 June
10831 Jan 110
July
108
May 10934 Jan
103% Jan 10814 June
103
111
Jan 113
99)4 114% Jan 122
May
July
98% 10631 July 111
88% 1064 la 112
Apr
July
83
4%
61
Jan
431 Jan
July
83
22% May
70
87
June
Mar 97
107% Jan 1094 Mu
88
Jan
100% 1014 Aug 104
SA
42
Jan 8135 Aug
"St
892
BONDS
(Continued)
New York Curb Exchange-Continued-Page 5
July 1
Week's Range Sales 1933 to
for
Judy 31
Of Prices
Week
1935
Low
High
Crane Co 5e.....Aug 1 1940 10335 1034 14,000
1940 101% 10231 24,000
Crucible Steel 50
Cuban Telephone 730 1941
2,000
40
Cuban Tobacco50-1944 38
Cudahy Pack deb 5340 1937 10334 1034 34,000
13.000
0(551948 103% 104
Cumberld Co P& L 13056 1044 1044 7,000
Dallas Pow & LOS. A 1949 10831 10855 5,000
1952
5s series C
Dayton Pow & Lt 50 1941 1074 10734 17,000
Delaware El Pow 550__'59 10134 102% 12,000
1,000
Denver Gas & Else 50_1949 109 109
97% 44.000
Derby Gas & Elec 50 1946 96
Bet City Gaa Ss ser A I947 10351 10334 36,000
51,000
1950 984 99
5s 1st series B
Detroit Internat Bridge
8,000
354 4
Aug. 1 1952
6340
351 334 22,000
Certificatee of deposit
Aug 1 1952
Deb 70
Certificates of deposit
8,000
Dixie Gulf Gas 630_1931 101 102
6,000
1967 10751 108
Duke Power 450
Eastern Util Invent 50.1954
Elec Power & Light55 2030 66% 7031 584,000
3,000
Elmira Wat,Li&RR 55'56 1003( 101
El Paso Elec 500 A -1950 103 10334 20,000
E1Paso Nat Gas 830_1943
103% 10331 9,000
With warrants
4,000
1938 al00 al00
Deb 634o
31,000
1952 9331 94
Empire Dist El 5s
98,000
Empire OP & Ref 530 1942 6755 70
Ercole Miran!Elea Mfg
1955
630 A ex-warr
1967 10554 10555 2,000
Erie LIghtIng 50
European Elea Corp Ltd
3,000
86
1965 80
630 x-warr
European Mtge Inv 7e C137 4551 4534 1.000
10,000
Fairbank0 Mom 50_ 1942 10231 104
4,000
Farmers Nat Mtge 7s_1963 464 47
Federal Sugar Ref 68_1933
46,000
Federal Water Serv 550 54 664 69
Finland Residential Mtge
Banks 611-50Stamped101 9931 9951 10,000
Firestone Cot Mille ts.'48 103% 1044 36,000
FIrestone Tire & Rub 58'42 104 1044 44.000
Fla Power Corp 530_1979 954 964 55,000
Florida Power & Lt 5s 194 894 0055 192.000
29.000
83
Gary Elea & Gas 5a ext _'44 81
clatineau Power let 5019E6 88% 894 112,000
7,000
Deb gold 88 June 15 1941 774 79
24.000
1941 7654 78
Deb &aeries B
1940 9351 9531 19.000
General Bronze Os
11,000
General Pub Serviki 1953 9354 94
74,000
77
Gen Pub Util 0340 A.1956 75
5,000
52
General Rayon So A_.1918 52
Gen Vending tia ex war '37 134 134 1,000
3,000
12
14
depoelt._
Certificates of
Gen Wat Wks & E153.1943 82% 8335 36,000
Georgia Power ref 510 1987 9655 9734 48,000
754 28,000
Georgia Vow & Lt 58_1978 75
5,000
32
Geefurel 6., x-warrants 1953 32
Gillette Safety Razor 50'46 10231 102% 18,000
97.000
92
Glen Alden Coal 0_1965 91
Gobel (Adolf) 6340-1936
30,000
83
86
with warrants
Grand Trunk Ry 634e 1636 10251 10254 15,000
9251 75,000
Grand Trunk West 49.1950 92
Gt Nor Pow 5s stmp__1954, 108 10834 8,000
8.000
Great Western Pow Se 1946 107% 103
32,000
46
Guantanamo & Weet 6e'58 41
Guardian Inventors 50 1945, 424 514 92,000
Gulf 011 of Pa Es
1947 106% 1064 3,000
17,000
(lull states UM
1956 10351 105
18,000
430 aeries 13
1961 100% 101
Hackensack Water 50_1938 1104 11031 5,000
1977
5a series A
7631 124,000
1947 70
Hall Print Os ntinp
Hamburg Elee 7s__ _1935
Hamburg El Undergrounn
5,000
30
& Si Hy 5540
1038 30
Hood Rubber 530.....1936
1936 10051 10051 4,000
78
15,000
Bowdon Gulf Gas 60..1943 1024 103
7,000
630 with warrants_ 1943 9455 96
Houston Light & Power
let 50 au A
1953 101% 10431 1,000
Ist 450 see D
1978 1034 10334 5,000
1981 104% 105% 45,000
let 411s Per E
1,000
42
Hungarian-Ital Bk 730'63 42
Hydraulic Pow 5e......1950 1134 1134 1,000
1951
Ref & impr 5s
Hygrade Food 60 A-_1949 57% 5934 11,000
1949 58
5834 6,000
60 series B
5,000
Idaho Power 50
1947 10731 108
IllInoin Central RR 60 1937 67
6734 9,000
111Northern US!5e_1957 1064 10634 1,000
Ill Pow & 1. let 130 ser A '53 9734 984 89,000
1st & ref 530 ser 13_1954 9455 9431 79,000
Int ref 5a ser 0...1956 8831 9054 107,000
854 82,000
S f deb 530 -May 1957 85
Indiana Electric Corp19,000
(/' series A
1947 924 93
95X 2,000
830 series B
1953 95
50 series0
1951 8234 834 28,000
Indiana Gen Serv 50_1948
Indiana Flydro-Elec 55 '55 88
8851 13,000
Indiana & Mich Elee 94 '55 105% 105% 74,000
1,000
111 11131
5e_
1957
624 27,000
Indiana Service 5s
1950 61
32,000
62
1st lien & ref 50...„1967 60
Indianapolis On. fie A.1952 10434 104% 51,000
tod'polln P & L Sneer A '57 1044 10431 99,000
Intercontinen ta Power
8s series A ex-w_ _1948
International Power See
l/50 series 0
1955 54
5511 14,000
70 series E
1957 65
654 3,000
1,000
64
70 aeries F
1962 64
International Salt 58_1951 10731 10755 8,000
International Sec 5e._1947 88
8831 28,000
Interstate Irn & Sti 410'46 99
9934 12,000
Interntate Power 58..1957 824 83 184,000
Debenture 60
1952 8334 6934 93,000
Interstate Public Service
0series D
11356 7834 7855 9,000
430 series F
1958 714 7234 16,000
Invest Co of A mer1947
5s series A w w
100 10051 16.000
without warrants
24,000
Iowa Neb L & P 5n_1953 10251 103
1961 102 10251 17,000
5m aeries 13
Iowa Pow & Lt 130...195S 10534 1054 1,000
Iowa Pub Serv 56._ _.1957 100 100% 25,000
15,000
47
Isarco Hydro Elea 70.1952 46
Hotta Franshial 7s.. _1942
Italian Superpower of Del
Deb 60 witbout war_1963 4815 50 121,000
Jacksonville Gas58_1943
36,000
5134 53
Stomped
For tootnotei. are Page 893.
Range Since
Jan. 1 1935
Low
Low
Jan
7731 102
0031 954 Apr
6155 Mar
ao
Aug
38
35
9331 10334 Mar
10355 Mar
102
9531 Jan
aa
10034 1064 Apr
10451 Feb
94
9931 10531 Apr
8634 Jan
65
9231 10554 Jan
Jan
5654 83
Jan
99
76
6734 9134 Jan
BONDS
(Continued)
High
July
104
10251 Aug
8534 June
484 Jan
104
Jan
10755 Feb
10451 May
11031 Mar
Mar
107
109
Mar
103
July
July
1 10
9834 July
104% Feb
99
Feb
711
Jan
3
234
Jan
7
2
111
231
31 Jan
34
131
31 Mar
34
1014 Jan 10331
76
Jan 10831
105
85
1651
June
10
10
3314 Feb 7134
22
8514 Jan 101
55
8934 Jan 10351
64
Apr
Apr
Apr
Apr
May
Mar
Jae
July
July
Aug
Jan 104
91
904 Jar 1004
Jan 944
67
Jan 71
64
June
June
July
July
5634
25
46
41
Jon
5811 5831 June 69
Jan 10634 July
100
78
Aug 98
80
5551
344 AD
90% Jan 104
46
July 55%
254
151 Feb
3155 Jan 69
Apr
Jan
July
Jan
May
Aug
9854 Mar
86
10255 June
85
103
Apr
89
76
Jan
48
4431 68% Jan
6351 63% Jan
714 79.3( Apr
60
Apr
60
5934 5951 Apr
814 Ma
55
74
Ma
54
2334 514 Jan
52
Aug
311
Jan
4
2
Jan
4
2
384 5611 Jan
5441 8134 Jan
5641 Jan
40
3131 May
30
1024 July
93
84% Jan
53
100
10534
10531
97
9111
87
9934
99%
98%
95%
94
77
874
15
15
8451
100
80
564
10534
92
Apr
Mar
Mar
July
July
July
Jan
Jan
Jan
Aug
July
Aug
July
July
July
Aug
July
July
Jae
Feb
Mar
Apr
Aug
May
Feb
Jan
Jan
Mar
Apr
Jan
Jan
Jan
Apr
July
Jun
93%
10534
934
1C84,
108
5231:
514
10774
1054
1025(
11151
10851
7754
51
Feb
Jan
July
Aug
July
May
Aug
Jan
July
July
July
Feb
Apr
Feb
6934
24
58
3834
111
15
69
9834
63
10234
934
10
24
97
62
55
9834
98
60
37
70
10255
884
10251
107
1751
25
105
9455
8734
10851
105
60
37
28
55
65
40
2931
30
84
87
93
76
9134
79
80
44
10014
100
4051
42
86
60
8234
48
46
4241
324
10431
10234
104
42
1114
10531
47
53
10534
60
1024
7634
6954
66%
57
Aug 414 Feb
Jan 101% July
Jan 1024 July
Jan 10315 July
Mar 9954 June
107
1054
10654
55
114
107%
64%
63
109
8011'
107%
100
954
94
86
Mar
Mar
Mar
Jan
July
June
Jan
Apr
May
Jan
May
July
July
July
July
Jan 94
5431 84
68
Jan 96
as
60
Jan 834
45
1074 Jar. 1074
93
624 Jan 91
44
Jan 106
99
70
8814 1074 Jan 112
2834 364 Jan 6555
354 Jan 65
22
80
Jan 10431
68
974 Jan 105%
73
July
Aug
Aug
Mar
July
May
July
July
July
Aug
July
Apr
Feb
Jan
Aug
Jan
Mar
Apr
May
Jan
Mar
Jan
Jan
Jan
J80
Jan
Mar
131
434 Mar
Aug 7714
54
58
July 8531
60
60
Mar 804
60
80
8334 10431 A Pr 108
8814 Jan 884
43
Apr 994
5334 89
67
Jan 8334
37
Jan 694
2634 as
41
42
52
Jan
474 Jan
92
Jan
91
Jan
88
Jan
Jan
5811 88
100
Jan
72
5731 8211 Jan
Aug
46
51
July
72
72
67
67
ae
Jan
Feb
Feb
Apr
Aug
May
July
Aug
7931 July
76% July
10011
1004
10354
1034
106
10131
8351
95
July
July
May
May
July
Aug
Apr
June
45
45
July
6654 Feb
48
431
May
57
June
Jamaica Wat Btu) 534.'85
Jersey Central Pow & Light
1947
Es series B
1961
450 mice C
Jones & Laughlin St!58'39
Kansas Gas & Elea 60 2022
1947
Kansan Power 54
Kansas Pow & Lt Os A...'55
1957
5s merles B
Kentucky Utilities
mtge Saner H..1981
1948
630 series D
1955
530seriee F
1969
55 series I
Kimberly-Clark 56_1943
Keepers0& C deb 53 1947
Sink fund deb 548_1950
Kresge(SS)Co 514._ 1945
Certificates of deposit.
Laclede Gas Light 53401935
Lehigh pow Scour S.,. _2026
Lexington Uttlities5s_1952
Libby MeN & Libby 5s '42
1942
Lone Star Gas 5s
Long Island Lte 68.-1945
LOU Angeles O& E 5a 1939
1961
8.
1942
65
5140seri* E
,
1947
1943
530 series F'
1949
510 series I
Lout/liana Pow & Lt 501957
Louisville 0& E 65-.1937
4111;sorted0
196/
Week's Range
of Prices
High
Low
1075( 1074
Aug. 10 1935
July 1
Sales 1933 to
July 31
for
1935
Week
1,000
High
Low
Low
Mar
9634 10534 Apr 108
11394
9631
10534
1044
8,000
114
9731 20,000
3,000
108
10431 4,000
77
704
1024
6114
55
8034
70
88
97
88
8651
10351
103
104%
8934
9934
9251
88
10331
10331
105
30.000
18,000
27,000
24,000
7,000
11,000
10,000
55
50
454
8211
72
76
101%
8231
10555
98
10454
10251
834
106%
98%
106
12,000
23,000
82,000
19,000
92,000
105
105
1034 104% 48,000
10355 10451 95,000
4,000
100%
10734 19,000
10831 109% 19,000
10151 1014 91,000
10251 10234 1,000
3,000
107 107
Range Since
Jan. 1 1935
to
sa
ao
54
6434
57
8244
65
100
8734
994
94
94
94
6134
90
79
1014
93%
106%
90
77%
105
100
Jan 1054 July
Jan
3-4
Jan
Jan
July34
Jan
Mar
Jan 011574 jjjuuu111yyy
July
Jan 107
1
9134 July
July
105
July
98
July
64 j
672
Jan
jaa9n 92
July
104
F
104
103 Julie
: eb
10534 June
6231 Jan
100
7
032
3
5
1
;Jan
FFeebn
JAa
:
pn
07
.1 ulgey
AF
9
10834 3 ul);
110584 j ub
980
1044 Ma)
:ul y
Ma
J
107
05
0 4 F b lush Mar
9
5
jan
103% Jan
110
Feb
108
1
JanJ n 1094 Feb
1044 Jan
Feb
11000554
ur 110
1,34 June
0
Mar
104
8
84 Jan 1084 Apr
an
1 99514 jja
101: Jaa
e
July 68% Feb
Manitoba Power 610 1951 5451 56% 52,000 2214 50
Mansfield Mtn & Smelt
Aug
33 June 37
2,000 33
7s with warr
1941 3654 37
June
8511 Mar 96
Maas Gas deb 54
1955 9151 9331 94,000 70
874 Mar 10234 Jan
53-4a.1946 9531 9631 55,000 ao
MeCord Radiator & MtgJuly
87
May 89
8754 9,000 33
e. with warrante___1943 86
A ne
90;4
184: J uug
0
8
Memphis P & LSoA _1948 1024 10251 38,000 70
July
103
Metropolitan Ed 48 E.1971 102% 102% 49,000 83
107% July
8,000 73
So series F
1982 10654 106%
Middle States Pet 1314s '45 8751 8851 17,000 46
Middle West Utilities
124 Aug
351
Os etre of deposit-1932 1154 123( 111,000
12% Aug
62
5694: j n
34 10084
Jao
jjjjsaaaannnun
5s one of dap
1933 114 12% 131,000
Aug
34
12% 168,000
Metre of dap
1934 11
121 Aug
351
12% 204,000
5.0 efts of deposit...1935 11
82
July
8031 16.000 53.
Midland Valley 5e
1943 79
1084 Jan
Milw Gas Light 450_1967 1064 107% 31.000 90
10654 JulyAug
98
42.000 67
Mlnneap Gas Li 430_1950 10434 106
Minn P & L 411s
1978 9534 964 64.000 54
i014 July
89 100% 70.000 5834
-50
1955
6
974934
1 Ajaun 9131 July
4
2
22,000 3511 106
Jaaaann
jjjj aua ng
Miseinal pal Pow 5a
1956 8851 90
July
72
Jan
9131 36,000 40
Mien Pow & Lt 50. .
_1957 91
Mississippi River Fuel
l
03
83
94
may 103% Aug
1084 i i
6a with warrants_ _1944 10251 1034 10.000 89
Aug
6,000 854 9
4
Mar 103
Without warrants.... 103 103
Mles River Pow 1st 50 1951 106% 107% 19.000 9555 10634 Jan
88
J uu. 1:1
JFI,JAJ1u
Missouri Pow & Lt 554o'55 107 10751 9,000 704 10154 Jan 10731 1.1.1uua e.11,y,ynby yu
4131 Mar
Missouri Pub Sere 50_1947 5251 57 118.000 33
Monongahela West Penn
8
6
Jan 104%
Pub Sett 53-4 ser 5.1953 101 10255 38.000 aa
,
4,000 4734 5754 Jan 8734
844 85
Mont-Dakota Pow 551s'4
Montreal L H & P Con
let & ref be ser A__ _1951 10631 107% 16,000 9431 1044 Mar 1074
44,000 934 105% Mar 108%
501 series B
19711 106% 107
5
2 June
2
Munson S S630 ww_1937
32.000 9134 102% Apr 10635
1044 105
Narragansett Elea 50 A '57
Apr 10554 Feb
5s Belles B
1957 104% 104% 1,000 9314 103
100% Jan 10431 May
98
Nassau & Suffolk Lag S.'45
714 Jan 9854
Nat Pow & Lt Os A
20211 96% 9755 66.000 51
61% Jan 8931 Aug
Bob 5e 4erles 13 ....2030 8735 8951 133,000 42
3% Mar 1031 Aug
3%
94 1034 188.000
Nat Pub Serv 58 Mrs.. _1978
1074 Jan 111
Nebraska Power 454i 19331 109% 10955 2.000 83
8.000 7031 101% Jan 11634 July
60series A
2022 1154 116
90
18,000 35
Jan 1024 July
Neisner Bros Realty fie '48 10131 102
87
Nevada-Calif Elea 50_1958 83% 8415 84.000 54
Apr 854 Aug
100% Jan 109% Me)
New Amsterdam Ga 58.'48 103 10954 14,000 85
July
4751 Mar 71
57 FGa5 El Assn 58_1947 894 70% 64,000 34
July
704 19.000 334 48
Cony deb 56
Mar 71
1948 70
704 July
Cony deb 5s
Ma
1950 6931 704 150 000 3314 47
July
53,000 4634 5431 Mar 81
78
New Eng Pow Assn 50_1948 76
July
57% Mar 85
8134 100.000 50
Debenture 5140....i954 79
17,000 324 474 Jan 88
6534 88
Ma)
New ON Pub Sem 4%.,•'
,
'
4
43,000 6254 6255 July 64
Aug
5s stamped
1942 62% 64
40,000 25
59
303( Jan 8351 July
Os earie0 A
1940 58
77
N Y Central Elea 510 '56 9031 9034 3,000 511
Jan 974 June
90
.53
N Y & Foreign Inv 534.'431
Jan 924 July
NY Penn & Ohio 430 1950 10634 107% 39,000 10334 103% Mar 1074 May
8934 Jan 10531 J'Julune
N Y P&L Corp let 450'67 105% 1054 70,000 73
N Y State G & E 430.19511 10135 10234 79,000 584 85
Jan 102%
9954 Jan 10834 June
let54,
1962 10751 10731 3,000 77
May
994 Jan 100
NY & Westee'r Lag 4 2004 10231 102% 1,000 81
104% Jan 112
Apt
Debenture 5e
1954 1114 1114 2,000 96
2,000 104
Mar
1064 Aug 110
Niagara Falls Pew 69 1951 10655 107
994 1054 A o 1094
be series A
1959
9,000 63
Jelne
Feb
82% Feb 90
89
Nippon El Pow 630..1953 89
8134 100% Jan 10231 June
NO Amer Lth Pow 50_1936
82
550 eeries A
1956 7531 82 137,000 254 4431 Ma
424 47
46,000 1854 204 Ma
47
Nor Cont Util 510_
994 Jan 10655 July
No Indiana Cl & E 60_1952 10531 105% 7,000 71
Northern Indiana P BJan 10031 July
tu/series C
1966 9731 985( 27,000 5134 77
July
Soeerleefl
1969 9735 98% 23,000 5211 754 Jan 101
3346sertee E
1970 9251 9331 22,000 49;4 71% Jan 9534 July
1014 Jan 107% Aug
No Ohio P & L 550_195 i 106% 10734 31,000 69
100
Nor Ohio Trao & Lt Si '56 10651 106% 2,000 65
Jan 1074 July
July
904 Jan 105
96,000 71
No States Pr ref 430_1961 1044 105
July
8s
Jan 104
534% notes
1940 10334 10354 13,000 89
744 Jan 994 July
N'weetern Elect
1935 9831 9855 13,000 54
90 Jun
9934 July
9855 9855 20,000 90
Certificates of deposit.
44 28
Jan 3831 Feb
N'western Power S.A.1960 3331 3554 23,000
Feb
3451 8,000 ,834 28
Jan 37
Certificates of deposit_ -- 33
Jan 9651 July
N'weetern Pub Sem 55 1957 9451 9551 36.000 4731 72
,
Ogden Gas 5s
194o
Ohlo Edison let 50
1960
Ohio Power let 50 13_1952
let & ref 414o ear D 19156
Ohio Public Service Co
es seriesC
1953
50 series D
1954
530 series E
1981
Okla Gas & Elea 50_1950
On series A
1940
Okla Power & Water 5e '48
°twerp/ Falls Se
1941
Pacific Coast Power 5a 1940
Paciflo Gas & El Cols'6s seriee Et
1941
50 series D
1955
let & ref 431e E.....1957
1st & ref 450 F......1900
Par invest 5s ler A _ _1948
Pacific Ltg & Pow *1_1942
10331
10531
107%
10555
103% 13,000
106X 63,000
10731 3,000
10551 4,000
1094 110
10451 10431
10851 10651
104% 10531
102 102%
784 7951
8431 8555
11931
106%
10651
um%
97
115
14,000
6,000
3,000
25.000
10,000
22,000
3,000
7334 96
Jan
634 974 Jan
88
1044 Apr
834 10411 Apr
10551 July
xmjjitlaaaly
10654 June
1084
10634 May
704 105%
6014 9955
63
100%
684 99
63
90%
40
48
4534 655(
99%
ea
11055
June
105
107
1054 July
104
July
81
87
108
119% 2,000 101
10634 2,000 91
10631 10,000 8264
106% 18,000 82%
,
000 159
9835
5,0001 102
116
11134
1054
101
10051
87
110
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
1y
2 34 .:,0
8
0
Jan 10 4 J1
Jan
Jan 10734 June
,
07
Jan 1941
JuneuJAulJuly
Mar
Jan
New York Curb Exchange-Concluded-Page 6
Volume 141
BONDS
(Continued)
Pacific Pow & Ltg 5a _ 1955
Palmer Corp 61
1938
Park A Tilford ea.__ 1936
Penn Cent L & P 414s 1977
be
1979
Penn Electric' 45 F
1971
Penn Ohio Edlson6e series A xw
1950
Deb 54seeries B__ _1959
Penn-Ohio P & L 5541 1954
Penn Power 55
1956
Penn Pub Berv 68 0_ _1947
Si series D
1954
Penn Telephone Si 0_1960
Penn Water Pow be__ 1940
44a !erica 13
1960
preplan Gas L & Coked(' series B
1981
&series C
1957
Peoplen Lt & Pr be.
1979
Phila Electric Co be. _ 196r
P6110 Flee Pow 5%t. _1972
Tbila Rapld Transit 65 1962
Phil Sub Co G & E 410'57
Phila Suburban Wat 5s '55
Plerlm't Hydro-El 0341 60
Piedmont & Nor 5E1_1954
Pittsburgh Coal 60
1941,
pIttaburgh Steel 6e_.1946
Pomeranian Flee 61_1953
Poor & Co 8a
1936
Portiand Oan & Coke be '40
Potomac Edition be _195a
4 kis eerier) F
1961
Potomac Elea Pow 54_1936
Potrero Sugar 78
1947
Stamped
PowerCorp(Can) 41 0 13'5
,
,
Power Corp of NY 54s'47
Power Securities 131 . _1940
Prumalan Electric 68_ _1954
Pub dery of NH 441313 '57
Pub Sera of NJ 6% pet nth
Pub Nary of Nor Mino341st Ar ref 6e
1956
Se series C
1988
4151 aortae D
1970
1.10 aeries F
1980
let & ref 410 aer 1".1981
650 series II
1952
Pub Fiery of Oklahoma
5s series C
1961
50813f1e6D
1957
Pub dery Subell 550_194V
Puget Sound P dc L 54s'49
tel & ref be aortae C 195(1
1st & ref 110 ear D.1950
Week's Range
of Prices
Sales
JOT
Week
High
Low
156,000
814 83
2,000
102% 103
99
9954 44,000
1,000
1024 102%
94% 95% 28,000
004
944
106%
105%
10734
10514
100% 26,000
95% 38,000
106% 7.000
10514 8,000
3,000
1074
5,000
106
10651 106%
113 114
107% 1083-4
84
101%
3
11254
109%
8034
106%
104%
42
864
10251
34
11254
1104
83
1064
1044
46%
July 1
1933 to
July 31
1935
50
86%
1014
93%
29%
1054
131
514
Jan
Jan
Jun
Jan
Jan
Jan
394
36
74
9251
6634
60
6614
614
10314
105
100
95
Jan 100% Aug
96
Jan
July
Jan 106% Mar
Apr 1084 Feb
Jan 108
July
Jan 106
Aug
1,000 88
8,000 103
6,000 89
High
884 July
1044 June
10014 June
1004 July
10554 June
98
July
107% July
11454 July
1084 Jan
89
102.4
4
114%
11154
854
109
1064
7550
July
June
July
Mar
July
May
Mar
Mar
Jan
103
1084
9814
35
1034
8834
1064
1074
1054
66
51
8814
102
96
42
10634
132
July
Feb
Jan
Feb
Aug
July
July
July
Jan
May
July
Jan
Aug
Juno
Feb
May
June
69
89
96% 23.000 79
2,000 25
2531
5,000 80
1034
84% 60,000 6755
1064 15,000 72
4,000 65
106
104% 5,000 101
13
1,000 41
50
4,000 53
87
18,000 50
102
9434 18,000 4154
1,000 29
2954
105% 14,000 82%
5,000 102
132
93%
10514
89
25
9854
674
9954
934
1044
34
41
784
76
76
29%
104
118
Jan
Jan
Apr
June
Apr
Feb
Jan
Jan
June
Jan
June
Mar
Jan
Feb
Aug
Jan
Jan
12,000
9054
89
81
8054
80
98%
Jan
Jan
Jan
Jan
Jan
Jan
1094
(
)
JulyJu y
104
103
1024
107
July
July
July
May
944
9354
794
5554
53%
5034
Jan
Jan
Jan
Jan
Jan
Jan
104%
104
99%
8455
83
7755
July
July
Aug
July
July
July
1074 108
99%
9954
99%
1054
4,000
100%
8,000
100
129,000
100
105% 102,000
10354
1024
98%
81
77
73%
104%
1034
9954
83
79
75%
8,000
26,000
24,000
173,000
40,000
65,000
604
55
40.4
37%
3655
334
Quebec Power 64
104 A 105
19
queen's Born (1 & E 4558'5
6
6
5 An merles A
Reliance Slanagemt 55 1954 99
1 962
199
With warrants
Republic Gas fla
1946 684 684
Certificate,' of deposit_
684 694
Rochester Cent Pow 5.41953 46
46
Rochester Ry & Lt Se.1984 113% nag
Ruhr Gan Corp 610_ _196s
39
39
ttuhr Housing 610
26%
1958
Safe Harbor Water 4 10 '7v 106% 106%
St Louie Orts & Coke 6s '47 12% 12%
San Antonio I'S 5s 13...'58 103% 104
San Diego0& E 514s '60
San Joaquin L & P 6s13 '52
1988 10354 109
sauda Falin 5s
Saxon Pub Wks88.-1937
Schulte Real Rotate
es with warrants___1935 1754 1754
174 18
Os ex warrants__.,1935
13,000
85
20,000
88
6134
554
3,000 14
11,000 13%
4,000 224
5,000 100
1,000 28%
1,000 23
7.000 91
24,000
49,000 64
9854
88
3,000 101
36
101
102
86
Apr 1054 July
Jan 1064 Mar
May
Jan 100
32
404
3954
314
11254
36
26
10554
6
924
10554
10735
1084
38
Jai
Star
Ma
Ma
Jan
Ma
Jun
Slay
Jun
Jan
July
Jar
Fe
Jan
11
1034
Jan
Fe
8,000
7,000
7
455
10254 10234 33,000
71,000
4454 53
96
Jan
284 Jan
101
Jan
90
Apr
90
Apr
98
Apr
9134 Apr
105% July
47
Jan
73
Jan
9114
704
7051
53
1134
4351
3454
10954
1454
105
1084
126
111
424
July
Aug
Aug
July
Mar
Feb
Feb
June
July
July
Jan
June
Jan
Feb
20
20
Apr
Ayr
103
53
1064
100
100
106%
103
July
Aug
June
Aug
Aug
July
Aug
99% 100
9914 100
10554 105%
994 100
1054 105%
5655 57
94% 96
156.000
20.000
29.000
43,000
,000
3,000
33,000
664
17
61
633-4
63
73
6351
7714
33
41
964
10614
10554
105%
10151
1024
10151
9751
1064
1054
106
10455
102%
101%
166,000
11,000
12.000
31,000
16,000
17,000
5,000
37%
9051
924
784
85%
92
83%
644 Jan
9954 July
1054 Jan 108
Feb
105% Aug 1084 Feb
974 Jan 106% July
102
Jan 10654 Feb
10254 July 10554 Feb
1014 Jan 10254 Mar
103% 1034
3,000
5054 54
52,000
7554
984
25
964 Jan 1044 July
10554 July 110
Jan
25
Mar 6114 Juno
9714 98% 78.000
9854 9854
1,000
82
85
6,000
10314 103% 21,000
10231 1034 47.000
95
95% 31,000
91'
66% 26,000
904 91
20,000
99
9914
9,000
104% 10551 10,000
55
60% 234,000
55% 6054 199.000
5151 58 376,000
50
5751 195,000
934 93%
4,000
94
94% 10,000
4714 55.4 605,000
384 3815
1,000
53
56
40
60
60
45
25
37
55
83
374
3755
30
284
64
6434
254
16
81
803-4
634
93
9254
7114
60
49
77
103
374
374
32
31
8254
85
2534
2351
Feb 98% Aug
Feb 9855 Aug
87
Jar
July
Jan 10314 July
Jan 10334 July
9554 July
Jan
9531 Aug
Jan
91
Jan
Aug
Jan
1004July
Jul
106
Mar
68
Fe
Jan
68
Fe
Jan
58
Fe
Aug
Ma
5734 Aug
95
Jan
May
Jan
9514 June
554 July
Ma
Jan
41
May
55%
1,000 304 434
7.000 3034
48
344
55
4,000 29
36
20,000 25
42
2914
22.000 59
103
86
10354 18,000 58
8555
105%
9,000 70
1004
7,000 945( 101%
10154
1,00
107
10355 106
1,000 97
1064
1074
Apr
56
Feb
May
51
Feb
Slay 55
Aug
May
44
July
Jan 10354 July
Jan 1034 Aug
Jan loot' May
Aug 104,4 Jan
June 10854 Feb
Apr 10954 July
Sou Counties Gas 4551L'68
Sou Indiana 0 & E 514a '67
sou Indiana Ity 41t_ _195 i
4ou Natural Gas 6s___190
nntamped
Stamped
S'western A6500 Tel 5s '81
southwest Cl dr E Se A.1957
Miseries 13
1957
western Lt & Pr 5s 1957
S'western Nat Gas 61_1945
qo'Went Pow & Lt 50_2022
Sweet Pub Fiery 6e_ _ _1946
1942
Staley Mfg do
stand Gan & Flea 611_1935
Cone fle
1936
Debenture Ill
1951
Debenture fin_ Dec 1 1986
Standard Investg 510 1939
1937
6100 warrants
Stand l'ow & Lt(is
1957
Standard 'Falai) 510_1943
+Orman (Hugo) Corp
1938
Deb 78 ex-warr
7.4% stamped_ 1036
1946
Deb 70 ex-warr
7-4% stamped...1948
super Power 01 111 434e '68
181 4141
197(
1961
61
swift & Co 5% notea_1940
1954
Syractum Ltg 550
1957
Es series 13
554
46
55
39
102%
10214
10514
101%
107
1074
Tennessee Eller Pow Sc 1956
Tenn Public Service 15e 1970
Tern' Hydro Elea 6101953
Texas Plea Service St.196))
Teske!(inc ritil Oa__ 1045
93
84
4551
99%
2234
103% Jan
1104 Jan
10551 Slay
Jan
45,000 5814
72
Jan
167,000 6815 89
34,000
155 Mar
114
6,000 10431 11134 Slay
1074 Apr
9,000 100
754 Jan
8,000 4454
10654 July
10,000 98
3,000 954 1034 June
30,000 44
42
Aug
82
584
5314
6215
5234
6931
script)
(E W)Co 510_1943
-'rattle Lighting 55_ _1949
Serval Inc be
1948
(hawinigan W & P 141'87
4 lin Aeries 11
1968
1st bn series C
1970
let 44saerles
1970
Sheffield Steel 5 Sig__ _1948
Sheridan Wyo Coal 61 1947
Soul Carolina Pow 50_1987
southeast P.8 I.(le__ 2026
Without warrants__
Sou Cant Eulleon 5s
1964
Refunding Si Sep 1952
sou Calif Gas Co 4)0_1981
ill ref ba
1957
610 series 13
1952
dou Calif Gas Corp bri 1937
BONDS
(Concluded)
Low
574
102
9254
8454
9354
74%
Low
35
85
62
67
1014 102% 23,000
954
254
1034
82%
106
106
104%
Range Since
Jan. 1 1935
7.00
9334
84% 23.000
23,00(
47
10011 114,00
1,000
2214
48
40
43
60
12
1988% .INautl yr
50054 July
81% Jan 100% July
7551 Feb 8554 July
43
754 Feb
July
85% Jan wog Aug
135
1 Jan
24
Aug
Par
Texas Power & Lt 58_1956
St
193.
Os
2022
Thermold Co 63 110_1937
Tide Water Power 54 1979
Tietz (Leonard) 745_1946
Toledo Edlaon SI
19(0
Twin City Rap Tr 514e '52
Low
1034
106
10214
814
964
3554
106
5554
Ulan Co deb as
1944
es 20 stamped
1944
Union Amer Inv ba A.1948
Union Elea Lt dr Power
5e seriee A
1954
So aortae 13
1967
4%e
1957
United Elea NJ4s
190
17nIted El Fiery 7s x-w_1956
United Industrial 654s 1941
lot s f ea
1945
United Lt & Pow 6a
1975
63-4e
1974
63
-Se
Apr 1 195
,
Un Lt & Rya (Del)510'52
United It A Eye(Ma)e/Innen A
1952
63 series A
1973
U S Rubber 6a
1936
834% cerlal notee
1936
655% aerial notes _1937
055% serial notes
1938
634% aerial notee
1939
64% aerial notes..194))
Utah Pow A Lt fht A,.2022
450
1944
Utica Ga.s A Flee 5s D_195
,
55 Series F
1952
Valvollve 011 58
1937
Yam ma Water Pow 55057
Vs Public dery 510 A.1948
let ref 55 let 13
1960
els
190
Waldorf-Astoria Corp
7e with warrants
1954
Ward Baking fls
1937
Wash Gaa Llght 55...1958
Wash Sty & Elect 4e _ _1951
When Water Power ba_196(
Welt Penn Elea 5e,,,303,
West Penn 'Traction 5s..'60
West Texas UM Sc A_1957
West Newspaper Un fis '44
"cot United
E 550'55
Westvaco Chlorine 514s '37
31 heeling hien Ca 58 _1941
Wise Elec Pow be A
1954
Wisc-MInn Lt de Pow Se '44
Wise Pow & Lt ba E 1956
Sa series F
1958
Wise Pub Sery 6/ A
1952
Yadkin Ely Pow 50_1941
York Rye Co 5a
1937
60
60
101
115
893
Sales
for
Week
July 1
1933 to
July31
1935
Range Since
Jan, I 1935
High
104%
1064
102%
824
974
3554
10654
6055
54,000
41,000
8,000
20.000
55,000
1,000
21,000
259,000
Low
65
87
51
65
49
25
79
19
Low
High
944 Jan 1044 July
10354 Jan 106% Aug
834 Jan 103
July
67
Jan 83% May
76% Jan
9854 July
32
404 Feb
Feb
10554 Jan 107% 70°
4554 Jan
60% Mae
62
62
10114
4,000
8,030
10,000
Week's Range
' of Prices
115
4,000
514
554
9554
7334
6154
63
97
7854
932,000
172,000
50,000
189,000
1004
55
10151
100%
1023-4
102%
1024
1034
80%
88
1054
1054
1014
624
10214
100%
10254
103
10254
1034
81
884
1054
10551
44,000
138,000
8,000
3,000
60,000
5,000
10,000
1,000
4,000
6,000
1,000
1,000
96
10214
934
904
8455
1,000
96
10214
5,000
62,000
97
13,000
92
854 8,000
83
78
99
92)4
9054
9654
48
35
33%
26
264
ao
31
106%
10554
105
974
98
105%
1054
103
1064 13,000
3,000
105%
9854 56,000
9,000
98
3,000
10554
28,000
106
48,000
104
Apr 1084 Feb
Apr 1084 Feb
Mar 107% Mar
Jan 116
July
July
75
Jail
Jan
4254 July
43
Jan
6114 Aug
Jan
Mar 63
Aug
Jan 98% July
Mar 7855 Aug
July
Aug
Feb
Feb
July
Aug
July
July
July
July
July
July
974
1034
9934
95
8834
June
June
July
July
July
75
75
52
45
45
7,000
8,000
804 81% 61.000
45,000
274 31
105
1054 17,000
106
104
10554
10834
48
39
3954
28
29
78
39%
64
July
62
Aug
10115 Aug
5114 82% Jan 102%
30
25
Feb 6211
894 10154 Apr 103
10014 Aug 102
85
994 Jan 102%
60
9834 Jan 103
60
98
Jan 1034
69
984 Jan 10354
60
55
Jan 84%
45
Jan
524 62
88(4
104
92
May 1084
104% Jan 1094
91
4%
92%
76
31 83
105
105% 55,000 75
90% 924 15,000 464
31,000 so
100% 101
106
10635 105%
424 Apr
60
Aug
9454 Jan
90% Mar
9514 Jan
73
Jan
684 Jan
5654 Jan
5
10% June
Mar
10451 Feb 10659 Aug
100% Jan 10(34 July
99
Jan 1054 Slay
964 Jan 106
June
634 Jan
9314 June
84
Jan 102% July
83
41
Jan 82% Mn.'
21
21
504 Feb
July
91 1
4 .1130 105% July
64
101
10111 May 104
Jan
10.16% Mar 108
IOU
May
10454 Feb 106% Mar
97
94
61
Jan 105% July
7654 Jan
52
99
June
75
51
Jan 99
July
784 9614 Jan 106
July
954 Jan 106
July
63%
9454 Jan 104
Aug
70
FOREIGN GOVERNMENT
AND MUNICIPALITIES
Agricultural SItge Bk (Col)
21.1-year 7.1
1934-1946
With caupoa.
20-year 7s
1947
Baden is
1951
Buenos Aires (Province)75 stamped
1952
71-48 stamped
1947
Cauca Valley 75
1948
Cent 13k of German State at
Pro v Banks tla 13...1951
assailer' A
1952
21
21
28
21
2114
38
Aug
AD
, 3454
Aug 3554
Aug 34
214
9,000
184
21
2251
21% 21%
4,000
5,000
1934
21
30,000
604 62
20,000
64
65
3.000
94 94
254
274
54
Apr
59
Jan
74 Mar
66
70
11
Jail
Jan
Jan
Jan
June
June
Jan
35% 36
30
304
6,000
3,000
30
22
34
30
July
Aug
5515
49
Jan
Feb
Danish 510
1955
5,3
1953
Danzig Port & Waterways
External 650
1952
German Cons NI utile 71 '47
Secured 6,
1947
Hanover (City) 78.-1939
Hanover(Prey)610_194V
Lima (City) Peru 6541...'58
Certificated of deposit
05% 96
89% 89%
5,000
1,000
684
61
924 May
86
Apr
9854
9354
Jan
Jan
54% 58% 23,000
24
24% 24.000
224 23% 27.000
3654
24
21%
23
22
43-4
355
5415
23
224
3054
21
654
554
Aug
Aug
Aug
Jan
Aug
Mar
Mar
72
Feb
3855 Feb
37
Feb
39
Feb
34
Feb
12
July
104 July
Slaranho 76
1958
71 coupon off
1958
Medellin 7s ser E
1951
Mendoza 7148
1951
45 stamped
1951
Mtge ilk of Bogota 76_1947
Issue of May 1927
Isaue of Oct 1927
Satire 13k of Chile 68_1931
af tee Bk of Denmark 58 '72
Parana (Staae) )s_. _ _1959
Coupon off
15
3,000
124
1,000
914
26%
234
15
Aug
13
Aug
915 June
5255 Jan
4411 Jan
174, Jan
154 Jan
Feb
13
63
Slay
5554 Apr
liq
Rio de Janeiro 64s-1959
Coupon off
Russian 0ovt 610_1919
654s certificates____1919
53
-Se
1921
510 certificates
192!
Santa Ire 7a
1945
78 Stamped
1945
Santiago 7s
1946
713
1961
21
21
10% 11
50
15
50
1,000
31,000
12% 1214 16,000
86% 874 10,000
13,000
12
12
11% 1151 6,000
1334
114
1%
151
154
53%
46%
11%
it%
1,000
2,000
6,000
23,000
5,000
8,000
2,000
6,000
2,000
4,000
Jan
134
134
754
624
II
Mar
18% Apr
114 Apr
834 May
114 Jul}
11% June
24
2414
1314
94
1454
144
11%
12
114
154
1%
154
14
46
44
914
10
154 Jan
Apr
14
414 Jan
44 Jan
Jan
5
4% Jan
564 Apr
534 June
114 NI ar
12% July
134
1%
13
5%
Ati
July
June
Jun
Jun
Jun
Ma
Jan
Jun
Ma
Ma
Jan
Jan
Jan
Fe
Feb
• No par value. a Deferred delivery s: lea not Included In year's range. n Under
tee rule sales not Included In year's range. r Cash sales not Included In year's
tinge. z Ex-dividend.
Price adjusted for eplit-up.
w Price adjusted for etock dividend.
A bbrertaltons Used Abore-"cod," certificates of deposit; "cons," consolidated:
"cum." cumulative; "cony," convertible; "rn," mortgage; "n-v," non-voting stock.
"v t a," voting trust certificates; "w I," when Issued; "w w," with warrants. "x
w,"
without warrants.
The National Securities Exchanges on which low prices since July 1 1933
were
made (designated by superior figures In tables), are as follows:
New York Stock
w Cincinnati Stock
u Pittsburgh Stock
New York Curb
111 Cleveland Stock
II Richmond Stock
New York Produce
10 Colorado Springs Stock z• St. Louis Stock
New York Real Estate w Denver Stock
z• Salt Lake City Stock
Baltimore Stock
w Detroit Stock
u San Francisco Stock
Boston Stock
1.611 Angeles Stock
zr San Francisco Curb
Buffalo Stock
w Loa Angeles Curb
z• San Francisco Mining
California Stock
111 Minneapolis-St. Paul
z• Seattle Stock
Chicago Stock
z• New Orleans Stock
w Spokane Stock
Mic ,go Board of Trade zi Philadelphia Stock
II Washington(D.C.)Stock
1h1^ag • Or
Aug. 10 1935
Financial Chronicle
894
•
Other Stock Exchanges
J my I
Week's Range Sales 1933 to
July31
for
of Prices
1935
Week
New York Real Estate Securities Exchange
Closing bid and asked Quotations, Friday, Aug. 9
Unlisted Bonds
Bid
Alden 6s
1941
Allerton NY Corp 5346 1947
3s
Brierfleld Apt Bldg etts____
Carnegie Plaza Ants
1937
Bldg 68
Chrysler Bldg 6s
1948
1941
Vona% Os etts
1611 20
9
Unlisted Bonds (Concluded)
Btit
Ask
Mortgage Bond (N T) 534s
1949
(Set 6)
Ask
63
66
Park Place Dodge Corp
With v t c
1212
9
23
6812 6912 79 Madison Ave Bldg Ce '48 10
12
al;
2124-34 Bw ay dIdgs otIs. _ _
2912
2450 Bway Apt Hotel Bldg
- 8
Certificates of deposit
33
62
Unlined Stocks
312
City & Suburban Homes _
5th Ave & 28th Bid 6%8'45
5th Ave & 29th St Corp 6s'48
Stocks (Concluded) Par Low
New Eng Tel & Tel
:10ii 106
New River Co pref____100 80
534
NY N riaven&afaratorciltro
.
Northern RR (N H) _ _100 108
Old Colony RR
100 65
Old Dominion Co
36
25
High
Low
High Shares Low
June
8834 Mar 110
482 75
108
Aug
Jan 81
45 2434 55
81
1,150
8% Jan
234 Feb
234
8
103
Feb 10834 July
5 83
108
6814 Apr 72 June
114 68
6634
31 Feb 55c June
34
100
15
1434
26
1934
34
1434
1%
8%
834
100
Pacific Mills Co
Pennsylvania RR
50
•
P C Pocahontas Co
Quincy Mining
25
Reece Button Hole Mach10
R eece FoldingMach Co_10
•
Shawmut Amu Cr infs....
•
Stone & Webster
1434
27
19%
34
15
1%
934
1034
85
Torrington
__ .._• 85
31
31•
United FoundersCorp
Co.1
334 335
1
United Gas Corp
U Shoe Mach Corp _-_.26 8234 8334
40
Preferred
100 39
34
%
5
Utah Apex Mining
1% 1%
1
Utah Metal & Tunnel
Vermont & Mass Ry Co100 125 125
634 634
•
Waldorf System Inc
•
33-4 5%
Warren Bros Co
1134
* 11
S. D. Warren Co
Orders Executed on Baltimore Stock Exchange
STEIN BROS.•Ye BOYCE
Established 1853
39 Broadway
6.S. Calvert St.
NEW YORK
BALTIMORE, MD.
York, Pa.
Louisville, Ky.
Hagerstown, Md.
MembersNewYork,Baltimore and Louisville Stock Exchanges
Chicago Board of Trade and Commodity Exchange,Inc.
Bonds
East Mass St Sty
Series A 434s
Series B 5s
--
62
81
63% 65
1948
1948
,
A•0
Range Since
Jan. 1 1935
na I,
713 IL
20'
494
150
75
156
60
965
2.504
12
1734
10
14
8
134
526
234
12
1734
19
31
1334
1%
8
234
Mar
Mar
July
Jan
Mar
Aug
Feb
Mar
21
2734
27
1
1614
234
934
1034
Jan
Aug
Jan
Feb
July
June
May
Aug
J1117
Jan 93
34 May
Mar
334 July
June
July
Jan 85
Jan 4034 Ally
134 Jan
July
July
234 Jan
Apr 12536 Jan
Mar
734 Jan
ate Jan
Mar
1134 Aug
Jan
70 35
69
11
31
490
10 z
34
I%
1,347 47
70
3532
358 3034
34
375 6214c
1%
60c
2,325
5 96
120
4%
3%
20
24
1,576' 24
90
4%
4%
33,000
6,350
3234
34
4934 Jan
50
Mar
July
63
6834 July
111 (11111
RA
RR
7a IL
T..,
0,1*
Baltimore Stock Exchange
Aug. 3 to Aug. 9, both inclusive, compiled from official sales lists
July 1
Week's Range Sales 1933 to
July31
for
of Prices
Week
1935
CHICAGO SECURITIES
Range Since
Jan. 1 1935
High Shares
Par Low
Stocks720
• 2034 21%
Arundel Corp
1,775
* 1534 '16%
Black & Decker corn
286
34
25 33
Preferred
40
Ches & PotTel of Baltpf100 116 116%
500
85%
• 84
Consol Gas E L dr P
130
100 113 113%
6% pref ser D
152
534% prof w 1 ser E_100 113 113%
53
100 11334 114
5% preferred
500
34
36
Davison Chemical Co_ _ _ _.
Eastern Sugar Associates
550
636 614
•
Common
80
Preferred
•
• 1236 13
Low
11%
434
8%
111
4534
104
100
91
9c
Low
1534 Mar
7% Jan
23% Jan
111
Apr
63
Jan
11134 May
109% Feb
10434 Jan
34 July
136
3%
634 July
11
July
Listed and Unlisted
High
June
22
1634 Aug
34
Aug
120
Mar
8514 Aug
115% June
113% July
114
Aug
1
Mar
9
13
July
Aug
20
Fidelity de Deposit
Fidelity & Guar Fire_ __ _10
Guilford Realty Co pref 100
100
Houston 011 pref
Mfrs Finance corn v t___25
25
lot preferred
1
Maryland Cas Co
1
Jr cony pref ser B
8134
35
27
934
36
834
214
2
83
37
27
1036
%
834
234
2
72
66
100
2,439
30
65
100
150
15%
8
134
4
%
5%
1
1
4134
2234
27
5
34
5%
1
131
Feb
Jan
Aug
Feb
July
May
Jan
Mar
85
37
27
1034
1%
9
236
23-4
July
Aug
Aug
May
Apr
Jan
June
June
Merch dr Miners Tranip .
Monon W Penn P S7%p125
Mt Ver-Wdb Mills pref_100
5
New Amsterdam Cas
Northern Central Ry___50
Penna Wat & Pow nom_ "
2
US Fidelity & Guar
2334
21
41%
9%
98%
7434
1034
2434
21
4134
10%
9834
76
1134
57
5
40
2,917
27
75
3,621
21
1234
1934
5%
71
4134
236
21
1534
40
6
8834
53
5%
Mar
Jan
July
Mar
Mar
Jan
Jan
28
22%
44
1034
9834
76
11%
May
July
Fet
Aug
Aug
July
June
$300
1,000
2.000
Jan 108
Jul3
101
80
Aug 4934 Juni
42
48
Julj
6
11 Mar
4
114
Bonds
Baltimore City
3368 new sew impt_1980 108 108
42
Davison Illty 13s nth (11) 48 42
514 5
Waah lt&A(Mr115%,trctts41
Boston Stock Exchange
Aug. 3 to Aug. 9, both inclusive compiled from official sales lists
itay 1
Week's Range Sales 193310
July31
for
of Prices
Week 1935
High Shares Low
Par Low
Stocks220, 4
American Cont Corp
• 1134 12
Amer Pneumatic Sera Co
, 75
34
134
Common
25
134
190
2
2% 3
6% no cum pref
50
7 10
1st preferred
50 1536 1534
Amer Tel & 'Tel_ .
_ 100 131 133% 2,250' 9814
20' 14%
Bigelow-Sanford Carpet... 2134 22
62 88
1:Metall & Albany
100 11634 118
916 56
7134
Boston Elevated
106 68
Boston & Maine
115 1234
Prior preferred
100 2434 2436
314
6
Clam A let pre stpd_100
7
7
534
10
CIB 1st pref stpd_ __ _100 1034 1031
622
8
Class D let pref stpd_100 11)
10
836
20
Boston Personal Prop_ ..... 1334 1331
Calumet de Heels
334 434
25
Copper Range
334 334
26
134 134
East Boston Co
•
East Gas & Fuel AIM
Common
33i 436
•
6% cum pref
100 4934 5334
434% prlor preferred 100 6335 6434
Eastern Mass St Ry1st preferred
100
9% 914
3% 3%
Preferred B
100
134
1
Adjustment
100
Eastern SS Lines nom_ _ _..
5
6
lot preferred
100 10134 103
Edison Else Ilium
Ilk 150% 153
Employers Group
• 15% 19%
General Capital Corp__ - _.
Gilchrist Co
•
Oillette Safety Rano r
•
Hathaway Bakeries
*
Preferred
Helvetia 011 Co tr ctfs__ _1
Int Hydro El System cl A25
Loew's Boston Theaters_25
Maine Central common 100
Maas Utilities Assoc vter •
Range Since
Jan. 1 1935
.
Low
Apr
7
High
Aug
12
34
2
12%
9414
1434
88
5834
July
2
Mar
53( Jan
June
Jan 19% Jan
Mar 133% Aug
Jan
Mar 25
Mar 1204 Jan
Apr 7116 Aug
1234
334
4
6
954
Mar
Apr
Apr
Mar
Jan
25
8%
12
14
14
July
July
July
July
Aug
234
8
34
234 Mar
Feb
3
Feb
1
4% Aug
4
Jan
334 July
491 .2
650 3732
387 63
2
Mar
3714 Apr
6434 Mar
414 Jan
5334 Aug
6814 July
298
100
210
Jan 10
3%
Apr
July
134
7
Apr
Jan 103
Feb 154
Jan 19%
Aug
Aug
jail
Jan
Aug
July
Aug
25
55
4,855
415
17
402
1,220
434
1
95c
434
95
9734
634
5
134
780
434
95
9734
1134
3214 3236
434
4
17
1934
315
134
1,937
18
236
732
24% Mar
Apr
3
1234 Mar
3234 Aug
434 Jan
19% Aug
23
23
14
34
34
100
1034
34
1734 May
32 Mar
26
43c
July
Apr
4%
6%
631
1%
3234
Aug
Aug
Mar
July
Jan
336
6
.5
1%
"
4%
634
5
1%
605' 134
158
4
4%
50
1
10
105
91114
134
536
434
I
24 t.4
Mar
Jan
Jan
Feb
May
Paul H.Davis &ea
Members:
Chicago Stock Exchange
New York Stock Exchange
Chicago Curb Exchange
New York Curb (Associate)
37 So. La Salle St., CHICAGO
Chicago Stock Exchange
Aug. 3 to Aug. 9, both inclusive compiled from official sales lists
July 1
Week's Range Sales 1933 to
July31
for
of Prices
1935
Week
Range Since
Jan. 1 1935
Low
High Shares Low
Par Low
Stocks630 34% 80
y
,
Abbott 1...abranr•ria. min_• 97 10036
Jan 103 g June
5
10
12
Adams (J D) Mfg corn_ _• 18% 1834
Mar 2236 JulyMay
132
100
1
%
1% Mar
2% 2,
Advanced Alum CastInge_5
622
12
25% 2,450
Allied Products Coro el A .• 19
Jan 25% Aug
240
30
J ulg
Auy
Altorfer Bros Co cony pref. 25
18
Jan 30
a
230
2334
Amer Pub Baru Co prof.100 22
7% Jan 2734 July
900 I 33-4
3% 4
Armour & Co common...6
3% Apr
134
Aug
1% mar
3% 1,000
3
Asbestos Mfg Co corn__ _1
50 43% 79
Jai 1493631
Associates Invest Co corn_• 141 141
212
Automatic Products eom.6
8
9% Aug
8% 9% 7,050
Jan
232
900
4% 4%
Bastian-Blessing Co com-*
234 July
434 Aug
922 12
Ben= Aviation oom____• 1636 1934 18.150
Mar 1936 Aug
2
2,600
3% 4
Berghotf Brewing
4% Apr
2% Jan
4934 2,650 11 H 28% Jan 15
Borg-Warner Corp own.10 47
, July
10
30 87
7% preferred
108
Mar
100 110 110%
May
6% 13% Jan 2,m June
250
17
Brach & Sons(E J) com__" 17
5734 Au„
1434 Jan
26% 1,350 r 1634
Brown Fence & Wire cl A
25
650 r 5%
Class B
4
15
14
16 J
9
A
Z
Jar
5
550
Bruce Co(E L) corn
•
9
7
Apr
gyi
5% 6% 5.150
Butler Brothers
ltr
7.34 Jan
5% Aug
Castle& Co(AM)com__10 41
42
Cent III Pub Serer prof__• 46
48
Cent III Secur corn
1
34
%
Convertible preferred_ _• 13% 1434
Central 13 5%
Common
1
% 13-4
• 36
37%
Prior lien pref
Preferred
• 14
16
6
814
Central States P & L pref_.
Chain Belt Co corn
2734 27%
Cherry Burrell Corp com_• 32% 33
2% 3%
Chicago Corp common-•
40
Preferred
• 39
Chic Flexible Shaft oom 5 25% 26
Chicago Mail Order com __5 26
2831
Chic & N W RI corn...100
234 234
1814
Chic Rivet & Mach Cap--• 18
96
Chicago Towel Co cony pf * 95
(Wee service Co tom
•
1% 2%
Club Alum Utten cum_ _ _•
3.6
34
20
Coleman Lp & Stove com_• 20
81%
Commonwealth Edison 100 80
Continental Steel
• 1734 21
Common
Preferred
100 102 102
3% 4%
Cord Corp cap stook
a
Crane Co common
26 1634 16%
Preferred
100 11134 11434
10
1034
34
534
700
1,770
700
550
20,550
380
450
150
220
30
32.950
750
550
800
200
450 2
110
16,250
1,900
20
1,450
10,500
10
10,200
2,700
140
17% Jan
13% Jan
% Jan
7% Feb
lie
24
2
12%
2
334
1%
114
14
2116
18%
5
11
20% 29
7
13%
834 15%
134
4yi 13
58% 80
34
31
34
,
5% 17%
3034 47
5
'40
may
Jua e
j
nn
June
Aug
Aug
Aug
Feb
Jan
May
Aug
Aug
Mar
Jan
3%
8%
12%
6% Jan
17% Jan
17
Mar
950
434 5%
60
914 934
6% 734 2,200
200
1034 10%
1735 18% 10,100
ao
5% 534
40
9634
96
332
432
84
10%
234
334
42%
4
6
6%
1014
6%
5%
60
Hall Printing Co corn.. 10
Harnischfeger Corp com _10
Heileman Brew Co G cap_l
•
Horders Inc corn
HoudisIllo Bentley CI B_•
25
Illinois Brick Co
100
III North UM pref
3-4
22
85
May
May
Jan
Jan
AD
Feb
Jan
Feb
Jan
Jun
40
700
1.100
632
832
934
3
2%
51
99
231
Aug
July
Aug
Jan
July19
May
234
8
434
1334
12
1414
8%
17
535
2%
834 8%
23
22
22% 2334
6
19w, Aug
6
AUg
July
JAne
uu,
28
33
6
34
40
2 %
2 A
8
7
ga
32
1,600
350
860
150
5.800
1,150
600
110
600
850
534
17%
7%
17%
14%
24%
15
25
734
3%
F
,„
31
17
1i Aeb
Aug
July
Jan
July
July
8
70
2
7
534
17%
934
1836
1534
25
16
2634
8
4
Dayton Rubber Mfg com_•
35
Cumul el A pref
Dexter Co (The) com......5
Eddy Paper Corp(Tim)...
Eleo Household UM tap-6
15
Elgin Nati Watch Co
Fitz-Sim & Son
(D&D)com.
-Denver Co nom.*
Gardner
Gen Candy Corp el A----5
Gen Household CBI oom_•
Godchaux Sugar Inc
-Class B
t3oldblatt Bros Inc nom .•
Great Lakes DAD corn...
Aug
July
July
14% Aug
34
Feb 21
Jan 103
434
Mar
Mar 1734
Jan 115
2
232
8
3%
4%
Jan
Jan
Mar
Jan
Jan
Jan
Apr
Jag
Jan
Ma
Jun
mar
Jan
Apr
Ma
Apr
Jan
42
48
May
May
July
July
Mar
Mar
Jan
514
17%
934
1934
1724
25
16
2634
9
7%
11% May
23% July
24% July
734
934
814
11%
18%
714
9634
Jan
Aug
July
July
Aug
Jan
Aug
For footnotes see page 897
S.
Volume 141
Financial Chronicle
J WU
Range Since
Jan. 1 1935
37
40%
6
751
3
534
74
4031
103%
2%
131
Aug
May
May
July
July
July
Aug
Aug
Jan
Aug
12
Aug
834 AM
434 July
28
Aug
July
5
8% Aug
4131 July
24%
2334
60
3931
33
1134
4
22%
Aug
July
July
July
Jan
Jan
June
Aug
2% Aug
31 Jan
1% Aug
494 Jan
25
May
914 Feb
2634 July
July
19
134 Jan
4%
3634
2134
651
1434
9
731
Aug
Aug
Aug
July
July
Aug
Aug
1
1534
3954
2%
4
434
134
June
Aug
Apr
July
Aug
Apr
Aug
42
4054
105
115
Aug
Aug
July
July
13534
148
2
1434
10434
14
48
July
July
July
July
Aug
July
Aug
23
110
3751
12
17
9334
7731
Aug
Aug
Aug
Aug
Aug
July
Aug
3%
934
18
36
19%
6%
154
34
3%
14
40
Aug
July
Jan
Feb
Jan
May
Aug
Aug
Aug
Aug
May
19%
254
32%
14351
92
1731
4%
8%
4
Aug
Aug
Aug
May
June
July
May
Feb
Aug
Members Cincinnati Stock liachanae
UNION TRUST BLDG., CINCINNATI
Specialists in Ohio Listed and Unlisted
Stocks and Bonds
Wire Sustain—First Boston Corporation
Cincinnati Stock Exchange
Aug. 9, both inclusive, comp led from official sales lists
July 1
Week's Range Sales 1933 to
for
July31
of Prices
1935
Week
Stocks—
Par Low
High Shares Low
Aluminum Industries _ _
115
6
644 654
Amer Laundry Mach_ -.20 1631 17
454 a 1031
Amer Products prior pref •
4
68
5% 531
For footnotes see page 897.
Dow Drug
Eagle-Picher Lead
Early & Daniel
Formica Insulation
Gibson Art
Hobart class A
Kahn lot pref
Kroger
•
20
•
•
•
•
100
•
634
531
15
13
25
34
92
3031
634
5%
15
13
2951
3431
92
31
Leonard
Lunkenheimer
Moores A
Procter & Gamble
5% preferred
Randall A
B
Rapid
U S Playing Card
U S Printing
Preferred
*
6
* 1131
3
*
• 5151
100 119
• 1851
•
5%
* 44
10 36
•
4
50 21
6
12
3
5274
119
1934
6
44
36
4%
23
100
250
27
185
348
362
15
61
2
331
1151
8
751
2231
50
19
High
3
Apr
90
Aug
4
Apr
140
Aug
7% Aug
1831 Jan
231 Jan
100
July
Aug
July
July
July
June
May
June
9
6%
17
1431
2954
3531
92
31
Jan
May
Feb
May
Aug
July
Aug
Aug
Mar
634
Apr 12
Mar
3
Jan 53
Jan 120
Jan 20
Feb
731
Jan 46
Jan 39
Jan
744
Jan 25
551
334
15
931
1651
27
65
2331
192
109
4%
8831
28
1634
7
June
May
May
July
July
May
May
July
May
May
June
July
Mar
June
Mar
Jan
Feb
Apr
Max
400
1
434
8
72
8
325
%
2
145 1 3334 4334
10 101
114
150
9% 1734
149
251
5
95 12
2734
35 1434 2994
255
3
2
177
444
10
OHIO SECURITIES
Listed and Unlisted
GILLIS, WOOD & CO.
Members Cleveland Stork Exchange
Union Trust Bidg.—Cherry 5050
CLEVELAND, - - - OHIO
Cleveland Stock Exchange
Aug. 3 to Aug. 9, both inclusive, compiled from official sales lists
imy 1
1933 to
July31
1935
'Week's Range Sales
' of Prices
for
Week
Stocks—
Par Low
Allen Industries Inc
• 2531
Preferred
• 40
Apex Electric Mtg
*
554
City Ice & Fuel
• 1834
Preferred
100 91
Cleve-Cliffs Iron pref._ __• 28
Cleve Elec III 6% pret 100 112
Cleve Ry "etts of dep"_100 61
Cliffs Corp y t c
• 1234
Corr McKinney voting-1 183-4
1
Non-voting
1834
High
2831
40
7
19
91
30
113
6231
13
19%
1934
Dow Chemical pret_ __ _100 115
Elee Controller & Mfg__
48
Faultless Rubber
3331
Greif Bros Cooperage A • 30
Halle Bros
5 1734
Hanna(MA)$7 cum pf • 10534
Jaeger Machine
951
•
Kelley Isld Lim & Tras
* 1434
Medusa Ptld Cement
* 17
Murray Ohio Mfg
• 1534
National Acme
1
7%
National Refining
25
4
Natlonal Tile
•
331
Nestle LeMur cum cl A__ *
231
Nineteen Hund Corp el A,7• 2934
116
49.
34
30
1751
10531
93.4
143-4
17
1751
734
4
4%
234
29%
Ohio Brass B
•
Peerless Corp
3
Richman Bros
•
Seiberling Rubber
•
S M A Corp
1
Trumb-CI Fur cum.pt _100
Truscon Steel 7% Pre--100
Weinberger Drug Ine
•
26
2634
53
194
1334
9954
66
1434
2631
26%
5434
1%
1331
100
6534
1434
Range Since
Jan. 1 1935
Low
Low
High
2
831 Jan 28
Aug
1734 39
Apr 45
Feb
Jan
4
331
734 May
1 1434
1651 July 2434 May
July 100
6334 89
May
15
Mar 30
15
July
9931 11031 Jan 11534 July
3431 50
Apr 6334 July
5
Apr 14
5
Aug
8
Mar 1934 Aug
8
854
831 Mar
1931 Aug
99
112% Jan 117
1434 21
Jan 52
21
30
Jan 34
16
27
Jan 3134
8
11
Feb 18
77
10131 Jan 107
12 1
431 Jan log
631 11
Jan 15
12
Jan
17
6
251
Mar 1734
3
i 3
531 Apr
851
7%
251
234 Mar
Mar
1
I
431
1
251 June
531
21
2354 Jan 2331
10
1034
38
1
851
60
25
7
19
19
46
1
9
95
25
1234
Mar
July
June
Mar
June
Apr
July
May
June
Aug
July
Apr
July
Jan
Jan 28
Apr 2734
May 55
June
3
Jan 14
Jan 100
Apr 6534
Jan
1531
Aug
Apr
Aug
June
Jan
June
July
Aug
Feb
WATLING,LERCHEN & HAYES
99% Aug
BALLINGER & CO.
Aug. 3 to
RaNge Since
Jan, 1 1935
.
Stocks (Concluded) Par Low
High Shares Low
Low
galdwin
8
234 234
133
131
131 Jan
Preferred
100 90
90
25 49
80
Apr
3urger Brewing
•
2
2
25
231
234 July
Dhamp Coated
100 140 140
2 85
85
May
..,burngold
531 754
*
782
1
234 Jan
Dint( Advertising Prod._ _• 1334 1334
1
11
1334 July
:Intl Ball Crank prof
131
*
100
1%
134
134 Mar
Dint! Gas & Electric__ _100 9931 100
149 62
7234 Jan
7. NOdtTP
100 192 192
7 176
176
May
Preferred
100 109 109
18 80
100
Apr
DincinnatI Street Ry _ _ _ _50
434 454
156
2% Apr
234
Dincinnatl Telephone_ __50 8631 8634
78 6034 62% Jan
Dint( Union Stk Yard _ _ _ ..• 25
133 1634 21
25
Feb
Drosiey Radio
• 1334 1334
50' 7
13
Mar
Drystal Tissue
5
6
*
534
6
534 May
1
a
High
51
Aug
22
Aug
17% Aug
July
23
2834 May
r4
...C.4
Q
WIDA.N
W. .
i—,
N. .
N.0
9114
linW
pl
WWWWCRW008..00.1..—,W
0,WOOW00 00NOCAW
0.004.000000.4
Stocks (Concluded) Par Low
High Shares Low
Low
Ender, r'neum Tool v t c...* 51
51
100
9
30
Feb
Interstate Power $7 pref_' 1931 22
290 2 7
8% Jan
$6 preferred
• 15
60
1731
5
Feb
5
iron Fireman Mtg v t e
• 2231 23
350
1334 Feb
331
Jefferson Electric Co com_* 25%
1834 Jan
2631
130
9
Kalamazoo Stove—
Common
• 3434 37
2,010 g7
1551 Jan
Katz Drug Co COM
1 3634 37
150 19
33
Mar
Kellogg SwItchbd corn_ _b
531 535
50
331 Jan
151
lien-Rad T & Lamp corn A•
634 7
1,100
1%
Jan
3
Ky Util lr cum pref
50 3334 3531
560
Jar,
5
6
633, preferred
100 7234 7351
40 7235 72% Aug
Keystone HU & Wire corn • 39
Mar
4034 1,250
734 22
Preferred
100 103% 103%
50 65
85
Jan
Kingsbury Brew Co cap__1
_1
1
250
54
51 July
La Salle Ext Univ com_ _ _5
51
134
710
51 Jan
g
Leath & Co—
Cumulative preferred__* 11110
12
100
3
Feb
6
Libby McNeil & Libby_34)
a% 651 1,100' 231
Mar
6
Lincoln Prtg Co—
Common
• i 334 431
Jan
1
1,250
%
7% preferred
50 .28
50
28
1'
534 Jan
Lindsay Light com
10 i 434 434
300
2
334 Mar
Loudon Packing—
New
., 8
844 1,900
Aug
8
Lynch Coro corn
6 3834 3934
400 16
Mar
26
4
McCord Rad & Mfg A_ _ _• 1831 2451 3,330
2
Mar
9
McGraw Electric crom
6 21
22
850
8% 1834 Jan
ma:may-Norris Mfg com_s 59
60
100 2439
51
Mar
Neu tillams Dredging Co _•
39
250 12% ggg Jan
Mapes Cons Mfg Corp cape 3834 25
25
150 o 25
25
Aug
Viarinall 'gem common. •
8% 10% 8,350
651 Mar
6%
mer & Mfrs Sec cl A com_l
351 351
50
134 Jan
%
Prior preferred
22%
• 21
260 20
July
20
Mickeberry's Food Prod—
Common
1
134 2
1,200
5jApr
31
Middle West Utilities—
Common
44 Jan
31 81,300
•
31
'Is
$6 cony pref A
•
51 131 3,150
34 Mar
31
Miller & Hart Inc cony pf•
331 431
140
1% June
Modine Mfg com
25
• 25
100
1631 Jan
7
Munro,. Chemical—
Common
7
751
•
150
2
634 Jan
National Battery Co Wet
•
26
30 19
22
Jan
Nati tlypsuin el A coin 5 26
1744 18% 1.350
Mar
6
National Leather corn_ __10
% 1
54 Mar
2,350
34
Nall Repub Invest Trust—
Cum cony preferred*
431 431
1% Feb
100
National Standard com • 3531 3631
850 17
2631 Mar
Noblitt Sparks Ind oom_• 2031 2134 1,860 10
1331 Feb
Northwest Bawer')eom_•
5% 631
2%
550
334 Jan
Northwest Rug Co com •
1334
250
3
5% Jan
North West Ut11 7% pf 100 1234
7
220
1
9
134 Jan
Oshkosh Overall com
•
6
7% 850 3
431 May
Peabody Coal Co cl B com•
1
1
H Jan
34
Penn Gas & Elec A Oom..•
17
8
a
Mar
Perfect Circle (The) Co_.• 1534 3731 2,65
100 21
31
Feb
Pines WIntertront oem.--6 37
1% 1%
20
% Jan
Potter Co(The)eons
a
3
4
450
131 June
134
Prima Co common
234 2%
•
350
134 2 July
Process Corp (The) com_.•
54
131
300
g Jan
Public Service of Nor Ill—
Common
• 3954 42
650
9% 1554 Jan
Common
60 3934 4054
550
9
16% Jan
0% preferred
100 100 10134
70 28
6134 Jan
7% preferred
10I1 10731 110
80 as
7331 Jan
quaker Oats Co—
Common
• 133 13434
590 106
Jan
28
Preferred
100
200 111
33
Feb
Raytheon Mfg coin vto 50c 146 146
2
2
100
134 July
%
Reliance Mfg Co com_10 1231 1231
500
9
934 Feb
Preferred
100
20 84
Jan
100
Rollins Hos Mills cony pref 10434 10434
14
20
834
934 Apr
Ryerson & Sons Inc cum.... 14
42
4,600 11
48
Jan
20
Sangamo Electric Co
• 2034 23
4
350
Jan
8
Yreferred
100
1
40
95
Jan
Signode Steel Strap prof.30 110 110
36
37%
5
634 1151 Jan
Common
•
8
12
700
131
1% Jan
Sivyer Steel Castings corn'
1531 17
22
5
331
Mar
S'west Gas & El 7% p1100 90
92
3931 54% Jar,
3
St Louis Nall Stkyds cap_•
76
7731
32
8
69
Jan
Standard Dredge—
Common
•
2% 33.4
25
54 Mar
Convertible preterted—•
744 8
900
334 Mai
Sutherland Paper CO com10
1634 1734 2,000
'Jan
10
Swift International
15 33
34
2,100
3134 Jan
Swift & Co
25 1534 1631 6.350
14% May
Thompson (J R) corn_ _ _25
6
250
534 Ma
635
Utah Radio Product corn _•
131 1% 3,050
44 Mar
Util & Ind Corp corn
•
31 Mar
500
51
34
Convertible prof
•
234 355 1,500
34 Mar
34
Viking Pump Co com____•
110
134
1334 14
6% Jan
Preferred
3931
• 39
60 21% 3444 Jan
Vortex Cup Co—
Common
• 1934 1934
1,050
5%
15
Jan
Wahl Co com
•
Apr
1
131 234 3,000
51
Weigreen Co common __ _ _• 31
3234 5,750 1614 26% June
Ward (Montgom)& Co A• 137 138
127
80 56
Jan
Waukesha Motor Co oorn •
530 21
30
Jan
8031
Wleboldt StorMs Inc tom* 76
250
931 11
11334 1634
Feb
Williams-011-0-Matic corn*
4
900
4%
2% Mar
231
WIseonednBankalsares own.
254 3
900
2 June
1%
Zenith Radio Corp crom •
154 Ayr
4.850
234 4
1%
Bonds—
Pure 011431s(w w)_ _ _1950
9654 Aug
9634 9934 $12.000
I
Week's Range Sales 1933 to
of Prices
for
July31
Week
1935
..N .. OM.
,
oPOWCI,PCNC4
...10Ob1
6014.0b0
July 1
Week's Range Sales 1933 to
of Prices
July31
for
Week
1935
895
Range Since
Jan. 1 1935
Low
High
531 July • 83.4 Jan
1231 Mar 17
Aug
4
Feb
634 Jan
New York Stock Exchange
New York Curb (Associate)
Detroit Stock Exchange
Buhl Building
DETROIT
Telephone
Randolph 5530
Detroit Stock Exchange
Aug. 3 to Aug. 9, both inclusive compiled from official sales lists
July 1
1Veek's Range Sates 1933 to
of Prices
for
July31
Week
1935
Stocks—
.
Par Low
Auto City Brew tom
151
1
Baldwin Rubber A
* 2034
Bower Roller Bearing corn 5 2634
Briggs Mfg corn
• 40
Burroughs Adding Mach_* 1734
Chrysler Corp corn
5 5854
Consolidated Paper com _10 1931
Crowley miiner COM
*
334
Delsel-Wemm-GU corn.
.l0 1031
Detroit Edison com— _ _100 91
High Shares Low
1% 4,449
151
24
3,863
634
1,606
2834
644
4
034 1,133
644
18
440 10%
6131
1,30
2951
1,17
2034
634
10
335
234
11
1,350
91
95 55
Range Since
Jan. 1 1933
Low
134
634
16
25
14
31
12241
Mar
Mar
Mar
Feb
Apr
Mar
Ja
Jan
Mar
851 Feb
Mar
65
rityh
Jan
2
24
Aug
28% Aug
4
10% Aug
8
6131 Aug
203A Aug
3
A
Apr
11
Aug
July
93
Aug. 10 1935
Financial Chronicle
896
July I
Week's Range Sales 1933 to
July 31
for
of Prices
1935
Week
Week's Range
of Prices
Range Since
Jan. 1 1935
Low
1
Feb
334 Apr
41 Apr
934 Jan
1041 Mar
541 Feb
341 Mar
334 Mar
July
18
1
264 Mar
341 June
131 June
High
2% May
834 Aug
141 July
1734 Aug
1441 July
1141 Aug
631 July
731 July
July
18
4334 Aug
434 July
334 Jan
Stocks (Concluded) Par Low
2
Detroit Forging corn _ _ _ _ .•
741
Detroit Gray Iron com.-5
1
Detr Michigan Stove corn 1
Detroit Paper Prod corn.. 1634
5 1331
Eureka Vacuum
3 1034
Ex-Cell-0 Air corn
534
*
Federal Mogul corn
644
Fed Motor Truck com.-*
• 18
Gemmer Mfg A
General Motors corn__ __10 3814
4
I
Goebel Brewing corn
1%
Graham-Paige Mtrs com_l
High Shares Low
1
150
2
2
834 11,821
14
1,469
134
1,163
344
17
810' 641
1334
1,423
234
1141
3
860
574
234
363
641
641
680
18
4334 0,326 22 22%
4
31
431 9,210
1.9951 131
2
•
Hall Lamp corn
Hoover Steel Ball cony_ _10
*
Houdaille-Hershey B
*
Hudson Motor Car
10
Kresge (S 5) corn
Lakey Fdry & Mach com_l
Michigan Steel Tube com••
•
Michigan Sugar corn
10
Preferred
Midwest Abrasive
10
Murray Corp corn
Packard Motors corn._ _ _•
•
Parke-Davis .S. Co
Pfeiffer Brewing corn •
444
631
1734
941
2534
1
1534
)4
6
334
1334
474
46
1134
3
3,085
5
1
100
631
234
1834 1,146
1,901 ,, 6
10
663' 1034
2534
41
231 12.660°
3
225
1634
41
1,500
15,
241
300
634
341
331 3,245
1434 3,042' 394
54 5,74721 241
4614 1.0282 1934
18,83 615 2
13
334
334
634
631
20
31
3
41
231
334
5
314
33
731
6
June
Feb641
Mar 1831
Mar 1234
Mar 2534
234
Aug
1614
Jan
1 14
Apr
741
Jan
434
July
Mar 1434
Apr
574
Jan 47
May 13
5
Reo Motor Car corn
2
Rickel (H W)
•
River Raisin Paper
10
Seotten-Dillon coin
•
Square D -A"
•
B
•
Stearns corn
Timken-Detroit com _ _ _ _10
1
Tivoli Brewing corn
10
Truscon Steel corn
United Shirt Dist com*
*
Universal Cooler A
•
B
Universal Products corn_ .•
1
Warner Air Corp
N oiverine Brewing com_ _1
3
331
394
25
35
22
1134
831
114
6
3
434
141
15
41
41
334
341
441
25
35
24
1134
9%
2
674
3
454
131
1534
%
41
2
835
1,635
234
1
7,460
345 1734
20010 3
70c
353
444
350
3
7,123
141
1,873
1,695' 341
41
125
131
300
55c
2,705
434
736
34
4,556
41
1.400
241
214
244
2034
21
73.4
77%
441
131
341
234
334
1
9
34
41
Mar
434 May
Feb
344 Apr
441 Aug
Jan
Jan 2634 June
Aug
Jan 35
Aug
Jan 24
July
Mar 12
931 Aug
Mar
241 May
May
Mar
674 Aug
344 Jan
July
Feb . 5 June
131 Jan
Apr
Aug
Feb 17
134 Jan
July
144 May
Aug
Jan
Aug
Aug
Jan
Aug
Aug
Aug
May
July
July
Aug
Jan
July
Aug
DeHaven & Townsend
Members
New York Stock Exchange
Philadelphia Stock Exchange
PHILADELPHIA
NEW YORK
1415 Walnut Street
30 Broad Street
High
Low
High Shares Low
Par Low
StocksApr 4274 Jan
1,081 3331 33
• 3634 3714
American Stores
15 June
Feb
11
531
152
Securities pref _ _50 1234 1434
Bankers
Apr
214 10934 11441 Apr 120
Bell Tel Co of Pa pref _100 11834 11934
534 Jan
334 Mar
3
565
434 434
•
Budd (E G) Mfg Co
Mar 3774 Aug
23
15' 16
100 3734 3741
Preferred
Aug
6
241 Mar
2
975
•
534 534
Budd Wheel Co
388 3374 4031 May 5354 July
Electric Storage Battery100 4734 4741
8141 Feb 10041 May
75 68
96
Horn dr Hard (Phila) corn.* 9434
774 May
534 May
534
*
634 734 .1,444
Lehigh Coal &Nat,
434 Jan
534 May
5
534
g% 554
50
Lehigh Valley
13,4 Feb
41 Apr
41
178
41
41
Mitten Bank Sec Corp 25
134 Jan
41 Aug
41
329
% 131
25
Preferred
2
*
234 4,4912
Pennroad Corp v t c
2745 3,473
50 26
Pennsylvania RR
140 2
10131 104
50
Penns Salt Mfg
114
Phila Elect of Pa 55 pref _ _• 11174 11334
809
25 34
3434
Pow pref
Phila Elec
54
174 2
Phil& Rapid Transit_ _ _ _50
539
33,4 5
50
7% preferred
855
2% 33-4
.
Iron _•
Phila & Rd Coal &
168
50 1241 1334
Philadelphia Traction
55
6834
• 67
Scott Paper
327
2434
22
Tacony-Pelmyra 13ridge •
605
41
'is
Tonopah-Belmont Devel_l
165 2
41
41
1
Tonopah Mining
475
34/ 4
50
Union Traction
United Gas Improve com_• 1534 1734 18,575
286
• 1053-4 106%
Preferred
234
131 Mar
131
1734 Mar 2734
1731
Mar 104
4234 70
90 10341 Jan 11374
3454
2934 3141 May
4
131
134 Mar
641
334 Mar
3
441
114 June
144
1234 Mar 2214
1234
Jan 6831
3731 56
1741 1834 Apr 24
916
tie Feb
°16
131
31 Feb
34
674
334 Mar
394
934 Feb 1741
931
8241 8741 Feb 107%
Jan
Aug
Aug
July
July
Jan
Jan
Jan
Jan
Aug
May
May
Apr
Jan
Aug
July
Bon dsJan
May 21
12
1334 814,000 12
Elec & Peoples tr Ms 4.4'45 13
11034 May 11352 Feb
Phi's Elm(Pa) lot 55 _1966 11144 11231 4,300 10441 108
Jan 11034 Aug
1.0092 100
Ph11.6 rise Pniv (..1 5 S4F1 '72 11011 1107-1
Los Angeles Stock Exchange
from official sales lists
Aug. 3 to Aug. 9, both inclusive, compiled
July 1
Range Since
Week's Range Sales 193310
Jan. 1 1935
for July31
of Prices
Week 1935
2231
3341
6044
2544
1034
High Shares Low
2
200
331
231
40
6
110 14
60
141
400
3%
11 42
84%
3c
8c 1,900
7c
Sc 1,000
100 6 3%
12%
2244
33%
61%
26
1031
8%
1%
3031 3034
1331
13
120 12c
9% 9%
514 6
1634 1641
Per id-wanted see par 897
36c
14
231
180
1,700 25
25 13
700
5,800 10%
195 26
906 1841
1,800 1551
1,200 14%
2,600 12%
109 2634
8
200
434
2.500
3,800 1 1131
900 21 1.20
38c
2%
33
1541
Samson Corp B corn
10
6% preferred
Security-First Nat Bk _..20
•
Security Co Units
Signal Oil & Gas A cora--•
25
So Calif Edison Co
25
Original pref
25
7% preferred
25
6% preferred
25
534% preferred
Southern Pacific Co. __ _100
•
Standard Oil of Calif
Taylor Milling Corp
•
••
Transrnerica Corp
25
Union 011 of Calif
Universal Cons 011 Co 10
Mining
Black Mammoth Cons be
10c
Calumet Mines Co
1
Zenda Gold mng
37c
231
4514
2741
9
1941
38
27%
25%
23%
19
34
19
641
17%
63.4
37c
234
46%
28
9%
20%
38%
27%
2541
23%
4
197
35%
19
731
18%
641
1lc 1144c
6c
60
Sc
Sc
2,000
1,000
1,000
7e
3c
Sc
1 9814
900
34
200 16
600 gg 22%
400 1531
241
300
4
500
100 33%
6 734
5
2%
287cc
35c
Sc
2%
19 1
3
2034
2041
7
7454
831
12341c
High
Jan 67440 Feb
80c Feb
July
3% July
Jan
1% July
jan
Feb
10731 Aug
731 Apr
Jan
5% Feb
July
15c July
300 Mar
JuneFeb
60c Apr
Jan
8c May
Jan
5% July
Jan
19% July
jab
Fea 2634 Aug
Feb 27.41 July
1641 June
Mar 41% Aug
15% July
931 May
Jlaun
jjan
4
31 Mar
456 Jan
July
May
Jan
Apr
Mar
541 Mar
10
M
ar
29
Feb
2041 Jan
17
11361 jan
J
Mar
18% M
25
Ja
Mar
14234 Jan
1
MarJan
38c
3
46%
28
15
20%
3941
28%
25%
23%
2041
3834
19
734
205-4
8%
May
Jan
Aug
Aug
July
June
June
June
June
Jan
July
May
Aug
Aug
May
May
170 Jan
7c June
3c Aug 1341c Jan
Sc Aug 5310 July
9941
41
21%
27
22
3%
431
Mar 133
241
Mar
Mar 29%
Mar 4441
Mar 36%
534
Mar
631
Apr
8'4 Apr
Aug
May
Aug
Aug
Aug
Jan
July
1134 May
Pittsburgh Stock Exchange
official sales lists
Aug. 3 to Aug. 9, both inclusive, compiled from
;Jute 1
Range Since
Week's Range Sales 1933/0
Jan. 1 1935
July31
for
of Prices
1935
Week
25
California Bank
Calif Packing Corp
5
Chrysler Corn
Citizens Nat Tr dr S Bk20
Claude Neon Elec Prod_ •
*
Consolidated 011 Corp_
•
Consolidated Steel
•
Douglas Aircraft Inc
5
Ernsco Der& Equip Co
1
Exeter 011 Co A
McBean At Co _.•
Cladding
Globe Cr & Ming Co__ _ _25
•
Hancock 011A corn
Low
38c
28c
1.10
6
810c
Aug. 3 to Aug. 9, both inclusive, compled from official sales lists
Philadelphia Stock Exchange
Par Low
Stocks334
1
Bandinl Petroleum
6
•
Barker Bros
100 55
Preferred
3
10
ItoLsa Chies011A
liway Dept Store lot p1100 84%
80
1
Buckeye Union 011
1
8c
V tc
• 1234
Byron Jackson Co
Range Since
Jan. 1 1935
High Shares Low
Stocks (Concluded) Par Low
10c
456 48c 2,600
Kinner Airpl & Mot Corp-1
20c
330 35c 4,600
Lincoln Petroleum Corp_ _1
90c
3,010
345 33-4
Lockheed Aircraft Corp_ _I
50c
360
1.40 1%
2
LA Industries Inc
91 73%
L A Gas ar Mee 6% pref100 10674 10734
1%
200
10
554
LA Investment Co
5
50c
50
•
234 244
Mills Alloys Inc A
Sc
14c 1,000
14c
5
Norden Corp
500 17 20c
250 25c
Occidental Pete Corp- - --1
35c
400
430 43c
1
Oceanic 011 Co
8c 2,030 • 444c
Sc
1
Olinda Land Co
2%
100
5% 534
Pacific Clay Products.--.•
400
641
_ __IC 1941 19%
Pacific Finance Corp_
300 I 1244
Pacific Gas dt Elec Co__ _25 2531 26%
100 2 18%
25 27% 27%
6% lot pref
7%
100
Pacific Indemnity Co.__10 16% 16%
300 19
41%
Pacific Lighting
-• 41
100
Pacific Public Serv lot pref• 15% 15%
Corp_5
1,500
•
7% 9
Pacific Western 011
141
23.4 2,900
2
Republic Petroeium Co._I0
256
1
250 25c 6,000
Ranch Oil Co
Rico
Unlisted
American Tel & Tel _.... _100 131% 133
114 2
•
Cities Service
29%
• 29
General Electric
10 38% 4441
General Motors
3641
• 33
Montgomery Ward
5
5
Packard Motor Car
641 641
Radio Corp of America_ _ _*
25 46% 46%
Standard 011 of NJ
10
Tide Water Assoc Oil_ _ _• 10
Established 1874
July I
Sales '03'3 to
for July31
1935
Week
100
100
300
250
1,900
100
11,200
100
500
1,100
600
400
11,500
20
1634
26%
18
731
6%
90c
1131
234
12c
4%
5
6
Low
334 Jan
431 Jane
July
41
2% Jan
Jan
60
8c June
8c July
7% Jan
20
31
31%
1931
10
6%
1.10
1941
7
120
4%
541
945
Jan
Aug
Mar
Apr
July
Mar
Feb
Mar
Jan
Aug
Mar
July
Jan
High
Apr
4
441 June
Aug
60
441 Mar
July
87
25c Feb
24c Feb
13% July
2241
4141
6121
26
1191
10%
241
3041
13%
140
10%
734
2245
Aug
Feb
Aug
Aug
Mar
May
May
Aug
July
Apr
July
Mar
May
luty
Week's Range Sales 1933 to
for July31
of Prices
1935
Week
Par Low
Stocks• 2674
Allegheny Steel corn
13-4
Arkansas Nat Gas Corp....*
531
100
Preferred
Armstrong Cork Co coin... 2841
* 12
Blaw-Knox Co
241
1
Carnegie Metals
5%
Clark (D L) Candy Co....•
9
Columbia Gas & Elec •
441
Crandall Mack dc Hend_.•
10 1331
Devonian 011
7%
Duquesne Brewing com__5
Follansbee Bros pref _ _100 1134
114
Fort Pittsburgh Brewing..1
Harb-Walker Refrac coin.* 2334
Koppers Gas dr Coke p1100 9434
•
631
Lone Star Gas
5 2841
Mesta Machine Co
474
Mountain Fuel Supply-*
1
Nat'l Fireproofing pref_100
3
Pittsburgh Brewing corn_•
• 1831
Preferred
Pittsburgh Coal pref___100 36
4%
1
Pittsburgh Forging Co
Pittsburgh Plate Glass_ _25 7654
631
•
Pittsburgh Screw •Sz Bolt..
1%
I
Renner Co
5 14
Ruud Mfg Co
2
•
Shamrock Oil & Gas
Standard Steel Spring...* 12
United Engine & Fdry_ • 2234
• 27
Vanadium Alloy Steel...
800
1
Victor Brewing Co
Westinghouse Air Brake.* 2531
Wentingh Elec & Mfg__50 6394
High Shares Low
10' 1334
2634
752
41
1%
694 1.0902 1%
620 2 13
2941
6
1,850
1244
90c
341 20,301
3
200
531
2,302' 34
10
1
4
50
441
262
8
14
325 0 1
731
120
5
14
1,050
154
194
425' 12
2411
327 54
9545
431
834 10.656
2,834 1 834
34
1,913
5%
434
1
226
134
300
3
IS
260 15
19
100' 26
36
2
545 2,765
633 1 3034
79
530' 431
634
1
1,900
134
7
160
1434
1,200
756
2
100
8
12
845 1894
23
12 1541
27
90e 1,669 0
Si
541 1534
2731
223 1 2741
6474
Unlisted
97
Lone Star Gas 6% pref_100 97
634% preferred • ,. 100 105 105
9I.?
9IA
r
.,....... ..
10 64
130 7454
1 nn 2 ,ix
Range Since
Jan. 11935
Low
2041 Jan
1
Feb
2
Mar
17
Mar
93-4 Mar
1% Jan
Mar
3
334 Mar
43-4 Jan
1034 Jan
354 Jan
Apr
8
134 Aug
1634 Mar
73
Mar
434 mar
243-4 Jan
434 July
Jan
1
Jan
2
Mar
15
30
May
245 Mar
4741 Apr
531 Mar
131 Feb
Feb
7
75e Jan
9
Feb
1854 July
18
Jan
800 Aug
1836 Mar
3294 Mar
69
90
High
30 June
134 Aug
694 Aug
2994 Aug
1354 Jan
341 Aug
514 Aug
Aug
10
454 Aug
1441 June
Apr
8
July
15
294 Jan
2431 Aug
July
96
844 Aug
July
35
59-4 July
Jan
2
May
4
2554 Apr
Aug
36
334 Aug
Aug
79
834 Jan
134 Apr
1436 Aug
July
3
1444 Tan
July
24
27
Aug
131 Jan
2754 July
6554 JulY
Mar 100
Jan 107
July
July
ST. LOUIS MARKETS
I. M. SIMON & CO.
Business Established 1874
Enquiries Invited on all
Mid-Western and Southern Securities
MEMBERS
New York Curb (Associate)
New York Stock Exchange
Chicago Board of Trade
St. Louis Stock Exchange
316 North Fourth St., St. Louis, Mo.
Telephone Central 3350
St. Louis Stock Exchange
compiled from official sales lisle
Aug. 3 to Aug. 9, both inclusive
July
Range Since
IVeek's Range Sales 1933 to
for
July31
Jan. 1 1935
of Prices
1935
Week
-Par i.e w
Stocks
100 12041
Brown Shoe pref
62
Common
17
Burkart mfa Corn
11ig 11 Shares Low
35 117
12041
20 42
62
25
17
High
Low
June
12034 Aug 126
Aug
Mar 62
53
June
Jan 19
6
Financial Chronicle
Volume 141
Week's Range
of Prices
Stocks (Concluded) Par Low
Coca-Cola Bottling corn_ _1 40
Dr Pepper corn
• 19
Elder Mk corn
• 1234
Falstaff Brew corn
1
44
Huttig (S & D) pret__-100 27
International Shoe corn..' 48
Key Boiler Equip com
•
5
Laclede Steel corn
20
Meyer Blanke Corn
•
Mo Portl Cement corn_ _25
National Candy 1st pret100
2d Pref
100
Common
•
Rice-Stix Dry Gds 2d p1100
Common
•
So'western Bell Tel pret 100
Wasmar rlattrIn avmm
1a
High Shares Low
8
40
20
6
19
25
10 10
1235
420
44
431
29
80 17
190 38
4834
534
434
175
20
19
1434
14
834 84
11734 11734
100 101
1034 12
101 101
10
10
1234 124
7 a sz
July 1
Sales 1933:0
for July31
Week
1935
I ate
Range Since
Jan. 1 1935
Low
25
Jan
16
May
Feb
12
24 Jan
27
Aug
4234 Mar
Aug
5
110 124
1534
14 104
50
145
634
6
40 100
116
30 86
100
365 11
1034
45 70
92
45
634
8%
55 11534 119
045
A 1.4
125.4
DEAN WITTER8c CO.
Municipal and Corporation Bonds
PRIVATE LEASED WIRES
San Francisco
Los Angeles
Oakland Sr ...mento Fresno New York
Portland Honolulu Tacoma Seattle Stockton
May
May
Apr
Jan
Aug
Aug
Apr
July
May
Jam
Week's Range
of Prices
High
45
May
194 July
1434 Feb
534 July
Aug
29
484 Aug
534 July
20
1434
9
118
105
164
101
1234
12434
2054
Aug
Aug
May
May
May
Yet
Aug
Jar
July
rill,
Members
New York Stock Exchange
San Francisco Stock Exchange
San Francisco Curb Exchange
Chicago Board of Trade
Chicago Stock Exchange
New York Curb Ex. (Asso.)
New York Cotton Exchange
New York Coffee & SugarEz
Commodity Exchange, Inc.
Honolulu Stock Exchange
San Francisco Stock Exchange
Aug. 8 to Aug. 9, both inclusive comp led from official sales lists
July 1
Week's Range Sales 1933 to
for July31
of Prices
Week
1935
Range Since
Jan. 1 1935
897
Stocks (Concluded) Par Low
Wells Far Bk dr U Tr.100 274
Western Pipe & Steel Co 10 1954
Yellow Checker Cab A..50 104
July 1
Sales 1933 to
for
July31
lireek
1935
Range Since
Jan, 1 1935
High Shares Low
Low
High
275
68 179
230
Jan 280
July
2134 2,810
74 1034 Jan 214 Aug
330
244
11
8
Feb
11
Aug
San Francisco Curb Exchange
Aug. 3 to Aug. 9, both inclusive, compiled from official sales lists
July 1
Week's Range Sales 1933 to
Range Since
of Prices
for July31
Jan. 1 1935
IVeek
1935
StocksPar Low
High Shares Low
Amer Tel & Tel
100 1318 1354
549 9834
4
American Toll Bridge _ _1
4,250
20c
Anglo National Corp
80
3
• 114 114
Argonaut Mining
1.75
5 174 184
500
Atlas Corp
O
• 114 123
4
80
754
Atlas Imp Diesel B
1.00
•
210
7
7
Aviation Corp
•
200 I 2%
33' 334
Low
High
Mar 1354 Aug
99
210 Mar
470 July
734 Jan
113( July
10
Jan
19
July
1234 Aug
1134 Aug
2.00 Feb
8 June
3
July
34 Aug
Calwa Co
10
Cities Service
•
Claude Necn Lights
1
Crown Willamette 1st pf •
2d preferred
•
Dominguez Oil
•
Dumbarton Bridge
10
Faster dr Kleiser pref._ _100
General Motors
10
Cladding, McBean
•
Gt West Elec-C hem...100
Preferred
100
1.50
14
40c
86
47
30
60c
46
3934
934
4834
21
1.50
1.50
40
4,174
75c
2
zi
47c
300
88
400 40
49%
335 16
30
10
17
60c
3
23
20 35
5234
4434 12,46 25 2234
934
10 17 434
50
12
17
21
26
1634
1.50
75c
32c
68
38
2234
35c
46
264
5
1834
21
Aug
Mar
Apr
Mar
June
Feb
Mar
Aug
Mar
Apr
Aug
July
1.50
234
55c
88
5034
30
80c
5214
4434
1034
50
21
Aug
May
May
Aug
Jan
Aug
July
Aug
Aug
July
Aug
July
Idaho Maryland
1
Stabo Petroleum
1
Preferred
1
Kleiber Motors
10
Libby, McNeill & Libby_10
Lockheed Aircraft
1
Monolith Portl Cement-•
Oahu Sugar
20
Occidental Petroleum _ _ _ _1
O'Connor, Moffatt
•
3.50
15c
950
70
64
3.50
2.50
294
25c
5
3.5
18c
1.00
3.00
13c
66c
Sc
64
1.30
3.75
204
23c
3
Jan
Jan
Jan
May
July
Mar
Apr
Jan
Apr
Jan
3.95
280
1.20
70
84
3.95
2.50
31
33c
534
May
Feb
Jan
June
Apr
July
July
May
Mar
Aug
634
3.7
2.50
294
25
534
1,91
2.50
2,200
Sc
2,13
47c
50
Sc
500 z 28
4
2,690 7 90C
10
1.00
20 15
800
20c
320
2
Stocks-.
Par Low
High Shares Low
Low
High
Assoc Insur Fund Inc.- _10
4
434 2,295
134 Jan
494 July Pacific Amer Fisheries.
74
..5 134 1434 2,120
5
Associated Oil Co
93.4 Jan 1534 July
25 40
40
200 26
3134 Jan 40
Aug Pacific Eastern
234 234 1,785
1
134 Ma
Atlas Imp Diesel Eng A..*
312 May
134
854 954 2,076
834 Aug 114 June Pacific WesternCorp
134
011
84 834
•
410
7
Jul
.epr
Bank of California NA-100 1724 187
190 1204 143
Jan 187
Aug Pineapple Holding
20 16
1934 May
625
1634
11
5
Jan
Byron Jackson Co
• 1234 1234 3,231
334
74 Jan 1334 July Radio Corp
•
4
370
634 6%
4
Calamba Sugar com---20 2134 2134
Mar
634 July
529 1534 19
Jan 23
Feb Riverside Cement
•
100
7% preferred..
73' 734
6
734 Aug
734 Aug
20 2134 22
100 1734 214 Apr 22
Aug
Calaveras Cement coin_
1
1
136
1
1
Aug
Aug Silver King Coalition....' 1354 144
34
831 Mar 19
California Copper
380 IS 53.4
Apr
10
54
300
34 Feb
54 May Southern Calif Edison__ _25 1934 204 2,678 11- S
34
34
n
104 Mar 2034 July
Calif Cotton Mills com.100 1634 1834 1,854
4
1034 Jan 184 Aug
6% Preferred
25 2534 2534
300 1534 1734 Jan 2554 July
Calif Ink Co A corn
• 40
40
247 17
Feb 404 July
30
25 2734 2734
7% Preferred
15 184 2034 Jan 2834 July
California Packing Corp_
334 34
1,937 I Is% 31
Aug 424 Feb South Pacific0 G pret_100 30
3534
80 1434
17
Caterpillar Tractor
Jan 3534 Aug
• 524 54
912 I 15
3634 Jan 554 Aug Sun-Set McKee A
2434 '25
170 1134
184 Jan 25
Claude Neon Elec Prods..• 104 104
Aug
272 s7 734 104 Aug 1134 Feb
11
• 10
200
534 10
11
Clorox Chemical Co
Aug
Aug
• 36
398 184 294 Jun 37
364
July Vice Co
7
•
7.
6
335
6
734 July
July
Cst Cos G &E6% 1st pt100 9934 994
137 56% 77
Jan 100
July Waialua Agriculture_-20 57
5834
250 29
Cons Chem Indus A
32334 Jan 0854 Aug
• 304 3134
642 2134 2754 Jan 324 July West Coast Lite
4.50 Feb
4.50
5
47
Crocker First Nat Bank100, 285 285
6
634
May
10 205
Jan 290
235
July
Crown Zellerbach v t c_
44 434 12,531 I 334
334 Apr
53.4 Jan
Preferred A
•No par value. c Cash sale. Ex-dIvIdend. p Es-tights. a Listed. t In default.
• 65
664
396 27
504 Mar 704 Jan
Preferred B
• 854 6834
402 28
Jan
5034 Mar 70
g Price adjusted 10 100% stook dividend paid Dec.29 1914(Kalamazoo Stove Co.)
Di Giorgio Fruit corn
•
34 34
103
334 Aug
r New stock, 3 Low price not including cash or odd-lot sales.
334
44 July
93 preferred
100
127 16
2234 Jan 38
Jan
Mountain Fuel will succeed Western Public Service Co. July 15.
Eldorado Oil Works
• 254 254
700 13
Jan 2834 May
18
Emporium Capwell Corp * 134 1334 1,930
The National Securities Exchanges on which low prices since .11117 1 1933 were
5
554 Jan 1494 July
*
Der & Equip
Emsco
1334 1,355 17 234 124 July 1334 July made (designated by superior figures in tables)' are as follows:
13
Fireman's Fund Insur-25 90
91
280 44
7134 Jan 92
July
New York Stock
Food Mach Corp COM- _ _• 46
22 Cincinnati Stock
32 Pittsburgh Stock
4634
885 1034 204 Jan 4634 Aug
U Richmond Stock
New York Curb
II Cleveland Stock
Foster & Kleiser corn...-10
24 234
1
710
Feb
234 Aug
New York Produce
Galland Mere Laundry.... 53
I Colorado Springs Stock 24 St. Louis Stock
,
53
10 3134 39
Jan 51
July
New York Real Estate I2 Denver Stock
Gen Paint Corp A com___• 2734 2734
n Salt Lake City Stook
5
344
1434 Mar 274 Aug
IS Detroit Stock
Baltimore Stook
B common
21 San Francisco Stock
14 Mar
49.4 434 3,366
Si
454 Aug
Bolton Stook
Golden State Co Ltd
17 Loa Angeles Stock
27 San Francisco Curb
•
64 6% 5,014
4
4
Mar
64 June
Buffalo Stook
12 Loa Angeles Curb
22 San Francisco Mining
II Minneapolis-St. Paul
California stook
Hale Bros Storm Inc
22 Seattle Stock
• 134 1434
1,165
834 Jan 144 Aug
8
Chicago Stock
Honolulu Oil Corp Ltd_ _
as New Orleans Stock
20 Spokane Stock
174 1734
345 104 144 Jan 2034 May
'Chicago Board of Trade" Philadelphia Stock
Honolulu Plantation..._-20 2834 283(
21 Washington(D.C.)Stock
120 1734 26
Jan 324 May
I Chicago Curb
Hunt Bros A corn
250
7% 734
Jan
734 May 10
334
Hutchinson Sugar Plant.15 1914 1934
Jan
50
7
7
1934 July
Island Pine Ltd corn...-20
74 734
Jan
100
3
May
10
54
Langendort Utd Bak A...'
9
51 Mar
4
9
260
534
94 July
Leslie-Calif Salt Co
• 253( 2534
224 Apr 26
585 21
Jan
CURRENT NOTICES
L A Gas dr Elm pret. -100 10634 107
31 75
814 Jan 107
July
Lyons-Magnus Inc A _ .•
9
634 Jan
100
9
6
94 July
2
-Home Owners Loan Corporation and Federal Farm Mortgage Corpora1
200
234
Mar
1
234 Aug
Magnavox Co Ltd _____234
154 154
1,243 II
34 Jan
14 Aug tion bonds have even greater security than direct Government issues,declared
34
(1) Magnin & Co corn....' 1234 1234
425
6
834 Jan 124 Aug C. F.
6% preferred
Childs & Co., Government security specialists, in their latest bulletin
100 101 101
10 66
Feb 101
93
June
Merchant Cal Mch com-10
8
9
2,932
1
2
Jan
9
Aug analyzing bond issues guaranteed by the United States Government. In
addition to being guaranteed by the United States these issues are backed
Nat Automotive Fibres... 27
6,142 27 3
28
Feb 28
13
Aug by collateral In the form of actual mortgages on homes and farms, according
Natomas Company
• 1014 11
2,153
7% Jan 114 May
334
100
No Amer Inv coin
6
6
40
5
Mar
354
6
Apr to the bulletin.
6% preferred
100 4234 4834
245 14
3134 Mar 484 Aug
At the same time, the report continues, these guaranteed issues also proNorth Amer Oil Cons...10 134 14%
634
577
934 Mar 15 June vide a more generous return to the investor than direct Government issues.
Occidental Ins Co
10 2834 294
30 13
214 Mar 29% July "These
(guaranteed) issues are as useful for all purposes in an investment
Oliver United Filters A_ _.• 21
26
5
4,609
1234 Jan 26
Aug
11
•
44 634 8,374
2
134
Apr
64 Aug portfolio as the direct Government securities, and yet are available at more
Tar.uhau Sugar
15 10% 10%
4
210
434 Jan 114 June attractive yields," the report states, citing examples. On July 31 last,
Pacific0& E corn
25 2534 28
8,127 1234 134 Feb 28
Aug HOLC 134s. due June 1 1939 were
6% Ist Pref
priced at 100 30-32 to yield 1.28%,
25 274 2734 3,120 2 1834 2034 Jan 28
July
54% Pre
25 25
2534 1,790 164
Jan 254 July While United States Treasury 234% notes due June 15 1939 at 10325-32
18
Pacific Lighting corn
• 4134 43
2,418 I 19
2034 Mar 43
Aug offered only 1.15% return. On the same day FFMC 3s. due May 15 19496% preferred
• 100 10134
550 6651 71
Jan 102 June 1944 at 102.18-32 yielded 2.68%. United States Treasury
3% bonds
Tao Pub Ser (non-vot)com•
1% 14 1.869 7 54
34 Feb
14 Apr due June
(Non-voting) pret
15 1948-1946 at 103 29-32 offered a somewhat smaller return of
• 154 1634 1,266
734 Feb 174 July
134
Pacific Tel & Tel Com...100 110 112
273 68% 704 Jan 11234 July 2.58%.
6% preferred
100 133 1344
46 9934 111
Jan 1344 June
In connection with the mortgage collateral behind the guaranteed !SSW%
Taraffine Co's corn
• 434 45
2,412 21
38
45
Ma
Aug the report states that as a matter of fact
Pig% Whistle pret
"it is doubtful if this collateral
•
14
34 Jan
725
234 Aug
34
would have an important bearing on the actual payment of principal and
Ry Equip & RIty 1st pf • 174 18
110
Jan 19
10
5
June interest for the Attorney-General, at the instance of the Secretary Of the
Rainier Pulp & Paper Co_• 34
35
862 15
Jan 35
30
Aug Treasury, has ruled that if either corporation 'should fail, upon demand
ROOS Bros corn
1 20
2034
5
250
Jan 2034 Aug
9
SJ L&P 7% pr pref___100 111 111
12 6754 884 Jan 111
July by a bona fide and accredited holder, to pay either principal or interest
Schlesinger & 23(11 F)com •
34 Jan
34 May when due, the United would thereupon become obligated to make such
34 2,678
Preferred
100
3
2
1
321
134 Jul
3
Aug payment and its obligation would not be conditioned upon the institution
Shell Union Oil coin
• 1034 1034
453 I 54
534 Mar 1134 may of any proceeding by the
Preferred
bondholder against the corporation.'"
100 974 98
200 4534 6434 Mar 98
Aug
Southern Pacific Co.---100 19
194
-Announcement is made of the extension of the business of the Boston
1,050 124 13
Mar 204 July
So Pao Golden Gate A _ __ _•
234 3% 4,305
1% Jan
34
335 Aug office of Goldman, Sachs & Co. to deal in high grade investment
securities.
B
•
134 234
2,465
24 Aug This
34
34 Jan
firm, originally established in New York in 1869, has had an office
Spring Valley Water Co..*
4
6
6
534 Jan
10
64 July
Standard 011 Coot Calif..* 344 3535 2,085 I 2634 28
in Boston for over 30 years, devoted in the main to the purchase and sale
Mar 3834 May
of commercial paper. Ralph May represents the firm in New England
Telephone Inv Corp
• 3734 3734
100 28
Jan 38
33
Apr with offices at 60 Congress Street.
Tide Water Assd 011 corn_• 1034 104
1,185
74 Mar 12
734
May
6% preferred
The new bond department will be under the direction of W. Herrick
100 994 1004
113 4334 834 Feb 1024 June
'Transamerica Corp
•
634 734 97,785
44
434 Mar
774 Aug Drown, formerly an Assistant Vice-President of Old Colony Trust Co.
Union Oil Cool Calif.
._.25 1734 .184 3,839 I 1134 1434 Feb 204 May andassociated with that
bank since 1917. Prior to that, Mr. Brown
Union Sugar Co corn_ __-25 1134 13
4
1,800
Jan 1631 May
05
Utd Air Lines Trans Corp 5
71
4
fli,4
240 I 314
734 Aug was engaged in organizing many of the Morris Plan banks in New England.
454 Ma
Aug. 10 1935
Financial Chronicle
898
Canadian Markets
LISTED AND UNLISTED
Provincial and Municipal Issues
Province of Alberta
1 1948
Jan
58
1 1957
Oct
ts
11956
Oct
414e
Prov of British Columbia
Feb 16 1938
4a
July 12 1949
58
1 1953
Oct
4341
Province of Manitoba
Aug 1 1941
434e
June 15 1954
51
Dec 2 1959
56
Prey of New Brunswick
June 15 1936
4Ms
Apr 15 1960
Skis
Apr 15 1961
diis
Province of Nova Scotia
Sept 15 1952
434a
Mar 1 1960
Si
Ask Province)Of Ontario
Bid
3 1937
Jan
5341
10114 102
1 1942
Oct
58
93 94
Sept 15 1943
88
4
963 9712
May 1 1969
Sc
June 1 1962
48
10012 101
Jan 15 1985
4340
10114 102
4
973 9812 Province of Quebec
Mar 2 1950
4345
1 1958
Feb
4
104 1043
may 1 1961
434e
10812 10912
Province of Saskatchewan
10912 11012
May 1 1936
434i
June 15 1943
6s
4
1023 10312
Nov 15 1948
4
5318
4
1103 1113
1 1961
Oct
4110
10812 10912
Act
Bid
10613 10612
4
112 ;1123
11714 118
11534 11612
10514 10614
10912 11012
11234 11314
4
1093 11012
1131s 114
4
4
1003 1013
4
1023 10312
105 106
4
973 9812
14 Wall St.
New York
Private wires to Montreal and Toronto
and through correspondents to all
Canadian Markets
Sales
Friday
Range Since Jan. 1 1935
Last Week's Range for
Week
of Prices
Sale
High
Low
High Shares
Stocks (Concluded) Par Price Low
Canadian
Bonds
CO" Inc.
Industrial and Public Utility Bonds
FM Ask
129
2914
90
89
80
78
95 9514
51
11414 115
10514 106
10112 103
4
9914 993
3
4
1043 105 4
56
154
4
101 1013
104 105
104 10412
10512 10614
103
10534 -6712 6812
4
1013 10214
lot Pow & Pap of Nfid Se'88
Lake St John Pr & Pap Co
Feb 1 1942
0340
Feb 1 1947
Hs
MaoLaren-Que Pow 5348 61
Manitoba Power 5%e_ _1961
Maple Leaf Milling 53481949
Maritime Tel & Tel Os_ _1941
Massey-Harris Co 615_1947
McColl Frontanao Oil 881949
Montreal Coke & M 15146 '47
Montreal Island Pow 53.48'67
Montreal L H & P (550
1939
par value) 33
Oct 1 1951
6s
Mar 1 1970
Sc
Montreal Pub Serv 58._1942
Montreal Tramwaye 655.1941
New Brunswick Pow 6e 1937
Northweetern Pow (is __1960
Certificates of deposit_ ___
7412 7512
4
1123 11312 Nova Scotia L & P 651_1958
11312 1412 Ottawa Lt Ht & Pr 64._1967
106 10612 Ottawa Traction 5148-1955
Ottawa Valley Power 6348'70
10412 _
4345 1959
8112 8214 Power Corp of Can
Deo 1 1957
be
10012
99
1943
35 Price Bros & Co 66
32
Certificates of dspoidt____
4
10414 1043
Provincial Paper Ltd 5348'47
88
1988
8812 8912 Quebec Power 58
'67
10112 10214 Shawinigan Wet & P 4 1949
Simmons Ltd 138
4
1023 10312
Southern Can Pow 15e- _1955
4412 4512 Steel of Canada Ltd 88_1940
8914 United Grain Grow Ss...1948
89
52
3
95 4 9614 United Securies Ltd 534e
Power 58 '56
4
4
1 014 403 West KootenayCo 58._ _1935
Wintioeg Elite
10112
Oct 2 1954
86
104 10512
esk
Rid
10014 101
fl7
160
73
414
5
/32
109
88
10412
10312
10312
21
81
7312
4
543
3211
5
/0
s
1087
107
105
10114
87
133
13212
102
8
1045
9312
93
4
863
9212
85
85
10212
10412
8
995
1033
4
10412
112
92
5012
0714
0714
88
0514
05
02"
88
341s
34
05
4
933
871a
94
87
87
0312
05
00
0412
93
11(1i 2 107
9812 9912
56
54
Railway Bonds
Bid Ask
Canadian Pacific Hy
Canadian Pacific Ry—
BOPS 1 1948
4kill
is Perpetual debentured__ 89 8912
Dec 1 1954
58
Sept 16 1942 11012 11
68
July 1 1960
4341
Deo 15 1944 9714 9814
434s
1 1944 11214 13
Bid
Ask
1023 10313
4
10614 107
102 10212
reJuly
Dominion Government Guaranteeci Bonds
Bid
A41
Canadian National KY
Sept 1 1951 11134 11214
430
8
Sept 15 1954 10214 1025
Skis
June 15 1955 11412 115
4345
Feb
1 1958 11212 113
Skis
July 1 1957 11112 112
4341
July 11969 11412 115
Si
1 1969 1165 11713
s
Oct
Si
Feb 1 1970 1165s 1171s
5s
Bid
Canadian Northern RI
Dec 1 1940
78
July 1 1946
834s
Grand Trunk Pacific Ry—
11982
Jan
as
1 1962
Jan
Ite
Grand Trunk Hallway—
Sept 11936
11940
Oct
78
45*
4
10414 1043
124 12112
107
99
108
100
105 10512
1035s 10412
Montreal Stock Exchange
from official sales lists
Aug. 3 to Aug. 9, both inclusive, compiled
Sales
Friday
Range Since Jan, 1 1935
Last Week's Range for
Week
of Prices
Sale
High
Low
High Shares
Par Price Low
Stocks—
18
9%
99%
2
18
12%
lin
9%
9934
2
18
12%
Ill)
734
10
71 98
2
30
40 1734
33 1034
25 104
9%
Jan
Jan 100
316
Mar
July 28
Mar 13%
Feb 110
Aug
8
Mar
Jan
July 40
Jan
Apr 135
Aug
1034 Jan
July 3034 Jan
Jan
5
Apr
1734 Jan
Jan
Apr 3134 July
4,920
434
634 8
734
Bathurst Power & Paper A•
10 20
Bawif N Grain pref____100 2234 2234 2234
• 602 118
12934 130
100 130
Telephone
Bell
734
•
734
734 834 8,102
Brazilian T L Sr P
510 21
2634
Brit Col Pow Corp A_..._• 2534 24
160
334
3
.0
234
B
375 1434
1634
18
• 16
Bruck Silk Mills
165 2634
31
30
•
Building Products A
Private wires to Toronto and Montreal
26 Broadway, New York
Montreal Stock Exchange
&
•
Agnew-Surpass Shoe
•
Preferred
•
Alberta Par Grain A_
100
Preferred
Associated Breweries... _ _•
100
Preferred
Members New York Stock Exchange
10812 10912
115 116
Wood,
Gundy
Abitibi P & Pap et& 511 1953
Alberta Pacific Grain 681946
Asbeetos Corp of Can 58 1942
Beauharnois L H & P 048'73
Beauharnois Power Os_ _1959
Bell Tel Cool Can 58....1955
British-Amer 011 Co 58-1945
Brit Col Power 550-1980
March 1 1980
Se
British Columbia Tel fas 1960
Burns & Co 5348-3348.1948
Calgary Power Co be___1960
1941
Canada Bread Sc
Canada Cement Co 534e '47
Canadian Canners Ltd lis '60
Canadian Con Rubb 615_1946
Canadian Copper Ref tie '45
Canadian Inter Paper 611 '49
Can North Power 5A...1953
Can Lt & Pow Co 58_1949
Canadian Vickers Co tie 1947
Cedar Rapida M & P fla 1953
Consul Pap Corp 5M-1981
Dominion Canners lia...1940
1940
Dominion Coal 5a
Dom Gas & Elea 8H8-1945
1949
Dominion Tar 68
Donnaconna Paper 534s '48
Duke Price Power 621_ _ _1966
Ewit Kootenay Power 71 '42
1949
Eastern Dairies 63
Eaton (T) Realty 6s.......1949
Pam Play Can Corp 621_1948
1950
Fraser Co 68
1960
Os stamped
19b6
Gatineau Power 6a
General Eiteelwares 86...1952
Oreat Lakee Pap Co let 13450
Hamilton By-Prod 78_1943
Smith H Pa Mills 54e 1963
LAIDLAW & CO.
July
Feb
Jan
Jan
Jan
June
634
55
2134
134
7
30
734
1434
23
11934
1934
431
6
562 51
575 1734
10
1.00
10
534
1,380 26
834
890
495 1234
545 1834
170 100
610 18
834
Mar
Apr 6434
Mar 22
234
July
July II%
May 3034
834
Mar
Mar 17
Apr 2434
Jan 120
May 2034
Jan
Jan
July
Jan
Jan
Jan
Jan
Jan
June
July
Jan
97
95
100 95
Can Cottons pref
105 105
Can Foreign Inv pref._100
60
60
50
Can Gen Elec prat
52
49
Can Hydro-Elect pref__100 52
934
•
834 934
Can Indust Alcohol
754 8
•
734
Class B
3
3
3
.
Canadian Locomotive__ _•
934 1034
934
Canadian Pacific Ry____25
774 834
•
834
Cockshutt Plow
167 170
Con Mining * Smelting26 170
712 95
50 103
91 69
280 37
7
1,520
650
6
10
2
934
3,576
6
680
647 126
Jan 105
May 10734
May 8334
Apr 8234
Jan
1034
Jan
934
4
July
July 1334
Mar
834
Mar 18434
Mar
Jan
Jan
Jan
May
May
Apr
Jan
Jan
May
• 2834 2834 2934
Dominion Bridge
17
1734
Dom Coal pre new_ ___100 17
1434 1434
100
Dominion Glass
140 140
100
Preferred
434 5
474
Dom Steel & Coal B____25
• 6874 6834 6934
Dominion Textile
334
3
334
•
Dryden Paper
13
13
.
Foundation Co of Can.. 0 13
3
334
•
General Steel Wares
55
64
Goodyr T pref Inc new_100
434 5
6
•
Curd (Charles)
534 534
534
Lime & Alabast.•
Gypsum
334
3.18
334
•
Hamilton Bridge
Hollinger Gold Mines_ _ _ _5 13.76 13.60 13.75
10
10
10
Howard Smith Paper...90
ioo
Preferred
1,020 2434 Mar 3374 Jan
2,797 17 June 1834 July
Jan
125 110 May 120
May
1 13834 Apr 148
Jan
6
Apr
1,792
334
55 63 June 8234 Jan
534 Jan
July
3
630
Apr 1334 June
80 11
534 Jan
July
3
381
Aug
418 5134 June 55
634 Jan
434 Jan
410
734 Jan
434 July
55
554 Jan
3 June
25
417 12.65 July 20.20 Mar
Feb
July 13
9
220
May 9034 Feb
20 83
•
634
634
Canada Cement
100 55
5434
Preferred
Can Nor Power Corp_ ___• 2134 2134
134
•
Canada Steamship
7
100
&referred
30
• 30
Canadian Bronze
734
734
*
Can Car & FoundrY
1334
25 14
Preferred
• 2234 2234
Canadian Celanese
100 11934 119
Preferred 7%
19
•
Rights
90
Imperial Tobacco of Can_b
100
Intercolonial Coal
Int Hydro-Elm Sys A- __25
Int Nickel of Canada_ _ _•
•
International Power
100
Preferred
*
Lake of the Woods
•
Lindsay(C W)
C
Massey-Harris
McColl-Frontenac 011_ _•
Cons*
Montreal L H & Pow
Montreal Telegraph - AO
Montreal Tramways_..100
*
National Breweries
25
Preferred
Corp._•
National Steel Car
Niag Wire Weaving pref._*
90
14
1334
40
234
2734
2
43
8
434
14
40
234
2
834
2
45
9
5
2,014
15
100
4,625
10
57
70
160
12
26
1.75
22
1
40
7
2
Mar
Feb
July
July
Apr
July
June
Mar
14
42
234
2934
6
64
1334
5
July
Apr
Aug
May
Jan
Jan
Jan
July
434
1234
31
58
05
3851
42
1834
51
434
1334
3234
58
9634
3634
42
1634
52
710
1,313
5,409
17
86
2,014
40
1,120
85
334
1234
2834
6434
80
31
38
14
4534
Mar
June
Apr
Jan
Jan
Jan
Mar
Mar
Feb
531
1534
3234
58
98
37
42
1934
52
Jan
Jan
Aug
Mar
May
July
Aug
Jan
June
234
2834
45
834
434
1234
3234
9634
3651
1634
51
159 15951
• 159
Ogilvie Flour Mills
75 ' 77
Ottawa Lit dr Power...100
46
46
• 48
Penmans
110 112
100
Preferred
754 9
874
Power Corp of Canada___*
1431 1534
* 1451
Quebec Power
86
85
Rolland Paper pref.._ _100
30 140
27 75
80 46
167 10634
7
1.422
835 1334
40 83
Mar 190
July 85
Aug 8334
Mar 115
Apr 1034
July
1734
May 92
Jan
Feb
Feb
Jan
Feb
Jan
Jan
95
534
1034
1734
1234
107
12
1134
60
48
1,535 80e
3
205
738
834
3,918 15
1,360 1134
40 100
934
35
934
188
388 4234
64 4134
1.90
July
854
June
July 1634
Apr 20
Aug 17
Jan 110
14
Jan
May 1434
Mar MA
Feb 48
Jan
Jan
Jan
Jan
Jan
Feb
May
Jan
July
Aug
841
• 90
St Lawrence Corp
434
60
634
A Preferred
834
pref100 1034
St Lawrence Paper
shawinigan w ater & pow _* 1734 1634
1 134
Sherwan-Willlams of Can • 1234
108
itib 108
Preferred
1131
• 12
Simon (H) dc Sons
11
•
Southern Can Power
e 4934 4934
Steel Coot Canada
48
25
Preferred
•
Viau Biscuit
*
Wabaaso Cotton
Windsor Hotel prat_ —100
•
Winnipeg Electric
100
Woods Mfg pre
Banks—
Canada
Canadienne
Commerce
20
1.40
1.60 1.50
20
20
6
6
1.25 1.50
60
60
50 5351 5354 59
100 12834 12734 12834
141 143
100 141
100
Montreal
100
Nova Scotia
100
Royal
100
1'4:Wont°
• No par value. I Fiat p
18531
270
14434
199
ice
184 186
270 270
1 4434 14534
199 199
25
345
25
145
5
1.45 Jan
18
July
Aug
6
1.00 May
55
July ,
Mar
2
Feb
27
Apr
8
234 Jan
Jan
70
May
426 5334 Aug 66
Mar
Aug 132
38 125
49 141
Aug 18934 Feb
50
20
83
2
172
285
14434
199
June
July
Aug
Aug
Jan
204
Jan
304
17354 Jan
Feb
235
899
Financial Chronicle
Volume 141
Canadian Markets-Listed and Unlisted
HANSON BROS Canadian Government
Municipal
INCORPORATED
ESTABLISHED 1883
255 St. James St., Montreal
56 Sparks St, OILTH
330 Bay St, Toronto
CANADIAN SECURITIES
GOVERNMENT. MUNICIPAL, CORPORATION and RAILROADS
Public Utility and
Industrial Bonds
ERNST & COMPANY
Members New York and Chicago Stock Exchanges
New York Curb Exchange - Chicago Board of Trade
Montreal Curb Market
Stocks-
PRIVATE WIRES MONTREAL. TORONTO AND CHICAGO
Sales
Friday
Range Since Jan. 1 1935
Last Week's Range for
Week
ofPrices
Sale
Low
High
High Shares
Par Price Low
Asbestos Corp vol trusts__•
5
Brit Col Packers
5
Bathurst Pow & Pa B
Brit Amer Oil Co Ltd..._*
Canada Vinegars Ltd _
•
Cndn Dredge ds Dk Ltd •
Cndn Vickers turn pref_100
Champlain Oil Prods prof •
Comm Alcohols Ltd
*
Dist Corp Seagrams Ltd *
Dominion Eng Works •
Dominion Stores Ltd
*
Dom Tar & Chem Ltd__ _ _ 5
Cum preferred
100
Fraser Companies Ltd_ _ _•
Voting trust
Home Oil Co Ltd
•
Jot Metals
Imperial Oil Ltd
lot Petroleum Co Ltd__ _ _*
Matchers Dist Ltd A
*
•
Mitchell & Co Ltd (Robt)•
Page-Hersey Tubes Ltd..
Regent Knitting Mills__ _•
Rogers-Majestic
•
ThriftStores cum pfd 34 %25
Utd Dist ot Can Ltd
*
Walkerville Brew Ltd_ __ _*
Walker Good & Worts_ _ _ _•
Preferred
Whittall Can Co Ltd
•
Public Utility-.
Beauharnois Power Corp.*
C No Pow Corp Ltd p1100
City Gas & Elea Corp Ltd*
Inter Util Corp elms A_ •
Class II
Sou Call P Co Ltd pref_100
14%
800
2%
1631
28
26%
6%
6%
50c
24%
18
7%
431
67
4
2
540
4%
1951
35%
9
231
3%
80
4%
6
6%
75c
3.00
29%
18
5
400
53
170
775
130
115
8
351
110
6,705
10
25
615
135
220
40
315
5
3,400
1,842
45
170
25
25
25
75
35
3,650
140
710
384
75
Mar
6
50e Feb
1.00 Apr
1431 Mar
Jan
25
1934 Mar
655 Jan
6% July
450 June
1355 May
Apr
17
6% July
34 June
44
Jan
2% June
1.75 July
500 July
434 Aug
15% Mar
284 Mar
7
Mar
255 Apr
355 Mar
78
Jan
454 Jan
sg Mar
5
Ma
500 Apr
2.85 Aug
234 May
1695 Jan
1.50 Ma
3% 334
103% 106
1.35 1.75
2
3
350 45e
45c
88
88
760
57
60
130
1,300
1
3
9855
1.50
1.25
350
80
1455
80c
255
16
28
26%
654
6%
500
24%
18
74
4%
6155
4
2
500
44
1955
34
9
215
355
80
44
6
6
65
2.8
2931
18
5
14
700
1%
16
28
25%
6.51
631
50c
20%
18
7%
4
61%
4
2
50c
451
19
34
9
2%
3%
80
4%
6
6
650
2.85
27%
17%
5
3%
MinIngAfton Mines
101
650 65e
1
Big Missouri Mines
550
520 55c 1,250
1
Bulolo Gold Dredging_ _ _ _g 3514e
350 3534c 1,700
Brazil Gold & Diamond_.1
370 48c 1,800
46c
Cartier-Malartic0 M. _1
2%0 215c
50
Castle-Trethewey M
100
980 994
1
Dome Mines Ltd
1
37% 3751
Falconbridge Nickel M _ .
18
3.95 4.0
5
4.05
Francoeur Gold
1,200
120 12
•
Intl Mining Corp
1,000
220 22
J M Como]
160 1631 10,200
163Ic
Lake Shore Mines
125
50%e 50510 5031
Lee Gold Mines
4
200
40
McIntyre-Porcupine
10
39
39
5
Noranda Mines
940
• 37% 37% 3834
Parkhill Gold Mines
2,300
18c 21%
1
2Ic
Perron Gold
M
500
58e
1
Pickle-Crow
2,000
2.30 2.5
2.53
Pioneer Gold of B C
100
10.01510.01
1
Quebec Gold Mining
1,950
600 67
1
600
Siscoe Gold Mines
2,490
2.60 2.7
1
2.65
Sullivan Consol
760 80 11,811
1
70c
Teck-Hughes0 M
810
3.95 4.1
1
3.95
Ventures Ltd
4,000
940 96
•
Wayside Con Gold M.
120 1231 20,000
12c
.50c
e
Wright Hargreaves m
7.20 7.50 1,150
7.21
1455 Aug
1.75 Jan
24 Jan
1655 May
284 May
26
Aug
16
Jan
74 Feb
900 Jan
24% Aug
23
Feb
124 Jan
74 Feb
Feb
72
5
Jan
4
Jan
75c Jan
44 Aug
223.4 May
3955 May
11% May
4
Jan
54 Jan
87 June
Apr
7
9
Jan
13
Jan
1.50 Mar
4.25 Jan
33
Feb
1815 Apr
July
6
755
Apr
May 107
2.50
Jan
300
Mar
50c
Mar
May 100
480 June
300 Feb
33950 Jan
200 Jan
2e Jan
6115c Mar
36
Feb
3.25 Jan
Sc May
18%c May
11340 Fob
490 Jan
331c Feb
38
Jan
Jan
31
180 July
560 Aug
2.10 May
9.00 Mar
9550 Jan
2.50 Jar
38c Jan
3.67 Jan
810 June
9c Feb
7.20 Aug
Feb
Feb
Apr
Aug
Feb
Jan
700 July
750 May
3855c May
610 June
60 Mar
1.32 Apr
43% May
4.10 Feb
16350 Jan
400 Jan
200 Mar
57340 Mar
90 Mar
4551 Mar
42% Mar
320 Feb
830 June
2.96 Mar
12.00 May
800 June
3.28 Mar
89c July
4.55 Mar
1.05 Jan
24340 Mar
9.85 Mar
Unlisted Mine,
Arno Mines Ltd
4c Mar
25Ic 1340 2150 2.000 1540 Jan
Central Patricia Gold__ -1
1.15 Feb
1.79 July
225
1.68 1.72
Eldorado Gold Mines._ _1
2.90 Apr
1.15 Feb
100
1.74 1.74
1.74
Kirkland Lake Gold
52c Feb
100 3540 June
370 370
1
Stadacona Rouyn Mines_ _* 2355c 22340 2455c 30,900
140 Jan 315-4e Mar
Sylvanite Gold Mines...
2.65 Mar
2.05 2.09 1,100 2.00 June
Unlisted
Abitibi P & P cum pf6%KM
Ctts of Dep 6% prat 100
Atlantic Sugar Ref pret 100
Brewers & Dist of Van__ •
Brewing Corp of Canada.*
Preferred
Canada Malting Co
Cndn Light & Power Co100
Canadian Marconi
1
Claude Neon Gen Ad__
Congo! Paper Corp
Ford Motor of Can A_
Gen Steel Wares pref.
..100
lot Paints pret
30
Loblaw Groceterlas A ___*
Massey-Harris pref._ _100
McColl-Frontenae pref 100
Price Bros Ltd
100
Preferred
100
Royalite Oil Co Ltd
4
3
2%
19
3331
1.75
20
850
28%
1934
17%
95
1851
4
4
3
3
105 105
950 1.00
255 3
19
18
3354
33
15% 1551
1.75 1.7.5
20
20
750 850
2755 28%
41
42
19
19
1915 19%
1734 17%
2751 2854
9451 95
1.55 2.00
17
18%
23% 2351
New York
One South William Street
Aug. 3 to Aug. 9, both inclusive, compiled from official sales lists
395 July
951 Jan
220
3
Apr
654 Jan
65
Aug 105
Aug
10 105
1.05 July
50c July
1,135
255 Aug
4% Jan
440
245 15% Apr 22% May
Apr 3434 July
305 29
Jan
100 2155 Jan 30
1.75 July
1.75 July
15
Mar 30
Jan
250 20
650 July
215 Jan
8,850
2,440 2355 June 3255 Jan
Jan 55
Feb
87 37
May 19
May
10 19
Jan 194 July
10 18
Mar
10 1715 Feb 18
275 1895 Apr 28% Aug
Mar
9355 Apr 100
8
314 Feb
1.50 June
300
July 34
Jan
15
9
200 184 Jan 27 May
Toronto Stock Exchange
Sales
Friday
Last Week's Range for
Week
of Prices
Sale
Stocks (Concluded) Par Price Low
High Shares
3% 354
Beauharnois Power corn...
3%
12951 130%
100 130
Bell Telephone
24
Blue Ribbon 654% Pret.50
24
Brantford Cord 1st pret_25
29% 2932
7% 8)4
Brazilian corn
•
7%
900 1.05
Brewers & Distill corn_ *
90c
25% 2654
B C Power A
Building Products A
30
3034
*
25 3334 3354 33%
Burt(F N) corn
25-4 234
Canada Bread corn
100 80
80
1st preferred •
80
100
B preferred
27
27
631
Canada Cement corn _ -•
651
6
Preferred
5534 54% 5534
56
5651
* 56
Canada Packers corn
1
1
Canadian Bakeries
15
15
Preferred
354 334
Canadian Canners tom. •
100
1st preferred
81
81
Cony preferred
551 5%
531
•
Canadian Car corn
751 7%
731
14
1451
_25
Preferred
Canadian Dredge com___* 26% 2531 2651
Canad'n Gen Else pret_50 60
5934 60
Canadian Indus Alcohol A*
931
834 og
7% 74
Canadian Oil corn
12% 13
100 123
Preferred
123 125
Canadian Pacific Ry___25
931
934 10
4% 454
•
Canadian •11 Merles
4%
Cockshutt Plow cora
831
8
8%
Consolidated Bakeries...* 14% 14% 1431
Consolidated Smelters._25 170
167 170
188% 19034
100
Consumers Gas
Cosmos Imperial Mills_ _• 18% 1831 185-4
100 106% 10651 10655
Preferred
160
2854 2855
Crow's Non Coal
16% 1731
Dominion Coal pref. _100 17
4%
4% 5
Dominion Steel & Coal 1125
734 83(
•
Dominion Stores
834
80
80
East Steel Products
131
131
Easy Washing corn
Fanny Farmer corn
9% 934
934
2834
• 2815 27
Ford of Canada A
3
331
General Steel'Muer corn.*
50 54% 5431 54%
Goodyear Tire prat
13-1
Great West Saddlery corn •
134
531
531 5%
Gypsum Lime dr Alabast
•
Harding Carpets
3
331
Hamilton United Theat _25
1
1
1
Hinds & Dauch
1131
11.51 1131
Imperial Tobacco
1331 14
5 14
Internat'l Mill 1st pret_100
110 110%
International Nickel corn.• 2851 2734 28%
Kelvinator corn
7
7%
731
Laura &cord Candy cam.* 61
6051 61
Loblaw Groceterias A. -• 19
19%
19
1731 17% 17%
Massey-Harris corn
4%
4% 451
•
Monarch Knitting prat 100 90
90
90
Moore Corp corn
• 23
22% 23
A
139 139
100 139
162 162
100
National Grocers
4% 531
•
554
Orange Crush 1st prat _100
15
15
Page-Hersey Tubes corn.* 80
80
8054
Porto Rico pret
85
85
100 85
Pressed Metals corn
1151
11
Simpeon's Ltd pre_..100
70
71
Steel of Canada corn
49% 4934 50
Preferred
25 4751 47% 47%
Union Gas Co corn
4%
4% 5
United Steel Corp
2
2
234
Walkers(Hiram) corn....* 29% 26
2951
• 17% 1734 17%
Preferred
Western Con Flour corn..'
3
3
3
Weston I.td (Geo) corn.• 3031 30% 31%
Preferred
111 111
100
Banks
Canada
Commerce
Dominion
Imperial
Montreal
Nova Scotia
Royal
Toronto
50 54
100 141
100 166
100
100
100
100
100 200
Range Since Jan. 1 1935
69
628
30
40
8,449
7,475
240
95
60
590
25
5
145
35
255
30
10
15
5
855
375
75
315
605
3,120
25
110
220
2,766
so
835
255
732
90
185
15
50
300
1,110
725
5
10
2,625
2,588
104
28
30
270
210
23
290
1,640
50
7,24
11
9
1,620
389
1,580
55
635
44
10
605
10
200
10
33
11
453
40
1,606
985
8,418
582
1
330
10
Low
54
58%
438 54
141 143
33 141
164% 166
31 162
181
181
9 178%
184 187
oo 173
274 274
' 18 264
14351 145
10 143
200 200
2 200
Loan and Trust
Canada Permaneht _ _100 12655 126
National Trust
100
195
Toronto General Trusts 100
102
Toronto Mortgage
115
50
126%
199
103
115
14
7
39
2
High
231 Apr
118% Apr
19% May
27% Jan
734 Aug
50c Jan
21
July
26% Apr
2834 Apr
2 June
Apr
63
17
Apr
534 Mar
Apr
51
50
May
Aug
1
Aug
15
3% Aug
July
75
5
July
531 June
12
Mar
19 34 Mar
58% May
751 Jan
6% June
11
May
113
May
955 Aug
455 Aug
654 Mar
114 Jan
12.534 Mar
184
May
1455 Apr
102% Jan
25
Apr
16% Aug
3% Apr
695 July
5835 Jan
I
May
795 Mar
23% June
Aug
3
51% June
750 May
455 July
214 July
Aug
1
10
Apr
12
Apr
110
Aug
2231 Feb
65( May
July
60
1755 Jan
July
17
355 Mar
7155 Jan
Jan
17
11834 Jan
Jan
135
434 July
Feb
6
Jan
78
May
70
8
Mar
62 June
42
Mar
41
Apr
4 May
Aug
2
23
May
16% Jan
234 Apr
27 Jun
108
May
126
175
100
105
7
13551
29
30
10%
1.10
30
31%
34%
551
80
30
831
64%
56%
1
15
631
94
934
834
17
2614
6455
1015
9%
lb
127
1331
6
Feb
Feb
Feb
Mar
Jan
July
Jan
July
Jan
Jan
Aug
June
Jan
Jan
Aug
Aug
Aug
Jan
Jan
Jan
Jan
Jan
Aug
Jan
May
Jan
Jan
Mar
Jan
Mar
an Jan
17
May
18331 May
193
Mar
13% June
May
108
28% May
18% July
Jan
6
1254 Jan
9031 Feb
354 Feb
9% July
3234 June
534 Feb
54% Aug
114 Aug
755 Jan
355 Mar
24 Apr
12
Jan
1451 July
May
114
2951 May
834 Feb
Jan
63
19% July
1831 Mar
531 Jan
90
May
2334 June
143 June
June
166
6% Feb
July
17
88 June
91
Jan
15
Jan
90
Jan
50% July
48
Aug
5% Feb
Jan
5
Feb
33
18% Mar
Feb
6
4651 Jan
113
Jan
Aug
Aug
Jul
July
June
July
July
July
66%
16954
201%
20831
203
305
173
230
May
Jan
Feb
Mar
Jan
Jan
Jan
Mar
Aug
Jan
June
May
150
204
125
121
Feb
Feb
Feb
June
Toronto Stock Exchange
Toronto Stock Exchange-Curb Section
Aug. 3 to Aug. 9, both inclusive, compiled from official sales lists
Aug. 3 to Aug. 9, both inclusive, compiled from official sales lists
StocksAbitibi tom
Barcelona corn
British Amer Oil
Beatty Bros corn
Preferred
Sales
Friday
Range Since Jan. 1 1935
Last Week's Range for
Week
of Prices
Sale
Low
High Shares
High
Par Price Low
70c
•
16
100
95
70c 70c
11
11
15% 1634
951 934
95
95
100
40
2,645
20
20
550 July
11 -Aug
144 Apr
815 May
Mar
85
2.00
11
1634
15
95
Jan
Aug
May
1Jan
Aug
Stocks-
Friday
Sales
Last Week's Range for
of Prices
Sale
Week
Par Price Low
High Shares
Brewing Corp corn
•
Preferred
*
Canada Bud Brew corn.-•
Canada Malting corn
•
• No par value.
255
655
33
214 3
1815 19
615 6%
33
3315
2,089
195
275
325
Range Since Jan. 1 1935
Low
2§
15%
555
25
Aug
Mar
July
Aor
High
4%
2231
851
35
May
May
May
July
••-4Mb.
Financial Chronicle
900
Aug. 10 1935
Canadian Markets-Listed and Unlisted
Toronto Stock Exchange-Mining Section
Toronto Stock Exchange-Curb Section
zates
i riday
Last Week's Range for
Week
Sale
of Prices
High Shares
Stocks (Concluded) Par Price Low
Range Since Jan. 1 1935
Low
High
Jan
Mar
Apr
Mar
June
Jan
July.
29
1734
2414
34
734
70
4
May
Feb
Aug
Jan
Mar
Mar
May
1.14
1
Reno Gold
31e
Red Lake Golf Shore_ _ _ _•
1 6140
Roche Long Lac
•
Royalite011
3.45
1
San Antonio
1.08
500
Sheep Creek
1 6134c
Sherritt-Gordon
7234
33
3234
2234
6
3934
July
Jan
July
May
Apr
May
Siscoe Gold
South Tiblemont
St Anthony Gold
Stadacona Rouyn
1
•
1
*
Dudbury Basin
Sudbury Contact
Sullivan Consol
Sylvanite Gold
Tashota Goldfields
Teek-Hughes Gold
Texas Canadian
Toburn Gold
1.50
*
514e
1
1 7834c
2.10
1
310
1
• 4.03
•
1.10
1
Vaason Manitoba
Ventures
Wayside Consol
White Eagle
Wiltsey Coghlan
Wright-Hargreaves
*
980
*
500 12340
•
1
7.35
*
28
1534
2034
2834
4
62
2
360
2834
100
IS%
2434 33.819
233
29
145
434
70
6214
5
2
25
15
1334
2434
334
42
2
6834
1934
32
19
434
34
6834
20
32
1934
434
35
100
15
15
5,357
30
5.914
6834
19
28
1554
314
2834
Aug
July
July
Feb
June
Mar
1234
9414
31
3634
1634
3.20
1334
1334
95
32
3634
17
3.20
1334
745
90
235
25
530
200
25
1234
94
27
31
14
1.50
8
June 1534 Jan
July 10034 Mar
Jan
May 32
July
Feb 37
Mar 1834 Jan
4.00 Feb
Jan
Jan 1334 July
834
834
Power Corp of Can corn_*
6
Prairie Cities 011 A
*
6
634
Rogers-Majestic
•
109
Robert Simpson pref___100
• 1734 1654
Shawinigan Wat & Pow85
Standard Paving coin_ __ _* 85
2634
Supertest Petroleum Ord_• 27
110
100 110
Preferred A
834
634
614
109
1714
90
27
110
634
120
425 80
534
100
5 103
130 1434
35 70
530 2134
5 110
June 1034
234
May
9
Mar
Apr 109
May 20
1.25
July
Feb 2834
Aug 115
24
112
3934
11734
1814
18
234
234
24
112
3934
118
18
234
10 23
2 110
25 33
45 108
220 1554
214
195
Jan 3034 Feb
Jan 114 June
Jan
Mar 42
Mar 12934 Jan
June
May 29
434 Jan
July
Canada Vinegars com____*
4.
Bruck Silk
Distillers-Seagrams
•
Dominion Bridge
•
Dom Tar & Chem corn_ *
Preferred
100
Dufferin Pavg corn
*
2834
24
29
434
62
2
*
Goodyear Tire corn
Hamilton Bridge pref__100
Humberstone Shoe corn_*
Imperial 011 Ltd
•
Inter Metal Industries_ *
Inter Petroleum
•
6834
20
McColl-Front Oil corn
*
100
Preferred
,
Montreal L H & 1 Cons__*
National Breweries com_ •
National Steel Car
•
5
North Star 011 pref
•
Ontario Silknit corn
1234
95
32
Tamblyns Ltd(G)corn__'
to
Preferred
Toronto Elevators cow_'
Toronto Elevators pref100
United Fuel Invest pref100
•
Walkerville Brew
1934
3434
1635
3.20
24
zates
Friday
Last Week's Range for
Week
of Prices
Sale
High Shares
Stocks (Concluded) Par Price Low
Jan
July
Jan
June
Jan
Jan
June
May
Friday
Last
Sale
-Par Price
Stocks
Range Since Jan. 1 1935
Low
180 June
380 May
%0 Aug
40e Apr
2140 Jan
3.75 Mar
100 May
214o Jan
260 Mar
740 July
2340 Jan
57e Apr
8340 Mar
4.50 May
320 Jan
80 Mar
4c 3340 41ic 8,300
1
Bagamao Rouyn
3e 334c 27,500
3c
1
Barry-Hollinger
550 630 20,370
55c
Base Metals
8514c 69340 89c 241,375
Bear Exploration
600
1.60 1.65
Beattie Gold Mines
540 55c 3,835
54c
1
Big Missouri
20e
21c 9,220
20e
1
Bobjo Mines
• 5.30 5.30 5.50 3,200
Bralorne Mines
90 934e 2,200
90
B R X Gold Mines__ _ _50e
2.56 2.65 1,650
2.80
1
Buffalo Ankerite
1350 134c 2,000
•
Buffalo Canadian
630 71.1c 4,340
Bunker Hill
3140 July
2%0 May
370 Feb
140 Feb
1.27 June
31e Feb
18c July
4.30 July
7%0 July
2.50 Apr
1%0 June
4o Jan
140 Jan
8c Jan
940 Apr
89e Aug
2.16 Jan
750 May
380 Jan
12.50 Jan
24e Apr
3.50 Mar
3340 Jan
7%0 June
Acme Gas &
Afton Gold
Alexandria Gold
Algold Mines
Algoma Mining
Anglo-Huronlan
Ashley Gold
Astoria Rouyn
1
1
*
•
1
1
18540
67e
3.140
414c
570 620 7,582
200
1.03 1.03
98c 1.02 5,381
1.66 1.74 20,090
990 1.12 11,600
150 1614c 16,900
30 3%0 8,000
2.45 2.55 1,100
700
1.80 1.90
540
450
560
1.12
900
80
20
2.25
1.35
Feb
July
Jan
Jan
July
Jan
Jan
Jan
July
730 Feb
1.50 Jan
1.34 Apr
1.79 July
2.35 Jan
27e Mar
80 Apr
3.60 Feb
2.60 'Jan
185
5,450
2,500
6.500
35
3.25
20
310
Jan
Jan
Jan
July
43%
4.07
434e
380
1.50 1.63 37,490
13e 2,200
12c
8e 3,350
6340
30 3340 5,250
20c 1934c 220 12,600
200 22,340 6,100
4340 414c 1,000
680 710 10,355
700
1.24
110
40
2o
18c
170
430
480
Mar
May
June
July
July
May
Aug
Feb
2.24 Jan
200 Jan
110 Jan
70 Mar
400 May
450 Jan
100 Mar
970 May
82e
Canadian Malartic
Cariboo Gold
Castle Trethewey
Central Patricia
Chemical Research
Chicougamau Pros
Clericy Consol
Coniagas Mines
Conlaurum Mines
•
1
1
1
Dome Mines
Falconbridge
Federal Kirkland
Franklin Gold
• 37%
3.98
*
1
1 35%c
God's Lake
Goldale
Goodfish Mining
Graham Bousquet
Granada Gold
Green Stabell
Grull Whlksne
Gunnar Gold
•
1
1
1
1
1
1
1
98c
1.73
1 .05
15%0
8 3340
*
5
1.56
12c
Halcrow Swayze
Harker Gold
Hollinger Consol
Howey Gold
J M Consolidated
Kirkland Lake
Lake Shore Mines
Lamaque Contact
Lee Gold Mines
Little Long Lac
20
1
50
1
5 13.75
79e
1
1 18%c
370
1
1 5034
1
1
4.
*
Macassa Mines
Manitoba & Eastern
Maple Leaf Mines
McIntyre Porcupine
McKenzie Red Lake
McMillan Gold
McVittle Graham
McWatters Gold
Mining Corp
Moffatt-Hall
Moneta Porcupine
Morris Kirkland
1
*
1
s
1
1
*
•
1
1
1
3734 3714
3.91 4.00
2340 2340
360
350
1.40
6,140
4%0
37
1.20
15e
1.47
1.32
72c
20
50
13.40
78c
160
36340
5014
2140
334c
4.40
2e June
20 1,500
40 June
5140 3,000
13.75 1,700 12.70 July
65e July
800 9,850
c Feb
16340 7,300
38e 8,980 33340 July
50% 1,909 48% Jan
2340 1,000 2140 Aug
40 14,000 2340 Jan
4.15 Aug
4.54 7,170
1.33 1.42
70
5340
3340 434c
37
38%
1.17 1.21
150 16140
130 13140
1.28 1.
1.32 1.36
1140 1%0
130 160
710 72340
8340
100
2014
1.10
200
650
58
80
80
7.25
May
Apr
Feb
Aug
Jan
Jan
Mar
Jan
Mar
Mar
Mar
Jan
Apr
Feb
2.75 Jan
1.31 July
12,372
120 Jan
30 Feb
35,100
30 July 13340 Jan
38,150
Mar
'7an 46
765 37
1.45 Jan
1.06 Mar
13,000
13000 13%o July 46340 Jan
400 Jan
100 June
1,500
2.15 Mar
450 Jan
85,400
1.50 July
900 Mar
1,565
40 Mar
10 June
2,300
160 Jan
90 July
5.900
740 Aug
470 Apr
13,500
Newbec Mines
Nipissing
Noranda
Olga Oil & Gas
Paymaster Consol
Perron Gold
•
1540 1340 1,200
810
2.41 2.57
1,800
37% 38
40 4%0 3,500
240 25%0 17,700
600 60e 1,150
134c
2.10
31
30
160
59e
June
July
Jan
Feb
Feb
July
40 Apr
2.95 Apr
43
May
6%0 May
32e June
830 June
Peterson Cobalt
Pickle Crow
Pioneer Gold
Premier Gold
Prospectors Airways
1 3%c 3150 3310 6,500
2.28 2.54 23,900
2.50
1
1 10.35 10.00 10.35 1.580
1.42 1.47 3.755
1.44
1
1.41 1.75 2,600
• 1.62
1340
2.10
9.00
1.41
1.25
Feb
May
Jan
July
Jan
9140
2.96
12.25
2.05
3.05
2.41
37%
1
1
240
Apr
Mar
May
Apr
Mar
2.49 Feb
2.62 2.60 2.66 9,000
30 3340 14,200
334e
30 July
180 220 22,600 14140 July
210
240 22140 24140 25,800 13340 Jan
3.28
150
39e
320
Mar
Mar
Jan
Mar
1.50 3.335
5340 1,000
800 11,400
2.12 8,765
350 56.300
4.08 17,895
80c 1,000
1.11 1,150
1.25
Sc
38e
2.01
280
3.70
550
1.08
Jan
June
Jan
May
Aug
Jan
Feb
July
1.62
110
880
2.70
670
4.65
950
1.45
May
Mar
July
Mar
Apr
Mar
May
Jan
3c 3540 4,500
930 990 29,075
120 13c 9,900
134 5.100
134
3c 2,000
30
7.25 7.55 6,830
30
800
70
134
3e
7.25
July
May
Jan
July
July
Aug
320
1.07
24e
1034
70
9.90
Mar
Mar
Mar
Jan
Jan
Mar
1.40
5340
760
2.05
280
3.91
800
1.10
C. A. GENTLES & CO.
i The Toronto Stock Exchange
Members(Canadian Commodity Exchange, Inc.
42 BROADWAY, N.Y. Tel. BOwling Gr. 9-5934
TORONTO:347 Bay Street
High
19e 4.650
67c 31,100
134c 1,500
500
48e
3.14c 2,500
406
4.00
1035c 2,000
414c 8,200
18e
65340
1140
48e
334e
4.00
10340
3%0
High
1.67 Mar
July
410 Apr
May
Feb 10340 Mar
May
Mar 27
5.20 Mar
May
1.25 Apr
Jan
Mar
1.00 May
CANADIAN SECURITIES
SILVER FUTURES
to Aug. 9, both inclusive, compiled from official sales lists
Sales
Week's Range for
Week
of Prices
High Shares
Low
Low
1.06
27c
434c
18
3.10
550
450
1.09 1.20 10,100
290 320 13,250
7c 8,300
Sc
400
2314 2334
3.40 3.50 3.089
950 1.08 3,050
590 620 13,278
Complete Brokerage Service
Toronto Stock Exchange-Mining Section
Aug. 3
Range Since Jan. 1 1935
Toronto Stock Exchange-Mining Curb Section
Aug. 3 to Aug. 9, both inclusive, compiled from official sales lists
bUte4
Friday
Stocks-
Last Week's Range for
Week
of Prices
Sale
High Shares
Par Price Low
Aldermao Mines
Brett-Trethewey
Brownlee Mines
Central Manitoba
Churchill Mining
Cobalt Contact
*
1
1
1
1
1
East Crest Oil
Erie Gas
Glibec Gold
Home Oil
Hudson Bay Mining
Lake Maron
Lebel Oro
5
*
•
•
*
*
1
Malroble Mines
Norden Corp
Oil Selections
Parkhill Gold
Pawnee-Kirkland
Pend Oreille
Porcupine Crown
•
5 1314c
*
40
1
21e
1 214e
1
58c
1 434c
1
Preston East Dome
1
Robb Montbray
1
Sudbury Mines.
TemLskam..pr Mining___ _1
1
Wood-Kirkland
534c
syie
(Sc
Sc
4140
1340
514c
70
4540
1360
1140
50
5340
1140
514e
1340
1140
5340
60
20
80
80
Sc
434e
1340 1140
500 50e
16
16
30
3c
334c
4c
7.500
3,000
1,000
6.500
4,700
8,500
Range Since Jan. 1 1935
Low
High
414c June
1340 July
le June
30 July
30 Jan
154c Aug
lle
30
30
7340
6340
843
Apr
Mar
Jan
Feb
July
AM
1,000
5e June
1,200 414c Aug
500 154c Mar
800
50c Apr
440 11.50 Jan
3,000
3e Jan
8,500 314e June
120
210
3340
800
16.00
70
9140
Jan
Jan
Mar
May
May
Apr
Mar
lc
lc 2,000
3c 14e 12,400
4e 5,000
33.40
180 2Ic 7,400
2140 234c 21,000
55e 580 3,180
Sc 6.000
414c
xe June
334e Mar
3340 Jan
180 Aug
le Feb
45e Mar
3c Jan
30
Ise
70
320
4540
840
60
Jan
July
May
Feb
Apr
May
Mar
1340
2340
Sc
lc
6.340
le
2c
3c
lc
314c
2340
4340
7340
2340
7340
Jan
Feb
may
Apr
Apr
134c
314c
53.4c
lc
7140
10,000
13,500
12.000
500
34.200
June
Apr
Jan
Jan
Feb
*No par value.
CURRENT
NOTICES
-Bernard F. Braheney, Vice-President in charge of accounting, Byllesby
Engineering Sr Management Corp., celebrated his 25th anniversary with
the Byllesby organization Friday. Aug. 2.
Mr. Braheney became associated with the Byllesby organization in 1910
as a clerk in the auditing department of Northern States Power Co. Later
he held positions in the auditing departments of other properties in the
Standard Gas & Electric Co.system until 1920, when he was made assistant
general auditor of Byllesby Engineering & Management Corp., with headquarters in the Chicago office. In 1923 he was appointed general auditor
and in 1929 he was elected Vice-President in charge of accounting.
-Tyler, Buttrick St Co., Inc., of 75 Federal St.. Boston, have ready
for distribution the 8th edition of their booklet in the quarterly series,
giving up-to-date financial statistics of the Commonwealth of Massachusetts, its counties, cities, towns and districts. The statistics given
s how population, assessed valuation, gross and net debt, net debt ratio
and per capita, tax levy, tax collections, tax titles, and a comparison of
tax rates.
-Perera Co., dealers in foreign moneys, foreign exchange, securities and
New York bank stocks, and of which Guido Perera is the head, announces
the removal of its offices to larger quarters on the ground floor of 10 and
26 Broadway (corner of Beaver Street and Broadway), this city. The firm
has occupied offices at this address since 1930.
-Burton, Cluett & Dana, members of the New York Stock Exchange,
announce that J. Wharton Sinkler is now associated with their Philadelphia
office. Mr. Sinkler was formerly with the New York Stock Exchange, and
more recently was associated with the Philadelphia office of Baker.
Young & Co.
901
Financial Chronicle
Volume 141
Over-the-Counter
We Specialize in
SECURITIES
Stocks & Bonds
of
ii0IT,RSE baSTER,
Reorganized Corporations
Established 1914
Whitehall 4-3700
74 Trinity Pl., N Y.
Inquiries Invited
,
Afernhers New York Security Dealers Association
• Open-end telephone wires 10 Baltimore, Boston, Newark and Philadelphia. • Private wires to principal cities in United States and Canada. •
Quotations on Over-the-Counter Securities—Friday Aug. 9
New York City Bonds
4314s May 1 1914
'i3 48 Nov 1 1954
n3 Hs Mar 1 1960
a-is May 1 1957
als Nov 1 1958
a4s May 1 1959
nes May 1 1977_
448 Oct 1 1980
2a41ja Mar 1 1960 opt 1935_
04 qa At 1 1960
a414s Mar 1 1962
nttis Mar I 1964
4141i8 April 1 1966
a414e April 16 1972
Ask I
Bid
41
10018 1003 a4148 June I 1974
10012 10034' a4Y40 Feb 15 1976
100 100V a4 sire Jan 1 1977
41
101 11043 441.0 Nov 15 1978
3
104 104 4 a4126 March 1 1981_
4„
104 1043 a4148 May 1 & Nov 1 1957_ _
4
1.033 10114; a4 Hs Mar 1 1963
10334 1.0414 a4 Hs June 1 1965
at Ha July 1 1967
r.625 %
10612 107 04348 Dec 16 1971
10612 107 a4 Hs Dec 1 1979
n6s Jan 25 1936
1061 2 107
106,2 107 068 Jan 25 1937
4
107 11073
Ask
Bid
107 11073
4
10712 108,
4
.
1071 10814
1071, 10814
106 10812
10912 11014
4
1103 111 12
4
111 1113
111 111 14
11112 11214
112 11123
4
102,8 10
106 10612
Bid
Highway Imp 4140 Sept '63
I anal Imp 412s Jan 1964_
can & Imp High 414,1965
Bid
Ask
World War Bonne
41.0 April 1940 to 1949
Highway Improvement
40 Mar & Sept 1958 to 67
Canal Imp 4e I &J '60 to 87
Barge CT 48 Jan 1942 to 46
Barge CT 414s Jan 1 1945__
r2.90
131
131
128
Ask
r2.25
1233
4
1233
4
11312
116
Port of New York Authority Bonds
leo Washington Bridge
Port of New York
Gen & ref Cs Mar 1 1975_ 103 1037
8e series B 1936-50_ __J&D
(2
8
4t.6F4 4er B 1939-53. _M&N
38 series blarch 1 1941__
10114
Srthul nil,111o04en
Inland Terminal 414s set 19
rys
M&S
96r161. A 193646 _ M&S 107
1936-60
-Bayonne Bridge 4e !mica C
Holland Tunnel 414e series E
NUS
1938-53
1938-60
J&J 3 10312 10412
10312 10412
11112 11212
1
10312 10412
1
11212 11312
United States Insular Bonds
olullnpine Government-Is 11)46
414, Oct 1919
4345 July 1952
69 April 1935
5s Feb 1952
5148 Aug 1941
tlawall 4140 let 1966
IBM
Ask
Bid
122
10012 102 'Honolulu 58.....
114
17 S Panama s June 1 1961
104
103
Govt of Puerto Woo—
103 104
112
10112 10312 1 4 Hs July 1958
111
Ss 1olv 1940
101 108
1946 110
110 112 U S Conversion 33
1947 110
Converslon 35
125 129
1
Ask
125
117
115
114
113
113
LAND
Ask
Bid
100 10012
102 10212
10812 109
,
104 101 4
10412 105
4
103 1033
104 104 4
,
104 1043
4
.
1061 107
101,1 O.3
4
4
1.013 10214
MUNICIPAL BOND BROKERS-COUNSELORS
120 So. LaSalle St., Chicago
State 0540
LaFayette ba
Louisville bs
Meryland-Virginia 58
511881,18191/1-Tenne&see ba__
New York ba
North Carolina bs
Ohio Pennsylvania ba
Oregon Washington Sa
Pacifie Coast of Portland 15e
Pacific Coast of Loa Ang 5e
Pacific Coast of Salt Lake re
Pacific Coast of San Fran.be
Pennsylvania Is
Phoenix 6s
Potomac ba
St. Louis 55
San Antonio 68
Southwest 50
Southern Minnesota 55
rennessee 68
Union of Detroit 5/1
Virginia-Carolina bit
Virginian be
843 Act
_
98
100 101
100 101
9912 10 ,
02
99 100
98
97
98
97
98
96
99 100
100 101
101) 101
100 101
99 100
105 19612
99 100
ISO
51
100 101
94
92
147
48
100 101
9714 9814
100 101
9412 9512
Chicago Bank Stocks
Asd
78
DM I Ask
55
21
16
731 834
612 712
46 1 51
36
1912
11
30 1
Par, Aid I Ask
Bann Comm Italians ....100i 140 1150
Bank of New York &Tr_1001 450 458
10 7112 7312
Bankers
12
10
Bank of Sleily
20
6
Bronx County
5
7
94
100 88
Brooklyn
lEmplre
Fulton
Guaranty
Irving
Kings County
Lawyers CountY
38
20
13
40
Par 1144 Ask
20
19
10
100 230 250
100 305 3 0
10
4
4
I43 153
100 1650 1700
31) 4112 4312
20 29 1 3012
Central Hanover
20 126 129
Mantnacturers
25 117 120
New York
51
Chemical Bank & Trust 10 49
_ Title Guarantee & Trust 30
4 93
83
Clinton Cruet
4
20 10
55 43
li
Colonial Trust
65
100 55
4
163 1814 Underwriter,
10
Continental Bk & Tr
100 5
20 5812 5912 United Staten
Corn Etch Bk &
Tr011865 1
Wespecialac in
Underlying Inactive Railroad Bonds
E. SLOANE & CO.
Members New YorkSecue.tyDcalers Association
HAnover 2-2455
41 Broad St., New York
Bid
Joint Stock Land Bank Bonds
187
Par
KIngsboro Nat Bank____100
National Bronx Bank._._50
Nat Safety Bank & Tr_1214
Penn Exchange
10
100
Peoples National
PublM National Bank &
25
Trust
Sterling Nat Bank & Tr__215
Trade Bank
1212
Yorkville (Nat Bank of) 100
BONDS
7 ãne.
q49-/-tbrulartF reonifia4 ,
,
American National Bent cti
Trust
1001 177
Continental Ill Bank &
I
Trust
3312 76
-For footnotets nee page 903.
4st
Par Rid
Bank of Manhattan Co .10 253 2714'
4
Bank of Yorktown__ 06 2-3 32
38 1
Bensonhurst National. _100 30
13.55 3212 3414
Chase
23132912 3112
1214
City (National)
Commerelal National Bank
& Trust
100 166 172 I
Fifth Avenue
100 990 10'S
First National of N Y 100 1600 1610
100
Flatbush National
30 1
Railroad Bonds
BANK
Ask
Bid
99 100
100 101
100
100 101
30
f23
100 101
04
92
100 101
98
97
100 101
92
94
9612 9712
90
98
9.1 100
100 101
95
100 161"
99 100
94
92
98
97
100 161
98
97
Whitehall 4-5500
Members New York, Chicago and other stock and Commodity ExchangeA
JOHN
414e 1957 opt 1937__J&J
414. 1057 opt 1937 _M&N
414s 1958 opt 1938__NI&N
434, 1942 out 1935___M&N
4118 1956 opt 1936____J&J
Bought— Sold— Quoted
Comparative analyses and individual reports of the
various Joint Stock Land Banks available upon request.
Atlanta be
Atlantic 6,
Burlington be
California 58
Chicago 55
Dallas IS,
Denver bs
De.a Moines bs
First Carolinas 5s
First of Fort Wayne 5e
First of Montgomery be
First of New Orleans Ss
First Texas of Houston La
First 'Crust of Chicago 58
Fletcher 68
Fremont bs
Greenbrier 6s
Greensboro ba
Illinois Midwest Is
1,11nols of Montioello Ss
Iowa of Sioux City 65
Lexington 5a
Lincoln ba
40 Wall Street, New York
Also in Public Utility Bonds and Insurance Stocks
Federal Land Bank Bonds
3s 1955 optional 1945_ J&J
3 Its 55 optional 45 _.51/4EN
4, 11145 optional 1944 ...j&J
le 1967 optional 1937_3.104N
1955 optional 1938_M&N
m2
4.14 4 1956 opt 1036
MUMS, WINSLOW & POTTER
New York Trust Companies
1144 lAsk
Bid 'Ask
Thsolit, S(1,1 and Quted
New York Bank Stocks
New York State Bonds
canal & Highway—
be Jan & Mar 1946 to 1971
Bank and Insurance Stocks
First National
Harris Trust & Savings
Northern Trust Co
!
Par 844
100 167
100 235
1001 510
Axe
172
Akron Canton & Youngstown 61.48, 1945
6e, 1945
Augusta Union Station lot 45 1813
Birmingham Terminal let 48, 1957
Boston & Albany 1st 4 14s, April 1 1943
Boston <4 Maine 38, 1950
Prior lien Is. 1942
Prior lien 4148, 1944
Convertible 58. 1940-45
Buffalo Creek let re/ Ss 1981
Chateaugay Ore & Iron let ref 45 1942
Choctaw & Memphis 1st fe, 1952
Cincinnati Indianapolis & Western lot 5. 1965
Cleveland Terminal & Valley lot 4.9. 1995
Georgia Southern & Florida lot be, 1945
Goshen & Deckertown let 5 He. 1973
Hoboken Ferry lot ba. 1946
Kanawha & West Virginia let bs, 1955
Kansas Oklahoma & Gulf lot 5e, 1978
Lehigh & New England gen & intge 40, 1965
1.1ttle Rock dr Hot Springs Western let 4s, 1939
Macon Terminal 1st Ss, 1965
Maine Central 6s. 1935
Maryland & Pennsylvania tat 4. 1951
Meridian Terminal let 42, 1955
!Minneapolis St Paul & Sault Ste. Marie 2d 42, 1949
Monongahela Icy Co lot mtge 4s. May 1 1960
Montgomery & Erie lot 5s. 1956
New York & Hoboken Ferry gen bs, 1948
Portland RR 1st 334,, 1951
Consolidated be, 1945
Rock Island Frisco Termina 434s, 1957
St. Clair Madison & St. Louis 1st 4a, 1951
Shreveport Brldge & Terminal lst fa, 1955
Somerset Ry 1st ref 48 1955
Southern Illinois & Missouri Bridge let 48 1951
Toledo & Ohio Central Ity 314s, June 1 1960
Toledo Tertnina. RR 4140 1957
Toronto Hamilton & Buffalo 4148, 1966
Washington County Sty let 314s. 1954
.f46
146
86
94
9612
57
79
79
82
100
85
f50
9012
90
40
99
86
94
100
10414
45
09
84
GO
70
54
1033
4
90
74
65
8112
77
85
80
57
7912
97
10712
85
Ask
48
4812
95
97
62
82
81
93
89
2
611
91
45
103
89
9512
101
4
1043
49
100
86
62
101 14
6612
83
80
60
8112
97 12
10812
89C2
Realty, Surety and Mortgage Companies
Part BM I Ask!
Par Bid lAsk
uond dt Mortgage Guar__20
12,
1.1 Lawyers Mortgage
4
3
201
114
Empire Title & Guar__ _100
2
111
6 1 13 ' Lawyer! Title & Guar. 100
902
Financial Chronicle
Aug. 10 1935
Quotations on Over-the-Counter Securities-Friday Aug. 9-Continued
OVER-THE-COUNTER SECURITIES
Guaranteed Railroad Stocks
-SOLD-QUOTED
BOUGHT
RYAN & McMANUS
Joseph Walker Sons
Meinbers New York Curb Exchange
Altrobers New York Stork Exchange
120 Broadway
NEW YORK
/-Dealers in
GUARANTHP
STOCKS
New York City
39 Broadway
Tel. REctor
2-6600
Digby 4
-2290
A. T. & T. Teletype N. Y. 1-1152
Private IVire Connections to Principal Cities
Since1855)
Public Utility Bonds
Guaranteed Railroad Stocks
GUSI,1111.01 an Paronthes14
Dividend
Par la Dollars.
100
Alabama & V ick+burg (111 Cent)
Albany & Susquehanna (Delaware & Hudson)J00
100
Allegheny & Western (Buff Ruch & Pitts)
50
Beech Creek (New York Central)
100
Boeton & Albany (New York Central)
100
Boston & Providence (New Haven)
100
Canada Southern (New York Central)
100
Caro ClInchrield & Ohio(L & N A CL)45'
100
Common 6% stamped
100
Chic Cleve Cino & St Louis prat(N Y Cent)
60
Cleveland & Pittsburgh (Pennsylvania)
60
Betterman stock
25
Delaware (Pennsylvania)
Fort Wayne & Jackson pref (N Y Central)___100
100
Georgia RR & Banking(L & N. A CL)
Lackawanna RR of NJ (Dal Lack & Western),J00
100
Michigan Central(New York Central)
60
Morris & Essex (Del Lack & Western)
New York Lackawanna & Western(DL & W)..100
50
Northern Central (Pennsylvania)
100
Old Colony (N Y N H & Hartford)
Oswego & Syracuse (De. Lack & Western). _ _ _ 60
50
Pittsburgh Bess & Lake Erie(U S Steel)
50
Preferred
Pittsburgh Fort Wayne & Chicago (Penn)..,,....100
100
Preferred
.100
Rensselaer & Saratoga (Delaware & Hudson)
100
St Louis Bridge lit Net (Terminal RR)
100
2nd preferred
100
runnel RR St Louie (Terminal RR.)
100
United New Jersey RR & Canal (Penne)
Utica Chanting° & Suequehanna(D L & W)_100
100
Valley (Delaware Lackawanna & Western)
Vicksburg Shreveport & Pacific (Ill Cent)....-100
100
Preferred
50
Warren RR of N I(Del Lack & Western)
50
West Jersey h Sea shore (Penn)_ _
6.00
10.50
8.00
2.00
8.75
8.60
3.00
4.00
5.00
5.00
3.50
2.00
2.00
5.50
10.00
4.00
50.00
3.876
5.00
4.00
7.00
4.50
1.50
3.00
7.00
7.00
6.90
6.00
3.00
3.00
10.00
6.00
5.00
5.00
5.00
3.50
3.00
_
Bid
Asked
80
188
95
36
120
148
54
76
184
92
33
11712
143
52
89
93
83
x8412
49
44
75
162
77
850
6312
9712
9712
65
268
37
74
162
179
98
146
73
146
256
87
97
61
66
49
65
95
87
8612
52
47
78
188
80
65
100
1)912
68
72
182
102
75
260
90
102
6U
72
51
68
EQUIPMENT TRUST CERTIFICATES
Bid
f30
f25
61
77
.15612
J59
f56
52
23
Ask
62
78
5712
6012
57
53
2412
2012 2112
22
21
24
25
2512 27
41
4212
4312 4412
49
48
53
51
90
88
101 10212
88
83
8712 89
4
683 693
4
7314 7412
102 s 10313
,
7312 7412
10514 1055
5
105 4
,
10114 161 5
5
70
75
3512 3612
1033 10418
4
5
104 1045
10214 10258
1025 1023
8
4
13712
6012 62
75
10012 102
95
93
923 94
4
Par
Kan City Pub Sort 3s 1951
,
Keystone Telephone 634,55
Lehigh Vail Trans ref Is '60
Long Island Lighting 58 I 95!
Mtn SWAB Pow let 65 1938
Nassau El RR 181 58 1944
Newport N & Ham 5s 1944
New England GI & E 5a 1962
New York Cent F)leo 5s 1952
Northern N Y Utii 55 1955
Northern States l'r 58 1964
Oklahoma Nat Gas (is A1946
bs series B
1948
Ad Dom Pow 6a_May 165)
Pacific G di El 4s, 1)ec 1 '64
Parr Shoal, Power Es 1952_
Peninsular Telephoneb 558'5 I
Pennsylvania Elea 54 1962.
Peoples L & P 554e 1941.__
Public Fiery of Coto lie 1961.
Pub Serv of Nor Illinois
1st & ref 4558 July 11560.
Public Utilities Cone 555s 48
Rochester Ry let Es 1930
San Diego Cons G & Edo '65
ichenectady Ry Co lat Wet
iloux City Gas & Elea 68 '47
-Jou Blvd RR 1s1 68 1945_
ion Calif Edison 35"1960.
Cities Utilities 64 A 1968
rdl Bond & Share be 1958..
Union Ry Co N Y 5s 1942_
(In Trao Albany 455s 2004_
United Pow & Lt fle 1944._
be aeries B 1947
Utica Gas & Elea Co 5s_1957
Virginia Power St 1943
Wash dr Suburban 5We 1941
Westchester Elea RR 5s 1943
Western P 13 550 1960____
Wisconsin Pub San 5125 '59
,
Yonkers RR Co trtd 5s I941i
Rid
Ask
35
f34
99 101
47
45
10612 108
92
90
10212 10312
10412 10612
6912 71
8512 8712
102 104
4
1063 1073
4
9814 9912
9112
90
7412 76
1033 10414
4
93 4 9512
,
10512
10214 10314
f5612 58
10453 1055
8
10018 10012
24
611'
128
105
6212
10
1°512
10
164 10_5
02,2
9834 99 3
7
,2 71
68;44914
4
85
1
6
8
92
105 10612
10312 105
121
18 4 86
0 2
4
6
65
108'' 10t
85
3
60
PUBLIC UTILITY BONDS
Quotations-Appraisals Upon Request
R.F. Gladwin & Co.
STROUD & COMPANY INC.
Private Wires to New York.
Par
Albany Ry Co con be 1930_
General be 1947
Amer States PS 555s 1948_
Amer Wat WI,h Elea ba '70
Arizona Edigon 1st 55 1948..
lot 68 eerier) A 1946
Ark Missouri Pow let 6s '63
Associated Electric be 1961
Assoc Gas & Elea Co 4 rig '58
Associated Gam & Eleo Corp
Income deb 3555____1975
Income deb 34s____197%
1978
Income deb 48
1979
Income deb 455s
Cony debenture 4s 1973
Cony debenture 4555 1973
Cony debenture 58 1973_
Cony debenture 655e 1973
Participating 8s 1940_
Bellows Falls Hydro El 5569
liklyn C & Newt'n con be '341
Cent Ark Pub Seri bs 1948
,
Central O& E 555e 1946___
let lien colt tr fie 1114/1._
CentlIudsonG&Elst3 hs 65
cent Ind Pow let It,. A 144
Cleve Elea 111 gen 3Xs_1965
Colorado PnwPr 5e. 1).53
Commonw Edison 3%8.1965
Con laid & Bklyn con 4a 48
Congo] Else & Gas 5 fis A 62
Consumers Pr lot 3%5_1965
Duke Prior) Pow I IMODuquense Light 3555._1965
Edison Elec Ill(Boo)3558'65
Federal Pub Mere lot es 1947
Federated Utll 6555 1957._
450 St Man & St Nick be '40
Green Mountain Pow 55 '48
III Commercial Tel bs A '48
Iowa So Utll 65451950._
Established 1921
Philadelphia, Pa.
35 Nassau St.
New York City
A. T. T. Teletype
--NY 1-951
Tel. Cortlandt 7-6952
Railroad Equ•pment Bonds
biel
Atlantic Coast Line 65554553
Baltimore & Ohio t155a
5s
Boston & Maine 4558
68
Canadian National 4555._
be
Canadian Pacific 434s__
Cent RR New Jer
Chesapeake & Ohio 5555
6.56s
Cis
58
Chicago & Nor West 455e_
Le
Chic Mllw & St Paul 4555.
be
Chicago Ill & Pao 4555
5a
Denver & It0 West 455s55
5555
Erie RR 555e
65
4545
Es
Great Northern 4556
68
Hocking Valley be
Illinois Central 455e
58
51-68
655s
75
Internal Great Nor 4558_.
Long Island 455e
158
Loulav & Nashy 434s
58
6555
Maine Central 55
655s_
Minn St P& 85 M 4s
4565
r2.00
r3.25
r3.7o
r3.75
r4.25
r425
r3.75
r3.75
r3 75
r2.75
r2.00
r I.50
r300
r2.75
80
80
80
80
56
55
113 50
18.50
r8.50
73.70
73.70
r3.85
p385
r3.00
r3.00
r275
r380
r3 80
r3.80
r380
71.50
r6.76
r300
r300
r3.00
73.00
r2.00
r4.25
r4.25
77.00
r7.00
Bid
Ask
16 75
18.75
76.75
6.25
8 26
6.25
r6 50
1'3.75
13.75
74.00
14.00
r7 50
r7 50
r3 00
r2.5O
72 50
14 00
r3.25
13.25
6.00
3.00
3.00
3 25
3.25
6.60
6.50
2.00
150
1 50
3.011
2.75
2.76
56
56
56
74,50
74 50
73 50
73 50
re 00
76 00
76.00
63
63
63
3.75
3 75
2 75
2 75
4.75
4.75
4.75
74.00
14.00
74.00
r2.50
72.50
r3.00
r3.00
3.50
3.50
3 40
1.50
1.60
2.00
2.00
83
83
83
83
14 00
14 00
78 00
18 00
88
88
88
88
3.00
3 00
700
7 00
Ask
1.00
3 00
3.00
3.75
375
3.25
3.25
3.60
2.00
Missouri Pacific 455s
68
555s
New Orl Tex & Mex 455a
New York Central 4345
58
NY Chic as: L
bs
NYNH& Hartford 455s.
bs
.50 Northern Pacific 4555
200 Pennsylvania RR 4555
ba
2 00
Pere Marquette 4558
86
Reading Co 4.45
86
se
85
85
-San Fran 4a
St Louis
63
4555
63
55
6.50
6.50 St Louis Southwestern be_
b
6.50
3.00 Southern Pacific 4555
se
3.00
3.25 Southern Ry 4558
ba
3.25
515e
2.60
2.50
200 Texas Pacific 48
4545
300
be
3.00
3.00 Union Pacific 4555
5s
3.00
100 Virginian By 4555
Es
6 00
200
200 Wabash By 4564
Ss
2 00
555e
2.00
es
1.00
3.75 Western Maryland 455s_
58
3.76
6.00 Western Pacific 5s
5 55e
6.00
ABBOTT PROCTOR & PAINE
OBSOLETE SECURITIES
Reports Rendered Without Charge
Gearhart & Lichtenstein
99 Wall Street, New York
A.T.& T. Teletype-New York-1-852 Tel. Whitehall 4-3325
.MUL11.1.1111.111UIL fli iii
Public Utility Stocks
Par
Alabama Power 57 Met ___•
Arkansas Pr & Lt $7 pref__•
Agyoo Gas & El wig prat...•
•
58 50 preferred
•
97 Preferred
Atlantic City Eleo $6 Pret.•
Bangor Hydro-El 7% P1-100
Birmingham Else $7 pref_.•
Broad Riv Pow 7% pf _ _100
Buff Ntag & East Dr pret.25
Carolina Pr & LI 51 me_ -•
•
6% preferred
Cent Ark Pub Serv pier _100
Cent Maine Pow 6% Of.100
100
$7 Preferred
Cent Pr & LI 7% pret- _100
Cleve Elea 1116% met 100
Columbus Ry. Pr & LI1st $6 preferred A__ - _100
100
$6.60 Preferred B
Consol Traction(NJ) ._100
Consumere Pow $5 prof- -•
100
6% Preferred
100
6 60% preferred
Continental Gas & El
100
7% Preferred
Met 100
Dallas Pow & Lt
Dayton Pr di LI 6% pref100
Derby Ga7 h Flee $7 reef.•
All
8U
Par Bid Ask
73 4 7514 Essex.Hudson Gas
,
188
79 Foreign Lt &Pow units.,100 86
77
_
Gas & Elea of Bergen__ 100 11812 - -Hudson County Gas__ -100 188
212
212 -- Idaho Power $6 prat
• 9712 0i 2
17% preferred
9812 9912.
100 104
103 1108 Illinois Pr & Lt ________ • 3512 3612
lst pret
Interstate Natural Gas... • 1715 1818
533 55 4
4
,
__Interstate Power $7 vet
2712 _
2112 2212
2275 22 Jamaica Water Supply 1)1-50 5212 5412
12
85
86 Jersey Cent P & L 7% pf100 85
90
74 4 7612 Kansas Gas & El 7% p1100 104 105 4
,
,
80
62
8412 Kings Co Lti 7%prer _ _ 100
88I.gsl:d8%Df100 98 101
37E:.AgeG7E80pf00
00
56
69
703
4
7% preferred
60
82
80
35
10612 10714
11112 11312 Memphis Pr & Lt $7 pret • 83
8412
Metro Edison $7 pref
103 106
6% Preferred ser
9812 100121
100 102
9612 98121 Mississippi P & L $6 ptef_47
_• 46
Miss Ftiv Pow 6% pref_.100 10212 10412
4012
Mo Pub Seri, $7 pref__100
953 96
4
5
614
10553 10 3 Mountain States Pr com__•
65
1
212
10612 10712 N8 % ul)refeu
7
888 ,t s r
25
23
Suffolk Ltg pf 10 0 40
43
0
0
Nebraska Power 7% pref100 5111 12 1123
79
81
4
Newark Consol Gas
11114 112
100 118
En 1P130w&AE8B.6851%%p11/50. 32
17112 173:2 New E n:
131 1° 2
33
5234
52
Associated Gas & Electric System
Securities
Inquirtt•s
120 BROADWAY, NEW YORK CITY
Members of New York Stock Exchange and other
Stock and Commodity Exchanges
S. A. O'BRIEN & CO
Mernbets New York Curb Exchange
150 Broadway, New York
75 Federal St., Boston
Hancock 8920
COrtlandt 7-1868
Direct private telephone between New York and Boston
For ro,unotem see oags 903
Financial Chronicle
Volume 141
903
76
Quotations on Over-the-Counter Securities—Friday Aug. 9—Continued
Par
New Jersey Pow & Lt 26 pf •
New On Pub Ser., 27 Dr___ •
N Y & Queens E L P p1100
orttern States Pr $7 pf 100
Ohio Edison 06 prof
•
$7 preferred
•
Ohio Power 6% Pref.___100
Ohio Pub Seri, 6% pf___100
7% preferred -------100
Okla 01 E
Pref_.._100
Pee Gas & Elee 6% pi_ _.25
Pacific Pow & Lt 7% p1_100
Penn Pow & Light $7 pref.•
Philadelphia Co $5 pref__ •
Piedmont Northern Ry _100
Pub Serv of Colo 7% pf _ .100
Puget Sound Pow & Lt—
$5 prior preferred
•
Queens Borough G&E
6% preferred
100
Bid Act
90
29
31
102
75
73
96
9712
10312 10412
106 107
9312 95
9712 9812
94
97
2712 277
8
66
6712
10312 10412
69
67
40
46
9812 100
Par
Roch Gam & Elei37% B...100
100
6% preferred C
Sioux City Cl & E $7 pt. .100
Sou Calif Ed pref A
25
Preferred B
25
South Jersey Gas de Eiec-100
Tenn Elee Pow 6% Pref_100
100
7% preferred
Texan Pow & Lt
pt .100
Toledo Edison 7% pt A_100
United 0 & E (Conn) 7% Df
United 0 & E(N J) pref 100
Utah Pow & Lt $7 pref._ _.•
Utica Gas & El 7% pref.100
Utll Power & Lt 7% Pref100
Virginia Railway
100
Wash Ry & Elec com
100
100
5% preferred
383 40,
4
4
Western Pawer $7 pret_ _100
68
6912
Rid
103
Ask
101
163
.7614 773
4
27
20
2412 2512
188
6414 66
76
74
93
95
1023 1043
4
4
7212 7512
52914 2 4
-39812 100 2
,
143 153
4
4
67
310
105
99
Specialists in
PRUDENCE BONDS
Statistical Information Furnished
Title Company Mortgages .ce Certificates
PULIS,COULBOURN &CO.
25 BROAD ST., NEW YORK
Tel.: HAnover 2-6286
Real Estate Securities
Reports—Markets
Public Litilities— Industrials—Hallroads
VvE OFFER
100 Shares Christiana Securities Common
AMOTT, BAKER & CO.
INCORPORATED
BArche 7
2:01 0
,
150 Broadway, N.Y.
Information on request
BOND & GOODWIN
Incorporated
63 Wall St., N. Y. C.
Whitehall 4-8060
Boston, Nines.
A.T.&T.Teletype NY 1-360
Portland, Sic.
A.T. & T. Tel.
NY 1-588
Real Estate Bonds and Title Co. Mortgage Certlficates
Bid
Ask
Btel
Ask
Alden 1st 65, Jan 1 1941.... f3531
Majestic Ants let 65, 1948_ _ 129
31
Broadmoor. The, let fis, '41 14812 rdl; Mayflower Hotel 1st Os. 48
B'way Barclay 1st 85, 1941 128
Muuson Bldg 1st 6 tie. 1939 /29
Certificates of deposit.... 129
31 V Y Athletic Club—
B'wity dr 41st Street—
let & gen 65. 1948
f28
30
let leasehold 6 tie, 1944.. 14112 442*
Specialists in
Y Eve Journal 6 Sis, 1937 10012 102'
B'way Motors Bldg fis 1948. 4912 5114 NewYork Title & Mtge Co
Chanin Bldg In" 4s 1945_ _
59
6112
453-its series BR
42
140
Chesebrough Bldg let 65,'48 57
60
53-4s series C-2
f303 3214
4
Chrysler Bldg 1st 88. 1948.
71
Complete Statistical Information—Inquiries Invited
68
514e series F-1
/441, 4524
Court & Bunsen St Off Bldg
530 series Q
142
44
let Ba. Apr 28 1940
f4712 5012 19th & Walnut qt
Dorset, The. let 65, 1941
13012
1st 6s, July 7 1939
126
Eastern Ambassador Hotels
Oliver Cromwell, The
..1C0C/PORATED
1st & ref 53-45, 1947
1st 6s, Nov 15 1939
1612 8
1141. 161.
- 25 BROAD STREET, NEW YORE
Eoultable Off Bldg deb 5852 62 2 6512 I Park Ave (1s, Nov 6 1939_
TEL.: 11Anover 2-0510
,
6212 6512
50 Bway Bldg 1st 35, Inc '46 138
103 East 67th St lot 85, 1941
6612 6912
SOO Fifth Avenue185 B'way Bldg let 5 tie. 'Si
4212 4512
-Is. 1949 stamped
Post= Bldg let 6,
f36
101
49 1043
502 Park Avenue 1st Os. 1941 J1512
PrudenceCo 534s stmpd.1961 16422
52d & Madison Oft Bldg
Prudence Bonds—
65, Nov 1 1947
J31
Series A to 18 Inclusive
13-90
Film Center Bldg 1st 65. '43 4412 So
Prudence Co etts—
Rid
Bid 145k
Ask
40 Wall St Corp 65, 1968.... 6712
Alabama Water Sect 58, '57 96
Hotel Taft
,
40
Manufacturers Water 65,'39 102121 -- 42
98
13'way 1st 66,
Alton Water Co be, 1956__
55
Hotel Wellington
38
Middlesex Wat Co 53-0, '57 10612 10912 1400 Broadway 1939
10412.
Bldg—
Arkansaw Water Co 58, 1956 104
Fifth Avenue Hotel
45
41
110512 Monmouth Consol W 55,'56 183 9912
let 640 stamped, 1948
Ashtabula Water Wks 53.'58
f4312
380 Central Park West
45
10312
- Monongahela Valley Water
Fox Metrop Playhouse—
Atlantic County Wat 68, '58 101
422 East 86th St
55
5 tie, 1950
102
1103
Otis. 1932 etts
Birmingham Water Works
1•573 585 Realty Amoe Sec Corp
8
5
Morgantown Water 5s, 1965 10014 10214 Fox
Theatre & Off Bldg
5s, series C. 1957
5e. Income, 1943
45
47
Muncie Water Works 55,'39 100141 --10412 107
1st 612., Oct 1 1941
110
be. series B. 1954
12
Roxy Theatre
101
_- New Jersey Water 53. 1960_ 102
Fuller Bldg deb 65, 1944__. 45
5 tie, series A. 1954
47
1st fee & leasehold 6)(5'40 126
23
10212'10412 New Rochelle Wat 58, IL '51 10014 10214
53-Is, 1949
Butler Water Co 68, 1957
142
433 Savoy Plaza Corp—
4
1951
10114'10314 Graybar Bldg 55.
California Water Serv ba.'58 10414
1946
6512 68
Realty sot 1st 6 tis, 1945 114
16
New York Wat Serv 55, 1951 9912'10112 Harriman Bldg
106,
4
1st as. 1951
Chester Water Sep/ 4
4312 5112
Os, 1945
11424 163
4
'58 103 4
Newport Water Co 55, 1953_ 10414
,
Hearst Brisbane Prop Os '42 90
Citizens Water Co (Wash)—
Sherry Netherland Hotel
93
1953
Ohio Cities Water 5
84
Hotel Lexington let 68. 1943 f4712 5013
ta, 1961
1st 5348, May IS 1948
12522 27
Ohio Valley Water 68, 1954. 109
101
Hotel St George 1st 53is,'43 11312 5012 60 Park PI (Newark) Os. '37
53.4s, series A, 1951
152
10312 10412 Ohio Water Service 55, 1958 8812 8812 Keith-Albee lildg (New
City of New Castle Water
816 Madison Ave 15t 6 tie'38 12212 2512
Ore-Wash Wat Sere 53, 1957 8112 8312
Rochelle) 1st 63, 1936____
5s, 1941
7012
81 B'way Bldg 1515
40
Penne, State Water 5 tie. '52 9912 10112 Lefcourt Empire Bldg
1950 43
102 4
,
City W (Chat) 5813___1954 101.
General 75, 1945____
20
25
Penne Water Co 5s, 1940
10615
_
1st 53
45, June 15 1941____ [4412
1st Si series C
Syracuse Hotel (Syracuse)—
1957 105 4
Peoria Water Works Co—
,
Lefcourt Manhattan Bldg—
Clinton W Wks Co 58, 1939
let 612s. Oct 23 1940
145
let & ref 53, 1950
102
9912 10112
let 51-Is, stamped, 1941_ _
Commonwealth Water (N
60
Textile Bldg 1st 65. 1958_ 11212 41 2
1let consol 45, 1948
9812 99
1st 3-5s extended to 1948
68, series C. 1957
6014
2 4 Trinity Ridge Corp
-1
let consul 58, 1948
10012
10512
Lewis Morris Apt Bide
53-48. series A, 1947
1st 514s, 1939
100 102
Prior ben 59. 1948
10314
10312 105 2
,
1st 612e, Apr 16 1937
Community Water Service
j42
45 2 Park Ave Bldg 1st 45. 1941
Phila Suburb Wat 450,'70_ 105
5312 56
Lincoln Bldg Inc
serlee B. 1946
Walbridge Bldg (Buffalo)
let mtge fs, 1955
623 643
10312 103 LoewS Theatre stia. 1983 5812 61
4
4
6s. series A, 1946
Realty Corp
1st 612s, Oct 19 1938
. j271
4
98
4 663 Pinellas Water Co 53-15 1959 97
1st 13s, 1947
Connellsville Water 58_1939 643
923 933 Westinghouse Bldg
4
4
Pittsburgh Sub Water 55.'58 10214 10314 London
Consolidated Water of Utica 100 102
Terrace Apta 68,'40 [351 4012
,
1st fee & leasehold 65, '39 53
Plainfield Union Wat 55, '61 108
Ludwig Bauman—
4 tie. 1958
101 102,2 Richmond W W Co 63. 1957 10512
let es (Bklyn). 1942
let mtge 68. 1958
70
102 10312 Roanoke W W 58. 1950—
88
661st fl
G. D. 1936
Davenport Water Co 56. '61
70
Roch & L Ont Wat Ss. 1938 100 2
106
,
E St L & Interurb Water
St Joseph Water 5.3. 1941
103 16155, series A, 1942
Scranton Gas & Water Co
10112
68, series II. 1942
1958
4
10312
10314 1042
4
58, series 1), 1960
Scranton Spring Brook
102 4
,
Specialists in
Members
Greenwich Water & Gas
Water Seri 55. 1981_
,
9114 9314
5s, series A, 1952
New York Stock Exchange
9512
SURETY GUARANTEED
let & ref 58, A, 1967
93
9114 93,
4
5.9. series II, 1952
Baltimore Stock Exchange
Sedalia Water Co 555s. 1947
Hackensack Water Co 56.'77 9212 9112 South Bay Cons Wat Ss, '60 10012
MORTGAGE BONDS
105
Washington Stock Exchange
8014 8134
5 tie, series B. 1977
South Pittsburgh Wat 58.'55 103 103
108
Associate Member N. Y.Curb Exch.
Huntington Water be II, '64
68 series A. 1960
102
102 10312
65, 1954
1960 105
Se series B
10312
13altlinore--Plaza 9260
58
1962
Terre Haute Water 5.1.13,'56 10212
New York—Andrews 3 6630
Illinois Water Seri/ Es A,'52 10212
Redwood & South Ste.. Baltimore, Md.
65, series A, 1949
10314 165
12
Philadelphia—Spruce 3601
Indianapolis Water 4 tin,'40 10112 16:3
55_1958 96
10512 107 Texarkana Wat let
9712
A.T.& T.Teletype—Balt.288
BANKERS—Est. 1899
1st lien & ref 5s, 1980___
-Is, 1951 100 102
Union Water Serv 53
10512
1st lien & ref 58,
_ Water Serv Cos, Inc, 58.'42 79
1st lien & ref 53-ie, 1953_ 10512
10412 106 West Virginia Water 55. '61 99 161
12
1st lien & ref 5548, 1954..
Western N Y Water Co—
Indianapolis W W Securities 105
bs, series B, 1950
1001_
55. 1958
1st intim 53. 1951
991 161198
3
Interstate Water 68. A, 1940 95
let mtge. 6
1011
111,1
.484
1950
Bid
Jamaica Water Sup 530,'55 102
Ask
Westmoreland Water 58. '52 100 161 3 Allied Mtge Cos, Irm—
107
_
Nat Union Mtge Cor —
-1,
Joplin W IV Co 65, 1957
a!! series, 2-5s, 1053
10314 10514 Wichita Water Co 58. R.'56 103
69
Series "A" 2-65, 1154
51
Kokomo W W Co 68, 1958._
53
Arundel Bond Corp 2-5s, '53 69
53, series C. 1960
10412
105
Series "B" 2-5s, 1154 _ . 61
Lexington Wat Co 534s, '40
Arundel Deb Corp 2-6s. 1953 45
65. series A. 1949
10514
47
Potomac Bond Cori., (all
Long Island Wat 53Is, 1955 10214 -Associated Mtge Cos. Inc—
10012 10212 W'msport Water bs. 1952._ 1021
issues) 2-58 1953____
63
_
Debenture 2-6s, 1953.... 4222 4412 Potomac Con
!Mated Deb
Central Funding Corp
Corp 2-6s, 1953
4112 4312
5tie & 6s, 1935-44
33
131
Potomac Deb Corp 2-6s,
4112 4312
Cont'l Inv Lid Corp 2-55,'53 63-. Potomac
Franklin Deb Cor
Cont'l Inv Deb Corp 2-69 '53 4112 4312
2-63, 195
42
41
Home NItge Co 53Is & 63,
Par Ma I Ask
Potomac Maryland Deben
Par Bid !Ask
Amer Diet Teleg(N .1) cons•
1934-43
46
144
tore Corp 2-6s, 1953._ . 50
8614) -.- New York Mutual Tel__100 22
25
Preferred
Mortgage Bond Co of Md.
100 113 1142 Northw Bell Tel pf 614% 100 11512
Potomac Realty Atlantic
4
Bell Telep of Canada_ --.100 129
2-5s, 1953
70
Debenture Corp 2-63, 1953
133 Pac & All Teleg U S 1%_25
1514 173
4 Mtge Guar Coot
4112 4313
Bel! Telep of Penn pref IOU 118 120
Amer
Peninsular Telephone corn.• 1114 1214
Southern Seeur Corp Os, '30 133
35
5 Sig & 6s, 1937-36
Cincin & Sub Bell Telep_50 86
12812 3012 Union Mtge Co 68. 1937-47
Preferred A
88
100 95
93
35
133
Cuban Telep 7% pret
Mortgage Security Corn
100 40
Union Mtge Co 53--4s & Its
___ Reich Telep $6.60 1st pt-100 101
_
514s &Os, 1933-46
Empire & Bay State Tel_100
126
28
5412
1937-47
So & Atl Teleg $1.25____25
19
2012 Nat Consol Bd
144
45
Franklin Teleg 8 .50
2
Corp 2-53.'53 63
100 33
Universal :Mtge Co 63 34 39 144
43 Sou New Erie Telep ._100 121 123
45
Nat Debenture Corp 2-65.53 4112 iInt Ocean Teleg 6%
ton
312
80
100 121 120
8312 S'western Bell Tel, pf
Lincoln Tel & Tel 7%
• 9312,
Tri States Tel & Tel
Mount States Tel & Te1.100 125 1129
Preferred
1012 113
10
8
New England Tel & Te1.100 106 '108
Wisconsin Telep 7% pref 100 114
—
WATER WORKS SECURITIES
SwART,
BRENT& CO.
Water Bonds
Mackubin Legg & Co.
Surety Guaranteed Mortgage Bonds and Debentures
Telephone and Telegraph Stocks
• No par value
a Interchangeable.
e Registered coupon (ser all
f Flat price
it Coupon
1 Basis price.
WI When Issued.
z Ex-dividend.
O Now listed on New York Stock Exchange.
Quotations ver 100 gold rouble bond equivalent to /7.4234 grams
ot pure gold.
z Called for paym 01 001. 11935 at 100
Sugar Stocks
Par
Cache La Poulre Co_20
Eastern Sugar Assoc
Preferred
Haytian • on, saw
Rid p 451
Par 13(11
A sk
217 2212, Savannah Sugar Ref
s;
• 10512 0312
1 7121
7% Preferred
100 111 116
1112 13
1
1341 West Indies Sugar Corp ,__1
134
214
Aug. 10 1935
Financial Chronicle
904
Quotations on Over-the-Counter Securities-Friday Aug. 9-Continued
fU LIER.CRUTTEN DEN
A COMPREHENSIVE SERVICE
in the
Over-the-Counter Market
& COW:ANY
An International Trading Organization
Brokers for Banks and Dealers Exclusively
Bristol & Willett
Members: •
Chicago Board of Trade
Chicago Stock Exchange
Chicago Curb Exchange Association
ST. LOUIS
CHICAGO
Boatmen's Bank Bldg.
120 So. LaSalle St.
Phone: Chestnut 4640
Phone: Dearborn 0500
Established 1920
Members New York Security Dealers' Association
Tel. BArclay 7-0700
115 Broadway, N. Y.
Industrial Stocks
German and Foreign Unlisted Dollar Bonds
Par Aid All
Rid Art
23
_- Great Northern Paper__ Is 22
Adame-Millle Corp. pt 100 109
16
Herring-Hall
-Mary Safe_100 13
• 17
Arch 81
All
American
Etia
1
s 3
27
14
100 68 70 Kildun Mining Corp
Hungarian Discount & ExAmerican Book 14
27
/24
entail 76 to 1946
22
• 18
41
18 King Royalty corn
change Bank 76. 1983_ _ 139
American Hard Rubber_50 14
30
/27
aotioqula 8%. 1946
$8 preferred
100 92
.25 241 2514
Hardy/are
Hungarian defaulted coupe /26-52
22
American
Bank of Colombia. 7%.'47 /20
;
-3
a
,
• 223 2414 Sinner Airplane dg Motor .1
Hungarian Ital Bk 71.4!.'32 /43
22
Amer Maize Products
Bank of Colombia. 7%.18 /20
37
38
8 Lawrence Port Cement IOU 1713 1912
5
Jugoslavia 56. 1956
100
American Mfg
itarrauquilla
/43-54
414 514
1512
Coupons
100 30 35 Macfadden Publica'us corn 6
Preferred
11312
8.4 1935-40-46-48
32
_ _• 373 40
Prvferrel . ..
/29
4
4
143
Koholyt 61.45. 1943
• 14
American Meter corn
Bavaria 614s to 1945
88
14
258 338 Mallison H R Inc corn
Land M Bk. Warsaw 86.'41 85
•
30
American Republics isom-Bavarian Palatinate Cane. 129
412 512
Preferred
Leipzig O'land Pr. 614e.'48 /3412 3712 Andian National Corp. -• 45 47
24
118
Cit. 7% to 1946
33
1 2712 2912
10 Merck di Co luo own
7
1512 Leiosig Trade Fair 7,. 1963 /30
Art Metal Construction-10
Bogota (Colombia) 614.'47 /14
8% preferred
100 11612 11812
Luneberg Power, Light &
• 451 47
12
Baococx & Wilcox.
19
Bolivia 6%. 1940
58
• 54
33
/30
3 National Casket
1
Water 7%. 1948
Bancroft (Jos)& Sons cora _•
Brandenburg Elec. 611. 1953 /2512 2612
• 109
32
Preferred
01 14
& Pala* 71, 1941 /30
100
Preferred
Brasil funding 5%. 11-51 5.012 5112 Mannheim
4
/26
29
503 5212 Nat Paper & Type prof _100
Munich 7,10 1945
5112
/50
Beneficial Indust Loan 01-•
Weill funding scrip
New Haven Clock prof.
27
.100 7012 76
Munio Bk, Hessen. 7s to'45 /24
Bowman BlItmore Hotels-•
British Hungarian Bank
inn
312 North Amer Match Corp..' 3514 39
& Eke Corp
2
Municipal
11.1 preferred
53
150
1982
7
33
Northwestern Yeas L...100 99 101
76. 1947 130
Recklinghausen,
Brunswick Balke Collander
Brown Coal Ind. Coat
5 3114 3214
Nassau Landbank 631e.'38 /3712 3912
100 66 68 Norwich Pharmacia
/32
CO 7% pref
614g. 1963
• 1512 1712
Natl. Bank Panama 614%
66
/63
Canadiau ...waned° coin- • 22 25 Ohio Leather__
Buenos Aires serip
s 31s
23
60
62
__._1
1948-1949
100 11712 12012 Oldetyme Distillers
Preferred
Burmeister &Wain 114_1940 58
11
10
16 Nat Central Savings Bk of /51 54 Carnation Co $7 pref 100 10812 -- Paramount P.ctures corn... 10) 112
all (Colombia/ 7%. 1947 19
Hungary 714s, 1962....
6112 6312 Pathe Exchange 8% prof 100
Climax Molybdenum
(lallao (Peru) 7)4%. 1944 11012 1112
• 2312 2512
_- Publication Corp corn
/312
National Hungarian & Ind
6
Clinchfield Coal Corp pf 100 32
Gears (Brasil) 8%. 1947
/4712 4912 Oohs Patent Fire arms .26 333 3412 $7 let preferred
100 90 98
81
Mtge.7%, 1948
tity Saving, Bank. Buda
4
27
412 512 Remington Arms corn
S
. 3
/4112 4412 Oberpfalz Elec. 7%. 1946.. /23
Columbia Baking new corn_
pest. 7s. 1953
15
914. 1014 Rockwood & Co
Oldenburg-Free State 7%
New $1.00 cum pref
'iolumbla scrip lesue of'33 /70
if
125
27
_
100 74
8 Preferred
to 1946
if
Brosacaseng al A • 361s 375
140
Columbia
Issue of 1934
/44
68
47
100 66
0
Panama 5% scrip
• 381s 37 s Ruberold Co
49
ClassB
Costa Rios funding 5%,'51 47
14
4712 49
Porto Alegre 7%. 1968- -- - /12
20
Columbia Pictures
49 /18
Dosta Rim Pao. AY 710'
3
25 2418 25 s
Protestant Church (Ger,
• 3234 34 2 Stavin Mfg
40
Crowell Pub Co eons
5s. 1949
125
29
Singer Manufacturing...100 291 295
100
many). 7s 1948
212
.
3
$7 preferred
Dortmund Mun UPI 68,'48 131
36
6 34
Prov Bk Westphalia Se, '33 /41
• 35 38 Standard Cap & Seal
27
125
Dietapnone Corp
7e to 1945
Dueeseldort
100 98
Standard Screw
Prov Bk Westphalia 6s. '36 /29
106 11812
27
/25
Preferred
Duisburg 7% to 1945..
19
40
• 16
Rhine Westph Elea 7%,'38 135
28
Dixon (Joe) Crucible....100 52 I 56 Taylor Milling Corp
Ems Prussian Pr fie 1953 126
17
3
24
9612 101 Taylor Whar I & Scorn....'
Rio de Janeiro 6%, 1933._ /13
°miller Die Cast pret
& Insuropean Mortgage
• 3912 401
27
Rom Catb Church 6(4. '46 J22
50 4812 5012 Trico Products corn
/5412 57
Preferred
vestment 7146 19S6_. _
/22
24
16 Tuttlee CnatIllon ouzo pt_11.10 60
/my 29
R C Church Welfare 76,
Douglas Shoe preferred_100 14
Frankfurt 7e to 1945
36
s 318
23
10
Saarbrueeken M Bk 66,'47 /31
• 60 62 Unexcelled Mfg en
150
Draper Corp
wrench Govt 5140, 1937.
J25
27
Salvador 7% 1957
100 98 101 United Piece Dye Wks pro!. 13Ia 141s
Driver-Harris mei
French Nat. Mail SS. 66,12 148
4
2
25
Salvador 7% cif of dep '67 /23
10 5311 55 LI 41 rimellIng pref . _ .200
33
First Boston Corp
ierman All Cable 7e, 1946 /30
/23
96
26
12 1 Wallin Grants Jules preL.,100 91
•
Salvador 4% sorip
Flour Ville of Amalie
ierman Building & Land1512
412 512 West Va Pulp & Pap corn..' 14
Santa Catharine (Brasil).
32
/29
Foundation Co-Foreign ells
bank 6 la %, 1948
19
Preferred
118
loo 9512
314 418
8%. 1947
American shares
Airman defaulted coupons /41-58
/55
65
412 53 White(8 5) Dental mfg_.-20 147s
4
8
67 Santa Fe scrip
Gair (Robert) Co Isom_ OH
,
f6 8
Ilerman scrip
1112
Santander (Colom)7s. 1945 1101
f /25-40
4
() 2812 3012 White Rock Min Spring
Preferred
ierman valled bonds
1312 Gen Fireproofing $7 P1-1 0 75 I ___
37 let preferred
100 10112
Sao Paulo (Brasil) 6e. 1943 /12
0
flerman Dawee Coupons
1
23
39
60 20
10 4614 49 Wilcox-Gibbs cam
3
11014 10 4 Saxon State Mtge. M. 1947 /32
Golden Cycle Corp
10-16-34 Stamped
3612 38
3 Worcester Salt
100 5412 62
2
Graton & Knight com---•
3
April 15 1935......... 120 4 2114 Serbian 56. 1956
/43-54
Serbian eouPons
100 18 20 Young (J 8) Co oora--100 112
Preferred
German Young fen
7w. nretarred .. _ . _100 110
240
8
1135s 137 Bern & Hakim deb 61.2930 j220
12-1 34 Stamped
45
/35
76 1940
8
/1612 167
June 1 1935
30
Pub (Jtil 7s. 1948. /29
Stettin
31
/21
luatemala Se 1948
J5212 54
Tucuman City Ti, 1951-92
88
Haiti 6% 1963
85
Tuouman Ploy. 7e. 1950.. 82
97
Hereto-Am Line 6!4s to le 94
!43k
Ask
rat Bid
Par
67
164
[acumen Scrip
Hanover Hare Water Wks
518'
• 15.44 ___ Investment Trust of N Y •
Administered Fund
30
Vesten Elea Ry 76, 1947._ /28
22
f20
6%. 1957---1.51 1.65 Internal Security Corp(Am)
3212 Affiliated Fund Inc corn
/301
/3112 3312 Wurtemberg 7s to 1345
Howling & Reel Imp 7s.'46
Claes A common
1514
•
Amerex Holding Corp....' 14
Hungariar rens Mat 7. 87 14312 4612
14
'2
1
Class B common
1 1.02 1.12
•
Amer Business Sharee
1213
614% Preferred
100 3212 35
Amer & Continental Corp.. 11
3412
6% preferred
33
100 32
Founders Corp 6% pf 60 29
Am
TRADING MARKETS
50 2912 3312 Investment Co. of Amer
7% preferred .
Common
26 I 29
Amer General Equities Inc_ 1.05 1.17
7% preferred
7
26
9
Amer & lienerai Deo Cl
Malor Shares Corp
s
23 -• 50 53
$3 preferred
16.76 18.12
4
33 Marylan Fund Inc com
3
Amer Insurance Stock Corp.
the Counter Securities
and all Over
my 614 Maas investors Frost
21.51 23.38
Assoc Standard Oil Sharee..2
Teletype
Digby
1.34 1.46
8
618 67 Mutual Invest Trust
Bancamerica-Blair Corp...
3.75 3.85
N.Y. 1.901
.50 .75 Nation Wide Securities_
Banceharee, Ltd part she 50e
4-4524
418 458
Voting trust certificate,
1.36 1.47
Bankers Natl Invest Corp..
• 3.57 ___ N Y Bank Trust Shares..
314
Basic Industry Shares
19 Rector Street, New York
-2
4
883 4/21.45 .65 No Amer Bond Trust otte
Type Invest
British
Hartford
1514 No Amer Trust Shares, 195, 2.13 _1 14
Bullock Fund Ltd
Private 'Phone Wires to Philadelphia, Boston,
Los Angeles
Series 1955
2.73
Canadian Inv Fund Ltd-1 3.40 3.75
Pittsburgh
Series 1956
2.70 --24
Central Nat Corp clam A-• 22
Series 1958
2
1
2.73 •
Claes B
5146
• 25.91 27.16 Northern Securities
Century Trust Shares
10(
4 312 Pacific Southern Invest 11123
Commercial Natl Corp
' 3612 40
Par Bid Ask
Par Bid Ask
712
Clam A
6
4 Corporate Trust Shared__ 2.24 ___
234 33
10
Security'
114
2.22
Iss
Series AA
tans Casualty & Beret,-10 93 I 95 Home Fire Fire
10 2234 2414
3
4
10 583 60 4 Homestead
.92 1.02
Cia" B
PlYmouth Iland Inc el A _10r
2.22 _
inns Fire
Accumulative serial
412 612
& Exp.of N Y..6
35 Importers
10 33
1.39 1.52
r
i meantaInc T ar
(il prteri y tieShrue
2.62 _
aeons Life
e5
Serial AA mod
4
4
6 103 123
25 85 88 Knickerbocker
9.72 10.47
2.62
st
agricultural
Berke ACC - od
6
4
4 43
33
3
4
10 263 28 4 Lincoln Fire
29 Republic investorsinvestorsFund_5 2.40 2.55
a mei-lean Alliance
1
4 234 Crum & Fester Ins cem-10 27
13
30 Maryland Catalan1'
6 27
7
11 a ties Man tt e eint
_ __ 80 0nld internata eme A
100 113
a merlcan Equitable
8% preferred
25 2712 2912
15 Mass Bonding & Ins
10 13
112 212
a marker Home
Crum & Fetter Ina ShareeFireAesurcom 2)4 47 50
12
4
Class B common
35
10 33
I merican of Newark---.2 /4 1514 163 Merchante
•
Common 11
3
3
74 94
63 Merch & Mfrs Fire Newark _6
47
43
100 108
a merican Re-insurance. _10 61
7% preferred
10 1414 1614
4
10 2714 283 National Casualty
Selected refm red
1.35 1.47
p A erer Sluiree Inc.
.
a merican Reserve
Cumulative Truitt Shares..' 4 60
78
10 76
26 4414 4614 National Fire
2.82
2.65 Selected
a merican Surety
2
814 914 Depoeited Beak She ser A__ 2.38 4.65 Selected American Shares,
10 3914 4114 National Liberty
7.67 _automobile
Cumulative She_
Deposited Inoue She A____ 4.19
20 132 136
3
4 7 4 National Union Fire
63
234
4.00
s ___ Selected Income Shared-83
Baltimore Amer
2 1012 1112 Diversified Trustee She B.
99 New Amsterdam Cal
26 95
s 612
57
3.50 3.80 Selected Man Trustees She
Banker' & Shippers
10 3014 3214
512 ely Spencer Trask Fund
100 620 630 New Brunswick Fire
• 16.83 17.89
loeton
,
10 15
New England Fire
6 2134 2334 New Hampshire Flee- _10 4914 51171 Dividend Shares
.'amden Fire
254 1.40 1.52 Standard Amer Trust Sharee 2.90 3.15
4 2914
10 273
.80 .86
36 Standard Utilities Ina
arollna
1 32
•
Equity Corp ev prof
50
20 47
2712 New Jersey
• 44.54 47.98 State Street Inv Corp
..10 26
• 73.49 79.24
, ity of New York
5 1614 1914 Fidelity Fund Inc
:onnecticut General Life.10 40 42 New York Fire
- 4.12 ___ Super CorP of Am Tr She A 3.53
Five-year Fixed Tr Shares
98
12.60 94
5 18 20 Northern
AA
:on tinental Casualty
• 9.31
Fixed Trust Shared A
2.50 2612 28
• 7.87
212 4 North River_
3.73 -234
Eagle Fire
National. 25 140 145
BB
2.46 Employers Re-Insurance-10 2612 2812 Northwestern
Investors Inc 2.25 2.45
Fundamental
26 109 113
6 173 19 Pacific Fire
6.57
0
4
4..91 5.50
ExceeeFundamental Tr Shares A
10 88 90
84 Phoenix
10 81
6.58
4.64
Federal
Shane B
5 16 18
Accident
Supervised Shares
Fidelity & Deposit of Md_20 80 84 Preferred
, 1.41 1:81
10
5 1012 12 Providence-Washington-10 4434 4634 Group Securities
0
3 s 41s.
1.38 1.52 Truitt Fund Shares
Firemen',of Newark
Agriculture shares
10 19
22
5 2912 3112 Rochester American
1.09 1.15 Trustee Standard Invest C._ 2.47
Franklin Fire
Automobile stares
1412
3 13
4
1 1434 163 Roasts
2.42
General Alliance
Building shares
Paul Fire & Marine _ _ 25 194 198
29 St
10 27
37 Trustee Standard 011 She A 6.07
35
'2 1..42 Tr
Georgia Home
Chemical shares
5
812
- Fire
a 3912 4112 Seabou.d But,& Marine 10 13 1012
5.14
B
Glens Falls Fire
1.23 1.36
Food shares
,
1412
15 Seaboard
13
1.03 1.16
Globe & Republic
1.21 1.34 Trusteed Amer Bank She B_
Merchandlie shares
10 3612 3814
Haven
23 Security New
1.11 1.23 Trusteed Industry Shares.. 1.20 1.33
Globe & Rutgers Flre.-15 19
Mining shares
le 24
26
6 27 2812 Southern Fire
1.04 1.14 Trusteed N Y Bank Shares. 1.46 1.62
Great American
Petroleum shares
612 712 Springfield Fire &Marire_25 132 135
Great Amer incempity.....1
.84 .Q3 United Gold Equitiee (Can)
ItIt Equipment shares__
10
7
5
10 19 2012 Stuyvesant
Standard Shares
1 2.03 2.27
1.20 1.33
Halifax Fire
shares
Steel
100 420 440
Bun Life Assurance
la
1
a
Flamilton Fire
1.38 1.52 U 8 & Brit Int class A coin •
Tepees° shares
100 638 648
• 11
15
10 413 433 Travelers
4
4
Hanover Fire
Guardian Invest Trust....'
3
10 2614 273 U 8 Fidelity & Guar Co--2 10 4 1214 Huron Holding Corp
4
4
1614 163
cPreferredLt & Pow Shares A
U130
Rarmoola
20 .
.
17 2
4 5212 5412
10 77 79 12 El filre
2.38 2.48
Hartford Fire
• 18.6220.02
Incorporated Investors_
10 75 80
10 72 74 U 8 Guarantee
.89 .97
tru
02
9
08 1. 4
Hartford Steam Boller
Indus & Power Security_ • 14.. 3 16 6
2.50 35 37
36 Westchester Fire
314 4
34
1
k ctet
B Y
UnVN°11112SI:tTru C
Home
Investors Fund of Amer.._
2 12
2
fin In. T. fib* Nor v
Forfootnotes see page 903
844
Par
sist
105 I
Investing Companies
Bank Stocks • Insurance Stocks
HARE'S,LTD.
Insurance Companies
14
Financial Chronicle
Volume 141
Quotations on Over-the-Counter Securities
Friday Aug. 9-Concluded
Railroads-Industrials
-Public Utilities
Specialists in Called Bonds-New Issues
Pell, Peake & Co.
24 BROAD ST., NEW YORK
Members N. Y. Stock Exchange
Tel. IIAnover 2-4500
Short Term Securities
BO
Ask
1013 102
8
10218 10212
108 10834
10512 10612
4
1033 10418
8
10712 1077
92
9234
102 10238
10334 104
104 1051
4
10814 109
10812 109
1113 11214
4
10612 1067
8
10214 10314
1021 10214
10214 103
1001 10112
8
1013 1017
8
10414 10434
103 10314
10618 10612
10612 10714
108 10818
10284 103
10712 10812
10214 10314
1023 104
4
10514 105 4
3
10911 11082
4
100 4 1013
3
1023 1023
6
4
103 10334
1057 10814
8
10788108
1024 102
/
1
4
104'I 1047
8
1008 102
Bkt
New York Tel lit 44.1939.
Nor American Lt & Power
5s April 11936
Nor Ry of Calif 56 1938-Pacific Tel & Tel 58 1937
Penn-Mary Steel 58 1937 .
Pennsylvania Co 3148 1937Pennsylvania KR 8Ke 1936'bile & RcadMg C & 1 4s 37
Phillips Petroleum fiSis 1989
Potomac Flee i'nwer 56 1038
Pure Oil Corp 534s_.__1940
By Express Agency ino-5s 1935 to 1939
58 1940 to 1949
ROeh & Loot Water 581938
St Joseph By L H h P Si'37
St Paul Min & Man
Montana Est 4s....1937
9crsnton Electric 5s 1937
91nolair Cenral 011 Corp
75 March 15 1937
.....
.
6 Ks June 1 1938
Southern Bell T & T 56_1941
Lou Par Branch By 68 1937.
Swift .4 Co le 1940
._
TerminalRR(StLou)4Ks'39
Texas Pt et Ls Ist 56 1637.
United States Rubber Co
6345 March 11936
58 1936
YtrAinin Midland By iis 1936
Ward Baking Co 1st Os 1937
Washington Wet Pow 5e '39
Western Mass Coe 44 1939.
W N Y & Pa RR 1st 56 1937
Western Union Tel6Ks 1938
55 Jan. 1 1938
Ask
1114 1113
4
10112 103
108 4 10914
,
106 1063
8
104 1043
4
103 10412
103
4
1023
103 104
10212 1027
s
10314 104 4
,
1013 10188
8
F IC 1%s Aug. 15 1935..
F IC 1%s Sept. 16 1935.
FTC 1Ks Oct. 15 1935_.
FIC1 lie Nov. 15 1935..
F IC 134s Dec. 18 1935..
T 30
r.30
r.30
7%30
7.35
Ask
.15%
.15%
.15%
.20%
.25%
By Crockett & Co., Boston:
Shares
Stocks
8 per Share
5 Webster & Atlas National Bank, common. par $50
2534
10 Springfield Ry. Cos. preferred, par $100
2134
5 Chicago Junction Rys.& Union Stock Yards Co. preferred, par $100
104 10418
120
107 1073
1934
4 1 Naumkeag Steam Cotton Co., par $100
23 Western Massachusetts Co
3834
101
- 10 Thomas G.Plant Co. first preferred, par $100
234
101
-.- 30 Johnson Educator Biscuit class A preferred
534
109 109 4 5 Rhode Island Public Service Co., preferred, par $27.50
3034
3
10714 108 4
,
By Barnes & Lofland, Philadelphia:
10118 10188
Stocks
111 1117
8 Shares
$ Per Share
106 10618 50 Philadelphia National Bank, par 820
8634
25 Central-Penn National Bank. par $10
2834
30 Corn Exchange National Bank & Trust Co. par $20
10012 10014
46
'
1013 10212 40 Pennsylvania Co. for Ins. on Lives & Granting Annuities, par $10
4
3334
1003 1013
4
4 20 Insurance Company of North America, par $10
6834
10514 10611
By A. J. Wright & Co., Buffalo:
110 11112
14
Stocks
103 10314 Shares
0 Per Share
10514 1061
$1.50
: 10 The Como Mines
4
10212 1027
By Bruton & Co., Baltimore:
10412 105
Shares
Stocks
0 per Share
1.000 Fort Sumter Hotel, Inc., of South Carolina, capital stock, no par_ _650 lot
100 Plaza Apartment Hotel Cs., Inc., of Texas, capital stock, par 3100
10
Bid
F I0 1Ke Jan. 15 1936_
F I0 14s Feb. 181936.
FTC 134. Mar. 16 1936
F I C 1 Ks Apr. 15 1936_ _
F I C 1.Ke July 15 1936-
r.40
7.40
7.45
7.50
r.625
Ask
.30%
.30%
.35%
375%
.50%
Miscellaneous Bonds
Warns Express 4s ...._1947
Smericap Meter (is ..._.1946
Smer Tobacco 4s
1951
km Type Fdrs 65
I937
Debenture (is
1939
115 Wire Fabric), 7s
1942
krtnour & Co (Del) 1st 4s'55
krmstrong Cork Co 4s.1950
-tear Mountain-Hudson
River Bridge 78 ......1953
30th Steel Corp 43
-is... 1960
iutterickPublishing 6141936
Micas° Stock Yds 55.
.1961
.IonsolidationCoal434e 1934
Deep Rock 011 75
1937
iaytlan Corp 86
1938
rournal of Comm 6348 1987
1Ierchante Rettig 66_1937
Bid
943
4
102
108
.f40
/40
9112
t ___
102
Ask
952
4
___
___
42
42
9412
_ _.
10212
91
94
9878 9918
P27
36
9912 10012
/41
43
/49
5012
/10
12
67
.....
091,
Bid
As,
Rome Owners'Loan Cory
145
Aug 15 1936 101.9 1011
Aug 15 1937 102.10 iii
1%1
Is
Aug 16 1935 102.28 102.3
130
June 15 1937 100 24 100 2
Nat) Radiator res
1948 /28
30
1946 95
NI Y ShiplUdg 5s
No. Amer Remo 630 1944 /6512 691
Ms Steel 6e clf5
1941 /9712 99
Pierce Butler & P6348 1942 11012 13
Pure Oil Corp 4Ks_ _1950 9514 96
Scoville Mfg 634'
1946 1043 1053
4
St'd.Tex.Prod.Is16 Ka as.'42 /10
13
Struthers Wells Titusville
6148
1943 65
Union 01)0! Calif 4s...1947 10712 108
WItherbee Sherman 66.1944 /8
10
Woodward Iron 55
1952 f35
37
Chain Store Stocks
Par
Bohack (n C)corn
•
7% preferred
100
Diamond Shoe oret
100
Edison Bros Stores pref.100
Fishman(M H)Stores....
Preferred
100
Great A & P Tea pt.....300
Kress(S 11)6% pref
10
Lerner Stores pre!
100
Lord & Taylor
100
1st preferred 6%
100
2nd preferred 8%
100
844 Ask
5
7
37 45
90
108 11
.
5
12
14 4
3
9)
125 128
1112 1212
105 10312
145
102
104
Par
Melville Shoe pref
100
Miller(I)& Sons Ind 100
MookJuds&Voehr'ger pf 100
Murphy(0 C)8% pref.100
Not Shirt Shope (Del)....'
18t preferred
100
Reeves (Daniel) pref-100
Schiff Co preferred
100
United Cigar Stores 6% pee!
6% Met Ws
U S Stores preferred-100
Bid Ask
1103 - 41
10
15
13511
11214 11514
338 4
/
1
4
40
4412
57
102
514 6
514
2
4
tSoviet Government Bonds
840 I Alit
Bid I Ask
Union of Soviet Boo Repub
Union of Soviet Soo Repub
7% gold rouble_
86.87 88.871 10% gold rouble._ _19421 87.741
For footnotes see Page 903,
CURRENT
NOTICES
-The average price for 20 insurance company stocks as of Aug. 2 was
27.48 compared with 27.02 as of July 26, an increase for the week of .46,
according to the weekly analysis of Allen & Co. The average ratio of price
to liquidating value stood at 1.38 on Aug.2,compared with 1.39 On July 26,
a net decrease of 0.1 for the week.
The average price for 18 bank and trust company stocks as of Aug. 2
was 88.33 compared with 87.00 for the week ended July 26, a net increase of
1.33. The average ratio of price to book value stood at 1.13 on Aug. 2,
compared with 1.09 on July 26, a net Increase of .04.
-Alexander Raymond McKernan, a member of the New York
Stock
Exchange, has become a general partner in the firm of Rhoades & Co.
By R. L. Day & Co., Boston:
Shares
Stocks
$ per Share
20 Home National Bank, Brockton. common, par $100
47-48
20 Railway & Light Securities Co. preferred A, par $100
94
8 Dennison Mfg. Co. preferred, par $100
-,
6934
1 Boston Athenaeum, par $300
273
52 Massachusetts Investors Trust, par $1
21.95
1 Massachusetts Lighting Cos. $8 preferred
108K
15 George E. Keith Co. 1st preferred, par $100
38K
BondsPer Cent
$2.000 Lincoln Mortgage & Title Guaranty Co. 1st mtge. et!. dep. Nov. 1
stamped
21% flat
$3,000 Mortgage Bond Co. of New York 5Sis, series 14 ctf. del)
6234 flat
$1,000 Boston Metropolitan Building 65, June 15 1942, coupon Dec. 1932 and
subsequent on
•
834 flat.
100 t 0109
1091 0111
10114 10214
1033 10414
4
Federal Intermediate Credit Bank Debentures
BId
AUCTION SALES
The following securities were sold at auction on Wednesday
of the current week:
By Adrian H. Muller & Son, New York:
Shares
Stocks
$ per Share
390 Peoples Gas Light & Coke Co. (III.) common, par $100
39
691 Commonwealth Edison Co. (III.) common, par $100
82
32 National Union Bank of Dover, N. J., par $100
26
15 City Housing Corp.(N. Y.), par $100
$1 lot
1,264 Rosenbaum Grain Corp.(Del.) class B common,and 1,264 1st pref., $400 lot
BondsPer Cent
$300,000 Beattie Sugar Co.(Cuba) 20
-year 1st mtge. 734% gold bonds, dated
as of June 1 1923. with unpaid coupons annexed. These bonds are now
Past due as to principal and interest
$45,000 lot
By Adrian H. Muller & Son, Jersey City, N. J.:
Shares
Stocks
8 per Share
200 Seatrain Lines. Inc. (Del.)
$0.50
2,600 Markle Corp.(Pa.)
0.10
SHORT-TERM SECURITIES
Allis-Chalmers Mfg 56 1937.
Amer Tel & Tel 4s 1936._
4349 July 11939
Appalachian Pr 76 1936_
Armour & Co 4%.1939._
Atlantic Refg Co 56 1937...
B &0 RR See 4345 1939._
Beech Creek RR let 46 1936
Bethlehem Steel Se 1936....
Buffalo Hoch & Pitts 55 1937
Calif Gas & Elm 5s 1937...
Caro Clinchf & Ohio 58 1938
Ches & 01110 RR 181 58 1939.
Chic Oas Lt & Coke 181 5837
Cln Ind St L & Chia 4s 1936
Cleve Elise III Co Si 1939...
Columbus Power let Si 1936
Consumers El Li & Pr(N 0)
let 58 Jan 11936
Consumers Power 1st 581936
Consum Oas(Chic) let 56'36
Cudahy Packing 514s...1937
Cumbl'd Tel & Tel 181 68'37
Dayton Lighting Co 5e3 1937
Dubith & Iron Range 56 .37
Edison El Mum Co Boston
58 AprIll 15 1938
4s Jan 1 1939
Fox Film cony 6s 1936
Glidden Co 6345 1939
Cir Trunk Ry Can (gu)6.36
Hackensack Water 581938..
Long Dock Co 6 1935.-8
Long Island Ltg 18t 56 1936
Long Island RR 56 1937....
Gen 4s June I 1938
Louisville & Nash m.114140
Midvale Steel & Ord 58 1936
Mortis ec Co 1st 434s 1939,.
N Y Chia & St I. let 48 1937
905
Prices on Paris Bourse
Quotations of representative stocks as received by cable each day
of the past week
Aug.3 Aug.5 Aug.8 Aug.7 Aug.8 Aug.9
Francs Francs Francs Francs Francs Francs
Bank of France
9,900
10,100
9,900
9,800
9,970
Banque de Paris et Des Pays Boa
884
883
883
888
Banque de Minion Parisienne...
435
432
429
432
Canadian Pacific
159
159
158
156
152
Canal de Suer
17,400 17,400 17.800 17,600 17.800
Cie Distr. d'Electricitie
1,097
1,077 1.074
1,065
Cie Generale d'Electricitie
1,310
1,320
1,330 1,330
1:551?
1
Cie Generale Transatlantique....
15
17
17
17
Citroen B
83.
83
84
84
_
Comptoir Nationale d'Escompte
897
873
872
872
_
_
Coty S A
82
so
81
81
78
Courrieres
219
217
216
216
Credit Commercial de France_
567
568
567
567
Credit Lyonnalse
1.690
1,680 1,680
1,680
1,660
Faux Lyonnalse
2,450
2.450
2,440 2,410
2,410
Energie Electrique du Nord.485
487
482
480
Energie Elostrlque du Littoral..
730
732
734
739
__
Kuhlmann
HOLI534
534
535
540
L'Alr LiquIde
DAY
780
780
780
790
iio
Lyon (P 1. M)
867
868
876
867
Nord By
1,140
1,135
1.150
1,125
Orleans By
421
432
434
432
"iii
Pathe Capital
19
19
19
20
__
Pechlney
993
980
986
987
Rentes, Perpetuel 3%
78.90
78.80
78.75
79.00
71.6
Renter;4%. 1917
82.75
82.60
82.70
82.30
82.30
Rentes 4%,1918
81.75
81.75 81.40
81.75
81.20
Rentes
%,1932 A
87.40
87.25
87.30
87.70
87.50
Rentes 4 K %,1932B
87.90
88.10
88.10
88.40 88.30
Rentes 5%. 1920
110.20 110.30 110.90 109.60 109.10
Royal Dutch
1,950
1,980
1,980
1,990 1,990
Saint Gobain C de C
1.629
1,636
1.626
1,629
Schneider & Cie
1,565
1,579
1,580
1.575
Societe Francaise Ford
51
51
51
51
--Li
Societe Generale Fonciere
33
34
34
_
34
Societe Lyonnaise
2,468
2,465
2,415
2,405
Societe Mansellialse
527
527
528
529
Tubize Artificial Silk pref
79
80
80
79
Union d'Electricitle
580
575
571
571
Wagon-Llts
46
46
46
46
The Berlin Stock Exchange
Closing prices of representative stocks as received by cable
each
day of the past week
Aug. Aug. Aug. Aug. Aug. Aug.
3
5
6
7
8
9
Per cent of Par
Allgemeine Elektrialtaeta-Geeellschaft
39
40
40
40
40
40
Berliner Handels-Gesellschaft (8%)
117
118
119
119
119
120
Berliner Kraft u. Licht(8%)
140
140
141
141
142
142
Commerz-und Privat-Bank A CI
90
90
91
90
90
91
Deesauer Gas (7%)
135
135
135
135
135
136
Deutsche Bank und Disconto-Gesellschaft.. 91
91
90
91
90
90
Deuteche Erdoel(4%)
114
114
114
114
115
114
Deutsche Reichsbahn (German Rys pi 7%) 124
124
124
124
124
124
Dresdner Bank
91
91
91
90
90
90
Farbentodustrie I G (7%)
158
158
158
158
158
158
Gesfuerel (5%)
129
130
130
130
129
129
Hamburg Electric Werke (8%)
140
140
140
140
140
140
Repos
17
18
17
17
17
17
Mannesmann Roehren
93
93
93
93
93
93
Nordeutscher Lloyd
19
19
19
19
18
18
Reichsbank (8%)
189
188
188
188
187
188
Rheinisehe Braunkohle (12%)
222 222224 224 225
Salzdeturth (7Si%)
200 200
iii 200 199 200
Siemens & Halske(7%)
184
184
186
184
184
184
Aug. 10 1935
Financial Chronicle
906
General Corporation and Investment News
LLANEOUS
-MISCE
RAILROAD-PUBLIC UTILITY-INDUSTRIAL
-Earnings
Adams-Millis Corp.(& Subs.)
6 Mos. Ended June 30x Gross profit
Selling, administration and general expense
1935
$393,099
95,537
1934
3503.051
100.123
Operating profit
Other income
$297,562
49,478
$402,928
48,911
Total income
Interest, loss on securities sold, &c inc. taxes_
Estimated provision for Federal & State
$347,040
2,846
61,200
$451,839
6,265
79,000
Net profit
yDividends paid
$282,994
211,429
$366,573
175,204
$191,369
$71,565
Surplus
$1.97
$1.43
Earns, per sh. on 156,000 shs. corn.stock (no par).
in 1934) for depreciation.
x After deducting $93,634 in 1935 ($103,039
and dividends on
Consists of dividends on first preferred stock of $61,250less dividends on
y
common stock of $156,000 in 1935 ($117,000 in 1934)
shares held in treasury of $5,821 in 1935 (33.045 in 1934).
Consolidated Balance Sheet June 30
1934
1935
Liabilities1934
1935
Assets$1,750,000
x Plant & equip.. _ _$1,874,587 $1,740,560 1st pref. stock__ __$1,750,000
156,000
514.755y Common stock __ 614,004
958,077
Cash
97,229
91,950
.
Marketable secur_ 983,061 1,223,227 Accounts payable_ 118,597
58,875
Accru. labor dr tax
Note rec.for mach.
Res. for Fed. &
3,275
sold
333.228 State Inc. taxes
Accts.receivable__ 286,612
79,000
711,110 1934
495,379
Inventory
59,000
59,000
30,465 Res. for confine__
14,430
Other assets
458,004
31,403 Paid-in surplus_
34,179
Deferred charges
Earned surplus__ 2,016,048 1,928,639
$4,649,600 $4,584,74
Total
84,649,600 $4,584,748
Total
After depreciation of $1,449,245 in 1935 and $1,516,152 In 1934$
156,000 no par Eihares.-V. 140, p. 1994.
y Represented by
-Earnings
Alaska Juneau Gold Mining Co.
1935-7 Mos.-1934
-Month-1934
Period End. July 31- 1935
3370,500 $2,228,000 $2,627,850
$269,000
- Gross profit_
Net profit after oper.
exp.& develop. ch'ges.
but before deprec., de1,394,750
1,049,600
190.300
95.000
plet. and Fed. taxes tons of ore to mill
During July. company mined and trammed 256,070closed during June
in July last year. Mines were
against 355,710 tons
uninterruptedly
because of strike. Operations resumed and continued recent strike on
of the
during July, but company statement says, "effect tranuned to 69% of
reduction in tons mined and
July operations was a
-V.141. p.264.
normal and an operating expense of 82% of normal."
-Sold
Alemite Die-Casting & Mfg. Co.
'
-V. 137, p. 2809.
See Electric Auto-Lite Co., below.
-Earnings
Allegheny Steel Co.
1935-6 Mos.-1934
Period End. June 30- 1935-3 1tfos.-1934
$5,010,876 $5,930,978 $10,983,957 $10,270,214
Sales
4,704,335 5.318,940 10,168,275 9.135,542
&c.Costs, expenses,
382.795
268,090
193,113
113.271
Depreciation
36.721
21.110
Miscellaneous loss
$715,156
$547,592
$397,815
$193,270
Prom
44,161
31,980
24,779
11,450
Otherincorae
$759,317
$579,572
$4422,594
$204,720
Profit
99.483
78.835
56.714
28,128
Federal taxes
$659,834
$500.738
$365,880
$176.592
Net profit
Earns. per sh.on 610.695
$0.88
$0.71
$0.50
$0.28
abs. corn.stk.(no par)
-V. 141, p. 580.
-Earnings-Amerada Corp.(& Subs.)
1935-6 Mos.-1934
1935-3 Mos.-1934
- Period End. June 30- $2,088,880 $1,940,796 $4,052,025 $3,814,740
income_
Gross operating
Oper. and admin. exPs•,
1,878,535
946.233 2,135,754
taxes,leases aband.,&c 1,143.385
$994.564 $1,916,270 $1,936,204
Operating income___ $945,495
226,993
523,471
107,664
309,971
Other income
$2,439,741 $2,163,197
$1,255,466 $1,102.,227
Total income
Deprec., depl. and drill605,770 1.621,408 1,141,741
836,443
ing expenses
$818,334 $1,021,457
$496458
$419,024
Net income
$1.31
$1.04
$0.64
30.53
Earns. per share on com.
p. 3377.
-V. 140,
-Wins Suit
Inc.
American Chain Co.,
with the
a memorandum of decision awarding
Judge Edwin S. Thomas filed -Hartford, Conn”
-en July 29.
IJ-:-.0,-Distriot Court at
plus interest and
the right to recover a total of $600.136. was handed down
the company
The decision
court costs, from the U. S. Government. inst the late Colonel Robert 0.
following trial of a suit by the companTa
of Internal Revenue,)
Eaton, as Collector
ufacturers' excise taxes paid to
The plaintiff sought refunds on m 1 1922, to Dec. 311934. It was
above
the Internal Revenue Bureau from July
and court costs would bring the figure to well
estimated the interest
-V. 140, p. 2852.
a million dollars.
--Earnings
American Cyanamid Co.(& Subs.)
1933
1934
6 Months Ended June 30Operating profit after expenses
Other income
Total income
Depletion and depreciation
Development expense
Interest
Taxes
Minority interest
Net Income
Shares of common stock outstanding_
Earnings per share
-V. 140, p. 3377.
1935
$3,291,189 $2,773.972 $2,001,257
145,781
300.779
316.219
$3,607,408 $3,074,751 $2,147.038
818,364
920,557
1,038.489
580,265
592.589
595,611
135,870
195.289
199.926
47,272
250,236
230,276
42,000
49.934
49,426
$1.493,680 31,066346
2,520,370
$0.59
2,520.373
$0.42
3523,267
2,470.123
$0.21
-Dividend Increased
Ltd.
American Factors,
dividend of 20 cents per share
The directors have declared a monthly 10 to holders of record July 31
$25, payable Aug.
on the capital stock, par monthly dividends of 10 cents per share distributed
as compared with regular extra distributions were made as follows. 80
previously. In addition,
9 1933. and 20 cents per share on
3
cents on Dec. 10 1934; 40 cents on Dec. p.265.,"
Aug. 10 193. and Dec. 10 1932.-V. 141.
Co.-Recapitaitzfillon Plan
------ American Hide & Leather approving a recapitalization pl
stockholders will vote Sept. 18 on
The
per share accumulated dividends o
which proposes to wipe out the $214tion plan briefly provides as follows:
recapitaliza
the preferred stock. The
Each share of the present 7% preferred stock ($100 par) will be exchanged
to redemption
for a share of 6% cumulative preferred (par $50) subjectA share of new
Jan. 1
on 60 days' notice at $50 plus diva. (frominto five1936). of new common.
shares
preferred would be convertible at any time stock there are accumulations
On the 100,000 shares of present preferred
this
than $214
of dividends of $21,425.000. or morefour sharesper share. Holders of
of new common for each
stock would be entitled to receive n of
cancellation of the unpaid acconsideratio
share of old preferred in
14
cumulations, in addition to a share of new preferred. e share for share •
The old common (no par) stock would be exchangeabl
would
with a new $1 par common, and the number of shares authorized would be
be
500,000 shares
increased from 115,000 to 1,015,000. of which 6%
preferred. No other
reserved for issue upon conversion of the new
class of stock would be authorized.
In accordance with a Securities and Exchange Commission rule, the
assets from
company in order to separate the values of the tangible fixedan appraisal
the books
values of intangible assets as carried on assets were has had as a sound
appraised
tangible fixed assets. Such
made of the
IM181
value at $3.551,928.
The company points out that if there is not a change in the stock liabllity
would be shown on the balance sheet which would
a deficit of $4,380,631
have to be made up before dividends could be paid on either class of stock.
is
Even were there no such deficit the accumulations on the preferred, it
on the
said, would in ordinary conditions prevent payment of dividendsto meet
the 3700,000
present common. In contrast to under the newneeded for a year would
plan the company
Preferred dividend requirements,
need only $300,000. It is set forth in the letter to stockholders that the
company earned $628,277 in the fiscal year ended June 30 1933 (exclusive
888
of tax refunds), and $500.790 in the next fiscal year.
Under the pro forma consolidated balance sheet as of June 30 1935.
cash
giving effect to the plan of recapitalization, at is $362,150 and inventory
$211,451.-v. 140, p. 3028.
is $2,446,755. Current liabilities are listed
-Earnings
American Gas & Electric Co.(& Subs.)
-Month-1934
1935-12 Mos.-1934
Period End. June 30- 1935
Subs. Cos. Ccmsolid.
(Interco. items ohm.)
35.033,846 $4,888,044 $63,008,553 $59,881,196
Operating revenue
3.188,881 3,109.252 39,796,034 37,114,684
Operating expenses
Operating income-- $1,844,964 31,778,792 $23,212,518 $22,766,512
814,814
75,567
79,280
717,927
Other income
$1,924,244 $1,854,360 $23,930,446 $23,581,326
income
Total
1.350,412 16.180,960 16,188,380
1,346,713
Deductions
$503,947 37.749,485 $7,392,946
$577.531
Balance
Amer. Gas c% Elec. Co.
Bal, of subs, cos. earns.
appiic. to Amer. Gas
3503.947 37,749,485 37,392,946
$577,531
& Elec. Co
265.708 3.174,067 3,211,588
264,392
Interest from subs. cos_
Pref. stock divs, from
159,651
159,170
1,910,050 1,903,796
subsidiary companies_
417,132
20.870
15,110
285,592
Other income
$1,016,205
45,956
391,378
Total income
Expense
Deductions
Balance
-V.141. P. 104•
3578,870
$950,177 $13,119,195 $12,925,464
504,142
65,060
441,651
391.378 4,696,539 4,696,539
3493.739 37.981,004 37,724,782
-Earnings
. American Laundry Machinery Co.
1934
1932
1935
1933
6 Mos.End. June 30Net loss after deprecia'n
$299.488
$149,117
3688,527prof$261,493
and Federal tax
Shares common stk. out617.851
617.851
617 1
.85
617,851
standing (par $20)--$0.42
Nil
Nil
Nil
Earnings per share
Cash and United States Government and other marketable securities
as of June 30 1935 were 37,367,556. comparing with 36,803,517 on June
30 1934.-V. 140. p. 4223.
American
-Balance Sheet
Power & Light Co.
-
Balance Sheet June 30 (Company only)
1934
1934
1935
1935
Liabilities$
$
8
$
AssetsInvestments ....253,2l4,038 255,820,144 ICapital stock (no
10,917,027 6,989,762 par value) __ _214,645,637 214,645,637
Cash
Gold deben. bds.
Time deposits in
4,900,000 5,900,000 Amer.6% ser. 44,726,500 45,810,500
banks
752,230 Southw. Pow. &
401,590
U.S.Govt.securs
100,312 Light Co.,6%
100,020
Municipal secure
gold deb. bds. 4,447,000 5,000,000
Notes and loans
603,371
receiv.-subs- 1,440,000 2,378,000 Divs. declared__
64,090
ACCtS. payable.._
152,822
Notes and loans
14,800 Accrd. accounts 1,005,771 1,036,710
receiv.-others
352,574 Matured int. on
ubs. 410,822
Acets.rec.-s
37,978
long-term debt
38,827
Accounts recelv24,220 Liab, to deliver
10,728
able-others.
37,978 securities_ „_ 10,619,900 10,651,900
38,827
Special deposit..
425,608
Deterred int.Ino
731,197
Reacquired cap.
29,934 Surplus
29,934
10,147366 9,039,243
stock
Contractual rats 10,619,900 10,651,900
425,608
731,197
Accrd.Int. rec_ _
Unamort. disc.&
3,700,837 3,837,574
expense
286,514,920 287,315,037 Total
286,514,921 287,315,037
Total
x Represented by $6 preferred, cumulative (entitled upon liquidation
to $100 a share); pail passu with 35 preferred: authorized, 1,000,000 shares
issued and outstanding, 793,581 2-10 shares, inclusive of 38 2-10 shares of
scrip in 1935 (41 2-10 in 1934); 35 preferred, cumulative (entitled upon
liquidation to $100 a share); part paean with $6 preferred; authorized.
2,200,000 shares: issued and outstanding, 978,444 shares; common, authorized 4,000,000 shares; issued 3,013,812 27-50 shares; inclusive of 3,211
27-50 shares in scrip in 1935 (3.419 27-50 in 1934).
For earnings for the 3 and 12 months ended June 30 see "Chronicle" of
Aug. 3, page 736.
-Bonds Called
----American Sales Book Co., Ltd.
-year 6% 1st mtge. sinking fund gold bonds
All of the outstanding 15
have been called for redemption on Oct. 1 at 102 and int. Payment
will be made by Bank of Nova Scotia at its principal office in Toronto,
Ont., Montreal, Que., Victoria, B. C., and agency in N. Y. Clity.-V. 126,
p. 1510.
--American States Public
Reorganization Managers-eyt.
vice co.
-Statement by
The U. S. District Court for the District of aryland on July 19 1935,
C.
approved the selection of Francis E. Frothingham, Chairman, Martin
Remer and Samuel Wagner Jr. as reorganization msnagers with authority
the
from the Court to secure deposits of bonds and debentures in favor ofwas
ir
plan of reorganization dated June 1 (V. 140, A 4223), which plan n of
presented to the Court by the corporation on July 9. A modificatio in
B
the plan, providing for the trusteeing of both class A and classthestocks
trustees
order to assure continuity of management, has been filed byThus voting
of reorganization.
to be considered as a part of the plan stock will
be distributed to the
instead of the actual
trust certificates
various security holders.
Volume 141
Financial Chronicle
907
A proposed plan of reorganization recently suggested by a committee
American Woolen Co., Inc.-Earningsconsisting of R. Emerson Swart, George deB. Greene and Garrettson Dulin
[Incl. all subsidiary companies except Textile Realty Co.)
has also been proposed (V. 141,P. 265). This plan takes the form, through
an underwriting by the International Utilities Co. of a purchase by that
Six Months Ended June 301935
1934
1933
holding company of the American States Public dervice Co., on a basis
Profit from operations
$1,503,516 $1,522,779
$911.316
which the members of the reorganization committee do not think is of comInterest earned
92,738
84,006
233,129
mensurate advantage to the investment security holders of the American
Discount on purchases
127,664
83,285
34,341
States Public Service Co.
Rentals, storage charges and sundry
The plan of the debtor is considered fair and equitable to the various
income, net
68.005
76,332
57,053
classes of security holders by the debtor corporation, by the reorganization
Collection on accounts, previously
committee, which aided in formulating it, by the reorganization managers,
written off
11,636
8,945
5.742
and by the trustees. It is believed that its early acceptance will promote
the interests of the security holders.
Total income
11,803,559 $1,772,145 81.244,783
The Court has set Sept. 20 as the date for a further hearing on
Provision for doubtful accounts
13.974
71,736
100,919
-V. 141, P. 582.
"at§ on fixed assets sold or scrapped_
t
46,981
25,882
116,704
t. on mortgage and notes payable_ _
28,139
81,943
29,375
American Steel Foundries Co.
-Accumulated Dividend
Pensions
9,227
10,207
11,772
Net reduction in inventories to cost or
The directors have declared a dividend of 50 cents per share on accotait
market basis
264,169
1,240.529
236,059
of accumulations on the 7% cumulative preferred stock, par $100. payable
Provision for depreciation
940.055
926,867
552,253
Sept. 30 to holders of record. Sept. 16. Alike amount has been paid in each
of the 10 preceding quarters, prior to which the company made regular
Surplus for period
$501,015 def$585.020
$197.701
quarterly distributions of $1.75 per share.
Accruals on the prefetred stock after the payment of the current dividend
Consolidated Balance Sheet June 30
will amount to $13.75 per share.
1935
1935
1934
1934
Period End. June 30- 1935-3 Mos.-1934
1935-6 Mos.-1924
AssetsLiabilities$
$
$
$
Net loss after deprec., Cash
4,989,826 3,476,513 Bank loans
2,100,000
taxes & minority int__ $111,796Prof$452,845
$272,640prof$251 818
Accts. rec. less res. 8,870,647 8,295,547 Accounts pay., &c. 1,621,221 1,140,389
Earns, per sh.on 970.414
Inventories
23,345,614 31,230,642 Accrued liabilities_ 290,753
no par shs. corn. stk_
$0.06
Nil
Nil
$0.36
Advances on raw
Prep'd rentals,nor-V. 140, p. 3029.
material purch_ 115,282
age charges and
deposits
12,287
American Sumatra Tobacco Corp.
-Profit-Sharing Plan Accr.storage chgs.,
rents, int., &c
46.676
19,478 Divs. on pref. stk.
499,769
Stockholders at a special meeting held on July 25 approved the following
Mtge.notes receiv.
Res. for Fed, loplan for extra compensation for management and employees:
on dwellings_ _ _ _
157,014
166,979 come tax
468,710
An extra compensation fund shall be created and divided into two major
yTextileRealty Co.
Mtge. payable.- 1,100,000 1.100,000
parts, known as the "Management Fund" and the "Junior Fund," which
capital
___
1,000
1,000Res, for contg
935,410
993.938
latter fund shall be divided into three classes, A, B and C. A committee
Due on open acct.
18.235
20,034 7% cumul. pref_._38,321,500 39,981,500
of three directors appointed from time to time by the directors shall deterFixed assets
28,108,170 29,211,127 x Common stock__ 2,000,000 2,000,000
mine the amounts to be allotted to each fund and class, the beneficiaries
Prep'd taxes, inCapital surplus ..,,28,002.587 24,676,577
thereunder and the amounts of their respective participations. No member
surance, dm_ _ _ 434,861
.
539,562 Deficit
6,196,434
of the committee shall be a beneficiary under any of the funds and directors
as such shall not participate, but active officers who may also be directors
Total
66,087,325 72.960.882
Total
66,087,325 72,960,882
may be beneficiaries.
x Represented by 400,000 no par shares. y The Textile Realty Co., a
There shall be deposited in the fund out of the amount by *which conwholly owned subsidiary, holds inactive plants, properties, dwellings and
solidated net earnings of the corporation after reserve for all taxes. inother assets with an adjusted net book value as of June 30 1935. based on
cluding income taxes, exceed $1.25 per share on each share of the stock
1934 assessed values when such values were lower than book values of
of the corporation outstanding, exclusive of treasury stock, at the end
$2.359,204, a reduction of $5058.622 since date of acquisition as a result
of any fiscal year, the following amounts: 15% of the first $100,000 of such
of losses, transfers, distributions and revaluations. The actual value of
excess earnings (or about 7 4-5 cents per share); 10% of the second $100,these assets is not determinable at this date.
-V. 140, p. 4386.
000 of such excess earnings (or about 5 1-5 cents per share), and 5% of all
additional earnings, provided, however, that the maximum amount deAmerican Zinc, Lead & Smelting Co.(& Subs.)
ductible from such excess earnings for toe purpose of this plan shall not in
any fiscal year exceed 6% of the consolidated net earnings for that year
Period End. June 30- 1935-3 Mos.-1934
1935-6 Mos.-1934
after all taxes as aforesaid; and provided further that before any payment
31,734.538 62,153,690 $3,282,584 $3,794,354
Net sales
shall be made into the fund of any of such earnings of the corporation, a
1,643,242
1,896,278
Cost of sales
3,052,464
3,281,323
dividend of at least $1.25 per share must have been set aside for or paid to
stockholders in such fiscal year, but it shall not be necessary for a dividend
191,296
8257,412
$230,120
1513,031
Gross profit on sales _
in excess of $1.25 per share to have been set aside for or paid to stockholders
4,992
4,642
8.184
Other income
9,415
of the corporation in any fiscal year before payments shall be made into
said fund.
-V. 141. p. 266.
896.288
$262,054
1239,535
$521,215
Total income
79.026
Expenses and interest_ _ _
88.000
166,117
155,867
American Telephone & Telegraph Co.
-Earnings
Depreciation & depletion
84,000
80,250
168.000
160,500
Period End. June 30- 1935
Federal taxes
1935-6 Mos.-1934
Cr2,500
14,040
4,860
29.090•
-Month-1934
Operating revenues_
$7,466,198 $6,946,320 $46,273,433 $46,049,049
Uncollectible oper. rev_
309,980
Net loss
$73,212 prof$88,738
281.776
$99,442 pf$175,758
39,214
47,609
Operating expenses_ _ _ _ 6,126,967
-V. 141, p. 737.
5,775,930 35,871,324 34,641.021
Operating taxes
2,950.675 3.302,009
493,056
447,413
-25
-Cent Special Dividend66-e-t-i
Net oper. income__
$7,169,658 $7,796,039 ----Archer-Daniels-Midland Co.
1(7387F
)
.
$844,209 -V. 141, p. 582.
The directors have declared a special dividend of 25 cents per share,
in addition to the regular quarterly dividend of 25 cents per share, on the
American Water Works & Electric Co.
-Personnel
common stock, no par value, both payable Sept. 1 to holders of record
It was announced at the monthly meeting of the board of directors that
Aug. 21. Similar distributions were made in each of the four preceding
E. S. Thompson, formerly Vice-President and Treasurer, has been elected
quarters. Regular quarterly dividends of 25 cents per share have been
Executive Vice-President of the company; that Gilbert W. Chapman,
paid since and including Dec. 1 1931, prior to which 50 cents per share was
formerly Assistant Treasurer, has been elected Treasurer, that Lorenzo
paid quarterly from May 1 1929 to and incl. Feb. 1 1931.-V. 140. p. 3029.
Semple Jr., formerly Assistant Secretary, has been elected Assistant VicePresident. and Hugh D. McDowell has been elected Assistant Treasurer.
Arkansas Power Sc Light Co.
-Earnings
-[Electric Power & Light Corp. Subsidiary)
Weekly Power Output
Output of electric energy for the week ended Aug. 3 1935, totaled 36,Period End. June 30- 1935
-Month-1934
1935-12 Mos.-1934
622,000 kilowatt hours, an increase of 14.63% over the output of 31,950,000
Operating revenues---- $613,007
1666,628 17,251,438 $7,170,555
kilowatt hours for the corresponding period of 1934.
Operating expenses
288,052
351.151
3,895,850 3,995,673
Comparative table of weekly output of electric energy for the last five
Rent for leased property
years follows:
(net)
Cr3,754
744
Cr10,476
8.854
Week EndedAug.3
July 27
July 20
July 13
Balance
$328,709
$314.733 $3,366,064 $3,166,028
1935
36,741,000 37.786,000 38,145,000 36,622,000
Other income (net)
1,026
1.285
14,202
14,789
1934
31,875,000 32,719,000 32,758,000 31,950,000
1933
37,280,000 37,610,000 36.946.000 34,625,000
Gross corp.income
1932
$329,735
$316,018 $3,380,266 $3,180,817
25,881,000 25,653,000 25,862,000 24,466.000
Interest & other deducts.
156,593
157,476
1,891,008
1,907.453
1931
„
„
. .
. .
Period End. June 30- 1935'
-12 Mos.-1934
1935*
-Month-1934
Balance
y$158,542 11,489.258 11,273,364
y$173,142
Gross earnings
13,840.234 13,882.478 146,674,829444,973.586
686,722
Property retirement reserve appropriations
594,000
Oper. exp., maint.& tax. 1.967.869 2,029,515 24,561,973 22,260.258
z Dividends applicable to preferred stocks for
Gross income
$1.872,365 $1,852,962 $22,112,855 $22,713,327
949.269
949,269
period, whether paid or unpaid
Less-Int. & amort,of discount, &c., of subs
8,823,571
8.798,044
Preferred dividends of subsidiaries
5,713,331
5,714,235
$362,627
Deficit
$54,011
Int. & amort, of disc., &c., of American Water
y Before property retirement reserve appropriations and dividends.
Works & Electric Co. Inc
1,505,084
1,386,457
z Dividends accumulated and unpaid to June 30 1935, amounted to
Reserved for renewals,retirements & depletion_ __ _ 3,357,467
3,207,449
$1,186,586. after giving effect to dividends of $1.17 a share on $7 pref.
Preferred dividends
1,200.000
1,200,000
stock and $1 a share on $6 pref. stock, declared for payment on July 1 1935.
-V.141, p. 266.
Dividends on these stocks are cumulative.
Available for common stock
$1,513,400 $2,407,140
Shares of common stock
1,741.008
1,748,473
-Weekly Output
Associated Gas & Electric Co.
Earnings per share,,
-1.87
$1.38
For the week ended July 27 the system reports net electric output of
* All figures subjeci----'contain earnings for the year
------ 56,406,850 units (kwh.), which is an increase of 6.3% over the correspond1935.-V. 141, p.737,
ing week a year ago. This was the highest net output since the week ended
Anchor Cap Corp.(& Subs.)
-Earnings
Dec. 22 1934. Of the 24 operating property groups only three reported
decreases under last year.
6 Mos End.June 30-.
1933
1932
1934
1935
Gross manuf. profit_
1945.548
$1,157,087
1985.021
July Output Shows Increase of 6.5%
$1,296,536
Selling, adv. &
Associated Gas & Electric System reports net electric output for July of'
expenses
373.503
405,195
455.522
570.145
241,522,490 units (kwh.), an increase of 6.5% above the same month a
Deprec. & amortization..
231.521
248,484
246,090
278,429
year ago. This is the largest percentage increase over the same month of
Other deduc., less other
1934 reported for any month this year.
income
Dr43,280
Dr35,240
60,094
132,520
For the 12 months ended July 31, output was 2,815,422,008 units,
Prov. for Can. Exch
.
..
which is 3% above the 12 months ended July 31 a year ago.
fluctuation _
Cr7,270
Dr8,787
Increased industrial demand largely accounts for the higher electric output
Federal & Canadian inwhich is currently being reported throughout the territory served by the
come taxes_
44.614
45,409
57,676
52,783
System.
Net income
Gas production also shows improvement, sendout for July being 4.8%
$259,901
$241,904
$337,704
$262,659
above the 1934 figure. For the year ended July 31 1935. the increase was
Consolidated Balance Sheet June 30
5.8% above the previous 12 months' period.
Assets1935
1934
Liabilities1935
1934
$8,502,166 $6,666,047
a Land, buildings,
Consolidated Statement of Earnings and Expenses of Properties
b Net worth
equipment, &m$5,256,739 $4,657,303 Accts. payable. &c 636,630
427,648
Increase
Pat. & pat. rights_
400,000
1
63,001 Notes payable..._ 725,000
1934
Amount
%
12 Mos.End. June 301935
52,242
Cash
95,740
232,812 Federal taxes, &c..
328,672
Electric
175,239.388 873,688,272 $1,551,116
2
Notes & accts. rec. 778,629
717,365 Prov. for Fed. taxes
Gas
16.038,498 15,738,121
300,377
2
Inventories
95,510
2 792,896 1,864,301
prior years
2,351,233
Ice
2,589,636
238.403
10
Amount realizable
9,038
Unearned income.
2,933,100
1,429.722
Transpprtation
1,503,378 105
from sales of
Contractual oblig.
Heating
1,589,073
1,577,744
11,329
1
mdse. of sub, acmaturing subWater
1,192,051
1,208.226
z16,175
xl
17,910
quired during '34 132,373
sequent to 1935.
Prepaid las, and
Total gross oper. revenues_ _-$99.581,746 $95,993,318 $3,588,428
4
taxes
81,410
54,451
Oper. expenses, maint., &c__ _ _ 52,901,130 48.531,857
4.369,273
9
Goodwill
Taxes
10,708,376 10.696,807
11,569 567,776
Total
89,938,496 87,589,434
Total
$9,938,496 $7,589,434
a After depreciation of $4,174,189 in 1935 (13.150.756 in 1934). b Represented by 40,905 no par shares of $6.50 preferred stock in 1935 (31.718 in
1934) and. 276,698 shares stated value 230,758 shares $10 per share, 45,940
shares $20 per share in 1935 (230,758 no par shares in 1934) common stock
-V. 140, p. 3203.
Net operating revenue
$35,972,240 $36,764,654
Prov. for retirements (renewals
8,352,446
and replacements)
8.907,507
4792,414
z2
555,061
7
Operating income
$27,064,733 $28,412,208 41,347,475
Decrease.
-V.141, p. 737.
x5
Financial Chronicle
908
-Correction-Debentures Offered at
Armstrong Cork Co.
-The $9,000,000 15-year 4% debentures
100 and Interest
offered on July 24 (and noted in "Chronicle" of July 27)
were priced at 100 and int. [not 110 and mt.]. See V. 141,
p. 583.
1933
1934
1935
6 Mos.End. June 30-42,364,875 32,244,149 31,458.943
Gross profit
409.192
461,075
502,210
Depreciation
1932
$982,134
484.470
$1,862,665 $1,783,074 $1,049,751
271,030
252,559
424,882
3497,664
147.630
$2,287,547 $2,035.633 $1,320,781
Total income
675,084
465,245
519,196
Int. & other expenses_ -Prov. for new Penn. in75,000
come tax
77,000
200,000
150,000
Federal inc. taxes (est.)y20,055 prof30,699 prof64,721
Foreign subsidiary losses
Shrinkage during period
in net assets
3645.294
969,080
Net operating profit
Other income
187,508
46.318
$633,418 1084557,611
31.523.296 $1,401,087
Net income
302,294
Dividends paid
1,239,247
1,209,124
1,209,124
Shs.cap.stk.out.(no par) 1,209,124
Nil
$0.52
$1.15
$1.26
Earnings per share
x After deducting cost of sales, exclusive of depreciation of 38,513,453 and
selling and administrative expenses of.32,336,021.
y Pursuant to the standard practice followed in the company's preceding
into
reports, the operating results of foreign subsidiaries are converted durU. S. currency at the lower of the average of exchange rates prevailing
ing the six months or old parity for sterling and French francs. If converted at current rates for sterling and French francs, the loss in dollars
would be increased by $42,914.
Consolidated Balance Sheet June 30
1934
1935
1934
1935
LiabilitiesAssets
3,114,841 3,376,512 Acc'ts payable and
Cash
889,251
accrued expenses 1,464,911
Customers' notes &
accts. recible. _ 3,289,166 3,523,889 Accrued int. on 5%
53.133
53,133
gold deb. bonds_
U.S. Govt. & mu56,380
34.985
nicipal securities 8,165,449 4,123,465 Due to torn subs_
362,792 Provision for Fed'i
Due from for.subs. 272,327
385,739
252,465
146,820 income tax
100,419
Min accts. rec
7,753,331 S.502,127 10-year convertible
Inventories
5% gold debenNotes & accts. rec.,
12.752,000 12.752,000
614,393 ture bonds
578,945
non-current. _
448,227
Miscell. reserves.... 391,967
Loans to employ's.
7,623,465 7,623,465
936,006 1.106,668 y Capital stock
Partly secured
344,538 Paid-in and capital
Prepaid expenses_ 389.107
18.481,901 18,481,901
surplus
Invest. in and adv
Earned surplus_ _ 7,700,431 6,636,685
to wholly owned
5.230,934
_ 4,620,965
foreign
Othet investments 1,714,711 1,570,942
3. Prop., pl't dr eq_17,373,945 17,888,398
Paid-up licenses dr
148,094
106,226
patents
407,208
Deb. disc. & exp._ 339,809
1
1
Good-will
48.755,249 47,d26,782
Total
48,755,249 47,326,782
Total
x After reserve for depreciation of $12.679.712 in 1935 (311,894,789 in
effected as of Jan. 1 1933 of $5,480.1934), and less reserve for revaluations
no par
513 in 1935 and $5.982.245 in 1934. y Represented by 1.209,124
--N. 141, p. 583.
shares.
-Increases Capital
--Associates Realty Corp.
organized by realty
interests, is
This company, which was recently
headed by
sponsored by Standard National Corp., and isof attractive Richard Al.
propositions
number
Lederer, announced that owing to the
offered to it, it was deemed advisable at the organization meeting to amend
from 10,600 to
incorporation increasing the capital stockshare. emu from
the certificate of
25,000 shares of6% cumulative preferred stock: at $100 per of the company
20.000 to 50.000 no par value common shares. The capital
of
will be substribed for in units of one share of preferred and one share
common stock at 8101 per unit.
addition to
Associates Realty Corp. numbers among its directors, in
Ellinger.
Mr. Lederer, Emil Leitner. Mortimer C. Reynolds and Edgar
--V. 141, P. 737.
-Earnings
Atlanta Gas Light Co.
Aug. 10 1935
substantial amount of cash and marketable securities as distinct from the
holdings in subsidiary companies. The major problems incident to multiplicity of companies in the group and the consequent necessity for simplification of corporate structure are behind us. The directors of your company
have, therefore, concluded that the time has arrived when the holders of
common stock should commence to receive distributions by way of cash
dividends. Consequently, a dividend of 30c. per share has been declared
• payable on Sept. 16 to holders of common stock at the close of business
Aug.31 1935. Inas:nuch as the permanency of the improve:nent in business
Is not assured, your directors cannot state that dividends will be regular,
but express the hope that a further distribution will be possible after the
end of the current year.'
In the report of Dec. 31 1934, Mr. Odium stated in the letter to stockholders that Atlas directors are desirous of starting such dividends in cash
at the earliest practicable moment, but before taking such action wish to
have their plans for simplification of the financial structure of the group
further developed: and also wish to await more definite proof as to stability
of an upward trend of business and earnings.
The net asset value of the common stock: of Atlas Corp. at June 30 1935
was approximately $11.08 per share. However, on Aug. 6 the asset value
was estimated to be $12.05 per share: The letter to stockholders states
that an additional 70c. per share of asset value was written off in the consolidated statement because of the payment of approximately 33.000,000 for
1,625,000 shares of common stock: of Shenandoah Corp. The amount was
carried as a commitment in: a footnote to the financial statement of Dec. 31
1934. The price of the Shenandoah common stock was determined by
independent skilled arbitrators, and although the stock has real value to
Atlas as the purchaser, it lacks asset value at this time. Therefore, in the
consolidated statement the entire cost of this inter-company holding is
eliminated from the combined assets in accordance with the Atlas accounting practice. This is the procedure that has always been followed by Atlas
sdlert acquiring negative asset value common stocks of its subsidiary
comp es.
lurn in his letter explains that this phase of simplification of the
capital structure of Atlas Corp. should present no similar problem in any
future period and that on June 30. 1935, common stocks of Atlas subsidiaries in the hands of the public had an indicated aggregate asset value
of approximately 39.783,000 and a market value of less than $6,000,000.
Since the beginning of the current year, considerable progress has been
made in the simplification of the Atlas group. In addition to the purchase
of Shenandoah common, the stockholders of American Investors, Inc..
Federated Capital Corp. and National Securities Investment Co. have
voted to dissolve these companies and their liquidation is near completion.
Also, the entire interest of the Atlas group in Amer lean, British & Continental Corp. was sold for cash. Of all the major investment companies acquired
by Atlas since the beginning of 1930 only the following four remain as subsidiaries: Blum) Ridge Corp., Pacific Eastern Corp., Shenandoah Corp. and
Sterling Securities Corp.
Alr%d
In describing the operations of the company during the
six months' period, Mr. Odlum says the following in his
letter to stockholders:
"In previous reports the management has stated its opinion that larger
profits could be realized in special transactions: operations other than mere
dealing in a diversified portfolio of listed securities. Last April, as a first
venture in reorganization financing, your group agreed to underwrite an
Issue of approximately $6,442,000 of second preferred and common stock
of the new Paramount Pictures. Inc. Other interests are participating to
the extent of about 75% with your group in this underwriting which will
be closed early in September. Also,since the beginning of the year a special
investment, considered temporary for the most part, has been made by
your group in Utilities Power & light Corp. and some of its affiliated
companies. This investment is separately set forth in the statement of
financial condition."
The investments in the Utilities Power & Light Corp. and its affiliated
Companies are carried in the consolidated financial statement at approximately 84.486.861 and the list of securities in the portifolio indicates that
the Atlas group had approximately $454.000 of principal amount of Paramount Debentures and 17,400 shares of Paramoung common stock. It is
expected that the holdings of Paramount common stock may increase after
the underwriting is completed.
The consolidated statement of financial condition indicates total gross
assets on Ante 30, 1935 of $110,713.000. The statement indicates that on
June 30 there was a total of $15,640,226 in cash or its equivalent: The
total market value of quoted securities in the investment portifolio priced
at June 30 1935 market quotations was $66,507.119, which consisted of:
'Winds and notes 66,380,647 (not including $4,486.861 Utilities Power &
Light Securities); preferred stocks $7,422,391: common stocks $52.704,080.
Investments in and receivables from controlled but non-consolidated companies were carried in the statement at $21,133,264.63.
The letter to stockholders status that there has been no reappraisal of the
holdings in controlled but non-consolidated companies and other assets
having no quoted market since Dec. 31 1934.
The report shows that the liabilities of the Atlas group on Ante 30. 1935
were 88,059,264, of which $3,546,846 are 'provisions for contingencies and
Federal and State Taxes and 32.354.887 is provision for payment for
Shenandoah common referred to above. V. 141, p. 424.
(Incorporated in Georgia)
1934
1935
-12 Months Ended June 30
32,776,207 $2,562,132
Total gross operating revenues
1,679,322 ----Baldwin Locomotive Works
1,893,254
-Reorganization Plan Filed
Operation
32,300
48,176
The company filed Aug. 8 with the U. S. District Court for the Eastern
Maintenance
7,837
7,956
accounts
District of Pennsylvania at Philadelphia. a plan of reorganization under
Uncollectible
118,111
102,283
Section 77-B of the Federal Bankruptcy Act. The plan provides for a
General taxes
complete recapitalization of the company and the exchange of all of the
$724,560
$724,536
revenues
securities of the company presently outstanding into new securities authNet operating
1,286
1,830
orized by the plan with the exception of the first mortgage Isondtvwhich are
Non-operating income (net)
to be left outstanding in the hands of the public.
$725,847
$726,366
This plan has been prepared by the company in co-operation with
Balance
109,208
111.569
representatives of each of the committees organized by holders of the
Provision for retirements
various classes of securities and the Man has been approved by each of said
$616,638
$614,796
committees.
Gross income
262,088
259.443
No action is necessary at this time by any holder of bonds or stocks
Interest on funded debt in hands of public
debt & other obligations held
other than to record with the secretary of the appropriate committee (If
Interest on funded
123,423
138,328
he has not already done so), his name, address and amount and class of
by parent company
55,820
8,400
securities held. After preliminary approval of the plan by the court has
Amortization of debt discount & expense
21,707
15,707
been obtained, each security holder will be forwarded a complete copy of
Miscell. interest & other income charges
the plan as approved and a form for written assent. While all of the
8102,916
3153.597
committees have approved the plan, so committee has committed any
income
Net
187,296
security holder to acceptance of the plan.
Dividends on common stock
The committees approving the plan are: (a) Protective committee for
Comparative Balance Sheet June 30
-year 6% consol, mtge. bonds (Edward Hopkinson Jr. chairman): (b)
5
1934
1935
-Year 6% consOl. mtge. bends
1934
Independent protective committee for 5
1935
Liabilities$
(Arnold Bernhard, chairman); (c) Protective committee for preferred stock
8
Assets(d) Common sckholders committee
Converse, chairman);to
10,745,908 Com. MP. Stock
John NV
W.
Plant & franchises10,748,168
1,614,625 1,614,625
346,213 (par 325)
179,933
IC. I). Steer°, chairman).
Cash
335,036 Long-term debt.- 6,688,000 6,729,000
Accounts reedy__ - 466,228
Brief Summary of Plan of Reorganization
Notes payable
Tax antic. warrs.
bank loans &
6,923
The Man provides for a complete recapitalization of the company and the
5,927
(at cost)
102,392
168,287
exchange of all of the securities of the company presently outstanding into
14,952 trade creditors
14,039
Due from affll.c os.
158,956
Accounts payable_ 128,895
new securities authorized by the plan with the exception of the first mtge.
Mdse.. mats. &
Due to parent &
bonds which are to be left outstanding in the hands of the magic.
& supplies (at
29,343
Mtn. companies
145,934
Exchange of Securities
113,456
cost)
113,484
84,234 Consumers' dens- 132.150
102,524
Appl. on rental
Holders of present °enamor' stock will receive for each 10 shares, one
23,391
25,268
Service ext. deps
Prepd. ins., taxes,
share of new common stock and warrants to purchase, on or before Sept. 1
114,604
4,708 Interest accrued _ 121,267
5,238
dto
1945, two additional shares of new common stock at $15 per share payable
60,464
51,333
1,045 Taxes accrued
670
investments
Misc.
in cash or in new refunding mortgage bonds, first convertible series, at
769
2,434
Misc. accrd. nab_ _
Sikg. fund & other
face value.
712,116
reserve 711,238
25,019 Retirement
61,039
special deposits_
Holders of present 7% preferred stock ($100 par) will receive for each
206,153 Res. for uncoil.
Defd. debit Items_ 208,385
such share, three shares of new common stock and similar warrants to
34,868
39,510
accounts
new
purchase two additional shares of stockcommon stock, all unpaid accumu25,753
24,287
Other oper. res....
being waived.
lated dividends on said preferred
210,790
210,790
Donated surplus
-year 6% consolkiated mortgage bonds, due March 1 1938.
Holders of 5
1,987,519 1,985,566
Earned surplus
will receive in exchange a like principal amount of new 65; refunding
mortgage bonds, first convertible series, due March 1 1950; or at the
11,905,610 11,916,128
Total
11,905,610 11,916,128
Total
holders option to be exercised within 60 days after confirmation of the
•
plan by the court, consolidated mortgage bonds and accrued interest may
-V.141, p. 424.
be exchanged for new common stock at the rate of 80 shares of new common
-Initial Div.it-Seani.- A linUal .Report share on - stock for each $1,000 bond and interest accrued thereon.
Atlas Corp.
of 30 cents per
New Refunding Bonds
The directors have declared an initial dividend record Aug. 31.
16 to holders of
the common stock, payable Sept.a letter to stockholders says the following
The refunding mortgage bonds, first convertible series, will be nonFloyd B. Odium, President, in
callable for five years and, thereafter, will be callable as a whole, upon
of the dividend.
company, at 105 and interest.
in regard to the paymentthus far in 1935 show an improvement which
60 dtqrs' notice, at the discretion of theof
"Business conditions
They will be convertible upon the basis at81,000 into 65 shares of new
may now be on sufficiently
any time up to and including
Indicates that the forces of economic recovery
stock at the option of the holders
CORIalorl
adverse factors. Your company
firm foundation to continue despite many
Sept. 1 1945, and thereafter into 55 shares of new common stock.
Your company also has a
has a capital surplus in excess of 336,000,000.
Volume 141
Financial Chronicle
909
Until and including Sept. 1 1940, interest on these bonds may be paid
Bell Telephone Co. of Pennsylvania-Earnings
in cash, or, at the option of the board of directors, by the delivery of one
Period End. June 30- 1935
-Month-1934
1935-6 Mos.-I934
share of new ($30 par) 7% cu:nulative preferred stock for each $30 coupon.
Operating revenues
$5,083,233 $5,009.448 $330,491,767 $330,318,410
Interest coupons due March 1, and Sept. 1 1935 on the present consolidated
Unc)11ectible oper. rev
23.744
10,880
121.582
90,322
mortgage bands, are to be exchanged for this new preferred stock at the
Operating expenses
3,568,102 3,604,753 21,535,894 21,539,698
rate of one share of new preferred stock for each $30 coupon, provided,
286.210
Operating taxes
238,976
1.786,793
1,423,298
however, that the company shall pay the interest coupon due March 1
1935 in cash instead of new preferred stock if requested in writing to do so
Net oper. income__ -- $1,205,177 $1,154,839 $7.047,498 $7,265,092
by any two of the reorganization :nanagers, when the plan shall have been
-V. 141, p. 738.
confirmed by the court. The new preferred stock is authorized solely for
these interest pay.dents and any shares not so required will be canceled.
-Bonds of Ste
'lefty
(
This stock will be without voting rights except in certain events to be set ----Bethlehem Steel Corp.
20
-ye r sinking All of the outstanding 41.873,00 1st mtge.
fund
forth in the preferred stock contract. It will be callable in whole or in part
gold bonds due Oct. 1 1939 of the ethlehem Mines Corp seiluccessor to
at the option of the company at $40 Per share and accrued dividends, and
or redemption on
Penn Mary Coal Co.) have been ca
g. 15 at 102%
will be entitled to receive $40 per share and accrued dividends upon the
and int. Payment will be made at office of company, Room 1353,25 Broaddissolution or liquidation of the company, before the common stock shall
way, New York City.
-V. 141, p. 585.
be entitled to any share of the assets of the company.
Holders of outstanding warrants for the purchase, on or before March 1
-7'o Extend Debt and Notes
1938, of present common stock at a price of $5 per share, which were issued ----Birmingham Gas Co.
Plans for the extension of $1,292,600 unsecured debt of the company
with the consolidated mortgage bonds will have their rights adjusted to
maturing Oct. 1 1935 have been announced by Charles B. Gamble, Viceaccord with the new common stock of the company as provided in tae plan
President. Maturing debt consists of notes held by First National Bank of
so that they will be entitled to purchase for the sum of $5 in lieu of one
Birmingham, Birmingham Trust & Savings Co., Alabama By-Products
share of present common stock of the company described in the warrant,
Corp., and Sloss-Sheffield Steel & Iron Co.. all of Birmingham, aggregating
one-tenth or a share of the new common stock, the purchase price being
$331599 and of $961,000 principal amount 6% notes, the latter being
payable in cash or in new refunding mortgage bonds, first convertible
publicly held.
series, at face value. Each share of new common stock so purchased will
The gas company has entered into a contract with its local creditors
carry with it a new warrant to purchase, on or before Sept. 1 1945, two
providing for the extension of the $331,599.86 debt due local creditors to
shares of new common stock at. S15 per share.
Oct. 1 1038.
Holders of rist mortgage 5% sinking fund gold bonds, due May 1 1940.
Holders of the 6% notes maturing Oct. 1 1935 are offered in exchange
will retain their priority and lien. The first mortgage is to be closed at
6%_ notes maturing Oct. 1 1938.
$2.676,000, the amount now outstanding, the company thereby waiving
The agreement with the local creditors to extend the maturity of the
the right to issue $5,000,000 additional authorized but unissued first
indebtedness owned by them is contingent upon the acceptance of the offer
mortgage bonds on a parity with those now outstanding. In consideration,
to exchange by substantially all of the present noteholders. The Alabama
the first mortgage bondholders are to agree to the cancellation of the bonds
Public Service Commission has approved the issuance of the new notes
now in the sinking fund, to making optional with the company sinking
pursuant to the terms and conditions stated in the offer to exchange.
fund payments not to exceed $200,000 a year except such funds as may be
In a statement Mr. Gamble points out that the company has been able
realized as proceeds from the sale of mortgaged property, and to the
to pay interest on the 6% notes now outstanding punctually when due.
cancellation of those provisions of the mortgage indenture relating to the
In addition to substantial reduction of the debt to the local creditors.
maintenance of minimum net quick assets and to the covenant not to
$288,000 principal amount of the publicly held notes have been retired
pledge unmortgaged assets. Each first mortgage bondholders will receive,
since 1932.
as additional consideration upon consummation of the plan, $20 in cash
"Prescient indications are that the company will be able to maintain its
per $1,000 bond.
record of the prompt payment of interest on its unsecured debt, as well as
Precision for Raising Additional Working Capital
substantially reduce the principal amount of the debt from earnings during
Provision for meeting the needs of the company and its subsidiaries for
the next three years." Mr. Gamble said. "The position of the company
additional capital in the immediate future is made by a general mortgage
has shown steady improvement for the last two years. For the 12 months.
authorized in a principal amount of $8,676,000 outstanding at any one time.
ended June 30 1935 sales of gas in cubic feet increases 21% over the corresThis mortgage will be next in lien to the first mortgage. Not to exceed
ponding period ending June 30 1933, gross revenues increased 6% and net
$6,000,000 principal amount of general mortgage bonds outstanding at
earnings from operations increased 35%. Delinquent accounts receivable
any one time may be sold to provide for immediate capital requirements.
for both gas and merchandise sales show a decrease of 35% in June 1935.
or may be used as collateral for loans up to $6,000,000 outstanding at any
as compared with June 1933."
one time.
Merchandise sales for the 12 months ended June 30 1935 were 405%
The capital stock of The Midvale Co. owned by the company may be
greater than for the 1933 period. In the sales campaign conducted under the
used as collateral either alone or in addition to all or any part of the $6.auspices of the Refrigeration committee of American Gas Association
000,000 general mortgage bonds available for such use. The amount that
during the months of April. May and June, Birmingham Gas Co. ranked
the company is thus authorized to borrow by the use of general mortgage
first in its division, winning the committee's "Prosperity Cup" and a cash
bonds and The Midvale Co. stock as collateral shall be decreased by the
prise of $300, Mr. Gamble stated.
principal amount of any such general mortgage bonds, as may be then
Income Account Year Ended June 30 1935
issued and outstanding in the hands of the public, other than those authorized for use in retiring the first mortgage bonds. The voting trustees
$1,616,847
Gross operating revenues
retain the power to limit the amount of capital to be procured under these
Operating expenses, $920,406; maintenance, $67,207; taxes.
provisions and the use to which such capital may be put. The remaining
1,157,895.
Including Federal income tax. $170,282
$2,676.000 principal amount of authorized general mortgage bonds can
be issued only in connection with the retirement of the outstanding first
$458.953
Net operating income
mortgage bonds.
Interest, $3.307; miscellaneous non-operating income, $2.908)
The refunding mortgage bonds will be secured by a mortgage next in
*6.215.
total
lien to the general mortgage. Refunding mortgage bonds may be issued
Interest on bonds and notes. $379,569: miscellaneous interest.
in series but the aggregate amount of all series shall be limited to a principal
389.619$10,050; total
amount of $25,060,000 outstanding at any one time. The issuance of
Provision for retirements and replacements, $131,230; amortizarefunding mortgage bonds of series other than the first convertible series,
167.495.
tion of debt discount and expense, $36,265; total
together with the terms and conditions of such issuance, including the date
Discount on reacquired securities
GT29.513
of maturity, interest rate, provisions if any for the use, pa additional
collateral, a the stock of The Midvale Co., and conversion privileges,
Net loss
$62,433
shall be determined by the board of directors of the company, subject to
* Does not include $65,229 interest accrued but not paid on debt or
the written consent to the issuance of these additional bonds of a majority
American Gas & Power Co. to Birmingham Gas Co.
of the voting trustees so long as the voting trust shall continue. The
company may pledge The Midvale Co. capital stock which it owns, as
Balance Sheet June 30 1935
additional collateral for any subsequent series of refunding mortgage
Liabilities
Assets
bonds without subjecting this stock to the lien of the mortgage as additional
plant, equip., &c- _$15,053,859 1st mortgage Is
$6,000,000.
Property,
collateral for the bonds of the first convertible series.
Organization expense
149,129 Notes payable for equip
11,313
The refunding mortgage will provide also that as additioaal series are
Miscellaneous investments
1,559,180.
150 Current and accrued Habil_
issued, the underlying debt will be retired proportionately as provided in
Sinking funds,&c.,inci cash,
Consumers' meter and extenthe plan, this underlying debt being defined as first mortgage bonds and
405,615.
securities, &c
69,300 sion deposits
general mortgage bonds outstanding in the hands of the public, and loans
460,391
Special deposits
4,707 Due to Amer.Gas& Power Co
secured by general mortgage bonds or by the capital stock of The
Current assets
972,197
440,629 Reserves
Midvale Co.
3,106
Due from American Gas &
Unadjusted credits
The new common stock, including all shares provided for by the plan,
296,590.
Power Co
1,211,987 86 1st preferred stock
Whether issued upon the consummation of the plan in exchange for out400,000
Prepaid and deterred charges
134,452 Common stock (par $2)
standing securities of the company, or thereafter issued through conversion
7,103,522
Capital surplus
of refunding mortgage bonds of the first convertible series, or for warrants
147,701
Earned deficit
or otherwise will be deposited in a voting trust for a period of 10 years
from Sept. 1 1935, unless the voting trust is sooner terminated as provided
$17,064,213
Total
$17,064,213
Total
In the plan.
-V. 135, p. 3521.
Voting Trustees
The five voting trustees named in the plan are Charles E. Brinley.
Boston Elevated Ry.-Bil for Demolishing "L" StructureArnold Bernhard, and Philip 0. Staples, designated by the committees for
and representing the holders of consolidated mortgage bonds: and Thomas
Filed
S. Gates, and Robert K. Cassatc, designated by the committees for and
Mayor Mansfield of Boston, in a letter to Governor Curley of Massarepresenting the stockholders of the company. They will have power to
chusetts, advised the Governor that a bill has been filed covering the
elect a new board of directors upon consummation of the plan and will have
matter of proposed demolition of all or any part of the elevated railway
all powers of the holders of the shares of common stock of the company.
structure and the construction of a tunnel in its place. The Mayor says
that the bill permits borrowing for this project beyond the limit of inReorgantsation Managers
Edward Hopkinson Jr., Dents Brandon Maduro, John W. Converse and
debtedness of the city without in any way affecting or limiting the power
of the city to borrow for other Public Works Administration projects.
Kenneth D. Stei-re, selected by the respective committees representing
The Mayor suggests to the Governor the apparent necessity of sending
holders of Baldwin securities, are named reorganization managers and
Drexel & Co., Philadelphia, Pa., have been appointed to act as agent to
a special meassage to the Legislature requesting favorable action before
the present Legislature adjourns.
receive securities and to have them stamped as assenting to the plan.The bill provides that no construction is to be done until a contract is
V. 141, p. 737.
entered into between the city and the Boston Elevated Ry., providing
Bangor Hydro-Electric Co.
for use by the company of such tunnel or subway as may be constructed
-Earnings
for a term of 40 years, without rental, such use to be in full compensation
[And Controlled Company]
for the purchase of the elevated structures to be removed and for any
Period End. July
1935-12 Mos.-1934
-Month-1934
1935
other damages suffered by the company. The contract will not impair
Gross earnings
$164,691 $2,067,305 $2,044,532
$169,412
any right of the Commonwealth or any sub-division thereof to take property
Operating expenses
710,857
59,382
63,038
of the Boston Elevated Ry. by eminent domain.
Taxes accrued
286,450
291.000
26,850
27,300
The proposed legislation has been drawn up to permit the construction
Depreciation
153,072
149.210
10.437
10,424
of tunnels or subways from the Union-Friend Station to Sullivan Square
Fixed charges
364,805
331,864
27,574
or from Kneeland St. to the Forest Hills terminal, or over any part of
28.665
Div. on preferred stock_
305,789
305,799
25,483
25.483
road routes. The bill emphasizes that the proposed demolition and conDiv. on common stock__
409,532
217,216
21,721
14,481
struction of the subways can be done only on a 55-45 basis with the Federal
Government and then only after the approval of the State Emergency
Balance
$28,415 def313,827
$20 def$6,757
Finance Board and the Governor has been obtained. The bill would not
-V. 141, p. 268.
take effect until sanctioned by the Mayor and Boston City Council as well
as Elevated stockholders.
-V. 141. lo• 739.
Basin Montana Tunnel Co.
-New Director
Raymond Brooks was elected a director on Aug. 1.-V. 139, p. 2196.
Boston Revere Beach & Lynn RR. Co.
-Earnings
-
I
I
Baton Rouge Electric Co.
Period End, June 30- 1935-3 Mos.-1934
-Earnings
-1935-6 Mos.-1934
Revenue fare passengers
Period End. June 30- 1935-Month-1934
1935-12 Mos.-1934
carried
1,976,083
2,015.458 3,905,865 3,992,521
Gross earnings
$106.178 $1,491,065 $1,340.584
$118,863
Average fare (cents)_--10.63
10.62
Operation
728.520
783,976
55.561
60.396
Net loss after all charges
39.569
$8,328
$19.193
10.62
325.259
10 29
Maintenance
87.467
59,293
7.110
5,498
-V. 140, p. 2856.
Taxes
182,241
144.806
14,203
15,503
Interest & amortization..
164.003
170,261
13,831
13,923
(12 1-e L
----Bridgeport Machine Co.
-Accumulation Dividend/
"
8
Balance
. :0
7
2
The directors have declared a dividend of $1 per share on ac ount o
9 4 27
$15,471
$237.702
$23,541
Appropriations for retirement reserve
accumulations on the 7% cum. pref. stock, par $100, payable Aug. 30 to
115,000
Preferred dividend requirements
holders of record Aug. 20. A like payment was made on July 30, May 31
37.254
37,240
and April 30 last, and compares with $2 per share paid on March 25 and
Balance for common dividends and surplus
Feb. 25, and $1 per share distributed on Jan. 25 1935 and each month from
$108,622
$85,462
Jan. 2 1934 to Sept. 29 1934, incl. In 1933 the company distributed $1
-V. 141. p. 268.
per share on Oct. 10 and $1.75 on Jan. 1. In 1932 the company only paid
Beloit Water, Gas & Electric Co.
-Bonds Called
two quarterly dividends on the above issue, the Oct. I and July 1 payments
having been passed.
A total of $514,000 25
sinking fund gold bonds due March 1 1937
-year 5%
Accruals as of Oct. 1 after payment of the Aug. 30 dividend will amount
have been called for redemption on Sept. 1 at 103 and int. Payment will
to $3.75 per share.
-V. 140, p. 4391.
-V.140, P.793.
be made at Fifth Third Union Trust Co., Cincinnati, Ohio.
Financial Chronicle
910
-Earnings
Bristol County Water Co.
1935
$169.088
72,104
1934
$168,715
78,122
Earningsfrom operations
Other income
$96,984
766
$90,593
724
Gross income
Interest on funded debt
Other interest
Provision for Federal income tax
Amortization of debt discount & expense & miscellaneous deductions
$97.750
36,250
5,946
4,983
$91,317
30,291
9,238
4,268
3.197
2.632
Balance
-V. 139.
$47.373
$44,886
12 Months Ended June 30Operating revenues
Operating expenses
p. 921.
-Would Issue Notes
Brooklyn & Queens Transit Corp.
Corp..
Aug. 10 1935
The inventory depreciation was caused chiefly by the drastic writing
down of the value of carry-overs of seasonable goods which were the result
of unseasonable weather in May and June. At all times, nealy all our
net profit is made in the fall.
Current indebtedness on June 30 was 53.000.000 lower than at the same
date one year ago. Inventories were lower by 14%. The ratio of quick
assets to quick liabilities was increased from 2.72 to 3.68.
Volume since July 1 is slightly in excess of last year. The proportion
-V.141, p.426.
of present volume which is coming by mail is notably large.
(A. M.) Byers Co.(& Subs.)
-Earnings
Period End. June 30- 1935-3 Mos.-1934
Net loss after taxes, de$75,017
6272,026
preciation, &c
-V. 140, p. 4064.
1935-9 Mos.-1934
5690,034
$515,591
-Earnings
Canadian General Investments, Ltd.
1935
1934
6 Mos. Ended June 30-
5130.112
Net income from investments after all expenses_ _ $132,664
120,748
Dividends
1:1149
120 18
The corporation, a subsidiary of Brooklyn-Manhattan Transit
Income tax_x
has asked permission of the Transit Commission to issue $1,500,00
the prcceeds to be used to purchase
equipment w.tes dated Jan. 1 1936.
59,364
Balance to surplus before tax reserve
$11,397
100 new tr...11ey cars. The notes would mature in 10 annual instalments
60,772
Previous surplus
62,247
The St. Louis Car Co.
and bear interest rates varying from 3 to 57
.Equipment Co. the order
has the order for the car bodies and the Clark
570.136
Balance forward
$73,644
for the trucks.
x For year ended Dec. 31 1934, paid in excess of reserved.
The company also seeks permission to borrow 83,000,000 for five years
Co. as trustee $341.000
at 4 % interest, and to issue to Guaranty Trust
Capital Surplus Distributable Account as at June 30
Of bonds under the 1st consol. mortgage of a subsidiary, the Nassau
1934
1935
Electric RR. dated June 30 1898.
Balance
51,999.091 51,861.231
to refinance
'
The proposal ti borrow $3.000.000 for five years is intended
10
Add adjustments_x
on a term basis the $3,000,000 of bank loans which the company has
Net profit on sales of security
128,868
73.969
outstanding. The $341,000 Nassau Electric bond issue would reimburse
the treasury for payment of bonds of merged companies as follows: $220,Balance forward
52.073,070 51.990.099
t
ec 4
586.j,
000 Atlantic Avenue RR. and $121,000 Brooklyn Bath & West Eni 12
x Of underwriting commissions on cancellation of partly paid shares in
-V. 141. p.
1934.-V.141, p. 587.
-Initial Class A and B Divs.
-Brown Fence & Wire Co.
The directors have declared an initial dividend of $2 per share on lIes
new class A stock, payable $1 on Aug. 31 to holders of record Aug. 15 and
$1. Feb. 29 1936 to holders of record Feb. 15 1936.
The directors also declared an initial dividend of 50 cents per share on the
new class B stock, payable Aug. 31 to holders of record Aug. 15.-V. 140.
p. 2349.
-Earnings
Brunswick-Balke-Collender Co.
1935-6 Mos.-1934
Period End,June 30- 1935-3 Mos.-1934
51,255.103 $1,225,954 $2,411,856 $2,396,856
Net sales
732,379
767,947
367,427
395,249
Profit after deprecia'n. _ _
201.397
. 182,592
103,711
90,355
Other income
$933,776
$950,539
$471,138
$485,604
Total income
1,025.071
1.109,608
552,031
548,181
Expenses
Loss
Profit on sale of marketable secur
5- 62.577
Net loss
-V. 141, p. 741.
$62,577
580,893
5159,069
70,164
45,210
$35,683
591,295
$159.069
$21,131
1933
5173.781
530,534
1932
5352,426
681,222
-Earnings
Bucyrus Erie Co.
1934
5598,586
614,349
6 Mos. End. June 30Gross income
Expenses
1935
$829,250
696,661
Operating profit
Other Income
$132,589 1055515.763 los4356,753 los4328.796
150,594
107.977
207,246
x153,375
Total income
Depreciation
Federal taxes, &c
5285.964
262,774
4,800
Net profit
Preferred dividends_ _ _ _
5191.483 loss$248,776 los4178.202
287,426
259,559
262.651
518.390 loss$71,168 loss$508,335 loss$465,628
239,050
61.559
61,274
61,925
5704,678
5569.894
5132.443
$43,535
Deficit
x Includes certain dividends which will not occur in last half of year.
Balance Sheet June 30
1934
1935
1934
1935
LiabilUtesAssets$
7% eumul. prea Land, bldge.,
12,210,582 12,330,898 ferred stock____ 6,830,000 6,830,000
mach., derl
2,844,908 1,264,343 Convertible pref.
Cash
2,095,560 2,095,560
stock
1,487382
IL S. Govt. sec
5,600.000 5,600,000
Accts. & notes rec. 1,997,463 2,199,379 Common stock
214,798
Accounts payable_ 304,365
Advance pay. on
30,655
30,953
4,950 Dividends payable
contracts
3,630,382 3,594,087 Accrued accounts
Inventories
254,550
682,728
payable
300,880
36,279
Sund.accts.rec.,drc
Adv. pay. on sales
37,517
Dep. in closed bke.
33,085
51,060
contracts
Prem. dep. with
252,866
Reserves
45,778
mutual ins. cos_
5.883,009 6,206,391
Earned surplus
Ruston-Bucyrus,
3.543,157 3,543,157
Ltd., corn. stock 1,952,750 1,952,750 Capital surplus
Bucyrus-Monighan
1,004,722 1,002,122
Co. cap. stock
30,650
Other assets
Pref. stock res. for
690,815
resale to employ. 667,526
290,133
b Corn. stk. reacq. 290,133
127,550
61,750
Eds. of other corps
9,260
7,518
Other investments
9,587
Deferred charges..
24,827,545 25,254,349
Total
24,827,545 25,254,349
Total
-V. 140, p. 4064.
a After depreciation. b Consists of 34,630 shares.
Buffalo Niagara & Eastern Power Corp.(& Subs.)
1935-12 Mos.-1934
Period End. June 30- 1935-3 Mos.-1934
Operating revenues-- 57,402.659 57.377.289 $30,543.785 $30,447,754
Oper. revenue deduct.- 4,468,112 x4,138,897 18.073.231 x16,683,369
Operating income.--- $2,934,547 $3,238,391 $12,470,554 513,764,385
113,711
65,769
29,298
20,421
Non-oper. income, net-$2,954,969 53.267.689 512,536,323 513,878.097
Gross income
5.183,842
5,129,056
1,304,650
Deduc.from gross income 1,269,338
$1.685.631
Balance
Dividends on preferred
70,555
stock of subsidiary- _
$1,963,039 57.407.267 58,694,254
145,376
338,611
587,839
$1,615,075 x$1,817,662 57,068.656 48.106.415
Net Income
x Changed to give effect to major adjustments made later in the year
1934.-V. 140, P. 3887.
-Net Asset Value.
Bullock Fund, Ltd.
Net asset value on June 30, $1,548,977, or $12.48 a share for 127,128
shares of capital stock, against $1,692,173. or $11.90 a share for 5142.195
shares, as of Dec. 31 1934. Net income after expenses and taxes for the
on
six months ended June 30 was $49,141, including a profit of $27,580 six
security sales. This contrasts with a deficit of $74,864 in the first
-V.140.
months of last year, after a loss of $100,003 on the sale ofsecurities.
p.4391.
Butler Brothers, Chicago-Quarteily Report
Frank S. Cunningham, President, says in part:
months were 7% less than in the first half of 1934,
Sales in the first six
in which period we enjoyed an abnormally large gain. As compared with
the spring of 1933, sales this year were 237 greater.5304,000, to which
The net operating loss for the period just closed was
must be added 5200,000 ofinventory depreciation,or a total loss of 5504.000.
-Earnings-Cairo Water Co.
12 Mos. Ended June 30Operating revenues
Operating expenses
1935
$86,268
46,623
1934
$83.760
48.734
Earnings from operations
Other income
$39.644
.393
$35.026
678
Gross income
Interest on funded debt
Other interest
Provision for Federal income tax
Amort. of debt discount & expense & misc. deduct_
-paid
Preferred stock dividends
$40,038
18.000
1.720
1,805
1,801
10,500
$35,704
18.000
2.375
809
1.840
10.500
$6,211
$2,179
Balance
__Ir. 139. p. 921.
Canada Dry Ginger Ale, Inc.(& Subs.)
-Earnings
Period End. June 30- 1935-3 Mos.-1934
1935-9 Mos.-1934
* Gross mfg. profit
$1,312,807 $1,583,838 $33.534.132 $3,895,177
* Adv.,sell., distributing
1,335.291
& adminis. expenses.... 1,282,625
3,233,745 3.196,113
5248,546
$30.182
Prof. from operations_
$699,064
$3300.387
30.841
24.991
93.448
Other income_ x
61.638
Gross income
Other deductions (excl.
of deprec., hit., U. S.
& Dominion of Canada
income taxes)
Depreciation
Interest
U. S. & Dominion of
Canada income taxes
(estimated)
$55.173
$279,387
$3362,026
$792,513
79,606
62.848
1,522
63,832
54,515
4,087
178,898
156,040
4,466
183,070
151.443
9,060
Cr2,994
17,710
11,981
50.200
$139,242
Net inc. for the periodloss$85,809
$3398,738
$10,640
Earns, per sh. on 512,531 shs. (55 par) cap.
$0.27
Nil
stock
$0.77
$0.02
* Certain trade discounts were last year considered selling expenses:
they are, says the report, more properly deducted from sales.
this year
,
Last year's figures have been adjusted accordingly, x Include interest
on investments and bank balances together with discounts earsed for
bills for purchases. &c.
-V. 141. p. 741.
prompt payment of
Canadian National Rys.-Earnings-Earnings of System for Fourth Week of July
1935
1934
$5.134,802 54.493,883
Gross earnings
V.
- 141, P. 741.
Increase
$640,919
Canadian Pacific Ry.-EarningsEarnings of System for Fourth Week of July
1935
1934
$3,834,000 $3,435,000
Gross earnings
V.
- 141, p. 741.
Increase
$399,000
-Contract-.
Carrier Engineering Corp.
The company (air conditioning manufacturer), has announced the signing of a contract with Equipment Acceptance Corp., subsidiary of Commercial Investment Trust, for the long time financing of air conditioning
and commercial refrigeration installations under the Federal Housing
Administration National Housing Act.
According to M. S. Smith, Treasurer, this move Is expected to stimulate
the closing of large scale air conditioning contracts and to broaden the base
of the companys present operations.
The contract, which is in accordance with the standard plan of the new
Federal Act, involves contracts from $2,000 to $50,000 extending over a
period offive years. Department stores, retail stores and shops, restaurants
and industrial plants are expected to benefit chiefly from the operation of
the new plan.
One of the chief advantages, Mr. Smith stated, will be to enable commercial establishments to pay for air conditioning out of increased earnings
resulting from the use of air conditioning.
There are a number of large contracts for air conditioning, which Carrier
Engineering Corp. expects to close in the inunediate future, as the result of
credit extended under the FHA plan, Mr. Smith said, who stated that this
plan materially reduces financing charges and credit risks due to the
-V. 139, p. 921
government insurance feature of their plan.
-Plant Sold
--- Central Brass & Fixture Co.
-V. 129, p. 3804,
See Electric Auto-Lite Co., below.
....Central Illinois Public Service Co.
-Bonds Called
-
All of the outstanding 1st mtge. gold bonds, series I, have been called for
redemption on Sept.4 at 100 and int. Payment will be made at Continental
Illinois National Bank & Trust Co. of Chicago, Chicago.
-v. 141, p. 742.
Central Ohio Light & Power Co.
-Earnings
6 Mos. Ended June 30Total operating revenues
Total operating expenses
1935
$578,932
400,895
1934
$547,252
373,502
Net income from operations
Non-operating revenue-net
$178,036
1,241
$173.750
774
Gross income
Total fixed charges
Amortization of debt discount & expense
$179,278
91,414
9,075
5174,524
91.295
9,075
$74,1$3
$78,789
Net income before deprec.„ Fed,income tax.. &c
-It is the company's policy to make an appropriation to the reserve
Note
and retirements at the end of each calendar
for renewals, replacement
year; therefore the above statement for the first half of 1935 and 1934 show
results before deducting such appropriations.
Comparative Balance Sheet
Liabilities-. June 30 '35 Dec. 31 '34
AssetsJune 30'35 Dec. 31 '34
Prop., plant &
1st mtge. 5% gold
$3,600,000 $3,600,000
equipment,franbonds
45,678
50,294
chine & other
Accounts payable_
99,880
99,900
Intangibles
$6,355,788 $6,324,000 Accrued items_ _ __
11,678
Investments (MM.
Due to affil. co_
7,852
9,168
company)
12,000
12,000 Consumers deposits
713,610
721,646
Cash in bank
110,519
89,128 Reserves
Cash (work. fds.).
4,800 Subscriptions to $6
4,784
4.784
Accts. receivable__ 106,229
pref. shares__ _ _
107,747
Inventories
40,844
40,390 Prefahares $6 cum. 1,073,880 1,073,880
Insurance deposits
4,089 Common shares__ 1,000,000 1,000,000
329,851
354,946
Subscriptions rec_
3,910
3,910 Surplus
Prepd. bar., taxes
& rents
8,318
15,266
Unamortized debt
discount & exp. 276,806
285,882
Suspense
200
Total
$6,914,616 $6,887,212
Total
$6,914,616 $6,887,212
Accrued Dividend on Preferred Stock
The directors have declared a dividend of $1.50 per share on the $6
cumulative preferred stock, payable Aug. 30 to holders of record Aug. 15.
This payment represents the regular quarterly dividend due June 1 1935.
leaving the Sept. 1 1935 dividend unpaid.
-V. 140. P. 3888.
-Earnings
-Central Power & Light Co.(& Subs.)
1935-6 Mos.-x1934
Period End. June 30- 1935-3 Mos.-x1934
Total gross earnings_ --- $1,681,166 $1,887,315 $3,338,828 $3,610,253
Total oper. expenses and
2,471,632
2,332,229
taxes
1,268,242
1,176,481
Net earns, from operOther income (net)
911
Financial Chronicle
Volume 141
$504.685
2,827
$619.073 $1,006,599 $1,138,621
8.052
16.997
8,845
Net earns, before int- $507,513
$627,919 $1,014,651 $1,155.619
905,802
Funded debt interest- _..
887.039
452.901
441,792
26.491
General interest
24,371
13,283
12.139
Amortization of debt dis69,911
count and expense
68,556
34,955
34,140
Net income before preferred dividends_ _
$34,684
$153,413
$126,779
$19,440
x Adjustments made subsequent to June 30 1934, but applicable to the
Period beginning Jan. 1 1934, have been given effect to in these columns.
-V.141, P. 742.
AssetsCash
Accts. receivable_
a Invest, at cost
Treas,stock at cost
(50 shares pref.)
Balance Sheet June 30
1934
Liabilities-1935
$4,825
$1,102 Unclaimed dim__
1,153 Accounts payable_
340,221 b Pref. stock
347,747
C Common stock
2,509 Capital surplus_
2,509
Deficit from security transactionsCurrent surplus...
1934
$308
1935
$292
24,089
101,025
10,000
540,027
101,025
10,000
540,027
328,078
7,726
313,778
7,403
Total
$355,080 $344,984
Total
$355,080 $344,984
a Market value. $305.813 in 1935 ($229,182 in 1934). b 2.245shares
at stated value of $45 per sh. c 100,000 shares at stated value of 10c.
per sh.-V. 141, p. 270.
-(Seeks to Issue $5,50Q,000
Champion Coated Paper Co.
Debentures of 60,000 Shares 6% Preferred Stock
r-p:-673
-7
Recapitalization Plan Approved
Id Aug. 7, voted approval of a
The stockholders at special meeting
seven-for-one split-up of common stock or an issue of 6% preferred stock
to replace the three present 7% issues of preferred stock of the company
and its subsidiary, Champion Fibre Co., for refunding of funded and
short-term debts for changing name of the company to Champion Paper
& Fibre Co.
This is preliminary to consolidation of the subsidiary into the parent
-V.141, p.742.
company which owns 100% of the former's common stock.
-Earnings
Chanslor & Lyon Stores, Inc.
1934
1933
Calendar Years$23,773
x$57,728
Net loss
x For the year 1933, the operations showed a loss of $84.194 of which
$26.467 was incurred through the liquidation of a wholly owned subsidiary,
leaving a net loss for the year 1933 of $57.728.
Balance Sheet Dec.31 1934
Liabilities
Assets
$70,000
banks and on band... $48,314 Notes payable to bank
Cash in
137,192
6,400 Trade accounts payable
Short term bonds
11,629
Misc, accounts payaole
Customers' notes and accounts
18,465
303,307 Accrued pay roll
receivable (net)
4,323
16,240 Miscellaneous accruals
Other receivaoles (net)
32.500
16,117 Note payable (special)
Due from officers & employees
105.506
587.198 y Class A stock
Inventories
650,000
95,209 z Class D stock
:Equipment
72,290
7,390 Capital surplus
Cash sum val.-life insurance
3,500
Investments
18,230
eferred charges
$1,101,905
$1,101,905
Total
..- -Centra atiStateso to Electr red :t -Accumulated Pref.
. ..weDreivnIaedned.s1
. .
td
q rter
Total
Co.
olfattht
Electric C el regularA Cttffttilale
sia
quarterly rates were paid o the
x Net after depreciation. y Represented by 5,627 no par shares. x Reprerone-fourth
series A 7%,series 11 6% and series C 6% cumulative preferred stock par
-V. 137.
sented by 50,000 shares of par value $1 per share stated value.
$100, on June 30 to holders of record June 15. These dividends were the
p.692.
first paid on the preferred stocks since July 1 1932 when similar payments
-Earnings
Di 4.
1 4Chapman Valve Mfg. Co.
quarterly dividendsv7 ,4
this
distributed -V. 136. p. 2238.
Income for Year Ended Doc. 31 1934
Profit after deducting all charges including depreciation, but before
-'Central Argl_t" ublic Service Co.
-Progress of Plan- A
$115,716
Federal taxes
Th reorganiziRon ommittee P. C. Ward, Chairraan), in ii circular
sent t security holdi states that Francis dell. Janvier has been appointed
Balance Shee Dec.31 1934
a speci I master by t e 11
-District Court.. All creditors must file proofs
Liabilities
Assets
of claim and all stockholders must file proofs of interest, on or before Sept. 1
$3,500,000
$1,199,849 Common stock
Land and buildings
1935. Proofs of claim of creditors and interest of stockholders will be filed
500,000
Machinery and equipment.... 1,529.458 Preferred stock
on behalf of all security holders by the trustees or by the committee.
85,087
23,843 Accounts payable
Investments
The committee's letter, dated July 29, states in part:
24,593
1,308,017 Accrued wages
Inventories
We wish to report that the reorganization is progressing satisfactorily.
15,000
122,247 Reserve for taxes, &o
Cash
You will see from the notice of the special master that hearings on the
424,698
342,369 Surplus
Accounts receivable
matters referred to him will be held Oct. 211935, at Wilmington, Del.
5,431
Notes receivable
In working out a plan of reorganization, the committee deemed it in the
18,163
Deferred assets
interest of security holders that the new principal company be an operating
company and not a holding company. To accomplish this, it is necessary
44,549,378
Total
$4,549,378
Total
to incorporate in the State of Virginia. The question as to whether or not
-V. 140, p. 4064.
the new company may be a Virginia corporation is pending before the
Supreme Court of Appeals of the State of Virginia. and a decision is expected
-Earnings
Charis Corp.
this September. The question to be decided is whether or not the State of
1931
1932
1934
1933
Virginia may issue a charter to a utility company doing various types of
Calendar Years$680.417 $1.129,452
$669,858
$623,413
utility business. Should this decision be adverse, the committee will be
Gross profit on sales... _
757,742
564,709
528,589
465,988
forced to proceed to organize the new company in another State. and it
Sell. & admin. expenses_
will necessarily be at least partially a holding company. This contingency
$371,710
$115,707
$141.269
$157,425
Is provided for in the plan dated March 1 1935.
Net profit on sales.. _ _
74,509
39,084
The Federal Court in Wilmington, Del., has not in any respect approved,
33.727
Other trading income__ _
29,668
23.512
17.384
disapproved or considered the merits of this plan of reorganization. After
.18,718
Income on investments..
17,378
the completion of the hearings beilore the Special Master and after the
$172,176
$469.731
decision of the Supreme Court of Appeals ofthe State of Virginia,the further
Net proft before taxes $188,315
$209.870
43,880
14,903
necessary hearings before the Federal Court in Wilmington will be requested
Federal income taxes_ _ _
24,179
28,857
at the earliest possible moment.
$425,851
While audited figures are not available, earnings data from the manage$157,273
Net profit after taxes_
$181,013
$164,137
ment prepared on a comparable basis with the pro forma statement of earnEarns, per sh.on 100.000
$4.25
$1.57
ings of the new principal company, show that the balance of $284.894
shs. common stock..
$1.81
$1.64
of net earnings after depreciation. but before interest and Federal income
Comparative Balance Sheet Jan. 1
taxes, as shown for the 12 months ended Sept. 30 1934 compares with a
1934
balance of $353,176 for the 12 months ended June 30 1935. The balance
1935
Liabilities-1935
1934
Assets
$72,834
of $90,784 after depreciation, interest and Federal income taxes, as shown
Accounts payable_ $33,557
Cash in bank and
6,703
for the 12 months ended Sept. 30 1934, compares with a balance of $149,677
3,515
$99,424 Accrued expenses.
$236,016
on hand
for the 12 months ended June 30 1935. Based on data furnished by the
28,857
24,179
Securities invest _ 412,535
566,709 Res. for Fed. taxes
250,000
management with respect to the new segregated properties company and
68,672 x Capital stock.. 1,000,000
Accounts receiv._ _
65,732
951,958
subsidiaries, the deficit of $36,826 after depreciation (as shown in the plan)
250,983
Other advances..
9,630
11,189 Surplus
for the 12 months ended Sept. 30 1934 compares with a deficit of $26,668
Inventory
292,467
263,539
for the 12 months ended June 30 1935.
y Mach.& fixtures
87,071
72,501
The present status of deposits Is approximately as follows:
244,352
176,350
Y Real estate
Deferred assets,...
7,926
8,470
Amount
% of Amt.
Necessary for Received to
Amount
$1,312,234 $1,310,352
Total
Total
• $1,312,234 $1.310,352
Deposited Confirmation Securities
x Represented by 100.000 shares of common stock, $10 par, in 1935 and
of Plan
Needed
or Assenting
1st lien coll. 5% and 5%% bonds
t1
,
106
100,000 shares, no par, in 1934. y After depreciatiol44:ep_.28!..
$7,306,800 $6,843,300
6% debentures and 7% notes
1,689,000
96
1619,00
Preferred stock
1.078,800
99% --Chicago Corp.
-Accumulated Dividend
1,072,100
-V. 140, P. 3888.
The directors have declared a dividend of 25 cents per share on account
of accumulations on the 83 cum. cony, pref. stock, no par value, payable
Sept. 1 to holders of record Aug. 15. A similar distribution was made
Champion Paper & Fibre Co.- New Name
in each of the 10 preceding quarters. In addition a dividend of 50 cents
See Champion Coated Paper Co. below.
per share was paid on Dec. 211934.
Accumulations after the payment of the Sept. 1 dividend will amount
Chain Store Investment Corp.
-Earnings
to $5.75 per share.
-V.141, p.430.
3 Mos. Ended June 301935
1934
Dividend income _ _
___________ _ _
Chicago Milwaukee St. Paul & Pacific RR.
-Interest
$2,946
$1.449
Managers'comissions
326
278
The interest due Aug. 1 1935 on the 50
-year 5% mortgage gold bonds,
Interest_______________________
120
series A, due 1975, was not paid on that date.
Taxes _______________________________________
310
301
Hearing on PlanMiscellaneous expense
118
165
Through Commissioner Claude R. Porter and Oliver E. Sweet, director
Net income to current surplus
$2,072
of its Bureau of Finance, the InterState Commerce Commission began on
$704
Aug. 5 the examination of the plan for the reorganization of the road presented by offleers of the corporation. Commission endorsement must
Loss from Security Transactions
Precede a plan's approval by the Court in charge of the debtor's affairs,
Sales of securities
$13,614
$34.192
53,743
under the Federal Bankruptcy Act.
Cost of securities sold
17.667
The reorganization plan,laid before the ICC some time ago, was described
by Robert T.Swaine,as counsel for those assenting to the proposed reorganNet loss from security transactions
$4.052
819,551
ization. Testimony for the plan was presented by W. W.K. Sparrow,
Vice-President of the road.
Surplus Account
Mr. Swaine announced the names of trustees selected under the voting
Deficit from
trust provided for in the plan. They are: Max W. Babb, Northwestern
Security
Current
Capital
Life Insurance Co.: George B. Cortelyou, New York Life Insurance Co.;
Transactions Surplus
Surplus
Balance. April 1 1935
E.E. Brown,First National Bank, Chicago; Frederick Ecker, Metropolitan
$324.025
$7,848
$540,026
Loss from sec. transactions as above_
Life Insurance Co.,and Phillip A. Denson, President of the Brooklyn Dime
4,052
Current net income as above
Savings Bank.
2,072
Interventions in behalf of security holders not assenting to the plan
Total
were filed by Harry Hoffman,Milwaukee Re Northern bondholders; Thomas
$328,078
$9,920
$540,026
F. Murphy, Imperial Trust Co., and Milwaukee and Northern interets;
Div. on pref. stock, May 1 1935.._
2,195
Meyer Abrams. holders of adjustment bonds; Kenneth F. Burgess, repreBalanceJune 30 1935
senting a group of institutional and fiduciary corporations, owning in the
$328,078
57,725
$540,026
Financial Chronicle
912
aggregate in excess of $60,000,000 principal amount of securities either
issued by or assumed by the railroad company.
-year mortgage trustee;
Other intervenors were Edwin S. Sunderland, 50
George L. Shearer, trustee under the general mirtgage; Joseph P. Jones,
*Union Pacific RR.; Henry K. Hunt,Public Works Administration; William
G. Cunningham, holder of adjustment bonds, and Donald McMillan, who
said he represented the public interest.
The plan for reorganization was assailed by an independent committee
for protection of the road's bondholders. The committee, of which J. H.
Behrens of New York is Secretary, protested to the ICC that the program
submitted by the road's directors proposed a financial structure "which
virtullay insures that year by year the debt of the company will grow by
leaps and bounds, and makes another receivership a few years hence inevitable."
The committee's letter also contends that the reorganization plans do not
disclose the control of the reorganized company or provide for "investigating the past conduct of the company and bringing suit for wrongs done
go it."
-V.141, p. 743.
Chicago Nipple Mfg. Co.
-Earnings
1934
$242,126
171.101
1933
$278,355
277.221
1932
$166,747
140,376
1931
$362,402
363,261
Gross profit
Miscellaneous income
$71,025
6,395
$1,134
7.024
$26.370
10,765
loss$858
10,941
Total income
Sell. & adrninis. exps__ _
Depreciation
Interest paid
$77,420
55,173
52,853
$8,158
57,828
52,868
$37,136
49,907
52,888
$10,083
93,236
52,852
3.028
Calendar YearsSales (net)
Cost of goods sold
Net loss
$139,032
$65,659
$102,537
$30,606
Comparative Balance Sheet Dec. 31
1933
1934
Liabilities1934
1933
*5,568
51,967
$4,738 Accts. payable___
$9,743
33,500
6,150Notes payable__
16,524
8,564
15,093 Accr. gen. taxes__
15,421
232
240
1,118 Accrued interest__
90,337
91,599 Res. for stk. contr.
33,634
obligation
2,002,950 2,082,250
549,068 Class A stock
550,159
445,626
498,306 Class B stock_ _ 1,842,600 2,024,500
161,484
119,003
6,250
6,250 Deficit
271,300
532,500
7,997
8,598
2,330,655 2,330,655
.
Assets
Cash
Cost. notes receiv_
Accts. receivable_
Tray.funds & adv.
Inventories
investment in and
advance to subs.
x Properties
y Notes receivable
z Treas.stk. issued
Deferred charges_
Good-will,pats.,&c
$3,728,329 $4,043,473
Total
Total
$3,728,329 $4,043,473
x After depreciation of $584,453 in 1934 and $531,600 in 1933. y Payable if, as and when back dividends are declared. z 1,564 (3,150 in 1933)
shares of class A stock and 3,862 (7.500 in 1933) shares of class B stock.
V. 141, p. 430.
Chicago & North Western Ry. Aug. 1 Int. Not Pai
The interest due Aug. 1 on the registereijgen. mtge. bonds, 3j4s, 45
and 58.
(stamped and unstamped), 43s (stamped), 4Ms (stamp
(stamped) was not paid on that
The Committee on Securities of the New Yorjc..Stdëk Exchange rules
that beginning Aug. 1 1935 and until further notice, the coupon and registered bonds of said issues shall be dealt in "flat" and to be a delivery, the
coupon bonds must carry theNov. 1 1935 and subsequent coupons. The
Committee further rules that in settlement of all contracts in said bonds
on which interest ordinarily would be computed through A g. 1 1935,
inerest shall be cmnputed up to but not including Aug. 1 935.
Withdraws Application to Issue $9,034,000 Bonds
e company having withdrawn its applicatinn filed Feb. 23 1935 with
the Interstate Commerce Commission for authority to issue $9,084.000
of gen. mtge. 5% bonds to be pledged and repledged fro:n ti:ne to time
as collateral security for any note or notes which may be issued, the ICC
has dismissed the application.
-V. 141, p. 743.
Chicago Rys.-Interest Payment
Interest of7 was paid on Aug. 1 1935 on the 1st mtge. 5% gold
0
bonds, due Feb. 1 1927 (stamped as to 25% partial redemption) upon
-V. 141, p. 588.
presentation of bonds for endorse:nent of payment.
Assets
Cash
Marketable secure,
Accrued int. on sec
Accts. receivable
Accrued revenue
Inventories
Treas,stock owned
Land, structures,
machry.& equip
Cap.stk. other cos
Deferred items__
Total
$2,612,876 $2,636,179
-V. 139, p. 3805.
-Earnings
Childs Co.(& Subs.)
1932
1933
1934
1925
6 Mos. End. June 30-$8,693,048 $9,285,577 $8,331,776 $10,596,113
Sales and rentals
9,606,473
7.704.723
8,709,346
8,173,236
Cost and expense
316
$989,640
$51'6,231
$627,053
$519,812
Operating profit
9,783
17,114
11,904
Other income
12,960
1,097
Non-recurring income-
9.089
$588.135
233,988
734
320,353
410
14.566
loss$22,470
$18,084
Total income
Interest
Federal tax
Depreciation
Other deductions
Res. for Can. exch., &c_
Net profit
-V. 140, p. 3207.
$532,772
222.979
3.853
319.321
$644,167 $1,000,520
245,308
367,529
6,078
9,086
461,089
330,647
31.936
8,208
47,394
102,950
$3,324
$30,938
Chrysler Corp.
-Dodge Sales
Dodge dealers delivered 7,745 vehicles at retail in week ended July 27,
including 5,133 Dodge passenger cars and trucks and 2,612 Plymouths,
against 6,675 in preceding week and 5,953 in corresponding week of 1934.
-V.141, p. 588.
-'--Churn gold Corp.
-Cent Dividend
-15
The directors have declared a dividend of 15 cents per share on the capital
stock, payable Sept. 20 to holders of record Sept.3. A similar payment was
made on June 20, last, the first distribution made since May 15 1931 when
-V.136, p.3168.
a quarterly dividend of 35 cents was paid.
-Earnings
Cincinnati Union Stock Yard Co.
Years Ended Dec. 31
Earnings
Expenses
1934
$388,917
198,025
1933
$376,853
197,861
1932
$384,651
203,148
1931
$393,144
205,793
Net inc.from oper.for
the period
Gain on sale of cap.assets
Fed. inc. tax liability..
3190.892
10
23,622
$181.503
$178,992
71 loss17,387
21,320
23,383
$187,351
16,862
23.062
Net gain for the year
after tax
Surplus at begin, of year
Misc. surplus adjustm'ts
$167.280
82,689
1,292
$155,679
82.645
168
$142,796
94,781
2,016
Total surplus
Dividends paid
$248,677
164.900
$238,156
155,467
$83,777
$82,689
Surplus at Dec.31---
$2,612,876 82,636,179
Total
-Earnings
Citizens Water Co. of Washington, Pa.
1934
1935
12 Months Ended June 30$342,628
$361,937
Operating revenues
144,332
152,787
Operating expenses
Earningsfrom operations
Other income
$209,149
3,489
$198,296
5,640
Gross income
Interest on funded debt
Other interest (net)
Provision for Federal income tax
Amort.ofdebt discount& expense & misc. deduc
Preferred stock dividends (paid)
$212,638
105,879
353
11,851
12,683
40,833
$203,937
107,228
327
10,627
12,896
42,554
$41,037
$30,302
Balance
-V.139. p.922.
-Earnings-City Auto Stamping Co.
Calendar YearsGross profitfrom sales, before deduct,.
tag depreciation
Commercial& selling expenses
1934
1933
$224,684
127,691
$174,408
124,583
$154,087
114,258
$96,993
58.176
$49,824
30,514
$39,829
26,333
$155,169
$80,338
164,899
$66,162
164,408
prof$66,892
Loss transferred to surplus
302,826
Previous surplus
Miscellaneous credits
Adj, for excessive depreciation of
fixed assets during 1932 and 1933 _ 150,483
$84,561
387,387
$98,247
280.253
224,617
$520,201
$302,826
$406,623
487
18,750
Profit from above
Revenuefrom scrap,interest,&c
Total profit before deduct'g deprecDepreciation charges
Extraordinary experimental & developm't expense for 1934 az prior yrs_
Prov.for Federal income tax
Total surplus
Additional 1930 Federal income tax_
Dividend paid
Balance
Assets
Cash
Cash surr. val.(Me
Insurance
Accts. receivable.. _
Inventories
Sundry claims &
Items receivable
Deferred charges to
operations
IA., bldgs., mach.,
equipment,&c_ _
Patent license
Chicago Rock Island & Pacific Ry.-Court Issues Show
Cause Order to Force ReorganivationFederal Judge James H. Wilkerson, ordered the company on Aug. 6
to show cause on Sept. 17 why an order should not be entered requiring the
road to submit a plan of reorganization to the Interstate Commerce Commission by Nov. 1.
plan, Judge
Indicating definite displeasure over delays in presenting;
Wilkerson said that the Court will "take such further action as it may
deem advisable" if action is not forthcoming.
"A period of more than two years has elapsed since the said petition
(for reorganization) was approved by the Court," the order stated, "and
no plan has been presented."
The original bill was filed June 7 1933, under Section 77 of the amended
Bankruptcy Laws, but no program has been submitted, either to the Court
-V. 141, p. 743.
or to the ICC, which must rule first on the plan.
Aug. 10 1935
Condensed Balance Sheet Dec. 31
1933
Liabilities1934
1933
1034
$688
$508
$41,437 Accounts payable_
$34,522
37
533,437 Accrued interest__
533,437
4,773 Accrued county &
3,835
11,006
10,836
city taxes
2,982
3,385
23,384
23,622
2,108 Fed.inc. tax !lab_ _
4,192
2,000,000 2,000,000
5,090 Capital stock
25,777
82,689
83,777
52,419 Surplus
52,419
100,000
100,000
Res.for conting_
50,000
50,000
1,926.845 1,975,016 Res.for renewals
15,200 Cap. surp. (arising
15,200
368,376
dlr. appraisal)_ - 344,134
13,264
3,716
1932
76,798
11,479
37,500
$482,701
$387,387
$302,826
• Consolidated Balance Sheet Dec. 31
Liabilities1933
1934
1933
1934
-00,
$77,669 Accts. pay.
$226,834
chase & other
creditors
48,659
54,046
$96,766 $116,271
302,481 Accrued items pay.
269,657
161,352 -payroll, taxes,
121,693
fec
25.490
33,413
96,307 Payments due on
109,513
license agreem't
50,000
143,942 Reserve for divs,
130,474
14
on stock
6
1,411,786 1,326,780 Liab. on license
300,000 agreement
300,000
200,000
250,000
Res. for losses,
contIng., &e_ _ 261,118
262,592
z Capital stock
1,000,000 1,000,000
Operating surplus_ 482,701
302,826
Capital surplus
500.000
000,000
Total
$2,624,004 $2,457,192
Total
$2,624,004 $2,457,192
x Represented by 374,885 in 1934 (374.725 in 1933) shares, no par value.
-V.141, p. 109.
Clark Equipment Co.(& Subs.)
-Earnings
6 Mos. End. June 30Gross profit from oper-Expenses,&c
1935
$517,336
243,907
Operating profit
Other income
$273,429
22,228
$369,703 def$28,390 def$106,770
31,767
33,242
20,587
Totalincome
Depreciation
Federal taxes
Develop. exp.incurred..Loss on secure.sold
Minority interest
$295,657
179,960
2,561
86.071
$401,470
166,245
18,679
Net profit
Preferred dividends_ _ _ _
Common dividends
$27,066
39.583
93,510
Deficit
Shs.com.stk.(no par)
Earnings per share
1934
'$618,021
248,318
1933
$169,183
197,573
1932
$95,968
202,738
def$7,802 def$73,528
136,353
140,847
14
Cr98
135,116
Cr27
$216,532loss$148,551 loss3344,970
39,653
40,237
39,709
93,510
$106,027 stu183.369
233,776
233,776
Nil
$0.75
$188,260
236,216
Nil
$385,207
237,516
Nil
Consolidated Balance Sheet June 30
1934
Liabilities-Assets1935
1934
1935
7% pref. stock ___.$1,132,600 81,133,400
x Real est., bldgs.,
machry.,&c _ _53,861.394 $3,924,966 y Common stock__ 4,751,394 4.751,394
1,052,427 1,083,459 Accts. payable, &i, 203,355
Cash
171,022
434,788 Accrued taxes, royU.S.Govt. secure_ 370,617
501,673 shies,&o
57,461
Marketable secure. 523,396
57,561
Min. int. Frost
Cash surr. val. life
22,960
Gear & Forge Co
26,340
Insurance policy
513
508
343,092 Surplus
Notes & accts. rec. 254,459
752,606 1,025,560
4,465 Capital surplus
3,243
596,818
Accrued hit., &c_.
606,872
1,228,110 1,229,838
Inventories
71,851
67,991
Investments
Claims against
5,050
closed banks_
Deferred charges &
119,076
prepaid expenses 111,967
$7,504,896 $7,736,167 Total
Total
$7,504,896 $7,736,167
x After depreciation of $3,145,357 in 1935 ana $2,874,626 in 1934.
-V. 140, p. 3208.
y Represented by 233,776 no par shares.
Cleveland Worsted Mills Co.
-Earnings
Income Account for Year Ended Dec. 31 1934
Profit from sales----------------------------------------Interest earnea and other income
$175,177
22,178
$181,151
98,230
Total income
Selling, general adm.exp.& other charges against income
$197,355
289,172
$239,593
156,948
$279,381
184.600
Loss, exclusive of depreciation & interest charges
Interest charges------Allowance for depreciation
$82,645
$94,781
Net loss
891,817
37,622
116,510
$245,949
913
Financial Chronicle
Volume 141
Balance Sheet as of Dec. 31 1934
Assets
Cash on hand & on deposit __ __ $195,709 Notes pay,for money borrowed
s Customers'accts.receivable_ 589,863 from banks
$800,000
Merchandise inventory
39,756
1,760,231 Notes payable for wool
y Plants & equipment
2,082,905 Accts. payable for purchases,
expenses
Prepaid
141,496
21,490 expenses,&c
48,104
Unpaid salaries and Wages._
7.193
Credit balances
52,243
Accrued taxes, &e
29,976
Reserve for contingencies
x1,979,583
Capital stock
1,551,847
Surplus
Total
$4,650,200
Total
$4,650,200
x After deducting 5,169 shares of treasury stock at cost of $20,417.
y After reserve for depreciation of $1,353,561. z After allowance for
doubtful accounts.
-V.141, p. 743.
Cleveland-Cliffs Iron Co.(8x Subs.)
-Earnings-Calendar YearsProfit from operations
Other income
1934
1933
$2,451,108 $2,088,339
606,498
480,651
1932
$6,537
303,529
Gross income
$3,057,606 $2,568,989
Int.& discount, excl. of int. on special
loans
45,889
50.508
Bad accts.charged off& provided for.
26,768
Contract & special allowances
Miscellaneous charges
29,010
Int. & commission charges on special
loans
1,534,239
1,504,643
Dividends received on Corrigan, Mc
Kinney Steel Co.investment
Provision ofspecial reservesfor sundry
losses, &c
325,000
Prov.for Fed.Inc. tax.(est.)
69,000
Prov. for loss of the McKinney Steel
Holding Co
x24,598
Amortization of investment
50,000
50,000
Prov. for depletion & depreciation
531,623
504,553
$310,066
42,812
85,338
27,676
1,994,402
Cr7,813
250,000
50,000
400,379
Net profit
$105,2741oss$2532728
$775,489
Divs. paid-Pref. (Sc. per share).__
24,362
Pref.-McKinney St. H.Co.
108,750
(13%)
Increase-decrease in surplus
$105,274l0ss$2665839
$775,489
Surplus at beginning of year
21,773,792 22,075,817 24,741,657
Total surplus
$22,549,281 $22,181,091 $22,075,817
Prov.of res.for property adjustments
225,000
250,000
Adjust.of depletion,depreciation,&c.
157,299
Profit & loss-Surplus at end of yr_$22,324,281 $21,773,792 $22,075,817
x Does not include provision for preferred dividend requirements of
•
Consolidated Balance Sheet Dec. 31
1934
1933
1934
1933
Assets
Liabilities
Cash
2,210,588 1,535,015 Notes & accept's
Notes & accept's
510,917
800.592
payable
receivable
178,238 Accts. payable 1,234,930 1,590,209
Accts.ree.jess res. 3,259,359 3,296,145 Accrued tax., &c_ 508,880
636,884
Invent's of prod'ts
Collat. tr. notes_25,214,812 25,405,904
and supplies
6,730,099 6,995,860 Other liabilities
Inv., advs., &c 48,013,620 55,354,216
314,303
not current_
301.065
z Properties
57,290
97,900
31,167,944 32,568,231 Deferred creditsDeferred assets
1,150,498
931,031
756,188
715,485 Reserves
835 eum.pref.stk 19,489,720 19,489,720
z Common stock_ 408,296
408,296
McKin.St'l Hold7,250,000
ing Co.6% pf.stk
Capital surplus
990,000
paid in
990,000
Sum.arising from
adjust. of prop 19,933,870 20,967,798
Profit & loss surp.22,324,281 21,773,792
Total
02,137.797 100,643,189 Total
92.137,797 100.643,189
x Less reserve for depletion and depreciation of $33,070,830 in 1934 and
$32,159,529 in 1933. y Represented by 487,243 shares no par value.
z Represented by 408,296 shares no par value.
-V. 140, p. 3712.
Cliffs Corp.
-Earnings
Years Ended Dec. 31Interest accrued & received
Dividends received
Interest accrued & paid
Taxes, legal & other expenses
Net Profit, exclusive of security transactions_ __
1934
$42,601
50,000
34.306
20,905
1933
$34,451
72,882
18,030
$37,390 loss$56,461
Statement of Investments Dec. 31 1934
Cleveland-Cliffs Iron Co., common
Inland Steel Co., common
Republic Sttel Corp., common
Wheeling Steel Corp., common
Youngstown Sheet & Tube Co., common
Shares
408,296
100,000
144,000.3
30,000
100,500
Consolidated Balance Sheet Dec. 31
1934
1934
1933
1933
Assets$
Liabilities-8
8
$
Cash on deposit__ 111,097
41,410 Notes pay, to bks.
Notes receiv. (net) 800,000
804,716 (collateral loans) 750,000
900,000
Investments_ _ _ _27,699,176 28,404,764 Accrued interest_
y
1,267
Prepaid interest__
3,646
z2,458
6,667 Accounts payable_
1,173
Deferred tax claim
16,953
Unearned interest_
2,683
2,701
.
x Capital stock. _24,172,020 24,172,020
Cap.surplus (paid5,540,392 5,540,392
in)
Profit ct, loss deficit 1,836,682 1,359,996
Total
28,630,872 29,257,558
Total
28,630,872 29,257,558
x Representeddeducting
by 805,734 shares of no par value. y After d
$50,000,000 reserve. z Includes accrued items.
-V. 139, P. 758.
Another provision is that upon payment of the RFC loan a sinking fund
shall be created with the trustee, the Title & Trust Co.. in an amount
consisting of at least 50% of the net earnings of the company, siren sinking
fund to be used by the trustee to retire aebentures in aavance of their actual
maturity aate, which has been firma as of Oct. 1 1950.
Climax Molybdenum Co.
-Earnings
Income Account for Year Ended Dec. 31 1934
Gross income from sales
Cost of goods sold
$3.952,191
1,496,048
Selling profit
Administrative expenses
$2,456,142
168,982
Net income from operations
Other income
Depreciation, depletion, &c
$2.287,160
12,173
172.866
x Net profit for the year
Interest paid on income debenture notes
Dividends paid
Reserve for 1934 Federal income taxes
Provisionally reserved for employees welfare fund
$2,126,468
95,610
168,000
205,255
35,000
$1,622,603
Balance of profit transferred to earned surplus
x After deduction of $114,080 paid to officers and employees as additional compensation.
Consolidated Balance Sheet Dec. 31 1934
Assets Liabilities
$250,672
Cash in banks & on hand__ _ _ $1,164,052 Taxes payable
33,403
248,131 Accounts payable
Accounts receivable
60,213
Inventories
1,257,127 Expenses accrued
Deferred assets
19,221 6% deb. income gold notes__ 1,000,000
a Eldgs., mach'y, equip., &c_ 1,421,593 Provisional res. for employees
35,000
welfare fund
b Discovered increment
3,692,390
39,311
c Common stock
Discovered increment surplus 2,678,044
3,703,871
Earned surplus
17,800,515
Total
$7,800,515
Total
a After depreciation of $532,066. b After reserve for depletion of
$1,473,771. c Represented by 840,C00 no par shares.
Cohasset Water Co.
-Earnings
12 Months Ended June 30Operating revenues
Operating expenses
1935
$39,568
24,316
1934
$37,362
22,995
Earningsfrom operations
Other income
$15,252
43
$14,366
Dr10
Gross income
Interest on funded debt
Other interest
Provision for Federal income tax
Miscellaneous deductions
$15.295
4,800
2,498
728
121
$14,356
4,800
1,763
596
42
$7,147
$7,154
Balance
-V.139, p. 923.
Colgate-Palmolive-Peet Co.(& Subs.)
-Earnings
6 Months Ended June 30Net sales
Costs, expenses & depreciation
1935
1934
1933
$41,713,288 $37,081,211 $31,236,474
38,286,399 34.365.656 30,193,228
Operating profit
Other income (net)
$3.426,889 $2,715,555 $1,043,246'
Dr24,721
182,972
72,173
Total income
Federal taxes
Prov. for possible decl. in inv
$3,402,168 $2.898,527 $1.115,419
577,358
481,639
350,298
900,000
Net profit
Preferred dividends
Common dividends
$1,924,810 $2,416.888
741,035
743,548
486.583
$ 765,121
763.699
497,644
Surplus
$697,192 $1,673,340 def$496,222
She, common stock outstand.(no par) 1,949,086
1,999,970
1,981,716
Earnings per share
$0.01
$0.60
$0.84
Consolidated Balance Sheet June 30
1935
1934
1935
1934
Assets
-$
Liabilities$
$
3
6% cum.pfstock _24,693,222 24,773,014
x Land, buildings,
mach.& equip_ _20,492,854 21,540,245 y Common stock_ _24,363,259 24.771,135
Cash
8,130,463 10,145,906 Accounts payatle_ 1,970,479 1,315,058
Miscell. accr., &c_ 2.878,948 3,189,940
Gold held abroad 2,500,230
Marketable secure. 1,555,643 6,000,206 Prov. for taxes__ 2,692,973 2,025,542
Accts. receivable__ 9,142,890 7,655,617 Special reserves__ 1,761,697 1,214,171
66,000
Inventories
21,361,933 16,590,724 Sub. mtge. bonds_
Deferred charges_ _ 866,037
887,937 Minority interest_ 1,058,751 1,039,636
Earned surplus... 7,670,016 7,878,222
Invest.& col.advs.
to employees
436,744
625,322
Palmolive building 2,668,550 2,760,760
Good-will, patents,
trademarks, &c_
1
1
Total
Total
67,155,345 66,206,718
67,155,345 66,206,718
x After depreciation. y Represented by 1,949,086 (1,981,716 in 1934)
no par shares excluding 50,884 shares in treasury.
-V. 140, p. 3383.
Commercial Credit Co.
-Semi
-Annual Report
-
A. E. Duncan, Chairman, says in part:
Netincome from operations after providing for all Federal and other taxes,
credited to earned surplus for the six months' period of 1935, was $3,345,266,
compared with $2,379,567 for the same period of 1934. After payment
of regular dividends of $727,077 on all issues of the old preferred stock
(including Commercial Credit Trust) outstanding during the period, but
since retired, and after deducting $3,563 income on minority common
shares of subsidiaries, there remained $2,614,624, or $2.61 per share,
applicable to the average number of shares of common stock outstanding
upon which dividends were paid during the six months' period of 1935,
compared with $1,649,847, or $1.72 per share, for the same period of 1934.
On Jan. 1 1935, there were 954,052 shares of common stock outstanding,
including 15,000 shares held in the treasury under option which was exercised on June 7 1935. During the six months' period of 1935, there were
75,000 additional shares of common stock
for cash, and 102,880
----Columbia River Packers Assn., Inc.
-Plan to RefinanceA shares issued on June 29 1935 in part exchangeissued the plan for readjusting
under
A plan for refinancing. as worked out by the bondholders' advisory com- \ the capital structure of company, thereby making a total of 1,131,932
mittee, G. R. McLeod II W Collins K D Dawson J. E Roman and
shares of common stock outstanding on June 30 1935. representing $24 T.J. Mahoney, has been submitted to bondholders. As soon as two-thirds
572,326 book value, and 178,854 shares and cash receipts exchangeable for
of the holder s appror e the proposal,refinancing will be accomplishea without
14,864 shares of the new 5%% convertible preferred stock, representing
aelay.
$19,371,800 par value.
Finding thatfinancing of the company from private sources was impossible
The effect of the changes in the preferred capital structure of company
and that new money was required, W. L. Thompson secured a loan of
(including Commercial Credit Trust), was to reduce the par value thereof
$500,000 from the Reconstruction Finance Corporation under certain
br$2,121,375 and annual dividend charges thereon by $388,706 from July 1
conditions. One was that the loan be secured by a first mortgage on the
1935. After providing for the premium for redeeming all of the old precompany's physical properties ana the assignment offishing rights an rental
ferred shares and payment of all underwriting commissions,legal,accounting
securing.
and other expenses in connection with the exchange program, there was
Another was that Mr. Thompson personally indorse and guaranteeprina net credit of $62.51 to capital surplus.
cipal and interest of the loan ana that proceeds of the loan be used, first,
Had the net income of $3,345,266, less minority interests, available for
to pay unpaid and delinquent taxes amounting to $149,107; second, to.PaY
dividends for the 6 months' period of 1935, been subject to payment of
bondholders an amount not to exceed $200,000 in cash and use the balance
only 5%% dividends on the new convertible preferred stock, instead of the
higher dividends on the old issues of preferred stock since retired, there
of the $500,000 loan to increase the company's working capital.
To comply with the RFO req riremets,it will be necessary the,committee
would have remained $2,808,977, or $2.48 per share, for the six months'
states in presenting its plan to the bondholders, to release the security now
period of 1935, based on 1,131,932 shares of common stock outstanding
on June 30 1935, after making all of the changes in the capital structure of
held by the bondholders. Balance due the bondholders will not be secured
until after the RFC has been paid. Bondholders will be given the company's
company. In such event, dividend requirements on said 53i% convertible
income debentures for the balance of the principal of their bonds, together
preferred stock would have been earned 6.27 times during the six months'
with accrued interest at 2% from April 1 1935, and the principal sum of the
period of 1935.
certificates of indebtedness now held by the bondholders. These debenNet income per share on 1,131,932 shares of common stock outstanding
tures are to be subordinated to the RFC loan until it is paid. The loan will
on June 30 1935, 102,880 shares having been issued June 29 1935 in conmature Feb. 1 1940.
nection with the changes in the capital structure of company, but with
914
Financial Chronicle
no allowance for any of the $388.706 annualreduction in preferred dividends
resulting from the new 5%% convertible preferred stock, was $2.30 Per
share for the 6 months' period of 1935.
On June 25 1935. company's subsidiary, Credit Alliance Corp., called
its outstanding 5.%% debentures. aggregating $2,421,600 (including $61.600
reacquired), due Nov. 1 1938, for payment at 102 and int., on or before
Nov. 1 1935, thereby relieving company and its subsidiaries of all funded
debt. They have no secured debt in the hands of the public, but the
unsecured obligations of the Canadian subsidiary covering its operations
also carry the liability of company.
On June 28 1935, company contracted to acquire the business of Edmund
Wright-Ginsberg Corp., New York, through an exchange of all of its capital
stock and other valuable considerations for 35.000 shares of common stock
of company, to be issued upon approval by the Securities and Exchange
Commission and the listing of said shares on the New York Stock Exchange.
That corporation was organized a few months ago to take over and operate
the factoring business, but not the real estate, of Edmund Wright-Ginsberg
Co..Inc., which was organized over 16 years ago and does an annual volume
in excess of $15,000,000. principally in textile lines. This is the second
important acquisition of factoring concerns by company, the first being
Textile Banking Co., Inc., which was acquired Sept. 30 1933.
On July 8 1935, company also concluded the purchase, for cash, of practically all of the common and preferred stock of Protective Finance Corp.,
Denver, Colo., organized 12 years ago by its Secretary and Manager,
W. G. Schweigert. The Denver company has been uniformly successful
in financing automobile receivables, and now has about $1,750,000 of such
receivables outstanding, which in due time will be consolidated with the
Denver office of the subsidiary of company.
Consolidated Income Account for Stated Periods
6 Mos.End. 6 Mos.End. x Year End.
June 30 '35 June 30 '34 June 30 '34
Period$267,119,272 $208172,513 $331837.781
Gross receivables purchased
Aver. stockholders Investment (cap43,211,119 39,401,783 39.430,982
ital and surplus)
Gross earnings
Sundry income
Discount on notes Ss debs. retired_
$7,757,444 $6,342,171 $11,528,835
71,754
29,484
53,835
Dr23,018
Dr52,530
$7,811,279 $6,348,637 $11,548,059
Gross income
Operating expenses (excluding in5,213,584
2,841,611
3.477,571
terest and discount)
240,552
83.176
Cr309,556
Net losses in excess of reserves
1.292,128
674,458
680,919
Interest and discount charges
401,062
623,540
363,361
Reserve for Federal income taxes
Net income credited to surplus__ $3,345,266 $2,379.567 $4,400,732
Net income for minority interests,
4,311
2,533
undistributed
2,740
Divs, on stocks in hands of public:
114,020
Commercial Credit Trust, pref_
57,010
57.010
1,145
1,937
Textile Bank.Co., Inc.(minority).
1,030
Commercial Credit Co.:
644,257
319,108
319,109
(3%% and 7% lst pref
277.985
138,809
138,821
8% class B preferred
210,907
212,137
409,095
6% class A convertible
469,526
469,526
1,001,552
Common
17,036
13,371
41,259
Furniture & fixtures written off--$1,571,814 $1,166,949 $2,462,563
Net surplus credit for period
Earned surplus balance, beginning
7,653,171
5,261,639 3,966,025
of period
Earned surplus balance, close of
$9,224,986 $6,428,588 $6,428,588
Period
Net income per share on common
$1.72
$2.61
$3.09
stock outstanding, end of period
x Including Textile Banking Co., Inc., for nine months only.
Consolidated Balance Sheet June 30
1934
1933 '-'
1935
Assets$21,089,945 $16,758,327 $10,817,268
Cash and due from banks
Open accounts, notes, acceptances &
32,803.648 35,431,920 25,068,996
indust. lien obligations
Motor lien retail time sales notes... 70,855,849 53,902,987 28,493,997
Motor lien wholesale notes Sr accept's 29,918,711 24,554.528 7,488.927
11.600
Customers'liability on foreign drafts_
900,978
472,908
541.335
Sundry accounts & notes receivable...
possession,
Re151,172
52,345
55.950
M i
e
sunedpry ntnns in no.'s
158,295
128,672
securities134,513
253,689
Treasury stocks
354,928
Due by employees in purchase ofstock
236,517
341,344
408,329
Deferrea charges
4
5
5
Furniture and fixtures
300.000
300.000
350,000
Collateral trust notes
Receivables for Credit Alliance Corp_ 1.824,960 2,906.694 3,817,910
Aug. 10 1935
Security Agency, Inc., Boston, is the general distributor or selling agent
for shares of the corporation and thus qualifies under the Securities Act
as being the underwriter. Various leading investment houses are participating in the distribution of the stock of this company (including H. C.
Wainwright & Co. and Faxon, Gade & Co., Inc.).
Commodity Corp. was incorporated under the laws of the State of
Massachusetts on Feb. 28 1935. The total authorized common stock
was 200,000 shares at $5 par value. There are no preferred shares and no
bonds or notes currently authorized or outstanding.
Corporation was formed to provide an opportunity for investors to participate in the supervised ownership of commodities and commodity influenced securities. It is stated in the prospectus issued in conjunction
with this offering that the emphasis will be placed upon commodities.
Commodity and security investments will be made upon an outright basis.
A plan has been perfected so that in the case of commodity futures an outright basis of ownership will also prevail. It is further stated that short
sales will not be made except where it is desired to offset inventory positions.
Provisions have been made to assure proper diversification at all times
and thus prevent overinvestment in any one commodity or security. Investment of the funds will be supervised by the board of directors.
Arrangements have been made with Commodity & Security Managers,
Inc. to furnish the directors with continuous statistical and economic information. In addition, they will have the assistance of a group of trade
advisers comprised of Maurice C. Hill of Willard Hawes & Co., Inc.,
New York; F. Eug. Nortz of Nortz & Co., New York; James F. Smithwick
of J. F. Smithwick St Co., Memphis; James T. Gormley of Day-Gormley
Leather Co., Boston; Harmon G. Lichtenstein, New York; Alan L. Grant
of Charles T. Wilson Co.. Inc., New York; F. Shelton Farr of Farr & Co..
New York, and Tappan E. Francis of Francis & Co., Inc., Boston. The
trade advisers are all engaged in some form of commodity business and thus
will make available to the corporation their broad knowledge of many
basic commodities.
Officers and directors of corporation are John Babcock Howard, Pres. &
director, Roger V. Pugh. V.-Pres., Treas. & director; Brooks Potter, Clerk
& director; Jonathan Chace, director; Tappan E. Francis, director; J.
Langdon Sullivan, V.-Pres. & Asst. Treas.; Austin Grimshaw, V.-Pres. &
Asst. Treas.
According to the prospectus the corporation is required to repurchase at
the approximately liquidating value any stock offered to it.
The National Shawmut Bank will act as custodian of the assets ofcorporation and as transfer agent. The corporation has retained as legal counsel
the firm of Choate, Hall & Stewart. Auditors and accountants are Lybrand, Ross Bros. & Montgomery. Mr. Howard and Mr. Pugh are
associated with the Investment Counsel and Management firm of John
Babcock Howard & Co.,founded in 1927 with offices in Boston and Providence.
-Earnings
Colorado Central Power Co.
6 Months Ended June 30Operating revenues (electric)
Total non-operating revenue
1935
$193,407
2,664
1934
$183,502
3,573
Total revenue
Total expense
Total other deductions
$196,072
161,108
21,411
$187,076
142,060
22,244
$22.771
Income,before deprec., Fed,income tax,&c--$13,552
Note-It is the company's policy to make an appropriation to the reserve
for renewals, replacement and retirements at the end of each calendar year;
therefore the above statement for the first half of 1935 ana 1934 show
results before dedrcting such appropriations.
Balance Sheet June 30 1935
Liabilities
Assets
Property, plant & equipment $1,480,358 1st mtge. 5.15% sinking fund
gold bonds, ser. A, due
12,592
Construction work in progress
973 Dec. 1 1946
Special deposit
30,068 Accounts payable
Cash
4,908 Accrued items
Notes .5., warrants receivable67,303 Consumers' meter deposits__
Accounts receivable
26,497 Miscellaneous unadi. credits_
Inventories at cost
2,164 Deferred credits
Prepayments
12,806 Reserves
Suspense
Common stock
Surplus
$751,000
18,930
36,137
19,582
9,582
48
401,731
x300,000
100,662
Total
81,637,674
81,637,674
Total
x Represented by 10,000 no par shares.
Note
-It is the company's policy to make an appropriation to the resert e
for renewals,replacements and retirements at the end of each year;therefore
ads balance sheet does not reflect in such reserve the proportionate part of
sucn appropriation for the year 1935 applicable to the first six months of
the year.
-V. 140, L.). 3890.
Commonwealth Edison Co.(& Subs.)
-Earnings-Period End.June 30- 1935-6 Mos.-x1934 x1935-12 Mos.-x1934
Electriclight & pow.rev.$39,197,252 $37,598,332 $77,037,424 $73,928,644
257,149
268,178
540,169
Other oper. revs. (net).. _
490,686
$158,235,731 $135115,019 $77,788,994
Total
Total gross earnings-$39,454,402 $37,866,511 $77,528,110 $74,468,814
Liabilities
-6,230,066 6,191,591 12,551,540 12,339,677
Power purchased
88,743,500 73,399,900 18,138,000
Unsecured short-term notes
12,517,823 12,046,236 25,134,398 24,275,869
Operation
375,181
621,410
Notes payable,secured
1,841,532
Maintenance
1,725,853 3,554,476 3,599,876
5.569,000
Collateral trust notes payable
6.066,450 5,757,380 11,823,194 10446,976
Taxes
2,360,000 2,520,600 2.677,000
10
-year 5%% debentures
3,998,016 4,039,763 8,037,780 8,039,763
Prov. for depreciation
11.600
252.485
Conting.-liab. on foreign drafts sold_ Manufacturers & selling agents accts.
$8,800,513 $8.105,685 $16,426,718 $15,766,649
Net earns,from oper
3,657,540
4,682,201
payable credit balances
1.113,053
1,253,217 2.197,824
Total other income
2,616,252
Sundry accounts payable. incl. all
2,021,587
1,326,740
3,444,759
Federal & other taxes
$9,913,567 $9,358,903 $18,624,542 $18,382,901
Net earnings
Margin due customers, only when
2,678.604
2,889.920 - Interest on funded debt_ 4,428,264 4,438,103 8,858,530 8,889,611
2,495,813
receivables are collected
91,030
102,452
194,863
Int. on unfunded debt._
150,467
Margin due specific cust. of Credit
Amort. of debt disc unt
Alliance Corp. only when receiv329.474
325,206
685,577
and expense
651,998
357,500
365.316
ables are collected
1,897,688
Dealers' participating loss reserve_ _ _ 3,317,398 2,553,981
$5,064,798 $4,493.140 $8,963,546 $8,612,849
Netincome
957,286
3,164,090 2,407,049
Reserve for possible losses
1,606 940
Shares outstanding
1,624,084
1,624,084
1,606,940
Reserve for adjust. invest. in Cana$$.15
$2.77
Earnings per share
$5.88
$5.30
149,438
dian sabsidiary
118,088
Reserve for exchange fluctuationsEarnings 3 Months Ended June 30 (Incl. Subs.)
Reserve for undeclared cum. divi232.065
x1934
1935
dends on class A stock
Electric light & power revenue
Reserve for deferred income & charges 5.756,434 4,845,845 3,114,551
$18,848,865 $18,107,832
74,924
72.359
31.794
Other operating revenues(net)
162,481
157,906
subsidiaries
Minority interests,
1,425,250
1.425,250
Preferred stocks of subsidiaries
Total gross earnings
19.371,800
$19,011,347 $18,265,738
Preferred stock convertible
Power purchased
9,526.150 9.954.600
3,070.318 3.091,012
1st preferred stock
Operation
3,470,525 3,509,350
6,221.585 5,986,049
Preferred class B 8% stock
Maintenance
817,988
7,071,250 7,735,500
962,468
Class A convertible series A stock_
11,319,320
9,540,520 y9,540.520
Taxes
2,917,405 2,762,346
Common stock
Provision for depreciation
2,019,881
9,224,985 6,428,589 3,966.025
2,006,893
Earned surplus
4.028,020 2.625,084 3.695.356
Capitalsurplus
.
Net earningsfrom operations
$3,832,674 $3,588,459
Total other income
-644,015
$158,235,731 $135115.019 $77,788,994
497,725
Total_
y Represented by shares of $10 par value.
Net earnings
$4,330,399 $4,232,474
Interest on funded debt
2,216,330
2,213,207
Factoring Serdice for Fur Industry
Interest on unfunded debt
46,301
43,350
The Edmund Wright Ginsberg Corp., factors, a subsidiary of this comAmortization of debt discount & expense
161,305
168,108
concluded arrangements with Fur Trade Credit Bureau. Inc.,
pany, has
to extend its services to the fur industry.
Netincome
$1,905,732 $1,808.537
Commenting on the arrangement, Mr. William J. Maple, President of
Shares outstanding
1,624,084
1,606,940
the Fur Trade Credit Bureau, said:
Earnings per share
$1.11
$1.18
"This is something the Fur Industry has needed for years. The Textile
x The above income account for the quarter ended June 301934,ana those
Industry has been operating through factors for over 125 years and it has
-month
-month periods ended June 30 1934 and the 12
-month and 12
stabilizing the industry.
for the 6
proved of great assistance in facilitating business and
period ended June 30 1935 have been restated to reflect adjustments result"I am confident that this arrangement will result in betterment for our
ing primarily from revised pro visoins for the necessary State and local tax
Industry and in more harmonious relations in the trade."
accruals for the periods involved, the interest thereon, and the effect thereof
The Edmund Wright Ginsberg Corp. will discount notes and trade
on Federal income taxes. The total tax accruals for other than Federal
acceptances for the fur industry at extre:nely low rates consistent with the
taxes for 1934 may later be reduced dale to protests by the company and to
service rendered. A similar service will be extended in the financing of
the possibility of lower tax rates. The company, however, is not justified
-V. 141, p. 744.
open accounts receivable.
in reflecting such estimated possible reductions on its books, until they are
officially confirmed. Certain similar factors may later result in reductions
-Stock Offered
Commodity Corp.
in the tax accruals for the first half of 1935, as presently estimated.
An issue of 200,000 shares of common stock was puMicly offered on July
-V. 141, p. 744.
17. The initial offering price was $28 a share.
-Earnings
Community Power & Light Co.(& Subs.)
1935-12 Mos.-1934
1935-Month-1934
Period End. June 30
Operating revenues
Operation
Maintenance
Taxes
$310,890
157,920
17,623
29,159
$350,768 $3,777476 $3,645,796
1,833,233
1,902,747
165.652
150,076
188,248
12,729
325,780
340,726
31,260
Net oper. revenues..
Non-oper. income-net_
$106,186
1,419
$141,126 $1,345,753 $1,336,706
66,896
13,656
1,159
Balance
Retirement accruals _ _
Int. & amortiz., &c.._ _ _
$107,605
22.646
70,882
$142,285 $1,359,409 $1,403,602
319,507
296,242
31,914
867,704
851,260
72,203
Net income
-V. 140, p. 431.
$14,077
$38,167
$211,906
$216,390
-Earnings
Community Water Service Co.(& Subs.)
12 Months Ended June 30-Operating revenues
Operating expenses
1934
1935
$7,338,042 $7,249,519
3,852,696 3,752,596
Earnings from operations
Other income
$3,485,345 $3,496,923
33,448
32,082
$3,517,428 $3,530,371
Grossincome
2,296,128 2,267,762
Int.& amort.of debt disct.& expense ofsubs
681,000
x Pref. stock dividends of subs
679,476
9,248
9,719
Minority equity in earnings
104,809
149.479
Provision for Federal income tax
384,692
336,053
Int.on Community Water Service Co.debentures_
69.467
57,922
Amort.of debt disct. & expense & other deductions
$13.390
Balance __________________________________ loss$11,353
x Includes pref. stock dividends of subs, not declaied or paid, 1935,
$80,114; 1934, 536.954.-y. 140, p. 2001.
Congress Cigar Co.
-Earnings
Period End. June 30Net prof. after chgs. &
Federal taxes
Shares capital stock (no
Par)
Earnings p share
per
-V. 140. p. 3384.
1935-3 Mos.-1934
1935-6 Mos.-1934
$55,888
$12,175
$23,064 loss$32,230
309,500
$0.18
329,400
$0.03
309,500
$0.07
329,400
Nil
-Earnings
Consolidated Paper Corp., Ltd.
Year End. Year End. 15 Mos.End
Mar. 31'35. Mar. 31'34. Mar. 31'33.
$2,017,246 51,541,365 $2,448,849
691,180
632,201
790,137
2,080
62,197
53.476
90,496
1,023,128
1,666,302
285,168
Operating loss before depreciation _pf$1,044,321
Profits from sale of other investment
securities
72,662
$235,141
$98,087
212,694
Loss before depreciation
$22,446
$98,087
pf$1,116,983
a From operations,income from investments, exchange and miscellaneous
revenues. b On properties not operated.
Consolidated Balance Sheet as of March 31
1935
1934
1935
1934
Assets•
s
Cash
4,h57,000 5,307,000
100,002
131,729 Bank loans
Accts. receivable._ 3
.554,312 3,687,926 Spec. bank loans 8.309,725 8,279,725
Inventory
5,048,077 4,468,152 Accts. payable SE
Invest. secs
1,386,752 a1.447,505 accrued charges 2,060,836 1,577,193
21,814
Held by trustee__ 25,457
78,662 Accrued interest....
36,663
Deferred charges_ 244,975
411,454
175,988 Mont. Trust see_ _ 358,319
Shares in dr Advan409,056
Capital liabilities. 152,592
ces to asso. ens_
1,038,654 1,212.094
1
1 Sub. bonds
Capital assets_._ _72,055,973 72,944,040 Deprec reserve_ 11,299.440 10,116,383
51,406,900 51,406,900
Funded debt
Conting. reserve._ 2,706,773 2.774,041
Capital and Burp'. 1.414,701 1,414.701
_83,326.756 82,934,007
Total
Total
$83,326,756 82,934,007
a Market value $1,695,340 in 1935 ($2,278,693 in 1934).-V. 139, p.
2517.
-New President, &c.
Consolidated Sand & Gravel Ltd.
See Standard Paving & Materials, Ltd. below.
-V. 136, p. 847.
-Earnings
Continental Gas & Electric Corp.(& Subs.)
1934
1935
12 Months Ended June 30Gross operating earnings of subsidiary companies
(after eliminating inter-company transfers)-$31,560,608 430.018,057
12.564,894 11,522,418
Operating expenses
1,526,956
1,363,867
Maintenance, charged to operation
4,218,269
4,200.234
Depreciation
3,411,193 x3,242,209
Taxes, general and income
Net earnings from operations of subsidiary-- $9,839,294 $9,689,328
804,193
669,733
Non-operating income of subsidiary
$10,643.488 $10,359,061
Total income of subsidiary
Int., amort. and pref. divs. of sub. cos.
3,963,624
3.961.965
Interest on bonds, notes, &c
298,269
348,776
Amort. of bond and stock discount and expense
1,070,219
1,070.293
Dividends on preferred stocks
$5.313.034 $4,976,367
Balance
Proportion of earnings, attributable to minority
x8.139
8,763
common stock
Equity of Continental Gas & Electric Corp. in
$5.304,271 $4,968,227
earnings of subsidiary
47,954
35,000
Earnings of Continental Gas & Electric Corp
55,339,271 55,016.182
Balance
152,196
155,187
Expenses of Continental Gas & Elec. Corp
Holding company deductions
2,600,000
2,600,000
Interest on debentures
164,172
164.172
Amortization of debenture discount & expense.Balance transferred to consolidated surplus-- $2,419,912 $2.099,813
1,320,053
1,320.053
Dividends on prior preference stock
$779,760
$1,099,859
Balance
$3.64
$5.13
Earnings Per share
x Adjusted on account of revision of Columbus (Ohio) Electric Rate
Ordinance.
-V. 141, p. 272.
-Earnings
Cooper-Bessemer Corp.
6 Mos.End. June 30-Net loss after charge, &
depreciation
-V. 140, p. 2860.
1935
$7.798
1934
$89,089
1933
$135,392
1932
$330,026
-Earnings
Corrigan, McKinney Steel Co.(& Subs.)
-Reorganization
Consolidated Cement Corp.
Kansas,
On May 31 1935, the U. S. District Court for the District
nization,
Third Division, entered a final decree approving the plan of r
as amended which is now effective.
On July 15 1935, the board of directors ordered the payment of 3%
Interest on the 15
-year 1st mtge. 6% cumulative income bonds provided
for in the plan and. 3% interest on the 15
-year 6% cumul. income notes
provided for in the plan.
1.The new securities distributable under the plan are now ready for delivery
and are deliverable upon surrender of outstanding securities as follows:
Deposited Bonds
-Holders of the deposit receipts relating to 1st mtge.
sinking fund gold bonds, series A, 6A %, dated March 1 1926, should
surrender such deposit receipts to Continental Illinois National Bank &
Trust Co., Chicago.
.Undeposited Bonds
r
-Holders of the 1st mtge. sinking fund gold bonds,
series A
%, which are not deposited under deposit agreement, should
surrender such bonds to Continental Illinois National Bank & Trust Co.
-year
*Deposited Notes
-Holders of the certificates of deposit relating to 5
6;4% sinking fund convertible gold notes dated March 1 1926, should
surrender such certificates of deposit to City National Bank & Trust Co.
Chicago.
Undeposited Notes
-year 635% convertible gold notes
-Holders of the 5
dated March 1 1926, which are not deposited under noteholders' protective
agreement,should surrender such notes to City National Bank & Trust Co..
Chicago.
14.Preferred Stock-Holders of certificates for 7% cumulative preferred stock
should surrender such certificates to Consolidated Cement Corp., Ill West
Monroe St., Chicago,
The plan provides for the issuance of the securities to be issued thereunder
to the Persons entitled thereto at the following rates:
(a) For the 1st mtge. sinking fund gold bonds, series A, 636%, dated
March 1 1926
-At the rate, for each $100 of such bonds, accompanied by
coupons payable on and after Sept. 11931,or accompanied by an amount of
cash equivalent to the face amount of any missing coupons with interest as
provided in the plan, of $50 in 15
-year 1st mtge. 6% cumulative income
bonds, and 23 shares of class A stock.
(b) For 5
-year
% sinking fund convertible gold notes, dated March 1
1926. and for other general unsecured claims thereof
-At the rate, for each
$100 ofsuch notes or claims, of $20 in 15
-year 6% cumulative income notes,
and one share of class A stock.
(c) For 7% cumulative preferred stock-Holders will be entitled for
each share ofsuch stock to receive purchase warrants representing the right
to purchase four shares of class B stock at $4 per share at any time on or
before Jan. 1 1940, after which date such warrants will be void.
-No securities are to be
(d) For the common stock of the corporation
Issued in respect of the common stock.
The plan provides that all shares of class A stock and class B stock and of
any other voting stock of the corporation at any time issued will be placed
under a voting trust agreement provided for in the plan.
Payment of interest on Aug. 1 1935, on the new loonds and notes of the
corporation will be made only upon presentation and surrender of coupon
No. 1 appertaining to such bonds and notes.
The reorganization managers acting under reorganization agreement dated
Oct. 22 1934 are Smith W. Storey, President, Charles H. Bliss, Hamilton
Allport, William M. Cooper, W. B. Prickitt and Arthur E. Swanson.V. 139, P. 2990.
Period
a Gross profit
Bank, other interest
Directors fees
Bond interest, &c
b Other charges
915
Financial Chronicle
Volume 141
Earnings for Years Ended April 30
1934
1935
Gross profit from operations after deducing cost of
$2.173,132 $2,444,233
sales, but excl. of depreciation & depletion
786,397
820.445
Selling, administrative and general expense
$1,352.687 $1,657,836
973,397
824,758
Operating profit
Other deductions
5527.929
240.409
Net profit
Other income
Profit before providing for deprec., deplet.,&c_ _
Depreciation
Depletion
Provision for Federal income tax (est.)
Amoritization of development and stripping
$684,439
44,612
$768,338
1,486,772
623,070
4,300
86,214
$729.050
1,518,039
637.471
100,778
$1,432,018 $1,527,238
Net loss
Net loss of Newton Steel Co. and its subs. applic.
123,421
215.741
to minority interest
Net loss applic. to stock of Corrigan, McKinney
51,216,278 51,403.817
Steel Co
Note
-No dividends were declared or paid on the 6% preferred stock of
the N. & G. Taylor Co. during the year ended April 30 1935 and no provision has been made therefor in this statement.
Consolidated Balance Sheet April 30
1934
1935
1934
1935
LiabilitiesS
Assets$
1,282,154 1,169,611 Accounts payable_ 1,029,939 2,824,243
Cash
Accrued items.... 830,400
819,858
y Notes, accepts.&
accounts recely. 2,090,017 2,606,420 Newton Steel Co.
mortgage debt__ 2,846,000 3,075.248
7,407,106 8,077,098
Inventories
318,793 Long-tr. liability,
171,313
Other assets
&a
2.281.637 2,141,457
x Plants dr equip.,
2,318.761 1.701,467
ore reserves, &c_50,428,192 51,908,455 Reserves
Deferred assets... 1,163,385 1,149,347 Minority interest.. 1,541,754 1,757,495
Cap.stk.(par EU_ 1,396.445 1,396,445
Capital surplus_ _ _24,172,956 24,703,423
Profit & loss surp_26.124,277 26,810,087
Total
62,542,168 65,229,724
Total
62,542,168 65,229,724
x After deducting depreciation and depletion. y After reserve of $299,635
in 1935 ($188,964 in 1934).-V. 139, IL 1552.
Crompton & Knowles Loom Works.-Bal. Sheet Dec. 31
AssetsFixed assets
Inventories
Cash & receivable_
Miscell. assets
1934
$
4,536,708
2,118,084
2,673,158
1,602,775
1934
1933
1933
$
$
Liabilities$
4,617,211 Preferred stock__ 2,660,800 2,967,800
2,088.677Common stock.... 5,897,100 5,897,100
3,443,724 Accounts payable
647,323
1,594,402 and accrued...__ 582,872
46.553
37,901
Deferred credits__
1,752,052 2,185,238
Surplus
----____Total
10,930,725 11,744,014
-- 6r. 140.P. 1656.
0
Total
10,930,725 11,744,014
Crown Drug Co.
-Sales
Month of
1933
October
$441,401
November _ _ _ 416,388
December_ _ _ _ 550,719
1934
January
$467,536
February _ _ _ - 439,564
March
505.856
-V. 141, p. 272.
1934
Month of1934
$498,558
$656.882 April
554,394
641.810 May
592,636
760,543 June ______
597,466
July
585.651
August
1935
$584,693 September_..624,080
554.535
Total for yr.$6.274,250
621,239
1935
$595,098
633,817
668,240
680.758
-Extra Div."
----Crum 8c Forster Insurance Shares Corp.
The directors have declared an extra dividend of 10 cents per share in
addition to the regular quarterly dividend of 15 cents per share on the
class A and B common stocks, par $10, all payable Aug. 31 to holders of
record Aug. 21. Similar distributions were made in each of the five preceding quarters.
-V. 140, p. 3210.
-$20,000,000 Bonds Offered) Public
Cudahy Packing Co.
offering was made Aug. 6 of $20,000,000 1st mtge. sinking
A, due Sept. 1 1955, at 100 (flat).
fund 33 % bonds, series
4
The offering was made by a group of underwriters composed
of Halsey, Stuart & Co., Inc.; Goldman, Sachs & Co.;
Ladenburg, Thalmann & Co.; F. S. Moseley & Co.; Central
Republic Co.; A. G. Becker & Co.; Hallgarten & Co.; Shields
& Co.; Bancameriea-Blair Corp.; Hayden, Stone & Co.;
Paine, Webber & Co.; Blair, Bonner & Co., and First of
Michigan Corp.
$5,000,000 Convertible Debentures Offered-The same group
also made public offering of $5,000,000 convertible sinking
fund 4% debentures at 100 (flat).
Financial Chronicle
916
Aug. 10 1935
300 1st mtge. 5s, due Dec. 1 1946, at 10234 and int., on Dec. 1 1935, and
-Dated Sept. 1 1935, due Sept. 1
Description of First Mortgage Bonds
$10,626,400 sinking fund 534% gold debentures, due Oct. 1 1937, at 10234
1955. Interest (to accrue from Oct. 1 1935) payable on M. & S. 1 at the
and int., on or about Oct. 1 1935, and the balance of the net proceeds will
office or agency of the company in Chicago and New York. Principal.
be used to reduce the company's notes payable to banks, which on Feb. 23
premium, if any, and interest will be payable in such coin or currency of
1935 amounted to $10,655,300. These notes are all less than one year old.
the United States of America as at the time of payment is legal tender for
The proceeds of these notes have been used to meet the cash requirements
public and private debts. Bonds will be in coupon form in interchangeable
of the company in carrying on its business, which requirements have been
denom. of $1,000 and $500, registerable as to principal only, and in fully
materially increased by the heavier values represented by inventories and
registered form without coupons in denom. of $1,000 and $10,000 and multiaccounts receivable, the values of packing house products having materially
ples of $10,000. Coupon and fully registered bonds interchangeable.
advanced on occount of higher live stock prices, the processing tax on hogs,
Series A bonds will be redeemable,all or part, at any time prior to maturity.
and the increased cost of labor and supplies.
on not less than 30 days' notice, at following percentages of principal and
Underwriting-The name of each underwriter and the respective amounts
accrued int.: 103% to Sept. 1 1940; 102% on Sept. 11940, and thereafter
severally underwritten are as follows:
to Sept. 11945; 101% on Sept. 1 1945 and thereafter to Sept. 1 1950: 100%
Debentures
on Sept. 1 1950 and thereafter to maturity.
Bonds
Name and Address• Indenture under which these series A bonds will be issued will limit the
Halsey, Stuart & Co., Inc., Chicago
$6,000,000 $1,500,000
principal amount of bonds outstanding at any one time to $30,000,000,
350.000
1,400,000
Central Republic Co., Chicago
of which initially $20.000.000 series A bonds will be issued.
350,000
1,400,000
Goldman, Sachs & Co., New-York
Security
350,000
-Bonds will be secured by a first mortgage lien ranking prior to
1,400,000
Ladenburg, Thalmann & Co., New York
any other obligations of the company upon all of the more important real
350.000
F. S. Moseley & Co., Boston
1.400,000
300,000
properties owned of record by the company on Sept. 1 1935, subject only to
1,200,000
A. G. Becker & Co., Chicago
certain relatively minor prior encumbrances. After acquired real proper250,000
1,000,000
HallgEuten & CO., New York
ties are also to be conveyed under the indenture as security. All stocks of
250,000
1,000,000
Shields & Co., New York
200.000
subsidiaries (as defined in the indenture) owned on Sept. 1 1935 and there800,000
Bancamerica-Blair Corp., New York
after acquired by the company will also be pledged under the indenture.
200.000
Hayden, Stone & Co., New York
800,000
150,000
Sinking Fund-Company will covenant, so long as any series A bonds are
600,000
Paine, Webber & Co., Boston
100,000
outstanding, to pay to the sinking fund agent as and for a sinking fund
400,000
Blair, Bonner & Co., Chicago
100.000
$350,000 per annum, payable semi-annually on or before March and Sept. 1
400,000
First of Michigan Corp., Detroit
300,000
of each year, the first of such payments to be made on or before Sept. 1
1,200,000
Lehman Brothers, New York
250,000
1936. Such payments shall be made in cash or in uncanceled series A
Speyer & Co., New York
1,000,000
bonds at their face amount. Series A bonds acquired for or redeemed out
of the sinking fund are to be canceled. Series A bonds will be redeemable
Consolidated Balance Sheet Feb. 23 1935
as above for sinking fund purposes at 100 and interest.
Liabilities
Assets
Description of Convertible Sinking Fund 4% Debentures
-Dated Sept. 1
$10,655,300
Cash
$6,937,808 Notes parable-Banks
1935, due Sept. 1 1950. Interest (to accrue from Oct. 1 1935) payable
382,000
Others
21,236
Notes receivable_ __ _
M.& S. 1 at office or agency of the company in Chicago and New York.
3,307,230
Accounts receivable
8,053,260 Accounts payable
Principal, premium, if any, and interest will be payable in such coin or
1,220,250
21,715,050 Accrued liabilities
Inventories
currency of the United States of America as at the time of payment is legal
1,706,622
Due from employees
.828 Other current liabilities
tender for public and private debts. Debentures will be in coupon form
16,436,200
Investments •
586,980 Long-term debt
in interchangeable denom. of $1,000 and $500, registerable as to principal
185,617
Fixed assets
36,843,260 Other liabilities
'only, and in fully registered form without coupons in denom. of $1,000 and
2,000,000
Intangible assets
861,368 6% pref. stock
410,000 and multiples of $10,000. Coupon and fully registered debentures
6,550,500
Prepaid exps. dr det'd charges
560,126 7% preferred stock
are to be interchangeable. Debentures will be redeemable (subject to the
23,374,450
.
Debt discount & expense_ _ _
349,744 Common stock
conversion rights), in whole or in part, at any time prior to maturity, on
1,713,528
Other assets
46,087 Capital surplus
not less than 30 days' notice, at following percentages of principal and int.:
8,466,040
Earned surplus
and thereafter to Sept. 1 1945;
102% to Sept. 1 1940: 101% on Sept. 1 1940
100% on Sept. 1 1945 and thereafter to maturity.
$75,997,738
Total
Total
$75,997,738
Security-Debentures (which will be limited in principal amount to 45,000,000) in the opinion of counsel will be a direct obligation of the company
Debenture Bonds Called for Redemption
but will not be secured by any lien on property.
All of the outstanding sinking fund 534% Sold debentures due Oct. 1
Sinking Fund-Company will agree, so long as any of the debentures are
1937 have been called for redemption on Oct. 1 at 10234 and int. Payment
outstanding, to pay into a sinking fund $62,500 on or before March and
will be made at Continental Illinois National Bank & Trust Co., Chicago.
Sept. 1 of each year, first of such payments to be made on or before Sept. 1
-V. 141, p. 432.
1936. Such payments shall be made in cash or in uncanceled debentures
at their face amount. Sinking fund payments are to be reduced by 234%
per annum of the principal amount of debentures theretofore converted
Curtiss-Wright Corp.(& Subs.)
-Earnings
into common stock or retired by cash payments made in lieu of such conPeriod End. June 30-- 1935-3 Mos.-1934
1935-6 Mos.-1934
version. Debentures acquired for or redeemed out of the sinking fund are
Net loss afver deprec.,
to oe canceled. Debentures will be redeemable as above for sinking fund
interest & taxes
$260,228 prof$94,307
$62,880prof$299,287
purposes at 100 and int.,subject to conversion rights of debenture holders.
-V. 140, p. 3210.
Conuertible-Company will covenant that for each $1,000 principal
amount of debentures surrendered to it on or after March 1 1936 and prior
-To Obtain Additional Funds
to Sept. 1 1944 (or, if called for redemption prior to Sept. 1 1944, at any ---Cusi Mexicana Mining Co.
time on or before the date fixed for redemption), it will either (a) exchange
and Inclease Stock
common stock of the company as follows: 16 shares prior to Sept. 1 1938.
A special stockholders' meeting has been called for Aug. 19 to approve
15 shares on Sept. 1 1938 and thereafter prior to Sept. 1 1941, 14 shares on
an agreement with the Newmont Mining Co. whereby funds would be
Sept. 1 1941 and thereafter prior to Sept. 1 1944, and also pay the accrued
assured for the development of an unexplored portion of its properties and
interest on each such debenture; or (b) pay to the owner of each such debenfor the development and equipment of the Durango properties. The agreeture the principal amount thereof plus interest accrued, plus an amount by
ment provides also for the retirement of current indebtedness.
which the market value (as defined in the agreement) of such shares on the
The stockholders will also be asked to increase the authorized capital
date of surrender shall exceed the principal amount of such debenture.
stock from 3,100,000 to 3,560,000 shares (50 cents par). After approval
by the Securities and Exchange Commission, 310,000 shares will be offered
A prospectus dated Aug. 4 affords the following:
to stockholders at $1.75. Newmont agrees to purchase up to 200,000 at
Organization-Company was incorp. Oct. 7 1915 in Maine to acquire the
$1.75 each any stock not subscribed by stockholders, and will receive an
property and business of its predecessor companies, one of which was origioption from Cusi to buy at $1.75 a share at any time before Oct. 20 1937.
nally organized in 1887.
any of the 310.000 shares not purchased by stockholders and Newmont.
Prom the standpoint of volume, the principal business of the company
-V. 139, p. 1704.
and its subsidiaries consists of the purchase and slaughter of live stock and
the processing and marketing of the products therefrom.
-Earnings-Dallas Power & Light Co.
In addition, the company and its subsidiaries are also engaged in refining
vegetable oils and the production and sale of shortening and cooking and
•
[Electric Power & Light Corp. Subsidiary]
salad oils; the manufacturing and marketing of soaps and cleansing powders;
-Month-1934
1935-12 Mos.-1934
Period End,June 30- 1935
pulling, scouring and combing wool and the marketing of wool and tanned
4436,056 $5.294,336 $5,094,882
$447,407
Operating revenues
sheep skins; purchasing, packing and selling eggs, poultry and cheese; Pur235,445
218.364
2,488,635
2,672,843
Operating expenses
chasing cream and butter, and manufacturing and selling butter, margarine
and ice cream; mining rock salt, operating brine wells and producing, re$217,692 $2,621,493 $2,606,247
Net rev. from oper--- $211,962
fining, packing and selling salt; owning, maintaining and operating refrig328
4,002
694
Other income (net) Dr
2,715
erator and tank cars for the transportation of its products, as well as owning
and operating numerous branch houses for the marketing of its products.
$217,364 $2,618,778 $2,602,245
Gross corp. income--- $211,268
The widely-advertised and well-known scouring powder, "Old Dutch
63,183
63,184
760,995
Int. & other deductions760,935
Cleanser," is one of the company's products.
With the exception of "Old Dutch Cleanser" factories in Toronto, Can.,
Balance
a$148,085 a$154,180 $1,857,843 $1,841,250
Australia, the company has no foreign plants, but normally
and Sydney.
b Dividends applicable to preferred stocks for
does business through agencies in Great Britain, Continental Europe and
period, whether paid or unpaid
507,386
507,227
Latin America.
Capitalization (Including Subsidiaries) as of Feb. 23 1935, Adjusted to Give
Effect to Present Financing
Authorized Outstanding
1st mtge. sinking fund bonds, series A 3 31 %____a$30,000.001) $20,000,000
5,000,000 5,000,000
Convertible sinking fund 4% debentures
74,000
b500.000
Underlying 1st mtge. 6% serial gold bonds
185,617
Minority stock interests
2,000,000 2,000,000
cumulative preferred stock ($100 par)
69'
6,550,500 6,550,500
7% cumulative preferred stock ($100 par)
36,449,500 23,374,450
Common stock (450 par)
a Maximum amount to be at any time outstanding. b Of amount not
already retired company owned as of Feb. 23 1935 $180,000 of these bonds,
$30.000 of which were deposited under State Compensation Acts.
Earnings of Cudahy Packing Co. and Subsidiaries Ccmsolidated•
Oct. 31 '31 Oct. 29 '32 Oct. 28 '33 Oct. 7 '34
to Oct. 2932 to Oct. 28'33 to Oct. 27'34 to Feb. 2335
43,097,303 $4,584,694 $5,561,280 $2,050,261
Net oper. earnings
1,537,035
493,736
1,094,094
Prov, for depreciation
1,091,908
150,000
200,000
Contrib. to pens'n trust_
Balance
$2,005,395 $3,290,600 43,874,245 $1,556,525
Other income & deduc6,172
20,436
Dr7,885
tions (net)
61,552
Total
$2,066,947 $3,311,036 43,866,360 $1,562,697
Earnings applicable to
19,082
25,626
4,585
minority interests_..._
13,564
Net earnings
$2,053,383 43,285,409 43,847,277 $1,558,112
927,002
298,394
956.551
Int. on funded debt_ _ - _
996,685
59,921
22,718
62,308
Amort,of dt. disc. & exp
64,604
Int. on borrowed :noney
other than co.'s funded
155,612
192,526
56,475
debt
236,323
Balance
$755,771 $2,110,938 $2,667,828 $1,180,525
Debits and credits of a
non-oper. or non-reCr19,414 Dr272,096
curling nature
Cr115,169
Total
Prov. for Fed,in
tax
$870,940 $2,130,352 $2,395,732 $1,180,525
430.108
165,166
266.985
80,991
4789,949 $1,863,367 41,965,624 $1.015.359
Net income for period_
-The net proceeds to be derived from the sale of series A
Purpose of Issue
bonds and 4% debentures in the estimated amount of 424,294,500 (incl.
no estimated accrued int. but after deducting estimated expenses in the
amount of $180,500) will be applied by the company to the redemption of
sbonds and debentures outstanding as of Feb.23 1935,as follows: $6,436.-
c Balance
$1,350,457 $1,334,023
a Before transfers to replacement requisitions and before dividends.
b Regular dividends on 7% and $6 pref. stocks were paid on May 1 1935.
After the payment of these dividends there were no accumulated unpaid
dividends at that date.
c Before transfers (aggregating $458,730 for the 12 months ended June 30
1935) made, to maintenance and depreciation and surplus reserves in
accordance with franchise provisions, and(or) to replacement requisition.
-V.141, p. 111.
-Earnings
Davis Coal & Coke Co.(& Subs.)
1933
1934
1932
1931
Calendar Years$1,577,651 41,065,590 $1,217,887 $1,837,952
Sales
Oper. costs, sell. & gen.
1,096,908
1,222,544
1,757,310
expenses, taxes. 4re-- - 1,511,196
Empl.group life insur. &
3,415'
4,049
6,540
9,628
Indus. relations activs.
Depletion, depreciation,
92,132
87,571
91,754
royalties & amortiz'n_
94,717
Deficit from oper_ _ _ _
Net inc. fr. other sources
$29,726
132,105
$122,304
136,970
$102,950
139,823
$23,702
159,724
Profit before interestProv. for Federal taxes,
contingencies, &c_-- _
$102,379
$14,667
$36.873
4136,022
.1
7,100
Net income
Dividends declared
Profit & loss adjustment
$98,579
144,075
C't 2,372
3.800
def$43,124
Balance, surplus
Shares of capital stock
52,400
outstanding (par $100)
$1.88
Earns, per sh.on cap.stk.
$14,667
$36,873
$128,921
Dr4,511
Crj,865
Dr11,661
$10,156
$41,738
$117,261
52.400
$0.28
52,400
$0.70
52,547
$2.45
Condensed Consolidated Balance Sheet Dec. 31
1933
1934
1934
1933 1
Liabilities$
Assets
$
8
$
Cap.stk. outst'g__ 5,240,024 5,240,024
Coal lands,leaseCurr. Habil. (Incl.
holds, min. et,3,
14.4
co.'s est. of Fed.
plant and equip800 045 7,910,093 taxes on income) 156,589
126,009
ment
7,
320,642
Securities owned__ 3,2o1,282 3,186,743 Res. for contin.,&c 362,783
938,366 Capital surplus__ 3,000,000 3,000,000
Current assets__ 1,007,989
56,619 Profit & loss surp_ 3,362,023 3,405,147
61,503
Deterred charges_
12,121,411) 12,091,822
Total
-V. 139, P. 1705.
x After reserves.
Total...... ___12,121,419 12,091,822
Financial Chronicle
Volume 141
917
(Joseph) Dixon Crucible Co.
-Balance Sheet Dec. 31-
-Earnings
Dallas Railway & Terminal Co.
[Electric Power & Light Corp. Subsidiary]
1935-12 Mos.-1934
Period End. June 30- 1935
-Month-1934
operating revenues
$183,664 $2,271,922 $2276,045
$183,388
1,579,659
1,556,585
'Operating expenses
129,006
130,623
186,063
186,063
15,505
Rent for leased property
15,505
Balance
Other income
$37,260
1,458
$39,153
1,459
$529,274
17,560
$510,323
17,518
Gross corp. Income
Int. & other deductions_
$38,718
27,128
$40,612
27,074
8546,834
320,353
$527,841
327.566
Balance
x$13,538
$11,590
y Dividends applicable to preferred stock for
period, whether paid or unpaid
$226,481
$200,275
103,901
103,901
Assets1934
1933
Cash_
$387,690 $519,517
U. S. Treas, bonds
and accr.interest 199,970
99,859
Cash surrender
value life Maur.
41,243
35,569
Customers notes &
accounts receiv. 453,091
415,719
Accts teceiv. sub.
cos. (current)__
7,321
Employees notes &
accounts reedy_
14,983
19,116
Miscell, notes and
accounts receiv_
23,219
28.859
Merchandise inven. 2,922,265 2,871,217
922,879
Investments
950,365
x Fixed assets
1,634.088 1,710,110
26,049
Deferred charges.
22,611
Liabilities1934
1933
Foreign drafts py. $10,705
Accounts payable
and accrued____
140,406 $128,804
y Capital stock_ 5,000,000 5,000,000
Surplus
1,511,375 1.514,452
z Balance
$96,374
$122,580
x Before repair, maintenance and depreciation reserve and surplus reserve
transfers and before dividends.
Total
Total
_56,662,486 $6,643,256
56,682.486 $6,4343,256
y Dividends accumulated and unpaid to June 30 1935 amounted to
x After reserve for depreciation of $1,303,140 in 1934 and $1,359,244 in
Latest dividend, amounting to $1.75 a share on 7% pref. stock,
1933. y Represented by shares of $100 par.
-V. 139. IL 3963.
paid on Nov 1 1933. Dividends on this stock are cumulative.
was
z Before repair, maintenance and depreciation reserve and surplus
reserve transfers.
......--Durham Duplex Razor Co.
-20-Cent Pref. Dividendit-diet-Ge-This statement includes only actual current income for the periods
Note
The directors have declared a dividend of 20 cents per share on account
shown. By reason of the fact that the company did not earn the full
of accumulations on the $4 cum. prior preference stock, no par value.
return permitted by the franchise during the last 12 months. $27,159 was
payable Sept. 2 to holders of record Aug. 28. Similar distributions have
transferred during that period from certain reserves and taken to account
been made each quarter since and incl. March 1 1933. as against 25 cents
for corporate purposes under the terms of the franchise and was therefore
per share in each of the three preceding quarters and 50 cents per share
available to the company for return in addition to the current income
previously. After payment of the Sept. 2 dividend accruals will amount
shown. After such transfers there was a deficiency for the year ended
to $16.05 per share.
-V. 140, p. 3715.
June 30 1935 of 886,739 in the return permitted by the franchise for such
period. At June 30 1935 there was $51,396 in the company's surplus
-Earnings
East Coast Public Service Co.(8c Subs.)
reserve (a special reserve provided for by the franchise to equalize operations) and the company had corporate surplus of $1,299,017. V.141,P.111
6 Months Ended June 30x1934
1935
Total operating revenue
$276,393
$289,361
Operation
162,994
170.865
Dedham Water Co.
-Earnings
Maintenance
38,822
45.146
12 Months Ended June 30
1934
1935
-Taxes-exclusive of Federal income tax
22,752
24,892
Operating revenues
$126,171
$123,835
2,722
Uncollectible accounts
2,894
Operating expenses
74,264
86,069
Net income from operations
$42,777
$51,887
Earnings from operations
$49,571
$40,102
Non-operating revenue (net)
4,848
4,859
Other income
63
113
Net income
$47,626
$56,747
Gross income
$49,634
$40,215
Interest on unfunded debt of subsidiaries
11
5
Interest on funded debt
10,000
11,166
Interest require:rents on long term debt
47,552
47,552
Other Interest................................
16,945
10,160
Miscellaneous interest
590
Provision for Federal income tax
884
589.
Balance before depreciation, Fed. inc. tax, &c__
$8,592
$68
Balance
$21,804
$18,299
x Comparative figures for 1934 include two months operations of the
-V. 140. P. 637.
predecessor company.
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
Dexter Co.
-Earnings
year; therefore the above statement for the first half of 1935 and 1934 show
Calendar Years
1931
1932
1933
-1934
results before deducting such appropriation.
Net sales
$956,905
$730.710
$507,441
$989,916
Cost of sales
672,773
400,450
Consolidated Balance Sheet June 30 1935
540,250
729,160
Selling expense
160,533
86,381
102,025
135,251
Assets
Liabilities
Administrative expenses
92,434
74,372
62,409
63,697
Long term debt
$2,404,800
Property, plant & equipment,
$3,031,6221 Notes payable-due 1038....
6,120
franchises, &c
Net operating profit
$31,164
$26,026 1055$53,762
$61,807
Miscell. investments (cost)._
59,468
15,845 Accounts payable
Miscellaneous income
Cr29,176
Cr22,883
Cr24,676
Cr22.166
Cash
60,346
83,350 . Accrued items
Miscellaneous expenses_
16,580
9,191
17,326
16.018
Notes receivable
10,097
687 Consumers' deposits-refund.
Federal income tax
5,450
4,145
9,007
Accounts receivable
2,692
110,5871 Deferred credits
392,422
Inventories
60,463 Reserves
Net income
338,310
$29,230 loss$40,070
$58,948
32,999
Miscellaneous deposits
1,984 Com, cap. stock (par $1)
Dividends
105,000
20,000
60,000
Special deposits-trustee
350,690
1,950 Capital surplus
Earns. per sh. on 100,000
Prepayments
2,874 Deficit since March 1 1934...
1,436
shares common stock_
Nil
$0.38
$0.29
$0.59
Suspense
8,835
si3.168.
Assets
Cash
Marketable bonds
Receivables
Inventories
Land, buildings &
equipment._ _ _
Misc. Sr def. chgs_
Patents
Balance Sheet Dec. 31
1933
I /4/n51'1:W$107,650 Accounts payable_
'
195,418 Reserve for taxes_
72,717 Other reserves.- _133,030 Corn.stk.(100,000
shares)
133,835
136,240 Earned surplus...59,594
29,336
1,392
1,559
1934
577,052
216,642
84,177
137,023
Total
$709,715
-Ir. 139, p. 2827.
5675,944
Total
1934
$10,651
14,027
1,339
1933
$17,281
8,172
1,002
500.000
174,698
500,000
149,488
$709,715
$675,944
Eastern Rolling Mill Co.
-Earnings--Period End. June 30-Loss
Prov. for depreciation
1935-3 Mos.-1934
$88,568 prof$25,952
22,728
47,051
1935-6 Mos.-1934
$61.509 prof165.538
45,154
91.351
Net loss
Dividend Shares, Inc.
-Earnings
6 Months Ended June 30Income
-Cash dividends
Expenses
Total
$3,318,201
Total
53,318,201
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: therefore, this balance sheet does not reflect in such reserve the proportionate
part of such appropriation for the year 1935 applicable to the first six
months of the year.
1935
x$337,643
81,988
1934
$523,765
46,387
$111,296
$21,099
$106,663
$25,814
Surplus Account June 30 1935
(1) Capital Surplus, Jan. 11935, $185,358; add-amount transferred to
capital surplus through change of capital stock to $5 par value. $1,592,558;
total, $1,777,916; deduct
-operating deficit, May 31 1935, $920,539;
reserves created. 6123,058; capital surplus, June 30 1935, 5734.319.
(2) Earned Surplus Deficit, Jan. 1 1935. 8855,793; loss Jan. 1 to June 30
1935, $106,663; total, 8962,456; deduct
-deficit, May 31 1935 transferred
to capital surplus, $920,539; earned surplus deficit. June 30 1935. $41,917
-V.140, lo• 3211.
Net income, excluding security profits and losses $255,655
$477,378
x Includes net cash proceeds from sale of $1,173 shares of Mission Corp.
common stock receivecf as a distribution on Standard Oil Co.(N.J.) capital
stock of $11,797 and net cash proceeds from sale of regular stock dividend,
Included per certificate of incorporation of $5,810.
EasternSteamship Lines, Inc.(& Subs.)
-Earnings
Statement of Distribution Account 6 Months Ended June 30 1935
-Net
Income (as above). $255,655; balance of distribution account at Dec. 31
Period End. June 30- 1935
-Month-1934
1935-6 Mos.-I934
1934, $160,154: total, $415,809; amounts included in price received on subOperating revenue
$933,601 $4,183,399 $4,031,474
$960.068
scriptions to shares of capital stock to equalize the per share amount
Operating expenses
771,961
4,326,665
4,181.598
768.793
available for distribution on then outstanding shares, $4,908; less, amounts
Other income
1,111
4,539
7,313
13.848
Included in price paid for shares of capital stock surrendered for purchase
Other expense
61,789
322,868
401,544
48,716
at liquidating value, equal to the per share portion of distribution account
at time of purchase, $1,592; balance. $3,316; total surplus, $419,125;
Net income
$143,670
$104,390 def$458,821 def$537,820
deduct (dividends declared on capital stock, $531,618; less, amount thereof
-V. 141, p. 111.
charged to surplus arising from sales of investments, annexed, $247,290).
$284,328; balance applicable to quarter ending July 15 1935. $134,796. ....--Eastman Kodak Co.
-25
-Cent Extra DividendThe directors have declared an extra dividend of 25 cents per share in
Balance Sheet June 30
addition to -a regular quarterly dividend of $1.25 per share on the common
AssetsMabilities-1935
1935
1934
1934
steal- no par value, both payable Oct. 1 to holders of record Sept. 5.
Previous extra distributions were as follows: 75 cents on Jan. 2 1935. and
Inv.-Com. stks_12,161,856 14,008,578 Pay, for sec. our.
$3 per share each Jan. 2 from 1925 to 1932 inclusive. See V. 140, p. 1144
in banks_ _ 2,373,413
Ca h
81,663
not yet received
124,847
for detailed dividend record.
Case diva. recelv_
114,640 Pay, for cap. stk.
71,160
Rec. for secur.sold
surrendered for
Income Account 24 Weeks Ended (Incl. Subs.)
not yet delivered
liquidation
15,705
77,244
June 15 '35 June 16 '34 June 17 '33
Amt.due on subsea,
Pay, for cap. stk.
Income from operations
$10,708,488 $9,950,561 $7,778,718
to cap. stock_ _ _
40,170
purch, for the
Interest & dividends receivable
558,933
596,342
600.939
Prepaid expenses_
x7,328
1,184
treasury
52,375
Other income
247,438
95,347
106,874
Prov.for Fed. cap.
y30,887
stock tax
20,000
Total income
511,514.859 510,642,250 $8,486,531
Prov. for Fed. inc.
Depreciation
2,932,215
2,725.212
2.711,739
151,893
tax
73,462
Federal taxes, &c
1,337,783
1.445,681
772,389
Prov.for accr. exp.
5,102
Other charges
393.698
257,553
653.779
3,474,724 3,754,982
Capital stock
Capital surplus _ _ 9,557,601 10,527,797
Profit
56,851.163 $6,213,804 $4.348,624
1,341,453
Earned surplus _
792,774
Profit on sale of securities
197,788
531,872
Total
14,653,926 15,226.492
Total
14,653,926 15,226,492
Net profit
$7,048.951 16.745,676 $4,348,624
x Deferred charges. y Includes other taxes.
Earnings per share on 2,250,921 shares
-V. 140. p. 969.
common stock (no par)
$3.05
$2.91
$1.84
Dome Mines, Ltd.
- 140. p. 4232.
V.
-Value of Production
Month of1935
1934
Edison Brothers Stores, Inc.
-Sales
January
$545.789
$641.637
Period Ended July 30-- 1935
-Month-1934
February
1935-7 Mos.-1934
494.553
634.307
Sales_
8992,500
March
$781,236 $8.707,072 $7,765,803
545.771
621.195
- 141, P. 273.
V.
April
558.129
587.238
May
574,176
619.429
June
623,375
601.004 -Edison Elec. Illuminating Co. of Boston-Bonds Listed
July
636.451
The $53.000.000 3 % 1st mtge.sinking fund,series A bonds, due July 1
602,203
1965, have been listed on the Boston Stock Exchange.
Total seven months
$3,978,244 $4,307,015
Permanent registration of this issue was effective on notice of issuance
-V. 141, p. 433.
by order of the Securities and Exchange Commission -V. 141. p. 592.
918
Financial Chronicle
- ---- -Electric Auto-Lite Co.
-Earnings-Acquisition
(Including Wholly Owned Subsidiaries]
6 Mos. Ended June 301933
1934
1935
Net profit after deprec. and other deductions Out before Federal taxes_x$1,342,668
$727,448 x$316,012
Shares common stock (par 35)
929,834
884,909
1,172,578
Earnings per share
$0.34
60.66
$1.01
x After Federal taxes.
---V. 141, p. 273.
The consolidated income account for six months ended June 30 1935.
follows: Gross profit from operations and other income, after depreciation
$3,287,227: administrative, selling and other charges $1,639,199; balance,
$1,648,028; minority interest. 3123,360; Federal taxes. $182,000; net
profit, $1,342,668; preferred dividends 8156,905: surplus. $1,185,763.
Current assets as of June 30 1935, including $4,161,270 cash and marketable securities, amounted to $11,323,368 and current liabilities were $2.061,416 comparing with cash and marketable securities of $2,479,682,
current assets of $9,016,705 and current liabilities of $2,495,637 on Dec. 31
1934.
R. G. Martin, President. states that the net working capital amounted
to $9,261,951 as of June .10 1935, compared to 86,521,068 as of Dec. :31
1934, an increase of $2,740,8133 and that the ratio of current assets to
current liabilities as of June 30 1935 was 5.49 to 1 as compared with 3.7
to I cured: 31 1934.
- -The rectors have approved the purchase of the Alemite Die Casting
& Ma facturing Co. with 'plants located at Woodstock and Chicago,
Ill.
d the purchase of the Central Brass & Fixture Co. at Springfield,
'
-V. 141,
Ohio The latter plant will manufacture automobile bumpers.
p.2 .
Electric Bond 8z Share Co.
-Weekly Input
-
For the week ended Aug. 1 the kilowatt system input of subsidiaries of
American Power & Light Co., Electric Power & Light Corp. and National
Power & Light Co., as compared with the corresponding week during
1934 was as follows:
Increase Amount
1934
1935
322
American Power & Light Co- 99,283,000 75,123,000 24,160,000
7.4
Electric Power & Light Corp. 42,972,000 40,015,000 2.957,000
2.2
1,446,000
National Power & Light Co- 68,117.000 66,671,000
Note
-Operations of the Montana Power Co., a subsidiary of American
Power & Light Co., were at a low point a year ago because of an industrial
strike. This accounts principally for the large increase in system input of
subsidiaries of American Power & Light Co.
-'V.140, p.747.
-Earnings
Electric Controller & Mfg. Co.
1932
1933
6 Mos. End. June 301935
1934
Net prof. after deprec.,
Federal taxes, &c_ ___
$53,570 loss$109,628 1054191,168
$174,963
Earns, per sh. on 70,855
Nil
$0.75
no par shares
$2.47
Nil
The profit and loss surplus account as of June 30 1935 is $449,633, which
includes $7,164 added, due to an adjustment in the depreciation account.
The profit and loss surplus account as of Dec. 31 1934 was $292,754.
Current assets amount to $1,533,499. Of this amount. $897,018 consists
of cash and U.S. Government securities. Current liabilities total. $66,942.
- 141. P. 112
V.
.
-Earnings
El Paso Electric Co.(Del.)(& Subs.)
1935-12 Mos.-1934
-Month-1934
Period End. June 30- 1935
$230,336
$216,699 $2,759,301 $2,567,352
Gross earnings
95,076
1,189,225
1,138,708
Operation
102.355
142,159
13,400
159,412
Maintenance
13,671
315,182
309,832
26,528
26,205
Taxes
435,248
36,341
434,464
36,123
Interest & amortization$661,017
307,500
46,710
190,591
Balance for common dividends and surplus
- 141, p. 274.
V.
$541,404
230,000
46,710
194,998
$116,7
Balance
$51.979
$45,353
-Ye
Appropriations for retirement reset
Preferred dividend requirements of subsidiary co
Pref. div.requirements of El Paso Elec. Co.(Del.)_
$69.696
-Preferred Dividend4zEquity Corp.
The directors have declared a dividend of 3734 cents per share on the $3
convertible preferred stock on account of accumulations payable Sept. 1,
to holders of record Aug. 5. The balance of 3734 cents per share will be
added to accumulations already accrued. This dividend was declared
from capital surplus.
-V. 141, p. 435.
A similar payment was made on June 1 last.
Engineers Public Service Co.(& Subs.)-Earningi1935-12 Mos.-1934
-Month--1934
Period End. June 30- 1935
$3.705,690 $3,703,332 $44,365,617 $42,559,470
Gross earnings
1,502,511 18,312,854 17,466,663
1,538,653
Operation
2,572,454
2,331,769
210,274
202,295
Maintenance
5,439.433 4.788,934
454,126
449,293
Taxes
$1,502,635 $1,549,232 $18,040,875 $17,972,102
Balance
626,772
629,369
52,233
52,211
Inc. from other sources a
$1,554,846 $1,601,465 $18,667,647 $18,601,472
Balance
702,309 8,350.137 8,526,114
690.082
Interest & amortization_
$899,156 810,317.509 810,075.357
$864,764
Balance
4.793,878
4.953,013
Appropriations for retirement reserve b
2,228,742
2,230,346
Dividends on preferred stocks, declared
701,424
730,367
Cum. pref. diva. earned, but not declared
7,382
9,634
Amount applicable to minority interests
Bal. applic to Engineers P.S. Co. before allow.
for unearned cum. pref. dive. of certain subs_ $2,394,147 32,343.929
1,493,262
1,458,102
Cum. pref. divs. of certain subs, not earned_ __ ..
a Income from miscellaneous investments. b Equal to 11.2% (1934,
11.3%) of gross earnings. These amounts have been appropriated to provide a reserve against which property retirements will be charged as they
occur. The amounts so appropriated are less than the depreciation deductions claimed or to be claimed on Federal income tax returns which are
based on a straight-line method and the resulting reserve Is less than a depredation reserve would be if based on such straight-line method.
Comparative Income Statement (Company Only)
1935
12 Months Ended June 30revenue from subs: Int.-income notes-- $156,425
Earnings
71,479
Interest
-time notes
88.053
Dividends-preferred
872,277
--common
Dividends
Miscellaneous revenue
1934
$325,275
70,275
88,315
671.484
1,329
Total earnings
Expenses
Taxes
Interest
$1,188.235 81.156,679
102,315
85.465
44,091
56,858
9,923
44,798
Balance for dividends and surplus
Preferred dividend requirements
$1,031,904
$969,558
$2,323.537 $2,323,526
Comparative Balance Sheet June 30 (Company Only)
1935
1934
1935
1934
Liabilities
Assets
Inv.In sub. cos. 94,163,034 94,167,083 Preferred stock a 41,675,633 41,075,434
696
Fret,stock scrip.
Notes receivale
Corn. stock_b__ 58,059,512 58,057,982
(sub. cos.):
5.212
Income notes- 8,655,000 8,655,000 Corn.stock scrip
575,000
Time notes_ _ 1,175,000 1,175.000 Notes payable_ _
6,988
1,103
883,734
276,968 Accts. payable_
Cash
38,486
46,053
Taxes accrued__
Divs. receivable
275,113
21,981
22,045 Unac11. credits__
127,715
(sub. cos.)
33,885 Earned surplus- 5,443,013 4,440,784
Unadrted debits
104,898,749 104,329,982
104,898,749 104,329,982
Total
Total
a Represented by: 158,080 shares $5 (cumulative) dividend convertible
pref., 196,934 shares (1934-196,932 shares) $5.50 cum. div. pref. and
Aug. 10 1935
75,000 shares $6 cum. div. pref., of po par value. b Represented by:
1,909,968 shares (1934-1,909.815 shares) of no par value.
Comparative Consolidated Balance Sheet June 30
1934
1935
1934
•
1935
Liabilities$
5
$
Assets5
Plant & proply_318,824,166 323,803,095 Preferred stock_ 41,075,633 41,075,434
696
13,043,253 13,170,052 Pref, stock scrip
Investments
Cash
6,766,032 6,319,712 Common stock. 58,059,512 58,057,983
5,212
728,778 Corn. stk. scrip.
Notes receivable
580,805
Acets.receivable 6,411,796 5,956,952* Subsidiary cos.:
Matls. & suppl_ 2,794,969 2,335,247 Pref. stock-- 69,450,138 69,621,938
196,212 Prem.& disct.
Appl on rental
485,701
78,679
49,519
on stocks__
412,820
Prepayments _
345,475
Bonds
144,186,900 145,841,000
23,695
Sink,fund cash_
254,077
Coupon notes 2,919,500 2,919,500
Special deposits774,767 1,437.892
Notes payable:
Unamort'd debt
450,000 2,325,000
disct. At exp.. 8,334,985 7,652,173 Banks
13,914
Others
198,189
Unadrted debits
455,142 1,223,139
Accts. payable_ 1,619,588 1,332,760
808,872
Cost. deposits_
773,342
54,438
Divs. declared
51,432
Interest & taxes
accrued
4,090,828 4,417,880
97,705
Sundry Habil_
147,365
Retirement res_ 21,566,956 25,196,263
424,608
Contrib.forest.
18,149
Oper. reserves
1,241,540 1,041,799
.
Unad'ted credits
618,163
7136,706
Cum. pref. diva.
(sub. cos.).-. 6.117,093 3,932,759
Min.int. in corn.
stocks & earn.
of direct. con598,214
trolled cos.- _
599,434
Earned surpus- 5,807.825 4.677,568
359,071,170 363,259,772
Total
-V.141, p. 112.
Total
359,071,170 363,259,77
European Electric Corp., Ltd.
-Earnings
1933
1934
1931
Calendar Years1932
Cash divs. & interest-- $3,047,694 x$2,240,626 $1.741,360 $2,267,876
56,560
48,376
49.325
Transfer legal exps., &c_
42,205
Loss on sale of securs__ Cr108,835
U. S. and foreign taxes
1,511
8.504
21,033
withheld at source...
4.134
Tax paid at source on
1,229
1,887
3,354
debenture bond int_3,052
1.781
3,138
/,488
Canadian tax on capital_
604
Int. on debenture bonds
283.483
498,333
838.500
and other interest....
762,907
Profit on foreign exch.- Cr46,281
Bal. applic. to diva__ $2,865,481 $1,672,204
1,045,033
665,022
Dividends paid
$928,457 $1,355.124
1,140,036
570,020
$1,820,448 81.007.182
Earned surplus
Prey,earns.& paid-in Bur 6,477,303 6,725,500
Excess of principal amt.
:Ter. cost of bds. red.
Adjust. for discount on
d ust.
338,713
retired
$358,437
5,819,327
$215,088
5,596,954
546,555
517,336
$8,636,464 $7,732,682 $6,724,317 $6,329,378
Total surplus
1,255,378
509,612
Loss on securities soldTotal earned & paid-in
38,636.464 $6,477,303 $6,724,317 $5,819,767
surplus
x Includes profit on foreign exchange of $180,943.
Balance Sheet Dec. 31
1934
1933
1933
1934
Assets
,
431,119 1,349,752 35-yr. 611% debs_ 2,555,500 5,775,000
Cash
307,760 x Common stock,
401,073
Gold bullion
cl. A (par 610).14,000,600 14,000,600
Due from bankers
763 Common stock, cl.
7,568
for secur. sold
B (par $10)---- 5,000,000 5,000,000
247,000
Loan receivable
773,227
Earned surplus._ 2,593,675
For. exch. bought
Capital surplus... 6,042,789 5,704,076
for future deliv. 194,400
Investments
30,087,616 29,933,479 Taxes
1,887
1,229
For. exch. sold for
Restricted Retells38,450 future delivery. 194,400
marks
Stk.subscript. Par 913,160
• Interest and divi13,250
13,783 Due to others for
dends accrued...
5,773 securities purch.
1,481
Miscell. assets....
219,500
Interest accrued on
debenture bonds
156,406
69,211
MLscell. liabilities_
19,062
12,944
Total
31,383,508 31,649,758
Total
31,383,508 31,649,758
x There are outstanding option warrants to purchase 2,299,940 shares of
common stock (as such stock may be constituted at the time of
class A
exercise of such warrants) at any time on or after April 1 1930, at a price
of $15 in U. S. currency (but in no event less than the par value of such
shares in Canadian currency at time of payment). Of the option warrants outstanding 122 are being held by the corporation for the account
of holders of certificates for fractional warrants.
-V. 141, p. 748.
Evans
-Wallower Lead Co.
-Earnings
Earnings for Year Ended Dec. 31 1934
Loss on operation, zinc division
Profit on operation, tri-State mines division
$7,659
32,475
Net income..........................................
Miscellaneous income, discounts, &c
$24,781
13,999
Total income
General, administrative and shut down expenses, zinc division,
Fostoria and mining division
Provision for depreciation
Provislon for depletion...................................
Zinc division adjustments to surplus 1934.
General division adjustments to surplus 1934
Mining division adjustments to surplus 1934
538,784
54,941
10.208
14.241
Cr491
Cr5,000
Dr1,530
Net loss for year ______________________________________
$46,644
Balance Sheet Dec. 31 1934
Liabilities
Assets
$2,699,338 7% cum, pref. stock
Capital assets
$2,500,000
x57,289 Common stock
Inventories
614,950
104 Deficit
298,253
Note receivable
6,540 Current liabilities
Accounts receivable
27,648
Dep., public serv. corporations ' 384 Note payable on power
17,000
9,084 Purchase money obligations_
Marketable securities
60,000
72,320 Reserve
Cash on hand and in banks
7,707
83,993
Deferred assets
I
Total
$2,929,053
Total
-V.
x Represented by 614,950 no par shares.
$2,929,053
-$1.50 Dividend
__,....-Fajardo Sugar Co.
The directors have declared a dividend of $1.50 per share on the common
stock, payable Sept. 1 to holders of record Aug. 15. A similar payment
was made on June 1 last, the first distribution made since Feb. 1 1929.
-V. 140. P. 3213.
when $2.50 per share was paid.
-Liquidating Dividends 104 AL
-Federated Capital Corp.
1
•
"
The company has declared a liquidation dividend of approximately $24
a share on the $25 par value 6% preferred stock. Payable upon surrender of
stock certificates together with letter of trammittal. The final liquidating
dividend on the no par common of about $1.25 a share will be paid upon
Financial Chronicle
Volume 141
surrender of certificates and letter of transmittal,at the office of the corporation, 1 Exchange Place, Jersey City, N.
-V. 140, P. 1658.
Ewa Plantation Co.
-Earnings
Calendar Years1934
1932
1933
1931
Gross receiptsfrom sugar
and molasses
$3,276,447 $3,935,741 $3.185,457 $3,405.130
Cost of producing and
marketing
2,664,784
2,622,208 2,689,852 3,282,940
Gross profit on sugar
and molasses
$122,190
$495,605
$611,663 $1,313,532
Other operating income..
113,424
70,862
74,319
67,258
Total income
$235,614
$566,467
$678,921 $1,387,851
Operating charges
2,224
1,791
888
Gross operating profit $678,921 $1,386,964
$233,822
$564,243
Fin'l inc. (divs., Stc.)__ _
310,559
356,255
280,432
237,637
Prem. on sale of secur's_
Dr4,124
23,891
Dr14,607
32
Total income
$905,891
$568,273
$916,591 $1,663,272
Income charges
1,194
695
1,489
415
Loss on sale of securs__ _
157,522
27,079
Profit for year
$566,784
$889,097 $1,504,556
$905,196
Taxes (estimated)
53,322
141,500
281,500
200,559
Net profit
$513,461
$763,696
$688,537 $1,223,056
Dividends
600,000
x850,000
600,000
600,000
Balance,surplus
$623,056 def$86,304 def$86,539
$88,537
x Includes $250,000 special distribution of surplus funds.
Comparative Balance Sheet Dec. 31
1934
1934
1933
1933
Assets-Liabilities$
$
Cash
24,281
25,243
25,675
23,980 Payrolls
Due from agents- 651,277
47,967
65,939
412,012 Long-term contrAccounts, notes &
Personal and trade
other accts. rec.
24,279
123,418
76,007
88,942 accounts
Marls & supplies- 516,434
199,371
284,064
252,911 Reserves
Growing crops.... 1,238,295 1,238,295 Common stock
5,000,000 5,000,000
Investments
2,659,722 2,637,580
2,559,462 3,358,856 Surplus
Bldgs., mach'Y.
Leashold valuat'n
equipment, &a_ 2,889,431 2,760,286 surplus
350,000
420,000
Leasehold valuat'n 350,000
420,000
Total
8,306,582 8,555,283
8,306,582 8,555,283 Total
x After reserve for
$3,594,107 in 1934 and $3,583,332
in 1933.-V. 139, p. depreciation o
1708.
Faber, Coe & Gregg, Inc.-Bal. Sheet Feb. 28
-Assets1935
1935
Liabilities1934
1934
Cash in banks &
Notes payable to
on hand
$231,914 $203,378 banks
5500,000 $500,000
Accts.& notes rec.,
Accts. & Federal
less reserve- _ .... 576,818
181,141
198,539
490,260 taxes payable
Inventories
7,500
780,998
957,319 Dividend payable..
Investments
47,869
841,910
835,909 Agency deposits_
Fund for red. of
Res, for collision
met.stock
6,309
6,914
5,706
7,934 insurance
insur. policies
Life
620,400
654,600
42,197 Preferred stock
46,664
prepaid Ins., taxes,
x30,000
30,000
Common stock
interest, &o.......
1,173,086 1,146,209
18,078
17,059 Surplus
Automobiles, turn.
& fixtures
15,138
8,404
Expend, on leased
premLses
20,463
Good-will & trademarks
1
1
Total
$2,518,436 $2,582,924
$2,518,436 $2,582,924 Total
x Represented by 30,000 shares no par stock.
-V. 140. p. 3213.
Fidelity & Deposit Co. of Maryland-Financial Statement June 30 1935AssetsBonds and stocks
$12,424,585
Home office building
2,357,300
Other real estate
25,000
Cash in banks and otticok... 1,772,118
Mortgage loans
100,000
Collateral loan
182,500
Premiums in course of collection
1,855,935
Accounts recelvable
106,219
Total
-V. 140, p. 970.
818,823,957
LiaMlUiesReserve for unearned prems_ 55,853,649
0,165,725
Reserve for losses
Reserve for taxes and expenses 825,420
Reserves, miscellaneous
366,690
Reserve for return and advanced premiums
110,587
Reinsurnace payable to other
companies
375,589
Capital stock
2,400,000
Surplus
2,726,296
Total
$18,823,957
919
Non-recurring profit from sale of assets amounted to $242,954 in the
1935 period. Expenses and losses to premiums written for the first six
months of this year on a consolidated basis show a ratio of 97.62%, against
111.66% for the same period last year.
-V.139. P. 2362.
(M. H.) Fishman Co.-Slles-Month ofJanuary
February
March
1935
8165.027
192.872
214.198
268,007
286,932
315.019
300,441
April
May
June
July
1934
$154.799
161.205
226.886
229,742
298,662
323.390
275,332
1933
$101308
123,869
126,196
197.556
228.879
239,800
249,870
$1,739,299 $1,669,741 $1.266,855
Total for seven months
-V.141, p. 274.
-Earnings
Fisk Rubber Corp.(& Subs.)
6 Mos. Ended June 30Gross sales, less returns and allowances
Manufacturing cost of sales
Commercial expenses
1935
1934
$5,489,305 $5,032,919
4.594,954 3.721,512
889,075
906.048
Profit
Other income
55,275
1,238
405.358
32,408
Operating profit
Provision for Federal income tax
$6,513
1,000
$437,787
85,000
Net income for the period
Export Accounts it, Liquidation
Net sales
Cost of sales
$5,513
$372,767
86,242
5,566
59.681
6,266
Gross profit
Expenses
$676
20,906
83 415
19.691
Profit
Loss on exchange
$20,230
327
$16,276
prof3,316
Net loss transferred to reserve
-V.140, p. 3041.
$20,557
$12,960
Ford Motor Co. of Detroit-Deliveries
Retail deliveries of Ford cars and trucks totaled 99,694 units in July, a
decline of only 1,188 from the June total of 100,882, or much less than the
usual seasonal decline.
Deliveries for the first seven months this year were 734,655 units, an
average of 104,950 a month. January. February, and July have been
the only months in which deliveries dropped below 100,000.-V. 141, p. 436.
Foreign Bond Associates-Asset Value Increase
The asset value of a unit of Foreign Bond Associates'securities comprising
a $100 debenture, with non-detachable escrow receipt representing 2 shares
of common stock, amounted to $149.45 as of June 30 1935, according to
the company's pamphlet report. This compares with an asset value of
$145.49 as of Dec.31 1934, and indicates an appreciation of 2 If %. During
this period the foreign bond market in general declined about 2% on the
average.
The report states that the bonds and scrip held by the company had an
aggregate face value of $1,757,651 compared with an aggregate market
value of $296,987.
"The management of your company believes that under present conditions." Mr. Robert S. Byfield, President, says, "it is advisable to give
primary attention to securities having inherent possibilities of capital
appreciation."
Interest earned during the six months ended June 30 1935 amounted to
$1,704-the small amount being accounted for by the fact that the company
is invested chiefly in bonds which are in whole or partial default.
Profit realized from the sale of securities for the period is reported at
$24,522. Capital surplus as of June 30 1935 amounted to $101,355 compared with $46,461 as of Dec. 31 1934.-V. 140, p. 3041.
Formica Insulation Co.
-Earnings
-6 Months Ended June 301935
Net profit after charges & Fed. taxes
Earnings per share on 180,000 no par
shares capital stock
-V. 140, p. 3895.
$62,797
$0.34
1934
1933
$37,393 loss$33,252
• $0.20
Nil
--- Fort Worth & Denver City Ry.-RFC Underwrites
Refunding
The Reconstruction Finance Corporation has agreed to make available
to the company up to $8,176,000 to assist it (a subsidiary of the Chicago
Burlington & Quincy RR.) in its plan to refund its 5M % bonds of 1961
with 4s or 4%s, Jesse H. Jones, Rb'() Chairman, announced on Aug. 1.
The RFC will take any of the new issue which is not sold to the public.
-V.141, p. 749.
Freeport Texas Co.
-Earnings
--
Fidelity Fund, Inc.
-Earnings
Earnings for Three Months Ended June 30 1935
Income: Cash dividends
Interest
$33,535
66
[Including Wholly Owned Subsidiaries]
6 Mos. End. June 301935
1933
1934
Gross sales
$4,542.603 $4,494,442 $4,091,170
Freight and handling
452,683
416,i60
366.227
Cost and expenses
3,234,757 2,891,754 2,412,821
Total income
Expenses
$33,601
5,688
Operating profit
Other income
Net income from dividends and interest
Undistributed income March 31 1935
$855,102 $1,186,528 $1,312,122 $1,404,764
11,960
4,557
24,728
6,882
$27,914
27,347
Total income
Losses, of minor sub. &
exp. of parent co
Depreciation
Federal taxes, &c
$859,719 $1,193,410 $1,336,850 $1,416,721
Net income
Preferred dividends_ _
Common dividends
$550,836
435,088
Total income
$55,261
Cash dividend paid on stock outstanding at record date
Portion of cost of repurchases (less portion of receipts from silos) of 27,846
capital stock allocated to dividends
888
Undistributed income June 30 1935
$26,527
Assets
-
Balance Sheet June 30 1935
Liabilities
Acct. pay,for purch, of secur_ $16,060
Accts, pay,for purch, of treas.
39,548
shares
1,442
Other accounts payable
10,714
Prov. for State & Fed. taxes_
Capital stock (par 85)
435,845
Capital surplus
3,077,388
Undlstrib. Ino., excl. of gains
26.527
& losses on sales of securities
Securities at cost:
Common stocks
$3,008,752
Bonds
35,088
Cast: in banks
495,820
Accts. rec. for sales of secure__
46,074
Acct. rec. for sale of shares...1,281
Divs. declared on stocks sell.
ex-d1v. & aces, int. receiv_
20,477
Total
-V.141, p. 435.
13.607,495
Total
43,607,495
Fidelity & Guaranty Fire Corp.
-Obituary
-
See U. S. Fidelity & Guaranty Co. below.
-V. 140, p. 3716.
Fifth Avenue Bus Securities Corp.
-Earnings
6 MOs.End. June 30-Net profit
Dividends
1935
$187,014
189,810
1934
$187,181
189,810
1933
$186,974
189,512
1932
5187.
‘
349
189,412
$2,796
$2,629
$2,538
$2,064
Deficit
-V. 141, p. 113.
Firemen's Insurance Co., Newark, N. J.
-Earnings
6 Months Ended June 30Operating profit
Net profit
Earnings Per share
1935
1934
$1,397,374 def$627,194
1,640,142 def242,954
Nil
$0.87
}
Cr11,121
270,004
50,000
2,198
252,644
74,000
Cr1,732
154,491
165,000
1932
4,298,620
3E.2,764
2,511,092
13.109
156,872
186,000
864,568 $1,019,091 $1,080,743
40,24b
70,469
729.844
729,844
791,586
1
Surplus
$330,899
$115.748
$32,737
$218,778
Shares of com.stock out
standing (par. $10)..
796,380
x729,844
y792,944
746,753
Earnings per share
$0.64
$1.04
$1.45
$1.28
x No par shares. y Average number of shares outstanding during the
period.
Comparative Consolidated Balance Sheet June 30
1935
1934
1935
Assets
Cash In banks and
Accounts payable. 441,896
on hand
751,074 1,342,105 x Accrued royalties
Notes & accts. rec. 889,297
987,730 payable
911,507
Accts, rec.-CubanProv.for Federal &
Am.Mang.Corp_ y145,000
property taxes_ 342,015
Invent.ot sulphur
Dividends payable
18.451
& suppl., at cost 5,575,427 5,172,616 Res. for conting's. 536,898
Investmls, at cost 2,727,961 2,760,410 6% cumul. cony,
z Fixed assets__ 6,977,616 7,134,927 preferred stock. 1,230,100
Ilnexp. ins. prem's 145,958
143,809 Common stock__ 7,963,805
Insurance clatins_ _
552 Paid-in surplus__ 1,370,313
21,754
0th. deferred assets 43,996
43,926 Earned surplus__ 4,530,853
Items chargeable to
future operations 67,755
73,637
1934
451,091
948,051
394,031
18,526
647.942
1.235,100
7,962,138
1,366,979
4,635,855
Total
17,345,841 17,659,716 Total
17,345,841 17,659,716
x These items do not include $672,520 for 1934 and $659,398 for 1935,
representing royalties on sulphur produced but not payable unti I shipment
is made. Heretofore similar royalties have been included in such items.
y This item has been included as a current asset, inasmuch as it has been
paid in full since June 30 1935. z After reserve for depreciation and deMellon of $6,519,528 in 1935 and $5,862,287 in 1934.-V. 140, p. 1486.
Aug. 10 1935
Financial Chronicle
920
Fox Film Corp.(& Subs.)
-Earnings
x1934
1935
26 Weeks Ended June 30Grose Inc.from sales & rentals offilm & literature_ _$20,369,421 $18,090,755
171,322
121,649
Dividends
137.777
Proportion of profits of controlled subs, not consol_
432,880
414,156
Other income
$21,043,005 $18,694,958
Total income
Oper. exps. of exchanges, head office & adminis.
5,103,265
5,178,831
expenses, &c
9.152.690
10,495,570
Amortization of production costs
2,729,999
3.443,903
Participation in film rentals
42,971
Proportion of losses of controlled subs,not consol
148,452
142,196
Interest
32,506
29,367
Amort. of discount & exps. on funded debt
138.804
139,384
y Depreciation offixed assets
190,000
215,000
Provision for Federal income tax
$1,355,781 $1,199,242
Net profit
Earns. per share on 2,436,409 (no par) shs. class A
$0.49
$0.55
and B stocks
x Not including Wesco Corp. and subsidiary companies. y Not including
depreciation of studio building and equipment absorbed in production costs,
amounting to $266,607 in the above 1935 period and $326,221 in the 1934
period.
For the quarter ended June 29 1935, the consolidated profit from operations, after all charges including Federal taxes, was $738,974, compared
with the first quarter profit of $616,806, and a profit of $393,865 for the
second quarter of 1934.
The consolidated earned surplus at Dec. 29 1934, was $3.006,812, and
after adding the net profit, as stated, and adding profits on foreign exchange
amounting to $20,940, the consolidated earned surplus at June 29 1935
stands at 34,383,533, all of which has accumulated since the effective date
of reorganization of the company April 1 1933.
The Fox Film Corp. has a 42% stock interest in the National Theatres
Corp. As no dividends were declared during the period, no income has been
-V.141, p.749.
included in the above figures from that corporation.
-May Retire Theasury Stock
-----Gamewell Co.
20 will consider,
The stockholders at the annual meeting to be held Aug.
(a)reducing the capital stock of the corporation to the extent of 1,989 shares
of preferred stock now held in the treasury for cancellation and retirement
and,(b) amending the preferred stock provisions so as to give the corporation the right to buy preferred stock even through in default of preferred
-V.141, p. 749.
dividends and sinking fund payments.
-Earnings-Gary Electric & Gas Co.(& Sub.)
1935-12 Mos.-1934
Period End. June 30- 1935--3 Mos.-1934
$551.381 $2,241,879 $2,167,642
$565,026
Operating revenue
6.520
10.023
4,689
4,026
Other income
Total income
Oper.expenses, maintenance and taxes
Bond interest
Int. on unfunded debt-Amortiz. of debt expense
Retirement expense_ _ _ _
Net income for dive.
Approx. amount of exps.
incurred in connection
with reorganization
proceedings during
period
p. 749.
$569,052
$556,070 $2,251,903 $2,174,162
398.493
100.000
795
1.779
69.000
1,567,320
395,210
3,900
3,558
276,000
1,413,466
400,000
3,481
7.116
276,000
$26,590 109413,996
$5,914
$74,098
$11,000
$55,000
$11,000
377,253
95,210
998
69,000
The regular dividend declared to-day represents a rate of disbursement
two-thirds of that of the pre-depression period.
Elected to Executive Committee
The following were elected to the Executive Committee: R. H. Grant.
0. E. Hunt, J. D. Mooney and 0. E. Wilson. Vice-Presidents of General
Motors Corp.
To Build Diesel-Electric Locomottves-
The first continuous assembly plant ever built for the production of
Diesel electric locomotives is being constructed by the company at the
McCook. Illinois, factory of the Electro-Motive Corp., a subsidiary.
To permit mass production of Diesel locomotives on the same efficient
basis as automobiles, arrangements are being made for a moving production
line resembling that of the continuous assembly line of automobile factories.
The locomotives In process of assembly, however, will move overhead
through the plant on cranes, rather than on the carrier belts used for
automobiles.
The locomotive assembly line will be more than 500 feet long and 104
feet wide. This will be divided into 24 construction bays, in which various
-ton and
parts will be attached to the locomotive, with the help of one 200
-ton electric traveling cranes.
two 30
The McCook plant will start operations around Nov. 1.
The Diesel engines used in the locomotives will be supplied by the Winton
Engine Co. of Cleveland, another General Motors subsidiary. Other
parts of the locomotives will be fabricated, annealed and assembled in the
McCook plant.
Plymouth Retail Sales
New car sales of Plymouths at retail for week ended July 27 totaled 7,997.
an increase of 8.3% over corresponding period of 1934. For 30 weeks to
July 27 sales totaled 250.08,s, an increase of 29% over like 1934 period.
Plymouth sales to date exceed those for all of 1933 and are within 52,000
of the 302.557 registered in all of 1934.
July Car Sales-The company on Aug. 8 made the following announcement
July sales of General Motors cars to dealers in the United States and
Canada, together with shipments overseas, totaled 167,790 compared
with 134,324 in July a year ago. Sales in June were 181.188. Sales for the
first seven months of 1935 totaled 1,056,350 compared with 884,600 for the
same seven months of 1934.
Sales of General Motors cars to consumers in the United States totaled
108,645 in July compared with 101,243 in July a year ago. Sales in June
were 137,782. Sales tor the first seven months of 1935 totaled 757,480 compared with 596,215 for the same seven months of 1934.
Sales of General Motors cars to dealers in the United States totaled
139.021 in July compared with 107,554 in July a year ago. Sales in June
were 150,863. Sales for the first seven months of 1935 totaled 849,245
compared with 700,421 for the same seven months of 1939.
Total Sales to Dealers in U. S. and Canada Plus Overseas Shipments
1932
1934
1935
1933
74.710
62,506
98.268
82,117
January
62,850
100,848
121,146
59,614
February
59,696
153,250
169,302
58,018
March
78,359
153.954
184.059
86,967
April
66,739
132.837
134.597
98,205
May
52.581
146,881
181.188
113.701
June
36.872
134,324
167,790
106,918
July
30,419
109.278
97,614
August
71,88830,117
September
10.924
72.050
October
5,781
61,037
10.384
November
53,942
41.594
21.295
December
HA
Total
-Dividend Dates Changed
----Gatineau Power Co.
Supplementary letters patent have been obtained by the company allowing it to pay dividends on its 6% preferred stock quarterly instead of semiannually. Dividends will be paid on the last day of March, June, September and December. except when that day falls on Sunday, when payment
-V. 141, p. 749.
will be made the preceding day, it was announced.
-Changes in Personnel of Sub.
General Foods Corp.
Austin S. Igleheart has been elected President of the General Foods Sales
Co., Inc., a subsidiary, succeeding J. F. Brownlee, who resigned recently.
0. Lawton Campbell. Curtis H. Gager and Charles G. Mortimer, Jr., have
-V.141, p. 596.
been elected Vice-Presidents of the sales company.
-Annual Report---The remarks of the
General Mills, Inc.
President, together with the income account and balance
sheet, will be found in the advertising pages of to-day's issue.
Our usual comparative income account and balance sheet
was published in V. 141, p. 750.
General Motors Acceptance Corp.-Bal. Sheet June 30-1934
1935
1934
1935
Assets
Cash in banks &
44,658,010 34,178,435
on hand
Notes ,k bills rec.
U.S.& Can_275,341,129 235,781,545
27,682,313 19,518,339
Overseas
Accts.receivable 2,397.481 2,109,389
461,649
472,079
Auto. & equip
11,371,217 9,545,814
Investments_
745,838
789,217
Deferred charges
362,711,446 302,341,009
Total
-V. 141, p. 114.
Capital stock___ 50,000,000
Accts. payable_ 20,133.141
256,000
Serial gold notes
25,000,000
% notes _
Dealers' repass.
loss reserves.- 12,371,307
Notes (U. S.)_
Notes (Can. &i185,965,041
overseas).-Accrued taxes__ 3,064,852
177,802
Accr. Int. pay__
6,908,993
Reserves
12,083,530
Unearned Inc
20.000,000
Surplus
Undivided prof_ 26,750,781
Total
50,000,000
10,807.421
9,085,000
10,282,685
168,408,767
2,047.133
151,050
4,831.481
9,704,120
20.000.000
17,023,351
362,711,446 302,341,009
otors Corp. Regular Dividend Doubled
General
25-Cent Extra The directors n Aug. 5 declared an extra
cents per share and a regular quarterly dividividend of
dend of 50 cents per share on the common stock, par $10,
both payable Sept. 12 to holders of record Aug. 15.
Quarterly distributions of 25 cents per share on the common
stock have been made since and including June 13 1932,
compared with 50 cents per share on March 12 1932 and
75 cents per share paid each quarter from March 12 1929 to
and including Dec. 12 1931. In addition, an extra of 50
cents was paid on Sept. 12 1934, 25 cents on Dec. 12 1933
and extras of 30 cents per share were paid on Jan. 3 1930
and July 2 1929.
Alfred P. Sloan Jr., President, in commenting upon the
action of the board of directors, stated:
2.1
quarter,
50c,
As to the increase in regular dividend rate from 25c. toboardperestablish
to
I might state that it has been a long standing policy of the
and one that
a normal or regular rate of dividend as generous as possible, at the same
while
can be reasonably counted upon by the stockholders, the current rate of
time reflecting the financial position of the corporation,be discerned. The
earnings, and the future trend, so far as that can ever of the
board with
increased rate ordered at this time reflects the judgment
respect to all these factors.
must be recognized, however, that with things as they are, there
It
unusual circumstances
may be injected into the situation, at any moment, the case. In such an
alter
that can not be foreseen, such as may entirely
will nothesItate to re-appraise their position, and act
event, the directors
accordingly.
January
February
March
Aprll
May
June
July
August
September
October
November
December
1.240,447
869,035
Sales to Consumers in United States
1934
1933
1935
23,438
54,105
50,653
58,911
77,297
42,280
98,174
126.691
47.436
106,349
143,909
71,599
95.253
109.051
85,969
112,847
137.782
101,827
101.243
108,645
87,298
86,258
86.372
71,648
71.458
69,090
63,518
62,752
35,417
41,530
11,951
562,970
927.493 • 755,778
United States
1934
1933
46,190
72,274
82,222
50,212
119.858
45,098
121.964
74,242
103.844
85,980
118,789
99,956
107,554'
92,546
87,429
84,504
53,738
67,733
50,514
41,982
39.048
3,483
28.344
11,191
510.060
Total
Soles to Dealers in
January
February
March
April
May
June
July
August
September
October
November
December
1935
75.727
92,907
132,622
152,946
105.159
150,863
139,121
1932
47.942
46,855
48,717
81.573
63,500
56.987
32,849
37,230
34,694
26,941
12,780
19.992
1932
65.382
52,539
48.383
69,029
60,270
46,148
31,096
24,151
23.545
5,810
2,405
44,101
472,859
959.494
Total
729,201
Unit sales of Chevrolet, Pontiac, Oldsmobile, Buick, LaSalle and Cadillac
passenger and commercial cars are included in the above figures.
Buick Retail Sales
Domestic retail sales of Buick cars during July totaled 6,024 units,
against 7,033 in June.
Pontiac Retail Sales
Retail deliveries of Pontiac cars during July in the United States totaled
13,290 cars against 13,422 in June and 7.952 in July last year. Retail
deliveries tor the first 7 months this year totaled Mem ears, against
51,653 in the like period a year ago and 72,877 for the entire year 1934.V. 141, p. 750.
-Rights Owners Advised
General Telephone Corp.
Holders of purchase rights for units of $3 convertible preferred stock
and common stock of the corporation are advised by William J. Wardell,
trustee of the estate of Associated Telephone Utilities Co.. and by the re-day purchase rights
organization committee for that company, that the 60
will expire and become void after 3 p. m. on Sept. 20, although the stock
warrants, representing the right to buy common shares of General Telephone at $50 a share may be exercised until 1948.
-day rights are for buying units consisting of one share of $3
The 60
convertible preferred stock and one of common stock of General Telephone
Corp. at $50 a unit.
Operating revenues of General Telephone and subsidiaries for 12 months
ended on June 30, giving effect to consummation of the reorganization of
Associated Telephone Utilities, were $10,882,030, and net earnings after
depreciation were $3,231,389. Net income of the parent company was
$931.851. V. 141, p. 750.
-EarningsGeorgia & Florida RR.
-Fourth Week of July- -Jan.1 to July 31PeriodGross earnings
-V. 141, p. 750.
1935
$22,800
1934
$21,954
1935
$599,597
1934
$628,108
-SEC Asked to Intervene in ReF.) Goodrich Co.
financing
William II. Hunt of Cleveland, who opposed the refinancing plan at
a recent meeting of stockholders, has sent another request to the Securities
and Exchange Commission at Washington, asking it to intervene in the
matter.
According to press reports the new financing contemplated by the cornpany has been postponed indefinitely because of the recent proxy battle
Financial Chronicle
Volume 141
and other incidents following a (onus; started by Otis & Co. of Clevelamd
to block the offering of new securities. Goldman, Sachs & Co. were to
have underwritten the bonds.
-V. 141, P. 751.
'Goodyear
& Rubber Co.
-AcquisitionCo.(re
The bompany
jhrough its subsidiary, Goodyear Planatations
ha?
acquired-2,500 a es of land in the Province of Colon near the Panama Cana
for the purpose of developing new rubber plantations. Clearing of the land
Is under way and workmen's houses are-being constructed, it is announced.
Goodyear has extensive rubber plantations in Sumatra. but this is the
first rubber plantation venture of an American company in the Panama
Canal Zone -V. 141, p. 597.
Grand Union Co. (Sc Subs.)
-Earnings
-
Period End. June 30-- 1935-3 Mos.-1934
Net profit after taxes
depreciation, &c
$40,293
$90,654
Earns. per sh.on 159,550
she. $3 pref. stock_ _ _ _
$0.62
$0.25
-V. 141, p. 598.
1935-6 Mos.-1934
$51,079
$221,688
$0.32
$1.39
---- Granite City Steel Co.
-Files Registration Statement
-
The company has filed a registration statement with the Securities and
Exchange Commission, seeking to issue 127,492 shares of common stock
at an aggregate maximum porice of $2,549,920. Proceeds from sale of the
Issue, together with $2,000,000 Treasury funds, will be used to acquire
and install in the company's plant at Granite City, a hot strip mill and a
cold reducing mill.
-V. 141, p. 598.
(W. T.) Grant Co.
-Sales
Month ofFebruary
March
April
May
June
July
-V. 141, p. 277.
1934
.935
f933
$5.571.225 $4.550.096 $4,492,044
6.953,087
6.774,303
5.136.563
7.662,708 5,951,919 6.267.376
7,430.188 7.179.255
6.552.836
7,653,756
7,347.316
6,509.624
6,276,262
5,735,776
5,771,013
921
The new $5 preferred stock has been registered under the Securities Act
and copies of the prospectus relating to the $5stock and the plan of exchange
may be obtained from Kuhn, Loeb & Co. and Brown Harriman & Co. inc.,
who have agreed to assist in securing deposits of the $7 stock under the plan
of exchange.
Directly or through its subsidiaries, the company is engaged in exploring
for, developing, buying, selling, operating and managing iron ore and coal
mines as well as other mining properties; also in the buying and selling of
iron ore and coal, and in the operation of lake vessels and docks for the
transportation, handling and storage of iron ore, coal and coke.
Through a wholly owned subsidiary the company owns listed securities
which had an indicated market value on May 31 1935 of $34,906,572.
Included are 597,815 shares of National Steel Corp. taken at the then
quoted market value of $46.25 per share.
-V. 141, p. 752.
Hanover Fire
July 1 1935
-
Insurance
-Financial
Co.
Bonds
Stocks
Real estate mortgages
Cash on deposit and in office
Agency balances not 90 days overdue
Bills receivable, accrued interest, &c
Other assets
Statement
$6,537,518
6,623,071
240,000
464,065
896,828
202,804
38,335
Total assets
Liabilities
Reserve for unearned premiums
Reserve for unpaid losses
Reserve for all other liabilities
Capital
Net surplus
$15,002,621
Total
-V.140, p. 1174.
$15,002,621
$4,385,019
623,493
574,000
4,0011,000
5,420,109
Hatfield Campbell Creek Coal Co.(&Subs.)
-Earnings
6 Months Ended June 301935
1934
.-Great Atlantic & Pacific Tea Co.
' income alter deprec., but before Fed. tax_ _ _
t
489,834
$82,870
-Usual Extra Div 4e.."--40
The directors have declared an extra dividend of 25 cents per share in
addition to the usual quarterly dividend of $1.50 per share on the common
stock, no par value, both payable Sept. 1 to holders of record Aug. 9.
Like amounts have been payable each quarter since and incl. Sept. 1 1931.
-V. 140, P. 4235.
Greenwich Water Co.
-Earnings
12 Months Ended June 30-Operating revenues
Operating expenses
1935
$437,206
199.403
1934
$426.655
197.359
Earnings from operations
Other income
$237,802
1,701
$229,295
19.865
$239.504
59.490
4.866
16,545
1,268
$249,160
59,490
1,380
16,551
1,527
$157,333
$170,209
Gross income
Interest on funded debt
Other interest
Provision for Federal income tax
Amort.of debt discount & exp.& misc. deductions..
Balance
-V.139, p.930.
Greenwich Water & Gas System, Inc. (& Subs.)
12 Months Ended June 30-Operating revenues
Operating expenses
1935
1934
$1,578,188 $1,587,091
910,172
914,080
Earnings from operation
Other income _
$668,015
10.460
$673.010
14.255
Gross income
Int.& amort,of debt discount & exp.ofsubs
Minority equity in earnings
Provision for Federal Income tax
Int. on Greenwich Water & Gas System, Inc. 5%
collateral trust bonds
Amort. of debt disct. & CEP. & other deductions-Pref. stock dividends (paid)
$678,475
155,055
9.567
33,450
$687.266
147,969
9,052
23,501
288,334
33,564
x154,932
294,264
37,695
177,066
Balance _______________
_ ______________
33,570 loss$2,283
x Accumulated dividends_OR _ pref. stock not declared or paid. $22,095.
-V. 140, p. 4400.
Gulf States Utilities Co.
-Earnings
-
-V. 140, p. 4401.
Havana Electric Ry.-EarningsPeriod End. June 30- 1935-3 Mos.-1934
1935-6 Mos.-1934
Operating revenue
5098.998
$000,/354 $1,250,303 $1,292.293
Op.r. expenses, incl. tax
e29,520
626,142
1,222,369
1,220.998
Net oper. revenue..Non-operating revenue_
$69,472
153
$34,712
238
$27,994
274
$71,295
536
Gross corp. income_ -z Int. & other charges- -
$69,625
172,520
134,950
108,182
128,268
345,982
$71,831
330,008
Deficit (before deducting depreciation)___ $102,901
$133,232
$317,714
$264,777
Includes interest accrued for period on 5M % gold debentures, series of
1926. interest on which has not been paid suosequent to March 1 1931.V. 141, p. 752.
Hazeltine Corp.
-25
-Cent Extra Div.
-1-----
The direztors have declared an extra dividend of 25 cents per share in
addition to the regular quarterly dividend of like amount on the capital
stock,
both payauie sept. 14 to holders of record Aug. 31.
--i-linde & Dauch
Paper Co.- .50 Accumulated Dividend //2--e
,
A dividend of *4.50 per snare was paid on account of accumulations on(/
the 6% cumulative preterred stock, series A, par 5100, on Aug. 1 to holders
of record July 23. This compares with 51.50 paid on May 1 last and Feb. 1
1935; $4.50 on Dec. 20 1934, and 51.50 on 'Nov. 29 1934. The last regular
quarterly dividend or 51.50 per snare was paid on Aug. 1 1931.
Accumulations now amount to $10.50 per share.
-V. 140, p. 3390.
Hingham Water Co.
-Earnings
12 Months Ended June 30Operating re4°flues
Operating expenses
1935
$105,677
105,390
1934
1103,527
97.482
Earnings from operations
Otner income
$60,287
4,500
$66.044
3,892
Gross income
Interest on mimed dem
Other interest (set)
Provision for Federal income tax
Amortization of debt discount & expense
$64,787
19.984
1,447
3,415
513
$69,937
19,736
Cr22
4,160
513
Period End. June 30- 1935
1935-12 Mos.-1934
-Month-1934
Gross earnings
$567,638 $5,751,092 $5,318,926
$528,176
Operation
207,294
209,718
2.401,984
2,289,023
Balance
$39,426
$45,549
Maintenance
17,676
21,640
234,583
207,190 -V.139.P.930.
Taxes
46,296
45,864
545,138
481,971
Interest & amortization _
.
89,986
89,867
1.081,762
1,084,639 .--4-lomestake Mining Co.
-Extra Div. of $2 per Share
-4.4
The directors have declared an extra dividend of $2 per share in addition
Balance
$206,385 $1,487.623 $1,256.102
$161,084
to the regular monthly dividend of $1 per share on the capital stock, par
Appropriations for retirement reserve
686,833
517,166
$100, both payable Aug. 20 to holders of record Aug. 20. bituilar distribuPreferred dividend requirements
567,182
567,182
tions were made in each of the 13 preceding months. The company paid
extra dividends of $1 per share and regular dividends of $1 per share each
Balance for common dividends & surplus_ -- $233,606
$171,752
Month from Jan. 25 1934 to and including June 25 1934.-V. 141, p. 115.
-V. 141. P. 277.
Hamilton Bridge Co., Ltd.
-Earnings
--
Calendar Years-.
Operating loss
Preferred dividends
Directors fees
1934
$169,552
Deficit
Previous balance
Trans.from res. for conting., accident
insurance not now required
Adjust. for invest, to market value &
profit on securities sold
$174.252
100,642
Profit and loss
Household Finance Corp.
-Earnings
--
1933
$182,318
1932
$183,373
71.500
$182,318
282,961
$254,873
533,561
4,700
47,629
13,420
def$12,559
$100,642
$278,688
Balance Sheet Dec. 31
Assets1934
Liabilities1934
1933
1933
Cash
$18,757
$17,743 Accts. payable... $72,988
$37,148
Accts. receivable
154,609
201,824 Sank loan
128,658
65,602
Supplies, .ke
247,801
228,515 Contingent reserve
38,424
86,337
Life insurance_ __ _
5,200
4,273 Preferred stock... 2,187,500 2,187,500
x investments_ _ _ 315,578
.
322,418 y Common stock
1,895,549 1,895,549
Deterred charges.
6,990
12,672 Surplus
100,642
Unpaid capital_
25,000
Fixed assets
3,561,623 3,560,331
Deficit
12,559
Total
$4,323,120 $4,372,779
Total
$4,323,120 $4,372,779
x In Dominion of Canada bonds y Issued and outstanding 100,000
no par value common shares.
-V. 139. p. 444.
(M. A.) Hanna Co.
-Exchange Plan Offered Preferred
Stockholdrs-The company, is offering the holders of its
outstandmg 131,066 shares of $7 cumulative preferred stock a
plan providing for the exchange of the stock for new $5
cumulative preferred stock on the basis of 1 1-20th shares of
new stock for each share of present stock together with a
cash adjustment of dividends.
When the plan becomes
effective unexchanged shares of the $7 preferred stock will
called for redemption at 105.
be
6 Mos. End. June 30Gross income
Operating expenses
1935
1934
1933
$6,070,058 $6,257.656 $6,447,133
3,255,975
3,677,956 z3,797.870
Operating profit
Other income
$2,814,083 $2,579,700 $2,649,263
16,741
3,225
6.199
Total income
Interest & other charges
Federal tax, &c
Provision for contingencies
Minority interest
112,830,824 $2,582,925 $2,655,462
116.048
338,956
537,607
408,373
327,034
410,917
70,000
1,716
106
971
Net profit
Preference dividends
Class A dividends
Class D dividends
$2,234,687 $1,832,081 $1,790,715
372,227
408,883
445,893
275,706
273,546
273.546
593,423
606,175
616,640
Surplus
$993,241
8454,636
x Includes Instalment notes receivable written off $543,477
as uncollectible, net.
$1,156.106.-V. 140, p. 3718.
Houston Oil Co. of Texas-Registration
-
The New York Stock Exchange on Aug. 6 announced that notice had
been received from L. S. Zimmerman, Vice-President and Treasurer of
the company, acting for the voting trustees, that no application for registration will be made for certificates of beneficial interest in common stock
($100 par). These certificates were issued under agreements dated Jan. 2
1912 and June 5 1919. These securities will be exempt
up to and including Sept. 16 1935, after which date nofrom registration
trading In them
will be permitted on the Exchange.
This notice has no reference to the voting trust certificates (new) for
common stock 425 par) also listed on the Exchange.
-V. 140. p. 3216.
Hupp Motor Car Corp.
-SEC Opinion
-
The corporation has mailed to stockholders the opinion of the
and Exchange Commission which gives the detailed findings ofSecurities
the SEC
as to the matters in connection with A. M. Andrews' administration of the
affairs of the corporation, on account of which the New York Stock Exchange complained and asked that the Hupp stock be stricken from its
board.
The annual meeting of the corporation, will be held in Richmond, Va.
on Sept. 11.
1935-6 Mos.-1934
Period End. June 30- 1935-3 Mos.-1934
$2,785,676 $2,646,660 $4,444,481 $3,358,702
Net sales
3,237,259 5,263.390 4,540,153
3,070,965
Cost & expense
$818,909 $1,181,451
$590,599
$285,289
Operating loss
83,428
53.433
31,144
10,519
Other income
$765.476 $1,098,023
$559,455
Loss
$274,770
273,731
228,547
145.736
111,806
Depreciation
107,613
80,635
31.650
27.699
Idle plant expense
963,501
x Loss on sale or plant
963,501
Loss of Hupp Mich. Sales
52,296
24.426
Corp
The plan, announced in a joint statement by L. E. and P. D. Block,
Chairman and President,respectively, of the Inland Steel Co.,and Edward
and Vice-President of
L. Ryerson Jr. and Everett D. Graff, Presidentwill be operated underthe
its
Ryerson company, says the Ryerso company
management as a wholly owned subsidiary of Inland.
present name and
officers of Inland.
Mr. Ryerson will be one of the chief executive
Under the terms of the merger Ryerson stockholders will receive 59
-V.141, p.754.
shares of Inland stock for each 100shares of Ryerson stock.
-Receiver's Report
----Interborough Rapid Transit Corp.
the month of June
$736,841 $2,090,455 $1,479,367
Net loss
$1,402,202
z During this period the corporation sold a portion of its unused and
unusable plant at Cleveland, Ohio. This property was acquired in 1929
Motors.
by an exchange of capital stock from the Chandler Clevelandand Canadian
Current assets as of June 30 1935. Including $180,440 cash
Government bonds, amounted to $2,000,287, including $25,712 loans and
advances to officers and employees, and current liabilities were $600,541.
On June 30 1934. current assets, including $1,175,838 cash and Government securities, were $4,474,775, excluding $256,417 loans and advances
to officers and employees and current liabilities totaled $2,011,850. Inventories were $1,184,604 against $2,887,338.-V. 141, p. 115.
-Earnings
Idaho Power Co.
•
[Electric Power & Light Corp. Subsidiary]
1935-12 Mos.-1934
-Month-1934
Period End. June 30- 1935
$361,969 $4,177,166 $3,955,630
$370,832
revenues
Operating
171,975 2,097,727 1,928.427
186,193
Operating expenses
$189,994 $2,079,439 $2,027,203
from oper__ $184,639
Net revs,
3,879
Dr2,420
Dr45
76
Other income (net)
$189,949 $2,077,019 $2,031,082
Gross corp.Income-- $184.715
715.588
715.307
59.478
59,350
Interest and other deduc.
Y$125,365 y$130,471 $1,361,712 $1,315,494
Balance
435,000
420,000
Property retirement reserve appropriations
applicable to preferred stocks for
z Dividends
414,338
414,342
. period, whether paid or unpaid
$466,156
$527,370
Balance
y Before property retirement reserve appropriations and dividends.
stocks wer paid on May 1 1935.
z Regular dividends on 7% and $6 pref.
After the payment of these dividends there wore no accumulated unpaid
-V 141, p 116.
dividends at that date.
-Earnings-'
Illinois Bell Telephone Co.
1935-6 Mos.-1934
-Month-1934
Period End. June 30- 1935
Operating revenues---- $6,242,130 $10,780,069 $37,218,530 $20.740,394
47.723 Cr862,732
6,463 Cr979,984
Uncollectible oper. rev_
8,944,367
Operating expenses____ 4,381,922 12,004,738 26,986,871
377,352 4,537,134 4.550,305
756,113
Operating taxes
Net oper. income_
-V. 141, p. 600.
Aug. 10 1935
Financial Chronicle
922
$1,097,632 $2,827,301 $5,646,802 $8,108,454
-Earnings
Illinois Northern Utilities Co.
1935-6 Mos.-1934
Period End. June 30- 1935-3 Mos.-1934
$742,994 $1,563,405 81,509,481
$775.093
Gross earnings
Net income after taxes,
269,548
311.609
123.707
144,283
deprec., interest, &c..
-V. 140, p. 1832.
Independent(Subway)System of N. Y. City-Earns.
Period Ended May 31Operating revenues
Operating expenses
11 Mos.
Month
$956,619 $9,608,403
605,315 6,372,527
Income from operation
Non-operating income
$351,304 $3,235,876
7.190
806
Net income
-V.141, p. 279.
$352,110 $3.243,065
-Earnings
Industrial Rayon Corp. (8c Subs.)
-6 Mos.End. June 30
Profit from operations
Royal.offinished invent.
Allowance for deprec'n_Prov.for contingencies-Interest charges
Other deductions
Adjust. of U. S. Govt.
securities to par
Prov.for Fed.Inc. tax--
331.754
28.000
310.664
1932
$535,281
250,000
393,558
3,143
6,536
164,500
27,140
95,200
1933
1934
1935
$724,828 $1,603.597 $1,122,388
321,912
15,000
75.703
52,000
Net prof. (subject to
adjust, upon detail
audit as of end of
$260,212 $1,079.342
fiscal year)
502,000
504,000
Dividends paid
$686,242 loss1114,813
217,498
222.150
$577,342
$464,092 def$332,311
Balance, surplus_ _ _ _def$243,788
Shares com, stock out599,256
standing (no par)_ __ _
Nil
Earnings per share
The report of Thomas E. Murray, Jr., Receiver, for
1935. states in part:
-The number of passengers carried by the Subway
Traffic in June
as
Division in June was 62.733,205. a loss of 2,463.682 thiscompared with
lines on
June 1934. This was a decline of 3.78%. All of last year, division carried
ranging from a
the same period
fewer passengers than during
Pelham
loss of 5.16% on the Broadway-Seventh Avenue Line to .87% on the
Bay Park Line. Although the loss in percentage is one of the largest in
not indicate an alarming trend in the
the last 18 months, actually it does
flow of normal traffic.
Compared with the preceding month of May. the loss in traffic Increased
from 1.67% in May to 3.78% in June, but with the exception of the Broadway-Seventh Avenue Line, none of the lines showed an increase in loss of
2% which was attributable to the extra Sunday in June compared with May.
Traffic on the Manhattan Division showed a decline of 1,055.189 passengers in June as compared with June 1934,a loss of 5.64%. The number of
passengers carried was 17.660,153. All lines on this division showed a loss
of
ranging from
in traffic as compared with the same period on last year, Avenue Line.
the
10.53% on the Ninth Avenue Line to 4.84% of Sixth
for a loss
approximately 2% on
The extra Sunday in June accounted
this division.
-The number of passengers carried by
Traffic During Fiscal Year 1935
the Subway Division during the fiscal year ending June 30 1935. was
800,749,169,a loss of 9.547,159 passengers, or approximately 1.18%. Two
the year, namely, the Brooklyn
of the lines showed increased traffic duringthe case of the
former, the good
Line and the Pelham Bay Park Line. In
almost
showing was due largely to an increase of losses at40% in traffic at the
the downtown stations
overcoming heavy
New Lots Station,thereby
in Brooklyn. The Pelham Bay Park Line was able to show a gain despite
Station, where the traffic
the heavy loss of over 20% at Pelham Bay Park the
fell off due to pollution of bathing beaches andon improvement of park
homes
lands necessitating the removal of many were the those lands.
Lexington Avenue Line
The lines showing the heaviest losses
and the Queens Line, these lines being the last to encounter serious competifrom the Independent System. The Broadway-Seventh Avenue and
tion
the Lenox Avenue lines showed losses of less than 1%. Of the loss of
by the
9,547,159 passengers during the year, over 35% was accounted for station
decreased traffic to and from the two Wall Street stations. The
showing the greatest loss was the Grand Central Station, where more than
turnstiles.
1,000,000 fewer passengers entered the declined during
the fiscal year by
Traffic on the Manhattan Division passengers
carried was 214,967,958.
5,632,789 passengers. The number of the
exception
a loss of approximately 2.55%. With uniform on of the Second Avenue
the various lines.
Line, the loss in percentage was fairly
The number of passengers carried on the system in the fiscal year 1934
1,015.717,127, a loss of 15,179,948, or approximately 1.47%.
was
Results from Operations of the Subway Division
-Month-1934
1935-12 Mos.-1934
Period End. JUne 30- 1935
Gross operating revenue $3,483,193 $3,607,203 U3,858,527 $44,298,356
2,113,474 2,222,600 25,679,506 25,483,125
Operating expenses
Net operating revenue $1,369,719 $1,384,602 $18,179,020 $18,815,231
975,310
x265,592 1,408.647
137,697
Taxes
Income from operation $1,232,022 $1,119,009 $16,73 $17,839,921
2,624,491
218,707 2,624,491
218,707
Current rent deductions_
$1,013,314
Balance
Used for purchase of
Cr52,508
assets of enterprise
Balance-City & Co $1,065,823
Payable to City under
Contract No. 3
$900,301 $14,145,882 $15,215,430
Dr76,717
Cr171,956
Dr76,671
$823,630 $14,317,839 $15,138,713
317,538
393,864
Gross Inc from oper'n $1,065,823 $1,217,494 $14.317,839 $14,821,174
871,276 9,992,544 10,269,837
582,501
Fixed charges
$346,217 $4,325,294 $4,551,337
Net inc. from °peen- $483,321
31,434
3,033
7,084
24,369
Non-operating Income....
$349,251 $4,349,664 $4,582,771
$490,406
Balance
Manhattan Division Operations
-Month-1934
1935-12 Mos.-1934
Period End. June 30- 1935
operating revenue $974,195 $1,036,363 $11,924.095 $12,214,741
Gross
827,418 10,328.632 10,027,694
882.646
Operating expenses
Net operating revenue
Rental ofjointly operated
lines:
Queensboro Line
Lexington Avenue Line
White Plains Rd. Line
Other rent items
$91,549
$208,944 $1,595,463 $2,187,046
46
$ . 81
4,136
3,086
6,814
$56,944
46,493
37,608
81,962
$51.107
49,520
36,249
77,074
$18,615
Balance of net operattog revenue
-V.141, p.754.
$4.837
3,857
3,448
6,471
$18,718
$223,010
$213,951
$72,933
$190,226 $1,372,453 $1,973,094
144,599
199.939
556,128
Nil
$3.43
$1.80
-Dividend
--- International Nickel Co. of Canada, Ltd.
Consolidated Balance Sheet June 30
Increased
1934
1935
1934
1935
Liabilities-The directors have declared a dividend of 20 cents per share on the comAssets
790,668 x Capital stock__ 8,000,000 8,000,000
mon stock, no par value, payable Sept. 30 to holders of record Aug. 31.
1,233,005
Cash
716,099
Previously quarterly dividends of 15 cents per share were distributed from
U. S. Govt. secur_ 980,000 7,552,494 Accounts payable_ 354,467
53,494
Accrued payrolls_
Sept. 29 1934 to and including June 29 last, and 10 cents per share was
Commercial paper 2,990,231
Prov. for Fed. Inc.
paid on June 30 and March 31 1934. This latter was the first payment
Tax antic. notes
164,500
157,509
34,028 tax
made since Dec. 31 1931 when a regular quarterly dividend of five cents
City of Clevel'dOther accrd. oblig. 20,529
-V. 140, v. 3391.
was disbursed.
2,000,000
Ctfs. of deposit
Prov. for redemp.
1,774
Acerd. Int. recelv..
-Earns.
International Printing Ink Corp.(& Subs.)
of min. shs. of
Customers' accts.
In1934
1935
1932
581,773 corn. stk. of
1933
657,498
6 Mos. End. June 30-receivable
dustrial Fibre
$6,864,652 $6,074,747 $4,528,319 $4,886,280
Netsales
Mdse. Inventory.. 2,243,198 1,748,991
8,032
7,121
Corp. of Amer._
83,490
Costs,exps.,& deprec'n_ 6,223,456 5,506,084 4,622,514 4,824,316
Investments
27,713 Prov.for customers'
Water & ins. depos. 29,675
$61.964
$568.663 loss$94,195
$641.196
16,250 quantity aids. 80,504
Operating profit
46,250
Mtge. notes receiv.
252,000
41,285
39,758
Divs. payable_ _ 252,000
856
Other income
Officers accts. rec.
Res. for gen. cont.
Delve. in closed
$101.722
$609,948 loss$94,195
$641,196
61,673 & for mann. of
Total income
19,280
bank
158,272
108,196
76.000
87.180
See y
plants, ,
kc
Federal taxes
Miscell. accts. and
3,860 Profit & loos surplus 6,044,383 6,531,392
Provisions for exchange
2,459
advances,&e_ _ _
42,819
Paid-In surplus... 2.252,459 2,252,459
fluctuations
Subscrip. to capital
21.740
33,386
Other deductions (net)_ _
stock of National
42,670
24,990
dive
Sub. pref.
City Bank
y Plant and equip_ 6,987,205 7,192,036
$533,9481 551127,581
0
$489,606
$58,903
Net profit
Good-will, patent
154,206
179,419
157,648
1
166,011
1
Preferred dividends.._ _
rights, &e
125,359
48,278
55,740
Common dividends
Deferred charges...
17,330,663 13,082.755
$376,300 def$293,592 def$120,516
$210,041
Surplus
17,330,663 18,082,755 Total
Total
y No provision for Federal taxes was necessary for first six months of
x Represented by 599,256 shares of no par value in 1935 and 556,128 in
forward from 1931 is in excess of taxable
in 1934.
1932. as deductible loss carried
1934. y After depreciation of $3,800,598 in 1935 and $3,820,596
profits reported for first six months of 1932.
-V, 140, p. 2538.
The consolidated balance sheet as of June 30 1935. shows total assets
of 12,809,794 comparing with $11,362,365 on June 30 1934, capital surplus
-B,Mm,rs Ryerson
Inland Steel Co.
of $1,652,677 against $1.633.674 and earned surplus after deducting preecph
T. Ryerson & Son, Inc.,
T
(he merger of the Inland Steel Co. and J>
dividends of $76,713 and common dividends of $67,886, both payable
y the boards
ns
C cago steel concerns, was approved Aug. 5 two companiesof directors of ferred 1, of $706,400 against $542,169. Company had no funded debt.
will be about
Aug.
the two companies. Combined assets of t
size in the steel
Current assets as of June 30 1935, including $2.587,266 cash, amounted
$116,705,502, and the new company will rank seventh in
to 17.733,260 and current liabilities were $913.051 as compared with cash
industry.
of $1,797.077, current assets of $6.685,769 and current liabilities of $740,138
Approval of the plan, which is regarded as a formality, now awaits
on June 30 a year ago. Inventories amounted to $3.299,782 against $2,action by the stockholders of the companies and compliance with Govern741,139.-V. 140. p. 4403.
regulations.
ment
-Earnings
Key West Electric Co.
-Earnings
International Ry. Co. (Buffalo)
-Month-1934
Period End. June 30
- 1935
$12,444
$12,265
Gross earnings
5.096
5.267
Operation
1,372
1,167
Maintenance
1.665
1,308
Taxes
2,003
1,963
Interest & amortization.
$2.511
$2,352
Balance
Appropriations for retirement reserve
Preferred dividend requirements
1932
1933
6 Mos.End. June 301934
1935
Operating revenue
52.892,950 $3,141,363 52,850,532 $3,431,761
2,928.319
Operation and taxes_ _ 2,457,600
2,472,935
2,599,231
Operating income_
Non-operating income
$435,350
5.533
$542,132
6,442
$377,597
7.494
5503,442
12.950
Total income
Fixed charges
$440,883
542,595
$548,574
556,838
$385,091
580,692
$516,393
601,353
Net deficit
-V. 140, P. 3391.
$101,712 .
$8,263
$195,602
$84.961
Irving Air Chute Co., Inc.
-10 Cent Extra Dividend
Larger Regular-o c
,e
The directors have declared an extra dividend of 10 cents per share in
addition to a quarterly dividend of 15 cents per share on the common
stock, par 51, both payable Oct. 1 to holders of record Sept. 16. Regular
quarterly dividends of 10 cents per share were paid in each of the three
preceding quarters, and each three months from Oct. 2 1932 to and including July 1 1933.
Earnings for 6 Months Ended J une 30
1934
1935
Net profit after all charges
$170.276
$22.030
Earns, per share on 210,000 shares capital stock....
$0.10
$0.81
Surplus as of June 30 1935. was $931,971, against $806,284 at close
of 1934.
Current assets as of June 30 1935, including $455,017 cash, amounted to
$944,799 and current liabilities were $64,561. On June 30 1934, current
assets were $757,026 and current liabilities were $59,184/
.-V,,. 140, p. 1834.
sotta-Fraschini Co.
-25
-Cent Dividend-1W
The directors have declared a
25 cents per share on the
American shares, payable Aug. 23dividend of reccrd Aug. 16. The last
to holders of
previous distribution was made on May 8, last, and consisted of a special
dividend of 5 cents per share.
-V. 140, p. 3046.
Jamaica Public Service Ltd.(& Subs.)
-Earnings-
(S. H.) Kress & Co.
-Sales
-Month ofJanuary
February
March
April
May
June
July
1933
1935
1934
$4,761,726 $5.106.517 53.912,983
5.083.475
3.895,802
4,968.306
4.086,768
5,472,265 6,330,794
4.766,042
5,732.380
6,441,416
6.095,747 4.978.301
5.934.386
5,757,198 4.830,253
5,700.379
4,928,805
5,335,936
5,883.589
$39,162,067 $39,442,056 531,398,954
-New Directors
Kroger Grocery & Baking Co.
J. 0. McKinsey and Harry J. Gilligan were elected directors to succeed
-V. 141.
Otto Armleder, deceased and Colonel C.0. Sherrill, who resigned.
p. 601.
-Seeks to Issue $3,000,000 Notes-..---Laclede Gas Light Co.
he Interstate Commerce Contnission on July 31 approved the aciy
qu sition by he company of the properties of the Kansas City, Shreveport
& Gulf Ry
The re
t of the Commission says in part:
All of the securities of the Louisiana company, consisting of 3,030 shares
of capital stock kpar $100). and $6,623,000 1st mtge. bonds are owned by
the applicant. These stocks and bonds are deposited as collateral security
under the applicant's first mortgage and its refunding and improvement
mortgage,
he proposed acquisition is to be consummated by delivery
to the applicant of a deed from the Louisiana company covering all the
latter's property, rights and franchises. In consideration thereof, the
applicant will cancel all the outstanding capital stock and bonds of the
Louisiana co:npany and assu:ne all of its outstanding obligations and
liabilities. The applicant will then convey to the trustees of the appli_
cant's mortgages, above referred to, all the prorty and assets of the
property
Louisiana co:npany to be held by the trustees as security under the applicant's mortgages in lieu of the stocks and bonds in question. The applicant
states that it intends to dissolve the Louisiana company as soon as practicable.
-V. 141, P. 440,
..-.-Julius) Kayser & Co.
-Larger Dividend-eia..._--
The directors have declared a dividend of 65 cents per share on the
common stock, par $5, payable Sept. 10 to holders of record Aug. 26.
This compares with 25 cents paid on Feb. 15 1935. Sept. 15 1934, and
Feb..15 1934, this latter payment being the first made on the 55 pal stock.
-V. 140, p.2867.
elly-Springfield Tire
appeal from the ruling of the U. S. District Court at Baltimore
ap roving the vrganization plan has been filed by three stockholders
of the compan
The three stockholders are holders of old 6 and 8%
stock who did ot exchange their holdings when the company was rearganized in 1932.
The appellants charge the Court erred in rejecting their claims; in approving the plan of reorganization without making provision for the payment of their claims; in finding that the company was not insolvent, and
finally that the Court was without jurisdiction to confirm the plan because
it was not a plan of reorganization but a plan ofliquidation.-V.141, p. 601.
(G. R.) Kinney Co., Inc.(Sc Subs.)
-Earnings6 Mos. End. June 3019351934
1933
1932
Net sales
$6,050,265 $6,757,869 55.623,178 55.778,891
Cost and
5,615,456
6,408,983
5,840.516
5.953,342
Int. & misc. chgs. (net)
90,646
expenses-81,867
97,515
57,662
Deprec. & amortization_
118,237
139,167
126.868
119,809
$298,307
1934
$928,849
128,625
99,734
160,000
1,034,100
2,523,950
1,535,320
1,976,689
Total
$8,170,153 $8,387,267
$8,170,153 $8,387,267 Total
x 153,532 no par shares. y After depreciation and amortization.V. 140, P. 2709.
Proceeds to be received by the Kresge Foundation from the sale of the
issue amounting to $5,335,000 are to be used to reduce bank loans incurred
for the most part to pay the redemption price of $5,667,500 principal
amount of 10
-year collateral trust 6% gold notes due June 1 1936, but
called for redemption on June 1 1935 at 103 and interest.
The new issue is to be secured by pledge with the trustee of 650.000
shares of common stock of S. S. Kresge Co. and each 51,000 note is to
be convertible into the stock on and after Sept. 1 1936 as follows: To and
incl. June 30 1937 into 33 shares of stock; thereafter to and incl. June 30
1939 into 31 shares of stock; thereafter to and including June 30 1941 into
29 shares of stock; thereafter, to and incl. June 30 1943 into 27 shares
of stock and thereafter to and incl. June 30 1945 into 25 shares of stock.
The notes are to be non-callable until Jan. 1 1937.
The Kresge Foundation was created for charitable, educational and
philanthropic purposes and, in the opinion of counsel, these notes are
exempt from registration under the Securities Act of 1933, as amended.
The Foundation has agreed to make application in due course for the
-V. 141, p. 755.
listing of the notes on the New York Stock Exchange.
Total for seven months
-V. 140, e. 280.
(
Tansas City Southern Ry. 21-ewieitimr---
$201,161
$80.548 pf.$140,151
Balance Sheet June 30
1935
Liabilities1935
1934
$395,285 $566,390 Accounts payable_ $635,775
201,349 '..':otes payable__ 400,000
165,037
Prov. for Federal
income tax
3,119,629 3,136,902
Accrued it mIscell.
91,340
liabilities
80,800
85.000
121,796 Real estate mortg's 140,000
144,310
260,829
192,668 Gold notes outst'g 897,600
22,000
1,524,412 1,623,110 Res. for contingen
Preferred stock._ 2,523,950
2,480,051 2,480,051 x Common stock__ 1,535,320
1,924,168
Surplus
1934
1933
58,824.821 $7.706.388
8,053.868
8.797.055
8.491,512
12.320.725
10.146.128 10,228,412
9.941,023
11,680.348
11,522,566 10,304.867
9,471,998 9,406.816
,---- (The) Kresge Foundation-Notes Offered-Public offering was made Aug. 8 at 100 and int. of a new issue of $5,500,000 10-year 4% collateral trust notes by Blyth & Co., Inc.;
Merrill, Lynch & Co.; Cassatt & Co., Inc.; White, Weld &
Co.; Hemphill, Noyes & Co.; Kidder, Peabody & Co., and
the First of Michigan Corp.
The directors have paid dividends on account of accumul • ions of 873
cents per share on the 7% cum. pref. stock, series A; 81) '(nts per share
on the 63% cum. pref, stock, series B, and 75 cents pwr s re on the 6%
cum. pref. stock, series C, all of $100 par value, on July 20 to holders of
record July 15. Similar distributions were made on March 20 last, Dec. 20
and June 15 1934, prior to which no dividends had been paid since June 30
1932, when regular quarterly distributions of $1.75 per share on the 7%
pref., $1.62% per share on the 6%% pref. and $1.50 per share on the 6%
pref. stock were made.
-V. 140. p. 4237.
Period End. June 30- 1935
1935-12 Mos.-1934
-Month-1934
Gross earnings
$69,515
$841,139
$812,157
$69,299
Oper. exps. and taxes_..
483,020
42,315
497.949
41,658
Interest and amortiz _
112,945
104,969
8,626
9,042
Balance
$238,220
$216,191
519,013
$18,157
-V. 141, P. 117.
1935
58.488,423
8.975.052
10.328,161
11.518,500
10,871,686
11.048,088
10,004,027
$71,233,938 $72,763.641 $64,132,889
Total seven months
The company had 688 American and 47 Canadian stores in operation on
July 31, against 680 American and 44 Canadian at the end of July 1934.
- 141, p. 280.
V.
----Iowa Electric Light & Power Co.-Pref. Divs.
Net loss
517.636
520,478
-Sales--(S. S.) Kresge Co.
Month ofJanuary
February
March
April
May
June
July
1933
1934
1935
51,098,592 51,113,812 $ 902,342
1,127,467
1,832,987
1.582,921
1,828,774___1,742,597---1,561,488
1,752.994_ _ -1,805,752---1,529,215
1.711,266_ - _1,768,679-- _1,657,448
1.204,722__1,115.507- _ _1,204,500
xSix months
$9,206,290 $9,389,213 57,984.788
Note
-Above sales include company's own departments, but exclude
groceries and leased departments.
sApproximated.-V. 141, P. 279.
AssetsCash
Accts. receivable_
Merchandise. raw
materials, Sm.__
15-yr. 7ii% gold
notes reourch-Investments
Prepaid expenses_
y Fixed assets__
Trade-marks, good
will
1935-12 Mos.-1934
$151,429
5151.849
66,353
68,218
17,014
17.967
14,881
17,509
24,132
26,315
$24,021
$26,863
20.000
20,000
24.500
24,500
Deficit for common dividends & surplus
- 141, p. 280.
V.
Interstate Department Stores, Inc.
-Sales
Month of
February
March
April
May
June
xJuly
••
.1••••••••
923
Financial Chronicle
Volume 141
The company has applied to the Securities and Exchange Commission
to register $3,000,000 6% collateral trust notes, due Aug. 1 1942.
The notes are being exchanged for the company's 5ji% notes, due Aug. 1
1935, on a par for par basis with a cash bonus to the noteholders of $75 per
note exchanged for series A collateral trust notes.
As of July 31 1935, the company states that there have been issued
000 of series A collateral trust notes and $654,000 of series B notes
$1,645,
in exchange for an aggregate of $2.299,000 515% notes, leaving a balance
,
of $701.000 5%% notes unexchanged and outssanding.-V. 141, p. 440.
Lake Shore Mines, Ltd.-Production--Assets
For the three months ending June 30 1935, the last quarter of the corn.
bullion to the extent of $2.441.075 as company s fiscal year, it,prod
ucedthree months ended March 31 1935. During
pared with $2 344 00in the t
the period under review, the company treated 207,484 tons of ore, an
increase from the last quarter when tonnage treated amounted to 205.502
tons. Average recovery for the period was $11.74 against 311.40 in the
last quarter. A comparison of the past four quarters is as follows:
Quarter Ended
June 30 '35 Mar. 31 '35 Dec. 31 '34 Sept. 30 '34
210.082
210,025
Tons milled
205.502
207,484
Bullion recovered
52,441,075 52,344,000 52,321,965 52.469.900
-V. 141, p. 117.
Lane Bryant, Inc.
-Sales-Month of
January
February
March
April
May
June
July
Total for seven months
-V. 141, p. 280.
1935
5906.500
727.597
1.210,220
1.339.061
1.249,620
1,196,327
798,643
1934
$952.055
773.387
1.321,870
1.248.454
1,269,158
1,248,414
729,939
1933
5804.217
670.308
836.810
1.105.926
1.091.076
1.171.096
712,608
57,427,968 57,543.277 56.392.041
Lefcourt Empire Building, New York-Offer to Bondholders
The Real Estate Bondholders Protective Committee (George E. Rooseveil, Chairman) in a recent notice to the depositors of 1st mtge. fee 511%
serial gold bonds dated June 15 1926 states:
negotiatio
The committee has been carrying on negotiations with the owner and
with other interested purchasers during the past year in the hope of arrivlog at a plan of reorganization of this property. These negotiations have
more recently bee.i for the sale of the bonds deposited with the committee
for cash. Its efforts have resulted in an offer being made to purchase the
deposited bonds for 555 in cash for each $100 thereof. The co:n:nittee now
asks its depositors whether they wish to sell their bonds for cash or continue
their investment in the property through a plan of reorganization.
V. 138, p. 1056.
-Obituary
Lehigh Valley RR.
David Galbraith Baird, Secretary and Treasurer for more than 35 years,
died on July 25.-V. 141. p. 601.
-Sales-Lerner Stores Corp.
Month ofJanuary
February
March
April
May
June
July
Total for seven months
V. 141, p. 280.
1934
1935
1933
$1,789,621 51.581,368 $1.174,761
1.837,678
1.587.856
1.240.948
2.371,983
2,584 812
1.391.889
2.902.327
2.22.702
1,949.997
2,707.330
2.524.854
1.899,851
2,924.828
2,560,030
1.915,543
2,582.757
2,011,102
1,693.272
517,116.524 515,075.724 $11,266,261
924
Financial Chronicle
Lessings, I n c -Earnings.
6 Mos.End. June 301934
1935
Sales
$180,261
$179,025
Cost of sales, operation
& general expenses..._
178,819
180,081
Other charges
Dr2,494
Cr1,156
Prov.for income taxes
100
475
Net loss from sale of sec
Net inc. to surplus._ _
Balance, Jan. 1
Adj. to State & municipal bonds
$2,122
54,693
1933
$175,017
1932
$211,221
167,013
Cr1,725
1,943
192,680
Cr2,001
3,571
219
$7,786
55,377
$16,752
77,989
loss$3,650
63,262
2,285
Total surplus
Miscellaneous credits.
$59,100
$59,611
11,063
$63.163
63,158
$94,741
Surplus
Dividends paid
Miscellaneous debits
$59,100
$70,674
6.306
$126,321
$94,741
19,249
3,141
65,310
5
Balance, June 30
Shares capital stock outstanding (par $5)_ _
Earnings per share
$59,095
$64.368
$61,010
$72.350
30,744
$0.07
31,532
Nil
31,532
$0.25
32,024
$0.52
Balance Sheet June 30
Liabilities
Assets
1934
1935
Cash
.
36,316 Accts. payable &I
$17,237
Accts. receivable_ I
5.000{
590 sund. creditors
Notes rec. secured)
5,500 Accrued payroll_
Accrued Mt. Tee_ _
963 Federal and State
247
Inventories
14,433
13,293 tax reserve
Capital stock
Prep'd insur.,rent,
1,726 Surplus
taxes, &c
3,102
Marketable securs.
42,300
31,300
x Land, bldgs., fix102,425
tures & auto eq _
94,546
511
Deferred charges _
Good-will & leases
1
1
Aug. 10 1935
The company will proceed to make the exchanges of stock authorized.
Authority granted by the shareholders to refund the bonds will not be
exercised.
Directors have been in touch with a group of investment bankers with
reference to a refunding issue of bonds, and registration of a new issue with
the Securities and Exchange Commission became effective July 31; but,
inasmuch as recent market conditions did not seem favorable to the issuanus of new bonds on a basis that would effect savings for the shareholders,
it was decided not to proceed further at this time.
-V. 141, p. 756.
-Earnings
Liquid Carbonic Corp.
Period End. June 30- 1935-3 Mos.-1934
1935-9 Mos.-1934
$3,392.372 $2,782,106 $7,301,034 $6,245,154
Net sales
526,263
538,391
Profit before charges_ _ _
632,077
756,797
2,116
Interest
135,177
405,121
136,075
Depreciation
401,082
20,152
57.027
22,547
Taxes
59,408
Net profit
Earns, per sh.on 350,000
no par shs, cap. stock_
-V. 140, p. 3218.
$438,975
$370,934
$296,307
$108,609
$1.25
$1.06
$0.84
$0.31
-Earnings-Lockheed Aircraft Corp.
6 Mos, End. June 30--
1935
1934
Sales
Returns and allowances
1935
$1,069,168
3.296
1934
$137,451
565
$13,442
$13,024
Net sales
Cost of sales
$1,065,871
767,489
$136,886
133.413
1,097
92,232
59,095
1,637
94,596
64,368
Gross profit
Selling and administrative expense
$298,382
66,761
$3,473
41,378
Operating profit
Other income
$231,621 loss$37,905
8,288
3,145
Total loss
Other expenses
Depreciation
$234,766
67,325
14,506
$165,866 $173,625
Total
$165,866 $173,625 Total
x After reserve for depreciation of $142,348 in 1935 ($131,949 in 1934).
-V. 140, p. 3048.
Lexington Utilities Co.(& Subs.)
-Earnings
Period End, June 30- 1935-3 Mos.-x1934
1935-6 Mos.-x1934
Total gross earnings_ _ _ _
$421,623
$827,758
$824,383
$410,316
Total operating expenses
and taxes
275,897
296,698
541,124
581.429
Net earns. fro:n oper_
Other inco:ne (net)
$134,419
9,667
$124,925
10,330
$286,634
19,703
$242,953
20,842
Net earns, before int_
Funded debt interest_ __
General interest
Amort. of bond discount
and expense
$144,086
59,303
4,002
$135,255
63,900
3,407
$306,337
118,797
5.130
$263,795
125,892
5,021
7,382
7,382
14,765
14,765
$29,617
12,776
6,368
Net profit
$152,935 loss$48,762
Earnings per share on common stock
Ni
$0.37
Balance Sheet June 30
LtatllUtes1935
1934
Assets1935
$217,533 $184,478 Accounts paable
Cash
$62,029
$94,893
21,815 Notes payable_ _ _
66,407
Accts. rec. (net)._
74,372
32,263
281,558 Contracts payable
198,803
6,017
Inventories
588
Customers' depos_
Due from South'n
151,250
20,613
Wages payable_ _ _
21,936
Calif. Aviation
19,236
2,137 Federal inc. taxes_
3,755
2,063
Corp. advances_
2,292 Accrued nab
1,818
3,491
0th. current assets
6,646
License agreement
M'bership in Mandeposit
ufacturers Alter.
1,000
1,000 Due to Nederland1,000
Assn.(cost).- -.
110,311
ache VIlegtuigen
117,737
Fixed assets
Fabrlek
164,965
102,538
Deferred charges
27,588
1 Cap. stk. (par SO _ 404,610
1
373,185
Pats., tr. names,&c
25,000 Capital surplus._
25,000
Other intangible
139,875
141,078
Deficit
21,966
32,621
Net inco:ne before
preferred dividends
$73,397
$60.565
$167,643
$118,116
Total
$734,502 $793,556
Total
$734,592 $793,556
x Adjustments made subsequent to June 30 1934, but applicable to the - 140, p. 4071.
V.
period beginning Jan. 1 1934, have been given effect to in these colu:nns.
Note-This state:nent includes the income and expenses of the Lexington
-Earnings
Loft, Inc.
Ice Co. and, until the discontinuance of its operations on Oct. 15 1934. of
the Kentucky Coach Co. The operations of the Kentucky Traction &
Period End. June 30-- 1935-3 Mos.-I934
1935-6 Mos.-1934
Terminal Co., in proceedings for reorganization under Section 77-B of the
$3,290,656 $3,042,824 $5,984,701 $6,312,854
sales
Net
-V. 141, p. 756.
51.658
41,006
Federal Bankruptcy Act, are not included herein.
Net loss after all charges
prof9,623
93,205
_4 4 4.140, p. 4239.
4 .7 ,
-Accumulated Dividend
,.....---Lexington (Ky.) Water Co.
ong Island Consolidated Electrical Cos.-DtssolvedThe director* have declared a dividend of $1.75 per share on account of
The company on July 18 filed a certificate of dissolution with the New
accumulations on the 75 cum. pref. stock, par $100, payable Sept. 1 to
-V. 84, p. 868.
York Secretary of State.
holders of record Aug. 20. A similar pay:rent was made on June 1 last.
The last regular quarterly dividend of $1.75 per share was paid on June 1.
Los Angeles Gas & Electric Corp.
-Earnings
1933.
12 Months Ended June 301934
1935
1935
1934
12 Months Ended June 30profit after tax.,int., deprec.,amortization,&c $3,941,365 $33,398,501
Net
$380,927
$315,230
Operating revenues
V.
219,707
Operating expenses
166,840 - 141, p. 281.
Earnings from operations
Other income
$161,220
9,150
$148,389
8,587
Gross income
Interest on funded debt
Other interest
Provision for Federal income tax
Amort. of debt discount & exp. & miscell. deduc'ns
-paid
Preferred stock dividends
$170,371
110,587
342
5,080
10.640
7,000
$156,976
108,564
3,435
1,133
10,360
$36,720
$33,483
Balance
-V. 140, p. 3720.
-Earnings
Link-Belt Co.(& Subs.)
-March-1934
1935-6 Mos.-1934
Period End. June 30- 1935
$833,849 $6,700,233 $4,916,831
$1,098,039
Sales to customers
6,216,058
4,602,482
1,002,781
786.653
x Costs of sales
Net profit on sales_ _ _ _
Other income
Total income
Sundry charges to income
Federal tax estimate
$95.258
23,087
$47,196
20,141
$484,175
141,803
$314,349
140.442
$118,345
9,441
13,425
$67,338
12,046
4,766
$625,978
23.167
70,228
$454,791
30,859
45,192
Net credit to surplus to
$50,526
$532,584
$95,479
date
$441,603
$230,987
$38,498
x Incl. depreciation _ _ _ _
Earns, per share on 673,073 no par ails. corn.
$0.62
stock
Consolidated Balance Sheet June 30
1935
1934
1935
Liabilities$
Assets
$
2,096,354 2,268,216 Accounts payable_ 543.307
Cash
57.020
Accts. & notes rec_ 2,357,480 1,840,661 Dividends payable
120,513
Inventory
2,405.992 2,442,206 Accident reserves_
187,790
Securities
5,067,865 4,200.319 Other reserves... _
172,600 Prov, for taxes, eat 293,926
Inv. In MM. cos
172,600
Preferred stock... 3,514,200
Inv. In employees'
361,253 y Common stock _ _ 10,584,739
stock put, trusts 310,152
3,387,968
76,725 Surplus
Accrued interest
46,395
x Real est., bldgs.,
mach'y, equip5,497,924 5,558.585
ment.&c
147,012
129,396
Deferred charges
587.689
803,988
z Treasury stock
$378,739
$250,063
$0.37
1934
$
340,111
61,648
107,191
190,548
285,195
4,000,000
10,584,739
2,284,517
18,689.463 17,853,948
Total
Total
18,689,463 17,853,948
x After depreciation.
y Represented by shares of no par value.
z Represented by 53 shares preferred stock in 1935 (2.063 in 1934) and
36,104 shares common stock in 1935 (36,144 in 1934).-V. 140. P. 4405.
Libby, McNeill & Libby-Market Conditions Not Favorable to Issue Bonds at This TimeEdw. C. McDougall. President, in a letter to stockholders dated Aug. 1
says:
This is to inform you that the special meeting of shareholders held in
Portland, Me., July 30 1935. approved the proposals submitted to the
shareholders on July 2 to reorganize the capital stock of the company and
to authorize the board of directors to sell a new issue of bonds to refund
the outstanding bonds.
Los Angeles Junction Ry.-Lease of Line
The Interstate Commerce Commission on July 29 deferred its order
approving the lease by the company of the railroad of the Central Manufacturing District, Inc., although the Commission conditionally found the
lease to be in harmony with and in furtherance of the Commission's plan
for the consolidation of railway properties, and to promote the public
interest.
The line in question is a terminal railroad serving an industrial area
and connecting with lines of the Atchison Topeka & Santa Fe Ry. Co..
the Southern Pacific Co., the Pacific Electric Ry. Co. (a Southern Pacific
subsidiary), and Los Angeles & Salt Lake RR. (a subsidiary of Union
Pacific RR.).
Construction of the District's railroad was authorized by certificate
dated June 20 1925 in Construction and Operation of L. A. J. Ry., 99
I. C. C.287. By order herein dated Oct. 10 1925, under the provisions of
Section 5(2) of the Act, as they existed prior to June 16 1933, we authorized
the applicant to acquire control of the line under lease upon terms and
conditions found just and reasonable in the accompanying report, 99
I. C. C.762. We have made other related determinations in which operation by the applicant and the Southern Pacific over tracks Of the Union
Pacific have been authorized. Operation by Los Angeles Jct, Ry., 105
I. C. C. 454, and Operation of Line by Southern Pacific Co., 150 I. C. C.
123.
On Oct. 1 1923 the Union Pacific, Southern Pacific and Santa Fe entered into an agreement establishing a joint-agency at the stockyards
Included in the industrial district. This agreement was modified in certain
particulars on May 1 1926, and on Oct. 25 1928 it was superseded by a
new contract to which the Pacific Electric also was admitted as a party.
Under this contract the Union Pacific maintains a location at or in the
immediate vicinity of the stockyards and industrial district, conducts
there, under its own direction, a joint agency of the parties to the agreement, and employs a joint agent and the necessary office force, &c. The
agreement was terminable by any party, either in its entirety, in the case
of the Union Pacific, or as to individual adherence thereto, in the case
of each of the other parties, upon six months' notice, and would have
expired by limitation on Oct. 1 1933: but on Sept. 25 1933 and Aug. 28
1934 it was renewed for periods of one year. Under the renewal agreements it may be terminated by any party on 30 days' notice.
The joint-agency arrangement seems to have worked well enough in practice, and if the term of its duration were more certain it would seem to
constitute a satisfactory method for operation of the terminal pending
consolidation.
The original lease is for a term of one year from Oct. 10 1925, and thereafter from year to year until canceled by either party on 90 days' notice.
Under the proposed supplement the lease will run for the period from
Jan. 1 to Dec. 31 1935, and thereafter from year to year as before. The
lessor now will agree to provide such additions and betterments as may
be reasonably necessary. The former annual rental, $600, is increased
to $40,000, if earned, or such amount, not exceeding $40,000, as may be
earned; or, if in any year there are no earnings available for the purpose,
then the rental for that year is to be completely abated. The previous
provision requiring the lessee to pay taxes on the leased property is extended to include taxes levied on future additions and betterments. No
change is made in the lessee's covenants to use the leased premises and
keep them in good repair at its own expense, or in the original provisions
as to indemnification of the lessor against loss and damage claims, termination of the lease on default, or succession as parties of the present
parties' successors and assigns. The contingent annual rental of $40,000
would amount to less than 2% a year on the value found for part of the
properties for rate-making purposes.
The lease is and would continue to be terminable by either party on
short notice at the end of any year, but both lessor and lessee are under
common control, ultimately by the Santa Fe. Thus it is by no means
clear that, without a proper safeguard, the new lease may not "prevent
or hinder the carrying out of any part of the plan." In order that we
Financial Chronicle
Volume 141
may find it in harmony with and in furtherance of the consolidation plan,
and in the public interest, it is necessary that we retain jurisdiction herein
to the end that we may modify or revoke our approval if hereafter the
lease should be found to defeat such disposition of the leased promises as
hereafter may be found proper under the plan, or otherwise objectionable.
We shall therefore require, as a condition precedent to the granting of
the application, the acceptance by the applicant of the condition that
the lease shall be subject to cancellation, and shall be canceled, by the
parties within such period as we may prescribe in any further order.
V. 135. p. 814.
Louisiana Ice & Electric Co., Inc.(& Subs.)
-Earnings
6 Months Ended June 30
Total operating revenue
Non-operating revenue (net)
Gross revenue
Operation
Maintenance
Local taxes..................................
Income deductions
Premium on bonds retired
Interest on bonds
Interest (miscellaneous)
1935
$302,692
Dr2,078
z1934
$304.379
543
$300,614
245,968
40.840
32,759
2,120
1.508
2,304
500
3 1 919
2
3
$ 04:122
36,812
34,900
1.706
Total
$2,303,637
Total
52,303,637
x After reserve for losses of $42,170. y After reserve for depreciation of
$422,189. z 13,604 shares (cost $71,221)
.-V. 141, p. 441.
......---Mackay Radio & Telegraph Co.
-Cuts Rates to Japan
-
Net loss before depreciation, Federal inc. tax, &c
prof$383
$25,387
x Comparative figures for 1934 are those of the predecessor company
restated for comparative purposes.
Consolidated Balance Sheet June 30 1935
Assets
LiabilitiesPlant, property & equipment.. $981,559 lat mtge. & coll. trust 6%
Conveyance equipment at cost
$22,950
bonds, due Jan. 1 1940
72,096
Ice cream cabinets at cost__
32,128
3,425 Accounts payable
Work In progress
17,270
19,598 Consumers' deposits
Investments: stocks & bonds
2,760
970 Ice coupon liability
Cash
26,363
40,047 Accrued taxes
U. S. Treas. bonds 3% due
5,353
Accrd. int, on consumers' dens
I Dec. 1951 (at par)
2,223
29,000 Accrd. liability Insurance
Notes receivable
66,258
• 36.000 Reserves
Accounts receivable
2,485
94,891 Consumers' line ext. deposits_
Interest receivable
883 Com, capital stock (68,966
Materials & supplies--general_
68,966
whole shares)
8,809
Materials & supplies-mdse__
13,786 Com, capital stock (132.13
Prepayments
132
14,219 fractional shares)
MIscell. current assets
1,082,102
1,249 Capital surplus
Funds on den with trustee_ _
1,501
Deferred assets, suspense
10,954
Total
51,328,994
Total
$1,328,994
-V. 140, P. 3900.
Louisiana Power & Light Co.
-Earnings
(Electric Power & Light Corp. Subsidiary]
Period End, June 30- 1935
1935-12 Mos.-1934
-Month-1934
Operating revenues
$445,594 $5.607,995 $5,401,388
$447,450
Operating expenses
3.508,858 3,194,260
279,062
300,329
Net revs, from oper
$166,532 82,099,137 $2,207,128
$147,121
Rent from leased property (net)
2,525
8.114
634
Dr519
Other income (net)
20,764
28,296
1,555
852
Gross corp. income___
Interest and other deduc.
$168,721 $2,122,426 $2,243,538
$147,454
929,931
929,212
77,826
76,724
Balance
y$90,895 $1,192,495 $1,314,326
y$70,730
Property retirement reserve appropriations
467,100
420,000
z Dividends applicable to preferred stock for
period, whether paid or unpaid
356,530
356,562
Balance __________________________________
$490,664
$415,965
y Before property retirement reserve appropriations and dividends.
Regular dividend on $6 pref. stock was paid on May 1 1935. After the
z
payment of this dividend there were no accumulated unpaid dividends at
that date.
-V. 141,p. 118.
Louisiana Steam Generating Corp.-Tenders-
T,tte Chase National Bank of the City of New York, Trustee, is inviting
tenders for the sale to it of first mortgage 6% gold bonds, due Nov. 11939,
at prices not exceeding 102% and accrued interest. in an amount sufficient
to exhaust the sum of 356,590, now held in the sinking fund. Tenders
will be received up to 12 o'clock noon on Aug. 14, at the Corporate Trust
Department of the Bank, 11 Broad St., New York.
Period End. June 30- 1935
1935-12 Mos.-1934
-Month-1934
Gross earnings
5146-304 $1,981,742 51,895,124
$190,974
Operation
1,324,494
1,255,723
99,288
118,545
Maintenance
75,906
58,295
6,759
4,583
Taxes
99.453
69,290
7,061
8.589
Interest & amortization_
206.307
222,858
17,827
16,737
Balance
$275,580
$288,956
$15,366
$42,519
Appropriations for retirement reserve
264,000
264,000
Balance for common dividends & surplus
$11.580
$24,956
-V. 141, p. 281.
Lower-Auttrian Hydro-Electric Power Co.
-Aug. Int.
The interest due Aug. 1 1935, on the gtd. 20
-year closed 1st mtge. sinking
fund 6%% gold bonds, due 1944, was paid.
-V.140, P. 977.
Lunkenheimer Co.
-Earnings
--
6 Mos. End. June 30-Net profit after taxes,
depreciation. &c
Earns. per sh.on 200,000
no par shs. ofcom.stk.
-V. 140. p. 977.
1935
$92.737
$0.42
1934
1933
1932
$87,988 loss$196.349 loss$269.908
$0.35
Nil
Nil
--- Luzerne County Gas & Electric Corp.
-Bonds Called
A total of $26.000 1st & ref. mtge. gold bonds 6% series, due 1954, have
been called for redemption on Sept. 1 at 105 and interest. Payment will be
made at Pennsylvania Co.for Insurances on Lives and Granting.Annulties,
Philadelphia, Pa.
-V. 140, p. 805.
McCall Corp.
-Earnings
--
6 Mos.End. June 30
1933
1932
1934
193.5
Net inc. after chgs. &
Federal taxes_
$767.094
$770,914
$892,108
$813,915
Shs. co:n. stk. outstand.
(no par)
539,360
5411
54E12
7?
539,360
Earnings per share
$1.43
31.51
Current assets as of June 30 1935, amounted to $4,204,700 and current
liabilities were $851.312. comparing with $3,458,230 and $706,015 respectively on June 30 1934.-V. 140, P•
977.
McGraw Electric Co.
-Earnings
-
(Including operations of subsidiaries liquidated prior to Jan. 1 1935)
12 Months Ended June 301935
1934
Net sales after deducting discounts, returns and
allowances_____________ $3,432,158 $2,451,320
Cost of goods sold, gen., admin.& selling exps_ __ _ 2,863,186
2,167.859
Net profits from operations
$568,972
$283,460
Other income
29,024
44,710
Adjust. of reserves set up in prior years
40,848
Net profits before income taxes
$638,844
$3328,170
Provision for income taxes
102.052
32,703
Net profits ________________________________ $536,792
$295,467
925
Balance Sheet June 30 1935
Assets
Liabilities
Cash on hand and in banks_ __ $818,298 Accounts payable
$69,607
Receivables
x303,331 Accrued liabilities
73,871
Inventories
543,562 Reserve for Federal income
Prepaid Ins., supplies, &c
36,713 taxes of prior years partially
Investments, &c
46,803 in dispute
69,668
Land, bldgs. mach. & equip.,
Reserve for contingencies
50,000
tools, dies, &c.,turn. &
'
y435,187 Capital stock (par $5)
1,250,000
Treasury stock
z62,020 Paid-In surplus
267,004
Development work
57,719 Earned surplus since Jan. 1 '33 503,454
Pats., trade-marks & good-will
1
New tariffs to become effective Sept. 1, which will reduce the rate on
radiograms between this country and Japan sent via Mackay Radio, were
filed on July 30 by the company with the Federal Communications Commission. The new rate on full rate messages from New York will be 72 cents
a word, as compared with the present rate of 82 cents.
-V. 138, p. 4130.
Mack Trucks, Inc.
-Earnings
Period End,June 30- 1935-3 Mos.-1934
Net loss after deprec., &c 3132,015prof$210.627
Earns, per sh.on 667,335
shs.no par.com.stk.out.
Nil
$0.31
-V. 140, p. 3219.
1935-6 Mos.-1934
$319,033prof$180,980
Nil
$0.27
Madison Square Garden Corp.(& Subs.)
-Earnings
-Years End. May 311935
1934
1933
1932
Income
$2,715,435 $2.290,772 $2,658,887 $3,092,630
Operating, general & administrative expenses_ 2,156,994
2,006,742
2,289,200 2,597,564
Int. on bonds & mtges
58,972
60,000
60,000
73,208
Loss on sale of cap. assets
13,327
Allowance for doubtful
accounts
10,000
Deprec., amortiz., &c
265,432
283,030
290,315
260,524
Pray,for Fed. inc. taxes
31,141
1,000
30,608
Net profit
Burp. at begin, of period
Total surplus
Adjustments (net)
Dividends paid
$179,568 def$59,000
951,563
1,024,234
$1,131,131
146,957
$18,372
1,034,490
$130,725
979,094
$965,234 $1,052,861 $1,109,820
13,670
28,627
28.327
47,004
Surplus, May 31
$984,174
$951,563 $1,024,234 $1,034,490
Common shares outstanding (no par)
281,900
271,900
288,700
308.560
Earnings
_
$0.64
Nil
$0.06
50.42
Note-Madison Square Garden Corp. proportion of the profit of Boston
Garden Corp., a partly-owned subsidiary, for the fiscal year ended May 31
1935, as shown by the report of other public accountants, was $2,287.
which amount has not been included in the above net income.
A payment of $200,000 was made on account of the principal amount
of the mortgage on the Garden, reducing it from $1,200,000 to $1,000,000,
and an extension of the mortgage was negotiated with instalments payable
to May 31 1940 and with interest at the rate of 3%% instead of 5% as
formerly.
The following three extraordinary charges were made against surplus
during this fiscal year:
(1) $93,017 being the loss upon the sale of part of the capital stock of
Boston Garden Corp.; however, as an incident of this sale, corporation
has been relieved of its liability amounting to $169,729 to pay the balance
of its subscription to preferred stock of Boston Garden Corp. by the payment of $91,123 with a contingent liability of $22,500 still remaining.
(2) $31,588 being chares against the New York Hockey Club, Inc.,
cancelled in connection with the making of a new six-year contract with
such corporation, and
(3) 522.351 being the cost of transfer stamps required in connection
with the expiration of the voting trust agreement.
Consolidated Balance Sheet May 31
Assets
1934
1935
Liabiluies1934
1935
5736,206 $526,901 Accounts payable_ $32,436
Cash
$26,386
Inventories
1,736
2,219 Accrued expenses_
9.624
28,695
Rec. due fr. officers
Federal and State
& employees_ _ _
1,550
tax
5,138
48,473
54,555
Marketable securs.
554)
550 Advance sale of
Special deposits....
4,962
4,489
tickets, &c
86,661
60,923
Invest. in & adv.
1st mortgage
1,000,000 1,200,000
to WM.cos
166,503
174,772 x Capital stock.. _ 3,153,375 3,114,832
y Land, bldgs. &
Surplus
951,563
984,174
equipment
4,155,802 4,355,727
Deterred charges_ 158,305
114,056
Cash held In escrow
188,000
69,473
84,764
z Notes & accts.rec
Total
$5,295,088 $5,456,611
Total
55,295,088 55,456,611
x Represented by 281,900 no par shares in 1935 and $271,900 in 1934.
y After depreciation of $2,109,241 in 1935 and 51,938.839 in 1934. z After
allowance for losses of $12,002 in 1934 and $20,712 in 1935.-V. 141, p.756.
-.---Maine Central RR.
-Refunding Plans Approved
A plan for refunding the road's 1st & ref. mtge. bonds amounting to
520,000,000 which mature on Dec. 1 1935, and the $3,000,000 6% collateral
trust bonds, by which bond holders may, if they desire, take half their
present holdings in cash and which will reduce the present fixed charges of
the road by about $175,000 per annum, was approved by the board of
directors Aug. 8.
The plan provides that the holder of each $1,000 principal amount of
either 1st & ref. mtge. gold bonds (series A 4%%;series B 4%%;series C
5%; series D 6%). or 6% collateral trust bonds will be entitled to receive
In exchange for such $1,000 bonds:
(a) $500 in new first mortgage and collateral bonds, series A sinking
fund 4%. due 1945, or, at the option of the bondholder $500 in cash, and
(b) $500 in new general mortgage bonds, series A 4%%, due 1960.
President E. S. French, in explaining the details of the proposed plan to
the board, stated that the Reconstruction Finance Corporation, subject to
the approval of the Interstate Commerce Conunission, has agreed to loan
company, at its request, sufficient funds to enable the company to make
part payment in cash to those bondholders who may elect to take it, and
to repay approximately 52,449,000 which the road at present owes the
RFC.
Under the proposed plan, which will be submitted in detail to each bondholder, and which must have the approval of the stockholders, the new
bonds will retire an equal amount of existing debt.
The Portland National Bank of Portland and the Second National
Bank of Boston will receive acceptances to the plan.
In the detailed explanation of the proposed plan, which will be sent to
bondholders shortly, it is pointed out that Maine Central has made rapid
strides forward since 1933. While the road did not earn its fixed charges
In 1931 and 1932 the fixed charges were earned by a small margin in 1933
and 1934. "In the first six months of 1935 there was a deficit, after fixed
charges of only $28.473 as compared with a deficit of $303,638 in the first
six months of 1934." the statement points out.
"If net income for the last half of 1935 equals that for the last half of
1934, net income for the year 1935 obviously will be substantially better
than for any one of the past four years."
In commenting on the progress of Maine Central since 1933, President
French stated that since Dec. 311933."the company has effected a reduction of approximately $225,000 in the annual charges for interest on funded
and unfunded debt and rental for leased roads. This reduction has been
brought about by the substitution of prior preferred dividends for rentals,
reduction in income taxes paid on behalf of leased roads. and the repayment
of indebtedness, in part with cash accumulated as a result of the charges
for depreciation of equipment. The consummation of this proposed plan
will result in a further reduction of interest charges of approximately
5175,000 annually. Thus, the total annual charges for interest on indebtedness and rental of leased lines which will exist upon completion of the
proposed plan of exchange will be approximately $400.000, or about 18.5%
less than the amount of such charges in the year 1933."
Present conditions make it impossible for the road to sell refunding
bonds to the public, it is pointed out in the detailed statement to the
bondholders which states: "It is believed that bondholders will recognize
that the conditions which affect the company and the market price for its
securities make it difficult, if not impossible, for the company to make
payment of its maturing bonds through the sale of refunding bonds to the
public. In the judgment of the board of directors, it is necessary for the
holders of the maturing bonds to accept a payment in new securities in full
or new securities in part and cash in part, if action under Section 77 of the
Federal Bankruptcy Act as amended or other judicial proceedings are to
be avoided."
Upon consummation of the plan there will be outstanding not exceeding
$13.949,000 new first mortgage and collateral bonds and $11,500,000 new
general mortgage bonds, a total of not exceeding $25.449,000. This, is it
stated, "does not represent any increase in the outstanding indebtedness of
the company,the two new mortgage issues being substituted for the present
first and refunding mortgage issue of $20,000,000. the two collateral trust
issues amounting to $3.000,000 ($25.900, or the new bonds in lieu thereof
being held for issues on exchange for stock of Portland & Rumford Falls
Ry. not owned by the company) and the indebtedness owed to the RFC."
The agreement of the RFC,it is stated, is contingent upon the plan being
accepted by substantially all bondholders on or before Dec. 1 1935. and
specifically provides that cash will be made available only to those holders
-V. 141, p. 602.
of bends who assent to the plan.
-Earnings--Mengel Co.(& Subs.)
Period End.June 30- 1935-3 Mos.-1934
$1,517,894 $1,445,241
Net sales
1,290,891
1,384,224
Cost of sales
Operating profit
Depreciation
Depletion
Interest charges
Misc. prof. & less items_
Fed'l income tax (est.)-Loss
-V. 141, p. 757.
-Earnings
Malone Light & Power Co.
Operating income_ _
Non-oper. income, net
$23,337
68
$27,749
73
$92,129
291
$137,872
284
Grose income
Deduc'ns from gross Inc-
$23,406
23,472
$27.822
23,886
$92,421
95.440
$138,157
97.953
$66
prof$3,936
Net loss
$3,019 prof$40,204
Preferred Dividend Passed
The directors have decided to take no action on the payment of the
dividend ordinarily due at this ti:ne on the $6 cum. pref. stock, no par
value. The last regular quarterly dividend of $1.50 per share was distributed on May 1 last.
-V. 140. p. 3900.
-Meeting Adjourned
Manitoba Power Co., Ltd.
At the meeting of the holders of the first mortgage bonds, held Aug. 7,
for the purpose of approving the general plan of consolidation and readjustment for Winnipeg Electric Co. and affiliated companies, $4,953,300
of bonds were represented in person or by proxy. As a quorum for the purpose of considering extraordinary resolutions under the provisions of the
trust deed is at least 70% or $8.065,190 of the total principal amount of
bonds outstanding, namely $11.521.700, the meeting was adjourned to
Oct. 10 1935.
Meetings of the holders of the bonds of the other companies in the Winnipeg Electric group are being held later this month and reports from
depositaries as to proxies received to date indicate that adjournments in
-V. 140, p. 4240.
these instances probably will not be necessary.
-Abandons 20,000
Maracaibo Oil Exploration Corp.
•
Acres in VenezuelaThe Committee on Stock List of the New York Stock Exchange has been
notified by the corporation that the corporation, through its subsidiary
companies, the Sucre Exploration Co. and the Urdanets Exploration Co.,
will abandon and surrender to the Venezuelan Government on or about
Aug. 15 1935, approximately 20,000 acres in Zones Sand 6. Miranda District of the Sucre Co. and Zone 8, Perija District, of the Urdanets Co.,
leaving approximately 5,000 acres as the remaining acreage of the corporation in Venezuela, after the above abandonment, and exclusive of Venezuelan royalty interest.
The corporation further notified the Exchange that, to date, its new activities in Texas and Louisiana, U. S. A., consist of having acquired 5 non-V. 1, . 281.
producing leases and 12 non-producing royalty Interests.
-Final Liquidating Dividend
...-----Marancha Corp.
The company declared a liquidating dividend of $6 a share on the $5
par value common stock, payable Oct. 30 to holders of record Sept. 20.
This will be the final liquidating dividend and will be paid upon surrender
of certificates to the First National Bank of Jersey City, I Exchange
-V. 141, p. 756.
Place, Jersey City, N. J.
-Earnings
Marion Water Co.
12 Months Ended June 30-
1935
$192,656
110.833
1934
$184,735
106.336
Earnings from operations
Other income
$81,822
928
$78,398
709
Gress income
Interest on funded debt
Other interest
Provision for Federal income tax
Amort,of debt discount & exp. & miscell. deduc'ne
-paid
Preferred stock dividends
$82,750
35.325
1.368
4,798
395
32.032
$79,108
35,325
607
3.769
515
32,032
$8,831
$6,859
Operating revenues
Operating expenses
Balance
-V. 139. p. 934.
--Earnings
Marlin-Rockwell Corp.(& Subs.)
1935-6 Mos.-1934
$683,170 • $524,129
97,902
77.370
176,119
194.340
Period End. June 30Gross
Depreciation
Expenses, &c
1935-3Mos.-1934
$268,749
$333,026
40.326
38,685
87,699
94,168
Profit
Other income
$200.173
35,720
$140,724
14,505
$411,460
54,347
$250,108
24,407
Profit
Other charges
Federal tax
$235.893
13.270
30,762
$155,229
27,345
$465.807
22,107
61.685
$274,515
47,251
Net profit
Dividends
$191.861
169.622
$127,884
157,622
3382,015
339,244
$227,264
425,580
$22,239 def$29,738
315,245
339.745
$0.41
$0.56
$42,771 detS198,316
315.245
339,745
$1.12
$0.72
-1934
1935-6Mos.
$8,187,601 $8,884,721
205,352
169,254
24.757
$4,267,602 $44,909,098 $8,381,612 $9,090,073
Total
Less manufacturing.sell6,790,057 7,738,413
4,163,981
general expenses 3.413.254
ing &
197,000
158,000
86.000
102,000
Prov. for Fed. inc. taxes
124,996
125,405
62,702
62,498
Depreciation
37,391
21,681
10,222
26,460
Other deductions
Net profit
Earns, per sh. on 1,617.922 corn. shs. (no par)
-V. 141 p. 756.
$663,389
$0.22
$586,193 $1,232,168 $1,046,574
$0.17
$0.38
Stock=
,_._-Melville Shoe Corp.-Tenders..freferi the sale
for
$0.27
to it o
(The company will until Aug. 20 receive tenders
Aug. 31 of sufficient 1st preferred stock to exhaust the sum of $82,87
-V. 141. p. 757.
exceeding $110.50 per share.
at prices not
51.776
6,630
7,115
$19,655 prof$20,446
$260,240
115,353
34,905
102,311
35,550
$347,625
135.437
103,982
16,610
16.560
$27,878 prof$75,035
hta-t,
Pursuant to an order of the U. S. District Court for the Southern D rict
of New York, a hearing will be held before Irwin Kurtz, special maSter.
15 Park Row, N.Y.City,on August 8,1935 on the petition of this company
praying, among other things, for an order declaring the company's plan of
reorganization, dated as of May 15 1935, submitted to the Court with the
petition, to be fair and equitable. The plan, which has been approved by
four of the five directors of the company, Mr. Leonard Marx alone voting
against such approval.
A brief analysis of the plan's provisions are as follows:
The company's indebtedness is to be adjusted as follows: Debentures
will be substituted for the company's 6% sinking fund gold bonds, 1958.
Bondholders will receive for each $500 of bonds, together with the Dec. 1
1933 interest coupon, and also subsequent interest coupons, $500 of debentures, and, in addition thereto, 10 shares of class A common stock. If.
however. the face amount of any interest coupons shall have been paid or
the money to pay the same shall have been made available prior to such
distribution of debentures, the coupons shall be deemed void.
The common stock will be divided into two classes, class A common stock
and class B common stock (all shares to be without par value or of such par
value as the company, with the Court's approval, may determine). Common stockholders will receive one share of the class B common stock for
each five shares of the present common stock.
The class A common stock will be distributed to bondholders as above
set forth. Class A and class B common stock will have equal rights, except
that if the cumulative interest on the debentures accrued to any interest
payment date remains unpaid, the shares of class A common stock will
alone have voting power,subject to any statutory provisions to the contrary.
All shares of class A and class B common stock will have cumulative voting
rights in electing directors.
The debentures will be secured by the indenture, dated as of Dec. 1 1928
and the indentures supplemental thereto under which the bonds are now
secured, which indentures will be substantially modified and amended (as
set forth in the plan).
The debentures will mature June 1 1958. Interest will be payable semiannually (J & D) up to an aggregate of 6% for any one year to the extent
that directors shall determine that there are or that there will be "net
cash receipts"remaining on such interest payment day after the payment of
Interest on prior liens, the payment of current operating charges and other
requirements of the company and its subsidiaries, and the setting up of
reserves.
The sinking fund provisions will be eliminated.
Interest on the debentures, at the rate of 6% per annum, will be cumulative from June 1 1933. or from such later date to which interest at rate of
6% per annum shall have been paid on the 6% sinking fund gold bonds.
1958 of the company. There will. however, be no interest paid on overdue
interest. The failure to pay such cumulative interest will not constitute
a default under the amended indenture, but no dividend may be paid on
any class of stock until all past accumulated and unpaid instalments of
interest shall have been paid.
The rights and interests of debenture holders will be further protected
by the following provisions: Until the principal amount of debentures is
reduced to one-half or less than one-half of the principal amount of debentures to be outstanding, no dividends or payments shall be made on class A
or clam B common stock; nor shall any shares of preferred or of class A or
class B common stock be redeemed, retired or purchased by the company;
and also, as long as any debentures are outstanding, no dividend shall he
declared or other disbursement paid on the preferred stock or class A or
class B common stock from the proceeds received from the sale of the
capital assets or the mortgaging or pledging of the capital assets of the
company or any of its subsidiaries.
The plan protects the company from certain obligations already matured
or having early maturity dates, as follows: Western Merchandise Corp.,
the holder of the company's demand note in the sum of $225,000, will
surrender the note and accept 2,250 shares of preferred stock (no par) which
preferred stock will be entitled to receive dividends when and as declared
by the directors, at the rate of$7 per share,such dividends to be cumulative
from the date of issuance thereof. Western Merchandise Corp. is also the
holder of notes aggregating $57,500, maturing July 1 1936 (secured by
certain bonds and mortgages) upon which notes the company is liable as
guarantor, and also of certain bonds and mortgages in the total principal
amount of $130,000 maturing on Dec. 1 1935. Western Merchandise
Corp. has agreed to extend the time of payment of the notes, bonds and
mortgages for a period of ten years.
The company is indebted for legal and accounting services in a sum less
than $5,000. It is proposed that these claims be paid in full.
Obligations and Capitalization of Company Now Outstanding
$2,131,500
6% sinking fund gold bonds, 1958
225.000
Demand note (bearing interest at rate of6% per annum)
Obligations as guarantor or otherwise on following bonds of
subsidiaries (secured by underlying mortgages):
303,500
Chain Store Properties, Inc., N. J., Ponds
53,000
Chain Store Properties, Inc., N. Y., bonds
19.200
Chain Store Properties, Inc., Minn., bonds
Chain Store Properties, Inc., N. Y. (notes). now held by
Western Merchandise Corp., which notes are secured by
57,500
mortgages on properties of that subsidiary
5,000
Miscellaneous unsecured indebtedness
187,500 shs.
Common stock (par $1)
Obligations and Capitalization Upon Completion of Reorganization
$2,131,500
Debentures due June 1 1958
2,250 she.
Preferred stock (no par)
42,630 she.
Class A common stock
37.500 she.
Class B common stock
-V. 140. p. 2361.
-Earnings
Michigan Bell Telephone Co.
-Month-1934
1935-6 Mos.-1934
Period End. June 30- 1935
Operating revenues
$2.685,909 $2,585,705 $16,017,184 $15.481,361
13,750
36,969
167,500
12
TJncollectible oper. rev
1,758.348 10,600.939 10,395,217
Operating expenses_ _ _ _ 1.756,138
258,495
1,882,726
1.654.329
321,812
Operating taxes
Net operating income_
-V. 140, p. 4406.
--Earnings
Maytag Co.(Del.)
1935-3 Afos.-1934
Period End. June 30
$4,180,197 $4,825,428
Net sales
Other income (interest),
83,670
83,642
royalties, rents, &c_ _ _
3,762
Net profit on sec. sold.._
$154,349
68.382
$133,671
57,670
31,027
50,535
14,093
1935-6 Mos.-1934
$3,043,499 $3,006,628
2,659,002
2,783,259
....---Merchants' National Properties, Inc.-Reorg. Planft-
1935-12 Mos.-1934
Period End. June 30- 1935-3 Mos.-1934
$350,837
$314,257
$82,097
Operating revenues
$77,873
212.965
222,127
54,347
Oper.revenue deductions
54,535
Surplus
Shs. cap. stk. (no par)_
Earnings per share
V. 140, p. 3219.
Aug. 10 1935
Financial Chronicle
926
$555,112 $3,496,550 $3,264,315
$607,947
-EarningsMid-Continent Petroleum Corp.
-Quarter Ended- 6 Slot.End.
Mar. 31 '35 June 30 '35 June 30 '35
PeriodGross sales less returns & allowances_ $6,930,459 $8,700,410 $15,630,870
Cost of sales (exl. depl. & deprec.) _ _
5.170,936
$1,759,523
Gross profit from sales
Selling (bulk & service station and
1,109.379
other selling expenses
182.859
General and administrative expenses_
5,849.028
11.019,965
$2,851.382 $4.610,905
1,152,639 2,262.019
362,321
179,461
Net profit from sales
Other income credits
$467.283 $1,519,280 $1,986,564
322,170
380.494
702,664
Gross income
Income charges
Provision for depreciation
Depletion
Leaseholds surrendered & abandoned
$789.454 $1,899.775 $2,689,229
30,157
113,063
82,905
599.362
569,446
1,168,809
510,803
238,504
272,299
391.213
194,487
196,725
Net profit
loss$273,057
$778.397
$505.339
Volume 141
Financial Chronicle
Current assets as of June 30 1935, were $18,828,446 of which 55.669,485
was in cash and short term United States Treasury Ca tificates, and current
liabilities were $2,606,142. At Dec. 31 1934, current assets were $17,657,316, of which $5,425,785 was in cash and short term United States
Treasury Certificates and current liabilities were $2,523,973.-V. 141,
p. 758.
Minneapolis & St. Louis RR.
-Would
Miles
-
Abandon 126
The company, through its receivers, has applied to the Interstate Commerce Commission for permission to abandon 126 miles of road in Iowa.
The abandonment application asks authority to give up operation and
to dismantle tracks on five separate branch lines.
-V. 141, p. 758.
Minneapolis St. Paul & Sault Ste. Marie Ry.-Earns.
June
1934
1935
1933
1932
Gross from railway
$2.008.186 $2,010,103 $2,108,488 $1,819,337
Net from railway
361,289
640,195
458,240
153,965
Net after rents
346,292 def148,982
92,880
167,938
From Jan. 1
Gross from railway
10,352,343 10.686.101
9,770,116 10,456,248
Net from railway
1,538.986
941,413
991,086
191,555
Net after rents
def81,811 def600,227 nef1672,248
def496,952
-V. 141, p. 758.
Mississippi Power & Light Co.
-Earnings
-[Electric Power & Light Corp. Subsidiary]
Period End. June 30- 1935
-Month-1934
1935-12 Mos.-1934
Operating revenues
$351,740 $4,926,271 $4,606,931
$359,867
Operating expenses
262,501
246,398 3,420,361
2,930.773
Net revs, from oper_ _
Rent from leased property (net)
Other income (net)
927
Company was directed to remain temporarily in possession of its properties
and has continued to function under the direction of the Court.
A committee organized for the protection of the interests of the holders
of the 1st mortgage bonds, has intervened in the proceeding... The personnel
of the committee is as follows: Thos. J. Walsh, Chairman (E. H. Rollins &
Co., New York); Homer Reed Jr., (Stroud dr Co.), Philadelphia; Payson
Rowe (Massachusetts Mutual Insurance Co.), Springfield; Pierce C. Ward,
Chicago; Walter W. Taylor (Spencer Trask & Co.), New York; with A. J.
Ward. Sec., 44 Wall St., New York.
A corn
:Muse represe3ting the interests of the preferred stockholders has
intervened. Its membership Is as follows: C. H. Schweer (Sec.). Clinton,
Mo.•, T. R. Cloud, Pleasant Hill, Mo.; W. E. Owen, Clinton, Mo.; J. R.
Musser, Holden, Mo.-V. 140. p. 2191.
Mohawk Carpet Mills, Inc.
-Earnings
6 Mos.End. June 30-1935
1934
1933
1932
Net profit after taxes,
deprec., &c
$328,684
$240,004
$31,520 lossS582.783
Shs. cap. stk. out. (par
$20)
550,000
550,000
550,000
x600,000
Earnings per share
$0.60
$0.43
$0.06
Nil
x No par shares.
-V. 140. p. 4407.
Molybdenum Corp. of America-Earnings-.
Earnings for the Four Months Ended April 30 1935
Sales
Net profit after depreciation, taxes, &c
Depletion
Net profit
-V. 141, p. 759.
$912.280
63,900
15.737
$48.163
$105,342 $1,505,910 $1.676,158 .......--Monsanto Chemical Co.
-Notes Called
A total of $300,000 2 % convertible notes, maturing May 11945. have
671
7,137
609
8,955
been called for redemption on Aug. 24 at 102% and accrued interest. Pay1.002
14,973
14,858
1,039
ment will be made at the Guaranty Trust Co. of New York, trustee.
The above notes when surrendered for redemption at the office of the
Gross corp. income- _ _
$107,052 $1,528,020 $1,699,971
$98,977
trustee should have the Nov. 1 1935 and subsequent coupons attached.
Interest & other deducts.
74,382
74,857
887,785
918,515
The holders of the notes so selected to be redeemed may exercise their
right to convert the same into stock only up to and including the fifth day
Balance
y$32,195
$781,456
y$24,595
$640.235
prior to said redemption date.
-V. 141, p. 759.
Property retirement reserve appropriations
400,958
350.000
z Dividends applicable to preferred stock for
Montgomery Ward & Co., Inc.
-Sales
period, whether paid or unpaid
403,608
403,536
Month of1935
1934
1933
Deficit
February
$17,904,886 $15,421,893 $10.131.891
$113,373
$23,038
March
y Before property retirement reserve appropriations and dividends.
22.783,089 18.312,477 11,263,374
Ap.
:
l 11
z Dividends accumulated and unpaid to June 30 1935, amounted to
25.571,012 20.872.132 15,665,586
May
$571,778. Latest dividend, amounting to 50 cents a share on $6 pref.
22,914,580 20,934,510 15,247.812
June
stock, was paid on May 1 1935. Dividends on this stock are cumulative.
23,822,297 19,266,336 16,103.560
July
-V. 141. P. 442.
20,293,175 15,890,560 13,641,121
Jicr
Total for six months
$133289039 $110697.908 $82,053,344
,-Missouri Pacific RR.
-Stedman CommitteeOppor3s4 !an.
-V. 141. p. 282.
Describing the Van Sweringen plan for reorganization of th road as
"alinost entirely for the benefit of the stockholders" and characterizing
Moon Motor Car Co.
-Hearing on Sale of Real Estate
as "indefensible" the "drastic sacrifices" asked of the bondholders conThe Circuit Court of the City of St. Louis, Mo. will on Aug. 13 hear the
trasted with ,
the "very liberal treatment proposed for themselves by
receiver's application, filed Aug. 2, for instructions regarding sale of the
stockholders, the protective committee for holders of the road's the
real estate of the company for the price of $72,500, at which time all parties,
5%
1st & ref. mtge. bonds on Aug. 9 announced its objections to the plan
creditors and persons having or claiming any interest therein will be heard
as follows:
thereon. If sale is made, the net proceeds thereof after paying taxes and
(1) The retirement fund provided in connection with the proposed
encumbrances should be about $47,000.
creation of new cony, income gen. mtge. bonds is "most objectionable.
'
George P. Dorris is receiver.
-V. 137. P. 3503.
(2) The proposed capital structure leaves the company "ton-heavy
with debt" and affords no permanent or satisfactory solution of its financial
orehead & North Fork Ry-Otln rzaIedproblem.
(The Inter-state Commerce Commission has vacated and set aside its
(3) The Nan contemplates continuance of control in the present mano er of Feb.4 1935.aut2rizing the company to issue not exceeding $100.000
agement. This, the committee
unsatisfactory, since
capital stock (par $100) which stock, or the proceeds thereof, was to be
control at least of the financial belives should rest with the it feels that
policy
bondholders
applied in payment of e purchase_price of a line of railroad in Rowan
during the adjustment period.
County, Ky., and other property. The Morehead company states that it
(4) No provision is made for the greater part of the past
-due and unpaid
will not avail itself ot the authority granted by the order and requested
interest on the 1st & ref. bonds.
that the order be canceled.
-V. 140, p. 1149.
(5) No limit is placed on future borrowing.
(6) Purchase of terminal properties at Kansas City and St. Joseph,
Morgan Engineering Co.
-Tenders
-Mo., is suggested at a price believed by the committee to be more than
The Chicago Title & Trust Co. will until Sept. 2 receive bids for the
double the real value to Missouri Pacific.
sale to it of 1st mtge. series A 20
-year 8% sinking fund gold bonds dated
The letter states that the commoittee is making preparatins for
the
Nov. 1 1921 to an amount sufficient to exhaust $81,500 at prices not
hearings on the plan before the Interstate Commerce Commission.
exceeding 106 and interest.
-V. 139. p. 935.
'The committee." the letter points
tive study of the general principles of out,"has already drawn up a tentapart
Munsingwear, Inc.(& Subs.)
-Earnings
of its preparations for said hearings. an acceptable reorganization as such
It will be prepared to submit
plan to the ICC in case that step should be found desirable in the course
6 Mos, End. June 301.935
1934
1933
1932
of its opposition to the debtor's plan.'
Netloss aft. taxes & chgs prof$5,608
$72,200
$246,339
$788,031
In addition to Mr. Stedman, members of the committee include Philip A. -V. 140, 0. 1492.
Benson, President, National Association of Mutual Savings Banks,
New
(G. C.) Murphy Co.
York; George W. Bovenizer of Kuhn, Loeb & Co.; Frederick W. Ecker,
-Sales
Treasurer, Metropolitan Life Insurance Co. of New York; Robert
Month of1935
1934
1933
Franks, Vice-Chairman and Treasurer, Carnegie Corp., New York; A.
January
S.
$1,803,350 $1,554,267 $1.129,575
Parker Gilbert, of J. P. Morgan Sc Co.; Fred
February
Vice-President
1,890.864
1.584.436
1,222,990
and Treasurer. John Hancock Mutual Life P. Hayward,2d Boston; Alfred
March
Insurance Co..
2,266.253
2.246,132
1.313,762
H. Meyers, Treasurer, New York Life Insurance
Aprll
2,575,705 2.060.363
1,628,753
General Solicitor, Equitable Life Assurance SocietyCo.: Sterling Pierson,
May
of the United States
2,420,153
2,367,499
1,661,437
John C. Traphagen, President, Bank of New York & Trust Co., and
June
2,583,924
2,465,993
1.808,328
Frederick W. Walker, Vice-President, Northwestern Mutual Life InJuly
2,354,196
2.075,916 1,804,118
surance Co., Milwaukee,
Eugene J. Conroy, 14 Wall St., is Secretary ct the committee for which
Total seven months
$15,894,453 $14,354,607 $10.568,965
Cadwalader. Wickersham dr Taft are counsel. Depositaries include
-V. 141, p. 282.
Guaranty Trust Co. of New York and the St. Louis Union Trust Co.,
St. Louis.
National Candy Co.(& Subs.)
-Earnings
Successor Trustee
6 Months Ended June 301935
1934
1933
Manufacturers Trust Co., New York. has been appointed successor corNet profit after charges, depreciation
porate trustee under the 1st & ref. mtge., dated April 2 1917, Guaranty
and Federal taxes
x$152,225
$216,698
$316.023
Trust Co. of New York, formerly corporate trustee, having resigned.
Earnings per share on 192,815 shares
There are now outstanding
common stock
1st & ref. mtge.five series of bonds
Nil
$0.77
$1.28
AggregatIng in total principalunder the
x Estimated.
-V. 140, p. 3220.
amount $264,040,500.
In 1933 the company filed an application in the Federal Court at St.
Louis, Mo.. for permission to effect a plan of reorganization under Section .-"Muskegon Piston Ring
-Stock Offered-Haskell,
Co.
77 of the Federal Bankruptcy Act as amended. L. W. Baldwin, the
Scott & Geyer, Inc., Chicago, are offering (in Illinois and
President of the railroad,and Guy A.Thompson of St. Louis, were apppointed trustees to operate it.
Michigan) 15,000 shares of common stock at market (about
In addition to the physical properties covered by the 1st & ref. mtge.,
$23). The sale of this stock represents no new financing
the trustees hold large blocks of securities, including capital stock of subsidiary or affiliated companies, as well as bonds.
on the Dart of the company and no part of the proceeds will
-V. 141. p. 758.
be received by the company. A prospectus dated Aug. 5
Missouri Public Service Co.
-Income Account
(& Subs.)
affords the following:
6 Months Ended June 30
-1935
1934x
Company-Founded in 1921 and lncorp. in Michigan, July 13 1921.
Gross earnings: Electric
$569,215
$552,818
Gas
Company manufactures piston rigna for automobiles, motors and com57.733
56,779
pressors. Sales are made to large automobile manufacturers for original
Water
35,612
35,405
equipment and for replacement. The largest customers are the Ford
Ice
1.525
2,744
Motor Co. (since 1922) and Chevrolet Motor Co. (since 1921).
Other Operiticrig revenue
Dr.6,666
Dr.2,855
The company was originally capitadzed at 1,500 shares ($10 par) common stock. Since the investment of its original incorporators no stock has
Total gross earnings
$657,418
$644.891
been sold to the public by the company. The businesssince its inception has
Operating expenses and taxes
$513.261
$451,439
shown a steady growth and expansion has been financed out of earnings
Because the company's business is dependent upon the automobile business
Net earnings from operations
$144,157
$193,452
sales fell off sharply from the high point reached in 1929 to $484,024 in
Other income
1,611
989
1932 which seems to have been the low point during the depression.
have increased every year since then to a figure of $949.107 in 1934. Sales
Net earnings before interest
$145,768
$194,441
The company showed a substantial operating profit during every year
Funded debt interest
158,775
160,234
of the depression, as shown by the following record of net earnings after
General interest
46,374
49,423
provision for Federal income taxes:
Amortiz. of debt disc, and expense
20.136
20,320
Amortiz. of pref. stock disc, and expense
.Vet
Earnings
4,359
4.359
Net
Earnings
Interest charged to construction
Earning* per Share
Cr.184
Cr.109
Earnings per Share
1929
3300,290
85.79
1932
$68,704
$1.29
Net loss before preferred dividends
1930
165,823
3.20
1933
$83,692
$39.786
91,097
1.77
x As adjusted.
1931
92,308
1.79
1934
97,294
1.88
Note-Total unpaid cumulative dividends at June 30 1935 aggregate
-Company has no funded debt or preferred stock outCapital Structure
$449,978 which represents accumulations of $22.75 per share on the $7
standing, there being only one class of common stock (no par). Of 110,000
.and $19.50 per share on the $6 preferred stocks. Dividends on the preshares authorized, 51,894 shares are outstanding. The present offering
ferred stocks have been omitted entirely since April 1 1932.
comprises 15,000 shares of common stock which have been issued, fully
Company filed a petition for reorganization oa Feb.21 1935, pursuant to
paid and outstanding, and held and sold by George W. Olson, 4,600 shares.
the provisions of Sections 77A and 77B 3f the Bankruptcy Act in the U. S.
Helen G. Olson, 4,800 shares, John E. Johnson, 1.500 shares, and Elsie I
District Court for the Northern Dist.ict of Illinois, Eastern DiVision,
Johnson, 4,100 shares.
$97,366
928
Aug. 10 1935
Financial Chronicle
witl----.....
iit.e
-Liquidating Div.
-George W. Olson. Pres.; John E. Johnson, Vice-Pres. & Treas. --------Officers
National Securities Investment Co.
;
G. W. Lundeen, Sec., Muskegon, Mich.
The company has announced a liquidating dividend of approximatq
Directors-Georfte NV. Olson. John E. Johnson, G. W. Lundeen, Muske6% preferred stock, upon surrender of certificates
590 a share on the
gon, Mich.; L. A. Geistert, Grand Rapids, Mich.; Samuel Goldman.
letter of transmittal to the trustees in dissolution of the company, 1 ExJersey City, N.J.
change Place, Jersey City, N. J. The amount on the common stock
-V. 140, P. 3395.
Comparative Income Account
will be about $1.50 a share.
Year Ended Dec. 31
3 Mos. End.
-Reorganization
National Sugar Mfg. Co.
1932
1933
1934
Mar. 31 '35
rmulated by the
Gross sales less discounts,
A plan of reorganization dated June 20 1935 has bee
$464,024
$607,736
Co., Denver, Colo., on reildest of the holders
&c
$949,107
J. K. Mullen Investment
$386,473
Cost and expenses incl.
of more than 25% of the outstanding bonds.
396.371
497.711
820,136
depreciation, &c
320,964
The continued and unprecedented drought since 1930 has prevented the
company from securing a sufficient beet crop to enable it to manufacture
$87,653
$110,025
Net profit on oper-- -$128,971
$65,509
and sell an amount of sugar sufficient to earn its fixed charges and serial
3,817
4,287
Other income
2.328
171
maturities. The serial maturities of its 1st mtge. 6% serial gold bonds
were voluntarily extended for three years beginning with the payment
$91,471
$114,312
Total income
$131,298
$65,680
becoming due and payable on Feb. 1 1933, and the necessary operating
12,318
7,575
17,989
Income deductions
810
capital was secured by the company by loans from its banks. However,
Prov. for Federal income
the company did not have, and was unable to obtain,sufficient funds for
12,448
15,639
16,014
taxes
9,000
the payment of the semi-annual instalment of interest in the amount of
$16,320 due Feb. 1 1935.
$66,704
$91,097
Net income
$97,294
-At the time the original application for a loan was made
x$55,869
Value of Assets
to Reconstruction Finance Corporation in the fall of 1934 and while the
x Operations for six months ended June 30 shows net profit (after
drought was in its worst stage, that Corporation secured independent apFederal income taxes) of $111,511 or about 2.15 per share on 51.895 shares
praisals of the fixed assets of the company, which appraisals give a total
outstanding.
value of $1,296,295. This value does not include cash or other current
Comparative Balance Sheet
assets, nor does it make proper allowance for increased values resulting
Dec. 31 '34
Mar. 31 '35
LiabilitiesMar. 31 '35 Dec. 31 '34
Assetsfrom the completion of the transmountain diversion. This figure does not
Cash & cash items_ $114,493 $129,282 Accounts payable,
take into consideration a deduction of $140,260, which is the entire amount
$75,831
$102,693
trade
86,772
130,723
Accts. rec., trade_
of the loan for the main tunnel applicable to the Twin Lkaes shares owned
35,056
53,431
41,078 Accrued liabilities_
Inventories
74,669
by the company, because this amount is to be amortized and paid in in203
455
824 Other curt. Habil__
Other curr. aSSets_I,43
stalments over a long period of time.
36,260 Reserve for .oss on
36,260
Investments
-The funded debt of the company is $544,000
Capitalization and Debt
16,368
14,768
on invest. secur_
Fixed assets
26b,673
267,587
1st mtge.6% serial gold bonds maturing serially Feb. 1 1936. to Feb. 1 1943.
211,452
211,452
Capital stock
16,406
Intangible assets
The trustee under the indenture securing the bonds holds in the redemption
232,150
266,688
1,909
2,186 Surplus
Deferred charges__
fund approximately $2.430 in cash. The company also has loans with
5,983
5,983
Other assets
banks and with Western Coal & Mining Co., which, with interest, was
approximately $4490.000 as of Aug. 1 1935.
$649,488 $571,062
Total
$649,488 5571,062 .Total
The capital stock consists of 5,000 shares (par $100) pref. 6% curn•
-V. 134, p. 2354.
stock, and 2,500 shares common stock (par $10) of which 2,448% shares
are outstanding.
-Domestic Gross Orders
-New working capital was the principal need of
National Cash Register Co.
New Working Capital
the company to enable it to carry over for the next year or two until it could
1934
1935
Month ofobtain the benefits of the Transmountain Diversion and thus have a suf$1.270.000 $1.076,000
January
ficient water supply to enable it to secure a capacity supply of beets. The
1.179,375
1,005,550
February
company boning unable to secure new capital from private sources, made
1.562300
1,310.550
March
application to RFC for a loan of $175,000 to supply this need, which ap1,369.225
1.103,475
April
plication has been granted by a resolution of that corporation.
2,216.800
2.407,000
May
2,301.405
2,082.475
June
New Corporate Structure
1,200,100
948.200
July
The company will amend its articles of incorporation to provide a new
corporate structure, in conformity with this plan, as follows:
$11,289,100 $9,743,050
Total seven months
To Be
-V. 141, p. 759.
Outstanding
$175,000
General mtge. sinking fund bonds: Series A (not to exceed)_
National Lead Co.
-Balance Sheet
544.000
Series B (closed issue)
16.320
[Company and domestic subsidiaries in which it owns all of the capital stock]
10-year unsecured 4% note
3.362 shs.
Preferred stock ($25 par): Class A
June 30 '35 Dec. 31 '34
31 '34
June 30 '35 Dec.
19,572 shs.
Series B
$
Assets$
7,345 shs.
Common stock (no par)
3,475,159
Cash
$4,330,138 $5,387,250 Accts. payable_ 3,467,138
600,000
2,553,280 Notes payable__
U.S. Govt.secs. 1,147,888
Basis of Exchange
841,748
Tax reserve__ __ 1,085,572
Oth.market.secs.:
A, will be
(I) RFC loan: General mortgage sinking fund bonds, series
116,193
116,193
3,363,797 Div. payable.__
3,251,032
Domestic__
issued at par from time to time to RFC for sums to be advanced by it,
4,560,497 Employ, life ins.
Foreign
3,501,066
up to a total of not to exceed $175,000. No bonds shall be issued to or
reserve
3,000,000 3,000,000
Accts. & notes
stuns borrowed from RFC subsequent to Dec. 31 1936.
4,797,284
7,095,754 Fire ins. reserve 4,797,284
rec. (net).....9,707,063
(2) Present holders of $544,000 1st mtge. 6% serial gold bonds (with
Employers liabil.
Notes rec. from
Feb. 1 1935, and all subsequent coupons attached), will receive in settle426,664
426,664
reserve
892,440
employees _ _
319,173
ment an equal principal amount of general mortgage sinking fund bonds,
2,500,000
2,500,000
_ 17,032,881 16.995,264 Plant reserve_
Inventories_
series B, and will also receive three shares of new preferred stock, class A.
1,500,000
Promotion res've 1,500,000
Secs.of
and one share of new common stock for each $500 of present bonds. The
4,734,256 Foreign exchange
Domestic...4,819,456
Feb. 1 1935, interest coupon [515 on each $500 bond] will be paid in cash
176,617
& miscell. res.
249,032
6,142,168
Foreign
6,251,932
at the time of the delivery of the new bonds.
Cl. A pref. stock 24,367,600 24,367,600
Nat. Lead Co.
(3) The Baltimore Trust Co., Colorado National Bank, First National
capital stock_ 7,654,511 10,714,054 Cl. B pref. stock 10,327,700 10,327,700
Bank of Pueblo and Western Coal & Mining Co. will receive in settlement
Common stock_ 30,983,100 30,983,100
Mac.Investmls:
one share of new preferred stock, class B. for each $25 of their respective
20,233,775 22,413,807
390,340 Surplus
440,645
Domestic_ _
claims against the company.
Foreign
535,720
554,710
(4) Present holders of preferred stock will receive in settlement one share
Plant Pron. &
of new common stock for each share of present preferred stock.
equipm't (net) 44,225,535 41,396,987
(5) Present holders of common stock will receive in settlement one-half
145,073
437,015
charges
Deferred
share of new common stock for each share of present common stock.
-1n the aggregate principal amount of 816,320 will be
Promissory Notes
103,654,057 104,925,872
Total
103,654,057 104,925,872
Total
executed by the company payable to the person or persons advancing the
x In 1935. 34,883 shs. of pref. A, 25,815 shs. pref. B and 321 com. shs.;
sums necessary to pay the interest coupon due Feb. 1 1935 on the present
in 1934, 34,883 shs. of pref. A. 25,815 shs. of pref. B and 38,331 shs. com.
bonds. Such notes will bear interest at the rate of 4% per anntun, payable
-V. 141, p. 604.
semi-annually, and the principal will be payable on or before 10 years from
the date of such notes. In addition to such notes, the persons making
-Earnings-National Oats Co.
such advances will receive three shares of new class A preferred stock ana
one share of new common stock for each $500 advanced.
Co.
Formerly Corno Mills
1932
1933
1934
1935
6 Mos.End. June 30Estimated Balance Sheet as of Aug. 1 1935
$68,483
$86,059
$78.956
$55,617
Oper. profit & misc. Inc_
(After giving effect to the reorganization plan and assuming the issue19,460
19,558
19,298
19,465
Depreciation
of all securities provided for in the p an.)
6,811
9,826
8,715
6,067
Provision for income tax
Assets
$34,871
$157,931 Notes payable
$42,212
Cash In banks and on hand.
$56,675
$50,942
$30,085
Net income
759
23,426 Accounts payable
748,555
Accounts receivable
684,108
237.930
196,195
Surplus as at Dec. 31__ _
4,722
15,499 Farmers beets payable
Notes receivable
Excess of selling price of
17,372
37,551 Accruals
Inventories
125
company's own stock..
*176,000
Certificate of indebtedness.....9,169 Series A bonds
Div. adjust. of Comb in544,000
2,830 Series 11 bonds
Prepaid Items
7,143
vestment stock
16,320
-year notes
Real estate, plant & equipment 1,498,352 10
1932 Federal inRefund
84,050
28,095 Class A pref
Deferred expenses
7
come tax return
489,300
25,000 Class B pref
Reorganization expenses
2,669 Common stock (7.345 shs )..._ 434,842
$790,766
Replacement expenditures_ ___
$747,927
$288.879
8226,405
Total surplus
708
100,000
Beet seed freight and expense_
46,187
46,271
50.000
Dividends paid-cash _ _
Loss on subsidy Cedar
Total
$1,801,236
$1.801,236
2,354Total
Rapids real eat,invest.
Federal income tax re* Series A bonGs will be issued from time to time, under the supervision
778
board of directors, only as funds are required-it is contemplated
serve adjustment _
of the new
that not more than $100,000 will be issued as of Aug. 1 1935.-V. 130,
$688,412
$700,960
$242,607
Surplus as at June 30_
$176,404
p. 1664
. per sh.on 100,000
Earns
$0.42
$0.56
$0.54
$0.30
shs. cap.stk.(no par)_
-Financial Statement
National Surety Corp.
Balance Sheet June 30
Liabilities1935
1934
Assets1935
Cash
$571,314 $214,809 Accts. payable and
$46,256
accrued exp____
Invest.Corno Mills
92,021 Due to officers &
Co. stock
905
employees
164,625
Accts. receivable
177,608
35,053
Provision for taxes
Adv.on per. of grain
Res. for Federal insupplies & misc.
come taxes on
accts. receivable
4,800
profits from Jan.
Real estate notes
6,068
to June 30
4,262
4,119
receivable
18,625
Inventories
594,519 Special reserve _ _
288.147
Prepd. expenses_
56,086
35,067 x Capital stock... 1,625,000
176,405
Due from employ's
27,099
30,140 Surplus
Investments
2,837
1,216
Land, bldg. mach.
equipment, &c_
790,903
817,953
1934
$46,414
29,342
8,716
17,139
1,625,000
y242,607
$1,908,311 $1,969,218
Total
Total
$1.908,311 81,969,218
x Represented by 100,000 no par shares. y $407,549appreciation charged
to surplus Dec. 31 1933.-V. 141. p 604.
--Earnings
National Steel Corp.(& Subs.)
Period End. June 30- 1935-3 Mos.-1934
Net profit after deprec.,
depletion, int., Federal
$3,191,169 $2,593,369
taxes, &c
2,156.832
She. cap. stock (par $25) 2,155,777
$1.20
$1.48
Earnings per share
-V. 141, p. 442.
1935-6 Mos.-1934
$6.558,802
2,155.777
33.04
84.235,697
2,156,832
51.96
June 3035 Dec. 31'34
$
$
Assets985,012 1,351,607
Cash
8
6
1 98 . 61
8;7 6130
Bonds
71,528847:466363
Stocks
Prems. In course of
over
collec., not
1.222,093 1,283,025
90 days due
105.588
117,630
Accr. Int. & rents_
Reinsur. & other
269,705
accounts recelv. 141,594
850,000
850,000
Home office bldg_
196,678
199,678
Other real estate_
184,631
1st mtge. on rl. est. 151,631
June 3035
Liabilities$
Res. for unearned
Res
f r
iums
premiums
5,607,511
for claims 2,604,823
Res. for commis.,
expenses & taxes 535,639
Reserve for continBetides
750,000
Capital
1.000,000
Surplus
,
3824,956
Total
14,322,930 13,113,333
Total
V. 140, p. 645; V. 139, p. 1246, 605. •
-
Dec. 31'34
$
5,194,584
2,394,874
724,349
750,000
1,000,000
3,049,526
14,322,930 13,113,333
-Sales
Neisner Brothers, Inc.
Month ofJanuary
February
March
April
May
June
July
Total seven months
- 141, p. 282.
v.
1935
$993,998
1,054,094
1,335,033
1.565,107
1,611,722
1.659,049
1,436.046
1934
8984.596
988.901
1,562,651
1,300,759
1.707,159
1,579,183
1,157,525
1933
$793,048831.704
924,9761,278.039
1.363,374
1,311.135
1,153,910
$9.655,915
$9,280,775
37,656,185-
Volume 141
Financial Chronicle
(J. J.) Newberry Co., Inc.
-Sales
month of1935
1934
1933
$2.344.989 $2.360,766 $1,883,121
2.528.508 2.294.272
1,976,225
3,021,008 3.329.179
2,117.309
3,521,565 2,876.783
2.710.174
3.365.749 3,408,136
2,740,152
3,520,525 3.608,094
2,900,065
3,428,637
3.122,802
2,934,565
January
February
March
Aprll
May
June
July
Total for seven months
-V. 141, p. 283.
$21,731,221 $21,000,031 $17,261,611
New England Gas & Electric Association-Earnings
V? Months Ended June 80
Total operating revenue
Total operating expenses and taxes
1935
1934
$1:3,281.579 $13,203,942
10.862,740 10.358.411
Operating income
Other income (net)
62,393,839 $2,845,531
357.685
351,872
Gross income
Deductions from income subsidiary companies__ ._ $2.756,524 $3.197.403
152,331
213,011
New England Gas & Electric Association-Interest on funded debt
2.203,475
2,230,741
Interest on 'Wielded debt
4,747
6,467
Amortization of debt discount and expense
19.413
19,460
Balance of income
$376,558
$727,724
Dividends on $5.50 pref. shares (based on reduced
dividend payments, as declared, for a portion of
the 1935 period)
287,491
549,972
Balance
$177,752
$89,067
-V. 140. 1). 3113.
-
New England Power Association (& Subs.)
-Earnings
Earnings for the 6 Months Ended June 30 1935
Consolidated gross earnings
$25,763,895
Operating expenses and taxes
Fixed charges. incl, interest on all bonds, debentures and notes, 14,711,221
pref. and class diva, of subs, and minority interest in net
earnings of subsidiaries
6,442,315
Depreciation
2,177,150
Consolidated balance before New England Power Association
dividends
12.433,207
Preferred dividends of New England Power Association
1,325,891
Consolidated balance
$1,107,315
Earnings applicable to common shares
$0.47
-V. 141, p.760.
New Jersey Water Co.
-Earnings
12 Months Ended June 30Operating revenues
Operating expenses
1935
$360,362
206,931
$153,431
699
$140,494
77.149
11.221
3,825
10.635
21.038
$28,007
Gross income
Interest on funded debt
Other interest
Provision for Federal income tax
Amortiz. of debt disc. & exp. & misc. deductions
Preferred stock dividends-paid
Balance
-V. 139. p. 936.
$139.770
723
$154,131
77,222
10,347
6.911
10.604
21,038
Earnings from operations
Other income
1934
$354,507
214.737
$16,622
New Orleans Public Service Inc.
-Earnings
[Electric Power & Light Corp. Subsidiary]
Period End, June 30- 1935
-Month-1934
1935-12 Mos.-1934
Operating revenues
$1,176,237 $1,161,424 $15.115.537 $14.985,400
Operating expenses
778,960
776,662 9,785,070
9,588,218
Net revs, from oper_ Other income (net),___
$397,277
4,125
$384,762 $5,330,467 $5,397,182
2,026
25,579
29,801
Gross corp. income__ _
Interest & other deduct's
$401,402
$386,788 $5.356,046 $5,426,983
241,098
244,702
2,898,865
2,928,652
Balance
34160.304 34142,086 $2.457,181 $2,498,331
Property retirement reserve appropriations
z Dividends applicable to pref. stock for period, 2,124,000 2,124,000
whether paid or unpaid
544,586
544,586
Deficit _________________________________
S211,405
$170,255
y Before property retirement reserve appropriations
and dividends.
z Dividends accumulated and unpaid to June 30 1935, amounted
to
$1,293,392. Latest dividend. amounting to 873i cents a share on
$7 pref.
stock was paid April 1 1933. Dividends on this stock are cumulative.
-V. 141. p. 604.
New Process Gear Corp.
-Contract
-
The company has obtained a contract from
to $1,500.000 for the manufacture of rear-end Chrysler Corp. amounting
assembly carriers
mouth and Dodge cars, it was announced by A. A. Henninger, for PlyPresident.
Largely as a result of this new business, employment at the New Process
Gear plant will be increased from 750 to 1.450, beginning Sept.
1, Mr.
Henninger said.
-V. 138, p. 4308.
New Rochelle Water Co.
-Earnings
-12 Months Ended June 30-
Operating revenues
Operating expenses
1935
1934
$1,207,600 $1,213,100
716,480
707,453
Earnings from operations
Other income _ ____________________________
$491.120
16,117
$505,647
18,291
Gross income
Interest on funded debt
Other interest (pet)
Provision for Federal income tax
Amortiz. of debt disc. & exp, de misc. deductions_ _
Preferred stock dividends-paid
Balance
-V. 139, p. 936.
$507,238
316,880
2,912
12.986
30,703
136,500
$523,939
316.880
1,749
17,539
30,659
136,500
$7,256
$20,610
New York Chicago & St. Louis RR.- (Lab It,
Mt
The company has asked the Interstate Commerce Commission for
athhority to issue $15,000.000 in new or extended promissory three-year
notes aring 6% interest to be used to meet the $15.000,000 Oct. 1 maturit
No plans for underwriting the issue have been made as yet, it
-V. 141, p. 761.
is sat'.
New York Telephone Co.
-Earnings
--
Period End. June 30- 1935-Aconth-1934
1935-6 Mos.-1934
Operating revenues_ _ - _$15,633,448 $15,656,265 $93,760,532 $94.189,502
Uncollectible oper. rev_
73,459
472.966
79,296
523,611
Operating expenses_ _ _ _ 11,066,711 11,097,456 67,182,026 65,855.302
Operating taxes
1,526,595
1,656,399
9.950,058
9,111.299
Net operating income $2,836,879 $2,952,918 $16,155,482 $18,699,290
-V. 141, p. 604.
New York Title & Mortgage Co.
-B-8 Series
-
Certificate holders on Aug. 7 elected the Brooklyn Trust Co. trustee to
supervise the property underlying Series 13-8, New York Title & Mortgage
929
Co. guaranteed mortgage certificates, in an election hela pursuant to a
Schackno Act reorganization proceeding before Supreme Court Justice
Frankenthaler, by a vote of 87 to 16.
Out of 109 certificate holders voting, 87. who held certificates with an
aggregate face value of $293,845, voted fa.the Brocklyn Trust Co. Sixteen,
holding a total face value of 128.700, voted fer the State Mertgage Commission as trustee, while six ballots, acceunting for holdings of $4,050 in
face value, were blank cr otherwise invalid.
The property underlying the issue consists of a six-story elevator apartment building at 441 Ocean Ave. (cerner of Caton Ave.), Brooklyn. The
original issue of certificates against the first mortgage upon this property
totaled $575.000, the first mortgage having been foreclosed about three
years ago. Tinder the plan of reorganization, the trustee will manage the
property for the benefit of certificate holders, and may sell the property
upon court approval.
-V. 141, p. 762.
Niagara Falls Power Co.(& Subs.)
-Earnings
Period End. June 30- 1935-3 Mos.-1934
1935-12 Mos.-1934
Operating revenues___ $2,607,296 62.636.915 $10.514,458 $10,165.547
Oper. revenue deduct.... 1.364,647 x1,184,592
5.444.009 x4.382,207
Operating income_ _ _ _ $1,242,649 $1,452,323 $5.070,448 $5,783.3401
Non-oper, income, net
52.930
18.073
208,928
127.676
Gross income
$1,295,579 61,470.397 65,279,376 65,911.017
Deduc. from gross Inc
458,284
469,850
1.850,788
1,897,7801
Net income
$837,294 x$1,000,546 13.428.588 44.013.237
x Changed to give effect to major adjust:nents made later in the year
1934.-V. 140. p. 3903.
Niagara Hudson Power Corp.(& Subs.)
-Earnings
Period End. June 30- 1935-3 Mos.-1934
1935-12 Mos.-1934
Operating revenues-418,454,875 $18,134,166 $74,569,912
Oper, revenue deduct__ 11,652,534 x10,940.052 46,859,753 $72,215.046
x41.921,230
Operating income__ - _ $6,802.341 $7,194.114 $27,710,159 $30,293,816
Non-oper. income. net__
6,478
61,878
196.823
530,212
Gross income
$6,808.819 67.255,992 $27,906,983 $30.824,029
Deduct.fro:n gross inc_ _ 2,951,594
3,093,221 12.166,214 12,558,885
Balance
$3.857,225 $4,162,771 $15,740,768 118.265.143
Dividends on preferred
stocks of subs
2,976,874
3,003,754 11.908,707 12,023,516
Net income
$880,350 $41.159.016 $3,832,061 46.241,627
x Changed to give effect to major adjustments made later in the year
1934.-V. 140, p. 3224.
North American Coal Corp.
-New President
-
E. S. Kendrick has been elected President, it was announced by F. E.
Taplin, Chairman of the board of directors.
-V. 122, p. 101.
North American Co.(& Subs.)
-Earnings
12 Months Ended June 30Total operating revenues
Operating expenses
Maintenance
Taxes, other than income taxes
Provision for income taxes
1935
1934
$103.250.913$101,849,051
38,086,502 36.956,815
6,299.689 6.565.986
10,946,726 10,783,011
3,213,508
2,996,182
Net operating revenues
Non-operating revenues
$44,704,487 644,547,055
5,459.606
5,293.170
Gross income
$50,164,093 649.840.226
Interest on funded debt
15,418,821 15,956,906
Amortization of bond discount & expense
692,261
668,242
Other interest charges
189,277
134,228
Interest during construction charged to property
and plant
Cr319,724 Cr293,911
Preferred dividends of subsidiaries
8,182,697 8,270,952
Minority interests in net income ofsubsidiaries_ _ _ _
995,260
933,103
Appropriations for depreciation reserve
13,434,960 13,457.656
Balance for dividends& surplus
$11,570,539 $10,713,048
Dividends on North American preferred stock
1,820,034
1.820,034
Balance for common stock dividends & surplus_ - $9,750.505 $8,893,014
Earns. per sh. on a vge. shs. corn.stk. outstanding..
$1.13
$1.08
V.141, p.702.
Northwestern National
Statement July 1 1935-
Insurance
-Financial
Co.
Assets Liabilities
Bonds di stocks
$10,521,196 Capital stock
12,000,000
Real estate (Incl. co.'s office) 1,346,822 Res. for unearned premiums_ 4,977,621
Loans secured by real estate
Res. for losses In adjustment
269,165
mortgages
1,217,558 Res. for taxes accrued
150,000
Collateral loans
16,000 Res, for all other liabilities__
200,019
Agents' balances In course of
Res.for Wisconsin unemploycollection
947,667
ment reserve
4,740
Interest accrued
98,278 Res. for conflagrations and
Cash In bank di on hand
301,654
other disasters
1,500,000
Res. for any other conting
500,000
Net surplus
4,847,630
Total
$14,449,176
Total
$14,449,176
-V. 140, p. 1152.
Norwalk Tire & Rubber Co.
-Directors' Meeting Adj.-
The directors' meeting has been adjourned until Aug.30.-V.140. p.3560
Ohio Associated Telephone Co.
-Earnings
Period End, June 30- 1935
-Month-1934
Operating revenues
$53,689
$51.285
Uncollectible oper. rev
596
884
Operating expenses
31,462
32,103
Operating taxes
3,307
6,949
Net operating income_
-V. 141, p. 443.
$18,324
1935-6 Mos.-1934
$313,166
$302,025
3,514
5,206
188,154
175,963
23.802
36,566
$11.349
$97,696
$84,296
Ohio Bell Telephone Co.
-Earnings
Period End: June 30- 1935
-Month-1934
1935-S Mos.-1934
Operating revenues_ __ _ $2,967,174 $2,888.712 $17,602,684 $17,047,579
Iincollectible oper. rev.. _
1,254
Cr15,322
44,697
Cr28.147
Operating expenses
1,831,600
1,827,217 10,987.837 10.951.701
Operating taxes
380,766
365.862
2,239.997
2,105,535
Net operating income. $753,554
$710,955 $4.330,153 $4,018,490
-V. 141, p. 122.
Ohio Cities Water Corp. (& Subs.)
-Earnings
12 Months Ended June 301935
1934
Operating revenues
$291,784
$287,137
Operating expenses
161.067
157.628.
Earnings from operations
Other income
$130,716
1,548
$129,508
1.252
Gross income
Int. & amort. of debt disc. & exp. of sub. cos
Preferred stock dividends of sub. cos
Provision for Federal income tax
Int. on Ohio Cities Water Corp. 1st mtge. 53i%
collateral trust bonds
Amort. of debt disc. to exp. & other deductions
$132,265
841
32,032
6,929
$130,761
1,035
32,032
4,314
78.375
14.763
78.375
13.862
Balance
-V. 139. P. 938.
los4675
$1,140
41‘..
Aug. 10 1935
Financial Chronicle
930
Ohio Oil Co.
-Earnings--
1932
1933
19•)4
6 Mos. End. June 30- 1935
Net profit after deprec.,
depl.. Fed. taxes, &c_ $2,334.804 V,405,358 loss$3,140,680 34,098,198
-V. 140. p. 3904, 3561.
-Listing of Securities
Oliver Farm Equipment Co.
(a) 2t
62.5
The New York Stock Exchange has approved the listing of
and
the
shares of common stock (no par) upon official notice ofand list eprior
reclassification of 188,610 shares of now outstanding
preferred stock at the rate of 1Y, shares of common stock for each share
of prior preferred stock with its accumulated dividends; (b) 31.090.2625
shares of common upon official notice of the change and reclassification
of 621,805.25 shares of now outstanding and listed common stock at the
now outstanding
rate of 1-20th share of common stock for each share ofofficial notice of
common stock: (c) 5.219.47 shares of common upon
share of common stock against each $1.62M
issue at the rate of 1-100th of a
of dividend scrip outstanding; (d) 188,610 shares of common noon official
notice of issue upon the exercise of certain outstanding stock purchase
with
warrants for common stock, which warrants were originally issued
the prior preferred stock, and (e) 24.2375 shares of common upon official
by certain
issue upon the exercise of various warrants issuedapplied for
notice of
predecessor corporations. This makes the total amount
(See
460,707 shares (of a total to be authorized issue of 800,000 shares).
also V. 140, p. 4244.)-V. 141. p: 763.
-Earnings
Pacific Coast Co.
3 Mos. Ended June 30
Gross earnings
Oper. exps. (incl. deprec., depletion &
1935
$526,335
511.276
1934
$446.703
479,220
Net profit from operations
Additions to income
$15,059 loss$32,517
10.596
14,687
Total income
Bond 14 other interest
Other deductions
$29,747 loss$21,920
79,159
77,461
3.078
38,348
Net loss for period
-V. 140, P. 3397
.
586,063
$104,158
Pacific Mills-Earnings
1932
1933
1934
6 Mos. End. June 30-- 1935
$24,416,777 521,390.782 514,888,573 510,210,796
Net sales
Net oper. profit after deducting cost of goods
1,223,715 loss449,902
1,559,110
167,326
sold
702,748
833,447
636,991
634,610
Plant depreciation
Int. amort. of discount
Cr44,976
Cr57,788
Cr21,431
Cr39,275
bt on term notes
1,348,373
Inventory reserve
189,860
170,569
53,569
146.742
Other charges
before taxes_ _ $574,751 Pf$889,980 pf$477,486 $2,645,907
Net loss
Earn, per sh. on 396.123
Nil
$1.20
$2.24
Nil
gm. capital stock
Comparative Balance Sheet
June29'35 June 30 '34
June29'34 June 30 '34
$
$
Assets
1,704,853 1,372,430 Notes payable____ 4,750,000 5,535,000
Cash
787,678
5,917,481 6,278,477 Sundry accts. pay. 1,522,070
Accts. receivable
509,358
12,579,508 14,177.127 Accrd. local taxes_ 215.873
Inventory
Processing taxes__ 409,736
Insur. prems. on
293,832 General reserve__ y12,000,000
296,782
deps. mutual cos
57,602 Disc, and doubt44,157
Prepaid items_ _
500,000
ful accounts_ ___ 500,000
22,643,349 23,126,155
xPhtnt
10,806,150 39,612,300
Capital stock
y3,982,279 df1,638,709
Surplus
43.186.108 45,305,623
Total
43,186,108 45,305,623
Total
1935 )$23.972,652 in
x After reserve for depreciation of $21,425,108 in of the surplus, both
55,277,461
1934). y General reserve of $52.000.000 and
of/ capital stock as of
created out of the surplus arising from reduction
Aug. 7 1934.-V. 140, p. 2016.
-Par Value Reduced
Pacicic Mutual Life Insurance Co.
outstanding common capital
Reduction of the par value of the company's
by stockholders to cover possible
stock from $10 a share to $1 has been voted the depression, it was announced
future losses from business written prior to
on July 25.
of the company from $5,081,000
The reduction pared the stated capital
$4,573,800, will be credited
to $508,200. The amount of the reduction,
-V. 140. El• 1839,
to a reduction surplus.
--Earnings
Pacific Western Oil Corp.(& Subs.)
1933
1934
1935
6 Months Ended June 30Net profit after abandonments,deplet, 5361,867
5286.272 loss$172,740
int., &c__ - _
deprec.,amort., taxes,
Earns, per share on 1,000,000 no par
Nil
$0.36$0.28
shares capital stock
-V.140, p. 3055.
-New President, &c.
Tubes, Ltd.
Page Hersey
to succeed the late W. W.
H. C. Scholfield has been elected President appointed Vice-Presidents.
were
Near. C. L. Dunbar and H. Rook,
Manager and W. P. Bayley.
A. MacFayden has been named General
-V. 140. la• 1153•
Secretary.
e Producing & Refining Co.
Panhandl
for Wilmington, Del.. on July 25
The special stockholders' meeting called adjourned, to reconvene Oct. 8.
plan was
to vote on the recapitalization as of July 10 may be sent to R. C. Stanford,
stockholders of record
Proxies of
10th St.„Willmington,Del.
secretary, care of Corporation Trust Co.,100W.
Consolidated Balance Sheet June 30
1934
1935
1934
1935
AsgetsProv. for pref.stk.83,460,800 $3,332,736
a Prop. plant &
51,393,534 51,487,657 b Common stock_ 1,054,872 1.054,872
equipment
618,536
28,254 Accts. & notes pay 636,554
34,456
Cash
148,410
182,399 Accr. int., tax, &c. 153,777
Notes & accts. rec. 168.134
320,898 Dep. on sales con328,981
Inventories
13,708
tracts
66.799
47,839
Investments
7,841 Unredeemed mdse.
7,330
Deferred charges_
3,129
coupons
28,716
33,316
Other assets
12,143
18,962
Purchase obilgat'n
15,088
13,260
Reserves
3,337,343 3,082,350
Deficit
$2,013,591 $2,102,565
Total
52,013,o91 52,102,565
Total
by 198,770 no par
a After depreciation and depletion. b Represented
shares.
months ended June 30 was published in
The earnings for the 3 and 6
V. 141, p. 764.
Earnings-First Quarter 1935
Operating earnings from wholly-owned or substantially wholly- $2,405,000
owned subsidiaries
77,000
Dividends from non-consolidated subsidiaries
•52.482,000
Total
nterest on bank settlement (non-recurring after June 26 1935)
440,000
adjustment
and foreign exchange
Interest on new debentures which bear interest from Jan. 1 1935
400,000
in accord with the plan of reorganization (approximately)_ _
Reserve for losses of Paramount Broadway Corp. and companies
170,000
which are inactive or the future status of which is uncertain
$1.472,000
Estimated net earnings after reserves
-The above results exclude operations incident to the bankruptcy
Note
and reorganization proceedings of the parent company (principally non-except to the extent that they will be replaced by
recurring expenses
ordinary ad:ninistrative' expenses of the reorganized parent company,
Inc.,
and also exclude the results of operations of Olympia Theatres,
receivership
Minnesota A:nuse:nent Co. and Saenger Theatres, Inc., in
inor reorganization proceedings and their subsidiaries; exclude certain
and exclude
directly owned subsidiaries in receivership or bankruptcy,balance sheet
were created on the
net capital losses for which new reserves
of Sept. 29 1934.-V. 141. p. 284.
--Earnings
(J. C.) Penney Co.
1932
1933
1934
1935
6 Mos.End. June 30-392,979.584 590,022,564 571,029,692 569,280,242
Sales
85,510,963 82,379,383 67,166,193 66,132,620
Cost and expense
742,627
439,886
426,904
445.428
Deprec. & amortization..
384,853
561,026
1,107,703
x1,824.154
Federal taxes
55,199,040 56.108.574 52,862,587 52.020.142
Profit
388,105
478,729
448,570
327,722
Other income
195,010
107,203
141,293
142,924
Profit ofsubsidiary
Net profit
Preferred dividends
35,669,685 86,698,437 $3,448,519 $2,603.257
597.645
309,789
309.789
309,789
$5,359,896 56.388.648 53.138,730 $2,005,612
Surplus
Earnings per share on
$0.81
51.27
52.59
$2.17
common stock
x Includes all taxes.
Balance Sheet June 30
1934
1935
1934
1935
$
Liabilities.$
Assets
8% pref.stock- _10.326,300 10,326,300
Furniture.fixtures.
7,758,941 7,779,253 x Common stock23,622,767 23,622,766
land, &c
accr.
16,136,549 7,753,042 Accts. pay.dr.
Cash
9,281,295 7,837,925
50.608,735 52,211,282 liabilities
Merchandise
Fed, tax reserve... 2,141,330 3,538,624
Acc'ts receivable,
67,500
50,000
846,640 Mtges. payable_ _ advances, Sm.__ 687,131
290,428 Reserve for fire
Deferred charges__ 461,469
1.798,309 1,739,173
985,000 losses, &c
2.610
stock_ __
Treasury
33,830,643 28,108,408
Inv. In sub. cos.__ 3,480,553 3,431,278 Surplus
Mtge. receivable__ 108,719
leaseImpts. and
holds, less amort 1,825,937 1,943,774
Total
81,050,644 75,240.697
81,050,644 75,240,697
Total
X Represented by 2,468,984 no par shares.
Sales for Month and Segen Month., Ended July 31
1933
1935
1934
Month of512,924.114 512,440,233 58,689,376
January
8,455,073
12,040,900 11,741,901
February
15,511,314 16,484,080 10,234,073
March
17,591.998 15,475,133 14,591,329
April
16,976.719 17,084,631 14,431,647
May
17,934.549 16,796,586 14,628,193
June
15.915,025 13,967.193 13,557,830
July
Total for seven months
-V. 141, p. 283.
$108894609 $103989,757 $84,587,522
-Earnings
Pennsylvania Electric Co.(& Subs.)
1934
1935
12 Months Ended June 30$9,575,776 89,205,603
Total operating revenues
3,937.108 3,812,306
Operating expenses
578,885
694,521
Maintenance
Provision for retirements, renewals and replace484,155
767,948
ments of fixed capital
242,410
218,409
Federal income taxes
305.913
384,911
Other taxes
Operating income
Other income (net)
53,572,877 83,781,932
146.359
49,124
Gross income
Interest on mortgage debt
x Interest on convertible notes
Interest on unfunded debt
Amortization of debt discount and expense
Interest charged to construction
53,622,002 53.928,291
1,812,412
1,816,757
179,390
127.000
190,792
123,776
63,907
55,390
Cr612
Cr4,104
31,503.182 81,682.401
Balance of income
x As of April 30 1935, all outstanding convertible notes were retired by
agreement with the holder thereof, an attilitaed company,whereby the principal amount involved was credited to an unsecured account payable.-V. 141. p. 605.
RR.-Eguipments to Be Sold by RFC
-
The Reconstruction Finance Corporation has announced it would receive
up to noon Aug. 15 bids on 515,282,000 Pennsylvania RR.4% equipment
trust certificates, series E. The equipment trusts were purchased by the
RFC from the Public Works Administration. The RFC requested bids on
all or any part of the issue, the equipments mature serially $566,000 on
Jan. 15 and July 15 each year between Jan. 15 1936 and Jan. 15 1949.
-V. 141. p• 784
.
-Earnings-Peoples Gas Light & Coke Co. (8c Subs.)
1935-12 Mos.-1934
Period End. June 30- 1935-3 Mos.-1934
59.109,838 58.303,557 535.481,911 $32,516,514
Gas sales
188,087
1,054,010
232,104
770,165
Other oper. rev -Net....
Total gross earnings-- 59,297.925 58.535.662 536,252,077 $33,570,524
3,254,721
9,255.605
2,351,730 11,927,681
Gas purchased
3,108,699 2,829,348 12,411,832 11,107.374
Operation
1.422,304
390,609
381,033
1,448,167
Maintenance
689.336
725,233
2,868,402 2,824.497
State,local & other taxes
294,298
29,488
78.670
127,841
income taxes_
Federal
3,115.107
779,500
769.253
2,989,506
Depreciation
Net earns, from oper- $1,009,673 $1.436,288 $4,478,645 $5,551,335
929,700
245,350
200,010
913,728
Other income
$1,209,684 51.681,638 $5,392,373 56.481,035
Net earnings
4,689,672
1,164,459 4,344,266
Interest on funded debt- 1,086,394
31,916
7,154
55,557
171.795
unfund. debt
Interest on
Co., 150
The United States Corporationcapital stock.
Amort. of debt discount
-V. 138, p. 514.
190,619
53,156
43.777
191,803
appointed transfer agent for the
& expense
l-- -Listing of Securities
$456,868
523,955
3684.508 51,568,827
Net income
-..----- Paramount Pictures, Inc. authorized the listing of(a) $27.500,
Shares in the hands of
The New York Stock Exchange has
676,225
676.225
due Jan. 1 1955: (b) 275,000
675,774
675,774
public
-year 6% sinking fund debentures,
000 20
$2.32
of 2d preferred stock, and
50.68
$0.04
51.01
Earnings per share
shares of 1st preferred stock: (c) 644,181 shares official notice of issuance
the three months ended June 30 1934
common stock, upon
-The income accounts for
(d) 4.115,214 shares of
Note
Paramount Publix Corp.
been restated to reflect the
pursuant to the "I'lan of Reorganization of
the 12 months ended June 30 1935, have at
and
Paramount Broadthe end of 1934 and to
Including (as a part thereof) a plan of reorganization of confirmed by the
write-off of space heating campaign expense
Feb. 4 1935"
from revised provisions for the
way Corp. dated Nov. 28 1934 as modified
reflect adjustments resulting, primarily the periods
of New York.
involved, the interest
and local tax accruals for
S. District Court for the Southern District
necessary State
U.
York on July 19 1916. Its
The corporation was organized in New Paramount Publix Corp. By
thereon, and the effect thereof on Federal income taxes. The total tax acmay later be reduced due to proname at the time of the receivership was
cruals for other than Federal taxes for 1934 lower tax rates. The company.
on
Secretary of State of New York
of
certificate filed in the office of the and now is Paramount Pictures. Inc.
tests by company and to the possibility
to
June 5 1935 its name was changed
-Transfer Agent
Paramount Motors Corp.
Broadway. N. Y. City,has been
Financial Chronicle
Volume 141
however, is not justified in reflecting such estimated possible reductions
on its books until they are officially confirmed. Certain similar factors
may later result in reductions in the tax accruals for the first half of 1935.
as presently estimated.
It should be borne in mind that the income accounts are subject to change
if subsequent information necessitates revisions.
-V. 141. p. 764.
Peoples Drug Stores, Inc.-SalesMentholJanuary
February
March
April
May
June
July
Total seven months
-V. 141, p. 764.
1934
1933
1935
31,466,958 $1.322,136 31.310,613
1.250.116
1,185.279
1.428,201
1,558.292
1,450,922
1.268.006
1,537,724
1,324.034
1.245.704
1,561,023
1,336.054
1,242.600
1,535,034
1,342,468
1,243,098
1.317.587
1,299.963
1,553.833
$10,626,541 39,332,972 38,802.264
Pennsylvania State Water Corp.(& Subs.)
-Earnings
12 Months Ended June 30Operating revenues
Operating expenses
1934
1935
$1.180,580 $1,158,906
552,908
552,009
Earnings from operations
Other income
$627,672
4,438
$606.897
4.099
Gross income
Int. & other deductions of subs
Minority equity in earnings
Provision for Federal income tax
Interest on 1st lien 53i% bonds
Amort. of debt disc. & exp. & other deductions-Preferred stock dividends-paid
Balance
-V. 140. P. 3561.
3632.111
490
152
46,034
374,991
21.119
133,714
3610.997
1,104
177
32,437
36,1.857
28,012
133,714
$55.608
353.693
12 Months Ended June 30Operating revenues
Operating expenses
1935
$638,255
333,045
1934
$633,155
342,744
Earnings from operations
Other income
$305,210
Dr782
$290,410
1,622
Gross income
Interest on funded debt
Other interest
Provision for Federal income tax
Amort. of debt disct. & exp. & misc. deductions__ Pref.stock dividends (paid)
Balance __ _ ______________________________
-V.139, p. 939.
$304,427
187,302
4.135
7.602
13,431
17,500
3292.033
187.302
4,552
5,817
13,470
17.500
$74.456
$63,391
Peoria Water Works Co.
-Earnings
-
,--1?epperell Manufacturing Co.
-Dividend Halved
-
The directors have declared a semi-annual dividend of $1.50 per share
on the capital stock, par $100, payable Aug. 15 to holders of record Aug. 8.
This compares with $3 per share paid in each of the three preceding sixmonth periods. On Aug. 15 1933 the company paid a dividend of $3.20 per
share, which was equal after the 57 Federal tax to $3.04 per share. Quarterly distribution of$1 per share had been made up to and including May 16
1932.-V. 140. p. 324.
Petroleum Corp. of America-Asset Value
-
Huntington D. Sheldon, President, in letter to stockholders, states
he net asset value of 2,055,060 shares outstanding at June 30 1935.
after deducting all liabilities and reserves, was 312.586 per share, in comparison with $12.555 per share at Dec. 31 1934 on 2,0937.460 shares then
outstanding.
For the six months ended June 30 1935 income from dividends and
Interest received by the corporation amounted to approximately 3178.000.
as compared with approximately $663.000 for the first six months of 1934.
After deducting all expenses, net income for the period under review,
before giving effect to security transactions, was approximately $143,000,
as compared with approximately $627,000 for the six months ended June
30 1934.
Security transactions for the six months ended June 30 1935 resulted in
a net realized profit of $285,802, computed by applying sales against
inventory valuations of such securities at Dec. 31 1930 and cost of subsequent purchases. The account "profit or loss on realization of investments" which stood at $1,312,454 at Dec. 31 1934 accordingly rose to
$1,598,256 as at June 30 1935. Securities purchased during the six months,
period in question showed an aggregate unrealized profit at June 30 1935,
based on original cost, of over $100,000. No securities purchased between
Jan. 1 and June 30 1935 were sold during that period.
64,000 shares of the corporation's own stock held in treasury were retired
following the annual meeting of stockholders held on April 24 1935. At
June 30 1935 the corporation held in its treasury 15,400 shares of its capital
stock purchased at an average cost considerably below net asset value at
June 30 1935 and at time of purchases.
-V. 140, p. 2874.
in
Phelps Dodge Corp.(& Subs.)
-Earnings
6 Months Ended June 301934
Net profit after depreciation. Federal 1935
1933
taxes and other deductions, but
before depletion
32,624.697 $2,067.79510ss$711,166
Earnings per share on 534,922 (par
$25) shares capital stock
$0.49
$0.39
Nil
-V. 140. p. 4077.
Philadelphia
931
The names of the underwriters and the amounts to be underwritten by
each are as follows: Hornblower & Weeks,$4.950,000; Cassatt & Co., Inc.,
$2.700.000; Charles D. Barney & Co.. $1.000,000; Clark, Dodge & Co.,
31.000,000; Dominick & Dominick, $1,000,000; First Boston Corp., $1,000.000; Kidder, Peabody & Co..$1.000,000; Lee Higginson Corp..$1,000,000; G. M.
-P. Murphy & Co.. $1,000,000; White, Weld & Co., $1,000,000;
Field, Glore & Co., $250.01111; W. E. Hutton & Co.. $250,11111; Singer,
Deane & Scribner, $200,000; Bell & Beckwith, $100,11111; Paul H. Davis.
$100,000; O'Brian, Potter & Co., 100,000; Piper, Jaffrey & Hopwood,
$100,000, and Reed & Co., Inc.,'3100,000.-V. 140. P. 2366.
Phillips Petroleum Co.(& Subs.)
-Report for 6 Months
Ended June 30 1935
-Frank Phillips, President, says in part:
Total volume of business and gross income were the highest for any like
Period in the history of the company. Notwithstanding higher labor and
other costs and continued low prices, profits were larger than for many
Years.
Practically every division of the company contributed to the better
showing.
Current
-At the end of the period current assets of 331.981,950 included
cash of $7,347.735 and other assets and inventories of crude and refined
products the latter priced below the market by $1,226,155. After deducting current liabilities of $7.974,032, the net working capital was $24.007,917, an increase of $2,406,683 during this period, resulting in a current
ratio of 4.01 to 1. This increase was after applying approximately $2,000,000 cash toward the redemption, by call. of $5,991,000 of the company's
5K% bonds on June 1. The balance of the redemption was paid from longterm notes in the amount of 34,000,000, which were paid in full on July
15 1935, leaving the company with no bank loans. The redemption of
these bonds will reduce interest charges more than $300,000 per year.
Bonds in the amount of $19,891,000 remain outstanding. The company
has on hand bonds amounting to $1,243,000, which is more than enough to
meet the sinking fund requirements of $991,000 due Dec. 1 this year. Deferred purchase obligations total $1,872,452. all of which are due after
Dec. 31 1935.
In addition to the improvement in current position and reduction of debt,
$2,076,209 was paid in two dividends and capital expenditures were made
totaling $7,779,964. These capital expenditures resulted in material improvement and enlargements of the company's plants and facilities and in
important additions to its already large reserves of raw materials.
Capital
-As of June 30 1935 total capital investment of the company in
properties, plants and equipment, at cost less all retirements, was $275.994.073, against which reserves for depreciation and depletion in the
amount of $138,764,606, or more than 50%, have been provided out of
earnings, leaving a net investment of $137,229,468. This was exclusive of
current assets of $31,981,950 and investments in other companies of $1,331.727. Total capital and surplus of the company on June 30 1935 was
$136,620,428 and the number of shares outstanding was 4,153,234, equivalent to a book value per share of $32.89.
Operating-Company continued to grow in all divisions. At the close of
the period there was in operation 2,173 miles of crude oil and gasoline Pine
lines, an increase of 119 miles. This did not include gas pipe lines nor interest in the Great Lakes Pipe Line. During the period deliveries averaged
more than 108,000 barrels of crude oil and gasoline per day. The liquefied
gas (Philgas) division substantially increased its total sales both to industrial plants and to its retail customers, the latter showing a large increase
in number over the same period of last year. The natural gas, the natural
gasoline and the carbon black divisions each showed an increase in both
production and sales. Other numerous divisions and subsidiaries not
mentioned herein are making progress.
Total payrolls and average hourly rates of the company are now higher
than ever before. Practically all of the workers are engaged on monthly
rates and work full time. Average weekly hours are shorter and hourly
wage rates are higher tn the oil industry than in most other major industries.
Production-Notwithstanding drastic curtailment of some of the company's producing properties in new pools, subject to proration, production
of crude oil was approximately the same as in the comparable period of 1934.
The average production for the period was 81,256 barrels per day gross,
and 52.157 barrels per day net. The management is convinced that the
maintenance of stable and profitable conditions in the industry is dependent
upon the regulation of production of crude oil to balance with consumer
demand. It is, therefore. our policy to adhere strictly to the requirements
of proration, notwithstanding that doing so greatly reduces the company's
current production.
The newly developed oil properties referred to added substantially to
the company's reserves, as shown by estimates of our engineers. Estimates of amounts of oil recoverable from proven acreage, although
only
scientific approximations, are, when conservatively made by competent
engineers intimately familiar with the producing properties and discounted
by suitable factors of safety, desirable guides to the management. On
the basis of such estimates, the company's reserves are ample for its present
and anticipated requirements and show a constant increase. It should be
said.
however, that there is no basis for estimates of recoverable oil
drilled lands. Calculations based upon general information andunder unmade by
those unfamiliar with the science or the essential facts are valueless and misleading.
Consolidated Income Account
Period End,June 30- 1935-3 Mos.-1934
1935-6 Mos.-1934
x Gross income
$22,848,715 $19,734,364 $42,294,612 $38,265,473
x Exp., cost of products
sold, oper. exp., taxes
and interest
15,705,249 14,365.428 29.866,965 27,729,344
Deprec.. deplet., &c_-- 3,665,825 3,584,903
7.407,671
8,025,971
Net profit
$3,477.640 31,784,033 35,019.975 32,510,158
Earnings per share
$0.84
$0.43
$1.21
$0.60
x Excludes inter-company business and gasoline taxes collected and paid
to Federal and State governments.
-V. 141, p. 284.
Philippine Ry.-EarningsPeriod End. May 31- 1935
-Month-1934
Gross oper. revenue_ _ _ _
$32,896
$45.867
Oper. exps. & taxes_
33,918
31.730
-Reduces Rates
1935-12 Mos.-1934
$481,764
$611,646
407.327
399,407
Electric Co.
Net revenue
def$1,021
314,138
Reductions in household electric rates affecting "substantially all do374,436
$212,238
Deductions
30,342
28,496
mestic customers" in Philadelphia, Pa., and its suburbs, were filed on
351.185
341,960
Aug. 1 with the Pennsylvania Public Service Commission, effective on
Net deficit
331.363
314.360
Sept. 1.
3276,748
3129.721
Inc. approp. for investment in physical property_
The changes will yield savings of $1,500.000 a year to household con3,371
53.063
sumers, according to William H.Taylor,President of the company. MonthDeficit
$280,119
ly savings to individual householders will range from a few cents to sub$182,785
-V. 141. p. 284.
stantial sums, with the greatest savings accruing to those who use the
most electrical appliances, it was said.
-V. 141, p. 764.
...,,........Phoenix Hosiery Co.
-Accumulated Dividend-i&L.L.---Philadelphia & Reading Coal & Iron Corp.(& Subs.) ofThe directors have declared a dividend of 87;4 cents per sh e on account
accumulations on the 7% cumulative that preferred stock, par $100.
-Earningspayable Sept. 1 to holders of record Aug. 20. A similar payment has been
made in each of the nine preceding quarters, as compared with 883i cents
12 Months Ended June 301934
1935
1933
paid on March 1 1933 and 87 cents on Dec. 1 1932.-V. 140, p. 3226.
Net loss after depreciation, depletion,
taxes, interest, &c
$5,021,242 prof$9,638 $5,740,168
.....---Phoenix Securities Corp.
-V. 140, P. 4077.
-Dividend Accruals to Be
Philadelphia Suburban 'Water Co.
-To Issue $16,900,000 Bonds-
The company has filed a registration application with the Securities and
Exchange Commission seeking to issue $16,900,000 1st mtge. 4% bonds
due 1965 to provide funds for redemption of four outstanding bond issues.
The registration statement contains a provision-that for five business
days after the registration becomes effective holders of called bonds may
exchange them for new refunding obligations.
This provision assumes particular significance because of the statement
by John J. Burns, general counsel of the SEC,mane in Cincinnati recently,
that the Commission is studying the problem of giving holders of called
bonds a prior opportunity to secure bonds of refunding issues. The only
solution suggested thus far by securities houses is to have the bonds offered
subject to allotment after the demands of holders of the called bonds have
been met.
The company plans to redeem on Oct. 1 at 105 and int. 32.434.000 5%
1st mtge. bonds, due Oct. 1 1969; to redeem on Oct. 1 at 105 and int. $1,765.000 434% 1st mtge. bonds due Oct. 1 1970; to redeem on Nov. 1 at
1023i and int. 39.617.500 5% 1st mtge. bonds due May 1 1955 and to
redeem on Nov. 1 at 104 and int. $2,414,000 43i% mtge. bonds due Nov. 1
1967.
Paid Up
-
The directors have declared a dividend of $2 per share in cash
a share of additional preferred stock for each share held on the and 34 of
preferred
stock, thus paying up all accruals on this issue. The payment
will
8 de on Aug.5 to holdersf record July 31. See also V.
141, p. 2841 for
,
f• -V. 1 I
cl ...
.
.
further deta Is.
I. p. itm.
Pierce-Arrow Motor Corp.
-Balance Sheet June 30 1935.
Assets
Land
Buildings and„equipment
Good-will
mls investments
n
Cash
Reeenvariles
In veito b es
Deferred charges
$478,000 74; preii leed-stock (par $5)-- $250,000
ta fe ir
•
2,027,685 Common stock (par $5)_,____ 594,470
1
(secured)
ACI'eA)Itionts
1'122;985
772,773 Customers' credits, arc
28,898
151,183 Reserve
54,270
*795,092 Surplus
2,349,052
62,569
Total
$4,399,674
Total
$4,399,674
* Book values less reserve for obso escence.
Pierce-Arrow Motor Carp, was incorp. in New York, March 30 1935,
suant to a plan of reorganization of Pierce-Arrow Motor Car Co.and purPierce-
932
Financial Chronicle
Arrow Sales Corp., confirmed March 12 1935, by decree of the United
States District Court for the Western District of New York.
Under the plan of reorganization (as modified March 12 1935) no provision was made for any payment in cash or securities to the stockholders
of Pierce-Arrow Motor Car Co. They were, however, given a prior right to
subscribe for the preferred stock of the new corporation to be sold for cash
at par.
Each creditor of Pierce-Arrow Motor Car Co.,except creditors in amounts
less than $20, received in full settlement of his claim as proved and allowed
and as a final dividend one share of the common stock of the new corporation
for each $20 of such claim.
Creditors of Pierce-Arrow Motor Car Co. in amounts less than $20, and
that portion of each claim proved and allowed against the company which
was less than $20 in amount, received 25% of such sums less than $20 in
cash in lieu of stock, in full settlement of such amounts.
Each general and unsecured creditor of Pierce-Arrow Sales Corp. except
Pierce-Arrow Motor Car Co. (Marine Trust Co., pledgee), received in
cash 10% of the amount of his claim as proved and allowed.
The claim of Pierce-Arrow Motor Car Co. against the Pierce-Arrow
Sales Corp. was reduced to and allowed at the sum of $4,536,775, upon which
Marine Trust Co. of Buffalo, as pledgee of the claim received in satisfaction of said calim 10% of such amount, or $453.677 in cash, which was
paid concurrently with the advancement to the new company of the sum
of $1,000.000, to be loaned to it.
The $453,677 in cash, constituting the dividend upon the claim of PierceArrow Motor Car Co. against the Sales Corporation and paid to Marine
Trust Co. of Buffalo, was in full liquidation of collateral neld by the Trust
Company as security for its loan to the Mortor Car Co., reducing by that
amount the claim of the Trust Company against Pierce-Arrow Motor Car
Co. to $1,459,982, which included $510916 of claims of other creditors
assigned to the Trust Company, for which the Trust Company received
common stock, at the same rate as other creditors of the Motor Car Co.
The cony. 7% cum. pref. stock (50,000 shares par $5), was sold at par,
to provide additional working capital. The sale of the preferred stock was
underwritten for a commission of 5%. Stockholders of Pierce-Arrow
Motor Car Co. were given prior rights to subscribe to the preferred stock
at par (up to April 15).
The Marine Trust Co. agreed that at the end of six months after the date
upon which the new company takes over the assets of the Sales Corporation,
Marine Trust Co. will purchase from the new company all unliquidated
assets taken over by it from the Sales Corporation (if the new company
desires to sell) at a price which shall be the difference between $536,951
and the amount which the new company shall then have received from the
iquidation of such assets as have been disposed of or liquidated, without
deduction of liquidation expense, plus cash received from the Sales Corporation and cash paid to creditors of the Sales Corporation other than the
Marine Trust Co. of Buffalo, as pledgee of the claim of the Pierce-Arrow
Motor Car Co. against the Sales Corporation. The liability to C. I. T.
and the equity in the deposit with C. I. T. taken over under the plan by
the new company, the net equity was valued at $33,306 which amount
was credited upon the liquidation account.
Capitalization of New Corporation
Outstanding
Authorized
50,000 shs. 50,000 shs.
7% cum. preferred stock ($5 par)
Cony.
200,000 shs. x120,000 shs.
Common stock ($5 par)
$1,000,000
1st mtge.5% notes due serially 1937-1940
x Approximately.
The $1,000,000 5 % notes have been sold at par and the money recived
by the corporation. They are secured by a first mortgage covering the
real property and fixed assets of the corporation, including machinery
and equipment. The notes mature and become payable as follows: $100,000
on May 7 1937; $200,000 on May 7 1938; $300,000 on May 7 1939; and the
remainder on April 22 1940.
The cony. 7% cum. pref. stock is entitled to preferential quarterly dividends at the rate of 7% per annum, cumulative after Dec. 31 1936. Until
upon the company
that date, the payment of dividends is conditionedpreceding 12 months.
having net earnings of not less than $87.500 during the
The preferred stock is convertible into common stock, share for share,
30 days'
diva.
without time limit. It is callable at 115% and date. upon stock is notice,
The
entitled
with the right to convert until the redemption
to 115% and diva. in volunatry liquidation, and to par and diva. in involuntary liquidation. The stock is entitled to full voting rights, one vote
per share, and as a class will have the right to elect a majority of the board
of directors whenever and as long as four accumulated dividends are in
-V. 140, p. 4412.
arrears.
-Earnings
Pillsbury Flour Mills, Inc.(& Subs.)
Year to 11 Mos.End. Year Ended
Year Ended
May 31 '35 May 31 '34 May 31 '33 June 30 '32
Period$3.543,844 $3,565.971 *2,727,989 $2,568,447
Operating profit
547,269
454,254
542,706
536,731
Interest, discount. &c
976,531
1,095,535
982,272
Deprec. & maintenance_ 1,054,717
140,000
96,000
445.000
415,000
Federal taxes, &c
$829,642
$1.537,395 $1,595,993 $1,157,205
Net income
8,070,302 8.906,295
7,452,301
8.416,686
Previous surplus
219,006
ins. poi's_
Proceedsfrom
$9,954,082 $9,048,293 $9,446,512 $9,735,937
Total surplus
1,098,447
466,840
631,608
878,758
Common dividends
375,000
Prov.for pur. of annuit's
Dismantling units of
567,189
1,152,370
fixed plant
485.147
Add'n to res. for conting.
$8,590,176 $8.416,686 $7,452,301 $8,070,302
Balance, surplus
Earns. per sh.on 549,225
$1.51
$2.10
$2.90
$2.80
shs, corn. stk.(no par)
Consolidated Balance Sheet May 31
1934
1935
1934
1935
$
Liabilities$
Assets10,000,000 10,000,000
14.441,717 14.978.483 Capital stock
x Fixed plant
335,218 Accounts payable_ 1,043,441 1,997,594
y Movable plant_ 366,551
2,454,075 1,238,507 1st M. 20-yr.6% g.
Cash
bonds currently
z Trade accts. rec_ 2,568,885 2,011.378
869,000
maturing
13111of lading drafts
Reserve for Federal
450,575
under collection 755.196
445,000
and State taxes_ 415,000
8,348,745 9,420,989
Inventories
Island Warehouse
Advances on grain
964,700
bonds_ _ 861.200
Corp.
93.814
purchases
1st M. 20-yr. 6%
Special deposits for
4,860.000 5,729,000
gold bonds
44,936
retirem't of bds_
266,354 Res.for process.tax 861,923
Miscell. accts. rec_ 420,719
Dividend payable_ 219.689
Prepaid insurance,
178,674 Res. for conting's
184,090
interest, &c_
314,853
800.000
and insurance
Trade memb'ships,
86,180 Capital surplus.. _ 1,333.429 1,333,429
81,259
sundry stks., &c.
• 95,520 Earned surplus.-.-. 8,590,176 8,416,686
Due from employ_
237,016
237,016
376,398 Paid-in surplus.
Dian.on bonds._ 330,886
1
1
Hydraulic rights_
G'd-will, tr. marks,
1
1
trade names,&c.
30.090.876 29,438,278
Total
30,090,876 29,438.278
Total
x After deducting depreciation and maintenance of $3,837,597 in 1935
and $3,272,244 in 1934 of Pillsbury Flour Mills Co., andy$1,784,815 in
At depreciat1935 and $1,627,119 in 1934 of other subsidiary companies.
ed value. z Less reserve for bad debts of $202,500 in 1935 and 11197,392
p. 774.
In 1934.-V. 139.
-Reconstruction Loan Extended-& Fayette RR.
July
The Inter-State Commerce Commission onin the26 found the company
public interest at this
reorganization
not to be in need of financial
not to exceed six months of
time and approved the extension for a periodReconstruction Finance Corthe time of payment of $2,000 of the loan of
July 31 1935,in the amount of*3,000.-V. 138,P.679.
poration. maturing
Aug. 10 1935
-Tenders
Pocahontas Corp.
The Union Trust Co. of Pittsburgh, trustee of the 6% gold bonds, dated
Dec. 15 1923, has given notice that it will receive tenders on or before
noon Aug. 12 for the sale to it of such bonds to an aggregate not exceeding
,
$200,171.-V. 140, p. 1669.
-Earnings
Ponce Electric Co.
Period End. June 30- 1935-Mon/h-1934
$28,666
Gross earnings
$24,373
Operation
12,689,
983
Maintenance
1,520
3,040
Taxes
2,602
156
Interest charges
131
$8,264
$7,428
Balance
Appropriations for retirement reserve
Preferred dividend requirements
Balance for common divs. & surplus
-V. 141, p. 284.
1935-12 Mos.-1934
$321,225
$319,304
152,408
208,693
13,756
20,629
45,235
26,835
1,021
1,872
$61,274
35,000
25,420 •
$853
$108.803
40.000
25,679
$43,124
-To Restore Wage Cuts
Portland General Electric Co.
President Franklin T. Griffith announced on July 29 that the company's
1,200 employeei3 would receive on Aug. 1 a restoration of 1929 salaries. In
1931 salaries were cut 8%. A cut of 5 to 20% in 1933 was restored last
year.
Earnings for 6 Months Ended June 30
Total gross revenues
$3,998,896 $3,850,475
Operating expenses
987.909.
1,129,069
General taxes
666.135
638,821
Net earnings before income deductions & before
provisions for depreciation
$2,231,005 $2,196,430
Interest on funded debt (incl.coll. notes)
1,273,100 1,286,520
Sundry income debits
96,632
97,383
Provision for Federal income tax
2,907
x Provision for depreciation
302,430•
372,366
Net income to earned surplus (subject to the
adequacy of the provision for depreciation)___ $485,247
$510,846
x The provision for depreciation made by Portland General Electric Co.
for the 6
-month periods ended June 30 1935 and 1934, is based respectively
on an annual accrual of 1-10% and 9-10 of 1% of the book value of properties used and (or) useful in public service, plus an interest accrual equal to
2% of the estimated balance in the reserve for depreciation as of the end of
the year -V.141. p.606.
Power Corp. of New York(& Subs.)
-Earnings
Period End. June 30- 1935-3 Mos.-1934
1935-12 Mos.-1934
Operating revenues_ ___ $1,372,643 $1,403,895 $5,730.014 $5,465,726.
717.580
x736,023
Oper. revenue deduct-3,164,521 x2.746,602
Operating income.._..
Non-oper. income, net__
$655,063
Dr1,367
$667.872 $2,565,493 $2,719,124
3,451
17,890.
4,950
Gross income
Deduc. from gross inc
$653,695
384.905
S671,324 $2,570.443 $2,737,014
572,840
2,305,603
1.875.092
Balance
Divs. on pref. stocks of
subsidiaries
$268,790
$98,483
$695,351
$431.410
169,740
169,783
678,960
682,022
$99.050 lossx$71,299
Net income
$16,3911ossxS250611
x Changed to give effect to major adjustments made later in the year
1934.-V. 140, p. 4078.
Procter & Gamble Co.(& Subs.)
-Earnings
Year Ended June 301935
1934
Gross sales
$156.800,054 $116,593,143
Discounts, allowances and returned goods
8,130.3S2
8,647,551
Cost of goods sold
63,304.806.
95,468.231
2
Expenses exclusive of depreciation
7,059.850 25,795,840
Depreciation
3,085.303
3.268,309
Equipment, inventory adjustment and equipment scrapped
148.187
546,003
Profit from operation
Other income
$21,810,110 $16,128,625
571,091
429,030
Gross profit
$22,239,140 $16,699,719
Interest
191,723
Federal income tax
2,137,930
3,115,425
yinority stockholders int. in earnings ofsub. cos_
3,250
3,391
Net profit
$19 120 324 $14 366 817
Previous surplus
47 370 013 43 662 082'
Adjust:tient applicable prior years
221 710
191 543'
Res. for material and products price equal
Dr4 000 000
Reversal of reserve for investment
50 429
213 119
Total surplus
$62,762,477 $58,433,561
Preferred dividends
1.027,585
1,025,349.
Common dividends (cash)
10.752,453
9,484.277
Good-will write down to $1
664,954
127,872
Premium paid on redemption of debenture
426.050
Adjustment of interest to market value
Difference in exchange
Balance close of period
$50,317485 $47,370.013
Earnings per share on 6,325,087 (no par) shares
common stock
$2.23
$2.11
Consolidated Balance Sheet June 30
1934
1935
1935
1934
lAtzbilttlesAssets
Accts. payable_ 3,900,740 2,877,806
Cash and short
time deposits_ 5,728,511 6,088,197 Accrued taxes__ 4,463,467 3,720.576
funds &c.res 6,497,056 2,498,269
Debtors & notes
rec., less res__ 13,448,313 8,062,461 Exchange differ.
upon cony. of
U.S. Govt.secs. 3.185,752 13,933,901
Other Govt.secs 1,388,844 2,331,929 accts. of foreign subs__ _
377,246
Municipalsecs _ _ 2.222,554 1,502,884
412,648
305,110 1,025,825 d Common stock 25,300,348 25,300,348
Other securities_
Merch & malls_ 44,629,716 28,264,827 8% pref.stock__ 2,250,000 2,250,000
o5% pref. stock 16,951 700 16,951,700
Loans to empFees,
Pref.shs, of subs
66,447
less reserve:
65,127
Paid-in surplus_ 16,924,746 f16,928,746
Forstk.acqu,
secured. ___ 1,397,529 2,237,151 Earned surplus_ 50,317,445 47,370,013
1,320,954
960,150
Other,secured
Loans against
mtges., &c.,
764,895
927,056
less reserve
228,996
236,123
Special depositsg Land, bidgs.,
mach., &c_ __ 51,805,870 52,031,351
Good-will pats.,
1
1
licenses, &c__
581,862
817,695
Deferred charges
Total
127,053,235 114,375,233
197 053.235 118,375,233
Total
d Represented by 6,325,087 shares (no par). excluding 84,913 shares in
treasury at a stated value of$339,652. e Excluding 2,052shares in treasury.
f After deducting excess of book over stated vlaue of stock in treasury
amounting to $2,690.204. g After deducting depreciation of $38,486,317
in 1935 and $35,851,898 in 1934.-V. 141, P. 765.
-Third Liquidating Div.44 r(
.-- "Properties Realization Corp.
-13'-Cent Dividend
-•-•-•9
-Co•
C
......../Plymouth Fund, Inc.
per share
cents per share on the
directors have declared a liquidation dividend of
The directors have declared a dividend of 134 Aug. 15. Similar payclass A stock, payable Sept. 1 to holders of record
3
ments were made in each of the three preceding quarters, as against cents
4 cents per share on
paid on Sept. 1 1934. 5 cents on March 1 1934 and
p. 610.
Dec. 1 1933.-V. 139.
65 cents
The
on the voting trust certificates for common stock. payable Aug. 15 to
holders of record Aug. 12. This will be the third liquidating dividend paid.
A dividend of 80 cents was paid on Feb. 20 1935 and one of $1 per share on
Jan. 10 1935.-V. 141, p. 765.
Volume 141
Financial Chronicle
Service Co. of New Hampshire--fit-funaing- -
The company has applied for registration with Securities and Exchange
C mmission under Securi
Act of 1933 of $5,400,000 4% 1st mtge. bonds
series C,due Aug. 11960.'
Net proceeds from sal of the issue are to be applied to redemption on
Oct. 1, at 105 and int., of the company's $5,400,000 5% 1st & ref. .- 1tge•
1
bonds, series A.
The names of the underwriters and the offering price to the public will be
disclosed in an amend:nent to the statement to be filed with the Commission prior to effectiveness of the registration application.
-V. 140.
p.4079.
Public Service Co. of Nor. Ill.(& Subs.)
-Earnings
[Adjusted, as related to the respective periods, to include the allocation
of adjustments affecting the years 1933 and 1934, and to reflect the elimination of the estimated provisions for the Illinois 2% retailers' occupation tax
on electric, gas and water services (which tax was held by the Illinois
Supreme Court on Dec. 20 1934, as not applicable to thefurnishing of these
services by public utilities), the interest thereon, and the effect thereof on
Federal income taxes.]
Period End, June 30- 1935-3 Mos.-1934
1935-12 Mos.-1934
Total gross earnings__ $8,846,395 $8,623,285 $35,439,248 135,107,141
Total oper. exps.& taxes 6,449,799 6,083,787 25,560,183 24,658,066
933
mon stock about as follows: Into 45 shares until Sept. 1 1940;into 40 shares
thereafter to Sept. 1 1945, and into 30 shares thereafter to maturity.
The new bonds are to be sold to Stone & Webster & Blodget, Inc..
Estabrook & Co., Burr, Gannett & Co. and Kidder, Peabody & Co. The
stockholders are also being asked to eliminate their preemptive right to subscribe to the new issue of bonds. In reference to the conversion rights, the
letter to stockholders points out that the inclusion ofsuch rights will enable
"
the company to borrow at a coupon rate lower than otherwise would be the
case. Furthermore, the conversion of the debt into common stock, when,
as and if effected, will eliminate refunding of this debt at cr befcre maturity."
It states that offerings the new bonds to common stockholders would increase the expense of refinancing through the duplication of interest charges
since it would result in delay in making an effective sale of the bonds. It
is important for the management to be able to take prompt advantage
of favorable market conditions.
6 Months Ended June 301935
1934
Interest on bonds and notes
$118,033
$134,666
Cash dividends
98,987
102.139
Total interest and cash dividends
Expenses and taxes
Interest and other charges on funded debt
$217,020
30,272
100,954
$236,806
30,517
101,852
Net income
$85,793
$104,436
Note
-The above statement of income does not include realized and unNet earningsfrom oper $2,396,595 $2,539,498 $9,879,064 $10,449,074
realized profit and loss on securities. Based on book amounts at time of
Total other income
25,912
200,021
81,837
56,801
sale, realized net profit on sales of securities for six months ended June 30
amounted to $38,043 in 1935 (without deduction therefrom in 1935 of
Net earnings
$2,453,397 $2,565,410 $10,079,086 $10,530,912
$70.667 loss charged against investment reserve) and $57,170 in 1934 as
Interest on funded debt_ 1,583,267
1,634,941
6,448,592 6.600,305
included in special surplus on the balance sheet.
Interest on unfund. debt
Comparative Balance Sheet June 30
(net)
150,909
28,324
97,372
32,916
Amortization of debt disAssets1934
Liabilities1935
1935
1934
count & expense
Bonds and notes...84,056,474 $3,890,813 Coll, trust bonds_ _53,963.000 $4,089,000
189,800
775,540
806,560
208,556
Stocks
3,764,647 3,841,644 Pref. stock MOO
Net income
Accept. notes rec.. 299,649
399,708
par)
$712,344 $2,704.044 $3,026,674
$628,656
2,113,600 2,113,600
Div. requirements on
Cash
246,618 Accounts payable_ 103,954
361,477
15,838
pref. stock in hands of
Accounts receiv_ _ _
15,894 Coupon int. accrd.
38,301
31,183
31,315
the public
Accrd. int. receiv_
72,223
84,733 Tax liability
255,841
255,841
2,180
3,245
Unamort. bond dLsReserve for dim
31,833
31,626
Amount available for
count & expense 207,174
224,521 y Common stock
2,146,447 2,146.447
common stock
x Reacquired bonds
Investment reserve
$456,502
$372,815
90,333
Shs. of common stock in
(at cost)
97,670 Spec. surplus (Prof5,800
the hands of the public
it from capital
637,833
625,658
Earnings per share on
transactions) _ __
38,817
125,343
common stock
Earned
surplus
$0.71
$0.59
(since Jan. 1
Note
-In the consolidated income account for the 12 months ended
June 30 1934, there is included the excess of net income over dividends
1932)
284,599
245,187
declared and paid (exclusive of one quarterly preferred dividend declared out
Total
$8,905,748 $8,801,602
Total
of paid-in surplus) for the period July 1 1933,to Feb. 281934. which amount
$8,805,748 $8,801,602
was transferred to capital surplus in connection with the reduction in the
x Face amount $7.000 in 1935. and $123,000 in 1934. y Represented
par and stated value of the common stocks to $60 per share as approved
by 163,140 no par shares.
by the stockholders on Feb. 26 1934. In the consolidated income account
Note
-The aggregate of securities owned priced at market quotations
for the six months ended June 30 1934. there is included the net income for
was greater than their book amount by $614,004 on June 30 1935; and less
the period Jan. 1 to Feb. 28 1934, this net income being a part of the amount
than their book amount by 1215.818 on June 30 1934.-V. 140. P. 3056.
mentioned in the preceding sentence as having been transferred to capital
surplus. Therefore, these income accounts could not properly show the
RCA Communications, Inc.
-Cuts Rates to Japan
deduction of dividend requirements on the preferred stocks and the resulting
The company announced it is filing with the Federal Communications
amount available for the common stocks. .A statement of earnings per share
Commission as amended tariff providing for substantially reduced radio
for thel2 months ended June 30 1935, on the common stocks outstanding
telegraph rates between this country and Japan. The tariff_ to be effective
at that date (625,658 shares), compared with the indicated earnings per
Sept. 1, provides for a reduction in the tolls between New York and Tokio
share for the corresponding periods of 1934. if the adjusted net income as
amounting to 10 cents a word on ordinary messages. Proportionate rereported herein for the 12 months ended June 30 1934, after preferred div.
ductions in rates are scheduled on other classes of messages.
-V.141, p. 446.
requirements, had been entirely available for dividends on the company's
common stocks outstanding as of that date (637,833 shares), would be
Reo Motor Car Co.
-New Truck Model
as follows:
The company is bringing out a new line of trucks in 1,Si to 3
-ton capacities
For the six months ended June 30: 1935, $1.94; 1934. $2.07. For the 12
with the driver's seat and cab mounted over the engine
-a type of design
months ended June 30: 1935, $2.68; 1934, $3.14.
usually found only on very large trucks or trailer-tractors. Advantages
Owing to seasonal influences, the lowest earnings of the company are
claimed are three extra feet of body length with no increase in wheelbase
usually produced in the second and third quarters of the year. In considering
or over-all length, a marked advantage where traffic is congested, and
the earnings per share of common stock for the second quarter,shown at the
Improved weight distribution with 35% on the front and 65% on the
bottom of the "consolidated income accounts," it should be borne in mind
rear wheels. The line has a base price of $1.045 for the smaller chassis.
that this quarter is usually one of the two least profitable quarters of the
-V. 141, p. 765.
year.
The income accounts contained in this bulletin are based on the beat
zte/
.-----Republic Gas Corp.
-Reorganization
information available at this time with relation to the provisions for the
The reorganization plan. dated May
necessary tax and other accruals,
pproved
other expenses, and are subject to - by Federal Judge Coffey of the U. S. 15 193 , was rec
Distric Court for
change if subsequent informationand to
Southern
-V. 141, P. 765.
necessitates revisions.
District of N. Y. Briefly the plan follows:
Puget Sound Power & Light Co.(& Subs.)
-Earnings
Capitalization and Debt of Corporation
Period End. June 30- 1935
1st lien coll. 6% cony, bonds, series A
1935-12 Mos.-1934
-Month-1934
$7,229,000
Gross earnings
Accrued interest on funded debt to Dec. 15 1933_ _ _
$1.095,340 $1,068,445 $13,498,515 $12,919,854
1,084.350
Operation
Notes and accounts payable (excl. of taxes and subsidiary
5.272,154 4,895,200
433,490
461.840
Maintenance
claims but inclusive of $171,000 of pref, stock held to be
791.844
622.626
56,878
56,272
Taxes
1,912,260
a claim against the company) approximately
1.710,128
173.800
164,806
2,185,356
Common stock (no par)
1,355.539 shs.
Balance
$404,276 $5,522,256 $5,691,899
1412.420
Plan and Description of New Securities-Republic Natural Gas Co., a
Inc.from other sources_ _
416,800
34,733
417,890
34,733
corporation organized in Delaware, will acquire all of the assets presently
pledged under the corporation's collateral trust indenture free and clear
Balance
$439,009 15,939.056 16,109,790
$447,154
of the lien of the collateral trust indenture, and all other assets of the
Interest & amortization_
329,055 3,888,030 3,993,734
323,744
corporation of whatever nature and wheresoever located.
An effort will be made to effect an exchange of the pref. stock of Argus
Balance
1109,953 $2,051,025 12,116,055
$123,410
Production Co.and Missouri Valley Gas Co.(subsidiaries) now outstanding
Appropriations for retirement reserve
1,354,680
1,457%712
for a principal amount of 6% income sinking fund debentures of Argus
Prior preference dividend requirements
550,000
550,000
Production Co. and Missouri Valley Gas Co.. respectively, equivalent to
Preferred aividend requirements
1,583,970
1,583,970
the par value of such stock.
The initial board of directors of the new company shall be designated by
Deficit for common dividends & surplus
$1,437,624 11,475,626
the reorganization committee, and shall consist of seven members, of which
-V. 141, p. 285.
four shall be nominated by the holders of a majority in principal amount
of the old bonds and three shall be nominated by the holders of a majority
-pc...Pure Oil Co.
-Notes Called
in principal amount of the unsecured claims.
All of the outstanding 10
5J4% sinking fund gold notes, due March 1
1940, have been called for-year
Securities to Be Issued by New Company
redemption on Sept. 1 at 101 3.1 and int. Payment will be made at Guaranty Trust Co., 140 Broadway. New York City. 6% bonds secured
$3,614,500
-V. 141, P. 445.
6% convertible income bonds, secured by junior lien
3,614,500
Common stock (par $1) 1,700,000 shares authorized, to be
Quaker Oats Co.
presently issued approximately
784.319 she.
-Injunction Asked
The company has filed a petition
The new bonds will be secured (1) by a first mortgage upon the properties
Chicago Federal District Court
asking for a temporary injunction In the
now owned by Saxet Gas Co., Saxet Oil Co. and Moody-Seagraves Producand finally permanent injunction restraining the Government from collecting from it processing taxes on wheat
ing Co. and all properties thereafter acquired by thenew company; (2) by
and corn. The petition alleges the tax is unconstituional.-V. 140. P.
the pledge of all of the common stock of Saxet Sand & Gravel Co.. Corpus
1670, 1497.
Christi Warehouse & Storage Co., Argus Production Co., and Missouri
Valley Gas Co. now owned by the corporation, and (3) all of the preferred
stock of Argus Production Co.. and Missouri Valley Gas Co. now owned
Quarterly Income Shares, Inc.
-Reports Gain of by the corporation or.
In lieu of such preferred stock and in tbe event the
$3,525,364 in Assets During Quarter
exchange of such preferred stock for 6% income sinking fund debentures
The company, an investment fund supervised by Administrative &
above referred to is effected, $2,626,600 of 6% income debentures of Argus
Research Corp. of New York, in the statement mailed to stockholders,
Production Co. and $279,300 of 6% income debentures of Missouri Valley
reports total gross assets of $35.000,312, with investments taken at closing
Gas Co.
market quotations for the quarter ended July 15 1935. This compares
At the option of the reorganization committee. Argus Production Co.
with gross assets of $31,574,947 at the end of the preceding quarter, April
and Missouri Valley Gas Co. may be merged or consolidated into a single
corporation, or the properties of Missouri Valley Gas Co. may be transferred
15 1935, and represents a gain of $3,525,364.
The per share liquidating value
to Argus Production Co. subject to the lien of the indenture, dated as of
25,517,933 shares outstanding
as of July 15 was 11.3375, againstof the
March 11932, between Missouri Valley Gas Co. and the Dollar Savings &
11.2025 on April 15, or an increase
of 11.2%. The invest:nents of the Fund had a market value of $34.820,450
Trust Co. and Asset E. Adams, trustees, in consideration of the assumption
at the close of the quarter just ended, as compared to $30.572,055 at
of all of the liabilities of Missouri Valley Gas Co. by Argus Production Co.
the end of the previous quarter.
and the issuance to Missouri Valley Gas Co. of series C preferred stock
In the letter to stockh.
Argus Production Co. equal in aggregate par value to the net worth of
Ross Beason, President, points out that
of
since the establishment ofbiers
Missouri Valley Gas Co.
Quarterly Income Shares, Inc., Dec. 9 1932,
If the preferred stock of Argus Production Co. is
to March 1 1935. when the issuance of new shares was discontinued, the
Fund received 132,251.809 from subscriptions frr shares by investors.
debentures there will be issued in lieu of such seriesexchanged for income
C preferred
During the period, total distributions of $5,306,103, including the Aug. 1
equal amount of income debentures. Upon completion of such stock an
transfer
Missouri Valley Gas Co. will be dissolved and the securities of
payment, have been made to stockholders. Total net assets, including
unrealized appreciation, as of the close of business on July 15 were $34,Production Co. issued for the properties of Missouri Valley Gas Co. Argus
will be
pledged as security for the new bonds in lieu of the securities of Missouri
130,981. The combination of assets plus distribution was therefore
Valley Gas Co.. or, if Argus Production Co. and Missouri
$.39,437,084. or $7,185.275 above the selling price to the Fund of outValley Gas Co.
are merged or consolidated into a single corporation, the securities
standing shares.
-V. 140, p. 810.
corporation issued in exchange for the securities of the merging of such
or consolidating corporations now owned by the corporation will
..-..-Railway & Light Securities Co.
-To Float Bonds
be pledged as
security for the new bonds.
A special meeting of the stockholders will be held Aug. 20 to authorize
not more than 14.000.000 of bonds, convertible into common stock, to be
Distribution of New Securities
sold on terms the directors may determine.
The securities of the new company shall be distributed as
The new bond issue will replace $3,956.000 outstanding 4% and 5%
(A) Holders of old bonds will receive for each $1,000 of oldfollows:with
collateral trust bonds. Each $1,000 of bonds will be convertible into cornbonds
coupons maturing Dec. 15 1931 and all subsequent coupons attached.
Financial Chronicle
934
(1)$500 principal amount of new bonds;(2)$500 principal amount ofincome
bonds; (3) 373i shares of common stock, and (4) $31.25 in cash.
• (B) Holders of unsecured claims against the corporation, duly filed and
allowed by the bankruptcy court (including holders of preferred stock)
will receive one share of common stock of the new company for each $5 of
their respective claims, including interest to Dec. 15 1932, or for each
$5 par value of their preferred stock, as the case may be.
(0) Holders of shares of common stock of the corporation will receive
one share of common stock of the new company for each 15 shares of common stock of the corporation held by them.
(D) Approximately $45,324 of claims against subsidiaries are to be
settled on the reorganization by the issuance of one share of common stock
of the new company for each S5 of said claims, including interest to Dec.
15 1932.
The common stock will be distributed as follows: Holders of 1st lien
coll. 6% cony, bonds, series A, 271,087 abs.; creditors (approximately).
413,798 shs.; subsidiary creditors, 9,065; reserved for conversion of income
bonds and to be issued for no other purpose, 903,625 shs.; holders of common stock, 90,369; to provide for any additional claims, 12,056 shs.; total,
1,700,000 shs.-V. 140, p. 3906.
-Earnings
Republic Petroleum Co., Ltd.
6 Mos. '35.
Period Ended June 301935-3 Mos.-1934
$245,069
$159,255
Gross crude oil production
$124,421
Proceeds from sale of gas and casing26.435
15,519
head gasoline
13,426
Total
Royalties
$137,847
23,114
$174,774
32,082
$271,503
45,094
Net realization from production__
Other income
$114,733
1,237
$142,691
2,855
$226,409
3,054
Gross income
Production and general expense
Depreciation
Depletion (estimated)
Abandonments
Provision for Federal and State income tax
$115,970
54,532
18,546
15,214
$145,545
58,840
28,889
29.048
$229,463
110,260
38,864
30,415
60,296
Net profit
AssetsCurrent assets__
Other assets
Fixed assets less
prov.for deplet.
and depreciation
4,531
824,238 loss$10,373
$27,678
Comparative Balance Sheet June 30
1934
1935
Lie/Mines1935
1934
383,056
853,097
$92,602
$99,641 Current
80,796 Prov. for Fed. and
99,891
State taxes and
10,455
assessm.ts pay326,667 3,444,000
1,034,820 4,889.798 Capital stock
827,963 1,589,081
Surplus
10,373
Deficit
Total
$1,227,314 $5,096,634
Less 17,732.8 shs,
of stock in treas.
26,398
at cost
Total
$1,227,314 $5,070,236
-V.140. p. 3228.
Total
$1,227,314 85,070,236
Aug. 10 1935
-year
institution for investment of a $3,000,000 issue of the company's 10
4% unsecured notes dated June 1 1935 at par and int. and by two unsecured
five years at 3% and the other for $500,000
bank loans,one for $2,500,000 for
for one year at 1 %, together with $2,400,000 of available cash. The
saving in interest rate of an average of more than 2% is, of course, offset
to some degree by the 8400,000 call premium. However, the elimination
of the conversion feature and the reduction of the funded debt from $8,000,000 to $6,000,000 should prove satisfactory to stockholders particularly
as the excess cash assets were earning practically no interest in the present
market.
Consolidated Income Account
1932
1934
6 Mos.End. June 301933
1935
$92,203
x Profitfrom operations_ $825.191 $1,393,240
$174,819
52,234
32,604
Other income
23,435
23.953
Total income
Interest and expenses on
funded debt
Depreciation
Other deductions
Minority interests
Abandoned leases
Depletion
$848,627 $1,425,844
$198.773
$144,437
232.898
554.751
55.215
Dr12
26,279
743,351
232,898
507,660
250,930
,513,765
Cr5,138
167,820
598,745
834,459
223,724
541,302
5,411
Dr7
3.356
153.225
Cr5,815
$78,399pr0f$186.662 $1,303,212 $1,448,901
Net loss
195,657
Dividends paid
391,135
Nil
$0.09
Nil
Nil
Earns. per sh. on cap.stk
x After expenses, including writing off of development and exploration
charges.
Comparative Consolidated Balance Sheet June 30
1934
1934
1935
1935
LiabilUiesAssets$
Cap.stk. (par 810)19,556,730 19,556,710
a Ore reeve & min428
409
eral rights
9,217,656 9,830,485 Scrip
Minority int. in
b Ld., bldgs.,plant
486
498
.3, equipment__ 9,137,367 10,455,792 subsidiary cos.._
5,500,000 8,000,000
Expenses on prop_ 160,275
178,845 Funded debt
Invests. & advs.... 3,236,477 2,912,543 Redemption accts. 219,561
Accts. St wages pay 693,213 1,156,309
Special deposit._ _ 219,561
Cash
1,404,554 2,155,384 Note payable
500,000
73,333
Marketable seems. 514,139 3,130,915 Accrued interest
12,979
Accrued taxes_ __ _ 252,997
Due from subs. not
Coining. res., Om_ 1,272,001 1,401,873
consolidated_ _ _ _
7,268
Deferred credits__
84,842
Notes & accounts
1,044,665 1,001,486 Surplus
receivable
5,485,553 7,622,952
Inventories
8,409,967 7,706,503
51,988
37,672
Cash in closed bk.,.
199,184
388,150
Deferred charges
Total
Total
33,578,783 37,812,092
33,578,783 37,812,092
a After depletion of $35,196,822 in 1935 ($31,211,604 in 1934). b After
deprec. of $10,788,233 in 1935 ($9,956,082 in 1934).-V. 141, p. 766.
St. Louis Southwestern Ry. Linea-Earnings
Gross earnings
-V. 141, p. 608.
-Fourth Week of July-- -Jan.1 to July 31
5422,599 89.084,216 $8,551,286
$416,600
.. ...
e -Sandusky Bay Bridge Co.
-Preferred Dividend
The directors have declared a dividend of $1.75 per share on
-Government to Not Appeal Merger
Republic Steel Corp.
of accruals on the 7% cumulative preferred stock, par $100,
Case
Sept. 3 to holders of record Aug. 15.
Attorney-General Cummings announced on Aug. 2 that the Justice
Department had decided against an appeal from the adverse district court
decision of June 13 rejecting the Government's anti-trust suit directed
against the merger of Republic Steel Corp. and Corrigan-McKinney Steel
Co.
The Justice Department's announcement pointed out that the case had
been submitted to the District Court of Northern Ohio and that that court's
decision was on the basis of a determination of the facts. In view of the
court's action on all the facts, the Justice Department said it had decided
an appeal would be unavailing.
The Republic stockholders are scheduled to meet Aug. 15 to act on ratifying the merger of Republic and Corrigan-McKinney.
Corrigan stockholders have voted ratification. Should the merger be
ratified, Republic also will take over control of Truscon Steel Co., a frabrieating concern.
-V. 141. p. 607.
-August Interest
Rima Steel Corp.
-year sinking
The interest due Aug. 1 1935 on the 7% closed 1st mtge. 30
fund gold bonds, due 1955, was paid on that date at the rate of 5% per
-V. 140, p. 984.
annum, in pengoes, in Hungary.
-Options Not
Roan Antelope Copper Mines, Ltd.
Exercised
The Committee on Stock List of the New York Stock Exchange has
been notified by the company that the 750,000 ordinary shares of the company, equivalent to 187,500 "American shares," which were available for
issue up to and including June 30 1935, against the exercise of an option
granted to the original subscribers of 7% debenture stock of the company,
-V. 140. p. 3400.
have not been issued.
-Earnings
Rochester Telephone Corp.
1935-6 Mos.-1934
-Month-1934
Period End, June 30- 1935
$380,709 $2,263,760 $2,259,686
$382,114
Operating revenues
9,697
8,269
918
850
Uncollectible oper. rev
1,697,337
1,744,250
280,665
287,566
Operating expenses---172,150
178,861
28.683
29.632
Operating taxes
Net operating income-V.141, p. 765.
$64,066
$70,443
$332,380
$380,502
account
payable
The directors also declared a regular quarterly dividend of $1.75 per
share on the above preferred stock, payable Oct. 1 to holders of record
Sept. 15.-V. 131, p. 2548.
-Applies to Register
Savannah Electric & Power Co.
5% Refunding Bonds
The company, a subsidiary of Engineers Pub. Ser. Co. has filed a registration application with the Securities and Exchange Commission seeking to
Issue $4,500,000 5% mortgage bonds under the Securities Act of 1933. The
company proposes to offer the issue publicly around Aug. 23.
The net proceeds from sale of the issue, together with other funds of the
company, will be used to redeem on Oct. 1, at 103% and int., $1,565,900
7.34% 1st and refunding mtge. bonds, and to redeem on Oct. 1 at 103
and int., $1,042,500 6% 1st & refunding mtge bonds. The company also
plaas to pay off a note of $1,150,000 held by Engineers Public Service Co..
whereby 82,000,000 5% 1st and refunding mtge. bonds, series E, pledged
as collateral for the note, will be retired and canceled. The company also
plans to purchase a new 7,500 kw. turbo-generator at an estimated cost of
$364,000.
The underwriters of the issue are Stone & Webster and Blodget, Inc.,
First Boston Corp.. Brown, Harriman & Co.. Inc. and Bonbright & Co..
Inc.
1935-12 Mos.-1934
-Month-1934
Period End, June 30- 1935
$142,757 $1,804,017 $1,751,488
$149,964
Gross earnings
53,695
683,358
58,569
635,670
Operation
8.855
106,577
8,784
100,927
Maintenance
16.710
16,644
208,099
195,579
Taxes
32,979
32,822
396,660
398,789
Interest & amortization$30,516
$33,144
Balance
Appropriations for retirement reserve
Debenture dividend requirements
Preferred dividend requirements
•
Balance for common dividends & surplus
-V. 141, p. 286.
$409,321
150,000
149,114
60,000
$420,522
150,000
149,114
60,000
$50,206
$61,407
Seaboard Air Line Ry.-Int. on Underlying Issues
-
Pursuant to orders of the IL S. District Court for the Eastern District of
Virginia, receivers are now authorized to make payment of the six-months
instalment of interest due Jan. 1 1932, upon the bonds of each of the follow-Bonds Called
Rockford Electric Co.
ing issues:
-year gold bonds,. due March
A total of $16,000 1st & ref. mtge. 5% 30
Seaboard & Roanoke RR. 1st mtge. 5% bonds extended, due July 11931;
Pay1 1939. have been called for redemption on Sept. 1 at 105 and in
Raleigh & Augusta Air Line RR. 1st mtge. 5% bonds extended, due Jan.
ment will be made at Guaranty Trust Co., 140 Broadway, N. Y. City.
1 31;
V. 133, P. 955.
Florida Central & Peninsular RR. 1st consol. mtge. 5% bonds, due Jan.
-Accumulated Dividend4-e-L-- 1 1943; Gaston RR. 1st mtde.5% bonds, due
____(Helena) Rubinstein Inc.
Ralei h &
Jan. 1 1947;
1he directors have declared a dividend of 25 cents per share on account
Carolina Central RR. 1st consol. mtge. 4% bonds, due Jan. 1 1949.
of accumulations on the $3 cumulative preferred stock, no par value, payThe interest upon bonds of the above issues deposited with the underlying
able Sept. 2 to holders of record Aug. 21. Like amounts have been paid each
bondholders' committee will be paid to the committee.
quarter since and including Sept. 1 1932 prior to which regular quarterly
Coupons due Jan. 11932. upon undeposited Carolina Central & Florida
distributions of 75 cents per share were made.
Central & Peninsular bonds will be paid upon presentation and surrender
Accruals after the payment of the current dividend will amount to $6.50
to the City Bank Farmers Trust Co.. New York.
-V. 140, p. 4080.
per share.
Coupons due Jan. 1 1932, upon undeposited Raleigh & Gaston bonds will
be paid upon presentation and surrender to the Maryland Trust Co..
-To Merge with Inland Baltimore, Md.
----- Joseph T.) Ryerson & Son, Inc.
(
Interest from July 1 1931 to Jan. 1 1932, on undeposited Seaboard &
-V. 140, p. 3401.
-See latter company above.
Steel Co.
Roanoke and Raleigh SE Augusta bonds will be paid upon presentation of
bonds to Maryland Trust Co. for stamping to evidence said interest payLouis
-San Francisco Ry gameirern-ment.
-V. 141, p. 766.
1933
1932
1934
1935
$3,585,848 *3,647.847 $3,279,246
Gross from railway
$3,119,47
-Earnings
Sears, Roebuck & Co.
1.021.466
624,750
Net from railway
734,540
105,7
July 16 '35 July 16 '34 July 15 '33
24 Weeks Ended480,817
679,566
199,619
Net after rents
def195 32
Gross sales
$178,122,304$140,639,500$108,990,590
From Jan. 1
Net profit after depreciation, &c..
Gross from railway
18, 5,536 19.936,805 18,559.259 20,300,774
but before Federal taxes
9.071.071
1,619,811
6,808,189
3.684.620 3,353,627
3,781,350
Net from railway
50.663
-V. 141, p. 608.
1,127.330
Net after rents
f174,221
1,870,391
1.442,'.190
RFC Loan Revoked
At the request of the Reconstruction Finance Corporation,the Inter-State
Commerce Commission has revoked its approval, given Feb. 25 1933. to a
$3,000,000 RFC loan to the company. No part of the loan ever was disbursed, and the Commission's action is in line with previous moves made to
-V.141, p.608.
revoke approvals of applications, if the RFC so requests.
-Report
St. Joseph Lead Co.
Clinton H. Crane, President. says in part:
-year convertible 53.5%
On June 18 1935 the outstanding $8,000.000 10
debenture bonds due May 1 1941 were called for redemption and payment
at 105. The redemption was financed by the proceeds of the sale to an
-New President
Sharp & Dohme, Inc.
John S. Zinsser has been elected President and a director, effective
Oct. 1, as of which date A. Homer Smith, for the past several years President and for 27 years actively connected with the firm, will retire. On
Oct. 1 Mr. Smith will also retire as a director and member of the executive
committee, but plans to continue his connection with the company in
-V. 140, p. 3058.
an advisory capacity.
-Bonds Called
Bread Co.
The company has called for ryment and redemption on Sept. 1, at
the main 0 fice of The Nations City Bank, successor trustee, 55 Wall
-year 6% gold mortgage bonds due March 1
Street, all of its outstanding 30
Financial Chronicle
Volume 141
1940. The bonds will be redeemed on Sept. 1 at par plus accrued interest.
-V. 131, P. 956.
-Silver King Coalition Mines Co.
-Listed on N. Y. S. E.
•••*" . Referring to the "Removed from List" item in "Chronicle" p. 767, we
.
wish to state that this has reference to the removal of the stock from the
Boston Stock Exchange list. The stock of the company is listed on the
New York Stock Exchange, where it is actively traded in.
-V.141. n• 767.
Skelly Oil Co.
-Earnings
-Period End. June 30- 1935-3.Mos.-1934
1935-6 Mos.-I934
Net profit after all chgs.,
& Fed.& State inc. tax $439,584 4378,974
$737,101 x$232,319
Earn. per sh.on 1,008,548
slis.(par $25)com. stk.
$0.01
$0.53
80.26
$0.33
Before Federal and State income taxes.
-V. 140, p. 3230.
Standard Oil Co. of California-Earnings-Period End, June 30- 1935-3 Mos.-1934
1935-6 Mos.-1934
Operating income
$10,176,317 88,447,948 819,482,549 $15,913,649
Dividends received
252,590
97,970
146,849
347,632
Other non-oper. income
161,022
36.553
(net)
204,680
71.839
.....----SO ony-Vacuum Oil Co. Inc.
-C
-Annual
-Semi
The directors on Aug. 6 declared a dividend of 15 cents per share on
the common stock, par 815, payable Sept. 16 to holders of record Aug. 23.
The company paid a dividend of 15 cents a share on March 15, making
payment for this year 30 cents, compared with 60 cents in 1934.
When the directors in February declared the dividend of 15 cents a
share paid in March, it was announced that in the future they would
take dividend action semi-annually, in February and August. For several
years the company has not been on a definite dividend basis, although
in 1934 it paid four dividends of 15 cents a share each.
-V. 140. p. 3735.
Total net income__ - -810.435.309 $8,631.351 $19,939,819 $16,333.120
Depr., Depl. & amortiz. 4,278,189 4,264,108
8,576,677
8,392,286
Provision for Federal income tax, &c
350,000
460.000
770.000
600.000
Divs, paid on pref. stock
of subsidiary co
5,000
10,000
5,000
10,000
Net profit
Earnings per share
-V. 141, p. 769.
„...,.---Southern California Gas Co.
-Bonds Called
-
The company is notifying holders of its 5% set lea due 1957 1st mtge. and
ref. gold bonds that it will redeem and pay off on Sept. 1, all of the bonds
of this issue outstanding on that date. The bonds will be payable at
principal together with a premium of 4% and accrued interest, at the corporate trust department of the Chase National Bank, New York, trustee.
The company is also notifying holders of its series B of 1952 1st and ref.
mtge. gold bonds that it will redee:n and pay off these bonds at principal
together with a premium of 23i% and accrued interest on Sept. 1. They
are payable at the office of the trustee, Union Bank & Trust Co. of Los
Angeles, Los Angeles, Calif.
-V. 141, P• 767.
-Franchise Renewed
SouthernColorado Power Co.
Southern Ry.-Earnings-
-Fourth Week of July- -Jan.1 to July 311934
1935
1934
1935
$3,101,789 $2,766,257 $60,327,040 $59,899,791
Southern Utah Power Go.
-Earnings
-Period End. June 30- 1935-6 Mos.-1934
1935-12 Mos.-1934
Gross operating revenues
$174,642
$157,898
$77,431
$80,401
Net oper. income after
exps., maint.. deprec.
and taxes other than
Federal income tax- _
60,633
58,337
28,024
30,037
-V. 140, P. 4415.
Southwestern Associated Telephone Co.
-Earnings
Period End. June 30- 1935
-Month-1934
Operating revenues_ _ _ _
$65,186
$70,858
Uncollectible oper. rev__
500
100
Operating expenses.---46,553
41,171
Operating taxes
5.533
4,278
Net operating income_
$17,982
$19,927
-V. 140, p. 4249.
1935-6 Mos.-1934
$386,373
$412,179
5.500
1.100
242,660
269,920
29,466
26,003
$117,156
$108,747
Southwestern Bell Telephone Co.
-Earnings
Period End. June 30- 1935
1935-6 Mos.-1934
-Month-1934
Operating revenues_ _ _ _ 86,210,569 $5,914.702 836,663,136 $34.874,297
Uncollectible oper. rev 210,947
164,413
25,551
26,601
Operating expenses
3.889.714 23,742,701 23.015,995
4,024,619
Rent for lease of oper.
property
41,756
45.415
7.694
6,902
Operating taxes
691,000 4.178,000 4.009,000
703,000
Net operating income_ 81,449,447 81,290,743 $8,536,266 $7,592.940
-V. 141. p. 768.
Spiegel, May, Stern Co., Inc.
-Sales
Month of
January
February
March
tt.ril
ay
June
July
1935
81,260,469
1,617,261
3,108,329
3,299.647
3.350,817
2,356.850
1,714,051
1934
5927.917
1.421,846
2,732.512
2,322,133
2,193.078
1,437,008
1.111.870
1933
$320,710
663,633
948,452
861.980
901.041
782,803
545,145
1932
$359.582
551.532
720,035
757,373
672,331
329.770
188,609
Total seven months---$16.707.424 $12,146,363 $5,023,765 $3,579,232
-V. 141, p. 609.
Standard Gas &
Chatges-
-Reduces
Electric Co.
Underwriting
The company in a letter to noteholders has announed a substantial
reduction in compensation to be paid by the company in connection with
the securing of the deposits of the 65" gold notes of the company. due
Oct. 1 1935. Under this arrange:nent the commission to underwriters and
dealers will be 13i% to be paid only on notes deposited through their
efforts. Underwriters will receive no additional underwriting commission
and no commission whatever on notes owned and deposited by them. A
supplemental agreement between the company and the underwriters,
incorporating this reduction and other Ininor changes, was made on Aug. 2.
In the letter, which is signed by John J. O'Brien, president. the company
advises that a large number of noteholders have signified their intention
of co-operating in the plan of extension announced on July 8 1935, and that
a substantial amount of notes has already been received by the various
depositaries.
Independent Committee to Study Note Extension
-
A committee has been formed to investigate the terms of the plan fo
extending the notes due Oct. 1 1935. W. S. Kinnear, former president of
the United States Realty St Improvement Co. is chairman of the committee. the other members being Frost Haviland. Samuel Wieder (sec..
1 Madison Ave.. N.Y. City) and Albert C. Lord (Asst. Sec., 31 Nassau St.,
N. Y. City). NevinsBrett & Kellogg of 115 Broadway and Raymond L.
Wise of 295 Madison Ave. have been retained as counsel.
A
Mr. Wieder, Secretary of the committee, said that no condemnation of
the company's plan is indicated by the formation of the cona:nittee, but that
because of the irrevocable form of deposits under the plan, every notehclder
should give careful consideration to the rights he would surrender before
depositing his notes.
Weekly OutputElectric output for the week ended Aug. 3 1935, totaled 87,526.247
kilowatt-hours, an increase of 5% compared with the corresponding week
last year -V.141, P. 766.
Standard Oil Co. of California (Del.)
-New Director
-
P. II. Patchin has been elected a director to fill the vacancy created by
the death of Oscar Sutro.-V. 141, p. 769.
Standard Oil Co. of Kansas (Del.)(& Subs.)
-Earnings
[Including Coastal Plains Oil Corp.]
Period End. June 30- 1935-3 Mos.-1934
1935-6 Mos.-1934
Net profit after deprec.,
taxes & all other chgs. loss$45,634
8100,150
515,310
$231.759
Shares of capital stock
outstanding (par 810)_
14,442
14P,,646
146,646
146.442
share
Earnings per
$0.68
$0.10
Nil
$1.58
$5.692,120 $4,012,243 $10,583,142 57.330,834
$0.81
$0.31
$0.56
80.43
....- Standard Oil Co.(N. J.)-Files with SEC
-
By a vote of more than 2 to 1, citizens of Pueblo, Colo., at a special election on July 23. granted to the cornpany a 25 year renewal of its electric
franchise.
-V. 141, p. 287.
PeriodGross earnings
--V. 140. P. 767.
935
The consolidated income account for six months ended June 30 1935.
follows: Gross operating income 5459.328; cost of production, 826,635:
operating profit, $432,693; other income, $10,475; total income $443,168;
expenses, ordinary taxes, interest. &c., 8197,496; depreciation, $36,587:
depledon 516,167; amortisation of intangible development costs. $28,759;
leases and royalties expired or surrendered 8146,566: Federal taxes, $2,26.3:
net, profit, $15,310
The consolidated balance sheet as of June 30 1935 shows total assets
of 84,758,739; capital surplus of $1,871.7,37 and earned surplus of $301,422.
Current assets, including $25.541 cash, amounted to $115.173 and current
liabilities were $457,530. Inventories amounted to 50,612.-V. 140.
P• 3058.
The company has filed a registration statement with the Seem ities
Exchange Commission covering 100.000 shares of stock to be issued in
connection with its "Fifth Stock Acquisition Plan" for the benefit of its
employees.
The shares will be sold only to trustees for the plea "for the benefits of
its (company's) employees and for those of its subsidiaries eligible to
participate in such plan," according to the prospectus.
The value of the proposed issue is estimated at $4.350,000, although the
stock has a par value of $25 a share. The price for a share of stock under
the plan has been 841.50 between Jan. 1 and July 1 and will advance to
845.50 during the last half of the year, making the average 843.50, the
prospectus says.
The Fifth Stock Acquisition Plan am, be terminated at the end of this
year under a vote taken at the stockholders' meeting on June 4, the prospectus explains, although the plan was originally set up for three years.
The company was the first having more than a billon dollars in assets
to file for registration under the Securities Act of 1933, the SEC announced.
The company's balance sheet as of April 30 1935, showed total assets of
$1,087.247,549, while the consolidated balance sheet of the company and
Its subsidiaries showed assets of 51,941,709.973 as of Dec. 311934. More
than $1.045,900.000 of the assets on the consolidated statement were
leases, land, plant and equipment. The surplus was reported as
8440,062,205.
Income Account (Parent company for four months ended April 30 1935)
Total income
$5.587.240
General & administrative expenses
688,898
Provision for losses on marketable securities
160,175
Taxes (other than Federal income taxes)
310,729
Debenture interest
690,766
Amortization of debenture discount and expenses
7,500
Interest on loans ftom trustees of annuity trust
1,651.843
Interest on purchase money obligations
244,435
Interest on bank loans
225.996
Miscellaneous deductions
24,978
Profit
51.581.920
No interest has been accrued on balances receivable from or payable to
-V. 140, 1)• 3909.
subsidiary companies in the above statement.
-New President, &c.
Standard Paving & Materials, Ltd.
J. F. M. Stewart, who has been a Vice-President of this company and
the Consolidated Sand & Gravel, Ltd., since their organization, was
elected President, the position made vacant by the death of the late John E.
Russell. Gordon C. Edwards was elected Vice-President of both cornpanies.-V. 139. p. 943.
Sterling Products, Inc.
-Earnings
Period End. June 30- 1935-3 Mos.-1934
1935-6 Mos.-1934
Net profit after charges&
Federal taxes
$2,197,530 52.263.215 $4,726,913 $5,037,011
Earns, per sh. on 1,750.700 shs. capital stock
(par $10)
$2.87
$1.26
$1.29
$2.70
-V. 140, p. 3404.
Sterling Securities Corp.
-Asset Value
Corporation reports that its net assets on the basis of carrying investments priced at June 29 1935 market quotations were $15,747,319. equivalent to 863.61 per share on 247,545 shares of first preferred stock outstanding
In the hands of the public on that date, as compared with 858.65 per share
on 257.383 shares of such stock outstanding on Dec. 311934. After allowing 850 per share for the first preferred stock and $11.50 per share unpaid
accumulated dividends thereon to June 30 1935, there remained a balance
of 81.05 per share applicable to the preference stock.
The total cash income for the period from dividends and interest was
$225,497 and the net income after deducting expenses and taxes, was
$171,718. During the period, there was a net realized loss on sale of
securities of 8174,023, leaving 82,305 as a charge against deficit account.
-V. 140. P. 2721.
Sun Investing Co., Inc.-EarningsMos. End. June 30
Interest on bonds, &c__
Dividends earned
Stock of Radio Corp. of
America rec, as div_ _
Stock of Mission Corp.
received as dividend
1935
88,430
24.125
1934
$15,632
18.566
1933
$11,244
30,554
•
1932
$13,402
37.961
1,292
503
Total income
General expenses
Taxes
$33,0.58
43339
2,657
$34,198
5,633
2,255
$43,090
5.340
6,712
$51,363
14,877
6,797
Net income
Loss on sales of securities
825.762
13.259
$26.310
393.402
$31,038
369,090
$29,690
27.051
Netincome
Deficit Jan. 1
Net refund on pr. year's
commissions
Ref. of prior year N. Y.
State french. tax_
$12,504 def$367,092 def$338,052
424,608
670,176
6.294
sur$2,639
76.341
Deficit June 30
3
Cr968
8657,659
8790.731
$344.346
$73,702
Balance Sheet June 30
Assets1934
Liabilities1935
1934
1935
Cash
$251,107 $258,767 11,ftl. for taxes_ ___
$4,068 • $17,826
Accr.dIv.* Int.rec.
12,302 Accounts payable_
10,598
14,155
538
a Total Investmls
c $3 pref. stock__ 1.525,000 1,703,200
at cost
2,441,718 2,509,704 b Common stock__ 1,400,0I81 1,400,000
Cash In closed
Deficit
259,083
93,569
banks
1,464
1,979
Spot silver In London at cost
93,346
130,311
Prep. !ranch. tax_
839
Total
Total
$2,836,037 $2.876.098
$2,836,037 62.876.098
a Market value June 30 1934, 12,207,167 against $2,280.292 June 30
1934. b Represented by 140,000 shares (no par). c Represented by
30.500 shares no par value in 1935 and 84,064 in 1934.-V. 140. P. 987
Sullivan Machinery Co.
-Earnings
6 Months Ended June 30
Profit before provision for depreciation and reserves
Provision for depreciation and reserves
1934
1935
$66.463 1oss$30,349
123.140
130,799
Net loss
-V. 141, p. 287.
$64,335
$153,489
Sun Oil Co.
-Consolidated Balance Sheet June 301934
1935
1934
1935
$
Assets5
Liabilities$
a Prop'y, plant,
Preferred stock_ 10,000,000 10,000,000
equipment, Ac 62,118,242 62,156,929 Common stock- 64,763,882 59,104,938
Cash
4,984,677 3,699.623 Funded debt _ 6,366,000 7,463,500
b Notes.accts.&
Accts. payable_ 5,569,493 5,320,057
1,000,000
Notes payable_
accepts. rec.,
dre
4,028,690 5,470,170 Accrued accts._ 3,508,754 2,923.495
1,009,270
0111nventories 14,802,581 12,730,195 Due attn. cos_ __ 1,011,311
Matl's & supplies 3,564,840 3,90.4,528 Federal taxes &
Due from empl_
160,603
156,517 contMg. res... 1,296,570 1,675.686
50,000
50,000
C Investments_ 12,188,070 11,938,596 Divs. declare&
5,309
4,365
Deferred charges 2,078,377 1,921,103 Minority interest
Earned surplus_ 11,353,703 13,424,706
103,924,079 101,976,661
Total
Total
103.924,079 101.976,661
a After depreciation and depletion, &c. b After reserves. c Includes
12.296 shares of common stock of company.
The earnings for the 6 months ended June 30 were published in V. 141.
D. 609.
--To Build English Plant
Technicolor, Inc.
The company has formed a new British subsidiary with
a capital of
£320,000 ($1,680,000) to build a plant in London equipped with facilities
to print moving picture films by the Technicolor process.
The company was financed entirely by British interests who will hold
50% of the stock. Technicolor receiving the remaining 50% of stock in
exchange for licenses under its patents, Dr. Herbert T. Kalmus, Technicolor
President, stated.
Negotiations for the British financing were conducted with Alexander
Korda of London Film Productions, Inc.: Gerrard Industries, Ltd., controlled by the Prudential Life Assurance Co., and Sir Adrian Bernie.
-V. 140, p. 3911.
-Balance SheetTelautograph Corp.
AssetsJune 3035. Dec. 31'34.
a Plant accounts_ _$2,375.782 $2,376,987
133,425
109,272
Cash
58,484
74,592
Accts. receivable
3.159
3,884
Inventories
441
Investments
12,348
16,334
Deferred charges
June 30'35. Dec. 31'34.
Liabilitiesb Common stock_ $1,143.800 $1,143,800
6,931
6,019
Accounts payable_
6,354
11,040
Accrued accounts_
14,315
28,631
Federal tax
34,041
37,095
Rentals rec. in adv
941,792
Capital surplus.... 941,792
432.135
416,964
Earned surplus_
$2,564,197 $2,600,512
Total
$2,564,197 52,600,512 Total
a After depreciation of $1,458,759 in 1935 and $1,411,928 in 1934.
b Represented by 228,760 shares, $5 par.
The earnings for the 3 and 6 months ended June 30 was published in
the "Chronicle" of Aug. 3, page 769.
-Earnings
Texas Gulf Producing Co.
6 Months Ended June 30
Total net barrels produced
Total gross operating income
Operating expenses, maintenance and repairs
Depreciation and depletion
Taxes,other than Fed. income & excess profits tax_
Commission on oil sales
General and administrative expenses
Uncollectible accounts
1935
832,327
$784.041
81,226
135,178
33.348
9.712
93.428
1.768
1934
885,665
$796,588
58,797
124,029
37,161
10,364
86,403
Net operating income
Other income
$429,377
53,012
$479,832
13.154
Net income before income deductions
Total income deductions
Estimated provision for Federal taxes
$482,389
62.531
11.756
$492,986
75.505
11.770
Net income
Adjustment of provision for Federal tax
Balance at beginning of period
x$408,102
10,201
2,355.903
x$408,711
1,637,031
$2,774,207 $2,045,743
Total
39.923
Stock dividends
Capital stock issued for services rendered in prior
20,000
years
Additional assessment of Texas franchise taxes for
3,227
1933 and 1934
Provision for loss account of advances, Coronado
33,304
and certain royalties
Oil Co.,
x$2,717.675 x$2,005.820
Balance at end of period
$0.46
$0.45
Earnings per share
x Revised to cover estimated provision for Federal taxes.
Balance Sheet
June 30'35 Dec. 31 '34
LiabilitiesJune 30'35 Dec. 31'34
Assets
56,623
$25,123 Notes payable__
$30,935
Cash
143,652
,306 Accounts payable_ 5166,566
2,975
Working funds_ __
44,713
31,276
103.106 Accrued liabilities_
96,124
receivable__
Acc'ts
47.954 Prov.for liab. und.
52,604
Inventories
revised contr.for
3,631
2.655
Other curr. assets26,559
a Fixed assets_ _ _ _ 9,328,046 9,218,232 sale of oil
60,649 Prov. for Fed. inc.
60,649
Organization exps_
43,000
16,399
& excess prof.tax
7,839
4,145
Deferred charges_ _
1.498,078 1,630,253
Long-term debt
Acc'ts recely, from
149,446
149,447 Contingent oil Inc_ 133,328
133,328
production
614,168
39,705 b Common stock_ - 633,737
10,185
Other assets
Div. credits outst.,
equiv. to 1,578
1,578
shares
Surp. arising from
4,511,253 4,644.675
appraisal
2,729,431 2,355,903
Earned surplus_
59.721,647 59.858,996
Total
Total
$9,721,647 $9,658,996
a After depreciation and depletion reserves of 31.551,615 in 1935 and
Represented by 888,028 no par shares in 1935 and
$1,283,014 in 1934. b
284.334 no par shares in 1934.-V. 141. 13• 610.
-New Product
Thermoid Co.
The company has announced the addition of "Tru-check," a new, lowpriced, brake-testing machine, to its line of products sold to brake-service
stations. Developed in France and proven throughout Europe, the new
machine is expected to sell rapidly in the American market as it eliminates
all the inaccuracies of testing brakes by hand or by other unscientific
methods.
This machine was developed in France and marketed under the name of
Flertex, which company has since been acquired by Ferodo, the large
asbestos trust of France. All American and. Canadian rights were purchased by Thermoid Co.
Thermoid announced that it has licensed Johns-Manville to sell this
machine to the replacement trade along with them in the United States.
According to the engineers of both Thermoid and Johns-Manville, this
machine surpasses in accuracy present brake-testing devices. It should
-enjoy a very extensive market because of the low price and the small amount
-V.141.
ofspace required. It can be stored under an ordinary work bench.
P. 610.
-Annual Report-Semi
Tide Water Associated Oil Co.
William F. Humphrey, Pres., says in part:
For the three months ended June 30 1935, company's net income
$939,amounted to $2,146.462 which, after pref. dividend requirements of stock.
331,results in a balance of$1.207.131 or 21 cents per share of common
This compares with a net income of $1.247,423 which, after allowing for
Aug. 10 1935
Financial Chronicle
936
pref. dividend requirements of $954,533, represents a balance of $292,890
or 6 cents per share of common stock for the corresponding three months
of the preceding year.
The expenditures for propertise and equipment by company's subsidiaries
amounted to $10.922.000. Included therein is the sum of $4,620,000 representing dart payment of the total purchase price of $8.775,000 for the capital
stock of Simms Oil Co., purchased from Simms Petroleum Co. by Tide
Water Oil Co. The balance of 34,155.000 of such total purchase price is
payable out of oil, if, as and when produced. On June 17 1935, the stockholders of Simms Petroleum Co. ratified and approved the sale and it has
been finally consummated. The acquisitions of Simms Oil Co. by Tide
Water Oil Co. has increased company's current daily production of crude
oil under proration by approximately 6,300 barrels.
On June 13 1935 directors of Tide Water Oil Co. (subsidiary). called for
redemption on Aug. 15 1935. at $105 per share and a final quarterly dividend of $1.25 per share, all of its outstanding 5% cumul. cony. pref. stock.
To provide the funds necessary for such redemption, Tide Water Oil Co.
will pay out of its general fund approximately $1.800.000 and has completed
arrangements whereby it will borrow on Aug. 15 1935,the balance, amounting to 319.000,000, from a group of banks in N. Y. City, for a period of
five years, from that date repayment to be made in annual installments as
follows: $2,000,000 payable Aug. 15 1936 at 1H% per annum, $2,000,000
payable Aug. 15 1937 at 2% per annum,$2,000,000 payable Aug. 15 1938
at 24% per annum, $2.000,000 payable Aug. 15 1939 at 3% per annum,
511,000.000 payable Aug. 15 1940 at 334% per annum.
Interest chareges on the loan as a whole will a Jerage, for the five-year
period, 3.23%. Provision will be made for the retirement of the total loan
within five years unless it is refunded at an earlier date. By the redemption
of the pref. stock in the manner undicated, there will be an average annual
saving of$496,230,the difference between dividend requirements and interest
charges.
Consolidated Income Account 6 Months Ended June 30
a Total vol. of business_350,381,750 $46,974,035 $37,253,210 $444,101,597
Total exps. and costs_ _ _ 39,926.105 36,728.335 29,914,087 35,110,453
Operating income.. _ _310.455.645 810.245.700 $7,339,123 $8,991,144
540,307
684,148
624,620
756,474
Other inco:ne
511,080,265 $10,929,848 $8,095,597 $9.531,451
Total income
Int., disct. & premium
343,724
185.396
x 128,008
259,868
on funded debt
305.879
Other int., disct., &c__
57,948
155,029
311,859
42,211
Retire. of phys. prop._
Asnort. of invest. & un436,247
z372.079
330,005
637,058
developed leases
6,283,450 6,359,194 6,482,172 6,052,305
Deprec. and depletion
347,000
118,000
Prov. for Fed. in tax
Minority interest pro541,527
526,885
541,490
499,933
portion of earnings_
$3.367,454 32,678,386
$174.354 $2,099,700
Net profits
20.620.669 20,967,674 13.694,605 13,739,247
Previoussurplus
Adjust.applic. to surplus
128.734
of prior years
34,097,880
Capital surplus
Excess of par over cost of
249,238
pref. stock retired_
$23,988,123 $23,895.297 $13,868,959 350,065,560
Totalsurplus
Adjustments applicable
Dr28,218
Dr31,156
to prior years
Dr52,677
Excess of cost over book
value ofsub.cos.stock
16.674
acquired
Revel. of assets & writeoff of unrecoverable &
y34,097,880
intangible items
2.017,712
2,862,995
Preferred dividends_ _ _ _ 3,151,105
Surplus as of June 30_320,820,344 521,101,146 $13,816,281 $13,921,751
5,610.511
5,629.227
Shs. co:n. stk. outstandg 5,632.136
5,612.240
$0.14
$0.01
$0.26
.0.03
Earned per share
a Exclusive of inter-company sales and transactions. x Interest paid
only. y After deducting $642,737, being portion aplicable to :ninority
interests. z Does not include investments.
Consolidated Balance Sheet June 30
1934
1934
1935
1935
Liabilities-A nets
011 producing_.A26.824,085 109,705,678 6% pref. stock__ 62,622,200 63,622,200
50,673,056 50,459,493 y Common stock 56,321,360 56,292,270
Refining
Transportation _ 57,143,730 55,508,490 Tide Water 011
33,657,341 31,839,858 5% pref. stock 19,076,300 19,624,600
Marketing
Miscellaneous _ 3,226,816 3.318,264 z6% gold notes,
(Asso. Oil Co.)
3.482,000
Total
271,525,028 250,831.782 5% gold bonds
'37(Tide Wat.
Res. for deprec.
Assoc. Trans& depletion ...154.056,929 139,731,655
Port Corp.).
898,000
Bank loan
Total prop's
250,000
& equipment _117,468,099 111,100,127 Purchase money
oblig.(current 2,287,763
332,303
Inv. in cos. MM.
not consol_ _ 8,186,562 9,311,137 Accounts payable
Other invest'mts 4,585,374 4,757,947 -trade73 3,433.253
Accrued taxes 4E
Cash on hand &
2
440 c3,838,162
7,999,042 9,931.783 Pref. stock div.
in banks
payable
Marketable sees. 3,142,264 6,486,027
1,878,663
Sub. cos. pref.
Notes and trade
238,454
245.308
662,3901 68,048,045 stk. div. pay_
accepts, recle
Est. Fed. tax. _ _
347,000
Accts. rec., less
118,000
Wages & miscell.
d8,547,949f
reserve
10,430 accts. payable 1,125,945 1.322,200
10,308
Due fr. empl'ees
Due to cos. MM.
Cash deposited
not consol
1,788,789
750.000
2,359,221
In escrow_ _ _ _
Deferred purch.
Due fr cos. atM.
money oblig_ _ 2,398,137 2,760,940
1,614.159
948,011
not consol_
393,016
Crude oil & prod 24,927,593 26,959,230 Mtscell. clef. nab
Mat'ls & suppl's 3,536,878 3,361,751 Res. for contingencies, &c
2,467,186 2,184,799
Deferred & unadjusted Items 2,688,777 2,954,204 Det'd credits to
operations,...
637,272
852,658
Surplus
20,820,344 21,001,146
Minority int. in
subs, corn.shs.
sur. applle.
2,127,805 2,331,581
-thereto
Total
183,453,250 184,534,838
183,453,250 184,534,838
Total
y Represented by 5,632,136 shares, no par value in 1935 (1934. 5,629,227
shares no par value). z All notes now outstanding will be redeemed on
Sept. 1 1934. b Less reserve for doubtful accounts of $609.231. c Includes interest. d Less reserve of $485,034. e Includes oil. property
-V. 140, p. 3912.
and excise taxes, &c.
-Earnings
Tide Water Oil Co.(& Subs.)
1934
1935
6 Mos. End. June 30Net profit after all
charges and prov. for
32.034.178 32.525,159
Federal taxes
Shares com.stk. outst'g. 2,191.860 2.191.123
$0.93
$0.70
Earnings per share
-V. 141, p. 288.
1933
1932
$2,497 81,159,803
2,191.823
2,190,123
$0.30
Nil
--Earnings
Tri-State Telephone 8c Telegraph Co.
1935-6 Mos.-1034
Period End. June 30- . 1935-Month-1934
$435,311
Operating revenues_ _ _ _
1,318
Uncollectible oper. rev
Operating expenses....318,021
22,146
Operating taxes
Net operating income
-V. 140, p. 4417.
$93,826
$415,062 $2,573.590 32,45.3,454
Cr2,320
11,927
9,119
304,441
1.826.552
1,967,092
151,204
26,022
127,484
$86,919
$469,895
5463,771
-50
-Cent Extra Dividend-4r
_......Timken Roller Bearing Co.
The directors have declared an extra dividend of 50 cents per share in
addition to the regular quarterly dividend of 25 cents per share on the
Volume 141
Financial Chronicle
937
no par capital stock, both payable Sept. 5 to holders of record Aug. 20.
Union Water Service Co.(& Subs.)-EarningsAn extra of 25 cents was paid on June 5 last, and on Dec. 5 1934.-V. 140.
p. 3232.
12 Months Ended J
1935
1934
46,......te3pre3z
rating revenues
$471,339
$479,020
0 ation
Trusteed New York Bank Shares
119.404
123,847
-Semi
-Annual Div
eneral expense charged to construction
Cr5,001
The directors have declared a semi-annual dividend of 0.028 cents per
Cr2,044
Provision for uncollectible accounts
9,402
share payable Aug. 12 to holders of record July 31. This compares with
6,863
Maintenance
19,179
.3 cents paid on Feb. 11 1935. and 3 2-5 cents per share paid on Aug. 10
22.270
General taxes
59,246
1934.-V. 137, p. 1257: V. 136,p. 1392.
59,908
Net earnings from operation
$269.107
$268,174
Other income
Tung-Sol Lamp Works, Inc.
-Earnings
384
146
6 Months Ended June 301935
1934
1933
Gross corporate Income
$269,491
$268,320
Net profit from operations
$339,991
$269.875
$100,820
Interest on funded debt
142,092
142.092
Miscellaneous inco:ne
14,907
14,982
10.958
x Amortization of debt discount and expense
1,796
3.286
Interest on unfunded debt
3,071
1,607
Total inco:ne
$354,898
$284,857
$111.779
Interest charged to construction
Cr459
Cr59
Deductions fro:n inco:ne
118,193
89,624
93,029
y Provision for Federal income tax
11,317
11,863
Provision for Federal income and
Provision for retirements and replacements in lieu
capital rtock taxes
31,361
35.546
of depreciation
31,000
24,750
Net inco:ne
$201,158
$163,872
$18,750
Net income
$80,673
$84,779
Surplus Jan. 1
1,191.084
1,137,349
1,073,221
Dividends on preferred stock
36,000
Balance of contingency reserve
54.495
Dividends on common stock
17,400
Miscellaneous credits
65.407
12,510
10,889
x Unamortized debt discount and expense aggregating $276.489, applicable to bonds now outstanding, was charged to capital surplus in 1928 and
Total surplus
$1,457,649 $1,313,731 $1,157,355
1929 by action of'the board of directors, resulting in the elimination of
Preferred dividends
127,091
92.432
subsequent amortization charges, which for the year ended June 30 1935
Miscellaneous deductions
2,674
7,608
31.402
would have amounted to approximately $12,000. In addition, debt discount and expense in the amount of $244,500, applicable to bonds retired,
Surplus, June 30
81.327,884 $1,213,692 $1,125,952
was similarly charged to capital surplus. y The provision for Federal
income tax for the period under review is based upon the allowance under
Comparative Consolidated Balance Sheet June 30
the income tax law and regulations of certain deductions not reflected in
Assets1935
1934
1935
1934
the above income accounts.
Cash
$260,918 $220,957 Notes payable_ _
$75,000
$8,626
Marketable secur_
88,434
109,121 Accounts payable_
79,912
58,481
Balance Sheet June 30
Notes de accts. rec. 217,645
250,348 Aecr. sal., wages,
Mdse. inventories
_Assets1935
royal., bonuses,
1934
Liabilities1935
1934
& mdse. in conPlant,prop.,equiptaxes and exps__
1st lien 5%% gold
50,187
68,481
signment
•812,297
meet, &c
$5,257,491 $5,043,356
706,578 Pros',for Fed. taxes 54,595
bonds
$2,583,500 $2,583,500
Other assets
Investments
374,623
Due affiliated cos_
1 200
382,953 Dividends payable
34,661
2,715
2,427
z Fixed assets__ _ _ 974,244
MLse, spec. depos.
211
5,307 Due Fed'l nater
709,268 Other loans pay_ __
4,389
French., licenses,
Cash
93,218
78,056
Other def. liabilities
Service Corp
4,069
15,000
pat. rights, &c.
Notes & accts. rec. 117,091
1
134,056 Accounts payable_
1 Deferred credit__
4.943
15,554
5,307
Deferred charges.
Unbilled revenue_
22.552
11,870
13,349 Accrued liabilities_ 100,479
22,051 Reserves
137,366
45,013
89.173
Mat'ls & supplies_
32,437
33,987 Deferred income_ _ 377,359
x Preferred stock
438,617
438,617
207,222
Security & organReserves
y Common stock
548,424
548,424
774,387
745,908
ization expense_
14,394
Surplus
1,327,884 1,213,697
.
600,000
3 86cum. pref stk. 600,000
Deferred charges &
z Common stock,_ 820,000
820,000
Total
prepaid accounts
17,945
x51,012 Capital surplus _ _ _
$2,750,717 $2,401,277 Total
$2,750,717 $2,401,277
84,330
120,9149
x Represented by 60,919 shares preference (no par value). y Represented
Earned surplus_ _ _
198,143
169,588
by 228.510 shares common (no par value). z After reserve for depreciation
Total
$5,546,859 $5,359,124
of $701,506 in 1935 and $708,945 in 1934.-V. 141, p. 128.
Total
$5,545,859 45,359,124
x Including unamortized debt discount and expense and commission of
capital stock. y Represented by 6,000 shares (no par). z Represented
-UleL8LCo.-Listinq
privile
by 9,000 shares (no par).
-V. 140, p. 3913.
The(New York Curb Exchange has removed from unlisted trading
certificates of deposit re esenting convertible 6% sinking
United Light & Power Co.(& Subs.)-Earnings
fund gold debentures due Aug. 1 1944 (stamped). The Exchange has.
admitted to unlisted trading privileg
12 Months Ended June 301935
e convertible 6% sinking fund
1934
gold debentures due Aug. 1 1944 boa ng two stamps (1) referring to the
Gross oper. earnings of subs. & controlled cos.
waiving of payments to the sinking fund for the year 1936 and 1937 and
(after eliminating inter-company transfers).., _ _$75,620.445472,567,672
(2) referring to the waiving of payments to the sinking fund for the years
Operating expenses
35,610,668 32,572,971
1933, 1934 and 1935.
Maintenance, charged to operation
4,284.180 3,919,853
The plan for the extension of the waiver of sinking fund payments and
Depreciation
7.288,612
6.845,677
consent to substitution of certain collateral with respect to said company's
Taxes, general and income
8.561,366 x8,046.254
convertible 6% sinking fund gold debentures due Aug. 1 1944, has been
declared effective and the deposited debentures stamped with a legend
Net earns, from oper. of subs.& controlled cos-$19,875.616 $21,182,915
as provided in the plan are now returnable to the holders of certificates of
Non-oper. income of subs. & controlled cos
1,432.426
1,301,866
deposit therefor:
The New York Curb Exchange has ruled that contracts in the certifiTotal income of subsidiaries and controlled cos_$21,308,042 $22,484,781
cates of deposit representing the convertible 6% sinking fund gold debenInt.,amort.& pref. divs. ofsubs.& controlled cos.
tures due Aug. 1 1944 may be settled by delivery of either said ceitificates
Interest on bonds, notes, &c
11,423,384 11,564,993
of deposit or the debentures represented by such certificates, (stamped).
Amort. of bonds & stock discount & expense__ _
667,008
713.333
The interest due Aug. 1 1935, on the certificates of deposit represent
Dividends on preferred stocks
4,258.739
4,258,527
the convertible 6% sinking fund gold debentures due Aug. 1 1944 is payable
only upon surrender of such certificates of deposit to the depositary for
Balance
$4,958,910 $5,947,926
exchange into the deposited debentures (stamped).
Proportion of earnings attributable to minority
Accordingly, the Exchange ruled that in such cases where certificates of
common stock
1,336,718 x1,934,416
deposit are delivered in settlement of transactions in said certificates.
accrued interest shall be computed from Feb. 1 1935. and that in such cases
Equity of United Lt. & Pow. Co. in earnings of
where the stamped debentures, issued in exchange for such certificates,
subsidiary and controlled cos
$3,622,191 $4.013.510
are delivered accrued interest shall be computed in the regular way from
Earnings of United Light & Power Co
13,419
9.635
Aug. 11935.
In settlement of transactions in the undeposited debentures. interest shall
Balance
$3,631.827 $4,026,929
be computed in the regular way from Aug. 1 1935.-V. 141, p. 770.
Expenses of United Light & Power Co
267,624
229.156
Balance ,
$3,364.202 $3,797,773
Union Pacific System-Eco ningsHolding company deductions
Interest on funded debt
Income of System for Six Months Ended June 30
2.320,272
2,315,988
Amortization of bond discount and expense......
240,635
242,813
(Excluding offsetting accounts between the companies)
Balance transferred to consolidated surplus...
1935
1934
1933
$803,294 $1,238,971
Average miles of road operated
9,598
9,788.31
9,812.50
x Adjusted on account of revision of Columbus (Ohio) electric rate ordiRevenues
nance.
-V. 141, p. 289.
Freight
$46,097,463 $45,399,163 $39,002,687
Passenger
4,725,306
4.134,583
4,185.307
United Light & Railways Co.(8c Subs.)
-Earnings
Mail
2,153,730 2,039,825 2,052.960
Express
12 Months Ended June 301934
1935
917,193
946.148
638,576
All other
Gross operating earnings of subs. & controlled cos.
2,217.557
2,174,901
1,865.473
(after eliminating inter-company transfers)----$67,118,479x$64,904,550
Railway operating revenues
Operating expenses
31.445,188 28,941.425
S56,111,249 $54,694,620 $47,745,003
Expenses
Maintenance charged to operation
3,832,772
3,488,021
Maintenance of way and structures
Depreciation
6,354,970
6,015,923
7,522,876
6,425,389 4,825,218
Maintenance of equip:nent
Taxes, general and income
7,958,664 x7.784,389
11,673.200 11.224,598 8,740.109
Traffic
1,676.754
1.434,347
1.377,709
Transportation
Net earns,from oper. of subs. & controlled cos.$17,526,883 $18.674,791
19,613,901 17,076.513 15.918,463
All other
Non-operating income of subs. & controlled cos__ 1.348.936
1,386,619
3,488,692 3,732.063
3,595,811
Railway operating expenses
Total income of subsidiaries & controlled cos- -$18,875,819 $20,061,411
$43,975,423 $39,892,910 $34,457,310
Net revenue fro:n railway operation_ 12.135,826 14,801,710 13,287,693
Int.. Amort.& pref. div. ofsubs.& controlled cog.
Railway tax accruals
Interest on bonds, notes, &c
10,071.566 10,231,301
5.234,957
5,597,682
5,310,000
a Other operating income & charges_Dr2.850,196 Dr2,970,187 Dr2,711.081
Amort. of bond & stock discount and expense
624,057
664,487
Dividends on preferred stocks
3,028,120
3,028,194
Net inco:ne from trans. operations $4,050,673 $6,233,841 $5.266,612
b Inc. fro:n invest. & other sources__ 6.908,091
Balance
$5,152.075 $6,137,427
7,729,892 9,094.258
Propor.of earns,attributable to minority coin.stk_ 1,339.846 x1,940,423
Total income
$10,958,764 $13,963,733 $14,360,870
Fixed and other charges
Equity of United Lt. & Rys. Co. in earns, of
7,462,332
7,456.477
7.606,114
subsidiary and controlled cos
$3,812,228 $4,197,004
Net income from all sources
Earnings of United Light & Railways Co
6,987
$3,496,432 86,507,256 $6,754.756
11.777
a Net charge. b This item includes dividends received from affiliated
Balance
companies, which for 1934 are $1,219,882 less than 1933.
$3,819,216 $4,208,782
Expenses of United Light & Railways Co
177,417
230.300
A statement accompanying the earnings says:
Balance
The increase of 84.082,513 in operating expenses was due principally to
$3,641,798 $3,978,481
Holding company deductions
wage and salary restoration (mentioned in annual report for 1934), to
Interest on 5%% debentures, due 1952
and other expenses occasioned by dust storms and floods, and to the repair
1.375,000
1.375,000
Other interest
volume of freight and passenger traffic handled; partially offset by a larger
37
credit
Amortization of debenture discount & expense
of one-half the a:nount accrued fro:n Aug. 1 to Dec. 31 1934, that would
42,988
48,968
have been payable for that period under the provisions of the Federal
Balance transferred to consolidated surplus,.,.. $2,223,810 $2,554,475
Railroad Retire:nent Act which was declared unconstitutional by the
Prior preferred stock dividends
U. S. Supreme Court in May 1935.
7% prior preferred, first series
"Inco:ne from invest:nents and other sources" includes dividends received
275,002
275,016
6.36% prior preferred, series of 1925
from affiliated companies, which for 1935 are $667.747 less than for 1934.
346.212
346.467
6% prior preferred, series of 1928
-V. 141, p. 770.
619,405
619.958
Balance
$983,189 $1,313,033
United Drug Inc.(& Subs.)
-Earnings
x Adjusted on account of revision of Columbus (Ohio) electric rate ordiPeriod End. June 30- 1935-3 Mos.-1934
nance.
-V. 141, p. 290.
1935-6 Mos.-1934
Net profit after charges
and Federal
_
U. S. Fidelity & Guaranty Co.-Obituary$165,586
$131,658
$350,487
$601.964
Earns, per share on 1,
taxes_WilliamW Symington, Vice-President and Secretary, died
W.
400.560 shs. (par $5)
Mr. Symington was also a director of this company and theon July 24.
Fidelity &
capital stock
$0.12
$0.09
$0.25
Guaranty Fire Corp. and the Fidelity Insurance Co. of Canada.
$0.43
-V. 140.
-V. 140, p. 3233.
p. 989.
Aug. 10 1935
Financial Chronicle
938
-Annual Report
-Semi
United Gas Improvement Co.
Income of Company for the Six Months Ended June 30
1934
1935
$11,429,746 $11,709,911
-Subsidiary companies
Dividends
3406,827
3.770,686
Other companies
Total dividends
$14,8:56.573 315,480,597
Interest, services to subsidiaries, compensation for
755,517
775,337
operation of Philadelphia Gas Works & miscell
Total income
Expenses, provision for taxes and interest
$15,592,090 $16.255,934
1,166,847
1,160,817
Net income
Dividends on preferred stock
Dividends on common stock
$14,431,273 $15,089,087
1,913,040
1,913.040
11,625,875 13,951.046
$892,358 def$774,999
Balance
$0.5667
$0.5384
Balance for common stock, per share
$0.60
$0.50
Dividends paid, per share
The Income does not include undistributed earnings of subsidiaries apfor the six months of
plicable to company. These undistributed earnings
1935 amounted to approximately 2 cents for each share of U. G. I. common
stock and approximately six cents for the six months of 1934, making the
combined earnings 55.9 cents per share and 62.3 cents per share,respectively.
Consolidated Income Account (Incl. Sub. Cos.)
[Excluding the Philadelphia Gas Works Co.]
1935-12 Mos.-1934
Period End. June 30-- 1935-3 Mos.-1934
Oper. revs, of util. cubs.:
$18,440,106 $17,856,848 $74,816,869 $72.731,465
Electric
4,675.327 18.071.840 18,623,231
4,488,016
Gas
1,715,420
1,730.437
525,742
453,953
Ice and cold storage
1,619.115
1,631,704
403,884
420.140
Transportation
1,291,083
1.265,338
312,818
294,804
Water
752.756
762,038
166,375
190,975
Steam heat
140,297
183.981
56,163
49,655
Other
Total oper. revs_ __$24,337,649 $23,997,157 $98,462,207 $96,873,367
8,378,568 7,982,868 33,818,426 32,347,150
Ordinary expense
1,048,064 4.623,876 4,121,170
1,171.517
Maintenance
1.765,346 7,505,685 7.206,395
Prov,for renew.& repla- 1,831,891
4.172,357 4.291,022
1,064,461
930,955
Pros',for Fed. inc. tax
1,508,452
1.794.476
433,133
432,422
Prov.for other Fed. tax.
1.777,433
996.500 4.953,622 4,017,017
Prov, for other taxes__
Operating income_ _
Non-operating income
$9,814,152 $10,707,496 $41.593,765 $43.382,161
1,432,021
1,5120,361
490.190
469.822
110.283.974 $11,197,686 $43,025,786 $44,894,522
Gross income
Interest on funded and
2.990,470 3,071,866 12,087,472 12,291,992
unfunded debt
116,236
523.038
467,154
132,559
Amort.of dt. disc. & exp.
745,704
768.121
188.135
184.264
Other deductions
United Rys. & Electric Co. of Baltimore-Report
This company, which has been reorganized under the name of Baltimore
Transit Co. (see that company above), reports for the year ended Dec. 31
1934 as follows:
1931
1933
1932
1934
Calendar YearsRevenue from transp-- -$10,553,709 $9,890.121 $11,283,397 $13,869,402
138,927
109,002
52,708
45,662
Rev,from other ry. oper.
Total oper. income_ --$10,599,372 $9.942,829 $11,392,399 $14,008,330
684,472
636,042
613,724
713,688
Maint. of way & struc__
632,501
607,477
584,313
Maint. of equipment..._
621,300
31 571
25.445
29,730
Maint. of power
1,638.660
1,638,660
1,638:660
1.638,660
Depreciation
1.421,911
1,309.098
1,329,151
1,087,136
Power service
Conducting transporta'n 3,635,380 3,509,049 3,813,816 4,430,397
42.101
17,364
53,256
14,574
Traffic
1,525.792
1,220,279
1,363,279
General & miscellaneous 1,264,457
56,658
4,906
15,542
5,572
Trans. for invest.-Cr
1,413,111
1,107,633
1,300,639
1,020,558
Taxes, licenses, &c
Net oper. income..Non-oper. income
$579,460 loss$104,384
16,629
22,868
$663.338 $2,244,472
138.430
134,666
Gross income
Interest on funded debtInt. on unfunded debt_ Rents
Interest__ __ -Penalties and interest on
taxes for year 1932_
Penalty on park tax for
the year 1932
Federal tax on bond int.
-adj
Amort. of discount on
funded debt
Miscellaneous
$602,328 loss$87.755
$798.003 $2,382,902
2,049,178
2,044,906
78,276
94,462
562.676
560,077
232.873
17,978
138.423
10,326
95,363
65,388
9,893
7
82,450
35,744
834
85,164
40.384
$486,737 def$310,380def$2019,636 def$665,649
Net income
Consolidated Balance Sheet as of Dec. 31.
1933
1934
Assets
Road & equipm1.88,975,168 89,059,873
588,652
Sink.& depr. fds.. 588,652
1,512,714 1,344,213
Investments
Due from purch, of
19,949
mortgaged prop.
Deposit In lieu of
mortgaged prop20,319
erty sold
Treasury bonds... 1,056,967 1,056,967
40,012
38,792
Special deposits...
2,040,972 1,016,527
Current assets._
Unadjust. debits. 1,359,833 1,428,380
1933
1934
Liabilities$
$
Common stock___20,461,200 20,461,200
Grants In aid of
510,230
construction
510,230
Purch. mon. oblig. 1,414,124 1,634,480
Income bonds-__14,000,000 14,000,000
Funded debt _ _51,031,000 51,031,000
40,012
Unpaid Int. & dim
38,792
Other Habil. prior
to receivership__ 2,469,076 3,066,721
606,885
Current liabilities_ 441,981
Unadjust. credits.. 4,335,427 3,088,672
115,374
Surplus
891,587
$6,976,681 $7.821,449 $29,669,572 $31,367,255
Net income
Divs,on pref. stocks and
1,140,517
4,559 130 4.561.999
other prior peductions 1.143,615
-V. 141, p. 771.
Earns, avail, for com.
stocks of util. subs_ $5,833,066 $6,680,932 $25.110,442 $26,805,256
603.642
2,182,552
542,062
2.369,166
Minority & former ints.
United
June 30-
Bal. of earns. of utility
subs, applicable to
the U. G. 1. Co..,._ $5,291,004 $6,077,290 $22,927,890 $24,436,090
Earns, of non-util. subs.
115,712
431.459
87,582
449.877
app. to U. G. I. Co.__
Liabilities
Assets
x Plant & Nun:L...38,418,464 38,292,136 Preferred stock__ 7,822,200 7,822,200
Earns, of subs. applic.
$5,378,586 $6,193,002 $23,359.349 $24,885,967
to U. G. I. Co
Proper, of def'd in &
divs, on cum. pf. stks.
of subs. applic. to the
U.0.3. Co.(deducted
169,782
176,569
43,023
44.701
above)
9,459,760
8.690.133
2,269,823
Other income of U. G.I. 1,956,640
Total income
Expenses
Provision for taxes
Int. on notes pay., &c
$7,379,927 $8.505,848 $32.226,051 $34,515,509
1.770.513
1.724.554
439,134
443.531
565.129
539,180
136,640
134.100
271
2,183
1.675
Bal. applic. to capital
stocks of U. 0.3... $6,802,296 $7,928,399 $29,962.046 $32,177,684
956,520 3.826,080 3,826,080
956.520
Divs. on $5 div. pf. stk.
Bal. applic. to corn.
stock of U. G. L.- - $5,845,776 $6,971,879 $26,135,966 $28,351,604
Earns, per sit, on COM.
$1.2193
31.1240
S0.2998
$0.2514
stock out, end of per'd
Note-Previous year's figures restated for comparative purposes. Nonincluded.
recurring income not
Aug. 3 1935 July 27 1935 Aug 4 1934
Week EndedElectric output of system (kwh.)___ 72,540,090 74,509,124 66;563,858
-V. 141, p. 771.
-Comparative Bal. Sheet
United States Freight Co.
June 3035. June 3034.
S
$
Assets677,422
800,008
Cash
2,002,076 1,790,964
Accounts recelv
153,192
153,192
Notes receivable._
Furniture, fixt.
241,080
290,536
and equip
51,416
52,703
Stationery & suppl.
20,616
20,654
Real estate
let mtge. marine
225,000
225.000
equipm't bonds_
Mtge. notes reeelv. 1,500,000 1,500,000
Invest. In other cos 3,959,365 3,959,000
Cost of sees. of sub.
In excess of book
1,569,986 1,568,986
value
3,161
8,381
Treasury stock _ _
114,355
Contingent acct.. 109.348
June 3035. June 3034.
$
S
Liabilitiesy Capital stock.... 7,496,220 7,491,000
77,705
64,006
Reserve for taxes_
Res, for contingent
114,355
109,348
liability
Accounts payable_ 1,462,845 1,172,348
290,067
Earned surplus.... 399.113
Capital surplus__ 1,159,717 1,159,717
(299,640 in 1934).
For inco:ne statement for 6 months ended June 30, see last week's
"Chronicle." p. 771.
United States Guarantee Co.-Bal. Sheet June 30-
Total
10,890,638 9,569.510
140, P. 1846.
95,593,417 94,554,574
States
Total
Gypsum Co.
1935
Cash & work.funds 8,157,606
Accts. & notes receivable, &c_ _ 3,649.745
Marketable secure. 5,901,990
Invent. & supplies 3,530,071
Empl.stock perch.
5,576
contracts
Deposit for insurance reserve.... 245,513
61,168
Miscell. securities_
940,578
Deferred charges_
95,593,417 94,554,574
Subs.)
-Balance Sheet
1934
1935
1,532,415 Common stock...23,828,240
Accounts payable_
829,396
3,367,234 Ana% payrolls, &e. 196,216
11,994,130 Federal tax
357,481
3,329,053 Dividends payable 434,741
Conting. oth.res. 1,147,347
9,668 Paid-in surplus
5,831,447
Earned surplus.__20,463,641
245,043
63,663
890,318
60,910,710 .59,723,660
Total
x After depreciation and depletion
Total
1934
23,767,900
477,329
263.943
193,224
433.987
1,127,499
5,775,474
19,862,104
60,910,710 59,723,660
For the earnings for the 6 months ended June 30 see "Chronicle."
July 27. page 611.
United States Rubber Co. Earnings-1935
1933
8 Months Ended June 301934
Net sales
$57,722,837 $52,495,958 $36,494,680
1,802,869
5,267,639 4.880,459
Net profit from operations
2.027.073
1,810,099
Interest on funded debt
1,861,511
Provisitin for depreciation
2.798,960 2,992.360 3.195.100
$658,580
Profit
x Loss.
$26,588 $3,419,304
Consolidated Balance Sheet June 30
1934
1934
1935
1935
S
Assets
Plants. property.
Preferred stock_ 65,109.100 65,109,100
&c. (net)._ 71,669,518 76.129,969 a Common stock 12.123,766 12,278,654
4,451,153 Minority
11,347,873
Cash
Dominion Rub.
Acets. & notes
Co., Ltd.,stk.
338,700
rec. (cust'rs).. 18,483,703 18,252,549
315.700
Inventories
30,236,764 31,308,379 Accts. payable,
Incl. accept's
Sec. of controlled
3,725,931
pay. for im4,211,348
companies
224,331
portations of
156,950
Marketable secs
crude rubber_ 8,356,386
6,873,880
U. S. Rubber
Accrued interest
Plantations,
and liabilities _ 4,891,114
4,822,228
23,309,485 25,914,800
Inc
3
-year 6% se
Co.'s bonds and
cured notes._ 4,225,600
1,411,319
566,553
notes (cost)_ _
ser. notes
Other sees, and
1,634,000
1,095,937
(current) ___
mortgages - - - 1,206,187
1,575.000
Funded debt
Prepaid and de61,967,400 69,375,532
3,848,984
1,766,710 Reserves
1,453,960
!erred assets
4,128,275
Total
162,692,341 164,281,078
.
.
16 p 228
-141.2,691,341 164,281,9_7a.
a Represented by 1,464,371 no par shares,v.
Total
10,691,250 10.305,192
Total
10,691,250 10,306.192
Total
x After depreciation. y Represented by 299,566 no par shares in 1935
1934
1935
S
S
AssetsU.S. Govt. bonds _ Sl,891,690 31,376,526
U. S. Govt. bonds
956,631
295,831
currently mat'g_
710,782
State & munic. bds 784.190
875,600 1,171,043
RR. bonds & stks_
P. U. bds.& stks__ 1,780,311 1,564,289
Misc. bonds & stks 3,103,866 1,838,906
897,737
1,189,709
Cash
Prems, not over 3
810,461
821,370
months due_ _ _ _
141,146
43.045
Reinsur.receivable
53,800
54,189
Accrued interest_
48,189
Accts. receivable._ •
50,836
Other assets
Total
1935
$
LiabilitiesRes. for unearn'd
2,247,228
premiums
Res. for losses and
2,301,436
claims
Res. for loss adj.
47,831
expense
. 304,903
Reinsumnce res. _
Corn. & brokerage 157.777
Fed. & State taxes 186,571
Accounts payable_ 181,386
Vol. gen. cont. res. 500,000
Capital paid In.__ 1,000,000
3,963,506
Surplus
Total
1934
$
2,198,009
1,986,597
30,885
237,234
154,087
120,462
148,375
500,000
1,000,000
3,193,862
10,890,638 9,569,510
ccyries, Inc.
-Admitted to List
'United Wall Papte,a
on
Th New York Curb Exchange as admitted to the list the new co
mmon stock, no par, issuable sharp,for
'$2 par. in lieu of the ol
stock.
at
share, in exchange for the old common stock. The Exchange ruled
transactions in the new common stock must be settled by delivery of
bearing the par value of $2.-V. 141, p. 611.
permanent certificates
-Earnings
Utah Light & Traction Co.
-Month-1934
1935-12 Mos.-1934
Period End. June 30- 1935
$949,067
$80.623 $1,012,337
$82,049
Operating revenues
874.238
73.309
922.116
73,569
Operating expenses
Net revs, from oper
Rent from leased prop...
Other income (net)
$8,480
43.593
263
$7,314
45,673
304
$90.221
539,017
2,931
$74,829
771,636
2.565
Gross corp. Income...
Interest & other deduc'ns
$52.336
52,664
$53.291
53,620
$632,169
636,117
$849,030
858,778
$9,748
$329
$3,948
$328
x Deficit
.
z Before property retirement reserve appropriations and dividends.
V. 141. p. 290.
Financial Chronicle
Volume 141
Universal Products Co., Inc.
-Gets Large Order
The company has secured an order from Chrysler Corp. for propeller
shafts and universal joints on 1936 passenger cars of all Chrysler divisions.
The order is expected to add more than 30% to the company's business, and
will necessitate some additions to plant and equipment.
-V. 140, p. 4084.
Utah Power & Light Co.(& Subs.)
-Earnings
-[Electric Power & Light Corp. Subsidiary]
Period End. June 30- 1935
1935-12 Mos.-1934
-Month-1934
Operating revenues
$810,404
$795,112 $10,168,250 $9,620,977
Operating expenses
481.753
473.024 6,069.943
5,386,071
Net revs, from oper
Other income (net)
$328,651
4,221
$322,088 $4,098,307 $4,234,906
42,373
3,953
34,445
Gross corp. income. _ _
Interest & other deduc'ns
$332,872
239,961
$326,041 $4,140,680 $4.269,351
2,906,593
3.023.964
243,809
Balance
y$82,232 $1,234.087 $1,245,387
Property retirement reserve5492,911
appropriations
746,724
700,000
z Dividends applicable to preferred stocks for the
period, whether paid or unpaid
1.704,761
1,704,761
Deficit
81.217.398 81.159,374
y Before property retirement reserve appropriations and dividends.
z Dividends accumulated and unpaid to June 30 1935 amounted to 83.977,776. Latest dividends, amounting to $1.16 2-3 a share on $7 pref. stock
and $1 a share on $6 pref. stock, were paid on Feb. 1 1935. Dividends on
these stocks are cumulative.
-V. 141, p. 290.
"Vanadium Alloys Steel Co.
-25-Cent
The directors have declared a dividend of 25 cents per share on the cornstock, no par value, payable Sept. 2 to holders of record Aug. 20. Similar
payments were made on June 20, April 10 and Jan. 2 last. 50 cents was
paid on Aug. 20 1934, while on May 15 and March 20 1934 and on Nov. 20
1933 special distributions of25 cents per share were made.
-V.140. p.3062.
Van Raalte Co., Inc.-Initia7 Common
The directors have declared an initial dividend of 25 cents per share
on the common stock, par $5 payable Sept. 1 to holders of record Aug. 15.
The President, Irving K. Hessberg, stated this is the first dividend
'
paid on the common stock of the company since its incorporation in November 1919. He also stated that this is not to be regarded as the inauguration
of a regular quarterly dividend policy but that it is the intention of the
board to consider the company's earnings in succeeding quarters in connection with future dividends.
-V. 141, p. 771.
Vickers-Armstrongs, Ltd.
-New Control
-
See Vickers, Ltd., below.
-V. 125. p. 3214.
Vickers, Ltd.
-Acquisition
-
Tile company has acquired the entire E17.464,251-share capital of VickersArmstrongs, Ltd., the main subsidiary of the Vicker's group. It first acquired from Armstrong-Whitworth Consolidated Stock Trust, Ltd., its
holding of £1,000.000 Vickers-Armstrong, Ltd., 6% B preference shares at
15s, per share. A few days later Vickers announced that it had acquired
from Armstrong-Whitworth Securities Co., Ltd., the A.
-W. Second Stock
Trust, Ltd., and A.
-W. Consolidated Stock Trust 2,657,612 common shares
400 A preference shares, and 2.000,000 B preference shares of Vickers
Armstrong. Ltd.
The Vickers-Armstrong merger of the armaments, shipbuilding and steel
Interests of the Vickers and Armstrong-Whitworth groups was formed
six years ago with Vickers as predominating partner. The steel merger
also embraced the plant of Cammell Laird. This plant was afterwards
transferred to the English Steel Corp., the majority of which capital was
held by Vickers-Armstrong. Now consequent upon Vickers acquisition of
Vickers-Armstrong's capital control of Cammell Laird has also passed to
Vickers. ("Wall Street Journal."j-V. 137. p. 511.
VirginiaElectric & Power Co.
-Earnings
(& Subs.)
Period End. June 30
1935-12 Mos.-1934
-Month-1934
-1935
Gross earnings
$1,260,549 $1,273,441 $15,186,506 $14,898,327
Operation
5,854,789
487,467 5.909.580
489,923
Maintenance
1.028,391
971,366
81,203
85,199
Taxes
1,915,890
1,613,721
155,192
140,286
Inc.from other sources_ _
157,153
1,479
153,804
Balance
91407,330 86,389,668 $6,402,904
8376,429
Interest& amortization
1,890,736
1,907,400
Appropriations for retirement reserve
1,800,000
1.800,000
Preferred dividend requirements
1,171,632
1.171,596
Balance for common dividends and surplus--- $1.527,300 $1,523,908
Walgreen Co.(& Subs.)
-Sales--Month of
-1935
1934
1933
January
$4,698,604 $4,306,109 83.664,964
February
4,637,407
4,102,705 3,248,372
March
5,032.076
4,625.177 3,412.705
April
4,621,245 4.211,153
3,452,181
May
4,641,147
4,321,497 3.633,192
June
4,667,260 4,457,291
3,982,685
x July
4.732.966
4,440.282 4,179.750
x Total seven months
$33,030,703 $30,466,831 $25,584,135
x Approximated -V. 141, p. 290.
Wannacomet Water Co.
-Earnings
12 Months Ended June 30Operating revenues
Operating expenses
1935
$56,099
36.516
1934
$55,321
40,251
Earningsfrom operations
Other income
$19,583
822
$15,069
836
$20,406
2,492
5,551
1,351
$15.906
2,700
5,127
673
$11,011
$7,404
Gross income
Interest on funded debt
Other interest
-Provision for Federal inco- ng tax
-i
- .11.gep
14a1
:64:
Washington Baltimore & Annapolis Electric RR.
Present Status
Robert Griswold, Sec. of the committee for the 1st mtge. 5% 30
-year
gold bonds, in reply to an inquiry writes as follows:
"To date,the bondholders have received a payment of $51 per each $1,000
par value of bonds. No other cash distribution is contemplated in the very
near future.
"At the foreclosure sale, the bondholders' protective committee bought
in certain rights-of
-way and also some real estate, consisting primarily of
the railroad's terminal properties in Bahl nore, Washington and Annapolis.
These properties are said to have considerable value, but in order to obtain
a fair price for the same it is probable that their liquidation will take a
considerable time. In the meanwhile, it is proposed to form a corporation
to hold the said real estate, and to issue either stock or some form of certificate of beneficial interest, which will be distributed pro rata to the trlders
of certificates of deposit in proportion to their holdings of W.B.& A. bonds.
The committee, however, will not take title to any of the properties unti.
Sept. 15, and the details of the plan have not as yet been completed. Just
as soon as we have some definite information for the bondholders, the committee will send out a circular letter."
-V. 141, p. 772.
Western Electric Co. Inc.
-Bonds Called
-
The outstanding 20
-year 57: gold debenture bonds, due April 1 1944
have been called for redemption on Oct. 1 at 105 and int. Payment will be
made at J. P. Morgan & Co., 23 Wall St., N. Y. City.
-V.141, P.454.
939
Washington Water Power Co.(& Subs.)
-Earnings
[American Power & Light Co. Subsidiary]
Period End. June 30-- 1935
-Month-1934
1935-12 Mos.-1934
Operating revenues
$704,204
$662.084 58,093.812 87,529,564
Operating expenses
393,924
367,053
4.499.162
4,029,756
Net revs, from oper
Other income (net)
$310,280
2,426
$295,031 $3,594,650 $3,499,808
2,302
30,779
32.064
Gross corp. income_ _ _
Net int. & other deduc'ns
$312,706
90,367
$297,333 $3,625,429 $3,531,872
90,291
1,127,263
1,115.946
Balance
y$222,339 y$207,042 82,498.166 82,415.926
Property retirement reserve appropriations
627,130
627,594
z Dividends applicable to preferred stock for
period, whether paid or unpaid
620,696
620,687
Balance
81.250.340 81.167,645
y Before property retirement reserve appropriations and dividends.
z Regular dividend on $6 pref. stock was paid on June 15 1935. After
the payment of this dividend, there were no accumulated unpaid dividends
et that date.
-V. 141. p. 129.
Western Auto Supply Co.
-Sales
Month ofJanuary
February
March
1935
$1,114,000
995.000
1,372.0 0
1,460.000
1,636.000
1,884,000
1.950.000
April
May
June
July
Total seven months
-V. 141, p. 291.
1934
3870,000
882 000
1 114 000
1.137.000
1,476,000
1,666.000
1,590,000
1933
$666,862
651,000
670.000
873.000
1.156,000
1,382.000
1,316.000
$1,4ç2,000 $8,728,000 S6,716,000
_.----Western Newspaper Union
Arrangements have been concluded ly the readjustment committee and
the company to purchase interest coupons due Aug. 1 1935, on the outstanding 15
-year 67 cony, gold debentures deposited under the plan of
readjustment dated July 1 1935, at the rate of 2% per annum as provided
under the plan. No payments will be made on interest coupons on Aug. 1
1935, except as above provided.
The personnel of readjustment committee consists of:
Gene Huse (editor and publisher), 0. J. Carlson (Aud. Peavey Paper
Products Co.), Ladysmith, Wis.; J. Carleton Jones (Treas., John H.Dunham Co.), Chicago; R. M. Sensenbrenner (V.-Pres., Geo. A. Whiting
Paper Co.), Menasha, Wis., and H. H. Fish (Pres., Western Newspaper
Union) New York City, with M.A. Stenersen, Sec., 210 South Desplaines
St., Chicago., and R.Hosken Damon,Counsel.6 North Clark St., Chicago.
Digest of Reorganization Plan
Western Newspaper Union was incorporated in Delaware, July 11 1929,
as successor to a company of the same name and a business founded in 1878.
Company's business comprises newspaper service-ready print, newspaper
plates and mats; commercial plate-stereotypes,electrotypes and mats; job
printing-trade papers, fraternal publications and magazines:merchandising-paper and printers' supplies. Its 31 plants are strategically located
and operated as distribution centers throughout the United States.
brief):The proposed plan of reorganization, dated July 1 1935. provides (in
Securities Subject to Adjustment
15
-year 6% cony. gold debs., due Aug. 1 1944
$3.650.000
7% cumulative preferred stock ($100 par)
1,500.000
Common stock (no par value)
90.000 shs.
Holders of the debentures may approve and accept the plan of readjustment by executing a form of transmittal and acceptance of the plan. and
forwarding such form, accompanied by their debentures with coupons
maturing Aug. 1 1935, and subsequent dates attached, to the Central
Hanover Bank & Trust Co. of N. Y. City, as the agent, or Northern Trust
Co., Chicago, Ill., the United States National Bank of Omaha, as subagents.
Holders of preferred or common stock may approve and accept the _plan
of readjustment by executing their proxy and letter of acceptance of the
plan and mailing the same to the Secretary of the readjustment committee.
Capitalization as Adjusted and Additional Securities to Be Presently Issued
15-year sinking fund debs., due Aug. 1 1949
$3,650,000
5% preferred stock MOO par) 15,000 shares
1,500.000
Common stock (no par value)
119,200 shs.
Method of Effecting Plan-The present company will remain unchanged
in all respects except that that section of the company's present corporate
charter relating to the rights and preferences of the preferred and common
stockholders will be modified by amendment of the corporate charter to
permit the issuance of new shares of preferred and common stock.
Claims Not Subject to Plan-Holders of claims for taxes, accounts receivable, bank loans, current accounts and notes payable, workmen's
compensation claims, or any claims of any other nature and kind whatsoever not hereinabove included shall not be subject to the provisions of the
plan of readjustment.
Basis of Exchange and Treatment of Present Securities
(a) Present Debentures
-Holders of present 15
-year 6% cony, gold debentures will, upon the filing of their approval and acceptance of the plan
of readjustment be entitled to receive upon consummation of the plan, in
exchange for each $1,000 of present debentures:
-year sinidng fund debenture (in connection therewith,
(1) $1,000 15
holders' original bond will be returned with legend or allonge attached
thereto and new interest coupons pursuant to modification of the terms
thereof as proposed). And (2) eight shares new common stock (no par
value).
(b) Present 77 Cumulative Preferred Stock-Holders of present 7% cum.
Preferred stock ($100 par) will be entitled to receive upon consummation
of the plan in exchange for each share now held. One share of new 5%
preferred stock ($100 par).
(c) Present Common Stock-Holders of present common stock (no par)
will be entitled to receive for each share of common stock now held by
them: One share of new common stock (no par).
Pro Forma Consolidated Balance Sheet May 31 1935
[Giving effect to plan of readjustment, and other adjustments described
In footnote.]
Assets
LtalttlittesCash
$594,667 Note payable-bank
$100,000
Receivables (less reserve)
1,113,253 Accounts payable
228,784
Inventories
701,325 Accrued liabilities
166,841
Life insurance policies
167,024 15-year debentures_
3,6n0,000
Other assets
305,552 Minority int. in capital and
Deterred chgs. & prepd. accts_
56,175 surplus ot subs
95,571
Real estate, bldgs., mach.,&c_3(1,388,096 5% preferred stock
1,500,000
Good-will, ready print lists,
Common stock
y119,200
patent rights, &c
1,948,807 Capital surplus
415,102
Total
$6,275,498
Total
$6,275,498
x After deducting depreciation of $1.327,399. y Represented by 119,200 shares (no par).
Note
-The above statement gives effect to the plan of readjustment dated
July 1 1935, under which Western Newspaper Union proposes to exchange
Its (1) 15-year 6% cony, debentures, due Aug. 1 1944 for a like amount of
new 15-year sinking fund debentures, due Aug. 1 1949, and 29.200 shares
of new common stock; (2) 15,000 shares of 7%,, cum, preferred stock (Par
$100) for a like number ofshares of new 5% preferred stock (par $100) each,
and (3) 90,000 shares of common stock (no par) for a like number of shares
of new common stock (no par). In addition, the above statement gives
effect to the proposed cancellation and retirement of the 60.000 shares of
common stock held in the treasury and carried at a cost of $194.991. to a
reduction of $2,000,000 in the book value of good-will, ready print list
patent rights, &c., and to the write-off of organization expense amounting
to $67,692,all reflected through the capital surplus account.
-V.141, p.129.
-Earnings
Western Grocers, Ltd.
Calendar YearsProfits
Depreciation
Equipment deposits
Directors fees paid
Income tax
Income tax adjustment_
1934
$219.411
20,868
10,938
3,750
32,147
1933
$188,094
20.483
16.563
1932
$141,136
39,731
1931
$121,671
36,113
25,000
1,116
13,000
7,355
Net income
Preferred dividend
Common dividend
$151,709
83.601
8.471
$124,932
83,601
$88.404
83,601
$78,204
83,601
Balance,surplus
Transf. to cont. reserve_
Previous surplus - _
$59,637
$41,331
319,043
$4.803
100,000
372,909
def$5,397
277,713
Profit & loss surplus. Earns, per sh. on 16,943
sits. corn:stk.(no par)
$378,680
$319,042
$277,712
$372,909
$4.02
$2.49
$0.28
Nil
378,307
Comparative Balance Sheet Dec. 31
1933
1934
Liabilities1933
Assets
1934
$60,000
$76,242 Bank loans,secured
Cash
368.962
808,141 Acceptances & ac839,069
Merchandise
373,021
778.293 counts payable_ 345,461
Accts. receivable_ _ 791,406
Res. for income
Advances on mer25,000
33,000
tax
chandise & sun20,900
20,900
39,447 Divs. on pref. shs_
dry debtors_.
43,992
8,471
Div. on com.stock
Advances to trus100,000
100.000
Res.for conting_
tees under emDivs. previously
ployees
stock
declared & still
7,744
purchase scheme
706
778
unclaimed
Prepaid insurance,
12,492 7% cum. pf.shares 1,194,300 1,194,300
11,211
interest.
x Common shares_ 1,022,863 1,022,863
Inv. In Nash Sim319,042
378,680
Surplus
Ington Co., Ltd.
514,535
454,416
shares
Dorn. Fruit, Ltd
6,520
advances
3,100
3.100
Other investments
833,276
Warehouse props. 840,049
50,306
37,985
Plant & equipment
33.104,453 33,115.833
Total
33,104,453 33,115,833
Total
-V.139. p.3338.
x Represented by 16,943 no par shares.
-New Securities Ready
Western Light & Telephone Co.
-Earnings, etc.
1
Aug. 10 1935
Financial Chronicle
940
Announcement is being made by Halsey, Stuart & Co., Inc., as reorganization manager, of the availability of new securities of Western Light &
Telephone Co., successor company to Western Power Light & Telephone
Co. The new securities are issued under a plan of reorganiaztion dated
Oct. 11934. as amended, and approved May 7 by the U. 81. District Court
for the Northern District of Illinois, Eastern Division.
le For each $1,000 of old first lien collateral 6% bonds, series A and B.
holders are to receive $250 new first lien collateral 5% bonds, 10 shares of
$25 par value preferred stock and 100 shares of common stock of the new
company. Interest on the new bonds, due April 1 1935, is now payable.
P For each $1,000 of 6% notes of the old company holders are to receive
85 shares of common stock of the new company.
each share of the old 7% preferred and 6% preferred stock, one share
of new common is to be distributed.
Holders of participating class A stock of the old company receive rights
to purchase new common on or before Jan. 1 1940, at 32.50 a share, such
rights to be available at the rate of one right for each five shares held.
Earnings for 12 Months Ended May 31 1935
Pro forma consolidated income accounts of Western Power Light & Telephone Co. (predecessor corporation) and of the subsidiary companies
acquired by the Western Light & Telephone Co. (new corporation) as of
the close of business May 31 last; after giving effect to the revision of the
provision for depreciation, based on rates recommended by an independent
engineer, and to the revision of interest charges based on note payablebank, and funded debt of the new corporation, were reported as follows:
$2,328,176
Operating revenues
1.733,544
Operating expenses
594.631
before provision for depreciation- Net operating income
303,485
Prov.for deprec.(based on rates recommended by indep. engr)-
$4.999,800 notes held by A. C. James Co. would receive $4,999.800
junior lien 6% 75
-year income bonds.
$2,538.956 notes held by the Railroad Credit Corp. would receive $2,538.956 junior lien 6% 75
-year income bonds.
$28,300,000 in 6% preferred stock would be elimintated.
$47,560,000 in common stock would receive 300.000 shares of new common.
New Working Capital
Reconstruction Finance Corporation is undertaking, subject to approval
of the ICC, to (1) provide money for rehabilitation up to $10,000,000 by
the purchase of 30
-year bonds to bear interest at 4% for the first ten years
and at such higher rate thereafter as will make an average yield of 435%
fro:n the date money is advanced to the maturity of bonds, or (2) in the
alternative, to advance $10,000,000 for 20 or 25 years at 4% collaterally
secured by 120% of the first mortgage 4% bonds.
Past Interest and Other Capital Liabilities
The plan also provides that past interest due in 1934 on the first mortgage
bonds, amounting to $2,464.506. would be taken care of by 50% in new
series A and 50% in new series B income bonds; that past interest due in
1934 to the RFC of $119,152 would receive 50% in new series A and 50%
in new series B income bonds; that the 1934 interest of $249,990 due on the
note of A. C. James Co. would receive $249,990 in new junior lien 6s and
$29,385 interest due in 1934 on notes to the Railroad Credit Corp. would
receive $29.385 in new junior lien 6s.
The $5,739,722 principal due the Western Pacific RR. Corp. and the
$51,667 principal due the Western Realty Co. would be eliminated.
New Common Stock Allocation
The plan also provides that in addition to the 300,000 common shares to
be issued immediately on court approval of the plan, 587,412 additional
common shares shall be authorized, to be reserved for conversion of series
B income bonds. Conversion would be at the rate of 30 shares of stock for
each $1,000 of bonds.
As to the 300,000 shares of common stock allocated to the present equity,
150,000 shares would be placed in escrow and in any one year, after a
five year period that full interest is not paid on all of the income mortgage
bonds, shares from this 150,000 wold be given to the bondholders in the
ratio of two shares of common stock for each full interest coupon. Unless
there is a reduction for the foregoing reasons in the amount of common
stock allocated to the equity (300,000 shares), the present equity would be
entitled to any dividends declared on the 300.000 shares.
Annual Interest Under Plan and Interest Fund
Annual requirements shown include interest at 4% on full $10,000,000
of bonds which may ultimately be sold to the Reconstruction Finance
Corporation. Under circumstances indicated above this interest rate would
be increased after first 10 years.
An interest fund is to be created into which shall be paid a minimum of
10% of net earnings available for the common stock until the fund equals
one year's interest on fixed and contingent interest debt, fund to be
invested in Government bonds.
Proposed New Capitalization Outstanding
32,994.065
Equipment trust certificates (undisturbed)
15,675,000
30
-year 1st mtge. bonds (fixed 4% interest)
10.000,000
30
-year 1st mortgage bonds (fixed 4-434% interest)
19,580,429
%
50
-year mortgage income bonds, series A.
19,580,429
-year mtge. convertible income bonds, series B 5H%
50
7.818,131
-year income bonds
Junior lien 6%. 75
300,000 shs.
New common stock (no par)
Financial Control
Provision would be made, satisfactory to first mortgage bondholders,
assuring them financial control of the reorganized company through
-V.141,
representation on the board of directors and executive committee.
P. 773.
-Successor
Western Power, Light & Telephone Co.
Company-Securities Ready for Exchange-See Western Light
-V. 140, p. 4252.
& Telephone Co. above.
-Earnings
Western Public Service Co.('& Subs.)
-Month-1934
1935-12 Mos.-1934
Period End. June 30- 1935
$176,200 $2,008,210 $1,968,067
$160,003
Gross earnings
1,017,777
84,023 1,051,600
83,423
Operation
8,260
82,113
11,730
106,699
Maintenance
170,126
16.604
14,883
187,634
Taxes
375.132
30,766
28,757
355,675
Interest & amortization$36,546
$306,599
207,500
119,451
$322,918
200,000
119,449
_
def$20.351
$3,468
Net operating income
Non-operating income
$291,146
13.674
$21,209
Balance
Appropriations for retirement reserve
Preferred dividend requirements
Gross income
Interest and other deductions-subsidiaries
Int. charges based on note payable, bank, and funded debt of
new corporation:
On note payable-bank (at minimum rate of 3%)
On funded debt (first lien collateral 5% bonds)
$304,820
10,825
Balance for common dividends & surplus.
-V. 141, p. 291.
8.081
103,912
Net income (before prov.for Fed.inc. tax) as adjusted to give
$182,000
effect to revision of deprec. and interest charges)
Consolidated Balance Sheet as of May 31 1935
(Western Light & Telephone Co. and Subsidiaries)
Liabilities
Antes-332.078.250
36,834.179 7% preferred stock
Fixed capital
1,188,320
1,225,080 Common stock (par SI)
Current assets
1.423.701
184,998 Paid-in surplus
Miscellaneous assets
2,078,250
58,540 1st lien coll. Is
& deferred charges_
Prepared
Note payable-Cont. Ill. Nat.
269,398
Bk. & Tr. Co
563,934
Current liabilities
98,114
Deferred liabilities
575,757
Reserves
27,071
Services billed in advance, &c
Total
$8,302.798
Total
alRepresented by 83,130 shares issued.
Westmoreland Water Co.(& Sub.)
-Earnings
12 Mos. Ended June 30Operating revenues
Operating expenses
1935
$470,713
252,451
1934
$468,175
257,342
Earningsfrom operations
Other income
$218,261
431
$210,832
405
Gross income
Interest on funded debt
Other interest (net)
Provision for Federal income tax
Arnortiz. of debt discount & expense & misc. deduct
-paid
Preferred stock dividends
$218.693
135.183
3.822
5.568
10,580
38,986
$211,237
130,104
7,407
4.026
10,444
38,959
$24,551
$20,295
$8,302,798
Maryland Ry.-Earnings-Fourth Week of July- -Jan.1 to July 311934
1935
1934
1935
Period$380,920 $8,438,619 $8,150,206
Gross earnings (eat.).- - $338,643
-V.141. P. 772.
Western
-Reorganization Plan Filed
--Western Pacific RR.
-""
The company on Aug. 2 filed with the Interstate Commerce Commission
its plan to revamp its capital structure so as to reduce annual fixed charges
on outstanding bonds to $1.027.036 from $3,177,302 and to reduce its
capitalization to $75,648,954 and 300.000 shares of no par stock from $147,240.343, including stock.
With the plan the road filed a copy of its petition in bankruptcy under
Section 77 of the Bankruptcy Act, presented in the U. S. District Court for
the Northern District of California. The latter Court issued an order
Aug. 2 authorizing the present management to continue in charge of the
road's operations during the reorganization process, and pending approval
of the plan by the ICC.
Brief Summary of Plan
The plan, put forward by the management, provides for the creation of
of bonds and one new issue of stock. Under the plan.
four new isS1103
present securities and obligations of the road would receive the following
treatment:
32,994.065 equipment trusts would be undisturbed.
$49,290,100 first mortgage 5% bonds,due 1946, would receive $14.787,000
-year (fixed) 4% bonds: $17,251,550 (35%)
(30%) in new first mortgage 30
-year income bonds, and $17,251,550 (35%) in
in new series A 51.4% 50
series II convertible 534% income bonds.
$2,963.000 Reconstruction Finance Corporation note (June 30 1935)
would receive $888.900(30%)in new (fixed) 1st.mtge. bonds and $1.037,050
(35%)in each of the new issues of Series A and B income bonds.
Westinghouse Electric & Mfg. Co.
-Gets Large Order
Contracts for railway equipment exceeding $2,000,000 in value have
to the company by the Board of Transportation of New
been awarded
York City, calling for accessories for new subway cars ordered for city-V. 141, p. 773.
operated lines.
Balance
-V. 139, p. 948; V. 135, p. 2495.
-New Stock Ready
(George) Weston Ltd.
Following upon approval of shareholders some months ago to split the
common shares two for one,the company has now granted supplementary
letters patent to put this step into effect. The present authori zed common
stock of 200.000 shares (no par) will be subdivided into 400,000 common
shares (no par), and shareholders are being asked to surrender certificates
-V. 140, p. 3062.
as quickly as possible to the company's transfer office.
-Bonds Called.......--Westvaco Chlorine Products Corp.
-year 534% sinking fund gold debentures due
All of the outstanding 10
been called for redemption on Sept. 1 at 10034 and int.
March 1 1937 have
Payment will be made at the Guaranty Trust Co. of N. Y., 140 Broadway,
N. Y. City, or at the Continental-Illinois National Bank & Trust Co. of
Chicago. Chicago, 111.-V. 141, p. 612.
-Earnings
White Rock Mineral Springs Co.
1935-6 Mos.-1934
Period End. June 30- 1935-3 Mos.-I934
Net profit after charges
2183,991
$315,299
2234.416
2141,461
and taxes
Earns. per sh. on 250,000
$0.63
$1.06
$0.74
$0.47
shs. common stock_x
x Which will be outstanding when all the 2d pref. stock has been con-V. 140. p. 3570.
verted into common stock.
--Earnings
White Sewing Machine Corp.(& Subs.)
Period End. June 30- 1935-3 Mos.-1934
Net loss after deprec.
$446,889
$41,977
and interest
-V. 140, P. 3919.
1935-6 Mos.-1934
$67,990
$83.914
Volume 141
Financial Chronicle
(William) Whitman Co., Inc. (4k Subs.)
-Earnings
-Calendar Years1934
1933
1932
1931
Operating profit
48.877
$140,030 lors$572,165 lesa$359,610
x Co:npany earned a profit of $204,775, which was offset by losses of
affiliated companies of $195,897.
Consolidated Balance Sheet Dec. 31
1934
1933
1934
1933
AssetsLiabilities
$
$
y Plant & mach'y_ 1,779,092 1,765,275 Preferred stock_ _ 1,223,500 1,228,500
Beal est. & equip_
410,284
421,072 x Common stock & .
as
348,101
354,210
surplus
8,137,504 8,211,947
Marketable secure. 205,693
240,218 Monthly balance
Suspense accts _ _ _ _
42,896
33,135
due consignors_ _
196,860
274,893
Notes receivable
23,416 Notes payable
200,000
400,000
Dividends rec
29,408 Accounts payable_
136,275
315,212
Accts.receivable._ 1,107,178
982,344 Minority interest
Inventories
835,413 1,388,755
In atMisted comInv. in stocks of
panies
43,799
47,694
associated cos__ 6,278,985 6,278,985 Accrued expenses_
41,538'
14,401
Misc. stke. & bds.
4,537
28,661 Reserve for depreMimeII. notes rec_
28,500
ciation. &c
1,288,758 1,288,758
37,475
Loans er advances
to other cos__
173,677
132.672
Deterred charges._
52,877
65,777
Total
11,268,234 11,781,404
Total
11,268,234 11,781,404
x Represented by 107,907 no par shares.
y Less reserve for depreciation
of $3,066,195 in 1934 and $3,086,509
in 1933.-V. 140, P. 3066.
Williamsport Water Co.
-Earnings
12 Mos. Ended June 30Operating revenues
Operating expenses
1935
$321,255
103,722
1934
$320,764
109,817
Earnings from operations
Other income
$217,533
12,561
$210,947
13,327
Gross income
Interest on funded debt
Other interest
Provision for Federal Income tax
Amortiz. of debt discount & expense & misc. deduct
Preferred stock dividends
-paid
Balance
-V. 139, p. 949.
$230,095
134,510
494
7,782
11.986
49,279
8224.274
134,600
502
6.915
12,055
49,768
$26,042
$20,433
Ended June 30Operating revenues
Operating expenses
1935
$33,5°5
20,348
1934
$31,187
17,037
Earningsfrom operations
Other income _____
$13,157
269
$14,150
385
$13,427
8,760
2,182
17
$14.535
8,760
1,901
85
$2.467
$3,788
Williamstown Water Co.
-Earnings
12 Mos.
Gross income
Interest on funded debt
Other interest
_____
Provision for Federal income
tax
Balance __ _ -________________
-V. 139, p. 949.
Willys-Overland Co.
-To Make More Cars
Judge George
P. Hahn of the
denied a plea of the IndependentU. S. District Court at Toledo, Ohio.
Creditors Protective Association composed of E. I. du Pont de Nemours Co.
of Wilmington,
of Dayton, City Engineering Co. of Dayton, American Vulcan Tool Co.
Rolling Mill Co.,
Collins & Aikman and the
Mengel Body
intervening petition seeking to prevent Co. of Louisville who had filed an
the Willys-Overland receivers from
manullacturing 10.000 additional
Judge Hahn said this order cars.
for manufacture is the last he will allow and
that reorganization of the
company must be carried out at once. He indicated that work on the cars
will last through January and give work to
3,000 men.
Under the agreement the National
Bank of New
$250.000 from sale of surplus plant City machinery to York is to receive
be applied on the
and
$2,000,000 1st mtge. gold
bonds due when the company went into receivership in Feb. 1933. A previous payment
of $250,000 was made last year.
-V. 141, P. 454.
& Co., Inc.
-Bonds Called
-
All of the outstanding 1st
-year sinking
series A,due April 1 1941 havemtge. 6% 25 redemption fund gold bonds.
been called for
on Oct. 1 at 107%
and int. Payment will be made
at Guaranty Trust Co., 140 Broadway,
N. Y. City.
-V. 141. p. 773.
Wisconsin Investment Co.
-Earnings
Earnings for the Six Months Ended June 30 1935
income-Interest on Investments
Interest on stock subscriptions
Dividends on stocks
Total income
Operating expenses
$3,441
2.250
26,946
$32,837
13,274
Netprofit _ _______________
Dividends paid
$19,362
19,830
Deficit_ _
___________________________
$468
Note-Profit on sale aients
nvestm
of $46,496 for the first six months of
1935 resulting from increase
"reserve for investments." in price over book value has been credited to
Balance Sheet
AssetsJune 30'35 De 31'34
LiabilitiesInvestments --.A41,621,806141,729,551 Accr.tranch.& cap.June 30'35 Dec. 31'34
Cash
.206,883
163,592
stk. taxes, &c..
$4,292
$5,540
Accr. dive. & Int,
Accounts payable623
on investments_
9,157
8,352 Dividends payable
3,292
2,917
Due on sale of seRes. for investmla 562,018
curities
109,190
1,508 Due stkhldre. ot
Due from stkhldra.
predecessor cos
999
on subscr. for
6% pref. stock__ 658,330
676,370
stk. of co. (net). 137,230
150,437 Common stock... 576,598
578,305
Prepaid
Fidelity
Surplus
279,111
789,612
Insurance
300
Total
$2,084,266 $2,053,741
Total
82,084,266 82,053,741
a Stated at quoted values as at Dec. 31 1932,
quent thereto. At Dec. 31 1934, the total quoted or cost if acquired subseor market value exceeded
value at which the investments
the
are carried on the books of the
by approximately $42,200 after the sale of holdings during 1934 company
in excess of the value at which they were carrion on the books. at $223,867
b
30 1935. market exceeded book value by $183.910.-V. 140 P. At June
3237.
941
indicated that it was prepared, in the event the special master should
report no such equity to exist, to confirm a plan of reorganization which
would eliminate entirely the junior interests and under which all of the
securities would be issued to the bondholders.
Anticipating the possibility of a decision to the effect that no such equity
exists, and in order to save time, the committee has prepared the accompanying plan of reorganization and, pursuant to the deposit agreement,
has filed the plan with City Bank Farmers Trust Co.. depositary, with
respect to this issue of bonds. Under this plan no provision is made
for the issuance of any securities of any kind to any of the stockholders,
or to any of the creditors of Witherbee Court Corp. other than the bondholders.
Unless dissents are filed with respect to an amount of bonds which in
the opinion of the committee would make it impossible for the plan to
be consummated, the committee intends to propose the plan to the court
in the reorganization proceedings.
Indebtedness
-The principal amount of the bonds of this issue now
outstanding is $371,000. Interest coupons which became due Dec. 1
1932, and coupons of subsequent maturities have not been paid. Also
the sinking fund operative June 1 1932 and thereafter has not been met.
A judgment of foreclosure and sale has been entered but the proceedings
thereon have been stayed by an order made in the reorganization proceedings.
In addition to the foregoing indebtedness, the committee has been
advised that corporation was obligated, at the date of the filing by it of
Its petition requesting a reorganization pursuant to Section 77-B of the
Bankruptcy Act, to its general creditors in the amount of $5,460, besides
interest, and to the holder of a 2d mtge. on the property in the amount
of $75.503.
Property Dealt with Under Plan
-The only asset of corporation of any
substantial value is the property covered by the mortgage securing the
bonds, namely, land fronting approximately 302 ft. on the Boston Post
Road and approximately 434 ft. on Wynnewood Road in Pelham Manor,
N. Y.. together with the four-story apartment building situated thereon.
In the opinion of the committee, the mortgaged property does not at
the present time have a value equal to the amount of principal and interest now due on the bonds.
New Company and Securities to Be Issued-A new company will be organized. It is intended to have the new company acquire the property
covered by the present mortgage, the good-will and other property of
Witherbee Court Corp. and the cash and other property held by Continental
Bank & Trust Co. of New York, as successor trustee under the mortgage
securing the bonds. The new company, upon the acquisition of the
above property and the issuance of securities pursuant to the plan, will
have the following capitalization and indebtedness:
Reorganization notes
New income bonds
$259,700
New stock
3,710 shs.
a The amount of the reorganization notes, if any, cannot be fixed at
this time because it will depend largely on the amount required for the
payment of taxes, costs of administration, expenses of reorganization
and other allowances. and for working capital for the new company. The
amount of the notes will be subject to the approval of the judge in charge
of the reorganization proceedings.
Issuance of Securities to Participants in the Plan-Holders of outstanding
bonds will be entitled to receive upon consummation of the plan in exchange for such bonds, new income bonds and capital stock (represented
by voting trust certificates) on following basis:
Will Receive
Cap. SI.
Existing Securities
New Income Bonds
(v.t.c.)
$1,000 principal amount
$700 prin. amt. and 10 Wis.
500 principal amount
350 prin. amt. and
5 shs.
100 principal amount
1 sh.
70 prin. amt. and
-V. 138. p. 1067.
(F. W.) Woolworth Co.
-Sales
Month ofJanuary
February
March
April
May
June
July
1935
1934
1933
$17.147.912 $18.137,412 $15,844,684
18.218.936 17.860.960 16.244.993
20.482.647 24.005.139 17.509,933
22.382.097 19.788,230 20,159.295
21.052,290 22,004,068 19.801,192
21.113.249 22,000,467 19.344.065
20,169,005 19,514,723 19,582,844
Total seven months
-V. 141, p. 291.
$140566 529 3143340.997 3128486.909
Worthington Pump & Machinery
6 Mos.End. June 30-Net loss before deprec.,
but after all other chgs
Net loss after deprec__ _ _
Assetsa Prop., plant and
equipment
Foreign secur. at
Misted cos
Cash
State & munic.sec.
Pret.stk. In treas..
Miscell. securities.
Other securities.__
Property in liquid_
Accts.& notes rec.
Inventories
Deferred charges:.
1935
1934
Corp.(&
1933
Subs.)
1932
$62.755
$3309,139
$485.669
247,024
479,370
636,114 $1.098,001
Consolidated Balance Sheet June 30
1935
1934
1934
1935
$
Liabilities$
S
$
h Stated capital_ _20,951,000 20,951,000
9,625,430 9,473,771 Notes payable.... 300,000
Accts. payable,&c. 625,580
393,700
2,153,474 2.342,211 Accrued tsx res _ _ _
29.125
26,591
469,651 1,397,346 Misc, current lia122,675
Wines
93,814
106,164
1,156,432 1,439.757 Accrued payrolls _ _
66.317
59,455
579,230
589,142 Purchase contracts 165.536
176,418
6,000
120,319 Mtge. pay. of sub.
30,000
30,000
607,060
595,247 Min. Int. in sub.
2,589,552 2,386,675
co. pref. stock _ _
32,993
33.191
5,537,559 4,610,002 General reserve_
806,760
229,730
215.375 Special reserve._ _
159,800
Earned surplus__ _
321.7
- 7iii 561,790
Capital surplus _ _. 321.697
Total
22,954,128 23,292.520
Total
22,954,128 23,292,520
& After depreciation.
b Represented by $5,592.833 class A 7% preferred. $10.321.671 class B 6% preferred, and $12.992,149 common stock.
-V. 140, p. 3571.
Wright Aeronautical Corp.
-Earnings
-Period End. June 30- 1935-3 Mos.-1934
1935-6 Mos.-1934
Net profit after deprec.,
interest and taxes.,_ - -V. 140, p. 3237.
$130,419
1476,403
$60,608
$401,293
Yale & Towne Mfg. Co.
-Earnings
-Period End. June 30- 1935-3 Mos.-1934
1935-6 Mos.-1934
Net profit after taxes
and depreciation
Earns. per sh.on 473,556
shs.(par $25)cap.stk.
-V. 140, p. 3066.
$71,514
$441,011
$0.15
$0.09
$61,538
$62,265
PP'
al
$0.13 HIV $0.13
.
York Ice Machinery Corp.
-Sales Up 60%
-
Pelham Manor,
Sales volume for the first six months of 1935 is 60% ahead of the
responding period of last year, according to S. E. Lauer. General corManager of the corporation. This increase covers all divisions Sales
of the
company.
-V.140, P. 2887.
The real estate bondholders' protective committee (George E.
Roosevelt,
Chairman) in a circular dated July 23 states in
part*
In the belief that a speedy reorganization of this property
would be for
the best interests of the bondholders and for various other reasons
(mentioned in communication dated May
formaly approving the owner's plan 14 1935), the committee while not
at that time tentatively felt
a number of circumstances warranted its favorable consideration.that
Upon the subsequent submission of the owner's plan In
the reorganization
proceedings it was determined that, under the circumstances,
value of the property was an essential factor in determining the the fair
interests
that should be given recognition in the plan to be confirmed
by the court.
In consequence the court referred the matter to a referee in bankruptcy
for the purpose of determining whether or not any equity in the property
existed above the amount now due on the bonds. The
court further
Period End. June 30- 1935-3 Mos.-1934
1935-6 Mos.-1934
Operating profit
xioss$284.491
$93,108yloss$451,826
$267,296
Internet
1,689
5,635
5.918
9.864
Depreciation
18,344
19,472
36.920
38.047
Federal taxes
4,000
7,912
9,000
29.830
Net profit
loss$308,524
$60,089 loss$503.664
$189,555
Shares capital stk. outstanding (par $1)822,747
822.747
Earnings per share
$0.07
$0.23
x As follows: Profit before charges, $181,192; advertising,
$465,684
loss. $284.491.
y As follows: Profit before charges, $3336,562; advertising, $788,388
loss. $451,826.-V. 140, p. 4086.
--...-Witherbee Court Apartments Bldg.,
N. Y.-Reorganivation Plan
Zonite Products Corp.-Earninqs-
Aug. 10 1935
Financial Chronicle
942
The Commercial Markets and the Crops
-GRAIN-PROVISIONS
COTTON-SUGAR-COFFEE
-WOOL-ETC.
-DRY GOODS
-METALS
PETROLEUM-RUBBER-HIDES
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO
Tues.
Wed. Thurs. Fri.
Mon.
Sat.
15.70
15.80
15.37
15.80
14.90
14.57
September
13.50
13.62
13.57
13.92
13.32
13.15
December
12.27
12.40
12.72 12.90
12.55
12.37
May
COMMERCIAL EPITOME
Friday Night, Aug. 9 1935
Coffee futures on the 5th inst. advanced 10 to 14 points
Pork was steady; mess, $34; family, $39.50 nominal;
on Santos contracts and 11 to 15 points on Rio. Brazilian fat backs, $31.50 to $33. Beef firm; mess, nominal; packer,
exchange was higher and shorts covered. On the 6th inst. nominal; family, $23 to $24 nominal; extra India mess,
futures were active and closed 3 to 6 points lower on Santos nominal. Cut meats firm; pickled hams, picnic, loose,
4
4
with sales of 21,750 bags and 17 to 13 lower on Rio with sales c.a.f., 4 to 6 lbs., 173 c.; 6 to 8 lbs., 163 c.; 8 to 10 lbs.,
4
of 4,750 bags. Further improvement in Brazilian exchange 153 c.; skinned, loose, e.a.f., 14 to 16 lbs., 224c.; 18 to
4
brought about early gains but scattered liquidation and stop- 20 lbs., 203,40.; 22 to 24 lbs., 173c.• pickled bellies, clear,
'
loss orders near the close together with a lack of buying power f.o.b. N. Y., 6 to 10 lbs., 26Xe.; 10 to 12 lbs., 25,40.;
resulted in a recession. On the 7th inst. futures after reach- bellies, clear, dry salted, boxed, N. Y., 14 to 20 lbs., 20X0.;
ing new teasonal lows in Rio and some Santos months rallied 20 to 30 lbs., 20%e. Butter, creamery, firsts to higher
on a report from Brazil indicating that the country aims to than extra and premium marks, 213 to 253e. Cheese,
curb speculation in exchange. Santos contracts ended 6 to state-whole milk, fancy and special held, 1934, 18 to 20c.
10 points higher with sales of 23,250 bags and Rio contracts Eggs, mixed colors, checks to special packs, 22 to 31e.
were 9 to 11 higher with sales of 15,850 bags. Cost and
Oils-Linseed was more active and firm at 8c. in tanks.
freight offers from Brazil were 5to 10 points lower with Santos Some crushers still quote 8.5e. in New York and small
the early
4s 7.40 to 7.60e. Lower Brazilian exchange caused
lots were quoted at 8.7e. Some thought the 8e. price was
weakness
quoted at
higher with below cost on seed at present levels. Cake was
On the 8th inst. futures closed 1 to 6 points
Cocoanut, Manila, tanks,
bags of Rio. Bra- $21.50 to $22. Quotations: Corn, crude, tanks, Western
sales of 6,250 bags of Santos and 6,000
forward, 33.-c.; coast, 3%e.
zilian exchange and cost and freight offers were lower, with mills, 83 c. China wood, tanks, Sept.
-Dec., 14.6c.; drums,
4
Santos 4s offered at 7.40 to 7.6254c. Today futures ended spot, 15.6e. Olive, denatured, spot, Spanish, 84 to 85e.;
and freight offers from
unchanged to 3 points higher. Cost
other oils, 79 to 81c.; shipment Spanish, new crop, 81e.
Brazil were unchanged to 5 points lower with Santos 4s Soya bean, tanks, Western mills, new crop, 6.8 to 7.0e.;
7.45 to 7.600.
C. L. drums, 8 to 8.6c.; L.C.L. 9o. Edible, cocoanut, 76
Rio coffee prices closed as follows:
degrees, 9/c. Lard, prime, 124e.; extra strained winter,
4.81
September
5.05
March
4.93
113 0. Cod, Norwegian light filtered, 34e.• yellow, 35e.
/
5.13 December
May
to
5.20
July
Turpentine, 433i to 473.4e. Rosin, $4.75' $5.85.
Santos coffee prices closed as follows:
Cottonseed Oil sales, including switches, 110 contracts.
7.39
7.55 September
March
Crude, S. E., 8 2e. Prices closed as follows:
7.51
7.60 December
May
July
7.63
Cocoa futures on the 5th inst closed 2 to 4 points lower on
sales of 563 tons. Sept., 4.56e; Dec., 4.66 to 4.67e •, Jan.,
4.71c.; March, 4.80e. and July 5.00c. On the 6th inst.
futures closed steady and unchanged to 1 point lower despite
rather heavy September liquidation. There was a good spot
demand at 35 to 40 points above the Sept. delivery. Sept.
ended at 4.55c.. Dec. at 4.66c., March at 4.80c. and May at
a
4.90e. On the 7th inst.futures closed 4 to 5 points lower onat
turnover of 2,761 tons. Sept. ended at 4.51c., Dec.
at 4.85e.
4.62c., Jan. at 4.66e., March at 4.75e. and May higher with
On the 8th inst. futures closed 4 to 5 points
sales of 335 tons. Some of the strength was attributed to
when
rumors that September longs would demand delivery4.80e.
Mar. at
contracts mature. Sept. ended at 4.550. unchanged with
'
and May at 4.90e. To-day futures closed
4.71c.;
Sept. at 4.55e.; Oct., 4.59c.; Dec., 4.67o.; Jan.,
Mar., 4.80c. and May at 4.90e.
Sugar futures were quiet and unchanged to 1 point lower
2 to 3
on the 5th inst. On the 6th inst. opening gainsdof
futures,
points on trade buying were not fully maintaine in new
tons
ending 1 to 2 points higher with sales of 9,700 raw market
contracts and 150 tons in the old. In the
3.20e.
4,600 tons of Puerto Ricos, due Sept. 10, sold at On the
and 1,678 tons of Philippines due Aug. 19 at 3.170.
7th inst. futures ended unchanged to 2 points'higher with
sales of 5,950 tons of new contracts and 350 tons of old.
Rows were steady.
On the 8th inst. futures closed 1 to 4 points higher after
sales of 6,550 tons of new contracts and only 4 lots of old.
Short covered helped the market. Sentiment was also
aided by the steadiness of raws. To-day futures advanced
3 to 4 points. Demand was light but offerings were scarce.
Prices were as follows: ROM
December
July
March
2.29 September
2.19 January
2.10 May
2.31
2.08
2.15
Lard futures on the 3rd inst closed unchanged to 15 points
higher on light buying by trade interests. Hogs were steady
with receipts small. Cash lard was firm. On the 5th inst.
the
futures rose 17 to 37 points on bullish hog news and the
strength in grains. Hogs were 25 to 35c higher with
top $11.35. Cash lard was strong. On the 6th inst. futures
ended 25 to 50 points higher on a better demand from foreign
interests. The tightness of the cash situation and bullish
hog news influenced buying. Hogs were 10 to 15e higher
with the top $11.60. Cash lard was strong at 15.40e. for
tierces. On the 7th inst. futures advanced 17 to 40 points
on a good demand stimulated by bullish hog news. Hogs
were 20e. to 35e. higher with the top $11.85, a new high for
the current movement. Cash lard continued strong at 16e.
8th inst.
for tierces. Hog receipts were small. On theended 50futures
points
after showing early strength declined nd reached early in
lower to 20 points higher. New highs were
10 to
the session on the rise in hogs. To-day futures ended
15e. lower.
August
September
October
November
December
9.60@
January
9.85
9.88 9.94 February
9.95 March
9.75
--9.81
9.82 9.87
9.8010.00
9.900 9.93
Petroleum-The summary and tables of prices formerly
appearing here regarding petroleum will be found on an
earlier page in our department of "Business Indications,"
in the article entitled "Petroleum and Its Products."
Rubber ended unchanged to 3 points higher in extremely
light trading on the 5th inst. Sales were 45 contracts.
August ended at 12.15c.• Sept. at 12.23c. ; Dec. at 12.45c.;
Jan. at 12.51e. and March at 12.67e. On the 6th inst.
'
futures declined4 to 8 points after sales of 1,490 tons. Spot
ribbed smoked sheets here fell to 12.12e. London ended
unchanged to 1-16d. higher, while Singapore showed little
change. Sept. ended at 12.16c.• Dec. at 12.38c.; Jan. at
12.47c.; March at 12.60c., and May at 12.72c. On the 7th
inst. futures showed additional losses at the close of 20 to 24
points after sales of 1910 tons. Spot ribbed smoke sheets
were down to 11.90c. London and Singapore were lower.
Sept. ended at 11.96c.; Dec. at 12.17c.; Jan. at 12.23e.;
March at 12.38c.• May at 12.50e., and July at 12.64c.
'
On the 8th inst. futures closed 3 to 4 points higher on
sales of 150 contracts. Sept. ended at 12.00c., Dec. at
12.21e., Jan. at 12.27c., March at 12.42e. and May at
12.53e. To-day futures closed unchanged to 1 point
higher; Sept., 12.01e.; Dec., 12.21e.; March, 1243e., and
May, 12.5ac.
Hides futures, after some early weakness, rallied and
closed with gains of 32 to 35 points on the 5th inst. Sales
were 1,640,000 lbs. In the Chicago spot market 22,100
hides were reported sold with July light native cows up
Ac. Some 7,000 hides sold in the Argentine spot market
W
with frigorifico steers at lie., an advance of Mc. over last
sales. Sept. ended at 10.36e; Dec. at 10.69e., and March
at 11.00c. On the 6th inst. futures declined 1 to 3 points
after sales of 2,440,000 lbs. Some 124,000 hides were
reported sold in the domestic market at steady prices, with
June-July light native cows at 10c. Branded cows sold
at 10e. In the Argentine spot market 4,000 frigorifico steers
sold at 11c.; Sept. ended at 10.35c.• Dec. at 10.66c., and
'
March at 10.98e. On the 7th inst. futures at the close
showed further losses of 14 to 17 points; sales 200,000 lbs.
Domestic spot sales were 5,500 hides at unchanged prices.
In the Argentine spot market 17,000 frigorifieo steers sold
at 11e. Dec. ended at 10.52 and March at 10.82e.
On the 8th inst. futures closed 4 to 9 points off with sales
of 57 contract. Sept. ended at 10.10e., Dec. at 10.43c.,
and Mar. at 10.78e. To-day futures closed 10 to 18 points
higher with Sept. at 10.28c., Dec. at 10.61c. and Mar. at
10.92c.
Ocean Freights showed more activity in grain, trips
and scrap.
-Antwerp 6c.,
Charters included: Booked-grain 15H loads Montreal ex Montreal
Havre Sc.8c.; 8 loads Antwerp Sc.6c.. and 20 Albany at 6c.•
option H
some parcels for Rotterdam at Sc. and 17 loads Antwerp at 7c.: trips
range,
prompt range, round trip, Red Sea 85c. Scrap iron-August
Genoa, $3.85.
Volume 141
Financial Chronicle
943
Coal-There was no real improvement in the industry. the previous week, making the total receipts since
Aug. 1
New business was dull but contract shipments were of fair 1935, 67,544 bales, against 72,302 bales for
volume. There was a more optimistic feeling in the market. of 1934, showing a decrease since Aug. 1 1935 the same period
of 4,758 bales.
Anthracite output is about 840,000 net tons weekly. Industrial and retail bituminous stocks on July 1, totaled 41,Receipts atSat.
Mon. Tues. Wed. Thurs. Fri.
Total
154,000 tons as against 33,000,000 tons a month ago. June
Galveston
442
302
584
43
482
4 1,857
bituminous industrial consumption in the Uniteq. States Texas City
3
3
was 19,700,000 tons against 21,160,000 tons in May. In Houston
744 1,049
317
469
113 2.395 5,087
5,743 7,965 2,471 5,035 5,619 5,996 32,829
June stocks increased 4,400,000 tons. Lake loadings in Corpus Christi
New Orleans._... 1,209 2,536 2,597
410 1,981 1,197 9,930
the July 27th week increased 275,000 tons, Hampton Roads Mobile
10
130
74
300
302
816
____
113
decreased 11,000 tons, and the Cincinnati car interchange Pensacola
113
Savannah
20
28
61
216
45
148
518
fell off 383 cars.
Charleston
44
244
5
12
30
359
24
Lake Charles___ ____
____
____
____
-___ 4,648 4.648
Copper was in better demand and firmer at 8e. Euro- Nortilk
69
40
---106
12
227
196
196
pean price was up to 7.85 to 7.923/2e. In London the mar- Baltimore
ket was fairly active and stronger.
Totals this week_ 8,202 11.964 6,444 6,088 8.960 14.925 56.583
Tin was in small demand but steady at 5234c. for Straits.
The following table shows the week's total receipts, the
London prices were somewhat easier recently.
total since Aug. 1 1934 and stocks to-night, compared with
Lead was quiet, and steady at 4.20 to 4.25c. New York. last year:
Consumers' immediate needs appear to have been well
1935
Stock
1934
covered through purchases earlier this month. Stocks in the
Receipts to
Aug.9
This Since Aug This Since Aug
United States on July 1st were 319,297 tons against 313,107
1935
Week
1 1935
1934
Week
1,934
tons on June 1st and 311,039 tons on July 1 1934, according
Galveston
to the American Bureau of Metal Statistics.
1,857
2.059 6,289
8.647 224.700 497.169
Texas City
2,117
6,891
3
2.152
3 2,152
•
Houston
7.848 4,447
5,747
5,087
Zinc was in small demand but steady at 4.50 East St. Corpus Christi__.. 32,829 38.141 21,092 26.637 310.222 807.176
102.167
82.898
Louis. Slab zinc stocks at the end of July totaled 115,723 Beaumont
932
768
9,930
10,740 11,725
16,233 249,724 594,775
tons against 112,909 tons in June and 97,462 tons at the end New Orleans
Gulfport
of July, 1934, according to the American Zinc Institute. Mobile
816
827 3.777
4,298
34.852
94.227
113
113
659
659
8.549
13,876
Production in July was 35,055 tons against 34,677 tons in Pensacola
Jacksonville
42
2,833
42
4,028
July and 24,756 tons a year ago; unfilled orders at end of Savannah
518
523 2.253
2.907
64.656 101,257
July 36,939 tons against 26,967 tons in June and 16,058 tons Brunswick
Charleston
359
520 1,823
3.266
18,797
37.822
a year ago.
Lake Charles_. - 4,648
6,300
378
11.848
378
18.145
Wihnington
47 . 17
14.501
17
16.146
Steel production showed an increase for the fifth con- Norfolk
227
227
17.375
692
10.981
538
secutive week. It was estimated at 46 per cent of capacity N'port News,&c_
New York
5,309
58,718
against 44 per cent last week. The encouraging feature of the Boston
869
8,989
196
196
440
627
1.000
1.200
situation is that operations are expanding at a time when they Baltimore
Philadelphia
usually show a falling off. The demand,too,from automobile
67.544 55,632
Total
72,302 1,070.287 2,355.230
56,583
manufacturers was extended over a longer period this year
but now appears to be falling off. In the Chicago district the
In order that comparison may be made with other years,
demand for structural and miscellaneous steel was better, we give below the totals at lsading ports for six seasons:
and offset in a large measure the falling off at Youngstown.
QuotationsReceipts at1933
1932
1935
1931
1934
1930
Semi-finished billets, rerolling $27.; forging
$32.; sheet bars $28.; slabs $27.; wire rods $38.; skelp per
Galveston____
1 857
6.289
658
5,518
3,126
3,048
pound 1.70e. Sheets, hot rolled annealed 2.4004 galvanized Houston
11,473
5,087
3.049
4,447
40.210
19.457
11.725
11.507
9.036
9,9 0
3.10c.; strips, hot rolled 1.85c.; cold rolled 2.600.; hoops and New Orleans_
2.269
4.211
Mobile •
5,622
81,
3.183
3.777
1
1,529
453
bands 1.85c.;tin plate per box of 100lbs. $5.25. Heavy steel, Savannah
518
2,253
621
2,631
1,715
2,351
Brunswick_ _
bars, plates and shapes 1.80c.
Charleston__ _
1,409
359
1,823
48
135
428
Wilmington..
17
9
81
4
231
Pig Iron met with a fair inquiry for carload shipments Norfolk
120
227
121
538
95
460
from machine tool makers. Malleable was more active NewportNews
but the demand from jobbers was small. Machine tool au others__ 37,789 24,763 38.580 42,953 14.065 64,590
makers are operating at the best level in about five years, Total this wk. 56,583 55,632 77.524 75,602 24,023 117.847
and have moderate backlogs on hand. Prices were firm.
R7 cad
79 nn9. vi n .c.'1R 11(1.11S0
:17 JIM 180.585
Quotations: Foundry No. 2 plain, Eastern Pennsylvania,
The exports for the week ending this evening reach a total
$19.50; Buffalo, $18.50; Birmingham, $14.50; Chicago,
Valley and Cleveland, $18.50. Basic, Valley, $18.00; of 45,296 bales, of which 9,780 were to Great Britain, 4,986
Eastern Pennsylvania, $19. Malleable, Eastern Pennsyl- to France, 4,355 to Germany,6,978 to Italy, 9,699 to Japan,
nil to China, and 9,498 to other destinations. In the correvania, $20; Buffalo, $19.
sponding week last year total exports were 59,001 bales.
Wool was in slow demand but firm. Top making wools For the season to date aggregate exports have been 53,575
were easier but manufacturers' wool was steadier. Native bales, against 104,760 bales in the same period of the prewools are relatively cheap in comparison with foreign vious season. Below are the exports for the week:
growths. Boston wired a Government report on Aug. 6
saying: "Fair quantities of a few lines of wool are moving.
Week Ended
Exported toMedium quality semi-bright fleece wools are selling around
Exptirts from- Great
Get57e., scoured basis, for strictly combing 56s, /
Britain France many Daly Japan China Other Total
3 -blood,
and around 53c., scoured basis, for strictly combing 48s,
----------------1,092 1,493
Galveston
401
50s, quarter blood. Sizable quantities of the short combing Houston
2,321 441 4,896
____
__ __
__
134
2,
64s and finer territory wools also are moving at prices that Corpus Christi
3,719 2,937 1,420___
3,426 11,502
____
___
New Orleans
4,640 1,514 2,442 2;468 9,699
____ 2,346 23,109
show a steady to firmer tendency."
Lake
93
93
Mobile
Lai
ioi goo --------100 2,614
_
Silk futures on the 5th inst. closed 2M to 5c. higher Savannah
------------1,351
1,351
reflecting the strength of the Yokohama Bourse. August Norfolk
ended at $1.51; Oct. and Nov. at 31.483t; and Feb. and
Total
9,780 4,986 4,355 6,978 9,699
9,498 45,296
____
March at $1.48%. On the 6th inst. futures declined 1 to
Total 1934
10,311 3,937 16,115 2,585 10,668 3,508 11,877 59.001
3Mc., after sales of 1,200 bales. Crack double extra spot Total 1933
8,182 10.031 10,587 3.770 36.024
____ 28.990 97,584
rose 1%c. to $1.62
The Yokohama market was steady.
From
Exported toAugust ended at $1.49; Sept. and Oct. at $1.463,, and
Aug. 1 1935 to
Nov., Dec., Jan., Feb. and March at $1.453/. On the
Aug. 9 1935 (Beat
Ger- I
7th inst. futures closed with further losses of 13. to 2340. Exports from Britain Franc many I Italy I Japan China Other Total
on sales of 860 bales. Crack double extra was down to Galveston
401
422
1,473
2,296
$1.613'. The Yokohama Bourse was 9 to 15 points lower. Houston
134
4,526
3,684
8,344
Corpus Christi_
3.719 2,937
1,4201
736
5,326 14,138
Aug. ended at $1.473; Sept. at $1.45; Oct. at $1.44; Nov. New Orleans
4,640 1,514
2,442 2,468
9,699
2,346 23,109
at $1.433; Dec. at $1.44; Jan. at $1.43, and Feb. and Lake Charles
779
75
475
156
1,485
Mobile
1,421
493
600
100
2,614
March at $1.44.
Savannah
1,351
1,351
On the 8th inst. futures ended unchanged to 1 point Norfolk
238
238
higher after sales of 79 contracts. Aug. ended at $1.48;
Total
10,599 5,061
4,830 10,341
9,699
13,085 53.575
Sept. at $1.45; Oct. at $1.4434; Nov. at $1.43
Dec. at Total
19,830 3,937 22,387 3,428 23,531
$1.44; Jan. at $1.4334, and Feb. and March at $1.44. Total 1934_ ____ 24,814 21.238 43,574 7,353 52.341 12,963 18.684 104,760
1933_ __
4,900 57.415 211.635
To-day futures closed M to 3e. higher with Aug. at $1.51;
NOTE-Exports to
been our
to include in the
Sept. at $1.48; Oct. at $1.47, and later months at $1.46. above table the reports Canada-IL has neverCanada,thepracticebe ng that virtually
of cotton shipments to
reason
COTTON
Friday Night, Aug. 9 1935.
The Movement of the Crop, as indicated by our telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
56.583 bales, against 46,866 bales last week and 37,205 bales
all the cotton destined to the Dominion comes overland and it Is impossibleto
give
returns concerning the same from week to week, while reports from the customs
districts on the Canadian border are always very slow in coming to hand. In view,
however, of the numerous Inquiries we are receiving regarding the matter, we
will
say that for the month of June the exports to the Dominion the present
season
have been 11,800 bales. In the corresponding month of the preceding
season the
exports were 23,077 bales. For the 11 months ended June 30 1935 there
204,999 bales exported, as against 256,050 bales for the 11 months of 1933-34.were
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
Aug. 10 1935
Financial Chronicle
944
On Shipboard Not Cleared for
Leaving
Stock
Aug. 9 at
Great
Britain France
Galveston
Houston
New Orleans
Savannah
Charleston_..__
Mobile
Norfolk
Other ports
2,600
3,693
811
Total 1935-Total 1934_Total 1933--
7.581
4.896
7,340
477
100
11
208
Germany
500
879
621
CoastOther
Foreign wise
2,100
3,582
5,956
2.140
700
11
Total
6,000
8,176
7,596
2,617
218,700
302,046
242,128
64,656
18.797
32,235
17,375
149,961
711 24,389 1,045.898
319 2,000 13,778
1,515 3,528 36,187 2,699 48,825 2,306,405
4,697 11,859 48,064 11,201 83.161 2.869,427
*Estimated.
Speculation in cotton for future delivery showed very
little, if any, improvement, being curbed to a great extent
by uncertainties over Washington developments. Secretary
Wallace's statement that the Government would hold its
present stocks until the price had reached above 13c., and
that adequate facilities would be made available for the
orderly marketing of the new crop, was interpreted in some
quarters as meaning that the 12c. loan would be continued.
The Government's estimate of the crop of 11,798,000 bales
was larger than expected.
On the 3rd inst., after an early decline and a subsequent
Staple Premiums
60% of average of
six markets quoting
tor deliveries on
Aug 15 1935
15-16
inch
1-inch &
longer
Differences between grades established
for deliveries on contract to Aug. 15 1935
are the average quotations of the ten
markets designated by the Secretary of
Agriculture.
.6900
White
Middling Fair
57
do
Strict Good middling_
46
do
Good Middling
.31
do
Strict Middling
Basis
do
Middling
38 oft
Strict Low Middling__ do
.82
do
Low Middling
do
1.30
*Strict Good Ordinary
do
1.75
*Good Ordinary
.47 on
Extra White
Good Middling
31
do do
Strict Middling
01
do do
Middling
37 off
Strict Low Middling.._ do do
do do
.79
Low Middling
.25 on
Spotted
Good Middling
.20
.43
do
.02 off
Strict Middling
.43
.20
do
.40
Middling
.17
.36
.84
*Strict Low Middling_ do
do
1.32
*Low Middling
Even
Strict Good Middling_Yellow Tinged
.17
.35
do do
25
Good Middling
.17
.35
do do
46
Strict Middling
.84
.17
do do
84
*Middling
do do
1.32
*Strict Low Middling._
do do
1.77
*Low Middling
Light Yellow Stained._ .43 off
Good Middling
.18
.33
_ .84
do
do
do
*Strict Middling
_1.32
do
do
do
*Middling
.84 off
Yellow Stained
Good Middling
.83
.16
do do
1.32
*Strict Middling
do do
1.77
*Middling
Gray
.30 off
Good Middling
.17
.34
do
53
Strict Middling
.34
.17
do
84
*Middling
Blue Stained
.84 off
*Good Middling
do do
1.32
*Strict Middling
do do
1.77
*Middling
•Not deliverable on future contract.
.22
.22
.22
.22
.22
.19
.18
.45
.45
.45
.45
.45
.38
.36
Mid.
do
do
do
Mid.
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
rally, prices ended 5 points lower to 3 points higher. The
early market displayed a sagging tendency owing to moderate
foreign selling and quite a little October liquidation by
spot houses. On the setback, however, a good demand
developed and there was a quick rally. As this demand
fell off in the later trading another setback followed and
prices ended irregular. A commission house estimated the
crop at 12,294,000 bales, against 11,030,000 a month ago.
The news was generally bearish. The weather continued
The official quotation for middling upland cotton in the
favorable and there was a good deal of uneasiness over New York market each day for the past week has been:
possible Washington developments in connection with the
Fri.
Sat. Mon. Tues. Wed.Thurs.
Aug. 3 to Aug. 911.90 11.90 11.95 11.85 11.65 11.60
AAA and the loan on the next crop. On the 5th inst. Middling upland
the market moved feverishly over a very narrow range.
New York Quotations for 32 Years
The close was steady, 7 points lower to 3 points higher. 1935
12.40c.
32.65c. 1911
19.95c. 1919
11.60c. 1927
16.00c.
32.05c. 1910
18.15c. 1918
13.95c. 1926
With the Bureau report due on Thursday at noon, nobody 1934
12.40c.
27.80c. 1909
24.35c. 1917
9.85c. 1925
was disposed to do much on either side of the market. 1933
10.750.
14.45c. 1908
30.35c. 1916
7.00c. 1924
1932
13.40c.
9.45c. 1907
The Government's policy on the loan question is expected 1931
24.250. 1915
8.050. 1923
10.600.
20.450. 1914 ---------1906
12.550. 1922
to be announced soon after the publication of the Bureau 1930
10.85c.
12.00c. 1905
13.30c. 1913
18.100. 1921
1929
10.65c.
report, and it is generally believed that the conference in 1928
12.304. 1904
39.00c. 1912
18.95c. 1920
Washington will reach a definite agreement on the amendMarket and Sales at New York
ments to the AAA bill. Favorable weather continued over
the belt over the weekend and the average of eight private
SALES
Futures
Market
estimates was 11,387,000 bales, against 10,500,000 last
Spot Market
Contr'd Total
Spot
Closed
Closed
month and 9,636,000 last year. The Fossick Bureau of
60
60
Memphis estimated the crop at 10,950,000 bales, against Saturday___ Steady, 5 pts. dec.._ Steady
unchanged_
Monday
10,100,000 a month ago. The American Cotton Crop Tuesday _-- Steady,5 pts. adv.._ Steady
1,454
1,454
Steady
_ - - Steady,
200
Service placed the yield at 11,145,000 and a local statis- Wednesday_ Quiet, 10 pta.dee_ _ _ Steady
100
100
Steady
Thursday
tical bureau predicted 11,387,000 bales. On the 6th inst. Friday _ _ Quiet.20 pta. dee___ Barely steady
400
400
toady,5 pta.dee_
prices ended 1 to 6 points higher in small trading. Washing100 2,114
2,014
ton reports stated that the conferees had virtually agreed Total week_
200 2.214
2.014
on amendments to the AAA bill but this had little or no Since Aug. 1
effect. Traders were marking time awaiting final action
-The highest, lowest and closing prices at
Futures
by the House and the announcement of the Government's New York for the past week have been as follows:
loan policy after the Bureau report which will be published
Friday
Wednesday Thursday
Tuesday
Monday
Saturday
on Thursday. Liverpool cables were firmer and foreign
Aug. 9
Aug. 8
Aug. 7
Aug. 6
Aug. 3
Aug. 5
interests were buying. The average guess of 86 members
11,365,- tug.11935)
of the Exchange on the crop was 11,431,000, against
Range __
000 a month ago. Weather conditions over the belt were
11.18n
11.12n
11.32n
11.340
11.33n
Closing.. 11.300
generally favorable. On the 7th inst. pre-Bureau liquida- Sept.
made for a
Range__
tion and increased hedge selling in October
11.18n
11.126
11.396
11.386
11.32n
Closing_ 11.35n.
weaker market and prices ended unchanged to 12 points
premium of
Range__ 11.40-11.51 11.40-11.45 11.41-11.52 11.32-11.42 11.02-11.41 11.07-11.33
lower. Heavy selling of October caused the
11.12-11.13 11.18-11.19
11.32Closing_ 11.40-11.41 11.43-11.44 11.44that month over later deliveries to narrow about 10 points. NovRange__
Yet it was a narrow market, prices fluctuating over a range
11.11n
11.086
11.28n
11.35n
11.33n
Closing.. 11.32n
the
of 6 to 10 points. Liverpool was an early buyer on The Dec.
Range.... 11.21-11.32 11.22-11.28 11.25-11.32 11.20-11.27 10.93-11.33 10.97-11.17
differences and the trade was a fair buyer at times.
11.04-11.05
11.24-11.25 11.0311.2611.23Closing_
Brueau report is expected to be in line with the average of Jan.(1936) 11.24Range_ 11.17-11.23 11.18-11.23 11.22-11.27 11.17-11.25 10.92-11.29 10.96-11.14
private estimates, but many are of the opinion that the
11.0211.0311.24n
11.2511.19Closing_ 11.19n
size of the Government loan will be more of a price factor Feb.
Range....
than the size of the crop. According to the weekly weather
11.000
11.01n
11.226
11.21n
11.176
report, the crop has continued to improve since the date reClosing_ 11.18n
.ar
of last observations for the forthcoming Government esRange__ 11.10-11.17 11.10-11.18 11.14-11.22 11.12-11.18 10.87-11.25 10.91-11.05
10.9811.17-11.18 10.98Closing_ 11.16 -- 11.14-11.15 11.18timates were taken.
Spill
On the 8th inst. nrices ended 13 to 21 points lower, on
Range....
the Government's estimate of 11,798,000 bales and Secretary
Wallace's statement that the Government would hold its
present stocks until the price reached above 13c.. He also
stated that adequat^ credit facilities would be made available for orderly marketing of the new crop. The Bureau
estimate compares with 9,636,000 bales last season. The condition on Aug. 1 was put at 73.6 as compared with 60.4 on
Aug. 1 193-1. The estimated yield this season is 198.3 pounds
per acre against 160.9 last year. The Government estimate
of 11,798,000 bales was 400,000 bales above the average guess
of Exchange members and about 500,000 bales higher than
the average of private estimates. Hedging and Continental
and Far Eastern selling caused some early easiness, and
there was considerable nervousness before the Government
crop estimate. The trade, spot houses, locals and Liverpool
bought. At 11:55 a. m., when trading was suspended for
the publication of the Bureau report, prices were 4 to 13
points higher. To-day prices ended 4 points lower to 1 point
higher in moderate trading. The trade, spot houses, local
and Far Eastern interests gave support, while selling came
from the South, commission houses, Wall Street and the
Continent. The weather continued favorable.
11.156
11.160
10.96n
10.97n
11.13n
Closing_ 11.16n
NI ay
11.08-11.16 11.08-11.17 11.11-11.20 11.08-11.17 10.87-11.25 10.89-11.05
Range__
11.13-11.14 11.13-11.15 10.95-10.98 10.94-10.96
11.11Closing.. 11.14June
Range....
10.920
11.11n
11.116
10.95n
11.07n
Closing_ 11.12n
July
Range.... 11.05-11.10 10.99-11.10 11.05-11.12 11.04-11.11 10.96-11.20 10.86-11.00
inns
11 in -11 AS -11 AS -11 AA -
In nn
O Nominal.
Range of future prices at New York for week ending
Aug. 9 1935 and since trading began on each option:
Range Since Beginning of Option
Option for
Range for Week
Aug. 1935
Sept.1935
Oct. 1935... 11.02
Nov. 1935
Dec. 1935.. 10.93
Jan. 1936_ 10.92
Feb. 1936
Mar.1936._ 10.87
Apr. 1936
May 1936 10.87
June 1936_
July 1936_ 10.86
11.29
10.80
Aug. 8 11.52 Aug. 6 10.05
10.35
Aug. 8 11.33 Aug. 8 10.10
Aug. 8 11.29 Aug. 8 10.16
July 26 1935 12.53
Mar. 12 1935 12.39
Mar. 18 1935 12.71
Mar. 19 1935 11.12
Mar. 18 1935 12.70
Mar. 18 1935 12.70
Jan. 24 1935
Mar. 6 1935
Jan. 2 1935
June 14 1935
Jan. 9 1935
Feb. 18 1935
Aug. 8 11.25 Aug. 8 10.38 Apr. 3 1935 12.07 May 17 1935
Aug. 8 11.25 Aug. 8 10.80 June 1 1935 11.97 May 25 1935
Aug. 9 11.20 Aug. 8 10.86 Aug. 9 1935 11.40 July 261935
Volume 141
Financial Chronicle
The Visible Supply of
Cotton to-night, as made up
by cable and telegraph, is as follows: Foreign stocks as
well as afloat are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
To make the total show the complete figures for to-night
(Friday) we add the item of exports from the United States,
for Friday only.
Aug. 9Stock at Liverpool
Stock at Manchester
1935
bales- 488,000
64,000
Total Great Britain
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Venice and Mestre
Stock at Trieste
Total Continental stocks
1934
901,000
96,000
1933
724,000
104,000
1932
602,000
150,000
552.000
185.000
81,000
20,000
60,000
57.000
14,000
8.000
997,000
419,000
167,000
23.000
60.000
53,000
7,000
11.000
828,000
473,000
182,000
23,000
74.000
104,000
752,000
308,000
141,000
21,000
92,000
59,000
425,000
740.000
856,000
621.000
Total European stocks
977,000 1,737,000 1,684,000 1,373,000
India cotton afloat for Europe--- 87.000
52,000 107,000
44,000
American cotton afloatfor Europe 123.000 123,000 366,000 229,000
Egypt Brazil,&c..afl't for Europe 176,000 178.000
98,000
90,000
Stock in Alexandria, Egypt
91,000 200.000 292,000 485,000
Stock in Bombay, India
593,000 947.000,782,000
Stock in U. S. ports
1,070.287 2,355,230 2,952.558 3,321.774
Stock in U. S. interior towns1.111,532 1,128,283 1,151,235 1,313,467
U. S. exports to-day
5.401
5,425
29.434
32,766
Total visible supply
4,234,220 6,725.938 7,481,257 7,671,007
Of the above, totals of American and other descriptions are as follows:
American
Liverpool stock
bales- 150.000 317,000 387,000 269,000
Manchester stock
24,000
48,000
57,000
88,000
Bremen stock
115,000 361,000
Havre stock
61,000 139,000
Other Continental stock
87,000
96,000 783,000 568,000
American afloat for Europe
123,000 123,000 366,000 229,000
U. S. ports stock
1,070,287 2,355,230 2,952.588 3,321.774
U. S. interior stocks
1,111,532 1,128,283 1,151,235 1,313,467
U. S. exports to-day
5,401
5,425
29.434
32.766
Total American
2,747,220 4,572.938 5,726,257 5,822,007
East Indian, Brazil. fie.-Liverpool stock
338,000 584.000 337,000 333.000
Manchester stock
40.000
48,000
47,000
62,000
Bremen stock
60.000
58,000
Havre stock
20,000
28,000
Other Continental stock
82,000
58,000
73.000
53,000
Indian afloat for Europe
87,000
52,000 107,000
44,000
Egypt, Brazil, kc .afloat
176.000 178,000
98.000
90.000
Stock In Alexandria, Egypt
91.000 200,000 292,000 485.000
Stock in Bombay. India
593.000 947,000 801,000 782,000
Total East India. &c
Total American
1,487,000 2,153,000 1,755,000 1,849,000
2,747.220 4.572,938 5,726,257 5,822.007
Total visible supply
4,234,220 6,725,938 7,481,257 7,671.007
Middling uplands, Liv
I_ _
6.48d.
7.424.
5.90d.
5.514.
Middling uplands, New York
Liverpool_ _ 11.60c.
13.75c.
9.30c.
7.20c.
Egypt, good Sakel,
____
8.76d.
8.556.
9.56d.
8.954.
Broach, fine. Liverpool
5.61d.
5.704.
5.02d.
5.22d.
Tinnevelly, good, Liverpool
6.08d.
6.59d.
5.594.
5.354.
Continental imports for past week have been 83,000 bales.
The above figures for 1935 show a decrease from last
week of 44,095 bales, a loss of 2,491,718 bales from 1934, a
decrease of 3,247,037 bales from 1933, and a decrease of
3,436,787 bales from 1932.
At the Interior Towns the movement
-that is, the
receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding period of the previous year-is set out in
detail below:
Movement to Aug.9 1935
Towns
Receipts
Ship- Stocks
menu Aug.
Week
9
Movement to Aug. 10 1934
Receipts
Ship- Stocks
meats Aug.
Week
10
Week Season
Week 1 Season
Ata.,Birming'm
_
5431
546
121 3,443
194 8,674
Eufaula
1
4
41
1
4 5,378
21 4,095
Montgomery.
183
122
183
234
262 16,080
318 23,204
Selma
12
170
171 1,018 21,112
174 34,332
25
__
Ark., Mytbville
101
1,295 75,554
101 401 36,071
Forest City....
33
10
11
87 17,064
33
172 10,576
Helena
38
11,679
38
177 11,326
Hope
217
217
2,396 16,009
839 9,864
Jonesboro._ _3
3
3 ___ 24,409
____
Little Rock__
205
36
35
179 40,441
125 30,254
Newport14,296
-9,323
pine Bluff...._
24
20
1
2
30 24,044
180 18,345
Walnut Ridge
_
62
11,153
62
338 5,758
Ga., Albany...
27
15
27
10 3,334
1,
3 8,031
Athens
46
275
4.' 2,6 I 50.118
125 22,799
6:
Atlanta
818
1,406 2,957169,968
818 7,110 35,019 1,406
Augusta
405
961
536 1,912 81,095
1,700
893 109,338
Columbus.-500
200 11,361 1,7
1,71i 1,811 12,011
900
Macon
5
12
129
320 12,719
112 29,947
•
Rome
15
41 8,5,50
1,
500 19,323
__
La., Shreveport
14
21,509
9
4'' 16,079
Mis8.Clarksdale
311
311
310
472
692 23,277
814 13,909
Columbus.737
2
2
737
160 11,617
33 9,764
Greenwood
274
242
27
293
624 29,074
960 27,864
Jackson
15
1.
32 9,629
111 9,697
Natchez
1,021 3,176
40 3,734
Vicksburg.-280
280
255 4,292
110 3,488
Yazoo City..
1
1
95 10,938
7,213
Mo., St. Louts. 1,934
1,93
2,878 2.88 10,991
1,581
586 2,178
N.C.,Gr'nsboro
7
861 2,445
7
18,915
Oklahoma
15 towns •_ __
15
684
35
933 2,3',
112 105,941
8.C.,Greenville 1,542
1,542 3,897 33,464 1,430
2,182 2,908 88,024
Tenn.,Memphis 14,877 19,421 8,945314,987 8,232 11,53 14,43,269,722
Texas, Abilene_
8,054
1,975
Austin
17
_
2 385
,
63 1,315
17
Brenham__ _
31
31
12
12
11 4,201
4. 3,122
Dallas
so
100
100
76 5,763
50
106 4,028
Paris
____ 10,842
2,179
Robstown
2,669
2,66! 1,153 6,118 1,608
,
1,608 837 2.929
San Antonio_
76
124
124
529 1,998
7,
41
560
_
Texarkana
9
9
85 14,263
8,337
Waco
36
163
164
72 7,441
3:
42 6.029
Total, 56 towns 24,912 30.413 34.9261111532 21.151 27,638 38,406 1128283
•Includes the combined totals of 15 towns in Oklahoma.
The above totals show that the interior stocks have
decreased during the week 10,014 bales and are to-night
16,751 bales less than at the same period last year. The
receipts at all the towns have been 3,761 bales more than
the same week last year.
945
Overland Movement for the Week and Since Aug. 1
We give below a statement showing the overland movement
for the week and since Aug. 1, as made up from telegraphic
reports Friday night. The results for the week and since
Aug. 1 in the last two years are as follows:
-1935Since
Week Aug. 1
1,581
1,581
468
606
Aug. 9ShippedVia St. Louis
Via Mounds, &c
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, &c
-1934---Since
Aug. 1
3,585
2,018
Week
2,885
1,418
170
3,196
3.000
170
4,202
4,845
Total gross overland
8,415
Deduct Shipments
Overland to N. Y,, Boston, dm-- 196
Between interior towns
247
Inland, &c.,from South
6,135
11,404
13,354
17,341
254
346
6,575
. 440
156
1.000
627
262
1,480
Total to be deducted
135
135
3,440 . 5,127
5,476
6,476
6,578
7,175
1,596
2,369
1,837
Leaving total net overland*
4,229
11.758
14,972
•Including movement by rail to Canada.
The foregoing shows the week's net overland movement
this year has been 1,837 bales, against 11,758 bales for
the week last year, and that for the season to date the
aggregate net overland exhibits an increase over a year ago
of 10,743 bales.
-1935-Since
Week
Aug. 1
56,583
67.544
1,837
4,229
80.000
107.000
/n Sight and Spinners'
Takings
Receipts at ports to Aug.9
Net overland to Aug.9
South'n consumption to Aug.9
Total marketed
Interior stocks in excess
138,420
*10.014
1934-----Since
Aug. 1
72,302
14,972
120.000
Week
55,632
11,758
80.000
178.773 147.390
*12,805 *17,513
165.968
North. spin's' takings to Aug. 9-- 13,532
129,877
-
182.820
13,532
Came into sight during week..
..128
Tetal in sight Aug 9
207,274
*24,454
21,824
21,824
• Decrease.
Movement into sight in previous years:
Week
1933
-Aug.11
1932
-Aug.12
1931
-Aug.14
Bales I Since Aug.1174.9161 1933
129,59511932
104,49611931
Bales
276,160
191.559
205.663
Quotations for Middling Cotton at Other Markets
Below are the closing quotations for middling cotton at
Southern and other principal cotton markets for each day
of the week:
Week Ended
Aug. 9
Galveston
New Orleans_ _ _
Mobile
Savannah
Norfolk
Montgomery _ - _
Augusta
Memphis
Houston
Little Rock - _ _
Dallas
Fort Worth_ _ _ _
-
Closing Quotations for Middling Cotton on
Saturday Monday Tuesday
11.75
11.90
11.80
12.17
12.00
12.00
12.55
12.10
11.70
12.00
11.60
11.60
11.75
11.90
11.83
12.00
12.05
12.58
12.15
11.70
12.03
11.60
11.60
11.75
11.80
11.74
11.79
12.00
12.05
12.59
12.15
11.70
12.04
11.60
11.60
Wed'
day Thursd' y Friday
11.65
11.70
11.62
11.57
11.90
11.90
12.32
12.00
11.60
11.92
11.50
11.50
11.45
11.45
11.42
11.38
11.70
11.70
12.12
11.80
11.40
11.72
11.25
11.25
11.50
11.55
11.48
11.44
11.75
11.80
12.18
11.90
11.40
11.78
11.35
11.35
New Orleans Contract Market
-The closing quotations
for leading contracts in the New Orleans cotton market for
the past week have been as follows:
•
Saturday
Aug. 3
Monday
Aug. 5
Tuesday
Aug. 6
Wednesday Thursday
Aug. 7
Aug. 8
Friday
Aug. 9
(1935)
Aug.
September
October _ 11.3811.06-11.0711.15-11.17
11.35-11.38 11.37-11.38 11.30November
December- 11.20-11.21 11.2211.2211.20-11.21 10.9711.02Jan.(1936) 11.1511.1811.22- - 10.9611.0011.20
February March____ 11.1111.11 -- 11.1311.1510.9410.93April
May
11.1011.0911.11 ---- 11.1210.9210.92June
July
11.0311.0111.05-11.0610.9010.87 bid
Tone
Spot
Quiet.
Quiet.
Quiet.
Quiet,
Quiet.
Steady
Options...... Steady.
Steady.
Steady.
Steady.
Steady.
Steady
Agricultural Department's Report on Cotton Acreage
Condition and Production-The Agricultural Department at Washington on Thursday (Aug. 8) issued its report
on cotton acreage, conditions and production as of Aug. 1.
None of the figures take any account of linters. Comments
on the report will be found in the Editorial pages. Below
is the report in full:
A United States cotton crop of 11,798,0001:tales is forecast by the Department of Agriculture, based on conditions as of Aug. 1. If realized this will
be 2,162.000 bales more than last year's crop, and 1,545,000 less than the
average of the last five years. The average yield for the United States if
forecast at 198.3 pounds per acre, which is 21.2 pounds or 12.0% more
than the average from 1924 to 1933. Condition is reported as 73.6% of
normal,compared with 60.4% last year, and the ten-year average of68.7%.
The indicated yield per acre Is above average in all major States except
Arkansas. Oklahoma and Tennessee.
Although the present growing condition of the crop is more favorable
than usual, the crop is from one to two weeks late along the northern portion
of the belt. It is also later than usual in portions of the Delta sections of
Mississippi and Arkansas where planting was delayed by unfavorable
weather in the spring and growth in June was retarded by relatively cool
temperatures.
In interpreting reported condition in terms of probable yield per acre the
Crop Reporting Board has made allowance, as in the past, for probable loss
due to boll weevil on the basis of reports received to date concerning weevil
presence and activity. These reports indicate that loss from this source
will be about average, and somewhat greater than in either of the last two
years.
Cotton Report as of Aug. 1 1935
The Crop Reporting Board of the United States Department of Agriculture makes the following report from data furnished by crop correspondents.
946
field statisticians, co-operating State Boards (or Departments) of Agriculture and Agricultural Colleges. The final outturn of cotton will depend
upon whether the various influences affecting the crop during the remainder
of the season are more or less favorable than usual.
State
.
Aug. 10 1935
Financial Chronicle
Area in
Culavanon July
1 1935
Less
10-Year
Ater.
Abandown',
Production
(Ginnings)
500-Lb.
Gross Weight
Bales
Yield
Per Acre
August 1
Condition
1934
1935
Average,
19241933
Per
Cent
74
72
65
87
72
74
73
68
69
65
67
73
71
85
90
90
76
Per
Cent
85
77
67
69
66
72
74
74
71
60
48
42
57
77
91
96
83
Per
Cent
75
77
75
73
76
70
68
75
74
75
74
70
69
83
90
88
69
Lbs.
264
266
211
190
134
268
210
152
200
196
144
160
196
343
323
404
236
1934
pun
cated
1935
a
1935
1934 Crop
Crop Incacated
b
Aug.1
U. S. total.- - 28,480
Lower Calif.
112
(0 d Mex.ld
,gOCgOCCOMOONCN.Q.CON
,NVCC.NO.COC...CM
o.
NCON.MNNON. ..0.1.004
ThouAcres
Virg( da
57
No. Daro!dna_
989
So. Cerolina
1,394
2,215
Georida
Flori la
91
Misse,uri
317
Tenn essee
775
Alab Ma
2.311
Miss 3sippl
2,629
1,271
Louisfans...
Texas
10,994
Okla 'omit _- - 2,641
Arks isas ___. 2,298
New i4exico
104
Arizoan
c151
221
Calif )rnia
22
Allother
Lbs.
260
295
260
220
160
300
210
210
220
230
168
150
180
400
385
460
207
N. 00C1k..P.CW COO vp
.O.M0.0020.Qt04.CMCONOw
•
OC.JC.4.400WCA.COM.CO
1
Ayerage,
19241933
Thou.
Bales
31
611
759
1,019
30
199
340
1,015
1.209
611
3,851
527
564
87
c122
213
10
68.7
60.4
73.6 177.1 170.9 198.3 9,636 11,795
__
__
Rh
230
100
215
22
50
a Indicated Aug. 1 on area in cultivation July 1, less 10-year average abandonment. b Allowances made for inter-State movement of seed cotton for ginning.
Including Pima Egyptian long staple cotton. 32,000 acres and 17,000 bales.
d Not included in California figures nor In United States total.
First Bale of Cotton from Montgomery County, Ala.
-The Montgomery "Advertiser" of July 30 reported the
first bale of the new crop for Montgomery County as follows:
The first new bale of cotton, grown on the farm of Jack Thrasher on the
Wetumpka Highway, was ginned here July 29. Ginned by Swift & Co. at
She Decatur Street oil mill, the bale weighed 494 pounds and was exhibited
in front of the Cotton Exchange at the corner of Commerce and Bibb Streets.
Cotton buyers said yesterday the first bale of the local 1935 crop reached
the market about 10 days earlier than last year's premium bale, which came
from the Mt. Meigs community.
A new bale of cotton produced at Graceville, Fla., arrived here several
days ago, but as Montgomery buyers did not care to bid on it, the bale was
returned to Dothan, where it had been compressed.
Because of rains and cloudy weather of the past week or two, cotton is
reported to be opening slowly in most sections of this county. The picking season is not expected to get under way to any considerable extent before the middle et August.
With Jack Thrasher .111ing the role of auctioneer, the bale was sold at
noon July 30 to the Montgomery Cotton Exchange at 15 cents a pound, or
about three cents a pound above the day's quotation for middling. For
years the Cotton Exchange has bought the first local bale. The cotton was
stored with the Alabama Warehouse Co.
Another bale of new cotton arrived in the city July 30 and was produced
by Davis & Belser near Mt. Meigs. Last year the Davis-Belser farm furnished the first bale.
Mr. Thrasher, whose farm is on the Wetumpka Highway, said his crop
prospects were very good. His entire cotton farm is planted in Stoneville
seed, said to be one of the earliest varieties.
More Foreign Than American Cotton Being Consumed in World Channels, According to New York
Cotton Exchange-While world consumption of American
cotton in the season just ended totaled only about 11,314,000
bales, as compared with 13,680,000 in the previous season,
world consumption of foreign growths aggregated approximately 14,150,000 bales as against only 11,792,000 the season
before, according to a report issued Aug. 5 by the New York
Cotton Exchange Service. World consumption of all cottons aggregated approximately 25,464,000 bales, or practically the same as the total in the previous season, 25,472,000.
In its report the Exchange Service said:
While consumption of American cotton showed a drastic decline during
the past season, following a smaller decline the previous season, world consumption of foreign growths showed an enormous increase in the past season, following a large increase in the season before last. Consumption of
American cotton in the 1934-35 season was the smallest in any season except
one since 1923-24, and was 4.434,000 bales less than the maximum in past
seasons. Consumption of foreign growths in 1934-35. on the other hand
was far and away the largest ever recorded, exceeding the previous maximum
by 2,345.000 bales. World consumption of all growths of cotton this past
season was in excess of the average in the previous five seasons, covering
the world trade depression, by about 1,387,000 bales, and it exceeded the
average in the preceding five seasons, which were in the pre-depression
period, by 707,000 bales.
The world carryover of both American and foreign cottons on July 31
was much less than that on the same date last year, according to preliminary data so far available. The world carryover of American cotton this
year is approximately 9,007.000 bales, compared with 10,746,000 last year.
-subject to a possible upward reThe world carryover of foreign growths
vision of about 200,000 bales in our estimate of the Indian stock-is estimated at 4,401,000 bales, compared with 5.599.000 bales last year. Hence,
the world carryover of all growths is about 13.408.000 bales, as against
16,345.000 last year. In pre-depression years the average carryover of
American cotton was about 5,000,000 bales, and of foreign cotton about
4.000.000, making the average all-cotton carryover about 9,000,000 bales.
The stock of American cotton which is being financed by the United States
Government constitutes about 66% of the American cotton carryover and
abont 45% of the total all-cotton carryover this year.
-Reports to us by
Weather Reports by Telegraph.
telegraph this evening indicate that the greater portion of
the cotton belt continues to progress. There has been less
talk of weevil activity due to the favorable hot and dry
weather and the interest aroused in army worm infestation
in some western and central sections of the cotton belt.
Rain
-Galveston
Texas
Amarillo
Austin
Abilene
Brenham
Brownsville
Corpus Christi
Dallas
Del Rio
El Paso _
Henrietta
Kerrville
2 days
2 days
2 days
1 day
-4 days
Rainfall
dry
2.44 in.
dry
dry
0.50 in.
0.30 in.
0.02 in.
dry
dry
0.591n.
dry
dry
Thermarneler
high 93 low 78 mean 86
high 96 low 66 mean 81
high 100 low 70 mean 85
high 100 low 72 mean 86
high 96 low 74 mean 85
high 94 low 76 mean 85
high 90 low 76 mean 83
high 100 low 74 mean 87
high 96 low 72 mean 84
high 94 low 68 mean 71
high 102 low 70 mean 86
nigh 98 low 62 mean 80
Rain Rainfall
dry
Texas
-Lampasas
dry
Longview
1 day 0.40 in.
Luling
_1 day 0.14 in.
Nacogdoches
Palestine
1 day 0.02 in.
dry
Paris
San Antonio
1 day 0.02 in.
Taylor
1 day 0.04 In.
dry
Weatherford_
dry
-Oklahoma City.
Okla.
dry
Ark.- Eldorado
dry
Fort Smith
dry
Little Rock
dry
Pine Bluff
1 day 0.13 in.
La.
-Alexandria
2 days 2.10 in.
Amite
3 days 0.20 in.
New Orleans
dry
Shreveport
2 days 0.21 in.
Miss.-Meridian
dry
Vicksburg
2 days 0.71 in.
Ala.
-Mobile
1 day 0.01 in.
Birmingham
3 days 0.60 in.
Montgomery
1 day 0.48 in.
-Miami
Fla.
3 days 1.36 in.
Pensacola
Ga.-Savannah_.2 days 0.26 in.
dry
Athens
dry
Atlanta
1 day 0.62 in.
Augusta
1 day 0.14 in.
Macon....
dry
S. 0.
-Charleston
1 day 0.4910.
Greenwood
1 day 1.66 in.
Columbia
2 days 0.56 in.
-Asheville
N.0.
3 days 1.37 in.
Charlotte
2 days 0.941n.
Raleigh
1 thy 0.22 in.
Wilmington
1 day 0.12 in.
Tenn.--Memphis
I day 0.06 in.
Chattanooga
dry
Nashville
Thermomete
nigh 100 low 64 mean 82
high 104 low 72 mean 88
high 98 low 118 mean 83
high 100 low 68 mean 84
high 100 low 72 mean 86
high 104 low 72 mean 88
high 100 low 72 moan 86
high 102 low 64 mean 83
high 102 low 68 mean 85
high 104 low 70 mean 87
high 106 low 74 mean 80
high 106 low 76 mean 91
high 102 low 74 mean 8b
high 104 low 75 mean 89
high 99 low 72 mean 86
high 103 low 68 mean 86
high 98 low 74 mean 86
high 105 low 75 moan 90
high 104 low 74 mean 79
high 100 low 74 mean 87
high 100 low 75 mean 86
high 104 low 74 mean 84
high 100 low 74 mean 87
high 92 low 74 mean 83
high 96 low 70 mean 83
high 99 low 75 mean 89
high 99 low 71 mean 85
high 100 low 70 mean 85
high 100 low 72 mean 86
high 98 low 70 mean 84
high 0-1 low 77 mean 88
high 100 lo, 69 mean 85
high 100 low 68 mean 84
high 96 low 58 mean 77
high 100 low 70 mean 85
high 98 low 64 mean 81
high 98 low 72 mean 85
high 98 low 76 mean 87
high 104 low 74 mean 89
high 102 low 72 moan 87
The following statement has also been received by telegraph, showing the height of rivers at the points named at
8 a.in. on the dates given:
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
Above zero of gauge_
Above zero of gauge_
Above zero of gauge_
Above zero of gaugeAbove zero of gauge-
Aug. 9 1935 Aug. 10 1934
Feet
Feet
5.8
1.1
14.2
4.0
8.3
9.3
7.4
2.7
18.5
3.6
-The
Dallas Cotton Exchange Weekly Crop Report
Dallas Cotton Exchange each week publishes a comprecrop conditions in Texas,
hensive report covering cotton
Oklahoma and Arkansas. The current week's report, dated
Aug. 5, is as follows:
TEXAS
West Texas
-The weather has been just right the last week
Abilene (Taylor County)
with no rain and the temperature above 95 degrees every day. There are
-worms and fleas but don't think they have done any
some rumors of leaf
damage,and if the weather continues dry and hot it will be very discouraging
to any kind of insects. Do not need any rain for two weeks.
-The past week of intensely hot weather has
Big Spring (Howard County)
been beneficial to most of the crops here, although in spots, where moisture
was a little shy, some of the cotton is wilting in the heat of the day. A
large number of farmers, principally south and west of the city are poison-worms. Light rains would be welcome over the whole area.
ing for leaf
-Cotton still progressing nicely. Local
Brady (McCulloch County)
showers last week but were too spotted to do much good. We need a good
-worms reported where they had rain. Cotton will comrain. Some leaf
mence moving about Sept 1. Crops are clean of weeds. We have a
better prospect than last year.
-One half county got good rains, two to four
Clarendon (Donley County)
to 1 inches, and other fourth light
inches: one fourth received from
shower to one quarter inch. First five days of week excessive temperatures
hurt crop worse than any time heretofore, however, crops now look perfect
in those sections where good rains fell, and the cool weather very beneficial
to the remaining dry section. If dry sections get relief next few days,
county will make best crop since 1928.
-Cotton crops still making progress, blooming
Haskell (Haskell County)
and fruiting satisfactorily. Dry weather past week has been just right for
cotton. Some worm complaint, but nothing serious. South part of
county will need rain coming week, other parts around Aug. 20.
Quanah (Hardeman Counly)-Crop continues to make progress. Temperatures are high, and for the past week have had some high winds that
are drying out the top soil. No insects of any kind, and the crop is not
suffering, nor has it deteriorated any yet, but a good rain at this time
would almost cinch a full crop.
-The crop is doing nicely, having just the right
Stamford (Jones County)
kind of weather. Rain will not be needed before the 20th. No insects
have been reported. Movement will probably start around Sept. 20.
Thiscounty will make around 60,000 bales, if present prospects are realized.
North Texas
-Weather continues favorable for cotton in
Clarksville (Red River County)
-worm
this territory. Plant is growing nicely and is fruiting well. Leaf
has shown up over a wide area of this county, and many farmers are using
poison to keep them from spreading. Only a very little damage done at
this writing Crop about three or four weeks late. Last rain fell here
July 27.
Saturday night,
Dallas (Dallas Counly)-Crops in this territory have made quite a bit of
progress in the past week. This was due to the hot dry weather. In some
parts of this territory the plant is well fruited. In other parts the leaf
worms, fleas, and boll-worms have caused heavy damage to the crops.
The farmers are using a poisoning machine trying to check the damage
these pests are doing.
-There are some sections of this territory where
Garland (Dallas County)
the crop is progressing rapidly, however, the territory as a whole is badly
-worm, boll-worm and boll weevil. They are doing
Infested with leaf
serious damage. An aeroplane arrived here to-day and will start dusting
the fields to-morrow.
-Weather has been favorable for cotton
Honey Grove (Fannin County)
the past week. Cotton continues to make fine progress in growing and
-worm showing
fruiting. There have been quite a lot of reports of the leaf
the
are poisoning them.
h
e e
up . e
,
3
scarcity
t 1' yol) e poison,
ee .
w k Pr :
j ge; :eems tcn3ec 1ca
pa
v; r
Paris(Lamar County)-Cropa are improving splendidly. Plants are growing and fruiting well. There is plenty of moisture, and the fields are clean
-worm, doing damage in
and well cultivated. There is some talk of leaf
some parts of this county, but hot weather, if continues, will keep them
Terr oi (Kau fh damage.
from dellng m ucma
and boll- weevil have increased
Terrell
some since our last report, but the damage from this source is still light.
-worms have developed
fleas only in the early cotton. Leaf
There are
within the past week and so far are almost entirely confined to sections
where we had late July rains. The weather is threatening to-day, and I
am fearful of results if we should have much rain in August.
Wills Point Van Zandt County-Outlook for the cotton crop would be
-worms. They are showing up all over this
excellent were it not for the leaf
-worms can be
section and farmers are poisoning day and night. If leaf
controlled or hot weather checks them, this county will make a larger crop
year. Late cotton needs rain, but rains will increase worm
than last
damage.
Central Texas
-Weather condition for past two weeks has
Calvert (Robertson County)
crop
been ideal, hot and dry, and just the kind needed. No doubt the been
has made much prowess, but the insects, both leaf and boll-worm have
the cause of much complaint. Quite a bit of poisoning is being done.
Volume 141
Financial Chronicle
Believe, however, with continued good weather
the crop will show a larger
yiela than last season.
Cameron (Milam County)
-Crop still continues 5o improve. Receiven
first bale Thursday. Leaf
poisoned. If not damaged-worms are in spotted localities and are being
by insects, look for
Cleburne (Johnson Count(l)-Weather for the good crop.
past week has been very
favorable for cotton, and the plant is making
excellent progress. Farmers
are poisoning in this section against leaf
-worm. This work seems to be
effective and no serious damage is noted
yet. The crop is probably two
weeks late. Prospects are the best in several
years.
Ennis (Ellis County)
-Cotton still fruiting well. Practically all the young
cotton in this section is infested with leaf
-worms,also some few
and boll
-worms. Old cotton not bothered with worms and fleas, weevils
will begin to
open the next week or 10 days. Farmers are
poisoning as fast as they
can get the poison. Machines and poison are very
three weeks of hot dry weather we will make more scarce. If we can get
than last season. Staple
is much better than last year.
Hillsboro (Hill County)
-Weather
-worms showing up in
spots, but farmers poisoning them. favorable. Leaf
Crop progressing nicely.
Waxahachie (Ellis County)
-Continued hot dry weather during the week
has held spread of insects in check, however,
some damage is reported in
spots, and some poisoning being done.
A good rain would be of benefit
to the younger cotton, but it
festation. Prospects still goodis feared that it would increase insect infor a bumper crop considering acreage.
East Texas
Jefferson (Marion County)
-Our cotton looking 0. K., growing fine.
Weather dry and not too hot. Crops clean.
Looks like more cotton than
last year. Sone leaf
-worms, no damage to date. Some poison is being
used.
Longview (Gregg County)
-Little change in conditions since last report.
We have had plenty of hot dry
weather this week, but will need a rain in
about 10 days. It will be approxima
tely six weeks before we receive out
first bale.
San Augustine (San Augustine
County)
extra good.progress. Prospects are for -Cotton in this county making
a good crop but we have been
bothered with army worms for
past 10
be hard to keep then from destroying days. If showers continue, it will
Sulphur Springs (Hopkins County) son'e of the cotton.
-Weather fcr cotton continues ideal
this territory. Farmers complain
-worm but the damage is yet slight.
Crop is from three to four weeks of leaf
late but making progress.
Tyler (Smith County)
-This section has had a week of dry hot weather.
Crops are good throughout this
territory with the exception of being one
month late The leaf
-worms
as yet. Unless this section have not done any great a fount of damage
has a long wet spell, the damage from them
will be slight.
South Texas
Harlingen (Cameron County)
-Weather past
clear and cloudy, windy and showery. What week has been alternately
is needed is hot dry weather.
Movement has been very
heavy for past 10 days. Around 50% of crop
picked. There is some report of leaf
-worn.
Seguin (Guadalupe County)
-Weather during past week has been all
right. Movement is slow
with only a few bales ginned. Outlook for crop
In general is about same as
previously reported.
OKLAHOMA
Frederick (Tillman
Plant is fine, putting Counly)-cotton here could use a bit of dry weather.
on plenty of squares. No weevils report. Believe
that will more than make our
quota.
Hugo (Choctaw County)
-Weather for the past week has been very favorable for the growth of the
and the plant is fruiting cotton plant. We have had sufficient moisture.
nicely. Unless the plant suffers sore setback,
indications are to the
effect
alarising reports of insects that we will have a fair crop. There are no
will not need another rain yet, however, some have been reported. We
in
A good general rain at that this immediate section for a week or 10 days.
time would be beneficial.
Mangum (Greer Count
-Recent high winds and hot sunshine has
checked rapid growth of y)
tight lands (80% of this cotton and it is now blow ing freely, however,
county) would be far better off with good rains.
as plant still too small
showers recently, but and growth checked. Scare scattered localities had
general rain would insure a crop for us. Owing to
amount of late cotton,
thirds of normal yield believe this county Just lucky if better than twomade, or around 20,000 bales. All warehouses full
of last year's crop.
ARKANSAS
Ashdown (Little River
County)
-Army worms have invaded our county
gentian and doing considerable damage. Some farmers poisoning.
and give
Can
better idea of damage next week. As a whole, we have a poor
crop prospect.
Blytheville (Mississip
-Cotton has made wonderful progress
since our last report. pi County)
Rains have occurred about as needed and fields are
clean and plant is
growing and fruiting rapidly. Still two to three weeks
late.
Conway (Faulkner County)
-For the past two weeks have had very favorable weather for
still two or threecotton, and it is squaring and blooming nicely' We are
weeks
running around the 100 late. Temperatures for past 10 days have been
mark. We will soon need a good rain as our crop
has a very poor tap root.
Some boll weevil, but no complaints.
Little Rock (Pulaski County)
-Weather conditions were ideal past week for
cotton, with no rain,
peratures. Continued and abundance of sunshine and satisfactory temdry weather is desirable for bottom-lands, but
occasional showers would
now
-worms
appeared in many fields the be helpful in upland sections. Leaf
past week but were not numerous. Farmers
have taken energetic steps
and blooming unusually to poison against this insect. Cotton is squaring
heavily, with bolls setting rapidly although somewhat retarded in late cotton
in
Pine Buff (Jefferson County) overflowed districts.
-Only local rains since our last report. Cotton is doing nicely. The army
-worms are reported in scattered
-worm or leaf
places, no damage done
yet. A general rain would cause Arkansas to make
its quota 1.000,000 bales.
Receipts from the Plantations
-The followin
indicates the actual movement each week from the g table
plantations. The figures do not include overland receipts nor
Southern consumption; they are simply a statement of the
weekly movement from the plantations of that part
of the
crop which finally reaches the market through the outports.
Week
Ended
Receipts at Ports
Stocks at Interior Towns
1935
1934
1933
ReceiptsfromPlantations
1935
1934
1933
36,803
15.228
19.581
8.501
6.280
80,650
64.204
69.858
22.275
43,243
May
15,791
21.59
21.061
18,627
21.84
75,235 90.027 1,396,19 1.467,6851.709.661 Nil
10_
46,544 101,074 1,370.83 1.436.3691.672,791 Nil
17._
51,678 118.296 1.345.933 1.404.2541.624,351 Nil
24._
34,486 79,657 1,328,412 1,378,269 1.566.959 1.106
31_33.148 88.978 1,301.899 1.351.40111,521.228 Nil
June
18.907 34,989 86,064
14.. 14,317 34.833 72,682 1,269,564 1.312.6791.478,208 NII
1,244.82 1,284.177,1,442,027
21_ 13,466 47.623 60.3531,218,931 1.262.078 1,392.603 Nil
Nil
28.- 8,706 59.0
75.954 1,201.29 1,236.729 1,343,884 Nil
July
9,183i
50.199 80,277
1,222,383,1,310,45
12.. 13,918 34,622 82,935 1,181,3 1,203,87311,283.311 Nil
1,161,421
Nil
19__ 20.715 51.435125,404 1,145,008 1,179.660 1,255.569 4.302
26.- 37,20 50,608 103,031 1,133,563 1,164,8391,204.989 25,760
Aug.54811,145,70611 177.653 34.849
46,866 62,636 96,563 1 121,
,
.
9__ 56.583 55.632 77.524 1,111,5321,128,283 1.151,52 46.569
Nil
6,43
25,52
33,70
43.046
36.501
10.929
27,033
35,853
16,112
27.222
35.787
47.045
55,790
97,662
64,451
43,893 57,227
38,119 51,108
The above statement shows: (1) That the total reciepts
from the plantations since Aug. 1 1935 are 54,679 bales; in
1934 were 47,848 bales and in 1933 were 69,929 bales. (2)
That, although the receipts at the outports the past week
were 56,583 bales, the actual movement from plantations
was 46,569 bales, stock at interior towns having decreased
10,014 bales during the week.
947
World's Supply and Takings of Cotton-The
ing brief but comprehensive statement indicates at afollowglance
the world's supply of cotton for the week and since Aug. 1
for the last two seasons from all sources from which statistics
are obtainable; also the takings or amounts gone out of
sight for the like period:
Cotton Takings,
Week and Season
1935
Week
1934
Season
Week
Season
Visible supply Aug. 2
4,278,315
6,824,407
--Visible supply Aug. 1
4,295.259
6,879,719
American in sight to Aug. 9- 128,406
165.968
129,877
182,820
Bombay receipts to Aug.8_ - _
12,000
15.000
32 000
411,000
Other India ship'ts to Aug. 8_
29,000
29.000
3,000
4,000
Alexandria receipts to Aug.
200
200
7200
200
Other supply to Aug. 7 * b.._
5,000
5.000
6,000
9,000
Total supply
4,452,921 4,510,427 6,995,484 7,115,739
Deduct
Visible supply Aug. 9
4,234,220 4,234.220 .,.725,938 6,725,938
Total takings to Aug.9 a_ _ _ _
218,701
276,207
269.545
389,801
Of which American
171.501
206,007
194.346
304,601
Of which other__ ______
47,200
70.200
75.200
85.200
* Embraces receipts in Europe from Brazil, Smyrna, West Indies,
a This total embraces since Aug. 1 the total estimated consumpti Sze.
on by
Southern mills, 107,000 hales in 1935 and 130,000 halts in
1934-takings
not being available
-and the aggregate amounts tsken
(Orden spinners, 169,207 bales in 1935 and 269,801 by Northern and
bales in 1934, of
which 99,007 hales and 184,601 bales American.
b Estimated.
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:
1935
Aug.8
Receipts
-
Week
Bombay
12,000
Exports
From
-
1934
Since
Aug. 1
Week
15,000 32,000
For the Week
1933
Since
Aug. 1
Since
Aug. 1
Week
40,000 19,000
31,000
Since August 1
Great I Conti- Jap'n&
Britaini meat China Total
Great I ContiBritain I trzent
Bombay
1935
2,0001 4,000 11,000 17,000
,
1934
2,000 2,000 19,000 23,000
1933
I 9,000
9,000
Other India:
1935
22,0001 7,000
,
29,000
1934
1,000 2,000
3,000
1933
7,000 25,000
32,000
2,000
2,000
5
.
3,000
13,
22,000
1,C00
8,000
24,000
3,000
8,000
12,000
6,000
41,000
Total
7,000
3,000
28,000
Total all
1935
24,C001 11,000 11,000 46,000
1934
3,000 4,000 19,000 26,000
1933
7,000 34,000
_ 41,000
Japan &
China
13,000
24,000
8,000
20,000
29,000
21.000
29,000
4,000
36,000
13,011
1::
24,111
8,000
49,000
33.000
57,000
According to the foregoing, Bombay appears to show a
decrease compared with last year in the week's receipts of
20,000 bales. Exports from all India ports record an increase
of 20,000 bales during the week, and since Aug. 1 show an
increase of 16,000 bales.
Alexandria Receipts and Shipments
-We now receive weekly a cable of the movements of cotton at Alexandria, Egypt. The following are the receipts and shipments
for the past week and for the corresponding week of the
previous two years:
Alexandria, Egypt.
Aug. 7
1935
Receipts (cantars)This week
Since Aug. 1
1934
1,000
1.000
1,000
1.000
This Since
Week Aug.1
Exports (Bales)
To Liverpool
To Manchester, &e
To Continent & India
To America
2,000
8,000
1933
This Since
Week Aug.1
2.O00
8,000
:Loon
8.000
1.000
3.000
8,000
1,000
1,000
4,000
This Since
Week Aug.1
2,000
3,000
6.000
1,000
2.500
4,000
8,000
1.000
Total exports
10,000 10,000 12,000 12.000 12,000 15.500
Note
-A carter is 99 lbs. Egyptian bales weigh about 750 ha.
This statemen., shows that the receipts for the week end ng Aug. 7 wore
1,1)00 canters and the foreign shipments 10.000 bales.
Manchester Market
-Our report received by cable tonight from Manchester states that the market in yarns is
dull but steady, though in cloths it is steady. Demand for
home trade is improving. We give prices to-day below and
leave those for previous weeks of this and last year for comparison:
1935
32s Cop
Twist
d.
May
3...._
to__
17___
24___
31-__
June
14____
21___
28____
July
5__
12____
19___
26___
Aug.2--9____
1934
834 Lbs. Shirt- Cotton
Ines, Common Mare
to Finest
UPTds
s. d.
s. d.
1055.1154 9 0 ig 9 2
1054(41134 A 0 og 9 2
103401134 9 0
.2
9
1034(4.1134 9 0 0 9 2
10 ell% 9 0 @ 9 2
32s Cop
Twist
d.
d.
6.81
6.88
6.90
7.01
6.92
934.1055
934.1034
955.1034
934.10%
934010%
835 Lbs. Shirt- Cotton
ings. Common IfictITg
to Finest
Uprds
s. d.
s. d.
d.
9 1 (4 3
9 1. 3
9 I (4 3
9 2 (4 4
9 2 (4 4
5.93
615
6.23
6.20
6.26
934.11%
9%.I155
934.1134
934.1134
86 (4 90
.0
86
9
86 @ 90
8 6 @ 90
6.83 934(41134 92 55 4
6.76 10 Olik, 9 2 (4
4
6.79 10 (41135 9 2
.4
6.85 1054.113-4 9 2 (4 4
6.56
6.61
6.69
6.84
10 .1155
10 .111
4
10 01134
1054.1134
86
.
90
.0
86
9
.0
9
86
86 al) 90
6.94
6.94
7.02
8.80
92
.4
92
.4
9 2 (4 4
.4
92
6.65
6.99
7.17
6.97
6.63 1014141134 9 2
.4
6.48 101
5.12
94
.6
7.07
742
10 .11
8 6 (a 9 0
9 7(41034 8 7
.1
9
1055.1134
103401134
1034.1134
1055.1134
Shipping News
-As shown on a previous page, the
exports of cotton from the United States the past week have
reached 45,296 bales. The shipments in detail, as made
up from mail and telegraphic reports, are as follows:
Bales
224
401
245
139
30
393
61
200
88
21
61
113
1,205
1,116
100
1,979
13
200
1.287
1,377
2,432
43
49
115
200
-Michigan,224
-Aug.6
GALVESTON-To Ghent
To Havre
-Michigan, 401
-Aug. 6
To Puerto Colombia
-Aug.3-TiIlle Lykes, 245
To Buena Ventura
-Aug.3-Tillle Lykes,139
To Oslo
-Aug. 3-Ragenhildsholm, 30
-Aug.3-Ragenhildsholm,393
To Gdynia
-Aug.3-Ragenhildsholm,61
To Gothenburg
-Michigan,200
-Aug.5
-To Antwerp
HOUSTON
-Michigan, 88
-Aug. 5
To Ghent
-Michigan, 21
-Aug. 5
To Havre
-Tillie Lykes,61
-Aug.3
To Buena Ventura
To Dunkirk-Aug.2-Ragenhildsholm,113
-Ida,1,205
-Aug.2
To Venice
-Aug. 2
To Trieste
-Ida, 1,116
-Aug. 2-Ragenhildshohn, 100
To Oslo
-Aug. 2-Ragenhildsholm, 1.979
To Gdynia
-Aug. 2-Ragenhildsholm, 13
To Gothenburg
-Ingram,200
-To Abo-Aug.7
CORPUS CHRISTI
-Aug.8-Derellan, 1,287
To Manchester
-Ingram, 1,377
To Bremen-Aug. 7
-Aug.8-Derelian,2,432
To Liverpool
-Ingram, 43
-Aug. 7
To Hamburg
-Ingram, 49
-Aug. 7
To Oporto
-Ingram, 115
To Tallin-Aug. 7
To Allborg-Aug.6-Ragenhildsholm,200
-Aug. 6-Ragenhildsholm, 387--Aug. 5-BruxTo Dunkirk
Belles, 150
-In-Aug. 6-Ragenhinisholm, 1,228___Aug. 7
To Gdynia
gram.338
-Aug.6-Ragenhildsholm,300
To Norrkoping
To Warbtug-Aug.6-Ragenhildsholm.96
To Wasa-Aug. 6-Ragenhildsholm, 300
-Aug.5-Bruaselles,600
To Ghent
-Aug. 5-Bruaselles. 2,400
To Havre
-Ida,1.418
-Aug.6
-To Trieste
NEW ORLEANS
-Ida. 750
-Aug.6
To Venice
-Endicott,
To Japan-Aug. 6-Montevidlo, 1,695- _ _Aug. 5
2,275---Aug. 2-Katsuragl Maru, 5,729
-Aug.4-Quistconck, 37
To Ghent
-Aug.4-Quistconck, 273_ _Aug. 2-Bruzselles,641
To Havre
-Titania. 150To Stockholm-Aug. 5
-Titania, 100
-Aug. 5
To Gothenburg
-Tennessee,250._
-Titania,925_ _ _Aug.2
To Gdynia-Aug.5
-West Ekonk.898
-Aug. 1
To Liverpool
-Aug.1-West Ekonk,3,742
To Manchester
To Genoa-Aug. 3-Latcomo. 300
-Aug. 3-Latcomo, 50
To Barcelona
-Aug.2-Bruzselles,834
To Antwerp
To Dunkirk-Aug.2-Bruaselles,600
To Bremen-July 31-Isis, 2,442
-Maiden Creek,780
-July 31
-To Liverpool
MOBILE
-Maiden Creek,641
To Manchester-July 31
-July 24-Antinous. 100
To Ghent
To Hamburg-July 23-Kersten Miles, 47- _July 24-Antinous,50
To Bremen-July 24-Antinous,396
To Genoa-July 29-Latcomo, 600
-Colorado Springs,93_
-To Rotterdam-Aug.7
LAKE CHARLES
-Mariana 0,1.351
-Aug.8
-To Genoa
SAVANNAH
-Aug.9-CIty of Havre,238
-To Hamburg
NORFOLK
537
1,566
300
96
300
600
2,400
1,418
750
9,699
37
914
150
100
1,175
898
3,742
300
50
834
600
2,442
780
641
100
97
396
600
93
1.351
238
45,296
TOTAL
-Current rates for cotton from New
Cotton Freights
York, as furnished by Lambert & Barrows, Inc., are as
follows, quotations being in cents per pound:
StandHigh
Density ard
Trieste
Liverpool .30c. .45c.
Flume
Manchester.30e. .45o.
Barcelona
Antwerp .350. .50e.
Japan
.360. .45e.
Havre
Shanghai
Rotterdam .350. .500.
Bombay a
.400. .55e.
Genoa
Bremen
.46e. .610.
Oslo
Hamburg
Stockholm .42o. .570.
Is open. :Only small lots.
•Rate
High
Density
.50e.
.50e.
.350.
•
•
.40e.
.30c.
.300.
High
StandDensUy
ard
.750.
.650. Piraeus
.750.
.650. Salonlea
.500.
.500. Venice
• Copenhag'n.42c.
.40e.
Naples
•
.400.
.55c. Leghorn
.450. Gothenblf .420
.450.
Stand.
ard
.90e.
.900.
.650.
.57e.
.550.
.550.
.57e
-By cable from Liverpool we have the followLiverpool
ing statement of the week's imports, stocks, &c., at that port:
July 19
51.000
Forwarded
535.000
Total stocks
176,000
Of which American
11,000
Total imports
4,000
Of which American
96,000
Amount afloat
Of which American -----------21,000
July 26
48,000
521,000
0
164,0 0
4.000
3,000
66,000
27,000
Aug. 2
56,000
503,000
156,000
6,000
3,000
79,000
23,000
Aug. 9
37,000
488.000
150.000
11,000
2,000
108,000
24.000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot
Saturday
Tuesday
Monday
Market, {
12:15
P. M.
Mld.Upfds
Wednesday Thursday
Moderate
demand.
HOLIDAY.
More
demand.
6.70d.
HOLTDAY.
6.69d.
Good
Inquiry.
6.63d.
Friday
Moderate
demand
6.48d.
Quiet but Quiet but Quiet but Barely sty
steady, un- steady, un- steady, un- 5 to 10
changed to changed to changed to pts. dec.
2 pts. adv. 1 pt. adv. 2 pts. dec.
Steady, Barely stdy Steady, 10
Steady.
6 pts. adv. 1 to 3 pts 3 to 12 pts. pts.dec. to
decline. 2 pts. adv.
105 pts dee decline.
Futures.
Market
opened
Market,
4
P. M.
Prices of futures at Liverpool for each day are given below:
Sat.
Ault. 3
to
And.9
Aug. 10 1935
Financial Chronicle
948
Mon.
Tues.
Wed.
Thurs.
Fri.
12.15 12.30 12.15 4.0012.13 4.0012.15 4.0012.15 4.0012.13 4.00
P.In.P. m.P. m.P.imp. m.P. m.P. In.P. hl.P.In.P. in.P.In p. m.
d.
New Contract d.
August (l935)_
October
December
January (1936) HOLTDAY.
March
May
July
October
December
January (1937)
March
d.
11,
d.
d.
d.
d.
d.
d.
d.
d.
6.12 6.15 6.15 6.13 6.11 6.04 5.96 5.98
HOLT.
DAY.
5.96
5.94
5.91
5.86
__ __
5.97 5.975.95 5.95
5.94 5.93 5.91 5.91
5.90 5.89 5.87 5.87
5.85 5.84 5.82 5.82
5.72-.-. __ 5.69- --
5.89
5.85
5.82
5.77
5.65
5.82
5.79
5.76
5.72
----
5.84
5.82
5.80
5.76
5.67
BREADSTUFFS
Friday Night, Aug. 9 1935
Flour-Aside from a steady call for small lots, demand
was small. Prices on spring flour were moved up as much
as 25c. early in the week, but the market was largely
nominal.
3
Wheat closed % to Mc.lower on the 3d inst. under profittaking sales and hedge selling. Early prices were more than
1 cent higher owing to light offerings and coverings of shorts.
On the 5th inst. trading was more active and prices ended
%
13 to 2Mc. higher owing to buying by Eastern interests
and others stimulated by a stronger technical position and
bullish reports from the Northwest. Showers were reported
in the American Northwest and Canadian West. Northwestern reports stated that newly threshed wheat was testing
low. On the 6th inst. after an early advance on strong cables
and bullish crop news prices declined under hedge selling
and profit-taking sales prompted by the weakness on corn.
The American Northwest had scattered showers and lower
temperatures. Winnipeg was Mc. lower while Liverpool
advanced Me. Broomhall reported unfavorable weather in
Argentina. On the 7th inst. general liquidation near the
close sent prices downward and the ending was with net
losses of M to Mc. Eastern interests were selling. At one
time the market was firmer owing to the strength of outside
markets. The weather was favorable for harvesting in the
spring wheat area. Liverpool was M to 13.d. lower on
prospects for rain in Argentina. Winnipeg closed Mc.
higher.
On the 8th inst. prices ended 2 to %c. lower, on preBureau liquidation and selling supposedly by Canadian
interests. Weaker foreign markets was also a bearish
factor. Reports that rains had fallen in Argentina and
assertions in some quarters that the drought appeared to be
broken brought about a decline in foreign markets. Liverpool closed 1% to 1%d. lower; Rotterdam declined 1% to
/
1%c., and Winnipeg closed % to 14c. lower. Yet crop news
from the Northwest was bullish, with showery conditions
reported there. To-day prices ended % to %c. higher, on
buying stimulated by further reports of rust damage in
Canada. Traders were awaiting the Government report to
be issued after the close. The open interest at Chicago was
100,845,000 bushels.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK
Sat. Mon. Tues. Wed. Thurs. Fri.
99% 102
100% 100% 100% 1004
No.2 red
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO
Sat. Mon. Tues. Wed. Thurs. Fri.
89% 91% 901 90§ 904 90
September
%
93% 92% 92
913
December
91
924
May
3
9 3
95%93% 94
94
93
When Made
Season's Low and When Made
I
Season's High and
101% Apr. 16 1934 iJuly
July
78% June 15 1935
September _._.102% Apr. 16 1934lseptember
79% June 15 1935
May 20 1935 December
94
December
8134 June 13 1935
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG
Sat. Mon. Tues. Wed. Thurs. Fri.
August
844 Hol. 84% 844 8434 8434
3
Corn declined % to lc. on the 3d inst., on selling by
commission houses prompted by favorable weather over the
belt. Beneficial rams fell over much of the belt and more
favorable weather was promised. On the 5th inst., after
moving upward in the early trading with wheat, prices
declined under selling pressure ending M to lc. lower.
Rapid progress of the new crop was reported under ideal
weather conditions. On the 6th inst. prices ended 19/i to
30.
2/ on selling induced by ideal growing weather and reports that damaged wheat would be used for feeding purposes.
On the 7th inst. prices ended unchanged to Mo. higher
with wheat and hogs firmer. Good weather continued over
the belt.
On the 8th inst. prices ended MI to %c. lower, in sympathy
with wheat, and there was some evening up of open traders
before to-day Government report. Shipping sales were
62,000 bushels. To-day prices ended % to lc. higher. The
open interest at Chicago was 27,793,000 bushels.
DAILY CLOSING PRICES OF CORN IN NEW YORK
Sat. Mon. Tues. Wed. Thurs. Fri.
10034 9934 9734 9
734 963j 9734
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO
Sat. Mon. Tues. Wed, Thurs. Fri.
September
77% 77
0 76
Mg 75q 7634
6134 61
59% 5934 59
Deceinber
60
63% 62 4 61
May
61q 607
61%
Season's Low and When Made
Season's High and When Made
I
90% Dec 5 1934 July
71U Mar. 18 1935
July
67
September __-- 84% Jan. 5 1935 September
Mar. 25 1935
June 6 1935 December
65
60
December
June 1 1935
No.2 yellow
Oats sympathized with wheat and corn and ended 1 to
l'Mc. lower on the 3d inst. On the 6th inst. prices ended
3( to lc, higher with wheat up. On the 6th inst. prices
A
ended 8 to Vse. lower. On the 7th inst. prices closed Mc.
lower to Mc. higher.
4
On the 8th inst. prices ended 1 to %c. lower. To-day
.
prices ended %c. lower to 3fic. higher.
DAILY CLOSING PRICES OF OATS IN NEW YORK
Sat. Mon. 21443. Wed. Thurs, Fri.
3731 4034 41
4
034 3934 3934
No. 2 white
Volume 140
Financial Chronicle
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO
Sat. Mon. Tues. Wed. Thurs. Fri.
September
30% 31
31 301 30
30
December
32
32% 32
32
32
31
May
34
344 35
34 7
34% 34%
Season's High and When Made
Season's Lou, and When Made
July
51
Dec. 5 1934 July
33$ June 13 1935
September ---- 44% Jan. 7 1935 September -.. 31
June 13 1935
December
35% June 4 1935 December
33
June 13 1935
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG
Sat. Mon. Tues. Wed. Thurs. Fri.
October
3284 Hell- 329
34%
3484 34
December
31h day
32
3184 32
32%
Rye followed wheat downward on the 3d inst. ending
M to Mc.lower. On the 5th inst. prices advanced
to Xc.
in response to the rise in wheat. On the 6th inst. prices
ended X to'
Mc. lower. On the 7th inst. prices closed X to
/c. higher.
On the 8th inst. prices ended % to %c. lower. To-day
prices ended unchanged to %c. higher.
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO
Sat. Mon. Tues. Wed. Thurs. Fri.
September
4384 4484 434 4434 4384 43%
December
4684 4784 4684 47
4614 46%
May
5084 504 50
5084 4954 4981
Season's High and When Made
Season's Low and When Made
1
September ____ 76
Jan. 5 1935 September ____ 45
June 13 1935
December
5331 June 3 1935 December
4854 June 13 1935
DAILY CLOSING PRICES OF RYE FUTURES TN WINNIPEG
Sat. Mon. Dom. Wed. Thurs. Fri.
October
398' Holt- 3981 4034 40
40 q
December
day
4131 4174 4154 41%
418
DAILY CLOSING PRICES OF BARLEY FUTURES IN CHICAGO
Sol. Wm. Tues. Wed. Thurs. Fri.
September
42
42
42
40
38
42
December
.
43
43
42
43
43
4334
DAILY CLOSING PRICES OF BARLEY FUTURES IN WINNIPEG
Sat. Man. Tues. Wed. Thurs. Fri.
October
35
Roll- 3434 3531 3474 35
December
3551 3534 3534 3534
3554 any
Closing quotations were as follows:
GRAIN
Wheat, New York
Oats, New York
No.2 red, c.i.f.. domestle_10054
No. 2 white
398.4
Manitoba No. 1. f.o.b. N.Y. 9154 Rye, No 2.f.o.b.bond N.Y. 5034
Barley, New York
Corn, New York
4734 lbs. malting
55%
No.2 yellow, all rail
ChIcago. cash
9754
42
FLOUR
Spring pats. high protein $8.05 8.351Rye flour patents
$3.75@4.00
Spring patents__ ------ 7.80 8 15 iSemino a, bbl.. Nos. 1-3_ 8.800l
clears. first spring
6.90@7.25 Oats. good
2.80
Soft winter straights__ 5.45@5.90 Corn flour
2.75
Hard winter straights_ 7.35 7.651Barley goods
Hard winter patents-- 7 55(7.85
Coarse
3.70
Hard winter clears
5.90 6.20. Fancy pearl. Nos.2.48t7 5.3005.5
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:
Receipts ca-
Flour
I
Wheat
Oats
Corn
Barley
Rye
bbls 196 lbs bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bush 56 lbs bush 48 lbs
Chicago
175,000 1,294,000
539,000
685,000
245,000
48,000
Minneapolis896,000
98,000
118,000
119,000
465,000
Duluth
231,000
4,000
3,000
1,000
Milwaukee_ _ _
14,000
103,000
262,000
23,001
119,000
Toledo
729,000
26,000
Detroit
40,000
28,000
19,000
35,000
Indianapolis
306,00*
375,000
66,000
2,000
St. Louis
99,000, 1,207,000
117,000
142,000
5,000
10,000
Peoria
40,000
176,000
83,000
40,000
56,000
46,000
Kansas City
12,000 4,816,000
132,000
56,000
Omaha
2,250,001
61,000
107,000
St. Joseph_ __
480,000
14,000
54,000
Wichita
958,000
1,000
4,000
Sioux City_
65,000
15,000
. 8,000
2,000
32,000
Buffalo
3,787,000
172,000
209,000
50,000
8,000
Total week'35
340,000 17,473,000 1,727,000 1,577,000
501,000
764,000
Same week,'34
362,000 9,887,000 12,040,000 2,424,000
207,000 1,153,000
Same week,'33
274,000 7,323,000 4,952,000 5,365,000
341,000 1,818,000
Since Aug.1
1935
340,0001 17,473,000 1,727,000 1,577.000
501,000
764,000
1934
362,000 9,887,000 12,040,000 2.424,000
207,000 1,153,000
1933
274.000 7 292 nnn A 059 nnn It MA non
241 AAA 1 212 Ann
Total receipts of flour and grain at the seaboard ports for
the week ending Saturday, Aug. 3 1935, follow:
Receipts atNew York
Philadelphia__
Baltimore_ _
New Orleans
Galveston
Boston
Flour
I
Wheal
Corn
I
Oats
Rye
I
Barley
I
bbis 196 lbs'bush. 60 lbs. bush.58 lbs. bush. 32 lbs. bush 56
lbs bush 48 lbs
117,000
16,000
1
33,000
29,000
226,000
14,000
1,000
2,000
1
8,000
409,000
107,000,
35,000
15,000
69,000
22,000
10,000
31,000
275,0001
4,00
Totalweek,'35
200,000
661,000
SinceJan.1'3 7,236,000 24,416,000
451,000
108,0001
1,000
2,000
9,717,000' 9,622,000 3,824,000 1,991,000
Week 1934_ __
233,000 2,392,000
134.000
296,0001
20,0001
83,000
SinceJand'34 7,989,000 46.203,000 4,877,000 4,389,000 1,656,000
692,000
*Receipts do not Include grain passing through New Orleans for foreign ports
on through bills of lading.
The exports from the several seaboard ports for the week
ended ,Saturday, Aug. 3 1935, are shown in the annexed
statement:
ExportsfromNew York
Albany
New Orleans
Halifax
Montreal
Sorel
Quebec
Total week 1935
......k 1034
Wheat
Corn
Bushels
Bushels
356,000
392,000
1,759,000
Oats
Rye
Barley
Bushels
Bushels
1,000
2.000
79,000
757,000
229,000
25,000
1.599.000
Flour
Barrels
Bushels
5,216
1.000
2,000
138,000
136,000
74,000
87,216
70.046
140,000
220.000
136,000
17.000
74,000
23.000
949
The destination of these exports for the week and since
July 1 1935 is as below:
Flour
Exports for Week
and Since
July 110-
United Kingdom.
Continent
So.& Cent. Amer_
West Indies
Brit. No.Am.Col.
Other countries_ _ _
Wheat
Week
Aug. 3
1935
Since
July 1
1935
Week
Aug. 3
1935
Barrels
65,070
14,101
1,000
2,000
---5,045
Barrels
245,460
62,381
6,000
13,000
1,000
15,245
Bushels
782,000
975,000
2,000
Total 1935
Total 1934
87,216
70,046
Corn
Since
July 1
1935
Week
Aug. 3
1935
Since
July 1
1935
Bushels
Bushels
2,712,000
2,703.000
49,000
Bushels
1,000
11,000
343,086 1,759,000
369.575 1,699.000
5,475,000
7.574,000
1.000
1,000
1.000
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, Aug. 3, were as follows:
United StatesBoston
New York *
Philadelphia
Baltimore_x
New Orleans
Galveston
Fort Worth
Wichita
Hutchinson
St. Joseph
Kansas City
Omaha
Sioux City
St. Louis
Indianapolis
Peoria
Chicago
Milwaukee
Minneapolis
Duluth
Detroit
Buffalo_ y
afloat
GRAIN STOCKS
Wheat
Corn
Oats
Rye
Barley
Bushels
Bushels
Bushels
Bushels
Bushels
6,000
134,000
30,000
5,000
45,000
439,000
264,000
61,000
443,000
143,000
14,000
674,000
4,000
1,105,000
38,000
25,000
240,000
6,000
28,000
414,000
52,000
8,000
680,000
1,790,000
119:000
440,000
1,000
15.000
1,249,000
1,000
2,679,000
511,000
105,000
113,000
4,000
8,869,000
37,000
437,000
84,000
2,000
2,422,000
558,000
5,000
79,000
141.000
56,000
14,000
6,000
23,000
1,257,000
53,000
109,000
39,000
26,000
384,000
464,000
15,000
4,000
3,870,000 1,896,000 1,478,000 3,771,000
639,000
222,000
120,000
47,000
2,000
340,000
4,752,000
843,000 2,488.000
368,000 1,571,000
1,936,000
1,225,000
534,000
454,000
160,000
10,000
15,000
22,000
40,000
1,951,000
343,000
78,000 1,069,000
546,000
232,000
Total Aug. 3 1935___ 34,732,000 6,280,000 6,928,000 6,884,000 3,675,000
Total July 2/ 1935_ __ 29,207,000 6,466.000 6,722,000 6,896,000 3,849,000
Total Aug. 4 1934_ _ _111,963.000 42,293.000 20,737,000 11,843,000 6,908,000
• New York also has 180,000 bushels Polish rye In store. a Baltimore also has
127,000 bushels foreign corn in bond. y Buffalo also has 54,000 bushels Argentine
corn in store,633,000 bushels Argentine rye in store and 82.000 Argentine corn afloat.
Note-Bonded grain not included above: Barley. Buffalo, 358,000 bushels; Duluth,
102,000; total 460,000 bushels, against none In 1934. Wheat, New York, 541,000
bushels; New York afloat, 88,000; Buffalo, 5.917.000; Buffalo afloat, 1,973,000:
Duluth, 471,000; Erie, 27,000: on Lakes, 700,000: Canal, 349,000; total, 10,066,000
bushels, against 10,341,000 bushels In 1934.
Wheat
Corn
Oats
Rye
Barley
CanadianBushels
Bushels
Bushels
Bushels
Bushels
Montreal
11,028.000
243,000
248,000
537,000
Ft. William & Pt. Arthur_71,458,000
3,705,000 2,125,000
979,000
Other Canadian and other
water points
42.525,000
395,000
293,000
411,000
Total Aug. 3 l935__125,011,000
Total July 271935.._ _121,331,000
Total Aug. 4 1934_ __103,249,000
Summary
American
Canadian
4,343,000 2,666,000 1,927,000
3,137,000 2.786,000 2,013,000
5,702,000 3,225,000 5,733.000
34,732,000 6,280,000 6,928,000 6,884,000 3,675,000
125,011,000
4,343,000 2,666,000 1,927.000
Total Aug. 3 1935_159,743,000 6,280,000 11,271,000 9,550,000 5,602,000
Total July 27 1935_ __150,538,000 6,466,000 9,859,000 9.682,000 5,862,000
Total Aug. 4 1934-215,212,000 42,293,000 26,439,000 15,068,000 12,641,000
The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange,for the week
ended Aug. 2, and since July 1 1935 and July 2 1934, are
shown in the following:
Wheat
Exports
Week
Aug.2
1935
Since
July 1
1935
Corn
Since
July 1
1934
Week
Aug.2
1935
Since
July 1
1935
Since
July 1
1934
Bushels
Bushels I Bushels
Bushels
Bushels
Bushels
North Amer_ 2,696,000 10,953.0001 17,696,000
1,000
12,000
Black Sea_
16,000
656,0001
248,000
391,
1,999,000
663,000
Argentina__ 1,497,000 11,435,0001 18,370,000 5,397,000 32,715,000 28,643,000
Australia.... 1,466,000 7,919,0001 9,664,000
India
0th. countr's
608,00
3,840,000 2.672,000
60,000 1,735,I I I
766,000
Total
6,283,000 34,803,000 48,650,000 5.848.000 36.450.000 30,084,000
Weather Report for the Week Ended Aug. 7
-The
general summary of the weather bulletin issued by the Department of Agriculture, indicating the influence of the
weather for the week ended Aug. 7, follows:
Another week of abnormally warm and mostly dry weather was experienced. Heavy rains occurred in a few limited localities, but, in general,
fair, sunny weather was the rule and temperatures were persistently high
over the eastern two-thirds of the country. The maxima reached
100
degrees at a few stations in the East and over considerable areas in
central
sections between the Mississippi River and Rocky Mountains.
The table shows that the temperature averaged from 3 degrees to around
10 degrees above normal in all sections east Of the Rocky
except in the Northeast, extreme northern Great Plains, and Mountains,
some more
southern districts. The relatively warmest weather occurred
Ohio Valley and Tennessee westward to the Rocky Mountains, from the
where the
weekly mean temperatures ranged from around 6 degrees
above normal. The far Northwest had a comparatively to 10 degrees
temperatures were near normal over a large southwestern cool week and
area.
The table shows also that substantial rains occurred
in a few sections.
principally in the eastern Great Plains, the upper Mississippi
Valley, the
Lower Lake region, and the upper Ohio Valley districts.
There were also
some heavy falls in eastern Pennsylvania and parts of
as portions of Florida and New Mexico. Elsewhere New York, as well
tion occurred, and over a large southwestern area, very little precipitaextending from Missouri and Oklahoma southward to the Gulf, practically
no
Much of the Midwest experienced another unfavorable rain fell.
week through a
continuation of abnormal heat and scanty
received timely and beneficial rains, but overprecipitation. Some areas
the greater portion of the
country between the Mississippi River and Rocky Mountains
moisture is
badly needed, as rainfall for many weeks has been scanty.
Preliminary,
but rather complete, reports show that Kansas had
only about 20% of
normal rainfall in July; Oklahoma a little over 30%; Nebraska
40%. and the Rocky Mountain States around half the normal. about
pastures, and truck crops have deteriorated rapidly in the southern Corn,
Plains
country and some Rocky Mountain sections.
950
Financial Chronicle
On the other hand, substantial rainfall during the week brought at
least temporary relief, and was very beneficial, over considerable areas,
including practically all of New Mexico, northern Arizona, part of eastern
Kansas, eastern Nebraska, southeastern South Dakota, southern Minnesota, extreme western and northern Iowa, Wisconsin, and the lower
Lake region. In the East local areas are needing rain, principally parts
of the east Gulf States. northern Virginia and parts of Maryland, and
southern New England. There was some flood damage from locally heavy
rains in the upper Ohio drainage area.
Farm work made generally good progress, though there was interruption
and emndlaint of damage to grain in shock in some eastern sections with
heavy rainfall. In most of the West irrigation water is still sufficient,
though there is some shortage reported localbr.
Small Grains—The harvest of winter wheat has been largely completed
under mostly favorable weather conditions, though there were complaints
of delay and of damage to grain in shock in some upper Ohio Valley sections
and frequent rains were unfavorable in parts of the western Lake region.
Threshing is progressing, but complaints continue of disappointing yields
in some central and eastern portions of the Winter Wheat Belt.
Spring wheat harvest is progressing to the northern limits of the Belt.
In North Dakota this crop deteriorated considerably from black rust and
drought and heat during the ripening period. Considerable damage is
noted also in Minnesota where yields are reported disappointing and
quality inferior. Small grain harvest in Montana is well along with yields
mostly fair to good. The harvest of spring grains is extending to the later
sections of the Pacific Northwest. Oat harvest is advancing satisfactorily.
Flax needs rain badly in North Dakota, but is mostly good in Minnesota.
Rice is doing well in Louisiana.
Corn—The weather continued generally favorably for the corn crop in
most sections east of the Mississippi River, though rain is needed locally
in the Ohio Valley, especially in southern Illinois and western Kentucky,
while the crop has been badly damaged in northern Virginia. West of
the Mississippi, beneficial rains occurred in parts of Iowa, southem Minnesota, southeastern South Dakota and locally in eastern Nebraska and
Kansas. Otherwise, unfavorable conditions continued generally over the
western belt with rain badly needed in many places. The crop is reaching
the roasting ear stage in southeastern Kansas, but much is injured beyond
recovery, and damage has been heavy in the western half of the State.
Further deterioration is reported from Oklahoma and considerable harm
has been done in Nebraska.
In Iowa corn is in the critical stage of growth and the continued high
temperatures were unfavorable, especially in the west where theme were
many complaints of rolling and burning. More moderate temperatures the
latter part of the week, however, brought improved weather conditions
and more normal progress of corn was noted.
Cotton—In the Cotton Belt the weather was abnormally warm, especially in the northern half, and only limited areas had rainfall of consequence.
While a few localities are needing moisture, the weather in general, was
favorable for growth of cotton, and for holding weevil in check.
In Texas progress was generally fair to good, but plants continue rather
late and moisture would be helpful in some northeastern and northwestern
sections; picking made rapid progress in the south. In Oklahoma growth
was good, but here also rain would help in some localities; plants are
squaring generally.
In the central States of the belt progress was mostly satisfactory, but it
is getting rather dry in a few areas, especially on some uplands of Arkansas
and locally in Tennessee. In the more eastern States the weather was
generally favorable, and the progress of cotton mostly good to excellent.
The reaction to higher temperatures and the sunny weather were favorable
In checking weevil activity.
Aug. 10 1935
all crops and harvesting hay progressed rapidly; pastures and late hay good,
but needing rain.
Kentucky—Louisville: Scattered showers beneficial; high temperature
mainly favorable, stimulating rapid growth. Continued improve:.,ent of
corn and tobacco over most of State, but so:ne dry areas in west and extreme
north need rain badly. Pastures generally good. Progress and c ndition
of corn mostly very good to excellent, except in some dry spots. Tobacco
generally good; topping extensively. Favorable for hay making and
threshing. Cowpeas and soybeans o---`le
:1 DRY GOODS TRADE
New York, Friday Night, August-9:1935.
—With—weather conditions predominanaTfavdable, particularly in the local area, retail trade gave a satisfactory
account of itself. August sales 93.(4 with keen consumer
response, especially in home furmslungs and furs. In the
metropolitan district the volume of sales was reported to
show average gains over the corresponding week of last year
amounting to more than 10%, while other sections showed
increases up to 35%. Sales of eham stores and mail order
houses during July made a gratifying showing, and department stores are expected to disclose average July gains of
nearly 10%.
Trading in the wholesale dry goods markets showed a
moderate improvement, as wholesalers and retailers alike
started to cover some of their most urgent requirements.
The demand for certain staples such as sheets and pillowcases, was quite active, and the trend of prices appeared to
.
foreshadow a certain shortage in these goods. As a whole,
however, the markets were still held in check by the continued uncertainty with regard to the fate of the processing
tax, and pending clarification of the cotton loan question.
While the introduction of protective tax clauses was pro.
ductive of a certain amount of buying that has been held
back, and although it was admitted that inventories generally have reached a very low level, a real broad buying movethe prevailing uncerment can hardly be anticipated until.
tainties have been (I Jared away. Business in silk goods expanded further, with garment manufacturers and retail
merchants placing appreciable orders on Fall merchandise.
The continued strength of raw silk prices served to stiffen
quotations on finished goods. In the greige silk market,
.
satins continued to attract most of the buying. Trading
yarns continued active, with some of the larger
The Weather Bureau furnished the following resume of in rayon having booked virtually their entire August outproducers
conditions in the different States:
put. Knitters as well as dress goods manufacturers were
Virginia—Richmond: Temperature high;rain generally negligible,except
active buyers, and shipments for the month of July were
in extre:. e southeast. Weather favorable for outside work; haying and
cotton and peanuts,
threshing near completion. Seaboard crops, especially
reported to have exceeded any previous month since Janurecovering from excessive rains, but all crops burning in northern counties
ary. On Aug. 7 the Viscose Company announced advances
and moisture is needed locally elsewhere. Meadows, pastures, corn,
potatoes, and tobacco fair, except in north. Southeastern truck good to
on viscose yarns ranging from 1 to 2 cents a pound.
excellent; move: ent Wythe County cabbage continues heavy; valley
apples sizing well.
Domestic Cotton Goods—Although still beset by the
North Carolina—Raleigh: Progress of cotton good to excellent; fruitfailure of buyers and sellers to arrive at a satisfactory underfavorable for checking weevil,
ing good with slight shedding. Sunshine
standing concerning the processing tax, trading in gray cloths
but causing tobacco to ripen faster than can cure on upper Coastal plain
and extending into eastern Piedmont area, account lack of barn room.
started the week with slightly increased activity, reflecting
upper
Tobacco mostly harvested on lower Coastal plain and doing well in
the obvious fact that buyers needs had reached a point
Pied:nont. So:ne upland corn needing rain.
.
where it appeared impossible for them to longer withhold
South Carolina—Columbia: Week fair and warm latter part. Favorable for cotton cultivation and progress with satisfactory setting and normal
the covering of urgent requirements. When later in the
Most crops laid by with progress
shedding and increased opening in south.
week an agreement was finally reached, the expected rush
and condition generally good, but rain needed account hot weather. Early
corn matured better than expected; fodder pulling begun.
for goods failed to materialize, however, partly because the
Georgia—Atlanta: Warm and mostly dry. Picking cotton made fair
contract clause regarding the processing tax did not find
progress; some local shedding; progress and condition of crop mostly
the trade and also, because of the
favor with a section of .
good. Pulling corn fodder begun; tobacco market active. Weather more
favorable for tobacco, sweet potatoes, sugar cane, and peanuts; pastures
continued uncertainty with regard to the future cotton loan
and truck need heavy rains.
policy of the administration, following the publication of
Florida—Jacksonville: Condition and progress of cotton fair; ginning
the official crop estimate, which placed the current crop
begun. Corn mostly matured and harvested. Tobacco .mostly good;
curing practically over and now being marketed. Seed beds for fall truck
about 2,000,000 bales above last year's output. Shootings
being planted; some sprouting. Citrus improved. Cane and peanuts
and there was some interest in
moved in better volume,.
doing well.
Alabama—Montgomery: Warm with light rain in all sections; drought
sateens. Business in fine
three-leaf twills and in
counties. Progress and condition
severe In northern and middle western
goods expanded moderately, with converters showing more
of cotton, however, fair to fairly good there and very good generally elsewhere. with plc' ing increasing; about nor: Al shedding revrted. Corn
willingness to contract for forward deliveries. Combed
crop good to very good, except in north and west where severe local suffbroadcloths and shirtings had a fairly good call, and some
ing and badly in need of moisture. Sweet potatoes & ing well in dry
interest developed in carded poplins and in pigmented tafsections and fine elsewhere, Pastures and truck fair to good in most
districts.
fetas. Closing prices in print cloths were as follows: 39
Mississippi—Vicksburg: Progress of cotton fruiting mostly fair to very
inch 80's, 8c, 39 inch 72-76's, 8c, 39 inch 68-72's, 7 to
good with plants rather s:nall to fair size; local damage, ioostly in north,
by army w.)rms and spiders. Progress of corn fair in southern third with
6%0, 383 inch 64-60's, 5%c, 38% inch 60-48's, 53,4, to
poor. Moderate rains generally needed, except in
progress elsewhere
southern third. Progress of gardens and pastures fair in southern third;
53ie.
generally poor elsewhere.
Woolen Goods—Trading in men's wear fabrics continued
Louisiana—New Orleans: Continued warm and dry in northeast with
a resulting crop deterioration in so:ne areas. Elsewhere progress and
to be restricted to small lots for quick delivery, although
condition of crops generally favorable. Condition and progress of cotton
clothing manufacturers were reported to view the outlook
good and favorable for checking weevil where previously reported; opening
generally and picking beginning to northern border. Corn, cane, rice,
for Fall business with a good deal of confidence. Retailers'
pastures, and ranges generally good, but needing
sweet potatoes, truck,
stocks of Summer apparel are said to have been virtually
rain in north.
Texas—Houston: Temperature averaged about normal; rain was widely
cleaned out, thanks to a spurt in sales during last month,
some locally heavy showers fell in the
scattered and :nostly light, though
and heavier buying of Fall merchandise in the popular price
eastern Panhandle. Progress and condition of cotton generally fair to good,
through crop rather late and rain would be beneficial in northeastern and
brackets, particularly by stores in the South and West, is
advance in south. Corn generally
Panhandle districts; picking making rapid
expected by manufacturers. Spring lines of woolen and
ranges mostly in good
made and ready for gathering; feed crops, truck, and portions of
northeast.
condition, though some deterioration noted in drier
worsted men's suitings are.scheduled to be opened within
Cattle mostly good.
the next few weeks, and pire advances ranging from 15 to
Oklahoma—Oklahoma City: Hot, dry weather unfavorable for all crops,
25 cents a yard, due. to higher wool prices and increased
except cotton which made good progress and condition mostly good,
although rain would prove beneficial in some sections. Plants setting
labor costs, are anticipated. Following the recent pickup
squares generally and some bloo:ning. Threshing completed, except in
in sales, trading in women's wear fabrics showed a seasonal
extre:ne east portion. Progress and condition of corn fair in extreme south
portion, but progress poor and condition rather poor elsewhere; crop needs
shrinkage although prices held steady.
good rain badly and is nearly complete failure in few northwestern localities.
Pastures, gardens, and minor crops deteriorating rapidly. Broom corn
Foreign Dry Goods—Trading in linen continued in its
harvest about half over in Lindsay area; crop damaged in northwest section.
seasonal dullness, but prices held steady. An impetus to
Livestock water beco:ning scarce in few northwestern localities.
Arkansas—Little Rock: Progress of cotton good to excellent due to
business is expected from the forthcoming semi-annual
war:n dry weather, except that some portions of hills only fair, due to
Domestics and Linen Show. Following the receipt of easier
dryness. Plants strong; beginning to bloom and putting On bolls rapidly:
only slight shedding. Army wor:ns appearing in a few localities. Early
cables from Calcutta, burlap prices reacted further, the
northern localities; late corn poor in some
corn matured, except in some
recession in the primary market being chiefly attributed to
localities in hills; fair to very good elsewhere, but good rains needed in all
portion/3.
reduced buying on the part of South American users. Transcorn rather poor due to warm, dry
Tennessee—Nashville: Progress of
actions were confined to spot lots, with buyers showing no
weather; condition mostly fair to very good, but poor in so:ne localities.
in
interest in forward shipments. Domesticallyjightweights
Weather generally satisfactory for cotton, although rain insufficient
good. Tobacco blooming;
so:ne areas; progress and condition average fairly mostly good. Cultivation
were quoted at 4.50c, heavies at 6.00e.
variable, but condition
some topped; sizes quite
Volume 141
Financial Chronicle
State and City Department
MUNICIPAL BONDS
Specialists in
Iiiinois & Missouri Bonds
Dealer Markets
WM. J. MERICKA & CO.
IN
STIFEL, NICOLAUS & CO., Inc.
105 W. Adams St.
CHICAGO
•
DIRECT
WIRE
•
314 N. Broadway
ST. LOUIS
MUNICIPAL BOND SALES IN JULY
Although the volume of new State and municipal longterm bonds sold during the month of July was larger than
the total for the previous month, there was a marked decline
in activity in that field in the period just ended. This was
due principally to a falling off in the number of issues offered
for sale, as there was apparently no change in the high prices
at which municipal liens have been sold during the past year.
More than half of the total of 7,412,155 bonds disposed of
in July represented the combined flotations of $38,000,000
by the City of New York and $7,000,000 by the State of
South Dakota. The month's total also includes an issue of
$5,437,000 by the City of Boston, Mass. New York City
was able to negotiate its financing at the lowest interest cost
basis obtained on a loan of comparable maturity in over
30 years. Sales of $87,412,155 bonds in July compare with
$64,735,885 in June and with $94,813,199 in July 1934.
Issues of $1,000,000 or more disposed of during July are
listed herewith:
$38.000.000 New York, N. Y. corporate stock and serial bonds, of which
$18,700,000 3)s and $6,300,000 3%s mature in 1975; $8.000,000 4s due from 1937 to 1965, incl., and $5,000,000 4%s
mature serially from 1937 to 1955, incl., awarded to the
National City Bank of New York and associates at a price of
100.01, the net interest cost to the city being 3.477%. Public
re-offering of the obligations by the bankers was made as follows: $18,700,000 3 % stock at a price of 96.50. to yield
about 3.41%, and
,300,000 3Yi % stock at 102, yielding
about 3.657; 58,000,000 4% serial bonds at prices to yield
from 1.50%° 3.65%, according to maturity, while the yield
to
on the $5,000,000 4%s ranged from 1.50% to 3.60% •
7.000.000 South Dakota (State of) 47 rural credit refunding bonds,
due serially from 1943 to 1949 incl., awarded to a syndicate
°
,
headed by Edward B. Smith & Co. of New York at a price of
100.10, a basis of about 3.985%. Publicly re-offered at prices
to yield from 3.60% to 3.80%, according to maturity.
5.437,000 Boston, Mass., 2%% various issues of serial and sinking fund
bonds purchased by an account headed by Lehman Bros. of
New York at a price of 100.10, a basis of about 2.489%. In
re-offering the bonds, the bankers priced the $4,937,000 noncallable serial bonds to yield from 0.50% to 2.70%, while a
$500,000 sinking fund issue due 1965 and callable beginning
Aug. 1 1955 was offered at a price of 95,to yield 2.745%. The
serial maturities run from 1936 to 1955, inclusive.
3,500,000 Dallas Texas, 3% bonds sold to a group headed by Brown
Harridan & Co. Inc., of New York at 98.859, a basis of about
3.076%. They mature serially from 1936 to 1965, incl. and
'
were re-offered for general investment at prices to yield from
'
0.40% to 3.15%.
3,000,000 Oregon (State of) highway bonds, comprising $1,575,000
2%s due from 1950 to 1960, incl.. $750,000 23,is due from 1945
to 1949, and 5675,000 ljis maturing from 1940 to 1944, incl.,
purchased by Brown Harriman &
Inc., of New York
and associates at 96.159,a basis of about 2.63%. The bankers
Co..
in re-offering the bonds priced the 1%s to yield from
1.75%
to 2.30%, according to maturity; the 234s from 2.35% to
2.55%, and the 23s from 2.60% to 2.75%.
2,000.000 Texas (State of) relief bonds, including $1,450,500 2%s maturing from 1936 to 1941, incl., and $549,500 2Y.is due in 1942
and 1943, awarded to an account headed by R. W. Pressprich
& Co. of New York at 100.08, a basis of about 2.37%.
1,523,000 North Carolina (State of) 4, 4%, 43 and 4%% highway
bonds, due serially from 1937 to 1940, incl., sold
by the State Sinking Fund to the Chase National privately
New York and others. Price paid not made public.Bank of
re-offering by the bankers was made on a yield basis Public
of from
1.20% to 2%.
1,500,000 Seattle Wash., 4% municipal light and power refunding
bonds Maturing from 1943 to 1949, incl., sold to the Bancamerica-Blair Corp. of New York and associates at 96.50, a
basis of about 4.40%. Re-offered for general investment at
prices ranging from par for the 1943 bonds to 98.75 for those
due in 1949.
1.181,000 Columbus, Ohio, 3% bonds, comprising various issues maturing serially from 1940 to 1958, incl., awarded to an account
headed by the Northern Trust Co. of Chicago at a price of
100.091, a basis of about 2.99%. Re-offered at prices to yield
from 2% to 3%,according to maturity.
1,000.000 Louisiana (State of) 5% highway bonds due serially from
1939 to 1949, incl., awarded to the Bancamerica-Blair Corp.
of New York and associates at a price of 103.81, a basis of
about 4.407. Re-offered at prices to yield the investor from
3.50% to 4°50%, according to maturity.
.
As is to be expected, there are some municipalities which
are unable to sell their obligations, notwithstanding the
unusually favorable market conditions which continue to
prevail for municipal issues. Abortive offerings during July
represented issues of 22 municipal units having an aggregate
par value of $6,447,385, of which $4,418,935 represented an
unsuccessful offering by Akron, Ohio. These are enumerated
herewith, together with the page number of the "Chronicle"
where an account of the unsuccessful offering appears:
Union Trust Elide.
CLEVELAND
DIRECT
WIRE
I
One Well Street
NEW YORK
RECORD OF ISSUES THAT FAILED OF SALE DURING JULY
Pape
Name
Rate
Amount
Report
305 aAkron. Ohio
. not exc.6% $4,418,935 No bids
not exc.6%
125,000 No bids
479 Carson County, Tex
5%
40,000 Bids rejected
631 Conehatta Con. S. D., Miss
x
10,000 Not sold
793 Cuyahoga Falls, Ohio
3%
15,000 Not sold
636 bDunmore, Pa
not exc. 5%
185.000 Partially sold
787 Grand Junction, Colo
14,500 No bids
469 cHarrison School Twp., Ind
4
57
43,000 Reoffered
638 La Center, Wash
not exc.6%
4,700 Not sold
794 Leedey, Okla
x
15,000 No bids
480 Lewis County Con. S. D.
No. 225, Wash
not exc. 6%
19,000 No bids
791 Little Ferry, N. J
4%%
76.000 No bids
474 Long Branch, N. J
not exc.6%
182,000 No bids
312 Mercer County, N. Dak.._
x
50.000 Bid rejected
788 Montpelier, Ida
36,250 No bids
635 dRocky River, Ohio
4Ti%
174,000 Bids rejected
795 Schuylkill County, Pa
4%
90,000 Sale canceled
149 Snohomish Co.S. D.No.324,
Wash
not exc.6%
88.000 No bids
468 Sussex County, Del
3
775,000 Bids rejected
793 Tarboro, N. OP
53.000 No bids
4%
628 Thor, Iowa
8,000 Not sold
316 Warren School District, Pa.._
2%
25,000 No bids
x Rate of interest was optional with the bidder.
a Bids will be received until Sept. 9 for purchase of $1,328,981 4% 7,
bonds
-V. 141, p. 793. b A block of $100.000 bonds has been sold ac
58, at par, to Leach Bros., Inc. of New York. c The issue was reoffered
for sale on Aug. 7. d The bonds are being reoffered for sale on Aug. 26.
as
noted on a subsequent page of this section.
The sale by the State of New York of an issue of $75,000,000 notes helped swell the total of municipal short-term
financing during the month of July to $131,776,175. In
addition, the City of New York issued $45,511,000 3%
revenue notes in exchange for a like amount of revenue bills.
Continued ease in money rates was reflected in the extremely
favorable terms at which New York State was able to
negotiate its loan. This was also true in the case of the
disposals made by other municipal units in July. The State
notes, maturing May 9 1936, were marketed at an interest
rate of 0.35_%, the lowest ever paid on similar borrowings in
the past. The best rate previously obtained was 0.375%.
Long-term Canadian municipal issues sold during July
aggregated $8,598,432. none of which was sold in the United
States. Temporary financing amounted to $50,500,000,
of which $50,000,000 represents Treasury bills placed by
the Dominion Government. This figure includes an issue
of $30,000,000 which was sold by the Dominion at record-low
interest cost, the average yield on the obligation to investors
being 1.23317%. Among the permanent issues placed during
the month were those of $4,000,000 by the Province of Saskatchewan and $2,690,000 by the Montreal Metropolitan
Commission, Que. The former issue, bearing 4% interest and
due Aug. 1 1960, was brought out by the Dominion Securities Corp. and associates at a price of 90.45, to yield 4.65%.
The Montreal loan, comprising $1,390,000 24E3 of 1937,
priced at 99.32, to yield 2.90%, and $1,300,000 4s of 1947,
offered at 98, to yield 4.21%, was underwritten by the
Bank of Montreal and associates.
United States Possession financing in July-included the
public sale by the Territory of Hawaii of $3,000,000 1%%
and $1,430,000 1.70% refunding bonds, due serially from
1939 to 1944 incl., to Halsey, Stuart & Co.,Inc. of New York
and associates at a price of 100.035, the net interest cost
basis being about 1.73%. In addition, the Puerto Rican
municipalities of Humacao and Manati sold issues of $77,000
and $58,000, respectively, to the Banco Popular de Puerto
Rico, bringing the total of United States Possessions borrowings for the month to $4,565,000.
Below we furnish a comparison of all the various forms of
securities sold in July during the last five years:
1935
1934
1933
1932
1931
$
Perm't loans (17. 5.) 87.412,155 94,813,199 30.395.055 27,831,232 96,766,226
*Temp.loans (U.S.)131,776,175 73,158,830 35,815.678 47,962,000 67,592,970
Can.loans(perm1)Placed in Canada_ 8,598,432
414,700 27,085,532 25,912,340 5,000,000
Placed In U. S..None
None
None
None
None
Bonds U. S. Posens 4,565,000
None 1,250.000
None
None
Gen.td. bds.N.Y.C.
None
None
None
None
None
Total
232,351,762 168,386,729 94.546,265 101.705.572 169,359,196
•Including temporary securities issued by New York City: $45,511.000
in
1935; $27,000.000 In July 1934; $21,429,312 In July 1933, $16,785,000 in July July
1932,
and $24,000,000 In July 1931.
The number of municipalities emitting long-term bonds
and the number of separate issues during July 1935 were
277 and 337 respectively. This contrasts with 265 and 348
for June 1935 and with 232 and 274 for July 1934.
For comparative purposes we add the following table,
showing the aggregates for July and the seven months for a
series of years. In these figures temporary loans, and also
issues by Canadian municipalities, are excluded.
WE WANT OFFERINGS
STATE AND MUNICIPAL BONDS
Arkansas, Louisiana & Mississippi
Edward D. Jones & Co.
member„3St. Louis Stock Exchange
'New York Curb Exchange (Assoc.)
ST. LOUIS, MO.
Boatmen a Bank Bldg.
1935
1934
1933
1932
1931
1930
1929
1928
1927
1926
1925
1924
1923
1922
1921
1920
1919
1918
1917
1916
1915
1914
Aug. 10 1935
Financial Chronicle
952
For the
Month of
Seven Mot.
July
$87,412,155 5687,422,617 1913
94,813,199
614,383,734 1912
30,395,055
256,820,181 1911
27,831,232
556,300,772 1910
96,766,228
947,954,662 1909
112,358,085 877,894,667 1908
755,497,820 1907
85,114,065
80,899,070 859,218,515 1908
968,849,278 1905
86,028,558
838,257,412 1904
89,270,476
144,630,193 896,468,767 1903
117,123,679
905,868,652 1902
67,776,833 652,577,756 1901
749,702,241 1900
94,616,091
104,584,124
570,999,6111899
379,671,407 1898
57,003,875
389,641,263 1897
83,990,424
174,909,192 1896
23,142,908
314,407.599 1895
92,828,499
321,076,020 1894
36,611.488
356,818,480 1893
33,899,870
384,334,150
26.776.973
Month of
For the
July
Seven Mos.
$23,477,284 $242,358,554
30,479,130
276,768,423
42,231,297
265,493,667
35,832,789
198,678,899
20,120,647
227,245,964
21.108.678
190,181,257
16,352,457
131.700,346
25,442,095
127,780,340
10,878,302
122,601,356
33,233,254
171,102,409
16,670,240
95,246,674
12,861,550
100,489,945
8,262,495
69,485,555
8.104.043
86,047,708
18,613,958
81,959,334
7,868,563
51,947,110
17,389,859
90,665,236
48,490,459
5,313,495
15,375,660
72,366,273
8,253,237
74,680,227
34.354,175
1,691,600
In the following table we g'ire a list of July 1935 loans in
the amount of $87,412,155, issued by 277 municipalities. In
the case of each loam reference is made to the page in the
"Chronicle" where accounts of the sale are given:
Rate Maturity
Name
10 years
23
Mass
Abingto,789
1936-1942
625 Adams Co. Sch. Dist.No. 14,Colo.33
3% 1945-1947
470 Adel, Iowa
4
1-10 years
796 Akan, Wis
334 1940-1959
305 Albion School District, Neb
2% 1938-1950
308 Amana Sch. Twp.,Iowa
2
1936-1950
306 Ansonia, Conn
1936-1942
2
793 Ashtabula Co., Ohio
1936-1954
43
306 Atlantic Highlands, N. J
3
1937-1945
470 Augusta. Kans
790 Avon S. D. No. 5, Mich
234 1937-1941
474 Babylon, N. Y
1940-1948
477 Baker Co. S. D. No.5, Ore.(2 les.)3
334 1936-1957
473 Bayonne, N. J
3
1936-1944
637 Beaumont, Tex
3
142 Beaver. Pa
1949
334
142 Bedford Co., Tenn
234 1946-1955
636 Berwick, Sch. Dist., Pa
234 1937-1945
636 Berwick, Sch. Dist., Pa
1939-1942
5
306 Bettendorf, Iowa
1
1936-1940
629 Beverly, Mass
534 1936-1944
625 Bijou Irrigation Co., Colo
3
306 Billings. Mont
231 1936-1948
306 Boone, Iowa
234 1936-1955
306 Boston, Mass
231 1955-1965
306 Boston, Mass
2 years
793 Bowbells S. D. No. 14. N. Dak_63j
4
637 Brenham, Tex
234 1936-1955
634 Bucyrus, Ohio
4
1936-1950
791 Caliente, Nay
3
1940-1955
307 Cambridge, Md
334 20-40 yrs.
637 Camden, S. C. (3 issues)
142 Carbon Co.S. D.No. 1, Mont_ -434 1936-1955
434 1950-1966
791 Carteret, N. J
434 1941-1965
480 Casper, Wyo
788 Charlotte Twp., Ill
134 1936-1938
307 Charlotte. N. C
Charlotte Twp., N. C
234 1936-1965
143 Chatham, N. J
531
794 Chelsea Sch. Dist., Okla
2
470 Chickasaw Co., Iowa
1936-1975
3
793 Cincinnati, Ohio
5
793 Cincinnati, Ohio (4 issues)
231 1936-1945
143 ChiCopee, Mass
792 Cincinnatus, Willet, Cuyler, Freetown, Solon, Taylor dc Truston,
Cortiandt Co., German, Lincklaen, Pharsalla, Picher, Chenango Co., Triangle Broom Co.,
1936-1959
4
Central S. D.No. 1, N.Y
4
307 Clearwater Co., Ida
307 Clearwater Co. H. D., Ida
307 Clifton, N. J
632 Clifton, N. J
1936-1954
4
791 Columbus, Neb
1940-1958
3
307 Columbus, Ohio (6 issues)
1940-1950
4
143 Conneaut Lake' Pa
434 1937-1945
794 Coos Co., Ore
234
628 Creeton, Iowa
431 1940-1949
793 Cuyahoga Co.. Ohio
1936-1965
3
308 Dallas, Tex. (2 issues)
16 years
3
308 Danbury, Conn
1941
151
796 Dane Co., lVis
4
308 Decatur, Neb
789 Dee Moines, Iowa
231
143 Des Moines Co.,Iowa
1937-1946
3
472 Detroit Lakes, Minn
1937-1946
3
789 Dodge City, Hans
787 Douglas Co.S. D. No. 38, Colo-334
1936-1945
4
Dover, N. J
144 Downs, Kan
231
144 Dubuque, Iowa
5
838 Dunmore, Pa
1942-1943
144 East Chicago, Ind
I% 1936-1945
477 Easton School District, Pa
1937-1957
3
476 Elyria, Ohio
4
480 Enumclaw, Wash
1937-1950
2
477 Ephrata Sch. Dist., Pa
4
308 Fairfield, Neb
-5 41940-1955
308 Fallon Co. S. D. No. 5, Mont..
791 Fergus Co.High Sch-.Dist., Mont_4
1940
480 Ferndale Sch. Dist. No.308, Wash.434
308 Fitchburg, Mass. (2 issues)
134 1936-1945
1938-1948
4
308 Flint, Mich
1938-1944
4
790 Flint, Mich
334 1937-1949
308 Forsyth County, N. C
1950-1956
3
308 Forsyth County. N. C
308 Fort Mill Twp.,8. C
334 1936-1950
308 Franklin, Tenn
1937-1953
4
480 Franklin, Vt
234 1936-1942
790 Freeborn County. Minn
1936-1945
5
Fulton, Ky
471
35i 1936-1942
3
1943-1945
479 Galveston, Tex
334 1946-1948
4
144 Garfield CO. H. S. D., Mont
Page
Amount
$13,500
15,000
r5.500
40,000
r440,000
16,500
75,000
51,000
7132,000
714,000
15.000
40,000
296,000
7225,000
50.000
r51,000
7150,000
7100,000
6,848
17,000
100,000
r64,000
17,000
4,937,000
500,000
5,000
r439,000
35,000
30,000
40,000
7175,000
758,000
7255,000
7250,000
42,000
25,000
42,000
200,000
19,053
7210,000
75,500
38,455
75,000
160,000
750,000
7130,000
74,400,000
800.000
57,000
1,181,000
76,500
727.000
r27,000
223,000
3,500,000
80,000
250.000
118,000
10,000
110.000
30,000
r119,000
722,000
307,000
7'29.000
79.500
100,000
25,000
52,000
252,000
5,500
87,000
714,500
75,000
437,000
8,000
125,000
r898,000
7677,000
765,000
735,000
30,000
15,000
125,000
32,000
10,000
302,000
59,000
64,000
50,000
Price
Basis
104.17
101.37
100.87
100.68
100.07
100.22
Iii
100.14
2.47
3.20
1.91
1.98
4.47
100.848 3.16
100.03 2.98
3.12
101.51
101.02
101.02
100
5.00
100.022 0.99
100.40
100.58
100.10
100.10
2.41
2.48
2.48
102.30
100.57
2.69
101.21
2.88
100
4.50
100.06
1.72
100.007 2.74
5.50
100
100.76
2.10
105.015 3.56
4.00
100
100.14
100.09
102.24
100.10
3.85
2.99
3.74
4.23
101.16
98.85
100.37
1.68
100
100
2.25
3.00
100
100.68
3.75
100
5.00
4.25
100.31
100.815 2:65
4.00
100
100.38
1.96
100
100
100
100
100
100
100.01
100.01
5.50
4.00
4.50
1.25
4.00
4.00
3.13
3.13
100.10
3.24
105.792 3.25
100.039 2.24
100
4.00
Rate
Page
Name
628 Garnett, Kan
234
793 Gastonia Graded Sch. Dist., N.C_534
789 Glidden Cons. Sch. Dist., lowa__3
627 Goshen, Ind
34
434
625 Graham County. Ariz
4%
144 Granada, Colo
309 Cranbury S. D., Tex
4
309 Grand Lake S. D., Colo
3
144 Great Bend, Kan.(2 issues)
3
631 Greenville Miss
4
787 Greenwood, Del
144 Gunplain Twp,S. D. No.2, Mich.5
434
632 Haledon, N..1
4
309 Hamburg. Win
411
309 Hammond, Ind
789 Harlan Indep. School Dist., Iowa_234
2%
470 Harris Con. S. D., Iowa
2%
470 Harrison County, Iowa
4%
788 Hartford City, Ind
2
471 Haverhill, Maas
2%
309 Henry County, Tenn
3%
471 Herington, Kan
792 Hempstead S. D. No. 17, N. Y-334
472 Highland Park Sch. Dist., Mich_.134
4
310 Hillsboro, Win
3
791 Hillsborough County, N. H
4
145 Hoboken, N. J
310 Hoboken, N. J
2.70
474 Hornell, N. Y. (2 issues)
3.20
474 Hornell, N. Y
334
310 Hudson S. D., Iowa
795 Huntingdon S. D., Tenn
2.20
633 Huntington, N. Y
234
310 Idaho Falls, Ida
4
145 Imperial, Neb
788 Indianapolis Sanitary Dist., Ind 3%
635 Ironton, Ohio
3%
635 Ironton, Ohio
475 Islip Union Free S. D. No. 7, N.Y.2.70
4
788 Jefferson County, Ill
468 Jefferson Co. S. D. No. 8, Colo.„3
2%
310 Jennings County, Ind
470 Jennings School Township, Ind_ _434
3.60
633 Johnsburg, N. Y
4
794 Johnston Co. S. D., Okla
791 Joplin, Mo
789 Kamrar Ind. Sch. Dist., Iowa__ _334
310 Kandlyohl County, Minn
4
310 Kane, Pa
234
789 Kansas City, Kan
631 Keene Union Sch. Dist., N. H____3
4
310 Kendall, Win
334
310 Kentucky (State of)
3
311 KInsley, Kan
4
477 Klamath Falls, Ore
636 Klamath Falls S. D. No. 1, Ore__ _4
627 Knox Township, Ill
.
786 Laguna High Sch. Dist., Calif _ 14
1334
4
627 Lake County, III
633 Lake Placid, N. Y
3
1
'
311 Lakewood, Ohio
311 Lancaster, N. Y
334
788 Lapway Vail. H'way Dist., Idaho..234
4
311 La Porte, Ind
2.20
475 Lawrence, N. Y
471 Leavenworth County. Kan
134
789 Leavenworth County,Kan
234
792 Lewis, Leyden, dm., B. D. No. 1,
4
N.Y
234
311 Lincoln, Neb
214
311 Lincoln, Neb
3
146 Linden, N. J
471 Linn County, Kan
434
3
477 Linn Co. S. D. No. 37, Kan
2%
472 Little Falls Ind. S. D., Minn
2.90
311 Lockport, N. Y
234
311 Lockport, N. Y
4
311 Logan, Utah
234
635 Lorain, Ohio
5
471 Louisiana (State of)
234
311 Lowell Mass
146 Lower Penns Neck Twp. S. D.,
5
{134
480 Lynchburg, Va.(2 issues)
2
4
791 Lyons, Neb
4
788 McCammon, Idaho
473 McCone Co. S. D.No.84, Mont4
789 McPherson. Kan
2%
629 Malden, Mass.(3 issues)
1%
312 Marblehead, Mass
534
146 Marion, Ky
2
146 Marion County, Ind
434
638 Martinsburg, W. Va
2
470 Mason City, Iowa
334
636 Medford, Ore
4%
148 Medina County, Texas
626 Mesa County S. D. No. 19, Colo_434
534
629 Middlesboro, Ky
1%
626 Middletown, Conn
3.60
792 Minetto, N. Y
2%
Minneapolis, Minn. (2 issues)
790
331
147 Monaca S. D., Pa
331
637 Monkton, Vt
234
470 Monroe County, Ind
471 Montgomery County, Kan
334
791 Montevideo, Minn
4%
789 Muhlenberg COUnty, KY
{3x
472 Muskegon Sch. Dist., Mich
3
234
471 New Bedford, Mass
434
788 Newnan, Ga
134
4'78 Newport, R.I
475 New York, N. Y.(6 issues)
13 i
334
4
434
334
4-434
North Baltimore, Ohio
North Carolina (State of)
North Chicago, Ill
North Huntington Twp.S. D.,Pa.234
North Norwich Corn. S. D. No. 3
4
N.Y
334
635 Northwest Twp. S. D., 131110
234
313 Norwood City S. 13., Ohio
2
475 Nyack, N. Y
434
313 Ocean CoUnty, N.J
793 Ogden Un. Fr. S. D.No. 1, N. Y3.90
789 Okaboll Twp. Cons.S. D.,Iowa._231
5
478 Olyphant Sch. Dist., Pa
3
628 Orange City, Iowa
254
636 Oregon City. Ore
334
793 Orleans Fire Dist, N. Y
468 Otero Co. S. D.No.11 (2185.), Col 3.40
131
794 Oregon (State of)
234
794 Oregon (State of)
234
794 Oregon (State of)
234
148 Paola S. D., Kan
234
628 Peabody S. D. No. 12, Hans
134
471 Peabody, Mass
479 Perry Sch. Dist., Tex
4
475 Philmont, N. Y
434
634 Pierce Co., N. Dak
531
14801scatawa Twp., N.J
794
313
469
478
475
Maturity
1937-1953
1936-1944
1936-1941
1-5 years
1936-1947
1936-1954
1945
1938-1960
1950-1959
1937-1946
1936-1946
1936-1939
1936-1945
1936-1945
1973
1936-1945
1936-1955
1943
1937-1944
1935-1954
1936-1945
1936-1945
1936-1940
1955
1939-1946
1919-1946
1936-1955
1-10 years
1940-1949
1940
1936-1950
1936-1947
5-12 years
1937-1949
1937-1942
1938-1945
1-10 yrs.
1936-1946
1939-1953
1936-1955
1938-1950
1948-1952
1938-1944
1945-1956
1936-1952
1936-1945
1936-1939
1936-1940
Amount
25,000
52,000
724,000
130.000
45,000
76,000
12,000
12,500
5,208
30,000
725,000
76,250
79,000
15.000
25,000
60,000
714,000
18,000
8,000
114,000
750,000
749,000
129,000
745,000
35,000
300,000
4.600
460,000
40,000
30,000
717,500
10.000
193'-1945
4720,000
13,000
374,000
739,949
725,050
30.000
80,000
70,000
15,000
29,000
12,000
12,000
10,000
r31,000
730,000
25,000
22,000
55,000
7.500
74800,000
50,000
r273,419
74125,000
40,000
35,0001
50,0001
188,000
34,000
75,000
20,861
r15.000
90,000
30,000
36,000
13,000
Price
100.34
100.115
100
100.46
1940-1943
1936-1955
1936-1940
1955
1936-1940
1938-1953
1943
1937-1946
1936-1950
1936-1946
21 yrs.
1936-1950
1936-1955
1936-1955
1936-1945
1936-1954
1936-1939
1959
1936-1951
1936-1951
1936-1945
1940-1964
1937-1948
1975
1975
1937-1965
1937-1955
1936-1960
1937-1940
1940
65,000
235,000
265,000
740,000
4716.000
12,000
15,000
150,000
40,000
78,000
732,500
792,000
25,000
22,808
26,000
711,000
25,000
300,000
24,000
640,000
30,000
22,000
160,000
65,000
12,000
14,000
768,000
771.000
100,000
25,000
118,000
18,700,000
6,300,000
8,000,000
5,000,000
100,000
1,523,000
200,000
50,000
1936-1945
10,000
1936-1941
r5,421
22,000
1937-1958
1936-1945
25,000
1936-1951
7465,000
1937-1945
30,000
1936-1942
8,500
1945
44,000
1936-1955
20,000
1939-1945 74105,000
1936-1944
9,000
50,000
1940-1944
675,000
1945-1949
750.001)
1950-1960 1,575,000
r35,000
712,000
1930-1940
25,000
4,000
1937-1946
10,000
1945
744.000
1940-1975
t98.000
5:23
3.00
2.09
100
3.00
100
100
4.00
5.00
100.625
100.15
100.63
-4.43
1.89
----
3:48
100.20 100.058 1.47
106.445 2.31
4.00
100
100.329 2.62
3.15
100.41
---100.22
100.52
101.34
2.14
3756
100.70
100.70
100.22
iii
3.63
2.67
__ --
99.68
100.023
104
100.328
100
.2
2
-- 15
3.80
3.54
4.00
106.25
3.00
106.777
1.89
100
100
96.
100
3.50
3.00
4.50
4.00
100.0129 _100.279 2.96
100.19
3.16
103.75
2:14
100.06 100.068 -100.41 ----
25,000 100
1937-1961
1945
76.800 100.03
761,200 100.03
1946-1949
308,000 101.59
1940-1950
1940-1941
9,000
9,500 100.31
1936-1942
30,000 100.25
1937-1942
1936-1944
25.000 100.19
1937-1945
18,000 100.09
1938-1947
100,000 100.423
1936-1941
5.531 100.32
1939-1949 1,000,000 103.81
1-10 yrs.
450,000 100.14
1936-1938
1936-1940
1941-1945
Basis
4.00
2.73
2.73
2.82
2.91
2.19
2.89
2.73
3.94
2.40
4.40
2.22
1.72
104.16
100.027 ---100.925 -100
100
4.00
4.00
100.52
100.55
2.17
1.09
100.10
1.97
100.40
100.14
1.92
3.23
100
100.099
100.83
100.03
100.85
100.59
100.85
5.50
1.74
3.49
2.24
3.33
3.43
2.09
100
100
3.50
4.75
----
122.06
100.35
2.87
1.69
100.01
3.48
101.081
3.15
100.201
2.46
100.75
100
100.71
100.209
100
100.17
100.588
100.13
101.505
100.28
100
3.84
3.50
2.43
1.95
4.75
3.87
2.61
4.98
2.82
2.70
3.50
96.15
96.15
96.15
2.63
2.63
2.63
100.177
1.70
100
4.00
100
5.50
Volume
Financial Chronicle
141
Page
Name
790 Plymouth, Mass
148 Plymouth, Wis
793 Port Jervis, N. Y
636 Portland, Ore
477 Port of Toledo
471 Pottawatomie Co., Kane
314 Pottsville 8. D., Pa
477 Pryor, Okla
471 Queen Anne's Co.. Md
788 Railroad School Tvrp., Ind
789 Reno Co., Kane
149 Richland Co., Ohio
796 Richland Co., WI8
789 Richmond. Ky
149 Ringgold Co., Iowa
793 Roanoke Rapids, N. C
635 Rocky River, Ohio
793 Rowan Co., N. C
Rate
234
3
3.40
6
6
234
234
5
2,1
5
231
4
3
531
334
434
531
1394
1331
4
234
Amount
Price
24,750 100
1936-1952 r141,000 104.31
1936-1945
60,000 100.24
420.025 100
3-10 Yrs.
1941
10.000 102.50
10.000
420,000 101.32
1950-1955
r60,567
1940-1954
75,000 101.22
1938-1946
17.000 103.67
1-10 yr.
10.000 101.31
1936-1938
30,000 103.11
1938-1940
80,000 105.125
1937-1955
65,500
25,000
1939-1956
20,000 100.06
1939-1945 r174,000 100.13
1946-1950
25,000 1100.114
1951-1955
25,000
631 Roy H. S. D.. Mont
10,800
637 Rutland, Vt
1937-1953
83,000 101.55
471 Sabetha. Kan
100.000 100.11
791 St. Paul. Neb
4
r49,000
791 St. Paul, Neb
794,000
4
791 St. Joseph, Mo
r120.000 100.252
251
472 Salem, Mass
34,000 100.67
191 1936-1945
477 Salem. Ore
1940-1945 r429,000 100.08
3
471 Salina Sch. Dist., Kane
r34,090
231 1937-1946
468 Salinas, Calif
ti
45,000
)1936-19631
1
95,000
2
%
469 Saline Co., Ill
1-15 yrs.
102,000
394
149 Salisbury, Md
1938-1955
4
30,000 107.04
315 Saulte Ste Marie, Mich
39,570 100.11
10 years
334
315 Scottsbluff S. D., Neb
r71,000
334
315 Scottsburg, Ind
17,000 101.82
5 '
794 Seattle, Wash
1943-1949 r1,000,000
4
628 Sedgwick Co., Hans
44,000 101.026
234 1936-1945
787 Selbyville, Del
56.000 100.65
3.31
315 Shelton. Wash
r41,000 100.27
3.31 1938-1948
315 Shillington, Pa
2.31 1940-1965 d400,000 100.32
Slidell Sewerage Dist No. 1, La_ -- 1936-1958
315
40,000 100
795 Smithfield, Pa
4
1936-1965
32,000
315 South Dakota (State of)
1943-1949 7.000,000 100.10
4
789 South Portland, Me
20,000 100
231 1936-1939
468 Stamford, Conn
720,000 100.04
2
791 Stillwater Co.S. D. No.6, Mont _ _5
1936-1951
16,000
470 Story City. S. D. Iowa
r10,000
470 Stuart Ind. 8. D., Iowa
12,000
334
150 Texas (State of)
234 1936-1941 1,450,500 100.06
100 Texas (State of)
549,500 100.06
234 1942-1943
638 Thurston Co.S. D. No.310, Wash 4
8,000 100
470 Tippecanoe Co., Ind
110,000 100.39
1936-1945
2
150 Torrington, Conn
200.000 100.25
2
150 Towanda, Pa
r75,000 100.64
234 19313-1955
315 Van Buren, Ark
11.000 100
1945
5
315 Vanderburgh County, Ind
90,000
131
315 Vanderburgh County, Ind
90,000
2
315 vanderburgh County,
120,000
Ind
234
470 Vincennes Ind
r5,500 100.18
4.31
627 Waha Tammany High'y Dist.,Ida.2X
720,000 100.38
474 Wall Township N J
494 1-15 years T170.000
796 Warren County, Va
38,000 103.06
1965
316 Waseca County, Minn
75,000
234 1937-1941
471 Wellington, Kan
50,000 101.15
234 1936-1945
472 Westfield, Mass
50,000 100.25
131 1936-1945
.
793 Westhampton Beath, N y
1937-1954
26,000 100
3
150 West Leesport, Pa
16,500 100.15
331 1936-1945
792 West Orange, N.J
r54.900 100
331 1936-1940
150 Westwood, N. J
431 1936-1945 r162.000 97.83
Igo Westwood, N. J
125,000 97.83
434 1936-1955
470 Whiting. Iowa
20,000 100
1954
334
473 Wibaux, Mont
r19,000 100
1948
5
Williams Bay, Wis
796
20,000 103.125
6
100 Woodbury County, Iowa
180,000 100.27
234 1930-1944
480 Worland, Wyo
20,000 105.08
1936-1955
4
628 Wyandotte County, Kansas
250,000 100.53
1936-1945
2
471 Yates Center, Kan
r51.000
1945-1952
4
150 Yazoo Co. It. D. No, 2,
7,000 102.60
Miss---434 1938-1944
316 Youngstown, Ohio
120,000 100.01
334 1936-1945
Maturity
Basis
2.50
2.46
3.36
6.00
5.51
iii
-2.6i
4.24
2.01
2.40
1.59
--
"4:24
5.73
166
1.62
2.98
3.31
3.23
-
-
2.05
-3.46
2.47
3.98
2.25
1.99
2.37
2.37
4.00
1.92
2742
5.00
1.82
2.03
1.70
3.00
3.23
3.75
4.70
4.70
3.50
5.00
2.20
1.56
195
3.49
Total bond sales for July (277 municipalities, covering
337 separate issues)
887.412,155
d Subject to call in ancitiuring the earlier years and to mature in the later years.
k Not including $131,776,175 temporary loans or loans to States and municipalities
by Federal Government agencies. r Refunding bonds.
The following items included in our totals for the month of
June should be eliminated from the same. We give the
page number of the issue of our paper in which reasons for
these eliminations may be found:
Page
625
470
306
315
Name
Cloverdale S. D., Calif
Indianapolis San. Dist., Ind
Martins Ferry, Ohio
Vinita, Okla
Rate
Maturity
Amount
031,000
374,000
5,400
36,000
Price Basis
We have also learned of the following additional sales
for previous months:
Page
306
142
142
143
143
144
309
145
145
145
146
148
148
149
477
475
149
149
149
150
150
150
150
Ram
Name
Barnesville, Ohio
5
Campbell, Ohio
a
Carlsbad Municipal S. D., N.Mex.4
Chattanooga, Tenn
434
Danbury, cone
3
Farnham, N. Y
4
Greene County, Ind
6
Rempfield Twp. S. D., Pa
334
Highland County, Ohio
294
Hinesburg, Vt
334
Marion Co. S. D. No.79, Ore__Mi
Pleasant Prairie, W18
3
Pottawattomie County, Iowa----331
Redmond Ore
4
Rittman, Ohio
331
Schaghticoke, N. Y
431
Scott County, Iowa
Sherman County, Kan
234
Smyrna Del
4
Tonawanda 8. D. No. 1, N. Y...3.80
Torrance Co. .D.No.10, N.Mex..4
5
West Rutland, Vt
3
Winfield Twp , Ind
6
Maturity
19354943
1936-1955
15 years
1936-1955
1936-1945
1937-1945
1939-1945
1935-1938
1936-1955
1937-1943
1936-1946
1930-1955
1937-1946
1936-1941
1936-1940
1936-1945
1938-1949
1935-1948
1936-1945
Amount
05,400
206,000
r58,000
r494,500
100,000
5,000
8,487
440.000
5,550
r30,000
48,000
35.000
75,000
r40,000
12,000
3,600
r33,000
15,000
r110,000
70,000
12,000
r50,000
20.000
Price
100.26
Basis
4.92
100
ïóô
101.50
100
101.81
100.12
101.66
100.28
98.55
3.69
6.00
3.20
2.68
3.31
3.70
3.28
96.30
100
101.07
104.04
100.42
100
100.72
107
2.13
3.72
4.00
2.86
4.55
All of the above sales (except as indicated) are for June.
These additional June issues will make the total sales (not
including temporary or RFC and PWA loans)for that month
$64,735,885.
UNITED STATES POSSESSIONS BONDS ISSUED IN JULY
Page
Amount
Name
Rate Maturity
Price
Basis
788 Hawaii (Territory of)
191 1940-1944 43.000.000 100.03
1.73
788 Hawaii (Territory of)
1.70 1939-1944 r1.430,000 100.03
1.73
310 Humaco, Puerto Rico
4
1936-1960
77,000 100.27
3.97
Maul', Puerto Rico
311
1936-1959
58,000 100.27
4
3.97
DEBENTURES SOLD BY CANADIAN MUNICIPALITIES IN JULY
Page
Name
Amount
Price
Bartz
Rate Maturity
480 Canada (Dominion of)
*$20,000,000
--796 Canada (Dominion of)
*30.000,000
150 Dartmouth, N. S
9,000 101.38 1:56
4
20 yrs.
Pape
150
150
638
480
480
150
312
796
796
638
798
480
638
638
953
Name
Rate
Dartmouth, N. S
4
Dartmouth, N. S
4
Joliette, Que
3.31
Longueull, Que
434
Merritton, Ont
4
Middlesex County, Ont
234
Montreal Metropolitan Commission, Que
211
New Brunswick (Prov. of)
3
New Brunswick (Prov. of)
3
St. Jean Vinney, Que
431
Saint John, N. B
334
Saskatchewan (Prov. of)
4
Wentworth County,Ont
311
Winnipeg, Man
4
Maturity
10 yrs.
5 yrs.
20 yrs.
1936-1955
1936-1955
Amount
12,500
8.500
48,000
22,200
28,000
99,000
Price
101.56
101.85
96.77
99.12
98.70
99.63
1937-1947 2,690,000
5 yrs. r782.000 102
5 yrs.
576,000 102
110,000 98.05
1937-1975
175,000 97.30
1960 4.000.000
90.45
1-10 yrs.
38,232 100.55
"500,000
Total long-term Canadian debentures sold in July__ _
Temporary loan, not included in month's total.
Basis
3.80
3.59
3.88
4.60
--
W.i.;
2.55
.84
-3
4.85
3.40
----
58,598,432
PUBLIC WORKS ADMINISTRATION MUNICIPAL
ALLOTMENTS
Loans and grants totaling $3,141,450 for 24 non-Federal
local construction projects were announced on Aug. 8 by
Public Works Administrator Harold L. Ickes in press release
No. 1528. These allotments were made from the old appropriations for public works construction, 21 of them being
combined loans and grants to public bodies and three being
loans only to private corporations for construction of facilities for public use.
The loans and grants to public bodies were made on the
same basis as all allotments made from the old public works
appropriations, the grants covering 30% of the cost of labor
and materials used and the loans bearing 4% interest. The
loans to private corporations also will bear 4% interest.
Allotments were announced for the following projects
NameAustin, Texas
Cameron State Agricultural College, Lawton, Okla
Colenian. Texas
Cuero Ind. Sch. Dist., Texas
Delta, Colo
Holbrook, Ariz
Huntingdon Special Sch. Dist., Tenn
Las Cruces. N. Mex
Liberty County S. D. No. 29, Mont
Long Beach, Calif
Lubbock, Texas
Montgomery County, Md
Onida, S. Dak
Paula Valley, Okla
Phillipsburg, Kan
Port Lavaca. Texas
Richmond, Va
Staple, Minn
Summit County, Ohio
Teton Co.Spec. Impt. Dist. No.2, Mont_
Wynnewood. Okla
Allotment
Naturs of Project
0250,000 dormitory building
100.000
43,500
42,000
197,000
50,000
42,605
186,00C1
23,600
266.400
112.500
794,000
12,800
212,000
120,450
140,600
61.000
82,000
217,200
63.000
65,000
dormitory buildings
auditorium and armory 1
gymnasium building
1
power distribution system
improvement
school building
gas distribution system
school building
water storage tanks
power plant addition
school buildings
municipal auditorium
electric distriution system
Diesel electric plant
shrimp & oyster processing plant
laundry building
electric plant addition
road improvements
water works system
Diesel electric plant
RECONSTRUCTION FINANCE CORPORATION
A report on loans made to districts was contained in the
following text of a statement released on Aug.5 by the abovenamed Federal agency:
Loans for refinancing a drainage district in Mississippi and two drainage
districts in Arkansas, and loans for refinancing and rehabilitating one
drainage district in Illinois and rehabilitating one conservancy district in
Florida, aggregating $334,410.94, have been authorized by the Reconstruction Finance Corporation under the provisions of Section 36 of the
Emergency Farm Mortgage Act of 1933. as amended. The districts are:
Squirrel Lake Drainage District, Quitman County,Miss
$10,500.00
Drainage District No. 11 Jackson County, Ark
22,000.00
Big Creek Drainage District No. 15, Craighead County, Ark_ 77,500.00
Whiteside and Rock Island Special Drainage District,
Whiteside and Rock Island Counties, Ill.:
Refinancing
$14,624.88
Rehabilitation
89,786.06
104,410.94
South Florida Conservancy District, Palm Beach and Hendry
Counties, Fla.
-Rehabilitation
120,000.00
These refunding loans are based on deposit of 100% of the outstanding
Indebtedness. If less than 100% is deposited the amounts authorized are
automatically decreased.
News Items
California-Court Rules Unconstitutional Portion of 1935
Mortage Moratorium Act
-A postponement of sale under
chattle mortgages was held unconstitutional by a Superior
Court decision handed down on July 31, on the ground that
such postponement would impair the security of the mortgagee without due process of law. The Los Angeles "Times"
of Aug. 1 reported as follows on the ruling:
Postponement of sales under chattle mortgages ,a, portion of the Moratorium Act of 1935, was held to be unconstitutional yesterday by Superior
Judge Wilson. The Court made no ruling as to the validity of the law
as applied to real property.
Crops Mortgage
The ruling was made in an action brought by David D. Porter and wife,
asserting they had given a trust deed on their farm to the First Trust and
Savings Bank of Pasadena to secure a loan of $4,000 and that subsequently
they gave a mortgage on their crops to secure payment of further advancements made by the bank as additional security for the original loan.
The advancements had been repaid and the bank sought to enforce
both the trust deed and the chattle mortgage for nonpayment of the original loan.
Court's Ruling
The Jurist ruled that postponement of the sale of real estate merely
postponed the remedy but did not impair the security because the real
estate would be in existence when the period of postponement expired,
but that the postponement of the enforcement of the crop mortgage would
deprive the mortgagee of its property without due process of law and without compensation because the crop would be sold or consumed before the
period of postponement expired, thus taking a part of the mortgagee's
security from it without due process of law.
Connecticut-Aditions to List of Legal Investments
-The
following bulletin was made public by the State Bank Commissioner on Aug. 1:
Connecticut Light & Power Co., first and refunding-"B"____
Cleveland Electric Illuminating Co., general mortgage
Duquesne Light Co., first mortgage
Edison Electric Illuminating Co., first mortgage
Edison Electric Illuminating Co., notes
331s,
33(s,
334s,
334s,
5s,
1965
1966
1966
1966
1636
954
Financial Chronicle
High Point, N. C.—Debt Readjustment Reported Complete
—A dispatch from this city on July 29 reported as follows
on the near completion of the city's debt readjustment program, involving about $5,000,000 in bonds and certificates:
Completion of the city's debt readjustment program is in sight as city
officials finish preparations for delivery of the bonds to be executed under
the plan.
Bonds in the sum of $4,527,000 are being issued and certificates are being issued in the sum of $570,000. Partial delivery of the bonds has already been made.
The preparation of the bonds has been a tedious task, requiring much of
the time of the city manager. City Clerk Lois Welborn and other city hall
employees during the past week. Mayor C. S. Grayson, whose signature
Is required on the beads has also come in for his share of the job.
This finishes it,' said City Manager E. M. Knox, speaking of the
debt readjustment plan which has been in process of realization for many
months. Adoption of the plan was done by the counci in session some
weeks ago, climaxing months of effort by city officials to secure approval of
the readjustment program by city bondholders and other creditors.
Maine (State of)—Voters to Consider $5,000,000 Highway Bond Issue—At the regular annual election in the State
on Sept.9 the voters will be asked to approve an amendment
to the State Constitution providing that an additional
$5,000,000 of bonds may be issued for highway construction
purposes. The measure would further amend Section 17
of Article IX to read as follows:
"Sec. 17. Providing for additional issue of highway bonds. The State
under proper enactment of the Legislature, may issue its bonds not exceeding in the aggregate $36,000,000 in amount at any one time, and all bonds
issued after the year 1935 shall be payable serially within 15 years from
date of issue, at a rate of interest not exceeding 4% per year, payable
semi-annually.
"The proceeds of bonds hereafter issued and outstanding under authority
of this section to the extent of $5,000,000 shall be devoted solely to the
construction of the system of State highways heretofore designated or to
such as may hereafter be designated. Said bonds, when paid at maturity
or otherwise retired, shall not be reissued. All bonds issued under the
authority of this section shall be in addition to the bonds heretofore issued
In the amount of $3,000,000, the proceeds of which were devoted to the
building of a combinatlion highway and railroad bridge across the Kennebec
River between the city of Bath and the town of Woolwich, and in addition
to the bonds heretofore issued in the amount of $900,000, the proceeds of
which were devoted to the building of a highway bridge across the Penobscot
River between the towns of Prospect. Verona and Bucksport. Provided
further, that in case it becomes necessary in the judgment of the Governor
and council to match available Federal funds for the construction of State
highways, the State may issue its bonds up to $1,000,000 per year, the
proceeds thereof to be available for the aforesaid purpose after July 1 1936."
Massachusetts—Governor Signs $13,000,000 Bond Bill—
Governor Curley on Aug.5 signed the $13,000,000 bond issue
bill, to finance a large highway construction plan, according
to the Boston "Herald" of Aug. 6. We quote in part as
follows from the newspaper account of the Governor's action:
Aug. 10 1935
sentatives and the allotment authorities at Washington amounting to
$279,000,000.
"In its desire to co-operate with the PWA in creating employment and
stimulating demand for the products of the heavy industries, the city administration is launched upon a spending program probably exceeding
$500,000,000."
The public works program for the city thus far approved by the PWA,
Mr. Osborn said, totaled 3111,633,274, of which $34,518,392 was in the
form of outright Federal grants and $77.144,882 was contributed by the city.
Mayor La Guardia Reigies on PWA Loans—Mayor La
Guardia replied on Aug. 5 to the plea of the Citizens Budget
Commission that the city dispense with as much as possible
of its contemplated Public Works Administration borrowing. The New York "Herald Tribune" of Aug. 6 had the
following to say:
Mayor F. H. LaGuardia parried yesterday the query of William church
Osborn, Chairman of the Citizen's Budget Commission, who wanten to
know how the City of NeW York would repay Federal loans for public
works which would total $390,424,084 if contemplated commitments were
carried out.
"We are not borrowing for any project that is not absolutely necessary,
and there is no secret about what we are doing" the Mayor replied tartly.
"If the Citizens Budget Conunission has any objection to any specific project on the list I would be glad to have It
The Mayor added with sarcasm that objection might come from one
or two sources to the proposed outlay of $5,000,000 for a new City College in Brooklyn.
"The objection," he said, "might come from those who are against education or from those who believed the city ought to go on paying $300,000
a year in rent for buildings for the college. But no one eke could obJecp,
for the saving in rent alone will amortize the loan for the new buildings.'
The Mayor refused to be pinned down to a direct reply to Mr. Osborn's
objection that the Federal loans Were mounting so rapidly that it was
questionable whether the city would be able to carry than. Mr. Osborn's
prediction that the debt-incurring power of the city soon would be exhausted also left the Mayor unruffled.
Mr. Osborn asserted that the relief work program, coupled with the
projected spending program of the Works Progress Administration, would
be equivalent to the building of another subway system. The outlook,
he said, was a crushing load of debt for the city's taxpayers.
One skeptical member of the Democratic majority in the Board of Aldermen thought the Mayor was justified in not being alarmed over the mounting debt. He predicted that none of the vast Federal advances to municipalities ever would be repaid. The load, he thought, would be shouldered
ley the taxpayers of the nation at large.
The Mayor announced that he would go to Washington to-day to attend
a meeting of the Federal Allotment Board which will pass on aneitional
applications by States and municipalities for funds under the Works Progross Administration program.
Oklahoma (State of)—Ruling on Restriction in Debt
Limitation Sought—An Oklahoma City news report to the
"Wall Street Journal" of Aug. 6 had the following to say
regarding a proposed court test on the permissibility of including anticipated taxes in the net worth of a municipality
when determining bonded debt limits:
"I look upon this bill as marking the most forward step taken by any State
in the Union in transferring the unemployed from the welfare rolls to the
payrolls," said Governor Curley, as he signed. He estimated that the proceeds of the bills, used in conjunction with Federal grants, would result in
the eventual placement of 20,000 persons.
Meanwhile the Senate, with very little debate, voted to concur with the
House in substituting the $4,500,000 building bond issue bill for the original
$7,800,000 recommended by the joint ways and means committee. The
smaller bill was recommended in the minority report of the ways and means
committee and was substituted in the House last week when it became
apparent that the necessary two-thirds vote for enactment of the larger issue
could not be obtained.
The $4,500,000 bill now goes to the House for enactment. If a two-thirds
vote is secured, the bill will go to the Senate for similar action, and it will
pass from there to the Governor for his signature.
"A total which may run as high as $20,000.000 in proposed public works
bonds will be affected by a test case to be brought immediately to determine
whether municiplaltles may designate taxes in process of collection as assets
In figuring net worth of the municipality with respect to constitutional debt
limitations, according to Walter Gray, State Public Works Administration
attorney.
"A total of $12,000 in bonds was voted by citizens of Mannsville, Johnston
County, for school purposes. Based on net worth of the municipality
without considering taxes in process of collection, the town could vote only
up to $7,000 in bonds.
"The issue will be filed with the Attorney-General for approval. If he
rejects the bond issue as invalid, the matter will go to the State Supreme
Court for determination.
"The question involved in this case also is involved in many large public
works projects in the State.
New Mexico—Revenue Warrant Plan Ruled Legal by State
Supreme Court—The Denver "Rocky Mountain News" of
July 31 carried the following report on a decision o? the
New Mexico Supreme Court regarding the issuance of anticipation warrants:
Texas—State Board of Education Sets New Policy for Bond
Buying—An Austin news dispatch of July 30 had the following to say regarding a policy recently formulated by the
State Board of Education to purchase short-term securities
in preference to those issues having longer terms of maturity:
In a case closely paralleling that of Governor Johnson's proposed 25
million-dollar highway loan program, which is now before the Colorado
Supreme Court for determination of its constitutionality, the New Mexico
Supreme Court has held that issuance of anticipation warrants on the part
of that State to finance a new supreme court building does not violate the
Mew Mexico constitution, it was learned here Tuesday.
The constitutions of Colorado and New Mexico are almost Identical in
the manner in which they prohibit the States from contracting debts without a vote of the people.
It is planned to finance the New Mexico Supreme Court building through
the levying of a fee on all civil actions. Issuance of anticipation warrants
to be retired by such fees does not constitute a debt, the New Mexico
Supreme Court mien.
In the case of the Colorado road program, it is proposed to issue anticipation warrants against the gasoline tax.
New York City—P WA Program Held Crippling to City—
If the city carries out its contemplated program of public
works under Federal loans and grants its borrowing capacity
will be out to a margin insufficient for imperative public
needs, William Church Osborn, Chairman of the Citizens
Budget Commission, declared on Aug. 4. The New York
"Herald Tribune" of Aug. 5 carried the following article on
the statement made by the head of the budget group:
William Church Osborn, Chairman of the Citizens' Budget Commission.
assailed the cost of work relief projects in New York City yesterday and
demanded that Mayor F. H.LaGuardia and other city officials "state now,
before we are hopelessly mired in resulting debts and commitments, where
the moneys to repay the cost of the program and to meet the resulting
increase yearly tax levy expenses are coining from."
While directing his remarks at the full Public Works Administration, Mr.
Osborn took pains to criticize particularly the financial set-up of General
Hugh S. Johnson's Works Progress Administration, which began operations
Aug. 1.
Equal to a New Subway System
•
"I believe the people of the city are unaware of the immensity of the
work program upon which the municipal administration is embarked,"
he said. "It is equivalent to the building of a new subway system. It is
being undertaken at the lowest ebb in the history of the city's finances.
PWA has only opened the way. In the end the city must shoulder a huge
bill of costs. Even though one-third of the amount should be outright
government grants the outlook is a crushing load for New York city's
taxpayers.
"If the expenditures are to be made as planned in the interest of aiding
recovery, let us at least spend with our eyes open. Let us realize that pro-vision must be made to meet the inevitable resulting costa. These costs
can only be met through sharply increased taxes or sharply reduced operating costs."
According to Mr. Osborn, PWA grants already have committed the
city to expenditures of $77,114,882. and the full proposed PWA program
calls on the city for an outlay of $260,000,000, which he said, would impair
the city's borrowing capacity.
Plus $279,000,000 in 1VPA
"In addition," he said, referring to General Johnson's unit, "a Works
Progress Administration program is being arranged by the city's repre-
— The State Board of Education Tuesday adopted a resolution fixing a
policy of opposition to purchasing bonds of over thirty years' maturity as
investment for the permanent school fund. This does not commit the
Board against purchasing large issues having past thirty years' maturity,
but is notice to all school districts that it will take short-term securities
in preference. This action was certified to all bond issuing areas.
School and other districts may issue bonds having forty years' maturity,
but the Board prefers shorter term bonds.
Unger its new announced policies, some points previously adopted, the
Board proceeded with bond pruchases Tuesday.
The 13oaru decided to actively direct the operations of the textbook division of the State educational system following the Attorney General's ruling that it has exclusive jurisniction to do so and that no such authority
lies with the State Superintendent of Schools. For the present, the Board
announced, there will be no changes in the yiersonnel of the textbook division, but that it is consiaering a program of its own making to govern the
division, instead of one by L. A. Woods, State Superintendent, who unsuccessfully contested with the Board for control of the textbook depart
matt.
Wisconsin—Legislature Approves Mortgage Moratorium
Law—A mortgage moratorium law was approved by the
State Legislature and sent to Governor La Follette on July 31,
according to news advices. The bill, which was passed after
more than a half year of dissension, provides for compulsory
mediation and provision was made for speedy action if it
is approved by the Governor.
State Power Business Plan Approved—A joint resolution
looking toward the amendment of Wisconsin's constitution
to permit the State to enter the power business was adopted
on the 31st, 78 to 21, in the Assembly. It is the proposal
of a group of progressive members of the lower house and
would permit the State to borrow an unlimited amount of
money for its utility operations if such loans were first
approved by State-wide referenda. If the resolution is approved by the Senate,the 1937 Legislature and a referundum,
the State would be able constitutionally, to generate, buy
and sell electric energy with all the freedom of a private
corporation or a municipality.
Governor Signs Mortgage Moratorium Bill—Governor
La Follette on Aug. 1 signed the farm and home mortgage
moratorium bill which extends from one to a maximum of
three years the period for foreclosures on farm and home
property. A Madison dispatch of Aug. 1 reported on the
new statute in part as follows:
The bill does not relate to foreclosures on business property and a
similar bill will be introduced to include business and other property in the
moratorium provisions.
Financial Chronicle
Volume 141
The mortgage moratorium bill, passed during the Schmedeman Administration, expired April 1. Governor La Follette to-day signed the new moratorium bill in typewritten form to make it become effective as soon as
possible. As the present law grants an automatic mortgage redemption
period of one year, however, no property will be foreclosed as the result of
the fact that no mortgage moratorium bill has been passed during the period
between April 1 and Aug. 1.
Calls for "Mediation"
The bill signed by the Governor provides for compulsory mediation in
those foreclosure cases on farms and homes arising after passage of the bill.
It also provides for mediation in Judgments for unsecured debts against real
estate. In other words, a grocer who has a $250 bill against the owner of a
farm or home cannot collect this debt against the real estate 'without mediation.
The mediation boards created by the bill have wide discretionary powers
in the extension of the mortgage redemption periods. In each county two
members of the mediation board are to be appointed by the county and one
by the Circuit Court.
The redemption period created in the Act follows the Minnesota mortgage
legislation which was declared valid by the U. S. Supreme Court In the
Blaisdell case.
May Extend Period
The bill provides that the mediation board may,at its descrition, extend
the redemption period for a time not later than April 1 1938. Before this is
done, certain facts must be determined, including the income value or the
rental value of the property. The board may order that either the income
or rental value be applied against the indebtedness during the redemption
period.
OFFERINGS WANTED
Arkansas-1111nois-Missourl-Oklahoma
MUNICIPAL BONDS
FRANCIS, BRO. et CO.
ESTABLISHED 1877
Investment Securities
Fourth and Olive Streets
ST. LOUIS
Bond Proposals and Negotiations
ALABAMA
Municipal Bonds
EQUITABLE
Corporation
Securities
New York
Nashville
Birmingham
Knoxville
Memphis
Chattanooga
ALABAMA
OPELIKA, Ala.
-BONDS AUTHORIZED-Several ordinances which
provide that the city may issue $199,000 refunding bonds have been
passed by the City Council. The bonds to be refunded include $24,000
issued Feb. 1 1926 for improvements. $36,000 improvement bonds issued
June 1 1926, $33,000 improvement bonds dated Sept. 1 1926, $32,000
improvement bondsfloated Dec. 1 1926,328,000 improvement bonds issued
April 1 1927. $19,000 improvement bonds dated June 1 1927 and $27,000
Improvement bonds issued Nov. 1 1927.
PHENIX CITY, Ala.
-BOND REFUNDING ARRANGED-Terms
for refunding bonded obligations of the waterworks of Phenix City,and the
city, have been reached by counsel for bondholders and the city and
validated by order of Federal Judge Chas. B. Kennamer.
The Court order authorized the issuance of bonds as of July 1 unmatured
bond issues at lower rates of interest with a reduction of the principal in
the case of one issue.
In return the city pledged "irrevocably" revenues of the waterworks
system to the payment of princpal and interest without priority of one
bond or coupon over another.
The entire outstanding principal bonded indebtedness is $346,000 while
interest due and unpaid was listed as $45,258.
The decree cited the report of the United States Court receiver for the
Phenix City waterworks who reported an amount of 357,071 now on hand.
The refunding issue, does not include the amount due
Water and Fire Protection Bonds," issued by the city on 325,000 "Gold
matured Sept. 1 1931, the Court ruling that this issue in 1901 andawhich
constitutes prior
lien. The interest rate is
6%•
Bond issues to be included in the refunding agreements are
Issued 1915. reduced to $15,000 and interest reduced from 5% $16.000
to 4%;
$125,000 waterworks bonds issued Nov. 1 1925, at 6%,interest cut to 5%;
$180,000 bonds, assumed when the City of Girard merged with Phenix
City, interest reduced from 5%to
The Court found that the present existing bonded debt and
was too heavy a charge against the revenues of the waterworks interest
system
and that the city would have a better propsect of retiring and carrying
the
Indebtedness if some of the principal and interest of certain
bonds were
reduced.
All suits against the city more than 25 in number, were consolidated.
The principals in the consolidated suit were listed as the Central Hanover
Bank & Trust Co. and the Macabees.
o•
ALASKA
DOUGLAS, Alaska-BOND
on Aug.
asked to vote on the question ELECTION-Citizens system 12 will be
water
and $15,000
sewer system impt. bonds. of issuing $25,000
ARIZONA
ARIZONA (State of)
-BOND OFFERING PLANNED
-State Treasurer
Mit Simms announces that about
anticipation bonds will be
offered for sale during August. 51,000.000 tax
NAVAJO COUNTY (P. 0. Holbrook), Ariz.
-BOND SALE
-The
$32,000 issue of 4%% semi-ann. funding bonds offered for sale recently
V. 141, p. 147-was purchased by Sidle, Simons, Day & Co. of Denver,
paying a premium of 3766, equal to 102.39, a basis of about 4.28%.
Due
32.000 from July! 1941 to 1956 incl.
It is stated that the only bid received for the 54.5004%
bonds, offered with the above issue, was an offer of parnend-aml• building
submitted by the
First National Bank of Holbrook. Due $500 from July 1 1936 to 1944 incl.
ARKANSAS
ARKANSAS, State of
-REFUNDING BOARD INVITES ROAD
BOND OFFERINGS
-It is said that the State Refunding Board has voted
to receive tenders on Oct. 8 for the third semi-ann. purchase of highway
obligations from bond redemption accounts set up in 1934. Last June the
Board received tenders of $7,641.863 and purchased $2,152,445 par value
obligations for 31,490,464. Officials estimate that $1,000,000 will be
available for the October purchase. Thus far the State has used $2,796,495 from bond redemption accounts for the purchase of $4.128,010
highway obligations.
ARKANSAS, State of
-REPORT ON EXCHANGE OF HIGHWAY
REFUNDING BONDS
-Exchange of new refunding bonds for obligations
comprising the $155,000,000 highway debt has been completed, except for
$6,500,000 of bonds not deposited for refunding in accordance with Act 11
of 1934, according to the State Refunding Board. Past due interest
955
coupons which may be exchanged for series B bonds, are also outstanding,
it is said. Act 11 of 1934 makes no provision for the payment of bonds or
Interest coupons not deposited for refunding.
CRAIGHEAD COUNTY DRAINAGE DISTRICT NO. 28 (P. 0.
Jonesboro) Ark.
-RFC REFINANCING COMPLETED-It is reported
by the attorney for the district that the Reconstruction Finance Corporation advanced a loan of $20,500 for refinancing and all bonds have been
forwarded to the Federal Reserve Bank at Little Rock, where they were
paid with coupons attached.
EUREKA SPRINGS STREET IMPROVEMENT DISTRICT NO. 1
(P. 0. Eureka Springs), Ark.
-SUIT FILED ON BOND DEFAULT
It is reported that a suit has been filed in the United States District Court
at Fort Smith, against the above District, to collect $34,500 principal and
$25,250 int. on its $214,550 bond issue dated Feb. 1 1929. It also requested judgment of $167,500 to cover principal yet to mature,and an order
directing the District to pay to the Court any cash on hand.
LONOKE COUNTY DRAINAGE DISTRICT NO. 7 (P. 0. Lonoke)
Ark.
-DETAILS ON RFC LOAN
-In connection with our recent report
to the effect that the Reconstruction Finance Corporation had authorized
a loan of $22,000 for refinancing, it is stated by the attorney for the district that although the RFC has authorized this loan no disbursements
will be made until the bondholders of the district have given their consent to
the refinancing plan, or until bankruptcy proceedings have been taken under
the provisions of the recent Bankruptcy Act.
MORRILTON, Ark.
-BONDS AUTHORIZED-The City Council has
approved an ordinance authorizing the issuance of $55,000 hospital building
bonds.
NEWPORT LEVEE DISTRICT, Jackson County, Ark.
-BONDS
TO BE PAID
-0. L. Fox, Chairman, announces that on July 31 Newport
Levee District will pay par and accrued interest for bonds of 1933 or 1934
maturity at the First National Bank, Newport.
PARAGOULD SPECIAL SCHOOL DISTRICT (P. 0. Paragould),
Ark.
-SUIT PULED ON BOND DEFAULT-Judgment of $179.731 is
sought by Paul D.Speer, trustee, in a suit filed in the United States District
Court at Jonesboro, Ark., against the above district. In the petition, it
is asserted that the district has defaulted bond payments due in May 1932,
1933, 1934 and 1935.
RISON CONSOLIDATED SCHOOL DISTRICT NO. 38 (P. 0.
Rison), Ark.
-BOND SALE
-A 335,500 issue of school building bonds is
reported to have been purchased recently by the Public Works Administration.
TEXARKANA SCHOOL DISTRICT, Ark.
-BOND ELECTION
Citizens of the District will be asked at an eleetion to be called for Aug. 15
to vote on the question of issuing $529.000 refunding bonds.
CALIFORNIA
ALHAMBRA SCHOOL DISTRICT, Calif.
-BOND ELECTION
CONTEMPLATED-It is reported that plans are being made to call an
election in either September or October to vote on the issuance of $163,350
school bonds.
BRISBANE SCHOOL DISTRICT, Calif.
-BOND ELECTION
-A
proposition to issue 325.000 bonds to finance the erection of a school building
will be submitted to the voters at an election on Aug. 23.
BURNS VALLEY SCHOOL DISTRICT,Lake County,Calif.
-BOND
ELECTION
-An election will be held on Aug. 22 to vote on the question
of issuing $16.500 school building bonds.
CALIFORNIA, State of
-BOND ELECTION
-At a special
wide election to be held on Aug. 13,the voters will be asked to pass onStatethree
proposals, the first of which would authorize the issuance of 313.950.000 in
bonds. The Los Angeles "Times" of Aug. 4 carried an article on this
election, from which we quote in part as follows:
"Voters of California who visit the polls Aug. 13 at the special Statewide election will be required to balance the desperate needs
Institutions against a rather vague financial program submittedof State
by the
Legislature.
'Proposition No. 1 protases the issuance of $13,950,000 in bonds divided
as follows: $8,500,000 for nine State hospitals and homes throughout the
State. 33.500,000 for a new prison in Southern California, 31,000,000 for
an additional wing to the State Building here and $950,000 for Capitol
extension at Sacramento.
"The money is divided between the two sections of the State in about
proportion of population and thus is expected to draw equal strength. the
It
Is estimated that the program will provide 9,410,000 man hours of
labor,
thus helping to ease the unemployment situation.
"Proposition No. 2, authorizing the issuance of short-term notes, has
not met with the approval given the bond issue. This plan is almost
precisely the same scheme which forced Detroit into a State
in three years and which is the cause of widespread financialof bankruptcy
various cities and States. Detroit's experience is described difficulties in
elsewhere in
this issue.
"The purpose of the short-term borrowing is to take up registered
warrants, upon which interest of 5% must be paid. Technical difficulties.
according to State officials, prevent them from attacking the problem by
reducing the high interest rate on the warrants or fixing a time limit on
them, but there is no evidence that this phase of problem received serious
consideration.
"It is contended that money in great quantities may be borrowed from
banks at 1%,thus saving 4% interest by taking up warrants,
than $30,000,000 are now registered. There is no assurance,of which more
however,that
this condition will long obtain in the money market.
"The only limitation upon this borrowing is that it may amount to no
more each year than one-half of the revenues to the general
preceding year. This means that it will be possible to borrowfund in the
up to $50,000,000 each year.
"Proposition No.3 authorizes the creation of the Rector Dam Authority
to negotiate with the Federal Government for funds to build a dam and a
water distributing system for three State institutions in the Napa Valley.
The institutions, which derive their funds from the State's general fund, are
expected to pay back the loan over a course of years."
CLOVERDALE UNION HIGH SCHOOL DISTRICT, Calif.
-BOND
ELECTION
-On Aug. 20 an election will be held for
on the issuance of $31,000 school building bonds. the purpose of voting
CYPRESS SCHOOL DISTRICT (P. 0. Santa Ana),
-BOND
OFFERING-Sealed bids will be received until 11 a. m.on Calif.
Backs, County Clerk, for the purchase of a $38,000 issueAug. 27 by J. M.
of school bonds.
Interest rate is not to exceed 5%, payable semi-annually. Denom.
$1.000.
Dated Oct. 1 1935. Due in from 1 to 15 years from date. Prin. and
int.
.ffhoenefoft,'Itcemoyf
e Coulayelesezirer The legalt approval i)suc es fulf
f o
Tr
Treasurer.
be
/Itellveenayt
thers
bidder. All bids must be unconditional. A certified check for
not less than
3% of the par value of the bonds bid for, payable to the
order of the County
Treasurer, is required with the bid.
EL DORADO IRRIGATION DISTRICT (P. 0. Placerville),
Calif.
-DETAILS ON BOND REFINANCING-In
given in these columns early in May, to the connection with the report
effect that
voters had
approved the Issuance of $360,500 in 4% refunding bonds,tho be
used for
the redemption of 5688,000 outstanding bonds under the to
.erms
made to the district by the Reconstruction Finance Corporation of a loan
p. 3083
-it is stated by the District Manager that the district -V. 140.
has retired
5654,000 par value of outstanding bonds and
rants, on a basis of 50.5%. He states that the 510.890 in registered warfor this purpose and the difference was made up RFC advanced $317,448.33
by the
funds, a matter of some $19,000. A hearing will be district from its own
held
Court in Sacramento on Sept. 11, in order to force the before a Federal
minority debtors,
amounting to about 5% of tho total, to come in under this
agreement.
EL. SEGUNDO SCHOOL DISTRICT Calif.-BONDS
VOTED-On
Aug. 2 a bond issue of $250,000 for rehabilitation of
high and elementary
schools was authorized by the voters.
FULLERTON ELEMENTARY SCHOOL DISTRICT.
Calif.
-BOND
ELECTION
-The School Board has
school building bond issue to a vote decided to submit a proposed $156.000
at the Aug. 13 election.
LAGUNA HIGH SCHOOL DISTRICT (P. 0. Santa
Ana), Calif.
PRICE PAID
-We are now informed
the $85,000 school bonds awarded onby J. M. Backs, County Clerk, that
July 30 to the
Pasadena, at a price of 100.0129, as reported recentlyPasadena Corp. of
-V. 141. p. 786--
Financial Chronicle
956
Aug. 10 1935
were awarded as follows: $35,000 as 4345, maturing $5,000, 1938 to 1944,
and $50,000 as 3}4s, maturing 55,000, 1945 to 1954, giving a net interest
rate of about 3.72%.
NEWHOPE DRAINAGE DISTRICT (P. 0. Garden Grove), Calif.
-By a vote of 87 to 1 residents of the
BOND REFINANCING VOTED
district on July 25 gave their approval to a proposal to issue $101,000 bonds
to the Reconstruction Finance Corporation, the proceeds to be used to
retire the district's outstanding indebtedness of $160,000.
PIERCE JOINT UNION HIGH SCHOOL DISTRICT (P.O. Colusa),
-The $100,000 coupon or registered school bonds
Calif.
-BOND SALE
-were awarded to the Bank of
offered for sale on Aug. 5-V. 141, p. 625
America, N.T. & S.A., of San Francisco, as 4jis, paying a premium of
4.245%. Dated July 1 1935. Due
$29. equal to 100.029, a basis of about
$5,000 from July 1 1936 to 1955, incl. No other bid was received.
-An
-BOND ELECTION
n'LACIENTA SCHOOL DISTRICT, Calif.
election has been called for Sept. 4 to give the residents an opportunity to
decide on the issuance of $160,000 bonds for school rehabilitation.
-REFUNDING PLANNED-Redwood City
REDWOOD CITY, Calif.
officials are mapping plans for a special election to refund the city's 1915
bond debt. Approval of contracts with the San Francisco firm of Stone dr
Youngberg and with the Disuict Reorganization Service Co. to work out
details of the refinancing scheme and supervise the handling of funds has
been given by the City Council, with the undertstanding that general
obligation bonds of not less than $400,000 with interest at 49 would be
submitted at a special election soon. Stone & Youngberg would be given
prior right to purchase the bonds.
-DELINQUENCIES
RIVERSIDE COUNTY (P. 0. Riverside) Calif.
-The following news item is taken
ON DISTRICT BONDS FOUND FEW
from the Los Angeles "Evening Herald and Express" of July 29:
"All elementary and high school district bonds in Riverside County with
the exception of Palo Verde are up to date in payment of both principal
and interest, according to a survey just completed by Samuel B. Franklin,
manager of the municipal department of Gatzert Co., specialists in taxexempt bonds. A total of $23,500 principal and $3,700 interest was in
default on the Palo Verde bonds.
"Tax delinquencies for Riverside County amounted to 16% for fiscal year
1934-35, as compared with 18.29% in the preceding year. Tax delinquencies for the City of Riverside were only 6.96% for 1931-35 as against 9.59%
last year. Complete figures on districts and cities in Riverside County
are available at Gatzert Co."
-BOND
VISITACION ELEMENTARY SCHOOL DISTRICT, Calif.
-An election has been called for Aug. 23 for the purpose of
ELECTION
bonds to finance construction of
voting on the question of issuing $25,000
new school buildings.
51.031,201.30; 1931 grand list, $441,561.69; 1930 grand list, $174,587.95;
1929 grand list, $66,749.31: 1928 grand list, $26,099.34; 1927 grand list.
$945.97; 1926 and all pr‘or lists, $3,111.28.
-FINANCIAL STETEMENT-The following
BRIDGEPORT, Conn.
report on the current financial condition of the city has been issued in
connection with the recent sale of 11,000,000 0.54% current expense notes,
-P. Murphy & Co.
due June 1 1936, to Halsey, Stuart & Co., Inc.; G. M.
and the R. F. Griggs Co. of Waterbury. The bankers paid a price of par
plus a premium of $23 and re-offered the notes to yield 0.40%,asstated in
v.141, p. 787:
Financial Statement (As Officially Reported July 31 1935)
$234,551,175
Grand list of taxable property, 1934
15,290,761
Total bonded debt
146,716.
Population, 1930, U. S. Census,
The above statement does not include the debt of other political subdivisions which have power to levy taxes against the taxable property within
the city. The city reports $1.650,000 notes, including this issue, outstanding as of July 31 1935..
Price to yield 0.40% (accrued interest to be added).
Tax Collections (As Officially Reported July 24 1935)
Collectible
Collected June 30 1935
Levy
Year1932-33
37.486.031.30 (96.9 )
$7.723,588.05
1931
1933-34
6,716,026.89 (94.3 )
7,122,443.16
1932
1933-34
1.015,322.78 (92.3
1932 Special_ - 1,099,567.10
1934-35
6,177,169.90 (90.7 0
6,808,792.56
1933
1935-36
3,326.038.07 (45.2%
7,362,743.20
1934
The fiscal year of the city begins April 1. Taxes are due on April 1 and
Sept. 1. The city ordinarily does not have tax sales.
-MATURING DEBTS TOTAL 5139,200
SOUTHINGTON Conn.
Obligations amounting to $139,200 must be met by the town soon. One
note amounting to $130,000 must be paid in full on Aug.7. This money was
borrowed errly in the fiscal year in anticipation of collection of the town tax
that is now due. Town Treasurer Harry H. Merrill, stated July 26 that
he did not anticipate any difficulty in paying the sum, the money collected
on current taxes will be sufficient to meet the note. On Aug. 31 a payment
of $5,000 on the bond issue of $150.000 that was borrowed three years ago
,
must 12, met and interest on this item will amount to 53,200. A Milldale
school note also falls due during the month and 51,000 will be required to
take care of the bonded indebtedness of the school.
-An issue of $65,000 2 % school
-BOND SALE
WINDHAM, Conn.
refunding bonds has been sold to Roy T. H. Barnes & Co. of Hartford at a
Denom. $1,000. The bonds to be retired bear 434%
price of 102.90.
interest.
COLORADO
-BOND SALE
-An issue of
KENT COUNTY (P. 0. Dover) Del.
3400,000 3% road bonds is reported to have been sold recently to the
Farmers' Bank of Dover at a price of 100.21.
The bonds were soldLat a price of 100.21 and mature serially from 1937
to 1944, inclusive.
-The City Clerk informs us that at
-BONDS VOTED
LAUREL, Del.
the election held on Aug. 6 the proposal to issue 315.000 city hall building
carried by a vote of 143 to 11. The bonds, to bear 4% interest and
bonds
,....10.1
sigh
mature $1,000 annually, will be offered for sale soon.smisi
-BOND OFFERING-Sealed bids will be received
WILMINGTON, Del.
by Harry C. Lawson, City Treasurer, until 11 a. in. (Eastern Standard
Time) on Aug. 19 for the purchase of $420,000 234% refunding bonds.
They will be issued in denoms. of $50 or multiples thereof and will mature
$42,000 each Sept. 1 from 1936 to 1945 incl. Interest payable M.& S.
-An
-WARRANTS AUTHORIZED
COLORADO SPRINGS, Colo.
ordinance has been passed providing for the issuance of 2100,000 emergency
warrants to defray cost of oil surfacing of various city streets.
-It is reported
-BOND CALL
DENVER (City and County), Colo.
that various special improvement bonds are being called for payment on
Aug. 31, on which date interest shall cease.
-REFUNDING PLAN ANNOUNCED-The
FORT COLLINS, Colo.
City Commissioners have decided to refund $1,000,000 waterworks bonds
issued July 1 1925 and scheduled to mature July 1 1940, and have appointed
Co.,
the International Trust Co., Boettcher & Co., Donald F. Brown & Gray
Peters, Writer dr Christensen, Inc.; Sidi°, Simons, Day & Co.. and
the operation. Holders
B. Gray, Inc., all of Denver, as agents to handle their holdings with the
of the old bonds are being requested to deposit
Internation Trust Co. as an expression of willingness to accept new bonds
and 4%
in exchange which would bear interest at 414% until July 1 1940issued in
thereafter. The new bonds would be dated Oct. 11935, would be
each, and would mature $33,000 yearly on Oct. 1
denominations of $1,000
1961 to 1970
yearly on Oct.
from 1941 to 1960 incl.; and $34,000 and after Oct. 11 from Principal and
1950.
incl.; all bonds being subject to call on
Oct. 1) payable at the City Treasurer's
semi-annual interest (April 1 and
office. Legality to be approved by Myles P. Tallinadge of Denver.
Financial Statement (July 1 1935)
37.723.970.00
Assessed valuation, 1934
1.291,000.00
Total bonded debt
$48,141.38
Waterworks fund-Cash
104,537.12
fund investments
Reserve
152.678.50
700,000.00
Electric light revenue bonds
335,100.00
improvement bonds
Special
Population, 1930 Census. 11,489. Incorporated Feb. 4 1873.
-nent does not include the debt of other political subdivisions
This state.
which have power to levy taxes upon the property within the city.
GRAND COUNTY SCHOOL DISTRICT NO. 1 (P. 0. Hot Sulphur
-It is stated that 17,0005% school bonds,
-BOND CALL
Springs), Colo.
for payment at the office
the entire issue of May 15 1923, are being called 15,on which date interest
o, Simons, Day & Co. of Denver, on Aug.
of Sidl
optional on May 15 1933.
shall cease. Due on May 15 1943,
0. Wheat.
JEFFERSON COUNTY SCHOOL DISTRICT NO. 8 (P.semi-annual
-The $70,000 3%
-BOND SALE DETAILS
ridge) Colo.
& Co. of Denver, subject to
school bonds that were purchased by Sullivan468
-are stated to have been
an election to be held on Aug. 20-V. 141. p.
1941; 36,000, 1942
sold at par and to mature as follows: $5,000, 1940 and
1944 and 1945: $8,000, 1946 and 1947, and $9,000 in
and 1943; $7,000,
1948 and 1949.
-The Town Treasurer is said
-BOND CALL
JOHNSTOWN, Colo.
of Bosworth, Chanute. Loughridge
to be calling for payment at the office date interest shall cease, Nos. 2 to
Sept. 1, on which
dr Co. of Denver, on
% water extension bonds, dated Sept. 11925. Due on Sept. 1 1940.
25 of
be sent to
optional Sept. 1 1935. Interest coupons due Sept. 1 1935 should
the Town Treasurer.
(P. 0. Fruits), Colo.
MESA COUNTY SCHOOL DISTRICT
election to
BONDSSOLD SUBJECT TO VOTE-Subject to approval at an and Engle,
Mullen dc Co., Amos C. Siudier & Co.
be held on Aug. 31, J. K.
Adams & Co. of Deliver, have been awarded an issue of $80,000 school
building bonds.
NO. 29 (P. 0. MontMONTROSE COUNTY SCHOOL DISTRICT$8,500 (entire issue) of
-It is reported that
-BOND CALL
rose), Colo.
school bonds dated June 1 1914 are being called for payment at the
534%
which date
office of Sidlo, Simons. Day & Co. of Denver, on Aug. 15, on 1934.
Interest shall cease. Due on June 1 1954, optional on June 1
0. Greeley), Colo.
NO.6
WELD COUNTY SCHOOL DISTRICTsaid to(P.calling for payment
be
-The County Treasurer is
-BOND CALL
shall cease, school bonds
at his office on Aug. 22, on which date interest
numbered 71 to 85. Denom. $1.000. Dated July 1 1919.
CONNECTICUT
-NET DEBT LOWEST IN SEVEN YEARS
HARTFORD Conn.
George H. Gabb. for the last fiscal
The annual report of City Treasurer in a table of a city debt comparison
1935, indicates
year. ended March 31
City of Hartford March 31,
for the last seven years that the net debt of the 512.611,162.94. the lowest
less cash on hand and net taxes due the city was
the summary.
figure for any year noted in
was $16,990.997.
As of March 31, the net debt of the municipality uncollected taxes
and
Cash on hand as of that date was 51,104,897.45,
amounted to $3,274,936.61.
No Temporary Indebtedness
523.719.000. From this, however.
The gross funded debt of the city wasof $3,420,000, the city sinking fund
is deducted self-liquidating water bonds
funds of 31,236,700,
of 52.071.303 and the former school district sinking
There is no temporary
making the net funded city debt 516.990,997.
City of Hartford is 521.794.657.
indebtedness. The debt limit of the
as the net debt, less cash
In comparison with a figure of 512.611,162.9431 19.55, the figure for the
March
on hand and net taxes due the city, as of
1929, $15.021,935.37;
preceding six years, was as follows: March 31517,010,924.05; 1933, 1050,
$15,315,780,692.02; 1931, 516.359,547.32; 1932,
562,468.98; 1934, 514,179.943.91.
Grand List Taxes Income
from grand list taxes was $9,During the last fiscal year, total income
1932 grand list,
858,890.67, as follows: 1933 grand list. 58,106,127.82;
DELAWARE
FLORIDA
-REPORT ON CURRENT STATUS OF BOND
BRADENTON, Fla.
-The following is taken from a statement made
REFUNDING PLAN
public on July 27 by George W. Simons, Jr., & Co. of Jacksonville, acting
as refunding agents for the above city:
Bradenton, Fla., Refunding Plan, Current Status and Announcement
of Disbursement
We are pleased to report at this time that the holders of approximately
have consented to the
80% of the outstanding indebtedness of Bradenton in
the brochure dated
terms and provisions of the refunding plan set out
of this splendid co-operation from creditors, the
Oct. 26 1934. Because
city officials have by proper resolution declared the refunding plan effective
and binding upon the city and have instructed the City Attorney to draw
up the necessary refunding proceedings.
As you undoubtedly know, the recent 1935 session of the Florida Legislature enacted several laws which supplemented by the already existing
Homestead Exemption Amendment tend to adversely affect the issuance
of satisfactory refunding bonds. Several of these new laws have already
been subjected to the test of courts and in every instance they have been
declared void. And it is not unlikely that those still remaining will, when
they reach the courts, be treated similarly. The actual issuance of refunding bonds will depend largely on how speedily these matters come before
and are acted upon by the courts. It is reasonable to assume, however,
that refunding bonds may necessarily be delayed for six months or longer.
Pending the ability to issue satisfactory and acceptable refunding bonds,
the city of Bradenton has authorized a distribution of moneys collected to
date, in accord with the provisions of the refunding Nan.
-PROPOSED BOND REFUNDING
-A tentaJACKSONVILLE, Fla.
tive program has been submitted to the City Council by the City Auditor.
out the city's refunding program of bonds maturing during the
to round
next year. He recommended that the amount to be refunded should be
$1,485,000, divided as follows: 3700.000 on Jan. 1 1936; 3200,000 Aug. 11
$300,000, Sept. 1; 8100,000, Oct. 1 and $185.000 on Nov. 1.
-In connection
-BOND REFUNDING INDEFINITE
TAMPA, Fla.
with the letter sent by Mayor Chancey to the Board of Aldermen recently.
proposed the refunding of about 36,500,000 in outstanding
In which he
-it is stated by P. R. Bourquardez, City
-V. 141, p. 787
callable bonds
Clerk, in a letter dated Aug. 2, that the Mayor's letter was referred to the
the Board of Representatives for study and report.
Finance Committee of
Up to Aug. 2 no report hau been made by this committee.
GEORGIA
-A $4_,090 issue of 4 elm refundCOLUMBUS, Ga.-BOND SALE
National
ing bonds is stated to have been sold on July 30 to the Fourt 02.737, a
Bank of Columbus, paying a premium of $109.51, equal to
of about 2.11%. Denom. $500. Dated Jan, 1 1935. Due $1,500.
basis
Jan. 1 1936 and 1937, and $1,000, Jan. 1 1938. Int. payable J. & J.
CRAWFORD COUNTY (P. 0. Knoxville), Ga.-BONDS VOTED
issue
-Voters of the County on July 27 approved a proposed $25,000 bond filed
for school buildings. Notice of intention to issue the bonds has been
Superior Court.
in the Bibb
GLYNN COUNTY (P. 0. Brunswick), Ga.-BOND ELECTION
PETITIONED-Petitions are being circulated asking that an election
be called for the purpose of voting on the issuance of $250,000 school bonds.
-It is reported that an elecGREENVILLE, Ga.-BOND ELECTION
tion will be held on Aug. 14 to vote on the issuance of $5,000 in street paving
and recreation hall bonds.
HAWAII
-ADDITIONAL BOND REFUNDING IN
HAWAII, Territory of
$44,430,000 4%
1936 CONTEMPLATED-Hawaii's success in refunding that the terribonds into obligations bearing 1.70 and 1.75% interest means
back in the market next year, if conditions continue favorable,
tory will be
bonds callable in May, according to W. C.
for refunding $1,750,000 4%Territory of Hawaii. The resultant saving in
McGonagle, Treasurer of the
refunding operation just completed will contribute subinterest from the
balance.
stantially to the Territory's effort's to bring its budget back into sale.
at the outcome of the
he pointed out in expressing gratification
when the depression began," said Mr. Mc"Hawaii stopped borrowing
units, the
Gonagle. "Since then, in common with other governmental interest
Territory has had budget difficulties but has met, when due, all
Financial Chronicle
Volume 141
sinking fund and series reluirements on its debt, thus maintaining the unbroken record of payments since establishment of the territorial form of
government in 1901.
"Good progress has been made in the last two years in reducing the size
of the deficit and the outlook for the current biennial period, ending June 30
1937, is for further progress along these lines. Property taxes for the
latest fiscal period are over 90% collected and conditions generally throughout the Territory are looking up."
Mr. McGonagle attributed the favorable rate obtained by the Territory
on its refunding issues to this improve neat and to the status of Territory
of Hawaii bonds as quasi-Federal obligations, issued under authority of
Congress and subject to approval of the President of the United States.
The bonds, he pointed out, enjoy unusual exemptions in that, in addition to
the exemption of interest from present Federal income tax, they are exempt.
by decisions of the United States Supreme Court, from present taxation by
any State in the United States or by any municipal or political subdivision
of any State.
BOND CALL
-It is stated that the following bonds are being called for
payment on Sept. 1, on which.date interest shall cease:
$1,500,000 public improvement, series of 1911-12, bonds. Dated Aug. 1
1911. Due on Aug. 1 1941, redeemable on and after Aug. 1
1931
1,500,000 public improvement, series of 1912-13, bonds. Dated Sept. 3
1912. Due on Sept. 3 1942, redeemable on and after Sept. 3
1932.
1,430,000 public improvement, series A, B and C, of 1914-15, bonds.
Dated Sept. 15 1914. Due on Sept. 15 1944, redeemaole on
and after Sept. 15 1934.
957
The Chicago banking group which was third high bidder for the loan,
offering 102.60, as previously noted above, was composed of the Continental Illinois National Bank & Trust Co.. First National Bank of Chicago,
Harris Trust & Savings Bank. Northern Trust Co. and the City
National Bank & Trust Co.
SPLIT
-RATE OFFER REJECTED-The Chase National Bank group
also submitted an alternative offer of 100.03 for the block of $5,000.000
bonds as 3s and the $4.647,000 as 3)4's. Although this offer figured a lower
net interest cost than that accepted by the city, the tender was rejected
by City Comptroller R. B. Upham on the ground that it did not conform
with the terms of sale nor with the ordinance authorizing issuance of the
bonds with 35i% coupons.
CHICAGO, 111. TAX REDUCTION EXTENDED TO INCLUDE
1931 LEVY
-County Judge Edmund K.Jarecki on July 29,signed a formal
four-page order extending the 15% tax reduction to those who had paid their
1931 taxes before the reduction was granted to certain objectors in 1933.
His action was in line with a law sponsored by Representative Edward J.
Skarda, passed at the last session of the State Legislature.
Under the order, which was presented by County Attorney Hayden
Bell, the County Collector will credit the accounts of these taxpayers, estimated at around 200,000; with the amount due them on the earliest unpaid
taxes still remaining against the property, whether for 1932, 1933 or 1934.
CHICAGO CONSOLIDATED PARK DISTRICT, Ill.
-TO ISSUE
$1.500,000 WARRANTS
-The Board of Commissioners recently authorized
Robert J. Dunham, President, to negotiate for the sale of an additional
$1,500,000 of 1935 tax anticipation warrants. The interest rate on the
Instruments will be 2.35%, the same as that carried on the last previous
sale of warrants. Proceeds of the new financing will be used to meet payrolls to Oct. 1 and pay off accounts now due. Disposal of the $1,500,000
block will increase the total warrantssold against the 1935levy to $4.050,000
or 56;4% of the levy agreed to by the District. However, as the last
BENEWAH COUNTY (P. 0. St. Manias), Ida.
-BOND OFFERING
- Legislature "pegged" the tax levy to the amount of $1,800,000, an addiR. H. Whiteside, Clerk of Board of County Commissioners, will receive
tional $1,000,000 of warrants can be sold within the 563 % limit, according
bids until 2 p. m. Aug. 16 for the purchase of $30,000 4% coupon general
to report. The $1,500,000 warrants will be delivered to the purchasers in
obligation refunding bonds. Denom. $1,000.
Dated July 15 1935.
blocks of $300,000 each at 15
-day intervals.
Prin. and semi-atm int. f.J. & J. 15) payable at the County Treasurer's
TENTATIVE REFUNDING PLANS APPROVED
-Two tentative
office. Certified check for 5% of amount of bid, payable to the County
ordinances designed to carry out the comprehensive program for refunding
Treasurer, required.
the debts of the superseded park districts were approved by the Board of
HAYDEN LAKE INDEPENDENT SCHOOL DISTRICT NO. 4,
Commissioners on July 25. Thefirst provides for the issuance of$108,865.827 of refunding bonds in exchange for matured and unmatured bonds now
-BOND ELECTION
Ida.
-The trustees of the district have decided to
outstanding, while the second calls for the issuance of $4,956,066 funding
call an election for Aug. 24 to vote on the issuance of $12,000 school
bonds to pay off floating debt and to fund bond funds of the previously
building bonds.
autonomous units. The program is based on refunding acts passed at the
FILER HIGHWAY DISTRICT (P. 0. Twin Falls), Ida.
-BOND
last session of the State Legislature and is subject to validation by the State
-An issue of $100,000 23 % refunding bonds has been sold to Ferris
SALE
Supreme Court. A test suit will be brought soon and it is hoped that the
& Hardgrove of Spokane. Due serially in five years, beginning August 1937.
Court will pass on the mattter in the fall term of 1935. As no definite action
can be taken by the District until the subject has been considered by the
p GRANGEVILLE, Ida.
-BOND OFFERING-Sealed bids will be reSupreme Court, it is believed that the provisions of the refinancing as now
ceived until 8 p. m. on Aug. 12 by H. Bothwell, City Clerk, for the purtentatively established, may be changed prior to the time when a program
chase of a $23,000 issue of 6% coupon refunding bonds. Int. payable
is formally ratified. William H. Bromage, writing in the Chicago "Journal
semi-annually. Denom. $500. Dated July 1 1935. The bonds shall
of Commerce" of July 25, discussed the provisions of the refunding as
mature and be payable annually commencing at the end of the second year
contained in the ordinances just passed, as follows:
from date in amortized maturities over a period of 20 years. The city
The plan contemplated in the ordinances provides for exchange of outreserves the right to redeem any or all bonds at any time on or after 15
standing bonds of 21 superseded districts for new bonds of the consolidated
years from date. Prin. and int. payable at the office of the City Treasurer.
district. In most respects it follows closely the pattern of the refunding
A certified check for 5% of the bid is required. These bonds were originally
plan just adopted by the Sanitary District of Chicago.
offered on Aug. 5 as reported in these columns.
Unmatured bonds would be exchanged for new obligations bearing the
same rate of interest, due in 20 years and optional in the same year in which
HAYDEN LAKE INDEPENDENT SCHOOL DISTRICT NO. 4,
the old bond turned in would have matured.
Ida.
-BOND ELECTION
-The School Trustees have decided to call an
The $103,709,761 authorization, to be designated refunding bonds of
election for Aug. 24 to vote on the question of issuing $12,000 school
1935, would be issued in four series. Series A bonds in the amount of
building bonds.
$8.740,168 would be issued in exchange for matured bonds; $3,137,045
KOOTENAI COUNTY SCHOOL DISTRICT NO. 2 (P. 0. Rath.
series B would be issued to refund that amount of par and interest of Lincoln
drum), Ida.
Park bonds by the park as an investment in its bond fund; $6.507.710
-BOND ELECTION
-An election will be held on Aug. 28
to vote on the question of issuing $38,500 4% school building bonds.
series C would be issued to refund accrued interest, and $85,324,839 to
refund unmatured principal of outstanding bonds.
LAP WAY VALLEY HIGHWAY DISTRICT (P.O. Lewiston) Ida.
Differsfrom Sanitary Plan
PRICE PAID
-We are informed by the Clerk a the Board of Education
In one respect the plan differsfrom that ofthesanitary district. Whereas,
that the $15,000 coupon refunding bonds sold on July 23 to the American
as the sanitary plan calls for either exchange of past due bonds for new
& Trust Co. of Lewiston, as 2As-V. 141, P. 788-were purchased
Bank
4% bonds or cash redemption,the park plan contemplates exchange of new
for a Premium of $51, equal to 100.34.
bonds of similar coupon rate of past due bonds turned in.
The new $4,956,066 funding bonds of 1935 would bear interest at the
-BOND REFUNDING
LEWISTON SCHOOL DISTRICT, Ida.
rate of 4%, and would mature in 20 years and become optional in 1940.
ARRANGED-The School Board at a recent meeting made definite arrangeAll new bonds. both funding and refunding, would be dated Sept. 1 1935,
ments for refunding $245,000 4 % bonds now held by the State. They will
with the first interest coupon due Sept. 1 1936, for one year's interest and
be refunded at 4% interest, effecting a saving of about $1,200 annually.
Bonds run for 20 years.
semi-annual interest payments thereafter.
The new funding bonds would be used to retire floating debt of superST. MARIES, Ida.
seded districts in the amount of $2,159,151 and to fund $2,796,915 bond
-BOND REFUNDING ARRANGED-The City
Council has entered into a contract with the Fenton-Dahlstrom Bond Co.
funds of the west park and north-west park districts. The latter item
of Boise for the refunding of $48,000 outstanding bonds. The new bonds
would
bond and interest funds used by those districts for corporate
are to bear 43i% interest against
purposes.
% borne lny the obligations to be
retired.
It is provided that bonds issued under the refunding ordinance may
be sold and the proceeds used to retire outstanding issues. Series A, B,
and C, which will be issued to meet claims for past due principal and interest and for rehabilitation of the Lincoln Park bond fund, would be 5-20
year bonds. It is provided, also, that series D bonds as they become opCHARLOTTE TOWNSHIP (P. 0. Charlotte), III.
-ADDITIONAL
tional, shall be called for payment before other series which have become
INFORMATION
-The $42,000 road bonds reported sold in these columns
redeemable.
some time ago
-V. 141. 10. 788-bear 4 % interest, mature in 1948 and
Under the plan, various series of refunding bonds would have coupon
were purchased by the H. C. Speer & Sons Co. of Chicago.
rates as follows: Series A: $4,683,000 4s; $134,000 43.1s; $2,696,000 Ois;
CHICAGO, III.
-The $9,647,000 3%% refunding
-BOND SALE
$333,000 4Xs;$894,168 5s.
bonds, including $5,000,000 due Jan. 1 1953, callable Jan. 1 1946 or any
Series B: $3,137,045 4s.
interest date thereafter and $4,647,000 due Jan. 1 1955 and callable Jan. 1
Series C: $6,507,710 4s.
1951 or any interest date thereafter, offered on Aug. 8, were awarded at
Series D: $51,017,632 4s;$5,200,000 4,Vis; $16,901,206 4s;$2,786,000
a price of 103.699 to a syndicate composed of Brown Harriman & Co.;
4s;$7,988,000 5s: $1,432,000 6s.
Blyth & Co.; Edward B. Smith & Co.', Lazard Freres & Co.; Mercantile
This would result in refunding bonds in the following amounts and
Commerce Bank & Trust Co.: A. G. Becker & Co.' R. W. Preasprich &
coupons:$65,345,387 4s;$5,334,000 4;is;$19,597,206 4 Ms;$3,119,000 4',s;
Co.; Kelley, Richardsoti & Co.' Illinois Co.; Lee, Higginson Corp.; Gold$8,882,168 5s, and $1,432,000 6s.
man, Sachs & Co.; Graham,Parsons & Co.; Central Republic Co.; Salomon
Bros. & Hutzler; Dick & Merle-Smith; Roosevelt & Weigold; First Michigan
CHICAGO CONSOLIDATED PARK DISTRICT, III.
-FUTURE
Corp.; Eldredge & Co.; Reynolds & Co.; First National Bank of Portland:
BOND PAYMENTS TO BE MADE ONLY FROM SPECIFIC LEVIES
Daugherty, Corkran & Co.; Milwaukee Co.; First National Bank & Trust
The Chicago Park Board on July 30 adopted two measures of importance
Co. of Minneapolis; Stern Bros. of Kansas City; Wells-Dickey Co.; Equito bondholders and taxpayers, according to the Chicago "Tribune" of the
table Securities Corp.; Field, Richards & Shepard; Boatmen's National
following day. One was that the Board will apply no funds toward payBank; Bartlett, Knight & Co.; Bacon, Whipple & Co.,and John B. Dunbar
ment of bond principal and interest except those received for that specific
& Co.
purpose. The other measure passed by the Board cut $2,956.902 from the
All of the bonds will be dated Sept. 1 1935. Denom. $1,000. Bonds
1934 tax levy applicable to the former South Park and West Park districts.
are registerable as to principal and payment of principal and interest
The first measure had specific application to the Lincoln Park and South
(J. & J.) will be made at the City Treasurer's office or at the office of
Park bridge funds, which had been dipped into in order to keep the records
the city's fiscal agent in New York City. The bonds, issued for the purof the two districts clean from default. Robert J. Dunham, President
pose of refunding Jan. 1 1936 principal maturities, will constitute general
of the Park Board, is known to be anxiuos to complete the structures. He
obligations of the city, payable from unlimited ad valorem taxes. Legal
said yesterday that bondholders will not be penalized by the measure
opinion of Chapman & Cutler of Chicago will be furnished the successful
because the refunding plan for the District's bonds now being considered
bidder.
will put the bonds on a sound,long term basis.
Three other bids were entered at the sale. The Chase National Bank
The other measure passed yesterday provides for an abatement of
and associates offered to pay 103.63, while a group of Chicago banks
$2,956.902 in the 1934 tax levy applicable to the former South Park and
named a price of 102.60. Halsey, Stuart & Co. of New York and assoWest Park districts.
ciates were fourth with a tender of 101.80.
CHICAGO SCHOOL DISTRICT, III.
Associates of the Chase National Bank were the National City Bank;
-BOND SALE DATE POSTPONED
-It is reported that the Board of Education will solicit tenders
Bankers Trust Co.; Paine, Webber & Co.; A. C. Allyn & Co.; Stifel, Nice-until about Aug. 20 for the purchase of $5,500.000 refunding bonds,instead
laus & Co.: L. F. Rothschild & Co.; Burr & Co.; G. M.
-P. Murphy & Co.;
of on Aug. 9, as previously indicated. As stated in V. 141. p. 788
Rutter & Co.: Manufacturers & Traders Trust Co.; Schaumburg. Rebhann
-it
is expected that the issue will be offered to mature as follows: $3,000,000
& Lynch; Whiting, Weeks & Knowles; Hayden, Miller & Co.; Hickey.
due in 1953 and callable in 1946;$2,500,000 due in 1955 and callable in 1951.
Doyle & Co.; Shields & Co.', Starkweather & Co.; Morse Bros. & Co., Inc.,
and Robinson-Humphrey Co. of Atlanta.
COOK COUNTY (P. 0. Chicago), III.
-REFUNDING PLAN SUBWith Halsey. Stuart & Co. were Lehman Bros.: First Boston Corp.;
JECTED TO CRITICISM
-The agreement reached between the County
Bancamerica-Blatr Corp.; Stone & Webster and Blodget, Inc.; Phelps,
Commissioners and the investment firms of Stifel, Nicolaus & Co., Inc.,
Fenn & Co.; F. S. Moseley & Co.; E. H. Rollins & Sons; Darby & Co.;
of St. Louis and A. C. Allyn & Co., Inc. of Chicago, for the refunding of
George B. Gibbons & Co., Inc.; Eastman, Dillon & Co.; Hemphill, Noyes
the approximately $48,000,000 of past due and unmatured county in'
& Co.; Bacon, Stevenson & Co.: Stranahan, Harris & Co.; B. J. Van
debtedness, reported in-V. 141, p. 788
-was subjected Chairmanto considerable
o Rees.
dof ble
atoe
Ingen & Co.; R. H. Moulton & Co.; Lawrence Stern & Co.; Piper, Jaffray
criticism in a statement issued last week by John
& Hopwood; Newton, Abbe & Co.; W.R. Compton & Co.; Kalman & Co.,
Committee on Public Expenditures. Mr. Rees declared that the plan
and Harold E. Wood & Co.
"is not in the best interest of either the taxpayers or the bondholders"
BONDS RE
-The successful bidders are
-OFFERED FOR INVESTMENT
and took particular exception to that feature of the agreement under which
the bankers are to purchase $10,000.000 of new refunding bonds to provide
re-offering the bonds for public investment as follows: $5.000,000, due
Jan. 1 195i and optional beginning Jan. 1 1946, priced to yield 3% to first
for the payment of defaulted bond principal and interest charges on existing
optional date and 3.50% thereafter; $4,647,000, due Jan. 1 1955 and opcounty debt. This proviso, it is held. "merely gives an option to purchase
tional beginning Jan. 1 1951, priced to yield 3.05% to first optional date
some bonds and will not result in refunding the debt."
BANKERS DEFEND AGREEMENT
-In a statement defending the
and 3.50% thereafter. The bonds, according to the bankers, are legal
Investment for savings banks and trust funds in New York, Massachusetts,
agreement reached with the county, signed jointly by Joseph D. Murphy,
Connecticut and certain other States. Proceeds of the financing, together
Vice-President of Stifel, Nicolaus & Co. and Douglas Casey, Vice-President
of A. C. Allyn & Co.. the bankers termed Mr. Rees' interpretation of the
with other cash now available for the purpose, will be used to refund
$10,647,000 bonds maturing Jan. 1 1936. The new bonds are direct, general
bond-purchase phase of the plan as a "direct mis-statement of fact" and
declared that the contract "is an obligation to purchase the bonds and is
obligations of the city, payable from unlimited ad valorem taxes.
IDAHO
ILLINOIS
958
in no sense an option." It was further stated that the "plan contemplates
the very material reduction of all annual tax levies for bond principal and
interest and in no sense contemplates heavier and preferential tax levies.''
REFUNDING PLAN VETOED-Clayton F. Smith, President of the
County Board, later rejected the above-mentioned plan. In a five-page
memorandum to the Commissioners he is reported to have maintained
that the "program did not promise to effect the interest savings sought
by the county and would probably pave the way for further defaults."
The action, it is said, virtually kills the plan as it would require the vote
of 12 of the 15 Commissioners to override the veto. In this connection,
it is noted that the program was approved by a vote of 11 to 2, the other
two members having been absent.
-It is announced that outstanding 5%
DECATUR, 111.
-BOND CALL
water revenue bonds dated Sept. 1 1933, and numbered 239 to 288, incl.,
have been called for redemption and payment on Sept. 1 1935. There
are $25,000 bonds due Sept. 1 1943 and $25,000 maturing Sept. 1 1944.
Payment will be made, at par and accrued interest up to an including
Sept. 1 1935, at the office of the City Treasurer in the City of Decatur,
Macon County, Illinois, or at the First National Bank of Chicago, in the
City of Chicago, Illinois, at the option of the holder thereof.
-C. W. McNear & Co. of Chicago
-BOND SALE
DES PLAINES, 111.
are offering $57,500 43. % water revenue bonds, being part of a total issue
of $92,500. They ere dated Nov. 1 1934. One bond for $500. others
$1.000 each. Due serially on Nov. 1 from 1945 to 1961 incl. Principal
and interest (M.& N.) payable In Chicago. The bonds are payable solely
from earnings of the water system. Legality approved by Chapman &
Cutler of Chicago.
-BOND OFFERING
DUPAGE COUNTY (P. 0. Wheaton), 111.
Clarence V. Wagemann, County Clerk, will receive sealed bids until 5 P.In•
(Chicago Daylight Saving Time) until Aug. 12 for the purchase of $77.000
for general
4% funding bonds issued for the purpose of paying claims 1935. The
corporate purposes which were outstanding prior to July 1 1 as follows:
bonds will be dated Aug. 11935. Denom.$1.060. Due Aug. on 60 days'
$5,000 in 1936 and $8,000 from 1937 to 1945 incl. Callable
published notice in a medium designated by the County Board. Priacipal and
Bids must
semi-annual interest payable at the County Trt as, rer's office. for $7,700,
be for the entire issue and accompanied by a ertified check
payable to the order of the County. Award will be made at a meeting of
the County Board on Aug. 13 or at some adjourned or recess meeting of the
board. Legal opinion of Chapman & Cutler of Chicago and engraved
bonds to be furnished by the county. The bo ds will constitute general
from levies
obligations of the county, payable out of the f nds derivedtherein.
made for general corporate purposes upon all taxable property
DU PAGE COUNTY FOREST PRESERVE DISTRICT (P. 0.
-Clarence V. Wagemann, Secretary,
-BOND OFFERING
Wheaton), III.
on Aug. 12
will receive sealed bids until 5 p.m. (Daylight Saving -Time) $70,000 4%
not less than $48,000 and not more than
for the purchase of
district land acquisition bonds. Amount to be awarded will be determined
at the time of sale. In event that less than $70,000 are issued,such amount
Bonds are dated
not sold will be deducted from the issues last maturing.from 1936 to 1945
Aug. 1 1935. Denom. $1,000. Due $7,000 on Aug. 1
incl. Principal and semi-annual interest payable at the County Treasurer's
office. A certified check for $7,000, payable to the order of the District,
the
must accompany each proposal. Award will be made at a meeting of
District Board of Cmmissioners on Aug. 13 or at such other time decided
general obligations of the
on by the Board. The bonds will constitute
general
District, payable out of the funds derived from levies made for opinion
Legal
corporate purposes upon all the taxable property therein. be furnished by
of Chapman & Cutler of Chicago and engraved bonds will
the District.
-M. H. Brightman, City Clerk, will
-BOND OFFERING
ELGIN, Ill.
coupon
receive bids until 10 a. m. Aug. 12 for the purchase of $352,000successpublic benefit funding bonds,to bear interest at rate named by the Jan. 1
$1,000. Dated July 2 1935. Interest payable
ful bidder. Denom.
and July 1, beginning July 2 1936. Due yearly on July 2 as follows: $3,000.
$20.000, 1943
1938 and 1939; $10,000. 1940; $15,000. 1941; $12,000, 1942;1950
to 1946, incl.; $22,000, 1947; $23,000, 1948; $25.000, 1949, Cert.and 1951;
check for
826.000, 1952; $27,000, 1953, and $28,000, 1954 and 1955.
of Chap$5,000, required. Bonds are offered subject to approving opinion
man St Cutler. of Chicago.
form
The City of Elgin was incorporated in 1854. It now has CommissionState
enacted by the
of Government and operates under the general law asIt has a population of
and villages.
of Illinois for the indorporation of cities
valuation of all
approximately 40.000 at the present time. The total assessed
taxing purposes,
taxable property, as ascertained by the last assessment forto approximately
amounted
is $22,294,434. Prior to 1931 the taxes collected five years the taxes remain100% of the levy in each year. During the last
were payable, have not
ing unpaid at the end of the year in which they of Elgin nas never failed
City
exceeded 7% of the levy in any one year. The full on all of its general oblipay all principal and interest in
to promptly
for payment on
gation, or municipally-owned utility bonds, when presented
te of maturity.
issue, the City of
to the obligations to be funded by thisinterest accrued to
daIn addition
Elgin has the following outstanding indebtedness with
July 2 1935:
$68,562.50
General obligation bonds
9,623.01
Judgments
20,283.44
bills and pay rolls
Current
$98,468.95
96,950.00
Water revenue bonds(not within statutorylimitation)
$195,418.95
-BOND SALE
HAMILTON COUNTY (P. 0. McLeansboro), Ill. Kindred & Co. of
to Barcus,
An issue of $83,000 4% bonds has been sold
price of 100.20.
Chicago at a
-The monthly
-CURRENT DEBT POSITION
ILLINOIS (State of)
the following:
report of John Stolle. State Treasurer, includes (Aug 1 1935)
Statement of Indebtedness Outstanding ceased to
Called bonds and notes outstanding which have
draw interest, viz:
$4,000.00
New Internal improvement stock
New Internal improvement interest stock, pay- 500.00
able after 1878
1,000.00
One old internal improvement bond
12,000.00
Twelve canal bonds
relief notes, first issue, called
Emergency
34,389.20
Jan. 4 1933
Emergency relief notes, second issue, called21,897.99
Dec. 28 1934
$73,787.19
137,058,000.00
State highway bonds
32,010,000.00
bonds
Soldiers' compensation
5,000,000.00
Waterway bond.
48,500,000.00
Emergency relief bonds
$222,641,787.19
Total debt
Tax anticipation notes held by
1,040.000.00
Motor fuel tax fund for revenue
50,000.00
Motor fuel tax fund for waterway bonds
300,000.00
soldiers' compensation bonds._
Motor fuel tax fund for
500,000.00
Agricultural premium fund for revenue
$224,531,787.19
Total
-BONDS AUTHORIZED-An ordinance authorKENILWORTH 111.
41 refunding bonds dated Oct. 1 1935 and
izing the issuance of $84.000
to call on and after
maturing serially from Oct. 1 1937 to 1969, subject
has been passed by the Village Board.
Oct. 1 1950,
-WA TER CERTIFICATES TO BE REDEEMED
KENILWORTH,Ill.
of indebtedness, dated
Holders of all outstanding water fund certificates indenture of mortgage,
by the village, and secured by
March 311928,issued
village and Northwestern
dated March 31 1928, by and between the said
indenture of mortgage
Trust & Savings Bank. as trustee (under which the successor trustee),
become and is now
Harris Trust & Savings Bank has
and payment on
advised that they have been called for redemption Trust & Savings
are
at the office of Harris
Oct. 1 1935. Payment will be madeequal to the principal amount of the
Bank, in Chicago, Ill., at a price
the rate of 5% per annum
certificates plus the unpaid interest thereon at
be surrendered for redemption and
to Oct. 1 1935. The certificates should
accompanied by all interest
payment on or after Oct. 1 1935, and must be
Aug. 10 1935
Financial Chrcnicle
coupons thereto appertaining maturing on and after Oct. 1 1935. Interest
on the obligations will close on Oct. 1.
-PROPOSED BOND
McLEAN COUNTY (P. 0. Bloomington), III.
-A proposal to issue $170.000 bonds to take up assignments issued
ISSUE
lieu of cash in the fiscal year which ended July 1 1935 was considered
in
at a meeting of the Board of Supervisors on Aug. 3.
-PROPOSED BOND
MADISON COUNTY (P. 0. Edwardsville), 111.
IS:UE-A proposal to issue $70,548 funding bonds has been approved
to the Board of Commissioners
by toe Finance Committee and submitted
for their consent.
-Bids vere received by Mayor
-BONDS OFFERED
MARENGO, III.
W. L. Miller until Aug. 9 for the purchase of $32,000 refunding bonds.
-An issue of 825,000 park bonds was
VOTED
-BONDS
MATTOON,III.
approved at an election held on July 16.
-The Village Board
-BONDS AUTHORIZED
MELROSE PARK 111.
has recently passed an ordInnce authorizing the issuance of $175,000 funding bonds in order to enable the village to pay offfloating indebtedness.
-BONDS NOT YET AUTHORIZED-In connection with
MOLINE, III.
a recent report in these columns to the effect that the City Council had
authorized the issuance of $110,000 hospital bonds, Mrs. August N. Brissman, City Clerk, informs us:
"We have been notified that HOMO Bill No. 1021 authorizing municipalities in Illinois to issue general obligation bonds without a vote of the
it will be
People. has not been properly passed by the State Legislature andcalled for
necessary that this matter be delayed until the special session
sometime in September, at which time proper legislation will be presented
for passage authorizing such procedure."
-BOND OFFERING-An issue
OGLE COUNTY (P. 0. Oregon), Ill.
of $27,500 4% funding bonds, to pay floating debt, will be offered for sale
at 1 p.m. Aug. 14.
-BOND ELECTION
ROCK CREEK TOWNSHIP (P. 0. Ferris), III.
-On Aug. 13 the residents of the township will vote on the question of
Issuing $43,000 read bonds.
-PROPOSED BOND
ST. CLAIR COUNTY (P. 0. Belleville), Ill.
-The County Supervisors have voted to issue $341,000 bonds,
ISSUE
of which $172.000 are for the construction of a new jail and the remainder
for debt retire neat purposes. At the request of 10 7, of the electors, the
financing would have to be authorized by the voters of the county.
-BIDS RECEIVED
WINNEBAGO COUNTY (P. 0. Rockford), III.
-On July 29 three different bidders offered to purchase the 210,000
The lowest bid was
-V.141, p.
refunding bonds offered on that date
627.
submitted by the Ralston Securities Co. of Rockford, offering to take the
bonds at 2('0 interest and pay a premium of $365, equal to 101.126, a
basis of about 2.55%. The bonds are to mature serially from 1937 to 1946.
Ralston & Co. also offered a premium of $1,052 for V%% bonds subject to
call after 1943. Albert & Co. of Rockford bid a premium of $4,100 for 3s
not subject to call and the Illinois National Bank & Trust Co. of Rockford
offered a premium of $2,491.23 for 3s without the optional provision and a
premium of $2,281.02 with the provision.
-An election will be held on
-BOND ELECTION
WOOD RIVER, III.
Sept. 17 to vote on the question of issuing $375,000 light plant construction
bonds.
INDIANA
-BOND OFFERING-.
CLINTON COUNTY (P. 0. Frankfort), Ind.
Arthur .1. Spurgeon, County Auditor, will receive sealed bids until 10 a. m.
on Aug. 15 for the purchase of $90,000 not to exceed 4% interest advancement fund,series A of 1935 bonds. Proceeds will be disbursed to township
for poor relief purposes. Dated Aug. 11935. Denoms. $1,000 and $500.
Due $4,500 on June I and Dec. 1 from 1936 to 1945 incl. Rate of interest
to be expressed by the bidder in a multiple of 34 of 1%. Interest payable
J. & D. A certified check for 3% of the bonds bid for, payable to the order
of the Board of County Commissioners, must accompany each proposal.
Approving opinion of Matson, Ross, McCord & Clifford of Indianapolis
will be furnished the successful bidder. No conditional bies will be considered. The bonds, authorized by Chapter 117, Acts of 1935, are direct
obligations of the county, payable from unlimited ad valorem taxes on all
taxable property therein.
HARRISON SCHOOL TOWNSHIP (P. 0. Terre Haute), Incl.-The $43,000 5% school building bonds offered on Aug.7BOND SALE
-were awarded to Burr & Co. of Chicago at par plus a premV. 141, P. 469
ium of$2,775, equal to 106.45, a basis of about 4.05%. Dated June 5 1935
and due Dec. 5 as follows: 83,000 from 1936 to 1948 incl. and $4,000 in
1949. Other bids were as follows:
Premium
Bidder
$2,671
Wabash Valley Trust Co., Peru
1,777
City Securities Corp.,Indianapolis
-NO BIDS FOR
INDIANAPOLIS SANITARY DISTRICT, Ind.
-NOTES SOLD-Walter C. Boetcher, City Comptroller,informs
BONDS
us that no bids were received for the $43,000 not to exceed 4 % interest
coupon bonds offered on Aug. 5. They are dated Aug. 1 1935 and mature
$2.150 each Jan. 1 from 1937 to 1956, inclusive.
The $100.000 notes offered at thesame time were awarded to the American
National Bank of Indianapolis on a bid of 0.75% interest, at par plus a
premium of $30. There are two loans of $50,000 each, dated Aug. 5 1935
and due Nov. 111935. The Union Trust Co. of Indianapolis was second
high bidder with an offer of a premium of $13 for the notes at 0.75% int.
-We
-TAX DELINQUENCIPS DECREASE
INDIANA, State of
quote in part as follows from the Indianapolis "News" of Aug. 2,regarding
tht? recent improvement in the collection of delipquent taxes:
'Budgets now being drawn up for tax units need not be increased in
the fear of delinquent taxes, a survey report by the Indiana Taxpayers'
Association indicated to-day.
"For the May instalment of taxes this year, the Association found that
delinquent tax collections almost equaled delinquency incurred for the
Period, a near normal condition.
'Marion County was one of 57 counties where back tax collections
exceeded the new delinquency, a strong indication that tax bodies in the
again next year.
county may expect to suffer nothing from delinquencies were $5,508,135,
"For the entire State for May, delinquency collections
whereas new delinquencies accumulating during the period were $6,064,263, a difference of only $556,128. officials will have no basis for setting
"Thus,for the State, as a whole, tax
a high tax rate to insure revenue because of delinquency fears. The report
predicts a more healthful delinquency conditions, one where the collection
of old arrears taxes next year should equal the delinquency occurring.
Collections Exceeded
"For at least four years delinquencies have exceeded back tax collecpoint that the aggregate delinquency for the State
tions by far and to the
reached $32,000,000. Anticipating delinquencies, budget makers have
'shot high' with an extra tax levy to insure enough revenue for Government operations. Once the aggregate delinquency for the State begins
declining, the revenue from delinquency payments should help trim current
levies.
"A fair condition of delinquencies is shown whenever collections of old
delinquencies approaches the total of new delinquencies, Harry Miesse,
Secretary of the Association, said.
"For comparison of the current half year's decrease with former years,
Mr. Miesse pointed out that in 1933 the increase in delinquencies in the
State was 87,000,060."
-WARRANTS AUTHORIZED-The City Council
KOKOMO, Ind.
has authorized the issuance of $60,000 time warrants.
-BOND SALE
LaGRANGE COUNTY (P. 0. LaGrange), Ind.
-were
627
The $40,000 Poor relief bonds offered on Aug. 2-V. 141, p.of 100.635.
price
awarded to the American State Bank of Ligonier at a from 1936 to 1945
Dated June 15 1935 and due $2,000 on June 1 and Dec. 1
incl.
MADISON SCHOOL TOWNSHIP (P. 0. Martinsville), Ind.
offered on
-The 37.500 4% Walnut Grove school bonds of MooresBOND SALE
awarded to the Citizens Bank
-were
July 13-V. 141, p. 146
of about
ville at par plus a premium of $301.25, equal to 104.01, a basis
Dated July 1 1935 and due as follows: $625 July 1 1936; $625
incl., and $625 Jan. 11942.
Jan. 1
2.77%*and July 1 from 1937 to 1941
Financial Chronicle
Volume 141
MA RTI NSVILLE, I nd.-BOND SALE
-The $12,163 judgment funding
bonds offered on Aug. 7-V. 141, p. 470-were awarded to the Fletcher
Trust Co. of Indianapolis as 2%s, at par plus a premium of $11, equal to
100.09, a basis of about 2.49%. Dated Aug. 1 1935 and due as follows:
$500, Jan. 1 and July 1 from 1937 to 1947 incl. and $1,163, Jan. 1 1948.
MUNCIE SCHOOL CITY, Ind.
-BOND SALE
-The $30.000 coupon
shool funding bonds offered on Aug. 6-V. 141. p. 788- were awarden to
Bartlett. knight & Co. of Chicago as 3s, for a premium of $258, equal to
100.86, a basis of about 2.89%. Of the issue, $15,000 will be dated Ilk pt. 1
1935 and mature July 1 1946 ana $15,000 dated Oct. 1 1935 and due Jan. 1
1947.
OAKTOWN TOWNSHIP (P. 0. Vincennes), Ind.
-BOND OFFER,ING--The Town Clerk is asking for bids up to 11 a. m. Aug. 10 for the
purchase of $3,700 bonds. Denom. $370.
PARISH GROVE TOWNSHIP (P. 0. Ambia), Ind.
-BOND OFFERING-Henry Lampe, Trustee, will receive sealed bids until 2 D. m. on
Aug. 27 for the purchase of $3,800 4% bonds. Dated Aug. 26 1935. Two
bonds of $140.75 each; 25 of $140.74 each. Due one bond each six months
from July 1 1936 until the last bond has been matured.
TERRE HAUTE, Ind.
-WARRANT AND BOND OFFERING
William C. Norcross, City Comptroller, will receive sealed bids until
10 a. m. on Aug. 14, for the purchase of $75,000 5% time warrants, due
Dec. 31 1935. Mr.
also will receive sealed bids until noon on
Aug. 19. for the purchase of $15,000 not to exceed 4% interest fire department equipment bonds, due Aug. 20 1938.
VINCENNES SCHOOL CITY, Ind.
-BOND OFFERING-The Board
of School Trustees will receive bids until Sept. 3, for the purchase of an
issue of $16.500 bonds. Denom. $500.
WHISKEY RUN TOWNSHIP SCHOOL DISTRICT(P.O.Milltown),
Ind.-BONDSALE-The $4,8004% coupon school bonds offered on Aug.6
-V. 141. p. 628
-were awarded
.nir to the First National
Bank of Milltown. Dated July at a price of due $120 on June 25 and
1935 and
Dec. 25 from 1936 to 1955 incl. 25
WINFIELD TOWNSHIP (P. 0. Leroy), Ind.
-The
-BOND SALE
$20,000 5% school building bonds offered on Aug. 3-V. 141, p. 470
were awarded to the Commercial Bank of Crown Point at par plus a premium
of $1,280, equal to 106.40,a basis of about 3.67%. Dated July 15 1935 and
due $2,000 each July 15 from 1936 to 1945, inclusive.
Other bids were as follows:
BidderPremium
Burr & Co
$1,095.00
Paine. Webber & - do
631.35
Citizens Bank___________________________
600.00
F. G. Grace.. _
707.00
Seipp, Princell &5o____________________
100.00
IOWA
AFTON INDEPENDENT SCHOOL DISTRICT, Iowa
-BONDS
VOTED
-On July 31 the voters gave their consent to the issuance of $9,500
school building bonds. The vote on the question was 192 "for" to 124
"against."
DENISON INDEPENDENT SCHOOL DISTRICT, Iowa
-BOND
ELECTION
-The Board of School Directors has ordered that an election
be called for Sept. 10 to vote on the question of issuing $80,000 bonds for
the erection of a high school building.
DES MOINES, 15.
-The payment of
-BOND PAYMENT REPORT
$151.000 on the principal of eight
bond issues due July 1 and $39,308
I ,interest and service charges was city
authorized recently by the City Council.
During the present fiscal year a total of $546.000 in principal and $257,851
in interest on outstanding bond issues are scheduled to be paid.
DES MOINES, Iowa-BONDS NOT SOLD
-We are informed by the
City Treasurer that a $10,000 issue of swi nniing pool bonds(was not purchased recently, as reported in these colu:nns earlier in the month.
-V.
141. p. 789.
GLIDDEN CONSOLIDATED INDEPENDENT SCHOOL DISTRICT,
Iowa-BONDS PROPOSED
-The Board of Directors will meet on Aug. 12
for the purpose of authorizing the issuance of $24,000 school refunding
bonds.
HARLAN INDEPENDENT SCHOOL DISTRICT, Iowa-BONDS
PROPOSED
-The School Directors are meeting on Aug. 14 to authoriZe
the issuance of $60,000 refunding bonds.
BONDSsoL)z-lf is reported that the ibove 2%% semi-annual refunding
bonds were purchased by the White-Phillips Co. of Davenport.
HUMESTON INDEPENDENT SCHOOL DISTRICT, Iowa
-BONDS
DEFEATED
-A proposal that the district borrow $11,000 on bonds for
construction of a school gymnasium was beaten at a recent election.
LA PORTE CITY,Iowa-BOND ELECTION
-It is said that a special
election will be held on Aug. 29 to vote on the proposed issuance of $35,000
in bonds for the purchase of the water works of the Central States Elec. Co.
LONE TREE INDEPENDENT SCHOOL DISTRICT, Iowa-BOND
ELECTION
-An election is to be held on Aug. 29 to vote on the issuance
of $13,000 school building addition bonds.
LUANA CONSOLIDATED SCHOOL DISTRICT, Iowa-BOND
OFFERING--Bide will be received until 8 p.m. Aug. 12 for the purchase of
$11,000 2%% refunding bonds by Arthur H. Berg, Secretary of the School
Board. Interest payable semi-annually. Due in 10 years; callable five
years after issuance.
• McGREGOR,Iowa-BOND EXCHANGE REPORT
-It
Town Clerk that the $12,000 refunding bonds authorized is stated by the
by the Council
at a meeting held on April 22 have been exchanged with the holders of the
following bonds: $8,500improvementfund,and $3,500 grading fund bonds.
NEW SHARON SCHOOL DISTRICT (P. 0. New Sharon), Iowa
BOND ELECTION POSTPONED-It is reported that the election which was
scheduled for July 27 to vote on the issuance of $5,000 in gymnasium bonds
V. 141. p. 147
-has been postponed to Aug. 7.
NORTHWOOD, Iowa-BONDS VOTED
-At an election held on July
31 the voters approved the issuance of $25,000 in high school addition bonds
by a count of 368 to 144. It is said that application has been made for a
Federal grant, the estimated cost of the structure being $45,000.
NORTHWOOD SCHOOL DISTRICT, Iowa-BONDS VOTED
-By
.a vote of 368 to 144 residents of the district on July 31 voted in favor of
the issuance of $25,000 bonds to finance the construction of a school
building.
OELWEIN, Iowa-BONDS AUTHORIZED
-The City Council is said
to have authorized recently a $28,009 issue of water system bonds. It is
understood that a Public Works Administration application will be made on
this project, the cost of which is put at $50,925.
OSCEOLA COUNTY (P. 0. Sibley), Iowa-ASKS CANCELLATION
OF BOND SALE-Because of the failure of Chapman & Cutler, Chicago,
attorneys, to grant an approving opinion on the $210,000 2% road bond
issue recently sold to the Iowa Des Moines National Bank and Trust Co.
that institution has requested the County Treasarer to make a refund for
the amount brought by the issue.
A communication,sent by C. Coykendall,administration engineer of the
Highway Commission, suggests the possibility that the difficulty may still
be ironed out.
OXFORD INDEPENDENT SCHOOL DISTRICT, Iowa
-BONDS
VOTED
-At the election held on July 26 the voters, by 184 to 122,approved
the issuance of $10,000 gymnasium-auditorium bonds.
SAC COUNT* (P. 0. Sac County), Iowa
-BOND ELECTION
PROPOSED-Petitions are said to have been presented to the County
Board on Aug. 2, calling for a special election to be held on the proposed
Issuance of $1,400,000 in county road bonds.
KANSAS
DIGHTON, Kans.-BOND OFFERING-City Clerk C. N. Owen will
receive bids until 8 p. m. Aug. 12. for the purchase of $18,000 4% coupon
improvement bonds. Denom. $1,000. Dated March 1 1935. Interest
payable Feb. 1 and Aug. 1. Due $1,000 in each of the years 1936 and 1937
959
and $2,000 yearly thereafter to 1945. Principal and interest payable at the
State Fiscal Agency, in Topeka. A certified check for 2%, required.
Legal opinion by Bowersock, Fizzell & Rhodes, of Kansas City.
HAZELTON Kan.
-BOND ELECTION PLANNED
-The city
thorities have passed an ordinance ordering the calling of an electionauto
vote on the question of issuing $22,000 waterworks bonds.
KANSAS CITY Kan.
-PRICE PAID-The $22,000 2%% coupon
general improvement bonds that were purchased by the Commerce Trust
Co. of Kansas City, Mo.-V. 141, P. 789
-was awarded at a price of
101.545, a basis of about 1.96%. Due in from 1 to 10 years.
McPHERSON, Kan.
-BOND SALE DETAILS
-In connection with the
sale of the $15,000 park improvement bonds, reported in these columns
recently
-V. 141, p. 789
-it Is stated by the City Clerk that the bonds
were purchased by the Peoples State Bank of McPherson, as 23,s, at par,
and mature $1,000 from 1936 to 1950.
MINNEOLA, Kan.
-BOND SALE
-The $11,000 issue of
% coupon
semi-annual refunding bonds offered for sale on July 9-V. 41 P. 147
141,
was awarded to the State School Fund Commission, at par. Dated July15
1935. Due from July 151936 to 1942.
MITCHELL COUNTY (P.. 0. Beloit), Kan.
-BOND OFFERING
Sealed bids will be received until 2 p.m. on Aug. 12, by Elsie Burger,
County Clerk, for the purchase of a $15,000 issue of 2%% poor relief
bonds. Denom. $1,500. Dated July 1 1935. Due $1,500 from July 1
1936 to 1945, incl. These bonds are being issued in compliance with
Chapter No. 192 of the 1935 Session Laws. A certified check for 2%
of the bid is required.
MONTGOMERY COUNTY (P. 0. Independence), Kan.
-BONDS
AUTHORIZED-The County Commissioners have passed a resolution
authorizing the issuance of $19,000 county road and bridge fund bonds.
PEABODY SCHOOL DISTRICT NO. 12 (P. O. Peabody), Kan.
BOND SALE DETAILS
-The $12,000 234% refunding bonds that were
purchased by the State School Fund-V. 141, p. 628
-were sold at par.
Coupon bonds dated July 1 1935. Denoms. $500 and $1,000. Due on
Jan. 1 1944 and 1945. Interest payable J. & J.
SALINA SCHOOL DISTRICT (P. 0. Salina), Kan.
-BOND SALE
DETAILS
-We are inform ed by the Clerk of the Beard ef Education that
the $34,089.93 refunding bonds purchased on July 10 by 8: all, Milburn
& Co.of Wichita, at a price of 101.56, as reported recently
-V.141.
were awarded as 230, are dated July 1 1935, and t ature seriallyp.628
in from
one to 10 years. Coupon bonds in the denomination of $500. Interest
payable J. & J. Basis of about 2.20% •
SMITHLAND CONSOLIDATED SCHOOL DISTRICT (P. 0.Smith.
land), Kan.
-BOND ELECTION-It is stated that an election
held on Aug. 20 to vote on the issuance of $17,000 in school addition will be
bonds.
WYANDOTTE COUNTY (P. 0. Kansas City), Kan.
-BONDS
AUTHORIZED
-The State Tax Commission is said to have granted the
county permission to issue $175,000 in poor relief bonds for welfare expenditures for the balance of the fiscal year. The County Comn issioner
is said to have asked for permission to issue $375.000 in bonds. The Tax
Commission, in a brief statement, said it felt $175.000 was sufficient for
the purpose.
KENTUCKY
EDDYVILLE, Ky.-BOND SALE
-It is stated by the City Clerk that a
$52,000 issue of 4% semi-annual water plant bonds has been purchased
by the Public Works Administration,
RICHMOND, Ky.-TEMPORARY BORROWING CONTEMPLATED
Mayor Powers announced at a meeting of the City Board of Council that
he would take steps to borrow sufficient money in anticipation of 1935 tax
revenues to pay all outstanding bills of the city and wipe out a floating
indebtedness which accumulated because of the uncertainty of the
financial status. It is said that since the $65.500 funding bond issue city
has
been held valid, the city's credit has been restored and the civic authorities
are again in position to borrow.
LOUISVILLE, Ky.-BONDS SOLD
-It is reported by the Director of
Finance that Almstedt Bros., and J. J. B. Hilliard & Son, both of Louisville, jointly, purchased on May 1. the $50,000 grade crossing elimination
bonds as 234s, paying a premium of $50, equal to 100.10, a basis of about
2.745%. Due on April 1 1965. The validity of these bonds was upheld
by a Circuit Court decision handed down on July 9, as reported in these
columns at that time.
-V. 141, p. 471.
MASON COUNTY (P.O. Maysville), Ky.-BOND REFUNDING NOT
CONTEMPLATED
-It is stated by the County Clerk that the report
which appeared in these columns early in April, to the effect that the
County Board of Education was planning to issue $200,000 in 43 % bonds
for refunding outstanding 6% bonds
-V.140, p. 2580
-was erroneous.
LOU ISIANA
OPELOUSAS, La.
-BOND REFUNDING CONTEMPLATED
-The
city is said to be planning to refund a total of $361.500 outstanding indebtedness.
We Are Specialists in
MAINE-NEW HAMPSHIRE
-VERMONT
Municipal Issues
E. H. Rollins & Sons
Incorporated
200 Devonshire St., Boston, Mass.
MAINE
SOUTH PORTLAND, Me.
-ADDITIONAL INFORMATION
-In
connection with the award on July 24 of $20,000 school bonds as
23.(s.
at a price of par, to the National Bank of Commerce of Portland-V. 141,
p. 789
-we learn that the only other bid received was made by the Casco
Bank & Trust Co.. which offered to take the issue at 234% interest.
WATERVILLE, Me.
-BOND ISSUE APPROVED-The City Council
in session on Aug. 6 approved the issuance of $45,000 in $1,000 bonds
for the purpose of refunding outstanding indebtedness.
Because the city had already exceeded its debt limit. Federal
notified the Council that a loan for the building of an additionofficials
to the
Senior High School could not be granted, according to report. The
Council, however, voted to apply for a direct grant for this project.
MARYLAND
MARYLAND
(State of)
-BOND SALE
-The $100,000 3% certificates
of indebtedness, known as "general bond issue in 1935"
offered on Aug.7V. 141, p. 312
-were awarded to Mackubin, Legg & Co. of Baltimore at a
price of 109.8133, a basis of about 1.87%. Dated Aug. 15 1935 and
Aug. 15 as follows: $6,000, 1938 to 1940, incl.: $7,000, 1941 to 1943, due
incl.;
$8,000, 1944 to 1946. incl.: $9,000, 1947 to 1949, incl., and $10,000 in 1950.
Other bids were as follows:
BidderRate Bid
Mercantile Trust Co., Baltimore
108.65
Halsey, Stuart & Co., Inc
108.085
Other bids were as follows:
BidderRate Bid
Strother, Brogden & Co
106.187
Harris Trust & Savings Bank. Chicago
108.117
W. W. Lanahan & Co
107.735
Alexander Brown & Sons
107.363
Union Trust Co. of Maryland; Baker, Watts & Co
107.759
Stein Brothers & Boyce
106.75
Owen Daly & Co
106.52
Aug. 10 1935
Financial Chronicle
960
MASSACH USETTS
-BOND SALE
-The following two issues of bonds,
LYNN, Mass.
-were
aggregating $85,000, which were offered on Aug. 6-V. 141, p. 789
awarded to H. C. Wainwright & Co. of Boston, on a bid of 100.315 for 2s,
a basis of about 1.92%:
$60,000 departmental equipment bonds. Due $12,000 on Aug. 1 from 1936
to 1940, inclusive.
25,000 water mains bonds. Due Aug. 1 as follows: $2,000 from 1936 to
1945, Inc!. and $1,000 from 1946 to 1950, inclusive.
Each issue is dated Aug. 1 1935. Denom. $1,000. Coupon bonds,
registerable as to principal and interest.
The next best bid was submitted by Halsey, Stuart & Co. of New York
who offered a premium of $157.25 for 2% bonds.
The successful bid and that of Halsey. Stuart & Co. were the only all
or none tenders received. Others tenders were for the respective issues as
follows.
-$60.000 Issue- -$25.000 IssueBidderInt. Rate Rate Bid Int. Rate Rate Bid
100.19
%
Faxon, Gade & Co
100.051
2 i%
100.081
1 3. %
Tyler, Buttrick & Co
100.061
H. C. Wainwright & Co
13'
100.05
2X %
100.05
7
1J40
Hornblower & Weeks
100.576
1X
Blyth & Co
100.36
1 X e,
Merchants National Bank
100.28
2X%
100.40
2%
Estabrook & Co
-SENATE ADVANCES BOND BILLS
MASSACHUSETTS (State of)
-Following action of the House in passing for engrossing the two bills which
authorize the issuance of $20,800,000 bonds, the Senate has approved the
bills for engrossing. On the $13.000,000 highway work bill the vote was
29 to 8, and the $7.800.000 building construction proposal was passed on
a voice vote under suspension of rules following passage to the third reading
by a vote of 22 to 15. The bills are to be returned to the House for further
action. Under the State Constitution approval by a two-thirds vote is
necessary in both branches of the Legislature before the bills go to the
Governor for his signature.
BOND BILL SIGNED-Governor Curley has signed the 513,000,000
highway bond bill.
-Agreement of the State
STATE REFUSES REFUNDING BONDS
Board of Educational Lands and Funds to exchange normal dormitory
bonds for $181,00 of such bonds now owned by the State has
refunding
.
fallen through, according to Governor Cochran who is chairman of the
educational board.
board has offered through the brokerage firm of KirkpatrickThe normal
Pettis-Loomis of Omaha. $352,000 of normal dormitory refunding bonds.
Governor Cochran criticised the normal board for seelling the refunding
bonds to a broker without competition between brokers, but announced
that the educational board would take refunding bonds to the amount of
$181,000. being the amount already owned by the board, but that it would
not buy the balance of the issue which was offered at a rate of 3 %.
-The Second Na-TEMPORARY LOAN
NORTH ANDOVER Mass.
tional Bank of Boston was awarded a *100.000 revenue anticipation loan
at 0.35% discount. Due Dec. 31 1935. Other bidders were:
Discount
Bidder0.36%
Merchants National Bank
0.41%
Whiting, Weeks & Knowles
0.45%
New England Trust Co
0.48%
Faxon, Gade & Co
-The $60.000 coupon municipal
-BOND SALE
WALTHAM, Mass.
on Aug. 7 were awarded to Halsey, Stuart & Co.,Inc..
relief bonds offered
of Boston as 24s, at a price of 100.86. a basis of about 2.09%. Dated
Aug. 1 1935 and due $6,000 on Aug. 1 from 1936 to 1945, incl. Principal
National Bank of
and interest (F. & A.) payable in Boston. The First certify
as to their
Boston will supervise the preparation of the bonds and
Legality to be approved by Storey, Thormilke,Palmer & Dodge
genuineness.
of Boston. Other bidders were:
Int. Rate Rate Bid
Bidder21%100.59
Estabrook & Co
o
2J.7
100.52
Tyler, Buttrick & Co
21(%100.19
Bancamerica-Blair Corp
21
100.081
Faxon, Gade & Co
2X%
100.057
Hornblower & Weeks
Financial Statement(Aug. 1 1935)
157.765,945
Assessed valuation for year 1934
2,772,500
Total bonded debt(not including thisissue)
41h. 000
Water debt,included in total debt
01113
Sinking funds other than water
Population, 39,425,
-The $330.000 coupon or reels'
-BOND SALE
WORCESTER, Mass.
tered bonds offered on Aug. 9 were awarded to a group composed of the
Lee Higginson Corp., Newton, Abbe & Co. and Jackson & Curtis, all of
Boston. as 1.4c, at a price of 100.76, a basis of about 1.60%. The sale
consisted of:
$250,000 municipal relief bonds. Due $25,000 on July 1 from 1936 to
1945, inclusive..
80,000 municipal relief bonds. Due $8,000 on July 1 from 1936 to 1945.
inclusive.
Each issue is dated July 1 1935. Principal and interest (J. & J.) payable
approved by Ropes.
at the First National Bank of Boston. Legality of 100.713 was entered
Gray, Boyden & Perkins of Boston. Second high bid Co., jointly.
by Tyler, Buttrick & Co. and H. C. Wainwright &
Debt Statement and Borrowing Capacity Aug. 6 1935
Average valuation less abatements for 1932.
$313,163,150.00
1933 and 1934
17.829.078.75
Debt limit 2 %of the same
S11.571,700.00
Total bonded debt
Exempt
$250,000.00
Park debt
20,000.00
Sewer debt
1,218,000.00
Memorial auditorium debt
25 000.00
Water debt(funded)
2,955,700.00
Water debt (serial)
Relief debt(Chap.307 of 1933)...860,000.00
Financial year adjustmentloan _ - _1,080,000.00 6,408,700.00
$5,163,000.00
$454,591.18
Totalsinking funds
Less:
$250,000.00
Park loan fund
20,000.00
Sewer loan fund
20,366,16 $290.366.16
Water loan fund
$164.225.02$4,998.774.98
$2,830,303.77
Borrowing capacity within debt limit
Taxes, and Other Statistics
Real, personal, poll and motor vehicle taxes committed for collection for
1934 amount to $10,035.367 of which $9,494,998 or about 95% has been
of
Collection of
collected to the close of business July 31 1935.better than thethese taxes of
collection
1934 on the date mentioned was about 4%
on July 31 1934.
similar 1933 taxes
311935,
Taxes of 1933 of all kinds outstanding at the close of business Julyfor 1933
taxes
$66,053 or less than 1% of the total committed. Real estate
July 311935.
are over 99.99% collected as of
Taxes of 1932 of all kinds outstanding at the close of business July 311935,
$746 or less than one-tenth of 1%.
of any kind for
Is No real estate taxes of 1932 are outstanding. No taxes
1931 or previous years remain unpaid.
1934, $31.60; 1935, *35.80.
..Tax rate 1933-$31.80;
Valuation for 1935 including valuation of motor vehicles,$302,552.800.
(Valuation of motor vehicles partly estimated.) exclusive of water sinking
After deducting water debt and sinking funds,
the per
funds, from total debt, based on 1930 census figures of 195.311,The net
$41.76.
capita bonded debt of Worcester was on Aug. 6 1935,net bonded debt of
which is a
bonded debt figured in this way is $8,156,775,
2.709' of the 1935 valuation.
Sinldng funds on Aug. 6 1935 were $454.591 and they exceed the debt
which they are to pay by 1159,591.
in maturing
During the present fiscal year this city will pay $2,274,200 same period
During the
bonds of which $1,837,700 have been paid to date.
date $1,381,000 in bonds have been issued.
to
We Buy for Our Own Account
MICHIGAN MUNICIPALS
Cray,McFawn & Company
DETROIT
Telephone CHerry 6828
A. T. T. Tel. HET347
MICHIGAN
-BOND SALE
ALCONA COUNTY (P. 0. Harrlsville), Mich.
The issue of $16,000 refunding bonds offered as 5s on April 9, at which time
no bids were received, was sold later as 434s, at a price of par, to the
National Bank of Bay City. Dated March 1 1935 and due $4,000 on
Jan. 1 from 1936 to 1939, inclusive.
-R. H. DeHaven,
-BOND OFFERING
BENTON HARBOR, Mich.
City Clerk, will receive sealed bids until 1 p.m. (Eastern Standard Time)
on Aug. 12 for the purchase of $60.000 not to exceed 5% interest special
assessment bonds. Dated Aug. 1 1935. Denoms. to suit purchaser.
Due 67,500 each Aug. 1 from 1938 to 1945, incl. Rate of interest to be
expressed by the bidder in fractions of not less than X of 1%. Separate
bids are reqtusted for either or both optional and(or) non-optional bonds.
Principal and semi-annual interest payable at the City Treasurer's office.
A certified check for 62.000 must acco:npany each offer. Purchaser to pay
for the printing of the bonds and furnish own legal opinion. In connection
with the offering it is stated that the city has no unmatured principal or
Interest on bonds, no amount borrowed against delinquent taxes and has
no floating debt.
-TAX COLLECTIONS HIGHER-With the close of
DETROIT, Mich.
the collection period for the first installment of 1935-36 City taxes on
July 31. City Treasurer Albert E. Cobo. announced that receipts were
$12,799,305.24, compared to $12,189,088.89 for the same period last year,
a gain of $610,216.35.
Mr.Cobo pointed out that last year the City collected 74X% ofits current
taxes, and estimated that a collection of at least 80% would be necessary
this year for the City to maintain its financial operations. He indicated
by the collection figures that 1935-36 receipts are 5% ahead of last year,
.
which would be equal to 7934%
Delinquent tax collections are also running ahead of last year, the Treasurer's records show. During the current collection period, the City has
taken in $1,562,088.50 on delinquent accounts, compared with $1,254.503.84 for the same period last year.
-The City Council
-TO ISSUE $4,262,000 BONDS
DETROIT, Mich.
has voted to sell $4,262,000 of not to exceed 3X % interest refunding bonds
for the purpose of taking up a similar amount of outstanding 434% to 534%
refundings bearing 1963 maturity date. The new bonds, which will be
offered for sale following approval by the State Public Debt Commission,
will be dated Oct. 1 1935 and mature in 1961, according to report. The
city recently reported that tax collections during the first few weeks of the
fiscal year which began July 1 were 8% ahead of returns in the corresponding
Period of last year, notwithstanding the fact that the current tax levy is
about $650,000 under that for the 1934-1935 fiscal period.
-BOND REFUNDING APPROVED-lhe etate
HAMTRAMCK, Mich.
Public Debt Commission has authorized the city to refinance the $939,400
of refunding bonds which were issued Sept. 1 1933 at interest rates offrom
534 to 6%. The new refundings are to be issued at not more than 431%
interest. it is said. The original zefundings are callable.
-OFFICIAL BOND OFFERING DETAILS
GRAND RAPIDS Mich.
Official announcement has been made of the intention of the city to sell
$2,400,000 refunding bonds, preliminary notice of which appeared in V.
141, p. 790. Sealed bids for the issue will be received by Jacob Van Wingen,
City Clerk. until 10 a.m.(Eastern Standard Time) on Aug. 19. The bonds
are non-callable, dated Sept. 1 1935, in $1,000 denoms. and due $240,000
each Sept. 1 from 1936 to 1945, incl. Principal and interest (M. & S.)
payable in lawful money of the United States at the City Treasurer's office,
and the city will stand the expense of printing the bonds. A certified
check for 3% of the bonds bid for, payable to the order of the City Treasurer,
must accompany each proposal. Legal opinion. If any, to be obtained at
the expense of the successful bidder. The bonds shall be a full faith and
credit obligation of the city and will be delivered to the purchaser at the City
Treasurer's office.
-JUNE 30 1935
REPORT OF FINANCES
Property Valuation
(Fiscal year Begins April 1)
1935-36
1934-35
1933-34
1932-33
1931-32
Assess. val.
taxable
$
$
$
$
$
prop'ty
Real_ _ _209,466,885 201,400,985 155,867,610 153,974,535 153,234,985
Personal_ 55,676,032 42,374,036 33,296,113 31.151,618 31,412,138
265,142.917 243,775,021 189,163.723 185.126,153 184,647,123
Assessed valuation is legally 1009' of actual valuation.
Population estimated, 170,000; 1930 Census, 168,650.
-June 30 1935
Bonded Debt and Sinking Funds
Net
Sinking Funds
Gross Debt
$7,971,500.00 $1,147,553.87 16,823,946.13
General
908,516.13
1.487,083.87
2,395.600.00
Sepcial assessment
1,797.086.16
2,855.000.00
1,057,913.84
Water works
19,600.00
19,600.00
Miscellaneous contracts
813,241.700.00 $3,113,983.84 $10,127,716.16
Total
Detail of sinking funds:
$410,351.35
Cash applicable to bond principal
2,359,200.00
Grand Rapids City bonds
44,000.00
Rapids school bonds
Grand
7,000.00
Zeeland school bonds
293,432.49
Real estate mortgages
$3,113,983.84
Total
There may be some loss in realization of real estate mortgages which
were taken over from the Grand Rapids Savings Bank (closed) in settlement
of the city's account.
There is no default in either principal or interest on bonds payable.
Full faith and credit of the city is pledged for special assessment bonds.
Special assessments and other assets of the special assessment fund exceed
liabilities by more than $300,000. This excess is considered sufficient to
cover probable losses in collection of special assessments and other assets
of the fund.
Full faith and credit of the city is pledged for water works bonds. Water
works earnings are sufficient to most requirements for water bonds and
interest.
-There was no unfunded debt at June 30 1935, except
Unfunded Debt
that listed under miscellaneous contracts in the bonded debt statement
above.
overlapping Debt
$3,853,229.30
Grand Rapids Board of Education bonds
Kent County bonds-city's proportionate share__ -$539,267
337,626.00
Less sinking funds-city's proportionate share.- 201,641
Refunding-Of the $4,583,800 general and special assessment bonds inplan, all but $1,000 have been turned in,
cluded in the city's refunding
canceled and refunding bonds issued therefor. The Refinance Corp. of
Chicago was the city's agent in carrying out this program. All interest is
paid to date.
Tax Rate and Collection Data
-Tax rate for principal and interest requirements
Tax Rate Limitations
bonds outstanding is unlimited.
for
Amendment to limit rate for all operating purposes including city, school.
State, county and any other operating purposes to 134% was passed by the
voters in the November 1934 election. and special
assessment taxes due
-All city, school
Interest and Penalties
June 30 1934 or prior are subject to an ordinance passed in the September
Financial Chronicle
Volume 141
1934 election which provides that these taxes are now the original amount
of the tax plus 5% penalty and that they are payable in 10 equal annual
Instalments, the first instalment being due Sept. 1 1935. Interest rate on
unpaid balances is 5% per year.
Taxes which become due after June 30 1934 are subject to regulations
previously in effect.
Tax Levies and Collections
City Tax Levy
Not Including
School Tax
Uncollected at
Uncollected at End of
Fiscal Year or Special
June 30 1935
Year of Levy
Ending- Assessments
Per Cent
Amount
Per Cent
Amount
1932
$308,032.67
8.4
18.41
$3,666,796.16 $674,950.00
1933
12.8
3,722.969.22 857,499.18 23.03
476,659.37
1934
21.6
588,277.96
2,725,329.91
33.04
900,579.39
1935
26.1
661,172.42
2,530,743.79
28.26
715,227.37
Last Levies-City. 1935-36, $1,941,942.59;school, 1935-36, $1,571,441.32:
county. 1934, $911,204.72; State, 1934, $117,315.43.
Comparative Statement of Tax Rates
193142 1932-33 193344 1934-35 1935-36
Total tax rate per $1,000---$32.25 $30.50 $30.97 $30.83
$22.528
County tax rate
•3.50
4.48
4.38
4.14
3.09
State tax rate
.66
.67
3.45
3.84
School tax rate
8.5107
12.01
11.52
7.64
11.49
City tax rate
10.5173
13.67
14.41
15.27
13.83
* Estimated.
Collections of General City Taxes (Special Assessments Excluded)
On current roll
$1,815,516.42
On prior years taxes
606,457.84 $2,421,974.26
At the close of the fiscal year March 31 1935 cash on hand and deposit
(excluding impounded account in closed bank) exceed general fund liabilities
by more than $300,000.00.
MUSKEGON, Mich.
-Notice is given that the Public
-BOND CALL
Sehools of the City of Michigan will redeem at par and accrued interest
refunding bonds, bearing dates of issue May 15 1933, Sept. 1 1933. Feb. 15
1934. May 1 1934 and June 1 1934 on the first interest date of each issue
occurring on or after Aug. 15 1935 and specifically that it will redeem the
following described bonds on the dates specified:
Description of bonds: General obligation refunding $25.000; interest
rate, 4%%; bond nurnbers, 1-25; date of redemption. Aug. 15 1935.
Description of bonds: General $20,000; interest rate, 5;5%; bond
numbers, 1-20: date of redemption. Sept. 1 1935
.
Bonds described above should be presented for payment to the office of
the Clerk of the Board of Education of the public schools of the City of
Muskegon. Mich., or the Beckley Union National Bank, Muskegon, Mich.,
on or before the respective dates of redemption above specified, after which
date all interest on said bonds will cease. Redemption will be made, if
desired, at any time before the date specified at par and accrued interest.
MUSKEGON SCHOOL DISTRICT, Mich.
-BOND SALE
-The $10,000 school refunding bonds offered on Aug. 5 were awarded to Braun,
Bosworth Sic Co. of Toledo at par plus a premium of $19, equal to 100.19.
a basis of about 3.48%. Dated May 15 1935 and due $5.000 on May 15
In 1948 and 1949.
SANILAC COUNTY (P. O. Sandusky), Mich.
-BOND REDEMPTION FUNDS AVAILABLE-George C. Gardner, County Treasurer, is
advising holders of intra county refunding drain bonds of 1933 that funds
are available to pay the following described bonds:
Name of IssueMaturity
Amount
Black River
$2,800
1938
Black River
1939
2.000
Black River
1940
5,000
Cass River
1.500
1938
Cass River
2,000
1939
Cass River _____
4,000
1940
Carter Drain and branches
550
1939
Carter Drain and branches
1940
1,000
The bonds may be redeemed now by presenting them to the State Bank
of Sandusky for payment. In event payment is now desired immediately,
holders are advised that they will be required to present the bonds for
redemption at the next Interest date.
MINNESOTA
CHICAGO CITY, Minn.
-At a recent election a
-BONDS VOTED
proposition to issue $8.000 water works bonds carried by a vote of 120 to 70,
GILBERT SCHOOL DISTRICT NO. 18 (P. 0. Gilbert), Minn.
BONDS SOLD-It is reported by the Clerk of the Board of Education
that the $173.000 school refunding bonds approved by the voters at the
election held on July 13-V. 141, p. 630
-have been purchased by the
State of Minnesota.
HECTOR SCHOOL DISTRICT, Minn.
-An
-BOND ELECTION
election will be held on Aug. 19 to vote on the question of issuing $20,000
school auditorium and gymnasium bonds.
HENNEPIN COUNTY INDEPENDENT SCHOOL DISTRICT NO.24
(P. 0. Robbinsdale), Minn.
-At the election held on
-BONDS VOTED
Aug. 5-V. 141, P. 630-the voters are said to have approved the issuance
of the $125,000 in high school construction bonds by a wide margin.
KELLOGG, Minn.
-At the July 30 election proposal
-BONDS VOTED
to issue $9,000 waterworks and $7,000 sewage system bonds were approved
by the voters.
LA CRESCENT, Minn.
-The $10,000 issue of4% semi--BOND SALE
annual town bonds offered for sale on July 3-V. 140. p. 4271-was purchased by the La Crescent State Bank, of La Crescent, paying a premium
of $100, equal to 101.00, a basis of about 3.80%. Dated July 1 1935. Due
$1,000 from July 1 1936 to 1945, incl.
MINNEAPOLIS, Minn.
-The following is an official
-LIST OF BIDS
1st of the auction bids received on July 31 for the two issues of bonds,
aggregating $640,000, the sale report on which appeared in detail in these
columns recently
-V. 141, p. 790:
Rate Bid Prem.
* Wells-Dickey Co. and Phelps, Fenn & Co
23.1
$250
Thrall, West & CO. and B. J. Van Ingen & Co
2
225
Justus F. Lowe Co
1,275
2.30%
First of Boston Corp., Halsey, Stuart & Co.and Williams,
Reagen & Co
2.30%
960
Piper, Jaffrey & Hopwood, Lehman Bros., F.S.Moseley
& Co.and Estabrook & Co
2.40%
100
First National Bank SG Trust Co. of Minneapolis, E. B.
Smith & Co. and Boatmen's National Bank
2.50%
3,200
Paine. Webber & Co., Eastman, Dillon & Co. and L. F.
Rothschild & Co
2.50%
2,000
Northwestern National Bank & Trust CO. of Minneapolis,
Brown Harriman & Co. and First of Michigan Corp.- 2.50%
1,800
• Successful bid.
Bonded Indebtedness as of July 1 1935
School bonds
$19,970,363.73
Poor relief bonds
5,380,000.00
Water works bonds
3,204,000.00
Local street and park improvement bonds.- 8.814,846.58
Other general obligation bonds
25.750.136.27
$63,119,346.58
Deduction of amounts for which no future
ad valorem levy is required:
Water works bonds
$3,204,000.00
Assessments pledged to payment of local
improvement bonds
6,721,728.84
Accumulated sinking funds..$4,582,007.02
Less water works sink'g fund 204,913.89 4,377,093.13 14,302,821.97
Gross indebtedness to be financed from current and future
debt levies _ _ _ _ _ __
___________ $48,816,524.61
_
Additional deductions, Permit -in; Minnesota law
6,174,114.12
tea
Net bonded indebtedness per Minnesota law
$42,642,410.49
Gross permissible bonded debt(10% of assessed valuation). 51,414,732.70
Margin as of April 1 1935 for additional issues
8,772,322.21
Pending bond issues, not included above:
Board of estimate and taxation, July 31 1935
640,000.00
City Council-this sale
180.000.00
961
MINNEAPOLIS, Minn.
-BOND SALE
-The $180,000 issue of coupon
or registered public market bonds offered for sale on Aug. 9-V. 141.
p. 630
-was awarded at auction to the Harris Trust & Savings Bank of
Chicago, and Bigelow, Webb & Co. of Minneapolis, as 2.20s, paying
a price of 100.1027, a basis of about 2.19%. Dated Aug. 1 1935. Due
from Aug. 1 1937 to 1953 incl. Prin. and semi-annual int, payable in
lawful money of the United States at the city's fiscal agency in New York
City, or at the office of the City Treasurer in Minneapolis, at the option
of Use holder. The second highest bid was an offer of S180 premium
on 2.20% bonds,tendered by Halsey,Stuart & Co.of Chicago,and Williams
Reagan & Co. of St. Paul.
RENVILLE COUNTY INDEPENDENT SCHOOL DISTRICT NO.83
(P. 0. Hector), Minn.
-BOND ELECTION
-A proposal that the district
issue $20.000 school building bonds will be submitted to a vote at an election to be called for Aug. 9.
ROCHESTER, Minn.
-A resolution author-BONDS AUTHORIZED
izing the issuance of $35,000 street improvement bonds was recently passed
by the City Council. Lillian R. Sveom is City Clerk.
ST.PAUL,Minn.
-The following official
-FINANCIAL STATEMENT
statement is furnished to us in connection with the offering scheduled for
Aug. 13 of the $254,000 not to exceed 5% series No.2 coupon sewer bonds,
a report on which offering appeared in these columns recently (V. 141, p.
631):
Debt Statement as at June 30 1935
Gross Bonded Debt
General bonded debt
$29,558,400.00
Permanent improvement revolving fund debt 7,000,000.00
Water Department debt
6,712,000,00
Total gross debt
$43,270,400.00
Deductions
General sinking fund (cash and securities).
$5,087.430.72
Serial bond retirement for 1935
356,400.00
Inter-City Bridge bonds
657,000.00
Minneapolis-St. Paul sanitary sewer bonds_
886,000.00
Permanent improvement revolving fund debt_ 7,000.000.00
Water Dept. net bonded debt_ _$5,513,705.85
Water Dept. sinking fund (cash
and securities)
1,198,294.15 6,712,000.00
Total deductions
$20,698,830.72
Total net bonded debt
$22,571,569.28
General improvement bonds authorized but
not issued
$200.000.00
Margin for future bond authorization
1,564,925.92
$1,764,925.92
Statutory bonded debt limit(10% of assessed valuation)._ 24,336,495.20
The percentage of the het general bonded debt of the Assessed valuation Is
0914365
The pet centage of the net general bonded debt of the true
value is
.0465912
Statement of Assessable Property at the Full and True Value
Real estate valuation (1934)
$311,570,760.00
Personal property valuation (1934):
Class NO. 2, subject to 25% of full value-$15,551,980.00
Class No.3,subject to 33% offull value__ 44,799.570.00
Clams No.4,subject to 40% of full value__ 9,968.475.00
$70,320,025.00
Moneys and credits
-100% of full value
95.719,710.00
Statement of Assessed Valuation
1934
-Real estate valuation
1934
-Personal property
-Moneys and credits
1934
$477,610,495.00
$125.042,709.00
22,602,533.00
95.719.710.00
$243.364.952.00
Valuation
$147,645,242.00
1934 tax rate-City purposes. $66.29; county purposes, $20.11; one-mill
school, $1.00; State purposes, $11.80: total tax rate, 1934, $99.20.
Population, Census 1930, 271,606.
SIBLY COUNTY INDEPENDENT SCHOOL DISTRICT NO. 1
(P. 0. Henderson), Minn.
-BOND ELECTION
-The School Board has
called an election for Aug. 15 to submit a proposed $18,000 bond issue for
school building erection to a vote of the people.
STAPLES, Minn.
-The City Council has passed
-BOND ELECTION
a resolution calling for an election on Aug. 19 to vote on the question of
issuing $30,000 hospital bonds.
VERNDALE SCHOOL DISTRICT (P. 0. Verndale),
BOND SALE
-It is stated by W. Ketzenberg, Clerk of the Board of Education, that the State has purchased $110,000 school building bonds that were
approved by the voters on Feb. 25.
MISSISSIPPI
Municipal Bonds
EQUITABLE
Corporation
Securities
New York
Nashville
Chattanooga
Birmingham
Knoxville
Memphis
MISSISSIPPI
BLACK BAYOU DRAINAGE DISTRICT (P. 0. Greenville), Miss.
-DETAILS FOR RFC REFINANCING-In connection with the report
given in these columns last May, to the effect that the Reconstruction
Finance Commission had refinanced the bonded indebtedness of the district through a loan of about $430,000-V. 140, p. 3420
-it is stated by
the Secretary and Treasurer of the Board of Commissioners that the amount
of the loan made by the RFA to refinance $587,500 of outstanding bonds
and note of the district, was in the amount of $428,000. He states that
,
the new bonds delivered to the RFC are 4% semi-ann. bonds, dated June 1
1934, and maturing serially from June 1 1940 to 1972 incl.
COFFEEVILLE, Miss.
-BONDS VOTED
-It is stated by the Town
Clerk that at the election held on July 30-V. 141. p. 307
-the voters
approved the issuance of $15,000 in street paving and drainage bonds by a
wide margin. It is said that the bonds may be issued through the Public
Works Administration at 4%.
COPIAH COUNTY (P.O. Haxelhurst), Miss.
-NOTES NOT SOLD
It is stated by the Clerk of the Board of Supervisors that a $10,000 issue
of6% tax anticipation notes was offered for sale without success on Aug.6,
as no bids were received.
POTTS CAMP SCHOOL DISTRICT (P. 0. Holly Springs), Miss.
BONDS VOTED
-At the ele^tion held on July 30-V. 141, p. 314
-the
voters are said to have approved the issuance of the $7,500 in school construction bonds.
RULEVILLE SCHOOL DISTRICT (P. 0. Ruleville), Miss.
BONDS VOTED
-At a recent election the voters are said to have approved
the issuance of $35,000 in school construction bonds.
SMITH COUNTY (P. 0. Raleigh), Miss.
-BOND ELECTION CONTEMPLATED
-It is reported that an election may be held in the near
future to vote on the issuance of $22,000 in bonds for a court house and jail.
MISSOURI
MEXICO, Mo.-BONDS SOLD
-It Is stated by the City Clerk that the
$88.000 sewage disposal plant bonds approved by the voters early in May
-have been sold.
V. 140. p. 3426
STE. GENEVIEVE SCHOOL DISTRICT, Mo.-BONDS SOLDEdw. J. Wehrer, President of the Board of Education, informs us that the
962
Financial Chronicle
$55,000 434% school building bonds recently voted-V. 141, P. 791-have
been sold to local banks.
BOND SALE DETAILS
-It is stated by the Clerk of the Board of Education that the bonds were purchased by the Bank of Ste. Genevieve and
the Henry L. Rozer Bank, jointly, at a price of 102.00, a basis of about
3.76%. Due serially in 20 years.
MONTANA
COHAGEN HIGH SCHOOL DISTRICT (P. 0. Cohagen), Mont.
-BOND SALE
-The $8,000 issue of coupon dormitory bonds offered for
sale on Aug. 2-V. 141, p. 473
-was purchased by the State of Montana,
as 4s at par. No other bid was received, according to the Clerk of the
Board of Trustees.
LOCKWOOD IRRIGATION DISTRICT (P. 0. Billings), Mont.
REPORT ON RFC LOAN
-It is reported by the attorney for the district
that the Reconstruction Finance Corporation during March. advanced to
the district a loan of $65,000, of which $50,000 was used to refinance
outstanding bonds and warrants, and $15,000 was used for rehabilitation of
the system.
NEBRASKA
AINSWORTH, Neb.-BOND ELECTION
-A special election will be
held on Sept. 3 to decide whether or not the city shall issue $15,000 bonds
to help finance the construction of a city hall and $10,000 bonds for a
swimming pool.
ASHTON SCHOOL DISTRICT (P. 0. Ashton), Neb.-BONDS
DEFEATED
-At the election held on July 31-V. 141. p. 791-the voters
are said to have defeated the proposed issuance of $18,000 in school bonds.
FRONTIER COUNTY SCHOOL DISTRICT NO. 12 (P. 0. Eustis),
Neb.-BOND ELECTION
-Notice is given that a special election will
be field on Aug. 27 for the purpose of voting on the question of issuing
$36,850 school building bonds.
GRAND ISLAND, Neb.-BOND ELECTION NOT SCHEDULED
It is stated by the City Clerk that no election can be called to vote the
$180,000 city hall bonds mentioned in these columns recently
-V. 141,
P. 631-until after 10% of the electors have signed and filed petitions.
LOUP CITY SCHOOL DISTRICT, Neb.-BOND ELECTION
-A
proposal to issue $46,000 school building bonds will be submitted to a vote
at an election to be held this month.
NEBRASKA (State ofI-DORMITORY BONDS REFUNDED
-The
Nebraska Normal Board has approved contracts with the KirkpatrickPettis-Loomis Co. of Omaha for refunding $352,000 State Teachers' College dormitory bonds. On Aug. 1 $113.000 535 %_Kearney bonds privately
held will be called and refinanced. $105.000 Wayne 5%, $58,000 Peru
7% and $76,000 Chadron 5% bonds will be called later, contracts being
subject to the approval of Assistant Attorney-General George Ayres.
Gov. R. L. Cochran, Chairman of the State Board of Educational Lands
and Funds, which holds the Chadron and Wayne bonds, has requested legal
opinion on the Board's authority to accept these refunded bonds, which
were to be refunded at 33%.
RALSTON, Neb.-DEBT FINANCING CONTEMPLATED
-The following report is taken from the Chicago "Journal of Commerce" of
Attic. 3.
'
The village of Ralston, Neb.. became the first town in the State to
take advantage of the debt re-adjustment legislation recently passed by
congress and the State Legislature when District Federal Judge J. A.
Donohoe approved a plan for refinancing its indebtedness in the normal
way and employed an attorney to work out a plan agreeable to bondholders. Under terms of the agreement the village agrees in the next 20
years to pay a total of $237.000, including some interest. Bondholders
who want their money as soon as possible waived interest payment. The
board of educational lands and funds, which holds $173,000 of 735%
bonds will be the principal loser.
SCOTIA, Neb.-BOND ELECTION
-It is reported that an election
will be held on Aug. 20 to vote on the issuance of $5.000 in not to exceed
4% community center bonds.
SUPERIOR, Neb.-BONDS VOTED
-At the election held on July 30V. 141. p. 315
-the voters approved the issuance of the $40,000 in 4% city
hall bonds by a count of 393 to 161, according to the City Clerk. Due in
20 years. It is said that the bonds are to be offered for sale after the city's
application for a Public Works Administration grant has been approved.
THURSTON, Neb.-BOND ELECTION
-An election is to be held in
August to vote on the question of issuing $18,000 auditorium and gymnasium bonds.
THURSTON SCHOOL DISTRICT (P. 0. Thurston), Neb.-BOND
ELECTION CONTEMPLATED
-It is said that an election will be held
In the near future to vote on the issuance of $18,181 in auditorium and
gymnasium bonds.
UNION SCHOOL DISTRICT (P. 0. Union), Neb.-BONDS DEFEATED
-At an election held on July 23 the voters are said to have defeated the proposed issuance of $7,000 In school construction bonds.
H. L. ALLEN & COMPANY
New Jersey Municipal Bonds
Telephone 12P:ctor 2-7333
A.T.& T. Teletype N.Y. 1-528
New York
100 Broadway
MUNICIPAL BONDS
New Jersey and General Market Issues
B. J. Van Ingen & Co., Inc.
57 WILLIAM STREET
Tel.: JOhn 4-6361
NEW YORK
A. T.& T. Teletype N. Y. 1-730
NEW JERSEY MUNICIPALS
Colyer, Robinson 4 Company
INCORPORATED
MArket 3-1718
1180 Raymond Blvd., Newark
A. T. & T. Teletype
New York Wire:
NWRK 24
REctor 2-2055
NEW JERSEY
ATLANTIC CITY, N. J.-FUETHER CUT IN BOND INTEREST
PLANNED-The budget for 1936 will provide for payment of interest to
bondholders at a rate of even less than that of 135% being paid this year,
although the refunding agreement with bond creditors stipulated that payments on about $28,000,000 of bonded debt be made on a temporary basis
of 3%. Announcement of the further reduction planned was made by
Mayor 0. D. White on July 30. The Mayor said he did not know whether
this would be acceptable to the bondholders, but that he would seek a
conference with Henry M. Bruere, President of the Bowery Savings Bank,
Aug. 10 1935
New York, and Chairman of the bondholders' protective committee, and
attempt to reach some such agreement.
"Then the tax bill will be even lower and there should be no excuse for
failure to pay taxes," he said.
The present refunding agreement, as above noted, calls for
ofinterest on about $28,000,000 of bonded debt to 3%, but protemporayducn
vides that later the city must pay up the postponed balance of interest and
deferred maturities. Similar postponement is contemplated in the White
plan.
BERLIN, N. J.
-Bids submitted for the $86.000
-BONDS NOT SOLD
not to exceed 5% interest refunding bonds offered on Aug. 5-V. 141. P•
473
-were rejected. They are dated July 1 1935 and mature July 1 as
follows: $3,000 from 1939 to 1952, Ind and $4,000 from 1953 to 1963, incl.
The Borough Clerk states that the action was taken in view of the
fact that the audit of 1934 was not completed and the required financial
statement of the borough could not be issued.
BRIDGETON, N. J.
-BONDS PASSED ON FIRST READING
-At a
meeting of the City Council on Aug. 1, two ordinances authorizing the
issuance of $259,000 general funding bonds and $28,000 water funding
bonds were passed on first reading. Final action will be taken on Aug. 12.
BUTLER, N. J.
-The Borough Council on July 29 passed
-BOND SALE
on final reading an ordinance authorizing the issuance of $465,000 4%
refunding bonds. The issue will be sold to the Paterson Savings Institution. Dated Aug. 1 1935. Due yearly as follows: $15,000, 1936; $16,000,
1937 to 1941; $17.000, 1942 and 1943; $18,000. 1944 and 1945, and $20,000
1946 to 1960.
DELAWARE RIVER JOINT COMMISSION (P.O. Camden), N. J.-REPORTS EARNINGS OF $1,148,229-Statement of operations of Delaware
River Joint Commission (Delaware River Bridge) for fiscal year ended
June 30 1935,shows total receipts of $2,858,825 and net income of $1,148.229. In the 1934 fiscal year gross receipts were $2,792,723 and net income
$1.050,198.
Statement of operations for fiscal year ended June 30 1935. compares
with 1934 as follows:
Receipts for the month of June amounted to $260.525 against $284,546
a year ago, while 960,277 vehicles crossed bridge during month against
932,743 a year ago.
Joseph K. Costello, General Manager, in his report said: "During the
first six months of this yea!, vehicles numbered 4,569.205 with gross receipts of $1,289,334, as compared with 4,412,540 vehicles and receipts
of $1,276,626 in the first half of 1934. A decrease of 3.695 was noted in
the number of passenger buses for June.
"June 30 1935, marked the ninth year of operations of the Delaware
River Hridge with gross traffic of 98,938,076 vehicles and gross receipts
of $26,749,549. A daily average of 28,578 vehicles and receipts of $8,137
has been maintained since the opening of the bridge."
DOVER., N. J.
-M. M. Freeman & Co., Inc. of Phila-BOND SALE
delphia bidding for $307,000 bonds as 4s, at a total price of $309,111.11
were the successful bidders for the $309,000 coupon general funding issue
offered on July 29-V. 141. p. 473. The entire $307,000 funding bonds
are dated Sept. 1 1935 and mature Sept. 1 as follows: $31,000 from 1936
to 1944, incl. and $28.000 in 1945. Other bids for the issue all of which
were for $309,000 bonds, were as follows:
BidderInt.Rate.
Amt.Bid
Lehman Bros., Phelps, Fenn & Co. and J. S. Rippe'
& Co
$309,896.10
Minsch, Monell & Co., First National Co.of Trenton
and Dougherty, Corkran & Co
4j(%
302,541.90
C.A.Preim & Co., M.F. Schlater, Noyes & Gardner
and C. P. Dunning & Co
309,805.00
%
B.J. Van Ingen & Co., H.L.Allen & Co.and Suplee,3
Yeatman & Co
307,146.00
331%
BONDS OFFERED FOR INVESTMENT
-Public re-offering of $237,000
4% general funding bonds, maturing serially on Sept. 1 from 1938 to 1945.
incl., is being made by M. M.Freeman & Co., Inc., of Philadelphia at
prices to yield from 2.75% to 3.75%. according to maturity. They are
part of an issue of $307,000 purchased by the bankers as noted in above.
FAIRVIEW, N. J.
-DETAILS OF REFUNDING-The $525,000 refunding bonds authorized by adoption of an ordinance recently will be
floated to retire the following indebtedness of the borough:
Title of IssueRate
Date
Amount
Maturity
Assessment serial bonds_ __ _5%
Jan. 1 1927 Jan. 135-38 $63,000
Assessment serial bonds_ _ _6%
May 1 1929 May 1'34-'39 236,000
Temp.impt. note(North 8th 4
St. grading and paving)_ _6%
Dec. 31 1927
4,000
Demand
Temporary improvem't note
(Lower Fairview sewer)6%
Dec. 14 1928
Demand
30,000
Tax anticipation note
Dec. 31 1934 Dec. 1 1935
6
18,000
Unemployment relief note_ _6
Feb. 21 1934 Aug. 21 1934
2,750
Dependency relief note
6
Feb. 21 1934 Aug. 21 1934
1,250
Temporary improvem't note
LowerFairview sewer(part
of a note in total amount
of $15,900)
6%
Dec. 14 1928
15,000
Demand
1934 Tax revenue note
6%
June 22 1934 July 21 1934 23,000
Temporary improvem't note
(North 8th St.grading and
paving)
6%
Aug. 1 1927
10,000
Demand
Temporary improvem't note
(North 8th St.grading and
paving)
6%
Jan. 11 1928
7,000
Demand
Temporary improvem't note
(Lower Fairview sewer) 6
May 5 1927
Demand
10,000
1929 tax revenue note
4
Mar. 4 1930
25,000
Demand
1934 tax revenue note
4
Dec. 31 1934 Dec. 31 1935 45,000
1934 tax revenue note
4j4% Dec. 31 1934 Dec. 31 1935 30,000
The new bonds will be dated Aug. 1 1935 and will mature yearly on Dec. 1
as follows: $12,000, 1935; $48,000. 1936; $42,000, 1937; $33,000, 1938;
$49,000, 1939 and 1940; $51,000, 1941 and 1942; $43,111111, 1943: $4,000.
1944, 1945 and 1946; and $25,000, 1947, 1948 and 1949.
-BONDS OFFERED FOR INVESTMENT
HALEDON, N. J.
-Leach
Bros., Inc., of New York are offering $79,000 431% general refunding
bonds issued under Chapter 233, P. L. of 1934 of New Jersey, at prices to
yield 4.25%. They mature serially on April 1 from 1950 to 1959, incl.,
and, according to the bankers, are legal investment for savings banks and
trust funds lathe State of New Jersey. V.141, p.632.
-BOND SALE
HOHOKUS, N. J.
-The $10,000 coupon or registered
refunding bonds offered on Aug. 2-V. 141, P. 474
-were awarded to Out
water & Wells of Jersey City as 4us,at par plus a premium of $27,equal to
100.27, a basis of about 4.18%. Dated July 1 1935 and due $5,000 on
July 1 in 1939 and 1940.
LINCOLN PARK, N.J.-PROPOSEDBOND ISSUE
-An ordinance has
been introduced in Borough COUI1Cil providing for an issue of $100,000
refunding bonds.
-SEEK BUYER FOR BONDS
LITTLE FERRY, N. J.
-The borough
authorities are planning to dispose of the $76,000 435% funding bonds
-V.141, p. 791
-at private sale.
recently offered unsuccessfully
-BOND OFFERING
MAYWOOD, N. J.
-S. C. Ogden, Borough Clerk,
will receive sealed bids until 8.15 p. m.(Daylight Saving Time) on Aug.
20 for the purchase of $237,000 not to exceed 5% interest coupon or
registered bonds, divided as follows:
$140,000 serial funding bonds. Due Aug. 15 as follows: $5,000. 1936 to
1939 Inc..; $8,000, 1940; $5,000, 1941 to 1943 incl.; $10,000.
1944 to 1950 incl.; $5,000, 1951; $6,000. 1952 and 1953, and
$5,000 in 1954 and 1955. A certified check for 2% of the bonds
for, payable to the order of the Borough, must accompany each
proposal.
97,000 general improvement bonds. Due Aug. 15 as follows: $5,000.
1936 to 1939 incl.;$7,000, 1940;$5,000. 1941 to 1951 incl.;$4,000,
1952 and 1953; $5,000 in 1954 and $2,000 in 1955. A certified
check for $1,940, payable to the order of the Borough, must
accompany each proposal.
Each issue is dated Aug. 15 1935. All of the bonds of each issue must
bear thesame rate ofinterest,expressed in a multiple of 35 of 1%. Principal
and interest (F. & A. 15) payable in lawful money of the United States at
the City National Bank & Trust Co., Hackensack. Legal opinion of Reed.
Hoyt & Washburn of New York will be furnished the successful bidder.
Volume 141
Financial Chronicle
MAPLEWOOD TOWNSHIP (P. 0. Maplewood), N. J.
-BOND SALE
-The $137,000 coupon or registered public improvement bonds offered on
.Aug. 6-V. 141, P. 632
-were awarded to J. B. Hanauer & Co. of Newark
as 2s at par plus a premium of $954.48. equsl to 100.68, a basis of about
1.76%. Dated Aug. 1 1935 and due Aug. 1 as follows: $20,000, 1936;
$27,000 in 1937 and $30,000 from 1938 to 1940. incl. The following other
bids for 2% bonds were received:
.
Premium
Edward B. Smith & Co
$723.22
Adams & Mueller
579.00
Granbery, Safford & Co
466.62
Fisher, Hand & Co
456.21
Financial Statement (as of June 30 1935)
Assessed valuation of real property, 1935
$45.963,894.00
Assessed valuation of personal property, 1935
2,353,303.00
Total assessed valuation. 1935
$48,317.197.00
Bonded debt evidenced by permanent bonds, including the
issue now offered for sale
2,247,000.00
Indebtedness evidenced by temporary obligations other than
obligations to be funded by the issue now offered for sale:
T
improvement bonds or notes---$95,956.80
2) Tax revenue bonds or notes
255,000.00
3) Tax anticipation bonds or notes
75,000.00
Total
$425,956.80
Gross indebtedness evidenced by negotiable bonds or other
obligations
2,672,956.80
Deductions from such gross indebtedness:
(1) Funds on hand derived from special assessments applicable to payment of bonded indebtedness or temporary loan bonds or note$17,777.98
(2) Sinking funds now on hand and held for the
payment of bonded indebtedness
22,300.00
Total deductions
40,077.98
Net bonded debt
$2,632,878.82
The aggregate amounts of the taxes levied for State, county and township purposes upon property within the township for the years 1932, 1933
1934 and 1935 were, respectively, $1,614,999.08, $1,372,894.13. $1,522,964.13 and $1,545.958.31 The amounts of such taxes still uncollected are.
respectively, $9,031.91, $14.345.11. $23 ,7 462.06 and 31015,217.55.
.
The entire township is embraced within the boundaries of the School
District of South Orange and Maplewood. The district's indebtedness other
. than indebtedness incurred in anticipation of the collection of the current
year's taxes, amounts to $4 764,000.00. The School District has on hand
funds amounting to $112,533.02 applicable solely to the payment of such
indebtedness. The assessed valuations of the taxable real property and
personal property in Maplewood and in South Orange, as determined for
1935, are, respectively. 348,317,197.00 and $36,112,583.00.
Population, U. S. census, 1920, 5,283: population, U. S. census, 1930.
21.338.
Other bids for 2% bonds were as follows:
BidderPremium
Minsch, Monell & Co
$378.12
VanDeventer, Spear & Co
356.20
Blyth & Co
246.60
NEW JERSEY (State of)
-STABILITY OF LOCAL BOND ISSUES
HELD IMMUNE FROM ADVERSE MUNICIPAL LEGISLATION
In the Aug. 1 edition of the "New Jersey Municipal Bona Market," containing statistical data and bid and asked prices on local government bond
issues, J. B. Hanauer & Co. declare as follows:
"Recent resolutions introduced in Congress by such people as Wilcox
of Florida would permit municipalities to refund their obligations without obtaining 51% approval from bond holders. We do not believe such
measures are necessary in most States in the Union, although Florida may
require these laws. However, we wish to point out that New Jersey municipalities which have issued bonds under Chapter 60 of the Pamphlet
Laws of 1934 of New Jersey have placed themselves under contract with
their bondholders to maintain a cash basis for the next 20 years. If such
legislation as is proposed by Wilcox does pass, we believe municipal bonds
issued by municipalities operating under Chapter 60 will afford the greatest measure of protection available to the municipal bond investor in the
United States to-day,"
963
Public re-offering is being made by the bankers at prices to yield from
2.75% to 3.75%. The bonds are issued for the purpose of refunding the
following borough indebtedness:
PurposeRate
Dated
Due
Amount
Taxrevenuenote,issueotl932_6% July 24 1935 Demand $11,000.00
Taxrevenuenote,issueofl934__6% July 24 1935 Demand
19.900.00
Tax revenue note,issue of 1934--6
July 24 1935 Demand
17,000.00
Tax revenue note.issue of 1934-6
July 24 1935 Demand
3,000.00
Improvement note
6
July 24 1935 Demand
23,713.12
ROSELLE PARK, N. J.
-TEMPORARY FINANCING-The Roselle
Park Trust Co. has purchased $175,000 notes and $40,000 tax title bonds
bearing 5% interest and due June 20 1936.
NEW MEXICO
ALBUQUERQUE, N. M.
-BOND ELECTION
-A vote will be taken
on Oct. 8 on a proposition to issue $2.250,000 waterworks revenue bonds
for development of the Jemez Springs project. At this same election the
voters will be asked to decide on three other bond issues totaling $487,000
for the city's share of three Public Works Administration projects.
Offerings- Wanted
New York State Municipals
County-City--Town-School District
GORDON GRAVES 81 CO.
40 WALL ST., N. Y.
Whitehall 4-5770
NEW YORK
BROOKHAVEN SCHOOL DISTRICT NO. 12 (P. 0. Selden), N. Y.
-BOND SALE
-Mrs. Gertrude Waldron, District Clerk, informs us that
the $43,000 coupon or registered school bonds offered on Aug. 7 were
awarded to Sherwood & Merrifield. Inc. of New York as 4.20s, at 100.17,
a basis of about 4.18%. Dated Sept. 1 1935 and due March 1 as follows:
$1,600 from 1937 to 1946 incl. and $1,500 from 1947 to 1964 incl. Principal and interest(M.& S.) payable at the Patchogue Citizens Bank & Trust
Co., Patchogue. Bonds are payable from unlimited ad valorem taxes on
all taxable property in the district. Legality approt5%by Caldwell &
4 2ed
.•
Raymond of New York. Other bids were as follows:
BidderRateRate Bid
P. B. Roura & Co
100.16
George B. Gibbons & Co., Inc
100.14
4.75%
Financial Statement
Taxable assessed valuation
$43,865
432.000
Total bonded debt (this issue only)
Population, latest U. S. Census, 141.
The fiscal year of the district begins on July 1 in each year. The amount
of taxes levied by the district for the fiscal years beginning July 1 1932.
July 1 1933 and July 1 1934 were respectively $4,742.28, $5,029.56 and
$7,010.05. None of these taxes. were uncollected, at the end of the
respective fiscal years The amount of taxes to be levied and collected for
the current fiscal year are not yet ascertainable.
BUFFALO, N. Y.
-BOND OFFERING-It is reported that sealed bids
will be served on Aug. 27 for the purchase of $1.910,000 10
-year serial
bonds including $1,000,000 welfare, $760,000 water and $150.000 grade
crossing elimination. They will be dated Sept. 15 1935. William A.
Eckert is City Comptroller. It is further disclosed that the city contemplates offering $4,000,000 refunding bonds later in the year.
DEPEW, N. Y.
-BID REJECTED
-NEW SALE SCHEDULED
Felix Kocialski, Village Treasurer, informs us that the Manufacturers &
Traders Trust Co. of Buffalo was the only bidder at the sale on Aug. 2 of
234,618.03 not to excee 6% interest coupon or registered general bonds.
The bid was for 5% bonds and was rejected. The Board of Trustees has
decided to hold a new sale on Aug. 23. The bonds are described as follows:
$23,448.02 series A. Due Aug. 1 as follows: $5,448.02 in 1936 and $6,000
NEWTON SCHOOL DISTRICT, N. J.
-An issue of
-BOND SALE
from 1937 to 1939, incl.
$115.000 4%'% school building addition and equipment bonds has been
11,170.01 series B. Due Aug. 1 as follows: $2,170.01 in 1936 and $3,000
sold to the Teachers' Pension and Annuity Fund at par. Denom. $500.
from 1937 to 1939, inclusive.
Dated May 1 1935. Interest payable May 1 and Nov. 1. Due $5,000
All of the bonds are dated Aug. 1 1935. Principal and interest (F. & A.)
yearly for four years and $6,000 for 16 years thereafter.
payable at the Manufacturers & Traders Trust Co. of Buffalo. A certified
PATERSON, N. J.
- check for $700 is required. Legal opinion of Clay, Dillon & Vandewater of
-FAVORABLE OPERATING RESULTS NOTED
New York,
Increased receipts, rapid debt retirement and a comfortable cash balance
are revealed in an audited report of the city's third half-year on a cash
EASTCHESTER UNION FREE SCHOOL DISTRICT NO. 1 (P. 0.
basis, made public recently. The report, covering the period from Jan. 1
Eastchester), N. Y.
-BOND OFFERING-Edward F. Bremser, District
to June 29 1935, shows total cash receipts of $8 847,986, disbursements of
Clerk, will receive sealed bids until 3 p. m. (Eastern Standard Time) on
$8,451,836. and a balance as of June 29 1935 of $396,150.
Aug. 13 for the purchase of $109,000 not to exceed 4% interest coupon or
These figures compare with total receipts of $6,970,721, disbursement of
registered school building bonds, part of a total authorized issue of $292,000.
$6.795,538 in the first six months of 1934, and a balance as of June 30 1934
Dated Oct. 11934. Denom.$1,000. Due Oct. 1 as follows: $9.000 in 1954
of $175,183.
and $10,000 from 1955 to 1964, incl. Bidder to name a single interest rate
Both receipts and disbursements during the first six months of 1935 were
for all of the bonds, expressed in a multiple of 31 of 1-10th of 13'. Principal
swelled by receipt by the city of the proceeds of the $1.388,000 water bond
and interest (A. & 0.) payable in lawful money of the United States at the
sale, held on June 5 to refinance the Passaic Valley Water Commission's
Chase National Bank,New "York. Successful bidder to pay accrued interest
debt to the city of Paterson. Of these proceeds. $361.332 was immediately
from April 1 1935 to the date of delivery of the bonds. A certified check
turned over to capital account, canceling a like amount of bonds authorized
for $2,000, payable to the order of It. D. Caldwell, District Treasurer,
but not issued, and $1,026,668 was placed in various sinking funds.
must accompany each proposal. Approving opinion of Clay, Dillon &
The city retired $954,750 of debt during the period. including $36,250 of
Vandewater of New York will be furnished the successful bidder.
emergency relief bomb,, retirement of which had not been scheduled in the
1935 budget. Also retired were $150,000 of water bonds, which, while
Financial Statement
paid by the Water Commission and therefore not included in the city's
Assessed valuation of taxable property (1935 assessment roll)-426,851.316
net debt statement, were part of the city's gross debt. Funds in hand in
Total bonded debt (incl, present issue)
783,000
sinking funds for purpose of retiring term bonds increased from $2,529,524
None
Deductions
as of Dec. 31 1934 to 43,354,452 as of June 30 1935, an increase of $824,928.
-Total debt shown above does not Include debt of any taxing
Note
district having power to levy taxes on all or any part of the taxable property
STONE HARBOR, N.J.
-FINANCIAL STATEMENT
-In connection
of Eastchester Union Free School District No. 1. Population of district
with the offering on Aug.9 of $150,000 not to exceed 5% interest refunding
about 8,000.
bonds reported in V. 141. p. 792, we have received the following:
Tax Data
General Financial Statement July 1 1935
Uncollected at End of
1933
1935
1934
-Fiscal
Year
Year
Assessed valuations
$2,826,825.00 $2,579,855.00 $2,352,745.00
1932-1933
None
3197.825.50
..e
Tax rates per $100 valuation__ _
7.20
6.89
6.47
1933-1934
194,423.00
Tax duplicates
169,329.52
177,673.89
182,841.81
1934-1935
None
228,025.00
Current tax collections
88,228.6988,898.6757,989.20
Taxes uncollected for said years, as reported by the Board of Education,
Prior years' taxes
16,751.52
30,432.18
22,672.09
have been paid by the Town Supervisor.
Collections, all sources
167.930.25
92,003.42
142.444.31
Annual debt principal
11,000.00 x176,875.17
6,000.00
EDWARDS UNION FREE SCHOOL DISTRICT NO. 1 (P. 0.
Annual debt interest
38,894.60
41,847.98
45,149.13
Edwards), N. Y.
-BOND OFFERING-Sealed bids will be received by
Annual budgets
139,880.30
149,359.82
152,914.54
A. E. Clark, District Clerk, until 11 a. m. (Eastern Standard Time) on
State and county taxes
28,728.48
29,754.36
32,500.37
Aug. 15 for the purchase of 357.000 bonds. They will be issued In
Local school tax
12,715.00
10,120.24
12,572.80
coupon or registered form and bear interest at a rate of not more than 69'.
Bank loans
NoneNone
None
expressed by the bidder in a multiple of X or 1-10th of 1%. All of the bonds
Tax anticipation notes
None
must bear the sa:ne rate. They are dated July 1 1935. Denoms. $1,000
Tax revenue notes and bonds
68,975.17
and $500. Due Jan. 1 as fsllows: $2,500. 1937 to 1951, incl.; $2,000, 1952
Tax title notes and bonds
142,528.87
to 1956, incl.: 31,500, 1957 to 1960, incl.; $1.000, 1961 to 1963 incl. and
Other notes and bonds
534,427.67
$500 in 1964. Principal and interest (J. & J.) payable in lawful money of
Bonds, interest and notes in default
None
the United States at the Edwards National Bank, Edwards. Purchaser to
Term bonds outstanding
233,000.00
pay accrued interest from date of bonds to the date of delivery. Proceeds
Serial bonds outstanding
78.358.61
of the issue will be used to pay the cost of a new school building with a
Temporary bonds and notes outstanding
434,573.10
combined gymnasium a d auditorium. The bonds are direct general
x This amount includes the proposed $150,000 to be refunded and also
obligations of the district, payable from unlimited taxes. A certified check
notes which may be renewed legally.
for $1,000. payable to the ordei of A. E. Kerr, District Treasurer, must
No suits. injunctions or mandamus proceedings against the borough.
accompany each proposal. Approving opinion of Clay, Dillon & VandeAccording to the State Auditer, our sinking fund account fulfills all rewater of New York will be furnished the successful bidder.
141
quirements completely.
HEMPSTEAD UNION FREE SCHOOL DISTRICT NO. 21 (P. 0.
ROCKAWAY, N. J.
-BOND DESCRIPTION
Rockville Center), N. Y.
-CORRECT PRICE
-BOND ELECTION
-An election is to be
We are informed by M. M. Freeman & Co., Inc., of Philadelphia that the
held on Aug. 13 for the purpose of voting on the issuance of $45,000 school
report appearing in V. 141, p. 791. to the effect that they had agreed to
building addition bonds.
refund $76,000 outstanding 13onds for a commission of $500, is erroneous
in its details. The amount of bonds involved is $75,000 and the bankers
LANSINGBURGH UNION FREE SCHOOL DISTRICT NO.-1
are paying a premium of $500 plus the cost of printing the bonds and the
-BONDS VOTED
(P. 0. Troy), N. Y.
-An issue of $510.000 junior high
legal opinion. The refunding bonds will be dated Aug. 1 1935, will bear
school building bonds was approved by the voters at an election held on
4% interest and will mature $5,000 yearly on Aug.1 from 1938 to 1952.incl.
July 30.according to George H.Bradshaw,Clerk of the Board of Education.
964
Financial Chronicle
HEMPSTEAD UNION FREE SCHOOL DISTRICT NO. 17 (P. 0.
Franklin Square), N. Y.
-OTHER BIDS
-The following other bids were
submitted for the 3129.000 school bonds awarded to Pask & Walbridge of
New York and the Franklin Square National Bank of Franklin Square,
jointly, as 3.508., for a premium of $258, as stated in V. 141, p. 792:
BidderInt.Rate
Premium
George B. Gibbons & Co. Inc
$219.30
3.60
Manufacturers & Traders Trust Co
'
373.97
3.90
A. C. Allyn & Co_
541.80
3.90
Bank of Rockville Centre Trust Co
4
25.00
Blyth & Co., Inc
683.70
3.90%
Financial Statement
Assessed valuation, real property incl. special franchises__ $7,845,925
Total bonded debt, including this issue
395.000
(The above statement of bonded debt does not include the debt of any
other sub-division having power to levy taxes or any or all of the property
in the district.)
Amount of
Amount of
Such Taxes
Such Taxes
Amount of Last
Uncollected at
Uncollected as
Four Preceding
Tax Levies
End of Fiscal Year of July 25 1835
1934-1935
$36,941.25
$36,941.25
$88,856.10
1933-1934
*48,420.94
'
1,314.16
None
None
1932-1933
*40,216.48
3,216.48
None
None
1931-1932
82,624.52
* The reduced amount is by reason of the application of part of the
accumulated reserve of the district against the budget.
Population estimated, 3.500.
LONG LAKE FIRE DISTRICT NO. 1 (P. 0. Long Lake), N. Y.
BONDS OFFERED-Sealed bids were received until 10 a.m.(Eastern Standard Time) Aug. 10 by Oakman H. Helms. Secretary of the Board of Fire
Commissioners, for the purchase at not less than par and accrued interest
of $12,500 coupon registerable fire apparatus bonds, to bear interest at rate
named by the successful bidder, expressed in a multiple of h %, or 1-10%
but not to exceed 6%. Denom. 11 for $1,000 and 3 for MO. Dated
Aug. 11935. Prin. and semi-aim. int. (Feb. 1 and Aug. 1) payable at the
Hamilton County National Bank of Wells. Due yearly on Aug. 1 as follows: $1.500, 1937, 1938 and 1939; and 32,000, 1940 to 1943, incl. Approving opinion of Clay, Dillon & Vandewater of New York,to be furnished
the purchaser.
NEW YORK, N. Y.
-SELLS $23,063,000 ASSESSMENT BONDS TO
-The Board of Estimate on Aug. 6 authorized the sale
SINKING FUND
of $23,063,000 in assessment bonds to the Sinking Fund Commission for the
completion of the Wards Island sewage disposal plant.
Originally it was planned to spread the payment by issuing long-term
bonds, but the Fusion Administration had a bill passed a year ago repealing the enabling act which would have permitted the long-term financing
Later, apparently unmindful of the repeal of the State law, the Board of
Estimate undertook to authorize 20 year bonds.
Discovery of the lack of authority for the issue was made in the office of
Comptroller Frank J. Taylor, and Mayor F. H. LaGuardia was notified.
As contracts were about to be let, it was necessary to rectify the error by
rushing through the assessment bonds which will have to be redeemed by
the taxpayers in five annual installments each of more than $4,000,000.
JULY FINANCING-In addition to having made public award of
$38,000,000 corporate stock and serial bonds to the National City Bank of
New York and associates
-V. 141, p. 475, the city also arranged during
the month of July for the exchange of $45.511,000 37 revenue notes, due
on or before July 1 1938,for a corresponding amount of revenue bills which
were issued against taxes due in the first half of 1935. The refinancing was
done in accordance with the agreement in effect between the city and its
bankers. The city also sold during July $1,111,0004% Coney Island sewage
treatment plant bonds to the Public Works Administration. These mature
serially on July 1 from 1939 to 1958,incl. are not included in our figures on
the general State and municipal long-term financing negotiated in the
past month, which are contained in an article on the subject on a preceding
page of this section.
NEW YORK (State of)
-DEFINITIVE BONDS READY FOR DELIVERY
-The Bank of the Manhattan Co. of New York announces that
it will be prepared to deliver definitive bonds of the State 2ji7-2% issues,
dated March 1 1935, maturing March 1 from 1936 to 1985 incl. In exchange for the outstanding temporary receipts, on and after Aug. 15 1935.
The temporary receipts will be accepted for exchange on and after Aug. 12.
NYACK, N. Y.
-CERTIFICATE ISSUE SOLD
-The $3,200 coupon
fire department apparatus certificate; of indebtedness offered on Aug. 6
-were awarded as 4s, at a price of par, to the Nyack
-V. 141, To. 634
National Bank & Trust Co. of Nyack, the only bidder. Dated July 1
1935 and due $800 each year from 1936 to 1939, inclusive.
-BONDS OFFERED
PORT OF NEW YORK AUTHORITY, N. Y.
f New York, are
-George B. Gibbons & Co.,
FOR INVESTMENT
Inc.,'
making public offering of $500,000 3% series F coupon bonds at a price of
101.25, to yield about 2.75%. They mature March 1 1941.
-BONDS AUTHORIZED
POTSDAM, N. Y.
-A resolution authorizing
the issuance of $138,000 bonds to pay for the cost of constructing a civic
center was recently passed by the Village Board, according to Village
Clerk Clement C. Coleman.
-CERTIFICATESALE
-The 31,250,000 tax anticipation
UTICA, N. Y.
certificates of indebtedness, dated Aug. 12 1935 and maturing Dec. 12
-were awarded
1935, which were offered for sale on Aug. 9-V. 141. p. 793
to the Chemical Bank & Trust Co. and Ladenburg, Thalmann & Co..
both of New York, on a 0.25% interest basis, plus a premium of $10. The
next best bid was submitted by the Chase National Bank of New York,
offering to take the certificates on a 0.33% interest basis plus a premium
of $13.
WILLIAMSTOWN UNION FREE SCHOOL DISTRICT NO. 1
-BOND OFFERING-John F. Murphy,
(P. 0. Williamstown), N. Y.
District Clerk, will receive sealed bids until 2 p. m.(Eastern Standard Time)
on Aug. 20,for the purchase of $14,000 not to exceed 5% interest coupon or
registered school bonds. Dated Oct. 11935. Denom. $1,000. Due $1,000
on Oct. 1 from 1936 to 1949, incl. Split interest may be named for bonds
of different maturities and for all or any part of the bonds expressed in a
multiple of 1-10th of 17. Principal and interest (A. & 0.) payable at the
Citizens and Farmers Trust Co., Adams, or, at holder's option, at the
Marine Midland Trust Co., New York. Bonds are general obligations of
the district, payable from unlimited taxes. A certified check for 10% of
the bonds bid for, payable to the order of William L. Haggerty, District
Treasurer, must accompany each proposal. Legal opinion other than that
of Albert T. Wilkson of Camden to be paid for by the successful bidder.
-TAX COLLECTIONS CONTINUE HIGHER
YONKERS, N. Y.
The city, operating under the financial plan which lowered its tax levy
from 1934, reports a higher rate of current and delinquent tax collections
for the third fiscal quarter ended July 31 1935. Figures released Aug. 9
by Mayor Joseph F. Loehr reveal that 56.51% of the current levy has
been collected as of July 31 1935, compared with 53.62% of the 1934
levy realized as of July 311934. The city has now succeeded in collecting
all but 18.13% of the 1934 levy, whereas 19.92% of the 1933 levy was
outstanding this time last year. All but 7.307 of the 1933 levy now
has been received, the July 1935 figures show. Total collections of both
current and delinquent taxes from Jan. 1 1935 to July 31 1935 amounted
to $8,389,204,compared to $8,993,190 collected from Jan. 1 1934 to July 31
1934. The decrease of $603,986 is the result of the lower 1935 levy, which
is $1,520,304 less than the 1934 levy.
NORTH CAROLINA
-On July 30 the residents
BURLINGTON,No. Caro.
-BONDS VOTED
of the city voted in favor of the issuance of $25,000 warehouse bonds.
-BOND OFFERING-CABARRUS COUNTY (P. 0.'Concord), N. C.
Sealed bids will be received by W. E. Easterling, Secretary of the Local
Government Commission,at his office in Raleigh, until 11 a. m.on Aug. 20
for the purchase ofa $23,500 issue ofcoupon school building bonds. Interest
rate is not to exceed 6%,payable F.& A. Rate is to be stated in a multiple
of y of 1%. Denom. $1,000, one for $500. Dated Aug. 11935. Due
&
on Aug. I as follows: $1,500, 1937: $1,000, 1938 to 1951, and $2,000,
1952 to 1955. Prin. and int. payable in legal tender in New York City.
Registerable as to principal only. The approving opinion of Masslich
& Mitchell of New York will be furnished. Delivery on or about Sept. 6,
at place of purchaser's choice. A certified check for $470, payable to the
State Treasurer, must accompany the bid.
Aug. 10 1935
CLEVELAND COUNTY (P. 0. Shelby), No. Caro.
-BOND ELECTION
-The County Board of Education has ordered that an election be
held on Sept. 14 for the purpose of voting on the issuance of $200,000
school building bonds.
McDOWELL COUNTY (P. 0. Marion), No. Caro.
-BONDS PROPOSED-The Board of County Commissioners have made application to
the Local Government Commission at Raleigh for authority to issue
$55,000 school building bonds.
WAKE COUNTY (P. 0. Raleigh), N. C.
-BONDS AUTHORIZED
The County Commissioners have authorized the issuance of $82,500 bonds
tofinance the county's share of the cost of a school repair and building program amounting to $150,000, the balance to be handled through a Federal
grant for which application has been made.
NORTH DAKOTA
BARNES COUNTY (P. 0. Valley City), No. Dak.-CERTIFICATE
SALE
-The County Board has awarded an issue of $40,000 certificates
of indebtedness to the American National Bank of Valley City at par.
CARRINGTON SCHOOL DISTRICT (P. 0. Carrington), N. Dak.BOND ELECTION
-An election is said to have been called for April 20
to have the voters pass on the proposed issuance of $6.000 in not to exceed
5% school construction bonds. Due from 1937 to 1946.
GRAND FORKS, No. Dak.-CERTIFICATE SALE
-The $50,000
issue of certificates of indebtedness offered for sale on Aug. 7-V. 141,
-was awarded to the First National Bank of Thompson, No. Dak.,
P. 634
at 4%. Due on Aug. 7 1936. Local banks bid 4)1% for the certificates.
MERCER COUNTY (P. 0. Stanton), N. Dak.-BONDS APPROVED
-The county is said to have approved the issuance of $74,000 in bonds to
retire its outstanding indebtedness.
NELSON COUNTY (P. 0. Lakota), N. Dak.-BOND ELECTION
PROPOSED-It is said that a movement is on foot for a second election
to have the voters pass on the issuance of the $66,000 not to exceed 4%
court house bonds that were defeated by the voters at the election on July
15, as reported at that time
-V. 141, p. 476. It is said that the issue
will be used to match PWA funds for the project.
PEMBINA, N. Dak.-BOND ELECTION
-It is said that an election
will be held on Aug. 9 to have the voters pass on the issuance of $8,700 in
city hall bonds. It is reported that the voters will be called on to approve
a proposal permitting this increase in the city's bonded debt limit.
WILLIAMS COUNTY (P. 0. WILLISTON), No. Dak.-BONDS
AUTHORIZED
-A resolution authorizing the issuance of $100,000 5%
warrant funding bonds has been passed by the County Commissioners.
OHIO
ALLEN COUNTY (P. 0. Lima), Ohio
-BOND ELECTION
-An issue
of $83,000 poor relief bonds will be considered by the voters at the Aug. 13
primary election.
ANTWERP RURAL SCHOOL DISTRICT, Ohio
-BOND ELECTION
-At the primary election on Aug. 13 the voters will be asked to approve an
issue of $73,000 school construction bonds.
ASHLAND CITY SCHOOL DISTRICT, Ohio
-BOND ELECTION
The Board of Education has ordered that a proposed $65,000 bond issue for
construction of a school building be submitted to the voters for approval
at the Aug. 13 election.
-At the Aug. 13 primary election
ATHENS, Ohio
-BOND ELECTION
the voters will be asked to approve several issues of street improvement,
sewer and paving bonds aggregating $22,980.60.
BALTIC VILLAGE SCHOOL DISTRICT, Ohio
-BOND ELECTION
-The Board of Education is asking the voters to approve a proposed bond
Issue amounting to $19,250for school construction at the Aug.13 election.4
- BUCYRUS Ohio
-OTHER B/DS-Other bids for the $35,000 intercepting sewer bonds awarded as 251s for a premium of $199.50, to Cool,
Stiver & Co. and Paine, Webber & Co., jointly, as stated in V. 141, p. 634,
were as follows:
Biddermt.
Int. Rate Premium
Harris & Co., Toledo
$127.60
35
G. Parr Ayres & Co., Columbus
.5
515.0
101 5
3 7
3 .7,;
First Cleveland Corp., Cleveland
Bohmer-Reinhart & Co., Cincinnati
3 eg
5
BancOhio Securities Co., Columbus
bus
56.00
3
Mitchell-Herrick & Co., C
401..7050
7
39.95
31i 0
Otis & Co., Cleveland
180.25
3h
Bucyrus City Banks, Bucyrus
None
4%
Farmers State Bank, New Washington
43i%
EXEMPTED SCHOOL DISTRICT, Ohio
CALDWELL
-BOND
N e
-An issue of $12,000 school building bonds will be considered
ELECTION
by the voters at the Aug. 13 primary election.
-BOND SALE
CAMDEN, Ohio
-The $10,000 coupon special assessment water works bonds offered on Aug. 2-V. 141. p. 476
-were awarded
to Charles A. Ilinsch & Co. Inc., of Cincinnati as 351s, at Dar plusa
premium of $53, equal to 106.53, a basis of about 3.15%. Dated Sept. 1
1935 and due $1,000 on Sept. 1 from 1936 to 1945 inicnIt..
e
her bidders were
Bidder
Premium
Rate
Ryan, Sutherland & Co., Toledo
3;i%
29.91
First National Bank, Camden
Roth & Irving Co., Cincinnati
3h%
CRAWFORD COUNTY (P. 0. Bucyrus), Ohio
-BOND ELECTION
-At the Aug. 13 election the voters will be asked to pass on the question
of issuing $39,000 poor relief bonds. Ai A Al
r CUYAHOGA COUNTY (P. 0. Cleveland), Ohio-TO PAY PAST
-The Board of County Commissioners give notice that the
DUE BONDS
following past due bonds will be paid if presented at the County Treasurer's
office:
Matured April 1 1934
Refunding bonds (S. & W.) Nos. 38 to 47 incl.
Refunding bonds (roads) Nos. 19 and 20.
Matured Sept. 15 1934
Poor relief Sept. 15 1931, Nos. 353 to 364 incl, 553 to 569 incl.
Poor relief, Oct. 1 1932, Nos. 1 to 67 incl.
Matured Oct. 1 1934
-General
Refunding S.
-W., Oct. 1 1932, Nos. 88 to 95 incl.
Refunding roads, Oct. 1 1932, Nos. 37 to 40 incl.
West 73d St. Bridge, Nos. 170 to 174 incl.
Anderson Road No. 2, Nos. 40 to 42 incl.
Bennett Road, Nos. 63 to 75 incl.
Brecksville Road No. 2, Nos. 36 to 44 incl.
Emery Extension No. 13.
Green Road No. 2, Nos. 34, 36.
North Miles Road, Nos. 91 to 99 incl.
North Woodland Road No. 4, Nos. 62 to 68 incl.
South Woodland Road No. 2, No. 36.
South Woodland Road No. 2, Nos. 87 to 91 incl.
Sprague Road No. 4, Nos. 38 to 40 incl.
-Special Assessment Bonds
Matured Oct. 1 1934
"Mderson Road No. 2, Nos. 36 to 42 incl.
Bennett Road, Nos. 35 to 41 incl.
Bliss Road No. 2, Nos. 98 to 107 incl.
Ford Road, Nos. 27, 28.
Green Road No. 4, Nos. 109 to 135 incl.
Lee Road No. 8, Nos. 30 to 35 incl.
Lorain Road No. 2, Nos. 241 to 259 incl.
North Woodland Road No. 5, Nos. 102 to 104 incl.
Overlook-West Moreland Road, Nos. 27 to 30 Incl.
Ridge Road No. 8, No. 123.
South Woodland Road, Nos. 122 to 140 incl.
Warrensville Center Road, Nos. 153 to 164 incl.
Wooster Road, Nos. 31 to 36 incl.
C. S. D. No. 1 sewer improvement No. 10, Nos. 191 to 194 incl.
C. S. D. water imp., Oct. 1 1928, Nos. 794 to 796 incl., 853 to 856 incl.
e.
Volume 141
965
Financial Chronicle
-On Aug. 13 a proposal that
DEER PARK, Ohio-BOND ELECTION
the village borrow $11,000 on bonds to finance the construction of a municipal building will be submitted to the voters.
DELHI TOWNSHIP RURAL CENTRALIZED SCHOOL DISTRICT,
-At the special election held
-BONDS VOTED
Hamilton County, Ohio
on July 30 a proposal to issue $27,500 school building bonds was approved
by a vote of 399 to 185.
ETNA TOWNSHIP RURAL SCHOOL DISTRICT, Licking County,
-Submission to the voters of a proposal that
-BOND ELECTION
Ohio
the the district issue $16,000 school building bonds has been ordered for
Aug. 13.
FLORENCE TOWNSHIP RURAL SCHOOL DISTRICT, Erie
-At the election to be held on Aug. 13
County, Ohio
-BOND ELECTION
the voters will pass on the question ofissuing $12,000 school Wilding bonds.
-An issue of $10,000 sewer
KILLBUCK, Ohio
-BOND ELECTION
bonds will be considered by the voters at the Aug. 13 primary election.
MADISON TOWNSHIP RURAL SCHOOL DISTRICT (P. 0. Mans.
field), Ohio-BOND ELECTION
-An issue of $11,000 school bonds will
be considered by the voters at the Aug. 13 primary election.
-BONDS DEFEATED
FORT JENNINGS SCHOOL DISTRICT, Ohio
-At the election held on July 30 the voters defeated the proposed 323,000
bond issue for school building improvements.
-An ordinance providing
HAMILTON, Ohio
-BONDS AUTHORIZED
for the issuance of $14,000 street repair bonds was passed by Council on
July 23.
-School
.
-BOND ELECTION
HEBRON SCHOOL DISTRICT, Ohio
construction bonds in amount of $23,500 will be submitted for approval of
the voters at the Aug. 13 primary election.
IRONTON, Ohio
-LIST OF BIDS-Following is a list of the bids
which were submitted for the two issues of refunding bonds awarded to
Seasongood & Mayer of Cincinnati, as stated in V. 141, p. 635:
425,050 Issue- $39,949.46 Issue
Int.Rate Prem. Int.Rate Prem.
$279.95
* Seasongood & Mayer Cincinnati'
3)4;7 $175.95 3):‘
51.93
Stranahan, Harris & Co.. Toledo
32.57 3%
3(%
82.00
First Cleveland Corp.. Cleveland
107.00 • 3Y
4
320.00
Widmann, Holzman & Katz, Cindimati_4
200.40 4
32.00
Weil, Roth & Irving, Cincinnati
21.00 4%
4
Fox, Einhorn & Co., Cincinnati
4 % 219.00 4 % 350.54
204.00
G. Parr Ayers & Co., Columbus
127.50 4(%
4(%
* Successful bidder.
Note-All bids were for all or none of both issues offered.
LISBON, Ohio
-This municipality may
-PROPOSED BOND SALE
offer an issue of $25,000 water bonds for sale shortly.
-FINANCIAL STATELUCAS COUNTY (P. 0. Toledo), Ohio
-In connection with the offering on Aug. 19 of $384,000 4Yi%
MENT
refunding bonds, details of which appeared in V. 141, p.476, we are advised
that conditional bids will not be considered, and have received the following:
Financial Statement-Sept. 1 1935
$454,203,750
Valuation __ _
(Tax rate 521.60,)
8,596,840
Totai bonded indebtedness
160,000
Floating debt
-payable from taxes
510,426
Sinking fund (cash, $243,426; investments, 5267,000), total
2,336.290
Bonds payable from special assessments
357,000
Bonds payable from State excise tax
929,100
Bonds payable from selective sales tax
1,260,240
Refunding bonds
Tax Record,February 1935 Settlement, 1934 Duplicate
Unpaid of
1934 Levy
Unpaid of Prior Delinq.
Lucas County
Prior Delinq.
Levied
Current
Current Levy
General taxes---$1,461,097.22 $908,090.06 52,305,385.44 51,911,202.18
Special assess'ts- 1,063,511.30
924,011.79 2,051,931.84 1,908,563.99
MARION, Ohio
-At the Aug. 13 elections the
-BOND ELECTION
voters will be asked to pass on two proposals to bond the city. onefor $88,000
for sewers and the other for $200,750 for a municipal building.
MEDINA COUNTY (P. 0. Medina), Ohio
-The $59,-BOND SALE
000 Sewer District No. 1 refunding bonds offered on Aug. 5-V. 141. IL
-were awarded as 4s, at a price of par, to the Old Phoenix National
476
Bank of Medina, the only bidder. Dated Aug. 1 1935 and due Aug. 1 as
follows: $5,000 in 1936 and $6,000 from 1937 to 1945, incl.
-The City ComMIDDLETOWN, Ohio
-BONDS AUTHORIZED
mission has passed a resolution authorizing the issuance of 530,000 improvement bonds.
MINERAL CITY SCHOOL DISTRICT, Ohio
-BOND ELECTION
A proposed $36,000 bond issue for school buiMing erection will be submitted
to the voters on Aug. 13.
MORGAN TOWNSHIP RURAL SCHOOL DISTRICT (P.O. Otway,
R. D. No. 1), Ohio
-At the primary election on Aug.
-BOND ELECTION
13 the voters will be asked to approve an issue of $11,000 school bonds.
MORGAN TOWNSHIP RURAL SCHOOL DISTRICT, Scioto
County, Ohio
-BOND ELECTION
-The Board of Education is asking
the residents of the district to vote the issuance of $11,000 school building
bonds on Aug. 13.
MONROE TOWNSHIP RURAL SCHOOL DISTRICT, Richland
County, Ohio
-BOND ELECT/ON-Residents of the district will vote on
Aug. 13 on the question of issuing $46,000 school building bonds.
NEW MIAMI (P. 0. Hamilt n), Ohio
-BOND SALE
-The $20,000
village share street improvement'
bonds offered on Aug.2-V. 141, p. 477
were awarded to Stranahan, Harris & Co., Inc. of Toledo, as 3s, for a
premium of $84, equal to 100.42, a basis of about 2.917. Dated Aug. 1
1935 and due $1,000 April 1 and Oct. 1 from 1936 to 1945, incl.
NILE TOWNSHIP RURAL SCHOOL DISTRICT (P.O. Friendship),
-BOND ELECTION
Ohio
-An issue of $11,000 school bonds will be considered by the voters at the Aug. 13 primary election.
NILE TOWNSHIP RURAL SCHOOL DISTRICT, Scioto County,
-BOND ELECTION
Ohio
-At the Aug. 13 election residents of the die
trict will have an opportunity to vote on the question of issuing $11.000
school building bonds.
NORTON TOWNSHIP RURAL SCHOOL DISTRICT, Summit
County, Ohio
-BOND ELECTION
-At the Aug. 13 election a proposal
that the district issue $57,500 school builaing bonds will be submitted
to a vote.
OAK HILLS, Ohio
-The $22,000 5'7,, sewer and
-BOND SALE
sewage disposal works bonds offered on Ju.y 29-V. 141, p.313
-have been
awarded to the Weil, Roth & Irving Co. of Cincinnati at par plus a premium
of$38.80. equal to 100.176, a basis of about 4.98%. Dated July 1 1935 and
due as follows: $500 in 1936; $1,000 from 1937 to 1957, incl. and $500 in
1958. It was previously indicated in these columns that the bonds would
mature $500 each six months for a period of 20 years.
PORTAGE COUNTY (P. 0. Ravenna), Ohio
-BOND ELECTION
At the primary election on Aug. 13 the voters of the county will be asked to
approve a $63,000 relief bond issue.
RARDEN TOWNSHIP RURAL SCHOOL DISTRICT, Scioto
County, Ohio
-BOND ELECTION
-On Aug. 13 a proposed $9,900 school
building bond issue will be submitted to the voters.
READING, Ohio.
-The City Council has au-BOND ELECTION
thorized submission of a proposed $30.000 sewer extension bond issue on
Aug. 13.
OWNS
ROCKY RIVER, Ohio
-BOND OFFERING-Frank Mitchell, City
Auditor, will receive bids until noon Aug. 26 for the purchase at not less
than par of the 3174,000 4)4% refunding special assessment bonds, bids
foi• which were rejected on July 23.-V. 141, p. 635. Denom. to be determined. Dated Oct. 1 1934. Interest payable April 1 and Oct. 1. Due
$24,000 Oct. 1 1939 and $25,000 annually on Oct. 1 from 1940 to 1945. incl.
Bids may be based on bonds bearing less than 4;i% interest, expressed
in a multiple of 1,1%. Certified check for $1,740, payable to the City of
Rocky River, required.
-BOND ELECTION
SCIO VILLAGE SCHOOL DISTRICT, Ohio
A proposition to issue $42,000 school building bonds will be submitted
to a vote at the Aug. 13 election.
SHADYSIDE EXEMPTED VILLAGE SCHOOL DISTRICT, Ohio
-BOND OFFERING
-C. M. Cowen, Clerk of the Board of Education,
will receive bids until noon Aug. 23 for the purchase at not less than par of
% refunding bonds. Dated Sept. 11935. Denom. $2,500, or
$25,000
smaller if purchaser desires, but no less than $500 each. Interest payable
semi-annually. Due $2,500 each six months from April 1 1936 to Oct. 1
1940, incl. A certified check for $100, payable to the Board of Education,
required.
-BONDS
SILVER CREEK TOWNSHIP SCHOOL DISTRICT, Ohio
VOTED-Unofficial tabulations indicated on July 31 that voters ofthe township approved by more than four to one a $95,000 bond issue for construction
of a new school at Jamestown as a public works project. This count listed
the vote at 874 yes and 159 no.
Only an affirmative vote of 65% was needed. A Federal grant of $77.000 will be sought.
-BOND ELECTION
STRONGSVILLE SCHOOL DISTRICT, Ohio
An issue of $35,000 high school remodeling bonds will be considered by
the voters at the Aug. 13 primary election.
SUGAR CREEK TOWNSHIP SCHOOL DISTRICT, Putnam
County, Ohio
-BONDS VOTED-On July 30 the citizens voted in favor
of the issuance of $32,000 school building bonds.
UNION TOWNSHIP RURAL SCHOOL DISTRICT, Scioto County,
-A proposal that the district issue $22,000 bonds
-BOND ELECTION
Ohio
for construction of a school building will be submitted to the voters at the
Aug. 13 elections.
-An issue
-BOND ELECTION
VINTON SCHOOL DISTRICT, Ohio
of $14.500 land and school building construction bonds will be considered
by the voters at the primary election on Aug. 13.
-The $7,500 4% swimming
-BOND SALE
WELLINGTON, Ohio
-were awarded to the
pool bonds offered on July 27-V. 140, p. 4443
First Wellington Bank at par plus a premium of $84.41, equal to 101.125,
a basis of about 3.76%. Dated May 1 1935 and due serially from 1936
to 1945 incl.
-BONDS
WEST ELKTON VILLAGE SCHOOL DISTRICT, Ohio
-The voters on July 30 approved, by 256 to 26, the issuance of
VOTED
$14,000 school building addition bonds.
OKLAHOMA
-BOND OFFERING-Albert Chamberlain, City Clerk and
ADA, Okla.
Commissioner of Finance, will receive bids until 2 p. m. Aug. 14, for the
purchase at not less than par of $38,500 waterworks extension and impt.
bonds, to bear int, at rate named by the successful bidder. Due $2,000
yearly beginning five years after date of issue, except that the last instalment will amount to $500. Certified check for 2% of amount of bid
required. (These bonds had previously been advertised for sale on Aug.6,
-V. 141, p. 794.)
as reported in these columns.
-We are
-BOND ELECTION CONTEMPLATED
ARDMORE, Okla.
that an election will be held soon to have the voters pass on the
informed
issuance of $75,000 in bonds, to be used as the city's share of the cost in the
proposed construction of a city hall and a water filtration plant-provided
the project is approved by the Public Works Administration for a 45% grant
on the total of about $100,000 involved.
-It is reported that an election
-BOND ELECTION
NOBLE, Okla.
will be held on Aug. 12 to vote on the issuance of $10,000 in sewer system
bonds.
-An election will be held in Noble
-BOND ELECTION
NOBLE, Okla.
on Aug. 12 to vote on a bond issue of $10,000 to finance the city's share of
Works Progress Administration projects.
-City officials are
-BOND ELECTION
OKLAHOMA CITY, Okla.
said to have agreed to hold an election on Sept. 3, to vote on the issuance
of $2.100,000 in bonds, divide,. as follows: 51.250.000 city auditorium,and
$850,000 city hall bonds.
-BOND
OKLAHOMA COUNTY (P. 0. Oklahoma City), Okla.
-It is said that an election will be held on Sept. 3 to have
ELECTION
the voters pass on the issuance of $660,000 in court house bonds.
-SEEK TO DETERMINE STATUS OF UNOKLAHOMA, State of
-The following report is taken from the Chicago
COLLECTED TAXES
"Journal of Commerce" of July 30:
"Whether uncollected taxes should be included or excluded in determining the bond limits of Oklahoma municipalities and school districts is a
question which will reach the State Supreme Court at an early date on a
case involving the school district at Mannsville, Johnston County, according to Walter L. Gray, State Counsel of the Public Works Administration.
He added that the question involves projects estimated to cost 320.000,000.
"With uncollected taxes excluded in determining bond limits, the school
district at Mannsville would be limited to an issue of $7,000. Including
such taxes, the bond limit would be $12,000. According to Mr. Gray, a
similar question is involved in proposed projects at Stillwater, Enid, Tulsa
and Ardmore.
"Mr. Gray will file transcript relative to the Mannsville case with Attorney-General Williamson, whose opinion is expected to be adverse. In
that event, mandamus action will be brought and the Oklahoma Supreme
Court will be asked to assume original jurisdiction and to advance the case
for an early decision."
-PORTION OF WARRANT DEBT TO BE
OKLAHOMA, State of
PAID
-We quote in part as follows from an article appearing in the Oklahoma City "Daily Oklahoman" of Aug. 1:
"The state school land commission Wednesday threw $5,500,000 cash
into a pot to buy unpaid warrants, funding nearly half of Oklahoma's
$12,000,000 outstanding indebtedness. The huge pay-off, which will
commence immediately, leaves $6,500,000 of the state's debts still not
funded.
"The commission authorized Jess Larson, its secretary, to invest up to
$5,500,000 in Oklahoma State bonds for the putpose of funding the state's
debt. Most of the bonds will be bought from banks now holding unpaid
warrants, which they will trade for state bonds, to be sold for cash to the
school land commission, explained Scott Stine, assistant state auditor.
"Mr. Larson saw a three-fold advantage in the land commission's action.
"'It enables ut to get 2.28 percent interest on most of a $6,500,000
fund now earning less than 1 percent,' he said. 'It takes care of half the
state's debt, and it will induce hankers to exchange their unpaid warrants
for state bonds.'
"The resolution was passed in accordance with Senate Bill No. 234, enacted by the fifteenth legislature, giving the school land board the right
to invest its funds in Oklahoma State bonds. It made provision that such
action could not be taken until all applications for first mortgage and farm
loans had been considered."
PONTOTOC COUNTY UNION GRADED SCHOOL DISTRICT
-The $18,500 school building
-BOND SALE
NO.2(P.O. Franks), Okla.
-was awarded to Calvert
bonds Wered for sale on Aug. 6-V. 141, p. 794
& Canfield, of Oklahoma City, according to the District Clerk. Due in
from three to five years after date.
-BONDS VOTED-At an election held on July 30 the
VICI, Okla.
voters are said to have approved the issuance of $11,000 in sewer bonds.
BOND OFFERING
-Bids will be received until 8 p. m. August 12 by
J. C. Ryan, Town Clerk for the purchase at not less than par of
$11,000 sewer bonds tobear interest at rate not to exceed 6%,' as
determined by the successful bid. Denom. $1,000. Interest payable
Due $1,000 yearly on April 1 from 1939 to 1949. incl.
Cert. check ie!'
semi-annually. 2% of amount of bid, required.
-BOND OFFERING-John Stains, City Clerk, will
WATONGA, Okla.
receive bids until 2 p. m. August 15 for the purchase at not less than par
of $17,000 public park bonds. Due $1,000 yearly beginning three years
after date. Cert. check for 2% of amount of bid, required
OREGON
BAKER COUNTY SCHOOL DISTRICT NO. 5 (P. 0. Baker), Ore.
-It is now reported by the District Clerk that
-BOND SALE DETAILS
the $40,000 school bonds purchased by Blyth & Co. of Portland as 35-.
966
Financial Chronicle
V. 141, P.477
-were awarded at a price of 100.24, a basis of about 2.97%.
on the bonds divided as follows:
$25,000 Series No. 11 bonds. Due from July 1 1940 to 1948.
15,000 Series No. 12 bonds. Due from July 1 1940 to 1948.
COLUMBIA COUNTY SCHOOL DISTRICT NO. 3 (P. 0. Rainier),
Ore.
-BOND OFFERING-Sealed bids will be received until 3 pin, on
Aug. 17 by Fred W. Herman, District Clerk,for the purchase of a $31,500
issue of refunding bonds. Interest rate is not to exceed 434%, payable
semi-annually. Dated Aug. 1 1935. These bonds were approved by the
voters at an election held on July 29.
EUGENE, Ore.
-BOND SALE
-The $190,500 issue of refunding
improvement, series F bonds offered for sale on Aug. 5-V. 141. p. 795
was awarded to Ferris & Hardgrove,of Spokane,as 3.gs,at a price of 100.37.
a basis of about 3.675%. to optional date. Dated Aug. 15 1935. Due
from Aug. 15 1937 to 1946, optional after five years.
GRANT COUNTY SCHOOL DISTRICT No. 3 (P. 0. John Day)
Ore.
-BONDS VOTED
-At the election held on Lily 16-V. 141. p. 309
the voters are said to have approved the issuance of the $14,400 in school
construction bonds.
GRANTS PASS SCHOOL DISTRICT (P. 0. Grants Pass) Ore.
BONDS DEFEATED
-At an election held on July 30 the voters are said
to have rejected the proposed issuance of $117,000 in junior high school
bonds.
HARRISBURG, Ore.
-BOND SALE
-A $2,500 issue of refunding
assessment, series A. bonds was sold on Aug. 5 to the Universal Bond &
Mortgage Co. of Portland, as 4s, paying a premiun of $100.17, equal to
104, a basis of about 3.35%. Due from 1940 to 1944.
LINN COUNTY SCHOOL DISTRICTS (P. 0. Halsey), Ore.
BOND SALE
-The two issues of 3% bonus aggregating $43,500 offered
for sale on Aug.6-V. 141, p. 794
-were purchased by the Baker,Fordyce,
Harpham Co. of Portland at a price of 100.18, a basis of about 2.98%,
on the bonds divined as follows:
$28,750 Union High School District No. 6 bonds. Due from Aug. 1
1937 to 1950.
14,750 School District No. 41 bonds. Due from Aug. 1 1937 to 1951.
No other bid gas received for the bonds.
LONG CREEK SCHOOL DISTRICT (P. 0. Long Creek), Ore.
BONDS VOTED
-At an election held on July 27 the voters are said to have
approved the issuance of $5,250 in school bonds, to be used as collateral
on a Public Works Administration allotment.
LOSTINE SCHOOL DISTRICT (P. 0. Lostine), Ore.
-BONDS
VOTED-The voters are reported to have approved recently the issuance
of $6,000 in school bonds, to be used on a Public Works Administration
project.
MARION COUNTY SCHOOL DISTRICT NO. 4 (P. 0. Amity), Ore.
-BONDS VOTED
-At an election held on July 29 the voters approved
the issuance of $35,000 in grade school bonds.
MILWAUKIE SCHOOL DISTRICT (P. 0. Milwaukie), Ore.
BOND ISSUANCE PROPOSED
-The issuance of $90,000 in school bonds
is said to have been proposed as a Public Works Administration project.
SALEM, Ore.
-BOND SALE
-The two issues of bonds aggregating
$355.000 offered for sale on Aug. 5-V. 141, p. 636
-were awarded to the
Harris Trust & Savings Bank of Chicago as follows:
$220,000 refunding series 1935-E bonds, nivined as follows: $137,000
as 2 s,due from 1936 to 1945, and $83,000 as 33js, maturing
1946 to 1950. Bonds are optional on any iaterest paying date
after 10 years. These bonds were sold at a price of 100.058
on the above division.
135,000 funding bonds, divided as follows: $23,000 as 1% bonds, maturing 11,000 in 1936 and $12,000, 1937; $52,000 as 3s, maturing from 1938 to 1941, and $60,000, maturing from 1942 to
1945, optional on or after Aug. 1 1937. These bonds were sold
at a price of 102.322.
Net interest cost of about 2.92% on the larger issue, and about 2.83%
on the funding bonds. Marshall Wright & Co. of Portland are said to have
submitted the bid for the above named bank.
PENNSYLVANIA
BERWICK SCHOOL DISTRICT, Pa.
-BONDS APPROVED
-The
Pennsylvania Department of Internal Affairs on July 30 approved an
issue of $250.000 refunding bonds. They were sold recently to Hemphill,
Noyes & Co. of Philadelphia as 23s and 2s.at 101.02-V. 141, p. 306.
DUNMORE,Pa.
-BONDS APPROVED
-The Pennsylvania Department
of Internal Affairs on Aug. 1 approved an issue of $185,000 funding bonds.
A block of $100,000 was sold recently as 5s, at a price of par, to Leach Bros.,
Inc. of New York-V. 141, p. 636.
-BONDS VOTED
ELDRED SCHOOL DISTRICT, Pa.
-An issue
of $14,000 school bonds was approved at an election held on July 30.
-BONDS APPROVED
-The
EPHRATA SCHOOL DISTRICT, Pa.
$87,000 refunding bonds awarded to Blyth & Co. of Philadelphia as 2s, at
100.38, a basis of about 1.96%, as previously noted in these columns
-were approved by the Pennsylvania Department of
V. 141. p. 477
Internal Affairs on Aug. 1.
-BOND OFFERFRANKLIN TOWNSHIP (P. 0. Greensburg), Pa.
ING
-Sealed bids will be received at the office of Crowell & Whitehead,
Bank & Trust Bldg., Greensburg, by B. C. Rose, Secretary-Treasurer of
the township, until 10 a. m. (Eastern Standard Time) Aug. 27 for the
purchase of $7,000 emergency bonds to bear interest at 3%,3K %,or 4%,
as named in the successful bid. Denom. $1,000. Dated Sept. 15 1935.
Interest payable March 15 and Sept. 15. Due Sept. 15 1941; subject to
call on and after Sept. 15 1937. Certified check for $500, payable to
B. C. Rose, as Treasurer, required.
-BOND OFFERING-Mary
GROVE CITY SCHOOL DISTRICT, Pa.
F. Hanna, District Secretary, will receive bids until 8 p. in. Aug. 23 for the
purchase of $37,000 coupon bonds, to bear interest at rate named in successful bid, not to exceed 3%, expressed in a multiple of g %. Denom.
$1.000. Dated Sept. 1 1935. Interest payable March 1 and Sept. 1. Due
$2.000 Sept. 1 1936 and $5,000 on Sept. 1 in each of the years 1938, 1940.
1942, 1944, 1946. 1947 and 1948. Certified check for $1,000 required.
Legal opinion by Burgwin, Scully & Burgwin, Pittsburgh.
-BONDS APPROVED
-An
LANSFORD SCHOOL DISTRICT, Pa.
Issue of $50,000 funding bonds was approved by the Pennsylvania Depart
went of Internal Affairs on July 30.
-Voters will decide at special
McDONALD, Pa.
-BOND ELECTION
election Aug.27 whether the School Board shall float a bond issue for $40,000
to provide school facilities in accordance with the standards of the State
Department of Instruction. Addition of five classrooms and combined
auditorium and gymnasium to the high school is proposed.
-BONDS APPROVED
-An issue
MONACA SCHOOL DISTRICT, Pa.
of $30,000 operating expenses bonds was approved by the Pennsylvania
Department of Internal Affairs on July 30. As previously noted in these
columns the bonds have been sold to S. IC. Cunningham & Co. of Pittsburgh as 3s.at 100.85, a basis of about 3.33%-V. 141, P. 147.
-BONDS VOTED
-At the
PALMYRA SCHOOL DISTRICT, Pa.
July 30 election the voters gave their approval to a proposal that the
district issue $143.000 high school construction bonds.
-OFFERING OF $50,000,000
PENNSYLVANIA (Commonwealth of)
-George H. Earle, Governor; Frank E. Baldwin, Auditor-General,
NOTES
and Charles A. Waters, State Treasurer, will receive sealed bids at the
office of the Governor at Harrisburg until 12 in. (Eastern Standard Time)
on Aug. 13 for the purchase of all or any part of an issue of $50,000.000
series "AT" tax anticipation notes. Dated Sept. 5 1935 and payable in
lawful money of the United States on May 31 1937 at the Philadelphia
National Bank, Philadelphia, loan and transfer agent of the Commonwealth. Bids may be made on a discount basis or for the notes to bear interest at a rate of not to exceed 434 %. If interest-bearing obligations are
sold, semi-annual interest coupons will be attached to the certificates.
Notes will be issued in bearer form in such amounts as the purchaser may
require in the sums of $100,000, $50,000 and $10,000. A certified check
for 2% of the notes bid for, payable to the order of the Commonwealth,
must accompany each proposal. The issuance of these notes is authorized
by Act No. 185 as passed by the General Assembly at the session of 1935.
Aug. 10 1935
and approved by the Governor on June 22 1935. The constitutionality
of said Act has been approved by the Supreme Court of Pennsylvania in
the case of Joseph J. Kelley of the City of Philadelphia, State of Pennsylvania, plaintiff, vs. Frank E. Baldwin, Auditor-General of the Commonwealth of Pennsylvania, Charles A. Waters, State Treasurer of the Commonwealth of Pennsylvania, and Security Bank Note Co. of Philadelphia.
Pennsylvania,defendants,Eastern District, Miscellaneous Docket No.6, No.
144, decided June 29 1935. Settlement for the notes awarded must be made
in full, with the State Tresaurer at Harrisburg, Pa., on or before Sept. 5
1935. With the exception of 8152,642,000 of bonds issued under the Act
of April 18 1919, the Act of March 6 1925 and the Act of May 1 1933, for
the payment of which $14,904,634.05 has been deposited in the Sinking
Fund, the Commonwealth is free of all bonded indebtedness not now fully
provided for by moneys in the Sinking Fund.
PHILADELPHIA, Pa.
-TAX COLLECTIONS REGISTER LARGE
GAIN
-An unusually high collection of current real estate taxes cawing
the first seven months of the year was i eported Aug. 2 by Frank J. Willard,
Assistant Receiver of Taxes, although delinquent tax collections are still
below normal.
Current tax collections until July 31 were $2,276,830 ahead of the same
period last year, despite the fact that the 1935 levy was $2,831,000 less
than that of 1934. This was described by Mr. Willard as ''a very remarkable increase.'
In the first Seven months of 1935 the city collected 68.9% of its annual
levy and 91.25% of the Controller's estimate for the year, the report
showed. Collections were $34,291,297, compared to an estimate of $37,571,471.
In the field of delinquent taxes the showing was not as good- a condition that Mr. Willard attributed to uncertainty prior to passage of delinquent tax legislation by the State Assembly.
The city's collections for seven months were $7,217,776, or $1,544,686
less than for ttie same period last year. The amount received was only
40% of the Controller's $18,000,000 estimate.
-RELIEF BOND ISSUE REJECTED
PITTSBURGH,Pa.
-A proposal
to issue $500,000 relief bonds was vetoed by Mayor McNair on Aug.6. The
Mayor later indicated that he might refuse to approve the $7,000,000 bond
issues representing the city's share of the projected $12,000,000 public works
program contemplated by the county. It is expected that the veto of the
relief bond issue will be overridden by council.
-BONDS AND NOTES AUTHORIZED--OrdiPITTSBURGH, Pa.
names providing for the isssance of the following bonds and notes aggregating $1,628,000 were introduced at the meeting of City Council on Aug.5:
$600.000 floating indebteaness notes.
528.000 various Purposes bonds.
500.000 direct relief bonus.
UPPER CHICHESTER TOWNSHIP SCHOOL DISTRICT (P. 0.
-The $33,000 4% coupon school bonds
Boothwyn), Pa.
-BOND SALE
-were awarded to Hemphill, Noyes &
offered on July 26-V. 141, p. 478
Co. of Philadelphia at a price of 108.519. a basis of about 3.34%. Dated
Aug. 1 1935 and due Aug. 1 as follows: $1,000 from 1936 to 1962, incl.,
and $2,000 from 1963 to 1965, incl. Other bids were submitted by Bioren
& Co.of Philadelphia and the Marcus Hook National Bank of Marcus Hook.
BONDS APPROVED-The Pennsylvania Department of Internal
Affairs on July 30 approved the above issue.
-The issue of $50,000 sewer and paving
WARREN, Pa.
-BOND SALE
bonds offered on Aug. 5-V. 141, p. 478
-was awarded to Singer, Deane &
Scribner of Pittsburgh at a 3% interest rate for a premium of $2,077, equal
to 104.154, a basis of about 2.47%. Due yearly on Oct. 1 as follows:
83.000, 1941: $4,000, 1942, 1943 and 1944; 35,000, 1945; $6,000, 1946 to
1950, incl. The Peoples-Pittsburgh Trust Co. of Pittsburgh offered a
premium of $1,835.50 for 3% bonds.
WARREN SCHOOL DISTRICT, Pa.
-BONDS APPROVED
-An
issue of $25,000 operating expenses *Inds was approved by the Pennsylvania
Department of Internal Affairs on July 30.
WILLIAMSBURG SCHOOL DISTRICT, Pa.
-At
-BONDS VOTED
an election held on July 16 an issue of $16,000 gymnasium-auditorium bonds
was voted.
PUERTO RICO
-BONDS OFFERED FOR INVESTMENT
HUMACAO, Puerto Rico
The $77,000 4% coupon semi-ann. public improvement bonds that were
sold on July 9 to the Banco Popular de Puerto Rico, at 100.27, a basis of
-V. 141, p. 310
about 3.973%, as reported at that time
-are now being
offered for public subscription by C. W. McNear & Co. of Chicago. Dated
Jan. 1 1935. Due from July 1 1936 to 1960 inclusive.
-BONDS OFFERED FOR INVESTMENT
MANATI, Puerto 'Rico
The $58,000 4% coupon semi-annual sewer system bonds that were sold
on July 9 to the Banco Popular de Puerto Rico, at 100.27, a basis of about
3.976%-V. 141. p. 311-are being offered for public subscription by
0 W. Alarm. & Co. of Chicago. Dated Jan. 1 1935. Due from July 1
.
1936 to 1959, incl.
RHODE ISLAND
-MAY BORROW 8463,000-A resolution authorPROVIDENCE, R. I.
izing City Treasurer Walter F. Fitzpatrick to borrow $462,568.12 in aeticipation of taxes to finance poor relief needs in the next fiscal year was
introduced at the meeting of the Board of Education on Aug. 1.
PROVIDENCE, R. 1.-1934 ASSESSMENT 92K % COLLECTED
A total of 811.577,314.49 of its 1934 tax assessment had been collected by
the City of Providence when City Treasurer Walter F. Fitzpatrick on July 24
closed his books at the end of the fourth quarterly period allowed by law
for those who desire to pay their taxes in instalments. The sum represents
92g% of the total tax levy, Mr. Fitzpatrick said, adding that "this is
slightly under last year. but taking all things into consideration, I think
that it is really a little better than last year."
The total tax assessment for 1934, as certified by the City Treasurer by
the Board of Tax Assessors, almost a year ago, amounted to $12,555,945.25.
The sum already collected subtracted from this figure leaves $978,630.76
uncollected, but $150,000 of this amount was estimated by the Finance Committee as uncollectible.
RHODE ISLAND (State of)
-RESULT OF VOTE ON BOND ISSUES
-With 1,050 ballots of one Central Falls district still uncounted and
818 absentee ballots to be tabulated when they reached the office of the
Secretary of State, the returns in Tuesday's special election in the State
on the various bond issues submitted to the voters indicated the following
res lpts oved-$3.000.000 unemployment relief, $600,000 voting machines.
i il p;
$2,350.000 State hospital, 3600,000 State infirmary, $9,000 soldier's home,
0
7
i s nat0 stat
00 0
00
$9R2,ectedtaste sa5 o0rium.
e forest, $168,000 park improvements,$220,000
ocean beaches, $550,000 inter-State parkway, $295,000 Sockanosset
school, $99,000 men's reformatory, $120,000 Exeter school, 8152,000 State
home and school, $55,000 State college, $83,000 State airport, $90,000
State police barracks, $825,000 State auditorium, $44,000 fishing resources
survey.
SOUTH CAROLINA
CALHOUN FALLS SCHOOL DISTRICT NO. 9, So, Caro.
-BONDS
VOTED
-On July 30 the residents of the district voted in favor of the isusance of $15,000 high school building improvement bonds.
-BOND SALE DETAILS
-In connection with the sale
CAMDEN, S. C.
of the 11175,000 sewer, electric light and water works refunding bonds that
were sold to a group headed by J. H. Hilsman & Co. of Atlanta, as 33 s, at
%
100.55, a basis of about 3.70%,report on which was given in these columns
-V. 141, P. 637
-are dated Sept. 1 1935. Prin. and int, payable
recently
at the City Treasurer's office or at the Chemical Bank & Trust Co. in New
York City. Legality to be approved by Nathans & Sinkler of Charleston.
LANGLEY BATH SCHOOL DISTRICT NO. 29, Aiken County,
-An election will be held on Aug. 13 at which
S. C.
-BOND ELECTION
the voters will be asked to approve a $27,500 bond issue.
NINETY SIX SCHOOL DISTRICT, S. C.
-BOND SALE
-An issue
of $35,000 4% bonds has been sold to C. W. Haynes & Co. and G. H
967
Financial Chronicle
Volume 141
Crawford & Co., both of Columbia, for a premium of $189.85, equal to
100.542.
ROCK HILL, S. C.
-INJUNCTION AGAINST BONDS REFUSED
Petition for an injunction to restrain the above city from refunding outstanding bonds in the sum of $335,000 was refused in an opinion handed
down recently in the State Supreme Court.
The opinion sets forth that the city has outstanding municipal bonds of
$335,000, issued for water works, sewerage system and so forth; that the
bonds are now subject to call and that the city proposes to call them and
issue refunding bonds. The question of the issuance of these refunding
bonds, it is set forth, is not to be submitted to the qualified voters. the Plan
being to issue and sell them under terms of a contract already made.
Refunding of these obligations was authorized in an Act passed at the
1935 session of the Legislature.
Suit to restrain the issue of the refunding bonds was brought by John
R. Williams, in the original jurisdiction of the Court, asking that sections
of the State code under which the sale of bonds was undertaken be declared
unconstitutional, and that the issue be restrained unless the voters be allowed to express themselves on the matter, and further that a private sale
of the bonds without competitive bidding be restrained.
SOUTH CAROLINA, State of
-VALIDITY OF PWA LEGISLATION
TO BE TESTED-Action is said to have been instituted in the State Supreme
Court on Aug. 2 to test the constitutionality of a law passed in 1934, authorizbig four State institutions to borrow Public Works Administration
funds. The Supreme Court is said to have ordered Governor Johnson
and State Treasurer Miller to show cause why the Act should be adjudged
unconstitutional. The PWA has approved an allotment of $976,000, of
which $700,000 constitutes a loan.
SOUTH DAKOTA
GREGORY COUNTY (P. 0. Burke), S. Dak.-BOND OFFERING
It is stated that both sealed and oral bids will be received at 2 p.m. on Aug.
13. by Fay Malven, County Auditor, for the purchase of an $80,000 issue
of refunding bonds. Interest rate is not to exceed 5%. Payable F. It A.
Denom. $1,000. Dated Aug. 1 1935. Due $5,000 from Aug. 1 1938 to
1953, incl. Principal and interest payable at any suitable bank or trust
company designated by the purchaser. The approving opinion of June11,
Driscoll, Fletcher, Dorsey & Barker, of Minneaoplis, will be furnished.
A certified check for 2% must accompany the bid. The county reserves
the right to make delivery of bonds when and as the refunded 13onds are
surrendered for payment prior to Feb. 1 1936. The county will furnish
printed bonds. The county has the right to reject any and all bids and to
adjourn the sale from day to day.
SIOUX FALLS S. Dak.-BOND SALE
-The $141,000 issue of 4%
semi-annual city hall bonds offered for sale on Aug. 2-V. 141, P.037
-was
awarded jointly to the First National Bank & Trust Co., and the Security
National Bank & Trust Co., both of Sioux Falls, paying a Premium of
$12,100, equal to 108.58, a basis of about 3.41%. Dated Aug. 15 1934.
Due from Aug. 15 1947 to 1964.
Other bids for the bonds were as follows:
BidderPremium
First National Bank of St. Paul
$12,000.00
10.362.50
Bancamerica-Blair Corp., Chicago
Wells-Dickey Co. of Minneapolis
3.175.00
SIOUX FALLS INDEPENDENT SCHOOL DISTRICT (P. 0. Sioux
Falls), S. Dak.-BOND SALE
issue of 4% coupon semi-The $399,000
annual general obligation bonds offered for sale on Aug. 5-V. 141, P.
-was awarded to the Harris Trust & Savings Bank of Chicago, and
478
the Justus F. Lowe Co. of Minneapolis, paying a premium of $40,386.
equal to 110.1218, a basis of about 3.10%. Dated Aug. 15 1934. Due
from Aug. 15 1943 to 1954. The next highest bid was submitted by the
Bancamerica-Blair Corp. of New York, and the Allison-Williams CO. of
Minneapolis, offering a premium of $37.010.
SOUTH DAKOTA, State of
-NO PROPERTY TAX LEVIED THIS
YEAR
-For the third consecutive year there will be no property tax in
this State. Tax Director W.C. Welsh is reported to have said recently that
there is no possibility of such a levy being made this year. He stated that
it is expected revenue from the new retail sales and mine products
taxes, with income from miscellaneous sources and the old gross income
tax, will be sufficient to operate the State government during the coming
year.
Cookeville-House passed and forwarded to Governor a bill authorizing
the issuance of $150,000 in bonds for street improve:r ents.
It is also reported that the Senate passed on final reading and sent to the
Governor for his approval a bill authorizing a State deficit bond issue of
$1,950.000, to bear a 4% interest rate.
Also the following measures:
Manchester-House passed and forwarded to the Governor a bill authorizing the issuance of $30.000 in industrial building bonds.
Nashville-Senate approved and sent to the Governor a bill authorizing
the issuance of $100,000 in airport bonds.
Lewis County (tiohenwald)-A bill validating $16,500 in high school
building bonds was passed by the Senate and sent to the Governor.
-A bill authorizing the issuance of $25,000 in gymnasium
Winchester
bonds was passed by the House and forwarded to the Governor for approval.
-House passed and sent to the Governor
Lincoln County (Fayetteville)
for approval a bill authorizing the issuance of $15,000 county bonds.
-A bill authorizing $10,000 in gymnasium
Weakley County (Dresden)
bonds was passed by the House and forwarded to the Governor.
Pulaski
-A bill authorizing the issuance of $37,500 in factory bonds
was passed by the House and sent to the Governor.
-House passed and sent to the Governor
Marshall County (Lewisburg)
a bill authorizing the county to issue $25,000 in bonds.
-The
oft-BOND LEGISLATION ADVANCED
TENNESSEE (State
House of Representatives has passed two pieces of financing legislation,
the deficit bond bill recently passed by the Senate, but only after reducing
the amount of bonds authorized by it to $1,950,000, and the refunding
bond bill which permits funding of about $67.000,000 State debt.
"The former of those bills, as passed by the Senate, authorized the issuance of $2,600,000 of deficit bonds. It was reduced by the House, at Governor MeAlister's request, to $1,950,000 before approval and will be returned
to the Sentte for acceptance of this change before the Governor's signature
makes it law.
"The refunding bill authorizes the State Funding Board to make temporary arrangement.; to care for $67.773,000 worth of the State's outstanding obligations, pending a favorable time for refunding them for a longer
period.
-BOND ISSUANCE CONTEMPLATED
TENNESSEE, State of
It is reported that the State will be in the market shortly to dispose of an
issue of bonds amounting to $8,806,000.
TEXAS
-The following is an official
-LIST OF BIDS
BEAUMONT, Texas
tabulation of the bids received on July 23 for the $225,000 coupon water
works refunding bonds that were awarded to a group headed by J. L. Moats
& (Jo., Inc., ofGalveston. as 35, at 100.0345, a.basis of about 2.985%, as
-V. 141, p. 637:
reported in these columns recently
Premium
Coupon Rate
BidderJackson,)
Callihan &
J. L. Moats &
$77.77
$225,00003%
Co.,
Chas. A. Hinsch & Co., Inc., and Sea-I
songood & Mayer (jointly) (Purchasers)/
03
Mahan, Dittmar & Co. and Brown-Crum-1First V00.0001
Last 125,00003% j $112.50
mer Investment Co. (jointly)
George V. Rotan Co.. Gregory-Eddleman
Co., Duquette, White & Co. and Bar-I First $125,000033(%1 $115.00
iLast 100,00003% J
rett-Pondrom Co. (jointly)
Equitable Securities Corp, Milton RI
$225,000033.1% $267.00
Underwood & Co. and H. C. Burt Stli
Co. Inc. (jointly)
(First $75,0003%
Fox, Einhorn & Co., Inc., Gran & Co.,
Inc., C. G. Novotny & Co., Inc.. andirext 100.000i3%) $171.00
Last 50.000 3Si %I
Fenner & Beane (jointly)
Mercantile Commerce Bank & Trust Co.,
Ayes & Wymer,Inc., and A. W.Snyder First $200,000 3 % $169.16
Last 25,0O0(3 4%
& Co.(jointly)
Donald O'Neil & Co.and Rauscher,Pierce First $l25,000(4%$235.00
Last 100,000 3 %
& Co.(jointly)
-A meeting of the
-BOND SALE CONTEMPLATED
BOGATA, Tex.
City Council will be held on Aug. 16 to pass an ordinance authorizing the
issuance of not to exceed $46,000 4% water and sewer system revenue
bonds. Due serially, having s maximum maturity date of June 1 1960.
BRISCOE COUNTY ROAD DISTRICT NO. 6 (P. 0. Slivertown)
-It is stated by W. W. Martin, County Judge, that a
Tex.
-BOND SALE
$10,000 issue of road bonds was sold recently. It is stated by the County
Judge that these bonds were approved by the voters on July 27. Denom.
$500. They are 5% bonds maturing $500 from 1936 to 1955. incl.
CARROLLTON INDEPENDENT SCHOOL DISTRICT, Tex.
DICKSON Tenn.
-BONDS VOTED
-At the election held on July 25-At an election to be held on Aug. 10 a proposed $30.BOND ELECTION
V. 141. p. 143
-the voters are said to have approved the issuance of the
000 high school building bond issue is to be submitted to the voters.
$50,000 in notes for the construction of industrial plants. The count is
-BONDS DEFEATED
CROSBYTON SCHOOL DISTRICT Tex.
said to have been 291 "for" to 260 "against."
At a recent election the people voted against the issuance of $33,000 school
HAMILTON COUNTY (P. 0. Chattanooga), Tenn.
-BOND ELECbonds.
building
TION CANCELED-The election which was to have been held on Aug. 8
-The City Council on July 27 accepted
-BOND SALE
EL PASO Tex.
to vote on the issuance of $1,037,750 bonds and notes was canceled by
an offer made by Bain-Emerson & Co. of San Antonio to purchase $152,000
vote of the county authorities on July 31.
5
,
43 % sewer and water works refunding bonds.
KNOX COUNTY (P. 0. Knoxville), Tenn.
-BONDS AUTHORIZED
-ACTION AGAINST CITY BY BONDHOLDERS CONENNIS Tex.
-It Is said that the County Court recently authorized the issuance of $50,-The following letter was sent to us recently by Garrett &
TEMPLATED
000 work house bonds, part of an issue of $150,000 authorized by the
Co., Dallas municipal dealers:
Legislature.
To the Bondholders of Ennis. Texas:
KNOXVILLE Tenn.
-It is stated by
We have a letter from Mr. Starling Price of the firm Bosworth, Chanute,
-PROPOSED BOND ELECTION
H. Woods, Director of Finance, that it is proposed to submit to the voters
Lotagividge & Co. of Denver, Colo., which we quote as follows:
in the near future the issuance of $700,000 bonds for school construction,
"We certainly are in sympathy with your suggestion that a firm of good
and $300,000 for an auditorium, a total of $1,000,000, but as yet the date
lawyers be employed with a view of taking action against the City of Ennis.
for this referendum has not been set. Aside from the referendum, the
Tex. As you know, we represent the holders of a substantial amount of
issuance of these bonds is said to depend on Public Works Administration
bonds, but we do not know where most of them are. We think the best
financing and in all probability, in the event the bonds are issued at all,
way to get this suit started is to call a meeting of holders at Dallas. or some
they will be handled by the PWA and not offered to the public. (This
other convenient place, and ask all interested bondholders to be present.
report supplements the tentative election report given in these columns
"As you are in touch with most of the bondholders, would you be willing
-V. 141. P. 795.)
recently.
to suggest that such a meeting be held, in order that some action may be
started?"
RIPLEY Tenn.
-BOND SALE
-The $63,000 Issue of refunding bonds
We are writing each of the bondholders, requesting recommendations
offered for sale on Aug. 1-V. 141, p. 478
-was awarded jointly to the
about holding a meeting in Dallas, or somewhere convenient for those who
First National Bank of Memphis, and the Nashville Securities Co. of
would attend such meeting. It occurs to us that those who cannot be presNashville, as 43.1,s, at a price of 101.99, a basis of about 4.06%. Dated
ent could send their proxy to certain ones who would be in attendance.
Aug. I 1935. Due Feb. 1 1944 to 1953.
It probably would be in line to appoint a temporary chairman for a
meeting, at which time a committee could be appointed to act for the
ROGERSVILLE Tenn.
-The
-TOWN PETITIONS BANKRUPTCY
bondholders. We offer to such committee the facilities of our office, inabove town has Lied a debtor's petition under Section 78 of the Bankruptcy
cluding records and files.
Act, in the United States District Court, averring its financial inability to
Mr. Julian Ma,stin of Coke & Coke, attorneys in Dallas, has worked
meet its present outstanding bonded indebtedness, in the total amount of
with us in the past In this connection. If a law firm is retained we would
$234,899.
certainly recommend this outstanding Dallas firm. Coke & Coke has
The town further avers that a plan of refunding such bonded indebtedness
represented the First National Bank of Dallas for many years, as well as
at rates of interest and maturities, which it will be able to pay, has been
Other large institutions In this part of the country.
formulated and submitted to all known holders of bonds, and that holders
of $200,000 of these bonds have accepted the plan.
-Date for voting on the
-BOND ELECTION
FORT WORTH, Texas
A meeting of all holders of the outstanding bonds of the town will be
question of issuing bonds and applying for a Federal grant to finance a
held at the court house in Rogersville on Aug. 15 for the purpose of congeneral improvement program has been set for Sept. 3. It is proposed to
sidering the plan of re-adjustment proposed by the town; hearing the
issue $1,438,500 bonds and to apply for the balance in Government money.
objections of any bondholders; consideraning any change in the plan, or
In connee.ion with the above election report we take the following item
modification thereof, which may be proposed, and examining the debtor.
from the "Wall Street Journal" of Aug. 7:
"In calling the election for Sept. 3 to vote on the issuance of $1,438,500
TENNESSEE,State of
ACTIVITY ON LOCAL BOND
-LEGISLATIVE
city improvement bonds, the City Council decided to incorporate also an
-The Legislature has taken action on the following local bonding
ISSUES
alternate proposal for the city-county hospital, which would call for issuance
measures
of $55,000 in bonds to improve and enlarge the present institution. The
Holladay-House passed on third reading a bill authorizing the issuance of
$55,000. which the county would be asked to match, would be the basis
school bonds. Forwarded to Governor McAlister.
for a Public Works Administration loan and grant of $100,000. The original
Giles County(P 0.Pulaski)
.
-House passed on third reading and forwarded
hospital proposal calls for $137,500 in bonds to build a new structure costto Governor a bill authorizing the issuance of $37,500 factory bonds.
ing S500,000."
Big Sandy-House passed and sent to the Governor a bill calling for the
Issuance of $7.500 in school bonds.
-BOND OFFERGALVESTON COUNTY (P. 0. Galveston), Texas
Humphreys County (P. 0. Waverly)
ING-Sealed bids will be received until 11 am. on Aug. 26 by I. Predecki,
-Senate passed and sent to the
Governor a bill authorizing the issuance of $20,000 in county bonds.
County Auditor, for the purchase of the following issues of bonds, aggreBruceton-House passed for the Governor's approval a bill validating
gating $502.000:
the issuance of $25,000 in street improve:nent bonds.
$188,000 refunding special road. 1910, bonds. Due on Sept. 1 as follows:
Grundy County (P. 0. Altamont)-13111 now before the Governor authoriz$12.000. 1936; $13.000, 1937: $12,000. 1938; $13.000, 1939;
ing the issuance of $150,000 in school bonds.
$12.000, 1940: $13,000. 1941', $12.000. 1942, &c , with $13,000
Henry County(P.0.Paris)
maturing in 1949 and 1950. There are outstanding callable term
-House passed and forwarded to the Governor
a bill authorizing the issuance of $25,000 in county bonds.
bonds aggregating a total of $202,500, of which $14.500 is to be
Huntingdon Special School District-Governor now considering bill validpaid by the county from its sinking fund and by the State for its
ating $30.000 in school bonds.
portion of the amount to be paid on the principal during the
Bristol
-House passed and sent to the Governor a bill authorizing the
year 1935. and the balance of $188,000 is to be retired with the
issuance of $500,000 in electric utility bonds.
proceeds of the proposed issue.
TENNESSEE
g %1
968
Financial Chronicle
200.000 refunding causeway bridge, 1911, bonds. Due on Sept. 1 as
follows: $12,000, 1936, ana $13,000, 1937, &c., up to $13,000 in
1951. There are outstanding callable term bonds aggregating a
total of $278,000, of which $78,000 is to be paid by the county
from its sinking fund and by the State for its portion of the amount
to be paid on the principal during the years 1934 and 1935, and
the balance of $200,000 is to be retired with the proceeds of the
proposed issue.
114,000 returning special road, 1913, bonds. Due on Sept. 1 as follows:
$6,000, 1936 and 1937; $7,000, 1938: $6,000, 1939 and 1940;
$7.000, 1941; $6,000, 1942 and 1943; $7.000, 1944; $6,000, 1945
and 1946; $7.000. 1947; $6,000, 1948 and 1949: $7,000, 1950;
$6,000, 1951 and 1942. and $7,000 in 1953. There are outstanding callable term bonds aggregating a total of $120,000, of which
$6,000 is to be paid by the county from its sinking fund and by
the State for its portion of the amount to be paid on the principal
during the year 1935, and the balance of $114,000 is to be retired
with the proceeds of the proposed issue.
Denom. $1,000. Dated Sept. 1 1935. Prin. and int.(M.& S.) payable
at the State Treasurer's office or at the fiscal agency in New York. Interest
rate is not to exceed 334%. All legal proceedings incident to this refunding
operation are to be submitted to Clay, Dillon & Vandewater, of New York,
for their approving opinion, which is to be obtained at the cost of the purchaser and Is to be binding. A certified check for 2% of the amount bid,
payable to the county, is required.
GALVESTON, Tex.
-BOND REFUNDING AUTHORIZED-It is
reported that an ordinance was passed recently by the City Cosnmission,
authorizing the refunding and redemption of $658,000 city bonds. It is
said that under the plan a saving of approximately $190,000 in interest
charges during the next 15 months will be made by the city.
GILMER, Tex.
-MATURITY
-In connection with our rem& report
to the effect that the city had entered into a contract with H. C. Burt &
Co. of Houston, to refund $38,000 6% water and sewer bonds at 5%-V.
141. p. 479
-we are informed that the bonds mature $2,000 from 1936 to
1951, and $3,000 in 1952 and 1953.
-BOND ELECTION
GRAND PRAIRIE SCHOOL DISTRICT, Tex.
-On Aug. 21 the residents of the district will vote on the question of issuing
$25,000 school bonds.
-BONDS VOTED
-ResiHEMPSTEAD SCHOOL DISTRICT, Tex.
dents of the district on July 23 voted, 99 to 17, in favor of the issuance of
$20,000 school building bonds.
HIDALGO COUNTY ROAD DISTRICTS(P.O. Edinburg), Texas
-In
BOND REFUNDING PLAN APPROVED BY COMMISSIONERS
connection with the report given recently to the effect that a new refinancing contract for the refunding of eight road districts had been prepared
V. 141, p. 637
-we give the following report from the "Wall Street Journal"
of Aug. 8:
"The Commissioners' Court of Hidalgo County has approved the contract for refinancing approximately $8,877,000 in outstanding and partially defaulted bonds or interest coupons of eight Hidalgo County road
districts. The transaction is reported in official circles to represent a
saving of about $750,000 over a similar contract proposed in 1934 but which
failed when the bondholders' committee was unable to obtain control of the
required amount of outstanding bonds.
"Under the approved contract the old bonds, dated Nov. 12 1927, with
the last maturity date in 1947, would bear interest at 534% annually.
New bonds dated April 1 1935 would bear interest of 2% from 1935 to 1937:
3%, 1937-1939; 4%. 1939-42: 5%, 1942-45, and 534% from 1945 to maturity in 1965. The road district No. 115 the largest, with $3,842.000 in
bonds. It provides for an annual tax levy equal to interest on bonds plus
2% for sinking fund in eacn district.
'First exchange would be made within six months, in which time refunding agency must acquire 65% of outstanding bonds for refunding. An
extension of time is left up to the discretion of the Commissioners' Court.
The new contract does not contemplate any saving or reduction in the principal amount of the indebtedness but provides for interest rates ranging from
2% to 5% instead of the existing 6% and 7% rates. It also delays first
payment on the principal for a period of 12 years.
HOUSTON, Texas
-ELECTION DETAILS
-In connection with the
report given in these columns recently, regarding the election scheduled for
Aug. 24 to vote on the issuance of various not exceeding 5% bonds
-V.141.
p. 796
-it is Staten by the City Controller that the bonds aggregate $3,825,000, divided as follows: $1,800,000 water works improvement; $500,000
sanitary sewer; $500,000 storm sewer; $500,000 street improvements;
$325,000 recreational facilities, and $200,000 street improvement bonds.
Due in 30 years.
LAKEVIEW SCHOOL DISTRICT, Texas
-BONDS VOTED
-A proposed $37,040 school building bond issue Was approved by a vote of 61 to
40 at a recent election.
LONGVIEW, Tex.
-BOND ELECTION
-At an election which has been
ordered to be held on Aug.27 the voters will be asked to pass on the question
of issuing $237,000 bonds, comprising $115,000 city hall building bonds,
$50,000 bonds for fire equipment, $25,000 airport bonds. $25,000 paving
bonds, and $22,000 sewer extension bonds.
-BOND SALE
-An
MATAGORDA COUNTY (P.O. Bay City), Texas
Issue of $200,000 434% road bonds has been sold to Boettcher & Co. of
Denver who are now offering the bonds to investors.
Denom. $1,000.
Dated Aug. 20 1935. Prin. and semi-ann. int. (March 10 and Sept. 10)
payable in New York. Due yearly on Sept. 10 as follows: $7,000, 1936 to
1943, incl., and $8,000 1944 to 1961. incl.
Financial Statement
-July 1 1935
836,650,000
Actual value of all taxable 'Property, 1934
21,992,195
Assessed valuation of taxable property, 1934
2.012,250
Total debt (including this issue)
$37,000
-Securities
Less sinking funds
196,207
Cash
1,779,043
Net debt
8.12V
Percentage of net debt to 1934 assessed valuation
12.50%
Percentage of overlapping debt, approximately
Population, 1930, 17,678. The above statement does not include indebtedness of other political subdivisions having power to tax therein.
Tax Collections
Total Collections
Current Collections to
to Delinquent Date
Delinquent Date (June 30)
Amount
Per Cl.
Per Ct.
YearAmount
$287,798.28 103.21%
1933-4a139.18
1
$248,267.21 89.04%
1934-$277,101.82
89.30%
101.00%
-BONDS VOTED-Residents
MERIDIAN SCHOOL DISTRICT, Tex.
of Meridian recently voted 135 to 1 for the issuance of $11,200 bonds to
purchase and modernize the old Meridian College property for use as a
public school.
MOUNT PLEASANT, Tex.
-BOND REFUNDING AUTHORIZED
Refunding of $40,000 waterworks bonds issued in 1926 was authorized by
the City Council recently.
NEW BRAUNFELS, Tex.
-BOND SALFIt is stated by the City
Clerk that a $45,000 issue of 47 refunding bonds was purchased recently
0
by the Brown-Cru:nrner Co. of Wichita. DI enom. $500. Dated Aug. 13
1935. Due on Aug. 15 as follows: $1,500, 1936 to 1940; $2.000, 1946 to
1950, and $3,000, 1951 to 1955, optional on Aug. 15 1948. Prin. and int.
(F. & A.) payable in New Braunfels. (The Board of City Commissioners
authorized recently the issuance of $50,600 in 4% refunding bonds
-V.141,
p.479.)
RIVERSIDE COMMON SCHOOL' DISTRICT NO. 12, Tex.
-BOND
ELECTION
-An election has been ordered for Aug. 26 for the purpose of
voting on the question of issuing $10,000 school building bonds.
ROCKDALE SCHOOL DISTRICT (P. 0. Rockdale), Tex.
-BOND
-It is stated that an election will be held on Aug.26 to vote on
ELECTION
the issuance of $16,500 in school auditorium bonds.
TEMPLE SCHOOL DISTRICT (P. 0. Temple), Tex.
-BOND ELEC-An election is said to be under consideration
TION CONTEMPLATED
to vote on the issuance of $35,000 in school construction bonds.
TEXARICANA, Tex.
-BOND REFUNDING NEGOTIATIONS
-The
City Council is reported to have completed negotiations with the Ritenour
Investment Co. of Wichita, Kan. for the refunding of the city's indebted'
ness, amounting to about $1,700,000, a tentative report on which was given
-V. 141, p. 637.
in these columns late in July
Aug. 10 1935
-SCHOOL BOARD REVISES BOND BUYING
TEXAS (State of)
POLICY
-The State Board of Education on July 30 adopted a resolution
fixing a policy of opposition to purchasing bonds of over 30 years' maturity
as investment for the permanent school fund. This does not commit the
board against purchasing large issues having past 30 years' maturity, but is
notice to all school districts that it will take short-term securities in preference. This action was certified to all bond issuing areas.
School and other districts may issue bonds having 40 years' maturity,
but the board prefers shorter term bonds.
TEXAS, State of-WARRANTS CALLED-State Treasurer Charley
Lockhart on July 31 is reported to have called for payment a total of
$1,418,485 general revenue warrants, leaving a deficit in the general fund
of $5,704,094. Warrants called for payment included No. 124.448, issued
to last April 10 The call is said to have reduced the deficit from $6,429,668
as of July 15.
-BOND OFFERING
VAL VERDE COUNTY (P. 0. Del Rio), Tex.
Sealed bids will be received until Aug. 12, according to report, by Clarence
Herreford, County Judge, for the purchase of two issues of bonds aggregating $30,000. as follows: $15,000 534% semi-ann. county road and $15,000
5% semi-ann. State park bonds.
-BONDS DEFEATED
WHARTON COUNTY (P. 0. Wharton), Tex.
--the voters are said to
-At the election held on July 27-V. 141, p. 316
have defeated the proposal to issue $2,940.000 in lateral road and drainage
bonds.
UTAH
SALT LAKE CITY METROPOLITAN WATER DISTRICT, Utah
-An election will be held on
TO VOTE ON FORMATION OF DISTRICT
Aug. 15 to decide on the formation of Metropolitan Water District. Seven
other communities, comprising proposed central Metropolitan Water District, will meet to decide whether they wish to form one larger district or
create separate districts. The district would be formed to negotiate with
the Government for Deer Creek Reclamation project.
VIRGINIA
WISE COUNTY (P. 0. Wise), Va.-ADDITIONAL PAYMENT ON
BONDS ANNOUNCED-The following statement was made public on
Aug. 2 by the Informal Committee of Wise County Bondholders:
"To the Holders of Bonds of Wise County, Va.. and of the
Mayistcrial and School Districts Therein:
"In our letter of March 22 1935 we stated that we had recommended to
the Board of Supervisors of Wise County that sufficient funds be deposited
with the First National Bank of Norton, Va., as paying agent, for payment
at the rate of 43%% per annum, of interest maturing between Jan. 1 and
June 30 1935. Following our recommendations, funds were so deposited
and we understand that sufficient additional funds have now been placed
on deposit with the above mentioned bank, as paying agent, to permit
payment at the rate of 434% per annum on interest coupons maturing
between July 1 and Dec. 31 1935 on obligations of the county and the several Magisterial and School Districts therein.
"Bondholders who desire to collect funds available for the payment of
interest should forward their coupons, when due, to the First National
Rank. Norton. Va., accompanied by the enclosed letter of transmittal
properly filled out. In making payment of interest ocupons we understand that the bank will, if requested, return said coupons with a nominal
charge to the owners and will make a notation thereon of the fact that inter% Per annum. A similar notation
est has been paid to the extent of
will be made on past-due bonds which are forwarded for the collection of
interest. If return of coupons is not requested. the First National Bank
will' hold such coupons in trust for the owners thereof.
"Yours very truly,
"INFORMAL COMMITTEE OF
WISE COUNTY BONDHOLDERS.
"Philip K. Robinson. Chairman.
Northwestern Mutual Life Ins. Co.
"George A. Bangs,
United Mutual Life Ins. Co.
"C. E. Harrington,
Woman's Benefit Association.
"Wm. Heuer,
Royal Neighbors of America.
"Wm. .1. Landers,
Catholic Order of Foresters.
"De Witt Davis, Secretary, 135 S. LaSalle St., Chicago. Ill."
WASHINGTON
-Tom Freeman, City TreasABERDEEN, Wash.
-BONDS CALLED
urer, is reported to be calling for payment from Aug. 1 to Aug. 27 various
local improvement district bonds and coupons.
-BONDS VOTED
EATONVILLE, Wash.
-At the election held on
-the voters are said to nave approved the issuance
July 30-V. 141, p. 308
of the $17,500 in revenue bonds by a wide margin. 'rhe issues are as follows:
$12,500 water and $5,000 light bonds.
KITTITAS COUNTY SCHOOL DISTRICT NO. 38 (P. 0:Ellens-BOND SALE
-The $30,000 school bonds offered forisale
burg), Wash.
-were awarded to the State of Washington,
on Aug. 3-V. 141, p. 480
as 4s at par, according to the County Treasurer,
KITTITAS COUNTY SCHOOL DISTRICT No. 101 (P. 0. Ellens-An election will be held on Aug. 17.
burg), Wash.
-BOND ELECTION
according to report, to vote on the issuance of $50,000 in junior high school
bonds.
-BOND OFFERING-Sealed bids will be received
LA CENTER, Wash.
until 8 p, M. on Aug. 23 by II. E. Basha:n, Town Clerk, for the purchase
of a $4,700 issue of town bonds. Interest rate is not to exceed 6%,payable
semi-annually. Due serially over a period of 15 years. A certified check
for 5% of the amount bid is required. These are the bonds offered for sale
without success on July 12, as reported recently-V. 141, p. 638.
OMAK SCHOOL DISTRICT (P. 0. Okanogan), Wash.
-BONDS
VOTED-It is reported that the voters approved the issuance of $120,000
school building bonds at an election held on July 27 by a wide margin.
PEND OREILLE COUNTY SCHOOL DISTRICT NO. 60 (P.O.
-BONDS TENTATIVELY AWARDED
Newport), Wash.
-It is stated
by S. M. McGee, County Treasurer, that the State of Washington was the
only bidder for the 170,000 school bonds offered for sale on Aug. 3-V.
par for 4% bonds. It is said that this offer was ac-bidding
141, P. 480
cepted by the Board of Directors provided a Public Works Administration
grant is approved. Due in from 2 to 18 years from date of issue.
-It is stated by H. L. Collier," city
-BOND CALL
SEATTLE, Wash.
Treasurer, that under the provisions of Ordinance No. 65,549, a municipal
light and power bonds of 1927,series LV-3. Nos. 1 to 1,500, are being called
for payment at his office, or at the State fiscal agency in New YorleCity,
on Sept. 1, on which date interest shall cease. Dated March 1 1929.
SEATTLE, Wash.
-BOND CALL
-H. L. Collier, City Treasurer, is
reported to be calling for payment at his office from Aug. 3 to Aug. 14 various local improvement bonds and coupons.
WASHINGTON COUNTY SCHOOL DISTRICT NO. 48 (P. 0.
Beaverton), Wash.
-BONDS DEFEATED
-The voters at a recent election defeated, by 151 to 124,a proposal that the district issue $25,000 school
building bonds.
WHATCOM COUNTY SCHOOL DISTRICT NO. 301 (P. 0. Bel ling-It is said that an election will be held
ham), Wash.
-BOND ELECTION
on Sept. 21 to vote on the issuance of the $500,000 in high school construction bonds that were mentioned in these columns early in July
V. 141, p. 316.
WISCONSIN
BALDWIN SCHOOL DISTRICT NO. 4 (P. 0. Baldwin), Wis.BONDS VOTED
-At an election held on Juno 30 the voters are said to have
approved the issuance of .335.000 in school construction bonds, to be used
as security on a Public Works Administration allotment.
DAYTON, Richland County, Wis.-BOND ELECTION
-An election
is to be held on Aug. 8 to vote on the question of issuing $10,000 road_surfacing bonds.
Financial Chronicle
Volume 141
GRANT COUNTY (P. 0. Lancaster), Wis.—PROPOSED BOND
ELECTION RE.TECTED—It is stated by the County Clerk that the County
Board of Supervisors recently voted down the proposal to have an election
at which the voters could pass on the issuance of $2,000,000 in road improvement bonds.—V. 141, p. 796.
LOYAL, Wis.—BONDS VOTED—At an election held on July 30 a
proposition to issue $23,000 street improvement bonds carried by a vote of
244 to 33.
POLK COUNTY (P.O. Balsam Lake), Wis.—BONDS AUTHORIZED
—A resolution authorizing the issuance of $210.000 highway improvement
bonds has been passed by the Board of County Supervisors.
WAUPACA, Wis.—BOND ISSUANCE PROPOSED—A resolution was
introduced recently in the Common Council, providing for the Issuance
of $40,000 in not to exceed 47 sanitary sewage disposal plant bonds.
0
according to report. Due $2,000 from May 1 1936 to 1955,incl. Principal
and interest payable at the office of the City Treasurer.
WYOMING
LUSK, Wyo.—BONDS VOTED—At a recent election the taxpayers gave
their consent to the issuance of $18,500 sewerage system construction bonds.
The vote on the question was 103 "for" to 50 "against."
SHERIDAN SCHOOL DISTRICT, Wyo.—BONDS SOLD—An issue
of $24,000 4% school bonds has been sold to the State of Wyoming.
WORLAND, Wyo.—MATURITY—It is reported by the Town Clerk
that the $20,000 community building bonds purchased by Gray B. Gray,
Inc., of Denver, as 4s, at a price of 105.084—Y. 141. p. 480—are due as
follows: $500, 1936 to 1955, and $1,000. 1956 to 1965, giving a basis of
about 3.60%.
CANADA
AYLMER, QUO.—SEEKS OFFERS OF BONDS—Offers will be received
by H. Geoffrion, Delegate of the Quebec Municipal Commission, 221
Notre-Dame Street West. Montreal, up to noon the 15th day of Aug. 1935,
from persons willing to sell bonds of the town for sinking funds. Parties
offering must state the par value of bonds tendered, maturity and price.
The Commission reserves the right to reject any and all offerings in whole
or in part. Bonds accepted are to be delivered on or before the 20th day of
Aug. 1935, and interest on accepted bonds will cease on that date.
BRANTFORD, Ont.—BOND SALE—The $155,000 3 % improvement bonds, comprising issues of $80.000 and $75,000, offered on Aug. 7
—V. 141. p. 638—were awarded to the Bank of Montreal of Montreal at
a price of 98.58, a basis of about 3.77%. They are dated June 29 1935
and mature serially in from 1 to 10 years.
Other bids were as follows:
Bidder—
Rate Bid
Dominion Securities Corp
98.56
A. E. Ames & Co
98.11
Griffis, Fairclough & Norsworthy
9735
CALGARY, Alta.—BANK CREDIT ALMOST DEPLETED—The City
Council on July 25 rescinded a by-law authorizing borrowing of $227.000
from the Bank of Montreal, following receipts of information from the
bank only $150,080 of the 1935 limit agreed upon remained to be borrowed.
The matter was referred to the Civic Finance Committee.
CANADA (Dominion on—DEFAULTING MUNICIPAL UNITS
NUMBER ABOUT 150—The number of defaulting municipalities in
Canada is variously placed between 100 and 400, with an even chance that
both outside figures are correct.
In response to several requests for figures on the number of defaults in
Canada by provinces, the "Financial Post" estimates that at least150
Canadian municipalities are in default of principal and(or) interest of debt.
There are no municipal defaults in the maritime provinces.
Quebec has 50 and perhaps 60 defaulters.
Ontario has at least 35 defaulters.
Manitoba has at least 15; British Columbia at least 7.
This gives a total of between 107 and 117. Probably 120 to 125 would
be close to the actual number in the seven provinces enumerated.
Two Unknowns
Alberta and Saskatchewan are puzzles. The large defaults are scarce
in these two provinces and these defaults have been adjusted. So such
municipalities cannot now be placed fairly on the black list. There are
dozens of small rural communities and school districts which have been
in arrears of payments which might be termed defaulting municipalities.
The numbers are unknown. It is a conservative estimate to place the
number at 25 to 30. It is probably several times as high. The small
amounts concerned in such arrearages of payments, however, make the
defaults of relative insignificance. This gives a total of at least 150 defaulting municipalities.
Ix Because of duplications of defaults, as for a town and its school district.
the figures for number of defaults are not strictly reliable. The totals
in dollar amount are a better guide to the municipal default situation.
Fortunately, recovery of national income has halted the spread of defaults.
Defaults by amount are approximately as follows, the "Post" estimates:
Municipal Defaults
Total Municipal
Bonds in
% in
Province—
Default
Debt
Default
Ontario
$98,500,000
$494,400,000
19.9
Manitoba
12.000,000
92,500,000
13.0
Saskatchewan
4,000,000
46,600.000
8.6
British Columbia
11,200,000
129,900.000
8.6
Quebec
15,000,000
392.200,000
3.8
Alberta
500,000
76.900,000
0.6
Maritimes
54,800,000
0.0
Total
$141,200,000
$1.287,300,000
11.0
CANADA (Dominion on—FILES ISSUE OF $76,000,000 BONDS
WITH SEC—The Securities and Exchange Commission announced at
Washington on Aug.3 the filing of a registration statement by the Dominion
of Canada in connection with the proposed sale in this country of $76,000,,
5
000 23 % bonds, due Aug. 15 1945 and redeemable in whole or in part, at
the Dominion's option, on any interest date on and after Aug. 15 1943, at
par and accrued interest, on 30 days' notice. The First Boston Corp. and
associates are expected to offer the issue for public investment on Aug. 12.
The bonds will lioe in coupon form, in $1,000 denoms., registerable as to
principal only. Payable as to principal and F. & A. 15 interest in lawful
money of the United States.
According to the registration statement, the proceeds from the sale of
the proposed bonds, together with cash from the Tresaury of the Dominion of Canada. are to be applied to the payment or redemption of
notes and bonds now outstanding as follows:
First, $50,000,000 principal amount 2% promissory notes payable in
lawful money of the United States of America, dated Sept. 1 1934, and maturing Sept. 1 1935.
Second, $26,000,000 principal amount 4%% Canadian National Railway
CO. bonds, payable in Canada or New York. dated Sept. 15 1924, maturing
Sept. 15 1954. callable as a whole or in part at 102 and interest for payment
on Sept. 15 1935, and to be called on that date.
Bonds Guaranteed by Dominion
These bonds are guaranteed by the Dominion of Canada. Under the
Canadian National Railways Refunding Act, 1935, the Minister of Finance
is authorized to make loans to the Canadian National Railway Co. for the
purpose of refunding callable securities of the company. Proceeds of the
sale of bonds to be issued under this registration statement will be used,
in part. to make such loans to be applied by the company to the redemption
of these bonds.
i:The following are named as the proposed underwriters of the issue:
i
The First Boston Corp.; Edward B. Smith & Co.; Brown Harriman &
Co., Inc.; Banca:nerica-Blair Corp.; Cassatt & Co., Inc.; Blyth & Co.,
Inc.; Field. Glare & Co.; Goldman, Sachs & Co.; Lazard Freres & Co.. Inc.;
White, Weld & Co.; Kidder. Peabody & Co.; Lee Higginson Corp.; Hayden,
S. Moseley & Co.; Stone & Webster
Stone & Co.; W. E. Hutton & Co.;
and Blodget, Inc.; A. C. Allyn & Co.,Inc., and if. M.Byllesby & Co.. Inc.
Domini & Dominick, W.0. Langley & Co., R. W. Pressprich & Co.,
ck
Starkweather & Co., Inc., Wood, Grundy & Co.,
Dominion Securities
969
Corp., A. E. Ames & Co., Inc., and Royal Securities Corp., all of New
York City; Halsey, Stuart & Co., Inc., Chicago; Bankamerica Co., San
Francisco; R. L. Day & Co., Boston; Dean Witter & Co.. San Francisco;
Estabrook & Co., Boston; First of Michigan Corp., Detroit; Hornblower &
Weeks, Boston; The Securities Co. of Milwaukee, Inc., Milwaukee, Wis.
Lawrence Stern & Co., Inc., Chicago; Whiting, Weeks & Knowles. Inc
Boston; Central Republic Co., Chicago; Wells
-Dickey Co., Minneapolis,
and McLeod, Young, Weir & Co., Ltd., Toronto.
The amount of the bonds to be underwritten by each underwriter, the
price at which the bonds will be purchased by underwriters from the issuer
and the price at which the bonds will be offered to the public have not been
determined and will be filed in an amendment to the registration statement.
LOANS TO PROVINCES EXTENDED—Orders-in-Council authorizing
one year" extension of debenture issues by Manitoba, *askatchewan and
Alberta amounting to more than $33,000,000 and extending relief loans for
Manitoba and Saskatchewan, were made public recently by Finance Minister
E. N. Rhodes.
Debentures authorized for the three Provinces in 1931, including $17,809,039 for Saskatchewan, $9,564.569 for Alberta and $5.919,862 for
Manitoba, were subsequently extended until July 1 1935. Last week
a further year's extension was authorized, the debentures to be non-transferable and to bear interest at 5%.
PARTICIPATIONS IN ISSUE—The extent of participation in the issue
by each member of the underwriting group is shown herewith:
Name—
Amounts
Name—
Amounts
500,000
First Boston Corp., N. Y_ _ _$10,000,000 Dean Witter & Co.,San Fran.
Edward B.Smith & Co., N.Y. 10,000,000 Dominick & Dominick, N.Y_
500,000
Brown Harriman & Co., Inc.,
Estabrook & Co., Boston— __
500,000
N. Y
500,000
10,000,000 First of Michigan Corp., Det_
Hornblower & Weeks, Boston
Bancamerica-Blair Corp.,
500,000
N. Y
500,000
2,000,000 W. C. Langley & Co., N.Y _
Cassatt & Co., Inc., N. Y
2,000,000 Securities Co. of Milwaukee,
Inc., Milwaukee
500,000
Blyth & Co., Inc., N.
2,000,000
500,000
Field, Glore & Co., N. Y.._ _ 2,000,000 R. W.Pressprich & Co., N.Y.
Goldman. Sachs & Co., N.Y_ 2,000,000 Lawrence Stern & Co., Inc.,
500,000
Chicago
Lazard Freres & Co., Inc.,
N. Y
2,000,000 Starkweather & Co., Inc.,
N. Y
500,000
White, Weld & Co., N. Y
2,000,000
Kidder, Peabody & Co., N.Y. 1,500,000 Whiting, Weeks & Knowles,
500.000
Lee Higginson Corp., N. Y__ 1,500,000
Inc., Boston
250,000
Central Republic Co., Chic
Halsey, Stuart & Co., Inc.,
250,000
Chicago
1,000,000 Wells-Dickey Co., Minneap_
Hayden, Stone & Co., N. Y_ 1,000,000 McLeod,Young. Weir & Co.,
W. E. Hutton & Co., N. Y
Ltd., Toronto, Canada....3,875,000
1,000,000
F. S. Moseley & Co., N. Y. 1,000,000 Wood, Goody & Co., Inc.,
3,875,000
Stone & Webster and Blodget,
N. Y
Inc., N. Y
1,000,000 Dominion Securities Corp.,
3,875,000
A. C. Allyn & Co., Inc., N.Y.
N. Y
500,000
Bankamerica Co., San Fran.
500,000 A. E. Ames & Co.. Inc., N.Y. 3,875.000
500,000
H. M. Byllesby & Co.. Inc.,
Royal Securities Corp., N.Y.
N. Y
500,000
500,000
Total
876,000,000
IL L.Day & Co., Boston_ _
CANADA (Dominion on—MUNICIPAL FINANCING, JULY AND
FOR FIRST SEVEN MONTHS—The volume of Canadian Golfernment and
municipalfinancing during the month of July was the largest for that month
In any of the past five years,amounting to $60,143,232. according to figures
compiled by Wood, Gundy & Co., Ltd. This compares with $2,142,800 in
July of last year and $25,069,773 in 1933. The total for this year in July
-day
included the sale by the Canadian Government of $30.000.000 of 92
treasury bills and an Issue of the Province of New Brutswick in the amount
,
of $1,358,000.
For the first seven months of this year the volume offinancing aggregated
3322,384,173, all of which was sold in Canada. This compares with $156,658.284 and $153,330,520 for the corresponding periods in 1934 and 1933,
respectively.
ESSEX BORDER UTILITIES DISTRICT, Ont.—PROTECTIVE
COMMITTEE FORMED—It is announced that at the request of holders
of a substantial amount of debentures of the Commission, the following
have aecided to act as a committee for the purpose of safeguarding the
Interests of debenture holders: H. Sider, Toronto; J. F. Boland K.C.,
Toronto; Tomas McQuillan, Toronto; L. G. Mills, Toronto; H. T. Roesler,
Toronto; Secretary to tne committee, R. A. Perigoe, 20 Victoria Street,
Toronto, Ont. The committee have issued a circular to all known debenture
holders reviewing the circumstances leading up to the default of debenture
payment and requesting deberture holders to deposit their debentures.
The committee is of the opinion that the appointment of a fiscal agent to
draw up a plan of refunding makes it imperative that debenture holders
immediately place themselves in a position where united action can be taken
on their behalf, by depositing debentures with the depositary at any of its
offices.
Copies of the committee's circular and form for depositing debentures
can be obtained by communicating with the depositary. The Trust &
Guarantee Co., Ltd., at any of its offices, particularly: 302 Bay Street,
Toronto; 144 Dalhousie Street, Brantford; cor. London & Pellasier Streets.
Windsor, or with Crown Trust Co., 393 St. James St., Montreal, Que., or
with the Secretary of the committee.
MANITOBA (Province on—SELLS $4,000,000 BONDS—E. A. McPherson, Provincial Treasurer, announced on Aug.6 the sale of $4,000,000
% bonds at a net interest cost to the Province of 3.99%, comparing
with that of 4.34% on the last previous issue. The proceeds of the new
issue will be used almost entirely for retirement of exchequer bonds and
treasury bills. The bonds mature Aug. 15 1949 and are being underwritten by a syndicate of about 40 Canadian investment dealers. Offering
of the issue is being made only in Canada.
A Canadian banking group made public offering of the issue on Aug. 7
at a price of 96.24 and accrued interest, to yield 3.85%. Dated Aug. 15
1935. Denoms. 51.000, $500 and $100. Coupon, registerable as to principal. Due Aug. 15 1949 and callable at. par and accrued interact on Aug.
15 1946 or on any interest date thereafter. Principal and interest (F. & A.
15) payable in lawful money of Canada at the Royal Bank of Canada in
Toronto, Montreal, Winalpeg, Regina, Vancouver or St. John. N. B. An
,
annual sinking fund of 14 of 1% will be established against the issue. Legal
Opinion of Long & Daly of Toronto. These debentures will be a direct
obligation of the Province and are payable, principal and interest, from the
consolidated revenue fund of the Province. Proceeds of this issue will be
used to retire Exchequet bonds and Treasury bills held by chartered banks
and for new capital expenditure: 3228.424 to provide extensions to the
Manitoba Power Commission System, which extensions will be selfsupporting.
UNDERWRITING GROUP—The offering is made on behalf of the
Province by the following: The Royal Bank of Canada; the Canadian
Bank of Commerce; Wood, Gtuidy & Co. Ltd.; the Dominion Securities
'
Corp.. Ltd.; A. E. Ames & Co., Ltd.; the Bank of Nova Scotia; the Bank
of Toronto; Imperial Bank of Canada; the Dominion Bank: Jas. Richardson & Sons; Royal Securities Corp., Ltd.; Nesbitt, Thomson & Co., Ltd.;
McTaggart, Hannatord, Birks & Gordon, Ltd.; Gairdner & Co., Ltd.;
Harris, Ramsay & Co.; Eastern Securities Co., Ltd.; T. M. Bell & Co..
Ltd.; Hanson Bros., Inc.; Bartlett, Cayley & Co., Ltd.; Brawley, Cathen
& Co.; Irving. Brennan & Co., Ltd.: Johnston & Ward; Gooderham,
Mullin & Richardson, Ltd.; Isard, Robertson & Co., Ltd.
MONTREAL, Que.—SEEKS TO BORROW $4,500,000—Present plans
of the city provide for the borrowing of $3,000,000 for construction of
sewers and $1,500.000 for waterworks purposes.
PEEL COUNTY, Ont.—BOND ISSUE DROPPED—Plans to issue
$50,000 bonds to pay road construction costs levied against the county
by the Provincial Government were abandoned when it was discovered
that $10.000 of the sum was for maintenance and could not, by provisions
of the Municipal Act, be included in the bond issue.
PRESTON, Ont.—BOND OFFERING—E. G. Heise. Town Clerk and
Treasurer, will receive sealed bids until 7 p. m. on Aug. 19 for the purchase of $27,600 4Ji% bonds issued for the purpose of constructing an
addition to the Grandview Continuation School. Dated May 1 1935.
Due in 20 equal annual instalments of principal and interest on May 1
from 1936 to 1955 incl. Legal opinion of Long & Daly of Toronto will
be furnished the successful bidder.
QUEBEC (Province of)—HUGE DEFICIT FORECAST—Premier
L. A. Taschereau stated on July 30 that the Quebec financial statement for
the fiscal year ended June 30 would show a deficit of several million dollars.
For the last several years, said the Premier, the budget had not been balanced because of the extraordinary charges placed on the Government due
to unemployment relief and a shortage of revenue.
970
Financial Chronicle
NEW BRUNSWICK (Province of)—LIST OF BIDS—Thefollowing is a
list of the bids submitted for the $1.358,000 3% refunding and funding
-year bonds,
bonds awarded to Mead & Co.of Montreal on a bid of 102 for 5
as stated in V. 141, p.796:
Maturity Bid For
15 Years
10 Years
Bidder—
5 Years
Mead & Co., Ltd
92.00
97.00
102.00
Royal Securities Corp., Ltd.; Imperial
Bank of Canada; McTaggart, Hannaford, Birks & Gordon, Ltd.; Hanson
96.08
98.40
Brothers,Inc.; Harrison & Co
101.10
Dominion Securities Corp., Ltd.; Bank of
Montreal; Royal Bank of Canada;A.E.
Ames& Co., Led.; Wood,Goody & Co.,
97.02
Ltd.; Eastern Securities Co., Ltd
98.97
101.02
Bank of Nova Scotia; Dominion Bank;
Bell, Gouittlock & Co., Ltd.; McLeod,
Young, Weir & Co., Ltd.; Fry, Mills,
Spence & Co., Ltd.; T. M.Bell & Co.,
Ltd.; John M. Robinson & Co., Ltd.;
96.23
98.33
Irving Brennan & Co., Ltd
100.63
R. A. Daly & Co., Ltd.; Cochrane, Murray & Co., Ltd.; Dyment Anderson &
Co.; Griffis, Fairclough & Norsworthy,
Ltd.; Matthews & Co.; Midland Securities Corp., Ltd.; Nesbitt Thomson
96.27
98.64
100.26
Co., Ltd
THREE RIVERS, Que.—BOND SALE POSTPONED—The sale of
$139,300 4% or 4M % drainage system improvement bonds, originally
scheduled for Aug. 5, as noted in V. 141, P. 638, has been postponed. It
is now stated that Jacques Denechaud, City Treasurer, will receive sealed
bids until 4 p. m. (to be opened at 8 p. m.) on Aug. 12. Issue will be
dated May 11935. Denom.$100 or in multiples of that sum as requested
by the purchaser. Separate bids will be considered for bonds as follows:
4% serial bonds maturing from Nov. 1 1936 to May 1 1975.
4;6% serial bonds maturing from Nov. 1 1936 to May 1 1975.
Aug. 10 1935
4% serial bonds maturing from Nov. 1 1936 to Nov. 1 1950.
434% serial bonds maturing from Nov. 1 1936 to Nov. 1 1950.
Prin. and int. payable at the Banque Canadienne Nationale in Montreal.
or at any branch pf said bank in Three Rivers or Montreal. Enclose
a certified check for 1%, payable to toe city.
TORONTO, Ont.—REPORTS SURPLUS OF $67,165 FOR 1934—The
city concluded the calendar year 1934 with a cash surplus of $67.165,
according to the report of the Commissioner of Finance. While it is
shown that the year's expenditures rolled up to $38.196,087, total revenues
reached $38,263,252, or an excess of $67,165 over all charges. The favorable balance is the fifth reported in the past 10 years,expenditures exceeding
revenue in the years 1925, 1926, 1930, 1931 and 1932. In 1933 the city
reported revenue of $38,979,016, against expenditures of $37,983,305.
VANCOUVER, B. C.—ARRANGES TO PAY BOND INTEREST—
Arrangements have been made to meet interest of $621,940 due Aug. 1 on
city bonds. City Comptroller W. Wardhauch announced July 30 that o
the total amount $484,840 is due on bonds sold in London, while the balance
Is for bonds sold in New York.
WALKERVILLE, Ont.—PROTECTIVE COMMITTEE FORMED—
At the request of holders of a substantial amount of bonds of the town,
a protective committee has been formed composed of the following: J. H.
Luxton. Waterloo, Chairman; W. H. Isaacs, Walkerville; A. F. D. Lace,
Toronto; E. F. Ladore, Walkerville,• L. A. Winter, Toronto; Secretary to
the committee, W. F. McIlroy, 302 Bay St., Toronto.
The committee has issued a circular to all known debenture holders
reviewing the circumstances leading up to the default of debenture principal, and requesting debenture holders to deposit their debentures. It
is of the opinion that the appointment of a fiscal agent to draw up a plan
of refunding, makes it imperative that debenture holders immediately
ace
, themselves in a position where united action can be taken on their
b
Copies of the committee's circular and form for depositing debentures
can be obtained by communicating with the depository, The Canadian
Bank of Commerce, Walkerville, or any of the branches of the bank, or
with the Secretary of the committee.
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now calling on banks and insurance companies interested
in taking on a side line that
should add considerable to
their incomes. Please state
territory you are covering,
character of present work, etc.
Box S 17 Financial Chronicle,
25 Spruce Street, New York
City.
@FedFRASER