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COPYRIGHTED IN 1936 6V WILLIAM B. DANA
COMPANY, NEW YORK.
VOL. 143.
ENTERED AS SECOND-CLASS MATTER JUNE 23, 1879, ATTHE POST OFFICE AT NEW YORK, NEW YORK, UNDER THE ACT OF MARCH 3, •, J79.
NEW
BROOKLYN
YORK, AUGUST 15, 1936
JgESgSffgg;
TRUST
THE
COMPANY
Chartered
NO 3712
NATIONAL
1866
Kidder, Peabody & Co.
George V, McLaughlin
OF
THE
CITY
OF
BANK
NEW
YORK
NEW
BOSTON
YORK
PHILADELPHIA
The
tra-
it
years
•
has
large number
a
of banks and bankers
as
New York
A^lkEtigoBank
and
b
UnionlrustCo.
SAN
correspondent
and
COMMERCIAL BANKERS SINCE 1852
depository..
reserve
Member Federal
Deposit Insurance Corporation
PREFERRED
STOCKS
FRANCISCO
United States
Deposit Insurance Corporation
RESOURCES OVER
I
bankers* bank.
a
many
Served
Member Federal Deposit Insurance Corporation
chase is
ditionally
For
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KtewV-v
*
President
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Government
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Securities
T'he
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Established
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Incorporated
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AND OTHER PRINCIPAL CITIES
Boston
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throughout the United States
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inc.
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>
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Aug.
Chronicle
Financial
II
15,
1936
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& HARDEN
Established 1893
Investment Securities
J. & W.
Seligman & Co,
Members
New York Stock Exchange
Investment Securities
No.
New York Curb Exchange
NEW
Chicago Board of Trade
Chicago
1
'1
<?
i,
52 WALL
New York
Wall
54
Street
Philadelphia Stock Exchange
Commercial Paper
.
.
YORK
14 '
.
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r
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Graybar Building, New York
London
Commercial Trust Bldg., Philadelphia
And Other Cities
Correspondents
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BIRMINGHAM, ALABAMA
Australia and New Zealand
NEW SOUTH
BONDS
Hong Kong & Shanghai
BANK OF
AND
MUNICIPAL
CORPORATION
BANKING
WALES
(ESTABLISHED
(With which
1817)
amalgamated the Western Australian
are
Bank and The Australian Bank of Commerce.
Paid up Capital
Reserve Fund
NEWARK
Reserve
New
Stocks
Ltd.)
i'8,780,000
Liability of Proprietors
Authorized Capital (Hongkong Currency) H$50,000,000
Paid-up Capital (Hongkong
Fund in Sterling
Reserve
£23,710,000
Fund
Sliver
In
H510,000,000
Reserve
Liability
of
C.
C.
DE
72 WALL
States,
STREET,
YOKf
NEW
New
Head Office:
London Office:
NATIONAL BANK OF NEW ZEALAND, Ltd.
29 Threadneedle
SYDNEY
Street, E.C. 2
Agents Standard
Established 1872
Chief Office In New Zealand:
Bank of South Africa
New
York
Office:
Head
Paid
up
Reserve
8
Moorgate,
The
Eng.
CapiraL
£6,000.000
£2,000,000
Fund
£500,000
.
every
j
£1,000.000
.
Reserve
conducts
Bank
E. C. 2,
London,
Capital.......
Currency
Louis Securities
NATION ALB AN K
Wellington
Sir James Grose, General Manager
Subscribed
St.
HUGHES, Agent
AND
BRANCHES
George Street,
LOUIS
H$20,000,000
,
AGENCIES in the
Zealand, Fiji. Papua,
Mandated Territory of New Guinea, and London
The
Bank transacts every description
of Aus
tralasian
Banking
Business.
Wool and other
Produce Credits arranged.
747
ST.
(Hong¬
Proprietors
kong Currency)
Aggregate Assets 30th Sept., 1935. £115,559,000
Australian
Newark, N. J.
£6,500,000
(Hongkong Cur¬
rency).
A. C. DAVIDSON, General Manager
J. S. RIPPEL & CO
Currency)..H$20,000,000
Reserve
8,780,000
..
CORPORATION
Incorporated in the Colony of Hongkong.
The
liability of members is limited to the extent and
in manner prescribed by Ordinance No
0 of 1921)
of the Colony.
6,150,000
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Newark Bank & Insurance
18 Clinton St.
BROTHERS
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description
0/
banklny
business connected with New Zealand
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i,
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6
and 7,
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AGENCY
Notice of Termination of Liability of
Stockholders on July 1, 1937.
King William Street, E. C.
Branches
.
in all the
Notice
principal Toums in
831
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Missouri and Southwestern
Notices
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.
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York,
shares
St. Louis
The First Boston
Corp
St.
Wire
pany
NATIONAL BANK OF INDIA, LIMITED
Bankers to the Government in
Louis Stock
Office:
Kenya Colony
and Uganda
!
Head
Eichnnye
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26,
in India, Burma, Ceylon, Kenya
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Branches
Subscribed
DETROIT
Paid Up
Capital..
_
_..£2,000,000
....£2,200,000
Reserve Fund
of
1936
July
on
1,
of
to Chapter
State of New
the
1937,
of stock
on
provided
issued by the safe deposit com¬
before June 1, 1936, shall cease, as
in said Chapter 831, with respect to
or
all
such shares of stock of Guaranty Safe De¬
posit Company.
Under the provisions of said
chapter, such responsibility shall not apply with
respect to stock originally issued by any safe
deposit company subsequent to June 1, 1936.
GUARANTY
SAFE
DEPOSIT
COMPANY
By William C. Potteh, President.
£4,000,000
Capital
hereby given pursuant
Laws
that
the individual
responsibility imposed by Section 322 of the
Banking Law upon the stockholders of any safe
deposit company with respect to all outstanding
Stocks and Bonds
Smith, Moore & Co,
is
the
of
Dated: New York, N. Y.
August 14, 1936
The Bank conducts every description of banking
business
and exchange
MICHIGAN
MUNICIPALS
Trusteeships and Executorships also
BONDS
-
WATL1NG, LERCHEN & HAYES
Members
New York Stock
Exch.
Detroit Stock Exchange
New York Curb Assoc.
Chicago Stock Exch.
KAUFMANN
Royal Bank of Scotland
tsLDG.,
DETROIT
£64,009,174
Deposits..
Over
200
MICHIGAN
Years
3
FOREIGN
Charles A. Parcelis & Co.
Detro-t Stock
Exchange
BUILDING, DETROIT, MICH.
Banking
have
declared
a
dividend
Preferred Stock, payable
September 30, 1936, to all holders of record
September 10, 1936.
Cheques will be mailed.
OLIVER M. KAUFMANN, Treasurer.
of $1.75 per share on the
DEPARTMENT
Bishopgate, London, England
HEAD
PENOBSCOT
of Commercial
Pittsburgh, Pa., August 12, 1936.
Directors
The
MUNICIPALS
CHIEF
Members of
Preferred Dividend No. 94
£3,780,192
£3,857,143
DEPARTMENT
STORES. Inc.
Incorporated by Royal Charter 1727
Capital (fully paid).
Reserve fund
334 bUHL
Dividends
undertaken
and
CORPORATION
OFFICE—Edinburgh
General Manager
d
Associated Bank, Williams
offices, 254
Deacon's Bank, Ltd.
of 75c.
Underwood
dividend
A
will
William Whyte
Total number of
UNDERWOOD ELLIOTT FISHER
stock
of
be
holders
payable
of record
September 30,
at
COMPANY
share 011 the Common
Elliott
Fisher Company
a
the close
1936, to stock¬
of business Sep¬
tember 12,1936.
Transfer books will not be closed.
C. S. DUNCAN,
Treasurer.
AUGUST
15, 1936
CONTENTS
Editorials
PAGE
Financial Situation
966
.
The Labor Split and Labor Politics
The
...
Spanish Revolution and European Alignments
Comment and Review
Gross
and
Net
Earnings of United States
Railroads
for the Month of June
New
....
Capital Issues in Great Britain
Week
__
the
European Stock Exchanges
Foreign Political and Economic Situation
on
Foreign Exchange Rates
and
_
Comment
975 & :
Course of the Bond Market.
_.
Indications of Business Activity
Week on the New York Stock
Exchange
Week
on
the New
York Curb
Exchange..
*
.News
Current Events and
Discussions
Bank and Trust
Company Items
Corporation and Investment News
Dry Goods Trade
General
........
State
and
Municipal Department..
Stocks and Bonds
Foreign Stock Exchange Quotations
.1061
Dividends Declared
1021
Auction Sales
1061
...
New York Stock Exchange—Stock Quotations
New York Stock
1029
Exchange—Bond Quotations.. 1028 & 1038
New York Curb
Exchange—Stock Quotations
1044
Exchange—Bond Quotations
..'...1047
Exchanges—Stock and Bond Quotations...
1050
New York Curb
Other
Canadian Markets—Stock and Bond Quotations..
1054
Over-the-Counter Securities—Stock & Bond Quotations. 1057
Reports
Agricultural Department's Cotton Report
Agricultural Department's General Crop Report
Foreign Bank Statements
Course of Bank
....
Clearings
Federal Reserve Bank Statements
General Corporation and
Commodities
The Commercial Markets and the Crops.
Cotton
Breadstuff s
:...
Investment News....
The Financial Situation
Let Us Turn to the Record
THE long-sustained, vigorous and we 11-warranted
protests of all sensible citizens against the carelessness, and
The best that can reasonably be said of all this is
the assertion that it is heartening to surmise that the
shrewd politicians by whom the President is surrounded have come to the conclusion that the country is becoming definitely budget and tax conscious.
the perversity, with which the
even
budgetary situation and the
closely related subject of
been handled in Washington
taxation have for years
reached the ears of the Presihad to travel via the con¬
"plain man" and Mr. Farley, but
evidently at length
have
dent.
Available statistical
They may have
of the
sciousness
summoned conference" on
took
the Treasury
Presi¬
matters
dent
Washington for
tour of
a
flood
so-called
the
he left
before
just
areas
adjacent territory. At
this conference with the
'
President
the Secre¬
were
and
representatives of the Joint
tary of. the Treasury
the
of
Committee
two
In¬
Houses of Congress on
ternal Revenue.
In
We quote
by
a
letter written
of the
Secretary
the
Treasury to the President
the
on
general subjects un¬
der consideration
was
made
The White House
public.
"made known" certain programs
that
had been
mapped out, and the Sec¬
retary of the Treasury
tatives of the press
his
a
added
explanations and inter¬
Out of all this,
pretations.
a
in
with represen¬
conference
United
dispatch
Press
reports (1) assuiances that
no
request will be made to
the
gress
the
for
additional taxes
.
of
session
next
briefly from
a
letter sent during
indefinitely to
quickly robs these figures
The
Con¬
levying
or
of
increase
of present tax rates; (2)
plan to^ launch at
once
that
true
the
a
study by the Treasury and
July last
nowhere,
or
laws
of
as
present
basis
a
a
the volume of busi¬
that has been the rule for months past,
an
demand for its products
next
unfair to
"consumers
and to trade;"
that,
optimism that runs
pronouncements is
said, by
the recent
reports of the "experts" of the Treasury.
The letter
itself, the full text of which will be found
another page
of this issue,[is entirely devoid of any
speeific supporting data of any kind.
J
Lest
it be
claimed thai this
month is not typical
one
of the
situation, let'it be remem¬
the fiscal year
What of
1936
was
only
gain in
rev¬
a
Expenditures?
expenditures.
They
are more
impor¬
tant.
professedly the letter from the
Secretary of the Treasury, inspired, so it is
for
But turn to
The basis
through all these
or a
than 5%.
more
little more
than 8%.
Clearly, the optimism of the Secretary is
based upon expectations for the future in larger degree
than upon accomplishments of the past.
enue
surplus for reduction of the public debt.
on
$294,000,000,
little
multiplied greatly during the past year or
two, wisely remarks, "caution would appear
to be desirable" in such matters until funda¬
mentals in Washington can be changed.
to the
the
to
increase from $279,000.-
000 to
revenue
Treasury assurance
for the note of
that if we take
receipts
foi the two months we find*
provements and enlargements.
But, as the
President of the General Motors Corp., which
"with continued re¬
covery," the revenue yield is approaching the point
where it will cover government costs and provide a
(3)
so
total
showed
general and special funds
indeed, for a year or more past, would by now
have stimulated a large volume of capital im¬
recommendations
But
$201,000,000.
bered that the
for
from
rose
$165,000,000 to
decline,
the
In other circumstances,
Congress for elimination of inequitable taxes, espe¬
cially those
to somewhat
various other items
in advance.
ness
year
likewise
about
commitments far
little
a
$23,000,000 in
$39,000,000 this
about
much disposition to proceed vigor¬
ously with plans requiring
tax re¬
Miscellaneous rev¬
year.
enues
Congressional tax consult¬
ants
than
above
approaching
almost nowhere, is
from
rose
more
in¬
receipts
Income
turns
of a good
other corporations, for despite a rate of
seen
But by how
have
activity, at least in some groups,
there
of reduced ex¬
creased ?
rapidly approaching
be recognized and faced
an
deficit
the
of
means
much
ing of the General Motors Corp."
It is evidently also the feeling
that of 1929,
must
we
penditures.
dealing with forward plans involving impor¬
tant commitments—at least, that is the feel¬
itself has found the
a
have is
by
of
courageously.
And
until then,
notwith¬
standing the widespread optimism of the mo¬
ment, the broader economic outlook, from the
fundamental standpoint, is distinctly cloudy,
and caution would appear to be desirable in
many
sight, since
what
is
when the facts must
reform
budgetary
elimination
to be
time
enor¬
would not be in
done at present.
seems
of
em¬
Even if
had
collections
needed
keep lowering the
assured along the cur¬
rent trend, with the forces of recovery con¬
tinuing in the ascendency, it still remains
industry
The
mously increased,the
It cannot
"While, therefore, the immediate future
much
phasis is mislaid.
tax
the
of
made
rising receipts.
constructive enter¬
of a continually
indebtedness.
And that is just
what is being
meaning.
Secretary
Treasury
prise through the influence
increasing
A careful analysis
of their apparent
Irrespective of how great the resources of any
may
be, it is not different, funda¬
mentally, than that of any individual within
the nation.
It cannot continue indefinitely
continue
always what they
are
nation
than it collects.
not
seem."'
by every individual consuming goods and
using services.
.
.
.
"Every day of delay simply means an added
burden carried into tomorrow and the future.
more
year,
unfortunately, "things
but
actuated by political considera¬
paid for not only by the taxpayer
spend
$118,182,474 this
to
but
to
from
$393,753,583 in July 1935
week by the President of the General
Motors Corp. to the stockholders:
"Constructive enterprise sponsored by pri¬
vate initiative must be substituted for boon¬
doggling,
reduced
public debt retirements,
ceiling of opportunity for
conjunction with this
conference,
excluding
the past
tions and
and
the first
One Business Man to Another
place
office of the
these
in the
thus exhibited. To be sure,
statement covering the month of July,
monthin the new fiscal year, reports a deficit,
support the optimism
that they have finally ar¬
rived at headquarters.
Out of a clear sky on Thurs¬
day morning what is described in impartial press
dispatches ,as "a hastily
rate it is evident
at any
information certainly does not
*
First, let it be recorded that so-called ordi¬
nary
disbursements, excluding debt retirements, rose
in July of this year to $330,000,000 from $325,000,000 last year, and tins despite the fact that last year's
accounts carried an item in the amount of $100,000,000 under the heading of Adjustment Service Cer-
tificate Fund, as against only about $30,000,000 this
Elsewhere in this
year.
impossible
so-called
the
been
even
curtailment. If
state of real health
a
portion of the outlays,
task will not be
begun
We pass to
as
well
as
reduc-
in those
expenditures, and the
emergency
an
but no one knows how much, represent investments
in the obligations of these various borrowing
units. But generally speaking, the increases of importance between July of last year and the same
month of this represent the other type of disbursement, as can be readily seen from the fact that the
combined outlays of the Federal Emergency Relief
Administration and the Works Progress Administration expanded from $61,000,000 last year to $167,-
of expenditures it is
group
important
to make some important
necessary
tions in this
of
an
is to be returned to
the budget
it will be
find
to
Obviously, it has not
easy one.
yet.
as
expenditures "for
and relief."
recovery
000,000 this year.
apologists for the
It is to this set of accounts that the
967
Chronicle
Financial
Volume143
pride.
Here we find total "expenditures" reported at a little
less than $82,000,000, against more than $347,000,000
last year.
How earnestly all those who have the welfare of their country at heart must wish that these
figures accurately and fairly represented the actual
state of things!
But unfortunately they do not, and
nothing is to be gained by pretending that they do.
It has long been a subject of regretful comment in
present state of the budget turn with most
these columns and elsewhere that the reports
Treasury
of accounts in which
capital
previously
funds
loaned
are
intermingled
Washington expects
ever
to receive a penny
tion
actively engaged in laying out loans on
was
farm
,
It lent
crops.
some
$116,000,006 on balance
during the month. This year it received repayments
amounting to $67,000,000. The $116,000,-
balance
on
000 last
counted
year was
expenditure; the
as an
$67,000,000 repayment this year is presented as a
deduction from
expenditures!
Finance
struction
Last
year
the Recon-
returned
Corporation
some
$4,900,000 to the Treasury as a result of liquidation
of its
assets; this year it returned more than $176,-
The figures in both cases were deducted
000,000.
from other
for
expenditures to give a total of outlays
"recovery and relief."
Similar changes are re-
fleeted in several other items in the list.
What the
dike
to do
thoughtful student of the budget would
would
be
completely to segregate these
capital expenditures and receipts from the other
unfortunately quite impossible
items, but this is
the
on
can
basis
of
the
accounts
What
published.
as
be done is to eliminate the items which are
marily of this character in order to
are
reporting
now
see
an
excess
precisely those
of credits.
The
000;
the
a year ago was
of
about $124,000,-
this
credits
year
was
$250,000,000.
sums
from the totals
given by the Treasury, we must add $250,000,000
$81,000,000 reported for this
and
year,
gives $223,000,000!
certain
year,
appreciably,
as
some
the
which
The resulting totals still
capital expenditures,
have increased
which gives
subtract $124,000,000 from
$347,000,000 reported for July of last
tain
and lend it to Tom,
Dick and Harry, tell the public at the
,
time,
as many
did, that these loans or "investments" should be deducted to determine the true deficit of the Treasury,
and
when substantial portions
then
repaid
of the loans
sold to the public to apply the re-
or
defended on any grounds. If a national bank, a railroad,, or a. corporation subject to supervision by the
Securities and Exchange Commission were guilty of
any such accounting, it would quickly enough be
challenged and perhaps haled into court by the
authorities. Certainly it is not unreasonable to
as^
government to observe the canons of fair
an^ truthful dealings with the public that it requires of private business.
;
Of course it is probably true that the drought has
been a factor of some importance Jn the increase in
relief outlays during July of this year. But that
is wholly beside the question. The point is that
this risin& tendency in expenditures is being concealed, or the attempt is being made to conceal it,
*n the accounts of the Treasury at the same time
that the Secretary of the Treasury without the
slightest regard for all this undertakes to give the
impression that the time is steadily approaching
when the budget will be balanced in a real sense
that term. Even a heated political campaign
cannot, in our opinion, excuse such tactics.
Another Political Episode
giress is found in the letter that the President sent
on
August 3 to the president of "Labor's Non-Parti-
The letter was made public for the
sdn League."
first time in Washington on August 10 upon the
occasion of
meeting of the League's chairmen,
a
a
gathering at which there was much speech-making
Obviously, to eliminate these
$331,000,000,
But to borrow money
directly out of the political campaign now in prog-
are
during July
as
name.
The most important items
items
to the
Many of them are investments only
the first place.
jn
made in-
pri¬
"expenditures" less credits involved in these
excess
so-called investments should never have been
what expen-
total
total
These
Vate business the better we shall be pleased.
Another unpleasant episode of the week growing
any
of the sort thus to be eliminated
that
The more rapidly
competition with pri-
government.
the government retires from
"investment" qual-
ditures, not alleged to have
ity in them, aggregate.
ourselves perfectly
happy to see these re-
claim an approach to a balanced budget, cannot be
to be traced directly to this
are
are
suiting receipts to current operating expenses and
extremely misleading results for the month
July
to the
payments
to make
We
in return,
practice,
During July, 1935, the Commodity Credit Corporaof
the point.
are
Seriously Misleading
The
on
regime in
ardent defender of the present
the most
ciear
a
hopelessly with disbuisements from which not/even
certain
be
of the
miscellaneous set
capital outlays and the return of
in this category
carry
The Main Point
-
con-
of which
for example the $15,-
of
a
highly partisan sort. Indeed the meeting
to have been planned for the purpose of excoriat-
ing the Republican nominee for the Presidency and
of pledging support to President Roosevelt in the
campaign
men
now
in
progress.
Of
their
rights in
organizing
such
are
a
these gentle-
quite within
body
and
in
having it lend its support to whatever candidate
000,000 increase in Public Works Administration
for political office they choose.
office
course
whomsoever they represent
loans and
grants to States and cities, Some of these,
seems
are
of
course
All candidates for
quite likely to be friendly to
■
968
Financial
that
any group
their
sponsors
rights in being
What
letter
find
we
is its
drafted
their
•
-
,
contents, which seem to
further
stimulate
to
the
,
,
;!
,
objectionable in the President's
feeling and class selfishness
course
cause, and are within
;
so.
the
admirably
ns
growth of class
the people.
among
phrases of the President
rather
are
Of
care¬
Chronicle
814,000.
Aug.-IS, 1936
Aggregate deposits moved
893,000
the chief changes
bank
and
consisting of
decline of Treasury
deposits
on
general account
$338,062,000 from $439,391,000.
to
Foreign bank
deposits increased to $86,438,000 from $71,040,000,
fully chosen, but the dispassionate reader is not
and non-member bank
309,000 from $249,675,000.
definite im¬
pression that the President is here making
appeal
the
direct
land,
"forgotten man," the so-called radical.
to
erence
the
is
a
the
discontented throughout
the
to
that have
laws
been
Supreme Court during the past
hardly
having
tional
than
more
bid for votes
a
year
by
two
or
the basis of
on
quite regardless
undertaken,
His ref¬
declared invalid
of
constitu¬
guarantees, to take from him who hath and
almost
doubled,
but
resentative of
all
the
States, that is, the
deposits
raised to $250,-
were
Discounts by the system
the current figure of $7,863,000
as
with $3,960,000 in the previous statement,
compares
importance attaches to that advance.-
no
trial advances
market
fell
Indus¬
$106,000 to $28,782,000.
holdings of bankers bills
gained
Open
$2,000 to
$3,094,000, while holdings of United States Govern¬
ment securities
000.
The
give to those who have not. After all, Mr. Roosevelt
is President of the United
Aug. 5,
on
advance in member
an
deposits to $6,116,084,000 from $6,004,796,000,
a
likely to lay the letter aside without
a
to $6,790,-
up
Aug. 12 from $6,764,902,000
on
were
quite unchanged at $2,430,227,-
ratio remained at
reserve
79.2%.
Corporate Dividend Declarations
rep¬
people who live therein, not
merely those who live by the sweat of their brows.
DIVIDENDcontribution tocontinue to be an im¬
declarations the favorable
portant
of
The
the week and among the
it is
sooner
possible to bring
an
end to these
news
appeals to groups and classes within the popula¬
favorable action
tion, this setting of
Ry. resumed dividends
against another, this
"human welfare" is best
one man
constant
assertion
advanced
by special favors to this, that
politically
that
powerful
the
group,
concerned.
or
the other
better
for
all
larger companies that took
the
were
following.
preferred stock by the declaration of $2.50
payable
Aug. 31.
paid
this
on
This
American
Federal Reserve Bank Statement
issue'since
Radiator
March
and
THE Federal Reserve Bank statement this week is
before
increase
the
final
requirements
addition to
the
one
into effect.
goes
excess
reserves
of
of
It discloses
member
reserve
a
further
banks
over
common
resumption of dividends
ment
the
was
making the aggregate $3,170,000,000,
dends
the official
000,000 of
expectations of $3,400,000,000 to $3,500,excess
50% increase
reserves,
of
known, and it
means
that
may
a
next week
From
figure is far
have dangerous aspects if
speculative
develops.
excesses
announced when the
excess reserves
$1,700,000,000 level.
viewpoint, such
as
requirements
reserve
at the start of business
the
adjustments to the increased
for
given
was
studies revealed that
be affected to any
evident,
moreover,
deposits
and
will be cut
sound banking
tendency toward
any
In
any
reserve
event, the
requirements
easy,
for sufficient
and
preliminary
relatively few institutions will
appreciable degree.
It is already
that the trend of member bank
therefore
of
excess
reserves
upward after the adjustment is made.
is
made
than ample and
more
preparation
was
approximately to
any
quite obviously will be smooth and
time
of the close
as
may
be
Gold again
flowing to this country, if only-in minor quantities
yet, while the currency expansion occasioned by
as
the
bonus
disbursement
may
find its corrective in
coming weeks.
gold stocks increased $11,000,000 in
Wednesday night, partly because of the
resumed movement from
now
Europe, and the aggregate
is $10,661,000,000, which is still another record.
The Treasury
of gold
deposited during the week $13,992,000
certificates with the 12 Federal Reserve Banks,
which increased
$8,225,038,000
the
on
holdings of the institutions to
Aug. 12 from $8,211,046,000
Cash in vaults increased
Aug. 5.
reserves
were
raised to
a
on
$8,528,738,000 from $8,513,-
401,000.
Federal Reserve notes in actual circulation
small gain to $3,983,473,000 from $3,979,-
no
share.
a
a
Iron
Co.
stock by the declaration
par common
like amount
was
No disbursements
1930, when
a
made.
a
Sloss-Sheffield Steel &
the
dividend
its
on
share, payable Sept.
wrere
made
7%
a
dis¬
a
Water
share
payable Aug. 19, next;
share
was
15, next.
the stock since Oct. 1,
on
quarterly payment
Tide
dividend of 55c.
a
This dis¬
May 15, 1935
preferred stock by declaring
tribution of $3.50
of 45c.
paid.
likewise resumed
non-cumulative
wras
American
of $1.75
Oil Co. declared
the
on
on
no
a
stock,
par common
July 22, last,
declared, payable
dividend
a
on
share
special
a
Aug. 31.
Johns-Man ville Corp. declared an extra dividend of
50c.
a
share, in addition to
tribution of similar amount
no
par
Co.
value, payable
increased the
stock from 40c.
a
on
regular quarterly dis^
a
dividend
on
Sept. 1,
the
common
no-par
dividend of 40c.
a
no
par
on
all of the
a
common
share
did not participate in the 75c.
disbursed
on
and in
a
stock from 25c.
addition, declared
share, both payable
on
a
dividend
Federated Department
Stores, Inc., also increased the dividend
par common
was
The additional stock,
however,
March 2, last.
was
stock out¬
standing since the stock dividend of 20%, which
distributed of Feb. 19, 1936.
a
value, payable
initial distribution of 30c.
an
common
share, payable Oct. 1
a
stock of
(J. J.) Newberry
the
on
share to 60c.
stock of
'common
Sept. 24.
(G. C.) Murphy Co. declared
share
the
on
a
on
share to 35c.
the
no-
share,
a
special dividend of 15c.
Oct. 1.
'
little, and total
showed
a
10c.
Co., Inc., resumed divi¬
Electric
tribution will be the first made since
when
par
disburse¬
as no
share, payable Sept. 15, next.
a
Corp.
no
This marks the
this issue
on
the
&
paid June 1, last,-
Our monetary
the week to
the
on
on
distributed
Works
of 20c.
share
a
made since March 31, 1932 at which time
company
Water
This is materially under
15c.
a
made.
was
Sanitary
stock, payable Sept. 30.
legal requirements in the amount of $120,000,000,
qf business last Wednesday.
share
Standard
a
of
1932 when
31,
a
declared
dividend
share,
a
will be the first dividend
quarterly disbursement of $1.25
'
Texas Pacific
the 5% non-cumulative
on
Government
Crop Report
THE widespread effects the the July drought are
forcibly revealed in of government's report
Volume
of crop
Financial
Chronicle
conditions
as of Aug. 1, wherein the 1936
is estimated at only 1,439,135,006 bushels
compared with an estimate of 2,244,834,000 bush¬
corn
as
143
els
All
the
crop
July 1, 1936,
bushels in
year
period,
The
indicated
yield
bushels.
of
is
no
compares with a
If
of 2,291,629,000
2,553,424,000
per acre
more
as
bushels.
1881,
a year
than
30% smaller than the present
more
s
A
similar
where
the
forecast
is
revealed
for
the
in
smallest
The actual
At
Like
average.
made with
comparison
oat
crop,
normal, which
since
in
nearly all the other
might easily
crops.
effects of the
severe
113,648,000 bushels from 126,314,000 bushels on
July 1, and compares with a five-year average (1928-
1932) of 241,312,000 bushels.
the
drop in figures of condition of the various
Corn is only 46.8% of normal, while at
75.1%, which
was
little different from
five-year (1928-1932)
wheat is
five-year
average of 75.6%; spring
only 32.8% of normal, compared with the
of 68.1%, and the durum spring
average
wheat is down
the
allowance
as
July 1 figure
average
low
as
was
20% of normal, whereas
60% and the five-year
over
70%; oats
over
were
Aug. 1, and in this crop the
period was 78%.
55%
average
were
Movements
of normal at
for the five-year
Report
of
as
with the terminal result of
the
on
10,638,000 bales in 1935 and
(1928-1932) of 14,667,000 bales.
a
five-year average
This in spite of the
fact that acreage the
present year is
than
last, and
as
much
as
actual harvest
an
only 9.8%
more
26.1% less than the five-
year average.
Two
New
the trend
cations of record
to
only
only
yields
that the
per acre,
yield
and in California
per acre
will be second
other year, and in Arkansas second to-
one
one
in the past 30 years.
pect is for
acre
are
In general, the pros¬
much greater than average yield per
a
in every
State except the Carolinas, Virginia
and
Oklahoma, which States were severely affected
by drought. The report states that drought damage
in these latter
crop
States and in Georgia prevented a
estimate closer to 14,000,000 bales. The antici¬
pated yield
per
pounds, which
and
planted
for the country is 199.7
compares with 186.3 pounds in 1935
only 169.9 pounds
1932.
acre
average
for the years 1928-
In Missouri the outlook is for
less than 400
pounds to each planted
a
yield of
acre
no
of ground,
and in
acre;
Mississippi the figure is 285 pounds to the
in California, 550 pounds, and in Arkansas,
250 pounds per acre.
t,
•
York
Stock
Turnover
Exchange exceeded
1,500,000 level.
toward
was
the
At the start of the week
higher figures and
and the movement.
But
net
changes
small.
were
to
No
,
garding the increased
of
a
see-saw
There-"
nature, with
apprehension existed
re¬
requirements which
reserve
on
gains and
wiped them out altogether in various stocks.
after the movements
year
profit-taking developed
rather wide scale, which diminished the
a
of the
some
compilations reflected best prices of the
average
are
into effect after the close of business today.
go
Indicative of the calmness with which that
monetary
development is regarded
United
:n
persistent and extensive
were
States
Government securities.
drought situation and the political campaign
a minor pari in determining the trend
this
week,
the general tendency is to await further
as
indications of the business situation.
Advancing quotations for leading stocks
rule
in
the
brief session
lifted levels to best
degree
of activity
last
Saturday.
figures of that week, and
maintained.
wras
the
were
The gains
After
a
a
fair
firm
opening last Monday, realization sales developed
a
moderate scale and the close
of the
States, Mississippi, and Missouri, show indi¬
indications
higher levels for the week
1,000,000 share level in the full sessions, but did not
by the Department of Agriculture last Satur¬
This figure compares with
alternately upward and downward,
played only
THE 1936 cotton crop of estimated at of Aug. 1,
is condition
12,481,000
bales
report
in the
were
insome groups and lower prices for others.
Even the
day.
for
SUMMER dulnessprices
prevailed in the stock market
this week, and
not greatly changed.
advances
Governments Cotton
issued
and the 10-year
year,
The New York Stock Market
is in proportion to the reduced estimates of
was
with 73.6% in 1935, 60.4%
probable boll weevil damage,
which, reports indicate, will be under the average.
attain the
•
July 1 it
acres.-
72.3% of
crop was
(1923-1932) of 67.7%.
more
to
production.
July 1 last, less
29,924,000
was
The calculations in the
report are made with the
The
crops
five-year average.
drought, and consequently the
forecast for spring
wheat, which had previ¬
ously suffered heavy damage, was further reduced
The
compares
1934, the great drought
usual
be
estimate as of Aug. 1 of
519,097,000 bushels is
slightly above the July 1 figure of 512,085,000 bush¬
els.
the
nearer
Aug. 1 the condition of the
average
Winter wheat,
however, which matured earlier, escaped the
actual
an
drought the current forecast
10-year average abandonment,
1894, the estimate being but 771,703,000 bushels,
more than
440,000,000 bushels less than the 19281932
pro¬
26.1%, while in¬
acreage
in cultivation at
area
/
crop
of
Benefit payments have,1
nearly 18%; the result is
would have been much
year.
the
the failure
probable production of only 15%, and
had it not been for the
ma¬
in which the planted acreage was
situation is
acre
reduction in
terializes, this year's harvest will be the smallest
since
production.
shown, reduced planted
yields per
than 14.6
actually
evidence of
creased cultivation and fertilization have increased
five-year average of
the present forecast
of which is added
Agricultural Adjustment Administration's
gram to curtail
harvest for the five-
an average
1928-1932,
bushels, which
25.4
actual crop
an
1935, and
969
was
irregular.
on
Some
leading industrial stocks moved higher, but
receded, while rail stocks were hit by
motor issues
the
drought
Overnight publication of the
news.
condition report weighed on the market
a
spirit of cautiousness
small in the
steel and
metal and oil stocks
dominated
on
gains
Changes
groups,
drifted lower.
Liquor stocks
appeared also in
steel and carrier
stocks.
were
were
but railroad,
Advances
Wednesday, but the
selective affair.
while
prevailed.
motor
crop
Tuesday, and
market
pre¬
was
a
in best demand,
railroad
Copper stocks also
active and
higher. .The upward trend
for
-
equipment,
were
on
a
took
while
continued
Thursday, but profit-taking once again
place at the improved figures and results for the
session
were
inconclusive.
closed with small
slightly lower.
the
was
main
Metal, oil and food stocks
gains, but most other
groups
drifted
The session yesterday was dull, with,
tendency
toward
lower
levels.
Utility
stocks resisted the selling, but industrial and railroad
issues showed moderate softness.
listed bond market
In the
Sulphur at 37% against 35%;
generally favorable to holders. United States Gov¬
advanced slowly but steadily , and
gains for the week are quite
impressive.
Owners'
corporations
Loan
Almost
house Elec. &
bonds held firm, while bankers re¬
United States Steel closed
Friday of last
week; Inland Steel at 110 against 104; Bethlehem
Steel at 60% against 58%; Republic Steel at 21%
against 22%, and Youngstown Sheet & Tube at 76%
against 79%.
In the motor group, Auburn Auto
closed yesterday at 30% against 33% on Friday of
last week; General Motors at 65% against 69%;
Chrysler at 113% against 120%, and Hupp Motors
at 2% against 2%.
In the rubber group, Goodyear
part arrested this
speculative industrial and utility bonds. Foreign
were somewhat irregular, with the chief
firm,
Commodity prices
grains and corn tended to advance
as
Copper was
of another price
following publication of the crop report.
firm
well, with rumors current
as
commodities did not vary much.
Other
advance.
main item was
French franc, which
foreign exchange markets the
In the
the occasional weakness of the
permitted
of
consequence
Tire & Rubber closed
on
shipments of gold from Paris to the
Sterling was steady, probably as a
some
United States.
ope rations
Friday of last week; United States Rubber at 30
by the British stabilization
and
prices in most instances were lower than at the
close
touched
touched
new
new
Stock
York
New
the
133
Exchange
Stock
York
New
stocks
Exchange
last
'
and 21
shares;
on
shares;
on
the copper
1,261,070
Kennecott
on
but
„
Wednesday
prevailed' and
However,
on
a
advanced' in
stocks
of
confident tone
a broad way.
Electric
son
in
yesterday were somewhat lower than on Fri¬
Service
of N. J.
at
Harvester
42% against 42%;
buck & Co. at
80
the
against 174%.
at 87
on
close
Institute
estimated
was
was
at
reported by the Edi¬
2,079,149,000
kilowatt
compared to 2,079,137,000 kilowatt hours
This is
week
a
and
1,819,371,000
kilowatt
Car loadings of revenue
of American
decrease of 19,258
Railroads
cars
re¬
from the
week of last year.
indicating the
course
yesterday at 110%c.
on
Chicago
of the commodity
oats at
127% against 130 ; E. I. dii Pont de Nemours
against 166; National Cash Register at 24%
closed
yesterday
on
at
mar¬
Chicago
against lll%c. the
September
107%c.
Friday of last week.
as
corn
at
against
September
Chicago closed yesterday at 42%c. as against
42% c. the close
The
as
Friday of last week.
104%c. the close
Friday of last week; Allied
Dye at 236 against 242; Columbian Car¬
at 159
Steel ingot pro¬
Production of electrical energy
Aug. 8
the Association
closed
Tel. & Tel. at 174%
bon at
trend.
ending today
kets, the September option for wheat in
Western Union Tel. closed yesterday
against 87%
Chemical &
week
previous
same
As
45% against 47; Woolworth at 54%
against 54%, and American
inclined to await further
previous week, but an increase of 146,216 cars over
82% ex-div. against 82%; Montgomery
Ward & Co. at
the
cars,
Sears, Roe-
against 82%;
as
ports.
21% against 22%; Public
46% against 47%; J. I. Case
at
little
freight for the week to Aug. 8 amounted to 728,293
Friday of last week; Con¬
Threshing Machine at 162 against 168%; Interna¬
tional
was
hours at this time in 1935.
General Electric closed yesterday
Columbia Gas & Elec. at
the
for the week ended
close
on
very
capacity against 71.4% last week and 48.1% at
taking, prices again became irregular and at the
solidated Edison Co. of N. Y. at
clearly
this time last year.
hours
46% against 46%
and
by the American Iron and Steel Institute at 70.0%
Thursday, under the pressure of profit-
day of last week.
for
duction
followed by irregularity on
Monday and Tuesday.
88%,
against
reports reflect
indications of the long-term
irregular, thus erasing its early
was
industrial
and the market
character¬
On Saturday last the market was strong
throughout,
86%
at
change in the general situation for the time being,
fashion, displaying strength at times, only to
gains.
and
Trade
day, 329,545 shares, and on Friday, 243,830 shares.
later turn dull and
Refining
Phelps Dodge at 38% against 38%.
Tuesday, 257,114
Wednesday, 268,960 shares; on Thurs¬
on
The stock market this week moved in
Copper at 47% against 44%; American
Smelting &
change the sales last Saturday were 174,775 shares;
shares;
Anaconda Copper closed yester¬
group,
day at 39% against 39% on Friday of last week;
On the New York Curb Ex¬
298,095 shares;
against
In
18%, and Atlantic Refining at 28 against 28%.
Thursday, 1,398,180 shares, and on Fri¬
Monday,
yesterday at 63% against 63 on Fri¬
day of last week; Shell Union Oil at 18%
Monday they were 1,334,770 shares; on
day, 1,071,940 shares.
Among the oil stocks, Standard Oil
of N. J. closed
Stock Exchange the sales at
York
Tuesday, 1,100,220 shares; on Wednesday,
at
40% against 42; Southern Railway at
20% against 22%, and Northern Pacific at 26%
half-day session on Saturday last were 865,270
istic
against
against 27%.
On the New
on
Topeka & Santa Fe at 84
Atchison
week;
against 86%; New York Central at 40%
Pacific at
remained unchanged
at,l%.
the
Pennsylvania RR.
yesterday at 37% against 37% on Friday of
42%; Union Pacific at 144 against 143%; Southern
the
on
week ago.
Friday a
on
closed
high levels for the year while 23 stocks
low levels.
On the New York Curb
Exchange 61 stocks touched new high levels
stocks touched new low levels.
Call loans
yesterday at 22% against 23%
against 31%, and B. F. Goodrich at 23 against 22%.
The railroad stocks suffered recessions this week,
fund.
On
week.
yesterday at 66% against 67% on
dollar issues
were
in steel stocks were for the most
The advances
their various offerings of
new securities.
Secondary
and low-priced carrier
bonds showed strength in almost all sessions, as did
changes toward higher figures.
Lorillard
Industrial Alco¬
hol at 35% against 34%; Canada Dry at 14%
against 16%; Schenley Distillers at 42% against'
38%, and National Distillers at 28% against 27%.
ported excellent results in
most
Mfg. at 1413/8 against 141%;
against 23%; United States
at 22
Best
also improved,
Continental Can at
against 68%; Eastman Kodak at 178 against 182;
Standard Brands at 15% against 15%; Westing-
long-term
rated corporate
Texas Gulf,
68
direct Treasury obligations
attained record highs since issuance, and the guaran¬
teed bonds of the Federal Farm Mortgage and Home
of
all issues
gainst 32;
at 32%
National Biscuit
movements were quite
ernment securities
the
Aug. is, 1936
Chronicle
Financial
970
on
Friday of last week.
spot price for cotton here in New York closed
against 26%; International Nickel at 52% against
yesterday at 12.41c. as against 12.67c. the close on
51%; National Dairy Products at 26 against 26%;
Friday of last week.
'
'
<
I
■
The spot price for rubber
Financial
Volume 143
yesterday was 16.31c. as against 16.34c. the close on
Domestic copper closed yester¬
Friday of last week.
day at 9%c., the close
In London the
on
York
New
from
against 19% pence per
as
closed
the
matter
transfers
of
the
cable
6.58
9/16c.
transfers
as
cable
foreign exchanges,
yesterday at $5.02 13/16
against $5.02% the close
and
modified
previous gains in industrial and interna¬
tional issues.
Little
business
of last week.
tional
against 6.58 5/16c. the close on Friday
list,
repercussions of the Spanish
upward
trend
a
week from the dulness occasioned previously by
ever-increasing
international
complications.
the
Al¬
though the Spanish situation remains highly dubi¬
from all
ous
angles, less
London, Paris and Berlin
the possibility of en¬
over
More attention
tanglement.
displayed at
concern was
paid to the per¬
was
sistent indications of trade and industrial improve¬
ment
throughout Western and Central Europe, and
to the
generally favorable reports from New York.
In the London market
Paris and Berlin
resulted.
vance
rather well sustained ad¬
a
reported
little
a
uncertainty, at times, but major movements in the
two
leading
Continental
British
ward.
business
markets
also
were
up¬
were
huge budget deficits
Without
elsewhere.
common
official attempt to raise price. levels, British
commodity prices are
of the year.
French
now
reported at highest levels
recovery
is being stimulated by
the modified "New Deal" of the Leon Blum
and
sharp rise in
a
from Paris.
regime,
commodity levels is reported
Improvement in the German position
is
perhaps best reflected by
of
144,006 in the roster of German unemployed, re¬
a
decrease during July
ducing the aggregate to 1,170,000.
tics
on
main
Italian monetary
Official statis¬
and trade conditions
re¬
lacking, but Rome reports indicate general
on
in the initial
the London Stock Exchange
session of the
the international
to the usual
were
were
quiet
was
week, owing partly to
political uncertainties and partly
holiday dulness.
summer
British funds
maintained, while almost all industrial issues
firm.
noted in
In the international section
declined.
were
Spanish securities, but French issues
Activity increased
with British funds"
almost
gains
Anglo-American trading favorites and in
German and
all
little
a
unchanged.
American
was
in
and
speculative
The
with
atmosphere
a
wage
Wednesday
on
attention centered
groups, as
mainly
on
gilt-edged issues showed little
change. Home rail shares
of
se¬
favor, with the exception of Anglo-
stocks.
cheerful,
equally
were
better
on
settlement
dispute, while, industrial stocks continued
their slow advance.
Commodity issues joined in the
uncertainty.
International obligations were of no
Activity increased, Thursday,
particular interest.
and the tone also
was
bank and industrial
peared in French
Most
international issues also
cheerful tone
and French
were
Cheerfulness
profit-taking.
tained, with
was
modified to
a
A fair degree of activity
British funds
and
degree by
was
main¬
industrial stocks
The
in favor.
yesterday, with rentes
Interna¬
dull.
prevailed
the Berlin Boerse in
on
opening session of the week and small gains were
general.
The movement sufficed to offset, in part,
the losses
registered during the previous dealings.
Heavy industrial stocks
were
fixed-income issues
quiet and unchanged.
were
gains in speculative issues
in best demand, but
extended
were
The
Tues¬
on
day, when advances of 2 and 3 points appeared in
of the
some
more
in favor
were
as
a
active issues.
Industrial stocks
whole, but shipping shares
were
quiet and uncertain, while fixed-income obligations
maintained.
were
The
trend
reversed
was
on
Wednesday, when small losses offset the previous
gains in part. Profit-taking in
became
on
few speculative fa¬
a
movement, which soon
general. "No changes of importance appeared
in fixed-interest securities.
Thursday, and
The tone
was
uncertain
most stocks showed small de¬
clines, but a few issues closed with gains.
cies at the close
were
firm.
two were common in
Tenden¬
An uncertain tone
apparent at Berlin yesterday.
Losses of
a
was
point or
speculative favorites, but fixed-
income issues remained dull.
Locarno
*
Prospects
FRESH indicationsthe fundamental differences,
are made available almost
day of
every
among
all the States of Europe, and because of the
chaos
in
diplomatic
affairs
already prevails, regarding
ence
ish
of
civil
war
uncertainty
agreement.
an
endeavor
The Span¬
apparently is hastening the division
Europe into two general alignments of Fascist
time
for
much
the five-Power confer¬
which is to be held this autumn in
to formulate a new Locarno
internal difficulties in
Thursday, but it
were
ap¬
securities.
equities all marked upward.
tional issues
the
maintained
was
played mild irregularity. The upswing
on
Rentes dis¬
distinctly better,
played fractional gains, while larger advances
and Socialist
resumed
changes
while bank and industrial stocks disclosed modest
upward movement, but international securities dis¬
was
The French
with
Wednesday,
on
were
displayed in foreign securi¬
in either direction. Rentes dipped,
numerous
Tuesday,
on
descriptions remained in demand
were
dull
was
Industrial issues of
gold mining stocks also advanced. International
curities
was
vorites started the downward
improvement.
Trading
in fair demand and most
utility issues likeswise
ties, owing to strength in the franc.
improvement is especially
impressive, as it has beenI accomplished without the
any
better. Less interest
market
re¬
maintained Tues¬
was
again in the van of the move¬
Bank stocks
French industrial and
centers
general improvement,
less apprehension existed regarding
day, with rentes
cial
Bourse,
gains appeared in the interna¬
Mild
as
The
ment.
STOCK marketsshowed principal European finan¬
in the degree of recovery this
the Paris
on
better than in the sessions
was
Rentes showed
the international
volt.
European Stock Markets
done
was
while French bank and industrial stocks advanced
moderately.
of last week.
British
obligations tended to advance.
closed
yesterday at
In¬
again advanced yesterday, but profit-taking
Friday of last week,
on
Paris
on
higher levels. Gold mining issues improved,
Monday, but the tone
London closed
on
funds
unchanged
at 44%c.,
yesterday
Friday of last week.
In
as
Friday of last week.
Friday of last week, and spot silver in
on
alike at
but home rails suffered from realization sales.
ternational
price of bar silver yesterday was
19% pence per ounce
ounce
971
Chronicle
being,
other
regimes.
are
Quite
as
perplexing
as
the
Spain, if less bloody for the
the problems that conflict has posed
European countries.
slow progress, at
France is making
best, in the attempt to insure
a
rea1
Firiancial
972
general neutrality towards the opposing forces in
The outcome of the Spanish affair,
Spain.
both
internally and internationally, necessarily will influence the coming
is not
It
accord that
sistable the
five-Power gathering intimately,
good augury for a western European
a
countries
some
finding almost irre-
are
temptation to aid either the constituted
government or the rebels
in Spain.
Since the conference for
Chronicle
Aug. is, me
gian attitude that first was disclosed in this fashion
appears to
be based partly upon a desire to avoid
military commitments involving any neighboring
country, and partly upon a certain aloofness toward
the Left regime in France.
since talk
It is only a little while
heard of extending the French line
was
of border fortifications through Belgium, and it is
the more surprising, therefore, to note the comment
in the dispatch from "Augur" that Belgian diplo-
first was proposed, conditions have
Locarno pact
accord to replace the
matists "would be glad to rid themselves altogether
an
The French elec-
changed drastically in Europe.
tions resulted in
regime inclined far
a
the
more to
Left, and there is reason to believe that Premier
Leon Blum is more inclined than his
of real
predecessors
of obligations that include a guarantee of Germany
against French aggression.'?
The Belgians reput-
edly are shocked by the French extremist tendencies
and "are apparently inclined
to fear Chancellor
friendship toward Ger-
Adolf Hitler of Germany less than Bolshevist propa-
many.
But the Fascist Reich Government probably
is less
disposed toward adjustment of relations, for
ganda." A program of strict neutrality seems to be
the Belgian aim, but whether that program can be
realized is another matter, for a guarantee by other
to
stretch
hand
a
the very reason
that France has turned Leftward,
France
Relations between
some
concern
strain
in
caused
traditional
the
will take
Italy quite
working agreement in
tations
to
causing
are
The
Anglo-Italian friendship
long time to adjust completely.
a
and
conCurrent
Italy
similar grounds.
Ethiopian incident unquestionably
by the
many
and
somewhat
on
obviously
have
diplomatic
a
Ger-
reached
a
with the
sense,
acceptances by those nations of the inviconference the latest reflections
fresh
a
of this accord.
time
Still another uncertainty was injected into the
situation on Wednesday, when General Marie Gustave Gamelin, Chief of the French General Staff,
arrived in Warsaw, with the aim of breathing life
into the Franco-Polish military alliance.
tent of this visit was made doubly plain by
clearly is "on the fence" for the
a
The inrefusal
the part of the French military head to journey
on
through German territory
Britain
Great
nations of Belgian neutrality clearly would involve
some commitments at Brussels,
He traveled by
way
on
his
to Poland.
way
of Vienna, and
was
greeted in
wise from the British viewpoint to show too much
Warsaw by General Edward Rydz-Smigly, Inspector
General of the Polish Army and virtual dictator of
immediate sympathy with either the Fascist or the
his country.
Socialist
course, never
the
to
being, quite possibly because it would be
regimes of continental Europe.
Spanish situation
London
So far
as
be inclined
may
French endeavor for genuine
support the
trality.
goes,
un-
But the anxiety of London for
neu-
western
a
European accord is occasioning remarkable patience
with the Hitler
regime in Berlin.
improbable that
It is
quite
now
formal reply will be made by
a
Germany to the British questionnaire regarding the
significance of
izations
on
submitted
and there
also is
some
of Chancellor Hitler's general-
Since that questionnaire
peace.
was
Germany made its accord with Austria
signs several weeks
were
ago
that Berlin
endeavoring to clarify relations with Czecho-
Slovakia.
Although the Prague regime at first
The Franco-Polish alliance has, of
been denounced, but military
dispatches, France is holding out the tempting bait
of a new rearmament loan to Poland, in the en-,
deavor to swing the Warsaw regime back to French
influence. The effect of this maneuver on FrancoGerman relations can hardly be favorable, and still
another obstacle thus is thrown in the path of those
who desire the conclusion of
admitted
that
the
in
discussions
are
Czech
in
In
a
very
im-
portant sense these activities may be accepted as an
answer
to the British questionnaire.
relations
Anglo-German
naturally have been somewhat strained in
these
circumstances, which is probably the
for
long German delay in appointing
a
to the late Dr.
Leopold
von
Ambassador to London.
It
day, however, that Joachim
sonal
a successor
announced
was
on
Tues-
Ribbentrop, the
per-
emissary of Chancellor Hitler, will be the
German
little
reason
Hoesch, former German
von
Ambassador, and the statement caused
surprise,
as
Mr.
favorably regarded in
disappointment
was
von
some
a
Ribbentrop is not too
British .circles.
occasioned
in
Distinct
Paris
by the
appointment.
Spanish Civil War
illustration
to the New York
quently
voices
on
Tuesday, when
"Times" from
opinions
of
a
general
peace
a
dispatch
"Augur," who fre-
the
Office, suggested that Belgium
bling block to
FLIGHTING in the Spanish civil
JT
British
Foreign
may prove a stum-
treaty.
The
new
Bel-
war
left the mili-
tary situation materially unchanged this week,
•
despite continued sweeping claims of success by the
Left Front regime at Madrid and the Fascist and
Royalists rebels at Burgos and Seville.
As neutral
reports begin to filter past the censorship, it becomes
apparent that the forces actually engaged
either side
are
frantic efforts
planes from half
reaching
the
on
relatively modest, as yet, although
are being made to increase the con-
tingents and improve their effectiveness.
a
New air-
dozen cpuntries apparently
combatants,
and
the
aerial
are
instru-
ments of warfare may prove in the end to be the
deciding factor.
ing
a
The difficulties of the Locarno situation received
another
five-Power peace
was
capital last Saturday
progress.
a
The League of Nations, meanwhile, hardly
comes in for serious discussion;
treaty.
reported to have scorned the German advances, it
was
coopera-
tion between the two countries ended suddenly when
the 10-year non-aggression pact was signed by Germany and Poland in 1934. ; According to Warsaw
were
Almost
as
inconclusive
as
the
fight-
the efforts by other countries to formulate
code of neutrality.
The conditions set in
some
replies to the French Government and the clarifica-
tions desired in others promise to keep this matter
in the discussion stage until all reason for a neutrality pact vanishes.
mere
subterfuge
ernments.
Diplomatic delay often is
or screen
a
for the real aims of gov-
Foreigners in Spain
are
departing
rap-
Volume
Financial
143
idly, but quite
already
few have been killed and claims
a
being made by the governments
are
con¬
cerned, all of which complicates the position still
The international
more.
take years
to adjust,
difficulties
probably will
there is reason to believe
as
Chronicle
973,;
flights of Italian airplanes
delivery to the rebels.
from
French Morocco for
over
On Tuesday it
reported
was
Seville that 25 German airplanes were deliv¬
ered to the rebels at
Seville, from
ship at Cadiz.
a
Additional Italian airplanes also were
said to have
large seizures of foreign property have been made
been received
in
reliably reported to have received airplanes from
Barcelona
and
and other
places where Communists
Anarcho-Syndicalists have the
To the north of
French factories.
hand.
upper
Madrid, loyalist forces of the Left
Front Government appeared to have the
upper hand
this week, while in the area around Gibraltar
Bay
progress
made by the rebel forces
was
Francisco Franco.
that
avoid the
in
sent
were
of General
Some rather interesting reports
from
Spain by courier in order to
censorship described the columns engaged
main conflicts at
fighting in the
1,000 to 3,000 effectives.
Guadarrama
The
Mountains north
of
Madrid involves larger armies, and the
struggle for
the passes
is said to be sanguinary in the extreme.
But all forces
reason
poorly equipped, and it is for that
that the fresh arrivals of
decisive.
The
are
But
forces
the
even
airplanes
quarter and to give
ized that the
may prove
airplanes lack skilled pilots.
engaged, however,
continue to
ask
no
On both sides it is real¬
none.
struggle will be decisive, with Spain
destined to turn hereafter
by General Franco.
sharply to the Right
that
are
Great Britain continued to insist
airplanes could be sold to either side, if they
not
are
The loyalists
military machines, and
a
airplanes also reached Spain.
number of British
It often has been
pointed out that civil airplanes can be transformed
into
military machines rather readily.
planes from the Netherlands also
been
dispatched to Spain.
Some air¬
said to have
are
The rebels claimed this
week to have bombed Madrid from the
capital
air, and the
kept dark during all nights.
was
On Thurs¬
day the rebels claimed to have sunk the first line
Spanish battleship, Jaime Primero, which played
an
important part in preventing the transfer
such
of Moroccan
tar area.
troops to Spanish ports in the Gibral¬
The activities of the
somewhat curtailed last
were
warships started
loyalist Spanish fleet
Monday, when British
patrol of the straits in order to
a
prevent shells falling on Gibraltar.
Francisco
Although most governments agreed readily "in
principle" to observe the neutrality in Spain desired
Franco, interviewed at Seville last Saturday, de¬
by the French Government, demands for clarifica¬
clared
tion and elucidation
equally sharply
eral
that
rebel
a
class.
decided Fascist
a
nouncements
culated that
result in
But there
of the chief aims
one
monarchy.
promised
on
the
indi¬
were
rumors
of the rebellion
cation
of the
the French
day.
for
Berlin
it
day to safeguard
tions"
are
some
avail¬
are
banks and
a
vir¬
Italian
State
church
property
was
added another
on
Thursday,
was
indicated
was
reply, but it
Department
and the statement
age
any
fact
seems
to be that the
on
are
about
evenly match¬
ed, with loyalist airplanes turning the tables slightly
in
favor
efforts
of
of the
Madrid
Government.
Determined
being made by Madrid to gain control
are
Saragossa, which straddles the communications
from
that
the
capital to Barcelona and to France, but
struggle also remains inconclusive.
Along the
northern coast from San Sebastian
westward, bitter
fighting is reported, with the coastline remaining in
loyalist hands. On the southern Spanish front the
rebels met
a
rebuff late last week when
loyalist
war¬
ships sank two transports that the rebels used to
transfer Moroccan
troops to southern Spanish ports.
But airplanes were used thereafter in this
service,
and hundreds
of the native Moroccans
ferred this week.
from
Morocco
assumed
General
to
Seville,
Franco traveled
last
trans¬
were
by air
Saturday,
and
personal charge of the advance northward
toward Madrid and
a
junction with General Mola's
forces.
•
Airplanes played
an ever more
struggle, owing to the greater number of machines
employed.
There
is
no
doubt
about
the
several
in
Washington
was
one
viewed
of
<
on
of strict neutrality,
as
a
move
materials
war
The
announced
to discour¬
from
this
French New* Deal
PREMIER LEON BLUM and his associates in
Cabinet continue
the
.
French
difficulties
Deal"
in
to
carrying out their
meet
modified
the checks
ate tacked
to be going forward.
One of
applied last Saturday, when the Sen¬
was
numerous
nationalization of
amendments onto the bill for
war
industries which the Cham¬
ber of
Deputies approved last month.
Senate
amendments, which must be
the
some
"New
plans for the French people, but in general
the program appears
Chamber,
action
be taken
can
Under the
approved by
by
the
Blum
regime only until May 31, 1937, and cash must be
paid for
plants acquired.
any
Theoretically,
a
Paris
report to the New York "Herald Tribune" remarks,
there would be
ers
of
arms
the money
cerns.
mary
the
nothing to prevent the present
factories from
paid
over
founding
new
own¬
firms with
to them for their present
con¬
"This would balk the
government's two
pri¬
in sponsoring the legislation," the
"These were to check the dealings of
purposes
report adds.
arms
decisive role in the
amplifica¬
country.
Madrid. The
loyalists and rebel forces in
the Guadarrama Mountains
"certain
offer many loopholes.
may
shipments
gent forces in the northern part of Spain, and he con¬
postpone the promised drive
that
Tuesday that its attitude is
closing all churches and religious buildings of orders
tinues to
Wednes¬
on
desired, probably with reference to Rus¬
that have aided the rebels.
General Emilio Mola continues to head the insur¬
A German reply to
received at Paris
The German acceptance
apparently
hedged about with fewer conditions than was the
tually Communist Government in the Province of
decree nationalizing
plea
sian activities.
is
Catalonia.
To the government
prevented the immediate appli¬
neutrality rule.
It stipulated that satisfaction must be given
alleged seizures of German airplanes.
From
reginie
foreign property, but ominous reports also
able of Communist control of
pro¬
also cir¬
The Left Front
same
or
Lib¬
a
tendency in other
by rebel leaders, and
is to restore the
Madrid
no
General
would
success
regime, favoring
cations of
at
the Left.
to
makers with
influence
foreign Powers, and to restrict
of munitions
makers
on
the
French
press
The
newly-elected
Chamber
adopted
a
measure
Financial
974
last
which is
Under this bill,
subject to Senate approval, small business
in France
men
to have a virtual moratorium
are
on
payments, promissory notes and similar
obligations until the end of this year.
Another bill
extending similar debt relief to farmers is pending,
such action is to be taken
no
larger corporations or
diminution
troubles
which
of France still
curious
ties
regard to
under
of
While
debate,
strike
the
country at the
very
centers
little is
left of that
6
2H
Mar. 11 1935
Japan..
24 1935
Java...
July
18 1933
Jugoslavia
Jan.
Belgium
Bulgaria
"Canada....
1 1936
2
Chile
Jan.
Colombia..
4
6 1936
July
...
Hungary..*
1935
1935
1935
1985
10
1
May 15
Aug. 15
India......
L
Ireland
Italy
Apr.
6 1936
June
2 1935
Feb.
5
.
Aug. 28 1935
Nov. 29 1935
June 30 1932
May 18 1936
1 1935
1 1936
Lithuania..
vakia....
m
July
Morocco...
Czechoslo¬
6H
8x
May 28 1935
May 23 1933
Norway
21 1935
Danzig.
5
Oct.
Denmark..
England...
3H
Aug. 21 1935
Poland
2
June 30 1932
Portugal...
Estonia
5
Sept. 25 1934
Rumania
Finland....
France
4
Dee.
3
Spain
7 1934
May 15 1933
July 10 1935
Germany
4
9 1936
July
Sept. 80 1932
Sweden....
Deo.
1 1933
7
Oct.
13 1933
Switzerland
May
21935
..
Greece
...
Oct.
Dee. 13 1934
Deo.
South Africa
4 1934
25 1933
5
5
..
Foreign Money Rates
Friday of last week, and 9-16% for three months' bills
by the French Government last Febru¬
extended
and as there is
July
IN bills Friday were 9-16%, as against 9-16% on
LONDON open market discount rates for short
3,000,000,000 francs obtained from Lon¬
don bankers
4
...
Rate
financial arrangements
In its
predicted when the program was announced.
The loan of
July
Batavia
Holland
1 1936
Mar.
m
W
vious
regime is meeting all the difficul¬
French
ary was
Established
Rate
finding the strikes troublesome,
movement.
new
Argentina..
Date
Established
Effect
Aug 14
Country
vious
Farmers in some parts
regime.
are
in the industrial
but
were
reported
was
afflicted the
start of the Blum
with
other enterprises.
these and other Leftist measures
steady
Date
Effect
Aug 14
Pre¬
Rate in
Pre¬
Rate in
Country
Austria....
their rent
but
Aug. 15, 1936
DISCOUNT RATES OF FOREIGN CENTRAL BANES
Saturday which is highly reminiscent of New
Deal tactics in the United States.
the
Chronicle
a
further three months last week,
further
no
on
as
against 9-16%
call in
open
at
London
on
Friday of last week. Money on
was J^%.
At Paris the
Friday
on
market rate remains at 3}/2% and in Switzerland
2X%.
provision for extension,
Bank of
England Statement
payment will have to be made next November, when
the financial strain is
assumed
effect
that
the
a
sure
to be acute.
It is
already
gold transfer will be necessary to
Very
repayment.
modest
progress
is
THE statement for the week ended Aug. 12 bring¬
slight gain in gold holdings of £7,220, shows
a
ing the total
only £193,370,117 a year ago. Since the gain in
designed to bring out of hoard¬
gold
was
back to France the GO,000,000,000 francs
note
being made, moreover, with the short-term "baby
bond" issue that
ing and
was
officially estimated to be in hiding and held abroad.
Dictatorship
was
various censored and uncensored reports
rently
available.
are
on
reserves
Public
£4,129,000.
rose
deposits fell off £187,000, while other deposits in¬
The latter consists of bankers'
£4,784,482.
accounts, which rose £5,322,276, and other accounts
THAT a completely Fascist dictatorship plainhas
Greece
made now
by
been established in
attended by a contraction of £4,122,000 in
circulation,
creased
Greek
ized,
to £244,011,248, which compares
up
with
that
cur¬
Premier John Metaxas util¬
Aug. 5, the opportunity presented by
an
which decreased
at
£537,794. The reserve ratio is now
35%, compared with 33,30%
34.15% last
decreased
creased
Loans
year.
on
week
a
ago
and
Government securities
£330,000 and those on other securities in¬
The latter consists of "discounts
£819,256.
impending 24-hour general strike, called in protest
and advances" and "securities" which increased £779
against obligatory arbitration of labor disputes, and
and
he assumed
mains
ment
and
the
decreeing martial law.
such measures
new
dictatorship by dissolving Parlia¬
was
a
"Communist plot"
Greek dictator affected to
Mr.
Metaxas
see
conferred with
on
King George late
Vienna dispatches of
uncensored mail,
that Premier Metaxas expects to
position for
unity."
indicated
maintain his
new
to come, while establishing "Greek J
years
Greek
people, and to restore popular liberties only
the
there is
ments;"
Circulation
a com¬
COMPARATIVE
STATEMENT
Aug. 14
Aug. 15
Aug. 16
Aug. 17
1935
1934
1933
1932
450,284,000 405,545,797 384,108,627 379,442,433 365,957,419
9,806,351
17,418,000 16,717,834 23,495,660 17,256,826
Public deposits
Other deposits
135,970,406 123,295,581 126,183,219 140,437,052 124,218,809
Bankers' accounts.
97,989,881 86,274,887 89,458,940 98,168,162 89,754,489
Other accounts
37,980,525 37,020,694 36,725,279 42,268,890 34,464,320
89,613,310 82,044,999 84,138,781 82,255,963 70,163,993
28,229,330 28,324,495 15,646,324 21,642,414 33,393,429
Disct. & advances.
5,506,820 10,100,127 14,684,804
8,938,854 15,170,690
Securities........
19,290,476 13,153,805 10,139,504 11,442,287 18,708,625
Reserve notes & coin 53,726,000 47,824,320 68,081,366 72,076,016 48,644,830
Coin and bullions
244,011,248 193,370,117 192,189,993 191,518,449 139,602,249
Proportion of reserve
to liabilities
36.29%
45.70%
45.48%
34.15%
35.00%
Bank rate
2%
2%
2%
2%
2%
Govt, securities
Other securities
no
"social
order
longer
absolutely
secure
and
THE weekly statement dated Aug. 7of 46,931,924
shows a fur¬
increase-in gold holdings
ther
which
dispatch of Tuesday to the New
francs.
Gold holdings a year ago aggregated 71,-
torial
Notes
print
favoring the dictatorship.
anything against Germany
They
or
a
daily edi¬
are
not to
National-Social¬
not to announce Spanish Republican vic¬
tories, and must not print anything from Moscow.
brings
Discount Rates of
Foreign Central Banks
with
The
reserve
75.22% last
in
year
circulation
rates of any
rates
at
the
leading
centers
are
to
80,813,729,191
years ago
ratio is
now
59.08%, compared
and 80% the previous year.
record
a
loss
of
985,000,000
francs, bringing the total down to 84,908,738,875
francs.
Other items which
French
commercial
on
bills
rent
accounts
porary
of
shov? decreases include
discounted,
treasury
against securities. Increases
THEREJbave been no changes during the week in
the discount
of the foieigrTcentral
shown in the table which follows:
total
the
582,691,811 francs and two
abroad, advances
Present
54,788,638,915
danger from subversive ele¬
francs.
are
i
francs,
any
An Athens
is
Bank of France Statement
York "Times" indicates that strict rules and
regu¬
lations are being issued to guide Greek
newspapers.
Such publications are "invited" to
banks.
furnish
Aug. 12
"discipline" the whole
when
ism,
discount rate re¬
we
Censored reports direct from Athens state
that the Premier intends to
write
OF ENGLAND'S
general
tatorship, but the King is said to have referred the
Wednesday, based
BANK
Political opponents
last week and protested the establishment of a dic¬
party leaders to the Premier.
The
Below
parison of the different items for several years:
which the
in the
unchanged at 2%.
1936
strike order of the labor heads.
of
The pretext for
respectively.
£818,477
bills" bought
bills and advances
appear
in creditor cur¬
318,000,000 francs and
in tem¬
advances to State of 900,000,000 francs. We
furnish below
a
for three years:
comparison of the different items
•
Volume
143
BANK OF FRANCE'S COMPARATIVE STATEMENT
1 HVo
for Week
Aug. 7, 1936
Francs
Aug.
Aug. 9, 1935
Francs
Francs
10,
1934
Francs
+46,931,924 54,788,638,915 71,582,691,811 80,813,729,191
No change
14,271,037
7,733,122
17,635,608
Credit bals. abroad,
a French commercial
for'all maturities .'|The demand for prime comhas been excellent this week and trading
mercial paper
Changes
Gold holdings
975
Financial Chronicle
.
has been very
supply of
active due to a gradually increasing
Rates
paper.
%% for extra choice
are
names
—244,000,000 7,539,312,271 6,602,063,059 3,527,700,999
—5,000,000 1,250,874,043 1,229.322,000 1,125,816,860
—900,000,000 7,691,823,276
—40,000,000 3,515,019,318 3,199,362*022 8,"122,333*831
—985,000,000 84,908,738,875 81,489,506,975 80,999,733,110
+318,000,000 8,166,899,358 13,672,282,392 20,021,963,943
+900,000,000 6,642,600.000
bills discounted.,
bbllls bought abr'd.
c Adv. on Treas .bills
Adv. against securs.
Note circulation
Credit current aocts.
d Tern. adv. to State
Propor'n of gold on
hand to sight liab.
0.47%
80%
75.22%
59.08%
a Includes
bills purchased in France,
b Includes bills discounted abroad,
Previously included in French commercial bills discounted,
d Representing
drafts of Treasury on 10-billion-frano credit opened bt Bank.
c
running from four to six months and 1% for
names
less kno wn.
Bankers * Acceptances
THE demand goodprin\eweek, but trading has been
for this bankers' acceptances has
been
very
extremely quiet due to
Rates show
Bank of Germany Statement
a
shortage of high-class paper.
Official quotations,
change.
no
issued
as
by the Federal Reserve Bank of New York for bills
up
to and including 90 days, are %% bid and 3-16%
THE statement for the first gold and of August
quarter bullion of
slight increase in
asked; for four months, 5-16% bid and %% asked;
only 167,000 marks which raises the total to 72,092,-
for five and six
000 marks.
The
shows
marks
a
Gold
a
and two years
ratio is
reserve
now
quarter and 2.93%
record
as
against 1.70% the last
Notes in circulation
a year ago.
marks, bringing the total
Circula¬
outstanding down to 4,467,418,000 marks.
tion last year stood at
previous
in
pear
and
3,740,266,000 marks and the
at 3,644,962,000 marks.
year
in foreign
reserve
The
74,822,000 marks.
ago
1.80%,
loss of 170,000,000
a
aggragafed 104,636,000
year ago
Decreases ap¬
bills of exchange
currency,
months, %% bid and 5-16% asked.
bill-buying rate of the New York Reserve Bank
is lA%bills running from 1 to 90 days, %% for
91-to
120-day bills and 1% for 121- to 180-day bills
holdings of acceptances
increased
to
from
$3,092,000
the dealers
as
their
own
concerned,
are
The item of investments shows
of 647,000
marks.
the changes
Below
we
present
an
increase
a
comparison of the amounts of the different items for
three years:
nominal in
they continue to fix
as
The nominal rates for open
rates.
—180 Days-—
Bid
Prime eligible bills.
»<
J1«
—90
X.
Days
1
Bid
Asked
M
16
Prime eligible bills.
FOR
—150 Days
Bid
Asked
Asked
K
-
market
DELIVERY
60
X
30
Days-
Bid
Asked
Asked
X
*16
THIRTY
Eligible member banks
»i«
Days
Bid
Asked
Bid
5i«
H
WITHIN
—120 Days—
16
DAYS
X% bid
...
Eligible non-member banks....
r
far
so
acceptances are as follows:
tabulation of
a
in the items during the quarter and
Open
$3,094,000.
market rates for acceptances are
checks, advances and other daily maturing obli¬
gations.
.
The Federal Reserve banks'
H% bid
...
REICHSBANK' S COMPARATIVE, STATEMENT
Discount Rates of the Federal Reserve Banks
Changes
Gold and bullion
No change
Bills of exoh. and checks
Silver and other coin...
Ger. bks.
on other
"HERE have been
1934
changes this week in the
no
rediscount rates of the Federal Reserve banks.
Reichsmarks
Reichsmarks
104,636,000
74,822,000
+167,000
72,092,000
16,848,000
24,524,000
30,136,000
3,259,000
5,296,000
—195,000
5,158,000
—98,667,000 4,514,266,000 3,646,170,000 3,336,374,000
237,114,000
183,434,000
a229,481,000
*
9,517,000
8,981,000
69,867,000
-23,110,000
38,469,000
43,640,000
722,013,000
530,912,000
661,560,000
+647,000
670,900,000
627,850,000
a578,785,000
Of which depos. abroad
Reserve In foreign curr.
Notes
Reichsmarks
Reichsmarks
*
,
1936 Aug. 7, 1935 Aug. 7,
Aug. 7,
for Week
Assets—
The following is the schedule of rates now in effect
for
the
various
classes
of
the
at
paper
Reserve banks:
different
1
■
Advances..
Investments.
Other assets
DISCOUNT RATES OF FEDERAL RESERVE BANKS
Liabilities—
Notes in circulation.
-170,000,000 4,467,418,000 3,740,266,000 3,644,962,000
626,018,000
730,790,000
708,552,000
■—78,694,000
186,039,000
227,206,000
8203,036,000
Other daily matur. obllg
Other liabilities.
-.
.
—
Rate in
Federal Reserve Bank
Effect
J
'
.
Date
Aug. 14
*
Precious
Established
Rate
on
Propor'n of gold & for'n
curr. to note
circul'n.
Validity of notes
on
2.1%
2.93%
1.80%
a
jatest available.
:
-r
New York Money
'
-'V
2
Feb.
81934
2H
IX
Feb.
Philadelphia
2
Jan.
2 1934
171935
2X
IX
Richmond
Figures of July 23,
New York
Cleveland
other banks expired March 31,1936.
■
Boston
2
May 111935
May
9 1935
....
.
Atlanta
2
Jan.
2
Jan.
19 1935
31935
St. Louis
to
move
out of the rut of
long has been running.
ments
are
today,
no
to be raised
ments of the market.
paper were
were
renewals
offered at
months.
The
or
2
S*vn Francisco
2
May 14 1935
May 10 1935
May' 8 1935
Feb. 16 1934
....
2
...
require¬
were
unchanged in all depart¬
Bankers' bills and commercial
Call loans
on
carried
were
the New York
Exchange held to 1% for all transactions,
whether
Jan.
2
Kansas City
Dallas
Course of
50% at the close of business
extremely dull, and rates
from last week.
Stock
reserve
great movement of funds from this center
developed, and rates
over
Although
2
Minneapolis..
THE New York money market failedinthis week
apathy
which it
new
loans, while time loans
1%% for all maturities
up
to six
Treasury sold last Monday the usual
week.
In
the
on an
an
dis¬
average
annual bank dis¬
New York Money Rates
..
was
ruling quotation all thfough the week for ty)th
loans and renewals.
still
at'
a
standstill,
new
transactions
having
been
this
week.
Rates
continue
nominal
at
and
$5.02 9-16
compared with
a
week
Paris, the London
outbreak of the
range
for sterling
a range
last
of be¬
week.
The
a range
of between
ago.
open
mean
London check
market gold price,
price paid for gold by the United States :
MEAN LONDON CHECK RATE ON PARIS
Saturday, Aug.
8
Aug. KL-.
Tuesday, Aug. 11
Monday,
76.372
..76.305
..76.280
Wednesday, Aug. 12
_76.253
Thursday,
Aug. 13.
.76.365
Friday,
Aug. 14____.__76.330
LONDON OPEN MARKET GOLD PRICE
Saturday, Aug.
Monday,
reported
the
The
following tables show the
on
The market for time money is
no
no
for cable transfers has been between $5.02%
and the
DEALINGExchange from day toloan rates on the
in detail with call day, 1%
Stock
the
since
July 19.
bills, compared with
$5.01 9-16
$5.01% and $5.02%
rate
..
on
for bankers' sight
tween
The
count basis.
there is
this week has been between $5.02 3-16 and $5.02 13-16
and $5.02 15-16,
awarded at
important respects
discernible
currents
Spanish rebellion
These instruments
were
all
change in the general foreign exchange market from
range
0.213%, computed
Sterling Exchange
STERLING exchange continues firm in terms of
the dollar, with fluctuations less noticeable than
last
$50,000,000 issue of discount bills, due in 273 days.
count of
2X
2X
2X
2X
2X
2X
2X
2X
14 1935
Chicago
Market
2
2
8___—138s. 4d.
Aug. 10
138s. 5J^d.
Tuesday, Aug. ll_.__.138s. 6d.
Wednesday, Aug. I2_____l38s. 5d.
Thursday,
Aiig. 13._.__138s. 4d.
Friday,
Aug. 14_ _.138s. 4d J-
Financial
976
BY THE UNITED STATES "(FEDERAL
PRICE PAID FOR GOLD
Chronicle
Aug..15, 1936
statement of the bank
previous to suspension[of gold
RESERVE BANK)
Saturday, Aug. 8
Monday, Aug. 10
Tuesday, Aug. 11
Wednesday, Aug. 12
Thursday,
Aug. 13
Friday,
Aug. 14
$35.00
35.00
35.00
as
London
a
markets display great
London is
undisturbed.
more
per¬
plexed by thefFrench financial and credit situation
than
by the political effects and war talk in other
Last week the French treasury
parts of Europe.
renewed
months the
for another three
credit extended
£40,000,000
by the London banks some months
This operation helped to increase the weakness
ago.
which is
again apparent in the franc.
drew attention to
the[financial difficulties that beset
that if France is unable to
is in
1931.
market continues
Call
abundance.
money
with
easy,
against bills
Two- and three-months' bills
four-months' bills 19-32%, and six-
supply at %%.
9-16%,
are
months'
bill§ 21.-32%. Gold on offer in the London
continues to be taken for unknown
destination, generally for account of foreign hoarders.
On Saturday there was available £156,000; on Mon¬
day £185,000; on Tuesday £194,000; on Wednseday
£216,000; on Thursday £243,000, and on Friday
market
open
£102,000.
The renewal
French Government and it is argued in London
the
London money
35.00
result of the strife in Spain, financial
seems
The
35.00
credit in great
While Continental European
anxiety
$35.00
payments in September,
At the Port of New York the
the week ended
August 12,
as
gold movement for
reported by the Federal
Reserve Bank of New York, was as follows:
liquidate the credit at this
GOLD MOVEMENT AT NEW YORK, AUG. 1-AUG. 12, INCLUSIVE
time, it is scarcely likely that Paris will be in
position to do
better
a
Exports
Imports
$4,816,000 from Mexico
in November when the loan must
so
4,574,000 from India
finally be paid.
franc, and the sterling-franc rate indicates
of around
This
389,000 from Russia
9%d in the London
open
a
and
market gold price.
for gold on
points to the probability of further losses of gold
by Paris to London.
of last week has
While the
now
reached
has gone
much
as
gold
or more
with respect to the franc.
exchange control
market for
a
gold in the
seems
number of
state that the
that
Friday
on
from Paris to London because of the firm¬
of sterling
ness
The British
not to have intervened in the
London observers also
days.
Equalization Fund has not been
open
buyjmg
Another feature of the present
recently and shipped to New York
the New York
as
price is higher than the London price.
this will doubtless continue to be the
sterling and
case
until
early
September, when tourist requirements practically
and the autumn pressure on
of foodstuffs and
ment
rently the holiday
swing and
markets.
As
a
raw
season
materials
begins.
pay¬
Cur¬
in Great Britain is in full
certain inactivity in the financial
causes a
Note—We have been notified that
now
at the
The
but gold held
England note cir¬
begins to decline, not to
season.
resume
an
Circulation
highest level in the history of the bank
a year
on
earlier and with £351,618,000 in
the statement of the bank
just prior to the suspension
gold in September, 1931.
It is generally conceded
heavy purchases of gold by the Bank of
England since January, and especially since March,
induced
circulation.
by the steadily increasing volume of
This
week the
insignificant,
averaged nearly
would
seem
whereas
£5,000,000
gold holdings
as
are now
ever
a
near
gold purchases
since
week.
were
Friday
On
which
of
metal
no
week ended
on
exports of the metal,
$1,558,100
$798,800
change
or
There
in
of
gold
was
from India and
came
were
no
exports of
held earmarked for
gold
foreign account.
Canadian exchange during the week
a
discount of
1-64% and
a
ranged between
premium of 1-64%.
Referring to day-to-day rates sterling exchange
Saturday last
Bankers'
sight
firm
was
firm,
was
was
but
from
up
Friday's
on
close.
$5.02%@$5.02 13-16; cable trans¬
On Monday the pound
fractionally easier.
The
range
was
$5.02%@$5.02% for bankers' sight and $5.02 7-16@
$5.02% for cable transfers.
On
Tuesday in light
demand sterling while still firm was further inclined
to
ease.
cable
Bankers'
transfers
sterling
was
sight
$5.02 3-16@$5.02%;
was
$5.02%@$5.02%.
steady in
a
On
quiet market.
@$5.02 9-16 for cable transfers.
pound
$5.02
13-16
steady.
for
The
Wednesday
The
range was
bankers'
steady in
a
$5.02
for
quotations
were
Friday
cable
for
bankers'
cable
11-16@
Friday the pound
relatively light market.
$5.02 11-16@$5.02%
$5.02 13-16 for
On
$5.02%@
was
sight and
$5.02%@$5.02 13-16
on
On Thursday the
range
$5.02 15-16 for cable transfers.
The
range
sight and
transfers.
Closing
$5.02% for demand and
transfers.
Commercial
sight
bills finished at $5.02%, sixty-day bills at $5.01 9-16,
ninety-day bills at $5.01 5-16, documents for
ment
pay¬
(60 days) at 5.01 9-16, and seven-day grain bills
March they
a*
$5.02%.
at
$5.02%.
The
change
a
Cotton
and grain for payment closed
sharp
bank's
at record high, totaling £244,-
a year earlier,
£150,000,000 recommended by
Cunliffe committee, and^with £136,880,252 in the
was
This
expects
future.
compared with £193,370,117
with the minimum of
the
bank's
to indicate that the bank
drop in circulation in the
011,248
There
$759,300 from England.
the
was
were
for the
are
earmarked for foreign account increased
$1,151,000.
received
was
were
figures
On Thursday $1,151,000 was received
from Mexico.
£411,835,000
the
above
Wednesday.
Aug. 5, totaling £454,406,000, which compared with
that
was
$5.02 5-16@$5.02 7-16 for bankers' sight and $5.02%
upward trend until the Christmas
of
approximately $545,000 of gold
received at San Francisco from Australia.
„
seasonal matter the Bank of
culation
was
the pound for
j
$4,821,000
fers, $5.02 11-16@$5.02%.
All seasonal factors continue to favor
cease
Increase:
market is that
offer in London has frequently been purchased
on
Foreign Account
Net Change in Gold Held Earmarked for
market during the past two weeks,
present disposals are entirely for foreign ac¬
count.
in
$12,201,000 total
movement of
new
approximately $9,000,-
000, it must be believed that
gold
5,000 from Guatemala
the part of European hoarders
gold from Paris to New York which began
so
166,000 from England
premium
premium is due almost entirely to the steady
demand
None
2,251,000 from Canada
•Sterling is especially firm in terms of the French
Continental and Other Foreign
Exchange
FRENCH francs are showing decidedinweakness,
reflecting entire lack of confidence
the
pro¬
gram
of the Blum Government.
speculation
against
the
franc
There is
and
the
no
bear
market
is
Financial
but
dull,
extremely
evidence that
every
creation of
confidence in the Govern¬
no
for rehabilitation of business. Prices
dropped
ment's program
the Bourse for all classes of stocks have
on
levels.
lowest
the
to
regarded
by
desirable
for
from
,
is
there
French nationals have
the
elements
conservative
most
investment
since
declined
have
hitherto
issues
as
May
longer
no
franc "but it is
talk of devaluation of the
any
generally conceded that devaluation
will result
probably by the
strenuous
measures
effect
of inflation.
course
taken
Government to
by the
The short-
to have been thus far without result.
seem
term
popular bonds which
not
expected to bring
were
failure ,
3,000,000,000 francs appear to have
the issue, whereas had confidence
than
more
been invested in
registered marks
that
declare
The,
without foundation*
are
fully established, not less than between 15,000,-
eliminated the
for payment
that
governmental decrees
barter transactionswith the
for
ments
merchandise
or
blocked marks will
with respect to the
terms of sterling and the
United States dollar but in
neighboring
noted
As
currencies.
gold
above,
approximately $9,000,000 of gold has been shipped
past few days and it
from Paris to New York in the
is
believed that still
are
it
Swiss franc and the
The
London.
longer be approved.
no
currencies still
gold to the United States dollar:
on
Old Dollar
Parity
3.92
6.63
(franc)
believed
sterling,
As noted above in the resume
.
regarded
as
has
French treasury
a
renewed the
few months ago by
renewal of this
The
banks.
London
and has resulted only in
There is no
undermining the position of the franc.
London advices
hoarding has receded.
offer in the
report that the major part of the gold on
market during the past week has been
London open
taken
for
France
credit is
indicating extreme weakness in the posi¬
tion of the French treasury
sign that
Currently the Bank of
French account.
reports
_ .
_
19.30
_
32.67
32.59
to
67.88
to 67.94
68.06
40.20
(guilder)
76.33, against 76.29
at
York, sight bills
on
transfers at
commercial
on
6.58 9-16,
In
finished
the French center
on
Friday
on
Friday of last week.;
on
6.58J4> against 6.57 5-16
cable
Paris closed
32.62K
Friday of last week;
against 6.58 5-16, and
sight bills at 6.55 9-16, against 6.55 5-16.
bills
£40,000,000 credit extended
the
to
gold has been shipped to both
that
the
Holland guilder
7.87
The London check rate
New
7.89
8.91
Antwerp belgas closed at 16.84J4 for bankers' sight;
Amsterdam and Basle
of
Holland
6.59^
to 16.86 y2
16.84^
16.95
(franc)
•
;
This Week
6.58 5-16 to
5.26
Italy (lira)
at
,
Range
New Dollar
Parity
France
;
parity in terms of the franc and
also above gold
is
have gone to
larger amounts
.
following table shows the relation of the leading
The
not only
easy
pay¬
purchased in Germany by
importers in the United States by means of registered;
Switzerland
is
United
,
approval, and that
receive German Government
subscribed
franc
be used;
covering purchases of merchandise would not
Belgium (belga)
by this time.
which5
special forms of mark exchange pro-,
of German exports to the United States,
private
States
000,000 and 20,000,000,000 francs should have been
The
Com¬
advised,
of this kind is planned..
substitute
no
German
recent
for,
replace "Aski!^
petent German sources, the association was
out of hoarding have proved a complete
money
been
The
repatriation of French funds invested abroad
a
or
German special export currency
a new
in trade with the United States to
use
vided that the Aski marks could no longer
50% to 75% in value*
There is
as
class
First
977
Chronicle
143
Volume
increase
an
holdings
gold
in
of
and
at
16.8534
marks
for
bills and at
on
Czechoslovakia at 4.1334? against
on
Bucharest at 0.74, against 0.74;
18.85, against
18.84, and
on
Poland
on
Finland at 2.21)4?
Greek exchange closed at 0.9334 for
against 2.2134bankers'
7.86J4 for bankers' sight
7.8734 for cable transfers, against 7.88
18.85; exchange
at
sight bills and 40.24;
Austrian schillings closed at 18.86, against
and 7.89.
4.13^;
against
transfers, in comparison with 40.20 and
Italian lire closed at
40.21.
transfers,
Final quotations for Berlin
40.23 for bankers'
were
cable
for cable
16.8534.
16.84J4 and
sight bills and at 0.94 for cable transfers,
against 0.9334 and 0.94.
,
'Y--'
$46,931,924.
The
mark situation
German
becomes
more
and
Currently there is practically no
precarious.
more
business in mark
exchange owing to the diplomatic
difficulties which have arisen between the two govern¬
ments
the
over
question of the dumping of certain
German exports.
United States and
tically ceased.
ington
International trade
According to dispatches from Wash¬
Thursday
on
between the
Germany has for the present prac¬
an
early lowering of the trade
EXCHANGE on the new features of importance.
countries neutral during the
presents
war
The
no
gold currencies, the Swiss franc and the Holland
guilder, show
United
slight
a
in comparison with'the
ease
dollar.
States
This, it is
believed, is due
largely to the shifting of funds from both Switzerland
and
Holland
States
United
to
securities.
This
Both currencies
firm in terms of the French franc
are
barriers between the United States and Germany was
and it is understood that
forecast
both Amsterdam and Basle from Paris in the
by the presentation by Ambassador Hans
Luther of
an
important note
on
the subject to William
It is believed
Phillips, Acting Secretary of State.
that the
note
conveyed the German Government's
of exports
impelled the
agreement to discontinue wide subsidising
to
the
United
United States
duties
against
This
States.
more
than
a
practice
month
ago
to levy extra
German imports into this country.
expected to
The action of the German Government is
result in
the
a
excess
withdrawal of Treasury decrees imposing
taxes
in
the
form
of
"countervailing
weeks
is
.
that business is still far from good but
state
that the rise in
prices bears
An idea
ment.
as
business in Holland may
from January to
approximately
totaled
persistent rumors circulating in import
guilders
and
exports
From January to-June, 1936,
466,000,000 guilders
and
unchanged at 319,000,000 guilders.
gold holdings
exports
The Bank
on
August 10
658,800,000 guilders, compared with 642,100,000
guilders
on
depression of
June, 1935, Dutch imports totaled
of The Netherlands total
were
promise of improve¬
be gained from the fact that
455,000,000
319,000,000 guilders.
imports
some
to the extent of the
Dispatches from Berlin early in the week to the
Board of Trade of German-American Commerce, Inc.,
circles in the United States regarding the
past few
exceptionally favorable, although Amsterdam ad¬
vices
were
and export
gold has been shipped to
The banking and credit position of Holland
duties."
stated that the
is
especially true in the case of the Holland guilder.
on
July 27.
Aug. 10.
The bank's ratio stood at 77.1%
Money rates
are
extremely
easy
in Am-
Financial
r 978
sterdam and indicate
discount
of
rate
the
opposed to
The
few days ago the President of
a
declared that
Netherlands
The
alignment and to
a currency
an
he
is
economic
He stated that he is satisfied with the
conference.
present international currency situation.
Bankers' sight on
at
sight
at
Amsterdam finished
bills
closed at
Swiss
67.70.
against
67.70,
at
francs
32.58J^ for checks and at 32.59^ for cable
transfers,
Copenhagen
32.58.
and
32.57
against
exchange) in the principal European banks as of
respective dates of most recent statements, reported
to
by special cable yesterday (Friday); comparisons
us
shown for the corresponding dates in
are
checks finished at 22.44 and cable transfers at 22.45,
Checks
Sweden closed
on
25.92 and cable transfers at 25.93,
at
England
Germany b.
—
Italy
Netherlands
Nat. Belg__
Switzerland
Sweden
against 25.91
_
25.92; while checks
_
Norway
and cable transfers at 25.27,
Spanish pesetas
against 25.25 and 25.26.
1933
£
£
Amount held Oct.
a
193,370,117
646,509,833
2,905,800
45,433.000
19,805,000
7,394,000
6,602,000
61,498,000
15,335,000
7,397,000
29,
is
EXCHANGE on the with the general countriesex¬
South American foreign is
dull, in keeping
currencies
These
are
also firm,
Owing to exchange
reflecting the firmness in sterling.
control the firmness in these units is best
displayed in
Doubtless the
free market quotations.
exchange restrictions cannot be removed until such
time
the basic currencies,
as
franc, and the guilder,
tions.
to
sterling, the dollar, the
brought into stable rela¬
are
Early in August the free market for the dollar
in Buenos Aires
361.70
dropped from 374.25
pesos per
$100
The value of the peso therefore
pesos.
increased
from
26.72
cents
27.64
to
The
cents.
higher prices for Argentine exports, particularly grain
stock,
the
largely responsible for the improvement in
are
free
market
The statement of the
quotation.
Argentine Central Bank for July 15 showed gold at
of
home
1,224,417,645
pesos
and gold abroad and
foreign exchange of 102,157,386
Argentine
Friday, official
on
quotations, at 331-2, for bankers' sight bills, against
33.47
on
Friday of last week; cable transfers at 33Y<y,
against 333^. The unofficial or free market
against
27.85,
quotations,
for
cable
are
or
official
8J4 for bankers' sight bills and 8.44
free
against
5.90,
27.80@
against
market
834
close
8.44.
and
The
5.90, against
was
Chilean exchange is nominally quoted
5.85@5.90.
at
was
milreis,
Brazilian
27.85.
transfers,
unofficial
5.00@5.19.
27.25, against 25.15.
Peru
new
features
of them*
interest.
allied either
are
exchange controls.
It
is
The Indian
legally
or
rupee moves
The Japanese
clearly between
between the American Federation of
ganization.
of craft
zontal
general issue,
The
versus
industrial union
organization by crafts
of
is that
course,
organization, hori¬
trades being the
or
system to which the Federation adheres, while ver¬
tical
industrial
or
organization, especially for large
industries with
mass
relatively few highly skilled
workers, is the form which the Committee is
en¬
deavoring to further. The suspension by the Execu¬
Council
tive
fective
of
Federation
the
month
one
specific
August 5,
on
ef¬
later, of the ten unions repre¬
sented in the Committee
questions
involves,
on
jurisdiction
of
and since it is around these
the other hand,
and
procedure,
questions that the
con¬
seems
likely to center for the time-being, the nature
of the issues merits consideration.
On
July 15 John P. Frey, president of the Metal
Trades
cil
Department, laid before the Executive Coun¬
of
the Federation
Committee, its
The
formal
officers
Committee, it
was
and
istrative
rival
activities,"
was
"a dual organi¬
which, "in its admin¬
"clearly competing
was
organization"
charges against the
supporting members.
alleged,
zation" within the Federation
through
in close
and
with
yen
is through the
the
the
as
a
particu¬
Federation,
also of the
The Shanghai dollar is governed
Closing quotations for
yen
checks yesterday were
Friday of last week.
Hong¬
kong closed at 31 5-16@313/£, against 31.22@31 5-16;
Shanghai
at
Manila at
50.00, against 50.00; Singapore at 59.05.
30.18@303/s,
Bombay
at
against
38.00,
and Calcutta at 38.00, against 37.95.
30.17@3034;
against
37.95;
conventions.
The
in
are
direct
Council" and
unions
were
de¬
"fostering, maintaining and supporting
"fomenting insurrection,"
thereby violating the contract which each of them
was
of
by the trend,of the United States dollar.
decisions which
of the Executive
this dual movement" and
alignment
This is true
those
Federation
clared to be
were
with sterling.
to make
conflict with
further
to distinguish
rupture
exchange control of the Bank of Japan kept in close
on
and Labor Politics
the
entered into
59.00;
7,911,000
Labor and the Lewis Committee for Industrial Or¬
rules and
against
7,400,000
and the particular issues involved in
of Is 6d per rupee.
29.42, against 29.41
11,443,000
b Gold holdings of the
of gold held abroad, the amount of which the present-
important
relation to sterling to which it is attached at the rate
Hongkong dollar.
6,577,000
general
diction
generally firm in sympathy with sterling, to which
most
61,392,000
85,054,000
75,095,000
89,157,000
76,818,000
61,461,000
13,894,000
7,397,000
6,569,000
75,151,000
larly by "an effort to determine questions of juris¬
EXCHANGE on the of Eastern countries presents
Far
These currencies
no
71,950,000
the
nominal a*
is
:
•
—4
are
'
troversy between the Federation and the Committee
pesos.
closed
pesos
paper
73,416,000
65,439,000
69,609,000
£1,226,850.
The Labor Split
the open or
.
90,390,000
90,559,000
not quoted in New York.
were
change situation.
139,602,249
657,808,430
35,019,100
90,244,000
1935; latest figures available,
Bank of Germany are exclusive
year
£
191,518,449
656,664,172
11,851,050
192,189,993
572,661,614
3,724,000
90,775,000
59,741,000
46,472.000
100,965,000
'
1932
1,065,011,759 1,146,942,731 1,239,681,626 1,255,417,671 1,260,125,779
1,063,901,734 1,158,334,502 1,236,575,786 1,254,276,947 1,259,345,158
Total week.
Norway finished at 25.26,
on
1934
£
244,011.248
439,909,111
2,378,400
88,092,000
842,575,000
54,269,000
106,746,000
49,804,000
24,070,000
6,553,000
6,604,000
France
Spain
1935
£
Prev. week.
and
'
1936
Banks of—
Denmark
against 22.44 and 22.45.
the previous
-
■
Friday
on
against 67.88; and commercial
67.91,
THE following table indicates the amounts of gold
bullion (converted into pounds sterling at par
of
four years:
67.90, against 67.87 on Friday of last week; cable
transfers
Banks
Netherlands.
guilder is urged less frequently in
Only
of
Bank
of
Bank
Aug. is, 1936
Gold Bullion in European
probable early reduction in the
a
the
Devaluation of the
Amsterdam.
Chronicle
to "conform to the
constitution, laws,
regulations" of the Federation "when they
granted
certificates
of
affiliation."
charged that the action
"in violation of and in
the Atlantic
It
was
of the Committee
opposition to"
a
decision
City convention, and that its acts
"constitute rebellion against the administrative or¬
ganization policies" Avhich that convention, by
jority vote, adopted.
The
offending unions
before the
Council
on
were
a ma¬
summoned to appear
August 3 to
answer
to the
charges. On July 17, however, it became known that
the Council had
adopted rules which would enable
Financial
Volume 143
it to
suspend recalcitrant unions, whether national
international, notwithstanding that the constitu-
or
tion of the Federation does not
Council such power.
In
specifically give the
letter to William Green,
a
979
Chronicle
sion of the Committee unions becomes effective,
no evidence of yielding on
either side. Reports of the progress that is being
made in organizing the steel industry are conflictthere is at the moment
Lewis, chairman of the Committee, vigour-
ing, but it is not clear that there is any overwhelming desire on the part of the steel workers to give
ously challenged the authority of the Council to
up" their employee representation systems for the
president of the Federation, made public on July 21,
L.
John
suspend
union, and pointed out that since sus-
a
form of union that Mr. Lewis and his Commit-
new
pension would disqualify a union for. representation
tee are urging. Unless the movement "goes over big"
in
it will be discredited, and the charges of rivalry and
convention, it would have the effect of expul-
a
sion,
step which requires
a
vote in
convention.
a
The
would not submit to the
Committee, he declared,
5th, by
of
August 3, and
The
manent split in the labor ranks. It may be possible
Dubinsky, president of the International La-
dies Garment Workers
weighty criticisms that
a
The
split.
are
to be made of the Federa-
tion and its policy will have been disposed of thereby,
union, who in an able speech
argued strongly against action which would precipitate
the permanent loss of
to oust Mr. Lewis and his following, but none of the
opposing vote was given by
one
means
strong unions with a million members and a per-
the
on
the other hand, will afford no ground for
on
congratulation if it
vote of 13 to 1, the Council suspended them
a
Sept. 5.
David
ation,
jurisdiction of the Council,
The unions did not appear on
as
rebellion will gain weight. A victory by the Feder-
two-thirds roll-call
a
It is natural to ask what effect, if any, the GreenLewis controversy will have
•
legal technicalities of the jurisdictional con-
the labor vote
upon
If the predictions of labor spokes-
next November.
correct, it will have no important effect
troversy may be left to the unions and their legal
men
advisers.
at all. An overwhelming majority of the labor vote,
On
the
neutral observers
has
side
made
question of procedure,
not
are
out
statement issued
on
likely to think that either
entirely clear
an
however,
tive
that
terms
dispute is in
the
industrial
way
no
sion," and he later
posi-
involved in its official deci-
affirmed that "the member-
on
Mr.
to
any means
en-
matters, but because of a belief that more is to be
craft union
versus
be given
tirely satisfied with Mr. Roosevelt's course in labor
August 5, Mr. Green asserted
that "the Executive Council declares in most
confidently asserted, will
it is
Roosevelt, not because labor is by
In a
case.
are
expected of him than of Governor Landon. To Gov-
ernor
Landon, indeed, there is much outspoken
position, based mainly
op-
his letter to Norman
upon
ship of the American Federation of Labor stoutly
Thomas reaffirming his support of the labor plank
defends the
in the Republican platform.
and
validity of both forms of organization
convincingly extols their economic virtues and
benefits," A similar assertion
at
made in
was
Rochester, N. Y., on Wednesday.
speech
a
Whatever the
opinion of the membership of the Federation may be,
it is matter of
knowledge in labor circles
common
that the Federation officialdom has been
stubbornly
of support for union
pressing the craft form of organization
with its great
invincible
multiplication of union locals. If the
prejudices of
Council had
majority, at least, of the
a
influence whatever in the Council's
no
decision, the members are to be credited with
extraordinary
of intellectual
measure
and
an
emo-
tional detachment.
Mr.
Lewis,
July 21
and in insisting that this
company
any
source,"
approval of the
union and surrender to the demands -of
employers and corporation directors,
Labor endorsement of Mr. Roosevelt, however, is
being talked of with significant allusions to what is
expected to happen by 1940. At
ington,
formed in
meeting at Wash-
a
Monday, Labor's Nonpartisan League,
on
April under the direction of Major George
L. Berry, became
a permanent
organization, with
State chairmen and committees for all the States,
that labor would "walk with the President" during
his second term "and defend him in the furtherance
not
opposed the craft unions,
tries," and that "there is
unions
means
while declaring that the
development, except in
trade
and collective
Major Berry, in his opening speech, after asserting
Green,
Committee "has
their
appear
the other hand, in his letter of
on
Mr.
to
organization
bargaining without "interference from
opposed to industrial or vertical unions, and has
insisted upon
Labor leaders
to be agreed in spurning the Republican declaration
in
a
mass
or
production indus-
place for both forms of
progressive and militant labor
a
of the liberal policies and the humanitarian activities in which he has engaged himself," said: "And
we propose
to march with him until 1940, at which
time his term
as
President will have been completed,
movement," nevertheless bitterly attacked the Ex-
and then we propose to continue to march for
ecutive Council
"The heads
gressive and liberal policies in the United States
dominating the Council," he
to give him the instrument through which he can
as
a
reactionary body.
of certain craft unions
wrote, "violently oppose this effort.
inclusion
of
these
unions
as
a
They fear the
jeopardy to their
own
dead-hand control of the Federation."
who
recalls
made
vitriolic
the
by Mr. Lewis
attacks
some
upon
months
ago,
To
Mr.
one
Green
when
the
campaign for industrial organization of the steel
industry
was
difficult to
on
see
the point of being launched, it is
that
Organization is not
volt
the Committee for Industrial
an
organized movement of
re-
against the policies and leadership of the Fed-
pro-
speak effectively and intelligently and to give
the instrument through which
and
intelligently
ment,
ical
which
play
our
part
if a realignment is to
parties
greeted
in
this
this
we
in
come,
country."
who believe in progress in
us
effectively
the
realign-
in the polit-
The
as
applause
was
announcement
when he continued: "I conceive it
we
can
increased
important that
America, and who
are
opposed to the return of the reaction that brought
this country to the very extreme depths of despair,
eration which must end either in the control of the
should prepare ourselves to meet the inevitable and
Federation
not again accept the crumbs from the table, but
by Mr. Lewis and his followers,
or
in
a
definitive breach in the organized labor forces.
While it is possible that some compromise may
be made before
Sept. 5, the date when the
suspen-
participate in the feast that has to do with the
establishment of
a
liberal party, if
the United States in 1940."
necessary,
in
Financial
980
It is
significant that while the American Federa¬
tion of Labor
apparently intends to adhere to its
traditional
policy of taking no part as an organiza¬
tion in the
campaign, Mr. Lewis and some of his
prominent
Labor's
is
York
supporters
conspicuous figures in
are
Nonpartisan League. If the example of New
followed, there will be a number of State
parties in existence this fall, with the inde¬
labor
chief im¬
pendent support of Mr. Roosevelt as their
What is being
mediate aim.
done now, however, if
Major Berry's announcement is to be accepted, is
preparation for an expected realignment of par¬
ties which in 1940 will bring a so-called liberal
in
,
party, dominated by the militant section of organ¬
ized
have
been
have
opportunity to
further
had
develop.
There
suggestions of a national
many
labor
believed to be di¬
particularly at Soviet Russia, whose
rected
strict
official, are notoriously i
sense
relations
International, while not in a
with the Communist
actively in the Spanish revolution, but
workers
Russian
subscribed
have
to
reported
are
Not
imate.
International interested
only has the Communist
itself
some
$2,400,000 in aid of the Leftist Government at Ma¬
agreement by Soviet Russia which took
An
drid.
of
account
no
not,
in the spread
of
in the German view, be
making.
The Italian
In
Russian interest
would
Communism
worth
hoped Mr. Roosevelt will by that time
which it is
be supposed to
signatory Power evercises, or may
exercise, control. The objection is
support of policies
into the field in
labor,
Aus- 1S> 1936
Chronicle
France
delay is attributable to several causes.
particularly, and to some extent else¬
where, there has been a good deal of taking
Spanish affair, and public meetings,
sides in
popular
party, more lately in the form of a farmer-labor
the
combination, and the collapse of the British Labor
demonstrations and newspaper
Party appears to have had no effect in discouraging
pealed to public sentiment on the one side or the
the formation of such a
letter to
Mr. Roosevelt's
party here.
Washington meeting did not indicate
the
his attitude toward a new
party, but sooner
he will have to declare himself.
or
parently, please both Mr. Green and Mr. Lewis, the
fortunes of
possible head,
the
seem
craft
or
to be a good deal bound up for
with the outcome
time-being
over
party, with Mr. Roosevelt as its
new
a
of the dispute
industrial unions and the control of the
American Federation.
The
Premier Mussolini is reported to
other.
of
form
Spain has reached
a
other Powers becomes
exceptional importance.
as
if
public shipments of munitions and supplies are
be
to
banned, the ban is to extend to private com¬
the Fascist
official
the
attitude
of the
Events
indicate
that
matter of
a
There appears to
be
to have
has
On the
been
the
surface, at least,
one
of
belligerents, notwithstanding that
latter with
neutrality.
Some 10 Powers are reported
in
principle is quite different from an agreement in
fact, and the obstacles that have arisen are of a
connects
easily to be overcome.
which
cision
out
As often happens
the problem of what to do about Spain
itself
with
existence
number of
of the
a
different problem. There
a
number
of
treaties,
some
are
of them
ancient,
guaranteeing
tugal in
case
of need, and their continued validity
affirmed
by the British Ambassador at Lisbon
problems
of larger
in
scope
to
Tuesday
a
British
protection
to
Por¬
regarding Spain cannot well be reached with¬
as an
inducement to Portugal to adhere
neutrality agreement.
The proximity of Spain,
however, occasions anxiety lest the present Portu¬
regime, which is essentially
guese
exposed
be
may
lion
in
attack
to
support from Great Britain
sought in the event of such
taking these other factors into the account.
delay in accepting, otherwise than in prin¬
ciple, the French proposal of a joint policy of neu¬
trality is due in part to the fact that the precise
terms of the
No
dictatorship,
a
the
Fascist
an
rebel¬
assurance
of
and France is being
an
attack.
The London
correspondent of the New York "Times" makes the
pertinent comment that "a
to that would have been
ain
and France
but
year
ago
the
answer
simple—that not only Brit¬
all the
other
members
of
the
proposed agreement have not yet been
formulated.
if
Spain is put/down, and
Spain is only incidentally a factor, and a de-
The
a
some
Spain.
Portugal presents
joint and several neutrality, but an agreement
in such cases,
Italian planes,
,
agreed in principle to the French proposal
kind not
A
government markings, are reported to
have arrived in
on
in
private sales.
question is thought to have been asked re¬
British, French and
was
of
impower the Govern¬
garding the dispatch or shipment of commercial air¬
period of neutrality may be ap¬
proaching its end.
Under
articles.
same
planes by private parties for use by one or other of
no
past week, however, have seemed to
the
the
regime there is no difficulty in making a
in Great Britain does the law
yet that any Power has officially
the rebels.
or
in
transactions
mercial
point where
given encouragement or aid to either the Madrid
Government
with
obviously inconsistent
propaganda
neutrality. He is also said to have inquired whether,
similar
clear evidence
have urged
highly dangerous
a
ment to interfere with individual
Alignments
the, attitude of
of thing is
ap¬
public ban comprehensive, but neither in France nor
Spanish Revolution and European
The revolution in
this kind
that all
later
As he cannot, ap¬
-campaigns have
one
of the Powers which have
ac¬
League of Nations would be bound by the Covenant
to
defend
Portugal's
cepted the proposal in principle can be expected to
give
a
binding promise until it knows exactly to
what it is to be committed.
is
reported to be unwilling
Germany, for example,
to accede unless the
agreement is to bind all the signatories equally, and
extend
to
all
forms
of intervention
over
which
a
aggression.
the
same
Italy's
pean
today, but it is
unpunished
suggests
new
Powers
would
territorial integrity
against
Of course, theoretically, the answer is
an
conquest
awkward, topic after
of Ethiopia, and it
complications. An alignment of Euro¬
over a war
between Spain and Portugal
probably produce the
same
Continental chaos
Volume
Financial
143
that it is
hoped to avert by
tion in the civil
war
policy of non-interven¬
a
in
now
Chronicle
981
Meantime, with Spain in convulsion, other plans
for international settlement
progress." 1
The French Government has intimated that if
an
Conference which
carno
blocked.
are
to
was
The
Lo¬
agrel upon terms
agreement is not reached by August 17, it will re¬
of peace
gard itself
nothing is likely to be done until it is known wheth¬
as»f^ee to extend aid to the Leftist Gov¬
ernment at Madrid.
for
It would be the natural
thing
Pranee to do, for the Blum Government, in spite
of Premier
Blum'S efforts to make it appear
only
liberal, has been and is making marked and rapid
progress in the direction of State Socialism.
It
will
be
of
Fascism
not
is
strong in France and the Ministry is
regarding the
The effort to
plications
course
to take with Spain.
drag the United States into the
of
non-intervention
a
happily, failed.
interest in the
structions
com¬
agreement have,
Beyond the protection of American
citizens and their
property, the
no
ex-
private aid to the Spanish rebels, for
unit
a
difficult, however, to prevent the
very
tention
issued
United States has
on
August 7, but not made public until four days later,
are
only a reminder to consuls and other American
officials
in
Spain
of
their
duty
observe
to
neu¬
trality.
is
an
agreement in principle already reached,
possible that something
develop before the 17th.
against it.
practical may
more
The chances, however, are
The whole business is set in
phere of unreality.
at
an
atmos¬
It is perfectly obvious that five,
least, of the Powers which
are
represented
as
agreed "in principle" have interests in the outcome
of
the
large
confidence
some
in any event
be
to be
revolution
which
them to retain
prompt
a
ment
that
Belgium, alarmed by German
and the
situation, is contemplating
demand for
a
tion of the neutral guarantees
the World War.
If
the
possibility of
such
a
victory,
as
gravely concerned
Belgium is to be neutralized by
national relations in the West will be
More and more, as events
to be
moving toward
as
the pivot.
every reason to
hope that
the Leftist
regime at Madrid may be overthrown, not
only because another State would be added to the
Fascist
in Central
ments in
has
Europe, but also
Europe must reckon.
definitely
France to
of
from
passed
Italy
position of
a
political
preparation for what is
be
to
the
to
Europe. The delay of Germany in adhering
proposed neutrality undertaking is believed
be
due
largely to the insistence of the Hitler
Government that
and
Soviet Russia
specifically
bound
as
Great Britain and France
shall
any
are
be
other
as
com¬
order is emerging in
new
more
and
and
clearly
more
seen
great struggle of the immediate future,
that, namely, between Fascism and Bolshevism.
the
kind
of
Weekly
Prices Lower
In
internationalism that has
place.
no
The
Index of Wholesale Commodity
During Week Ended Aug. 11
"Annalist"
Weekly Index of Wholesale Commodity
slightly during the week, dropping 0.2 point
to 127.7 for Aug. 11.
Lower prices for the grains except
barley, and for bananas, butter and eggs, cotton and gasoline
more
than offset higher live stock and beef
prices, the
"Annalist" said, presenting its index as follows:
Prices declined
"ANNALIST"
THE
WEEKLY
INDEX
:
(Unadjusted
for
firmly
products
Food
over
possibility that Spain, in return for Italian
aid,
COMMODITY
•
products
1913=100.)
4, 1936
Aug.
123.8
Aug. 13, 1935
124.4
119.6
128.3
137.2
xlll.7
108.7
169.9
170.8
164.3
112.8
Fuels
128.2
*111.6
Textile products-..
...
Metals
112.8
109.0
111.8
111.8
111.5
Chemicals
97.1
97.1
98.6
Miscellaneous
87.0
87.1
82.9
127.7
127.9
127.1
75.7
75.8
75.1
Building
All
v
jointly agitated
WHOLESALE
variation.
Aug. 11, 1936
Farm
signatory.
the
OF
PRICES
seasonal
victory would give to the Communist ad¬
in
to the
Britain
As for the League
Nations, that discredited body has dropped
A
gen¬
arrange¬
Political leadership
Great
and Germany.
pletely out of sight.
column, but also because of the check which
Fascist
vance
co¬
Italy gives those Powers not only political domi¬
nance
"Annalist"
has aptly been said, would leave
Italy
appears
alignments. The close
new
operation which is developing between Germany and
for
France between the pincers of a Fascist Spain and
a Fascist
Germany, with Fascist
Italy and Germany have
changed.
unfold, Europe
over
Fascist victory in Spain,
a
restora¬
a
international agreement, the whole aspect of inter¬
exploited at Geneva will have
is
rearma¬
which it had before
been
Government
unex¬
threatening character of the general
battle
Blum
An
pected obstacle to agreement has appeared in the
rumor
suspicious of the motives and acts of the others.
is
yet
appears as
greatly interested in taking part.
that
measure
prepare
There will
conference without Germany and
no
Italy, and neither of those Powers
of freedom of action, and that each
The
a
with
eral influence with which all other
With
it
Powers may
for peace or must face an imminent war.
Spanish revolution, and the in¬
by the Department of State
the
er
in Western Europe is at a standstill, and
materials-
commodities
All commodities
*
Preliminary,
-
old doll, basis
on
may cede one of its islands in the Mediterranean
to
Italy
as a naval station.
It is not
end of the
tion
to
and the
war
be
would allow the
dropped.
an
will
defeated
as
good
be
question of interven¬
certain that victory for either
as
by drastic treatment of the
parties, and that blood will
flow because open
warfare has ceased.
not
A
cease
reprisals would continue the appeal to foreign par¬
and sympathizers which has
already been
stimulated by the war, and
might easily itself pro¬
expect that
There is
Spain,
field, will remain for
cal
some
the
time
a
unrest
which
Europe.
is
reason to
outcome
social and
danger spot, stimulating by its
the
in
only too much
whatever
own
in
on
Continued strength has characterized bond
of
the
politi¬
disorders
already widespread elsewhere
the
lower-grade issues
medium grade,
proaching
arrested
issues
also
to
policy of
tisans
voke intervention.
y
The Course of the Bond Market
early
The bitterness of the fighting
followed
Based
exchange quotations for France, Switzer¬
land and Holland; Belgium Included prior to March, 1935.
•
the other hand, that
on
passions and hatreds that have been aroused
make it
side
clear,
Revised,
x
pending
to
a
hence
and
their
operations.
highs, and
United
new
railroad
Many
Utilities of
advance
refunding
new
established
High-grade
prices.
fractionally.
for instance the Baa rating group,
call prices,
rose
gained
are ap¬
has
been
Highest-grade
States Governments
top.
bonds
have
been
mixed.
Chicago
Burlington & Quincy, 111. div., 3%s, 1949, were unchanged
at 108; Northern Pacific 4s, 1997, at 109 were
unchanged;
Union
Pacific 4s, 1947,
railroad
bonds
1995, at 89%
were
declined 1% to
The
on
bonds
declined
% to 114%.
fairly steady.
off y2;
Lower-grade
Baltimore
&
Ohio
5s,
Kansas City Southern 5s, 1950,
94y2; Erie 5s, 1975, closed at 84y2, down y2.
$16,000,000
offered
and
held
New
York
Thursday at 100,
were
traded
in
Chicago & St.
Louis
were accorded a
at
a
premium
4s,
1946,
good reception
of
more
than
a
point during the day.
High-grade utility bonds displayed strength..
as
Consolidated
Edison
Issues such
3%s, 1956; Dayton Power & Light
Financial
982
California Edison 3%s, 1960, estab¬
peaks.
Lower grades have also been moderately
strong, although the upward trend did not reach substantial
proportions.
Hudson & Manhattan adj. 5s, 1957, closed at
33%, up 2% for the week; International Tel. & Tel. 4%s,
1939, at 86% were up 5%; Laclede Gas 6s, 1942, advanced
2% to 74% ; National Public Service 5s, 1978, rose 2% to
35%; Gatineau Power 6s, 1941, closed at 97%, up 2%. New
financing was limited to $1,000,000 Public Service Go. of
3%s, 1960, and Southern
lished
new
Hampshire 3%s, 1961.
New
Industrial 'bonds
have
with
lower,
moved irregularly
experiencing sharp declines. The
equipments gave a good account of themselves, Baldwin
Locomotive 6s, 1938, w. w.. advancing 2 to 99%, while the
metals and steels have been steady. - The oils have been less
convertible issues
many
favored; Union Oil of
s
and' Chile bonds
Moody's computed
120 Domestic
by Ratings
Corporate* bp Groups
Bonds
Corp.*
1936
P.
RR.
Closing Prices>
120 Domestic
Indus.
Averages
tic
Aaa
30
For-
Domes¬
U.
tt
Corporate by Groups
Corporate
by listings
120
Daily
Baa
Aa
Aaa
YIELD AVERAGESt
.
tic
**
tables:
120 Domestic
All
120 Domestic Corporate*
issues.
bond prices and bond yield averages
given in the following
are
Outstanding price
fractionally lower.
made by Italian and Uruguayan
(Based on Individual
120
Daily
Averages
were
recoveries have been
MOODY'S BOND
Domes¬
Govt.
supply issues have also
Building
(Based on Average Yields)
U
declined 1% to
Calif, conv. 4s, 1947,
shown signs of
weakness. The 4%-point decline of Paramount Pictures 6s,
1955, to 84% was in contrast to the action of other amuse¬
ment company bonds, among them Warner Brothers Pictures
6s, 1939, which rose % to 98%.
An outstanding gam was
the 4%-point advance of R. Hoe & Co. 1st 6%s, 1944, to
79% after reaching a new high at 79%.
Foreign bonds as a whole have been fairly strong, with
moderate price gains registered by most Eastern and Central
European issues.
Some South Americans such as Argentine
116%.
MOODY'S BOND PRICESt
1936
Aue-15•1936
Chronicle
RR
Baa
A
Aa
P
U.
Indus
eigru
4.13
3.66
110.79
120.11
Aug. 14—
4.86
98.25
108.75
4.12
21.38
110.98
3.60
124.64
3.45
113.07
4.01
Aug. 14_r 110.59
4.23
4.13
3.65
110.79
120.33
3.45
4.86
98.25
108.94
4.11
111.16
3.60
21.38
4.01
113.07
124.64
13-
13— 110.56
12- 110.49
113.07
111.16
98.25
110.61
120.33
3.45
4.14
124.64
4.01
4.23
3.65
12-
4.86
108.94
4.11
21.38
3.60
3.46
3.60
3.66
110.98
4.01
4.14
120.11
11-
4.25
110.61
4.87
108.57
4.12
98.09
4.01
3.46
3.60
4.12
4.86
4.24
4.13
3.66
t
120.11
10-
4.86
4.24
4.14
3.66
t
11— 110.41
113.07
124.41
21.38
10- 110.44
113.07
124.41
21.38
110.98
98.25
8— 110.42
113.07
124.41
21.38
110.98
98.25
7— 110.42
112.88
124.19
21.38
110.98
98.09
110.30
112.69
124.19
21.17
110.61
97.78
5- 110.23
112.69
123.97
21.17
110.61
4— 110.19
112.69
123.97
21.17
110.61
97.62
108.03
110.23
119.90
97.62
108.03
110.42
119.69
97.78
108.03
110.42
119.90
1-
6
—
3— 110.17
112,50
123.97
20.96
110.42
1— 110.16
112.69
123.97
20.96
97.78
110.61
5.75
t
t
t
'
108.75
110.79
108.75
110.61
120.11
8-
4.01
3.46
3.60
4.12
4.02
3.47
3.60
4.12
4.14
3.66
120.11
7-
4.25
110.61
4.87
108.57
3.47
3.61
4.14
4.15
3.67
119.90
4.03
4.27
110.42
110.42
6-
4.89
108.21
5-
4.03
3.48
3.61
4.14
4.89
4.28
4.15
3.67
t
119.90
4—
4.03
3.48
3.61
4.14
4.90
4.28
4.16
3.67
t
3-
4.04
3.48
3.62
4.15
4.90
4.28
4.15
3.68
t
4.03
3.48
3.62
4.14
4.89
4.28
4.15
4.04
3.48
3.62
4.14
4.90
4.28
4.15
108.03
Weekly—
Weekly—
4.24
«
3.67
5.82
t
t
3.68
5.75
123.97
20.96
110.61
97.62
108.03
110.42
119.69
July 31-
4.16
3.71
5.75
119.07
3.50
4.30
107.67
110.23
4.92
97.31
4.17
110.05
3.64
20.54
4.06
112.11
123.53
24..
24— 109.92
4.17
3.74
5.77
110.05
3.50
4.33
96.70
118.45
4.96
109.68
107.14
4.19
20.33
3.65
123.53
4.08
111.73
17-
17— 109.76
3.74
10— 110.05
111.54
123.32
96.08
4.09
4.17
118.45
4.36
110.05
5.00
106.60
4.21
109.31
3.65
20.33
3.51
5.80
106.07
109.49
118.04
5.04
95.48
4.23
118.94
3.67
3- 110.04
19.90
3.52
3.76
123.10
4.12
4.20
110.98
3-
4.39
4.23
3.77
June 26— 109.88
110.79
,108.75
106.25
117.84
5.03
4.38
108.94
4.24
95.63
3.69
19.48
3.55
122.46
4.13
5.77
June 26—
110.79
122.46
10660
117.63
3.70
19— 109.93
108.94
3.55
3.78
19.27
4.13
4.24
5.85
19-
4.36
108.75
5.03
95.63
4.23
3.71
4.24
3.76
5.95
118.04
3.54
4.37
95.93
109.75
5.01
108.94
106.42
4.23
19.07
4.12
110.98
122.67
12-
12- 110.01
4.15
4.41
4.26
3.77
6.06
5— 109.99
105.72
117.84
5.06
95.18
108.39
4.24
108.75
3.73
18.66
3.55
122.46
5-
110.42
4.40
5.91
105.89
108.57
117.63
5.06
95.18
4.23
108.94
3.72
110.61
18.86
3.56
May 29.. 110.01
122.24
4.14
3.78
May 29—
4.25
4.25
3.79
5.92
22.. 110.20
110.23
105.54
117.43
4.42
108.57
5.08
94.88
4.24
108.75
3.73
18.66
4.16
3.57
122.03
22-
5.89
108.57
117.22
4.23
110.42
95.18
3.74
15.. 109.98
108.94
3.58
3.80
18.45
4.15
4.25
121.81
15-
4.41
105.72
5.06
4.44
4.26
3.82
5.84
8— 109.70
109.86
105.20
108.39
116.82
5.09
94.73
4.26
108.38
3.76
18.04
4.18
3.59
121.60
8_.
104.51
3.80
5.96
108.03
3.60
109.31
17.22
4.21
1— 109.69
121.38
1-
3.86
116.01
4.48
4.28
108.03
5.14
93.09
4.28
5.08
Apr. 24.. 109.80
109.68
94.88
104.85
4.27
108.21
3.80
17.22
3.60
121.38
4.19
3.84
Apr. 24..
4.27
116.42
4.46
108.21
5.83
17— 109.96
110.05
95.78
116.62
4.17
3.83
116.62
3.78
4.37
106.42
108.39
4.99
96.23
4.25
108.57
3.59
110.42
17.63
4.15
3.83
5.83
9-
4.26
9— 109.75
121.38
121.60
17..
4.27
108.21
5.02
4.40
105.89
4.25
108.57
3.79
17.43
3.60
4.16
3.59
3.78
4.25
5.01
4.38
4.27
3.83
5.83
July 31— 110.13
112.50
10-
5.82
5.86
3— 109.64
110.23
121.60
17.73
108.57
95.93
106.25
108.21
116.62
3..
3.61
3.84
116.42
4.28
108.03
4.39
106.07
5.03
95.63
4.24
108t75
3.79
17.43
4.17
110.05
121.17
Mar. 27..
Mar. 27.. 109.66
4.26
3.83
5.80
20- 109.51
110.23
108.39
116.62
4.39
106.07
5.04
95.48
4.23
108.94
3.60
3.77
17.84
4.16
121.38
20-
95.63
3.78
110.05
108.75
3.63
13.. 109.11
17.63
4.17
5.94
120.75
13-
3.85
116.22
4.28
108.03
5.03
4.39
106.07
4.24
6..
4.12
3.61
3.76
4.20
4.90
4.25
4.26
3.85
5.87
116.22
4.14
3.64
3.77
4.23
4.93
4.30
4.26
3.87
4.25
3.87
5.92
5.85
6— 109.46
110.98
121.17
18.04
109.49
97.62
108.57
108.39
110.61
120.54
17.84
108.94
97.16
107.67
108.39
115.81
Feb. 29-
Feb. 29— 108.98
108.57
115.81
3.79
4.22
4.87
98.09
3.62
120.96
109.12
4.13
110.79
17.43
21..
21.. 108.95
108.57
4.25
3.87
6.05
15.. 108.52
110.61
120.96
115.81
4.24
108.75
4.29
107.85
4.90
97.62
3.62
4.23
108.94
4.14
3.79
17.43
15-
3.62
3.81
8.10
110.23
120.96
108.39
4.16
8— 108.22
17.02
8-
3.88
115.61
4.25
108.57
4.36
106.60
4.96
96.70
4.26
4.28
5.02
3.89
6.15
115.41
3.82
4.25
105.54
108.57
4.42
95.78
3.63
120.75
108.03
4.19
109.68
16.82
1-
1- 107.96
3.89
6.13
31.. 108.03
109.68
120.75
16.82
108.67
115.41
4.25
105.37
4.43
95.63
4.28
5.03
108.03
3.82
6.11
24.. 107.89
109.68
120.54
16.62
108.21
95.78
105.37
108.57
17.1 108.34
109.31
120.11
16.62
107.85
95.18
104.68
10- 108.02
108.39
119.90
15.41
107.14
93.99
103.48
107.94
107.31
14.63
106.07
92.53
101.97
High 1936 110.59
Low 1936 107.77
113.07
119.27
124.64
21.38
111.16
98.25
107.14
119.07
14.43
106.07
Higb 1935 109.20
106.96
119.69
14.43
105.72
91.67
101.31
1935 105.66
99.20
116.82
08.57
98.73
77.88
90.69
103.65
118.04
10.23
103.15
86.91
Jan.
3„
Low
91.96
*
These
06.07
95.48
3.63
115.41
24..
4 19
3.64
3.83
4.27
5.02
4.43
4.25
3.89
3.66
3.83
4.29
5.06
4.47
3.91
6.17
115-02
4.21
4.26
108.39
17..
10-
4.26
3.67
3.89
4.33
5.14
3.96
6.26
114.04
4.27
108.21
4.54
3.70
3.93
4.39
5.24
4.63
4.03
6.23
112.69
4.32
4.29
Low
1936
4.01
3.45
3.60
4.86
4.13
3.65
5.75
120.33
4.11
4.23
108.94
107.85
110.79
3-
4.33
3.71
3.94
4.39
5.28
4.65
6.31
101.64
High 1936
4.05
112.31
4.29
107.85
3.68
4.41
5.30
4.67
4.06
6.78
112.11
3.94
4.30
107 67
Low
High 1935
6.97
94.14
106.78
4.35
97.16
108.39
105.72
1935
4.34
4.80
3.82
4.25
4.83
6.40
6.37
6.13
4.53
3.76
4.16
4.56
5.65
4.93
4.41
4.26
6.15
5.04
3.96
4.39
5.18
6.64
5.18
5.45
4.50
7.32
Yr. Ago
Aug.14 35
75.29
93.40
104.16
89.59
93.40
yields on the bos*
of actual price Quotation.
Ttoey
the truer picture ofthe
market.
Aug.14 34
prices are computed from averse
level or the average movement
yield averages, the latter being
Actual
4.19
2 Yrs.Ago
2 Yrs.Ago
Aug. 14 35 104.84
31__
Jan.
1
1 Yr. Ago
Aug.14 35 108.64
6.00
m
.
u t
aSed Jo a coSrabl?basis
averag^price of
Gross and Net Earnings
mHee
In computing these indexes was
f bond3
with previous averages of 40 foreign bonds,
the lsaue of Feb. 6. 1932. page 907.
published in the issue of May 18,1935,
t Daily averages discontinued, except
of United States Railroads for the
Friday
Month
of June
Railroad
June
operating
revenues
present a favorable
for the month of
comparison with the same
this being quite in accord with
tendencies -noted during previous months of the
month
of
1935,
carriers clearly are
the general busi¬
ness
improvement.
If the present tendency con¬
tinues there is a prospect that Class I railroads will
show a surplus after fixed charges for the entire
current
year.
The principal
sharing to a considerable degree in
year.
The future,
however,
with too much assurance.
terrible blight on a
sarily will
cannot be regarded
its
The drought that laid
great part of the West neces¬
curtail sharply the shipments of
im¬
commodities. It is necessary
to note,
moreover, that the Interstate Commerce
Commission on Aug. 3 denied the petition of Class I
portant agricultural
railroads for continuance
freight rates authorized two years ago.
conditions that occasioned the emergency
emergency
All
the
after Dec. 31, 1936, of the
will be made
The
filing of complete new tariffs on various commodi¬
ties is under consideration, as an alternative.
Despite such considerations, it remains true that
the leading railroads now are able to report best
operating results since the depression really became
serious in 1931.
The improvement is widespread, as
our summary by districts and regions shows that all
groups reported increased gross earnings in June,
rates still
prevail, and further efforts
by the carriers to maintain the surcharges.
as
contrasted with the
same
month of last year.
Net
earnings were better in all districts with the excep¬
tion of New
for
the
England.
month
$280,967,649 in June,
244,684,
creased
gain,
so
or
Gross earnings of 139 roads
amounted
17.53%.
and absorbed
to
1935,
$330,212,333 against
an
increase of $49,-
Operating expenses also in¬
slightly more than half the
that net revenues, before taxes, were re¬
against
ported for the month at $88,872,678
Volume
143
Financial
-
826,419 in June, 1935, a gain of $24,046,259,
or
We present the results herewith in tabular
37.09%.
form:
Month of
1936
June—
roads
139
of
Net earnings
76.93%
+
$88,872,678
or Dec.
—1,205
+$49,244,684
+25,198 425
—3.84%
238,019
$280,967,649
216,141,230
Gross earnings
(+)
Inc.
1935
< 236,814
$330,212,333
operating expenses
241,339,655
Ratio of expenses to earnings
73.09%
Mileage
further back, we find that 4,544,000 net tons were
produced in June, 1931; 5,152,000 net tons in June,
1930, and no less than 5,069,000 net tons in
June, 1929.
0.05%
17.53%
n.66%
On the other hand,
?
compared with June
general, it is evident that the widespread busi-
ness
recovery
road
has occasioned the stimulation of rail-
earnings.
Many important lines
are
ing to the advance, although others still
In
taking,
indices
:
the
as
mobile
is
as
measure
of business
industry naturally
lagging.
leading
the
custom,
our
contribut-
are
trade
activity, the autofirst in import-
comes
According to the statistics compiled by the
ance.
Bureau
of the
Census, there
was
not only a most
gratifying increase in the output of motor vehicles
as
compared with June
the
was
but production
largest for the month since June, 1929.
Bureau
biles
a year ago,
reports that
were
no
The
less than 454,487 automo-
out in
turned
June the present year as
against but 356,340 in June, 1935, and only 306,477
in
cars
June, 1934.
In the five
1934 the June output
lows:
249,727
250,640
cars
less than
cars
ing improvement
preceding
was
fol-
as
in 1933; 183,106 cars in 1932;
in 1931; 334,506
545,932
years
of motor vehicles
cars
in 1930, and
cars
-1,930,138
tons in
and
June, 1933; 628,064
1930,
tons
iron
having
case
as
in
tons
compared
June,
1935;
gross
in June, 1932,
gross tons
tons in June, 1931.
however,
the
pig
iron
Back in
output
was
2,934,191
gross
tons, and in June, 1929, had reached
3,717,225
gross
tons.
to the statistics
Steel
in
In the
case
of steel, according
compiled by the American Iron and
Institute, the production of steel ingots in the
june> 1933, and $113,075,000 in June, 1932, but
573,000 in June, 1930, and $529,891,100 in June,
in view of the very
1929.
building trade, lumber production likewise
showed
a
Association,
p0rted
as
(the largest output for June
against only 2,258,664
June, 1935, and 3,059,483
eluding June,
1929,
are:
gross tons
years,
2,564,420
in
in June, 1934.
gross tons
Comparisons with preceding
back to and ingross
tons
in
June, 1933; 912,757 tons in June, 1932; 2,127,762
tons in June, 1931;
3,418,535 tons in June, 1930, and
no less than
4,902,955 tons in June, 1929.
Turning to another basic industry—the mining of
coal—we find that both the bituminous and anthracite
output
(particularly
greatly reduced scale
the
latter)
was
compared with June
on
a
a year
The United States Bureau of Mines reports
ago.
that the
the
as
pared with only 619,279,000 feet in the same four
weeks of
was
1935,
or
59%
.ing weeks of last
year,
more
than in the correspond-
and 70% above the record of
present year aggregated 928,184,000 feet as against
only 604,003,000 feet in the similar period of 1935,
or a
gain of 54%, while orders, too, were on a greatly
increased
only 29,415,000
net
tons
as
scale, reaching 898,318,000 feet
corn-
as
pared with only 600,616,000 feet in the correspond-
ing four weeks of last year, or 47% above June,
1935, and 94% above similar weeks of 1934.
it
happened, too, that the "Western grain
ment
was
on
moreover,
extended to
items, the gain in the
of
case
1935.
The
all the different
having been
corn
We deal with the details
exceptionally pronounced.
of the Western
move-
greatly increased scale in June the
a
present year as compared with June,
increase,
grain movement in
a
separate para-
graph further along in this article, and therefore
only say here that for the four weeks ended
1936, the receipts at the Western primary
markets of wheat, corn, oats,
barley and
bined, reached 49,732,000 bushels
23,809,000 bushels in the
and
44,121,000 bushels in the
rye, corn-
against
as
but
four weeks of 1935
same
In the corresponding period
same
period of 1934.
of 1933, however, the
grain movement aggregated 79,206,000 bushels, after
having fallen to 21,438,000 bushels in the similar
period of 1932, and in the
it
1930
and
232,000
was,
bushels.
four weeks of 1931
same
respectively, 45,104,000 and 45,-
Going
one
further
yehr
(1929), the grain movement in the
same
back
four weeks
aggregated 57,019,000 bushels,
quantity of bituminous coal mined in June
present year
Lumber Manufacturers
of 534 identical mills re-
average
cut of 985,542,000 feet of lumber in the
a
June 27,
1929)
an
four weeks ended June 27 the current year as corn-
3,984,845
since
According to the statistics
large increase.
compiled by the National
need
tons
substantial improvement
in the
United States in June the current
year aggregated
gross
against only $148,005,200 in June
as
$127,055,400 in June, 1934; $102,341,900
comparing with $316,147,000 in June, 1931; $600,-
tons in June, 1934; 1,265,007 gross
gross
1,638,627
June,
gross
gross
$233,054,600
period of 1934.
pig iron in the United States in June the present
1,552,514
0f
last year;
four weeks the
The "Iron Age" reports that production of
only
ing june the present year involved a money outlay
same
shown likewise in the
aggregated 2,586,240
Rocky Mountains dur-
same
largest recorded for June in all recent
with
jn the 37 States east of the
Shipments of lumber in the
been
year
The P. W. Dodge
back to June, 1931.
comparable mills during the
industries, the output in each
years.
years
corp> reports that construction contracts awarded
no
and steel
the.
v
and all other previ¬
a year ago
Very gratify-
in June, 1929.
was
.
marked improvement as
verv
37.09%
ous
In
the building industry, to which
turn, showed
now
YYC
+$24,046,259
$64,826,419
(—)
983
Chronicle
It
is, however, when
showing the loading of
we
turn
revenue
to
the statistics
freight
all the
on
against 30,117,000 net tons in June, 1935, but comparing with 25,877,000 net tons in June, 1934;
of all that has been said above is most clearly mani-
25,320,000 tons in 1933; 17,749,000 tons in 1932;
29,185,000 tons in 1931; 33,714,000 net tons in 1930,
year,
and
of
38,580,000 net tons in J line, 1929.
In the
case
Pennsylvania anthracite, the quantity mined in
June
tons
the
as
month
present year reached only 3,958,000 net
compared with 5,642,000 net tons in the
last
year
and 4,184,000 net tons in
same
June,
1934, but comparing with 3,928,000 net tons in June,
1933, and 2,550,000 net tons in June, 1932. Going
railroads of the country that the composite result
fested.
For the four weeks of June
the
present
according to the figures compiled by the Car
Service Division of the American Railroad Associa-
tion, the number of
on
2,787,012
(the
largest
month since 1931)
the
cars
the railroads of the
same
same
as
loaded with
United
number
revenue
States
recorded
four
weeks
of
for
against only 2,465,735
four weeks of 1935 ; 2,504,974
1934;
2,265,379
freight
aggregated
cars
cars
the
cars
in
in the
in
the
984
similar
period of 1933, and 1,966,488
four
same
2,991,950
weeks
of
1932,
in the similar four weeks of
cars
than
4,291,881
of 1929.
find the exhibits in
we
Atch Topeka & Santa Fe
Great Northern.
to the separate roads and systems,
consonance
for the railroads as a whole.
In
with the
ings, and in the
to
record
small.
the
a
of the net
New Haven &
$286,605'in
gross earn¬
that amount.
The
de¬
both instances are comparatively
in
Among the
case
loss in
of
excess
of the net but seven are obliged
decrease above
too,
creases,
case
a
showing
compilations
our
showing the increases and decreases in
$100,000* only two roads report
*
seven
roads showing losses in
to be found the New York
are
Hartford, which, with
gross
earnings, reports
increase of
an
decrease
a
of
Northern Pacific
Norfolk A Western
Chic R I A Pac (2 rds)-Chicago A North Western
St Louis-San Fran (3 rds)
Louisville & Nashville.
__
Dul Missabe & Northern
Bessemer & Lake Erie—
Southern
Chic St P Minn & Omaha
Erie (2 roads)
Lehigh Valley
Illinois Central
Minn St P & S S Marie.
Missouri-Kansas-Texas.
gain of $137,819 in
a
$221,386 in net.
Lack of
gross
and a loss of
naming
space prevents our
separately all of the roads distinguished for gains
in
both
and net earnings alike, so
gross
content ourselves with
more
mentioning only
a
reports
an
few of the
of the
case
increase of $4,530,839 in
gross
earnings and of $1,877,596 in net earnings
figures
Erie, the result is
gross
the
(these
the operations of the New York Cen¬
coyer
tral and its leased lines.
Lake
shall
The New York Central
conspicuous roads.
(which heads the list of increases in the
gross)
we
Including the Pittsburgh &
an
increase in the
of the
case
of $4,949,057 and of $2,065,118 in the case of
the list of increases in
vania
Paul &
Pacific, with $2,117,936 increase in
gross
and
crease
in net;
and $1,545,208 in¬
gross
gross
and $940,261 increase in
net; the Great Northern, reporting $1,994,922 gain
in gross
Pacific, which shows
$1,424,996 and
joined table
a
we
a
gain in
gain in net of $989,526.
whether increases
or
excess
Southern and
different
125,280
Florida East
112,588
Co^st-.J—
Pacific!.
102,821
Total (51 roads)
_I$24,775,534
Texas A
Decrease
$274,878
257,779
221,386
209,550
145,663
129,367
108,758
Central of New Jersey..
N Y N H A Hartford...
Western Pacific
Virginian
Reading.
...
Maine Central
Lehigh A New England.
Total
$1,347,381
(7 roads)
or geo¬
groups
results
of the
shown
com¬
as
the Western—together
with all the
regions grouped under these districts, are
earnings and
net/earnings alike, with the single exception that in
case
the
Eastern
(in
England region
district) is obliged to report
Our summary
explained,
net the New
the
of
the
by groups is as below.
loss.
a
As previously
the roads to conform to the
we group
classification of the Interstate Commerce Commis¬
The boundaries of the different groups
sion.
regions
and
indicated in the footnote to the table:
are
SUMMARY BY
GROUPS
-Gross Earnings
District and Region
Month of June—
1936
1935
_
S
Eastern District-
Inc.
(+) or Dec. (—)
$
$
+341,674
+7,987,185
+8,139,388
%
2.78
14.38
13.24
129,328,395
r+16,468,247
12.73
34,033,571
18,605,626
+4,434,739
+1.<
13.03
52,639,197
+6,095,577
11.58
31,758,375
47,038,947
20,202,735
+9,842,513
+ 11,878,369
+4,959,978
30.99
25.25
125,680,917
99,000,057
+26,680,860
26.95
roads)...330.212,333
280,967,649
+49,244,684
17.53
(10 roads)
12,641,753
Great Lakes region (24 roads)
63,547,430
Central Eastern region (18 roads).. 69,607,459
..145,796,642
38,468,310
20,266,464
58,734,774
•
12,300,079
55,560,245
61,468,071
New England region
Total (52 roads)
Southern District—
Southern region (28 roads).....
Pocahontas region (4 roads)
...
...
Total (32 roads)
Tl/potprti
D'/'f/Wr/—
Northwestern region (15 roads)
41,600,888
Central Western region (16 roads). 58,917,316
Southwestern region (24 roads)
25,162,713
Total
(55 roads).
Total all districts (139
District and Region
Month of June
Eastern District—
1936
New England region
7,045
Great Lakes region._ 26,623
of $100,000,
Total
1935
Earnings
1935
1936
$
S
'
—
Inc. (+) or Dec. (—)
$
%
7,134
26,795
25,058
2,673,899
17,069,326
20,367,446
3,291,843
13,375,402
17,962,296
—617,944
+3.693,924
+2,405,150
18.77
27.62
13.39
58,547.58,987
40,110,671
34,629,541
Central Eastern reg'n 24,879
gross
-Net
—Mileage
24.55
.
+5,481,130
15.83
6,531,376 +2,245,063
8,693,985
+748,169
34.37
8.61
+2,993,232
19.66
Southern District—«
and net:
-
...
Southern region
OF
JUNE,
THE MONTH
1936
...
Increase
New York Central..
a$4,530,839
4,353,777
Southern Pacific (2 rds.).
4,175,993
Atch Topeka A Santa Fe. "2,517,798
Baltimore & Ohio
2,206,388
ChicMilw StP & Pac...
2,117,936
Union Pacific
2,069,060
Great Northern
1,994,922
Chicago & North Western
1,811,193
Chic R I A Pac (2 rds)__
1,505,083
Missouri Pacific.
1,424,996
Chicago Burl A Quincy..
1,392,053
Northern Pacific
1,225,054
Norfolk A Western
1,218,876
Louisville & Nashville
1,190,022
Southern
966,169
St Louis-San Fran (3 rds)
902,408
Illinois Central
806,525
Dul Missabe & Northern
732,939
Erie (2 roads)
643,675
Bessemer & Lake Erie—
639,108
635,411
Chesapeake & Ohio
N Y Chicago & St Louis.
607,849
Lehigh Valley.
517,591
Chic St P Minn & Omaha
484,298
Missouri-Kansas-Texas.
470,751
Wabash
457,463
Pere Marquette
455,458
442,887
Elgin Joliet & Eastern
Minn St P & S S Marie.
424,699
418,218
Pittsburgh & Lake Erie.
Pennsylvania
...
;
_
.
St Louis Southwestern..
Chicago Great Western..
Texas & Pacific._
Denver & R G Western..
Minneapolis & St Louis.
Del Lade & Western
N Y N H A Hartford....
Yazoo & Miss Valley.
Alton.
Cin NO & Texas Pacific.
...
Lake
Sup A Ishpeming..
Colo & Southern (2 rds).
Seaboard Air Line
Chicago & Eastern 111
Boston & Maine
Nash Ohatt & St Louis.
...
Wheeling & Lake Erie
Western Pacific
Mobile & Ohio.
Long
Island
Central of Georgia
Chic Ind & Louisville
Total (61 roads)
_
376,761
353,131
346,507
339,274
338,479
315,800
302,833
298,657
286,605
233,186
221,855
212,852
210,389
208,519
173,156
172,561
168,581
158,395
141,138
137,819
119,502
114,134
108,738
105,284
$48,783,595
Decrease
Virginian
Central of New
Jersey-
$220,677
173,617
_
Total (2 roads)
$394,294
a These figures cover
the operations of the New York Central and the
leased lines—Cleveland Cincinnati Chicago A St. Louis, Michigan Central,
Cincinnati Northern, and Evansville Indianapolis A Terre Haute.
Includ¬
ing Pittsburgh A Lake Erie, the result is an increase of $4,949,057.
39,231
8,776.439
6,010
6,015
9,442,154
45,246
18,218,593
region 46,217
region..
Total
•
15,225,361
Western District—
Increase
Kansas City Southern...
Grand Trunk Western..
38,925
44,935
Pocahontas
PRINCIPAL CHANGES IN GROSS EARNINGS FOR
138,657
Chicago A Eastern 111...
able to record increases in both gross
In the sub¬
decreases, and in both
149,773
Cin N O & Texas Pacific.
by the fact that all three districts—the Eastern, the
bring together all changes for the
separate roads for amounts in
Chesapeake & Ohio.....
arranged in
are
character
favorable
of
gross
162,557
158,604
157,508
Southwestern..
pared with June last year is very clearly illustrated
and $939,150 in the case of the net, and the
Missouri
the roads
When
the Atchison Topeka & Santa Fe, with
$2,517,798 gain in
St Louis
Yazoo & Miss Valley
Colo & Southern (2 rds).
graphical divisions, according to their location, the
$1,602,942 increase in net; the Union Pacific, report¬
ing $2,069,060 increase in
188,126
187,522
178,709
.
of the New York Central and leased
A St. Louis, Michigan Central,
Cincinnati Northern, and Evansville Indianapolis A Terre Haute.
In¬
cluding the Pittsburgh A Lake Erie the result is an increase of $2,065,118.
shows
$1,196,013 gain in net; the Chicago Milwaukee St.
Lake Sup & Ishpeming.
Pittsburgh A Lake Erie..
Elgin Joliet & Eastern
These figures cover the operations
lines—Cleveland
Cincinnati Chicago
net) reports $4,175,993 gain
gross,
223,981
220,399
211,024
Grand Trunk Western..
a
and $2,185,847 increase in net ; the Pennsyl¬
RR., with $4,353,777 increase in
-
Alton
net); the Southern Pacific System (which heads
in gross
_
Minneapolis & St Louis..
Chicago Great Western. .
$257,779 in net, and ;the Western Pacific, which
shows
Louis-
254,495
244,514
ern
Wabash
497,177
466,162
407,257
385,082
360,993
329,087
323,062
307,914
293,612
269,380
263,661
257,414
Baltimore & Ohio
N Y Chicago A St
Del Lack & Wes
989,526
940,261
939,150
796,206
751,737
751,323
695,912
643,701
576,874
574,888
521,131,
Missouri Pacific
.0>.
•
now
Increase
City Southern—
Marquette.
'
Pere
al,877,596
Chic Milw St Pa A Pac..
1,602,942
Union Pacific
1,545,208
1,209,860
Chicago Burl A Quincy-1,196,013
Pennsylvania
less
no
MONTH
Kansas
$2,185,847
Southern Pacific (2 rds).
New York Central
in the corresponding four weeks
cars
.
Coming
1930, and
1936
}
Increase
with
in the same period of 1931; 3,718,983
cars
15,
THE
FOR
NET EARNINGS
OF JUNE, 1936
IN
CHANGES
PRINCIPAL
in the
cars
comparing
but
Aug
Chronicle
Financial
Northwestern
Cent. West, region..
56,811
46,470
56,953
30,304
30,363
11,219,183
13,502,574
5,821,657
5.052,657 +6,166,526 122.05
7,215,304 '+6,287.270
87.14
Southwestern region.
133.332 133,786
30,543,414
14,971,517+15.571,897 104.01
Total all districts...236,814 238,019
88,872,678
64,826,419+24,046,259
Total
-
2,703,556
+3,118,101 115.33
37.09
NOTE—Our grouping of the roads conforms to the classification of the Interstate
Commerce Commission,
groups and regions:
and the following indicates the confines of the different
EASTERN DISTRICT
New England Region—Comprises the New England States.
Great Lakes Region—Comprises the section on the Canadian boundary between
New England and the westerly shore of Lake Michigan to Chicago, and north of
a
line from Chicago via Pittsburgh to New York.
Central Eastern Region—Comprises the section south of the Great Lakes Region
a line from Chicago through Peoria to St. Louis and the Mississippi River
east of
to the mouth of the Ohio
River, and north of the Ohio River to Parkersburg, W.
corner of Maryland and by the Potomac
Va., and a line thence to the southwestern
River to its mouth.
SOUTHERN DISTRICT
Southern Region—Comprises the section east of the Mississippi River and south of
the Ohio River to
point near Kenova, W. Va., and a line thence following the
eastern boundary of Kentucky and the southern boundary of Virginia to the Atlantic.
a
Pocahontas Region—Comprises the section north of the southern boundary of
Virginia, east of Kentucky and the Ohio River north to Parkersburg, W. Va., and
south
of a line from Parkersburg to the southwestern
thence by the Potomac River to its mouth.
corner
of
Maryland and
WESTERN DISTRICT
Northwestern Region—Comprises the section adjoining Canada lying west of the
Great Lakes Region, north of a line'from Chicago to Omaha and thence to Portland
and by the Columbia River to the Pacific.
Central Western Region—Comprises the section south of the Northwestern Region
west of
a
line from Chicago to Peoria and thence to St. Louis, and north of a line
from St. Louis to Kansas City and thence to El Paso and by the Mexican
to the Pacific^
.
boundary
Volume
Financial
143
Chronicle
Southwestern Region—Comprises the section lying between the Mississippi River
south of St. Louis and a line from St. Louis to Kansas City and thence to El Paso,
and by the Rio Grande to the Gulf of Mexicto.
^ '
As
Southern
much
The
(taking them collectively)
larger grain traffic than in June
enjoyed
the
striking
appears
from
Western
1929.
proportions—since
the fact
that
the
receipts
This
the
at
primary markets of the five cereals, wheat,
barley and rye, combined, aggregated
oats,
corn,
49,732,000 bushels in the four weeks ended June 27,
1936, as against only 23,809,000 bushels in the same
four
weeks
of
1935 and
similar weeks of
bushels
The
in
the
corresponding four weeks of 1933.
comparisons with
June, 1929,
weeks of
weeks
44,121,000 bushels in the
1934, but comparing with 79,206,000
earlier
the
years
21,438,000 bushels in the
are:
1931;
45,232,000
bushels
to
in
four
same
and
as
17,722 bales in June, 1934; 39,310 bales in June,
1933; 14,575 bales in June, 1932; 42,610 bales in
June, 1931; 34,131 bales in June, 1930, and 22,761
bales in
At the Southern outports the
June, 1929.
receipts of cotton comprised 137,946 bales in June,
1936,
against only 57,218 bales in the
as
of last
year,
June,
1934; 328,202 bales in June,
bales
in
same
month
but comparing with 183,553 bales in
1933; 174,056
1932; 81,651 bales in June, 1931;
June,
138,761 bales in June, 1930^ and 69,458 bales in
the
month of 1929.
same
In the
following table
we
give the port movement of the staple back to 1931:
RECEIPTS QF COTTON AT SOUTHERN PORTS IN JUNE 1936,
four
1930,
1932; 45,104,000 bushels in the
of
back
same
overland
compared with only 39,651 bales in June last year;
a year ago.
exception of June, 1933, when it
reached
shipments
(the highest for the month in all recent years)
a
movement, moreover, was the largest in that
month—with
Gross
outports.-
aggregated 45,795 bales in June the present year
already indicated, Western roads in June the
present year
985
1933,
1936
1935, 1934,
AND 1931
1932
1934
1935
1933
1931
1932
Galveston
19,088
10,554
38,693
58,268
57,019,000 bushels in the corresponding period of
Houston, &c...
Corpus Christ!
14,054
10,275
33,078
100,800
21.485
20.486
281
1,357
5,012
438
96
1929.
Beaumont
24*621
66*328
78,864
22,167
8,642
12,476
*6*7*814
4*0*556
26,783
5,024
4,128
19365
All the different
staples, without exception,
contributed in greater or less
degree to the current
year's increase.
primary markets reached 13,059,000 bush¬
same
Mobile...
9,714
1,031
Pensacola..
2,208
5,334
17,736
6,659
Savannah
3,001
1,315
9,585
10
23
13,435
*2*345
"l'M
4,922
24,921
10,173
2,311
5,457
.....
Brunswick
*
Lake Charles.
25
1935; the receipts of
corn,
1,856,000 bushels against 471,000 bushels.
following table
ern
grain movement in
4
WESTERN
Wks.
End.
GRAIN
Wheat
Corn
IBbls.)
(Bush.)
(.Bush.)
'
Chicago—
RECEIPTS
Oats
(Bush.)
Barley
(Bush.)
Rye
(Bush.)
'
•
1936
824,000
1935.
.
usual form:
our
FLOUR AND
Flour
June 27—
In
give the details of the West¬
we
679,000
787,000
651,000
6,970,000
1936
1,406,000
875,000
453,000
669,000
1,588,000
Minneapolis—
'
416,000
159,000
815
813
.1,095
3,265
25
257
726
57,218
183,553
328,202
174,056
•
t
2,678,000
3,633,000
2,377,000
208,000
1,863,000
2,714,000
529,000
291,000
794,000
65,000
1936
1,125,000
1,321,000
494,000
231,000
1935.
1,535,000
3,000
134,000
192,000
1,524,000
921,000
40,000
18,000
40,000
30,000
__
1935..
Duluth—
■
367,000
>3,000
Milwaukee—
1936
56,000
48,000
229,000
615,600
59,000
374,000
667,000
56,000
323,000
1935......
270,000
281,000
6,000
Toledo—
1936
212,000
95,000
98,000
98,000
1,000
1936
81,000
9,000
36,000
76,000
1935
49,000
10,000
44,000
78,000
510,000
4,106,000
1,712,000
596,000
287,000
1*8*666
15,000
1935.
Detroit—
2,000
*
Indianapolis and Omaha—
1936
■
-
------
1935
667,000
121,000
St. Louis—
1936
487,000,
.
840,000
1,793,000
557,000
1,056,000
448,000
340,000
96,000
68,000
128,000
388,000
128,000
141,000
1935
56,000
2,326,000
164,000
182,000
35,000
1,054,000
60,000
306,000
209,000
1,000
Peoria—
1936
1935.
Total
61,000
3,424,000
2,401,000
45,000
1.360,000
2,071,000
522,000
68,000
106,000
372,000
111,000
29,000
160,000
27,000
2,865,000
11,000
»
......
1936.....
722,000
35,000
......
9135.
28,000
3oo;ooo
27,000
24,000
22,000
15,000
20,000
1936......
1,556,000 13,059,000 22,871,000
1,295,000
9,852,000
8,658,000
1935
6,004,000
5,942,000
1,878,000
2,950,000
1,856,000
471,000
The Western livestock movement also
appears to
have been much
larger in June, 1936, than in the
month
a
year
ago.
At Chicago the receipts
prised 7,555 carloads
as
com¬
compared with only 5,691
carloads in
June, 1935, and at Omaha, 1,706 cars as
compared with but 1,111 cars. At Kansas City, how¬
they
were
only 1,996 carloads
carloads.
as
against 2,117
movement—ordinarily of no
great consequence in June, it being the tail end of
also
on
scale the present year,
both
as
movement
of
the
staple
and
a
greatly increased
regards the overland
the
came
in
after
a
1,775
81,651
earnings,
.gross
during
and
decrease
June,
$24,046,259
of
$1,431,003
gross earnings and a
these gains came after heavy cumulative losses in the three
In June, 1932, our tabula¬
$123,273,269 in gross and of $42,680,821 in net, and this came on top of $75,062,549 loss in
gross and $20,387,220 in net in June, 1931, and of $87,518,847 loss in gross and $39,954,902 in net in June,
In extending our comparisons further back, it is im¬
1930.
portant first of all to point out that in comparing with
1929 we are not comparing with totals of unusual size.
June, 1929, was unquestionably a period of very excep¬
immediately
tions
showed
preceding.
losses
of
tional activity in trade and industry, yet we were lea at the
time to
comment
the faqt that the improvement in the
on
of these rail carriers in that month had been rela¬
revenues
tively very small, the increase in the gross then having been
only $28*577,315, or but 5.68%, and even the increase in the
net, while much larger in ratio, owing to the greater
officiency of operations, being only $22,659,557, or 17.77%.
Moreover, these increases in 1929, in the matter of gross and
net
alike,
came
years,
after losses in June of each of the two pre¬
that the 1929 improvement constituted
so
recovery
$14.871.440 decrease in gross,
or 2.88%, and $1,827,387 de¬
1.41%.
The decrease, though not very
large, was disappointing, because the revival in trade and
industry, which subsequently became so pronounced, was
receipts
at
the
in
net,
or
then
already under wray, and because it came after really
quite 'heavy losses in June, 1927.
In this latter year our
compilations registered a falling off of $23,774,774 in the
gross earnings, or 4.40%, and of $20,897,156, or over 14%, in
the net earnings.
These large losses in June, 1927, were the
result of a variety of special unfavorable influences and
conditions, the more important of which at least were not
repeated in June, 1928, hence the disappointment at the lack
of recovery
In June,
the
season—was
net,
(17.53%)
682
Years
Earlier
railroad
«
loss of $9,608,823 (12.89%)
in net earnings in June last year, and these decreases, in
turn, followed a gain of $4,482,585 in gross and a decrease
of $18,438,598 in net in June, 1934.
In the previous year
(1933) there had been an increase of $35,484,283 in gross
earnings and a gain of $47,429,940 in net earnings, but
the
/
The Southern cotton
crop
in
(0.51%) in
crease
Total all—
the
(37.09%)
for
in
582
1,268
2,975
merely of what had been lost in 1928 and 1927.
June, 1928, the falling off was not itself of very great
magnitude, especially considering that June of that year
had one less working day than June, 1927 (it having con¬
tained five Sundays, whereas June, 1927, had only
four, and
it might be added that June, 1929, and June, 1930, likewise
had five Sundays).
Our tables for June, 1927, registered
7,000
......
recorded
$49,244,684
namely,
a
Sioux City
ever,
gains
•
In
Wichita—
•
Results
The
190,000
St. Joseph—
1935.
'
137,946
ceding
Kansas City—
1936
639
425
years
'
8,987
*2*125
170
1,861
22,871,000
8,658,000 bushels; of oats, 6,004,000
bushels
against
1,878,000
bushels;
of
barley,
5,942,000 bushels against 2,950,000 bushels, and of
the
10,797
4,026
bushels against
rye,
850
59
74,816
Norfolk
Jacksonville
four weeks of
6,419
11,320
£4-4
Wilmington
against only 9,852,000 bushels in the
as
,
*8*0*932
New Orleans...
Charleston
Western
els
Thus the receipts of wheat at the
692
in the latter
unionized
country.
still in full
stantial
year.
1927, there was, in the first place, the strike at
bituminous
This
strike
force in
reduction
June
in
the
coal
began
of
mines
in
various
parts
of
April 1, 1927, and was
year.
It involved a sub¬
on
that
coal
tonnage of the railroads
traversing the Central West, particularly those in
Illinois,
Indiana
roads
and
Ohio.
It is true
that the
strike benefited the
serving non-union mines, and yet some of these
latter,
nevertheless, failed to equal their production of the year
preceding (1926), one conspicuous instance being the rail-
roads in the Pocahontas region,
like the Chesapeake &
point was
not to mention taxes and fixed charges.
these prodigiously inflated expense accounts that
the basis for the savings and economies that were
expenses,
actually fell below that of
prevailed, the reason being that
stocking up in anticipation of the strike had led to heavy
accumulations of coal which it had not yet been found
possible to work off in 1928.
In the anthracite field, too,
the further slump in production in June, 1928, proved even
more pronounced than in the case
of soft coal, and a de¬
crease appeared on top of the big decrease in 1927.
As a
matter of fact, the shrinkage in the anthracite output con¬
production in June, 1928,
into June, of the next year,
even
unloading and removal of freight—intensifying the conges¬
existing—and with wages high, it was impossible to
avoid heavy increases
covery
of what had been lost in that way in
In
And yet
included
favorable.
In
net
in June,
pectations,
it
was
came
on
fol¬
1914
1918
for
in
That
reduction of $16,612,856 in
reduction
even
earnings, indicating that operating expenses for the
month in that year were reduced no less than $98,972,757, or
over 20%; the loss in the gross then would have been much
larger except for the fact, that the Commerce Commission
previous July had authorized advances in freight and
rates which it was computed at the time would
add $125,000,000 a month to the gross earnings of the car¬
riers—supposing the volume of traffic had remained un¬
changed instead of undergoing an enormous shrinkage.
In
like manner, the $98,972,757 saving in expenses would have
passenger
reached still higher
figures except that wage schedules the
previous July 'had been raised 20%—which
have
the
added
carriers
ployees
had
$50,000,000
if
the
been
when the wage
a
of traffic
maintained
at
award was made.
advance would
month to the annual payrolls of
volume
the
.....
460,582,512
472,383,903
540,054,165
464,759,956
506,002,036
and
the force
of
em¬
high levels existing
393,265,898
Mileage
1932
1933
1934
280,975,503
330,212,333
.....
1936
15.38
197,648
194,689
12.21
204,596
200,901
3.20
222,825
193,886
212,989
209,764
240,219
226,752
218,379
6.38
6.95
4.67
0.53
20.01
+46, 696,242
+40, 002,412
16.49
12.38
242,111
220,303
+30, 769,974
+65, 622,874
7.83
232,169
16.99
213,525
235,208
235,310
236,739
6.79
189,863
210,288
207,414
235,828
225,803
241,550
219,294
232.682
208,598
—75 062,549
16.89
369.133.884 —123, 273,269
+35 484,283
245,869,626
277,923,922
+4 482,585
—1 431,003
282,406,506
+49 244,684
280.967,649
33.39
241,608
242,320
242,968
242,179
14.43
241,455
1.61
239,107
0.51
237,800
242,527
242,333
240,932
239,020
236,814
238,019
506,124,762
502.455.883
531,690,472
444,274,591
Net Earnings
8.87
6.44
4.40
2.88
5.68
16.36
17.53
Inc.
236,001
236,779
236,510
238,405
240,302
(+)
or
235,059
234,568
236.683
235,691
236,357
236,243
237,243
239,066
241,243
241,349
242,494
Deer (—)
Monthr
Of
June
Year
1910.
1911
1912.____________
1925.
1926...
1931...
Year'
Given
Preceding
$74,196,190
$59,838,655
74,043,999
77,237,252
,
1909
1936.
Year
Preced'g
13.97
539,797,813
531,033,198
444,171,625
369,212,042
245,860,615
281,353,909
282,406,507
Year
Given
—75, 442,339
+41, 227,707
+32, 634,035
—23, 774,774
—14, 871,440
+28, 577,315
—87 518,847
464,774,329
516,448,211
.....
Per
Cent
2.69
538,758,797
1930
.
or
(—)
14.14
501,576,771
1935
(-f■)
Dec.
+66, 903.501
473,150,664
540,202,295
516,023,039
1929
Inc.
—33, 582,095
+ 12, 376,822
460,007,881
1926
Our statement
gross
the
.....
420.586.968
494,164,607
323,163,116
1928
in the.
in expenses, in turn, followed
greater reduction in 1921, when our tables recorded
$65,390,662 gain in net in face of a loss of $33,582,095 in the
expenses.
an
486,209,842
....
301,304,803
1927
top of improvement in gross and
striking improvement in 1921 in
a concurrent
Year
Preceding
351,001,045
363,565,528
424,035,872
1925
relatively small and fell below ex¬
June, 1922, though recording only $12,376,822 increase
or 2.69%, showed $28,989,678 increase in net, or
36.03%, because of
....
1921
roads after the unfortunate period
gross,
•
.
$210,356,964 $184,047,216 +$26, 309,748
237,988,124 210,182,484
+27 805,640
231,980,259 238,499,885
—6, 519,626
243,226.498 228,647,383
+-14, 579,115
259,703,994 242,830,546
+ 16, 873,448
230,751,850 241,107,727 —10, 355,877
248,849,716 247,535,879
+f 313,837
285,149,746 237.612.967
+47, 536,779
1924
of the net, though not in the gross.
case
Year
1922
net alike in 1922 and very
the
furnish the June comparisons
1
Given
of
1923
While the improvement
we
Gross Earnings
1909
This last-mentioned year was in
operation.
1923,
subjoined table
1909:
June
our
government
to
Month
comparisons back beyond 1923, to 1922
and 1921, a fact which must not be overlooked, especially
in the case of the net, is that in these years the managers
of the roads made very notable headway in regaining con¬
of
the
back
$14,427,896 in the net, or 13.16%.
trol of the expenses of the
The in¬
of June.
fore, as a matter of course.
respects the best in railroad history, particularly
In carrying
for the month
at that stage (subsequently there were
other increases) added, it was estimated, some¬
$300,000,000 and $350,000,000 to the annual
Accordingly, the June expenses in
that year included $150,000,000 to $175,000,000, represent¬
ing the wage increases for the six months to June 30.
The
result was that with a gain in gross earnings for the month
of $40,002,412, there was an augmentation in expenses of
no less than $182,340,983,
or over 84%, leaving, therefore,
a
diminution in the net of $142,338,571.
With that large
item included, the railroads actually fell $40,136,575 short
of meeting their bare running expenses—from which an idea
may be gained of the abnormal character of the exhibit at
that time.
The reduction in expenses in 1919, with the
elimination of the special item referred to, followed, there¬
in
the case of the great East-and-West trunk lines serving the
big manufacturing sections of the Middle States and the
Middle West.
The improvement in earnings in June of that
year amounted to $66,903,501 in the gross, or 14.14%, and
to
returns
between
where
immediately preced¬
In June, 1926, our
tabulations
showed
$32,634,035 gain in gross and $18,571,582 gain in net, and in like manner the figures for
June, 1925, registered $41,227,707 increase in gross and $29,350,006 increase .in net.
However, the gains in these two
years to a very large extent, at least as far as the gross
earnings are concerned, were simply a recovery of the
losses sustained by the railway transportation lines of the
country in 1924. This last-mentioned year was the time of
the Presidential election, when a tremendous slump in busi¬
ness
occurred, which was reflected in sharply declining
railroad revenues.
Our table for June, 1924, showed a fall¬
ing off in the gross of no less than $75,442,339, or 13.97%,
with a decrease in the net of $22,846,602, or 18.37%.
But it
in 1923.
the
wages
payrolls of the roads.
On the other hand, in the two years
many
119927865340.
numerous
year.
lowed heavy gains
in
in
creases
depression due to the collapse
of real estate booms, while Florida had many troubles of
its own to contend against in addition to the collapse in
land values, and, accordingly, the roads traversing Florida,
or connecting with the same,
suffered very heavy losses in
traffic and earnings on top of the losses of the previous
should also be bofne in mind that these losses, in turn,
11993206375
19435
huge sum of $109,533,316.
exceptional nature of the
result in June of the year preceding.
In this preceding
year (1918) there was included in the expenses one item
of huge magnitude and wholly abnormal in character.
Wil¬
liam G. McAdoo was then Director-General of Railroads,
and after granting a big increase in wages to railroad em¬
ployees, retroactive to Jan. 1, he directed that the whole
of the extra compensation for the six months should be
still suffering from trade
ing, the exhibits were quite
yielding,
gain of $30,769,974 in gross revenues,
therefore, an addition to net in the
But this followed entirely from the
advantages to the roads on that account, however,
was
having
in the year before (1919)
large, a word of explanation is necessary.
Actually,
tables recorded $78,763,342 reduction in expenses coinci¬
our
As against any
the South
years' losses.
to the previous
proportion
speaking of expenses
dent with a
heavily re¬
1927.
though comparisons
themselves large the year
been
gains were by no means in
in such instances the 1928
in expenses, even
of expenses in
before.
duced, by reason of the circumstance mentioned, were able
to show substantial gains in earnings, representing a re¬
even
with totals
was
though there was a
1927 had had their earnings
What
June.
tion
were
the roads which in
extended
in April and May having
with car shortages, freight congestion,
outlaw strikes on the railroads themselves and additional
labor troubles at terminal points by reason of strikes of
teamsters and draymen and the like, which interfered with
bituminous coal.
spared, however, one serious draw¬
back in 1928 which they had encountered in June of the
previous year.
In June, 1927, many of the roads in the
Mississippi Valley and the Southwest still suffered from
the disastrous overflow of the Mississippi River and its
tributaries for which that year was noteworthy.. In fact,
a portion of the afflicted area in that month of 1927 had to
contend with a second overflow, caused by spring freshets.
As nothing of the kind was experienced in 1928, some of
railroads
The
and
perienced in that respect
into
in the production of
recovery
effected
1922.
In June, 1920, particularly, expenses,
were exceptionally heavy and the net correspondingly low.
At that time, in 1920, railroad managers^ had very distressing
conditions of operations to contend with, the troubles ex¬
1921
in
June, 1927, when the strike
tinued
running
And it is
furnished
barely able to meet ordinary
aged properties were
and revenues greatly swollen in 1926,
owing to the large foreign demand for coal, which then
developed because of the coal miners' strike in Great
Britain.
This latter began on May 1 of that year and did
hot terminate until towards the close of November in the
same year.
But though in 1928 there was no repetition of
this coal miners' strike of 1927, it happened that bituminous
had had their tonnage
coal
1921,
mounting up in a
and the Virginian Ry., the explana¬
of this being found in the fact that these same roads
the Norfolk & Western,
tion
on the other hand, expenses had been
perfectly frightful way, until in 1920 a
reached when even the strongest and best man¬
Previous to
Ohio,
15, 1936
Aug.
Chronicle
Financial
["986
77,173,345
72,794,069
76,223,732
75,093,045
66,202,410
81,649,636
97,636,815
113,816,026
36,156,952
69,396,741
21,410,927
80,521,999
109,445,113
124,046,578
101,527,990
130,837,324
149,492,478
127,749,692
127,284,367
150,174,332
110,244,607
89,667,807
47,008,035
94,448,669
74,529,256
64,920,431
88,872,678
/
71,689,581
76,232,017
70,880,934
69,481,653
76,639,703
103,341,815
106,181,619
40,136,575
68,876,652
15,131,337
80,455,435
109,618,682
124,374,592
101,487,318
130,920,896
148,646,848
129,111,754
127,514,775
150,199,509
110,264,613
89,688,856
47,018,729
92,967,854
74,529,254
64,826,419
Amount
Per Cent
+$14, 357,535
+3, 129,346
27.14
—4, 443,183
+4, 534,151
138,972
678,524
+ 12, 167,983
3.84
0.95
6.37
0.23
6.46
17.51
+20, 943,112
+ 10, 474,211
27.31
—142, 338,571
134.06
+ 109, 533,316
72.90
—47, 465,725
+65, 390,662
432.15
+28, 989,678
+ 14, 427,896
10.13
62.51
36.03
13.16
18.37
—22, 846,602
+29, 350,006
28.91
+ 18, 571,582
14.18 i
—20, 897,156
—1, 827,387
+22, 659,557
14.07^
—39, 954,902
26.59
1.41
17.77
—20, 587,220
18.73
—42, 680,821
+47, 429,940
—18, 438,598
100.87
47.58
19.83
—9, 608,823
12.89
+24, 046,259
37.09
/
Volume
New
The
Financial
143
issued to vendors;
of
reserve
for
capital,
United
securities which add
shares
purely financial purposes;
United
where there is
cases
a
7 months
August
September
specified limit to
,.
December..
In all
the figures are
cases
of issue.
based
the prices
upon
ISSUES
IN
THE
February
April
May.
BY MONTHS
KINGDOM
...
June
[Compiled by the Midland Bank Limited]
July
1936
1933
1934
1935
£8,310,263
7,167,385
13,447,603
8,247,859
14,614,014
17,541,251
6,001,777
£10,853,233
7,007,995
£16,592,347
12,620,080
12,386,235
4,108,238
19,727,811
53,909,166
£33,963,149
19,687,120
6,961,500
10,456,037
19,505,122
18,410,698
24,402,925
£75,330,152
£84,019,843
£139,954,043
£133,386,551
£21,208,047
7,164,097
10,026,260
12,786,859
6,353,481
£9,878,332
6,747,571
23,446,272
13,056,095
13,041,644
£6,682,428
7,719,440
4,706,804
£132,868,896
£150,189,757
£182,824,210
January
February
March
April.
May
June
July
7 months
7,081,462
9,590,367
22,440,935
12,048,454
14,997,397
20,610,166
September
October
November
December
September
November
December
_
*
f Year
THE
STATE
TRADE—COMMERCIAL
OF
5,000
254,000
154,000
287,000
lis",566
2,664,000 139,954,000
1,921,000
375,000
222,000
3,136,000
1,395,000
7,719,000
4,707,000
12,544,000
11,218,000
54~5~666
15,000
137,000
828,000 17,210,000
232",000
27,000
2,852,000 182,824,000
33,963,000
22l"666
453,000 11,562,000
millions
to
the
19,687,000
6,961,000
10,456,000
19,505,000
18,411,000
24,403,000
84,000
73,000
268,000
128,000
153,000
2,014,000
2,939,000
3,537,000
7 months.
added
188.000
1,356",000
120446 000
July
6,682,000
751,000
964,000
194,000
20,712,000
May
June
the rain
19,728,000
20,610,000
53,909,000
130,000 10,161,000
161934000
I
16,592,000
12,620,000
12,386,000
4,108,000
586,000
176,000
568,000
872,000
3,622,000
13,000
33,019,000
* 18,502,000
6,877,000
8,795,000
17,196,000
15,344,000
...
EPITOME
660,000
Year.
April
...
1^202,000
1936—January
March
1
3,058,000 150,190,000
957,000
2,346,000
1,135,000
4,761,000
7,344,000
3,940,000
9,204,000
9,686,000
October
.
12,543,554
11,217,941
55~0~666
1,133,000 39,258,000
126998 000
7 months.
August.
February.
August
137,000
61,000
14,433,000
9,688,000
11,076,000
3,443,000
18,788,000
19,571,000
49,999,000
....
March.
UNITED
9,878,000
6,748,000
23,446,000
13,056,000
13,042,000
32,000
1,000
9,122,000
1935—January
.
CAPITAL
84,020,000
1,228,000
413,000
156,000
141,000
14,000
7,000
12,000
62,000
106741 000
year
by private companies except where particulars are publicly
announced.
NEW
ju—.
They do not include issues of capital
subscription.
1,105,000
5,485,000
566,000
2,465,000
1,899,000
3,355,000
11,016,000
•'v;
long-term borrowings; and loans by municipal and county
the total
385,000 25,487,000
November
July..
redemption of securities previously held in the
in
1
June.
Kingdom; short-dated bills sold in anticipation of
authorities except
10,853,000
7,008,000
7,082,000
9,590,000
22,441,000
12,048,000
14,998,000
October
nothing to the capital resources of the
or
359,000
45,000
190,000
63,000
37,000
386,000
25,000
3,165,000
5,631,000
20,764,000
May
£
£
£
57,043,000
Atfril
Total
Countries
1,763,000
1,433,000
873,000
850,000
10,945,000
4,609,000
5,014,000
49,000
221,000
March
Foreign
Brit.
Countries
£
£
February
sales of already issued
version
Ceylon
8,682,000
5,309,000
6,011,000
8,665,000
11,397,000
7,021,000
9,958,000
1934—January
whose securities have been offered; issues for con¬
company
THE
IN
Limited]
Other
India and
Kingdom,
allotments arising from the capitalization
funds and undivided profits;
ISSUES
CAPITAL
MONTHS
I
These compilations of issues of new
Government
BY
KINGDOM
UNITED
subject to revision, exclude all borrowings by the
are
British
NEW
OF
DISTRIBUTION
LCom piled by the Midland Bank
following statistics have been compiled by the Midland
Bank Limited.
which
GEOGRAPHICAL
Capital Issues in Great Britain
987
Chronicle
926,000 133,387,000
prospective 1936 income of
Wisconsin farmers.
Friday Night, Aug. 14, 1936.
Business activity slowed up
current
figure
90.9,
being
somewhat the past week, the
which
compares
92.5 the
with
previous week and 72.6 for the corresponding week of 1935.
Electric output held steady, the latest figures on production
being 2,079,149,000 kilowatt hours, which represents a frac¬
tional gain above the previous week's figures and compares
with 1,819,371,000 kilowatt hours for the same period a year
Steel operations showed a drop to 70.0% of capacity,
compares with
71.4% for the previous week and
ago.
which
A high degree of
48.1% for the same period a year ago.
prevails in the steel industry.
Predictions are
freely made that operations may reach a new high late this
optimism
fall
and
this
summer.
substantially
exceed
register
models
Sales of
also
new
substantial increase
a
officials predict.
will
swell
fall
cleaned
out
cars.
over
It is expected, however,
20% gain
year
a
the
ago,
and
an
increase of 124,325 cars,
It was a decrease
20.6%, compared with two years ago.
of 19,258 cars from the preceding week.
additional
were
substantial
In wholesale
gains,
mar¬
while in the
retail field activity slackened
moderately, due to high tem¬
peratures.
Notwithstanding the smaller retail gains, whole¬
sale buying forged ahead, the volume of which was esti¬
mated at 20 to 30% above the 1935 comparative figures.
The
estimated gain in retail sales for the country was
placed at 12 to 15%, and the average in the East was 12 to
20% higher than for the corresponding 1935 week.
Exces¬
sive heat
In the
and
drought continued to take their toll.
Southwest the heat
recorded
was
most intense.
Record temperatures
City, 109; Fort Smith, Ark., 108, and
large cities registered
other hand, highly
States.
dollars
rains
rains
farmers
originated in
toward
in
Illinois,
more
103 to
108
a
droughty con¬
City
hot dry weather
area
exceedingly high
times.
at
In the
has prevailed,
Today
it
with
fair
was
warm
here,
night at Boston it
was
70 to 92 degrees; Baltimore, 74 to
92; Pittsburgh, 68 to 92; Portland, Me., 66 to 82; Chicago,
70 to 94; Cincinnati, 76 to 98; Cleveland, 74 to 86; Detroit,
to
92;
Charleston, 78
to
86;
Milwaukee, 68 to 84;
Sa¬
Springfield, Mo., 76 to 100; Oklahoma City, 78 to 106; Salt
City, 62 to 88; Seattle, 60 to 70; Montreal, 60 to 78,
and Winnipeg, 60 to 80.
Lake
Moody's Daily Commodity Index Advances
Moody's Daily Index of Staple Commodity Prices
tinued to advance this week, closing at 185.2 this
compared with
183.6
week
a
For individual items, the
tial
A
new
principal changes
gains for hogs and steel, and
Advances
ton.
sugar,
wheat
high of
as
185.4
and wool.
Fri.
Sat.
Tues.
Wed.
Thurs
made
were
substan¬
decline in the price of cot¬
by silk,
The prices of hides,
cocoa,
corn
<,and
Aug.
Aug.
Aug.
Aug.
Aug.
Aug
Aug
as
silver, copper, lead
unchanged.
The movement of
parisons is
Mon.
also
were
a
and moderate declines occurred in the prices of rubber,
and coffee remained
Fri
ago.
con¬
Friday,
established this Thursday.
was
Index during the week with
the
com¬
follows;
7
8
10
11.
12
13
14
—
..183.6
—
182.0
182.2
184.5
185 4
185 2
2 Weeks Ago,
Month Ago,
Year Ago,
1935 High-
July 31
182.5
July 14.......174.9
Aug. 14
165.6
Oct.
7 & 9 ...175.3
Low—
Mar.18
148.4
1936 High-
Aug 13
May 12
185 4
Low—
162 7
Wholesale Commodity Price Average Further Advanced
On
were
in
said
the
southern
Indiana and
to
be
worth
Point Since
the
drought-stricken
millions
areas.
Wisconsin and spread slowly
eastern Iowa.
The heaviest
a month, they
drenched pasture land
which had not recovered from the earlier
Agricultural statisticians in Milwaukee estimated
Ended Aug. 8, Reaching Highest
November, 1930, According to National
Fertilizer Association
Advancing for the third consecutive
of
The
Week
During
number of
degrees.
than
and grain fields,
drought.
relieved
with temperatures ranging from 70 to 89
degrees.
The forecast was for partly cloudy, probably occa¬
sional showers this afternoon, tonight and Saturday.
Over¬
beneficial rains fell in the North Central
rains
These
to
less
or
in
Oklahoma, Missouri, Arkansas, southern
Kansas and parts of Texas.
At Nowata. Okla., the tempera¬
ture rose to 118 degrees.
Wichita had a reading of 110;
other
and
last year's levels,
1937 models are dis¬
for the week totaled
increase of 146,216 cars, or 25.1%,
before
This was an
compared with
Kansas
humidity
Car loadings
or
were
more
opera¬
It is stated that dealer stocks will be almost
played in showrooms:
there
New York
automobiles during August
that the margin of increase will be smaller than the
kets
rains
steel purchases, and deliveries of steel
automobile
scored in July.
728,293
These
•
72
company
completely
Illinois.
ditions, but more moisture is needed in most places.
vannah, 74 to 92; Dallas, 76 to 90; Kansas City, 86 to 119;
tions considerably.
will
as
Kentucky and Ohio, with less general rains in Indiana and
rate attained early
tries promises larger
motor
frequent, with substantial
of activity and the
largely responsible for the unusual optimism that pre¬
vails.
Continued improvement in the durable goods indus¬
new
places in the Eastern States, extend¬
eastern Mississippi, western Tennessee,
many
the high
tors
the
weekly rains in
ing as far West
was
The sustained high rhte
broad nature of steel buying in recent months are the fac¬
for
Rainfall
wholesale
week, the
weekly
commodity price index compiled by the National
Fertilizer Association reached the highest level during the
week ended
Aug. 8 attained since November, 1930.
week the index stood at
as
compared
with
79.9% of the 1926-1928
79.5% the
previous
week.
Last
average,
A
month
Financial
988
it registered 78.7% and a year ago 77.7%.
by the Association, under date of
ago
of 0.3%
and
Although the general trend of prices was upward with five of the principal
grains and
prices,
declines in
barley particularly sharp.
Food prices
All
decline in
hemp
burlap,
tile
quotations
the
A
rods.
brass
and
decline
the
in
and paper and pulp
The
prices.
Slightly lower
decrease for
building material index fell off as a result of lower lumber
group
Higher prices for organic ammoniates caused a slight rise in the
Advances
index and
and 16
were
registered last week by 32 price series included in the
preceding week there
were 41
prices
The
advances
index
Other subgroups of this group
the preceding week.
Statistics includes 784 price series
Bureau of Labor
of the
and is based
19 declines.
on
the average for
modities for the past
WHOLESALE COMMODITY PRICE INDEX
Aug. 12,
1926-1928—100
the year 1926 as 100.
table shows index numbers for the main groups of com¬
The following
WEEKLY
due to lower prices for copra, inedible
change from the level of
no
weighted according to their relative importance in the country's markets
declines; in the second preceding week there were 43 advances and
Compiled by the National Fertilizer Association.
certain furniture items resulted in a minor
goods group.
The chemicals and drugs
for
also down fractionally
was
showed
declines by 15; in the
Automobile tires and tubes
the housefurnishing
tallow, and coconut and palm kernel oils.
index of fertilizer materials.
'
14.8%.
remained unchanged from the level of the preceding
week, while crude rubber declined nearly 1%.
average
price of gasoline at refineries resulted in a slight drop in the fuel price
index.
miscellaneous commodities advanced 1.1%
Average prices for cattle feed rose
A slight advance in the metal price average
sheets
Coke and petroleum products remained firm.
The index for the group of
textile group index remained
effect upon the index for the fuel and
coal had no
Small increase for
continued rise in price of steel scrap and advancing
a
brass
for
that
result
the
week.
brought about by
was
and
by higher prices for linseed oil, rosin, and turpentine.
lighting materials group.
sufficient to counterbalance rising quotations for
were
the
for
The increase for the subgroup was
Brick and
rose slightly while lumber declined.
Cement, plumbing and heating,
other building materials showed no change.
casued
The drop in the price of cotton, together with a slight
and silk, with
unchanged
All subgroups
metals remained stationary. The
materials group also rose fractionally due to advancing
exception of the nonferrous
prices of paint and paint materials.
were
the group index advanced to the level reached in the first
week of the year.
the
with
generally higher last week, although there was a slight downward move¬
ment in meats;
V
index for the building
included in the index registered increases during the week
with the upturns in corn and
fractionally due to higher prices for manila hemp and
up
fractional increase in the metals and metal products group.
offset
reached since last October.
to the highest point
rose
the grains
of
than
with the result that the index of farm
and livestock,
cotton
product prices
1926-1928 -average, much more
the
above
Cotton goods, knit goods, and woolen
The subgroup of other textile
unchanged.
were
Higher prices for scrap steel and pig tin were largely responsible for the
The rise in the index of grain
continued rise in food prices.
a
taking it
was
jute.
raw
due largely to a further sharp advance in the price of
was
materials
worsted
products
advancing and only two declining, the rise in the all-com¬
group indexes
modity index
Average prices of silk and rayon rose
the preceding week.
over
1936
products group advanced to 70.5, an increase
2.3% and clothing increased slightly.
to say:
on
Aug. 15,
The index for the textile
The an¬
Aug. 10,
nouncement
went
Chronicle
11, 1934, and
five weeks and for Aug. 10, 1935, Aug
1933:
(1926=100.0)
Per Cent
Latest
Preceed'g
Week
Week
Aug. 8,
Each Group
Aug. 1,
Group
Bears to the
Total Index
Month
Year
Ago
July 11,
Ago
Aug. 10,
1936
80.5
Cottonseed oil
81.9
77.6
74.5
95.0
90.7
77.5
78.4
Farm products
77.4
Grains.
Livestock
*
72.9
73.4
85.8
Miscellaneous commodities.
_
72.3
79.5
77.1
70.2
70.2
70.0
Metals
84.5
84.4
84.1
80.2
80.1
80.3
80.1
75.4
69.4
81.4
80.8
82.5
79.7
67.3
58.5
Foods
82.9
81.0
81.0
81.3
81.8
84.2
72.2
64.9
Hides & leather products-
94.4
94.1
94.0
93.8
94.3
90.1
84.6
91.4
Textile
70.5
70.3
70.2
70.1
69.6
70.1
70.8
72.9
75.4
81.7
82.0
82.7
94.6
94.6
94.4
66.5
64.9
64.6
.3
Fertilizers.
73.1
73.1
71.1
73.7
.3
Farm machinery.
92.6
92.6
92.6
92.0
79.9
79.5
78.7
77.7
All groups combined
,
77.0
77.0
76.8
76.9
77.0
75.3
66.8
86.3
86.3
86.2
86.1
86.1
85.8
85.9
80.8
Building materials
95.4
66.9
lighting materials.
Metals & metal products.
77.5
Chemicals and drugs
Fertilizer materials
86.9
86.8
86.8
86.1
86.1
85.0
86.5
80.7
78.8
78.9
79.1
79.0
78.6
78.5
75.5
73.1
82.4
82,6
82.6
82.5
82.4
81.7
82.8
76.0
Miscellaneous
71.3
70.5
71.3
71.4
70.7
67.5
70.1
65.2
Raw
81.0
79.7
79.5
79.3
80.3
*
*
75.6
75.5
75.5
75.2
75.0
*
*
*
*
*
Chemicals and drugs
Housefurnishing goods.
Week
than farm products
Aug.
8
Reported by
United
increase
an
of
made
1% in the all-commodity
Aug. 13 by Commissioner Lubin of the
U. S. Bureau of Labor Statistics.
This advance
He stated:
The index
now
was
week of July, it is higher by 1%
stands at the highest point reached
81.3.
Compared with the corresponding
and is 1.2% above the week of Aug.
1935-
were
10,
in foods
shown
materials,
and
2.1%
hides
for
and
leather
products,
products,
Chemicals
and
building
drugs
and
housefurnishing goods declined slightly, and fuel and lighting materials
and metals and metal products remained
Average wholesale prices 6f
above
a
month
ago.
unchanged.
materials
raw
rose
1.6%
0.8% higher than for the corresponding week of July.
showed
advance of 1%
an
to a point 0.9%
6.1%
Semi-manufactured articles increased
finished products group increased 0.6%
80.2
77.1
71.7
79.2
78.0
78.4
74.1
freight for the week ended Aug. 8
cars.
25.1%,
or
over
the corresponding week of 1934.
(industrial)
All
increased
commodities
0.3%.
The
other
month
a
level
than
of
the
and
The
The index for the
22%
The
largest
foods group.
increase
during
The advance
the
nonagri cultural
group
The first 18
vegetables, 3.2% for cereal products,
for meats.
ago
!
The current foods
Aug. 8, 1936 loaded
on
their
own
a
total of 343,027
~
by increases of 4.8% for fruits and
1.9% for dairy products, and 0.9%
index;—82.9—is 1.3% higher than
but is still 1.5% below the level of
a
were
reported for
butter,
cheese,
milk,
It
year ago.
hominy grits, cornmeal, dried fruits, bananas,
now
of this year.
oatmeal,
oranges,
month
stands at the
Higher prices
and
rye
a
wheat
flour,
canned vegetables,
potatoes, fresh and cured pork, veal, coffee, eggs, lard, oleomargarine, raw
sugar,
edible tallow, and glucose.
poultry,
cocoa
beans,
Lower prices
were
copra, cottonseed and coconut
REVENUE
The
sharp advance in prices
increased
grains,
of
reported for dressed
oils, canned
corn,
cars
in the
freight
revenue
cars
in the
pre¬
days ended Aug.
seven
A comparative table follows:
FREIGHT LOADED
AND
FROM
RECEIVED
Loaded
CONNECTIONS
10.7%,
was
largely
Received from Connections
Weeks Ended—
Aug. 8
Atchison Topeka & Santa Fe Ry.
Aug.l
Aug. 10
Aug.8
Aug. 1
Aug. 10
1936
1936
1935
1936
1936
1935
20,936
21,643
31,724
Chesapeake & Ohio Ry
Chicago Burlington & Quincy RR.
Chicago Milw. St.Paul & Pac. Ry.
Chicago & North Western Ry
24,127
31,872
22,698
18,033
23,099
18,286
2,628
Gulf Coast Lines
Internal! Great Northern RR...
Missouri-Kansas-Texas RR.....
Missouri Pacific RR
Pennsylvania RR
Pere Marquette Ry.
Pittsburgh & Lake Erie
Southern Pacific Lines
Wabash Ry
Excludes
.
cars
18,065
2,655
2,260
/. 2,128
4,753
4,605
18,880
25,055
17,816
14,670
5,427
16,129
4,610
17,204
13,159
41,974
5,890
22,415
68,546
5,892
5,415
22,491
66,144
5,058
6,870
30,216
7,367
29,723
33,685
4,843
15,977
53,084
4,568
5,072
25,291
6,232
5,350
,
4,373
15,605
12,131
10,629
8,061
8,928
11,500
2,352
1,938
5.285
10,104
17,784
14,075
5,957
NewYork Chicago & St. Louis Ry.
Norfolk & Western Ry
Total
16,717
23,175
16,101
40,511
New York Central Lines
x
averaging
Own Lines
on
Weeks Ended—
peaches,
rise in market prices of farm products.
23.7%; oats, 18.5%;
;
(Number of Cars)
lemons, mutton, and fresh beef at Chicago.
responsible for the 2.1%
°
of
cars
lines, compared with 350,383
ceding week and 278,209
10,1935;
week of 1934.
same
Baltimore & Ohio RR
by 2.1%.
.
highest point reached since the week of Feb. 22
For the week ended Aug. 1
major railroads to report for the week ended
is
week—2.3%—was registered by the
caused
was
an
the total loadings for
those for the corresponding week of 1934.
over
products and foods
following is from the announcement made available
Aug. 13 by Commissioner Lubin:
cars,
ago.
farm
are up
cars,
gain df 146,216
a
and are
group is 0.5% above a month ago.
Com¬
pared with the corresponding week of 1935, nonagricultural commodities
0.5% higher and industrial commodities
decline of 19,258
Loadings for the week ended July 25 showed a gain of 22.7%
when compared with 1935 and a rise of 19.8% when com¬
0.9% and that for the industrial
are
a
25.6% above those for the like week of 1935,
were
Commodities other than farm products (nonagricultural) advanced 0.6%
during the week.
This is
the total for the like week of 1935, and
to 82.2% of the 1926 average and
the level of
over
79.9
79.4
reveni/e
Smaller increases
textile
commodities.
79.9
79.5
increase of 124,325 cars, or 20.6%, over
due to the 2.3% in¬
advance in farm products.
and
miscellaneous
80.0
79.4
parison is made with the
\
The sharp rise in the composite index was largely
80.1
79.6
2.6%, from the preceding week but
or
loadings
brought the composite index of wholesale prices to 81.1%
1926 average.
November, 1930, when it
81.4
1936, totaled 728,293
index during the week ending Aug. 8, according to an an¬
nouncement
81.4
Freight Car Loadings Above A Year Ago
Loadings of
/
Sharp advances in wholesale prices of farm products and
foods resulted in
81.6
•
Not computed.
Revenue
States
Department of Labor
81.7
80.6
other
*
All commodities other
1% in Wholesale Commodity Prices During
Ended
*
82.2
products
commodities
than farm prod. & foods
Increase of
crease
materials
Finished
All
♦
since
—
Semi manufac'd articles..
"Revised.
of the
products----
Fuel &
81.7
Building materials
100.0
12.
1933
80.3
67.2
Textiles
1.3
r
11
1934
81.5
69.1
5.8
.
10
1935
83.2
75.4
76.4
6.7
.3
11
1936
81.1
81.0
79.7
76.8
Fuels
10.3
Aug.
Aug.
18
1936
All commodities
79.4
79.3
-
16.4
Aug.
25
1936
Farm products.
64.0
95.0
73.0
102.2
75.4
70.8
70.0
Cotton
July
1
1936
71.0
95.5
July
July
8
1936
■
Fats and oils
7.7
82.2
95.5
•/
Commodity Groups
1035
79.0
-=—
Foods
22.3
1936,
82.6
"
:
28.6
1936
'
■
Aug.
Aug.
.7,856
8,135
7,352
6,690
6,743
1,470
1,710
2,948
8,192
39,956
1.286
10,091
4,457
44,397
TOTAL
16.5%; rye, 7.5%; and wheat, 5.7%.
1,682
2,921
8,817
39,512
9,547
4,585
43,313
4,973
8,399
1,401
1,786
2,439
7,171
28,950
7,284
3,170
30,307
4,959
6,048
x8,138
6,331
4,971
x8,216
x5,672
7,596
7,698
6,640
3,672
343,027 350,383 278,209 220,111 197,462 149.151
intercharged between
S.
P.
Co.—Pacific
Lines
New Orleans RR. Co.
Barley
11,071
and
Texas
&
'
LOADINGS AND RECEIPTS FROM
CONNECTIONS
(Number of Cars)
Other individual farm product items for which higher
prices were reported
were alfalfa hay, seeds, and hogs.
Declining prices were reported for
cows,
steers,
wethers,
cotton,
and
timothy
hay.
index—83.2—is the highest since September,
The
1930.
present
It is 0.8%
corresponding week of last month and 4.4% higher than
^
Continued advances in
average
and kid skins caused the index
to advance
0.3% to 94.4.
wholesale prices of
for
a
cow
Weeks Ended—
products
above the
Aug.
8,
Aug. 1, 1936
Aug. 10, 1935
25,769
1936
20,349
year ago.
hides
and
calf
the hides and leather products group
Average prices of leather declined slightly, and
shoes^and other leather products remained firm.
farm
Chicago Rock Island & Pacific Ry.
Illinois Central System
St. Louis-San Francisco Ry
25,416
31,445
*
32,278
13,996
13,267
25,293
11,803
72.043
57,445
"
Total
70,128
-
Volume 143
Financial
The Association of American
week ended
Loading of
Aug. 1, reported
revenue
; ■-
1931.
Chronicle
reviewing the
v
cars
,
14,210
1 totaled 747,551
Ore
;
,
in 1935 and
,
16,489
cars
revenue
freight for the week of Aug.
Coke
totaled
294,419
Loading of merchandise less
than
carload
cars, an increase of 1,611 cars above the
the
•
..
revenue
cars
cars,
above the
freight totaled
2,353,111
3,135,118
Four weeks in March
2,418,985
2,544,843
3,351,801
2,787,012
2,825,547
747,551
Four weeks in July...
Week of Aug. 1
1934.
grain products loading totaled 50,970 cars, a decrease of
below the preceding week, but an increase of 9,235 cars above
In the Western
for the week
below the
ended
Districts alone,
Aug.
In
year,
but
increase of 6,859 cars above the
an
above the preceding week, and
15,423 cars,
5,892
decrease of 12,323 cars below the
a
increase of 1,775
an
above the
cars
same
12,084 cars,
an
cars
week in 1935,
same
week in 1934.
In the Western
Districts alone, loading of live stock for the week ended
Aug.
1 totaled
increase of 1,566 cars above the preceding week this year
and 5,411 cars above the
same
week in 1935.
REVENUE FREIGHT LOADED
AND RECEIVED FROM
Freight Loaded
from Connections
1935
2,504,974
2,351,015
612,660
17,980,898
18,400,298
3,026,021
1934
1936
1935
Total Loads Received
Freight Loaded
"
.
•
1936
1
from Connections
1934
1935
1936
1935
Group B (Concluded)—
Ann Arbor
513
Bangor & Aroostook
615
564
971
1,234
914
664
258
233
1,785
7,587
1,363
7,202
1,279
9,499
2,174
8,847
1,679
43
40
24
.88
70
1,067
6,143
10,950
Chicago Indianapolis & Loulsv
778
8,169
_r
983
896
4,856
8,640
4,338
2,124
6,827
6,786
1,806
6,598
5,227
Central Indiana
Central Vermont
Delaware & Hudson
Delaware Lackawanna <fe West
Detroit & Mackinac
9,453
416
148
1,896
313
190
13,765
4,760
Grand Trunk Western
253
1,698
375
Detroit & Toledo Shore Line..
Erie
214
2,529
Detroit Toledo & Ironton
12,102
4,181
12,238
1,447
2,429
14,666
6,404
1,774
1,312
7,438
1,730
3,487
Lehigh & Hudson River
186
61
Lehigh & New England
Lehigh Valley...
1,961
10,182
2,861
3,652
2,379
41,974
10,545
1,681
5,890
7,504
5,892
1,538
1,671
,7,677
72,851
7,405
2,670
3,149
2,005
3,085
1,559
35,293
9,204
2,251
4,564
4,245
4,796
Maine Central...
Monongahela
Montour
2,887,975
2,465,735
2,224,872
595,297
Total Revenue
Railroads
'
Eastern District—
Boston & Maine
2,920,192
2,461,895
2,340,460
the
Total Loads Received
1936
2,302,101
CONNECTIONS (NUMBER OF CARS)—WEEK ENDED AUG.
Total Revenue
Railroad
2,927,453
2,408,319
20,163,968
_*.—._*.
2,183,081
following table we undertake to show also the
loadings for separate roads and systems for the week ended
Aug. 1, 1936.
During this period a total of 130 roads
showed increases when compared with the same week last
year.
The most important of these roads which showed
increases were the New York Central Lines, the Pennsyl¬
vania Systemthe Baltimore & Ohio RR., the Southern
System, the Atchison Topeka & Santa Fe System, and the
Illinois Central System: v
1, totaled 32,371 cars, a decrease of 1,822 cars
preceding week this
Live stock loading amounted to
but
Total
1934
2,169,146
above the samei week in
cars
grain and grain products loading
week in 1935.
same
...
Four weeks in June
week in 1934.
and
cars
1935
Four weeks in January...
Five weeks in February
■■ ;■V,',:/' •//-
corresponding week in 1935, and 8,135
■■
1936
above
corresponding week in 1935,
Grain
week in 1935, and 4,107 cars
-
163,948
cars
and 24,485 cars above the
the
increase of 230 cars above the
freight in 1936 compared with the two previous years
Four weeks in April
Five weeks in May...
4,052
an
same
}
Coal loading amounted to 124,672 cars, an increase of 11,726 cars above
the preceding week, 32,687 cars above the
same
decrease of 1,616 cars below the
above the corresponding week in 1934.
week in 1934.
same
Loading of
above the same week in
cars
a
increase of 20,650 cars above the corresponding week
1934.
preceding week, 6,476
corresponding week in 1935, and 4,030
1934.
lot
an
cars
follow:
above the preceding week, 67,134 cars above the
corresponding week
in 1935, and 68,859 cars above the
corresponding week in
23,388
freight, compared with the corresponding weeks in 1935 and 1934.
increase of 5,796
an
1934.
week in
All districts reported increases in the number of cars loaded with revenue
1 was an increase of
cars,
same
loading amounted to 8,842
above the
2.3%- above the preceding week.
or
Miscellaneous freight loading
cars
above the
preceding week, 3,717
of
Loading of
cars
loading amounted to 53,558 cars,
preceding week, but
loaded in any one week since Oct. 17,
1
■
; " ..••••.
•
Compared with the corresponding week in 1935, the total for the week
Aug. 1 was an increase of 152,254 cars or 25.6%, and was an increase
of 134,891 cars or 22% above the
corresponding week in 1934.
.
989
Forest products loading totaled 35,719 cars, an increase of 1,019 cars
above the preceding week, 6,463 cars above the same week in 1935, and
/ ;.
the largest number of
was
follows:
as
freight for the week ended Aug.
cars.
This
Railroads in
...
b New York Central Lines
N. Y. N. H. & Hartford.
New York Ontario «fc Western.
N. Y. Chicago & St. Louis—
Pittsburgh & Lake Erie
Pere Marquette
Pittsburgh & Shawmut
Pittsburgh Shawmut & North.
Pittsburgh & West Virginia...
34,745
9,480
1,645
5,028
5,331
5,076
118
125
790
263
176
39
44
39,512
11,434
1,988
9,547
32,164
10,797
1,937
7.781
6,194
4,973
5,428
3,809
193
128
240
40
19
396
211
301
260
155
1,145
Rutland
818
964
943
1,534
748
1,598
371
380
341
1,271
17,315
1,130
18,633
15,546
956
694
10,770
5,162
8,994
3,500
806
Gulf Mobile & Northern
Illinois Central System
Louisville & Nashville
Macon Dublin & Savannah
■
15,916
219
118
132
1,178
328
265
263
166
160
111
320
264
Mobile & Ohio—
1,740
Nashville Chattanooga & St L.
Tennessee Central
2,835
1,477
2,274
1,544
2,347
1,693
2,551
1,364
1,723
Mississippi Central
;
459
342
304
655
498
Total
58,000
45,426
47,643
29,232
22,900
Grand total Southern District
1,827
12,434
5,300
1.780
1,072
6,315
1,550
"
310
1,713
22,133
20,705
Georgia
Georgia & Florida
756
"
98,281
80,371
82,573
60,828
47,217
755
2,794
11,071
2,988
8,135
4,091
2,597
6,736
2,970
"
Northern District—
,
Belt Ry. of Chicago
Chicago & North Western
■
..
; '
797
676
20,982
2,767
23,099
16,325
1,973
17,102
3,289
9,429
•
Chicago Great Western
Chicago Milw. St. P. & Pacific.
Chicago St. P. Minn. & Omaha
19,272
2,816
20,521
3,811
9,054
1,062
3,887
1,881
8,560
Elgin Jollet & Eastern
4,362
13,585
1,263
7,453
Ft. Dodge Des Moines & South*
Great Northern
477
313
329
118
125
22,619
16,012
14,588
3,573
2,673
579
510
477
617
433
2,591
2,326
7,257
10,196
2,091
1,413
5,355
8,342
2,039
2,376
5,114
94
75
1,752
2,456
1,406
2,160
2,744
Duluth Mlssabe & Northern
Duluth South Shore & Atlantic.
Green Bay & Western
Lake Superior & Ishpeming
645
568
590
976
902
6,232
4,461
5,151
3,113
5,591
3,235
7,698
3,330
6,470
2,491
159,208
131,945
130,265
154,126
129,740
492
480
335
625
25,305
3,588
25,615
3,555
15,605
2,620
12,906
1,455
314
159
258
7
7
Alton
1,158
7,284
906
1,090
99
6
5,678
5,704
10,702
9,505
724
555
45
32
58
Cumberland & Pennsylvania.
305
273
Ligonler Valley
Long Island
99
26
67
41
20
Bingham & Garfield.
Chicago Burlington & Qulncy—
Chicago & Illinois Midland
Chicago Rock Island & Pacific.
Chicago & Eastern Illinois
704
683
752
2,439
1,118
915
68,546
55,363
10,898
1,025
52,221
12,724
5,947
1,264
43,313
15,919
5,240
1,924
1,366
33,621
12,804
3,155
220
147
*'
525
315
5,015
3,738
532
31,872
5,796
594
5,095
Wabash
!
Wheeling <fc Lake Erie
Total..
.
Minneapolis & St. Louis
Minn. St. Paul & 8. S. M
Northern Pacific
Spokane International
Spokane Portland & Seattle—
Total
—i
Allegheny District—
Akron Canton & Youngstown..
Baltimore & Ohio.
Bessemer & Lake Erie.
Buffalo Creek &
Gauley*
Cambria & Indiana.
Central RR. of New
Jersey
Cornwall
*
Penn-Reading Seashore Lines..
Pennsylvania System
Reading Co.
Union
251
,
14,384
13,911
(Pittsburgh)
West Virginia Northern
Western Maryland.........
5,799
25
38
31
38
38
1
1
3,147
2,993
2,987
5,831
5,257
149,885
113,658
112,614
103,686
82,655
—
Colorado & Southern
—
Denver & Rio Grande Western.
Norfolk <fc Western
_
Norfolk & Portsmouth Belt Line
Virginian*:
18,183
16,807
936
631
18,938
15,769
10,629
„4,585
7,412
3,544
710
912
210
1,036
122,458
90,375
96,968
48,938
37,806
21,643
3,320
19,044
3,072
20,729
2,947
5,285
2,558
4,593
1,977
366
243
222
72
31
18,033
1,544
13,400
3,067
15,012
1,252
11,006
2,125
16,501
1,462
12,052
2,620
7,856
6,587
813
639
753
957
2,484
2,035
2,072
8,306
2,282
1,339
3,002
6,148
976
Denver & Salt Lake
.
1,705
1,068
2,311
644
441
201
25
19
1,079
1,066
1,794
983
854
813
1,293
1,361
1,966
1,311
959
Nevada Northern
69
41
923
1,042
558
559
164
Southern Pacific (Pacific)—
St. Joseph & Grand Island
84
1,190
—
North Western Pacific
154
155
119
27
19,397
19,947
System
5,583
3,378
1,205
8,944
1,091
7,629
23,646
Included
in U.
P.
a
462
262
536
14,118
11,756
13,625
231
197
200
1,767
1,399
1,608
—2,446
110,788
92,000
99,825
52,649
41,503
186
208
159
4,447
3,622
'•••
969
3,667
3,251
3,680
765
49,716
Total
301
1,683
Illinois Terminal
Union Pacific System
22,698
22,415
163
1,516
Fort Worth & Denver City
Toledo Peoria & Western
Pocahontas District—
Chesapeake & Ohio.
3,505
294
1,562
Central Western District—
Atch. Top. & Santa Fe System.
Peoria & Pekln Union
Total.
9,188
339
1,766
38,872
39,097
16,891
.
501
Utah
Western Pacific.
Total..
7
9
—
1,919
12,426
Southwestern District—
Alton & Southern
,
Southern District-
Atlantic Coast Line
7,358
1,385
Richmond Fred. & Potomac...
968
433
388
185
137
33
427
Piedmont & Northern
922
1,130
Charleston & Western Carolina
Durham & Southern
Gainesville Midland
Norfolk Southern
6,265
41
Clinchfield
6,468
Southern System
..
133
145
176
137
140
220
292
181
Gulf Coast Lines
2,628
International-Great Northern..
2,128
2,269
1,925
1,926
3,039
1,286
1,682
1,157
1,933
1,029
1,174
2,015
1,038
1,500
214
4,180
1,554
3,264
1,343
371
973
651
193
191
145
155
346
197
Kansas City Southern
2,190
41
73
74
Louisiana & Arkansas
1,428
1,367
1,764
1,129
1,305
1,499
1,326
1,029
945
Louisiana Arkansas & Texas
178
68
92
412
378
418
392
915
711
Litchfield & Madison
189
171
263
1,010
749
Midland Valley
Missouri & Arkansas
712
582
661
253
175
116
62
237
170
4,753
17,204
4,543
2,921
13,709
4,425
14,764
2,240
7,125
329
326
323
7,424
21,408
Seaboard Air Line
184
Fort Smith & Western
Group A—
Winston-Salem Southbound.
—
Burlington-Rock Island..
6,335
18,462
6,196
3,572
3,410
2,479
2,961
18,748
14,778
11,072
161
129
140
766
620
40,281
34,945
34,930
31,596
24,317
Kansas Oklahoma & Gulf
Missouri-Kansas-Texas Lines..
Missouri Pacific.
Natchez & Southern
8,817
751
198
65
31
38
Quanah Acme & Pacific
103
76
113
119
101
St. Louis-San Francisco
Total
8,416
2,554
7,441
8,291
4,220
1,965
3,158
2,633
St. Louis Southwestern
17
20
Group B—
Alabama Tennessee & Northern
2,017
2,017
246
184
153
206
Texas & Pacific
1,119
614
1,217
582
6,077
4,298
4,992
120
Atlanta Birmingham & Coast..
467
Terminal xtR. Ass'n of St. Louis
Wichita Falls & Southern
3,155
2,394
5,467
4,464
2,027
18,367
2,161
3,350
13,872
214
207
162
61
141
48
49
12
33
37
57,215
48,075
51,317
56,698
45,916
Atl. & W. P.—W. RR. of Ala-
Texas & New Orleans
962
650
861
3,905
3,417
3,997
1,142
2,276
Columbus & Greenville*
1,984
244
202
194
245
438
359
346
470
362
3,631
1,707
258
Florida East Coast
3,920
Central of Georgia
Note—Figures for 1934 revised.
Michigan Central RR.
Preyious figures,
a
903
Not available,
Weatherford M. W. & N. W
Total
b Includes figures for the Boston & Albany
RR., the C. C. C. & St. Louis RR., and the
990
Financial
Retail
Prices
During July Showed First Advance in
Months, According to Fairchild Publica¬
Several
tions Retail Price Index
remaining firm to slightly easier for the past several
months, retail prices moved up during July.
The Fairchild
Publications retail price index as of Aug. 1, at 88.1, shows
an increase of
0.2% above the previous month and 3.4%
above Aug. 1 a year ago, said an announcement issued
Aug. 13 by Fairchild Publications, which went on to say:
than has been the
only
small
a
increase for
the index moved with greater uniformity
of sizable proportions.
were
advanced most sharply, furniture,
Among these
furs, which
were
cotton and woolen piece goods, men's
clothing, blankets, floor coverings, and women's shoes.
In many of these
items, particularly, furs and cotton and wool products,
of the
the adjusted
are to lower
The adjusted and unadjusted indexes and
department stores sales
SALES—WITHOUT
STORE
[Index numbers based
Month
on
are
shown for
SEASONAL
ADJUSTMENT
daily averages of dollar volume of sales: 1923-25=100]
1919
1920
1921
1922
1923
1924
60
82
83
73
79
86
January
March.
the
the composite index was fractional, nevertheless the gains in
certain items
DEPARTMENT
February
While
1936
effects
the period 1919 to date in the following table:
the
month.
principal
May and December and to rise the index in January,
March,
February, April and October.
Prices generally were higher, with
previous
The
years.
period from 1931 to date
the seasonal adjustment factors for
in some time.
below
several
revised for
current revision for the
receding
case
number
Aug. IS
have been
ever,
index in
After
The various items comprising
Chronicle
1927
1925
1926
84
90
91
•
59
74
76
69
77
84
85
87
89
65
90
88
77
93
88
94
97
95
77
'
102
109
•>
91
87
90
97
103
105
73
101
91
89
100
98
103
109
105
June
76
96
86
85
99
97
98
100
101
July
59
73
64
64
73
71
74
77
August
60
73
63
66
75
72
76
82
85
September
76
88
75
85
94
96
97
104
103
April.
May
"
76
the advance in
the retail price was a direct reflection of
stronger raw material and whole¬
89
102
95
102
111
105
120
117
November
101
112
97
108
117
117
122
124
126
sale
markets.
December
137
144
135
152
164
166
176
181
182
also
by heavy
Furniture
consumer
and
and rug prices
carpet
of
easier
raw
October
silk
prices,
house
dresses,
goods,
corsets
is compiled, retail prices should continue
prices at retail have not
as
slightly higher.
Month
94
87
88
98
90
103
106
107
1929
1930
1931
1932
1933
1934
1935
1936
90
88
81
64
49
57
59
63
January
91
89
81
64
49
59
61
97
107
93
92
69
50
73
71
77
April
105
103
no
101
73
68
73
79
85
107
109
105
97
72
67
77
76
89
June
buying will continue unabated.
88
May
He believes that
yet fully reflected the rise in several of the
material markets, and that consumer
78
1928
aver.
the
and
According to A. W. Zelomek, economist, under whose supervision the index
THE
122
91
Yearly
silk piece
were
and
aprons
brassieres, men' underwear, men's shirts, and china.
raw
.
demand.
Among the items showing slight decreases
result
being sustained
are
102
February
March.
..
..-
INDEX
JANUARY, 1931=100
Copyright 1936, Fairchild News Service
108
80
79
71
81
84
92
98
July
August
FAIRCHILD PUBLICATIONS RETAIL PRICE
77
,
••
64
70
76
46
48
51
55
49
59
60
61
66
66
•
•-
>
68
.
■'
■/
...
■;
1
May 1,
Aug. 1,
September
June
May 1,
1,
July 1,
Aug. 1,
1933
1935
1936
1936
1936
1936
69.4
85.2
88.1
88.1
87.9
65.1
84.6
84.5
84.6
84.9
85.0
Men's apparel
70.7
87.1
87.4
87.5
87.4
Women's apparel
Infants' wear
71.8
88.1
89.8
90.2
93.2
92.8
92.8
92.6
89.2
89.3
89.2
64.3
64.2
64.2
64.1
73
79
77
82
125
125
113
97
73
75
83
91
«•
'
—
86
November
mm~
"m
86
75
J
192
191
165
143
106
121
135
108
111
102
92
69
67
75
'
«*>'
'
m
145
aver.
79
December
89.4
64.3
71
94
84
■
m
92.6
87.7
88
112
90.4
76.4
70.2
103
122
87.5
Home
117
118
88.1
Piece goods
113
October
*
66
Composite index
.
'
furnishings
89.9
Yearly
Silks
57.4
69.2
81.7
82.6
82.8
82.9
[Index numbers based
Month
83.1
Cotton wash goods
68.6
107.9
106.7
106.7
107.7
107.9
Domestics:
•
»
»
-
on
daily averages of dollar volume of sales: 1923-25=100]
1919
1920
1921
1922
1923
1924
1925
1926
66
90
92
83
91
99
99
106
107
January.--
1927
February
71
89
92
83
93
101
103
105
108
March-
72
95
90
85
95
99
102
103
107
100
■.
April
Sheets
72
91
89
86
98
103
103
105
65.0
96.5
99.5
99.2
99.4
99.3
May.--
69
96
87
87
98
97
102
109
105
72.9
-
Blankets & comfortables
'
'
DEPARTMENT STORE SALES—ADJUSTED FOR SEASONAL VARIATION
Piece goods:
Woolens
---
'
95.9
98.3
98.5
98.7
99.7
June
76
96
87
86
101
100
102
105
106
JulyAugust.
80
98
96
100
80
97
September
83
95
October
81
92
86
93
November
86
96
83
92
86
90
84
93
1928
1929
January-February
108
110
106
110
March
107
113
106
Women's apparel:
Hosiery
59.2
74.9
75.4
75.2
74.5
74.5
Aprons & house dresses.
Corsets and brassieres--
75.5
103.0
103.9
103.9
105.3
105.0
83.6
92.3
92.1
92.1
91.7
91.5
Furs.
66.8
90.5
99.2
99.7
100.3
102.0
Underwear
69.2
86.1
86.3
86.3
87.5
87.5
81.8
82.4
82.1
87
86
98
106
105
7 84
88
101
96
101
108
111
82
91
100
101
101
106
101
96
111
109
107
100
100
104
106
108
99
99
104
107
106
1930
1931
1932
1933
1934
1935
1936
107
99
80
62
73
76
81
108
99
79
62
73
77
83
107
100
73
58
76
79
84
109
105'
100
74
64
76
75
84
105
66
82.3
Shoes
76.5
81.5
„
December—
.
104
Men's apparel:
/
Hosiery
64.9
87.0
87.0
86.8
86.8
U nderwear
69.6
91.8
91.2
91.6
91.4
91.3
Shirts and neckwear
74.3
85.8
86.2
86.2
86.2
86.1
Hats and caps
69.7
81.6
81.6
82.4
82.6
82.6
86.8
*
Clothing Incl. overalls--
70.1
86.8
87.6
87.6
87.6
76.3
90.0
90.8
90.2
90.2
90.2
94.8
'
88.1
Shoes..
Month
94.9
April
j,
Socks
74.0
96.9
94.8
94.8
Underwear
74.3
92.8
93.1
93.1
93.1
93.0
Shoes.
80.9
90.1
90.6
90.4
89.8
89.8
Furniture.
69.4
93.2
93.5
92.2
91.5
92.1
Floor coverings
79.9
99.8
102.1
102.1
102.0
102.2
Musical instruments
50.6
58.3
59.0
59.4
59.2
59.4
Luggage
60.1
74.7
73.8
73.8
72.5
77.9
79.0
80.4
80.4
80.2
81.5
92.4
93.2
93.2
93.1
93.0
107
109
97
72
107
113
103
95
68
67
73
79
July
110
109
100
94
65
69
73
80
August-
107
111
102
89
64
74
76
77
September
112
113
99
85
67
68
74
81
108
111
101
85
68
70
74
78
November
108
108
99
86
64
67
75
82
December
111
110
96
83
62
69
77
83
73.8
Elec. household appliances
China
May
June..
October
Infants' wear:
75.6
74
75
87
88
'
«•
—
*
«P
m
*
'
4*
<m
■'
"
w"
•
Notes—The seasonally adjusted Indexes for most months have been revised for the
period from January, 1931 to date: for earlier years the only revisions were In the
adjusted indexes for March and April, which were affected by changes In the Easter
adjustment factors.
Increase in Department Store Sales for
July is Reported
by Board of Governors of Federal Reserve System
The report issued Aug. 10 by the Board of Governors of
the Federal Reserve System indicates that
"department store
sales were better sustained in
July than is usual in that
month and the Board's index, which allows for a seasonal
decline, increased from 88% of the 1923-1925 average in
91% in July."
>
This level, it is noted by the Board, is the
highest since the
middle of 1931 and compares with an
average of 79% during
1935.
The following is also from the report:
The daily average sales are computed on the basis of the number of business
days,
an extra one-third of a day added in each
five-Saturday month; allowance Is
with
made for the number of
Day,
Memorial
Christmas.
For
pages
Day,
Sundays In each month and for six holidays: New Year's
Day, Labor Day, Thanksgiving Day and
Independence
description of this, Index
236-242
and
SEASONAL
ADJUSTMENT
year
REPORTS
BY
Reserve
available at
FACTORS
STORE
"Bulletin"
the
for
Division
of
April,
1928,
Research
and
INDEX
FOR
OF
DEPARTMENT
SALES
Month
1919
1920
1921
1922
1923
1924
1925
1926
1927
January.-
91
91
90
88
87
87
85
85
85
February
83
83
83
83
83
83
83
83
89
95
97
90
98
89
92
94
89
106
100
98
105
97
105
102
99
104
105
105
104
103
102
101
101
100
100
99
99
98
*
March
♦April
May
11% larger than in the corresponding periods of 1935.
Federal
fAverage for year=100]
June to
Total sales in July were 14% larger and for the first seven months of the
see
revised statement
Statistics.
June
99
99
83
Percentage Change
from, a Year Ago
Number of
Stores '
Federal Reserve Districts
Jan.
*July
Boston
1 to
Reporting
Cities
Included
Cleveland
+ 12
+ 17
+ 13
+ 10
+ 10
+ 10
+ 1.1
+ 10
56
Atlanta-
Chicago-
....
St. Louis
Minneapolis-
34
Kansas City-.-.-...
64
32
37
20
+9
+9
44
24
55
30
32
15
21
10
+6
+22
+9
19
+ 17
22
+ 12
+ 11
79
■
+ 14
+ 11
♦July figures preliminary; in most cities the month
business days this year and last year.
Note—The Board's seasonally adjusted index of
92
93
94
95
96
98
99
October
110
110
110
110
110
110
110
no
109
117
117
117
117
117
117
117
117
116
76
'
December
159
159
161
173
165
167
169
170
171
1928
1929
1930
1931
1932
1933
1934
1935
1936
84
82
82
82
80
79
78
78
78
83
83
82
82
81
80
80
80
80
91
95
87
92
94
87
96
89
92
519
had
..
the
March
105
101
99
105
97
104
101
100
100
100
100
102
102
102
102
95
95
95
96
96
96
96
96
96
July
73
72
71
70
70
70
69
69
69
August
12
95
100
76
76
76
76
77
79
79
79
79
September
101
104
104
106
109
110
111
111
111
110
110
no
110
116
115
114
113
113
112
112
112
112
December
262
number
104
October
November
173
173
173
173
173
174
175
175
175
xuuiuue
same
'
99
May
of
also
have
Research
106
.
106
106'
tvujuBtmeuis iur eneec 01 cnanges in me aaie 01 master: mese
been
revised.
■
and
Description
of method
Statistics.
is
available
at
the
106
adjustments
Division
of
.
/
Regarding the revision in the seasonally adjusted index of
department store sales, the Board of Governors, in its
monthly "Bulletin" for August, had the following to say:
P This Revision, which is made only in the adjustments
for seasonal varia¬
tion and does not affect the unadjusted
figures, supersedes that published
in the "Bulletin" for April,
1935.
allowance for seasonal shifts which
years
92
♦April
department store sales has been
.
92
June
29
-
73
76
*
10
San Francisco
revised.
73
76
33
56
Dallas
Total..
74
75
February
21
+ 11
+9
..
74
75
January.
26
+ 12
+ 16
+8
+ 16
Richmond....',.
74
75
Month
+ 12
...v.
95
74
75
July 31
+ 15
New York
Philadelphia
95
74
75
November
Number of
96
74
75
September
DISTRICTS
74
August.
RESERVE
97
July..
FEDERAL
but could not be considered
The
new
revision is necessary to make
have been in process for a number of
as
definitely established until recently.
For the most part these changes effect the index only for the
period since
the beginning of 1931; adjustments for the changing date of
Easter, how¬
Electric Production Shows Little
Change from Previous
Week
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. 8, 1936, totaled 2,079,149,000 kwh.
Total
output for the latest week indicated a gain of 14.3% over the
corresponding week of 1935, when output totaled 1,819,371,000 kwh.
Volume
Financial
143
Electric
output during the week ended Aug. 1 totaled
2,079,137,000 kwh.
This was a gain of 14.2% over the
1,821,398,000 kwh. produced during the week ended Aug. 3,
1935.
The Institute's statement follows:
PERCENTAGE
INCREASE OVER PREVIOUS YEAR
Week Ended
Major Geographic
1
Regions
Week Ended
Week Ended
July 25, 1936
July 18, 1936
Ended
Week
Aug. 8, 1936
Aug. 1, 1936
New England
15.9
12.7
Middle Atlantic
14.0
10.9
Central Industrial
16.5
18.2
West Central
7.4-
12.2
'
'
10.6
9.7
991
Analysis of Imports and Exports of the United States
Months
Six
for
The
Department of Commerce at Washington Aug. 5
issued its analysis of the foreign trade of the United States
in June, 1936 and 1935, and the six months ended with
June, 1936 and 1935. This statement indicates how much
of the merchandise imports and exports consisted of crude
or of
partly or wholly manufactured products. The following
is the report in full:
11.2
i.
18.2
Chronicle
21.4
ANALYSIS
BY
10.6
15.7
16.7
AND
Southern States
15.5
18.4
17.4
18.8*
OF JUNE
Rocky Mountain
15.0
16.0
19.2
10.6
9.5
12.6
8.9
14.5
ECONOMIC
16.2
DOMESTIC
OF
GROUPS
EXPORTS
FROM
17.5
*
Pacific Coast
Total United States.
14.3
DATA
14.2
FOR
RECENT
IMPORTS
UNITED
THE
INTO
1936
■
STATES
FOR
MONTH
THE
•
.
:
-v
...
(Value in 1,000 Dollars)
Six Months Ended June
Month of June
WEEKS
'1935
1936
1935
1936
Class
,
"
(In Thousands of
Kilowatt-hours)
Week
P. C.
of1936
6...
June
13,..
June 27...
July
4...
July
11...
July
18...
July
25...
Aug.
1934
1933
1932
1931
1930
1929
1,655
1,542
1,578
1,598
1,656
1,539
1,648
1,654
1,662
1.435
1,621
1,610
1,690
1,665
1,675
1,688
1,556
1,648
1,664
1,684
2,088,284 1,823,521 +14.5
2,079,137 .1,821,398 + 14.2
2,079,149 1,819,371 + 14.3
1...
Aug.
1935
1.945,018 1,724,491 + 12.8
1,989.798 1,742,506 + 14.2
2,005,243 1,774,654 + 13.0
2,029,639 1,772,138 + 14.5
1,956,230 1,655,420 + 18.2
2,029,704 1,766,010 + 14.9
2.099,712 1,807,037 + 16.2
June 20...
8...
Aug.
15...
Aug.
22...
29...
1.658
1.659
1,674
1,648
1,627
1,832,695
1,839,815
Aug.
1,809,716
DATA FOR RECENT
Month
1935
8,664,110
Feb
1.635
1,607
1,604
1,645
1,626
1,434
1,440
1,651
1,644
1,667
1,442
1,650
1,627
1,650
1,630
1,637
1,465
1,699
1,703
1,723
1,592
1,712
1,727
1,723
1,686
1,643
1,629
1,643
1,638
1.636
1,427
1,415
1,432
1.436
(THOUSANDS
8,336,990
8,532,355
May
+ 11.6
+ 13.9
+ 11.7
1,725
1,730
1,733
1,750
1,678
1,692
1,677
1,691
1,688
1,762
Crude
..
August-
Sept
Oct
Nov
+ 12.9
Agricultural
93,420,266
26,088
13,222
14.5
2.4
4,402
2.4
2.4
4,365
2.4
257,062
188,731
68,331
22,593
22,050
21.8
8.5
60
7.3
.
25.6
Cent
37
2.3
2.2
stuffs & beverages
2.4
0.1
721
0.1
6 8
10,107
9,476
5.6
69,864
7.0
5.2
631
0.4
0.6
17.2
34,107
18.9
63,676
6,188
164,814
6.4
0.4
28,819
2.4
*
59,624
5,044
192,551
1,981
r
221
0.1
290
0.2
28,598
17.1
33,817
18.7
82,239
49.2
92,674
51.3
16.4
1,327
Non-agricultural...
Finished manufactures
163,487
488,786
1,814
486,972
Agricultural.......
6.3
64,668
6 4
751
..
18.1
■
11,453
10,702
Agricultural
Agricultural
26,727
6.8
y
Non-agricultural...
Semi-manufactures.
24.4
276,751
205,717
71,034
27,448
18.8
Manufactured food¬
1931
301
0.2
450
0.2
81,938
49.0
92,224
51.1
..t
0.1
5.7
5.3
0.4
17.0
0.2
16.3
190,570
16.8
48.7
573,217
50.5
0.2
2,444
570,773
50.3
48.6
0.2
75.0
139,932
77.5
725,521
72.3
838,142
73.9
43,750
28.2
28.2
31,209
20.1
12,541
23,080
22,153
14.9
0.5
346,424
245,568
100,856
159,870
154,037
5,833
30.1
Non-agricultural
272,324
199,634
72,690
168,163
163,330
4,833
27.7
Agricultural
54,612
37,268
17,344
22,893
21,800
1,093
36,065
34,894
18.6
169,137
161,913
7,224
190,031
25,239
164,792
184,696
2,288
182,408
17.2
199,621
16.5
191,787
7,834
235,421
37,742
197,679
210,681
2,231
208,450
Crude foodstuffs
6,219,554
6,130,077
6,112,175
6,310,667
6,317,733
6,633,865
6,507,804
7,184,514
7,180,210
7,070,729
7,288,576
7,166,086
7,099,421
7,331,380
6,971,644
6,638,424
7,288,025
Agricultural
5,835,263
6,494,091
6,771,684
6,294,302
6,809,440
7,058,600
7,218,678
6,832,260
125,478
Crude
6,182,281
6,024,855
6,532,686
6,931,652
7,384,922
7,160,756
7,538,337
Non-agricultural.
7,435,782
6,678,915
7,370,687
7,011,736
6,831,573
7,009,164
7,094,412
materials
Agricultural..
Non-agricultural
Manufactured
85,564,124 80,009,501 77,442,112 86,063,979
14.3
927
0.6
26,339
25,245
16.9
Non-agricultural
16.2
1,094
_
3.8
25,824
30,449
.
20.4
5,869
Finished manufactures
0.7
31,693
Semi-manufactures...
16.6
Agricultural
based on reports covering approxi¬
of the electric light and power industry and the weekly figures are
70%.
8.1
19.2
9.0
11.9
11.3
0.6
20.3
7.4
17.1
16.6
21.3
8.8
13.9
13.4
0.5
.
food-
Htuffs & beverages
Agricultural
18.0
0.6
1,171
43,056
6,083
36,973
36,996
19.6
22.2
3.1
19.1
19.1
325
0.2
356
0.2
30,124
Non-agricultural...
19.4
36,640
18.9
0.7
19.3
2.6
16.7
18.7
0.2
18.5
17.3
16.6
0.7
20.4
3.3
17,1
18.3
0.2
18.1
Total Imports for
♦
"
consumption
of
Business
in
In
155,313 100.0 193,621 100.0
54.6 100,400
51.9
84,801
48.1
70,512 45.4 93,221
..
Agricultural
Hotels,
According to Horwath
& Horwath—Sales During July Above Year
Ago
Non-agricultural.
984,351 100.0 1,152,017 100.0
631,364 54.8
552,404 56.1
520,653 45.2
431,947 43.9
reporting in their review of the trend of business in
hotels
and
gains, during
room
rates,
Horwath
same
as
fairly
country-wide
was
Cleveland
of
and
Texas,
both
extraordinary business
no
sales
restricted to
not
was
total
seasonal
occupancy
decline
since
Coast,
1929,
The
occupancy
Horwath &
ago,
Income
of
which
reported;
was
hotels
in
of
the
was
three
the
for the
and
proportions of
in Texas the improve¬
the exposition
for
June
is
since
cities, but
1929,
normal.
For
1927 ;
was
and
New
the
York
Cleveland,
for
the
rceord; for Detroit, the highest
"all others," the highest since 1930.
on
reporting increases
over
a
derived from manufacturing amounted to $11,748,000,000 in 1935, according to preliminary figures made
available Aug. 7
by the National Industrial Conference
Board.
year
ago
Salaries
income
'
Room
Income
Sales
Sales
82%
87%
Occu¬
73%
78%
Room
pancy
Rates
74%
.
in
65%
72%
1932 ;
Decreases
in
total sales
80%
of
during the last six months from
seven
years
ago
follows:
as
heavy
the
M arch
April
May
June
July
29%
29%
30%
23%
19%
18%
25%
17
21
23
11
43
41
8
21
17
45
52
49
44
9
35
29
21
17
Washington
Cleveland
'
36
39
All others
Total
The
30
22
31
27
29
27%
....
25
30
24
Coast......
39
32
;
Detroit
30%
TREND
OF
9
10
27
10
19
25
22
28
16—
27—
23
29 '
31
22
26
24%
following analysis by cities
wath & Horwath:
32
30
24%
19%
16%
23%
__
"
BUSINESS
IN
the
the
By 1933
IN
JULY,
JULY,
1936,
COMPARED
WITH
1935
Sales
Occupancy
Rooms
Restaur't
This
Month
Month
salaries
The
1933.
that
than
in
+ 16
+ 17
of
66
54
(+
(—)
in
1933
manufacturing.
the
likewise
was
of the
the
as
occurred
The
indi¬
manufacturing
of
the
Income
than
more
but
was
for about
in
construction
depression.
curtailed,
above groups
accounting
from
wages
in
to
manufacturing
estimate
for
1935
approximately
Reserve
from
+
3
Cleveland
and
a
in
the
third
$6,000,000,000 of
$10,000,000,000
amounted
to
in
$14,800,-
indicates
that
$1,600,000,000,
income
or
from
39%
less
Industry
the
0
tion
were
35
32
+ 1
45
in
The
usual
+ 30
+ 43
+ 15
75
+ 20
+ 16
+ 30
+8
+ 13
+ 5
Texas
+ 63
+ 64
All others
+ 12
Total
+ 14
58
+ 10
62
57
64
58
+4
+ 60
68
53
+ 30
+ 10
+ 13
59
55
+ 14
+ 14
61
56
at
+4
'
+ 7
drop
+ 13
65
60
was
This
in
+3
the
the
highest point for the recovery movement.
slump has failed to develop as yet in
generally are affected, although a slight
evident in steel and automobile production around
the month," the Bank
said, continuing:
the middle of
the
July
+ 12
Marked
summer
lines which
most
+3
*
District—
No
31, "no marked change in trade and industry
level, at which time operations in this sec¬
—6
54
Reserve
Showed
June
42
+ 22
Federal
in July
first three weeks of July in the
District indicated, states the Federal
of Cleveland in its
"Monthly Business Re¬
Bank
view" of July
+ 13
both
and
(Cleveland)
—10
+ 13
of
1929
affected by
group
decline
income
and
Developments
Fourth
+ 8
Year to date
22%.
.
or
Last Year Dec.
62
+ 15
Inc.
—12
—
drastic
as
and
1929
living,
Change from June
+ 10
Pacific Coast
severely
preliminary
Conditions
—11
Detroit
of
cost
1929.
Washington
1
branches
this
amounted
source
Philadelphia
Cleveland
not
was
in prices.
in 1929 and declined to $7,000,000,000 in 1932 and 1933.
By
they had recovered to about $9,700,000,000, or 34% below the 1929
figure.
Dividends declined from $2,600,000,00 0 in 1929 to $1,000,000,000
Rate
age
+ 19
income
drop
26% between
the
and
the
of
to
below
1935
Percent¬
Same
Chicago.
37%;
35%
000,000
Room
Percentage of Increase (+)
or Decrease (—)
+ 16
declined
1929
in
approximately
the result
was
income between
income in
all
$18,058,000,000
still
period.
Combined
Trade
New York
decline
from
was
manufactures
products
volume,
in
in
most
was
drop
it
.
HOTELS
Total
of
income.
goods
and metal
1929
total
this
in
also issued by Hor¬
was
group
metal
the
decline in real
money
producers'
or
average.
20
28
Philadelphia
Pacific
Avge.
of
New York
Chicago
in
greatest declines
material
Feb.
of
1935
semi-manufactures,
the
decline
The
Part
declined
In
prices of finished
those
cated
1933.
in
Consequently,
Average first six months.
July...
four-fifths
over
in
manufacturing
level.
Wholesale
Restaurant
represent
wages
continued:
$8,428,000,000
are:
and
disbursed
manufacturing, the Board said.
Dividends account for about 15%, and other items, such
as interest and rent, for only
5%.
The Conference Board
the 1929
1
y
1935 from Manufacturing Reported
35% Below 1929 Level by National Industrial
Conference Board
the
July
highest since
highest
group,
hotels
from
the
was
and Texas,
centennial
.
highest
points
occupancy
having
are
During
About
Income
They add:
.
the July
Pacific
sales,
year
nothing unusual about the
general.
The
a
the averages for the month are practically the
as
expositions,
in
"there
those for the year to date."
Outside
ment
July in
compared with
as
that
state
increases
are
Value
on about
Trend
City
39,310
15.9
Non-agricultural...
Note—The monthly figures shown above are
92%
24.4
14,131
4,014
3,954
Crude foodstuffs.i...
Nou-agrlcultural.
Total.
mately
Per
Cent
Value
,
543
40,754
26,623
jy.
Non-agricultural
1932
6,480,897
7,249,732
7,056,116
7,116,261
7,309,575
8,197,215
8,521,201
Dec
materials
Agricultural
Non-agricultural
OF KWH.)
1933
7,131,158
6,608,356
7,198,232
6,978,419
7,544,845 + 13.1
7,404,174
7,796,665
8,078,451
7,795,422
8,388,495
June—
based
Cent
Value
Total Domestic exp. 167,278 100.0 180,601 100.0 1,003,120 100.0 1,134,636 100.0
Agricultural.....
41,800 25.0 40,669 22.5
277,599 27.7
296,494 26.1
1934
Ch'ge
7,762,513
7,048,495
7,500,566
7,382,224
8,025,886
8,375,493
.
April
July.
MONTHS
1,441
1,457
1,342
1,416
1,657
1,707
1,698
1,704
1,594
P. C.
1936
of—
Jan
Cent
Ch'ge
June
March
Value
Per
Per
Per
Weekly Data for Previous Years
in Millions of Kilowatt-hours
apparently
latter
was
partly
industry.
Steel
following the
quarter
prices
active
somewhat
a
result
of
production,
June period,
exceeded
trade
preparation
however,
and
buying
expectations.
for
held
at
model
up
the
very
changes
well
higher
in
third-
Financial
992
Complete records for June and the first half-year indicate that business
in
both
periods
Employment
after
and
While
the
constitutes
below
week
of
Fourth
District
suffered
prospects
of
month
the
prices
have
having
no
all
in this
1
.
years,
high
temperatures.
.
were
relief
for
Agriculture
of
that
sections of
other
the
they
sharply
third
done
that
In
While rains
areas
some
sharply
By the
damage
in 1934.
than
greater
than
said
much
were
further
were
the
in
this
latter
half
have
sections.
Crop
weeks as a result, but
to sell will be affected by the higher feed costs.
recent
in
the
but
thought to
were
to
year
country,
except potatoes and tobacco in most
advanced
crops
to
.
1936
district
past
unpromising.
very
are
for
May
agency
or
in
temporarily relieved
late
too
available,
are
from
time.
half of
source
and
time
less
July
on
drought
had been
already
season
been
that
Department
the
belt
corn
which
the continued
July
figures
major problems resulting from the depression.
complicated by
the unfavorable agricultural
for
average
by
.
slightly
the first
some
on
.
were
conditions,
crop
the
reduced
the
of
conditions
situation;
dependent
.
at that
year
in
employment
average
such
advanced
trend,
above last
considerably
in
where
cities
most
seasonal
the
number still
one
General
the
for
remained
increases
general,
in
indexes
allowing
June,
highest level since 193,0.
at the
was
those
Chronicle
Aug.
25, 1936
middle of July, according to a statement issued Aug. 11 by
Industrial Commissioner Elmer F. Andrews.
Total factory
1.9% during the same period. These increases,
said, were contrary to a usual decline of around
1 per cent in employment and 1.5% in payrolls at this time of
the year.
The usual changes are based on the average move¬
ment from June to July in the last 22 years.
Commissioner
payrolls
rose
Mr. Andrews
Andrews' statement continued:
A good part
198
of the advance this July occurred in fruit and vegetable
1199245036754 192786
canning factories, which for the second consecutive year reported a larger
than usual seasonal increase in
A further upward movement
working forces.
also occurred in some metal and
Seasonal dullness con¬
machinery plants.
The employment and
tinued in several of the clothing and allied industries.
payroll gains this July occurred in spite of the fact that many factories
reported their usual shut-downs of a temporary nature, for annual vaca¬
tions, inventory taking or repairs to the plant.
Reports from 1,621 representative factories throughout the State form
During July these factories employed 366,-
the basis for these statements.
651
workers
on
weekly
total
a
payroll of
The reports are
$9,290,532.
collected and tabulated and the results analyzed in the Division of Statistics
and Information,
Conditions
St.
in
Business
Federal
Louis
Reserve
District—
Favorable During First Half of Year
In its
"Monthly Review" of July 30 the Federal Reserve
Bank of St. Louis reports that "during June and the first
half of July Eighth (St. Louis) District trade and industry
opposed strong resistance to the usual seasonal slackening
influences
ditions.
and
effects
of
drought
severe
Activities generally were
and
heat
con¬
maintained at the high
levels
of recent months, or close to them," the Bank said,
"and in a large majority of phases, increases were recorded
over the
corresponding interval a year earlier."
Continu¬
ing, the Bank also had the following to
Taken
by
as
notable
duction
made
strides
and
by
month
in
sections
of the
of
and
in
of
1935.
Distribution
demand
prolonged
bonus
also
money
The
tended
agricultural situation
declined
during
Winter
the
June,
heat
of
from
out
areas.
in
for
ma¬
hardware,
the
in
lines
of
bitumi¬
investigated
and
the
goods,
retail
several
in
the
With
month
same
by extraor¬
incident
.
No change
Further Seasonal Rrductions
New
York
for
1929.
1930.
1931.
1932-
19341935-
of Forces in New York City
City factories reported a net loss of 0.7%
in employment
in
many
Greater payrolls in
good part of the net loss in employment.
a
total payrolls.
Further
sea¬
allied industries accounted
the men's clothing factories and metal plants contributed to
some of
the'net gain in
Several industries in this district were affectedly partial
closing for vacations, inventory or repairs.
,
More than half of the men's and boys' clothing factories were employing
Most shoe factories
workers, manufacturing for the new season.
recalled
were
Some boat and ship building and repairing con¬
employing larger forces.
a
large number of the men who had been laid off in June; this
accounted for a
good part of the net increase of 2.3% in forces in the metals
cerns
and
Employment was upward among some
machinery industries.
manu¬
facturers of electrical apparatus and parts and a few foundries and machine
ships.
the
to
Payment
.
trade
temperatures.
have
the
+4.5%
(prelim.)...+0.8%
1922
-f-
—2.4%
..—1.7%
—0.9%
.—0.3%
.—3.8%
-—2.1%
-—5.7%
-—1.9%
-—0.6%
Net Increases in Forces and Payrolls in Five Up-State
of
Industrial Districts
locali¬
Five
of the six
up-State industrial districts reported net gains in both
...
insufficiency
1
1933
swing
electrical
parts,
district continued to be
well, both
is
cotton
demands
.
—3.5%
1.0%
..—1.0%
—0.5%
—0.6%
—1.8%
—0.8%
..—3.9%
...—1.1%
—
sonal curtailment in women's dress, millinery and
stimulated
was
Decreases—June to July
July
+ 1.6%
+ 2.6%
glass,
recorded.
those
to
during July, accompanied by a gain of 1% in total payrolls.
May,
were
summer
quicken
to
in the
July
wheat turned
condition
and
since
Increases—June
1936
employment from June to July in the last 23
given in the following table:
products,
and
temperatures.
and abnormally high
drought
scorching
of
high
particularly in the rural
severe
decline
totals exceeded
descriptions
abnormally
of
The percentage changes in
more
usual
June
puted with the averages for the three years 1925-1927 taken as 100.
years are
gains
improvement
through retail channels
all
for
spell
vehicles
The index of
Both indexes are com¬
sharp
and drugs,
wholesaling and jobbing
the
77.4 in July, 7.5% higher than in July of last year.
factory payrolls was 67.5, 13.4% above last July.
district, and marked expansion in most
contraseasonal increases
all
clothing,
upward
quarry
augmented
notable
pro¬
industry.
in
than
classifications
exception
soldiers'
steel
June
the
in
operations;
chemicals
motor
products;
both
investigations
by
State Labor Department's index of the volume of factory employ¬
was
favorable for any six-
most
factors
materials;
implements,
furnishings,
their
less
somewhat
important
dinary
farm
In
recovery.
lumber,
notably
goods,
building
and
iron
the
were
Outstanding
characterized
was
indicated
as
building and construction
tools,
sales
business
of
achieved
years.
additional
and
the present year
commodities,
industry in fields of the
Volume
showed
direction
of
durable
furniture
coal
ties,
of
textiles
foods,
in
five
machine
goods,
the
in
Broadening
and
chinery,
nous
first half of
this Bank, results
production
cement
the
distribution
period
included:
in
whole,
a
in its review:
say
The
ment
under the direction of Dr. E. B. Patton.
of
precipitation,
further
dominated
Prospects
lowered
as
accompanied
prospective
by
yields.
in point of quantity and quality, and
above
main
this
at
average
and
forces
by
whole
a
season.
further
In
a few
plants accounted for most of the in¬
somejmetal and chemical plants
Rochester, further gains in
contributed to the advance.
the Syracuse district,
Slight gains occurred in several industries in
the net changes amounting to increases of 2.1% in
employment and 1.4% in payrolls.
in forces
In Albany-Schenectady-Troy, fa
payrolls from June to July.
upward movement in
creases.
and 4.6%
These increases followed losses of 8.3%
in payrolls in June, which were largely due to strike
conditions.
Conditions
in
Volume
Richmond
of
Above Year
■
According to
"June
in
Federal
Business
Reserve
During
June
District-
Considerably
Ago
the
Reserve
Bank
of
Richmond,
a considerably larger volume
of business
(Richmond) District than occurred in June
Fifth
metal plants, in which reductions had occurred last month,
some
operating with larger forces.
district, shoe factories
Federal
witnessed
the
Employment continued upward in several textile mills in the Utica dis¬
trict;
longer hours.
were
Layoffs in
taking
a
on
additional workers and were operating
few metal plants and clothing factories in the
Buffalo district accounted for most of the decline in both forces and payrolls.
The percentage
by districts
changes from June to July in employment and payrolls
given below:
are
last year, and in most lines trade was above seasonal levels
in comparison with business in other recent months."
In
noting
went
Part
the
this,
its July 31- "Monthly
in
of
the
bonus,
activity last month
but
there
is
no
to
way
by
change materially last month,
nearly
all
operate
than
in
year.
May
sharply
and
permits
issued ip
in
trade
in
in
volume
shoes
with
June
than
the
is
yet
turn
June to July, 1936
City
Bank
season
under
which
those
of
textile
June,
last
and
due
in
permits
June
sales
sales
issued
averaged
and
in
in
the
mills
used
to
in
10.3%
the
first
in
Employment
Payrolls
Albany-Schenectady-Troyl
+ 2.6
+3.6
Rochester
+ 2.3
+ 1.1
+2.1
+ 1.4
half
of
in
June
prices
June
therefore,
easily
indicated
are
but
overcome
started,
crops
to
season
whole
low,
and
factor
in
determine
very
1935.
Fifth
present
just how
and
weather
produce
in
Retail
We give
An
average
The number
identical mills for the five-week
reported
as
follows
thd
to
five weeks ended Aug. 1,
Production
this may
figures
on
"National
Lumber
1936:
Shipments
1935
1936
Orders Received
1935
1936
1935
1,123,436
59,854
838,145 1,050,411
52,880
46,773
783,878 1,020,444
57,827
44,144
1,183,290
Total lumber
884,918 1,103,291
832,249 1,078,271
822,708
48,371
balance
Production
disadvantage
yields
these mills,
cut
in
in
the five weeks ended' Aug. 1, 1936, as reported by
34% above that of corresponding weeks of 1935 and 88%
1936
cut
was
comparable mills during the
was
same
34% above that during the
period of 1934.
same
the
five weeks
ended Aug.
1,
1936,
of
above
of
received
those
1934.
of
during the
five weeks
ended
Aug.
corresponding weeks of 1935 and 79%
Softwoods
1,
33%
were
corresponding weeks of 1935, softwood showing gain
hardwoods gain of 9%.
•
Orders
Soft¬
weeks of 1935, and
28% above output of the 1935- period.
Shipments during
those
778,564
during
was
above the record of
Shown
1
^
Hardwoods
factory workers employed in New York
State factories increased 0.8% from the middle of June to the
on
crops
City
of
mills
for the
1936
Increases from Mid-June to Mid-July
Reported in Employment and Payrolls in New York
Reductions
Aug.
(In 1,000 Feet)
Contra-Seasonal
York
Ended
•
hardwood
New
544
of
Trade Barometer"
larger
by present condition percentages.
Factories—Seasonal
herewith data
Softwoods.
the
Weeks
ber Manufacturers Association:
but
better
Five
for
period ended Aug. 1, 1936, as reported by the National Lum¬
wood
State
Production
goods,
situation,
the
—1.8
Placed at 1,183,290,000 Feet
this
of
District
during
+ 9.4
+ 1.0
—3.2
Lumber
comparison
serious
materially
''
+ 2.2
+0.6
—0.7
Buffalo
nearly
Wholesale
condition
considerable part of
could
+ L7
-
-
—
small
volume of
months
sales
of
the
late,
favorable
a
in
condition
poor
unfavorable
the
on
The
recessions
Utica
Ringhamton-Endicott-Johnson City.
New York City—
Building
were
1935.
are available was in
although three lines, dry
year,
seasonal
year.
early in the
could
last
showed
-
cotton
cotton
June,
Syracuse
continued
belt.
six
the
more
above the
first
people
at
relatively
a
the cotton
in
conditions
July
than
Spot
year.
July,
conditions
of
employed
in five lines for which data
Crops
were,
District
June
or
the middle
influence
the
of
Employment
.
.
at
better
during
half
above
1935,
outstanding
of the
than
year
first
larger than
May this
too
out.
1
June,
trade
in
only
July
j
Fifth
.
time
weather
valuation
hardware,
sales
is
this
.
but
were
leading cities in the Fifth District
in
9.9%
and
it
.
the
in
trades
full
department stores
done
were
trade
.
unfavorable
estimated
business
year
and
approximately
acreage
80%
development.
industries
either
advanced
special
last
time
same
to
this
the extent
measure
exerted
in
the
have been due to the payment of
may
did
not
Review,"
to say:
on
were
In the Binghamton-Endicott-Johnson City
of
1936,
above
34%
were
and
31%
above similar weekB
in 1936 showed gain in orders of
31% and hardwoods
gain of 31% above the corresponding weeks of 1935.
;
*
Volume
On
Aug.
143
1,
Financial
1936,
stocka
gross
reported
as
3,483,529,000 feet, the equivalent of
pared with 3,032,743,000 feet
136
by
days'
softwood mills
456
production
average
as
Chronicle
tributed
com¬
for these reports.
The following
summary
Aug. 3, 1935, the equivalent of 119 days'
on
production.
On
Aug.
696,664,000
with
on
1, 1936, unfilled orders
feet,
the equivalent
714,699,000 feet
duction.
28
3,
Report
softwood mills
days' average production,
1935,
the
equivalent
-av
.
Weekly
of
Aug.
on
reported by 456
as
of
V"
■:
jof {Lumber Movement,
Aug. 1
sity.
•'
Ended
adequate
industry during the week ended Aug. 1, 1936,
or
developed.
centuated
1929 shipments.
the yields will be poor.
orders
of
Mills,
238,426,000
596;
orders,
softwoods
feet.
production,
Revised
263,574,000
produced
shipped
regions
which
Aug. 1.
three
regions .but
...
With temperatures again well above normal and rainfall
virtually negli¬
weather
feet;
orders
also
Southern
while
feet, and
a
feet
and
July
it
ago
feet
and
cypress
were
the only
444
Mill
for
Production
the
same
was
week
11,005,000
feet.
Reports
identical
V
.
Car-Makers Group
•
»
33%
than in any previous
July with the single exception of July,
1928, the preliminary factory sales
report released by the
Association Aug. 8 discloses.
of Association members for
July were estimated at 339,755
and trucks—an increase
of 33% over the same month
last year and a
decrease of 7% under June.
during the first
an
seven
estimate,
in
1928
and
or
for Association members
this
figure for
the
The trade generally had estimated the crop at 22,000,000
bags.
from plantation to
require 6,452,400 bags based on the estimate,
available for export.
15,973,000
which
months'
Only
covers
Exports during the last
If duplicated
this
extent
of about
a
and leave 15,055,600 bags
season,
and
season
600,000 bags made for local consumption,
an
ended June 30,
allowance
of
were
about
dip into carryover stocks to the
1,517,000 bags would be necessary.
Brazil's production
the 1935-1936 year was
29,880,000
season,
bags
20,803,000 bags, while in the peak 1933-i934
were harvested.
Coffee Shipments During July by Brazil and Colombia
—Corrected Release Issued by New York Coffee
Exchange
The New York Coffee and
Sugar Exchange issued on Aug. 7
on Aug. 4
regarding ship¬
during July by both Brazil and Colombia.
The Aug. 4 release of the Exchange was given in our issue of
Aug. 8, page 834; following is the Exchange's corrected state¬
ment of Aug. 7:
a
corrected release to that issued
ments of coffee
Coffee shipments
producers,
against July,
year,
nounced.
July
from Brazil and Colombia, the world's largest ocffee
both lower during July, the first month of the new crop
were
a
Brazilian
year
ago,
a
1935, the New York Coffee and Sugar Exchange an¬
shipments were 1,097,000, against 1,308,000 during
decrease of 211,000 bags
or 16%, while Colcmbia ex¬
ported 329,158 bags, against 347,424 bags last year, a decrease of 18,266
bags, or about 6%.
'
/
>'
period
the operations of all but
one
of
2,301,480
1,791,650
/
The United States took 568,000 bags of the Brazilian
shipment, against
728,000 last year,
339,755 Seven months 1936
365,606 Seven months 1935.
255,889
1935.41.
bags.
Brazil's
of all coffees moved
the National Coffee Department for destruction would
.
seven
producers in the United States, is summarized
below:
rUly
^uPe
good rain.
present plans which require planters to give up 30%
-
The Association's
report,
car
sales
over the same period last year.
.
the major motor
July
28%
1929—has
been exceeded.
factory
months of this year amounted to
2,301,480 units—
increase of 509,830 units
twice
a
Exchange as 21,508,000 bags, of which 13,298,000 bags will
produced in the State of Sao Paulo, said an announcement
issued by the Exchange Aug. 12, which added:
Factory sales
cars
this
in eastern Saskatchewan
be
and Sugar
Show
More motor vehicles were
shipped from the factories of
Automobile Manufacturers Association
members last month
of
crops
crop now being harvested and which started to market
last month was cabled to the New York Coffee and
Sugar
for
softwood
mills was 226,485,000
186,692,000 feet; shipments were, respectively,
feet, and orders received 223,721,000
was
182,269,000 feet.
ba is
threatening late
disastrous hailstorm swept through an area 125 miles long in westPastures declined further in condition during the week,
1936-1937 Brazilian Coffee.
Crop at 21,508,000 Bags
were
183,040,000
Factory Sales ^of
the
The
areas
First Official Estimate Places
reporting
Gain Over Last Year
On
a
feet;
production during the week ended
shipments above production.
All soft¬
2% below production.
production of
year
past
on heavy summerfallow elsewhere, the
yields are
The Peace River country of Alberta has the best prospects
Rust is still
were:
above
reported
Identical
212,408,000
week.
except in the
central Alberta.
booked
figures for the preceding week
feet; shipments, 229,841,000
reported
week's
ideal for harvesting and threashing but,
disappointing.
.
Last
and feed prospects in the
previously outlined and
Northern
or
was
in the West.
of
10,753,000 feet,
crop
Prairie Provinces received another set-back during the
feet of
pine and Northern hemlock reported orders
corresponding week of last year; all but Northern hemlock
reported production and shipments above similar items of last
year's week.
Lumber orders reported for the week
ended Aug. 1,. 1936,
by 475 soft¬
wood mills totaled 227,888,000
feet, or 2% below the. production of the
same
mills. V Shipments as
reported for the same week were 217,047,000
feet, or 6% below production.
Production was 231,906,000 feet.
Reports from 94 hardwood mills give new business as
10,538,000 feet,
or
4% below production.
Shipments as
above those
3 to 8 degrees above normal in
The first official estimate of the 1936-1937 Brazilian coffee
West Coast and
showed
These
were
but range lands in south-eastern Alberta received
242,911,000
227,800,000
Temperatures
gible, except in scattered parts of Alberta,
226,585,000 feet.
Southern pine,
wood
combined;
mills
great varia¬
a
The quality of wheat is generally
during the past week and rainfall was insignificant.
While rainfall is needed in British Columbia,
good crop prospects are still
evident.
The Association further
reported:
551
Early threashing results disclose
the Prairie Provinces
corresponding week of 1935; shipments were 16%
above, and orders 23% above shipments and orders of last
1,
ac¬
The harvest of spring grains is under way
good but oats and barley -will be light in both weight and yield.
In northern
and western Manitoba, east-central Saskatchewan and central and
northern
Alberta, fair to good harvests can be expected, but over the remaining area,
above
and
either
are
The seasonal decline in the condition of pastures has been
tion in yields in the Prairie Provinces.
mills.
Reported new business during the
Aug. 1 was 2% below production; shipments
were 6% below
output. Reported new business of the previ¬
ous week, ended
July 25, was 14% below production; ship¬
ments were 13%
below output.
Production in the week
ended Aug. 1 was shown
by reporting softwood mills 21%
During the week ended Aug.
Supplies
by dry weather since Aug. 1; the milk flow and the condition of
throughout the Dominion.
ended
year's week.
has extended into eastern
plentiful in all provinces except Saskatchewan and Alberta.
live stock have been affected.
softwood
hardwoods
area
In southern districts of these latter
provinces, a serious feed situation has
Although for the sixteenth con¬
secutive week reported new orders were below
production,
they were the heaviest of any week, but one, since early
May. Reported production during the week ended Aug. 1 of
8% fewer mills was 8% below revised production figures of
the preceding week;
shipments were 1% below, and new
orders 5% above that
week, according to reports to the
National Lumber Manufacturers Association from
regional
associations covering the
operations of important hardwood
week
is from the report made available
the hay crop escaped the full burnt of the
dry weather.
v.;
stood at 68% of the 1929
weekly average of production and
and
provide the basic information
During the past two weeks, the drought
66%
of
areas
Ontario and parts of Quebec and the Maritimes and westward
into the
interior valleys of British Columbia and Vancouver Island.
Fortunately,
'■
The lumber
farming
As the 1936
growing season draws to a close, about three-quarters of the
field crop area of the Dominion is
suffering from drought of varying inten¬
days' pro¬
Week
the
over
Aug. 11:
were
compared
28
993
were
from Brazil to
a
decrease of 160,000 bags
or
about 22%, while exports
Europe
bags or about 4%.
were 467,000 bags against 483,000, a loss of 16,000
Brazilian shipments to other than United States and
European points fell off sharply, being 62,000, against 97,000 a year previous,
loss of 35,000 bags or 36%.
Colombian exports to the United States
a
this
Report
Canadian
on
Crops by Bank of Montreal—
Wheat Yields Expected to Show
Wide Variation
"With cutting general and
threshing begun in the Canadian
prairie provinces indications are that wheat
yields will show
wide variation,"
according to the weekly crop report of the
against 7,851,
good, but
13. "In some districts yields
crops over extensive areas are a total
failure, owing to prolonged heat and
drought," the bank said,
adding:
•
,
*
.
Coarse grains in general
...
are
a
poor crop
and pastures are badly burnt,
Quebec prospects continue good for a
generally satisfactory harvest,
apples being an exception.
In Ontario dry weather
adversely affected the
prospective yields of most crops and
though recent rains have been bene¬
n
ficial the soil has been
so parched that
more moisture is
required.
In the Maritime Provinces
the harvesting of an
excellent hay crop has
been completed and the
outlook for other crops is
encouraging.
In British
Columbia the quality and
yield of most crops will be well
up to average
♦
Summary of Crop Situation in Canada—Dominion
Bu¬
reau of Statistics
Reports Three-Quarters of Field
Crop Area Suffering from
Drought
Intensity
The sixth of
a
series of
of
Varying
seven
telegraphic reports covering
on
Aug. 11
Ottawa, which also
series of 15
weekly telegraphic
conditions throughout Canada was issued
by the Dominion Bureau of Statistics, at
crop
included
the
on
Dominion.
twelfth
of
a
conditions in the Prairie Provinces of the
The Bureau noted that 86 agriculturists dis¬
crop
an
increase of 329 bags or 4%.
Drop of 44%
Noted in Exports of Refined Sugar by
During First Half of Year as Com¬
pared with Same Period of 1935 ■
United
Montreal, issued Aug.
miu
will be fair to
reports
July were 244,500 bags, against 237,993, a gain of 6,570 bags or about
3%, while shipments to Europe were but 76,478 against 101,580, a loss of
25,102 bags or about 25%.
To all other points Colombia sent 8,180 bags,
States
.
Refined sugar exports by the United States during the first
six months of this year totaled 22,690
long tons, as con¬
trasted with 40,492 tons
a
during the similar period last year,
approximately 44%, according
decrease of 17,802 tons, or
to Lamborn &
Co., which also stated:
The January-June exports this year are the smallest for
any corresponding
period since 1933, when the shipments amounted to 18,400 tons.
The refined sugar exports this year went to 50 different
countries, while
last year
The
during the first six months 60 countries
United
were
included in
the
list.
Kingdom leads this
year with 10,585 tons, being followed
by
1,865 tons and 1,822 tons, respectively.
Last
the United Kingdom with 11,996 tons also headed the list, while
Holland and Panama with
season,
Uruguay and Norway followed with 5,240 tons and 3,727 tons,
respectively.
—+.
Petroleum and
Its
Additional
Oil
Products—Crude Oil Stocks Under
Year
Ago—June Runs to Stills at New HighAttorney
General
Cummings' Uncertain
About
Indictments—Daily Average Crude
Output Up
The continued improvement in the
underlying statistical
position of the crude oil division is holding the center of
attention in the industry in view of the dire forecasts
heard
Financial
994
a short time when daily production was
above the
3,000,000-barrel level and stocks appeared to be on their way
only
record highs.
Despite production slightly
to new
in excess of current demand,
operation of refineries as stocks of fuel and gas
oils are built up in preparation of a heavy winter demand
has brought about substantial reduction in crude oil stocks.
Aug. 1 inventories of crude totaled 306,751,000 barrels, off
some 17,000,000 barrels from the total recorded for the like
1935 date. On a supply basis, Aug. 1 holdings were equal to
104 days' supplies, against 120 days' supplies held on the cor¬
responding date last year.
Daily average runs of crude oil to stills during June reached
a
new'high, totaling 2,967,000 barrels, up 43,000 barrels
from the previous month, the Bureau of Mines reported on
Aug. 13.
Stocks of crude held at refineries at the close of
the month were 61,612,000 barrels, off 365,000 barrels from
the total reported at the outset of the month.
An increase
Of 29,000 barrels was shown in the daily average receipts of
crude oil at refineries during June at 2,964,000 barrels.
the heavy
confer¬
he had
make regarding statements of some of the
Attorney General Cummings, at his weekly press
ence held in Washington on Aug,
12, when asked if
comment to
any
officials indicted in the
alleged oil conspiracy that they were
charged with practices condoned by the
National Recovery
answered:
"Yes, don't make me laugh."
Mr. Cummings refused to make any prediction as to whether
the Grand Jury, which will reconvene in Madison, Wis., on
Aug. 19, would hand down any additional indictnlents.
An increase of 15,800 barrels in the net daily average
Adminstration,
production of crude oil in the United States lifted the total
week ended Aug. 8 to 2,963,800 barrels, statistics
gasoline prices held stable throughout the Nation's marketing
centers with the exception of minor revisions due entirely
to
local marketing conditions.
Other refined petroleum
products were steady and quiet.
Representative price changes follow:
put rose more than 5,000 barrels to 237,000,
demand estimated at 188,500 barrels.
There
no
were
against market
Prices of Typical
Crudes
per
65 Octane), Tank Car Lots,
U. S. Gasoline (Above
Gulf...
Kerosene, 41-43
.07^
.07
Fuel Oil, F.O.B. Refinery or
Diesel 28-30
New Orleans C.
Refinery
27 plus
Gasoline, Service Station,
-
.90
.$
.1.05
$.02 %-.02 %
.
Cleveland
177
.165
165
Los Angeles
Chicago.
Not including 2%
Natural
Houston
.23
.175
Pittsburgh
.195
.16
Francisco
San
.20
.19
Jacksonville
175
____
Buffalo..
New Orleans
Detroit.__—.16
168
...
.184
MinneapolisPhiladelphia
.215
Denver
.168
Newark.
Tax Included
..$.175
.175
Cincinnati
$.182
zNew York
zBrooklyn
June
-
-
Terminal
or
(Chicago,
|Tulsa
$.04-.04% |
32-36 GO..$.02%-.02% |
Boston
-
D_?. 1.65
(Bayonne)
Camden.
-
Phila., Bunker C —
$1.15-1.25
$1.05
Gas Oil, F.O.B.
z
Terminal
California 27 plus D
(Bayonne)
1
Bunker C
Y.
Refinery
Water White, Tank Car, F.O.B.
.04
(Bayonne)..
N.
-.06*4
ex.
(North Texas.$.03H-.0334 I New Orleans. $.03 Jir .04:%
$.04% |Los Angeles.. .04%-.05
iTulsa...'
04^-
New York
N. Y.
.06%
.06
.05%-.04%
Gulf ports... .06
-.06%
Tulsa
.06
-.06%
.07^
Republic Oil
.07^
.07 %
(Calif.)
Warner-Quinlan Co_
$.06
Orleans.
Los Ang.,
:—...07%
Texas..:
Shell East
Richfield Oil
F.O.B. Refinery
New
Colonial Beacon. .$.07%
Socony-Vacuum
' .07%
Tide Water Oil Co-_
.07*4
.17
St. Louis
15
duty city sales tax.
Gasoline
Output
Rises
Gallons
67,000
daily average production of natural gasoline showed
increase of 67,000 gallons in June, according to a report
The
an
prepared by the Bureau of Mines for Harold L. Ickes,
Secretary of the Interior.
The average in June was 4,504,000
gallons, compared with 4,437,000 gallons in May.
General
increases
were
recorded for the California fields.
The
daily
average
production of the East Texas field set a new
gallons, compared with 380,900 in May.
for Oklahoma showed no change.
Total pro¬
record of 404,700
The average
duction
gallons,
in
the
or over
six months
first
of
1936
7% greater than in the
was
839,328,000
corresponding period
for 1935.
Stocks of natural
gasoline continued to increase,
the gain
being from 237,888,000 gallons on hand the first
of the month to 244,818,000 on June 30.
The major part
of the increase was recorded in stocks at refineries.
in
June
I
"
Barrel at Wells
NATURAL GASOLINE (IN
THOUSANDS
-OF GALLONS)
/
.
Stocks
Production
not shown)
$2.45 Eldorado, Ark., 40
1.25 Rusk, Texas, 40 and over
oil stock was
Chicago
New York—
Standard Oil N. J..$.07%
PRODUCTION AND STOCKS OF
crude oil price changes.
in Pennsylvania bright
13—A cut of J^-cent a gallon
Aug.
posted by all refiners.
for the
compiled by the American Petroleum Institute disclosed.
The total compared with forecast August demand of 2,936,900 barrels set by the Bureau of Mines and actual production
in the like 1935 period of 2,656,850 barrels.
An increase of 36,400 barrels in the California offset a*
decline of 20,600 barrels scored in the territory east of the
Rocky Mountains and brought about the net increase of
15,800 barrels.
Oklahoma output was cut 8,800 barrels to
532,300 barrels, sharply under the Bureau of Mines estimated
market demand for the State of 575,500 barrels.
Texas, which also was under its estimated demand level
of 1,154,700 barrels, showed only a nominal increase at
1,153,150 barrels.
Kansas showed a substantial dip, and
was far under its estimated August level, but Louisiana out¬
Aug. 15, 1936
Chronicle
(All gravities where A. P. I. degrees are
Bradford, Pa.
Lima
(Ohio Oil Co.)
1.42
Corning, Pa
Illinois
____
Western Kentucky
_____
1.23
1.23
Mont
^
1.18 Huntington, Calif., 30 and over
.85 Kettlemen Hills, 39 and over
.75-.80 Petrolia, Canada
Mid-Cont't, Okla., 40 and above..
Winkler, Texas
Smackover, Ark., 24 and over...
Jan.June
May
June
Juhe
1.42
1.15
.95
1.43
1.10
1936
1936
1936
1935
PRODUCTS—MOTOR FUEL STOCKS
DIP—REFINERY
NEW
YORK
OTHER
OPERATING
CITY
HIT
BY
RATE
SHOW RECORD
AGAIN
CUT-PRICE
LOWERED—
GASOLINE WAR-
REFINED MARKETS STABLE
gasoline dropped more
than 2,000,000 barrels during the first week of August, one
of the sharpest declines for any one week in the history of the
industry.
The record decline was laid to the heavy seasonal
demand for motor fuel, estimated at 10% above last year
At
4*254
At
Plants
Refin¬
& Ter¬
minals
eries
minals
9,366
783
Kansas
Texas
Louisiana.
Rocky Mountain
_____
Total.
avge.
33*274
378
4*431
210
'4,917
5,180
198,930 179,239
15,749
16,772
238,132 250,821
27,319 22,303
6,546
6,004
29,317 25,678
282,751 243,884
3,234
3,696
342
29,144
2,100
4,368
34*923
4,767
707
32,231
Oklahoma
Daily
Plants
A Ter¬
8,484
111., Mich., Ky__
California.
At
eries
East coast
Arkansas.
Stocks of finished and unfinished
a new record was established.
Total holdings of finished and unfinished
May 31, 1936
At
Refin¬
Appalachian
REFINED
1936
Jan.-
97
Central Field, Mich.
Sunburst,
June 30,
__:_j$1.10
1.15
Darst Creek
2,606
38,771
4,022
1,014
5,375
46,134
33,308
2,720
39,075
4,192
1,086
4,803
46,816
168
84
9,408
1,286
73,651
8,316
42
11,988
378
84
143
2,688
1,869
2,102
91,770
75,802
11,056
1,603
2,147'
123,732
135,114 137,550 839,328 782,411 119,952 124,866 114,156
4,323
4,612
4,504
4,437
-
3,217
3,275
19,984
18,628
107
106
110
2,856
2,973
2,718
2,946
103
"
__
401
268
1*848
87,486
Total (thousands
of barrels)
5,408
25,952
1,095
Daily average.
when
,•
gasoline Of 61,-
750,000 barrels on Aug. 8 represented a decline of 2,086,000
barrels from the previous week, statistics released by the
American Petroleum Institute disclosed.
The total was
*
12,121,000 barrels under the record high of 73,871,000 barset early last April.
Refinery holdings showed by far the sharpest drop, dipping
1,467,000 barrels to 34,771,000 barrels at the close of the
week.
Bulk terminal inventories of 20,720,000 barrels were
rels
1
off
294,000
barrels.
Stocks
of
unfinished
gasoline were
325,000 barrels lower at 6,259,000 barrels^-U^—
—
'—A further reduction in the operating rate of reporting
refineries was disclosed in the weekly report of the American
1.7% to 76.5%
of capacity^ after coming within fractions of the record of 81 %
set last April during mid-July.
Daily average runs of crude
oil to stills were off 60,000 barrels to 2,870,000 barrels.
Gas
and fuel oil stocks rose 1,109,000 barrels to total 109,771,000
as refiners built stocks in anticipation of another winter of
Petroleum
record
Institute.
Operations declined
demand.
Spreading of cut-price competition in the Metropolitan
New York City retail gasoline market is causing increased
alarm in the distributing branch of the trade.
Not only are
the areas where the low prices are in effect broadening, but
increased competition has cut the prices even below previous
lows.
Unless the situation is corrected, once the Labor Day
peak movement of gasoline is over a general reduction in
motor fuel prices in the Metropolitan area is seen
inevitable.
Other refined products held quiet.
With the exception of a reduction of 34-cent a gallon in
retail
Pennsylvania bright oil stock-—used in blending lubricating
oils—there were no price developments of note.
Retail
June
Daily
Average, Crude
Petroleum Output 18,000
Barrels Below Preceding
Month
monthly petroleum report of the United States Bureau
of Mines shows that the daily average production of crude
The
petroleum in June, 1936, was 3,006,000 barrels, a decrease
of 18,000 barrels from the new record established in May.
Total production for the first six months of 1936 was 535,911,000 barrels, an increase of 59,726,000 barrels, or 12.5%,
over
production for the same period in 1935.
The report
further stated:
Texas
produced
an
average
of
compared
1,178,700 barrels in June,
occurring in West Texas
and the Gulf Coast.
The daily average for California increased to 581,500
barrels in June from 576,600 in May, the increase being distributed rather
genrally.
The June average for Oklahoma was 563,200 barrels, as com
pared with 575,600 in May, decreases in the Oklahoma City and Seminole
fields being offset in part by a small gain in other fields.
The average
for Louisiana declined from 224,700 barrels in May to 221,400 in June,
increases in the Gulf Coast and in the rest of the State being more than
balanced by a decrease of 6,100 barrels in the Rodessa field.
Daily average crude runs to stills in June were 2,967,000 barrels, or
43,000 barrels higher than in May.
Crude stocks showed a decrease of
4,123,000 barrels in June, which reflects the effect of both the decrease in
with
1,188,000 in May, the principal decreases
production and the increase in crude runs.
The yield
in
of gasoline from crude increased from an average
of 44.1%
May to 44.4% in June.
The domestic demand for motor fuel of
44,630,000 barrels was
abnormally
by 1,940,000 barrels and was almost
17% higher than the domestic demand for June, 1935.
Exports of motor
fuel decreased from 2,702,000 barrels in May to 2,291,000 in June.
Stocks
of finished and unfinished gasoline declined from 71,605,000 barrels on
high, exceeding the Bureau's estimate
May 31 to 67,377,000 barrels on June
8,000,000 barrels higher than
30.
The latter was approximately
stocks of June 30, 1935.1
Volume
143
Financial
According to the Bureau
products
for
and 53.2 for
June,
data of this report
recorded
aggregate
crude-oil
refineries operated during June,
with
an
Statistics, the price index for petroleum
57.7, compared with
was
Chronicle
58.2 for May,
1936,
details,
3,702,000
of
barrels.
daily
a
1936, at 80% of their capacity compared
DEMAND OF ALL OILS
May
June
June
June
1936
1936
1935
1936
1935
Crude petroleum
90,185
3,006
3,217
82,338
2,745
3,014
535,911
2,945
221
137
93,620
3,121
:
_
93,739
3,024
3,275
218
__
97,235
85,489
2,850
1,188
557,083
.a
Total production
Daily average
Imports b:
industry as a whole ran to stills, on a Bureau of Mines basis,
2,870,000 barrels of crude oil daily during the week, and that all companies
3,137
476,185
had in storage at refineries, bulk terminals, in transit and in
pipe lines as
of the end of the week 61,750,000 barrels of finished and unfinished
2,631
18,628
19,984
868
495,681
2,739
3,061
Crude petroleum:
gasoline
and 109,771,000 barrels of gas and fuel oil.
Cracked gasoline production by companies owning 95.9
Receipts in bond
156
Receipts in bond
Receipts for domestic
268
293
1,379
3,438
2,493
2,781
2,555
14,123
11,964
1,956
1,700
1,065
8,572
3,134
318
496
920
102,480
584,291
3,306
90,325
3,011
3,210
Increase in stocks, all oils
3,304
c287
8,596
3,905
B.
102,700
99,176
3,423
3,199
90,612
3,020
2,864
Exports;
4,792
6,606
4,390
7,836
5,589
7,362
22,621
38,974
44,630
3,075
29,475
1,969
42,007
37,890
4,035
28,972
2,768
199,558
22,919
179,509
Wax
Coke
2,028
25,028
1,558
91
71
555
460
466
534
3,184
3,231
1,733
593
873
4,818
4,368
8,231
2,554
26,086
1,145
13,934
1,086
13,262
514,100
Asphalt
_
Still gas..
M iscellaneous.
206
193
161
1,864
2,677
91,302
3,043
average-
Stocks—
*
86,950
77,661
2,589
311,046
...
Total, all oils...*
.
5,664
Days' supply...
Coal
inports of
refined
2,825
products
motor fuel demand.
59,850
60,900
59,900
26,650
26,300
26,100
from
Bureau
of
179,450
233,590
5,851
227,445
554,423
568,053
550,296
568,053
84,550
173
256,400
252,900
1,153,150
1,152,300
1,148,150
1,005,200
85,100
84,150
82,950
27,100
117,300
"
Coastal Texas
Total Texas...
1,154,700
North Louisiana
Coastal Louisiana
151,900
237,000
231,900
232,550
29,200
29,650
108,850
113,200
31,850
35,500
38,600
13,900
4,700
_
188
174
.......
198
334,757
40,750
39,150
29,550
110,400
32,100
39,100
17,000
15,700
16,200
4,900
4,650
4,650
Michigan.
Wyoming
Montana.
^
.
*
....
New Mexico
included
*.:. i
.
.
144,400
*
FIELDS
STATES AND
39,100
11,300
4,200
78,050
74,150
75,150
53,650
2.372,700
2,393,300
2,386,600
2,065,650
California
PRINCIPAL
TV#
550,000
591,100
554,700
576,200
591,200
2,936.900
2.963,800
2,948.000
2,962,800
2,656,850
June, 1936
CRUDE RUNS TO STILLS AND STOCKS OF FINISHED AND UNFINISHED
GASOLINE AND GAS AND FUEL OIL, WEEK ENDED AUG.
May, 1936
8,
Jan.-
Daily
Average
Total
Jan.-
June
1935
(Figures in thousands of barrels of 42 gallons each)
Daily Refining
878
29.3
934
30.1
1,085
36.2
35.5
Kettleman Hills
2,345
78.2
1,099
2,435
Long Beach
2,041
1,322
68.0
67.6
10,652
17,445
355.0
581.5
2,096
1,358
10,888
17,876
147
4.9
142
...
Calif.—Huntington Beach.
Santa Fe Springs
Rest of State
y.
Total
Colorado.
California
__
Illinois
44.1
383
Indiana
12.8
576.6
108,160
53,859
91,126
4.6
825
773
43.8
'
389
12.6
7,229
2,134
2,075
2.4
69
2.2
388
371
4,823
155.6
27,584
27,137
463
15.4
458
14.8
4,313
143.8
55.6
4,400
1,911
141.9
1,667
662
22.0
655
21.1
6,642
221.4
971
32.4
6,966
1,002
224.7
Michigan
32.3
Montana
'2,664
25,123
8,431
3,945
37,499
6,400
523
17.4
515
16.6
2,727
2,096
75.2
12,558
12.5
2,225
8.5
1,535
9,720
2,058
1,856
77
2.5
386
11.0
1,921
150.1
26,593
25,666
47,543
99,802
8,168
40,897
30,338
85,265
11,070
41,359
208,929
1,904
3,042
2,052
28,793
23,384
39,813
91,990
7,945
30,739
27,193
Stocks
Of
Finished
Reporting
Aver¬
East Coast..
Total
612
P.
C.
Oper¬
At Re¬
age
ial
Rate
P.
ated
fineries
612 100.0.
Gas
in
Daily
Unfin'd
and
C.
481
78.6
Terms., Nap'tha
&c.
Distil.
Fuel
Oil
5,722
JO,615
1,011
1,020
3,037
267
575
742
5,258
Appalachian.
154
146
94.8
92
63.0
1,002
Ind.,111., Ky.
Okla., Kan.,
462
.444
96.1
393
88.5
5,338
453
11,367
384
84.8
279
72.7
507
3,539
330
160
48.5
fl9
74.4
3,212
1,077
2,040
Inland Texas
140
181
Texas Gulf..
680
658
96.8
560
85.1
4,551
195
1,863
La.
169
163
96.4
124
76.1
844
503
259
1,766
8,182
2,353
MO.
-
466
Louisiana—Gulf Coast
Rodessa
Rest of State
__
Total Louisiana
"New Mexico.*..
2,189
73.0
2,331
380
12.7
386
9.0
264
77
2.6
347
•
Northwestern.
_
_
__________
Total Ohio
....
Oklahoma—Oklahoma City
Seminole
Rest of State
Total Oklahoma.
PennsylvaniaTexas—Gulf Coast..
West Texas.
...
East Texas.
Panhandle
-
61.7
270
11.6
341
139.9
4,652
142.7
4,604
148.5
280.6
8,586
277.0
*
New York
Ohio—Central & Eastern
•
Unfinished Gasoline
Poten-
12,023
6,878
152.0
Kentucky.
Stocks of Finished and
to Stills
U
District
11,137
74
_
Crude Runs
Capacity
5,520
4,559
,
Kansas
351.2
5,374
6,718
14,875
12,858
8,254
65,455
78.5
1936
June
1936
Daily
Average
Total
Note—The figures indicated above do not include
any estimate of any oil which
might have been surreptitiously produced.
(Thousands of barrels of 42 gallons)
__
30,450
99,500
42,250
70,100
1
Total United States
Arkansas
435,250
57,200
182,650
2,386,900
.
Total East of California-
in
46,950
;
149,600
31,200
110,800
.
147,750
188,500
32,400
Total Louisiana
reported to Bureau of Mines,
Foreign and Domestic Commerce,
CRUDE PETROLEUM BY
v
84,300
57,400
428,450
84,800
252,500
Southwest Texas.
as
are
178,10(1
57,650
429,100
East Central Texas
Colorado.....
1936, natural gasoline losses
180,250
59,550
430,150
...
51,100
56,400
25,950
149,700
■
.
PRODUCTION OF
61,950
2,554
311,046
5,829
233,421
Imports of crude
d Beginning January,
Decrease,
c
b
156,000
6,421
334,757
5,851
227,445
161
Division,
139,650
60,600
Eastern...
315,169
5,829
233,421
_
1935
496,350
139,250
North Texas............
West Central Texas
Arkansas
Refined products
From
2,805
550,296
.
1936
545,200
153,550 V
55,800
2,068
1
Natural gasoline.
a
1,883
3,122
—
Losses.d
Total domestic demand....
1936
541,100
Panhandle Texas....„«■
462,287
,
■
Road oil
Aug. 10
1936
24,023
:
114
Week
Ended
Aug. 8
Aug. 1
532,300
East Texas.
■-
220,961
25,476
201,001
10,973
2,118
1,219
4,831
Gas oil and fuel oil-..*..
Lubricants.
Weeks
Ended
Aug. 8
575,500 T
166,500
West Texas
9,750
33,605
543
_
Kerosene
4
22,432
Refined products.
Domestic demand:
Crude petroleum
Oklahoma. ....V:
Kansas
Crude petroleum.
Average
Week Ended
518,324
3,163
PRODUCTION
Actual Production
of M.
Dept. of
(August)
575,695
OIL
Int. Cal¬
culations
Dally average
Daily
CRUDE
(Figures in Barrels)
Demand—
.;
Total demand.
-
.
6,008
5,138
522,229
2,885
c4,127
Daily average.
during the week.
DAILY AVERAGE
98,573
3,286
use.-.
supply, all oils......;...
Motor fuel.d
of the potential
charging capacity of all cracking units indicates that the industry as a whole,
a Bureau of Mines
basis, produced an average of 665,000 barrels daily
on
Receipts for domestic use.__.
Refined products:
new
a daily average of 32,714 barrels, compared
daily average of 21,286 barrels for the week ended Aug. 1, and 33,714
Reports received from refining companies owning 89,7% of the 3,889,000
barrel estimated daily potential refining capacity of the United
States, indi¬
Domestic production:
Total
a
cate that the
,
Natural gasoline
-
at Atlantic and Gulf ports for the week ended
barrels daily for the four weeks ended Aug. 8.
Jan.
June
Benzol
8 totaled 1,548,000 barrels,
a daily average of 177,429
1 and 168,071 barrels daily for the four
Aug. 8 totaled 229,000 barrels,
with
average
and receipts in bond at principal
use
221,143 barrels, compared with
Receipts of California oil
,
Jan.
Daily
average of
barrels for the week ended Aug.
weeks ended Aug. 8.
(Thousands of barrels of 42 gallons)
New Supply—
Aug. 10,1935, totaled 2,656,850 barrels. Further
reported by the Institute, follow:
United States ports for the week ended Aug.
These
operating ratio of 79 % in May.
SUPPLY AND
as
Imports of petroleum for domestic
compiled from refineries having
were
capacity
995
week ended
June, 1935.
The refinery
an
1936,
of Labor
.
_;
....
Rest of State.
Total Texas
West Virginia
4,196
4,280
8,419
16,895
1,447
7,091
5,135
13,999
1,839
7,297
35,361
333
17,842
1,409
575.6
240.7
171.2
7,461
5,478
466.6
14,535
48.3
236.4
45.5
176.7
468.9
_
61.3
1,905
61.4
243.2
240.3
1,178.7
7,448
36,827
1,188.0
323
10.4
17.0
507
16.3
633
21.1
594
19.2
1; 143
38.1
1,101
35.5
...1
Total Wyoming.
Other.a
;
5
4,160
22,285
6,758
3,581
6,623
193,144
1,975
3,142
3,374
6,516
20
535,911
476,185
5
.
..
Gulf
No. La.-Ark.
a
Includes
90,185
3,006,2
93,739
3,023.8
Missouri, Mississippi, Tennessee, and Utah.
Daily Average
Crude
Oil
Output Up 15,800 Barrels
In
Latest Week
The
American
Petroleum
Institute
estimates
that
72
90.0
80
62
60
61.9
51
85.0
990
95
796
789
92.6
52S
66.9
8,624
2~297
1,104
73,247
—
3,488
89.7
2,670
76.5
Estd.unrepd.
401
Mtn.
Reported
15,800 barrels from the output of the previous week.
The
current week's figure was also above the
2,936,900 barrels
calculated by the United States Department of the
Interior
be the total of the restrictions
imposed by the various
oil-producing States during August.
Daily average produc¬
tion for the four weeks ended Aug. 8,
1936, is estimated
at 2,962,800 barrels.
The daily average output for the
_.
43
59.7
174
437
31,534
19,927
200
3,237
793
2,870
2,930
34,771
20,720
36,238
21,014
6,259 109,771
6,584 108,662
z26,549 zl9,383
Z5.768 Z109282
6,091 107,520
168
2,251
xEst.tot.U.S.
Aug. 8 '36.
'3,889
3,889
Aug. 1 '36.
3,889
3,889
'i':
U.S.B. of M.
1
2.729
Aug. 1935.
x
Bureau of Mines basis currently estimated,
Stocks
of
.
z
As of Aug. 31, 1935.
Bituminous
Coal
in
Hands
Totaled 28,753,000 Tons
on
of
Consumers
July 1
The United States Bureau of Mines reports that the total
commercial stocks of bituminous coal amounted to 28,753,000
July 1, 1936, thebeginning of the third quarter
This was an increase of 2.4% over the 28,083,000 net tons held by consumers at the beginning of the second
quarter, April 1, 1936.
When compared with the 41,127,000
net«tons on hand on July 1, 1935, the current stocks were
reduced by 12,374,000 net tons, or 30.1%.
The Bureau
further reported:
on
of the year.
the
daily average gross crude oil production for the week ended
Aug. 8, 1936, was 2,963,800 barrels.
This was a gain of
to
80
97
852
Rocky
California.
net tons
Total United States
.
87,613
10,866
36,733
26
11.1
510
,
Wyoming—Salt Creek
Rest of State
563.2
,
V.
2,624
18,125
On
in
of
July 1, 1936, there
cars
were
unbilled at the mines
10.5%
over
the
1,777,000 net tons of bituminous coal standing
or
1,608,000
in classification yards.
net
tons
unbilled
on
This
April
was an
1,
increase
1936;
but
a
decrease of 16.3% under the 2,123,000 net tons in cars
On
July 1,
on July 1, 1935.
1936, the stock piles at the head of the Lakes showed the
usual seasonal accumulations
of
the
on
the Lake docks
second
quarter,
on
and
1,
an
increase of 107.3%
1936.
The
July 1, 1936, however,
23.2% less than the stocks
Superior
by
April
Michigan
on
hand
shared
the
a
4,879,000
were
year ago.
increase
quarter and the decrease under July 1,
1935.
in
over
net
the beginning
tons
reported
1,477,000 net tons,
The docks
stocks
on
over
or
both Lakes
the
previous
Financial
996
OF COMMERCIAL STOCKS OF BITUMINOUS
INCLUDING STOCKS IN RETAIL YARDS
SUMMARY
Anthracite
COAL,
—30.1
25
52
+24.0
—40.4
statement follows:
2,123,000
+ 10.5
—16.3
ESTIMATED
Change
April 1,
July 1,
from
from
1936
1936
1935
Prev.
Year
Quarter
Ago
Consumers' Stocks a
22,133,000 33,827,000
Industrial, net tons.. 22,953,000 22,573,000
7,300,000
5,800,000 5,500,000 5,950,000
Retail dealers.net t'ns
41,127,000
28,753,000 28,073,000 28,083,000
31
—32.1
—20.5
+2.4
1,777,000
1,764,000
1,608,000
2,192,000
1,092,000
•1,486,000
4,387,000 + 122.9
+ 80.4
1,969,000
4,879,000
Lake Superior
Lake Michigan
Total
3,284,000
2,354,000
6,356,000 + 107.3
Coal in the bins
—23.2
Bitum. coal: a
Consumption
Industrial Stocks and
Tot. for per'd
stocks of bituminous coal in the hands of industrial
increased 1.7% over the amount on hand on June 1, 1936.
consumers
industrial consumers stood at 22,953,000 net
tons on July 1 and at 22,573,000 net tons on June 1.
The largest increase
in stocks, 12.3%, was reported by the by-product coke ovens.
Stocks
at coal-gas retorts increased 7.5% and at other industrials 1.9%.
Class I
railroads reduced their reserves by 3.8%, electric power utility plants
by 1.7%, and cement mills by 0.4%.
There was no change in the stocks
Total stocks of all
on
and rolling mills.
consumption in June,
1936, was reported as 24,048,000 net
below the 24,442,000 net tons consumed
in May.
The decreases in consumption for June under May were as
follows:
Class I railroads, 5.2%; coal-gas retorts, 4.9%; other industrials,
4%; steel and rolling mills, 3%, and by-product coke ovens, 1.5%.
In¬
creased consumption was reported as follows:
Electric power utilities,
12.6%; beehive coke ovens, 7.5%, and cement mills, 4%.
This
was a
decrease of 1.6%
STOCKS AND CONSUMPTION OF BITUMINOUS COAL
UNITED STATES, EXCLUDING RETAIL YARDS
INDUSTRIAL
THE
Association of
Tot. for
Daily
777,000
839,000
31,014,000
183,300
129,500
139,800
172,800
25,100
4,183
11,100
1,850
788,000
515,200
4,306
2,815
Tot. for
'
per'd
aver..
29,000
4,833
.
ESTIMATED
WEEKLY
June, 1936
(Preliminary)
(Revised)
Change
Stocks, End of
THOUSANDS OF NET
Month (Net tons) at-
By-product coke ovens.b_.
Steel and rolling mills.b._T
Coal-gas retorts.b—
Cement mills.b.
.
Railroads
—1.7
4,064,000
+ 12.3
874,000
228,000
251,000'
0.0
+ 7.5
—0.4
+ 1.9
4,351,000
6,990,000
4,521,000
—3.8
22,953,000
22,573,000
+ 1.7
industrials
Other
5,645,000
5,548,000
4,565,000
874,000
245,000
250,000
7,120,000
(Class I).d
Week Ended—
July
State
1936 p
Cement mills.b_
Other
454,000
7,810,000
6,596,000
—4.0
24,048,000
24,442,000
—16
—----
—
industrial.c
Railroads
(Class I).d
+ 7.5
—3.0
—4.9
+ 4.0
—5.2
consumption
Consumption (Net Tons)—
foreign trade
Days' Supply, End of Month,
252,000
130,000
260,000
148,000
,
Coal mine fuel..—
Bunker fuel,
at—
+ 3.2
+ 13.8
53
62
—14.5
26
utilities
By-product coke ovens
Steel and rolling mills—
Electric power
23
+ 13.0
0.0
'25
25
48
44
16
17
28
28
21
21
0.0
29
29
2
2
162
169
322
29
33
32
80
64
75
52
122
1
1
1
718
661
539
559
914
1.268
225
210
208
200
273
451
38
41
33
46
57
91
83
82
79
98
134
618
640
548
533
906
735
130
103
99
107
217
202
26
27
23
23
44
42
4
14
29
51
41
17
47
52
Georgia and North Carolina
Iowa..
Kansas and Missouri
_.
Kentucky—Eastern.
Western
Maryland
2
3
50
51
43
25
26
20
—-———-
Cement mills—
industrial
Railroads (Class I).
Other
—
+ 9.1
—
5.9
0.0
....,
Total industrial.
Federal Power Commission, b Collected by the United
States Bureau of Mines,
c Estimates based on reports collected Jointly by the
National Association of Purchasing Agents and the United States 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.
Collected
a
the
by
.
On
Domestic Anthracite and Coke
stocks of anthracite and coke at
July 1, 1936, the
retail
dealers'
stocks
on
yards increased 33.9%
hand on April
under July 1,
389 representative
and 52.9%, respectively, over
1,1936; but decreased 7.4% and
the
20.6%, respectively
1935.
SUMMARY OF STOCKS
OF DOMESTIC
ANTHRACITE AND COKE
P. C.
Change
1936 b
•
-
P. C.
June
July 1,
from
9
slO
323
460
854
2,063
2,030
1,773
1,578
2,762
84
81
72
64
96
113
13
13
14
15
26
27
27
34
30
53
87
219
Pennsylvania bituminous
209
165
151
230
239
Texas.
Utah.
Virginia.
26
25
21
17
33
37
1,617
1,482
1,434
2,052
1,519
495
498
418
704
866
77
63
56
79
115
'
Virginia—Southern.a..
526
Northern, b
91
*
*
1935
Prev.
Grand total.
752
838
825
7,149
6,772
10,896
8,089
.
7,810
operations on the N. & W., C. &
the B. & O. in Kanawha, Mason, and
Includes
4.85% Below Preceding
Shipments
Anthracite
July
Month
the month of July, 1936, as
Institute, amounted to 3,345,309
net tons.
This is a decrease, as compared with shipments
during the preceding month of June, of 170,569 net tons,
or 4.85%,
and when compared with July, 1935, shows an
increase of 313,322 net tons, or 10.33%.
Shipments of anthracite for
reported to the Anthracite
Shipments by originating
carriers (in net tons) are as
follows:
Ago
dealers:
/oy^yoo
673,378
745,044
263,020
409,545
319,415
305,575
246,004
203,476
83,447
749,544
404,656
335,687
272,336
195,656
145,621
3,345,309
3,515,878
418,446
509,669
312,564
451,890
+ 33.9
—7.4
Del. Lack. & Western RR....
59
77
31
44
+ 90.3
+ 34.1
Delaware & Hudson RR. Corp.
83,794
72,670
54,794
105,598
+ 52.9
—20.6
Pennsylvania RR.
54
74
29
69
+86.2
—21.7
ErieRR
in producers'
1,240,000
storage yards—
853,000
458,000
970.000 + 170.7
+ 27.8
By-product coke at mer¬
a
+ 36.0
+ 32.0
month,
251,246
377,886
271,002
,356,438
344,558
287,135
451,865
189,688
•
183,568
3,031,987
June, 1935
1,012,869
826,327
"475,488
602,958
570,821
451,734
396,781
230,960
310,800
•
4,878,783
—38.9
deliveries to customers in the preceding
-—587,554
470,047
—31.5
1,104,000 1,114,000
812,000 1,611,000
33
33
Calculated at the rate of
b Subject
Ry__
Total
chant plants:
hand.
Days' production
......
N. Y. Ontario & Western
Lehigh & New England RR
,
July, 1935
June, 1936
July, 1936
supply.a
Net tons on
13,158
7,058
9,654
1,242
5,947
O., Virginian. K. & M., B. C. & G..
and on
Clay counties,
b Rest of State, in¬
cluding the Panhandle District and Grant, Mineral, and Tucker counties,
c Include
Arizona, California, Idaho, Nevada, and Oregon,
d Average weekly rate for entire
month,
p Preliminary.
:» Alaska,
Georgia, North Carolina, and South Dakota
included with "Other Western States."
* Less than 1,000 tons.
a
Anthracite, net tons—
Coke, net tons
Coke, days' supply, a. _
s4
11,208
1,950
6,311
777
Central RR. of New Jersey
Anthracite
s4
7,312
Total bituminous coal
Pennsylvania anthracite.
Year
■
selected
•
*
1
Other Western States.c.
Lehigh Valley RR
Anthra., days'
23
1,672
Washington
xte&cllng go.«.....
Retail stocks, 389
814
13
306
3,680
from
1936
1,
1936
,
Change
April 1,
Quarter
July 1,
17
13
338
Tennessee
West
•
87
343
13
North and South Dakota
-
74
165
s
s
1
Michigan...
Montana
*
389
0.0
—
Coal-gas retorts......
s
2
187
Colorado
Wyoming.
Total Industrial
Add'l Known
—1.5
s
2
32
J.......
-
+ 12.6
Avge.,
1923 d
81
.......
'
2,801,000
5,408,000
134,000
1,077,000
162,000
1934
1935
201
Alaska
Ohio
3,153,000
5,325,000
144,000
1,045,000
154,000
472,000
7,500,000
6,255,000
1929
July 25 July 18 July 27 July 28 July 27
New Mexico
Industrial stocks
Industrial Consumption (Net Tons) by—
Electric power utilities.a
By-product coke ovens>b
Beehive coke ovens.b...
Steel and rolling mills.b
...
Coal-gas retorts.b_.__
Total
(IN
TONS)
ship¬
district
Indiana
utilities.a
years
(The current weekly estimates are based on railroad car loadings and river
ment and are subject to revision on receipt of monthly tonnage reports from
and State sources or of final annual returns from the operators.)
Illinois
Electric power
Includes
and coal
Revised,
PRODUCTION "OF COAL, BY STATES
Arkansas and Oklahoma.
P. C. of
22,174
Includes lignite, coal
a
Alabama
May, 1936
4,057,000.
made into coke, local sales, and colliery fuel,
b
Sullivan County, washery and dredge coal, local sales, and colliery fuel,
shipped by truck from authorized operations,
c Subject to revision,
d
e Adjusted to make comparable the number of working dayes in the three
v,'.
1936 p
and Thomas W. Harris Jr.,
Purchasing Agents.)
40,690,000
226,700
32,246,000
179,600
per'd 1,100,000
Beehive coke:
Daily
1929
e
211,881,000 301,517,000
7,366,000 7,312,000 5,338,000 232,651,000
1,662,000
1,174,000
1,289,000
890,000
1,228,000 1,219,000
aver..
IN
Coal Economics Division, United States
Chairman, Coal Committee, National
F. G. Tryon,
(Determined Jointly by
Bureau of Mines,
aver..
1935
1936
1935
Pa. anthra.: b
classes of
hand at steel
Industrial
tons.
Daily
Aug. 3.
July 25,
1936 d
1936 c
•
Calendar Year to Date
Week Ended—
Aug. 1,
b Subject to revision.
is not included,
of householders
(IN NET TONS)
COKE
—20.5
1, 1936, the
On July
'
PRODUCTION OF COAL AND BEEHIVE
UNITED STATES
—24.5
868,000
t's
On Lake docks.net t's
a
+ 3.7
—2.5
3,313,000
1,566,000
Unbilled loads, net
with the
31
Change
June 1,
July 1,
1936 b
Total tons
1,100,000
preceding week, this shows an increase of 323,000 tons, or
41.6%.
Production during the corresponding week of
1935 amounted to 839,000 tons.
During the calendar year to Aug. 1, 1936, a total of
232,651,000 tons of bituminous coal and 31,014,000 net tons
of Pennsylvania anthracite were produced.
This compares
with 211,881,000 tons of soft coal and 32,246,000 tons of
hard coal produced in the same period of 1935.
The Bureau's
P. C.
P. C.
Days' supply.
Coal in Transit—
production in Pennsylvania rose to
ended Aug. 1.
Compared
the week
tons in
net
,51
1936
Aug.
Chronicle
25
54
July
Production
of
Slab
Zinc
Continues
Upward
Trend—Shipments Also Gain
to revision.
by the American Zinc Insti¬
of slab zinc were produced
during the month of July, 1936.
This compares with 44,947
tons produced during the month of June, 1936, and 35,120
tons in the corresponding month of 1935.
Shipments rose
from 41,654 tons in June to 41,891 tons in July.
This latter
figure also compares with 32,306 tons shipped during July,
1935.
Inventories on July 31 stood at 88,665 short tons,
According to figures released
Soft Coal Output
Up 0.7% in Latest
Gains
The
Mines
Week—Anthracite
41.6%
tlnited States Bureau of
of soft coal showed little
weekly coal report of the
stated
that
production
change in the week ended Aug. 1.
The total output is
estimated at 7,366,000 net tons, as against 7,312,000 tons
in
the
preceding week—a gain of 54,000 tons, or 0.7%.
week of Aug. 3, 1935, amounted to
Production during the
5,338,000 tons.
tute
on
Aug. 6, 45,553 short tons
comparing
tons
on
with 85,003 tons on June 30, 1936, and 115,723
The Institute's statement follows:
July 31, 1935.
Volume
143
SLAB
Financial
ZINC STATISTICS
Chronicle
(ALL GRADES)—1929-1936
September
997
needs
of
consumers
are
than
more
50% covered.
Business
booked by producers
during July was the largest in volume in years, totaling
(Tons of 2,000 Pounds)
about 68,000 tons.
(a)
Produced
During
Shipped
During
Period
Period
631,601
Stock at
Retorts
Shipped 7peratint
Average
Unfilled
Retorts
End of
Period
for
End of
During
End of
Export
Period
Period
Period
602,601
50,217
75,430
6,352
57,999
68,491
18,585
436,275
36,356
143,618
314,514
26,210'
129,842
«'
The price was maintained at
4.60c., New York, the contract settling
basis of the American
Smelting & Refining Co., and at 4.45c., St. Louis.
St. Joseph Lead Co. sold its own brands
in the East at a premium.
Orders
1929
Zinc
Total for year-
Monthly
aver.
52,633
Interest in zinc during the week
529
and announcement that
1930
Total for year-
Monthly
504,463
aver.
42,039
Total for year-
300,738
196
31,240
47,769
Monthly
aver.
25,062
19,875
41
3
1932
23,099
18,273
the
124,856
170
17,794
218,517
18,210
324,705
27,059
344,001
28,667
105,560
239
366,933
30,578
352,663
29,389
January
February
35,135
33,468
March
36,735
35,455
34,877
41,205
117,685
116,276
111,806
April
35,329
38,455
108,680
May...
34,572
35,627
107,625
June
34,637
29,353
112,909
35,120
32,306
115,723
35,547
38,824
112,446
September....
36,221
42,351
106,316
October
36,716
47,063
95,969
Of
37,469
48,172
85,266
0
Monthly
postponed.
In the
mmJmm
0
213,531
aver.
21,023
18,560
14
Monthly
aver.
Monthly
aver.
23,653
November
December
40,463
15,978
firm at
431,412
35,951
32,230
32,658
33
33,210
35,196
*29,691
33,719
*29,464
231
32,389
*28,093
Of
33,836
*29,524
33,157
0(
32,535
*29,665
3J
32,450
*29,916
30,387
,35,878
31,230
,26,967
*29,318
31,244
*29,627
30,482
*28,890
32,445
*30,529
32,934
*31,881
33,868
*33,080
35,126
*33,896
33,884
♦29,867
32,942
*28,950
Of
34,870
*30,988
■o|
34,777
*31,324
36,650
*33,462
38,329
°J
,22,435
♦28,491
0
465,659
38,805
25,993
25,816
,20,000
Monthly
aver.
1936
January
*34,298
41,917
46,468
39,918
75,517
0
March
42,483
38,159
79.841
38,205
3 A 922
44,905
43,977
,47.080
,47.367
59,456
51,183
44,947
July
45,553
41,654
OF
SHIPMENTS OF STEEL
41,891
4],048
Year 1932
The
BY
MONTHS
FOR
Year 1934
Year 1935
Year 1936
534.055
275,929
331,777
385,500
256,793
588,209
721,414
676,315
783,562
413,001
388,579
395,091
338,202
324,746
272,448
291,688
316,019
310,007
275,594
227,576
335.321
455.302
643,009
June
July.
August
*36,296
40,700
36,934
38,176
October
41,308
36,972
38,135
November..
37,350
36,734
°{
Year 1933
February
April
May
37,888
°{
88,665
PRODUCTS
INDICATED
March
37,778
*35,749
Of
85,003
the
on
Shipments Rise in July-
426,271
*36,919
June...
act
Shipments of steel products by the subsidiaries of United
States Steel Corp. in
July amounted to 950,851 tons, an
increase of 64,786 tons over the
previous months, when
886,065 tons were shipped.
In July,
1935, shipments
aggregated 547,794 tons.
Below we show the figures
by
months as reported since
January, 1932:
January
*34,516
41,400
Of
81,710
soon
Bolivia shipped
3,655 tons of tin during July, against 1,991 tons in June.
Chinese tin, 99%, was
nominally as follows: Aug. 6th, 42.000c.; 7th,
7th, 41.625c.; 8th, 41.625c.; 10th, 41.875c.; 11th,
42.625c.; 12th, 42.000c.
Steel
36,189
*33,849
80,782
will
,36,939
,39,238
35,872
*34,358
34,334
*32,456
*34,291
38,004
*36,657
42,311
and for part of the time
Siam
in reference to the
missing July statistics on shipments from Bolivia.
London market eased off on a
report to the effect that
Month
Of
79,207
*33,726
43,252
May
little better last week,
a
Observers believe that
32,341
Of
April
was
firmer.
was
YEARS
5
36,228
...
•
59
February
5,355 tons for
question of establishing a basic
tonnage for the renewal of the tin plan,
but settlement of the
question is still far off.
Yesterday there was news
TONNAGE
Total for year-
were
4.80c., St. Louis.
Demand for tin
28,887
0
83,758
to
Tin
12
41.971
amounted
to
the price
July
transacted
substantially higher than in the previous
disappointed that foreign producers could not
was
148
1935
August
which
Producers here
come
27,190
week,
some
agreement, and hopes for a higher domestic price remain
stymied by the uncertainty in the
foreign market.
The price continued
20
1934
Total for year-
domestic market business
calendar
week.
8,478
1933
Total for year-
an
been broken
1931
Total for year.
negotiations for
the foreign price
International Zinc Cartel had
upon
off.
This was due to the difficulty of
getting Germany and
Belgium to accept production quotas. A meeting was scheduled
for Sept.
17, but announcement has been made that it has been
26,651
16
•
•
centered
was
September..
.
_
.......
December
285,138
583,137
668.056
591,728
598,915
578,108
547,794
624,497
745,063
985,337
603,937
701.322
369,938
378,023
370,306
668,155
575,161
572,897
984,097
950,851
614,933
343,962
366,119
430,358
979,907
886.065
686,741
681,820
661,515
600,639
418,630
a(5,160)
b(44,283)
a(19,907)
a
3,974,062
5,805,235
5,905,966
7,347,549
•
Equivalent retorts computed
cluded in total shipments,
»
24-hour basis,
on
Export shipments
a
are
Week
of
Excellent
Buying of Lead—Foreign
Market" in its issue of
Aug. 13 said
was in good volume, sales being
the average for the seventh consecutive
week.
were
rather
the unexpected strength in
the domestic quotation at this
time that has resulted from
the developments abroad. The
domestic zinc trade was dis¬
turbed on news from London that
the negotiations for re¬
newal of the Cartel have
''temporarily" come to an end be¬
cause of the
inability of producers to get together on a pro¬
duction program. Tin showed little
net change.with the tone
easier yesterday on
nervous
over
receipt of word that Bolivian shipments
have increased.
Antimony was lowered l/% cent by the do¬
mestic producer.
Quicksilver was firmer. The publication
further reported:
i.
rose
last
week
centered
steadily from 9.50c.
f., at the close.
distributed
This
was
among
activity,
on
the
at
the
foreign
together
various
with
important
covering
where
consuming
countries.
strengthened the
an
price
immediate ad¬
price.
In
the
face of very
heavy purchases recently in the domestic market,
influential domestic producers believe that a
firm foreign price must
down for
district
be maintained close to the
prevailing domestic level before another advance
occur
here.
Sales for the week totaled
4,644 tons, of which 2,132
tons were sold on
Aug. 11. This activity created some excitement in
copper
circles and was thought to
point to a desire on the part of consumers to
themselves in the event the
foreign price should continue rising
and force the domestic market
higher.
Inquiries were numerous for firstprotect
quarter delivery, but producers refused to sell
for that position, as
prospects
a higher price before the
end of the year are considered
good.
The
price continued at 9^c., Valley.
Lead
was
surprisingly large in volume after the
activity in
a period of seven
weeks.
Sales for the
12,800 tons, which compares with
12,500 tons in the
preceding week and a little under 20,000 tons two weeks
previous.
Most
now
has spread over
week totaled about
of the demand
and
was
for lead for September
shipment, but orders
August delivery metal
for prompt
were by no means
absent.
The buying was
quite general in character and in many instances was
inspired by reports
of
good business in various lead products.
Also, it is said,
consumers have
lost all fear of a lower market for lead
and many buyers are now
to build up their reserves.
Battery makers and
disposed
pigment manufacturers
the outstanding buyers, and several
good orders were placed
by cable makers.
were
among
.
The
this
August position, measured by
year,
is
more
than
covered
in
Products
a
week's vacation of two
which reduces the
,
plants
m
the Pittsburgh%. There
rate there from 69 to 65
a two-point
drop in the Cleveland-Lorain area,
Wheeling and in the Valleys output is moderately
higher and elsewhere is virtually unchanged.
The "Age"
but at
further stated:
While the volume of
mills, this is by no
business in
new
some
products has declined at
a
few
the general experience,
means
as a brisk demand
exists,
particularly for sheets, bars and structural steel, that is
keeping backlogs
almost even with shipments.
Sheet makers could easily book business
for
delivery in October were they inclined to do so, but the
possibility of price
advances for fourth quarter makes this inadvisable.
Galvanized sheets are
It is
average
respect
to
monthly shipments
consumers'
so
far
requirements.
a
sellers'
companies
tained at
were
an
market in every sense of the word.
concerned
as
A month ago steel
to whether steel production could be
main¬
undiminished rate through August, while
certain that there will be
no
important letdown
chasing of steel by automobile companies for
now
even
1937,
in
it appears almost
September.
which is
now
to appear
Pur¬
beginning
in fairly good volume, Will fill up whatever
gaps might otherwise
occur in rolling mill schedules next
month, while in sheets an even tighter
situation than now exists may be expected if motor car
companies demand"
quick deliveries.
.
The pressure at steel mills to get out
tonnage
insistent
vances
is
rapidly enough to satisfy
needs is reflected in the
scrap market, where
have occurred in all important centers.
No. 1 heavy
consumer
sharp ad¬
melting steel
$1 higher at Philadelphia, 75c. at Chicago and 25c.
sulting in
an
since Feb.
at
increase in the "Iron Age" composite price to
Pittsburgh,
re¬
$14.92, highest
18, 1930.
Along with current strong demand for steel, prospects
for
Buying of lead
Steel
has also been
will
the metal that
Continues for Most
Age" in its issue of Aug. 13 stated that steel
ingot production has declined slightly this week, from 72 to
71%, but the change is accounted for mainly by the
shutting
the
good volume and well
foreign
by shorts,
structure abroad and gave
support to those who favor
vance in the domestic
some
Demand
The "Iron
probably will apply.
market,
beginning of the period ot 9.65c.,
The buying was reported in
-the
Brisk
almost unobtainable in less than six to
eight weeks; if deliveries extend into
the fourth quarter the price then in effect
Copper
Attention
c.
the calendar year are
subject to some adjustments reflecting annual
tonnage recon¬
ciliations, which will be comprehended in the total tonnage
ahipped for the year as
Mineral
The price of lead,
though strong, remained unchanged. The
upward trend of copper prices in the foreign market attracted
wide interest, and both
producers and consumers late in the
week
*
stated in the annual report
buying of J#ad again
well above
price
Total for year
the
Copper Moves Upward
"Metal &
that
(23.750)
.
Note—These statistics Include all corrections and
adjustments reported at
year-end.
Another
Yearly adjustment.
in¬
promise well for fall.
Shipbuilding
are
developing that
appears to be on the verge of a
healthy
revival, more private work is appearing in the construction field and
rail¬
roads are considering further purchases of
rails, track supplies and rolling
stock.
One large road is obtaining
preliminary figures on 35 to 50 heavy
Some Western
locomotives.
in
roads have decided to
lay rails they have had
stock, which indicates the possibility of
supplementary rail buying this
fall.
Pipe line activity is marked by the placing of two sizable
orders—12,000
Pennsylvania, taken by Jones &
Laughlin Steel Corp., and 11,000 tons of 12-in. seamless for a line
in
tons of 12-in. seamless for a line in western
West
Virginia, awarded to National Tube Co.
Construction
projects.
For
work
in
contemplation includes
a
number
of
very
large
floating dry dock at Pearl Harbor, Hawaii, to be built
for
the United States Navy, nearly 23,000 tons
of plates and 6,800 tons of
shapes
will be required; bids to be taken
Sept. 30. The Crystal Springs pipe line
for San Francisco calls for 20,( 00 tons of bars and
5,000 tons of plates for
60-in. pipe.
a
Awards of fabricated structural steel in the week
were
upward
(
Financial
•
998
markets
of steel.
down to change over to new models, the period
because of the sustained demand for
cars.
There will be a further decline in output, but meanwhile motor car
companies have placed fairly large orders for sheets and other products for
new models.
Ford has covered its requirements for an initial run of 200,000
cars and Fisher Body for upward of 100,000, deliveries being scheduled for
expected to be very brief
will generally be started.
Birmingham base 38c.
reduction of about 66c. in the delivered price at Cin¬
mid-September, when production of new cars
producers have advanced the
Southern pig iron
a
ton, but this brings a
cinnati and some other points near
the' Ohio River, where Northern basing
The "Iron Age" composite price on pig iron
change since November, 1935.
points will no longer govern.
$18.84 to $18.73, the first
is reduced form
THE
"IRON AGE"
COMPOSITE PRICES
Finished Steel
on
steel bars, beams, tank plates,
2.159c.
2.159c.
1
One year ago
:
85% ot the United States output.
High
',
1935
1934
-
1933
1932
-
1931
-
1930
1929
-
1928
-
1927
-
-
Pig Iron
Aug. 11, 1936,
17.84
One year ago
on
average
irons at Chicago,
Valley
Buffalo,
Philadelphia,
Birmingham.
-
1934
—
1933
1932
1931
...
1930
-
1929
1928..—
——
1927
-
—
15.90
18.21
18.71
18.59
19.71
and
Low
High
$18.84
18.84
17.90
16.90
14-81
1936
10
8
2
18
2
29
9
29
17
1
$18.84
Jan.
Jan.
7
Nov.
17.83
May 14
May
16.90
Jan.
27
Dec.
13.56
Jan.
3
Jan.
13.56
Dec.
$14.25
13.17
T12.08
One month ago
One year ago
1936
1935.
-
1934
—•*-
1933——
1932
1931
-
1930
1929
-
1928.
1927
Based
$14.92 a Gross Ton
One week ago
-
14.79
Dec.
15.90
Dec.
16
July
July
July
Aug.
Aug.
Aug.
Aug.
Sept.
Sept.
Sept.
Sept.
Sept.
Oct.
32.8%
35.3%
15—39.9%
22
42.2%
29
44.0%
J—_46.0%
12.
48.1 %
19
48.8%
26
47.9%
2
45.8%
9
—49.7 %
16
48.3%
23
48.9%
30
.50.8%
7
49.7%
1
8
50.4%
•Jan.
21
51.8%
Jan.
Oct.
28.-_--51.9%
5.. —-50.9%
Feb.
Nov.
Nov.
Dec.
Dec.
Dec.
18----.53.7%
25.-,-..55.4%
2
56.4%
9
55.7%
16
54.6%
Dec.
23
Dec.
30
Credit
banks
on
No.
Aug.
Dec.
Mar.
Aug.
Jan.
Jan.
Feb.
Jan.
Dec.
Jan.
1
melting
heavy
steel
$12.67
June
10.33
9.50
6.75
6.43
8.50
11.25
14.08
13.08
13.08
Apr.
23
'
Sept. 25
Jan.
3
July
5
Dec. 29
a
vate
and the Government
operators
were
slightly larger than in the
being likely to require considerable
28,635 tons,
Structural shape awards,
material in the immediate future.
preceding week.
under East River, New York, include
5,000 tons of reinforcing bars and 60,000
Major requirements for a tunnel
10,000 to 15,000 tons of shapes,
tunnel rings.
65,000 tons of cast-iron
;
'
July steel ingot production of
Apr.
6--_:.64.5% July
20
13_ —-.67.9% July
Apr. 20
Apr. 27
27.
$53.40.
at
2 points to 71%: Chicago,
334 to 61)4.
Youngstown operations were
77, New England, 10 to 68; Cincinnati, 4 to 72, and Colo¬
Operations in the Pittsburgh District were up
34 point to 71)4; Birmingham,
rado down 7 points
to 56%.
Steel ingot
—67.2%
69.0%
70.9%
-71.5%
—
Federal Reserve Banks
Journal" of Aug.
12.
previous weeks.
The "Journal" further added:
This compares
United States Steel is estimated at 67)4 % against
and 66%
two weeks
by the Commodity
Corp., Treasury balances held on deposit with the Federal Reserve
have not decreased as much in recent weeks as was expected on
Board announced the increase in reserve
requirements.
67 % in the week before
Loading independents are credited with 75%,
ago.
77% two weeks ago.
The following table gives a comparison of the percentage of production
with the nearest corresponding weeks of previous years, together with the
approximate changes, in points, from the week immediately preceding:
compared with 76% in the preceding week and
Independents
United States Steel
Industry
"
1936
71H
1935.
47
—
67)4
34
40
+ 1
'
26
...
1933
—
1929
-
66
1927.
+2
52)4
26
58
30
+ 1
34
34
-
1434
13
34
—2
75
—
+ 1
56
93
—
1928
+ i
51
—2
90
—1
72
+3
62)4
—2
—1
97
—1
+3
80
+4
+
69
+ 1
63
34
*.
.
$4,000,000 during
of purchased
industrial advances and United States government securities.
The
System's holdings of bills discounted increased
the week.
bills,
—
32
1931
—1
75
34
34'
34
51
14
1932
1930
+
25
55
1934
+
—
Relatively small changes were reported in holdings
The statement in full for the week
ended Aug. 12, in com¬
parison with the preceding week and with the
corresponding
1026 and 1027.
Changes in the amount of Reserve bank credit outstanding
and in related items during the week and the year ended
date last year,
will be found
on pages
Aug. 12, were as follows:
Increase
member bank reserve balances,
deposit of the proceeds of an issue of notes
placed
"Wall Street
with 72% in the two
production for the week ended Aug. 10, is
71k£% of capacity, according to the
at about
70.1%
69.1%
69.4%
67.9%
3...-.71.4%
70.4% Aug.
70.0%
71.2% Aug. 10
the increase in member bank reserve
due
"Steel's" composite of finished material prices
scrap.
2
52.0% May 25
1
68.2%
51.7% June
8
69.5%
Feb. 24
52.9% June
Mar.
2-__-_53.5% June 15..---70.0%
70.2%
Mar.
9
55.8% June 22
74.0%
Mar. 16
60.0% June 306
remains
in
3
10
13
advance
Nov. 22
4
23--'..-53.7% July
62.0% July
the
9
17
Mar. 30
composite is up to $33.82, a 10-cent increase
The iron and steel price
to
July
18
49.4%
temporarily smaller than was
deliveries.
work is in prospect for makers of shapes
On some sizes of these materials deliveries extend for six to
eight weeks, and many structural fabricating shops are sold out until
October.
The outlook is promising for tonnage from shipbuilders, both pri¬
Dec.
11
50.0% May
3
49.2%
temporarily because of the pressure for
volume of pending
A fairly large
Dec.
as
consequence
operating at full capacity, with six to eight
One leading producer has canceled
ahead of them.
and plates.
down 1 point to
1936—
-.49.9% May
27---.49.4% May
Feb.
Mar.
vacations of employees
9
balances has been
estimated at the time. According to present
indications excess reserves-of member banks after the increased require¬
ments go into effect on Aug.
15 will be, between $1,700,000,000, and
$1,750,000,000 rather than $1,900,000,000 as was previously estimated.
As
three to four weeks.
Tin-plate producers still are
weeks of unfilled orders
corresponding 1935 period.
Low
13
10
13
8
12
6
18
29
31
11
20
6
July 14 when the
and cold-rolled strip is strong.
3,922,731 gross tons was 1.56% under the
3,984,845 tons, but 72% over the 2,267,827 tons produced
in July, 1935.
Daily average in July was 150,874 tons, compared to 153,263 in June and 87,224 in July, 1935.
Seven months' output of 25,249,066
tons was 37.8% over the total production of 18,310,478 gross tons in the
$7,000,000 in
money in circulation, and $17,000,000, in nonmember deposits and other
Federal Reserve accounts, offset in part by increases of $11,000,000 in
monetary gold stock and $2,000,000 in Treasury currency, and a decrease
of $107,000,000 in Treasury cash and deposits with Federal Reserve banks.
Member bank reserve balances on Aug. 12 were estimated at approxi¬
mately $3,170,000,000 in excess of legal requirements. Owing to consider¬
able repayments to the Treasury by the Reconstruction Finance Corp.
and to the
they have encountered for speedy shipments.
Bar producers now
is the insistence
Demand for both hot
have backlogs of
June output of
13
of $111,000,000 in
cations are in fair volume for
producers
to
1
compared with the preceding week and the
reported for the corresponding week in 1935.
After noting these facts, the Board of Governors of the
Federal Reserve System proceeds as follows:
On Aug. 12 total Reserve bank credit amounted to $2,477,000,000, an
increase of $14,000,000 for the week.
This increase corresponds with in¬
creases
-
-
showed a falling off in comparison with the
is increasing and miscellaneous specifi¬
this time of year.
Principal problem for many
17
of $6,000,000
amount
die work.
new
24
The daily average volume of Federal Reserve bank credit
outstanding during the week ended Aug. 12, as reported by
the Federal Reserve banks, was $2,476,000,000, an increase
same
on
Although bookings in sheets
previous week, automotive tonnage
Nov.
Jan.
with the
deliveries
July
Jan.
The Week
units put automobile production for the week
this time output was only 48,067 units.
Some
body plants have started pressing diemakers for earliest possible
Dec.
Apr.
.49.5%
46.7%
1936—
usual.
sharp decline of 14,166
81,804, but last year at
17.04
Feb.
_..52.6%
A
17.54
1936—
14
Oct.
Nov. 11..
earlier in the fall than
18.21
High
Oct.
Nov.
fallen off, but not
expected. Mid-summer production com¬
pares favorably with that of 1929, despite the adverse effect of the drought.
Some manufacturers are considering starting production of spring tools
4
Jan.
quotations at Pittsburgh, Philadelphia
and Chicago.
—$14.92
13.42
13.00
12.25
8.50
11.33
—
15.00
17.58
16.50
15.25
1935—
1935—
July
slightly ahead of one year ago.
implement and tractor plants have
degree many manufacturers
Nov. 27
May 14
Aug. 10 an¬
nounced that telegraphic reports which it had received indi¬
cated that the operating rate of steel companies having 98%
of the steel capacity of the industry will be 70.0% of ca¬
pacity for the week beginning Aug. 10, compared with 71.4%,
one week ago, 69.0% one month ago, and 48.1% one year
ago. This represents a decrease of 1.4 points, or 2% from
the estimate for the week of Aug. 3.
Weekly indicated rates
of steel operations since July 1, 1935, follow:
%
July
Operations of farm
to the
15
Jan.
Iron and Steel Institute on
The American
current deliveries being
*
6
Jan.
Steel Scrap
Aug. 11, 1936,
J
mills showed concern over a possible
shortage.
Increases in practically all districts raised "Steel's" index
63 cents to $14.25.
The composite is now at the highest point since the
last week in April, when it was $14.33.
A number of melters using both pig iron and scrap have begun to include
more pig iron in their melt.
Pig-iron shipments have started to pick up,
prices went higher some
As scrap
of the large
Mar.
Jan.
Jan.
Apr.
Feb.
Dec.
Dec.
Oct.
July
Nov.
of basic iron at Valley
furnace and foundry
$18.84
18.84
One month ago
■
2.084c.
2.124c.
2.008c.
1.867c.
1.926c.
1.945c.
2.018c.
2.273c.
2.217c.
2.212c.
becoming augmented,
unchanged at 71 34%.
„
Based
$18.73 a Gross Ton
One week ago
1935
week remained
at
Low
,
Jan.
7
Oct.
1
Apr. 24
Oct. 3
Oct. 4
Jan. 13
Jan.
7
Apr. 2
Dec, 11
Jan. 4
2.130c.
2.130c.
2.199c.
2.015c.
1.977c.
2.037c.
__2.273c.
2.317c.
2.286c.
.2.402c.
-
materials, and with
steel-works operations last
demand for the heavier finished
sustained
Under
backlogs in some lines
wire, rails, black pipe, sheets and hot
rolled strips.
These products represent
2.124c.
--—
One month ago
1936
Based
2.159c. a Lb.
Aug. 11, 1936,
One week ago—;
steel
Aug. 10 stated:
on
production has registered the first important down¬
Although automobile
trend, as plants have shut
of transition is
in its summary of the iron and
"Steel" of Cleveland
39 river barges call for 8,100 tons
Three orders for a total of
0 tons.
of 30,0
15, 1936
Aug.
Chronicle
(+)
Decrease
or
(—)
Since
Aug. 12, 1936
$
8,000,000
Bills discounted
Bills bought
U. S, Government
Industrial
securities
(not including
Aug. 5, 1936
$
+ 4,000,000
Aug. 14, 1935
$
+ 2,000,000
2,000,000
3,000,000
2,430,000,000
advances
29,000,000
$23,000,000 commitm'ts—Aug. 12)
7,000,000
Other Reserve bank credit
+ 10,000,000
2,477,000,000
Total Reserve bank credit
+ 14,000,000
10661,000,000
2,498,000,000
+ 11,000,000
Monetary gold stock
+ 2,000,000
Treasury currency
1
Money in circulation
Member bank reserve balances
___.6,170,000,000
+ 7,000,000
6,116,000,000 +111,000.000
+1,477,000,000
+61,000,000
+ 612,000,000
+862,000,000
Treasury cash and deposits with Fed¬
2,759,000,000 +107,000,000
Non-ember deposits and other Fed¬
eral Reserve accounts
592,000,000
+17,000,000
eral
Reserve
banks..-
>—16,000,000
+ 82,000,000
Volume
Financial
143
Returns of Member
Banks
New
in
Chicago—Brokers'
York
Chronicle
City and
for
New
the
Aug. 5, 1936
Liabilities—
Demand
York
City member
banks, for the
Time
Foreign banks
CENTRAL RESERVE CITIES
New York City
Aug. 5 Aug. 14
1936
8,621
8,627
City
(except banks)
on
2,079
817
56
37
40
28
721
141
141
157
June
121
122
128
20
20
122
15
15
44
5
5
1,226
1,132
348
340
1,120
1,124
18,705;002
491
358
91
92
Total.
82
Obligations fully guaranteed by
Demand
Cheques
1,120
1,120
1,035
301
302
266
other banks__ V
Loans to other banks in
Canada, secured,
2,355
2,369
2,223
567
573
494
including bills rediscounted
Deposits made with and balance
54
50
45
32
75
74
94
197
194
217
451
510
70
69
79
Due from domestic banks
Liabilities—•
459
v
.
deposits—adjusted....
30'
6;195
5,592
1,497
1,507
571
573
601
444
434
191
191
249
101
101
States govt, deposits...
Inter-bank deposits:
Dominion
29
3,733,100
4,215,655
28,094,769
13,260,089
67,615,122
83,127,492
88,515,842
1,084,144,988 1,081,161,008
and
government
838,740,477
Provincial
Canadian municipal securities and Brit¬
2,425
2,460
2,007
651
652
511
376
381
242
6
6
4
ish, foreign and colonial public securi¬
1
Railway and other bonds, debs. & stocks
Foreign banks
ties other than Canadian
Borrowings
Other liabilities
345
344
249
22
22
1,427
1.451
223
223
Call and short
27
1,427
Capital account
4,563,027
25,538,964
government securities
....
226
173,894,819
110,117,918
160,889,429
103,141,557
135,861,082
43,316,697
90,917,719
64,422,009
87,167,995
58,322,836
699,774,131
144,691,129
85,237,040
67,451,245
831,032,518
156,451,423
(not exceeding 30 days)
loans in Canada on stocks, deben¬
tures, bonds and other securities of
sufficient
a
marketable
value
to
cover..,
Complete Returns of the
Elsewhere than in Canada
Other current loans & dlsc'ts in Canada.
Elsewhere
Member Banks of the Federal'
Reserve System for the Preceding Week
Loans
weekly
reporting
member
citie^ in Aug. 5 shows decreases for the week
total loans and
investments, $73,000,000 in
Reserve
banks
in
reserve
Deposit
commercial
estate
the
Minister
of
loans
paper
increased
bought in
open
New
Holdings of acceptances
market increased
$2,000,000, real
$3,000,000,
loans to banks increased $1,000,000,
$18,000,000 in the New York district, $8,000,000 in the Chicago district and $40,000,000 at all
reporting member
"Other loans"
increased
banks.
•
.
Holdings
of
United
States
Government
obligations
76,605,377
52,650,250
7,057,299
6,889,857
6,838,034
9,355,647
10,546,631
"37103301
2,136,318
going heads
2,232,705
3,040,305
3,134,974,694 3,107,589,701 2,909,487,377
Liabilities
Notes in circulation
123,245,784
49,529,294
32,158,578
40,244,252
38,568^675
35,52+294
621,702,828
578,298,032
545,412,833
Advances under the Finance Act
Balance due to Provincial governments..
mand in Canada
by
the public, payable after
fixed day in Canada....
Deposits elsewhere than in Canada
Loans from other banks in Canada,
notice
or on a
,504,792,542 1,526,915,696 1,425,837,190
389,250,139
390,805,383
340,947,203
secured, including bills rediscounted..
Deposits made by and balances due to
other banks in Canada.
declined
and
15,692,592
Elsewhere
than
in
Canada
and
Rest
fund..
or reserve
13,775,087
9,833,809
15,250,236
32,858,378
1,012,563
62,165,272
2,637,713
792,661
132,750,000
145,500,000
28,438,742
26,648,858
747,474
52,650,250
2,402,762
802,286
132,750,000
145,500,000
the
United Kingdom
Bills payable
Letters of credit outstanding
Liabilities not incl. under foregoing heads
Dividends declared and unpaid
Capital paid up
10,838,786
11,648,240
banking correspond¬
.
.
.
.
;.;
*
reporting member banks.
Demand
deposits—adjusted
declined
$75,000,000
in
the
New
Total
York
district, $57,000,000 in the Chicago district, $23,000,000 in the Cleveland
$12,000,000 in the St. Louis district, and $169,000,000 at all
reporting member banks.
change for the week.
Deposit balances of other domestic banks
increased $32,000,000 in the
New York district, $9,000,000 in the Chicago
-
New Council to Assume
A summary of the
principal assets and liabilities of the
reporting member Ranks, together with changes for the week
and the year ended
Aug. 5, 1936, follows:
Increase
(+)
or
Decrease
(—)
Si TtCC
Aug. 5, 1936
Assets—
$
Loans and investments—total
22,345,000,000
July 29, 1936
Aug. 7, 1935
s
$
—33,000,000 + 2,546,000,000
Loans to brokers and dealers:
In New York City
on
(except banks)
Accpts. and com'l
Loans
on
915,000,000
214,000,000
York City
securities
to
bought..
2,020,000,000
321,000,000
real estate
1,147,000,000
Loans to banks
59,000,000
Other loans
3,640,000,000
U. S. govt, direct obligations__... 9,442,000,000'
Obligations
United
fully
States
guaranteed
by
government
Other securities
+
73,000,000
+ 43,000,000
—26,000,000
—56,000,000
+ 2,000,000
+ 8,000,000
+ 3,000,000
+12,000,000
+1,000,000
—41,000,000
+40,000,000
+438,000,000
—14,000,000 + l,578,Q00,OO0
.....
Management of Bank of France
Change of control of the Bank of France from its share¬
holders to direct representatives or appointees of the French
Government was started on Aug. 13, with the
disbanding of
the old board of regents following a meeting that
day.
Man¬
agement of the Bank will be assumed on Aug. 17, to quote a
Paris wireless dispatch, Aug. 13, to the New York
"Times,"
by a new council of 20 members provided by the law voted
recently by the French Parliament for "democratization of
the Bank."
Reference to the legislation was made in our
issues of July 25, page 508, and
July 18, page 352.
The following is from the wireless advices from
Paris, as
appearing in the issue of the "Times" of Aug. 14:
The session
it
was
week's
1,271,000,000
3,316,000,000
Reserve with Fed. Reserve banks.
Cash in vault
Balance with domestic banks
+ 8,000,000
—6,0000,00
others
.
paper
the footings in
—Old Board of Regents Representing Shareholders
Withdraws Under Recent Reform Law
district and $63,000,000 at all
reporting member banks.
Outside New
3,124,412,050 3,099,207,319 2,899,979,780
Time deposits and Government deposits showed
little
Loans
liabilitiesr
890,558
58,011,578
2,510,845
2,944,441
132,750,000
145,500,000
Ncte—Owing to the omission of the cents in the official reports,
the above do not exactly agree with the totals given.
district,
129,572,582
Deposits by the public, payable on de¬
Deposits
ents in the United Kingdom.
$17,000,000 in the New York district and $14,000,000 at all
reporting mem¬
ber banks.
Holdings of obligations fully guaranteed by the United States
Government declined $14,000,000 in the New York
district and increased
$8,000,000 in the Kansas City district, all reporting member banks
showing
a net reduction of
$1,000,000 for the week.
Holdings of "Other securities"
declined $28,000,000 in the New York
district and $40,000,000 at all
123,371,431
40,113,035
Balance due to Dominion govt, after de¬
Due to banks
•
direct
75,606,912
58,011,578
Finance
Shares of and loans to controlled cos
Other assets not included under the fore¬
balances with Federal
the
75,410,341
62,165,272
reserves
of $33,000,000 in
brokers and dealers in New York increased
$8,000,000, loans
to brokers and dealers outside New
York declined $6,000,000, and loans
and
with
Total assets.
$26,000,000 in
14,453,757
8,716,829
5,454,296
101
to
securities to others (except banks) declined
York district and at all
reporting member banks.
13,591,397
8,819,129
4,678,542
for the security of note circulation....
$169,000,000 in demand deposits—adjusted, and an
$63,000,000 in deposit balances standing to the credit of domestic
on
16,370,291
107,185,510
pro¬
ducting adv. for credits, pay-lists, &c.
Loans
24,450,679
103,750,033
13,494,887
8,872,566
4,632,758
_;
estimated loss
Deposit in the central gold
banks.
and
_
less amounts (if any) written off
Liabilities of customers under letters of
credit as per contra
and
banks
increase of
16,235,060
103,786,022
municipalities
vided for
System respecting the
reporting member banks of
the Federal Reserve System for the week ended with the
close of business Aug. 5:
of
towns,
Real estate other than bank premises
Mortgages on real estate sold by bank..
Bank premises at not more than cost
of Governors of the Federal Reserve
of the entire body of
statement
cities,
Non-current loans,
returns
condition
to
and school districts
taneously with the figures for the Reserve banks themselves
and covering the same week, instead of
being held until the
following Monday, before which time the statistics covering
the entire body of
reporting member banks in 101 cities
cannot be compiled.
In the following will be found the comments of the
Board
The
657,429,289
150,026,47^
Loans to the Government of Canada...
Loans to Provincial governments
+
As explained above, the statements of the New York and
Chicago member banks are given out on Thursday, simul¬
leading
7,835,612
21,022,373
96,824,498
due
United Kingdom
415
14,018,237
34,282,576
185,072,148
7,074,580
22,996,749
82,194,130
Due from banks and banking
correspond
ents elsewhere than in Canada and the
1,338
...
on
from other banks in Canada
Due from banks and banking
correspond
ents in the United Kingdom.
36
+
6,229
Time deposits
United
Domestic banks
34,934,408
189,463,016
8,110,906
25,061,442
129,713,230
....
Notes of other banks
United States & other foreign currencies.
488
Other assets—net.
16,458,586
5,425,143
8,593,094
201,286,517
Notes of Bank of Canada
910
Cash in vault
5,175,205
11,283,381
Dominion notes
237
3,106
Other securities
29, 1935
$
5,309,562
11,395,440
Elsewhere
7
3,863
Reserve with F. R. Bank
June
$
15
29
Current gold and subsidiary coinIn Canada
22
133
obligations.3,853
government
30,1936 May 30, 1936
1
1,238
States
+ 1,165,000,000
+ 157,000,000
—12,000,000
Assets
Deposits with Bank of Canada
United
—5,000,000
CANADA
■
33
U. S. Govt, direct
417,000,000
;
...
STATEMENT OF CONDITION OF THE BANKS OF THE DOMINION OF
133
paper
real estate
Loans to banks
Other loans
+ 63,000,000
1,725
698
692
bought
2,078
73
75.
_
Accepts, and com'l
8
872
868
Outside New York City
Loans
on
securities
to
others
Loans
1935
8
7,519
Loans to brokers and dealers:
14
1936
$
;
„•
Chicago
Aug. 5 Aug
1936
^
Loans and investments—total.
In New York
Aug. 12
1935
—1,000,000
+142,000,000
+ 267,000,000
In the following we
compare the condition of the Canadian
banks for June 30, 1936, with the
figures for May 30, 1936,
and June 29, 1935:
(In Millions of Dollars)
1936
$
+1,732,000,000
Comparative Figures of Condition of Canadian Banks
•
Aug. 12
$
—169,000,000
6,001,000,000
Borrowings..
.*'•«
•.
(—)
Aug. 7, 1935
14,681,000,000
5,015,000,000
822,000,000
Domestic banks..
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS
IN
Decrease
or
July 29. 1936
$
deposits—adjusted
deposits
United States govt, deposits
Inter-bank deposits:
Chicago member
week, issued in advance of full statements of the
member banks, which latter will not be available until the
current
coming Monday.
(+)
Since
Loans
Below is the statement of the Board of Governors of the
Federal Reserve System
banks and also for the
999
Increase
—1,000,000
—40,000,000
+ 252,000,000
4,786,000,000
368,000,000
2,443,000,000
—73,000,000
—17,000,000
+ 691,000,000
+ 46,000,000
among
13)
perfunctory.
sheet
and
was attended
by all 12 of the regents, but
The regents merely
adjourned, bringing to
voted
an
end
approval
a
of
this
system of ad¬
was
+398,000,000
today (Aug.
merely
balance
+
239,000,000
ministration under which the Bank had done business
for
The personnel of the new
136 years.
council, announced today, indicates that the
change in management is to be a profound one.
"While the retiring Board
composed exclusively of representatives of big business, men who
them hold directorships in
more
than 90
of France's
largest
com-
*
10C0
Financial Chronicle
the incoming administration
mercial, financial and industrial companies,
is composed chiefly of civil servants or
England Terminates Trade Agreement with Argentina
executives of producing or working
with
Board includes only
new
business,
notably
three or four men previously associated
President of the Assembly of
Dalbouze,
Pierre
French Chambers of Commerce, and Georges
Maus, formerly head of the
Paris merchants.
On the other hand, the
of the
General Labor
Anglo-Argentina trade agreement on Nov. 7, was stated
cablegram advices from London, Aug. 7, to the New York
"Times" of Aug. 8. The advices continued:
the
in
appointment of Leon Jouhaux, General Secretary
Confederation,
cludes several
State functionaries,
Economic
tional
among
well known
Council,
The membership also in¬
them Jules Gautier of the Na¬
French
a
as
economic expert
international conferences.
Under
the
at
•
who retains his post in the
leadership of Emile Labeyrie,
concluded May 7, 1933, for an initial period of three
The agreement,
will give a voice in the Council to
in France:
radical elements
extreme
7
given notice it will terminate
The British Government has
7 on expiration
became subject to termination any time after Nov.
years,
the most
Nov.
Effective
associations of the country.
The
Aug. 15, 1936
of six months'
negotiations for revision of
Last April, however,
notice.
and the two governments agreed to reduce
the agreement were undertaken,
four months and subsequently to three.
this period of notice first to
These
negotiations have not yet been concluded.
National Accounting Court / the new Council is sure to be guided by career
officials
more
by the political trend in the Government
less influenced
or
'
of the moment.
The
the
Bank
itself will
shareholders,
others.
\
The following
and
•
regarding the new council of the Bank of
(United Press) of Aug. 13:
France is from Paris advices
Only two regents will be designated by the 41,000 stockholders whose
shares represent the
the reform
the
of
182,500,000 francs capital stock of the Bank.
Bank
as
banker, Cabinet member
the Bank's Board
on
Hitherto
the
as
or
nominated
regents will be mere figure¬
heads and will delegate their powers to a permanent
Government
outgoing
"200
Former Board
have
who
regents,
families," who,
the
finance, commerce and industry,
are
been
called
Popular
Front
the
representatives
charges,
run
of
France's
estimated by some to represent a total
accumulated fortune of 7,000,000,000 francs among themselves.
In the reform of the Bank, Parliament tried to make its control more
general by taking it
distributing it
hands of the chief financial groups and
out of the
the principal chambers
among
Federation
will also have
a
of
commerce,
agricultural
of
secret
Mar. 29
Sept. 30
998,872
913,620
Mar. 31
Oct.
930,219
Apr.
772,230
Nov. 29
768,199
Dec.
June 28
840,537
July 31
870,813
30
....
has been
a
privately owned and directed bank.
have
Tribune" in advices to this effect added:
1,032,788
927,028
May 29....
June 30...
July
1,138,358
31
996,399
927,028
31-
The monthly list of companies listed on the New York
Stock Exchange reporting changes in the reacquired holdings
«of- their own stock was issued by the Exchange on Aug. 13.
A
previous list
was
given in our issue of July 18, page 354.
on Aug. 13 follows:
The list made available
Shares per
Shares
Previously
Latest
Report
544,262
Name
International
the
readiness to
Treasury for study,
officials previously had indicated a
the countervailing
remove
duties against German imports as
the Berlin Government agreed to
outlined in the note
a
along the line already
taken by the German Government in three classes of German
the
Treasury last
week removed
commodities
punitive duties
German Government had abolished the subsidies provided from
after
the
them.
accounts
from
Berlin yesterday
stated that the note from the German
Government was understood merely to be notification of
action already taken some days ago in Berlin—the abolition
of the use of aski marks, barter deals and other such methods
in the payment of German exports to the United States.
Associated
14) it
Press
was
These accounts continued:
Germany for
some
time had encouraged the shipment of goods to
United States by permitting payment to be made in
purchased outside the country in the
.
(common).....
Armour & Co.
— ...
(common)
Co.
Commercial Investment Trust Corp.
(common)
Detroit Edison Co. (capital)—_.—........—_——.
General
Motors
Corp.
(common)
International Harvester Co.'(common)
Mead Corp. (preferred).
Sheaffer (W. A.) Pen Co.
"Wheeling Steel Corp.
*
3,589
13
10,505
15,168
191,151
1,671
607,325
164,403
13,305
15,113
190,335
1,631
628,420
164,404
825
60,956
310,713
51,296
308,572
14,616
(common)
(common)
160
3,614
1,425
......
None
3,584
...
(common)..
Smith (A. O.) Corp. (common)
......
Standard Oil Co. (Indiana) (capital)--.:
Tide Water Associated Oil Co.
60,955
11
(Illinois) (common)
American Agricultural Chemical Co. (Del.) (capital)
Bristol-Myers
26,262
3,619
(preferred)....
14,607
Reacquired and held in treasury, Including shares held by a subsidiary, 839,075
This
listed on the
number of reacquired shares
figure Includes 282,313.35 shares which have not been
Stock Exchange and not previously included in the
reported by the New York Stock Exchange.
Said 282,313.35 shares were acquired
by the company in 1929 at the time of its acquisition of the net assets of Railway &
as a result of the ownership of shares of Railway & Express Co.
Express Co.
plan of action said to have been
presented by Ambassador Luther.
The note is said to provide for a general agreement
which
Corp.
...
(capital)-.
839,075
1,399
52,982
(common)
466
26,592
Adams Express Co. (common)
Air Reduction Co., Inc.
shares.
Although the State Department declined comment on the note and it was
In
Jan.
Allis-Chalmers Manufacturing Co.
agreed to comply with the requirements of
the American Treasury Department which forbid the grant¬
ing of subsidies on goods imported into the United States,
and provides for countervailing duties, in such instances.
The Washington advices Aug. 13 to the New York "Herald
(Aug.
....
1,246,715
.1,175,351
1,132,817
1,117,059
Reported
It was reported yesterday (Aug. 14) that in a note delivered
(Aug. 13) to the State Department at Washington by
Ambassador Hans Luther the German Government is under¬
from
31
1936—
30----
Changes in Amount of Their Own Stock Reacquired
by Companies Listed on New York Stock Exchange
The national Government
Germany Reported to Have Yielded to United States
in
Trade Dispute by Abandoning Subsidies
to
31...
May 31
Apr.
28
Aug. 30
741,513
760,678
28
American
soon as
1936—
Feb.
764,854
31....
Feb.
American Snuff Co.
referred
opening of
the
of France, which was founded by order of Napoleon Bonaparte
now
to
of
1935—
1935—
Jan
*
stood
as
July 31, as compiled from information secured
by the New York Stock Exchange from its members, was
996,399 shares, it was announced by the Exchange on
Aug. 12.
This compares with 1,138,358 shares as of June 30,
and with 870,813 shares as of July 31, 1935.
'
In the following tabulation is shown the short interest
existing at the opening of the last business day of each
month since the beginning of 1935:
Employes of the Bank of France
Cooperatives.
poll to select one regent.
in]1800, has had since 1803 the monopoly of issuing banknotes in France,
but until
Shortr
in
on
will be represented by 15 of the 20 regents.
fc^The Bank
existing
interest
short
total
syndicates, General Labor Confederation, National Economic Council and
National
Drop
by this maneuver.
UU:.:
The
committee of seven,
Of the seven, four will
appointees so that the Bank really falls into the hands
of the Government
France's
The Government
13 regents.
Hereafter the 20
Governor.
Reports
July
Exchange
,
including the Governor and two sub-Governors.
be
The
business
principal stockholders who own the most shares sat
200
the
no
member of Parliament will be eligible to sit
National Assembly and elected the
in the
Under
by Parliament several weeks ago,
voted
regent.
a
Stock
York
Interest During
Council,
September, will name two
meeting in
their annual
at
^•• •••
.
New
'
another member of the
elect
soon
open
the
marks which could be
market at a discount from the
Registrants Permitted by SEC to Omit from Statements
Data on Certain Contracts for Equipment and Ma¬
terials in Connection with National Defense
The Securities and Exchange Commission announced Aug.
7 that it has amended Rule 581 of the General Rules and
Regulations under the Securities Act of 1933. The rule, the
Commission explained, provides that there may be omitted
from registration statements copies and descriptions of cer¬
tain contracts for equipment, materials, etc., for the Army,
Navy, Marine Corps or Coast Guard, in connection with the
national defense.
Previously the rule applied only where
the United States Government was a party to the contract.
The amendment makes the rule applicable whether the
United States Government is a party to the contract or not.
official rate of around 40 cents.
Aski marks, one fotm of blocked currency,
widely used, and the
were
American Government protested that and other forms of
Exporters here meanwhile
were
Federal
subsidy.
Judge Patterson in New York Denies Writ to
Enjoin SEC from Calling for Records of Customers'
warned not to apply for subsidies on any
shipments for the United States.
A
Accounts
difficulty arising out of the United States restrictions and German
(some
compliance
called
it
retaliatory
compliance),
was
that trade was
The
of
page
decree
of
the
German
Government
"aski" marks, was referred to in
841
our
forbidding the
Aug. 8 issue,
•
New Commercial
Treaty with United States Approved
by Nicaraguan Congress
The
Nicaraguan Congress on Aug. 13 approved a new
with the United States, it was stated in
cablegram advices from Managua, Nicaragua, that day, to
the New York "Times." In its issue of Aug. 14 the paper
quoted stated:
commercial treaty
The trade treaty between
to
dealings of his customers
Nicaragua and the United State^ was designed
increase business between the two countries.
It was signed in March
their
subpoena, Federal Judge Robert P. Patterson ruled in
City on Aug. 7, in the case of Vincent J. McMaiin,
against Engel & Co., members of the New York Stock Ex¬
change.
The foregoing is from the New York "Herald
Tribune" of Aug. 8, which added that the Securities and
Exchange Commission had subpoenaed the records of Mr.
McMann's accounts from the Engel & Co., a move which
Mr. McMann protested.
The following Comment in the matter is from the New
York "Times" of Aug. 8.
Customer Loses Case
Even the
SEC had
more
won an
ruggedly individual traders conceded yesterday that the
important victory
on
Thursday (Aug. 7) when Judge Pat¬
terson ruled that a customer of
Minister, and sent to Congress.
could not restrain the firm from yielding up
Statistics indicated the United
trade to
50%
States gradually was losing Nicaraguan
Germany, Great Britain and Japan.
of her imported goods in the United
and 70% 10° years before.
not the
New York
by the Nicaraguan Foreign Minister and Arthur Bliss Lane, United States
the previous year
are
property of the customers and the customers cannot enjoin
practically paralyzed.
use
A broker's account of
In 1935 Nicaragua bought
States, compared with 59%
,
the SEC.
records of his transactions to
The contention of some that the commission in such cases was
violating the
Fourth Amendment of the Constitution forbidding unrea¬
sonable search and seizure
age records
Engel & Co., members of the Stock Exchange,
were
was
set aside
by the judge's opinion that broker¬
the property of the broker
/
rather,
han of the customer
Volume
Financial
143
Engel & Co. had not protested the seizure, nor had any other firm.
In most
houses it is felt that the protest could not be
sustained legally and would
only serve further to antagonize the SEC.
1001
Chronicle
1932.
of
1;
the
An
Morton
say:
Bodfish,
New Directory of Securities
Trading—Includes 4,195 Registered
Eligible for
Issues
Issues
directory of all securities eligible for trading on
National securities exchanges as of June 30, 1936, has been
published by the Securities and Exchange Commission. The
directory lists, as of that date, all securities registered exempt
from registration, and admitted to unlisted trading privileges
A
new
under the Securities Exchange Act of 1934.
This directory
supersedes previously published lists of securities registered
and exempt from registration on national securities exchanges
as of July 16, 1935.
An announcement issued by the SEC
on Aug. 13 also said:
■
'
,
Included in the directory
statements are on file
public at the offices of the Commission in Washington, D.
The directory
C, and at the exchanges on which the securities are listed.
includes
also
232
securities
securities admitted to inlisted trading
1,846
registration and
such
exempted from
privileges.
which
volume
chase
cost
May
and
twice
as to
Security Issue—Had Permitted Procedure in Case of
Securities
the
Commission in
consented
the
the
to
procedure
by the
permitted
was
propose
you
company's plan only as an experiment, and so advised
the company.
This procedure appears to have had no adverse results in
that particular
case.
However, the Commission is not prepared at this
time, in the absence of further study, to consent to this procedure as a
Accordingly, the information which you propose to omit
general practice.
the
from
original registration
should be, in accordance with
statement
present practice filed as an amendment, prior to the effective
to
today's
which
in
the
second
volume
they
but
too
were
real
for
also
which" makes
estate,
properties,
new
expansion
discouraged
to
people not
have to
if they
even
build
and maintain
make-over
to
about
bother
recently
Reviewing the six months of
that
the
of
the
two
the League official
borrowers from the
between
between
has
$3,000.
associations
$3,700 and $4,000
$4,000
says
consistently around $2,400, and
This would!. indicate that the majority
been
are
today investing in properties worth
the existing ones and are building homes
among
and
activity,
lending
purchase loan
average
construction loan around
They thus
$5,000.
remain
unpretentious home,
characteristically building and loan's for more than
financing for
been
the
comparatively
the
major
Stock
a
$254,097,000
to
Regulation D Incident to Increased
Requirements of Member Banks
Mortgage Credit Act,
which prohibited them from issuing tax-exempt bonds or
making any loans except as necessary and incidental to the
refinancing of existing loans, said the statement of the FCA,
which continued:
The
of
amount
period
287,000,
The
in the mortgage
or
loans
the
investment.
During
as
follows in the "Bulletin":
Reserves
Required to Be Maintained by Member Banks with
Federal Reserve Banks
■■■
'*
:
certificates
sheriffs'
and
the
representing
$74,170,000.
at
institutions.
On
June
mortgages,
contracts,
743,000
May
1,
9.5%
represented
on
were
Section
2<a)
of its Regulation D, the Board of Governors of the Federal
Reserve System
hereby increases by 50% the percentages of time deposits
and net demand deposits set forth in paragraphs
of the Federal Reserve Act and
Section 2(a)
member bank is required to maintain on
(a), (b) and (c) of Section 19
of Regulation D which each
deposit with the Federal Reserve
bank of its district.
>"
The increase in the
requirements was announced by
the Board on July 14, and reference thereto was made in our
issue of July 18, page 356.
Discussion of the growth in
excess
reserves
reserve
since
also
1929
contained in
30
etc.,
1933.
$7,169,000 greater at
and
this
sheriffs'
of
were
At
$58,403,000,
carried
and
year
amounting
24.4% of the
had
they
to
on
gross
hand
$24,054,000
the
estate and
real
on
and
on
respec¬
assets
purchase
compared
to
of the
money-
$11,-
These purchase money mortgages and contracts
of
serve
the
gross
assets.
Liquid
-
assets
were
the end! of the three-year period.
building
home
for
during any
Loan
and
loan
and
construction
month since
League
said
1931,
in
institutions
for
the
homes.
of
June
System
opinion a Federal Reserve bank may
lawfully make an advance under Section 10 (b) of the Federal
Reserve Act, as amended by the Banking Act of 1935, to a
member bank which at the time has in its portfolio paper
eligible for rediscount or as security for advances from a
Federal Reserve bank under other provisions of the Federal
Reserve Act. The ruling, made in answer to the question of
whether the advances are lawful, was contained in the
Board's August "Bulletin" as follows:
Section 10
(b) of the Federal Reserve Act, as it previously existed, au¬
thorized advances by a Federal
Reserve bank "in exceptional and exigent
circumstances" to any member
bank which
dations
through
amended
rediscounting
above
were
ness,
out
for
stricken
section and of the Banking
supplied
of this
year
Reserve
bank"
or
other
The restrictive provisions
of
Section
In
10 (b),
10
(b)
was
the opinion
the Federal Reserve bank under the provisions
amended.
as
of the
Board,
lawfully make an advance in
10 (b)
therefore,
a
Federal Reserve bank
may
accordance with the provisions of Section
Reserve Act to a member bank which has assets
of the Federal
eligible for rediscount or as security for advances from a Federal Reserve
bank under other provisions of the Federal Reserve Act.
Moreover, such
eligible assets may be used as security for an advance under Section 10 (b)
of the Federal Reserve
Act, if this should be desired for any reason and the
any case
whether advances should be made by
Federal Reserve bank is one for the determination of such bank as and
such advances are received, and the further question
advances should be made by a
Federal Reserve bank under
for rediscount or as security under other provisions of
more
than
Act is
a
the Federal Reserve
matter for the determination of the Federal Reserve
bank in the
light of the circumstances existing in each particular case.
on
during
the
first
than $500,000,000 worth of
six
busi¬
equivalent to the total business done in all 12 months
Federal
however, when Section
Section 10 (b) when the borrowing member bank has paper which is eligible
States Building
Aug. 8, in making
the lending business done by
institutions
more
the
but,
Act of 1935 shows clearly that Congress did not
to receive an advance from
of whether
this
these
the year
further eligible and
intend that a member bank must have exhausted its eligible paper in order
National
type.
They advanced $28,253,000
building of some 8,700 new one- and two-family
Total lending in June for all purposes ran up a
of
no
by the Banking Act of 1935; and the legislative history of the
when applications for
high for 1936, 50,000 families borrowing $110,182,000,
the League reported. ; It was 3% above the May total and
months
at
provided by thfe Federal Reserve Act.
mentioned
Building
new
rounded
"has
acceptable assets available to enable it to obtain adequate credit accommo¬
the United
Chicago,
public its June check-up on
the
associations
in
Banks
The Board of Governors of the Federal Reserve
However, the question in
of
Savings,
Member
security is satisfactory to the Federal Reserve bank.
$110,182,000 Advanced by Savings,
and
Loan
Associations
During June,
Body Reports
money
to
has ruled that in its
a
Loans
Permitted
Banks—-Loans
Having Eligible Paper
the books
$61,901,000 for the two periods,
10.5%
2.4%
and
properties
Board's
the
August, is noted elsewhere in this issue of
by Board of Governors of Federal Reserve
System on "Emergency" Advances by Federal Re¬
methods
and
estate
and
$51,490,000.
owned
to
36.9.
was
real
of
estate
totaled
their
$225,830,000
from
Real
investment
an
91.6%' of
June 30, 1936,
holdings
the
years
These
$51,325,000
they represented
on
decreased
$15,767,000.
three
recovered
period of liquidation these banks
certificates
1936,
period
increased
during
the
banks
the
tively,
banks
the
loans
mortgage
three-year
same
sold
of
30,
refinanced
' '
:
Pursuant to the provisions of Section 19 of the Federal Reserve Act and
Of the deductions
and 11.7% other reductions.
foreclosure,
or
The percentage of delinquency
certificates
beginning
June
and
Delinquent
this
sheriffs'
the period
the beginning of
at
loan account, about 61% represented sales, loans refinanced
sold
$53,441,000.
of
outstanding
June 30 they were $144,789,000.
on
paid, 27.7% voluntary deed
On
by these institutions at the beginning
of 54%.
loans
mortgage
$392,040,000, and
held
$417,147,000, and at the end of the period was $191,-
decrease
a
debt
secured
was
Reserve
The issuance of a supplement to Regulation D, officially
establishing (effective Aug. 15) the increased reserve require¬
ments of member banks of the Federal Reserve System was
announced in the August "Bulletin" of the Board of Gov¬
ernors of the Federal Reserve System.
Its text was given
on
the enactment of the Emergency Farm
of this
has
century.
Ruling
June 30, 1936, or 48%,
according to a statement issued Aug. 10 by the Farm Credit
Administration.
These banks have been in liquidation since
1933,
1,
source
role which
a
Governors of Federal Reserve System Issue Supplement
Joint Stock Land banks
in liquidation have been reduced from $489,499,000 on
May
at
as
as
years, ago.
Gross assets of tlie 43 operating
now
only
them
those properties
Reported
Land Banks
Progressing Steadily
Joint
of
in
later three months.
the
for
the "Chronicle."
liquidation
great
as
Advances to
quarter.
during the
in Sentiment
acquire
high costs,
"Bulletin" for
date."
show
money,
to
the New York Edison issue the Commission
of
case
which
during
partially account
may
anxious
and
Exchange Commission made known
on Aug. 12 that it "is not
prepared at this time" to consent
to the procedure of permitting the omission from the original
registration statement of information as to the offering'
price, the underwriters, underwriting commissions, etc,—
with the view to filing of such information in an amendment
several days after the expiration of/the 20-day waiting period.
The Commission had allowed the procedure in the case of an
issue of 130,000,000 of bonds of the New York Edison Co.—
only, however as an experiment it states.
The present^
attitude of the SEC was indicated in a letter in response to*
an inquiry, a portion of the letter being made public on Aug.
12 by the Commission as follows:
"Although
mortgage
about twice
were
complete the pur¬
existing homes
increased 70% in volume during April,
June," while loans for modernization and repairs were about
improvement
Bonds of New York Edison Co.
The
mortgages
finds that
all types of
While seasonal
characterizing the April,
May, June period they are only part of the story, he holds.
The more
feasible explanation ofc?what is taking place must be based on the rapid
of
Effec¬
League,
of
great
as
factors
worth
SEC Decides Against Delay in Submission After
tive
Date
of
Registration of Information
of
flow
healthier
of
Construction
the
with the first quarter on
quarter
indicators
are
satisfactory gains.
4,195 securities registered and listed on
are
national securities exchanges for which registration
and open to the
loans
total
of
Vice-President
Executive
comparisons of the second
SEC
by the League also had
issued
announcement
following to
Withdrawal of Funds from Savings Deposit Upon Oral
Request of Depositor Should Not Be Permitted in
Opinion of Board of Governors of Federal Reserve
System
Member banks of the Federal Reserve System should not,
in the view of the System's Board of Governors, permit any
withdrawal for a deposit from his savings account merely
on
a
telephone or other oral order or request from the
depositor, it was stated in the August "Bulletin" of the
./
•
Financial
1002
The following is
the "Bulletin":
board.
the board's opinion
contained in
as
Chronicle
Aug. IS,
to
adopt
which
led
that
presented in
Board
statement to the press,
considerations
a
the
publication the following day.
P The board has recently considered the question whether
may,
upon
transfer
Ob) of Regulation Q.
It is the view of the board that a member bank should not be permitted
to transfer a sum from a
depositor's savings account to his checking account
permit any other withdrawal from his savings account merely
or
phone or other oral order
tion does not
from
of the
request from the depositor.
or
While the regula¬
expressly so require, it does contemplate that a withdrawal
In this connection, attention is called to the requirement
depositor.
that the depositor may at any time
notice in
writing of
an
at
therein
the
savings deposit in
The withdrawal
of funds
where the pass book is not presented,
a case
the oral request of the depositor, would
"the regulation,
other withdrawal shall be
every
practicable thereafter.
soon as
as
presentation of the pass book shall be entered
upon
of withdrawal and
time
entered therein
from a
be required by the bank to give 30 days'
intended withdrawal and also to the requirement that
withdrawal made
every
tele¬
on a
savings deposit will be made only upoh the written order or receipt
a
facilitate evasion of the
upon
purpose of
with sound banking practice, and
would be inconsistent
The
The board is of the opinion that such a practice should
be'discouraged and that
are
deposit with respect to which such withdrawals
a
permitted should not be classified
savings deposit.
as a
Ruling by Board of Governors of Federal Reserve
System on Loans to Partnerships Under Section
22 (g) of Federal Reserve Act, as Amended
The Board of Governors of the Federal Reserve System
has recently been asked
contained in section 22
whether the $2,500 exemption con(g) of the Federal Reserve Act, as
amended by the Banking Act of 1935, and section 3 of the
Board's Regulation O applies to a partnership in which an
executive officer of a member bank has a majority interest,
it was stated in the Board's August "Bulletin," which went
to say:
on
(g) provides that "borrowing by,
one or more
executive officers of
loaning to
or
member bank
a
are
a
System's
partners having
tion contained in section 22 (g) is that "no executive officer of any member
bank shall borrow from or otherwise become indebted to any member bank
of which he is
officers."
executive officer,
an
extend
or
credit in any
There
any
and
member bank shall make
no
other manner to
any
of its own
excess
tinued
Reserve
become indebted thereto,
may
in
an
amount
It
It will be noted that this
exceeding
not
exception, by its terms, is not applicable to
of the law to prevent an
member
bank
there would
from
the
to
seem
doing likewise.
Officers of
a
was
not the purpose
executive officer from becoming indebted to his
extent
to be
However, since it
no
of
$2,500,
under the conditions
purpose of the law to prevent
Moreover,
in
such
circumstances,
some
a
prescribed,
securities
in
ated
balances
member bank,
in excess
Reserve
Requirements of Member Banks
System Not a
Reversal of
System's Easy Money Policy—Comment by Board
Reserve
Excess
and
in
Review
Reserves
Since
Month—Growth
of
week
of
in
Funds
1929—Investment
about
of
largely in
July
excess
increase
an
$3,300,000,000
in
Treasury opera¬
$3,000,-
to
response
again
reserves
exceeded
banks
Reserve
balances
reserve
of
indicated
•As
by
the
not
Board
in
its
the
it
will
easy-money
affect
not
easy
Board's
since
the
ments
have
been
the increase in
policy pursued
statement,
of
the beginning of the
that
(
/
.
reversal
is
a
increase
to
of Expansion
System
since
further
expected
are
during the next few weeks.
requirements
have
continued
reserve
the
by
depression, and' the Board is convinced
conditions
money
Develop¬
prevailing.
now
the
of
announcement
have
basis
with, its
increase
in
require¬
reserve
requirements
is
excess
Board
of
in
the
would
be
ample
volume
present
all
meet
to
support
the
on
$16,000,000,000,
of
member
serve
basis of
new
deposits,
50%
a
a
reserve
in¬
that
amount
an
demands
prospective
as
which
deposits
representing
bank
and
present
bank
member
of
will
member banks
which could
reserves
excess
volume
will
reserves
effect the
into
goes
The
approximately
crease
Money conditions
«
the
expansion.
of
expectations.
easy.
of
nearly $2,000,000,000
amount
bank
for
credit for business recovery.
volume
This
the
of
could'
in
increase
have been
action.
the
On
deposits
$42,000,000,000,
doubled
potential additional
that
Board's
deposits
of.
old
due
the
in
possible
not
only
expansion
have
have
since
elimination
to the
but also to
remaining
become 8
reduction
a
the
amount
prior
reserves
excess
been
reserves
much
as
considerably
old requirements
ting it the other
member
bank
as
than
more
to
will
expansion
this
that
one
subject
actually prevailed
to
the
1936
$100
dollar of
while under
to
the
only
support
required
of
$8
removing
every
The
superfluous
a
approxi¬
under
$12
of
dollar
of
Board's
of
amount
put¬
or,
supported
reserves
deposits.
of
8.4%.
was
be
deposits
reserves,
requirements
new
required
were
percentage will
every
require¬
reserve
March
in
reserves
the
been
into effect it
go
has
about
on
has
ratio
member banks
that
require¬
of
reserves
supported by $8.40 of required
every
addition
increased
excess
years
deposits
into effect
goes
was
deposits,
in
is
reserves
Board
ratio of
requirements
new
is, broadly speaking,
way,
reserves
therefore,
total
subject
action
That
the
recent
ratio
1
of
amount
deposits
Board's
12.6%.
to
and
reserves
average
against
the
mately
12
the
from
in
In
reserves.
The
1.
to
required
The
hold
the
could
would
approximately'12"to 1, while after the
After
excess
the existing volume of deposits.
is
of
will
the
$3,500,000,600 of
ratio
which
with
contrasts
by
supported
basis
the
at
increase
an
decrease
The
required
Capital Issues
be
to
credit
of
accordance
in
action
the
After
stili
to
Governors
bank reserves since January, 1934,
gold stock from domestic
monetary
maximum
a
Limits
between'
of
factors,
the growth in member bank deposits.
to
during the year
Federal
with
bank
ments.
in
other
time to
$1,000,000,000 since the middle of
June, reflecting principally payments by the Treasury in cashing veterans'
adjusted service. bonds.
Continued payments by the Treasury from its
deposits
result of such borrowing, an executive officer of the
Federal
that
After
represnting
the
an amount
the
to
increased
last
the
In
000,000,
to
of $2,500.
of
additions
considerably
tions.
basis
Increase
gold imports member
1935.
permit
a
after
that they declined in consequence of a large
increase in Treasury balances with Federal Reserve banks, and' during the
first half of 1936 were generally less than $3,000,000,000.
They fluctu¬
December,
$1,500,000,000,
as
Federal
1932 to
other
reserves
dance with its purposes, section 3 of Regulation O has been drafted so as to
member bank does not become indebted to such bank in
omit.—Ed.],
we
holdings of the
and excess reserves from
and
required reserves arising from
Excess
ments
a
[this
chart
security
domestic sources, amounting to about $400,000,000,
and by the issuance of about
$700,000,000 of silver coin and currency
by the Treasury.
Of the reserves originating from these sources, $900,000,000 was employed by member banks in meeting an ihcrease in the
demand for money in circulation and $1,000,000,000 in meeting an increase
ship: and under the Board's authority to prescribe such regulations as it
may deem necessary to effectuate the provisions of section 22 (g) in accor¬
partnership of the kind described to borrow from
the
Government
banks,
Reserve
by
and
of
obligations.
Under the usual principles of law applicable to
partnerships each partner is individually liable for the debts of the partner¬
a
illustrated by
are
States
imports.
to
increased
production
of
excess
individual
provided that,
purchases.
froipx the chart that until the autumn of 1933 increases
corresponded to purchases of United States Government
the
addition
In
executive
partnership obligation rather than by their
a
by
principally gold
partnership
the
member bank may find it desirable for a loan not in
$2,500 to be evidenced by
clear
is
discon¬
the System
$800,000,000,
to
cumulated gold imports,
reserves
excess
this
partnerships of the kind described.
facts
United
banks,
1936.
in
recovery.
increased
the
of
part
a
as
view to counteracting
In the autumn of 1933,
a
Since that time the principal source
member bank reserves lias been ^importation of gold from
to
shows
which
encouraging
open-market
These
abroad.
banks
conditions with
and
had
Reserve
Federal
the
money
reserves
additions
of
majority of the entire board of directors,
$2,500.
.
its
by
ease
forces
deflationary
when
ments
member bank may extend credit to any executive officer thereof, and
officer
from a number of
any
executive
certain exceptions to this prohibition, one of which
are
is "that with the prior approval of a
such
policy to
partnership
either individually or together a majority interest in said partnership, shall
be considered within the prohibition of this subsection."
The only prohibi¬
loan
securities
Government
member
Section 22
in which
1931
has resulted
reserves
developments of the period since the autumn of 1929.
Additional reserves
created
from
1929 to
1933 through purchases of Unitd
States
wei"
depositors.
of excess
volume
present
were
might give rise to numerous questions or even litigation between the bank
and its
are
14 for
July
on
.
Growth of Excess Reserves Since
a
specified sum from the depositor's savings account to his checking account,
under the provisions of Section 1
.
.
issued
was
1936
action
of
course
a member bank
telephone or other oral order from a depositor,
a
this
action,
existing
'
The growth
in the volume of
excess
reserves
of member
banks of the Federal Reserve System since 1929 is surveyed
has placed
reserves,
lower limit
a
the
on
possible expansion
of
the
remaining
of
the
the
on
basis
System's control of future credit expansion.
and consequently
reserves,
has increased! the effectiveness
by the Board of Governors of the Federal Reserve System
in the
Distribution
"Reserve Bulletin" for August, issued Aug.
requirements
pursued
is
not
reversal
a
by the System
of
the ( easy
An
since the beginning
important
reserve
made
money
policy
of the depres¬
sion, and the Board is convinced that it will not affect
now
prevailing."
letin," it is estimated that "the
of
all
about
member
banks
in
the
amount
latter
ber
banks
easy
40% above, requirements.
of excess reserves
At
central
Reserve
city banks, 40, and at 'country' banks, 60."
ment
made
by the Governors
increase
in
given in
our
reserve
a
month
requirements,
July 18 issue,
Bulletin" for August
effective
regarding the
The
the
half
of
abroad.
reserves
for
many
The
consideration
the
excess
of
member
months
problems
by the
reserves
as
raised
Board of
into
banks
a
356.
these
Aug.
15,
From the
been
required
reserves
reserves
credit
July 14
of
in
an
reserves
Governors.
possibility of this part of the
various
August,
of
the
member
increase
in
In
and
thus
of
been
change
to
large
a
from
under
part
eliminate
becoming the basis of
become
.July,
the last
effective:
(Estimated)
588,000,000
nearly
of
the
as
banks
$800,000,000
600,000,000
400,000,000
$2,829,000,000
can
in
At
$1,800,000,000
946,000,000
Not
meet
nearly
made
only
the
be
the
estimated,
latter
central
approximately 30, at
part
the
of
reserve
amount
August
city
of
will
excess
be
banks
the
at
banks,
40, and
do all the groups of
banks
have sufficient
increase
reserve
reserves
about
40%
percentage
city
of
all
above
will
be
"country" banks, 60.
excess
reserves
in requirements and still have ample excess reserves,
to
but
all individual member banks are in the same position.
Surveys
by the Board indicate that nearly all of the banks will be able to
increase
decided to exercise its power under
1935 to raise member bank reserve requirements.
The
with
the
Reserve
an
of
in
was
gold
long
half
distribution
$1,295,000,000
"Reserve
extraordinarily
to
first
excess
BANKS—DAILY AVERAGES
"Country" banks
As
inflow
the
in
this
mem¬
reserves
requirements will
Central reserve City banks
Reserve city banks
requirements.
have
order
for
is the
member
of
distribution
banks
July 31
on
_
classes'of
individual
among
Aug. 16-31, 1936
the
classes
shows
conditions
all
among
and
country
requirements could be
credit
on
July 1-15, 1936
meet
on
the
table
after the
injurious
expansion, the Board
the Banking Act of
have
consequence
by
following
of
reserves
EXCESS RESERVES OF MEMBER
member
Excess
parts
excess
All member banks
page
Increase in Reserve Requirements
volume
all
in
reserve
tightening effect
a
city
take the following:
we
without
increase in
at Reserve
The announce¬
ago
why the
together with estimates made
part of August will be
banks the percentage will be
approximately 30,
this time
at
banks."
According to the "Bul¬
reason
prevailing wide distribution of
among
conditions
money
of Excess Reserves
It is
7.
pointed out in the "Bulletin" that the increase in the
drawing
a
in
requirements
banks
either by utilizing their
utilizing them and in
part of their balances with correspondent banks.
alone,
or
excess
balances
addition
with¬
These balances
Volume
have
of
funds
the
increase in
their
in recent
have
own
A
increase in
Reserve
banks
their
be
by
required
banks.
showed that
For
not
than
more
that the
about
was
banks
in
one-half
balances
their
of
132 banks would
with
corre¬
in addition
require
New
York
Money Rates
grade
charged
the
on
since
the
in the
interruption
countries
chart
autumn
autumn of
the spring
suspended
mercial
of
specie
It
brings
declined continuously,
have
England andi
1931, when
gold
and
payments
with
number
a
the
bends
compared
reduced
were
yields
less
with
to
United
on
decreased
than
1%,
4
of
leaving this
was
to
months'
6
6%
compared with
as
com¬
the
in
4%,
States
Since the middle of
declines.
the
compared' with
as
and
high-grade corporate
on
about
4%%
municipal
in
and
1929,
bonds
government
1934, customer rates and bond yields, which do not
low
of abundant
pressure
in
in
levels
the
the
market,
open
volume
reached
in
funds,
the other
on
available
of
the
middle
have shown further
funds,
of
hand, which
the announcement
ments
rates
sixteentth
United
90-day bills advanced from one-eighth
1%.
Current bids for weekly offerings
of
continued
to be
'States
of
by the Board of the increase in
on
at
in
less
of
bonds
bonds
corporate
the increase
discount
a
Government
than one-fourth
showed
have been
little
This
compares with $168,700,000 outstanding June 30
$184,300,000 May 31, 1936, and witli $163,600,000
July 31, 1935.
The figure for July 31 this year is the
highest reported by the Bank since Oct. 31, 1934, when
commercial paper was outstanding in amount of $187,700,000.
Below we furnish a record of the figures since they were first
reported by the New York Reserve Bank
1936
July
marketed
since
Investment
Funds and
of
Treasury
three-
to
bills
1%, and yields
Rates
the
on
which
at
of
announcement
effect of the
no
require¬
1%
change.
requirements have shown
reserve
Nov. 30
177,900,000
Mar. 31
Oct.
Feb.
28
Jan.
31-
June 30
187,700,000
192,000,000
188,100,000
168,400,000
151,300,000
Nov. 30
May 31-
141,500,000
Oct.
Apr. 30
Aug. 31
Feb.
Sept. 30Aug. 31
July 31-
Jan.
31
June
May
Apr.
177,721,250
1935—
Dec.
31
Nov. 30-Oct.
31
Sept. 30
Aug. 31
July
Feb.
28-....
Jan.
31
159,300,000
173,000,000
108,400,000
of
for
such
and
issues
in
purposes
in
increased
the
1935
of
plant
increased,
othei
further.
New
equipment,
although
they
for
and
the
inactive
exceeded
current
of
for
relatively
small
of
any
the amount
both
stocks
purposes,
bank
of
factor
in
the
of
have
also
comparison
long-term interest rates, which has been
revival
of
the
capital market, has
idle investment funds.
large accumulation of
idle
funds
viduals,
funds
the
the
business
in
amount
in
are
the
form
with
few years
the
principally
to
Mar. 31
105,606,000
Feb.
29--...
102,818,000
31---..
107,902,000
Oct.
173,000,000
181,900,000
176,700,000
June
30
Jan.
31
170,900,000
May 31
60,100,000
Sept. 30
Aug. 31
July 31
investors.
result
in
recently
made
by
Growth
of
part
in large
98
banks
large accumulations of idle funds
under
the
Board's
supervision.
indi¬
of
the
these
limited
shown
was
This
study
by
at
the
end
of
1935
which
1935.
Reports
Nov.
the
l,
such
dates
reports
deposits of
obtained
were
1935.
two
The
had
Nearly
of
two
identical
covered, aggregating about
covered,
for
the
two
banks,
the
large
period
panies
the
increased
accounts
increase
between
by
occurred
and
in
other
two
financial
of
accounts
50%.
of
corporations,
Nov.
of
1,
on
1935.
than
of
over
$100,000.
these
in
Almost
individuals,
of
and
more
accounts
over
dates balances
report
deposits
end
1933,
classified
on
banks
the
25,
were
accounts
large
approximately
"fanancial"
at
Oct.
$5,250,000,000
largest
$500,000 on either date, for eight other
$250,000, and for the remaining 88 banks
In
$22,000,000
dates,
accounts
identical
half
of
insurance
the
com¬
excluding
banks, but including
deposits of the reporting banks' own trust departments.
The proportion
of
such deposits to the total amount of
large deposits covered by the
survey increased slightly during the period. and amounted to
somewhat
than
more
sent
one-third
funds
held
of
the
almost
total
excltide business accounts, such
in
the
for
1935.
1,
the
These
of
purpose
those of
as
service
deposits
investment:
and individuals
concerns
production, transportation and selling of goods
other
or
Nov.
on
entirely
or
repre¬
They
engaged
in public utilities
industries.
Aug.
on
10
The
tenders
by
growth
since 1933
The
total
of
loans
and
and
the
to
offering, which
deposits
an
as
30,
banks
in
large
that
a
of
In
banks
currency
000,000
this
and
the
in
since
institutions
volume
deposits
Reports
addition,
have
ern
and
other
have
been
the
investors
expansion
and currency
It
now
of
in
1929.
demand
and
time
excluding inter-bank deposits,
of nearly $49,000,000,000,
The
in
1936
by about
of
for
1929
banks
in
101
the
Postal
and
by
as
leading
deposits has taken
by
includes
collection,
should be reduced
member
held
figure
process
it
increase in
outside
total
total
a
items
in
1936,
States,
to
deposits
would
for
much
cities
place during
Savings
System
$1,000,000,000, and the
amount
banks
appear,
has increased
by about $1,500,therefore, that the amount of de¬
held by the general public
been at any previous time.
in
4,
-
•
is
as
large
as
in
to
Standard
Time,
Aug.
10.
As
the
to
accepted
bids,
Secretary Morgentliau stated:
Except for
bid of $10,000,
one
99.864, equivalent to
lent
to"
a
is
of
rate
the
price
average
rate
about
about
0.222%
amount bid
be
a
on
on
latter
issued
bank
a
price
is
in
price
from
to 99.832, equiva¬
per annum,
annum,
the
at
to
per annum
accepted bids ranged
0.179%
per
for
Treasury bills
of
0.213%
the
rate of about
a
was
99.839,
discount
basis.
accepted.
and
the
The
average
bank discount basis.
The average rate of
0.213% compares with rates on recent
issues of 273-day bills of 0.230%
(bills dated Aug. 12),
0.224% (bills dated July 29), 0.115% (bills dated July 22),
0.071%
(bills dated July 15), and 0.067%
(bills dated
July S).
New Offering of $50,000,000, or
Thereabouts, of 273-Day
Treasury Bills—To Be Dated Aug.
Announcement
made
19,
1936
Aug. 13 by Secretary of the
Treasury Henry Morgenthau, Jr., of a new offering of 273day Treasury bills to the amount of $50,000,000, or there¬
abouts.
The bills, which will be sold on a discount basis to
the highest bidders, will be dated Aug. 19, 1936, and will
mature on May 19, 1937, and on the maturity date the face
amount will be payable without interest.
On Aug. 19 there
is a maturity of Treasury bills to the amount of
$50,003,000.
The tenders to the offering announced this week will be
received at the Federal Reserves banks, or the branches
thereof, up to 2 p. m., Eastern Standard Time, Monday,
Aug. 17. Bids, however, will not be received at the Treasury
^Department, Washington. In his announcement of Aug. 13
Secretary Morgenthau also had the following to, say:
was
on
They (the bills) will be issued in bearer form only, and in amounts
denominations
of
$1,000,-$10,000,
it has
or
$100,000,^SSOO.OOO^and $1,000,000
(maturity value).
,
multiples of $1,000.
Each tender
The price offered must be expressed
the
on
Frac¬
.
.
Tenders will be accepted without cash deposit from incorporated banks
and trust companies and from responsible and recognized dealers in invest¬
ment securities.
of 10%
are
Tenders from others must be accompanied by a
deposit
of the face jamount of Treasury bills applied for, unless the tenders
accompanied by an express guaranty of payment by
bank
March
from
increased
circulation
1929.
referred
was
issue of Aug. 8, page 846, were received at the Federal
Reserve banks and the branches thereof up to 2 p. m., East¬
tions must not be used.
growth of all classes of deposits.
increase
United
further marked
months.
outside
in
$55,000,000,000
$2,000,000,000.
posits
1933,
comparison with
indicate
recent
of
all
with
exceptionally
fair
factors
financing
the general
by about $11,000,000,000
compared
a
of
Deposits
investments of banks, almost entirely
through the purchase
obligations of the United States Government,
of gold from abroad.
June
of
of
part
Secretary
accepted, the
was
basis of 100, with not more than three decimal places, e. g., 99.125.
guaranteed
import
Between
increased
a
Morgentliau Jr.,
No tender for an amount less than $1,000 will be considered.
deposits
important
direct
and the
in
has been
most
Henry
Of the bids, $50,090,000
our
must be in
Growth of Bank
This
210,000,000
Tenders to the offering of $50,000,000, or thereabouts, of
273-day Treasury bills, dated Aug. 12, 1936, and maturing
May 12, 1937, were in amount of $155,235J)00, it was an¬
individual demand deposits
than
more
as
9,200
117,714,784
173,684,384
31
—
aggregating about $11,000,000,000 and included all but two of the member
banks
31
Nov. 30
a
covered
deposit accounts at 98 large member banks in 37 cities.
covered held
1931—
Dec.
$155,235,000 Tendered to Offerings of $50,000,000 of
273-day Treasury Bills Dated Aug. 12—$50,090,000
Accepted at Average Rate of About 0.213%
of
held
currency
during the early stages of the depression and in part
general growth of deposits.
changes
The
been
important
an
These accumulations
..-
deposits and
institutional
has
due
of investment
The existence of these
studv
and
concerns,
past
bank
of
been
107,800,000
30
Jan.
31
30
expan¬
loans
by
103,300,000
111,100,000
Apr.
133,400,000
129,700,000
Oct.
28
Only part of
low level
31
30
108,700,000
Feb.
several
those
year
securities,
working capital
repayment
still
are
of
issues
July
June
31
Mar. 31
Treasury.
.Secretary said.
periods.
The
the
and
greatly
first half
bonds, by domestic corporations
sion
of
^refunding
post-war year, and
113,200,000
110,100,000
108,100,000
100,400,000
May 31
122,900,000
107,400,000
96,900,000
72,700,000
Apr.
81,100,000
109,500,000
31
Nov. 30
176,800,000
163,600,000
31
31
Sept. 30
1923—
Dec.
$64,000,000
71,900,000
84,200,000
84,600,000
1932—
Dec.
139,400,000
132,800,000
117,300,000
183,100,000
June 30
31-
Mar. 31
171,500,000
178,400,000
180,400,000
of the
began to show increasing activity.
New security issues have been
chiefly for refunding of outstanding obligations at lower rates.
Issues of
securities
30
$166,200,000
years,
other
1933—
Apr.
31
$187,600,000
30
168,700,000
31.,.._ 184,300,000
30
173,700,000
31
180,200,000
29
175,600,000
nounced
change.
Capital Issues
Early in 1935 the capital market, which had been
Dec.
Oct. 31, 1931:
on
1934—
31
but slight
reserve
of
of
a
market paper outstanding on July 31, 1936.
open
have continued
with
1934,
reduction.
After
issues
Yields
1929.
$187,600,000 of
May 31
the
to
changes
record
further
in
Government
Short-term rates
quickly reflect
at
6%
correspondingly.
respond promptly
$168,700,000
and
Mar.
open-market rate
of 1929.
The rate on 90-day acceptances, which was as high as
5\'i% in the middle of 1929, had been reduced to below one-fourth of 1%.
Rates charged by banks on customer loans fell to less than 4%% on the
as
with
Compares
31
Reports received by this Bank from commercial paper dealers show
total of
summer
average,
July
as Reported
Bank—Total
of
Reserve
The Federal Reserve Bank of New York issued the fol¬
during the banking
except
'
1934
had fallen to
paper
high-
on
leading cities to
in
omit.—-Ed.].
we
1929,
■
yields
paper,
banks
by
[this
of
in large volume.
country
;;,
commercial
on
rates
1933, all classes of interest rates
other
By
and
shown
is
that
fact
brief
of
bonds,
customers
the
crisib of
a
open-market rates
corporate
their
out
of
Paper Outstanding
Federal
lowing announcement on Aug. 11, showing the total value
of commercial paper outstanding on July 31:
City
'
codrse
York
$187,600,000
to
$215,000,000, of which $87,000,000 would
City have in the aggregate nearly $4,000,000,000 of balances
jvith correspondents.
The
Commercial
June 30
banks could meet
132
but
all
their balances with the Federal
York
New
1003
New
by
sufficient
and the remainder by other
meeting this requirement of about $125,000,000, banks outside
of
Value of
♦
amount
balances
reserve
Chronicle
reserves
reserves
requirements by using
and
The
spondents.
lose
excess
made last March
survey
years.
likely to
are
correspondents
correspondent banks.
50%
a
that
banks
the
by
The survey shows also that
through withdrawal of
to meet not only
requirements, but also any probable withdrawals
doubled
approximately
most
by
Financial
143
or
incorporated
an
trust company.
Immediately after the closing hour for receipt of tenders
on
Aug. 17, 1936,
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.
mitting tenders will be advised of the acceptance
ment at the
or
price offered for Treasury bills allotted
Federal Reserve banks in cash
or
other
Those sub¬
rejection thereof.
must be
Pay¬
made at the
immediately available funds
on
Aug.
19,1936.
The Treasury bills will be exempt, as to
gain from the sale
or
principal and interest, and
any
other disposition thereof will also be exempt, from all
taxation, except estate
and inheritance taxes.
(Attention
is invited
to
1004
Financial
Chronicle
Treasury Decision 4550, ruling that Treasury bills are not exempt from the
gift tax.)
No loss from the sale
or
otherwise recognized, for the
as
a
of any tax now
or
hereafter imposed by the
deduction,
United States
or
purposes
any
of its
Treasury Department Circular No. 418,
amended, and this notice
as
issue.
_
_
...
-
-
-
Fine Ounces
------
—
258.00
-—~
2,622.65
—
——
—
—.
_
Seattle
•
—------
Total for week ended Aug. 7, 1936.
Total receipts through Aug. 7, 1936—
Receipts
by Mints and Assay Offices During
Week Ended Aug. 7—Imports Totaled
$6,674,871
During the week ended Aug. 7
gold
was
total of $10,422,807.53
a
received by the various mints and assay offices.
Of this amount, the Treasury Department announced Aug.
10, $6,674,870.78
was
and
new
$3,390,313.86
gold
was
imported gold, $357,622.89 secondary
According to the Treasury,
received by the various mints and assay offices
as
Imports
York
Denver
20,889.07
New Orleans
...
_
.
_
_
.
Total for week ended Aug. 7,1936.
..
.
New Domestic
$145,040.80
122,100.00
27.447.55
21,127.32
23.674.56
18,232.66
6,398,900.00
234,563.90
San Francisco
OFFICES
Secondary
$20,517.81
Seattle
receipts of newly-mined silver during the week ended
July 31 were noted in these columns of Aug. 8, page 847.
'
—:—♦
$6,674,870.78
vt
United States Net Gold
Imports $1,739,000,000 in 1935—
Exports 7% Above 1934, While Imports Advance
24%—Department of Commerce Issues Balance of
International Payments
<
The
huge flow of gold to the United States in 1935 was
by Secretary of Commerce Roper to foreign
"political and financial uncertainties," as well as to improved
business conditions in this country..
Mr. Roper, in a fore¬
word to the Department of Commerce annual study on the
balance of international payments made public Aug. 3, said
that the gold movement was the year's outstanding factor.
He estimated United States net gold imports in 1935 at
$1,739,000,000.
He pointed out that American exports last1
year were 7% above 1934, with a total of $2,283,000,000,
while imports advanced 24%.
He said that the gain in
imports was chiefly due to greater industrial activity here,
necessitating the use of a greater quantity of raw materials
and other products.
A summary of all items involved in the
balance of international payments showed an excess of
receipts of $208,000,000, as compared with $461,000,000 in
attributed
follows:
RECEIPTS OF GOLD BY THE MINTS AND ASSAY
Philadelphia
2,880.65
112,965,479.01
-
The
domestic.
during the week ended Aug. 7
New
.
...
Gold
the
i
New Orleans------
♦
■
of
1936
15
STATES
7, 1936—
-
New York-—
Denver
pre¬
scribe the terms of the Treasury bills and govern the conditions of their
1
Week Ended, Aug.
Philadelphia
San Francisco
possessions.
TO UNITED
(Under Executive Proclamation of Aug. 9, 1934)
other disposition of the Treasury bills
or
shall be allowed
Aug.
TRANSFERRED
SILVER
$1,060.36
258,900.00
1,989,219.45
662,366.11
47.85
478,720.09
$357,622.89
$3,390,313.86
$227,977 of Hoarded Gold Received During Week Ended
Aug. 5—$16,339 Coin and $211,638 Certificates
Announcement
was
made by the Treasury Department
Aug. 10 of the receipt of $227,977.40 of gold coin and
certificates by the Federal Reserve banks and the Treas¬
urer's office during the week ended Aug. 5 under the order
of Dec. 28, 1933, requiring all gold to be returned to the
Treasury.
The Treasury revealed that $16,339.40 of this
amount was gold coin and $211,638 gold certificates.
Total
receipts since the order was issued, and up to Aug. 5, it was
made known, amounted to $144,675,460.02.
The following
is from the Treasury's announcement of Aug. 10.
_
1934.
on
In its summary
International transactions
exert positive
RECEIVED
BY FEDERAL
'
RESERVE BANKS AND
THE
1
TREASURER'S OFFICE
and negative influences upon each other.
country's
volume
of
short-term liabilities
merchandise
and,
exports
owned by its
Gold Certificates
$210,638.00
110,020,520.00
$31,685,626.02
gold movements and capital transactions.
Governments
require the
may
■$200.00
expenditures abroad by merchants
larger
STATES BALANCE
INTERNATIONAL
OF
receipts of hoarded gold
847.
PAYMENTS,
1934-35
1935
was
Paym'ts
from For¬
Item
$2,490,020.00
Office in the amount of
to For¬
Net
eigners
Credits
Receipts
(+)
for "Ex¬ for "Im¬
ports"
ports"
$200,572.69 previously reported.
page
but it is possible
1934 (Revised)
eigners
$268,656.00
Aug. 8,
ex¬
2,489,020.00
Note—Gold bars deposited with the New York Assay
issue of
Large
tend to influence
significance.-
Receipts
our
or tourists.
in turn,
may,
I In millions of dollars]
$1,000.00
268,456.00
Total to Aug. 5
a
Payments by foreign
collection of fewer taxes in the receiving
to trace them and to note their relative
UNITED
Received previously
of
amount
foreign business favorably and lead to increased purchases by us abroad.
$110,231,158.00
Received by Treasurer's Office:
Week ended Aug. 5
the
result of trade and service transactions will tend to influence the trend and
It is impossible to measure these influences statistically,
$16,139.40
31,669,486.62
Total to Aug 5
Previous reference to the
possibly,
banks to foreign banking institutions.
penditures abroad by American tourists
in
For example, the
influence the lending
may
The accumulation of net cash claims by one country against another as
may cause
Gold Coin
Received previously
■
country, with the possibility that part of the domestic funds thus released
(Under Secretary's Order of Dec. 28, 1933)
Received by Federal Reserve Banks:
Week ended Aug. 5
pay¬
exceedingly varied and tend constantly to
are
granting of long-term loans to foreign borrowers
volume of
GOLD
of the 1935 balance of international
1
ments, the Department said, in part:
made
Debits
(—)
(Debits)
(Credits)
or
Paym'ts
from For¬
to For¬
Net
eigners
eigners
for "Ex¬ for "Im¬
ports"
ports"
(Credits) IDebits)
Credits
(+)
or
Debits
(->
,
Trade and Sertice Ilems-
'
Merchandise
+ 478
2,133
1,655
2,283
2,047
88
85
+3
105
86
61
96
—35
63
99
—36
86
331
—245
117
409
—292
5
105
—100
5
92
—87
31
—31
126
+ 367
'
Freight and shipping
Receipts
of
Newly-Mined
Silver
by Mints and Assay
Offices from Treasury Purchases Totaled
2,273,927.47 Fine Ounces During Week Ended Aug. 7
A total of
2,273,927.47 fine ounces of silver, it was an¬
nounced by the Treasury on Aug. 10, was turned over
by
the Treasury Department to the various mints and
assay
offices during the week ended Aug. 7 in accordance with the
President's proclamation of Dec. 21, 1933.
The proclama¬
tion, which was given in our issue of Dec. 31, 1933, page
4441, authorized the Treasury to absorb at least 24,421,410
fine ounces of newly-mined silver
annually.
Total receipts
since the issuance of the proclamation, and
up to June 12,
were in amount of
95,549,484.64 fine ounces, according to
the Treasury, which made available .the
following data on
Aug. 10.
r'%?/-'
\
RECEIPTS OF SILVER BY THE MINTS AND ASSAY
(Under Executive Proclamation of Dec. 21, 1933)
Week Ended Aug. 7, 1936-1—
'
__
v "
as
'
Immigrant remittances
.V
+ 19
Charitable, educational, &
other contribution.
Interest and dividends.-.
"493
War-debt receipts—Govt,
transactions
(exel
war-debt receipts)
1
.
—
28
—28
146
~521
+1
+ 375
b
31
—37
28
83
—55
43
+ 60
116
40
+76
3,001
2,540
+ 461
3,238
3,030
+ 208
53
items.
68
103
1,187
—1,134
2
1,741
—1,739
Gold, Silver & CurrencyGold exports and imports
Gold
earmarking
tions
open
—83
(net)-.-
Gold movement
(net)...
\
'
^
•
-.--
—1,217
—1,739
----
103
—86
19
355
—336
56
vH t>-
—26
30
31
—1
2,009
1,547
H
(net)
OFFICES
CO O
Capital Items
c-
amended
;
Fine Ounces,
l ,677,296.13
Philadelphia
San Francisco
Tourist expenditures
+ 236
________
Denver
+ 192
...
+ 970
1
movements.d.
578,273.87
18,357.47
958
+ 202
•
+462
Total for week ended Aug.
7, 1936
Total receipts through Aug.
J.
7, 1936-...
In
the
made
to
"Chronicle"
the
silver
of
-
2,273,927.47
95,549,484.64
Aug. 8, page 847 reference was
during the previous week
transferred
ended July 31.
—8
a
This item consists roughly of 3 parts:
+ 105
+ 482
+ 331
(1) Exports and Imports of goods for which
data ate available but not recorded in the official trade figures (e.
g.,'ships, bunker
fuel sold in the United
States, &c.); (2) goods whose export or import is
wholly
or
partly omitted from official trade data (e. g., unrecorded parcel-post shipments,
goods smuggled into the country, &c.); (3) corrections of certain recorded trade
figures to allow for possible overvaluation (in case of goods sent on consignment)
or undervaluations
(In case of imports subject to ad valorem duties), uncollectible
accounts, &c.
b Less than $500,000.
Silver Transferred
to
United
States
Under
zation Order During Week Ended
to
Aug. 7 Amounted
2,880.65 Fine Ounces
Aug. 10.
Since the
issue of Aug. 11,
1934, page 858) 112,965,479.01 fine ounces of the metal
have been transferred to the United States Government.
The
on
our
Treasury Department issued the following tabulation
Aug. 10:
Capital items
are
viewed aS "exports" and "imports"of evidences of indebtedness,
d This item takes account of all
reported security movements between the United
States and foreign countries and includes international sales and purchases of
longterm
Under the Executive Order of Aug. 9,
1934, providing for
the nationalization of silver, 2,880.65 fine ounces of the
metal were transferred to the United States
during the week
ended Aug. 7, the Treasury announced
issuance of the order (which was given in
c
Nationali¬
Issues,
by security
new underwriting, gales and purchases of properties not represented
issues, and security transfers resulting from redemption and sinking
fund operations.
Many of the
purposes
served
by the annual balance
payments at once suggest themselves.
trade is constantly
tiers.
remitting and receiving funds
upon
the nature and
balance of payments reflects
to borrow
services.
the
across
the national fron¬
Its capacity to absorb the stream of cash claims coming from abroad
depends
or
of international
A nation engaged in international
a
sources
of its
income
abroad.
Normally
a
nation's capacity to pay, its ability to buy
abroad, and its changing requirements for foreign goods and
Budgetary policies
international
balance.
are
The
frequently influenced by the results of
exporter,
the importer,
$he banker, the
Financial
Volumt
depends, of course,
A country's international
financial position may be materially affected by the results of involuntary
acts, such as defaults by foreign debtors in a time of transfer difficulties.
Exchange and transfer restrictions may require reinvestment abroad by
the creditor, even though normally he would have his (interest) receipts
of particular classes of transactions
The significance
underlying
factors
special
the
upon
them.
transferred for expenditure or investment at
Associated
Washington,
from
accounts
Press
Aug. 10, stated that those who conferred with the President
were Major-General Markham, Frederic Delano, Chairman,
the international movement of funds.
-
Act.
trol
ebb and flow of
student of world affairs all watch the
investor, and the
1005
Chronicle
and Dr. Abel
Wolman, a member of the National Resources.
Aubrey Williams, deputy, and Colonel F. C. Har¬
Board;
servation
home.
Robert Fechner,
Administrators;
Assistant WPA
rington,
head of the
CCC; Courtlandt B. Manifold of the Soil Con¬
Service, and Daniel Bell, Acting Director of the
Budget.
Roosevelt
President
Returns
Reporting that conferences of the President in Washing¬
on xYug. 11, included talks on the
Tennessee Valley
from
Washington
to
ton,
Park—Leaves for Tour of Flood Areas in
New
York, Pennsylvania, and
Ohio—To Begin
Trip to Drought Area Aug. 25
Hyde
Plains
Park (N. Y.) home on Aug. 10, left on Thursday
(Aug. 13) for a three-day tour of the districts in New
York, Pennsylvania and Ohio devastated by the spring
floods. At Chautauqua, N. Y., yesterday, the President de¬
livered an address; later in the month Governor Landon of
Kansas, Republican nominee for President, will address a
gathering at the same place. Other points which the Presi¬
dent was scheduled to visit during his three-day trip were
Johnstown, Cleveland, Scranton and Wilkes-Barre, Pa.;
Mayville, Binghamton and Highlands, N. Y.
From High¬
lands today the President planned to go to Hyde Park,
will
remain for
several
Dr.
I
here
came
in
order
to
Morris
Roosevelt
Markham,
which
of
Chief
his
various
$34,000,000,
of
this area, to build a series of
in
M.
10 dams
W, Va., in
"
flood-control
Funds Are Allocated
The
in
this
State,
bearing the
in
work
here.
the
Pittsburgh
In
..
.
This
the
visit
$300,000
a
was
allocated
was
of flood reser¬
survey
allocated
John
He
President went
the
on
to
Roosevelt,
Mr.
Lewis, President
L.
in
■■
persons
so many
platform of his
car
to
the
large following
the United! Mine
a
of
crowds.
at the station that the
were
to wave to them.
Roosevelt at Altoona, where
greet Mr.
President,
as
large and enthusiastic
greeted by
was
Ilarrisburg, for example,
crowd waited
similar
for
immediate work
for
Pennsylvania, where he has
led by
America.
by
paid
Western
miners
of
Workers
$500,000
made for
■
first
populous region of
among
"
was
..
the
was
future
on
for
bank protections along the Monongahela and the Alleghany
building river
Rivers.
$2,961,000
cost.
while
area,
addition,
allocated
contingent
officials an¬
immediate
anticipation by
Pennsylvania
conference,
had
largest allotment, $2,161,000,
voirs
At
tonight's
Roosevelt
in
work
here
communities
will
his
stop
his
on
drive
overland
conference
drought
survey
at
Amarillo,
Texas,
on
own
from
in
Dakota
talk with
a
which
Lake
Northwestern
one
in
requested the
River.
Board
State
allocation
used
Presi¬
by
Minnesota
$475,000
of
be
would
money
discussed
was
delegation * from
for work
deepen
the
request
the
to
the water supply of several towns.
assure
Planning
The
area
joint
a
called at
the White
inclusion
of
that
approved,
on
the ground that 27,000 able workers
those for
among
service stop
a
Roosevelt
President
which
House
projects
PWA
are
to
be
to
are
unemployed there.
Felicitates
Labor's
Non-Partisan
Gathered in Washington in Support of
His Candidacy—In Letter to Major Berry Refers
to
Invalidated Legislation and
Expresses Faith
that "Way to Progress" Will Be Found Through
Law
■
■
A
President Roosevelt was conveyed to
League at the meeting of its State
Chairmen in Washington on Aug. 10.
In the message,
which was addressed to Major George L. Berry, President
of the League, Mr. Roosevelt stated that "it is fully realized
that you are gathering to support a political cause"
and he expressed himself as "sincerely proud that you are
gathering in support of my candidacy."
In his letter to
Mr. Berry, who is also the Administration's Co-ordinator
for Industrial Organization, President Roosevelt observed
that "4uring the past three years we have endeavored to
correct through legislation certain of the evils in our economic
system," and in referring to the invalidation of some of the
laws by the Supreme Court he said, "having tasted the
benefits of liberation, men and women do not for long forego
those benefits.
I have implicit faith that we shall find
our way to progress through law."
-The President's letter
to Major Berry, dated Hyde Park, N. Y., Aug. 3, follows:
.
from
message
Non-Partisan
Labor's
.
,
Hyde Park, N. Y., Aug. 3, 1936.
was
•
It gives me real pleasure to
Labor's
Lakes
to
Exposition,
America
in which he stated that the "people of
to a good time after what they have
entitled
are
been
through
from
Cleveland, from which
in
The. President said
recent
Associated
years.
Press
advices
through its Exposition,
was
a
solidarity.
' \
'■
perform¬
by
seeing
flood
these
and
drought
columns
cause,
that trip.
.
of the
Middle
gathering in support of my candidacy.
we
our
has
endeavored
Kansas
has
anywhere at
cooperated!
return
ideal
promote the
of
justice for the
that
these
item
of
a
week
changes have necessitated special reconsideration of the
of the wage-earners and the farmers.
device
of
corporate
be
time of benefit to
Kansas
I
these
are
and
Automatic machinery,
the
management,
some
of the factors
monumental
that
have made
it necessary for our country and its government to look at men and measures
from a new point of view,
seeking
new means for the restoration of
equality
of opportunity.
Sees Progress Through Law
discussed
press
ownership
of capital,
the past three
During
years
legislation certain of the evils in
to
we
have
endeavored to
our economic
correct
through
We have sought
system.
put a stop to certain economic practices which did not promote the
general welfare.
Some of the laws which were enacted
Court.
It is
a
notable fact that it
when
those laws
future
history will show,
were
was
as
declared invalid by the Supreme
not the wage-earners who cheered
declared invalid.
were
I
greet
you
in the
faith
that
past history has so repeatedly and so effectively
shown, that a return to reactionary practices is
tasted the benefits of liberation, men and
ever
women
short-lived.
Having
do not for long forego
those benefits.
in
every
agencies dealing with
his
any
if you
problems
Governor.
and all of its
With
meeting
any
case
was
would be extended to Governor Landon.
Ac¬
cording to United Press accounts from Topeka, on Aug. 7,
Governor .Landon, asked to comment on the President's
plans for conference with drought State Governors, said:
as
This could not be the
reference
at which will
At his
to
great masses of America's wage-earners and to make that ideal a reality.
We all know that our country has been going through profound changes
departure from Wash¬
noted in
States,
of drought relief.
is
gathering to support a political
are
did not know, out of the experience of the past three years, that the present
participate
there
that you
could
conference on
Aug. 7, making known the proposed discussions with the
Governors, the President indicated that an invitation to
attend
us
but that merely makes it the more certain that you are determined
first hand he
areas
(page 848)
President's
As
Western
its
.
President Roosevelt plans a conference of Governors
the subject
to
of
enlarge the scope of human welfare in our Nation.
It was
on
-
realized by all of
accumulations
ington
you
meeting
in Washington.
of opportunity.
Administration
proposed visit to the drought areas.
indicated in press advices on Aug. 11 that Aug. 25
the
the
of
best to cooperate in the great task of promoting national
the
of
occasion
and of enlarging the sphere of human rights through democracy
made to the President's
will be the date
word of greeting through
a
the
upon
join in a thorough consideration of the vital issues of the time and to
and.
in
week
extend
certain that you and your associates are coming to Washington
progress
to
League
I should like to have you know that I am sincerely proud that you are
perform a better service in Washington.
Last
am
consider how
:■
sion, not by man, but by what we used to call act of God."
that
I
It is fully
Turning to his inspection trip of Eastern flood areas, Mr. Roosevelt
asserted he was "especially interested in seeing work caused not by depres¬
said
Non-Partisan
State Chairmen
quote, also said, in part:
we
that Cleveland,
real service to" the Nation in promoting better national understanding
ing
and
If
first
its
start
today
Red
Texas
President, following his arrival in Cleveland yester¬
day, ,Aug. 14) at 9:40 a. m., Eastern Standard Time, de¬
livered an informal address to luncheon guests of the Great
will
a
the
of
Another large
The
ago,
a
drought took place during
My Dear Major Berry:
made.
He
White House
27.
Aug.
on
conservation
the
The
.
of
President
that
of the
Chairman
makes
he
channel and thereby
•
...
.
nounced
and
a
dams being built, extension of
shortage of power in the valley'
on
League
Edwin
Major-General
including
the proposed- expenditure
Engineers,
conclusion
the
At
Cooke,
Dak.,
North
and
along
country in
of the
sections
protect not only Johnstown but Pittsburgh and Wheeling,
to
the Ohio Valley.
L.
Roosevelt
dent
about it, will
said:
conferees,
include $7,000,000
would
Mr.
what I had read about and had
eyes
going to
am
"Times"
with
described later at
as
progress
distributors,
with
■
I
York
New
discussed
He
with
luncheon
had
TVA,
meeting between the President and
a
conversation,
discussion
committee
Water
private car on Thursday night (Aug. 13) with Federal
officials, a dispatch on that date from Johnstown
the
with
for
18, working northward through the western corn and wheat belts.
Aug.
and State
to
afterward
This
when
S.
Pierre,
Indicating that the President held a conference on board
his
-Times" said:
the
of
Special Planning Committee,
which will leave soon to make a survey by automobile of the northern
and southern
"dust
bowl" regions, timing its
trip so as to meet Mr.
at first hand such problems as you are faced with.
to study
Chairman
dealt
Roosevelt's
with
to him plans which, if put into
with my own
see
photographs.
stayed
contracts
Mr.
days.
He added:
tions."
a
reported by private developers.
as
cooperate with you and your State to prevent future inunda¬
seen
Board.
The
I have anything to do
government,- if
Morgan,
conference,
power
effect, would stem the currents and insure prosperous com¬
munities Against inundation.
Introduced to a gathering of
the citizens by Governor Earle, the President said that
"the
E.
and
TVA
looking
Committee,
program,
the
Aug. 14, at Johnstown, which was the scene of two
disastrous floods, the second only last March, President
had pointed out
A.
press
made by the Great
toward a long-time
special dispatch from Washington
being
studies
the
on
date to the New York
Roosevelt
On
Roosevelt
that
on
his Hyde
where lie
and
Drought
reclamation
from
Roosevelt, who returned to Washington
President
Authority
to
instance
with
any emergency
the Federal
or
relief
Government
measures.
have
implicit faith that
Your
support
is
a
we
shall find
priceless
Washington,
on
our
way
contribution
in that outcome..
Aug. 10, President
Roosevelt conferred with his special flood committee on the
projects planned under the $320,000,000 Omnibus Flood Con¬
I
law.
to
toward
progress
through
continued
faith
"
,
what is of vast importance at this critical time is the fact that we have
a
common
our
heritage of principle and that
fellow-Americans,
in
a
common
we
are
bound, with millions of
determination
to
preserve
human
1006
Financial
freedom and
enlarge its sphere and to prevent forever
despotism which
the resources
In
I
of
that
to
Nation and the destiny of human lives.
extending to all who attend
meeting my
your
heartened by the conviction that we
am
return
a
from unlicensed power to control and manipulate
comes
our
hearty felicitations
same
ideal, the restoration and preservation of human liberty and human rights.
"h"')
Very sincerely
yours
FRANKLIN
ROOSEVELT.
Lewis.
he
White
had
as
President
Roosevelt—John
L.
Lewis
of
Republican Candidate
A
United
Landon,
resolution pledging support to President Roosevelt
adopted at the first National Convention of the 48
was
State
Chairmen of
Labor's Non-Partisan League, held in
Aug. 10.
The meeting was marked by a
message (which we give elsewhere in this issue) from President
Roosevelt to Major George L. Berry, President of the
League and
Co-ordinator for
Industrial Organization,
expressing pleasure that the delegates "are gathering in
support of my candidacy."
The action of the Supreme
Court in invalidating some of the laws enacted during the
present Administration was noted by the President in his
letter, and in extending a greeting "in the faith that future
history will show, as past history has so repeatedly and so
effectively shown, that a return to reactionary practices is
ever
shortlived," President Roosevelt added, "I have
implicit faith that we shall find our way to progress through
law.
Your support is a priceless contribution towards
Washington
i
continued faith in that outcome."
In its account of the meeting from
Washington
Aug. 10
on
the New York "Times" said:
Summarizing the speeches, Major Berry said that the President would
find labor wielding the balance of power in five
States and that perhaps
Utah, Wyoming, Montana, Washington,
labor also would swing Nevada,
the
in
Supreme
know
program of labor there
\:;U'
and the friends of the liberal movement of America
be in
may
"to the end that
position to adjust ourselves intelligently to
a
we
any political re¬
alignment that may occur following the reelection of President Roosevelt."
The
second
resolution
approved the establishment of the officers of the
League, and the next authorized the raising of money for its
In
its
final
resolution
and spearhead of genuine
as
the friend
the country,
of the
the
President
endorsed
was
democracy and the promoter
masses,
purposes.
"the
as
advocate
of human welfare,"
both organized and unorganized workers of
who "has manifested by action his determination
to further
the wellbeing of our people not only in their interest but in the interest of
the Nation's security and perpetuity itself."
In the
of the
account from the
same
"Times," Louis Stark, it
Above and beyond the speakers'
record
and
the
on
Washington correspondent
attacks
Republican party
stated:
was
were
Governor
on
Lapdon's labor
the repeated declarations that
"political realignment" was under way in this country, that after
1936 it would be necessary for labor and its liberal friends to adjust them¬
a
new
to such
selves
dedicated
as
alignment and that to that end the League
an
"permanent" organization for the
a
to be
was
furtherance
of
human
progress.
Maintaining that
and
the
to
the
these
which
Mr.
the first national meeting sponsored by the League,
organized last April with the avowed purpose of supporting
convention,
was
Roosevelt,
held
was
keynote address
was
on
made
an
outlined the aims of the organization.
"realignment"
He
was
floor
upper
of the
Major George L.
by
Willard
Berry,
His references
greeted with applause.
were
Hotel.
The
Chairman,
to a coming
who
political
America, and Sidney Hillman, President of the Amalgamated Clothing
Workers of America.
...
effected
was
the
at
there
work
"must
reforms
session
when
the present officers were designated to comprise the nucleus of a directorate
of 10 who will have charge of the campaign for
Mr. Roosevelt's reelection.
Messrs. Berry, Lewis, Hillman and M. S. Warfield, Permanent
Secretary,
designated.
were so
In United Press advices from
Mr.
Lewis lashed at Governor Landon
of Wall
Street
and
of a small State."
Mr.
so
as
banking interests and
a
the
as
or
stated:
was
"pitiful puppet candidate"
"pettifogging Governor
He asserted that Mr. Landon has "no
of what ails America
hills of
Washington it
what to do about it than has
a
more
conception
goat herder in the
Bulgaria."
Hillman appealed for unity of workers behind President
"we
can
Landon
get the shorter work day and work week."
was
the choice of the "Manufacturers'
of Commerce and the misnamed
Roosevelt
He said Governor
Association, the Chambers
Liberty League."
"We know," he snapped, "what will happen to this
legislation if Landon
is elected."
Mr
Hillman
Administration's
policies
VUv'-/;'/
Y
;■
be
governmental support to the
•
no
be written
answer
and
new
into
technological
to
more
work
efficient
week,
the law
of
work."
advancement
production methods
Hillman declared that
Mr.
»
the land if the
praised the National Industrial Recovery Act
and he declared that
as
millions
the "savior"
whose wages had dropped to extremely low levels,
everybody knew where the President stood
tions of minimum wages
on ques¬
and maximum horn's.
Governor Landon, according to Mr.
Hillmari, supported the Republican
platform, which opposed national social legislation and favored State action,
but, he argued, labor knows that these problems and national and cannot
be solved within the frame of
State lines.
,
After referring to the Roosevelt Administration support of Section 7-A
of the Recovery
Act, Mr. Hillman charged that Governor Landon favored
unions.
company
,
President Roosevelt to Address Joint Sessioii of Third
World
Conference
Power
in
Washington
on
Sept. 11
President Roosevelt will address
joint session of the Third
Congress on Large
Friday afternoon, Sept. 11, at
a
World Power Conference and the Second
Dams
in
Washington on
it was announced at the White House
on Aug. 7.
These meetings are being held in the United
States for the first time and the President, as host, will
appear at a specially arranged session on the day before the
Constitution Hall,
Present
on
this occasion will be about
foreign dignitaries, designated by their govern¬
ments to attend the Conference, members of the diplomatic
corps, Government officials, and representatives of the util¬
ity industry which has joined with the Government in spon¬
soring the Conference.
By authority of Congress the
President through the State Department invited the nations
of the world to participate in the Conference, and already
acceptances have been received from 48 countries.
The official banquet of the Third World Power Conference
on Sept. 10 will be held in Union Station—the
only place in
the city large enough to house it, Morris L. Cooke, Chairman
of the Conference executive committee, announced on Aug. 12
The main waiting room of the station will be redecorated
and converted into a banquet hall for the evening to be used
in the entertainment of what is expected to be the largest
dinner party Washington has ever seen.
All railroads using
the station having agreed to its use, the Union Terminal Co.
has given final approval, it is stated.
The main waiting room
will be closed to passengers only for eight or ten hours on the
day of the banquet, but railroad traffic will not be inter¬
rupted.
The ticket room and all usual facilities for pass¬
engers use and comfort will be fully available.
more
or
item
regarding the Third World Power Conference,
Washington from Sept. 7-12 to Con¬
sider "The National Power Economy" appeared in our issue
of Aug. 1. page 684.
An announcement from Washington
on Aug. 10 stated that of Official
representatives from public
and private organizations in 45 States have been named to
which is to be held in
More than 300 such representatives
have been selected to attend the meeting on behalf of state
and local governments, and research organizations.
Gover¬
of 16 States have thus far
a
appointed official representa¬
dozen other States will send officials
their public utility commissions.
will be represented by businessmen,
of
Those
States
sentatives
whose
Governors
The remaining States
university officials, etc.
have
named
official
repre¬
Colorado, Connecticut, Indiana, Kansas,
Maryland, Nevada, New Jersey,/New Mexico, North Da¬
kota, Pennsylvania, Rhode Island, South Dakota, Ten¬
nessee,
Virginia, Wisconsin and Wyoming.
Dr. William
Durand, who will act as Chairman of the Third World Power
are:
Conference meetings, is able to overcome the linguistic dif¬
ficulties presented in addressing representatives of 48 nations.
At the opening session on September 7th, he will make his
address
of
welcome
German and
in four languages—English,
French,
Spanish, since he speaks all these languages
fluently.
President
Aug. 11 from Washington to the New York
was
observed that nothing was said
of the split in the labor movement caused
by the suspension
Tribune" it
of Mr. Lewis's miners and nine other unions allied
in the Committee for Industrial
)vith him
Organization, but sweeping
support by labor
of the League's campaign for the President's reelection.
Continuing in part the "Herald Tribune" advices said:
•claims
present
"
In the advices
"Herald
was
of
day and
tives it is stated and
afternoon
outlined
will be no opportunity to place the millions who are
introduction
shorter
of millions of workers
nors
Organization Is Effected
organization
move¬
attend the Conference.
>
followed by John L. Lewis, President of the United Mine Workers
of
Permanent
the
unless there
of unemployed are ever to return to
On
Major Berry Outlines Aims
The
Court
that
Conference closes.
Adopted
by the
Mr. Hillman Praises NIRA
v.
700
Resolutions
Lewis that
discouraged
ahead with his "dual labor
go
unemployed back to work," he declared.
Hey wood Broun of the American Newspaper Guild hoped the meeting
would be the beginning of an American labor party.
adopted pledged the League to organize the workers
never
/
of labor
California and Arizona.
The first resolution
contention
Hillman said that regardless of what happened to some of the New
laws
than
:
a
known.
"We
Mine Workers Declared Against Governor
approval,
The remarks of Mr. Hillman at the meeting were
follows in the "Times" Washington advices:
Mr.
of Labor's Non-Partisan League Hold First
Meeting in Washington—Presided Over by Major
George L. Berry—Convention Pledges Support /to
House
ment" within the American Federation of Labor.
were
Chairmen
unions claiming two-thirds
over
They feel that it was the contention of Mr.
President, that enabled Mr. Lewis to
Deal
Willard Hotel, Washington.
who preside
of all organized labor, are resentful over the President's seeming preference
,
D.
Major George L. Berry,
President, Labor's Non-Partisan League,
Aug. IS, 1936
of the craft union exponents,
for Mr.
all working for the
are
Chronicle
were
Conspicuously
made
of
almost
absent from
the
unanimous
League's
deliberations,
however,
was
William Green, President of the American Federation of Labor, and most
members of the American Federation of Labor Executive Council.
Many
to
Roosevelt
Revises
Municipalities
Funds
To
Be
In
Based
Policy Governing Grants
PWA
on
Construction
Number
of
Work
Workers
Re¬
moved From Relief Rolls.
Revisions in the policy governing Federal grants to muni¬
cipalities to assist in construction of Public Works Adminis¬
tration Projects under which the sole gauge would be the
actual
number of persons removed from relief rolls, were
explained by President Roosevelt at a press conference in
Washington on Aug. 11.
In reporting this, a Washington
dispatch Aug. 11 to the New York "Times" added:
Volume
143
Financial
Chronicle
The old rule under which loans of
55% of the cost of projects and grants
covering the remaining 45%
has
been
discarded.
He
were made
made
clear,
Asked
by the PWA to approved projects
except
45%
that
remains
as
the
maximum limit
on gifts in the form of
grants.
In his discussion of the PWA
program the Presi dent announced
if
broaden¬
officially reported $38,000,000
every month from
the Treasury experts,
localities
dealing with estimates
of future receipts, based on business conditions.
Secretary Morgenthau's letter
some
since
revenues
began on July 1 was the basis for the program, Mr. Mor¬
genthau replied that the figures on which his statement rested were those
not on their relief rolls.
Finally, he took issue with critics of the administration in
increase in
the fiscal year
received
a
ing of rules to permit cities to bring from other localities special craftsmen
1007
an
public after the conference
who have complained that relief
payments made it difficult for private em¬
ployers to obtain labor. That difficulty, he contended, usually arose from
At
President,
made
Dear Mr. President—
the unwillingness of contractors to
pay fair subsistence wages on an Ameri¬
the
to
Aug. 13, follows:
on
can
standard.
«
The discussion of the
administration proposed to
relief appropriation
Mr.
far
as
use some
new
a
questioh
how the
as to
."$300,000,000 earmarked from the last
projects with
was
displacing the old grant
whereby it will reimburse municipalities,
possible with the 45% limitation, for every dollar spent in
wages
are paid to labor taken
directly from relief rolls.
as
one
Thus, projects using a high percentage of unskilled labor, he
added,
probably would qualify for the full possible grant, while others, which needed
considerable skilled labor, a type not
widely represented on relief rolls,
might receive
much smaller
percentage of the cost in the form of
a
reimbursement.
or
'
The President made it clear that
a
grant
own
communities that had
account
an
from
"Sun" went
funds; only
1936
an
Administration to hamstring
insufficient supply of relief labor
Washington, Aug.
11
In
1936,
If so, then apparently
Secretary Harold L. Ickes, WPA
continued
were
outlawed
some
now to
herent in
to
or
was
reported
labor
approaching
on
on
to
trade
or
other
disadvantages which
"that
no
sentative
Doughton
discuss
with
of the Joint Committee
Senator Harrison and Repre¬
It goes without
saying
Treasury Department
that
we
shall be very glad to put the staff of the
at the complete
disposal of the Committee.
Respectfully,
H.
,
Denying Motion to Dismiss Foreclosure Suit Brought
by HOLC, Judge Stanton in Illinois Court Holds
ment
in
and
no
were
embodied in
"The
the
found to be
so
and
of
on
"Business
improvement
is
at
such
balanced budget much earlier than
a
we
are
revenues
and
Mr.
had
it
taxes
going to reach
decreased relief
Harrison emphasized
on
was
contemplated, but beyond that he declined
to
say
Mr.
of sufficient
general interest
Morgenthau asserted that changes in the 1936 tax
bill, imposing
the undistributed earnings of
corporations, would depend on
He noted, however, that the bill had not
yet become
•
•
.
*
,
be
Constitutionality
of
the,
Federal
Home
Loan
General Counsel for the Federal Home
Georgetown Law Journal for May.
I am satisfied
governmental agency.
We will let the highest tribunal
a
question of the constitutionality of the law," protested
;
:
;.V'-'■
"
never
an
was
objections to Masters' reports
been
appeal.
not a new one,
having been
other HOLC cases, although
on
appealed.
Sought
By
F.
E.
Fisher in Inquiry Into
Denied By District of
»
-j!
.
Jennings Bailey in the District of Columbia
Supreme Court declined, to issue a temporary injunction to
stay the investigation into investment trusts by the Securities
and Exchange Commission.
The application for the injunc¬
tion, sought bv Frederick T. Fisher of New Canaan, Conn.,
noted in
our issue of Aug. 8, page 849.
Indicating that
injunctions restraining the SEC from issuing subpoenas
in connection with its investigation of the
Equity Corporation
and its predecessor companies were asked
for, a Washington
dispatch Aug. 11 to the New York "Times" said:
two
Mr.
Fisher, who
York and
was
represented by Donovan, Bond &
Washington, applied for
an
Leisure of New
injunction restraining the Commission
from seeking to compel his attendance before the Commission
The second application asked that the
responding to
a
Equity Corporation be
subpoena duces tecum.
Equity Corporation stock and sued
as
a
Mr.
Fisher
by subpoena.
restrained from
owns
two
shares of
stockholder.
According to the advices the
the
Justice
New
York
"Herald
same day from
Washington
Tribune", in his brief decision
Bailey said:
.
,
on
effective.
to
"I have read this reprint of
Justice
to
what the experts find.
said;
Russell,
Investment Trusts by SEC
Columbia Supreme Court
what taxes
specifically in mind.
levies
a
Injunctions
that experts of the joint
congressional com¬
internal revenue taxation would be
instructed to begin the
survey
immediately, in cooperation with experts of the Treasury.
At a later press conference, Mr.
Morgenthau said that no cut in liquor
were
is
made often in
costs," adding; "This is tending to bring expenditures and
receipts together,
with receipts going up and
expenditures coming down."
*
mittee
is
Attorney Cooney said the point raised
we
has had two effects—increased
case,
Attorney Marcus said he might appeal the ruling direct to the Illinois
expected," Senator Harrison said.
Representative Doughton said that
"improvement in business all over
the country
matter
Supreme Court provided he could finance
he referred to miscellaneous
taxes,
that
which
it."
bill first.
some
pace
from
Wants Receiver Named
specific taxes were
great that they could be repealed with little
Morgenthau, however, said that
paper
Attorney Cooney renewed his motion for the appointment of a
receiver,
but Judge Stanton said the defendant should have time
to answer the
was
Mr.
this
'The
Horace
Attorney Marcus.
loss of revenue, such action would be
recommended; What
taxes he had in
mind, he did not say. In part the Associated
Press added:
commonly called nuisance taxes.
by
"But it is not
':
difficulties
Chicago
Cooney, representing the HOLC in this
believes
entitled
IIOLC
pass
According to Associated Press accounts from Washington
Aug. 13, Senator Harrison told reporters that if the admin¬
istrative costs
court
article
System,'
any
.
the
Loan system from the
disadvantages which outweigh t their
yield."
part
passed upon by the highest court," he said.
an
changes should "not
of increased taxes," Air.
Morgenthau
direction
In
Judge Stanton stepped hurriedly off the bench and into his chambers
and returned with a
paper-bound booklet.
"
needs, and the Secretary's
letter to the President under
a
it.
upon
he wanted the court to pass on it at once.
added that revision should be considered
"with the purpose
of removing
any inequities or unnecessary administrative
difficulties that may be inherent in the law and
abating or
modifying taxes that create unfairness to consumers or to
trade or have other
revenue
requiring a certificate of authority.
WeChicago "Daily News" which stated that
Attorney James B.
increases in
of
Aug. 10; in stating that
the
statute
quote added:
we
the Senate Finance Committee.
It is stated
that in advance of the conference the
President had asked
that Mr. Morgenthau
prepare a statement on the question
of taxation incident to revenue
date of
the
Judge Stanton overruled the motion made by Attorney
Harry Marcus, representing Miss Sylvia Schaefer, owner of
a
building at 8413 Paxton Ave., without hearing any argu¬
Aug. 13
following a White House conference held by the President
just prior to his departure for the flood areas of
Pennsylvania,
Ohio and New York.
Those called to the conference
by the
President included, besides
Secretary Morgenthau, were Rep¬
resentative Robert L.
Doughton, Chairman of the House
Ways and Means Committee, and Senator Pat Harrison,
conclusions
MORGENTHAU Jr.
y>-,;
In
of
present tax rates are necessary" was conveyed this week to
President Roosevelt by
Secretary of the Treasury Morgen¬
thau, the.latters advices being made known on
Chairman
Internal Revenue Taxation
on
you
Without Authority
dismissing a foreclosure suit brought by the Home
Owners Loan Corporation,
Superior Court Judge Walter
T. Stanton in Chicago held on
Aug. 5 that the HOLC is
a
"foreign" corporation doing business in Illinois in violation
Modification
taxes
new
outweigh
.
State
Proposed By Administration It Is Made
Known Following White House
Conference—Sec¬
retary Morgenthau In Letter to President
Sug¬
conclusion
be in¬
modifying taxes that create unfairness
have
or
removing
may
In
No New Taxes
The
be in the direc¬
administrative difficulties that
abating
the desirability of your asking
suggest
quote from the
to
not
Issue Should Be
Brought Before United States
Supreme Court—Corporation Ruled Operating in
Associated Press advices from
that date quoted Mr. Ickes as saying that the
Revision With View
which
.
I
as
participate.
gests
With
yield
revenue
should, therefore,
their revenue yield.
the loan
allotment of the entire fund would be
"very problematical"
under that rule, adding that some States and
areas would
not
a
length to show that
exclusively.
Washington
January.
system.
,
unnecessary
or
some
saying that he
hoped President Roosevelt would modify his order under
which public works under the new PWA
program must use
relief
of last
tax
our
But this very situation makes it possible and
timely
the law and
consumers
revenues
Secretary of the Treasury.
Washington in
might qualify for part of the big fund
Aug. 5 Secretary Ickes
Total
consider revision of the tax laws with the
purpose of
inequities
and grant basis.
On
increasing.
estimates
our
the expenditures of Government and to
cover
tax structure
tion of increased taxes.
Administrator,
had considered themselves outlawed in
the matter of
PWA activities hereafter
increases in
no
strengthened by the Revenue Act of
was
steadily
are
adequate to
of
tax
processing taxes in the fiscal year
than
even
Ilarry^f Hopkins.
communities which
a
we
Any changes in the
drawn from the relief rolls made up
But at his press conference
today—the first held in
weeks—the President went into the matter at
be
recovery,
taxes ard
major improvement in
a
the
of
Government and generally to
new
no
of exisiting taxes is steadily
constitutes
adjournment
adequacy
Due to continued improvement in business
necessary.
other than the
will be entirely
the
to
the
the advisability of undertaking soon a thorough ex¬
amination of the tax laws with the
object of making improvements of the
character I have outlined.
-
misunderstanding, for he appears to-have proceeded upon the
assumption that he could not get ahead with public works under his
juris¬
diction unles^ all the labor involved
which
since
tax legislation.
substantially higher
addition, the tax structure
to
the Baltimore
to
to say:
on
careful attention
were
for us
were
shared in that
by
from sources
not the purpose of the
was
are
conditions the yield
August 10, 1936.
Department
reduce the public debt.
•
suggestions at the White
•House that there had been a
misunderstanding of the Ad¬
ministration's policy in
dealing with PWA projects and that
it
giving
desirability of additional
any
pointing out that there
been
Treasury
meet the revenue needs of the
present tax rates
municipalities would not be required to
abide by the rule of using relief-roll labor in
spending their
in using the money given to them
by WPA.
In
the
We have reached the conclusion that
public works which
on
has
to
the
"
request
structure
by Congress for such activities.
Roosevelt said that the government
system on
your
Congress
<
PWA policy arose from
new
¥
"The subpoena issued the defendant in this
duction of any
documents
or
papers
documentary evidence whatsoever.
case
does not require the pro¬
belonging to the plaintiff
nor
of any
"He is
simply directed to appear
parable injury*
The
The temporary
damage, Justice Bailey pointed out
to in
stock.
January.
■
announced plans to resume tomorrow its
last Friday (Aug. 7).
Kettering,
one of
the predecessors to Equity
the
art,
and Dr. G. Wright Hoffman, were also in attendance at the
New York hearing.
In Chicago hearings were opened on
Corporation.
July 27 and concluded on July 29. On July 31 a hearing
took place in Minneapolis; other hearings have been held at
Kansas City on Aug. 3, and at New Orleans on Aug. 7 and 8.
A hearing was likewise held at St. Louis.
The text of the Act, as signed by President Roosevelt on
June 15, was given in these columns June 27, page 4245.
It
was
stated in the Chicago "News" of July 28 that the
poration:
corporation, the production of
"The bill in this case is not filed by the
the subpoena, nor by the indi¬
produce them, but by the holder of two shares of
etc., are sought by
papers,
viduals subpoenaed to
stock
in
is endeavoring
The directors are not resisting
sufficient reasons appear for
Nor does it appear from the facts
cretion.
Commodity Exchange Administration, through Mr. Mehl,
by means of the hearings to learn the problems
of the grain, cotton and produce trades preliminary to the
promulgation of "general rules and regulations" for the ad¬
ministration of the Act.
At the hearing in New York on
$3.75 out of a total of
the subpoena and no
the interference by the court with their dis¬
corporation of the market value of
the
5,000,000 shares.
would suffer irreparable
stated in the bill that the plaintiff
by the
injunction will be denied."
injury by the production of these papers
corporation, the application for a temporary
Aug. 12 John C. Botts, President of the New York Cotton
Exchange, stated that the cotton trade will meet the Ad¬
ministration "more than half way to the end that the CEA
the SEC was noted in our item
Regarding the contentions of the
Washington advices Aug. 7 to the "Journal of Com¬
The filing of the brief by
of a week ago on page 848.
SEC the
help rather than hinder." As executive head of the
Exchange, he assured the Government of "earnest coopera¬
tion." A statement given out by Mr. Mehl on Aug. 12 said:
may
merce" said:
Asserting that the present investigation "is a valid exercise of the investigatorial powers of Congress in aid of
The hearing
legislation," the Commission's brief
said:
A
The Commission pointed out
the Commission first took up
Equity, is for the purpose of
interfere with the
faith of the discretionary power of the board of directors of
Equity Corporation."
The Commission added that the
total in
excess
plaintiff, holders of two shares out of a
outstanding shares of common stock of the cor¬
of 5,000,000
poration, seeks to set aside the discretionary action of
officers of
the directors and
Equity in cooperating with SEC.
during the hearing is that New York is not a spot cotton
From the New York "Times" we take the following
regarding the hearing on Aug. 12:
•
the
City plan to extend to Chattanooga the power operations
of the Tennessee Valley Authority.
On the same day in
Knoxville, Tenn., action to halt the TVA program pending
the Federal Court hearing on the constitutionality of the
Act creating the TVA was begun. The injunction issued in
Chattanooga was obtained by the Tennessee Electric Power
Co.
Chattanooga advices (United Press) Aug. 11 said:
While the Knoxville amendment was designed t* create a
broad check
against further TVA extension, the injunction granted today was
specifically at the Chattanooga power program.
voted
an
the deal
aimed
Chattanooga citizens had
$8,000:000 bond issue to finance acquisition of TVA energy
and
about to be consummated.
was
Electric
Tennessee
Power
avoid unnecessary labor or expense in
would add additional expenses which
reports
could be met only by in¬
'
creasing commission charges.
Moore of Robert Moore & Co., Chairman of
Perry E.
the
the
under
the
of
and regulations
the
and
Exchange
Futures Act
Cotton
Department
1914,
of
of Agriculture
by the Commodity Exchange Administration "on the
13 Walter L. Johnson, a partner in the firm of
At the hearing on Aug.
and President of the New York Cotton Exchange
.
urged against the extension to the Clearing
Inc.,
Clearing Association,
York "Times," Mr.
to the New
Johnson was followed by Frank J. Knell,
and John C. White, an attor¬
ney of Washington," D. C., representing the American Cotton Shippers
Association.
The "Times" noted that the afternoon session Aug. 13, was
Secretary of the New York Cotton Exchange,
the New York Mercantile Exchange,
devoted mostly to representatives of
trade.
in connection with the butter and egg
July 27 hearing in Chicago, the Chicago "News"
As to the
'
said:
* \
program
on
fronts:
two
authorizing the referendum
authorize the $8,000,000 in bonds; and
Richard F. Uhlmann of Uhlmann Grain Co. and appearing for
merchants, declared that "in studying the law we see
some
Chat¬
acquire
questioning constitutionality of an analogous measure setting up a
Board empowered to deal with TVA to
energy.
The temporary
distribution system
or
of
a power
contract
Electric
signing
set
Aug.
18
for
hearing
by the 19 operating com¬
panies which in a previous suit had charged that the power
program of the TVA was being operated in violation of the
Constitution of the United States, United Press accounts
from Knoxville on Aug. 11 stated:
to
ask
temporary injunction is sought
a
in
an
amendment
The original bill, filed here and
filed late yesterday in Federal Court here.
Birmingham May 29, was transferred to Federal Court last month at
the request of the TVA
power
was
a
more
filed."
conditions which existed at the time this
1
made in the original bill.
The first asks for the right
final judgment shall permanently enjoin the defendants."
during the, pendency of this suit the defendants
shall continue to prosecute the power program
and shall construct or
herein sought to be enjoined
acquire facilities and works for the pprpose of manu¬
facturing and distributing electric ppwer,
have devised and to
a
with the relations
and the country shipper.
large measure have put into operation
of the customer than is provided by
i
d)," he declared.
suggested in
James F.
a
.
rapid fluctuations in the markets would make it almost
running record of
a
customers' equities, as has been
question put by the administration.
...
Chicago supported
Wade, Secretary of Bartlett Frazier Co. of
the contention that
it
rules that will meet the
is
impracticable and impossible to devise uniform
requirements of the diversified trade groups
affected
by the act and maintained that such a provision is not desirable or necessary
and that it would be
that
an
administration
the
regation
Mr. Wade also pointed out
unwarranted burden.
in
certain questions
asking
and handling of customers'
not within the scope of new
phases
records,
law.
accounts
was
concerning the seg¬
bringing out matters
...
of
commodity
this court by its final decre
trading,
especially
would prove unworkable
by the act.
in
the matter
other
and
of reports
because of the varying nature of the
Representatives of the Chicago Mercantile
Exchange declared that rules affecting grain and cotton could not be applied
to butter and eggs.
■
Another problem which the grain men put up to
injunction "pending final action" and "by its (the court's)
The second asks that "if
we
practices."
financing
might interfere
added,
the grain
possible difficulties,
inconvenience and others
and
merchandising
in
effective plan for the protection
businesses covered
•
They do not give in detail what sort of "restorations" will be in order.
Two charges are
of clerical
Testimony late yesterday brought out that general rules covering
companies also ask that in the event they win the case the
to a temporary
matters
Uhlmann
He also said that
counsel,
TVA will be compelled to "restore
bill
only
changes
Mr.
impossible to keep
As to the Knoxville action, filed
The
these
of
"We think
Power's
of Tennessee
petition to makh the order permanent.
in
Some
being
radical
involving
section 4
Faust
The right
them
of
between the terminal receiver of grain
order restrain? the city from proceeding with issuance
with TVA.
Judge
.
Merchants of
Chicago Board of Trade appeared today in an effort to convince the adminstration that no "general rules" could be formulated for the grain trade
tself, let alone for the various farm products which come under the provi¬
sions of the Act.
'* '
Representatives of the Association of Grain Commission
to
the bonds: constructing a
According
proposed rules affecting the customer's situation.
Association of
at which citizens
"yardstick"
sub¬
ject do not seem necessary."
a state measure
tanooga Electric Power
1916
.
attacked the city's
1
since
and asserted that further rules
challenging constitutionality of
voted 3 to
.
the Legislative
the cooperative relationship
cited
Exchange,
Cotton
Shearson, Hammill & Co.
Judge A. T. Faust, in the Chancery Court at Chattanooga,
Tenn., on Aug. 11 granted a temporary injunction staying
Vose urged that the regulations be
&
He explained that the requirement of voluminous
administering the Act.
between
Activities
Harriss of Harriss
T.
Richard
simplified as much as possible to
Committee
Injunction Against TVA to Check Further Extension
of Power Program Granted by Chattanooga Court
—Action In
Knoxville Also Seeks to Stay TVA
.
market.
be granted,
the stockholder's suit against the Equity Cor¬
poration and pointed out that "a court of equity will not
exercise in good
1
According to the New York "Journal of Commerce" Mr.
Mehl said he believed that the general impression so far
making recommendations to Congress for legislation.
Setting forth legal reasons why the Fisher suits should not
question which came up
new
market?"
the present inquiry, which has so far con¬
fined itself to certain predecessor companies of
Exchange members showing
make the law effective.
today was: "What designates a spot
opened very well and the Cotton
desire of cooperating to
every
"Legislation affecting investment trusts and investment companies may
be validly enacted under the power of Congress to regulate interstate and
foreign commerce and the use of the mails."
the
Admin¬
Chief of
Commodity Exchange Administration, and C. L. Stewof the solicitor's qffice of the Department of Agriculture,
•
Judge Bailey's decision as above was given in the suit
against the SEC; the Washington correspondent of the New
York "Journal of Commerce" reported as follows on Aug. 11
the text of the decision in the suit against the Equity Cor¬
whose books,
of Law
Mehl, Assistant Chief of the Commodity Exchange
istration, acting as Chairman. Dr. J.W.T.Duvel,
Charles F.
-vice-president of General Morots Co., and Ralph
Simonds, of Baker, Simonds & Co., both of Detroit, were called for ques¬
tioning tomorrow about dealings of the Yosemite Holding Co.
Mr. Ketter¬
ing was a director and Mr. Simonds a vice-president of the Yosemite con¬
cern,
Regulations for Administration
of
Hearings preparatory to the adoption of rules to be issued
under the recently enacted Commodity Exchange Act were
held in New York City on Aug. 12 and 13, with J. M.
The Commission immediately
hearings which have been suspended since
("Boss")
referred
3779.
Hearings in New York, Chicago and Elsewhere on
Commodity Exchange Act Preparatory to Issuance
that the decision would be
was expected here that the court's ruling would operate to
Commission's investigation which is to be made the basis of a
Despite indication by Mr. Fisher's counsel
report required by Congress in
the 19 utility companies was
June 6 issue, page
our
that he held only two shares out of the
Appeal Likely
speed up the
If an answer is filed the
during the December term here, it is understoode
until Aug. 15 to file an answer.
The earlier action of
5,000,000 of the corporation's common
appealed, it
filed."
be set for hearing
case may
injunction is therefore denied."
allegation that he stood to suffer irreparable
of Mr. Fisher's
score
was
TVA is given
advices continued:
same
On the
this bill
injury by testifying about these matters does not
or any
the bill.
appear from
the conditions which existed at the tim
require the defendants to restore
and testify with reference to certain
'irre¬
How the plaintiff can suffer any
subpoena.
matters set out in the
Aug. IS. 1936
Chronicle
Financial
1008
the definition of such terms
and floor brokers.
of
the
as
Even Mr. Mehl, who recently
Commodity
Exchange Act
declined to express his opinion.
that in many cases
there is
the Administration was
correspondents, agents, commission merchants
a
for
the
prepared a 23 page digest
Department of
Agriculture,
It was pointed out to the Administration
slight overlapping of commission and floor
.
Volume
Financial
143
brokerage activities, which would necessitate dual registration and double
fees*
Chronicle
Major
Berry Warns
Against "False Evaluation of
Recovery"—Reports 3,000,000 Workers Still De¬
V:'''
/
Foreign business of the grain merchants also
may
be placed in jeopardy
pendent
if the Administration adopts some of its proposed rules.
On
at the
July 27 Secretary of Agriculture Wallace
hearing and in part said:
"We hope that out of the
Commodity Exchange Act
depend
and who
upon
age of these
various interests
be strengthened and made more
may
We hope that the trade will
for those who use it.
better
vitally affected by these great markets.
are
We hope that the exchange system
secure
v
may come a
understanding and better balance of equity between the
that
present
was
hearings and give those who will administer
take full advant¬
the
law
the
full
benefit of their practical knowledge and experience to the end that the law
accomplish what it was intended to accomplish with the least disturb¬
may
and the least possible annoyance to every one
ance
concerned."
S.
Ferguson,
representing the Minneapolis
Grain
too burdensome to the commission
F.
B.
neapolis
Benson,
Chairman
Chamber
of
the
of
he will stop dealing in futures.
man,
Commerce,
Committee
said
the
representing
exchange
grain
Min¬
the
was
already
bound by a myriad of rules and pointed out that
Minneapolis is an important
cash grain market and must do all possibble to maintain this market on a
broad,
open
basis.
City "Star" of Aug. 3 reported in part
hearing in that city:
the opening session,
B.
despite
a
organizations
council
and
situation
the
of
the
is
speakers
a
Major
toward
Berry
aid
to
people,"
unemployed to
"they
is
alternative.
must be
2,000
officials of
intelligence,
the
Major
said
I
"It
suggest it as
that
security
patriotism
a
long:
this
as
budget
practical
provide
drain
direct
be
to
seems
lead¬
and
transcends
in
subject meriting
early meeting.''
an
any
must
looking
program
for
occupation in private enterprise.
the
Federation
return
the
on
forlorn
a
the
of
"Otherwise,"
Federal
he
There
treasury
hope."
;
;
■
of the
of Trade.
Commerce
Trust
Co., one of
emphasized that the Kansas City exchange rules on
as
receipts,
applied to
banks,
were
He suggested
ideal.
Federal regulations be patterned after the Kansas
City ones.
the
In 30 years
of experience, he said, he knew of no loss to holders of warehouse receipts
here, in the handling of loans.
witnesses
included
Frank A.
D.
C.
Bishop,
First
Vice-President
the
of
Theis, former president, who represented the
Kansas City Terminal Grain Dealers' Assn., and W. B.
Lathrop,
grain
a
Will
F. of L.
Be
Says Neutral Policy of
Adhered
To
tion
Labor
of
accounts from
in the
national
election.
Washington Mr. Green
In
was
"We do not believe the Government wants to hurt business and
we
are
Federation is doing this year is to pursue its
policy.
.
United
reported
"The American Federation of Labor is not in the
offering testimony in New Orleans on Aug. 7,
according to the "Times-Picayune" included Henry Plauche,
Secretary of the New Orleans Cotton Exchange, Ben J.
Williams of Pape, Williams & Co.; Whitney Bouden of
Bouden, Clay & Co.; Albert Meric of Albert Meric & Co.,
and Robert E. Craig of Tullis, Craig & Co.
Following the
Aug. 8 hearing in New Orleans, Mr. Plauche was quoted as
saying:
•
National
Despite the move on the part of the Non-Partisan Labor
League to support President Roosevelt for re-election, and
the raising of the labor issue against Gov. Landon,
Repub¬
lican nominee by John L.-Lewis and other labor leaders,
William Green, President of the American Federation of
Labor, in an interview at Washington on Aug. 12 was
reported as declaring the neutrality of the American Federa¬
man.
men
In
Election
-•
warehouse
Cotton
commerce
programs.
Berry.
Chamber at
view
and
formulating
in
sheltered, fed and clothed with public funds.
As
balancing
your
the
stability
gainful
said,
no
of
expressed
economic
continues,
than
more
challenge to
American
consideration
earnest
mal¬
and
income.
also take the following:
we
Berry to
importance all political considerations.
the
conditions
national
urged widespread discussion of industrial affairs, and offered
literature
"The
ership
paper
labor
of
use
President Green of A.
the early witnesses,
Other
same
by Major
sent
relief,
unwise
From the
as
bankers or lawyers, attended
busy day at the Board
Eisenhower, Vice-President
Board of Trade,
Federal
and
Letters
to the
as
About 30 persons, mostly grain dealers,
A.
unemployment,
•,
The Kansas
follows
duction and corporate
earnings approaching 1929 levels,
3,000,000 workers remain dependent on Federal aid.
Ac¬
cording to a Washington account Aug. 9 to the Chicago
"Journal of Commerce," Major Berry urged local Chambers
of Commerce throughout the country to join with the Coun¬
cil for Industrial Progress in considering the problems of
Commission As¬
sociation, declared that if the burden of regulations on futures trade becomes
Federal Aid
on
Major George L. Berry, Co-Ordinator for Industrial Co¬
operation, was reported on Aug. 9 as issuing a warning
against a "false evaluation of recovery" when, with pro¬
distribution
In according to the Chicago "News"- of July 27 certain
phases of the new act were explained by L. A. Fitz, in charge
of the Commodity Exchange Commission's activities in
Chicago and by Charles Fritz, his Assistant.
The discussion
largely concerned the reports required by the new legislation.
At Minneapolis Mr. Mehl conducted the hearing, as to
which the Minneapolis "Journal" said:
E.
1009
own
as
League.
Press
saying:'
What the
non-partisan political
\i:. V/..'."'."
,
"We will not formally indorse any candidate this fall.
,Our non-partisan
committee will merely prepare parallel reports on the labor records of the
two chief candidates
and of the platforms.
"We will send out all data to
their
up
own
our
membership.
They will have to make
minds."
'
Mr. Green said the procedure of the Federation had been decided last
year at
its convention.
■
"The Atlantic City convention decided
a
officially that
would pursue
we
non-partisan political policy," be said.
confident that the exhaustive and detailed hearings here presage practical
rules to govern the trade under the Act."
Blanks
to
Be
Used
by Merchants and Brokers in
Under CEA Available—Registration
Registering
Deadline is
Sept. 13
Report of Operations of RFC Feb. 2, 1932 to July 31,
1936—Loans
Authorized
During Period Totaled
$11,293,677,793 — $1,119,168,156 Canceled—Expen¬
ditures
for
Activities
of
Corporation
Totaled
$6,184,972,523
Authorizations and commitments of
The United States
on
Department of Agriculture announced
Aug. 7 that the registration blanks, for commodity futures
commission merchants and floor brokers
applying for regis¬
Exchange Act, would be
days at field offices of the
Commodity Exchange Administration of the Department of
Agriculture in New York City, Chicago, Minneaplois, Kansas
City, Seattle, and Sacramento, Calif. Secretaries of grain
and cotton futures exchanges at points where the CEA does
not maintain field offices will also be supplied with the
blanks,
tration
under
the
Commodity
available within the
few
next
the Administration announced.
The Administration stresses
the importance of filing applications at the earliest possible
date, inasmuch as the law makes it illegal to operate as
futures commission merchant
without having
or as
floor broker after
Sept. 13
registered under the Act.
HOLC to Redeem in Cash
$49,736,000 of Bonds Maturing
Today (Aug. 16)
.
John
H.
Fahey,
Chairman of the Federal Home Loan
Bank Board, announced Aug. 9 that the Home Owners Loan
Corporation will retire in cash the $49,736,000 of series C
bonds which mhture today (Aug. 15).
The bonds, issued on
Aug. 15, 1934,- are the first issue of the HOLC to fall due. In
advices from Washington,
Aug. 9, to the Philadelphia
"Record" of Aug. 10-, it was stated:
Payment of the issue,
to
obtain
known
operating funds,
as
Series
C
and floated
two
years
ago
will mark another major step in liquidation
operations of the corporation which began
as
soon
as
lending operations
ceased in June.
Including $67,644,925 of various issues of bonds already retired,
as
of
Aug. 15, the corporation will have redeemed a total of $117,380,925 of its
bonds.
moneys
principal of loans must be used to retire its bonds.
Up to June 30 these
"The volume of monthly payments to
its loans has increased recently
many
$299,984,999 advanced directly to States by
Corporation, $499,996,086 to the States upon certifica¬
tion of the Federal Emergency Relief Administrator, $500,000,000 to the Federal Emergency Relief Administrator
under provisions of the Emergency Appropriation Act—1935,
and $500,000,000 under the provisions of the
Emergency
Relief Appropriation Act—1935.
Of the total disburse¬
ments, according to the report, $6,184,972,523 was expended
for activities of the Corporation other than advances to
governmental agencies and for relief, and of this sum $4,126,440,069, or approximately 67%, has been repaid.
The
report continued: •
.
Loans authorized to 7,467, banks and trust companies aggregate
$2,464,*'
840,104.
Of this amount $434,781,080 was withdrawn or canceled,
$70,579,347 remains available to the borrowers, and $1,959,479,677 was
disbursed.
closed in
1933
and
early
on
principal
1934, which
permitted under the original Home Owner's Loan Act," Mr.
Fahey
said.
notes
and
was
by the HOLC of its lending activities
our issue of June 20, p^ge 4112.
noted in
on
were
debentures
$1,711,519,962,
or
87%, has been repaid.
made for the purchase of preferred stock,
of
6,730
$1,270,552,864 and 1,121 loans
banks
were
and
trust
companies
authorized in the
422,755 to be secured by preferred stock,
a
capital
aggregating
amount
of
$24,-
total authorization for preferred
stock, capital notes and debentures in 6,853 banks and trust companies of
$1,294,975,619.
$110,408,286 of this was canceled or withdrawn and
$118,048,730 remains available to the banks when conditions of authoriza¬
tions have been met.
Loans have been authorized for distribution to
depositors of 2,684 closed
banks
aggregating
canceled
or
$1,224,362,504.
$254,175,792
of
this
amount
was
withdrawn and $62,436,818 remains available to the
borrowers.
was
disbursed and $772,737,480 has been repaid.
Loans have been authorized to refinance 596
tion districts aggregating
or
drainage, levee and irriga¬
$128,507,736, of which $6,836,154 was withdrawn
canceled and $61,330,735 remains available to the
borrowers.
was
$60,340,847
disbursed.
162 loans aggregating $16,347,275 have been authorized
through mort¬
gage loan companies to assist business and industry in
cooperation with the
National
Termination
June 12
Of this latter amount
Authorizations
HOLC of principal and interest
due to the improved circumstances of
borrowers, and the expiration June 13 of the moratorium
payments on some 290,000 loans,
were
ments include
the
$907,749,895
repayments of principal amounted to $121,°46,613.
on
Reconstruction
Corporation in the Recovery program to July 31,
including disbursements of $859,828,843 to other govern¬
mental agencies and $1,799,981,085 for relief, have been
$11,293,677,793, it was shown in a report issued Aug. 6 by
Jessee H. Jones, Chairman.
Of this sum, $1,119,168,156
has been canceled and $1,067,015,289 remains available to
the borrowers and to banks in the purchase of preferred stock
and capital notes, the report states.
The relief disburse¬
The Home Owner's Loan Act of 1933
as amended provides that all
received by the corporation from its borrowers in repayment of
the
Finance
was
Recovery Administration
withdrawn
been repaid.
or
program.
canceled, $5,626,835
was
$10,720,440 of this
amount
disbursed and $1,646,360 has
Under the provisions of Section 5
loans
amount
to
19, 1934, the Corporation has authorized
aggregating $114,556,503.
industry
of which
Authorizations
available to
or
Canceled or
Authorized
has agreed
Ala. Tenn. & Northern RR.
Alton RR. Co
The Corporation has
Public
of
sold
purchased from the Federal Emergency Adminis¬
Works
1,481
of securities
issues
having
at
$8,732,653.
premium of
a
Securities having
par
$28,064,375 purchased from the Public Works Administration
sequently collected at
of
$128,920,500
purchase
premium of $25,556.
a
;
sub¬
Central of Georgia Ry. Co
—
Central Railroad Co. of New Jersey
be held and collected or sold at a later date, such part
aggregate par value of $120,255,600
an
Disbursements
•
Repayments
Railroads (including receivers)
Federal Land banks
reeeivers).$l,947,260,493.96 $1,700,737,288.97
506,133,239.11
155,292,399.16
387,236,000.00
-
327,748,471.14
Mortgage loan companies
— Regional Agricultural Credit corporations-Building and loan associations (incl. receivers)
-
-
—
——
-
—
Joint Stock Land banks
Livestock Credit corporationsState funds for insurance of deposits of pub¬
lic moneys
173,243,640.72
116,523,180.02
89,519,494.76
16,109,372.29
13,101,598.69
13,064,631.18
——
Federal Intermediate
Credit
banks----
9,250,000.00
Fishing industry
5,562,890.94
633,000.00
—
Credit unions
600,095.79
—
—
distributors for payment of pro-
or
cessing tax
;
Total loans under Section 5
Erie RR. Co.
projects
(including
Minn.
22,300,000.00
tornado)
disbursements
229,383,866.73
20,177,690.67
6,466,110.14
___
Loans on assets of closed banks (Section 5e)
the
carrying
and
495,000.00
10,782,673.40
orderly
Commodity Credit Corporation for:
Loans
■
f
cotton
on
454,414,344.12
133,758,719.81
6,925,985.16
7,936,698.98
18,540,118.08
on corn.
Loans
turpentine
on
on
—
tobacco
Other
,.
—: a:-
_
-
;
_—---- --—-
P
St.
375,286,662.39.
128,454,978.28
6,925,985.16
1,729,252
by preferred stock
—
Co
161.15
Southern
Pacific Co—
17,130,746.94
Southern
Tennessee
''
—
———-----
—
—
108,740
Texas South-Eastern RR.
Tuckerton RR.
cluding $19,248,730.00 disbursed and $4,286,-
Wabash
•
255.37 repaid on loans secured by preferred
$343,608,939.62
— —
for the purchase of
preferred stock).
——
Total
-
Emergency
(receivers)
Totais
—
-
419,384.81
3,000,000
,
117,750
10,000
4,475,207
300,000
7,995,175
18,672,250.
200,000
162,600
22,000,000
19,610,000
18,200,000
34,200
28,900,000
3,000,000
3,000
750,000
165,380
2,805,175
18,672,250
22,000,000
275,796
100,000
67,770
147,700
—
108,740
700,OCO
———
700,000
30,000
—
30,000
39,000
15,731,583
39,000
4,366,000
400,000
22,525
6,000
1,403",000
-----
22,525
50,000
22,525
the
to
.615,203,795 6,968,156 506,133,239 155,292,399
-
Baltimore
Ohio
&
RR.
Co.
outstanding,
amounting
to
869,959,923, are evidenced by collateral notes of the railroad in the total face amount
$70,094,823.
Part of the outstanding loans was refunded by acceptance of the
railroad's five-year 4H% secured note due Aug. 1, 1939, in the amount of «$13,-
$1,116,893,603.23
$344,028,324.43
429,906,968.01
-----
300,986,468.01
490,000 at a discount of 1% equivalent to $134,900.
-
In addition to the above loans authorized, the Corporation
.
in
Total—
28,900,000
of
Administration of Public
Works security transactions-
600,000
4,366,000
400,000
—------
-
Note—Loans
30,375,000.00
_
T
Federal
15,600,000
18,200,000
7,699,779
221
20,000,000.00
—
(Including $100,000.00 disbursed
companies
Co.
Ry,
45,000
15,731,583
Wrightsville & Tennille RR
Company——
Loans secured by preferred stock of insurance
—
25,000
27,499,000
30,000
—
Wichita Fails & Southern RR. Co—
Purchase of stock of:
—
785,000
220,599
700,000
Co
——- —- — -
Western Pacific RR. Co.
$1,066,518,603.23
-----
Co—r
200
785,000
147,700
—_
2,300,000
1,070,599
200,000
CentraFRy. Co
Texas Okla. & Eastern RR. Co.
preferred stock, capital notes and
The FRC Mortgage
—
162,600
23,200,000 1,200,000
19,610,000
100,000
——_
—
Railway Co
debentures of banks and trust companies (in¬
stock)
2,300,000
23,134,800
99,200
——
— —
—
597,211
62,500
100,000
2,300,000
Texas & Pacific Ry. Co..
Purchase of
6,843,082
Co.
Salt Lake & Utah RR. Co. (recs.)
$4,638,171,952.24 $3,481,425,276.53
—
985,000
744,252
6,843,082
100,000
-
-
Sand Springs Ry.
exclusive of loans secured
loans,
2,550,000
197,000
Marie
Ste.
Saulte
&
-
Sumpter Valley Ry. Co
Total
2,550,000
200,000
—
livestock:
Loans
Co.
8ob"6o6
— — -—
marketing of agricultural commodities and
Loans
— .
90,000
800,000
800,000
2,550,000
23,134,800
99,200
785,000
Mobile & Ohio RR. Co. (receivers)
1,070,599
Murfreesboro Nashville Ry. Co—
25,000
New York Central RR. Co.—-J— 27,499,000
N. Y. Chic. & St. L. RR. Co.
18,200,000
N. Y. N. H. & Hartford RR. Co.—
7,700,000
Pennsylvania RR. Co.
29,500,000
Pere Marquette Ry. Co.—
3,000,000
Pioneer & Fayette RR—
17,000
Pitts. & West Va. RR. Co
■
4,475,207
Puget Sound & Cascade Ry. Co—
300,000
St. Louis San Francisco Ry. Co—
7,995,175
St. Louis-Southwestern Ry. Co
18,790,000
53,127,705.63
20,224,586.66
61,585;775.23
1,241,000.00
12,219,183.50
-
finance
9,500,000 1,000,000
7,915
520,000
Bigbee River Ry. Co.
Missouri Southern RR.
Loans to mining businesses (Section 14)
to
&
22,667
6,000,000
520,000
25,290,000
8,500,000
Mobile & Ohio RR. Co..
Loans to industrial and commercial businesses_
Loans
354,721
25,312,667
Missouri Pacific RR. Co——
Loans to aid in fiancing the sale of agricultural
—
————
Mississippi Export RR. Co. ——
earthquake, fire and
—
1,061,000
6,000,000
13,915
520,000
Missouri-Kansas-Texas RR. Co—
$10,607,887.55 and repayments of $899,-
surpluses in foreign markets—
Co..
(trustee)...
237,854.00
Ry Co
22,300,000.00
15,000
10,539
•
514.51 on loans for repair and reconstruction
of property damaged by
Co—
Maine Central RR. Co.
Meridian
71,300
4,690
627,075
13,915
—-----
Lehigh Valley RR. Co.--Litchfield & Madison Ry. Co——
Loans to aid in financing self-liquidating con¬
of
Co.-
Maryland & Pennsylvania RR.
•--
53" 500
500,000
1,061,000
Gulf Mobile & Northern RR.
Illinois Central RR.
60,340,847.31
5~3~506
■
227,434
10,539
-
Greene County RR.
3,300,000.00
8,300,000
1,481,000
Henderson
&
Houston
0
—
— —
3,000
90,000
227,434
15,000
— -
RR.Co
14,718.06
538
8,081,000
3,182,150
16,582,000
------
219,000
—
Georgia & Florida RR. Co. (recs.).
354,721
Great Northern Ry. Co—
-.105,422,400
Loans to public school authorities for payment
struction
Co. (rec'rs).
Ry. Co.
Fredericksburg & Northern Ry. Co.
Gainesville Midland Ry. Co. (recs.)
11,636,955.47
9,250,000.00
4,981,590.92
10,924.43
299,595.63
Loans for refinancing drainage, levee and irri¬
of teachers' salaries-
—
838
Western
&
(receivers).
*
3,300,000.00
gation districts
Smith
Fort
--$3 ,606,000,826.66 $2,836,739,708.77
-
-
Co.
Florida East Coast Ry.
Loans to Secretary of Agriculture to purchase
cotton
-
Eureka-Nevada Ry.
84,547,131.10
14,618,207.66
12,236,019.90
14,718.06
—
,- —
354,277,362.00
202,884,270.50
173,243,640.72
112,709,604.25
Galveston
Agricultural Credit corporations-
8,300,000
3,182,150
16,582,000
3,000
717,075
Co.RR.Co.
Denver & Rio Gr. Western RR.
Denver & Salt Lake West.
155,632
4,338,000
60,000
53,500
Copper Range RR. Co
Banks and trust companies (incl.
companies
60,000
Columbus & Greenville Ry. Co;—-
14,153
230,028
464,298
•
5,916,500
'MOO
Co. 46,589,133
1,439,000
5~O(L666
15,840,000
Chic. North Shore & Milw. RR. Co.
1,150,000
Chic. R. I. & Pac. Ry. Co
13,718,700
Cincinnati Union Terminal Co
10,398,925 2,098,925
Colorado & Southern Ry. Co
28,978,900
53,600
Loans under Section 5:
Processors
535", 800
3,124,319
464,298
5,916,500
46,588,133
1,289,000
12,820,000
1,150,000
13,718,700
8,300,000
28,925,300
35~702
500,000,
Chicago Great Western RR. Co—
Chic. Milw. St. P. & Pac. RR. Co.
Disbursements and repayments to July 31 for all purposes
were listed in the report as follows:
Insurance
7,569,437
13,200
Chicago & North \Yresterti RR.
the PWA
as
12,150,477
15,800
53,960
Chicago & Eastern Illinois RR.Co.
having
position to deliver from time to time.
a
134,757
100,000
82,110,400
41,300
14,600
549,000
3,124,319
,
605~367
400,000
—
Carlton & Coast RR. Co...
par value
20,500
2,500,000
634,757
^Baltimore & Ohio RR. Co. (note)-t 82,125,000
Birmingham & Southeast. RR. Co.
41,300
Boston & Maine RR
7,569,437
Buffalo Union-Carolina RR
53,960
value of
were
Securities having
$
127,000
275,000
634,757
400,000
(receivers)
Ann Arbor RR. Co.
Ashley Drew & Northern Ry. Co..
of
In addition, the Corporation has agreed to
still held.
are
at par, to
of securities
is in
value
par
Of this amount securities having par value of $271,827,959
$428,812,834.
were
Corp—
Repaid
$
$
available.
tration
Disbursed
Withdrawn
127,000
275,000
2,500,000
Aberdeen & Rockfish RR. Co
withdrawn or canceled and $7,333,827 remains
was
repaid by each are shown in the following table
contained in the report:
(as of July 31, 1936),
$17,695,840 of 334 businesses,
to, purchases of participations aggregating
$4,982,841
has authorized,
In addition, the Corporation
Aug. IS, 1936
$28,348,219 of this
withdrawn or canceled and $30,001,680 remains
was
•the borrowers.
bused to and
(d), which was added to the Reconstruc¬
tion Finance Corporation Act June
1,751
Chronicle
Financial
1010
$6,184,972,523.48 $4,126,440.068.97
-
principle, loans in the amount of
has approved,
$31,712J3QD upon the performance of
specified conditions.
Allocations
Governmental
to
Agencies
under
♦—
provisions of existing statutes:
Secretary of the Treasury to Purchase:
Capital stock of Home Owners' Loan Corp.
Capital stock of Federal Home Loan banks
Farm Loan
Secretary
101,842,000.00
to
for loans to:
Farmers
-
-
-
-
-|-
-
-
*
•.
-
-
-
145,000,000.00
2,600,000.00
—
Joint Stock Land banks
to farmers--
Committee—Use
farmers
34,000,000.00
for
crop
(net)
_
loans
115,000,000.00
—
revolving fund to provide capital for
Production Credit corporations----
40,500,000.00
----
Regional Agricultural Credit corporations for:
Purchase of capital stock (including $19,500,000.00 held in revolving fund)
44,500,000.00
97,000,000.00
Stockr—Commodity Credit Corporation—
Expenses:
."
Prior to May
,
27, 1933---
3,108,413.80
11,278,429.43
Since May 26, 1933
Total
allocations
to
agencies
governmental
$859,828,843.23
-
For Relief:
To States
States
directly by Corporation
on
certification
of
the
$299,984,999.00
Under Emergency Appropriation Act—1935
Under
Emergency
Relief
$3,571,288.00
Federal
Relief Administrator
499,996,086.27
500,000,000.00
for
Grazing
He said that possible amendment of the soil conservation programs for
these grains,
500,000,000.00
Total for relief-
.
_
.
—
—
crops was
-
Appropriation
Act—1935
$1,799,981,085.27
$3,571,288.00
issued for funds for allocations
advances—
a
result of the drought,
Wallace told his
year,
-$8,864,667,774.67 $4,130,011,356.97
he
over
authorized
and
authorizations
press
declared,
domesticf3 requirements
including
with
last
only
conference
that
the nation is
Our ultimate grain stocks this
year's
minimum
carryover
imports
from
should
meet
Canada,
the
areas.
Reports of corn and wheat and shortages which will exceed all records
canceled
or
withdrawn for each railroad, together with the amount dis-
weekly
the drought situation.
Argentine and other foreign
loans
will not be ordered in any event
the country.
unduly alarmed
$19,885,322.69
Grand total---
as
until after officials have conferred with farm groups in various portions of
Secretary
on notes
relief
The
Lands
damage being caused by the current drought to this
reflected this week in the general crop report
of the United States Department of Agriculture, based upon
conditions as of Aug. 1, which predicted a smallest corn
crop since 1881, and light crops of potatoes, wheat, rye and
other grains.
The potato crop is expected to be the smallest
since 1916.
Extended reference to the report of the Depart¬
ment of Agriculture is made i.rl the "Commercial Markets
and Crops" section of the "Chronicle" of today.
Reports this week that the Government would permit
unlimited plantings of wheat and corn for 1937 were denied
on Aug. 13 by
Henry A. Wallace, Secretary of Agriculture,
who said that such action is not now contemplated.
We
quote as follows from Washington advices, Aug. 13, to the
New York "Journal of Commerce" of Aug. 14:
years'
to
for
and
Drought
The
10,000.0000.00
purposes
of Agriculture
Governor of the Farm Credit Administration
Interest
of
Planned
55,000,000.00
_
To create Mutual Mortgage Insur'ce Fund
For other
To
Denies
Restriction
Housing Administrator:
Secretary
—
End
■
Federal Farm Mortgage Corporation for loans
Federal
Wallace
Reports that AAA Planned
Program on 1937 Corn-Wheat
Crops—1936 Soil
Program Further
Eased—Sec¬
retary Wallace Named to Great Plains Drought Area
$200,000,000.00
(now Land Bank) Commissioner
were
blamed
by the Secretary
quainted with the facts."
He
on
"amateurs who
then
are
apparently not ac¬
explained his definition of the word
Volume
Financial
143
"amateur," in this instance,
as
one
Chronicle
Deal responsible
who holds the New
in this
for,the nation's crop shortages.
Citing
Government
corn
to
his
prove
Secretary
point,
plantings for harvest this season
were
.
.
.
this year.
emerging courageously from a period of acute economic
"News"
He reiterated his earlier opinion that the Government will not be called
cattle purchases
Mr. Garner went
The
the
"Jesse
tion lines next year, the
"We will continue
and
act;
(2)
said.
the Government along soil conserva¬
some
meetings
to
is
loves
be holding
will
we
guided by
with farmers this
the
recall
1) terms
of
he
matter,
fall—possibly in late August and September."
and
I want
to
I
to
States.
to
me
him,
policies, and declined to speculate
strictions until after these conferences.
on
change in
any
'No,
I've
help
the Centennial
-
•
The AAA this week—on
Aug. 10—announced a further
modification of its 1936 soil conservation
program, designed
It provides that
I want
depleting
Centennial.
of
been
The
the
effect
the
the
North Dakota
South Dakota....
25,000
Oklahoma
19,000
17,000
*5,000
*10,000
We
in
Wisconsin
Montana.
6,000
5,100
Wyoming....
2,500
5,000.
Kansas
5,000
of
108,500
1,449
Administration.
an
an
it
map
South
I
was
Nebraska,
on
Colorado,
the crop land within these
have
been
proposed for
areas
a
into grazing range.
grain cultivation
the
to
these
problem
substantial portion of
The second is to
the size of existing farm units.
use of
Period
tions
en¬
This would make
ness
Garner
People
Finds
Nation
Strife
to
and
Emerging from
Laying "Founda¬
Come"—Remarks
He
at
forward
*
I
our
to
a
States.
upon
West
■
of
the
United
territory 1 with
its
States,
and
equally
vast
thing
I
like
to
conceive
see
feel
of
years
my
to
to
and
that
to'
working
men
if. I
have
public service, it has
effort
to
realize "that
work
who
men
harmoniously
thing right
entire
Centennial
of
other
have
made
the possibilities
the
over
expositions.
States
an
full
era
generally
just
and with
of
Texans
as
will leave, I
They
have to offer
we
people
Texas.
of
United
am
sure,
the wormth
potentialities
for
an
df
trade,
of
more
of
products
our
from
visit to
a
sister
our
the
Laredo
Mexican
reach
Republic, where
participating in the ceremonies incident
from
should
'•
to
Mexico
people.
The
City
and
to the
of
opening
enjoying
the
closer
relations among
all
nations
the
are
foundation
the
are
of
cardinal
our
hope of
present
this
foreign
and
policy—
good neighbor.
"to get out
was
of this busi¬
attributed to Vice-
Aug. 5 when he addressed
gathering at the Baker Hotel in Dallas, Texas, assembled
a testimonial
dinner given in his honor.
On the same
day the Vice-President delivered an address at the Texas
on
a
at
Exposition,
in
which
he
said
"people
time
Completely State-Wide
that
the
Centennial-has been completely
a
the
throughout the State are interested.
pleasure to visiting the Frontier Centennial
I
cannot
visit
now
way you
other
the
same
the
future culture
Centennial
I
in
am
Centennial.
our
the heroic achievements of
to
looking
Fort
Worth.
cities.
going about celebrating
are
rightly giving preeminence
are
of
scope
Cities
with
like
first
...
Whild
the past,
time
you are placing proper emphasis upon the
progress and
.development obtained during our century of independence. In
attaining your
objectives, you are unselfishly looking ahead and are
endeavoring to add
to
improvements for
This
spirit
are
are
As
the
which
the
from
bulwarks
a
and
Time rannot
cause,
and
and
public
more
with
lay
of
have
you
period
to
history goes,'that
great
State
general
more
moving forward
glorious.
a
with
of
of
of
built
and
to
leave
unity of
of
efface
The
strife,
general
to
themselves
awfully glad and proud to be
feel
that
the
I
am
at
efforts
the
egotistically
a
Texan.
I
believe,
this
future
is
people
for
been short but
I
not
the
purpose.
the courageous
immortalized
is,
People in
economic
acute
foundations
Texas has
Centennial
our
obligations to
Jacinto.
do
Nation
attitude today.
their
that I
am
the
permanent public use.
realizing
courageously
build
in
of the government in business"
Centennial
Scope
regret that
you
Texas
Favors Getting Govern¬
that he wanted
President John Nance Garner
of
Nation.
our
.
generations, and
characteristic
Out of Business
declaration
Central
in
province
views.
before
medium
highway
of
of the
and
Centennial—Indicate
ment
the
ever
visited
the
honor
State-wide.
raising of livestock fodder,
large acreages for pasture.
of. Economic
for
a
qualities
now
pointing toward
development.
Its great
This is the
try
Vice-President
ingrained
from
far-reaching influence
domain
to
come
only recently returned
new
Peaceful
at
readjustment
supplemented by the
your
efforts
your
birthday.
were
same
is
through
future
that
Kansas,
extensive studies directed by Dr. L. C.
Gray,
The first is to
encourage the conversion of
increase in
of
relationship which this
highway cannot help but promote between our peoples will create a better
understanding of how we can work to mutual advantage.
I
shift from
than
_
assistant administrator of the RA.
a
have
understanding of what
characteristic hospitality.
have
the
shown that land in parts of Montana,
Dakota, Wyoming,
This diagnosis is based
courage an
of
good.
better
hospitality
grazing projects."
of
that
commonwealth
our
combined
coming here from all
are
had the
of
cover it
other
types
of
country has
scope
an
cultivation
New Mexico, Texas and Oklahoma is
of the type "where recurrent drought
makes it advisable to
replace many crop farms with stock ranches or
Several
State
citizens
It announced that 5,250,000 acres of such land is
•
accompanying
Dakota,
thing
Texas
very
of
during
in
and
State
more,
opportunity to
the
one-hundredth
healthy
a
public
thing
together
I
being bought for demonstration projects.
Tlie
good
men
world markets.
land study made public today by the Resettle¬
a
in
resources, with an era so adaptable
expanding population, can and will be utilized not only to the fullest
advantage of the people of Texas but to the fullest advantage of the
people of the Nation,
This means a forward
looking conservation.
Further¬
Permanent drought conditions in large parts of the Great Plains
States
grazing until grass has had
then great
responsible
this great
qualities
of
a
hese
is
It
the
in their
your
to
As to a plan to use the farm lands affected
by permanent
drought conditions for grazing projects, we take the following
Washington advices, Aug. 9,.from the New York "Times"
of Aug. 10:
completely, according to
in
you
chief—the President
broadened
our
Western
combined
for
one
in the past,
a
The
52,199
make imperative complete removal of the land there
from crop
and its use for light
with-
rests fundamentally upon this vision,
continental
end.
unprecedented
100
4,000
Total....
on
These
vast
exposition
have,
I
possible
the
apart
People
2,050
300
then
was
greet
even
the
splendid
a
exerted
often far
conscious
more
250
Minnesota
at
State's Possibilities Disclosed
Just authorized.
areas.
any
bringing
not
The
950
Missouri.
is
development
our
have
constructive
a
to
my
As
integral member of
exposition.
to
are
to
unselfishly
,
in
2,000
Colorado
It
effort.
an
of
Texas
great
been
At Work
5,000
5,000
4,000
6,000
Bowl
of
added
was
a
with
5,000
Iowa
in business.'"
logically followed.
together
following
Kentucky..
away.
of
contributed
Nebraska........
I
certain
power
Congress
your
by
have
you
extent and economic life
date
fact
and
ago
vision
culminated
the
an
Quota
of
that
development
development
build
jobs to aid all destitute farmers.
State—
any
too.
a
the Louisiana Purchase 42 years elapsed until the
Texas, and during that period the Western boundary of the
States had remained unchanged.
As a consequence of annexation
resources
indefinite increase in the Montana
quota of emer¬
The status of the
number of farmers authorized to be
employed and the number
North
this
geographical
United
.
At Work
your
'Cotton
occasion
cooperation.
great enterprise
any
pressed
of
years
proportions.
cooperative
who
one-third
Progress Administration reported on Ang. 12
the employment
of 56,893 drought-stricken farmers on
Federal projects in -the western States most affected
by the
dry weather. At the same time, officials of the WPA made
Quota
25.000
on
Delano Roosevelt.
and
courage
the
to
Development
The Works
State—•
of
the
proud to call
am
result
only logical
of
and
I
many
the
successfully
success
From
12 this number had been increased to 956 in 22
States.
The
States of North Dakota and Oklahoma are in
the
In
by
is
so
annexation
entire
up to Aug. 10, are shown in the
tabulation made available
by the WPA that day:
head of
him,
power
some
at
Vice-President
with
more
the government
another
on
Franklin
in
drought's devastating affect is
by the designation of over 100 counties as "emergency
drought counties" in various States in less than a week. On
Aug. 6, as noted in these columns of Aug. 8, page 851, the
number of drought counties was 841 in 20
States; up to Aug.
actually working,
the
at the
quarrels
get
take
to
due
present
whom
was
Republic and then to
shown
ment
States,
national
forbears,
Continued spread of the
*
to
be
man
Fair
it
Fair
The
appointed by the President on July 22 to survey the
drought sections of the country with a view to formulate a
long-term, program to rehabilitate the great plains area.
known
a
day backed
courage
was
gency
Mr.
Chair¬
follows in the Dallas "News":
as
that,
sorry
not
visiting Dallas
That
have
•
Committee headed by Morris L.
Cooke, Administrator of
the Rural Electrification Administration.'
The committee
.
citizens,"
address
given
was
am
State
United
developed,
Aug. 7 President Roosevelt appointed Secretary of
Argiculture Henry A. Wallace to the Great Plains Drought
\
I
could
recall
that
On
area.
I
•
below the normal level, emergency feed and
forage crops
seeded after July 1
may be disregarded in classifying the land on which such
crops were planted.
designated
the
Fair.
crops
Roosevelt plans to meet with the committee
the latter part of this month or in
early September.
I
native
my
on
President
Garner's
with
Jones,
Allied, Fellow Texans, and Fellow Americans Everywhere:
I
happy to be here today and to join with you in the celebration of our
session,
any farms where the county committee finds that
other unfavorable weather has reduced the
production of soil-
or
connection
Jesse H.
Governor
am
to encourage late
planting of feed and forage crops. Report¬
ing the change, Washington advices, Aug. 10, to the New
York "Times" of
Aug. 11, also had the following to say:
drought
from
had
him
get out of this business of
Vice-President
planting re¬
re¬
Corporation.
He recalled that similar
meetings were held last year to discuss national
farm
in
came
message
outstanding
"our
United
told
a
country. and is the best servant
came
that
business
in
for
Finance
of-
one
this
talk
the "News"
follows:
as
Reconstruction
Jones
"He
"a heart-to-heart
of
formal speech,"
a
government
department
Secretary said:
the soil conservation
programs,
on
nature
the
than
expressing appreciation
of
man
purchased
the
reference
Garner
He denied that the Government
plans to enter the hog market for drought
on activities of
in
more
ported his comments
the acquisition of an additional
7,000 is authorized if Government purchas¬
ing agents deem the situation to warrant such action.
of
was
with fellow Texans
To date, he said,
approximately 2,400 have been purchased at the terminal markets, while
Commenting further
moving forward with unity
to say that "the Nation,
are
strife, is determined to build bulwarks and to lay founda¬
tions for the people to come."
As to Mr. Garner's remarks
at the Baker
Hotel, which, it was observed in the Dallas
Doubts Cattle Buying
to make appreciable
purpose."
in
ma-,
citizenry and
of
Wallace
terially larger than in the 1933-34 crop year and greatly above the 1928-32
average.
This fact, he contended, should bear out the Administration's
point that the drought alone is to blame for the short crops in prospect.
upon
country are realizing more and more their obligations
to the future
statistics
declared that wheat and
1011
coun¬
citizenry
Nation, in emerging
determined
exceptionally rich
of
those
Alamo,
to
ccme.
patriots
Goliad
provincial
and
who,
and
when
I
San
say
Gol bless them all!
The address delivered at the
Dallas exposition in June
by
President Roosevelt was
given in our issue of June
13,
page 3948; in these columns, July
25, reference was made to
the official opening
by the President of the Frontier Cele¬
bration at Fort Worth as
part of the Texas Centennial.
1012
In
Financial
Greetings
Council Bluffs Centennial Celebration
Commending Spirit of Those
Who Peopled Prairies, Urges Dedication Anew to
"But this
to
Governor
v
Chronicle
Landon,
"Great Future of America"
must be
extended
were
of Kansas and
Republican nominee for President, in a
telegram sent to John Leroy Peterson, President of the
•centennial celebration, which is commemorating the arrival
nor
of
the
first
Governor
white
settlers
Landon
said
the Bluffs.
on
"America
that
In
and
his
the
message
spirit
of
prosperity
could
tame
these
the
of."
dreamed
never
"If,"
bounty and
a
said,
"America
we
quits
cry
because
days there are problems to face?"
"Ours,"
he added, "is to dedicate ourselves anew to the great future
•of
America."
Mr.
Landon's
Mr.
to
message
Peterson
greetings
that
in
first
the
of
the
peopled
historic
to
who
men
waters
America
great
making.
the
Council
stood
on
Behind
them,
of which
America
a
They
hills
and
River.
their
In
subdued
the
though they did
to
the
not know
saw
the spirit
and
built
the
be
built
the
•
it then,
to
was
the river,,
across
the
they
was
plow,
and
across
vision
courage
Middle West.
Before them,
great people
land
splendid
were
looked out
In their hearts and their
prairies,
great State of Iowa.
Bluffs.
your
Missouri
great and prosperous empire of the
out
the
were
prairies
raw
to build yet another State, Nebraska.
were
and
the spirit of America not only settled the
wilderness, they
brought forth from the riches of the Creator a bounty and a
prosperity never dreamed of.
And they did this thing in only a little
more than half a
century.
tamed
it
and
Thus it
23
possible for the great Lincoln to visit Council Bluffs only
later and from your hills, where the pioneers had stood, look
the splendid panorama of the Missouri River
Valley and envision
years
was
out
over
the
needs that would unite forever the East and the West.
four
Eastern
reach
It
Abraham
Congress,
terminus
out
the
to
because
years,
the land,
without hatred.
power,
It is
Among other things Col. Knox said the Republicans offer
for the problems of the farmer." He con¬
"There is
We do not
do
[
sing e measure that will restore the farmers to prosperity.
believe that it is a good solution to tell a farmer what he can
no one
The man who wants to grow more than five bushels of potatoes
produce.
order to-keep out of jail.
without signing affidavits in
so
"The Republican party does not regard the raising of potatoes as a major
crime; not
restore
The revival of industry will do much to
misdemeanor.
even as a
production of industrial
Increased
agricultural prices.
goods
at
lower prices means a larger market for the farmer's products.
of
had
the
Union
Pacific,
and
on
the
And
hills
your
Council
tie
knew
as
that
was
the
Golden
the
to
and the Republican party intends to work for
agriculture,
A simpler and more economical taxation system
farmer."
The tour of Col.
Knox, Will it is said, carry him through
35. States and embrace 70 speeches.
Speaking at the State Republican Convention at Hunt¬
ington, W. Va. on Aug. 13, Col. Knox outlined the "sharethe-wealth" program which he hoped to see carried out con¬
sisting of greater ownership of corporation shares by workmen.
lYom his remarks we quote:
"In
American society there should be no antagonism between the
our
worker and. the stockholder.
large and small.
mankind.
"The
Our capitalist system rests on the corporation,
This capitalist system has grave defects.
There
are in¬
But it has built the greatest productivity in the history of all
equalities in it.
It has given the American worker the highest wages in all history.
who would tear down this marvelous system
man
equally productive system to replace it is an
to see our economic system
when there is
no
his country.
I want
I want to
enemy of
purged of its injustices.
it pre¬
see
served for its benefits.
"I want to
West
'*
'
for
will help all business, including the
then in
and
Bluffs
railroad
great
the mountains and
Union.
was
stood
his urgings, officially named
on
the prairies
across
Lincoln
markets
stabilization of currencies.
see
in the future a real share-the-wealth
development in this
land.
^>7
splendid day in December, 1863, when the first shovel turned
the dirt for that
great enterprise.
How splendid and fitting it is that
the Council Bluffs chapter of the D. A. R. has enshrined
the memory of
the workers.
Lincoln in
the workers.
out
a
the
toward
Union,
well
these
modern
selves
unbounded
world
the
Let
looks
the
tame
in
go
of
America.
population
one-third
from
the
we
the
things
vantage
only
of
6%
the
as
I want to
and
this
see
unnoticed,
12,000,000
are
War and
will
America
of
is
to
decidate
Creator
of
has
about not by any suicidal scheme of
come
this process
owners
has been going on a long time.
shares in this country today.
of corporate
depression have'temporarily set back this great movement.
begin again.
It
In this movement lies the prospect of a genuine share-
the-wealth program.
In it there is the prospect of industrial peace in this
of
the
of
here
has
and
"There
laws
the world.
"America
men
Observing that "there has been much talk about soaking
the rich." Col. Knox added:
.
/
us
population
the
wealth
in
our¬
given
point of all that it
the spirit of
even
"Unseen
There
you
quits because
cry
Ours
The
celebration:
your
and
part, of
these
future
was
increasing share in the profits of this system going to
see an
destruction but by an extension of the ownership of corporation shares by
that
on
throne
a
"I want to
country."
shall
an
forever
the
face?
the courage
wrought this achievement to
celebrate
wilderness
a
forth
from
West,
problems to
created, here
and
the
whose
looking
'
,
future
With
love,
was
statesmanship. * All
You
the
are
great
have
vision
forward
his
r
challenge
its
to
crown
and
,
resources.
we
the
renews
railroad
days there
to
anew
whose
great
could
hills,
our
fitting that there should be inscribed
and yet more.
past.
America
on
men
monument
today
its
as
If
stood
How
of
The
the
is
celebrate
West.
"King
gentleness.''
that stands where he
monument
the
monument,
rich
today
and
achieved
women
laws of economics and mathematics
are
working here, and these
operate to limit soaking the rich. .Beyond these limits, taxing the
destroys wealth and capital, reducing investment, reducing production
reducing wages."
who
greater future."
Democrats
Opposed to New Deal Act to Organize
National Jeffersonian Democrats—At Detroit Con¬
Col. Frank Knox,
Republican Nominee For Vice-Presi¬
dent On
Campaign Tour
ference
Covering 35 States—In
Promises
"Freedom
of
Enter¬
prise"—-In Another Address Advocates
Increasing
Share of Business Profits to Workers
Opening
A
Campaign tour of Col. Frank Knox, Republican Nom¬
was opened at
Connersville, Ind., on
Move
crats
be
Indiana
Republicans.
Declaring that "recovery from de¬
pression comes by the combined efforts of all the
partners in
enterprise." Col. Knox added:
It comes when unsound business has
been cut,
when
What government should do
has been reached is to
encourage
investment, to
stimulate production and to
strengthen credit."
to
form
to
the
as
Col. Knox reviewed the
policies of the Roosevelt adminis¬
With
deep
Democrats
and
and
concern
of
elected
the Nation
to
his
the
see
Democrats.
to
At¬
Administration, -made
the
back
conceivable
to
way
the
upon
strike
trines
of
democracy
and
with
Socialism.
the suffrage of
party
the
apprehension,
of
the
platform
the
Democratic
which
upon
he
party,
elected,
was
of his appointees, exerting itself in every
up
down
the
it
beneficent
eollectivist
a
tenets
.-
feeling
President calling himself democratic,
a
office by
great
his
and
sincere
most
today
munism
We
national organization
quote the following:
PI"We
money.
new
Jeffersonian
by some 40-odd delegates from 22 States, the con¬
ference adopted "a declaration of principles" from which we
government and to substitute for
end the waste of the
people's
a
National
criticizing for the most part its undertakings; in
indicating what the Republican party has to offer he said:,
propose first of all to
■"
'
■
Aug. 7 and 8, a delegation of Demo¬
"New Deal" policies of President
turning
tration
of
One
on
the
decided
known
of President
Principals in
Reelection
Reed
tended
been wiped out, when costs have
when wastes have been stopped.
the turning point
A.
"'■""'-v";-.
opposed
Roosevelt
State-wide rally of
Against
.V
Meeting in Detroit,
Aug. 8 at which time he addressed
a
Declare
Roosevelt—James
Speech
inee for Vice-President
and
structure
State,
teachings
democratic
of
replacing the doc¬
of
a
blended
Com¬
-
propose to make taxes less and to make them
fairer.
"Instead of NRA, we propose to have
freedom of enterprise.
,"We propose to put extortionate and
uneconomic monopoly out of busi¬
The sweatship and the
exploiting employer we intend to drive out.
ness.
The
man
who adulterates
goods or sells dishonest stocks
' \
jail.
.
:
•,
we
expect to put in
:
"With this program in
operation the forces of recovery Will be unleashed.
Millions of unemployed will be restored
to honest work and earned
wages."
"The
Republican platform
platform offers
They
are
promises
miracles.
no
going out of fashion.
Miracles
But the
have
not
Republican
stability, to
regu¬
larity in employment, to good
housekeeping in finance, to moderation in
government, to frugality in the spending of the
people's money.
The country has had its
lesson.
It cannot stand another
four years of
turmoil in
business, of waste in expenditures, of interference with
produc¬
tion, of juggling with the money system, of
experiment with the means of
living.
Under
our
American
system of free enterprise we can vision in the
future
great partnership of labor and
capital, trade and finance, agriculture and
industry, all working together to produce
a
rate of wages undreamed of in the
past.
"There
is
no
economic
poverty and insecurity.
strife.
There is
reason
There is
no reason
and
a
magnificent standard of living,
why this
no
reason
economic
order
should
have
why it should have industrial
why it should have overwork and underpay.
not
support for reelection
call
we
the
upon
guided
our
of
election
the
President
candidates
and
of
and sincere Democrats to
their
with
duty
the
the
to
same
the
Vice-President,
country
earnestness
con¬
in
the
that
has
deliberations-^-joining with
conclusions
our
all loyal
question
approaching
of
you the prospect of a return to economic
subscribing fo the declarations state that "We will
Philadelphia convention for
our
In part he also stated:
worked well lately.
Those
therefore
sider
"But honest business is to be
free.
a
a
government of reason, of
a
"The stabilization of world currencies will do much to restore our foreign
indomitable
muddy
without greed for
Let's have it guided by
"no patent cure
tinued:
follows:
My
no
good-will and of co-operation."
in
modern
There is
happy economic order in
national effort to re-establish in this nation a government
a
great land you live in.
can
shall
wilderness
he
rIt
The obstacles are human, not economic.
"Let's unite in
without class prejudice,
America not only settled the wilderness; they tamed it and
brought forth from the riches of the Creator
of a just and
the creation
barrier to
America.
(Iowa) Centennial Cele¬
Aug. 10 by Alf M. Landon, Gover¬
on
1936
It must be an economy of low
high production, not high costs and low production.
economic
Greetings to the Council Bluffs
bration
plenty, not scarcity.
economy of
an
costs and
Aug. IS,
order must be based on cooperation, not class hate.
new
are
party and of
us if they feel that
anxiety for the future
country is justified."
sound
our
and
our
As^ was noted in these columns Aug. 1,
page 678, the
held at the instance of former Senator James
meeting
was
A. Reed
of Missouri and
besides
Mr.
Sterling E. Edmunds of St. Louis;
Reed, the statement issued at Detroit, Aug. 8,
regarding the conference and its declarations was signed by
Joseph B. Ely, former Governor of Massachusetts; Bainbridge Colby, Secretary of State under President
Wilson;
Graham Wright of
Georgia; Joseph W. Bailey Jr. of Texas;
R. Contee Rose of
Henry
Maryland; J. Evetts Haley of Texas, and
Breckinridge
of New York.
With respect to the
participating in the conference, Mr. Reed, on
quoted as saying:
views of those
Aug. 8, was
We
will
Democratic
do
what
party
we
and
to
can
to
save
preserve
the
the
country
honor
from
the
and
integrity
threat of
of
the
Socialism,
Volume
Financial
143
Communism,
Bolshevism
the
and
imbecilic
Every
is of
here
man
ministration
and
all
other
ought
to
be employed
in
anti-American ;
and
characterized
have
that
isms
The
the present Ad¬
that
its
The
November.
to
defeat
Deal
New
the
and
its advocates
particular methods to be employed will be left to the desire of the
various representatives here and Democrats of their respective States.
of
Many
the
result
is
opinion.
their
tor
representatives believe
to
best
be left
to'
is
United
From
Reed
from
the
and
fight
resuscitation
the
of
it
within
fight
then
Democratic party.
States
8, we
its
tion
the Republican candidates
and
conferees
to regain control
hinder
them
Roosevelt Administration
organizational
opposing
of
affiliation
in
of the party and that formal
would; undermine
taking
the party
Democratic
over
driven from
were
candidate
in
Michigan; in
opposition
The Executive
all
upon
tional
Committee, vested with "full
been
matters"
incident to the organization
munds of St. Louis, and a
by
Mr.
Reed.
national
It
is
of the Na-
Treasurer, who is to be appointed
that power to appoint two
stated
committeemen
from
each
represented at the conference also
The
y
headquarters
St. Louis.
of
of
the
26
States
not
dom
will
be
the
Democratic
June,27 issue,
aligned
Reed,
convention
with former
Ely
and
in
June
Governor
Daniel
F.
Smith
Cohalan.
attend the Detroit conference.
has
tentative
(as
reported
in
Messrs.
were
Mr.
.
Smith
A statement
our
Colby,
did
not
by Mr. Ely that
make at least one campaign
speech in Boston
sponsorship of Mr. Ely brought from Mr. Smith,
the "Free Press" noted, the
rejoinder that any such state¬
under the
is
unauthorized.
declaration
of
Below
give
we
the
by the anti-Roosevelt Democrats:
A conference
only
representative Democrats
The
in
underlying
which
the
Democrats
loyal 'to the
principles,
apostasy
enaoted
A
historic
to
full
Democratic
party,
view
and
of
principles,
present.
to
the
attached
the New
both
in
to
Deal
situation
the
its
in
expression
of opinion
against
the
consistent
in
and administration.
government
protest
still
are
their
States
v
betrayal
from
by
the
There
was
complete
deliberations
of
the
of view at
concurrence
two committees
were
appointed,
conference
of
the
the
of
the
draft
Democrats
of
a
of
the
conference decided that it
sion
stress
was
elected;
and
to
President
his
and
preserve
defend
charged: with
his
frequent
his
repudiation
owes
his
displays
of
deep
Democrats
elected
the
this
to
the
and
Nation
great
back
the
see
a
election
Administration
of the national
Other
largely
priated
for
•expression
petuate
used
tives
the
and
the
use
substance,
the
party
upon
made
government
and
doctrines
democracy with
munism
"This
a
is
be
can
of
to
instrument
of
the
party
with
the
the
of
than
more
cured,
perversion
left
for
another
time,
humanitarianism
the
destitute have
his great
theories
placed
hidden
as
the
which
the
been
used!
facilitate
appointees
office
and
and
party
such
with
"It
and
is
of
or
of
under
honest
an
indeed
of
his
political
appro¬
throttle the free
capture
and
per¬
President, who have
disposal to serve objec¬
which
are
abhorrent
to
to
as
whether,
in
whether
in
the
should
be
:and
claim
to
the
the light
revelations
suffered
the
President
of
without
titular
and
his
his record and
he
has
protest
given
to
party
that
of
of
his
represent
can
his
longer be
all
ques¬
considered
Administration,
mind
and
himself
as
leadership of the Democratic party.
purposes,
a
his
tenets
of
of
liberty
apprehension, the
the
Democratic
which
upon
appointees,
and
which
spirit
a
can
which
which
he
party,
elected,
was
exerting
itself
teachings
of
be corrected
blended Com¬
a
be
can
can
or
lapse which
a
forgiven.
neither
be
discloses
It
remedied
nor
"Such
people
can
They
the
exercise
of
abstention
from
its
the
evil
loyal
courses
discipline as can only be inflicted
far forgotten its mission and its duty.
from some of the wounds inflicted
so
process
may
almost
any
involve
folly
years
of admin¬
of
anguish,
setback.
spirit
abilities
from
recover
The
indomitable
their
of
recover
can
government.
the
is
all-controlling, presenting to
duty
punishment and
party that has
a
American
and
and
the
party
such
suffering, impoverishment and
of
and
Americans
the
exertion
that,
of
if
their
unhampered
strength,
in
recover
To
"We
will
all
upon
not
convention
loyal
to the
and
country
conclusions
are
for
in
for
reelection
President
Democrats
the
our
Support of Candidates
support
sincere
has guided
that
Withhold
therefore
Philadelphia
of
nor
any country can recover from
and destruction is the only possible result which can attend
subverting and ruinous designs of the present Administration.
the
and
to
approaching
the
consider
election
the
with
deliberations—joining with
sound and
our
candidates
Vice-President,
us
question
the
our
their
of
they
anxiety for the future of
call
we
earnest¬
same
if
the
of
and
feel
that
party and
country is justified.''
our
JOSEPH
ELY, Massachusetts, Chairman,
COLBY, New York,
BAINBRIDGE
GRAHAM
JOSEPH
WRIGHT, Georgia,
W.
BAILEY
•
R.
J.
CONTEE
ROSE,
EVETTS HALEY,
HENRY
JAMES
JR., Texas,
Maryland,
Texas,
BRECKINRIDGE, New York,
A. REED,
Missouri,
'
Committee.
Knitgoods
Union
Workers
in
Issues
New
call
and
he
Democrat
for
a
general
metropolitan
area
Call
York
and 35-hour Week
A
for
General
Strike
of
City—20% Wage Increase
Sought
strike in the knitgoods
of New York was issued
industry of
on
Aug. 11
by the Knitgoods Workers Union, an affiliate of the
Inter¬
Ladies Garment Workers.
The union claimed on
Aug. 11 that 8,000 men and women
responded to the
national
while officials
tion said that
been
on
of the
call,
Metropolitan Knitted Textile Associa¬
were idle, 3,500 of whom had
only about 4,000
strike
for
several
weeks.
The
from
deliberations of the conference centered upon the
fundamental
Democratic
feeling
suffrages
of
mistake
and
fundamental
such
by mistaken policies.
the
and
moneys
the individual
calling himself Democratic and
platform
up
the
his
undermining
the
at their
designs
to
its
sincere
the
deviation
a
heart
of
applying
"The
he
highly
of
great
which
waste
resultant
''
.•
condoned.
freedom ;
to
attempted
any
Y
•.
the
each
YY-'iY-: '■,■■[}"Y'Y^'
and Socialism.
occa¬
Constitution;
the financial structure of the
country.
indictment of the President
by non-Democratic
of
great
against
to
in
to strike down the beneficent structure of democratic
substitute for it a collectivist State, replacing the
which he
for
and
way
day's
this
Democratic
Democratic
promote
this
principles
the
of
the appalling and wanton
Nation's
the relief of
the
for
interpretation
States
assigned
'
President
by
of the
Democrats.
The
tion
President;
were
power
and
in
contempt
traditional
pretended
of
its
of
the
credit
counts
Administration
and
as
of
Constitution, and his disrespect
each
guarantee
most
office
Administration,
conceivable
every
our
.
the
upon
the
power
"Turning His Back Upon Party Platform,"
concern
of
turning his
and
most
report
on
both
of
protecting
lasting and efficacious
a
of
upholding and
the
at.this time and
holding
v
campaign promises solemnly made
time to time; his light
regard for his oath
the
the
not
in
other.
the
disregard of "the platform
breaches
solemnly repeated from
court
true
Roosevelt's
various
would
its
citizen.
Nation, and
to perfect a national organization of
Democrats' Who agree with
views, conclusions and recommendations of the conference.
The
•
limitations
Constitution,
another
the
of
free¬
our
YYv
^Y-'-Yy
honorable service
jealously striven throughout its party life to maintain the just
"With
ness
"
conclusion
to
one
watchful
within
the
by
Constitution
their
could
.
the survival of
and
destroy it.
has
system,
balance between the three great branches of the Federal
Government, seeing in the Constitution's rigid restriction of the executive,
legislative and judicial departments to their respective fields within the
duty
Administration
Republic,
constitutional
as
among
theories
to how
as
constitutional
the
destruction,
has
•
,
the delegates
-
American
they will, but neither the United States
reports
represented,
,
"
of
of political
•
of
Nation
a
or
col¬
between the
and
inception
it
regard for Democratic
_
sought
was
Democratic
various
division
Government,
the
of
as
uniting
the
since
result
and
one
freedom.
Government itself.
party's '
which
measures
effectively be made.
session, and
"It has
be
to
time-honored*
Roosevelt
or
equally
by the
encroachment
istration
review
spent by the conferees in the consideration
was
spreading dissatisfaction
Democrats who
An
were
was
Nation, who still conceive themselves
Democratic
in
States
the
day
respectively
/
by the defeat of
conference
Federal
throughout the century
party
Government
•
designs which it harbors and proposes to carry into effect
it prevail in the
approaching elections.
Y,
the
■of
from 22
the
of the
find themselves,
and
should
to
of
purpose
been
has
members
informal, and at which a limited attendance
developed into a meeting in the city of Detroit at
independence,
into
centralized
the
country -has been the alert and vigilant guardian of American lib¬
Federal
and
Aug. 8
on
intended to be
anticipated,
was
which
statement
one
erty and of the constitutional system from which it springs.
•
principles made public at Detroit
the
of the Federal
greatness
our
local
population
combining
State,
possible by the constitutional
the
and
^
heterogeneous
pacific
with
Americans,
Democratic
to the
understandings with Mr. Smith that the
latter will
ment
of
President
a
tim^-honored institutions is
preservation of individual
States and
organs
owe
we
and
against all attempts to limit
The
in
4275) to repudiate President Roosevelt;
page
the
product
given to Mr. Reed.
organization
development of the action
group of five headed by Alfred E. Smith, which urged
a
'he
the
was
new
The present move is
of
the
"It
Democrats,
consists
(according
to
Detroit advices, Aug. 8, to the New York "Herald
Tribune")
of the Chairman, Mr. Iteed; the
Secretary, Sterling E. Ed¬
in
democracy, - the most enduring and
a
-,
and
vast
a
system
made
and
liberty
which
to
can¬
Jeffersonian
America is
with the full
been
between
"The
to act
power
Federal
a
several parts
Frank
to
Murphy, High Commissioner of the Philippines, whose
didacy was projected from Washington.
theory
resolved
and
further, that the party's attitude
and,
history.
together
industrious
energy
"This has
headquarters.
to
knit
of
concert
lective
misinterpreted to the disadvantage of George W.
Rapids, whom he is supporting as a guber¬
natorial
principles;
States of
stable,
power
be
discussed
party
upon
country and its established and
United
united,
Welsh of Grand
freely
proceed
however,
,
the
if
Sound
prevailing opinions of the party membership.
and declared
has
"It
prestige of
control
command of party
be
arising
constantly
are
party.
the assumption that the
and conducted in good: faith and in loyal adherence to
successful known
affilia¬
opinion
of
national
will
a course.
loyalty and support.
"The
According to the Detroit "Free Press" of Aug. 8, former
Governor William A. Comstock of Michigan withdrew from
the sessions on Aug. 7 because of fear that his
participation
would
differences
the
extreme
so
great
a
Y
;■
disagreement with its policies is not
or
for
differences
of
propositions,
known
political party to repudiate
fundamental and all-
a
must be
policies
its
measures
that
such
with
toward the
Mr. Bailey and others argued in their closed
that the ultimate purpose of the conservative
party.
is' understood,
be
in
its
membership
that
"These
Aug.
disavow
recognized
the
accordance
*
border
and
is
"It
follow
full conference.
-;Y-'•••
party is both led
should
with
day,
from Detroit,
accounts
movement
the
election
until
the members of
impelling
from
lY
drafted by
follows:
as
to
Y
the
by
adopted
unanimously
is
and
"Mere dissent
different
a
reasons
leadership
assumes
the
on
Press
Republican
meeting,
of
are
community to
and
Adopted
expressed in a declaration
was
ordinarily sufficient justification
joined with Josiah W. Bailey Jr. of Texas and other conferees
Southern
with
Many
conference
controlling.
accomplish
to
way
and each
man
quote the following:
Mr.
best
...
carry
rehabilitation
each
to
open
judgment.
purpose
the
the
that
support the Landon-Knox ticket.
will
It
own
Our
the
the
declaration
"The
its
The
of
sense
committee
honorable
every
Declaration
,
Administration.
the Roosevelt
the opinion that the policies of
anti-Demicratic
are
sponsors
means
and
the
unpatriotic actions of
1013
Chronicle
following regarding the call for the general
strike
the New York 'Times" of
Aug. 12:
Spokesmen
The
call
for
for
the
the
employers
general
walkout
which the union
the
was
declared
that the strike was a failure.
followed several weeks of
conflict during
charged the employers' association with efforts
workers'
organization, while the employers contended that
high-handed in its tactics and could not be
trusted
fide
collective
bargaining and
is
cooperation with
the
to
to
engage
industry.
destroy
the
union
in bona
1014
In
Financial
statement
issued
that
a
Metropolitan
declared
the
ceased
to
in
union
the
from
office,
765
Broadway,
Textile Association
Knitted
it
had
Chronicle
was
David
Union,
Thomas
named
F.
Louis
"Vice-Chairmau.
1440
that
they
prepared
Mr.
week
declared
the
had
for
union
and
New
employers
have
Textile
the
frequent
the
the
v
demand
by the
for
35-hour
a
He
employers.
20% wage increase
The
to
seem
out
in
against
Dr.
today
its
refusal
the
40-hour
demand
Dr.
Uncertain Now
as
and
that
cooperation
tions with American
Minority
trends"
of
mittee
"novel
as
the
"New
legislative
Deal."
signed the majority
Four,
and
of
the
D.
Clark
John
com¬
ton, S. C., and Charles P. Taft 2nd of Cincinnati, Ohio, one
of Governor Landon's advisers.
A minority
report was filed
by a Kenneth Wynne of New Haven, Conn., Connecticut
Louis, former Mis¬
Supreme Court Justice, and James G. McGowen of
Jackson, Miss., Mississippi Supreme Court Justice.
The
Baltimore
"Sun"
had
Washington,
the
following to say in its advices
Aug. 7, regarding the views of the
on
study
could
the
embroiling
the
committee
useful
no
the
since
the
States
is
to
the
constitutional
of
opinion
designed1
that
filed
by
Bar
superficial.
It
the
the majority
Association,
and
could
whether
internal
creating
American
Bar
changing
economic
deal
not
with
willingly
only
not,
or
in
in
saying:
as
special
Association
committee
the
but
was
regarding legislative
conditions,
problem
surface trivialities.
on
"result
dissensions."
the
meet
does
short-range attack
resolution
of the
to
questions
that
as
political discussion
purpose
the
get
trends
it
her
In
the
the
to
regular
these
multitude
of
have
continuing
and
perfected
the
report
itself
concerns
Dr.
the
high.
been
them
of
as
is
with
is
they
in
such
the
may
Federal
as
officials
of
no
to-
as
the
or
of
succinctly expressed
States.
have
The
Debt
greatest
in
commerce,
organization
of
the
the
control
Debt
Aug.
Paris
the
that
of
the
opening
a
Administration
no
took
act
One
within
rate
has
clause
commerce
the
That
it
can
to rempve the
the
set
on
of
the New
aside
President
any
legislation.
our
If
traditional
rent
•
highest
the
our
to
held
form
and, the
dis¬
laws
enact
for
labor
theory
influence
to
this
be
court.
in
our
Roosevelt
doubts
this
its
life
the
brpad
as
new
beyond
economic
modern
whole
as
emergency
is
and
so
com¬
therefore
the problem
theory of Federal
■
'
'
with
power
Business
of
they
way
in
constitutional
an
system
recommending that
might
as
have
about
the
increasing burden
is
must
deplore
members
of
traditional
small
validity
of
cast
upon
the
proposed
the
court
individuals
Dec.
31.
At
that
given
time
measure
was
and
would
manufacturers,
suffer
other
heavily
in
by Mr.
France
Voted
Relief
which
hard
actions
they
for
tax
and of
institutions.
'
hit
the power
on
business obliga¬
intends
loud
by
laws
industry,
to
have
a
their business.
on
after
said
of
Blum
and
moratorium
the
clamor
by
small
depression,
that
enlarging payrolls
would
increase
the
cost
and
bill
grants
formers
delay
a
of
indirectly
recovery
by the
bill
of
toward
by
two
in
the payment
payments.
debt
permitting
Moratoriums
years
the
courts
to
suspend
debt.
of
♦
of
Condition
Settlements
of
as
Bank
of
for
International
July 31, 1936
On July 31 total assets of the Bank for
International Set¬
tlements, Basle, Switzerland, were in amount of 655,082,275
Swiss francs, it is shown in the Bank's
statement of con¬
of
as
that
date.
661,467,708 Swiss francs
This
at
compares
the end
of
with
resources
of
the previous month
and
656,243,048 Swiss francs May 31.
Cash on hand and
account with banks July 31 totaled
13,144,934
Swiss francs, against
8,502,549 and 7,764,629 Swiss francs,
respectively on the earlier dates.
The following is .the statement of the
Bank for July
on
current
compared with June 30, as contained
advices from Basle, Aug.
5, (figures
par):
in
31,
Associated Press
in
Swiss
francs
at
Assets
,.
July
29,869,503.43
on
hand and
on
current account with banks
Sight funds at interest.
Rediscountable bills and acceptances—
1. Commercial bills and
bankers' acceptances
2. Treasury bills
37,334,377.48
13,144,934.39
21,927,977.11
.
.
Gold in bars....
16!866;696.49
,
,
Total.
Maturing within three months:
(a) Treasury bills..
(b) Sundry investments
2.
Between three and six months:
3.
Over
(a)
(b)
(a)
(b)
Treasury bills
2.
121,471,929.63
151
180,922,250.20
324,492,161.05
38,698,796.46
332,847.405.92
22,759,461.10
21,229,263.44
30,813,681.62
39 955 650.44
on
34,095,693.00
bills sold
23,163,703.41
45,943,445.37
1,767,886.90
...219,541,592.04
Treasury bills.......
Sundry investments
Total.......
32,280,779.86
925 155.72
43,125,283.15
months:
Guaranty of central banks
Sundry items.....
8 562 548 69
24,431,641.56
62,848,733.37
Sundry investments
s x
Free. Month
203,020.231.42
Time funds at interest: not
exceeding three months.
Sundry bills and investments—
1.
to
power
for
•
mortgages, with provision for loans
granted
payment
carrying
social
new
virtual
Leon
Blum
already
from
restrictions
business.
similar
introduced
Other assets—
spend public funds, it is possible for the National Government to
engage
activities
and to accomplish ends which are
quite inconsistent with
those
in
a
in
Premier
plan in operation to assist them
The
of
and
1.
report of the majority added:
has
physician,
large bloc of French business
a
enterrises
institutions."
Through the sophisticated exercise of the
in
Men
and
Congress
policy is bound to collapse.
our
intended to aid
to
imposing
Cash
report commented
the
now
,
Total
to
friend
Deputies—Proposed
payments and promissory notes
they
„
•
majority also declared that "it is increasingly clear
guaranties, however potent,
they may appear to be in barring direct legislative invasion
of
rights of the citizens, fade away before determined
attack by a Congress which is unconcerned with
the mainte¬
of
in
Ethiopia,
of civilization and: peace in Africa.
cause
accompanied
has
Deal legislation :
preserve
it
merchants
The
The
receipt
on
dition
that many of the constitutional
nance
the
from
for small business men for the remainder of
voted by the French Chamber of Deputies on
was stated in
Associated Press advices from
as
Industrial
burden upon
unemployment
to
of
manufacturing, merchandising and
fail
be
each
8,
extends
been
theory,
National
the power
possesses
expanded
must
In
rejected by the
who Would
action
and
the average American
was
by the
theory of the extent
new
of
Among other tilings, the majority
follows
victory
information
really civilizing mission in Ethiopia and that
will not only be of benefit to the Ethi¬
a
being
are
considered
importance.
paragraph
the position' that
deal.
must
been
now
of
domination,
relief
The bill,
a
social
new
institutions
been
interstate
widespread
Congress
industrial,
Federal jurisdiction
it
flow
Large corporations and banks are not included in the
Socialist reform measure, said the advices, which added:
are
been
"
character and
plex
rela¬
that he felt
that day, which reported that another but
longer,
debt suspension plan for the assistance of farmers is
pend¬
ing in Parliament.
life
be the
to
,
which
Francisco
territory
Chamber
the year
'
practical
arising from
industry,
policies.
the
the Italian
Italian
Relief for Small
by
doing
has
a
mortality
Recovery Act of June 16, 1933, is that in order
Later
is
Statement
statutes
new
under
power
the
of
could
one
limited
There
whether
old
many
history.
with
policy^
'
broadest
operations
measures
Supreme Court to accept
legislative
interstate
He stated
men.
by his
Giuseppe Frahchini of Bologna.
Dr.
a
be reserved.
United
the
of the
is
passed,
that
matter
a
national
making
important
of
in
t
Constitution
now
and
made
extended
so
even
have
been
emergency
changes
between
most
Court
The refusal
of
with
continual
that
Corni
The
which
have
have
proposed
order
that
so
Supreme
that
a
complete
over
tions until
by important members of the Administration
conflict
Many of
all
permanent
economic
very
with
declared
activities
agencies
new
specifically
been
beginning of
of Congress
sessions
Federal
become acquainted
Laws
San
commercial
the
opians themselves but to the
majority report it is stated:
two
additions
'of
under
control
loan
In the
and
being laid here for closer commercial
two countries than ever before.
was
begun to feel that Italy has
the
survey
Judge Wynne of the minority is reported
If
saying
already had been decided by the
because this is a Presidential election
American
bitter, partisan
minority report
a
held
They
such
filedi
purpose,
legislation under
Court.
report
a
of
serve
in
Supreme
year
York
Farmers
members
involved
New
Italo-American
on
business
between
however,
note,
that
minority:
Three
Somaliland,
campaign here for the purpose of enlightening the
a
United
.
St.
souri
from
I
of
Cheyenne, Wyo.; Fred H. Davis of Tallahassee, Fla., a
Florida Supreme Court Justice; George L. Buist of Charles¬
Circuit Judge; Fred L. Williams of
annual
American public as to Italy's aspirations in connection with
East Africa.
He added:
governmental
members
report, viz.:
foundation
a
sort of
uncertain today" as they were two years ago, what
described
coming
Dr. Corni said that the events that led up to the Italian dif¬
ficulties developed so fast that Italy did not organize any
Majority members of a special committee of the American
Association, in a report made public Aug. 7, held to be
Bar
as
between
centres
exchanged views
Citizens—Views of
"just
speech
for
Ago—
Sees No Indication that Administration
Recognizes
Obligation to Protect Constitutional Rights of
they
religion,
the
at
upon
Guido Corni, former Governor of Italian
industrial
Two Years
as
of
Europe on Aug. 8 on the Italian liner Rex; he
recently returned to New York following a tour of the
United
States during which he visited many important
Committee of American Bar Association Holds Aims of
"New Deal"
freedom
as
report
sailed
likewise unacceptable.
was
practices of the
infringe such tra¬
Guido Corni, Former Governor of Italian Somaliland, Following Tour of United States, Sails for
Italy—Looks for
Closer
Commercial
Relations
Between This Country and Italy
were
union's
also that the
said
that
and
Association,
employers
fiitn
as
citizens
of
will he acted
meeting of the Association.
\
;
was
week
rights
challenge
Administration
and the press.
as
Workers
survey
workers
added that the
strike.
union's
a
more
"Sun")
said there was
"careless" assertions
ditional
Sec¬
as
procedure and
(we quote from the
"no justification" for
report
and
present
with
Union,
Textile
Textile
from
returns
Sylbert
Mr.
Workers,
United
few hundred
a
committee,
Deal theory, the majority
Baltimore
workers.
"early
that
may
yesterday."
proposed
a
the
Knitgoods Workers
Sylbert said that the employers' association
grant
for
U.
the knitgoods
strike
United
the
of
W.
G.
L.
over
Broadway,
than
the
of
Manager
I.
general
Sylbert, Executive Director of the Metropolitan
indicate
to
The
the
of
President
Nelson,
jurisdiction
Jed
Chairman
McMahon,
and
share
represented the majority of
longer
no
Dubinsky, President of the International Ladies Garment Workers
was
retary
and
1936
Although generally critical of New Deal
virtually
industry.
the
exist
Aug. 15,
217,695,686.70
1,385,325.27
6,621,985.68
94,777,705.96
1
351 248.14
6,854',094.56
8,007,310.95
8,205,342.70'
.655,682,275.43
661,467,708.42:
.
.
Total assets..:
.
Volume 143
Financial
Chronicle
Liabilities
Death of
.
Julp
1015
Prev. Month
-
Capital—Paid up
.125,000,000.00
125,000,000.00
3,784,029.10
6,091,706.43
12,183,412.83
3,784,029.10
6,091,706.43
12,183,412.83
22,059,148.36
22,059,148.36
154,528,750.00
77,264,375.00
2,030,500.00
61,930,084.72
154,058,750.00
77,029,375.00
2,030,500.00
61,930,084.72
.295,753,709.72
295,048,709.72
,.119,072,088.99
25,862,281.67
117,465,640.31
22,476,443.02
.144,934,370.66
6,054,514.47
139,942,083.33
10,605,603.09
605,942.17
135,521.64
28,154.12
257,163.97
741,463.81
24,057,274-23
285,318.09
25,484,044.31
Reserves—
1.
Legal reserve fund
Dividend reserve fund
General reserve fund
2.
3.
Total
„
long-term commitments—
1.
Annuity trust account deposits
German Government deposit.
French Government deposit
(Saar)
4. French Government
guarantee fund
2.
3.
Total
_
_•
.
Short-term and sight deposits (various
currencies)1. Central banks for their own
account:
(a) Nor exceeding three months.
(b) Sight
Total
_
...
2.
Central banks for account of
others-^Sight..
3.
Other depositors:
.
Representative Marion A. Zioncheck of the State of Wash¬
ington died on Aug. 7 as a result of a fall from the fifth
floor of his office
building in that city.
It was stated in
Associated Press accounts from Seattle on Aug. 8 that his
plunge
was attributed by friends to worry over a psychia¬
trist's advice that he take a
long rest from politics. Under
Aug. 8 an Associated Press dispatch from Washington
stated that Kenneth
Romney, Sergeant-at-Arms of the
date of
House, carrying out a mission personally imposed on him
by Representative Zioncheck set about to "unscramble" the
latter's business affairs.
Sight deposits (gold)...
Profits allocated for distribution on
July 1,
1. Dividend to shareholders at the rate
6%
per annum...
2.
Participation
Article 53
7,500,000.00
a
of
long-term
depositors
(A) of the statutes
Total..
per
493,594.98
..."
....
Miscellaneous—
7,993,594.98
.
1.
Guaranty on commercial
2. Sundry items
observation at
bills sold
1,386,368.01
35,695,429.17
1,351,248.14
33,697,958.40
37,081,797.18
35,049,206.54
.655,682,275.43
661,467,708.42
a
after he had fled from
taken under protest
was
a
hospital at near-by
after being under mental
Washington Hospftjal.
Committees from the House and Senate
1936—
of
'
Romney said the Representative's request had been made during
his last day in the
capital,
Towson, Md„ where he
Total
.
The dispatch also said:
Mr. Romney prepared to
fly to Seattle to attend Mr. Zioncheck's funeral
and talk with members of
his family before carrying out the request,
which he disclosed
today.
■
■ v,.'
'
Mr.
(a) Not exceeding three months
(b) Sight
Representative Zioncheck of
of Washington
State
Aug. 8 to attend the
funeral of
Mr.
were
named
on
Zioncheck this week
the House members
being Representatives Monrad C. Walland Martin F. Smith of Washington State and William
Ekwall of Oregon; the Senate members named were
gren
F.
Senators Bone and Schwellenbach of the State of Washington.
Representative Zioncheck, who was 35 years of age, an¬
on Aug. 2 that he would not seek
re-election, but
days later he filed for re-election at the State Capital
at Olympia.
nounced
Total
Total liabilities
—
two
Former Secretaries
Death
of
J.
J.
McSwain, Member of House
Representatives from South Carolina
;
Funeral
services
Democrat
from
held Aug. 9
who was
for
the
Representative
fourth
in Greenville,
Aug. 6 of
on
C.
McSwain,
district,
stitution.
He
61
was
were
Representative McSwain,
of
career
the
few hours after entering the in¬
old.
The following summary
a
years
late
Representative is from the New
York "Herald Tribune" of Aug. 7:
John
tives
Jackson
in
1920
McSwain,
had
and
who
served
was
elected
the
to
continuously
House
since,
ever
of
physician,
health
would
Mr.
McSwain
Carolina
and
to
Mr.
He
McSwain
of
at
of
elected
was
a
of
He
book,
J.
He
warned
acting,
was
him
that
to
the
He
was
C.,
South
Carolina
referee
a
in
was
"The
to
Congress
interested
Causes
in
from
the
historical
at
bar
South
in
1901
bankruptcy from
4th
Carolina
and
was
the
Secession."
of
Also sailing on the Queen Mary was
Lindsay, British Ambassador to the United
States, who is returning to England for a four-months vaca¬
tion.
•;;.\-vv.'-.Y .d
In reporting the departure of Mr. Stimson and Mr.
Kellogg, the New York "Times" of Aug. 13 said:
Sir
Ronald
Mr.
Congress.
v
A.
Haines,
Senator
was
Aide
Glass
New
York
"Times"
of
Aug. 12:
Mr.
Of electrical
was
President
devices,
from
of the
1900
Haines
1906.
to
organize the Chicago Morris Plan Bank.
&
Noyes Co., manufacturers
Then,
in
1907,
After serving
as
he
helped
Chancellor, financial advisers.
to
yice-President
of this bank, he founded, in 1922, the New York firm of
Haines,
&
said
He said he still
he
did
not
believe that
the
international situation
Stimson said he and Mrs. Stimson would go to Scotland.
Mr.
S.
was
bad,
He added
Hecht
pean
Reports to President Roosevelt on Euro¬
Finance—Senators Thomas and Wheeler Also
France,
Spencer
He became.Chairman of the Board in 1928.
Here
for
I. Straus, Ambassador to
Rest—Secretary of Commerce
Roper Returning
'
On Aug. 10 Rudolph S. Hecht, Chairman of the board of
the Hibernia National Bank, New Orleans, La., and former
President of the American Bankers Association, reported
informally to President Roosevelt on economic and financial
affairs in Europe, it was stated in Washington advices to the
"Wall Street
Haines
appeared in excellent health.
year,
Secretary of State.
was
Return from Abroad—J.
Secretary of the Treasury under President' Roosevelt,
died on Aug. 10 at the Deaconess
Hospital in Boston. He
was 59 years old.
A native of Chicago, Mr. Haines was
graduated from Cornell University in 1899. As to his career,
the
"I
asking, "What is menacing about it?"
Secretary of Treasury
following from
:
much faith in the Kellogg Pact as he had 10 years ago.
as
While
as
the
Kellogg, who is in his eightieth
He has not been abroad since he
had
John Allen Haines, financial counselor, who served as an
to Carter Glass during the Virginian Senator's term
take
v
definitely that the West is for Governor Landon."
Mr.
Aide
we
confident that Governor Landon would defeat
that he hoped to get as far away as possible from all the agitations of politics.
Carter
to
was
'
"The country is getting sick of the New Deal and all its ramifications and
R.
Death
Kellogg said he
President Roosevelt and that the Republicans would gain in both houses of
He
South
studies,
Am-
the people are anxious to attend to their own business," he declared.
educated
and
Kellogg De¬
British
panied by their wives.
his
political activity..
S.
and
Henry L. Stimson and Frank K. Kellogg, both former
Secretaries of State, sailed for England on Aug. 12 aboard
the Cunard-White Star liner
Queen Mary. They are accom¬
know
Hill,
admitted
was
had
short
a
trustee of the city schools for many years.
a
1920.
further
Cross
practice at Greenville.
a
in
the strain
born
was
1917, and
district
author
stand
College.
began
1912
not
who
Representa¬
announced
time ago that he would not stand for re-election this
year.
he said, on the advice of his
State Stimson
Europe—Ronald Lindsay,
basador to United States, Also Sails
heart attack at the Veterans' Hos¬
a
pital, in Columbia, S. C.,
the
S.
J.
John
Carolina
of
for
part
Chairman of the House Military Affairs Commit¬
tee, died
of
South
of
Jqurnal" of Aug. 11.
abroad six weeks, returned
Mr. Hecht, who had been
Aug. 8 aboard the dirigible
In the advices quoted it was also stated:
Hindenburg.
on
Mr. Hecht said that in his mind there
was
little
danger of devaluation of
the French franc.
Economic conditions in
in many nations.
Europe
were
He said England
described by Mr. Hecht
was
as
chaotic
in better shape than most.
He
attributed this to the large amount of new building in England and to the
Death
R.
of
J.
Bender, Former Vice-President
United
of
fact that England has recently changed from a free trade country to one
with protective tariffs.
Press
Robert J. Bender, who retired last January as Vice-Presi¬
dent and General News Manager of the United
Press, died
Aug. 9 in the Mount Vernon Hospital, Mount Vernon,
Y.
Mr. Bender, whose home was in Pelham
Manor,
N. Y., was 45 years old.
The following summary of the
on
This, he said, had enabled the English to compete
with world markets and had aided the solution of unemployment greatly.
Mr.
Hecht, who visited all principal countries of Europe, reported only
economics and finance.
on
He said he did not discuss politics with the
President.
N.
career
of the deceased is from Mount Vernon
to the New
Mr. Bender
York "Herald-Tribune" of Aug. 10:
was
born in Galesburg,
Alma Colville Bender.
After he
was
111., the
son
(111.)
Evening
News."
of Victor E. and Mrs.
graduated from Knox College, Gales¬
burg, in 1911, he went to work for his father, who
Springfield
advices, Aug. 9,
He
was
subsequently
publisher of "The
joined
national News Service and in 1913 went with The United Press
the
as
Inter¬
business
representative for Illinois.
In 1915 Mr. Bender
was
sent to
Washington
as a
member of the press
service's bureau and began an association with President Woodrow Wilson
that
was
Although
to
continue
he
was
during most of Mr. Wilson's two terms in office.
placed in
charge of the
continued to follow the President
the first definite report
Peace
Conference.
He
bureau in
about and
was
1917,
Mr.
credited with
Bender
obtaining
of Mr. Wilson's projected trip to the Versailles
accompanied President
Wilson
on
the
European
tour.
was
made News Manager of the United News, as the
night
named Manager
President
I.
Straus, Ambassador to France, returned to theon Aug. 11 on the French liner lie de France.
It had been reported that the Ambassador had been gravely
ill but this was denied both by the State Department, in
Washington, and by Mr. Straus himself.
He said that he
has come to this country only for a rest and will return to his
post in October.
Also returning from abroad during the past fortnight were
Senators Burton K. Wheeler, of Montana, and Elbert D.
Thomas, of Utah, who arrived on Aug. 2 on the President
Roosevelt of the United States line.
and
was
then known, in
1921, and three
of the entire organization.
years later
In 1927 he became Vice-
General News Manager, holding that position until last
January, when illness forced his retirement.
The Senators had at¬
while in Europe, the Inter-Parliamentary Union
meeting in Budapest, Hungary, from July 3 to July 8, said
the New York "Times" of Aug. 3, from which the following
tended,
is also taken:
Senator Wheeler said
Mr. Bender
service of the association
was
Jesse
United States
the
delegates felt that
Union is not
"I
so
nothing much had been done at the meeting because
"there
important
as
are
so-many
dictators in Europe that the
it used to be."
believe that the international meetings
to discuss parliaments is of
considerable importance and should be continued," he said.
there is likely ta be a war in
Europe because the people
on
"I do not think
the Continent,,
Financial
1016
are
Chronicle
afraid that if one should break out now it would mean the end of every¬
thing."
.
.
.-J".
.
torial committee that attended the Union
third member of the Sena-~
meeting, will return later, Senator
Thomas said.
"I have been especially interested in the way
United States must
that might be adopted at home.
without making at least a
''•''V:'-VA
VU A:
:
is
Al¬
J.
Means
New
.
and,
■
'U'"
the Canal Zone
the tolls imposed on vessels using the Panama
Canal, are returning to New York aboard the steamship
Ancon, of the Panama Railroad line, which is scheduled to
arrive on Aug. 17.
The commission, which is composed of
Dr. Emory R. Johnson, of the University of, Pennsylvania;
Rear Admiral George H. Rock, United States Navy (re¬
tired), and former Governor Arthur Weaver of Nebraska,
left Balboa, Canal Zone, on Aug. 9.
Previous reference to
the commission was made in our issues of Aug. 8, page 855,
and Aug. 1, page 680.
■
\
In reporting the departure of the commission for New
York, cablegram advices from Balboa, Aug. 9, to the New
York "Times" of Aug. 10, said:
for the purpose of recommending to President Roosevelt new rules
continue their studies at
Senator
6 aboard
the
in
3272 and
The
programs
"such
States liner Manhattan from
about
same
the
In
England
there
are
fixed
low
pointed
whichunder
happens
as
I
and
Government
out.
would
certain
for
The
loans
low
our
the
make
grants
authority
audi grants
income
Wagner bill
and
circumstances
general
scheme there
to
loans
for
to
undertake
the
the
sponsors
a
them,
ocupy
Federal
local
of
Brooklyn,
Republicans, and
Peter
T.
Farrell,
;
1939 World's Fair in New York City
issues of Feb. 1, page 717; May 16, pages
3282, and June 13, page 3951.
;
our
a
member of the Board since its
the
Fulton National Bank
trust
department.
He
of Atlanta and in
was
He has been
L.
Madland
with rentals
the
Senator
of
authorities
projects on
Resigns
Francisco
in the
Bank
Reserve
Examiner for
District-—F.
W.
Twelfth District for three and
a half years, and has
Comptroller's Office since 1919.
The Comptroller of the
Currency, J. F. T. O'Connor,
with the approval of Henry Morgenthau Jr.,
Secretary of
the Treasury, has designated Frank W.
Shanley of San
Francisco as Acting Chief National Bank Examiner.
Mr.
Shanley was first appointed a national bank examiner in
1918.
He has had experience as an executive officer of a
national bank, and for the past three
years has been assigned
to the
Twelfth Federal Reserve District
as
a
national bank
examiner, with headquarters in San Francisco.
After suc¬
cessfully passing his examination for national bank examiner
in 1918, Mr. Shanley was offered a more lucrative
position
with!
a
national
bank, which he accepted.
and
its
Chief
as
Federal
been connected with the
.i
and
housing authority
housing
construction
project
initiative.
own
Crews
resignation of L. L. Madland, as'Chief National Bank
(San Francisco) Federal Reserve
District, effective Aug. 10, was announced by the Treasury
Department on Aug! 8.
Mr. Madland, who has accepted an
executive position with the Seattle-First National Bank of
Seattle, Wash., has ajCted as Chief National Bank Examiner
is
,
for slum replacements
groups
provides
of
of New
Examiner for the Twelfth
three-
a
proposed housing bill."
local
Burchill
The
;
not handicapped by court
are
but the
here,
F.
Shanley Designated Acting Chief
to
and Ireland where he
us
outlined in
Ireland
enuogh
to
J.
Ransom has been
San
in those countries, he said,
as
Thomas
Herbert Brownell Jr.
a director in several
corporations, Presi¬
Clearing House Association, President
of the Georgia Bankers Association, and for
many years has
been prominently identified with the American Bankers
Association and the Reserve City Bankers Association.
merce" of Aug. 7:
decisions,
Senators
Announcement
♦*
England
members;
ex-officio
dent of the Atlanta
Wagner, of New York, returned on Aug.
United
minority
States before making their
Returns
from
Abroad—Plans
Resubmit Housing Measure
vacation
Steingut,
1922 when he became Vice-President of the Fulton National
made a
study of housing and slum clearance.
Upon his arrival, the
Senator said that the housing programs of England and Ire¬
land are credited to a great extent with bringing back pros¬
perity in the two countries.
He also announced that he
plans to reintroduce at the next session of Congress the
Wagner-Ellenbogen housing bill.
Regarding the Senator's
remarks on the housing programs of England and Ireland,
we take the following from the New York "Journal of Com¬
week
Irwin
Items regarding the
appeared in
Bank.
for the
Wagner
,
Assemblymen
and Abbot Low Moffat, Chairman of the Ways and'
Democrat.
L.
Senator Robert F.
Fearon; Senator Jeremiah F. Twomey,
Senate Finance Committee; Speaker
charge of
born in Columbians. C.
Jan. 21, 1882, received his LL.B.
degree at the University
of Georgia in 1903 and was admitted to the bar the same
year..
He engaged in the general practice of law in Atlanta until
report to the President.
\
the Assembly;
of
Ives,
the Assembly,
Mem¬
Senators-
the
Chairman of
Robert
its
They will
transiting the canal.
ports of the United
and George R.
Democrat,
Queens
of
officials of the Panama Canal, conferred
with them and made studies aboard ships
possible and not later than April 20, 1937.
select its own Chairmen and other officers.
Legislature who are members of the commission are :j
Committee,
Mr.
measurement of vessels as a basis for canal tolls.
many
The commission
to the Legislature
reorganization last February, having been appointed for a
term of six years.
At the time of his appointment (by Presi¬
dent Roosevelt on Jan. 27), he. was Executive Vice-President
returning to New York after four days of intensive study here
The commissioners met
as
recommendations
was made in Washington on
Aug. 8 of theappointment by President Roosevelt of Ronald Ransom, of
Atlanta, as Vice-Chairman of the Board of Governors of the
Federal Reserve System.
The vice-chairmanship of the
Board is a new position, created by the Banking Act of 1935,
and the appointee must be chosen from the Board's member¬
ship; Mr. Ransom is the first to fill the post.
The term of
office is four years, the period for which the Chairman serves.
•
survey
are
the necessity for further legislation.
as
of 1935
The Commission which recently went to
They
well
York;
•
Commission Studying Panama Canal Tolls Returning
to New York After
Four-Day Survey of Zone
to
with the
Appointed Vice-Chairman of Board of
Governors of Federal Reserve System By President
Roosevelt—Post
Was
Created
By. Banking1 Act
'.;y
-r
♦
basin,
boat
Ronald Ransom
will be the next
according to precedent,
a
activities, and how far it should go in the
bridges and other transportation facilities to
It will also consider plana of coopera¬
other agencies in the management of
County Republican, and Assemblymen
house, have been completed, and others have
Governor,
for
are
York; Joseph D.4 Nunan of Queens, Democrats, and Arthur H. Wicks,.
Colonel Clarence S. Ridley, engineer of maintenance, be¬
Acting
highways,
Ulster
There has been much
Madden Dam and
Governor of the canal.
of
Dunnigan
Irving M.
A number of important projects, including the
comes
the
leader of
Schley stated he might resign after his arrival in Washington.
power
money
Governor
improvement in the canal.
a
of
amounts
what
The
commission will
of
John
Z.
Governor have been fruitful.
Fair.
including $250,000
State
purely
as
speedily
The
Schley, sixth Governor of the Panama
Canal, accompanied by his wife, sailed for New York on
Aug. 9 from Cristobal, Canal Zone, aboard the steamship
Ancon, of the Panama Railroad line, said a special cablegram
from Cristobal, Aug. 9, to the New York "Times" of Aug.,
10, which also had the following to say:
:;y
•
been initiated.
of
Fair,
bers
Colonel Julian L.
as
recommend
required to submit its findings and
as
of Panama Canal Sails from Canal
Zone for New York—Resignation Probable
His four years
to
for the
.
the
Schley
.
on the
planning of buildings
improve accessibility to the grounds.
tion between the State and city or
We in the
in October.
for expenses,
to be made next year.
commission will make recommendations on the desirability of State
Brooklyn
He probably will not return, as his term expires
authorized
is
appropriate
fairgrounds,
construction
"I have
»
%:-•
more
exhibits
VA':":
Governor
appropriation of $90,000
Legislature has already
than $1,500,000 .for permanent improvements at and lead¬
should
the
to
The
determined effort to revive attachments to the
soil."
an
understanding that additional appropriations
decide how large we can permit cities to become
soon
hae
in the selection of State exhibit sites
thereon.
commission
State
ing
though the problem is different in each country I noticed many architectural
and administrative features
.—
.
.
proceed at once
erected
provided
Britain and Germany are
and suburbs both in London and Berlin,
to
The
the
Washington,
Roper told the writer.
Mr.
be
to
following a three-week tour of England and Germany, is
Secretary of Commerce Roper.
Secretary Roper departed
from London on Aug. 13, accompanied by William A. Julian,
United States Treasurer, with whom he had been traveling.
In a wireless dispatch from London, Aug. 13, to the New
York "Times" of Aug. 14, he was quoted as follows:
meeting their housing problems,"
is
fairgrounds at Flushing Meadows, Queens, and in the
i
;
Enrouce to the United States on the Steamer
visited many developments
The commission
and
Barkley of Kentucky, the
Senator Alben W.
1936
Aug. 15,
♦
Inter-American Peace Conference
—Parley
Suggested
to
Commence Dec.
President
by
Roosevelt
1
Will
Be Held in Buenos Aires
Gov.
Lehman
of
New
York
Names
Six
Commissioners
Completing Personnel of State Group Created to
Planning 1939 New York World's Fair
Aid in
On Aug. 3 Governor Herbert H. Lehman named
bers to the
commission
six
mem¬
created
by the Legislature to plan
the State's participation in the 1939 World's Fair to be held
York City.
The other 12 commissioners (Senate
Assembly members) were previously named.
The ap¬
pointees by the Governor are Surrogate James A. Foley,
Ashley T. Cole and Charles H. Strong of New York; Marie
F. Conroy of Brooklyn; John J.-Teddy of Elmhurst, Queens,
in
New
and
and
Harold
The
following
J.
O'Connell
is
taken,
of
in
Dongan
part,
Hills,
from
Aug. 3 to the New York "Herald Tribune"
Staten
Island.
Albany advices
:
on
The inter-American peace conference,
dent Roosevelt, will be brought under
proposed by Presi¬
way on Dec. 1 in
Aires, Argentina, it was announced by the State
Department, in Washington, on Aug. 12. The peace parley
was suggested first
by President Roosevelt several months
ago, but the question of setting the date and issuing of
formal invitations to the 20 other" American
republics was
left to the Argentine Government, which will act as host,
said Associated Press advices from
Washington, Aug. 12.
Further advices from
Washington, also Associated Press,
Aug. 12, to the New York "Times," had the following to say:
Buenos
Informed circles said the date
was
arranged largely to make it possible
for Secretary of State Cordell Hull and
Argentina's Foreign Minister Carlos.
Saavedra Lamas, to head their respective delegations.
Volume
Financial
143
The Argentine
Foreign Minister is likely to preside at the League of
Nations Assembly at Geneva in September, while Secretary Hull is ex¬
pected to take part in the political campaign leading iip to the Presidential
election.
Regardless
Hull
of
election
the
informed
outcome,
said that
sources
Secretary of State Sumner Welles, Alexander Wed-
dell, Ambassador to Argentina, and Spruille Braden, who was a member
of the United States
delegation to the Pan American Conference in Mon¬
tevideo.
■'
'
,
.
The State Department published an
exchange
of telegrams between Mr.
the only suitable
would be
date," the latter said, and Mr. Hull replied that this
In
Legislation providing for United States participation in
was referred to in the "Chronicle" of May 16,
page 3271.
Other reference to the parley was made in our
issues of Feb. 22, page 1214, and Feb. 15, page 1047.
Program of Pacific Coast Trust Conference of American
Bankers
Association
Sept. 17-19
Francisco
in San
Held
Be
to
States to
the
Pacific
Coast
and Rocky
Mountain
be held in San
Francisco, Calif., Sept. 17, 18 and
19, at the Hotel St. Francis, under the auspices of the Trust
Division, American Bankers Association, were announced by
the Association
Aug. 12
on
of
Vice-PreBident
San
and
SessionSept.
general
welcome,
conference
Senior
Trust
Merrel
P.
Callaway,
President Trust
Blaine
B.
Officer
Bank
of
J.
W.
Kieferdorf,
N.
America
T.
&
S.
A.,
Vice-President
Guaranty
Co.
Trust
of
New
York
Division, American Bankers Association.
Coles,
the
&
Trust
G.
Vice-President and Trust Officer, First
Stockton.
Co.,
Vice-President
Winston-Salem,
Robertson
Griswold,
N.
Chairman,' IT.
Walter
Los
National Bank
L.
Hinley,
Session, Sept.
Trust
Trust
Holt
St.
Officer
Counsel
Trust
Co.
Baltimore,
Md.
17
Commercial
Utah
Security
Bankers
Bank
of
Association.
Security-First
National
Bank
of
*
Louis.
Paul
P.
&
Trust Officer United States National Bank of Portland, Ore.
Manager Business Development, Trust Department Chi¬
Trust Co.
Chicago.
*
"
•
Third
Chairman,
A.
L.
Lathrop,
Session, Sept.
18
Vice-President Union
Bank
&
Trust
Co.
Los
White,
Trust Officer
Mercantile-Commerce
Bank
Trust
&
Co.
St.
5,
David
Exchange
Thua
in
far,
the
have been
we
right
direction.
in
strong
have
We
achieving, but it is not sufficient
matter
a
of
deep
to
concern
a
that
that
alone
we
as
should
think
we
the
think
so
of
national
section
cross
best
the
that
in
worth
it
Harold
Bank,
Eckhart,
Vice-President
and
Secretary
Chicago.
Harris
Trust
&
Savings
"
Walter S.
Bucklin, President The National Shawmut Bank, Boston.
Howard A. Judy, Regional Administrator Securities and
Exchange Com¬
mission, San Francisco.
(it
was
told the
his
opinion
the
unlisted
securities trading business is destined to become a powerful
influence for good of the business and the
and articulate
public.
The
same paper
National
cooperating
with
the
with
other
agency
every
otherwise,
which
this Association
ing
and
'•
Federal
seeks
is
solving
business.
also reported Mr. Daggy as saying:
Security Traders'
in
to
a
Association welcomes the opportunity of
Securities
within
position
and
without
or
accomplish
our
Exchange
Commission,
ranks,
our
aims,
common
problems
bearing
and
upon
•
.
and
governmental
I
today to be of inestimable aid
the. many complex
V
■
in
the
or
that
feel
clarify¬
securities
'
Session,
Sept.
18
ABOUT BANKS,
TRUST COMPANIES, &c.
Guaranty Trust Co. of New York published notice
on Aug. 13 to make effective on and after
July 1, 1937, the
termination of double liability on its outstanding
capital
stock.
The notice is
to
the
required to be given under the amend¬
Banking Law enacted May 29, 1936.
State
This amendment also provides that stock
originally issued
by State banks and trust companies after June 1, 1936 is
automatically free of double liability.
An announcement
issued by the Guaranty Trust on Aug. 13 also had the fol¬
lowing to say:
The present State law places the stock of New York State banks and trust
companies
the
on
same
basis
as
freedom from double liability.
that
of National
banks with respect
to
The Banking Act of 1933 made National
bank stock issued after the date of enactment (June 16, 1933) free of double
liability; the Banking Act of 1935 permits termination of double liability
on outstanding National bank shares on or after
July 1, 1937, provided
published notice is given by banks at least six months in advance of the
effective" date.
The former National Bank of Commerce in New
with the
York, which
Guaranty Trust Co. of New York in 1929,
was
merged
was for many years
the
double liability feature.
When^the National banking system
estab¬
was
Commerce, which had been
in existence since 1839, was the largest bank in total resources and
capital
Wash."
N.
Stronck,
System,
Technical Adviser to Banks,
Rukeyser,
Financial
Member
Ransom,
Washington,
D.
Board
N.. T.
&
S.
American
Smith,
R.
San
Institute
Bank,
-
Ulveetad,
Los
Lloyd
Session, Sept.
and
Banking
Chapter.
Norvald
of
the
Bank
of
Commerce
was
so
liability pro¬
merged
was
the
with
Guaranty Trust Co. of New York in 1929, the exemption that had been in
inoperative, the
combined
institution
coming
Guaranty Trust Co.'s charter.
Robert A. Miller
Federal
Reserve
was
elected
an
Assistant
Trust
Officer
Co., New York City, at
a
regular meeting of the board of directors held Aug. 13.
Trust
•
Member
and
:
Past
Bank
National
of
America
Executive
President
of
-
-
San
Council,
Francisco
Exchange Bank & Trust Co., New York City,
on Aug. 6 by the New York State
Banking Department to open a branch office at No. 33-35
given
National
Flatbnsli
permission
Avenue
continuance
-
Department Citizens
Corn
"The
19
Vice-President
Trust
&
Savings
No. 19-21
of
in
the
Flatbush
Brooklyn,
branch
conditioned
office
upon
the
dis¬
heretofore maintained
at
Avenue, Brooklyn.
>
Trust
Department Crocker First
National
Bank
of
San
Francisco.
James
National
of the Chemical Bank & Trust
Economist, New York.
Angeles.
Wiseman,
and accordingly the original National Bank Act
the
Bank of
Francisco.
and
Governors
Assistant
Francisco,
of
When
Its
exempted its shareholders from
worded that it exempted that one institution from the double
was
H.
A.
of
San
Writer
however,
C.
Fifth
Chairman,
double liability,
visions.
'
Merryle Stanley
Ronald
original articles of association,
under the
Chairman, George H. Greenwood, President The Pacific National
Seattle,
'
■
The
effect for 90 years became
Fourth
is
well.
as
in
elements
is
so;
President, Mr. Daggy
committeemen
of
moving
are
goal
the Los Angeles "Times" of Aug. 7)
^gathering
such
conviction that
doubted
that you should
us
p Following his election
jfstated in
the
not
funds and its entry into the system was considered vitally important.
Louis.
II.
and
lished at the time of the Civil War, the Bank of
\V.
Aug.
on
only National bank in the country whose shares enjoyed freedom from the
Angeles.
J.
convention
Commission, voiced a plea
Commission, according to Los
Angeles advices to the "Wall Street Journal," which also
quoted him as saying:
v
Pullen,
Title
cago
Bank
Roudebush, Vice-President and Counsel Mississippi Valley Trust
M. Alton,
R.
Wachovia
I
President Trust Section
Nossaman,
Officer
C.
Angeles.
A.
Co.
W.
and
Trust
and
Vice-President Maryland
Second
Ogden, Utah,
Securities
ment
of Portland, Ore.
Richard
the
ITEMS
17
Chairman,
Francisco.
and
before
follows:
as
First
Address
con¬
...
speaking
The
trust conference of
for next year's
chosen
was
for continued support of the
-
The speakers scheduled to address the fourteenth regional
City
Saperstein, director of Trading and Exchange Division of
"eminently agreeable."
the conference
elected President for the 1937 fiscal
was
and Atlantic
vention.
Hull and Mr. Saavedra Lamas.
"We have reached the conclusion that the first of next December will be
1017
Co., Philadelphia,
year,
Mr.
considered certain to head the United States delegation, which
was
will include Assistant
Chronicle
The New York State
Banking Department gave authority
Aug. 6 to the General Motors Acceptance Corp., New York
City, to open a branch office in Appleton, Wis.
oh
B.
Wyman, Trust Department American Trust Co. San Francisco.
Lee Sandfort, Trust Department Bank of America N. T. & S.
A., San
Francisco.
.
Emil
Andker,
Trust
Department
Bank
of
change
Roy
Ban
R.
Zelliek, Assistant Trust Officer Anglo California National
Francisco.
.
_
^
Kenneth
ft
S.
A.
M.
San
Barth
Johnson,
Assistant
Trust
Officer
Bank
Francisco.
Ottoboni,
of
1_.
Bank,
Z__."—.
-
America
N.
T.
Walter
Reid
Trust Department
Wolf,
First National
Bank
of
San
Vice-President
City
Bank
Farmers
Trust
Co.
New
Immediately preceding the annual convention of the
American Bankers Association, to be 'held in San
Francisco,
Sept.
21-24, it
by
is expected that
numerous
trust
men
the conference will
from
other
sections
be at¬
of
the
country in addition to the conference territory, which com¬
prises the following states: Arizona, California,
Colorado,
Idaho, Montana, Nevada, New Mexico, Oregon, Utah, Wash¬
ington and Wyoming.
Previous reference to the coming
conference was made in our issue of
July 25,
page 525.
Conclusion of Annual Convention of National
Security
Traders' Association—David Saperstein of SEC a
Speaker—J. G. Daggy Elected President
the
closing session of the third annual convention of
Security Traders' Association, which was held
the National
in Los
Angeles. Aug. 4 to 6, J. G. Daggy, of Parsly Bros. &
was
on
Aug. 8 at his home in Scarborough, N. X.
59 years old.-A native of
Sidney, Ohio, Mr. Ailes in
1896 became connected with the Bureau
of the Miht of the
States Treasury, and four years later went to Nome
Vice-President and assayer of the Alaska Banking & Safe
United
Crocker
Vork.
tended
disease
heart
He
.
Francisco.
At
Eugene E. Ailes, a partner in the New York Stock Ex¬
firm of Carter & Co., of New York City, died of
California, N. A., San Fran¬
cisco.
as
Deposit Co. From 1908 to 1912 he aided in the building of
the Hampshire Southern Railway, in West Virginia, which
is now part of the Baltimore & Ohio, and in the latter year
joined the Stock Exchange firm of James B. Colgate & Co.
After
a
year
with this firm he became associated with N. W.
Halsey & Co., investment and banking firm, and when it was
merged with the Notional City Bank of New York in 1916
he
the
became
Assistant
became
a
Vice-President
and Sales Manager in
of tbe National City Co.
Mr. Ailes
partner in Carter & Co. in 1929.
Metropolitan
area
William H. Judd, heretofore
Britain
a
Vice-President of the New
National
Bank, New Britain, Conn., was elected
President of the institution by the directors on
Aug. 10. He
succeeds the late Frederick S. Chamberlain.
In noting Mr.
Judd's promotion, the Hartford "Courant" said in
part:
,
Mr. Judd's entire business life has been with the New Britain
National.
He entered the employ of the bank Jan. 1, 1897, starting
He
was
made Assistant
Cashier in
1914, then
a
as a runner.
.
.
.
newly created position.
I
■*
Financial
1018
elected to the directorate the following
He became Cashier in 1928 and was
Vice-President-
In 1934 he was elected
year.
the city of New Britain, and is now
Judd has found time to serve
Mr.
Chairman of the Board of Finance
The
and Taxation.
Cosmopolitan National Bank of Chicago, 111.,
new
Cosmopolitan State Bank, opened for
The new institution is capitalized at
$250,000, consisting of $150,000 preferred stock held by the
which replaces the old
business on Aug. 12.
Reconstruction Finance Corp., and $100,000 common
♦
,
Executive VicePenbrook Trust Co., Penbrook (P. O, Har-
President of the
elected
risburg), Pa., to succeed O. B. Leesee, who resigned because
of ill health.
He will, however, continue with the bank as a
director.
In
Harrisburg
election,
Simmons's
Mr.
noting
in "'Money & Commerce" of Aug. 8, added:
Mr. Simmons was engaged in the banking business in Philadelphia and
El Paso, Tex., but recently he has been associated with the WPA as an
advics appearing
assistant
Edward
to
State WPA Director.
Jones,
N.
order
An
dividend
the following:
issued
was
commercial
to
Circuit
in
approving
Court
the Peoples
of
depositors
of
payment
Muskegon.
10%
a
and as high as 86% if the building
$100,000 above the $150,000 mortgage.
including sale of the bank building,
be
can
sold at
commercial claims will complete recovery of 10%
deposits of more than
$200,000 in the bank when it closed Oct. 2, 1931.
The governmental
units already
have recovered $180,000 by sale of securities and four
10%
Payment of
the
to
on
.
dividends of 10% each.
the
to
which
companies
insurance
The final payment must be turned over
the
bonds
surety
on
which the
collected.
already had
governmental body
issued
succeeds Earle R.
who is transferred to duties at the head
♦
Corporation, controlling branch bank¬
three Pacific States, entered the State of
Washington On Aug. 10 with the acquisition of control of
the National Bank of Tacoma, one of the oldest national
banks in Washington.
The purchase of control, which was •
announced by L. M. Giannini, Chairman of the executive
committee of Transamerica, concluded negotiations in pro¬
cess
for some time.
The National Bank of Tacoma has
total resources of more than $18,000,000.
All officers will
remain with the institution under the new ownership and
ing systems in
The announcement by the
personnel will be retained.
bank went
fourth largest bank of the Nation, with resources of
$1,366,000,000 which is owned by Transamerica, serves Cali¬
branches in 275 communities.
National Bank of Portland, oldest national bank on the Pacific
than
with 447
First
coast,
to say:
America,
of
Bank
fornia
on
Transamerica, has resources of $85,000^90,- and now
controlled by
operates
First
branches throughout Oregon.
National Bank in Reno, also owned by
28
Transamerica, has
$18,-
operating seven branches in Nevada. Re¬
cently control of the First National Bank of Klamath Falls, Oregon, was
000,000 in resources and is now
acquired by Transamerica.
4
Muskegon Township, which had
county and
previous
position of Assistant Manager, he
office.
State Bank for Savings
will total
This
6, which continued:
Hilbert, Junior Vice-President,
more
$35,000 and will restore the same amount
to
commercial
depositors as savings depositors have received.
In his
annual report the receiver estimated a possible recovery of
72Vz%, not
of
Advanced from the
all
4
regard to the affairs of the defunct Peoples State
Bank for Savings of Muskegon, Mich., the "Michigan In¬
In
vestor'' of Aug. 1 carried
"Times" of Aug.
The Transamerica
»
been
has
Simmons
B.
<
15, 1936
Appointment of J. W.t Entz as Manager of the Central
Manufacturing District Branch in Los Angeles, Calif., of
the Citizens' National Trust & Savings Bank of Los Angeles
was announced on Aug. 5 by F. R. Alford, Vice-President
and Cashier of the institution, we learn from the Los Angeles
stock.
Jacob R. Darmstadt is President.
Millard
Aug.
Chronicle
The Canadian Bank of
Commerce (head office Toronto,
Canada) has announced the appointment of James Sommerville as Manager of the Phillips Square branch of the insti-,
tution in Montreal, to succeed W. H. Collins, who is retiring
pension. In noting the change, the Montreal "Gazette"
Aug. 10 outlined Mr. Sommerville's banking career as
on a
Plans
for
of
consolidation
the
Red
two
Wing, Minn.,
banks—the First National Bank and the Red Wing National
Bank & Trust Co.—have been approved by the respective
directors of the institution.
Under the proposed plan, the
First National Bank will take over the deposits of the Red
Wing National Bank & Trust Co., and will move to the
quarters heretofore occupied by the latter.
The "Com¬
mercial West" of Aug. 8,'from which this information is
obtained, went on to say:
The First National
Northwest
established in 1865 and became affiliated with
was
Bancorporation
in
October,
1929.
H.
President
S.
Lockin,
the arrangement which has been under
his satisfaction with
expressing
discussion for some little time, points out that this change will reduce the
three to two, thus bringing the local
number of banks in Red Wing from
banking situation more closely into line with the condition prevailing in
Upon the completion of this change the First
communities of similar size.
National
will
have
deposits in
$2,000,000.
of
excess
Final
details
are
expected to be completed and announced within a few days.
H. M.
Griffith, who has been President of the Red Wing National since
1930, also is President of the Red Wing Advertising Co.
According to Associated Press advices from Lincoln, Neb.,
on
Aug. 6, final payment of $16,466, or 9%, was announced
that
on
date
Nebraska
by
State
closed Platte
judicial
the
Banking
division
depositors
receivership
Department
to
of the
of
the
Valley State Bank at Scottsbluff.
of
follows:..
Mr.
in
Somerville entered the Bank at Prince Albert,
the P.
1915 enlisted with
France.
phin, Man., and in
C. L.
Sask., in 1911, and
I., with whom he saw service in
Dau¬
1924 at Havana, Cuba, where he became Assistant
Manager two years later.
in
P:
Returning to the bank in 1919 he received appointments at
He was made Assistant Inspector at head office
in 1934, from which post he
1932 and Assistant Manager at Ottawa
has
come
to Montreal.
•
The New York agency of
the Bank of London & South
America, Ltd. (head office London) announced on Aug. 13
that it had been advised that the shareholders of the AngloSouth
American
Bank, Ltd.,
had approved the proposed
voluntary liquidation of the institution and that, as of that
date, the business of the latter would be carried on by the
Bank of London & South America, Ltd.
As a result of the
the Bank of London & South America will have 82
or agencies in the United States, England, Argen¬
tina, Uruguay, Paraguay, Chile, Colombia, Ecuador, Guate¬
mala, Nicaragua, Peru, Salvador, Venezuela, Brazil, Spain,
Portugal and. France.
The local affiliate of the Bank of
London & South America, Ltd., is the Anglo-South American
Trust Co. at 55 Cedar Street.
The approaching merger of
these banks was referred to in our Aug. 1 issue, page 696.
merger,
branches
*
Payment of dividends to depositors of two defunct Okla¬
homa banks—the
on
Aug. 7 by the
State Bank Commissioner, Howard C. Johnson, it is learned
fom
"Oklahoman"
the
of
Aug. 8, which
supplied the
also
following details:
A fourth
Security
to
State Bank of Blackwell, Aug.
69%.
Total
$110,396
of
claims
against
allowed
the
were
Citizens
This will bring the total paid
12.
$613,850.96.
Bank
of
5%, amounting to $5,570.50.
Lamont
When
be
will
paid
It is learned from Marshall,
Tex., advices
on
a
6ixth
86% of the
this is paid,
allowed claims against the bank will have been
in
paid.
Aug. 6 to
the Dallas "News," that W. L. Barry, a Vice-President of
the First National Bank of Marshall since 1904, was pro¬
moted to the
Presidency of the institution on that date. At
meeting the directors elected B. H. Bell, VicePresident; O. H. Clark, Cashier, and F. R. Yakel, Assistant
•Cashier. Mr. Barry, the new President, joined the bank in
1893 as a bookkeeper.
the
BANKS
following information regarding National banks is
from the office of the Comptroller of the Currency, Treasury
Department:
The
VOLUNTARY LIQUIDATIONS
dividend, 5%, and amounting to $30,858.15, will be paidi by the
Claimants
•dividend
NATIONAL
Security State Bank of Blackwell and the
Citizens' Bank of Lamont—was announced
Amount
v
Aui/i 3—Lewiston National Bank, Lewiston, Idaho. .
$100,000
Effective: July 27, 1936.
Liq. agent: H. O. Conn, Lewiston,
Idaho.
Absorbed by the Idaho First National Bank of Boise,
Boise, Idaho, Charter No. 1668.
*
,
Aug. 6—The First National Bank of Trumansburg, Trumansburg, N. Y_
„
Effective: Aug. 1, 1936.
Liq. agent: Tompkins County Trust
Co., Ithaca, N. Y.\
Absorbed by Tompkins County Trust Co.,
Ithaca, N. /.
50,000
Aug. 7—The First National Bank of Moscow, Moscow, Idaho..
50,000
Effective: July 22, 1936.
Liq; agent: Geo. L. Kimmel, care of—
the liquidating bank.
Absorbed by the Idaho First National
Bank of Boise, Boise, Idaho, Charter No. 1668.
same
The First National
talized
Bank
of Moscow,
Moscow, Ida., capi¬
at
July 22.
$50,000, was placed in voluntary liquidation on
The institution was absorbed by the Idaho First
National Bank of Boise.
NEW
learned from the
Los Angeles
"Times" of Aug. 6,
that the appointment of Robert H. Bolman as Manager of
the department of new trust business of the Union Bank &
Trust Co. of Los Angeles was announced the previous day
by A. L. Lathrop, Vice-President of the institution. We
quote the paper in part:
For the past nine years Mr.
Bolamn has been
an
officer of Bishop Trust
Co., Ltd., of Honolulu, recently resigning from that institution.
After
•came
to
an
extended
tour
through
the
Orient,
Russia
Los Angeles to enter the service of Union Bank.
and
Europe,
he
CURB EXCHANGE
on
few of the speculative favorites the main body of
fairly steady.
Occasional periods of irregularity
have been apparent, but most of the market leaders con¬
tinued to gain, though the advance was slowed up to some
among a
stocks held
extent
It is
YORK
the New York Curb Exchange has been quiet
this week, and while there have been some wide fluctuations
Trading
as
the
week
progressed.
Public utilities, oils and
specialties attracted the most attention, though there was
also a modest amount of trading in the mining shares and
industrial stocks.
A few soft spots appeared from time to
time, but the losses were not especially noteworthy.
Prices were moderately higher during the brief period of
trading on Saturday, and a generally firm undertone was
apparent throughout the session.
Oil shares and public
utilities led the upward movement, the trading in these
groups being in fairly heavy volume due in a measure to the
improvement in the utility earnings and increased output of
Volume
143
Financial
Chronicle
1019
electric power during the past six months.
Some of the in¬
dustrials recorded substantial advances and fractional
gains
were numerous.
Outstanding
Our booklet
the advances recorded
America,
2% points to 136%; Dow Chemical, 2 points to 114; Gulf
Oil of Pa., 2% points to
904^; Pacific Power & Light pref.,
2 points to 92; Columbia Gas & Electric
pref., 3 points to
115, and American Gas & Electric pref., 1% points to 46%.
Scattered soft spots were
apparent in several groups on
Monday, but the list as a whole was generally firm and
moderately higher.
Public utilities continued to attract a
goodly part of the buying and a number of trading favorites in
this group moved into new
high ground for the year,
These
included, among others, Southern New England Telephone,at the close of the market
among
were
Aluminum Co. of
Louisiana Power & Light $6 pref. and
Community Light &
Power pref.
Other
manufacturers
55 BROAD
quiet and inclined to
chief
market continued
characteristics
of
quiet
80.
EXCHANGE
RATES
prevailed
the
8,
'
Aug. 8
CURB
of
Aug. 14 1936
Foreign
Value)
Domestic
Shares)
Government
Total
$902,000
$17,000
$23,000
$942,000
1,986,000
2,074,000
2,144,000
20,000
29,000
68,000
257,114
268,960
91,000
2,264,000
1,784,000
44,000
25,000
1,853,000
329,545
Monday
2,752,000
2,376,000
45,000
55,000
49,000
34,000
2,852,000
2,459.000
298,095
*
Tuesday
_
_
_
Wednesday
Thursday
Friday
243,830
.188185*
.188283*
.188266*
.188300*
.168492
.168538
.168557
.168440
.168486
.012950*
.022092
______
1,572,319
Sales at
$ll,944,000l
Week Ended Aug.
$204,000'
14
$296,000 $12,444,000
1936
Stocks—No. of shares.
1935
Jan. 1 to Aug.
1936
.012950*
.012950*
.041314
.041344
.041314
.224200
.224202
.224213
.224391
.024750
.022125
.023583
>.026375
i.027041
.022112
.022118
.012950*
14
.022105
.022107
.065852
.065882
.065836
.402230
.402307
.402266
.402264
.009379
.009383
.009386
.009387
.009381
.009381
Holland, guilder...
Hungary, pengo
.678821
.679157
.679150
.679200
.678835
.679007
.197750*
.197750*
.197750*
.197875*
.187625*
.197750*
Italy, lira
.078684
.078661
.078650
.078647
.078640
.078647
.252515
.252445
.252337
.252387
.252479
.252541
.188166
.188166
.188166
.188166
.188166
.045487
.045687
.045662
.045506
.045571
.045384
Rumania, leu
.007337*
.007354*
.007320
.007333*
.007333*
.007345*
8pain, peseta
Sweden, krona
.136500*
.136500*
.136500*
.136500*
.136500*
.136500*'
.259045
.258954
.258991
.259066
.259141
.325835
.325932
.326010
.326128
.325888
.325930
.022875
.022900
.022891*
.022950*
.022960*
.022920*'
Asia—
China—
Chefoo (yuan) doTr
Hankow(yuan) dol'r
Shanghai (yuan) dol
Tientsin (yuan) dol'r
Hongkong, dollar..
86,577,141
$11,944,000
204,000
296,000
$25,487,000
377,000
175,000
$545,145,000
11,903,000
8,548,000
$763,961,000
10,658,000
8,011,000
$12,444,000
$26,039,000
$565,596,000
$782,630,000
.300533
.300600
.300600
301016
.301041
.300500
.300600
.300600
.300533
301016
.301041
.300500
.300600
.300600
.300533
301016
.301041
.300500
.300600
.300600
.300533
301016
.300500
.301041
.312291
311041
India, rupee
Japan, yen.
Singapore (S. S.) dol'r
Australasia—
.311708
.311441
.311233
.311750
379106
.379335
.378940
.379050
.379435
.379435
293925
.293910
.293780
.293745
.293990
.293990
.589187
.588625
.588425
.589337
.588937
588437
Australia, pound
005312*4.002812* 4.003000*4.001875* 4.004500*4 005000*
New
036562*4.034062* 4.034000*4.033125* 4.033250*4 ,036250*
Zealand, pound.
Africa—
8outh Africa, pound.. 4.975416*4.969791* 4.972708*4.968333* 4.970625*4.972500*
North America—
Canada, dollar
Cuba, peso
000000
.999761
.999731
.999775
.999812
.999823
999000
.999000
.999000
.999000
.999000
.999000-
Mexico, peso
277500
.277500
.277500
.277500
.277500
.277500
997437
.997241
.997221
.997241
.997343
.997366,
.334900*
.334900*
.334850*
Newfoundland,
dollar
South America—
Argentina,
.334950*
.084866*
.084833
.084833*
.084833*
.085133*
.058125
.058166
.058166
.058000
.058000
335000s
.051733*
.051733*
569000*
.569000*
.569000*
.569000*
.569000*
.569000*
796875*
Chile, peso...
.797500*
.798750*
.796875*
.796875*
.796875*'
051733*
Colombia, peso
Uruguay, peso..
*
.334900*
084833*
058125
peso
Brazil, (official) milreis
,
(Free) milreis
...
.051766*
.051500
.051766*
Nominal rates; firm rates not available.
COURSE OF
+
BANK
CLEARINGS
Bank clearings this week will show
with
a
upon
a
decrease compared
Preliminary figures compiled by
year ago.
us,
based'
telegraphic advices from the chief cities of the country,,
indicate that for the week ended
today (Saturday, Aug. 15),.
bank exchanges for all cities of the United States from which
it is possible, to obtain
,
weekly returns will be 1.9% below
those for the
corresponding week last year
Our preliminary
total stands at $5,386,825,862, against $5,492,815,775 forthe
same
.
week in 1935.
week ended
At this center there is
Friday of 9.9%.
a
loss for the*
Our comparative
summary
for the week follows:
Per
Clearings—Returns by Telegraph
I
1936
Week Ending Aug. 15
___
.
Philadelphia
_..
_
,
_
-
i—
-
»-
Kansas City
St. Louis..
____
$2,501 422,528
252 126,714
279, 000,000
174 152,000
83 865,552
$2,775, 786,643
Cent
210, 560,000
~
266, 000,000
153, 000,000
r
82, 448,513
65, 700,000
—9.0'
+ 19.7
+4.9
+ 13.8.
r+1.7
+ 11.4
...
-
days
35,614,598
+ 12.5.
$3,931,606,202
610,349,465
—2.5.
$4,541,955,667
950,860,108
-1.2-
$5,386,825,862
Cleveland
48, 330,668
23, 055,000
$4,489,021,552
897,804,310
Detroit
97, 893,000
82, 204,568
69, 192,244
57, 435,566
$3,833,099,827
655,921,725
—
107, 828,173
83, 500,625
72, 284,184
54, 367,051
29, 513,000
^_
New Orleans
1935
73 200,000
4
San Francisco
Pittsburgh
All cities, one day
2,937,450
.188166
.259111
...
Switzerland, franc.
Yugoslavia, dinar..
Total all cities, five
1,572,319
.065850
Norway, krone
Poland, zloty
Portugal, escudo
Other cities, five days
1935
.041317
.402176
Twelve cities, five days.
New York Curb
Exchange
.012950
.041310
.224283
.065850
Baltimore..
Total
S
.188185*
New York
Corporate
Aug. 14
.168466
Boston
"174,775
Saturday
$
.188300*
Chicago
Foreign
Aug. 13
.065830
EXCHANGE
(Number
Week Ended
Aug. 12
.402035
.
Bonds (Par
Aug. 11
$
Greece, drachma
a
Stocks
York
France, franc
Curb market prices pointed downward during most of the
session on Friday and while there were a few stocks scattered
DAILY TRANSACTIONS AT THE NEW YORK
RESERVE
1930
Germany, reichsmark.
on
through the list that worked against the trend the market as
whole was substantially lower at the close.
Pepperell
Manufacturing Co. continued its forward movement and
added 2% points to its gain of the preceding day and Lake
Shore Mines moved up 1% points to 57%.
As compared
with Friday of last week the range of prices was lower,
Aluminum Co. of America closing last night at
130% against,
134 on Friday a week ago; Creole Petroleum at 21
%, against
22%; Electric Bond & Share at 22%, against 24%; Niagara
Hudson Power at 16, against 17%, and Sherwin-Williams at
135, against 135%.
OF
INCLUSIVE
$
„Aug. 10
Bulgaria, lev
.012950*
Czecjoslo'kia, koruna .041314
.224346
Denmark, krone
England, pound sterl'g 5 .027083
Finland, markka
.022090
industrial
.
1936,
$
Austria, schilling
Belgium, belga
on
v
14,
Noon Buying Rate for Cable Transfers in New
Value in United States Money
Europe—
on
.
FEDERAL
BY
UNDER TARIFF ACT
TO AUG.
1936,
Unit
ease
market
the
among
CERTIFIED
BANKS TO TREASURY
Country and Monetary
Thursday.
Higher
specialties and a
number of the oil stocks showed substantial gains but the
changes were generally in small fractions and without special
significance.
In the public utility group the preferred stocks
moved sharply downward but the common stocks were
practically unchanged.
Dictograph Products fell off sharply
from Wednesdays' close.
The transfers for the day were
approximately 330,000 shares against 269,000 on the preced¬
ing day.
The best gains included among others General lire
& Rubber, 2%points to 75%;
Pepperell Manufacturing Co.,
2% points to 81%; and Western Maryland pref, 2 points to
prices
'
Member New York Clearing House Association
AUG.
Monday.
Wednesday, and while
there were some rather wide fluctuations in the specialties
and public utilities, the main list held
fairly steady.' Com¬
munity Power & Light 1st pref. was the feature of the
utilities as it broke into new high ground with a gain of
1% points at 42%.
General Tire & Rubber also attracted
considerable buying and reached 74% at its peak price, but
reacted to 73%, with a net gain of 1%
points at the close.
General Outdoor Advertising pref. moved up 5 points to
91 on a small turnover, Penn Salt advanced to 138 with a
gain of 3% points and Thermoid pref. climbed upward 5%
points to 69%.
The sales for the day were approximately
268,100 shares with 435 issues traded in!
"'rregular price movements and quiet trading were the
The
STREET, NEW YORK
Member Federal Deposit Insurance Corporation
.
4
off, but most of the
changes were within a comparatively narrow channel.
The
market was particularly dull in the late afternoon trading,
at times dropping off to such an extent that the tickers
scarcely moved.
The transfers were approximately 257,000
shares, against 298,000 recorded
who sell abroad.
Member Federal Reserve System
...
were
merchants
HEAD OFFICE AND FOREIGN DEPARTMENT
■
oil shares
and
MANUFACTURERS TRUST COMPANY
FOREIGN
noteworthy gains were Babcock & Wil¬
cox, 3 points to 93; New York
Telephone pref., 1 point to
121 %; Western Auto
Supply A, 2% points to 51%; Scovil
Mfg. Co., 2% points to 37%; Royal Typewriter Co.,. 2%
points to 68%, and H. C. Bohack 1st pref., 2 points to 54%.
Stocks were somewhat
irregular and inclined to move
downward on Tuesday.
There were, however, occasional
exceptions, particularly Northern States Power A, which
got up to 34% at its top for the day.
Dow Chemical was
higher by 2 points at 116%; American Hard Rubber was
active and moved forward to 32, while Babcock & Wilcox
forged ahead 2 points to 95.
Public utilities were easier,
"Foreign Exchange Regulations Af-
fecting Exports" contains valuable information for
,
$5,492,815,775
-1.9
121, 840,000
+ 24.5.
—31.2.;
+ 20.7
+ 25.9-
+ 28.0>
+ 7.5.
-5.6-
Bonds
Domestic
Foreign
government
__
Foreign corporate
Total
FOREIGN
Pursuant to the
Act
EXCHANGE
Total all cities for week.
RATES
requirements of Section 522 of the Tariff
of
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week.
We cannot
furnish them today, inasmuch as the week ends today
(Saturday) and the Saturday figures will not be available
until noon today.
Accordingly, in the above the last day
of the week in all
cases
1930, the Federal Reserve Bank is now certifying
daily to the Secretary of the Treasury the buying rate for
present further below,
cable transfers in the different countries of the world.
results
give below
a
record for the week just passed:
We
.
has to be estimated.
In the elaborate detailed statement, however,
for
the
week
For that week there
which
we-
able to give final and completeprevious—the week ended Aug. 8.
we are
was an
increase of
5.9%, the aggregate.
•
Financial
1020
Chronicle
Aug.
1936
IS,
of
clearings for the whole country having amounted to
$5,250,582,445, against $4,959,241,410 in the same week
Outside of this city there ^as an increase of 23.5 %,
the bank clearings at this center having recorded a loss of
5.2%.
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 register a loss of 4.5%, but in the Boston Reserve
District the totals record a gain of 16.4%, and in the Phila¬
delphia Reserve District of 18.7%.
In the Cleveland Re¬
serve District the totals are larger by 36.8%, in the,,Richmond
Reserve District by 22.5%, and in the Atlanta Reserve
District by 19.4%.
The Chicago Reserve District has to
its credit an expansion of 34.8%, the St. Louis Reserve
District of 18.2%, and the Minneapolis Reserve District of
28.1%.
In the Kansas City Reserve District the totals
show an increase of 13.0%, in the Dallas Reserve District
of 20.0%, and in the San Francisco Reserve District of 19.7 %.
In the following we furnish a summary by Federal Reserve
Week Ended Aug. 8
Clearings at-
in 1935.
1935
$
SUMMARY
OP
%
Inc.or
Reserve
Dec.
1935
S
S
Dlsts
$
Seventh Feder al Reserve D istrict—Chic ago—
Mich.—AnnArbor
Detroit
Grand
Rapids.
Lansing
Ind.—Ft.
Wayne
Indianapolis.—
South Bend
Terre Haute
Wis.—Milwaukee
Iowa—Ced. Rap.
Des Moines...
Sioux City.
67,410,662
2,141,788
944,900
680,122
12,676,000
737,063
3,582,213
16,015,394
888,871
8,163,401
2,771,771
Springfield
Peoria
Rockford.
_
3,369,796
12,391,247
651,311
5,487,009
2,867,421
+ 39.2
+ 6.2
+40.0
347,605
46,629,111
1,024,822
522,779
417,781
8,924,000
476,822
2,629,969
11,287,415
200,744
5,391,523
2,255,920
b
b
+ 21.1
534,274
212,627,011
636,566
2,131,025
564,012
994,148
300,000
178,692,656
632,159
1,910,376
512,429
906,374
+34.8
316,674,585
263,062,485
+21.9
57,000,000
19,592,817
+ 25.0
10,174,089
53,700,000
16,927,490
9,738,218
316,213
+ 54.0
+ 29.3
583,346
2,536,323
772,661
+ 52.8
1,117,904
353,003,000
476,004,358
Decatur
641,004
+33.2
+ 26.6
231,314,203
486,838
299,181,405
891,521
4,418,219
982,344
1,353,999
111.—Bloomlngton
Chicago
+ 55.6
b
b
Waterloo
331,798
59,210,449
1,674,225
985,285
526,004
11,052,000
+22.2
+ 54.9
+48.4
+ 62.1
+ 75.7
+ 41.4
350,165
427,927
104,448,943
3,177,361
1,531,450
1,194,729
17,920,000
1,146,808
4,771,961
"20,285,317
1,237,319
8,668,879
3,879,338
1933
1934
+ 74.2
+ 27.1
Eighth Federa 1 Reserve Dls trict—St. Lo uis—
+ 15.9
69,900,000
81,000,000
Mo.—St. Louis..
Ky.—Louisville..
12 cities
1933
BANK CLEARINGS
1936
Week Ended Aug. 8, 1936
1934
Dec.
$
Total (18 cities)
districts:
Federal
Inc. or
1936
s
S
%
209,318,565 + 16.4
182,680,023
193,757,354
—4.5
2,514,852,129
2,699,794,916
1st
Boston
2nd
New York.. 12
"
3,002,125,519
3,145,014,736
243,558,305
3rd
Philadelphia 9
"
343,324,508
289,194,042
+ 18.7
242,778,732
224,046,473
4th
Cleveland..
5
"
272,018,803
198,860,335
+36.8
167,165,826
163,335,451
6th
Richmond .6
"
123,894,487
101,157,038
+ 22.5
78,839,341
Atlanta
10
"
121,224,325
101,528,761
+ 19.4
90,598,875
80,491,797
7th
Chicago
18
"
476,004,358
353,003,000
263,062,485
St. Louis...
4
"
121,986,585
103,160,132
87,215,906
80,713,708
110,513,091
86,289,026
152,877,358
135,324,737
+34.8
+ 18.2
+28.1
+ 13.0
+20.0
+ 19.7
316,674,585
8th
13,341,417
b
b
b
b
111.—Jacksonville
b
641,000
428,000
+49.8
449,000
348,000
121,986,585
103,160,132
+ 18.2
87,215,906
80,713,708
2,564,581
51,344,694
14,190,137
1,427,315
473,740
71,968,879
Qulncy
72,320,086
6th
22,158,650
10,673,482
27,004,168
Tenn.—Memphis
9th
Minneapolis
7
"
10th KansasCity 10
11th Dallas
5
"
"
52,990,395
44,174,486
Fran..12
"
230,064,711
192,216,552
12th San
Total
71,968,879
77,511,725
83,336,253
108,321,142
37,353,067
29,785,301
169,603,314
141,041,949
*
Total (4 cities)
Ninth Federal
110 cities
5,250,582,445
4,959,241,410
4,103,654,652
1,907,035,301
+5.9
+23.5
4,074,592,665
2,356,086,737
1,643,106,338
1,477,139,182
32 cities
375,711,378
343,8^3,522
+9.3
270,664,687
Reserve Dis trict—Minne apolls-
+ 25.8
2,733,269
571,136
577,174
2,481,570
+ 10.1
2,890,706
52,380,444
17,793,543
1,651,171
415,590
450,421
1,929,850
110,513,091
86,289,026
+ 28.1
77,511,725
Minneapolis
St. Paul
N. D.—Fargo.—
S. D.—Aberdeen.
.
Helena..
+ 26.2
2,560,174
57,342,038
20,908,405
1,848,529
3,231,671
73,677,282
27,242,193
2,283,951
618,723
726,002
Minn.—Duluth..
Mont.—Billings
Outside N. Y. City—
.
+28.5
+ 30.3
+ 23.6
+8.3
331,585
1,636,827
290,842,216
Canada..
We now add our detailed statement showing last week's
figures for each city separately for the four years:
Total (7 cities).
Tenth Federal
Reserve Dis trict—Kansa
1936
1935
2,334,676
28,865,109
+ 16.8
2,420.441
3,548,657
93,190,920
3,408,913
743,248
538,391
+ 20.5
+ 56.3
152,877,358
135,324,737
+13.0
108,321,142
83,336,253
933,834
28,510,783
4,937,384
1,327,000
579,970
22,520,067
3,923,615
1,170,551
33,719,631
2,915,639
3,898,029
103,267,157
_.
Wichita
1933
1934
Dec.
Mo.—Kan. City.
■
3,481,841
St. Joseph.
S
First
Federal
S
Reserve Dlst rict-
724,492
Me.—Bangor
Portland
Mass.—Boston..
Fall River
2,166,978
209,974,545
604,709
297,665
742,829
2,735,245
Boston
585,158
1,591,088
180,900,619
542,532
$
_%
434,927
+23.8
+ 36.2
1,481,729
+ 16.1
160,007,564
442,284
1,516,594
165,546,009
480,078
+ 11.5
558,566
275,642
+8.0
+ 35.5
N.H.—Manches'r
9,772,500
488,608
548,234
2,358,143
1,154,697
9,089,307
3,133,646
8,188,000
951,499
—48.6
212,709
495,532
2,158,656
963,909
6,345,081
2,484,188
7,178,800
358,362
Total (12 cities)
243,558,305
209,318,565
+ 16.4
182,680,023
7,126,496
548,018
25,065,462
419,154
923,035
Colo.—Colo. Spgs
Pueblo
Total (10 cities)
—2.2
+ 6.6
+ 9.8
+ 10.8
+ 2.1
+ 24.2
b
1,583.367
20,719,697
1,356,286
1,594,274
54,441,942
2,433,568
605,019
536,698
193,757,354
13,187,189
825,665
23,201,329
383,120
469,676
2,431,486,327
4,824,091
65,402.
841,666
Kan.—Topeka
Inc. or
'
98,568
53,810
1,712,209
26,182,683
1,628,356
2,354,974
72,351,000
2,924,642
540,642
474,258
Omaha.......
Week Ended Aug. 8
City-
+ 51.9
183,029
3,546,868
Hastings
Lincoln
Clearings at-
s
102,710
171,672
100,463
Neb.—Fremont..
Lowell..
New Bedford—
Springfield
Worcester..—
1,677,345
10,091,097
4,282,292
Conn. —Hartford
New Haven
R.I.—Providence
Second
Feder al Reserve D Istrlct—New
+45.3
+ 11.0
+ 36.7
+ 19.4
Buffalo
Elmira
Jamestown
New York
8,888,320
—24.8
865,341
+ 3.3
32,300,000
635,556
546,683
Binghamton
24,200,000
483,890
481,430
+33.5
2,894,495,708 3,052,206,109
8,188,979
5,435,925
Rochester
3,708,240
Syracuse
Conn.—Stamford
+ 31.3
+ 13.6
—5.2
+ 50.6
2,784,062
2,407,287
240,627
+ 11.8
32,254,714
—5.7
3,002,125,519 3,145,014,736
—4.5
Newark
Northern N. J.
2,051,815
1,723,465
9,821,321
2,797,394
8,216,700
336,581
+ 70.4
13,325,786
21,716,970
+ 41.7
'
326,094
,626,515,470
4,819,949
2,659,182
2,369,475
271,192
11,719,145
17,955.279
Third Federal
Reserve
Chester
Lancaster
Philadelphia...
Reading
Dlst rict—Philad elphia
375,065
+ 79.0
a260,171
+ 7.6
240,169
923,467
+ 27.8
N. J.—Trenton..
2,374,864
1,471,690
1,959,476
2,891,000
Total (9 cities).
343,324,508
Wilkes-Barre..
York
+ 16.5
5,706,148
1,360,000
+ 6.2
+ 11.0
La.—Shreveport.
a780,736
1,890,711
+ 41.6
1,644,066
1,591,098
Total (5 cities).
52,990,395
44,174,486
+ 20.0
37,353,067
29,785,301
Worth
Galveston
Wichita Falls-
J-
Spokane.
Yakima
Ore.—Portland..
b
+ 49.5
798,362
+ 18.1
909,626
+ 61.8
963,363 + 103.4
3,795,000 —23.8
1,817,414
844,898
937,497
2,076,000
+ 18.7
242,778,732
224,046,473
'Fourth
199,730
831,104
235,000,000
Feder al Reserve D istrict- •Clev eland
b
Cincinnati
51,772,202
77,220,844
11,772,100
1,222,046
Cleveland
Columbus
Mansfield
b
Youngstown...
Pa.—Pittsburgh
130,031,611
_
b
b
40,016,909
57,698,258
9,522,600
+ 29.4
1,139,763
+ 7.2
b
90,482,805
+ 33.8
+ 23.6
b
+43.7
Total (5 cities).
+42.3
230,064,711
192,216,552
+ 19.7
169,603,314
Stockton
total
272,018,803
198,860,335
+ 36.8
+24.4
+ 18.9
+ 18.9
+ 57.6
5,250,582,445 4,959,241,410
Outside New York 2,356,086,737
b
75,768,628
b
31.206,252
55,215,612
6,610,400
840,917
b
69,462,270
167,165,826
163,335,451
1,907,035,301
Va.—Norfolk
Richmond
_
_
S. C.—Charleston
Md.—Baltimore.
D.C.—Washlng'n
Total (6 cities).
123,894,487
134,122 + 104.3
2,648,000
—6.1
28,860,090
700,000
+39.0
51,309,765
17,505,061
+ 3.3
+ 35.1
+ 20.3
+5.9 4,074,592,665 4,103,654,652
Week Ended Aug. 6
Inc. or
1935
1936
Canada—
Montreal
Ottawa
Quebec..
105,527,958
100,549,945
77,618,703
20,579,070
23,366,128
5,272,894
2,617,935
4,498,510
*
Halifax..
-
Hamilton.
———
Calgary
St. John
6,172,844
c
1,857,457
1,979,672
Victoria
„
Edmonton
2,779,190
3,834,348
5,262,538
89,273,763
79,326,249
95,099,639
16,400,559
22,042,477
4,934,901
2,298,075
3,755,128
4,892,258
1,733,391
1,666,307
2,304,852
3,389,863
4,722,480
+ 18.2
+ 26.8
—18.4
+ 25.5
+ 6.0
+ 6.8
+ 13.9
-
+ 19.8
+ 26.2
+ 7.2
+ 18.8
+20.6
+ 13.1
+ 11.4
149,135
2,069,000
26,040,622
600,319
37,964,846
13,015,419
95,169
1,867,000
22,284,245
494,036
37,108,358
10,471,278
+22.5
79,839,341
72,320,086
2,340,829
11,924,086
36,500,000
+46.1
800,036
+ 29.8
3,729,787
10,896,526
28,500,000
664,845
800,000
+ 27.4
2,024,794
10,168,889
32,700,000
879,989
699,092
11,663,000
+ 11.5
13,900,162
+ 5.8
1,034,741
+ 31.7
9,889,000
12,348,654
945,012
8,771,000
8,182,689
786,546
101,157,038
352,081
437,587
291,684
+20.7
538,645
—18.8
1,679,745
563,207
839,203
1,601,940
+4.9
655,525
—14.1
773,548
+8.5
Fort William
894,870
New Westminster
682,849
+27.7
+36.4
252,068
613,493
700,786
500,736
256,468
Brandon
Lethbridge.'...
Saskatoon
Moose Jaw
Brantford...
Tenn.—Knoxville
Nashville
Ga.—Atlanta.
...
Augusta
Macon
Fla.—Jack'nville.
Ala.—Birm'ham.
Mobile..
Miss.—Jackson..
3,419,135
12,939,474
44,000.000
1,038,175
1,018,815
*13,000,000
14,700,989
1,363,028
b
b
+8.5
+ 20.5
b
112,070
+ 29.2
La.—N ew Orleans
144,779
29,600,930
22,453,837
Total (10 cities)
121,224,325
101,528,761
Vicksburg
+ 58.0
+ 9.3
270,664,687
—1.7
532,222
597,832
924,121
+ 15.3
646,499
1,191,362
Windsor
2,320,064
1,712,063
+ 35.5
376.627
698,325
547.628
*450,000
379,081
869,497
355,471
+6.0
626,756
556,898
334,826
483,730
550,329
+ 11.2
375,711,378
343,833,522
Peterborough
b
473,215
b
101,296
+ 31.8
88,052
20,853,393
90,596.875
80,491,797
Moncton
Kingston
Chatham
Sarnia
Sudbury
Total (32 cities)
+8.1
+ 28.9
—1.7
+ 34.4
—21.6
18,385,902
+ 19.4
Prince Albert
78,476,275
76,097,319
60,635,288
17,029,334
3,790,355
3,835,528
2,036,823
3,228,958
4,134,150
1,546,508
1,469,335
1,882,687
3,089,425
2,879,861
300,603
372,069
1,240,618
416,841
667,131
582,254
475,546
213,912
506,190
533,329
745,481
1,811,525
269,871
609,124
485,761
337,820
386,743
578,023
Kitchener
Reserve Dlst rict—Atlant
1934
Deo.
a
1933
%
.
Sherbrooke
Sixth Federal
141,041,949
+23.5 1,643,106,338 1,477,139,182
Medicine Hat...
273,984
2,487,000
29,803,084
973,301
69,306,317
21,050,801
931,551
1,028,414
Clearings at-
Vancouver
b
31,750,956
49,964,141
8,762,800
919,301
Reserve Dist rict—Richm ond—
W.Va.—Hunt'ton
82,261,000
1,603,060
(109
Regina
Fifth Federal
247,775
17,064,191
8,267,865
2,652,245
2,499,050
2,282,650
Santa Barbara-
London
.
+ 10.8
20,198,798
4,288,000
639,971
22,492,541
+11.1
San Jose———
Winnipeg
Ohio—Canton
+ 50.4
21,292,782
7,251,000
+ 13.9
Francisco.
Toronto.
289,194,042
+ 12.8
3,285,738
Pasadena
b
SCO
+29.1
7,790,000
585,871
22,656,683
11,789,157
285,521
b
260,850
686,926
213,000,000
931,065
1,814,968
1,499,749
951,394
4,616,000
+ 18.6
Franci
25,454,405
'
b
+ 2.3
2,698,822
112,687,305
2,500,346
1,164,026
1,604,199
Calif.—L'g Beach
San
+ 21.5
9,231,957
2,334,531
2,074,428
99,804,000
2,045,827
926,734
1,509,543
Utah—S. L. City
cities)
273,727
279,000,000
976,173
2,011,179
+ 31.8
32,850,436
8,784,000
881,168
25,100,759
14,668,382
3,741,924
2,998,571
133,948,915
2,973,566
1,834,340
Wash.—Seattle—
Total (11 cities)
a*280,000
316,606
1,179,890
331,000,000
1,459,663
Scranton
985,727
34,231,900
Ft.
Grand
671,319
Bethlehem
District—Da lias—
1,148,498
41,596,295
6,058,603
1,509,000
a798,956
2,677,999
Dallas ...'
2,514,852,129 2,699,794,916
\
Pa.—Altoona
Reserve
Eleventh Fede ral
Tex.—Austin
Twelfth Feder al Reserve D istrict—San
+ 21.3
3,341,610
313,932
13,486,796
3,735,470
534,815
19,107,018
30,428,912
J.—Montclair
Total (12 cities)
3,056,669
525,113
York
6,685,203
1,758,935
N. Y.—Albany—
N.
+ 15.9
300,000
included in totals,
b No clearings available.
* Estimated.
73,995,223
91,417,312
69,309,694
16,118,886
3,347,408
3,977,355
2,110,050
2,999,989
6,223,668
1,484,044
1,473,332
1,779,367
3,442,877
3,729,201
284,070
398,189
1,287,444
427,878
578,213
504,148
445,172
172,170
447,435
557,683
756,192
1,129,479
235,482
514,062
498,242
361,715
348,108
488,128
290,842,216
Volume
THE
We
143
Financial
ENGLISH GOLD
AND
the following from the weekly circular of
Montagu & Co. of London, written under date of
July 29 1936:
American Water Works & Electric Co.
Art Metal Works, Inc.
,
The Bank of
England gold
July 22,
Purchases
as
against notes amounted to £235,767,-
reserve
compared with £230,994,404
of bar
gold announced by the
the previous Wednesday.
on
Bank during the week total
£4,174,193.
About £1,660,000 gold has been dealt
with at the daily fixing.
mands
the
of the special buyer have not been
so
The de¬
keen and the premiums over
gold parities have eased slightly.
The
Custom's figures below show a further
£11,700,000 bar gold trans¬
ferred to London from
Paris, presumably for a special account.
Quotations during the week:
'
•
_.
■■■•,
■
_
_
'
*
Per Fine
Vr''-'v:
July 24
July 25
July 27...
July 28
July 29
Average
Equivalent Value
of £ Sterling
.
Ounce
Ju y 23
138s.
138s.
138s.
138s.
-
i
8%d.
12s. 2.99d.
lOd.
12s. 2.86d.
12s. 2.81d.
12s. 2,86d.
10%d.
lOd.
138s. lid.
138s. lOd.
_
12s. 2.77d.
12s. 2.86d.
12s. 2.86d.
-138s. lOd.
_
The
following were the United Kingdom imports and exports
registered from mid-day on July 20 to
mid-day on July 27:
Imports
-
British South Africa
£1,046,194
.12,743
Kenya
4,723
British India
361,085
Australia
389,767
New Zealand.
14,999
Netherlands
47,218
France—
11,738,820
Switzerland
48,985
United States of America.
137,140
Venezuela
19,019
Other countries
9,541
£26,000
30,315
73,476
26,970
22,634
10,977
Netherlands
France
Switzerland
Finland
Other countries
_
of gold
Exports
British India
Tanganyika Territory
-
£13,830,234
/
£190,372
Gold shipments from Bombay last week amounted to
about £707,000.
The SS. Corfu carries £662,000
consigned to London whilst the SS. Presi¬
dent Adams carries £45,000.
The Southern Rhodesian gold
fine
ounces as
output for June, 1936, amounted to 67,729
ounces for May, 1936, and 59,908
compared with 68,331 fine
SILVER
.
Conditions have continued quiet.
During the earlier part of the week
China sales and Indian and speculative resales were countered
by Indian
demand both for immediate shipment and for forward
delivery, and by some
resh speculative purchases; but
during the latter half of the period, support
has considerably diminished, with the result that
prices have sagged until
today we quote 19 7-16d. for cash and 19%d. for forward
delivery.
These
prices compare with 19 ll-16d: quoted for both deliveries on
July 25 and
with
19%d. quoted a week ago.
The market is small and therefore
lacks strength,
prices
sensitive, but although the undertone
be about low enough for the moment.
The following were the United
Kingdom imports and exports of silver
registered from mid-day on July 20 to mid-day on July 27:
may
Imports
Exports
British South Africa
Netherlands
Colombia
British India.-.;
Canada
£5,942
1,537
2,698
1,984
_
Other countries
..£318,299
8,946
x32,050
xl,500
1,187
3,352
Egypt..
Channel Islands
Portugal
;
Other countries..
£12,161
x
£365,334
Coin at face value.
IN
'
LONDON
IN NEW YORK
19%d. A, 19%d.
19%d.
19%d.
19
19
19
19
ll-16d. 19 ll-16d.
9-16d.
19 9-16d.
9-16d.
19 9-16d.
7-16d.
...19.583d.
19%d.
•
"
(Per Ounce .999 Fine)
July
July
July
July
July
July
22
23
24..
25
27
28..
45 cents
45 cents
45 cents
MARKET—PER
Sat.,
Mon„
Tiies.,
Wed.,
Thurs.,
Fri
Holiday
106%
106%
106%
106%
The
-States
Bar N.
117%
117%
117%
118%
price of silver per ounce (in cents)
the same days has been:
U. S. Treasury.
XT.
50.01
44%
44%
50.01
44%
60.01.
in the United
44%
50.01
S.
Treasury
(newly mined) 77.57
Central Surety & Insurance (Mo.) (s,-a.)
Extra
Central Tube Co. (monthly)
1
■'
77.57
Chicago Corp., preferred
Champion Hardware
!
5% pref. (qu.)__
-
we
77.57
50.01
44%
~
50.01
~~
.
77.57
77.57
77.57
we
show
the
are
Then
we
dividends
50c
follow with
a
second table in which
previously announced, but which
have not yet been paid.
The dividends announced this week
Duro-'fest Corp. common
Eastman Kodak Co. (quarterly)
Extra.
10c
$1%
—
are:
Per
Name of Company
Industries, Inc. (quar.)
Extra
Allied
$3%
Oct.
.1 Sept.25
Oct.
Sept.
1 Sept. 25
1 Aug. 20
Oct.
1
81
—
American Felt Co., 6% preferred (quar.)
American General Corp., $3 preferred (quar.)
Sept.
Sept.
15c
87 %c
75c
Laboratories, Inc. (quar.)
conv. preferred (quar.)
$1%
75c
—
82% preferred (quarterly)
$2 preferred (quarterly)
American Radiator & Standard Sanitary Corp..
Preferred (quarterly),
—
Holders
Payable of Record
25c
25c
(
American Arch Co. (increased)
American Chicle (quar.)
When
Share
*
62 %c
50c
15c
$1%
r-
5 Aug. 20
5 Aug. 20
Sept. 12
Oct.
1 Sept. 16
1 Aug. 19
Sept.
Sept. 1 Aug. 19
1 Aug. 19
Sept.
Sept. 30 Sept. 3
Sept. 1 Aug. 24
28 Feb.
15
dept. Id Aug. 31
Sept. 15 Aug. 31
Aug.
Aug.
Aug.
Sept.
Aug.
15 July
15 July
25 Aug.
1 Aug.
15 Aug.
oept.
1 Aug.
Sept. 30 Sept.
Sept. 1 Aug.
dept. Id Aug.
Sept. 15 Aug.
Sept. 15 dept.
Sept.
Aug.
Sept.
Aug.
Sept.
Aug.
30
30
15
15
5
Id
15
22
27
27
1
15
15
10
oct.
dept. 14
Sept.
Aug.
Sept.
Aug.
Aug.
Nov.
Sept,
Sept.
20
15
25
18
dept. Id dept;10
Oct.
1 Sept.
5
1 Sept.
5
Firsc National stores
Oct.
2oc
Ely & Walker Dry Goods Co. (quar.)
Empire Capital, A & B (quar.)..
Equity Corp., 83 conv. preferred (quar.)
Equity Fund, Inc. (quar.)
Faber Coe & Gregg, Inc. (quarterly)
Federated Dept. Stores
Special
dept.
1 Aug. 2x
Aug. 31 Aug. 19
Sept. 1 Aug. 15
Aug. 15 Aug.
3
Sept.
Aug. 15
Oct.
Sept. 21
Oct.
Sept. 21
10c
75c
5c
50c
35c
15c
,
62 %c
Oct.
20c
;
Oct.
First National Stores, preferred (quarterly).....
8% preferred (quarterly)
First State Pawners Society (111.) (quar.)
General Mills prexerred (quar.)
Goodman Shoe Co. 6% pref. (quar.)
Grand Rapids Varnish (quar.)
Special
Great Northern Paper Co. (quar.)
Guggenheim <fc Co., $7 1st pref. (quar.).
Hammermill Paper
6% preferred (quar.)...
81%
81%
81%
15c
7 %c
25c
81%
25c
81%
—
>ept.
-i
8
Oct.
*
...
;
Sept. 10 Sept. 1 ■;
Oct. 12 Sept. 30
Oct.
6 Aug. 27
Aug. 15 Aug.
6
Oct.
1 Sept. 15
Oct.
1 dept. 16 J
Oct.
1 dept. 15
Sept.
1 Aug. 15
Oct. 31 Sept. 30
Oct. 15 Sept.30
25c
.....
3ept. 8
Sept. 8
Sept. 30 Sept. 21
_
Oct.
1
Sept.
1
iept. lu
Aug.24
Sept. 19
Aug. 20
Aug. 20
July 29
Sept. 1
1 Sept. 15
Sept. 30
Aug. 30
Sept, 1
Aug. 15
Sept. 15
Oct.
Hartford & Connecticut Western RR—
-v-:—■
—
-
Kayser (julius)
Kingston Products (initial)
:
Preferred (quarterly)...
Le Tourneau (R. G.), Inc. (quarterly)—
Extra.
50c
Sept.
Oct.1
Sept.
Sept.
Aug.
Aug.
Aug.
Aug.
1UC
>ept.
dept.
81%
Sept.
DUG
iept.
25c
o25c
(quar.)
L
-j.—
50c
Preferred (semi-annual)
83%
75c
Mayflower Assoc., Inc. (quarterly)
McCahan Sugar Refining & Molasses, 7% pref.
81%
(quarterly)
McWilliams Dredging Co.
el 00%
Memphis Natural Gas Co., preferred (quar.)..
81%
Metal Textile Corp., common
10c
10c
Preferred (partic. in common div.)
25c
Michigan Steel Tube Products Co. (quar.)...
Mid-West Rubber Reclaiming Co., 84 pref. (qu.)
81
—
....
•_
t
2 DC
—
81%
...
.
—
Ogilvie Flour Mills Co., 7% pref. (quar.)
7% pref. (mo.)...
6% preferred (monthly)
5 % preferred (monthly)
l
Oklahoma Gas & Electric, 7% pref. (quar.)...
6% preferred (quarterly) _ _ —
Pacific Can (initial)
Parker (S. C.) & Co., Inc., 8% pref. (quar.)..
Patterson-Sargent Co. (quarterly):
Pennsylvania Sugar Co., common
Pennsylvania Water & Power Co. (quar.)
Preferred (quar.)__
Penn Valley Crude Oil, class A pref. (quar.)
Peoples Drug Stores, Inc. (quarterly)
Ohio Public Service Co.,
—
—,
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
10c
83%
81%
60c
81%
Oct.
25c
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
10c
Aug.
25c
Sept.
Aug.
58 1-3 c
50c
41 2-3c
81%
50c
81
Oct.
81%
12%c
Oct.
Oct.
25c
Oct.
Oct.
Sept.
82%
(quarterly)
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept,
Sept.
Sept.
Sept.
Sept.
Sept.
70c
—
75c
81%
7% pref. (mo.). 58 l-3c
(quar.)
6% preferred (monthly)
5% preferred (monthly)
50c
41 2-3c
Public Service Electric & Gas Co., 7 % pref. (qu.)
85 preferred (quarterly)
Rainier Pulp & Paper, $2 A & B (quar.)
Reliance Grain Co., 6%% pref. (quar.)
Riqh's, Inc., preferred (quarterly)
Oct.
50c
10c
Procter & Gamble, 5% pref.
—
15
20
20
20
20
31
20
Aug. 21
dept.
Oct.
Sept.
Sept.
hS7 %c
Extra
83 preferred
Sept.
Sept.
Sept.
Sept.
50c
6%% preferred (quarterly)
Philadelphia & Trenton RR. Co. (quar.)
Phoenix Hosiery, 1st preferred (quar.)
Photo Engravers (semi-annual)
Prentice Hall, Inc. (quarterly)
Aug.
Aug.
Sept.
Aug.
Aug.
Aug.
Aug.
dept.
50 c
—
Sept.
Sept.
Oct.
Aug.
Aug.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
37c
81%
J.) Co. (quar.)
iept.
iept.
3ept.
40c
50c
1
la
Aug. 15
dept.
1
Sept. 1
Aug. 15
Sept. 1
h30c
lc
(Marcus) Co., preferred (quar.)
(quarterly)
1
18
15
15
20
Sept. 15
Aug. 20
Aug. 24
Aug. 22
25c
National Oats Co
Public Service Co. of Colorado,
Aug. 22
jept.
Sept.
3ept.
Sept.
Sept.
81%
Ludlow Mfg. Association (quar.)
Neiman
Aug. 31
Jet. 31
Aug. 31
Aug. 31
Sept. 10
Sept. 10
Sept. 17
Sept.19
Sept.
10c
50c
(quar.)
Aug. 20
aepc.
ouo
1
Masonite Corp.
Sept.
Sept.
Sept.
81%
81%
Irving (John) Shoe Corp. (initial)
Preferred (quarterly)
;
Johns-Manville Corp. (quarterly)
Nov.
50c
—
Aug.
12%c
37%c
Hazel tine Corp
Interstate Hosiery Mills, Inc
81
7oe
50c
2% guaranteed (semi-ann.)
Special
Allen
8jl %
...
Newberry (J
grouped in two separate tables.
In the
bring together all the dividends announced the
current week.
5c
75c
City Ice & Fuel Co. (quarterly)
50c
6%% preferred (quarterly)
81%
Clark equipment Co
'..
dug
Preferred (quar.)
i.
40c
Congoleum-Nairn, Inc. (quar.)
___!
Continental Casualty Co. (Chic., 111.)
25c
Corrugated Paper Box Co., 7% pref. (quar.)...
$1%
Creameries of Amer., Inc., 83% conv. pref
87%c
Crown Willamette Paper 1st preferred...
"81%
Dayton Power & Light Co., pref. (quar.)...
$1,125
Deposited Insurance Shares, ser A& B_
52%%
Detroit City Gas, 6% pref. (quar.)
81%
Doctor Pepper Co. (extra)
70c
_
first
50c
"
Cine. New Orl. & Texas Pacific
New Bedford Cordage
Preferred (quarterly)
DIVIDENDS
Dividends
5c
50c
Murphy (G. C.) Co. (quar.)...
1
Mutual Investors Co., 6% prior preferred
Nashua Gummed & Coated Paper Co
National Gas & Electric Corp
National Linen Service Corp., 87 pref. (s.-a.)__
118%
Closed
81%
5c
*
;
Preferred (quar.)
on
Y.(for.)
Extra
$1%
.
i
Motor Wheel Corp. common (quar.)
Mt. Diablo Oil Mining & Development
106%
Holiday
1960-90
Canadian Industries, class A & B (quar.)
Preferred (quarterly)
Cardinal Gold Mining Co. (initial)
Mock, Judson, Voenringer Co
British 4%
Feb.
$1
81
82.80 preferred (quar.)
■_
70c
Burma Corp., Ltd., Am. dep. rec. reg. (final)
u? 6 an's
Cabot Mfg. Co. (quar.)
81
Calamba Sugar Estates, preferred (quarterly)..
35c
Calamba Sugar Estate (quar.)
40c
Extra
81.60
Canada Vinegars. Ltd. (quar.)
30c
—
CABLE
Aug. 8
Aug. 10
Aug. 11
Aug. 12
Aug. 13
Aug. 14
Silver, per oz.. 19 ll-16d. 19 5-16d.
19 9-16d.
19 9-16d.
19 9-16d.
19%d.
Gold. p. fine oz.138s. 4d.
138s. 5d.
138s.5%d. 138s. 6d.
138s. 4d.
138s. 4d.
Consols, 2%%. Holiday
84%
84%
84%
85%
85%"v "
British 3)4%*
•
30c
(semi-annual)
'Extra.*
daily closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
War Loan...
B...
Class B
Burdine's, Inc.
Life & Casualty Insurance Co. of Tenn
The
.as
15c
$1%
$i
Class
Louisiana Band & Exploration Co.
19.594d.
FINANCIAL
32c
45 cents
The highest rate of exchange on New York recorded
during the period
from July 23 to July 29 was 85.02% and the lowest
85.01%.
ENGLISH
81%
60c. preferred (quar.)
Black-Clawson Co., 6% preferred (quar.).
Brown Fence & Wire class A
(semi-ann.)
45 cents
..45 cents
Sept. 15 Aug. 26
Sept. 25 Sept. 11
Sept. 15 Aug. 21
Oct.
1 dept.10 J
Oct.
1 Sept. ,10
Aug. 25 Aug. 14
Aug. 25 Aug. 14
Aug. 15 Aug. 14
Sept.
1 Aug. 26
Aug. 31 Aug. Id
Aug. 3i Aug. 15
15c
25c
81%
8c
■; Extra
''. 7 % preferred (quarterly)
Kaufmann Dept. Stores, pref. (quar.)
•
-Bar Silver per Oz. Std.Cash.
2 Mos.
July 23
July 24
July 25
July 27...
July 28
July 29.
Average
20c
>
6% preferred (quar.)___
Bankers National Investing
(quar.)
Class A and B
...
-Quotations during the week:
_
Atlantic Refining Co. (quar.)
Bangor Hydro-Elec. Co. 7% pref. (quar.)
—
__
fine ounces for June, 1935.
common
(quarterly)
GOLD
on
1021
reprint
Samuel
025
Chronicle
SILVER MARKETS
81%
81%
50c
*1 8.
15
30
30
1
15
30
8
21
20
21
20
12
12
dept. 16
Aug. 20
Aug. 15
Aug. 15
Aug. 15
Aug. 31
Aug. 31
Sept.15
July 25
Aug. 20
July 24
Sept. 15
Sept.15
Sept.15
Sept. 8
Sept. 8
Aug. 31
Sept. 30
Aug.
1
Aug. 15
Aug. 20
Aug. 20
Aug. 20
Aug. 25
Aug. 15
Aug. 15
Aug. 15
Sept. 1
Sept. 1
Aug. 20
Aug. 31
Sept. 15
>
1022
Financial
Chronicle
Aug.
15, 1936
____
Per
Share
Name oj Company
Rike-Kumler (quarterly)
Roberts Public Markets, Inc. (quar.)
Extra
When
25c
Sept.
15c
-
Oct.
Oct.
10c
Rochester Gas & Elec. Corp., 7% pref. B
(quar.)
6% preferred C & D (quar.)
$1M
$1
St. Lawrence Flour Mills (extra)San Carlos Milling Co., Ltd. (mo.)
20c
Savannah Gas Co., 7% preferred (quar.)
43Mc
2c
Sheep Creek Gold Mines (quar.)
Sloss-Sheffield Steel & Iron, pref. (resumed)
Sonotone Corp., common.
c
Soundview Pulp Co. (quar.)
75c
Southern Pipe Line
10c
40c
Spencer Kellogg & Sons, common (quar.)_
27 He
Superior Portland Cement, class A pref
Sylvanite Gold Mines, Ltd. (quar.)
27 He
Telephone Investment Corp. (mo.).
Texas & Pacific Ry., preferred
$2H
Tide Water Oil Co. (special)
55c
Title Insurance Corp. of St. Louis
25c
--Toledo Edison Co., 7% pref. (mo.)
58 l-3c
50c
6% preferred (monthly)
41 2-3 c
5% preferred (monthly)
—
Underwood Elliott Fisher Co., common
75c
Union Gas Co. of Canada, Ltd
United States Gypsum Co. (quarterly)
i2m
7% preferred (quarterly)
Van Raalte Co., Inc..
7% preferred (quar.)
Virginia Fire & Marine, Ins__
Vogt Mfg. Co. (extra)
Walker (H.), Gooderham & Worts (quar.)
Preferred (quarterly)
Western Auto Supply, A & B (quar.)
Western Grocer Co. (Iowa)
_
Zimmerknit Co., Ltd., pref
SIM
$1
$1M
87 He
50c
__
50c
25c
— --
Holders
75c
25c
When
Payable of Record
Aug. 27
Sept. 20
Sept.20
Aug. 13
Aug. 13
Aug. 20
July 31
Aug. 20
Sept. 30
Aug. 31
Sept.
Sept.
Sept.
Aug.
Sept.
Oct.
Sept.
Oct.
Oct.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Aug.
Aug.
Aug.
Sept.
Sept.
Sept.
Sept.
Sept.
Aug.
Aug.
Sept.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
1
15
18
15
22
17
20
15
18
21
15
15
15
Sept. 12a
Aug.
Sept.
Sept.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Oct.
Oct.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Aug.
Sept.
20.
15
15
19
19
24
28
22
22
20
10
15
Name of
Company
Bridgeport Gas Light Co
Brooklyn-Manhattan Transit, preferred
Preferred
Preferred
Oct.
2
15
Apr.
1 Sept.
Sent.
1
1
1
Auer. 20
Sept.15 Aug. 21
Aug. 15 Aug.
1
Sept.
1
(quar.)
Aug. 15 Aug.
1
Sept. 1 Aug. 10
Concent'g Co.
Quarterly
Sept.
Sept.
Sept.
--
Extra
Burroughs Adding Machine Co
Byron "Jackson (quarterly)
Extra
(quarterly)
Aug. 15Aug. 15Aug.
1
Aug.
Aug.
—
Calamba Sugar Estates pref. (quarterly)
California Art Tile Corp., M M Pref
July
Sept.
Sent.
—
Aug. 31
Aug.
Aug.
Aug.
Campbell Wyant & Cannon Foundry
Canadian Oil Cos., Ltd. (quar.)__
8% preferred (quar.)
Canadian Converters, Ltd. (quar.)___
Canfield Oil, 7% pref. (quar.)
Capital Administration CO., Ltd., class A
July
Aug.
Aug.
Sept.
Oct,
_n
8
Sept. 21
Sept. 16
Sept. 16
Sept. 16
Oct.
Oct.
$3 preferred (quarterly)___
31
Aug.
1
Sept. 20
July 31
Oct.
Class B
30
Tuly 30
Sept. 15
Aug. 24
Oct.
Calif. Water Service, preferred (quar.)
Carman & Co. class A
Carnation Co., 5% preferred
Tan.
Oct.
Inc
Bunker Hill & Sullivan Mining &
1
15
Apr.
BUckskin National Mining
Buffalo Ankerite Gold Mines, Ltd.
15 Oct.
Jan.
Brooklyn Union Gas Co. (quarterly)
Shoe Co.. common (quar.)
Buckeye Pipe Line Co. (quar.)
Buck Hill Falls Co. (quarterly)
California Packing Corp.
rs
Sept.30 Sept. 16
.__
(quar.)
(quar.)
(quar.)
Brown
Bullock's.
Holdi
Payable of Record
Sept.
7% preferred (quarterly)
Sept. 19
Sept. 203
Oct.
——
7% preferred (quarterly)
Carolina Telephone & Telegraph (quar.)
Carter iVVm.l Co.. oref. (quar.)
-Vug. 15
Oct.
(quarterly)
Jan.
Oct.
—
Dec.
20
Sept. 23
Sept. lO
$3H
give the dividends announced in previous weeks
and not yet paid.
This list does not include dividends an¬
nounced this week, these being given in
the/preceding table.
we
Caterpillar Tractor (quar.)
Cedar
Below
Sept.
Aug.
Aug.
July
Sept.
Aug.
Aug. 17
Aug.
5
Sept.
Aug.
Aug.
Aug. 15
Rapius Manufacturing & Power—quar.)__
Central Arkansas Public Service, 7 % pref
Central Cold Storage (quar.)
Central Mississippi Valley
Name
o1
Share
Company
Acme Wire Co.. voting trust
50c
certificates
Agnew Surpass Shoe Stores (semi-annual)
Extra
20c
---
-
Preferred (quar.)
Alabama Great Southern RR.,
20c
$1M
3%
preferred
Allegheny Steel Co. common
Common (extra)
^—,,
7% preferred
Allegheny & Western Ry. gtd. (semi-ann.)_____
25c
Allied Mills
50c
15c
___
Dec.
SIM
$1M
-
25c
—
75c
—
2c
$1
American Capital Corp., prior pref. (quar.)
American Cities Power & Light, class B
$1M
American
SIM
*1M
20c
Envelope Co., 7% pref. A (quar.)
7% preferred (quar.)_
American Hardware Corp. (quar.)
31 Dec.
15
Sept. 30 Sept. 15
Dec. 31 Dec. 15
1 Sept. 10
Oct.
Oct.
Sept. 12 Aug. 2i
Centrifugal Pipe Corp. (quar.)—
Quarterly
Century Ribbon Mills preferred (quar.)
Nov.
Nov.
Sept.
Aug.
Aug.
Aug. 20
Aug.
1
July 31
Sept. 15
Chain Belt Co
—
Champion Paper & Fibre Co
6% preferred (quarterly)
Chartered Investors. Inc. (quar.)
Chester Water Service Co. $oH pref. (quar.)
Chestnut Hill RR. Co. (quar.)
Chicago District Electric Generating, $6 pref—
Chicago June. Rys. & Un. Stockyards (quar.)
6% preferred (quar.)
Chicago & Mail Order Co. (quar.)
;
—
Chrysler Corp
*
4% special guaranteed (quar.)
Cleveland & Pittsburgh Ry. reg. gtd. (quar.)
Registered guaranteed (quar.)
Coca-Cola Co. (quar.)
50c
—
Sept. 12
Coca-Cola International Corp., com
1
Dec.
Colgate-Palmolive-Peet (quar.)._
Preferred (quar.)
Collateral Trustee Shares, series A registered
I18
,
ftS 4
SI M
SI M
-
American He-insurance Co
7oC
50c
Dec.
15J
1 Aug. 21
Sept. 16 Sept.
5
Dec.
5
16 Dec.
...
.
Arcloom oorp., cumul. preferred
Asbestos Mfg. preferred (quar.)
Sept.
1 Aug. 10
i Aug. 15
Sept.
35c
Preferred (quar.)
Associated Dry Goods 1st preferred-
Nov.
Oct.
20
35c
20
Sept.
Sept.
S4M
Sept.
Sept.
1 Aug.
1 July
1 Aug.
b Aug.
1 Aug.
7
31
20
75c
25c
Nov. 16 Nov.
2
25c
Corp. semi-ann
Aug. U
Sept.10
Sept.10
Sept.15
40c
__
$3 prefernce ser. A (quar.)
Atlas Plywood Corp
1 Jan.
S2
Atlantic & Cnarlotte Air Line Ry. (s.-a.)
Feb.
h$ 3
Topeka & Santa Fe
__•
Resumed..
50c
_
Extra
25c
Baldwin Co., 6% preferred (quar.)__
6% preferred A (quarterly)
Baltimore American Insurance Co_
SIM
SIM
_____
10c
Extra
5c
Bandini Petroleum (monthly)
Bangor & Aroostook RR. Co. (quar.)Preferred (quar.)
Baton Rouge Electric Co. $6 preferred (qdar.)__
Beacon Mfg. Co. 6% preferred (quar.)
Beatrice Creamery 7% preferred
Belden Mfg Co. (quar.)
Belding-Corticelli. Ltd. (quar.)
Preferred (quar.)
;
-
_
5c
"~63c
MM
SIM
SIM
SI
Aug.
15
Aug. 15 July
31
sept.
1
1
50c
Oct.
1
Sept.
SIM
Oct.
1
Sept.
Sept.
1
1
Sept. 4
Aug. 15
ouc
25c
(quarterly)
preferred (quar.)
7% preferred (quar.)
Bigelow-Sanford Carpet Co., Inc
Preferred (quarterly)
Blauner's, Inc. (quar.)__
Preferred (quar.)
Bloch Bros Tobacco (quar.)
6% preferred (quar.)
6% preferred (quar.)
Blue Ridge Corp. $3 preferred (quar.)
Blue Ridge Corn, (resumed)
Bon Ami, class B (quar.)
Border Co.. common (quar.)
Boss Manufacturing Co. common
Boston & Albany RR
(E. J.) & Sons
25c
Si M
25c
75c
(C.) & Co. (monthly)
Monthly
Bristol-Myers (.quar.)
4
Aug.
15
Aug. 15 Aug.
Aug. 15 Aug.
1
I
37 He
Nov. 15 Nov. 11
SIM
SIM
Sept.30 Sept. 25
n75c
Sept.
1 Aug.
5
Sept. 10 Aug. 20
Oct.
1 Sept. 18
Sept.
1 Aug. 15
10c
50c
40c
SIM
*2
30c
Brewer
1
31
31
31
30
1
1
21
31
31
25c
SIM
25c
!
Aug.
Aug.
Aug.
Aug.
Oct.
15 Sept.
Aug. 15 Aug.
Aug. 15 Aug.
Aug. 20 July
Oct.
1 Aug.
Oct.
1 Aug.
15
15
Aug. 15 Aug. 10
Oct.
1 Sept. 15
Oct.
1 Sept. 15
Sept.12 Aug. 20
Aug. 15 Aug.
5
5
Aug. 15 Aug.
Aug. 15 July 25
Berghoff Brewing Corp. (resumed)
^
Sept.
Oct.
Bendix Aviation Corp
Extra
Sept.
Sept.
50c
Sept..
Sept.
Sept.
Sept.
10
20
20
20
12
14
3
July
July
20
20
20
Aug.
14
Sept.
Aug.
50c
68Mc
Aug.
Aug.
Aug.
Sept..
Sept.
Aug.
Aug. 25
Sept.
Aug.
Aug.
Aug.
Aug.
Connecticut Light & Power—
/itfJ M
.
Oct.
Oct.
31c
-_
Concord Gas Co., 7% preferred
Confederation Life Association (quar.)
37Hc
Quarterly
Bethlehem Steel Co. 5%
6% cumul. preferred series A (quar-L
5% cumul. preferred (quarterly)
5% conv. cumul. preference (quar.)---—
1 Aug. 21
50
Arcner-Daniels-Midland Co
_
Colt's Patent Fire Arms Mfg. Co. (quar.)
Columbia Broadcasting A & B (quarterly)
Columbia Pictures $2M conv. pref. (quar.)-Columbia Gas & Electric Corp.—
Sept.
n!Sl
-
Sept. 12
Sept. 12
Aug.
6
Sept. 5
12Mc
SIM
1M%
Dec. 30 Dec. 20
50c
SIM
SIM
Anheuser Bush, Inc. (quarterly)
Nov. 10
Aug. 10
Sept.
(quar.)
Aug. 15 July 31
Aug. 31 Aug.
7
Sept. 30 Sept. 15
Oct
2 Sept.
5
Oct
2 Sept.
5
Sept. 1 Aug. .10
Sept.15 Sept. la
Sept. 14 Aug. 14
Sept. 30 Sept. 20
SIM
_
Aug
Dec.
Oct.
10.6c
_
.___
50c
Anaconda Wire & Cable Co
(quar.)
Preferred
Dec.419
Sept.
Sept.
$1
Aikman Corp., common
Extra
50c
-
Preferred (quarterly)
American Tobacco, com. & com. B (quar.)
American Woolen Co., pref. (quar.)
Atlas Powder Co.
&
1 SeptJIO
1
#4
— —
50c
American Smelting & Refining
American Steel Foundries, preferred
American Sugar Refining Co. (quar.)
Armstrong Cork Co. (quar.)
Dec. 31
Sept.
50c
—
Collins
87 He
87 He
1
15c
10
'an.
Sept. 30 Sept. 18
Sept.
1 Apg. 14a
1
Sept. 1 Aug.
Sept.
1 Aug. 22
Oct
1. Sept. 15
20c
Aug.
Oct.
Jan.
40c
Aug. 10
Pittsburgh RR—
Cleveland &
25c
Corp
Aug. 20
Aug.
8
Aug. 15
■
—
25c
Laundry Machinery
American Mfg. Co. preferred (quar.)
Preferred (quar.)
American Metals Co. preferred
American Paper Goods 7% pref. (quar.)
7% preferred (quar.L___
15
Sept. 15
Sept. 15
Sept.
Sept.
Sept.
Aug.
Sept.
Extra
5% preferred (quar.)
5% preferred (quar.)
Aug.
Oct.
Chicago Yellow Cab Co., Inc. (quar.)
Chile Copper Co
Cincinnati Union Terminal Co.-1-
5
Aug.
1
Aug.
5
Aug. 20
Oct.
—
1 Nov. 25
American Investment Co. of 111., cl. B (quar.)
Sept.
Aug.
Sept.
Sept.
—
1 Aug. 25
American
Oct.
—
Dec.
Oct.
12
Aug.
—
75c
Quarterly
20
July 30
Tuly 31
Aug.
5
Aug.
1 Sept. 10
Sept. 1 Aug. 15
Aug. 15 July 24a
Sept.
l Aug. 15
July
Central Vermont Public Service, $6 pref. (qu.)__
Sept.
American wide & Leather preferred
American Home Products
Extra
19
20
Oct.
1 Sept. 20
Sept. 30 Sept. 15
15c
Preferred (quar.)
American Business Shares, Inc
American Can Co., common (quar.)
Brach
2 Dec.
Aug. 20 July
50c
American Bank Note Co
Best & Co.
Payable of Record
50c
Quarterly
7% preferred (quarterly)_
7% preferred (quarterly)
Atlas
Holders
Aug. 15 July 31
Sept. 1 Aug. 15
Sept. 1 Aug. 15
Oct.
1 Sept. 15
Aug. 15 July 13
Sept.16 Sept.
1
Sept. 16 Sept.
1
Sept. 1 Aug. 15
Tan.
i
Aluminum Goods Mfg. Co. capital stock
Aluminum Manufacturing, Inc. (quarterly)
Atchison
When
31
Elec. Properties—
6% preferred (quar.)
Surety & insurance tseun-ann.)
Central
Extra
Per
Aug. 15
50c
10c
Dec. 31
Dec.
Aug. 15 July
Sept. 30
Sept.
1
Aug. 25
Sept. 25
Sept. 1
Sept.
1
24
31
Aug. 31
Aug.
8
Aug. 20
Sept. 20
Aug. 14
Aug.
14
.
—
—
Columoian Carbon Co. (.quar.)-.Columbus & Xenia RR
Combined Trust Shares (Std. Oil Group) (bearer)
Compania Swift International
Compressed Industrial Gases_-__
Compressed Industrial Gases
Aug. 15
1
<?60%
Aug. 31
Aug.
Sept.
July 31
Sept. 25
Dec.
Dec.
SIM
_
Sept.
/i87Mc
*1
$1
—
Aug.
50c
Quarterly.
5M% preferred (quarterly
6H% preferred (quarterly).,
Connecticut Power Co. (quar.)
Sept.
*
July
Sept.
Sept.
Aug. 15
Aug. 15
Sept.
Aug.
62 He
Consolidated Amusement Co. (extra)
Consolidated Cigar Corp., 7% pref. (quar.)
Consolidated Edison Co.. N, Y
Consol. Gas, El. Lt. & Pow. Co. of Baltimore—
c30c
SIM
50c
Common
(quar.)
Class A 5% preferred (quar.)
Consolidated Oil Corp. (quarterly)
$5 pref. (quar.)
I
Consolidated Paper Co. (quar.)
—
Consolidated steel Corn., pref.
Consumers Power Co. $5 preferred (quar.) —
6% preferred (quar.)
•_ 6.6%
preferred (quar.)
7% preferred (quar.)
*
6% preferred (monthly)
6% preferred (monthly)
6.6% preferred (monthly).
6.6% preferred (monthly)
Container Corp. of America
Continental Can Co.. Inc., common (quar.)Continental steel Corp
;
Oct.
Oct.
—
Aug.
Sept.
Sept.
Aug.
—
Oct..
Oct.
Oct.
Oct.
Sept.
Oct.
-—
Sept.
Oct.
Aug.
Aug.
-
sept.
Oct.
Preferred (quarterly)
Copperweld Steel (quar.)
Aug.
Quarterly
Corporate Investors, Ltd. (quar.)
Cosmos Imperial Mills, Ltd
Courtaulds, Ltd. (interim)
Cresson Consol. Gold Mining & Mill Co. (qu.)__
Crown Cork & Seal, Ltd. (quar.)
Crown Cork & Seal Co., Inc., com. (quar.)
$2 M cumul. preferred (quarterly)
Crown Drug Co., common
Preferred (quarterly)
Crown Zellerbach Corp., cl. A & B
Crum & Forster, preferred (quar.)
i
25
15
Aug.
July 20
Sept.
Aug. 15
Sept.15 Aug.
7
—
—
Aug.
Sept.
Sept.
July
Aug.
Aug.
15
15
15
15
21
Aug.
5
Sept.
Sept.
Sept.
Sept.
Aug
Sept.
Aug.
Sept.
July
July
Aug.
15
15
15 15
15
15
15
15
25
25a.
14
Sept. 15
Aug. 16
Nov.
Nov. 15
Aug.
Aug.
Aug.
Aug.
July
July
July
July
July
Aug.
Aug.
Sept.
Sept.
31
31
14
31
31
21
Aug. 31
Oct.
Oct.
Aug.
Aug.
8
Sept.
Aug.
13
1
Sept.
Sept. 21
Crum & Forster Insurance Shares—
Common A & B (quarterly)
7% preferred (quarterly)
Cuneo Press, Inc., preferred (quarterly)
Curtis
Publishing Co., 7% pref
CushmaD's Sons, Inc., 7% pref. vquar.)
Dayton & Michigan RR. .(semi-annual)
8% preferred (quar.)
t
Delaware Division Canal (semi-annual)
Deere & Co., preferred (quar.)
25c
SIM
SIM
fttflM
87 He
87 He
$1
$1
35c
Aug. 31 Aug. 20
Aug. 31 Aug. 20
Sept. 15 Aug. 31
Oct.
1 Aug. 31
Sept.
1 Aug. 15
Oct.
1 Sept. 15
Oct.
7 Sept. 15
Aug. 15 Aug,
4
Sept.
1 Aug. 15
J
Volume
Financial
143
Per
Name of
Company
Share
Delaware & Bound Brook RR. Co. (quar.).
Delaware Division Canal of Pennsylvania..
$2
$1
Dentist's Supply Co. of New York (quar.).
50c
Quarterly.
7% preferred (quar.).
7% preferred (quar
Denver Union Stockyards, 5H% pref.
(quar.)..
Detroit Gasket & Mfg. Co.,
6% pref
Detroit Hillsdale & South Western RR
50c
Dec. 21 Dec.
Dec. 31
SIX
Sept.
50c
Aug. 20
Aug.15
Sept.
Jan.
Dec.
35c
35c
r30c
Dow Chemical Co
60c
7% preferred (quar.).
»ow Drug Co
Dow Dr
Duplan Silk Corp. (semi-annual)
tlX
15c
50c
Eastern Gas & Fuel
Association, 4H % pref
6% preferred (quarterly)
Eastern Shore Public Service $6H pref.
(quar.).
$6 preferred (quar.)
Eastern Utilities Associates (quar.)
East Mahoning RR. Co. (semi-annual)
$1,125
$1H
SIX
tlx
50c
tlX
Eaton
Mfg. Co. (quarterly)
Eddy Paper Corp
30c
El Dorado Oil Works
40c
50c
(quar.)
Electric Auto-Lite
50c
Electric Products Corp
Electric Shareholc ing Corp., $6 conv.
pref
50c
Z$1H
Electric Storage Battery Co. (quar.)
Preferred (quar.)
50c
Electrolux Corp
40c
50c
Extra
10c
Elgin National Watch Co
50c
Elizabeth & Trenton RR. Co. (semi-ann.)
Hoover &
15
15
Oct:
15 Sept.
Aug.
Sept.
Oct.
Sept.
1 Sept.
1 Aug.
Dec.
10 Nov. 30
1 Aug. 31
Dec.
1 Nov. 30
Dec.
31 DeCi
Oct.
Sept.
Sept.
Aug.
Aug.
Oct.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
FitzSimmons & Connell Dredge & Dock
Extra
Ft. Wayne & Jackson RR. Co., 5H% pref.(s.-a.)
Franklin Simon & Co.. Inc., 7% pref
Freeport Texas Co. (quar.)
Preferred (quar.)
Fuller Brush Co. 7% pref. (quar.)
General American Corp. (semi-annually).
General Candy, class A (quar.)
15c
30c
.
SIX
$15*
$15*
six
(quar.).
Preferred (quar.)
•General Finance Corp. (Detroit).
General Foods Corp. (quar.)
5c
45c
General Metals Corp. (quar.)
General Motors Co. (quar.)
Extra
25c
50c
75c
(quar.)
SIX
General Telephone Corp., com
25c
Aug. 21
Aug. 20
Aug.17
Aug.
Oct,
Oct.
Sept.
Sept.
Aug.
Sept. 21 Sept.
Sept. 21 Sept.
Sept. 1 Aug.
1 Feb.
June
1 May 22
Nov.
2 Oct.
Jan.
Sept.
Sept.
Aug.
Sept.
1 Dec.
Great Western Electro-Chemical Co
80c
Great Western Sugar Co.
10 Aug.
10 Aug.
15 Aug.
15 Sept.
Sept*
Aug.
Sept.
Aug.
Sept.
Aug.
Sept.
Aug.
Sept.
Aug.
Aug. 15 Aug.
Aug. 31 Aug.
Aug. 15 Aug.
60c
Oct.
SIX
Oct.
Extra
60c
Goodall Worsted Co
Gorham Mfg. Co., vot. trust certificates
Grace National Bank of N. Y. (semi-ann.)
Union. Co., preferred
$2
25c
$3
...
•Great Atlantic & Pacific Tea Co.
Extra
(quar.)
25c
Preferred (quarterly)
$15*
Great Lakes Dredge & Dock Co. (quar.)
Great Lakes Towing Co., 7% pref. (resumed)
—
•
25c
—
(quar.)
Preferred
-
•
(quar.)..!
Greene Cananea Copper Co. (quar.).;
...
Greenfield Tap & Die Corp., $6 pref
Gulf States Utilities Co., $6 pref. (quar.)
$5H preferred (quarterly)
Gurd (Chas.) & Co., pref. (quar.)
.
...
.*
Hackensack Water Co., 7% pref. A (quar.)
Hale Bros. Stores (quar.)
Hanes
15c
10c
(extra)
10c
Hancock Oil Co., class A and B (quar.).
Class A and B (extra)
.
25c
12Hc
SIX
Hanna (M. A.) Co., 5% pref. (quar.)
Harbison-Walker Refractories Co
Preferred
•
(quar.)
50c
;
$1H
Hart-Carter Co., $2
conv^pref. (quar.)
Hartford & Connecticut Western RR.—
50c
2% preferred (semi-annual)
)
75c
$1H
SIX
SIX
43 He
$3H
(P. H.) Knitting Go. (extra)
Class B
-$2H
$1
Hamilton Watch, 6% preferred
»■
25c
$1H
$1
Hawaiian Commercial & Sugar Co
...
Hazel-Atlas Glass Co. iquar.)
Hecla Mining Co. (quarterly)
$15*
$15*
15c
>Heileman (G.) Brewing (quar.)
25c
Hershey Chocolate Corp. (quarterly)
Convertible preferred (quarterly)
..Hercules Powder Co., preferred (quar.)...
Heyden Chemica J Corp. common
75c
Extra
„
$1
.$15*
25c
25c
Preferred (quar.)
Hiras (Chas". E.)*Co., class A
I
$15*
com.
(quar.)
50c
19
Sept. 15 Sept.10
Aug. 15 July 24
Aug. 15 July 31
Sept. 12 Aug. 13
Sept. 12 Aug.13
40c
...
25
15
10
10
22
Mar.
50c
75c
15
1 Nov. 22
Aug. 20 Aug.
Oct.
1 Sept.
Sept. 1 Aug.
Sept.
1 Aug.
Oct.
1 Sept.
SIX
$2H
14
Dec.
50c
preferred
-Globe Democratic Publishers, pref
Globe & Rutgers Fire Insur. Co., 2nd pref. (qu.)
•Globe Wernecke Co., pref. (quar.)
...
15
10
15
17
15
Aug. 15
Aug. 15
Aug. 15
Aug. 21
Nov.
-General Cigar, Inc., preferred (quar.)
Preferred (quar.)
Grand
1
5
8
8
15
15
5
20
20
30
30
30
22
15
21
21
Sept.
7% preferred (quar.)
•
1
15
15
8
1
Aug. 15 Aug.
Sept. 1 Aug. 12
Sept.
1 Aug. 15
Oct.
1 Sept.19
Sept. 30 Sept.15
Florida Power Corp. 7% pref. A (quar.)..
Preferred (quarterly)
Golden Cycle Corp. (quar.)
5
1 Nov.
Aug. 15 July 31
Oct.
5 Sept. 26
Oct.
3 Sept.14
Aug. 15 Aug.
5
Sept. 10 Aug. 31
Dec.
Firestone Tire & Rubber, pref. (quar.).
Fishman (M. H.) Co. (quar.)
conv
Aug.
Aug.
Aug.
Aug.
Sept.
Aug.
Sept.
Sept.
Aug.
Aug.
Sept.
Sept.
Sept.
Sept.
Sept.
Oct.
Farmers & Traders Life Insurance (quar.)
Faultless Rubber Co. tquar.)
Federal Light & Traction, pref. (quar.)
$3
Aug. 15
Aug. 31
Aug. 29
Aug. 15
Sept. 15
Sept.
Sept. 30
Sept. 30
Sept. 15
Sept. 15
Sept. 15
Oct.
*
Preferred
15 Dec.
six
tlx
Fajardo Sugar Co. (quar.)
Famise Corp., common class A (quarterly)
Fansteel Metallurgical Corp. $5 pref. (quar.)..
$5 preferred (quar.).
Preferred
1
1
Guaranteed betterment (quar.)
extra
1
July 31
Aug.
1
Aug.
1
Aug.
4
Aug.
3
Sept. 15
Sept.15
Aug. 10
Aug. 10
Aug.
5
1
Guaranteed betterment (quar.)
Ex-ceU-0 Aircraft & Tool Corp
Fairbanks. Morse Co.. 6% pref. (quar.)..
.
Oct.
Oct.
Sept. 1
Sept. 1
Aug. 15
Dec.
15
14
14
3
7
10
10
1
Oct.
Pittsburgh RR. Co. 7% gtd. (quar.)
7% guaranteed (quar.)
Class A
Dec.
Aug. 15
Aug. 15
Aug. 15
Aug. 15
Aug. 15
Oct.
Erie &
$1.05
clOc
Hormel (G. A.) Co. (quarterly)
Preferred A (quarterly)
tlX
Ewa Plantation Co
40c
$1
Nov. 14
$1
5% preferred (semi-ann.)
7% pref. A (quar.)..
$6 preferred B (quar.)
El Paso Electric Co. (Texas) $6 pref. (quar.)
El Paso Natural Gas, preferred (quarterly)....
Emerson Drug Co., 8% preferred (quar.)
Empire& Bay StateTeleg. Co.,4% guar, (quar.)
4% guaranteed (quar.)
Employers' Re-Insurance Corp. (quar.)
Emporium Capwell (semi-ann.)
European & North American Ry. (semi-ann.)..
El Paso Electric Co. (Del.)
12Hc
12Hc
i
Aug. 15
Dec.
Sept.
Aug.
Sept.
Aug.
Sept.
Aug.
Aug. 15 July
Aug. 17 July
Oct.
1 Sept.
Oct.
1 Sept.
Sept.
1
(quar.)
Doctor Pepper Co. (quar.)
Quarterly
Dominion Bridge Co. (quar.)
10c
37Hc
Hom^take Mining (monthly)
25c
Class A
19
10c
—
Holophane Co.
Preferred (semi-ann.)
Holt (Henry) & Co., A (quarterly)
Aug. 15
75c
$1
$2
$1X
12 H%
37 He
62 He
Hibbard, Spencer, Bartlett & Co. (monthly)
Monthly
Hobart Mfg. Co., class A (quar.)
Hollander (A.) & Son, (quarterly)
Sept.
Sept.
Quarterly
Preferred (quar.)..,
Diem & Wing Paper 7% pref. (quar.)..
Distillers Co.. Ltd. (final)
Dixie Vortex Co. (quar.)"
Per
Share
Name of Company
Extra
Preferred
(semi-ann.)
Dictaphone Corp
11
Sept. 30
25c
Diamond Match.
Aug. 20 Aug. 18
Aug. 15 Aug.
4
Sept. 30 Sept. 19
SIX
30c
1023
,
Holders
Payable of Record
tlX
$2
Dexter Co
When
Chronicle
Sept.
Sept.
Sept.
Sept.
Oct.
Sept.
20
15
20
20
31
31
5
1
26
10
7
7
7
4
20
5
2 Sept. 15
2 Sept.15
Sept.14
Aug. If
Sept. 15
Sept. 15
Aug. 15
Sept. 30
Sept.
Sept.
Sept.
Sept.
5
4
15
Sept. 4
Aug.
3
Aug. 31
Aug. 31
Aug.
,1
Sept.16
Aug. 15
Aug.
8
Aug. 20
Aug. 20
Aug. 15
Aug. 15
Aug. 15
Aug.14
20 Oct.
7
1 Aug. 15
Aug. 31 Aug. 20
Aug. 15 Aug.
4
Oct.
Sept.17
Aug. 15 July 15
Aug. 15 Aug.
1
Aug. 15 July 25
Aug. 15 July 25
Aug. 15 Aug.
4
Sept. 1 Aug. 20
Sept.
Aug. 20
Oct.
Sept. 22
Sept.
1 Aug. 15
$2
Allison Co., 7% pref. (quar.)
$15*
25c
$l*t
SIX
$35*
Quarterly
$35*
Imperial Tobacco of Great Britain & Ireland—
Amer. dep. rec., ord. (interim)
w7X%
SIX
Indianapolis Water Co., 5% cum. pref. A (qu.).
.
Industrial News Service, extra
Ingersoll-Rand Co
15c
—
50c
Inland Steel Co
Insurance Certificates, Inc..
International Business Machines Corp.
International Harvester Co
75c
10c
$1H
(quar.)_
97 He
62 He
Quarterly
Preferred (quarterly)
$15*
International Nickel Co
35c
Interstate Hosiery Mills (quar.)
50c
25c
Intertype Corp., common
1st preferred (quar.)
Iron Fireman Mfg. (quar.)
Quarterly
Jaeger Machine Co. (Col., Ohio)
Jantzen Knitting Mills 7 % preferred—
—
Jarvis (W. B.) Co. (quar.)
Jewel Tea Co., Inc., common (quar.):
Kalamazoo Vegetable Parchment Co. (quar.) —
$2
25c
Aug. 18
Sept. 15
Aug. 15
Nov.
Oct.
Oct.
Sept.
Aug.
Aug.
Sept.
Aug.
10
Sept.
Sept.
Aug.
Aug.
Aug.
Aug.
Aug.
Nov.
Oct.
Oct.
15
15
14
20
20
15
1
10
Aug.
Sept.
Aug.
Oct.
Aug. 12
July 31
Sept. 30
Jan.
Dec. 31
1
Sept.
9 Aug. 14
Oct.
1 Sept. 12a
Sept. 16 Sept. 1
Sept. 1 Aug.
3
Sept.
1 Aug. 14
Oct.
7 Sept. 30
Oct. 10 Sept. 22
Oct. 15 Sept. 19
Oct. 15 Sept. 19
Sept. 1 Aug.
5
Sept. 30 Aug 31
Aug. 15 Aug.
1
Sept.15 Sept. 1
Oct.
1 Sept.15
Sept. 1 Aug.
6
Dec.
1
25c
Sept.
1 Aug. 20
$15*
Sept.
Nov.
5
$1
1
Sept. 1 Aug. 15
3ept.30 Sept. 16
15c
Sept. 30 Sept. 20
25c
15c
Kansas Utilities, 7 %
$15*
pref. (quar.)
SIX
Keith-Albee-Orpheum Corp., 7% preferred
Kelvinator Corp
12Hc
Kelvinator Corp. of Canada, pref. (quar.)
$15*
Kemper (Thomas) Co., 7% special preferred— hSl2 X
Kendall Co., cumulative particpating pref. (qu.)
SIX
10c
Cumulative participating pref. (partic. div.)_
37Hc
Kentucky Utilities prior preferred
Junior preferred (quar.)
87Hc
Keokuk Electric Co.. 6% pref. (quar.)
SIX
$1.05
Keystone Custodian Fund, seriesB-3—,
;
Series S-4 (initial)
5c
—
25c
(quar.)
„
Aug.
Sept.
Sept.
25c
Quarterly
Klein (D. Emil)
Holders
Aug.
Horn & Hardart (New York), preferred (quar.)_
Illuminating & Power Security 7% pref. (quar.)
imperial Life Assurance of Canada (quar.)
Kobacker Stores, Inc
Preferred
When
Payable of Record
Dec.
31 Dec. 21
Oct.
1
Oct.
1
Oct.
1
Sept. 21
Sept.15
Sept 15
Aug. 15 Aug.
5
Sept. 1 Aug. 22
Sept.
1 Aug. 10a
•Sept. 1 Aug. 10a
Aug. 20 Aug.
1
Aug. 20 Aug.
1
Aug. 15 Aug. 10
Aug. 15 July 31
Aug. 15 July 31
Oct.
1 Sept. 21
V
__
-
__
Preferred (quar.)
Kresge (S. S.) Co. (quarterly)
--
hSIX
$15*
.
25c
30c
Extra
Preferred (quarterly)
Kroehler Mfg. Co., class A preferred (quar.)
—
Class A preferred (quar.)
Kroger Grocery & Baking Co. (quar.)
6% preferred (quar.)
7% preferred (quar.).Krueger (G.) Brewing Co. (quar.)
Lake of Woods Milling Co. (quar.)
Lake Superior District Power, 7% pref. (qu.) —
6% preferred (quarterly)
—
Landers, Frary & Clark (quarterly)
Quarterly
Landis Machine Co. (quar.)
——
Quarterly
Preferred (quarterly)
Preferred (quarterly)
Lanston Monotype Co. (quarterly)
Lawson (F. H.) Co., pref. A (quar.)___
Preferred AA (quarterly)
Preferred B (quarterly)
Preferred BB (quarterly)
Leath & Co., $2H preferred (quar.)
Lee (H. D.) Mercantile Co. (quarterly)
Lessings, Inc
Li bby-O wens-Ford
Life Savers Corp. (quar.)
Liggett & Myers Tobacco com. & com. B—— Lincoln National Life Insurance (quar.)
Lincoln Stores, Inc. (quar.)
7% preferred (quarterly)
—
Lindsay Light & Chemical
Link Belt (quar.)
—
—
—
$1
$1
——
Sept.
Nov.
25c
Jan.
Aug. 15 Aug.
5
Nov. 16 Nov.
5
$15*
$15*
Sept.15 Sept.
5
Dec.
5
$1
$1H
45c
45c
62||C
15c
$15*
40c
$1
Aug. 31 Aug. 21
Aug.
Aug.
Sept.
Sept.
Oct.
15
15
15
15
1
Aug. 15
Sept.10
Sept.15
Sept.
Sept.
Aug. 10
Aug. 10
Sept. 10
Sept.10
Sept. 15
Aug.
1
Sept. 4
Aug. 31
Aug.
1
Aug. 17
Nov.
Oct.
25c
Sept.
Sept.
Aug. 24
Aug. 24
Aug.
8
Aug. 15
Aug. 15
Sept. 15
Aug. 25
5c
30c
$1H
Aug. 24
Sept.
Sept.
Oct.
1
1
1
50c
Sept.10
50c
Dec.
$1.10
$1.10
r25c
$2
$2
15c
Sept.10 Aug. 25
Dec.
Sept.
10 Nov. 25
1 Aug. 12
Oct.
1 Oct.
Jan.
2 Dec. 31
15
15
15
30
$1H
*154
$1H
six
Aug. 15
20c
$15*
27
10 Nov. 25
Aug.
Aug.
Aug.
Sept.
25c
Oct.
1
Sept.
1
July
July
July
Sept.
Sept.
Aug.
July
Aug.
July
1
24
30
15
1
18a
17
31
Sept.25
31
Aug. 24
28
Aug. 15 Aug.
4a
Oct." 1 Sept. 21
Jan.
25c
_ .
.
$15*
$1H
50c
50c
15c
118
5c
5c
Extra
•
15c
40c
(quar.)
10c
Extra
50c
Marchant Calculating Machine Co
(quarterly)
May Department Stores (quar.)—
May Hosiery Mills, $4 preferred
$4 preferred (quarterly)
McClatchy Newspapers, 7% pref. (quar.)
7% preferred (quarterly)
McColl Frontenac Oil Co. (quar.)
Mclntyre Porcupine Mines (quar.)
McWilliams Dredging Co. (quarterly)
Matson Navigation Co.
Mead Corp., cumulative preferred A
$1.15
50c
ht 1
$1
435*c
4354c
20c
50c
$1
hS IX
Mercantile Stores Co., 7% pref. (quar.)
Metropolitan Edison Co., $7 prior pref. (quar.
$6 prior preferred (quarterly)
;
$5 prior preferred (quarterly)
$7 cumul. preferred (quarterly)
$6 cum. preferred (quarterly)
$5 cumul. preferred (quarterly)
_
15 Dec.
30c
Preferred
Manhattan Shirt (quarterly)
Manufacturers Casualty Co.
Aug. 15
Aug. 15
Oct.
25c
37 He
(quar.)..I
Quarterly
Luzerne County Gas & Electric $7 1st pf. (qu.)
$6 1st Dreferred (quarterly)
Lynch Corp. (quar.)
Macy (R. rf.) & Co.. Inc. (quar.) —;
Madison Square Garden Corp. (quar.)
Magnin (1.) & Co., $6 preferred (quar.)
$6 preferred (quar.)
Managed Investments, Inc. (quarterly)
1 Sept. 18
20
25c
2H%
Lunkenheimer Co., preferred (quar.)
1 Aug. 10
Sept. 16 Sept. 2
Sept.
Aug. 15
37 He
Louisville & Nashville RR
—
29
10
10
10
24
2 Oct.
Sept.
Sept.
(quar.)
Little Miami RR., spec. gtd. (quar.)
Special guaranteed (quarterly)
Original capital
;
Original capital
Loblaw Groceterias, class A & B (quar.)—
Lock-Joint Pipe Co. 8% preferred tquar.)
8% preferred (quar.)
—
Loew's Boston Theatres Co. (quar.)
Loew's. Inc., $6H cum. preferred (quar.)
Lone Star Gas Corp
6% conv. preferred (quarterly)
Loose-Wiles Biscuit Co., 5% preferred (quar.).
Lord & Taylor Co. 1st pref. (quar.)
Los Angeles Gas & Electric Corp., 6% pref
Louisville Gas & Electric, class A & B (quar.)
Ludlum Steel Co__
Oct.
$15*
$15*
$1H
37Hc
15c
Preferred
July
Sept.
Sept.
Sept.
Sept.
Dec. 31 Dec. 23
40c
$1H
$15*
—
Extra
Aug. 15
Sept. 30
Sept. 30
Sept.30
Sept. 30
Six
SIX
$1.H
$15*
$15*
$1H
$15*
2 Dec. 21
Aug.
Aug.
Aug.
Aug.
15 Aug.
5,
15 July 31
15 July 31
15 Aug.
5
Sept.
Aug.
7
Aug. 31 Aug. 14
Aug. 15 Aug.
1
Nov. 16
Nov.
Aug. 15 Aug.
Aug. 15 Aug.
Sept.
1 Aug.
Aug. 15 Aug.
Aug. 15 Aug.
Aug. 15 July
Aug. 15 Aug.
Sept. 1 Aug.
Sept. 2 Aug.
Sept. 2 Aug.
Aug. 31 Aug.
1
1
1
10
1
1
31
10
15
18
18
31
Nov. 30 Nov. 30
Sept. 15 Aug. 15
Sept. 1 Aug.
1
Sept. 1 Aug. 20
Sept.
Aug. 15
Aug. 15 July 31
Oct.
Aug. 31
Oct.
Aug. 31
Oct.
Aug. 31
Oct.
Aug. 31
Oct.
Aug. 31
Oct.
Aug. 31
-
I
1024
Financial
Per
Name of Company
Share
Mergenthaier Linotype
Metal Textile Corn., par tic. preference (quar.)..
Michigan Assoc. Telephone Co., 6% pref
6% preferred (quarterly)
81 l4c
h5 0c
50c
Midco Oil Corp. (quar )
Middlesex Water Co. (quarterly)
25c
75c
Minneapolis Oas Light (Del.), 7% pref
6% preferred (quarterly)
Minneapolis-Honeywell Regulator
.
Extra.
....
$14
$14
37 4 c
.......
Missouri Utilities, 7% pref. (quarterly)
Monarch
Knitting, Ltd., 7% preferred
Consul. Wate^Co., 7% pref.^..-Monsanto Chemical (quar.)
Extra
..J
Montgomery Ward & Co
Class A (quar.)
_Jt
—
Montreal Light Heat & Rower Co. (quar.)...—
Montreal Loan & Mtgqy (quar.) _
Moody 's Investors Service, partic. pref.(quar.)
Moore (Wm. R.) Dry Goods (quar.)
Quarterly
Morris (Philip) & Co. (quarterly).
Morris Plan Insurance Society (qu
iociety (quar.)
Quarterly
Monmouth
124c
$14
h$ 1*4
$14
25c
25c
■
20c
$14
$2
50c
75c
Aug. 15 July 30
Sept. 28 Aug. 31
Sept. 1 Aug. 15
Oct.
1 Sept. 15
Sept. 1 Aug. 15
Sept.28 Sept. 17
$14
$14
$14
8c
75c
25c
40c
nx
50c
$14
124c
124c
nx
$14
.
10c
10c
National Power & Light Co
National Pressure Cooker Co
15c
15c
Nebraska Power Co., 6% pref. (quar.).
$14
7% preferred (quarterly)
$1 X
Nehi Corp. first preferred
h$5X
Neisner Bros., Inc.
(quar.)
Newberry (J. J.), 5% pref. A (quar.)
(quar.)__L_
$5 preferred (quarterly)
Newmarket Mfg. Co. (quar.)
New Jersey Power & Light, $6 pref.
oOc
as
28 Dec.
17
sept. 15 Sept.
1 Auk. 14
1 Aug. 14
Nipissing Mines Co., Ltd
Nonquitt Mills (resumed)
31
31
31
28
31
31
15
29
22
$1
Dec.
1 Nov
21
Sept.
Sept.
Sept.
1 Aug. 15
1 Aug. 10
1 Aug. 15
Dec.
I Nov. 15
$1
_
Norfolk & Western Ry. (quar.)
$2
$1
Adjustable preferred (quar.)
North American Edison, preferred (quar.)..
$14
North River Insurance (quarterly)
Nortnern RR Co. of N. J.. 4% gtd.
(quar.)
20c
guaranteed
(quarterly)
Northam Warren Corp
conv. pref. (quar.)
Northeastern Water & Electric, $4 pref.
(quar.)
North Oklahoma Gas Co., 6% pref. (quar.)
6% preferred (quar.)
North Pennsylvania RR. Co. (quar.)
Northwestern Public Service. 7% pref. (quar.)..
6% preferred (quar.)
Nova Scotia Light & Power Co., 6%
pref. (qu.).
Oahu Railway & Land (monthly)
Oahu Suaar Co., Ltd. (monthly)
Occidental Insurance Co. (quarterly)
Ohio Power Co., 6% pref. (quar.)
Ohio Water Service Co. A
,
75c
$1
$14
"if
$14
•
__
_
.
(Me.)
(monthly)
$14
$14
15c
20C
30c
M
Aug.
40c
10c
50c
*2 4
$14
Oct.
$14
344 c
60c
Parker Pen (quar.)
Parker Rust Proof (quarterly)
25c
374c
Co., common
_*
Grocery Co., class A (quar.)
Parker Wolverine
Penick & Ford, Ltd (quar.)
Pennsylvania Gas & Electric
25c
87 4c
75c
_■
(Del.) A (qu.)__-7% and $7 preferred (quar.)
Pennsylvania Power Co., $6.60 pref. (monthly)
$6 preferred (quarterly)
Peoples Natural Gas Co., 5% pref. (quar.)
Peoples Telephone Corp. 6% pref, (quar.)
Pepperell Mfg. Co. (semi-ahri.)
Peteroorough RR. Co
semi-annually)
_
Peninsular Telegraph
Co., 7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
374c
$14
55c
$14
624c
$14
$3
$14
15 July
15 July
15 July
15 July
sepi
1 Aug.
Sept.
1 Aug.
Sept. 1
Sept. 1
Sept. 15
Sept.
1
Oct.
1
Sept.
Sept.
1
1
Oct.
1
Sept. 1
Aug. 15
Oct.
1
30
31
20
15
10a
Aug. 15
Aug. 20
Sept. 1
Aug. 20
Sept.21
Aug. 20
Aug. 20
Sept. 15
Aug. 31
Aug.
5
Sept. 25
Aug.
5
Gas
Standard Steel
Construction, class A pref
Stanly Works, 5% preferred (quar.)
...
Sterling Brewers, Inc
Sterling Products, Inc. (quarterly)..:
Sterling Securities Corp. $3 1st pref
Strawbridge & Clothier Co., 6% pref. (quar.)
Stromberg-Carlson Telep. Mfg. Co., pref
__
.
Sun Oil Co.
(quarterly)
Preferred (quarterly)
Sunray Oil Corp. (Dela.) common
Susquehanna Utilities Co., 6% pref. (quar.)....
Swift & Co. (quar.)
Syracuse Lighting Co.. Inc., 8% pref. (quar.)..
...
...
(quarterly)
Phelps Dodge Corp
Philadelphia Co. 5% preferred (semi-ann.)
Philadelphia Elec. Power Co., 8% pref. (qu.)__
Phila., Germantown & Norristown RR. Co
Philadelphia Suburban Water Co., pref. (quar.)_
Phillips Petroleum Co. (quar.)
pref. (quar.)..
Tampa Electric Co. (quar.)
_
Extra
_.
(qu.).._
(quarterly)
Pierce Governor Co. (resumed)
Aug. 25 Aug.
Timken-Roller Bearing Co.
Extra
Pillsbury Flour Mills Co
Pitney-Bowes Postage Meter Co
Pittsburgh Bessemer & Lake Erie (semi-ann.)
Pittsburgn Brewing Co., $3 4 pref
Pittsburgh Ft. Wayne & Chicago Ry. Co. (quar.)
40c
Sept. 1
Aug. 15
Toburn Gold Mines, Ltd.
(quar.)
Trans-Lux Daylight Picture Screen
Corp. (s.-a.)
_
7% preferred (quarterly)
7% preferred (quarterly)
Pittsburgh Screw & Bolt (resumed)
Pittsburgh Suburban Water service—
$54 preferred (quar.).
sbu
Pittsburgh Youngstown & Ashtabula Ry. Co.—
7% preferred (quarterly)
7% preferred (quarterly)..
Plymouth Found. A (quar.)
Extra...
10c
Potomac Electric Power Co., 6% pref. (quar.)..
5 4 % preferred (quar.) i
Procter & Gamble (quar.).
1
Oct.
Jan.
Dec.
Oct.
Sept. 10
Jan.
Dec.
10
Sept.
75c
Oct.
Aug. 18
!lg
$14
$14
124c
31
15
Aug. 15
Aug.
1
Sept. 15
Aug.t 1
Sept. 10
50c
1
10
Aug.
3
$14
Aug. 15 Aug.
5
$14
$14
Sept.
1 Aug. 20
Dec.
1 Nov. 20
14c
Sept.
Aug. 15
Sept. 15
Sept. 30 Sept. 10
Sept.
1 Aug. 15
Sept.
1 Aug. 15
Aug. 15 July 24
lc
;
10 Dec.
25c
$14
$14
374c
374c
Oct.
Aug.
15 July
24
$i
Aug.
Sept.
$14
Sept.
2c
Aug.
Nov.
$1
25c
$14
$14
37 4 c
374c
20c
60c
July
15
Oct.
Sept.
July
Aug.
July
Aug.
20
31
15
Aug.
Sept.
Aug.
Sept.
15
20
Sept.
Aug. 20
"si
Sept.
Aug.
Aug. 15Aug. 10
$14
$14
Nov.
Sept.
Sept.
$2
$14
$14
Sept.
$14
$14
$14
Oct.
Oct.
Oct.
Oct.
50c
Sept.
Oct.
60c
Sept.
Oct.
Oct.
25c
Oct.
45c
Sept.
Aug.
Aug.
Sept.
Aug.
$1 4
50c
25c
Sept.
Sept.
90c
Oil Co
(quar.)
Tri-Continental Corp., common
$6 cumul. preferred (quarterly)
Trustee Food Shares, series A (bearer)
Trusteed Standard Oil Shares, series B
(bearer).
Tubize-Chatiilon 7 % preferred
7% oreferred (quar.)
Tuckett Tobacco Co., Ltd.,
preferred (quar.)..
208 S. La Salle Street Bldg. Corp. (Chicago)
2c
10c
15
15
15
15
15
15
31
1
31
15a3
15
17
25
1011
20
1
20
20'
20
3l"
31
20
20
15
15
15
1515
15
15
15
4
4
1
31
510
10
sept.
Aug. 18Aug. 18
July 21
Aug.
Sept.
25c
Aug.
Oct.
$14
Oct.
15
Sept. 15
Sept. 15
8c
Of*
Sept.
7i$14
$14
$14
Sept.
Oct.
Oct.
Oct.
;
July
July
Aug.
Aug.
Sept.
Sept.
Sept.
Sept.
Aug.
Sept.
Aug.
Sept.
Sept.
Sept.
Sept.
July
Aug.
Aug.
Aug.
Sept.
50c
Tidewater Oil Co.
Oct.
Aug.
Aug.
Aug.
Aug.
July
Aug.
July
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Sept.
July
July
July
Aug.
Aug.
Aug.
Sept.
Aug.
Aug.
25c
Tide Water Power preferred (quar.)
Oct.
Oct.
25c
Sept,
5c
Sept.
h$ 3 'Aug.
314c Aug.
15c
Aug.
95c
Sept.
h$ 3 Aug.
$14
Sept.
h$ 14
Sept.
25c
Sept.
$14
Sept.
5c
Sept.
sept.
$1 4
25c
Oct.
Thompson (John R.) Co. (quar.)
.
1
Aug. 19a'
Aug.
60c
Texas Gulf Sulphur Co..
Thatcher Mfg. Co (quar.)
Associated
Nov.
19
Sept.
50c
;
_
July 24
Aug. 20'
July 31
Aug. 15
Aug.
5
Aug. 14
Sept.
—.
_ .....
Extra
Quarterly
Quarterly.
Dec.
Aug.
$14
....
—
Tidewater
Oct.
$14
...
Jan.
25c
25c
Phoenix Finance Corp., preferred
(quarterly)
15c
Sept.
Jan.
$1.80
...
Tennessee Electric Power Co. 5% pref.
50c
50c
15
30
hp
1 Aug. 20
Sept. 15 Aug. 25
Sept.
1 Aug. 10
Oct.
1 Sept.10
Sept. 5 Aug. 20
Sept. 1 Aug. 12a
Sept. 1 Aug.
7
Sept. 1 Aug.
7
Oct.
10 Sept. 30
$14
$14
Aug.
56c
$14
Sept.
_
Aug. 15
Aug. 20
Sept. 19
;
Nov. 16 Nov.
Feb. 15 Feb.
25c
Sept. 15
Sept. 15
Oct.
1 Sept.15
Oct.
1 Sept. 15
Oct.
1 Sept. 15
Oct.
It Sept. 15
Aug. 15 Aug.
6
Sept. 15 Sept. 1
Sept.
Aug. 17
July
15c
.
(quar.)
Tampa Gas Co., 8% pref. (quar.)
7% preferred (quarterly)
Aug. 15
25c
15
1
1
sept.
$14
$14
5
Dec. 31 Dec.
Oct.
Oct.
sept.
25c
ill
5
Aug. 15 Aug.
1
Sept. 30 Sept. 16'
25c
15c
Pfaudler Co., preferred
1
Dec. 31
75c
50c
__
Aug. 20
Aug.
dc
$14
$14
Utilities
6% preferred (quar.)
7% preferred (quar.)
7.2% -preferred (quar.)
6% preferred (monthly)
6% preferred (monthly)
7.2% preferred (monthly)
7.2% preferred (monthly)
Texas Corp. (quarterly)
1
Aug. 15 Aug.
Sept, 30
75c
_
Standard Oil of Califorinia
Extra.
;
Preferred A
Sept.
Aug. 21
Aug. 13
Aug. 13
Sept.10
20c
Standard Oil of Indiana (quar.)
Extra
31
31
50c
v
Sept. 1
Sept. 1
Sept. 1
Sept. 21
50e
Spear & Co., $54 pref. (quar.)
Sperry Corp., voting trust certificates.
Spiegel May Stern i !o.. $64 preferred (quar.)..
Standard-Coosa-Thatcher Co.,7% pref. (qu.)_.
1
Aug.
Aug.
Aug.
Aug
374c
,
17 July
Consol.
southwest
3
1
Aug. 15 Aug.
25c
Socony-Vacuum Oil Co
Solvay American Investors Corp., 54% pef
South Carolina Power Co. $6 pref. (quar.)
Soutbern Calif. Edison Co. (quar.)
6% preferred series B (quarterly).,
Southern Canada Power Co., Ltd., Com. (quar.)
Southern Fire Insurance Co. (N. Y.) (s.-a.)—_.
Aug. 20 Aug. 10
Aug. 20 Aug. 10
Aug. 15 July 31
Sept.
1 Aug. 20
Sept.
1 Aug. 20
Aug. 20 Aug.
7
h$ IX
__
...
I Aug.
50c
(resumed)
Simon (W.)
Brewery (quar.)
Smith (S. Morgan 1 Co. (quar.)
6
sept.
7i$14
Simmons Co.
5
35c
Oshkosh overall Co. (quar.)
$2 preferred (quar.)
Oswego & Syracuse RR. (s.-a.)
Ottawa Light, Heat & Power, pref.
Owens-Illinois Glass (quar.)i
Pacific Gas & Elec. Co., 6% pref. (quar.)
54% preferred (quar.)
Pacific Lighting Corp., common (quar.)
Extra
15 Aug.
20c
.
Ontario Steel Products, Ltd., 7% preferred
Plymouth Oil Co
Aug.
"I
-
Co
...
Aug. 25 Aug. 18
Sept- 1 Aug. 21
Sept. 1 Aug. 21
Sept. 1 Aug. 15
Aug. 15 Aug. 10
Aug. 15 Aug.
Dillon
Sears, Roebuck & Co. (quar.)
Second Investors Corp. (R. I.), *3 pref. (quar.)
Second Twin Bell Syndicate (monthly).
Secord (L.) Candy Stores, Ltd. (quar.)
Servel, Inc., common
7% cum. preferred (quar.)
7% cum. preferred (quar.)...
Shawinigan va ater & Power Co. (quar.).
Shenango Valley Water, 6% pref. (quar.)
Sherwin vVilliams Co. (quar.)
;
5% preferred (quar.).
7
Sept.
i Aug. 12
Aug. 15 July 31
'25c
•
$14
$14
Seaboard Oil Co. of Dela., (quar.)
Aug. 15 Aug.
Aug. 15 July
Aug. 20 July
Aug. 15 July
Sept.19 Aug.
Aug. 19 July
Sept. 1 Aug.
Sept.10 Aug.
Sbpt
1 Aug.
.
$2
-
1 Aug. 15
Nov. 14 Oct.
75c
75c
—
deb. A (quar.)
74% debenture B (quarterly)
7% debenture C (quarterly)
64% debenture D (quarterly)
6% pieferred (semi-annually)
6% preferred
Scotten
1 Aug. 31
1 Aug. 31
$1
1
j
31
sept.15 iAug. 31
50c
(quar.)
(quar.)
Savannah Electric Power, 8%
Aug. 15 July
•lept.
Oct.
20c
(monthly)
Quarterly
Aug. 15 Aug.
1
Aug. 15 Aug.
1
Sept. 1 July 27
Sept. 1 Aug. 15
Oct.
50c
2oc
$14
$14
$14
Rocky Mt. & Pacific Co.. preferred..
San Carlos Milling
16
50c
(quar.)
—
San Francisco Remedial Loan Assoc.
•lept.
h$ 3
$14
$14
374c
Preferred
Aug. 28
1
15 Dec.
121l
,—
Septf15
1
Dec.
Sept. 10 Aug. 20
Oct.
8 Sept. 17
Sept. 15 Aug. 31
Sept. 15 Aug. 31
Aug. 15
Oct.
1 Sept. 10
Oct.
1 Sept. 10
Oct,
1 Sept.10
Oct.
1 Sept.10
Aug. 25 Aug. 10
Sept.
1 Aug. 11
Oct.
1 Sept. 21
6% preferred C& D (quarterly).
Roos Bros., Inc. (quarterly)
St. Louis,
sept.
Sept. 15 Sept.
—
—
Russek's Fifth Ave., Inc
Rutland & Whitehall RR
Sept. 1
Sept.
Sept. 1
Aug.
1
Sept. 1
Sept. 1
July 24
Aug. 15
Aug.
1
July 24
1 Sept. 9
1 Aug. 10
Sept.
Riverside & Dan River Cotton Mills, 6% pref—
Aug. 15 Aug.
1
Sept. 30 Sept. 11
sept ..30 Sept. 11
2 Oct.
Oct.
—
Rochester Gas & Electric, 7 % pref. B (quar.)
Aug. 31 Aug. 14
Sept. 1 Aug. 15
Sept.
1 Aug. 15
Nov.
i
Final
1
Aug. 20 Aug.
5
1 Aug. 20
Oct. 15 Sept. 11
Sept.
15
30
30
Sept.
1
Aug. 31
Aug. 15
—
Aug. 20 Aug. 10
25c
New York Air Brake (resumed)
Nineteen Hundred Corp., class A
Class A (quar.)
Quarterly.
Dec.
27
.
30
30
30
31
Aug.
-
_
1 Nov. 26
2 Dec. 21
Sept.
Sept.
Sept.
Aug.
Sept.
Sept.
.
—__
1
1 Au
1 Mar. 31
1 Aug. 21
1 Sept.21
Jan.
.
cumulative preferred (quar.)
preferred (quar.)
preferred (monthly)
preferred (monthly)
$5 preferred (quar.)
Pullman. Inc. (quar.)
Purity Bakeries Corp
Quaker Oats, preferred (quarterly)
Quebec Power Co.. (quarterly).
Radio Corp. of America—
$3 4 cumulative conv. 1st preferred
Rainier Pulp & Paper, class A & B (quar.)
Rand Mines (interim)
Rapid Electrotype (quarterly)
Quarterly
Reading Co. 1st preferred (quarterly)
2nd preferred (quarterly)
Reeves (Daniel), inc. (quar.).
64% preferred (quarterly)
Reliable Stores, 7% 1st preferred
Remington-Rand, inc..
Quarterly
5% preferred (quar.)
$6 preferred (quar.)
Republic Insurance Co. of Texas (quar.)
Reynolds Metals Co. (quar.)
54% preferred (quar.)
Rhokana Corp. (interim)
2
Holders
Oct.
8%
7%
6%
6%
1
15 Oct.
25c
Class A preferred (quar.)
*
Class B preferred (quar.)
National Liberty Insurance Co. of America
Extra
Quarterly
When
Payable of Record
Sept.
Oct.
(quar.)
Public Service Corp. of N. J. (quarterly)
1
Dec.
50c
Preferred
Aug. 15 Aug.
Oct.
Sept.
*
pref,(quar.)
Public National Bank & Trust Co.
Sept. 18
Oct.
Preferred (quar.)
Nat'l Credit Co.(Seattle,Wash.) 5%
National Read Co. (quar.)
Extra
Pender (David)
1
$1
National Container Corp. (quar.)
Onomea Sugar Co.
Extra
Oct.
Share
Properties (A. P. W.), Inc., class B
Public Electric Light, pref (quar.)
Aug. 15 July 31
Sept.15 Aug. 31
$1
75c
National Biscuit Co. (quarterly)
Preferred (quarterly)
old Dominion Co.
1
Aug. 20
75c
...
—
National Acme Co. resumed
National Bearing Metals Corp
4%
Aug.
Jan.
20c
cum.
Per
Name of Company
July 31
July 31
Aug.
1
Aug. 25
Sept.
1 Aug. 31
Sept. 1 Aug. 31
Aug. 15 Aug. 4
4
Aug. 15 Aug.
Sept. 1 Aug. 26
Oct,
1 Sept. 15
Aug. 15 Aug.
1
Sept.15 Aug. 25
Sept.15 Aug. 25
Oct.
15 Sept. 11
1 Oct.
2 Jan.
$14
pref. (quar.)
Mutual Chemical Co. of Am. 6% pref. (quar.)..
6% preferred (quar.)
Mutual Telephone (Hawaii) (monthly)
Nachman Spring-Pilled Corp
Class B
15
1
15
15
15
1
$2
(quarterly).
preferred
Mullins Mfg. Corp., $7
Munsingwear, Inc
Muskogee Co., 6%
Aug
Sept.
Aug.
Aug.
Aug
Sept.
Aug. IS, 1936
Holders
Payable of Record
$14
$14
Morse Twist Drill & Machine Co.
Mueller Brass Co.
When
Chronicle
1
1 Aug. 10
1 Sept. 10
15 Sept. 30
Sept. 19
19
Jan.
_
Union Bag & Paper Co
Union Tank Car Co.
(quarterly)
United Biscuit Co. of
....
Amer., com
Preferred (quarterly)
United Corp., $3 preferred (quar.)..I
United Dyewood, preferred (quarterly)
Preferred (quarterly)
United Engineering & Foundry Co. (quar.)...
Preferred (quarterly)
Dec.
Aug.
Sept.
7
Aug.
Aug. 17
Aug.
5
Sept.
Nov.
Oct.
Oct.
16
Oct.
Sept. 4
Sept. 11
Jan.
Dec.
11
Aug.
Aug.
Aug. 18 Aug.
8
8
Volume
143
Financial
When
Per
Name of
Company
Share
United Gas Corp. $7 pref. (quar.)
United Gas Improvement (quar.)....
$1H
25c
Preferred (quarterly)
$1 M
58 l-3c
54c
United Light & Ry. Co., 7% pref.
(monthly)
6.3% preferred (monthly)
6% preferred (monthly)
7% preferred (monthly)
6.3% preferred (monthly)
6% preferred (monthly)
United N
J. KR.
&
50c
Oct.
Canal Co
$2 K
$2H
$3 4
...
Oct.
Oct.
10
Sept.
1 Aug.
37V*c
Dec.
3c
c25c
25c
$1
$5
21
Nov. 30
Oct.
1 Sept. 19
Oct.
1 Sept. 19
Aug. 29 Aug.
1
25c
Aug. 15 July 15a
Sept. 1 Aug. 15
25c
Dec.
1 Nov.. 14
25c
Mar.
1
Feb.
25c
June
1
May 15
S1K
$1H
Nov.
Oct.
Feb.
Jan.
h$ 3H
60c
SIS*
$1*4
Sept.
Dec.
Dec.
50c
10c
Sept.
Sept.
Sept.
Sept.
25c
Sept.
Sept. 1
Sept. 1
Aug. 15
Aug. 15
Aug. 21
^eot.
Aug. 31
25c
Sept.
Oct.
Oct.
Sept.
Aug.
Aug.
Sept.
1
Aug. 15
Aug. 15
oct.
Sept.
Sept.
Sept.
Aug 15
Aug. 15
Dec.
$1
50c
(quarterly)
v
Virginia Coal & Iron Co. (quar.).
Virginia Electric & Power $6 pref. (quar.).
Vogt Mfg. Co. (quarterly)
Vulcan Detinning, preferred
(quarterly)
Wagner Electric
*
Wailuku Sugar Co. (monthly)
$1
20c
Extra
40c
W^ltham Watch Co., prior preferred (quar.)
Washington Ry. & Electric Co.
...'
SI X
$9
5%,preferred (quar.)
5% preferred (quar.)
5% preferred (semi-ann.)
Weill (Raphael) & Co. pref. (semi-ann.).
Welch Grape Juice Co.. preferred (quar.)...
Went worth Mfg. Co. (quarterly)
Wesson Oil & Snowdrift. $4 con v. pref.
Western Cartridge Co. 6% pref. (quar.)
Western Tablet <fc Stationery Corp
%XH
MM
S2H
Wilson & Co.
Dec.
Nov. 16
Sent.
Aug
Aug.
1
Aug. 15
Nov.
Oct.
$1
Sept.
Aug.
Aug.
Aug. 15
July 31.
Aug.
5
$4
SI H
...
Sl^
25c
15
issued by the
Clearing House is given in full below:
STATEMENT
OF
MEMBERS
ASSOCIATION FOR THE
OF
THE
NEW
CLEARING
Surplus
HOUSE
Deposits,
Bank of Manhattan Co..
National City Bank....
Guaranty Trust Co
Manufacturers Trust Co.
Cent. Hanover Bk. «fc Tr.
Corn Exch. Bank Tr. Co.
Average
and
10,955,200
25,431,700
132,827,000
407,813,000
653,305,400 al,437,345,000
52,685,400
465,949,000
177,649,400 61,412,875,000
/34,011,900
475,011,000
63,661,200
767,908,000
16,662,900
248,211,000
90,750,600
514,283,000
59,102,000
522,199,000
3,871,500
46,506,000
122,927,400 cl,886,118,000
3,440,500
46,171,000
69,091,300
0830,143,000
2,724,200
17,029,000
8,385,100
89,149,000
22,744,400
329,021,000
7,873,900
76,788,000
8,595,100
77,686,000
10,000,000
Irving Trust Co
50,000,000
Chase National Bank..*
Fifth Avenue Bank
4,000,000
103,964,300
500,000
Bankers Trust Co
25,000,000
10,000,000
5,000,000
12,500,000
7,000,000
5,775,000
Title Guar. & Trust Co..
Marine Midland Tr. Co.
New York Trust Co.
Com'l Nat. Bk. & Tr.Co.
Public N. B. <fc Tr. Co..
Total
*
833,869,100
527,081,300
As per
are
Aug. 10
15c
Aug. 15 Aug.
5
Sept. 1 Aug. 19
Oct.
1 Sept. 19
Oct.
1 Sept. 10
MM
Aug. 15 July 31
25c
■
;
The following corrections have been made:
Holt(H.) & Co., holders of rec. Aug. 14: previously reported as Aug. 11.
U. S. Playing Card Co.;
previously reported as United Playing Card Co.
c
Payable in stock.
e
/ Payable in
common stock,
mulated dividends,
j
g Payable in scrip,
Payable in preferred stock.
h On account of
accu¬
k Corn Products
Refining Co., stoek div. of l-25s sh. of Allied Mills
Inc., for each sh. of Corn Products Refining Go. held.
I Electric
Shareholding Corp., $6
of 1 share of
m
mon
n
common
stock,
or at
conv.
pref. opt. div. ser.
ww.,
44-d000th'
the opt. of the holder $1>* in cash.
Pacific Investors Corp., J* share of Pacific So. Investors, Inc., com¬
stock for each share held.
Blue Ridge Corp. $3 conv. pref., ser. 1929, 1-32 of one share of
or at the option of the holder 75c. cash.
com.
stock,
Life & Casualty Insurance
o
CoL of Tenn.;
p Kobacker Stores, Inc., pref. stock div.
each share of preferred.
a
33 1-3% stock div.
of
one
share of
common
for
Payable in Canadian funds, and in the case of non-residents of Canada,
reduction of a tax of 5% of the amount of such dividend will be made
r
a
Deposited Insurance Shares: ser. A & B stock div. of 2 J*% payable in
Holders have option of div. in cash based on liquidating value
s
trust shares.
of shares.
u
Payable in U. S. funds,
x
Less tax.
y
Less depositary
to
A deduction has been made for
expenses.
expenses,
z
Per 100 shares.
York
The following shows the condition of the Federal Reserve
Bank of New York at the close of business Aug. 12 1936r
in
comparison with the previous week and the corresponding
"
'
'
Aug. 12, 1936 Aug.
$
9,783,032,000
12,231,000
33,550,000
161,434,000
10,556,000
36,674,000
95,628,000
14,109,000
22,427,000
3,543,000
422,000
United
5,
1936 Aug. 14, 1935
$
,
$
Other cash t—
3,220,518,000 3,269,085,000 2,668,224,000
1,753,000
1,351,00ft
1,753,000
74,215,000
56,371,000
73.173,000
Total reserves
3,296,486,000 3,344,011,000 2,725,946,000
Redemption fund—F. R. notes
Bills discounted:
Secured
476,000
2,995,000
26,572,000
1,231,000
43,770,000
by
U. S.
Govt,
obligations,
direct and (or) fully guaranteed
4,918,000
1,737,000
Other bills discounted
2,268,000
53,755,000
46",347",000
Sates Treasury-x
discounted
Total bills
1,403,000
1,637,000
2,464,000
823,000
6,655,000
3,040,000
3,287,000
Bills bought in open market
1,103,000
Industrial advances—
7,090,000
1,100,000
7,104,000
6,967,000
1,808,000
United States Government securities:
Bonds
88,263,000
406,823,000
—
165,475,000
88,263,000
406,823,000
165,475,000
98,412,000
485,227,000
155,679,000
Total U. S. Government securities..
660,561,000
660,561,000
739,318,000
675,409,000
671,805,000
751,380,000
Treasury notes
-
Treasury bills
-
567,988,000
-
official reports:
1—
Other securities
Foreign loans on gold
--
Total bills and securities
The
1
$1 H
Assets—
National, June 30,1936: State, June 30, 1936; trust com¬
panies, June 30, 1936.
e As of July 1,1936.
/As of July 21, 1936
Includes deposits in foreign branches: a
5242,038,000; b $79,480,000: c $88,156,000: d $29,918,000.
New
of
returns
1
Sept.
Gold certificates on hand and due from
6,000,000
20,000,000
678,407,000
20,000,000
90,000,000
/42,935,000
21,000,000
15,000,000
First National Bank
Continental Bk. & Tr. Co
1
Nov.
60c
date last year:
$
Chemical Bk.&Tr. Co~
Nov.
.
25c
Deposits,
Average
Members
Bank of N. Y. & Tr. Co.
20
Time
Undivided
Capital
Net Demand
Profits
*
Clearing House
Sept.
«1H
50c
New
City
W^EK ENDED SATURDAY, AUG. 8, 1936
*
15
30
31
16
20
Condition of the Federal Reserve Bank of
New York
YORK
Aug.
Aug.
Transfer books not closed for this dividend.
a
31
31
Dec.
15
15
1
i Aug.
3
1 •<ept. 12
If Aug.
1
15 Aug. 10
15 Aug.
7
J Aug. 15
12 ^c
.
■
Wrigley (Wm.) Jr. Co. (monthly)
Monthly
Yale & Towne Mfg. Co.
(quar.)
Zeller's, Ltd., 6% preferred
Weekly Return of the New York City
Clearing House
The weekly statement
Aug.
10c
(quarterly;
(quarterly)
Winstead Hosiery Co
Extra
sept,
Oct.
50c
..
Woolworth (F. W.) Co. (quar.).
Worcester Salt Co., 6% pref. (quar.)
9
30c
...
$i ^
7% pref. (quar.)..
Williams (J & B) Co. (quarterly)
1
10
MM
Will & Baumer Candle Co., Inc
Nov. 16
i
...
10c
10c
Wilcox-Rich Corn., B (ouar.)
Aug. 14
25c
,
30c
West Virginia Pulp & Paper Co.
pref. (quar.)...
Wheeling Electric Co. 6% pref. (quar.;...
Whitman (Wm.) & Co., Inc.,
2
Aug. 15 Tuly
Sept. If Aug.
Oct.
1 Sept.
Aug. 15 iuly
Aug. 15 Tuly
Sept. 1 Aug.
Sept. 1 Aug.
Aug. 15 Aug.
$12*
$1 **
Extra
Aug.
1
Aug. 21
Aug. 20
Sept. 1
15
Jan.
10c
_
26
Aug.
Sept.
Sept.
...
Aug. 31 July
Aug. 31 July
10c
6% preferred (quar.).,.
Westvaco Chlorine Products (quar.)
Holders
Payable of Record
$1
87Hc
$1H
West Penn Elec. Co.,
7% pref. (quar.)
26
...................^_...
Quarterly
Upper Michigan Power & Light Co.—
6% preferred (quar.)..
6% preferred (quar.)
Utica Gas & Electric Co.. 7% pref.
(quar,).
Utica Knitting. 7% preferred
Vanadium-Alloys Steel
Vapor Car Heating Co., preferred (quarterly)...
Preferred (quarterly)..
Veeder-Root, Inc. (quarterly)^
When
Share
Westinghouse Electric & Mfg
Preferred (quarterly
West Jersey & Seashore
6% soec. gtd. (s.-a.)
Westland Oil Royalty
Co., class A (monthly)-.
Monthly
Westmoreland, Inc. (quar.)
Sept. 21
37
25c
Per
Name of Company
.
15
■lent,
i
\ug. 15
Sept.
1 Aug. 21
Aug. 15 July 31
Oct. 20 Sept. 30
...
Extra...
Vick Chemical Co.
Extra
Aug. 14
Aug. 31
Aug. 31
Aug. 15
Aug. 15
Aug. 15
1 Sept. 15
1 Sept. 15
1 Sept. 15
Oct.
Envelope (semi-annual)
Preferred (semi-annual)....
United States Freight
(quarterly)
I.III.I.
United States Light & Power Shares, series B___
Upited States Pipe & Foundry Co. common (qu.)
Common (quar.)
United States Playing Card Co.
(quar.)l
Extra
il-.,
United States Steel, 7% cunhiil.
preferred
United States Sugar Corp.—
Preferred divs. Nos. 5, 6,7 and 8
.'
Universal Insurance (Newark, N. J.)
(quar.)...
.Quarterly
Quarterly
Sept. 1
Sept. 30
Sept.30
Sept.
1
Sept.
1
Sept. 1
54c
50c
1025
Holders
Payable of Record
58 l-3c
United States
Chronicle
not
York
a
MTimes"
publishes regularly each week
and trust companies which
of the New York Clearing House.
The
the figures for the week ended Aug. 7:
number of banks
members
following
are
—
INSTITUTIONS NOT IN THE CLEARING HOUSE WITH THE
CLOSING
OF BUSINESS FOR THE WEEK ENDED
FRIDAY, AUG. 7, 1936
NATIONAL AND STATE
Gold held abroad
Due from foreign
—-—
82" 000
85" 000
"""249,6O6
5,828,000
banks
Federal Reserve notes of other banks..
5,638,000
127,631,000
10,854,000
33,009,000
4,756,000
129,280,000
141,562,000
Uncollected items
10,854,000
Bank premises
All other assets
33,699,000
-
Total assetB
11,977,000
33,158,000
4,163,920,000 4,193,033,000 3,656,746,000'
Yi
BANKS—AVERAGE FIGURES
Liabilities—
Loans,
Other Cash,
Disc, and
Including
Investments
Manhattan—
$
Grace National
Sterling National....
Trade Bank of N. Y.
24,575,800
20,999,000
5,340,971
Bank
Res.
Dep.,
Dep. Other
N. Y. and
Banks and
Gross
E}sewhere
Trust Cos.
Deposits
$
$
Notes
$
'
.
81,200
495,000
158,795
5,949,900
3,594,000
979,555
2,564,600
1,971,000
84,757
Brooklyn—
3,933,433
TRUST
79,599
Disc, and
Res. Dep.
Cash
N.
Invest.
Manhattan—
$
Empire
...
Fiduciary
Fulton
Lawyers
United States
1,072,769
Y. and
Elsewhere
%
%
57,233,800
8,831,003
12,220,789
19,874,800
*7,102,600
168,639
*1,126,594
*3,279,600
29,009,900 *10,989,000
72,567,787 15,914,704
11,181,000
88,118,000
34,832,262
36,026,000
919,599
999,743
1,106,000
3,493,400
17,628,180
Brooklyn—
Brooklyn
Kings County
Includes
amount
with
625,719
5,190,987
COMPANIES—AVERAGE FIGURES
Loans
*
'
29,452,800
23,807,000
5,389,503
Total deposits
3,089,719,000 3,127,468,000 2,689,477,000
Deferred availability items.
People's National
Federation
$
F. R. notes in actual circulation
815,166,000
817,367,000
714,410,000
Deposits—Member bank reserve acc't.. 2,762,499,000 2,776,763,000 2,498,027,00ft
U. S. Treasurer—General account...
99,445,000
3,571,000
132,751,000
Foreign bank...
31,587,000
25,960,000
8,868,00ft
Other deposits..—
196,188,000
191,994,000
179,011,000
Federal
2,776,000
2,374,756
Reserve
as
7,550,392
follows:
50,194,000
'
All other liabilities...
Dep. Other
Banks and
Trust Cos.
Deposits
50,825,000
7,744,000
8,849,000
6,587,000
124,535,000
50,231,000
50,825,000
7,744,000
8,849,000
6,014,000
123,276,00ft
59,474,00ft
49,964,00ft
6,863,000
7,500,000
5,782,000
Gross
S
2,299,300
2,506,426
555366
$
67,513,000
10,509,332
11,960,276
20,278,300
40,971,900
77,159,592
212,000 119,182,000
39,664,563
Empire, $5,620,000; Fidu¬
ciary, $795,812; Fulton, $3,064,300: Lawyers, $10,306,000.
134,836,000
Capital paid in......—
Surplus (Section 7)—
Surplus (Section 13b)
Reserve for contingencies..
Total
Ratio
F.
liabilities
total
of
R.
4,163,920,000 4,193,033,000 3,656,746,00ft
reserves
to
deposit
and
note liabilities combined
Commitments
to
make
Industrial
84.4%
t "Other cash" does not include Federal Reserve notes
Reserve bank notes.
x
These
over
84.8%
80.1%
ad¬
9.047,000
vances
9.061,000
or a
bank's
9,323,000
own
Federal
,
certificates given by the United States Treasury for the gold taken
from the Reserve banks when the dollar was on Jan. 31. 1934, devalued from
are
100 cents to 59.06 cents, these certificates being worth less to the extent of tne
difference, the difference itself having been appropriated as profit by the Treasury
under the provisions of the Gold Reserve Ac of 1934.
1
Financial
1026
Chronicle
Aug.
1936
15,
Weekly Return of the Board of Governors of the Federal Reserve System
following is issued by the Board of Governors of the Federal Reserve System on Thursday afternoon,
The
for the
System
whole in comparison with the figures for the
as a
seven
Aug. 13,
The first table presents the results
preceding weeks and with those of the corresponding
showing the condition of the twelve Reserve banks at the close of business
on
Wednesday.
of the twelve banks. The Federal
Reserve notes between the
Reserve Agents and the Federal Reserve banks.
The comments of the Board of Governors of the Federal Reserve System upon the
returns for the latest week appear in our department of "Current Events and Qiscussions."
week last year.
The second table shows the resources and liabilities separately for each
Reserve note statement (third
table following) gives details regarding transactions in Federal
RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS AUG;
COMBINED
Aug.
$
Gold ctfs.
on
hand & due from U.S.Treas.x 8,225,038,000
13,720,000
Redemption fund (F. R. no tea)...
Other cash •
Total
289,980,000
-—
1936 July
1%, 1936 Aug. 5, 1936Vwty 29, 1936 July 22, 1936 July 15, 1936 July 8,
ASSETS
I,
1936
June 24,
1936 Aug. 14, 1935
$
$
S
12, 1936
8,211,046,000 8,185,529,000 8,185,322,000 8,186,524,000 8,106,569,000 8,106,541,000 7,958,042,000 6,365,767,000
21,527,000
12,364,000
12,949,000
12,542,000
13, 720,000
11,663,000
12,185,000
12,542,000
236,987,000
272,844,000
266,238,000
271,008,000
288, 635,000
287,652,000
303,084,000
293,440,000
8,528,738,000 8,513,401,000 8,500,276,000 8,490,947.000 8,486,718,000 8,390,119,000 8,385,728,000 8,243,250,000 6,624,281,000
reserves.
Bills discounted:
Secured
by
S.
U.
obligations,
guaranteed
Govt,
direct and (or) fully
Other bills discounted
,856,000
,104,000
7,863,000
3,960,000
3,094, 000
Total bills discounted.
Bills bought In open market
Industrial advances
U. S.
5,552, 000
2,311, 000
3, 092,000
28, 888,000
28,782, 000
1,528, 000
1,863, 000
3,668,000
3,391,000
3,092,000
3,088, 000
29,573, 000
+29,584,000
1,052,000
1,847,000
2,006.000
2,215,000
1,438,000
1,858,000
3,985,000
2,726,000
2,204,000
3,427,000
6,153,000
4,693,000
2,899,000
3,296,000
4,221,000
6,189,000
3,084,000
29,457,000
3,085,000
3,077,000
29,785,000
3,077,000
29,936,000
29,500,000
29,147,000
324,721,
315,673,000
324, 721,000
315,672,000
324,721, 000
324,721,000
1,496,719, 000 1,496 719,000 1.496.719,000 1,496,719, 000 1,494,218,000 1,494,218,000
608,787, 000
620,337,000
608, 787,000
608,787,000
620,337,000
608,787, 000
,494,218,000
620,337,000
290,213,000
315,678,000
,494,199,000 1,597,783,000
542,209,000
620,357,000
2,430,227, 000 2,430,227,000 2,430,227,000 2,430,227, 000 2,430,227,000 2,430.228,000
,430,228,000
,430,234,000 2,430,205,000
315,673,000
000
Government securities—Bonds...
Treasury notes—
Treasury bills
1,676,000
1,992,000
—
Total U. S. Government securities
181, 000
Other securities
181,000
181,000
181, 000
181,000
181,000
181,000
181,000
Foreign loans on gold..
2,470,147,000 2,466,348,000 t2,466.752000 2,466,460.000 2,465,848,000 2,466,290,000 2,467,492,000 2,469.617,000 2,470,198,000
Total bills and securities
Gold held abroad
.
...
237,000
15,392,000
551,560,000
48,051,000
42,331,000
48,052,000
38,813,000
45,717,000
11,366,921,000
9,739,787,000
219,000
23,348,000
598,183,000
Uncollected items
48,055,000
44,152,000
Bank premises
All other assets
Total assets
631,000
20,020,000
678.636,000
11,712,842,000 11.642,372,000 11,637,790,000 11,669,412,000 11,751,471,000 11,564.283.000 11,642,495,000
Due from foreign banks
Federal Reserve notes of other banks
,
221,000
221.000
225,000
22 ,540,000
24,185,000
553,019,000
48,055,000
445,282,000
28,268,000
547 ,616,000
48 ,056,000
44
,190,000
591,182,000
48,055.000
44,275,000
229,000
25,884,000
681,238,000
48,055,000
43,499,000
237,000
229,000
18,821,000
598,237,000
.48,054,000
42,533,000
18,484,000
530,511,000
49,965,000
LIABILITIES
3,983.473,000 3,979,814,000 3,951,101,000 3,976,863,000 4,006,015,000 4,040,332,000 4,046,086,000 3.980,018,000 3,321,026,000
F. R. notes In actual circulation
Deposits—Member banks' reserve account 6,116,084,000 6,004,796,000 6,016.170,000 5,935,131,000 5,871,746,000 5,814,251,000 5,589,134,000 5,307,954,000 5,254,282,000
439 ,391,000
33,798,000
929.072.000
731,016.000
U. S. Treasurer—General account
338,062,000
466,210.000
592.501.000
519,317,000
506,644,000
71 ,040,000
56,258,000
23,995,000
86,438,000
55,192,000
57,158,000
61,415,000
60,100,000
60,321,000
Foreign banks......
249 ,675,000
226,588,000
195,677,000
250,309,000
201,277,000
Other deposits
238,445.000
240,676,000
205,713,000
202,795,000
-
6,790,893,000 6,764,902,000 6,780,214,000 6,754,308,000 6,730,060,000 6,584,011,000 6,576,619,000 6,488,961,000 5,538,663,000
Total deposits
Deferred availability Items
591,154, 000
Capital paid In
Surplus (Section 7)
Surplus (Section 13-B)
Reserve for contingencies.
130,177, 000
145,501, 000
26,513, 000
34,141, 000
10,990, 000
All other liabilities
F.
of
R.
total
559,363,000
145, 501,000
26, 513,000
34, 105,000
10, 347,000
145,501,000
26,513,000
34,105,000
130 170,000
10,824.000
591,841,000
129,790,000
145,501,000
26,513,000
34,105,000
10,491,000
669,018, 000
129,822, 000
145,501, 000
26,513, 000
34,111, 000
10,431, 000
524,540,000
593,077, 000
130,988, 000
673,759,000
130,947,000
1549,671,000
130,879,000
145,501, 000
145,501,000
145,501,000
26,513, 000
26,513,000
26,513,000
22,621,000
34,117, 000
34,117,000
8,953,000
134,116,000
11,262,000
30,782,000
9,744, 000
146,665,000
144,893,000
10,597,000
11,712,842,000 11,642,372.000 11,637,790.000 11,669,412,000 11,751,471,000 11,564,283,000 11.642,495,000 11,366,921,000 9,739,787,000
Total liabilities
Ratio
550, 985,000
130, 205,000
reserves
note liabilities
to
deposits
and
79.2%
combined.,.
Commitments to make Industrial advances
79.2%
79.2%
79.1%
79.0%
79.0%
78.9%
78.7%
23,394,000
23 ,453,000
23,711,000
23,771,000
23,839,000
23,844,000
23,870,000
24,452,000
23,981,000
6,097,000
2,290,000
28,000
2,028,000
31,000
2,360,000
1,959,000
1.681,000
17,000
658.000
2,500,000
650.000
4.411,000
124,000
4,453,000
20,000
813,000
207,000
673,000
622,000
61,000
48.000
52,000
591.000
1,044,000
278,000
725,000
715,000
660,000
638,000
433,000
$
$
Maturity Distribution of Bills and
74.8%
Short-term Securities—
1-15 days bills discounted
...
16-30 days bills discounted
34,000
31-60 days bills discounted
873,000
61-90 days bills discounted
205,000
654,000
Over 90 days bills discounted
Total bills dlscounted.
7,863,000
622,000
658,000
137,000
194,000
359,000
425,000
167,000
3,960,000
3,668,000
3,391,000
2,899,000
3,296,000
4,221,000
6,189,000
6,153,000
1,874,000
1-15 days bills bought in open market
768,000
4,000
352,000
16 30 days bills bought in open market
233,000
236,000
880,000
133,000
769,000
244.000
1,857,000
2,075,000
31-60 days bills bought In open market
61-90 days bills bought In open market
Over 90 days bills bought in open market.
56,000
283,000
106,000
.
170,000
1,249,000
1.625.000
234.000
270,000
4,000
352,000
664,000
763,000
270,000
804,000
837,000
270,000
92,000
16,000
599,000
2,137,000
1.727,000
963,000
247,000
2.095,000
2,028,000
2,038,000
503,000
-3,094,000
3,092,000
3.092,000
3,088,000
3,084,000
3,085,000
3,077,000
3,077,000
1-15 days Industrial advances
16-30 days industrial advances
31-60 days industrial advances
1,395,000
294,000
674,000
1,550,000
179,000
1,716,000
172,000
1,429,000
411,000
560,000
876,000
930,000
882,000
757,000
261,000
561,000
647,000
1,631,000
272,000
575,000
1,502,000
288,000
670,000
840,000
1,482.000
61-90 days industrial advances
25,543,000
1,434,000
279,000
589,000
948,000
25,638,000
26,214,000
26,243,000
26,157,000
26,280,000
28,782,000
28,888,000
29.448,000
29,573,000
29,457,000
29,500,000
Total bills bought in open market
Over 90 days Industrial advances
—
Total Industrial advances.
1-15 days U. S. Government securities.
.
16-30 days U. S. Government securities__
31-60 days U. S. Government securities.-
61-90 days U. S. Government securltles..
Over 90 days U. S. Government securities
Total U. 8. Government securities
623.000
663,000
4,693,000
1,210,000
-
267,000
1,413,000
599,000
843,000
26,834,000
26,771,000
25,414,000
29,785,000
29,936,000
29,147,000
41,541,000
28,459,000
27,979,000
28,225,000
32,260,000
28,580, 000
28,827,000
26,341,000
36,241,000
24,930,000
28,580,000
31,956,000
28,827,000
36,956, 000
28,459,000
27,979,000
53,559,000
123,716,000
117,972.000
60.415.000
129,459, 000
55,066,000
69,886,000
65,536,000
79,282,000
103,930,000
87,452,000
114,972,000
123,716,000
70,804, 000
85,659,000
130,275,000
129,459,000
2,144,407,000 2,164,428, 000 2,166,814,000 2,168,244,000 J,172,780,000 2,180,913,000 2,189,045,000 2,193,821,000 2,214,019,000
31,956,000
37,930,000
130,275,000
.
2,430,227,000 2,430,227,000 2,430,227,000 2,430,227,000 2,430,227,000 2,430,228,000 2,430,228.000 2,430,234,000 2,430,205,000
1-15 days other securities
16-30 days other securities....
31-60 days other securities.
61 -90 days other securities
Over 90 days other securities
181,000
181,000
181,000
181,000
181,000
181,000
181,000
181,000
181,000
Total other securities.
181,000
181,000
181,000
181,000
181.000
181,000
181,000
Federal Reserve Notes—
Issued to F. R. Bank by F. R. Agent.
4,292,938,000 4,284,874,000 4,291,673,000 4,308.344,000 4,331,177,000 4,345,447,000 4.304,059,000 4,243,935,000 3,601,173,000
263.917,000
280,147,000
340,572,000
331,481,000
257,973,000
305,060,000
309,465,000
325,162,000
305,115,000
Held by Federal Reserve Bank
In actual circulation
3,983,473,000 3,979,814,000 3,951,101,000 3,976,863,000 4,006,015,000 4,040,332,000 4,046,086,000 3,980,018,000 3,321,026,000
Collateral Held by Agent as Security for
Notes Issued to Bank—
Gold ctfs.
on
hand & due from U. S. Treas
By eligible paper
~
U.IS. Government securities
Total
collateral.
4,378,845,000 4,365,472,000 4,368.401,000 4,379,167,000 4,388,670.000 4,391,066,000 4,341,267,000 4,307,403.000 3,645,572,000
*
Jan.
"Other cash" does not Include
x
These
are
4,299,338,000 4,289,838,000 4,313,023,000 4,319,023,000 4,348 023,000 4,342,023,000 4,271,523,000 4,260,523,000 3,410,889,000
4,880,000
4,683,000
2,378,000
6,507,000
2,744,000
2,634,000
2,144.000
1,647,000
2,043,000
42,000,000
230,000,000
73,000,000
53,000,000
67,000,000
73,000,000
58,000
39.000.000
47,000,000
Federal Reserve notes,
t Revised figure.
certificates given by the U. 8. Treasury for the gold taken over from the Reserve banks when the dollar
31,1934, these certificates being worth less to the extent of the difference, the difference Itself having been appropriated
of the
Gold
Reserve
Act of
1934,
„
was
as
devalued from 100 cents to 59.06 oents on
profits by the Treasury under the
>
provisions
Volume
143
Financial
Weekly Return of the
WEEKLY
STATEMENT OF
Chronicle
Board of Governors of the
1027
Federal Reserve
RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL
Two Ciphers (00) Omitted
Federal Reserve Bank
Total
Boston
New York
Phila.
RESOURCES
S
$
$
$
of—
Cleveland Richmond
Atlanta
Chicago
S
$
VI
Gold certificates on hand and
due
from U. S. Treasury
$
St.
Louis Minneap. Kan. City
$
$
12 1936
Dallas
San Fran.
S
$
%
8,225,038,0 508,473,0 3,220,518,0 402,708,0 602,171,0 271,391,0
215,891,0 1,614,326,0 219,887,0 181,798,0 255,243,0 157,122,0
575,510,0
13,720,0
2,011,0
1,753,0
916,0
483,0
676,0
2,990,0
574,0
853,0
204,0
932,0
375,0
1,953,0
289,980.0 33,879,0
74,215,0
37,540,0 26,413,0 15,253,0
10,911,0
35,983,0 13,816,0
7,727,0
12,760,0
6,927,0 14,556,0
Redemption fund—F. R. notes..
Other cash ♦
Total reserves
8,528,738,0 544,363,0 3,296,486,0 441,164,0 629,067,0 287,320,0 229,792,0
1,650,883,0 234,556,0 189,729,0 268,935,0 164,424,0 592,019,0
Bills discounted:
Sec. by U. S. Govt,
obligations,
"
direct & (or) fully guaranteed
Other bills discounted
5,552,0
2,311,0
65,0
7,863,0
65,0
6,655,0
195,0
100,0
71,0
72,0
3,094,0
28,782,0
225,0
1,103,0
317,0
121,0
3,096,0
294,0
1,500,0
3,611,0
108,0
705,0
1,804,0
534,0
1,170,0
893,0
324,721,0
1,496,719,0
608,787,0
21,607,0
99,596,0
40,510,0
88,263,0 28,217,0 31,507,0
406,823,0 130,061,0 145,220,0
165,475,0 52,902,0 59,068,0
17,104,0
78,839,0
32,067,0
13,142,0
60,575,0
24,639,0
38,630,0
178,054,0
72,423,0
17,361,0
80,018,0
32,548,0
11,571,0
16,425,0
75,708,0
30,794,0
12,502,0 28,392,0
67,628,0 130,863,0
23,440,0 53,228,0
660,561,0 211,180,0 235,795,0 128,010,0
98,356,0
289,107,0 129,927,0
86,598,0 122,927,0
181,0
93,570,0 212,483,0
675,409,0 216,781,0 237,689,0 131,813,0
99,241,0
291,297,0 130,595,0
87,829,0
i24,170,0
95,765,0 214,459,0
3,0
6,0
1,758,0
Total bills discounted.
Bills bought in
open market
Industrial advances
U. S.
%
System (Concluded)
RESERVE BANKS AT CLOSE OF BUSINESS AUG.
Government securities:
Bonds
Treasury notes
Treasury bills
III!
Total U. S. Govt, securities.
Other securities
4,918,0
195,0
'
100,0
2,0
69,0
1,737,0
7,090,0
2,430,227,0 161,713,0
5,089,0
181,0
Total bills and securities
2,470,147,0 165,099,0
Due from foreign
banks
Fed. Res. notes of
other banks...
219,0
23,348,0
598,183,0
48,055,0
Uncollected items...
Bank premises
..III!
All other
resources.............
17,0
327,0
59,330,0
3,113,0
281,0
44,152,0
Total resources
82,0
21,0
763,0
5,828,0
141,562,0
10,854,0
33,699,0
21,0
1,194,0
57,219,0
6,525,0
44,288,0
5,080,0
3,452,0
25,0
22,0
23,0
59,0
47,0
386,0
•
164,0
382,0
30,0
82,0
546,0
30,0
87,0
87,0
218,0
1,728,0
-
87,0
61,0
58,334,0
21,693,0
1,562,0
'
10,0
1,600,0
49,739,0
2,919,0
1,135,0
1,671,0
30,0
42,0
8,0
1,685,0
22,429,0
2,284,0
1,433,0
.
26,0
2,806,0
'86,110,0
4,830,0
708,0
4,0
1,707,0
24,870,0
2,453,0
248,0
1,265,0
18,740,0
1,531,0
363,0
36,650,0
3,360,0
413,0
6,0
15,0
3,675,0
740,0
22,297,0
1,526,0
258,0
35,949,0
3,580,0
491,0
11712842,0 772,530,0 4,163,920,0 711,549,0 933,386,0 474,536,0
356,872,0 2,036,660,0 394,433,0 299,460,0 434,292,0 285,016,0 850,188,0
LIABILITIES
F. R. notes in actual
circulation. 3,983,473,0
Deposits:
356,191,0
815,166,0 295,659,0 393,414,0 182,914,0 174,831,0
914,255,0 170,139,0 124,522,0 152,883,0
Member bank
reserve account.
6,116,084,0 305,430,0 2,762,499,0 315,689,0 414,144,0 202,063,0
124,240,0
U. S. Treasurer—Gen'l
acc't^.
338,062,0 17,712,0
99,445,0
14,168,0 24,390,0
19,275,0
17,770,0
Foreign bank
86,438,0
6,392,0
31,587,0
8,034,0
7,947,0
3,801,0
3,023,0
Other deposits
250,309,0
3,416,0
196,188,0
1,724,0
5,167,0
3,010,0
2,068,0
Total deposits
Deferred
591,154,0
130,177,0
145,501,0
26,513,0
34,141,0
10,990,0
Surplus (Section
13-B)___,
Reserve for contingencies...
'
All other liabilities
Total liabilities...
Commitments
934,730,0 159,085,0 123,770,0 209,838,0 136,932,0 427,664,0
45,749,0 18,378,0
16,949,0 24,185,0 23,853,0
16,188,0
10,021,0
2,592,0
2,073,0
2,502,0
2,505,0
5,961,0
2,215,0
7,632,0
4,007,0
271,0
1,573,0 23,038,0
6,790,893,0 332,950,0 3,089,719,0 339,615,0 451,648,0 228,149,0
147,101,0
availability items
Capital paid in
Surplus (Section 7)
59,702,0
9,407,0
9,902,0
2,874,0
1,413,0
91,0
134,836,0
50,194,0
50,825,0
7,744,0
8,849,0
6,587,0
43,066,0
12,222,0
13,406,0
4,231,0
3,000,0
56,974,0
12,567,0
14,371,0
1,007,0
3,111,0
294,0
350,0
48,608,0
992,715,0 187,687,0 146,799,0 236,796,0 164,863,0 472,851,0
21,572,0
4,253,0
4,723,0
5,186,0
3,448,0
86,072,0
12,130,0
21,350,0
5,616,0
754,0
1,281,0
167,0
1,391,0
2,555,0
190,0
7,573,0
1,174,0
26,463,0
3,762,0
4,655,0
546,0
894,0
287,0
18,908,0
34,939,0
2,968,0
3,149,0
1,003,0
1,449,0
662,0
3,940,0
3,613,0
24,263,0
3,816,0
3,783,0
1,142,0
839,0
140,0
1,252,0
1,328,0
833,0
35,691,0
10,195,0
9,645,0
1,121,0
1,849,0
215,0
11712842,0 772,530,0 4,163,920,0 711,549,0 933,386,0 474,536,0
356,872,0 2,036,660,0 394,433,0 299,460,0 434,292,0 285,016,0
850,188,0
to make Industrial
advances
♦
84,878,0 318,621,0
■
23,394,0
2,768,0
9,047,0
"Other cash" does not include
Federal Reserve
-304,0
1,427,0
2,319,0
FEDERAL RESERVE NOTE
Two Ciphers (00) Omitted
Federal Reserve Agent at—
Total
Federal Reserve notes:
Issued to F.R. Bk. by F.R.
Agt
Held by Fed'l Reserve
Bank..
1,745,0
90,0
394,0
536,0
4,404,0
New York
Phila.
$
S
$
Cleveland Richmond
%
$
Atlanta
Chicago
$
.
St.
$
Louis Minneap. Kan. City
S
Dallas
San Fran
3
$
950,660,0 179,003,0 128,925,0 166,260,0
36,405,0
8,864,0
4,403,0 13,377,0
95,304,0 359,187,0
10,426,0 40,566,0
815,166,0 295,659,0 393,414,0 182,914,0 174,831,0
914,255,0 170,139,0 124,522,0 152,883,0
84,878,0 318,621,0
4,299,338,0 396,000,0
6,507,0
65,0
73,000,0
935,706,0 314,000,0 414,000,0 197,000,0 161,000,0
5,356,0
195,0
100,0
71,0
72,0
45,000,0
966,000,0 155,632,0 130,000,0 165,000,0
47,0
78,0
25,000,0
3,000,0
96,000,0 369,000,0
493,0
30,0
4,378,845,0 396,065,0
held by Agent
curity for notes Issued
on
77,0
STATEMENT
as
941,062,0 314,195,0 414,100,0 197,071,0 206,072,0
966,000,0 180,679,0 130,000,0 168,078,0
96,493,0 369,030,0
4,292,938,0 378,594,0
309,465,0 22,403,0
917,310,0 312,732,0 413,477,0 195,751,0 195,735,0
102,144,0
17,073,0 20,063,0 12,837,0 20,904,0
3,983,473,0 356,191,0
In actual circulation
Collateral
Gold certificates
due from U. S.
Boston
$
283,0
notes.
se¬
.
S
■
S
i
to bks.
hand and
Treasury
Eligible paper..
U. 8. Government
securities..
Total collateral..
Weekly Return for the Member Banks of the Federal Reserve System
Following is the weekly statement issued by the Board of Governors of the Federal Reserve
System, giving the principal
reporting member banks in 101 leading cities from which weekly returns are obtained.
always a week behind those for the Reserve banks themselves.
The comment of the Board
of Governors of
the Federal Reserve
System upon the figures for the latest week appears in our
department of "Current Events and Discussions "
immediately preceding which we also give the figures of New York and
Chicago reporting member banks for a week later.
The statement
items of the resources and liabilities of
the
These figures are
beginning with Nov. 6, 1935,
*"evlsed further
.
in "Other loans."
covers
reporting banks in 101 leading cities,
so as to show additional items.
The amount of "Loans to banks"
it did prior to the banking holiday In 1933, instead of 91
cities, and has
included heretofore partly in "Loans on securities—to
others" and
as
was
partly
deposits—adjusted" represents the total amount of demand deposits
standing to the credit of individuals, partnerships, corporations,
associations, States, oountles, municipalities,
&c., minus the amount of cash items reported as on hand or In
process of collection.
The method of computing the Item "Net
demand deposits,"
furthermore, has been changed in two respects in accordance with
provisions of the Banking Act of 1935:
First, It Includes United,States Government
deposits, against which reserves must now be
carried, while previously these deposits required no
reserves, and, seoond, amounts due from banks are now deducted from
gross demand deposits, rather than
solely from amounts due to banks, as was required under the old law.
These changes make the figures of "Net demand
°°™Parable wltl1 thosesbown Prior to
deposits" not
Aug. 23,1935.
The item "Time deposits" differs In that it
formerly Included a relatively small amount of time deposits of other
which are now included in
banks,
"Inter-bank deposits."
The item "Demand
.
The item "Due to banks" shown heretofore Included
only demand balances of domestlo banks.
The item "Borrowings"
rediscounts, from the Federal Reserve banks and from other sources.
Figures are shown also for "Capital aocount," "Other
assets—net, and "Other liabilities."
By "Other assets—net" is meant the
aggregate of all assets not otherwise specified, less cash items reported as on hand or in
of collection which have been
process
deducted from demand deposits.
represents funds received, on bills
payable and
ASSETS AND LIABILITIES OF
WEEKLY REPORTING MEMBER BANKS
IN
101
LEADING
CITIES, BY DISTRICTS, ON AUG. 5 1936 (In Millions of Dollar
■
Federal Reserve District—
Total
ASSETS
In New
on
' ork
City...
$
S
9,501
1,189
1,846
$
Atlanta
Chicago
$
629
St.
Louis Minneap. Kan. City
8
551
$
3,047
$
647
915
13
877
9
26
75
22
12
2,020
147
839
147
215
321
44
129
24
7
7
5
38
1,147
$
386
8
83
245
63
183
24
24
68
43
1
9
7
9
3
(except
1
Acceptances and com'l paper bought.
on
$
1,229
Cleveland Richmond
214
York City
securities to others
banks)
Loans
Phila.
,
Dallas
San Fran
S
S
473
704
2,143
12
okers and dealers:
»•
Outside New
Loans
22,345
New York
$
$
Loans aDd investments—total.
Loans to
Boston
real estate
Loans to banks.-
65
1
6
44
6
54
201
2
4
2
47
41
9
<
3
30
68
3
28
1
21
6
17
23
368
166
59
3
29
2
4
U. 8. Govt, direct obligations
3,640
9,442
303
185
209
99
132
480
432
117
104
142
319
135
887
308
360
Obligations fully
1,374
4,106
209
1,271
1,626
228
19
175
519
271
190
103
68
691
50
39
151
58
14
56
31
163
73
81
421
111
46
135
49
357
86
259
Other loans
guar, by
U. S. Govt.
Other securities
3,316
Reserve with Federal Reserve Bank..
Cash in vault
deposits—adjusted
deposits..
Domestic banks...
Foreign banks
Borrowings
Other liabilities
Capital account
261
217
271
,
132
66
765
98
70
128
368
123
64
14
32
17
10
54
11
120
194
5
11
163
9
243
18
155
145
445
77
131
98
522
88
295
183
112
39
271
39
103
24
17
24
27
228
14,681
5,015
deposits
United States Government
iDter-bank deposits:
315
2,462
1,300
LIABILITIES
Time
1,308
232
1
2,443
Balance with domestlo banks
Other assets—net
Demand
159
4,786
3
288
968
822
12
231
976
6,718
763
1,001
395
307
2,211
380
265
276
,
473
359
718
196
833
177
804
179
121
71
146
120
77
43
51
147
1,022
11
3
23
37
116
315
360
219
184
879
249
127
430
182
288
6,001
238
2,530
417
10
383
2
1
1
7
825
23
"""356
'""22
"l3
30
3,481
234
~~6
28
334
89
85
338
.
1
...
.
1,557
.
222
12
—
.
4
83
2
4
55
88
76
>
"""328
320
1028
Aug.
Stock and Bond Sales—New York Stock
1936
IS,
Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Sixteen 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.
of such sales in computing the range for the
United States Government Securities
York Stock
Below
furnish
we
a
the New
on
taken
Is
Transactions at the New York Stock Exchange,
Exchange
Daily, Weekly and Yearly
daily record of the transactions in
Home Owners' Loan, Federal Farm
bonds and
No account
year.
Treasury certificates
the
Week Ended
New York Stock
Exchange.
Railroad
Stocks,
Mortgage Corporation's
on
Aug.
Number of
and
865,270
$5,962,000
1,334,770
1,100,220
8,459,000
8,334,000
7,888,000
Saturday
Total
United
State,
Miscell. Municipal A
For'n Bonds
States
Bond
Bonds
Bonds
Shares
14 1936
Sales
$6,561,000
10,180,000
Friday-
1,398,180
1,071,940
$530,000
836,000
1,021,000
1,304,000
875,000
7,380,000
764,000
978,000
9,122,000
Total
7,031,450
$48,203,000
$5,330,000
$4,369,000
$57,902,000
Monday
Quotations after decimal point represent
of
a
one
or
32ds
more
Tuesday
Wednesday
Thursday
point,
Aug. 8
Aug. 10 Aug. 11 Aug. 12 Aug. 13 Aug. 14
1,261,070
(High
118.17
118.18
118.17
118.19
118.20
1 Low.
118.15
Sales at
118.16
118.16
118.16
118.20
(Close
118.17
118.17
118.19
118.20
Total sales in
3
3
5
10
9,859,000
11,688,000
633,000
4
$1,000 units...
.
108.14
(High
3tfs, 1943-45
*
9,806,000
10,866,000
New York Stock
118.18
Treasury
4^8. 1047-52
$69,000
511,000
1,511,000
667,000
(Close
108.10
108.11
108.15
108.11
108.8
108.11
108.14
108.14
108.11
-—-( Low.
Week Ended Aug.
1936
Exchange
108.10
108.11
108.15
108.14
108" 15
Total sales in $1,000 units...
3
29
12
30
20
(High
(Low.
113.24
113.23
113.22
113.26
113.25
113.24
(113.23
113.22
113.26
113.23
113.22
113.25
14
1935
1936
7.031,450
11,243,910
309,251,139
178,446,202
$4,369,000
$11,319,000
$193,123,000
$466,769,000
5,330,000
6,667,000
48,634,000
208,083,000
243,046.000
48,203,000
1,782,963*000
1,344,539,000
$57,902,000
$66,620,000
$2,184,169,000
$2,054,354,000
Bonds
Government
113.25
113.24
Stocks—No. of shares.
Jan. 1 to Aug.
14
1935
113.25
4s. 1944-54
(Close
Total sales in
,
........
$1,000 units...
(High
51
5
1
111.27
111.25
111.30
Low.
111.25
111.24
111.28
111.27
1946-56
Close
Total sales in
108.25
108.20
108.23
108.22
108.23
-
*
-
5
5
130
112.1
.
3
--«L
104.24
104.23
104.27
104.21
104.23
104.24
104.23
6
55
(Close
m^imm
(High
(Low.
3s, 1946-48...
105"""
104.24
104.25
104.29
104.24
104.30
the
daily closing
15
25
on
averages
of representative
the New York Stock Exchange
104.29
6
105.25
105.23
105.25
105.27
105.25
105.26
105.25
105.26
105.27
14
302
Bonds
105.27
105.23
Stocks
105.29
105.23
105.23
compiled by Dow, Jones & Co.:
as
.
*»
«.
w
Total sales in $1,000 units...
—
«.
mm
10
«
High
100
-
108.9
-
Close
108.7
ltf
30
20
20
Total
10
First
Second
10
Indus¬
Rail¬
Utili¬
70
Indus¬
Grade
Grade
Utili¬
40
trials
10
108.7
108.9
«, -
10
roads
ties
Stocks
trials
Rails
Rails
ties
Bonds
Date
-
108.9
Low.
1940-43..........
are
stocks and bonds listed
104.30
105.23
.
(Close
Stock and Bond Averages
Below
2
(High
(Low.
Total sales in $1,000 units...
Total sales in
/'
108.28
$1,000 units...
3s, 1951-55
,
112.1
108.28
108.21
Total
108.28
108.21
__
61
4
-
(High
(Low.
(Close
—
112.1
....
111.30
101
108.23
$1,000 units.
3^8, 1943-47
Total sales in
111.24
37
108.21
37
State and foreign
Railroad and industrial
Total
108.7
'mm
mm
mm mm
$1,000 units...
2
6
Aug. 14.
165.75
54.23
34.73
61.17
106.94
111.61
90.76
106.16
(High
,
108.30
108.29
108.27
108~29
Aug. 13.
167.64
55.10
35.16
61.95
106.94
111.60
90.91
106.19
108.30
108.29
108.27
108.29
Aug. 12.
169.05
55.36
35.45
62.41
107.04
111.56
90.84
106.26
103:92
108.30
108.29
108.27
108.29
Aug. 11.
167.86
54.91
35.35
62.00
107.00
111.68
90.56
106.25
103.87
3
100
Aug. 10-
168.80
55.38
35.56
62.40
107.10
111.50
90.79
106.16
103.89
Aug.
169.10
55.74
35.83
62.64
106.98
111.41
90.95
106.25
103.90
1941-43
-Low.
(Close
Total sales in
V,
1
(High
5
106.12
106.16
Low.
106.12
106.13
106.18
106.23
(Close
106.13
106.18
106.23
106.23
1
(High
106.8
(Close
106.8
<
Total sales in $1,000 units
106.18
39
106.8
(Low.
..
8.
106.20
106.12
— -
..
Total sales in $1,000 units
3^8, 1949-52
106.23
106.24
6
2
60
''rnmmm
mrn'mm
106.12
'
'mm
'•«.
.
——
mm
•
mmmm
----
106.12
1
mm
:
United States Treasury
106.12
....
«.
m
Rates
1
mf
(High
(Low.
108.31
108.30
108". 29
108.28
108.30
108.29
108.28
108.28
108.30
108.26
108.28
3
2
15
10
are
(High
108.3
108.3
■
*
Total sales in
Low.
(Close
3^9, 1944-46..
108.3
$1,000 units
108.3
108.2
108
108.2
108
108.28
V
108.2
108.28
1
108.5
108.2
108.4
108.4
108.5
108.4
Sept.
10
9
47
29
11
102.19
1Q2.20
102.19
102.23
102.26
102.26
102.18
102.18
102.16
102.18
102.23
102.24
(Close
102.18
Total sales in $1,000 units...
2^8. 1945-47
102.18
13
(High
Low.
(Close
102.24
54
25
104.7
104.3
104.5
104.1
104.4
104.5
(Close
•
Total sales in $1,000 units.
.*«.'
65
102.14
102.13
102.6
102.8
102.14
102.12
102.8
-
102.8
102.11
26
46
76
2
3
I High
101.16
101.17
101.16
101.20
101.24
101.24
....(Low.
•101.15
101.14
101.13
101.17
101.20
101.21
(Close
101.16
101.14
101.15
*101'. 18
Total sates in $1,000 units...
Federal Farm Mortgage
High
101.23
101.21
26
20
60
91
47
„.
28 1936
41936.
Nov. 10 1936
Nov. 18 1936
Nov. 25 1936
102.13
102.14
7 1936
14 1936
Nov.
60
102.11
102.8
Low.
10
104.6
7
102.8
...
21 1936
oct.
104.4
116
Oct.
Oct.
Oct.
104.6
102.10
(High
a..-
102.23
155
104.4
103.30
104
»
102.21
156
104.1
104
Total sales in $1,000 units
2^s, 1948-51..
102.17
70
104.2
-----
21936...
Sept. 9 1936
Sept. 16 1936
Sept. 23 1936........
Sept. 30 1936
Dec.
2 1936
83
mm mm
'
.
2^8, 1951-54
3%8, 1944-64
m
-
mm
104.10
104.15
104.14
9 1936
Dec*
16 1936
Dec,
23 1936
Dec. 30 1936
104.12
104.14
*
104.10
104.15
104.14
-
66
3
11
7
103.8
103.10
103.9
103.12
103.16
103.16
103.8
103.9
103.8
103.12
103.16
103.16
103.8
103.9
103.9
103.12
103.16
103.16
.-Total sales in $1,000 units
(High
13 1937
Mar. 10 1937...
0.25%
0.25%
0.25%
0.25%
0.25%
0.25%
0.25%
0.30%
0-30%
Mar. 17 1937
0.30%
Mar. 24 1937
0.30%
0.30%
0.30%
0.30%
0.30%
0.30%
Jan. 20
1937
3
1937
...
1937
Jan. 27
Feb.
....
Feb. 10 1937
Feb. 17 1937
Feb. 24 1937
Mar.
3
Mar. 31
—.
1937_r
1937
7 1937
Apr.
Apr.
14 1937__.;.
Apr. 21 1937.
Apr. 28 1937
5 1937
May
0.30%
12 1937
May
0.30%
0.20%
104.16
(High
3s, 1942-47
Jan.
Asked
0.25%
104.13
Jim
n
..(Low.
(Close
Federal Farm Mortgage
6 1937
104.16
104.10
»
mm
mm
-
-
Close
3s, 1944-49
. .
Bid
Jan.
'
..(Low.
Total sales in $1,000 units
Federal Farm Mortgage
.
Dec
Asked
0.15%
•0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0,15%
0.15%
0.15%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
Aug. 26 1936.
1
(High
(Low.
2%8. 1955-60
Bid
Aug. 19 1936
108.6
108.2
108.2
Bills—Friday, August 14
for discount at purchase.
108.28
Total sales in $1,000 units...
quoted
108.28
(Close
3^8, 1941
103.91
f
$1,000 units
3Ks. 1946-49...
103.87
'
V
1
-
-
-
26
V
■
102
mm
103.30
mm, mm
13
103.30
■
Jim
(Low.
'
-
-
-
-
1
104.5
Quotations for United States Treasury Certificates
Figures after decimal point represent
18
'
m
mm
m
'
'
(Close
104.3
mm
of
Indebtedness, &c.—Friday, August ,14
Urn'
a
point.
one
or
more
'
32ds of
,
:'
•
'
103.30
Total sales In $1,000 units
Federal Farm Mortgage
----
•
-
»
-
'•«.
-
*.
•
'
104.5
2
-
m
13
mm
■mm
m
f.
Int.
m
1
.
Int.
'
'
(High
(Low.
102.20
102.20
102.21
102.23
102.25
102.19
102.20
102.21
102.23
102.24
(Close
2 Ms, 1942-47
102.19
102.20
102.21
102.23
102.24
Dec.
15 1939...
m%
101.12
101.14
44
Sept. 15 1938
10
100
25
14
June
15 1941...
1H%
IX %
100.20
100.22
Feb.
1 1938...
101.22
101.24
Dec..
15 1936...
%
101.7
101 9
June
15 1938..i
2X%
2%%
2%%
2%%
%
101.14
101.16
Feb.
15 1937...
3%
%
100.26
100.28
Apr.
15 1937...
3%
%
101.8
101.10
Mar. 15 1938...
3%
104.11
104.13
%
101.30
102
Sept. 15 1937...
3X%
103.19
103.21
2X%
103.11
103.13
Total sales in $1,000 units..
High
3s, series A, 1944-52..
103.3
Low.
103.3
103.3
103.3
103.7
103.9
103.10
Mar. 15 1941...
103
103.3
Close
Total sales in $1,000 units..
103
103.4
103.7
103.7
June 151940...
103.3
103.7
103.9
103.7
Sept. 15 1936
103.1
3
15
357
29
12
;
148
Dec.
15 1940.
..
Mar. 15 1940...
Home Owners' Loan
(High
101.23
101.22
101.22
101.14
101.26
101.25
(Low.
101.21
101.19
101.19
101.23
101.25
101.23
101.22
101.22
101.24
101.26
60
128
78
153
(High
101.23
101.22
101.22
101.24
101.23
101.19
101.19
101.21
101.24
I Close
101.23
101.19
Total sales in $1,000 units...
101.22 i
101.24
101.24
2
5
3
6
'
Maturity
Rate
101.24
.(Low.
15 1939
Asked
Bid
Asked
104.1
104.3
103.17
103.19
101.23
101.25
104.19
104.21
101.26
101.28
*102.8
101.23
6
June
IX
ix
ix
IX
IX
Bid
101.22
(Close
_
To ol sales in $1,000 units..
Home Owners' Loan
2*4(8, 1942-44
72
FOOTNOTES FOR
69
•
Note—The
bonds.
Treas.
n
above
table
includes
only
Transactions in registered bonds
2%s, 1951-54
sales
of
coupon
were:
Bid and asked prices; no sales
YORK
STOCK
PAGES
this day.
r
Deferred delivery
New stock.
Cash sale.
x
101.12 to 101.12
NEW
on
J Companies reported In receivership.
a
2
Rate
Mar. 15 1939...
Home Owners' Loan
2548, series B, 1939-49
Maturity
Ex-dlvidend.
V
Ex-rights.
'
102.10
Abbott,
Proctor
consolidation of
Members
York Stock
New
"-v:V
ABBOTT, PROCTOR & PAINE
Exchange
leading exchanges
NEW YORK
Volume
CHICAGO
•
>
MONTREAL
New York Stock
143
NOT PER
Tuesday
Wednesday
Thursday
Aug. 10
Aug: 11
Aug. 12
Aug. 13
$ per share
$ per share
$ per share
54
$ per share
54
*53
*53
*54
56*2
56*2
56*2
110*2 111
*110% 111
*110% 111
*110*2 111% *110% 111%
*65%
66%
65%
65*2
65%
65%
66
66
*65%
65*2
13%
13%
13*4
13%
13%
13%
13%
13%
13%
13%
26%
20*4
26*4
*2*4
2%
79%
4%
*95
20*2
*25%
*2%
78%
4%
20*2
26%
2%
79%
4%
*95
*20
20%
20
20
*26
26%
26*2
2%
2*4
26%
2%
*2*4
78
78*2
CENT
Sales
4%
4%
20
Abraham <fe Straus
Preferred
Acme Steel Co
20
20,000
600
2*4
2*4
500
78*s
75%
76*2
7,300
4%
4%
*95
4*4
*95
4%
.k
-
-
2,800
-
13%
13%
14%
14%
14
13% .14%
14
13%
1334
13%
14%
4
4
*3%
*3*4
3%
3%
*3%
*3%
3%
*3%
3%
182% *175
182% *175
182% *175
182% *175
182% *175
182%
4*4
4*2
4*4
4
4%
4*8
4%
4
4%
4%
4*4
4*4
40
38
39*2
39%
39%
38*2
38
38% 39*2
40%
39%
39%
39*2
39*2 *38
39*2
*37
37*2
39
37*2
39%
39% *36
39%
*38*2 39% *38
39*2
38
39
37*2
39
37*2
38
37*4
38
43
42
42%
43%
43%
42
42%
43
42%
42*2
*40% 41%
34
34
33%
34*4
34%
34%
34%
34%
33%
34%
33%
3412
6~300
*3*4
106
*101
242
245
239
24*8
13%
*80
56l2
26
2%
5434
104%
*53
40*2
*68*2
106
*101
243%
106
*103
24
24is
24%
133g
12%
13%
80
80
*78
82%
80
57
5738
56%
58%
59*8
26*2
25*2 25% *25*2 26
234
2%
2%
2%
2%
54%
5434
54%
*52%
54%
*103
104
*100
105
102%
53
53
*52
53*4
53*2
39
40*2
39% 39%
39*2
70
70
*68*2 70
*68*2
54
54
*103
106
*103
238
241
236
23
55%
13
80
;
80
58%
25%
2%
59%
57
25%
2534
2%
52%
23%
13%
54%
100
100
*52
6,200
~4~66o
3,700
*28
*28
29
*10%
25*2
127
127
100
100
*28
29
29
2%
54
100
52
39%
38%
300
52
38*8
70
101%
*68%
10%
10%
10
10*2
27
26*2
27
29
30*4
98%
'
*97%
4%
14%
73«
1,300
200
2,800
70
d
36
16
16
30
31*2
31
31%
20%
203«
63s
37*2
20
20
6%
37*2
46%
*3
6
*18*2
11%
30
30%
*88*8
22%
11%
10%
26%
30%
*98%
30
31%
98*2
99
*13%
4*2
15
7%
7*2
4%
*13%
*15%
15%
15%
29*2
29%
30
7*2
35%
16%
30*2
*19%
19%
19%
19%
6
6%
6
534
37*2
37
37*2
46
46
3
3
3
20
*18*2
*33%
46
12
11%
11%
30
30*4
89*2
22%
89
89%
89%
22%
23%
22%
90%
22%
11*4
*11
11%
33*2
11
.
.
4%
*13%
7%
35%
16
*29
19%
6
.
~4~i6o
10
12,200
■300
13,500
1,700
10,800
1,500
*95% 101
200
*35
3
20
11%
31%
91*2
22%
11%
45%
234
18%
11%
31%
*28
29
10%
10*4
2534
27*4
31
31
31
99
*98
"moo
11
27%
99
4
4%
14%
*13*4
7%
8,200
7,400
270
4*4
2,800
100
14%
7*4
35
35*2
16%
15*4
15*4
29%
29*2
19%
30%
19%
*19
6
6
700
6
4,100
36%
*35
36*2
400
46
*45%
45*2
1,600
2%
18%
2%
2%
18%
18*2
400
11%
11%
32
30
11%
31*4
7,100
14,600
2,300
12,200
3,800
10,800
92
93
92
91%
92
21%
21% 21%
21% 23
11*8
11*8
11
11*8
11%
11*8
33
33
33
33
33%
33
33% 33%
33
3414
•34*4
*132133*2 *132
133*2 *132
133i2 *132
133% *132
133% *132
133*2
*48
55
55
*50
50
50
*50
52
52
53*2
*51
53*4
14
14
13*2
13%
13%
13
13%
13%
13%
12%
13%
i35»
77
77%
77% 77%
77%
77*2
78
77% 77%
79%
78*4
79*2
67
67
67%
66%
67*2
67
69
67%
67
67%
67%
68%
23*o
23
23*2
23%
22%
23%
22% 23%
22%
23%
22%
23%
*
*
165
165
165
*
164%
164%
164%
28 "
28%
~27% 28*8 "27% 28*2 "27% 28% "27% 28%
~27% 28%
*105*2 108
*105% 108% *104% 108
111
111
10734 111
108% 108%
27
26%
*26%
27%
28%
27%
27% 27%
25
25
27%
23%
26
27%
26*2 26% ; 26%
26%
27
26% 26%
27
*25% 27
88% 89%
87%
87
88%
89%
88*2
87%
86
87*2
88*4
87*4
*146
149
149
149
*146
148% *145*2 148% *146
148*2 *146
14812
106*4 106% *106*2 107*2 *106
*106*2 io734
107*2 *106% 107% *106*2 107%
62
62
*61
62
62
62%
*62
62% 62%
63*2
61%
61%
..
143
38*2
39%
126% 128
38*2
28
*128
28
28
143
*143
39%
39%
129% *128
28
27%
52l8
52%
52*4
52%
52%
*139
142
*139
13934 140
25%
25*2
25%
25*2 25%
176*2
174% 175*2 175
175*2
*100
101
101
101
*100
102% 102% 102%
102%
*143% 148
*142% 148
*143%
12-%
12%
12%
12%
12%
102
"25%
~26~
26%
107
*106*2 107
9%
8%
64
64*2
8%
"25%
26%
107%
8%
64%
%
%
%
%
534
-41s
6*4
6%
6%
*6*s
4*8
4
4%
*50
*26
*50
53%
27%
*26
39%
40
39%
58
58
18%
19
99%
*12
63*2
4
55
*50%
26
27%
40%
59%
39%
58
18%
13
4%
73*2
*100
4934
12%
43%
120
108*2
5*2
76
18%
18%
108
50*2
59
12%
43
43
43%
*42%
121*2 *120
121%
108*2 108% *108
108*2
5%
5%
5*2
5%
108
49
12%
77
108
77
*100
47%
50*2
12%
For footnotes see page
12%
~25% 26% *25% 26*4
*10734 108% *107% 108%
8%
8%
8%
8%
64
62%
63*2
63%
63%
%
%
%
*%
%
6 '
6*2
6%
6*4
6*8
4
4
4
4%
4*8
53
*50*9
*50*2 53*2
53%
26
27
*26
*25*2
27%
40*4
39'% 40%
40%
41%
59
5834
58% 257%
58%
18%
18%
19
18%
18%
*120
77
148
9
•
43%
120
*108
143
12*2
1028
78
146
146
11%
12*2
"24% 25%
107% 108
8%
62%
%
5%
3%
*102
49
48
12%
110
49*2
13
'
*102
m.
—-
"200
24,100
6,200
8,700
47,500
1,300
11,700
Am Agric Chem
Jan
(Del) .No
par
49
July 17
10
37
July
50
65
Jan
Am Brake Shoe & Fdy .No par
conv
pref
100
American Can
*50*2
*26
39%
58
18*4
162%May 29
American
31
No par
Chain..*.
7% preferred
110
48%. 49%
13
12%
*102
»
48%
12%
110
49*8
12%
12
26
Jan
43
Jan
Aug 13
21
Mar
42*2
Dec
Jan
149%
Jan
168
Oct
May
3
Jan 14
151%
10
Aug 13
25% Mar
Mar
Apr 16
8
Jan
70
Nov
33%
65
Dec
Dec
33*4
Deo
96
June
30
Mar
..10
10
100
No par
No par
34
7% July 10
20*2 July
16%
89
Apr 8
3*2 Apr 30
984 Jan 2
Jan
12
25
Apr 30
Apr 30
10
13
Jan 20
.1
5% July 7
32% July 11
Amer Hide & Leather..
pref
50
1
Amer Home Products...
37
Jan
72
2
14% Feb 17
9% Mar 26
43*4 July 11
18% Apr 7
37% July 10
21*2 July 20
8% Mar 6
2
No par
No par
22% Mar
5
6*2 Apr 30
2934
3
31*4 Aug 12
99% June 17
9
Jan
Jan
13% Feb 13
32% Mar 6
1
46
Jan '7
2
47% July 24
5% Jan 14
Amer Internat Corp—No par
284 Aug 13
17% Apr 23
9% Apr 30
American Locomotive.-No par
23% Apr 28
No par
Ice
pref
non-cum
100
-100
66
21
Amer Mach & Metals..No par
10
24
May 9
Apr 28
Amer Metal Co Ltd..cNo par
6% conv preferred
100
Amer News, N Y Corp .No par
27
Light.-No par
No par
No par
$6 preferred
$5 preferred...
Am Rad & Stand San'y .No par
100
Mill
American Rolling
25
Amer Safety Razor
_
~
-
100
preferred 6% cum...100
124
Apr 30
2
157
Jan
7
2334 July
7
•89% Jan 21
18
Apr 30
25% Jan
56 s4
Jan
136*2 Jan
104
Jan
57*2 Mar
10
Founders Inc
.....
1st
35% Mar 20
20% Apr 30
107% Jan
26
4
May 29
48*4- Apr 30
.129
Jan
6
20% Mar 21
149*2 Apr 30
87
Mar 13
88% Mar 13
136
Jan
r
Jan
3
7% Apr 28
4
4
54-% Apr 30
152% Mar
108%May
73% Jan
143%May
40% Aug
128*2 Aug
36
66
Mar
4% Mar
20
Mar
31%
Apr
Dec
43
50%
Dec
124
Dec
18% Jan
98% Mar
72*2
1Q4
6
7434 Mar
Mar 17
129%
Apr
Jan
25*4 Nov
Dec
-
Jan
70*2 Feb
140*2 May
27% Nov
160% Nov
104U Nov
107
Nov
141
Nov
7
35
Jan 10
27
July 28
108
9~
48
70% Feb
1
Mar
7% Mar
Aug 11
11*2 Feb
1
38%
22%
Dec
Dec
Mar
94*4 Nov
4% Mar
10a4 Sept
35*2 Mar
% Mar
2% Mar
7% Mar
2
3
Mar
73% Mar
2
2
31
Mar
68% Nov
2% Dec
1134 Dec
5% Dec
49
Aug
8
Mar
30
16*8 Apr
10% Sept
96*2 Oct
3*8 Mar
37
Dec
17%
Jan
Apr
Feb
5
Jan 10
31
Apr
111
Jan 30
15
Feb 17
Apr 30
50
Jan
122
7
36
Jan 13
117
110*2 Jan 20
7% Jan 25
Jan
Aug
97
Apr
3% Apr
2
84
Jan 28
55% May
100
107% July 15
125
Jan 28
85
par
47*4 Feb 24
9
Dec
May
32%
3
May 11
Jan
Dec
Jan
July
37
7*2
21%
113
118
5
9584 July
26*4
64%
Feb
7% preferred
100
Armour&Co (Del)pf 7% gtdlOO
66*4 Jan
Sept
32% Nov
88
Archer Daniels Mid'ld.No par
par
159
13
6
Aug
Nov
49% Aug
41*2 Aug
25% Dec
June
30
Armstrong Cork Co—No
4,OOOArnold Constable Corp
4,000
10*8 Mar
8% Mar
Nov
Nov
76
700
Preferred
Jan
143
60*4 July 30
26% Mar -5
3
Jan
Mar
Dec
Dec
Jan
41 ig Aug 13
Jan
1 *2
Deo
Nov
Feb
2
4%June 10
13*2 Mar
75*4
33%
12%
32*4
130*2
36*4
9%
Mar
8
105%
Apr
12
Jan
5
Mar
4*4
63
Jan
No
Mar
18% Mar
125
Jan 20
Armour of Illinois new
9
32
37% Feb
11% Nov
27% Nov
11
15%
9
Jan
Oct
4*2 Mar
28
35
June
4%
22
28
9
Nov
frov
Oct
117*4 Aug
1,900 Anaconda W & Cable..No par
May 13
40
38%
144
Feb 14
.Feb
6% Nov
Oct
Apr
Feb
3,400 Anchor Cap
97
Oct
/29%
1%
14*4
Dec
May 18
No par
.50 conv prejf erred .No par
Andes Copper Mining
20
Apr
101%
24
2
3
Aug
Aug
38*4 Aug
15% Oct
28
102% Feb
2
3
8*4
Mar
17
121
26% Jan 28
178
10
Jan
12
9*4 Aug
42
11
141% Jan 29
34May 19
pref...
3% Mar
34% Aug
9*4 Deo
3534 Nov
19*8 Dec
92% Deo
3% Dec
9% Deo
28
Jan 29
60% Mar
4*8 Apr 30
3*2 July
Feb 19
116%Mar 5
28*4 Aug 11
33*4 Apr 8
1
Preferred
Mar
10*2 Mar
134% Mar
1534 Mar
Jan
34
No par
Amer Zinc Lead & Smelt... 1
JAm Writing Paper.-..
Mar
27 %
16512 Aug
13
19% Apr 28
Apr
2
72
150
9234
2%
14
x24
2
May 13
Feb
Aug
% May
July 16
8% June 30
20
6*2
54*2 Aug 7
14% July 28
79% Aug 13
69% July 10
91*2 Mar 20
133% Jan
100
Preferred
2
Feb 13
134
Feb 20
36% Feb 20
18% Apr 30
25
Preferred
15
Apr
100
American Snuff..
95% Feb 27
29% Jan 14
2:35% Jan 3
7% Feb 20
43
Jan 14
13% April
36*4 Feb 28
Apr 28
Co.No par
Preferred
Amer Mach & Fdy
2% Mar
May
44
9,800
l"ib""'
Aug 13
-.25
96,200 Anaconda Copper Mining..50
100
57% Feb
47% Nov
13%
Feb
Feb
Amer Hawaiian S S Co
$6 conv pref
Deo
72
...25
400
Dec
80
66
Corp.120
Preferred
52,600
2,000
Dec
40
48*2 Jan
41%June
July 31
-
800
4%
June
102
preferred..
No par
3,700 American Woolen..—No par
2,700
Preferred.
...100
120
2% Mar
87%May 11
29
July 3
6% 1st pref..
$5 prior
Nov
Nov
Amer Encaustic Tiling New.l
Amer European Sees..No par
Amer Power &
Mar
9
75*4 Oct
37% Oct
22% Nov
115
American Crystal Sugar
6%
14
Mar
Jan
5t660
4,500
/49
Sept
24% Deo
38
Am Coal of N. J (Alleg Co) .25
conv
22*2 Dec
3% Mar
June
June 17
Deo
June 12
Amer Colortype Co
Am Comm'l Alcohol
6%
Apr 30
57% Apr 27
Jan
Apr
130
—100
Am Water Wks & Elec.No par
"""166
173
6%
No par
American Chicle
Preferred
600
Mar
Deo
114% Jan 14
Am Type
1,800
125
Deo
100
15,500
600
32
166%
44*8
86%
5834
30
Preferred-....
100
Jan
136% July 28
137% July 17
115% Feb 24
American Car A Fdy...No par
Preferred
100
Apr
58
Apr 28
May 2
25
2d
53%
27%
40*8
58%
18%
100%
40
124
Deo
187
65% Apr 15
.
100
Preferred
100
60
Dec
4
21
5434 Aug
125% Mar 29
63% Feb 11
2% Aug 13
75
American Bank Note
100
500
Deo
Mar
1% Mar
59% Aug 12
28% Mar 11
5% Jan 24
19%May 13
par
No par
American Seating Co
.No par
630 Amer
Shipbuilding Co .No par
12,200 Amer Smelting & Refg.No par
.
Deo
14%
14%
33*4
1334 July 28
35% Jan 21
No
Preferred
18~300
8*2
62%
%
5%
3%
100*2 100% *100% 101%
100
*12%
13*4
13*8
13%
13%
13*4
4234
43
43%
*42%
42%
42%
*120
120
121%
120
*120
121%
108% 108%
108% 108% 108*8 108%
5*4
5*2
5%
5*2
5*4
5%
78
78
78
78%
78
77*2
110
12*2
143
*.
14%
84
Apr 20
Amerada Corp...
5K%
7
34
Sept
Jan
2
x20*a
Aug 13
45% Feb 5
39% Feb 11
Jan 31
50
39*2
40*2
40%
30,100 Amer Steel Foundries..No par
100
128l2 *128*2 129*2
•
Preferred
100
28
*27% 28
—■1,100 American Stores
No par
58%
56%
58*2
8,700 Amer Sugar Refining
100
139
*135
300
140%
Preferred...—r-100
24
25
25*2
3,700 Am Sumatra Tobacco..No par
174
176%
175%
13,500 Amer Telep & Teleg
..100
100%
99*2
500 American Tobacco
99%
25
10234
101% 102
4,000
Common class B—.
25
26%
99*2 100*2 *100*2 101*2
13
13
*12%
13%
99%
*143
39% 40
39*2
12912 *128*2 129% 128%
27%
*27*9
2734 28
53
55
53%
54%
141
*139
139
141%
25% *25% 25*2
25
176
176%
176%
175%
101
100*4 100%
100*2
102
102%
102
102*2
138
*143% 145% *143%
12%
12
11%
12%
107% 108
9
63*2
%
'
*143
40%
7% preferred
74
Deo
2% Mar
7
39
28% Mar 26
Jan
Feb
Nov
2%
39% Aug
Aug 14
6%
8%
173
4034 Aug 13
2
7
69
74
Apr
Sept
3%
Jan
23
%
% Mar
103% July 27
245
Aug 8
157
Jan
Mar 25
8
Allied Chemical & Dye-No par
June
8
4% Mar
6*2 Sept
104% Mar
Oct
74% Nov
IDg Deo
100*2 Deo
37*4 Nov
24% Deo
20% Deo
4% Jan 31
195
Feb
Allied Mills Co Inc....No par
Allied Stores Corp
lNo par
28
52% Nov
116
13% Oct
1% June
186
Apr
5% Jan 27
Apr 28
26% July 7
'
m
6% Apr
1
95
Aug 7
17% Jan 23
27
par
2
Mar
98
2,100 American
.
*143
par
2H% prior conv pf__No
Allegheny Steel Co
No
8
Alleg «fe West Ry 6% gtd._100
7,300 Amer & For'n Power
3,100
Preferred
7,100
2d preferred
1,600
$6 preferred
7%
35%
5%
37
46
*2%
*19*2
1134
30%
20
3038
.
14-%
7*8
3434
2934
12%
4%
35
34*4
46%
*18%
ii84
10*8
27%
98
3
20^
29
30*2
37%
46%
46%
3%
101%
*28
97%
*4*4
16
7*4
35%
15%
*97
29
10%
26%
12% Jan
Preferred
*126% 130
100
2934
4%
14%
7%
36%
4%
*13*4
129
*28
25%
97%
4*2
14*4
7*2
36%
97*8
i27
100
10%
25%
100
38,000
'
29
29
100
700
5% pref
..100
43,100 Allls-Chalmers Mfg
No par
1,400 Alpha Portland Cem..No par
3,000 Amalgam Leather Co
1
38%
*68%
*126% 128
100
warr
4% Mar
84% Jan
Feb 28
8134 July 22
178
warr
warr
June
9
Aug 5
2% Apr 28
12% Jan 2
12*4 Jan 2
13
25%
3
Jan
51
21% Jan
2
Jan
Apr
110
28
Mar 25
80
53
2
32
1
Feb
Highest
I per share $ per share
**are
56% July 27
July 17
July 1
57
101
100% Jan 10
35% Feb 14
per
74% Feb 10
13% Feb 21
2
177gJune 9
22% Jan 21
xl*8 Jan 14
7% Jan 2
58
Apr 28
13
12%
2%
100% Jan
Vlcksburg RR Co__100
55%
25*2
2%
*46%
52%
118
Alaska Juneau Gold Mln___10
Paper Co
No par
Albany & Susque RR Co..100
tAllegheny Corp
No par
Lowest
110*4 Aug 3
69
Apr 28
9% Apr 30
91
Pref A without
4,700
124
55
55*2
*125% 127% *125% 128
100
*94% 102% *95
par
79%
26
Year 1935
Highest
$
Air Way El Appliance.No
par
Pref A with $30
Pref A with $40
3,200
57
55%
58
57
57%
*136*2 140
*136*2 140
*136*2 140
*136%
122 ' 123%
123*2 124%
120% 122% 118
120%
165% 165%
165% 165*2 *165% 167
*165% 167
*165% 16742
41%
43*8
43
43%
44
42% 42%
44*8
42%
86
85%
85%
85%
85*2 86%
85%
86%
84%
85%
54
55%
56
54*4
55*4
54
54%
54% 55%
54%
123
100
600
136*2 136*2 *136%
120*4 122%
*165% 167
41*2 42%
*84% 85*4
No par
13%
50
*52
38*4 •38%
*68% 70
55% 56*2
Adams Millia
Address Multlgr Corp
10
Advance Rumely
..No par
Affiliated Products Inc.No par
Air Reduction Inc new.No
600
23%
100
53*2
No par
81%
*80
2%
*53
54*8
24~666
236
24
24%
13%
Range for Previous
100-share Lots
$ per share
42
Mar31
A P W
106
243
23%
,
54
106
233
231*2 236
23%
23%
12%
13%
25
Express
Preferred
Ala &
"
*175
*101
100
Adams
1,800
26%
2%
77*2
—
No par
_
26%
4%
4%
*95
130
19
*26
On Basis of
Par
800
65%
13*2
1029
Lowest
20
65%
13*4
2
Range Since Jan. 1
STOCK
Shares
110*2 110*2
NORFOLK, VA.
EXCHANGE
Week
$ per share
53 '
53
20
YORK
V
RICHMOND, YA.
STOCKS
the
*26%
*2%
78
77%
*95
for institutions and individuals
Record—Continued—Page
Friday
Aug. 14
orders executed
Bonds, Commodities
1
INDIANAPOLIS
.
NEW
55
4%
CLEVELAND
•'
Monday
$ per share
79
■
LIVINGSTON & COMPANY
LOW§AND HIGH SALE PRICES—PER SHARE,
Saturday
Aug. 8 <
20
Commission
ana
and other
*53
Paine
&
62% Mar 23
15
Mar
4
Jan
109
12%
52
Dec
Dec
Aug
122% July
109
6*8
70s8
110
Dec
Jan
Jan
Jan
25% July
5034
Dec
Mar
9%
Dec
4
New York Stock Record—Continued—Page 3
1030
LOW
AND
HIGH
PRICES—PER
SALE
NOT PER CENT
SHARE,
Aug. 8
$ per share
16
16
*106
110
18
Aug. 11
$ per share
15%
.
*106
17%
18%
Wednesday
Aug. 12
Tuesday
NEW
*15%
15%
110
$ per share
$ per share
15%
110
*106
17%
18%
15%
*106
18
17%
15%
110
18%
*102
108
*102
108
*102
105
108
108
*113
115
*113
115
*113
115
*113
115
*38
42
40%
88
88%
87
*105
105i4
105
3334
32
3314
23
*26is
2814
68
122
I6I4
16
I6I4
33%
6%
34i2
32%
6%
33i2
618
*33
578
3
*33
3
41
23is
'42%
22%
34%
2334
35
35%
*4278
114
16
105
43%
4338
114
114
*15%
32
16
*16
31%
6%
34%
32%
31%
*6%
33
6%
*6%
*33
5 78
33
34%
5%
5%
5%
3%
3
3%
278
42
43
*38
86
104% 104%
32
32%
33%
21%
3
3i8
234
87%
86
105
5%
6
42
*40%
42
105
278
43%
16%
94i2
94%
94%
5%
8612
84
88
105 •
*24
2112
69
6934
121
121
1534
122
32%
6i4
6i4
6U
6I4
*3214
34i2
5i2
8,600
3%
3%
3%
4334
10,500
5J2
5%
3%
3
3
3%
45
45
*41
43
*40
23
22%
2314
34
23%
3478
22%
35
34%
36
44
44
44
44
44
31
4,300
600
*55%
56
56
5812
59U
59
56%
56%
56%
44
44%
11512 115l2 *113% 120
600
16
16
15%
94i2
94%
59%
60%
60
62
60%
18%
56
Jan 17
assented
100
Ohio
100
Preferred...
50
Bangor & Aroostook
100
Preferred
Barker Brothers
No par
100
6M% conv preferred
6
Barnsdall Oil Co
Bayuk Cigars Ino
No par
100
25
1st preferred
Creamery
2,400
2% July
2% July
29% Apr
33% July
1678 Apr
21
Apr
4178 Jan
112% Apr
13% Jan
82% Jan
14% Jan
1634June
110
2
8
50
35
Feb 28
20
85
Jan 18
59%
61%
85,100
3,400
1,000
700
3912
12,200
90
Beth Steel
■
6%
new
(Del)-No par
.20
preferred
7% preferred
100
Bigelow-Sanf Carp Ino.No par
Blaw-Knox Co
No par
Bloomlngdale Brothers.No par
100
Preferred
70
•
22,500
2,900
220
Blumenthal &
Co pref-
100
6
6
Boeing Airplane Co
Bohn Aluminum & Br_.
21% Jan 20
7
4534 Aor 30
16% Apr 28
107%July 8
23
Jan
3
8
8
109% Jan 24
77% July 11
1678 Apr 30
14% July
18%May
June 27
44
No par
80%June 12
No par
Bon Ami class A
Mar
5% May
35% May
234 July
1%
39
Feb
7% Apr
7%
9%
36%
106%
3%
19% July 13
114% Jan 15
26
32
Mar
Mar
Mar
Feb
578 Mar
28
May
48% Nov
115
19%
45%
14
63
5%
6%
Sept
Dec
Oct
Jan
Jan
Dec
Jan
*40"
Jan
Dec
18
Sept
25% Dec
49% Aug
J16
Deo
15% Nov
88
14%
Nov
Deo
115
14
Oct
May
20% Nov
100%
Jan
108% June
"33"
Nov
33% Sept
72
Feb
Mar 11
11 l%May 29
105
Mar
June
107%
July 30
39% July 16
89%May 5
31% Apr 15
24% Mar 6
57% Apr 2
Jan
6234
18i2
1878
122
1223S
2
5
48
No par
July
2034 Mar 19
April
z20
Apr 8
83
20
5
Aviation
Mar
102
16% Mar
Best & Co
Bendix
118
96
Beneficial Indus Loan ..No par
1,400
Jan
4
15
Feb 28
2
17,200
4,600
56%
Oct
Apr 22
8
June
Mar
10634
7% Mar 18
Feb
100
Mar
3234 Apr
46% Jan 24
13% Jan
Belding Heminway Co.No par
Belgian Nat Rys part pref
56%
3
Jan 15
Aug 13
Jan
Deo
92% Dec
37% Jan
.17% Dec
1978 Dec
6
6
49% Feb 28
Aug 14
Deo
60
20%
Feb 14
3
3
6
10
6
26
107
Beech-Nut Packing Co
Apr 18
Mar
Aug 11
Feb 21
Jan
18
126%
30%
54%
10%
36
101
Dec
44
19% Apr
Feb 18
30
8
100
Feb
66% Mar
678 Feb 24
May
Mar
29%
June 12
73
Oct
Nov
18% Nov
109
Sept
3534 Mar
31
July 13
35% Apr 10
115
978
90
48
8
10634June 11
3534 Feb 21
25
July 13
384
54%
44%
24%
100
§5 pref ww
Beech Creek RR Co
"
Apr
7% Mar
8078 Apr
88% Aug
30
8
30
-No par
Preferred
"""566
5
29%June 30
3
Apr 9
100
Baltimore &
Beatrice
26%June
5% June 30
Works..No par
Loco
7,600
1,200
2
.No par
Prior A
6,300
""400
Jan
June 26
Aviat Corp of Del(The)new.3
60
48
No par
Austin Nicbols
Pref
9034 Jan 2
21% Apr 24
11
Apr 22
13% Apr 24
26%June 4
11238May 22
14
No par
Auburn Automobile—No par
200
94%
18%
187g
18%
1834
187g
18%
18%
18%
121
121
*121
121
121
122% 121% 122%
12078
3834
38%
38% a:39i4
38%
39U
38%
38%
*38%
39%
3912
16%
16%
16%
15%
1578
16%
1678
16%
16%
16%
16i2
161s
25
*22%
24%
24%
*22%
24%
2434
2434
23% 23%
24l2
*23i2
111%
lllU *111
*11058 111% *110% 111% *110% 111% *110% 111% •111
90
90
89
*86
85%
8934
90
*85%
89%
85%
*85% 89%
31
2734
28%
28%
29%
29% 30
29% 30%
29%
30%
30U
44
44
44
44
44
44
44
44
44%
4434
44%
4418
90
89
91
89
90
89
89
*89
86%
92
91
8978
41
41
41
41
41
40
4034
41
41%
41%
41%
4084
32
3034
31%
z31%
3178
31%
3214
32%
31%
32%
3134
31%
74
75
78
77
73
75
77.
76%
73%
76%
77i2
78is
8
8
734
8
7%
*7%
7%
7%
7%
7%
7%
*7I2
2
2
2
2
1%
178
*1%
*1%
*1%
*1%
*1%
*n2
15
15
15
15
14%
1538
15%
15%
15%
15%
1434i 15
55
55
55
57%
53%
57%
55%
5178
52%
5278
5238
52%
18l2
120
Atlas Tack Corp
Baldwin
2
100 *112
Preferred
150
1,500
5(312
60%
No par
Atlas Powder
12,100
....
5614
4% copv pref ser A.....100
400
44,500
34%
16
25
Assented
43
■.
5614
100
Preferred
22%
17
17
17
16%
1634
17
167g
17%
16>8
17%
*17%
1738
18
18
19
18
1884
18
18%
18%
1818
18%
18%
I8I4
*111% 112
*111% 112
111% 111%
*111% 112
*11X12 112
*11184 112
22
22
22
22
*21 >£
22
22
22%
*21%
22%
22%
2178
*11H2 11178 *111% 11178 *111% 11178 *111% 1117g *iin2 ill's *111% 111%
102
102
102
101
*101
101
103
103
102i2
102%, 102% *102
40
40
40
40
40
40
*37%
*37%
*37%
*3712
*37%
*3712
94
*93
93 i8
94
*92
93%
*93%
93%
93'%
93i2
93%
93%
14
14
14
14
14
14
14
137g
13%
1378
13%
1378
*85%
*853s
*85%
*85%
8538
*85%
8538
28 '8
29"
29
30
29%
29%
28%
2878
29%
2978
287S
29l2
21%
21%
21%
21%
2138
21%
21%
21%
2134
21%
21%
21%
100
Atlantic Refining.
5,500
33%
*43%
*93
Feb 21
Fe--100
70
May 13
19% July 27
109% Apr 2
115
Aug 13
51% Feb 10
June 19
Jan
384 Mar
108
May 21
5,900
2178
Jan 20
12% Apr 30
59
Preferred
40
512
33
33
44%
*94
400
3134
3
120
116% *116
16%
16%
16%
94
94%
94%
40
16
1534
3034
22% Feb 27
8% Jan
95
98
Atch Topeka & Santa
500
1,500
9 per share
36
Preferred..
70l2
Highest
$ per share
103
At G & W I SS Lines..No par
11338
Lowest
9 per share
25
;
280
22
io^oo
*
16
Oil
Atlantic Coast Line RR...100
70
113i8 113i8
Associated
Highest
9 per share
1
6% 1st preferred—:—100
7% 2d preferred
100
10,800
27ig
283g
2778
100
Dry Goods
1,600
113
285s
34
15%
14,400
86
22l2
27%
2778
*
10
No par
Preferred
Associated
100
4U2
2134
*24
Artloom Corp
10
119
3278
44
45
*4012
3112
3%
*42
1,600
8,500
200
104U 10478
3U4
32
3%
45%
4434
15
106
*113
4112
43%
16%
*92
33
115
105
3
3%
116
114
16i2
115
*4012
22%
42%
23%
35%
43%
*16i8
6%
15
106
Lowest
Par
Shares
17l2
18
107i2 107l2 *10478 10712
*3
27g
45%
43%
16%
Week
$ per share
1514
15i2
*10414110
18*8
1834
3278
32
the
Aug. 14
S per share
87%
*25
*11278 113i2
*121
42
21
21
21
21%
21%
*25
28%
*25%
28%
28%
27%
28%
27%
28%
28%
28%
11278 11278 *112% 113% *112% 113%
68
68
*66%
67%
68%
68%
*121
122
*121
121
121
121%
23
28i2
2834
68
*40%
40%
88%
EXCHANGE
Friday
Aug. 13
On Basis of 100-share Lots
STOCK
YORK
1936
Range for Previous
Year 1935
Range Since Jan. 1
STOCKS
Sales
|
for
Monday
Aug. 10
Saturday
Aug. 15.
June 10
6334 Aor
19
11% Mar
4
79
Sept
1178 Mar
15% Mar
34
Jan
95
Sept
1434 Nov
117% Mar
241? Oct
22% Deo
57% Nov
8
Feb 28
122% Aug 13
48
Apr 6
1484 Mar
27% Sept
20% Feb 19
9% Mar
17
2434 Aug 13
16% June
103% Jan
28% Mar
114
Dec
90
Dec
113
99
Jan
6
Feb 28
31% Aug
6
6% Mar
39% July
63% Mar 7
100% Apr 13
90
Jan
Jan 15
38
Dec
32% Aug 10
21
Mar
83%
11%
3%
187g
28%
Nov
2378 Aug
22%
59 ?8
100
Dec
Jan
July
~
390
.
50
50i2
50i2
50
50
*49
8
8
50
51%
40
*36%
52
52%
50
5078
507g
50%
49%
50
8
8
8
39
40
8%
40%
52%
52
53
102% 103i2 *102% 103%
49
49i2
49% 49%
5078
50%
49%
8
*37is
50%
50%
49%
50%
103
103
49%
*49%
507s$ 52%
39%
39
51%
52%
52
*102
49%
*48%
50
103
49%
50
*47
39
.8
39%
4978
48
8%
247%
8%
4934
*38%
5234
'
6,600
400
Borg-Warner
8",000
29,500
Bridgeport Brass Co...No par
Briggs Manufacturing-No par
Bristol-Myers Co.
5
7%
6,500
500
Brooklyn & Queens Tr.No par
Preferred
i
No par
4,300
Bklyn Manh Transit..No par
200
$6 preferred series A .No par
49%
49%
49
4934
2,700
Brooklyn Union Gas...No par
*48%
49%
49%
49%
700
Brown Shoe Co
900
Bruns-Balke-Collender.No par
102
102
*102
103 *
10
9%
9%
9%
978
12%
12%
12%
12%
12%
12%
18%
1834
18%
18%
18%
18%
*123
124
121% 121%
*121% 124
*121% 124
*121% 124
*121% 124
14%
1334
14%
14%
14%
14%
14%
14%
14%
14%
14%
1438
*105
108
108
108
*105
108
*105
*105
110% *105
110% *105
10
10
10
10
10
1278
13%
12%
13
7,500
1878
18%
19%
18%
18%
7,400
80
26,500
*1%
10%
10%
34
35%
10%
34%
35
27%
28%
28%
28
28
27%
4%
103s
10%
3412
2878
28%
478
3434
287S
2838
5
1478
13
13
1718
434
16%
4%
21%
17%
16%
5%
22%
4%
21%
*13
17
458
2178
27%
4%
4%
2238
1%
*12
1%
10%
10%
3478
34%
28%
28%
2778
34%
28%
27%
28
27%
4%
4%
6914
64%
69%
66
29
29%
29
4278
4312
42%
43%
42
1%
1%
1%
4%
4%
21%
434
21%
68%
67%
28%
42
67%
28%
42%
11%
12
12
12%
1178
12%
11%
3234
33
32%
33
32%
3278
3278
33
15%
16%
15%
16
16&8
*56%
1238
~12~34
42 i8
42i8
1634
1634
*5078
*
12%
-
*42
-
12%
16%
7%
*16%
*98
.
1034
1034
10
10
10%
100
99
103
99
101
103
103
19
19
*19
20
*19
*4478
54
*4478
82%
68%
*1%
5378
*44
8278
83i2
69
10%
*102% 103
*99
*102% 103
lOOU IOOI4
53
84
69%
83%
66%
68%
8278
2
*1%
2
4i2
*4
4%
*4
4%
2
*1%
2
*1%
2
7%
*8i8
73s
*7%
10
*9
10
29
29
29
29
4U
2
134
134
384
334
278
*8
183s
*56
214
*584
584
26i2
3
1%
3%
278
7%
7%
7%
930
68
68
29%
30%
6,600
42
42%
10,990
1%
4,500
43
1634
51%
*98
169
31
4178
42
76%
26%
29%
75%
31%
'
*7
107% *100
5378
53%
10%
10
8
138% *130
27%
2934
75%
*40
7,600
380
54%
*40
Preferred
200
Checker
52
2
*1%
1%
1%
*4%
1%
7%
4%
4%
4%
4%
1%
4%
800
1%
...
200 Chicago
*7%
7%
9%
8%
8%
1%
*
134
2
7%
7%
*8%
10
29%
3%
3
56%
2%
*5%
5%
*26%
3
3
3
2%
8
8
8
18%
1634
17%
16%
16%
56%
2%
55%
56%
56%
57%
2%
2%
2%
2%
5%
*5
27
534
5%
5%
5%
*2638
27
5%
5%
28
400
.
1,000
600
8% Apr 30
11% Jan 10
20*4 Apr 28
25
Apr 27
2% Jan 2
8% Jan 2
14% Apr 29
2% Jan 2
16% Apr 29
54% June 16
22
Apr 30
30% Apr 30
10% Apr 30
Jan
6
1078 Jan 20
37
Apr 30
12%May 8
4584 Jan 8
87
Jan
4
91
Jan
4
6%May 22
92% Jan
116
Jan
7%
6%
11%
878
8% Mar
6284 Mar
17%
3% Mar
23
Mar
14
Mar
35% Aug 10
31% Feb 4
33% Feb 13
9
Mar 23
19
Mar 24
2478 Mar 23
6% Mar 20
25% Feb 13
74
Jan 10
Dec
Aug
Aug
100
Deo
Deo
Dec
Dec
984 Nov
97%
Deo
3%
10%
Jan
Jan
10
Mar
22%
Jan
1% Mar
11% Mar
20%
Jan
32
66
Dec
Mar
4384 Aug 10
30% Aug
178 Feb 10
Apr 13
40% Apr 2
16% Aug 8
5734 Mar 24
% July
2% Mar
7% Mar
8% Sept
50
Apr
8% Oct
14
16
Feb 19
43% Jan 11
18% Feb 24
52% Apr 18
97%June 10
101% July 7
934 Feb 19
30
June
4% Mar
3% Nov
32% Jan
6
35
57
Feb 21
9% Jan 17
107
58
Mar
7
Apr 14
19% Mar 24
4
102%June
Mar 13
104% Mar
1
7
59
Jan
2
86
51
Jan
2
6938 July 15
3% Jan 13
6% Jan 15
2% Feb 5
8%June 27
Jan
Oct
33% Nov
17%
66%
1334
40%
14
Deo
Oct
Jan
Oct
Nov
48
Nov
85
Mar
95
Aug
July
7
Dec
55
Nov
22%
34
Feb
Mar
6% July
96% Mar
38%
8% Dec
111% Nov
126% Nov
60
Nov
35% Jan
21% Nov
6234 Nov
29
May
62% Aug
12% Jan
109% Jan
Jan
65%
Dec
3% Mar
15%
Dec
88%
Deo
21
Dec
23
Mar
z21
22% Jan
3
2
Feb
1%
684
88
83% Apr
36% Jan
19% Apr
16% Nov
7834 Apr 15
*42%
Feb
Feb
32%
82%
4584 Mar
25% Jan
80% Feb
28
July 15
4
Nov
13% Mar
1
Apr
5% Apr
June 22
6
Apr 28
6% Apr 29
97%May 2
47% Jan 21
1438 Nov
14% Nov
24% Nov
30% July 20
31% Feb 19
76% July 31
35% Mar 13
101
8% Mar
143
5434 Jan 16
21«4May 22
19
Apr 30
54 May
1
8%June
2% Mar
334 May
186
19
Aug
Jan
2
May 12
25%May 13
1934 Jan
Yellow Cab...No
3% July
4% Mar
7
par
460 Chicago
,
6
100
Pneumat Tool-No par
preferred
No par
Rock Isl & Pacific.. 100
46 84
1% Aug
100
100
38
100
Deo
3%May
July 15
preferred
.
Conv
2,300 JChic
600
Western.100
5
Apr
1
preferred
3,800 Chicago
July 22
1578May
1% Apr 30
278 Apr 27
2% Apr 29
634May 1
12% Apr 30
4034May 4
1% Apr 23
3% Apr 24
3% Apr 28
Preferred
Mar 23
14% Feb 14
114
Jan
6
2,100 Chicago & North
13
123
Mar
9% Jan
85
4
2,000 fChlc Milw St P & Pao-No par
Preferred
100
2,000
8
5%
5%
28%
100
100
100
7
Jan
5%
20% Feb 14
1% Apr 28
Great Western
Preferred ..."
90
Dec
13%May
138May 19
278 Jan 4
preferred
10 fChio
3
8%
Apr
May
36% Mar
Oct
42
71% Aug
100
1,000
3%
8%
17%
No par
25
14
5
53% July 29
Oct
55
6334 Aug
100
6%
51% Mar
55%
Mar
Ind & Louisv pref.. 100
5
1,100 Chicago Mail Order Co
29%
29
7%
3%
Cab..
Chesapeake Corp
22,000 Chesapeake & Ohio
100 JChic & East 111 Ry Co
67%
1%
3%
1028
No par
"7*266
85%
66%
3%
For footnotes see page
100
Common
85%
3%
5%
5%
Mills-No par
Cerro de Pasco Copper.No par
86
3%
28
on
4,300 Certain-Teed Products.No par
550
7%
preferred
100
60 Champ Pap & Fib Co 6% pflOO
68%
3%
5%
*5%
*26%
100
Century Rlbb
85
334
5%
preferred
Central Aguirre Assoc.No par
Central RR of New Jersey .100
~9~666
1%
27%
No par
100
10
1%
5%
27%
No par
Corp of Am..No par
JCelotex Co
5%
1
100
100
500
107%
54
134
18
Carriers & General Corp
Case (J I) Co
Preferred certificates
1,600
.
8
734
107% *100
.
*1%
*56%
2%
......100
6,400
76
29%
2%
578
...10
Celanese
1%
18%
1
Preferred A
Caterpillar Tractor
*1%
57%
No par
Capital Adminis cl A
5,000
1%
2%
578
25
Cannon Mills
Stamped
31%
8% Apr
24% Feb
23% Jan
30% May
1% Apr
Mar
54
100
Carolina Clinch & Ohio Ry.100
42%
Feb 13
647gMar 6
Apr 4
50% July 24
12% Mar 5
Deo
878 Dec
234 Dec
17% Nov
43
1
Canadian Pacific...
19,400
*29%
% June
27% Nov
70%
53
6
100
Feb 14
69
104
Jan
384 Mar
65% Jan 15
Jan
~5~406
1%
18%
No par
6734
*28%
278
*8%
California Packing
Callahan Zinc-Lead
27%
1%
9
No par
29%
29%
3
-...100
4
Jan 30
56% Jan 31
30-
130
Mar
47% July
49% Aug 14
8%May 19
878 Jan
Campbell W & C Fdy__No par
Canada Dry Ginger Ale
5
138%
*40%
52
97% Feb 4
44%May 11
8,100
99
99
98%
97%
103% *102% 103% *101% 103%
*19
20
19
20
*19%
52
Preferred
Byron Jackson Co
76
9%
7
2
25,400
8%
31%
10%
9978
No par
29
*7
33% Jan
40% Jan
6
167
42
54%
ByersCo (AM)
7534
26%
76
4
2
*100% 102
160
4% Jan
Jan
99
8%
8%
169
Jan 17
% Jan
51
99
41
6
16%
51
*100% 102
27
*42
1634
1634
2
43% Apr 30
47%June 30
Calumet & Hecla Cons Cop.25
1,000
*42
*12% July
Canada Southern.
1%
1134
Bldg gu pf ctfs.100
Butte Copper & Zinc
5
67%
29
*56%
6
14,200
100
Bush Term
8478
29
214
534
22%
Debenture
67%
*1%
*8%
1858
27
7,300
2134
14,400
29%
8
180
4%
17%
434
17%
247000
138% *130
76% 276
74%
100
84%
10
57i2
*8
*4478
..
*8
27g
8%
18%
57%
2%
9
19
20
*1%
*112
10
102
8%
Burroughs Add Mach..No par
JBush Term
No par
—
•
*56%
*98
169%
3,200
1,600
15
12%
42%
99
.
27%
4%
15%
1534
12%
51
101% *100% 101% *100%
8
8
8
7%
778 "Wg
7%
174%
168% 171% 169%
16814 168i2 168
*130
138% *130
138% *130
13812 *130
77
77
76%
_.-76%. 77%
76%
76i2
26
25%
2578
26%
25%
26i2
26i4
29
29
29% 29%
29% 29%
29%
76
*74
76
76
*75
76%
74%
30%
30%
30%
30% 30%
30i4
30%
42
41
*40
41
41
41
417g
8
8
*7
7%
*7%
7%
*7%
*100
107% *100
107i2 *100
107% *100
54
53
52%
5278
54%
53%
5338
27%
4%
1434
*98
99
No par
35%
51
*166"
*100"
17
No pur
Bullard Co
34
51
51%
99
*
*51
43
5,500
2,000
Bulova Watch
28%
1134
15%
No pu
34%
*12%
1% July 16
45
l%July
rights
Second paid rights
Budd Wheel
10
12
12
No par
.....100
preferred
33%
34%
*56%
100
preferred
Budd (E G) Mfg
28%
1134
16
*42ff
16,700
6,400
5
1%
10%
33
58
12%
1%
10
Preferred
7%
12
15%
17
51
1%
1%
*56%
12%
43
*42
17
*5078
1%
1%
*56%
43
17
51%
99
-
12%
43%
*16%
1%
117g
16
42
*12%
16%
21%
29%
42%
Us
28%
4%
16%
68
2834
4%
34%
29
27%
4%
15%
17%
5
2234
69%
30%
14
*12%
13%
16%
47g
2178
68I4
*56%
10%
10
•10%
2834
1%
1%
1%
1%
No par
Bucyrus-Erie Co
1st paid
1%
Apr 27
1,300
1278
1%
Jan 21
6
4734
lOU
U2
64
No par
1278
138
25% Jan
10
Briggs & Stratton
39
2
15
1,900
51%
June 30
100
Corp
Boston & Maine
fBotany Cons Mills class A.50
~
18%
*10
Borden Co (The)
50
7%
51
13,600
Class B
2
Apr 29
69% Apr 17
Aug 13
4% Mar
36
Mar
37% Mar
1
Apr
78 June
%
1%
Feb
Feb
61% Nov
53% Deo
2% Jan
3% Dec
2% Jan
5% Dec
Mar
9
Dec
6
19% June
z35
Nov
278 Feb 11
% Mar
3
Jan
578 Feb 11
84 Mar
4%
478 Feb 21
13* June
5%
Jan
12% Feb 21
20% Jan 2
59
July 22
3% July
10%
20%
6434
2%
4%
Jan
12
Jan 31
31%
Jan
8
1
4% Mar
20
Mar
84 July
Jan
Deo
Deo
Jan
Dec
3
Feb
8
Jan 11
1% Mar
8
July 15
31% Apr
1
1% July
4
Jan
9% July
1984
Dec
Volume
LOW
New York Stock
143
SALE PRICES—PER
HIGH
AND
Sales
CENT
NOT PER
SHARE,
Record—Continued—Page
STOCKS
NEW YORK
for
Monday
Aug. 10
Saturday
Aug. 8
$ per share
L*2334
36%
85s
*3H2
120% 12158
17%
1738
83%
83%
Thursday
Aug. 13
Friday
Aug. 14
$ per share
$ per share
$ per share
Shares
24
812
119
17
17j4
84
17
*83i8
83l2
7
7
6%
7%
678
7i8
32
*3134
3238
3218
3134
3234
*110
111
*11034 112
*11034 112
36%
3612 '36%
3612
36i4 36l2
*47
*47
50
60
■
60
50
60
59i4
*118% 1X0*2
*56%
57i2
1412
1478
103
103
53
5338
*111
112
*2734
•
58
112
2758
2758
6%
6%
29*4
29*2
29
6%
30*2
30
30
30
30
30*2
30*2
29%
130*4
130
29%
*28*2
38
37%
45
107
31
30*2
*28*2
32
Clark
"i~906
*4484
2834
32
30*2
3134
*28*2 30
127% 130
37%
38*2
*44
46*4
22
21%
106*2 106*2
4434
4434
45
45
2234
22
2234
2134
22%
7234
73%
*100
100
72
72%
72%
107%
72%
30
70
Colgate-Palmolive-Peet
100
.
100
{Colorado Fuel & Iron.No
Preferred
Mar 30
Apr 28
2
Mar
July
48%
48
June
48
June
20
July
5284
110
Deo
May
13
4% 1st preferred
106*2 Feb 28
*55 *2 July 31
35s Mar 16
24
16
30
5%
108
108
107% 108
10634 10734
106*2 106*2
78%
79%
78*4
77*2
7734
7734
7734
79,
117% 118%
117% 117% 116% 11634 *11534 11634
118% 118% *117
117% *115% 117% *115% 117
1634
16%
16%
17%
16%
16%
16%
16%
3%
334
3*2
334
3%
3%
3*2
3%
76
75*2
74
75*2
75%
7484
75*2
7334
31*4
*7%
31*4
31%
*18
19
18
18
17
17
7%
17*4
934
9%
*70*2
74*2
78
85
*75
434
734
33*4
*16*2
*70*2
18
18
16
16
.
16
10%
10*2
74
80
80
*75
91
78*8
*75
80
434
434
434
4%
17*4
17%
17%
44%
43% 44
*107% IO734 *107% 10784 *107*2 10734
*5*4
5*2
5*4
5*4
5*4
5*2
12*4
12%
12%
12%
12%
11%
434
73
18
74%
4%
74%
74%
80
79
80
91
79*2
*75
*75
91
434
17*2
18
43
4334
%
3
7
%
*2%
7*8
%
2%
14%
2134
16*4
15
14
21%
1534
*105
21
16%
16%
•
*6*2
-
'«.
«
4%
—100
12
12*4
*105
12%
*10334
7
*6%
4*
*•
-
—
,
684
100% July
Comm'l Invest Trust.-No par
Conv preferred
No par
Jan
9
1105s Jan
9
123
July 22
Jan 10
122
July 22
5914 Apr 28
July
3
par
30% Aug
7
par
16
Jan
2
2584 Mar
100
10
May
100
16
Aug
6
No par
8
June
3
400
700
84,400
900
72i4 Jan 27
73i2 Feb 13
43s Apr 30
15*4 Apr 30
27U Apr 30
.No par
Consol Laundries Corp
Consol Oil Corp
Preferred
No par
%
%
%
6,600
3
3%
3%
3%
1,700
15
15*2
15%
370
21
21
21%
21%
21%
15%
2034
15%
15%
1534
%
%
3
16
17%
2
2
2%
88%
%
70
88*2
72%
21%
70
71
69%
70*4
21%
21%
21%
22
87%
69*2
21%
88%
70%
21%
22
39%
3984
41%
40*2
41%
40%
41
3
3%
32%
3
31%
3%
32%
3%
31*2
33*2
2%
31%
l33%
66*2
66
66
66*2
66
66%
2
2
88
88
1%
*86
33%
34
33
33
66
66
65%
66
66*4
67*2
65%
3
32
31%
33%
66l2
*65%
66*4
3,900
8,100
7,400
No par
15,400
9,900
Continental Insurance
Continental Motors
..1
31%
33%
14,800
1,600
Continental Oil of Del
-.5
Continental Steel Corp .No par
66
66%
210
Corn Exch Bank Trust Co_20
55*4 Apr 30
66
33%
41
31
66*2 '12,800
Corn Products Refining
Preferred
655s Aug 11
3
*32%
300
2.50
48
,
*104
48
*104
9*4
40
39%
1%
1184,
11%
10
10
*95
19*4
19%
105% 10534
11%
7%
20
*11%
.
114
1%
12
1934
19%
21%
64
64
15
14%
78
77
29%
23%
24
23%
48
46
20*2
6*2
~
5%
6
*54%
7
(The)
Cuba RR 6% pref
74
50
47%
*42
45
*42
45
63*2
16%
*15%
15%
6%
6*2
634
19%
18*2
18%
64
15*4
15
1534
16
77*2
7734
78*2
79
75
29*2
46,900
30,200
16%
78*4
*28*2
78*2
129%
64
29
64
63
Sugar
10
100
Preferred
80
*42
No par
100
Preferred
2,900
*68*4
47%
t c.No par
1,200 Cudahy Packing
.50
27,900 Curtis Pub Co (The)—-No par
73
16
...No par
Curtiss-Wrlght.
Class
1
A
...1
Cushman'B Sons 7% pref—100
8%
preferred.
No par
1,400
Cutler-Hammer
4,400
Davega Stores Corp
10,200
Inc
No par
5
Co
Deere &
..No par
20
2934
29*2
29%
1,100
23*2
45%
2334
2384
4534
25
25
25%
24%
4634
47
4534
47
25*8
45%
12,100
Delaware & Hudson
19%
19%
20
19%
*5%
1934
44%
18%
*5%
19%
6%
17,800
Delaware Lack & Western..50
900
Denv & Rio Gr West pref .100
151% 151%
700
Detroit Edison..
6
6
152,
6*2
*150
151%
*60
*3
5*2
W
-
5*2
151
6*2
151%
*60
*60
*3
5*o
18
*13
18
*13
55
*53%
54%
*54
*3 7"
18
55%
33
34
34*2
34%
35
42
42%
23%
40%
22%
41%
23%
*40
22%
23%
2434
20%
*18%
20%
*1934
20
20
20
*40
40*2
40
40
56
56
56*4
56
9%
76%
10%
73%
10%
7534
10%
10%
7254
74*4
9%
38
20%
6%
1834
*68%
43
75%
38
107% 10834
19%
"
v
Cuba Co
760
70
22%
56
par
•
20%
21%
108%
55
55*8
33
20%
108
*1?
18
55%
97 %
19%
*234
5%
*13
95%
Crown Zellerbach
14,300 Cuban-American
69
*60
-
18
21%
95*2
38
630
19%
*150
*60
*234
4
w.No par
w
*19
*
35%
l3334
42
l40
*18*2
*...
40*2
,
55*2
9%
5534
73
56*4
74*4
9%
18
54
"""466
34*8
34%
40
24
41
41
25%
20%
23*2
24%
*18*2
20*4
100
40
*
55%
10*8
55*2
10%
*9%
74
70
40
40*2
40
40*2
40
*23*2
25%
24%
25%
2434
25
2434
2434
34
34
*34
1
*138
2
5%
5%
14
*12%
*115
117
165% 166%
*34
1
*34
*1%
2
*1%
5%
*1234
5*4
14
*115
5%
*13%
%
2
5*8
14
*115
40
3934
3934
40*2
24
56
24%
24
102
1
*%
*1%
2
*1%
4%
*13%
5
5
5
5
14
14
*115
*115
164% 166
161
163*2 164%
163% 164%
*129% 12934 12934 12934 *129% 12934 *129% 12934 12934
*113
114
*113
114
11334 11334 *113% 114
*113%
13
13
13
15
14
14
*12%
*12%
14*8
9
9
9%
9%
8%
8%
8%
8%
834
184
182
18234 185
184i2
183%
182% 183*2 182
*158*2 160
34%
9%
38*2
34%
•
*157
3434
9%
39
113*4 113*4
14*2
14%
9%
38%
160
34%
9%
39
113*2 113%
For footnotes
14
see
14%
*158
34
9%
38
112
1334
page 1028,
160
*159
3434
3412
9%
38%
38
112
14*8
9%
112
13%
160
34*2
10
38%
112
14%
14
.
160
34
14%
164%
15*2
100
8%
1,200
200
300
70
1534
160
8%
2,400
2,600
178
834
18134
160
34%
"9,200
•
15%
160
33%
34
320
10*4
934
10
4,600
5,400
37%
38*s
111% 112
13*2
14%
37%
38
10,100
934
*112
13%
113
13%
7*8 Feb 13
20*8 Feb 13
4438 Aug 10
109
July 14
43g Apr 18
Apr 17
26*4 Mar
72%
Feb
Jan
7*2 Jan
22% Feb
3484 Nov
105*8 Nov
1*2 Mar
683
Deo
6*2 Mar
Dec
Jan
12*4
101*8
8*4
38 Aug
13fj
NOV
Dec
100*?
2%
Dec
Dec
Deo
19*8 Mar
284 Feb 21
2438 Mar
5
46
Feb 11
4
Jan 27
69
Jan 14
82i2June 18
168*2 Apr 15
109
4
58
Apr
23%
11%
1%
Dec
46*4
Jan
69
Deo
6234
Jan
7
Jan
4*2 Mar
Mar 20
38i2 Feb 11
46
Apr 8
6
7
22
July 22
IO84 Mar
4
46*2 Aug 13
115*2 Aug 13
99*4 Nov
Dec
20*2
28% Mar
44%
Jan
84
4I84 Mar
6984
Oct
48
Nov
74% Mar
3% Mar
100
Deo
14
Mar
47*2 Apr
7%
9*8
•
Deo
Dec
18*2 Feb
4
5
Jan
14
7
14*4 Mar
9
16% June
4
99i2Mar 13
4
4412 Jan 14
24*4 Apr 13
109
Jan 15
Aug 12
9*4 Mar 11
10% Jan
21% Mar
60
90
6
May 28
6
9
Dec
Dec
10*8 Apr 28
Mar
Deo
38
Jan
5% July
40*2 Jan
May
39% Mar
19% Dec
48% Nov
1
102
Dec
783S July
165
4
63% Jan 7
35i2May 26
Deo
148*4 Oct
4% Mar
36% Jan
1184 Sept
23% Mar
4312 Jan
2% Feb
6% Jan
Deo
234 Nov
35
15% Mar
60
Dec
Dec
Dec
37
Dec
15
Mar
8*2 May
8O84 May
47% Jan
2484 Nov
89*2 Mar
105*4 June
2
Mar
6*4 Mar
45s
12%
Dec
Dec
Jan 21
73
Mar
i95
Nov
36%May 17
70*2 Jan 27
61
June
75
Nov
16
Mar
47
Deo
6
June
43% Jan 6
758 Apr 27
65
52
Jan
7
89*4 Apr
27
Jan
2
31
Feb
7
1912 Apr 28
3634 Jan 20
26
Mar
6
1478 Apr 30
43s Jan 4
128 May 12
Mar
6
1638 Aug 14
52
6
Feb 20
23*8 Feb 20
93s Feb 7
2234 Mar
10% Dec
5884 Nov
19
Jan
28
18%
Dec
24*2
43*2
19%
23% Mar
11
Mar
li2
Sept
Deo
Jan
Jan
Feb
5
Deo
Dec
153
Feb 17
65
Mar
130
Jan 24
65
May 12
45
Apr
45
10
3
2
Aug
6
Jan
5% non-cum preferred.. 100
Devoe & Raynolds A ..No par
13
June 12
Oct
19
Deo
42
Jan 10
50%
Jan
Diamond
Match
Dixie-Vortex Co
No par
Class A...
No par
Dome Mines Ltd.
No par
.
Aug
6
Jan
8
18*4 Apr 30
19%June 27
40
Aug 10
180
11,500
Jan
213s Jan 31
58*4 .July 27
40*2 Jan 25
43
Aug 6
2
3458 Jan
21
5%
35% Aug
26% Jan
343s
Jan
33
Dec
41
Apr
Nov
41% May
38*2 Deo
June 19
4034 July 18
41% Jan 2
734 Apr 28
61%June 4
liv8 Jan 23
34%
Dominion Stores Ltd. .No par
684 May
12%
Jan
Douglas Alrcr Co Inc. .No par
5058 Jan
7938 July 30
6'316 July 30
40*2 Aug 10
25*4 Aug 7
17*2 Mar
58%
Dec
13% Mar
32
Rights
Dresser(SR)Mfg conv ANo par
Convertible class B_.No par
6
278 July 10
29
Jan
6
Dunhill International
Duplan Silk
100
5% Jan 10
5sMay 20
100
Duluth S S & Atlantic
1*8 Jan
1
No par
Preferred
160
Feb
Mar
74
Apr 29
Preferred
"
159
182
82
80
13s July 13
33
1,500
2,000
5%
14%
160%
12934 *129% 129%
114
*113*2 114
Mar
Nov
72*2 Oct
3*4 May
14*4 May
15% Feb
105*4
2*8
38
*115
_
62
69
Mar 25
19
28
15
28
13
Apr 30
95% Apr 29
.No par
1,800
1,100
24,300
I2
2
Jan 15
Mar 24
738Mar
7%May
Participating preferred...25
1
*1%
July
78
3784 June
31*2 July
6334 Apr
47% Apr
48*2 Aug
28
Distil Corp-Seagr's Ltd No par
40*2
24*2
*%
Mar
4
;
-
40*2
7
58*2 Sept
11*4 Nov
85
1
'
*40
Nov
85
1
Mar 27
4358 Jan
800
1,800
73%
5534
100
July
45% July 29
46% July 22
31,500
10
72
100
21% Nov
49
24
60
100
40
Corp.10
Feb
145s Nov
Det & Mackinac Ry Co...100
"5%
54
Preferred
Deisel-Wemmer-Gilb
9
Jan 10
Det Hillsdale & SWRR ColOO
...
*13
3334
8,200
Jan 14
155s Mar 16
No par
pref
162
9
35
19%
*5%
20*2
151
10%
1,300
69'
*28*2
'
19%
5%
151
10
14%
77%
47*2
152
10%
64
24
47
6%
1%
12%
19%
78%
29%
29
10%
107*2 109
7*8
12
1%
11%
69
15
77
984
106% 108
*42
conv
July
par
32,100 Crucible Steel of America.-100
Preferred
1,800
100
115% 115%
138
10
19%
63
*42
1%
*11*2
38
*1434
33
*1%
~2~6o6
45*2
*95
6%
$2.25
27
par
Cr W'mette Pap 1st pf.No par
"9%
38
47%
64%
*13%
*54%
10
113
8%
95
19*4
1,500
■
4338
38
*42
«•
1%
1134
_
9*4
95
42
'
113
*104
46*2
115*2
38
105*2
7
7%
19%
19%
48*2
8%
95%
42
*4%
111
•;
45
38
18%
48%
<44%
9
95
105
48*2
*104
m
39
70
*61
*108%
8%
8%
44
43%
95
*67
20%
*6%
48%
9%
94%
70
*150
48%
48%
35i2 Apr 30
2% Apr 30
28%June 6
par
■
1%
11%
10
*67
*29*8,
.48%
*3734
9534
39
7
109
1%
984
39
1984
834
42
10834 109
1%
*11%
9*4
4134
40%
*107*2 109
1%
*105
9
9%
48
100
4,200 Coty Inc
No
No
2,500 Cream of Wheat ctfs
2,600 Crosley Radio Corp...No
3,900 Crown Cork & Seal...-No
$2.70 preferred.
48
25
Oct
Dec
88*2 Aug 10
87*4 Jan 13
4038
2%
3
32%
Oct
Nov
20U
Continental Can Inc
20
Jan
Jan
11
33i2 Jan
133g Jan 22
June 18
1,000
100
2358
Oct
4584 Nov
12%June 18
1534May 14
103s jan 6
1% Jan 2
17,100
5,100
Preferred
16*2
Aug
71
6
5
88%
Continental Diamond Fibre. .5
105
Mar
67*4 Jan 3
67%May 7
17%June 30
-
72
115%
Dec
27
106*8 June 30
11*2 Feb
1% Jan 16
70%
21%
163
*160
163
162% 16234 *160
*160
163
5
5
4%
5
4%
434
4%
4%
36%
36%
36%
36%
36% 36*2
36%
36%
29%
29%
29%
29%
2734
28% 2934
283S
58
58
59
60
58*2 59%
59%
5834
.
Class B
Oct
119% Aug
29is Jan
5% Mar
8
6
38May
Dec
58
Oct
Feb 17
Jan
2
83
Jan
12*4 Feb 27
634 Aug
Continental Bak CI A ..No par
2
3
Mar
44i2 Jan
6*8 Feb 10
15*4 Mar
101
(Del) v t c.25
5% preferred v t c
100
Container Corp of America. 20
17
21%
39*4
21
Jan
Deo
1534 Oct
90*2 Deo
3
378 Apr 28
11% Apr 30
Consol Coal Co
13%
1584
2
102
5
No par
Dec
50
84 Mar
82
6 534June 24
100
Preferred
100
7*2
100
49%
Mar
512 Feb 17
20
Preferred
Prior pref ex-warrants. .100
Consol Film Indus
1
•
Dec
97% July
245g Feb 21
2i4 Apr 30
Prior preferred.
Dec
Dec
Mar
110*4
*
7
21
17*2 Deo
101*4 Nov
"56*4 "Feb
8234May
14%June 26
Deo
Dec
Aug
Congoleum-Nairn Inc..No
Congress Cigar
No
21
163
16234 16234 *160
5
5
4%
4%
36%
36%
*36%
36*2
30
30
29*2
2934
60*4
60%
58*2 ,60
»
97
108
31
110
Jan
29
22 %
Jan
39i2
7438 Aug
123*2 July 18
Commonw'lth & Sou...No par
$6 preferred series...No par
Conde Nast Pub Inc...No par
*2%
13%
67
4734
55
$4.25conv pf ser of '35No par
Commercial Solvents..No par
%
6734
67
100
2%
34
*65%
conv pref
14
%
2%
39*2
3%
32%
3
31%
33%
4&%
14
70%
2
88
39
8
Consol RR of Cuba pref... 100
{Consolidated Textile..No par
22
2
88
68*4
f
16%<
1%
88%
6734
2
88
\ 21%
9
Consol Ed Co of N Y..No par
$5 preferred. ...
No par
Feb
6
Jan
1,900
50,000
107*4 107%
*5*4
5*2
12%
12%
*10334
7
*6*2
~~2~666
17%
43
42
7
5%
Feb
107*4 July 13
100% Aug 11
Jan
9% Nov
\
Mar
40%
48*2
33s
35i2
44
Consolidated Cigar
5
IO84
90% Jan
8034 Jan
100
Preferred
Dec
Jan
% Mar
145*2 Jan 22
51*4 Jan 23
23% July 28
14
110
310
5
4%
*17%
107% 107*2 *107% 107*2
5*"
5*4
5*4
*5%
7
300
Dec
634
Jan
May 20
42l2May 26
100
20
17%
7
18
7,100
43%
*105
700
27,500
11%
17*2
106
1,400
734
3534
11%
42%
12
74
734
35%
11%
*72
16%
21*4
3%
10%
10%
74
4334
*2
24,500
63,400
16*2
3%
Dec
50
109
7
..10
240
17*4
*2%
400
1734
43%
*14
1,900
1734
17*4
*684
7,900
116%
115% 116
17%
4234
106
78
77%
116
107*4
Mar
65s Mar
preferred
1,800
16
74
78
78*4
734
34*4
17%
10*8
80
7%
33%
20
*18
74
78
*75
*7*4
31
17*2
10%
9%
*70*2
*72%
*4*2
105%
Jan
9
6934 Mar
Mar
Connecticut Ry <fc Ltg
8
*7%
31
105
105*2 106*2
77%
77*2
116% 116%
*115*2 117
1634
16%
3%
3%
7434
7434
7%
7*2
34% 35%
20
.*18
Dec
136*2 Aug 11
31
No par
preferred
Dec
21
Jan 11
36
Jan
Commercial Credit
Dec
58%
101
36*4 Feb 20
377g Mar 11
Jan
94
Preferred series A
93
15% June
Jan 15
49
May
t c No par
$2.75 conv pref.....No par
Columbia Gas & Elec__ATo par
800
126
2834 July 20
21*2 Jan
19*8 Jan
100
v
Aug
93s Feb 19
112
Dec
72*2 Nov
5338 Apr
5
6
Aug 14
39i2 Apr 30
107U Jan 3
8% Jan 6
100
Col Pict Corp v t c
June 30
100
100
4% 2d preferred
5778June
20*2 Jan
5H%
.
"27%
May
6*2 Nov
27% Deo
Feb 20
50
555s Jan 16
...100
Columbian Carbon
8,000
July
48
par
Colorado & Southern
5,100
71%
46
33
48
3*4 Apr
12*4 May
46*8 Mar 24
111*4 Aug 13
Dec
93% Dec
24% May
100
6984 Sept
122*4 July 31
10
101
71%
Oct
Jan 15
1,010
400
Mar
12
86*2 Feb 19
738 Mar 5
Jan 21
Jan 31
3,400
66,700
124% July 27
1978 Feb 14
31
Jan
Jan
Jan
84
750
30
2934
2934
132i2 13384 H32
13212
39
38
38*4
37%
10634 107*8
107% 107% *107
100
100% 100*8 *100% 101
*100*8 100*2
74
73%
28%
*29
4534
22
107
5,800
Nov
2334 Jan 21
107% Jan
No par
No par
No par
6%
Dec
26
124
Class A
Colonial Beacon Oil
6%
9
Feb
100
Preferred
No par
510
31«4
9
30*4
Coca-Cola Co (The)...No par
6% pr el erred
Collins & Aikman..
Preferred
2834
Sept
3*2 Mar
3684 Aug 13
7C*2 Feb 7
129
July 28
80
2734
30%
No par
Cluett Peabody & Co..No par
100
19,500
1,700
10,800
5
Equipment
Jan
II84 Jan 24
25
Jan
Jan
85%
15*4
7278
434
5
__100
Clev El Ilium Co pref. .No
par
Clev Graph Bronze Co (The).l
Clev & Pitts RR Co special 50
50
1,000
$ per share
7
.
..No par
City Stores
100
*11114 112
2934
31
Corp
City Ice & Fuel
1,600
1,300
Highest
$ per share
25
par
25
_
Chrysler
4,400
50
Year 1935
Lowest
$ per share
$ per share
20 June 12
10
No
Co
Preferred
6*2
*29
Cotton Oil
Chile Copper
860
2814
6%
2834
30*2
30
112
28
29%
*29
136*2
37%
38*2
23%
74%
6,000
'
112
6*2
30%
133
45
2234
6*4
2834
29
29*2
*28*2
38%
45
73%
*47
50
Chlokasha
63,100
■
6%
*2834
*29*4
29*2
3734
*100% 103
*45
50
59%
6%
29%
130*2 134
45
22*4
23%
*10634 107
*47
11134 112
*11014 112
*27% 2758
*27i4
2734
6%
*28%
50
Par
Chllds Co
60
Range for Previous
Lots
Highest
Lowest
300
...
*111
28l2
On Basis of 100-share
EXCHANGE
1,900
58
59%
59%
58i2
58i2
58%
al28% 128% *126% 135
*12612 135
*126i2 135
117
117
116i2 118
117
117i2 117i2
117i2 117*2 117
*57
5712 *57
*57
57
57
57%
*56i2
5734
5712
14%
1478
1438
1458
14%
13%
14i4
1334
137s
1438
103
102% 103
103
103
103
100
10212 10334 100
52% 5318
53
52% 53%
5212 54
53%
5318
5438
*129
*129
*47
the
2378 2378
*23i2
2438
24i4
24i4
8%
8i4
85s
834
8i2
834
*32i8
36i2
3634
36i2 3634 *33
11938 120% x11538 11738 113i2 116'8
17
17i4
1678
1678
17
17i8
84
83
85
83
8334
8312
7
634
7i8
7i4
7i8
7%
3158 3158
3238
33
323s
32i2
*11034 112
llli4 llli4 *111%
36
36
36
36i2
3634
3634
812
36i2
11978
*32
119i4 12034
Range Since Jan. 1
STOCK
Week
24
9
36i4
17%
83&s
Wednesday
Aug. 12
$ per share
$ per share
*24
24%
24%
36
Tuesday
Aug. 11
1031
4
6
478 July 10
13%July
7
100
114
Feb
I)&Co.20
6% non-voting deb
100
133
Apr 30
129
Feb
Du P de Nemour8(E
8
7
Duquesne Light 1st pref.-.100 ill 1*4 June 12
Durham Hosiery
Eastern
Mills pf.100
Rolling Mills
5
Eastman Kodak
13
Aug 11
5*2 July
Jan 15
*4 June
3
8*4 Mar
9
18*4 Jan 17
11534 July 28
16734 July 29
133% Apr 1
11534 Feb 14
25
Jan 13
9% Feb 11
Apr 28
185
Aug
July 24
166
Mar 13
Eitingon Schild
584 Apr 28
3034 Apr 27
110*4 Jan 23
10
Apr 30
Preferred
Electric Boat
5
.100
i
3
28*2 Jan
6
17%
1
*4 June
152
No par
6% Mar
134 Jan 15
156
(The)
44%
'
(N J) .No par
6% cum preferred
100
Eaton Mfg Co........No par
Elec Auto-Lite
Jan
8
2
June
1284 May
103
Mar
86% Mar
6
4
Deo
Deo
Deo
116
Nov
146*2 Nov
132
Feb
115
12
Nov
334 Mar
Oct
Aug
27% Dec
8
Jan
110%
Jan
172% Nov
141
Jan
164
Jan
30% Oct
8% Nov
38»4 Oct
113% Sept
3*4 Mar
19%June
Feb
Dec
Aug
Feb
16%
1738 Feb
8*4
Nov
19
104
4458 Feb 19
114
1%
126%
37
Apr 6
10*4 July 20
•
Deo
107
Jan
3% Mar
1484
July
Deo
New York Stock Record—Continued—Page 5
1032
LOW
AND
HIGH
PRICES—PER
SALE
SHARE,
NOT PER
Aug. 10
Aug. 11
$ per share
$ per share
51-1
5%
5U
5%
78
Week
$ per share
Shares
79
1678
5%
1578
16%
1578
5%
5%
•
16%
76%
75
5%
16%
1534
76
5%
15%
.
Lowest
79%
75%
77%
76
7334
71%
71
71%
71%
71
47%
4634
4634
46
46%
4534
*%
34
s4
34
*%
34
84
15g
134
1%
1%
1%
*134
178
17g
%
2%
*134
7134
46%
7g
2%
61%
58
58
*72
75
*82
83
*83
89l2
170
13
13
1,000
13%
13%
75
75
*70
82
*75
82
""206
$5^ preferred
No par
No par
45i2 Jan 14
*75
48
Jan
87
83
83
TOO
$6 preferred..
No par
55
Jan
6%
6%
6%
17%
155g
1512
26i4
*6%
16
26%
1734
16
18
63g
16%
26
17%
*70
25%
17%
6%
6
16%
26%
6%
25
1578
15
15%
14%
15
15
26
26%
26
26%
25%
26%
634
734
278
14%
53%
3%
14%
53%
15%
5334
160
1597g
*157
163
634
*6%
3%'
3%
14%
53%
3%|
13
5314
156
634
*6%
3%
15%
547g
634
3%
13%
5334
*160
160
45%
46
45%
45%
44%
45%
45%
46%
25
26%
26
26%
26
26%
25%
2534
99%
3878
*83
90
*83
90
*83
90
*83
90
*83
34
34
43
43%
44%
*33
36
*33
36
*33
25%
26
34
34%
*32
32%
_
.
33
73g
3434
45%
45ig
45i2
45l8
7%
35
7%
35%
7%
35%
738
75g
35
35%
7%
37%
2514
39
3912
72
*69
*120
*69
71%
25%
i35
*120
71%
26
253g
2534
123
3834
39%
*120
34%
*4%
5
36%
43%
5%
39%
39
39
33%
110
39%
*69
71%
25%
39%
71
71%
25%
135
35%
*120
25%
135
Federated Dept Stores.No par
Fidel Phen Fire Ins N Y
50
-
~
x25%
•.4%
7%
57g
900
33
109
3934
*121
*36%
*37
38
*36
38
*35%
7%
6%
7
634
38%
678
37%
37i2
614
65g
612
20
21,600
280
4,100
—
«.
*13i2
147g
*1334
1H2
1138
*10012 101
56% 5634
14
101
56%
25
25%
2434
12
123g
12
.57%
25%
12%
13%
634
*13%
14%
13%
13%
11%
11%
11%
11%
11%
11%
11%
11%
*100% 102
*100% 103% *100% 102
*100% 102
59
57
59
58
58%
59%
59%
5834
2434
24%
2434
24%
24%
24%
24%
23%
12
12
12
12
12
12%
1134
12%
14%
11%
1U2
101
14%
7 '
6%
54
463g
38%
*48
*32lo
61
43
•
41
*121
6934
12214
3912
8
8
*5612
57%
108
4i2
434
4212
427g
*
4,900
100
*
113
*34
30
*39
40i2
40%
46
48i2
48
24'g
2%
*2%
....
*40
-
54
*34
30
22i2
23%
2234
24%
34
35%
34
34%
14%
14%
76%
14%
14
14%
78
76%
7534
76
16%
16
16%
1678
17%
•
92
3
92
234
134
334
1%
3%
*17%
*2634
2%
18
18
18
26%
4234
1834
2638
26%
43
43
1834
1834
1878
18%
18%
43'g
4334
'4278
43%
42%
43
357g
36
353g
*53
29ig
*75
353g
-
-
-
-
60
29%
7878
35%
*149
*55
29%
*75
2634
43
*149
65
43
36%
-
*55
29%
80
»
«
-
65
2834
79
31%
1634
*15%
16%
*15%
16%
*15%
16%
48
48%
49%
49
49
62
*59
62
125
*119
125
*33
34
*33
34
9%
*17%
*111
102
3914
9i2
18
117
3934
111
3934
*125
15
10734 108
5%
*17%
9%
6i2
15
15
«
*104
15
108% 108% *106
38%
-
109
5%
5%
For footnotes see page 1028
5%
*126
48
1434
-
«
-
15
*10478 109
5%
5%
z39%
3934
*126
3834
126
5%
5%
5%
16
2,000
48
1,900
587g
1,800
4
2
43% Aug 10
Jan
2
20% Feb 19
6
44
Feb 21
Jan
7
39
Mar
Greene Cananea
50
Preferred
4i2
1
Oct
35s NOV
5
Jan
143s May
2984
Jan
1818 Mar
3538 Nov
26
38i4 Sept
Mar
914 Mar
958 Mar
16
Deo
351#
Deo
3478 May
55
Mar
3
6
Apr
7
63
Aug
8
12
Mar
122
Aug 14
3414July 3
37
Aug 4
48
Mar
25
30
25
33
io
6
Jan
9
Hamilton Watch Co...No par
14
Jan
2
Water
7% preferred class A
Hall Printing
Preferred
4
June 10
109
May 19
June 22
Hanna (M A) Co $5 pf_No par
100
Harbison-Walk Refrao.No par
Preferred
100
120
Hat Corp of America cl A
Jan
100
10
Hayes Body Corp.
234 May
43U May
1U2 Deo
34 '4 Dec
Mar
Jan 24
105
210
2,900
74i2 Nov
Feb
2838 Jan
100
1
100
2
30i8
12
Jan
3
Jan
3
Jan 20
10418 Feb 17
45* Apr 30
IDs Apr
213s Feb
6
4
Feb
8
119
105% Mar 18
i«o
Feb
4
4
.wuy
1
2
2
1984 Mar
50
6i8 July
914 Jan
3012 Jan
39
140
19
7
Mar 19
100
No par
Preferred
preferred
Feb
7
7
4,400
60
Jan
15s July
July
39
800
26%
24
100
Gulf States Steel
3i2 Feb
9
Deo
1% June
100
No par
Gulf Mobile & Northern
Hackerisack
10
5
136
126
5%
Apr 29
Jan
35%
14io
U%
K%
14%
*1047S 109
*10478 109
June 30
138 July
Jan
85
80% Jan 27
16%
*112% 117
3934
—
3
31.
Guantanamo Sugar
Preferred
10
-
July
16
100
Greyhound Corp (The)
*112% 117
10434 *10234 10434
10234 10234
40
96
3214
810
400
-
-
Gt Nor Iron Ore Prop. No par
1,900
17%
*125
6
Great Northern pref
6,100
17%
3934
-
Jan
4834 May 11
16
*55*2
1
No par
2lo
1734
103% 105
40
-
Deo
n«c
13,000
*112% 117
77
Jan
IOI2
Deo
11%
117
100
2% Apr
20
Apr
95
10%
*112
12i8 Mar 11
Deo
92
34
To~%
17%
8I2 Apr 28
Deo
267s
95^»Jan 23
60
934
*17%
9934 Feb 17
14i2
82
May 21
36
9%
2
Jan
Mar
1584 Mar
70
Apr
65
36
9%
17%
87
7i2 Mar
40
Copper... 100
58
*36
July25
317s Apr 15
Jan
Nov
285s
34
-
8
434
"22"
Jan
*33
„
6
78
Apr
Apr
34
-
Preferred
2378 Apr 15
111
Jan
213s July
l's
143s May
21
*33
-
No par
6
4912 Deo
255s Nov
33
5978
.100
2138 Jan
Feb
119
60%
49%
Preferred
712 Feb 28
10U Feb 17
378 Jan 2
678June 30
1234 July 7
13% Jan 21
Deo
235s
2978 July 28
34
111
1
Aug
7584 Deo
5612 Aug 13
*33
18
50
834
Mar
18
149)2 Aug 14
122
9%
55% Jan 14
55
July 27
19i2 Aug
93
9
122
9%
3934June 11
5212 July 6
Nov
6
122
*36
par
51
Jan
*53
-
10934 Aug 13
33)2 Deo
Apr 28
*121
w
Yn % conv preferred
6
Jan
Jan
2's Mar
Deo
22
33
49
Oct
Deo
5012 Mar
597s
2%
16
3ig
3918
l
80
33%
109
Deo
Green (H L) Co Inc
80
*15U
Oct
4i2 Nov
4U4
Green Bay & West RR Co. 100
80
*21.1
109
20
80
2%
Deo
Dec
4258 Nov
100
•
9,600
56
15
5%
48%
.
28%
122
18
-
48%
65
28%
54
18
-
61
35%
1^9% 149%
*56
Nov
,
6I4
Great Western Sugar. .No par
Preferred
...100
*121
34
No
69
70i2
28)2 Jan 16
4,900
42
61
*33
102% *102% 105
*125
15
*56
*36
9%
2%
173s Aug 12
Grant (W T)
42
119% 120
*36
*36
60%
Jan 24
6
100
Glldden Co (The)
4
90
June 30
634 Jan
35)2 Apr
36%
16
62
Preferred
1858 Jan 16
13%June25
z74
235s Jan 15
3,600
2%
3434
4812
No par
Jan
2412 Aug
3,100
31%
Apr
Conv pref series.......No par
Granite City Steel
No par
24,400
2934
«4
1434 Mar
2U Mar
18%
2978
*119
Gillette Safety Razor.-No par
Conv preferred
No par
Glrabel Brothers
Feb 21
5U Mar
42»2
79
Jan
80
378 Jan 21
63s Jan 15
18%
•
Jan
1% Mar
155s Mar
412 Feb 19
11% Mar 20
41%
79
118i2Mar 14
Jan 10
9312
6
18%
29%
4
3i8 Apr 30
43**
56%
29%
5
Feb
2
18
36%
63s Feb
Grand Union Co tr ctfs
42%
56%
2834
50
Feb
Graham-Paige Motors
/_
Gr'by Con M S & P 2d stpd 100
18%
36%
110
175g
500
43
*149
Jan 17
312 Apr 28
32i2 Apr 28
6
June 20
17,700
2,900
43
-
105
57l2 Aug
134
2%
t3
-
Feb 17
3%
900
*75
2%
-
400
29
60%
30
92
1734
2978
2
9%
27%
60
60
600
*17
21g
2978
2%
4,200
*2634
62
6134
2,400
17%
60
21
Aug
Mar
27%
36%
Mar
3
12
GOO
17%
»
120
10
zl07%
3678 July 25
27*2
36%
*149
Jan
Aug 12
3
Oct
Jan zl20i2 Deo
265s Mar
593s NOV
116
10U Aug 13
46
3
38
106
Apr
18
72i2
7
1734
*56
29%
*75
42%
18%
42%
122«4July
Jan 27
1838 Jan ' 2
534 Jan
Aug
Jan
1%
134
■
118
72-'% July 27
1% Aug
15ia Aug
18
Feb
30% July
27%
43
12U2May 13
3778 July
-
15»4
3%
2%
2%
334
117i2 Jan 13
5378 Jan 6
Oct
4078 Nov
5978
par
Gotham Silk Hose
219
6
Gen Time
1,300
3%
Feb 24
70i2 Jan
Apr
1,200
1»4
July 29
14
95
3%
Mar
16»4
95
234
11
3
7
3
952
92
Oct
Feb
Nov
14 July
145%
Sept
%
8
95
92
8
2578 Aug
.9534
*9119
30
43s Feb 5
July 27
60i2 Feb
Goodyear Tire & Rubb.No par
1st preferred...No par
92
43<8Juue 22
4412 Apr
27,400
54
6
Jan
6
23
9%
20%
July
22%
9%
4838 Aug 10
17
23%
*9%
34i2 Apr 30
333s Feb 18
3212 Apr 30
EquipCrpNo
Instru Cpip No
2234
9%
Jan
par
1
23%
6034
2%
295g
*2
100
Gen Realty & Utilities
11,800
39,600
2,600
20,900
2%
184
*3%
*16%
2634
43%
No par
13%
134
18
..No par
23%
107%
334
27%
$6 preferred
Gen Public Service
Gen Railway Signal...No par
127S
1S4
*16%
General Printing Ink.-No par
22%
*3%
27g
par
.No par
1278
1®4
234
No
No par
Common...
12 34
334
234
1«4
*35g
$5 preferred
Gen Outdoor Adv A
Goebel Brewing Co
1
Gold Dust Corp v t c
No par
Goodrich Co (B F)..._No par
9%
92
10
Gobel (Adolf)
9%
*91%
127i2
55
7,400
9%
14634 July 27
3
General Motors Corp.
63s Nov
46i2 Nov
Jan 21
1912 Jan
5,900
95%
5212 Aug
140
58
7%
95%
76
No par
4%
95%
Mar
No par
7%
95
19
$3 pref class A.
*410
23%
llOifj Aug 14
59%June 20
5178 Aug
*53
10734
I8I2 Nov
7012 Jan
3
73i
2234
1038 Nov
Gen Theatres
11,300
14%
107
514 Mar
Mar
Jan
434
23%
95%
9%
*91%
Jan
48% Deo
22% Nov
zl3% Oct
146
Aug
4
19:
5*%
107
10018 Sept
393s Aug 10
No par
100
Dec
Deo
Jan
Jan
17
49
7%
23%
5i2 Mar
8434
Mar
3
Preferred
13%
1078
2
2
4%
1278
Mar
115
Jan
General Mills
Deo
53s Nov
155s Feb 11
2
78 Jan
5414
22%
7
Deo
*
150% July 29
11»4 Jan 11
Jan 23
7% July
534 Jan
14
734
106% 107%
Feb 19
No par
478
22%
July
No par
5378
2334
92
..No par
7%
107
Jan 27
Conv pref series A
434
23%
'
No par
*5278
2378
9%
General Electric
734
23%
235g
100
478
13
78 May
Aug
141
42%
13
5
Nov
4/
104i2 Apr 21
3
Deo
Nov
55
484 Mar
73s Mar
547g
4%
7%
1278
2134
Jan
Deo
305# Nov
Feb 29
1134 Mar
42
*53
125
Jan
3618 Nov
Mar
15
325g Mar
42%
778
112i2 June
Feb 20
6
4134
47g
4
Apr 14
118i2June
6
10834 10884
41
41%
108
70
8
Gen Steel Castings pf__No par
900
75%
17
77i2 Feb
355s Feb
5
108
5478
106
14
75%
16%
3
63
Feb
109%
4278
13%
22%
14%
July
1984 Mar
30i4 Apr
17U Mar
700
7,300
34%
76
111
3934 July 29
127
1438 Jan
17%
10934
107% 107%
42% 4234
21%
14
*757g
1678
*34
30
603s Mar
5
1,800
23%
2234
978 Mar
Feb 17
30i8June
43
24
3538
Deo
2
Apr 28
26i2May 25
33U Apr 30
41%
23%
Deo
$6 preferred
..No par
General Refractories...No par
47%
23%
July
638
934
34S4 Feb
Preferred
,
47%
*34%
107% 10734
10714
20
1,900
10,200
40
35%
13
100
500
734
13
500
4,700
30,600
7,100
47
'
77,400
2%
4%
8ig
30
31%
54%
434
5414
1,100
31%
42%
42%
M
a,
"2%
47
111% Apr 21
3834 Feb 17
$7 pref class A
2%
40%
Sept
Jan
63
7% cum preferred..'
100
General Cigar Inc
No par
GenT Gas & Elec A
113
25
25i2 Dec
1027g Deo
587g Aug
3038
20U
2
No par
Class A..
General Foods
*
5
1034 Apr 28
5
50
30%
47
104% 105
93g
113
107i2July 30
24% Apr 30
9534 July
1
2
21
7% preferred..:
"2%
40%
16%
105
95
*
2%
47
14
73;
300
30
40%
*76
4i">
800
43
49
1658
*149
9,400
"6,300
-
113
45U Deo
114
2U Mar
1184 Mar
42U Apr 30
5
..No par
6,700
51
443s Nov
No par
General Cable
7,200
*34
Apr
May
~19~ "Feb
47% Mar
June 26
97
General Bronze
2%
51
84%
.10
5
$8 preferred
4.
40%
*40
4034
■
—
30
"2%
Preferred
1,300
31%
2%
Gen Amer Investors
39%
2
13i8 May
4834June 23
No par
(The)...No par
98,900
43
46
14i8
42U
5414
*
113
"2%
*30
.
Gamewell Co
47%
40%
33i8 Feb 11
105i2July 17
23i2July 15
3 zl35
75
473s Jan 17
63i2
3D2 Apr 30
73s
334 Jan 6
I8I4
lU2May 11
1212
8i2May 20
100
General Baking
_
55%
*34
50
% pflOU
10
Co...
39
.
2
No par
Free port Texas
Gen Amer Trans Corp
General Asphalt
150
*40
__
40%
7758
*9U4
M
48%
24%
163g
93g
4034
40%
14
*94%
39%
2%
2%
44
F'kin Simon & Co Inc 7
46%
30%
41%
*7634
23lg
2%
4034
2
*4034
34%
3534
2158
387g
39%
2%
43
23%
2438
*34i2
*
113
23g
3134
107
477g
3938
55%
*146
1
w w
3,700
63
63
64
63
63%
63%
62%
*62%
119% 120
*119%
*119%
*119%
*119%
69
65%
69%
68%
68%
66%
*67%
677g
66%
6734
*12134 122
*121% 122
121% 122
121% 121% *121% 122
46
44 %
46
39%
44%
44%
39%
4434
39% 43
8
9
834
934
734
778
834
9%
9%
10%
57
57
57
57%
*56%
*56%
*56%
56%
56%
*56%
108
108
*108
108% *108
108% *108
108% *108
108%
434
4%
434
434
*4%
4%
4%
4%
4%
4%
45
43
47
4634
44% 45%
4534
44%
46%
4734
"2U
13
47%
150
Fourth Nat Invest
3,000
10,600
62
6134
*29i2
*103
48
*146
~
*3834
108
*40
-
54
*34
54
6U4
*119i2 120
69i8
-
57%
47
39%
*40%
*55%
57%
150
47%
2
2%
41
*48
«•«•
-
*55%
*146
39
39
'
57%
150
4678
48%
2
2's
2ig
*39
*146
150
47%
38%
48U
3834
*55
55%
5538
*146
..100
-No par
..No par
Preferred
$6 2d pref
No par
Gabriel Co (The) cl A.-No par
170
.
150
4>*% conv pref
Foster-Wheeler
Fuller (G A) prior pref. No par
20,300
*140
*140
155
155
155
150% *140
150% *140
150is *140
9
834
87g
834
834
8%
8%
8%
8%
8%
8%
14
14%
1334
14%
13%
13%
13%
137g
13%
13%
137g
Hh
39
37
37
37
39%
36% 37%
36%
36%
3834
38%
38%
108
109
*105
110
*108
110
110
110% 110%
10714 108i2
110%
54
11378 Apr 22
32
30
*140
*146
No par
Food Machinery Corp new. .10
10
14%
9
4
10012 Feb 26
40
Apr 30
(The)
No par
Florshelm Shoe class A .No par
Preferred
-
*
6%
16
Apr
IO6I4 Mar
Jan
z2478 Jan
100
Feb
1618 Mar
28i2 Mar
3734 July 28
4912 Feb 14
34
July 29
20U Jan 27
110
Firestone Tire & Rubber...10
Preferred series A
78
538 July 24
2
t Follansbee Bros
12,500
61
38
4i2 Jan
3'8 Aug
25
Aug
323s July 31
130
37%
July
343s Aug 13
7,100
*57%
8% Deo
2
Aug 11
71%
61
95
384 Mar
6
2512 Mar 21
4i8 Jan
6
135
*57
54
4
33
2634
26
26%
135
6
First National Stores—No par
39%
*68
71%
*121
Mar
1214 Mar
578 Mar
Flintkote Co
111
3834
101
9
Apr 28
7,700
1,300
4,100
34%
z85
4,200
*105% 109
35%
110
Jan
Apr
Apr
.
—100
m% preferred
215s Nov
Aug
72
Apr
53s Mar
48
40
2012 Jan 9
38
Apr 30
Fllene's (Wm) SonsCo.No par
-
22,300
39
37%
-
"266
Dec
6
212 Jan
Federal Water Serv A.-No par
1,100
Dec
39i2 Dec
125
Mar
Federal Screw Works..No par
5,400
Jan
Dec
6978 Mar 30
-.100
2,900
15
Mar
92
3
5
4
17
115
9914 Aug 11
Jan
738 Jan
400
35s Deo
5s Mar
Aug 10
Federal Motor Truck..No par
43%
43%
40
15
Jan
300
Preferred.
36
478
*35
6134
37
3
Apr 29
8I2
3434
12212
31%
100
37
4%
*57
6134
7
Jan 7
Feb 24
1834 Apr 30
-
Fairbanks Morse & Co -No par
Preferred
6134
6134
25
534 Mar 25
18>8 Mar 25
54 78 Aug 12
160% July 25
4734 July 18
2612 Aug 8
84
'
113
Nov
3
"2,166
8%
*57
6134
*5814
5
10734 10734 *105% 109
113
6
2%June
Preferred
89
8%
4%
43%
7%
Dec
Corp-No par
Apr
..No par
3978
*83
834
3534
39
40%
2
Federal Mln & Smelt Co.—100
'
*105i8 10734 *105ig 10734 *105% 10734
347g
34% 3534
3334
33%
3338
114
*108
107
107
10934 113
3834
*4
*36%
89
*33%
*33%
*110% 113
*11078 113
*11078 113
2578
2534
2678
25%
27%
2734
2634
277g
105
105% 105% X105
105% 105%
10434 105%
45
46
47
45%
4534
467g
46%
4634
33
3334
33%
33%
3334
34%
33%
34%
*32
32
32
32%
32%
32%
*31%
32%
105i2 *10514 105%
*32
34%
43%
*3234
•
8%
438
5%
34%
4334
May
8% Mar 19
Fairbanks Co
40
*99% 100
11034 11034 *110% 113
*11058 113
2534 2638
*105
5
5%
5%
35
43
43%
43%
53g
514
*34
35
*34
*378
1478 Aug
15
3
Federal Light & Trac
37
43g
1578 Aug 10
4078 Jan 8
10i2 Mar
2
6% conv preferred
100
Fajardo Sug Co of
o Rico.20
99%
*37g
7
100
37
4%
Jan
4:% Jan
7,900
99%
4
12
3,400
99%
Deo
13i2 Deo
Dec
23'sJuly
25%
*36
Jan
19i2
5
45
37
14
5
170
99
834
5,600
7i8 Mar
8i2 Mar
634 Mar
25%
37
834
1,42C
3,610
175s Feb 21
2734 Feb 21
Feb 15
45
99
834
1
1334
7i2
4i2 Aug
19
Vacuum Cleaner
Exchange Byffet
900
Nov
55i2 Nov
15i2 Mar
758 Feb 21
3
Evans Products Co
3;ooo
55
Feb
Nov
113* Jan
preferred
*155
40
*8%
Eureka
4,600
50
Mar
14)2
June 30
97
.
Apr 30
Apr 29
16
46
40
.87g
Second
11
170
45%
26
2534
*95% 100
*36%
3978
8%
2,400
54
3
514 Apr
100
100
Flrt preferred
13%
3
preferred
5,600
53%
3%
14%
5478
•
7,900
6%'
6%
conv
Equipable Office Bldg.No par
Erie..
100
19,000
157g
25%
1634
1478
257g
1634
*14%
257g
15%
27
6%
15%
177g
$5
75
June 30
Deo
8% NOV
U8 Mar
14
89i2June 30
*83
16
43g
53g
66
134
8934
26%
*378
5%
Jan
Jau
153s Apr 17
_
17s Aug
Sept
Apr
5234
82%
6%
177g
14 Mar
58
12534
*75
157g
85g
712 Jan
5884 Nov
7s Jan
•
7
Feb
*70
2534
8%
Engineers Public Serv__
2% Mar
Mar
39
July 22
69
116
*83
16%
*95i2 100
5% Pref
75
27%
18;i8
161
112
_
90
16U
*
111% 11134 *110
% Jan
1% Jan
5312 July 25
111 i>8 Aug
"
50
50
100
1
share
Feb
7i2 Aug
3458 Dee
3184 Dec
Mar
3
9
82%
26
27g
6% part preferred
Endicott-Johnson Corp
83s
li8 Mar
July 27
55I4 Jan i
is8 Feb 5
378 Feb 6
*76
16%
13%
5234
t Elk Horn Coal Corp-No par
July
per
65s sept
78
_
*83
27%
18%
25s
1,900
2,500
85
29*2 Jan
42*8 July 13
*70
6ig
634
*60
No par
84
75
*83
26%
58
No par
preferred.
Elec Storage Battery. .No par
89%
8234
*1134
58-
%
preferred
$6
1,800
8234
*72
6%
52i2
67
*5678
67
*58
58
*11134 112
11134 11134 *11134 112
*13%
1334
13%
1334
13%
1312
11158 112
14i2
*1312
614
1638
263.!
18is
1514
26's
634
$7
200
78i4
share $
$ per
734 Feb 21
1784 July 14
6% Jan
3234 Jan
Electric Power & Light.No par
2,000
47%
71%
47%
77%
72%
75
7334
*46lo
•
74
48i8
*5g
1%
*56i.i
$ per share
5% July 28
Elec & Mua Ind Am shares...
1,900
28,400
4,500
5%
1534
Highest
Lowest
Highest
$ per share
Par
48%
3.1
7234
*156
5%
514
I6I4
17
1638
EXCHANGE
$ per share
$ per share
Range for Precious
Year 1935
On Basis of 100-share Lots
YORK STOCK
NEW
Friday
Aug. 14
Aug. 12
$ per share
Tuesday 4
the
Aug. 13
Monday
Range Since Jan. 1
STOCKS
Sales
CENT
for
Thursday
Wednesday
Saturday
Aug. 8
33i2 Nov
108
Deo
21U
Jan
30*4
Deo
30
Jan
35
Deo
4
Mar
8
6i2
Apr
Oot
14i2 Nov
Jan
112
Deo
IOOI2 Sept
105
Nov
63
Mar
303s
Deo
415s Apr. 1
16
Apr 23
163s Mar 25
9984
Jan
121
Deo
5i2
Feb
Dec
fob
14%
11312
1% Mar
6i2
Oct
126
115
9
Jan
Mar
9
5|
81
Deo
Volume
LOW
AND
New York Stock Record—Continued—Page 6
143
SALE PRICES—PER
HIGH
Sales
CENT
SHARE, NOT PER
STOCKS
Range /Since Jan. 1
for
Thursday
Friday
the
Aug. 12
Aug. 13
Aug. 14
Week
$ per share
$ per share
$ per share
Shares
Aug. 10
104
104
108
107
108
*105
110
110
110
900
Hazel-Atlas Glass Co
*126
130
130
130
132
132
*126
132
*126
137
*126
137
200
Helrne (G W)
164
*160
164
*160
164
*160
164
162
162
*162
164
50
3034
3034
30
65
*61*2
*110
113
113
113%
29
29*2
112% 112%
13034 *126
126
126
126
3034
30
30% 30%
113
113
113%
13034 *126
13034
63
63
63%
63%
108
111
11134 112
39*4
39*2
39*2 39%
29%
113
113
114*2
13034 *126
64%
*62%
112*2 *110*4 112*4
38*2
38*2
110
*19*8
19%
37*4
37*4
38%
39*2
112
112
110
19*4
112% 112%
21
21%
36%
36*2
20%
37
37%
113% 114*4
21%
22%
36%
36%
3034
6334
108
31
6334
109
6234
*107
39%
39
114% 115
21*4 ,22*4
115
39*2
36
36%
21%
35*4
Hercules Motors
Hercules Po vder
100
63
500
>
109
39%
800
2,800
115
330
21%
18,300
35%
2,300
*114
115
*114
115
*114
115
*114
115
*114
115
*114
115
425
425
430
430
*420
440
*420
450
*420
450
*420
450
*40
41
40*2
26%
2678
26%
76
7534
*67*4
69
.
I
101
934
51%
51%
3*4
3%
*10
12
17*8
2
2*8
26
2634
48
48*2
68
10*2
1012
26
*40
40*2
26%
40*2
26%
*40
26
76
76
*76
78
*76
78
68
*61%
68
*60%
68
9*4
9
9%
52
53
*3*4
9*4
.3%
3%
11
9*8
51%
50%
50%
3%
*10
3*4
*10%
16*2
11%
3%
11%
16%
17*4
1634
2
2*8
26%
2
16%
2%
25%
26
25%
26*4,
49
49*4
50%
51
52
2534
48%
17
2
"
2*8
68
*10
*66
68
66
66
15%
15%
*15%
16
16
16
10%
10
*9%
2934
*9%
10
30
30
137
*136
137
105
105
105
105
105
110
109
110
11%
11%
5*2
5*2
*5%
4135s
*6%
14*4
30%
13%
*6%
12*8
534
13%
7%
6
6*4
*6
7
*44
4534
43
1134
534
1334
*6%
46
3*8
23%
24*2
160
161
83
3*4
27
27
111%
3034
*130
300
109% 110
2,800
6%
11%
11,800
20
*3*8
10%
3%
100
10%
3%
3*8
5,900
1,500
164
3%
26
164
*24%
165
2534
165
600
1,900
•
55
5434
55*4
5434
54%
55*4
53% 54*4
56%
54*8
85
84
83
80
82
8134
82*2
8234
82%
157
*155
157*2 *155
156%
156*4 *155
156% *155
3%
3%
3%
3%
3%
3%
334
334
334
3%
5
5%
5%
5*8
5*8
5%
5*4
5%
5%
5*8
53
54
52%
5134
52%
54%
52*4
52%
52% 53%
*128
12934 *127
12934 *127
12934
12934 *127
12934 *127
8,500
83*2
83%
157*2 *155
*155
3%
3%
5*4
5%
51*4
51%
*127
12934
6*4
6*4
6
6*8
5%
6
3*8
3*8
3
3
3
3
*3
2*8
41S4
2*8
2*8
41*4
3934
2%
2
2
2
2
41*2
43%
40
40
42
*38*2
39%
*110
*110
111
28
28*4
*49*8
43%
40%
111
27%
27*2
49%
*49*8
49%
17*2
"*16*2
*16%
*62%
12%
22%
*96%
20*2
*24%
62
62
12*2
12%
22%
23*4
98
98
20*2
20*2
2534
2534
*123
*122*2
48*2
*16*4
49%
17%
67
*62*8
64
1234
12%
1234
48*2
*16*4
*62%
12%
23
22*4
2234
2234
9734
....
123
96*2
43
*4212
119
43
2434
2234
23%
23
48
48*2
47*4
24*4
47%
24*4
46
24*4
27%
2734
93*«
27*4
93*2
23*2
23
24
24
27*2
93*2
22*2
*20*2
27*2
21*4
21%
93*2
22%
21*4
*93
23*4
21*4
21%
98
87
86*4
86*4
86*4
87*2
116
118
119% 119%
119%
117%
*123*4 126
*123*4 126
*123*4 126
500
*19
2434
25%
*123
95
95
1,440
43
*42
43
300
120
*119
120
90
22%
23%
22%
2234
4,400
46*4
46
47*4
44*2
44*2
2,800
24*2
27%
93*2
*93*2
23
*22%
21
20%
24%
27%
94%
23*4
2034
21%
21
21%
99
98
98
9734
21%
22
*26%
28
*4*8
33
36
33
28
28%
6
110
21
21%
29
30
*4758
4934
1758
1734
106
14*4
106
14*2
2%
2l2
1134
11*4
*106*8 10658
48*4
47*4
4734
42,400
21%
*26%
2I84
8,600
*4%
434
21
21*2
*26%
*4%
27%
300
4%
400
34%
34
34*2
830
28%
2734
28%
103% 103*4
*534
634
8,800
28
103*2
634
80
1734June 4
18% Jan 7
378 May 11
29i2 Apr 24
7% Jan 8
10
No par
30
43
No par
Preferred
Kresge (S S) Co
10
7% preferred
100
Aug
Lacelde Gas Lt Co St Louis 100
20% Apr 27
4934
17%
4,000
1,500
14%
2%
11%
*110
107
15%
2%
11%
107
111
1434
15%
2%
3%
11*4
13%
106% 107
15%
15%
29
110
40
9(10
28
12,800
111.
540
5% preferred
100
Lambert Co (The)
No par
Lane Bryant
No par
Lee Rubber & Tire
5
25,600
4% conv preferred
Lehigh Valley RR
2%
3%
17,600
Lehigh Valley Coal
12%
13*4
8,500
2,200
14*8
106
15
106
25
Lehigh Portland Cement
100
...50
No par
50
Preferred...
15%
15%
2,600
Lehman Corp (The)...No par
Lehn & Fink Prod Corp.!..5
57*2
2,500
Lerner Stores
69%
934
68%
69%
67%
6834
10,600
934
9%
9*2
9%
26*8
25% 26
25% 2534
108
*105
108% *106% 108% *106
108% 108*2 *107
107%
108
107
108%
10734 108% £107
108*2 108*2
10834 109*2
10834 109
*165
168
168
168
*165*4 168
*165*4 168
*165*4 168
*165*4 168
20
20
*19% -20
20
19%
19%
19%
*1978 20%
*19%
19%
6,800
Libby McNeill & Llbby No par
2,300
Life Savers
9%
10*4
26*4
33
33*2
44*2
40
3934
-
26
33
32%
33
45*2
45
39*2
26%
45%
45*2
4534
33%
4534
40
33
44l2
9%
934
26
39
40
39*2
40%
33
3334
32
46
45%
3934
200
2,600
100
600
3234
57%
55%
56*4
17% 5834
54*2
56*2 57%
5434
54*2
54%
*10678 109*8 *107% 109% *107% 109% *107% 108% *107% 108% *107% 108%
2
2*4
2*8
2%
2*4
*2*8
2%
2*4
2*4
2%
2*4
2*4
5
5
5
5
5
5
5
434
434
434
*4%
434
42
42
42*4
42*2 42%
42%
42%
42%
42%
42%
42% 42*2
*111
114
114
*111
*111*4 114
*111*4 114
*111*4 114
*111*4 114
23
22
22*2
23%
22%
23%
22% 23%
2334
23%
22%
23*2
145
145
*143
145
*143
145
*143
145
*143
144% *143
144%
32
34
34
34
34
*32%
33*2
32%
32*2
34*2
32*8
32%
33*4
x45%
41
29
29*2
29
2934
2834
29
2834
29
90%
9034
89*2
90
89
89
89
99
2734
28
28%
28%
28
28*2
27%
28*4
35
35*4
35
35
*35
3534
*35%
3534
-
«.
-
-
*130
«
-
..
*130
.
..
„
2
*1%
2*4
*1%
*11%
12*4
2%
13*2
12%
*11%
12%
For footnotes see page
1028
*12
2*4
12%
*134
12%
19
9
Apr 29
36
July
3
32%June
3
25,700
Loew's Inc
No par
43
~2~2o6
Preferred
—No par
Loft Inc
No par
1,100
Long Bell Lumber A
No par
1,100
Loose-Wiles Biscuit..
25
10
380
36
-
600
Apr 21
104i2 Feb 28
2
Apr 23
33g Jan 2
40% Mar 13
100
10
107
Lorillard (P) Co
7% preferred
X Louisiana Oil pref
100
100
142
13
Jan
20
5% preferred
19J00
7,500
2
*2
Marl6
9734 Mar 13
No par
27%
46%
97
No par
27
12
49%
47U Jan 2
7
May 19
25 May 7
Liquid Carbonic
*35
47
47%
4
Link Belt Co
3534
*45*2
2
1,500
28%
*11*2
Jan
5,200
27%
3534
12
12
387gMay
46
100
47%
9% Apr 29
89 May 11
40*2
No par
12
6
2
Louisville Gas & El A
47
July
257s Jan
Louisville & Nashville
12
47*2
No par
1,300
47%
38%
2
Lima Locomot Works ..No par
4,600
47*2
48
37*4
Lily Tulip Cup Corp
90
130
*130
June 10
1578 July 29
7% Jan 2
12
July 15
15i2 Apr 30
94i2 Apr 30
8i2 Jan 2
100 zlOOUJune
2838
*11%
47
38*4
47%
25
....
Preferred..
89%
12
46*2
37*4
Series B
2734
47
46*4
38*2
5
Liggett & Myers Tobacco...25
8934
47
37%
Corp
28*4
*11*2
38%
Libbey Owens Ford Gl.No par
27%
8934
37%
49%
*11%
38
Corp....No par
32
Marl6
4,700
56
*130
Apr
Nov
5J*4
26*4
Deo
113
32
58
10%
26*2
*26*4
*108*2 109
103*2 Apr
22*4 May
58
6834
110% Feb 10
£>eo
27»4 Nov
8
107% *107
67%
1984 Mar
28
27%
70%
6
Nov
6*8
41
193gJune 30
16
69*2
28 3g Aug
21
No par
58%
70*8
Mar
Kroger Groc & Bak
15%
69*2
10*8
23
9,100
27
-
Oct
8
20%
27%
16
li)134 July 1
45s Apr 29
Mar
25s
Jan
Deo
20*4
13
58
Jan
July
303s
20%
*27%
Stores...No par
Preferred
12%
-
18*4
96
20*4
12*4
27*4
16%
Apr 28
20% Apr 28
1334 Mar
20%
1234
58*2
,
Mar
Oct
30
Oot
31*4 Nov
28*4 Nov
22%June 22
No par
Keystone Steel & W Co No par
Kimberly-Clark
Kinney Co
5734
68*2
9%
16
58
3*4 Mar
10*4 Aug
84
3
48*4 Aug 13
16
16%
58*2
Aug
7
No par
58
16*8
58
101
Jan
80,
1234
10734 10734
28U Jan
6
20*4 Nov
90*8
56*8 Apr
12%
107*2 107%
Kennecott Copper
Feb 28
Feb
Jan
Mar
3
11%
12%
11%
87
7*2
1534
34
94l2July 23
283g Jan 2
24% Jan 2
255g Mar 20
Deo
90
12%
*11
Kendall Co Pt pf ser A .No par
7
Deo
14*2 Deo
22
77*2 Jan
11%
1134
Jan
658 Mar
747S Feb 26
*11*8
12%
26*4
2*2
2
2
66
110
1134
12%
2%
11%
Jan
19U Jan
—.100
*85
17%
14*4
2%
No par
,
Nov
93
No par
110
*45
14
120*4
Kresge Dept
*85
17%
107
115*4 Mar
334 Mar
2
47
30
2%
97*4 Aug 10
43*2 July 30
Apr 6
26
Apr 2
121
4
1
...
Aug
99*2 Nov
126*2 Deo
June
Class B
Kelvinator Corp
371
38*2 Mar
18
120
1,100
Jan
120*2 Apr
117*2 Mar
50
Apr
1434 Jan
17,800
Nov
Feb 21
May 20
98*4
Aug
16
36
129
20
20
90
126*4 Feb 24
Kelsey Hayes Wheel
21%
1658 Sept
*
5
2,600
cl A1
Dec
7
22%
47
14%
87*2 Aug 14
Mar
21%
17*2
106
Jan
49
22%
47
1334
110
33*4 Feb 25
1734
26*4
Feb 24
Jan 27
49*4
25%
123
Oct
14
Kress (S H) & Co
29
25%
10U2 July 15
2234 Apr 2
2934 Feb 19
July 31
17%
25*4
8% May
70*2 June
6*8 Mar
24*2 Oct
Jan
78
100
*45
25*8
13
28
700
*27*4
*12%
25*2
17
17
1734
*11*4
49i2 Nov
72*2
4934
12%
42*4 Mar
16
July
5658 Dec
55$ Mar
21
30
27
*70%
29
11%
53*2 Feb
23*2 Jan
6734 July
19U Feb
2478 Aug
80
17*2
12*2
36*4 May
72%
*45
*11
Deo
25
conv
Deo
Deo
25
Keith-Albee-Orpheum pf__ 100
98*4
*6*4
Apr 29
2878 Deo
4234
110
May
13
100
100
2
75%May 27
39i2 July 15
116%June 29
10
Preferred.
2
Jan
58i2 Jan 18
Kan City P & L pf ser B No par
Kansas City Southern
Jan
88
pref—100
Stove Co
8
4i2 Mar
21i2 Jan
98i2 Jan
2938 July 21
Kaufmann Dept Stores $12.50
Kayser (J) &Co
5
20
*103
Kalamazoo
June
3
*70%
*27*2
13
Feb 10
80
17%
11
Aug
Mar 26
1,200
20%
*27*4
11
45
2,600
20%
6%
49
17*2
Deo
72*2
110
28*2
*45
Dec
Deo
*70%
*85
21
13
106
6%
103
2034'
71*8
5
238
12134 Feb
100
Jones & Laugh Steel
Oct
47*4 Deo
130*2 Nov
6*2
3%
24%
98
27%
No par
Preferred
Deo
484 Aug
3s May
27%
94%
21%
2734
Johns-Manville
3678 Nov
655s Nov
154
38 July
738 Feb
44
113
No par
Jan
Jan
4284 Jan
190*2 Deo
8
2438 Aug 14
1
Jewel Tea Inc
Jan
Mar 18
15
1
June
Jan
Dec
5
3*8 Feb 10
82
100
No par
_
1338
4
24*2
20%
27%
Preferred
Jan
3
9
111
50
Jan
Deo
6
Apr 27
23
Apr 28
47% Jan 2
15
Apr 29
100
43g
Jan
Apr 30
107
International Salt...
No par
International Shoe....No par
Intertype Corp
54*4 Feb 19
129*2Mar
May 22
37
Deo
Jan
6
20% Apr 30
....100
Island Creek Coal
Feb 21
27%
*93%
27
34
*80*4 110
70*2
70*2
20%
20*8
*701"
Preferred
Int Printing Ink Corp..No par
Preferred
...100
Oct
7*2
5
1*4 Mar
178 June
5i2 Jan
94%
24%
2634
33
6
No par
...
83s
2358 Sept
20*2
135
48*2 Aug 8
24l2 Aug 11
24%
*93%
22%
*20*4
20%
4%
33*2
28*2
72*2
95
40
*42
94%
95
3,400
*119
4%
,
No par
Class C
Preferred
43
21%
27*2
*70*8
*123
119
2134
27%
*4*8
32%
*80
130
*85*2
22*4
*79*2 110
Inter Pap & Pow cl A. .No par
Nov
22*4 Jan
12378 July
1*8 Mar
Feb
1038 Apr 30
22*2
800
103
125U
334
2U
158
Interstate Dept Stores.No par
24%
2334
103
100
Oct
108
2278 Mar
34is Mar
90*2June 12
Apr
8
Dec
Nov
Oct
149*2
5634 Aug
2
8
4i2 Jan
43UMay
5*4
363s
121
Oct
26
Mar 23
185*4 Apr 11
160
11,800
24
46*4
24*4
103
25
Class B——
2
8
24
24%
2134
27*4
4*2
28
28%
28*4
28%
*10234 103*2 *103
103*4
*5*2
*5®4
6*4
6*4
5658 Jan
12is Apr 30
47*4
35%
35% Jan
5% Mar 11
41
Dec
4*4 Mar
2% July
1534 Mar
148% Jan 23
284 Apr 30
100
No par
13%
46%
434
Preferred
48,300
13
46%
27%
International Cement—No par
Internat Harvester
No par
13
13%
46
.434
2234 July 10
Apr 281
160
7% preferred
Inter Telep & Teleg
47%
2134
2% July 10
International Silver.......100
23*4
*98
Internat Agrlcul..
Prior preferred...
15
Mar
I84
Deo
59*4 Deo
9*4 May
1*2 May
5*4 Feb 14
1,100
21*4
2134
2
17%
20*4
21%
100
2i2 Jan
9% July
38*4
Mar
2
July 31
Intercont'l Rubber....No par
Interlake Iron
No par
100
Int Business Machlnes.iVo par
5i2 Jan
13®4 Dec
17*2 Oct
378 Jan
22*4 Deo
884 Mar
4638 July 31
62%
""36
7
9
Nov
Feb
4
778 Jan 18
18% Jan 11
8*2June 26
9
1
~~7~~
60% Dec
4*4 Mar
2*8 Mar
23i2 May
60*2 Mar
46*4 Mar
2i2 Feb
*
Deo
Nov
Jan
9i2 Mar
Apr
11412 Feb 20
1334 Apr 13
Jan
No par
73
Jan
40
Feb 14
19U Jan
48%
62%
12%
2,300
27
3
147
100
No par
Preferred
*16*4
98
'
Certificates
1
*48%
2434
46%
6% Jan 6
5%June10
lli2 Apr 30
334 Jan 7
.20
Ctfs Inc
7
17%
63
20%
23%
,
Inspiration Cons Copper
8838 July
48*2
63
46*4
27*2
230
1,600
24%
4234
No par
48*2
46
434
34*2
41%
3934
110*4
*96%
119
4% Jan 2
255sMay 21
May 12
106
*16*2
45
21*2
39
110
*18%
95
10
No par
.No par
4834
17*2
97
*26*8
39»4
110*2
66
.97
*98
5,100
44,600
3,500
98
120
24
600
2%
2034
42*4
42%
120
119
2%
2
25*2
97
Industrial Rayon
Ingersoll Rand
Inland Steel
July
15
Aug 12
Feb 18
18*4 Feb 24
13% Apr 17
34% Apr
May 12
300
98
120
11
28*4
*123
95
5%
234
39
100
Preferred
_
5%
4234
70
Int Hydro-El Sys cl A
3%
39%
6
Int Mercantile Marine. No par
Int Nickel of Canada
No par
2%
4034
Jan
1,600
6
110
52
58
RR Sec ctfs series A
Indian Refining.
Deo
42
3158
6*2 Mar
3% Feb 19
2878 Feb 19
.>—100
Leased lines
Dec
495
1*2 Mar
v
5
1,900
92,100
2
June
*27%
20*4
*123
119
~
Jan
Feb
6*2 Mar
6*4 Mar
84 Apr
1838 Apr 30
Jan
223s
3078 Mar
284
30
28%
97
*123% 126
-
2%
5%
1
10
*27*2
1934
25%
8434
—
338
1934 Mar
100
2734
96*4
8434
*
*2%
3%
2034
25*4
25
97*4
*42%
119
119
123
96
17%
96*4
*20*4
20*2
2534
6
*110*2 HI
*27*2
85
*84%
119% 119%
96
40
2734
123
•119
*121
4234
111
*27%
85*2
119%
*84*2
41%
39%
*110
5%
10,100
-'«
8
57S Jan 23
1738 Feb
100
6% pref series A
X Interboro Rap Tr v t c„ 100
Internat Rys of Cent Am—100
100
Feb
19*8 Dec
44U Feb 20
3%June10
8i2 Apr 27
13i2May 4
100
Insuranshares
3*4
11
100
Deo
9
43
1,600
.370
July
638 Jan 7
4834 Jan 21
No par
July
11
49
Motor Car
118
Jan
3084
July 20
2,400
6
114
Jan
534 Mar
658 Mar
.■
76
534
6%
104
8134
Aug 13
70*8 July 25
12*4 Jan 15
5778 Feb 19
50
14*4
43%
3%
*24%
26
5%
6
10%
163
11%
.
•14
43*4
3%
26
7%
13,000
6
11%
163
6
300
10
32*2
137
4434
3%
162
160
10
10
5
Feb
36*2 Deo
73*4 Apr
Mar
Illinois Central
300
Deo
Jan 13
33
Hupp Motor Car Corp
6
10%
3*4
26*2
20,700
21,900
4,100
16*4
Oct
131
544
5
51*2
16*4
90
Feb
3
5
t c new 25
v
2%
25*4
16%
Jan
Mar
2
65U Jan 14
64%June 4
Hudson & Manhattan
Preferred
51
20
11
71
22U July
No par
24%
68
414
June
July
39%June
_
Houston Oil of Tex
Howe Sound Co.
son
Feb 17
June
162
22% Aug 12
3734 Aug 1
19U Jan 13
108
Dec
141
Jan
122
447g Feb .19
2
120
Jan
142i2
par
Household Fin partlc pf
2%
1,000
4434
3*4
Class B__'
26*4
3%
Jan
Jan
127
No par
Houdallle-Hershey cl A No
Hu
31%
3%
9
100
30%
*3*4
11
2,500
119
115
Hollander & Sons (A)—
5
Holly Sugar Corp
No par
7% pref
100
Homestake Mining
.100
11,300
12
3%
11,100
9*4
80
June 13
108
Class A
51
No par
—No par
85
Jan 27
Aug
3534 Jan
6
108
Aug 12
30% Jan 2
Highest
$ per share $ per share
115*8 July 15
135
Apr 17
6H2 Aug
No par
$5 conv pref
11*4
1341" 136
7
Conv preferred
16*2
*65
44
No par
3%
14*4
*6
Hershey Chocolate
16%
2*4
11%
44
Aug 13
*934
*534
14*4
*6%
6
Jan 23
126
3%
6
43%
84
—100
Holland Furnace
141
164
25% Apr 30
No par
cum
1634
67*2
£110
600
8
preferre I
$7
11*4
1134
*3*4
10%
3*4
*25%
11*4
3%
7%
9
51
51*2
14%
7*2
6
3%
11
11%
*534
*14*4
*6%
534
9*4
51%
3%
IH4
16%
2i4
25%
51%
*65%
16%
*8%
3034
42%
160% 161
5634
56*4
*3*4
11%
14%
9%
51%
9*4
51
*134
11*4
20,700
*60%
137
*3
200
28%
68
29*2
11*8
""206
40%
76
137
'
27%
76
30
3*2
*40
*60
137
*3%
27%
69
30
7*2
40%
78
*134
11%
26%
*63%
*66
16*4
40*2
,
*76
*10
17%
*66*2
16*4
40%
26%
May 14
1 SOU July
No par
1,400
Aug 10
117
25
100
3,200
126
$ per share
133
Mar
102
25
_
Preferred
Year 1935
Lowest
Highest
$ per share
Par
*160
*126
On Basis of IWI-share Lots
Lowest
*100
*111
Range for Previous
EXCHANGE
$ per share
$ per share
102
102
Wednesday
Monday
$ per share
NEW YORK STOCK
Tuesday
Aug. 11
Saturday
Aug. 8
1033
Ludlum Steel
1
MacAndrews & Forbes—
10
3
2
May
July 13
42
Jan
678 Mar
Jan
50*4 July 13
Aug 14
16*4 Mar 17
111
Oct
s
27*2
Deo
46
Aug
28*2
Jan
9
Jan
1412
173s
Deo
Jan
Aug 14
1058 Mar
5
1538 Aug 12
4
Feb
6
16% Feb
6
*21 *2
Mar
63s Sept
21
Jan 16
Aug 14
23*4 Feb
5
39*4 Feb 21
5078
44*4
5834
10878
Feb 19
Apr
6
Aug 13
July 17
Mar
94*4 Apr
9334 Apr
151*2 Jan
116*8 Jan 15
168
5*2 May
67*8 Mar
10*2 Oot
31ig Jan 29
115
Mar
1*2 Mar
•
109*2 July 28
1634 July 15
60*4 Aug 3
70*2 Aug 10
11*8 Jan 6
-
15*2
Oot
13*2 Mar
17*8 Mar
24i2 Mar
31*4 Feb
11*2 Jan
3*4 Aug
1534 Nov
9584 Nov
17*4
Jan
~49%
Oct
1038 Nov
2958 Nov
120
122
Aug
Aug
167*2 May
2884 Nov
275s Nov
43
Oct
37*2 Deo
55*8 Nov
102
Feb
3% Feb 11
1
Mar
IO884
25s
Oct
Oct
83s Mar 24
1*4 Mar
43s
Deo
45
Jan 17
1127a April
26*2 Jan 27
151
Jan 30
5ii2May 25
May
30
57% Jan
22% July
93
Aug 7
July 22
35
Feb 19
35
42
Jan 21
May 14
8*2 Mar
Aug 14
May 19
7
213s
13
28
Mar
19*4 Mar
Oct
5
May
6
21% Apr 28
Jan
12
3378 Jan 31
2684 Feb
6*2 Nov
80
33
Apr
IO784 Nov
415g July
112
Deo
26*2 Nov
18*2 Mar
124
Apr zl49% Deo
4i2 June
15
Deo
1038 Mar
23
Aug
34
64
Deo
12% Mar
26
Sept
3778 Nov
46
Feb
130
May
Mar
130
*130%
38
36*2
37%
12,200
Mack Trucks Inc
No par
2738 Jan 30
130*2 Mar 16
38*2 Aug 10
49%
48%.. 49%
11%
11%
46
46*4
13,500
Macy (R H) Co Inc
No par
40% Apr 30
4978 Aug 13
30*2 Apr
57*4 Nov
Madison Sq Gar v t c
No par
14*8 Apr 18
July 21
5*2
185s
Jan
11*4
6
Jan
3784
100
8% Jan
34% Jan
1% Jan
2
37s Feb
7
7s
Feb
.....100
7% Jan
2
17*2 Feb
7
12%
47
2*4
1234
*134
13
20
300
1,800
2*4
100
13*2
330
6% preferred
Magma Copper
X Manatl Sugar..
Preferred
100
10
127% Jan
9
2
49
113
Feb
185s June
4
Jan
3084
Deo
Deo
Deo
2*4 May
10
May
New York Stock Record—Continued—Page 7
1034
LOW
AND
HIGH
SALE
PRICES—PER
SHARE, NOT PER, CENT
Sales
STOCKS
Aug. 15
Range Since Jan. 1
Range for Previous
Year 1935
a*
for
Saturday
Aug. 8
Monday
Aug. 10
Tuesday
Aug. 11
Wednesday
Aug. 12
Thursday
$ per share
$ per share
$ per share
$ per share
$ per share
10
*10i8
10i2
38
*33
38
*35
16i2
19
18
*9%
*33
I6S4
I684
16i2
11
IOI4
3734
1634
17i2
*18i2
19
3i2
1212
*13g
*7i8
*22l2
2i2
47i2
1514
IOI4
3412
358
1234
3i2
3i2
334
12i2
1234
123g
178
*112
178
*112
9
*7i8
2312
*212
4914
9
*18i2
24i4
2i2
48
15
1512
1038
934
35
35i2
*158s4 151
23%
314
4914
15i2
103S
35i2
*160
54
161
54
4712
163g
*46s4
*45
50
*109
110
1638
3138;
32
3138
•17
1634
*98l2 101
*1834
1912
4H2
4214
86i2
8834
*47
48i2
15
15i4
9
161
5334
1578
4634
9
3412
161
5378
2312
3U
*258
1078
36&8
161
17ig
18i2
3i2
3i2
12i8
1214
*li2
17g
9
*658
*2212
*258
46i2
1514
812
36i4
23i2
3i8
4634
1534
812
37i2
&
*160
5434
1558
*4634
5478
1558
4712
£5484
*47
*45
50
*45
5478
31U
I6I4
3H2
16i2
*9812 101
19
32
3134
16U
1634
*9812 101
19
4134
415s
14
104
8
1%
*278
3i2
•
104
101
101
104
%
96
*93
96
92
10778
1077g 10778
75g
778
62i8
62i2
8i4
734
64i2
*62i8
8i8
64I2
12
*3g
h
%
15g
312
*13g
*258
*314
1'2
3i2
334
*13g
38
^
1&8
312
358
2114
*258
*314
334
20i8
914
32i4
*258
614
20%
2014
334
2012
9i2
914
9i2
9i8
3278
21
21i8
*97
21i2
9838
6i8
2H8
3I34
2%
5%
9834
99
9912 100
2138
99i2 100i2
47
473g
4638
*4538
*6634
47i8
47
4514
45i2
46
*3
32
32%
234
234
6
6%
46
*66
69
1
*38i2
2058
1758
234
68
21
38i2
20%
.Ns
39%
2034
1734
1
3934
21i8
17%
2014
1714
88
88
88
*31
3112
31
31
*68
70
88
1578
28i2
1658
*13i2
32
183g
18
50
*49
50
50l4
50
16
1534
2914
1658
137g
29
1678
1334
3218
*162
3134
164'
25%
2678
*162
2658
*110
112l8 *108
IIOI4 HOI4 109
15
15
.
14%
27%
31
*2i2
5&8
6
2l3g
66
1
95g
*
1,000
5,300
1,100
100
78
600
87g
69
3,100
71
5,300
Mid-Continent Petrol
42
4,900
60
80
1,500
210
7%
7,500
61
500
10
2,600
9%
14,200
3134
23.400
t Missouri Pacific.....
100%
3,200
46%
46%
44,200
6634
40
1%
40%
2,200
7,000
Motor Wheel
1
1858
18
18
20%
18%
6,100
3,600
£88i4
88%
88
88%
300
30
30
*29
*67
69
*65
*63
69
*1033a
1838
5H2
18
1638
1878
517S
1558
29i2
1634
13
13i2
*50
15
1638
*13i2
*10338
18i8
51
15i4
2878
1638
1234
30%
*103%
1858
400
68
200
*.
-
18%
51
15%
1658
1278
-
«.
1634
7,800
2,200
13
14,200
110
*109
—
"
2838
30
30
28i2
28
28
2838
30i2
2734
14l2
*110
112
*110
11Q
-
1434
28i4
110
110
110
1434
2914
1434
167
167
*16658
150
*143
150
1%
%
%
*107
112
*28
1434
£5434
4134
55
1434
55
«.
35%
*
-
4
918
484
338
914
434
33g
1234
13
*12i2
1234
73
73
*72
74
*33S
358
15
1218
*li4
*143
1238
58
67
66
67i8
12334 12334
8I4
8i4
11
11
5734
35
1434
11
48%
48
58
10534 112
*26
1558
*51
1238
9
434
15lg
54i8
4134
5478
3i2
9
9
64
118
*8%
1034
*57
112
*26
1%
*%
66%
4812
49l2
*107
12
8%
8i8
11
4912
5634
*143
1214
12%
*li4
1%
*12
%
67
6634
66%
65i2
121l2 122i2
H2
*12
6634
150
*26
54%
*51%
9
9
1434
0
*114
99
109
*108
112
3%
57
*70
12l2
74I2
*8%
13
443g
28i4
5212
234
2512
1338
4478
7% cum pref
Nat Cash Register...
Nat Dairy Prod
*114
*56
*2%
*22%
1278
44
71
60
3I84 Dec
7i8 Mar
9i2 Aug
1584 Nov
70
May
21
Jan
7
89i2 July 29
3214 July 30
4478May
4
77
10218 July 3
14
Apr 30
104
1
■
43
2
Jan
15
Aug 12
20%May 4
12% Apr 30
9% Apr 30
3,6 July 15
3H8 Apr 30
21
900
1,000
2d
4% pf.100
preferred....
25
Preferred
100
1,600
National Tea Co
Natomas Co.
2,800
Neisner
No par
.No par
.
Bros
No par
1,400 Newberry Co (J J)....No par
5% preferred series A... 100
t New Orl Tex & Mex... 100
38,700
52
1,500
62,100
4,900
4,000
200
.4%
1234
340
136
20
1%
9734
3,400
3%
1,500
*
-
700
87S
4%
70
130
500
400
37g
Newport Industries
N Y Air Brake
New York
l
..No par
Central.i...No
par
N Y Chic & St Louis Co... 100
Preferred series A......100
New York
78 Jan
100
25
Dock
...100
Preferred
ioo
N Y & Harlem...
50
June
2734 Jan
2
1734 Jan
2
119
JN Y Investors Inc...No par
Jan
100
90
t N Y N H & Hartford
100
3
Conv preferred
...100
N Y Ontario & Western
100
N Y Railways pref
No
6
Jan
1
N Y Lacka & Western
2
4
par
N Y
Shipbldg Corp part stk.
7% preferred.
100
Jan 10
,
Apr 24
73s Apr 28
July 9
212 Jan
z2% Jan 17
9i2 Apr 27
57 May 21
N Y Steam $6 pref
No par
83
70
$7 1st preferred
No par
9312 Apr 23
li4 Apr 21
278
2512
13I8
45i8
*258
*22l2
1258
43
For footnotes see page 1028
25i2
13is
43i2
258
*2212
12l2
43
—
400
50
t Norfolk Southern
Norfolk & Western
Adjust 4% pref
100
100
210
...100
North American
14,400
Preferred
....50
North Amer Aviation...
l
No Amer Edison pref..No
103
200
Co
No par
par
No German Lloyd Amer shs..
*100
25
1234
4334
2684
*50
*212
*2212
12l2
4234
*100
27%
52%
234
25%
1278
43
26%
2634
23~200
"
*50
2%
22%
12%.
52%
258
22%
1234
41
43
100
400
10
37,100
3,800
forth western
Mar 17
105
31,300
57
Telegraph
50
forwalk Tire & Rub..No
par
Preferred
50
3
Jan
2
May 12
23i8 Apr 30
5234 Feb 6
6% Jan
98
Jan
Feb 11
i2 July
14 Mar
75
Jan
2
403s Mar
9
Mar
36
Mar
6912 Aug 10
124
8
Aug
1178 Jan 17
13% Jan 24
5I84 Aug 10
59% Jan
108
3
8D4 Nov
2612 Dec
213s Nov
4712
Oct
19i2 Jan
27i2 Jan
1458 Dec
1414 Dec
36%
158i8
23i2
22%
H314
108
Nov
Dec
Dec
Deo
Nov
Aug
45s Jan
34i2 Nov
32i2 July
7i2 Jan
2D4 June
43i2 Jan
162% May
140i2 July
14SS
li2
84
8334
207s
773s
115s
1318
4is4
6D4
Aug
Nov
Nov
Nov
Aug
Aug
Jan
Dec
Oct
Dec
July 15
43
Apr 14
1578 Aug 7
55
2:814 Mar
Aug
8
4312 Aug 8
37U Aug 13
3!%
438
18i2
12%
6
July
Mar
Mar
Mar
~li%
Dec
1078 Deo
36i2 Nov
2934 Dec
Mar
19
8D2 Aug 13
97s Mar
39
Dec
6% Mar 4
17% Feb 17
2
Mar
4
Mar
6I4
1678
Dec
112
Mar
139
June 27
214 Feb
98
5
14 May
Mar
4
55s Feb
6
25s
14i2 Feb
7% Feb 24
53s Feb 24
558
2%
is
14
618
5l2 Feb 24
1558 Mar 13
76
111% Aug 12
35% July 27
June
Nov
Oct
9
Mar
May
Mar
Oct
69
June
79
May
84 Aug
22i8May
4
30
1238 Aug
24i8 Jan
5
17% Jan 15
6
54%May
6
Jan 22
5
2i2
Dec
218
Dec
Jan
108
June
Mar
28
Nov
35i2 Mar
55
9
Jan
Mar 24
Jan
Mar
.57
4% Mar
87
92i2 July
102i8 Dec
99
106% July 21
1212 Feb 21
67
Jan
158
2
6
Dec
May
6i2 Nov
334 Deo
2% Nov
16i8 Jan
Mar
Jan
8i2
165s Aug
2
Aug 5
3684 Feb 20
1U
99
Dec
June
Oct
IO84 Mar 19
102
139
Dec
Mar
51
Aug
100
July 22
10914 Aug 12
278 Jan 14
300
July 14
59
96
6
4U Jan 17
9712 Apr 7
2378 July 7
5012 July 9
2
Jan
478 Mar
li2 Feb 11
8
3612 Jan 2
3i8July 7
10i4May 16
5
1478 Feb 17
12 Jan 10
57U Apr 29
1978 Jan 2
74i8 Jan 6
778 July 10
10%June18
3234 Apr 29
41
Apr 15
104i2 Apr 7
IOI4 Feb 4
9
Apr 30
32% Jan 8
Dec
313sMay 26
121&8
70
2758
52l2
234
May
ISO" "Jan
70
2718
21
Mar 17
70
*50
6
Sept
Sept
li2 Mar
23% May
Mar
70
*100
xl06
June
15i2 July 27
9%May 11
8,500
8%
1078
48%
1*2
2838
52i2
234
4
263sJune 30
110
*50
108
112
2
99
53
2
6
No par
70
103
7
4
28i4 July
11234 Mar
143
65-%
8%
141i2 Mar
13i2 Mar
1278 Mar
168
3,400
8%
Feb
Apr
2
12
*56
634
22%
158
*3%
57
4i2 Mar
9
13734 Jan 21
1178
*56
Mar
100
378
57
Apr
100
1238
*56
Jan
11
19
Feb 11
Jan
Dec
28
July 31
109
57
30
14
30
*98
*56
484 Mar
11
19
164
Apr 28
May
July 23
5H2 Aug
217S Feb
3012 Apr
17i2 Feb
155s Mar
"32 July
3834 Jan
9
108% Jan
107% Jan
Sept
13U Mar
2234 Mar
Apr 30
Apr 30
Jan
62
May
Aug
Preferred B
National Steel Corp
National Supply of Del
Feb
19i2 July 20
Apr
Preferred A
100
Dec
4U2July 28
22iz Mar
U
10
National Pow <fc Lt
Nat Rys of Mex 1st
4078
66
283s Apr 30
15% Jan 2
11
Apr 30
109
57
Dec
100
16,500
De<j
Notf
178 Feb 10
Jan
99
*114
Feb 25
3778 Apr 14
No par
Jan
4i2
2
«4
21
Nat Enam & Stamping. No
par
National Lead..'
10
3
65i2
1 is
33%
153s
10914
H2
*100
*10012 102
28
28%
2738
*50
5984 Feb
6
153
100
Dec
9438 Nov
Feb
4
...100
100
Deo
Deo
Nov
23
Jan
No par
'..No par
7% pref class A
7% pref class B
July
4i2
1784
63s
I6I4
1
July
li2 Mar
1084 Mar
2134 Mar
417s Deo
2834
12
35g
4%
10
July 30
3338Mar
7,900
118
79%
Biscuit
4
Mar
May 29
25% June 11
400
3378
15%
National
Nov
55
Mar
3
48
Nat Distil Prod
1238
8%
87g
884
834
834
812
884
8i2
10434 10434 *104l2 10514 *105
10514 *105
10514 *103
105%
2778
5214
234
*2212
Nash Motors Co..
Nashv Chatt& St Louis... 100
National Acme..
.1
Nat Aviation Corp
No par
1
114 Mar
I
10
12i8
458
9
*100
No par
No par
75s Nov
68
84 Nov
1038 Apr
2i2 July
572 May
x28% Apr
103
zlll% June
25g Dec
60% Jan
..No par
Myers F & E Bros
Feb
Oct
«4 Apr
734 Feb 11
4
Mar
Dec
Sept
% Mar
3278 Aug 10
t Nat Depart Stores...No par
434
458
*3i2
-
3,800
36
*95
—
%
42%
1%
■
66%
3434
78%
*3%
1234
135
•
*412
35g
"
834
—
500
1%
:•
.
*56
Preferred
2
5
Jan
37s Mar
31
95s Feb 21
44
1
Munslngwear Inc
No par
Murphy Co (G C)
.No par
5% preferred
100
Murray Corp of Amer
10
6
2O.5O0
12%
40%
•
«,
150
99
98ig
98ig
98%
98j8
98%
109U 10914 *108
109% *108
109%
*li4
1%
lh
*114
*1%
1%
285
285
*285
288
28434 28434 *285
287
285
289i2 *285
285%
110i2 110i2 *11118 11184 *111%
IIH4 11H4
IIH4 IIH4
111% 111%
35
34
35
343g 3538
34
3334
33
3358
34%
32%
33%
109
class B
105
6U Feb 10
6i2 Feb
26is Apr 14
3
7
79 May 19
178May 19
3534 Jan 7
5
Mulllns Mfg Co
912 Mar
8i4 Mar
76i8 Mar 24
13s Feb 10
2«4 Feb
10,400
57%
57%
*10534 112
3378
1534
-
*834
*4i2
3i2
512 Jan
14% Jan
2igMay
378 Jan
20% Jan
10
Preferred stamped
99
*97
112
-
"60
1538
29%
42i2
43%
42i8
43ig
*35
36
36
36
37%
3558
79
78%
7934 -78i2
7914
79i2 81%
4
4
378
4
378
378
4%
*11
11
Ills
12
Ills
Ills
1U2
1278
12l2
135
*132
*13214 135
*132
135
135
*128% 135
Us
*li8
H4
H8
1%
lh
lh
lh
lh
98
*95
98
*95
*95
*95
9734
9734
9734
3%
338
3l2
388
358
312
3i2
3i2
358
36%
7978
9%
47g
9%
*434
5634
15%
15%
43%
3678
78%
378
3i2
51
5612
3378
65
*95
51
*26
42%
1%
83g
1078
*107
55
•
124
83g
1078
35
43i2
*3i2
*1038
*128i2
5g
67i2
68I4
112
53
79l2
67
123
138
»
*26
4234
36
*i2
*107
36l2
1434
*li4
67
—
5>00
110
*143
1212
-
16,200
112%
172
1214
*.
'
112
1412
2778
*li4
-
880
3314
32
3234
3314
3238
3278
3278
163l2 *162
162i2 *16014 162
*160% 162
25
2538 2534
2538
25i2
25%
25%
2334
26i2 2718
26
2634
27i8
2612
2678
26%
110
6738
6734
69
68%
6912
124
124
*12212 12334
8I4
8%
8%
8i4
11
11
11
11%
50
51
51
5134
56l2 57
5634
57
-
18,600
29
32i2
*108
112
—
700
*162
112
58
6734
Dec
.20
Rights
112i8 *108
%
.J
15,300
15%
15%
28%
16%
12%
29
-
1834
51%
*50
143
67i2
67i4
Nov
150
212 Aug 5
234 Jan 2
l634Jnue 10
Mother Lode Coalltlon.No par
Motor Products Corp..No par
200
3834
20%
143
.
85
Jan
6*2 Jan 6
57% Jan 17
% Jan 7
1% July 14
Mont Ward & Co Inc. No par
Morrel (J) & Co....
No par
Morris & Essex
50
20i2
29
1234
Nov
100
99
Oct
58
100
Conv preferred
Mohawk Carpet Mills
Monsanto Chem Co
1,000
Oct
Dec
Dec
85
100
1,100
Nov
Nov
60i8 Mar
No par
3,100
2% Mar
65U
83s
6034
33i2
42%
684
20i2
2478
1161s
Aug 10
10978 Mar 16
123s Mar 23
100
2%
3784 Apr
20*4 Mar
22
Apr
2418 Jan
Aug 13
100
Mo-Kan-Texas RR
Preferred series A
Aug
98
No par
5%
2178
*167
1212
7% preferred
8
3
Mar
104
Paul & SS Marie. 100
4% leased line ctfs
Mission Corp
97l2 Deo
Jan
3
8
106%June 19
par
3%
Dec
11
41
5
72
Dec
1538 Jan
115&8 Dec
1484 Dec
Mar 24
10834 Apr 14
81
July 21
10% Mar
Nov
1084 Dec
9712 Dec
Apr 23
19
40
9
t Minneapolis & St Louis..100
334
15% Mar 26
131
38i2 Dec
8i2 Apr
85i2 Mar
Feb 17
108
1984 Dec
45i8 Sept
90i2 Jan
578 May
563s Aug 13
12% Apr 13
Apr
No par
100
46
9
Mar
x65
Minn Mollne Pow Impl No par
Minn St
35i2 June
714 Mar
3384 Nov
4938 Jan 24
118% Jan 3
1134 Feb 14
6
Feb 21
88
800
Jan 31
June
July 21
24
Mar
Nov
2334 July 21
47% Apr 6
13D2 Mar 30
110
par
300
20%
103
100
May 13
5*4 Jan 3
*17% Apr 30
21% Jan 9
10
Preferred
6
31% Jan
40% Jan
No par
8 %cum 1st pref
100
Mllw El Ry & Lt 6% pref. 100
%
1
*30
1578
1234
30
5
Minn-Honeywell Regu. No
6% pref series A
No
Aug
8% Apr 30
37*4 Jan 3
lli2 Apr 29
9738 Jan 7
123s Jan 2
9712 Jan 10
55% Jan 31
678 May 22
.
1%
40%
20.'%
1858
8912
29U
1634
1378
1214
*H4
85
Midland Steel Prod
122
172
*167
39% Mar 25
1
Miami Copper
1
1778
155s
*109
'<
No par
6,800
92
Jan
28
No par
8,900
22%
41%
122
55
84i2
No par
10%
2234
978
Jan
110% June 4
32% July 17
17% Aug 7
100
5578
55
70
395g
20'8
20's
31
28
285S
pref
Mead Corp
$6 pref series A—
Melville Shoe
Mengel Co (The)
7% preferred
54
3218
110%June 15
100
Merch & Mln Trans Co.No par
Mesta Machine Co
5
.
36
*3258
*14112 142
28
2778
3178
770
conv
20
8
2
McKesson & Robblns..
6
$3 conv pref
..No par
McLellan Stores
1
6%
5784 Nov
Jan
2
9
Nov
Jan
Jan
Feb 24
Dec
3378 Nov
156
5i2
33
May
29
Mclntyre Porcupine Mines..5
McKeesport Tin Plate.No par
100
15
Jan
3578 Mar
Feb 28
50% Apr
June 16
*8%
66i2
Feb 13
11
2334 Mar
109
-.No par
45%
*45%
*65%
66i2
55
4514 Dec
14U Nov
June
136
6638 July 15
21i2 Feb 28
16
108% 10834
46
4
Aug 12
11
June 19
105
78
37% Aug 13
161
Dec
2384 Dec
378 Dec
684 Mar
4
Dec
1% Dec
Mar
5
30
12%May
5,000
4,800
12,300
Mar
978
Mar
20
May
10
.
"1
Sept
3
6*4 Apr
88 June
2i2 Oct
,334 Mar
103
No par
1st pref called.....
McCall Corp..
*21%
46
17
92
14%
1478
29
28%
29%
30i2
30i2 31
*28%
30%
28
28i4
275g 2838
2734
*167
172
172
*167% 172
2758
*3H2
Prior preferred
45
,,
27
JMcCrory Stores Corp new..l
400
934
4334
14%
*14%
46 s8
lh
39i2
29
15
ex-warrs_.No par
2114
1003s
45i2
393g
16
26
27%
12
6% conv preferred
.100
McGraw-Hill Pub Co.-No par
95
92
66
*4534
30
17
1378
33i2
100
28
100
42
>
10778 10778 *10778
758
734
7%
*61
61
6212
*3g
h
*3g
13g
I3g
1%
258
25g
*258
*3
312
3i2
2H2
2H8
20%
9
9
938
3H4
3234
29%
*2i2
334
2%
57g
578
*5%
2H4
22
5,300
*102% 104
4658
4612
89i2
30l4
*1033s
164
255g
2678
27
914
3234
234
3134
70
3034
69
9
89i2
3034
*67
6838
*10338
1834
1734
*3
21
No par
Preferred
Feb
5
Rights
4638
4638
667g
1*8
3914
20h
1734
US
3878
17%
,
938
3238
234
578
2H2
*453g
6678
1
*87
*103%
18%
21
*21
Preferred
1214 Deo
6618 Oct
Mar
1
16%
14
93
■
May Department Stores...10
Maytag Co
No par
O
19%
43%
104
95
8i8
*62i8
*3g
*138
*25g
63
*3g
1%
*101
98
10734 10778 *107
8i8
63
104
95
94i2
*10712 1077S
par
"
100
94
978
*101
*94
700
19i2 Nov
10
41
Mathleson Alkali Wks..No par
Preferred
..100
200
23
Apr
Apr
Mar 17
1,200
16
42
*100
4378
145g
4,800
-
30
3
684 Mar 17
32
19%
41%
*103i2 104l2 *10312 105
*103l2
1514
15%
15i2
1534
1514
105
105
106
*105i2 107
*78
7912
7912
79%
7938
912
934
9i8
984
938
71
71
70i2 72
70i2
36
36
36
36
*32%
55
54l2
5434
553s
5412
10
10%
978
IOI4
934
22l2 22%
2234 23
2234
43
42
43
43ig 4334
*12114 125
*121l2 12434 *12112
44
14
Martin-Parry Corp....No
50
100
1918
41i2
4334
56%
16%
47
*31%
.95
1484
1484
No par
50
1314 Mar
lli8 Jan
6% Apr
2712 Apr
15378 Jan
43i4May
13i2 Apr
4654 Aug
Marshall Field & Co
18,800
29
May
No par
3,200
36
lli8 Aug 12
57U Jan 10
2314 Feb 3
1234 Aug 7
3i8 Mar 19
10i2Mar 18
3084 Apr 6
4ia Mar 18
5034 Mar 5
19i8 Mar 5
100
Marlln-RocKwell
Highest
8I2 Apr 30
Ha Jan 7
612 July 27
I884 Jan 10
2% July 7
100
-
Lowest
$ per share $ per share
3
2% Jan
-100
Prior preferred—
2d preferred
10
June 30
32%May 27
14% Apr 30
17i2May 4
Maracalbo Oil Explor
1
Marine Midland Corp (Del).5
Market Street Ry
...100
1,000
8,100
15%
8%
7
No par
.
-
40
47
*45
19
95
44I4
*44
2234
3%
47
Bros,
$ per share
t Manhattan Ry 7% guar. 100
Mod 5% guar...
100
Manhattan Shirt
__._25
Preferred...
109% 109%
19
42i2
958
21,600
......
Mandel
V
32
94l2
934
200
1,500
1%
5434
*15%
16
109l2 109l2 *10912 110
4158
9l2
2,600
"3^500
Highest
$ per share
Par
9
35
50
I6I4
16i2
*98i2 101
9i2
1078
17%
18%
3%
12%
8%
On Basis of \0Q-share Lots
Loioest
Shares
40
15
47i2
16
96
9514
9512
958
10
978
934
44
*4334 44
435g 4334
143g
1414
14i4
14i8
1438
105
104
*10312 105
104
15
1514
15
15U
15U
107
*106
10914 *106
10914
78
7938
78
7878
*77is
958
914
9l2
87g
9i8
72
69
70i2 7134
71
36
36
*3258
36
*3258
55
56
5538
5514
56.%
10
978
10i8
97g
IOI4
2234
2238 2234
225g 2278
42l4
4134
4238
415g
4234
122
122
12434
122
12434
912
EXCHANGE
Week
*160
_
50
*1834
*1038
*32%
17%
18%
3%
1178
*1%
*658
2234
*258
*45%
38
NEW YORK STOCK
the
*
$ per share
1578
4634
3134
91
9
9%
34%
34
32
312
12t2
17g
*22i2
109l2 109l2
1612
1678
*98l2 101
*1834
19i8
4134
42l4
88
*6i2
10i2
*33i2
17i8
*18
18i2
15%
*45
*10912 110
17U
23%
314
15i8
9l2
16i2
40
49
*258
4812
4712
50
IDs
3i2
1214
*li2
8
*160
*45
*18
334
12%
1%
*7i8
*22i2
54
5334
*1578
*4634
>
18
IDs
*33i2
*1612
Friday
Aug. 14
13
Aug
1936
738
102
Dec
Dec
Nov
3U Nov
86i2 Mar
13 is Mar
25U
3578
52i2 Dec
Jan
lis July
10i8 Nov
Aug
99
Dec
Mar
214
32i2
Jan
914 Mar
1414
Dec
27U
Dec
z20
I6I4
Oct
Jan
Volume
LOW
AND
New York Stock Record—Continued—Page 8
143
HIGH
SALE
PRICES—PER
SHARE,
Sales
NOT PER CENT
STOCKS
NEW
Saturday
Monday
Aug. 8
$ per share
Wednesday
Thursday
Aug. 10
Tuesday
Aug. 11
Aug. 12
Aug. 13
$ per share
$ per share
$ per share
$
per
Friday
Aug. 14
$ per share
share
Shares
19
19
1834
187g
187g
1934
19*4
1934
20*2
19*4
19*8
19*2
11312 *104
113l2 *104
11312 *104
113*2
113*2 *104
11312 *104
1134
lli2
1H2
*105g
115g
107g
11%
11*2
1134
107g
11*2 *10
2914
2912
2934
30*8
287S 2934
28*8
28*2 29
287s
29*4
29*4
*104i2 13512 *104% 135
*104i2 135
*104l2 135
*104i2 135
*104i2 135
16
16
16
16
I6I4
1612
1658
1534
16
1534
16*2
1638
*83
83
*83
83
85
*80*2
8234
*80*2 82
82*2 83
53
53
*50l2
*50*2 53
53
*50% 53
*50*2
*50*2 53
*50*2
*114i2
*114i2
*114t2
*114l2
*114l2
*114l2
152
15334
152i2 152i2 153
152i2 152*2 154*2 *154i2 158
153*2 154
15
15
147g
*1414
1478
15
1434
15
147g
147g
1538
15*4
6
6
6
6
6
*514
6
512
6
*5*2
*5*2
*534
11
11
11
12
12
1U8
105g 1058
*11*8
11*8
11*8
11*8
*6*s
7
6i2
618
ei8
*6%
*534
634
*6*8
634
578
6*2
40
3958
56i4
395g
55*2
56i4
19
19
19
18*2
*125l2 126
*12514 126
149i2 149l2 *14912 150
391s
56l4
1434
1434
10&8
10*2
*1214
13
*12l4
234
*2i2
*60
6134
60
106
8
778
*68
'
56
2412
*614
634
:6i8
8is
1134
*2i2
8*8
734
66
IDs
115g
2l2
318
12
258
*3l2
3*4
42*2
24i£
6
6
8*4
11*2
62
62
*61
90i2
3i2
91
91
9134
*3i2
37g
3B
2*2
37g
23
38
3712
41
2434
23*2
24U
21*2
223g
215g
377g
*24l4
3758
4734
375g
48i2
38
3734
38
37*2
4812
47*2
4818
48
*115
116
*115
4812
116
*45ig
*115
116
*115
42
24
2434
*238
60*2
4
4l2
634
4*8
67g
•
65g
42
300
2,000
2,700
5334
5334
*4i2
5*2
*4i2
*40
46
87
535g
*4i2
24
87
*87
*5314
97*2
634
700
116
" 9>2
His
10i2
10
178
13
12*4
12*4
1214
395s
39
12*2
397g
2,300
4,600
3734
393g
16,700
6
*4*4
*9*2
134
95
10*2
10%
11
10*2
107g
11*2
8
*934
*6*4
1078
134
3078
2
1%
30i2
*57
42i2
...
134
16
427g
1534
1534
*20
1734
*72%
*n2
*14l4
6
100
6*4
75
134
5i2
638
6
2
2*4
*2
73g
73g
73g
278
3
3
27g
1'4
49
44*4
""90
9,500
5,200
23,600
12*4
83
4234
6*8
43*8
25.300
6*8
300
75
*70*2
10*4
178
103s
30
4412
43*2
31
70*8
11
1134
49
*182
2,900
1,900
17g
31*2
*57
51
2,300
48"500
107g
11*8
1034
7434
7478
76
77
78
78
78
470
134
*158
2
2
600
*16*4
734
17*2
60
16
15
15
75s
2
157g
1534
*20*2
2158
1938
19*8
v&
15*4
77g
2
*15s
134
16
778
*87*2
3434
87*2
778
87*2
2,400
89
36*2
34
35*2
1,320
778
2
2*8
1578
155g
1534
215g
20*8
2158
19*2
215g
20*2
2*4
15*2
*20*2
280
600
2i2
1578
22*2
19
5,400
100
20
40,100
6
6
6*4
6*8
63«
534
6
8,800
2*4
2*8
7*2
214
734
2*8
77g
2*8
83g
2
73g
2*8
8*8
1,500
2,300
27g
27g
3*8
27*2
483g
3*4
35g
338
285g
4734
13,500
4,600
8,300
*118*2
4634
47*2
109
109
1093» 10938
108
109
IO8S4 10834 *108*4 109
124
*12112 12412 *121
124% *120
124l2 *120
124i2 *120
124i2 *120
138
138i2 *137
13984 *138% 139
139
*137
139
138*2 138*2 *137
30
28
234
2714
46'2
28*2
4578
*118
.
4612
27
2734
477g
120
*118i4 125
47
4734
4734
,
4738
27
4734
120
47
27*4
477g
48
120
77g
285g
30*4
47.
48
47
*120
47
47
47*2
10834 10834
4734
.
*155
165
*155
165
164
164
*11218 11334 *112lg 11334 *112i8 11334
55
5134
5234
5434
5314
54i2
19
19
185g
1834
18&S
I8I4
107
107
107
108
107
108
*95
9634
95U
9514
9584
9534
18*4
18*2
106*2 ioe*2
*95
96
56
18*4
107
57*2
*95
9534
'9534
1434
1434
2:1434
147g
11
11*4
11
11*8
110
*100
7384
110
*100
7434
67g
46i2
47U
46.
*49i8
3418
46%
49%
413g
4138
*48is
49*2
*4138
43
*1012
11
*76
78
10*2
*76
*2
2*2
*15
17
19
19i2
89i2
22*2
104
-
89*2
*22U
*102
434
458
2278
2212
104
10434 105
74i2
6%
33*4
108
11
89i2
22i2
96*2
1434
74i2
75""
7414
75*2
634
33*4
65g
3334
73*4
6*2
74
6&8
33U
3334
34
100
45*4
46
46
45
67g
658
No par
$5 preferred
No par
6% preferred
100
7% preferred
100
8% preferred
100
Pub Ser El & Gas pf $5 -No par
50,800
Pure Oil (The)
190
500
9,200
77,400
No par
Inc
..No par
*..100
100
Purity Bakeries
No par
Radio Corp of Arher...No par
8%
preferred
6% preferred
conv
6434
Deo
13
54
Deo
Mar
Jan
93s July 28
*
7®4 Apr 29
May 29
68
3818 Jan
6
5i2July
3
19U
Deo
Deo
July
Nov
Nov
10
Nov
5412 Aug
98
12
3
July 15
Mar 13
23
Feb
5*2 Mar
1484
Deo
5
53*2 Apr
85
Deo
1384 Mar
40
Deo
H2 Jan
2
2i2 Feb
37U Jan
5
6
4
61
Feb 21
718 June 8
3512 Apr 28
12
Feb
3
49
Jan
2
lUMay 4
.14 June 20
3
Jan
2
58i8 Jan
7
21
2
Jan
167
July 22
112 Apr 24
1178 Jan 6
20 May 18
12
2
Jan
2
978 Jan 10
Jan 15
Feb
43s
2:6858 Deo
7
Mar
493$ Apr
Feb 21
7i2 Apr 30
I84 Mar
88
17
176
.1&8 July
Deo
3
84
Jan
38*2 Mar
14
12i8Aug
15i2 Feb
2
Aug 14
193s May
281$
45ig
99*4
43g
Jan
July 13
Nov
Oct
11
3i2 July
Jan
4
1234 Mar
5
51
Aug 14
181
June 25
113S Jan 31
85*2 Mar
3
21
5
Jan 17
Jan
8
9*2 Apr 11
91i2 Apr 8
4H4 Apr 4
167
July 22
384 Feb
6
16*2 Apr 2
2612 Mar 3
20i2 Aug 13
3
Mar
IOI4
*50
July
78i2 Nov
234 July
5s July
31
Apr
65&8 Aug
7
Mar
26*4 June
172
Feb
8
Deo
Nov
1«4 Dec
38
Nov
76i2 Jan
1278 Aug
4484 Aug
Aug
180
5*2 Mar
10
2218 Mar
55
Dec
Oct
23s Nov
1
Mar
10U
II4
24i2
678
Apr
Apr
62
Nov
June
25
Nov
1
Mar
Mar
6*2 Mar
61*8
I6I2
Dec
3i2 Sept
23s Aug
13
Deo
"1284
4
158 Mar
Nov
578 Nov
338 Jan 11
i4 Feb
438 June
218 Nov
1658 Jan
58May
414 Dro
26i2 Deo
984 Mar
6
Mar
No par
*102
4*2
223g
104
885S
22l2
103
45g
23
105*4
98*8
9834
*15*4
157g
38*2
397g
*214
183g
88*2
*22
*102
43g
2134
104
10478
3678 Jan
2
113
July 15
130
July 14
144l2 July 14
164
July 14
114
Apr 1
57i2 Aug 13
leUJune 6
May 1
9U4May 4
958May 9
934May 12
2478 Mar 20
13384 Apr 17
117i2Mar27
1738 Jan 6
8312 Jan 2
68*2 Apr 28
108*2 June 18
103
14U Jan 17
115
Jan
208s Mar
623s
Feb
Mar
117
132
Deo
Jan
113
July
Oct
578 Mar
29i2
Reis
"MOO
400
(Robt) & Co
1st preferred
Remington-Rand
No par
100
1
178 Apr 28
125gMay
7~8()6
59,600
2,900
1,100
4,500
2,100
20
3,300
100
2,300
6,400
100
"ijoo
$6 preferred
25
Prior
25
21
102
preferred
Reo Motor Car
5
Republic Steel Corp—No par
6% conv preferred
100
6% conv prior pref ser A. 100
Revere Copper & Brass
5
Class A
Preferred
Reynolds Metals Co
10
100
.No par
5)4% conv pref
100
Spring new
Reynolds (R J) Tob class B.10
Reynolds
7
18i8June 30
8512 Jan 3
Rensselaer & Sar'ga RR Co 100
200
~
Jan
July
9
July 28
4is July 8
1678 Apr 30
77
May
4
78UMay
4
10
Apr 20
24uJune
90
9
Apr 28
22i2May 25
105
Apr 27
25
50
.
July
Apr 29
65
103
June
884
4
Feb 17
1784
Oct
138a
Dec
92
Dec
6
Oct
35U Mar
38
Dec
11
Aug
72
Nov
Mar
3
Oct
Mar
-18
Nov
June
69
Aug
88
2434 Jan 23
2H8
Oct
98i2 June
2U Mar
110
114
Apr 15
8*4 Mar 25
2634 Feb 19
IO534 Aug 10
9834 Aug 13
16i2 Feb 17
120
34
1
9
Mar
2084
Deo
Nov
25U Nov
558
Mar
Deo
2084 Nov
285s Mar
97
7812
9512 Nov
Oct
5i2 Apr
16
Nov
Dec
13
Apr
Jan 23
75
Apr
115
Nov
Feb
1712 Apr
32
Dec
113U
Deo
4H4 Aug 10
5
117
Jan 13
30
3718
Deo
July 17
35
Roan
32
44&s Aug 13
Jan
3i8
7
19i2 Feb
Antelope Copper Mines
Apr
Apr
8
101
June
5858 Nov
4318 Mar
5514
Apr
135s Jan
lli2
Dec
1312 Mar
514 Mar
20i2 Deo
9
Mar 10
-
1,200
33
30U Dec
43i8 Jan
43i8 Nov
Jan 14
334 Jan 14
59
Aug 11
1084 Jan
II4 Mar
I6I2 Mar
297s Mar
2384 Jan 15
9934 Apr 15
22
Rhine Westphalia El & Pow__
Ritter Dental Mfg
No par
..10
Deo
Feb
Mar
July 15
585s Feb 28
655s Feb 10
Class A.
Jan
,17
Dec
11978 Dec
Apr
2018 Apr
70
527a
495s Mar
1634 Jan 30
10
100
Dec
99
88
Hosiery
Deo
148
4
Silk
Preferred
50
....50
80
10412 Deo
Mar
2
Real
preferred
5
Nov
4684 Nov
8518 Mar
73
978 Jan
pref-No par
5384 July
121
100
36
22i2
4i2
22i2
7
4914 July 22
49i8 Aug 11
4178 Aug 4
8812
103
Jan
122i2 Feb 26
6i2 May
423s Jan
4
2*2
1858
112
2
7
1,900
16*2
•
103lj Feb 21
11318 Apr 3
128
Apr 4
146
Apr 14
53s Jan 16
Jan
*15
19*4
18
40*4May 12
II784 Apr 7
39
Apr 29
Jan
2*8
16*2
34i2 Nov
37
*15
1028
43i2 Aug
914 Mar
16*2 Mar
35U Mar
Jan
6i2 Aug
512 Aug
3034 Nov
1784 Mar
2*8 Feb
39
214
16*2
For footnotes 6ee page
I84 Nov
July
81
84'4 Sept
32i2 Dec
39&S Apr
483a Feb 24
300
1458
Deo
Dec
May
11634 Mar
3
1034
3834
43s
8U
15
Oct
3512 Jan
78
104
215s Nov
6
Apr
Feb
1714 Mar
Reading
*76
104
Deo
Sept
30
9*4 Feb 19
38*4 Apr 14
*10
4I2
Nov
10838
2
11
2278
1033410334
Mar
Mar
6
78
4*2
2214
3
18
Jan
*76
45g
64i2 Feb
57*4 Apr
2*4 Mar
2878 Jan
$3.50 conv 1st
*10
2234
Oct
8*4 Feb
34 July
t Radlo-Kelth-Orph...No par
11
4i2
84 Apr
478
Raybestos Manhattan.No par
78
2214
9*4 Aug
May
2i4 Mar
11
500
*76
434
20
3,300
13,600
*1034
18*2
885g
*22
No par
Corp of N J
10*2
*2
par
5% pf (ser of Feb 1 *29). 100
Pub Ser
28
2238
Oct
Deo
178 Deo
19*8 Mar 4
4014 Apr 11
Feb
Jan
1st
90
Deo
5
18
Jan 16
2d preferred
103
Nov
13*2 Oct
758 Mar
49
No
..100
Gamble
300
*8858
2238
Mar 28
36
Preferred
Procter &
200
*102
24
214 Apr 29
Apr 30
t Pressed Steel Car
48
88^8
22*2
7
12U Feb
4178
104
Feb 21
2
48
l834
39
4938 Ang
11684June 9
6614 Aug 10
712 Feb 19
4612 Aug 10
10234 July 14
88
Aug 7
634May 21
4178
18*2
2
678 Jan 28
4i8 Jan
1U Jan
43
*2
Feb 21
t Postal Tel & Cable 7% pf 100
49
*15
278 Mar 17
Porto-Ric-Am Tob cl A.No par
Class B
No par
Pullman
45*2
2i2
Apr
2
30~400
34
46
19
1284 Jan
Jan
*41*4
9 712
385g
Pond Creek Pocahon. .No par
Poor & Co class B
No par
*48
*2218
10534
100
..
43
*102
23
25
Preferred..
Pittsburgh & West Va
100
Pitts Youngs &A Ry 7 % pf 100
Pittston Co (The)
No par
Plymouth Oil Co
5
Preferred B.
98
97
97
98
*98
100
98*s
15*2
16*8
14i8
15l2
15*2
1434
1578
*38
40
38i4
38*4
4U4
38*4
38*4
116
116
*115i2 117
*11512 117
*11512 117
*115*2 117
*11512 117
26
26
26
26
25
2578
25i2
25*8
2:2538
26i2
25*2
25l2
109
107
107
*107
*107
109
109
*107
*107*2 109
*10738 109
27
27
28
27
27*4
27*4
2634
2714
*2634
28*2
27*2
28l2
56
56
56
56
563«
563g
55*2
55%
5534
5578
56*8
55*2
59
59
59
*58
59
*58
59
59
59
60
5934
5978
*
14
14
*12l2
*1212
*12*2
135g
1358 *12
13*2
*12*2
13*2
26
25
*25
25
26
"25"
25i2
255«
25*2
25*2
*25*4
26*2
44
45
43i2
437g
437g
42i4
445g
4178
42i4
*41l4
445g
*43*4
96i2
1434
385S
"""300
*98
67g
17
par
100
1
100
6% preferred
Pittsburgh United
49
18*2
88%
21
807s
167s Mar 13
35s Jan 13
8
100
Pitts Steel 7% cum pref
Pitts Term Coal Corp
*4134
*2
No
Mills.
Preferred
*48
*15
7i2
Dec
10134 July 24
70
Pitts Ft Wayne & Chic pf.100
Pittsb Screw & Bolt. .No par
43
10l2
14
Mar
7
100
Coal of Pa____.100
49i8
*76
Jan
Jan
50
49
*41%
193g
104
*100
95*2
145g
14i4
1034
7534
33U
Mar
Mar 13
66
30
Flour
451,1
2%
17
*100
684 July
H2 July
50
No par
25
PUlsbury
45i4
10*2
78
"
600
*112*2
107
1834
6,100
165
5634
56*8
1778
183g
107*2 107*2
15
6i2
4&S
2258
56*8
*.
-
11*8
34is
*22
5478
*112*2
11
634
*89
-
147g
75ig
*102
-
*158
llSg
35i8
193g
~
165
147g
75i8
65s
*2
w
*158
11:
1138
*34i8
*15
112 *8
165
~
~
*100
*
1414
14i2
1414
III4
*158
14212 Deo
56
"
3*4
27*2
*120
47U
Deo
Jan
IIU2
3
7
3
2
100
Pierce Oil Corp pref
Pierce Petroleum
Jan 13
4512
8Hs
314
818
50
Phillip Morris & Co Ltd
10
Rights
Phillips Jones Corp
No par
7% preferred
100
Phillips Petroleum.*..No par
Phoenix Hosiery
5
Jan
2
10i8 June 30
255s Jan 7
No par
Phlla & Read C & I
5~700 Pittsburgh
11*4
134
$6 preferred
J Phlla Rapid Tran Co
7% preferred.*
Jan
123gJune
Pirelli Co of Italy Am shares..
"
*182
"11"
Preferred
Pet Milk
Preferred....
"""766
1078
33*2
7»8
134
10
88
2
10*4
95g
33*2
7V
75
10
70*8
11*2
88
18*4
7*2
*57
734
*20
*6*8
2:3034
3334
18*2
*79
31
87i2
16
11
83
70*8
30*8
2
rl078
*958
437g
*70*2
10*4
10*2
2*4
9534
113s
*95g
1U2
*9*2
6
9334
4278
7i2
*1%
1534
934
2*4
96*2
*71
8614
3334
2
215s
1214
83
43
*181
IU4
35U
18
400
97
*4*4
9
43
10%
88
3478
2178
54
*94
6
*57
'
9
*179
77g
87
35ig
10*4
1&8
70i8
9
9
*70
,
178
6*4
75
87
*134
7i2
*10i4
35
t
.
4134
*70
31*2
70i8
.
*95g
*71
4334
10%
87
2
1214
83
41*2
75
75
734
D8
*71
7*2
75
17io
10
ls4
103.1
*1*2
*1334
*52i2
95
1034
10
134
54
*52*2
107g
42i2
75
*134
14
9334
*179
97g
*534
1334
9212
*812
4212
1778
135g
94
*57
10
*20
6
16
93
*97g
134
3078
31
*15s
1534
56
178
*70
7018
734
100
No par
93*2
83
*1334
3
'
44
*1*2
6412 Jan
*414
984
184
93*2
4314
11*4
75
100
53*8
9634
53
*94
6i8
*7034
75
978
1,000
Apr 27
4
Phelps-Dodge Corp..
25
Philadelphia Co 6% pref—.50
*6i4
*4158
101
12*2
*10
*179
104l2
39
7i2
*9'
104*2 *101
1318
397«
*614
31
25*g Apr 28
Petroleum Corp. of Am
5
Pfeiffer Brewing Co
No par
1214
*57
100
14
4334
11*4
ls4
100
Pere Marquette.
Prior preferred
135s
4312
*70
Peoria & Eastern
14
83
*978
200
800
184
178
*70-14
53
13i2
53i2
5
45
14i4
9634
Mar
515g
5*4
600
IOI4
95
11
38
Feb 19
*4058
93i2
1034
9*2
178
9312
People's G L & C (Chic)...100
30
5*2
200
*4
Jan
123
IOI84 Sept
1414 Sept
54*4
89
*94
21
Jan
Nov
110
24
634
June
67
28U Apr 29
.
*23
54
Mar
12
3
1
514 Jan 23
4714 Mar 10
26*8 June 12
10
Apr 1
1178 Apr 2
1714 Jan 24
Peoples Drug Stores..Noo par
Preferred
1
..100
.
3OJ66
50
*86*4
97*8
19
70
2734 July 17
47*2
Pennsylvania
88
"*612
Deo
315s Deo
8734 Feb *7
28
9134 July 31
24
*5314
Deo
Deo
3
June
Feb
73
*22
*
588
"12"
12
Mar 13
14i4
55
"*6~
37a
10
Aug
7412 Apr
97i2 Feb 13
69
*86*4
13
1784 Nov
85$ Apr 20
17*2 Jan 13
234 July 7
4084May 4
23
Apr 28
4is Jan 2
..No par
87
39ig
5312
Dec
Nov
106i2July 31
Penney (J C)
2412
13
129
8
45*4
135g
13i8 Mar
Deo
6
July 30
414 Apr
June 30
*4534
101
Mar
55
115i2 Mar
June
205s Jan
17
27,700
5*4
312 Apr
July
175s Sept
3*2
1034
*2
6*2
7H8
3
Penlck & Ford..No par
*22
40
Feb 10
Feb 19
658June 20
*86*4
127g
18
13
2
4
10*8May 20
1*8 Jan 2
60*2 Aug 14
24
39U
July 16
par
88
13
152
par
2334
393g
8
59
10
2334
39
Jan
75s Apr 20
100
*2212
1414
*
*101
6884 July 22
1934 July 11
Feb 27
5212
*5*4
»
5
4414
Mar
1
130
45
54*8
5
44*4
101
87
53*4
5
100
14i8
1278
-
555g
38
984 Feb 10
Penn G1 Sand Corp v t c No par
37*8
*115
92
114i2 Mar
Nov
115s Nov
26&S Deo
125
Mar
July 20
share
2084 Deo
107
Jan
Aug
41
Highest
per
4i4 Mar
2284 Jan
1
1,500
227g
37*4
116
106
14
10i2Mar 24
4814 Mar 24
38*8
*115
4514
*40
*9534 100
87
*22
5*2
46*2
46
9934
9934
56i4
484 Apr
IDs Apr
1778 Mar 25
984 Feb 11
Feb 11
17
3*8June 23
412 Jan 2
2884 Jan 2
"
51 lo
Jan
Mar
Penn Coal <fc Coke Corp.
10
Penn-Dixle Cement...No par
Preferred series A
100
22*8
■
3i2 July
76
80
1,600
5,000
41
*39i2
*21*2
48
"
3
103
...1
6,200 Pathe Film Corp
No
2,500 Patino Mines & Enterpr No
3,000 Peerless Motor Car
Feb
July22
16412 Mar
Jan
13S Jan 7
18*2 Jan 3
67
Apr 28
7,100 Park Utah CM
1
1,100 Parke Davis & Co
No par
2,900 Parker Rust Proof Co
2.50
2,400 Parmelee Transporta'n.No par
55g
77g
113g
2*2
60*2
9038
11*8
90*8
*46
116
5*2
75g
8
2
8
414 Jan 3
3084 Jan 11
95i8 Feb 19
678 Jan
1214 Aug
1
Second preferred
July
June 12
2O84 Mar
11®4 Apr 30
100
1,500 Park-Tllford Inc...
53
114
8*4 July
136
140
No par
First preferred.
7,300
23g
61*2
4
37g
65g
407g
634
2,100
85g
26*4
3*8
7
4758 Apr 30
14i4May 15
No par
5
Paramount Pictures Ino
Mar 25
118
100
66*4
91
65g
3934
2238
40
12,700
Jan
July 22
Jan
2
13
■
Trans
conv pref
85g
11*4
9034
6»4
6%
39i2
7*8
8
4%
14
32»4 Feb 24
2
7
V 3*2 Jan
No par
.No par
8% conv preferred
Parafflne Co Inc
66*4
8
*60
41
634
50
700
200
26*4
3*8
417g
338
415g
24i2
6*8
11*8
2*2
62
57
25is Mar 30
115i2 Feb 24
2
128'
Panhandle Prod & Ret.No par
834
778
2*2
"300
$ per share
Jan
47.
Pacific Telep & Teleg
100
6% preferred
100
Pac Western Oil Corp..No par
&
$ per share
July
114
Pacific Gas & Electric
25
Pacific Ltg Corp
No par
Pacific Mills
.-..No par
Petr
Lowest
12*2 July
70
Co...25
1st preferred...
2d preferred
Pan-Amer
8234
77g
67
5*2
8
8
Glass
43,500 Packard Motor Car
2*4
2
123
ioo
.
2634
24
6*8
8ig
1112
2-r»8
40
,
73g
..
3*8
41l2
778
11%
2i2
2%
3,700
10*2
*78
3*8
11*4
60
*105
90
90
378
87g
26
41
7
40
83
106
77g
6634
85g
2634
6634
170
13
57
*78
*4l5g
24*4
24l2
6
5,400
1,000
19*8
*12*4
2*4
58
*57
6334
*62
63i4
90
314
2*2
13
106
85S
26
42
2414
8234
66
87g
26i2
42
58
778
6614
834
26%
6*4
58
82i2
8*8
6,900
Jan
No par
Preferred
Paclfio Amer Fisheries Inc...5
Pacific Coast
.10
110
8
24U Apr 27
ioo
2,500
60
2
..100
Owens-Illinois
260
Jan
.No par
Prior preferred
Outlet Co
1,600
57
1038
10*2
*2*8
258
*105
«•
'
14*2
13
-» — ««
107
No par
Preferred...
*149*2 152
14*4
147g
14*4
103g
*12*4
10*2
Otis Steel
*
$ per share
17
July 7
Omnibus Corp(The) vtcNo par
Preferred A
100
Oppenheim Coll <fc Co..No par
Otis Elevator..
300
128
*125
Par
8,400
152
*2
8278
778
8
63i4
152
1038
*12*4
56
82 78
*105
26*4
33g
42i2
24I2
4158
2412
90
128
2l2
9
834
3-3s
19
126
2i2
8*8
683g
26i4
314
4212
19
127
koh
60
600
m
Year 1935
Highest
Lowest
8,900
3978
56*2
*18*8
57*4
19*4
56*4
19
13
39*8
3978
395g
127
126
10%
*12U
84l2
67
87g
26
555g
397g
56*4
149% 149% *149*2 152
15
15i4
1458
15*8
106
77g
68*2
884
2534
3*8
4212
24i2
5612
1812
18
126
3934
234
*82
....
56
-
10%
13
,
*2i2
84i4
84'4
*10434
40
3934
...—_
mm
1514
1478
101o
.
mm
Range for Previous
On Basis of 100-share Lots
EXCHANGE
15,300
*104
•
Range Since Jan. 1
YORK STOCK
Week
the
1035
2178
Feb
67
33
Nov
Dec
New York Stock Record—Continued—Page 9
1036
LOW
AND
HIGH
PRICES—PER
SALE
Aug. 8
Monday
Aug. 10
$ per share
$ per share
.Tuesday
Aug. 11
$ per share
9034
8978
8978
88i2
88i2
6i8
*558
2638
*558
2638
6'8
26
2684
255g
2i8
434
1278
3U2
*28
29
214
434
Aug. 14
$ per share
$ per share
112
1314
38i2
9834
1314
13i2
4038
13i2
4078
9884
99
*29
30l2
2878
10978 10978
112l2 11258
*13
133s
41
4234
lh
lh
843g
358
1
7S
1
1
■^S
*214
78
*7g
1
238
3314
2U
28g
7S
2i2
3412
2i2
3438
34i2
5
*434
8538
358
2i2
34
5
2h
3314
*434
25s
5
*434
5
8334
84l2
84i4
85
8478
3i2
3i2
35g
69i2
25i2
85i4
3i2
3io
68
2534
25i2
15i2
15
153g
15
2334
24U
23i2
9234
24
243S
9234
7h
24
24i8
9234
9234
*9134
2338
93
712
*92i4
75g
*56
*31i2
712
59
32i2
9i2
36's
414
29
*122
73g
*55
32l2
*3U2
19
1858
1834
123i2 12312 al2U2
9i2
958
9i2
36i8
37l2
37h
4'8
414
414
9i2
3634
514
2938
2778
2778
2714
12714 127l2 *124
*59
*5914
6478
129
*82
86
*84
4734
*4514
*6U2
24
2334
1434
145g
114
*112
68
24
24
24
1434
114
14U
*112
438
43g
4i2
438
305g
2934
3034
305g
*
152
4238
23
2214
42l4
40i2
*50
557g
«.
5478
*8i4
-
9
*655s
69i2
«•
3212
433g
2278
4178
*149
734
69
1414
1434
23
14l4
*112
32l2
*
153
*
2,400
120
2,710
1,000
1,100
.
414
*52
55
*52
9
*6558
1434
16i2
8I4
*6558
*52
69
w
.
*52
5478
738
1658
"
2514
5234
84
83i2
*10778 110
2834
878
1578
126
52l2
83l2
*10778 110
1738
1678
3234
26U
28
52
5212
83h
12,
1138
1178
8
1838
1738
1778
46
47
45
455g
7i2
165g
43l2
4312
7l2
51
5234
50
51l4
3ig
*3
3i8
38
375S
3758 ; 3714
375g
*23
25&s
6278
*28i2
6338
73 i2
*338
384
*33g
1178 ■*iu2
*47i2
1834
1858
2U4
20l2
*23
38
547g
7&8
17,400
1814
23,600
2,000
50
50
5278
50U
52
5,700
3
3
*3
3ig
3
1,100
37i2
255g
37
3778
Z3612
37i8
X37
2534
*20
2914
29
29
29
7314
73i2
358
733g
7378
7312
3ig
1U2
*47i2
18i2
3i2
1158
49
1878
1134
1934
1U4
205g
1U2
81
8078
81
3458
3434
2178
8i2
2158
22
3134
3134
3U2
32
2134
3Us
214
1478
14i2
2
2
1414
14i2
3414
834
*2
2914
3038
1,800
£7214
73
7238
72i2
2,500
3
3
115s
*47i2
18i2
1934
1158
III4
3
34i2
3434
34
34U
*2
2l4
1434
734
7
7
7
734
714
758
39ig
36
3934
3638
1158
III4
1158
10
103g
3834
36i4
IDs
97g
*46
47
*35i2
3714
*5834
61
-
1100
*43l2
3612
*59
*900
47
37!s
61-
*45
61
10
*9U
90
*80i4
978
938
958
634
6t2
*3018
30i4
30i4
6i2
3OI4
10
*9ig
10
2934
30
17
1714
1714
105
534
534
29
1734
*10478 105
914
*6
*29'8
978
90
912
634
30i2
2918
28i4
29
17l2
17
978
*534
30l2
*914
17L
17U
534
10
2912
6!8
10478 105
10478 105
*48
*48
2034
2OI4
2078
19i2
2014
6434
65
6414
6514
64
6438
13U
1314
1338
1378
14
2U2
2158
20i2
2138
1334
20i8
1314
IOI4
13
1314
1278
105l2 105l2
63g
6l2
106
612
10
307g
29
1038
5478
2058
13i8
1034
107i8 107l2
*63g
6i2
5478
29i8
578
*28is
17
3834
393s
3734
37ig
38'4
14,600
113s
11
10i8
48
*44
3612
3514
*61
10
62i4
IOI4
90
*80i4
1138
5,800
lOU
7,300
1100
Standard Oil of New Jersey .25
Starrett Co (The) L S
No par
Sterling Products Inc
Sterling Securities cl A-No
30's
*914
29
1,100
3,600
578
5,400
29i2
*28i2
29i2
400
173g
17
17i8
11,100
10434 104'8
*48
1338
13&8
22,800
187g
195g
4,800
137g
*1338
13i2
2,700
10i2
107g
103g
105g
21,400
2,500
10934 10934
2714
27i2
27
37
37U
37
13l2
13i8
13i2
13
2778
37i2
133g
2714
3714
37,
125g
2758
3714
13ig
86i2
87
83i2
*3i2
83i2
35g
8434
83
634
84
3i2
*8
7
9ig
10912 109i2
67g
*8
Ry
Mfg
$3.60 conv pref
10
1
Co.100
Thermold
100
Co..
r
Third Avenue
7
6,000
9
200
l
100
Third Nat Investors..
_1
Thompson (J R)
.....25
Thompson Prods Inc...No par
Thornpson-Starrett Co-No par
$3.50 cum pref
No par
Tidewater Assoc Oil...No par
Preferred...
137g
634
Pacific
Tide Water Oil
2012
11
..25
No par
100
No par
Tlmken Detroit Axle
Timken Roller
10
Bearing.No
par
Transamerica Corp
No par
Transcont & West'n Air Inc.. 6
Transue & Williams St'l No
par
Tri-Continental Corp..No par
6% preferred
No par
Truax
Traer Coal
Truscon Steel
No par
10
5,200
20th Cen Fox Film CorpNo par
Preferred
No par
1414
6,000
Twin
87
89
89
33g
33g
338
290
City Rap Trans..No
Preferred
3i2
1,300
Ulen <fc Co
83i4
3,700
126i8 1261S *12618 1263g *12618 13238 126', 6 I26ig
41
4034
4034
40 J8
4034
4034
4034
40i4
Under Elliott Fisher Co No
par
1,400
84
1028
84
84
83l4
84
82
70
Preferred...
No par
July
5
Mar
Apr
59i2 Apr
■3i8 Mar
3U June
9«4 Mar 6
173s Aug 11
83
July 31
3634 Jan 25
2418 Aug 4
297g July 27
31
Deo
8U Deo
8i2 Oct
36U May
18i8 Dec
15i2 Oct
33U Feb
4378 Mar
IOIS4 July
1051s Nov
12i2 Sept
1225g June
Feb 24
1334 Mar 17
130
2i2 Mar
:
978 Feb 17
U2 Mar
134 Mar
484 Mar
9
50i2 July
55
July
9
9
334 Jan 17
6
113i2 Jan 24
111
Mar
48
Nov
84
Oct
19i8
Jan
8
2784 Mar
5
23
Mar
30
6
20
Oct
Jan
Apr
12i2 Dec
914 Aug
113s Aug
2618 Deo
2878
78 July
475g Feb
4018 Feb
Feb
107
8t2 Mar
7U Mar
Feb 24
193s July
Nov
Jan
3334 Dec
834 Nov
70i2 Nov
Dec
2i2 Nov
Apr
116
407s
333s
Dec
Dec
32
Feb
Deo
Deo
658 Mar
187s
Dec
2i2 Mar
1518 Deo
IO84 Nov
Jan
2
Jan
2
July 21
4i8 Jan 28
1284 Jan 8
5312 Jan 128
24i2 Apr 16
2184 July 27
145g Mar 4
91
2
8
3
36
July 27
958 Feb 14
20i4 Apr 28
25
28*2 Apr 28
3578 Jan 30
234 Feb 11
1 is Jan
578 Jan
*
Jan
6
7t2 Jan 6
9i4June 30
93s
115i2
xll
5
15s
.
Jan
lOUMar 11
40
J uly 22
3884 Feb
15i4 Feb 29
143s Mar
Jan
Apr
1778
Sept
4
62i4July27
14>4Mar 5
110
Feb 28
8i2May23
125s Mar
314
5
Jan
2
2334June
5
9i2 Feb 18
307g Aug 12
3
1214 Feb 14
245s Jan 2
478 Jan 21
3234 July 31
8I4
26
Jan
Apr 30
1434 Jan
1005g Jan
51
July
6
3
8
12is Jan 6
Apr 27
11
Apr 30
1478 Jan 2
103sMay 19
7i8 Jan 3
56
93
Jan
6
478 Jan
6
Jan 22
278June 30
745sJune 29
100
125i2 Apr 23
Union Bag <fc Pap Corp .No
-par
38i2May 21
8i2Mar 23
3934 Feb 25
19i8 Feb 4
106t2Mar 3
50
514
May
Apr
el's Jan
2i2 Mar
28ig
4438
61
125s
100
Dec
Nov
Dec
Jan
Dec
Deo
Feb
Oct
Dec
Deo
Dec
Nov
Oct
Oct
10t2 Dec
2
June
5
Jan
16
lyiar
29
Nov
5's
Jan
133s Mar
15g Mar
17
Apr
75s Mar
84
Jan
60
Mar 11
2684 Mar
Aug 10
Feb 18
Feb 25
283g Mar
45s Mar
478 Mar
878 Nov
2634 Nov
5
Deo
28
Dec
1578
Dec
104i2 Nov
48
Dec
1318
Deo
72i2 Nov
14
Dec
Apr
4
714 Mar
15U Nov
Jan
2
16
Feb
4
5i8 Mar
178 Mar
1097g Aug 12
7
Dec
Dec 1075
Apr
13i8 May
2078
72i2
1484
275g
16i2
12
Sept
12i2 May
14
Mar 25
Deo
9
Jan
Mar
16t2 Mar
2834 Apr
1050
June
25
Jan
4
Feb 18
884 June 16
Dec
314
Apr
July 21
59
Mar
8t2
Dec
14
49
89
Nov
305s
1284 Aug
Oct
U4 Apr
6U Sept
44
8
77
121
3t2 Dec
32i2
2
Jan
Deo
2234
33i2
li2
6I4
978
884
3014
3634
9U
July 15 1375
Jan
Nov
Jan
3U Mar
3378 Apr 27
28
4
Mar
15
14 78 Aug 10
634May 14
558 Apr 27
287s Jan 6
33
Jan
Apr
60i2 Mar
1478 July 28
Jan
Mar
2U
Mar 12
Jan
65s Jan
,
36
12484May 15
40i2 Mar 18
684 Mar 12
Jan 11
65*4
37ig
13l2
11,000
15
Deo
May 18
par
27i2
36l2
Dec
60
8
100
263g
1412
85
♦
28
3734
215s
10
Jan
7i8 Apr 30
22t2June 1
313s Apr 27
834May 20
27ig
371g
1338
MJuly
68
100 1000
&
40
197g
13U
10978
(The).
Sulphur:
1,100
1358
6l2
Texas Gulf
5478
2034
1278
Texas Corp
Texas Pacific Coal & Oil
Texas Pacific Land Trust
Preferred..
95g
7
3i8 Mar
23
....No par
5
Deo
oi2 July
42
95s July
..10
5
Nov
25ijs
16i2
1
Feb
18
Dec
27
1234 Mar
Aug 13
129
152
74
3
Telautograph Corp.
283s May
Feb
105s Mar
7
_i
Tennessee Corp
Oct
32l2 Nov
27
No par
307g
28i8
57g
Class A
Nov
1584 May
112
12i2 Mar
5884 Jan
1*8 Mar
72
No par
No par
t Symington Co.
Dec
33'4 Feb 10
I6I2 Apr 30
145s Jan 2
9i8 Jan 6
...100
Swift Internat Ltd
Dec
Nov
9
118
Paper Co
Jan
Jan
523s
par
The Fair
9&S
20
30
Dec
Deo
Deo
3584 Mar
100
1,100
100
78
Jan
132
Mar 26
32i2July 28
433s Aug 10
23
Aug 8
4214 Aug
55
Aug
1134 Feb
112
Apr
20i2
1884
20i2
II6I4
65t2
70i2
6812
Mar 19
No par
Preferred
62l4
9,400
15'4
105g Aug
107i2
7i2 Feb 29
3434 Mar 3
160
Mar
Mar
;
70
48
1
-lOU
3034
.
Oil
No par
No par
934
1
23sMay2l
No par
t Studebaker Corp (The)
Thatcher
6
6
Stone & Webster...
Texas
958
4
Feb 26
8i8May
5
100
*584
Feb
July
13
24
463s Nov
6
17
Jan
Nov
193g Apr
Mar
60
Dec
111
6
65
50
900
638
30
10
200
90
6
July
2434May
par
Stewart-Warner
Sun
16i2 Deo
3414
5U8 Jan
No par
3514
lOU
2
par
48
20i8
12l2
338
Investing Corp ..No
Old
6,000
28
393g
6,300
20,900
17,800
13i2
see page
4,200
7h
1978
37ig
For footnotes
7h
7
6434
28
12618 12638 *126i8 12638
4U2
4U2
4V4
41i4
73g
*10434 105
*48
547g
9
85i2
73g
73g
3,200
193g
9
847S
3,600
64^8
9
85i4
700
14l2
2
20ig
*8
334
218
143g
65l4
9i2
86i2
31U
3034
147g
193g
*878
334
cum
Standard Oil Export pref. .100 zl0978June 8
Standard Oil of Calif
No par
353{jJune 10
Standard Oil of Indiana
25
32s4 Jan 2
Standard Oil of Kansas
10
25
Mar 27
Sutherland
65
9
84i2
$7
Stand
No par
prior pref
No par
prior pref..j.No par
Sweets Co of Amer (The)...50
Swift & Co
..25
64l2
1378
1058
cum
1,200
20
109
5i8 Apr 30
9i2 Jan 3
2434 Apr 28
2684 Apr 30
Preferred
1,100
11,500
19i8
64U
1358
9
384
—
*80i4
6i2
2912
534
558
205s
1012
3518
IOI4
29i2
*26l2
5478
107
*534
30l4
*914
918
22
1100 *900
*4312
934
90
10
5478
63g
9i2
*80i4
93g
*9is.
5478
IOI4
10
*61
87g
2U2
10
IDs
*900
37
61
*938
*27ig
4578
*36
*80i4
6
45
1100
61
10
2834
978
*900
3658
113g
97g
87g
22
3158
2
2
1458
738
7h
3834
3634
7i2
37
90
297s
4634
11
Z31
39
37
*9
6
10
1100
3834
*36
3134
*60
*80i4
934
*6i2
2834
3934
3658
113s
7i8
714
t Stand Gas & El Co ...No par
Superior Steel
2158
2
9t2 July 29
4,800
*8i2
133g Jan
1
Stand Comm Tobacco
4'g
22 i8
75g
*900
4ig
4
No par
Superheater Co (The).-No
Superior Oil
34i2
87g
678
IOI4
414
Jan
2134 Apr 27
143s Apr 19
12078 Jan 10
2,900
4,200
3412
*8U
2158
3134
75g
1100
4ig
20
678
No par
No par
20U
122
684 July
8
63i4June 12
10U2Mar 18
534 Apr 30
par
28i2 Jan
114
584 Nov
50
5i2 Mar
63i8 Mar
838 Feb
197s July 25
124
July 24
5384 Mar 20
19&8
*119
314 Mar
40i2 Nov
295g Dec
4
8534 July 31
108U July 31
313s Apr 13
5,300
120
Jan
12
1814
300
34
13
$6
Mar
97i8May 29
Mar
18
25,200
9
Mar
18i2
27,800
3
Mar
63
18ig
1134
32
127g Dec
2584 Nov
99
18t2
3634
2312 Jan
2
1234 Apr 27
....100
Convertible preferred
81
714 Mar
22
400
,1958
Dee
4
Jan
4934
1U2
Nov
17
44
*48
34U
834
3934
363s
7
20
2984May
1
1578 Apr 30
4934
1438
143g
Jan
Feb
7358June 10
49
3634
Apr 27
25
No par
49
37U
26
150
100
Preferred
36l2
378 July 29
3
300
120
4
Jan
600
36l2
4i8
Mar
34
338
185g
June 20
21
117g
81
70
Jan 31
12i2May 20
4i8 Nov
Apr
75g Mar
40
Aug 14
Jan
*3
1178
U8 May
Jan
7
75
19
*1158
81
5
Jan 16
72
100
3
1112
*8038
45g Feb
Mar
Deo
257s Aug
I634 Apr
105
22
....100
115g
2038
117g
697g Nov
Jan 17
April
Apr 17
110
100
*1112
14
738
J
2912
1412
39i8
36i4
1158
IOI4
-
29
14
3U2
2I4
1478
«
74
14i2
7
-
29
14
22
8,700
■
43,800
14
21
8l2
37
2534
6434
121
834
3612
*25
16,400
37'g
63ig
*119
122
118i2 118i2 *11834 122
*119
365s
3634
36
36i2
3634
*36J4
3634
414
414
4i8
438
4i8
4i8
4i8
35
36i2
64ig
81
14
37
8.50Q
6234
*8038
14i4
3
37l2
*25
6134
37i2
2558
623s
7U
31
7
132
25
Preferred
45
8
7i2
1188
Deo
878 July 15
July 12
..100
Standard Brands
80
17i2
*2812
1334
29,700
45
73i2
145g
2,700
1812
734
113g
367s
47s
6preferred
Square D Co
3,000
_
127
Deo
2034 Mar
278 Oct
No par
Spiegel-May-Stern Co..No par
4634
29i2
1U2
127
12U
3
55
July 16
6578 Jan
2
Conv preferred A
1738
6134
*8038
127
420
1J4
5s Aug
4014June 30
Socony Vacuum Oil Co Inc. .15
Solvay Am Invt Tr pref
100
$5.50 preferred
2,700
i4 June
60
Mar
Nov
7
4i2 Feb 7
4358 Mar•12
.
Spencer Kellogg & Sons No par
Sperry Corp (The) vtc
1
Spicer Mfg Co
No par
666
27,900
45
63
19
5,900
-
1158
112
No pa
Snider Packing Corp...No par
1st preferred
5,700
91
.
Jan
Spang Chalfant & Co Inc pflOO
Sparks Withington
No par
Spear & Co
1
1714
37-
2114
10
134 Feb
184
6i2
....100
Spalding (A G) & Bros .No
20
46
38
*25
1178
68
115
*4312
4834
734
17
63i4
49
68
*111
12
62l2
49
"1,660
69
4i8 Nov
20ig Jan
Jan
8
55
Jan
Mobile & Ohio stk tr ctfs 100
112
7U \ 738
7i8
714
16 84
17
16
16
*795g 85
*795g L
*31i2 3278
3278
327g
21i8
2134
215g
2U8
27l2 28i2
2712
27i2
52
52
52i2
52i2
82i2 8314
8U4
82l2
*10612 110
*10612 110
281S 2834
28is
2812
15l2
1534
153g
155S
127
preferred
(A O) Corp
Southern Railway
Preferred
__
10
Apr
Apr
7
7
Mar
•31
3184 Mar 30
100
Southern Pacific Co
113s
714
1634
37i2
37i2
255g
*85fj
135s Deo
56I4 Nov
1912 Jan
45,400
35,700
22,900
3
3
3734
'
93s
Jan
Mar
Oct
4178
4934
49
*3
1184
22's
2834
1184
81
17is
90
82
83
82i2
*1077s 110
*10778 110
283s
28l2
28i2
28h
15i2
157s
15i2
1578
15i2
1534
126
126
*126i8 127
*126'8 127
28i2
1134
7i2
1738
8
73g
3234
215S
5212
1134
•
*6558
112
*81
52l2
69
714
*81
26i2
52l2
8334
28
812
*111
-
714
8I4
6
22
7
73
1434 Apr 30
IIOI2 Jan 2
884 July
Jan
11314 June
114i2 June
Oct
25
Preferred
2178
109
434
Southern Calif Edison
40
10434 Mar
634 Jan 15
9,300
2058
40l2
46
14i2 Jan 25
3878 Aug 13
5,000
3234
153
"32"
23i2 Nov
Dec
1984 Jan
32i4
8,300
Mar
414 Feb
4
3014 Apr
South Am Gold & Platinum.. 1
So Porto Rico Sugar...No par
3934
22i2
4034
547g
100
Jan
12
315s
8
1
Feb 29
76
Apr 23
434
Sloss-Sheff Steel & Iron... 100
7%
Nov
a:3i2June
Petroleum
Preferred
Smith
3
14
10
Skelly Oil Co
200
52,000
22i2
26
85
4'g
31&8
Simms
Jan
Apr
Apr
20t2 Feb
43i8 Jan
Silver King Coalition Mines.5
Simmons Co
No par
145g
41i8
2258
334
438
33
No par
No par
Conv preferred ser A-No par
1,600
2
1
6
853s Aug 10
Sharpe & Dohme
'2,500
25,900
-
84 June
4
61i4May 13
1558 Jan 7
1118 Jan
2034 Jan
89
July
No par
No par
1,700
ib"8o6
4
Mar
l
Jan 20
52
312 July 24
Sheaffer (W A) Pen Co-No par
Shell Union Oil
No par
Conv preferred
100
23'2
3958
2178
33
10i8
200
114
3958
22
*13
14l4
*112
22i2
41i4
33
*47
145s
2178
3914
26
105
23
100
3,900
4514
43ig
2234
2934
V
758
4138
2158
33
*9i8
9334
58
4318
2238
*900
Sharon Steel Corp
$5 conv pref
4278
3278
678
3,300
(F G)
2534 Dec
Mar
595g Jan 21
234May 25
1
IOI4 Mar
'21
July
10134Mar
6
2
3034June
>28
Feb
114i2Mar■11
163s Jan113
8
78 Jan
1
23l2
323g
2278
,
45i8
*2212
114
4
43g
3212
153
46
Servel Inc
June
2
.100
1
Shattuck
"3134
32l4
;
*54
No par
Second Natl Investors
Preferred
4,000
Dec
113
5
5312 Jan
Sears, Roebuck & Co..No par
4Q
11,300
7l2
58
100
1434
3238
2258
*2612
*52i2
2
*9214
75g
70
42
3214
14
*23
11
No par
25h
3134
758
*81
*812
247g
143s
323g
*111
714
-
*81
1158
300
42 I8
3178
*8i4
*111
-
758
1558
45i8
1458
438
153
46
112
31%
12,000
33g
32i2 *3112 32l2 *3112 3212
19ig
1834
185g
19ig
187g
122
122
12H2
*120l2 123
958
9l2
958
912
912
38
3838
3878
37U
387g
414
4i8
414
414
414
27
2714
27
273g
27'g
127i2 *123
127l2 *123
127'g
66
67
65
65i2
65
86
101
8712 100
105
2312
14i8
112
4i2
31l4
,*54
5
84'2
'
9
*110
*
153
"32"
3212
43i8
*23
1434
114
7l2
59
56
*3U2
19
1834
12214 12334
*9214
7l2
56
*45l8
*814
*65i2
5
Aug
3778 July 15
97i2 Feb 1
138May 26
7&sJune 4
1,700 Seaboard Oil Co of Del-No par
1,200 Seagrave Corp
No par
33g
*6684
15
70
*67
3334
x82i4
2534
153s
33
68
2538
1558
70
86
*50
*
33
Preferred
1,800 t Seaboard Air Line
1,600
Preferred
:
Deo
10
35i2 Jan
llO^June 30
1
300 Scott Paper Co
.
108
3,000 Schulte Retail Stores
600
4734
42i4
2258
4U4
lh
10
6158
2534
414
438
3014
U2
10
6058
86
*34
112
10
1514
36
"32is
_
lh
6134
4614
1438
9 834
10
88
*80
43
9834
6158
6858
I884
; 13
4212
102
Apr
July'27
..100
preferred
7% preferred
....100
500 Savage Arms Corp.
No par
30,600 Schenley Distillers Corp
6
1,100
5Vx% preferred....
100
10
48
2OI4
*12l2
2558
2938
*lli2
13l2
99
15g
6%
share
per
Nov
3
Jan 24
July 29
250
6134
*67
25
145s
112
4358
1558
24
76
11U2
9834
2534
129
*46
111
5
82
33
18
27
Highest
share
per
Feb 19
14
100
10
*61l2
*8614
*
*109
1127
*3i2
*6634
2538
93
126
109^
$
1175s Feb 19
U2 Jan
,
No par
Preferred
30
Lowest
$ per share
77« Jan
100
4,200 Safeway Stores
615s
*45
!
2914
1312
4258
r
70
*
30i2
112
1st preferred
Highest
share
238 Jan
10
120 t St Louis Southwestern... 100
IOI4
78
75g
734
56i2
56i2
*3U2 32i2
18i2
1834
*11934 122
■r 9i2
9i2
1
29
285S
1,500
62
84i2
*338
*112
3012
2834
Range for Previous
Year 1935
10i2
2934
3&S
63#
700 t St Louis-San Francisco-.100
412
IOI4
84
35i2
*4is
2ig
pref
per
7484 Apr 28
53gJune
22
July
100
6158
5
29
1314
$
par
Rutland RR 7%
St Joseph Lead
1012
2l2
34i2
*92
2i8
4i2
12i2
"lOJOO
Ruber'dCo(The)cap stklVo
62
25s
25g
345g > 3458
45g
438
2558
15&s
24l2
400
2578
109
Lowest
Par
6>8
25
1936
EXCHANGE
10l2
1
*67
8934
*558
3012
99
lh
12
*85
6lf
the
2812
28i2
99"
263g
238
458
12
12
8 934
2578
*2i8
4I2
2i8
458
*4I2
99
158
8934
*558
6l8
2638
*11
Friday
62
62
*123
11212 11212
4038
U2
.
*338
3012
29ig
10978
29
*108i2 10978 *108
112
*558
2534
2i8
458
*29
Range Since Jan. 1
On Basis of 100-sftarfl Lots
STOCK
Shares
1134
2912
YORK
Week
$ per share
90
*87h
2i8
4I2
*10l2
31
29
108
2i8
434
12
*2912
*11034 112l2
1334
*1358
387S
3914
99
*9834
l«s
*u2
1012
1012
62
2i4
12
29
108
NEW
Thursday
Aug. 13
6i8
26i4
2is
*45g
STOCKS
Sales
Wednesday
Aug. 12
9034
*534
*12
SHARE, NOT PER CENT
for
Saturday
Aug. 15,
Feb 29
69
35s
1078 Feb 18
323s Mar 2
Mar
245g
15
July 30
Oct
13
41
Apr
2
91t2 July 29
8&s Jan 20
3i2 Mar
Aug
Oct
2i2 June
18
Mar
1'8 June
5384 Mar
99
Jan 13
133"
Jan 17
125
Dec
5234 Feb 19
29
May
Dec
8I4 Nov
97i8 Nov
678 May
814 Nov
2478 Dec
33i2
Dec
125s Nov
73
Deo
5ig Nov
87U Dec
133
Apr
50i2
Jan
Volume
LOW
AND
New York Stock
143
HIGH
SALE
PRICES—PER
SHARE,
Record—Concluded—Page
Sales
CENT
NOT PER
STOCKS
for
Saturday
Aug. 8
Monday
Aug. 10
Tuesday
Wednesday
Aug. 11
Aug. 12
$ per share
$ per share
$ per share
$ per share
98%
2214
99
99%
22%
144
98%
2238
22%
145J4 147
145
98
9914
98
97
22%
97
27%
26%
19%
2234
2634
*26%
27%
27U
20%
2314
26%
19%
27%
20
22
22
27
2634
27
*22
27
*11234 1147g *11234
81% 81^8
81%
*28
29
287g
8%
834
8%
48%
48i2
48%
14I2
14%
14%
28
^
*103
28
28%
*103
105
*434
*38i2
8434
1738
17%
97
2534
1878
*19%
105
*103
5
38%
84%
17%
434
105
*103
18%
18%
*94
95
*2%
38%
38%
5%
3834
84%,
83%
84
17%
5%
18%
94%
*94
17%
18%
94%
18%
18%
95
95
14%
14
14
13%
27
27
27
27%
27%
"34%
6
6
*69
2%
36%
35%
3%
72
300
29,600
15,200
100
534
90
88%
87
88
54%
52%
53%
5234
53 38
30%
29%
30%
73%
74
73%
76%
74
72
72
72
68%
66%
68%
77
9
8%
77%
67%
35,600
•
8%
800
3%
14%
200
15
27%
27%
102
15
15%
"35%
y,
180
"
74%
76%
75%
*71
6
2,800
90
87
87
52%
53%
51%
52%
9,900
9%
9%
31%
9
30
9%
30%
24,800
74%
76
10,500
76%
77%
67%
133
7534
76%
78%
76%
79%
72
72
67%
69%
75%
68»4
*71
600
66»8
68
U S
102,400
133% 134
*13734 142
*13734 142
*165
*165
*165
*165
*165
6%
6%
87
*162
%
75
%
5
1%
36
35
35
21%
44%
45
20%
44%
21%
44%
115
116
117
46%
84
«
•.
*73%
6%
6%
75
116
*115
46
46
46
84
*79%
4%
5%
5%
31%
31%
6%
89
*115
46%
*79%
4lo
30
»
*115
47
*46%
*79%
4%
I
«.
6%
89
6%
34%
33%
84
*7934
5
5%
33%
32%
50
...50
100
Preferred
.100
U S Tobacco
.
No par
Preferred
"9", 100
6%
.100
*89
90
400
*73%
74
200
Universal Leaf Tob
115
115
x45
164% 164%
103% 103%
50
20
84
*7934
2,730
4%
1%
1%
33%
24%
43%
28,500
*42%
*115
5
32%,
« <* ■
114
4%
~ *U3% lTT *113% 114 ~ *113% 114 ~ *113% 114"
71
Jan
8
21% Jan 6
7% Apr 30
16% Jan
47
Jan
68% Jan
46% Jan 21
4%
*17
*4%
*4%
5%
131
5%
5%
5%
*4%
5%
*17
25
*17
24
20
25
20
20
24% *20
*130% 131
*130% 131
*130%
130%
*130% 133%
70
71
70%
71
71
70%
*70%
71
*70%
*7012
70%
70%
*122% 125
*122% 125
*122% 125
*122% 125
*122% 125
122% 120%
234
2%
2%
2%
2%
2%
*2%
2%
2%
•2%
2%
2%
8
8
8
8%
7%
7%
*7%
7%
7%
7%
6%
7%
7
*4%
7
5
*4%
5
5
*4%
5
*4%
*4%
*4%
15
14%
15
14%
15
15
14%
15
14%
15%
14%
14%
34
34
33%
33%
*33% 34
33%
33%
*33%
33%
*33% 33%
117% 117% *116% 118
116
116
117% 117% *117% 118
117% 117%
8
8
/
8%
8%
8
8%
8
8%
8%
8%
7%
8%
32% 32%
31%
32%
31% 32%
3219
31%
3234
32%
32%
33%
*18
18% *18%
18%
*18%
18%
*18%
18%
18%
18%
*18%
18%
20
20
20% 20%
20
*19%
20%
21
*1938
20%
20%
23%
*3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
*70
72
71
71
*71
74
74% *7234
74%
74%
75%
76%
12%
•12%
12%
12%
12%
1234
13%
1234
13%
13%
12%
12%
*51
*54
53%
56
53%
56
53%
*52%
55%
55%
*54%, 55
%
%
: %
%
%
%
%
%
%
%
%
%
8%
8
8%
9
8%
8%
8%
8%
8%
9%
8%
9%
24
*18%
23
*18%
*19%
24.
24
23%
26
22%
21%
23%
27
*26% 27%
26
26
26
27%
26
26
26%
26%
26%
*23% 24%
23
21%
22%
23%
*22%
23%
22%
22%
.22
22%
-
-
10
57% Apr 29
Mar 23
28% Jan 16
Apr 30
May
6
4% Jan
7
28% Aug
6
Co
4
2% Jan
7
2
169% Feb 18
16% July 24
% July 17
59
Apr 2
9% Jan 27
18% Jan 28
88% Aug 11
65% Aug 6
13
Jan
Apr 15
80% Apr 9
4%June 29
7
Apr 30
2,600
1,200
26% Apr 17
17% Apr 17
10% Jan 4
No par
2% Apr 29
7% Mar 26
3
22%
Mar
Sept
Dec
11% Dec
9% Mar
17%
Jan
48
Dec
119%
149%
3%
2
9% Apr 30
165
78
73% Nov
78% July 29
Mar
165
Aug
133%
Apr
29
Jan 18
27% Feb 19
45
July 23
7%
Feb rl59%
Aug
73
Aug
Jan
Oct
Dec
Nov
%
Oct
9%
Oct
19% Mar
Mar
4% Aug
1
2%
2
% Mar
19%
11%
11%
Apr
Apr
'
Jan
Nov
56% Nov
2is4 Jan
Feb
33
Nov
Aug 8
48% July 21
91
Feb
114
Nov
34
May
79
63
Dec
116
2% Mar
17% June
85
Jan
72%
Jan
44%
63
4%
37
Dec
Dec
} )ec
Dec
120% Oct
112% r •eo
734 l<ov
9% Feb
8
2
June
30% Feb
7
15
Feb
33
Nov
63% Mar
83
May
86
Aug
7
Feb 19
109%
Feb
5
3
1
Apr
134 Mar
734Mar 6
16% July 21
34% June 24
1
May
4% Mar
26% June
4% Feb
10% Mar
114
Jan
1%
Feb
11734 Dec
3% Nov
534
Dec
4% Dec
9% Nov
33%
120
Dec
Apr
6% Nov
34% Feb 21
19
Feb 25
24
Mar
11
Dec
Feb
3
Deo
47
Dec
14% Feb 19
28% Jan
2% Mar
10%
Dec
57% Feb
14% Mar
52
Dec
July ?1
4% July 21
79
June 25
7
26
Apr 30
19% Apr 28
14034 May
51
15% Jan
21
Jan
Feb
46
No par
Apr 29
%Juue 18
124% Apr
7334 July
Jan
Aug 12
2
Webster Eisenlohr
1434 Mar
Apr
Apr
4% Jan
2,800
9% Sept
16% Sept
50% Nov
No par
1,600
73
Jan
119% Nov
8
2% Feb 29
10% Mar 31
Warren Fdy & Pipe
No par
Waukesha Motor Co...
5
53
73% Mar
Jan 16
No par
pref
50% Nov
Aug 12
No par
Convertible
35% Mar
3% Mar
7% Mar
27% Mar
Warren Bros
21,700
10% Nov
62%
Feb 28
44
Dec
Feb
9
10
5
Nov
Jan
5
9
118
No par
87
165
4% Mar
72% Apr
$3.85 conv pref
t Warner Quinlan
'
3% Oct
2038 Oct
39% Deo
24% Mar
9134 Dec
3
Warner Bros Pictures
1,700
Dec
96% Jan 24
2
47% Jan
Nov
143
35
5% Jan
100
Nov
% June
4
115% Apr
Preferred
96
Mar
100
par
Nov
Mar
11%
July
137%June 10
122% Aug 14
5
No par
15
5
129
30
Mar
11
No par
Preferred
300
Apr 27
9% Jan
18% Nov
110
2
50
100
Ward Baking class A
Class B
86,600
Jan 23
6% Mar
2% Jan 18
16% Apr 30
Jan
Jan
9234 May
Mar
Jan
19% Jan 23
100
Walk(H)Good & W Ltd No
1,000
5
3% Mar 24
2234 Mar 23
100
6M% preferred
t Walworth Co
2,600
Mar
100 xll4% Jan 16
70
100
Aug
8
100
100
,
Feb 17
115
Jan
% Aug
May
Dec
7*2
Mar
114%May 15
No par
No par
9,500
9%
87%
2%
4%
65%
Jan 23
Preferred B__
2,300
19% Jan
89
67%May
4
96
Oct
Mar 24
Waldorf System
Walgreen
60%
109
1~300
50
8
July 30
14
20% Dec
Mar
3% 'July
85% Aug
105
100
65
39% Aug 13
July 10
50
45% Nov
13% Deo
8% June
4% Mar
1
100
100
Preferred A..
900
7% Apr
No par
preferred
preferred
t Wabash
22,000
2
Aug 3
8% Mar 16
48% Mar 19
133-% May 27
3,100
'
June
24% Deo
7% Nov
2034 Mar
16% Feb 4
29% Aug 10
105
144
72
Preferred
1,300
Feb
168
Apr 30
100 *110% Feb 17
6% preferred
Virginia Ry Co pref
Vulcan Detinning
""130
Oct
1%
160% Feb
3% Jan
Virginia Iron Coal & Coke.100
10
—
|7%
115% Jan 7
131
Apr 27
Vicks Shr & Pac Ry Co com 100
Chem
No par
160
25
*129
5
*4%
29% Apr 13
9% Feb 17
48% Aug 4
134
153
Jan
75% Apr
72% July 30
5
Nov
Aug
? 110% Feb 15
May
20
26%
Nov
5
8% Jan
%4 July 14
31% July 29
5% Aug 12
10% July
Mar
78
80% May
40
7%
4% Mar
20% May
Jan
39% Jan
160
Jan
90% July
26% July
30% Dec
13% Dec
20% Oct
9% Mar
7
Deo
111%
46
24%June
5
Va El & Pow $6 pref
82% Mar
79% Mar
85% Aug 14
Jan
Apr 29
24
118
99
2
75% Nov
Feb
Oct
91
10
Jan
14%
111
20
Jan
share
per
44
Jan 11
117
7
July
6%
Feb 7
Feb 18
4
Mar 6
Jan 6
Highest
share B
per
Apr
8
9
13% Apr
Va-Carollna
"Too
*114% 115%
31%
32%
21%
28%
28%
12% Feb
June
9,100
June 10
113% July
I
rH w-i
100
7
Jan
1
i
Aug
6% Apr 30
13
Apr 30
30
7% 1st pref
6,100
2
14% Apr 30
109
1
Vick Chemical Co
"
9
66% Jan
No par
1,200
33
6
10% Apr 27
Preferred
100
Vanadium Corp of Am .No par
Van Raalte Co Inc.
5
50
84
4%
Vadsco Sales
1,900
43%
*79%
33%
4,100
117
*43%
22% Jan
100
Utilities Pow & Light A
50
22%
:
Preferred
10,900
33%
84
5%
434
No par
Preferred.,.
.100
Universal Pictures 1st pref.100
t Universal Pipe & Rad
1
51,800
45
32%
100
Smelting Ref & Mln
United Stores class A..No par
Preferred class A
No par
46%
5
5
73%
73%
5%
32%
100
90
*89
116
20
preferred
Preferred
3,500
-
21
20-%
6%
165
*163
164% 164% *163
164%
*98
*99
104%
104
*99% 104%
%
%
%
%
19%
19%
19%
2034
5
4%
434
4%
434
4%
1%
1%
1%
1%
1%
1%
*34%
35%
34%
34%
*33%
35%
20%
21%
20%
21%
21% 23%
44% 45
44% 4434
43%
44,
105
•19%
4%
4%
1%
1%
*35
75
%
21
4%
1%
87%
6%
164%
105
107%
%
2Q%
87%
77
*75
165
*100
*165
6%
89
*87
77
*75%
*162
-
133%
"
6%
100
U S Steel Corp
*137% 142
87
No par
No par
preferred....,
4,400
300
134
133
100
U S Pipe & Foundry
20
U S Realty & Impt....No
par
U S Rubber
..No par
1st
5,700
72
132% 133
132% 133
*137% 145% *137% 145% *137% 142
133
No par
No par
Paper board
U S industrial Alcohol-No
par
U S Leather vtc
.No par
Class A v t c
No par
Prior preferred v t c
100
1,700
11%
72
No par
...
U S Hoffman Mach
Corp
~7~906
35%
*5%
11%
30%
1
Rights
5%
Jan 21
32%June 18
7%
3,300
11%
68
B
28% Feb
July 10
U S Distrlb Corp,.
Preferred
3,300
—
112% July 23
4
'
15
16% Apr 27
24% Mar 18
Jan 15
U S Freight
U S Gypsum
410
1,000
104%
2
Jan
Jan
U S & Foreign Secur...ATo par
Preferred
;
100
*2%
3%
13
7
2
2
Apr 30
Jan
Jan
Jan
15
3,100
15
108%
90%
22%
20%
93
18%
98
Year 1935
Lowest
7
7
149% Aug 12
100
71% Jan
20%' Apr 30
5% Apr 30
40% Apr 29
t United
534
31
Unlted-Carr Fast Corp .No par
..II No par
.lNo par
United Drug Inc
.5
United Gas Improve
Preferred
400
11%
9%
30
No par
1,700
27%
*87
,..100
10
'
9
*71
17
111%
*95
"35% ~36%
11%
No par
18%
98
14%
Union Tank Car
United Aircraft Corp
5
Un Air Lines Transp Corp
5
United Amer Bosch
No par
United Biscuit
No par
10
18%
2%
36%
534
11%
6
11%
88%
8%
2,800
*27%
100
$ per share
United Eng & Fdy
United Fruit
2,000
82%
162% 162% *163 *
"35%
36%
30
39
82
Range for Previous
$ per share
United Dyewood Corp
10
Preferred....,
■.
100
United Electric Coal...No par
~M00
38%
1037
Lots
Highest
United Corp
Preferred
12,000
12,100
84
103% 104
6
500
39%
16%
..100
Preferred
United Carbon
61,600
6,900
534
104
11%
3^500
5%
111
Union Carbide & Carb.Ao par
Union Oil California
25
Union Pacific
Preferred
5%
162%
15%
15t2
3,100
105
162
6
31%
75%
77%
*103
105
103
'
12%
53%
68%
23
*19%
15
6
*89
55%
8%
67%
3%
11%
12%
*87%
54-%
8%
30%
74%
77%
2%
101% 102% 103
104
161
161% *161% 162
15%
15%
15%
15%
89
133
3
3*5% "35"
12%
1934
18%
14
27
15%
26%
1834
*95
27%
161
25%
3834
95
27
_
27
*2634
Par
1,800
5%
1834
*13%
15%
97%
On Basis of 100-share
Lowest
14,700
3,500
4,600
21%
143
16%
17%
16%
17%
111% 111% *110% 111%
10
10
10
9%
*2%
13%
99% 101
97
*83
3%
14%
*
9834
22%
148%
97%
97%
26%
26%
25
2534
18%
19%
*19% 23
22%
*103
83
17%
18%
105
478
38%
111% *111% 111% *111% 111%
10%
10%
10%
10
9%
*10%
26%
1934
24
22
148% 149%
26%
27
27
2678 27%
27%
2634
H478 *11234 11478 *113
11478 *113% 114% *113% 114%
82
82
8334
85
84
82% 83
84%
85%
287g
*28
28% 2878
28%
28%
28%
28% 28%
r
8%
8
8%
8%
i
8%
8%
8%
487g
48%
48
4834
48
4734
48% 4834
4834
14%
14%
14%
14%
14%
1434
14%
14%
14%
29%
2834 29%
28
28% 28%
2834
29%
2834
38%
84%
85ig
*111%
*20
*434
514
3834
14934
97%
98
*2634
27%
27%
2634
19
27%
2634
,
22%
147
146%
Range Since Jan. 1
STOCK
Shares
98
22%
22%
146
YORK
.;.Y:
' •
.
EXCHANGE
Week
$ per share
99
NEW
the
Aug. 14
$ per share
98%
98
*26%
20%
99
Friday
Thursday
Aug. 13 *
10
5
1%
% Mar
1%
2% Mar
6%
Dec
Jan
Aug 14
7% Mar
17
Aug
28% July 24
20% Aug
32
Sept
29%
30%
Jan
2
25%
Dec
11% Feb
6
4
Mar
85
Apr
Dec
'
*65S
*80
7
■-
1%
40
*81%
6%
*80
^
1%
40%
*1%
40%
82
7
7%
.«
*
«.
1%
*1%
41%
83%
42%
83
82%
104% 105% *103% 104%
*107
109
10Q% 100%
*121%
114%
9%
*18
*2%
....
7%
~T%
42
83%
*1%
41%
*8234
7%
*80
*1%
"1"%
41%
1%
41%
83%
7
41%
£83% £83%
*104% 106
*105
*108% 109
106
*1%
40
*81%
*105
*121%
10
18%
2%
2%
6
90%
87%
6%
90%
41%
41%
141% 144%
42%
43%
144
148
...
6
6%
87%
6%
88%
42% 42%
143% 145
147
6%
6%
88
89%
8734
90
87
42%
43%
43%
44
42
6%
6%
6
145
14234 145
140% 143%
150
150
150
150
*37%
27%
38%
28%
S27%
28
80
*65
*65
*65
80
*65
80
*65
,
105
*27
28%
*90
95
80
*65
80
*99% 105
*99
105
28%
*91
28%
28%
95
*90
2534
26
26%
37%
28%
2834
95
90
90
22%
22%
22%
22
22%
21%
14%
14%
14%
14%
14%
14%
*3%
4
4
*3%
*90
14%
4%
28%
22
*3%
*21%
3%
*358
7%
75
22%
4
8%
75
54%
54%
30
30
*72
21%
*3%
21
22
21
20%
3%
*3%
3%
3%
8%
8%
8%
75%
8%
8%
20%
3%
8%
26%
37%
-*99% 105
*99% 105
28%|
22%
14%
4
88%
43%
144
28
38%
27%
26%
6
150
150% *149% 152
27
26%
26%
*37% 38% *37%
38%
27
27%
27% .27%
*37%
83
106%
*25
150
320
'
20
60
3,000
1,000
300
38%
38%
20
27
27%
3,600
*99% 105
28%
*28
29
600
95
*93
95
100
700
3%
3%
3%
3%
1,100
xSh
8%
8%
8%
36,100
78
78
3,000
55
17,400
3034
8,600
72%
65%
75%
75%
77
77
77
2,140
65%
67
68
6634
78%
68%
75%
66%
78%
67%
76
63
66%
66I9
3,600
92
94
91%
93%
90
91
90
90
9034
90%
88
90%
250
65%
65%
65%
65%
65%
40%
40%
21%
40%
20%
40%
20%
80
79
80%
79%
*120
121% *119% 120%
36%
37%
37%
37%
7%
•7%
7%
7%
For footnotes
see
pave
65%
6534
65%
65%
65%
65
40%
40%
40%
40
40
40%
40%
1,400
20%
20%
20%
19%
20%
19%
19%
27,300
79%
78%
48
79%
119% 119% *119% 121
37
36%
37%
36%
7%
7%
7%
7%
78%
1028.
*135
138
47%
47%
77%
7938
119% 119%
35%
7%
37
7%
*135
47
2,200
138
47%
1,700
76%
7734
119% 119%
23,600
35%
*7%
36
7%
100
i
100
12% Feb 21
20% Feb 24
72%May
95
4
34% Jan 13
4
Feb
7
9% Feb
7
Feb 13
48% Mar
95
18
300
13,200
2,700
90
Feb
3
Nov
55% Nov
84% Oct
91% Dec
99% Nov
92
Nov
120%
Dec
Jan
114%
10%
1934
3%
7%
Dec
5% Mar
7t2 Mar
1% July
2% Feb
20% Mar
3
734 Nov
Jan
Mar
94% Jan
123% Jan
6
7
147
Aug 10
150% Aug 10
{»0
Feb
22%June
8
3334 Jan 25
10
Mar
29
Jan
32% Mar
32
July 29
1634 Mar
34
Jan 14
80
June 24
18
99
July 21
99
Dec
Dec
Jan
Jan
77% Nov
35S4 Deo
9834 Nov
126
33%
38%
25%
"35%
Dec
Dec
July 21
Wheeling Steel Corp
No par
Preferred
100
White Rk Mln
29%
138
100
8% Apr 27
15
Apr 30
2
Apr 25
5% Jan
2
104%
Mar
19%June 29
200
54%
4634
100
Mar 23
36
Westvaco Chlor Prod..No par
1,200
78
*135
116
Jan
Mar
39
3%
32
47%
122%June 30
6
72
34
39% Mar
36% Jan 14
14%
55%
139
6
111% Jan
Jan
Jan
No par
3%
54%
47%
116% Jan
100
A
*14%
77%
*137
Class
3%
20%
29%
47
100
Preferred..
14%
78
139
Western Pacific
*3%
32
47
July 24
Maryland
2d preferred
14%
55
*135
101
Western
White
76
47
Feb 20
preferred.
7,600
31%
139
6%
2134
54%
*46
87
West Penn Power pref
21%'
76
*135
6% preferred
1
30%
Wheeling & L Erie Ry Co.. 100
5H % conv preferred
100
80
32%
65%
Apr 21
1st preferred
..50
Weston Elec Instrum't.No par
54%
20%
110
120
54%
31%
a40
July 24
2
Westingh'se Air Brake.No par
Westinghouse El & Mfg
.50
31%
20%
106
Jan
18,000
16,600
63
72%
7
96
Western Union Telegraph.100
1,100
19
91% Jan
100
;
1,400
15,500
25%
19
Feb 25
June 23
2% Jan 13
lOOf
Preferred
21%
'
78
85
46% Jan 2
83% Aug 11
"
54%
77
1% July 11
33%June 30
21%
20
83
9
May 26
Conv preferred
No par
West Penn El class A..No par
70
150
54%
29%
*75%
...100
6%June
Wells Fargo & Co
1
Wesson Oil & Snowdrift No par
900
<
108% 108%
w
148
27%
70
4,100
100% 100%
100% 10034
10034 101
99% 101
122
122
122
122
*121%
*121%
115
*115%
115% *114%
*114%
To"
9%
9%
9%
9%
934 "9%
9% "9%
19
19
18%
18%
*17
18%
1834
18%
18%
2%
*2%
*2%
2%
2%
*2%
2%
2%
2%
«.
No par
Preferred.
1%
41%
100% 100%
10%
18%
27%
7
*80
*108% 109
6
*99
6%
104% 106
114% *115%
148
6%
*80
107% 107% *108i4 109
89,
•
7%
*80
-
Motor
50
Spr ctf. .No
White Sewing Mach
Conv preferred
No par
Wilcox Oil & Gas
Wilson & Co Inc.
$6
par
No par
5
No par
preferred
100
Woolworth
(F W) Co
Worthington P & M
21% July
July
4
6% Mar
7
17
6
12% Oct
1% Mar
Apr 28
24% Jan 10
5% Mar 30
6
Jan
1
Mar
6 >s June 19
11
Jan 14
3%
June 20
87
Jan 15
58
Apr
Apr
51
2% Jan
70
7
32% Nov
102% Nov
19% Dec
24% Jan
4% Dec
20% Dec
3% Dec
9% Nov
79
Nov
44% Apr 23
56% Feb
Jan
65% June
35% Mar 23
11% Mar
25% Nov
78% Aug 13
25% Mar
20
Apr
35% Mar
73% Mar
17% Apr
61
Preferred A
100
100
47
par
62% Jan
par
Yale & Towne Mfg Co
25
Yellow Truck & Coach cl B.10
Preferred
100
Young Spring & Wire..No par
Youngstown S & T
No par
5M% preferred...
100
Corp
Sept
10
Preferred B
Radio
Mar
5% Jan 13
Dec
Nov
100
Wright Aeronautical...No
Wrigley (Wm) Jr (Del).No
Zonite Products Corp..
14% Mar
46% Jan
28% Mar
23% Apr 30
56
Apr 30
Zenith
Jan
3
3% Apr 28
16
3
37% Jan 10
109% Feb 19
84
18% Feb
13% July
Jan
No par
Jan
5
68% Aug 13
106
Mar 11
63% July 30
79
Feb 10
33% Apr 28
8% Jan
45
Jan 23
83% Jan
42% July
41% Jan
105
Jan
11% Jan 28
5% July
21% Aug
145
4
July 29
2% June
Nov
51% Nov
68
Dec
8234
Apr
35% Nov
9% Dec
31% May
96
Nov
6
18
Mar
80% Aug 10
13
Mar
53%
46%
Dec
55
122
Apr
7
39% July 31
Aug
9% Jan
4
38% Apr
1% May
2% June
105
Dec
Dec
1434 Nov
7%
Dec
Bond .Brokerage
Complete
RICHARD
WHITNEY & CO.
Member*
15
New
York
Stock
Member*
New
York
Curb
BROAD
On Jan. 1, 1909 the
NEW YORK
STREET,
T. & T. Teletype
A.
New York Stock Exchange-
1038
Exchange
Exchange
9-4600
Telephone BOwllng-Green
Exchange method of gaoling bonds
Service
TWX,
Y. 1-1793
N.
Bond Record, Friday, Weekly and Yearly
changed and prices are
was
Apg.is.me
interest"—except for income and defaulted bonds
now "and
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.
Week's
Friday
i
BONDS
N.
Y.
STOCK
Sale
Week Ended Aug. 14
U.
Friday
Week's
Range or
Range
BONDS
Last
Range or
Friday's
Bid
dk
Asked
Since
N. Y. STOCK EXCHANGE
Sale
Friday's
Last
EXCHANGE
Price
sa,
'
Low
Jan. 1
High
No.
Treasury 4 * s—_ Oct
15 1947-1952 A
118.15
118.20
25
115.3
Treasury 3*s„.Oct
15 1943-1945 A O 108.14 108.8
15 1944-1954 J D 113.25 113.22
108.15
94
105.24108.15
113.26
.155
Treasury
Treasury
Treasury
Treasury
S.
Government
4s
Dec
O
M
3*s_—Mar 15 1946-1956
3*8—June 15 1943-1947
3s
Sept 15 1951-1955
112.1
109
106.17108.28
107
102.20105
436
102.29 105.29
105.29
108.7
Treasury 3*s.—June 15 1940-1943 J D
108.27
Treasury 3*s_..Mar 15 1941-1943 IVI S
Treasury 3*B—June 15 1946-1949 J D 106.23 106.13
Treasury 3*s__.Dec
15 1949-1952 J D 106.12 106.8
«.
—
112.1
145
142
8
108.9
107.19 109
108.30
109
108
106.24
—
108
103.24106.24
External 5s of 1914
2
103.19106.15
External loan 4*s
108.5
31
Aug
1 1941 F A 108.28 108.26
108
15 1944-1946 A O 108.4
15 1955-1960 IVI S 102.24 102.16
108.6
102.26
473
100
Treasury 2*s__.Sept
Treasury 2*s„_Sept
Treasury 2*s
15 1945-1947 M S 104.5
104.7
258
102.14
153
101.7
101.24
327
100.23 101.24
1951-1954 J
D
101.21 101.13
107
109.12
105.12 108.6
102.26
15 1944-1964 M
Mar
S
102.14
3s
Jan
Mar
87
103.16
161
103.30
102.24 102.19
Home Owners' Mtge Corp—
3s series A
May
1 1944-1952 M N
104.5
102.25
15
1st
ser
1 1939-1949
1942-1944
564
100.17103.10
101.26
497
....
10
62
101.26
85
99.17101.29
96*
96*
6
55*
9
105*
106
101*
101
101*
60*
105*
105*
104* 106*
100* 102*
93* 100
99*
89
72
99
103
99
O
102
37*
90
1
>96
105*
1940 A
.1940 A
5*s of 1926
100
457
95*
96
34*
99* 103
99* 101
92
96*
128
102
50*
94*
1952
1942
B
25
*41 *
68
67*
47
66*
65*
68
23
66*
48*
71*
67*
11
61*
68
37
65
65
1
61*
69
22*
22*
2
21*
30*
66*
96*
1
41*
93
70*
96
O
♦Dresden (City) external 7s
20
A
♦Sink fund 6s Apr coup on...1948 A O
Akershus (Dept) ext 5s
1963 M N
19*
20*
19
20
17*
17*
J
9
♦External
s f
7s series B
1945 J
J
♦External
s
f 7s series C
.1945 J
J
9*
9*
♦External
s
J
s
f 7s series P
f 7s 1st series
1945 J
♦External
1957 A
O
♦External
sec s
f 7s 2d serles_1957 A
O
♦External
sec s
f 7s 3d series. 1957 A
O
8
8
Antwerp (City) external 5s
1958 J D
Argentine Govt Pub Wks 6s... 1960 A O
Argentine 6s of June 1925
1959 J D
100
100
100
27
101
50
101
100*
46
97* 101*
101
100*
100*
25
97* 101*
101*
101*
24
97* 101*
D
101
101
101*
1960 M N
101
100*
102
12
101*
22
101
100*
100*
101*
101*
101*
101*
97* 101*
97* 101*
31
1965 J
D
100*
"ii
23
3
162
22
6
97*
108*
100* 104*
27
165*
18
27
149* 183
151
172*
"li
167
190
41
166
182*
97* 102
101*
100*
160*
♦157*
1941
1949 j
1949
*
105*
100*
D
17
*107
161*
7*s unstamped
97* 101*
External s f 6s of Oct 1925.. 1959 A
101*
101*
101*
J
1967
1945 M S
1956 M S
J
French Republic 7*8 stamped.1941 J
10
7*
95* 101*
101*
1948
External sink fund 6*s
♦Frankfort (City of) s f 6*8—1953 M N
21
21*
98
100*
7*
11*
8
11*
8*
11*
7*
11*
10
7*
99*
9*
9*
9*
9*
8*
8*
1945 M N
El Salvador 8s ctfs of dep
Foreign Govt. & Municipals—
Agricultural Mtge Bank (Colombia)
♦Sink fund 6s Feb coupon on. 1947 F
101
82
99.16 101.29
103.7
103
70*
23
1955
ser
2d series sink fund 5*s
103.10
101.23 101.19
101.24 101.19
A
7
7
100
95
Estonia (Republic of) 7s
Finland (Republic) ext 6s
F
37
101
•
20*
27*
102
{♦Stamped extd to Sept 1 1935... MS
Dominican Rep Cust Ad 5*8—1942 M S
100.15102.25
"36
95
High
17
17*
22
17*
20*
92* 100
88*
97
82
100
96*
External gold 5*s
101.20104.5
193
20*
99*
Low
2
27
"53*
External g 4*s_.
.Apr 15 1962
Deutsche Bk Am part ctf 6s—1932
100.26 103.16
J
1 1942-1947 IVI
35
loo""
1949
A
Denmark 20-year extl 6s.
102.20104.20
S
15 1942-1947 J
2*s series B_.Aug
2*s series G.__
104.16
103.16 103.8
May 15 1944-1949 M N
3s
2*s
104.16 104.10
ser
No.
19*
20*
27*
1949
Sinking fund 8s
Federal Farm Mortgage Corp—
3*s
95
Jan 15 1953
♦Public wks 5*s„_June 30 1945
Czechoslovakia (Rep of) 8s
1951
100.31104.7
108.31
15 1948-1951 M S 102.13 102.6
"99*
Since
High
19*
19*
*19*
98*
94*
81*
20
Sinking fund 5*s
106.12
109.9
Treasury 3*s__
Treasury 334s. __Apr
Treasury 2*s_„Mar
103.30
O
1946 M N
1947 F A
1952 J D
25-year gold 4*8
1953 M N
J
Cordoba (Prov) Argentina 78—1942 J
Costa Rica (Republic of)—
♦7s Nov 1 1936 coupon on...1951
Cuba (Republic) 5s of 1904....1944
♦Sinking fund 7s of 1926
♦Sinking fund 7s of 1927
Copenhagen (City) 5s
Range
Jan. 1
Asked
&
Low
Foreign Govt. & Mun. (Concl.)
♦Colombia Mtge Bank 6*8
1947 A
113.26
108.28
105.27 105.23
M
111
112.1
108.20
D
High
118.20
105
111.24
104.29 104.21
June 15 1946-1948 J
Treasury 3s
S
D
M S
J
Low
Bid
Price
Week Ended Aug. 14
♦Antioquia (Dept) coll 7s A
External
1945 J
f 6s series A
s
External 6s series B
Extl
s
f 6s of
External
1958 J
May 1926
f 6s (State
8
O
1957 M S
Ry)...1960|M S
Extl 6s Sanitary Works
1961 F A
Extl 6s pub wks May 1927.. 1961 MN
_
..
...
.
_
Public Works extl. 5*s
101
1962 F
A
100*
100*
J
108*
108
103*
95*
24*
102*
107
107
104*
103*
114*
106*32
108*
108*
103*
95*
25*
107*
104*
115*
106516
108
1957 M S
External g 4*8 of 1928
1956 M N
Austrian (Govt) s f 7s
♦Bavaria (Free State) 6*8
1957
f 6s
J
1945 F A
.1949 M S
Belgium 26-yr extl 6*s
1955 J
J
External 30-year s f 7s
1955 J
D
Stabilization loan 7s
1956 M N
s
'
Bergen (Norway) ext 8 f 5s
1960 M
♦Berlin (Germany) s f 6*s
1950 A
♦External sinking fund 6s
1958 J
♦Brazil (U S of) external 8s...1941 J
♦External s f 6*8 of 1926...1957 A
♦External
s f
6*8 of 1927—.1957 A
♦7s (Central Ry)
Brisbane
(City)
8*
1955 J
Australia 30-year 6s
External 5s of 1927
External
*9*
8*
*8*
1952 J
94
24*
7
.
8
32
23
41
18
78
15
8
108*
108*
103*
97
32
22*
105* 110
101* 109*
30
109
3
100
12
25
25
5
19
D
25
24*
25
24
19
28*
27*
35*
27*
27*
60
D
34*
34*
O
27*
27
O
27*
26*
D
27*
26*
27*
103*
103
S
1958 F
A
102*
1950 J
D
104
102*
104*
27*
22*
30
58
22
25
21*
24
95
12
30*
26
♦6*s stamped
1961 F
1977 M
Refunding
1976 F
1976 A
J
15 1960 A
O
32*
32*
O
36*
15
♦Guar
s
f 6s
1961 A
f 6s
O
♦Chilean Cons Munlc 7s
1960 M S
1935 coup on. Jan 1961 J
For footnotes
13*
1962 M N
♦Chinese (Hukuang Ry) 5s
1951 J D
♦Cologne (City) Germany 6*8.1950 M S
Colombia (Republic of)
♦6s Apr 1 1935 co.up on.Oct 1961 A O
♦6s July 1
13*
70
49
see
page
J
110*
114*
105*
111*
96*
99*
32*
100*
103*
35*
37*
4
'150
2
94*
99*
100
5
17
95
27
38
112*
26
50
115
60*
87*
83* 100
53
83
77
51*
91* 100
*—
104*
D
9*
1954 J
9*
♦Mexican Irrig assenting 4*s.l943 MN
*4 *
*6 *
♦Assenting 5s of 1899
♦Assenting 5s large
98
10
7*
6*
10*
7*
7*
*6*
1945 Q
101
10*
4
10
*4*
7U
10*
12*
12*
Sec extl
s
s
1952
f 6 *s
Sec extl
f 6*8
106*
7
46
External sink fund 5s_.
1963 M
1956 M
1965 A
D
1970
101*
101*
96*
101*
External sink fund 4*s
External a f 4*s
101*
96*
102*
101*
96*
100
"23*
"22
45
36
14*
13*
15
14
15*
15*
14*
13*
15*
14*
14
15*
13*
15*
13*
13*
23
22*
34
19
25*,
422*
22*
23*
27
19
25*
D
1963 M N
22
96*
105*
68
81
81*
15
76*
81*
76*
13
9
5*
9*
9
1
77
15*
19*
14*
19*
100* 105*
101
105
104* 107*
105* 108
100* 104*
99* 102*
96*
97*
102* 104
27
86*
72*
82*
101',6 104
101', 6
96*
101*
97*
35
105
105*
3
104
68
68*
7
67
90*
60*
18
58
81
10
19
60
♦78 Sept coupon off.
..1947 M
60
D
11*
O
,
96*
97*
106
♦Nat Loan extl
s
Stabilization loan
s
f 7s
External sink fund g 8s
Porto Alegre (City of)—
*83 June coupon off
16*
11*
50*
12
40
O
15*
14*
11*
11*
49*
52*
21
37
1947
o
68
63*
69
79
44
49
45*
49*
99
40
96
19*
19*
1
16
22
17
17
1
15
19*
1959 M S
_
1960
f 6s 2d ser.1961
Poland (Rep of) gold 6s
S
1940
♦Peru (Rep of) external 7s
♦Nat Loan extl s f 6s 1st ser.
27*
22*
O
1953
83
29
*103*
1955 M N
1955 A
♦Stamped
52
22*
A
6*
50
7*
7*
Pernambuco (State of)—
13*
12*
11*
40*
19*
A
1958 M N
Sinking fund 4*s
13*
12*
12*
12
F
1952 F A
1953 M S
Panama (Rep) extl 5*s
♦Extl s f 5s ser A
15*
14
3
3
106*
37*
12
105
19
104*
14*
14*
14*
1
10
106*
Extl deb 5*8
Oslo (City) 30-year s f 6s
10
105*
17*
105*
Oriental Devel guar 6s
12
18*
18*
11
18
105
S
104*
16
13*
5
"91
105*
37
50*
"n"
1944 F
34*
50*
"
1943 F
...Apr 1958
14
4
65
20-year external 6s
27
5
70*
Norway 20-year extl 6s
28
11
48
110*
15
13*
7*
4*
7*
7*
O
1959 M
14*
13*
A
1958 M
extl 53.. 1957
36
13*
5
4*
4*
4*
J
♦{Small
Municipal Bank extl s f 5s
♦Nuremburg (City) extl 6s
13*
13*
13*
4*
4
6*
115
27*
14*
14*
6*
♦{Treas 6s of '13 assent (large) '33 J
Milan (City, Italy) extl6*s
Mlnas Geraes (State)—
100*
103*
29
14*
14*
14*
13*
"5*
5
—1954
*
New So Wales (State)
External s f 5s
23
*1
5
45*
115
82
75
♦Mexico (US) extl 5s of 1899 £.1945 Q
71*
.^2*
1043.
99*
♦7*s June 1 1935 coup on ..1950 J
33*
32*
36*
32*
12
50*
81*
•
32*
31*
17*
15 1960 J
14*
19
18*
42*
*112*
x
22*
16*
f 6s__July
M S
32*
25*
22*
13
f 6s__Oct
♦Extl sinking fund 6s. .Sept 1961
17*
16*
22*
13
s
♦External sinking fund 6s... 1962 M S
♦External sinking fund 6s... 1963 M N
♦Chile Mtge Bank 6 *s
1957 J D
♦Sink fund 6*s of 1926
1961 J D
18*
1
1947 F
7s
16*
s
s
8 f
17*
35*
14*
14*
2
20*
Lower Austria (Province of)—
49
66*
.
♦Farm Loan
♦Guar
♦Leipzig (Germany)
67*
68*
♦Farm Loan
J
30
18*
110
89*
67*
59*
61*
39*
"37*
A
17
78
66*
114
O
104
19*
18*
20*
♦Assenting 4s of 1904
..1954
♦Assenting 4s of 1910 large..
♦Assenting 4s of 1910 small.
103*
1961 F
104*
*19
25
66
J
1960 A
104*
A
30*
1957
71
S
Jan 1961 J
99
26*
24*
16*
84*
58
25-year 3Ms
1961 J
♦Carlsbad (City) s f 8s.-.
1954 J
♦Cent Agric Bank (Ger) 7s..1.1950 M
f 6s
19*
20
84
55*
109*
s
9
24
22*
*17
30*
71
100*
102*
1942 M N
24
J
28*
A
65
110*
1938 A
O
.1965 M N
sinking fund 5*8
64
ioo*
♦Farm Loan 6s ser A Apr
15
♦Chile (Rep)—Extl s f 7s
♦External sinking fund 6s...
♦Extl sinking fund 6s—-Feb
34
37*
31*
♦Assenting 5a small
A
♦Ry ref extl
Extl
♦78 with all unmat coup
♦4s of 1904
Aug 15 1945 F
33
26
Jugoslavia State Mtge Bank—
83*
*14*
17*
J
A
J
f 6 *8. .1954 F
a
69*
66
1952 M N
28*
25*
73
55
17*
1960
''I
93*
69*
70
♦Sink fund 7 *s May coup off 1968 M N
10-year 2 *s
45
21*
73
Japanese Govt 30-yr
93
Bulgaria (Kingdom of)—
5s
27*
11
64
83*
48*
O
34
2
*17
94
98
69
A
25
98*
1937 M
68*
48*
Canada (Dom of) 30-yr 4s
39*
2
98
External sec s f 7s ser B
1947 M
Italian Public Utility extl 7s...1952 J
100*
92*
99
J
♦Sink fund 7s July coup off.. 1967 J
98*
Italian Cred Consortium 7s A
65*
O
.1984 J
100*
29
29*
27*
24
1951 J
*70
64
1975
f $ bonds
100
38*
95
30
Italy (Kingdom of) extl 7s
68*
A
4*-4*s
25
11
O
.I960 M N
f 5s
83
S
Extl re-adj 4*-4*a
Extl s f 4*-4*s
99
*97*
97*
A
Extl sf 4*-4*s
26*
99
External s f 6s ser C-3
1960 A O
♦Buenos Aires (Prov) extl 6s.-.1961 M S
♦6s stamped
1961 M S
s
s
29*
20
21*
A
♦7s unmatured coupon on
1946 J
♦Hungarian Land M Inst 7*8.1961 M N
♦Sinking fund 7*8 ser B
1961 M N
♦Hungary (Kingdom of) 7*8.. 1944 F
Irish Free State extl
22*
13
37*
*25*
1945 J
coup on
♦Medellln (Colombia) 6*8
♦6s July 1 1935 coupon on...1962 J D
Buenos Aires (City) 6*s B-2..1955 J
J
External s f 6s ser 0,2
I960 A O
3% external
♦7*s unmatured
98
29
*25
A
.,1968
(Republic) s f 6s ser A.-.1952
♦Hamburg (State) 6s
..1946
♦Heidelberg (German) extl. 7*8 *50
Helslngfors (City) ext 6*8
1960
Hungarian Cons Municipal Loan—
28*
27*
34*
29*
30
1968 F
♦6s part paid
27*
26*
33*
37*
D
1964
Haiti
95
102*
101* 104*
^Budapest (City of)—
s f
♦7s part paid
29*
103*
1958 J
♦Sink fund secured 6s
37*
25
175
29
34*
♦Greek Government 8 f ser 7s..1964 M N
105* 109*
98* 102*
100
28*
27*
1965
♦(Cons Agric Loan) 6*8
118*
25
S
♦5*s unstamped
101*
101*
13
18
♦5*s of 1930 stamped
97* 101*
97*
94*
104*
104*
98*
173
170* el71*
♦German Rep extl 7s stamped. 1949 AO
♦7s unstamped
1949
German Prov & Communal Bks
10
O
1957 M
f 5s
Sinking fund gold 6s
20-year s f 6s.
s
'
8
External 7a stamped
7s unstamped
German Govt International—
1950
J
1961
D
..1966
J
14*
14
12*
13*
12
78
10
10
17*
16*
16*
80*
111*
*
♦7*s July coupon off
17
Volume
New York Bond
143
Friday
BONDS
fe
cfe
N. Y. STOCK EXCHANGE
Range or
Friday's
Bid
&
Asked
.
Week Ended Aug. 14
Sale
Price
Nft,
Foreign Govt. &Munic. (Concl.)
Prague (Greater City) 7%s
1952 M N
♦Prussia (Free State) extl 6%s.l951 M S
♦External s f 6s
1952 A O
Queensland (State) extl
f 7s. .1941 A
s
25-year external 6s.♦Rhlne-Maln-Danube 7s
Low
24
Range
2
24
4
22 %
3b
24
112%
b
*111%
112 %
Low
O
3b
F
A
A
O
J
D
16%
16%
18M
li
im
17%
18
14
"74 %
*17 M
68
"■75
1967 J
O
*23
D
1952 A
Rome (City) extl 6 Ms
Rotterdam (City) extl 6s
Roumanla (Kingdom of
15%
38
15
21
1964 M N
2d
19%
"9b
113M
2
27 M
11
18%
21
15
20%
54%
81%
110
122%
27 %
1959
♦Saarbruecken (City) 6s
1953
Sao Paulo (City of
Brazil)—
♦88 May
coupon off
1952 M N
♦Extl 6 Ms May
coupon off..1957 M N
San Paulo (State
;.:1
*27
18M
18M
1
17%
17 %
9
of)—
{♦8s July coupon off
1936
♦External 8s July coupon off. 1950
♦External 7s Sept coupon offl956
♦Exter .al 6s July
coupon off.1968
♦Secured s f 7s
1940
♦Saxon State Mtge Inst 7s
J
26M
J
J
M
S
J
J
A
O
18%
"89 M
26 M
10
21%
J
22 M
10
18 M
18%
6
16%
17
9
89
89 M
32
1945 J
D
*25
1946 J
♦Sinking fund g6Ms
D
*25
Serbs Croats & Slovenes
(Kingdom)
♦8s Nov 1 1935
coupon on..1962 M N
*7s Nov 1 1935
coupon on_.1962 M N
Silesia (Prov of) extl 7s
J
D
23%
1958
♦7s Feb coupon off
s f
Taiwan Elec Pow
1946
s
s
95 M
A
—
J
T
79
76
1971 J
f 5Ms guar..
1961 A
Trondhjem (City) 1st 5%s—..1957
♦Uruguay (Republic) extl 8s..1946
23 M
IS
22 M
40
23%
42%
61
lb
92
79
20
11
13
78 M
7
101%
78%
101M
M N
3
95 M
104%
79%
76M
%
104
73
O
"l4
165""
165
4
A
55
♦External s f 6s
...I960 M N
♦External s f 6s..
1964 M N
Venetian Prov Mtge Bank 7s—1952 A O
54%
52 M
55
58
55
53
55
2b
*73
90
Vienna (City of)—
♦6s Nov coupon on
Warsaw (City) external 7s
..1952 M N
1958 F
.*
AND
A
1961 J
Yokohama (City) extl 6s
RAILROAD
F
J
D
M
S
1943 J
A
23%
15%
21%
20%
14
81%
25%
32%
4s
35
33
75"
33
51%
150
166
D
78
lb
102%
69%
32
#
76%
A
D
94
O
84 M
63%
1950
1955 M
..2030 M
1953 J
70
103
1st g
74
96
71%
-
89
98%
162
94%
17b
84
87
63%
111%
99
99
162
162
44
65%
102%
542
~
—
1
111%
101%
68
169
358
98M
98
98%
2
S
70%
69 M
74 M
71 M
90S
75
75
111%
18
40%
6s
80
111
76
87%
98%
78
95%
4%s
D
•:
'
99
A
Deb g 6s series A
83%
66
79
8
116%
134
5b
J
113
67
112
114
65
116
2b
A
112M
113%
114M
112M
J
122 %
lib
129 M
66
..1975 MN
J
g 6s. .1947 J
deposit
Anaconda Cop Mln s f deb 4 Ms 1950 A O
♦Anglo-Chilean Nitrate 7s
1945 M N
109 %
41
of
S f Income deb.....
1967 J
J
{♦Ann Arbor 1st g 4s
1995 Q J
Ark & Mem Bridge & Ter 5s...1964 M S
Armour & Co (111) 1st 4Ms
1939 J D
1st M s f 4s ser B (Del)
1955 F A
1950 J
4s—1995
Adjustment gold 4s
Stamped 4s
gold 4s of 1909
A
J
O
1995 Nov
1995 M N
Conv
1955 J
D
Conv 4s of 1905
1955
D
Conv g 4s Issue of 1910
Conv deb 4 Ms
1960
D
1965
31 M
30
30
73 M
69
k
Trans-Con Short L 1st 4s
Cal-Arlz 1st & ref 4 Ms A
112
1958 J
S
97
106%
106
49
32%
32%
48%
99% 106%
23%
34%
111
18
30
77
67%
103%
104
36
*106%
111
111
98%
105%
114%
169
110%
30
111
25
171
40
"
109%
107%
111%
6
"22
*107
113%
112%
112
112%
11
105%
*li0
76%
77%
121
96
35
11
24
10
70
106
111%
.
_
_
_
79%
ll<3
71
79%
74%
21%
68
21
18%
20
17
19
19
6
-
-
"
100
100
6
100
5
9
265
77%
3
113
104%
108%
113%
121%
128%
104%
108%
105%
105 %
N
„
k-
J
121%
m'm.
-
~
-
104%
108%
128%
3
92
trust
cons g
6s
*103%
*109%
84%
21
J
O
O
60
95%
19
10
1
107
14
95
104
104
110
103%
89%
21
57
60
95%
105%
104%
J
115%
115%
118%
120%
115%
14
118M
119
12
120%
18
A
D
*120
1944 J
D
1960 J
J
119
116%
116%
117%
116%
128
"95%
128%
96%
104%
95%
104
J
Dec 1 1954 J
121
118%
117%
4
12
115%
116
108
108
108%
35
104
104%
41
106%
6
1949 J
J
*48
"55
1938 J
D
106%
107
"it
A__Dec 15 1952 J
D
111
111
3
1950 M N
108
108
w w
6
J
D
87
J
D
*31
33
F
A
66
66
66
27%
27
28%
14%
13%
15
9
14
4b
MN
1959 A
O
.1959
93
81%
95% 100
40%
33%
59%
54%
61
79%
103% 106%
70
113
100% 104%
103
107%
103% 105
102% 108
75
92 V
108%
84%
100%
99%
114%
100%
105
106
88
98
74%
61%
80%
90
74
90%
113% 116%
103% 109%
109% 118
68%
75
98% 100%
119
125
121%
129%
87%
23%
22%
20%
00
32%
30
29
33
102% 106%
109% 110%
71%
93%
73
94
68
89%
31%
26%
26%
88
100%
102% 102%
100% 102%
20
18%
17%
69
75
109
85
95%
115
119% 122
124% 128%
105%
104
108
110
105
106%
103%
102% 104%
65%
84%
19
30%
26
29
90
80%
48%
68%
67
■
55%
92% 101%'
105% 107%
103% 105%
18
9%
111% 118%
108% 115%
113% 119
115
120%
115% 121
112% 119
110% 117%
110% 116%
122% 129
87%
97%
102% 106
113% 116%
105% 108%
100% 105%
49%
54%
106% 108%
108% 111%
102%
73
108
90
50
27
36%
52
....
68
23
36%
11%
20
12
20
♦Chatt Dlv pur money g 4s. .1951
♦Mac & Nor Dlv 1st g 5s
1946
♦Mid Ga & Atl Dlv pur m 5s. 1947
*22
25
21
29
20
20
20
24
20
15
23
♦Mobile Dlv 1st
g 5s
.1946
Cent Hud G & E 1st & ref 3 Ms. 1965
Cent 111 Elec & Gas 1st 5s
1951
22
20
28
gu
4s
Central N J gen g 5s
General 4s
Members
—
16
151
104%
*15%
107%
104%
1961
103%
53%
1987
22
107%
104%
—
-
A.
New York
-
T.
&
T.
Curb Exchange
NEW YORK
-
Teletype
Wipes to Chicago. Indianapolis and St.
NY
Louis
1-911
1
2
48
82
54
19
89
1987
Vilas & Hickey
Telephone HAnover 2-7900
9
27
1946 M S
{♦Cent New Engl 1st
1
2
117
138
83%
BROKERS
—
12
31
117
1970 F
118%
105% 111%
95% 100%
76
88%
17
11
117
O
♦Ref & gen 5 Ms series B
♦Ref & gen 5s series C
114
-
12
84
J
1957
.
105% 107%
110% 114
110% 113%
Exchange
112
18%
114
17%
High
118
103% 107
108% 111
15
18
June 15 1955 J
ser
20%
*17%
*81%
55%
59%
Low
103
1
14
1969 A
4%s
102%
83%
105%
J
July 1969
Oct
......
O
1962 A
1981
♦Cent Branch U P 1st g 4s
1948
{♦CeDtral of Ga 1st g 5s...Nov 1945
♦Consol gold 5s
.—1945
103% 105%
99
94%
105
106%
110% 115%
104% 113%
104% 113%
106% 109
105
110%
102% 107%
109
A
Railroad, Public Utility and Industrial Bonds
Private
15
25%
25%
102%
5s A
cons gu
Carriers A Gen Corp deb 5s
Cart & Ad 1st gu g 4s
103
BOND
49 WALL STREET
1
Since
Jan. 1
J...
For footnotes see page 1043
New York Stock
14
128%
102%
O
1st &
84%
98
....
102%
D
1960 A
ex..
{♦Car Cent 1st guar g 4s
Caro Clinch & O 1st 5s
30%
73%
102%
105%
113%
110%
109%
111
109%
*108%
109M
J
1962 M
89
30 M
114
5
....
101%
76%
91%
1942 A
5s equip trust ctfs..
Coll trust gold 5s
114%
7
1
11
74%
73
A
1950 F
Coll trust 4 Ms
107% 131%
21
14
....
113
N
Guaranteed gold 4 Ms
1956 F A
Guaranteed gold 4Ms.-Sept 1951 M S
Canadian Northern deb
J
8Mb
1946 J
Canadian Pac Ry
J
4% deb stk perpet J
114
42%
41.%
32
167
102%
1940
Guar, gold 4%s
101% 106%
108% 134%
107% 110%
110%
.
106%
J
Rocky Mtn Dlv 1st 4s
111% 117%
102 M
103
D
.1948
106"
109%
38%
39%
105%
31M
397
102
ctfs
Collateral
{♦Am Writing Paper 1st
80
90%
116%
109%
N
1945 M N
5s...1937 M N
Guaranteed gold 5s
Guaranteed gold 5s
112% 115
109% 119%
1.12%
103
20
J
1955
Canadian "Nat guar
4%s
Guaranteed gold 5s
90%
66%
109%
Am Type Founders conv deb..
1950 J
31
90
73%
21%
k-k.
1957 IVI N
5s
Canada Sou
105 M
Amer Water Works & Electrio—
^
78
O
♦Camaguey Sugar 7s
118% 169
108%
112%
H3M
114M
112%
122%
J
i
77%
A
Cal Pack conv deb 5s.
101%
115
M N
24
105%
O
F
-
1945 IVI N
5s
Bush Term Bldgs 5s
gu tax
■
115
1943
-
-
kk
J
5slHill 1950
By-Prod Coke 1st 5%s A
Cal G & E
Corp unf & ref
65%
101%
108% 112%
90
105%
Convertible debenture 4 Ms..1939 J
Debenture 5s
1965 F
-
D
1961 A
Line 1st 4s 1955
cons g
120%
128%
*107%
*25%
k
24%
25%
25%
1955 IVI N
ser JJ
g
.
O
1947 IVI N
♦Consol
87
48%
36%
109%
20-year sinking fund 5 Ms
113
121
O
♦Certificates of deposit......
{♦Bush Terminal 1st 4s
1952
104%
S
.
*114%
109%
38
30
97%
*101%
A
Bruns & West 1st
gu g 4s...... 1938
J
Buffalo Gen Elec
4%s ser B... 1981
A
Buff Roch & Pitts
gen g 5s
1937 M S
Consol 4Ms
1957 IVI N
{{♦Burl C R & Nor 1st & coll 5s" 1934 A O
79
55
101
...1960 J
f deb 5s
78%
89%
102
103
D
J
.
5
47
104
96%
89%
*72%
1967 M S
1st lien <fc ref 5s series
B
s f deb
3%s
103
J
74
_
-
»
J
1955
Brown Shoe
M
5Ms.. 1949 J
Armstrong Cork deb 4s
Atch Top & S Fe—Gen g
D
1950
59%
111%
105%
112%
-
113
Debenture gold 5s
53
'
1
97%
93%
*100
ink"
k
»
S
D
1949 M N
Rolling Mill conv deb 4Ms.1945
Telep & Teleg coll tr 5s... 1946
Certificates
J'Ji.
Bklyn Edison cons mtge
1966 M
3%s
Bklyn Manhat Transit 4
Ms—. 1966 IVI
Bklyn Qu Co & Sub con
gtd 5s. 1941 M
1st 5s stamped
1941
103% 107%
103
106
78%
89%
J
^Boston & N Y Air
58
109
*63
98 %
105
97%
89%
1943
{{♦Botany Cons Mills 6Ms... 1934
♦Certificates of deposit
Brooklyn City RR 1st 5s..... 1941
37%
97
b
103%
1951
Boston & Maine 1st
5s A C
1st M 5s series II
82%
100
102%
39%
58%
37%
59%
53
.
19o
1951
♦Berlin Elec El &
Underg 6 Ms. 1956
Beth Steel cons M
4%s ser D..1960
Big Sandy 1st 4s
......1944
83
73%
68%
73%
97
*.
-»
79
28b
106
O
♦Debentures
95%
100% 105%
'
1950 A
stamped.
106
*106%
1949 J
5s
55%
101 %
52%
101
....
100
99%
O
91
78
94%
7
16
75
90%
111%
89%
1x1%
1948
6
106%
D
I960
Belvldere Delaware cons
3Ms—1943
♦Berlin City Elec
Co deb 6Ms.. 1951
♦Deb sinking fund
6 Ms
1959
29
14
29%
22%
79
36
104%
107%
D
Bell Telep of Pa 5s
series B
1st & ref 5s series C
23
122
93
104%
106%
89%
111%
99%
103%
-
-
O
Battle Creek & Star
1st gu 3s. .1989
Beech Creek ext
1st g 3 Ms
1951 A
.174
59%
54%
73%
103%
*104%
107%
1996
stamped....
«.
*105%
-
"o
i960
Ref & gen M 5s
ser F
Bangor & Aroostook 1st 5s
Con ref 4s
90%
33%
88%
D
1944
♦Alplne-Montan Steel 7s
-
16%
-
100
75
......
IVi N
A
--
-
57%
53%
73%
103%
75
J
& W Va
Sys ref 4s
1941 M N
Southwest Dlv 1st 3M-5s
J
1950
Tol & Cln Dlv 1st ref
4s A... 1959
J
Ref & gen 5s
series D
S
2000
Conv 4Ms
29%
89%
42
O
O
.1946
conv 58
s
53
101M
1948
Am & Foreign Pow deb 5s
American Ice s f deb 5s
Amer 1 G Chem conv 5
Ms
Am Internat Corp conv
-
19%
53%
93 M
39
101%
*66%
*112%
Allegh & West 1st gu 4s__
1998 A O
Allegh Val gen guar g 4s
1942 M 8
Allied Stores Corp deb
4Ms... 1950 A O
Allis-Chalmers Mfg conv deb 4s 1945 MN
♦
23
22%
53%
1995
P L E
17%
14%
.
73%
July 1948
Ref & gen 6s series C
Bklyn Un Gas 1st
1943 J
♦6s with warr assented
Susq 1st guar 3 Ms
J Alleghany Corp coll tr 5s
35-year
7
55
8£M
1947 J D
1952 A O
Alb &
Am
1948
1959
5s assented
1940
Bait & Ohio 1st
g 4s
..July" 1948
Refund & gen 5s series
A...1995
1st gold 5s
-
98%
58%
J
1st lien & ref 6s
series A
♦Albany Perfor Wrap Pap 6s. .1948
Am
<
INDUSTRIAL
Ala Gt Sou 1st cons A 5s...
1st cons 4s ser B___
conv
4s
-
—
92
92%
100
M N
1948 J
No
High
•
6
106%
111% ..10
99% .170
-.86% -.86.. -.87..
D
Oct 1952 MN
May 1 1945
4s
Bklyn Union El 1st
'
♦5s
27
COMPANIES
Coll trust 4s of 1907
Adriatic Elec Co. ext 7s
Coll &
94 %
41%
D
♦{{Abltlbl pow & Paper 1st 58.1953
Adams Express coll tr
g 4s
1948
♦Coll &
55
'
1964 J
{Baldwin Loco Works 1st
5s... 1940
28%
25%
*36
1952 M S
f 5 Ms
Tokyo City 5s loan of 1912
External
A
1955
5Ms
3b
30
23
♦Slleslan Landowners Assn
6s__1947 F A
Solssons (City of) extl 6s
1936 MN
Styrla (Province
of)—
Sydney (City)
M
22%
25
30
*118
D
1944 J
Atlantic Refining deb 6s
1937
Auburn Auto conv deb
4%s...l939
Austin & N W Is
tgu g 5s
1941 J
25%
14
14%
Monopolies)
♦7s August coupon off
L & N coll
gold 4s
10-yr coll tr 5s
Atl & Dan 1st
g
16
19
111
14
Asked
<fe
106%
1944 J
J -111% -111%
July 1952 M S ..98% -.97%
"General unified 4 Ms A
112
1946 J
Range
Bonds Sold
Friday's
Bid
Low
Atl Knox & Nor 1st
g 5s
Atl & Charl A L 1st 4
Ms A
1st 30-year 5s series B
Atl Coast Line 1st
cons 4s
Atl Gulf & W I SS
col tr 5s
25
Range or
Sale
Price
High
24%
5
18 M
16
18%
15M
Week's
Last
KjS
Week Ended Aug. 14
99% 101%
18
29%
18
28%
109
112%
109
"29 k
*27
...1966 M N
♦7s May coupon off
♦7s June coupon off
N., Y. STOCK EXCHANGE
•
A
1946
♦6 Ms Aug coupon off
.1953
Rio Grande do Sul (State
of)—
•
♦88 April coupon off
1946
♦6s June coupon off
,..1968
1039
BONDS
Since
Jan. 1
NO
HiOh
23
O
Rio de Janeiro (City of)—
♦8s April coupon off
2
Friday
100
99%
24
1947 F A
1950 M S
A
Record-Continued-Page
Week's
Last
7
105% 108
99% 104%
43%
77%
86% 103%
82
93%
New York Bond Record
1040
Continued
Aug.
Page 3
-
Week's
Friday
Y.
cBennett 'Bros. & Johnson
£M embers
|
Connections
%endolph 7711
T. 1-741 -+ 9ell
EXCHANGE
Week Ended Aug. 14
N. Y. STOCK
Last
Sale
s.fe
Ranoe
Friday's
Price' Bid
sfl.
&
Since
li
«a<2i
O
A
1949
not,6
1943
O
165"
106
106
J
4%s
o
104%
o
104%
104%
104%
J
D
106%
*21%
106%
{♦Consol Ry
non-conv deb
J
1951
4s__1954 J
1992
1993
4s...1946
4s.----1989
—1989
Warm Spring V 1st g 5s
1941
125%
92%
105%
151%
133
133
100%
R & A Div 1st con g
99%
100
S
*110%
110
52%
.1971
.1934
§{ Chicago & East 111 1st 6s
{♦C A E 111 Ry (new Co) gen 5s .1951
117%
A
98
O
53%
108%
111%
112%
112%
115%
98
__
IVI N
23%
♦Certificates of deposit
M N
Chicago & Erie 1st gold 5s— 4982
J
Ch G L & Coke 1st gu g 5s-_- .1937 J
M S
{♦Chicago Great West 1st 4s. .1959
J
J
{♦Chic Ind A Louisv ref 6s— .1947
J
.1947 J
.♦Refunding g 5s ser B
J
.1947 J
♦Refunding 4s series C'
.1966 IVI N
♦1st A gen 5s series A..
J
♦1st & gen 6s series B.May 1966 J
J
Chio Ind & Sou 50-year 4s— .1956 J
.1969 J D
Chic L S & East 1st 4%s
20
37
20%
18%
*121%
104%
36%
39%
*38"
21%
23
101%
110
53%
♦Gen 4%s series E-.May 1 1989 J
J
♦Gen 4% series F
May 1 1989
58%
J
F
1987 M N
Stpd 4s non-p Fed inc tax. 1987
"20%
7%
39
39%
M N
♦Gen 4%s stpd Fed inc tax..1987 M N
M N
♦Gen 58 stpd Fed inc
41
tax....1987
M N
♦4 %s stamped
1987
IVI N
§ ♦Secured g 6 %s
1936
J D
♦1st ref g 5sMay 1 2037
♦1st & ref 4%s stpd.May 1 2037 J D
J
D
♦1st & ref 4%s ser C.May 1 2037
"20%
1949 M N
_
5 J ♦Chicago Railways 1st 5s stpd
Aug 1 1933 25% part pd
1988
101
53%
47%
19
30
23
734
113
104%
38%
39%
"l4
195
40%
117%
98
14
23%
104% 105%
26%
28%
39%
48%
46%
15%
28
49
16% 29
92% 102%
110% 111%
36
20
21
7%
39%
565
40
21%
122%
28%
41%
22%
23%
101%
55
14
29
58%
58%
59%
40%
40%
45%*
20%
114
116
57%
58%
39%
*36%
*39%
113%
82
29
39
113
112
1
2
7%
55%
108%
104%
108%
107%
106%
2
47%
£8
{♦Chic Milw St P & Pac 5s A--1975
A
♦Conv adj 5s__
Jan 1 2000
M N
{♦Chic A No West gen g 3%s..1987
41
*110%
M & St P gen 4s ser A. .1989
♦Gen g 3%s ser B._May 1 1989 J
♦Gen 4%s series C-.May 1 1989 J
♦Chic
23%
21%
57
24
45
—
46%
65%
58%
68
68
69%
25
43
15
47%
47%
18
49%
463
17%
6
52
33%
20
9%
35%
36
37
40%
41%
48%
54%
54%
1952
56
38%
40%
46
19%
19%
20
12
16
11%
11%
12%
35
Mi
16%
14%
17%
17%
15%
297
17
10%
70
73%
36
82
s
J
1951
w w__
32
20%
29
13%
15%
12
14%
19%
22%
20%
,
D
110%
111
9
1-05
111%
D
*90
D
94
D
92
94
17
74
S
82%
83
55
61
1st mtge 4s series D
con
J
J
J
4s.-.1952 J
J
J
107%
J
104%
83%
O
Chllds Co deb 5s.——
1943 A
Chile Copper Co deb 5s
1947
J
{♦Choc Okla A Gulf cons 5s—1952
IVI N
1968 A
Cin G A E 1st M 4s A
O
J
J
Cin H & D 2d gold 4%s.„_
1937
Cin Leb & Nor 1st con gu 4s...1942 M N
Cin Union Term 1st gu 5s ser C. 1957
1st mtge guar 3%s series
D..1971
4s.i-_.1943
Cleve Cin Chi A St L gen 4s...
1993
M N
*30
100%
1941
1963
1977
1939
100%
*106%
110%
110%
106%
*105%
J
"94"
"4
"83%
94%
95%
84
6
60
105% 109
105% 108%
108% 112
10g
74
107
104%
83%
102%
23
106%
106%
111
8
99% 105%
73
86%
17
100% 103%
38
35
100%
100%
101%
108%
110%
106%
106
106% 107%
104
103
14
96% 104%
.118
4
105%
2
111% 119
103% 105%
J
101%
94%
94%
*105%
J
J
102
95%
32
164
100
166" "'7
100%
100%
J
*100%
106%
110%
A
M N
For footnotes see page
1043.
106%
110%
23
1st lien
1936 J
D
64
64
D
62
61%
96
Cmjnb T & T 1st
& gen 5s
i
1937
A ref 3 %s 1960
Del A Hudson 1st & ref 4s
1943
Gold 5%s
.1937
Del Power A Light 1st 4 %s
1st & ref 4%s
A O
1969
1969
...
Stamped
s
f
5s...1951
111%
A
110%
A
108
A
103%
"83"
83
106%
102
96
5
103% 106%
104
106%
102
103%
54% 65%
12
-
{♦Des Plaines Val 1st
4 %s—1947
Detroit Edison gen & ref 5s ser C *62
gu
15%
15
25%
*
—.1995
ill"
A
J
Detroit Term A Tunnel 4%s—1961 M N
O
Dul & Iron Range 1st 5s
1937
104%
85%
107%
"25%
cons g
1940 J
conv
J
1953
4s series D
1953
Ref A impt 5s of 1927-.
Ref A impt 5s of 1930
Erie A Jersey 1st s f 6s
1967
J
13
21
23
38%
20%
20%
31%
3%
66
71
34
108%
15
110%
*35%
111
15
116
45
6
5
45
45
45
35
35
35
15%.
89
112% 116%
104%
76
2
2
104%
52%
107
107
108%
85%
103
107%
107%
39
27%
92
27%
109%
473
21
12%
IVI N
"84%
O
84%
117
103% 111
106% 108
136%
128% 138
114
110
108
107%
104%
105
89%
,88%
*106%
89%
"96'
89
90
99
217
"45
1942
D
IVI
"86
84%
84%
85%
5s International series..—1942 IVI
s f 58 stamped..i__. 1942 IVI
1st lien
1st lien 6s stamped
30-year deb 6s series B
Fiat deb s f g 7s
1942
IVI
1954 J
S
107
105%
89%
90
75
90
88
70
69%
U7
117
1
118
10
111
1
117
86
85%
119
116% 119%
111
111
103
69
S
110
108%
107%
74%
347
111
102%
113
105% 106%
263
*102
S
101%
100%
105%
105%
99%
77%
74
74
118
A
1956
27%
107
...
1954
85%
16%
27%
104% 104%
*81%
J
Genessee River 1st 8 f 6s
1957
N Y A Erie RR ext 1st 4s... 1947 IVI N
IVI s
3d mtge 4%s.
.1938
Ernesto Breda 7s
15%
115
*107
105
"89%
J
7
108'j2 110
113
116%
108
110%
108% 111%
50
50%
50
*25%
*25%
114%
104%
*107
A
104%
70
42%
74
103
102%
*102%
*101%
102%
5
44
101%
103
98
102%
2
S
103
103
103
5
D
102%
102%
102%
5
103
99
101%
97% 103
101% 104
95
103%
84%
....1946
J
75
75
11
60%
{♦Fla Cent A Penin 5s
...1943
{^Florida East Coast 1st 4%s—1959
J
59
59
1
52%
61
61%
7%
7%
61%
*7%
9%
5
4
D
1974 M S
♦1st & ref 5s series A
♦Certificates of deposit...
Fonda Johns A Glov 4%s
1952
§ {♦Proof of claim filed by owner. MN
8%
8%
(Amended) 1st cons 2-4s
.1982
§ {♦Proof of claim filed by owner M N
♦Certificates of deposit
Fort St U D Co 1st g 4%s
.1941
Ft W & Den C 1st g 5 %s
.1961
10
56%
9
84
7%
8%
38
7
66%
11%
10%
8
11
109
*3%
*3%
*105%
*105%
108%
79
75%
79
92
93%
D
J
Framerican Ind Dev 20-yr 7%s 1942
{♦Francisco Sug 1st s f 7%s.._1942 IVI N
Galv Hous & Hend 1st 5%s A—1938 A O
♦Oen Elec
94% 101%
101% 107%
108% 111%
111% 113
106
113
113
(Germany) 7s Jan 15 1945 J
♦Sinking fund deb'6%s
.1940 J
♦20-year s t deb 6s
1948 IVI
J
{{♦Ga Caro A Nor 1st ext 6s.. 1934 J
♦Good Hope Steel & Ir sec 7s..1945 A
Goodrich (B F) Co 1st 6%s—1947 J
"36%
1945 J
Conv deb 6s_.
O
J
D
108
21
100% 109
Gouv & Oswegatchle 1st 5s
1942 J
D
103%
104
27
Gr R A 1 ext 1st gu g 4%s
1941
J
J
Goodyear Tire & Rub 1st 5s
6s.-..{940
105%
36%
*36%
36%
*103
"87%
J
107%
104
36%
J
J
1957 IVI N
Gotham Silk Hosiery deb 5s W wl946 IVI S
F A
♦{♦Gould Coupler 1st s f
95
105%
J
105% 112
105% 111%
*121%
101%
D
N
Gen Pub Serv deb 5%s
1939 J
Gen Steel Cast 5%s with warr. 1949 J
{♦Ga & Ala Ry 1st cons 5s
1945 J
20
111%
159
*112%
*109%
88%
A
1955
13%
108%
106%
F
1975
38
31%
*135
J
J
4s 4s prior.. 1996
Series B
Gen
30
7
10
*114
J
1951
52
108«j2
115%
108
J
B... 1940
Series C3%s
105% 108%
4%
*106
1965
ser
110
105% 108%
21%
J
J
Duquesne Light 1st M 3%s—.1965
♦{East Cuba Sug 15-yr s f 7%s.l937 M S
♦Ctfs of deposit..!
;
East Ry Minn Nor Div 1st 4s. .1948 A O
3%s
105
2
65
45
D
1937
10
108
116
1995
Dul Sou Shore A Atl g 5s
37
6
27
*4
A
J
25%
*41
F
F
Gen„A ref M 4s ser F
..1965
♦Detroit A Mac 1st Hen g 4s... 1995
♦1st 4s assented
.1995
♦2d 4s assented
16
J_
5?
1952
♦Second gold 4s._--
32
16
234
31%
32%
16%
15%
30%
32%
-•
1961
Gen A ref 4%s series D
Gen & ref 5s series E_
30%
75%
70%
101% 104%
104% 107%
90%
78%
98
102%
105
106%
100% 105
10
106%
106%
106%
J
F
61
49%
46%
105%
106
M N
Penna tax....19511™
{♦Den & R G 1st cons g 4s
1936 *
49%
102
*100%
105%
as to
{♦Consol gold 4%s
...1936
{♦Den & R G West gen 5s.Aug 1955
♦Assented (subj to plan)
♦Ref A impt 5s ser B._-Apr 1978
{♦Des M & Ft Dodge 4s ctfs
1935
101%
107%
83%
101%
106%
101
101
J
J
J
J
111
*110%
111%
110%
101%
107
M N
M N
1971
1st mortgage 4%s
Den Gas A El 1st & ref
101%
104
106
A
100% 103%
62
J
105
103
4
65
1936 J
-
& ref 6s ser B
104%
93% 100%
111% 112%
F
J
11
57
Gas A El of Berg Co cons g 5s. .1949 J D
Gen Amer Investors deb 5s A..1952 F A
J
Gen Cable 1st s f 5%s A——..1947 J
106%
*110%
*106%
A
"68
57%
5
10
5
3%
105
„
106%
105
109
106
35%
75%
6%
6%
105
106%
110%
84
94%
78%
104
*111
103%
*104%
J
10
*111
A
J
W W Val Div 1st g 4s...... 1940 J
Cleve-Cliffs Iron 1st mtge 4%s,1950 M-N
3%s.—1965
Cleve A Pgh gen gu 4%s ser B.1942
Series B 3%s guar.
1942
Series A4^s guar
—1942
Series C 3Ms guar
1948
Series D 3 Mis guar
1950
Gen 4%s ser A..
1977
Gen & ref mtg 4 %s ser B
1981
Cleve Short Line 1st gu 4%s
1961
Cleve Union Term gu 5%s
1972
1st s f 5s series B guar
1973
1st s f 4%s series C
1977
89
105
*105
Cleve Elec Ilium 1st M
105
105%
1990
1940
106%
1097% 113
S
8pr A Col Div 1st g 4s..
106
118
J
M
47
101% 103
J
Cin Wabash & M Div 1st 4s. 1991 J
M N
St L Div 1st coll tr
4s
109
36
102%
J
1993 J
5s serial B__
Ref & Impt 68 ser C
Ref & impt 5s ser D
Ref A impt 4 %s ser E
Cairo Div 1st gold 4s_.
81
102%
IVI N
J
106%
106%
110%
107%
103%
"56%
54%
1953 A
15
17
1951 J
D
129
57
Conv 4sseries A..
31
69
35
11%
J
19
106
62
101% 103
107
109%
104
107%
103% 105
"~5
104%
104%
102%
99%
106%
105%
55%
*
43%
8
95
•15%
18%
16%
7
J
108%
30%
31%
42%
18
45
31
20
102
105%
32
19%
20%
1
*102%
D
1952 J
1996
79
IVI
"I
30
J
J
...1942
Cuba RR 1st 5s g
1st ref 7 %s series A
1st consol gen lien g 4s_Penn coll trust gold 4s
80
9
1960 J
S
109%
20
20%
20%
106
105%
J
1940 M
106
23
99%
1950 M N
14s
Willamette Paper 6s
Crown Zellerbach deb 5s
Cuba Nor Ry 1st 5%s
46%
~
8%
1944
-1944
4963
1963
Guaranteed 4s
Crown Cork & Seal
Crown
30
22%
16
107
102
Fairbanks Morse deb 4s
Federal Light A Tr 1st 5s
Guaranteed g 5s.
g
102
104% 105
103% 105
105
104
15-year deb 5s with warr
1943 J D
Copenhagen Telep 5s Feb 15.. 1954 F A
108
105
105
105%
104%
104
5s stamped...
Erie A Pitts g gu
Chicago Union Station—
General
105%
104%
il970
J
1946
105%
112%
110% 111%
U0ij6 112%
104% 104%
106
110%
106%
106%
43%
*101%
D
M N
1st mtge 3%s
Container Corp 1st 6s
25%
25%
16
15
..Dec 1 1960
Clearfield A Mah 1st gu
Consumers Power 3% 8. May 1 1965
IVI N
1st mtge 3%s
May 1 1965
.
110
110^,6
108
27
44
O
44%
D
IW N
17
20
73%
34%
J
s f 5s
1960
Consumers Gas A Chic gu 5s.. 1936 J
99
99% 105%
98% 105%
105
*21
42
J
1st mtg 3%s ser E
Chic A West Indiana
J
4
19
34%
A
3%s—
June 15 1951
J
Memphis Div 1st g 4s.-----1951
5s
1956
East T Va A Ga Div 1st 5s.._. 1956 M N
J
J
Ed El 111 Bklyn 1st cons 4s
1939
J
J
Ed Elec (N Y) 1st cons g 5s
1995
M N
Elgin Joilet A East 1st g 5s
1941
A O
El Paso A S W 1st 5s—
1965
19
A
J
Gold
gu
♦Debenture 4s—
Consolidation Coal
76%
105
20%
20%
57%
56
61%
16
M N
1960
Chic T H & So East 1st 5s
O
Erie RR 1st
F
1934
Ch St L & New Orleans 5s
J
1955
24
S*
28
------
♦Certificates of deposit
♦Conv g 4%s
1955
♦Debenture 4s
Daytdh Pow & Lt 1st
112
Inc
100%
84
105
108% 111
M
.1977
{♦Chic RI & P Ry gen 4s
♦Certificates of deposit{♦Refunding gold 4s
♦Certificates of deposit
{♦Secured 4%s series A
97
112% 118%
108% 109%
117%
111%
112%
111%
115%
♦Conv 4s series A.
110716 113%
*112
111%
_
7
J
108
♦General 4s
8
138%
112%
126%
J
53
—
157
115%
110%
110%
118%
179
J
108
1st & ref 5s ser A
100
90
102% 106
*110
.1949
...
100%
88
121% 127
9
*110%
J
Chic Burl A Q—111 Div 3%s... .1949
.1949
Illinois Division 4s
.1958
General 4s
1st A ref 4^3 ser B
5
54
23
J
102%
J
2d consol gold 48-
Chic A Alton RR ref g 3s
106
282
123
110<73z
IVI N
125%
94%
108
67
1107,6 110?5,6
123%
O
J
89
10
155%
137%
110%
123%
110%
s
A
3 %s ser D_. 1996
J
Craig Valley 1st 5s
May 1940
Potts Creek Branch 1st
83
~92%
IVI
Ref & impt mtge
102
91
84
106%
101%
105%
152%
MS
General gold 4%s
14
102
101%
Champion Pap A Fibre deb 4 %si950
IVI N
Chesap Corp eonv 5s
...1947
D
10-year conv coll 5s.
1944
IVI N
Ches & Ohio 1st con g 5s-1939
Ref & impt 4%s.
107%
110%
83
High
103% 110%.
109%
O
Through Short L 1st gu 4s. 1954
F A
Guaranteed g 5s
I960
IVI N
Cent RR & Bkg of Ga coll 5s. .1937
M N
Central Steel 1st g s f 8s
1941
M S
Certain-teed Prod 5%s A
1948
Low
60
110
A
1949
Cent Pac 1st ref gu g 4s
High
104%
*21
J
High
110% 111%
65%
85%
98% 105
48% 87%
80%
59%
*102%
J
guar
105
♦Debenture 4s
Low
Low
*112
A
—1948
Consol Gas (N Y) deb 4 %s
Jan. 1
Jan. 1
80
81
74%
3%s debentures
1956
♦Consolidated Hydro-Elec Works
J
of Upper Wuertemberg 7s
1956
Range
or
Asked
104%
81
J
Conn Ry & L 1st A ref 4 %s
Week's
Friday
I'S*
104%
A
1955
Stamped
BONDS
A
1961
15
Jan
Comm'l Invest Tr deb 5%s
Conn A Passum Riv 1st 4s
System Teletype •>- Cgo. 343
§3
High
1951
1951
Consol Edison (N Y) deb 3%s.l946
133 So. Le Smile St.
Since
Asked
80
74%
104%
104%
104%
*111%
Col & H V 1st ext g 4sCol & Tol 1st ext 4s
Chicago, IU.
Trwete Wire
TJlgby 4-5200
&
*110%
J
IVI N
Colo & South 4 %s ser A
1980
Columbia G & E deb 5s.—May 1952 M N
Debenture 5s
Apr 15 1952 A O
Debenture 5s
T{ew York, ?(. Y.
D
1945
4s
gu
{♦Colon Oil conv deb 6s
1938
{♦Colo Fuel & Ir Co gen s f 5s. 1943 F
{{♦Col Indus 1st A coll 5s gu.,1934 F
%A1LRQAD "BONDS
One Well Street
Bid,
Low
Coal River Ry 1st
York" Stock Gxchang«
York Curb Gxchang«
( fitw
,
Friday's
Price
Week Ended Aug. 14
Range
Range or
Sale
EXCHANGE
STOCK
1936
1
Last
BONDS
N.
15,
87%
*14%
*20%
101%
106%
23
36%
101% 104%
101
106%
29
36%
30
"36%
103%
88%
30%
102
110
36%
36%
104
76
98
12
20%
20
17
32
"35%
5
108%
105%
104%
108%
105%
104%
98%
108%
17
105%
29
105
39
99%
5
98
100
123%
123
128%
78
56
128%
104
104
104
1
100
104%
108
110
35
35
*108%
30
35%
107% 108%
104
105%
103% 106
Low
Grand Trunk Ry of Can g 6s_.1936lM S
Grays Point Term 1st gu 5s ...1947
D
Gt Cons El Pow (Japan) 7s
A
1944
1st & gen s f 6%s
100 %
13
90
*6
96%
95
1950
J
86%
J
113%
8
J
115%
114
1973
J
110
28
J
109%
104%
109
1976
General 5s series C
General 4 %s series D
General 4%s series E—_
103%
105
29
J
103 %
103
103%
122%
274
108%
187
1977
Gen mtge 4s ser G
1946
Gen mtge 4s ser H
1946
♦Green Bay & West deb ctfs A
♦Debentures ctfs B.
.
Gulf Mob & Nor 1st
5%s B
1st mtge 5sseries C.__
J
Feb
1940 M N
O
J
—
D
102%
98%
101%
97%
97%
*77%
82%
66
—
103 %
J
81%
75%
«.
-
-
122
122%
233
79 %
77
79 %
30
1937
J
103"
*162%
Houston Oil sink fund
5%s A—1940 IVI N
Hudson Coal 1st s f 5s ser A...1962 J D
Hudson Co Gas 1st g 5s_.
1949 M N
101%
44 %
Hud & Manhat 1st 5s
44 %
124%
103
29
102
101%
St.
NEW
Telephone Whitehall 4-2900
105%
100% 103%
38%
48%
50
45%|
3
122
A
'76%
♦Adjustment Income 5s.Feb 1957
O
33 %
A
Illinois Bell Telep
3%s ser B—1970
Illinois Central 1st gold 4s
1951
1st gold 3%s
1951
Extended 1st gold 3%s
1951
O
73%
30
*108%
J
s
Collateral trust gold 4s
1952
O
Refunding 4s
1955 M N
Purchased lines 3%s
Collateral trust gold 4s
1952 J
87%
76
!S3
A|
174
81%
91%
83%
43
232
69%
68%
86
83%
101%
35
100 %
7934
90
98
81
79%
*105%
98
65
62%
65%
221
34
66
General cons 5s
2003 IVI N
Leh Val Term Ry
O
lstgug5s—1941
Lex <fc East 1st
o
50-yr 5s gu
1965
71%
71%
112
40
73
106
69%
105%
106
9
124
122
124
10
Liggett & Myers Tobacco 7sl..1944
134%
134%
135
3
124
124%
9
%s
6s
o
Little Miami gen 4s series A
Loews Inc s f deb 3%s
A
1951
1962 M N
A
1946
1952
D
1950 A
O
1938
D
A
ser
Long Dock Co 3%s ext to
Long Island gen gold 4s..,
Unified gold 4s
1949 IVI
20-year
85%
101%
64%
84%
103% 106%
5s
85
86%\
72%
86%
J
84
84
1
75
90%
J
90%
91
17
82
1940
Ind Bloom & West 1st ext
4S--1940
Ind 111 & Iowa 1st
g 4s
Inland Steel 3%s series D
{ Interboro Rap Tran 1st 5s
♦Certificates of deposit
{♦10-year 6s
♦Certificates of deposit
{♦10-year conv 7% notes
J
108 34
S
—
1966 J
J
94%
93%
52%
—-
O
1932IM S|
J
O
J
1956 J
107%
4
O
A
O
I
36
57%
74
J
J
99%
S
|
IVI N
93%
53%
93
91%
160%
.
86%
1959IJ
D
4%s A._1961|M S
35%
58%
3
33
204
74
36%
65%
5
24
92%
87%
99%
93%
75%
68
80%
62
100
|
115% 160%
34
47%
9%
14%
33
46%
17
10%
34%
117
80
81%
93%
68
91%
199
103
402
80%
428
73%
2%
10
1%
96%
.
,
102%
*106%
55
K C Pow & Lt 1st
mtge 4%s..l961
Kan City Sou 1st
gold 3s
1950
A
Ref &
impt 5s
City Term
Kansas
o
O
.1960
94%
J
w
108%
w
w
♦Ctfs with
107
109%
102% 106%
Purchase money 6s
....1997
Kings County Elev 1st g 4s
1949
Kings Co Lighting 1st 5s
1954
First and ref 6%s
...1954
Kinney (G R) & Co 7 % % notes 1936
101%
101
40
92
96%
2
102
104%
107
96%
103%
101
115
18
107
103%
103%
105%
155
106%
*106
104% 106%
163
J
103% 108%
112% 116%
*118
120
119
J
—
112
f 4%s A
1954 J
Cons sink fund 4 %s ser C—1954 J
1*100%
101
112
100
113%
40%
19
99%
100%
136
72%'
71
73
71%l
69%
71
98% 102%
28
66
21
64%
80%
80%
66
87
70%
*66%
74%
*100%
101%
101
100% 104%
99% 105%
4
67%
_
*100%
104%
103%
104%
23
35%
32%
35%
268
102%
102%
13
161%
101%
101%
7
105%
5
75%
105%
77%
99%
100
s
Lehigh & New Eng RR 4s A—1965 A
Lehigh & N Y 1st gu g 4s
1945 M
Lehigh Val Coal 1st &refsf5sl944 F
102%
99% 104%
131%
131%
131%
121
121
121
97%
110%
97%
110%
109%
35%
98
104%
104%
98
104% 105%
St Louis Dlv 2d
gold 3s
Mob & Montg 1st
1980 M
4 %s
Atl Knoxv & Cin Dlv 4s
♦Lower Austria Hydro El 6
1955
.r—1974
F
60%
11
98%
29
97%
79
.
80%
101%
60
72%
54%
69%
53%
68
82%
105
109%
81
"91%
91%
111% 114
46
86
97
108% 113
"97%
88
99
104
103%
104%
71
102% 104%
100
100
100%
59
99% 100%
76
80%
79%
41%
80%
22
43%
43%
30
23
44
42
41
43
26
22
44
61
60
62%
60
71%
56%
35%
55%
35%
58
56
58%
54%
34%
79%
<
*94
35%
68
50%
100
*80
•
96
74
96%
83
61
87
36
95%
91
36
36%
100
_
98
91
101%
ser A
April 1940 Q
Corp 1st 6s with warr.—1945 M
Metrop Ed 1st 4%s ser D
1968 M
Metrop Wat Sew & D 5%s
1950 A
{{♦Met West Side El (Chic) 4s.l938 F
102
95% 100
78%
92
20
3
100
103
104
104
104%
24
102
105%
109%
109%
102%
109%
11
108
110%
103%
19
100% 103%
11
18%
1%
3%
23%
29%
107%
10
106
11
104% 109%
98% 106
67%
95
103
12
*1%
1977 M
1956 J
Michigan Central Detroit & Bay
City Air Line 4s
1940 J
Jack Lans & Sug 3%s
1951 M
1st gold 3%s._
1952 M N
Ref & impt 4 %s series C
1979 J
J
Mid of N J 1st ext 5s
.1940 A O
Milw El Ry & Lt 1st 5s
B.—. 1961 J T>
1st mtge 5s
1971 J
J
{{♦Milw&Norlst ext4%s(1880)1934 J
1st ext 4%s
1939
10
97%
90%
91
Market St Ry 7s
Mead
*20
...—
107%!
*104%
<92%
107%
106
105%
Q9
3
31
102% 104%
90
92
93%
20
105%
105%
21
104%
n
94
101% 105%
101% 106
321
95
*88%
—-
12
105
105%|
D
Con ext 4%s
1939
{♦Mil Spar & N W 1st gu 4s_—1947 M SI
{♦Milw & State Line 1st 3%s—1941 J
J
{♦Minn & St Louis 5s ctfs
1934 M N
♦1st & refunding gold 4s
1949 M S
♦Ref & ext 50-yr 5s ser A..-.1962 Q
—
103%
102%
"96%
97
97%
Manila RR (South
Lines) 4s.—1939 M N
1st ext 4s
1959 M N
{♦Man G B & N W 1st 3%s—1941 J
Mfrs Tr Co ctfs of
partic in
A I Namm & Son 1st 6s
1943 J D
Marlon Steam Shovel s f 6s
1947 A
.
109%
*112
M N
%s.1944 F
♦Mex Internat 1st 4sasstd
♦Miag Mill Mach 1st s f 7s
102%
108%
96
98%
110% 113
107% 109%
103
105%
107% 109%
102% 106
107% 111%
103% 110%
103% 107%
101% 104%
*114
1945 M
South Ry Joint Monon 4s—1952 J
g
M St P & SS M
90
82
82
8
71%
60%
95
82
34%
34%
36
8)
32
49%
70
79
*63
"6%
6%
3%
2%
75
6%
14
3%
2
3
88
5
.28
9
1%
2%
11
4s Int gu.1938 J
35%
35%
36
1st cons 5s
1938 J
33%
33
33%
1st cons 5s gu as to Int
1st & ref 6s series A
1938 J
44
41%
44
32
32%
3
29%
91%
27
con g
1946 J
25-year 5%s
1st ref 5%s series B
1st Chicago Term s f 4s
.{♦Mo-Ill RR 1st 5s series A
{♦MoPac 1st & ref 5s
ser
100
97%
91 %
1978 J
91%
I
4
6
32%
8
29
46%
42%
16
38
52
23%
18%
81%
30%
93%
*93
1941 M N
1959
Mo.Kan & Tex 1st gold 4s
1990
Mo-K-T RR pr lien 5s ser A—.1962
40-year 4s series B
1962
Prior lien 4 %s series D
♦Cum adjust 5s ser A
*27% '
1949 IVI
4l"
83
83
40
33
36
49%
94
94
94%
104
76
86%
74%
94%
J
87
88%
42
37
59%
49%
89
76%
78
79
96
T
J
*78%
"41
16
143
36%
36%
36%
37%
256
27
37%
36%
37%
26
36%
12%
289
26%
27%
26%
7%
27%
26%
68
68
70
98
37
36%
37%
62
37
.1977 M
-
36%
♦Certificates of deposit
♦1st & ref 5s series G
"14%
15%
36%
1975 IVI
♦1st & ref 5s series F
o
~
36%
11%
36%
37%
65
36
36
36% |
36%
36%
37%
154
27
36
37%
36
3
27
36
97%
97%
29
82
97%
..1980 A
1981
F
♦Certificates of deposit..
36
MN
*
M
54
15%
.
—
•
12%
37%
36%
16
97
15%
16
37
91%
32
3!
"14%
9
25"
16
16
9%
96
85%
105% 111
103% 105%
110
104%
104%
103
103
18
106%
102% 104%
107%
23
102
J
(109%
107%
1962 J
110
104%
103
1943 J
102%
5
90 y
1
106% 108%
97% 104%
66%
97
100% 104%
83%
87
90%
J
102%
103
28
3
15
A
O1
A
O
85%
O
80
Gen & ref
s
f 4%s series C —1955 A
Hon
a
t
O
1055 A
37%
36%
-
25
14%
91
15%
—1937 J
qpHoq T>
97
18
"23%
F
M
♦Sec 5% notes
1938 M
Mohawk & Malone 1st gu g 4s.1991 M
Monongahela Ry 1st M 4s ser A'60 IVI N
Mont Cent 1st gu 6s
1937 J
Ha
16%
36%
♦Mo Pac 3d 7s ext at 4% July..1938
{♦Mobile & Ohio gen gold 4s—1938
♦Montgomery Dlv 1st g 5s. .1947
♦Ref & impt 4%s
1977
rof
36
~n%
♦Certificates of deposit
Xr
37%
1949 IVI N
♦1st & ref 5s series I
1st guar gold 5s
71
1978 M N
♦Certificates of deposit
♦Conv gold 5%s
♦1st & ref g 5s series H
76%
80%
52%
30%
27%
26%
10%
Jan 1967 A
A_._.1965 F
♦Certificates of deposit
♦General 4s
39
J
J
1978 J
98
32
,
77
104
21
1
62
60
1946 F
14
133%
122%
84
109%
109%
*103%
102%
101%
108%
91%
2003 A
Montecatlnl Mln & Agrlc deb 7s *37
Montreal Tram 1st & ref 5s
1941
Gen & ref s f 5s series A
1955
Gen & ref s f 5s series B
1955
69
61%
98%
96%
ser D
Paducah & Mem Dlv 4s
118
112%
109%
108
1941 A
97
F
60%
109%
2003
131
106
104
108%
102%
102%
2003
Gold 5s
1st & ref 4s
*103
109
2003
12
1964
98%
.1940 J
Montana Power 1st 5s A
Deb 5s series A
1954
97
104%
98
57
69
1954 F
103%
*102
101
5
F
...1938 J
122
99% 102%
104% 113%
27%
42%
36
40%
S
1941 J
Lake Sh & Mich So g 3%s
1997 J
♦Lautaro Nitrate Co Ltd 6s—1954 J
101%
103%
160
160-
Lake Erie & West 1st g 5s..—1937 J
—
98
102
*104%
1942 F
Secured 6% gold notes
Leh Val Harbor Term gu 5s
89
1
*103%
1942 F
f 5s
38%
116
Coll tr 6s series B
f 5s
39
116
Coll tr 6s series A
1st <S»ref s f 5s
35
*106%
F
42
J
Laclede Gas Light ref & ext 5s. 1939 A
Coll & ref 5%s series C
1953 F
Coll & ref 5%s series D
1960 F
Lehigh C & Nav
40
33
96
A
Kresge Foundation coll tr 4s_.1945 J
{♦Kreuger & Toll cl A 5s ctfs. .1959 IVI
5s.
14
35%
103%
*113%
100%
4%s unguaranteed
1961 J
Kings County EI L & P 5s.....1937 A
s
20
32
J
106%
96
22
1961
1st & ref
67
*35%
1961 J
s
81
44
35%
warr
Plain.
1st & ref
68
*33
Stamped..
gold
110716 H3%
74%
87%
*40
(par $925)—1943
Keith (B F) Gprp 1st 6s
1946 IVI
Kendall Co 5%s
1948 M
Kentucky Central gold 4s
1987 J
Kentucky & Ind Term 4%s...l961 J
2d
105
26
stmp (par $925) —1943
w
♦Ctfs
17
94%
108%
86%
29
D
1980
1st 6s...1943 M N
stmp (par $645) —1943
♦Karstadt (Rudolph)
♦Ctfs
52
110%
87%
95%
108%
104%
87
4
102
55%
51%
110716
J
Apr 1950
1st 4s
Kansas Gas & Electric
4%s
55
99%
95
84%
96%
102% 103
106%
40%
57%
37%
53%
107
o
36
12
103
O
90
88% 100
13
87%
80%
96.
59%
17
'2%
96%
45
79%
90% 101 >
75%
92%
80%
73%
4s.
1990
{♦K C Ft 8 & M Ry ref g 4s.. 1936
♦Certificates of deposit
Kan & M 1st gu
g
96%
86%
97%
96% 102%
172
37
97
87%
4
65%
60%
90
12
100
99%
90%
*85%
75% I
A
98
45%
74%
104% 106
104% 105%
102%
Gen mtge 4%s ser A
1960 J
{{♦Manatl Sugar lstsf7%s
1942 A
♦Certificates of deposit
{♦Manhat Ry (N Y) cons g 4s.1990 A
♦Certificates of deposit
-♦2d 4s
...2013 J D
Manila Elec RR & Lt s f 5s
1953 M
45%
13
93
{♦Iowa Central Ry 1st & ref 4s. 1951 M S
3
111
96
75
104%
McKesson & Robhlnsdeb
5%s.l950 M N
Maine Central RR 4s ser A
1945 J
48
19
93
1955 F
80
95
99%
105
103% 107
89%
95%
87%
93%
7
98%
J
6
49
F
J
118
48%
93%
92%
IVI N
A
5
115
94%
74
91
"98
103%
105
108%
102% 102%
11
102%
9%
34%
*34%
56%
34%
M
M
108%
106%
36
9%
137
121% 126
103%
99% 102%
21%
46%
42
152
97
71%
92%
67%
88
106% 108%
105
91
93%
J
1944 A
James Frank & Clear 1st 4s
Jones &Laughlln Steel
86
51
92%!
1956 J
-
85%
94%
92%
,
_
{♦Int-Grt Nor 1st 6s ser A
1952 J
♦Adjustment 6s ser A.-July 1952 A
Debenture 5s
135
108%
102%
106%
—
106%
1941
Internat Paper 5s ser A & B—1947
Ref s f 6s series A
1955
Int Rys Cent Amer 1st 5s B...1972
1st coll trust
6% g notes
1941
1st lien & ref
6%s
1947
Int Telep &
Teleg deb g 4 %s_. 1952
Conv deb 4%s
-.1939
91%
*36
Interlake Iron 1st 5s B
1951 M N|_
Int Agrlc Corp 5s
stamped 1942
M N
99%
Internat Cement conv deb 4s..1945 M N
152
Internat Hydro El deb 6s
Int Merc Marine s f 6s...
89%
84%
107%
87
1*102%
♦Certificates of deposit
♦1st 5s series B
♦1st g 5s series C
"96H
J
A
1932 A
91%
100% 101
*104
F
1961
28
96%
J
1950
{♦Ind & Louisville 1st gu 48.^—1956 J
Ind Union Ry 5s series B
1965 J
Ref & imp
mtge 3%s ser B..1986 M
106 HI
*100
O
131
*101%
Louisiana & Ark 1st 5s ser A
J
1969 J
Louisville Gas & El (Ky) 5s... 1952 M N
Louis <fc Jeff Bdge Co
gu 5 4s
1945 IVI
Louisville & Nashville 5s
1937 IVI N
A
,
103% 107
115
12^%
108
67%
—
61%
1951
Lorlllard (P) Co deb 7s
Omaha Dlv 1st gold 3s
1951 IF
St Louis Dlv & Term
g 3s._.1951
Gold 3%s
...1951
....
66
s
1949 IVI
1st refund 5%s series A
1st & ref 5s series B
1st & ref 4 %s series C
D
9S
41
1944
Guar ref gold 4s
Unified gold 4s
O
108%
97%
1937 IVI N
p m deb 5s
94
-1963
High
81%
33%
99
1st & ref 4 As series C
Illinois Steel deb 4 Ha
Low
346
87
89%
84%
Hioh
98
91%
D
Since
Jan. 1
60%
*99
J
Range
or
Asked
58
cons 4
*94
A
&
97%
General
J
3%s.—1951
Bid
Price
97%
59%
J
g
Friday's
J
1940
2003 IVI N
2003 IVI N
D
Springfield Dlv 1st
Range
Sale
Low
Leh Val N Y 1st
gu g4%s
Lehigh Val (Pa) cons g 4s
Cairo Bridge gold 4s
1950 J
Litchfield Dlv 1st gold 3s.—1951 J
Louisv Dlv & Term g 334a—1953 J
Western Lines 1st g 4s
__1951IF
111 Cent and Chic St L & N
0—
Joint 1st ref 5s series A
1963
Last
89
90 %
81%
$2%
10034
79%
89
89
.1955 M N
Aug 1 1966 F
108%
105% 112
102% 105
101% 103%
87%
89%
105
"88"
89%
39%
104
110%!--
*90%
87%
J
1953 MN
.
17
*104
*104
72%
26%
112
108
107 %
107%
J
1951
Refunding 5s
33%
o
1st gold 3s
sterling
40-year 4%s.—
76%|
119% 123
139
Week's
Friday
BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug. 14
Lombard Elec 7s
122
1957
ser
YORK
A. T. & T. Tele. N. Y. 1-1598
77%
82%
44%
79%
64%
89
102% 105
J
1937
Wall
102%
98%
104%
116
69%|
69%
63
107% 110%
31%
37%
"l22%
1937 M N
Members New York Stock Exchange
122%
108%
69
107%
*30
D. H. SlLBERBERG & Co.
105
101
33
103%
J
1944 A
116
112%
105
70
90
82%
102
99
91
114%
7%
14%
106% 107%
86
O
1999
H & T C 1st g 5s int
guar
Houston Belt & Term 1st 5s
60
"78
*107%
______
107%
1949
73
11%
9%
1952
♦Harpen Mining 6s
Hocking Val 1st cons g 4 %s
♦Hoe (R) & Co 1st mtge
{♦Housatonic Ry cons g 5s
54
72
*65
10 %
J
1942
Hackensack Water 1st 4s
120%
107%
O
Gulf & S I 1st ref & ter 5s Feb 1952
Gulf States Steel deb
5%s
108
Feb
1950
1950
Stamped
120%
J
INIBONDS
FOR BANKS AND DEALERS
95
88%
81%
107%
107%
103%
96%
96%
109%
99%
1
%|
86
114%
115%
BROKERS
High
100% 103%
97
*95
Great Northern 4%s series A—1961
General 5%s series B
1952
Greenbrier Ry 1st gu 4s
Low
High]
100%
100%
88
83
Rfl'
New York Bond Record—Continued—Page 5
1042
Aug. 15, 1936
Week's
Friday
Last
BON DS
RAILROAD
BONDS
N.
Y.
Bought
Sold
-
Low
1974
1974
^Northern Ohio Ry 1st guar 5s—
♦April 1 1934 & sub coupons. 1945
♦Oct 1935 and sub coupons.. 1945
Members New York Stock Exchange
48 Wall
St., New York
123 S. Broad St., Phila.
Kingsley 1030
HAnover 2-1720
A. T. & T.:
Y.
STOCK
Week Ended Aug.
14
Week's
Range or
Sale
Friday's
Bid
Price
nh.
&
Low
f 4 Ha
1939 J
Morris & Essex 1st gu 3 Ha.---2000 J
Morris & Co 1st
105
s
Nat Ry of Mex pr lien 4 Ha
♦Assent
warr & rets
warr & rets
s
^♦Naugatuck RR 1st
g
116%
*110%
5
.
-----
47
91%
103%
66%
"22
106%
194
104%
104%
104%
21
66~~
*104%
106%
*65
D
2,%
5%
4-
J
1961 IVI N
122 H
122%
2%
31
66%
58
126
122%
14
107%
"16
107
1983
J
89
92
NO & NE 1st ref&impt4%s A. 1952
New Orl Pub Serv 1st 5s ser A. 1952
First & ret 5s series B
1955
78%
80
99H
99%
98%
99%
90
D
1953
J
94 H
Inc 5a__1935
O
*34%
1954
o
39%
99%
94%
35%
40%
92
1956 F
1956 F
A
39%
39%
41%
39%
80
A
1954 A
O
41%
43
71
tl*N O Tex & Mex
n-c
♦1st 5s series B
♦1st 5s series C
♦1st 4 Ha series D
-
♦1st 5%s series A
N & C Bdge gen guar 4 Ha
N Y Cent RR conv 6s
*101%
42
J
1945 J
114H
99 H
1998 F
10-year 3%s sec s f
Ref & impt 4 Ha series A
2013
92
Ref & impt 5s series C
2013
97 H
A
1946
102
N Y Cent & Hud River M 3 Hs.1997
Debenture 4s.
.1942
106
100
133
91%
92%
97%
102%
106%
92%
432
96%
101%
105%
91
1974
1978
92 %
93
102
98 H
98%
108%
107%
"64 H
59
63
58%
10o",2 1052532
102 %
102%
124%
115%
N Y Greenwood L gu g 5s
NY & Harlem gold 3 Ha
1946 IVI N
2000 IVI N
N Y Lack & West 4s ser A.
1973 IVI N
99%
162
94%
580
99
•87
7
108%
"65
"23
60
18
1052532
102%
70
10
*106%
*102%
N Y L E & W Dock & Impt 53.1943 J
J
1941 M S
*104%
*106%
*100%
27%
26%
25%
27%
27%
26%
30H
30%
N Y & Long Branch gen 4s
A
O
IVI
s
♦Non-conv debenture 3Hs..l947 IVI
s
♦Non-conv debenture 3H8..1954 A
♦Non-conv debenture 4s
1955 J
O
J
♦Non-conv debenture 4s
1956 IVI N
♦Conv debenture 3Ha..
♦Conv debenture 6s.
1956 J
J
..1948 J
J
♦Collateral trust 6s
1940 A
♦Debenture 4s
1957 IVI N
O
♦1st & ref 4 Ha ser of 1927. .1967 J
D
♦Harlem R & Pt Ches 1st 4s. 1954 IVI N
June 1992 M S
1955 J
D
39
88
40
35H
J*N Y Providence & Boston 4s. 1942 A O
N Y & Putnam 1st con gu 4s
1993 A O
N Y Queens El Lt & Pow 3 Ha. 1965 M N
Jan 1965 Apr
1965 J
,
100%
111
122
108
108
17
103
106
19
104
107
106
106%
108%
26
104% 107%
107% 109
100%
17
51%
A
Took"
100%
24
26%
106""
110%
119%
101%
1966 A
4%s___1955 J
Ref mtge 3%s series B
1941
1
12
O
21
J
ser
E trust ctfs
26%
29%
29%
28%
32%
39%
1960 J
A.1977 A
"71%
92%
98
Consol sinking fund 4 %s
1960
General 4%s series A
General 5s series B
1965
D
1968
.1970
O
77%
52
75
105% 109%
101% 102%
Peoria & Eastern 1st
cons
♦Income 4s
122% 125%
113% 116%
92% 100%
102
106
94% 100%
108
25%
25
14
23%
26%
41
51%
26%
20
76
28
12
84%
65
40%
36%
22
_90%
"68
107
52%
14
162
105%
106
6
106
106%
3
37%
37%
40%
101
36
56%
32% 49%
103
103%
82% 93%
104% 107
31%
53%
99% 106
106
108%
108% 111
108%
109%
9
mortgage 5s
1951 IVI N
107
107
4
106
mortgage 5s
106
106
5
106
107%
33
113
Conv deb 6s
91%
90%
91%
53
18
16
19%
415
105%
"l7
*111%
105
105
100%
100%
98%
98%
101
112%
16
38
....
99% 105
105% 111%
105% 111%
115% 121
106% 113
92
76
9
19%
'
108% 112
98% 105%
89
98%
89
101
111
113
124
124
124"
120
124
J
117
118
11
113
118
112%
112%
112%
2
110
115%
D
106%
106
106%
40
106%
3
165"
105%
104%
40%
20%
42%
97
22%
152
30%
31%
14
108%
5
T1949
f 4s
IVI
A
S
1940 A
21%
*75
O
109
103% 108%
37
55
15%
32%
34
25%
106% 109 "
85
114
111
111
113%
110%
105% 106%
110
*111
Series J
*118%
111
109
113%
*110
108% 108%
*120%
1964 IVI N
111
*114%
115% 121%
120
118
General M 5s series A
1970
D
120
120
General mtge 5s series B
General 4 %s series C
1975 A
O
119%
119%
32
107%
108
49
J
1977
Pitts Va & Char 1st 4s guar...1943 M N
♦Pitts & W Va 1st 4%s ser A..1958
D
1st M 4%s series B
1958 A O
105
111% 112%
*106%
A
103% 106%
70
111%
*110%
D
..1953
Series G 4s guar
1957 M N
Series H cons guar 4s.______ 1960 F A
Series I corns 4%a
1963 F A
4%s
17
*112
1945 M N
1949 F
105
85
111%
*112%
..1942 M N
Series E 3%s guar gold
Series F 4s guar gold
108
108%
O
1942 A
Series C 4%s guar...
Series D 4s guar...
41%
J
..1937
Pitts C C & St L4%s A
Series B 4%s guar...
guar
68
"l4
114
115% 120%
D
Phlla Elec Co 1st & ref 4%s._.1967 M N
1st & ref 4s
1971 F A
Phlla & Reading C & I ref 5s„1973 J
J
cons
87
118% 123
109
108
6
109%
"92% "20
"92%
116
.
107
121%
110
109% 109%
73
92%
3
75
92
120
74
110
8
110
102%
6
92
92
91%
"92"
121
115% 121%
92%
107%
1956 M N
12Qj%
99
1981 J
5s series A
s
96
90%
105
105%
103% 107%
108% 108%
106
107%
110% 113%
111% 114%
111% 114%
100% 102%
1977 J
1974 F
Plllsbury Flour Mills 20-yr 6s. .1943 A O
Pirelli Co (Italy) conv 7s.1952 IVI N
12
18%
sec
104%
109%
109%
102% 107%
101% 105%
1967 J
General g 4%s series C
General 4 %s series D
Phlla Co
22
113
1943 M N
Philippine Ry 1st
37
31
S
45
120
108%
J
1980 IVI
39
38%
37%
24%
1956 J
8
112
*120%
A
1st g 4%s series C
Phlla Bait & Wash 1st g 4s
General 5s series B.
11
85
123
104%
108%
104%
109%
J
114%
102
111
108%
Peoria & Pekln Un 1st 5%s
1974 F
Pere Marquette 1st ser A 5s...1956 J
39
""3
119%
J
Apr
107%
112%
114%
114%
ill"
O
1990
41
105%
101%
101%
O
O
96
105%
123
114%
105
104
107
1947 M S
April
60
78%
101
102%
104% 106
lo
114%
1981
1940 A
82
44
*111%
1984
1943 A
4s
42
32%
73
49%
119% 122%
3
104
95
D
69
13
107%
105%
105%
*107%
A
61%
97%
83
72
122%
103%
107%
55
61%
59%
102% 151%
107
D
45%
43%
1
*l04"
O
102
23
*105
...
Peop Gas L & C 1st cons 6s
Refunding gold 5s
25
176
99% 102
93
101% 104%
102% 104%
105
108%
110
106"
D
74%
-99
88%
91
*102%
*
D
90
24%
33
*77%
s
49%
73
101% 104%
106% 110%
38
71%
122%
A
J
4%s series B
1981 J
Pennsylvania P & L 1st 4%s..l981 A O
IVI N
Pennsylvania RR cons g 4s
1943
Debenture g 4 %s
General 4 %s series D.
Gen mtge 4%s series E
30
"50% "27
56
38
V
Consol gold 4s
1948 IVI N
4s sterl stpd dollar May 1.1948 IVI N
Gen mtge 3%s ser C
1970 A O
24
168
55
95
Penn Glass Sand 1st M 4%s
Pa Ohio & Det 1st & ref 4 %s
10
12
84%
102%
Penn-Dlxle Cement 1st 6s A... 1941 M S
119
100
10
"
84%
105%
A
104
89
100% 100%
4
46%
A
..1963 F
28-year 4s
109
100% 102%
104% 105%
105% 105%
27%
26%
48%
46%
IVI
12
*107
D
1942 J
1944 J
103
103%
103%
103%
1937 M S
F
55
100%
Pat & Passaic G & E cons 5s__1949 IVI
1942
65
101%
103%
101%
1952 IVI N
88
100% 104
,
102
Guar 3%s trust ctfs D
70%
101%
65
101%
Guar 4s
10523j2l09
106% 108%
123%
108%
98% 103%
101%
100%
43%
43%
103
105
J
42
82
107%
101%
102
♦Paulista Ry 1st ref s f 7s
86%
96%
101% 104%
121
119
45
32%
33%
100
113%
118
43
36
102%
106%
109
121
110%
80%
24%
98
110%
119%
111% 115
102
1944
97% 100
74% 92%
80%
97%
111% 114«
J
t ♦Park-Lexington 6 %s ctfs
110
103«
114%
114%
114%
*114
A
Parmelee Trans deb 6s
32%
113%
113%
102
114%
1937 J
80
42
112
111
101%
109%
J
92
30
112%
113
103
1938 F
1938 J
Penn Co gu 3%s coll tr A
Guar 3%s coll trust ser B
Guar 3%s trust ctfs C—-
24
39%
109% 109%
104% 106%
106%
112%
101%
A...1941
4s
99% 103
113
113
J
52
*
26%
..105%
1963
Pacific Tel & Tel 1st 5s
8
*109
D
75
88
51
108%
*106%
106%
*100%
F
J
87
35%
108%
O
S
30%
39%
106
121
A
A
1968 IVI
1953
89
112
109%
99% 109
104%
1955
88% 100
19
104"
Paris-Orleans RR ext 5%s
102
105% 107%
100
107%
104
110
f g
107
28
103
D
s
114
*107%
D
Paducah & 111 1st
42
101%
111%
107%
104%
Paramount Pictures deb 6s
126%
75
104% 112%
74% 85%
93 * 103%
'103%
Pacific Coast Co 1st g 5s
1946 J
Pacific Gas & El gen & ref 5s A. 1942 J
1st & ref 4s series G
1964 J
Pac RR of Mo 1st ext g
105
106%
'107%
1961
Otis Steel 1st mtge 6s ser
"§4
111
O
119% 123
83%
77%
65
74
80%
107
J
100
122
35%
15%
*103%
90%
106%
J
N. Y. & Rlchm Gas 1st 6s A..1951 IVI N
N Y Steam 6s series A
1947 IVI N
39
18%
"30 %
5
"l8
99
series B
6
124%
115%
99%
*106%
1973 IVI N
N Y L E & W Coal & RR 5H8.1942 IVI N
1st
101%
J
1st 4s series B
N Y Gas El Lt H & Pow g 5s..1948 J
Purchase money gold 4s
1949 F
}*NY&NEng (BostTerm) 4s 1939
{♦NYNH&H n-c deb 4s
1947
21
23
*108%
1953
N Y Edison 1st & ref 6Ha A...1941
1st lien & ref 3Ha aer D
1965
N Y & Erie—See Erie RR.
1st
71
256
103
1953
1938
Prior lien 6s series A
60
94%
103%
1 1938
1951
{♦N Y Rys Corp inc 6s
306
18
103%
92
J
J
S J*Pan-Am Pet Co (Cal) conv 6s '40 J
♦Certificates of deposit.....
Paramount Broadway Corp—
♦1st M s f g 3s loan ctfs
1955
109
166
96
Refunding 5 Ha series A
N Y O & W ref g 4s
General 4s
5
413
92
Ref 4 Ha series C
4 Ha
"45
115%
96%
94%
103 %
102
N Y Dock 1st gold 4s
Serial 5% notes
39
100
1998
1937
3-year 6s
Oct
N Y Connect 1st gu 4 Ha A
1st guar 5s series B
8
99
2013
Mich Cent coll gold 3Ha.--.1998
N Y Chic & St L 1st g 4s
*110%
114%
61
99
-.1944 MN
Consol 4s series A
Ref & impt 4 Ha ser A
Lake Shore coll gold 3 Ha
94%
*63%
108%
79%
O
♦2d extended gold 5s
45%
O
98
6%
103% 107%
61%
77%
120%
24
A
J
"4%
3%
107
1960
o
6%
"4%
60
125%
Guar stpd cons 5s
Ore-Wash RR & Nav 4s
"6%
75
O
4s—1946 J
5s—1946 J
1946
com g
Ore Short Line 1st cons g
3%
76%
69
A
1941
1937
1943
6%
"2%
3%
"73"
J
79%
109
J
...1947 F
1st <fe ref 7s series B
4%
2%
109
—
---1941 A
Oslo Gas & El Wks extl 5s
*121%
D
Ohio
75
F
2047 J
2047 J
.2047 J
2047 J
1938 A
Ohio River RR gen g 5s.
Ontario Power N F 1st g
2%
2%
2%
1986 F
New Orleans Term 1st gu 4s
103
Oregon RR & Nav
*2%
1954 IV1 N
4s
Ohio
105
High
64
J
^.1948 J
Connecting Ry 1st 4s
1943 M S
Edison 1st mtge 4s
1965 MN
Indiana & West 5s_.Apr 11938 Q J
Public Service 7 %s A— ..1946 A O
57%
73%
102
.104%
101% 106%
Ohio
Low
120
121%
112% 115
*71%
Ref mtge 4%s ser B.
1961 A O
Ref mtge 5s
:—1964 M N
J
Northwestern Teleg 4%s ext_.1944 J
Norweg Hydro-El Nit 5%s—1957 M N
Ohio
3%
*2%
106%
Nor Ry of Calif guar g 5s_
Nor States Pow 5s ser A.i
1st & ref 6s ser B
92%
104%
2%
3%
*2%
D
*114%
Ontario Transmission 1st 5s... 1945 IVI N
2%
3%
2%
*2%
*2%
1951
N J Pow & Light 1st 4 Ha
New Orl Great Nor 5s A
86
No
*121
Og & L Cham 1st gu g 4s
*2%
5s
N J Junction RR guar 1st
109% 116%
108% 110%
103
106%
66 H
1951
1st g4Ha series B__;
116%
106%
1957
4s
94%
98%
92%
90
84
1957
..1965 J
cons
90
77
"3
1948 J
♦New England RR guar 5s.__.1945 J
♦Consol guar 4s
1945 J
New England Tel & Tel 5s A.-.1952 J
Newark Consol Gas
105%
35
No 4 on '51
f 4s.
High
104
45
Nat RR of Mex prior lien 4 Ha—
♦Assert warr & rets No. 4 on. 1926
♦Assent
Low
97%
♦4s April 1914 coupon on.-.1977
♦4s April 1914 coupon off
1977
♦Assent warr & rets No 5 on '77
Nat Steel 1st coll
13
93
No 4 on '57
♦4s April 1914 coupon on
♦4s April 1914 coupon off
No.
90
1957
1957
♦4%s Jan 1914 coup on
♦4%s July 1914 coup on
♦4%s July 1914 coup off
High
105%
91%
96%
*
-.1951 J
Nassau Elec gu g 4s stpd
Jan. 1
87 H
91
Nat Acme 1st s f 6s
1942 J
Nat Dairy Prod deb 3%s w W..1951 (VI N
Nat Distillers Prod deb 4 Ha.—1945 M N
Asked
Jan. 1
sale of April 1 *33 to
Ref & Impt 6s series B
Ref & Impt 5s series C
Ref & impt 5s series D
Since
96
Namm (A I) & Son—See Mfrs TrNash Chatt & St L 4s ser A
1978 F
Nash Flo & S 1st gu g 5s
1937 F
as to
Ref & impt 4%s series A
Range
\
89
92%
Constr M 5s series A
1955 M N
Constr M 4Ha series B._
1955 M N
Mutual Fuel Gas 1st gu g 5s.-.1947 M N
Mut UnTel gtd Gs ext at 5%-.1941 M N
*Stpd
S
S
April 1 1935 Incl coupons. .1945
North Pacific prior lien 4s
1997 Q
Gen lien ry & Id g 3s Jan
2047 Q
Last
£■$
e Is
EXCHANGE
NY 1-735
Friday
0113
BONDS
N.
.
High
IVI
IVI
North Cent gen «fc ref 5s
Gen & ref 4%s series A
LOBDELL & CO.
Since
Bid
Price
Quoted
-
Range
Range or
Friday's
<fe
Asked
Sale
EXCHANGE
STOCK
Week Ended Aug. 14
N Y Susq & West 1st ref 5s
2d gold 4 Ha
General gold
1937 J
J
89
91
54
92%
1937 F
A
*50
86
45
87
1940 F
5s
Terminal 1st gold 5s
NYTelep 1st &
108%
A
66
66
46
72
100
102
1943 IVI N
f4Hs—.1939
gen s
N Y Trap Rock 1st 6s
MN
D
80
J
13
ser
14Hal946 J
Nlag Lock & O Pow lst5s A
1955 A
O
Niagara Share (Mo) deb5Ha.-1950 IVI N
Nord Ry ext sink fund6H8
1950 A O
F
A
♦Certificates of deposit
{^♦Norfolk & South 1st
g 5s
.1941 J
1961
ser
A
51
110% 111%
107 H
TTT%
8
80
85%
5
80
96
71
12%
22%
107%
13%
107%
103%
17
113%
115
12%
2
93
105% 108
96% 103%
30
113%
16H
16%
16%
19
12%
15
15%
16
62%
118%
"59
106%
18
105% 107%
F
1957 IVI
106%
40
104
30
103% 106%
102% 105%
118%
106
A
106%
105%
105%
104
104
S
Aug 15 1963 F
Deb 5s series C
Nov 15 1969 M N
For footnotes see page 1043.
Tl8%
D
Deb 5 Ha series B
80
1941 MN
1996 O A
North Amer Co deb 5s
110%
80
15H
| ^Norfolk South 1st & ref 5s. .1961
N & W Ry 1st cons g 4s
Pocah C & C Joint 4s
110%
103%
1946
t*N Y Westch & B 1st
No Am Edison deb 5s
110%
84
1946 J
3s stamped
*103%
A
12%
51
115
155
1st M 4%s series C._
Pitts Y & Ash 1st 4s
ser
1960 A
A
Port Gen Elec 1st 4%s ser C..1960 M S
1st 5s 1935 extended to 1950
J
Porto Rican Am Tob conv 6s.. 1942
J
t♦Postal Teleg & Cable coll 5s. 1953
{^♦Pressed Steel Car conv g 5s.1933
^♦Providence Sec guar deb 4s._1957
^♦Providence Term
1st 4s
Pure Oil Co s f
21%
63%
4%s without warrants
Purity Bakeries s f deb 5s
105
105
105%
18
103% 106
106%
105%
106%
23
101% 107
4%s
w w
110
D
1948
1st gen 5s series B
...1962 F A
1st gen 5s series C
D
1974
1st 4 %s series D
D
1977
Port Arthur Can & Dk 6s A
1953 F A
1st mtge 6s series B
1953 F A
22%
122
O
J
119%
102
102%
*101%
"72%
72%
119% 119%
103%
73
"79
*106%
"78%
32%
.
76%
"79" "39
IVI N
33%
28%
96%
98
*10%
J
335
13
33
*84
91%
J
114%
114
116%
1950
J
104
104
104%
6
1948
J
98%
44
{♦Radto-Kelth-Orph pt pd ctfs
for deb 6s & com stk
(65% pd)
{♦Debenture gold 6s
1941
Reading Co Jersey Cent coll 4s.1951
Gen & ref 4%s series A
1997
Gen & ref 4%s series B
1997
s
97%
74
D
27%
80
179
75%
41%
100
21%
79
92%
110% 131%
102% 105%
91% 103
158
100%
D
A
96%
77% 103%
79% 103
66%
80%
104% 108
82
64%
9
.1950
1956 IVI
92%
110
158
63
100
100
100%
J
106%
106
107
82%
96% 100%
106
108%
J
106%
106%
106%
105% 108
O
-
Volume
New York Bond
143
bonds
Last
N. Y. STOCK EXCHANGE
M
IVI N
w w.1956
1941
Republic Steel Corp 4 %s ser A. 1950
Gen mtge 4%s series B
1961
Purch money 1st M conv 6 mb '64
S
M
f
A
M n
Revere Cop & Br 1st mtge 4 mb. 1956 j
J
♦Rhelnelbe Union
s f 7s
1946 j
♦Rhine-Ruhr Water series 6s___1953 j
114"
107%
103%
32
a
'55 a
O
IVI N
1952 j
♦Rio Grande June 1st gu 5s
o
42
1962 ivi
s
{{♦R I Ark & Louis 1st 4mb... 1934
♦Ruhr Chemical
s
f 6s
Rut-Canadian 1st gu g 4s
Rutland RR 1st con 4mb
1941
2d gold 6s
1996 A
o
♦{Riv & G Div 1st g 4s ...1933 ivi N
♦Certificates of deposit
{♦St L Peor & N W 1st gu 5s... 1948 J
St L Rocky Mt & P 5s stpd
1955 J
{♦St L-San Fran pr lien 4s A
1950 J
♦Certificates of deposit—
♦Prior lien 5s series B
j
m"s
m"n
1989
1943
St Paul Un Dep 5s guar
1972
J
s
1946 A
f 6%s series B
Stamped
|{♦Seaboard Air Line 1st
a
..1950 a
*117
*12%
13%
O
A
1959 A
o
{♦Refunding 4s
0m
5%
9%
7%
1945 M s
♦Certificates of deposit
{♦Atl & Birm 1st g 4s
-.1933
{♦Seaboard All Fla 6s A ctfs..1935
Sharon Steel conv deb 4%s
Shell Union Oil deb 3%s
Shinyetsu El Pow 1st 6%8
♦{Siemens & Halske s f 7s
♦Debenture
s
m's
A
o
1935 F
♦Series B certificates
15%
1951 ivi N
.1951 ivi s
1952 J
108
97%
d
1935 j
J
1946 F
105%
South <fe North Ala RR gu 5s..1963 A
8 f 5s. 1941 j
'lbom
a
So Pac coll 4s (Cent Pac coll) .1949 J
1st 4%s (Oregon Lines) A.-.1977 ivi
..1968 ivi
93 m
S
s
1981 M n
1950 a
O
97%
93%
93
93
112%
1st 4s stamped
J
Devel & gen 6s
Devel & gen 6 mb
105%
■
"107m
1994
1956
103
Mobile & Ohio coll tr 4s
1938 m s
26
28%
29%
4
4-
16%
15
4%
6%
5%
9%
8
2
3
49
39
106
38
16%
4
108%
97%
85%
103%
55%
62
28
67
4
1
1
16
30
99%
105%
"~58
50
127
S'west Bell Tel 3%s ser B
1964 J
1955
1946
Staley (A E) Mfg 1st M 4s
3%s
d
1961
Staten Island Ry 1st 4Mb
1943
♦StUdebaker Corp conv deb 6s. 1945
Swift & Co 1st M 3%s_.
1950
Terr Cent 1st 6s A or B
1947
Tenn Coal Iron & RR gen 5s__1951
Tenn Cop & Chem deb 6s B
1944
86%
107%
*18%
105%
105%
99%
99%
*103%
95
1
"20
6
74
98%
104
94
127
93%
93%
113%
105
106%
232
263
48
2
"112
f g 4s
Debenture 3%s
Gen & ref 5s series B
1951
1943
2000
1977
Gen & ref 5s series C
1979
1980
Tex Pac Mo Pac Ter 5%s A..1964
1st ref 4s
1960
♦AdJ lnc 5s tax-cx N Y__Jan 1960 a o
280
96
99
155
"94" "35
103
87%
108
1
89
4
20%
105%
99%
"~26
134
102%
214
105%
106%
27
96
96
97%
125
"l03%
125
103
103%
100%
110%
116%
109%
106%
100%
*110
*116%
109%
106
106
101%
102%
101,732
102%
*104%
122%
104
103%
104%
103%
105
104%
*108%
"70%
38%
70
37%
Uijigawa Elec Power
f 7s
s
101%
102%
11
7
32
103
39
S
96%
96%
22%
94%
39%
28%
69%
47%
100% 102%
105%
31
27
16%
103% 107%
Util Power & Light 5%s
Debenture 5s_.
Cons
123
61
111% 115%
107% 111%
112
16
109
104
13
101% 104%
106% 109%
98
103%
114%
IVI
s
108%
loi"
114%
108%
111%
103%
107%
107%
IVI
s
J
D
101%
J
107%
101%
101%
4
152
*113
89%
104% 107%
28
111
124%
129
78
108
106%
28%
124%
106%
29%
"§I"
106%
29%
29%
40
103% 107%
27
33%
33
27%
29
4
68
63
102%
103%
73%
104
8
11
29
29
102%
25
219
27
50
1st
75%
39
64
78
71
74
79
60
75
58.1941 A
O
89
88%
89%
19
A
5s
109
105%
94%
97%
81%
88%
59% 103%
42%
55%
,
90
31
96%
99£
103% 106%
114% 127
106% 108%
102% 106%
95
80%
87%
98%
94
76%
77
93%
76%
93%
106% 118
99
94
97% 103
57% 87%
104% 108%
34
14%
104% 106
•81% 117
107%
106% 109%
110
102%
93%
"I
70
104
110
18
95%
105%
34
103% 105%
102%
98% 104%
96%
84%
67%
78%
100% 102%
94%
1941
103%
49
93
93%
13
*75
A
78%
*102%
"79%
1939
*75
1941
1941
*97%
68
81
97%
72
70%
9
82%
60
77
89
99
98%
38
34
A
"26
26%
26
1976 F
35%
34
34
34
gen 5
34%
"~6
27
36%
25
32%
35%
32%
*32%
1978 AO
32%
"33"
33%
"97
33%
34%
32
1980 AO
"9
26
24%
106%
107
106%
"67
26
36%
25
♦Certificates of deposit
Walker (Hiram) G&W deb 4%sl945
Walworth Co 1st M 4s
20%
58
105%
♦Certificates of deposit
33
103% 108%
1955 A
O
•78
78
1955 A
O
90
90
92
10
71
92%
1939 IVI
S
97%
29%
98%
206
86
{♦Warner-Qulnland Co deb 6s. 1939 IVI
♦Warner Bros Co deb 6s
1941 IVI
98%
29%
33
28
S
65
60
30%
65%
98%
46%
39
62
65
46
41%
41%
69
64
77
83
6s debentures
Warner Bros Plct deb 6s
S
♦Deposit receipts
Warren RR 1st ref gu g 3%s_. 2000 F A
Washington Cent 1st gold 4s_. .1948 Q M
Wash Term 1st gu 3%s
.1945 F A
1st 40-year guar 4s
Wash Water Power s f 5s
1945 F
A
{♦Western Pac 1st 5s
ser
g
121% 125
122
3
119
*109
102
102%
107%
108
J
.1943 A
O
S
Registered
105%
101%
11
36%
35%
105%
70
6
105
26
103
32
108%
103% 106%
31
104
D
106%
105%
108%
106%
S
109
108
109"
J
2361 J
RR 1st consol 4s
F
A
25%
91%
92%
"93"
S
1949 M S
White Sew Mach deb 6s
25%
J
ser D_. 1966 M
109
110%
1960 IVI
Wheeling & L E Ry 4s
110
96% 102%
106
35%
34%
105%
108%
1951 J
J
46
101%
4%s... 1950 IVI N
♦Westphalia Un El Power 6s.. 1953 J
West Shore 1st 4 s guar
2361 J
105
110
36
34%
J
123
108
102%
.1937 J
112
5
107%
30-year 5s.
110
123%
1977
A.... .1946 IVI
69
94% 101
105% 108%
110%
123%
121%
1961
84
70
109% 110%
*110
♦5s assented
1946
Western Union coll trust 5s... 1938 J
Funding & real est
25-year gold 5s
79%
99%
.1952
West N Y & Pa 1st g 5s
Gen gold 4s.
1
82
*110%
.1939
1st mtge 4s ser H
Western Maryland 1st 4s
1st & ref 5%s series A—
79%
99%
*108%
Westchester Ltg 5s stpd gtd... 1950
West Penn Power 1st 5s ser E. .1963
93
1
54
2
111%
110%
32%
32%
44
42%
107
109
22%
33%
85
96
4
81
92%
104
92%
107%
111%
101
101%
100%
...1940 MN
106
32
*105
111%
101%
101% 104%
107% 112%
100%
58
99
101%
90
'101%
{♦Wickwire Spencer St't 1st 7s_1935
♦Ctfs for col & ref
conv
_
J
J
7s A. 1935 MN
Wilk & East 1st gu g 5s
Will & S F 1st gold 5s
1942 j
*100
J
4
98
18%
18%
31
31%
36
45
67
107%
101%
109
109
1
24
25
161
21
21
22%
14%
16
124
12
12
2
*10
25
109
1st mtge s f 5s ser B
1970 A
O
Conv deb 3%s_„
1st mtge s f 4s ser C—
1951
F
A
1961 Ml N
66
24%
j
50-yr 1st gen 4s...1949 J
25
-25%
101_*
j
1960 j
♦Certificates of deposit
{♦Sup & Dul dlv & term 1st 4s '36 MN
{♦Certificates of deposit
♦Wor & Conn East 1st 4%s___1943 ■»
J
Youngstown Sheet & Tube—
105
24%
24%
63%
D
Wilson & €0 1st M 4s series A. 1955 J
{♦Wis Cent
25
24%
D
1938 J
Winston-Salem S B 1st 4s
125
94
CK
105%
1939 IVI N
♦Ref & gen 5s series D._
74% 100%
103
'If
22
110
J
s
—
99%
79
108%
62%
*60
..1954
♦Ref & gen 5s series B
99%
78
J
"17%
107%
108%
S
...1939 F
♦Ctf dep Chase Nat Bank
85
13%
O
Wheeling Steel 4%s series A... 1966
78%
95%
MN
Ml
2%
85%
95%
106% 108
107% 107%
2%
6%
*3
J
D
%s A.1975
♦Certificates of deposit
99% 106%
92% 108
J
J
1958 A
Omaha Div 1st g 3%s
Toledo & Chic Div g 4s
106%
101% 101%
J
1966 IVI
♦2d gold 58
1st Hen g term 4s
Det & Chic Ext 1st 5s
Des Moines Div 1st g 4s
66
*108%
*108%
2%
.1957 M N
4%s__1934 J
{Wabash RR 1st gold 5s
66
56
4s series A
{♦Wabash Ry ref &
72
95% 104%
97% 104%
71
f 4s series B
cons
33%
29%
12
103%
104%
35%
131
1955 F
conv
gu
113
*28
73%
♦Certificates of deposit
♦Ref & gen 4%s series C
114% 120%
13
20%
21
11%
3%
8%
5%
10%
9%
4%
7%
13%
6%
11%
13%
24%
3
7%
6%
24%
cons g
118
1959 F
Virginian Ry 3%s series A
66
120
111
115
J
1
1947 J
{♦July coupon off
♦Vertlentes Sugar 7s ctfs
1942
Virginia El & Pow 4s ser A
1955
Va Iron Coal & Coke 1st
g 5s. .1949
Va & Southwest 1st gu 4s
2003
100%
25%
s
{♦Vera Cruz & P 1st
102% 104%
104% 107%
117% 124%
105
122%
•8
56
115
J
{♦Universal Pipe & Rad deb 68.1936 J
Utah Lt & Trac 1st & ref 5s...1944 A
Utah Power & Light 1st 5s
1944 F
71
98%
119
*
IVI N
{{♦United Rys St L 1st g 4s.—1934 J
J
U S Pipe & Fdy conv deb
3%s__1946 IVI N
50
71%
3
120%
Vandalla
53
104% 106%
21
17%
120%
117%
115%
109%
A
27%
68%
1
Union Oil of Calif 6s series A. .1942 F
25%
105
al9
al9
14%
13%
76%
17%
5
O
15
105
96%
106%
106%
106
J
United Biscuit of Am deb 5s..1950 A O
United Drug Co (Del) 5s
1953 IVI s
U N J RR & Can gen 4s
,1944 IVI s
130
90% 100
106%
O
A
12-year 4s conv deb
1947
Union Pac RR 1st & Id
gr 4s
1947
1st lien & ref 48
June 2008
1st lien & ref 5s._;
June 2008
Gold 4s...
.......1968
1
115
1051732
123%
102%
"80
26
106% 107%
99% 102
107
111%
15%
15%
9
9
25%
25%
16
14%
21
1
123
105'732
128%
607
102
102%
172
21
104
107
105% f28%
98% 102%
102
110
111%
118%
105% 111%
87% 107
116
8
42
59
232
106
123%
104%
104%
105%
109%
71%
A
.1945 M
{{♦Union Elev Ry (Chic) 5s...1945
Vanadium Corp of Am
,
100
...1953
Gen & ref 5s series D
*108
78%
166%
1944
Texarkana & Ft S gu 5%s A..1950
Texas Corp conv deb 5s
1944
Tex & N O con gold 5s
Texas & Pac 1st gold 5s
108
,95%
106
4%s__1939
gold 5s
103
87 M
Tenn Elec Pow 1st 6s ser A—1947
Term Assn of St L 1st g
93%
90%
1952 F
28%
25%
,
119
107%
106%
107
79
120% 122
25%
111%
108% 114%
34
62%
"35"
:
106%
106%
93%
97%
93%
92%
92%
112%
104 %
1
161% 106"
99%
♦Sink fund deb 6%s ser
A...1947 J
108
*100
1996
{♦Spokane Internat 1st g 5s
Third Ave Ry
105%
77
1938
s
61
94%
98%
94
Gen refund
97
90
f 7s
81
89
5
77
1956
1951
cons
1
3
94%
.1956
Mem Dlv 1st g 5s
St Louis Dlv 1st g 4s
East Tenn reor lien g 5s
1st
5
1955
Southern Ry 1st cons g 5s.
Devel & gen 4s series A
Standard OilNJ deb
104%
102%
3%
105
5S..1937 M n
j
..1937 J
So Pac Coast 1st, gu g 4s
So Pac RR 1st ref guar 4s....1955 j
"67
106
127
100%
1969 ivi N
con gu g
19
4
108
90
101% 102%
1
4
98%
1947 J
Gold 4%s__
San Fran Term 1st 4s
7%
15%
*20
South Bell Tel & Tel 1st
So Pac of Cal 1st
62
1951 j
-
101%
105%
24%
5%
85%
103%
55%
1950 A
1941 F
97
....
3%
Skelly Oil deb 4s...
Socony-Vacuum Oil 3%s
Gold 4Mb
Gold 4mb
102
8
4
SIleeian-Am Corp coll tr 7s
Silesia Elec Corp 6%s
Southern Colo Power 6s A
42
6
"
a
1951 M s
f 6%s
26
4
♦Certificates of deposit
♦1st & cons 68 series A
94%
62%
47%
*25
O
Oct 1949 F
{♦Gold 4s stamped...
♦Adjustment 5s
8
*114%
1989 mn
4s..1950
g
14
95%
111%
i...
Scioto V & N E 1st gu 4s
96
90
sec s
67%
86
121
25%
*27%
*27%
84%
U S Rubber 1st & ref 5s ser A.. 1947 J
♦Un Steel Works Corp 6 %s A.. 1951 J
♦Sec s f 6 %s series C
1951 J
27%
71
:
99%
111%
O
3
87
15%
14%
17%
37
120%
Stamped
Guar
96
92
75
88
99%
111%
Santa Fe Pres & Phen 1st 5S..1942 M s
Schulco Co guar 6 mb
j
1946 J
95
78
34%
101
121
J
24%
42%
107% 110%
103
105%
79
22
*104
S A & Ar Pass 1st gu g 4s
1943 j
San Antonio Pub Serv 1st 6S..1952 j
43
51%
25
102%
1940
24
4
iva
17%
104%
1937
96
J
Union Elec Lt & Pr (Mo) 5s...1957 A
Un E L & P (111) 1st g
5%s A
1954 J
22%
35
6
73
*18
18%
13
71
81
43%
*101%
101%
105%
1937
Mont ext 1st gold 4s
tPaclflc ext gu 4s (large)
31
36%
60
St Paul & Duluth 1st
St Paul Minn & Man 5s
80
79
48
69
1937
con g 4s.. 1968
{♦St Paul E Gr Trk 1st 4%s... 1947
{♦St Paul & K C Sh L gu 4%s. 1941
"I
27*
"69"
13
conv
85
"79%
92%
20%
47%
24%
27
24%
46 M
j
♦1st terminal & unifying 5s.. 1952
♦Gen & ref g 5s ser A
1990
6s
24
22%
19%
22m
*109
S
38
♦Guar
90
76%
54
37%
112% 112%
107% 109
'
24
77%
86%
\<99% 107%
96% 102
4
♦Tyrol Hydro-Elec Pow 7%s..l955 IVI N
107%
52%
94%
35
25
01m
♦2d g 4s lnc bond ctfs.. .Nov 1989 J
35%
103
"4
26
4
49
22%
22%
Ti"
♦Con M4Hs series A_.
..1978
♦Ctfs of deposit stamped..
cons
"25~~
30
101%
122
37
230
28%
110%
103%
80
j
79%
105%
100%
100
23%
"61
"26
36%
j
♦Certificates of deposit
St Paul City Cable
Guaranteed 5s
30 m
166%
High
100
33%
33%
"26"
79
100% 103%
Low
6%s.._1943 M N
23
19
*75%
j"J
.1950
{♦St L SW 1st 48 bond ctfs
79
2
*121%
121%
121%
5
42%
St Louis Iron Mt & Southern-
No.
102%
78%
D
Tri-Cont Corp 5s conv deb A..1953 J
90
*110%
103%
*91%
•79%
High
102%
105%
102%
Jan. 1
*104%
Truax-Traer Coal
26
28m
St Joe & Grand Island 1st 4s._.1947
St Jos Ry Lt Ht & Pr 1st 5s...1937 M n
St Lawr & Adlr 1st g 5s
j
1996 J
Asked
S
33%
24
1949
Since
<Ss
79
O
Range
Friday's
Bid
D
23
"84"
17%
*24%
1948
Imp 3%s 1960 J
Tol St L & W 1st 4s
1950 A
Tol W V & Ohio 4s ser C
1942 M
Toronto Ham & Buff 1st g 4s..1946 J
Trenton G & El 1st g 5s
1949 IVI
4
29%
41%
*115%
*108%
1977 m s
D
27%
82
1949 a
..1953 J
27%
*90~~
82
1st 6s dollar series
Tol & Ohio Cent ref &
J
34
50
j
Range or
Sale
Price
1937 J
24
103%
d
Last
£
e
1
a
1939 j
♦1st con & coll trust 4s A
Roch G & E 4%s series D
Gen mtge 5s series E._
1
45%
45%
J ♦Rio Grande West 1st gold 48.1939 j
126
106
1
*102%
j
Third Ave RR 1st g 5s
Tokyo Elec Light Co. Ltd—
95% 100%
109%
102% 105
34
27%
21%
28%
31
39
32
42%
43 m
Week's
Low
110
106
100
23%
43
IVI N
—1955 f
QQ
ll
High
106
"321
108%
104%
23%
20%
27%
26%
*26%
27m
Low
40
115%
98
J
1952 IVI N
II ♦Richfield Oil of Calif 6S—1944
♦Certificates of deposit.
Richm Term Ry 1st gu 5s
♦Rlma Steel 1st s f 7s
'111%
26 %
warr
High
No.
112%
.
J
1953 F
N. Y. STOCK EXCHANGE
Week Ended Aug. 14
Jan. 1
108
107%
*
M n
♦Rhine-Westphalia El Pr 78—1950
♦Direct mtge 6s
♦Cons mtge 6s of 1928
♦Cons M 6s of 1930 with
107%
98%
108%
104%
S
1043
bonds
Since
Asked
&
Low
Rensselaer & Saratoga 6s gu
Range
Friday's
Bid
Price
Remington Rand deb 4%s
6
Friday
Range or
Sale
Week Ended Aug. 14
Record—Concluded—Page
Week's
Friday
"37
e
101>73zl05
101
102%
Cash sales transacted during the current week and not
Included in the yearly
range;
99% 105
117% 126%
French 7s unstamped
r
*
1949, Aug. 11
at 175.
Cash sale only transaction during current week,
a Deferred
delivery sale only
during current week,
n Under-the-rule sale
only transaction during
65
98
105%
232
transaction
97
105%
current week.
64
~36
142
97
105%
105% 109%
57%
71%
22% 43
at
§ Negotiability impaired by maturity,
exchange rate of $4.8665.
t Accrued interest payable
{ Companies reported as being In bankruptcy,
receivership, or reorganized under
Section 77 of the Bankruptcy Act, or securities
assumed by such companies.
*
Friday's bid and asked price.
selling flat.
Deferred delivery sales
in the yearly range;
z
No sales.
No sales transacted during current week.
transacted
,
<
during the
•
current
week
and
♦ Bonds
not included
Exchange—Weekly and Yearly Record
New York Curb
1044
regular weekly range are shown
In the following
Aug. is. me
the
selling outside
nnless they are tie only transactions of the week, and when
footnote in the week In which they occur. No account is taken of such sales in computing the range for the year.
delivery sales are disregarded In tie week's range,
NOTICE—Cash and deferred
in a
extensive list we furnish a complete
.
the New York Curb Exchange for the
record of the transactions on
the present Friday (Aug. 14, 1936). It is compiled entirely
from the daily reports of the Curb Exchange itself, and is intended to include every security, whether stock or bond, in
which any dealings occurred during the week covered:
week
beginning
Saturday last (Aug. 8, 1936) and ending
on
Week's
Last
of Prices
Low
High
Sale
STOCKS
Price
Par
Acme Wire vtc com.
-
43
.20
1
10
Agfa Ansco Corp com
Ainsworth MfgCorp
"54"
24
4
40
May
46 94
Jan
10
99
June
11394
Mar
Am dep rets
15
Jan
2494
Aug
-Am dep rets
""306
394
494
Mar
Brown Co
1594
Mar
71
230
conv
2,000
*
13094
Feb
Bunker Hill & Sullivan.. 10
Burco Inc
Jan
1
Feb
17
June
21
Jan
Class A
13094 13794
3,250
87
Jan
152
450
109
Jan
12194
300
15
Feb
1794
150
1394
600
45
Jan
75
Mar
Am dep rets A ord
400
87
Jan
101
Mar
Am
2X
20
Mar
494
7794
Jan
68
494
194
134
Jan
9
Feb
9i6
_10c
Jan
2
Feb
800
194
35
*
*
500
27
Jan
3694
Jan
9194
Feb
Class A
44
1
7
Cyanamid class A. 10
Class B
"35 94
10
n-v
44 94
175
7
25
Class B
794
5,400
3534
18", 166
3494
5
Amer Fork & Hoe Co com*
'22 X
*
4594
4534
..*
11234
10c
994
$2 preferred
$2.50 preferred
"32~~
Amer Hard Rubber com.50
7
Feb
May
5
Feb
394
22J4
175
4794
8,000
400
19
3534
800
30 94
Jan
3994
100
38
Jan
4394
31
3334
550
29
Apr
46
1,400
2,100
1994
Jan
2794
Mar
1794
Jan
2594
400
2594
Feb
30 94
Jan
450
14
Jan
3094 ,July
30
30
•
134
2794
27
300
Jan
9994
6394
494
Feb
194
Jan
294
Aug
494
Jan
794 June
2%
Wupperman.. 1
594
294
294
594
,594
9,400
1,400
116"
194
1
4
394
394
Jan
794
Mar
Jan
<794
Mar
Jan
994
Mar
594
694
*
594
594
694
993
9
994
6
Art Metal Works
com
Associated
Amer deposit rets
£1
Assoc Gas & Elec—
1294
'32
94
1
Jan
394
Feb
594
Jan
1494
Feb
'32
Jan
94 June
700
s32
94
July
Feb
94
Feb
Jan
394
Feb
14,700
3
JO
5,300
2
Assoc Laundries of Amer.*
Vtc
*
common
234
Associated Rayon com...*
294
194
600
48
100
88
88
10
48X
July
88
Aug
88
92
4794
Associates Investment Co *
Apr
94
Aug
June
Jan
2694
Atlanta Birm Coast—-
RR Co pref
100
Atlanta Gas Light pref. 100
Atlantic Coast Fisheries..*
88
"994
"9k "iok ~i".66o
Atlas Corp common
$3 preference A
*
*
1434
Automatic Products
Automatic-Voting
_____
494
Feb
1194
July
May
194
1,300
5
934
994
994
1,400
894
Apr
11
8
794
894
1,100
7 94
Aug
12 94
Babcock & Wilcox Co
*
10
4694
4694
4694
90
90
95
600
70
60
65
1
2
.
Jan
Mar
103
Jan
Jan
494
June
May
$2.50
conv
Bliss (E
W) & Co com
*
Blue Ridge Corp com
1
$3 opt conv pref
*
*
*
Blumenthal (S) & Co
Bohack (H C) Co com
7% 1st preferred
Borne-Scrymser Co
100
*
5
Bower Roller Bearing
Brill Corp class B
Class A
7% preferred
Brillo Mfg Co com
Compo Shoe Machinery
Connecticut Gas & Coke—
494
14 94
Jan
Jan
.
*
25
50
Feb
1,600
17
May
*494 May
30 94
5
May
~
494
5% preferred A:
400
105
May
12494
Mar
4894
4994
2,150
38
Jan
4994
July
30
300
24
Jan
3494
1
494
1,100
94
3494
Jan
494
59,500
May
140
61
40
8% preferred
w w.,.100
Aug
Aug
Cont G & E 7 % prior pf 100
200
4294
Jan
7094
6294
200
43
May
65 94
1694
7,700
11
Jan
1994
Apr
494
494
100
3X
Jan
494
July
94
700
94
Jan
194
Feb
May
994 June
5294
Aug
1694
Feb
94
994
300
5294
994
1,600
10
15
15
23 94
2394
1894
2494
2,900
2094
2,600
Jan
1994
3594
Jan
40
June
1894
July
30
Feb
Jan
27
494
Feb
294
""960
29
""ioo
""7k "794
43 94
June
53
2334
1194
2194
2494
July
2594
1194
12
375
5
July
12
Aug
55
5294
56
270
34
May
56
Aug
14
14
18
Feb
Mar
150
1294
Apr
394
394
100
394
July
694
Feb
2594
2694
2,400
20 94
May
2994
Mar
7
July
July
12
Mar
4
Mar
73
7il94
600
5294
1,600
42
May
11594
2,725
93
Jan
394
8.100
108
108
394
3
42
T6594
94
94
10594 10794
Mar
Mar
45
Jan
97
Jan
117
July
,3494
100
]
..
4494
2,150
yK
Feb
194
May
4494
Aug
394
Mar
94
294
2,200
194
Jan
'16
1394
94
1494
21,800
"1394"
500
1194
July
Jan
16
Feb
46 94
May
49
Apr
1894
2094
7,000
494
494
7,300
9494
1,400
56
5694
350
894
3,400
99
294
294
-
694
Apr
Jan
9494
Aug
84
Jan
5794
894
Jan
100
2
May
Jan
394
2
1394
Aug
Jan
19
Mar
Jan
4994
Mar
750
1794
7,400
300
894
600
694
Jan
9
Apr
494
494
5,100
494
July
8
Mar
694
1,500
7394
300
594
1494
3
1494
394
1694
®
994
34
8
494 June
1594
Feb
Jan
21
Aug
Cramp Ship & Engine.. 100
7794
Feb
494
Feb
194
Jan
1,300
694
Jan
17
15
Feb
3594
3594
3694
8,300
24
94 June
Apr
294
300
194
Jan
Crane Co com
—25
12094
800
3
Jan
894
Feb
150
494
29
Jan
5394
Feb
Creole Petroleum.
...5
2194
2194
2394
19J4
100
8,400
3694
July
Crocker Wheeler I
*
1194
1194
1294
3,400
13294 134
100
...1
94
3,900
"is
100
*
694
1
Crown Cent Petroleum.
L...1
194
2 94
194
9
n16
5
194
Feb
Jan
294
Feb
3694
.
Aug
Jan
Jan
134
Apr
16
3494
July
Feb
Feb
Feb
May
194
794
July
Jan
294
Jan
July
.
7,300
Feb
Jan
65
21,000
ord reg___£1
Jan
Crowley Milner & <
Jan
Feb
13J4
1194 May
~3k
100
Croft Brewing Co.
Aug
10194 June
94 May
13
A*ug
Courtauld's Ltd
Am dep rets
Aug
Mar
4794
73
$6 preferred A
Cosden Oil com
994
1094
105
Mar
1494
13
594
Common
1394
494
116
July
394 May
5394
90
""260
Jan
2394
88
97
Jan
July
394 June
120
------
194
1494
113
794
Corroon & Reynolds-
Preferred
Apr
194 June
Jan
13
8
500
Apr
594
Jan
36
2,800
9,500
94
2
494
Corp
8,800
794
July
47
12
300
Jan
11694
.
1794
21
9
Apr
100
42
.
1894
9
894
49
$3 preferred A
Cord
Apr
1,200
5,700
"36J4
394
May
nl
Copper Range Co
294
4594
494
Jan
May
rl
13
_
Cooper Bessemer com
Jan
2,900
45
294
Feb
6
Feb
Aug
July
194
49
10
Cont Roll & Steel Fdry.
Feb
394
45
36
41
394
94
Continental Oil of Mex...
294
Feb
June
63
June
Feb
June
694
7094
"2
Consol Retail Stores
Mar
34
794
66
Jan
394
1594
794
X
9
4194
700
694
Mar
59
Jan
3
2,700
62
Apr
194 May
Jan
325
6094
56
294
2534
1694
4994
94
50 94
100
July
"18
Feb
Jan
22
1694
52
Consol Min & Smelt Ltd.
July
1494
Jan
12094
119
9394
94
1394
694
Feb
200
46
com.
194
*
100
24
Secur $3 pref
12
*
*
Feb
116
11,000
Brazilian Tr Lt & Pow..
Bridgeport Machine
44
2
15,800
25
Bourjois Inc
Jan
"44 k
94
394
Feb
20
....
294
3 94
394
Jan
150
,
Community P & L $6 pref
Community Water Serv..
,316
1894
July
31
194
294
1394
7894
Aug
94
X
200
Feb
494
Dlstrib.
294
*
4294
Jan
56
Warrants
Commonwealths
Consol Royalty Oil
_*
pref.
Black & Decker Mfg Co..*
July
July
Jan
494
,
Apr
81
3194
Consol GELP Bait
11
1794
1,100
Consol Copper Mines
151
100
102
Apr
56
Jan
123
Bickfords Inc com.
1,500
July
1494
2594
Feb
Jan
Berkey & Gay Furniture. 1
Purchase warrants
294
294
55
52 94
70
Jan
11
Jan
Jan
Aug
394
July
Aug
11
Jan
30
3194
1894
2
.*
1694
116
Jan
Consolidated Aircraft
121
Convertible pref
Jan
July
994
Jan
Feb
Feb
11694
Apr
Aug
394
Mar
9994 May
Feb
10794
194
6
142
1,100
July
16 94
194
294
■
100
294
56 94
1894
Apr
Bell Tel of Pa 6 94% Pf-100
Benson & Hedges com...
Bell Tel of Canada
Apr
July
994
200
Aug
51
July
6,800
94
100
Bellanca Aircraft com
7894
'
394
Baumanh (L) & Co com—*
1994
294
-394
Baldwin Locomotive warr.
7% 1st pref
Mar
5594
July
70
""250
7794
294
Commonwealth & Southern
Como Mines
40
250
6
Commonwealth Edison 100
July
194 June
July
194
10
July
Aug
'
Axton-Fisher Tobacco—
Class A common
Aug
1694
24
*
1
200
17
"
1
7 94
Jan
9394
Apr
6794
5% preferred.. 100
Columbia Pictures
"l94
Mach.*
Conv
Columbia Oil <fc Gas.
294
"50
"36"
Columbia Gas <fe Elec—
Feb
200
40
8.300
July
Apr
794
1694
*
Feb
Jan
6,300
11
Rosenberger
1694
55
100
1094
Aug
6094
Colon Oil Corp com
*
Colt's Patent Fire Arms.25
1694
1
Austin Silver Mines
Cohn &
3894
200
5294
994
.
2694
7
June
394
3.34
11
*
Corp
20,260
17
60
Club Alum Utensil Co...
Cockshutt Plow Co com..
894 June
53 94
53
"394
Warrants
Atlas Plywood
"ilk "1594"
1794
600
594
Clinchfield Coal Corp. .100
1194 May
51
Jan
28
Atlantic Coast Line Co..50
75
494
*
com
102
86
17
Claude Neon Lights Inc..l
Cleve Elec Ilium com.
*
Cleveland Tractor
Jan
10
20
8,000
*
Feb
194
Mar
1494
6094
*
800
1134
Feb
5
9394
100
Feb
494
21
1394
xlOO
Mar
Jan
294 May
1894
Jan
92 94
xlOO
*
194
194
400
48
City Auto Stamping
*
City &'Suburban Homes. 10
1134
200
2694
22
16 94
""x
Cities Serv P & L $7 pref.*
$6 preferred
*
*
Option warrants
Preferred
Aug
1
Aug
194
Feb
30
1394
$5 preferred
Aug
300
4994
Mach..
Chief Consol Mining Co
Childs Co pref
100
Cities Service com,..,
*
Jan
Class A.
1494
6,200
1694
1094
2 94
200
2694
120
1,200
Jan
Feb
294
494
Preferred BB
1
294
2094
394
"24"
1394
194
July
29
Jan
May
194
194
1294
52 94
Apr
1
3,300
15
294
294
1294
*
Jan
2
1494
294
96
Common
1194
24
Jan
June
July
68
994
83
594
194
"78 k
1,500
10
6 94
•
879*
1094
10
Aug
700
400
7
6
17
Preferred B
94
94
10
>
794
Industries
Elec
5
94
13
Arkansas P & L $7 pref...*
1,900
10,500
6,700
Feb
Mar
30
...25
Chicago Rivet
11094
Jan
Jan
38
U294 11494
Chicago Flexible Shaft Co 5
Jan
94
Feb
32
5194
10
July
10494
2,000
Jan
9I6
594
Jan
994
...*
July
31
Mar
13
30
194
194
194
July
Aug
July
17
100
Conv pref opser '29..100
Chesebrough Mfg
Mar
3794
"1394
100
—
Aug
294
May
94
5
394
100
Centrifugal Pipe
Charts Corporation
1194
Jan
2494
120
1
warr
Jan
20
294
Conv preferred
Jan
Feb
11094
110
10
Arkansas Nat Gas com...*
300
300
28
2794
Apex Elec Mfg Co com...*
Feb
June
*
Appalachian El Pow pref. *
494
6% pref without
7% preferred
Feb
800
594
1494
Cent Maine Pow 7% pf 100
Cent P& L 7% pref.... 100
com
3
38
2
*
Apr
May
5
Common class A.
Cent HudG&Evtc
Apr
31
*
Aug
4
:
1,100
Feb
94
400
*
1st preferred
2994
32
494
May
1,500
Apr
40
5
15
Apr
82
4694
494
48
494
1
94
1
94"
694
Cent & South West Utll—1
300
92 X
4634
2,100
7% 1st partic pref... 100
7% prior preferred... 100
Cent States Elec
1,300
92
i_*
16,700
94
Corp of America
Jan
2
294
1194
94
*
Feb
14,300
2X
Mar
1094
294
794
94
6
*
Feb
234
Am Superpower Corp com *
1st preferred
*
300
*
194
2194
294
*
214
300
Jan
3794
*
3994
29 94
28
.'9
Amer Potash & Chemical.*
94
Aug
Mar
394
2994
25c
Jan
9i«
18
Jan
100
5
Jan
6,600
6994
94
1
Celluloid Corp com
$7 div preferred
July
85
94
194 May
94
X
27
Jan
Jan
3394
Castle (A M) & Co.....10
Cataiin Corp of Amer
.1
July
26
b.2494
Jan
2594
10794 June
1194
Class B
Mar
Apr
Jan
Jan
50
Jan
23 94
294
Convertible class A
Celanese
3994
"~"k """k"
_.*
Carrier Corporation.
Casco Products
July
Jan
Carnation Co com
__*
J100
Carolina P & L $7 pref...*
$6 preferred
*
Jan
3894
29
*
Preferred.
Feb
12
2994
1
Arcturus Radio Tube
Aug
Jan
Amer Pneumatic Service.*
Angostura
Jan
794
2394
25
Preferred
Feb
July
Apr
108
3,200
24 94
100
Amer Thread Co pref
Anchor Post Fence
24 X
11494
Jan
3394
Aug
July
994
23 44
25
Amer Meter Co
12694
Jan
1,100
113
9
26
Amer Laundry Mach_._20
6% preferred
122
Jan
38
1
Amer Mfg Co com
Amer Maracaibo Co
334
lll34
Feb
394
3494
35
1
Amer Lt & Tr com
Feb
1294
194
pref shs £1
Carib Syndicate
Carman <fc Co—
Aug
5194
1
Canadian Marconi
150
1.30C
Mar
8
48
sh.£l
B non-voting
"TOO
100
6% preferred
100
Canadian Indus Alcohol A*
Mar
4094
400
5
394
2294
American General Corp
3694
Jan
2994
Feb
9
116
7% conv preferred-..100
Amer Equities Co com_._l
Amer Foreign Pow warr
Preferred
4894
115
Amer Dist Tel N J com...*
Amer Gas & Elec com
Jan
July
594 May
Jan
3194
43
Aug
'16
1694
650
*
Capital City Products
Am Cities Pow & Lt—
'
June
400
Calamba Sugar Estate. .20
Canadian Hydro-Elec—
Mar
8694
3434
Aug
94
Mar
094
Aug
694
394
dep rets P ord shs.£l
Amer dep rets
Jan
Aug
294
400
6994
234
Mar
Mar
6994
Cables & Wireless Ltd—
12
68
Common class B_—10c
Amer
Cable Elec Prod vtc
61
994
.
8294
394
*
Burma Corp Am dep rets..
Butler Brothers
10
;
100
$3 preferred
$5.50 prior pref
Apr
May
100
Jan
•
com
Mar
18
400
Jan
3494
3i
Apr
81
394
Warrants
Feb
Aug
68
8194
*
com
$3 convertible pref
Mar
1194
American Beverage com_.l
American Capital—
2594
20
27 94
103
Aug
June
Mar
1594
4,200
4494
2594
4494
2594
"2594
July
494
99
53
*
100
American Book Co
50
pret25
27
58
*
com
6% preferred
Buckeye Pipe Line
Buff Niag & East Pr
116
Jan
Feb
30 94
May
200
8
8
*
Apr
300
1794
Mfg...*
Aluminum Ltd com
*
Co.
June
294
2334
2294
11994 120
100
Aluminum Goods
Aluminum Ind
—
Feb
L)
19
94
23 H
6% preference
July
76
15
Allied Products cl A com 25
Aluminum Co common.
84
Feb
(E
$5 1st preferred..
*
Bulova Watch $3 94 pref—*
200
2X
294
*
pref
Feb
58
Allied Internatl Invest---*
$3
July
Bruck Silk Mills Ltd
6794
3294
Mar
794
28
200
7 94
,3u
94
-Jan
2894
9
Bruce
Jan
-6 94
94
.
500
29
-
114
274
Alliance Investment com.*
27
25
25
1
Alien Industries com
60
82
7234
8194
Distillery.1
Rights
Mar
194
June
3794
81 J*
*
*
Allegheny Steel 7 % pref 100
$6 preferred
Brown Forman
Feb
62
94
Warrants..'
Alabama Gt Southern.-.50
Mar
35
Apr
"2194
Class A preferred
Feb
494
May
294 June
27
Ala Power $7 pref
62 94
4494
20 94
30
High
Low
200
2,000
3094
3094
14
2194
2894
"3094
1194
Brown Fence & Wire B._
700
*
Conv preferred
Apr
June
-
1 1930
Range Since Jan.
Shares
High
3094
ord bearer £1
ord reg..£l
6% pref
100
294
1,500
"5594
394
*
Air Investors com
Amer Tobacco—
75
200
4434
J4
23J4
394
British
1094
394
*
Class B
'
24
*
Aero Supply MfgclA
High
Low
Shares
Low
Price
Par
Week
of Prices
•Sale
{Continued)
for
Week's Range
Last
STOCKS
Range Since Jan. 1 1936
for
Week
10434 10434
1st pf 100
Adams Millis 7%
Range
Sales
Friday
Sales
Friday
Volume
143
New York Curb
Friday
STOCKS
Last
(Continued)
.Sale
Par
Price
Week's
Range
of Prices
Low
High
Crown Cork Internat A__*
15 %
15%
Crown Drug Co com...25c
4%
4%
Preferred
25
Crystal Oil Ret
com
Cuban Tobacco
Cuneo Press
6%%
___.._*
23%
"i M
for
800
3,900
IK
200
6
7
1,100
43
43
200
com
100
Darby Petroleum com...5
Dayton Rubber Mfg com.*
Class A
__v
35
%
11
""% ""%
4
28
28
28
67
67%
60
4
4%
7,000
15%
1,200
1,700
200
.16%
July
5%
Feb
%
4%
Jan
25
Feb
7% 1st preferred
100
Gt Northern Paper
25
11%
Feb
%
Apr
Gulf Oil Corp of Penna.25
Gulf States Util $6
1%
12
Apr
15%
Aug
22%
28
Aug
Apr
Detroit Steel Products...*
Diamond Shoe Corp com.*
35%
19%
600
19%
Aug
19%
8%
37%
3,000
8%
Jan
19%
400
8%
Aug
10%
2,100
35
Aug
37%
Aug
15%
50
15
May
19
Apr
Mar
25
June
11%
Dictograph Products
2
17%
8%
35%
15%
18%
Distilled Liquors Corp
Distillers Co Ltd—
5
11
8%
2,200
23
500
5%
11
Jan
12%
26%
26%
200
23%
Mar
26 %
32%
34%
2,000
27%
May
35%
5%
5%
100
4% June
7%
8
33%
8
*
Julv
Aug
Apr
Jan
Aug
July
FeD
July
Douglas (W L) Shoe Co—
Dow Chemical
..*
Draper Corp
15%
116
114
117%
2,700
*
Driver Harris Co.
7% preferred
..100
Dubilier Condenser Corp.l
Duke Power Co
...100
*94%
65%
10
27%
300
28
Eagle Picher Lead.
10
East Gas & Fuel Assoc—
Common
25
Jan
Apr
124%
Mar
Jan
73%
Jan
39
Jan
June
25
110
77 %
110
10
105%
July
110
Feb
3
3
3
300
%
Aug
6
Mar
74%
350
77%
11%
*
6%
5
11%
"2~, 100
11%
600
Jan
1%
10%
Jan
Jan
15%
Mar
Feb
'%
""6%
80
July
66
Durham
Hosiery class B__*
Duval Texas Suplhur
*
Aug
5
7%
4
July
Jan
Jan
11%
71
73%
225
59 %
Jan
85
Jan
60%
66%
900
41%
Jan
83
Mar
2%
1,100
*
42
42
100
23% July
1% May
24%
Jan
45
July
$6 preferred series B___*
4i
41
100
23
44%
Aug
6%
4 % % prior preferred-100
6%
preferred..
100
60%
Malleable Iron.25
Eastern States Corp
*
"2%
7
2,100
Eastern
$7 preferred series A
Easy Washing Mach "B"_*
Economy Grocery Stores.
Edison Bros Stores com..
Eisler Electric Corp
1
Elec Bond & Share com..5
55
Class A
warrants
Fansteel
22%
22%
Jan
Apr
25% 104,500
14
June
4%
Mar
15%
Feb
27
July
74%
900
64%
Apr
88
July
84
84%
2,200
74%
Jan
88%
July
11%
800
12
Mar
2,300
9%
6%
Apr
9%
Apr
350
18%
Jan
9%
75%
11%
9%
7
7%
300
2
Jan
8%
July
July
Mar
6%
6%
200
5
May
9%
Feb
96
97%
275
88
May
14
14
50
10
800
65
59
6%
18%
Jan
Jan
29%
Feb
15
Jan
19 %
Apr
Jan
38%
42
17%
"
98
30%
14"
Jan
63%
Aug
July
61
62%
450
43
Jan
65
July
60%
60%
50
44
Jan
66
July
63%
60%
64
65
43%
Jan
66%
„
20
19%
2
2
42
20%
2%
350
7is
%
%
Feb
Illinois P & L $6 pref
6% preferred
Illuminating Shares
Chem
%
38%
July
44
700
*16
%
Jan
29%
34
29%
35%
20
56%
July
38%
Jan
55%
53%
July
Feb
9%
Jan
10
24%
24%
Feb
14%
Mar
54
56%
55%
3,550
36%
50
55%
20%
20%
21
21
4,600
21
20
Jan
" 21
100
13%
14
1,500
20%
13%
Jan
Apr
42%
42%
1,100
37
7%
33%
7%
300
34
35%
Non-voting class
20
100
%
1,700
100
Mar
Class B
%
113
113
7
114
6%
42%
Aug
Jan
9%
Feb
Feb
Aug
110
14
June
37 %
38
99%
100
92%
Jan
99%
3%
200
3
Aug
6%
Jan
3%
100
3%
Jan
6%
Jan
Jan
3%
5%
34%
47
47
6,500
8%
20
7%
20
24%
375
400
100
8%
21%
24%
7,300
3,300
25
1
preferred
Internal Holding & inv
Internal Hydro-Elec—
Pref $3.50 series
Intl Metal Indus A.
International Petroleum..*
Internatl Safety Razor B
Internat'l Utility—
$7 prior preferred
Feb
International Vitamin
Interstate Hos Mills
Interstate Power $7 pref.*
1%
1
31%
Jan
May
40%
21%
July
%
Jan
1%
Feb
July
89
Feb
Apr
4%
Apr
46
May
32% July
117
Jan
40% May
7% May
July
22% June
32
Feb
19
Jan
Mar
112
19
July
Jan
*
6%
7%
preferred
Jonas &
Naumburgi..2.50
Jones & Laughlin Steel. 100
Kansas City Pub ServiceCommon vtc.
Feb
Feb
45
Apr
Feb
Kingsbury Breweries
9%
Feb
Feb
4%
30
Feb
Jan
5% preferred D
Kingston Products
Klrby Petroleum..
__1
_l
Rubber.
Lake Shore Mines Ltd...l
19
Mar
575
71
140
67
2%
58
%
June
91
Jan
1
Aug
83
Feb
Aug
Aug
Class A
Lefcourt Realty com
Preferred
Jan
2%
Jan
12%
Jan
19%
July
Jan
52%
Mar
4%
97%
110
85
Apr
Jan
Lion
89%
89%
75
79%
68%
Apr
90%
Feb
Lit Brothers
Apr
Apr
73
Jan
July
Apr
45
5
40
13%
Jan
102
8%
Lockheed
Feb
24
Jan
18%
39%
Mar
8
Jan
20
July
200
100
.*
3%
13%
13
21%
20%
100
Jan
4%
44
Aircraft.__II"i
Corp
I *
Common
*
516
Feb
Feb
25%
Feb
Loudon
21%
Jan
4%
Aug
Louisiana Land & Explor
Louisiana P & L Co—
$6 preferred
Apr
Jan
Lucky Tiger Comb G miio
Lynch Corp common.
5
38,000
14%
23
1,200
10
Jan
2,700
17
July
16% May
2% July
16
32%
preferred
II1100
6% preferred class B. 100
7%
96
96
Mangel Stores Corp..
6%% pref...'
'
4%
""4% "5%
4%
Jan
Jan
July
10
1%
25
95
Jan
Feb
June
%
9%
32
Feb
Apr
Jan
33%
Mar
% May
31%
Feb
26%
1%
%
Mar
Feb
Feb
17,
Aug
93%
Aug
Aug
Aug
97 %
105
4%
44
July
Apr
1%
Mar
6%
Mar
113
Apr
13%
3%
Mar
Aug
July
96
Aug
Jan
74
Jan
87500
4
July
5
5,000
2 %
Jan
7i6 May
18%
Jan
8
3%
107
Jan
Mar
5% June
5%
Jan
% May
24
Mar
11%
6
„
Apr
Mar
96% " Apr
11%
400
10% May
23
23%
500
14
Jan
*25
74%
Jan
78
Mar
55%
58
2,4Q0
51
Jan
60
May
5%
57%
525
11%
"23"
6
1,200
105% 107
5% June
*
70
100
13%
9
13%
100
9%
5,300
1,300
107
12%
8%
Feb
Mar
June
Mar
Mar
90
12%
Jan
1% June
11% July
6%
Jan
%
Jan
25
Jan
11%
Jan
15%
4%
2
July
Jan
Jan
Feb
111
17666
Apr
14%
107%
7%
Feb
13%
Jan
15
Mar
5
4%
5%
4,300
3
Mar
5%
Apr
Jan
21%
Aug
Aug
9
13
13
17%
Apr
6% May
9%
Jan
18%
9
13%
18%
10
3,700
13%
8,800
4%
10%
Jan
14%
Mar
4%
4%
2,700
3%
Apr
90%
90%
93
160
72%
Jan
96
July
80
82%
7
475
64
Jan
84
July
6%
12
*
"*
Iioo
Mar
lA
111%
"700
2%
74
5
Packing
1
Jan
m
"
Long Island Ltg—
4%
17%
4%
30
400
4%
*
Jan
%
May
1%
Jan
4,450
ai_*
Jan
2%
18% June
Mfg Co—
17%
*
Lone Star Gas
50
%
Jan
76
"i'% " i%
III*
com
Feb
100
3%
Oil
Feb
19%
%
70%
Lerner Stores
Loblaw Groceterias cl
Class B__
37%
3%
75
%
♦
Develop
25
6%% pref 100
Refining
*
95
93
Aug
400
Jan
88
Apr
20
Leonard Oil
,
95%
Consol Mines.10
Feb
May
91
1
Lehigh Coal & Nav
6% preferred A
100
Georgia Power $6 pref...*
$5 preferred
*
Gorham Tnc class A com.*
Jan
Jan
95
*
68% June
For footnotes see page 1049
4%
Lakey Foundry & Mach.-l
Lane Bryant 7% pref.. 100
Langendorf United Bak—
,316 May
Apr
Jan
'16
40
89%
93%
Jan
64
Jan
15%
17666
10
Feb
Jan
~15% "l~6%
Apr
Feb
7%
Feb
% May
Kirk land Lake G M Ltd.l
Klein (D Emil)
*
May
4,300
20
"360
39%
38%
14%
June
27%
80
.100
49%
16
"26% "27"
42%
Kings County Lighting—
7% preferred B
100
28%
Jan
16
6
300
Jan
Feb
2%
June
S16
1,300
6%
23%
Jan
Feb
Jan
9js
'"ioo
32
23%
3%
42%
1
13
14%
37%
19%
6
'16
Ken-Rad Tube & Lamp A*
60
V t c preferred A.Ill"*
Kansas G & E 7% pref.100
Kreuger Brewing
1
Lackawanna RR of NJ 100
200
3,400
11
Feb
July
86
3%
Kress (S H) & Co pref.. 100
300
Jan
4
*
9
70
Jan
1,100
500
100
400
3%
"26%
100
preferred..
July
1%
1%
10
32
89%
23% June
75%
Grand National Films Inc 1
6%
"23%
Jersey Central Pow & Lt—
5%% preferred
100
18%
17%
Aug
Aug,
3% May
88
15%
72%
V t c agreement extended
1%
1
74
15%
10
Jacobs (F L) Co
General Tire & Rubber..25
*
33 %
%
Jan
47
Godchaux Sugars class A.*
32%
100
400
4%
64
Feb
21%
5%
4,600
35
%
Jan
5%
35%
% May
Jan
83
33%
3% June
Warrants
18%
12%
1%
4,000
July
800
17
4%
4
10
Feb
Aug
9%
16%
200
2,400
5%
23% May
15
7 Jan
17%
80
10
3%
14%
7%
14%
5%
400
21%
83
27500
Apr
Apr
*7
2,400
Knott Corp common
.1
Koppers Gas & Coke Co—
6% preferred
100
%
1%
3.4C0
1 %
Feb
91
"230
22%
4%
100
Jan
1 %
Superpower A
Jan
700
34
..1
2%
4,900
July
28%
35
34%
*
510
1%
58
Feb
12%
'16
700
40
Jan
84
*
2%
l3tr,
49%
20%
Apr
*
18%
40
May
"11% "12%
12"
Registered
*
International Products
*
6% preferred.......100
17
*
11%
9
69
3%
17%
2%
33Jt
75
*
1
21
"17%
12:
Jan
25
12%
74%
"rl% "r'lH
*
50
Internal Mining Corp
Warrant"
Kleinert
1%
74%
Aug
Aug,
1,600
12%
100
Insurance Co of N Amer. 10
International Cigar Mach *
21%
2%
17
3%
*
30
18%
.
l
700
20
7%
58%
35
58
3
*
V t c
common...
Feb
10
Industrial Finance—
Feb
28%
Feb
June
80
Irving Air Chute
May
Jan
36
99%
A....*
-
17
,
1%
7%
6%%pfl00
%
74%
34%
84
Jan
52%
"54"
Italian
Jan
Feb
Feb
Jan
May
Jan
12
Apr
July
2%
32
Jan
13%
Feb
Feb,
9%
7%
50
23%
10%
600
16
Mar
40%
2,500
Apr
6% June
14%
Aug
30
Jan
4%
40%
Investors Royalty.'
16%
16%
%
Grand Rapids Varnish
*
Gray Telep Pay Station..*
6
4%
Iron Fireman
Mfg v t c._10
Jan
400
July
2%
40%
Jan
Feb
4%
89
Gorham
""ioo
"7% "7%
40%
100
Britain and Ireland..£1
Indiana Pipe Line
10
Indiana Service 6% pref 100
7% preferred..
100
7%
Jan
39%
June
Feb
Jan
2,000
Warrants
preferred....
7%
4%
cl A__*
Registered
*
Imperial Tob of Canada.15
Imperial Tobacco of Great
& L
July
111%
28%
76%
Jan
21
Aug
8%
Gen Outdoor Adv 6% pflOO
Gen Pub Serv 56 pref
*
Gen Rayon Co A stock... *
53
105
July
11
Industries
Amer deposits rcts.__£l
Imperial Oil (Can) coup..*
""Hi
8%
58
Goldfield
20
Feb
11
% May
New warrants
3,100
*
Class B_ i
*
Apr
Feb
21%
3%
8%
1
Glen Alden Coal
50
35%
*111
Jan
.
22%
9 % Aug
13% June
Aug
July
3" 500
_.._*
Gilbert (A C) com
Preferred
34%
17%
9% Mar
14% May
29% Apr
1,050
Jan
1%
Gen Gas & Electric—
General Telephone com.20
53 convertible pref
.*
July
Jdn
17 %
3
July
11%
15
6,500
18%
6%
.*
com
Jan
21%
Feb
13% Mar
6% June
35
137900
1
7% pref stamped"" 100
7% pref unstamped.. 100
Hydro Electric Securities.*
Hygrade Food Prod
5
Hygrade Sylvanla Corp..*
6,300
American dep rets 100 fes
Fort Worth Stk Yds Co..*
Froedtert Grain & Malt—
preferred
55
July
9%
Common.
*
Ford Motor of France—
$6
June
10%
1%
57
Class B
1
$6 preferred
42
22%
Class A
6%
Ford Motor Co Ltd—
Am dep rets ord reg._£l
Gen Investment
700
"~2"00
14%
14%
*111
Aug
11%
6,700
July
16%
58%
Am dep rets ord
reg__£l
Gen Fireproofing com
*
Mar
Jan
7,100
72
6%
1
15
Jan
6%
16%
3%
10%
2,300
"48"
11%
"47" "47"
14%
Mar
2%
67%
28%
17%
56 preferred
100
Flintkote Co common
Florida P & L $7 pref...
Conv preferred
""500
16
72%
Apr
Jan
'26%
Jan
(Phila).10
General Alloys Co
Gen Electric Co Ltd—
14%
Feb
Apr
1
"3% "3%
8%
66%
Imperial
Apr
Jan
25%
Jan
First National Stores—
Ford Motor of Can cl A..*
Class B
7%
68
66%
21
5
dep rets......
Fidelio Brewery.
1
Fisk Rubber Corp
8%
25%
*
'""56
50
42
%
Fiat Amer
100
""25
Jan
Inc—
47
"28% "28%
l
7% 1st preferred
"70"
Mar
5%
Indian Ter Ilium Oil—
4.700
Jan
2%
3%
Metallurgical...*
Fire Association
500
Humble Oil & Ref
July
*
Fedders Mfg Co com
*
Ferro Enamel Corp com..*
6%
6%
"76"
*
36
3%
100
Fanny Farmer Candy....1
6%
7% preferred
loo
Hud Bay Mln & Smelt...*
100
3%
,
Brewing
3,600
*
58
58
Empire Gas & Fuel Co—
6% preferred
100
Falstaff
Hormel (Geo A) & Co
Horn & Hardart
63
Elgin Nat Watch Co
15
Empire District El 6%. 100
Ex-cell-O Air & Tool.....3
Fairchild Aviation
1
90%
*
Hollinger Consol G M
5
Holophane Co com..
*
Holt (Henry) & Co cl A..*
58
Electrographic Corp com.l
preferred...
87%
"88"
*
10
Ind'po-is P
conv
7%
Feb
Ltd—"'
Mar
l
Evans Wallower Lead
Mar
1%
Aug
*
23%
....
Emsco Derrick & Equip..5
Equity Corp com
10c
Eureka Pipe Line
50
European Electric Corp—
Option warrants
Feb
3 %
Jan
July
Hall Lamp Co.
15% June
Shareholding—
6%% preferred
100
7% preferred.
100
8% preferred
100
Empire Power Part Stk__*
10%
%
86
100
11%
9%
pref w w
^._*
Elec Shovel Coal 54 pref..*
July
1% June
100
95
2,700
*
Common
6%
400
1316
98
13%
"84"
i
900
2%
Jan
16%
1
com
7%
2%
1316
Jan
x6%
6%
July
Apr
12%
73%
Elec P & L 2d pref A
56
Jan
Jan
36%
76
16%
*
preferred
Elec Power Assoc
Option
Feb
Jan
128
81
13
preferred..
$6
Electric
Jan
42%
3%
Mar
130%
Feb
Apr
72
Huylers of Delaware
7% pref erred... ....100
Mar
24%
*
preferred
Helena Rubenstein
Hey den Chemical
Hires (C E) Co cl A
19%
July
21 % June
18%
124
50
34
pref..*
$5.50
3%
700
Aug
110%
High
7
'
1
.15%
11%
100
17%
1%
Jan
25% Mar
16% June
Low
'100
Hazeltine Corp
*
Hecla Mining Co..I.."25
72
17'
17%
126%
34
July
Mar
Mar
4%
72%
126
34
Am dep rets
pref
8 sh
Hartford Electric Light.25
Hartman Tobacco Co...-.*
Harvard Brewing Co.
1
19%
70
72
4%
6% pref ww._.
20
Detroit Gray Iron Fdy.._5
Detroit Paper Prod
.1
com
Feb
50
Range Since Jan. 1 1936
Shares
126%
7%
Guardian Investors
Aug
High
70
2%
Apr
Mar
z9
for
Week
of Prices
121%
*
July
10% June
Week's Range
Low
118
Grocery Sts Prod com__25c
43
109
16% May
Detroit Gasket & Mfg coml
Dominion Tar & Chem
Greenfield Tap & Die
Feb
Mar
37%
Price
121%
Aug
Handley Page
Am Dep Rec ord Reg.£l
Amer deposit rets
£1
Doehler Die Casting
*
Dominion Steel <fc Coal B 25
Great Atl & Pac Tea—
Non-vot com stock
1M
Aug
De Havill Aircraft Ltd—
Dennison Mfg 7% pref.100
Derby Oil & Ref Corp com*
Preferred
*
1045
Sales
Sale
Par
Jan
22% June
7_,300
10%
14%
11%
14%
Last
High
July
11%
106
Cusi Mexican Mining.,50c
STOCKS
{Continued)
Low
2,000
K
vtc._*
preferred
Range Since Jan. 1 1936
Week
15%
5
24
2
Friday
Shares
♦
com
Exchange—Continued—Page
Sales
11%
100
40%
1%
40%
5
12
100
400
6%
12,900
9%
25
94
1%
2,000
1%
41%
600
34%
5%-
400
4
42 %
July
Jan
May
July
Jan
Apr
Apr
5%
Eeb
8%
Feb
15%
May
100
2%
55%
9%
66
Aug
Mar
Feb
Jan
Feb
New York Curb Exchange—Continued—Page 3
1046
Sales
Friday
STOCKS
Last
Par
Mapes Consol Mfg
Week's Range
for
Sale
(Continued)
of Prices
Friday
Week
Low
Price
21
*
Range Since Jan. 1 1936
100
21
Low
20
STOCKS
Par
Aug
27%
Feb
July
9%
22%
9%
100%
Jan
Mar
Oldetyme Distillers
7%
Margay Oil Corp
*
Marlon Steam Shovel
*
9H
9%
Masonlte Corp common..*
Mass Utll Assoc v t c
1
94 %
94%
common.
12
450
2%
3,300
16%
200
*
16%
4
16%
50
Aug
June
Class A
Overseas
7%
16%
64
Feb
Jan
Aug
Apr
*
42
Mead Johnson & Co
10%
10%
86
86
.*
102
11%
88%
2,400
750
102:
100
5%
5%
1,300
"si"
"34"
100
102
103
125
Merchants & Mfg cl A—1
7
7
200
7%
com—*
preferred
'"260
Participating preferred.*
6.%
100
Mesabl Iron Co
60
""6% "*7%
56
*
%
*
Michigan Gas & Oil
Jan
79%
5%
Feb
Jan
Apr
Parker Pen Co
20%
89%
5%
Jan
Feb
Apr
Pender (D) Grocery
TlOO
60
90u
*
1%
Michigan Steel Tube..2.50
Michigan Sugar Co
*
17
16%
1
1%
"16
200
1,100
18
1%
Aug
Apr
Aug
Jan
5%
6
400
5%
1,100
2%
1
1%
1,100
11,
*
c
Jan
Midland Oil Corp—
6
2%
Jan
*
13
Feb
Feb
Midland Steel Products—
non-cum
*
dlv shs
Mid vale Co
*
Mining Corp of Can
23
24%
300
28%
*
52%
Minn Pow & Lt 7% pf.100
Pow pref.. 100
Miss River
29
Moh & Hud Pow 1st
98%
pref.*
2d preferred
*
Molybdenum Corp
1
Monroe Loan Society cl A *
Montana-Dakota Util..l0
s
150
64%
July
100
1%
33%
91%
Jan
Mar
29
115
20
8
4%
4
July
1,200
30%
101%
Aug
Aug
300
94%
8%
11,000
13%
Aug
Feb
4%
200
93
150'
150"
"""236
31
32
35
38
*
Moore Corp Ltd com
34
*
Mtge Bank of Col Am shs.
38
"7%
4%
.
10
Mountain Producers
7%
100
"s%
5%
7%
4%
5%
""560
100
35
36~
National Baking Co
"~2% "~2% "2%
52
National Candy Co com..*
National Container com..*
42%
'"166
*24
*24
*
19%
1,400
2,300
45%
1%
1%
1%
70
70
1,600
10
*16
*16
%
800
1%
*
Nat Mfg & Stores com...*
National Oil Products
4
1%
1%
300
"27%
National P & L $6 pref...*
Nat Rubber Mach
*
86
~26% "27%
T666
28%
Nebel (Oscar) Co com
28%
1,100
800
2%
123
3
200
1%
Newmont Mining Corp. 10
New Process common
*
*85%
85%
89
1,900
74%
23
23%
700
3%
500
""566
6%
69%
50
5
6% pref. 100
23
16
~"io
50
300
50
15%
%
17%
28,700
%
716
2%
23
*
96%
6% May
14%
Apr
116%
Jan
4% Aug
63%
June
7%
Apr
May
43
1,200
2%
7,400
28%
2%
July
Noma
1
6
6%
1,300
3%
Jan
4%
61%
4%
1,200
1,350
3%
Apr
Class
A
4%
60
3%
5
5
900
100
Nor European Oil com_._l
Nor Ind Pub Ser 6% pf-100
Ohio Power 6% pref
May
88%
90
7%
800
32%
87%
7%
30%
34%
8,700
25
24%
25%
1,400
35%
36%
800
36%
30%
100
For footnotes
'109%
12%
50
see
32
page
1049
Jan
Apr
3%
Jan
3%
Jan
% May
10%
30
30%
106% 106%
109% 109%
111% 111%
107% 107%
13%
32
33%
"12%
1%
12%
"600
11
Apr
July
Feb
Feb
July
June
11%
T03
100
.
Feb
July
Jan
105
May
Mar
109
July
Jan
59
July
Jan
103%
57
56%
380
57%
26
70
Class
B
29%
July
Apr
70
July
10
98%
Co..,
(Daniel)
com
6%
75%
Richmond
100
25
200
40
10
2,000
1,300
82%
150
50%
Jan
87% July
40%
600
22
Jan
17%
25
14
Jan
41%
17%
6%
600
7
20
"366
%
300
%
%
%
3t6
14
14
35
35
100
25
%
1%
%
Feb
Feb
Feb
"19%
Feb
36
Jan
75
15}
27J
8}
1}
20}
600
3
Jan
4,900
21
June
18
%
%
800
17%
18%
2,500
5
""2%
5
400
2%
10
1,800
"3% "4"
"600
2%
9%
400
Jan
Apr
Jan
8%
27%
.
Mar
137%
149
Aug
July
200
2%
July
Aug
Aug
Aug
Jan
4%
6% July
% July
12%
Jan
4%
Jan
1%
Jan
6% May
Apr
Feb
June
Mar
Aug
Mar
Mar
Feb
7
Apr
3%
11
Mar
Jan
1%
Roosevelt Field Inc...—5
Root Petroleum Co
conv
1
pref
Apr
2%
Jan
3%
July
6%
Mar
Aug
Mar
105% May
4% Feb
40 :>
3
16%
8,400
""% ""%
"loo
15%
19%
20
Rossia International
Royalite Oil
2%
15%
23
*
Royal Typewriter
*
.*
Ryan Consol Petrol
18%
5%
5%
*
Jan
Safety Car Heat & Lt—100
Mar
300
68%
*
Rustless Iron & Steel
3
"92~"
20
70%
1,500
20
7,900
6%
3%
300
92
92
6
Aug
960
99
Aug
800
10
Feb
Aug
100
6U
38^
1^1
450
41
Feb
5%
97%
96%
7%
7%
7%
3
3
100
5
Schiff Co common
"38%
Schulte Real Estate com.
37%
98
38%
716
37%
1,300
400
Jan
Seeman Bros Inc
44%
44%
Jan
Segal Lock & Hardware..*
Aug
Seiberllng Rubber com...*
Scoville
2%
2%
100
3
2%
2%
9,500
•
100
2%
41%
1%
Common
Jan
-
$5.50 prior stock
25
Allotment certificates...
3%
„
3%
3%
5,700
Apr
Feb
Jan
5%
Apr
Jan
46%
Jan
4%
2
Jan
4%
Mar
Feb
2%
Jan
Selected Industries Inc—
Jan
Feb
14~666
"5% "5%
6
Savoy Oil Co
July
July
Feb
71«
100
preferred
Feb
Apr
925
Salt Creek Producers... 10
7%
Mar
Aug
6%
St Anthony Gold Mines__ 1
89%
Apr
Apr
1%
39%
...*
21%
15%
35%
26%
Jan
1013
June
103
26% June
5%
25
9
20%
23%
2%
4%
4%
Feb
Jan
""1% "l%
4%
110
Jan
3,125
Manufacturing.25
May
14%
20%
Scranton Spring Brook
Securities Corp General..*
101%
104}
Jan
17
18%
77%
Apr
4% June
Apr
June
141
6% preferred ser D..100
Feb
Feb
Jan
Rochester Gas & Elec Corp
July
17% Aug
% May
3% Aug
15%
44%
3%
7%
5%
115
1
Rad com
Feb
July
17%
10
Jan
Jan
July
7%
81%
*
..1
Rice Stlx Dry Goods.....*
Richfield Oil pref
25
20%
99
110
*
Reliable Stores com......*
125
Jan
Jan
39
$3 conv preferred
—*
Raytheon Mfg v t c_..50c
11%
92
1% June
Raymond Concrete Pile—
Common
__..*
Red Bank Oil
~
98
98%
716
36%
71
87%
7%
*
preferred
10%
*
St Regis Paper com
4%
60
Nor Cent Texas Oil Co...5
Ohio P S 7% 1st pref..ICO
Oklahoma Nat Gas com. 16
400
48
*
preferred
...100
Quebec Power Co..
*
Feb
36%
Nor Amer Lt & Pow—
100
%
9is
6%
Jan
2%
6%
30%
1,000
Aug
July
700
pf—*
Reybarn Co Inc
41%
Ohio Edison $6 pref
Ohio Oil 6% pref
1,400
12
25
Reynolds Investing
5
$3
*
Jan
Nipissing Mines
Ohio Brass Co cl B com...*
%
Feb
Jan
3%
1,700
100
100
Russeks Fifth Ave
14%
37
*
Jan
1
Engineering..*
Novadel-Agene Corp
616
%
11
11%
$5 preferred
*
$6 preferred
—
Pyle-National Co.—.—-5
Pyrene Manufacturing.. 10
Aug
7%
Northwest
29%
%
316
Reiter-Foster Oil
5,300
2%
100
75
100
8,400
3%
28%
%
Feb
4,700
.jL
4,500
15%
41
8%
3%
preferred.
2%
*
*
preferred
36
6.300
.
Jan
3% Jan
20% June
6%
Jan
9% July
18% Feb
300
5,800
32
25%
15%
7%
8%
15%
32
*
14
Northern Pipe Line
10
Nor Sts Pow com cl A. .100
8%
14%
500
1%
18%
5%
8%
*
*
....1
5
♦
5
preferred
*
No Am Utility Securities.*
18%
5
Reeves
common
Common
1%
18%
Reed Roller Bit Co
Niles-Bement-Pond
$6
""!%
6% jprior lien pref... 100
7% prior lien pref... 100
Jan
Niagara Share—
Electric
Apr
"29%
$1.20
Class A opt warr
Class B opt warr...
Class B
Aug
Aug
Niagara Hudson Power—
15
Jan
July
86
—1
Royalty
105
100
*
Common
5
$7 prior pref
$6 preferred
Jan
Jan
121%
5%
5%
54%
54%
Feb
July
140
Can com.
6% 1st preferred
7% 1st preferred
Apr
1,100
121%
18%
4%
12%
10%
Aug
Public Service of Indiana
Jan
10%
7% pref.. 100
2
June
Pub Serv Co of Colo—
Apr
84
105% 105%
90
390
%
N Y Shipbuilding Corp—
Founders shares
..1
Jan
Apr
Feb
July
1,600
134
3%
Jan
,...*
7%
2%
7%
Apr
'
14%
85%
135%
84%
84%
"~1%
28
June
40
42
*
1
*
Mar
New York Transit Co
200
Jan
1,500
Ry & Light Secur com
*
Ry & Util Invest cl A
1
Rainbow Luminous Prod—
11
Te^ep 6% % pref ..100
*13
11
July
38%
Mar
9%
Apr
7%
12%
11
July
81%
N Y Wat Serv
1
Pittsburgh & Lake Erie. 50
Pittsburgh Plate Glass -.25
Pleasant Valley Wine Co.l
Plough Inc.
*
Potrero Sugar com
5
May
38%
36
Jan
1,600
2%
28
4%
8%
9
300
74
com
100
2,700
Quaker Oats com...
*
15
500
3,400
8%
Mar
Jan
Jan
9%
Corp
I
8%
111%
4%
110%
12%
N Y & Honduras Rosario 10
Jan
Mar
400
£00
3%
Jan
Feb
7,900
11%
3
Aug
8%
11%
*
84
4%
Jan
81%
N Y Steam
680
7%
%
9
Mar
July
4%
300
*
preferred
Pitts Beesem
*
& L E RR-50
Pittsburgh Forgings
$6
Aug
New Jersey Zinc
..25
New Mex & Ariz Land
1
N Y Pr & Lt
Meter
Prudential Investors
Jan
100
N Y Merchandise
84
*13
June
6
•
98%
7%
"is July
11%
Apr
Aug
Pitney-Bowes Postage
July
100
com
100
85
*
Jan
100
New England T & T Co 100
N Y Auction Co
99%
13%
3,300
10%
Apr
June
36
2.000
3/
July
116%
"is
%
Nestle-Le Mur Co cl A___*
New Haven Clock Co
138
79%
84
8
10%
Neptune Meter class A...*
New Bradford Oil
175
80
May
%
%
pref..100
preferred
42%
22%
111%
107%
100
44
10%
Nelson (Herman) Corp...5
Nev Calif Elec com
240
17%
17%
110% 110%
106% 107%
134% 138
99%
%
Nebraska Power 7% pf.100
Nehi Corp common
*
Neisner Bros 7%
106%
"16%
*
Jan
Feb
July
Puget Sound P & L—
National Sugar Refining..*
Nat Tea Co 5% % pref..10
100
7%
110%
5
23
2,500
1
Mar
5%
76
6%
36%
14%
Pierce Governor com
Pub Util Secur $7 pt
4,400
%
12.50
Aug
Pub Service of Okla—
5%
%
Transit
21%
20,000
11%
Pioneer Gold Mines Ltd—1
3% June
%
Jan
'i6
Jan
12% May
4%
%
%
Nat Union Radio Corp
5
Pub Serv of Nor 111 com.
4%
28
350
Aug
8%
4%
5%
36%
Providence Gas
July
Jan
25%
Mar
10%
Pines Winterfront Co
June
•
Jan
6
preferred———100
7%
74% May
1
common
sis
1%
37
*
950
87
84
Conv part preferred...*
National Steel Car Ltd...*
Nat Service
.
May
2
150
200
5%
Prosperity Co class B
1% June
60
30%
4%
21%
112
4%
Propper McCallum Hos'y *
17% May
57
21
Rights
Aug
19%
53
1
common
*24
19%
54
17,700
10
conv pref ser A
Pie Bakeries Inc com
Producers
Jan
5%
66% Feb
6% May
7% Mar
26
Pressed Metals of Amer..*
May
.
Jan
"""866
-10%
1
Common
Prentice-Hall Inc
400
Aug
Julne
57%
Phoenix Securities—
Feb
13
National Gypsum cl A...5
National Investors com..l
$5.50 preferred
Warrants
52%
200
18
Jan
Apr
Jan
Aug
July
41
Premier Gold Mining
1%
1%
July
June
25%
51%
*
Phila Elec Co $5 pref
*
Phlla El Pow 8% pref.-25
Phillips Packing Co.
*
Apr
8~6oo
"
1
National Fuel Gas..
35
4,900
37
36
com.l
com
Nat Bond & Share Corp..*
Nat Leather
17
23%
11%
300
16
*
Nat Auto Fibre Avtc...*
36%
Jan
Feb
July
8%
600
*
Power Corp of
400
35
50
70
600
Philadelphia Co com.
Pratt & Lambert Co
1
com
N achman-Springfilled
Nat Bellas Hess
100
Pepperell Mfg Co
Powdrell «fe Alexander
1,900
Mountain Sts Tel & Tel. 100
Mueller Brass Co
N Y
Feb
100
Preferred A
$6
July
25
38
155%
200
35
May
500
37
4%
2.50
*
Pa Water & Power Co
June
Investors Serv-
Moore (Tom) Distillery.. 1
7%
x5
20
*
Partic preferred
National
Jan
115
225
30%
98% 101%
86
8
Montreal Lt Ht & Pow—*
Moody
53%
317^
115
Mock Judson Voehringer.*
Montgomery Ward A
Apr
31%
Minnesota Mining & Mfg.*
4%
*
Perfect Circle Co
S2 conv pref
3,600
2.100
Mar
July
8%
•6%
32%
29%
107%
92%
*
Penn Traffic Co
.._*
t c
200
1
*
$6 preferred
*
Penn Salt Mfg Co——.50
Pennsylvania Sugar CO--20
May
3%
19
100
$2.80 preferred
July
t c
v
55
com..--*
Pa Pr & Lt $7 pref
Jan
3%
v
56
30
Pa Gas & Elec class A
Aug
Jan
500
89
—
Penn Mex Fuel Co
3%
Class A
Class B
36
4%
Peninsular Telep
Preferred
Middle States Petrol—
$2
A
Pennroad Corp v t c
1
Penn Cent L & P $5 pref--*
10
Preferred
29
High
9
600
106% 106%
92
92%
7%
7%
25%
25%
Class B__
Jan
3,300
4
'106%
Low
3,300
10
Jan
2,300
1%
3%
3%
32%
Range Since Jan. 1 1936
1
Paramount Motor
May
3%
40
%
100%
1%
1%
16%
300
%
Metrop Edison $6 pref—*
Mexico-Ohio Oil
59
27
Merritt Chapman & Scott *
6%% A preferred
25%
76
"1%
Memphis Nat Gas com__5
Memphis P & L $7 pref.—*
Mercantile Stores
Jan
for
Shares
6%
2%
18%
7%
5%
32%
99
'"7%
1st preferred
1936
Week
High
2%
17%
7%
4%
32%
2%
*
Pacific Public Service
Feb
8%
6
""4%
$1.30
$4 pref ww
Low
17%
1
pf-25
5%% 1st pref erred ...2 5
Pacific Ltg S6 pref..
*
Pacific P & L 7% pref..100
Pacific G & E 6% 1st
Range
of Prices
*
Securities
Pacifio Eastern Corp
Aug
Mar
May Hosiery Mills—
McCord Rad & Mfg B—*
McWilliams Dredging
*
*
pref
conv
Week's
6%
*
Pacific Tin spec stock
*
Page-Hersey Tubes Ltd..*
Pan Amer Airways
10
Pantepec Oil of Venez
1
200
'4%
4
1
June
800
9%
96
2%
_*
Mayflower Associates
1
Outboard Motors B com..*
American dep receipts.£1
Massey-Harrls
Price
15,
Sales
Sale
High
Marconi Internat Marine—
Master Electric Co
Last
(.Continued)
Shares
High
Aug.
4%
94
87%
94
800
81
Jan
94
93
90%
94
1,500
78
Jah
95
Feb
Feu
Aug
,
Mar
Volume
New York Curb
143
Friday
STOCKS
Last
Week's Range
Sale
(Continued)
Par
of Prices
IPrice
Exchange—Continued—Page 4
Sales
Low
Range Since Jan. 1 1936
for
STOCKS
Week
High
„
£1
Sentry Safety Control.
Par
Apr
13 >4
1,000
Jan
15
6 54
7%
20%
2%
3,000
Feb
"16
5
'
7
16
1,900
July
1,800
Apr
834
2334
434
50
400
Jan
55
135
800
May
110% 111
Shawlnlgan Wat & Pow
Shenandoah Corp com—1
$3 conv pref
25
20
2034
20%
50
Sberwln-Williams com..25
i5 % cum pref ser
234
154
300
1234
*
Shattuck Denn Mining
2%
49%
135
AAA 100
134
Feb
United Shoe Mach
Feb
Jan
%
July
July
333
Amer dep rec ord reg_i£l
333
100
6%
6%
29%
1,700
2%
2%
305
Apr
100
28%
331
28 %
Preferred
2,800
734
3434
334
Mar
Calif Edlson39
88%
28%
Southern Colo Pow cl A.25
5
7% preferred
100
Southern N E Telep—100
Southern Pipe Line
Southern Union Gas
10
Southland Royalty Co
5
South Penn Oil
....25
So'west Pa Pipe Line.__.50
7
7%
89%
39
Spencer Chain Stores
Square D class A pref
8tahl-Meyer Inc com
Common
United Stores vtc
*
*
10
400
300
Utah Radio Prod
2,000
Utica Gas & Elec
1,300
Utility Equities Corp
Priority stock
Utility & Ind Corp
9%
9%
32%
2,800
'""166
450
9%
29
Feb
Jan
Feb
July
10% June
33% Aug
4%
Jan
1% Feb
41%
Feb
Jan
2%
%
33
Apr
July
Jan
7% pf 100
*
*
—-1
Class B
100
7% preferred
_
14%
250
Wahl (The) Co common.
200
Waitt & Bond class A
100
5% preferred
1
3H
2,700
%
"l7"
Sterchl Bros Stores
0%
50
20
"
'
600
6%
1,300
1%
3%
32
""l% "l%
'""966
"2634 "29""
""800
3
28%
12
150
634
1,300
2,800
Westvaco
17%
25
2%
2%
19 H
100
West Va Coal & Coke
154
400
'moo
154
1934
2034
934
51%
80
80
834
10134 102
3
'
Wil-low Cafeterias Inc—1
14"
2%
"14"
75
1%
3%
4,000
"i534
16*500
Wise Pr & Lt 7%
3%
72
10%
.76
5
2,300
5%
"9%
"moo
51*
2 H
4%
28
52%
30%
2%
4%
30%
654
200
100
"""206
28%
5%
8
600
5s
Amer deposit rets
May
10434
534
234 June
7%
Apr
1034 May
1
10
1634
3
Apr
July
1554
30
July
40
Feb
654
9134
Mar
Feb
Apr
July
Feb
Feb
Jan
July
Jan
7
Jan
Jan
11
Mar
Jan
3534
7% Mar
134 June
934
434
July
Feb
Feb
334
534
29
7%
2%
5
7%
734
18,200
234
2.34
1,600
80
6
175
BONDS—
4,100
Abbott's Dairy 6s
10,600
1,600
1942
1946
1st & ref 5s_.
80%
100
1st & ref 5s
%
4%
1,200
7,600
1st & ref 5s
1956
5%
1st & ref 5s
1968
*
5 54
5%
5%
1st & ref
69
64
74
13
1254
13%
2,000
4%
4%
4%
1951
434s
Amer Com'ity Pow
s
20
f deb 5s '52
105%
104%
102%
94
89%
107%
Aluminium Ltd deb 5s 1948
534s*53
"12%
Corp deb 69 '57
22
Amer G & El deb 5s...2028
'"""50
1,700
Am Pow & Lt deb 6s..2016
1,000
19%
Mar
5%
3254
Mar
42%
44%
""456
%
%
200
,516
,S16
2,200
«
3%
3%
4
3,800
3%
1,400
3%
1%
21%
5%
48%
Jan
103
Jan
Mar
Trans Lux Pict Screen—
Jan
Amer Seating 6s
Feb
Appalachian El Pr 5s. 1956
Appalachian Power 53.1941
Apr
Apr
stp___1946
.
.2024
Debenture 6s
Feb
Arkansas Pr & Lt 5S..1956
Feb
%
1%
.
Am Roll Mill deb 5s..1948
Jan
113
'1$ June
434S--1947
Feb
106
107
10534 10554
104
10434
102
10234
104
9354
94
12,000
52,000
29,000
83,000
80,000
10734 108
10534 10554
1234
1254
Associated Elec
434s.-1953
2154
22
Apr
107
Jan
Feb
Feb
107
10434
10234
103
6154
10354
6054
6154
72
7154
96
Feb
84
Mar
20,000
5,000
1334
8,000
10654 10754 125,000
100
10054
10034 154,000
102 %
10234 10234
40,000
10354 10434
104%
20,000
105
105
10534
6,000
10554 10634
18,000
J10754 108
121
tH9
103
■10234
9654
7934
10534
10334
334
7,000
107
Amer Radiator
20
1967
Aluminum Co
Am El Pow
~08~%~08%
tl05% 107
Alabama Power Co—
4X
43%
7%
Wright-Hargreaves Ltd.
Yukon Gold Co
9,400
20%
Mar
100
Aug
July
734 May
954 May
80 34
Aug
100
2%
4%
27
Woolworth (F W) Ltd—
8,200
~~9~
80
80
"~4
1
Woodley Petroleum
400
Apr
300
pref.-100
Wolverine Portl Cement-10
-134
"4%
~il~% "16
"2",700
62%
"15 %
72
66
64
101%
82%
Am dep rets ord
106
9234
10234
May
May
Feb
Jan
95
■
9134
10834
10554
1254
Jan
2834
Jan
10834
Jan
10334
Aug
10534
103
June
105
102
May
10734
Apr
10634
10834
10434
10734
11354
82,000
98
59,000
5534
Feb
Feb
117
Feb
104
May
6534
Associated Gas & El Co—
Common
1
x3%
3%
_.
Jan
Jan
Jan
Feb
Triplex Safety Glass Co—
Am dep rets for ord reg.
21%
11%
Trl-StateT&T6% pref. 10
TrunzPork Stores
*
8%
7%
30
1
_
9
*
12%
*
Twin Coach Co
14%
8%
4,500
37%
800
£
12%
14%
1,300
100
2,900
734% pref—25
*
"2% "2%
""166
'ii'% "12%
MOO
100
19
...
pref
Unlted Corp warrants
United Elastic Corp
*
9
117%
Jan
Apr
Aug
Apr
June
13
9%
37%
14%
1634
10%
7
Feb
Conv deb 5s
1950
Debenture 5s
1968
Mar
Feb
Feb
Mar
400
2,300
0%
7%
110% 118
24,900r
5034
79,000
57
July
5434
55
14,000
59
July
"9134
9134
92
24,000
93
8734
8734
12,000
9134
6s
8754
10254 10254
99
99
9954
61,000
9954
4,000
9754
55,000
9754 225,000
96
96
96
96
Aug
94%
Aug
Bell Telep of Canada—
1st M 5s series A
1955
12
Apr
22
Mar
1st M 5s series B
7%
35%
1%
Apr
Feb
1034
July
5s series C.
51
July
2%
1034
9%
Jan
Binghamton L H & P 5s '46
Mar
Mar
Birmingham Elec 434s 1968
Birmingham Gas 5s... 1959
July
Mar
1%
5,600
94%
10
80%
7
8%
15,000
8%
400
1%
94%
*
*
00%
59%
04%
20%
20%
20%
234
9434
8%
9%
3,500
*
Jan
Jan
119
50
0%
United NJRR&Canal 100
2,700
11534
11534 11554
12034 12054
12234 12234
257
Jan
June
Apr
108
Mar
July
Apr
100
7334
Apr
10034
Mar
75
Apr
9834
July
11434
Jan
117
116
Jan
12134
11654
Jan
12334
134
Jan
145
10554
8934
Feb
Jan
107
Broad River Pow 5s..1954
10654 10654
11,000
9534
120,000
8534
8534
4,000
9934
9934
3,000
Buffalo Gen Elec 5s
107
Bethlehem
Steel 6s_—1998
Gen & ref 5s
141
1939
1956
Aug
July
Canada Northern Pr 5s '53
July
Canadian Pac Ry 6S..1942
141
10734
10454 105
10534
11234
10434
10534 10554
11234 11354
76
8,000
8954
10534
2,000
104
9654
Jan
8734
Jan
10334
Apr
109
Apr
108
20,000
10234
Mar
10554
32,000
10954
9834
11154
10534
Apr
July
Carolina Pr & Lt 5s... 1956
104
10454
Cedar Rapids M & P 5s.'53
113
113
113
2,000
Cent Ariz Lt & Pr 5s. 1960
10634
10634 107
21,000
257
79
Apr
6,000
2,000
Aug
May
6%
7734
18,000
5,000
1957
...I960
68
5%
Aug
Mar
July
101
5,000
20%
55
Am dep rets ord reg...£l
9854
104
4,000
99
with warrants... 1938
6s stamped w W..1938
Jan
July
July
Baldwin Locom Works—
June
Assoc Rayon 5s
6s stamped x W...1938
81%
54
2,100
July
5734
41,000
6s without warrants 1938
Jan
July
54
5034
Feb
4
54
4934
4834
July
July
Apr
8034
3,000
34,000
5034
4954
434
July
5,000
4734
Conv deb 5J4s
1977
1950
Assoc T & T deb 5%b A '55
Atlanta Gas Lt 434s..1955
Atlas Plywood 534s.—1943
Mar
.
48
7234
4834
4834
"4734
30%
14%
$3 preferred..
United Molasses Co—
see page
July
Mar
534s--—1938
Conv deb 434s C
1948
Conv deb 4%b
1949
2% July
2534 May
8%
Jan
8%
1%
United Lt & Pow com A..*
Jst pref..
23%
8%
12%
1134
8
.
United Milk Products
1,300
9%
2%
7% pref. 100
Common class B
21
*
*
1
United Gas Corp com
1st $7 pref non-voting _*
Jan
May
20%
1134
Conv deb
94%
12%
United Aircraft Transport
Warrants
orn
Mar
6
7
Unexcelled Mfg Co
10
Union American Inv'g..
Union Gas of Canada
Mar
10
Tublze Chatlllon Corp.__l
Class A
For footnotes
10
1534
Jan
7% May
934 May
*
Am dep rets def reg
Option warrants
500
400
7
*
Tobacco Prod Exports__.*
Tobacco Securities Trust
& part
1,100
*
Conv preferred
1
United Chemicals
(
50
8
50 %
Wilson-Jones Co
..100
Union Stock Yards
1034
534
1034
234
234
3634
2034
1034
51%
10234
100
"33k "3434
22,100
TIshman Realty & Const
Tobacco and Allied Stocks *
_
100
""206
*
Williams (R C) & Co
Williams Oil-O-Mat Ht_
3,900
1,500
1,450
Tung-Sol Lamp Works.
80c div pref
3
29
.....
pref..*
*
100
Tri-Contlnental warrants
354
3334
334
Chlorine Prod-
7% preferred..
~20% ~28% """260
__1
reg._.£l
£1
Todd Shipyards Corp..
Toledo Edison 6% pref. 100
7% preferred A....-100
Tonopah Belmont Devel.l
Tonopah Mining of Nev.
3
1,000
1
West Texas Utll $6
3%
Tenn El Pow 7% 1st pf. 100
Tenn Products Corp com
Tilo Roofing Inc
63*
.....
~~3%"4
Technicolor Inc common.*
Thermoid7% piref
234
634
6,900
Westmoreland Co
,6%
5
—
89
200
1,000
92
20%
134
634
100
_
534
3,000
1
4
;
101
300
1%
334
Texon Oil & Land Co
10
2,300
Western Tab & Sta v t c__*
3%
28 %
Swiss Oil Corp
conv
4%
80%
•3
28%
6% pf_100
Western Grocery Co
20
Western Maryland Ry7% 1st preferred
100
"loo
19%
TexasP&L7% pref
125
85%
%
3%
1%
20
17%
Taggart Corp common.__ *
Talcott (J) Inc &34 % Pf-50
Tampa Electric Co com..*
Tastyeast Inc class A
1
Taylor DistilUng Co
.1
$6
86 %
100
4
*
5
1
Supply A__*
6%
2%
Texas Gulf Producing
1234
4
100
4
Western Air Express
Syracuse Ltg 6% pref.. 100
United G & E
2%
7734
Went worth Mfg Co
75
1,600
\17
0%
12
Sunray Oil
Rights
cum
32
900
33%
Sun Investing common—
$3
260
*
334
Sullivan Machinery •
Ulen & Co
"206
1%
77%
.*
Class B
634
Stutz Motor Car
Teck-Hughes Mines
27
26 %
Westmoreland Coal Co—*
Sterling Inc
Stetson (J B) Co com.___
Stlnnes (Hugo) Corp
5
Stroock (S) & Co
Swiss Am Elec pref
454
654
200
"9%
Wayne Pump common...1
1
Sunshine Mining Co
10c
Swan Finch Oil Corp.__.15
2,200
West. Cartridge
Stein (A) & Co common..
Sterling Brewers Inc
4,200
22
1%
77%
Walker Mining Co
—
Standard Silver Lead—_
1st preferred
2d preferred
4%
25
1,400
Western Auto
Steel Co of Can Ltd
4%
"9
4,000
Common class B
Preferred
1%
334
T,506
3%
100
44%
19%
13%
Standard P & L
"I
1%
77%
1
Va Pub Serv 7% pref.
14%
32%
106
107%
3%
3%
41%
434
Venezuela Mex Oil Co—10
Venezuelan Petrol
*4%
19%
12%
31%
""166
26
*
*
19 %
Z7%
8954
24
Conv preferred
*
Util Pow & Lt common—1
Vogt Manufacturing—.,..*
Waco Aircraft Co
*
25
""406
500
*
Stand Investing $5.50 pf-*
Standard Oil (Ky)
-10
Standard Oil (Neb)
334
"3% ~T%
2%
20
1
Utah Apex Mining Co—5
Utah Pow & Lt $7 pref—*
"""% ""%
Standard Oil (Ohio) com 25
400
88
634
8
—*
Conv preferred
100
3%
4%
*
10
Universal Insurance
Universal Pictures com
300
32%
3,500
2%
89%
2%
"2% "~2%
1
50c
500
%
934
3%
*
Universal Consol Oil
34
*
*
Standard Brewing Co..--*
Standard Cap & Seal com .5
Standard Dredging Co—
334
100
100
Feb
*
42
1634
15
2%
"~334
United Wall Paper
Spanish & Gen Corp—
Am dep rets ord bear__£l
ord reg—£1
50
> 100
234
7% preferred...
200
5
155% 155%
4%
4%
1%
1%
90
3%
16.34
"89M
Universal Products
28
28%
28%
750
234
*
U S Stores Corp com
Feb
30
39
"566
89%
39%
134
3
*
10
United Verde Exten
5% original preferred.25
6% preferred B
25
534% pref series C...25
Am dep rets
1
1st pref with warr._
U S Lines pref
U S Playing Card
July
Jan
Jan
"2%
88%
39%
100
U S Foil Co class B
Feb
Jan
19
High
200
*
U S Rubber Reclaiming..*
Typewriter v t c com—*
Sonotone Corp
1
Low
1%
"2
U S and Int'l Securities..*
Jan
U S Radiator Corp com..*
.-25
100
Range Since Jan. 1 1936
*
2034
for
Week
Shares
*
Smith (L C) & Corona
Southern
88 %
25
U S Finishing common
High
10
2
25
com
Preferred...
Shreveport El Dorado Pipe
Line stamped
Singer Mfg Co
Singer Mfg Co Ltd—
of Prices
Low
1%
United Shipyards com B..1
Apr
Apr
U S Dairy Prod class A
Class B
116
June
Price
*
10
Apr
Apr
Apr
14534
July
Sherwin-Williams of Can
United Profit Sharing
Preferred
Mar
Week's Range
Sale
High
Jan
1
...
Seton Leather com..
Last
(Concluded)
Low
Shares
Selfrldge Prov Stores—
Amer dep reo
1047
Sales
Friday
68,000
Jan
11634
10454
Jan
11334
Jan
10734
Jan
June
1049
I
New York Curb Exchange—Continued—Page 5
1048
Sales
Friday
BONDS
Last
(Continued)
Sale
Week's
Range
for
of Prices
Price
Low
Friday
Range Since Jan. 1 1936
$
Low
1st & ref
1033* 104
..1956
4^s
ser
101 34
1968
43^s series H
Cent Maine Pr
103
1003* 10134
*10334 104
1981
43^s
8,000
10134 116,000
1033*
27,000
101
103
F.1967
5s series G
E.1957
Cent Ohio Lt & Pr 5s. 1950
Cent Power 5s ser D..1957
102
102
------
Cent Pow & Lt 1st 5s. 1956
Conv deb 5s
Cities
93m
Jan
10124
Apr
May
10424
Aug
Apr
10234
Aug
105
19,000
2,000
3,000
61
Apr
95
Feb
96
Aug
10424
10534
Apr
7524
7834
8034
10634
Aug
106
10934
10134
Jan
11124
Apr
104
6224 May
65
Apr
—'
-
-«.
8133
1,000
74
23,000
67
Apr
80
Jan
98
12,000
8634
Jan
98
19,000
93
Jan
100
Aug
Aug
6934
6924
9724
Jan
8634 June
8534 July
10324 July
823*
8134
102
83
4,000
8234 221,000
10234
17,000
10334 10334
77
7834
7734
7834
2,000
77
k"
773*
53^8
1949
Commerz & Prlvat 5>*s '37
-----
5234
27,000
Jan
Jan
June
102
6534
Mar
Jan
1st M 5s series B
1954
1st
4)*s series C
4%a series D
1956
1957
1st M 4s series F
1981
Z%a series H
1965
_
_
,
10734
_
6634
Jan
11,000
34
Feb
53
10334
78
3,000
3,000
1,000
111
4,000
10634 10734
106
_
35,000
106
7,000
10334 1033* 25,000
7534
793* 138,000
11034
11034
11024
10634
Apr
105
May
12724
Mar
May
109
Jan
109
Jan
Jan
2934
8534
Jan
Jan
Crucible Steel 5s
1940
10234
9334
95
445,000
10234 10234
14,000
98
7>*s 1941
98 3*
77.34
1944
-----
11,000
7734
22,000
1083*
Dallas Pow & Lt 6s A. 1949
1952
8834
70
Mar
Jan
Jan
Jan
95
Aug
104
108
1083*
5.000
106
Apr
110
1063*
106
Mar
108
6,000
-
.
....
1033*
_
•
6,000
10634
10634 107
11,000
106
Det City Gas 6s ser A. 1947
5s 1st series B
1950
10534 106
26,000
Detroit Internat Bridge—
634
63^8
Aug 1 1952
Certificates of deposit.
634
*534
*13*
Aug 1 1952
Certificates of deposit-
„
_
63^8.-1937
103 3*
Eastern Gas & Fuel 4s 1956
9334
Elec Power & Light 5s. 2030
Elmlra Wat Lt & RR 5s '56
107 3*
El Paso Elec 5s A
1043*
1950
1
32,000
734
6
134*
------
1
3,000
10334 104
93
89
7,000
93M
8734
8y
10234 May
10724 May
9934
Jan
10534
Jan
10234
Jan
434
Jan
434' May
24
Jan
24
Jan
10124
Jan
146
93
Aug
200,000
74
Jan
1073* 1073*
1043* 1043*
3,000
1,000
El Paso Natural Gas—
1463* 1463*
6%a with warrants. 1943
1,000
10334 10334
8734
883*
33,000
1938
9924
10224
10334
8734
43.0C0
Mar
Jan
.
10524
109
10334
May
63^s series A
6434
1063$
-----
10624
9824
8034
Jan
Jan
Mar
6434
65
1063* 107
*27
*13*
32
5,000
2,000
■«,
-
-
-
-
-
134
104
Firestone Cot Mills 5s. 1948
Firestone Tire & Rub 5s '42
v
-
-
*
-
First Bohemian Glass 7s '57
Fla Power Corp 5Ms_1979
Florida Power & Lt 5s. 1954
-
-
*.
-
-
10434
10724
10634
July
9734
97 34
«
-
-
-
-
97
28
July
10034 10134
10334 10434
10334 10434
13,000
102
July
18,000
10224
July
93
Apr
Jan
9934
Feb
1,000
91
Jan
39,000
10434 1043*
97 3*
9634
100
Jan
98.000
93
—
Apr
Certificates of deposit
-
-
Gen Wat Wks & El 5s. 1943
-
1965
83 34
-
-
-
June
June
3924
Jan
2834 June
534
9324
10134
10524
10634
9534
10534
98
-
-
-
-
--
93
1947
293*
1958
85
1947
101
5s series A
Without
82
Jan
1,000
96
July
98
May
-
-
-
Jan
Jan
Iowa Pow & Lt
4>*s_-1958
Iotya Pub Serv 5s
1957
Isarco Hydro Elec 7s. 1952
Italian Superpower 6s. 1963
Jacksonville Gas 5s.-.1942
Jamaica Wat Sup
98
10034
9734
97
10224
10224
July
Aug
434s series C
Kansas Power 5s
1st mtge 5s ser H..1961
9934
1948
...1955
10234
1969
98 34
1943
10334
634s series D
534s series F
5s series I
Sink fund deb
Lehigh Pow Secur 6s-.2026
Lone Star Gas 5s.—.1942
57
72
7234
10434 105
10334
*10934 10934
106
923*
293*
Aug
79
Apr
May
1,000
29
98,000
85
Apr
8034
Aug
4,000
10234
93
3834
9034
July
Jan
Mar
Mar
106
108
14,666
Apr
64
July
14,000
44
Jan
5,000
------
5624
10434
10224
10834
10534
Jan
Aug
Jan
Jan
2,000
93
34,000
72
Jan
3,000
25
May
*2534 30
10134 10134
3,000
Jan
2124 June
10124 Aug
10334 May
104
3,000
103
1,000
9734
Jan
106
1953
104
103
63ljs with warrants. 1943
Houston Light & Power—
106
1,000
10434
Mar
*105
.
107
Hydraulic Pow 5s
1950
*11134
Ref &impt5s
1951
*10634
For footnotes see page 1049
1053*
107
----
------
6,000
60
14,000
8134
Apr
8434
8534
39,000
78
Apr
101
101
1,000
105
"2~666
Feb
8224
Mar
60
Mar
75
10624
10324
11034
10724
9334
4334
Feb
Feb
Mar
July
Jan
Feb
Jan
3234
10424
10734
10334
Jan
Jan
July
Mar
Mar
Aug
July
103
Mar
10834
10734
104
Mar
107
11124 June
10634
Apr
114
Jan
108
Jan
9934 June
99
2,000
3,000
Apr
10434 June
10434 May
10434
10134
Apr
10534
2,000
67 34
6834
4,000
44
Jan
72
2,000
65
May
55
60 34
70,000
3934
Jan
52
52 34
10534 10534
9,000
2,000
4734
10534
May
Aug
Apr
8,000
10534 10634
tll934 120
67,000
10334
103 J4
102 34
22',000
11534
10034
9934 9934
10634 10634
10234 10234
9834
9834
35,00p
90
7,000
101
102
6,000
65,000
103 34 103 34
104
104
8,000
10534 10534
111
11134
10334 10334
2,000
18,000
21,000
6,000
10,000
,
Jan
Jan
Jan
Feb
5,000
Apr
Feb
9534
Feb
90
Apr
10334
Jan
10234
Apr
10334 May
10834
Feb
10234
Jan
10334
Jan
10234
Feb
105
87 34
27
*..._
634s '41
35,000
10234
102
1,000
Apr
10334
10534
7534
Aug
Jan
Jan
Metropolitan Ed 4s E. 1971
106
12,000
10234
10434
106
Middle States Pet
634« *45
100
1943
9534
10534
Mississippi Pow 5s
1967
1978
1955
1955
Miss Pow & Lt 5s
1957
Midland Valley 5s
Milw Gas Light
5S._
434 s
434s
..
—
24
June
58
50
104
June
9434
Jan
7,000
Feb
8,000
9934 100
9434
9534
10534 10534
101
10334
Feb
9134
Jan
7-1
Jan
3,000
35,000
4,000
10234 May
"9734
42,000
92 34
8,000
97
97 34
27.000
10634 10634
10734 10834
10734 10734
10634
10134 10234
10634 10634
9234
10134
Mississippi Riv Fuel 6s '44
2,000
105
16,000
107
Feb
106
June
9334
Jan
534 July
10234 May
7,000
74
534s '55
74 34
1,000
39,000
96 34
9734
10,000
9834
Jan
10234 Mar
8334 May
8934 Mar
5734
Jan
Jan
Montana Dakota Utilities
534s
Deb 5s series B____2030
9734
*624
734
*104 34 106
10534 107
96
3534
34,000
97
9534
96
48,000
8534
33
3634 502,000
4348-1981
108
10834'
2022
Nebraska Power
122
122
6s series A
1,000
10734 10734
97'
*11734
"7534
16,000
7534
9734
7,000
81,000
119
7634
100,000
Conv deb 5s
1948
7534
7534
Conv deb 5s
1950
7534
75
7634 147,000
New Eng Pow Assn 5s. 1948
9834
98
9834
Debenture
534s
1954
New Orleans Pub Serv—*
5s stamped
1942
Income 6s series A..1949
10234
3,000
July
47,000
27
10034
9034
N Y Central Elec 534s '50
New York Penn & Ohio—
103
28,000
July
6634
85
7s without warrants. 1941
Feb
Jan
-
Aug
73
Mansfield Min & Smelt—
Mar
90
10,000
106
2934
434s C '61
534s. 1951
N E Gas & El Assn 5s. 1947
Feb
78
10334
New Amsterdam Gas 5s '48
July
Jan
98 34
82,000
105
ill"
Lexington Utilities 5s. 1952
Ltbby McN & Libby 5s '42
Aug
July
94
-
534s. 1950
9734,
2734
107
25,000
Kentucky Utilities Co—
10734
May
56
1947
162""
Nevada-Calif Elec 53.1956
96
Feb
Feb
10434 10434
10634
Neisner Bros Realty 6s '48
86
U0
1961
Kansas Gas & Elec 68.2022
Aug
Apr
8834
803*
8334
1003* 102
"60 k
534s '55
Mar
70
Jan
54
5334
72
June
Jan
Jan
9134
105
6824
Nat Pow & Lt 6s A...2026
Jan
Mar
2,000
50
64
10534
Nassau & Suffolk Ltg 5s '45
27
32
2,000
11,000
10534
Jersey Central Pow & Lt—
5s series B
1947
Jan
June
873*
76
75
10734 107 34
9834
9834
7434
7534
105
52
Mar
20
32
1942
1944
Munson SS 6348 ctfs._1937
June
94,000
9334
1013* 125,000
9,000
8634
2,000
10434 10434
10534 10534
-.1961
Feb
Feb
79
------
75
*101
warrants
IowarNeb L & P 5s.-.1957
Missouri Pow & Lt
2234
101
w w
Ext
lst
85
534s
10634
10334
1962
N Y & WestchT Ltg 4s 2004
Debenture 5s
97,000
91
31,000
8434
86
10334 10334
163"
*86
Nippon El Pow 634s..1953
Apr
Jan
June
Jan
May
Jan
Jan
May
May
Apr
85
Jan
8834
Jan
7434
Jan
69
Jan
97
May
105
July
15,000
105
26,000
10234
10534
10134
11134
10534
10534
8434
"
3~.6o6
113
10534 10534
10734
11734
10534
8634
10934
6434
6434
6434
Apr
7,000
"1x66
*10634 10734
.1959
18
2,000
110
10634 10634
10334 10334
*108
*11134
1954
5s series A
90 34
10234
Niagara Falls Pow 6s. 1950
15,000
7634
10034 10134 103,000
*108
4%s stamped._1950
N Y P&L Corp 1st 43^s '67
N Y State E & G 434s. 1980
8734
Apr
Jan
Mar
Mar
Apr
Aug
May
Mar
No Amer Lt & Pow—
534s series A
Nor Cont'l Util
1956
534s—1948
No Indiana G & E 6s. 1952
1938
434s series F
Aug
Feb
Jan
Invest Co of Amer—
Miss River Pow 1st 5s. 1951
Aug
Jan
Jan
Aug
9034
1956
Feb
30
9034
6s
5s series D
McCord Rad & Mfg 6s '43
1,000
77
—
106
.1977
43^s series D
1978
4J*s series E....1981
Debenture
McCallum Hosiery
69
63
Interstate Public Service—
105
1,000
273*
73
1955
9324 Aug
9234 June
10724 July
37,000
103
Rubber 7s
1936
Houston Gulf Gas 6s..1943
1st
15,000
-
10534 10534 119,000
634
6,000
634
65
8134
10434
434
International Power Sec—
Manitoba Power
70
*253*
k
9,000
Aug
26
*106
-
Hood
1st
-
--
-
Hamburg Elec 7s
1935
Hamburg El Underground
1st 5s series A
-
1961
Hackensack Water 5S.1938
5%s
-
77
-
Guardian Investors 5s. 1948
Gulf States Util 5s...1956
& St Ry
-
•
Guantanamo & West 6s '58
Hall Print 6s stpd
-
8834
Grocery Store Prod 6s. 1945
6s series A
-
-----
Grand Trunk West 4s. 1950
Gt Nor Pow 5s stpd_.1950
43^s series B
Jan
9,000
19,000
2,000
70
86
1941
(Adolf) 43^8
-
10134
1953
Gobel
-
-
Georgia Power ref 5s.. 1967
Georgia Pow & Lt 5s.. 1978
Glen Alden Coal 4s
93
8824
9234
8334
60,000
97
92
-
Vending Corp 6S.1937
Gesfurel 6s
45,000
44,000
10534 10534
26
63^8 A. 1956
General Rayon 6s A..1948
105
Intercontinents Pow 6s '48
Nat Pub Serv 5s ctfs.1978
973* 9734
993* 10034
96
9734
76
7534
8334
83.34
Missouri Pub Serv 5s. 1947
3,000
7434
■75
"75k"
Louisville G & E
108
Jan
May
May
Jan
Jan
91
Jan
Jan
May
104'
234
Aug
8634
1095
"13X00
14834
100
Jan
12,000
10534 10534
Feb
Jan
10,000
Long Island Ltg 6s... 1945
Aug
30,000
134
7534
ioiooo
Jan
111
111
Louisiana Pow & Lt 5s '57
104
8234
107
Jan
1024
July
4024Jan
10514
Jan
2724 Aug
6,000
34,000
Feb
Feb
92
9334
9834
9834
*102 103
General Bronze 6s
1940
General Pub Serv 5s__1953
Jan
3
11
104
2,000
95
99J4
Deb gold 6s. June 151941
Deb 6s series B
1941
96
98
10134
102 34 10334
04.
"94 %
9434
*10834
9534 "96"
106 34
10634 107
10534
10334 10334
J105 34 106
Gary Electric & Gas—
5s ex-warr stamped. 1944
Gatineau Power 1st 5sll956
Jan
9,000
9634
Koppers G & C deb 5s. 1947
133
13*
93
86
101
1963
Kimberly-Clark 5s
Jan
923*
93
Finland Residential Mtge
Banks 6s-5s stpd_..1961
Gen
1950
1st lien & ref 5s
Feb
Jan
13*
Federal Sugar Ref 6s.. 1933
Federal Water Serv 5Hs '54
Gen Pub Util
Indiana Service 5s
Indianapolis Gas 5s A. 1952
Ind'polis P L 5s ser A. 1957
Minn P&L
1953
5J ,000
10134
1957
5s
Apr
Aug
July
Ercole Marelii Elec Mfg—
Erie Lighting 5s
1967
European Mtge Inv 7s C'67
Farmers Nat Mtge 7s. 1963
95
Memphis P & L 5s A..1948
10534
1952
Empire Oil & Ref 5Hs-1942
Apr
10234 June
8324 Apr
10734 June
10534
Mar
Mar
48
5,000
103
Derby Gas & Elec 5s..1946
Feb
10034
106
*10834
Denver Gas & Elec 53.1949
Deb 6%a
Empire Dist El 5s
102
110
106
1033* 10434
Delaware El Pow 5>£s_ 1959
Mar
11224 May
12434 July
*106
Cumberl'd Co P&L 4%s '56
Dixie Gulf Gas
Indiana & Mich Elec 5s '55
Stamped
88
,
..1951
Isotta Fraschini 7s
1,000
9434"
Aug
10634
6 000
1958
Feb
7934
106
34
w.1943
Jan
1,000
953$
Cont'l Gas & El 5s
June
2,000
34
82.000
6534
Jan
95
10134
1952
10324
10224
6334
Jan
Jan
1957
Mar
Mar
y
7534
May
120
Jan
99
9834
108
106
101%
10734
113
6,000
106
International Sec 5s..1947
Jan
July
10,000
30,000
25,000
International Salt 5s..1951
10534
11024
107 34
Aug
Jan
1,000
107
10534 10534
10534
10134 10134
37,000
9834
104
July
Mar
13,000
107 3i
104
983£
74
113
Jan
Jan
Mar
1952
113
1st & coll 6s ser A.. 1943
Deb 7s
1953
5s series C_
Jan
58
107
1957
113
Conv deb
5s series C
634s series B
Low
5634
2,000
534s—May 1957
Indiana Gen Serv 5S..1948
6,000
3,000
7s series E
Jan
July
10734 10734
Consol Gas EI Lt & P (Bait)
1st ref s f 4s
1981
Consol Gas Util Co.—
Cuban Telephone
Sf deb
Indiana Electric Corp—
6s series A
1947
76
75
7s series F
Apr
11034 111
1223* 1223*
1Q3Q
4j*s-----1954
Cuban Tobacco 5s
534s ser B.1954
1st & ref 5s ser C-—1956
Range Since Jan. 1 1936
$
109
July
Mar
110
75
High
108 34
98
166"
111 Pow & L 1st 6s ser A *53
1st & ref
7434
76
124
1063* 1063*
10734 10734
.1956
5s series D
1962
Consol Gas (Bait City)—
w
111 Northern Util 5s.-.1957
5sseries B.
*12534
1951
5s
Illinois Central RR 6s. 1937
Low
May
105
43,000
11134 11134
11134 11134
1113* 1113*
111
Com'wealth Subsid 5}*s '48
Community Pr & Lt 5s '57
Connecticut Light & Power
7s series A
1947
Interstate Power 5s
1st M 5s series A...1953
75
1949
6s series B
Idaho Power 5s
6348 series C__
8034
8024
53
Week
Indiana Hydro-Elec 5s '58
Aug
102
73
Commonwealth Edison—
6%s
Jan
Pipe
Cities Serv P & L 5%a. 1952
Gen mtge
Feb
June
97
1943
4^s series C
Jan
9934 100
97
10234
Line 6s
1st
Feb
102
5>*8 '42
Gas
93,000
723*
59,000
7434 159,000
7334
54,000
11134 11134
73 34
1950
Service
7134'
105
Mar
July
July
10224
1053* 10534
Cincinnati St Ry 5%b A '52
6s series B
1955
Cities Service 5s
1966
Cities Service Gas
10434
9534
7234'
Yards 5s
1940
Chic Pneu Tools 53^3.1942
Chic Rys 5s ctfs
1927
Jan
8834 June
8234
Jan
7034
_
993*
10,000
9434
7134
10534
10234
8934
70 H
„
Jan
893*
94 33
Cent States P & L 5>*s '53
Jan
94
96
72 34
Chic Dlst Elec Gen 4>*s '70
6s series B
1961
Chic Jet Ry & Union Stock
100%
30,000
1948
for
of Prices
Hygrade Food 6s A... 1949
10234
5>*s ex-warrants...1954
Cent States Elec 5s
10,000
Week's Range
Sale
Price
Central 111 Public Service—
58 series E
Last
High
94
6334
1936
Sales
BONDS
('Continued)
Week
High
Aug. 15,
94
94 34
63 34
65
*106 34 10734
20,000
12,000
9034
53
10634
Jan
Apr
Mar
Volume
New York Curb Exchange—Concluded—Page 6
143
Friday
Sales
BONDS
Last
Week's Range
Sale
of Prices
Week
Low
Price
High
Low
I
10534 1C534
11,000
1969
105 k
105
10534
13,000
434s series E
1970
103 k
103
103 34
33,000
10234 103 34
f 104 34 10434
6,000
No States Pow
1966
534s
1940
N'western Elec 8s stmpl943
N'western Power 6s A. 1960
Certificates of deposit-
72 34
Ogden Gas 5s
Ohio Edison 1st 6s
72 34
1,000
10234
108
1960
72 34
102
102 k
108 k
1945
10834
13,000
21,000
9,000
4,000
10534 10534
Ohio Power 1st 5s B..1952
434s
10634
10634 10634
105
ser D.1956
98
10534
9,000
.
10234
10034
51
Jan
J»n
106
June
10534
June
104
June
Aug
10434
111034*
1953
6s series D
105 k
1954
534s series E
1961
6s series A
1940
Okla Power & Water 5s '48
104 k
73
Jan
5034
9834
10334
10534
J&n
Aug
7234
Aug
Jan
103
Jan
10934
June
107
Mar
6s series B
10634 1C634
5,000
120
'40
Pacific Invest 5s
1941
ser
Mar
107
Mar
Tennessee Elec Pow 5s 1956
Tenn Public Service 5s 1970
112
Feb
Terni Hydro-El 634s—1953
Texas Elec Service 5s. 1960
107
May
3,000
July
July
10734
Jan
107
Apr
105
Mar
86
Apr
9434
Jan
Jan
10034
Aug
Apr
107
9334
10534
Feb
5$
Jan
Penn
Electric
Jan
12134
10234 Mar
11634 May
Feb
9434
89 34
55^000
10234 10234
10434 10434
10534 105 34
Apr
104
100
Jan
105
iol'k
1979
10434
9734
Apr
10734
10134
6,000
25,000
8,000
10134
9834
Mar
105
7,000
7,000
5,000
10634
10434
.
10034 10034
Apr
114
1,000
Jan
80
Mar
10134
6s series A
Deb
534s series B
1959
Pennsylvania Power 6s *56
103k
10534
Penn Pub Serv 6s C—1947
—
113
10534
113
*107
434s series B
1968
Peoples Gas L & Coke—
10734
112
5,000
11134
June
ill"
111
11134
22,000
91
9134
8,000
10934
8634
10534
4134
June
91H
11134 11134
U0734
"6334
6034 "6334
10534 10634
106
10434
73
1961
Potrero Sug 7s stpd—1947
Power Securities 6s
Mar
Jan
Apr
June
108
Mar
5s series A
10434 105
5,000
Jan
9634
2034 May
10334 Feb
105
Apr
73
l"05"
73 34
71,000
4,000
100
17,000
100
2,000
2334
2334
1,000
65
June
10534
10634
6634
9034
9734
2234
Mar
2734
106
Mar
Jan
8334
107
140
6% perpetual certificates
1st & ref 5s
11134
1956
14034
11134 112
15,000
23,000
5s series C
1966
106
106
4348 series D
434s series E
1978
10434
10334
10334
10534
10434
104
1980
ser F.1981
10334
—I960
10534
13234
1966
10334
95J4
9134
8634
534s.1949
Puget Sound P & L 5348 *49
1st & ref 5s series C_ 1950
ser D_ 1950
Quebec Power 5s
106 34
1968
634s
534s
1,000
10434
10334
10534
Queens Boro G & E 434s '58
5348 series A
1952
9934
10534 10534
9934 100
634 % serial notes
434s
5s series E
Va Public Serv 534s A. 1946
1st ref 5s series B ..1950
6s
Jan
112
Feb
107
Jan
Jan
105
Aug
July
July
10534
July
100
Apr
8634
8334
7834
Jan
Jan
Jan
103
Apr
10434
July
103
Jan
10534
10334
9634
F
M
J:
10634 Ju
104
Jj
74
Jan
95
Ruhr Gas Corp 634S—1953
Ruhr Housing 6348---1958
26J4
2634
1,000
25
May
33
F
2234 June
27
F
10534
1958
„
San Joaquin L & P 6s B *52
10534
15
1434
10534 10534
*12934
10834 10834"
Sauda Falls 5s
1955
Saxon Pub Wks 6s
1937
*2534
1934
20
10534
10134
Aug
12
July
Jan
124
28
6s with warrants.—1935
"2"000
23,000
49,000
"4~666
Jan
10834
2434
Aug
July
10834 Ju
1934
J)
10534 Ai
12934 Ju
110
6s ex-warrants
19
2034
10234 10334
6634
6634
9934
Second Int'l Sec 5s.—1948
Servel Inc 5s
10634 10634
1948
l"0434
Shawlnlgan W & P 434s '67
434s series B
1968
1st
67
Sheridan Wyo Coal 6s. 1947
Sou
Carolina JPow 5s. 1957
2025
104 34
105
10454 10434
10434 10534
434s series D.„ 1970
Southeast P & L 6s
9934 100
67
69
10034 101
"
108 34
6,000
33
3034
32^s
1945
Ref M
3%b.May 1 1960
Ref M
3%a B.July 1 '60
1st & ref mtge 4s
1960
Sou Calif Gas Co 434s. 1961
81,000
9,000
1,000
6,000
30
104
7234
103
2,000
108
25,000
10534
10534
10534
9,000
5,000
3,000
72
5,000
101
10634 10834
89,000
106
10534 106
31,000
10334
10634
10634
10634 10634
58,000
101
Jan
106
10634
63,000
Jan
110
10034
10634
10534
Sou Counties Gas
4348.1968
534s '57
Sou Indiana G & E
110
11034
35,000
10634
10634 10634
*10334 103 34
8,000
10734
10734 10734
"looo
1951
8234
Southern Nat Gas 6s.-1944
10334
Sou Indiana Ry 4s
S' western Assoc Tel 5s. 1961
99
S'western Lt & Pr 5s_.1957
10234
So'west Pow & Lt 63—2022
100
S'west Pub Serv 6s
78 34
10334 10334
99
10234 10234
100
10034
10434 10434
1945
Stand Gas & Elec 6s„1935
8434
8234
Certificates of depositConvertible 6s
1935
84 34
8234
8434
82
8434
8434
8434
Debenture 6sDec
1
10534 10534
*10534 10634
*10634
4,000
10534
Aug
110
Feb
105
Mar
10734 May
10734 Feb
11634
Jan
10534
6634
67
2,000
2634
2634
5,000
8734
89 k
76^666
9434
96
27,000
10434 105
20,000
*26
"8734
94
11234
10,000
9234
734s stamped
88
19,000
99
6s series A
5s
*1029,6 103
1039,6i03n,6
12,000
10134 10134
101
10134
27,000
Jan
Danzig Port & Waterways
External 634s
1952
Feb
German Cons Munlc 7s '47
Feb
Secured 6s
Feb
Feb
Hanover (City) 7s
94
9334
Hanover (Prov) 634 s -1949
Lima (City) Peru 6348.1958
Mar
Maranhao 7s
July
July
1958
4s stamped.
10434
108
8334
Jan
104
Jan
10034
10334
Jan
Jan
72
June
3224
3334
Jan
Jan
76
Jan
92
June
80
Jan
97
July
10034
8124
104%
7534
10624 May
Jan
95
Jan
June
11324
9024
Jan
July
10534
10634
10324
Jan
July
Aug
102J4 July
1039,6 Aug
9024
Jan
9234 Mar
Feb
Feb
10134 Aug
10634 May
June
1073s June
10034 Aug
10534 Apr
9634
Jan
10034 May
9534
Jan
9134
Jan
8324
Jan
104
Apr
10234
Aug
101
9534
Aug
July
27
June
Jan
Aug
107
Jan
Mar
10734
Feb
2,000
8,00C
105
Feb
10724 May
44,000
99
Jan
10534
Jan
111
10534
10534 10534
10634 107
10434 10534
111
111
107
17
10324
10534
10534
14,000
111
7,000
107
Aug
Mar
Aug
10,000
10334
8824
3334
10534 106
21,000
105
Mar
10734 10734
10634 10634
15,000
107
Feb
6924 July
10624 Mar
10724 June
8,000
106
Jan
107
Feb
"uooo
10734
10724
10424
Feb
10734 10734
10334 10334
95
9434
65
65
10734
10334
10134
10534
8434
6734 May
*20
92,000
9534
6834
5,000
9534 July
Jan
10534
July
106
Mar
10234
July
Jan
Apr
7034
June
Jan
Aug
Jan
Aug
July
June
Feb
1931
Mtge Bk of Denmark 5s '72
Parana
(State)
7s.'
1949
Jan
Jan
2934
Jan
Jan
2,000
3O~6oc
61
"17"
37,000
17,000
23
2,000
23
12
17
17
12,000
1,000
12,000
1334
1934
14
98
6,000
*
"
34
Jan
102
July
Aug
73
May
1934 May
May
Apr
2824
Feb
2834
3224
2624
1234
1734
1434
Feb
Feb
95
July
88
July
Jan
2034
July
Apr
Jan
7334
7^666
63
1934
19J4
1334
1,000
18
1,000
1724
2,000
12
Jan
1934
1934
1334
9734
98
8,000
9234
Jan
20
12,000
1034
Jan
22
Mar
15*34
134
"5~66o
1 34
5,000
1
134
11,000
1
1
134
11,000
1
May
1434
9834
2324
1724
234
234
224
234
June
60
1234
1
"l234
,
53
6,000
49
1234
1234
1234
3,000
1134
1134
1234
1,000
Jan
May
34 May
5234
1961
Jan
Feb
Jan
134
134
Jan
Feb
1334
934
7134
*15
134
98
Feb
Mar
100
Aug
9
.
Jan
1824 May
1824 May
21
Jan
Jan
20
"l3k
11
3334
May
60
23
2434
2234- 2334
*80
7334
25
9524
8934
Jan
Feb
7234 June
7434 Aug
724 May
24% May
100
...
5524
5734
12
Santa Fe 7s stamped-.1945
7s
1,000
2134
1921
Santiago 7s
—
Jan
May
5,000
21,000
23
1919
1921
98
t
"2434
Rio de Janeiro 634s—1959
Russian Govt 634s
1919
—
72
30
2934
*10034 10134
98
1958
634s certificates
534s
534s certificates.
7034
2134
2134
2624
Jan
17
834
*2734
Issue of Oct 1927..
..
.1824
20
72
834
1951
Jan
May
12,000
84,000
10634 107
-
Aug
91
94
*10334 104
Medellin 7s series E—1951
Mendoza 7348—
1951
Mar
107
69
20,000
2534
25
1939
Mar
111
100
48,000
10134 10234
10034 101
10234
lOi-
1947
Mtge Bk of Chile 6s.
7,000
10434 Apr
11334
Jan
4534
Jan
2534 May
2534 June
105
102
*101
1955
Mtge Bk of Bogota 7s. 1947
Issue of May 1927
6,000
3,000
*104 J4 108 34
*10634 10834
*100
1952
1953
—
July
July
49,000
66,000
15,000
10134
Prov Banks 6s B...1951
June
Jan
89
1039,6
1947
Cauca Valley 7s
1948
Cent Bk of German State &
Feb
>
11,000
28
Apr
101
11334
2034
2034
10634
11034
Jan
78,000
*23
Mar
5634
9434
112
94
*20
106
10634 May
6,000
11534
"2634
1947
June
Mar
11534"
11534
Buenos Aires (Province)—
7s stamped
1952
J]
June
1224
1234
Jan
Jan
Jan
Aug
Jan
Mar
Apr
Jan
Jan
Jan
Jan
Jan
Apr
May
Jan
Aug
Aug
May
82
8434
44,000
21,000
69
8434
66
May
Aug
83 34
81
84
8434
8434
1951
93,000
64
May
84
Aug
1966
8334
83 34
Aug
10234
Feb
Certificates of deposit
Debenture 6s
Standard Investg
100
23,000
Aug
...1951
20-year 7s
Baden 7s
10834
103
8334 227,000
1022s
Agricultural Mtge Bk (Col)
20-year 7s
-.1946
Mar
Sou Calif Edison Ltd—
Debenture
Mar
100
FOREIGN GOVERNMENT
Danish 534s
1935
10,000
AND MUNICIPALITIES—
Ji
Schulte Real Estate—
Scrlpp (E W) Co 5348-1943
Seattle Lighting 5s
1949
Jan
102,34 10234
Wlsc-Minn Lt & Pow 5s *44
Wise Pub Serv 6s A... 1952
Yadkin Rlv Pow 5S...T941
York Rys Co 5s
1937
F
4348 '79
8434
Ji
9834 May
Safe Harbor Water
July
F
1,000
St Louis Gas & Coke 6s *47
3734
A
8,000
25
50,000
Jv
9334
8934
10634
10634
Aug
4234
Wheeling Elec Co 5s„ 1941
90 34
106
1954
101J4
9034
*24
1946
7s with warrants
104
July
Mar
90
Waldorf-Astoria Corp—
10834
10434
10434
108
41
1952
West Texas Util 5s A. 1957
West Newspaper Un 6s '44
West United G & E 534s '55
106
Mar
4134
Utica Gas & Elec 5s D. 1956
14534 May
Jan
July
34
Apr
Jan
Valvoline Oil 7s
1937
Vamma Water Pow 534s '57
West Penn Elec 5s....2030
West Penn Traction 5s '60
Jan
Mar
103
10634
7634
1944
Feb
Rochester Cent Pow 5s *53
Reliance Manag't 58—1954
—
32
A pit
100
Jan
,28~666
1939
634 % serial notes... 1940
Utah Pow & Lt 6s A..2022
101
102
July
June
9834
24
101,000
1973
Jan
102
"2J)66
6s series A
June
10334
90
Jan
Jan
10634
11034 June
U S Rubber Co—
Ward Baking 6s
1937
Wash Gas Light 5s... 1958
Wash Ry & Elec 4s__ 1951
Wash Water Power 5s. 1960
37,000
34,000
10534 10534
2,000
10334 10334
12,000
9534
9634 126,000
9034
55,000
9134
8634
8634 127,000
10634 10634
7,000
*104
10434
1952
Aug
July
Aug
Jan
8934
1959
Un Lt & Rys (Del) 534s '52
United Lt & Rys (Me)—
100
2,000
22,000
40
Apr
10734
1974
Jan
Jan
Jan
Mar
104
Feb
87
1956
Jan
Pub Serv of Oklahoma—
4s series A
s
ex-w
10834
9134
Mar
90%
29
Feb
90
74% June
10524 Aug
Jan
10434
Jan
Jan
107
1957
1st
Jan
Feb
23,000
,
Aug
87
l"07 34
1967
Mar
Jan
Pub Serv of Nor Illinois—
San Antonio P S 5s B
1954
5s series B
Mar
Public Service of N J—
434s
1944
434s
Jan
Jan
4134
Feb
Aug
98
77% May
29,000
94
9634
10134 102
32
*25
Union Amer Inv 5s A. 1948
Union Elec Lt & Power—
Mar
July
May
100
1949
6s._ 1954
Jan
103
98
Corp(Can)434s B *59
Aug
105
10634 10634
*10634 107
*8434
8834
Portland Gas & Coke 5s *40
Potomac Edison 5s E. 1956
1st & ref
6s 3d stamped
Mar
1934
11334
11234
9434
10834
7534
10634
1,000
*10434
-.1939
100
12,000
*23
Pomeranian Elec 6s—1953
434s series F
53^666
Jan
Jan
6
107
107
1949
1948
1962
534s *52
"9534
101%
10934
Jan
11,000
66 34
Mar
TJlen Co—
July
Aug
1934 860,000
Piedmont & Nor 5s.—1954
Pittsburgh Coal 6s
Pittsburgh Steel 6s
Pub Serv Subsid
Toledo Edison 5s
Twin City Rap Tr
10834
97 34
434 '57
Pledm't Hydro-El 634s '60
1st <fc ref 434s
434s series I
(Leonard) 7348-1946
Feb
15
Phil Sub Co G & E
Electric
Tietz
1975
9634
Phlla Electric Co 5s__1966
Phila Elec Port 534s—1972
Phlla Rapid Transit 6s 1962
Poor & Co 6s
Thermoid Co 6s stpd. 1937
Tide Water Power 5s..1979
89
8234
6234
1,000
45,000
United Lt & Pow 6s
10k
"i6".O66
94 34
82
110
July
97 k
8634
"9434
Apr
6034
4834
10834
10634
11034
Apr
Apr
Apr
Aug
1053
1063
*106 34 107 34
2022
10834
1979
1,000
110
6s
6s series A
53,000
16834 108 k
1945
107
104
8,000
f 6s
11434
Jan
10834 June
Aug
104
14,000
4,000
United Elec N J 4s... 1949
Feb
4734
14~ 000
10534
10534
63,000
United Industrial 634s 1941
Jan
July
Aug
36 k
Jan
10534
43
58
48
106
Feb
Mar
65
106
10634 June
10534 July
Jan
1981
4s series B
Peoples Lt & Pr 5s
Prussian
10534
10834 10834
10634 107
5s series D
1954
Penn Water & Pow 5s. 1940
Power
10534 10534
10334 10434
Feb
10434 105 k
United El Serv 7s
1950
x-w
July
49
104 k
35
Apr
Penn Ohio Edison—
78
106;
Mar
5,000
22,000
8834
98
Jan
1945
Texas Gas Util 6s
May
20,000
89 k
fIIII 1971 "lQQH
4s
11934
Mar
7,000
1938
434s- 1977
__
120
July
4634
5,100
5634
47
*43
10534 106
10534
10534
1083s
High
81
Texas Power & Lt 5s.. 1956
Feb
102
5,000
43
Low
6234 May
1,000
77
5634
*53
%
186,00G
7,000
80
7o 34
—1957
10734
10034 10034
H1534 117
A_ 1948
Pacific Ltg & Pow 58—1942
Pacific Pow & Ltg 5s1955
Palmer Corp 6s
Penn Cent L & P
120
1954
5s series B__
Jan
Pacific Gas & El Co—
1st
Syracuse Ltg 534s
Apr
10334 June
6,000
1970
Apr
10,000
6,000
1st 434s
10334
106
10034
7s stmp ctfs dep. 1946
Super Power of 111 434s '6S
High
78
79 k
1936
104
10834
10434
Low
7s stamp ptfs dep. 1936
7-4% stamped
1946
June
13,000
10254 10234
9234
9234
7-4% stamped
July
16,000
100 34
92 k
1947
Pacific Coast Power 5s
111
10534 10534
10634 10634
10534 10534
Okla Gas & Elec 6s_._ 1950
Oswego Falls 6s
Week
Standard Telep 534 s --1943
Stinnes (Hugo) Corp—
Mar
Mar
Range Since Jan. 1 1936
for
of Prices
Price
Ohio Public Service Co—
6s series C
Week'si Range
Sale
High
Jan
10234
10234
i8~66O
73
6934
72 k
_
N'western Pub Serv 6s 1957
1st & ref
Last
Standard Pow & Lt 6s. 1957
6s series D
—
BONDS
(1Concluded)
Range Since Jan. 1 1936
Northern Indiana P S—
6s series C
Sales
Friday
for
(Continued)
1049
534s 1939
8034
101
8334
134,000
10134
3,000
6334 May
97
Jan
Aug
*
No par value,
the rule sales
range,
r
not
a
Deferred delivery sales not included In year's range,
in year's range,
r Cash sales not Included
included
* Friday's bid and asked price.
e
n
Under
in
year's
Ex-dividend.
No sales
were transacted
during current week.
Cash sales transacted during the current week and not included In
weekly
or
yearly range:
No sales.
V
*
-
Under-the-rule sales transacted during the current week and not included in
weekly or yearly range:
No sales.
z
Deferred
delivery sales transacted during th
urrent
week
and
no
included
In weekly or yearly range:
No sales.
Abbreviations
Used
Above—"cod," certificates of deposit; "cons," consolidated;
"cum," cumulative; "conv," convertible; "m," mortgage; "n-v," non-voting stock:
"v t c," voting trust certlf cates;
'w 1,' when issued; "w w," with warrants;
"x-w," without warrants.
1050
Financial
Chronicle
Aug. 15, 1936
Other Stock Exchanges
Sales
Friday
Last
New York Real Estate Securities
Stocks (Concluded)
Closing bid and asked quotations, Friday, Aug. 14
Unlisted Stocks
Ask
Bid
Bid
Ask
1 -
Dorset ctfs of
City & Suburban Homes..
32
deposit
Oliver Cromwell ctfs
10%
103 East 57 St Bldg 6s. 1941
67
61 Bway Bldg 5%s...l950
Lincoln Bldg Corp vtc
39 Bway Inc units
7
100
24%
24
Range Since Jan. 1 1936
315
90%
Jan
21% June
24%
'"88%
39
95
7%
129
4
1,333
83
Jan
Waldorf System Inc
*
Warren Bros Co
*
Feb
»16
%
Jan
2%
Feb
Jan
Aug
9%
4%
Jan
1%
16%
July
Jan
10%
Apr
1%
50
6,455
15%
135
9%
1,262
8
9%
Mar
Feb
42
Aug
1%
14%
15
.
Mar
9%
90%
38%
1
'""1%
Mar
28%
118
1%
1
104
Jan
89%
39
38%
5
High
Low
Shares
101
6%
88%
25
Utah Apex Mining
Baltimore Stock Exchange
High
100%
Utah Metal & Tunnel
on
Low
-5
Union Twist Drill
Preferred
54
Orders Executed
Week
*
United Gas Corp
1
United Shoe Mach Corp.25
5
4%
4%
69
7%
for
of Prices
Price
Par
Torrington Co
Unlisted Bonds
Week's Range
Sale
Exchange
Bonds—
Eastern Mass St Ry—
60S. Calvert St.
Established 1853
,
Hagersfown, Md, :
Memberu
Louisville, Ky.
*
York
New
.
Stock
Baltimore
ana
Exchangee
83
July
88
4,300
70
Jan
88
July
1948
90
90
50
80
Feb
97
July
Series A 4 %s
39 Broadway
NEW YORK
York, Pa
BALTIMORE, MD,
Jan
1948
81%
87%
82% $14,000
Series B 5s
Series D 6s
STEIN BROS. &> BOYCE
1948
Baltimore Stock
Liated and Unlisted
Exchange
Vml R Davis &<9(x
Aug. 8 to Aug. 14, both inclusive, compiled from official sales lists
Par
Corp..
Week's Range
for
Sale
Stocks—
of Prices
Low
High
Price
93%
94%
141
84
112% 112%
20
20%
253
111
499
110
79
34
33%
115
"46"
119%
58
58
17%
*
46
17 X
1
18%
......
25
Feb
Feb
94%
Jan
21
July
Jan
36
July
Jan
120
Apr
50
Jan
Mar
Feb
61
Aug
Feb
20%
Jan
1%
Mar
7% May
11%
50
%
260
%
May
2
Jan
1%
Feb
Apr
3
Aug
261
June
15
260%
248
36
65
31
Jan
54
23%
Feb
Mar
37%
27%
28
36
Aug
Mt Vern-Woodb Mills-
Common
100
Preferred..
100
New Amsterdam Cas
3%
~iw
19%
Jan
Apr
60
Apr
16%
Jan
1%
July
1%
Aug
1
1
5,751
19%
3%
9%
Aug
1
Aug
Apr
20
40
1,799
7,140
58
58
U 8 Fidelity & Guar.....2
13%
Aug
Par
Stocks—
Week's Range
for
Sale
of Prices
Week
Price
31%
31%
$27,500
32
High
55%
"8X
Common (new)..
55%
Range Since Jan. 1 1936
Low
Shares
56%
16
*
com—*
Advance Alum Castings..5
Adams (J D) Mfg
Aug
33
July
Jan
41
July
Jan
100
Apr
15%
Jan
A 5s flat
1975
38
39%
5,900
17
B 5s
1975
99%
99%
5,000
84
.
High
16
51%
1,250
50
8%
7%
July
Aug
June
57%
18%
Mar
Jan
15
8%
Mar
16%
25%
Aug
Feb
44
Aug
5%
10,600
Allied Products Corp—
Common
350
16
23
200
21
Jan
39%
25
44
20
May
Armour & Co common.-.5
5%
4%
5%
Mfg Co com...l
3%
47%
3%
47%
3%
1,410
7,050
1,100
48%
750
Automatic Products com.5
9%
9%
9%
1,750
Asbestos
43
Automatic Washer conv pf*
3%
3%
3%
60
70
17
Backstay Welt Co com—*
Bastlan-Blessing Co com.*
Bendix Aviation com
.*
28%
17
14
"14
Berghoff Brewing Co—.1
15%
28%
30
4,250
2,450
13%
7%
27%
29
73
73
75%
12%
8
10
7% preferred
100
Brach & Sons (E J) com..*
Borg Warner Corp com.
111M
July
7%
5%
Jan
2%
27%
Jan
48%
Aug
7%
1%
Feb
11
Feb
May
5
|July
Feb
18
4% June
14
3,500
12%
27%
cap.5
Bliss & Laughlin Inc
11% June
15%
23
10
Class A
Amer Pub Serv Co pref. 100
.Binks Mfg Co A conv pref *
Transit 4s flat._1975
Low
Abbott Laboratories—
—
|h
Bonds—
Bait
13%
1%
1%
Real Estate Trust Co.. 100
fei
60
12%
13%
IX
1% June
32
60
.5
Owings Mills Distillery..1
10
3%
Last
Associates Invest Co com.*
36
27
Merck & Miners Transp..*
Monon W Pa P S 7 % pf .25
Jan
8
.
Sales
Aug
39%
inclusive, compiled from official sales lists
Friday
Feb
116
14%
3
Aug. 8 to Aug. 14, both
Aug
88
9
1%
3
Chicago Stock Exchange
Feb
30
415
IX
50
Mercantile Trust Co
Feb
5
7%
July
16
9
9
25
.
Jan
39
StM CHICAGO
Jan
17
10
1
preferred
July
•
1,412
1
New York Curb
10 So. La Salle
22%
11
134
45
58
*
100
Mar Tex Oil..,.
% June
2%
Jan
19%
20
1st preferred
July
151
175
34
Fidel & Guar Fire Corp. 10
2d
26%
232
5
24%
20
1
Mfrs Finance com v t
200
2%
23%
112%
preferred
100
Eastern Sugar Assoo com.l
Guilford Realty pref
Houston Oil pref
34%
4!%
94
5%
Fidelity & Deposit
Apr
23%
Consol Gas E L & Power.*
j
16%
2
*
1 1936
High
893
5
*
Preferred
Low
19%
34
_
com
Shares
18%
Atlantic Coast L (Conn) 50
Bait Transit com v t c__*
pre! v t c
Black & Decker
Range Since Jan.
(Associate)
Week
*
1st
Chicago Stock Exchange
Chicago Curb Exchange
New York Stock Exchange
Last
Arundel
Members:
i
Sales
Friday
SECURITIES
CHICAGO
■
Chicago Board of Trade and CommodUy Exchange, Inc.
70
9%
730
2,800
110% 111%
500
16%
Jan
32
July
Apr
.Jan
14%
July
Jan
10%
30%
July
Mar
183%
111%
Mar
3
Apr
22%
Jan
64
40
Jan
Jan
6%
Jan
Feb
107%
16%
Mar
23
Aug
20
Apr
Aug
30%
34%
Mar
Mar
11%
July
18%
Mar
7%
Jan
11H
22
23
200
28
29
150
Jan
27
Brown Fence & Wire—
Class A.,
Boston Stock Exchange
Range Since Jan. 1 1936
Last
Par
Stocks—
Week's Range
for
Sale
of Prices
Low
High
Week
Price
Butler Brothers
Castle & Co
25
1%
1%
4%
Low
Shares
1%
300
4%
165
1%
2
11%
1,320
1,400
42,000
2%
380
52%
50
1%
250
pref.*
1%
Conv preferred
High
19%
174% 177
2,312
149%
138
138
274
117%
L40
67%
"29%
Boston Herald Traveler..*
68%
311
65
29%
100
2%
1%
52%
1%
13%
14%
61
63
Jan
550
12
July
1,060
14
63
pref...*
1%
Jan
38% ^Jan
1
57
Jan
30%
137
29%
2%
2 '
2%
13,700
Prior lien preferred
*
80
75
80
Preferred
*
40
38%
40%
1,400
25
Apr
178
Jan
143
Feb
70
/ Feb
Aug
"... 1
Common
Apr
Apr
Jan
5%
May
May
25
174%
100
July
July
22
22
...100
Boston Elevated
14%
10
Aug
5
Jan
56
July
Feb
it*
Jan
Feb
66
Central S W—
6% non-cumul pref...50
1st preferred
50
Boston & Albany
24%
13%
11%
(A M) com.10
1.1
Cent 111 Pub Serv
Amer Tel & Tel..*
20
14%
Central 111 Sec com
Amer Pneumatic Serv Co—
Common
21%
*
Bruce Co (E L) com.
Canal Const Co conv
Sales
Friday
*
10
Class B
Aug. 8 to Aug. 14, both inclusive, compiled from official sales lists
Feb
30%
Aug
100
26
25%
27%
377
17%
July
41
9
8%
9%
709
4%
July
Apr
14%
Feb
Feb
3%
80
Aug
40%
Aug
Jan
Jan
49
Feb
16
com
Cherry Burrell Corp com.*
17%
310
8
52
53
90
35
Jan
22%
54%
47%
---*
Preferred
Chain Belt Co
48
70
40%
Jan
50
%
Aug
1%
Feb
Apr
Apr
5%
Mar
52
Jan
49%
X
%
%
50
*
4%
4%
5%
*
49%
36,050
1,200
•
Apr
May
Feb
pref stpd.100
Class A 1st pref
100
Class B 1st pref stpd.100
Class C 1st pref stpd.100
Apr
1%
20% May
Central States Pr & Lt—
Chic City & Con Ry pt pf
Boston & Maine-
580
Prior preferred.
Class A 1st
Class D 1st pref
6%
10%
11
11
12%
12%
5
100
6%
10%
stpd.100
12%
Feb
18
6% May
17
Jan
97
5
15
Feb
10
8% June
20%
15%
Feb
Jan
•
•
June
Chicago Corp common
Preferred
4
43%
49
50
49
49%
750
33%
28%
150
26
Chic & No W Ry com.. 100
28%
2%
Chic Rivet & Mach cap.
29
,
Chicago Flex Shaft com.i5
Chicago Mail Order com.-.5
155
12%
May
Brown-Durrell Co com—*
2%
2%
55
2%
July
Jan
Chic Yellow Cab Inc cap.*
Calumet & Hecla
25
11%
12%
603
5%
Cities Service Co
25
7%
8%
755
6%
14%
9%
Apr
Copper Range,
Jan
Jan
Apr
Coleman Lp & Stove com.*
Commonwealth Edison .100
105%
6%
7
40
3%
Jan
11%
Mar
Compressed Ind Gases cap*
e43
61%
65
198
41
Jan
83
Mar
Consolidated Biscuit com.l
71%
74
102
60
Jan
84
Mar
2%
50
100
30
.May
Aug
2%
25
31
4%
Jan
34%
31%
7%
Feb
July
Jan
Feb
Apr
Apr
Feb
Consumers Co—;
Boston Personal Prop Tr_*
i
13%
13%
13%
7
East Gas & Fuel Assn—
"
*
Common
100
100
6% cum pref
4%% prior pref
61%
%
Common.
Eastern Mass St Ry—
...100
Common
1st preferred
45
332
Feb
8%
53
53 -
42
16%
16%
164% 168
392
100
Employers Group..
General Capital
168
*
*
~
18
Feb
3
14
preferred.-----*
Edison Elec Ilium
62%
8%
55
13%
Economy Grocery Stores.*
3%
Jan
215
13%
5%
Jan
600
13%
5%
14
"~5%
*
com
1%
33
550
100
Adjustment
Jan
50
June
16
10
May
155%
20
Jan
Apr
.
Helvetia Oil Co
1%
May
May
35
40c
July
Isle Royal Copper Co...25
Loews Theatres
^Boston) 25
Maine Central com
Mass Utilities vtc
*
Mergenthaler Linotype... *
New England Tel & Tel 100
com
100
14%
658
Jan
July
1%
1%
11%
1%
31
1%
"26""
-
2%
46
130
10
%
Jan
189
9%
10
15
25%
26
135
7%
18%
Jan
Jan
Jan
2
47
1,372
1%
2%
45%
128
7
3%
36c
35c
100
22%
130%
10
3%
*
Old Colony RR
Pennsylvania RR
25
Reece Buttonhole Mach.10
1%
Mar
67C
80
5%
2%
26c
38c
2.59C
19
22%
467
19
38%
772
28%
1%
1%
100
70c
15%
1%
21%
21%
2%
14%
21%
4%
30C
Shawmut Assn tr ctfs
*
"14%
Stone & Webster..
*
19%
19%
Sub Elec Sec Co com
*
4%
3%
40
*
.1
page
60
21%
2%
13%
117%
10C
Reece Folding Machine. 10
For footnotes see
38%
978
37%
50
Quincy Mining
2d preferred
180
Jan
Jan
19
.
Tex la Oil Corp
.
250
North
Pacific Mills Co.
5
1,150
13
N Y N H & H RR (The) 100
Butte
300
1%
10
"13""
100
5% cum preferred...100
May
5%
13%
31
2%
1053
2%
40
2%
23%
26%
36%
225
1%
—*
Preferred
10
11%
13%
14%
41%
11%
Razor....*
Hathaway Bakeries cl B._*
60
169
27%
41%
11%
19%
2%
24
41%
Gillette Safety
7%
15
1%
422
23%
23%
Gilchrist Co
New River Co
2%
44
44
100
Preferred B
Eastern S3 Lines
-2d
2
2%
100
19
Mar
Apr
May
Apr
Apr
May
Common
Jan
5
.25
common
Preferred
...
1
_
.
_
100
Cudahy Packing pref..100
Curtis Lighting Inc com..*
33
34
4%
35
-
4%
36%
132%
132
~ 133
108
108
108
7%
"l5
8%
Feb
Feb
250
7,600
2,450
27%
4%
24
Jan
9
Mar
iJan
15%
Jan
28%
4,100
10%
700
7%
150
19%
4%
50
10
Jan
Feb
9%
18
July
Aug
Aug
Mar
June
5
com
Class A..
*
15%
17
380
Jan
17
Aug
20
Dexter Co (The) com
Dixie-Vortex Co
18
Apr
Apr
Aug
110
15%
18
8
36%
133
28%
pref
47
Jan
7
conv
Apr
Jan
106
14%
Deep Rock Oil
Aug
July
120
80
130
July
3%
250
28
20
20
450
18%
July
21
June
39%
39%
40
150
38%
May
41% June
"l7
9%
Feb
Apr
Econ Cunnghm Drug com *
17%
16%
17%
Jan
20
13
Aug
Eddy Paper Corp (The) ._*
*25%
25%
27
470
23
Apr
30
18
Mar
Elec
14
14
15
1,700
13
June
45
Mar
Household Util cap.5
Elgin Nat Watch Co...15
38
38
38%
100
27%
Jan
38%
Aug
Feb
Fitz Sim & Co D&D com. *
17%
17%
150
16%
Jan
23
Apr
Feb
General Candy Corp A...5
Gen Household Util—
16%
450
11%
Jan
16%
Aug
Aug
14%
Aug
1%
2%
3%
51
130%
10
5%
58c
Aug
Mar
Feb
Jan
Common
Class B
11
14%
61,950
36
36%
200
22%
Jan
39%
Mar
1,150
2,200
1,700
1,250
8%
22%
Jan
20%
July
Jan
32%
Aug
26
July
Jan
33%
11%
Apr
6
9%
Jan
17
Apr
8%
Jan
13%
Apr
*
Great Lakes D&D com..*
28
26%
28
Feb
Hall Printing Co com
11
9%
11
10
Jan
22
July
Harnischfeger Corp
Jan
Aug
July
July
Aug
64C
14%
Feb
Jan
4%
40
5%
com. 10
Heller (W E) pref w w
25
13%
14%
11%
12%
1,450
26
26
26%
300
25
July
29
17%
18
200
16%
May
22
25%
28%
4,000
22%
May
32%
Mar
10%
100
8
May
12%
Jan
30
100
Feb
109%
Jan
Hormel & Co (Geo) com A*
Houdaillie-Hershey cl
B._*
Aug
Illinois Brick
Feb
111 North Utilities pref. 100
Co
Apr
13%
60
11%
Heileman Brew Co G
cap
Jan
Jan
36
Feb
11
Jan
12%
39
71C
Mar
*
Apr
2%
15%
21%
16%
*
(new)
Godchaux Sugars Inc—
Class A
32%
1%
2,000
7%
20
July
Aug
1%
12%
7
19
2
11%
28
30%
20C
July
% June
5%
Jan
35
Cum class A pref
19%
Jan
10%
(Alf) & Cohn comlO
Dayton Rubber Mfg com
Decker
4%
35
32%
25
Aug
40
Goldblatt Bros Inc com..*
10C
72%
7%
Aug
%
Feb
July
Jan
Aug
350
Mar
1
38
116
96%
e42%
3,700
19
1,62£
Jan
550
%
70%
Jan
19%
2% Mar
30% June
1,550
11%
14% May
Aug
60
10%
7
33
Crane Co
Feb
July
Aug
Feb
Jan
200
14,050
%
11%
100
6% prior pref A
Cord Corp cap stock
Jan
26% 27%
4%
4%
31% 32
105% 108
*42%
70%
Continental Steel—
Apr
Mar
4%
5
....
July
Mar
26%
*
com
_
.25
"27%
10
107% 108
Jan
Jan
Volume
Financial
143
Friday
Friday
Week's Range
for
Sale
of Prices
Week,
Price
Par
Low
Interstate Power $6 pref..*
$7 preferred..
*
Range Since Jan. 1 1936
Shares
High
Iron Fireman Mfg v t c_.*
Jarvis (W B) Co cap
1
21%
23
2,200
Jefferson Electric Co com.*
41
41
44
550
41%
43
40%
10%
41
Low
26%
*
com
Katz Drug Co com
1
Kellogg Switchboard comlO
10%
Preferred (new)
100
Ken-Rad T & Lamp comA*
Ky Utll Jr
pref
cum
108
La Salle Dxt Unlv
Lincoln Printing Co—
Common
Jan
27%
200
24
May
31
Feb
Mar
44
Aug
130
70
Mar
32
Feb
42
Apr
11^
May
Aug
1,400
20
76
800
2%
■«--
1%
,
10
34 %
760
1%
IX
60
43
Jan
90
Feb
Gibson Art
14
Jan
Jan
3%
Mar
3%
May
Jan
7
May
11X
Jan
7
Jan
13%
July
M anischewitz
Jan
50
July
12%
1,900
47%
100
13%
13%
4%
14%
100
Lion Oil Refining Co com.*
150
7%
Jan
6%
6%
300
6%
July
8X
34
Jan
Feb
Apr
July
Aug
4
5
»
McCord Rad & Mfg A_..»
McGraw Electric com.-.5
_
«.
—
41
<•
McQuay-Norris Mfg com.*
15%
Mer & Mfrs Sec cl A com.l
Common
Common
4%
7%
%
2%
2,000
180
1
Mar
X
3%
2%
8%
30
1
Mar
5
"24%
45%
24%
4
-
-■
%
Jan
3%
670
46
200
Jan
38X -Jan
25%
250
17
850
11
Jan
16%
70
28
Apr
33
52%
1%
15%
56
950
38 X
Jan
65
25
25%
24%
23
26
49
10
47
Apr
3%
Jan
7%
15X
June
Jan
26%
330
7X
Jan
28
57
150
14
1%
6
Aug
l%;nfJan
46
4
33
25
18
2%
*
South Colo Power A
15%
35
5
7
120
.
46
48
21%
28
*
14
Convertible pref
Exchange
Buhl
'
Detroit Stock
4
July
14
Aug
Jan
48%
Aug
Feb
35%
8%
28%
Feb
Feb
1061.
Apr
July
July
9
Jan
Mar
27
200
19
Apr
27%
Jan
3%
Mar
22%
IX
350
1%
Jan
Baldwin Rubber
1
Burroughs Add Mach.I..*
Capital City Prod com
*
17
2X
Mar
4%
July
3%
200
2X
Jan
5%
Apr
2
3
66
71%
68
70%
400
49
May
50
103
Jan
118
60
112 X
Jan
123
Mar
3,750
2.
Aug
1,400
49 X
Apr
41
Apr
Jan
com
10
Crowley Milner
com.
•
July
Det-Mich Stove
July
72%
Det
123
126
260
115
June
140
Jan
10%
1,943
394
14%
21X
15
815
25%
14%
21%
430
19
3
3
174
2%
Jan
6%
6%
125
5%
May
2%
%
3
«.
-
-
*
-
*
-
*
•
-
X
•
com
1
~~~4%
..1
146%
110
142
Jan
150
July
8%
*
3
300
Federal Mogul com
*
*
18%
»
4%
22%
Jan
7%
June
May
22%
Aug
1
2%
50
17
Jan
26
Feb
Hall Lamp com..
*
65
65
35
20%
10%
28%
25%
66%
22%
100
20%
81
67%
July
Hoover Ball & Bear com.10
Jvmi
+,
July
22%
Aug
Hudson Motor Car com--*
-'-1
-
-
2X
14%
Mar
28%
140
26%
Apr
Aug
Mar
25%
30
15%
Jan
32%
28%
Kresge (S S) Co com
10
Lakey Fdry & Mach com.l
Apr
Mich Steel Tube com..2.50
4%
90%
320
81
82
3%
13%
4%
14%
1,200
7%
350
5 X
June
4%
60
2X
Apr.
7
July
Michigan Sugar
3%
13%
800
7
Apr
Packard Motor Car
Feb
Parke-Davis
Jan
Reo Motor
5
"~4~%
Apr
18%
10%
35%
Jan
Rickel (H W) com.
2
River Raisin Paper com..*
Stearns (Fred'k) com
*
5%
Mid-West Abrasive com50c
1,950
28 X
21%
21
22
5,500
20 X
Apr
25
9%
3%
9%
9%
600
12%
Feb
3%
1,200
8%
2%
Jan
3
Mar
4%
Feb
1%
3%
1,100
1
common....*
17%
Willlams-Oil-O-Matic
com*
14%
6%
34
Mar
4
600
30
Apr
16
Apr
22%
10
Mar
6%
750
38
5X
11
10,350
Jan
July
Jan
8%
39%
"Jan
Universal Cooler A—
June
16
Jan
July
B.t-....i..:..
Wolerine Brew
Cincinnati
Stock
«.
Low
High
23%
19%
July
Jan
34%
Mar
Jan
10%
4%
8%
Mar
862
240
16%
9%
6%
July
Jan
5%
11
Jan
14
Apr
15%
19%
20%
Apr
Jan
Feb
Feb
28
1,450
5%
100
5%
June
17%
650
16
Apr
1%
6%
4,%
22%
12%
Mar
Aug
Mar
20
1
713
,316
Jan
6
200
5
Jan
3%
2,372
3
Aug
Apr
Feb
Feb
July
602
10%
2,412
6%
Jan
538
41%
May
4%
449
4%
5%
5%
1,015
July
July
July
22%
250
17
Jan
24
Feb
34%
126
23%
Jan
34%
Aug
1,320
15
8%
Mar
1
5
4%
Apr
Mar
Feb
Feb
50
8%
7%
Mar
Feb
7
Jan
3%
20%
290
12%
Jan
8%
4,718
5%
Jan
20%
11%
Aug
8
8%
7%
3%
8%
7%
245
7%
6%
Jan
12%
Mar
Jan
9%
4%
Apr
25
«
1%
%
*
33
1,138
1,945
4%
25
100
Jan
2%
24
Apr
July
May.
31
Feb
1%
1,885
,S16
Jan
3
Mar
%
1,525
%
July
34%
420
15
Jan
1%
34%
Mar
Aug
Angeles Stock Exchange
Last
Sales
Week's
Range
of Prices
Sale
Stocks—
Low
Exchange
LOS ANGELES
Aug. 8 to Aug. 14, both inclusive, compiled from official sales lists
Range Since Jan. 1 1936
Shares
Jan
14%
Friday
Week
Price
Apr
16
Apr
18%
%
Sales
for
Aug
42%
-
..1
Los
Cincinnati StocK Exchange
of Prices
'
Member Los Angeles Stock
Aug. 8 to Aug. 14, both inclusive, compiled from official sales lists
Week's Range
15%
125
28
626 So. Spring St.,
A. T. & T. Tel. Cln. 291
Sale
Jan
Mar
Dobbs-Crowe-Wagenseller & Durst
Wire System—First Boston Corporation
Last
12%
Apr
4
Listed and Unlisted
Stocks and Bonds
Friday
480
2
1%
CINCINNATI
•
10%
Feb
los angeles securities
Exchange
Specialists in Ohio Listed and Unlisted
Cherry 6711
Jan
%
200
7%
*
com
Jan
7%
2,402
1,085
8%
1
com
com
Wolverine Tube
*
..-
*
Universal Products com..*
Warner Aircraft
BALLINGER fii CO.
TRUST BLDG.,
*
com
Jan
35
100
900
5%
Tivoli Brewing com._.__.l
United Shirt Dist
2%
300
6%
4%
5%
5%
22%
34%
20%
Sutherland Paper com
10
Timken-Det Axle com—10
Jan
6%
17%
35%
Jan
5%
Apr
Jan
900
1,125
10%
10%
—*
Jan
41
15%
6%
35%
39%
2,250
5%
33%
17%
14%
Wisconsin Bankshares com*
Zenith Radio Corp. com..*
May
May
2
2X
50
40
5%
X
1,550
4
Feb
4%
42
com. .*
com
Apr
Feb
2%
18
10
com...
4
24
3
Jan
Mar
152%
7%
3
Mar
Jan
Jan
510
10
com
Mar
Apr
5%
91
3X Mar
12X June
3%
7%
Aug
1
Jan
Preferred
Feb
Jan
633
1
...
79 %
40
32
3%
-
July
31
40
-
91%
x31
1
H *''
Feb
7
40
-
61
7
,
M
_*
com
-
27%
Apr
32%
24%
23%
Aug
19%
8%
14
X
30%
7%
2%
6%
13%
16%
27%
5%
17%
W*.
18%
270
89
28%
Jan
2,000
10%
July
May
128
18%
7%
11
Goebel Brewing com
Graham-Paige com
1
5,150
24%
'
59
Feb
3%
2%
6,075
28
»
3%
20%
2X
345
1%
151% 151%
4%
4%
8%
8%
1%
1%
15%
15%
17%
17%
100
com
High
Jan
IX
9%
28%
Paper Prod com
Dolphin Paint B
Ex-Cell-O Aircraft
Low
3,290
9%
*
com
2%
14%
-
Det &Clev Navcom.___10
Detroit Edison
Range Since Jan. 1 1936
27%
.1
com
for
Week
Shares
High
27%
Consolidated Paper com.10
Continental Motors
Mar
72%
Low
2%
July
6
Price
Sales
.
1
32
Apr
Par
Auto City Brew com
100
17%
Stocks—
Feb
30
'
Exchange
23%
11%
89
Par
June
Randolph 5530
Feb
27
Wieboldt Stores Inc com.*
Stocks—
Aug
Aug
27
Aug/ 8 to Aug. 14, both inclusive, compiled from official sales lists
24%
Members
101
25
101
Jan
DETROIT
Telephone
12
70
...*
UNION
Aug
9
Chicago Stock Exchange
Building
100
100
*
Wahl Co com...
Jan
48%
21%
Jan
Jan
4%
New York Curb Associate
Detroit Stock Exchange
18
300
3%
22%
*
16
Aug
Members
New York Stock
of Prices
6,850
Utah Radio Products com.*
Util & Ind Corp
*
Viking Pump Co pref
40% June
22
Week's Range
144
...25
July
15%
Watling, Lerchen fit Hayes
Murray Corp
Swift & Co
June
8
8
Sale
11%
25
Thompson (J R) com...25
40
Cleveland Stock Exchange—See page
25%
15
Jan
10
14
Aug
Feb
82
4%
4
..50
Feb
July
May
239
28%
28%
Last
Standard Dredge—
Swift International
101
29
Friday
4%
124
Common..
__*
Convertible preferred.
Storkline Fur conv pref_25
95
28
101
*
4%
10%
105
6
3%
201
10
Aug
29
r
306
6%
6%
July
115% 115%
118% 119
_
160
20
.100
Jan
Jan
6%
Aug
33
Aug
July
35%
*
com
2
7
July
35%
mm m
70
Southwest Lt & Pr pref.
*
St Louis Nat Stkyds
cap. .*
Mar
105
14
Detroit Cripple Creek.—1
*
Jan
6%
7
35
Gammer Mfg A
com
27%
Jan
125
112%
2%
.....
50
July
2
2%
Apr
71%
Signode Steel Strap com..*
Preferred
30
Mar
19%
10
Apr
3%
10
40
135
105
9%
105
25
4
« *
100
com
*
Jan
104
17%
50c
1%
17
30
29
4
Sangamo Electric Co.
*
Schwitzer-Cummins cap.-l
Walgrepn Co
1%
Eureka Vacuum com.__.-5
Reliance Mfg Co com
.
33% June
*
Jan
July
Raytheon Mfg—
SIvyer Steel Cstgs
Jan
100
1%
100
Ross Gear & Tool
July
28
...*
'
4,800
V
26
•*
100
J;
Jan
18
50
_._._*
July
7% June
11%
*
Common vtc
June
25
115
37%
Quaker Oats Co—
Preferred.
114
19
31%
July
Jan
26
29
*
Mar
Aug
19
*
Preferred
Feb
550
6%
10%
18
mm* —
Pines Winterfront com
5
Potter Co (The) com.."...*
I
105%
Feb
Mar
31%
*
Jan
Jan
32 X
1,050
110% 110%
Peabody Coal Co B com..*
Common
20
112% 112%
25
Aug
5%
50
50
2%
16
100
34%
110%
Jan
July
960
7%
46
9X
IX
13
650
33%
6%
9%
24%
_
100
500
1%
16
46
«• *•
~
"33%
Penn Gas & Elec A com..*
•
Jan
75
Playing Card
U S Printing
Feb
v-
60
17%
5
....
Sabln Robbins pref
May
7%
Public Service of Nor 111—
Common
*
25%
119
11%
Feb"
16%
....
'
„
15
50
U S
Aug
Aug
31
xl6
Perfect Circle (The) Co..*
25%
<
20%
Rapid
Jan
55
26%
Jan
16
■
.
Jan
Jan
11%
30%
54%
Convertible preferred. _*
Parker Pen Co com
10
June
8
Feb
16
Prior lien pref
100
Okla Gas & El 7% pref. 100
Ontario Mfg Co com..
*
Oshkosh Overall com
*
Jan
7
5
B
Mar
31
10
July
44
19
*
Randall A
Aug
Feb
100
50
24
50
.....
National Pumps..
Procter & Gamble
June
12%
2%
6%
Northwest Eng Co com. .*
Northwest Util—
Common.
Jan
Apr
July
7%
com..
6% preferred
7% preferred
3%
2
•»
com
...
7
June
50
8
11%
....2.50
....
Nash
Jan
%
Nat Rep Inv Tr conv pfd. *
National Standard com
"
com
Jan
May
25
4
* -
Natl Pressure Cooker Co.2
Prima Co
8
35
2%
m —
Jan
Mar
550
3
3X
19
12% 106,100
5
62
Feb
11X' Jan
5%
Apr
31,100
Nachman Springfllled com*
National Battery pref-—*
Natl Gypsum cl A com. .5
7% preferred
July
1,700
6%
..
Muskegon Mot Spec cl A_*
_
June
1
2,040
25%
*
Conv preferred A
*
Midland Util 7% pr lienlOO
Miller & Hart conv pref..*
Modme Mfg com
*
Northwest Bancorp com
50
1%
6,550
7%
30
32% •V
5%
"
North Amer Car
38%
2%
10%
"1'1'x
Midland United Co-
Noblitt-Sparks Ind
Jan
15%
6%
1
Middle West Corp cap.-.5
Stock purchase warrants
com...
Apr
27
32
Prior preferred...
Mickelberry's Food Prod
National Leather
62
1%
15
7
33
54 X
43
.
Jan
Mar
10
36%
1%
Marshall Field common..*
6%
15
100
36%
60
~
Manhatt-Dearborn com..*
Apr
900
41
35
"
4
150
36%
; 35
35 X
Jan
Mar
20
Mead pref
Meteor
12
Jan
July
85
20
33
Lunkenheimer
Magna vox...
July
8%
92%
31%
1%
*
2,700
Feb
107
5
_.*
10%
46%
Jan
___*
Leonard
12
com.
"A"
Kroger
Jan
7
46%
Lynch Corp
Hobart
Feb
35 X
Jan
Jan
*
*
Apr
3%
100%
5 X
4%
*
Hatfield
21
$3% preferred
*
Lindsay Lt & Chem com.10
Loudon Packing Co com..*
.100
...
10
340
6%
28
88
97%
25
*
.
Jan
22
91
8
High
1 %
23%
11%
11%
Low
13
67
90
__*
20
Shares
High
23%
97%
*
Dow
Apr
Feb
Aug
"9l"
50
Cln Union Stock Yard
Coca Cola "A"
108
:
100
Week
3%
3%
106% 107
6%
6%
3%
106%
__50
Drug
Eagle-Picher Lead
Early & Daniel
Preferred J....
Formica Insulation
,
Low
Range Since Jan. 1 1936
for
Range
of Pribes
Price
*
Cin Street Ry__
Cin Telephone
May
75
Par
Cin Ball Crank pref...
Cin Gas & Elec pref
July
4%
15,300
13
9%
%
_*
24
89
28
w-
Feb
Feb
18%
200
6
-V*.«.
10
Mar
24%
30X
31% June
40
July
108
1%
1%
16% June
550
11%
41%
—
—
20
12%
40%
1%
Leath & Co com,
Cumulative preferred. _*
Libby McNeil & Llbby
300
87%
41
.6
com
18%
28%
104
12%
50
6% preferred
100
Kingsbury Brew cap..--_l
30
Stocks (Concluded)
High
Sales
lb.
Week's
Last
Sale
17%
28%
26%
21%
Kalamazoo Stove
1051
Sales
1
Last
Stocks (Concluded)
Chronicle
Par
Price
Low
High
Range Since Jan. 1 1936
for
Week
Shares
Low
High
High
Bandlni Petroleum Co.__l
Aluminum
Industries
*
11%
Amer Laundry Mach_..20
Amer Products
*
com
Prior preferred.
8
Carthage Mills pref
1st
preferred
5%
19%
100
For footnotes see
...*
page
120
9%
19%
1%
Jan
13%
Mar
Jan
27
Mar
Mar
3
3%
300
3%
Jan
5
Jan
Bolsa Chica Oil A...... 10
8
7%
8%
1,300
5%
May
10
July
3
3
3
300
2%
Apr
3%
B
10
Feb
Broadway DeptSt pref. 100
4
25
3
June
4%
Jan
Buckeye Union Oil com__l
6
6
50
5%
May
8
Jan
84
Aug
84
15
19%
20
204
103% 103%
14%
14%
...100
Churngold
1%
82
216
84
100
Cham pCoated
12%
26
3%
4
7
Baldwin
11%
23%
1%
3%
1053
10
96
73
19%
102
12%
Mar
Common vtc
Preferred....
100%
1
7c
11c
42
100% 100%
/
'
Jan
104%
Apr
9c
100
6c
Jan
16c
Feb
7c
1,000
5c
Jan
17c
Feb
11c
*
lie
1.000
Aug
25
Feb
Byron Jackson Co...
*
13c
13c
13c
Mar
1,000
105
Feb
Chapman's Ice Cream
*
3%
3%
3%
100
Feb
Citizens Natl T & S Bk. .20
May
17%
30
98
9c
7c
9c
...1
Jan
30
30
400
10c
May
30c
10c
June
30c
Feb
Jan
4%
32%
Apr
1
26%
June
Feb
Jan
Financial
1052
Last
(Concluded)
Week's Range
of Prices
Low
High
Claude Neon Elec Prod..*
Consolidated Oil Corp
400
12
12%
17%
20%
2,500
65c
75c
7,800
8
8
23%
23%
22
; 22
com
20c
200
1,200
87 %c
Feb
64%
8%
11%
200
16%
15%
19%
20%
Feb
430
400
18%
8%
23%
22%
16
17%
Globe Grain & Mill Co-.25
10
69%
13%
67%
13%
13%
Gladding McBean & Co..*
430
430
67%
Apr
11% June
14% May
14% Feb
400
400
Feb
Mar
Feb
July
Jau
72%
United Gas Imp com
Preferred..
Elec & Peoples tr ctfs 4s
46c
Jan
1.50
11c
11c
1,000
9c
Jan
16c
Feb
Kinner Airpl & Motor
1
Lincoln Petroleum Corp..l
40c
39c
41c
3,000
11,300
30o
July
95c
Feb
Feb
29c
Feb
6% June
11%
116%
Jan
Lockheed Aircraft Corp_.l
300
9
9%
106% 107
4%
3%
5%
5%
9
107
3%
305
105
4,600
June
2%
Jan
100
5
Jan
6%
60c
60c
(50c
100
55c
1.00
4%
4%
•5%
1%
12c
12c
12c
28c
5%
1
35c
35c
37c
__..l
70c
70c 72 %c
5,600
*
11%
11%
11%
200
10
24%
22%
26
10
10%
10%
10%
100
Pacific Gas & Elec Co
25
39%
39%
100
6% 1st preferred
5%% preferred
Pacific Indemnity Co
Pacific Lighting Corp
25
25
10
*
39%
32%
29%
28%
32%
32%
200
29%
27%
29%
28%
1,400
56%
57%
400
10
105%
Jan
5%
Jan
12% June
2%
Jan
—...
Preferred
56%
*
106%
*
Pacific Public Service
Pacific Western Oil
July
Jan
20
Mar
July
27
July
10
23%
9,000
New York Ourb Exchange (Associate)
PITTSBURGH, PA.
Court-6800
A. T. & T. Tel. Pitb-391
BROADWAY, NEW YORK
120
.
'
'
25c
Jan
50c
Jan
14
Mar
Jan
Jan
Feb
Jan
26%
11%
Aug
Friday
Mar
Last
Week's Range
for
40%
32%
29%
28%
July
Sale
of Prices
Week
58%
July
18%
10%
31%
29%
27%
18%
85c
Mar
Mar
Feb
Aug
Aug
107% June
8
*
9%
Rice Ranch Oil Co
1
25c
22c
25c
2,500
Safeway Stores Inc.___..*
29%
28%
29%
300
50c
50c
50c
47
50c
Feb
75c June
2%
2
2%
307
1%
Jan
3%
Samson Corp B com
*
10
ann
Sec Co units of ben int..
5%% preferred
Sou Counties Gas 6% pflOO
Feb
20
45
Jan
54
Apr
Jan
.60
Jan
Electric Products
25%
Jan
40
Aug
Follansbee Bros
40
40
130
35
28%
27%
28%
800
27%
28
800
26
109%
109% 109%
43
*
32
32
*
•
,
100
200
44%
38
Taylor Milling Corp
*
18%
17%
18%
22
22%
'
Cab..._.
50%
48%
9%
50%
35
Jan
47
19%
Feb
20%
Mar
9%
50%
Apr
Aug
23%
414
18
100
13%
"29"
22%
14
9%
30
1,045
1
July
40%
225
31
Jan
106%
13%
13%
101
97
Jan
Jan
July
*
14
10
100
14
14
Blk Mammoth Cons M.lOc
48c
47c
49c
Calumet Gold Mines _.10c
3%c
3%c
4c
1.40
1.25
1.45
10c
Cardinal Gold Mining Co.l
Gold Ore Mining Co.._..l
10c
10c
14,800
3,000
17%
Jan
Jan
63c
Feb
3c June
7 %c
Jan
13%
.
13 X
4%
July
22c
1.00
Feb
1.45
Aug
5c
Jan
10c
Mar
Supply—
Mountain Fuel
2x
coin. *
Preferred
100
Pittsburgh Brewing Co—*
Natl Fireproof Corp
5
2%
25%
Preferred
"l%
Pittsburgh Oil & Gas
Pittsburgh Plate Glass..25
Pittsburgh Screw & Bolt. _*
Pittsburgh Steel Fdry....*
—5
1
Plymouth Oil Co
Renner Company
RuudMfgCo
Unlisted—r-
175%
40%
308
150
May
100
34
May
Feb
7
1,000
Apr
23
23
23
200
5%
18%
177%
40%
3%
7%
Apr
23%
Apr
Internatl Nickel Co...
53
53
53
100
49 %
Apr
53
July
Feb
15
July
Apr
3
15%
10%
July
Jan
40
Mar
Jan
Apr
Feb
Mar
Mar
10
Jan
7,470
1
Apr
494
41
Jan
4%
1,271
4%
July
7%
Feb
2%
2%
4%
5
2%
3
25%
25%
11%
12%
1%
1%
134% 135%
10
11%
10%
11%
15%
15%
1%
1%
18%
18%
3%
4
450
1%
1%
2%
Jan
Jan
5%
5%
Apr
6,331
56
56
Aug
46%
46%
46%
100
36%
Jan
40%
Apr
Packard Motor Car Co
10%
10%
10%
Jan
13
Feb
12%
12%
13
14%
Feb
4,830
160
30
May
Jan
Jan
14%
1%
98%
Jan
7% May
3,850
140
Feb
Mar
•Apr
Jan
Jan
12%
11%
11%
Aug
Jan
3
1,460
16%
Apr
800
1
Jan
2
June
25
15
Jan
20
Mar
330
24
24
Feb
Apr
1
30
130
4
25
225
145
Apr
Aug
7%
534
25
3%
5%
Jan
Jan
Apr
26
Jan
22% May
40
Mar
21
Aug
Montgomery Ward & Co..
3%
*
Shamrock Oil & Gas
Amer Had & Steam SanL.
23%
20
Jan
344
1,180
Jan
1H
K,
54%
4%
5
•
18,200
2,000
F<?b
41%
106%
14%
2%
m
McKinney Mfg Co
Mesta Machine Co
Apr
Jan
Jan
Jan
14
,1,094
106
Koppers Gas & Coke pf 100
Lone Star Gas Co
s
*
Apr
July
1%
39%
9
Pittsburgh Forging Co...l
Mining—
Alaska Juneau Gd M
Aug
18 I
Mar
Feb
44%
2,200
5,300
1,500
44%
35% June
14% May
20%
Apr
4%
Jan
200
8%
Aug
Aug
28%
8%
108%
32
36%
22
Feb
Aug
28%
1
July
32
36%
Union Oil of California..25
28%
Aug
6
July
120
Harb-Walker Refrac com
43
3% June
13%
4
Fort Pittsburgh Brew...
July
Aug
28%
•
July
24
*
568
13%
Jan
106%
15
Feb
22
*
100
38%
1,200
Standard Oil of Calif
-.
29
100
41
pref.
July
345
15
4
Duquesne Brew Co com.
50%
300
9
Jan
10%
3%
10
Devonian Oil
600
July
Jan
3,570
1,606
15
~
.
54
2
100
3
2%
Co.
Columbia Gas & Elec Co
32%
32
Wellington Oil Co
Clark (D L) Candy
45
41
B common
Apr
34%
53%
100
Square D Co A pref
Apr
31%
28
.High
July
38%
7%
9%
62%
20%
4%
25%
278
9X
49%
16X
16
1
40c
Jan
Low
30
34%
6
*
28%
25
Southern Pacific Co
47X
Carnegie Metals Co
Central Ohio Steel Prod.
July
Mar
Range Since Jan. 1 1936
Shares
High
Armstrong Cork Co com.
40
!
25
25
Low
33X
31%
45
Sales
Allegheny Steel com
*
Arkansas Nat Gas com...*
Preferred
100
Blaw-Knox Co...
Feb
17%
13%
Aug
24
Price
Par
Stocks—
53%
45
*
Security-First Natl Bk__20
Sou Calif Edison Co____25
Orig preferred
6% preferred
July
Jan
10c
both inclusive, compiled from official sales lists
Aug. 8 to Aug. 14,
Aug
Republic Petroleum Co..l
100
Pittsburgh Stock Exchange
Jan
8
100
3,200
Specialists in Pittsburgh Listed and Unlisted Stocks and Bonds
50c
5,100
200
Jan
7%
14%
Checker
j
4% June
48% May
106% 106%
7%
7%
14%
14%
10%
9%
Pacific Clay Products
Pacific Finance Corp
Yellow
$1,000
13%
24
.....
BANK BLDG.,
Tel
Apr
July
Occidental Pete Corp
6% preferred
13%
24%
9
Mar
2
10
1,600
1,000
1,000
Preferred C
7%
J Pittsburgh Stock Exchange
.
Members
Apr
_._.l
5
July
2%
Jan
12c July
Mascot Oil Co
Oceanic Oil Co
.
UNION
Jan
__1
Los Ang Invest Co..
Menasco Mfg Co
Nordon Corp..
108 %
41
19%
Feb
113 % June
H. S. EDWARDS & CO.
Apr
11c
8c
154
High
Apr
Apr
Jan
14%
45
Peoples Pass trctfs 4s. 1943
Feb
200
18c
111
6,278
Bonds—
Apr
85c
15c
Low
11%
111
111%
8%
8%
*
*
Range Since Jan. 1 1936
Shares
High
16X
*
Westmoreland Coal
Low
Feb
24%
85c
15c
Price
Par
Mar
30%
85c
100
Week
Aug
19%
13%
Jan
July
13%
Holly Development Co._.l
Jade Oil Co
____10c
Los Ang G &E6% pref
Los Ang Indust Inc
for
of Prices
Apr
440
Jan
Apr
8
Aug
22% July
18%
Jan
200
Stocks (Concluded)
High
12
200
17%
20%
430
10
Goodyear Tire & Rubber.*
Hancock Oil A
12
11%
Low
70c
1
General Motors Corp
General Paint Corp B
Shares
20%
*
Farmers & Mer Natl BklOO
Week's Range
Sale
Range Since Jan. 1 1936
11%
12%
17%
Consolidated Steel pref
*
Emsco Der & Equip Co__5
Exeter Oil Co A
Last
Week
Price
Par
Sales
Friday
for
Sale
1936
15,
Aug.
Sales
Friday
Stocks
Chronicle
Anaconda Copper Mln__50
Commonwealth & Southern
Curtiss-Wright Corp
Goodrich (B F) Co
3%
6%
1
Warner Brds Pict Inc
174% 176%
40%
40%
3%
3%
5
6%
100
2%
Apr
100
7
2,300
1
9% May
Aug
July
Aug
Spring....*
Standard Steel
OQ
380
United Engine & Fdry...^
"95C
Co-------l
Westinghouse Air Brake. .*
Westinghouse El &Mfg.50
1.00
1,400
60c
Jan
1.00
July
43%
145%
1,345
34%
Jan
97
Jan
47%
145%
Mar
67
101% 101%
Victor Brewing
107
100
July
106%
Mar
115
July
95c
42
142
Aug
Unlisted—
Lone Star Gas Co 6%
6%%
pflOO
>50
108%
Feb
4%
39
3%
Jan
5%
I tb
1073*8 107%
$1,000
Jan
107%
Aug
113
113
preferred..... 100
*
4%
Pennroad Corp vtc
Bonds-
Pittsburgh Brewing 6s_ 1949
Established 1874
_.—.
107
DeHaven & Townsend
ST. LOUIS MARKETS
Members
New York Stock Exchange
I. M. SIMON & CO.
Philadelphia Stock Exchange
YORK
NEW
PHILADELPHIA
Business Established 1874
30 Broad Street
1513 Walnut Street
Enquiries Invited
on
all
Mid-Western and Southern Securities
MEMBERS
Philadelphia Stock Exchange
Week's Range
Last
Sale
Pdr
Stocks—
American Stores
American Tel & Tel
of Prices
Price
-.
-
-100
Budd (E G) Mfg Co
Budd Wheel Co..
Chrysler Corp
Curtis Pub Co
*
86
Jan
780
17
June
24%
Apr
99%
42%
21%
Mar
108%
Aug
July
55%
34%
72%
Jan
14%
.....
*
50
—50
Phila Elec of Pa $5 pref.
Phlla Elec Pow pref
25
4%
37 %
141%
Penna Salt Mfg
50
50
7% preferred
Phil &Rd Coal & Iron
Sun Oil Co
.
%
Tonopah-Belmont Devel
Tonopah Mining
United Corp com...
Preferred
r<u
footnote*
<ee
30
Apr
7%
1053
131
Aug
May
May
Mar
July
Jan
July
Apr
38%
Jan
11%
Jan
Jan
145
15%
8%
Aug
2%
3%
12%
8%
%
5
33%
142
25
Jan
1,392
1%
Jan
662
9%
Feb
Mar
Mar
Par
Price
Week's Range
of Prices
High
Low
Range Since Jan. 1 1936
for
Week
Shares
Low
110
110
30
*
22
22
20
13%
..25
30
30
30
29
51
401
130
78%
32%
6%
5%
81
22
22%
100
120
pref
B
8% preferred..
Brown Shoe com...
..*
49%
Burkart Mfg pref.
..*
Chi & So Airlines pref. .10
Columbia Brew
Dr
High
.5
com
Pepper com
..*
80
Common
1st preferred..
16%
Hussmann-Ligonier pref
13
Apr
39
142
Aug
178
112
Apr
117
May
91
Mar
30
Aug
49%
Aug
32
July
Jan
64%
32%
9%
6%
Feb
Jan
Apr
Mar
Feb
81
Aug
6%
3
30%
Aug
com
120
298
17
July
15
116
Apr
22%
..1
120
9%
Aug
Aug
530
4%
Jan
17
110
16%
Aug
20
Aug
July
14
14
17%
814
Jan
15
June
Jan
Apr
14%
July
125
9%
6%
15%
18
July
1%
277
50c
Jan
4
Jan
1%
12%
53%
14%
Feb
Aug
Mar
Feb
July
8%
16%
8%
Feb
Feb
26
Aug
28%
July
1
Griesedieck Vogt Brew...*
Jan
28%
113%
200
Jan
110
17
Feb
3%
499
49%
32%
6%
5%
Jan
Ely & Walker Dry Goods—
Falstaff Brew
2,742
101%
100
25
Aloe Co (A S)
American Inv
Feb
4,545
5%
_
Common
*
179
33%
Jafo
35%
Mar
Hyde Park Brew Assn
20
21%
Feb
25
Aug
Jan
12% Mar
28% May
Jan
3%
12%
12%
300
Hydraulic Pressed Brick
9%
IX
68
2%
8%
118
1%
July
10%
Jan
IX
12 x
17%
61%
81
179
33%
X
34
21
12H
50
19X
1,800
62%
15
Jan
100
Preferred
100
10
287
105
13%
49%
13%
10
10
50
24
24
25
310
15%
15%
16
202
110
175
12%
49
Key Boiler Equip com...*
30%
Jan
75
Mar
Common
71%
29%
Jan
90%
Mar
Laclede Steel
Jan
38%
Mar
Mo Portl Cement com..25
'is
Jan
Jan
Nat'l Bearing Metals pf 100
National Candy com
*
35
%
Jan
210
3%
Feb
8%
1,623
5%
40%
Apr
Apr
1
1%
8%
9%
48%
Feb
100
47%
8%
Jan
Jan
Laclede-Christy Clay Prod
com
20
Apr
National Oats
Feb
RIce-Stix Dry Gds com.,,
July
9
International Shoe com..*
16% May
4%
188
19% May
Apr
Common
57
100
1
8
14%
Sale
Stocks-
official sales lists
July
6%
199
IX
126%
15%
14%
124%.
Last
Sales
Friday
1,108
6%
48
iwwe
Jan
118%
.
*
July
5X
,316
4%
.50
Union Traction
Jau
Aug. 8 to Aug. 14, both inclusive, compiled from
Feb
15%
80 H
18%
62
--.*
Tacony-Palmyra Bridge
4X
37 X
130
Jan
Apr
9%
5%
*
Philadelphia Traction—50
Salt Dome Oil Corp
1
Scott Paper
*
lix
25
*
Phila Rapid Transit
2
July
574
113% 114%
35
34%
-
Phila Insulated Wire
40
54
Apr
9H
12X
2X
11%
Pennsylvania RR
20
1,691
,3
'
*
Pennroad Corp v t c
25%
8%
.25
Preferred
Nat 1 Power & Light
25
284
123 % 123%
34 X
35%
(N Y) com. .*
Lehigh Coal & Nav
*
Mitten Bank
130
'
Horn & Hard
,
367
46
St. Louis, Mo.
St. Louis Stock Exchange
Jan
Feb
21 x
25 X
Horn & Hard (Phila) com.*
__50
Sec Corp. .25
177%
6%
8%
10
Lehigh Valley.
High
36
370
108% 108%
46%
10
General Motors.
702
July
368
19 X
.*
General Asphalt
Low *
26
260
10
Electric Storage Battery 100
225
14%
10 X
13%
10%
—5
316 North Fourth St.,
Week
Shares
126 X
124
.14%
*
.
28
(Associate)
of
Trade
New
Exchange
Telephone Central 3350
149%
2%
115%
9%
*
com
Preferred;.
High
174% 176%
3
2%
125"
Stock
Range Since Jan. 1 1936
for
119% 121%
175
Baldwin Locomotive.....*
Bell Tel Co of Pa pref. .100
Low
27%
*
Louis
St.
Sales
Friday
York Curb
Chloago
Board
New York Stock Exchange
Aug. 8 to Aug. 14, both inclusive, compiled from official sales lists
1st preferred
com
Jan
12%
July
30%
Feb
June
17%
July
10%
11
9%
Feb
15
Aug
May
25
25
125
Jan
25
Mr8
Aug
9%
10
111% 112
801
June
15
111%
Aug
110
T0%
,_*
100
6%
22%
9%
*16"
630
101
Feb
110
10%
117%
Jatt
Jan
Volume
Financial
143
Chronicle
1053
K5
Friday
Last
Stocks (Concluded)
Par
Sales
Week's Range
of Prices
Low
High
Sale
Price
Scruggs-V-B D G 1st pi 100
Common...
25
Scullin Steel pre!
Securities Inv
60
5%
*
5
._*
com
45
High
Feb
52
62%
5%
3% May
1% Mar
100
275
38 %
15
125% 125%
34%
35
"34M
Low
24
5
45
45
So'western Bell Tel pre! 100
Wagner Electric com __'_15
Range Since Jan. 1 1936
Last
5
Jan
Aug
127%
Apr
Jan
for
of Pr ices
Low
High
Week
Price
10
21
305
310
305
40
35%
53
High
Jan
28
Apr
290
327
\
July
Apr
26%
Jan
38%
July
23%
1,821
1,865
36%
48
35%
52%
Low
7 %
5,109
17
18%
Shares
Jan
53
Aug
Mar
Aug
35
22
Par
Wells Fargo Bk & U T.100
Western Pipe & Steel Co.10
Yel Checker Cab Co A..50
Aug
28%
860
(Concluded)
Universal Consol Oil
Aug
Aug
45
Feb
123
56
Stocks
Week's Range
Sale
Shares
62%
5%
Sales
Friday
Range Since Jan. 1 1936
for
Week
50
Bonds—■
t Scullin
Steel 6s
1941
49
49%
$3,000
STRASSBURGER& CO.
July
—mm
MONTGOMERY
133
Dean Witter & Co.
LEASED
San Francisco
Members: New York Stock Exchange—San Francisco Stock
Chicago
Board
Stock
New
York
New York
Trade
Exchange
Cotton
Beverly Hills
Commodity
Sacramento
Stockton
Honolulu
Fresno
(Asso.)
Exchange
Exchange,
Stock
San
Inc.
Exchange
Aug. 8
to
Francisco Curb
Exchange
Aug. 14, both inclusive, compiled from official sales lists
Sales
Friday
San
Aug. 8
to
Francisco Stock
Last
Exchange
Sale
Stocks-
Aug. 14, both inclusive, compiled from official sales lists
Friday
Last
Stocks—
Par
Week's Range
Sale
of Prices
Price
Low
High
i
Par
Alaska Mexican
Sales
l
Low
Shares
High
21 %
2134
5%
Assoc Insurance Fund ..10
Atlas Imp Diesel Eng-A._5
434
22
634
988
17
Jan
22%
Apr
5%
Jan
21%
22
652
July
24
July
203
A. 100
22
202
203
20
187
July
203
6
910
6
July
Bishop Oil
Byron Jackson Co..
634
*
29 %
2834
30
1,163
15%
Jan
30
July
30%
2934
2134
31
4,270
23%
Jan
21%
22
60
21%
Jan
32%
22%
Mar
6%
634
180
4%
Jan
1
1
preferred../
.20
Calaveras Cement' Co com *
California Engels Mining 10
California Packing Corp. *
42
Calif Water Service
pref 100
104
_
Caterpillar Tractor
Chrysler
4134
105 %
Cons Chem Indus A
Crown Willamette
Jan
Jan
121%
325
87%
Jan
9
.__*
104 %
*
1043*
105
10534
2934
3034
10934 110
834
934
10334 105
10334 105
35c
Jan
75c
Feb
200
5c
Feb
24c
Feb
46%
5
46%
Aug
46%
177%
Aug
100%
June
110%
10%
7%
Jan
160
91%
Apr
105
91
Apr
105
23%
75
13
1,225
Mar
14%
Jan
2,087
6%
Jan
9%
8%
Apr
July
20
646
22
Jan
30%
14
Mar
19%
21
14%
June
97
May
3534
39 34
1,178
32%
June
434
1,175
3%
42 34
334
4234
42 34
13
13
14
16
1834
10%
1034
11
1734
18
3534
39
45
45
29 34
2934
Hudson Motors
Hunt Bros A com
16%
2934
2834
1634
30
4
*
4
'
Preferred
734
Hutchinson Sugar Plant. 15
23
Island Pine Co Ltd com.20
Preferred
25
16
34
1134
734
23
30
1634
434
734
63
Jan
87
July
1.25
1.00
Feb
1.45
Aug
1.45
3
Jan
Jan
1%
11%
12%
4%
25
Corp
4%
87
160
7
210
4%
1
25
80c
Maryland
!
Internat'l Cinema
Aug
8%
July
J
Jan
Feb
McBryde
Mountain
City
45
July
11%
54
July
Jan
3,527
1,470
1%
3.70
3.95
5,480
1.60
Jan
40c
42c
1,850
37c
July
95c
Feb
15c
15c
18c
3,800
10c
Mar
20c
Apr
7%
40%
1
30c
_-_..20
31c
4,500
13c
8%
7%
20
6%
4.10
Jan
16
27%
Jan
100
21c
Jan
6%
Jan
8
June
5%
22%
Aug
July
Onomea Sugar
20
45
45
7%
27% June
Mar
16
Aug
27
Jan
34
Aug
Apr
6%
934
954
Lockheed Aircraft
: 1
L A Gas <fc Elec
Cp pref. 100
934
934
16%
5%
•
Jan
Jan
Aug
June
25
36
42
July
..
2~70
Park Utah Mines...
Pioneer Gold
Jan
1,055
1,376
2.50
Aug
3.15
3%
Apr
23%
75
19%
Feb
25
10%
265
6%
Jan
2%
July
12%
5%
,8%
July
5%
3%
3%
10%
10%
Riverside Cement A
6%
June
11
Jan
1,220
6%
May
11%
105%
Aug
116%
Jan
2
July
3%
Feb
Silver King Coal
5
Southern Calif Edison..25
2
No Amer lnv
com
1134
1,915
1634
225
130
12%
Jan
365
13%
20 34
2034
3934
22 34
July
July
3934
3934
2934 2934
5634
57
10534 10634
734,
734
2534 26
Paraffine Co's com
Preferred
,__*
57
10634
•734
2534
80
234
34 34
2534
80
82
10434 106
234
234
3334
934
25
5
Jan
Jan
462
68
Apr
80
101%
75
2
July
Jan
210
4 %
Jan
182
17%
July
89
80
80%
38
240
34%
3434
480
1034
2,720
25 34
220
110
110
110
5
8
8
8
25
26
97%
106
3%
7%
91%
Apr
Jan
41
May
7% June
35
29
23 %
104
Apr
Feb
13%
29%
112
Feb
8
preferred...
29 34
260
23%
Apr
32
2,752
1,198
42
Apr
68
23%
Jan
43%
3%
68
100
3634
234
1734
*
10534
1334
Union Oil Co of Calif
25
2234
Union Sugar Co com
25
2134
25
3234
Transamerica Corp
70
pflOO
Feb
Mar
July
Jan
Jan
830
24%
25%
27%
Mar
32%
153
28%
50%
15%
937
Feb
Feb
37
25
Jan
54
17%
17%
8%
39c
Jan
40c
15
11
58
8%
July
53%
250
18%
58
pref
15%
100
25
Mar
19
Jan
40%
14%
32%
28%
28%
52%
16%
63%
18%
Aug
28
15%
Taylor Milling
May
Aug
Jan
July
Aug
July
Feb
Mar
Aug
Aug
58
Feb
Aug
50
5%
Apr
8%
600
25c
Jan
55c
3.10
June
July
Feb
*
Victor
z
May
9%
28%
50%
United Corp
United States Pete
z
Mar
31
32%
28%
Standard Oil of N J
Title Guaranty
17
150
100
9%
4
Equipment
Preferred
3.95
Warner Bros Pictures
West Coast Life Insur___5
12%
4.10
694
12
5
12%
13%
17%
50
12%
♦No
par
rCash
z
value,
sale—Not
c
Cash
17%
500
Apr
4%
12
10% May
July
14%
Feb
20
9% May
sale.
included
in
269
15
Jan
e60% stock dividend paid Aug.
Jan
for
range
year,
x
Ex-dividend,
1936.
Ex rights,
15,
y
t In default.
Listed,
t Company in bankruptcy, receivership
CURRENT
or
reorganization.
834
38
234
234
1734
1734
10434 10534
1334
14
2234 2234
2134 22 34
32
3234
400
2
270
6%
3,386
May
Jan
,
9
35% June
2% June
47%
100
915
14%
19
50
—A circular
—
— ——
.
•
NOTICES
describing a list of New York State municipalities yielding
from 1.50% to 4.00% has been issued by Sherwood & Merrifrield, Inc., 40
Wall St., New York.
—Edward Jones &
Knight is
now
Co., Inc., of New Orleans
associated with them
as
announce
101
3,737
11
2,010
21
Jan
.
Jan
Apr
Apr
4%
105%
July
July
Aug
Aug
Jan
Mar
Feb
Feb
Feb
Aug
14
Feb
28%.
Feb
1,205
10
Jan
22%
July
290
23
Jan
32%
Aug
that Stillman D
a
.
their Mississippi representative.
—Campbell, Phelps & Co., Inc., 70 Pine St., New York,
list of State and municipal bonds yielding from
are
distributing
1.70% to 3.80%.
.—H. Garnett Pitts, formerly 2nd Vice President of the
Guaranty Com¬
Feb
29
4334
334
Feb
Jan
19%
63
July
2% May
Apr
4034
334
834
3634
Standard Oil Co of Calif..*
So Pac Gold Gate
6%
Feb
15%
334
834
Thomas-Allec Corp A
*
Tide Water Ass'd Oil com.*
Jan
28
25
Standard Brands
Feb
Feb
Jan
200
68
Mar
24
1834
40 34
Feb
Aug
1834
*
5
9%
25
preferred
preferred..
Aug
1834
100
Spring Valley Water Co..*
preferred..
4%
18%
2934
Co
9
Feb
July
Feb
934
Soundview Pulp Co
7%
Jan
5%%
Apr
1
So Pac Golden Gate A
6%
1,611
1,357
Mar
130
*
Pacific
50
104%
11%
6%
29%
58%
107% May
8% July
152
38
Signal Oil & Gas
39
July
July
July
Jan
38
*
100
19
39
July
139%
87
com
18%
July
40%
32%
85
87
Southern
Jan
23
14934 151
T__100
Rainier Pulp & Paper A__*
S J L & Pr 6% pr pref.. 100
Schlesinger & Sons pref. 100
Apr
June
Mar
149 34
2034
Shell Union Oil
26%
July
17%
Jan
5
Pete
Jan
Jan
18
119
20
B
Schumacher Wall Brd pref
Jan
25
5
Republic
275
Feb
29%
14%
Feb
127
20
Roos Bros com.
388
31
33%
32%
125
*
5%.....
6%
6% June
20%
371
Aug
126
106
i
Mar
15
2934
Pig'n Whistle preferred... *
Ry Equip & Realty com..*
19%
17
\-92H~ 3234
.100
Jan
June
Jan
4,442
1,153
2,131
Jan
Aug
Aug
15
940
Mar
July
16
28
22 %
13
17%
15
80
.645
14
47%
90
3034
2234
634
520
65%
Jan
85
1434
3034
2334
7
68%
26
Jan
1434
3234
preferred
Jan
55
90
'
6%
9
90
85
25
Ser(non-vot)Com *
(Nonfvot) Preferred
*
33%
Jan
10% June
17
25
Pac Pub
510
Jan
90
5%% preferred.
25
Pac Lighting Corp com...*
Pacific Tel & Tel com..100
20
84
634
__*
15
1434
B
1%
Apr
8%
14%
2%
13%
Apr
275
11%
July
90
Sugar....
15
Pacific American Fish.....
Pacific Can
preferred...
Apr
May
21%
85
Paauliau
6%
108%
Aug
37
3034
2234
18
Jau
19%
11
1634
Jan
104%
35
1634
100
16
100
11
Occidental Ins Co
i._10
Oliver United Filters A.. *
6% 1st preferred
23
887
4,205
35
6% preferred
100
5 % % preferred
100
North Amer Oil Cons...10
Pacific G & E com
23
300
11%
Shasta Water
Market St Ry prior pref 100
Nat Automotive Fibres..*
Natomas Co
__*
10
614
50
Jan
70
25
8
11%
2
200
100
3%
8
...
Aug
July
6%
2.90
10%
.1
Radio Corp (Del)
Richfield Oil pref
54c
43%
23%
Eastern Corp...
Pacific Finance
Packard Motors
41
.
50
2.65
4%
Agg
Pacific
July
July
July
17%
290
4%
21% June
Feb
July
200
July
July
Coast
35c
8%
400
15
Pacific
July
12
37c
41
37c
16%
Feb
4.05
Jan
2,900
75c
Jan
8%
O'Connor Moffatt...
z
Feb
Jan
Occidental Pete
z
19
22c
20
Libby McN & Libby com.*
1734
Jan
1
May
12% May
2,554
Olaa Sugar
4134
2034
Feb
336
July
4034
106
2.95
3.15
1,761
1,032
17%
4134
1734
Apr
July
July
1.30
June
16
'
11
1934
16%
6%
13%
17%
15%
2% May
25% June
106
1.55
Jan
•
42c
Copper
Oahu Sugar
Feb
32
150
17 34
Feb
6%
Sugar Co.."
Aug
935
20 34
23
Jan
50c
4%,
50
7%
M J & M & M Oil
18
360
106
1.60
51c
Kinner Airpl & Motor.. 1
Lincoln Petroleum
...1
39
3
*
Jan
48c
z
Jan
Jan
36
100
1.60
10
Apr
50c
1
Preferred..;
Jan
3
com. 10
Apr
3.85
_
14%
35
234
Feb
22%
Apr
3
107
67
Apr
1,750
13
26
700
Jan
June
85c
6
Apr
Mar
17
1
1.20
1.10
25%
26%
59
15%
6%
Jan
Jan
21
80c
,.1
Jan
65
15%
20
Idaho
z
18%
36
234
Jan
Mar
140
250
65
21%
Holly Development___.l
Honokaa Sugar Co._
14
30
1,407
65
A
48%
Apr
Jan
460
22
1
Mar
1,486
107
Feb
5% May
89
Aug
9% Aug
June
17
200
24%
22%
21%
65
20
July
Jan
16
24%
...
'
Aug
27%
34
234
72
89
1
5
General Metals
4%
*
107
85
Feb
7%
1%
1%
15%
July
11% May
4% June
6%
10
June
*
2 %
Jan
'
65c
Italo Petroleum... 1
21%
1334
934
15,815
20
10
30
3334
10
15
530
Mar
75
35
1134
18%
4%
Aug
Apr
87
•
1,466
z
Aug
112
340
23
1134
May
2
80c
47%
14%
1,807
45
12
85c
Internat'l Tel & Tel
726
39
Home F & M Ins Co.... 10
1.40
5% May
170
4%
40
10
J8
Honolulu Oil Corp Ltd...*
Honolulu Plantation
20
87
110
80c
Feb
2,002
5,495
1,018
*
6% preferred
Marchant Cal Mch
Jan
235
4%
Preferred
Hobbs Battery
Apr
63%
Feb
57%
50
62
5
Magnavox Co Ltd
Magnin (I) & Co com
75c June
20
4
18%
75c
Gr West El-Chem.__-___20
Aug
25
2034
8%
75c
z
Feb
2,779
2,060
10034
62
100
7%
8%
17%
3%
Elec Bond & Share.
July
4
Letourneau.....
12%
10
Dumbarton Bridge
Aug
Jan
39%
Bak A...*
13
Consolidated Oil
July
420
Jan
20 %
5
4%
Cord
July
18
B
Jan
Mar
1,924
3%
"
Leslie-Calif Salt Co
Feb
Jan
15%
10%
70c
Cities Service
July
31%.
32%
62
...
Apr
39c
530
Crown Will 2d pref
Apr
135
10034
*
150
2,200
18
60c
Curtiss Wright Corp
July
100
3,323
1934
Pineapple
430
177
17
70c
B
Feb
29
95
13
25
Golden State Co Ltd.
Hale Bros Stores Inc
175
17%
1
7%
Feb
106%
556
57
18
*
175
'
Claude Neon Lights
Cos A
July
12
2434
Langendorf Utd
40
41
55
19
Gen Paint Corp B com
Feb
200
11c
Coen
Apr
JUly
12 34
2434
Gladding*M cBean
High
20c
May
40c
Cal Ore Pow 6% pf '27.100
Cardinal Gold
1
June
55
Emporium Capwell Corp.*
Foster & Kleiser com.... 10
Galland Merc Laundry
*
105
Jan
35
*
Emsco Derrick &
Equip..5
Ewa Plantation.
8c
11c
z
Aug
78%
260
Z
Feb
43%
09%
55
Eldorado Oil Works
Hawaiian
30% June
30
41
v t c
Fireman's Fund Ins.....25
Food Mach Corp com.
10
1%
543
120
30 %
Di Giorgio Fruit com...10 I
$3 preferred
...100
100
8c
46%
Bolsa Chica A__r
Calif Art Tile A
Mar
76
41
110
Pref B
4,901
Jan
120
*
...
43 34
%
41
pref
Crown Zellerbach
Pref A
400
120
pf 100
Low
Shares
40c
z
Feb
7
104
7534
Corp
......5
Clorox Chemical Co.....*
Cst Cos G & E 6 % 1st
634
134
104
75 %
*
8c
Bancamerica-Blair
July
7%
Calamba Sugar cojm_.__20
7%
High
Aug
6
Bank of California N
22
Low
5
American Toll Bridge
Anglo Nat'l Corp
Argonaut Mining
Feb
3 %
2,375
IA/ppIt
W GGfc
25
American Tel & Tel._.100
Anglo Calif Nat Bk of SF 20
Range Since Jan. 1 1936
for
of Prices
■
•
Treadwell
Alaska United Gold
American Factors Ltd
Week
Price
Week's Range
5
Alaska
[Range Since Jan. 1 1936
for
Exchange—Chicago
Direct Private Wire
Coffee & Sugar Ex.
Portland
Seattle
Honolulu
Tacoma
Curb
Francisco
Board of Trade—New York Curb Exchange (Associate)
of
New York Curb Ex.
Los Angeles
Oakland
Exohange—San
CurbExchange
Chicago
WIRES
San Francisco
New York
(Since 1880)
Exchange
San Francisco StockExchange
Municipal and Corporation Bonda
PRIVATE
Stock
York
New
STREET
FRANCISCO
SAN
Members
pany
of New York, is
now associated with W. C.
Langley & Co.
—Harold Rouse, partner of the stock
exchange firm of Steiner, Rouse &
Co. sailed on the lie de France for a short
stay in Europe.
—Phelps, Fenn & Co., 39 Broadway, NewYork, have issued
a
list of State
and municipal bonds yileding from 1.70% to
3.70%.
—Samuel Wechsler of Gruntal &
for
a
business trip
Co. sailed
on
the
Queen Mary today
to Europe.
—William R. Holligan is now associated with A. C.
Doty & Co. in their
Stock Department.
•
Insurance
—Allen &
Bank
of
Co., 20 Broad St., New York, have prepared
Manhattan
Co.
an
analysis of
Aug. 15. 1936
Financial Chronicle
1054
Canadian Markets
LISTED
Provincial and
Province of Ontario—
/65
/63
68
594s
Jan
3 1937
66
5s
Oct
1 1942
12 1949
93
95
5s.
1 1953
88
90
4s
Jan
11948
494s.
Oct
1 1956
6s
Prov of British Columbia—
—July
5s
—Oot
494s
Sept 15 1943
..May
1 1959
.....June
11962
98
100
5a
June 15 1954
98
101
494s
5s
Deo
2 1959
102
104
4s
15 1960
15 1961
Apr
Apr
494s
Sept 15 1952
5s
Mar
11960
118
11294
114
109
111
11294 114
—
-25
1194
-
-
-
Cockshutt
Consolidated Bakeries
*
92
93
Consolidated Smelters —25
56
86
8794
Consumers Gas
.100
♦
s
2494
Distillers-Seagrams
Eastern Steel Prod
Wood,
1150
Eng Eleotric A
Fanny Farmer
Bonds
I—*
Gundy
-50
-
..
794
4s perpetual debentures
6s.
..Sept 15 1942
.
9594
4948
Deo
15 1944
5s
July
11944
5
5s
Dec
1 1954
494s...
July
1 1960
100
-
Bid
11694 11794
119
11994
Feb
11956
117
5s.
July
July
11957
1 1969
6s
Oct
1 1969
5s
Feb
11970
11594 11594
118,94 118%
12094 12194
12094 12194
11794
11946
-July
6948
Grand Trunk Paoiflo Ry—
4s
Jan
1 1962
3s
Jan
11962
-
"*
-
-
.
5194
1094
1.25
•
1.15
11
14
Ask
12794 12894
"iO0
I100
National Breweries...
National Grocers
»-«*
National Sewer Pipe A
I100
-
Feb
64 94
Jan
Mar
5394
Mar
69
Mar
594
Jan
95
75
III?
Pantepeo Oil
2994
Jan
June
2
May
16
Aug
4 94
June
12
June
1,290
994
Apr
1294
13 94
Apr
4394
35
July
June
101
45
40,220
5494
1094
14%
105%
Feb
May
63 %
Aug
Apr
Feb
14%
3%
Jan
1.25
200
40o
Jan
2.25
Feb
1494
1,710
694
Jan
1494
Aug
Jan
70
Jan
2194
'
66
30
18%
1794
680
Apr
3%
1,370
Aug
Aug
June
5%
Jan
Jan
7%
Mar
40
2994 May
Jan
1294
1,516
July
19
Mar
2
65
394
494
Feb
17%
97
JaD
105
Jan
3
21
Jan
5
Mar
Jan
39
Mar
4
20
394
3894
376
27%
794
41
146
Jan
175
July
150
39
Jan
45
July
4,326
-
5
June
17
75c
20
Jan
26
Apr
1.35 June
Jan
96
16%
200
8894
July
40c
5
75c
Aug
7%
6
55
21
8694
8694
Jan
June
70
21
*
4
1,427
17
»
Feb
894
May
27
Feb
3
Jan
1
2%
5
44
------
Feb
16%
60
175
694
23
2894
7294
115
16
44
-
""794
Jan
705
8
394
2994
194
175
175
-'
3794
[May
585
5794
194
2994
1494
1494
102 94 104
,3 94
Feb
11%
15% May
Aug
25
90
72
33
3794
.
Feb
Jan
655
------
»
Moore Corp com...
A
Aug
8
Mar
1094
.
809
104
Monarch Knitting.... .100
Jan
18J4
July
19
2994
1494
•
June
34*4
18%
68
394
Aug
56
13%
2194
»
com...
Preferred.
Page-Herpey..
103
102
82
2,235
4,552
67
394
Orange Crush 1st pref.
2d preferred
109
20
2194
1894
394
394
19
Maple Leaf Milling pf.100
Massey-Harrls
10
75
6794
*
106
494 May
8
May
190
2194
...*
Loblaw Groc A.
Feb
3%
10294 July
Feb
894
18% Mar
57% May
20594 Apr
2494 Aug
Apr
May
14
12
14
1394
10194 102
'
10394 10494
10794 10894
10394 10494
Canadian Northern Ry—
-Sept
1 1951
June 15 1955
9
5294
.
Preferred
4948
494s4948-".
4948
194
1494
-
------
•
com..
McColl-Frontenac
Ask
-
14
B
Dominion Government Guaranteed Bonds
Bid
-
9
Laura Secord
Ask
11594 11694
Canadian National Ry—
—
16
Kelvinator
Bid
112 94 11394
101
100
—
*
Internatl Nickel
Canadian Paoiflo Ry—
494s
Sept
1 1946
96
-
•
Imperial Tobacco
IntJ Milling pref
Ask
794
394
2994
------
B
J"
"
*
Internatl Utilities A
Bid
7194
5594
194
------
~~
16,215
2494
1694 .18
16
1694
20
2194
------
Hlnde A Dauch..
Railway Bonds
Canadian Pacific Ry—
2,235
Hunts A
Toronto and Montreal
wires to
1094
Apr
Apr
1894
25
18
Hamilton Cottons pref —30
Hamilton Un Theatres -.25
Inc.
795
*
Gypsum
Harding Carpets
Co*!
845
594
20
Preferred..
Great West Saddlery
30
1894
1694
Ford A
Goodyear Tire
70
594
994
12
J&n
Jan
102
1794
------
*
—
54
48
12
*
_
Economic Investment.
Apr
May
1794
740
25
♦
Dominion Stores
Canadian
Aug
5%
15%
106
22
594
994
Aug
189
18
Dominion Coal pref... —25
Dominion Steel A Coal B 25
Aug
26
June
51
60
26
July
294
618
48
*
•
101
1,442
2394
100
Nest
15
20
Feb
15%
Aug
25
550
'
Aug
July
25
106
106
100
49
181
294
294
10194 10194
6
594
18
1894
5594 56%
201 " 202%
2394 2494
m
18
91
Crow
&
-
594
...
89
Preferred
Private
-
#
26
26
138
Jan
10%
2,983
1294
Jan
123
50
25
-
High
Low
Shares
High
138
'
*
Range Since Jan. 1 1936
for
Week„
25
MM*,**
1100
Carnation Co pref
Cosmos
New York
1194
*
15 1946
• 11951
Nov
Oct
594s
4948
14 Wall St.
133
Canadian Wineries—
1 1961
May
138
Canadian Wallpaper A
...*
Cudn WallpaperB
1 1958
Mar
Low
Price
.100
116
of Prices
.....June 15 1943
5s
11294
11994
111
Par
(Concluded)
11494
Prov of Saskatchewan—
11294 114
11194 11294
Province of Nova Scotia—
Stocks
Week's Range
Sale
Canadian Oil pref
Canadian Pacific Ry
15 1965
..Feb
494s.
Prov of New Brunswick—
494s
494s..
11894 11994
12194 12294
10894 10994
Sales
.
Last
10194 10294
11294 11394
Province of Quebec—
—June 15 1936
Friday
Ask
2 1950
—Jan,
494s
Province of Manitoba—
494s
Bid
Ask
58..
Toronto Stock Exchange
Municipal Issues
Bid
Province of Alberta—
AND UNLISTED
120
79
Mar
July
Feb
'
875
3%
Jan
6%
Power Corp
*
1494
1594
650
11%
Jao
Pressed Metals
♦
29
576
19
Jan
*
2894
2994
4594
18%
2994
Riverside Silk A
.
10
29
Apr
31
June
46
July
Russell Motor
"6694
Preferred
WA. 3401-8
Sale
StocksAbitlbl.
Par
100
...
Alberta Grain
Alta-Pac.
of Prices
Low
1.75
...»
..
6% preferred
Price
1094
294
2294
1094
*
Grain'pref—100
BarcelQna
.....
_*
Bathurst Power A.
9
*
*
3
3
Bell Telephone
100
149
148
Blue Ribbon..
*
4
Blue Ribbon 6 94 % pref .50
Brantford Cord 1st pref.25
4
Brit Col Power A
"23%
*
Aug
6
Jan
Aug
39
Jan
7
July
1394
Jpn
120
13
Aug
1494
June
10
93
Jan
60
179
384
48
294
2294
194
141
394
June
107
3%
July
Jan
Apr
150
Feb
Jan
5
Apr
Jan
33
June
Jan
2694
July
1294
5,525
2294
35
994
Jan
1594
5,675
85o
Mar
1.40
Jan
2
705
1%
14
10
Aug
Apr
494
1894
Feb
Mar
2794
3294
15,787
1694
Jan
2494
2994
43
512
33
Jan
27
110
20
June
130
50
'June
380
37 H
210
494
60
Burt (FN)
26
4194
4194
42
594
100
98
...50
43
_
New
—I*
—
.*
"49"
5094
1794
Ii'oo
*
_
Loan
61
106
14
July
9
Jan
14%
July
4%
2694
May
Apr
34%
Jan
17%
Mar
19
Feb
494
Apr
10
Jan
65
Jan
51
June
102
294
36
186
40
4994
May
July
4,027
13%
Apr
98
75
Aug
103
Aug
494
Jan
Mar
68%
Jan
6194
Feb
17%
May
2%
47 i
July
June
June
58
80
155
157
157
149
Jan
170
Feb
206
89
190
Jan
222%
Feb
19794 198
335
19794
July
221
182%
213
Feb
300
Feb
57
-
"
Feb
.100
179
197
197
2
278
282
16
271
Apr
Jan
175
179
40
164
Jan
182
Feb
222
4
220
July
236
Mar
147
"282"
100
Huron & Erie
"994
20% preferred-....
Toronto General Trusts 100
147
80
994
994
8094
Tan
137 94
1
70
5
10
__
9
_
July
July
Feb
160
90
-14%
Mar
*
Jau
-
594
10094
43
60
to
Last
Week's Range
for
Aug
Sale
Aug
Jan
47%
6%
10094
Aug
Aug
90
Jan
30
May
44
Jan
Stocks-
Par
Biltmore Hats
Feb
Crown Dom Oil
1594
Aug
*
1594
294
44
494
101
794
894
1594
125
9
Feb
294
50
2
40
Apr
July
4
May
44
494
101
794
8 94
7
90
77
360
8894
2094
594
20
750
47 94
387
II3*
Cnan Industrial Alcohol A*
""694
794
6
2,290
85
594
101
Apr
May
2,055
19
46
694
594
67
Feb
894
4694
10
Feb
June
20
170
4
5
Canadian Dredge
Canadian General Elec.,50
170
Jan
3?94
150
694
5
Feb
9
Feb
July
Feb
July
July
Jan
50
Jan
170
July
July
1294
Feb
11
Jan
June
Aug
Canada Vinegars.
*
Canadian Wire Box A— *
Canadian Marconi
l
...100
Hamilton Bridge
*
Int Metal Indust
Int Metal Indust pref—100
International Petroleum
*
value.
115
994
500
894
High
Feb
40
Aug
1694 Mar
1094 June
32
32
3394
560
2094
20
2094
275
24
24
335
21
694
35
Aug
Feb
10
100
10
Aug
2794
Jan
2694 June
294
Feb
294
Jan
1194 Mar
"4294
41
4394
794
300
34%
Apr
43%
Aug
100
4
Jan
894
"93"
91
93
105
56
Jan
July
July
10
4
May
"43""
43»
44
75
30
Jan
44
Jan
Aug
10
10
5
7
Mar
12
Mar
28
Aug
Jan
35
Feb
2494
60
Apr
Apr
Aug
3994
Apr
*194
194
194
194
794
594
,
*No par
894
994
Low
30
Mar
8094 May
1994 May
*
Hamilton Bridge pref..100
Honey Dew pref
,.*
H umbers tone Shoe
I.*
Imperial Oil
10
10
*
—*
Dom Tar A Chemical....*
Preferred
40
Range Since Jan. 1 1936
Shares
894
994
Disher Steel pref
Dominion Bridge
394
39
_*
Canada Bud
Canada Malting
Aug
30
Price
*
Bruck Silk
15
75
Feb
95
Mar
Apr
15
200
Aug
Week
60
of Prices
Low
High
33
194
794
33
80
Sales
Friday
Aug
27
694 June
Jan
2094
194
794
68
43
65
1,184
80
Aug. 14, both inclusive, compiled from official sales lists
33
694
80
Mar
2894 May
Steamshlpe pf.100
Cable A
694
.
Toronto Stock Exchange—Curb Section
Aug. 8
Feb
294
\nr
67%
Jan
*994
25
Trust—
and
Canda Permanent
July
594
2 94
Jan
June
894 June
316
200
157
Toronto
July
B
5?
524
80
Royal.
8
""894
•
Jan
6%
222
.100
81
25
10294 103
""294
198
Nova Scotia
90
Preferred
18
10594
49
Montrewl
Jan
494
61
1694
■
Jan
101
67
5094
Imperial.....
May
Apr
194
_
6694
6094
45
57
6
Canadian Cannerslst pref
Oonv preferred
*
Canadian Car.....
♦
Aug
1794
-
58
1594
1094
5094
.100
80
~44~~
100
*
Dominion
30
Canadian Bakeries pref 100
Canadian Canners
1094
Jan
Banks—
200
Canada Wire & Cable B__*
Canadian Bakeries
—*
Feb
594
.
nreferred
88
Can Wire &
80
*
(Geo) com..
77
Canada Steamships
3394
1894
—.*
88
76
Aug
20
com
75
694
100
70
594
(Hiram)
*
Preferred
Canada Packers
260
268
Air
13
26
*
73
Feb
1.05
1%
59
Canada
Feb
July
27
59
1st preferred
294
14
2594
50
B preferred
Canada Cement...
Jan
129
Burry Biscuit pref
Bread
Jan
6*4
2994
4294
Building Products A..... *■
Burry Biscuit
_._50c
Canada
1.25
110
10
Jan
70
100%
11,165
1,860
3,516
1.005
Commerce
2694
14
*
494
915
50
10
394
3394
1894
394
Canada
High
29
90c
2
;
British American Oil..
394
149
Low
1194
1.00
.
Preferred
9
Week
29
~\VA
Brewing Corp of Canada..
294
24
Range Since Jan. 1 1936
Shares
June
13
Winnipeg Electric
2694
*
Brewers & Distillers..
•
-29—
.*
Brazilian
1.75
11
13
1394
10494 10494
Beatty Brothers prefl. .100
Beauharnois Power..
High
4
14
*v estous
Sales
for
9
394
3194
Preferred
Western Grocers
Aug. 8 to Aug. 14, both inclusive, Compiled from official sales lists
Week's Range
7
11
Western Can Flour
Last
15
105
*
Preferred
Friday
Aug
13
"
—
Aug
10194
10
1294
...
com
Jan
Aug
10
"14""
Walker
Exchange
30
230
10
I*
United Steel
Toronto Stock
6094
...
Union Gas.
New York Curb (Associate)
King Street West, Toronto.
25
Feb
Ajlr
10094 101
Tip Top Tailors prof.. .100
Twin City.
*
Canadian Commodity Exchange, Inc.
16
..25
.
2994
4594
Apr
1094
7194
*
Steel of Canada
5
.7
.100
Standard Chemical...
494
10
10
*
Simpsons Ltd pref
Toronto Stock Exchange
■
"16694
*
B
STOCK BROKERS
Memberj
494
.100
Saguenay Power pref..
Simpsons A
Duncanson, White & Co.
*
194
194
594
10
25
29
20J4
694
30
85
2094
21
10.809
694
694
58
*34%
/ Flat price.
60
3394
3594
Jan
194
Jan
194
Aug
2094
280
4
Jan
85
30
Jan
7,565
33
Aug
96
694
794
Volume
Financial
143
Chronicle
1055
Canadian Markets—Listed and Unlisted
Toronto Stock
Sales
Last
Week
Low
31
*
National Steel Car
*
30 H
14 %
North Star Oil pref
5
3.50
Ontario
Sllknlt
..
100
pret
75
Low
10
75
3%
3H
3%
580
*
*
Aug
75c
Apr
50c
85c
84c
87c
560
Jan
Feb
Sherritt-Gordon
Royalite Oil—...
.
50
Feb
66
Aug
72
Mar
Slscoe Gold
1
4.45
30
Jan
38
Feb
Sladen-M alar tic
1
62 He
38 %
100
.32
Jan
40
Mar
So Amer G&P
1
10
1
Aug
5
Feb
South Ttblemont
*
30
19
Aug
37
Feb
16
110
May
119
169
20
112
113
27%
Feb
270
2%
June
1.00
Too
...»
2%
34}*
3%
July
2 %
1.00
160
1.00
July
2%
Mar
27H
*
29
Apr
Feb
May
76o
Aug
39 He
Feb
1
.....
Stadacona-Rouyn
St Anthony Gold
Sudbury Basin.
Sudbury Contact
1.00
Jan
1.85
50,540
2.87
Jan
4.70
Aug
70c
60,000
72c
Aug
4.65
6c
4Hc
65c
Last
.,
,
Week's Range
Sale
.
; Stocks—
Par
*
Acme Gas & Oil
Low
64c
73c
31c
26c
4.45
4.75
16c
16c
17 He
Sullivan Consolidated
1
1.75
1.71
3.40
3.30
1.83
10c
10c 10 He
High
9%c June
6Hc
7 He
7,300
62,450
4c
46c
46c
100
40c
June
—1
5Hc
2Hc
10c 932,150
..*
7 He
7Hc
8c
7.00
6.20
7.00
3,058
1.52
1.51
Feb
88c May
Jan
Algoma Mining.
l%c
3%c
18% c
May
—-MM —
Alexandria Gold
III
Alton Gold
Ajax OH & Gas
6Hc
..1
__
Anglo Uuronlan.
_
.
*
_
III
.
Astorla-Rouyn
V. 70c
♦
1.80
1.75
1.97
Toburn Gold
1
2.1£
1.80
2.25
Exploration. 1
58c
46c
80c
Ventures
2.29
Feb
Jan
75c
Aug
18c
Jan
Jan
38}*c
3.00
Jan
4.95
Feb
6o
Jan
20c
June
83c
Mar
1.90
July
2.25
Mar
3.50
Feb
28c
Jan
68c
July
May
4.30
Mar
6.70
July
1.65 June
2.60
Apr
1.20
Jan
2.25
Aug
20o
Jan
80c
Aug
»
2.16
2.12,
2,50
Feb
1.63
1.53
1.75
19,125
11,546
1,60
...»
1.00
Jan
1.80
July
11c
11c
11 He
56,400
9 He
June
20HO
4Hc
7Hc
3 He
Jan
6Mc
8Hc
3o
Jan
100
June
*
7.90
7.75
7.95
37,400
18,600
24,690
3C
1
Feb
7.55
Mar
9.00
Feb
42 He
43c
2,120
38c
Mar
71c
Jan
White Eagle
Wiltsey-Coghlan
W rlght-Hargrea ves
..*
Ymir Yankee Girl
♦
Jan
Feb
6Hc June
18c
6 He
May
3lc
July
Friday
1.45
1.41
1.50
1.61
1.60
1.72
20,402
1.62
53c
55c.
10,950
28c 36 He 199,230
7.50
7.75
2,369
25c
23c
7 He
28c
56c
56c
"l
Bidgooe Kirk
Big Missouri
..1
.
—
.
-
-
..1
Bobjo Mines
-
M
28c
Bralorne Mines
7.65
B R X Gold Mines
50c
64c
12c 13 He
7.50
7,50
8.00
5Hc
*
Buffalo Canadian.
5c
6c
12Hc
,15c
1.38
11c
Feb
Jan
11 He
Feb
Sale
3 He
14c
Mar
June
40c
28c
Mar
69c
1.20
*
M
10c June
1.84
July
July
2.00
July
76c
Jan
13c
Apr
36}* c
Aug
5.55
Jan
'9c
Jan
25Ho
Jan
8.95
2c
Jan
6o
•
Cariboo Gold
Jan
Jan
Castle Trethewey
..1
Central-Patricia
18o
95c
~
_
MM
♦
1.44
12,825
1.24
Jan
1.69
4.35
16,205
2.41
Mar
4.90
July
50c
73,150
50c
July
59c
July
1.10
7,225
Jan
1.60
Feb
2.30
41,623
2.00
Aug
9c
77,475
3c
Jan
14c
May
130
2.80
Jan
4.25
June
2.13
2.20
8,883
12,798
Jan
2.75
73c
70c
Eldorado
88c
84c
8.85
8.65
III
1.77
56
3,125
4Hc
Jan
7c
Feb
53c
July
Aug
90c
July
82 o
1.38
9.30
11,030
6.90
Jan
9.60
1.25
24c
25c
8c 401,500
3c
Jan
10c
32c
July
40c
July
75c
Mar
1.46
24c
Aug
13c
12c
14c
—
1
20c
18c
22c
Granada Gold
*-1
29c
29c
32c
.
*
Gunnar Gold
12c i 2 Wn
1
—
61c
63c
..1
73c
1.06
31,946
2,000
17,745
34,450
Hard Rock
26Ho
Jan
24c
17c
May
6Hc
12,966
1,500
225,650
20,075
34,700
180.715
Jan
Jan
21o
Harker Gold:..
1.00
4Hc
5Hc
3.00
..1
2.80
3.29
14c
16 He
14c
18c
13c
13 H
1lc
65 He
29o
47c
45c
-.1
79c
78c
80c
Homestead Oil
Howey Gold
...
J M Consolidated.....
-
M
-
-
-
I
1.30
1
55c
Laguna Gold Mines.... -.1
..1
Lake Shore Mines
64c
57 He
..1
44 He
14Hc
73c
..1
Kirk Hudson Bay
Kirkland-Lake
.
Lamaque-Contact
Lava Cap Gold
37o
1.50
54c 59 He
64c
67c
Jan
3.63
July
Jan
18 He
May
7c
30,857
60c 80 He 143,333
1.25
Jan
Jan
Jan
87o
July
Mar
1.00
July
9,790
56Hc 58Hc
3,427
46c 195,425
44Hc
Jan
80}* c
Aug
30c
Jan
1.75
July
41o
59,105
46,976
May
64c
Aug
Jan
60c
Mar
Jan
47o
July
18c
8Hc
4Hc
24c 115.716
15c 131,790
6.05
6.00
6.10
15
15
4.85
4.35
4.60
1,200
26,210
3.12
M acLeod-Cocksh utt
4.10
4.00
4.45
30,575
3.50 June
Manitoba & Eastern
u.
..1
Little Long Lao
Petroleum
M
"Ik
Macassa Mines
-
-
-
-
12c
"
Aug
Jan
29He
Mar
15c
Aug
7.75
Feb
7
III
26c
20,225
46c
43c 49 He
.16
41 He
41 He 42 He
64,200
1,923
40
McKenzle Red Lake
—1
1.97
8c
7c
..i
21c
20c
....
McVltwe-Granam
McWatters Gold......
1.56
1.97
27c
23c
28c
56c
1.25
1.22
-.6
O'Brien Gold
1
*
Olga Oil & Gas New
1
Omega Gold
*
Pamour-Porcuplne
Paymaster Consolidated III
63
5,336
21,300
23,400
59c
7,400
5Hc 106,900
5.05 May
30c
Aug
30c
Aug
Aug
55c
July
Mar
46c
49 H
Jan
1.19
1.78 June
13c
Jan
24c
1.11
Apr
1.50
Jan
7 Ho
Jan
1.00
Mar
6ho
Jan
54o
June
%
Jan
Feb
33c May
80o
Feb
7% May
5%c July
2o
Jan
1.00
2.30
July
July
3.05
Jan
44%
Jan
64%
Aug
28 Ho
Jan
2.75
55c
15,000
7.00 148,205
7Hc 21,300
7c
7c
66c
67c
69c
4.60
4.50
4.65
96c
95c
1.00
1.31
1.27
1.40
2Hc
Perron Gold
Peterson-Cobalt
June
9,425
6,900
6,538
64 H
5.75
Jan
* July
4.90
51,600
50c
6.40
Jan
15
5c
2.50
50c
Jan
1.37
62 H
-•-MM
*
4c
2Hc
2Hc
20,402
20,475
76,829
21,455
18,500
34c
Jan
7c
July
1.40
Aug
63o May
7.00
July
40c
Mar
15c May
85c June
3.50
Mar
5.20 June
5QHo
Jan
1.25 May
Feb
1.12
Jan
1.74
2Ho
Jan
4Ho
Feb
Pickle Crow...
..1
7.00
7.30
19,717
3.95
Mar
7.60
July
Pioneer Gold
—
1
7.50
7.25
8.20
8,935
7.25
Aug
12.00
Jan
Premier Gold
..1
3.06
2.93
3.06
10,090
1.80
Jan
3.18
Preston (new)
*
i.80
1.70
1.93
49,140
21o
Mar
2.25
2.20
'2.50
745
2.10
May
3.25
73 He 73 He
6.90
Prospectors Airways
75c
Quebec Gold
*
Read-Authler
9Hc
3.97
8o
3.85
3c 158,000
lHo
Jan
53c
53c
7He
7Hc
500
5c
6c
2,000
3,895
9,100
655
25He 26He
22c
23c
1
9%c May
3%o Mar
38o June
78c
6}* May
13%
4
Apr
9
22%C
14MC
Jan
Feb
Feb
28%c
May
Feb
Jan
31c
19c 627,200
3c
Jan
210
lHc
Jan
7c
*
35c
33c
6,695
12c
Jan
42c
3%c
2Hc
3Hc 103,600
1>*C
Jan
6Mc May
J.
Nordon Corp
Oil Selections.
5
iinii
Parkhill
-----
11c
11c
700
lie
2,000
4c
Aug
July
— —
15c
16c
2,000
7c
Jan
-
i
.
Pend Oreille
/,
.i
—
-
M
22c
i
Pawnee-Kirkland.
38c
_*
.....
Osisko Lake
21 He
88c
13c
llHc
Ritchie Gold
9%c
4%c
4Hc
i
8c
Robb Montbray
i
Sudbury Mines
Temiskaming
_....i
Wood-Kirkland
i
17 He
4J*c
3Hc
2}*c
Apr
Jan
31}*c
Feb
llo June
Jan
lc
Feb
7c
July
4o
June
July
18c June
Jan
70c
May
•
26c
18o May
24c 178,100
23,900
7Hc
90c
10,380
14Hc 384,200
10c
74,100
50,700
6c
7c
7HC
--------
Porcupine Crown
Jan
1.20
Feb
15c
Mar
13}*c May
4c
Apr
9c
Feb
87,500
27,400
3Ho
Jan
7}*c
M.»r
2c
Jan
110
4Hc
15Hc 17Hc
4c
Jan
23c May
9c May
6%c
7c
Montreal Stock
Exchange
Aug. 8 to Aug. 14, both inclusive, Compiled from official sales lists
Sales
Friday
Week's
Last
Sale
Stocks—
Par
•for
Range
Price
Low
Range Since Jan. 1 1936
Week
of Prices
Agnew-Surpass Shoe pref *
Alberta Pac Grain A pf 100
Amal Electric Corp...
—
Preferred
50
Associated Breweries
Aug
July
Jan
5,100
70c
July
8Hc
1,600
5c
Feb
1.4Q May
9%c Aug
4.30
13,166
1.44
Jan
4.35
July
"22%
Shares
High
Low
-
-
M
M
*
-
13
Bawlf N Grain
Bawlf N
22
Aug
2
Jan
3
Feb
15%
16
80
14
Jan
23
Feb
10
15Q
9%
13 H
815
10 H
10
1%
Mav
24
July
38
Jan
141
Mar
,160
Feb
3,255
11%
12
29%
30 H
736
4%
4H
30
8
8H
135
7
*
43H
42
43 H
7
451
*
77
*
Canada Forging cl A
Ca. Iron Foundries pref 100
MM
M
-
Jan
6
May
58
Jan
5
5
10
3
June
7
Feb
-
-I
15
51
Aug
51
Canada Steamship pref 100
7%
51
M.M
;*
Canadian Bronze pref.
.
100
*108 H
Canadian Car A Foundry. *
Preferred
Canadian
—
8%
Celanese
.*
Canadian Cottons pref. 100
M
—
M
M
-
M
M'
-
M
M
M
M
-
-
-
«.
M
M -
M
M
M
M
60
Mar
22%
Jan
27%
July
1%
Apr
Feb
385
6%
June
3%
15%
30
Aug
30
10
23
Jan
15 H
25
9
Jan
25
108 H 108 H
8%
8%
27%
*
120
109
112
21
25
18
101
101
50
97
25
23H
28
28
28
39 H
37
40
6H
Canadian Pacific Ry
6
Dominion Bridge
Jan
May
105
Jan
Mar
Jan
34
Jan
0%
Apr
July
48
1,580
12 H
Feb
790
5H
June
11H
Jan
3,063
10 H
Jan
15H
Feb
400
5%
Aug
9H
Feb
57%
May
473
7%
6
26
12
5H
55 %
6
50%
17
17%
22%
40%
24%
3,745
18H
Apr
34 U
Jan
43%
Jan
18%
14H
Apr
43 H
18 J*
Aug
17%
1,919
2,802
32
18
85
106
M
100
Dominion Glass
—100
-
.*
...»
Eastern Dairies
110
5H
M
Dominion Textile pref. 100
Paper
MM
110
Dominion Steel A Coal B 26
Textile
-
24
♦
Dominion Coal pref
-
M
M
M
—
147
M
-M
*
.
.
.
..
_i
Enamel & Heating Prod.*
Foundation Co of Can.
General Steel Wares
Charles
.*
23 H
*
Hamilton Bridge
6
112
5H
5%
63 H
66
146
147
5%
5%
1%
23%
1%
24
,
2,993
51
May
145
15
Mar
946
4H
135
60
11
142
Aug
Jan
115
79
Jan
148
June
4H
35
1H
440
19 H
8
Feb
Feb
7
Feb
July
3%
Feb
Jan
28%
Feb
1.75
1.75
10
1
16H
17%
1,820
13
Mar
185*
3H
3%
115
3
June
6H
Jan
5
5
5%
235
5
Aug
8H
Mar
7H
7%
8
855
14%
14%
5%
5%
115
,
15
3,140
Jan
3
Feb
Apr
5%
June
4
May
OH
Jan
13.60
Mar
17%
Jan
'
No par value.
Feb
May
July
July
May
701
17
1.75
*
Hollinger Gold Mines
%
17 H
*
Gypsum. Lime & Alabast.*
•
Feb
21% June
11%
56
*
Dlst Corp Seagrams...
Gurd,
31%
128
July
42 H
Con Mining A Smelt new 25
Electrolux Corp
Feb
July
July
Aug
5%
Crown Cork & Seal Co
Dry den
6%
5H
May
May
'•
Feb
15%
108%
8%
20%
11%
25
Cockshutt Plow
Dominion
25 H
150
27%
Apr
May
21
Candn Hydro-Elec pref 100
*
5%
13
4,905
119
Canadian Foreign Invest.*
B
102% May
6,310
20
Candn Industrial Alcohol.*
Class
eel)
Aug
370
30
19
20
.....25
Aug
481
15 H
M
»
81%
7%
1%
7%
M
43%
26 %
2
25H
M
lb
33
W
Class b__.
July
Feb
265
25 H
Can Wire & Cable class A. *
Feb
1,195
*
Steamship
Fph
m
78
6H
------
Can North Power Corp
15H
32 H
Mav
77
7
.100
Jan
lan
3%
8H
Products A
Preferred.
Canada
9%
28
®
...*
Canada < lement
Jan
55
11%
Building
Jau
Feb
4%
747
30%
Bruck silk Mills
■
15
17 H
,
25
British Col Power Corp A
*
July
Jan
147 H 149
Brazilian Tr. Lt & Pr._..*
B
38%
Mar
1.60
25
148H
....100
Mar
35
25
12%
25
pref... 100
„
107
2
1.60
i..--*
Grain
Bell Telephone
Jan
9%
-
10
Bathurst Power A Paper A*
High
100
105% 105%
25
22%
2
*
July
Apr
..1
4Hc
Jan
6Hc 420,200
Preferred 7%.......100
52c
57c
July
46,650
13c
Rights
1.45
5Hc
5Hc
July
57c
4Hc
Jan
40c
..1
14%c
6%c
Feb
1.37
—1
Jan
Jan
15HC
July
42c
Morris-Kir kland
2c
ll>*c
3}*o
i
15c
1.40
....
22c
July
32,400
*
42c
13Hc
Northern Canada Mining *
r_
Maron_r_.
2.24
♦
Nlplsslng
rniii
Lake
Mar
*
•
Kirkland Townsite.
-
27c
Malroblc Mines
May
*
1
26c
1.22
Mining Corp
New bee Mines.
♦
2 Ho
19c
Mlnto Gold
New Golden Rose
Hudson Bay
31,680
22c
14,312
1.41
1.70 176,990
13 He 13Hc
500
Murphy Mines
High
Jan
45c 120,715
llHc 13Hc
5c
MM
10c 220,600
2.10
Merland Oil
Moneta-Porcupine
May
Mar
Maple Leaf Mines
McMillan Gold
1.38
Aug
July
July
May Spiers Gold Mines
Mclntyre Porcupine
23 He
68c
2%c
5Ho
5 He
30c 245,583
•
5.90
•
26 He
23 He
—-
24c
70c
33,300
6,375
94c May
51 He
5c
20c
Lebel Oro
31c June
July
94c
1
10%o June
17 H
70c
Lee Gold Mines..
Aug
1.20 May
2c
80c
—
1
7c
July
75c
151,275
8,000
8,145
54c
49,100
-
Aug
86c
Mar
14Hc
*
.
15c
Jan
15c
14HC
lis
1
Hlghwood Sarcee
Hollnger Consolidated
*
Grozelle Kirk
Feb
40c June
Mar
1.03
1
53c
East Crest Oil.
54o May
6c
3Ho
5Hc
...
Halcrow-Swayze
Low
26c 145,752
Jan
..1
W
*
Dalhousle Oil
Feb
41c 336,450
60c
Greene Stabell
2c
July
Gold Belt
Grandoro
3c
24c
Mar
7c
M
Apr
May
61H June
90,210
12,465
Graham-Bousquet
-
Jan
5c
Goodflsh Mining
-H
2.18
May
July
88c
34 He
1.12
1.15
1.22
42
2.46
83c
:
7 He
•
1.80
1,005
36c
...
90c
Jan
3.35
Eastern Malartic Gold M_ 1
Federal-Klrkland
1
Night Hawk..
5c
Glenora Gold
Co halt Contact
Feb
1.60
God's Lake
8c
July
55 H
...
5c
1.40
5c
Falcon bridge
6c
1.88
1.65
*
1
Jan
55 H
«
Churchill Mining
Mar
-ll
Dome Mines.........
Dominion Explorers
34c
1.15
8c
2.13
III
Cons Chibougamau
38c
95Hc
3.35
MM-
-
..
1
500
9c
.
5
Centrai Manitoba._
36,525
2.00
2.12
*
_
*
_
Coniagas
Brett Trethewey
1.75
95c'
Shares
High
1
1.25
40c
.
Low
24Hc
llHc
Mandy Mines
1.33
4.10
44 He
♦
Chromium Mining
Clerlcy Consolidated
Feb
June
4.10
1.35
1
..
Price
Range Since Jan. 1 1936
for
Week
»
1.70
...
_.*
Central Porcupine
Chemical Research
July
1.60 June
18c
Par
Sales
Range
of Pr ices
Aldermao Mines
1.16
1.19
III
Mar
13c May
Jan
73c
5c
Feb
8.00 June
*
Canadlan-Malartlo.
July
June
3.80
Stocks—
compiled from official sales lists
Week's
Jan
52c
600
W *
— —
6Ho
5 Ho
6,468
11c
1.20
"l
Calmont Oils
Jan
Last
15,707
1.20
12 He
...
Calgary & Edmonton..
Aug. 8 to Aug. 14, both inclusive,
'2%c
3,200
7,552
38,200
-•MM-,*-
Ankerlte..
Exchange—Mining Curb Section
Jan
5Hc
•
Toronto Stock
Aug
97c
5Hc
—
Aug
1.71
..1
•
7
Jan
Apr
Barry-Holllnger
III
12Hc May
Apr
5c
Bear Exploration
BeattleGold Mines
Aug
15c
15c
1
Base Metals
4.10
Jan
10c
65c
10c
Quemont Mining
3.49
Texas-Canadian
1.00
4c
Noranda
6.10
8,395
8Hc
Lowery
40c
5.85
94c
4Hc
8Hc
Conlaurum
36c
5.90
1.65
..1
Bunker Hill
36c
*
90c
MM
Bagamac Rouyn
—
29,300
6,650
24,350
16,850
80,850
105,000
20,500
17,250
17,043
—
—1
Ashley Gold..
Buffalo
1
8Ho
6.25
•
Argosy Gold Mines
Arntfield
•
1
Mar
18}* o
42,750
9,072
30,300
35,396
18,420
10,850
16,055
10,000
23,422
124,380
27c
4.50
1
Jan
3Ho
118,950
»
Walte-Amulet
Low
Shares
High
4.40
Wayside Consolidated ,60c
Range Since Jan. 1 1936
for
Week
of Prices
Price
43c June
2,000
7 He 189,800
1
Towagamac
Sales
Friday
87c
1.78 100,016
Sylvanite Gold.*
Aug. 8 to Aug. 14, both inclusive, compiled from official sales lists
Jan
1.15 June
4.70
'
Teok-Hughee Gold
Exchange—Mining Section
3,050
■'» 3.45
60c
1.56
4.20
1.71
*
;
27c May
Aug
July
Tashota Goldflelds
Toronto Stock
168
2.22
4.50
15
21
1.30
Mar
28Hc 28Hc
60
2.50
Mar
1.27
25Ho
20
75c
1.00
6}*0
J.24
37c
66
19
Toronto Elevators pref. 100
United Fuel pref..;
100
Waterloo Mfg A
1.90
96c 106,350
Aug
5,650
76c 2095940
1.23
35A
1
*
Walkervllle Brew
41,815
87c
; 2.40
94,290
38 H
,
*
preferred
1.90
93c
Aug
1%
•
*
com
1.95
_
Jan
2.25
35
..100
Tamblyn
i
*
Roche-Long Lac.
50o
2.00
66
75c
Supersilk pref
Super Petroleum ord
High
San Antonio
Jan
Mar
Jan
1.16
Low
Shawkey Gold
Sheep Creek.
Feb
6%
July
Range Since Jan. 1 1936
1
Feb
90
July
June
18}*
for
Week
Shares
High
1
Feb
Mar
4
190
Low
Reno Gold..
17}*
75
812
Price
2.25
4.00
3.15
Par.
of Prices
*
Jan
13
50
(Concluded)
Week's Range
Red Lake-Gold Shore
May
35
5H
20'A
34 %
June
3.50
5H
Stocks
High
30%
15
20%
Sales
Last
Sale
1,042
5te
Stop & Shop
Thayers
Thayers
31%
20 %
Roger Majestic Corp Ltd..
Shawlnlgan
*
Standard Paving..
'
Range Since Jan. 1 1936
Shares
High
-Mining Section
Friday
for
of Prices
Price
Par
Montreal Power.......
Week's Range
Sale
Stocks (Concluded)
Toronto Stock Exchange
Exchange—Curb Section
Friday
8H
Jan
Financial
1056
Aug. 15, 1936
Chronicle
Canadian Markets—Listed and Unlisted
Montreal Stock
for
of Prices
Week
Howard Smith Paper
Low
Price
Par
*
High
12 v.
12
Shares
Low
56
12%
June
9%
Stocks
High
(Concluded)
Mar
14%
1.75
78c
70c
84c
16,500
FalconbrldgeNickelMlnes *
9.10
9.00
9.30
2,575
*
1
79c
40c
38c
1
64c
38c 39 %c
63c
73c
Mar
13%
Mar
14%
Mar
Dome Mines
Int Nickel of Canada
*
52%
51%
54%
28,570
43%
Apr
64%
Aug
East Malartlc
International Power pf.100
93%
93%
1.70
Consol Chlb Gold Fields-.1
3,170
Jamaica
Serv
Pub
Preferred
10
33
Jan
350
16%
Jan
26
July
Goldale Mines
150
18
123
Jan
156
Aug
Greene-Stabell Mines
160
2
May
4
Jan
10
40
Jan
55
July
1,860
4
Aug
100
"25
100
i
150
150
Massey-Harris
.....
4
'
■hm
100
*
43%
94
Jan
26
,
July
36
June
Jan
7%
60c May
Lamaque Contact Gold M*
Lebel Oro Mines
--1
45c
44c
46c
10,900
2,600
--1
8c
Apr
103
Jan
Jan
45
20c 21 %c
4%c
44
July
30%
30%
30
29
July
July
63%
62%
64%
3,892
17%
30%
64%
Aug
6o
July
290
Mar
Apr
14c
Aug
46%
Jan
Aug
1.27
Aug
7.00
July
Jan
1.10
8,100
Aug
46 %c
Mar
3c
40
90
1.21
Jan
13c
1265,100
42
1.10
1.11
1
Montague Gold
14c
42
52
June
Mar
100
*
213
215
165
100
165
165
10
Ottawa L H & Power-.100
100
Preferred
92c
Jan
85
May
*
Preferred
11%
Jan
"
30%
Ogilvie Flour Mills.
Aug
Lee Gold Mines
13
Niagara Wire new.'...
Noranda Mines
10%
28 %o
11%
------
Mclntyre-Porcup N Ltd .5
39
Aug
Aug
20
Jan
39%
Aug
400
60
25
93c
181,340
Apr
1,601
Jan
81c
55%
15%
48c June
58%
Jan
44%
24,700
1.04
Apr
11%
Jan
43
July
9.55
July
60c
Feb
15
7,100
Jan
10c
22 %c
23o
1.041 016,975
56%
34
43
July
73c
35
43
89c
57%
100
16
July
52c
1
Jan
93%
June
1
Jan
18
Mar
61
1
May
58
July
2.30
43
Lake Shore Mines
86
*
Preferred
------
Intl Mining
J-M Consol Gold
30
25
National Breweries
Natl Steel Car Corp
Francoeur Gold
5
15
31%
93%
93%
*
7,834
95
30%
-
"30%
40
Montreal Tramways
35
95
57%
100
Telegraph
4%
33
33
100
Cottons
Preferred
4
55
55
-
-*
Montreal L. H & Pr Cons.*
93%
3%
3%
*
100
Preferred
Montreal
57
36
25
24
Lindsay (C W)
Montreal
56
36
Ltd..*
Lake of the Woods
*
1
Jan
6.90
90
281
14
58c
Jan
Apr
1.10
2,650
92
13%
High
18 %c
3,300
56%
91
14
119
43c
1.65
92
Apr
Low
Shares
55%
100
88
Range Since Jan. 1 1936
Week
High
36c
Cent Manitoba Mines Ltdl
Imperial Tobacco of Can.5
Preferred
Low
Price
Par
for
Range
of Prices
Sale
'
Stocks (Concluded)
Sales
Week's
Last
Range Since Jan. 1 1936
Week's Range
Sale
Market
Friday
Sales
Last
Curb
Montreal
Exchange
Friday
101
60
101%
105% 106%
__
"106%
240
Jan
Feb
44%
199%
Jan
240
Mar
152
Jan
165
June
88
Feb
101%
Feb
110
101%
Aug
Jan
O'Brien Gold Mines Ltd-.l
6.40
5.85
7.00
59,710
35c
Jan
Pamour-Porcup M Ltd
*
4.65
4.66
4.65
700
3.75
Jan
Parkbill Gold
1
22c
22c
24c
20,600
Perron Gold
1
1.30
1.26
1.40
4,900
1.12
Jan
1.76
Feb
1
7.00
7.00
7.25
1,100
3.95
Mar
7.55
July
7.40
7.50
200
7.40
Aug
11.60
3.02
3.02
200
1.83
Feb
3.10
Aug
70c
73c
2,500
70c
June
1.40
May
3.90
4.26
Pickle-Crow
Gold
Pioneer Gold Mines of B Cl
l
Premier Gold
Quebec Gold Mining Corpl
-
18c June
5.10 June
Feb
31%
Jan
18
18
1.43
Jan
4.40
July
*
53%
54
__1
91c
89c
97c
17,050
82c
July
1.03
July
Power Corp oi Canada
15%
15%
1,885
11%
Jan
18%
Feb
81s coe Gold..
1
4.50
4.20
4.75
25,630
2.88
Mar
4.75
*
14%
Quebec Power
Regent Knitting
*
19%
18
20
2,110
14%
Jan
20
Aug
Sladen-Mal
1
63c
61c
71c
10,500
42 %c June
76c
Aug
370
4%
May
Feb
Sullivan Consol..
1
1.74
1.70
1.80
26,588
July
July
Teck-Hughes Gold
1
------
5.90
6.16
3,200
May
Thompson-Cad
1
Towagmac Explor Ltd—1
1.21
1.15
1.45 217,205
------
70c
78c
8,300
2.15
2.23
800
100
Ottawa Traction.
Penmans
-
-
—
--
5%
6
25
Preferred
Holland Paper pref
100
-
50
2%
11%
2%
11%
58
Paper pref. 100
20%
Bros
Western Grocers
101%
July
Ventures Ltd
11%
1,315
3%
14%
July
Wayside Con G M Ltd. 50c
lie
11c
11%c
8,800
9%c June
*
7.90
7.90
8.00
1,750
7.65
8c
6%c
8c
6,230
18c
18c
1,000
1.18
1.18
1.24
6,900
98c
15
40
Jan
2,406
20%
Jan
58%
41%
18%
23%
Mar
17%
150
16
July
May
35
114
June
127%
120
11
June
155
Winnipeg Electric
10
25
14
Mar
Jan
Mar
2 50
Feb
21c
Feb
8.90
Feb
Jan
Aug
1
10%
Aug
22
Apr
Eldorado Gold...
Aug
Feb
Howey Gold Mines Ltd-.l
Feb
Klrkland Lake Gold
1
Jan
Macassa Mines Ltd
1
Aug
May
3%
32
5
48
Feb
55
107
Jan
57
57%
25
1,600
2.43
Mar
4.75
43,400
4c
June
10%o
85c
300
80c
Aug
1.38
Mar
80c
80c
200
55c
Mar
1.00
July
May
500
43 %c
4.60
3,720
3.18
Jan
20c
20c
500
20c
Aug
38c
1.91
2.00
300
1.91
Aug
3.40
Jan
1.71
1.60
1.75
15,530
1.00
JaD
1.90
July
65 %c
64c
73c
88,295
18%o
Jan
77 c
Aug
3.37
3.50
1,100
2.38
Mar
3.55
July
4.35
i
------
Bherritt-Gordon Mines
1
Stadaconna-Rouyn Mines *
4%
67%
Jan
1
Sylvanlte Gold.
Jan
4.35
63%c 63%c
m
San Antonio Gd M Ltd
Jan
Feb
July
4.25
------
May
Apr
July
1.42
8%c
------
Aug
.
11%C
25%c
6c
-
McVittle Graham M Ltd.l
Mar
2%
50
-
6%c
Aug
112
Jan
Mar
4.10
1
155
150
2o
8%c May
85c
1
1
670
1
Duparquet Mining
10
2%
.1
Central Patricia Gold
20
65
•
.
Cndn Malartlo Gold
Apr
55
2%
Ashley Gd M Corp Ltd.
61
112
65
Arao Minos
Jan
67%
55
100
1.60
Unlisted Mines—
Jan
20
112
"112 "
Wright-Hargreaves
Jan
55
,1.15
Aug
49%
110
1.00
*
Woods Mfg pref
10
155
25
*
.100
90
10
155
61
10"*
60%
10
1.00
*
July
July
3,247
58%
57
Ltd
Preferred
18%
33
842
*
May
Aug
433
*
Aug
42c
1.50 May
8
Jan
11%
Wabasso Cotton
1.50
605
67
Viau Biscuit
6.65
2%
11%
Tuckett Tobacco pref. .100
Mar
Aug
66%
60%
4.30
37 %o May
24c May
Jan
11%
100
1.90
Feb
66%
25
pref
Mar
12%
104
Aug
83c
97
*
Preferred
Tooke
15,079
101
20%
120
*
•
50
25
;_*
Southern Can Power
Steel Co of Canada
Shawkey.
135
17
Sherwln Williams of Can.*
100
6%
4.05
1
Read-Authler Mine
Jan
57
20
"30%
Preferred
Jan
21
Mar
30%
St Lawrence Flour Mills 100
Shawinlgan W & Power..*
St Lawrence
June
101%
101
*
-
18
15
48
101%
101
-
5
25
6%
18
18
.
-
101
Saguenay Power pref
St Lawrence Corp
A preferred
—
93c May
5.00
July
Feb
Banks—
'
50
57%
Commerce
100
156%
155
Montreal
100
194
"281"
281
176
115
195
280
179
Canada
.100
Nova Scotia
Royal
100
1.
179
Jan
51%
58% June
Unlisted Stocks—
1.75
325
1.30
May
2 50
Feb
184
Apr
May
1.65
125
214
Feb
100
10%
10%
10%
35
6%
June
13%
July
25
271
Jan
300
Feb
Brew A Distillers of Van..
95c
95c
1.05
1,355
80c
Mar
1.40
291
164
Jan
181
Feb
Brewing Corp of Can
157
166
'
.
148
Feb
170
'
Abitibi Pow & Paper Co..*
Cum 6% pref
HANSON BROS
10
75
July
86%
60
45
67
Apr
61%
33%
80
30%
Apr
35
Feb
21
21
46
20
Jan
23
Feb
30c
4%
Asbestos Corp voting tr__*
Bathurst Pr & Paper cl B_*
Beauharnois Power Corp.*
6%
6%
7%
7
7
General Steel Wares pf 100
Int Paints (Can)
9
—
—
—
—
Brit Amer Oil Co Ltd
*
Can Nor Pow Ltd pref. 100
Low
23
■
Jan
37%
Aug
Mar
5%
Feb
811
1.95
June
3%
16%
Jan
27%
Apr
May
13
Jan
Feb
112
49
July
10
112
6
17%
3
8
107%
46%
46%
10
8%
8%
3%
420
37
7%
May
8%
Feb
1,545
1.50
Apr
4
Feb
Cndn Vickers cum pref. 100
16%
20
189
11%
Jan
25
Feb
Catelli Products pref A. .30
12
12
50
June
15
City Gas & Elec Corp Ltd*
Ltd
Vickers
Commercial Alcohols.
*
*
Dom Tar <fe Chemical Ltd *
7%
Dominion
Stores
Ltd
DomTar & Ohem cm
E Kootenay Pow cum
6
*
14
14
19%
35
17%
10
30
27
96%
Jan
104%
Jan
475
2%
May
May
6%
May
Inter UtllCorp class B
__1
*
Power of Can cum pref
87 %
100%
2%
Thrift Stores Ltd..
*
"~2%
341
-4%
Feb
270
50
Jan
11
5
Jan
121
9
Jan
15%.
1,660
8
Jan
8%
65C
BeauharnoisLH&P 5%8 "73
101% 101%
19
Feb
Beauharnola Pr Gorp 5s
44%
43%
115% 116%
106% 107
Massey-Harris Co 5s__1947
McColl Frontenac Oil 6s '49
'73
2%
Apr
35%
1,425
33%
Aug
39%
Apr
10
Jan
14%
Feb
May
•
'
39
4
1.15
1.20
225
9%
200
9
2%
3
170
2%
87%
88%
100% 101
2%
102
50c
79
65
97%
250
70
6
Jan
2.60
13%
Feb
Aug
5%
Feb
102
Mar
1 1960
Burns & Co 5 %s-3 %s.l948
Calgary Power Co 5s..I960
Canada Bread 6s
1941
89
73
73
Mar
Dominion Coal 53.__.1940
Dom Gas & Elec 6 %a.l945
50c
Apr
Apr
2
91%
Nova Scotia L & P 53.1958
108
108%
Ottawa Lt Ht & Pr 5s. 1957
108
108%
Ottawa Traction 5%3.1955
102
113
Ottawa Valley Pow 5 %8
'70
84
91
105
July
Feb
Dominion Tar 63
Feb
71%
Walker-Good & Worts pf.*
18
18%
10
17%
July
19
Feb
Donnaconna Paper 5 %s '48
East Kootenay Pow 7a 1942
Eastern Dairies 6s
82
Fraser Co 6s_._Jan
1
-
90%
105% 106%
72%
98
83.
99
98
1956
100
100%
104%
105
7 %c
90,000
2,500
5c
July
81c
Apr
7c
June
General Steelwares 68.1952
Gatineau Power 5a
89%
-
1950
7c
Power
Corp of Can 4 %s '59
5s
Deo
1
1957
85
99% 100%
103%
102
Provincial Pap
Ltd 5 %s '47
1968
Saguenay Power 4%s_1966
Shawinlgan W & P 4 %3 "67
Simpsons Ltd 6s
1949
Smith H Pa Mills 5%s '53
Southern Can Pow 5s. 1955
102% 103%
Quebec Power 5s.,
106
106%
102% 103
104% 105%
105% 106%
106%
107
105%
106
4%c
Apr
10c
i
37c
36c
39c
49,500
3Uc
Jan
47c
May
Gt Lakes Pap Co 1st 6s '50
/55%
56%
Steel of Canada Ltd 63 '40
113
.1
53c
52e
54c
5,175
52c
July
75c
Jan
Int Pr & Pap of Nfld 53 *68
102% 103.%
United Grain Grow 53.1948
95
Jan
Lake St John Pr <fc Pap
1
17c
17c
17c
500
10c
July
Bulolo Gold Dredging....6
29%
29c
30%
312
29%
July
1949
6%c
Brazil Gold & Diamond..1
Cartler-Malartic Gold
1949
.
112% 113%
49%
/49
3%
Mines—
51%
50%
102% 103%
72%
95c
300
1939
value) 3s
88
Feb
65c
par
Montreal Tramway 53 1941
72%
Consol Pap Corp 5%s. 1961
Dominion Canners 63.1940
3.00
111
Certificates of deposit...
Cedar Rapids M & P 5s '53
Jan
39
104% 105%
Montreal L H & P ($50
102
Canadian Vickers Co 6s '47
1.50
92%
Northwestern Pow 63.1960
105
Can Lt & Pow Co 5s._1949
Feb
5
Montreal Island Pr 5 %s '67
38
105%
Can North Power 53.. 1953
Aug
Aug
1.50
80
92
New Brunswick Pr 5s. 1937
July
2%
'
Minn & Ont Paper fls.1945
99% 100
109
59
106% 107
92%
3
Aug
-
89%
88%
92
103
2%
-
89
87%"
105% 106%
Jan
10
20
-
2%b to "38—5%s to *49
106
105
-
MacLaren-Que Pr 5%s '61
Manitoba Power 5%8_1951
Canada Cement Co 5 %s '47
Canadian Inter Pap 6s '49
Jan
1.50
98
2%
10
5a
Power 5%s__1960
Feb
Jan
Mar
2%
28
Jan
June
35
Ask
Maple Leaf Milling—
75
95c
21
Bonds
Feb
34%
Big Missouri Mines
IIAiiover
19%
97
28%
Gold
•
-wri
53%
Apr
Beaurort
Corporation
95
July
Barry-Hollinger Gold
•
f53
26%
7c
July
Montreal and Toronto
Abitibi P & Pap ctfs 5s *53
415
1
48
SECURITIES
Ask
755
Afton Mines
Aug
Alberta Pac Grain 68.-1946
3%
2
Feb
17%
Mar
Bid
2%
32%
~2%
39%
Apr
New York
•
32
Ltd.*
Apr
13%
Munieipal
•
Walker-Gooderh & Worts *
Walkervllle Brewery
26%
455
16
Bell Tel Co of Can 53.1955
65c
111
17%
17%
97
r
Brit Col
28
United Securities Ltd..100
28%
28%
17%
Industrial and Public Utility
Jan
Feb
2
22
41
July
July
1.50
*
United Dist of Can Ltd
12
Apr
102
pref.. 100
Standard Paving & Mat..*
July
9 %
100
Sarnia Bridge Co Ltd B__*
Sou Can Pac Ltd
"lT 5
"~2%
*
Page-Hersey Tubes
Feb
7%
10
*
B
415
38
38
Mar
40
Feb
36
475
35
35
Corp cl A__*
Melchers Dist Ltd A
1.35
Jan
10%
-7%
1.46
3%
_*
55c
26%
24%
3%
Int Petroleum Co Ltd
July
June
500
Jan
*
4%
Jan
May
Bell System Tele. NY 1-208
/
Aug
Int Paints (Can) Ltd A
July
21%
Royal Securities Corporation
2-6363
70c
20%
19%
Jan
32
4
30 Broad Street
20%
90c
20 %
21%
Aug
19
19
Private wire connection betiveen New York,
3/335
95c
*
Aug
Price
3,545
*
Imperial Oil Ltd
Jan
18
Feb
230
15%
Home Oil Co Ltd
Inter Utilities
100
3.00
75c
6
14%
*
Voting trust cifs
7%
92
pf 100
pflOO
Eraser Cos Ltd
9%
<
1.50
1.50
93%
35
35 %
10
12
35%
75c
*
Works._L. *
Dominion Eng
3
3%
65
Aug
103% 104
Government
May
1.50
Canadian
Feb
June
14%
Aug
Jan
70
9
112
~~8%
45
4
CANADIAN
Jan
890
1,936
5
9
Can Dredge & Dock Ltd. _*
28%
18%
55
17
32
*
/ Flat
July
88
56
High
24%
3%
'111'"
Shares
3%
37%
4%
3%
23%
Brit Col Packers (new>___*
Cam Gen Invest Tr LtdlOO
High
33
5
Range Since Jan. 1 1936
Feb
21%
21%
19%
*
Ltd
16%
July
25
--
100
•No par value.
July
19%
-
100
RoyallteOll Ltd
Feb
7%
9
40
9...
5%
9%
Jan
Aug
17
*
Price Bros Co Ltd
;
Jan
Apr
54
19%
-
Ltd pref30
Loblaw Groceterias A
for
2
136
------
Jan
60C
4%
2%
327
7
Feb
Week
of Pr ices
37%
4,624
4%
*
Weston
Week's Range
5
20c June
1,200
*
Ford Motor of Can A__-_*
Sales
Low
35c
•
Industrial Bonds
Aug. 8 to Aug. 14, both inclusive, compiled from official sales lists
Sale
Feb
80%
59
Claude Neon Gen Ad Ltd *
Preferred
Last
Mar
80%
------
Eastern Dairies pref...100
Montreal Curb Market
Price
Feb
18%
33%
McColl-Frontenac OilpflOO
Par
4%
Jan
60
Massey-Harris Ltd pref 100
Stocks-
Aug
13%
33%
------
Loblaw Groceterias Ltd B *
Friday
1.80
130
Donnaconna Paper A
330 Bay St., Taranti
Sparks St, Ottawa
580
14
1.80
14
Calgary Pow Co pref... 100
Can & Dominion Sugar
*
Canada Malting Co Ltd..*
Canadian Light & Pow. 100
B
Jan
2.00
14
2.00
*
Public Utility and
1883
255 St. James St., Montreal
56
-
Consolidated Paper Ltd
Municipal
INCORPORATED
ESTABLISHED
-
•
Preferred
Canadian Government
--
1
20c
15 %c 25 %c 245.250
2a
Jan
40c
37
30c
Jan
6%s
Aug
6%s
Feb „1
Feb
1
97
United Secure Ltd 5%s '52
Co
1942
/80
1947
111%
81
113
85
•85%
Winnipeg Elec 63.Oct 2 '54
89
89%
Volume
143
Financial
1199775658
197
Quotations
Bid
o3%s July 1
d3%s May 1 1954
03%S Nov 1 1954
a3 Ha Mar
a3%s Jan 15
«3%s July 1 1975
May
o4s
aia
Nov
a 4s
May
a4s
May
Oct
a4s
107%
112%
112%
112%
1959.
04 %8 Sept
a4%s Mar
04)48 Mar
112%
112%
112%
112%
112% 113%
115% 115%
115% 115%
115% 115%
112
1980
1960
1962
...
1964
New York Trust
Bid
108%
o4%s June 1 1974
Ii6% 116%
a4%s Feb 15 1976
o4%s Jan
1 1977
o4%s Nov 15 1978.
Par
115% 115 %
116% 117
Banca Comm Itallana.100
Bk of New York 4
Tr__100
115% 116%
Bankers
Bank of Slcilly
Bronx County—
o4%s Mar 11981...
a4 %s May 1 & Nov 1 1957
a4 %s Mar 1 1963
04 %8 June 1 1965
117% 118%
118
118%
118% 119%
118% 119%
119
119%
120% 121
121% 122%
102% 102%
o4%s July
1 1967
a4 %s Dec 15 1971
a4%s Dec 1 1979
Jan 25 1937
Bid
Bid
b 2.35
Canal A
less
I
less
1
Highway—
4%S April 1940 to 1949.. b
2.85
Improvement—
Sept 1958 to'67
4a Mar 4
mmm
Canal Imp 4s J4J '60 to '67
...
Barge O T 4%s Jan 1 1945-
Barge C T 4s Jan 42 to '46
131%
20
Ask
Ask
107% 107%
1939-53
JAJ 3
3%s '65
105% 105%
Gen 4 ref 3d
ser
3%s *76
103% 103%
101
Holland Tunnel 4%s ser E
1937-1941
MAS
s.'■
\
-
1942-1960
George Washington Bridge
4s
B
ser
4%s
1937-50. _J4D
ser B
1939-53.M4N
88
New
20
York
25
14
16
20%
21%
Title Guarantee 4 Tr.._20
Underwriters
..100
65%
66%
United States
20
100
Bid
Ask
Trust
149
33 1-3
Bid
Ask
100
292
297
Harris Trust 4 Savings. 100
Northern Trust Co
100
230
425
455
845
885
153
Continental Illinois Bank A
127%
Par
National
First
210
127%
115%
116%
Hartford Insurance Stocks
Ask
BOUGHT
112% 113%
SOLD
QUOTED
—
PUTNAM & GO.
60.25 to 2.50
MAS
1942-1960
—
105%
Inland Terminal 4%s ser D
1937-1941
MAS
-
67%
78
25
25
Preferred
65%
Par
American National Bank A
Trust
100
2.10
Bid
ser
,
Manufacturers
10
100
Corn Exch Bk A Tr
Bayonne Bridge 4s series C
Gen 4 ref 2d
..
134
9%
Continental Bank A Tr.10
Port of New York Authority Bonds
Bid
131
12
8%
•
134%
134%
Port ol New York—
Gen 4 ref 4a Mar 11975
127
10
Chemical Bank A Trust. 10
Clinton Trust
...50
World War Bonus—
Highway
5fl Jan 4 Mar 1946 to *71 b
Highway Imp 4%s Sept '63
Canal Imp 4 %s Jan 1964
Can 4 Imp High 4%s '65_.
10
100
Chicago Bank Stocks
Ask
5 2.45
3s 1981
Par
Empire—
Fulton
122
7
Colonial Trust
115
Guaranty
Irving
Kings County
Lawyers
.20
Central Hanover
Ask
105
100
New York State Bonds
3s 1974
Bid
522% 527u%
70%
72%
10
Brooklyn
116% 117%
117% 117%
—
Companies
Ask
04%s April 1 1966
o4%s Apr 15 1972
a68
1057
Securities—Friday Aug. 14
City Bonds
Ask
104% 105
107% 107%
107% 107%
107% 107%
106% 106%
1 1960
Over-the-Counter
on
New York
Chronicle
109
111
Members New
60.75 to 1.75
..MAS
112%
6
113%
York Stock Exchange
CENTRAL ROW
Tel. 5-0151
HARTFORD
A. T. T. Teletype
-
Hartford 35
—
United States Insular Bonds
Philippine Government—
4A
Bid
1048
4%S
Ask
100
4%s July
5s
Aprl
1955
Feb
Ask
1952
3.50
U S Panama 3s June 11961
118% 119
106
1952
6s
Bid
101 %
107
Honolulu 5s_
106
Oct""l959"—I"HI
106%
Govt of Puerto Rico—
101% 103%
109
_
5%s Aug 1941
Hawaii 4%s Oct 1956
4%s July 1958
110
113% 115
115
117
Par
3.75
5s July 1948
U S conversion 3s 1946.
3.50
109
113% 114
Agricultural
3s
3a
1955 opt 1945
1956 opt 1946
J4J
100,S16
100'S16
100*516
1029,6
JAJ
3s 1956 opt 1946—M4N
3%s 1955 opt 1945-.M4N
4s
1946 opt 1944
4s 1957 opt 1937
JAJ
American
Ask
109"
6
...
M4Nl 104
Bid
1011,6 4s 1958 opt 1938
MAN
101',6 4%s 1957 opt 1937...JAJ
10l',6 4%s 1957 opt 1937
MAN
102% 4%s 1958 opt 1938
MAN
10913,6
104%
105
Knickerbocker
5
14
Lincoln Fire
5
5
1
3%
Maryland Casualty
76
79
28%
29%
10
..25
58
60
10
34
36
2%
8
9
Bankers 4
Shippers
100
Camden
6.35
6.45
5
21%
23%
Fire
Atlanta
6s
Atlantic
5s_
99
100
97
5s
10
34%
36%
New Hampshire Fire... 10
43%
45%
45
48
26%
n %
5
Dallas 5s
100
Denver 6s
101
77%
First of Fort
Wayne
98
76
77%
First Texas of Houston 5s.
Flrst Trust of
Fletcher
Pacific Coast of Portland 5s
100
Pacific Coast of Los Ang 5s
Pac Coast of Salt Lake 5s.
Pac Coast of San Fran 5s..
Chicago 5s__
99
Pennsylvania
100
5s
78
Phoenix
102
Fremont 5s
Greenbrier 5s
100
Greensboro
_
100
6s
Illinois Midwest 5s
Iowa of Sioux City 5s.
-
100
La Fayette 5s
91
Joint Stock
Par
Bid
Atlanta
•
Dallas
5s
101
100
5s...
_
70
/22
97%
5s
*-
St Paul Fire 4 Marine..25
5
39
41
Seaboard Fire 4 Marine..5
10%
19%
25
18
100
Virginia-Carolina
Federal Intermediate Credit
6«
5
*
40c
100
60
F I C 1 %s
Dec
Bank
Debentures
Ask
Bid
FICl%s.__ Jan
F I C 1%8__.Feb
...
F I C l%s
F T C 1 %s
A si
6
27%
8
Par
Bid
..100
80
National Bronx Bank ...50
National Safety Bank .12%
20
24%
15%
17%
City (National)
43
12%
50
45
Bank
136% 139%
6%
7%
36
38
26
27%
U S Fidelity 4 Guar Co..2
U S Fire
4
10
73%
76%
U S Guarantee
..10
57%
56%
59%
75
78
Westchester
2.50
36
38
Fire
19
Ask
Bid
Nat Union Mtge
78%
2-5s
2-6s
54
m
nm
m
20%
59%
Ask
1953
43%
77%
"(Central
Nat
rs4%
1
76%
(all
1953
75%
•mmm
Potomao Cons Deb Corp—
2-6s
1953
40
43
40
43
40
43
_
_
m mm
2-6s
.
..1953
-
Potomac Maryland Deben¬
1953
79
...
part ctfs
ture Corp 2-6s
Potomac
/36
Funding series)
Bondholders
Corp
Potomac Franklin Deb Co
Mortgage Bond Co of Md
Bondholders
Bond
Potomac Deb Corp 2-6s '53
45%
41%
Mtge Co 5%s 4
6s—......1934-43
Nat
Potomao
50
1954
Series B 2-5s
---
Home
Inc 2-5s
1954
Issues) 2-5s
Cont'l Inv Bd Corp 2-5s '53
Cont'l InvDebCorp 2-6s *53
-
Corp—.
Series A 2-6s
Realty
Bondholders part ctfs
(Mtge Security series)..
M.
M.
-
«B
/31.
<
74
40
4
Atlantic
40
43
40
43
Mortgage
2-68
1953
■
Union Mtge Co 5 %sA 6s'37
Universal Mtg Co 6s *34-'39
34
-
deb
Bond
-
Nat
Nat Cons Bd Corp 2-5s '53
Nat Deben Corp 2-68.1953
Realty
67
Debenture Corp 2-6s '53
part ctfs
/31
1953
/55
/55
...
43
Telephone and Telegraph Stocks
Bid
Ask
Par
123
100
New York Mutual Tel. 100
127
Teieg (N J) com.*
N'west Bell Tel pf 6 % % 100
Pac A Atl Telegraph
25
Peninsular Telephone com*
147
149
124
126%
91%
100
Clncin & Sub Bell Telep.60
Cuban felep 7% pref__100
89%
63
Franklin Telegraph
100
Gen Tel Allied Corp S6 pf.
Int Ocean Telegraph... 100
44
47
Preferred A
100
Roch Telep S6.50 1st pf.100
w
—
«
48
99% 100%
So 4 Atl Telegraph
Sou New Engl
Telep
106
146
Wisconsin Telep
New England Tel 4 Tel 100
129
131
Sterling Nat Bank A Tr.25
35
First National of N Y..100 2085
2125
36%
Trade
22
102
117
28
Bank..—.,
-12%
27
0
For
Footnotes
see
page
1080
Preferred
114
24
143
Telegraph.
112
158
Mtn States Tel & Tel. .100
Lincoln Tel &
21
21
49%
11%
19
20%
21%
109% 111%
156
10%
59
Ask
25
25
47%
Public National
.
Bid
117% 119%
100
...25
191
1020
553
S'western Bell Tel pref. 100
Tri States Tel 4 Tel-
185
60
543
...10
990
Flatbush National.....100
Kingsboro National
100
100
Exchange
Peoples National
Fifth
100
530
Travelers
Penn
Commercial National.. 100
Avenue
500
...5
10
Emp & Bay State Tel.. 100
Ask
Merchants
60
48
100
Bell Telep of Canada.. 100
34
13.55
Sun Life Assurance
Bell Telep of Pa pref
32
Chase
Stuyvesant
10
Par
54
«►
Springfield Fire 4 Mar..25
11
24
27%
Arundel Bond Corp 2-5s '53
Arundel Deb Corp 2-68 '53
Associated Mtge Cos Ino—
:::
Bank Stocks
Ask
50
28%
20
*78%
15 1937 6.65%
151937 6 .70%
B-nk of Yorktown_.66 2-3
National..50
'
22%
.65%
15 1937 6 .60%
Apr
Bank of Manhattan Co. 10
Bensonhurst
28
15 1937 6.50%
'15 1937
Mar
FIC l%s—July
York
Bid
37%
26
10
Preferred
Par
31
36%
10
1953
Am Dlst
New
29
10
Southern Fire
.1
(M tge Guarantee series).
.36%
Seaboard Surety
Security New Haven
10
53
Bid
24
Virginia
16 1936 6.40%
15 1936 6.40%
13
10
...
All series
4
100
6
F ] C 1 %s___Nov
14
215
80
Allied Mtge Cos Ino—
-
Ask
100
3
15 1936 6.30%
15 1936 6 .30%
210
51
5
Fire
Debenture
Potomac
1
15 1936 6
12%
76
15
.
5
~
98%
Pennsylvania
San Antonio
2
Oct
32
10
•
100
Carolina
Fremont
F I C 1 %s
27%
29
26
American
Surety Guaranteed Mortgage Bonds and Debentures
.»
98%
...100
First Carollnas...
FIC l%s___Aug
F I C 1 %s
Sept
26
Rochester
24
Hartford Fire
Stocks
Par
North
Bid
42%
10
Harmonla
100
97%
Bank
37
2
21%
Rossla—
25
100
5s
Union of Detroit 5s
Lincoln
70
92
20
40%
.
72
Virginian 5s...
68
5
Providence-Washington 10
Republic (Dallas)
10
23%
Hartford Steam Boiler.. 10
35
Antonio
Ask
1
88
22
17%
123
126% 130%
110
Accident
29%
no
Land
65
Moines
120
25
22%
100
101
25
65
Denver
100
100
33
100
Natlonal.25
1
Hanover Fire
<-
—
100
5s
Virginia-Carolina
94
m
-t
103
15
Atlantic
Des
«.
m
„
Tennessee
99
27%
5
•
Southern Minnesota 5s
80
—
«■
100
5s
Southwest
100
Kentucky of Lexington
'
/32
San
imkmm
97
Illinois of Montlcello 5s
'*
'
78
'
Potomac 5s
_
81
Northwestern
Phoenix
Preferred
96
2.50
Pacific Fire
12%
20%
12.50
River
Alliance
Hamilton
*
St Louis 5s
■
-
50
2
Northern
13%
99% 101%
31%
33%
Great Amer Indemnity
Halifax Fire
98%
100
88
94
98
5
Great American...
100
97%
91
100
9%
119%
2d preferred
99
99
Ohio-Pennsylvania 5s
92
5s_.
7%
47
20
New York Fire
North
116
Globe 4 Republic
5
Globe 4 Rutgers Fire...15
-
/56
89
First of Montgomery 5s
First of New Orleans 5s
a. —
•
*«•
'
85
5s
5%
45
10
Glens Falls Fire
100
Oregon-Washington 5s____
First Carolines
98
100
5s._
North Carolina 5s.
79
28%
.
Jersey
Georgia Home..
Ask
96%
New York 5s
8%
4%
43
New Brunswick Fire
General
100
Maryland-Virginia 5s
Mississippi-Tennessee
100
6s_.
13%
New
29%
Franklin Fire
Louisville 5s
*
11
137
28%
Fireman's Fd of San Fran25
Bonds
Lincoln 5s
^
12%
44%
27%
Fidelity A Dep of Md_._20
Fire Assn of Philadelphia 10
Teletype CGO. 437
Bid
100
9%
133
2
26%
Federal..
Bank
2
42%
*
Ask
100
Burlington 5s
California
Chicago
Land
20
10
Firemen's of Newark
Hid
12%
19%
70%
17%
67%
10
Excess
Joint Stock
10%
10
10
Connecticut Gen Life...10
Continental Casualty
5
2%
Employers Re-Insurance 10
State 0540
59
City of New York.
Bought—Sold—Quoted
St., Chicago
3%
55
National Liberty
National Union Fire
New Amsterdam Cas
6
Carolina
Eagle Fire...
120 So. La Salle
Casualty
17
55
National Fire
97% 101%
25
6
8%
75%
52
Merch A Mfrs Fire New'k 6
National
6
74%
14%
Mass Bonding 4 Ins..12%
Merch Fire Assur com.2%
American Surety
MUNICIPAL BONDS
MUNICIPAL BOND DEALERS
,
Ins Co of North Amer..10
16%
Boston
.
36%
10
Importers A Exporters...5
14%
.
Baltimore Amer
27%
11
10
Automobile.....
37%
25%
89%
26%
33%
Ask
35%
4%
10
American Reserve
101% 102%
10213,6 103
106% 107%
Bid
...
55%
.2 %
American Re-insurance .10
105%
JOINT STOCK LAND BANK BONDS & STOCKS
,
Par
-
Home
Home Fire Security
Homestead Fire
31%
86%
25%
33%
10
American of Newark
104
53%
Equitable.....5
American Home
Ask
!
Ask
100
25
American Alliance
Federal Land Bank Bonds
Bid
Bid
Aetna Casualty 4 Surety 10
Aetna Fire.
...10
Aetna Life
I
10
111%
113%
113
Conversion 3s 1947
Insurance Companies
3.00
Kf
7% pf.100
124% 126%
10%
115%
11%
Financial
1058
Aug. IS
Chronicle
1936
Quotations on Over-the-Counter Securities—Friday Aug. 14—Continued
DEFAULTED
Railroad Securities
Guaranteed Railroad Stocks
Offerings Wanted
Walkers Sons
Members T^rw York
DUNNE & CO.
Stock Exchange
Members New York Security Dealers Ass'n
Dealers in
120 Broadway
Tel. REctor
20 Pine Street, New
JOhn 4-1360
York
GUARANTEED
NEW YORK
2-6600
STOCKS
Since1855j,
*-■
'
■
BONDS
RAILROAD
Guaranteed Railroad Stocks
(Guarantor
Bought
In Parenthesis)
Par in Dollars
i
Common
5% stamped
Bid
95
10.60
177
182
6.00
103
2.00
106
139
8.60
6.00
95
99
90
60
25
100
100
100
Michigan Central (New York Central)
100
Morris A Essex (Del Lack A Western)--60
New York Lackawanna A Western (D L A W)—100
2.00
46
48
,5.60
87
90
10.00
190
195
4.00
77 y2
75>*
950
60.00
3.876
1100
68
66
6.00
95
98
60
4.00
101
103
100
—60
--60
Western)
S Steel)
18
20
4.50
67
70
1.50
40
42
50
3.00
76
80
(Pennsylvania)--100
7.00
165
170
—100
Rensselaer A Saratoga (Delaware A Hudson)
100
St Louis Bridge 1st pref (Terminal RR)
100
Second preferred
100
Tunnel RR St Louis (Terminal RR)
100
United New Jersey RR A Canal (Pennsylvania)
100
Utlca Chenango A Susquehanna (D L A W)
100
Valley (Delaware Laokawanna A Western)
100
Vlcksburg Shreveport A Pacific (Illinois Contral)—100
Preferred
100
Warren RR of N J (Del Lack A Western)
;—60
West Jersey A Sea Shore (Pennsylvania)—.
60
7.00
Preferred
Pittsburgh Fort Wayne A Chicago
Preferred
Association
Bell System Teletype NY 1-624
Bonds
182
6.90
186
102
6.00
2148
3.00
104>$
74^
3.00
254
"77
2148
10.00
Bid
Asked
102
100^
6.00
48
Pittsburgh Bessemer A Lake Erie (U
•
99
88
Oswego A Syracuse (Del Lack A
HAnover 2-2455
•
Railroad
97
2.00
Old Colony (NYNHA Hartford)
York
56^
3.60
Northern Central (Pennsylvania)
41 Broad St., New
Zl44
3.00
(Pennsylvania)
Fort Wayne A Jaokson pref (N Y Central)
Georgia RR A Banking (L A N-A C L)
Lackawanna RR of N J (Del Lack A Western)
Request
142
4.00
Delaware
on
39K
38K
8.75
100
Central)—100
60
stock
Quoted
Members J^ew York Security Dealers
98
—60
Betterman
—
E. SLOANE & CO.
JOHN
Asked
G.00
Alabama & Vlokaburg
Chicago Cleve Clno A St Louis pref (N Y
Cleveland A Pittsburgh (Pennsylvania)
Sold
Earnings and Special Studies
Dividend
(Ullnola Central)
100
Albany A Susquehanna (Delaware & Hudson)
100
Allegheny A Western (Bull Koch & Pitts)
100
Beech Creek (New York Central)
50
Boston A Albany (New York Central)
.->100
Boston A Providence (New Haven)
100
Canada Southern (New York Central)
-—.100
Carolina CUnchfleld & Ohio (L A N-A C L) 4%
100
—
258
6.00
87
6.00
100
6.00
80
"83
5.00
83
86
3.60
51
55
3.00
6734
70
90
76
1945
6s.
—
105
10534
64
434a, 1944
Convertible 6e, 1940-45
87
—
———
90
85
Buffalo Creek 1st ref 5s, 1961.
Choctaw A Memphis, 1st 5s,
80
84
—
69
f 67
1952
10134
10034
9734
1st 5s. 1965—
Terminal A Valley 1st 4s, 1995
Cincinnati Indianapolis A Western
98
67
66
Georgia Southern A Florida 1st 5s, 1945
Goshen A Decker town 1st 5348. 1978
101
_
1946—
Kanawha A West Virginia 1st 5s, 1955
Kansas Oklahoma A Gulf let 5s, 1978
90
88
—
10234
10434
10134
103 34
—
1965----
40
/35
1st 4s, 1939
10434
—
Maryland A Pennsylvania 1st 4s, 1951
Meridian Terminal 1st 4s, 1955
Minneapolis St Paul A Sault Ste Marie 2d 4s, 1949
Montgomery A Erie 1st 5s, 1956
New York A Hoboken Ferry general 5s, 1946
78
76
54
Portland RR
1st
93 h
334s, 1951
Consolidated 5s,
—
—
Hoboken Ferry 1st 5s,
Little Rock A Hot Springs Western
-
10334
10234
————————...
1942
Chateaugay Ore A Iron, 1st ref 4s,
1st 5s,
84
84
Prior lien
69
81
Prior Hen 4s, 1942
Macon Terminal
,****.
101
3s, I960-—
Boston A Maine
79
»o
1953
Birmingham Terminal 1st 4s, 1957
Boston A Albany 1st 434s, April 1 1943
Augusta Union Station 1st 4s,
Cleveland
77
7434
5348, 1945
Akron Canton A Youngs town
58
95
77
7434
-
79
75 34
92
91
1945
Terminal 434s, 1957
St Clair Madison A St Louis 1st 4s. 1951
Shreveport Bridge A Terminal 1st 5s, 1955——-—.—
Somerset Ry 1st ref 4s, 1955
—
————
9234
9034
87
Island-Frisco
Rock
95
93
'
91
Southern Illinois A Missouri Bridge 1st 4s. 1951
EQUIPMENT TRUST CERTIFICATES
92
■
9654
—
9734
11134
354s. 1946
Toledo Terminal RR 434s. 1957
Toronto Hamilton A Buffalo 4348, 1966
Union Pacific debenture 334s, 1971
Washington County Ry 1st 334a, 1954
Southern Pacific secured
Quotations—Appraisals Upon Request
66
62
11234
9634
98
99
99 34
67
—
69
Stroud & Company Inc.
Private Wire* to
Philadelphia, Pa.
New York
GARLOCK PACKING COMPANY
Railroad
Quotations and Analysis
Equipment Bonds
Bid
Bid
Ask
64.25
2.60
63.75
2.60
New Orl Tex A Mex
64.25
3.75
New
62.85
2.00
62.85
2.00
63.20
2.25
63.20
2.25
64.50
3.75
61.75
1.00
Baltimore A Ohio
63.00
2.00
5s
63.00
2.00
63^8
63.50
2.50
63.50
2.50
63.30
2.25
63.00
2.00
63.00
2.00
6e
Boston A Maine
434s
6s
334s Dec 1 1936-1944..
Missouri Pacific
434a
-
434 8—
York Central 434s—
5s
N Y Chlo A St L
Canadian National
434s_.
6s
63.00
2.00
Cent RR New Jer 434s__.
62.00
1.25
Chesapeake A Ohio 5348-.
61.50
1.00
Canadian Pacific
434s
434s
5s
'
NYNHA Hartf 434s
58—
434s
Pennsylvania RR 434s
61.00
0.50
2.00
1.00
65.00
4.00
65.00
6s
Chic Milw A St Paul 4>4s.
5s
...
Chicago RIA Pao 4348—.
6s
4.00
Alabama Power $7 pref._»
80
82
1.00
93 H
9434
1.00
62.85
2.00
254s series G
6.00
Pere Marquette
6.00
Reading
73
69
73
2.00
2.00
62.75
434 s
Co 434s
62.75
63.00
non-call Dec 1 1936-60
66.75
66.75
69
1936-49
2<
62.76
5s
85
St Louis-San Fran 4s
2
90
434s-«——
Denver A R G West
434s_.
65 00
3.76
6s
65.00
3.75
534s
65.00
3 75
Erie RR
6s
63.00
634a
/.oO
62.00
1.U0
4348
63.00
2.50
6s
63.00
2.50
61.75
1.00
J
—.
85
90
5fl
85
90
—
534s
Pacific
434s
62.65
434s
1.75
63.25
5s.
2.50
63.00
5s
1.75
63.00
1.75
62.75
2.00
62.75
2.00
Illinois Central
62.85
2%
5S
62.50
1.50
62.25
62.00
1.00
64.50
3.50
63.00
2.00
6s
1.50
534s
Texas Paclflo 4s
6s
1.75
61.75
1.00
1.00
63.50
534s
2.50
63.50
Minn St P A S 8 M 4s_—,
4348
2.50
65.00
4.00
65.00
4.00
Wabash Ry
1.00
6s
For footnotes see page
1060.
11
|
83
11034
10634 10734
109
51
53
105
106
100
10634 107 34
100
6% preferred
6.60% preferred
10634 10734
Continental Gas A El—
100
99
101
100
112
115
Derby Gas A Elec $7 pref. *
67
69
7%
preferred
Dallas Pr A Lt
7% pref
.
195
95
102
Gas A Elec of Bergen..100
HamUton Gas Covtc
122
10234
Hudson County Gas
195
102
62.50
2.00
62.50
2.00
Essex-Hudson
Gas
100
Idaho Power $6 pref
7%
preferred
»
100
10934 11034
110
111
54
55
4.00
2434
26
23
24
Par
Ask
Lawyers Mortgage
20
Bid
X
niinois Pr A Lt 1st pref.
Interstate Natural Gas.
pref.*
Jamaica Water Sup pref .50
Jer Cent P A L 7% pf__100
4.00
55.00
101
Kan Gas A El
7% pf—.100
Kings Co Ltg 7% pref. 100
Long Island Ltg 6% pf.100
Ask
X
7% lreferred
100
LosAngQ A E 6% pf..l00
Memphis Pr A Lt $7 pref.*
Mississippi P ALS6 pf---*
54
34
Interstate Power $7
65.00
Western Pacific 5s.
7934
78
5434
103"
11134 114
99 34
97 34
80
8134
9034 92 34
10634 108
88
90
88
8934
34
19
17
7
112
100
122
Newark Consol Gas
78
11534
32
26
9734
114
5
80"~
80
83 34
44
preferred
Nassau A Suff Ltg
75
78
—100
7%
9934 100 34
93
9434
.100
Realty, Sure ty and ftMortgage Compcinlej
Bid
B...100
pref--. 100
74 34
Mountain States Pr com.*
2554
Foreign Lt A Pow units. _*
1.00
V.
Par
$6.50 preferred
Consol Traction (N J) .100
Consumers Pow $5 pref__*
Mo Pub Serv $7
pref. 100
78
101
100
434a
1
5348
Empire Title A Guar—100
7% pref.. 100
12 34
13
Ask
Bid
80
preferred
pf—100
Nebraska Pow 7% pf--100
99
434s
Western Maryland
5s
100
$7
Miss Rlv Pow 0%
7
121
100
534s
Maine Central 5s
6% pf 100
preferred.-.
Par
Mississippi Power $0 pref—
113 34 115
10034
6s
61.75
0.75
61.75
5s
434s
0.75
61.60
61.75
6s
Virginian Ry 434s
i
Louisv A Nashv
61.60
Union Pacific 434s
62.50
$7
Columbus Ry Pr A Lt—
1st $6 preferred A.—100
434s
5^8
Cent Maine Pow
Cent Pr A Lt
1.00
6s
*
Cent Ark Pub Ser pref .100
1.75
1.00
Internat Great Nor 434s
Long Island 434 s
preferred
3.50
61.75
434s
.
6%
3.50
61.75
5e
12
64.75
Hocking Valley 6s
Great Northern 434s
534
1134
preferred
62.66
-
Southern Ry
orig pref—*
preferred
*
*
Atlantic City El $6 pref..*
BangorHydro-El 7 % pf 100
Birmingham Elec $7 pref.*
Buff Nlag A E pr pref..-25
Carolina Pr A Lt $7 pref. *
$7
64.75
St Louis Southwestern 5s
Southern
Assoo Gas A El
1-
Utility Stocks
Arkansas Pr A Lt $7 pref.»
$6.50
Jan A July
Teletype
N.Y.
Ask
Bid
1.25
4s series E due
62.00
Par
3.75
62.00
5s
62.60
Public
64.50
62.00
634s
434a
INC.
HA™eSh2-T282 52 William Street, N.Y.
62.00
—
————
Northern Pacific
6s
Chicago A Nor West 434s.
ROBINSON, MILLER & CO
3.00
63.75
Atlantic Coast Line 4348-.
4^s
Ask
Pf-#
N E Pow Assn 0% pf—100
New Eng Pub Serv Co—
$7 prior lien pref--—.-*
New Jersey Pr A Lt $0 pf .*
New Orl Pub Serv $7 pf—*
N Y Pow A Lt $6 cum pf.*
7% cum preferred
100
N Y A Queens E L P pf 100
Nor States Pr $7 pref. .100
Ohio Edison $6 pref
$7 preferred
*
Ohio Power 6% pref—100
Ohio Pub Serv 0% pf_.100
7% preferred
100
Okla G A E 7% pref—100
Paclflo Pow A Lt 7% pf 100
Penn Pow A Lt $7 pref—*
Philadelphia Co $5 pref..*
Pub Serv of Colo 7% pf 100
Queens Borough G A E—
6% preferred
100
Rochester G A E 7% B 100
6% preferred C
100
Sioux City G A E $7 pf.100
Sou Calif Edison pref B.25
South Jersey Gas A El .100
Tenn Elec Pow 8% pref 100
7% preferred
100
Texas Pow A Lt 7% pf.100
Toledo Edison 7% pf A 100
United Q A E(Conn)7% pf
United G A E (N J) pf.100
Utah Pow A Lt $7 pref.—*
Utlca Gas A EI 7% pf—100
New Eng G A E 534%
Virginia
Ry
---100
46 34
34
3434
•
-
3734
38
7834
79
48 34
4934
105
62 34
105
*
-
64 34
10634
11334 115
109
92 34
9534
10634 10734
111
11134
111
113
10234 10434
10534 107 34
10934 11134
9134
110
88
107
9134
107
93
11034
90 34
...
9234
-
--
104
105
97
99
2834
29 34
195
6934
7934
100
70 34
8034
108
10934 111
93 34
9534
72
7734
7834
10234 10434
137
140
Volume
Financial
143
Quotations
Over-the-Counter Securities—Friday Aug. 14-Continued
on
Securities of
Specialists in —
the
Associated Gas & Electric
System
Water Works Securities
,
Complete Statistical Information—Inquiries Invited
CO.
8. A. O'BRIEN &
V
Swuit.Brent&O).
Members New York Curb Exchange
,
75 FEDERAL ST.,
150 BROADWAY, NEW YORK
BOSTON
INCORPORATED
HANcock 8920
COrtlandt 7-1868
-'
Telephone between New York and Boston
Bell System Teletype—N.Y. 1-1074
'
PLACE, NEW YORK
Teletype: New York 1-1079
EXCHANGE
40
Direct Private
'
V
1059
Chronicle
Tel.: HAnover 2-0510
Public Utility Bonds
OFFERINGS
Bid
Amer States P 8
5%s.1948
81%
Amer Wat Wks & El 5s *75
Aria
Edison 1st 6s
1st 6s series
101
Bid
Ask
83%
102
1948
85
86%
1945
A
93
95
Ark Louisiana Gas 4s. 1951
68
Associated Electric 5s. 1961
69%
46%
48
4%s '58
Conv deb
108% 108%
1960
4%s
37%
Mtn StStes Pow 1st 6s 1938
37%
40%
38%
41%
Narcagansett Elec 3%s '66
Newport NSfe Ham 6s. 1944
43
44
New Eng G & E
5s...1962
75
New York Cent Eleo 5s '52
1973
75
76%
N Y Edison
1973
4%s
Conv deb 6s
81
83
Conv deb 5%8-__._1973
86
45%
Sink fund Inc4%s._1983
Sink fund Income 5s 1983
3%s
ser
E '66
1st & ref mtge 3 %s_
1966
Northern N Y Utll 58.1955
Old Dom Pow 5s May 15'51
48
99
73
98% 100
102
Bellows Falls Hy El 5e 1958
Blaokstone V G & E 4s *65
Bid
105% 106
64%
66%
t
Cent Ark Pub Serv 5s 1948
99
106%
102
105% 106%
106%
84""
/82
103% 103%
ser
107
105%
106%
San Diego Cons CAE 4s '65
Sioux City Gas & El 4s 1966
109% 109%
100% 101
Sou Calif Gas 1st 4S..1965
106% 106%
105%
Sou Cities Utll 5s A
79
80
84
1953
«.
-
81
80
1958
61
62%
S'western Gas & El 4s. 1960
Conn River Pr 3%a A
1961
105% 106
Tel Bond & Share 5s..1958
Consol E A G6s A
1962
63
Utica Gas & El Co 68.1957
124
106% 107
Virginia Power 5s
106
/45
Wash A Suburban 5 %s 1941
Western Pub Serv 5%s '60
100
102
82
90
92
107% 107%
Green Mountain Pow 5s *48
103% 105
West Penn Pr 3 %s ser I *66
Western Mass Co 3%s 1946
Iowa Sou Utll 5%s...l950
101
Wisconsin G A El 3%sl966
Wiso Pr A Light 4s
1966
103% 104
Wise Mich Pow 3%s_.1961
103% 104%
3%s '65
Federal Pub Serv 1st 6s '47
Federated
Utll
5%8..19S7
80
102%
1942
103% 103%
83%
85%
103% 103%
1st mtge
1964
6%s series A.......1954
99%
99%
950
102
104
New Roohelle Wat 5s B '51
90
94
105%
102% 103%
103% 105
Citizens Water Co
inquiries for copies of
AMOTT,
1951
City of New Castle Water
5%sseries A...
BAKER
150 Broadway,
102
*»
U
103%
Real Estate Bonds and Title Co.
Bid
/49%
52%
/31
N.Y.
V
w
"
/28%
6s
1948
i
.1947
90
1945
-
Munson Bldg 1st 6%s.l939
00
64%
N Y Athletlo Club—
77
1st mtge 2s stmp Areg'55
1st A gen 6s
1946
91%
N Y Eve Journal 6 %s_ 1937
Apr 28 1940
/54%
56%
(The) 1st 6s...1941
m.%
34%
N Y Title A Mtge Co—
6 %s series BK
30%
1948
101
1948
103
106
Pinellas Water Co 5%s '59
99
84%
86%
Pittsburgh Sub Wat 5s '58
103
6s series A
1946
89
91
Plalnfleld Union Wat 5s '61
Richmond W W Co 58.1957
-
~
108
108
105%
•
100%
—.
i-
__
94"
1950
92
95
97
Roch A L Ont Wat 5s. 1938
101
100
St JosephWater 4s sel9A66
Scran ton Gas A Water Co
104% 105%
1958
103% 104%
Roanoke W W 5s
.....1958
1958
4%s._
101
—
98
Consol Water of Utlca
....1942
1942
1960
D
1952
..1954
1962
4%s
105
101% 103%
104
105%
103%
....1958
6s
Scranton Spring Brook
Water Serv 6s...1961
1967
1st A ret 5b A
Sedalla Water Co 5%s
'47
South Bay Cons Wat 5s *50
Sou Pittsburgh Wat 5s *55
105
100% 102
100
102
5s series A
.1960
105
107
5s series B
1960
Terre Haute Water 5s B '66
108
1949
6s series A
102%
103
j* -
Texarkana Wat 1st 5s. 1958
101
102%
100
101
102%
77
102%
102
79~"
..
.
...
104%
102%
103% 104%
_
Union Water Serv 5 %s '51
Water Serv Cos lno 5s. 1942
*
100% 101%
101% 103
West Virginia Water 5s
104%
102% 104
'51
102
100
....1950
1951
11)60
1st mtge 5s
101
97
Western N Y Water Co—
5s series B
98
.
103
W Va Water Serv 4s__1961
1st mtge 5%8
98
100%
98
100%
101%
Interstate Water 6s A. 1940
102%
Jamaica Water Sup 5 %? '55
106
108
Westmoreland Water 5a *52
102% 104
1967
104
105%
Wichita Water Co 5s B. *56
102
Joplin W W Co 5s
Kokomo W W Co 6s.. 1958
Lexington Wat Co 5%s '40
„
_
.1960
5s series C
104%
99% 101%
1949
6s series A..
W'msport Water 5s... 1952
iS*
104%
..
...
103
103%
34%
34%
72%
30%
1947
Eqult Off Bldg deb 5s. 1952
Deb 5s 1952 Legended
50 Bway Bldg 1st 3s inc '46
78%
80%
79
8d%
5,1
__
/45%
-
unstam ped
1949
502 Park Ave 1st 6s..1941
53'
38%
57%
5%s series Q—
1 Park Ave 6s__Nov 6 1939
103 E 57th St 1st 68.. 1941
26
1947
Film Center Bldg 1st 6s *43
165 Bway Bldg 1st 5%s '51
Co
71%
73~"
73
1958
^..1939
76
5%8 double stpd.-.1961
Realty Assoo Sec Corp—
46%
/43 %
Fox Theatre A Off Bldg—
10%
Oct 1 1941
68
1944
1949
Graybar Bldg 5s
1946
Harrlman Bldg 1st 6s. 1951
Hearst Brisbane Prop 6s '42
/48
66%
5%s unstamped
Savoy Plaza Corp—
Realty ext 1st 5%s.l945
68%
67
90%
92%
/59%
Hotel St George 4s
1950
Kelth-Albee Bldg (New
50
1936
Lefcourt Manhattan Bldg
62
74%
Rochelle) 1st 6s
1st 4-5s extended to 1948
64%
1940
12
70
50
65
Lexington 1st 6s '43
65%
52%
Par
54~"
6s
52
--
67%
1st 5%s
1945
May 151948
60 Park PI (Newark) 6s *37
616 Madison Av 1st 6%s'38
61 Bway Bldg 1st 6 %s 1950
General 7s
...1945
Syracuse Hotel (Syracuse)
1st 6%s
Oct 23 1940
Textile Bldg 1st 6s....1958
/50
Lincoln Bldg lno 5%s.l963
Loew's Theatre Realt Corp
;
66
-r
Trinity Bldgs Corp—
lst5%s
/50%
94
--
-
5%
41%
/18
20
Oct 19 1938
15%
37%
12%
54
/18
20
7%
56%
3
24
51%
/II
/61%
/52
/27%
Bid
11%
24"
110%
100
♦
100
100
100
121
121%
pref...100
105
Melville Shoe—
4%%
preferred
Miller (I) Sons com
6%% preferred.
Murphy (GO) $5 pf
4
7
30
34
103
17%
19
Nelsner
Bros
pref
Reeves (Daniel)
112
Kobacker
Rose 5-10-25C Stores.....5
115"
100
100
Schlff Co preferred
100
United Cigar Sts 6 % pf. 100
103
105
*
Stores
103
*
9
0
Kata Drug
12
109
0
7% pref.
preferred..
Green (H L)
Ask
100
3
25%
88
--
U 8 Stores preferred...
100
24
27
23%
6% pref otfs
53%
26%
2
5
15
Sugar Stocks
54~~
Par
66"
Cache La Poudre Co.. ..20
Eastern Sugar Assoo..
.
Preferred
—
Haytlan Corp Amer..
.
/72%
(S H) 6% pref
Lerner Stores pref
172
*
54%
21%
104% 106%
3
64
1st fee A leasehold 4s '48
14%
35%
11%
*
98
1st 6%s
j
-
)
51
Walbridge Bldg (Buffalo)—
52%
Par
15
4%
/39%
1939
Westinghouse Bldg—
t-t- 00
99
►
/49%
2 Park Ave Bldg 1st 4s 1941
93
Ask
14
)
7%
51
Bid
►
Sherry Netherland Hotel—
•
Bldg—
Apr 15 1937
•
Chain Store Stocks
66%
►
1943
income
1st fee A 1'hold 6 %s.
Fuller Bldg deb 6s
32%
n
Roxy Theatre—
6s
1400 Broadway Bldg—
1st 6%s stamped... 1948
/30
Store Securities
Chain
Prudence
/49%
Boston
/40
19th A Walnut Sts (Phlla)
1st 6s
July 7 1939
Oliver Cromwell (The)—
1st 6s
Nov 15 1939
52d A Madison Off Bldg
-
46%
/56%
29%
6%s
NEW YORK
-
57 William St.
/37%
45 %
500 Fifth Avenue—
Chicago
101
5%s series F-l
8
n
1st A ref 5 %s
BURR & COMPANY Inc.
36%
36%
5%s series C-2
"
East Ambassador Hotels—
99%
..1948
Prior lien 5s_
Phlla Suburb Wat 4s_.1965
-
-
1st consol 4s
1st consol 5s
-
••
Metropol Playhouses lno—
Court A Remsen St Off Bid
'40
Ask
93
0
68%
8 f deb 5s
1942
1936
106
100% 102%
95
42
75
Ludwig Bauman—
1st 6s (Bklyh)
1st 6%s (L I)
1950
1st A ref 5s
102%
Illinois Water Serv 5s A *52
Mortgage Certificates
/40
Chrysler Bldg 1st 6s.. 1948
London Terrace Apts 6s
--
102% 103%
1946
5s
Bell System Tel.
N Y 1-588
6s
1947
'62
6%s series B.
6s
/66%
62%
I st 6s—
96
Metropolitan Corp (Can)—
1st leasehold 6%s..l£
Broadway Motors Bldg-
1st 6%s
94
93%
91%
5%s series A.
1947
Community Water Service
5 %s series B
1977
Huntington Water 6s B *54
Bid
33
Barclay 1st 6s. 1941
Certificates of deposit...
Lewis Morris Apt
101
105%
1952
Hackensack Wat Co 5s *77
Metropolitan Chain Prop—
B'way A 4l8t Street—
Hotel
99
if>1%
Jo 5%
101%
1957
1st 5s series C
58 series B.
& CO.
Majestic Apts 1st 6s.. 1948
/42%
1st 6%s
108
Ohio Water Service 5s. 1958
102
Peoria Water Works Co—
6s serels A
our compre¬
Ask
Jan I
Broadmoor (The) 1st (
40 Wall St Corp 6s
42 Bway 1st 6s
»
95
91
99
Penna Water Co 5s...1940
1st mtge 3%s
1966
Indianapolis W W Secure—
v
-
99% 101
Penna State Water 5 %s
Indianapolis Water
N
'
Newport Water Co 5s. 1953
Ohio Cities Water 5 %s *53
Ohio Valley Water 5s. 1954
103
1941
5s
City W (Chat) 5s B...1954
6s series
INCORPORATED
6s
~
Ore-Wash Wat Serv 5s 1957
(Wash)
...1951
5s
104% 104%
hensive statistical reports on real estate issues.
Dorset
1951
5%s
Butler Water Co 6s...1967
Greenwich Water A Gas—
1st 6s
103
.
Real Estate Securities
B'way
1950
New Jersey Water 5s.
Calif Water Service 4s 1961
6s series B
Alden 1st 6s
Monongahela Valley Water
105
103
5s series A
2360
i
■
102%
100
5s series B._
E St L A Interurb Water—
BArclay 7
102
102%
104%
104
Davenport Water Co 5s *61
We invite
100
6%s
Water Works
5s series C
1957
1st mtge 5s
.1961
4s._
109
Morgantown Water 5s 1966
Muncle Water Works 6s '65
Birmingham
ConneltsvlUe Water 5s. 1939
Wisconsin Pub Ser
1
107
Commonwealth Wat (N J)
58 series C..1
1957
107% 107%
Edison EI HI (Bos)
103% 104%
103%
105
Middlesex Wat Co 5 %s' 57
Monmouth Consol W 5s '66
Clinton W Wks Co 68.1939
Columbus Ry P & L 4s *66
62
_
New York Wat Serv 6s '51
85
107
G '60
Colorado Power 5s
106
107%
91%
93%
105% 105%
Central G & E 6%8—.1946
1st Men coll tr 6s
1946
Cent 111 Light 3%s.._1966
Cent Ind Pow 1st 6s A 1947
102
Chester Wat Serv 4%s '58
Public Serv of Colo 6s. 1961
Pub Serv of N H 3 % a D '60
Pub Utll Cons 6%s.__1948
100
Ashtabula Wat Wks 5s *58
Atlantic County Wat 5s '58
Ask
Long Island Wat 5 %s. 1955
105%
104
Potomac Elec Pr 3%s. 1966
110
Brooklyn Edison 3 %8. 1966
106
100
Alton Water Co 5s
1956
Bid
Ask
Alabama Water Serv 5s *67
103
3%s H '61
Penn
104
103
Water Bonds
102%
Parr Shoals Power 5s. 1952
Pacific Gas & El
-
100% 101%
Tel. 2-3761
75%
Telep Corp 1st 4s '65
Peoples LAPSES ...1941
55
1940
1854
PORTLAND, MAINE
103% 103%
106% 107%
Pennsylvania Elec 68.1962
Cent Maine Pr 4*
Est.
101
50
Sink fund inc 5%S-_1983
Inc.
(Maine)
H. M. PAYSON Sl CO.
105% 106%
Niagara Falls Power—
73
Sink fund Income 4s 1983
Participating Ss
Consumers Water Co.
70
36%
Income deb 4%s-._1978
Conv deb 4s
1973
Bonds of Subsidiaries
Water Works & Electric Co.,
American
102%
106% 106%
1st A gen
1978
Income deb 4s
First Mortgage
109% 110
4s_1970
Los Angeles G & E
Assoc Gas & Eleo Corp—
Income deb 3%s
1978
Income deb 3%s._.1978
54%
WANTED
Ask
5214
Metrop Edison 4s ser G '65
Monongahela W P Pub Ser
70
Assoc Gas A El Co
Serv 3s. 1951
Kan Pow & Lt 1st 4%s '66
Keystone Telep 5%s.l955
Long Island Ltg 5s—1955
100% 100%
Ark Missouri Pow 1st 6s '63
Kan City Pub
.1
1
Bid
24%
33
34%
»
74%
Fox footnotes see page
Ask
23%
19%
1060.
%
21
1%
Par
Savannah Sugar Ref
Bid
*
Ask
130
preferred
100
West Indies Sugar Corp_.l
130
7%
2%
3%
1060
Financial
Chronicle
Quotations on Over-the-counter Securities
Aug.
Friday Aug. 14-Continued
HAMILTON GAS CO. V T C
Specialists in all
Bought, Sold & Quoted
Investment
QUAW & FOLEY
30
Company Securities
DISTRIBUTORS GROUP.
NEW YORK
BROAD STREET
1936
15,
Members New York Curb Exchange
63 Wall
Telephone HAnover 2-9030
Street, New York
Incorporated
BOwling Green 9-1420
r
Kneeland & Qo.—Western Trading
Correspondent
REORGANIZATION SECURITIES
Investing Companies
ISSUED SECURITIES
WHEN
CD.
RIGHTS
Bid
Par
HAnover
2-8780
2.23
*
21H
22X
Amer Business Shares...1
Amerex Holding Corp
1.02
10
43
*
Amer 00m
Investment Tr of N Y...*
6X
1.08
4X
IX
4X
Keystone Cuat Fd Ino B-3
Major Shares Corp
*
Maryland Fund Ine com
23.34
4X
6X
4H
9.86
10.67
Mass Investors Trust.... 1
27.91
29.61
Mutual Invest Fund
1
16.34
17.86
Nation Wide Securities. .1
4.61
4.71
Assoc Stand Oil Shares—2
4.86
109.39 111.59
A...1
.32
".52
33.18
35.49
1
19X
20X
Canadian Inv Fund Ltd.l
4.20
4.60
Central Nat Corp cl A...*
Class B__
—♦
Co.
40
40
Century Trust Shares...*
C. E. UNTERBERG & CO.
10 X
Corporate Trust Shares.
.
2.88
.
3.85
2.65
ser B.
Diversified Trustee Shs B.
C
1920
Northern Securities
69
72"
41 X
44
14X
100
16
3X
x.98
1.09
1.73
1.90
13.54
14.04
4.90
5.20
Royalties Management...
.60
.75
1.74
*
1.90
3.91
2 .95
Selected Cumulative Shs..
40.12
5.32
116
Bell System Teletype
pf
*
22X
23H
21.37
22.26
Standard Am Trust Shares
4.30
4.55
1.12
1.21
conv
Spencer Trask Fund
Par
Inc
American
Arch
American
v t c._
Book
Bid
10X
*
67
Par
11X
Macfadden Publlca com..*
7l"
Maytag warrants
108
American Hardware
25
Ainer Maize Products
American
*
Mfg
100
Preferred
100
American Republics com.*
Andlan National
Corp
*
Art Metal Construction .10
Beneficial Indus Loan pf. ♦
Bowman-Blltmore Hotels
1st preferred
100
Canadian Celanese com..*
Preferred
100
Carrier Corp 7% pref.,100
Climax Molybdenum
*
Columbia Baking com....
81 cum prof.
Columbia Broadcasting A *
Class B
*
Crowell Pub Co
*
com
87 preferred.:
100
Dentists' Supply Co of N Y
Dictaphone Corp
*
Preferred
100
Dixon (Jos) Crucible... 100
Doehler Die Casting pref.*
Preferred..
.50
Douglas Shoe preferred. 100
Draper Corp
*
Flour Mills of America...*
33 X
17
20
28 J*
78
30 X
5H
16J4
52}4
18
Clair
(Robert) Co
.♦
*
*
com
Preferred;..
*
Gen Fire proofing
87 pf.100
Golden Cycle Corp.....10
Graton & Knight com
*
Preferred..
2
3X
118
122
Petroleum
13 X
26 X
Publication Corp com...,*
87 1st preferred
.100
57
58X
53
55
59
108 24
-
-
36
Stromberg-Carlson Tel Mfg
Sylvania Indus Corp
.*
Taylor Milling Corp.....*
8X
-
17
19
Trico Products Corp
*
44
72
Tublze Chatlllon cum pf. 10
Unexcelled Mfg Co..i. .10
103
IX
4X
5X
5X
5X
6X
6X
3224
35X
102
43 X
5X
47~~
7
2X
21X
100
Un N Y Bank Trust C 3..
1.65
Un N Y Tr Shs
1.27
1.38
Wellington
1.28
1.75
1.36
IX
24 X
.40
100
102
Preferred
..
White (S S) Dental Mfg.20
White Rook Mln Sprlng-
*
1943
f Flat price.
t Now listed
t Quotations
-
-
on
New
6X
17X
lHs
2s
River Bridge 7s
1953
Chicago Stock Yds 5s.l961
102
Debenture 3Hs
1951
Consolidated Oil 3Ha. 1951
ContlnentalRollASteel Fdy
1st conv
s
f 6s
1940
lHa
• I
IXb
crease
York
Cudahy Pack conv 4s. 1950
1st 3Xs
-
Deep Rock Oil 7s
1955
1937
Sept 1 1939
Haytlan Corp 8s
1938
Jones & Laughlin Steel—
4H3
1961
Journal or uomm
15 1937
15 1938
1
1939
624a. 1937
(Glenn
1948
L)
to
60
73
-
126
fl5X
101.6
18
t—- t—-
s
Registered coupon (serial).
Bx-dlvtdend
y
Now selling
Exchange.
on
New
'
NOTICES
Insurance in force
month, according to Walter LeMar
Decrease in net terminations of insurance amounted
$909,000, the greatest decrease of any month during the past 10 years
—Ira Haupt & Co., 39 Broadway, New
Ask
a
York, members New York Stock
chart of railroad earnings, showing total oper¬
100
100.3
83
6s...
1939
as
trustee under the first and con¬
solidated collateral trust mortgage of the International
88
Salt Co. is inviting
tenders for the purchase of bonds sufficient to exhaust the sum
108
which they have on hand in the sinking fund.
to the main office of the bank prior to Sept.
103 X 105
of $78,624.32,
Tenders should be delivered
15,1936, and must be at a price
not to exceed 105 and accrued interest.
98
41
N Y Shipbuilding 5s.. 1946
95
97
Reynolds Investing 5s 1948
Scovltle Mfg 524a
1945
89
91
1946
—The Chemical Bank & Trust Co.
101.6
/39
Nat Radiator 5s
of 1935, and for the first
five months of 1936.
101.10 101.14
101.4
The
chart also includes fixed charges for 1935, for each road, as well as the ratio
in which fixed charges were earned for the year
102.13 102.17 |
1
—Graham Adams,
'
been elected
106
/II
/15
17
/63
65
a
formerly President of Graham Adams & Co., has
Vice-President of The First New Amsterdam Corp. in charge
syndicate department.
13
Woodward Iron 5s..
of its
107
Std Tex Prod 1st 6 24a as *42
Struth Wells Titus 6Hs *43
Witherbee Sherman 6s '44
101.4
Ask
87.42
and 30% under that of July, 1935.
'
101X 102
71
*
of 4.6% over the corresponding period of 1935.
Talbot, President.
37 X
35X
conv
Merchants Retrlg 6s.. 1937
Federal Farm Mtge Corp—
lXs
15 1936
Aug
Aug
...Aug
June
Conv deb 6s
102 X 103
Stock
increased $257,000 during the same
Corp
Martin
97 X
b Basis prioe.
When Issued.
1942
ating revenue and net railway operating revenue of over 65 roads, for the
102X 103
97 X
10% gold rouble
—New paid life insurance of the Fidelity MutuaLLlfe Insurance Co. of
Kelsey Hayes Wheel Co—
97 X
SM
Ask
91.15 1
first six months of 1935 and 1936, as well as for the month of June.
102 X
96
7X
Philadelphia for the month of July, 1036. amounted to $2.214.000. an in¬
35
55
48
Commercial Invest Trust—
6X
Pomeroy Ino com—...
CURRENT
37 X
Bid
_
8X
45X
gold rouble bond equivalent to 77.4284 grams of pure gold.
per 100
-
5X
120
Home Owners' Loan
_
7X
43X
19X
16X
...100
Ask
f
Corp.......
104
25
98 X
s
First Boston
Sohoellkopf, Hutton A
York Curb Exchange,
100
46
1st
2X
Union of Soviet Soo Repub
87.42
No par value, a Interchangeable,
Coupon,
9
-35 X
100
87 1st preferred
97 X
Wks
4
20.68
27.38
13X
18 X
Wllcox-Glbbs common..50
0Hs
1941
Bear Mountain-Hudson
Arnold Print
18.86
Fund....,
40
Worcester Salt
111
rF
se
Investm't Banking Corps
Bancamerica-Blalr Corp..
.55
25.46
a
Miscellaneous Bonds
American Tobacco 4s. 1951
Am Wire Fabrics 7S..1942
1.36
3X
1X
1.39
Exchange, have prepared
Bid
1.95
3.25
1.28
Voting trust ctfs
1.45
1.52
7% gold rouble
2X
102
Young (J S) Co com...100
7% preferred..
100
120
1.64
1.33
Union of Soviet Soo Repub
45X
11X
7X
*
83 conv preferred
WJR The Goodwill Station
110
1.51
1.72
3.15
B
-•
109
2%
Welch Grape Juice pref .100
West Ya Pulp A Pap com.*
83 cum preferred... .. .
37
U S El Lt A Pr Shares A..
1.15
Warren Northam—
West Dairies Inc com v t c
IX
100
United Merob A Mfg com *
Un Piece Dye Wks pf. .100
1.15
1.05
IX
22 X
10 x
9X
10
69
IX
20H
2.12
1.61
1.61
Taylor Wharton Iron &
*
1.59
1.25
29 X
19
.
1.44
{Soviet Government Bonds
9X
28 X
com
1.64
Bid
55 X
Steel
1.51
40
53 X
51
1.27
1.96
26 X
38
149 H
51X
OT
1.15
Trusteed Industry Shares.
Trusteed N Y Bank Shares
334
25X
100
48
OTOT
OT
Trusteed Amer Bank Shs B
-
Standard Screw
10124
OTOT
7.02
4X
37 X
3X
50
118
15.65
3.09
2.22
Incorporated Investors..*
41
OT
2.05
Guardian Inv Trust com. *
Preferred
Huron Holding Corp
3X
2X
14,39
6.29
B
Tobacco shares
•
107
38-
330
-
«•
17X
103
Remington Arms com....*
Scovill Mfg
25
Singer Manufacturing.. 100
Sparta Foundry common..
Standard Cap A Seal.....6
—
47
19 X
250
preferred
Con version... 1
72
Trustee Standard Oil Shs A
Steel shares
21 X
42
Paper. .25
,
19X
16X
1224
24 24
57 X
Klldun Mining Corp
1
Lawrence Portl Cement 100
Lord & Taylor com
100
1st 6%
*
—
80
103
D._
7.30
OT
■OTOT
3.02
Petroleum shares
RR Equipment shares..
45X
*
......
Trustee Standard Invest C
Merchandise shares
43 X
Leather
Supervised Shares
Mining shares
22
.5
Ohio
7.00
Investing shares
5
20
85
68
64
2d 8% preferred
112
3X
40 X
41X
Great Northern
110
Pathe Film 7% pref
39 X
34
com
...._._*
Pharmacal
25.87
6.34
5.79
OT
OTOT
OTOT
8.29
8.29
Food shares
50
.100
100
24.31
.
Building shares
47
preferred
5.35
OT
"
-
2.79
BB
5.05
6.64
4.39
OTOT
2.79
B
31.15
10.48
General Investors Trust..
Group Securities—
Agricultural shares
Automobile shares
101
Nat Papa1 A Type com
A A.
Chemical shares
.100
Ohio Match Co
29
61
100
.
Great Lakes SS Co
113
Norwich
27
12.58
*
B
-28 X
115 -
New Haven Clock pf
Northwestern Yeast...100
54
43 X
X
3
Casket........*
National
5%
40 X
28.91
Fundamental Tr Shares A.
70
2X
26 X
preferred...
100
Mock Judson & Voehrtnger
Preferred
5X
48
Foundation Co-
Foreign shares
American shares
68
1
Preferred
83
46
Ask
12
6%
33
Bid
*
Merck A Co Ino com
8% cumul preferred
34.57
Foundation Trust Shares A
Fundamental Investors Ino
11X
Preferred
American Hard Rubber—
32.17
State Street Inv Corp....* 108.37
4.19
Super Corp of Am Tr Shs A
B—
Ask
32
100
Standard Utilities Ino...*
1.94
Equity Corp ov pref..^._l
Fidelity Fund Ino
Industrial Stocks
Amer Air Lines
8.15
1.781
Eqult Inv Corp (Mass)..5
NY 1-1493
-
OT
Selected Industries
7.35
Dividend Shares
Tel. BArclay 7-0700
Broadway, N. Y.
OT
5.23
_.25c
D
York Security Dealers Association
OT
OTOT
4*15
10 X
Fixed Trust Shares A
Members New
4
•
4.90
3.73
Deposited Insur Sh
Bristol & Willett
Established
6.26
Deposited Bank Shs ser A.
Deposited insur Shs A
Market
m
Lot
Selected American Shares.
110
39"
Cumulative Trust Shares.*
Oveivthe-Coimter
m
■
3.57
Selected Income Shares...
27
100
7% preferred...
31
115
10
Common B shares
3.54
_
«•••
3.59
Series I960......
Series 1958
Class B
29
100
8% preferred
In the
Series 1955
'*»
Plymouth Fund Ino A.lOo
Quarterly Ino Shares. .26e
Representative Trust Shs.
Republic Investors Fund.5
3.55
Crum A Forster ins com 10
COMPREHENSIVE SERVICE
2.73
2.80
3.55
Series ACC mod
Teletype N. Y. 1-1866
No Amer Tr Shares 1953..
Selected Amer Shares Ino
Accumulative series...
Series AA mod
BOwllng Green 9-3565
78 X
Pacific Southern Inv pref.*
Class A
♦
2.80
Series AA
Exchange. Ino.
2.13
No Amer Bond Trust ctfB
3X
74X
5
IX
10 x
~
25.10
1.97
Voting trust certificates
28.83
1
Continental Shares pref
/New York Security Dealers Association
Broadway, New York
3
26.81
Commercial Nat'l Corn
•
3X
N Y Bank Trust Shares...
Bullock Fund Ltd
Sylvania Industrial Corp.
61
-
Investors Fund C
12 X
1.21
British Type Invest
{commodity
~
1.30
11X
Broad St Invest Co Ino—
.
45
*1.19
Bankers Nat Invest Corp *
Basic Industry Shares..
Members
1.16
42
7% preferred...
Amer General Equities Ino
Am Insuranoe Stock Corp*
Angeles, Gal.
Climax Molybdenum
Ask
Bid
Par
Investors Fund of Amer..
Invest Co of
Amer A Continental Corp
(he New York Security Dealers Assn.
25 BROAD ST., N. Y.
Teletype N Y 1-1397
Los
19.05
2.03
*
Fund
Affiliated Fund Ino com.
Established 1919
Members of
Ask
17.91
Administered
S« Wien & Co*
.1952
.
Mr. Adams has been Identified with investment banking since 1913 and
is
81
-
OT
well known throughout financial
activities.
circles,
particularly in underwriting
-
Volume
143
Financial
Quotations
Shares
Stocks
Cook
5
Bid
Antioqula
1946
8%
/21H
/32
Bank of Colombia
7%. 1947
Bank of Colombia 7% .1948
Barranquilla 8s'35-40-46-48
Bavaria 6%s to
Bavarian
Palatinate
...1940
25H
23
20 H
Housing A Real Imp 7a '46
Hungarian Cent M ut 7a '37
20 H
19
27H
17
Jugoslavia 5s
36%
37%
8%
6H
6%
8
/6
Land M Bk Warsaw 8s '41
Leipzig O'land Pr 6 Ha '46
Leipzig Trade Fair 78.1953
Luneberg Power Light A
Water 7%
1948
23
69H
/71
Coal
Ind
25"
Mannheim A Palat 7s. 1941
/22H
/23H
Merldlonale Elec 7s. ..1957
67 H
1959
52 H
69H
54 H
1952
/56H
/23H
/21H
57 H
25 H
/23
26
/24
26
Montevideo 6a
/30
73
Munich 7s to....--.-1945
1953
/25
/49
Munic Bk Hesaen 7a to '45
Buenos Aires scrip
Burmelster A Wain 6s. 1940 /110
Caldas (Columbia) 7Hs'46
/
51
10%
Call
(Colombia) 7%..1947
Callao (Peru) 714%.. 1944
Cauca Valley 7Ha
Ceara (Brazil) 8%
1947
Chile, Gov. 6a assented
7a assented
Chilean Nitrate 5s
11
fll%
/10
/10%
/2
/13H
/13H
1946
1968
Municipal Gaa A Elec Corp
Recklinghausen 7a..1947
Nassau Landbank 6 Ha '38
113
12%
10%
Natl
1953
14 H
Cordoba 7s stamped..1937
69
52"
51
53
23
24
50
Dortmund Mun Util 6s '48
Duesseldorf 7a to
1945
/23
26
/21H
23 H
23 H
/21H
/22
/24
Prov
25 H
/28
/22 H
Erankfurt 7s to
-.1945
Erench Govt 5%s
1937
Nat Mall 88 6s '52
Gelsenkirclien Mln 6s. 1934
145"
/75
78
/26
•
Building A Land
0%%
1948
28 H
/23
25
Santander
defaulted coupons
July to Dec 1933.
.
July to Aug 1936
/7%
called
bonds
Dawes
Young
12-1-34
/9H
4s
/21H
23
154 H
/39
35 H
13
/34
/ll
19-17
...
Electric
Wurtemberg 7a to
24
66
67%
444
54
Jan
69
113
61%
Jan
"68H
68}
68}
5
69%
24%
7,955
17
126
45
July
May
24%
65
70
Jan
30
129
25
July
35%
Jan
47%
48
100
41
Feb
Aug
16
16
27
16
49%
15%
31
34%
Jan
22%
4%
were
24
%
11
97""
100 H
26H
23 H
26 H
Wednesday
-
•
10
Jan
20
19% June
3H Mar
26
15
133
27
Shares
Stocks
$ per Share
Refining Co. (Del.),
par $1
$7 lot
By R. L. Day & Co., Boston:
Shares
145
Stocks
Union
Trust Co.,
Springfield,
35 Nashawena Mills, par $100
50 Wamsutta
Mills,
$ peT share
par
$25
48
7
par $100
2 Columbian National Life
Insurance
15 Thompsons Spa,
Inc., preferred.
10 Warren Chambers
Trust,
Co.,
II 14%
par $100
*
27
25
8%
Aug
35
20% May
28
Aug
50
15
17%
Mar
20
4% May
16% Mar
18%
Apr
50
4,700
Mar
7
Feb
23%
29%
Aug
July
125
5
Jan
9
July
25
55
Jan
95
Aug
302
1
1
30
1%
1%
4% July
% Aug
1% June
12
A.
100
Jan
4%
Feb
4%
Feb
Nineteen Hund Corp cl A.*
30
30
13
30
Feb
Ohio Brass B
30%
30
30
50
27
Apr
35
Jan
16%
17
220
Jan
17
Aug
20
20%
July
27
Jan
55%
2%
59
9%
17%
25%
Aug
68
Feb
2%
70
Feb
17
17%
155
4%
19%
...
*
Patterson-Sargent
Richman
*
Seiberling Rubber
*
1
*
Corp
55%
65
464
2
Jan
14
No par value.
May
Jan
Feb
£J
THE
PARIS
BOURSE
received by cable
as
Aug. 8
Aug. 10
Aug. 11
Aug. 12
Aug. 13
Aug. 14
Francs
Francs
Francs
Francs
Francs
5,200
5,200
5,200
Banque de Paris et Des Pays Bas
5,400
606
625
626
639
Banque de I'Unlon Parlslenne..
208
217
224
235
Cle Generale
Cle Generale
$8 lot
5%
common._$4 lot
By Crockett & Co., Boston:
5,600
-
-
-
m
192
192
189
189
188
19,900
Canal de Suez cap
Cle Distr. d'Electrlcitle
19,900
19,800
19,900
19,900
640
644
640
658
810
850
860
870
910
15
d'Electrlcitle
Transatlantlque
16
15
15
15
_.
Citroen B
246
260
268
635
645
645
660
81
81
84
137
135
.
84
138
-
-
255
Comptoir Natlonale d'Escompte
140
Coty S A
Courrieres
Credit Commercial de France
Credit Lyonnalse-
mm
m
m
88
361
360
361
1,080
1,080
1,100
1,140
930
960
970
970
970
211
209
210
218
459
;
361
1,050
..
463
469
469
426
420
423
L'Alr Llqulde
Holl-
720
740
730
760
Lyon (P L M)
Nord Ry.
day
653
658
650
662
620
634
639
623
370
370
370
370
13
13
13
13
-
441
-
-
-
-
770
«»
_
•
.«
m
375
•»
--
-
-
--
-
Pechiney
Rentes, Perpetual 3%
Rentes 4%. 1917
950
970
976
1,024
67.75
66.30
65.75
65.80
66.40
64.10
64.90
64.50
64.80
65.80
Rentes 4%, 1918
Rentes 4%%, 1932 A
Rentes 4%%, 1932 B
63.80
64.50
63.90
64.20
68.75
69.20
68.80
69.00
70.10
69.80
70.30
69.80
70.10
70.80
Rentes 5%,
87.50
88.00
86.80
86.75
88.30
2,930
1,050
2,930
2,290
1,050
2,920
1,094
2,930
1,060
815
828
825
858
'25
30
33
36
73
74
75
75
930
955
952
500
499
500
59
58
58
59
300
305
296
304
mmmm
37
37
38
38
mmmrn
Royal
1920
Dutch
v
Saint Go bain C A C
Societe Francaise Ford
si
Investment Trust
Soclete Generale Fonciere
Societe Lyonnalse..
....
Soclete Marseillaise
Tublze Artificial Silk, pref.....
Unlon d'Eelectricltle.. -
Wagon-Li t8
—
975
65.00
mm.
m.~
mm
mm.
36
mm, mm
:
500
m
m
mm
•Ex-dividend
Stocks
100 Fort Dodge Des Moines A Southern
RR.
20 Farr Alpaca Co., par $50
$ peT Share
preferred,
par $100
25 Newmarket
18
84%
_II
Manufacturing Co
IIIII
III
I.
II
25 Wamsutta Mills, par $100
5 Farr Alpaca
Co., par $50
25 Wamsutta Mills, par $100
6 West Point
Manufacturing Co.,
par $100
100 Producers A Refiners
Corp., par
20 Pneumatic Scale Corp. common
3 Springfield Gas Light
Co.,
II
$5
j
29
......"
IIIII
18
14%
93
3%
16%
By Barnes & Lofland, Philadelphia:
Stocks
4 Cleveland Securities
5 per share
Corp
$1 j0t
4 46th Ward
Building A Loan Association
210 J. G. Montgomery A Co. Insc
50 Vlncentown
Water Co
_$i6 lot
15
_•
20 The Peoples National Bank of
Pemberton, N. J
22 City National Bank of
Philadelphia
2-9 City National Bank of
Philadelphia
Fidelity-Philadelphia Trust Co..
2 Provident
Trust
75 Corn Exchange
Co
Corp
7
11
STOCK
Aug.
8
6%
423
Allgemeine Elektrizltaets-Gesellscbaft.
Berliner Handels-Gesellschaft (6%)
Berliner Kraft u. Licht (8%)
%
Aug.
10
as
received by cable
Aug.
11
Aug.
12
Aug.
13
Aug.
14
38
39
39
38
38
38
.-.124
123
123
125
125
125
155
155
155
155
155
155
100
100
101
101
100
100
112
112
112
111
110
110
Disconto-tfiesellschaft
102
Deutsche Erdoel (4%)
126
Deutsche Reichsbahn (German Rys) pf
7% 123
Dresdner Bank
.103
Farbenlndustrie I G (7%)
165
102
103
103
103
102
127
129
Commerz'und Privat-Bank A
G
Dessauer Gas (7%)
Deutsche Bank und
128
127
123
123
123
123
103
103
103
103
102
166
168
166
166
165
139
140
140
138
138
142
(6%)
Hamburg Elektrlzitaetswerke..
Hapag
143
143
140
140
141
15
15
15
15
15
15
109
110
112
110
109
108
15
Norddeutscher Lloyd
Relchsbank (8%)
Siemens A Halske (7%)
129
123
140
Gesfuerel
Rhelnische Braunkohle (8%)
Salzdetfurth (7%%)
548
EXCHANGE
Per Cent of Par
Mannesmann Roehren
31%
1.
BERLIN
Closing prices of representative stocks
each day of the past week:
55^
50%
\±y2
$4.50 lot
par $25
THE
%
_
7
Goodall Worsted Co., par $50
25 Nashua Mfg. Co.
preferred, par $100
18 Sanford Mills
5
Feb
15
6
Schneider A Cie
$8 lot
Co., par $100
A, par $l..-_.......
Indemnity Co., par $2%; 2 Continental
Shares, Inc.; 5 Southern
Surety Co. N. Y., par $100; 5 Southern
Holding A Securities Co.
Shares
June
94
94
50
10%
^
45 Public
Shares
8
5% May
5%
94
*
81
.....
par $100
2 Columbian National Life
Insurance
50 Virginia Oil A Refining Co. class
25 warrants Consolidated
16%
4%
23%
28%
8%
23
..100
Orleans Ry 6%
Pat he Capital.
By Adrian H. Muller & Son, New York:
25 Continental Oil A
July
200
365
898
Energle Electrique du Nord.
Energie Electrlque du Littoral—
on
Apr
5
Canadian Pacific
95 H
SALES
sold at auction
Mar
25%
16%
4%
*
7 % pf 100
Monarch Machine Tool..*
cum
Kuhlmann
following securities
Jan
26
55
-
13
Medusa Portland Cement *
Feb
55
23
...
The
73
Jan
49%
18%
21%
4%
...
cum cl
July
July
30
*
National Tile
National Tool
Jan
75
63
*
Kelley Isl Lim A Tras
Feb
Feb
22
*
Murray Ohio Mfg
National Refining
319
Aug
65
15
Interlake Steamship
Jaeger Machine
Met Pav Brk
55
23%
*
Lamson A Sessions
Leland Electric
McKee A G) class B
5
Eaux Lyonnalse cap
of the current week:
245
26%
19%
6%
71%
Francs
For footnotes aee
page 1060.
AUCTION
High
18%
Apr
15H
Jan
4% June
each
99
1945
Low
100
26%
17 %
17
Bank of France...
/24H
/21
/24H
1947
17 %
57%
97
6a. 1953
26H
Range Since Jan. 1 1936
Shares
Quotations of representative stocks
day of the past week:
25
95
United Steamahio 63..1937
Unterelbe
High
26
27
/lOH
1950
Low
"67%
11%
16H
36 %
7a....1951
Price
L
A0H
/15H
94
Tolima 7s
Week
_*
S M A
61H
/75
/55
Tucuman City
City Ice A Fuel..
for
of Prices
.1
20
A9
/60H
1946
Tucuman Prov 7a.
Allen Industries Inc
Packer Corp
1955
15%
/21
H
156 H
/22
Toho
Electric 7a
Par
Week's Range
Sale
Nestle LeMur
/66
Vesten Elec Ry 7s
1957
25
1936
Water Wks
6%
/ 23
Stlnnes 7s unstamped
7a unstamped
116% 117%
/40
1948
Hanover Hari
16H
/23H
/25
—1956
Sales
Last
Preferred
/15H
/23%
108 % 109%
1960-1990
Guatemala 8a
43
Stettin Pub Util 78 —1946
98
Ireland 5Ha '37
32
/38
13
/12%
/14%
June 1 '35 to June 1 '36.
Graz (Austria) 8a.....1954
/ 35
f'29
9%
20
/18H
...
23 H
45
Serbian coupons
/44—55
Siera A Halake deb 6a .2930 /290
7$
1940 A00H
Coupons
stamped
Gt Brit A
8
/20-50
.
German
Serbian 5a...
/22
/25
-1951
-
Saxon State Mtge 6s. .1947
Coupons
Dec 1934 stamped..
Apr 15 '35 to Apr 15 '36.
(Colom) 7a 1948
6Ha
28 H
26 H
25 H
German scrip
1945
6s '47
Bk
Sao Paulo (Brazil) 6a 1943
Saxon Pub Works 7s..1945
A7
/ 38
/27
July 1934 to June 1936..
M
7%
1957
Salvador 7% ctf of dep '57
Salvador 4% scrip
Santa
Catharlna
(Brazil)
8%..
1947
Santa Fe 7s stamped. .1942
Scrip
25
142
German Atl Cable7a.. 1945
(lerman
Welfare 7a '46
Salvador
German
Jan to June 1934.....
.1946
R C Church
151
Erenoh
16H
Bk
Saarbruecken
.1966
/15H
(Ger¬
Royal Dutch 4s
Mortgage A In¬
7%s
/54
23 H
56
1968
Church
/21H
Westphalia 6a '33
Prov Bk Westphalia 6a '36
Rhine Weatph Eleo 7% '36
Rio de Janeiro 6%
1933
Rom Cath Church 6 Ha '46
23 H
25 H
/24
1953
1945
many) 7a
ll"
/lOH
vestment
/28
/21
Panama 5% Bcrlp..
Porto Alegre 7%
Friday
Stocks-
Harbauer.
97 H
55
Protestant
6%8._1959
6%s
/28
/95H
53 H
to
/19
European
-1948
-
/51
East Prussian Pow 6a. 1953
Electric Pr (Germ) 6 Ha '50
Aug. 14, both inclusive, compiled from official sales lists
Electric Controller A Mfg *
)
berpfais Elec 7 %... 1946
Oldenburg-Free State 7%
73
1957
1945
1962
7 Ha
7%
Mtge
49
Costa Rica funding 5% '61
Costa Rica Pac Ry 7 %8 '49
Duisburg 7% to
to
Faultless Rubber
*
Federal Knitting Mills...*
National Hungarian A Ind
/58H
1949
/82
Hungary
14H
/ 72
/48
Cuudlnamarca
/86
1948-1949
565 A 566
Certificates of dep.-.100
Cliffs Corpvtc
'
*
Nat Central Savings Bk of
/28
5a
1946-1947
& T. GLEV
Cleveland Builders Realty*
Cleve-Cliffs Iron pref
.*
Cleveland Ry
100
North German Lloyd 6a '47
4s
1947
('olurnbla scrip Issue of '33
Issue of 1934 4%...1946
7s stamped
23 H
6H%
(A A B)
5
City Savings Bank. Buda¬
7a
Panama
C C A D 7
11
67 H
Bank
A. T
Cleveland Stock Exchange
Aug. 8
21H
Corp—
6%s
Union Trust Building, Cleveland
Telephone GHerry 5050
25 H
/23
Bank
1962
German
1943
/44—55
/22H
/45
/27
/26
/19
Hungarian
7%s
bank
—
CILLISLrjWOODcSa
25 H
26
(Germany) 7s '35
6a 1940
German
1956
Coupons
Koholyt 6 Ha
/21H
pest,
/29
16%
/69
Brown
24""
Hungarian Discount A Ex¬
change Bank 7s
1936 f'29
Hungarian defaulted coups /20-40
/28
Hungarian Ital Bk 7 Ha '32
Ilseder Steel 6s
1948
/25H
Brandenburg Eleo 6a.. 1953
Bremen
6%
$0.20
Members Cleveland Stock Exchange
97
Brazil funding 5%.1931-51
Brazil funding scrip
British
Ask
/39
/22
/15%
1969
6s
1953
Hansa 88 6s stamped. 1939
m
J7%
/6H
/6%
1958
7s
Haiti
34
/20
Cons
Clt 7% to
1945
Bogota (Colombia) 6 %s *47
8a
1945
Bolivia (Republic) 8a. 1947
7a
23H
/19H
/19H
A 7%
/24H
1946
Bid
Ask
$ per Share
■
——„
Ohio Listed and Unlisted Securities
Foreign Unlisted Dollar Bonds
1946
\
Corp
Friday Aug. 14 -Concluded
AHhalt 7a to
1061
By A. J. Wright & Co., Buffalo:
Over-the-Counter Securities
on
Chronicle
15
15
15
15
15
194
^
194
194
194
194
192
.221
221
221
22!2
221
220
176
200
200
198
173
198
197
196
Financial
1062
Chronicle
Aug. IS, 193S
General Corporation and Investment News
RAILROAD—PUBLIC UTILITY—INDUSTRIAL—MISCELLANEOUS
FILING
OF
STATEMENTS
REGISTRATION
SECURITIES
The
Securities
announced
ments
the
(Nos.
and
filing
Exchange
of
2356-2375)
500 of its outstanding 6% cumulative income debentures, due June
Filed July 29, 1936.
UNDER
ACT
Commission
on
Aug.
6
20 additional registration state¬
under
the
Securities
Act.
The
total involved is $206,649,088.80, of which $199,296,971.30
represents
new
No. of Issues
16
of the bond exchanged and $77.08 in cash, consisting of $27.08 accrued in¬
on the bond to Nov. 1, 1936, and a premium of $50 for each $1,Q00
principal amount of the bonds exchanged.
The basis of exchange in con¬
nection with the debentures is as follows: a new debenture of a principal
amount equal to the principal amount of the debenture exchanged; one share
of preferred stock for each $1,000 in principal amount of debentures ex¬
changed; a warrant or warrants entitling the holders thereof to purchase
at any time on or prior to ,but not after, Oct. 15, 1939, at $55 a share, two
shares of common stock for each $1,000 in principal amount of debentures
exchanged: and $15 for each $1,000 in principal amount of debentures
exchanged, being interest accrued on such debentures from Aug. 1, 1936 to
Nov. 1, 1936 at the rate of 6% per annum.
B. G. Dahlberg of Chicago is
President of the company.
Filed July; 29, 1936.
issues.
terest
Total
$199,296,971.30
250,000.00
2,839,991.25
4,262,126.25
Type
1
Commercial and industrial
Investment trust
1
Certificates of deposit—
2
Securities in reorganization
The total includes the
have been
published:
1,1954
Celotex Corp. (2-2368, Form*E-l) of Chicago, III., has filed a registra¬
tion statement covering $4,000,000 of 15-year 4)4 % sinking fund convertible
debentures; stock purchase warrants for 3,699 shares of common stock;
83,699 shares of common stock; 1.849H shares of 5% cumulative preferred
stock and scrip certificates for fractional shares of preferred stock, to be
issued under an exchange plan for the company's outstanding bonds and
debentures.
The basis of exchange in connection with the bonds is as fol¬
lows: a new debenture of a principal amount equal to the principal amount
—
following issues for which releases
-
Sears, Roebuck & Co.—267,710 shares of no par value capital stock.
(See details in V. 143, p. 771.)
(Docket No. 2-2358, Form A-2. included
F. M. Johnson (2-2371, Form A-l) of Shreveport, La., has filed a regis¬
as guarantor of $150,000 of first mortgage 5% serial
bonds, due serially from 1937 to 1947, of the Johnson Furniture Co., Inc.
(covered by Registration Statement No. 2-2331).
Filed July 29, 1936.
in Release No. 921.)
tration statement
General Motors Acceptance Corp.—$50,000,000 of 10-year 3% deben¬
tures, series due 1946, and $50,000,000 of
due 1951.
(See details in V. 143, p. 756.)
included in Release No. 928.)
15-year 3M% debentures, series
(Docket No. 2-2363, Form A-2,
J. R. C. Moseley (2-2372, Form A-l) of Shreveport, La., has filed a
registration statement as guarantor of $150,000 of first mortgage 5% serial
bonds, due serially from 1937 to 1947, of the Johnson Furniture Co., Inc.
(covered by Registration Statement No. 2-2331).
Filed July 30, 1936.
Central Vermont Public Service Corp.—$7,300,000 of first mortgage
bonds, series B, due Aug. 1, 1966.
(Seedetailsin V. 143, p.747.)
No. 2-2364, Form A-2, included in Release No. 932.)
(Docket
Hotel Corp.
Algonquin
Edward G. Budd Manufacturing Co.—$10,500,000 of first mortgage
convertible 4>4 % bonds, due Oct. 1,1951; warrants to purchase the bonds,
has filed
(2-2373,
Form E-l)
of Cumberland,
Md.,
registration statement covering $126,360 of first mortgage 10the rate of 4% for the first five years and 5%
bonds, together with $73,640 in cash, are to
be exchanged for the Algonquin Hotel building and its furniture,furnishings
and equipment, located at Cumberland.
Filed July 31, 1936.
a
year bonds to bear interest at
for the next five years.
The
and 525,000 share of no par value non-cumulative common stock to be
conversion of the bonds.
(See details in V. 143, P. 912.)
reserved for
(Docket No. 2-2369, Form A-2, included in Release No. 945.)
Budd Wheel Co.—$2,000,000 of first mortgage convertible 4H % bonds,
Prospectuses
due Oct. 1, 1946, warrants to purchase the bonds, and 133,333 1-3 shares
of no par value non-cumulative common stock to be reserved for conversion
of the bonds.
(See details in V. 143, p. 912.)
A-2, included in Release No. 945.)
not
The Cincinnati Gas & Electric Co.-^-$35,000,000 of first mortgage
bonds, SH% series due 1966.
(See details in V. 143, P. 915.)
(Docket
No. 2-2374, Form A-2, included in Release No. 947.)
Federated
Department
Stores,
Inc.—140,000
shares
of
were
filed for
seven
issues under Rule 202,
which exempts from registration certain classes of offerings
(Docket No. 2-2370, Form
$100 par
reserved
(Docket
value 4M% convertible preferred stock, and common stock to be
for conversion of the preferred.
(See details in V. 143, p. 921.)
exceeding $100,000.
that the
The act of filing does not indicate
exemption is available
made any finding to that effect.
or
that the Commission has
A brief description of these
filings is given below:
Rocky Mountain Smelting & Refining Co., Ltd. (File 3-3-707),
Colo.
Offering 3,000 shares of common stock of $10 par
Central City,
No. 2-2375, Form A-2, included in Release No. 948.)
value at par.
Other securities included in the total
are as
Oro
Superior Oil Corp. (2-2356, Form A-2), of Tulsa, Okla., has filed a
registration statement covering 511,020 2-3 shares ($1 par) stock.
The net
proceeds from the sale of the stock are to be used to retire all the funded
debt, to drill additional wells, to acquire additional acreage to provide
potential future production, and to increase working capital.
J. L. Essley,
of Tulsa, is President of the<corporation.
Filed July 27, 1936.
General Reserves Corp. (2-2357, Form G-l) of N. Y. City has filed a
registration statement covering General Reserves Corporation Trust Fund
Certificates Series A, consisting of four types: full-paid certificates, syste-.
matic payment certificates, group plan certificates and corporate employees
plan certificates.
Horace S. Pope is President of the corporation.
Filed,
July 25, 1936.
Dayton Rubber Manufacturing Co. (2-2359, Form A-2) of Dayton,
Ohio, has filed a registration statement covering 43,587 shares (no par)
stock, of which 33,576 shares are under option to A. L. Freedlander, President of the company, at $16 a share and the remaining 10,000
shares are under option to victor S. Rice as follows: 2,500 shares at $7.50
a share; 2,500 shares at $8.50 a share; 2,500 shares at $11.50 a share, and
2,500 shares at $12.50 a share.
According to the statement, the optionees
propose to offer the stock on the market.
The net proceeds to the company
from the sale of the stock are to be used for additional working capital and
the reduction of bank loans.
Filed July 27, 1936.
common
Consumers Oxygen Co., Inc. (2-2360, Form A-l) of New Orleans,
La., has filed a registration statement covering 40,000 shares ($5 par)
7% preferred stock, to be offered at par.
The net proceeds from the sale
of the stock are to be used to retire outstanding notes and to purchase
additional machinery.
Julius Szodomka of New Orleans is President of
the company.
Filed July 27, 1936.
Affiliated Fund, Inc. (2-2361, Form A-l) of Jersey City, N. J., has
filed a registration statement covering 500,000 shares ($1.25 par) common
stock.
Of the stock being registered, 220,419 shares are to be reserved
for conversion of the corporation's outstanding debentures, and the re¬
maining 279,581 shares are to be offered publicly at an estimated price of
$11.05 a share, it is stated.
The net proceeds from the sale of the stock
are to be used for investment
purposes.
Lord, Abbett & Co., Inc., of
Jersey City is the principal underwriter.
Andrew J. Lord of Montcjair,
N. J., is President of the corporation.
Filed July 27,1936.
Allied Stores Corp. (2-2362, Form A-2) of Paterson, N. J., has filed a
registration statement covering $4,500,000 of 4^ % debentures due Aug. 1,
1951.
Lehman.Brothers of N. Y. City is expected to be one of the prin¬
cipal underwriters, it is stated.
B. Earl Puckett of Paterson is President
of the corporation.
Filed July 28,1936.
Hunter Steel Co. (2-2365, Form A-2) of Pittsburgh, Pa., has filed a
registration statement covering 40,000 shares ($20 par) 6% cumulative
preferred stock, 300,000 shares of .no par value common stock, and warrants
to purchase 100,000 shares of common stock.
Of the stock being regis¬
tered, 40,000 shares of preferred, 100,000 shares of common and warrants
to purchase 50,000 shares of common are owned by Percy E. Hunter,
Marguerite L. Hunter, Caroline H. Oliver, Mary H. Gerken, Margaret L.
Hunter, Helen H. Copeland, S. K. Hunter, O. L. Jacobs, J. S. Quigley and
H. R. Hortenstine, sometimes known as "The Hunter Group."
Of the
remaining 200,000 shares of common, 100,000 will be reserved for exercise
of the warrants and the other 100,000 shares, together with the remaining
warrants for 50,000 shares, will be sold by the company to "The Hunter
Group" for $304,202.91.
"The Hunter Group" will sell to G. L. Ohrstrom
& Co., Inc., of N. Y. City, the principal underwriter, 40,000 shares of
preferred, 100,000 shares of common and warrants'to purchase 50,000 shares
of common.
The 100,000 shares of common stock and warrants to pur¬
chase 50,000 shares which "The Hunter Group" will purchase from the
company are not to be offered to the public at present, it is stated.
The net
proceeds to the company from the sale of the stock are to be used to pay
bank indebtedness and for corporate purposes.
Percy E. Hunter of Pitts¬
burgh is President of the company.
Filed July 28,1936.
Upson-Walton Co. (2-2366, Form A-2) of Cleveland, Ohio, has filed
a
registration statement covering 45,744 shares ($1 par) common stock, of
which 20,000 shares are presently owned by stockholders.
The net pro¬
ceeds received by the company from the sale of the stock are to be used to
increase working capital and for other corporate purposes.
The First
Cleveland Corp. of Cleveland is the principal underwriter.
O. H. Mathews
of Cleveland is President of the company.
Filed July 29, 1936.
Celotex Corp. (2-2367, Form D-1A) of Chicago, III., has filed a regis¬
tration statement covering the issuance of certificates of deposit for $821,500
of its outstahding 6 H %
C. G. Taylor .Central City, Colo., is President of the cor¬
No underwriter is named.
poration.
follows:
first mortgage bonds, due June 1,1944, and $1,849+
Dinero
Mines. Inc.
(File 3-3-709), 705 James Oviatt Bldg., 617
South Olive, Los Angeles, Calif. 'Offering 1,000,000 shares of capital stock
of 10 cents par value at par.
No underwriter is named.
National
Post
Manufacturing Co. (File 3-3-710), Escondido, Calif.
Offering 50,000 shares of common stock of $1 par value at par.
O. B.
Ramp, Escondido, Calif., is President of the company.
No underwriter
is named.
Valdez Gold
Consolidated, Inc. (File 3-3-711), 3104 Smith Tower,
Offering 400,000 shares of common stock of 10 cents par
per share.
A. M. McDonald, 3130 Lakewood Ave.,
Seattle, Wash., is President of the corporation.
No underwriters is named.
Seattle, Wash.
value
25
at
cents
Brentano's Book Stores, Inc. (File 3-3-712), 586 Fifth Avenue, N. Y.
City.
Offering 3,800 shares of cum. class A stock without par value at a
price of $24 per share, plus accrued dividends to date of delivery.
Arthur
Brentg.no, 224 Midland Ave., East Orange, N. J., is President of the cor¬
poration.
The offering is to be made through Eli T. Watson & Co., 60
Wall St., New York.
Gold King Mining Syndicate, Inc. (File 3-3-713), 508 Empire Bldg.,
Denver, Colo.—Offering 30.000 shares of preferred stock of $1 par value at
shares of 1 cent par value at par.
No underwriter
par and 60,000 common
is named.
'
Big Creek Winifrede Coal Co. (File 3-3-714), 2903 Grant Bldg., Pitts¬
burgh, Pa.
Offering 1,500 shares of $2 cum. pref. stock of $25 par value
and 3,750 shares of common stock of $1 par value in units pf 1 share of
preferred and 2\i shares of common at $27.50 per unit.
James W. Paul.
Pittsburgh, Pa., is President of the corporation.
The offering is to be
made through its broker, Reed Lear &~Co., Grant Bldg., Pittsburgh, Pa.
The
following registration statements also were filed with
regarding which will be found on a subse¬
quent page under the companies mentioned:
the SEC, details
Westvaco Chlorine Products Corp. (No. 2-2382, Form A-2), covering
192,000 shares ($30 par) 5% convertible preferred stock and 211.200 shares
(no par) common stock.
Filed Aug. 5. 1936.
Louisville Gas & Electric Co. (Ky.) (No« 2-2395, Form A-2),,covering
$28,000,000 3>*% series, due 1966. Filed Aug. 13, 1936.
The last
of
Aug. 8,
previous list of registrations was given in our issue
page 906.
Monthly Gross Earnings of Railroads—The following
comparisons of the monthly totals of railroad earnings,
both gross and net (the net before the deduction of taxes), of
all the Class I roads in the country reporting monthly returns
are
to the Interstate Commerce Commission:
Gross
Length
Earnings
of Road
Month
inc.
1935
Per
(+) or
Dec.
(—)
Cent
January...
February..
March
April
May
June
July
AUgUSt
September.
October
..
November
December.
263,877,395
264,566,767
280,492.018
274,185,053
279,153,707
280,975,503
274.963,381
293,606,520
306,566,997
340,591,477
300,916,282
295,880,873
1936
January
February..
March
April
May
June..
298,704,814
300,049,784
307,833.663
312.908,137
320,487,420
330,212,333
257.728.677
248,122,284
292,798.746
265,037,296
281,642,980
282,406.506
275,610,064
282,324,620
275,158,450
292,495,988
+6,148,718
+6,444,483
—12,306,728
+9,147,757
—2,489,273
—1,431,003
—646,683
256,637,723
257,201,455
+44,278,559
+38,679,418
+ 11,281,900
+31.408,547
+48,095.489
254,555,005
280.484.056
274,144,735
279,133,293
280,967,649
1934
Miles
—0.61
238,245
238,162
238,011
237,995
237,951
237,800
—0.23
237,700
+4.00
+ 11.41
+ 16.44
238,629
+2.39
r2.60
1
"
4.*0
+3.45
—0.88
+ 17.25
+ 15.04
237,431
237,385
237,306
237,074
1936
1935
263,862,336
1935
Miles
1934
$
+34,842,478
+45,494.779
+27,349,607
+38,763,402
+41,354,127
+49,244,684
239,506
239.433
239,246
239,129
238,980
239,020
239,000
238.955
238,819
238.791
238,668
238,436
1935
+ 13.20
237,078
238,393
+17.87
+9.75
+14.14
237,051
238.280
238.226
+ 14.82
237,012
238,208
238,159
4+7.53
236.814
238,019
237,054
237,028
Volume
Financial
143
Inc.
Net Earnings
1063
Chronicle
(+) or Dec. (—)
Specialists in
Month
551,351,024
54,896,705
67,659,321
65,305,735
70,416,370
64,920,431
57,478,085
72,794,807
88,955,493
108,551,920
82,747,438
70,445,503
__
February.
March
April
May
June
July
August-
September
October
November
December
All
—17.50
—$10,907,615
—5,030,495
—16,283,565
+53,730
—1,666,850
—9,608,823
—10,108,077
+ 1,108,150
$62,258,639
59,927,200
83,942,886
65,252,005
1936
January
Per Cent
Amount
1934
1935
Rights and Scrip
1935
72,083,220
74,529,254
67,586,762
71,686,657
72,390,908
81,039,275
60,061.636
—8.30
—19.40
+0.08
—2.31
—14.96
+ 1.55
+22.88
+33.95
+ 16,564,585
+27,512,645
+22,685,802
+7,658,607
62,786,896
McDonnell & Go
—12.89
«-
JN«w York Stock Exchange
York Curb Exchange
,
Member8\New
+37.77
120
+ 12.20
RECTOR 2-7815
TEL.
67,383,511
64,601,551
71,711,908
February
March....
+29.82
+ 15,478,511
+9,199.020
+3,506,818
+ 13,112,171
+ 10,397,914
+24,046,259
51,905,000
55,402,531
68,205,090
78,326,373
January
Bond
Dec.
1936
+ 14.78
June
1937
Date
80,729,491
June..
88,872,678
64,826,419
...
Abraham
&
+37.09
Amount
special meeting held Aug. 14 approved the proposed
issuance of a new 4%% preferred stock [not 3M%, as previously reported]
for the purpose of retiring existing 7% preferred stock ana ratified a certain
agreement with Federated Department Stores, Inc., in connection therewith.
—V. 143, p. 907.
Adams-Millis
Assets—
a
Corp.
1st pref. stock
Noterec. for mach.
sold
Acer, labor and tax
-
Accts. receivable..
409,241
548,181
15,271
33,683
Inventory
Other asset8
Deferred charges..
Total
3,275
286,612
y
stock
payable.
Common
Accounts
Net profit for the per'd
Earnings per share
June
1 1940
Dec.
1 1940
30—
1 1942
Dec.
1 1942
June
614,004
614,004
70,572
152,180
91,950
11943
1 1943
59,000
Dec.
1 1944
3040-3137
1935.
in V.
$657,821
1936—12 Mos.—1935
$2,219,594
$1,317,852
24,954
26,182
51,324
51,902
79,383
154,946
49,482
51,251
258,582
316,261
131,808
25,000
186,154
178,395
314,324
86,916
118,553
88,646
20,758
38,398
State
$275,819
$0,37
$1,212,067
$1.62
$434,252
$0.58
,
Bonds
The
and
1936—Month—1935
$182,500
$269,000
95,000
269,500
1,411,300
1,049,600
Bridge
Corp.—Proposed
Plan
for
by an outstanding firm of engineers
nevertheless, because of unforeseen
these bonds have been paid by the State out
In order to insure the future payment of
of gasoline tax collections.
principal and interest as and
for the freeing of these bridges
the benefit of the traveling public, cor¬
poration wishes to submit the following modification proposal to the holders
at the same time provide
toll charges for
1 1951
4483-4609
4236-4357
Dec.
1 1951
4610-4739
June
1 1952
4740-4871
Dec.
1 1952
4872-5000
2108.
$547,592
$193,270
11,450
!$1,139,009
16,737
31,980
$204,720
28,128
I$1,155,746
207,977
$579,572
78,835
sh.
per
on
$176,592
$947,769
$500,738
$0.90
$0.19
$1.35
com¬
'
stock (no par)
—V. 143, p.
742.
p.
to
a
Inc.—Extra Dividend—
operation.
»•
(2) Alabama State Highway Department or Commission will enter
a writteiflease with Alabama State Bridge Corp., irrevocable during
the extended life of the bonds, and thereby free from individual tolls or
into
bridges owned by Alabama State Bridge Corp.
toll in gross, will be such a sum, not in excess of
will serially amortize and fully pay all interest and
all of the toll
or
outstanding bonds by Dec. 1, 1952.
In addition to the
payment of this annual rental, or toll in gross, under the terms of the lease
Alabama State Highway Department or Commission will assume, at its
expense, to keep all bridges in good condition and repair, and in the event
of destruction of any of the bridges, during the lease, Alabama State High¬
way Department or Commission will be required to replace and restore
any and all such destroyed bridges.
This lease and rental will be pledged
as additional security and will be a continuing appropriation or trust fund
for payment of these bonds.
(3) Interest at the original rate of 6% per annum for the year June 1,
1935, through June I, 1936, will be paid on all outstanding bonds imme¬
diately upon their deposit, if accompanied by the written acceptance of
the holders or owners thereof of the modification proposal herein out¬
Dec. 1 and June 1, respectively.
(5) Bonds shall continue to be serial and payable in semi-annual instal¬
in their present numerical order, so that
maturities and lowest serial numbers shall
in the same order receive the earliest new maturities.
No bond shall
on
ments, and shall be extended
bonds now having the earliest
change position with respect to its present serial maturity or number.
The last serial maturity under the plan proposed will be Dec. 1, 1952.
The new schedule of maturities shall be substantially as follows:
Kid
Co.—Earnings—
Earnings for the 6 Months Ended June 30,
1936
$4,492,830
&c-
109,812
^
Netsales
$4,383,018
3,657,069
425,757
—
Cost of goods sold
General, administrative and
Net
selling
$300,190
profit from oper. before depreciations
18,938
Other income and deductions, net
Depreciation
46,589
—
Provision for Federal
and State taxes.
38,000
.
$196,662
1,178,628
186,734
Net profit
Earned surplus,
Dec. 31, 1935-
Dividends paid----
-
Earned surplus
$1,188,556
—
Balance Sheet
Assets—
June 30,'36 Dec. 31,'35
$260,653
$334,841
72,152
60,962
-
Cash...-..------
x
merch.
1,263,514
inventories 3*223,200
Merch.
1,375,316
3,059,001
197,460
22,259
184,620
37,752
;
1,800
Prop., plant and
equipment
920,078
Fed. & State taxes,
estimated
prems.
50,944
100,000
1,089,300
113,000
898,050
1,455,002
187,368
1,188,556
113,000
898,050
1,455,001
188,464
1,178,628
40,802
$6,075,059 $5,983,215
Total
Common stock.
Paid-in surplus
Earned surplus
& prepd.
102,938
1,064,500
CI. A non-voting
Capital surplus
Unexpired insur'ce
$736,725
182,806
41,239
cum. conv.
stock
b
1
$6.50
pref. stock
a
Goodw., tr.-marka
and formuale
duty
$831,785
69,483
z
in unlisted
security
recpts.)
164,377
951,114
Invest,
released
under tr.
Accounts payable-
1.800
life insurance..-
Miscell. accts. rec.
31/35
let¬
(for
Accrued accounts.
Cash surr. value of
y
ters of credit
Notes, accts. and
trade accepts.rec
June 30,'3 6 Dec.
Liabilities—
Drafts agaiast
securities
Market,
on
lined, and corresponding interest coupons canceled.
(4) Interest from June 1, 1936, to new or extended dates of maturity
of the bonds shall be at the rate of 4 % per annum payable semi-anhually
417.
Allied
by the Alabama Supreme Court (decided June 25. 1936)
Under that decision, the plan requires that it be accepted by the holders
owners of 76%
or more of the bonds, as a condition precedent to its
dividend of 25 cents per share in
the common
5 to holders of record Aug. 20.—V. 143,
regular quarterly dividend of like amount on
Gross sales, less:
Returns, allowances,
Discounts allowed
The plan proposed was authorized by an Act of the Alabama Legis¬
lature approved July 10, 1935 (Acts 1935, page 602), and held to be legal
or
$0.62
/
The directors have declared an extra
addition
(1)
4358-4482
June
$610,805
Net profit
Earns,
of its outstanding bonds:
as
1 1950
'
Allen Industries,
Montgomery
bonds.
The
as and when due.
All net toll collections have been applied to the
payment of principal, except such tolls as have accumulated since the pay¬
ment of the last interest and are now on hand.
Interest payments on
year,
Dec.
$744,665
133,860
Profit..
mon
cipal
a
1 1950
$730,759
13,906
Other income
Federal inc. taxes, &ci._
and unprecedented conditions, toll revenues have not, since the issuance
of these bonds, been sufficient to pay principal and interest, or even prin¬
$300,000
principal
4116-4235
June
1936—3 Mos—1935
1936—6 Mos.—1935
$7,248,206
$5,010,876 $13,534,592 $10,983,957
6,395,232
4,704,335
12,169,714
10,168,275
122,216
113,271
225,869
268,090
Profit
1936—7 Mos.—1935
$2,944,500 $2,228,000
in a letter to First National Bank of
plan for modification of the outstanding
The annual rental,
3999-4115
1 1949
'
based upon a detailed survey made
before the issuance of these bonds,
charges,
3883-3998
1 1949
Dec.
given on first page of this department.—V. 141, p.
Depreciation
Co.—-Earnings—
On Dec. 1, 1928, corporation issued $5,000,000 6% 1st mtge. toll bridge
bonds, payable serially and semi-annually from June 1, 1931, through
Dec. 1, 1940.
To date, principal payments have been made reducing the
outstanding bonds to $3,780,000.
Bonds maturing Dec. 1, 1934, and
subsequent maturities have not been paid as to principal, nor have interest
instalments due Dec. 1, 1935, and June 1, 1936, on any outstanding bonds
been paid.
Notwithstanding the fact that the original schedule of pay¬
ments and the confidence in the economic soundness of the project were
and constitutional
1 1948
June
Allegheny Steel Co.—Earnings—
stock, par $1, both payable Sept.
when due, and
Dec.
109,000
111,000
112,000
116,000
117,000
120,000
122,000
125,000
127,000
130,000
132,000
129,000
3660-3770
3771-3882
Algonquin Hotel Corp.—Registers with SEC—
Costs, expenses, &c
letter states:
from individual
1 1948
interest
Period End. June 30—
corporation,
a
1 1947
may
102
See list
Modification of Bonds—
(Ala.), proposes
95,000
96,000
98,000
Dec.
June
$3,295,000
44,864
128",289
given on first page of this department.—V. 143, p. 261.
Alabama
73,000
75,000
76,000
77,000
79,000
81,000
82,000
84,000
85,000
88,000
89,000
91,000
92,000
be called in their entirety, but not in part, on any interest
to date of payment, by Alabama State Bridge
Corp. on six months' notice to the trustee.
(7) Upon written acceptance of this proposal by the owners or holders
of not less than 76% of the outstanding bonds, accompanied by the deposit
of the bonds with all unpaid coupons attached, and when the plan outlined
shall have been declared operative, then at that time, from accumulated
tolls now on hand, $485,000 past due and unpaid bonds will be retired in
their serial order, these being all bonds originally due Dec. 1, 1934, and
June 1, 1935, and $15,000 of bonds due Dec. 1, 1935, represented by the
first 15 serial numbers of bonds due on Dec. 1, 1935.
(This will pay all
bonds numbered 1221 through 1705, inclusive.)
(8) Acceptance of the plan proposed and outlined as to extension of
maturities, reduction in interest, freeing of individual tolls and other
modifications shall not impair the original contract, security and mortgage.
In the event of default by Alabama State Bridge Corp. under the new or
proposed plan, the bondholders may revert to the terms of their original
contract and all rights and powers and obligations given to secure the same.
Congress recently enacted, and the President approved, a law extending the
period during which tolls may be charged for an additional 10 years, or
until 1956, so as to give bondholders this additional security, in the event
it becomes necessary to resume individual toll collections.—V. 128, p. 3827
(6)
date at
$4,701,636 $4,649,600
Total
Alaska Juneau Gold Mining
Grosprofit
Net
profit after oper.
exp. & develop, chges.
but before, deprec., deplet. and Fed. taxes._
—V. 143. p. 742.
3551-3659
Date
59,000
2,016,048
Fund, Inc.Registers with SEC—
Period End. July 31—
June 1 1947
2944-3039
Gross sales.
See list
103,000
104,000
106,000
2849-2943
11944
—V. 142, p. 4009.
Affiliated
3341-3444
3445-3550
2757-2848
Dec.
June
118,597
134,991
157,046
65,880
$658,130
$0,88
1 1946
2666-2756
495,379
14,430
34,179
17,963
1 1946
Dec.
2577-2665
Pats., devel. & engineer.,
_
June
-
2157-2237
2238-2319
2320-2403
June
2,055,879
1936:—6 Mos —1935
Depreciation
Int., deb. disct. & exp..
Prov. for contingencies.
Income tax (estimated)
Pref. divs. guaranteed to
minority interests...,.
3238-3340
2489-2576
for conting..
$1,187,253
incl. amortization.
1 1945
2404-2488
Addressograph-Multigraph Corp. (& Subs.)—Earnings
operating profits
1939
1 1941
Earned surplus...
Res.
.$4,701,636 $4,649,600
Maint. of non-op. prop.,
less rental inc. therefr.
1939
Dec
1 1941
x After
depreciation of $1,472,610 in 1936 and $1,449,245 in
Represented by 156,000 no par shares.
The earnings for the six months ended June 30 were published
143, p. 907.
Period End. June 30—
$100,000
Dec.
2001-2077
2078-2156
1938
June
Dec.
y
Net
Amount
3138-3237
1925-2000
1936
1935
$1,750,000 $1,750,000
Liabilities—
1935
1936
Plant&equipm't$2,138,954 $1 874,587
L,
958,077
634,156
Marketable secur.
983,061
922,150
Cash.
1938
June
■Consolidated Balance Sheet June
x
1937
Numbers
$71,000 June 1 1945
1706-1776
1777-1849
1850-1924
Dec.
Inc.—New Stock Voted—
Straus,
The stockholders at
Dec.
Principal
Bond
Principal
Numbers
+ 16.60
+ 5.14
+20.11
June
May
65,214,202
70,331,577
April....
NEW YORK
BROADWAY,
Total
$6,075,059 $5,983,215
doubtful accounts and discounts of $88,158 in 1936
$93*979 in 1935.
y After allowance for depreciation of $2,042,577 in
1936 and $2,024,593 in 1935. z Represented by 10,645 no par shares in 1936
and 10,893 no par shares in 1935.
a Represented by 22,600 no par shares,
b Represented by 179,610 no par shares.—V. 142, p. 1274.
x
After allowance for
and
Allied Stores Corp.—Registers with
See list
given on first page of this
SEC—
department.—V. 142, p. 3661.
Aluminum Co. of America—Raises Wages—
announced on Aug. 5 a general wage increase, effective
Sept. 15, of 3 cents per hour for more than 20,000 of its hourly rated em¬
ployees.
The announcement was made by officials of the company after
The company
negotiations
delegates
with
,
,
.
_
.
American Arch
The
directors
have
increase of
1936
Fixed
declared
a
dividend of 75 cents per share on the
dends
were
on
vertible
the
stock.
preferred
American Coach & Body
55,226
Net income after
Surplus.
1,013,903
11,859,401
Months Ended June 30, 1936
Federal income taxes, but before reserve for
Shares
taxes
260,875 shares common stock..
x$675,026
$2.95
1935
1934
1933
$1,597,749
107,393
$1,649,257
$1,084,913
137,568
112,845
$1,786,825
1,515,096
$1,705,142
1,532,673
$1,197,759
1,088,948
$271,565
x70,869
2,390
28,988
y96,593
$172,469
78,653
1,235
28,819
23,803
$138,063
$108,810
105,136
$1,786,661
Mfg. cost and expense-Operating profits
Interest, deprec., &c—
.
Power Co., Inc.—Control of Utility
Chile—Government Demand Met—Penalties Levied
Federal taxes.
Other corporate taxes._
Maintenance & repairs-
Against Power Companies Dropped—
A Chilean President and a board of directors,
of whom
a
Divs.
each
to
are
Central
Chilean and
other
a
by the Chilean Government, the Chamber
American Metal
directors.
—.
letter to the
common
of tanners and
to
Profit
officers and directors of the company and persons af¬
On July 29 a suit was filed at the instance of the committee in the U. S
District Court at Chicago for the purpose of enjoining the threatened
redemption of this stock.
The grounds for injunction set forth therein are
substantially those upon which the committee voiced its protest at the stock¬
holders' meeting.
They are, briefly:
(1) That the redemption of the common stock is not authorized by law.
(2) That the threatened calling of this stock is not for a legitimate cor¬
porate purpose, and is in effect not a redemption of stock by a corporation
at ah, but a forced sale at $5 per share of stock held
by the minority stock¬
holders for purchase at that price by the
majority stockholders, among
whom it
is to be arbitrarily allotted.
That in taking this stock from the minority stockholders for the
majority stockholders, the officers and directors of the com-
benefit of the
pany are
violating their legal duty
tion and all of the stockholders.
to act for the best interests of the
corpora¬
(4) That the redemption and reissuance of this stock pursuant to said
to said plan would tend to promote a combine in
restraint of trade and to
create a monopoly in the hair industry, in violation of the Anti-Trust Laws
of the United States.
(5) That in
any event, the price at which the stock is callable, that is
book value for liquidation" (but not less than $5 nor more than
$100
share), is "greatly in excess of the minimum call price of $5 per share.
—V. 140, p. 4223.
its
per
$301,324
93,015
CY4.216
$318,527
107,603
Net profit.
per
$216,430
1,224,585
$0.09
-_-
stock
common
Earnings
Cr5,506
-
outstanding...:
share
•
$212,525
1,203,085
$0.09
Restoration pf reserve representing release from metal price fluctuations
x
reserve
through reduction
in
unsold metal inventory.
The consolidated income account for the 12 months ended June 30, 1936,
follows; Profit before charges, $1,405,617; other income, $1,609,788; total
income, $3,015,405; interest, $167,213; administration and selling expeness,
&c., $432,293; taxes other than income tax, $287,026; amortization of in¬
vestment in
Cia Minera La Parrena, $52,300; depreciation,
$733,097;
depletion, $174,280; provision for reserve for contingencies (credit), $13,291;
adjustment of metal price fluctuation and normal stock reserves (credit),
$114,717; United States and foreign income taxes, $283,222; minority in¬
terest (credit), $521; net income, $1,014,503.—V. 143, p. 743.
American Power &
stockholddrs states that it has
$301,324
12,749
Federal income taxes
for
filiated with the tanning industry."
(3)
$331,276
Minority interest
A protective
a
15,729
Cr58,683
-
Light Co.—Balance Sheet-
Balance Sheet June 30
of William Harsin, Chairman
The committee in
for contingencies.
Adj. of metal price fluct. & normal stock reserve..
Company's Proposal to Redeem
proxies, representing about 21,000 shares, including over 6,000 shares
held by tanners.
It states that the action of the directors is illegal and that
the company, in a letter addressed exclusively to stock-holding tanners,
some time ago expressed the fear that control
might be getting out of the
hands of tanners and into the hands of the investing public.
This fear of
losing control, the letter states, is not the real reason for calling this stock.
"The real reason," says the letter, "is that the company desires to take
all of this stock from public investors and to reissue it to a selected
group
$131,507
xl69,817
79,694
38,232
9,979
208,221
reserve
reserve
Balance
.
committee for the common stock has been formed consisting
(Harsin, Roberts & Co.), Chicago; Ray T.
Haas (Minnich Bradley & Assoc.), Chicago, and Mason B. Starring Jr.
fR. W. Pressprich & Co.), N. Y. City, with W. F. Roberts, Sec., 105 West
Adams St., Chicago, and Malcolm Mecartney, and Barney L. Jennings,
Chicago, counsel.
"
The committee was formed to fight the proposal of the board of directors
to call for redemption the common stock on Oct. 1 next at $5 per share.
114,519
$566,611
83,249
$272,593
& selling expenses.
Restoration of metal
immediately the construction of the 22,500-kilowatt generating
of Valparaiso."—V. 143, p. 263.
"
,
Common Stock Formed—Against
Common Stock—
$4,52,092
$649,307
32.756
106,309
38,893
13,277
152,779
32,700
—
;
Provision for
Shares
1935
1936
$420,548
i
Profit
1% per annum after five years and may be converted into 5% first
mortgage bonds after a period of three years.
"Under the terms of the agreement, Compania Chilena de Electricidad
Committee
Co., Ltd.—Earnings—
Depreciation
Depletion
of
Co.—■Protective
$0.45
$0.45
$0-60
$0.46
Experimental expense.—V. 142, p. 2813.
Taxes other than income
Electricidad is to be equalized at 5% per annum free of all present ana
future Chilean taxes.
The sterling notes are to be amortized at the rate
Felt
y
Amortization of investment
the indebtedness ana capital stocks to be acquired
subsequently by the properties of the com¬
&
def$61,543
Interest.
to be acquired.
"The agreement provides that the rate of return to be received by South
American Power on all its holdings of indebtedness of Compania Chilena de
Hair
$16,758
Dr34
228,759
Administration
from South American Power and
American
$64,352
Total income.
panies
resume
$67,545
Other income
issue to South American Power its long-term sterling notes which are to be
is to
582,996
$520,252
581,795
3 Months Ended June 30—
Profit before charges
the controversy between the Electric Bond & Share
companies and the Chilean Government, precipitated by that Government's
imposition of the fines and other penalties.
The accord was said to follow
substantially the terms of a tentative agreement reached last Novermber.
The terms provide that of earnings applicable to ordinary shares of the
Coinpania Chilena de Electricidad—which hence forth is to own the Chilean
utilities of the Bond & Share interest—two thirds are to go to the Chilean
Government.
Of this two-thirds at least
one-half is to be applied to
reduce the cost of electricity to consumers.
The population of the terri¬
tory served by the company is estimated at 1,145,000.
"The agreement," said the statement, "provides for the acquisition
by Compania Chilena de Electricidad Limitada of the investments of the
South American Power Co. in indebtedness and capital stock of Chilean
companies other than Compania Chilena de Electricidad and Sociedad
Carbonifera de Mafil as a preliminary to the consolidation of the properties
of these companies under the single ownership of Campania Chilena de
Electricidau.
In payment for the indebtedness and capital stocks of the
Chilean companies to be acquired from South American Power, and in ex¬
change for its indebtedness to South American Power, other than its out¬
standing first mortgage bonds, Compania Chilena de 'Electricidad is to
station in the vicinity
$599,754
Dr34,
outstanding (no par).
x Depreciation only.
the Cnamber of Commerce of Valparaiso and the
The President of the company ,who will be a
director, will be elected by the vote of at least eight of the
by
$454,026
389,674
000 shs. common stock
de Chile.
initially
67,316
Balance, surplus
Earns, per sh. on 1,000,-
The agreement ends
secured
450,000
56,373
$458,078
390,533
Common dividends (net)
be appointed
1 $2,970
510,000
Stemmer Co
of Commerce of Santiago,
Banco
$33,414
I
Standard
their officials are to be quashed
The agreement requires that the utilities in Chile be consolidated under
the management of a board of 11 directors, of whom seven must be Chileans.
Six of the directors are to be appointed by the Bond & Share interests and
one
$39,959
364,500
45,327
4,241
securities sold.
Minor. int. in
canceled
<iriici the fines
$72,724
'
Other divs. and int. rec>
on
704
from Internat.
rec.
Cigar Machine Co.
Profit
91,905
12,744
364,500
20,854
Profits
majority will
will administer the Chilean properties of the com¬
pany, according to advices from Chile made public Aug. 12.
The change in management of the American and foreign utilities was
demanded by the Chilean Government after it had charged the companies
with breaking the Chilean foreign exchange laws and arrested their offi¬
cials.
In return for the concession by the Electric Bond & Share interests,
be Chileans, henceforth
charges against the companies and
Foundry Co. (& Subs.) —Earns.
58,947
1
the
Federal surtax on un¬
143, p. 908.
Total income
American & Foreign
Conceded to
617.851
Nil
617,851
Nil
585,433
$0.36
Royalties
undistributed profits.—V. 142, p. 3154.
on
617,851
Nil
stk. out¬
common
6 Mos. End. June 30—
1936
Sales
$1,727,714
$1.90
x Before deducting a provision of $346,000 for estimated unrealized profit
on sales, subject to deferred delivery.
No provision has been made for pos¬
sible surtax
loss$688,527
American Machine &
19*^5
$495,167
1933
1934
$210,363 loss$149,117 loss$299,488
Note—No mention was made of any provision for
Alcohol Corp. (& Subs.)—Earns•
6 Months Ended June 30—
Net profit after charges and
Earns, per share on
Subs.)—Earnings
•1935
1936
standing (par $20)
Earnings per share
$96,114
$1.47
distributed profits.—V.
American Commercial
12,382,642 11,859,401
Total
Laundry Machinery Co. (&
American
Net profit after deprecia¬
tion and Federal tax__
.
'
4,145,878
__
757,191
-•..12,382,642
6 Mos. End. June 30—
shares
1,873,956
4,109,974
1,151,174
-V. 143, p. 743.
Co.—Earnings
undistributed profit taxes
Earnings per share on 65,100 common
—V. 143, P. 261.
1,939,557
accrued interest-
44,470
924,060
hand
Total
Earnings jor 6
■'
653,220
604,575
Insurance fund
the authorized common
has been withdrawn, as the
available only for the retirement of the present
preferred.
A special meeting of stockholders will be called soon, it was
said, to take necessary steps in connection with the new plan.—V.143, p. 907.
819,262
claim award and
"
to 500,000 shares
1,043,132
*
authorization for an increase in
The previous
stock from 357,143 shares
new stock would have been
31,983
income tax
Res. for P. & I. ins.
Res. for coll. mixed
claims recov'able
,
.
.
„
secur.
Res've for Federal
Cash in banks and
on
225,803
280,405
voyages
120,576
Supplies
the retirement of accumulated divi¬
preferred stock through the creation of a new issue of con¬
330,494
341,597
revenue
incompleted
on
1,873,956
856,839
Accts. receiv., incl.
disaster & other
considering a plan for
4,550,000
Accounts payable-
& accrued int
Marketable
4,550,000
disbursem't
over
Mixed claim award
Co.—Considers Div. Arrearage Flan—
stockholders held Aug. 12 it was announced that the
meeting of
a
126,005
1,939,557
1,320,896
Unexpired Ins., &c.
Sept. 1 to holders of record Aug. 20.
dividends of 25 cents per share previ¬
In addition an extra dividend of 25 cents was paid on
of
Excess
5,401,975
1,000,000
5,398,418
shore plant
American Chain
At
plant,
$
$
Liabilities—
Capital stock
Investment at cost 1,000,000
ously distributed
Dec. 24, 1935.—V. 142, p. 4011.
directors
$
ves¬
sels in comm. &
Co.—Larger Dividend
1935
1936
1935
$
Assets—
no par value, payable
This compares with regular quarterly
capital stock,
Sheet June 30—
ance
..
,
approximately 5% made by the com¬
pany within ten months, a similar raise having been given Dec. 1.
With
the announced increase, the average ho. r y wage rate for company employees
will be 11% higher than in 1929.—V. 142, p. 3835.
This is the second wage
IS, 1936
Co.—Consolidated Bal¬
American-Hawaiian Steamship
representing American Federation of Labor
unions in six plants.
Aug.
Chronicle
Financial
1064
1936
Investments
1936
10,494,129
deposits
10,917,027
$
Cap. stock (no
par
value)...214,645,637 214,645,637
Gold deben. bds.
in
banks
x
1935
$
Liabilities—
.256,970,702 253,214,038
Cash
Time
$
(Company Only)
1935
$
Assets—
Amer. 6% ser
Southw. Pow. &
1,750,000
359,000
800,763
4,900,000
recive.—subs-
1,719,000
912,898
1,440,000
410,822
Divs. declared..
Accts.rec.—subs
9,545
10,728
Matured int; on
U.S.Govt.secure
Municipal
securs
401,590
100,020
Notes and loans
Accts
receivable
—others
Special deposit.
Reacquired cap.
stock.
38,827
42,877
Light Co., 6%
gold deb. bds.
Accts. payable.
Accrd. accounts
.
long-term debt
Liabl
to
Contractual rgts
10,619,900
Accrd. int. rec..
404,042
731,197
3,545,301
44,726,500
4,148,000
4,447,000
1,206,697
54,196
152*622
1,049,187
1,005,771
42,877
38,827
deliver
securities
29,934
10,589,900
43,385,500
3,700,837
29,934
10,589,900
Surplus
404,042
12,102,054
Deferred int. inc
10,619,900
731,197
10,147,466
Unamort. disc. &
expense.
Total
287,628,091 286,514,920'
Total
...287,628,091 286,514,920
Represented
by $6 preferred, cumulative (entitled upon liquidation
share); pari passu with $5 preferred; authorized, 1,000,000 shares
issued and outstanding, 793,581 2-10 shares, inclusive of 35 2-10 shares of
scrip in 1936 (38 2-10 in 1935); $5 preferred, cumulative (entitled upon
liquidation to $100 a share); pari passu with $6 preferred; authorized,
2,200,000 shares; issued and outstanding, 978,444 shares; common, author¬
ized, 4,000,000 shares; (issued 3,013,812 27-50 shares; inclusive of 2,855 27-50
shares in scrip in 1936),
The earnings for the 3 and 12 months ended June 30 were
published in—
V. 143, p. 908.
x
to $100 a
American
.
,
Sales
Radiator
&
Standard
Sanitary
Corp.—
Earnings for 12 Months Ended June 30, 1936
$52,684,144
Net
profit after interest,
depreciation,
depletion.
Federal
income tax, subsidiary pref. divs. minority interest, &c
4,375,118
Earnings per share on 10,039,719 shares common stock (no par)
$0.40
Note-—No provision was made for Federal surtax on undistributed profits.
Volume
Financial
143
Resumes Common Dividends—
The directors
common
Aug. 13 declared a dividend of 15 cents per share on the
value, payable Sept. 30 to holders of record Sept. 3.
on
stock,
no par
This will be the first dividend paid since March 31, 1932 when the company
distributea 10 cents per share.
Dividends of 15 cents were paid on Dec. 31.
Sept. 30 and June 30, 1931; 25 cents were paid on March 31, 1931 and on
Dec. 31 < 1930 and di tribution
of 37 H cents per share were made each
quarter from June 2, 1929 to Sept. 30, 1930, inclusive.—V. 142, p. 349b.
resulting from such conversion is not reflected in the above earnings statey
ment for the year ended June 30,1936, the per share earnings on the common
stock have been computed on the basis of the average number of shares
outstanding during the period, namely, 1,941,945, rather than the actual
number of shares outstanding at the end of the period, namely, 2,343,158.
Period End. June 30—
1936—6 Mos.—1935
1936—3 Mos.—1935
Alone) Years Ended June 30
Income Account (Company
taxes
$1,561,161
$1,087,529
$2,305,064
28,986
...
Preferred
29,473
57,972
dividend
coml stock out¬
standing (par $25)-- x2,252,491
Shares
Earned per share
$0.68
Average number of shares of common stock
period.—V. 143, p. 574.
x
American
22,192/284
1,710,776
$0.62
Safety Razor Corp.
(& Subs.)-
1,049,837
987,594
$4,315,320
Net income
$3,870,005
1.,321,913
1,543,448
$2,993,406
Interest, amortization of discount, etc
$268,452
x$592,253
174,800
174,800
$1.53
174,800
$3.39
share
$1.72
split 3-for-l.
$£32,866
17i:,809
surtax on undistributed
$3.04
profits.
.
a special meeting held Aug. 12 approved an amendment
charter changing the authorized capital stock to 600,000
shares of a par value of $18.50 each, from 250,000 shares of no par value.
The directors voted that the outstanding 174,800 shares be exchanged for
524,400 shares of new stock, representing a three-for-one split.
The stockholders approved also the retirement and cancellation of 25,200
shares of no-par stock held in the treasury.
Application has been made to
the New York Stock Exchange to list the new shares and to the Securities
and Exchange Commission for their registration—V. 143, p. 98.
Stockholders at
to the company's
American Seating Co. (&
6 Mos. End. June 30—
$1,426,922
1,328,034
73,152
$1,145,656
1,131,206
' 60,360
$25,736
50,727
loss$45,9101oss$164.726
51,508
43,161
$118,639
62.364
32,836
$76,463
84,819
19,534
$5,598 loss$121,565
86,549
89,540
39,828
37,642
Operating profit.
Profit from direct oper.
Other
gold notes._
expenses
Net profit
$23,439
$674,613
778,559
60,780
loss$27,890 loss$120,779 loss$248,747
Current assets as of June 30, last, including $199,130 cash and short-term
securities amounted to $3,313,339 and current liabilities were $232,638,
compared with cash and short-term securities of $1,346,938, current assets
of $4,030,877 and current liabilities of $190,810 on June 30, 1935.
In¬
ventories at close of period were $1,625,131 against $1,349,608 on June 30,
last year.
Total assets
$6,788,129
a
June
on
30,
1936, amounted to $6,164,216 compared with
on
$338,941 against deficit of $718,746.—V. 142,
American
Period End. June 30—
revenues
Operating expensesOperating taxes
Net oper.
143,
p.
...
income
$1,413,969
Note—Earnings shown for the year 1936 are before deduction of the Fed¬
eral surtax on undistributed profits.—V. 143, p. 908.
American Steel Foundries—Earnings—
6 Months Ended June 30—
after expense.
$161,907
470,219
406,830
$732,535
458,430
$1,462,232 loss$244,923
9,366
7,751
$274,105
19,772
$1,471,598 loss$237,172
231,250
32,500
6,585
2,968
237,500
$293,877
38,250
3,809
$996,263 loss$272,640
Operating profit
Other income (net)
Profit
Federal income
—
taxes
Minority interest
Reserve for surtax
Net profit
Earnings per share
common
1934
1935
1936
$1,932,451
;
$251,818
Depreciation
stock
970,414
on
shs.
$0,60
Nil
$0.82
(no par)
—V. 143, p. 908.
-Consolidated Balance Sheet
American Woolen Co., Inc.-
1936
1936—6 Mos.—1935
$7,466,198 $52,961,256 $46,273,423
47,609
190,771
281,766
6,126,967
37,050,014
35,871,324
447,413
4,995,283
2,950,675
1935
1936
1935
$
$
Assets—
$
$
Liabilities—
2,670,214
4,989,826
Accts.rec.less res.. 9,550,220
8,870,647
Inventories.
30,673,765 23,345,614
3,100,000
Accts.
payable— 1,472,929
Accrued liabilities.
730,637
Advances
Prep'd rentals,stor¬
Bank loans
Cash
on
raw
material purch.
115,282
_
age
12,287
in¬
oqi
7QK
l.ibb'ooo
i,ioo',ooo
Mtge. payable
157,014
152,406
dwellings
290,753
12,173
Fed.
come tax
Mtge. notes receiv.
on
for
Res.
46,676
26,321
rents, int., &c_.
l,621~22l
charges and
deposits
Acer, storage chgs.,
824,156
935,410
38,321,500 38,321,500
x Common stock._
2,000,000
2,000,000
Due on open acct.
1,579
Fixed assets
28,422,952 28,002,587
28,970,139 28,108,170 Capital surplus
Deficit
3,625,121
6,196,434
Unexpired
insur.
y
Res. for contg.
Textile Realty Co.
1,000
&
sundry assets.
7% cum.
1,000
18,235
545,369
capital stock
pref
434,861
.72,591,012 66,087,325
Total.
72,591,012 66,087,325
x Represented by 400,000 no par shares,
y The Textile Realty Co., a
wholly owned subsidiary, holds inactive plants, properties, dwellings and
other assets with an adjusted net book value of $1,791,575 June 30, 1936,
based on 1934 assessed values when such values were lower than book values.
The earnings for the 6 months ended June 30 were published in V. 143,
p. 908.
$844,209 $10,725,188
American
Writing Paper Co., Inc.- -Earnings1936
1935
1934
1933
$3,097,835
$2,820,164
2,659,637
$2,337,514
2,308,070
$1,957,860
1,881,703
$160,527
15,261
$29,444
12,010
$175,788
79,108
154,605
68,090
$41,454
82,194
154,605
74,429
$88,102
85,131
154,620
86,316
$126,015
$269,774
$237,965
6 Mos. End. June 30—
Net
sales
2,938,624
Costs and expenses
$7,169,658
$159,211
18,935
Other income.
Water
Common
The directors
1,741,008
$0.65
$0.92
1936—Month—1935
$8,900,749
28,235
6,232,674
1,225,871
908.
American
Resume
3836.
Telephone & Telegraph Co.—Earnings—
Uncollectible oper. rev--
—V.
p.
$1,126,557
1,941,945
outstanding
>
Total
June 30, 1935; capital surplus was $1,065,083 compared with
similar amount on June 30, 1935, while operating deficit amounted to
Operating
common
June 30—
1934
Other income
on
Shares of
-
Earn, per share
1933
1935
$79,877
38,762
Depreciation
Interest
Subs.)—Earnings—
1936
$2,106,108
1,950,682
75,549
Sales
1,200,000
_
stock
common
Profit
No provision has been made for possible
Cost and expenses
Balance for
-Earnings—
x$300,715
Stock
Preferred Dividends
$2,326,557
1,200,000
$1,793,406
Balance.
1936—6 Mos.—1935
Federal taxes, &c
Shares cap.stock (no par)
per
$1.40
outstanding during the
1936—3 Mos.—1935
x
1,710,776
$1.02
Period End. June 30—
Net profit after deprec.,
Earnings
52,459,003
58,522
$4,857,600
$5,365,158
--
Expenses
Consol.
net profit after
deprec., int. & Federal
1935
1936
Income—dividends, interest, etc
American Rolling Mill Co.—Earnings—
"
1065
Chronicle
Works
&
Electric
Co.,
Inc.—To
Dividends—
$178,146
Depreciation
76,713
r
154,605
69,313
Interest
Aug. 11 declared a dividend of 20 cents per share on the
stock, no par value, payable Sept. 15 to holders of record Aug. 26.
This payment will be the first made since May 15, 1935 when a similar
dividend was distributed.
The company paid dividends of 25 cents per
share each three months from February, 1933 to and including Feb. 15,
1935.
In November and August of 1932 dividends of 50 cents per share
were paid, and disbursements of 75 cents per share were made each
quarter
from February, 1931 to May, 1932, inclusive.
H. Hobart Porter, President of the American "Water Works Co., sent
the following letter to common stockholders in connection with the current
on
Other
deductions.
$76,157
#
11,945
common
Net
$122,485
loss
—V. 142,
p.*4167.
American Zinc Lead & Smelting
Period End. June 30—
Net sales
Costs of sales
Co. (& Subs.)—Earns.
1936—3 Mos.—1935
$2,502,785
$1,734,538
2,316,881
1,643,242
1936—6 Mos—1935
$4,424,149
$3,282,584
4,102.148
3,052,464
dividend:
"You were advised on July 7 that on that day your directors considered
the declaration of a dividend on the common stock but, because there had
not been time to determine the effect of the then recently enacted Federal
Revenue Act, they felt they could not act wisely until a study of the situa¬
This study has progressed sufficiently to indicate to
tion had been made.
directors that the Act, in many respects, will be extremely burdensome
However, the directors feel that this should not further
delay the payment of a dividend.
The favorable trend in the earnings of
the company's subsidiaries and the company's cash position warrant, in
the opinion of your board of directors, the declaration of a dividend at
your
to the company.
this time.
increase of 25.3% over the output of 36,622,000 kilowatt horns
for the corresponding period of 1935.
Comparative table of weekly output of electric energy for the last five
years follows:
■ >
\
'
Week Ended—
*
1936
1935
1934
1933
1932
Aug.
Aug.
an
46,969,000 37,786,000 32,719,000
47,181,000 38,145,000 32,758,000
46,759,000 36,622,000 31,950,000
46,707,000 37,243,000 31,136,000
1
8
37,610,000
36,946,000
34,675,000
35,394,000
25,653,000
25,862,000
24,466,000
23,958,000
Consolidated Income Account (,Company and Subsidiaries)
Period End. June 30—
$4,302', 120
Oper. exp,,maint.& tax.
2,215,891
$2,086,229
•
—1936 12 Mos.—1935
1936—Month 1935
Gross earnings-
Gross income
$322,001
11,112
$230,120
9,415
$191,926
95,596
84,000
1,661
$96,932
88,645
84,000
02,500
$333,113
191,152
$239,535
166,117
168,000
4,860
Net profit-..
$10,669
loss$73,213
The consolidated income
account for
_
Expenses
Deprec. and depletion.
_
Federal income taxes—
$3,840,235 $49,567,376 $46,674,829
1,967,869
25,598,853
24,561,973
$1,872,365 $23,968,523 $22,112,855
of
Net sales, $8,477,749; cost
sales, $534,507; other income,
Output of electric energy of the electric properties of American Water
Works & Electric Co. for the week ended Aug. 8 totaled 46,707,000 kilowatt
July 18—
July 25
$91,296
5,636
follows:
-
Weekly Power Output—
hours,
$185,904
6,022
Gross profit on sales.
Other income
$27,080;
$367,705; depreciation and depletion,
$9,142; net loss, $152,343—V. 143, p.
Anaconda Copper Mining
6 Months Ended June
Total income.-
.— —
Int. on bonds & current
6,597
loss$32,636 loss$99,442
12 months ended June 30, 1936,
sales, $7,943,242; gross profit on
total income, $561,587; expenses,
$337,085; Federal income taxes,
418.
Co.—Earnings—
1936
1935
$13,886,309 $12,634,559
619,798
635,854
30—
Operating income
Other inwme—
Loss on bonds
168,000
..$14,506,107 $13,270,413 $10,627,871
2^057^454 " 2,413,040
1,899,050
obligations. _
retired
Expenses pertaining to non-oper. units
U. S. & foreign income taxes (est.) —
Deprec. and obsolescence & depletion
Discount and premium on bonds
$5,837,029
9,604
Net income---
Shares of minority interest.
19 744
246,111
1,272,983
1,179,069
3,875,925
195,940
966,4701
902,003
3,974,076
111,826
$5i238,839
Int., amortization of disc., etc., of subsidiaries.
_
18,887,741
5,714,439
$8,823,571
5,713,331
$14,602,182 $14,536,903
Anaconda Copper Mining
Co. before depletion
$5,827,425
Shs. capitalstk. (par $50) outstanding
8,674,338
Earnings per share
$0.67
x
Balance.
$9,366,342
$7,575,952
1,312,907
1,505,084
$8,053,434
3,812,077
$6,070,868
$4,241,356
1,200,000
$2,713,400
1,200,000
nt., amort, of disc., etc., of American Water Wks.
,
& Elec. Co. Iec
,
...
Reserved for renewals, retirements and depletion
Net income.
Preferred dividends
Balance for common stock and surplus
Common shs. outstanding
Earn, per share—
x
In Feb. and
converted into
outstanding.
$3,041,356
xl,941,945
$1.57
3,357,467
March, 1936, $12,043,000 of collateral trust bonds were
common stock resulting in an increase
of 602,150 shares
As the full amount of the annual savings in fixed charges
$3,002,478
15,981
_
for Federal income taxes.—Y.
143,
p.
_
,
262.
Anaconda Wire & Cable Co. (&
Profit on mfg. operations
Other income
—
Subs.)—Earnings—
1936—3 Mos.—1935
$1,287,166
$778,955
3,755
9,158
1936—6 Mos.—1935
$2,132,738
$1,492,999
4,730
24,772'
$1,290,921
$788,113
$2,137,468
Depreciation & obsolesc$1,513,400
1,741,008
$0.87
3,279,980
$5,214,883
$2,986,497
8,764,342
8,673,833
$0.59
$0.34
Including expenditure during strike period to June 30, 1934 and reserve
Period End. Jiine 30—
Balance
xl,932,373
23,956
Income of
Preferred dividends of subsidiaries
1934
$9,641,698
986,173
361,264
175,034
292,107
189,254
691,712
349,944
Federal income taxes...
122,475
54,882
180,110
$632,148
421,981
$1.50
$251,870
422,470
$0.60
$915,702
421,981
$2.17
Total income
Expenses
Net
profit
Shares cap. stk. (no par)
Earnings per share
143, p. 575.
—V.
"
'
$1,517,771
582,484
377.791
89,359
$468,137
422,470
$1.11/
1066
Financial
Anchor Cap Corp.
V
Period End.
Gross
June 30—
(& Subs.)—Earnings-
1936—6 Mos.—1935
$1,185,530
Net profit from oper.
before depreciation
$2,502,983
1,?87,120
570,145
$2,319,461
1.121,430
$602,113
266,438
Net profit from oper__
$615,385
$1,215,862
278,429
526,565
$1,198,031
519,584
$335,675
Depreciation
$336,956
$689,297
$678,447
24,132
21,514
62,323
52,783-
93,913
$262,659
$533,061
$452,237
Earn, per sh. on 273,698
com. shs. (no par)
$0.45
$0.47
$0.97
$0.68
.
Depreciation
-
Profit before Federal taxes-
No provision
been made in the above for the Federal tax on undistributed
profits,
since the amount of such tax, if any, cannot be determined until the close
of the year.
i
Consolidated Balance Sheet June 30
1936
Liabilities—
•-
774,587
778,628
Gross
2,636,631
2,792,896
realizable
from sales mdse.
676,578
of sub.
acquired
during 1934
taxes
132,373
132,373
Patents & pat. rts,
Goodwill
5,256,739
81,410
1
21,503
(cur. yr.)_
$24,157
15,982
...
inventory—beer, materials and
Federal & State revenue stamps
9,039
Prepaid
insurance
4,923
497,375
899,174
Z>rl36,818
Drl36,818
.10,427,966
9,938,496
Common stock In
Notes rec.,
officer—due within
one year
sation
12,899
x7,623
y584,825
8,150
4,300
Notes receivable
Certificates of participation...
Plant and equipment
*-
Deferred charges
f.
Total.
$16,000
35,684
6,774
16,783
1,947
—.
Deposits on containers
15,000
—
.
Real estate not used in opers..
After allowance for doubtful notes and accounts of
$102,237 in 1936
$102,598 in 1935.
b After allowance for depreciation of $4,534,530
in 1936 and $4,174,189 in 1935.
c Represented by 40,905 no
par shares
Federal income tax payable
Accrued expenses
1,798
premium
17,910
4,090,500
3,226,380
497,375
824,728
due within one year-...*.._
Reserve for workmen's compen¬
bond
and
«.
Equipment contracts payable—
Accounts payable
59,193
supplies, at cost
stock.
Total
hand and in banks..—
95,510
14,925
9,938,496
on
7,660
treasury
$71,188
$0.14
.....
Liabilities—
*
Assets'-"*
52,241
4,090,500
d Common stock., 3,226,380
e
;
share on 500,000 shares of capital stock
per
96,917
Capital surplus...
10,427,966
Earnings
118,770
oblig.
(non-current)
Preferred
$85,185
2,197
11,800
—
—
Accounts receivable
Earned surplus...
Total
Total income
34,624
Contractual
c
$83,339
1,846
—
Other deductions
Cash
Unearned income-
567,776
Profit
Net income
725,000
502,006
Prov. for Fed. tax
1
567,776
;
Balance Sheet, June 30, 1936
(prior years)
mach.,eqpt.,&c. 5,963,652
Prepaid expenses,.
88,218
$189,873
106,533
—
Other income.-
com¬
missions, &c
Prov. for Federal,
Canad n & State
b'Land, buildings,
profit from sale of beer
Administrative and selling expenses
$
915,000
Acer, wages,
Co.—Earnings—
1935
$
Notes pay. to bks.
Acc ts payable,,,,
328,672
ts
Inventories
Amount
$
$
264,726
receivable
$28,506
4167.
Provision for normal Federal income tax—estimated
1935
1936
Assets—
acc
17.375
$39,144
~4~, 911
Earnings for the 6 Months Ended June 30, 1936
Note—The above income account includes the results from operations of
subsidiary from the date of acquisition, Aug. 22, 1934.
has
&
19,765
$67,367
15,119
6,582
17,160
"
7 ,258
107,993
$255,795
Notes
2,767
$40,863
of patents—
Other expenses
Auto City Brewing
55,748
income for periods
a
$61,430
63,000
------
Cash
58.663
i—
Devel. exp. & amortiz.
—V. 142, p.
year,,,
Allowance for Federal &
Canadian inc. taxes.,
a
1934
$575,225
54,161
13,206
60,973
6,913
$67,886
Other income
55,216
Cost of patents acquired
Ket
1935
$665,229
1936
$794,458
less
other income
during
30-f-
Operating profit
Total income
-
1936
Corp.—Earnings—
6 Months Ended June
Net sales
deprec. & inc. taxes,. $1,229,125
Sell., gen. & adm. exps_
627,012
deductions,
Aug.
Atlas Tack
1936- -12 Mos.—1935
mfg. profit before
Other
Chronicle
Capital stock—common (par $1)
Surplus
|$738,854
Total...
_
19,200
500,000
142,464
$738,854
a
and
d
Represented by 276,698 no par shares,
142, p. 3155.
Represented by 3,000 shares
e
at cost.—V.
x Issued
by the trustees for segregated and substituted assets of re¬
organized bank (representing 60% of original claims)—15,000 shares of
capital stock of Auto City Brewing Co. pledged by certain stockholders
and held in escrow by Michigan Corporation and Securities Commission as
collateral,
y After allowance for depreciation of $113,106.—V. 142, p. 1110.
Anglo American Corp. of South Africa, Ltd.—Results
of Operations for the Month of July, 1936—
[In South African Currency]
Tons
x
Companies—
Brakpan Mines, Ltd
Daggafontein Mines, Ltd
Spring Mines, Ltd
West Springs, Ltd
Value of Gold
Milled
Declared
Costs
£242,760
266,732
301,311
107,862
£136,238
139,664
133,200
74,549
138,500
128,000
142,300
102,500
Profit
£106,522
127,068
168,111
33,313
Each of which is incorporated in the Union of
South Africa.
Note—Revenue has been calculated on the basis of £6
18s. 6d. per ounce
fine.—V. 143, p. 419.
x
A. P. W.
Paper Co.—Financing Approved—
.
'
;
v
]•
i
■
Tne company has notified the New York Stock Exchange that directors
have voted to terminate the offer, which
had been open to holders of the
Albany Perforated Wrapping Paper Co. first
mortgage & collateral trust
20-year 6% sinking fund bonds, due April 1, 1948, since
May 15, 1935, for
.
Sarticipation in and that, foraccordance with the action the company
the plan in consolidation of plants of taken
lay 14, 1935,
no
further assents
Armour & Co.
This company
dated
by directors,
by first mortgage bondholders to the plan will be
accepted
after the close of business
Aug. 10, 1936.—V.
143, p. 419.
owner of 96
Associated Gas & Electric
by the Associated System
Co.—Weekly Output—
are
gradually being reflected in additional
net
reductions and increased
expenses and taxes have prevented
being reflected in earnings.
the full effect of the increased sales
July Output Up 13.7%—
fectric output reported by
t
July is 13.7% higher than for the
monthly
Associated Gas & Electric System for
same month
of 1935.
This is the greatest
was 351,450,349 units (kwh.).
Output
ended July 31, energy produced
Baldwin Rubber
x
Earnings
x
was
3,974,735,987,
or
% greater than for the previous year. This is also the
largest 12-months'
that has been reported during 1936
July
was
1,385,808,300
1?35. Forthe 12-months'
par
cu.
period it
ft., which is 5.3%
was
20,949,414,300
than
ft., or
cu.
continuous program to simplify its
corporate structure,
system also announced the elimination of two
more companies, bringing
isPu8eb of
merger, consolidation, dissolution,
337, and the number eliminated thus far in 1936 to
16.
panies just eliminated are the
Shenandoah Pulp Co., a
company,
which Was
ware
or other means
The two
West
dissolved, and Management Holding Corp.,
com¬
Virginia
a
Dela¬
corporation, which was merged into Associated Utilities
Corp., also a
Delaware corporation.—V.
143, p. 909.
Associated Oil Co.—Consolidated Balance Sheet June 30—
1936
r
1935
$
Assets—
j
Fixed assets
Invest. &
Due from
57,980,972 57,850,930
advances 9,810,167
9,065,972
em pi's.-
Due from affil.
926
cos.
Cash
1,853,899
Market securities.
Notes & accts. rec.
Mat'Is & supplies.
Cash deposited in
106,624
4,497,642
1,464,840
2,878
735,989
2,127,603
242,996
3,869,629
1,680,657
escrow
750,000
750,000
Merchandise
13,591,293 11,092,817
Deferred charges..
1,091,648
758,789
Total
$66
--
—
.91,148,014
88,178,2621
1936
cos
Other curr.liab.-_
Res. for Fed. ta&s
Deferred credits..
Deferred liability.
Total...
1,945,139
1,655,795
ad].,
&c
Surplus
$
57,260,300 57,260,300
2,567,045
2,245,483
1,446,229
1,694,612
Acots. payable
in process of
1935
$
Liabilities—
Capital stock
Dueaffll,
_
$245,064
$0.88
$123,978
$0.43
old class A and class B
stocks and thereafter giving effect to four-for-one stock split.
No provision made for Federal surtax on undistributed
profits.
V.
143, p. 100.
Baltimore &
Annapolis RR.—Refinancing Plan Approved
Maryland P.
S. Commission has authorized the company to re¬
the issuance of $750,000 in
5% bonds and $1,250,000 in new stock, of which $475,000 will be in common
stock and $775,000 in preferred..
The company proposes to pledge the $750,000 in bonds to the Reconstruc¬
tion Finance Corporation as security for a loan.
This loan would be used
to repay a loan of $350,000 to the Baltimore & Ohio RR.
The remainder
of the proceeds from sale of the bonds would be spent on equipment im-
PrTVhem$T,250,000
new
stock would be turned over to bondholders of the
Line in exchange for their first and second
property.—V. 143, p. 262.
old Baltimore & Annapolis Short
lien bonds
on
part of the new company's
Bangor Hydro-Electric Co.—Earnings—
July 31—
Gross earnings
Operating expenses
Taxes accrued
Div.
on common
328,818
255,236
1936—12 Afos.—1935
1936—Month—1935
$177,887
$169,412
64,060
63,038
$2,067,305
20,500
27,300
$2,123,273
744,097
268,350
10,775
10,424
28,665
160,925
.341,214
^,483
14,481
305,790
173,772
710,857
291,000
149,210
364,805
305,799
217,216
$20
$129,121
$28,415
•
-
Depreciation
Fixed charges
Dividend on pref. stock-
34,946
25,482
14,481
stock-.
Balance--
$7,641
—V. 143, p. 910.
Barcelona Traction,
323,648
205,333
536,175
26,809,071 24,793,089
91,148,014 88,178,262
Our usual comparative income
statement for the six months ended June 30
was published in V.
143
p. 909.
Light & Power Co., Ltd.- -Earns.
[ Spanish Currency]
Gross
earns,
from oper__
Operating expenses
Net earnings
1936—Month—1935
9,298,421
3,643,579
9.224,632
3,468,964
5,654,842
5,755,668
-
1936—6 Afos.—1935
62,202.277 61,291,218
22,790,655 22,471,404
39,411,622
38,819,814
Note—The latest report from My. Fraser Lawton, President of the Ebro
Irrigation & Power Co., Ltd., who remains in Barcelona, is that up to
Aug. 4, 1936, no damage had been done to the company's property; the
light and power for the last week varied between 81% and 89% of the
normal.
The Government (the Generalidad of Catalina) has given the
British Consul General the assurance that British properties have not
been confiscated and that it will afford all possible protection to the rights
of British subjects.—V. 143, p. 100."
Basin Montana Tunnel
Co.—Earnings—
Earnings for the 6 Months Ended June 30, 1936
Net profit after depreciation but before
State income taxes.
—V.
<B4234ur1935* depreciation and depletion of $69,518,655 in 1936 and
6 Months
3 Months
share on 278,768 shares
Period End. June 30—
Companies Eliminated—
..In line with its
to
„„
more
8.2% higher than the year previous.
These gains in output are not
accompanied by corresponding increases
earnings because of lower rates, higher taxes and
higher costs of materials
ana supplies, and because
of heavier new business
expenses necessarily in¬
curred to gun back the revenues
lost by rate reductions.
Two More
j
and
After giving effect to complete conversion of
in
Toe
„
Co.—-Earnings—
Period Ended June 30, 1936—
Net income after depreciatidn, Federal taxes
other charges
-
increase
Gas send-out for
,
,
Period End.
increase recorded this year.
fnornihe 12 months
10.9
.
finance its outstanding indebtedness through
For the week ended
Aug. 1, 1936, Associated Gas & Electric System
reports electric output of 80,170,344 units
(kwh.), which was 11.5% greater
than the output in the same week of
1935. The increases in output reported
income but rate
$2,663,136 as compared with $951,896 for July, 1935.
The month's bookings brought the total for the consolidated group fo:
seven months of 1936 to $19,528,749 as compared with $10,562,569
in the same period last year.
Consolidated shipments, including Midvale, in July aggregated $2,351,121 as compared with $1,671,777 in July of last year. Consolidated ship¬
ments for thefirst seven months of 1936 were $12,770,637 as compared with
$14,010,568 for the first seven months of 1935.
■
On July 31,
1936, consolidated unfilled orders, including Midvale,
amounted to $13,471,018 as compared with $6,689,081 on Jan. 1, 1936,
and with $5,923,913 on July 31, 1935.
All figures are without intercompany eliminations.—V. 143, p. 744.
thefirst
The
(Del.)—Bids for Stock—
% of the capital stock of J. K. Mosser Leather
Corp., has offered to purchase the
publicly held stock of that corporation
at. the
fA
3,:J,936' book value of the stock, which was $36.21 a share.
—V. 141, p. 583.
,
(& Subs.)—Bookings—
„
The stiockholders at a recent
special meeting approved the issuance of
$130,000 3H% notes to complete
financing for consolidation of the com¬
pany's two AlDany plants.
Offer Terminated Aug. 10—11
Baldwin Locomotive Works
The dollar value of orders taken in July by the Baldwin Locomotive
and its subsidiaries, including the Midvale Co., amounted to
Works
141,
p.
depletion. Federal and
$41,U33
909.
Beattie Gold Mines, Ltd.-
-Earnings—
1936
3 Months Ended June 30—
Net profit before deprec., taxes
—Y. 143, p. 420.
and other charges-
Beauharnois Light, Heat
$225,531
1935
$133,442
& Power Co.—Plan Approved
Holders of $24,087,200 of the company's
5^% bonds of 1973, of which
outstanding, voted unanimously Aug. 10 in favor of an
extraordinary resolution sanctioning several changes in the trust deed secur¬
ing the issue.
Of these changes, which are intended to comply with the
terms of the offer of Montreal Light, Heat & Power Consolidated to exchange
$32,968,920
are
Volume
Financial
143
its first mortgage
3Ms for Beauharnois 5 Ms, the most
important is that
converting the present 5Ms to income bonds,
The action by the bondholders was the first step toward implementing
the offer.
The vote showed that holders of about $14,000,000 bonds other
income
favored the conversion to an
than those held by Montreal Power
basis, although that does not necessarily mean that all of this amount will
be turned in for exchange.
Bondholders owning 80% of the bonds (exclusive of Montreal Power's)
have until1 Aug. 28 to signify their acceptance of the offer, and should less
than 80% accept, Montreal Power may either waive that condition or with¬
draw its offer.—V. 143, p. 100.
Act.
of a long series of negotiations
of other classes
it.
The plan,
it is believed, is favorable to the first mortgage bondholders.—V. 141, p.4161.
The plan has been formulated as a result
with other representatives of the first mortgage bonds and
of securities and all of such representatives have approved
Brown Fence & Wire Co.—Stock
1936—6 Mos.—1935
1936—3 Mos —1935
Net profit after deprec.,
int.,
&c.,
but
Motors^BuildingT Corp.—Reorganization—
Broadway
A plan of reorganization has been formulated by Property Management,
Inc., and the first mortgage bondholders' committee after negotiations with
representatives of the other classes of securities.
This plan has been filed
by the debtor in the U. S. District Court for the Southern District of
New York in the pending proceedings under Section 77-B of the Bankruptcy
Belding Heminway Co.—Earnings—
Period End. June 30—
1067
Chronicle
The directors of the company on
the class B stbfek.
Split Voted—
Aug. 7 approved a two-for-one split
of
voting the stock split, the directors also approved a
change in the par value of the class B stock from no par to $1 par.
They
also voted to change the title of the stock from "class B" to "common"
In connection with
before
Federal taxes.
$280,294
$298,000
$115,200
$124,000
—V. 143, p. 420.
stock.
Bell Telephone
Co. of Pa.—Earnings—
12 Months Ended June 30—
Telephone operating
Operating expenses
Net
operating
revenues
-
$62,939,561 $60,058,171
43,754,495 43,186,066
$19,185,066 $16,872,105
4,177,857
3,116,867
revenues.
Taxes,including Federal taxes
$15,007,209 $13,755,238
Operating income
Other income
22,503
Net available fixed charges
Interest and discount
Other fixed charges
82,309
$15,029,713 $13,837,547
5,512,369
5,929,202
98,899
110,574
r
Net profit after charges &
$7,797,771
1,300,000
6,600,000
$9,418,445
1,300,000
7,700,000
Preferred dividends
Common dividends
Federal income taxes._
stk. (no par)
Earned per sh. on 139,882 shs. of cl. B.
—V. 142, p. 1112.
Brown-Forman Distillery
*
9T0"
$418,445 def$102,229
—
Bendix Aviation Corp.
Period End. June 30—
1936—6 Mos.—1935
$1,487,904
244,809
2,029
232,326
Federal taxes
$1,216,352
255,001
1,927
151,778
$2,789,242
488,075
6,606
425,001
$2,421,141
506,497
5,723
297,738
$1,008,740
Depreciation.
Interest
Co.—Admitted to When Issued
common
stock for each share of common stock
Holders of
a
common
held.
stock of record at the close
of business on Aug. 7,
two-fifths
The right
27,1936.—V. 143, p. 745
offered the right to subscribe at $5.75 per share to
share of common stock for each share of common stock held.
1936,
were
to subscribe will
expire at 3 o'clock p. m. on Aug.
Brunswick-Balke-Collender Co.
(& Subs.)—Earnings
1936—6 Mos.—1935
1936—3 Mos.—1935
Net loss after taxes, de¬
$159,069
$118,155
$62,577
$59,233
preciation, &c.
—V.142, p.3158.
(& Subs.)—Earnings—
1936—3 Mos.—1935
Operating profit
$1.36
The New York Curb Exchange has admitted to when issued dealings
the rights of holders of common stock to subscribe at $5.75 per share for
additional shares of common stock in the ratio of two-fifths of a share of
Period End. June 30—
—Val143ep"
1935
$388,739
Dealings—
of
Net income
1936
$340,626
$1.01
12 Months Ended June 30—•
1935
1936
v
$807,646
$1,869,560
$1,611,183
Bucyrus-Erie Co.—Listing—
The
New
York
Stock
Exchange has authorized
the listing of 68,300
shares of 7% cumulative preferred stock (par $100) upon official notice
of issuance in accordance with the plan or recapitalization; and 560,000
shares of common stock (par $5) on official notice of issuance in exchange,
of shares of the common stock (par $10)
stock upon official notice
outstanding convertible preference stock
on the basis of 1M shares of common stock for each share of coiivertible
preference stock, in accordance with the plan of recapitalization; also 68,300
shares of common stock upon official notice of issuance to holders of out¬
standing shares of 7% preferred stock, all in accordance with the terms
of the plari of recapitalization; making the total amounts applied for:
68,300 shares of 7% cumulative preferred stock; and 1,256,968 shares of
share for share, for a like number
.barns,
per
097,663
share
shs.
now
outstanding; and 628,668 shares of common
of issuance in exchange for present
2,capital
on
—V°143(Ppr 911
80 48
Berkshire Street
80,38
80,89
80,76
Ry.—Earnings—
Period End. June 30—
1936—3 Mos.—1935
1936—6 Mos.—1935
common
-V.
$45-011
H2" p:3"497"
Best &
$55,196
Co.—Earnings—
Six Mos.End. July 31—
1
Net profit after depreciation, Federal
inc. taxes and other
1936
After allowing for the Federal tax
1935
1Q34
^
charg^
x$508,546
$426,830
$351,513
$1.67
Earns, per sh. on 300,000 shs. com.
stk. (no par)
x
$87,656
$85,976
$1.40
$1.15
undistributed surplus.
on
Net sales for the six months ended July 31, 1936 were $6,968,000, com¬
pared with $6,185,069 for the six months ended on June 30, 1935, an
increase of 12.66%.—V. 143, p. 265.
B-G Foods,
Inc.—Accumulated Dividend—
The directors have declared
accumulations
Oct.
1
to
a
dividend of $1.75 per share on account of
the 7% cumulative preferred stock, par
holders of record Sept. 20.
A similar payment
on
$100, payable
made on
was
July 1 last.
.Accumulations after the payment of the current dividend will amount to
$29.75 per share.—V. 142,
p.
3497.
Big Creek Winifrede
Coal
Co.—Registers with SEC—
See list given on first page of this department.
Birtman Electric
Co.—-Earnings—
Six Months End. June 30—
1936
Net profit after depre. and normal Fed. inc. taxes
^Earned per sh. on 125,400 com. shs. ($5 par)
x
Before Federal surtax
Black & Decker
on
$142,427
$i.00
undistributed earnings.—V. 143, p.
1936—3 Mos.—1935
1936—9 Mos.—1935
$213,933
$134,468
$577,174
$0.65
$0.38
$1.73
$275,068
$0.72
Note—No mention is made of any provision tor Federal surtax
tributed earnings.—V. 142, p. 3839.
on
undis¬
Blaw-Knox Co.—Obituary—
Irvln F.
Lehman, President and
one
of the founders of this
company,
died suddenly on Aug. 5.
6 Mos. Ended June 30—
1936
1935
1934
$675,293
$301,448
$105,214
$0.22
$0.08
Net profit after charges and Federal
income taxes
Earnings per share on 1,322,395 shs.
capital stock (no par)
Note—No provision
was
earnings.—V. 142, p. 3840.
made
for
"
.
$0.51
Federal
surtax
on
undistributed
Bloomingdale Bros., Inc.—New Stock Voted—
The stockholders at
a special meeting held Aug. 11 approved the proposed
a new preferred stock for the purpose of retiring
existing 7%
preferred stock and ratified a certain agreement with Federated Depart¬
ment Stores, Inc. in connection therewith/—Y. 143, p. 911.
-
issuance of
Boeing Airplane Co. (& Subs.)—Earnings—
Period End. June 30—
Cons,
net
charges,
1936—3 Mos.—1935
1936—6 Mos.—1935
profit after
deprec., and
Federal income taxes.
$133,982 loss$224,558
Earned per sh.on 521,882
shs. cap. stk. ($5par).
$0.25
$92,423 loss$437,820
Nil
$0.18
Nil
Note—No provision was made for Federal surtax on undistributed
ings.—V. 142, p. 3333.
earn¬
BoUa Chica Oil Corp.—Earnings—
6 Months Ended June 30—
-
Net profit after deprec. but before depl.fc
Brentano's Book
Fed. taxes
1936
$75,237
1935
loss$l3,309
Stores, Inc.—Registers with SEC—
See list given on first page
of this department.
Broadway & 58th Street Corp.—Trustee—
The Colonial Trust Co. has been
appointed trustee under the indenture
securing an issue of $1,700,000 bonds or the corporation, and transfer agent
of the voting trust certificates for common stock of the same corporation.
The Colonial Trust Co. also is prepared to deliver securities of the corpora¬
tion against surrender of notes
of deposit for such notes. /
July 30 approved the plan of
directors have had under consideration for some
of the 1775 Broadway Corp. or certificates
recapitalization as
1
the officers and
time a plan which would
result not only in the adjustment of the accumulated preferred dividends but
a reclassification of the equity stocks.
The relationship of these equity
complicated under the present structure that it is
impracticable to provide any method of future expansion through the
further issue thereof.
The plan proposed therefore, includes the con¬
version of the convertible preference stock into common stock under condi¬
tions which would be advantageous to holders of each class of stock.
"Although the company has been able to pay quarterly dividends on the
cumulative preferred stock throughout the depression, the full 7 % annual
dividend has not been paid and there are now accumulated dividends of
stocks to one another is so
$16 a share on the
preferred stock which must be compensated for
before
dividends can be paid on the common and the convertible preference
There are outstanding 68,300 shares of preferred stock so that the
accumulated dividends amount to $1,092,800.
"Improving business permits the company to resume the payment of the
preferred dividends at the full 7 % rate on July 1, 1936, so that consideration
may now be given to the adjustment of the accumulated preferred dividends,
together with the simplification of the company's capital structure.
"There are 419,112 shares of convertible preference stock which share
dividends ratably with the common stock but can never receive more than
$2.50 per share in any one year; furthermore, dividends on the convertible
preference stock are non-cumulative and can only be paid if payments are
made on the common stock.
The convertible preference stock may be
converted share for share into common at any time.
"There are 560,000 shares of common stock outstanding which after
any
stocks.
further dividends over
Federal income
taxes, etc
Earn, per sh. on 298,354
shs. com. stk. (no par)
on
sharing dividends ratably with the
265.
Mfg. Co. (& Subs.)—-Earnings—
Period End June 30—
Net profit after int., de¬
prec.,
1935
x$185,815
$1.35
stock.
The stockholders
outlined in letter dated June 29, which said in part:
"As a result of many suggestions from stockholders,
$7
on
convertible preference stock, receive
the preferred and $2.50 on the
all
convertible
preference declared in any one year.
,
..
.
"Except for an adjustment dividend of 20 6-6 cents per share paid in
1932 on the convertible preference stock no dividends have been paid on
the common stock or convertible preference stock since July 1, 1931.
"The cash and quick assets position of company are adequate but do not
warrant at this time the payment in cash of the accumulations on the
preferred stock.
"The business
of the company has so materially
'
'
J
improved during the past
that the directors are convinced that with a continuance of this im¬
provement, a liquidation of the accumulated dividends on the preferred
stock and a reclassification of the junior stocks as proposed would enable
the company to resume dividends on the equity stock at a much earlier date
that it could possibly do without such a change.
To pay the accumulated
dividends on the preferred stock gradually in cash would require a con¬
siderable period of time before they could be entirely liquidated. .
,
"It is proposed, to adjust through reorganization the accumulated divi¬
dends on the preferred stock by requesting the preferred stockholders to
year
present their preferred stock certificates and receive in exchange one share
of new preferred stock having provisions identical to the present stock,
and in addition one share of common stock and $5 in cash for each share
of preferred stock so presented.
"To the'convertible preference stockholders this plan is advantageous as
it is proposed to give them 1M shares of common stock in exchange for
each share of convertible preference stock and eliminate this issue.
Since
the stock was first issued its market value has been definitely less than
1M times that of the common stock except for limited periods.
This would
indicate that the present convertible preference stockholder will, under the
proposed change, improve his market value position.
With respect to in¬
come the convertible preference stockholder would, under the rearrange¬
ment, receive less in dividends in periods of moderate total distribution and
more in periods of larger distribution.
Moreover, by the liquidation of the
accumulated dividends on the preferred stock, the common stock, for which
the convertible preference is to be exchanged, is put at once in a position
to receive dividends when earnings justify.
"For the common stockholders the plan appears advantageous as it im¬
mediately puts them in a position to receive dividends and, on moderate
earnings, they will receive a somewhat larger distribution than under the
present capitalization of the company.
"Because of the elimination of the convertible preference stock and the
consequent increase in the number of shares of common stock outstanding,
it is proposed to reduce the par value of the common stock to $5 a share and
this is accomplished by a technical resolution with respect to reduction
of capital required by the Delaware law.
This is essentially a bookkeeping
matter to preserve the capital surplus of the company; the proposed reduc¬
tion in the par value of the common stock will have the effect of increasing
this surplus.
"There are no underwritings or
similar expenses in connection with the
proposed plan."
plan, the entire amount of 1,256,968 shares of common stock
authorized for issuance is to be used for the purpose of exchange of presently
outstanding issues of stock and there will be no cash proceeds to the company
Under the
as a result thereof.
The plan contemplates the exchange of each share of the now outstanding
7% cumulative preferred stock plus the accrued dividends thereon to and
including June 30,1936 (amounting to $16) for one share of new 7 % cumular
1068
Aug. 1SJ
Chronicle
Financial
1936
tive preferred stock and one share of new common stock pins $5 in cash;
the exchange of
each share of thenow outstanding convertible preference
stock for 1 Yt shares of new common stock; and the exchange of each share
of now outstanding common stock (par $10) for one share of new common
stock (par $5).
This will result in the elimination of the convertible
build up appropriate reserves and working capital; and make possible the
declaration of dividends on preferred and common stock after such reserves
have been built up.—V. 143, p. 746.
preference stock.
The Guaranty Trust Co. of New York will until 10 a. m. Sept. 8 re¬
ceive bids for the sale to it of sufficient first mtg. 5% 30-year s. f. gold
bonds due Feb. 1, 1944 to exhaust the sum of $37,469 at prices not ex¬
Butte Anaconda & Pacific Ry. Co.—Tenders—
Earnings for 6 Months Ended June 30
1935
1936'
Gross income
$725,165
187,477
$132,589
xl53,375
$912,642
285,563
yl57,200
$285,964
262.774
4,800
$191,483 loss$248,776
262,651
259,559
$469,879
169,542
Total incomeDepreciation.
Federal taxes, &c
$18,390
61,925
loss$71,168 loss$508,335
61,274
61,559
Net profit....
Preferred dividends
Deficit.
_sur$300,337
Includes certain
dividends
$598,586
614,349
$43,535
which
will not
$132,443
occur
in
last
Calamba Sugar Estate—$1.60
California Water Service
12 Months Ended June 30—
Gross revenue
provisions
Net earnings before
—V.
143,
Co.—Earnings—
_
1936
1935
$2,194,169
$2,046,113
1,091,933
-•
985,563
depreciation
101.
p.
Canadian Industries,
The directors
on
Ltd.—To Pay $1.25 Dividend—
Aug. 13 declared a dividend of $1.25 per share on the
payable Oct. 31 to holders of record
30.
Previously regular quarterly dividends of $1 per share were
In addition the following extra dividends were paid:
75 cents
July 31, last; $1.25 on Dec. 16, 1935; 75 cents on July 31, 1935; $1.50
Dec. 15, 1934; 75 cents on July 31, 1934, and 87M cents per share paid
Jan. 31, 1933.
In connection with the current dividend the company
Sept.
distributed.
of Budd
Manufacturing approved
increase of 550,000
shares of no par common stock, and stockholders of Budd Wheel
voted an
increase of 135,000 shares of no par common.
These increases provide for
meeting the conversion rights of bondholders.
Each company proposes
to issue warrants to stockholders to
buy its
new
bonds.
912.
Federal
on
on
stated that the dividend did not indicate an increase in the dividend rate,
but conformed to a change in the manner of declaring dividends.—V.
See also V. 143,
"
.
preciation,
on
an
Period End. June 30—
1936—3 Mos.'—1935
Net profit after int., de- '
143, p. 101.
1936—6 Mos.—1935
Canadian National
&
State inc. taxes, &c__
Shares
common
stock
$339,585
outstanding (no par).
1,422,630
$0.16
Earned per share.
991,768
$0.02
$278,983
1,422,630
1936
Gross earnings
991,768
$0.07
$0.78
—V.
x
Including non-recurring income from Budd International Corp. of
$638,000 resulting from sale by that company of its interest in British
143,
$3,155,014
Increase
$111,572
*
Canadian Pacific
on
Ry.—Earnings-
undistributed profits.
1936
See Edw. G. Budd Mfg. Co., above.
Period End. June 30—
Net profit after int., de¬
Federal
The directors
1936—6 Mos—1935
addition
$310,087
$224,640
$0.31
$0.22
par)
$518,692
$516,560
$0.51
"
$0.50
Note—No provision has been made for Federal surtax
to
an
on
Carlton
undistributed
Burdine's, Inc.—Resumes Common Dividends—
The directors
have declared a dividend of $1 per share on the common
Sept. 10 to holders of record Sept. 1.
This will be the
first dividend paid on the common stock since the
reorganization of the
company in 1929.—V. 141, p. 3685.
stock, payable
Bushmill Wine & Products
have declared
extra
dividend
an
initial dividend of 5 cents
of like
amount
on
the
per share in
capital stock, both.
Committee
Carrier
opposed out of the total of 14,946 shares of pref. stock outstanding.
A
of 179,306 shares of com. stock were voted for thq proposal, with
opposed of total of 311,088 shares of stock outstanding.—V. 143,
p. 422.
Attacks
none
Celotex
The plan of reorganization
recently proposed by the preferred stockholders
merger
of that
Central
The protesting committee which is headed by
E. A. Potter Jr., Vice-President of the
Guaranty Trust Co. of New York,
urges all consolidated mortgage bondholders not to
express any approval of
the proposed plan.
It warns such holders not to be misled by the fact the
Halsey,
award of
ration
company
Sept. 14.
reported in the bid, the proposed offering price will be at 101.87, or on a
yield basis of about 3.40%.
Associated with Halsey, Stuart in the purchase
of the bonds are Graham, Parsons & Co.; Arthur
Perry & Co., Inc., and
Newton, Abbe & Co.
The company has obtained permission from the Securities and Exchange
Commission, effective Aug. 7 to issue promissory notes aggregating not more
than $1,800,000.
The notes, which can bear interest at not more than 3%
and rim for not more than nine months, will enable the
company to retire
Rutland Railway, Light & Power Co. bonds which Central Vermont had
assumed and which mature Sept. 1.
The notes themselves will later be
replaced by the new 1st mtge. bonds.—V. 143, p. 913.
Champion Hardware
par
per share were
Listing—Company
common
stock
on
proposes to make application
the New York Curb Exchange and
for the listing of its
(or) the Detroit Stock
A prospectus dated
Aug. 5 affords the following:
Company—Incorp. in Michigan July 2, 1907, and corporate term ex¬
on July 15,
1936, for a period of 30 years from July 2, 1937. Com¬
tended
pany succeeded a company of the same name organized in 1897 and since its
incorporation on July 2, 1907, has been engaged in the manufacture and
sale and installation of various insulating materials and devices.
Its prin¬
cipal line has been and still is the manufacture and sale of metal weather
strip for doors, windows and certain other openings, such sales representing
approximately 88.9% of 1935 volume (of which approximately 75% was
directed to existing buildings and 25% to new
construction), of the balance
approximately 10.1 % was accounted for by screens of all types. The original
line of weather strip materials has been added to from time to time.
Properties and Plants—The company owns two plants in fee, one at 1254
LaBrosse St., Detroit, Mich., and the other at
Peru, 111. The Detroit plant
has a floor space of
approximately 46,800 sq. ft. The Peru (111.) plant has
a floor space of about
18,120 sq. ft.
with its gradually declin¬
substantial deficit for the six months ended June 30,
ing earnings and a
1936, is a matter of record."
The letter also states that the
plan "lists a number of prominent citizens
who are to become directors of the combined
enterprises," and says,
"Despite the prominence of the proposed directors, your committee is
bonds of the Buildings company; set up an adequate depreciation
reserve;
Offered—
on
Exchange.
company
margin of earnings over fixed charges on the basis of present earn¬
ings; provide a reasonable sinking fund out of earnings for the consolidated
mortgage bonds of the Terminal company as well as for the first mortgage
Co., Detroit,
paid.
Aug. 7 offered at $10 per
share 32,500 shares of
common
stock
(par $5).
This
offering does not constitute new financing by the comphny.
Buildings company.
As
nephew of C. E. Bedford,
assure a
Chamberlin Metal Weather Strip Co,—Stock
R. B. Renfrew &
in the
means
unimpressed with the plan.
Your committee has sufficient regard and
respect for such men to believe that they must be either unfamiliar with the
affairs of the Terminal
company and of its subsidiary, or else that they must
be under misapprehension as to the facts."
The protesting bondholders committee states that it favors a
reorganiza¬
tion plan that will make the Buildings
company a party to the 77B pro¬
ceedings, and suggests a merger of the two companies on a basis that will
$100, both payable Aug. 15 to holders of record Aug. 5.
—V. 142, p. 3499.
I
chairman of the preferred stockholders
committee, was sleeted president of
the Buildings
company and has continued as its operating head ever since.
While no criticism of Mr. Bedford or the
preferred stockholders committee
is intended, the history of the
Buildings
Dividend—
Dividends of 50 cents were paid on May 15, last, and on Dec.
15, 1935,
this latter payment being the first made since
Aug. 15, 1934 when 75 cents
per share was paid.
Dividends of 75 cents per share had been distributed
each three months from Aug. 15, 1931 to and
including Aug. 15, 1934.
Prior to Aug. 15, 1931,
quarterly dividends of $1.50
of the new directors, let us in his words
'examine the record.'
Early in
1934 the preferred stockholders committee
suggested that they should be
consulted with respect to the management of the
Bedford,
Co.—25-Cent Extra
The directors have declared an extra dividend of 25 cents
per share in
addition to the regular quarterly dividend of 50 cents on the
capital stock,
one
T.
& Co., Inc., and associates received on Aug. 11 the
issue of $7,000,000 1st mtge. 3 H% series B bonds of the corpo¬
their sale will be used for refunding purposes.
The reqffering of the bonds probably will not be made until
"A member of the preferred stockholders
committee has been quoted as
saying that, under efficient management, earnings will
substantially
increase.
Since former Governor Alfred E. Smith has been
proposed as
result, early in April, 1934, E.
Stuart
an
on a
As
currently showing
earnings equivalent to $142,000 on an annual basis after all interest
charges
depreciation but before Federal taxes and sinking fund
requirements on
the first mortgage bonds of the
company.
On the other hand, the Build'company, it points out, is operating at an annual loss of
approximately
$171,000 after fixed charges and depreciation.
As compared with
this
situation, the committee states, the combined companies after themerger
proposed in the reorganization plan, will show an immediate annual deficit
even before
sinking fund charges.
The committee states that under these
circumstances, the present earn¬
ings of the Terminal company will be used in part to pay interest and
sinking
fund on the Building
company's first mortgage bonds or to pay dividends on
the new company's preferred stock.
The committee states that unless the
continuing decline in the earnings of the Building company can be arrested,
interest on the
building company's first mortgage bonds under the proposed
plan of merger may have to be defaulted on Oct. 1, 1936.
The committee
also points out that the
plan provides for the continuation of a sinking fund
of $198,000, with
subsequent increases, for first mortgage bonds of the
Buildings company, whereas no sinking fund is provided for the consolisolidated mortgage bonds of the Terminal
company.
new
Public Service Corp.—$7,000,000
Halsey, Stuart Group—*
bid of 100.592.
The amount is $300,000 less than originally was
scheduled for sale.
The bonds are due on Aug. 1, 1966.
Proceeds from
plan proposes immediate payment of interest on their
bonds, and expresses
the belief that such
payment will be made in any event.
In a letter addressed to holders of
the consolidated mortgage bonds, the
committee points out that the Terminal
company is
Buddings company preferred stockholders committee through the
of voting trustees all of whom are members of
that committee.
Vermont
Bond Issue Awarded to
bonds of Bush Terminal Co.
The committee's letter
states, "The plan has no merit as a reorganization
plan because it does not cut fixed charges to a level which the
present earn¬
ings will support.
In fact, it increases interest charges by approximately
Corp.—Registers with SEC—
See list given on first page of this department.—V. 143, p. 746.
cora-
Sany with its parent, the Bush Terminal Co., has been denounced by the
ondholders protective committee
representing the consolidated mortgage
$85,000 per annum.
"The plan places almost exclusive control of the
Corp.—Stock Plan Approved—
the pref. stock were voted in favor of the proposal and 3,312 shares were
Reorganization—Warns Bondholders That Proposed Plan In¬
Charges and May Result in Later Default—a
Loan Extension—
total
creases
Buildings Co., providing for
RR.—Asks
The elimination of the company's preferred stock through exchange of
com. stock for each share of preferred w^s approved at the
special meeting of stockholders held Aug. 7.
A total of 9,403 shares of
Co.—Special Stock Dividend
Co.—Bondholders'
Coast
&
five shares of
The directors have declared a
special stock dividend of 6% on the class A
and B stocks, payable
Sept. 8 to holders of record Aug. 26.
$40,000
The company has applied to the Interstate Commerce Commission for
authority to extend the maturity date of its first mortgage bonds now
pledged with the Reconstruction Finance Corporation from May 1, 1935,
to May 1, 1941.
Totaling $549,000 the bonds bear interest at 6% and are
pledged with the Reconstruction Finance Corporation as security for a loan
of $535,800 granted in 1932.
The carrier also asked that the maturity date
of the loan be advanced until May 1, 1941.—V. 142, p. 775.
profits—V. 143, p. 912.
of the Bush Terminal
Increase
payable Sept. 15 to holders of record Aug. 31.
Earn, per sh. on 965,258
Terminal
$2,404,000
Cardinal Gold Mining Co.—Initial and Extra Dividend—
1936—3 Mos.—1935
&
State income taxes...
1935
$2,364,000
Gross earnings
—V. 143, p. 913.
Budd Wheel Co.—Bond Issues Voted—
shs. com. stk. (no
1935
$3,266,586
-
913.
p.
Earnings of System for First Week of August
Note—No provision was made for Federal surtax
—V. 143, p. 912.
preciation,
Rys.—Earnings—
Earnings of System for First Week of August
$127,394 x$l,323,835
Pressed Steel Co.
a
Extra Dividend—
class A and class B common stock,
bearing higher interest
Stockholders
Bush
Gas and
stock, par $20, both payable Oct. 1 to holders qf record Sept. 15.
This
compares with extra dividends of $1 per share paid on April 1, last, Oct. 1
and April 1, 1935, and on Oct. 2 and April 2, 1934.
Regular quarterly
distributions of 40 cents per share have been made since and including Oct. 1,
1928.—V. 142, p. 1281.
(Edw. G.) Budd Mfg. Co .—Bond Issues Voted—
,
v
The directors have declared an extra dividend of $1.60 per share in addi¬
tion to the regular quarterly dividend of 40 cents per share on the common
The stockholders of this company and the Budd Wheel Co.
authorized
Aug. 8 the issuance of $10,500,000 and $2,000,000, respectively, of
4^ %
first-mortgage bonds, convertible into tommon stock.
The proceeds will
be used to liquidate the Budd Bealty Corp. and to retire
existing mortgage
and bonded indebtedness of Budd
Manufacturing
page
1113.
John J. O'Brien, President of this company and the Standard
Electric Co., died on Aug. 7.—V, 142, p. 1632.
on
rates.
p.
(H. M.) Byllesby & Co.—Obituary—
$569,894
amount for all Federal and State income taxes and
Federal surtax on undistributed earnings.—V. 143, p. 745.
for
$173,781
530,534
half of year,
Estimated
142,
ceeding 105 and interest.—V.
loss$15,763 loss$356,753
207,246
107,977
Operating profit
x
1933
$829,250
696,661
Other income
y
1934
$1,631,847
906,682
Expenses.
,
Capitalization—
Common stock ($5 par)
Note—On
Dec.
Authorized
200,000 shs.
Outstanding
135,000 shs.
31, 1935, company's authorized capital consisted of
200,000 shares (no par), of which 125,069 shares were outstanding, exclusive
of shares held in the treasury, and on May 31, 1936, the
company had the
same
authorized capital, with 125,000 shares outstanding exclusive of
Financial
Volume 143
11993208-2— —
Prior to May 31, 1936.the company
shares held in the treasury.
corporate action
the treasury on
that date.
-
-
-
—
-
-
1934
1935-::::::::::::-:---::::-:
Based
xNet Income
2:569,189
Orders
Net Sales
Booked
$747,594
883,450
$901,644
1,197,690
Balance Sheet
Marketable securities
x
receivable..-
$1,075,719
289,734
787,764
$1,127,579
334,815
795,040
$776,374
$2,276
$2,181
233,040
Cola Co-..
for the five months
Total-.
x
Orders
on Hand
3,975,200
1,112,060
3,934,560
965,780
Net Loss
'
$318,605
527,478
$24,760
18,814
--.$4,917,744 $5,098,231
Represented by 96,578
no par
1935.
y Represented by 196,728
1935.—V. 142, p. 3163.
r
_
1,031,154
279,579
75,162
1 Total
Coleman Lamp
Common stock-. 3,934,560
Surplus---'
Total-.-------$4,917,744 $5,098,231
shares in 1936 and^111,206 shares in
shares in 1936 and 198,760 in
no par
& Stove Co. (& Subs.)—Earnings—'
1936
x
No
mention
was
of Federal
made
surtax
1935
$129,207
_
_
x$102,147
$1.02
Net profit after depreciation, Federal taxes, &c___
Earns, per sh. on 100,000 no par shs. capital stock
$1.29
undistributed profits.
on
—V. 142, p. 1811.
Colgate-Palmolive-Peet Co. (& Subs.)—Earnings—
1935
1934
I?,33
$41,713,288 S37.081.211 $31,236,474
Costs .expenses & deprec. 40,383,832
38,286,399 34,365,656 30,193,228
6 Mos. End. June 30—
1936
Net sales
—$41,235,951
——$1,419,337
Chicago Corp.—75-Cent Accumulated Dividend—
payable Sept. 1 to holders of record Aug. 15.
A like payment was made on
June 1 and March 1, last, against a dividend of $1 paid on Dec. 1, 1935,
and dividends of 25 cents per share paid each quarter from March 1, 1933
to Sept. 1, 1935, incl.
In addition a dividend of 50 cents was paid on
Dec. 21, 1934.
Accumulations after the payment of the current dividend
will amount to $5.50 per share.—V. 143, P. 424.
$3,426,889.
Dr24,72l
$2,715,555
182,972
$1,043,246
72,173
$660,423
Operating profit
$852,119
Drl91,696
The directors have declared a dividend of 75 cents per share on account
of accumulations on the $3 cum. conv. preference stock, no par value,
$3,402,168
577,358
$2,898,527
481,639
$1,115,419
$2,416,688
$765,121
743,548
763,699
497,644
_
Total income..
Federal taxes
290.225
Prov. for possible decline1
in investment
.
-
Net profit
$370,198
739,654
Preferred dividends
Common dividends_
Revised Reorganization Plan—
489,041
by the general
it was recently
announced.
Letters showed that Carroll M. Shanks, Chairman of the
protective committee for general mortgage gold bonds, and E. S. Ballard,
counsel for the C. & E. I. trustees, had informed Oliver E. Sweet, Director
of the Interstate Commerce Commission's financial bureau, of the program.
The communications said that the negotiations were ended successfully
but that the approval of Jesse H. Jones, Reconstruction Finance Corpora*
tion Chairman, had not yet been obtained because of his illness.
Meanwhile, in a report issued in connection with the O. & E. I. reorgan¬
ization, the ICC said that, based on present traffic, the road needed to
spend at least $360,180 on deferred maintenance.
Further, the report
said the carrier required at least $1,075,000 worth of new freight and passen¬
ger cars..
On the basis of traffic served by the road in 1930, said the report,
deferred maintenance necessities amounted to $599,880, and $3,295,000
of new equipment would be needed.—V. 143, p. 748.
bondholders'
committee
and
the
$858,497 sur$697,192sur$1673,340
1936
taxes, &c-Earns, per sh. on 346,181 shs. cap.stk.
per
$496,222
1,981,716
$0.84
1,999.970
1,956,086
$0.60
Nil
share..
1,949,086
$282,094
$0.81
Colon Oil
1934
$212,277
$0.61
Corp.—Suspension Date Extended—
The New York Stock Exchange has announced that the date for the sus¬
pension of the corporation's 10-year convertible 6% gold debentures due
July 1, 1938, has been postponed from Aug. 15 to Oct. 1, 1936, or such
earlier date as the. securities for which these debentures now constitute a
receipt are listed and available for trading on another exchange.—V. 143,
P. 750.
- •
Columbian Carbon Co.
Earnings—
(& Subs.)1935
1934
$2,164,560
$1,686,470
$946,872
699,950
Dr61,392
556,999
Drl05,069
467,928
Dr33.013
494,586
Cr34,014
$1,843,305
$1,502,492
537.681
$1,185,529
538,420
$486,300
538,420
$2.79
$2.20
$0.90
Deprec'n & depletion—
Minority interest—
Shs. no par com. stock—
Earnings per share.—Y. 142. p. 353.
$121,401
$0.35
537,411
$3.43
Community Water Service Co. (&
Chicago & North Western Ry.—Hearing
on
Plan—
Public hearing on the reorganization plan will be held Sept. 9 at the office
C., before Ex¬
•*936
that there have been drawn by lot for redemption out of sinking fund
moneys, $100,000 principal amount of these debentures. The debentures
drawn will become due and payable oh Oct. 1, 1936, at
101)4% of their
principal amount, together with accrued interest to the redemption date,
at
the/bank's principal office, 11 Broad St.—V. 142, p. 3336.
Chicago Yellow Cab Co., Inc.—Capital Reduced—
Stockholders at a special meeting held Aug. 12
approved reduction of
capital to $1,650,000, from $2,200,000, and reduction in the number of
shares to 300,000 from 400,000.
The 100,000 shares to be retired and canceled were held
by the Waverly
Corp., which has been dissolved.—V. 143, p. 580.
.
,(•& Subs.)—Earnings—-
1936—3 Mos.—1935
prof$9,305
-
2991.
1936—6 MosJ—1935
$2,221
JSjj5,
y$7,382,279
3<751,006
$7,370,124
3,569,599
$3,631,272
$3,800,525
2,296,128
x679,476
Gross income.
Interest, amortization of discount, &c., of subs.2,292,924
x658,446
Preferred dividends of subsidiaries
Minority interest
—
—
amortization of discount, &c., of Com¬
munity Water Service Co... —:—___*
Reserved for retirements—__—
9,905
9,719
349,985
393,976
407,689
432,577
Interest,
Chicago Pneumatic Tool Co.—Bonds Called—
The Chase National Bank of the City of New York, trustee, is notifying
holders of 15-year 5J4% sinking fund gold debentures, due Oct. 1, 1942,
Cincinnati Ball Crank Co.
■
Subs.)—Earnings—
12 Mos. Ended June 30—
Gross earnings
Operating expenses, maintenance and taxes______
of the Interstate Commerce Commission, Washington, D.
aminers R. T. Boyden and J. Y. Walsh.—V. 143, p. 749.
1933
6 Mos. End. June 30—
1936
Net after taxes.$2,604,647
Net income-.
1935
Net sales for first half totaled $11,879,126, or 6.1% higher than the
$11,196,374 reported for like 1935 period.—V. 143, p. 748—
Period End. June 30—
Net loss after deprec. &
$0.01
—V. 142, p. 2991.
company,
Chicago Mail Order Co.—Earnings—
6 Months Ended June 29—
Net profit
after
deprec., Federal
$1,924,810
741,035
486,583
„
Shar^ common stock
Earnings
An amended plan for reorganization has been agreed upon
350,298
x
900,000
Deficit
Chicago & Eastern Illinois Ry.—Agreement Reached on
p.
1935
1936
Class A stock--.
6 Mos. Ended June 30—
-V. 143, P. 578.
?rth?r charges
xl70,428
608,127
$965,780 $1,112,060
3,975,200
17,404
10,971
x
y
$10,971
Cocar
CI. A Coca-Cola Co
1
—V, 142,
1934
..
„
Capital stock (125,000 shares,
no par)
Earned surplus-------------
$1,419,337
stock
Liabilities—-
1935
1936
$17,404
Com.
15,956
Other assets
—
Assets—
Federal income tax.
Goodwill
mortgage
8778,641
2,267
}935__
.
Quarterly dividend requirements.
Cash
loss0.51
0.82
1.00
$77,408
15,241
Property, plant & equipment.
-
—
$1,129,967
2,388
Comparative Balance Sheet June 30
0.01
loss2.08
Accounts payable..-.—-----
$120,403
577,087
315,681
22,014
Total.
Deficit-
75,950 Accrued liabilities--
Demand deposits and on hand.
Deferred charges
...
1936
$1,077,577
1,027
831
$1,779
.
Common dividends.
2.07
1,75
1.40
Liabilities—
Inventories..
Corp.—Earnings—
-
Net income————
Glass A dividends
May 31, 1936
AsSets—
Accounts
Expenses
Taxes paid.
2.04
135,655
135,000 shares now outstanding.
Figures relating to orders, net sales and income
ended May.31 are as follows:
on
5 Mos.End. May 31—
1935
1936-.---
Share
$2.76
per
Net Sales
Net Income
$5,289,822
$372,882
5,472,791
276,240
5,206,507
280,490
4,900,057
237,083
4,709,414
189,015
3,331,826
*'902
2,207,486 loss280,565
1,690,272
loss68,638
2,243,829
111,025
-
X
3 Months Ended June 30—
Gross income
.
Sales and Earnings
Calendar Years—
1926
1927—
Coca-Cola International
acquired
June 15,1936, by appropriate
changed its authorized capital from 200,000 snares or
no-par to common stock—$5 par, on a share-for-share basis, and paid a
stock dividend totaling 10,000 shares representing all of the shares held in
69 additional shares of treasury stock and on
1069
Chronicle
$4,111
$20,337
—
Net loss
x
■
—
-
$87,678
$11,353
$227,586
$80,114
Includes cumulated divs. on preferred stocks of
subsidiaries not declared or paid.
y After deduction of $145,500 in 1936 on account of rate reduction ordered
effective Nov. 1, 1935, for the New Rochelle Water Co., but appealed.—
V. 143, P. 424.
Connecticut
moved
Ry. & Lighting Co.—Common Stock Re¬
from Exchange List—
The Governing Committee of the New York Stock Exchange, at a
special meeting Aug. 5, suspended from dealings the 89,772 shares of
common stock of the company.
A letter from the company to the Registration Division of the Securities
and
Exchange Commission, which made application to withdraw the common
and from registration
stock from Qsting on the New York Stock Exchange
under the Securities Exchange Act follows:
shares, the corporation has outstanding 81,429
preferred stock listed, and $13,257,000 1st & ref. 434 % bonds,
1 1951, listed (of which $4,618,000 are held in a sinking fund
in the treasury of the corporation), and $209,000 outstanding of 1st mtge.
5% bonds, due Jan. 1, 1939, unlisted, issued by this company under the
-name of Connecticut^ Lighting & Power Co.
The reasons for this .application are as follows:
Company owns and formerly operated gas, electric and street railway
properties in Connecticut, the greater portion of which are street railways.
In 1906 it leased all its properties to the Consolidated Ry. Co., later merged
into New York New Haven & Hartford RR. for 999 years.
These proper¬
ties were subsequently sublet by the railroad in two groups:
(1) The gas and electric properties were sublet to the Connecticut
Light and Power Co.
(2) The traction properties, much of which have been replaced by buses,
were sublet to the Connecticut Co., a wholly owned subsidiary of the
In addition to the common
shares of
Cincinnati & Suburban Bell
6 Mos. End. June SO—
Net inc. after int., taxes
1936
and
charges—
$1,071,950
Earns, per sh. on 549,768
shs. cap. stk (par $50)
$1.95
—V. 142, p. 3668.
•
Clark
Telephone Co.
1935
$985,626
-Earns.-
1934
$1,009,469
1933
$1,114,992
'
$1.79
$1.83
$2.03
Equipment Co.—Dividend Increased■—
The directors
on Aifg. 11 have declared a dividend of 30 cents
per share on
stock, no par value, payable Sept. 15, to holders of record
This compares with dividends of 20 cents per share paid each three
months from March 15, 1934 to and including June 15, last, and 25 cents
paid on Dec. 28, 1933.
Prior to this latter date no dividends had been
paid since Dec., 1931 when a quarterly payment of 25 cents per share was
the
common
Aug. 27.
made.—V. 143, p. 581.
due Jan.
railroad.
of the Connecticut Ry. & Lighting Co. has consisted of
amounting annually approximately to $1,450,000 plus taxes, of
from the railroad on account of traction proper¬
ties, and $400,000 from the Connecticut Light & Power Co. on account
of the gas and electric properties.
The rental has been sufficient to pay
expenses, interest on bonds, sinking funds and dividends since 1917 on the
The income
rentals
which $1,050,000 has come
Cleveland Cliffs Iron Co.
(& Subs.)—Earnings—
Earnings for 3 Months Ended June 30, 1936
Net profit after int., deprec., depl., Fed. income taxes, &c
Earns, per sh. on 408,296 shs. com. stock (no par)
x$765,099
$0.38
Before provision for surtax on undistributed profits.
The above profit excludes company's proportianate share of net profits
of subsidiaries not consolidated amounting to approximately $225,000.
—V. 143. p. 915.
x
Coda Cola Co.
Earnings—
Peridd End.
June 30— 1936—3 Mos.- -1935
1936—6 Mos.—1935
Net profit after charges
I
and Federal taxes
x$5,477,706
$3,972,176 x$8,137,773
$6,708,508
Shs. com. stock outstdg.
4,000,000
985,900
4,000,000
985,900
Earnings per share
;
x
$1.37
$4.0$
$2.03
$6.16
No provision was made for Federal surtax on undistributed profits.
—V. 142, p. 3163.
preferred and common stocks at the rate of 4)4 %.
Connecticut Ry. & Lighting Co. is still In receipt of approximately
$400,000 annually from the Connecticut Light & Power Co., plus certain
rental from the gas and electric properties, and it is expected
that this annual income will continue.
In 1935 New York New Haven & Hartford RR. filed a petition to be
reorganized under Section 77 of the National Bankruptcy Act, and, likewise,
Connecticut Co. filed a similar petition under Section 77-B.
As a result,
the rentals due Nov. 1, 1935, were not paid, and no income from the rail¬
road nor from Connecticut Co. has been received since then.
Furthermore,
the sublease of the traction properties by the railroad to Connecticut
Co. has been .terminated and, likewise, the lease between Connecticut Ry.
& Lighting Co. and the railroad made in 1906 has been terminated by
taxes as the
direction of the U. S. District Court in Connecticut.
As a result of the termination of these two leases, Connecticut Ry. &
Lighting Co. is confronted with the alternative of taking back its traction
Financial
1070
properties and running them itself, or of making a new lease with some
operating company.
Efforts have been made to ascertain whether it
would be possible to enter into a new lease with either the New York New
Haven & Hartford RR. or Connecticut Co., and the officers of Connecticut
Ry. & Lighting Co. are satisfied that it is impossible to make any lease
with either of these companies which will produce annually enough income
to this company to enable it, even with the income received from Connecticut
Light & Power Co., to meet its interest and sinking fund obligations on
its outstanding bonds.
Connecticut Ry. & Lighting Co. has conducted a survey of the oper¬
ating and financial situation of the traction properties, which survey has
just been completed, and which indicates that the annual net revenue to
be derived from the operation of the properties in their present condition
amounts to approximately $118,000.
This amount, added to $400,000
receivable annually from the Connecticut Light & Power Co., makes a
total income of $518,000 available to the company, but the annual obliga¬
tions for sinking fund and interest on the outstanding bonds amount to
approximately $673,000 annually, so that there is an annual deficit, after
the payment of bond interest and sinking fund contributions, of $155,000
annually.
The deficiency in bond interest and sinking fund contributions
is met by the guarantee of United Gas Improvement Co. so that the actual
payment of these obligations is not jeopardized by the financial situation
of Connecticut Ry. & Lighting Co.
The studies conducted by the company in connection' with the operating
situation of the traction properties indicate that if approximately $1,500,000
new capital were paid into the company in order to convert existing trolley
properties into bus lines and for other purposes it might be possible, after
the payment of a reasonable return on the additional capital, to realize
annually an amount just about sufficient to meet the sinking fund and
bond interest obligations, but it also appears from the survey that there
is no reasonable expectation that, even with the addition of new capital,
it will be possible to produce annual income for the company in an amount
sufficient to pay any dividends on the preferred stock.
Full dividends on
the preferred stock amount to approximately $407,000 annually.
In view
of this large margin which must be met before any dividends can be paid
upon the common stock, the company concludes that for all practical pur¬
poses the common stock must be considered as of no value and, in view
of this conclusion, is unwilling to countenance the continued
trading in
he common stock on the New York Stock Exchange.
Company to Operate Own Traction Properties—
under which the New York, New Haven & Hartford has, through a sub¬
sidiary, been operating the properties since 1906 recently was abrogated by
the U. S. District Court in Connecticut.
Detailed
operating and financial studies have been conpleted by the
company, which will seek permission of the Court to take over the prop¬
erties, tbe letter said.—V. 143, p. 916.
Corp.—Stocks Offered— Hammons
& Co., Inc., New York, and Hammons & Co., Inc., of Cali¬
fornia, offered
on Aug. 13 by means of a prospectus, subject
prior subscription by holders of common stock, 22,976
shares of convertible $3 preferred stock (no par) and noncumulative, at $55 per share.
The registration statement
covers also 73,600 shares
($1 par) common, 48,000 shares
of which are being reserved for issuance upon the conversion
of 24,000 shares of the convertible $3 preferred, and
25,600
for subscription by employees.
to
The corporation agrees to pay the underwriters
a
current financial condition of the company was strong.
with Thinshell Products, Inc., current assets
$1,092,064, including cash of $336,853. Current liabilities
were $286,230.
The company has no bank loans or preferred stock, and
funded debt is represented by $757,000 of first mortgage 5H% bonds
outstanding with the public.
The enlarged Consolidated Biscuit Co. represents the merger of three
operating units in the industry—Davidson Biscuit Co. of Mt. Vernon, 111.,
Hampton Cracker Co. of Louisville and Thinshell Products, Inc., of Chi¬
cago.—V. 143, p. 581.
As of June 30, the
After completing the merger
amounted
to
f
Consolidated Cigar
flat underwriting fee of
which they offer the stock to the public.
■
The entire net proceeds from the offering will be used
by the corporation
for construction and equipment of additions to plant, and to provide
additional working capital.
The corporation has become within the last two
years one of the most
active manufacturers of advanced aircraft in the world.
Construction is
in progress which will add about 195,000
square feet of floor space,
increasing the plant approximately 80 %. The plant is located at Lindbergh
Field on San Diego Bay directly across from the U. S. Naval Air Station
and adjoins the U. S. Marine Corps Base.
Net sales to the U. S Army,
U. S. Navy, commercial and export customers and others in 1935 totaled
$2,841,753, which compares with $1,552,209 in 1934 and with $2,374,892
now
in 1933.
Net income for
1935
$322,732, compared with $6,560 in 1934 and
compared with a net loss of $9,135 in 1933.
In the first six months of this
year the company reported net earnings of $188,679.
It expects, barring
unforseen conditions, to exceed materially this rate of
earnings in the next
18 months.
Since the company's inception it has averaged
approximately
10% net on sales after depreciation and provision for taxes.
The company
on August 7th had undelivered business on its books of
$13,400,000 all of
which must be delivered by January 1938.
The consolidated balance sheet
as at Dec. 31, 1935, shows total assets of
$2,885,458, of which $1 247 485
are current, compared with current liabilities of
$486,774.
Earned surplus
was $1,786,028.
Upon completion of the sale of 22,976 shares of convertible $3 preferred,
and without giving effect to the sale of 1,024 shares reserved for
offering
to officers and employees (exclusive of R. H. Fleet,
Pres.) and without
giving effect to the sale of 25,600 shares of common stock similarly reserved,
the capitalization will be as follows: convertible $3
preferred, 24,000 shares
authorized, 22,976 shares outstanding; preferred stock (series not desig¬
nated) without par value 36,000 shares authorized, none outstanding;
common stock, $1 par value, 1,200,000 shares
authorized, 574,400 shares
outstanding.
1936—3 Mos.—1935
Period End. June 30—
$165,278
deprec. & Fed, taxes.
Last month the company received two awards from the
Navy Depart¬
covering $5,485,115 of flying boats, 50 of which will be the same model
flying boats as the 60 under construction by virtue of the record peacetime
order placed with the company last year
by the Navy.
The XP3Y-1, prototype of the models now
being constructed, estab¬
lished on October 14, and 15, 1935, a non-stop distance record for
flying
boats by flying from the Canal Zone to San
Francisco, Cal., approximately
3,500 miles.
Consolidated's flying boats also hold the world's mass-flight
distance record
established in 1934 when a
squadron of 6 Consolidated
P2Y-1 flying boats flew from San Francisco to their
permanent base at
Honolulu, a distance of 2,408 miles.
The boats are air cruisers which will
operate with the fleet, self-supporting and not requiring
hangar or carrier
space and are outstanding for their
the ability to patrol without
long range and high speed.
They have
landing for more than 24 hours, thus affording
maximum security to the coast line.
the Navy at San Diego last June.
The other award last month
Consolidated is constructing
Trials
were
officially conducted by
covers a secret
a
development.
To handle it,
three-story building for experimental and
x
$2,300,000 for 50 two-seater pursuit units for the U. S. Army Air Corps,
and spare parts, described as the highest
performing airplane at altitude of
any aircraft of its type in the country.
Spare parts are produced for other
products, marketed all over the world during the last 13 years.
The company now employes 2,269 men and has a
payroll of $285,000 a
month.
With the-eompletion of additional plant facilities,
1,000 additional
trained mechanics wilrbe required.—V.
143, p. 916.
Consolidated Biscuit
Co.—Earnings
Consolidated
Gas,
Electric
Light
&
Co.
Power
of
Baltimore—Bonds Called—
Payment in full immediately, will be made to holders of the $560,000
4% series due 1981, first refunding mortgage sinking fund bonds, which
have been called at 104 and accrued interest as of Oct. 6, 1936.
Holders
will receive $1,053.89 for each $1,000 bond upon presentation of the bond
with Dec. 1, 1936 and all subsequent coupons attached, at the Corporate
Trust Department of Bankers Trust Co.—V. 143, p. 751.
Consolidated Oil Corp. (& Subs.)—Earnings—
Consolidated Statement of Income for 6 Months Ended June 30, 1936
earnings, exrl. of inter-company sales, inter¬
transportation charges and U. S. Federal and State
gasoline and oil taxes
$97,576,071
Costs, operating and general expenses
79,305,956
Gross operating
company
Profit.
$18,270,115
Int., divs. (incl. $195,319 from Petroleum Corp. of Am.), profit
on sale of assets, &c., less provision for losses of wholly owned
subsidiaries not consolidated—
621,463
Total income
.
$18,891,579
519,503
—
Interest
9,354,120
1,488,581
Depreciation and depletion
Canceled leases, abandonments and dry holes
Prov. for est. U. S. normal Federal income tax
500,000
-.
profit
$7,029,374
Earnings per share on 13.944,886 shares of common stock, excl.
of shares held in the treasury at June 30,1936-------$0.49
Net
-
-
has been made for liability, if any, for U. S. Federal
Revenue Act of 1936, as such
liability is not determinable until the end of the year.
Equity in undistributed current gains or losses of controlled companies
not included in above statement, $243,387 (gains).—V. 143, p. 106.
Note—No provision
surtax
undistributed profits under the
on
Consolidated
Publishers, Inc.—Removed from Unlisted
Trading—
The New York Curb Exchange has removed from unlisted trading privi¬
leges the 10-year collateral trust 6*4% (stamped 7H%) sinking fund gold
notes due July 1, 1939.—V. 143, P. 268.
Consolidated Retail
Stores, Inc.—Sales-
Month of—
January
February.
1936
$556,759
644,800
835.828
-
March.
735.600
April.May—.
765.211
601,746
June-
July--.
Estimated
net
1934
1935
$517,572
527,142
759,365
717,350
672.696
$494,434
515.089
849,202
606,439
688,832
545.988
498,125
348,053
418,242
507,004
6 Months Ended June 30—
1935
1936
v
profit after depreciation.
'
Federal
$199,651
Earnings
per share
stock (par $5)
298,355
on
shares
$86,782
$0.44
income taxes, &c
$0.06
common
—V. 143, P. 268.
Consolidation Coal Co.
(& Subs.)—Earnings6 Months
3 Months
Period Ended—
30,*36 xAfar.31,'36 June 30,'36
$5,540,619 $10,426,244 $15,966,863
5,416,470
9,723,312
15,139,782
June
Gross income
-
Expensense, ordinaty tax, &c
Other income-
$124,149
3,364
$127,513
49,452
265,104
45,644
$723,134
Interest on security notes.Depreciation
Depletion
$827,081
23,566
$702,932
20,202
Prov.
for
Federal income and
profit tax
012.512
Net loss.x
48,085
$850,647
99,452
530,238
93,729
48,384
35,872
,
50,000
265,134
excess
-
$220,175
pf.$311,531 prof.$91,356
Adjusted to exclude loss on sale of capital assets previously reported,
now been charged to capital surplus.—V. 142, p. 4335.
'
which has
Consumers
Oxygen
Co.,
Inc.—Registers with SEC—
See list given on first page of this department.
Continental Can Co., Inc.—New
Officersj—
At a meeting of the directors held Aug. 12, S. J. Steele, Vice-President in
Charge of Sales, and J. F. Hartlieb, Vice-President, were designated as
Executive Vice-Presidents.
•
The following additional Vice-Presidents were elected: F, J. O'Brien,
formerly Gen. Mgr. of Production, was elected Vice-Pres. in Charge of
Manufacture; F. Gladden Searle, formerly Gen. Sales Mgr., was elected
Vice-Pres. in Charge of Sales; Arthur V. Crary, of general line sales depart¬
ment, was elected Vice-Pres.; J. S. Snelham, formerly Comptroller, was
elected Vice-Pres. and Compt.; M. S. Huffman, a director, with headquar¬
ters on the Pacific Coast, was elected Vice-President.—V. 143
p. 917.
_
Before surtax
on
undistributed
Continental-Diamond Fibre Co.- -Earnings—
Period End. June 30—
1936—3 Mos.—1935
Sales, less returns, allow¬
ances, &c
$1,726,604
$1,410,522
Cost of sales, exclusive
of depreciation
Sell., admin. & gen. exps
1936
193(
x$211,216
$119,848
$0.65
$0.37
earnings and non-recurring items of
$17,780.
are
charged
1,185,320
252,215
1,070,138
211,047
2,347.477
486,630
$129,336
5,467
$424,718
9,660
$235,862
15,926
$294,351
75,986
31,112
$134,803
93,218
6,000
$434,378
152,855
38,552
$251,789
186,289
7,700
$35,584
$242,971
$57,798
..
2,122,821
407,740
Res. for adv. to partiallyowned
subs.
Haveg
.
3,000
Earnings
Products, Inc., accrue to Consolidated Biscuit Co. from March 29 and
July 1, 1936, respectively.
187,000, of which
—V. 142, p. 3338.
per
share
Net current assets
on
4,000
13,000
11,000
$184,253
$0.40
Net profit
with their pro rp,ta pojrtion of total reorganization and financing expenses
of about $150,000 which are being amortized over the 10-year life of the
bonds, and that the earnings of Hampton Cracker Co. and Thinshell
-1935
$2,766,423
$187,252
Prov. for depreciation__
Prov. for income taxes._
Corp
Hampton, President, points out that these earnings
1936—6 Mos.-
$3,258,826
$289,069
5,281
Profit-Other income (net)
Profit before depr., &c
[Combined Earnings of Companies Now Embraced bj Company]
ed by
Six Months Ended June 30—
Net profit after interest and provision for Federal
normal income tax
Earns, per sh. on 323,000 com. shs. now outst'g__
W. L.
$203,541
x$265,832
provision was made for Federal surtax on undistributed profits.
142, p. 3164.
No
—V.
purposes.
Additional flying boats of earlier design are
being manufactured for other
nations by permission from the U, S.
Government, according to Major
R. H. Fleet, president.
The plant has recently completed an order of about
x
1936—6 Mos.—1935
$114,562
was
ment
engineering
Corp. (& Subs.)—Earnings—
Net profit after interest,
$24,000
as compensation in addition to the commissions represented by the
difference between $50 per share, net to the corporation, and-the
price at
1936
Aug. 15,
....
The company announced Aug. 7 in a letter to stockholders that it planned
to take over operation of its traction properties on Oct. 1.
A 999-year lease
Consolidated Aircraft
Chronicle
$31,584
$0.07
$229,972
$0.50
$46,799
June 30,
$1,145,000
$0.10
1936, amounted to approximately $3,cash and Government bonds.
represents
Financial Chronicle
Volume 143
Continental Oil Co.
1071
Darby Petroleum Corp.—Earnings—
(& Subs.)—Earnings—
Period End. June 30—
1936—3 Mos.—1936
Gross Income
$19,296,777 $18,110,123
Costs and expenses...13,402,953
13,744,636
6 Mos. End. June 30—
No. of net bbls. of crude
Taxes
Aver, market value per
bbl. produced...
Crude oil sales
Decrease in inventory of
1936—6 Mos—1935
$35,073,665 $32,603,761
24,469,020 25,430,001
392,389
884,448
776,527
455,057
$5,438,767
Operating profit
Profit
89,369
62,076
961,315
2,719
Surrendered leaseholds..
Depreciation
Minority interest-.
$6,397,233
782,404
665,533
$4,337,229 $10,502,601
4,278,489
922,262
182,406
y234,974
$5,835,685
2,688,404
Intang. develop, costs..
Depletion
$9,720,197
$3,973,098
364,131
396,918
$7,062,766
1,495,877
y436,124
1,93*5",088
1,895.375
4,276
955,854
2,899
&
Balance
on
sale of prop
Balance
x
$2,649,308
78,620
$2,221,240
28,351
Balance
Fed.&Stateincometax.
76,098
—
$0.41482
$325,726
434
25,939
Inc.1,013
26,500
4,702
22,669
$726,022
$724,829
$343,694
252,861
277,803
263,495
213,567
$477,437
42,001
$448,218
102,851
$461,334
20,841
$130,127
40,822
$519,438
$551,070
$482,175
$170,949
10,984
615
.
$3,191,546
Non-operating income..
$3,191,546
$4,622,703
$2,221,240
$2,570,688
328,942
Special charge
$1.01894
$697,316
1,582
107,615
60,422
2,373
90,919
61,561
246*245
158,358
344,593
4,131
$4,005,197
617,506
$2,221,240
$2,031,802
617,506
...
$1.01725
$700,517
administrative
expenses, taxes, &c...
Net profit from oper.
Prof.
773,897
$1.11968
$702,585
$730,298
Total income
Oper.
136,858
1934
685,347
23,011
crude oil..
Gas sales
1935
688,214
Inc.4,702
...
Otherincome
1933
1936
631,688
oil produced
Gross income
Income charges...
Interest paid.
-
$4,698,801
342,534
$3,191,546
57,850
Depletion
Depreciation
Leaseholds surrendered,
96,889
57,666
135,245
abandoned wells, loss
Net profit...........
$2,241,746
$2,192,889
$4,356,267
$3,133,696
$0,48
$0.47
$0.93
$0.67
from sale
or
other dis¬
position of capital
Earns.per sh. on 4,682,■629shs.cap.stk.(par$5)
Decrease in equity in Ketteltnan North Dome Association resulting
from readjustment of ownership in June quarter was offset by a similar
charge of $154,718 in preceding quarter, leaving a net increase in the equity
as¬
sets, &C-_i_...
100,518
239,195
$263,749
$0.75
$142,255
$0.28
x
for six months ended
June 30 last of $76,098.
y
Includes lease amortization.
Consolidated Balance Sheet June 30
Assets
1936
1935
1936
1935
Liabilities—
S
$
xProperty aco't..42,629,886 39,997,863
Cash
13,630,236
.y23,692,966 23,692,966
8,546,091 Capital stock.
Govt, securities.
20,000
20,000 Contracts payable 3,124,777
Ctfs. of deposit
Accounts payable. 5,013,576
200,000
4,245*229
Notes & aects. rec. 6,264,216
5,099*484 Divs. payable.... 1,170,605 1,170,615
Crude oil <fc refined
Misc. acor. liabil.. 2,513,092
1,912,366
products...
21,150,227 20,770,893 Deferred credits..
325,927
Mat'ls & supplies.
203*827
598,170
134,002
578,787 Minority interest.
Misc. curr. assets.
3,742,788
180,777
185,612 Conting. res., &c. 4,064,991
Notes & accts. rec.
Paid-in surplus...47,504,669 47,029,972
(not current)...
Earned surplus...11,292,689
826,838
6,280,688
Invest'ts & advs_.ll,947,502 11,659,183
Unadj. debits, Ac.
880,782
789,104
Deferred charges..
508,660
631,434
.
.
Total
x
.
Earnings per share.....
—V. 142, p. 4174.
.
$168,964 loss$566,118
$0.33
Nil
Dayton Power & Light Co.—-Initial Preferred Dividend—
The directors have declared
an initial quarterly dividend of S1.12H
share on the 4*4% cumulative preferred stock, par $100, payable
Sept. 1 to holders of record Aug. 20.—V. 142, p. 4336.
per
.
.....98,837,294 88,278,4511
...98,837,294 88,278,451
Total
After depreciation, depletion, &c.
y
Represented by 4,738,593 shares
of $5 par value, including 55,964 shares in treasury and carried at no value.
—V. 142, p. 3165.
Continental Roll & Steel Foundry
6 Months Ended June 30—
Net profit after depreciation. Federal
taxes, expenses & other charges.—
—V. 143. p. 426.
Co.—Earnings—
1936
1935
$383,248
1934
loss$95,129
$34,100
Cornucopia Gold Mines—Earningi
Earnings for 6 Months Ended June 30,1936
—V. 141, p. 3375.
Period End. June 30—
Net profit after deprec.,
Fed.taxes&otherchgs.
1935
$78,125
1936—6 Mos.—1935
$129,865
$26,926
—V. 143, p. 582.
Crocker-Wheeler Electric Mfg. Co.6 Mos. End. June 30—
1936
-Earnings-
1935
1934
other deductions..
Earn, per sh. on 290,500
$22,507
$19,975
no-par common stock.
—V. 142, p. 1287.
$0.08
$0.07
Crosley Radio Corp. (& Subs.)-
loss$16,6411oss$107,252
Nil
1936
Earnings per share on
capital stock (no par)
6 Months
1935
x$584,479
Fed .inc .tax
545,800 shares
Nil
-jEarnings—
-3 Months-
Period Ended June 30—
Net profit after charges &
1936
$180,213 x$l,272,356
$1.07.
$0.33
$2,33
x No provision was made for Federal surtax on undistributed profits.
Consolidated income account for six months ended June 30,1936 follows:
Sales, $14,220,752; cost of goods sold, royalties, &c., $12,624,086; other
$81,957; provision for Federal income taxes, $242,354; net
profit, $1,272,356.—V\ 143, p. 752.
deductions,
Crown Willamette Paper Co.—Accumulated Dividend—
The directors have declared a dividend of $1.75 per share on account
of accumulations on the $7 cum. first preferred stock, no par value, payable
.
Oct. 1 to holders of record Sept. 14.
A similar payment was made on
July 1 last.
Dividends of $1 per share were paid on April 1, Feb. 15
and Jan. 1 last, Dec. 14, Oct. 1, Sept. 14, July 1, April 1, Feb. 1 and Jan. 1,
1935, and each quarter from July 1,1931, to andincl. Oct. 1,1934.
Prior
to the July 1, 1931, dividend the company paid regular quarterly divi¬
dends of $1.75 per share.
■
Accumulations as of Oct. 1 after the payment of the current dividend
will amount to $11 per share.—V. 143, P. 682.
.
.
.
,
,
.
Inc.—Earnings—
—-12 Weeks Ended——
Period-July 11 '36 July 13 *35
loss after int., de¬
——28
Weeks Ended—■
July 11 *36
July 13 *35
Sfet
Federal taxes &
$111,745
$93,833
$446,721 prof$65,257
profit after taxes,
depreciation, &c
stk. (no par)..
Earnings per share.....
-V. 142, p. 3504.
STet
Jhs. cap.
1936
......
*935
$3,353,058
.
$573,794
329,999
$1.73
1934
1933
1936—3 Mos.—1935
$125,817
$102,724
1936—6 Mos.—1935
$213,595
$162,247
....
Manufacturing Co.—Registers with SEC
,
Rio Grande Western RR.,
Denver & Salt Lake Western RR.,
Denver & Salt Lake Ry., Rio Grande Junction Ry. and
Goshen Valley RR. was filed July 28 with the Interstate
Commerce Commission and the Federal District Court in
Denver, Colo., by the management.
The plan also makes
provision for the possible merger of the Western Pacific
RR. at a later date.
The plan, briefly referred to in our
issue of Aug. 1, is outlined below.
A historical introduction to the plan states in part:
previous companies, Denver & Rio Grande RR. and Rio Grande Western
The first of these two predecessor companies was incorporated In 1870
and construct a line of railroad in Colorado and New Mexico.
It was reorganized in 1886 and its properties conveyed to Denver & Rio
Grande RR., which executed its consolidated mortgage as a part of the
reorganization plan in that year.
The second of the predecessor companies originated in the Denver &
Rio Grande Western Ry., which was incorporated in 1881 to acquire and
construct a line of railroad from Ogden, Utah, to the Utah-Colorado State
That company was reorganized in 1889 and its proper¬
ties transferred to Rio Grande Western Ry., which executed its first trust
Ten years later it
Very close relations obtained between these two predecessor companies,
and in 1904, because of the practical closing of the Ogden gateway to through
traffic to and from California, they entered into an investigation of the
feasibility of an independent line from Salt Lake City to San Francisco.
Asa, result of this investigation, the managements decided to assist in pro¬
moting the plans of the Western Pacific Ry., and agreed to guarantee an
issue of $50,000,000 first mortgage bonds of the latter company, while the
RGW agreed to purchase sufficient second mortgage bonds of that company
to ensure the completion of the line.
In connection with this agreement,
the D&RG and the RGW were to receive two-thirds of the capital stock.
A traffic agreement was also entered into providing for a joint through line
from Denver to San Francisco.
In 1908 the D&RG and RGW were formally consolidated into a new cor¬
poration known as Denver & Rio Grande RR.
This company succeeded to
the obligations of both predecessor companies with respect to the Western
PacificRy.
A receivership and reorganization of the Western Pacific in
1915 led directly to the loss of the Western Pacific and to a reorganization
of Denver & Rio Grande RR. of 1908.
This reorganization was effectuated
by conveying its properties in 1920 to a new corporation organized at that
time in Delaware for the purpose, the Denver & Rio Grande Western RR.,
which is the present company.
The reorganization- of 1920 did not reduce the fixed charges of the com¬
pany, and a further reorganization became necessary in 1922 and was
effectuated in 1924.
As a part of this reorganization the company executed
its refunding & improvement mortgage (to provide for new money and
future financing) and its general mortgage (to provide for the old bonds
which were readjusted by the plan)
Location of
Properties
The main line of the company extends from Ogden and Salt Lake City
on the west (where it connects with the Western Pacific, the Union Pacific
and the Southern Pacific) to Pueblo and Denver on the east (where it con¬
nects with the Missouri Pacific, the Burlington, the Rock Island, the Union
Pacific, the Santa Fe and the Colorado & Southern).
In addition, there
are a large number of branch lines, particularly in Colorado.
The branch
lines in Colorado include a substantial mileage of narrow-gauge line,
For the purpose of mortgage liens the system may be roughly divided
halves at Crevasse, Colo., a point near the Utah-Colorado State
consols are also a first lien on the entire capital stock of the Utah Fuel Co.
The properties east of Crevasse represent, generally speaking, the prop¬
Nil
Eight Months Ended June 30—
1936
1935
profit after Federal income taxes, interest,
.
depreciation and other charges—;
________
x$241,822
$53,285
x Before provision for Federal surtax on undistributed profits.—V. 143,
.426.
of Consoli¬
Reorganization—A plan of consolidation and re¬
organization (as of Jan. 1, 1937) affecting the Denver &
loss201,616
329,600
first page of this department.
<Tet
Denver & Rio Grande Western RR.—Plan
105,489
329,600
$0.32
,
221,438
329,600
$Q.67
$1,218,538
The properties west of Crevasse represent, generally speaking, the prop¬
erties acquired from the RGW of 1889 and are subject to the RGW first
trust 4s as a first lien and the RGW consols as a second lien.
The RGW
par)
$0.55
$0.42
$0.90
$0.64
Note—No provision was made for Federal surtax on undistributed profits.
-V. 142, P. 4018.
Dayton Rubber
$1,258,224
$1,436,940
Com. shares ($10
See list given on
$282,215
$2,673,264
Deisel-Wemmer-Gilbert Corp.—Earnings—
Period End. June 30—
STet profit after deprec.,
Federal income taxes
and other charges.—
Earns, per sh. on 196,942
$313,983
dation and
into two
Cutler-Hammer, Inc.—Earnings—
6 Mos. End. June 30—
tfet sales
4
.......
mtge. as a part of the reorganization plan in that year.
executed its first consolidated mortgage.
profit after taxes,
hfcdeprec., amort, and
other charges.....
-V. 143, p. 918.
amort., Federal
taxes, &c
—V. 143, p. 427.
line, with branches.
1933
Net
Cushman's Sons,
1936—12 Mos.—1935
int.,
to acquire
-Earnings—
1936—3 Mos.-
$137,199
Co.—Earnings—
1936—3 Mos.—1935
The Denver & Rio Grande Western RR. is the successor to two principal
$21,932
•
Creameries of America, Inc.
Delaware Power & Light
Period End. June 30—
Net income after deprec.,
,
Net profit after expenses, amortization, provision for Federal &
State income tax and other charges but before depletion...*..
prec..
Net profit
erties acquired from the D&RG of 1886 and are subject to the D&RG
consols as a first lien.
The refunding & improvement mortgage is a lien
junior to all of the above, and the general mortgage is a lien junior thereto.
Certain branch lines on both halves of the system are subject to different
mortgages as afirstiien, depending on the date of construction or acquisition.
An essential link in the main line of the eastern half (about 62
miles,
between Grand Junction and Rifle, Colo.) is owned by the Rio Grande
Junction Ry.
$2,000,000 of its first mortgage bonds are outstanding in the
hands of the public.
All of a junior issue of bonds and all of the stock are
pledged under the refunding & improvement mortgage.
The properties
are operated by the D&RGW under lease.
A small amount of equipment trust certificates is outstanding, and the
lien on the equity in such equipment is held by the refunding & improvement
bonds.
The lien on most of the remaining equipment is held by the D&RG
consols and the refunding & improvements.
In the reorganization of 1924 it was realized that the
proper growth of
the properties, would require the development of a short line between
Dotsero and Denver, Colo., and a policy to favor such a development was
written into the reorganization plan and the by-laws of the
reorganized
Company.
Financial
1072
The
Dotsero
line of railroad extending from
direction to Craig, Colo.
As a
the continental divide and lack
of traffic, the road went into receivership in 1917.
There had been public agitation for many years
a
tunnel under the continental divide
seniorities of their
Spurred by the
General Characteristics of Plan
probability that otherwise the Denver & Salt Lake RR. might be aban¬
doned, this movement finally came to a head in 1922 and the tunnel was
constructed by the Moffat Tunnel Commission.
This tunnel made possible
satisfactory operating conditions across the continental divide and opened
up the possibility of developing the Denver & Salt Lake into a transconti¬
The plan provides for a consolidation of the physical properties of thQ
D&RGW, the D&SLW, the D&SL, the RGJ and the Goshen Valley
(the latter a small branch line in Utah), so that the new company win own
in fee continuous transcontinental routes from Denver and Pueblo on
east to Salt Lake City and Ogden on the west via the Moffat Tunnel
n£ri
nental route.
the Royal Gorge.
Due to the changes
As a result, that company was reorganized in 1926 and its properties
transferred to the present company, Denver & Salt Lake Ry.
The Moffat
Tunnel was leased to the D&SL in the same year.
Soon afterwards the
a
connect
Moffat
in operating conditions
from the
property resulting
and earning power of
construction of the Moffat
and
thi
Tunnel and th
representative%
condition0
Cutoff, ho extensive period of time is available which is
the earnings of this consolidated property under these latest
However, a close analysis of the conditions during the years 1932, 19'«
1934 justifies the belief that the average net income of the
property during those three low years of the depression would have bee
Denver & Salt Lake Western RR., to con¬
line of railroad from Bond-Orestod to Dotsero, Colo., in order to
with the line of the D&RGW and promote full utilization of the
D&SL organized a subsidiary,
struct
have materially
These studies and conferences
of this plan of reorganization.
position.
aided in the development
in Denver to construct
with public funds.
1936
respective issues of its bonds and other creditors in order to develop a
plan.
The object has been to provide a new capital structure for the propt¬
er ties, safely within their ability to support, and apportioned among the
existing security holders and other creditors on the basis of the respective
Cutoff
The Denver & Salt Lake RR. owned a
Utah Junction (near Denver) in a westerly
result of difficult operating conditions over
Aug. 15,
Chronicle
consolidate
Tunnel.
Carrying out the policy expressed in its reorganization plan, the D&RGW
the ICC (1) to acquire all of the stock
of the D&SLW and to take a lease of its line; and (2) to acquire all of the
stock of the D&SL and to enter into a trackage agreement permitting joint
asked and obtained authority from
hSKre 'S^S^vailSbTfor iMerSoZ the 'coasoHdatTd
<lurmg°the
^lendi??^ 1935 was $3,459,521. In the interests of^™»ervattve plan
Sd^o^uard against the possibility of any subsequent te^P°rary reduction
fn earnings it is proposed that the total fixed interest °J2Tg® of the new
operation over its line between Orestod and Utah Junction.
Authorization
was conditioned on purchasing all shares of the D&SL and on completing
construction of the D&SLW line within a designated time.
Accordingly,
(SrSany^»e $2,358,445, which amount would have b6611 covered 1.47
tUThfiulan3also provides for an issue of income bonds so limited in amount
29,470 shares of D&SL stock were purchased.
In order to complete the .project outlined by
the Commission, D&RGW
borrowed from Reconstruction Finance Corporation $3,631,000 to finance
the purchase of the D&SLW stock and the construction of its line, and
$3,110,850 to finance the purchase of the remaining shares of D&SL stock,
both loans to bear interest at the rate of 5 % per annum (later reduced to
4%).
All shares of stock so purchased, and the D&SL shares previously
purchased by it with its own funds, were pledged as security for these
obligations.
Subject to such pledge, the D&RGW thus
was
begun on June 15, 1934.
now
Capitalization
has the following
securities outstanding (excluding
pledged bonds and short-term debt):
do
$68,408
15,190,000
15,080,000
(4%)
(4^%)
- —
1,365,000
287,190
par)
(1)
120,000
600,000
1,490,400
2,000,000
12,000,000
29,808,000
16,445,600
02,457,540
D&RGW refunding & improvement (6%)
D&RGW refunding & improvements (5%)
D&RGW generals (5%)
Preferred stock.
Common stock (300,000 shares, no
607,600
603,200
34,125,000
6,382,000
RGW first trusts (4%)
RGW consols (4%)
do
Annual Int.
Principal
$1,805,000
Equipment trusts.
D&RG consols
stock of the
agreement).
Dotsero Cutoff
.
Present
D&RGW
The
and operation over the
is
helieved that the bonds
Tirnnprtv had been
P
owned all the stock of D&SLW
4and operated its properties underof its line under a trackage
>&SL (and operated over a part lease) and virtually all the
The D&SLW line was completed
presently to be issued would have had their
paid during the calendar year 1935 if the consolidated
operating as a urnt in that year.
The ^deriving bonds which cannot be offered fixed Interest
bearing
securities or income bonds (being portions of the D&RG consols and refund¬
ing & improvements) are offered first preferred stock.
The general mort¬
gage bonds and the present preferred stock are offered a
participating pre¬
ferred stock in varying proportions.
Present common stockholders will
agree to cancellation of certain bonds now held by them, will agree to sub¬
scribe to new fixed interest bearing bonds in order to provide new
capital,
and will receive the new common stock.
The allocation of the various issues of bonds to the present bondholders
has been based on an exhaustive study of the earnings of the
property
segregated by mortgage districts during the 12 months ended June 30,
1935,
being the first 12 months subsequent to the opening of the
Cutoff.
In
allocating revenues as between mortgage districts a mileage prorate has in
aU instances been used, except that the Cutoff and the operations
under
trackage rights by the D&RGW over the line of the D&SL have been allo¬
cated revenues on the basis of,mileage over the old line from
Dotsero to
Denver through Pueblo in recognition of
/
twit
interirearnXand
(2)
1935
,
difficult operating conditions over the D&SL.
abnormally high costs of maintenance on the D&SL during 1934 and
because of unusual improvement work which will probably continue
fOI(3f^high
for the
use
rental necessary to be paid to the Moffat Tunnel Commission
of the Moffat Tunnel.
undeveloped condition of the traffic via this route in 1934 and
1935
compared with the prospective future development of such traffic.
(4)
$5,141,798
In addition, there are outstanding $2,000,000
annual interest is $100,000, thus bringing fixed
$5,241,798
per
as
Original estimates made in 1928, before the construction of the Cutoff
iindftrtaken, indicated that it would take five years to
develop the
of RGJ 5s, on which the
interest requirements to
was
year.
business in
Loans—Beginning in 1932 the D&RGW was compelled to borrow
short-term funds in order to continue service on the above obligations.
For those and general corporate purposes, it borrowed: (1) $1,500,000 from
the Chase National Bank, all of which is now unpaid and outstanding,
bearing interest at 5%; (2) $500,000 from Railroad Credit Corp., $340,923
of which was outstanding as of May 31, 1936, bearing interest at 1M%;
and (3) $3,950,000 from the RFC, all of which is now unpaid and outstand¬
ing, bearing interest at 6% (later reduced to 4%).
The two other loans
from RFC ($3,631,000 for construction of the D&SLW and $3,110,850 for
acquisition of D&SL) have already been mentioned.
The total of these
loans is $12,532,773 and annual interest thereon at the above rates is
$507,788, thus bringing the total fixed interest requirements to $5,749,586.
Current Liabilities—The company's total current liabilities as of May 31,
1936 consisted of the following:
Loans and bills payable. $6,936,773 Fund. dt. mat'd unpaid_$43,385,100
Unmat'd int. accrued
1,761,275
Traffic
and
car
service
315,447
balances payable
668,656 Unmatured rents accr'd.
21,238
Aud. accts. & wages pay.. 8,746,073 Other current liabilities.
Other
over
Other Securities-
mortgage 6s (redeemable at 102), which would become a fixed charge in
the event of a merger or consolidation with the D&RGW.
There are
RR. first mort¬
income 5s (redeemable at 102); the properties of that company are
operated by the D&SL under lease, and interest on its bonds would become
a fixed charge in the event of a merger or consolidation of the D&SL with
the D&RGW.
Present rental paid by the D&SL for its use of the property
of Northwestern Terminal RR. is based on 2% per annum on the first
mortgage income bonds, which amount is subject to increase with increases
in the traffic of the D&SL.
Earnings—The operating revenues and the net income available for inter¬
est of the D&RGW since the reorganization of 1924 are as follows:
gage
Operating
Year
Revenues
1924
..$33,011,557
1925
33,629,463
34,030,308
33,121,168
33,200,656
34,828,668
1926
1927
1928
1929
Operating
Net Available |
Year
for Int
$2,785,660 1930
6,799,142
7,711,952
6,475,860
7,317,286
8,839,182
Revenues
1931
1932
1933
1934
Net Available
for Int.
$29,747,537
23,484,818
——
1935
17,560,621
17,112,793
19,246,850
20,944,229
$'7,119,659
5,204,504
2,894,579
3,398,795
2,600,278
2,459,571
consolidated basis, including the Rio Grande Junction, the net in¬
available for interest would be increased $100,000 per annum.
On
a
come
Operating revenues for the first five months of 1936 were $9,171,663
compared with $7,320,764 for the same period in 1935.
Corresponding
figures for net income available for interest were $197,195 and $405,619,
respectively.
The operating revenues and the income available for interest of the D&SL
since the opening for operation of the Moffat Tunnel in February, 1928,
are as
follows:
$4;011,663
Net Avail.
for Int.
$1,202,707
3,981,131
3,197,282
2,302,835
1,420,104
841,328
835,976
Operating
Year
1928
Revenues
_i
1929
1930
-
1931
Operating'
Year
Revenues
1932
$1,915,469
1,657.331
1,620,006
2,234,882
1933
1934
1935
Operating revenues for the first five months of 1936 were $1,100,123.
compared with $670,678 for the same period in 1935.
Corresponding fig¬
ures
for net income available for interest were $216,526 and $249,422,
respectively.
Reorganization Proceedings
As a result of the abrupt decline in earnings and in net income available
for interest which began in 1932, the D&RGW was forced to borrow shortterm funds as above stated, and upon the exhaustion of its credit, it filed
petition for reorganization under Section 77 of the Bankruptcy Act.
Such petition was filed on Nov. 1, 1935 in the U. S. District Court for the
and trustees appointed by that Court have subse¬
a
District of Colorado,
quently administered the property.
A similar petition was filed at the same
same Court by the D&SLW and a separate trustee was
appointed
by that Court.
When the necessity for a reorganization became
apparent, the D&RGW
undertook exhaustive studies into the earnings of the properties
by mort¬
gage divisions and other factors underlying a reorganization.
It has con¬
tinued those studies since the filing of the petitions in
bankruptcy.
It
has held numerous conferences with the holders of large amounts of the
time in the
,
..
r^.or
,
..
obliga¬
refunding bonds offered to the
if the same earnings ratios are applied to these properties as
were
applied to the other mortgage districts.
To the extent that these proposed
fixed charges are not presently covered by the earnings of the
underlying
Dronerties and the other collateral, they have been allocated for
to the
u
support
RGW first trust 4s of 1939 and to the RGJ 5s of 1939, these
being the
only two mortgage districts which have benefited from the Cutoff and
which
will benefit to a greater extent as the business over the Cutoff
increases.
In the set-up of allowances for rental of equipment as between
the differ¬
ent mortgage divisions, the refunding & improvement bonds
have been
considered to hold a first lien on equipment acquired since the
consolidation
of 1908 with the proceeds of refunding & improvement
bonds, equip¬
ment
trust certificates, purchase money agreements, and
other bonds
later refunded by the refunding & improvement bonds, or
by bonds junior
thereto; together with all other equipment acquired
subsequent to the date
of the refunding & improvement mortgage.
The remaining
equipment
acquired since the consolidation of 1908 has been considered to
be subject
to a direct first lien of the D&RG consols.
In estimating the income available to the consolidated
company for
interest on the income 4s, consideration has been given to
the probable
savings in overhead expenses which will result from the
consolidation, to
the reduced net income resulting from the sale of
Government securities
by the D&SL in connection with its refunding operations during the
latter
part of 1935, and to the increased rental which it will be
necessary to pay
for the use of the property of the Northwestern Terminal as
a result
of the
consolidation.
The consolidated company will have six
months after the
effective date of consolidation to decide whether It wishes
to continue to
lease the property of the Northwestern Terminal at the
increased rental,
but in order to be conservative present calculations are
based on the pay¬
ment of the full increase.
Possible Merger of Western Pacific RR.—At the
suggestion of the Chair¬
man of the Board of the RFC, considerable
study has also been given to the
inclusion of the properties of the Western Pacific RR. in
the new consoli¬
dated company, but this is not proposed at this time.
A special committee
of the board or directors of the D&RGW has been
to
negotiate such
a
appointed, with authority
consolidation, and this plan has been
consolidation with the
Western
Pacific
can
so
drafted that if
subsequently be
worked
a
out
finally to achieve the purposes in mind in 1904 when the
construction*
of that company was originally undertaken, such
consolidation can be made
effective without resetting the capital structure of
the new
company.
In that event a supplemental plan
modifying the plan now
so as
presented will
be filed.
Proposed Capitalization of New Company
(1) Fixed interest-bearing debt:
Equipment trust obligations remaining undisturbed
Western Division first mtge. 3M%
bonds-—.
1st & ref. mtge. 4% bonds (incl. $792,000
pledged)-
—
.-.
$1,805,000
22,680 233
37,405,730
Total fixed interest bearing debt
$61,890,963
(2) Contingent interest bearing debt (excl. $1,558,000
10-year
••
collateral
Net Avail,
for Int.
$566,453
432,506
602,591
899,950
,
RFC
000,000 of RGJ 5s outstanding and the bonds and stock pledged under the
refunding & improvement mortgage.
The D&SLW has no securities out¬
standing other than the common stock above mentioned.
The D&SL
has outstanding in addition to the common stock above mentioned $1,500,000 of first mortgage 4s (redeemable at 101) and $11,000,000 of income
likewise outstanding $2,217,000 of Northwestern Terminal
,
tions of the D&SL and on the new first &
RGJ has issued no securities other than the $2,-
-The
expec¬
.
Even on this basis the earmngs from the D&SL and the
operations ofthe D&RGW between Denver and Docsero by the new route are
not suf¬
ficient entirely to support the interest charges on the refunded
..—$70,914,024
Total
1934 and
tations of 1928.
-
24,187
9,055,273
Miscell. acc'ts payable
Int. matured unpaid
nor-
via this route.
Despite the generally lower level
of
1935 as compared with 1928, the volume of
traffic
the Cutoff during its first year in operation was fully up to the
mal amount of traffic
General
notes):
income
mtge.
4%
$2,479,000 pledged)-—
bonds
(incl.
$766,000
of
22,063,886
Total debt
^$83,954,849
First preferred stock ($100
par), 4H % dividends (excl. $2,825,000 pledged)
"_u
-
Participating pref. stock ($1 par), $5 divs., No. of shs.,
Common stock ($1 par) No.
of shs
33,208,618
at least-
413,842
200,000
Western Division First
Mortgage 3H% Bonds, Series A—Will be a direct
first lien on all the existing
railroads, equipment and trackage
rights now
subject to the lien of the RGJ 1st mtge. and the RGW
first trust mtge.,
together with a direct first lien on that
portion of the main line of the
D&RGW now subject to the lien of the
D&RG consolidated mtge.
lying
between Dotsero and Rifle, and between
Grand Junction and
Crevasse,
all in Colorado.
Bonds may be issued under this
mortgage up to, but not
in excess
balance
of, $40,000,000.
The
not presently issued under
the plan
to exceed 75% of the cost of
additions and better¬
mortgaged property, or in exchange for first
mortgage bonds
may be issued for not
ments to the
of Western Pacific RR. in
connection with the extension of the lien
of the
mortgage over the entire line-of that
company in the event of a possible
consolidation.
Such additional bonds
may be of various
series,
all equally secured as to
principal and interest, but may have different inter¬
est rates, maturities and other
provisions.
The Series A bonds
presently to be issued will mature in 40 years from
date of issue and bear interest
which will be a fixed
charge at the rate
of 3^% per annum.
They will be redeemable in whole or in part
upon,
future
Volume
Financial
143
30 days' notice at any interest date, and at 60 days' notice at any
at par plus accrued interest.
Chronicle
other date
existing standard-gauge railroads, equipment and trackage rights of the
companies proposed to be consolidated, subject only to the lien of the West¬
ern Division first mortgage.
The mortgage will be open-end for future financing, and will permit the
ssuance of various series of bonds, all equally seemed as to principal and
interest, which may have different interest rates, maturities and other
provisions.
Additional first & refunding bonds may be issued to finance
not to exceed 75% (except as otherwise provided in the plan) of the cost of
additions and betterments to the company's.property not otherwise financed,
to refund the $2,217,000 first mortgage 5% income bonds of Northwestern
Terminal RR., and in exchange for outstanding securities of Western Pa¬
cific RR. in the event of a consolidation with that company.
First &
_
,
bonds not to exceed $40,000,000 will be reserved to refund the
Western Division first mortgage bonds which may be issued.
Existing
refunding bonds presently to be issued will mature
in 60 years from date of issue and bear interest which will be a fixed charge
at the rate of 4% per annum.
They will be redeemable in whole or in
part upon 30 days' notice at any interest date, and on 60 days' notice at
any other date, at the following prices, plus accrued interest: 105 for the
first 10 years; 104 for the next 10 years; 103 for the next 10 years; 102 for
the next 10 years; 101 for the next 10 years, and 100 thereafter.
They will
be callable at par and accrued interest for the retirement fund at any time.
The bonds presently to be issued will provide, effective immediately,
for a non-cumulative debt retirement fund of
% of the maximum prin¬
cipal amount of first & refunding bonds at any previous time outstanding,
plus interest on the bonds already purchased, which shall be kept alive in
the fund, all to become payable annually if earned after payment of interest
on the first & refunding bonds still
outstanding.
This fund shall be devoted
exclusively to the retirement of Series A bonds held by the RFC so long as
any such bonds are held by that Corporation.
In addition, all distribu¬
tions from the Marshalling and Distributing Fund of the R. C. C. shall be
paid into the retirement fund.
,
Subsequent to the retirement of all first & refunding bonds held by the
RFC, the fund shall be devoted to the purchase in the open market of the
bonds at the lowest price obtainable.
If no first & refunding bonds can
be so purchased at par or less than par, the retirement fund may at the
option of the company be devoted to the retirement of first & refunding
bonds through call at par, or to the retirement through purchase in the open
market of general income mortgage bonds.
Accrued interest at time of
purchase on bonds acquired for the fund shall be paid from income of the
company and not from the retirement fund.
$6,000,000 first & refunding bonds shall be placed in the treasury of the
new company upon reorganization to provide funds for 100% of the cost
(1) D&RGW
Equip tr ctfs
RGJ
during the first year after reorganization, $3,000,000 of which shall
computing the amount of income available for retirement funds
on the first & refunding bonds and charges junior thereto, there shall be
set aside out of the income of the company remaining after payment of
interest on the first & refunding bonds and senior obligations the sum of
$350,000 per annum, which may be used during the lnsuing 12 months
for additions and betterments to the property of the company.
Any
accumulated for
Sortion of this $350,000 in future years at the discretion ofof the year may
remaining unexpended at the end the board.
use
e
General Income Mortgage Bonds,
Series A—It' is proposed that the new
general income mortgage which will be a lien upon
which the first & refunding mortgage is a lien, sub¬
ject to the liens of the Western Division mortgage and the first & refunding
mortgage.
It shall also be a first lien upon the capital stock of the Utah
Fuel Co., subject to existing rights of redemption of such stock.
The general mortgage will be open-end for future financing, and will
permit the issuance of various series of bonds, which may or may not be
equally secured as to principal and interest, which may have different in¬
terest rates, maturities, conversion rights and other provisions, except that
no additional series may be created prior in lien to Series A.
The series A bonds presently to be issued will mature 75 years from date
of issue and bear interest at the rate of 4% per annum.
They will be re¬
deemable in whole or in part at par and payable interest accrued.
Any
income of the company remaining after payment of interest and retirement
fund on
prior obligations will be used for the payment of interest on the
series A bonds.
Interest shall be paid only in multiples of H%, fractions
of H % remaining to be paid into the general funds of the company.
In¬
terest on the series A bonds will be cumulative for not to exceed two years'
company also execute a
all of the property upon
interest.
will provide for a debt retirement fund of K % of the maxi¬
principal amount of series A bonds at any previous time outstanding,
The mortgage
mum
similar in other respects to the debt retirement fund provided for the first
& refunding bonds.
Payments into the debt retirement fund are to be
made only after payment of all interest due has been made on the series A
bonds.
In computing the income of the company available for debt retirement on
the series A bonds there shall be deducted after payment of interest on such
bonds an annual amount representing the difference between 3% of the
railway operating revenues of the new company and $350,000, which sum
shall be set aside from the income of the company for additions and better¬
ments to the company's property during the ensuing 12 months.
Any bal¬
ance of this fund remaining unexpended during such
12 months' period
may be accumulated in the manner already described with respect to the
additions and betterments fund of $350,000 per annum previously men¬
tioned.
Both of the additions and betterments funds may be used to
defray any
portion of the cost of additions and betterments to the company's property.
Registered holders of series A bonds shall have one vote per $1,000 bond
in voting for the election of two of the company's directors.
Ten-Year Collateral Notes—It is proposed that the new company issue a
series of one or nore notes, secured by certain collateral, maturing on or
before 10 years from date of issue, but renewable from time to time at the
option of the company for 10-year periods until retired.
The notes will
be entitled to only such income as is paid by the company upon the collateral
securing such notes.
The notes will be cumulative to the extent of two
years' interest thereon, which will be at the rate of 4% per annum.
Any
income paid upon collateral which is in excess of the interest requirements
on the notes after payment of all accumulations shall be applied to
reduc¬
tion of the principal amount of such notes at par and accrued interest.
The
notes will be callable in whole or in part at any time on 30 days' notice at
par and accrued interest.
Upon the retirement or call of the last of such
notes the collateral securing them shall be returned to the treasury of the
^Fusffireferred
new
first
for future
and
Stock—It is also proposed that the
preferred stock which will permit additional issues
company issue
financing
will be issuable In various series which may have different dividend
conversion rights and other provisions.
The first preferred stock
rates,
presently to be issued (par $100) will be entitled to annual non-cumulative
dividends of 4 M %
It will be redeemable in whole or in part at par plus
payable dividends declared.
Holders of first preferred stock shall have
one vote per share in voting for the election of two of the
company's direc¬
•
tors.
Participating Preferred Stock—It is also proposed that the new company
issue participating preferred stock which will permit additional issues for
future financing and will be issuable in various series, which
have
different dividend rates and other provisions.
The participating preferred
stock presently to be issued (par $1) will be entitled to annual non-cumula¬
tive dividends of $5 per share, and will also participate
equally with the
common stock after dividends of $4 per share on the latter.
It will be re¬
deemable in whole or in part at $100 per share, plus payable dividends
declared, and will be entitled to $100 in liquidation.
The additions and betterments funds will operate piror to the
appropria¬
tion of the income of the company for preferred stock dividends
regardless
of whether there are any general mortgage bonds outstanding or not.
Holders of preferred stock shall have one vote per share in
voting for the
election of two of the company's directors.
Common Stock—The new common stock will have a par value of
$1 per
share, and will be entitled to elect nine of the company's directors, one of
whom shall be the President.
Directors—The board of directors shall cnosist of 15 members.
Two of
these shall be elected by the registered holders of general income
mortgage
bonds, series A; two by the holders of first preferred stock; two by the hold¬
ers of participating preferred stock, and nine by the holders of common
stock.
One of the directors elected by the common stock shall be the Presi¬
dent of the new company.
«
may
Ser. A 3J^s
Gen. Inc.
$1,805,000
Will remain undisturbed
2,000,000 a$2,000,000
5s—
►——
1,000
Unpaid Interest..
e
fl58,333
158,333
15,190,000 bl5,190,000
Each $1,000...
-
1,000
Unpaid interest., fl,215,200
D&RG consol
4s___g34,125,000
Each $1,000...
1,215,200
3,412,500
5,118,750
100
150
150
638,200
957,300
957,300
.
5,118,750 x20,475,000
Unpaid Interest..
D&RG consol
Stocks
Ser. A 4s
RR—
RGW trust 4s
3,412,500
4Hs. g6,382,000
600
x2,274,140
x3,829,200
......
Each $1,000...
150
150
6,032,000
9,048,000
100
600
Unpaid interest..
717,975
hl5,080,000
RGW consol 4s
Each
x478,469
—
$l,00O.__
400
Unpaid interest..
D&RGW
1,357,200
—u—.
600
1,244,836
-
refunding
& improv't 5s
Each $1,000...
112,000,000
1,800,000
4,800,000
150
-
Unpaid interest..
1,350,000
RFC 4% loan
j 10,691,850
400
x5,400,000
450
x751,809
10,691,850
Each $1,000...
1,000
Unpaid interest..
RCC debt 1^%--.
626,108
328,000
Each $1,000...
Bank debt 5%
391,150
cl79,000
dl,500,000
66,000
83,000
540
250
792,000
708,000
528
472
200
Each
$1,000...
Unpaid interest..
93,948
58,000
D&RGW gen 5s___k29,808,000
y298,080shs
Each $1,000._.
10 shs
Unpaid interest..
General creditors
12,544,200
Pref stock
16,445,600
y33,534 shs
See
r
footnote
1
—
y82,228 shs
Each 2 shares..
1 sh
D&RGW refund'g &
improv't 6s
12,000,000]
Unpaid interest..
270,000f
shsj
z200,000 shs
Common stock...300,000
(2) Denver & Salt Lake flyFirst 4s
$1,500,000
Each
$1,515,000
$1,000...
1,010
Income 6s
9,734,000
9,928,680
1,020
Each $1,000
Stock
be available for immediate sale, the remaining $3,000,000 to be available
for sale to the Missouri Pacific and Western Pacific as required.
Before
1st & Ref.
Ser. A 4s
West. Div. Is*
ing
Each $1,000...
of additions and betterments to the property and other proper corporate
purposes
Outstand-
Securities—
refunding
The Series A first &
OLDJSECURITIES
-Will Receive
First & Refunding Mtge. Bonds, Series A—It is proposed that the company
execute a first & refunding mortgage, which will be a direct lien on all
also
the
1073
TABLE OF EXCHANGE OF NEW FOR
460 shs
46,000
Each share
a
100
Also offered
$87,500 In cash to compensate for loss of Interest to maturity,
b Also offered
$189,875 in cash to compensate for Iosb of interest to maturity,
c Includes
$73,000 for 60% of distributive share.
d For this debt, which is owed to th e Chase National
Bank; it Is proposed to offer
10-year collateral notes covering the face amount of debt, plus capitalizable interest
secured by those securities of the new company issuable for the collateral securing
the present loan if exchanged under the provisions of the plan.
This loan is secured
by $6,096,000 of refunding & Improvement 5s of 1978,
As the plan stands at present,
the 10-year notes offered to Chase Bank would be secured by $792,000 of 1st & ref.
4s, by $2,479,000 of income 4s and by $2,825,000 of first preferred stock,
e In
addition, $10,000 pledge with RFC receives similar treatment,
f The interest on bonds of these Issues was earned
approximately three times
over
during the 12 months ended June 30,1935, and it is believed that the creation of this
Western Division mortgage, whose principal lien is on the line securing these two
bond issues, will continue to give these bondholders a security as good from an earn¬
ings standpoint as that which they now hold, and at the same time meet the prob¬
lems incident to the early maturity of these bonds presently outstanding.
g In addition, $783,000 4s pledged with RFC and $662,000 4s pledged with
RCC receives similar treatment.
The consol. 4s and 4Hs are a lien, among other
things, on the main line between Dotsero and Rifle, Colo., and Grand Junction and
Crevasse, Colo., totaling about 63 miles, which goes to make up part of the con¬
tinuous main line subject to the lien of the Western Division mortgage.
Western
Division mortgage bonds issued to the RGW trust 4s are at the rate of approxi¬
mately $60,000 per mile of main line.
Applying this same rate to the mileage con¬
tributed by the D&RG consols permits the Issuance of approximately 10% of the
principal amount of the latter bonds in the new Western Division 3j^% bonds.
In allocating 1st & ref. bonds to these bondholders and to other
issues, it has been
assumed that the fixed charges should have been covered approximately 1.45 times
in
1935, which would have been approximately 1.25 times during the three years
1932-1934, inclusive.
The earnings available for interest on the D&RG consols
$663,690 (all of such earnings figures were actually calculated on the
basis of the year ended June 30, 1935, and were substantially the same as for the
In 1935 were
calendar year 1935).
Applying the desired earnings coverage in 1935 will permit
the issuance of 15% of first & refunding 4s to this issue.
In allocating income bonds to the D&RG consols and to other Issues It has seemed
desirable to limit the amount of income bonds outstanding to a total on which the
full Interest could have been paid during the calendar year 1935 if the companies
had been consolidated under corporate management.
On this basis 10% of income
bonds could be allocated to the holders of D&RG consols.
by the controversy which exists
pany's equipment.
D&RG
as to
This amount is affected
the respective liens on
a
portion of the com¬
If the position which the debtor understands
consols should
to be that of the
be
recognized, these bonds would be entitled to 15% in
income bonds.
The owners of the property also own $2,000,000 of refunding &
Improvement 6s of 1974.
The owners of these bonds, desirous of composing differ¬
ences between the other classes of
willing,
as a part
bondholders to the greatest extent possible, are
of this plan, to surrender for cancellation the $2,000,000 refunding
of 1974 as a contribution by the stockholders to the bondholders,
& improvement 6s
and to let the earnings on such bonds apply to increase the percentage of income
bonds allocable to the D&RG consols.
Such handling will permit these bonds to
be offered
15% in income 4s, to which their position as to equipment liens would
entitle them, and at the same time permit treatment of the refunding & improve¬
ment bonds on the basis of the maximum equipment lien which the debtor believes
them to possess.
The remaining principal amount of these bonds, 60%, are offered first preferred
stock, the next ranking security, together with capitalization of unpaid interest.
In this, as In other instances, unpaid interest has been capitalized fully to the extent
accrued prior to the date of trusteeship, and has been capitalized to the extent esti¬
mated to be earned subsequent to such date.
h In addition, $1,395,000 pledged with RFC receives similar treatment.
Net
earnings available for Interest in 1935 were a deficit of $228,799, after including an
allowance for the stock of the Utah Fuel
Co., which is subject to the lien of this
mortgage.
The bonds are, however, a second lien upon the mileage which is subject
to the RGW trust 4s of 1939, which showed a net income available for interest In
1935 of approximately $1,871,560.
This second lien position will permit the issu¬
ance
within the desired earnings ratio of 40% in first & refunding 4s to the holders
of these bonds,
with the remaining 60% of their principal, plus unpaid Interest,
allocated in income bonds.
i In
addition, $4,385,000 are pledged with the RFC and $6,096,000 are pledged
to banks.
The $2,000,000 6s secured by the same mortgage (owned by Missouri
Pacific and Western Pacific RR. Corp.) will be canceled and the earnings thereon
distributed to the bondholders.
Interest in 1935
was
$40,490.
The direct net income of these bonds available for
The bonds
are
also
a
second lien
on
equipment sub¬
ject to equipment trusts; a second collateral lien on the earnings of the RGJ, and a
third lien on the mileage subject to the RGW trust 4s of 1939.
Earnings flowing
the
refunding & improvement bonds from these liens permits the issuance of
12.99% in 1st & ref. 4s (bonds in the hands of the public are offered 15%), 40% in
income 4s, and 45% in first preferred stock, together with
capitalization of unpaid
to
Interest in the last named security.
j This debt is secured by a first lien on all of the outstanding securities of the subowns the Dotsero Cutoff, and by more than
99% of the
capital stock of the D&SL, together with the following other securities: RGW consol
4s, $1,395,000; D&RG consol 4s, $783,000; refunding & improvement 5s, $4,385,000;
D&SL income 6s, $1,266,000, and several other minor items.
Although the earnings on this collateral will not justify offering the RFC 100%
idiary company which
in new first & refunding 4s, it is believed that the strategic
Importance of the Cutoff
route to the consolidated company dictates such an offer
frpm the point of view of
practicality, and this offer is therefore made.
In consideration of the offer of 1st & ref. 4s for the entire
amount of its debt, the
RFC would agree as part of the plan to underwrite the
refunding of the $1,500,000
first mortgage 4s of the D&SL in new 1st & ref. 4s at 101 and the
refunding of $9,734,000 income 6s of the D&SL outstanding in the hands of the
public in new first &
refunding 4s at 102.
These operations, together with an offer of income 4s for the small amount of
remaining outstanding capital stock of the D&SL, would result in the retirement of
Financial
1074
all of the securities of that company
and their replacement by securities of the new
consolidated company.
k These bonds are offered the next ranking
1936
Aug. 15,
Chronicle
ments, and the committee's
bondholders tendering bonds
depositary had been instructed to advise
for deposit that their bonds would be held
security, namely, participating pre¬
ferred stock, for 100% of their principal, plus capitalizable interest at the rate of
one share of stock for each $100 of obligation capitalized.
Unpaid accumulations
on these bonds during the five-year period 1924-1929 are not capitalized inasmuch
as, by the terms of the mortgage, they do not halve to be paid if remaining unpaid
subject to their order and that they would be advised what further steps
might be necessary to effectuate participation in the plan.
f
Holders of bonds are urged to assent to the plan of reorganization (V.
at the maturity of the bonds.
of bonds to Sept.
1 It is
proposed that unsecured general creditors be offered participating preferred
stock for each $100 of claim.
Should any general
such an extent as to Justify better treat¬
creditors, it is proposed that the debtor
company, as reorganization manager, be granted authority to allocate other securi¬
ties in settlement of such claims, subject to the approval of the Interstate Commerce
6 Months Ended May
x
y
Reduction of inventory.---
Being participating pref. stock, par $1 per share.
z
Being common stock, par $1 per share.
The Missouri Pacific RR. and Western
Corp. are the two present common stockholders.
On the east, the
Interchange for freight. business, its inter¬
of the two next largest con¬
necting lines.
On the west, the Western Pacific RR., controlled by the Western
Pacific RR. Corp., is also by far the most important connection from an interchange
point of view.
In view of this situation, the debtor believes it essential that the
definite interest of these controlling carriers be retained.
Under this plan each
than equalling the combined interchange
Total
100,000 shares of new common for 150,000 shares of old common and
$1,000,000 of refunding & improvement 6s of 1974 presently held.
In addition,
offered
stockholders will agree to purchase $1,500,000 of new
each of the present common
4% bonds at par and accrued interest.—V. 143, p. 752.
first & refunding series A
$650,943
606,741
5^98
}n7'??R
JJ-235
Other income (net)-.-
Pacific RR.
4,145,843
$5,503,171
income.
Depreciation
25,420
Estimated Federal taxes
29,981
Northrop Corp. loss
Net loss on sale of bonds
107,416
185,829
204,870
$218,639
31,374
$250,013
Profit
Missouri Pacific is the most important
is
$1,902,842
1.380,098
Cost of sales
Being 1st pref. stock (4^%), par $100 per share,
more
31—
Net sales
Expenses
Commission.
change
15, 1936.—V. 142, p. 3341.
Douglas Aircraft Co., Inc.—Earnings—
stock at the rate of one share of
creditors prove to have claims secured to
ment than
that
proposed for usecured
plan may be consummated with the
has extended the time for the deposit
142, p. 3341) promptly so that the
least possible delay.
The committee
$1,113,201 loss$230,214
23,639
9,581
$1,136,840 loss$220,633
22,139
178,699
117,000
14,763
-
4,155
Other deductions
$936,002 loss$356,551
$194,612
$2.00
Nil
$0.42
Note—No provision is made for surtax on undistributed profits.
For the quarter ended May 31, 1936, net profit was $176,427, equal to
38 cents a share, as compared with net profit of $595,705, or $1.27 a share,
Net profit
------
stock outst'g--
Earns, per sh. on cap.
.
ended May 31, 1935.
1936 amounted to $6,016,095 and current
$3,509,304. comparing with $4,719,618 and $311,214,
respectively, on May 31, 1935.—v. 143, p. 269,
for the three months
Deposited Insurance Shares Series B—Stock Dividend—
The directors have declared
a
stock dividend of 2 % %
B stock, payable Nov.
and series
on
the series A
1 to holders of record Sept. 15.
The
dividend is payable in trust shares.
Holders have option of receiving
based on liquidating value of shares.—V. 142, p. 297.
Current assets as of May 31,
liabilities
were
(W. L.) Douglas Shoe Co.—Earnings—
•
dividend in cash
1936
6 Months Ended June 30—
Corp.—Stock Offered—Public offering, bymeans of a prospectus, of 43,811 shares of common stock,
was made Aug. 11 by a banking group comprised of Watling,
Lerchen & Hayes; Campbell, McCarty & Co.; Crouse &
Co., and First of Michigan Corp.
The shares were priced
at $18.50 each.
This offering does not constitute new
financing for the company, the shares having been acquired
Detroit Steel
from individual stockholders.
The corporation was
I
fabricating
capacity of its plant in Detroit being 100,000 tons of cold-rolled strip steel
per year.
On July 1 of this year it acquired all of the outstanding capital
stock of Craine-Schrage Steel Co., which will continue to be exclusive sales
agent for Detroit Steel Corp. as to the latter's entire output of cold-rolled
strip steel and in addition will continue to sell other steel and steel products
shipped from its own warehouse and direct from the mills of various other
manufacturers.
The
shares
$2,601,283, and current liabilities were
company's present outstanding capitalization consists of 206,250
($5 par) common stock.
Dividends have been paid in every year
(& Subs.)—Earnings—
1933
1934
1935
1936
6 Mos. End. June 30—
Net loss after taxes, de-
$59,361
$141,663
$120,373
$55,391
precc'n & other chgs__
—V. 143, P. 427.
Dunlop Rubber Co.—Acquisition—
This company has acquired entire control of India Tyre & Rubber Co.
Approximately £1,000,000 is involved.
A circular which has been issued by India Tyre & Rubber Co., Ltd.,
stated that the whole company will be sold to Dunlop Rubber Co., Ltd.,
on terms enabling the company to pay its shareholders in liquidation the
sum of 27s 6d for each preference share and 3s 3d for each common share.
All expenses, including the cost of liquidation, will be borne by the purchaser.
Dunlop Rubber Co. will offer shareholders a certain number of their £1
stock units at a price of 30s each.—V. 142, p. 3167.
from 1925 to 1936.
Corp.-1—10-Cent Dividend—
Duro-Test
For the year ended Dec. 31, 1935, combined net income of both com¬
panies, after all charges, amounted to $479,104, or $2.32 per share on the
present number of shares outstanding.
For the four months ended April 1,
1936, net income, before provision for Federal tax on undistributed income,
was $137,477, equal to 67 cents a share.—V. 143, p. 918.
$723,775.—V. 141, p. 1767.
Dunhill International, Inc.
formed in 1923 and its manufacturing facilities have
been gradually expanded and improved, the present estimated
1935
profit after deprec., reserve for inventory
fluctuations, Fed. income taxes & provision for
Fed. surtax on undistributed profits
$7,588 loss$38,522
Current assets as of June 30, 1936, including $105,244 cash, amounted to
Net
a dividend of 10 cents per share
15 to holders of record Sept. 10.
declared
The directors have
stock, payable Sept.
common
the
on
Earnings for Nine Months Ended July 31, 1936
Dr. Pepper
$0.44
distributed in
the
regular quarterly dividend of 35 cents per share which had been
previously declared will also be paid on Sept. 1.—V. 142, p. 1288.
Doehler Die Casting
period of 1935.—V. 143,
over
753.
p^.
1936—Month—1935
$38,662
$35,438
1936—3 Mos.—1935
11,680
10,997
$109,552
35,347
$108,258
34,032
$26,982
$24,441
$74,205
$74,226
Operating expenses
Net earnings
1936—6 Mos.—1935
1936, sales increased 16.62%
Power Co., Ltd.—Earnings—
Period End. June 30—
Gross earnings
Co.—Earnings-
1936—3 Mos.—1935
same
East Kootenay
December 1934.
The
Period End. June 30—
before taxes
For the nine months ended July 31,
extra dividend of 70 cents per
share on
the common stock, no par value, payable Sept. 1 to holders of record Aug. 18.
An extra dividend of 40 cents was paid on Dec. 1, 1935 and an extra of 15
was
$97,512
Net income after all charges, but
Co.—70 Cents Extra Dividend—
The directors have declarea an
cents
*.
Earnings per share on 200,000 shares common stock
—V. 143, p. 108.
Net profit after reserves,
Eastern Cuba Sugar Corp.—Time
Fed'l
deprec. and est.
income
$281,335
taxes.-
$360,706
$490,957
$187,985
Earns, per sh. on 206,195
shs. com. stk.(no par)
$1.21
$0.75
$2.07
$1.43
Note—No provision was made for Federal surtax on undistributed profits.
—V. 142, p. 3673.
Domestic &
Foreign Investors Corp.—Report—
Edward F. Curran, Secretary, states:'
Exclusive of gains or losses on securities sold and reserve provided to
reduce investments to market value at June 30, 1936, or estimated fair
the net cash income for the year after expenses
No interest was paid on the outstanding debentures
for management, either in the form of fees or
values in the absence thereof,
amounted to $36,947.
and there
was
no
expense
*
salaries.
Earnings Years Ended June 30
1936
1935
$48,797
Dividends and interest received
$45,535
4,440
3,835
8,015
General expenses
Interest paid on loans..—
4,924
$36,171
$36,948
Net profit.
Balance Sheet June 30
on
$68,493
deposit
Investments
Acct.
receivable.
Accrued int.
on
_
2,055,175
17,898
in-
'
vestments
.Total
1935
1936
Assets—
Cash
1
1935
1936
Liabilities—
$64,416 Loans payable
$577,263
1,030,902 Accts. payable
26.742
12,307 20-year 5debs 2,490,000
x$6 cum. pref. stk.
25,000
75,000
2,300 y Common stock.
Deficit
1,052,439
....$2,141,566 $1,109,926 |
$210,393
2,490"666
25,000
75,000
1,690,466
a
letter dated
$2,141,566 $1,109,926
Total..,..
Represented by 5,000 no par shares,
y Represented by 75,000 no par
25,000 shares are held in the company's treasury to be
delivered to holders of warrants attached to the 20-year 5M % debentures.
Eastern Malleable Iron
x
shares of which
—V.
1^2, p. 2664.
Dominion
Stores," Ltd.—Sales—
1936
Four Weeks Ended$1,413,478
25,
J—
1,452,088
Feb.. 22.*.
'•
1.513,367
M[ar21-, *4- -^ t r ■- ■-*
1,510.891
.April'18-—1.517.152
May 16--J.
1,463,362
June 13-.J1,511,080
July 11-.--V- —
—V," 143, p.?53.
. /
>
„"
Jan.
1,350,741
1.340,440
$1,373,111
>
1.481,037
1,528,273
1,505,736
1,543,288
•1,557,863
1,488,014
'
$1,398,267
1,501,638
1,555,614
1.505 417
1.544,037
*
-6
Months-
Months-
Mar. 31 '36
June 30'36 June 30 '35
Profit after deprec., &c.
x$29,237
$3,514
x$32,751 loss$87,503
x Before Federal income and Federal surtax on undistributed profits.—
142,
June 30 '36
1288.
p.
Eastman
.
i
Kodak Co.—25-Cent Extra Dividend-—
The directors
Aug. 12 declared an extra dividend of 25 cents per
a regular
quarterly dividend of $1.25 per share of
both payable Oct. 2 to holders of record
Sept. 5.
Similar payments were made in each of the four preceding quar.
tiers/ An extra of 75 cents was paid on Jan. 2, 1935, and extra dividends
1,584,054
of $3 per share ytfere distributed each Jan. 2 from 1925 to 1932, incl.—
1,512,522 /
/Earns, for 24t/We&s Ehde$—
June 13, '36 June 15,'35 June 16,'34
; '
Net sales.
_vJji -i,
$51,121,175 $46,927,867
share in
on
addition
Costs &
E. Roose¬
to
the common stock, no par value,
-—_
(The) D6r$et, N. Y. City—Upset Price Fixed—
The Real Estate Bondholders Protective Committee (George
Co.j—Earnings—
-3
Period Ended—
Y.
1933
1934
1935
$1,226,611
1,352,553
1,417,909
1,385,259
-1,360,939
for Deposits Extended
committee (Charles Hayden, Chairman),
Aug. 11 to holders of undeposited 15-year 7fi % mtge.
sinking fund gold bonds, states:
The committee advised you under date of March 5, 1936 that the plan
of readjustment dated Nov. 13, 1935 had been declared operative: and also
advised April 11, 1936 that after April 17, 1936, deposits of bonds under the
plan would only be accepted in the discretion of the committee.
As contemplated by the plan, the proceedings in Cuba to foreclose the
mortgage have been going forward.
The applicable Cuban foreclosure
procedure provides for holding successive auction sales,—the first two
auctions subject to minimum bid limits (based on the valuation stipulated
in the mortgage), and the third or final auction free from such limitation.
In this case the first and second auctions were held by the Cuban court on
June 25 and July 29, respectively; no bidders appeared at either auction.
The Court has set Sept. 23, 1936 as the date for the third or final auction
at which bids are free from limitation, although by Decree No. 102 issued
Jan. 8, 1934, the Cuban Government purports to reserve to itself a socalled 15-day option to take over any foreclosed property at the highest
bid price.
At the close of business Aug. 7,1936, the total principal amount of bonds
deposited with the committee was $6,013,400, or over 80% of the total
outstanding issue of $7,500,000.
The committee strongly believes that the
plan is beneficial to the bondholders and that holders who have not already
deposited their bonds should promptly do so in their own interest. Accord¬
ingly, the committee has agreed to accept further deposits of bonds under
the plan until the close of business Sept. 15, 1936.
As the committee must
then determine its financial arrangements for the auction, it cannot under¬
take to accept any further deposits after that date.
The certificates of deposit which are issued upon deposit of the bonds,
have been registered under the Federal Securities Act of 1933, as amended.,
and are listed and currently traded in on the New York Stock Exchange.
—V. 142, p. 1982.
bondholders' protective
The
in
-
-
-
—
expenses.-.^-—38,876,156
Depreciation-2,959,063
36,219,379
2,932,215
*
velt, Chairman) In a letter to holders of the first mortgage fee 6% serial
gold bonds states in part:
.
.
>
•<
- •
By order dated July 27,1936 the New York Supreme Court fixed the sum
of $800,000 as the minimum price for which the Forset Hotel, subject to
the lien of the indenture securing the bonds, shall be sold at foreclosure,
said price being designated in the
This upset price is equivalent to
order as the upset price for such property.
approximately 32 cents for each dollar of
face amount of the bonds of the
Dorset issue.
By the same order, the Court approved amendments of the committee's
deposit agreement with respect to bonds of this issue deposited on and
1936These amendments, which are on file with the de¬
positary, were designed to make the deposit agreement meet the require¬
after June 8,
Chapter 900 of the Laws of 1936 of the State of New York (known
which became effective on June 8, 1936.
Owing to the
of this legislation, the committee had temporarily suspended ac¬
ceptance of deposits of Dorset bonds pending the adoption of these amendments of
as
the Streit bill)
passage
,
4
'
T'
"
''
*" " "'
operation 1$9,285,956
Interest & dividends receivable
449,269
Other income.
27,854
Income from
Net
Earns,
profit
per
—V.
sh.
on
2,250,921
$7,917,038
1,445,681
257,553
$6,851,163
197,788
$6,213,804
531,872
$7,048,961
$6,745,676
$3.51
$3.05
$2.91
shs.
stock (no par)
143, p. 108.
$8,582,644
1,337,783
393,698
$8,081,870
sales of securities
common
;
$7,225,349
596,342
95,347
$7,905,626
176,244
Profit
on
'
$7,776,273
558,933
247,438
$9,763,079
1,746,144
111,309
Total income.
Federal & foreign income taxes
Other charges
Profit
---- '
-
,
Volume
Financial
143
Eastern Steamship Lines, Inc.—New Pref.
Stockholders at
a
special meeting held
recommendation of directors that
on
Stock Voted—*
Consolidated Income Account for the 3]Months Ended June 30, 1936
Operating profit after charging manufacturing, seUing, administrative and idle plant expenses and provision for bad debts..
$19,773
Depreciation of nlant and equipment
11.603
Interest on serial gold notes
4,647
convertible
preferred stock be created and offered share for share for the present $3.50
no par preferred.
Such part of the present preferred as is not exchanged
•will be called for redemption at $55 a share.
The new preferred will be
convertible into 3 1-3 shares of common stock during one year from Oct. 1,
1936, three shares during the two years following and 2 H shares thereafter .
Stockholders authorized the issuance of 63,806 shares of the new preferred
and an increase in the authorized common stock from 490,106 to 600,000
shares.-—V. 143, p. 919.
Miscellaneous credits (net)
x Estimated Federal income taxes
Inc.—Weekly Input—
For the week ended Aug. 6,1936, the kilowatt-hour system Input of the
operating companies which are subsidiaries of American Power & Light
Co., Electric Power & Light Corp. and National Power & Light Co., as
compared with the corresponding week during 1935, was as follows:
Increase
Operating Subsidiaries of—
—V.
143,
p.
Amount
12.393,000
1935
100,190,000
1936
American Power & Light Co..112,-583,000
Electric Power & Light Corp.. 50,432,000
National Power & light Co... 71,853,000
44,065,000
6,367,000
66,878,000
4,975,000
%
12.4
14.5
7.4
*9o
1,042
Net income
Federal
„
$2,687
No deduction for surtax.—V. 142, p.
x
Ebasco Services,
1075
Fairbanks Co. (& Subs.)—Earnings
Aug. 12 voted approval of the
issue of $2 no par value
a new
Chronicle
Mining & Smelting Co.—Earnings
3 Months Ended—
Tons of concentrates produced
Tons of shipping product produced
June 30, '36 Mar. 31'36
20,142
Earnings per share
—V, 143, p. 755.
1936—6 Mos—1935
1936—3 Mos.—1935
Fed. inc. taxes, minor.
int. & other charges.. $1,503,363
8hs. com.stk. ($5 par).
1,182,154-.
$150,268
6,106
$169,071
$98,193
$156,374
and exl.
on
profit
on
metal stocks sold
metal stocks sold
$169,071
$98,193
•
.
-,«o
^
2,551
2,806
760
•.
(tons)
$648,993
1,172,578
$0.49
$1.21
V
1,045
1 ,oo7
Portion of production for quarter held
for future sale:
Refined lead (tons)
Lead content of lead concentrates
Electric Auto-Lite Co. (& Subs.)—Earnings—
Period End. June 30—
Net profit after deprec..
20,288
1,U59
lessees..
Net earnings before deprec., depl. &
Fed. income and excess-profits taxes
Profit
June 30 '35
19,238
by
Total
919.
3342.
$2,355,878
1,182,154
$1.86
$1,342,668
1,172,578
$1.01
Zinc
content
2,075
of
zinc
concentrates
(tons)
115
347
Total stocks held at end of quarter for
future sale:
„„
Electric Products
Corp,—Earnings—
Earnings for 5 Months Ended May 31,1936
Net income after expenses and other charges
—V. 139. p. 761.
Electro master,
$130,324
—
Inc.—Earnings—
3 Months
$74,052
Net income after Federal taxes
104,947
Earnings per share on
stock (par $1).....
12 Months
$147,056
$0.71
period Ended June 30,1936—
$1.40
1936
6 Months Ended June 30—
Net income after all charges, incl. deprec. & taxes.
Earnings per share on common stock
Before surtax on undistributed
1935
x$176,672
$1.30
profits.—V. 142, p. 2665.
x$175,286
$1.29
Period End. June 30—
1936—6 Mos.—1935
1936—3 Mos.—1935
$764,659 x$l,558,758
x$836,286
Earns, per sh. on 1,237,500 shares capital stock
$1.12
the company to be sufficient to provide for United States Federal surtax on
undistributed earnings.—V. 143, P. 919.
Erie
Lighting Co.—Earnings—
Maintenance...
.
.
—
—
Operating expenses....
—
—
...
.........
-
Provision for retirements
—
Federal income taxes
——
Other taxes..
J.
Operating income..—...
Other income
Gross
Interest
—-
—-—
income
on
—
...
...
funded debt
......
Interest on unfunded debt
...—....
Amortization of debt discount and expense..—.—
1936
;•
ig35o
—
Cleaner
Vacuum
8 Mos. End.. June 30—
Net profit after taxes, de¬
$1,571,396
118,430
106,650
18,184
72,372
109,793
154,153
28,060
64,685
$450,097
4,677
$462,614
$454,775
240,150
39,685
13,480
Cr87
$465,538
242,152
$161,546
$173,588
752,088
2,924
13,480
Cr 1,531
-
1935
1936
1934
$118,117
$146,025
1933
$24,726
out¬
240,535
240,595
244,907
248,000
$0.65
$0.49
$0.60
$0.10
For the quarter ended June 30, 1936 net profit was $72,949 after taxes
and charges, equal to 30 cents a share comparing with $49,123, or 20 cents
a share in June quarter of 1935.—V. 142, P. 3168.
standing (par $5)....
Earnings per share—...
Evans Products Co.
(& Subs.)—Earnings—
6 Months Ended June 30—
Gross profit-.
Expenses......
—.—-
.....—
.............—
Before surtax
on
(& Subs.)—Earnings—
,
^
1936
,
charges, but before
1935
_irio
„
Vr"r,oX'^ o;^
—
$134,418
undistributed profits.—V. 142, p. 3674.
Federal Screw Works
(& Subs.)—Earnings—
Federated Department Stores, Inc.—Increased Common
Dividend—Special Dividend—
on Aug. 12 declared a special dividend of 15 cents
per share
a dividend of 35 cents per share on the
common stock, no
both payable Oct. 1 to holders of record Sept. 21.
This com¬
pares with dividends of 25 cents paid in each of the three preceding
quarters,
and 15 cents paid each three months from July 1, 1932, to and incl.
Oct. 1,
1935.
In addition extra dividends of 10 cents per share were
distributed
in each quarter of 1935 and 1934.
in addition to
par value,
New Stock Voted—
The stockholders at a special meeting held Aug. 11 approved the
issuance
of 140,000 phares of 4)4% preferred stock of the corporation for
the purpose
of refunding preferred stocks ofWm. Filene's Sons Co., Abraham
& Straus,
Inc., Blooxningdale B os., Inc., and The F. and R. Lazarus Co.
They
also ratified certain agreements in connection therewith.—V.
143,
p. 921.
(Wm.) Filene's Sons Co.—New Stock Voted—
The stockholders at
special meeting held Aug. 11 approved the
a
pro¬
posed issuance of a new preferred stock for the pin-pose of
retiring existing
6H% preferred stock and ratified a certain agreement with Federated
Department Stores, Inc., in connection therewith.—V. 143,
First National Stores,
1936
$782,683
419,497
Interest.
i—°
Provision for contingencies
Miscellaneous deduction-
....
....
p.
921.
Inc.—Earnings—
June 29 '35
June 30 '34
July 1 '33
$1,361,656
267,334
$1,559,085
287,867
182,703
$1,821,460
166,244
$1,115,637
279,828
104,350
$928,078
816,567
$731,459
816,067
$1,088,515
$1,331,468
815,067
814,116
Net profit after depr.
and Federal taxes..
Shs. com .stk.out. (no par)
Fitchburg & Leominister Street Ry.
Period End. June 30—
...
$277,455
$256,753
—
244,196
$1.13
234,196
$ 1.09
_________
—
For the quarter ended June 30,1936, net profit was $21,538 after deprecia¬
tion, Federal income taxes, &c„ equivalent to 9 cents a share on 244,196
shares (par $5) of capital stock comparing with $6,461, or 3 cents a share,
oni 234,196 shares in June quarter 1935.
Note—No provision was made for Federal surtax on undistributed profits.
—V. 142, p. 2994.
Falconbridge Nickel Mines, Ltd.—Earnings—
3 Months Ended June 30—
Tons smelted..
Nickel in matte produced, lbs—.....
Copper in matte produced, lbs.,
Refined nickel produced, lbs—
Refined copper produced, lbs.......
Gross operating profit
...
Provision for taxes—
—....
Deprec. and deferred develop., &c—
Net profit
..........
Note—Above figures exclusive of
2994.
1936
85,228
2,955,316
1935
73,587
1934
64,781
2,843,654
2,613,466
1,176,385
2,451,366
1,435,539
1,313,273
2,752,043
1,215,473
$611,113
58,800
2,654,114
1,256,217
$528,024
55,860
45,000
181,729
137,641
118,311
1,292,300
$529,403
1936
1935
income
.....
x$78,720
$10,270
Earnings per share on 195,932 common shs. (no par)
$0.30
Nil
x Including dividends of $36,000 received from the Vascoloy-Ramet Corp.
Note—No provision was made for Federal surtax on undistributed profits.
—V. 142, P. 3168.
52 Weeks Ended
July 13 '35
July 18 '36
July 13 '35
$624,933
$1,156,243
$1,172,386
$0.93
91.73
$1.75
•
$471,399
&c
$15,436
Subs.)—Earnings—
July 18 '36
—
.
—
S0./0
Note—The 1936 figures include $5,755 received in settlement of
patent
infringements and other claims which compare with $103,318
inNo provision made for Federal surtax.—V. 143, p. 270.
Follansbee Brothers'
received
Co.—Reorganization Plan Filed—
The company has filed a plan of reorganization in the U.
Court for the Western District of Pennsylvania.
Under the
S. District
plan bond¬
holders are to receive 10 shares of new preferred and 13 1-3
shares of new
common for each bond.
Preferred stockholders would
common
for each share of preferred and
for each present
common holders
share.
get 2H shares of
M share of common
Unsecured creditors would have three choices for each
$100 of claims:
one share of preferred and 1 1-3 share of common;
share of preferred and
ZVi shares of common; and H share of preferred and $50 in cash.
Under the plan there would be outstanding (assuming unsecured
creditors
exercise the first option) 30,500 shares of new preferred and
241,379 shares
of new common.
It is also planned that $4,500,000 new first
mortgage
convertible 5% bonds will be sold and 70,000 new common
shares issued.
The Toronto plant is to be modernized at cost of
approximately $4,500,000.
Present bondholders, creditors and stockholders will have
right to sub¬
scribe for the new bonds before the bonds are offered for szle to
bankers or
the public.
Present stockholders will have the right to purchase new com¬
mon stock at $17 a share.
It is stated that an additional
50,000 shares
above the 70,000 shares slready mentioned
may be sold at the same price.
It is proposed to have the new securities underwritten
by bankers
who
will be entitled to an
underwriting fee for their services.
Stock purchase
50,000 shares of stock at prices ranging from $22.50 to
$28.50
share are to be issued to the bankers and to executives and
employees
of the company.—Y. 143, p. 755.
per
Formica Insulation
Metallurgical Corp. (& Subs.)—Earnings—
.
$30,492
warrants for
$370,584
$334,522
$366,092
non-operating revenue.—V. 142, p.
6 Months Ended June 30—
Net income after depreciation, Federal
taxes and other charges—.—......
taxes,
Co.—Earnings—
1936—6 Mos.—1935
loss$752
28 Weeks Ended
Period—
Earns, per sh. on 668,046
shs. com. stk. (no par)
$302,918
46,165
—
$12,848
Flintkote Co. .(&
23,156
12,000
11,746
29,967
Net profitShares capital stock outstanding ($5 par)
1936—3 Mos.—1935
Net profit after all chgs.
—V. 140. P. 1311.
5,525
11,797
15,725
$360,106
82,651
...
....—
266,537
223,455
Earned per share
$1.08
$0.84
$1.23
$1.53
Note—No provision made for Federal surtax on undistributed
profits.—
V. 142, p.4020.
$308,417
$261,515
41,403
...—.....
Total income._—...
Federal income taxes..
Earnings per share
June 27 '36
Net profit after deprec.,
Federal, State & for'n
$330,139
Balance
Other income
1935
$620,707
312,290
Quarter Ended—
Net profit before deprec.
and Federal taxes
$363,186
Operating profit.—.
Fansteel
x
37,847
Co.—Earnings—
$155,662
preciation & charges.
stock
Federal Motor Truck Co.
6 Months Ended June 30—
Profit after deprec. & other
Federal income taxes
.
$1,609,401
843,666
—V. 143, p. 109.
com.
$306,044
Federal taxes
Balance of income...
Shares
8,685
$242,498
$189,963
8,685
Depreciation
!
Interest charged to construction
Eureka
^
'
8,800
The directors
„
Federal income taxes have been increased by an amount estimated by
12 Months Ended June 30—
Total operating revenues—
s£8
^
~~
$1,392,119
SI.26
$0.62
$0.68
(par $1)
x
I
^
Period End. June 30—
1936—3 Mos—1935
1936—6 Mos.—1935
Profit after deprec., &c_
x$6,606 loss$52,487
loss$2,893 loss$35,727
x Before Federal income taxes.—V.
142, p. 2994.
Electrolux Corp. (& Subs.)—EarningsISTcti profit Sifter chctr^cs
and Fed. income taxes
"i®
—V. 142, p. 3508.
shares common
Electrographic Corp.—Earnings—
x
ISSilSg
^d^ntentofl^dconoent^
Zl™o™tWt °!
P-a" .I*!
6 Mos. End. June 30—
Net profit after charges
and Federal taxes
Co.—Earnings—
1936
x$103,946
1935
$37,393
$0.34
no-par
shs. cap. stock.
»
$0.58
Before provision for Federal surtax
Net sales for the six mon.ths totaled
1935.—V. 142, p. 3343.
1933
$0.20
Earns. per sh. on 180,000
x
1934
$62,797
on
loss$33,252
Nil
undistributed taxes.
$1,241,040, against $1,031,002 in
Financial
1076
(& Subs.)—Earnings—
Gar Wood Industries, Inc.
Earnings for 3 Months Ended June
Inquiries Solicited in
30, 1936
Fed. inc. tax, but be¬
undistributed profits.
800,000 shares of capital stock ($3 par)
Net profit after chgs. & prov for normal
fore inventory adjustments 8c surtax on
Gary Electric & Gas Co.
Earned per share on
—V. 143, P.
Bonds and Common Stock
$454,992
$0.57
586.
Utilities Co.
Gas
1936
Aug. IS,
Chronicle
(Del.)—Liquidating Dividend—
July 13, 1936, stockholders approved the dissolution of the company,
effective July 16, 1936.
Stockholders will receive approximately
1,154 shares of common stock of Oklahoma Natural Gas Co. for each share
of common stock held.
Fractional shares will be issued in bearer scrip
certificates.
Stock certificates of the Gas Utilities Co. must be preserved
On
to
TRADING DEPARTMENT
Eastman, Dillon & Co.
MEMBERS NEW
be
to receive future
YORK STOCK EXCHANGE
New York
15 Broad Street
General Box Corp. (&
—Reconstruction Financing
Fort Worth & Denver City Ry
July 31 found the company,
"on the basis of present and prospective earnings, reasonably to
to meet its fixed charges without a reduction thereof through
be expected
judicial re¬
organization," and approved conditionally a loan of not exceeding $8,176,000 to the company by the Reconstruction Finance Corporation.
The report of the Commission says in part:
r* The applicant requests a loan in the amount of $8,176,000 for a period of
10 years, at an interest rate of 4% per annum, with the privilege of repaying
in whole or in part the principal thereof on the following basis: During the
first five years, at the rate of 102% of the principal repaid; during the next
two years, at the rate of 101% of the principal repaid; and during the next
three years at the rate of 100% of the principal repaid, with accrued interest
to the date of payment, the applicant to have no privilege of repaying the
loan except as aforesaid.
Upon the approval of such loan the applicant
will call for redemption its first mortgage 5}4% bonds, of which $8,176,000
are outstanding, and will utilize the proceeds of loan, together with funds
in its treasury, for the payment of principal, the redemption premium and
the interest due on said bonds.
The mortgage provides that they may be
redeemed, as a whole but not in part, on or after Jan. 1, 1935 and prior to
Dec. 31, 1939 upqn nine weeks' notice at a premium of 5% and accrued
interest.
Since Jan. 1 of the current year they have sold at prices ranging
between 105 and 106 K and recent quotations are around 105 H •
,
As collateral security for the loan sought the applicant proposes to pledge
with the Finance Corporation $8,176,000 of new bonds, maturing not
later than Dec. 1, 1961 (authorized by the Commission July 31, 1936).—
V. 143, p. 756.
Foster Wheeler Corp.
Net
after
loss
$6,165,860
deprec.,
dividend!
Common dividends.
Earned per share on
stock
$48,650
$1.00
$1.89
xl75,000
Dec. 31, of previous year.
Consolidated Balance Sheet June 30
1936
1935
' '
1936
3,412,482
Cigar machinery 1,135,749
3,645,255
5,000,000
z
pref. stock... 5,000,000
Common stock
5,298,410
5,298,410
1,000,000
158,712
1,000,000
131,008
670,909
1,132,336
1,292,710 Special capital
Accept,
Goodwill, patents,
1
1
&c
receiv.
72,250
64,500
14,305,146 14,399,797
1,500
Inventories
$
7%
Real est. equip.,
Mortgages
1935
$
Liabilities—
$
$
x
1,707,382
1,242,388
1,764,426
4,166,700
169,276
receivable.
201,626
630.144
res.
payable..
&accr.
Accts. pay.
liabilities
-
Fed. & Cuban Inc.
263,284
500,000
323,159
500,000
3,899,658
8,652,751
3,899,658
8,849,738
tax
Insurance
reserve.
Capital surplus
Earned surplus
25,443,724 26,134,309
1933
$463,178
P.363
$177,736
10,188
Prov. for Fed. inc. taxes
$626,338
66,144
17,797
1,490
x89,805
$464,726
55,411
41,597
7,290
45,229
$471,540
50,691
54,330
9,660
47,314
$187,924
41,648
59,872
10,722
6,423
Dividends paid.
$451,102
183,095
$315,199
98,465
$309,545
88,636
$69,260
40,000
25,443,724 26,134,309
Total
depreciation,
y Less amortization,
shares.—V. 142, p. 2995.
After
General Foods
1934
$454,752
9,974
Amort, of debt dis. & exp.
sur$2,958
472,982 shs. com.
Assets—
no par
$617,054
9,284
Income charges
Interest on bonds
$1,072,314
xl75,000
945,964
(no par)
Charged against surplus at
x
x
1935
472,982
56,226
$33,308
(& Subs.)—Earnings—
1936
$650,940
$0.94
'
Preferred
Total
Net profit from operation
Other income credits
$1,076,958
4,644
$619,750
xl75,000
945.964
income
$650,940
$501,214
Total
$1,020,732
Interest
—V. 143, P. 756.
Garlock Packing Co.
108,725
$569,172
81,768
$619,750
Other income
Deferred charges..
$25,161
1934
$3,203,827
1,790,925
232,528
159,642
$563,680
56,070
U. S. Govt. sec.. &c 3,366,700
1936—6 Mos.—1935
$11,685
$17,139
1935
$2,687,072
1,758,755
250,420
_
246,831
100,359
....
Federal income taxes
Cash
1936—3 Mos.—1935
preciation, &c
1936_
$2,766,569
1.855,699
Expenses.
Depreciation and amortization
Accts.
V Gabriel Co. (& Subs.)—Earnings—
$85,323 [loss$33,414
Inc. (& Subs.)- -Earnings-
Notes receivable..
436,588
x24,695
151,313
460,125
Including $57,921 non-recurring credit.—V. 142, p. 2827.
Period End. June 30—
Net loss after taxes, de¬
General Cigar Co.,
6 Mos. End. June 30—
Gross earnings
y
1933
$2,128,224
income taxes, &c__
x
depreciation, depletion and other
&c
1934
$4,046,400
1935
$4,286,000
1935
,
...
charges, but before Federal taxes—
—V. 141, P. 596.
(& Subs.)—Earnings—
1936
6 Mos. End. June SO—
Unfilled orders.
Net profit after
Subs.)—Earnings—
1936
6 Months Ended June 30—
The Interstate Commerce Commission on
Inc.—New Director—
W^ter B. Kahn was elected a director Aug. 5.—V. 143, p. 922.
1-752
A. T. & T. Teletype N. Y.
distributions.—V. 143, P. 756.
General American Investors Co.,
z
Represented by 472,982
Corp.—Plant Sold—
The company has notified the New York Stock Exchange
adjustments as follows: Certain wholly owned subsidiaries
liquidated and the assets transferred to the parent company.
of internal
have been
The com¬
pany also advised that a chemical manufacturing plant at Joliet,
formerly owned and operated by Calumet Chemical Co., one of such
sidiaries, was sold by General Foods Corp. on June 1, 1936.—V.
756.
p.
General Investors Trust—Earnings—
Income Statement
for the Three Months Ended June 30,1936
Gross income from investments
$5,794
860
333
—
Administration expenses
Shs. com.stk.out.(no par)
Earnings per share
x
$220,909
196,930
$1.57
$216,734
196,930
$268,007
209,250
$1.60
$2.15
Includes provision for United States surtax on
$29,260
200,000
Taxes
$0.35
undistributed profits
o
Net
Cash
$743,398
3,210
984,261
with trustee
450,299
992,518
1st mtge.
155,465
2,050,383
&c_
1
1,868,428
al33,902
700,000
Debentures
Deferred charges__
Land, buildings,
Trade-marks,
Tax reserve
532,981
Inventories
equipment,
1935
#158,835
174"9U
Accruals
1,018,306
182,701
Receivables
x
Accounts payable.
Dividends payable
deposit
on
Undistributed income, April 1,
1936
Liabilities—
1935
1936
$687,827
y
&c_
1
4}£s
#92,494
49,232
127,461
88,649
1,000,000
3,209 zl,382,371
Common stock..
213,965
3,095,300
Surplus.
Dr4,715
Treasury stock
21
$4,578
3,664
Balance
Consolidated Balance Sheet June 30
Assets—
$4,599
income
Adjustment on account of income on shares sold or repurchased.
$18,259.
Cash
201,645
2,257,232
Dr4,715
111.,
sub¬
143,
Undistributed income,
1936
June 30, 1936
$8,243
liquidating value of each share of General Investors Trust on July 15,
$6.62, compared with a liquidating value of $6.11 on April 15,1936.
As General Investors Trust will qualify as a "mutual investment com¬
pany" under the 1936 Revenue Act, it will not be required to pay a Federal
income tax.
The cancellation of reserves heretofore carried for Federal
income taxes on realized and unrealized appreciation on investments re¬
sulted in an increase in net asset value of $0.27 per share on June 30,1936.
The
1936
was
Balance Sheet June 30, 1936
$4,475,408
Total
x
Less
$5,194,3701
$4,475,408 $5,194,370
Total
for depreciation of $1,814,073 in 1936 and $1,716,682 in
reserve
Represented by 209,250 no par shares in 1936 and 196,930 shares
in 1935.
z Called for payment Aug. 15, 1935.
afllncludes $18,259 for United States surtax on undistributed profits.
—V. 142, p. 4178.
1935.
y
Liabilities-
Assets—
$26,364
604,776
Cash
Investments
at
market
Cash
(98,778 shs. at $1 par)..
Capital surplus...
Unrealized apprec. on invest..
Undistributed income
Dividends
payable...
1,074
362
Unpaid dividends
Gemmer Mfg.
Co.—Earnings—
Federal Income tax, 1935
'
i
General and administrative expense
—__—
$194,516
49,122
$145,393
8,989
profit from operations
(net)————--------
Miscellaneous income
$631,141
$154,382
23,112
Net inc. before prov. for Fed. surtax on
undistributed profits
$131,270
$306,001
Cash
Notes & accts. rec.
144,351
Inventories
301,225
260,481
Investments
Cash surrender val.
46,656
of life insurance.
x
Fixed assets
Patents
Prepaid
Liabilities—
June 30 '36 Dec. 31 '35
1,525,561
June 30 '36
$203,731 Accrued salaries &
payrolls
172,815
402,903 Accounts payable.
171,123 Accrued insurance
Fed. Inc. tax (est.)
46,656 Accts. payable and
Debenture
bonds.
1
24,705
Operating reserves
Reserve for
Cash in closed bks.
24,720
Invest, in co. stock
81,490
12,220
81,490
22,152
23,149
Co.
67,306
431
23,645
2,120
296,000
5~ 556
67,008
20,390
125,489
12,500
23,149
Contract receiv'le.
174,000
32,970
$27,138
contlng
20,390
Capital account. 2,476,963
2,345,693
Lease & sale agree¬
ment
Union Guard'n Tr.
Co. ctfs. of deps.
Invest, in subs. co.
Collateral held by
Detroit Tr.
Total
x
y
After
$2,835,810 $2,825,5161
reserve
Total.
$2,835,810 $2,825,516
for depreciation of $473,865 in 1936 and $445,165 in 1935.
Represented by 40,000 shares participating preference stock and 100,000
common stock, both of no par value,
z Includes provision
Federal income tax for year 1935 of $11,257.—V. 142, p. 1467.
shares
Inc.—New Vice-Presidents—
General
Motors
r~
~
the election
Hargett as
Corp.—Financial Statement—
Alfred P. Sloan, Jr., President, says in substance:
Attention of the stockholders is called to the fact
Dec. 31 '35
32,099
y
$631,141
that the
new
Federal
imposes penalties, through the form of increased taxes, whenever
are not distributed as dividends.
Since this penalty varies with
the percentage of earnings retained in the business for the entire fiscal
year, the corporation's position as to such extra taxes cannot be established
until earnings for the full year can be more accurately estimated and divi¬
dends determined with relation to same, as well as to such other conditions
tax law
$25,209
83,249
9,050
z34,370
sundry
1,554,729
1
12,325
—
expenses.
Total...
James F. Bell, Chairman of the Board on Aug. 12 announced
of W. R. Morris, H. R. McLaughlin, F. B. Burke, and J. S.
Vice Presidents of the company.—V. 143, p. 756.
Comparative Balance Sheet
Asse's
51
expenses
—Y. 142, p. 2157.
General Mills,
Net income before taxes
Provision for Federal normal income tax
578
2,500
Accrued
Total
Net
400
Federal capital stock tax, 1936
Contingent capital llabil. res've
Earnings Statement—6 Mos. Ended June 30, 1936
Gross profit
$98,778
334,678
184,479
8,243
for
earnings
may be pertinent to the question.
In view of such circumstances,
pending such final determination, no provision has been made for such
Federal surtax, if any, as may be applicable to undistributed earnings.
Net sales of General Motors Corp., excluding inter-divisional transactions,
as
for
the second
quarter ended June 30, 1936
amounted to $466,114,437,
compared with $343,209,087 for the corresponding quarter ended June 30,
1935.
Likewise, net sales for the six months ended June 30,1936 amounted
to $807,420,502, compared with $594,883,990 for the similar period ended
June 30, 1935.
Again, net sales for the 12 months' period ended June 30,
1936 were $1,368,178,023, compared with $937,878,754 for the 12 months
ended June 30, 1935.
The increase in the second quarter of 1936 over the
corresponding period of 1935 was $122,905,350, or 35.8%.
The increase
in the first six months of 1936 over the first six months of 1935 was $212,536,512, or 35.7%.
The increase for the 12 months ended June 30, 1936
over the 12 months ended June 30, 1935 was $430,299,269, or 45.9%.
Total sales to dealers, including Canadian sales, overseas shipments and
production from foreign sources, during the second quarter ended June 30,
1936 amounted to 670,001 cars and trucks, compared with 499,844 cars
and trucks in the second quarter of the previous year—a gain of 170,157
Volume
units,
or
Likewise, total sales for the six months
34.0%.
1936—6 Mos.—1935
$
$
1936—3 Mos.—1935
$
$
Period Ended June 30—
ended June 30,
1936 amounted to 1,170,168 cars and trucks, compared with 888,560 cars
and trucks for the similar period in 1935—a gain of 281,608 units or 31.7 %.
General Motors dealers in the United States delivered to consumers 584,501
Gen. Motors Corp.'s equity In
undivided
profits
sub. & affil.
second quarter en<J<xi June 30, 1936, compared
with 390,742 cars and trucks in the second quarter of the previous year—
a gain of 193,759 units or 49.6%.
For the six months ended June 30, 1936
General Motors dealers in the United States delivered to consumers 964,451
cars and trucks, compared with 648,835 cars and trucks for the correspond¬
cars
1077
Chronicle
Financial
143
and trucks during the
cos.
the
losses of
or
Net profit from oper. & Invest.
9,783,088
4,575,962
5,143,988
not consol
8,842,959
65,432,073 177,807,199 104,147,184
111,697,241
Less
provision for:
Empl. savings & Invest, fund-*
ing period of 1935—a gain of 315,616 units or 48.6%.
Sales by General
Motors operating divisions to dealers within the United States during the
second quarter ended June 30, 1936 amounted to 567,960 cars and trucks,
compared with 408,968 cars and trucks in the second quarter ended June
30, 1935—a gain of 158,992 units, or 38.9%.
For the six months ended
June 30, 1936 sales to dealers within the United States amounted to 978,274
cars and trucks, compared with 710,224 cars and trucks for the first six
months of 1935—-a gain of 268,050 units or 37.7%.
The increase in dollar volume and profits resulting therefrom has been
350,967
1,555,433
969,478
350,967
2,028,904
929,242
591,638
1,731,962
181,915
777,447
181,915
312,556
Guaranteed settlement of 1930
Invest,
fund
class, maturing
Deo. 31, 1935
473,471
192,031
Total
Deduct invest, fund reversions
acc't
of
employees'
withdrawn
before
savings
class mar
turitles
not only to the expanding volume of the corporation's automotive
business, both domestic and overseas, resulting from increased volume of
the industry as a whole, as well as from the increased proportion of the cor¬
due
Employees' savings & investm't
0130,641
40,236
0240,671
296,942
7,756,000
3,933,000
11,622,000
5,713,000
116,800
fund—net
poration's part thereof, but importantly as a result of increased profits from
subsidiaries not consolidated, in which the cor¬
80,100
246,500
163,000
11,627,829
6,179,474
Employees' bonus & payment
to Gen. Mot. Manage. Corp.
its investments in various
poration has investments approximating $250,000,000.
This group of
operations reported earnings for the six months' period which were the
highest in their history.
Amounts expended for salaries and wages for the six months' period under
review amounted to $185,924,837, of which $144,476,124 was paid to the
corporation's hourly rate workers—the highest total since 1929.
This
item cannot be expressed in relation to earnings because the two amounts
are not comparable, the latter item being affected by non-manufacturing
subsidiaries and manufacturing subsidiaries not consolidated.
It will be recognized that the progress of the corporation during the first
half of the current year, as indicated by all the facts and circumstances
above recited, has been outstanding.
And this is true whether considered
from either the relative or the quantitative standpoints.
Thinking perhaps it might contribute something in the way of a broader
understanding on the part of the stockholders as to the current and possible
future trends of the corporation's activities, which of course importantly
reflect the course of industry in general, I submit a few observations as to
the underlying forces now at work, from the standpoint of the automotive
phase of its operations, as I view them, and for what they may be worth.
The important degree of recovery reached by the automotive industry Is
evidenced by the fact that If the present trend continues, 1936 is likely to
approach 85% of the previous maximum established in the year 1929.
This has been made possible by many influences, the most outstanding of
Which might be enumerated in the following, although not necessarily
in their order of importance:
First—There was a sharp depletion in the inventory of unused automo¬
tive miles represented by cars and trucks in use, as a result of the subnormal
production of the depression years.
This was manifested by a reduction
in the number of units in operation and an extension in their life of service.
There is a wide discrepancy between the car of today and the average car
in use today.
Thus, there is necessitated increased production to reach
normal.
This factor is discernible in all the automotive markets of the
Amts. provided for employees'
bonus payments by certain
foreign subs, having separate
bonus plans
Special payment to employees
20
under stock subscrip'n plan..
Total
6,532
4,053,356
7,742,159
-
Net income before income and
and excess profits taxes
14,150,000
Net income for the period
Motors Corp.'s propor¬
88,167,082
52,263,717 140,694,370
83.817,710
tion of net income
88,108,372
52,219,467 140,572,546
83,729,838
Divs.
on
-
pref. capital stock—$5
series (less divs. appllc. to stock
held in treasury)
Amt. earned
on com.
cap.
4,589,110
4,589,110
49,924,912 135,983,436
79,140,728
42,878,991
2,294,555
2,294,555
stock.. 85,813,817
Aver. No. of shs. of com. cap. stk.
42,892,747
42,879,894
42,905,883
$2.00
$1.17
$3.17
$1.85
Note—No provision has been made for the Federal surtax Imposed by
the Revenue
outstanding during period
Amt. earned per sh. of common
capital stock
Act of 1936
on any
undistributed profits accruing after Jan. 1, 1936.
Earnings for 12 Months Ended June 30, 1936
Sales of
cam
and trucks—units:
shipments..
Gen. Motors sales to dealers, lncl. Can. sales & overseas
Retail sales by dealers to consumers—United States.;
Applicable to the United States, the trend toward normal has been accel¬
erated by the fact that the motor car htill holds, next to food, shelter and
clothing, a preferred position in relation to the consumer's purchasing power
The trend has also been accelerated by liberal—as a matter of fact, perhaps
too liberal—credit terms.
Second—The opportunity of the motor car and the truck to serve the
community, both from the social as well as from the economic standpoint
is continually broadening.
This means a trend of increasing use, and hence
added production.
1
Third—Technological progress was maintained and accelerated during the
period of the depression, resulting in more attractive, more efficient, better
all around merchandise.
And the automotive industry still adheres to the old fashioned philosophy
that the best yardstick to gauge its progress, and hence its contribution to
the national welfare, is its ability^to offer continually better merchandise
at the same price, or equal merchandise at a lower price—always the prin¬
ciple of the lowest possible costs and selling prices of goods and services
Fourth—World recovery from the depression continues to make important
progress.
This is true not only within the United States, but is more
importantly true outside of the United States.
As a matter of fact, 17 of
countries of the world have enjoyed
97,967,710
25,485,000
9,115,000
15,788,000
.
General
world.
the 23 most important
61,378,717 166,179,370
103,955,082
profits taxes
excess
Less prov. for U. S. & for. income
Net sales—value
Profit from operations & income from investments (inch divs.
from sub. & affil. cos. not consolidated), after all exps.
—1,368,178,023
received
incident
thereto, but before providing for deprec. of real est., plants & equip.
plants and equipment
Balance after depreciation
277,946,597
Gen. Motors Corp.'s equity in undivided
affiliated companies not consolidated
Net profit from
Less
provision
profits or losses of sub. and
operations and investments
280,215,950
for:
,
Guar, settlement of 1930 invest, fund class, maturing Dec. 31,1935.
Total
year
1,767,939
drawn before class maturities
4,374,423
Employees' savings and investment fund—net
Employees' bonus and payment to Gen. Motors Management Corp.
bonus payments by certain foreign subs.
having separate bonus plans
j
Special payment to employees' under stock subscription plan
,
1937.
Total
Net Income for the period
divs. appl. to stk. held In treas.)
9,178,220
capital stock
Average number of shares of com. cap. stock outst'g during period....
Amount earned per share of common capital stock—
Every day of delay simply means an added
burden carried into tonmrrow, and the future.
Irrespective of how great
the resources of any nation may be, it is no different fundamental!v than
that of any individual within the nation.
It cannot continue indefinitelv
to spend more than it collects.
It cannot continue indefinitely to keeD
lowering the ceiling of opportunity for constructive enterprise through the
influence of a continually increasing indebtedness.
And that is just what
214,890,998
Amount earned
net income,
per summary
consolidated income...
Earned surplus before divs
cloudy, and caution would appear to be desirable in dealing with forward
plans involving important commitments—at least, that is the feelino-'Ar
General Motors Corp.
s 01
In the belief that many of our stockholders are interested in varimia
Preferred dividends (net)
shipments
sumers—United
States
499,844
1,170,168
888,560
390,742
964,45J
978,274
710,224
S
$
$
(lncl.
divs. rec'd from
11,741,527
16,793,706
Other marketable securities (short term).
3,451,438
2,24$,738
500,288
Amt. due from Gen. Motors Managem't
of real estate,
x
/
due
/
11,951,591
1,675,960
2,856,500,
r
10,008,549
12,401,751
940,084
Accounts receivable & trade accept'ces
'
982,574
1,649,753
64,248,597
56,600,244
54,443,066
163,432,106
dated and miscellaneous
Invest, in
investment^
Gen. Motors Mgt. Corp.
1936 inch indebtedness
69,314,443 186,731,187
112,241,833
196,325,118
148,981,172
254,285,732
245,641,384
244,492,064
33,553,555
36,003,015
50,325,642
16,592,829
559,315,578
3,915,141
51,836,587
512W47 1,414,266,298
1,362.345,636
'(in
am'oun4j-ne
$2,595,311)...
capit'^
Real estate, plants and
Prepaid
9,419,269
depreciatlon....l06,653,253
1935,
4,939,35'd
treasury for corporate
equip.-115,972,522
plants and equipment- j
Balance alter
(In
15, 1936)
Gen. Motors Corp.
thereto,
but before providing for depreo.
Prov. for deprec.
1937
15
Mar.
March
carried at
sub. & affll. cos. not consoh),
of real estate, plants &
$
212,564,186
$22,117,050 and 19,495 shares £tGen
Motors
Mgt. Corp. comrj0a stock
Profit from oper. & income from
Invest,
$
Invest, in sub. & affil. cos. not consolk
466,114,437 343,209,087 807,420,502
594,883 990
after all exps. incident
___
185,450,398
648,835
408,968
•
June 30 1935
12,592,482
Inventories
584,501
/■
Dec. 31 1935
290,591,894
-
Corp,
567,960
sales—value
1936
1
Cash
U. S. Government securities.
Notes receivable
670,001
392,565,904 327,810,653
Sheet
$
Assets—
i
83,729,838
448,501,584 340,820,716 472,252,865 353,838,615
2,294,556
2,294,555
4,589,110
4,589,110
53,641,125
10,715,508
75,097,851
21,438,852
and C.O.D. items
General Motors sales to dealere
Net
52,219,467 140,572,546
Sight drafts with bills of lading attached,
Retail sales by dealers to con¬
—United States
■
88,108,372
June 30
1936—6 Mos.—1935
General Motors sales to dealers,
incl. Canadian sales & over¬
seas
of
Condensed Consolidated Balance
i
$
288,601,249 331,680,319 270,108,777
Earned surplus at end of period 392,565,904 327,810,653
Summary of Consolidated Income
1935
(net)
Common dividends
$
$
Earnedsurplus at begin, of period 360,393,212
Gen. Motors Corp.'s propor. of
facts as outlined above must be recognized and faced courageously
And
until then, notwithstanding the widespread optimism of the moment
the
broader economic outlook, from a fundamental standpoint
is distinrtlv
1936—6 Mos.—1935
1936—3 Mos.—1935
$
1936—3 Mos.
42,878,407
$5.01
Summary of Consolidated Surplus
future of industry seems to be assured
along the current trend, with the forces of recovery continuing in the asron
dancy, it still remains true that the time is rapidly approaching when the
Period Ended June 30—
on common
Period Ended June 30—
is being done at present.
While, therefore, the immediate
Sales of cars and trucks—units:
224,307,251
224,069,218
General Motors Corp.'s proportion of net Income
Divs. on pref. cap. stk.—$5 series (less
possible.
viewpoints as to the economic problems of the day, I am enclosing herewith
a reprint from an article recently published in the "Saturday Evenino- pXoi »•
and written by Charles F. Kettering, Vice-President of General M^?nr«
Corp. and director of its research activities.
In addition to Mr Ketter¬
ing's corporation activities, he is, as our stockholders well know on« of thl
world's most eminent scientists, having contributed importantlv to so.Vm
tific progress in many different fields.
In this article Mr. Kettering ofit"
lines his thinking in a very interesting and characteristic way as to mm of
the greatest problems of the moment—one concerning which. unfortunat«i£
there is much loose thinking—unemployment.
•
' unronunately.
265,108,148
40,800,897
and excess profits taxes
Prov. for U. S. and foreign income
Constructive enterprise sponsored by private initiative must
be substituted for boon-doggling, actuated by the political consideration
and paid for not only by the taxpayer but by every individual consuming
goods and using services.
And that is entirely possible whenever it is
449,500
15,107,802
-
Net Income before income and excess profits taxes
ery process.
desired to make it
Cr2,606,484
17,264,786
Amts. provided for empl's'
undesirable one.
'
2,241,410
473,471
Deduct Invest, fund reversions acc't of employees' savings with¬
a greater recov¬
The fifth influent is entirely artificial—a highly
Just to what extent it is affecting the present situation
it is impossible to determine.
Irrespective, however, of what it may be'
it must be apparent to any thinking individual that sooner or later
and
better sooner than later, that issue must be faced.
It is impossible to go on
indefinitely—a fact, unfortunately, far too easily lost sight of in the recov¬
the
2,269,353
•
Employees'savings and investment fund
than that of the United States.
Fifth—Purchasing power has been stimulated through Government ex¬
penditures.
The first four influences are fundamentally sound and constructive
forces.
It is reasonable to expect, considered by themselves, that they will
continue to maintain and perhaps somewhat improve the current trend well
into
315,077,070
37,130,472
Provision for depreciation of real estate,
ery
^
1,987,296
1,594,612
1,638,984
General Motors sales to dealers—United States..
8,458,332
18,707,076
60.856,m 168,024,in
16,937,608
95,304,225
expenses
st0ck held 111
—
24,712,361
'
'
»
purposes
yl7,lB8,038
23,549,722
.Equipment—.
607,514,023
592,150,300
an^ deferred charges..
Goodwill, patentsv &c
Tetal
%
440,377
-W325
274
4,017,587
Financial
1078
June 30 1936
Dec. 31 1935
$
Liabilities--
$
$
Accounts payable
60,489,071
70,275,797
Taxes, payrolls & sundry accrued items.
U. 8. & foreign income & exc. prof, taxes
51,598,098
31,873,542
41,180,047
29,599,585
5,621,899
10,077,267
6,404,291
in
Contractual
liability
Management
Corp.,
5,811,000
1,562,805
1,677,893
1,562,805
285,636,767
272,972,681
2,518,956
257,964,334
1,134,139
10,201,611
5,811,000
27,429,711
187,536,600
435,000,000
11,342,206
5,677,893
20,344,214
187,536,600
435,000,000
11,389,071
2,856,500
27,032,541
2,184,834
392,565,904
capital stock
Reserves—Deprec. of real estate, plants
and equipment
2,126,540
331,680,319
Georgia & Florida RR.—Earnings—
—Fourth
Employees'bonus
Sundry and contingencies
-
$5 preferred stock
—
Common stock ($10 par)
*
sub. co.
respect to capital and surplus
H
Period—
Earned surplus
-
x
Less reserve for doubtful accounts,
shares $5 series no par preferred,
z
y
months of
628,420 shares common stock and 39,722
no par value.
Note—No
Gold King Mining
Goodall
1934
98,268
121,146
169,302
184,059
134,597
62,506
100.848
153,250
153,954
132,837
181,188
146,881
134,324
109,278
71,888
106,918
97,614
81,148
72,050
53,054
61,037
41,594
10,384
21,295
1.715.688
1.240,447
869,035
„
November
December
Total
1 933
82,117
59.614
58,018
86,967
1936
v
102,034
96,134
181,782
Mtorch
1935
1934
54,105
77.297
126,691
143,909
106,349
a
95,253
June
189,756
137,782
112,847
July
August
September
163,459
108,645
127,346
66,547
101,243
86,258
71,648
68,566
136,589
122,198
69,090
62,752
41,530
85,969
101,827
87,298
86,372
71,458
63,518
35,417
11,951
1.278,990
927.493
755.778
\
October
November
December
Total.
.
Sales to Dealers in United States
1936
1935
1934
January
February
131,134
116,762
March
162.418
75,727
92,907
132,622
46,190
82,222
119,858
72,274
50,212
45,098
April
194,695
152,946
121,964
74,242
May
187,119
105,159
150,863
139,121
103,098
103,844
118,789
107,554
87,429
53,738
50,514
June
186,146
July
August
177,436
22,986
September
October
97,746
147,849
150,010
November
December
Total
1933
1,370.934
and
commercial
cars
above
Period End. June 30—
Net loss after deprec.
other charges
18,122
cars in
July, setting
the corresponding 1935 period.'*
seven months totaled
x
729,201
a
new
not
1936—6 Mos.—1935
1936—3 Mos.—1935
$311,224
x$30,408
include
miscellaneous
x$216.648
non-recurring
income
of
$190,827
$120,295
143, p. 757.
Rapids Varnish Corp.—Special Dividend—
a special dividend of 7M
cents per share
regular quarterly dividend of 15 cents per share on the
no
par value.
The special dividend will be paid on
Aug. 30 to holders of record Aug. 20.
The regular quarterly dividend is
payable Sept. 30 to holders of record Sept. 19.
An extra dividend of 5 cents
per share was paid on May 1, 1934.
The regular quarterly dividend was
raised from 12>£ cents to 15 cents per share with the March 31, 1936,
The directors have declared
common
record
128,961,
an
•
Cadillac and LaSalle Sales—
Don E.
manager
of the Cadillac
of
Consolidated Income Account 6 Months Ended June 30,
Net
Ahrens, sales
stock
payment.
increase of
the like 1935 period.
according to
Does
Grand
figures.
Sales of Cadillac and La Salle cars in July were the best for that month in
nine years,
imposed by
in addition to the
Retail sales for the first
over
adding profits from
&
credited directly to surplus.—V.
month and compared with 21,900 in June, according to D. E.
Ralston, sales manager.
The increase over July, 1935 was 28%.
Sales for the last 10 days of July totaled 6,622 units, an increase of 24.6%
28.5%
before
Graham-Paige Motors Corp. (& Subs.)—Earnings—
67,733
41,982
3,483
11,191
for that
over
$2,902,977
was
of $77,489,501 and cm-rent liabilities of $20,014,769—a ratio of 3.87 to 1.
Domestic bank loans amounted to $5,225,000 at June 30.—V. 143, p. 923.
Oldsmobile July Sales—
Oldsmobile dealers delivered
d$870,577
Including $108,661 net profit from the sale of securities and purchase
No deduction has been made for the undistributed profits tax
85,980
959,494
included in the
are
1933
1934
c$l,486,956
the 1936 Revenue Act.
The consolidated balance sheet as of June 30, 1936 shoAvs current assets
Unit sales of Chevrolet, Pontlac. Oldsmobile, Buick, LaSalle and Cadillac
passenger
1935
1986
six months of 1935.
99,956
92,546
84,504
39,048
28,344
74,628
$1.99
purchase of company's bonds and sale of securities, amounting to $222,769,
and before deducting interest of $1,272,706 and provision for Federal income
tax of $300,000.
This compares with profit of $2,502,447 for corresponding
period of 1934. After adding the profit on securities and deducting interest
and provision for Federal income tax, net profit for first six months of
1935, after all charges, amounted to $1,553,040.
c This includes a profit of $479,547 arising from the sale of securities and
a profit of $22,149 from the purchase of the company's bonds and deben¬
tures and is after absorbing a loss of $93,058 in foreign exchange.
d The operating profit for the period, after deducting approximately
$650,000 of non-recurring charges, amounted to $311,659.
To this was
added a profit of $2,303,798 arising from purchases of the company's bonds
and debentures and $746,126 representing appreciation in foreign exchange
rates, giving a total of $3,361,583.
From this was deducted $2,491,006
covering interest, miscellaneous corporate charges and provisions for
Federal income tax, resulting in the net profit of $870,577 as stated above.
Sales—The company and its subsidiaries, tor the six months ended
June 30, 1936, reported net sales of $65,994,521, which compares -with
$54,887,666 for the corresponding period a year ago.
Discounts, trans¬
portation and excise tax are deducted in both periods.
Since the Hood
Rubber Co., Inc. became a subsidiary in June 1935, sales and operating
results of that company were not included in the accounts for the first
71,599
109,051
69,663
$2.05
taxes.a$2,727,606 b$l,553,040
of the company's bonds,
f
b Profit from operations
47.436
200.117
194,628
$148,318
share
per
int. and Federal
50,653
42,280
May...
April
1935
$142,649
after moderate loss
(B. F.) Goodrich & Co. (& Subs.)—Earnings—
1933
23,438
58.911
98,174
department.
Corp.—Earnings-r1936
6 Mos. End. June 30—
Net profit after deprec.,
Sales to Consumers in United States
January
February...
Securities
the company's assets had a net worth of $3,444,585,
equal to $49.45 per share. This compares with a book value of $49.06 per
share on June 30, 1935, and Avith a current market of 45@47.
Securities were carried at the end of June at cost of $3,418,081, which
compared with a market value of $3,739,799, indicating an additional
$4.62 per share of value. Bonds were carried at $2,094,499 and stocks at
$1,323,582.
The corporation is a company formed to hold securities formerly owned
by Goodall Worsted Co., manufacturer of "Palm Beach Cloth."
The
securities company stock was issued as a dividend to shareholders of Goodall
Worsted a few years ago.—V. 141, p. 1438.
98,205
113,701
167,790
124,680
39,152
127,054
182,754
185,698
October
1935
158,572
144,874
196,721
229.467
222,603
217,931
204,693
-
profits.—V.
As of June 30, 1936,
Sales in June were
1936
July
August
September
undistributed
on
Shares capital stock outstanding (no par)
Earnings
Total Sales to Dealers in United States and Canada Plus Overseas Shipments
April
May
surtax
Year Ended June 30—
United States totaled
139,021 in July a year ago.
June..
of
Syndicate, Inc.—Registers with SEC
Net profit after expenses and
on sale of securities
186,146.
Sales for the first seven "months of 1936 totaled 1,155,710 com¬
pared Avith 849,245 for the same seven months of 1935.
March
made
See list given on first page of this
163,459 in July compared with 108,645 in July a year ago.
Sales in June
189,756.
Sales for the first seven months of 1936 totaled 1,127,910
compared Avith 757,480 for the same seven months of 1935.
Sales of General Motors cars to dealers in the United States totaled 177,-
January
February
is
mention
4340,
p.
8 released the
were
436 in July compared with
Inc.—Earnings—
27,200 shares of 7% preferred stock.
1935.
Sales of General Motors cars to consumers in the
1935
$599,948
$610,205
Net income after int., depreciation, Federal and State inc. taxes. $1,096,512
Profit is equal to $5.37 a share on combined 85,250 shares of class A and
83,446 shares of class B stocks, after allowing for dividend requirements on
July sales of General Motors cars to dealers in the United States and
Canada, together with shipments overseas, totaled 204,693, compared with
167,790 in July a year ago.
Sales in June were 217,931.
Sales for the first
seven months of 1936 totaled 1,374,861 compared with 1,056,350 for the
seven
1 to July 31
1936
.
Earnings for 12 Months Ended June 30, 1936
142,
same
Jan.
1935
$22,720
Godchaux Sugars,
2,098,733
327,810,653
Represented by 1,875,366 shares
July Car Sales—The company on Aug.
following statement:
of July-
187,536,600
435,000,000
1,512,629,347 1,414,266,298 1,362,345,636
Total
Week
1936
$23,950
Gross earnings.
—V. 143, p. 757.
Int. of minority stockholders in
with
company
payable
subsequent to one year
z
Telephone Corp.—Gain in Telephones—
reports for its subsidiaries a gain of company-owned
telephones of 1,282 for the month of July, 1936, or 41-100%, compared
gain of 485 telephones, or 16-100%, for the month of July, 1935.
The
gain for the first seven months of 1936 totals 11,837 telephones, or 3.79%,
compared with a gain of 7,060 telephones, or 2.35%, for the first seven
months of 1935.—V. 143, p. 922.
2,856,500
1,562,805
1937 (in 1935, due March 10,
Accrued divs. on pref.
Employees'investment fund
Employees'
savings funds,
1936
to a
March 10,
1936)—
due
The
Motors
Gen.
to
General
with¬
one year
Aug. 15,
quarter.—V. 142, p. 3345.
48,123,685
27,716,564
22,859,220
Employees' savings funds, payable
Chronicle
For the quarter ended June 30, 1936 net loss was $558,233 after taxes
and charges, comparing with net loss of $564,775 in the June 30; 1935
June 30 1935
1936 Unci. Subs.)
sales.
$888,473
540,746
10,091
Cost of
goods sold.
Provision for depreciation
Motor Car Co.
M*8ales of quality used cars by dealers have been sustained at a high level,
Mr. Ahrens said, with the result that dealers now have on hand only a
21-day
stock.
"Our Cadillac-La Salle dealers and distributors have increased
14% in
the last 12 months and 44% in the last 18 months," Mr. Ahrens stated.
"They mad more money in the first six months than they did in all of 1935,
which was their most profitable year since 1929."—V. 143, p. 922.
General Railway
Period End. June 30-loss after deprec..
Federal taxes, &c
Earns, per sh. on 320,700
com.
$9,536 prof$132,772
—V. 142, p.
(nopar)
2995.
Nil
-
$181,218
Nil
pf$229,143
$0.50
profit
Cash dividends paidper
share
Corp.—Registers with SEC—
on
133,000 shares of capital stock (no par)..
Consolidated
6 Mos. End. June SO—
Loss
Other income..
Loss
Bondinterest and amort.
for
shrinkage
1935
1934
a
1 933
in
$146,415
581,291
$35,294
580,351
$163,836
581,865
$279,802
609,649
$727,706
14,923
Depreciation.
Prov.
Corp.—Earnings—
1936
$615,645
21,078
$745,701
66,163
,
$594,567
468,443
$679,538
468,442
$769,535
472,176
Customers' notes & accts.rec.
Inventories
Other assets
b Property, plant & equlpm't.
Deferred charges
81,238
Reserve for contingencies
$1,181,216
$1,063,010
$1,147,980
$1,322,948
Capital
Earned
Total
$774,534
After
allowance
Total
stock
surplus
...
$25,000
48,977
29,828
3,778
11,469
21,600
5,000
381,499
247,483
$774,534
for doubtful discounts, &c., of $17,000.
b After
depreciation of $187,913.
c
Represented by 133,000 no
par shares.—V. 142, p. 1643.
a
allowance
Net loss
1936
$23,230 Note payable
224,661 Accounts payable
261,819 Commissions and payrolls....
9,886 Accrued expenses
255,984 Federal Income tax payable...
8,954 Prov. for Fed. inc. tax & sur¬
tax on undist. profits (est.).
c
.
market securities—
30,
$83,933
39,900
$0.63
Liabilities—
$889,450
119,916
$712,783
468,433
Balance Sheet June
Assets—
Cash on hand and on deposit.,
Loss from operations—
$105,433
13,900
7,600
Provision for Federal income tax (est.)
Provision for surtax on undistributed profits (est.)
first page of this department.
General Steel Castings
$105,395
4,197
4,159
Profit before Federal taxes
1936—6 Mos.—1935
$337,636
169,467
62,293
480
------
deductions..—
Earnings
General Reserves
See list given on
$0.31
,
...
Operating profit
Other
Net
stk.
1
Other income
Signal Co.—Earnings—
1936—3 Mos.—1935
Net
shs.
Gross profit
*
Selling and advertising expense—
Administrative and general expense
Provision for depreciation.......
for
Volume
Financial
Grand Trunk Ry. of Canada—Claims Put
—Cash-and-Grain Settlement Proposed—
Chronicle
Up to Canada
143
Haloid
A compromise settlement for £10,000,000
payable not only in money but
also in Canadian grain, is the proposal put before the Canadian Government
by the Grand Trunk Senior Stocks Co., according to Montreal press dis¬
patches.
The difficulties between the Grand Trunk senior stockholders and the
Canadian Government arosd in 1917 when the Washington Government
took over control of United States railroads, including the Grand Trunk's
property.
In the 1920 Transportation Act, provision was made for liqui¬
dation of Federal control, returning the roads to the 1917 proprietors.
Meanwhile the Canadian Government obtained control by the Grand
Trunk Acquisition Act passed in 1919 by the Canadian parliament.
The
original stockholders claim this never legally took away their rights granted
by the 1873 statutory contract, and that the 1920 Transportation Act of
the United States returned
temporarily their suspended rights, and that
their names were unlawfully struck off the London stock register by order
,of the Canadian Government. »
I^There are competitive stockholders' committees in
.
It
Great Britain.
important,
is not known if other
committees, recognized by some as more
will approve the proposal.—V.
141, p. 1595.
Grand Union Co.
-6 Mos.-
-3 Mos-
Period—
June 27, 'SQ-June 30,
$63,349
'35 June 27,. '36-June 30, '35
$117,801
$40,293
$51,079
Earns,
per sh. on 159,550
shs. $3 pref. stock.—.
No
mention
$0.40
made
was
$0.74
$0.25
of
any
provision for
$0.32
Federal surtax on
undistributed profits.—V. 143, p. 757.
Greenfield Tap & Die
Corp.—Earnings—
Six Months Ended June 30—
Net profit after charges and Federal inc. taxes..
Shares of $6 pref. stock outstanding-.
Earnings
share...
per
Greenwich
1935
1936
$58,707
23,861
x$105,978
23,937
$4.25
.
Exclusive of surtax
x
$2.20
undistributed earnings.—V. 143, p.
on
Water
&
Gas
System,
Inc.
12 Months Ended June 30—
923.
(& Subs.)—
1936
1935
$1,618,651
839,581
$1,588,648
849,947
$779,069
155,321
9,756
$738,700
155,055
9,567
316,312
88,688
321,898
93,675
$208,989
Gross earnings..
..._i
Operating expenses, maintenance, and taxes
$158,502
Gross income
Interest, amortization of discount, &c. of subs
Minority interest
Interest, amortization of discount, &c. of parent
....
company
Reserved for retirements.
Net income
—V. 143, p. 430.
Greyhound Corp.—Earnings—
j
[Earnings of the Greyhound Corp. including equity in undivided net
loss from operations of affiliated company (before provision for
Federal surtax on undistributed profits). ]
profit
or
—-6 Months
Period Ended June 30—
Income—Dividends
Interest
1936
Miscellaneous
12 Months
1935
$499,937
30,166
......
1936
$965,043
44,240
$3,060,913
63,160
25
25
Net profit Worlds Fair Greyhound
Lines (operated as a division of
The Greyhound Corp.
after May
25, 1934)
expense
Net profit
Greyhound
Equity of the
$530,130
18,031
x92,099
$1,009,283
87,605
x82,371
$3,134,985
61,276
y453,403
$419,999
—
^Interest and amortization
z
10,885
-
Total income
General
$839,306
$2,620,306
577,294
428,791
703,964
Drl08,660
1,266,817
624,448
$1,434,610
$4,511,572
$2.48
opers. of affil. cos., based upon
stocks owned and Other ints. at
the end of each
period, after de¬
ducting dividends received:
-Controlled companies
!—..
Non-controlled companies...
Total, representing net profit of the
Greyhound Corp. for the period
and
equity in
undivided net
profit
loss from operations of
*
companies
$1,426,086
or
'
Whereof earnings per share of com.
stock based upon stock outstanding
.
end
;.at
of period incl.
(issued
income after
Franchise taxes
Earnings
per share on 141,250 shares common stock (par $5)
—V. 143, p. 758.
--
$115,711
$0.76
(Hamilton Gas Co.—Amended Plan of Reorganization—
An amended
.
plan of reorganization dated July 16, 1936, has been pro-
Josed by Clarence L. Harper, Samuel McCreery, PierceH. Smaltz, Louis
Groch, E. McLain Watters, Arthur Peck and John
Archer Jr
as a
.
,
reorganization committee, as an amendment to the plan previously pro¬
posed under date of June 21, 1934.
Company—A new corporation to be known as Hamilton Gas Corp. shall
be formed in West Virginia and to the new company shall be transferred
either directly or through the committee all the Property and assets formerly
belonging to the Hamilton Gas Co., including the entire capital stock of
the Tnompson Gas Co., and all the property and assets formerly
belonging
to the Larner Gas
Co., a subsidiary of the old company, and which together
now in the hands of trustees and receivers
ap¬
pointed by the U. S. District Court for the Southern District of West
Virginia to administer the affairs of said companies, less such sums, if
first be paid out under order of said Court.
Funded Debt—The funded debt of the new company shall consist of
issue of bonds secured by a general mortgage upon all of the
property
formerly owned by the old company and Larner Gas Co. and also by a
any, as may
stock to be
$2.25
,
Exclusive of provision for
cash salaries paid.
x
compensation of management in addition to
After giving effect to adjustment of $120,000 payable as additional
management compensation for 1935.
z The
results from operations of Eastern Greyhound Lines of New
England, operated as a division of the Greyhound Corp. after Dec. 31,1935,
are not included in the net profit of the Greyhound Corp. but in this state¬
y
ment included with controlled bus
companies for comparative purposes.
Earnings of Affiliated Bus Companies of the Greyhound Corporation
6 Months
1936
Period Ended June 30—
supplemental mortgage upon the property of Thompson Gas Co.
Bonds
shall bear interest at the rate of 4% per annum, and shall mature in 15
years from datet
They shall be issued for the purpose of exchange with
holders of the outstanding 1st mtge. 63^ % bonds, in the amount of
$2,097,500.
It may be necessary to issue an additional amount for exchange for
bonds amounting in par value to $228,000, held as collateral
Security for
obligations of the old company.
The mortgage when issued will be a
will secure said general mortgage
and
•
1935
12 Months
1936
•Operating revenue
$17,278,082 $16,029,285 $39,065,436
•Operating expense
—
13,215,849
11,810,769
27,196,906
Depreciation and retirements—1,049,210
.1,185,461
2,213,944
1st lien upon all of said property
bonds; it will, however, contain
provision that if it becomes necessary for the new company to raise
additional funds for the purpose of drilling additional gas wells or for
a
working capital, the new company may issue prior lien bonds, secured
by said mortgage in preference and priority to the general mortage bonds,
$500,000 in amount, which shall bear interest at a rate not
to exceed 6% per annum, and shall mature in 10 years from date.
The
mortgage shall provide that in case of the issue of prior lien bonds, a sinking
fund shall be established and maintained for the purpose of
retiring the
same, into which shall be paid each year, commencing not later than 15
months from the date of the bonds, 507 of the net earnings of the new
company for the year ending three months prior to said payment, after
the payment of interest on the prior lien bonds but before depletion
charges,
until such bonds are retired.
Such sinking fund payments, however,
shall not exceed $100,000 in any year.
The funds accumulated in the sinking fund may be used for the purchase
or retirement of prior lien bonds in such manner as the board of directors
of the new company may determine.
A sinking fund shall also be established and maintained for the
purpose
of further securing the general mortgage bonds, into which shall be
paid
annually, commencing 15 months after the date of said bonds, a sum equal
to 50% of the net earnings of the new company after the payment of
interest and sinking fund charges on the prior lien bonds, if any are out¬
standing, after the payment of interest on the general mortgage bonds,
and after adequate reserves have been made for working capital but before
depletion charges.
Such sinking fund payments shall be limited to $150,000
in any one year, and shall continue until the general mortgage bonds have
been paid off or a sufficient sum has been accumulated in the sinking fund
for that purpose.
The general mortgage bonds may be purchased with
funds accumulated in the sinking, fund or they may be redeemed at
par,
in Which case the bonds to be redeemed shall be drawn by lot.
If prior lien bonds are issued they may be sold or used as collateral
security for raising necessary funds as the board of directors of the new
company may determine.
Capital Slock—New company shall have an authorized issue of 100,000
shares of common stock (par $1); such stock shall be issued as may be
necessary in connection with the reorganization.
All stock shall be de¬
posited in a voting trust for a period of five years and all distributions
of stock herein referred to shall be in the form of voting trust certificates.
Equity Suit Expenses—All expenses which have been incurred in connec¬
tion with the equity suit of the Chase National Bank, and which the Court
shall approve as equitable, shall be paid in cash, including such adminis¬
tration expenses and allowances in such equity proceedings as the Court
or courts having jurisdiction may fix.
Claims Secured by Collateral—The following claims are secured by col¬
lateral.
This collateral shall be appraised and the claims shall be paid
in full if the value of the collateral securing the same at the time of payment
is equal to or greater than the amount of the claims:
Manufacturers Trust Co. claim in the principal amount of $62,922
secured by $183,000 1st mtge. 6H% sinking fund gold bonds, and $2,000
five-year 6sinking fund debenture gold notes of the old company.
Harper & Turner claim in the amount of $25,000 secured by $35,000
1st mtge. 6H% sinking fund gold bonds of the old company.
Beer & Co. claim in the amount of $21,847 secured by $10,000 1st mtge.
6M % sinking fund gold bonds; $2,000 five-year 633% sinking fund de¬
benture gold notes; $50,000 preferred stock, and $6,643 common stock
voting trust certificates of the old company.
not to exceed
$7.20
Corp. in
combined net profit or loss from
affiliated
Earnings tor 4 Months Ended April 30, 1936—
depreciation, Federal income and State
Net
an
charges
NOTE:
Co.—Registrar—
The Guaranty Trust Co. of New York has been appointed registrar for
200,000 shares of common stock, $5 par value
with accumulated cash is
(& Subs.)—Earnings-
Net profit after taxes,
U depreciation and other
1079
Estate of
Philip V. R. Van Wyck claim in the amount of $30,613, for
which the estate holds the note of the Harshbarger Gas
Co.,
a
subsidiary
of the old company, the said note also being endorsed by the Larner Gas
Co. and the old company.
There is deposited as collateral with the note
all of the common stock of the Harshbarger Gas Co.
of said claims is found not equal in value
principal and interest, the amount of the claim
If the collateral securing any
to the amount of the claim,
in
excess
of the value of the
collateral will be treated
as
the claim of
a
general creditor, and the new company will issue to the holders of said
claims such securities as they would be entitled to receive under this plan
owners bf the bonds and debentures held as collateral
In case of other collateral not entitled under this plan to receive
securities in exchange, the holders thereof will be permitted to dispose
of the same in such manner as they may determine.
if they were the
aforesaid.
any
Claim of Shonk Land Co.—This claim, amounting to $30,795, is pri¬
marily a claim against the Larner Gas Co., secured by a vendor's lien.
As
possible deficiency it is an unsecured claim against the old company,
which is an endorser upon notes secured by the vendor's lien.
In respect
to the claim, the new company shall have the option, (1) to reconvey the
lease covered by the vendor's lien in full payment of the claim of the Shonk
Land Co. if the Land Co. will agree thereto, or (2) to permit the enforce¬
ment of the vendor's lien in the pending equity proceeding or in any inde¬
pendent proceeding which the Shonk Land Co. may bring for that purpose;
in that event, should any deficiency result it will be treated as an unsecured
claim of the Shonk Land Co. against the old company..
to any
Net operating
Other income
.
Total
Interest and amortization—
Income
Combined
$3,033,054
159,029
$3,192,084 $10,101,768
88,131
111,682
468,496
1,573,564
57,038
737,144
43,046
497,272
307,550
taxes
Miscellaneous
$3,013,022
142,843
$3,155,866
revenue—...
deductions
$9,654,585
447,183
net
profit, from opera¬
tions of affiliated bus companies
$2,307,996
$2,578,418
Exchange of Securities
$7,679,377
The holders of the 1st mtge.
Equity of the Greyhound Corp.
Period Ended June 30—
Equity of the Greyhound Corp. in the
above combined net profit from
operations,
based
upon
stocks
owned
and other interests at
1936
1935
12 Months
1936
'
,
$1,472,001
Deduct, dividends received from affi¬
liated bus companies
$1,523,190
$4,889,938
462,623
965,043
2,998,219
period:
Non-controlled.
-V. 142, p. 3677
rate of interest on the
five-year 63£% sinking fund
by the Court, will be entitled to receive common stock of the new company
in exchange for their claims, on the basis of two shares for each
$100 in
amount or their claims, including interest to the date the
are held as collateral as above noted.
The claims of general creditors of
old company (including claims against the
Thompson Gas Co. and
Larner Gas Co. excluding inter-company claims)
may amount to approxi¬
mately $215,000.
General claims against these two subsidiaries wili be
the
578,478
430,899
717,515
Drl59,368
1,278,121
613,596
$1,009,378
Controlled
'
and for the lower
General creditors, including the holders of
plan is declared
operative.
Scrip may be issued for fractional shares.
The outstanding debentures in the hands of the holders amount at the
present time in principal amount to $756,500; $4,000 of the debentures
of affi¬
liated bus companies, based upon
stocks owned and other interests
at the end of each
in addition shall be entitled to receive common stock of the new
company
on the basis of 30 shares for each $1,000 bond as
compensation for the
debenture gold notes of the old company, whose claims have been allowed
Net equity of the Greyhound Corp.
in combined undistributed
net
profit from operations
coupons
accumulated and unpaid interest
new securities.
the
end of each period
6H% sinking fund gold bonds of the old
shall be entitled to receive in exchange for said bonds, with
maturing June 1, 1932, and subsequent to that date attached
general mortgage bonds of the new company, of the same par value, and
company
6 Months-
$558,147
$11891,718
paid in stock if the reorganization is completed in the proceedings now
pending in the U. S. Court for the Southern District of West Virginia
under Section 77-B of the National Bankruptcy Law.
If a foreclosure
Financial
1080
Is necessary, general claims against Thompson
approximately $370 may be paid in cash.
Hoskins
Gas Co. amounting to
authorized—100,000
of common stock proposed to be
shares—will be adequate to provide for all contingencies.
The common stock will be distributed approximately as follows,
amount to be actually issued and distributed depending upon the
of the securities participating in the reorganization:
Assuming participation of all outstanding bonds and
claims, then:
Bondholders will receive approximately 69% of the total
or 69.000 shares;
Debdntures and general creditors will receive approximately
he total of the issue or 26,000 shares.—V. 141, p.
Net
Earnings
Period Ended—
Net income after depreciation,
and other charges
Earnings per share on
—V. 136, P.
75,317 shares common stock
(M. A.) Hanna Co.
■»1 c c etc
x
443,393
Instal.
notes
$1,153,249
149,111
$1,130,317
x41,368
72,432
27,212
150,385
x68,838
$474,054
$526,504
$904,427
$0.56
stk._y6,241,575
4,596,600
stk—z8,734,725 10,056,475
pay'le.15,350,000 8,950,000
984
Employees & offi¬
cers notes pay..
223,350
130,640
53,762
1,585
receivables,
48,667
&c.
(not curr.)__
Due from employes
Bank notes
$0.50
sh. on 1,016,961 common shares
Earns, per
6,667
$0.30
$0.30
$50—10,635,050 10,635,050
Class B com.
42,418,176 35,721,644
$948,821
6,667
Deprec. & depletion
Federal tax
$
preference
stock, par
Class A com.
rec.
after reserve
Other
Partlc
418,601
5,336,933
equip., &c.
1935
$
Liabilities—
s
7,705,674
Office
1936
1935
S
Accts. ree'les, &c.
$626,148
Corp.—Consolidated Balance Sheet
Finance
1
Cash
-
1936—6 Mos —1935
77,995
Interest
Net income
share.—V. 142, p. 3855.
1936
July 13, '35 *
$600,084
Operating profits
profit was $138,313 equal to
June the quarter of 1935, of $92 246
ended June 30, 1936, net
against net profit in
as
June 30—
(& Subs.)—Earnings—
1936—3 Mos.—1935
30—
share,
a
equal to 77 cents a
Household
4280.
Period End. June
For the quarter
$1.15
■28'PP7:s.—
$66,331 loss $1,983
$0.47
Nil
$2.09
undistributed profits.
26% of
. June 20, '36
int., Federal taxes
$0.21
$1.65
$1.45
Note—Company paid out more in dividends .than was earned in the first
six months of 1936 so no provision was required for Federal surtax on
of the issue
—24 Wks.
on
stock.,
common
general creditors'
4017.
Co.—Earnings—
$25,256
$174,863
$198,078
$251,334
share
per
1933
1934
1935
1936
profit after deprec.,
and Federal taxes
the
totals
Hamilton Manufacturing
Co.—Earnings—
Mfg.
6 Mos. End. June 30—
The total amount
1936
IS
Aug.
Chronicle
Dominion
Fed'I &
taxes
552,521
447,153
&c
Dividends payable
55,317
Misc. curr. liablls.
761,931
625,706
70,279
615,053
71,810
230,053
5,728
exchange
for
Res.
al,236,913
635,402
27,719
fluctuations
Reserve for conting
undistributed profits.'
Corp. (&
Hayes Body
1936—6 Mos.—1935
$956,097
$1,245,621
890,143
1,188,625
587,630
$20,887
1,064
$52,688
3,395
1,360
$65,954
3,516
33
$21,984
2,568
$57,443
15,593
42,310
3,158
1
Operating profit-----Otherincome
44,130
$69,470
7,297
84,653
Profit of subsidiary
Total income-
Miscellaneous charges.
_
Depreciation
Interest
•
The
-
-
Cr3,445
29,602
87,952
1,215
••
-
....
.
total income, $169,009; miscellaneous charges (credit),
$11,264; depreciation, $173,486; interest, $3,448; loss of subsidiary, $401;
provision for Federal income taxes, $1,685; net profit, $1,253.—V.
p. 758.
otherincome, $9,011;
143,
(Walter E.) Heller &
Co.—Tenders for Preferred Stock—1
3 for the sale to it of
$16,235, at prices not
and accrued dividends.—Y. 143, p. 430.
will receive bids up to 12 noon Oct.
stock to exhaust the sum of
The company
sufficient 7% cum. pref.
exceeding $25 per share
(G.) Heileman Brewing
Co.—Earnings—
After provision for
x
estimated surtax on
1935
$127,359
x$170,170
$0.56
$0.42
undistributed taxes.—V. 142,
2829.
p.
Other market, sec.
1,629,145
309,777
receivable
Inventories
from
-
_
4,067,308
2,881,533
Accrd.
3,674,428
2,739,697
128,397
177,164
491,618
366,829
235,655
129,466
122,230
4,640
5,384,086
4,000,000
4,640
5,077,096
4,000,000
salar¬
ies, wages, &c._
(estimated)
54,204
and employees
sub.
45,302
companies-
Surplus.:
z
of stock
Capital stock
,83,353
y
67,376
Plant property..
1,397,227
1,380,089
Good-will & pat'ts
15,619
55,066
l
tributed profits.
The earnings for the
in V. 14o, p. 925.
1.
Less reserve for
924.
Asks Labor Act
Injuncrtion—
(R.) Hoe & Co.,
Other income
Depreciation
Accrued int. on 6H%
bonds and 7 % notes. _
Inc.—Earnings—
that it is merely an interurban road rather than part
general system of transportation.
complaint charged that a decision by the Interstate Commerce
Commission bringing the railroad under the Act, as amended June 21,
1934, was unconstitutional because it violated Its freedom and property
rights and on the ground that it had not yet been sanctioned by the courts
—V. 143, p. 589.
,
The company asserts
a
The
(
Line—Reorganization Plan—
A plan of reorganization for this company which has been in receivership
since 1933, was made public Aug. 4 by a protective committee for the
Hudson River Day
company's first mortgage 6% bonds.
It provides for
bondholders, maritime lienors, unsecured creditors and stockholders
effective must be approved and accepted by holders of of
thirds of each class of claims and by the holders of a majority of
to become
class of stock.
The company has
been in receivership since
earnings and impairment of its
working capital.
Mos.—1935
$36,757
21,133
50,734
$315,659
32,855
144,207
loss$13,417
29,451
155,942
66,115
66,115
198,344
198,344
Period End. June 30—
1936—3 Mos.—1935
of
allowed
proceedings, aggregating approximately
First Mortgage
$129,976 loss$144,250
taxes
shs. com. stk.
June 30,
are
$0.21
Nil
loss$58,056xloss$284,404
1936).
(d) one share of new common
be distributed to bondholders
plan).
Holders
x
Nil
Nil
Adjusted
For the 12 months ended June 30, 1936, company reported a net profit of
$1,001,702, equal after 12 months dividend requirements on $5 preferred
$1.9? a share on common, compared with $405,303 or 77 cents a
share on common in proceding 12 months, after allowing for dividends on
7% preferred stock then outstanding.
Note—No provision was made for Federal surtax on undistributed profits.
—V. 143, p. 273.
stock, to
Homestead Fire Insurance
Co.—Plans Stock Increase—
plans an increase in capital to $1,000,000 from $500,000,
issuing new shares of $10 par at $20 a share.
Rights will be issued to stock¬
holders of record as of Sept. 7.
Stockholders will hold a special meeting
Aug. 17 to vote on the recommendations of the directors.—V. 140, p. 2538.
The company
be
stock (the total common
being equal to approximately oneoutstanding upon consummation of
Maritime Liens
of maritime liens are to
receive, with respect to
each $100 of
6%
share
liquidation
50% of the
the following securities: (a) $50 of second mortgage
income
bonds (being equal to 50% of the claim),
(b)One-half
of new $6 preferred stock (entitled to a preference on involuntary
of $100 per share, such amount being equal to the remaining
their
claims,
claim).
.
Unsecured Claims
receive, with respect to each $100 of
securities: (a) $25 principal amount of second
bonds (being equal to 25% of the claim),
(b) Threequarters of a share of new $6 preferred stock (entitled to a preference on
involuntary liquidation of $100 per share, such amount being equal to the
-—Holders of unsecured claims are to
their claims, the following
mortgage 6% income
remaining 75% of the claim).
Old
Preferred Stock
stock on the
for each share of old
common
Old Common Stock
option ,B (below) and upon consummation of
respect to each share of old common stock
option selected.
exercise either option A or
the plan are to receive with
the treatment accorded the
Option A—One warrant exercisable at any time within five years from
plan, entitling the holder to purchase for
3-5ths of one share of new common stock.
Option B—l-100th of one share of new common stock.
The company has filed a voluntary petition for its reorganization in the
U. S. District Court for the Southern District of New York under Section
77-B of the Bankruptcy Act and the plan is to be carried out in such pro¬
ceedings.
A hearing is to be held before the Court on Aug. 31, on matters
relating to the plan and its confirmation.
In order that the plan may be carried out it must be approved and ac¬
cepted by the holders of two-thirds in principal amount of each class of
claims and by the holders of a majority of each class of stock.
Holders of
certificates or deposit of the committee issued under the deposit agreement,
dated Jan. 31, 1933, need take no affirmative action in order to assent to
the plan.
As provided in the deposit agreement, holders of certificates of
deposit who do not dissent and withdraw from the deposit agreement in the
the date of the confirmation of the
0
/
with respect to each
to receive,
preferred stock held.
426,397
(no par)
/
6% Bonds
the
$1*000 bond, the follow¬
ing securities: (a) $500 of new first mortgage 6% bonds,
(b) $500 of second
mortgage 6% income bonds,
(c) two shares of new $6 preferred stock
(entitled to a preference on involuntary liquidation of $100 per share, such
amount being equal to the accrued and unpaid interest on the bonds on
Bondholders
1936—6 Mos.—1935
after
Earns. per sh. 6n
bondholders, other creditors and
equities through a reorganiza¬
Holders of old common stock may elect to
int.,
deprec. & Fed. income
income
1933, as a result of reduced
It has a large secured and
outstanding, which in its present condition it is
unable to pay.
These obligations include the first mortgage 6% bonds,
which $1,050,000 are outstanding and in respect of which no interest pay¬
ments have been made since the payment of the March 1, 1933 coupon.
In addition, there are secured claims, represented by maritime liens against
steamships of the company, and unsecured claims which have been
Holders of old preferred stock are to receive new
basis of 9-10ths of one share of new common stock
3677.
Holland Furnace Co.—Earnings—
Net
twoeach
indebtedness
profit..
—V. 142, p.
...
Labor Act.
of
the
1936—9
$135,134
12,518
49,223
1936—3 Mos—1935
32,314 loss$58,958
$5,962 loss$338,253
A combined total of $4,748,950 of orders were secured by the New York
and London companies in the nine months ended June 30, an increase of
about $1,500,000 over the same period of 1935 and the largest volume of
sales for any corresponding period since 1930.
Unfilled orders on June 30
were approximately $1,000,000 larger than on the same date last year.
The company reports current assets of about 9 to 1 as against current
liabilities.
There are no outstanding bank loans.
Cash on hand on
June 30 exceeded $900,000 for the New York and London companies.
Cons, net
$33,-
Federal Court
from attempt¬
Federal Railway
third of the new common stock to
Period End. June 30—
%
applicable to the
amount
previous
The company has filed a bill of complaint in New York
asking an injunction against United States Attorney Hardy
ing to enforce against the railroad the provisions of the
stock to
.
Cons. inc. from operat'ns
instalment of 1
Surplus income for the six months ended June 30,
payment of interest on the 5% income bonds, was $634,832 and the
applicable to the payment of the interest carried over from the
period was $22,965.
The board authorized the payment of $579,285, or IM%* on the
102,000 principal amount of bonds outstanding.
Previous payment was 13^% on April 1.
accorded
10,493,232 9,828,6551
Total..
10,493,232 9,828,655
doubtful accounts of $224,628 in 1936 and $197,886
In 1935.
y Less reserve for depreciation of $1 <580,927 in 1936 and $1,458,064 in 1935.
z Represented by 200,000 class A (no par) shares, having
stated value of $2,438,000 and 100,000 class B (no par) shares, having
stated value of $1,562,000 in 1936.
The earnings for the six months ended June 30 were published In V. 143,
P.
RR.—Interest Payment—
Hudson & Manhattan
The company has declared a semi-annual interset
its 5% adjustment income bonds, payable Oct.
on
Total
x
June 30 were published
yield them more than through forced liquidation.
The
provisions of the plan with respect to the treatment to be
to
various classes of creditors and stockholders of the company to be affected
by the plan are summarized below.
74,900
.
6 and 12 months ended
tion which should
15,619
Deferred charges..
Ear shares, z Represented estimated amount for shares, excluding shares
by 349,389 no-par Federal surtax on undis¬
treasury,
a Includes an
The purpose of the plan is to enable the
stockholders to realize upon their claims and
Troy housing prop,
and inv. in other
companies..
42,084,4451 Total
...51,064,648 42,084,445
amortization, y Represented by 249,663 no-
$32(^000 equity and admiralty
1,438
to be sold to emp.
depreciation and
unsecured
income tax
Minority stocks of
officers
Adv. to trustee for
purch.
pay.
Commissions pay.
Acer, taxes,
1
200,069
Notes & accts.
1,534,443
295,364
Notes, accts. and
install, contracts
Due
$
Liabilities—
$
Cash & U. S. secur.
1935
1936
1935
1936
After
x
participation of all
and
Mfg. Co.— -Consolidated Balance Sheet June 30—
Hobart
x
\
1936
June 30—
profit after deprec.. Fed. & State inc. taxes__
Earns, per sh. on 300,000 shs. cap. stock (par $1)__
6 Months Ended
Net
51,064,648
Total
$66,349
$22,607
$2,936
$23,767
$52,420
income account for the 12 months ended June 30, 1936, follows:
$2,318,898; operating costs, $2,158,900; operating profit, $159,998;
Net loss
Gross,
-
$56,996
5,689
3,664
3,698
1,034
Cr3,445
656
Loss of subs
Federal income tax
T -
16,971
2,485
6,000,996
Capital
425,125
Operating costs
20,314
153,739
7,120,529
Minority
3172.
Subs.)—Earnings—
1936—3 Mos.—1935
$446,012
$640,318
30—-
Period End. June
Gross income
-V. 142, p.
interestsurplus ..
Earned surplus...
Before surtax on
x
cash at $40 per share
_
Volume
143
Financial
Chronicle
therein provided will be deemed
to have assented to and accepted
the planThe committee has amended the
deposit agreement so as to
provide for the execution and filing
by the
1081
manner
Hunter Steel
See list given
committee, in the reorganization
proceedings under Section 77-B, of approvals and
acceptances of the plan
for and on behalf of the holders of
bonds deposited under the deposit agree¬
ment who do not withdraw
from the deposit
agreement.
Any holder of
certificates of deposit who desires to dissent
from the plan and withdraw
from the plan and the
deposit agreement may do so by withdrawing the
bonds deposited by
him, upon payment of his proportionate share of the
expenses and liabilities of the committee
incurred under the provisions of
the deposit agreement, within
20 days from Aug. 3, 1936.
Estimated Distribution
of New Securities
Under
Co.—Registers with SEC-
first page of this department.
Indiana Harbor Belt
RR.—EarningsPeriod End. June 30—
1936—Month—1935
$810,956
$627,422
494,644
414,617
60,515
34,605
77,888
84,660
Railway oper. revenues.
Railway oper. expenses.
Railway tax accruals
Equip. & jt. facil. rents.
Net ry. oper. income-
Plan
the
on
10-Yr.lsf
Common
War¬
Mtge.
Pref.
Mtge. 6s
Inc. 6s
Shs.
Shares
rants
$1,050,000 $525,000 $525,000
1,050
210,000
2"J6o
26,209
IIIIII
~13~666
130
293,298
72,200 2,166
203,600
1,832 4-10
250,000
1,500
Interest
bonds.
Maritime liens
Unsecured claims
Preferred stock
on
...
Common stock
Total new securities
Annual Interest,
$525,000 $610,200 4,396
Amortization
27882 4^10
and
52,500
International Cigar
Machinery
6
Mos. End. June 30—
$124,008
-
$1,145,843
Interest earned
$970,793
772,360
26,776
on
Depreciation
Net deficit
Balance Sheet
as at
Assets—
Maintenance & repairs.
$171,658
602
$191,272
44,808
63,000
11,873
157,229
$172,641
56,091
61,250
12,454
158,705
$85,638
$115,860
Dividends paid
Balance, surplus
Prev. surplus (adjust.).
.
invest.$l,825,748 Common
Working assets & accrued Inc.
Deferred debit items...
324,034 Preferred stock
58,971 First mortgage 6% bonds
Working & accrued liabilities
Operating loss..
Other income
...
Loss
1936—3 Mos.—1935
Idle plant expense
Loss on sale of plant
April
May
$359,797
$818,909
10,519
12,646
53,433
$347,151
101,468
30,932
*
228,547
80,635
Total income.
$479,551
Retirement
system
other purposes
$2,090,455
371,447
Preferred
dividends
Common dividends
$173,663
4,526
2,083
'
8,611
22,602
812,531
.
1,277,717
321,235
$9,070,186
766,083
$57,423,450 $38,658,058
$61,551,467 $41,328,258
264,896
264,896
483,474
483,474 •
966,949
966,949
4,373,450
2,186,725
8,017,992
4,373,450
__
9,515
12.687
.
;
x Before provision for the
Federal undistributed
profits tax, not deter¬
minable until the close of the
year,
y Equivalent to 92c.
per share of
combined convertible preferred and
common stocks
outstanding.
Such
earnings after deduction of dividends on preferred
stock were
equivalent of
$1.36 per share of common stock
outstanding.
Misc. accts. and claims rec_.
Due from employees and dis¬
tributors
raw
$97,376
1,000
1,220,540
1,170
9,441
Patents, dies, patterns, &c
Deferred charges
on
by distributors
54,064
12,625
notes dis¬
„
$1.13
1
21.734
10-year
Conv.
sinking
12,699
42,935
fund
c
67,000
54,528
52,535
income
cum.
pref. stock
645,681
75,000
Common stock
Capital surplus
Earned surplus
Total.
..$1,962,788
After reserve for losses,
by 83,311
Total
b After reserve for
no-par shares.—V. 143, p. 274.
bills
7,649,343
2,247,303
Govt, securities.
on
6,031,416
2,246.712
hand &
21.034
193,610
$1,962,788
depreciation,
c
Repre¬
stock.
38,406,559
30,473,311
203,166
127,117
pre¬
$
27,627,825
60,766,770
4,814,076
5,610,716
3,945,047
5,192,479
payable
and pay rolls.
Prov. for taxes.
Pref.
div.
pay.
Retirement
tem
Dec- 31» *35
.
27,627,825
60,766,770
,
Common
483,474
Ins., contlng. &
other
483,474
5,986,599
1,010,685
5,360,753
740,155
2,202,350
1,794,794
60,606,499
44,094,493
sys¬
reserve..
Exchange res've
in banks
Total
$
Aug. 1, 1936.
and
gold debentures
Deferred liability
Deferred
148,727,616 147,211,111
3,104,414
3,164,129
21,072,225 21,358,495
6,075
Income «fe general tax
accruals.
Conv.
39,749,056
Accts.
and
June 30-'36
r,
Liabilities—
stock.
42,298,860
reserves
Investments-
Cash
$0.64
~
'35
191,026,476 186,960,168 7% cumul. pref.
paid, &c
service contracts
363,846
247,679
depl.
Insurance
company
Liability under Installation
work in process and finished
goods
$725,000
(trade)
interest, &c
the
-
Less deprec. and
receivable
Collateral trust notes
with
Assets—
Property
Accts.
Accounts payable
Accrued wages,
counted
materials,
b Plant and other
properties..
of June 30, 1936
Amount withheld
June 30, '36 Dec.
31,
$
$
Inventories
Liabilities—
_
$52,301,628 $35,987,858
Consolidated Balance Sheet
Cash on hand and in banks..
U. S. Govt, securities
(at cost)
a Receivables
608,486
$5,420,615 $17,456,974
$10,338,242
-
y$l35,840
as
728,690
$8,055,400 $24,554,417
$15,372,434
73,907
145,526
993,901
3,781,466
1,933 611'
1,245,740
2,549,893
2,346,568
2,283,152
Earned surplus end of
period..
$52,301,628 $35,987,858
Earns, per sh. on 14,584,025 shs. com. stk. (no
par)
$0.59
$0.34
Net profit
Preferred dividends—paid in cash
Paid in preferred stock
Assets—
(& Subs.)
-
396,524
Adjustment 1935taxes..
$172,417
.
Consolidated Balance Sheet
1,655,310
1,203,260
$48,353,264 $33,237,443
$44,094,493 $30,990,016
Expenses (net) of non-operating
properties (incl. depreciation
in the amount of
$5,398)
Provision for income taxes
a
1,805,544
1,113,364
$7,886,484 $24,353,356
$15,138,616
168,915
201,060
233,818
and
Total
1,246
sented
367,067
$13,027,580
Net profit.
Earned surplus beginning
of period
$902,342
1.125.924
1,560,191
1,527,853
1936—6 Mos.—1935
$8,257,931 $25,165,888
$15,867,306
130,621
Depreciation & depletion
52,296
$1,402,202
1933
1936—3 Mos.—1935
profit-.$12,896,958
Int. paid and accrued—
Income & franchise taxes
963,501
24,426
of
1,768,762
--..$13,264,026
Net operating
Other income
$765,476
Total profit
Provision for depreciation of
operating plants and equipment
Interest on debenture bonds
Inventory
1,716,952
1,206,135
Administrative and head
office expense
5,263,39(1
'Including Allied Store Utilities Co.]
a
1934
$1,113,812
1,833,160
1.742.081
274.
p.
Earnings
Income Account for Six Months
Ended June 30, 1936
a
1935
International Nickel Co. of
Canada, Ltd.
1936—6 Mos.—1935
$274,770
111,806
27,699
963,501
143,
Period End. June 30—
Hussmann-Ligonier Co. (& Subs.)—-Earnings—
x
600,000
$0.95
$1,101,383
1,586.462
1,832.804
1,759,907
1,669,939.
$285,289
Net operating profit
Miscellaneous income-
$847,441
600,000
$1.03
1936
2,074,793
2,118.996
9,731
Corp
$1,174,491
600,000
$1.03
3347.
.
p.
$1,244,602
1,661.644
2,022,251
February
$4,444,481
—V. 143, P. 274; V. 142, p. 3855.
$1,478,831
June
$274,944
634.741
$213,586
$78,635 def$146,049
def$105,784
1,400,195
1,320,540
953,224
—V.
$2,785,676
3,070,965
Loss of Hupp Mich. Sales
Net loss
$569,216
675.000
$89,756
March
15,739
$83,828
249,754
$156,195
42,626
14,765
Depreciation
$618,951
765,000
53,756
$165,926
—
Cost and expense
$618,635
540,000
1,535,746
Month of—
$250,000
203,600
1,050,000
635,657
Hupp Motor Car Corp. (& Subs.)- -Earnings—
Net sales
1933
$1,011,384
107,607
$1,118,991
391,436
70,898
87,440
...32,208.753
Total
—V. 140. P. 1488.
Period End. June 30—
1934
1,618
July--..
—...$2,208,753
Co.—Earnings—
Interstate Department
Stores, Inc.—Sales—
stock
Deferred credit items
Profit & loss credit balance..
Total.
4022.
$1,271,909
441,157
114,063
97,737
$1,625,502
600,000
Earnings per share
$1.05
x Experimental
expense.—V. 142,
June 30, 1936
p.
$1,377,350
565,381
73,366
98,177
15,577
6,213
Profit & loss surplus..
Shs. com. stk. outstand.
Liabilities—
Permanent & long-term
.
983
$149,134
46,365
66,780
10,279
157,894
funded debt.
$190,670
$132,185
Amortiz. of discount
$8.29
$629,756
540,000
.
Net profit
$147,768
1,366
Gross income
Deductions from income
Interest on bonds
$630,328
.
1,435,466
561,014
78,770
116,309
14,313
x35,302
Deprec'n & amortiz'n..
Federal taxes
Other corporate taxes
1933
1935
$l,375,732f $1,098,053
1
173,857
2,778
Total income—
Cost of sales & expense.
$1,139,572
922,112
26,789
Other income
1936
$1,432,688
Sales..
1934
Operating income
Royalties
Dec. 31
1935
968,288
29,787
$10.08
them.—V. 142,
61,020
26,376
Total
revenue
$766,256
,
Indianapolis in a move to prove
of the lease.
validity
The three trust
companies, which own some of the
Indianapolis
Gas bonds in the character of
trustee for estates,
announced their support
of the conclusions of
certain holders of the bonds
that, whatever the out¬
come of judicial
proceedings and current negotiations for a new
lease, the
bondnolders should have a committee to
represent
$36,612
Balance of "available earnings"
up to $61,020 to additional
sinking fund for second mortgage income bonds.
Amy balance of "available earnings" to
any corporate pur¬
pose, including dividends on new common
stock.
Total operating expenses
Water line taxes.
$53,378
$0.70
"
Rentals, from whicn interest on
Indianapolis Gas bonds ordinarily is
paid, are being held in escrow
pending settlement of the lease situation.
The Chase National
Bank, New York, as trustee for the
bonds, recently
filed suit in the Federal Court
at
$120,612
mortgage income bonds.
.
$892,274
19,288
242,658
Fletcher
36,612
(B) After Retirement of New First
Mortgage Bonds—
(1) Maximum interest on second
mortgage income bonds (be¬
comes fixed int.
upon retirement of new 1st
mtge. bonds).
(2) Normal sinking fund (cumulative) on second
mortgage in¬
come bonds
(payable out of "available earnings")
(3) Dividends (cumulative) on new
preferred stock
Comparative Income Accounts Years Ended
$1,015,098
19,441
229,401
The
Trust Co., the Indiana Trust Co.
and the Union Trust Co.
of
Indianapolis, all of Indianapolis, have written to holders of
the company's
first consolidated
mortgage 5% bonds, due in 1952,
asking them to advise
whether they favor the
formation of a bondholders'
committee, and if so,
their suggestion as to a
possible member of the committee.
The city, after
buying the properties of the Citizens Gas Co. of
Indi¬
anapolis a year ago, announced that it did
not assume the lease
of the
Indianapolis Gas Co.'s property, according to the
letter.
The city cur¬
rently is paying lease rentals under a
temporary agreement by which the
city is expected to operate the
properties of Indianapolis Gas until a new
agreement can be negotiated or the
validity of .the lease has received judicial
determination.
Total
(4) Balance of "available earnings"
up to $52,500 to additional
sinking fund for new first mortgage bonds.
(5) Any balance of "available
earnings" to sinking fund for
second
Total
$95,116
3,378
38,360
for Bonds—
1,500
of New
to
(cumulative) on new first mortgage
bonds (payable out of
"available earnings")
(3) Interest (cumulative) on second
mortgage income bonds
(payable out of "available earnings")
(5)
$881,798
10,476
Indianapolis Gas Co.—Group Plans Protective Committee
decreases in annual interest charges
upon
retirement of bonds
through application of earnings)
(A) Until Retirement of New First
Mortgage Bonds—
(1) Maximum fixed interest on new first
mortgage bonds
$31,500
(2) Normal sinking fund
(4)
income
12,472
....
Dividend Charges on Amounts
Securities Shown Above
(Without giving effect
Net
Net inc. per sh. of
stock.
—V. 143, p. 274.
$1,002,626
$138,325
$1.82
Miscell. deductionsj.._
Fixed charges
$93,540
1,576
$179,171
2,931
37,915
Total income
Existing Secur.— Outstanding
Bonds
3,058,599
346,401
442,926
$177,909
1,262
Other income
■Will Receive
20-Yr.2d
1936—6 Mos.—1935
$4,051,128
2,609,496
263,525
296,309
$4,850,552
reserves
Capital surplus. 60,606,499
Earned surplus.
52,301,629
221,410,628 210,612,294
Total
221,410,628 210,612,294
In the accompanying letter to
shareholders, Robert O. Stanley Presi¬
dent, states that the company is
producing and marketing 11
metals from ores which 50
different
years ago "were notorious
for their
character."
refractory
These
metals
are
nickel,
copper,
gold,
silver, platinum, palladium
rhodium, ruthenium, iridium, selenium
and tellurium
"With the exception of
gold and silver, which have
established
he
markets,"
continues, "these other metals are
winning acceptance in
in the arts and sciences as the
industry and
result of research
and development
activities
directed along the same lines
which have proved so
successful in the case
of nickel.
"Statistics of the past year indicate
a
general increase in the
throughout the world and especially in markets
served
by
use
of copper
your company.
Financial
1082
metals in the production or acids
in the wider use
Selenium is an
accepted material in the glass industry and in certain branches of rubber
manufacture, and tellurium is also receiving industrial attention.
Nickel
remains the most important product industrially."—V. 143, p. 925.
Progress is being made
and rayon,
of rhodium
**International Paper & Power Co. (& Subs.)—Earnings
Period End. June 30— 1936—3 Mos.—1935
1936-^ Mos.—1935
Gross sales after disc., &c$27,423,625 $23,469,841 $52,943,961 $45,956,989
Other income (net)
330,145
356,984
559,949
645,008
$27,753,770 $23,826,825 $53,503,910
Total income
amortization
21,427,914
46,656,356
42,030,907
$4,199,203
1,191,207
Profit
Interest and
$2,398,911
$6,847,552
2,432,642
2,458,820
354,899
312,324
353,780
$4,571,090
2,609,403
2,647,017
398,472
343,402
162,783
1,284,796
187,006
Depreciation.Depletion
Federal income taxes—
Prov. for Federal undis¬
tributed profit tax
1,330,675
211,136
186,494
66,815
318.226
$665,217 loss$865,415
profit
per share on 7%
cumui. pref. stock—
Earns,
344,424
$262,542 loss$1934411
Nil
$0.29
Nil
$0.74
Accrued but not being
International Printing
Ink Corp. (& Subs.)—Earns.—
1936
$7,985,476
6 Mos. End. June 30—
Net sales.-
7,300,987
deprec'n.
Costs, exps. &
1935
1934
1933
$6,864,652
6,223,456
$6,074,747
5,506,084
$4,528,319
4,622,514
$641,196
$568,663
41,285
ioss$94,195
$609,948
76,000
loss$94,195
$684,489
..
Other income.
1,771
Federal taxes.
$686,260
99,100
$641,196
87,180
21,740
33*386
"1,449
$585,711
188,628
-
Surplus
$489,606
154,206
125,359
$533,948 loss$127,581
157,648
166,011
$145,009
I
pref. divs.
$210,041
$376,300 def$293,592
ended June 30, 1936, net profit was $342,910, equal to
281,183 common shares, comparing with $280,099 or
75 cents a share on 271,543 common shares in the June quarter of 1935.
The statement for the 12 months ended June 30, 1936, follows: Net sales,
$15,460,031; costs, expenses and depreciation, $14,062,723; operating
profit, $1,397,308; other deductions (net), $3,284; Federal income taxes,
$207,420; dividends on preferred stock of subsidiary, $9,742; net profit,
$1,176,862.
Note—No provision was made for Federal surtax on undistributed profits.
—V. 143, p. 274.
For the quarter
International Salt Co.—Tenders—
Bank & Trust Co. will until 12 noon Sept. 15 receive bids
sufficient first and consolidated collateral trust mortgage
bonds to exhaust the sum of $78,624 at prices not exceeding 105 and
The Chemical
for the sale to it of
interest.—V. 143, p. 431.
.
International Silver Co. (&
after
loss
Subs.)—Earnings—
1936—6 Mos.—1935
1936—3 Mos.—1935
Period End. June 30—
taxes & other
deprec.,
charges.
$19,388
$189,116
prof$4,720
$336,757
—V. 142, p. 3174,
(John) Irving Shoe Corp .—Initial
11 declared an
The directors on /vug.
share
on
the common stock, par
Aug. 31.
rurcnase
of the stock
Common Dividend—
initial dividend of 12>3 cents per
$1, payable Sept. 15 to holders of
representing the "Mary Jane"
by tne corporation.—V.
^
record
Stores was ratified
143, p. 76u.
Period End. June 30—
Subs.)—Earnings—
1936—6 Mos—1935
1936—3 Mos.—1935
profit after deprec.,
Fed. inc. taxes
$183,405
and other charges
$237,934
$571,539
$0.24
$0.34
$0.83
$0.87
431.
(E. L.) Jacobs
Co.—Admitted to Listing and Registration~
to listing and registration
The New iforic Gurb Exchange has admitted
par.—V. 143, p. 431.
Furniture Co.,
first page of this
See list given on
Inc.—Registers with SEC—
deparmtnent.—V. 143, p. 591.
(Julius) Kayser & Co.—Larger Common
declared a dividend of 50 cents per share on the com¬
par $5, payable Sept. 1 to holders of record Aug. 22,
This
with 373^ cents per share paid on May 15, and Feb. 15, last;
25 cents paid oh Nov. 30, 1935; 65 cents on Sept. 10, 1935 and 25 cents
per share paid on Feb. 15, 1935; Sept. 15, 1934, ana on Feb. 15, 1934, this
latter payment being the first dividend paid on the $5 par stock.—V.
stock,
compares
142,
p.
on
Interest
2832.
on
Cr7,285
178,253
15,875
9.040
—
—
$102,129
surtax
based
upon the opinion of counsel, that no such tax will be assessed for the year
1936, because of the provision of the collateral trust agreement prohibiting
the payment of dividends pending payment, or provision for payment, or
the collateral trust notes maturing Aug. 1, 1942.—V. 143, p. 277.
Net income
has been made in the foregoing for any Federal
income, it being the view of the company,
Note—No provision
undistributed net
Co.—Earnings—
Lamson & Sessions
1935^^
1936
30—
6 Months Ended June
depreciation, &c. —
x$101,051 loss$104,340
x BeforefFederal income taxes and before Federal surtax on undistributed
profits.—V. 143, p. 277.
Profit after expenses,
Lane Bryant,
Month
Inc.—Sales—
1.395,583
March.
1,386,739
1,333,354
April
May
1,326,776
-
July
1,197,321
798,643
1,171,096
1,248.414
931,930
June
1933
$804,217
670,308
836,810
1,105,926
1.091,076
1934
$952,055
773.387
1.321.870
1,248,454
1,269,158
1935
$906,500
727,534
1,210,170
1,339.061
1,249,286
1936
$902,131
831,043
of—
January..February
729,939
-
712,608
—V. 143, p. 760.
Lehigh & New England
The company
RR.—Plans Note Issue—
has applied to the Interstate
Commerce Commission
for
and sell $1,000,000 of serial notes» consisting of seven
notes with interest ranging from % to 3%.
Proceeds would be used for
the redemption on Nov. 1 at par of $1,000,000 4% series H equipment
trust certificates now outstanding.
Drexel & Co. has offered to purchase three of the notes and Union Trust
Co. of Pittsburgh the other four at par.
No underwriting commissions
will be paid.
The serial notes are to
1942',
and
$140,000,3%!
Sept.
i, 1943.—V. 142,
p.
927.
Electric Co.—Earnings—
Leland
6 Months
and be in amounts, bear
be dated Sept. 1, 1936.
*.
profit after interest, deprec.. Federal income
taxes and other charges
Earnings per share on 43,614 shs. capital stock
(no par)—
made
Note—No provision was
earnings.—V. 137, p. 2112.
1935
$595,492
1936
$1,018,225
EndiSd June 30—
Sales
Net
$31,239 loss$18,829
$0.71
Nil
undistributed
Federal surtax on
for
Inc.—Extra Dividend—
(R. G.) Le Tourneau,
declared an extra dividend of 50 cents per share in
quarterly dividend of 25 cents per share on tne common
stock, both payable Sept. 1 to holders of record Aug. 15.
An initial dividend
of 25 cents was paid on June 1, last:—V. 142, p. 3176.
The directors have
addition to
Lewis
a
Airways,
American
•
The Securities and Exchange
the registra¬
issued
shall cease to be
Commission has declared that
been amended in accordance
tion statement has
March
Inc.—Registration Statement
*
27, 1936, and it is ordered
with the stop order
that the stop order
Inc.—Sales—
Lincoln Stores,
1936—Month—1935
1936—7 Mos—1935
$323,878 $2,539,920 $2,180,438
The company had the same number of stores in operation during the
1936 periods as during 1935.—V. 143, p. 432.
Period Ended July 31—
$385,365
-
6 Months Ended June
units
1935.
fiscal period ending July 31 were 35,168
10 months'
units as compared with 24,282 for the same period last year or an increase
of 44.8%, it was announced by J. A. Harlan, manager of commercial sales
Shipments for the
of Kelvinator Corp.
of Kelvinator refrigeration
products for the 10 months'
period ending July 31 were 297,435 as compared with 222,336 units
corresponding period of last year or an increase of 33.8%, it was
announced by H. YV. Burritt, Vice-President in charge of sales.—V. 143,
p. 276.
Co. (& Subs.)—Earnings—
.
1936
30—
$4,216,765
Gross income
Expenses, incl. int. & cost
Net operating
Depreciation, depletion & properties written
2,985,516
$517,097
292,953
$220,922
425,514
off--
$224,145 loss$204,591
0.80
Nil
Profit for period
Earnings per share
—V. 143, p.
1935
$3,206,438
3,699,667
of products sold
income
592.
•
.
Liquid Carbonic Corp. (&
Period End. June 30—
Subs.)—Earnings—
1936—3 Mos.—1935
$4,276,073
$3,392,272
622,705
1936—12 Mos.—1935
$12,683,024 $10,266,224
1,777,829
1,334,812
2,911
112
Profits before charges—
Interest..
795,515
Depreciation
157,708
136,075
623,280
556,775
$635,691
$486,630
9,372
$1,151,638
$777,925
—
Profit
Profit sale of sees.
(net).
Net profit
Earns,
2,115
66.574
91,508
-
16,542
73,774
$496,002
57,027
$1,243,146
170,932
$794,467
$628,491
Fed. & Cndn. income tax
Corp,—July Shipments—
July shipments of Kelvinator Commercial refrigeration were 4,261
or an increase of 54% over shipments for the corresponding month of
Total shipments
—
Provision for income taxes
Total profit
Kelvinator
$2,248,710
1,943,892
6,804
-
funded debt
unfunded debt
Interest charged to construction—
Amortization of debt discount and expense
Taxes on interest and other charges—
Interest
Net sales
Dividend—
Tne directors have
mon
Gross income
Lion Oil Refining
Johns-Manville Corp.—^-Extra Common Dividend—
The directors on Aug. 10 declared an extra dividend of 50 cents per share
in addition to a regular quarterly dividend of like amount on the common
stock, no par value, botn payaole Sept. 24 to holders of record Sept. 10.
Dividends of oO cents per share were paid on July 15, April 15 and Jan. 15,
last, and 2o cents per share were distriouted on Oct. 15 and July 15, 1935.
The latter payment was the first made on the common stock since Jan. 16,
1932, wnen a dividend of 25 cents per share was also paid.
Prior to then
regular quarterly dividends of 75 cents per share were paid from 1927 to
and including oct. lo, 1931.—V. 143, p. 431.
Johnson
(net).
me
Non-opera tin
Sales
the common stock, $1
$1,828,633
420,077
--
$593,411
Earns. per sh. on 593,865
shs. com. stk. ($1 par)
i
793,923
of income taxes—_ —
effective.
depi..
—V. 143, p.
Profit.
Amended—
Island Creek Coal Co. (&
Net
Taxes, exclusive
authority to issue
88 cents a share on
Net
356,083
498,614
retirements
Provision for
42,670
252,074
Sub.
$7,132,615
3,655,360
Maintenance.
*
currently paid.
Note—Provision for Federal undistributed profits tax and provision for
doubtful accounts and accrued dividends on preferred stocks of
sub¬
sidiaries not being currently paid.—V. 142, p. 3680.
x
Months Ended June 30, 1936
Earnings for the 12
Operating revenues
Operating expenses
on
318,226
354,321
167,373
174,627
Pref. divs. of subs
Net
1.301,834
155,509
222,615
Prov. for doubt, accts
x
$46,601,997
23,554,567
Costs, exp. and ord. tax
Light Co.—Earnings—
Laclede Gas
with the platinum
in the improvement of dental gold alloys and
electroplate in the jewelry and allied trades.
15.
Aug.
Chronicle
$438,975
$1,072,214
$685,228
$702,265
share
on
capital
stock (no par)
109,239
per
350,000
shs.
$3.06
$1.95
undistributed profits.
$1.79
$1.25
for Federal surtax on
Note—No provision was made
—V. 142, p.
3348.
fiscal
for the
(S. H.) Kress & Co. —Sales—
Month oj—
January
February
March
1934
$5,106,517
5,083.475
5,472,265
6,330,794
1933
$3,912,983
3,895,802
1936
$5,204,273
5,459,343
6,314,178
1935
$4,761,726
4.968.306
4,086,768
April
May
6.872,971
6,552,143
6.441,416
5,934,386
5.732.389
6,095.747
7,027,089
5,700,379
5.757.198
4.766.042
4,978,301
June.
July
6,524,725
5,883,589
5,335,936
4,928,805
—V.
143, p. 760.
Kingston Products
the common
142, p. 4344.
1936
12 Months Ended June 30—
Operating revenue—Water
Operating expenses
Maintenance
$558,267
195,796
,
[
44,757
33,519
9,206
74,607
Provision for retirements
Federal income tax
Other taxes
Operating income
Other income
Gross income
Interest on funded debt
Corp.—Initial Common Dividend—
declared an initial dividend of 10 cents per share on
stock, par $1, payable Sept. 15 to holders of record Sept. 1.
The directors have
—V.
4.830.253
Long Island Water Corp.—Earnings—
Interest on unfunded debt
Balance of income.
-V. 143. p. 592.
_
1935
$561,781
206,888
52,689
34,109
6,242
74,617
$200,382
$187,234
1,821
1,112
$202,203
118,585
22,623
$188,347
118,617
$60,995
$46,511
23,218
Volume 143
Financial
Loose-Wiles Biscuit Co.
Period End. June 30—
Net profit after Federal
taxes, int. &deprec_._
Shares common stk. out-
1936—3 Mos.—1935
1936—6 Mos.—1935
x
No
x
521,500
$0.55
per share
provision
profits.—V. 142,
has
been made
$747,662
$699,300
521,500
$1.23
$334,799
522,476
$1.10
522,476
$0.52
for
Federal surtaxes
on
undistributed
p. 3176.
Louisville Gas & Electric Co.
(Del.) (& Subs.)—Earns.
Year Ended May 31—
Operating revenues
Operating expenses, maintenance
1936
^
&
..$10,764,027 $10,047,032
5,490,326
5,029,691
all taxes
I'M
$5,273,701
392,898
$5,655,084
$5,410,239
1,025,000
37,000
$4,593,084
1,425,176
126,127
13,649
$4,348,239
1,525,324
141,976
12,280
$3,028,131
1,354,920
$2,668,658
1,354,920
Gross income.
Interest charges
(net)
"""".IIIIII"
Amortization of debt discount &
expense..
_
.
....
....
Other income deductions
....
Balance
pref. stock of Louisville G. & E.
Co. (Ky)
Net income
—V. 143, p. 278.
Manufacturers Casualty Insurance Co.—Special Meet¬
ing
•:
A special
meeting of stockholders will be held on Sept. 8 to vote on an
amendment to charter of the
company for the purpose of authorizing the
making of additional classes of insurance.—Y. 143, p. 761.
Mapes Consolidated Mfg. Co. (& Subs.)— Earnings—
6 Mos. End. June 30—
Gross profit on sales
1936
company on
Aug. 13 filed with the Securities and Exchange Commis¬
registration statement (No.
2-2395, Form A-2) under the Securities
Act of 1933,
covering $28,000,000 of 1st & ref. mtge. bonds. 3M% series,
sion
a
due 1966.
■
According to the registration statement, the net proceeds from the sale of
the bonds, together with
other funds of the company, will be applied to the
redemption of all of the company's 1st & ref.
mtge. gold bonds,
$20,805,000 5s, series A, due Nov. 1,
1952, to be redeemed
at 110% and interest.
6,000,000 4Hs, series C, due Feb. 1,
on
as
follows:
Nov. 1, 1936
54,500
64,405
Int. & miscell. income--
$294,855
2,144
$282,477
1,702
$377,442
$428,398
8,371
Total income
Prov. for Fed. and State
income taxes
$296,999
42,308
$284,179
40,169
$377,918
Net profit from oper--
of the underwriters and the under¬
writing discounts or commissions
registration statement.—V. 143,
to be furnished
are
p.
by amendment to the
2,965
$1)
Earnings
x
495,477
$0.55
per share
569,763
Excluding subsidiaries,
surtaxes
on
y
& other
6 Mos. End. June 30—
Net profit after taxes,
1936
depreciation, &c
Earns, per sh.
no
shs. of
par
com
1934
$92,737
$87,988 loss$196,349
.stk.
x No
provision was
—V. 142, p. 3177.
$1.28
$0.42
made for Federal surtax
—V. 143, p. 278.
on
$0.35
Nil
undistributed profits.
$696,297
$656,649
$739,293
$392,459
126,500
$1.92
126,500
126,500
$2.87
Shares of stock outstand¬
Mclntyre Porcupine Mines, Ltd.—Earnings—
3 Months
Assets—
x
1936
Plant & equipm't
Balance
Taxes
1936
1935
1934
$2,019,520.
924,547
$2,052,451
858,566
$1,065,901
183,282
72,603
Net profit...
Earns, per share
$1,193,885
166,301
75,850
$822,113
$10.3
$1.19
_
798,000 shs. Cap.
on
stock (par $5)
—V.
Accts.
Liabilities—
$655,799
y
1936
Capital stock
A ccounts payable-
4,825
4,200
1
1
1,597
834,427
71,424
140,784
14,353
45,690
receivable.
Total
1,581
735,051
59,117
149,492
Accrued expenses.
Fed. inc. taxes, &c
1935
$862,500
12,314
24,728
$862,500
21,634
32,633
26,738
33,581
25,723
23,601
Mln. int. in subs.
companies
Provision for Fed.
State & local tax
15,596 Earned surplus
51,830
$1,698,139 $1,672,668
49,839
42,069
656,649
696,297
Total
—$1,698,139 $1,672,668
After deducting for depreciation $799,341 in
1936 ($713,585 in
y Represented by 126,500 shares of no par value.—Y.
142, p.
x
Period End. June 30—
Gross..
1935).
Depreciation
Selling & adminis. exp._
Profit---.
Other expense
142, p. 4025.
...
Federal taxes
.—
Surplus
Shares
-
common
Earnings
(& Subs.)- -Earnings—
1936—-3 Mos.—1935
1936—6 Mos.—1935
$924,655
$683,170
47,400
77,370
232,936
194,340
$520,459
23,700
120,570
$333,026
38,685
94,168
22,418
—-
$ 951,734
$1.01
Depreciation
$1,094,973
189,135
83,725
$810,016
-
1935
$585,037
Cash surrender val.
Net profit
Dividends
$2,035,932
970,031
'
$2.54
Consolidated Balance Sheet June 30
$200,173
35,720
$644,319
45,517
$411,460
54,347
$398,607
2,129
59,114
$235,893
$689,836
13,270
30,762
$465,807
22,107
102,549
61,685
$337,364
169,622
$191,861
169,622
$582,427
339,244
$382,015
339,244
$167,742
339,244
$0.99
$22,239
339,745
$0.56
$243,183
339,244
$42,771
339,745
Profit
Other income
1936—Month—1935
1930—7 Mos —1935
$2,651,081 $20,694,702 $19,266,944
,
4,877
Marlin-Rockwell Corp.
$3,001,548
Ended June 30—
Gross income
Costs & development expense
379,500
ing (no par)
126,500
Earnings per share., $1.99
1933
McCrory Stores Corp.—Sales—
Period Ended July 31—
Sales
$988,459
216,500
1993.
1935
x$274.783
,27", 882
$744,170
-
Bal. of earned surplus
at June 30
Mdse. Inventory
Prepaid expenses.
200,000
on
25", 248
$656,649
surpl. charges
Pats, and licenses.
Lunkenheimer Co.—Earnings—
625,529
to July 2,1934
Add. Fed. and State inc.
taxes for prior periods
202,155
$0.99
No provision has been made for Federal
z Including subsidiaries.—V. 143, p. 927.
394,109
$822,797
126,500
$345,535
undistributed profits.
388,139
Total surplus
Cash dividends paid
Divs. declared pay. quar.
495,477
$0.75
$362,930
1,309
Cash.
v
3,457
$322,180
of exps. in prior
periods (net)
Adjust, of deprec. exp__
y$434,381
202,155
$0.37
1,528
$243,263
Adj.
Miscell. assets
zl936—6 Mos.—xl935
747
$251,725
income
Balance of earned surplus
at Jan. 1_
ol life insurance.
(& Subs.)—Earnings—
$436,769
63,434
54,209
2,073
4,875
to
minority
interests in sub. cos-_
277.
Period End. June 30— zl936—3 Mos—
xl935
Net income after
charges
& Federal income taxes
y$271,369
$147,063
Shs. com. stk. (par
476
Applicable
Miscell. investm ts
Ludlum Steel Co.
$492,803
Prov. for losses on adv.
to affiliated cos
Interest paid
1936, at 105% and interest.
Additional information
107% and int. if red. before
Sept. 1, 1941; 105% and int. if red. on
Sept. 1, 1941 and prior to Sept. 1,
1942, the premium to be decreased
% for each year thereafter to and incl.
Sept. 1, 1961.
No premium will be paid if the bonds are redeemed after
Sept. 1, 1961.
The price to the public, the names
1933
$431,942
1961, to be redeemed in November,
concerning the application of the proceeds is to
be supplied
by amendment to the registration statement.
The bonds are
redeemable, at the option of the company, as a whole or in
part, on any date after 30 days' notice at
1934
$331,919
49,442
Net
Louisville Gas & Electric Co.
(Ky.)—Files with SEC—
To Issue
$28,000,000 33^s for Refunding Purposes-—
The
1935
$338,405
43,550
Selling & general expense
$1,313,738
reserve
capital expenditures.
The Chase National Bank of the
City of New York is inviting tenders for
the sale to it, at prices not
exceeding 105% of their principal amount,
of 1st refunding
mortgage gold bonds, 5% series due 1946, in an amount
sufficient to exhaust the sum of
$3,180, available in the sinking fund.
Ten¬
ders will be receive
lip to noon Aug. 24, 1936, at the corporate trust depart¬
ment of the bank, l'f Broad Street.—V.
142, p. 4184.
1,025,000
3 7,000
$1,673,211
Appropriation for retirement
Amortization of contractual
on
$5,017,342
381,383
Net operating revenue &
other income
Divs.
1935
„
Net
operating revenue
Other income
1083
Manila Electric Co.—Tenders—
x$339,987
standing (par $25)
Earnings
Chronicle
(& Subs.) —Earnings—
stock—
per share.—..
4,860
~
$1.71
$1.12
Note—No mention is made as to whether or not
provision for Federal
on
undistributed profits has been included in item
of Federal
taxes.—V. 142, p. 3349.
surtaxes
Masonite Corp.-—Extra Dividend and
Larger Regular Div.
on
The directors
Aug. 10 declared a regular dividend of 50 cents
per share
extra dividend of 50 cents per share on the
common stock, no
par
both payable Sept. 15 to holders of record
Sept. 1.
Previously
regular quarterly dividends of 25 cents per share had been
distributed.
In addition, an extra dividend of
25 cents was paid on
May 25, 1936.—
V. 143, p. 761.
and
an
value,
McKeesport Tin
Plate
Co.—Earnings—
6 Mos. End. June 30—
1936
Net sales
$7,315,013
1935
1934
1933
$7,543,578
223,925
$5,450,267
216,020
$6,008,486
220,878
110,000
242,846
$7,767,503
6,579,952
150,000
235,045
$5,666,287
4,875,858
150,000
83,364
$6,229,364
5,350,984
150,000
$546,111
$802,506
$557,065
$632,200
Other income..
201,824
Total income
$7,516,837
Cost of sales, exps. & res.
Depreciation
Profit.Shs. of earns,
6,617,880
„
Federal taxes
-
on
in investment
'
outside
on
Mayflower Associates, Inc.—Changes in Personnel—
John J. Hopkins has resigned as director and
Secretary-Treasurer of the
Charles F. Benzel was elected as director and
Assistant Sec¬
company.
retary and John Lloyd Aimer, Jr., Secretary and
96,180
basis
Melville Shoe
Four Weeks Ended—
Jan. 18
194,091
234,342
276,342
83,883
$740,202
$1,036,848
$833,407
$716,083
.
1
.
;
$2.46
par)
$3.46
$2.78
$2.39
Note—No provision has been made for Federal surtax
on undistributed
142, p. 1646.
—
May
9
June
6
.
July
4
Aug. 1
—V. 143, P. 762.
1935
1934
$1,748,419
1,421,024
1,699,250
2,516,819
3,364,128
2.985,692
1933
2,654,958
1,377,870
$1,325,240
1,290,858
1.543,401
2,720.111
2,323,145
2,910.143
2,152,583
1,283,701
$1,060,914
1,017,182
1.010,003
3,249.480
15-.—
Mar. 14
Apr. 11—
Netprofit
Earns, per sh. on 300,000
shs. common stock (no
1936
$2,121,902
1,413,889
—1,886,886
3,812,588
2,795,262
3,601,140
Feb.
of stk. ownership (net)
Treasurer.—V. 143, p.279.
Corp.—Sales—
-
1,807,272
1,945,178
1,444,198
2,054.505
1.770.716
1,242,728
profits.—V.
McKesson & Robbins,
6 Months Ended June 30—
Net sales-
Inc. (& Subs.)—Earnings—
1936
Net profit after
deprec., int., Fed.
and preferred dividends of subs
_
Shares
common
Earnings
per
-
income taxes
1935
$71,448,627 $63,296,723
1,250,703
1,282,983
-
stock (par $5)
share
$0.35
—V. 143, p. 117.
789,826
1,069,783
$0.04
McQuay-Norris Mfg. Co.- -Earnings—
6 Mos. End. June 30—
Net profits after deprec.,
1936
Federal taxes, &c
Shs. com. stk. outstand'g
x$285,951
114,349
$267,678
$2.50
$2.34
Earnings
x
per share
1935
114,349
Does not provide an allowance for the tax
—V.
142, p. 4183.
1934
$200,511
114,349
$1.75
on
1933
$211,690
114,349
$1.85
have declared
dividend of 100% on the
capital
stock, no par value, payable Sept. 1 to holders of record Aug. 20.
For detailed record of cash dividends
paid on this stock see V. 143,
p. 761.—V.
143, p, 928.
a
stock
of
oper.
taxes
&
exps.,
$1,830,601
$1,898,229
_
per
_
93,626
236,902
$0.39
88,389
236,902
$0.37
64,167
245,914
$0.26
1935
1933
$1,804,82;
rents,
depreciation)
Shs. Cap. stock (no par)-
Earnings
Co.—Earnings—
1934
1936
$1,953,040
Net income (after deduc.
share
248,869
236,902
$0.96
For the six months ended June
30, 1936, net income was
$200,845 after
Federal income taxes and
charges, equal to 84 cents a share,
comparing
with $138,645 or 58 cents a share in
the first six months of 1935
For the 12 months ended
June 30, 1936, total revenues
amounted to
$8,123,300 and net income was
$703,331 after Fedreal income taxes and
charges, equal to $2.97 a share.
No provision has been made for
Federal surtax on
undistributed profits.
—V. 142, p. 4184.
v
Metal Textile
undistributed profits.
McWilliams Dredging Co.—100% Stock Dividend—
The directors
Merchants & Miners
Transportation
3 Mos. End. June 30Total revenues
Corp.—10 Cent Participating* Pref. Div.—
a
The directors have declared
in addition to the regular
the
no
par
of record
participating dividend of 10 cents per share
quarterly dividend of 81M cents per share on
participating preference shares, both payable
Sept. 1
Aug. 20.
Similar distriDutions were made on
to holders
June 1 and March 2,
last, and compare with
participating dividends of 15 cents paid on Dec.
2,
1935, and 25 cents per share paid on June
1, 1935 and on Dec. 31, 1934.
—Y. 142, p. 3178.
Financial
1084
Auz.
Chronicle
15, 1936
Comparative Consolidated Balance Sheet
Petroleum Corp. (& Subs.)—Earnings
Mid-Continent
6 Months
3 Months
Gross sales, less returns
30/36 June 30/36 June 30/35
1,067,194 $10,873,635 $18,940,830
and allowances
$15,630,870
2,791,298
3,685,082
2,794,105
5,908,428
5,165,088
4,887,983
6,939,808
11,827,792
11,019,965
$3,179,211
$3,933,826
$7,113,038
$4,610,905
Est. normal Income
8,769,221
Cash and securities
1,456,713
1,307,457
istrative expenses
2,624,340
2,764,170
$1,986,564
$4,348,867
&
divs.
895,738
For contingencies
subsidiary
Minority interest in
American sub
374,913
342,085
11,144,100
9,991,230
Common stock (par
$10)
30, 1936, were
U.S. Treasury
On Dec. 31,1935, current assets were $19,915,938 and current
liabilities were $2,783,568.
On June 1,1936, the corporation paid a dividend
at the rate of 40c. per share on its capital stock amounting to $737,252,
—V. 142, p. 3349.
*
Current assets as of June
in cash and short term
coverted at
Notice has been
of 1959 is being
—V. 143. p. 762.
Corp.—Continental Illinois May Sell Stock
National
According to Chicago press dispatches the Continental Illinois
Bank & Trust Co. is considering the sale of the 475,046 shares of
of total outstanding)
offer, it is said, of about
Middle
It has received
yield the bank about
held by it.
$12 a share, which would
$5,700,000.
purchase offer was made by A. G. Becker & Co. and the Chicago
The transaction has not yet been closed.
proportion of the purchase is to be 40%, or about 190,000
shares, and Chicago Corp.'s 60%, or about 285,000 shares.—V. 142, p.
The
Corp.
British subsidiary have been
Missouri-Illinois RR.—Interest—
issued that interest due July 1, 1934, on the first mtge.5s
paid. The amount of the issue outstanding is $2,737,500.
$3,351,336.
Holdings—
and liabilities of the
$4.85 per £.—V. 143, p. 929.
assets
Note—The
9,111,645
....43,936,770 35,839,664
Total
43,936,770 35,839,664
Total
surplus
3,388,291.
8,049,127
surplus... 8,292,890
Earned
$2,414,267
$505,339
$0.79
$1.30
$0.27
$21,010,967 of which $7,077,391
notes and current liabilities were
$0.51
West Corp. stock (14.3%
1,940,000
fluctuations
for exchange..
223,310
$5,027,160
1,139,452
$1,471,608
$942,658
Netincome
Earnings per share
an
1,940,000
&c
For
143,192
Paid-in
taxes
Middle West
34,298
382,255
reval. of prop.,
391,213
223,310
Federal and state income
was
565,133
234,298
406,349
For relocation &
$2,576,166
1,168,809
510,803
335,756
559,981
and abandoned
354,391
589,169
\
surrendered
Leaseholds
195,286
$2,815,132
550,282
159,105
-
556,603
able containers
1
Patents & processes
48,677
For red.of return¬
15,833,477
equip...17,265,819
1
1 154,964
&
Deprec. & obsol.
Pref. shs. of British
$2,212,028
Total income
_.
6,047,878
Buildings.
7,785,573
574,235
Reserves—
589,601
678,293
338,019
340,274
received
Depreciation
Depletion
1,649,789
-
Deferred charges..
Other income credits, net
interest
422,283
Phosphate deposits
Mach.
$2,477,113
$1,871,754
128,062
877,894
62,399
1,512,204
5,638,157
221,556
705,529
328,159
814,159
8,214,272
taxes.
&c...........*
Land
549,055
807,871
Accrued items
from officers,
Mlscell. investm'ts
Selling & gen. & admin¬
31/35
$
1,470,673
1,730,534
Inventories
Due
Cost of sales (excl. depre-
incl.
$
Liabilities—
Accounts payable.
Receiv., less res..
Mar. 31/36 June
PeriodEnded—
June 30/36 Dec.
June 30/36 Dec. 31/35
$
^
^ ft n
Montgomery
Month of—
Ward & Co., Inc.—Sales—
1936
1935
1934
$17,854,609 $17,904,886 $15,421,893
^
February..
March."...
24,844,596
22,783,089
April
May
30,402.667
30,295,408
25,571.012
22,914,580
June
30.330,174
23,822,297
18.312,477
20,872,132
20,934,510
July..
—V. 143, p. 280.
25.635,866
20,293,175
1Q^8
$10,131,891
11,263,374
15,890.560
15,665,586
15,247,812
16.103,560
13,641,121
19,266,336
A. G. Becker's
4i84.
The Interstate
Income Account
Commission on Aug. 1 authorized
Commerce
the com¬
issue not exceeding $758,700 capital stock (par $100); the stock to
be delivered at par in equal amounts to company's nine proprietary com¬
pany to
panies in liquidation
—V. 142, p. 4026.
of indebtedness to them
estimated
$128,791
share on 1,399,345 shares
capital stock (no par)
Note—No provision has been made
Mar. 31 '36 June 30 '36
$267,790
•*
.
RR.—Certificates Sold—The company
application to the Interstate Commerce
Commission has stated that the $3,490 >000 33^% equipment
trust certificates have been sold to Prudential Insurance
Co. of America at 102.54% of par and accrued dividends
from Aug. 1, 1936.
Trustee Seeks $3,200,000 in Terminal Shares Suit—
Guy R. Thompson, trustee has filed suit in Federal court at St. Louis
against Terminal Shares, Inc. and other defendants for authority to
establish an equitable lien and foreclosure on certain properties in Kansas
City and St. Joseph, Mo.
The suit seeks to recover $3,200,000 cash paid
Pacific
by the Missouri Pacific on account for properties in the
acquired in 1930 for approximately $20,000,000.
Last November Federal Judge C. B, Faris disapproved the purchase
contracts and directed the trustee to recover moneys already paid.
A
similar suit recently filed in Federal court at Kansas City, Mo. was dis¬
missed by Judge Otis who found that the attempt to bring non-resident
two cities
the
jurisdiction of that court
had not succeeded.—
Mohawk Carpet
warrants and
participation certificates...
Notes receivable
Accrued Interest receivable
1936
$7,220,754
1935
$7,094,107
1934
$5,745,286
7,030,683
6,738,842
$355,265
18,419
$210,939
29,065
&c
Other income (net).
$206,139
26,000
(estimated).
Dividends.
$373,684
45,000
$240,004
$180,139
273,150
Total income
Federal income tax
$328,684
136,575
$240,004
wholly-owned affilated co.
546,300
$0.33
stk. outstanding ($20 par)
Earnings per share..
Balance Sheet June
Notes & accts. rec.
Inventories
2,271,946
7,789,426
30
Divs.
421,153
expenses.
y
7,069,710
payable—
102,700
_
y
Total
Consolidated Income Account for the
Net
136,575
18,224,141 17,557,339
1127.
Six Months Ended June 30,
...
Gross earnings
taxes
$826,448
(accrued)...
'
Balance
143,
p*
329,513
84,420
$96,970
81,816
$1,041
Interest
—V.
343.411
90,795
64,042
8,386
830
$6,300
Taxes
1936—12 Mos—1935
$603,606
$582,151
$77,372
87,769
$15,153
652
Maintenance
def$10,396
80,453
10,391
434.
Motor Wheel Corp. (&
Subs.)—Earnings—
1936
$1,586,739
212,816
'
6 Mos. End. June 30—
Profit from sales
Other income
1935
1934
$1,799,555
$1,165,585
Expense and other charges
Depreciation
379,582
233,557
172,678
344,960
212,488
74,453
$1,177,791
297,022
221,043
60,612
28,307
prof.9,787
*
Prop, of net loss of O. W. Co. not
consol
Net profit
Earns per share
x$2,142,423
32,827
$505,377
$1,013,738
on
$608,901
850,000 shares
$1.19
$0.59
$0.72
For quarter ended June 30, last, net profit, was $643,724 after charges
and taxes, equal to 76 cents a share comparing with $370,014 or 43 cents
a share in preceding quarter and $247,253 or 29 cents a share in June quar¬
capital stock (par $5)
*---
ter of 1935.
Current assets as of June 30, last,
including $1,681,746 cash,
amounted
$5,481,373 and current liabilities were $1,024,991 comparing with cash
$1,282,164, current assets of $3,638,940 and current liabilities of $489,999
on June 30, 1935.
No provision was made for federal surtax on undistrib¬
uted profits.—V. 142, p. 3180.
'
to
on
Murray Corp. of America (&
6 Mos. End. June 30—
Gross profit after deduc¬
tion cost of goods sold.
Earnings—
Subs.)
1933
1936
1935
1934
$2,194,135
$2,423,728
$1,130,301
$317,506
72,581
79,527
$1,295,595
560,252
516,100
$397,033
410,855
47,997
381,967
110,143
337,521
81,543
83,716
317,881
97,127
75,039
305,040
83,445
$1,307,913
property
exp.
misc. deductions
165,294
$2,494,917
528,839
General expenses
Idle
,71,189
$2,266,716
$1,405,458
7,686
177~625
195,151
$1,130,289
930,271
$1,202,621
768,732
&
__
Depreciation
Subsidiary pref, divs
Federal taxes, &c
applicable to minority interest in American
•
612,421
112,258
Total
26,704
7,722
6,877
Interest
84,731
431,526
Income charges
subsidiary
1,045
80,007
46,232
739
1,130
28,230
7.509
6,173
Operation
$2,658,682
Gross income
Netincome
8,300
:
47,134 Deferred credit
1,622 Common stock (par $1)
3,387 Capital surplus
90,704 Earned surplus
1936—Month—1935
$43,177
$48,866
July 31
$2,563,800
94,882
profit
Other income
Portion of net income
270,445
Co.-—Earnings—
Motor Transit
Period End.
1936
$4,418,957
l ,432,225
422,932
profit
Provision for normal income
capital
stock taxes
$826,448
Total
Other income
Chemical Co. (& Subs.)—Earnings—
Selling and administrative expenses
Research expenses
&
-V. 141, p. 1102.
61,590
136,575
Capital stock- 11,000,000
Represented by shares of $20 par value.—V. 142, p.
Gross
110,656
1,000,000
285,778
11,000,000
424,113
424,113
Capital surplus...
4,687,215
4,525,560
Surplus
Dr48,587
Dr48,587
7,434,102 Treasury stock
31,000
330,864
—18,224,141 17,557,339
Monsanto
t
270,559
1,500,000
313,223
Res. for Fed. taxes
(non-current).*. —-164,229
31,000
Investments
less deprec.
1935
$
Liabilities—
518,885 Accounts payable.
2,163,725 Notes payable
7,078,762 Accrued liabilities.
Notes rec. & advs.
Property, plant &
550,000
$0,43
1936
$
$
476,677
8,057
inc.
Federal income taxes
546,300
$0.60
1935
1936
Assets—
Cash.
Total
.
Prepaid insurance & expenses.
Total income
$93,011 sur$192,109 sur$240,004
Deficit
$4,358
Fed.
Accrued
in & advances to
Property accounts
5,534,347
$190,071
16,068
Cost of sales, expenses,
eq.,
closed banks..
Claims against
Real estate investments.j.
Investment
payable.-I..
Sundry accounts
stock
Reserve for retirements
Mills, Inc,—rEarnings—
Net sales
Prepaid
Liabilities—
Accrued property taxes—,—
$300,069
64,984
deposit & on hand
Balance
6 Months Ended June 30—
-
on
Corporation bonds
V. 143, p. 928.
Shares cap.
share
Balance Sheet June 30, 1936
to Terminal Shares
within
per
Assets—
Cash
Stocks,
amended
$32,386
$0.40
Profit for the period.
Earnings
$396,581
$0.09
$0.19
$0.28
for federal surtax on undistributed
profits.—V. 143, p. 762.
defendants
$39,386
5,500
1,500
Operating profit
6 Mos.
-3 Months-
Earns, per
an
$73,589
34,203
Expenses
incurred for capital purposes.
June 30*36
»
Missouri
June 30, 1936
Provision for Federal income taxes
Net profit after charges and
Federal income taxes
in
for 6 Months Ending
Gross income
Provision for bad debts
Corp.-—Earnings-
Mission
Period End.
Corp.—Earnings—
Motor Bankers
Ry.—Stock Authorized—
Minnesota Transfer
Net profit
com. stk. (par $10).
Shs.
Earnings
per
share
No provision has
$1.21
$1.56
been made for Federal surtaxes on
$280,771 loss$477,346
$280,771
-----768,732
768,732
Nil
Nil
undistributed profits.
—V. 142, p. 3351.
Net income
transferred to earned surplus
Earned per share on
x
No
1,114,410 shares capital stock ($10 par)...
provision has been made for
$2,109,596
$1.85
possible Federal surtax on undistri¬
buted net income.
Note—The
earnings of the
$4.85 per £.
British subsiuiary have been converted at
(G. C.) Murphy Co.—Larger Common Dividend—
dividend of 40 cents per share on the com¬
stock, no par value, payable Sept; 1 to holders of record Aug. 22.
An initial dividend of 30 cents was paid on the larger amount of common
stock now outstanding on June 1, last. ,On Feb. 19, 1936, the company
The directors have declared a
mon
Volume
paid
143
Financial
Chronicle
a stock
dividend of 200%.
The additional stock did not participate
in the 75 cent
dividend paid on Mar.
2, last. Prior to the Mar. 2 dividend
the company distributed
regular quarterly dividends of 40 cents per share.
V• 1431 p. 929.
Six Months Ended June
30—
$1,820
273,449
Available for preferred dividends
Preferred dividend
Common dividend
Net income
—V. 142, p. 3684.
$168,263
27,222
$248,087
87,192
70,763
...
Total expenses
$1,895
166,368
$275,269
27,181
Total income,
$141,040
87,192
...
charges,
x$3,087,619
taxes, &c
1936
Consolidated net profit
1936—6 Mos
Earnings
-1935
Nil
1935
$
$
1936
Liabilities—
Land, bldgs.,ma¬
chinery, &c
25,230,615 24,750,959
Cash
4,088,162
4,512,122
Marketable securs. 2,468.428
2,468,428
Notes & accts. rec.
9,437,292
7,280,044
1935
1934
1933
$213,509
30,268
$336,492
25,973
loss$15.066
26,824
$243,777
92,859
$362,465
93,977
$11,758
46,518
28.421
28,148
29,451
$94,011
114,275
$210,889
57.387
1oss$34,760
$33,723
$20,264 sur$153,502
$34,760
15,855
12,631
Accts.
rec.
officers
9,568,100
Spang,Chal.bonds. 6,294,000
Spang, Chalfant pf
stock
Nat.-Superior Co.
220,620
preferred stock.
222,900
16,714,706 Notes payable
3,500,000
5,442,699
5,390,353 Accts. payable— 1,925,890
Miscell. invest
Patents & licenses.
29,358
210,820
Deferred charges..
34,082
Div.
61,608
on
Capital surplus
$879,441
roll
&
957,085
Reserves
&
transit..
2,675,500
Invest'ts (at cost).
x Real
est., bldgs.,
28,679
plant & equip..
5,090,251
31,753
21,472
_
Other def. charges
Total
x
26,708
38,180
tax
35,563
100,653
5,738,750
2,338,541
559,621
50,815
y Capital stock... 5,738,750
Capital surplus... 2,338,541
Earned surplus...
525,898
supplies on hand
Unexpired Insur.
8,919
New Bedford
The directors have
2,214,482
28,679
have
(no
par
declared
a
dividend
value) payable Sept. 1
An initial
payment of like amount was made
10
New England
1824.
per share
to holders of record
National Investors
on
March 2, last.—V.
Uncollectible oper
the
Oats
Net operating income. $1,312,086
—V. 143, p. 281.
Co.—Doubles Dividend—
The directors
have declared a dividend of 50 cents
per share on the
stock, payable Sept. 1 to holders of record
Aug. 21. This com¬
with dividends of 25 cents
per share
common
pares
previously distributed
three months.—V.
143, p. 595.
each
New
depreciation,
—V. 140, p. 4408.
National
——46,456
Net income
Dividends
Year
1935
loss$109,098
1936—3 Mos.—1935
&
291,519
Co., Inc.]
$3,828,415
1,278,791
$2,305,874
1,089,402
1936—6 Mos.—1935
$6,469,259
$4,099,478
2,427,555
2,107,907
$2,549,624
130,286
$1,216,471
178,101
$4,041,704
244,976
$1,991,571
300,598
2,679,910
428,801
$1,394,572
495,130
$4,286,681
858,068
$2,292,170
x410.564
326,095
298,065
109,240
x730,924
462,727
975,937
588,708
164,501
1,542,480
$464,107
$2,234,962
$563,023
3,343
5,014
6,687
10,029
197,886
196,890
393,743
391,214
Consol. net profit
$1,341,250
Earns, per sh. on com .stk
$2.74
$262,202
$1,834,531
$161,780
oper.
Sell. & gen. expenses
Net inc. from oper
Other income
Total income
;
Depreciation
Int., disc., taxes & misc.
Prov. for Fed. i nc. taxes.
Total net income
divs. on the
Guar.
Na¬
tional-Superior Co .pre¬
ferred stock
Income apply'g to Spang,
Chalfant & Co., Inc.,
pref. &
com. stks. not
owned by The Nat'l
Supply Co. of Del
x
was
Nil
$3.27
Nil
Includes expenses in connection with
the flood loss of which
$45,277
charged into the accounts during the first
quarter of 1936, and
$6,632,331
$6,354,683
1936—6 Mos.—1935
$2,339,772
1/2,944,896
$131,692 def$605,124
,1,963.264
1,963,264
$0.57
$1.19
$2,174,213
1,963,264
'
$210,949
1,963,264
$1.11
Includes dividends received from
subsidiary companies, proceeds from
&c., and is after deductions for
expenses, taxes, depreciation,
depletion, contingencies,
y Includes extra dividend of
50 cents per share
x
patents,
New York Central
RR.—Earnings—
[Including all leased lines]
1936—Month—1935
1936—6 Mos.—1935
Railway oper. revenues.$29,586,541 $25,055,702
$171,616,006 $150482,705
Railway oper. expenses. 21,631,543
18,978,300 130,424,829 115,074,564
Railway tax accruals...
2,189,756
2,102,537
12,793,612
11,996,058
Equip. &jt.facil. rents.
1,525,259
1,428,806
8,709,013
8,372,409
Period End. June 30—
Net ry. oper. income.
$4,239,983
1,738,865
$2,546,059 $19,688,552 $15,039,674
1,681,437
10,056,562
10,836,744
Total income
$5,978,848
Miscellaneous deductions
154,983
$4,227,496 $29,745;114 $25,876,418
155,612
765,842
724,900
4,808,699
28,618,408
29,311,531
Other income..
—
Supply Co. (Del.) (&
Subs.)—Earnings—
(And Subsidiary Corporations incl. Spang, Chalfant
1936—3 Mos.—1935
$1,265,593
$1,113,324
981,632
981,632
Surplus
$283,961
Shs. cap. stk. (par $25).
1,963,264
Earnings per share—$0.64
Cal.
,
Period End. June 30—
Gross income from
$1,179,501
Jersey Zinc Co.—Earnings
Period End. June 30—
x
1936—6 Mos.—1935
$5,679,044 $35,090,408 $33,516,139
16,960
81,163
114,542
3,983,191
24,927,000
24,175,128
499,392
3,449,914
2,871,786
paid July 10.—V. 142, p. 4348.
National Pole &
Treating Co.—Asks Extension
of Notes
The company is
currently asking holders of its 6% secured notes
due
Dec. 1, 1936, to agree to an
extension of the notes for five
years to Dec. 1,
1941.
The extension proposal
contemplates continuance of the 6 % interest
rate, payment of $40 on each $940
principal amount of notes, and mainte¬
nance of the
priority of the lien of the existing collateral trust
indenture
securing the notes.
Permission to effect the extension
plan under Section
77-B of the United States
Bankruptcy Act as amended is also asked from
assenting holders if found necessary or desirable.
Halsey, Stuart & Co.,
Inc. is acting as the
company's fiscal agent in the transaction.
6 Mos. End.
Period—
June 30 *36
Net inc. before
charging, int., deprec.& inc. taxes
$43,280
Net loss after charges,
taxes,
8,249
4,178,201
569,859
York.—Y. 142, p.2836.
National
1936—Month—1935
$6,068,395
rev..
Operating expenses
Operating taxes
142,
Corp.—Transfer Agent—
department.
Telephone & Telegraph
Co.—Earnings—
Operating revenues
The company has
appointed National Bank of Detroit co-transfer
agent
and Union Guardian Trust Co.
co-registrar for its preferred and common
stock in the city of Detroit.
Certificates of the stock of this
corporation
are now
interchangeably transferable in the cities of Detroit,
Mich., and
New York, N. Y. Bankers Trust
Co. and the Marine Midland
Trust Co.
are transfer
agent and registrar, respectively, in New
1935).
Cordage Co.—Dividend Doubled—
Period End. June 36—
Aug. 21.
on
1823.
p.
cents
in
per share on Jan.
1, 1935, Oct. 1 and
July 1, 1934; 15 cents paid on April 2 and Jan.
1, 1934, and on Oct. 1 and
July 1 and April 1, 1933; 25 cents on Jan. 1,
1933, and 27cents per share
paid each three months from July 1,
1929, to Oct. 1, 1932, inclusive.
—V. 143, p. 930.
$9,215,145 $9,228,215
of
($12,209,690
have declared a dividend of
60 cents per share on the
stock, no par value, payable Oct. 1 to holders of
record Sept. 16.
This compares with 40 cents
per share paid each quarter from
April 1,1935,
to and including
July 1, last, 25 cents
National Gas & Electric
Corp.—10 Cent Dividend—
The directors
66,712,940 61,432,922
1936
(J. J.) Newberry Co .—Common Dividend Increased—
After reserve for
depreciation of $8,393,766 in 1936 and
$8,368,092 in
y Represented by 114,775 no
par shares.—V. 142,
common stock
125,248
4,277,741
4,977,141
The directors
1935.
p.
101,732
6,199,972
4,978,030
common
29,791
17,358
Total
2,119,602
53,673
279,579
declared a quarterly dividend of
50 cents per share
the common and common B
stocks, both of $5 par value,
payable
Sept. 1 to holders of record Aug. 12.
Previously regular quarterly dividends
of 25 cents per share had been
distributed.—V. 138, p. 4470.
5,101,378
$9,215,145 $9,228,215]
in
601,152
on
Prov., Fed. Income
782,036
.
lotal
__
2,238,731
49,095
129,940
891,994
Manufacturing Co.—Registers with SEC—
See list given on first
page of this
$371,059
57,318
taxes
allow¬
Stock of merchan¬
and In
52,496
Acer. State & Fed.
ances
dise, materials
$461,544
Accrued taxes
counts, doubtful
accts.
National Post
Accts. pay. & pay¬
$585,451
Accts. & notes rec.,
less prov. for dis¬
66,712,940 61,432,922
a After
depreciation of $13,445,211
b Par $25.—V.
142, p. 3353.
June 30,'36 Dec. 31,*35
334,300
800,000
1,367,954
pref. stk.
reserve, &c
Total
6,894,000
of Spang, Chal.
324,850
Acer. tax. Int., &c.
1,085,586
Insur. and pension
Malnt. and repairs
Res. for Fed. tax..
Min. int. Spang,
Comparative Balance Sheet
9,666,250
12,994,000 12,994,000
Chalfant
Earned surplus
Liabilities—
$
16,628,900 16,621,500
b Com. stock
and employees-138,125
Inventories
19,667,439
$0.70
$0.82
$1.83
Nil
Includes United States
capital stock tax of $3,688 and State and
Federal payroll tax of $18,130.
No provision has been made for surtax
on
undistributed income, the same
being unnecessary.
June 30,'36 Dec.
31,'35
1935
$
Preferred stock
x
Assets—
Nil
Consolidated Balance Sheet June 30
1936
Assets—
par)
Cash In banks and
on hand
776,634
$178,281dei$l,384099
was
-Earnings-
$80,552
Deficit
Earns, per sh. on 114,775 shs. cap. stock (no
778,886
$2,343,371
stock.
$3.08
a
114,275
Dividends..
per share on common
$980,571 def $577,376
23,403
30,090
Includes expenses in connection with
the flood loss of which
$45,277
charged into the accounts during the first
quarter of 1936, and $56,109
during the second quarter of 1936, a total of
$101,386 for the six months
ending June 30, 1936.
$4,233,883
6,289,448
$251,309
92,555
39,923
s33,325
4,953
deductions
574,877
x
$203,375
47,934
Net profit.
$2,392,769
1,688,236
1,144,251
137,659
1,940,575
1,096,290
247,478
$3,144,037
.-Super. Co.pf.stk
16,716
Income apply'g to
Spang, Chalfant &
Co., Inc., pref. & com. stks. not
owned by The Nat.
Supply Co. of
Delaware
783,949
director.- -V. 142, p. 2330.
a
National Enameling &
Stamping Co.-
Other
$4,264,915
Total net income
Guar. divs. on Nat
■>
Idle plant expenses
Federal taxes
$6,722,663
1,714,548
xl,289,201
Depreciation
Interest, discount, taxes & miscell...
$0.42
$0.31
$0.81
$0.53
For 12 months ended June
30, 1936, net profit was $11,756,879 after
charges and Federal income
taxes, equal to $1,59 a common share.
x No
provision was made for Federal
surtax on undistributed profits.
—V. 142, p. 2835.
Depreciation
$2,197,145
195,625
Provision for Federal income taxes
$3,303
$2,385,318 x$6,004,742
6,289,448
6,289,448
6,289,448
6 Mos. End. June 30—
Operating profit
Other income
$3,625,371
639,544
50,545
$90,131
-
1936—3 Mos.—1935
Shares common stock._.
Earnings per share
$6,119,699
602,964
Total
Co.—Earnings—
Period End. June 30—
Net profit after
1934
$5,892,032
3,694,887
Net income from
operations
Other income
Nashua Mfg. Co.—New Director—
Biscuit
1935
$7,751,426
4,126,055
__
Henry V. Greenough has been elected
National
1936
..$10,837,009
4,717,310
Gross income from
operations
Selling and general expenses
1935
1936
Miscellaneous income
Dividends on stock owned
total of $101,386 for the six month8
a
Consolidated Statement of Income 12 Months Ended June
30
Muskogee Co.—Earnings—
r
1085
during the second quarter of
1936,
ending June 30, 1936.
$56,109
Fixed charges
—
Net income
Net inc. per sh. of stock—V. 143, P. 764.
4,778,139
$1,045,726 def$736,815
$0.21
$360,864 df$4,160,013
$0.07
......
New York
Chicago & St. Louis RR.—Notes
Offered—
A syndicate headed by Edward B. Smith
& Co. on
Aug. 13
$16,000,000 10-year 4% collateral trust
notes, at
100% and int.
Other members of the syndicate include
Lee Higginson
Corp., The First Boston Corp.;
Brown,
Harriman & Co., Inc.; Mellon Securities
Corp.; Blyth &
Co., Inc., and Lazard Freres & Co., Inc.
offered
Dated Aug. 1, 1936; due Aug.
1, 1946. Interest payable F. &
A. 1 in
New York. Coupon notes in denom. of
$1,000 registerable as to
principal.
Central Hanover Bank & Trust
Co., trustee.
Redeemable at the option of the
company, as a whole or in part from
time to time, on any date prior to
maturity on 30 days' notice at the follow¬
ing prices: If redeemed on or before Aug. 1,
1938, at 103%; if red. there¬
after and on or before
Aug. 1, 1940, at 102%; if red. thereafter and
on or
101K%; if red. thereafter and on or before
Aug. 1,
1944, at 101%; if red. thereafter and before
maturity, at 100%. Interest
accrued on the redemption date also
will be payable.
Issuance—Issue and sale authorized
by the Interstate Commerce Com¬
before Aug. 1, 1942, at
mission.
Purpose—Net proceeds will be used to pay certain
indebtedness, namely:
$10,869,568 to certain banks, being the unpaid
balance of sums borrowed
Financial
1086
by the company from the Reconstruction Finance Corporation, and evi¬
denced by its note to the corporation which was purchased by the banks
on July 14, 1936; $3,199,415 notes given to and held by the Railroad Credit
Corporation; and $1,258,107 owing by one of the company's wholly owned
subsidiaries, the Nickel Plate Development Co., to Erie Land & Improve¬
ment Co., a wholly owned subsidiary of Erie RR,
The balance of the net
proceeds are to be used for such other corporate purposes as may be approved
by the Interstate Commerce Commission.
Securitu—The notes will be the direct obligation of the company and will
be secured by pledge with the trustee, of the following collateral;
$16,000,000 ref. mtge. 4H% gold
1, 1978.
Certificates of deposit representing
}
due Sept.
bonds, series C, of the company,
...
^
,
,
115,193 shares (par $100) of 4%
wheeling & Lake Erie Ry.
prior lien stock of
„
Certificates of deposit representing 14,800 shares (par $100) of 53^%
preferred stock of Wheeling.
•
Certificates of deposit representing 168,000 shares (par $100) of common
stock of Wheeling.
15,000 shares (par $100) of capital stock of the Detroit & Toledo Shore
' '•V"
' •
represented by the pledged certificates of
deposit constitute about 53% of the voting stock of the Wheeling, and
the pledged shares of the Shore Line constitute 50% of the capital stock of
the Shore Line.
The collateral includes all such certificates and shares
owned by the company.
The indenture will contain a covenant that if
additional voting shares of the Wheeling are issued, the company will acquire
and pledge sufficient additional voting shares (or certificates of deposit
therefor) so that the shares included in or represented by the pledged col¬
lateral will be entitled to a majority of the votes for directors; and also a
similar covenant, effective so long as Shore Line shares are pledged, that
the company will likewise acquire and pledge sufficient additional voting
shares of the Shore Line if necessary in order that the pledged shares will be
entitled to 50% of the votes for directors. The Shore Line shares may be
released as a whole upon the deposit with the trustee of an amount of money
or notes sufficient to retire $7,500,000 principal amount of notes.
Line
RR.
19325460
\
'
■
The shares
Capitalization Outstanding in
Mortgage bonds
Equipment obligations
Nord Railway, France—Bonds Called—
P. Morgan & Co., as paying agent, is notifying holders of QH% ex¬
sinking fund gold bonds, due Oct. 1, 1950, that $530,000 principal
amount of the bonds have been drawn by lot for redemption out of moneys
in the sinking fund at the principal amount thereof on Oct. 1, 1936.
Bonds
so drawn will be redeemed and paid at the office of J. P. Morgan & Co.,
New York City, on and after Oct. 1, 1936, after which date interest on the
J.
will cease.
,
redemption, and also interest coupons falling due
1936, may until further notice be paid upon presentation and
surrender after that date at the office of the bankers, in U. S. currency at
the dollar equivalent of 25.52 francs per dollar of face value, upon the
basis of their buying rate of exchange on Paris at the time of presentation.
—Y.
142, p. 2168. >
,'V.
•'
—.
Collateral trust bonds and miscellaneous
Non-negotiable debt to affiliated
The bonds drawn for
Oct.
on
1,
Northern Pacific Ry.—To Issue Equipment Trusts—
company has asked the Interstate Commerce Commission
for
The
authority to issue $3,000,000 serial equipment trust certificates, to be used
in buying new equipment valued at $4,319,792.
The certificates would
bear 2}i% interest.—V. 143, p. 766.
* .
earnings
*On July 21, 1936, the Nickel Plate sold $1,410,000 of 3% equipment
obligations in connection with the purchase of 777 freight cars costing
approximately $1,764,000.
Earnings—The following compilation of earnings of the Nickel Plate
excludes dividends from Pere Marquette Corp. and dividends on investment
assets no longer owned.
1926
1927
Inter est.
Rentals\ &c
Gross
Income
a
——
-
—
-
4 Mos. End.
a
Cost of sales
$3,683
$675
pref. stock at end of period..
$97,741
$67,741
30—
1936
1935
1934
1933
—$25,368,928 $21,517,236 $21,609,402 $17,418,473
15.829,660
14,302,383
13,728.438
16,486,878
7,530,342
7,534,563
$7,214,853
—t
:
.
$10,056,456
xl ,244,152
4,333,675
2,065
$7,378,498
$4,476,564
1,644,231
1,640;844
$2,334,804
1,656,966
Net profit
dividends.
.
Common dividends..
.
stock (no par)
Does
x
include
not
03fTHlll^S»
-
—
longer owned.
Assets—
92,731
Improv. on leased ry. prop-
in lieu ol mtged.
85,723
property sold..
Miscell. physical property1, 354,860
Invest, in affiliated cos
9, 896,561
Other investments
22, 968,576
Cash
2, 984,741
556,509
Special deposits
15,920
Loans and bills receivable
538,366
Traffic & car-serv. bals. rec.
■
Deposits
Dividends matured unpaid.
Funded debt matured u p'd
157,415
18,911
11,000
interest accrued
3,687,085
2,808,274
(less reserve).
less
rec.,
4,096,135
3,986,636
Crude oil & refd
Other current liabilities-
Misc.
41,943
accts.
Miscell. accts. receivable
Unadjusted credits
20,882,380
Material and supplies
1, 358,800
Corporate surplus..
rec.,less
Total
981,736
*5,007,358
1,944,968
1,247,177
stock.
858~907
Deferred charges
x
$
2,050,380
6,355,358
6,051,343
..
reserve
at
1935
$
notes and
Treasury
117,964
—
Deferred liabilities
641,045
1, 393,617
20,506,886
1,785,208
products
Mat'ls & suppl's
Investments
1936
•
54,807,700
58,094,300
94,128,357 Common 8tock.z59.235,791 y60,000,000
33,250
33,250
6,161,665 Notes payable..
Accts. payable.
2,203,908
2,525,696
1,329,995
1,340,752
3,833,816 Accrued taxes..
Def'd liabilities.
1,567,707
1,286,875
3,512,512 Minority Interest
in subsld's...
98,572
108,471
Earned surplus.
10,482,846
8,674,462
11,809,579
21,653,906 Capital surplus. 10,432,350
Marketable bds.
1,142,685
Unmatred
Net balance receivable from
Nil
profits and undistributed
Liabilities—
depr. & depl.) 93,407,797
Cash
reserve-
Interest matured unpaid...
excess
6,563,091
$0.26
Preferred stock.
Short-term notes
$70,031,284
Capital stock14,333
Governmental grants......
159,592,064
Long-term debt
3,982,714
Loans & bills payable
1,583,627
Traffic & car-serv. bal. pay.
1,357,338
Audited accts. & wages pay.
131,688
Miscell. accounts payable..
equlpm't.$234 391,855
$738,209def$4839,466
6,563,091
1935
$
Assets—
30, 1936
Liabilities—
$3,406,358 loss$3140680
1,683,666
1,698,786
984,483
984,506
Consolidated Balance Sheet June 30
Accts.
General Balance Sheet April
$1,180,594
$8,311,070
1,046,274
1,487,737
3,275,000
3,414,935 1
2,040
1,128,518
3,913,675
1,501
Federal taxes on
1
1936
•
102,116
2,487.890
2,536,672
163,645
$1,191,489 def$306,668
6,563,377
6,563,377
$0.43
$0.10
Surplus
Earnings per share..—
Fixed assets (aft.
April 30—
Invest, in road &
—^
Deprec. & depletion .
Minority interest...
58,634
1,115,929
11,153,300
2,590,006
807,047
12,989.785
3,343,719
a/Excluding dividends from Pere Marquette Corp. and on investment
assets no
Total income..—
Taxes
$931,595
248,999
$7,880,964
430,106
$9,539,268
517,188
.
Other income
com.
13,517
•
——
Co.—Earnings—
Ohio Oil
Sales.
Shs.
841
32,032
93,138
16,527
92,739
&c., of parent co
-
Cum. unpaid divs. on
—V. 143, p. 437.
Preferred
782
&c„ of subs..
subsidiaries
Interest, amortization of discount,
Reserved for retirements
Net
Income
$5,424,032
$5,667,637
5,575,249
5,903,324
5,177,653
5,938,793
6,933,944
6,297,791
1,396,744
7,927,257
7,835,5081oss2,780,9l3
7,979,860 loss4,410,434
7,844,485 lossl ,205,636
—$54,938,491 $11,091,669
H,478,573
53,619,600
52,876,520
11,116,446
56,385,456
13,231,735
46,533,186
9,324,001
36,551,359
5,054,595
29,158,468
3,569,426
30,647,506
6,638,849
33,143,864
7,588,976
34,243,513
8,650,492
-
1928.
_
„
.
Operating
Revenues
Calendar Years—
,
.
„
,
$141,863
32,032
Interest, amortization of discount,
Preferred dividends of
151,469
$135,387
Operating profit..
—$229,388,524
«U
_ —
1935
$293,332
158,570
and taxes
Gross income
6 Mos. End. June
Total capitalization
1936
$293,958
30—•
Operating expenses, maintenance,
1,216,477
debt..
-——. . -—- - _ _ - . ... $159,592,064
6% cumulative pref. stock, series A, and scrip (par $100)
36,053,726
Common stock and scrip (par $100)
--33,742,734
Total long term
Corp. (& Subs.)—Earnings—
Ohio Cities Water
12 Mos. Ended June
Gross
30,559,587
obligations
companies._—
bonds
drawn
Net loss..
—-$119,689,000
8,127,000
—;
—
announced the election to its board of directors of Ellwood
142, p. 1480; V. 141, p. 1939.
ternal
Hands of Public as of April 30, 1936
——
Title Insurance Co.—New Director—
New York
The company
M. Rabenold.—V.
-
of the Wheeling
Aug. IS, 1936
Chronicle
138,435,448
...
145,630,0561
138,435,448 145,630,056
Total
shares of preferred and 84,675 shares of common,
Represented by 6,648,052 no par shares, including treasury
Represented by 6,563,377 no par shares.—V, 143, p. 438.
Consists of 28,821
cost,
27,530,387
agents and
conductors—
Other current assets
Deferred assets......
Richmond Gas Co.—Seeks Exemption—
The company has asked the Securities and Exchange Commission to
exempt from registration under the Public Utility Holding Company Act
a proposed issue and sale on or after Sept. 1 of $2,125,000 of 4M % first
mortgage bonds, Series A, due 1961.
The issue would be used to refund
New York &
first refunding mortgage gold bonds due
similar amount of 6%
hearing on the exemption
p.
1951. A
application has been set for Aug. 29.—V.
142,
4349.
$61,978
38,196
8,657
on
$17,037
$210,444
34,601
$228,082
42,809
$19,532
5,208
234
48
funded debt-
$723,846
414,489
81,274
288
Gross income
$725,698
422,515
92,739
$17,555
3,950
Operating income
Other income
$58,120
34,458
6,625
$15,125
2,430
Operating revenues
Operating expenses..
Depreciation
Interest
1936—12 Mos.—1935
1936—Month—1935
Period End. June 30—
62
Other interest
2,495
North American
Light & Power Co. (& Subs.)—Earns.
1936
Operating expenses
-.
—
Maintenance..
3,167,421
Non-opearting revenues
—
$19,233,036 $17,820,171
—
.
Interest during construction..—
Divs. on pref. stocks of subsidiaries
8,354,145
268,153
57,827
Cr34,908
1,185,244
of subsidiaries accumulated
273,877
63,404
08,222
1,172,940
deductions
American Light & Power Co.
2,228,732
CY734
1,584,965
4,558,857
4,497,671
$2,615,717
but not declared—portion earned
Minority interests
Appropriations for retirement reserves
Balance after above
8.617,497
$1,618,834
1,292,862
1,338,496
CY797
divs. accumulated but not
$1,322,854
Divs. on pref. stocks
$280,337
617,965
subsidiaries.-
1,261,803
of subs, accumulated but nor
declared—portion not earned
Net Income
$704,889 def$981,465
—
831
6,698
4,085
102,875
'
8,570
$6,575
$97,330
$93,902
4,000
2,500
20,600
33,400
Fed. income taxes incl.
in operating expenses.
—V. 143, p. 121.
Oro Dinero Mines,
-
See list given on
Otis Steel
Inc.-—-Registers with SEC—
first page of this department.
Co.—Earnings—
,
/.
,
Earnings for the 3 Months Ended June 30, 1936
Operating profit.
Bond interest and amortization
Federal income taxes
$1,280,193
216,000
*
-
■
178,766
-
Depreciation
133,753
(.c
$751,674
stock (no par)
$0.65
Note—No provision has been made for surtax on undistributed profits.
For six months ended June 30,1936, net profit was $900,350 after charges
and taxes, equal to 59 cents a share on common, comparing with $1,387,855
or $1.17 a share on common in first half of 1935.—V. 143, p. 932.
Net profit
Earns, per share on 841,002 shares common
—
Oliver United Filters,
and
declared over earnings
ft*
$5,458
charges
-
Inc.—Earnings—
Period Ended June 30— 1936—3 Mos.—1935
Net income after taxes
Net inc., excl. of deficiencies of certain subs, for
the 12-month period arising from excess of pref.
Mi
6,694
pref.stk
Balance
a818,682 —"756,024
Amortization of bond discount & expense
Other interest charges
on
-
$270,891
62,500
3,835
92,421
-
:
Grossincome
Interest charges of subsidiaries—
Interest on funded debt
---1
Int. charges of North
2,572,678
——$18,291,036 $17,756,548
941,999
63,623
Net operating revenues
Divs. on pref. stocks
2,665,279
3,401,477
—
Taxes, other than income taxes
Pro vision for income taxes—
..
deductions
Divs. accrued
1935
$43,640,126 $41,062,559
17,961,509 17,312,029
Total operating revenues
Other
'*
$245,045
49,565
1,894
Amortization deductionsi
12 Months Ended June 30—
of such
Commission has issued a stop order sus¬
filed by the company.
Orange & Rockland Electric Co.—Earnings—
$286,595,733
Total—..:
...$286,595,733
-V. 143, P. 764.
a
Association—Stop Order—
The Securities and Exchange
pending the effectiveness of the registration statement
2, 395,346
Unadjusted debits
Total
z
Old Monroe Brewing
264,225
6,929
549,929
Int. and divs. receivable.
shares,
y
loss$5,153
$80,836
1936—6 Mos.—1935
„
$4,224
$106,256
of June 30, 1936, were $1,017,799, including $380,448 of cash.
Current liabilities were $195,434, resulting
in net current assets of $822,365, a ratio of 5.2 to 1.
Billings for the second
quarter of 1936 showed a decrease of approximately 16% under the com¬
Current assets after deducting reserves as
for Federal surtax based upon
parable quarter of 1935.
Edwin Letts Oliver, President, says:
'
Due to the fact that most of the company's products are custom
to
and in
.
made for the six months ended June 30, 1936,
undistributed income, as it is impracticable
estimate it at this time.—V. 142, p. 3518.
a
No allowance has been
..
built
relatively large units, the flow of shipments from its plants is ierrgular;
Volume
Financial
143
1087
Chronicle
Comparative Balance Sheet June 30
Assets—
Currently telling at about $3
share
per
Petroleum Conversion Corporation
(Common)
Other investments.
Bonds
LANCASTER & NORVIN GREENE INC.
ST.,
Co.'s
N. Y.
Prepaid
a report covering any period less than six months fails to properly
our trend.
As a guide in judging the activities of the company,
the results of operations for the 12 months ended June 30, 1936, are set
forth: Net profit of $149,828 after all charges and taxes, equal to approxi¬
Glass Co.—Subsidiaries
p.
Merged—
1936
Net profit from operations
Additions to income
511,276
479,220
$50,371
18,286
loss$32,517
10,596
$29,747
77,462
38,349
loss$21,920
79,159
3,078
$244,577
Total profit
Bond and other interest.
Other deductions
$15,059
14,688
$68,657
77,531
235,703
.
$616,223
$472,343
420,133
$0.66
406,369
$1.51
420,133
$1.12
Telephone & Telegraph Co.—Earnings—
$446,703
510,082
depletion & taxes).
$526,335
$86,063
$104,158
Note—The above figures do not include any provision for income or un¬
distributed profits tax.—V. 142, p. 3356.
[Including Associated Companies]
Period End. June 30—
Net income after taxes &
$4,257,972
$2.05
$1.67
000
shs.
common
$3.80
(par
$100)
$94,760,820 $89,496,592
Maint., oper. exps., taxes (excl. Fed. income taxes)
and
reserves
for casualties and uncollec. acc'ts..
40,491,786
12,538,280
15,011,211
1,781,693
1,999,000
Reserve for depreciation
Bond interest and discount
Provision for Federal income taxes
x Provision for gas revenue in
dispute
Balance
Dividends accrued
on
Dividends accrued
preferred stocks
on common
stock
.....
$22,938,850 $18,153,431
8,072,916
8,120,470
9,395,647
9,401,299
Pacific Western Oil Corp.
(& Subs.)- -Earnings—
1935
1934
1933
$2,062,262
352,800
$2,095,086
335,425
$1,940,516
317,280
$1,705,391
$1,709,462
414,503
19,706
308,267
260,929
48,977
63,799
231,413
$1,759,661
435,332
41,576
208,347
$1,623,236
353,420
6 Mos. End. June 30—
1936
Gross inc. from all oper._ $1,844,517
Oil and gas royalties
Dividends received
283,126
144,000
Expenses.
,
Prov. for abandonments
118,986
98,559
269,949
65,800
50,738
29,818
75,000
Depletion & lease amort.
Depreciation, &c
Amort. & insurance
Ordinary taxes
Interest
"
Fed. income taxes
Net profit
Earns, per sh. on 1,000,000 no par shs. cap. stk
$643,121
$286,272 loss$172,740
$361,867
$0.64
sh.
per
on
6,261,255
$5,470,287
$2.37
common shares
$631,662
' $1.60
This item represents amount billed against natural
gas consumers dur¬
ing the period July 1, 1935 to April 30, 1936, in excess of rates fixed by the
California Railroad Commission.
The U. S District Court has not yet
acted upon the Commission's application for a
x
rehearing in connection with
June 30 '36
Assets—
$0.36
Jan.
Inventories..
$404,416
377,644
110,871
Accts. receivable.-
June 30 '36
1
110,203
$139,692
$223,683
Coll. notes pay—
1,250,000
750,000
Due to brokers on
stock purchases.
Deferred credits
cost
Tax
ciated Oil Co.:
reserve
covering the amount of the disputed rates from July 16, 1933 to
April 30, 1936 has been set up in the company's balance sheet.
360,000
z
shs.
1,302,768
13,770
144,682
conting.
reserves
8~899
219,682
__
and
royalty
TldeWater Asso¬
$
Current liabilities.
Invetment assets at
the Court's decision, announced in March, 1936,
ordering the issuance of
a permanent injunction
restraining the enforcement of the rates for natural
gas fixed by the Commission in the latter part of 1933.
An appropriate
10,000,000 10,000,000
Capital stock
The company, it is reported, is negotiating to refund
$35,782,000 5%
gen. & ref. bonds of 1942 at a 3M% coupon or better.
The bonds are
redeemable after Jan. 1, 1937, and any subsequent interest date at
par
interest.—V.
June
s
Cash
receivable.
Inventory
X
1,897,095
1,704,853
6,129,383
5,917,481
14,907,595 12,579,506
48,527
75,617
Other assets
277,468
296,762
72,657
44,157
22,608,858 22,643,349
Liabilities—
reserve
$
Notes payable
7,000,000
Sundry accts. pay. 2,086,043
Accrd.
local
taxes
181,505
y
General
Disc,
$
4,750,000
1,522,070
215,873
409,736
doubt¬
ful accounts.
,
June 29,'35
12,000,000 12,000,000
reserve.
and
500,000
500,000
Surplus
19,806,150 19,806,150
4,319,358
3,982,279
Total
1936.
Represented by 1,000,000 no par shares.—V. 142, p. 3357.
z
for depreciation of $21,808,171 in
1936
Aug. 7, 1934.
The earnings for the 6 months ended June 30
p. 932.
were
...
8,132,266
6,732,602
4,206,790
1,805,554
Reserve
U. S. Govt. secur.c6,724,785
4,712,076
Def'd install, notes
1,636,491
Other
marketable
1936
Dividends
Interest
Total
Interest
on
on
1935
1934
Cash in closed bks.
After
49,454,711
594,360
b Represented
depreciation,
on
$432,900
'74,814
2,634
fees
$319,860
85,000
$510,347
85,000
$460,459
85,607
_
16,200
14,100
17,799
&
Park &
Fees of trustees, transfer
agents, &c
Gen. exps., incl salaries
8,039
9,193
6,061
7,076
5,536
26,642
2,000
21,566
25,331
xl25,000
5,049
26,429
33", 807
$726,588
1,257,129
$178,906
965,220
$356,175
557,058
$292,379
Prov. for contingencies.
Prov. for Fed. inc. taxes
Net income
Earned surplus, Jan. 1__
Earned surplus
Divs. on pref. stock
$1,983,717
102,860
42,105
$1,144,127
154,291
Earnedsurpl. June30. $1,838,752
$966,836
on
1936—3 Mos.—1935
$134,409
Parke Davis & Co. (&
cl. A
com.
stk-
Prov. for contingencies,
$913,233
102,860
$299,142
$810,372
$299,142
$71,323
$176,596
141,
p.
3255;
1935
1936
$10,590,064 $10,589,980
267,788
255,461
Other income
$10,857,852 $10,845,441
219,780
153,625
478,262
478,245
1,551,321
1,479,814
Foreign exchange deductions
Depr. & amort, of patents
Federal income taxes
Net profit
$8,608,489
$1.76
$8,733,757
$1.78
The income account for quarter ended June 30,1936, follows:
Operating
profit $2,084,496; other income $113,785; foreign exchange credit $776; total
income
$2,199,057; depreciation
Federal income taxes
per
and amortization of patents $119,344;
$332,642; net income $1,747,071 (equal to 36 cents
sh.).
The income
account
for
the
6
months ended June
30,
1936, follows:
Operating profit $4,885,624; other income $178,276; foreign exchange credit
$6,849; total income $5,070,747; depreciation and amortization of patents
$238,688; Federal income taxes $772,294; net income $4,059,765 (equal to
23,000
Does not include Federal surtax upon undistributed net income for
the
six months ended June 30, 1936.
x
1936—6 Mos.—1935
Subs.)—Earnings—•
12 Mos. End. June 30—
Earn, per sh. on 4,891,169 shs. (no par).
6,762
$50,544
Note.—No provision for surtax on undistributed profits.—V.
V. 142, p. 3357.
'
80,319
33,880
and taxes
56,209,151 49,454,711
15,000,000 no par shares,
d After crediting the
143, p. 599.
Tilford,Inc.-^Earnings—-
Total income
__
by
Securities carried at Dec. 31, 1935, market price,
account with $10,000,000 reduction in capital.—V.
c
$372,102
18,100
debentures.
service
expenses.
38,148
1,891,645
14,700,752d11,904,595
Total
673,205
899,604
911,313
Surplus
Operating profit
revenues
Research
Divs.
1933
$249,350
68,888
1,622
$997,761
85,000
stocks
1,671,631
Inc.
Other reserves1,853,755
513,379
4,587,303
376,198
632,563
56,209,151
Total
misc.
Fed.
tax
taxes
$915,928
74,983
6,849
bonds, &c
for
7,716,882
Deferred charges..
for
items
Res.
cl,219,508
securities
Cash
a
b Capital
Net profit after chgs. &
Income Account for 6 Months Ended June 30
Profit from sales of secur
$
-
rec.
Inventories
Notes & accts,
published in V. 143,
Investors, Inc.—Earnings—
1935
$
Liabilities—
^Property acct
Period End. June 30—
Pacific Southern
1936
^
stock.-.30,000,000 30,000,000
Accts. payable, &c. 3,479,155
3,684,241
Dividends payable 2,250,000
Misc. current liab. 1,342,545
1,036,578
($21,425,108 in
1935).
y General reserve of $12,000,000 and $5,277,461 of the
surplus,
both created out of the surplus
arising from reduction of capital stock as of
-Balance Sheet June 30
Subs.)
1935
^
26,411,236 27,835,561
Rts., privs. & inv.
1
622,983
Mtgs. & misc. inv.
530,118
a
45,893,056 43,186,108
_____
17,803,644 15,361,874
Total
$193,755
1936
y
45,893,056 43,186,108
17,803,644 15,361,874
,1
June 27,'36
818,109
1,461,230
x 337,338 shares common stock on June30,1936, and 208,131 shares on
Jan. 1, 1936.
y After reserve for depletion, depreciation, amortization and
abandonments of $10,039,612 on June 30,1936, and $9,529,714 on Jan. 1,
1935
Processing taxes
cos.
Total
After
9,503,457
Packard Motor Car Co,
Capital stock
x
9,079,456
equipment
Balance Sheet
$
on
Plant
1936
$270,627
27,'36 June 29/35
Assess—
deps. mutual
Prepaid items
Lands, leases &
and
Corp. (& Subs.)—Earnings-
Pacific Mills— Comparative
prems.
Earned surplus.--
3,416,500
Cap.surpl.-paid-in 3,416,500
2,106,743
Total
Quarter Ended March 31—
Net income after deprec., &c.,
charges
—V. 142, p. 3685.
Insur.
2,783,791
5,081,731
143. p. 438.
Pacific Greyhound
Accts.
2,783,791
Mission Corp...
y
Refund $35,000,000 in Bonds—
common stk..
x
To
Jan. 1 '36
$
Liabilities—
$370,904
328,361
Nil
$0.28
Sheet
1, '36
$
$
Cash
382,850
97,078
274,426
533,352
85,757
77,980
344,533
317,774
54,057
71,884
344,419
Consolidated Comparative Balance
Balance
Earns,
38,782,392
12,485,549
15,455,903
2,496,317
2,123,000
$3.16
—V. 143, p. 767.
Balance
1935
1936
$8,175,364
$9,315,161
Earns, per sh. on 1,805,-
(& Subs.)—Earnings—
12 Months Ended June 30,
Gross revenue, including miscellaneous income
1936—6 Mos.—1935
1936—3 Mos.—1935
$4,937,099
charges
.
Pacific Gas & Electric Co.
1936—6 Mos.—1935
$278,094
per share
143, p. 282.
Pacific
1934
1935
$560,454
(& Subs.)—Earnings—
406,369
$0.75
Earnings
Co.—Earnings—
3 Months Ended June 30—
$7,872,939 $6,896,480
Total
$307,171
(no par)
—V.
Pacific Coast
1,417,564
966,836
25,000
1936—3 Mos.—1935
taxes, deprec., int .sub.
pref. divs., &c
Shs.of $1.301st pref. stk.
an initial dividend of 25 cents per share on
stock, no par value, payable Sept. 30 to holders of record
c
c51,352
168,421
50,560
Capital surplus— 1,417,570
Earned surplus— 1,838,752
Pacific Public Service Co.
The directors have declared
common
Class B com. stock
53,620
10,384
2,839
2,700
$7,872,939 $6,896,480
Period End. June 30—
Net profit after Fed. inc.
932.
Sept. 15.—Y. 143, p. 121.
53,620
11,777
6,894
3,150
Represented by 68,573 shares no par.
b Represented by shares of $1
c Represented by shares of $0.10 par.
d Based upon current quota¬
tions $6,616,672, June 30, 1936 and $4,596,390 June 30 1935.
Notes—There were outstanding at June 30, 1936 warrants entitling the
holders to purchase 265,774 shares of class B common stock before July 1,
1940 at $10 a share.
The company is also obligated to issue before Jan. 1,
1938 warrants entitling the holders to purchase, under conditions set forth
in a contract, dated March 19, 1936, not to exceed 60,000 shares of class B
common stock before Jan. 1, 1942 at $3 a share.—V. 142, p. 794.
Pacific Can Co.—Initial Common Dividend—
the
685,737
con¬
a
The assets of two wholly owned subsidiaris—Enterprise Can Co. and
Owens-Illinois Can Co.—have been merged and the former company dis¬
solved.
The entire can manufacturing business is now being carried on
by Owens-Illinois Can Co.—V. 143,
685,737
bl68,421
for
tingencies
par.
mately $2.59 per share on 57,950 shares of A stock outstanding, or 17 cents
per share on 198,891 shares of B stock after allowing for $2 per share on the
A stock.—V. 142, p. 4032.
Owens-Illinois
$3 pref. stock—
Class A com. stock
Reserve
a
expenses.
Total
therefore
reflect
78,971
3,480,000
gold
5%
deb series A
681,862
54,893
295,014
Divs. receivable-_
Acer. int. receiv..
Hanover 2-0077
45,125
3,480,000
received
3,822,016
debens
own
(cost)
A. T. & T. Teletype NY-1-1786
Sec. bought & not
20-year
stocks 4,347,923
Preferred stocks
673,079
$23,390
$185,982
Acer. exps. & taxes
dlnv.sec.(at cost):
Common
1935
19S6
Liabilities—
1935
$951,131 $1,219,838
50,247
11,472
1,480,103
1,036,856
Sec.sold & undeliv.
Additional information on request
30 BROAD
1936
Cash.
83 cents per sh.).
Note—-No provision was made for surtax on undivided profits inasmuch
it is the intention of the company to pay out all its earnings in dividends.—
V. 142, p. 3687.
Financial
1088
Parmelee
Phillips Petroleum Co.—To Offer Rights—
Transportation Co. (& Subs.)—Earnings—
1936—3 Mos —1935
Period End. June 30—
stockholders says:
the company has purchased in the open market or
acquired 286,614 shares of its own issued stock. No stock has
been purchased or sold in the open market since 1930. The 286.614 shares
stand on the books of the company at approximately $30 per share.
The
management has recommended and the board of directors has approved
a plan which, after Federal registration, will give stockholders the benefit
of the low cost of this stock by offering them approximately this number
of shares at $30 per share.
In order to provide sufficient stock to enable them to receive pro rata
the right to purchase one share of stock for each 14 shares held, it is neces¬
sary to bring the total up to 296,631 shares, an increase of 10,017 shares
over the stock now held by the company.
Counsel have decided that the
Frank Phillips, President, in a letter to
1936—6 Mos.—1935
From time to time
Net profit after int. ,de-
otherwise
but before Fed.
prec.
loss$72,255
$112,976
inc. taxes
$198,047
loss$142,582
—V. 142, p. 3357.
Patino
&
Mines
1935
1936
(Inc.)—
1934
£420,984
£459,905
Prod. cost, tax & cont.,
&c_.
1933
£561,941
£228,149
298,994
296,111
398,194
175,293
£160,911
£124,873
76,260
50,000
£163,747
75,985
£52,856
75,651
-
Profit
Prov.
Consolidated
Enterprises
3 Mos. End. Mar. 31—
Income from min'g op._
Depr. & depletion.
Reserve and exchange.
for
Bolivian
76,662
_
•
-
-
-
best way to proceed is by the authorization of the
new stock and the cancellation and retirement of
•
inc.
26.058
tax
Exchange loss other than
prod
Net profit
the purchase by the stockholders of the entire
for the treasury would be $8,898,930. The
could either exercise his rights or sell them.
The proceeds from the sale of this stock would be applied to the payment
of all bank loans and the first maturities of the private loans incurred in
the retirements of the company's debentures last year.
The remainder
would apply to the reimbursement of the treasury for capital expenditures
made during the first six months of this year and to other corporate pur¬
poses. After such payments the company will have no bank loans and the
private loans will have been reduced to $12,000,000 with no maturities for
four years from Dec. 1, 1936.
This amount will represent the indebtedness
remaining from an issue of $40,000,000 5M% debentures made in 1927.
stockholder
£87,762 loss £22,795
loss £1,387
£30,239
...
entire 296,631 shares in
the 286,614 shares now
held, after which the total issued stock would be 4,449,467 shares, reflecting
an increase of only
10,017 shares. No underwriting expense is contem¬
plated, and giving effect to
296,631 shares the amount
27,952
—V. 142, p. 3357, 3687.
Penn
1936
15,
Aug.
Chronicle
Valley Crude Oil Corp.—Earnings—
Month of July—
1935
1936
Net profit after depl., deprec., Federal
porate taxes but before drilling costs
—V. 142, p. 3687.
and cor¬
$7,858
$15,314
Consolidated Income Account
(J. C.) Penney Co.—Sales—
Month of—
January
February
1936
1935
1934
$13,964,419 $12,924,114 $12,440,233
13,692,430
12,040,899
11,741,901
16,282,456
15,511,ol4
16,4^4,080
19,759,157
17.591,998
15,475,133
20,639,831
16,976,710
17,084,631
21,474,807
17,934.548
16,796,586
18,475,110
15,919,033
13,967,193
March
April
May
June
July
—V.
x
Gross income
$8,689,376
8,455,073
10,234,073
14,591,329
14,431,647
x
Exp., cost of products
sold, oper. ex p., taxes
14.628.193
Net profit
Earnings per share.--
to
Pennsylvania Salt Mfg. Co.—Earnings—
depl..
Fed.
State
&
$891,086
$757,236
stock
cap.
$5.05
$2.17
$5.94
$5,019,975
$1.77
$1.21
-Earnings1935
1934
loss$14,335
loss$15,047
1936
30—
$24,731
18,545 shs. (no par)
—V—141, p. 3391.
—V. 142, p. 4188.
Philadelphia & Reading Coal & Iron Corp. (&
Pennsylvania State Water Corp. (& Subs.)— -Earnings
1936
1935
$1,199,138
534,982
$1,185,019
537,041
$664,156
1,588
148
152
400,895
52,219
396,110
61,901
$209,304
133,714
$189,322
133,714
$75,590
Operating expenses, maintenance and taxes
...
Interest and other deductions of subsidiaries
$55,608
Minority interest
i
Interest, amortization of discount, &c., of parent co»
_ _
Reserved for retirements
...
...
Preferred dividends.
12 Mos. End. June 30—
Net sales &
$647,977
12 Months Ended June 30—
Gross earnings
Balance for common stock and surplus
-V. 143, p. 283.
490
prec.,
$39,141,990 $38,754,774 $45,906,600 $32,704,644
sftl^s incl
ciO"**
deple. & exp
■*
Other income
42,297,860
34,823,358
$494,686
$l,402,493pf$3.608,740
$2,118,714
204,189
277,515
327,353
$1,097,117pf$3,886,255
$1,791.361
39,636,676
Loss from oper
-
$290,497
3,087,337
Total loss.
40,157,267
305,376
863,460
Other charges:
Net loss
3,166,385
757,740
3,206,291
670,326
3,108,742
840,065
$4,241,294
Interest
$5,021,242
prof$9,638
$5,740,168
30, 1936, $643,357 was assingcorporation, as compared
a similar loss of $860,660 in the
12 months ended June 30, 1935.
142, p. 3359.
Of the loss for the 12 months ended June
able to the iron manufacturing activities of the
with
Phoenix Hosiery
[Including Affiliated Corporations]
*
of
d/Ost
Co.—Accumulated Dividend—
share on account
Sept. 1 to holders
in each of the 13
compared with 88 H cents paid on March 1,1933 and
1933
The directors have declared a dividend of 87 H cents per
$9,870,173
134,408
$9,072,708
131,078
1934
$8,015,235
119,607
$7,492,015
116,936
of the 7% cumulative preferred stock, par $100, payable
of record Aug. 19.
A similar payment has been made
$10,004,581
$9,203,786
$8,134,842
$7,608,951
preceding quarters as
87 cents on Dec. 1, 1932.—V. 142, p. 3688.
9,394,516
crl6,259
8,765,863
7,630,956
7,400,646
1,154
2,624
QMos. End. June 30—
1936
Net Sales
Other store income
&
gen,
Subs.)
1933
1934
1935
1936
other oper.
income.-
—V.
Peoples Drug Stores, Inc.—Earnings—
(incl. admin.
expenses)
Nill
Nill
$1.33
stock
cap
$8.57
$7,336,302
1.84
after exps., deprec.. Fed.
Earn, per sh. on
(par
$50)
$3,477,640
& state income taxes
$325,745
Earn, per sh. on 150,000
shs.
29,866,965
7,407,671
gasoline taxes collected and paid
Federal and State governments.—V. 143, p. 599.
Net profit
$1,285,645
34,426.809
7,649,957
Excludes inter-company business and
6 Months Ended June
Net profit after deprec.,
local taxes
$4,180,143
$1.01
15,705,249
3,665,825
Philadelphia Insulated Wire Co.-
1933
1934
1935
3,815,397
•
13,557,830
x
1936
18,264,384
and interest
Deprec., depletion, &c-_
143, p. 933.
Years End. June 30—
1936—3 Mos.—1935
1936—6 Mos.—1935
$26,259,924 $22,848,715 $49,413,068 $42,294,612
Period End. June 30—
1933
1935
Pierce-Arrow Motor
'
Other deduc., (net)
Est'd Fed. income tax..
93,948
61,397
78,649
9,090
28,886
$532,376
62,741
122,622
$375,372
62,741
182,081
$422,613
66,821
118,827
$170,329
68,130
59,693
$347,013
$130,550
$236,964
245,324
$1.27
118,837
$2.99
118,837
$0.86
The company
Corp.—Plans to Build Trailers—
few weeks of an
is planning to start production within a
trailer for the tourist trade.
This will represent the first
invasion of the trailer manufacturing industry by an automobile manu¬
$42,506
245,324
$1.91
•
automobile
facturing company.
Net profit
Dividends on pref. stock
:
Dividends on com. stock
:
Balance
Shares
stock
com.
Note—No provision has been made for Federal surtaxes on undistributed
profits.
of June 30, 1936, including
$1,615,875 cash, amounted
to $4,345,517 and current liabilities were $1,228,096.
This compares with
cash of $1,762,176, current assets of $4,763,495 and current liabilities of
$1,177,506 on June 30, 1935.
Inventories totaled $2,636,201 against
$2,919,860.
Total assets on June 30, last, aggregated $7,597,257 as com¬
pared with $7,775,274 on June 30, 1935, and earned surplus was $2,539,317
against $1,745,143.
as
demand for
Pittsburgh & Lake Erie RR. -Earnings—
out¬
standing (no par)....
Earnings per share
Current assets
of automobile trailers in this country now amounts
35,000, and some manufacturers estimated that there is a potential
more than 200,000 a year.
At present there are about 200
manufacturers, some producing only a few trailers a year.—V. 142, p. 2902.
The annual production
to about
„
Period End. June 30—
Railway oper. revenues. $1,878,890
Railway oper. expenses.
1,386,725
Railway tax accruals.__
154,604
Equip. &jt. facil. rents *
152,258
a special dividend of 50 cents per share in
quarterly dividend of 25 cents per share on the
value, both payable Oct. 1 to holders of record Sept. 8.
An extra dividend of 50 cents was paid on Jan. 2, last, and an extra of
25 cents per share was distributed on July 1, 1935.
The company paid a,
stock dividend of 100% on Dec. 31, 1934.—V. 143, p. 934.
to
the regular
Mrs.
The post had been vacant
5,
since the death of her husband last September.
—V. 130, p. 637.
Pfeiffer Brewing
§Mos. End. June 30—
Proceeds
217.080
$347,255
charges
$504,018
75,507
5,457
60,914
8,286
$2,263,765
387,168
44,545
$1,927,496
340,600
246,375
income
$423,054
$278,055
$1,832,052
$1,340,521
stock (par $50)
$0.49
*
Credit balance.—V. 143, p. 768.
$0.32
$2.12
$1.55
Net
Net income per share of
from
sale
1936
1935
Pittsburgh Terminal Coal Corp.Net
loss
$132,185
12 Months
$692,935
1934
depreciation, depletion, &c._.
—V. 142, p. 3360.
—
waive
Expense
on
$3,832,871
327,717
$3,187,931
349,705
$138,318
$7,238,737
Total income
$4,160,588
$3,537,636
$280,551
734,000
y$4,666,330
stock out¬
standing (par $25)--5,071,240
Earns, per share.
$0.92
Interest
Depreciation
Fed. & state inc. taxes--
Net profit
of
a
$203,821
Commission has authorized the company to
to
$319,000
of equipments trust
1936—3 Mos.—1935
1936—6 Mos.—1935
000
shares
—V. 143, p.
Postal
of
$456,993
$146,014
$818,155
$331,847
$0.43
depl., Fed. taxes, &c_
Earn, per sh. on 1,050,-
$0.14
$0.78
$0.32
capital
$5)
121.
Telegraph Land Lines System-^-jEarnings—
Period End. June 30—
409,896
521,046
Teleg. & cable op. exps.
1,013",740
859",945
470",671
Uncollec. oper. revenues
Taxes assign, to oper
317,000
$2,624,697
$2,067,795
x$711,166
5,342,922
$0.49
5,342,922
5,342,922
1936—Month—1935
1936—6 Mos.—1935
$2,051,850 $1,815,328 $11,547,194
10,946,527
1,820,649
1,698,145
10,601,761 10,195,995
2,500
15,000
35,000
90,000
40,000
41,667
240,000
250,000
200,000
205,151
_
$188,701
2,592
$60,516
1,127
$670,433
16,029
$410,533
6,577
$191,292
237,326
$61,643
229,597
$686,462
1,413,950
$417,110
1,361,084
$46,034
Operating incomes
Non-operating income.
$167,954
$727,488
$943,974
cap.
-
Loss,
Exclusive of surtax
$0.39
Nil
undistributed profits.
Bank loans have been reduced $1,501,000 since Dec. 31, 1935, leaving
balance outstanding as of Aug. 1 of $6.100.000.—V. 142, p. 3184.
x
$274,838
Net profit after deprec.,
Tel eg. & cable op. revs.
163,042
112,616
1,562,749
Shs.
142,233
closed down
property
Commerce
redemption rights with respect
of 1934.—V. 143, p. 934.
stock (par
$6,738,193
500,544
.--
1936—6 Mos- -1935
$134,446
Plymouth Oil Co. (& Subs.)—Earnings—
metals, &c
$29,229,712 $24,090,761 $18,682,807 $11,729,450
Costs, expenses, tax, &c 22,491,519
20,257,890
15,494,876
11,591,132
Profit
$139,114
certificates
Period End. June 30—
1933
of
Other income
-Earnings—
1936—3 Mos.—1935
after
The Interstate
3 Months
Phelps Dodge Corp. (& Subs.)—Earnings—
r
87,729
Pittsburgh & West Virginia Ry,—Change Approved—
Co.—Earnings—
Period Ended June 30, 1936—
Net earnings after provision for Fed. income taxes
—V. 142, p. 3359.
$1,710,416
$2,176,036
Period End. June 30—
Edward L. Doheny was elected Chairman of the board on Aug,
6,336,315
608,287
872,951
13,112
Miscell. deductions
no par
Petroleum Securities Co.—New Chairman—
$7,782,067
798,229
1,041,611
$334,143
Special Dividend—
stock,
common
1,156,029
109,987
139.487
$9,599,992
7,667,338
14,199
Total income
The directors have declared
addition
;
1936—6 Afos.—1935
1935
$1,460,672
$489,819
Net ry. oper. incomeOther income
Fixed
50 Cent
1936—Month
y
Gross income
Deductions
on
Net deficit
-V.
143, p.
440.
Volume
Financial
143
Principal Underwriters
(1) As to the Bondsalse
Halsey, Stuart & Co., Inc., Chicago
(2) As to the Preferred Stock—
Arthur Perry & Co., Inc., Boston
Tifft Brothers, Boston
—V. 143, p. 934.
Pond Creek Pocahontas Co.—Earnings—
Period End. June 30—
Net profit after charges
and
143, p. 440.
_
„
loss$4,585
taxes
Earn, per sh, on 169,742
(no par) shares
—V.
1936—6 Mos —1935
1936—3 Mos.—1935
Nil
'
.
$155,646
$99,927
$29,817
$0.91
$0.59
$0.17
Co. of New
York has
been
appointed agent to
Chicago, HI.—V. 141,
;
to
an
extra
a
Period EntW^hne 30—
1936—Month—1935
Gross earnings
$1,199,462
$1,095,340
i
addition
stock, no par
dividend of 70 cents per share in
dividend of 10 cents per share on the common
Operation
Balance
Balance
Int. and amortizati on
Public Service Co. of New Hampshire—Bonds Offered—
Halsey, Stuart & Co., Inc., on Aug. 12 offered to the public
$1,000,000 1st mtge. 3J/£% bonds, series E, dated Aug. 1,
1936, and due Aug. 1, 1961, at 104.125 plus accrued interest.
Preferred Stock Offered—Offering was made the same date
by Arthur Perry & Co., Inc., and Tifft Brothers of 4,860
shares of $5 div. series pref. stock.
The shares were priced
at $97.25 plus accrued dividends from June 15,
providing
a current return of
approximately 5.14%.
Balance
$6,316,611
416,800
$5,522,256
416,800
$447,154
323,744
£6,733,411
3,834,581
$5,939,056
3,888,030
$123,410
$2,898,830
$2,051,025
1,402,346
reserve
Prior preference dividend requirements
Preferred dividend requirements
Deficit for
com.
1,354,680
.
550,000
1,583,970
divs. and surplus
$637,485
_
550,000
1,583,970
$1,437,624
-V. 143, p. 284.
Pullman
Co.—Earnings—
[Revenues and
expenses
Period End. June 30—
of
Total expenses
Net
and auxiliary operations]
car
„
$407,509 def$330,671
revenue
principal office of trustee.
$500, registerable as to principal only, and inter¬
changeable with fully registered bonds of denom. of $1,000 or multiples
thereof.
Redeemable at option of company all or part at any time upon
30 days' notice at principal amount plus, if red. on or before Aug. 1,
1960,
the foliowidg premiums: 5% through Aug.
1, 1941; 4% thereafter through
Aug. 1, 1946; 3% thereafter through Aug. 1, 1951; 2% thereafter through
Aug. 1, 1956; 1% thereafter through Aug. 1, 1960; in all cases with accrued
interest to redemption date.
Company covenants to reimburse the bearer
or registered holder of series E bonds for taxes
imposed upon and paid by
such bearer or registered holder under any
present or future applicable law,
as follows:
(a) for any income tax of the United States of America to an
amount not exceeding 2% of the interest on the bonds;
(b) for any income
tax of Mass. to an amount not exceeding
6% of such interest.
Description of Preferred Stock—This issue of pref. stock, $5 dividend series,
will constitute part of a total issue of pref. stock of 97,167
shares, of which
82,777 shares are pref. stock, $6 dividend series, and 14,390 shares are
pref. stock, $5 dividend series.
Preferred stock consists of one class but
may be issued in one or more, or all of seven series, each series bearing the
distinguishing dividend rate expressed in dollars which, under the charter
of the company may be $5,
$6, $6H, $7, $7H and $8.
Each series
of preferred stock is entitled to cumulative dividends at rate of but
never
exceeding the number of dollars stated in the designation of the series.
All
dividends are payable quarterly or half-yearly, in the discretion of directors
but only but of such surplus or net earnings as shall be made
applicable to
the payment of dividends by the board.
Dividends on the $5 and $6
dividend series are being paid quarterly; March,
June, Sept. and Dec.
Holders of pref. stock are entitled to dividends before
any dividend shall be
paid on, or set apart for, the common stock.
Preferred stock has no voting
power except that if at any time dividends shall be in arrears to an amount
exceeding one-half the number of dollars stated in the designation of the
series, then so long and only so long as such arrears shall exceed such amount
$2,293,417df$l,536,459
_
$154,374
128,545
$133,739
$25,829
revenues
Total expenses
the United States of America at the
'
_
_
$4,219,750 $27,147,671 $23,492,588
4,550,422
24,854,254
25,029,048
4,297,899
Auxiliary Operations—
Total
*
1936—6 Mos.—1935
1936—Month—1935
Sleeping Car Operations—
Total revenues
$4,705,408
payable in legal tender of
$957,266
755,604
$14,314
$812,623
725,473
$201,661
119,425
$87,150
$1,000 and
such share shall have the
Net
dividend series
a
Operating income
—V. 143, p. 284.
def$439,275
$l,168,046df$2,24l,938
$174,671
Pullman, Inc. (& Subs.)—Earnings—
Period End. June 30—
Net profit after deprec. &
1936—6 Mos.—1935
1936—3 Mos.—1935
„
normal Fed. inc. taxes
x$2,493,717 loss$413,299 x$2,693,980
Earns, per sh. on 3,820,'
i
182 shares capital stk.
(no par)
$0.39
Nil
$0.70
x
Before
$266,838
$0.07
provision for surtax on undistributed earnings.
For the 12 months ended June 30,1936, there was a net profit after similar
deductions of $2,153,414 or 56 cents a share, compared with net profit of
$2,900,394
or 75 cents a share in corresponding 12 months ended June 30,
1935.—V. 142, p. 4189.
Earnings
Purity Bakeries Corp. (& Subs.)
28 Weeks Ended
12 Weeks Ended-
Period—
July 11 '36
July 13 '35
July 11 *36
July 13 '35
minority interest, &c_
$257,581
$69,796
$68,968
$249,259
Earns, per sh. on 771,476
shs. com. stk. (no par)
$0.33
$0.09
$0.09
Net profit after interest,
deprec.,
Fed.
taxes,
,
$0.32
—V. 143, p. 934.
'
Radio-Keith-Orpheum Corp.—Earnings—
26 Weeks Ended June 27—
Profit after int., deprec., taxes & minority int—
1st mortgage 3%% bonds, series C
Preferred stock $6 dividend series
Preferred stock $5 dividend series
Common stock (no par)
1398,094 shs.
&c., $21,794,403; profit, $2,758,919; other income, $335,105; total inqome,
$3,094,024; interest and discount, $1,050,578; depreciation of capital assets
and amortization of leaseholds, $744,330; loss on investments and capital
assets, $14,933; provision for losses of affiliated and other companies not
consolidated, $13,390; participation of officers and employees in profits of
subsidiary companies, $174,966; trustee's administrative expenses, $55,727
sundry other charges, $36,631; provision for income and excess profits
taxes, $268,418; minority interest, $559; profit before subsidiary preferred
182,777 shs.
J
dividend, $734,492.—V. 142, p. 3361.
114,390 shs.
120,000 shs.
'...200,000 shs.
Radiomarine
Operating exps. (incl. maintenance, deprec. and all taxes other
than Federal income taxes, less
expenses allocated to con¬
.
Provision for Federal income taxes
Addition to general reserve for investments.
...
Net operating revenue
$5,325,766
Railway Equipment & Realty Co., Ltd.—Earnings—
3,370,855
32,600
100,705
Period End. June 30—
Gross (incl. non-op. inc.)
*
net
on basis of 1935
earnings:
Before provision for depreciation...
After provision for depreciation
"
.
over
Net income._
Profit
$190,728
73,579
$968,444
318,272
$841,169
301,454
$145,403
30,902
$117,148
40,874
$650,172
138,759
$539,715
166,334
on
4,317,551
j-
$114,501
$76,274
$511,413
$373,381
Dr4,905
—
Dr7,309
Dr54,676
Crl7,661
$68,965
$456,737
$391,042
charges &
(net)
3.70 times
2.96 times
Purpose of Issue—Company has incurred indebtedness to banks
$825 000
directly and $648,000 by endorsement of paper of New
Hampshire Power
Co., the proceeds of which, together with other funds of the
company
amounting to $60,117, aggregating together $1,533,117, were
used in
connection with the acquisition of New Hampshire Power Co.
as follows*
(a) $697,000 used to acquire all of the common stock of New
Hampshire
Power Co. (consisting of 5,214 shares), 1,800 shares of
the pref. stock of
company and $101,000 of company's first mortgage bonds.
(d) $648,117 deposited with the trustee for the retirement of
$626 200
of the first mortgage bonds of New
Hampshire Power Co. (not held by the
company) at 103 and interest to the date of redemption.
(c) $188,000 paid to New Hampshire Power Co. and used
by it to pav
in liquidation to the holders of 1,880 shares of its
preferred stock (other
than
which the monev
estimated amount of
$1,476,828 to be received by the company on the delivery date, on or
about
Aug. 17, 1936 after deducting $18,883, (estimated expenses of the
issue)
$1,473,000 will be used to pay bank loans and the balance, $3,828 will
be
used to reimburse the company in
part for its other funds used for the
foregoing purposes.
Control—Company is a subsidiary of New England Public Service Co
of Augusta, Me., which has, since the
organization of the company owned
loss
Net
(incl.
Consolidated Balance Sheet June 30, 1936
$568,612
the company) $100 per share and divs. to date
for payment was made available.
Of the net proceeds of the securities offered in the
$5,407,452
$109,596
&
credits
over
now
248,731
$228,935
83,532
Balance, current oper.
3.73 times
3,02 times
over
stock
issue)
all its outstanding common stock
141,000
Int. & noise, deductions.
over
Before provision for depreciation
preferred
68,987
Operating income
Depreciation
May 31, 1936:
After provision for depreciation
dividend requirements on
$5,841,281
4,731,837
38*,612
'
Ratio between total net earnings and annual interest
charges
on basis of earnings for 12 months ended
Annual
$1,388,382
1,128,668
centages
$1,860 219
$626 713
charges
1936—12 Mos.—1935
1936—3 Mos.—1935
$1,490,966
1,203,994
58,037
Operating expenses
Taxes, licenses and per¬
$1 821 607
Total net earnings
Annual interest charges on funded debt including this issue.
Ratio between total net earnings and annual interest
Corp. of America—Vice-President Resigns
Henry K. Norton, Vice-President of this company and assistant to
David Sarnoff, President of Radio Corp. of America, has resigned both
posts, it was announced on Aug. 6.—V. 143, p. 769.
Earnings for 12 Months Ended Mag 31, 1936
Total operating revenues
1935_
$141,376
$734,492
Consolidated income account for 26 weeks ended June 27, 1936, follows:
Income from theater admissions, rentals, &c., $24,553,322; costs, expenses,
Outstanding
$5,400,000
10,379,000
1,000,000
$5,400,000
10,379,000
1,000,000
1st mortgage '&%% bonds, series D.
1st mortgage 3^ % bonds, series E
Stock—
......
1936
.
premium of $7.50.
income,
$2,495,078df$l,449,309
1,327,032
792,629
same
Authorized
Non-operating
$433,338 def$316,357
258,666
122,918
revenue
Taxes accrued.
Capitalization (Adjusted to Reflect the Sale of the Securities Offered)
..
revenue.
Total net
voting power as belongs to a share of common
stock.
Preferred stock entitled, upon liquidation, dissolution or
winding up
before any amount shall be paid to holders of common
stock, to $100 for
each share and unpaid divs. accrued thereon, and if such
liquidation, dis¬
solution or winding up shall be voluntary then a
premium as follows:
For
each share of $5 dividend series a premium of
$5 and for each share of $6
this
$412,420
34,733
Appropriations for retirement
Description of Bonds—Dated Aug. 1, 1936; due Aug. 1, 1961.
Issued
under an indenture dated as of Nov. 1,
1926, supplemented by further
indentures dated as of Aug. 1, 1935 and as of Nov. 1, 1935, and a proposed
further indenture to be dated as of Aug. 1, 1936, Old Colony Trust Co.,
trustee.
Interest will accrue from date of bonds, and will be payable on
Feb. 1 and Aug. 1, and principal and int. will be
struction)
5,272,154
791,844
1,912,260
316,908
sources.
5,468,310
'809,686
1,775,442
$512,877
.
Inc. from other
461,840
56,272
164,806
$478,143
34,733
.■
Taxes
1
1936—12 Mos.—1935
$14,370,051 $13,498,515
476,903
75,278
169,135
$195,968
Maintenance
value, both payable Sept. 1 to holders of record Aug. 20.
Previously regular quarterly dividends of 50 cents per share were paid
from June 1, 1935 to and incl. June 1, 1936; 40 cents on March 1, 1935;
35 cents per share paid in each of the four preceding quarters; 50 cents on
Dec. 1, 1933 and 70 cents per share paid each three months from June 1,
1929 to March 1, 1931, inclusive.
In addition_an extra^dividend of 20
cents was paid on June 1, last.—Y. 142, p.
3185.t
Denoms.
'
4023.
p.
Puget Sound Power & Light Co. (& Subs.)—Earnings
.
Prentice-Hall, Inc.—Extra and Larger Dividend-— '
debentures, series A, due Jan. 1, 1949,
have been called for redemption on Sept. 10 at 103H and interest.
Pay¬
ment will be made at the Continental Illinois National Bank & Trust Co.,
accept subscriptions to new $5 par value common stock.
The subscription
price is $6,625 a share and the privilege of subscribing terminates at 3 p. m.
Eastern Daylight Saving Time on Aug. 19, 1936.—V
143, p. 600.
The directors have declared
^
„
2,430 shs.
2,430 shs.
Public Service Subsidiary Corp.—Bonds Called—
All of the outstanding 5H% gold
Alexander, Inc.—Subscription Agent—
Guaranty Trust
$1,000,000
—
.
,
Powdrell &
The
1089
Chronicle
amounting to 120,000
shares'.
Liabilities—
Assets—
$26,419,615
1,137,815
Capital assets
Cash
—
Receivables
Materials
47,423
—
and supplies...—
236,597
Deferred charges..
378,930
Equipment mtge. 4Hs, 1946.
Savings loan
Installment
RR.
contract
(O.
Co.)
151,324
230,645
Accounts and wages
Accrued interest.
Dividend payable July
Deferred credits
1, '36-
Reserves
Capital and surplus
Total
—V.
$28,220,382
$3,500,000
100,000
T.
Total
52,885
59,844
249,707
3,513,602
20,362,373
.$28,220,382
142, p. 2841.
Rapid Electrotype Co. (& Subs.)—Earnings—
6 Months Ended June 30—
"
1936
1935
1934
.
Net profit after deprec., Federal inc.
taxes, &c_
Shares
(no
capital
x
stock
par)
Earnings
.
*$58,864
per
$116,981
$113,701
44,890
$1.31
40,844
40,515
$2.80
outstanding
;
share
$2.86
No provision has been made for Federal surtax on undistributed
—V. 142, p. 4189.
profits.
Financial
1090
1935
pf.$110,285
1936
x$66,771
Preliminary.—V. 142, p. 2515.
Net loss after all charges
x
1934
before Federal taxes. _
598,950 shs. common stock
—V.
$386,526
$1.59
$0.64
July
The company
3 431
After surtax
on
aj?o
3/ vear
1936—6 Mos.—1935
1936—3 Mos.—1935
loss$87,041
x$437,267
undistributed profits.—Y. 142, p. 3867.
x$291,686
Period End. June 30—
loss$51,989
Shares
Net
$42,156
on
No
$0.02
Joseph Lead Co.- -Comparative Consolidated Balance
St.
1936
1936—6 Mos.—1935
1936—3 Mos.—1935
x$282,258
$130,103
x$421,344
$0.45
$0.97
(par $1)
—V. 142, p. 4190.
1934
1935
1936
6 Months Ended June 30—
$1,427,373
$794,185
x$300,000
Co., Richard W. Millar, Secretary of the reorganization committee, stated
Aug. 11 that the committee is presently hopeful that the new plan will be
in definitive form in time to file with the court before the end of August.
Mr. Millar added that the committee was not at liberty to disclose any of
plan until permitted to do so by the court.—V. 142, p. 3362.
Ritter Dental
Mfg. Co., Inc. (& Subs.)—Earnings—
Period End. June 30—
Net profit after charges
1936—6 Mos.—1935
1936—3 Mos.—1935
i
and Federal
taxes.x$89,369
Earns, per sh. on 159,800
shs. com. 8tk.(no par)
$0.28
No provision has been made for
—V. 142, p. 4190.
x
$38,124
x$190,493
loss$19.813
&
Nil
$0.64
Nil
Federal surtaxes on undistributed profits
Antelope Copper Mines, Ltd.—Earnings—
revenue
1936
£462,500
-
Operating expenditure (including London and mine
administration charges)
_
1935
£481,500
260,000
23,000
37,500
£142,500
Estimated profit, subject to taxation
295,500
£186,000
22,500
37,500
redemption
Reserve for replacements and obsolescence-
£125,500
—V. 143, p. 601.
Rochester Telephone
Operating
Corp.—Earnings—
1936—Month—1935
$382,114
$397,567
revenues.
446
850
293,124
33,240
286,428
29,632
$70,757
Operating expenses
Operating taxes.
1936—6 Mos—1935
$2,263,351
$2,354,491
8,269
3,909
1,736,375
1,736,454
178,861
199,135
$65,204
Uncollectible oper. rev
$414,993
Smelting
& Refining
Co.,
1,610,553
1.272.001
84,842
5,485,553
37,672
199,184
Deferred
Inventories
Cash in closed bks.
Deferred charges—
79,623
credits..
5,719,490
Surplus
....32,566.045 33,578,783
32,566,045 33,578,783
Total
b After
a After depletion of $35,008,342 in 1936
($35,196,822 in 1935).
depreciation of $11,006,464 in 1936 ($10,788,233 in 1935).
^ t
The earnings for the six months ended June 30 were published in
P. 770.
•
jn
V. 143,
.
Lawrence Flour Mills Co., Ltd.—Extra Dividend—
10 declared an extra dividend of $1 per share on
payable Sept. 1 to holders of record Aug. 20.
regular quarterly dividend of 50 cents per share was paid on Aug. 1,
St.
The directors on Aug.
the common stock, par $100,
The
last.—V.
141, p. 2597.
Louis-San
'
Francisco
-
Asks
Committee
Ry.—Bond
The prior lien bondholders' committee has asked that the proposed re¬
organization plan for the company be rejected on the grounds that it is
impractical, the Interstate Commerce Commission announced Aug. 11.
The committee had previously opposed the plan as early as 1933.
The plan had contemplated producting income available for interest in
1933 of $5,000,000, in 1934 of $7,900,000, in 1935 of $10,000,000, and in
1936 of $15,000,000.
Actually, according to the committee, the income
available for interest was only $2,552,363 in 1934 and $1,476,346 in 1935.
Some improvement was indicated for this year, the group declared, but It
stated the amount would be less than one-third of the $15,000,000 contemplated for 1936
*
"At the present time, however," the committee said, "the committee
believes that there exists no basis on which any jplan satisfactory to the
security holders could be prepared, and, accordingly, that it wbuld be
either extremely difficult or actually impossible to obtain the consent of
security holders to any reorganization drastic enough to be feasible.
"Despite the disadvantage of continued trusteeship, it seems wiser to
them for the time being to leave the properties under the protection of the
court rather than to attempt to put through a reorganization plan under
143, p. 770.
Root Petroleum
Earnings for 6 Months Ended June
Ltd.—
Net profit after
6 Months Ended June 30—
Net income after deprec. and depletion, but
Federal income taxes
1936
1935
before
$241,898
*
$91,204
122.
Note.—No
mention
is
1935
1936
Savage Arms Corp. (&
$257,051
295,556
308,669
350,704
397,643
338,465
353,428
January
February
March..
April
May
June
r
$213,387
241,914
295,556
315,913
310,872
307,797
275,933
Net profit after taxes
1934
$186,000
199,420
237,260
206,861
235,262
233,004
209,640
made
of surtax
on
undistributed profits.—V.
143, p. 602.
Subs.)—Earnings—
1936—3 Mos—1935
Period End. June 30—
Rose's, 5, 10 & 25 Cent Stores, Inc.—Sales—
of—
$440,277
capital stock
a$3.17
aln figuring earnings per share dividends paid on preferred stock were not
deducted as ail preferred had been retired by July 1.
Co.—Earnings—
r
30, 1936
depreciation and Federal income taxes
Earnings per share on 139*000 shares
See list given on first page of this department.
July
Contlng. res., <&c.
1,044,665
8,409,967
29,591
158,035
11,667
372,232
Accrued interest..
7,268
1,252,586
8,459,905
693,213
500,000
12,979
252,997
payable
Sangamo Electric Co.—Earnings—
Rocky Mountain
Registers with SEC—
Month
Notes
$339,846
—V. 143, p. 285.
—Y. 143, p.
649
714,693
Redemption accts.
accounts
existing conditions.V-—V.
Net operating income.
498
5.500.000
219,561
4,500,000
Accrued taxes.---
13,610
consolidated
Total
in
cos.-
debt
Accts.A wages pay
1,404,554
514,139
Due from subs. not
&
int.
subsidiary
Funded
Rejection of Finance Plan—
£202,500
_
Estimated surplus over working expenditure
Provision for debenture stock int. and premium on
Period End. June 30—
107,064
Marketable secure.
St.
3 Months Ended June 30—
Gross
Expenses on prop.
140,005
Invests. & ad vs.— 3,358,511
receivable
Before Sept. 1—
Minority
160,275
3,236,477
219,561
2,001,289
$
Cap. stk. (par $10)19,556,760 19,556,730
409
379
9,217,656 Scrip
9,127,367
deposit—
1935
$
Liabilities—
.
bLd.,bldgs., plant
& equipment
8,242,444
Notes
In answer to inquiries growing out of rumors regarding the plan of re¬
organization for Richfield Oil Co. of Calif, and Pan American Petroleum
®
8,803,005
rights
Cash
Calif.—Earnings—
Net loss after all charges and reserves
x Estimated.
Roan
eral
1936
1935
$
..
Ore res've & min¬
Special
Richfield Oil Co. of
the details of the
Assets—
a
$246,911
$0.85
$1.45
provision has been made for Federal surtax on undistributed profits.
New Plan
of 7% preferred stock has been called for redemp¬
share and accrued dividend.
Payment will be
National Bank of the City of New York.—V. 143, p.
Oct. 1 at $110 per
Sheet June 30—
int.. Fed. taxes, &c._
Earns, per sh. on 290,000
x
$
798,926 ■
798,929
789,944
799,620
$1.26 ^
$1.51
$1.61
$2.13
made for Federal surtax on undistributed profits.
770.
Nil
$0.01
Nil
Net profit after deprec.,
shs. cap. stk.
1933
$2,204,800
A total of 2,989 shares
made at the Chase
Reynolds Spring Co.—Earnings—
Period End. June 30—
1934
$1,781,692
Preferred Stock Called—
tion
$31,544 loss$l 95,253
$113
out-
provision was
No
x
1 936—6 Mos.—1935
1936—3 Mos.—1935
profit after taxes,
depreciation, &c
Eafns, per share on 1,800,000 shs. common
stock (par $5)
—V. 142, p. 3521.
1935
$1,691,463
1936
30—
stock
com.
16,256,403
21,911,168
*
*
standing (no par)
Earnings per share
(& Subs.)—Earnings—
Reo Motor Car Co.
21,477.565
Net profit after depreciai
tion and taxes
x$l,479,767
Mfg. Co. of 111.—Earnings—
Period End. June 30—
17,203,321
21,321,010
_
19,000,462 16,943,735
26,941,226 23,038,026 19,080.864 17,825,083
had 3,354 stores in operation on July 11, 1936, as against
6 Mos. End. June
Net profit after deprec.,
int. & Fed. inc. taxes.
17,630,191
17,981,737
25,100,634
11
-
-
$14,995,855
15,375,851
15,885,577
25,441,542
25,946,986
13
142, p. 3867.
Reliance
x
22
June
$951,192
Net profit after charges but
on
Feb.
Apr. 18
May 16
1935
1936
6 Months Ended June 30—
per share
outstanding
25
Mar. 21
Co.—Earnings—
Reed Roller Bit
Earnings
$7,594
Jan.
1933
1936
1935
1934
$23,106,110 $18,842,638 $16,486,686
23,470,722 20,281,505
17,508,289
24,776,706 20,770,761
17,810,088
4 Weeks Ended—
1933
$413,459
Inc.—Sales—
Safeway Stores,
Mills, Inc. (& Subs.)—Earnings—
Real Silk Hosiery
6 Mos. End. June 30—
Aug. 15j 1936
Chronicle
&
1936—6 Mos.—1935
.J0_0,
$55,016
$18,149
$0.32
Edepreciation
arns. per sh. on 167,715
shs. com. stk. (no par)
$0.09
$1,048 loss$48,781
Nil
Nil
after charges
Net profit for 12 months ended June 30,1936, was $151,378
Federal income taxes, equal after preferred dividend requirements
and
to 88 cents a common share.
Note.—No provision
distributed profits.—V.
has been made from
142, p. 3186.
1936 earnings for tax on un¬
—V. 143, p. 441.
Royal Typewriter Co., Inc. (& Subs.j:—Earnings—
Period End. June 30—
Net profit after deprec.
and Fed. income taxes
1936—3 Mos.—1935
Schenley Distillers Corp. (& Subs.)- -Earnings—
x$616,081
$2.04
Before Federal surtaxes
on
$370,139 x$1,204,744
'$1.13
$3.99
$642,851'
$1.90
undistributed profits.—V. 142, p. 3521.
Net
+*
1936—3 Mos—1935
$3,932,783
$3,576,464
1936—6 Mos.—1935
$6,386,699
$5,296,223
profit after deprec.
and Federal taxes
252,438
282,342
x209,825
264,483
$1.90
x
$2.13
$1.58
$1.99
shs.cap.stk. (nopar).
No provision has been made
for surtax on undistributed profits.—V. 142,
3690.
p.
x$l,326,749
income tax-
RR.—Earnings—
Period End. June 30—
1936—Month—1935
1936—6 Mos.—1935
$1,632,803
$1,556,860
1,584,473
1,549,547
76,950
118,155
$435
$16,238
$266,875
251,698
19,938
Equip. &jt. facility rents
Net ry. oper. incomeOther income
$26,339
4,914
def$4,714
4,304
$28,185
39,222
$94,604
37,091
t..
P* Total
$31,253
def$410
income
Miscell. deductions
Fixed charges
Net deficit
-V. 143, p. 769.
$3,030,652
$2.52
$2.89
.
on
$1.57
Before Federal surtax on
undistributed profit's.—Y. 142, p.
4190.
Schiff Co.—Sales—
1936
$656,620
611,867
Month of
January...
February
1935
$590,039
592,019
811,356
750,907
1.143,763
1,147,818
1,306.138
844,512
1,186,297
1,231,591
1.124.284
1,051,595
June
$47
405
402
34,139
34,384
$11,037
2,935
206,047
def$57,513
2,887
207,528
$3,291
$35,196
$197,945
$267,928
year
1934
$486,507
515.158
1,190.426
1,554,911
;
April
May
966,291
had 243 stores in operation on
ago.—V. 143, p. 442.
The company
$295,261
253,795
13,895
1,232
Railway oper. revenues.
Railway oper. expensesRailway tax accruals
m
$1,443,030 x$3,065,948
$1.06
(par $5)
July--.
Rutland
1936—6 Mos.—1935
deprec.,
& Fed.
March..
Earns, per sh. on 132,602
x
after
conting.
(& Subs.)—Earnings—
Period End. June 30—
Net sales
Net
inc.
Earns, per sh. on 1,050,000 shs. common stock
x
Ruberoid Co.
1936—3 Mos.—1935
Period End. June 30—
int.,
Earns, per sh. on 268,618
-shs. com. stk.';
x
* 1936—6 Mos.—1935
Seaboard Commercial
142,
p.
1933
$357,030
441.916
664.335
833,852
877.446
1.273,394
1.131,682
675,667
655,486
July 31, as against 239 a
Corp.—Earnings—
Earnings for 6 Months Ended June 30,1936
Net profit after Federal taxes and charges, but before any provision for surtax on undistributed profits
—V.
.
$111,23 7
3691.
Segal Lock & Hardware Co.,
Inc.—Orders—
reported that backlog of orders on its books showed an
200%. As of Aug. 1, 1936, unfilled orders totaled
$502,718, compared with $159,258 on Aug. 1. 1935. a gain of $343,460.
For the seven months ended Aug. 1, 1936, sales and shipments of all
divisions increased 39%, compared to like period of 1935.—V. 143, p. 124.
The company
increase of more than
The consolidated income account for 12 months ended June
Sharp & Dohme, Inc.—Earnings—
1936—6 Mos.—1935
$2,528,213
$2,755,240
1,926,491
154,237
74,588
___
1,881,303
106,464
75,875
Est. Fed. income tax and
33,994
24,044
85,581
62,025
x$203,822
$152,050
x$514,343
Net profit
Nil
$0.14
No provision has been made for Federal surtax on
—V. 142, p. 3187.
x
Shawmut
Net loss
Nil.
undistributed profits.
Association—Earnings—
6 Mos. End. June 30—
Interest and dividends-on sees,
1936
1934
1935
$144,006
Signal Oil & Gas Co. (& Subs.)—Earnings—
Sloss-Sheffield Steelj&llron
$128,740
74,306
$144,006
loss$22,759
$49,463
$54,434
20,106
33,900
179
17,427
4,985
17,833
4,600
18,518
$89,821 loss$45,171
79.983
79,980
$27,030
80,310
$9,838 def$125,151
def$53,280
Surplus-.—..
Acer. int. recelv..
10,005
Invest. In affil.bks. 1,936,625
Notes receivable—
49,693
Cash..
361,082
Total
y
'
Socony-Vacuum Oil Co;, Inc.—Earnings—
1935
*~x Preliminary
w
Not including surtax
„
$7,700,000
$0.24
undistributed earnings.—
...
1935
1936
Liabilities—
Co.—To Resume Preferred
6 Months Ended June 30—
xl936
Consol. earnings after all charges, reserves, losses
from foreign operations, &c
—...
y$20,000,000
Earnings per share on 31,708,456 shares cap. stock
$0.53
Balance Sheet June 30
Assets—
1936
1935
Invests, at cost.$5,554,328 $4,970,393
x
$2.11
Thefdirectors on Aug. 12 declared a divldend'of $3.50 per share on the
7% non-cumulative preferred stock, par $100, payable Sept. 15 to holders
of record Aug. 31.
This will be the first disbursement made on the pref.
stock since Oct. 1, 1930 when a quarterly dividend of $1.75 per share was
distributed.—V. 143, p. 124.
def$81,025
Net profit
Dividends declared-
$391,476
$284,476
$1.54
Dividends■—•.
$35,916
116,941
'
6 Mos,
3 Mos.
other
and,
charges but before Federal taxes
Earns, persh. on 185,239shs. comb. cl. A & Bstk—V..142, p. 4354.
„
71,443
&c.f
Period Ended June 30,1936—
Net income after deprec., depletion
1933
$120,906
$125,837
148,596
sold—
Total profit
Exp., int. & reservation
for partic. paymentsFed. inc. & cap. stock-Tax on foreign divs
taxes,
$402,546
$0.01
provision for coating's
Earn, per sh. on common
30, 1936,
operating income, $32,548,463; cost, expenses, ordinary
$22,441,137; operating income, $10,107,326; other Income,
$1,197,455; total income, $11,304,781; non-operating charges, $410,144;
interest, $547,743; depletion, depreciation, &c., $5,828,583; provision for
income taxes, $469,300; minority interests (credit), $3,573; net income,
$4,052,584 (eqVal after dividend requirements on preferred stock, to
$3.62 a common share).—V. 143. P- 286,
follows: Gross
F^Period End. June 30—
1936—3 Mos.—1935
Gross profit from sales_r $1,306,508
$1,228,926
Selling A admin, exps
919,916
961,332
Income charges (net)
111,777
53,533
Depreciation.
36,999
37,966
_
1091
Financial Chronicle
Volume 143
on
V. 143, p. 936
Equity lor capital
stock
33,376
$5,000,000 $5,000,000
40,089
8,077
1,936,633 Accrued taxes..—
57,093 Accts. payable
4,382
627,624 Capital surplus
2,871,644 2,612,660
$7,911,733 $7,625,119
Total ——-$7,911,733 $7,625,119
Market price June 30, 1936 $6,306,800 and $4,435,600 on June 30,
1935.
y Represented by shares of no par value.—V. 142, p. 3013.
Soss
Manufacturing Co.—Registrar—
Manufacturers Trust Co. Is registrar for
stock of this company.—V, 143, p. 936,
195.000 shares $1 Pa
Southern California Edison Co.,
—
ommon
Ltd.—Earninas—
x
Shenandoah Corp,—Financial Statement—
.Net assets at June 30,1936
—
-----
$32,205,438, equivalent to approximately
*
./t, Per 8!?are for the 420,779 net outstanding shares of optional $3 con¬
vertible preference stock at that date.
This compares with $25.36 per
share reported at June 30, 1935 for the
524,920 shares then outstanding.
After allowing $55 per share
plus $14.75 accumulated unpaid dividends, a
total of $69.75 per
share, for the $3 preference stock, the indicated asset
value of the common stock at June
30, 1936 was approximately 48 cents
were
per share.
During the six months' period
shares of its preference stock at
'
company
an
acquired for retirement 10,159
of approximately $50 per sh.
-
.
1936
$263,711
245,176
—
.
Total cash income
Expenses
Taxes
1935
$84,362
34,215
$508,888
99,263
30,993
■
—.
General and administrative expense
Provision for doubtful accounts
2,876,485
2,953,050
170,463
-----
200,463
—-
Net earnings from operations..Other income..
—--—-$20,579,740 $20,651,907
157,327
241,019
-------
-
average cost
Net earnings
Interest on funded debt
Interim Consolidated Statement of Income 6 Months Ended June 30
_
Cash dividendsInterest
Earnings Statement for 12 Months Ended June 30,1936
Corporate Consolidated
Total gross earnings
$39,895,421 $40,152,772
Maintenance and repairs
690,315
696,696
Depreciation and depletion..
4,986,927
5,003,245
State and local taxes, &c
-—
4,661,446
4,709,030
x Provision for Federal income taxes...
230,000
238,336
Other operating expenses
5,700,043
5,700,043
$118,577
39,114
1,100
1933
1934
$81,610
9,252
$145,336
956
$90,861
56,977
.$20,820,759 $20,809,235
-
6,919,657
1,094,279
—-
Amortization of debt discount and expense...—
Other interest
$146,292
x
The above
1,094,279
19,169
Cr47,859
Interest charged to construction
Net income.
6,914,416
18,906
Cr47,859
-—-
61.179
13,653
-
-$12,835,776 $12,829,229
—
figures for 12 months ending June 30,1936 reflect year-end
adjustments made in 1935 affecting the calendar year 1935, including
adjustment of provision for Federal income tax. On account of using as a
deduction from taxable income for Federal tax purposes unamortized dis¬
count and premiums applicable to bonds retired during,the year, no provi¬
sion for Federal income tax was set up on the books of the parent company
for the calendar year 1935.
In the current year's figures, no deduction is
.
Net cash income.
c
$378,632
c$78,364
c$71,459
$33,885
Net income is after all expenses but before
adding profits or deducting
losses on sales of securities and before
adjustment of investment valuations
to market quotations, or indicated asset amount in case of the controlled
subsidiary. Blue Ridge Corp.
treated
as
additions
or
Such profits, losses and adjustments are
or additions to deficit account.
deductions from
made for surtax
Consolidated Balance Sheet June 30
1936
1935
$
«
Assets—
-..31 ,132,182 bll391,034
Due from brokers.
24,213
Adv. to affll. co. in
connection
with
Int. & divs. reo'le.
Aco'ts receivable-
235,988
Cash
827,818
142,500
57,445
93,009
1,7021649
expenses.
for
8,517
32,916
p.
41,950
10,000
16.046,828def5710,228
Dr.512,271
"l~307
Simmons Co.
Total
(84.52%
by shares
1936
1935
1934
1933
——$17,366,022 $13,433,251 $12,316,321 $10,239,160
13,694.949
10.849,874
10,672,787
8,711,701
Costs and expenses
Operating profit
$3,671,073
Int., discount, Ac———
351,002
Depreciation
566,338
$2,583,377
391,544
672,280*
Maintenance
358,508
285,508
257,184
217,136
g^nary taxes
Fed- A
439,635
676,476
$1,643,534
288,573
741,747
333,964
240.140
X699.102
255,000
30,036
34,442
37,289
Advertising
foreign Inc. taxes
sub. stock
wSf P^fIV-T.To "
P61®*1- on 1,133,-
.413,370
236 shs. capital stock.
$1.25
x
$1,527,459
268,190
809,301
250,676
215,431
273,039
21,739
$168,584
67,925
$1,611,143
662,448
638,168
$98,560
$100,659
$948,695
$961,266
$305,991 loss$697,281 loss$310.917
Nil
Nil
Nil
(Jity Stock Yards Co.—Earnings—
r6Months Ended June 30—
Net income after expenses, income taxes and other
charges
$120 535
EayliU3 Pj>r 603**° °n ^O.OOijshares common stock
$0.63
——.
Southern
1936
1935
loss$l
140
Pipe Line Co*—Dividend Decreased—
a dividend of 10 cents per share on the
capital stock, par $10, payable Sept. 1 to holders of record Aug. 18. This
compares with 15 cents paid on March 2, last, Sept. 3, 1935 and March 1,
1935, and on Sept. 1, 1934: 10 cents paid on March 1, 1934, Sept. 1» 1933
and March 1, 1933; 15 cents per share paid on Dec. 1 and Sept. 1, 1932;
35 cents on June 1, 1932 and 50 cents per share distributed each quarter
forMarch 2,1931 to andinci. March 1,1932s—V. 142,p. 3692.
The directors have declared
Southern Ry.—Earnings—
-Jan. 1 to Aug.
—First Week of August-
1936
Period—
$1,971,108 $73,054,093 $62,364,554
Southern United Ice Co.—Earning
J
Income Account
for the Six Months Ended June 30,1936
Operating revenues.
$506,421
i
Operation
'— -—-
Maintenance-
Taxes (State,
---------
Net operating income—
Non-operating income
Interest
on
-
21,784
27,715'
-—
local .Ac)---—------
—Grossincome———-
341,345
-
...
*—-----
-—
...
$115,576
——-—
6,797
—
------
u——-«
long term debt—
$122,373
56,699
1,054
94,764
.—_ —_
——,-—-----
Amortization of debt discount and expense
Provisions for retirements
—
—
Nil
Net loss.
$30,145
Skelly Oil Co. (& Subs.)— -Earnings3 Mos. End, June 30Gross earnings
Operating
expenses
1936
$9,451,348
6,364,782
1935
$7,499,680
5,272,824
Balance Sheet, June 30/1936
1934
$3,965,387
3,265,899
A ss cts
1933
$6,536,564
4,821,430
•
Plant, property, equip., Ac..-$5,310,999
Operating income
$3,086,566
income----—-..,
237,534
Total income
Non-operating charges..
Interest charges
Deprec. and depletion—
Fed. & State inc. taxes-
Adjust. resulting' from
change in accounting
policy
Minority interest
Disc, on debs, purchased
Net profit
Shares
com.
204,300
$699,488
Pr26,435
$2,391,958
32,028
149,193
1,483.397
88,000
$1,881,960
95,368
153,642
1.259,338
$673,053
-
-
.
$439,584
y
1,484.338
a
$241,950
2,836,100
141,466
2,361,889
30,145
Accounts and notes recelv..
32,808 Capital surplus
29,506 Deficit
233,904
140,208
26,729
...
-----
Total.
After
$5,783,064
reserve
Total
-
$5,783,064
for uncollectible accounts of $11 ,426.—V. 142, p. 3189.
Southwestern Bell Telephone Co.~—Earnings—
Period End. June 30—
Crlb~3~349
"
$378,974 loss$870,289
xl ,008,548
xl ,008,548
$0.33
$0.26
xl, Oil, 753
No mention is made of Federal surtaxes
of amortization
Materials and supplies.—
a
Cr5,362
1,008,548
$1.29
process
Prepaid accts., def. charges,Ac
Cash and working funds
Current liabilities
162*353
199,756
out-
Earn8.persh.oncap.stk.
Par value $25.
tributed profits.
$1,715,134
166,826
CY866
y$1,406,821
stock
standing (par $15)
x
$3,324,100
52,125
119,853
1,541,867
$2,226,856
165,102
Liabilities—
Capital stock ($1 par)
8,908 Long term debt
Special deposits
Bond discount and expense in
Other
7—
1935
1936
1935
•
$2,398,827
Gross earnings
—V. 143, p. 936.
.
Includes processing and Federal capital stock taxes.—V. 143.
P. 603.
Sioux
$1,599,434
$173,886
75,326
Operating expenses
32,290,304 13,318,720
(& Subs,)—-Earnings—
6iAfos. End. June 30—
on
1936—9 Mos.—1935
1936—Month—1935
Period End. June 30—
Gross earnings...
...
-..-.32,290,304 13,318,720
Pref. divs.
603.
Net earnings
—V. 143, P. 444.
b Includes investment in
common stock of Blue Ridge Corp.
outstanding), amounting to $5,042,987.
c Represented
having a par value of $ 1 ,—V. 142, p. 1484.
■
—
_
Southern Canada Power Co., Ltd.- -Earnings—
Preferred stock—.10,773,450 13,123,000
c Common stock— 5,897,431
5,897,431
of total
Net salesi--.
Co.-—Earnings—
1936
1935
•'
1934
depreciation,
"
'
•
interest, &c--..
-x$3,008,561
$2,500,907
$1,541,356
x Before
provision for Federal surtax or undistributed profits.—V. 143,
12 Months Ended June 30—
Net profit after taxes,
current
Surplus—
Treasury stock
imposed by the Revenue Act of
880
Deferred charges. „
Total
«
accrued expenses
Prov.
undistributed profits
Southern California Gas
1935
«
Accts. payable and
year taxes
Res. fir conting—
purchase of Util.
Pow. & Lt. sec.
Prepaid
1936
TAaTySHHp?
Investments
on
1936.-—V. 143, p. 771.
Nil
on
undis-
1936—Month—1935
1936—6 Months—1935
$6,697,119
$6,200,569 $39,315,683 $36,663,136
26,301
26,601
180,134
164,413
Operating expenses-.-4,205,837
4,024,619
25,158,649
23,742,701
Operating revenues
Uncollectible t>per. rev.
Rent for lease of operat¬
ing property—
Operating
taxes
3,908
661,000
Net^OjjeratLn|!^incpm©- $1,800,073
^
6,902
703,000
$1,449,447
23,600
4,230,000
$9,723,300
41,756
4,178,000
$8,536,266
Financial
1092
Selling & gen'l expenses.
Net inc. from oper__
.
_
88,661
2,900
12,302
Depreciation.
on
5% 1st
Int.
$2,518,939
154,906
193,645
$1,059,944
331,919
$1,291,934
279,378
Total income
839,189
$3,513,994
97,193
99,356
11,656
25,071
$3,747,271
1,198,543
$2,897,360
1,282,775
23,160
3,562
3,406
8,617
Investment earnings
Rents (net)
$4,491,757
977,763
$922,754
33,326
$1,253,189
Interest income
Miscellaneous income.
1936—12 Mos.—1935
$3,358,128
1936—3 Mos.—1935
$1,508,987
$1,144,818
255,798
222,064
11,652
18,217
mtge.
78,675
86,423
321,456
169,502
64,372
x646,082
228,112
441,564
121,203
$407,727
$1,353,077
$698,608
Period End. June
$170,000
outstand'g
211,005
hs. chp. stk.
;
Prov. for Fed. inc. taxes
Total net profit
Net earnings
For the six months
Interim Consolidated Balance Sheet
1936
b Inventories
Notes
c
Liabilities—
receivable.
1st mtge. 20-yr. 5s 6,294,000
^
_
6,894,000
Accts. pay. & accr.
2,071,956
2,827,765
—
1,368,843
1,071,083
157,350
172,350
324,850
129,940
77,600
79,241
Accr. bondint. pay.
Patents & licenses.
16,155
Res.
Fed.
for
come
Res.
in¬
'
taxes
for
current
period Fed. inc.
taxes
92,762
165,262
(est.)
Res. for rebuilding
furnaces,
ity
liabil-
insur.,
t
pen¬
Earned surplus
a
34,983,452 35,096,8781
Less
203,639
9.709,862
255,517
9,596,028
sions, &c
Total
for depreciation of $7,835,402 in 1936 and $6,834,845 in
of $484,399 in 1936 and $464,612 in 1935.
cLess
reserve
bLess
reserve
for bad debts of $288,993 in 1936 and $258,156 in 1935.
reserve
d Repre¬
30—
1936—3 Mos.—1935
1936—6 Mos.—1935
income______$10,660,060 $10,176,316 $17,681,728 $19,482,549
236,762
97,970
513,966
252,590
Other non-oper. inc. (net)
46,079
161,022
361,065
204,679
Period End. June
Operating
Revenue Act on
x$912,238
stock
com.
Sales.
$744,133 x$l,362,172
—V
Provision for Federal & State income taxes
«
Profit applic. to cap. stk. of subs, held by public.
$339,654
12,567
$441,247
15,089
13,333
71,771
Interest paid
Other deductions
2,636
50,989
4,245
.
Nil
$0.47
1936
1935
607,380
441,271
Notes pay. (bank)
Divs. payable.
1,165,690
908,798
Acer, int., taxes,&c
Mkt'le sec.,at cost
a Cust. notes,accts
37,722
& trade accept..
Inventories
unempl.
pay¬
$155,372
$166,999
37,500
""959
...
63,783
51,117
145,164
income taxes
D Co.
Wis.
of Canada
39,950
7
unempl.
ins.
6,149
fd. contra
73,362
pur¬
6% noteSq. D. Co.
accounts.
bl00.905
Funded debt
Adv. to salesmen &
Res.
&
Min.
accounts
6,384
for conting..
int.,
Sq.
4,572
7,122
7,387
Claims agst. closed
trust cos
stockdl.233,163
stock
e73,546
Capital surplus
208,023
Earned surplus
1,319,456
Class B
198,402
74,156
Class A pref.
10*708
Mi8C.lnv. & accts.
20,500
775,000
D
Co., Inc
10,799
Officers' accounts.
10 908
637,500
54,574
com.
999,690
70,926
302,001
832,411
Land, bldgs., dies,
1
Goodwill
1
Patents
Circuit Court of Appeals has affirmed a
applied to hats has come to mean only one thing, the product of the
plaintiff company, whereas the name of the defendant is virtually unknown
and the use of the name Stetson on its products constitutes infringement
of the Stetson trade mark.—V. 142, p. 4192.
when
Inc. (& Subs.)—Financial Statement—
Comparative Income Statement {Parent
64,333
88,810
Interest.
Other
•
Total...
-
—
Other dividends, interest and miscellaneous earns..
Profit
on
Company)
1936
$485,426
12 Months Ended June 30—
Revenue from subsidiaries—Dividends
sales of securities
;v,
Total earnings
Operating expenses
...
193£5
$456,340
50,834
81,340
$638,569
274.506
69,433
$588,514
227,277
$982,509
673,194
$815,792
712,588
b74,556
Interest (all to
subsidiaries)
15,985
337
Taxes
13,687
$234,420
$73,531
addition to fixed rental payments for space occu¬
$67,936 (1935—$115,050) paid to Stone & Webster Realty Corp. under
terms of its net lease of the Boston office building owned by that corpor¬
Netincome
a
pied
the
Exoenses include, in
,
ation.
for
a
possible Federal tax on undistributed
profits.
Comparative Consolidated Income Statement (Including Subsidiary Companies)
Period End. June 30—
1936—3 Mos.—1935
1936—12 Mos.—1935
Gross earnings-_-...._a$13,561,037 $12,424,060 a$54l25,835 $50,314,672
Operating expenses
6,469,877
6,081,554
25,917,775
24,494,791
bl ,700,213.
Taxes
Balance
Int.
on
$5,390,946
bonds and mtges.
Other interest
Current amortization
1,911,140
27,972
b5,776,937
6,101,514
$22,431,121 $19,718,365
2,009,631—7,937,831—8,104,923
22,925
94,344
118,797
of
157,504
142,862
628,432
584,798
1,410,384
1,346,291
5.469,669
5,279,080
$1,883,944
$1,306,123
$8,300,843
$5,630,765
730,972
578,474
2,508.217
2,351,518
$1,152,972
$727,648
$5,792,625
$3,279,247
948,538
655,114
4,347,490
3,137,352
$204,433
$72,534
14,411
$1,445,135
15,230
$141,895
18,381
$189,203
$58,122
$1,307,442
32,900
437,453
discount and expense.
c
1,514,672
$4,827,833
Appropriations for retirement reserves
Balance.
Divs.
on pref. stocks of
subsidiaries, declared-
applicable to cum.
pref. divs. of subs., not
1
31,543
$3,928,083 $3,579,995'
decision" in
L. Stetson Co., Ltd., and Hutt Wasser-
Amt.
1
1
68,936
Deferred charges..
445.
Inc., from using the name Stetson on hats or in advertising except in
such a way as to disclose clearly that the product is not that of the John
B. Stetson Co. of Philadelphia.
The Court held that the name Stetson
Balance.
1,394,934 cl,414,339
admitted the common stock, $1 par,
listing and registration.—V. 143, p.
The United States
81,681
Prov. for Fed. &c.
6,149
notes
pay.,
rolls, &c
ins.
fd., contr^
604.
p.
b No provision has been made
$532,234
Accts.
1935
1936
Liabilities—
$627,074
1935
$91,958
man,
Balance Sheet June 30
Cash
$218,168
—
District Court enjoining Stephen
a
$152,237
$186,451
on class B common stock..
$0.93
$0.60
x Arrived at as follows:
Gross profit, $1,135,289; depreciation, $43,689;
cost of tools and
dies, $50,485; profit, $1,041,115; expenses, $605,628;
operating profit, $435,487.
Note—No provision has been made for Federal surtax on undistributed
profits for six months ended June 30, 1936.
1936
Federal income and
-
(John B.) Stetson Co.—Wins Suit—
•
$268,926
82,475
Balance, surplus
Earnings per share
„
declared
Tota
$3,928,083 $3,579,995
Balance......
Amt. applic. to min.ints.
137,692
„
After allowance for doubtful accounts of $59,231 in 1936 and $53,070
in 1935.
b On the basis of the quoted market value at June 30, 1935 of the
Square D company's stock held as collateral, the employees' stock purchase
Bal. applic. to Stone &
Webster, Inc. before
accounts
were
inadequately secured in the amount of $764.
c After
allowance for depreciation of $1,178,551 in 1936 and $1,085,179 in 1935.
d Represented by 123,316 no par shares including scrip certificates for 128
shares convertible into full shares at stated value of $1,282.
e Represented
by 220,638
no par
shares.—V. 142,
p.
3870.
allowing for loss,
•
d Loss in investment
$123,513
1,258,439
Bal. applic. to Stone &
Webster,
Inc.
after
allowing for loss,
June 30 *36
after depreciation and Federal taxes
but before provision for excess profits tax
$1,057,863
—V. 142, p. 3693.
:
/
Mar. 31 *36
profit
*
as
I..
below...
(A. E.) Staley Mfg. Co.—Earnings—
12 Months Ended—
Net
$0.17
$0.37
1
Sterling, Inc.—Admitted to Listing and Registration—
25,425
$341,054
188,818
Dividends paid.
a
_Ttl
The New York Curb Exchange has
$352,221
-
Total
'
45,940
191,844
^
Stone & Webster,
Profit
Assets—
143,
1935
1936
x$435,487
5,760
Interest, dividends & rentals received, &c
,
1936—6 Mos.—1935
$2,433,481
$2,009,519
77,166
136,166
taxes
State taxes, &c
Square D Co.—Earnings—
6 Months Ended June 30—
&c
Inc.—Earnings—
1936—3 Mos.—1935
$1,372,874
$1,202,449
Weeks Ended June 30—
24
Rolls-Royce Co. of America, which went
bankruptcy, has been purchased by Dallas E. Winslow, head of the
Pierce-Arrow Sales Co. of New York, all assets being included except the
Springfield factory and cash on hand, it was announced on Aug. 4.
The sale of the company's assets was conducted before P. B. Olney Jr.,
referee in bankruptcy, who has presided over hearings in connection with
the 77-B reorganization of the company, which failed to be completed.
On June 23, 1935, the court ordered liquidation of the company's assets.
The purchase, it is indicated, was effected by Mr. Winslow for about
$200,000.—V. 143, p. 126.
empl.
^
10,000
10,000
5,000
5,000
Net income after depreciation.
This company successor to the
stk.
770,000
j
„
Sterling Breweries, Inc.—Earnings—
$1,036,278
into
chase
677,000
—V. 142, p. 4192.
Springfield Mfg. Corp.—J.sse£s Sold—
Emply.
460,000
profit after charges
Net
to
in Sq.
8,576,677
454,000
undistributed earnings.—Y. 143, p. 936.
Period End. June 30—
out¬
253,000
175,000
175,000
253,000
standing (no par)
$5.16
$3.87
$4.86
$3.34
Earnings per share
x No provision was made
of Federal surtaxes on undistributed profits.
For the 12 months ended June 30, 1936, netincome was $2,657,694 after
charges and Federal income taxes, equal after preferred dividends, to $9.46
a share on 253,000 common shares.—V. 143, p. 936.
Inv.
8,890,214
Sterchi Bros. Stores,
deprec. & Fed. income
Wis.
4,278,188
after int.,
taxes.
Shares
$19,939,819'
4,457,314
Net profit
$6,026,588
$5,692,120 $8,979,545 $10,583,jL41
Earnings per share
$0.46
$0.43
$0.69
$0.81
x Does not
include any provision for surtaxes payable under the 1936
and
1936—6 Mos—1935
1936—3 Mos.—1935
$10,942,902 $10,435,309 $18,556,760
Deprec., depl. & amortx Prov. for normal Fed.
income tax (est.)
-•
Divs. paid, on pref. stock
of sub. co. in the hands
of the public
-
Earns, per sh. on 298,108
shs. com. stk. (no par)
Spiegel, May, Stern Co., Inc.—Earnings—
Period End. June 30—
936.
Standard Oil Co. of Calif.—Earnings—
by 750,000 no-par shares.—V. 142, p. 4038.
Net income
Companies in the Standard
Aug. 8, 1936, totaled 99,of 14.7% compared with the corre¬
974,821 kilowatt hours, an increase
sponding week last year.—V. 143, p.
34,983,452 35,096,878
Total.
1935.
sented
Weekly Output—
Electric output of the Public Utility Operating
& Electric Co. system for the week ended
Gas
Total net income
stock
49,865
2,459,127
2,690,352
18,162
20,592
37,135
Marketable securs. 2,459,127
Cash......
1,979,069
Deferred charges77,792
$1,129,476
John J. O'Brien,
Divs. pay. on pref.
em¬
ployees
$485,309
$995,265
ended June 30, 1936, the net profit after all charges,
Dividends
liabilities
Notes & accts. rec.:
and
$1,351,220
221,744
$
$
6% cum. pref. stk.12,994,000 12,994,000
d Common stock.. 3,750,000
3,750,000
7,089,639
8,042,700
'1935
1936
^
and accts.
Officers
Junel 30
1935
^
17,994,985 18,500,544
miscell. 1,548,722
2,196,639
Capital assets
Invest'ts,
1934
$714,971
229,663
,
Standard Gas & Electric Co.—Obituary—
President of the company, died on Aug. 7.
$10.41
$5.37
$3.14
connection with the flood loss of which $45,277
charged into the accounts during the first quarter of 1936 and $56,109
during the second quarter of 1936, a total of $101,386 for the six months
ending June 30, 1936.
A. SSCt
$1,259,869
264,605
depreciation, State taxes and Federal normal income taxes, and other re¬
serves, amounts to $408,764 as compared to a net profit of $152,519 for the
same period of last year.—V. 142, p. 3189.
was
a
Subs.)—Earns.
1935
1936
30—
Operating profit
Depreciation
$4.55
Includes expenses in
x
211,005
Standard Fruit & Steamship Corp. (&
3 Months Ended June
Earned per share on 6 %
preferred stock
$312,725
209,405
$339,004
$162,379
209,405
Earnings per share
$0.81
$0.77
$1.61
$1.49
Company states that no provision has been made for surtax on undis¬
tributed profits under the Revenue Act of 1936 as the extent, if any, of
such tax cannot now be determined.—V. 142, p. 4191.
&
miscellaneous
1936—6 Mos.—1935
1936—3 Mos.—1935
30—
Net inc. after int., depr.
& Fed. income taxes._
353,210
x239,018
103,872
$590,991
gold bonds
Int., discounts, taxes
1936
Standard Cap & Seal Corp.—Earnings—
(&'Subs.)—Earnings—
Spang, Chalfant & Co., Inc.
Period End. June 30—
Gross inc. fromoper
Chronicle
def$379,331
$l,307,442df$l,134,925
profits and losses on security
Inc., incident to its business,
profits of $29,847 for three months and $|«4,829 for 12 months realized on
a
$766,511
as
above
Includes in
$156,303
addition
to
the customary
transactions of Stone & Webster and Blodget,
Volume
Financial
143
Chronicle
sales of investment securities
by other companies.
Also includes interest
on funds for construction
purposes of $20,000 for three months and $40,000
for 12 months.
,
'
b No provision has been made for
of 6% cumulative convertible
preferred stock wiU be used primarily for
working capital and expansion purposes.
The prospectus states that it is
the present intention of the
company that such expansion will consist both
of the addition of new
departments to existing stores and of the
possible Federal tax on undistributed
a
profits.
c The
greater part of these amounts represent appropriations by utility
subsidiaries to provide reserves (see retirement reserve account in balance
:
new
Assets
c
1935
1936
Stocks of subsidiary companies
b Notes receivable from
subsidiary companies
Securities of other companies
Cash in banks and on hand
Other notes, int. & accts.
.
$61,225,792 $60,933,186
4,598,500
4,648,500
4,120,842
4,169,272
1,613,575
1,980,962
-
incl. $29,091 from
rec.,
'
subs. (1935—$27,671), less reserve
Account receivable from officer under
long term
stock purchase contract, less reserve
Furniture & equipment, less allowance for deprec'n
37,764
Sundry assets._
Unadjusted debits
Total
30,142
85,612
41,897
1,393
1,719
90,612
52,763
2,702
12,450
at the rate of
Unadjusted credits
Capital stock
:
_
d
—
Paid-in surplus
Earned deficit.-
Total
$0.80 annual dividend basis,
Dec. 31, 1936.
Sun Oil Co.
& gen. adm.
Sundry liabilities
Dividends declared (subsidiaries)...
Retirement reserves, representing provision
future property retirements.
for
...
Other reserves* incl. provision for losses on
doubtful
notes & accts.,
injury & damage claims, &c
Contributions for extensions
Unadjusted credits
Preferred
1,631,017
stocks
402,743,809 393 ,187,561
shares.—V. 142, p. 3527.
3 Months Ended June 30—
a
from
1935
$19,422,067 $12 ,012.779
sales
after
costs,
expenses,
amortiza¬
tools, dies, &c
1,401,273
210,196
194,224
102,309
29,565
175,000
Depreciation
196,438
133,269
Interest
Amortization of discount
Federal income tax
Net
on
profit-
debentures
-
1935
Accts.
&
notes
receivable......
550,613
y Inventories
3 706,251
y Other curr. assets
293,460
y
456,790
5,900,273
343,973
Inv. in & advs. to
current
Deferred charges..
Trade name, good-
17,107
$
Adv.
from
banks
against S-D
276,261
Trade accts. pay.. 2,412 711
Acer, accts., Fed.
tax, &c
1,278,702
106,182
Res've for loss
$1.52
$2.04
$0.53
Prop
y,
129,627
1 315,822
*
138,919
1,367,583
157,324
Dealers'deposits..
195,350
Other
cur.
liabil..
182 842
Capital surplus... 16,367,457
Deficit
1935
b
secur
<
62,118,242
4,984,677
31,196
Common
69,297,219
6,247,530
5,459 370
Funded
Accts.
970,793
stock.
debt
payable.
4,898,305
16,332,066
4,419,388
4,028,690
14,802,581
10,995*472
Investments
12,188,070
Accrued
accts.
372,468
4,764,604
_
due within
12,514
2,166,570
322,666
year
Other
cur.
liabil.
614,326
50*000
4,038
1,011,311
1,296,570
50,000
4,365
11,549,956
11,353,703
1,344*337
Reserve...
2,076,377
Divs.
declared.
_
Minority interest
Total
a
110,026,516 103,924,079
...
After
depreciation
and
3,508,754
one
Due affil. cos...
Deferred charges
6,366 000
5,569.493
Long term debt
3,564,840
160,603
special tr.
funds
10,000,000
64,763,882
Notes and loans
payable
&c
$
10,000,000
rec.,
Mat'ls & supplies
Due from empl.
1935
$
Preferred stock.
Notes, accts. &
Sink,
1936
IAaMtilies—
$
plant,
Marketable
depletion,
surplus
Total
&c.
.
110,026,516 103,924,079
b After
reserves.—V.
p. 4040.
142,
Sunray Oil Corp.—Preferred Stock Offered—Public offer¬
ing by means of a prospectus was made Aug. 14 of an issue
of 50,000 shares of
5^% cum. conv. pref. stock ($50 par),
subject to prior subscription by holders of the common
'
stock of the corporation.
The underwriters are Reynolds
& Co. and Ames, Emerich &
Co., Inc.
The stock is priced
at
$50 per share, and the 50,000 shares
represent the entire
The net proceeds from the sale of this
preferred stock, which will amount
approximately $2,324,000, will be used for the following purposes: To
the payment of first
mortgage notes
the corporation, $675,000; to the
(6%) of Sunray Oil Co. guaranteed by
drilling of 17 oil and gas wells at approxi¬
mately $90,000 per weU by the corporation's subsidiary, Sunray Oil
Co.,
upon properties under oil and gas leases owned
by this subsidiary, $1,530,000; and to the general funds of the corporation and its subsidiary,
Sunray Oil Co., $119,000.
A sinking fund is
provided for the preferred stock, which is convertible
1935
1
$
2,136,735
6,843,804
64,742
275,692
2,343,361
1,139,760
448,583
for each share of preferred up to and includ¬
ing June 30,1937, and thereafter on a scale down to three shares of common
stock for each share of preferred after June
30, 1943, or at any time prior
to date of redemption.. On
July 1, 1939, and annually thereafter, the
corporation shall pay out of its surplus to the sinking fund
$50,000, to be
applied to the purchase of preferred stock if it can be
purchased at not
exceeding $52.50 per share.
The corporation, through its
wholly owned subsidiary, Sunray Oil Co.,
an Oklahoma
corporation, is primarily a producer of petroleum and natural
gas.
It is also engaged in refining, transporting,
distributing and marketing
petroleum and natural gas and certain by-products, and it owns oil and
gas
royalties.
Among its producing and undeveloped leases and royalties in
Oklahoma, Kansas, and Texas, are those in the Oklahoma Capitol district,
which are being intensively
developed under the company's contract with
the State.
Total appraised value of the
on
leased property.
will, &c
Total
Liabilities—
Cap. stk. (par $1). 2,159,717
6% debentures... 6,819,946
Acer. int. on debt.
269,136
Res. for reorg.
exp.
not consol.
Invest. &receiv.,
not
1936
•_
Property,
plant
& equipment..-13 859 199
14,121,388
Cash
8 ,375,618
6,746,298
Sight drafts
900,955
804,651
x
sub.
1,591,110
into 10 shares of common stock
$900,175 loss$ 119.511
-
Consolidated Balance Sheet June 30
1936
Assets—
y
$50,725
1,719,170
equipment, &c 62,899,598
Cash
8,271,406
to
1936
Net sales
tion of
$2,657,598
1,882,905
amount of the authorized issue.
Studebaker Corp.—-Earnings—
Profit
$1,916,440
2,023,542
860,435
,
Consolidated Balance Sheet June 30
1,395,640
18,149
385.938
.
par
$1,138,982
300,000
788,257
1936
_
no
$3,818,018
299,985
Assets—
24,304.139
782,208
Represented by 2,104,391
$4,699,985
416,224
3,144,779
Earned
26,283,041
(subs.) (entitled in involuntary
liquidation to $120,798,960)
114,025,525 114,025,771
Prem. & discount on preferred stocks
(subs.)
78,679
78,679
Cumulative pref. divs. not declared (subs.)....1
15,067,558
10,765,067
Minority int. in com. stks. & surplus of subsidiaries
6,345,221
6,726,318
a Capital stock
50,000,000
50,000,000
Paid-in surplus
22,024,907
21,900,949
Earned (since Jan. 1,1932) deficit
2,461,762
3,096,927
a
$7,856,451
354,561
3,683,872
per share
$1.57
Includes provision for taxes.
x
157,886,000 156,245,400
1,817,736
1,368,943
3,367,333
3,235,863
4,743,135
4,537,680
777,525
806,160
186,75)
438,356
188,932
51,432
...
Total
$6,844,675
214,771
3,471,312
stock out¬
common
Oil inventories..
Customers'deposits
$4,235,905
464,080
Earnings
402,743,809 393,187,561
Interest & taxes accrued
$7,449,938
406,513
$2,165,176
Balance...
accepts,
Accounts payable
23,209,131
$6,314;850
529,825
730
standing (no par)
■
-
1933
$3,157,863
300,000
941,423
Shs.
...
—
1934
$40,709,196 $40,692,416 $27,445,036
819
income-.-.
Preferred dividends
Common dividends
-
Liabilities—
at the rate of one-
date not later than
$3,474,811
300,000
1,009,635
Net
342,450,615 340,299,751
21,454,902
18,625,208
12,479,306
10,151,534
Notes & warrants receivable
489,042
588,207
Accts. rec. from customers & miscellaneous
sources
9,739,796
9,016,918
Interest receivable
273,580
256,980
Materials & supplies, at cost or written down amts.
2,801,823
2,914,969
Appliances on rental, less rentals charged
511,419
485,701
Prepayments of insurance, taxes, &c
378,100
436,226
Sink, funds, representing cash held
by bond trustees
359,418
270,437
Special deposits with trustees under mortgages con¬
sisting of cash, mtge. notes & $38,000 bonds of
a
subsidiary company
545.744
775,617
Account receivable from officer under
long term
stock purchase contract, less reserve
85,612
90,612
Unamortized debt discount & expense
'.
10,283,266
8,651,903
Unadjusted debits.
891,182
623,494
Total
1935
,
Minority interest
$
hand
Bds., mtges. & coupon notes (subsidiaries)
Notes payable
(subsidiaries)
a
$7,712,317
156,611
4,080,076
Total income
Interest, &c
Securities
on
one
share of
1935
®
Property, plant & equipment
Cash in banks &
one
$7,157,423
554,894
Deprec. & depletion
1936
the rate of
expenses_x41,244,466 x34,394,346 x33,242,478
Operating income
Other income
$5,920,832 (1935, $4,606,661).
V-
commencing with
1936
Gross income from oper.
(excl. inter-co. sales)-$48,401,889
Cost of materials, oper.
shares.
'
common stock at
share of common stock for
(& Subs.)—Earnings—
6 Mos. End. June 30—
Comparative Consolidated Balance Sheet June 30
'
are
The company has agreed to
apply for listing of the common stock on the
New York Curb
Exchange, according to the prospectus.—V. 143, p. 936.
$71,727,098 $71,920,593
no par
a
Ereferred stock from Aug. 1, 1938 to Aug. 1, 1940; and
a Carried at written
down values as of Jan. 1,1932, and cost of
subsequent
purchases,
b Includes $3,551,000 income notes of the Stone &
Webster
Building, Inc.
c Carried at written down values as of Jan.
1, 1932, and
cost
of subsequent purchases.
The quoted market or management's
estimated fair value was on June 30, 1936,
djRepresented by 2,104,391
personnel
alf share of common for each
share of preferred after Aug. 1, 1940.
The
prospectus states that the company intends to place the common stock on
$675,000
28,308
17,743
15,236
1,079
50,000,000
21,430,648
247,422
$46,248
64,273
6,978
23,786
50,000,000
21,601,813
16,002
desirable
stock being offered do not
preferred stock until Aug. 1, 1938;
three-quarters of
a
Liabilities—
Interest & taxes accrued
Sundry liabilities
common
The preferred stock is convertible into
share of common stock for each share of
$71,727,098 $71,920,593
Notes payable to subsidiary
companies
Accts. pay., incl. $40,209 to subs. (1935,
$28,273)-
satisfactory locations and
financing by the company, according to the prospectus, but are
being acquired by the underwriters from stockholders.
The company and its subsidiary, a New Jersey
corporation of the same
name, operate a chain of 29 retail drug stores in Pennsylvania and New
Jersey.
The earnings of the company and of its
subsidiary and the volume of
business done by them have
substantially increased in each year since the
inception of their respective businesses, the prospectus reveals.
Sales in
1930, at the end of which year the company had two stores, totaled $606,827
as compared to sales
of $4,050,414 for 1935, at the end of which year the
company had 23 stores in operation.
Net profit after taxes rose from
$23,855 in 1930 to $190,617 for 1935.
Net profit after taxes for the five
months ended May 31, 1936
equalled $73,448.
Pro-forma consolidated balance sheet as at May 31,1936, as shown in the
prospectus, giving effect "inter alia" to the issue of preferred stock
being
offered and receipt of
proceeds thereof, shows total current assets of
$1,041,497 as compared with total current liabilities of $273,679.
Cash
amounted to $314,034 and there were no notes
payable.
Comparative Balance Sheet June 30 (Company Only)
a
whenever
The 25,000 shares of the
represent
not a claim against
are
opening of
stores
available.
sheet), 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 deprecia¬
tion reserve would be if based on such
straight-line method.
d Allowing for loss in investment in common stock of
Engineers Public
Service Co., measured by cumulative
preferred dividends not earned within
the periods less minority interests.
Such amounts
Stone & Webster, Inc. or its other subsidiaries.
1093
According to the prospectus, net proceeds of the sale of the 10,000 shares
was
312,065
207,461
199,149
16,102!543
87,837
29,148,653 29,986,0581
Tota29,148,653 29,986,058
After depreciation and reserve for loss on
demolition, disposal and
change in use of property and facilities, and
carrying charges on nronertioa
held for sale,
y After reserves.—V. 143, p. 604.
-
company's properties
$6,944,677.
The
as
of March 31,1936,
consolidated capitalization of the
corporation and the
after giving effect to the retirement of
Sunray Oil Co. first
company
mortgage 6%
authorization, sale and issuance of the preferred stock, will be
5H% cumulative convertible
preferred stock, authorized and
outstanding 50,000 shares; common stock ($1
par) 5,000,000 shares auth¬
orized, 1,912,176 shs. outstanding.
notes and the
as
follows:
x
Sun
Ray
Drug Co.—Common and Preferred Stocks
Offered—A banking group consisting of King, Crandall
&
Latham Inc., and Burr & Co.
Inc., offered on Aug. 13 by
means" of a prospectus 10,000 units at
$41 per unti, and 15,000
shares of common stock at a
price of $16 per share.
Each
unit consists of one share of
6% cumulative .convertible
preferred stock (par $25) and one share ($1
par) common
stock.
Principal Underwriters
Reynolds & Co., New York
Russell Maguire& Co., Inc., New York-R. S. Reynolds, New York—
Falvey, Waddell & Co., Inc., New York
Inc., Chicago
Ames, Emerich & Co.,
—Y. 143, p. 774.
14,250 shs.
4,500 shs.
3,000 shs.
750 shs.
7,500 shs.
Superior Portland Cement, Inc.—Accumulated Div.—
of
The directors have declared a dividend of
27 Vx cents per share on account
accumulations on the $3.50 cumulative class A
participating stock,
value, payable Sept. 1 to holders of record Aug. 22. A like
payment
Aug. 1 and July 1, last. Dividends of 55 cents per share were
paid on May 1, March 2 and Jan. 1, last, and on Nov.
1, 1935; 27H cents
was paid on
Sept. 3, July 1 and May 1, 1935, and dividends of 55 cents on
no
par
was made on
Financial
1094
1, Sept. 1, July 1 and
March 1, and Jan. 2, 1935, Nov.
on Dec. 1, 1933 —V. 143, p. 605.
Producing Co.—Earnings-
Texas Gulf
May 1, 1934, and
832,327
$784,041
81,226
135,178
885,665
$796,588
39,701
11,078
102,519
33,348
9,712
93,428
1,768
37,161
10,364
86,403
$548,866
Del.—Earnings—
Superheater Co. of
Canadian Affiliate]
1935
J934
1933
$549,751
$259,178
$199,999 loss$189,224
392,249
270,277
225*128
349,546
(.Including its
1936
6 Mos. End. June 30—
Profit from operations.,
x Other income
Total income
,
$942,000
$529,455
$425,127
$160,321
61,815
45,909
42,817
31,028
142,667
.
66,441
59,422
./19.231
$429,377
53,012
$479,832
13,154
27,974
19,785
nority interests
$568,097
123,422
$482,389
62,531
$492,986
72,505
64,921
x$672,597
$389,131
$303,103
$104,851
882,805
874,529
874,554
874,874
$0.76
$0.45
$0.35
$0.12
x No provision has been made for Federal surtax on undistributed profits.
For the quarter ended June 30 last, indicated net income, including
Canadian affiliate (based on a comparison of company's reports for first
quarter of fiscal year and six months' period) was $408,953, equivalent to
46 cents a share on 882,805 shares, comparing with $208,697, or 24 cents
a share,
on 874,529 shares in the June quarter of 1935.
The earnings for the six months ended June 30 (excluding Canadian
affiliate) was published in V. 143, p. 445.
.
No. offehs. outstanding.
Superior Oil Corp. (&
Subs.)—Earnings—
1936—6 Mos.—1935
1936—3 Mos.—1935
$271,299
$290,159
Period End. June. 30—
Gross earnings
$558,162
$542,510
111,993
114,157
216,775
$176,002
2,353
$325,735
7,696
$351,369
5,612
$162,702
4,956
89,686
12,678
2,500
Other income.
Total income
Interest
depletion
Surrendered leases, &c._
Fed, & State income tax
Net profit.
x Before
Federal
administrative expenses.
General and
$178,355
$333,431
11,193
179,286
20,132
6,500
$356,981
19,976
175,681
6,633
-
9,287
93,505
2,433
Est.
30,000
11,756
11,770
x$414,675
x$408,102
10,201
2,355,903
x$408,711
profits and surtax
ceess
Federal tax.
Adjust, of prov. for
Total
x3,100,088
-----
-
$3,514,762
issued for services ren¬
dered in prior years Additional assessment
20,000
- —
- - -
of Texas fran¬
chise taxes for 1933 and 1934... —
Prov. for loss acct. of advances, Coronado Oil Co., and certain royalties
Earnings per share
—
Revised to cover
x
3,227
33,304
$3i51|,762
$0.46
end of period
Balance at
$0.46
$0.45
estimated provision for Federal
taxes—income, excess
profits and surtax.
Ended June 30
Earnings for 12 Months
1935
1936
produced
Total net barrels
-
$1,792,503
Total gross operating income
Total operating charges
income.
1,637,031
$2,774,207 x$2,045,743
39,923
Stock dividends
Capital stock
y$52,882
x$73,130
y$116,320
x$154,691
taxes,
y No provision has
been made for Federal
surtaxes on undistributed
income deduc'ns
deductions.
provision for Federal income, ex-
Net income before
Total income
206,,793
$159,306
3,396
Exps., ord. taxes, &c
&
-
Uncollectible accounts
Earnings per share
Deprec.
sales.
58,797
124,029
_
......
earnings
profits tax
excess
Commission on oil
7,210
.
Earns, applicable to mi-
Net
$977,138
104,275
170,699
17,232
Depreciation
Fed., Dominion & for'n
income tax
1934
1935
1936_
939,213
30—
produced
Total gross operating income.
- Oper. exps., maintenance and repairs
Depreciation and depletion
_
Taxes other than Federal income and
6 Months Ended June
Total net barrels
.
1936
IS,
Atzg.
Chronicle
715 022
8U2.UMJ
income..--
Net operating
—-
86,268
71,229
$1,99?'kqI
income
Other
ended June 30, 1936, follows: Gross,
taxes, &c., $425,163; operating profit,
1,734,438
$1,611,321
$?9l'r7Q
•
Income account for the 12 months
$1,097,614; expenses, ordinary
$672,451; other income, $14,474; total income, $686,925; interest, $26,372;
depreciation and depletion, $357,345; surrendered leases, &c., $78,004;
provision for Federal and State income taxes (estimated), $12,725; net
profit, $212,479.
income
Gross
Est. Federal income, excess
x
Net income.
x
Revised to cover
Registers with SEC—
See list given on first page
profits and surtax
$804,752
$800,363
profits and surtax.
—-----
estimated Federal income, excess
Balance
of this department.—V. 142, p. 3528.
1936—6 Mos.—1935
$242,047
$156,333
$394,204
$290,160
287,000
shs.com.stk. (par $10)
$0.84
$0.54
$1.37
$1.01
Net profit for 12 months ended June 30, 1936, was $722,414 after normal
Federal income taxes, equal to $2.52 a share, against $528,095 or $1.84 a
share in 12 months ended June 30, 1935.—V. 142, p. 3528.
sh.
on
...
Swift & Co.—Stock Yards
The
were
Holdings Sold—
company's major holdings in public stockyard
receivable..
Acer.
int.
Accts.
receivable-.
rec
Inventories
Oth. curr. assets..
a
Fixed assets
Securities owned.
_
Organiza. expenses
Deferred charges..
market companies
Notes payable
payable.
Accrued liabilities.
$
$75,000
177,485
40,290
$166;566
31,276
96,124
52,604
2,655
Prov. for Fed. inc.
Res. for conting's.
60,000
60,649
b
Common8tock_.
4,145
c
Div. cred. outst.
633,790
1,525
633,737
1,578
Surplus arising fr'm
appraisal
4,222,055
Earned surplus.i. 3,544,762
4,511,253
2,729,431
16,399
1,498,078
17,643
Long-term debt... 1,459,092
224,856
9,328,046 Contingent oil inc.
"
133,328
10,185
10,456,498
& exc.
9,721,647
236,664
"
1935
$
Liabilities—
Accounts
181,189
production
Other assets
30
June
1936
$30,935
2,975
Accts. receiv. from
of the Packers' Consent Decree
ordered sold Aug. 13 under provisions
Working funds—
Notes
profit after chgs. &
normal Fed. inc. taxes
arns. per
$218,887
5,560
1,000
12
163,630
62,699
3,629
9,452,526
15,000
60,649
55,052
Cash
1936—3 Mos.—1935
Period End. June 30—
Net
Co.—Earnings—
Sheet
1935
1936
Sutherland Paper
124,179
42,986
221,694
50,244
deduction...
Income
prof. tax.
133,328
......
of 1920.
Harry S. New, former Postmaster General, who was appointed trustee
16, 1932, when the company made its last unsuc¬
Total
of the holdings on June
time in which to divest itself of its holdings
in companies not engaged directly in meat packing, obtained court approval
of the sale of the holdings for $6,279,737.
Judge Jennings Bailey in the Federal District Court, Washington, gave
his approval of the sale to the United Stockyards Corp., after Mr. New
exhibited the contract for the sale. Seven stockyards companies are involved
in the order.
They are the Sioux City Stockyards Co., Milwaukee Stock¬
yards Co., Portland Stockyards Co., South San Francisco Union Stockyards
Co., Brighton Stockyards Co., St. Paul Union Stockyards Co. and the
cessful plea for an extension of
Co.
Stockyards Corp. was incorp. in Delaware in July, 1936,
after John Dewitt of Chicago had made arrangements for the sale of the
Swift holdings.
The capitalization of the corporation is not disclosed, but
it was said in the petition that it would apply for registration with the
Securities and Exchange Commission not later than Sept. 21.
Consummation of the sale will mark the end of the Government's fight
Fort Worth Stockyards
The
a
Swiss Oil
Thatcher Mfg.
1935
$324,343
$0.34
$107,242
$0.11
& State
Earns, per share on 958,990 shares capital
—V. 142, p. 4040.1
stock--
Costs and expenses
31—
Sales..
51,780
44,390
$211,520
11,936
$677,271
35,855
$327,927
21,742
$374,229
50,735
$223,456
6,469
$713,126
60,991
$349,669
86,374
163,711
66,000
.
43,000
$237,120
110,199
'36,706
$173,987
110,199
36,705
$488,424
220,398
$268,488
Preferred dividends.___
73,412
220,397
73,411
$90,215
$27,083
$194,614
def$25,320
$0.86
$0.43
$1.82
$0.33
Total income
income
surtax, &c
Federal
profit
Net
dividends
Earns, per sh. on 146,832
shs. (no par) common
stock
profit after
&c., charges
$0.71
Earnings per share on 340,000 shares capital stock (par $1)
No mention is made of surtax on undistributed profits.—V.
142, p. 3872.
$2,373,446 $2,375,782
112,395
109,272
Accts. receivable..
45,983
58,484
Inventories
3,884
3,964
441
Investments
1,573
Deferred charges.,
16,334
23,419
a
Plant accounts..
a
stock_$l,143,800 $1,143,800
6,931
7,874
Accrued accounts.
6,354
6,837
Federal tax
14,315
11,614
Rentals rec. In adv.
34,041
34,173
941,792
Capital surplus
941,792
Earned surplus
416,964
414,691
After depreciation of
the "Chronicle" of Aug.
„
$2,560,780 $2,564,197
$1,549,242 in 1936 and $1,458,759 in 1935.
8,
page
of prior
June 30
was
published in
936.
on
&
Pacific
directors
have declared
499,933
$2,678,386
20,967,674
$174,354
13,694,605
sale of securities
200,000
92,320
_ .
„
42,211
637,058
6,482,172
347,000
—
of
249,238
pref. stock retired
$26,908,443 $23,988,123 $23,895,297
Total surplus
$13,868,959
Dr31,156
Dr52,677
Adjustments
applicable
to prior years
Prov. for unrealized loss
Dr29,091
other invest. & rec.
200,000
on
Excess of cost over book
val. of sub. co's. stock
13,532
acquired
1,878,663
851,371
dividends
Preferred
Ry.—To Resume Preferred Dividends—
a dividend of $2.50 per share on the 5%
stock, par $100, payable Aug. 31 to holders of
This will be the first dividend paid on the preferred stock
since March 31, 1932 when a quarterly dividend of $1.25 per share was
distributed.—V. 143, p. 605.
The
non-cumulative preferred
record Aug. 15.
526,885
$3,367,454
20,620,669
21,336,760
Common dividends
Texas
541,490
155,029
c372,079
6,359,194
year's oil
sales contract
Profit
Total
67,334
$5,279,363
Excess of par over cost
payable.
311,859
330,005
6,283,450
118,000
305,879
Net profits.
Adj.
1935
bl28,008
390,976
417,110
6,037.470
483,000
Minority interest propor¬
tion of earnings
b Common
b Represented by 228,760 shares, $5 par.
*
The earnings for the 3 and 6 months ended
259,868
756,474
b420,282
disct., &c._.
Accounts
$2,560,780 $2,564,1971
Total
1936
LiaMUties—
Cash
185,396
prem.
funded debt
on
Previous surplus
Telautograph Corp.—Baalance Sheet June 30—
1935
$13,095,537 $11,080,265 $10,929,848
&
discount
Int.,
$8,095,597
Prov. for Fed. inc. tax..
$242,766
1933
$7,339,123
Amortization
bonus,
1934
$12,576,773 $10,455,645 $10,245,700
518,764
624,620
684,148
Retire. of phys. prop
...
Ended June 30
business_$56,367,173 $50,381,750 $46,974,035 $37,253,210
36,728,33(3 29,914,087
and costs
43,790,400 39,926,105
Deprec. and depletion..
estimated
Months
1935
Total vol. of
Other int.,
Earnings for Six Months Ended June
1936
Associated Oil Co. (& Subs.)—Earnings—
1936
a
15,181
2847.
Total income
$8,317
$0.04
class A stock (par $1)
(K.) Taylor Distilling Co., Inc.—-Earnings-
Assets—•
'
a
—V. 142, p.
Operating income
expenses,
profit after expenses,
amortization,
Federal and State income taxes.^
taxes,
Other income.
13, 1936
deprec., int., stock distribution, idle plant
Earnings for Period Dec. 29, 1935 to June
Net
...
Miscell. deductions
Total exps.
Tastyeast, Inc. (& Subs.)—Earnings—
Earns, per sh. on 202,825 shs.
—V.
142, p. 2846.
...
Consolidated Income Account 6
1936—Month—1935
1936—7 Mos—1935
$6,550,700
$4,971,197 $44,605,901 $36,927,890
1936—6 Mos—1935
$2,928,119
$1,771,218
1,345,792
2,149,646
97,499
101,202
$354,406
19,823
Operating profit
Other income
Tide Water
—V. 143, p. 445.
Net
1936—3 Mos.—1935
$944,597
$1,531,833
688.687
1,125,647
Depreciation
(James) Talcott, Inc.—Sales—
Period End. July
.
Surplus
1936
Net income after deprec., depletion, Fed.
income taxes and minority interest
Co.—Earnings—
Period End. June 30—
Corp. (& Subs.)—Earnings—
"
1935 —V. 142, p. 3529.
Net sales
Common
6 Months Ended June 30—
10,456,498 9,721,647
of $2,160,708 in 1936 and
par shares in 1936 and
1,525 shares in 1936 and
1,578 shares in
Union
against the "Big Five" of the packing industry.
Its court battle against
Swift, Armour, Cudahy, Wilson and Libby ended in the famous Consent
Decree of 1920.—V. 143, p. 936.
(
Total
depreciation and depletion reserves
After
$1 551,615 in 1935.
b Represented by 888,081 no
888 028 no par shares in ,1935.
c Equivalent to
Surplus
Shs.
com.
as
a
share
Exclusive
only,
c
Does
5,688,217
$0.60
of inter-company
not
2,862,995
$20,820,344 $21,001,146 $13,816,281
5,632,136
5,629,227
5,612,240
$0.26
$0.14
$0.03
sales and transactions,
b Interest paid
of June 30.$23,935,786
stk. outst'g
Earned per
16,674
3,151,105
include investments.
Volume
Financial
143
undistributed profits is in¬
30, 1936.
Note—No estimated provision for surtax on
cluded in the accounts for the six months ended June
Consolidated Balance Sheet June 30
1936
$
Liabilities—
Oil
34,096,406
Total
Res.
2,116,731
2,000,000
21,204,105
250,000
Thermoid Co.—Earnings—
hands
in
cos,
of public
Bank loan
Purchase money
275,961,916 271,525,028
228,302
2,287,763
5,281,930
4,703,268
4,252,473
1,4,256,740
939,331
tax...,
483,000
238,454
118,000
Accrued interest
184,194
oblig. (current)
Accounts payable
depletion..158,191,405 154,056,929
—trade
Total proper's
& equip...117,770,511
Inv. in cos. affil.
z
y
sion
Corp
on
hand &
in banks
726,480
8,547,949
10,308
750,000
750,000
1,447,286
948,011
24,927,593
3,536,878
Deferred
money
Res.
for
deprec.,int.& ordinary
Def'd
In
2,559,064
letter to stockholders,
Operating
Operating
1936
^
\2,359,221
i
expenses
...
$2,555,940
2,354,899
$201,041
43,380
Operating income.
Operating
t|ixes
£6,801 prof$157,661
9,089
Dr38,755
Loss
Other income, net...
2,743,010
2,398,137
1,815,161
2,467,186
839,368
23,935,786
852,658
20,820,344
1935
$2,853,779
2,809,208
$44,571
51,372
revenues
V
\ 1,125,945
17,000,000
purch.
oblig..
credits
Inc.—Earnings—
Transcontinental & Western Air,
$118,906
15,664
$2,288
7,100
Profit
Federal income taxes.
to
operations
Surplus
Net loss...
$4,812prof$103,242
;
—V. 142, p. 3872.
Daylight Picture Screen Corp.—Options—
notified the New York Curb Exchange that for valuable
Trans-Lux
un¬
adjusted items
a
6 Months Ended June 30—
contin¬
for
■
91,517
38,560
$121,349 loss$83,357
R. H. Temple, Treasurer, states that a plan
of recapitalization will shortly be submitted to stockholders.—V. 143, p. 936,
Federal income taxes.
to
gencies, &c._.
cos.
affiliates
Crude oil & prod 29,165,407
Mat'ls & suppls.
2,954,602
&
pay.
bank non-curr
escrow
Deferred
Notes
662,390
9,284,838
5,942
reserve
Due from em pi's
Cash
deposited
from
(
1,168,239
2,070,596
payable
accts.
Due. to cos. affil.
accepts. rec._
Accts. rec., less
Due
div.
Wages & miscell.
7,999,042
3,142,264
7,877,095
1,777,615
Net profit after prov.
pref.
cos.
Est. Fed.
4,585,374
Notes and trade
in
stock
stk. div. pay.
1,116,517
3,190,446
Marketable sees.
taxes
payable
Sub.
Other investm'ts
Cash
Accrued
Pref.
117,468,099
8,186,562
6,387,382
Invest, in Mis¬
(Including wholly owned domestic subsidiaries and Southern Asbestos Co. )
Period End. June 30—
1936—3 Mos.—1935
1936—12 Mos.—1935
Gross profit
$191,721
$122,905
-
[1,878,663
for deprec.
&
62,622,200
56,321,360
Aug. 18.
On July 22 last the directors had declared a dividend of 45 cents
per share, payable Aug. 31 to holders of record Aug. 10.
The above payments compare with 50 cents paid on May 11 last; a
special dividend of 85 cents and a dividend of 50 cents (or a total of $1.35
per share) paid on Dec. 31, 1935; 50 cents paid on Sept. 30; 30 cents on
June 29; 35 cents on March 30, 1935; 75 cents on Oct. 8, 1934; 50 cents
on March 31, 1934; $1 on Dec. 23, a933, and 25 cents per share paid each
quarter from March 31, 1932 to Dec. 31, 1932, inclutive—V. 143, p. 605.
Cap. stk. of subs
33,657,341
3,226,816
3,166,300
56,882,170
xCommonstock
.
Miscellaneous..
$
$
6% pref. stock.. 62,622,100
producing..130,140,413 126,824,085
Refining
50,673,056
51,934,262
Transportation
56,624,535
57,143,730
Marketing
1935
1936
1935
$
Ass etc
1095
Chronicle
The company has
2,688,777
members of the executive
option on 10,000 shares of
services rendered and to be rendered as directors,
Total..
183,453,2501
185,013,188
..185,013,188 183,453,250
Total
Represented by 5,688,217 shares no par value in 1936 (1935, 5,632,136
shares no par value),
y Includes
oil, property and excise taxes, &c.
z
Represented by 101,969 shares of capital stock at cost.—V. 143, p. 606
x
1936—3 Mos.—1935
$3,108,421
Cost®
x
x
$1,001,698
$315,533
23,771
$782,763
27,763
$528,711
38,590
339,304
$810,526
$567,301
y59,922
Total income
$1,479,645
696,882
26,880
36,719
32,662
54,952
90,286
y91,229
49,796
73,001
51,378
$355,539
■Operating profit....
Other income
$551,007
235,474
$470,947
17,813
Expenses
$243,043
$574,059
$393,126
$488,760
.
472,987
interest,'
27,256
46,043
Federal income taxes
business Aug. 12 there were approximately 250,000 shares of this issue
outstanding in the hands of the public.
The stock to be redeemed will
be drawn by lot; Aug. 22 has been set as the record date for such drawing.
—V. 143, p. 937.
Tung-Sol Lamp Works, Inc.- -Comparative Consolidated
Balance Sheet June 30—
$283,621
102,551
259,110
$260,918 Notes payable
88,434 Accounts payable.
217,645 Acer, sal., wages,
royal., bonuses,
-1,066,969
258,364
1,168,164
812,297 Prov. for Fed.taxes
374,623 Dividends payable
974,244 Other def.liabilities
Marketable secur.
x
Not
available,
y No provision
142, p. 3529.
Tide Water Oil Co.
6 Mos. End. June 30—
a
Total vol. of
business.$35,342,231
26,973,496
fund.
$3,833,802
585,073
$6,962,157
562,028
$6,782,388
$7,524,186
33,906
bl06,049f
213,189
3,959,700
118,000
347,000
293,394
338,249
151,838
106,845
$4,418,875
$2,525,159
8,303,016
$2,497
6,482,748
b404,777
3,724,114
Prov. for Fed. inc. tax..
Amortization
460,000
357,110
90,034
Retire, of physical prop.
Net profits
Previous surplus
$3,707,527
7,582,336
Adj. of pr.
•
yrs. oil sales.
Prof, pn sale of secur
Total PUt P* UP
surplus..
*
—
M
WM
MM
other invests &
4.079.0671
$2,034,178
8,646,287
520,635
58,865
1,097,386
Earned surplus
$10,206,414
outstand.
2,194,773
Net
490,615
Shares of capital
1936
§
Total
Total
-
$
148,462,289147,639,864
reserves
for
deprec. & depl..88,672,750 88,022,695
Net
Cash
properties..59,789,539 59,617,169
4,995,426
3,805,253
1,670,991
2,899,267
Marketable secur.
Notes
& trade
449,038
567,351
5,064,637
4,773,158
Due from empl's..
5,015
7,430
Crude oil & prod's. 15,574,114 13,834,775
Material^ & sup¬
Accts. receivable
plies, at cost... 1,489,762
441,070
Due from affil. cos.
Inv. in affil.
b Invest,
sion
Other
2,105,386
cos..
in
1,856,221
437,377
3,843,017
is
Corp
1936
Liabilities—
5%
made at the
Total
$9,113,792
$325,909
$187,771
$1,174,550
payable..
714,373
3,239,746
710,223
Deferred
15,566
Totalincome
Interest..
oblig'ns.
27,271
32,372
$215,042
$1,206,922
381
21,273
26,000
z62,359
2,398,138
profit
a
17,273
148,500
$278,923
$167,388
$1,041,149
a261,423
146,074
146,074
$1.06
I
Shares of capital stock
$1.14
$7.12
share
Earnings per
7,939,242
including the 65,359 shares entailed
offering of subscription rights to shareholders.
Includes depreciation.
y After eliminating $45,000 of executive salaries
Exclusive of treasury shares, and
in the recent
x
deferred on the balance sheet as applicable, in the opinion of the manage¬
ment, to the financing and construction of the Georgia plant,
z Does not
include any amount for Federal surtax on undistributed profits.—V.
143, p. 606.
'
Gas Co. of Canada, Ltd.-—Larger
Union
The directors have declared
common
a
Dividend—-
cents per share on the
of record Aug. 20.
Dividends
June 15 and May 15 last.—V. 142, p. 3191.
dividend of 12 H
stock, payable Sept. 15 to holders
of 10 cents per
share were paid on
purchase
money
638,334
3,067,575
861,013
2,206,835
Accrued taxes
.
$341,475
193
Other income
Wages and miscell.
Notes
payable
to
tingencies
Deferred
United American Bosch Corp.
(& Subs.)—Earnings—
1936
$7,546,837
Net sales
1,486,343
credits..
.
12 Months Ended June 30—
bks. (now curr.) 17,000,000
Reserve
for
con¬
2,143,537
63,185
124,654
1,929,988
profit after ordinary taxes, depreciation, &c.
charges but before Fed. taxes & surtaxes
1935
$6,192,333
255,912
55,874
Net
Note—No effect has been given to flood losses because of salvage work
been completed.—Y. 142, p. 4041.
United Biscuit Co. of America (&
Period End. June 30—
96,026,825 96,522,423
$9,582,464
9,394,693
Operating profit
Net
2,951,417
1,468,050
1936
$10,065,027
y9,739,118
30—
Costs and expenses
x
$
19,076,300
c Common stock..54,869,325
54,796,500
Surplus
10,206,413
8,765,166
Pref. stk. div. pay.
238,454
Est. Federal tax..
460,000
118,000
Notes pay. to bks. 2,000,000
Accrued interest..
184,194
Pur. mon. oblig'ns
171,302
2,287,763
Accounts payable,
trade
2,714,884
2,006,989
accts.
& Paper Corp.—Earnings—
6 Months Ended June
1935
pref. stk.
con v.
Deferred and unad¬
justed items
Co.—Bonds Called—
1st and ref. mtge. 5% gold bonds, due 1953 have
Oct. 1 at 105 and interest.
Payment will be
Guaranty Trust Co. of New York.—V. 143, p. 774.
been called for redemption on
not having
1,116,517
1,857,278
459,225
$0.38
-
Loss contrl co
Mis¬
investments
$173,713
$278,000
472,500
$0.59
stock outstanding (par $1)
Earnings per share
2848.
Federal income tax, &c__T
Duetoaffil. cos...
ac¬
ceptances
a
for Fed.
prov.
Sales
$8,765,166
2,191,860
1935
58,831,382
33,091,963
34,517,651
18,928,577
2,270,290
1935
1936
taxes,
—V. 142, p.
498,615
1,095,912
Consolidated Balance Sheet June 30
59,276,631
Refining
33,610,725
Transportation...34,620,133
Marketing
18,717,482
Miscellaneous.... 2,237,317
(& Subs.)—Earnings—
inc.
Fed.
after
profit
Union Bag
490,615
1,424,685
estimated provision for surtax on undistributed profits
included in the accounts for the six months ended June 30, 1936.
1
$3,162,251 $2,750,717
Total..
$3,162,251 $2,750,717
Twin State Gas & Electric
Note—No
Assets**—"
137,366
438,617
y548,424
1,327,884
-
Preferred stock..
~
surtax, &c., charges
only.
Oil producing
101,687
711,428
x
6 Months Ended June 30—
200,000
rec.
54,595
34,661
4,069
All of the outstanding
# O *7
$11,516,789 $10,680,466 $10,828,174 $ 6,485,245
Dr20,650
Drl2,989
Dr56,618
dividends
50,187
25,066
1;191
2,372
x Represented
by 208,757 shares preference (no par value) in 1936
(60,919 shares in 1935).
y Represented by 228,510 shares common (no
par value).
z After reserve for depreciation of $798,401 in 1936 and $701 ,506 in 1935.
a Represented by shares having a $1 par value.
The earnings for the 6 months ended June 30 were published in—V.143,
p. 937.
Twin Coach Co.
$9,220,998
$5,930,011
Shs. of common
2,191,123
2,190,123
Earned per share
$1.69
$0.70$0.93
Nil
a Exclusive
of inter-company sales and transactions,
b Interest paid
■
1
22,552
Total
105,686
Common stock
a280,659
or plus..
.....
1,880,945
Reserves
1
200,000
26,926
Common dividends.
Fixed assets
23,469
3,836,878
w(]pX
Adj. applic. to prior yrs.
Prpv. for unrealized loss
on
1935
1934
1933
$29,921,295 $29,970,370 $21,182,942
23,571,938
23,008,212
17,349,141
433,031
dt.\
z
Deferred charges..
$8,743,564
Total income
Other assets
Franch.,
licenses,
pat. rights, &c._
$6,349,357
Otherint., discts., &c^_ f
Deprec. & depletion
Preferred
made for possible excess profits tax
$8,368,735
374,829
Operating income
Other income
on
$1.44
(& Subs.)—Earnings—
1936
Total expenses & costs..
Int. & disc,
$1.93
$0.90
$1.21
$75,000
79,912
$~5~3~ 216
taxes and exps..
& mdse. in con¬
signment
par)
and surtaxes.—V.
inventories
Mdse.
1935
1936
Liabilities—
1935
1936
Assets—
Cash
Notes & accts. rec.
Net profit
Earn, per sh. on 283,510
shs. common stock (no
606.
Corp.—To Call Preferred Stock—
announced on Aug. 12 that it will call 90,000 shares of its
$6 cumulative preferred stock for redemption on Oct. 1, 1936, at 110, and
in order to provide cash for the purpose, has arranged for banking accom¬
modation up to five years at a low rate of interest.
As of the close of
The company
$829,143
358,196
Manufacturing profit.
Develop, exp.
royalties, &c
Depreciation
x
an
has been granted to each of the following; Edward
Wise, Harold P. Farrington and George H. Robinson.
The options must
be exercised during the period of their service to the company, but in any
Tri-Continental
1936—6 Mos.—1935
$5,756,6611
4,277,016
x
2,279,278'
of the finance committee,
^vent within two years from June 25, 1936.—V. 143, p.
Thompson Products, Inc. (& Subs.)—Earnings—
Period End. June 30—
Net sales
committee and
stock at $4 per share,
1936—3 Mos.—1935
Subs.)—Earnings1936—6 Mos—1935
after interest,
deprec. and provision
Net profits
Total__
96,026,825 96,522,423
a After reserve of $244,796 in 1936 and $254,252 in 1935.
b Represented
by 101,969 shares of capital stock, at cost,
c Represented by 2,194,773
noparsharesin 1936 and 2,191,860 no par shares in 1935.
$296,407
for Federal taxes
$173,835
x$593,419
$361,662
Earns, per sh. on 459,054
shs. common stock
$0.60
$0.33
$1.20
$0.70
x Before provision for Federal surtax on undistributed profits.—V. 142,
p. 3531.
„
Special Common Dividend—'
.
.
The directors on Aug. 8 declared a special dividend of 55 cents per share
on the common stock, no par value, payable Aug. 19 to holders of record
United
Cigar
Stores
Co.
of
Suggest Means for Reorgarifization—
America—Committee
to
Financial
1096
A committee has been formed to prepare
and submit
a
plan of reorgani¬
Chronicle
--United Light & Rys. Co.
zation for the company,
which also owns and controls the Whelan Drug
to announcement Aug. 13,
The properties for some
time have been administered under Section 77-B of the National Bankruptcy
Stores,
according
Act.
of the reorganization committee, and also
Cigar Stores landlords protective committee.
Other members of the reorganization group are: Colonel Grayson M.-P.
Murphy, who is Chairman of the preferred stockholders' protective com¬
mittee, and Robert J. Marony, designated as representative of the deben¬
Grimm
Peter
is
Chairman
is
Chairman
of the
ture holders'
United
protective committee.
Boykin "Wright of Cotton, Franklin, Wright & Gordon has been ap¬
pointed counsel for the reorganization committee.
Walter S. Mack Jr., Vice-President of Phoenix Securities Corp., an¬
nounced last night the corporation's approval of the formation of the
committee, as follows:
"Phoenix Securities Corp. knows of the formation of the reorganization
committee for United Cigar Stores Co. of America, consisting of a represen¬
tative from each one 6f the existing protective committee.
"As a substantial holder of securities of, and claims against, that corpora¬
tion, Phoenix Securities Corp. heartily approves of the formation or this
committee and will do everything in its power to co-operate with it in
bringing forth a plan for the reorganization of United Cigar Stores at an
early date.—V. 142, p. 2520.
United Carbon Co.
1935
1934
$1,866,429
600,878
$1,477,722
$1,065,143
394,769
_
General operating expenses
539,078
$616,339
315,608
$937,969
1,450,609
$670,373
1,003,184
Crl,352
$300,731
824,245
CV8.939
$3,189,600
$2,388,578
477",462
475",327
$1,674,909
51,728
322,011
133",839
11,576
Int., amortiz. & pref. divs. of sub. & contr. cos.:
Interest on bonds, notes, &c
Amortiz. of bond disct. & pref. stk. expense
Dividends on preferred stocks
$2,578,298
$1,901,674
$1,276,423
397,885
$2.36
370,127
$1.65
370,127
$0.65
1936
1936
Assets—
Liabilities—
1
142,927
Deferred charges...
x
Common
Fed. income taxes.
147,738
238,731
200,000
272,367
Divs.
payable
Long-term debt...
Deferred income..
338,485
Res.
for
losses
and
$3,907,371
6,987
$3,914,359
177,417
$6,655,754
$3,736,941
1,375,000
-
1,375,000
42,988
42,988
$5,237,765
$2,318,953
$275,002
346,212
619,218
$275,002
346,212
619,405
$3,997,332
Balance transferred to consolidated surplus..
$1,078,332
Prior
preferred stock dividends:
7% prior preferred—First series
6.36% prior preferred—Series of 1925
6% prior preferred—Series of 1928
Adjusted to reflect reversal of Detroit City Gas Co. rate reserve.—V.
p. 128.
;
•'
"
'
re¬
united Drug, Inc.
Period End. June 30—
(& Subs.)—Earnings-
1936—3 Mos.—1935
Net profit after deprec.,
int. and Fed. taxes.._
1936—6 Mos.—1935
$131,658
/
x$676.840
$350,487
$0.09
$284,687
$0.48
$0.25
$0.20
($5 par)
345,505
119,512
104,715
238,731
500,000
x
Exclusive of
a
non-recurring profit of $837,002 from sale of Boots Pure
Drug Co. stock.
For the 12 months ended June 30 net income
was $2,667,872, or $1.90
1,400,560 shares outstanding.
This includes extraordinary
$1,442,162 leaving operating earnings $1,225,710, or 87 cents a
share.—V. 142, p. 3531.
a
share
on
income of
158,048
United Gas
possible
con¬
Improvement Co.—^-Weekly Output—
Week Ended—
tingencies
$5,326,048
xl ,418,676
$6,831,474
175,720
Balance
$
271,143
127,267
>
Earn, per share on 1,400,560 shs. of capital stk.
1935
$
624,057
3,028,120
789,668
-
Holding company deductions:
Int. on 5^% debs., due 1952
stock..11,952,538 11,952,538
Accts. payable
Acer, taxes, roy., &c
1
tracts, &c
—
Total
143,
1935
Land,
pipe lines,
buildings, &c -.23 ,049,316 20,744,803
Cash
852,274
1,177,405
Notes & accts. rec.
1,185,244
1,064,405
Inventories
642,415
531,715
Other assets & inv.
1,614,214
1,743,771
Trade-marks, con¬
2,020,056
Equity of United Lt. & Rys. in earns, of subs. &
controlled cos
.*
$6,041,806
of United Lt. & Rys. (excl. of inc. received
x
Consolidated Balance Sheet June 30
10,071,566
Inc.
$980,634
397,885
$2.73
10,025,421
598,391
3,026,784
$8,061,863
Balance
stk. outstand¬
com.
1,522,909
Prop, of earns., attributable to min. com. stock.—
Balance
ing (no par)
Earnings per share
$17,526,883
$21,712,460 $19,049,792
Total
24,747
—
Balance
cos
Amortiz. of deb. discount and expense
pref. stock
on pref. stock
bought & other chgs__
Sundry adj. (net)
$19,428,833
2,283,627
Net earns, from opers. of sub. & contr.
Non-oper. income of sub. & contr. cos
$1,133,915
60,749
92,532
Common dividends
3,832,772
6,354,970
7,958,664
Gen. taxes & est. normal Fed. income taxes
Premium
Shs.
4,371,739
6,801,695
8,145,125
Provision for retirement
675
$1,087,607
2,095,374
:
Cr6,619
1935
(after
$72,348,981 $67,118,479
33,601,588
31,445,188
Maintenance
1933
177,944
Sund. adj. for prior yrs_.
on
cos.
Expenses of United Light & Railways
_
Deprec. and depletion.
Minority interest's pro¬
portion of profit
Divs.
1936
of sub. & controlled
eliminating inter-company transfers)
(& Subs.)—Earnings-
Oper. prof, after deduct¬
ing, mfg., selling, fen.
& adminis. expenses.
Gross oper. earnings
1936
(& Subs.)—Earnings—
12 Months Ended June 30—
from subs.)
1936
6 Mos. End. June 30—
Aug. IS
335,604
200,000
Reserve for deprec.
and depletion..10,986,757
Aug. 8, '36
83,434,933
Aug. 1, '36 Aug. 10, '35
82,279.226
72,606,053
9,782,434
Res.
Electric output of system (kwh.)....
—V. 143, p. 937.
United Milk Products
for taxes and
expenses
280,000
95,946
Surplus
297,428
2,578,298
Minority interest-
1.90L674
Co.—Earnings—
6 Months Ended June 30—
Net profit after deprec.
1936
,
& Fed. taxes
1934
1935
x$168,081
$116,103
y$87,703
Equivalent under the participating provisions of the shares, to $3.08
a share on 36,598 (no par) shares of $3 preferred stock and $1.58 a share on
34,899 (no par) shares of common stock.
y Equal to $1.72 a share on 46,469 shares of $3 preferred stock and 22
cents a share on 34,882 shares of common.
Note—No mention is made of Federal surtax on undistributed profits.
—V. 142, p. 4357.
x
Total
x
27,486,390 25,600,5861
Represented by 397,882
United-Carr
no par
Fastener
Total
27,486,390 25,600,586
shares.—V. 142,
p.
3364.
Corp.—Condensed
Consolidated
Balance Sheet June 30—
Assets—
1936
Cash
1935
$797,828
55,973
Gold bullion
Accts., notes & ac¬
ceptances rec.
__
I
$589,557
Liabilities—
458,384
Cash
taxes..
898,029
28,209
20,238
316,890
2,128,372
Long-term debt...
4
4
102,760
Gas purchased
42,176
36,966
10-yr. 6%
Other assets
24,442
Prop., plant & eq. 2,230,294
Patents, licenses &
good-will
expenses.
i.
1,553,500
_
$807,389
54,648
67,453
326,470
46,936
101,238
$1,946,416
119,843
227,313
662,963
115,856
200,714
$1,760,358
109.038
185,113
75,571
74,102
152,796
147,781
15,587
17,111
42,793
36,640
from oper__
Other income (net)
$157,838
2,910
$119,428
$424,138
8,349
344,533
13,815
Total net earnings
General interest & misc.
$160,748
$124,190
7,776
3,777
9,786
6,732
$152,972
$120,413
$422,702
$351,616
19,863
20,095
38,971
Maintenance
Prov. for retire. &
193,750
11,555
i~0~694
State,
65,060
Deferred income..
58,001
Federal
Min. ints. in subs.
x
$4,667,882 $4,448,4401
surplus
w
Less retired
shares of
z
stock
stock of
y
Represented by 250,000
par value of an authorized issue of 500,000
44,502 shares cumulative convertible preferred
no
par
Represented by
value and 255,498 shares common stock no par.
The earnings for the six months ended June 30 were
published in V.
143, p. 937.
no
&
earns,
deductions
Balance
of net
9 Mos End.
•
_
Year End.
Mar. 31 '36
Netincome
June 30
$25,812
.
1936
earnings of sub. and controlled
I
(after eliminating inter-company transfers)
General operating expenses
oper.
_
____
Net earnings
Non-operating income of subs,
and controlled
Total income of sub. and controlled
cos.
Interest, amortization and pref. dividends of
-_$21,656,810 $19,875,616
3,169,929
1,606,399
cos.
$24,826,739 $21,482,015
sub¬
sidiary and controlled companies—
Interest on bonds, notes, &c
Amortization of bond discount and pref. stock
Balance
.
on
common
attributable to
667,008
4,258,739
$5,132,883
2,016,982
_
Proportion of earnings,
11,423,384
$8,537,608
preferred stocks
11,389,936
641,379
4,257,815
expense
Dividends
xl ,415,548
minority
stock
Equity of United Light & Power Co. in earnings
of subsidiary and controlled companies
$6,520,626
Income of United Light & Power Co.
(exclusive of
income received from subsidiaries)
j__
17,795
Total.....
.
.
.
•
Balance
Holding
company
Balance transferred to consolidated surplus
x
$3,717,334
9,635
$6,538,422
248,794
$3,726,970
$3,459,345
2,318,073
199,026
2,320,272
240,635
$3,772,528
107,183
13,065
206.148
23,698
214,959
26.396
of
debt
102,927
11,768
10-yr. int. scrip
Net income.
$18,413 loss$19,93l
$153,884
$73,162
Note—No provision has been made for Federal surtax on undistributed
Figures for the three months ended June 30, 1935 reflect adjust¬
___
profits.
ments
p.
made
subsequent thereto but applicable to that period.—V.
143,
447.
United
States
Standard Power &
Electric
&
Power
Corp.—Stock,
Light Corp. Offered to Stockholders—
of
The syndicate that a few months
ago acquired the United States Elec¬
tric Power Corp.'s note to Chase National Bank and
promised to make the
principal collateral available to the corporation's stockholders at the cost to
them of the operation has carried out the
plan by causing the offer to these
stockholders of 1,239,096 Standard Power &
Light Corp. common shares
for an aggregate amount of
$3,507,157, including transfer taxes.
To avoid the added cost and
delay of a registration statement, the offer
provides that the purchase must be "for investment ana not for distribution
to others."
Tne letter sets forth in
general lines the status of Standard
Power & Light, the
relationship of officers of the syndicate with any of tne
companies, and the intent of the Hydro-Electric Securities
Corp., a mem¬
to sell nor to acquire any of the stock offered.
by the Chase Bank had a face value of $11,9J6,735
unpaid principal amount, with interst arrears exceeding
$2,000,000, when
bought by the syndicate for an aggregate price of $3,500,000 on
May 21
last.
Included in the syndicate were the J. Henry Schroder
Banking Corp.,
Bancamerica-Blair Corp., W. C. Langley & Co., A. C.
Allyn & Co., Inc.,
and Emanuel & Co., some of which concerns acted also for
other interests.
The notes were secured
by all assets of the United States Electric Power
Corp.
To the cost of the notes had been added $69,200,
representing
$898,437
Adjusted to reflect reversal of Detroit City Gas Co.
$314,518
The demand notes held
267,624
deductions:
Interest on funded debt
Amortization of bond discount and expense
funded
$383,730
ber^of the syndicate, neither
$6,289,628
..
Expenses of United Light & Power Co
on
U. P. Utils. Corp.:
Collateral—trust bds-
1935
.
37,098
$100,317
cos.
$81,949,428 $75,620,445
38,304,339
35,610,668
4,871,762
4,284,180.
7,926,478
7,288,612
General taxes and est. normal Federal income taxes
9,190,037
8,561,366
Maintenance.
Provision for retirement
.
$133,109
Subs.)—Earnings—
12 Months Ended June 30—
Gross
$358,348
'35
Int.
United Light & Power Co. (&
$432,488*
'
/
Gen; & admin, exps.(net)
loss$27,107
—V. 141, p. 4028.
4,761
earns,
Public Utilities Corp>
U. P. Utils. Corp.:
Canada—Earnings—
Period—
88,980
202,490
State income
applicable to United
United Dairies, Ltd.,
645,781
z3,820,280 y2,470,483
$4,667,882 $4,448,440
through sinking fund $446,500.
common
shares,
Total
&
taxes
Net
Total..
local
deplemiscell.
Federal taxes
companies
1936—6 Mos.—1935
$867,843
61,252
67,058
321,627
68,013
100,894
Operation
conv.
debentures
Corp. (& Subs.)—Earning
1936—3 Mos.—1935
Period End. June 30—
Capital stock and
x
of
life insurance
Prepaid
115^142
Total oper. revenues
Power purchased
Fed., State & for'n
947,046
val.
surr.
United Public Utilities
$137,859
185,236
Accrued expenses.
541,909
1935
$169,524
100,000
122,476
Notes payable:
Invent. & goods in
►•transit
1936
Accounts payable.
rate reserve.—
estimated expenses, and there has been deducted
$98,820 net proceeds of
the sale of all collateral other than
Standard Power common stock.
The
balance,
or
common
shares.
$3,470,380,
was
divided
by
1,239,096,
the number
oi
such
,
To United States Electric Power
stockholders, accordingly, is being given
by the J. Henry Schroder Trust Co., agent -or the noteholders, the
right
purchase Standard Power & Light common shares at $2.80 a share.
to
Volume 14J
Financial
Chronicle
1097
The
offering is based on the proportions of
capital estimated to have been
contributed, respectively, by each class of United States Electric
Flower
stock.
shares
basis, preferred holders of Usepco may offer to
buy eight
shares of Standard
Power common for each 10
preferred shares held, and
common holders of
Usepco may offer to purchase one Standard Power
common share for each
7H common shares held.
Since the collateral includes
1,226,298 common shares
and
common shares of
Standard Power &
by
income, capital stock,
for the year
1936.—V.
a
United States Steel
Corp.—July Shipments—
See under
The
remaining stock.
The letter points out
that the principal assets of Standard Power consist
Gas & Electric Co., which is in
voluntary reor¬
ganization proceedings under Section
77-B of the National Bankruptcy Act.
John L.
Simpson, Vice-President of the J.
Henry Schroder Banking
Corp.; W. C. Langley, a partner of W. C.
Langley & Co.; A. C. Allyn,
President of A. C. Allyn &
Co., Inc., and Victor Emanuel, a partner in
Emanuel & Co., are directors of
Usepco and Standard Power.
Granbery,
Safford & Co. also have a
participation in the purchsae of the notes, and
E. Carleton
Granbery of that firm is also a director of Usepco and Standard
Power.
Mr. Emanuel is President of
Usepco and Standard Power.
The Hydro-Electric
Securities Corp., a Quebec
company, one interest
represented by the j.
Henry Schroder Banking Corp., owns a substantial
part of the notes and is also a
company
surance
rate
of
of securities of
Standard
large stockholder
United States
Freight Co. (&
^
6 Mos. End. June
Gross oper. revenue
Operating
30—
1936
Usepco.—V. 143,
p.
1934
At
par;
48,250
36,862
42,513
33,772
$269,870
299,566
$0.90
$164,092
299,640
$0.55
1936
844
per share
73,246
$755,487
Net profit
Earnings
1935
79,104
195,082
$408,491
68,976
notes receivable
aggregated
$1,500,000 against
a
261,536
Total income
$3,694,546
1,009,394
30,492
412,886
$2,800,639
942,145
16,809
214,208
$2,185,614
$1,783,042
Net income
Preferred dividends
dividends
903,149
30,787
110,010
882,709
31,107
37,685
$2,241,774
273,777
894,077
$1,627,477
273,777
596,031
$831,541
273,777
Surplus
Earns, per sh.
$1,141,668
273,777
594,197
$1,073,920
$1.65
$757,669
$273,694
$1.14
on
comstk
Plant & equip..40
,094,931
Cash
8
x
38,418,464
8,157,606
,444,997
Accts.
z
&
securs.
5 ,296,157
contracts
Deposit
for
Miscell.
5,576
245,032
245,513
78,114
pur. instal
prop.
61,168
882,202
940,578
Conting. <Sr oth.
res
Paid-in surplus...
Earned
196,216
357,481
434,741
732,940
x
....64.217,291 60,910,710
After depreciation and
depletion,
reserve for bad
debts—V.
—After
United States
508,425
1,183,016
5,831,447
1936
tion and taxes..
Represented by $20
par
1935
394,552
$0.76
1934
394,552
$0.79
per share
Note—No mention is made of Federal
surtaxes
—V. 143, p. 607.
1933
$371,095
on
$50,400
394,552
394,552
$0.94
$0.12
undistributed profits
Radiator
Vote on Plan—
A special meeting of
stockholders has been called for
Sept.
United Stores
(see V. 143,
16 to vote
on
p. 775).—V. 143,
Corp.—Earnings—
1936
1935
1934
$146,506
$228,225
42,243
15,425
Profit.
$43,880
54,448
Expense & franchise tax
Interest paid
31,030
7,398
Balance Sheet
as
loss$5,761
$194,334
accr. int.
Account receivable
Office furniture & fixtures
$1,755,376
51,259
26,112
_
...
1
Invest, in Tobacco Products
Corp. of Delaware
$61,286
32,882
$28,404
Liabilities—
on
hand
$25,540
Notes and accounts receivable.
_x294,755
Inventories, estimated
Land used for plants..
231,337
74,816
Notes and accounts payable
Taxes payable.
$188,838
7,826
Improvement bond payable
143
Mortgage
._y208,814 Purchase contract
deferred
Deferred credits to income
22,679 Preferred stock (par $5)
47,500
Buildings and equipment
Organization
expense,
charges, &c
Patents and trademark at
cost,
less amortization
Patent
applications
pending
,
Common stock
55,062
at
Capital surplus
...
Earn, surplus
6,938
,>
.$919,943
9,108
3,578
328,815
z205,003
42,044
25,799
61,286
Current profit
Total.
?...-.$919,943
x After allowance for
possible losses of $23,655.
y After allowance for
depreciation of $207,553.
* Represented by 74,355 no
par shares.—V.
142, p. 1490.
Vogt Manufacturing Corp.—50-Cent Extra Dividend—
The directors have declared
an
extra dividend of 50
cents
per share on
Virginian Ry.—Merger—
-
The Interstate Commerce
Commission has approved the merger of the
Virginian Ry., Virginian & Western Ry. and the Virginian Terminal
Ry.
The two roads last named are subsidiaries of the
Virginian., Simplification
of accounting and economies in
management and financing will result from
.
Definitive Bonds Ready—
The
City Bank-Farmers Trust Co. announced that definitive 1st lien
refunding mortgage bonds series A 3%% due March 1, 1966, are
its office, 22 William St., for
delivery against surrender of
outstanding temporary bonds.—V. 143, p, 777.
and
Waldorf
Liabilities—
d $6 cum. conv.
pref. stock.:
Class A stock
f Common stock
e
Accounts payable
McLellan
Surplus
$2,537,375
4,579,895
252,116
75,'000
2^982
Provision for taxes
4,521,080
System, Inc.—Earnings—
Period End. June 30—
incl.
and
State
4.108J66
1936—6 Mos.—1935
$6,996,589
$6,483,804
574,478
322,574
183,473
179,368
undistrib.
Net profits
Earned per sh. on 426,419 shs. of com. stock.
—V. 142, p. 3699.
59,047
24,599
104,070
42,347
$157,834
$73,862
$286,935
$100,859
$0.37
$0.17
$0.67
$0.23
■Earnings—
36 381
.".
1936—3 Mos.—1935
$3,539,952
$3,246,231
308,257
188,100
91,376
89,639
Income before charges.Res. for deprec
profits tax
623,327 Unclaimed dividends
Stores Co
in
common
Condensed Consolidated Balance Sheet June
30, 1936
Assets—
taxes
Cash
Investment
the
on
Surplus.
Res. for Fed.
of July 15, 1936
Assets—
c
dividend of $1 per share
Equipment Co.—Earnings—
2,861
$76,633
in
129,149
$0.04
available at
6 Months Ended June 30—
Income from interest, &c
Notes receivable &
$67,153
Profit, before Federal income taxes.
Dividends paid
Corp.-—To
the^km of reorganization announced recently
Investment
a
the merger, the carriers held.
U. S.
$112,427
129,281
129,281
$2.05
$0.39
on undistributed
earnings.
common stock, no par value,
payable Sept. 15 to holders of record
Aug. 28. A similar extra dividend was paid on Dec. 28, 1935.
The regular quarterly dividend of 25 cents
per share will be paid on Sept. 1
to holders of record Aug. 14.—V. 142,
p. 974.
.
b
$326,796
129,281
$2.77
1933
the
$313,493
standing ($10 par)
x$420,414
1934
Condensed Consolidated Income Account 6 Months
Ended June 30, 1936
Profit before depreciation, amortization
and Federal taxes
$80,150
Depreciation of buildings and equipment
15,146
Amortization of patents and trademark
3,717
shares.
607.
$301,516
"Shares capital stock out¬
Earnings
y
1935
stock
Total
1,147,347
5,831,447
Playing Card Co.—Earnings—
6 Mos. End. June 30—
Net profit after deprecia¬
a
Victor
Total.........64,217,291 60,910,710
143, p.
tax
1936
Pay $1 Common Dividend—
cost
surplus...21,638,142 20,463,641
Total
Co., Inc.—Earnings—
248,425
Def'd maturities—
_
charges.
389,271
675,589
prop. pur. instal
insur¬
invests.
Deferred
$
Common
Curr. maturities—
1,979
ance reserve
$
3,649,745 Acer, payrolls, &c_
5,901,990 Fed. & Dom. tax.
3,530,071 Dividends payable
4 ,555,472
Invent. & supplies 4
,618,404
Empl. stock purch.
1935
7,822,200
7,822,200
stock.23,842,060 23,828,240
Accounts payable1,345,776
829,396
y
notes
.receivable, &c_.
Marketable
Liabilities—
Preferred stock...
were
$5, payable Sept. 1 to holders of record
Aug. 19. This compares
with 25 cents per share distributed in
each of the four
preceding quarters,
the Sept. 1, 1935,
payment being the initial dividend on this stock.—
V. 142, p. 3699.
593^956
1936
$
shares
par
Cash in banks and
1935
$
1,190,750
,
Consolidated Balance Sheet June 30
1936
Assets—
company's
first page of this department.
The directors have declared
stock,
$0.47
Common
of the
Before provision for Federal surtax
To
def$36,192
$0.73
Deprec. & depletion
Miscell. deductions
Income taxes
v
ratified
Mining Co.
Consolidated, Inc.—Registers with SEC—
outstanding
Earnings per share
x
.
on
Federal income
Shares
common
United States
Gypsum Co.—Acouisition—
Income Account for Six Months
Ended. June 30 (Incl.
Subs.)
1936
1935
1934
1933
Operating profit—
$3,483,666
$2,592,725
$1,887,426
$1,521,506
Other income
210,880
207,914
298,188
Ratified—
special meeting held Aug. 10
unanimously
United States Smelting Refining &
6 Mos. End. June 30—
Net profit after
deprecia¬
tion
&
provision for
amount on Dec. 31,
last, and investments in other
companies were $4,012,800 against
$4,003,048.
Capital surplus was $1,159,717 on June
30, 1936, compared with a
similar amount Dec.
31, 1935, and earned surplus
$897,426 against $1,004,143.—V. 142, p. 3697.
Since the first of the
year the company has
acquired the lime properties
located at Evans,
Wash., formerly owned by Idaho Lime
Co., and has
further extended its
activity in the field of asphalt roll
roofing and shingles
by acquiring the plant of the National
Asbestos Manufacturing
Co., at
Jersey City, N. J.
'
a
768,903 out
143, p. 938.
Van Raalte
Mortgage
similar
at
meeting,
See list given
amounted to $11,371,088,
compared with cash
and total assets of
$11,041,448 on Dec.
31, 1935.
Co.—Output, &c.—
*
Including $1,173,017 cash,
$1,124,733
the
Valdez Gold
$2.52
$1.36
L Note—No provisions is made for
Federal surtaxes on undistributed
profits.
The consolidated balance
sheet as of June 30,
1936, shows total assets,
of
Total
a
Total.
$11,592,515
20,792 shares of capital stock, 20,263 shares as
valued by board of
1933 at approximate book value of
$30 per share and 529
directors in
1936
1935
$68,690
$88,455
$133,237
$80,534
25,000
$2.75
25,000
25,000
$5.33
29,000
$2.78
Net
4,615,360
$ll,592,515i
6 Mos.End. June 30—
income
after
ex¬
penses and taxes
McCrory
Stores Corp
in¬
Attention of creditors and stockholders
is called to the
following by the
a notice issued
Aug. 14:
(а) The purchase rights accorded to the creditors
(including the holders
of debenture
bonds) and preferred stockholders, and the concurrent but
subordinate purchase rights,
subject to allotment, accorded to the common
stockholders, under the plan of reorganization as
amended, will terminate
at 3:00 o'clock
p.m. (Eastern Daylight Saving
Time) on Aug. 18, 1936; and
(б) All creditors (including the holders of
debenture bonds) and stock¬
holders who have not on or
before that time availed themselves of
their
rights will be irrevocably and forever
foreclosed therefrom.
See digest of
plan in V. 143, p. 938.
$42,898,943 $35,582,592
41,869,270
35,031,035
I
of group
company in
Earnings for 12 Months Ended June 30
Gross.
cost
Pipe & Radiator Co.—Notice of Expiration
of Rights Under Plan—
$244,692
299,640
$0.82
Expenses
Interest
Depreciation
Federal income tax, &c
the
Universal
56,384
34,353
per share
1
$1,000, from the present
143, p. 775.
first page of this department.
on
represented.—V.
256
$0.89
Shs.cap.stk.out.(no
month.—V.
Utah Metal & Tunnel
Co.—Lease
Stockholders
299,566
Net income
per
lease of the
property to
$267,740
Depreciation
preceding page.
Upson-Walton Co .—Registers with SEC—
See list given
1933
94,092
44,211
■
employees will
a $1,000
cents
that effective Sept.
be cut to 60 cents a
United Verde Extension
Mining
288.
844
Taxes (incl. Fed.
taxes).
to
75
announced
The output of
copper for the second
Subs.)—Earnings—
1935
on a
quarter of this year was:
April,
2,175,272 pounds; May, 2,403,739
pounds; June, 1,900,424 pounds.
Balance sheet
July 1, 1936, shows:
Cash on hand, $541,840; marketable
securities (cost,
$1,302,881), $1,645,117; other investments (cost, $1,143,591), $302,107.—V. 143, p. 447.
$21,475,077 $18,561,440 $16,301,530 $12,754,483
21,069,034
18,205,614
16,061,153
12,418,798
expenses
Interest
Earnings
in
"Indicationslof Business Activity"
Insurance Cost Cut—
and series B common stock and
may themselves buy
such
of
Note—No provision has been made in
the above balance sheet for Federal
excess profits taxes or tax on
undistributed profits,
142, p. 3698.
12,798 series B
Light, common stockholders of Usepco
special notation a preference for series B
shares, which
preferences will be filled in the
order of receipt to the extent series B shares
are available.
The total price
realized by the noteholders will be
applied against the
principal amount of the notes.
At the conclusion of the
period of the offer,
at 3 p. m. on
dept. 11, the noteholders
may sell the remaining Standard
Power common stock
may indicate
subsequently
purchased at average cost of $29.17
per share,
b 8,322
6% preferred stock and 380,097 shares of
common,
c 18,500
shares of 6%
preferred and 341,538 common shares,
d Represented by
101,495 no par shares,
e Represented
by 915,979 no par shares,
f Repre¬
sented by
504,233 no par shares.
shares
On this
Shs.
com.
stk. outstand¬
ing (no par)
per share
Earnings
—V. 142, p. 3877.
$3.54
1934
1933
Financial
1098
Pictures, Inc. (<& Subs.)—Earnings—
May 30, '36 May 25, '35 May 26, '34 May 27, '33
Warner Bros.
39 Weeks Ended—
Profit before charges
__x$10.354,018 x$8A548,553 $21,534,008 $17,503,660
3,872,494
3,635,035
Amort, of deprec.
4,133,148
3,675.060
13,040,035
5,228,984
3,865,852
12,089,585
6,311,154
4,255,595
132,215
Amortiz. of film costs
184,524
449,729
128,776
30,000
90,678
See
See x
of prop.
Interest and discount
x
Prov. for inv. in affiliated
companies, &c
549,000
Federal taxes
273,088
401,958
Other income
12,460
Net profit
$2,554,772
x After deducting amortization of
195,405
221,543
$379,180 loss$564,234 loss$5021809
7,588
05,398
035
$2,567,232
Profit
Minority interest-
first days of Nov.,
or
The stock is redeemable in whole
after 30 days' notice at $33 a
Feb., May and Aug.
option of the corporation
in part at the
before Sept. 1, 1941, at $32.50 a share if redeemed
thereafter and incl. Sept. 1, 1946, and at $32 a share if redeemed thereafter,
in each case together with accrued unpaid dividends.
The price to the public, the names of the underwriters, and the under¬
writing discounts or commissions are to be furnished by amendment to the
registration statement.
Earnings for 12 Months Ended
"
share if redeemed on or
36 June 29, 35
June2t,
$106,092 loss$759,6391oss$5243352
$2,165,274
Profit
Aug. IS, 1936
Chronicle
Net profit after depreciation,
Earns, per share on 284,962
$1.61
$1.56
made for Federal surtax on undistributed profits.
(no par)
x No provision has been
—Y.
143,p.778.
(& Subs.)—Earnings—
White Motor Co.
$371,592 loss$558,8361oss$502177
film costs.
$597,941
x$614,106
Fed. income taxes, &c
shares common stock
6 Mos. End. June
30—
1936
'1933
1934
1935
,
Net profit after deprec.,
Sheet
Comparative Consolidated Balance
May 30, '36
.
Assets—
May 25,
lease,
equip.,
&c
Cash
Liabilities—
$
S
5,670,885
5,670.885
19,006,723
19,006,723
136,645,316 135,909,411 Mtg, & fund. dt.£79,919,638 e85,212,475
2.723,340
576,619
3,475,010
4,171,161 Notes payable.
b Common stock
'
.
1,774,358
Inventories
15,300,379
Rights & scenar.
to
1,754,675
prod
81,596
Mtge. rec., &c__
Dep.
to
contr.
92,053
1,490,104
12,283,282
962,093
11,093
83,822
Accts.
and
accr'ls
1,827,835
dl,421,803
Deferred charges
1,379,298
1,190,452
1,327,911
Goodwill
8,227,483
8,233.819
Invest, and adv.
period
7,692,199
Consolidated Balance Sheet June 30
144,911
221,962
644,636
obligations
212,677
1,406,279
1,212,651
449,729
491,618
1,720,479
373,262
2,081,738
698,649
Res. for Fed. tax
494,852
Adv. pay. deps.,
&c
Deferred income
held
sub,
Goodwill,
&c
b Accts.
791,115
(not
310,240
1,279,655
min.stkhldrs.
Contgt. res., &c.
Operating deficit 11,679,782
171,156,478 167,261,0181
56,650,504
591,837
998,546
15,606,825
56,325,484
171,156,478 167,261,018
Total
depreciation, &c.
b Represented by 3,801,344 shares of $5 par
Represented by 103,107 no-par shares,
d Includes 100,253
shares of company's common stock carried at $1.
e Including $115,083
sinking fund payments and instalments in arrears, $12,748,900 standing
demand and other mortgages; and $2,673,481 instalment payments ma¬
turing within one year, subject in part to renewal,
f Including $55,020
past due interest on funded debt of subsidiaries,
g Includes bond issues
and mortgages due within one year subject in part to renewal, and standing
demand
mortgages,
and purchase money and contractual obligations
maturing serially after one year,
h Includes purchase money and con¬
tractual obligations and mortgage instalments maturing within one year
(less $350,420 bonds held in treasury).—V. 142, p. 4359.
After
At
c
a
meeting
of the
directors
on
Aug. 4,
R. W. Perkins was
Secretary and director, succeeding Abel Cary Thomas, resigned.
142, p. 4359.
elected
—V.
Westchester
Lighting Co.—Light Rate Reduced—
Rate reductions that will save about $848,000 a year for consumers of
electricity in Westchester County were ordered on Aug. 13 by the N. Y.
State Public Service Commission to go into effect Sept. 1.
The orders were
directed to this company and the Yonkers Electric Light & Power Co.
Consumers supplied by the Westchester Lighting Co. will save $716,000
annually, while those supplied by the Yonkers company will save about
$132,000.
In ordering the reductions, the Commission endorsed opinions
in
which individual Commissioners severely criticized
both companies
for their
financial practices and accused them of dilatory tactics during pro¬
tracted public hearings.—V. 143, p. 778.
Western Dairies,
1,039
$0.02
$0.54
—V. 142, p. 3874.
Maryland Ry.—Earnings—
Gross earnings (est.)
—V.
143,
p.
-Jan. 1 to Aug. 7
1936
1935
$9,437,158
$8,772,276
1936—6 Mos.—1935
1936—12 Mos.—1935
(incl. divs. &
interest)...T
$47.981,473 $44,433,854 $94,936,930 $88,686,251
res'd
12,457,996
12,219,475
6,388,803
6,018,008
Other oper. exp.
(incl.
rents of leased lines &
'
70,764,114
68,353,527
taxes)
-^..
35,904,884
33,840,310
Balance
on
i
bonded debt.
Net income.....
$5,687,786
2,632,642
$3,055,144
$4,575,536 $11,714,820
2,675,797
5,301,337
$1,899,739
$8,113,249
5,351,759
$6,413,483
$2,761,490
profits imposed
Note—No deduction is made for surtax on undistributed
by the Revenue Act of 1936.—V. 143,
Westvaco Chlorine
p.
778.
•
Products
Corp.—Files with SEC—
New Preferred Issue to Retire Indebtedness and J%^Pref. Stock—
The corporation, on Aug. 5, filed with the Securities
and Exchange Com¬
registration statement (No. 2-2382, Form A-2) under the Securities
Act of 1933 covering 192,000 shares ($30 par) 5% conv. pref. stock and 211,200 shares of (no par) common stock.
The common stock, including scrip
certificates for fractional shares, is to be reserved for conversion of the pref.
According to the registration statement, the corporation proposes to
apply a portion of the net proceeds from the sale of the stock to the redemp¬
tion and retirement, in each case at the principal amount plus accrued
interest, of the following indebtedness:
$172,159 principal amount of a note payable to a bank, which amount
gives effect to a reduction of $29,705, made subsequent to June 27, 1936.
$1,250,000 of 7-year 4% sinking fund debentures, due March 1, 1942.
$1,988,562 of 4% sinking fund debentures, due Jan. 1, 1948, which
amount gives effect to a prior sale of $700,000 on July 1, 1936, and to
reduction of $11,438 on Aug. 1, 1936.
The note payable to the bank and the 4% sinking fund debentures are
currently suoject to reduction in principal amount by monthly payments,
it is stated, which will further reduce the outstanding amount of these
obligations prior to their retirement by the corporation.
The balance of the proceeds will be applied to the redemption on Oct. 1,
1936, of $2,194,600 7% cum. pref. stock, which is redeemable at par plus
the regular quarterly dividend due on that date; the balance thereafter will
be added to the corporation's working capital.
The pref. stock is convertible into common as follows:
On or before
Sept. 1, 1938, into 1 1-10 shares of common; thereafter and incl. Sept. 1,
1940, into one share; thereafter and incl. Sept. 1, 1942, into 9-10 of a share;
thereafter and incl. Sept. 1, 1944, into 8-10 of a share; thereafter and incl.
Sept. 1, 1946, into 7-10 of a share; thereafter and incl. Sept. 1, 1948, into
6-10 of a share; and thereafter into H of a share.
The dividends on the pref. stock are cumulative from Sept. 1, 1936, at
the rate of 5% or $1.50 a share per annum, payable in cash quarterly on the
mission
a
417,438
459,152
196,763
&c
Del.
312,193
terns, dies, &C-.
frpm oper'ns.
31,559,8781
,115,604
32,632,474 31,559,878
Total
' b After reserves,
$50.—V. 142, p. 4360.
After depreciation.
Represented by 625,000 shs.,
c
Co.—Earnings—
Whitaker Paper
1936
$6,416
6 Mos. Ended June 30—
Net loss after charges & write-down for flood
x
667,048
1,723,903
5,888,344
191,033
176,169
32,632,474
152,000
1176,000
Contingent res'ves,
losses
1935
x$l4l ,045
Before Federal taxes.—V. 142, p. 3192.
(H. F.) Wilcox Oil & Gas Co. (& Subs.)—Earnings—
1935
1934
Operating income
.$1,674,472
$1,558,689
$1,680,031
Other income..
-
7,846
20,079
10,323
18,845
$1,682,318
$1,578,768
1,171,174
1 83,816
$1,690,354
$1,903,480
1,732,396
197.847
396,966
1936
6 Mos. End. June 30—
Total income
Costs and expenses
Other
deductions
Depreciation & depletion
Net
$82,264
profit
Earn, per sh.
com.
1,228,843
127,262
243,949
on
425,389
1,357,412
204,385
278,571
220,293
1933
$1,884,635
loss$91,736 loss$423,729
loss$54,793
.
Nil
Nil
Nil
$0.14
shs. (par $5)
For the month of June 1936 net profit after charges and taxes was $9,100.
—V. 142. p. 3875.
Williamsport Wire Rope Co.—Earnings—
Period End. June 30—
Income after oper. exp.,
incl. receiver's charges
1936—6 Mos—1935
1936—3 Mos.—1935
$171,721
$261,466
$101,905
$154,868
depreciation and other
of receivership.—V. 143, p. 130.
Willys-Overland
Co.—Reorganizat
Plan-
on
The Empire Securities, Inc., on July 25, 1936, proposed a plan of re¬
organization of Willys-Overland Co. (Ohio)
and Willys-Overland, Inc.
(Va.). A hearing will be held in the U. S. District Court for the Northern
District of Ohio, Western Division, Toledo, Ohio on Aug. 21, 1936 at which
time the plan will be considered.
A brief history of the company as outlined in the plan of reorganization
follows:
Ohio on Nov. 18, 1912.
manufacture
and
sale
Substantially all of
of
automobiles
and
automobile parts.
Maint., repairs &
for depreciation
Interest
831,212
Company was organized in
its business consisted of tne
Telegraph Co., Inc..—Earnings—
Period End. June 30—
rev.
-
939.
Western Union
Gross
$281,329
$286,224
678,772
1935
$7,369,430
33,138
1
—First Week of August—
1936
1935
1,000,000
6% debs.due (curr)
Deferred income..
Deferred charges..
par
to
banks
pat¬
Total
payable
949,000
1 ,300,911
356,523
j.i
1936
$8,519,901
6 Months Ended June 30—
Western
Notes
93,862
investments
costs because
Net profit after deprec., interest & Federal taxes.Earns, per sh. on 61,000 shs $3 cum. pref. stk
Period—
8,643,420
88,239
6%
Note—The above figures exclude fixed charges,
Inc.—Earnings—
Net sales
4,475,406
5,388,910
1,819,074
against
Unamortized
$
Capital stock.—31,250,000 31 ,250,000
4,754,448
10,750,833
of sub.not consol
a
a
c
debs.
White
Motor Realty..
773,000
Accts. payable, &c. 2,973,543
Accrued taxes
427,609
banks.—
closed
1935
$
Liabilities—
9,657,809
notes
&
receivable
Other
598,475
current)
Propor.applic.to
Total..
equip.. 8,595,346
patents,
5,388,910
1,470,126
b Invest, in & accts
oblig..
Capital surplus.
&
b Claims
Purch. money or
Bank loans
Plant
b Inventories
in
1936
$
a
Cash
abeyance
contr.
1935
1936
pay—
and
White Motor Realty Co.j
Purchase money
774,542
White Co., Ltd., Indiana Motors Corp.
[Including White Co.,
h3,840,723
rent)
Remit for foreign
value,
last year,
f8,684,594
Fund, debt (cur¬
Royalties
fund deposits-
said, "was made on sales of
of 51.1% over the sales for the same
while unit sales of the company amounted to 5,349, a
gain of 83% and within 1,471 trucks of the total for the entire year 1935."
"The
$13,775,740. which was an increase
pay.
sundry
Due affil'd cos..
secure
& sink,
(par $50) capital stock.
profit," Robert F. Black, President,
shares
cPret. stock...
Notes, &c., rec.
Accts. rec., &c„
Adv.
May 30, '36 May 25, *35
35
$
$
aRealest.,bldg.,
\income, &c., charges..
x$287,241 loss$851,573 loss$640,5201oss$l867900
x Before Federal taxes and is equivalent to 45 cents per share on 625,000
In addition to
factory and office building in Toledo, it owned all of the
shares of stock of the following subsidiaries.
Willys-Morrow Co., formerly owned plant, (now sold), located at
sjS
Elmira, N. Y.;
Wilson Foundry & Machine Co., with plant at I*8»tjaie^Mich.;
Willys-Overland Pacific Co., with plant at Ikjs Angfcles, (Stock owned by
Willys-Overland; Inc.);
Willys-Overland, Inc., which handled the sales and distribution of
automobiles and automobile parts;
Willys-Export Corp., which distributes automobiles to foreign countries;
qstock owned by Willys-Overland, Inc.);
Willys-Overland Parts Corp., which owns and operates the service parts
business;
Willys-Overland Branches, Inc., which owns the factory property at
Elyria and business properties at Minneapolis and Kansas City.
Company also owned the stock of the Euclid-Lakeview Co., which in
turn owned all of the stock of the Euclid Stearns Realty Co.
The latter
company owned the land and buildings which were used by The F. B.
Stearns Co.
which
This property is subject to a
which is now in foreclosure.
for the past six years has not been sufficient
interest on the mortgage and taxes.
It is believed that the market
value of the property does not justify the investment of new funds to protect
the equities.
Therefore, this property is excluded from all consideration
in this plan and in the appraisals.
•
On Feb. 15, 1933, the U. S. District Court for the Northern District of
Ohio, Western Division, appointed John N. Willys and Linwood A. Miller
as receivers.
On Dec. 30, 1933, Mr. Miller resigned and D. R. Wilson of
Pontiac, Mich., was appointed to fill the vacancy; on Aug. 25, 1935, Mr.
Willys died and thereafter Mr. Wilson was continued as sole receiver. On
Feb. 25, 1936, company filed a petition under Section 77-B of the Bank¬
ruptcy Act and on the same uay the Court approved the filing of the
petition and appointed D. R. Wilson as trustee, since made permanent.
The operations of the company are continuing under the jurisdiction of the
U.S. District Court under the provisions of Section 77-B of the Bankruptcy
was
liquidated in 1930.
mortgage to Union Trust Co. of Cleveland,
The income from the property
to pay
Act.
In 1932 company
automobile to be sold at the lowest price
of any automobile
The bad financial
condition the latter part of 1932 and the early part of 1933 resulted in
receivership of the company and this interfered with the manufacturing and
selling of this automobile. During the year 1933 the receivers completed the
manufacturing of the inventory on hand and sold the automobiles so
manufactured, and the automobiles on hand. In the latter part of 1933 the
receivers developed a manufacturing program.
This met with opposition.
Upon hearing, tne Court granted authority to manufacture automobiles
on a restricted basis.
Manufacturing on a restricted basis was continued
de\ eloped
an
witn the lowest fuel consumption and operating cost
manufactured in the United States (except the Austin).
anu
during
1935.
In January, 1936, the Court authorized manufacturing of
15,000 additional automobiles.
These automobiles are being manufactured
and sold at the rate of
approximately 3,000 per month.
■
Volume
Financial
143
The manufacturing pursuant to the present authority
oil or about Aug. 15,
1936
will be completed
exclusive of inter¬
accounts, including taxes (excluding other debts) of subsidiaries,
Indebtedness—The indebtedness of the old company,
company
is as follows:
Excise taxes due to the U. S. (as shown by
$74,854
26,801
714,773
75,913
206,414
claim on file)
Additional interest to Aug. 30,1936, approximately.
State and county taxes—On
Personal property taxes
State & county taxes
real estate located in Lamas Co., Ohio
of subsidiary companies
—
10-year 63^% 1st mtge. sinking fund gold bonds, dated Sept.
1923, payable Sept. 1, 1933, bearing interest at the rate
6H % per annum, principal amount outstanding
Unpaid interest from Sept. 1,1932, to June 30,1936
Mechanics' liens (as determined by the Special Master)
—
1,
of
-
2,000,000
552,554
2,741
of
sums payable to affiliated or sub. companies—approximately-.
5,900,000
Workmen's compensation claims.
94,516
General unsecured indebtedness of the old company, exclusive
563,750
Contingent claims not determinedIn addition to the
foregoing, the estate of the old company is indebted
for court costs and expenses in the equity receivership
proceedings and in the
reorganization proceedings which include sums to De allowed to the receiver
and trustee,. the receiver's and trustee's attorneys,
the creditors' and
reorganization committees, attorneys for the creditors' and reorganization
committees, the mortgage trustee, the attorneys for the mortgage trustee,
the bondholders' committee, the preferred stockholders.' committee and
attorneys for the bondholders' and preferred stockholders committees.
Capital Stock of the Old Company—(a) 126,217 shares of preferred stock
Unpaid accumulated divs. on the pref. stock since July 1, 1931,
$7 per share, to July 1, 1936, amounts to $4,417,595.
(b) 2,999,884 shares of common stock (par $5).
Litigation Between Bondholders and Creditors—As of Sept. 1, 1923, the old
company issued bonds aggregating $10,000,000 and to secure payment
thereof executed and delivered to National City Bank, New York, and
Ohio Savings Bank & Trust Co. as trustees, an indenture of mortgage
which purported to convey to the trustees real estate of the old company in
Toledo,
Ohio,
buildings, factories, equipment, machinery, apparatus,
furnishings and fixtures then on the lands therein described and shares of
stock in subsiaiary companies and other property which was then owned or
might thereafter be adquired or owned by the company.
Of the bonds
$2,000,000 (plus interest from Sept. 1, 1932) remain unpaid.
On July 18, 1933, the mortgage trustee (Ohio Savings Bank & Trust Co.
having resigned as trustee) filed a suit in the U. S. District Court for the
foreclosure of the lien of the indenture of mortgage securing the bonds. The
mortgage trustee claimed a lien upon the real estate located in Toledo and
also claimed a lien upon certain machinery, indebtedness from WillysOverland subsidiaries and upon all shares of stock of Willys-Overland, Inc.;
Willys-Overland Branches, Inc., and Wilson Foundry & Machine Co.,
subsidiary companies. The creditors' committee contested the claim made
by the mortgage trustee to a lien on certain machinery and equipment and
as to the indebtedness due to the parent company from subsidiary com¬
panies, on the ground that certain of the machinery and equipment and
(par $100).
at the rate of
said indebtedness
were
not
in
existence at
the time of execution
of said
indenture of mortgage on Oct. 30, 1923.
The District Court appointed George C. Bryce as Special Master to take
the evidence and report findings on the issues thus raised by the creditors'
The Special Master has taken testimony on some of the ques¬
hearing has-not been concluded and
findings have been made or report submitted by the Special Master.
It has been estimated that this litigation, if continued, will require from two
to three years before a final decision can be rendered.
In the meantime, a large amount of machinery at Toledo and the buildings
and machinery at Eimira belonging to Willys-Morrow Co., and shares of
stock in Wuiys-Overland-Orossley, Ltd., and other property have Deen sold.
$1,200,03/ (being the proceeds of the sale of property of the old com¬
pany and subsidiaries and shares of stock in subsidiary and affiliated cor¬
porations on April 30, 1936) pursuant to the order of the Court is held by
the trustee in a separate fund to be paid out upon further order of the
Court, depending upon the decision of the Court in the litigation now pending between tne mortgage trustee and the creditors' committee.
$500,000 has been paid to the mortgage trustee'to apply on the indebted¬
ness of the oonds, out of which $73,735 has
been paid by the mortgage
trustee on account of expenses of the mortgage trustee and the mortgage
trustee's attorneys and to apply on services of the mortgage trustee's
attorneys; the trustee is informed that under the terms of the indenture
additional sums to pay compensation to the mortgage trustee and its
attorneys will be payable from this fund.
The real estate and builaings of the old company which are subject
to the lien of the indenture of mortgage and as to which there is no discommittee.
tions which have been raised, but the
1099
Chronicle
District of Ohio, Western Division, and D. R. Wilson was appointed as
trustee, since made permanent.
By order of the District Court this cause
has been consolidated with the reorganization proceedings brought by the
old company.
Its capital stock $100,000
(par $100) is all owned by the old company.
Willys-Overland, Inc., has not been engaged in active business since the
of the receivers for the old company, except to liquidate
appointment
automobiles and automobile parts.
The assets of Willys-Overland, Inc., consist of cash, notes receivable and
investments, which in the opinion of the trustee have a liquidation value of
$9,216, exclusive of the stock of the Willys-Overland Pacific Co., and of
Willys Export Corp.
The indebtedness of Willys-Overlana, Inc., is as follows:
$70,018
32,010,522
Undisputed claims
Disputed claims.
_
Empire is the
owner
of 91 % of the indebtedness
of Willys-Overland, Inc.,
other than
intercompany indebtedness.
Question has arisen as to the validity of the indebtedness of $27,159,522
on the books of Willys-Overland, Inc., to the old company.
Liquidation Value—The trustee of the old company and subsidiaries have
property consisting of investments, accounts and notes receivable and
inventory which the trustee believes will in case of liquidation bring the
sum of $1,750,361, and cash of $561,372
(other than impounded cash).
The report of the appraiser shows the opinion of the appraiser that the
liquidation values of all properties which it has appraised, that is the
greatest realization which may be expected in orderly liquidation of the
properties under existing conditions over a period of not less than 18 months,
predicated upon an intelligent effort to dispose of tne wide variety of pro¬
perty involved to the best advantage, and a realization of cash at the end of
18 months' period aggregate the sum of $3,971,404, from which sum must
be deducted taxes and assessments now past due and to become due prior to
any sale,
subject to deduction for overhead, burden, commission and
other expenses incurred in owning, maintaining and selling these properties.
shown
These
subject to deduction in case of liquidation on
and compensation to the receiver, the receivers'
would, be
sums
of court
account
costs,
attorney, the trustee, the trustee's attorney, the bondholders' committee,
the creditors'
committee, the reorganization committee, the preferred
stockholders'
committee
and
attorneys
the
representing
bondholders'
and the
committee, the creditors' committee, the reorganization committee
preferred stockholders' committee, the mortgage trustee and attorneys
representing the mortgage trustee, taxes and other charges, estimated by
the trustee at $500,000; and receivers' and trustee's certificates and lia¬
bilities as of April 30, 1936, amounting to $888,466.
Based upon the foregoing, in the opinion of the trustee, the liquidation
value of the property of the old company and its directly or indirectly
owned subsidiaries, using tne above mentioned appraisal as the basis for
the liquidation value of the land, buildings, machinery, &c., shown therein,
is as follows:
.
Land, blags., mach., power transmission, general factory equip¬
ment, office equipment, tools, dies and jigs, patterns, factory
cars, &c., as shown by the report of West Brothers, Inc., on
the basis of sale in 18 months
$3,971,404
—
Investments, &c., $100,008; accts. & notes rec. as of April 30,
1936, $361,926;inv. as of April 30,1936. $1,288,426
Impounded cash as of April 30, 1936 (incl. $500,000 paid to
mortgage trustee)
„
Cash as of April 30, 1936
-■
no
f ute as to the lien of the trustee have been appraised by West Brothers,
nc., appraiser appointed by the Court, at an approximate value of $1,552,095, on the assumption that the same can be sold within 18 montns. They
are subject to liens for taxes of approximately $704,988, plus taxes for the
year
1936 which are
now
liens against the properties, the amount of which
be determined, but based upon the 1935 taxes, it is estimated
can not now
that the 1936 taxes will amount to
approximately $90,000. The indenture
following items of property:
of mortgage purports to cover also the
100 shares of stock of Willys-Overland Atlantic Co.
has been dissolved and liquidated;
1,000
1,000
1,000
31,120
(Del.), which has
shares of Willys-Morrow Co. (Ohio)
shares of Willys-Overland, Inc. (Va.);
shares of Willys-Overland Branches, Inc. (Del.);
class A shares and 5,880 class B shares of Wilson Foundry & Machine
Co. (Del.).
Inter-Company Indebtedness—The creditors' committee has denied the
of the mortgage trustee to a lien upon machinery and equipment
acquired after the execution of the indenture of mortgage and the proceeds
of the sale thereof, and also the proceeds of the sale of properties of sub¬
sidiary companies on account of the pledge of stock of subsidiary com¬
panies because of large indebtednesses of subsidiary companies to the parent
company, which indebtednesses if held valid will render the shares of stock
to be substantially valueless.
The claim of the creditors' committee is
that the indebtedness of subsidiary companies to the parent company and
the proceeds of the sale of property of the subsidiaries is available for
general creditors.
claims
Other Matters—In view of the estimate that it would require two to three
1,750,361
1,700.03 <
561,372
$7,983,174
subject to deductions on account of debts and
liabilities, exclusive of debts and liabilities of the old company and of
Willys-Overland, Inc., as follows:
Trustee's liabilities
$888,466
Deduction on account of compensation to
the receiver, the
•
The above properties are
trustee, committees, attorneys, &c
Liabilities of subsidiaries, exclusive of taxes.
____A
-
Taxes, &c
Estimated stand-by charges for a
the average
period of three years, covering
period which it is estimated it will take to sell this
1
property in case of liquidation
Estimated expenses incurred in selling property
Workmen's compensation claims—
—
Balance available for bondholders,
creditors of the old
500,000
390,780
1,226,681
—
_r—-
1,618,500
300,000
94,516
mechanics' lien holders and
company.*—
T
'.$2,964,231
No Equity for Stockholders—The stockholders of the company, both
preferred and common, are shown to have no equity in the property in
case of liquidation,
for the amount of indebtedness greatly exceeds the
probable liquidation value of the company.
Company—Willys-Overland Motors, Inc., with a capitalization of
New
6% convertible 350,000 shares of preferred stock (par $10), and 2,850,000
of common stock (par $1) has been organized in Delaware, with
Empire Securities, Inc., as Its sole shareholder.
'
New Company Activity—It is proposed that the new company will manu¬
facture a line of automobiles to be sold at prices tne same or slightly higher
than the present price of the automobile which is now being manufactured
ana sold by the trustee.
The automobile mechanically will have the same
advantages and features as the present Willys 77.
The new company will own, free and clear of all encumbrances, the
manufacturing facilities (the newer part) of the plant at Toledo and the
assembly plant at Maywood, near Los Angeles, Calif., the parts business
and the export business of the old company and subsidiaries.
These pro¬
perties will be free and clear of all liens and encumbrances except taxas for
the year 1936, becoming payable in December, 1936, the amount of which
has not as yet been determined. The new company will be free from debt
except liability for workmen's compensation, not to exceed $75,000, which
will be payable from time to time as a part of the operations.
Management—The chairman of the board of directors is to be Ward M.
Canaday, and the President is to be D. R. Wilson.
Issuance of Stock—After the undesirable property has been disposed of and
the debts of the trustees ana costs have been discharged the remaining
shares
property will be transferred and conveyed by the old company, WillysOverland, Inc., and the trustee for the old company and the trustee for
and
Inc.,
Willys-Overland,
will
be merged
and consolidated
into
the
years of litigation, with doubtful results, to bring about a final decision
on
the litigation between the mortgage trustee and the creditors' com¬
mittee, during which time a large amount of stand-by charges and taxes
would accumulate and the business of the old company would be hampered,
in exchange for the issuance by it of its stock.
Empire Securities, Inc. undertakes that the new company shall issue:
(a) To the holders of 6^% gold bonds, 70 shares of its preferred stock
and 70 shares of its common stock, or at the option of such holder, 210
shares of its common stock, for each $1,000 bond and unpaid coupons, and
if not destroyed, and the belief that tne buildings and land would not be
35 shares of its preferred
readily salable for
option of such holder, 105 shares of its common stock, for each
and unpaid coupons, the same to be in payment in full of the
to
save
tne
many years to come, it was apparent that it was desirable
business of the old company, and th,}t this could be accom-■>
plished only by bringing about
early termination of the litigation between
the mortgage trustee and the creditors' committee.
No progress was being
made toward settlement of this litigation.
The bondholders' committee Was created by deposit agreement dated as
of March 30, 1933, with the City Bank Farmers Trust Co. as depositary.
More than a majority of the outstanding bonds of the old
company hadlS
been deposited pursuant to this agreement. Empire Securities, Inc., entered
into an agreement with the bondholders' committee, which resulted in an
offer by Empire to purchase the bonds of the old company represented
by
the committee, or certificates representing bonds, at a price of $700 each
for each $1,000 bond, and $350 each for each $500 bond, and payment for
services and expenses, including counsel fees of the committee.
The com¬
mittee recommended to the depositing bondholders that they
accept this
offer.
The holders of deposit certificates representing
approximately 85%
of the bonds represented by the committee accepted the offer.
Empire also
submitted offers to purchase bonds to various bondholders at prices not to
exceed $700 for each $1,000 bond and $350 for each $500 bond.
Empire
as the result of the offers has acquired aud is now the owner of
$1,415,000
out of $2,000,000 of the bonus of the old company.
an
The creditors' committee and the second creditors' committee had been
formed.
Empire entered into agreements with the creditors' committees
provided for the sale and assignment to Empire of the claims re¬
presented by them on the basis of 25% of the face amount of their claims
against the old company. Empire agreeing to pay expenses, including coun¬
sel fees, of the
committees. Empire made agreements to purchase from
other creditors, at prices not to exceed 25% of the face amount of their
claims, claims against the old company.
Empire has acquired and is now
which
the
owner
of
more
than
97 %
of the claims of creditors against the old
company, exclusive of intercompany accounts, securea claims and taxes.
Willys-Overland, Inc.—On Dec. 7, 1934, a petition for reorganization of
Willys-Overland, Inc., was filed in the U. S. District Court for the Northern
new company
stock and 35 shares of its common stock, or at the
the old company.
,
$500 bond
liability of
„
holders of mechanics' liens, seven shares of its preferred
stock, or at the option of such holders,
21 shares of its common stock, for each $100 due to such holder from the
old company, in payment in full of the liability of the old company.
(c) To the holders of general unsecured claims of the old company not
owned by Empire, 25 shares of its preferred stock and 25 shares of its
common stock, or at the option of such holder, 75 shares of its common
stock, for each $1,000 of indebtedness owing by the old company to such
unsecured creditor, the same to be in payment in full of the liability of the
(b)
To
the
stock and seven shares of its common
old company.
(d)
whose
To
the
holders
of bonds and unsecured claims and for creditors
to Empire and the shareholders of the
for shares of stock of the new company
claims have been assigned
old company rights to subscribe
on the basis shown below.
In cash such holder of mechanics' liens and general unsecured claims
a fractional share, such fractional amount will be paid
100% of the amount of such fraction.
Empire will deposit with the City Bank Farmers Trust Co., New York,
for the account of the new company, the sum of $10 per unit consisting of
one share of preferred and one share of common stock of the new company
for units which the new company shall issue to the holders of bonds,
mechanics' lien claims ana general unsecured claims, other than those
owned by Empire; in case any such holders elect to receive three common
shares instead of one unit consisting of one share of preferred and one
(e)
shall be entitled to
in cash at the rate of
share of
shares
common
so
as
to
stock, Empire will arrange for a conversion of the preferred
provide for the delivery of three shares of common stock in
lieu of each such unit.
The
new
company
will issue its shares as follows:
(a) The new company will issue 1,500,000 shares (including all shares
to be issued to Empire for bonds and mechanics' lien claims) of its common
1100
Financial
stock to
Empire, in consideration of the consolidation and merger with and
new company of the property to be transferred to it.
new company will authorize the issuance of 150,000 shares of its
common stock and payment of $175,000 to be used for expenses incurred in
furnishing information to creditors and shareholders of the old company and
others who have subscription rights and to salesmen, dealers and others
who procure the exercise of subscription rights and counsel fees of any
underwriter and for other purposes, any balance not so used to be retained
by the underwriters, in case of an underwriting agreement.
(c) The new company will reserve for sale or for use as sale to its principal
executives and employees as the board of directors shall determine, 150,000
the transfer to the
(b) The
common
shares.
new company will reserve for issuance to preferred shareholders
preferred stock, 700,000 common shares.
For cash 350,000 shares of preferred and 350,000 shares of common
stock in units of one share of preferred and one share of common, to be
issued pursuant to the rights granted to bondholders, creditors and share¬
holders of the old company, at $10 per unit.
.
Subscription Rights to Bondholders, Creditors and Stockholders—The holders
of bonds of the old company shall be entitled to subscribe for units each
consisting of one share of preferred and one share of common stock of the
new company at $10 per unit at the rate of 50 units for each $500 of bonds
held by each bondholder.
Each creditor of the old company and Willys-Overland, Inc., except
Empire, and each assignor to Empire, of claims against the old company
and Willys-Overland, Inc., shall be entitled to subscribe for units each con¬
sisting or one share of preferred and one share of common stock of the new
company at $10 per unit at the rate of three units for each $100 of claim
against the old company now held or assigned to Empire.
(The amount
or each claim is the amount which is owing by the old company regardless
of the price at which the claim was sold or the balance due from Empire.)
The holders of the preferred stock of the old company shall be entitled
to subscribe for units each consisting of one share of preferred and one share
of common stock of the new company at $10 per unit at the rate of two
units for each share of preferred stock of the old company held by the
preferred stockholders of the old company.
The holders of the common stock of the old company shall be entitled to
subscribe for units each consisting of one share of preferred and one share of
common stock of the new company at $10 per unit at the rate of one unit
for each 10 shares of common stock of the old company held by the common
(d)
Chronicle
is
alsormade that the" tax on undistributed income levied under the Feder
Revenue Act for 1936 does not
earnings
„
The
rights of subscription to bondholders, creditors and shareholders
of the old company may be exercised at any time after the submission of
this plan and at any time until the expiration of 35 days after confirmation
of this plan; with the approval of Empire, without
exercise of the subscription rights may be extended.
The holders
of bonds
of the
investors who have refrained from purchasing bank stocks in the past
new
because of the possibility
notice, the time for the
New York, which is taken as a
typical situation.
—Boothe, Gillette & Co., members of the Los Angeles Stock Exchange,
the removal of its offices
announce
The
with
a
to suite
trading department and wire
Spacious sales
facilities, together
Coincident with the expansion
"the development of its retail securities
the firm announced plans for
under the direction of Ralhp E. Mayer, Vice-President and
sales department
Sales
Spring St.
South
634
room
statistical department headed by a competent analyst, provide every
convenience for the benefit of investors.
move
400,
offices of the firm are modern in every respect.
new
quarters, a complete
1930, the firm has experienced a steady
Organized in
Manager.
growth in business and personnel and conducts a general retail and whole¬
Officers
business,
sale securities
of the firm include:
Boothe,
Laurence
President; Robert J. Gillette, Vice-President and General Manager; Ralph
E.
Mayer, Vice-President and Sales
Los
In addition to the
Manager.
Angeles office the firm maintains an office in Santa Ana under the manage¬
ment of Earl Mathison.
—Relatively high earnings and a greatly improved asset position have
accounted
in
interest in the
large measure for the recent investment
a
leading Chicago banks, according to Monahan, Schapiro & Co., 30 Broad
St., New York, in commenting upon the rise in prices of bank stocks there
during the past week, when the shares of Continental Illinois National Bank
and First National Bank of Chicago showed gains of 15 and 18 points respec¬
The favorable operating position of Chicago banks in the opinion
of the firm, has resulted from somewhat higher money rates
demand for money, coupled with the fact that the "Loop"
branches
—The
old company may
exercise their right of
subscription for stock in the new company upon delivery of the subscription
certificates to the City Bank Farmers Trust Co., or such other depository
as may be
designated, and the payment of the subscription price for the
shares of the new company subscribed for by such depositing bondholder,
to be deposited with the trust company for the account of the new company.
Holders of preferred and common stock may exercise their right of
subscription for stock in the new company upon delivery of the subscription
certificates to the City Bank Farmers Trust Co. of New York, or such other
depository as may be designated, accompanied by remittance of the sub¬
scription price for the shares of the new company subscribed for by such
depositing shareholder to be deposited with the trust company for the
The study contains a 10-year
of assessment.
graphic record of the earnings and assets of the Chase National Bank of
tively.
stockholders of the old company.
The elimination of the
penalty, which ceases to exist on July 1, 1937 for both
National and New York State banks, is regarded as a factor that may attract
The
(e)
apply to banks and trust companies, whose
taxed only at the flat rate of 15%.
are
double liability
account of conversion of
on
Aug. IS. 1936
and their operations are highly
15-story apartment building located at 2100 Walnut
364-room,
St., Philadelphia, earned about 5%
the first
on
its outstanding first mortgage
&
were at
prepared by Amott,
Earnings for 1935
of New York and Philadelphia.
Co., Inc.,
the rate of 4.7%, compared to 4.2% for 1934 and 3.8% in
1933.
effected before
The security firm expects that reorganization should be
very
for
5 months of 1936.
The building is the subject of a new statistical report
Baker
and a better
banks have no
cnetralized.
Taxes have been reduced to less than $35,000 under an arrange¬
long.
ment with the tax authorities.
These remaining arrears, It is
expected, will
be cleared off by February, 1937.
account of the new company.
Creditors, including those who assigned their claims to Empire, may
exercise their right of subscription for stock in the new company upon the
delivery to the City Bank Farmers Trust Co., of certificates of subscription
rights accompanied by remittance of the subscription price for the shares of
the new company subscribed for, to be deposited with the trust company
for the account of the
new
Liabilities—
.....
Investment in subsidiaries
Fixed assets
...
Total
'
$3,500,000 Res. for workmen's compen¬
sation claims (est'd)
75,000
$75,000
1,445,479 6% preferred stock
3,500,000
9,955,858 x Com. capital & surplus
11,401,337
$14,976,3371
$14,976,337
Total...
Common
Worthington Pump & Machinery Corp.—Plans Modi¬
fication of Capital Structure—
H. C. Beaver, President, in his report to stockholders for the six months
ended June 30 says:
There has been an improvement in the net
six months ended June 30, 1936.
profit of corporation for the
annual basis,
howeyer, that it is to the interest of all stockholders to
bring about a modification of the present capital structure, particularly
when consideration is given to the problem of unpaid dividends.
[Cumula¬
tive unpaid dividends June 30, 1936 totaled $4,165,957 as follows;
On
class A 7% pref. (31H%), $1,692,442; class B
6% pref (27%), $2,466,010
pref. stock of sub. (monthly interest) $7,504.]
For some months, directors have been endeavoring to develop a suitable
plan for this purpose.
Progress has been made, and we now expect, in
the not distant future, to have the details worked out so that a complete
plan may be submitted to all stockholders for consideration and approval.
Amott,
Inc., 150 Broadway, New York, in their latest report on the
almost all of the
over
90% occupied and that taxes are paid to date
reorganiza
It is expected that the bondholders will receive
equity on the basis of present plans according to the statis¬
tical report.
—Average price'for 20 insurance
company
stocks
value for these 20
according to
insurance^company stocks
and trust company
as
of Aug. 7 was 1.20, showing
Average price for 18
stocks^asjof Aug.i7*was 116.86. ajnet increase of
from the 112.55 reported a week ago.
as
Average ratio of price to liquidating
«
change from the reported jl .20^as>f July 31.
no
Average ratio jof price to
of Aug. 7 was 1.46, compared with 1.41 as of July
Distributors
Group,
analysis"covering
vestment
Inc.,
Wall
63
31,
New
St.,
a
York,
bookivalue
of .05.
General
Corp.,
International
American
prepared
has
following in¬
the first six months 1936 operations of the
Administration Co., Ltd., the Equity Corp., General
Securities
Capital
Corp.,
American Investors
Co., Inc., General Public Service Corp., Prudential Investors, Inc.,
National Investors Corp., Tri-Continental Corp.,
bank
4.31
net increase
companies: Adams Express Co., American European
American
29.78,
of Aug. 7 was
as
compared with|29.58[asIof July 31,ja net increase of .20,
AllenA& ,Co. ,l20JBroadJSt., NewJYork.
Co.,
It is apparent,
located on
29 story apartment building
outstanding first mortgage for the first 5 months of 1936.
Baker & Co.,
tiontat the present time.
'
«
(2,850,000 shares to be authorized—par $1) to be issued;
with preferred shares, 350,000 shares; in payment of assets acquired,
1,500,000 shares; compensation to underwriters, 150,000 shares.
To be
reserved for; Sale to executives and employees, 150,000 shares; for preferred
stock conversion, 700,000 shares; total, 2,850,000 shares.—V. 143, p. 778.
x
a
The building one of the most modern in New York is undergoing
Pro Forma Balance Sheet of Neio Company
Inventory
its
building state that it is
company.
Assets—
Cash
—The Majestic Apartments,
Central Park West from 71st to 72nd Street earned over 2%,
on
Second
U. S. & Foreign Secur¬
ities Corp.
,
Earnings for Six Months Ended June 30 (Incl. Subs.)
1936
Net profit before deprec.,
but after all other chgs
Net profit after deprec..
x
1935
1934
on
1936
loss$62,755 loss$309,139 loss$485,669
loss247,024 loss479,370 loss636,114
undistributed profits.
1935
Liabilities—
Foreign
2,223,396
547,539
2,153,474 Accrued
Mlscell. securities.
469,651
511,648
579,230
Property in liquid.
602487
607,060
Aocts. & notes rec.
3,398,564
6,601,168
2,589,552
5,537,559
377,031
229,739
Misc.
Other securities.
6,000
..
Inventories
Deferred charges
Total
tax
bilities
:
Mtge. pay. of sub.
int.
co.
in
142,
p.
well
Utilities Service Co.
in Minnesota
are
on
an
ice Co. has properties in 17 middle States
Total
study
long term dividend coverage
of the American
inspection tour over the prop¬
The American Utilities Serv¬
along the Mississippi Valley.
—Granberry & Co., members of New York Stock Exchange and other
124,173
113,377
25,666
106,164
66,317
165,536
30,000
sub.
pref. stock..
a
safety factor, the discount or
as
625,580
29,125
69,139
leading exchanges,
them in
announce that Harlow
their New
Springs & Co. and
York office.
was
Mr.
W. Young is now associated
Young
was
24,075,124 21,797,696
3018.
covering the June 30,
with
formerly a partner of
later associated with Bond, McEnany & Co.
—Distributors Group, Inc;, 63 Wall St., New
26,800
After
—V.
as
erties of that company located in Minnesota.
depreciation,
b Represented by $5,592,833 class A 7% pre¬
ferred, $10,321,671 class B 6% preferred, and $12,992,149 common stock.
a
yield,
values,
selling,
300,000
32,993
Earned surplus
639,881
325,716
Capital surplus.._
324,961
321,697
Treasury stock..Drl 156,432 Z>rll56,432
24,075,124 21,797,6961
are
—Nathaniel F. Glidden and Thomas Tunney, directors
$
20,951,000
lia¬
Accrued payrolls..
Purchase contracts
Min.
Group, Inc., 63 Wall St., New York, has prepared
showing their asset
957,224
res..
current
He will present a paper on
covering the June 30, 1936 positions of 29 investment company preferred
stocks
2 ,000,000
Accts. payable
at
secur.
filiated cos.....
Cash
1935
$
Notes payable
9,625,430
Queen Mary to attend
and price range.
b Stated capital. .20 ,951,000
9,813,590
president of the Federal
Agricultural Economists to be,held
Andrews, Scotland, Aug. 30 to Sept. 6.
premium at which they
1936
Assets—
equipment
at St.
—Distributors
Prop., plant and
years
"Sound Basis for Farm Mortgage Financing."
Consolidated Balance Sheet June 30
a
Thomson, for the past 17
1933
*
x$386,858
xl62,529
Before provision for surtax
—Edward H.
Land Bank of Springfield, Mass., has sailed on the
the Fourth International Conference of
York, has prepared
1936 positions of 20 investment
company
a
study
bonds,
showing their yield, safety factor, the discount or premium at which they
are
selling,
as
well
long-term interest
as
—Manheim, Baker &
ver
and San Francisco Curb
Gardner
and Jack R.
coverage
and price range.
Mehr, members San Francisco Stock Exchange
Exchange,
announce
the association of Belden S.
James with them for the purpose of transacting a
business in municipal, State and government securities.
CURRENT
—John J. Kramer Co. have opened an office at 29 Broadway,
NOTICES
to deal in general over the counter securities.
—Pointing out that bank earnings in the past have always been responsive
to periods of increasing prosperity, F. Eberstadt &
Co., Inc., 39 Broadway,
New
Mr. Kramer
New York,
was
formerly
associated with H. L. Dougherty, Brown Young & Co., for a number
of
years.
—The Continental Bank & Trust
Company of New York will supervise
York, in an analysis of prospects for the banking business, says,
"Despite the obstacle of low-money rates, mid-year statements show that
the preparation and
indicated earnings of New York banks have
$140,000 Improvement Bonds of the City of Nashville, Tennessee.
dend requirements.
more
than covered their divi¬
It requires little imagination, in view of the large work¬
—Fenner &
certify to the genuineness of signatures and seal of
Beane, members of the New York Stock Exchange,
ing funds, to visualize considerably larger earnings if commercial loans and
the
discounts should increase concurrent with stiffening money rates."
announce
under the management of Thomas A. Lysett.
analysis points out that there
now
have been
write-offs, taken during the depression
these write-offs
can
on
therefore be considered
some recoveries
The
effected from
doubtful loans, and that many
as
invisible assets.
of
The point
opening of
a
branch office in Muncie, Ind., in The Johnson Building,
—W. Robert Dubois has been appointed Manager of the bond depart¬
ment of the
Stock Growers National Bank, Cheyenne,
assisted by L. F. Hanson.
Wyo.
He will be
Financial
Volume 143
1101
Chronicle
The Commercial Markets and the Crops
COTTON—SUGAR—COFFEE—GRAIN—PROVISIONS
PETROLEUM—RUBBER—HIDES—METALS—DRY GOODS—WOOL—ETC.
8,064,000 bag stocks will probalby be purchased for destruction and there¬
COMMERCIAL EPITOME
Friday
Night,
fore
14,
Aug.
1936
Coffee—On the 10th inst. futures closed 13 to 19
points
higher for the Santos contract.
Sales of this contract were
48,250 bags. New Rio contracts closed 2 to 3 points higher,
after a maximum rise of 8 to 10 points.
Sales of this contract
were 5,250 bags.
The old Rio contract closed 2 points up
to 1 point down, with sales of 13,250 bags.
Rio de Janeiro
futures were 100 reis higher, while the open market exchange
rate
20 reis better at 16.950 milreis to the dollar.
was
^
Cost
and freight offers from Brazil were 10 to 15 points
with Santos 4s generally in a range of from 9.30
higher,
to 9.40
cents.
At Sao Carlos, in the State of Sao Paulo, a minimum
temperature of 33 4-5 degrees was registered, while at two
other points temperatures were as low as 39 1-5.
Havre
futures were 2 to 2% francs higher in active trading.
On the 11th inst. futures closed 2 points lower to 1 point
higher on Santos contracts. This occurred after losses of
6 to 9 points had been made.
Sales were 33,000 bags. Old
Rio contracts closed 1 to 2 points off, with sales totaling
3,500 bags. New Rio contracts closed 9 to 11 points lower.
Sales
this
in
latter
Janeiro futures
offers
were
Brazil
from
contract
totaled 7,000 bags.
Rio de
Cost and freight
150 to 200 reis lower.
generally unchanged, although in
points lower, and in another 10 points
higher. Havre prices were l/2 franc up.
On the 12th inst. futures closed 7 to 10 points down for
Santos contracts.
Sales were 12,500 bags.
Old Rio con¬
tracts closed 8 points lower, with sales of 5,000 bags.
New
Rio contracts closed 9 points down, with sales of 1,250 bags.
offers
one case
were
were
5
Rio de Janeiro futures
were
75 to 100 reis lower.
Cost and
freight offers from Brazil were about unchanged, with Santos
Bourbon 4s generally at from 9.30 to 9.50c.
Havre futures
closed \ l/2 to2V2 francs lower.
*
On the 13th inst. futures closed 2 to 4 points higher for
Santos contracts, which was a recovery of 9 to 11,points
from the early lows.
Sales of this contract were 34,000
bags. Old Rio contracts closed 2 higher, with sales of 7,500
bags. New Rio contracts closed 4 to 10 points higher, with
sales of 3,000 bags.
Rio de Janeiro futures were 25 to 100
reis higher.
Cost and freight offers from Brazil continued
steady in a range of from 9.30 to 9.45c. generally for Santos
4s.
Havre futures were firm at gains of M to 1}4 francs.
Today futures closed 13 to 17 points down for Santos con¬
tracts, with sales of 127 contracts.
Old Rio contracts closed
11 to 13 points down, with sales of 15 contracts.
New Rio
contracts closed 9 to 14 points down, with sales of 29 con¬
tracts.
Rio de Janeiro futures were unchanged to 50 reis
higher.
The open market exchange rate was 20 reis im¬
proved at 16.950. Cost and freight offers from Brazil were
about unchanged.
Havre futures were unchanged to ]/2
franc lower.
Rio coffee
prices closed
September
December
Santos coffee
March
Start
4.82
prices closed as follows:
9.07 September
9.12 December
9.14
;
May
July
37,191,000
as follows:
4.741 March
4.841
8.94
9.04
-
Bags of Coffee Destroyed by Brazil Since
of
Program-—603,000 Bags Burned During
July
Destruction of coffee in Brazil during July totaled 603,000
bags, nearly as much as during the previous six months
but 787,000 bags were destroyed, and the largest
monthly total since November, 1934, the New York Coffee
and Sugar Exchange announced Aug. 11.
Since the begin¬
ning of Brazil's program to eliminate surpluses by burning,
the Exchange said, 37,191,000 bags have been consumed by
fire, worth in the neighborhoold of $300,000,000.
Brazil's
plans for the current crop year, which started July 1, call
for the destruction of over 11,000,000 bags, which, if carried
through, would bring total destruction close to 50,000,000
bags, or about $500,000,000 worth of coffee, according to the
Exchange.
when
New York Coffee and Sugar Exchange ReportsCarryover
of Brazilian Coffee on June 30 at 8,064,000 Bags
The carryover of Brazilian coffee on June 30, the end of
the crop year was, 8,064,000 bags, the New York Coffee and
Sugar Exchange announced that it was informed by cable
on Aug. 11.
The Exchange added:
This coffee from old crops was retained in the interior of Brazil, owned
privately, and will come down to ports togther with
the
rate
of
60-40%
respectively.
Stocks
new
April 31, the last report on interior stocks, being received
but at the
of the
same
time
as
that
the Department,
purchase of 4,000,000 bags
since
over at the
end
Although the Exchange has been unable to
obtain official data, from the Brazilian National Coffee
understood
coffees at
bags
11,670,000 bags,
compared with 4,775,000 bags carried
1934-1935 crop year.
crop
dropped 3,606,000
as
as
Department, it is
of June 30, had not completed the
planned, and for that
reason
part of the
never
appear on
Cocoa—On
the market.
the
10th
inst.
;
futures closed unchanged
to
2
points higher.
Sales totaled 174 lots, or 2,332 tons.
The
spot market was quiet but steady.
New York warehouse
stocks increased 1,964 bags to 704,733 bags.
Local closing:
Sept., 6.16; Dec., 6.26; Jan., 6.29; Mar., 6.37; May, 6.45.
On the 11th inst. futures closed 6 to 7 points higher.
Trading
unusually active with the volume being the best for
totaling 383 lots or 5,132 tons.
On the rise,
prices established new highs for the season.
Trade buying
was
especially heavy and the Wall Street element was con¬
spicuous on the buying side.
Closing: Sept., 6.22; Oct.,
6.25; Dec., 6.33; Mar., 6.43; May, 6.52; July, 6.59.
On
the 12th inst. futures closed 1 to 3 points up.
Sales totaled
497 lots or 6,660 tons.
The feature of the trading was the
heavy buying of the late positions by the trade and manu¬
facturers.
Wall Street buying was also in evidence.
De¬
mand for spot coffee was also reported brisk.
In this day's
session prices scored new high levels for the past three years.
On the bulge, however, considerable profit taking developed,
which caused prices to ease, but the undertone was steady
at the close.
Local closing:
Sept., 6.24; Dec., 6.35; Jan.,
6.37; Mar., 6.46; May, 6.54; July, 6.61.
On the 13th inst. futures closed 4 to 6 points higher. Prices
advanced to the highest levels since July 18th, 1933, with the
volume of business registering the second largest of the year.
Wall Street buying was again a factor.
Particularly heavy
hedge covering against sales to manufacturers, also played
a part.
Switching from nearby to later positions was heavy.
Transactions totaled 670 lots, or 8,978 tons.
Closing: Sept.,
6.28; Dec., 6.40; Jan., 6.41; Mar., 6.51; May, 6.59; July,
6.67.
Today futures closed 2 to 5 points down, with transac¬
tions totaling 206 contracts.
The decline was attributed to
profit taking and hedge selling. Warehouse stocks increased
2,345 bags.
It was the fifth consecutive day of increasing
supplies.
Stocks now total 710,679 bags.
Closing: Sept.,
6.24; Dec., 6.36; Jan., 6.39; March, 6.48; May, 6.55;
July, 6.62.
was
the month,
Sugar—On the 10th inst. futures closed unchanged to
points higher.
Sales were 700 tons.
Trading was dull.
Dulness prevailed also in the market for raws.
Offers,
which included Puerto Ricos and Cubas, continued at 3.70c.,
with refiners indicating interest at 3.65c., and possibly 2
points better for outport refiners.
The reduction of 25
points to 4.75c. in 30-day contract refined by C. & H. on
Friday, was not followed by local refiners, although one
Western cane refiner, a Southern refiner and several beet
processors, also declared they would accept both prompt and
30-day business on the same basis.
London futures closed
unchanged to 3^d. lower, while raws were offered at 4s. 6d.,
or about 85k£c. f .o.b. Cuba.
On the 11th inst. futures closed
unchanged.
Sales were 350 tons.
In the market for raws
2
the deadlock between refiners and
raw
sellers continued to
prevail, with the former believed willing to pay 3.65c., and
the latter holding for 3.70c. and better.
The only change in
the refined situation was the announcement by Colonial
that they also would take 30-day contract business at their
prompt price, 4.75c.
None of the local refiners has followed
this move, retaining their 30-day contract price unchanged
at 5c.
London futures closed V2 to Md. lower, except March,
which was up 34d.
Raws continued quiet and unchanged.
On the 12th inst. futures closed 2 points higher.
Sales were
2,750 tons.
In the market for raws offers were about the
same as the previous day and included both Puerto Ricos
and Cubas at 3.70c., the latter at 2.80c. before payment of
duty.
About 10,000 tons of Philippines due to clear AugustSeptember were still on offer at 3.85c.
The refined situation
continues
confused.
Withdrawals and
new
business
were
for this time of year.
Amsterdam reported
that the International Sugar Committee is drawing plans
for a new international sugar conference, with England and
the United States to be invited.
Tentative plans call for a
quota of 1,150,000 tons for Java, the advices stated, com¬
pared with Java's present crop of 577,345 tons.
London
futures closed unchanged to }/id. lower, while about 20,000
tons of Cubas and Perus were reported sold at 4s. 5^d. or
reported
as poor
about 84c. f.o.b. Cuba.
On
•Sales
the
13th inst.
*
futures
closed
,
1
to
3
points higher.
well distributed.
Three sales of
reported, the first 38,000 bags
clearing September 5th, going to an operator, the second lot
of 36,300 bags, second half September arrival, was taken by a
Gulf refiner, and third 25,000 bags, for August-September
shipment, to Arbuckle Bros., and making a new spot price
up 5 points.
London futures closed unchanged to Md
lower, while raws were reported quiet and unchanged.
Today futures closed 1 to 2 points down.
The market
opened unchanged to 1 point higher and held there a good
part of "the session.
In the market for raws Ar buckle took
were
9,200
tons,
Puerto Ricos at 3.70c.
were
Financial
1102
6,000 bags of Puerto Ricos, clearing September 2, at 3.70c,
Nothing more was on offer below 3.75c.
Late yesterday
an operator paid 2.80c., ex-duty, for 2,000 tons of Cubas,
September shipment.
London futures were unchanged to
V2& lower, while raws were reported quiet and unchanged.
Prices
were as
July-
follows:
2.50
—--.2.46
2.71
January
2.46 May
i2.76 November--
2.49
-
March
September
Lard—On the 8th inst. futures closed 5 to 7
points lower.
Hog prices at Chicago were nominally steady.
Receipts
at
the principal Western markets on Saturday totaled
13,200 head, against 8,300 for the same day a year ago.
Some of the sales reported ranged from $8.80 to $11.10.
Liverpool lard futures on Saturday were quiet and1 prices
at the close -vtee unchanged to 3d. higher.
There were
no export clearances of lard from the Port of New York,
and the foreign demand continues slow.
On the 10th inst.
futures closed 2 points higher to 5 points lower.
The
hog market was firm and prices were unchanged to 15c.
higher at the close.
Some of the lighter weights were
15c.. to 25c. higher. ' The top price at Chicago was $11.30,
and most of the sales ranged from $8.90 to $11.20.
Western
hog receipts were fairly heavy and totaled 63,800, against
43,000 for the same day last year.
Liverpool lard futures
closed quiet, unchanged to 3d. higher.
Over the week¬
end lara exports were quite heavy from the Port of New
York, the total being 102,120 pounds to Southampton and
Hamburg.
On the 11th inst. futures closed 2 to 10 points
higher. On the advance packing interests were the best
sellers.
Final hog prices were unchanged to 10c. lower
at Chicago.
The top price was $11.25, and the bulk of
sales ranged from $8.80 to $11.10.
Total receipts for the
Western run were 58,300 head, against 40,000 for the same
day a year ago.
Liverpool lard futures ruled very quiet
and prices closed unchanged to 3d. higher.
Export clear¬
ances of lard from the Port of New York continued light,
with no shipments reported Tuesday.
On the 12th inst.
futures closed 27 to 32 points up.
The strength in hogs and
the higher corn market were the influences largely re¬
sponsible for the sharp rise in lard futures.
The major
.
portion of the demand was for the distant December and
January deliveries.
New highs were established at Chicago
on hogs, the
top price for the day being $11.40.
Most of
the sales reported ranged from $9.05 to $11.30.
Western
receipts were quite heavy and totaled 51,200, against 32,800
for the same day a year ago.
Liverpool lard futures dis¬
played a firmer undertone also, and closed unchanged to
6d. higher.
Export clearances of lard from the Port of
New York, as reported Wednesday,* were moderately heavy
and totaled 30,720 pounds for London and Glasgow.
On the 13th inst. futures closed 15 to 22
points higher.
strength of the grains and the firmness of hogs were the
contributing factors in the advance of lard.
Another new
high for the season was registered on hogs, and the top price
at Chicago was $11.55.
Hog values in general finished 10c.
to 25c. higher.
Some of the sales reported ranged from
$9.25 to $11.50.
Western receipts were moderately heavy
and totaled 46,000 head, against 35,300 for the same day a
year ago,
Liverpool lard futures followed the advance in
American markets and closed Is 6d to Is 9d higher.
Lard
shipments from the Port of New York were light, and totaled
7,500 pounds for Gothenburg.
Today futures closed un¬
changed to 2 points down.
Trading was fairly active with
prices around the opening showing advances of from 10 to
23 points.
This was all lost in the later trading as a result
of liquidation, which in turn was influenced by the weakness
of the grain markets.
The
DAILY CLOSING PRICES OF LARD
Sat.
September
Mon.
—11.70
11.77
-.11.87
11.92
October
December
January
11.72
FUTURES IN CHICAGO
Tues.
Wed.
Thurs. Fri.
11.75
12.02
12.25
12.25
11.80
11.82
11.97
12.12
12.22
11.82
11.95
11.90
v
12.32
12.45
12.32
12.20
12.45
12.45
12.45
Pork—Mess, $31 per barrel; family, $30, nominal, per
barrel; fat backs, $22 to $25 per barrel. Beef, quiet. Mess,
nominal; packer, nominal; family, $15 to $16 per barrel,
nominal; extra India mess, nominal.
Cut Meats: Pickled
hams, picnics, loose, c. a.' f.: 4 to 6 lbs., 16%}. 6 to 8 lbs.,
15%?., 8 to 10 lbs., 14c. Skinned, loose, c. a. f.: 14 to 16
lbs., 24c., 18 to 20 lbs., 22%}., 22 to 24 lbs., 20%3. Bellies,
clear, f. o. b., New York: 6 to 8 lbs., 22c., 8 to 10 lbs.,
21%}., 10 to 12 lbs.. 20%}.
Bellies, clear, dry salted,
Boxed, N. Y.:
14 to 15 lbs., 15%}., 18 to 20 lbs., 15%}.,
20 to 25lbs., 15%}., 25 to 30 lbs., 14%}. Butter, Creamery,
higher than extra and premium marks: 36 to 36%}. Cheese,
State, Whole Milk, Held, 1935, 22%}. to 23c. Eggs, Mixed
colors, checks to special packs: 18 %}. to 28c.
Oils—An easier tone
was
noted in the linseed oil market
recently, influenced largely by the Argentine decline of
Tuesday. Crushers seemed to be holding to 9.7c. Quota¬
tions, China Wood, tanks, forward 15%}, to 16c., drms spot,*
16c. to 16%?.; Coconut: Manila, tanks, Coast 4%}., spot
4%;.
Corn, crude, tanks, West mills, 9%}.
Olive, de¬
natured, spot, Spanish, $1.25 to $1.30.
Soy Bean: tanks,
mills 8%}. C. L. drms. 9.2c. to 9.4c.; L. C. L., 9.7c. to
9.8c.
Edible, 76 degrees, 10%}. Lard: prime, extra strained
winter, 11 %}. Cod, crude, Newfoundland, 43c.; Norwegian
Yellow, 38c. Turpentine, 43c to 48c. Rosins, $6.85 to $8.45.
Cottonseed
Oil sales, including switches, 204 contracts.
Crude S. E., 8%}.
Prices closed as follows:
Aug. 15, 1936
Chronicle
10.20®
10.11®--r7 August--10.11 @10.14 September
—10.12 @_-; _ October
December
JanuaryFebruary.
10.23 @
10.15 @10.17
10.11 @
10.12 @10.13 November
March
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—On the 10th inst. futures closed 5 to 9 points
down.
Total
sales
Spot ribbed smoked
London and Singapore
Local closing: Aug., 16.23; Sept., 16.23;
were
300 tons.
sheets declined to 16.25 from 16.34.
closed
unchanged,
$ec., 16.35; Mar., 16.45; May, 16.53.
On the 11th inst.
futures closed 6 to 8 points down.
Trading was fairly active,
with transactions totaling 2,300 tons.
The price of spot:
ribbed smoked sheets in New York declined
to 16.19,
as
against 16.25 on Monday.
London and Singapore closed
quiet and Easier respectively, with prices on the former
Exchange ranging l~16d. lower to l-16d. higher, and those
on the latter showing declines of l-32d. to l-16d.
The out¬
side market price declined another l-16c. per pound, with
extreme dulness prevailing.
Local closing:
Aug., 16.16;
Sept., 16.16; Dec., 16.27; Jan., 16.30; Mar., 16.38; May,
16.47.
On the 12th inst. futures closed 1 to 2 points down.
Sales totaled only 13 lots, which reflected the extreme
dulness of the markets.
In the outside market, prices
were unchanged, with little interest shown.
The price of
spot ribbed smoked sheets in New York remained unchanged
at 16.19.
London and Singapore closed dull, prices being
off slightly.
Local closing: Aug., 16.15; Sept., 16.15Dec., 16.26; May, 16.45.
On the 13th inst. futures closed 11 to 13 points up.
Sales
totaled 650 tons.
Spot ribbed smoked sheets advanced to
16,32 from 16.19.
London closed 1-16d. higher.
Signapore
closed unchanged.
Local closing: Sept., 16.27; Dec., 16.39;
Mar., 16.49. Today futures closed 1 to 2 points down. Sales
totaled 30 contracts.
Trading was very quiet and without
special feature.
London and Singapore were quiet, with
prices very little changed.
Local closing:
Sept., 16.25;
Dec., 16.37; Mar., 16.48.
Hides—On the 10th inst. -futures closed 3 to 5 points
higher. Transactions totaled 2,920,000 lbs. In the domestic
spot markets 10,700 hides were reported sold on last Friday
with July light native cows at lie., unchanged from the last
previous sale.
The stocks of certificated hides in warehouses
licensed by the Exchange decreased by 3,256 hides to a total
of 842,828 hides.
Local closing: Sept., 11.07; Dec.,, 11.41;
Mar., 11.72; June, 12.02.
On the 11th inst. futures closed
13 to 17 points down.
Prices at one time during the session
showed a maximum decline of 22 points.
The spot hide
market was fairly steady during the day but nothing of
consequence developed.
Transactions in hide futures totaled
3,120,000 lbs.
The stocks of certificated hides in warehouses
licensed by the Exchange remained unchanged at 842,828
hides.
Local closing:
Sept., 10.90; Dec., 11.28; Mar.,
11.55; June, 11.86.
On the 12th inst. futures closed 7 to
15 points lower.
Transactions totaled 4,960,000 lbs.
This
was the largest volume in some time.
The stocks of certifi¬
cated hides in warehouses licensed by the Exchange were
reported unchanged at 842,828 hides.
Spot hides showed
little change.
Local closing:
Sept., 10.83; Dec., 11.13;
Mar., 11.46; June, 11.79.
On the 13th inst. futures closed 3 points lower to 2 points
higher.
Transactions
totaled
2,840,000
pounds.
Sales
of 20,850 hides were reported in the Chicago spot market,
including 4,000 heavy native steers at 13c., unchanged.
Local closing: Sept. 10.83; Dec. 11.15; Mar. 11.46; June
11.76.
Today futures closed 4 to 6 points up.
Transactions
totaled 1,760,000 pounds.
Certificated stocks of hides in
warehouses licensed by the exchange increased by 709 hides
to a total of 843,537 hides in store.
Local closing: Sept.,
10.87; Dec., 11.21.
Ocean
Freights—Chartering showed
a
little improve¬
ment, especially during the early part of the week.
Charters included: Grain: four loads New York-Antwerp at 10c., 5 loads
Albany-Antwerp at 10c., and about 15 loads Montreal-Antwerp at lie.
Montreal-French Morocco, October-November, 2s 10Kd.
Reported fixed
in London, August-September loading, 2s 3d.
Scrap: Cuba-Japan, 15s 9d.
United States Gulf-Japan, private terms.
Trips: West Indies round, 95c,
East Coast-South America round, $1.10.
•«
'
Coal—Reports from the Middle West reveal that dealers
are beginning to
replenish their stocks in anticipation
of a seasonal upward trend in a few weeks.
The opinion
prevails in this section that consumers of coal will probably
stock up heavier this year because of their experience last
year when a good number of them were caught short because
of the severity of the cold and snows. The demand for smoke¬
there
less coal remains about the
same
as
last week.
Virginia mines, according to latest reports,
The West
operating at
almost full time.
It is stated that the steel industry is
taking considerable quantities of smokeless.
Shipments of
anthracite for the month of July, 1936, as reported to the
Anthracite Institute, amounted to 3,345,309 net tons, which
is a decrease from the preceding month of June, of 170,569
are
net tons.
Copper—It is estimated that if the
business con¬
month,
month.
However, there are not a few who expect the latter half to
be mpch brisker than the first half of the month.
Auto¬
mobile makers will soon be ordering some of their copper
copper
tinues at the present rate over the balance of the
totals should be 15,000 to 20,000 tons for the current
Volume
Financial
143
requirements
for
steel
industry
continues very active at 70 per cent of capacity, which to
many implies a good consumption of red metal.
The domes¬
tic price is holding very firm at 9 He.
per pound, delivered
to the Connecticut Valley.
The better volume of sales
here is interpreted to mean anxiety on the part of consumers
over the price situation.
It is reported that scrap copper
and brass dealers are
holding their supplies very closely in
the expectancy that domestic electrolytic copper will be
marked higher again soon.
their
1937
models.
The
Tin—The Siam situation is
causing considerable confusion
pointed out by a leading London
interest:
"Until it is definitely known whether the restric¬
tion scheme is to be continued or not, the market is bound to
be very sensitive and react
quickly and severely to any
favorable or unfavorable news regarding the position of this
country (Siam)."
On the other hand should there be an
outright breakdown in negotiations, a drastic fall in prices
would very likely follow, so observers reason.
Moreover,
should the new agreement be satisfactorily concluded, a
sharp firming of prices would result, so it is believed.
Tin
afloat to the United States is 7,240 tons.
Tin arrivals here
so far this month
have been:
Atlantic ports, 1,503 tons;
Pacific ports, 35 tons.
Commodity Exchange warehouse
stocks are unchanged at 265 tons.
and
uncertainty.
As
Lead-—Comment is most favorable in the trade on the way
the demand for lead has been sustained.
While not as brisk
as the excellent business of the
previous week, the principal
producers still find it
easy to sell their daily production.
Purchasing is confined to carload lots for September delivery.
It is reported that some consumers would
buy October lead
if producers were willing to sell it.
Business has been trans¬
acted at the rate of about 7,000 tons
weekly.
Prices are
holding firm.
According to one estimate, 70 per cent of
September requirements of consumers are under contract.
Zinc—Although the market for this metal has been rela¬
tively quiet, the undertone is excellent. If London market
prices advance, it is regarded as almost a certainty that
American prices will be advanced
beyond the present quota¬
tion of 4.80c. per pound.
It is reported that the consump¬
tion of zinc is brisk in both the steel and brass industries.
Unfilled orders of prime Western alone at the end of last
week were 41,042 tons and total unfilled orders came to
43,561 tons.
Shipments of prime Western were 4,740 tons,
while total shipments amounted to 4,860 tons.
All business
was done at 4.80c.
per pound, East St. Louis, with sales for
delivery throughout the year, though the bulk of specified
deliveries were for August and September.
Steel—-Steel operations showed
slight drop for the week,
placing the estimated
figure at 70.0% of capacity, against 71.4 for the previous
week, and 48.1% for the corresponding period of a year ago.
This of course is unusual
activity for this season of the year.
The steel situation generally is
reported as most wholesome,
the
American Iron
&
Steel
a
Institute
in that the demand continues well
up and well diversified.
It is difficult to name one line of
consumption which is falling
behind others.
As proof of the
buoyancy of the steel
industry is the report from Pittsburgh that tin plate pro¬
duction is back to 100% of capacity after
having slumped to
85%.
The pressure to make deliveries is so pronounced,
that tin plate makers have in many cases
persuaded their
employees to postpone vacations until conditions become
more normal.
New York tin plate sellers mention demand as
still being excellent.
In view of the strong steel situation
and the higher steel making costs, a rise in certain
prices, if
not
a
general advance would
clusion.
seem
almost
a
foregone
con¬
A very
interesting item is the report that there is
a
shortage of skilled workers quite generally, and some
companies are making a drive to secure apprentices.
The
long spell of activity in steel has developed many problems
for steal makers.
Indications are that there will be no let-up.
Purchasing of steel by automobile companies for 1937 is now
beginning to appear in fairly good volume, and this will
serve
to more than offset any slack that
may develop in
Chronicle
1103
and there.
It is reported that the outlook for larger buying
manufacturers and others in brightening.
During June
by
the
use
over
of worsted
wools, scoured basis, made a gain of 28%
The consumption of apparel wool for the first
May.
half of this year was much smaller than for the similar
of 1935,
though
period
substantially larger than for the first half
In view of this fact, it would seem as though there
were a substantial field here for
expansion. An examination
of
machinery statistics indicates rather clearly that the
worsted division?is being groomed for a successful season.
Foreign wools in bond here are in spasmodic demand. In
Australians a general indifference is evidenced at both ends
of the market.
The near approach of the new Australian
season injects a measure of
uncertainty as to the basic value
of 1934.
of Australian wool.
Silk—On the 10th inst. futures closed
1 to 2He. lower.
Spot market advanced
He. to $1.85.
Grade D was firm, moving 2H to 5 yen up,
with the price registering 795 yen, a new high for the move.
The Yokohama bourse closed 10 to 2
yen higher.
The Kobe
bourse closed 5 yen higher to 3 yen lower.
Cash sales
for both markets were 1,050 bales, with futures totaling
3,900 bales.
Local closing: Aug., 1.70; Sept., 1.74; Oct.,
1.70; Nov., 1.68; Dec., 1.68; Jan., 1.67.
On the 11th inst.
futures closed 2c. to 3He. lower.
Spot declined lc. to
Transactions
$1.84.
totaled
bales.
500
Transactions in futures totaled 860 bales.
Cables
Grade D broke 5 to 10 yen, going to 790 and
785 yen respectively in Yokohama and Kobe.
Bourse
quotations at Yokohama were unchanged to 4 yen lower,
and Kobe futures were 2
yen higher to 1 yen easier.
Cash
sales for both markets were 800 bales, while transactions
in futures totaled 2,975 bales. ,Local
closing: Aug., 1.76;
Sept., 1.71 H; Oct., 1.68; Nov., 1.65; Dec., 1.64; Jan., 1.65HOn the 12th inst. futures closed unchanged to lc. higher.
Sales totaled only 340 bales.
Cables were easier.
Grade D
lost 2H yen at Yokohama, the
price being 782H yen.
At
Kobe Grade D dropped 5 yen, with the
price at 780.
The
Yokohama Bourse was 6 to 11 yen down, and the Kobe
bourse was 9 to 15 yen down.
Cash sales for both centers
were 1,000 bales, and futures transactions totaled
4,225 bales.
On the 13th inst. futures closed He. to 3He. higher.
Sales for the day totaled 370 bales.
Cables reported Grade
D unchanged.
Cash sales in the Japanese markets totaled
1,100 bales, while transactions in futures totaled 2,725 bales.
Futures were unchanged to 5 yen higher.
Local closing:
Aug., 1.78H; Sept., 1.74; Oct., 1.69; Dec., 1.66; Jan., 1.66.
Today futures closed unchanged to 1 point down.
The
opening range was unchanged to 2He. down.
Trading was
quiet and without special feature.
Transactions totaled 63
were
easy.
Crack
contracts.
market
double
advanced
lc.
extra
in
$1.83.
to
the
The
New
York
Yokohama
spot
Bourse
closed 1 to 3 yen higher, with the exception of the August
delivery, which
the
outside
was
market
1
lower.
yen
advanced
5
The price of grade D in
to 787H y©n a bale.
closing: Aug., 1.78; Sept., 1.73H; Oct., 1.69; Nov.,
1.66; Dec., 1.65; Jan., 1.65; Feb., 1.65; Mar., 1.65Hyen
Local
COTTON
Friday Night, Aug. 14, 1936.
Crop, as indicated by our tele¬
grams from the South tonight, is given below.
For the
week ending this evening the total receipts have reached
52,891 bales, against 38,915 bales last week and 39,742
bales the previous week, making the total receipts since
Aug. 1, 1936, 87,069 bales, against 129,036 bales for the
same period of 1935,
showing a decrease since Aug. 1, 1936,
of 41,967 bales.
The Movement of the
.
Receipts at—
-
-
Sat.
Galveston.
Mon.
102
442
Houston
Tues.
524
15
,
Wed-
692
Fri.
Thurs.
161
173
244
255
152
69
4,57i.
1,175
5,939
6,329
204
1,076
Total
1,896
2,418
39,174
4,404
Pig
-
Iron—Business has
1
3
120
336
109
Savannah.
other lines.
1,485
8,300
1,137
137
27
120
572
.153
210
154
1,236
Charleston
104
144
38
384
1,151
1,151
265
6,412
7,619
695
Corpus Christi..
117
New Orleans
Mobile.
—
been
week in the New York district.
termed
rather
quiet this
The explanation is rather
—
—
Lake Charles
—
—
-
98
-
N orfolk
_
_
'
-
—
Totals this week.
79
.
-
_
245
-
78
_
20
18
■
259
Baltimore
vacations.
_
„
Wilmington
unique, the dullness being attributed largely to the vacational
period, many of the purchasing officials being away on their
In further
explanation is the report that many
buyers are disposed to await the opening of books for fourth
quarter shipment.
It is pointed out, however, that should
the scrap situation remain tight, with
prices continually
rising, and should the steel industry reach 80% operations
or
better—it will not be at all surprising to see
pig iron
producers deciding to get more money for their iron.
It i,
observed that price decision in the steel
industry are made
rapidly these days, and the same condition might well apply
to pig iron.
.
-
_
Wool—Market is
holding firm notwithstanding the ap¬
Prices paid on the several classes
of wool are just a repetition of the
previous week, and it is
quite likely that this dull yet firm situation may drag on
some time longer.
It is assumed that once the 1936 clip is
out of first hands, a higher range of values will obtain and
market stability prevail.
Manufacturers have been testing
out the market with relatively low offerings, but owners of
wool show no disposition to accept low
prices offered here
-
-
-
-
-
-
-
_
~
434
823
7,783
8.477
7,565
8.118
7,220
823
13.728
52,891
In order that comparison may
we
be made with other years,
give below the totals at leading ports for six seasons:
Receipts at—
1935
1934
1933
1932
1,236
8,349
4,878
7,555
1,276
3,624
6,693
4,465
10,303
2,623
2,661
7,180
40,447
6,475
2,097
7,132
384
"""446
"Yolo
1,599
"""113
2,418
Houston
New
1936
1,896
Galveston
Orleans.
Mobile
4,404
706
Savannah
Brunswick
1931
7,420
277
20,681
11,203
1,950
3,518
7,195
3,570
4,413
816
368
Charleston
parent lack of interest.
706
.
30
265
7
34
10
269
1
434
239
139
245
271
62
Newport News
All others
41,148
35,118
22,687
37",884
41,784
31,549
Total this wk_
52,891
61,492
50,645
103,437
85,716
49,406
Since
87,069
129,036
122,947
213,973
196,366
86,415
Wilmington.
_
Norfolk
Aug. l._
The
following table shows the week's total receipts, the
Aug. 1, 1936 and stock tonight, compared with
total since
last year:
,
Financial
1104
Slock
This
Since Aug
This
1,1936
Week
1, 1935
1936
were
345,548
230,022
24
283
2,128
306,275
102,527
2.418
39.174
Beaumont
62,376
4,878
29,737
12,726
67,878
"9",657
7,555
18,295
167,611
91,776
25,814
255,676
"942
1,276
"2", 103
76',m
36", 082
135
Corpus Christ!—
"4", 502
4,404
Houston
248
169
169
5,193
1,841
8,575
2,952
66,201
>.
New Orleans
Gulfport
"706
Mobile
Pensacola
Jacksonville
Savannah
Brunswick
"
768
240,995
1,236
1,457
3,624
4,147
146,036
'384
876
"446
"966
1,167
4,956
11,256
315
7
54
434
780
239
466
25,350
11,546
11,396
24,641
18,972
1,151
265
"497
"5",245
'823
1,34 i
"166
""296
52.891
87.069
61,492
Charleston
Charles
Wilmington
_
Norfolk
---
News
N'port
1935
10,408
21
City
Lake
of 23 to 37
8,349
3,656
1.896
Galveston
Texas
broke
Since Aug
Week
New York-Boston
16,804
13,255
16,898
658
831
575
;
Baltimore
1,000
—
129,036 1,190,612 1,069,530
for the week ending this evening reach a total
bales, of which 10,463 were to Great Britain, 1,517
to France, 7,069 to Germany, 2,793 to Italy, 2,650 to Japan,
nil to China and 3,864 to other destinations.
In the cor¬
The exports
of 28,356
responding week last year total exports were 49,378 bales.
For the season to date aggregate exports have been 63,716
bales, against 102,953 bales in the same period of the pre¬
vious season.
Below are the exports for the week:
Exported to—
Week Ended
Aug. 14, 1936
Ger¬
Great
Exports from—
Britain France
Galveston
Houston
.
Corpus ChristLLake
.
...
....
2,416
281
Charles—
Mobile
419
1,956
Jacksonville
.
-
.<•
.....
—
—
1,119
.
~
.
.
634
....
611
....
...
.
.
281
....
50
....
....
.
....
256
253
....
800
....
....
12,300
1,427
3,050
3,159
2,316
....
....
Total
Other
1,850
....
625
....
China
Japan
1,619
1,174
1,323
....
....
1,123
New Orleans
Italy
many
817
4,375
...
....
....
3,544
256
....
'
Savannah.
2,596
•
2,596
....
....
....
....
765
....
....
....
....
....
....
773
'
'
Charleston
416
....
59
Norfolk
Los
....
349
714
....
'
,
....
'
....
....
205
200
5
Angeles
10,463
1,517
7,069
2,793
2,650
3,864
28,356
Total
1935
10,899
1934
12,610
1,611
3,834
5,940
3,997
11,114
10,800
6,804
Total
13,010
4,357
49,378
50,089
Total
out.
The session
Galveston
337
1,956
Orleans
Lake Charles
695
4~ 350
__
__
-„
Total
1,707
18,638
15,362
5,863
14,119
3,820
3,432
1,850
1,900
1,443
1,356
684
"900
1,798
618
Tn9
256
256
Jacksonville
"so
2~596
Savannah
2,646
349
"416
765
89
1,284
1,373
5
Charleston
100
Norfolk.
Los Angeles
San
Other
China
Japan
*-~50
4,863
4,575
2,416
4,435
789:
2.7631
929,
28ll
.
Italy
many
2,218
4,375
7,199
Corpus Christ!
Mobile
3,182
Ger¬
Great
Houston
New
11,309
Exported to—
From
Exports from— Britain France
105
22
10
Francisco.
21,256
7,675
19,574
5,141
Total 1935
21,458
32,440
18,071
8,294
6,441
26,221
16,281
7,425
35,976
63,716
I 19,889
22,627
51
7,298
20,813,
Total 1934
19
2,772;
Total
102,953
21,866
154,849
been our practice to include in the
above table reports of cotton shipments to Canada, the reason being that virtually
NOTE—Exports to Canada—It has never
all the cotton destined to the Dominion comes overland and it is impossible to give
returns concerning the same from
districts
on
week to week, while reports from the customs
slow in coming to hand. In view,
the Canadian border are always very,
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 14,007 bales.
In the corresponding month of the preceding season the
exports were 11,800 bales.
For the 11 months ended June 30, 1936, there were
217,827 bales exported, as against 204,999 bales for the 11 months of 1934-35.
In addition to above exports, our telegrams tonight also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
■
On
Shipboard Not Cleared for—
Leaving
Aug. 14 at—
Ger¬
Great
Britain
Galveston
800
Orleans.
_
•100
3,386
1,965
Houston
New
France
"765
Savannah
Other
Foreign
wise
Stock
Coast¬
many
4,000
1,721
3,868
1,900
1,302
1,414
1,900
128
3,009
Total
8,700
6,537
11,021
....
"62
"62
Charleston
2",416
Mobile
2,416
Norfolk
336,848
161,074
244,655
146,036
25,288
73,755
24,641
Other ports
149,579
....
....
"
8,567
865
4,616
9,589
5,099
28,736 1,161,876
6,994
5,548
Total 1936-Total 1935
Total 1934
385
2,887
7,916
9,928
1,829
24,723
2,704
22,023 1,047,507
43,092 2,304,552
Speculation
2,201
in
cotton
for
future
delivery
was
fairly
The bearish government crop report resulted in a
sharp break last Monday of 26 to 31 points.
During the
active.
balance of the week the market
was more or less irregular,
generally upward, with the result
that virtually all ground lost after the release of the govern¬
but
the trend
ment
has
been
>
On the 8th inst. prices closed 4 points lower to 1 point
higher.
The Government crop report was released at
12 o'clock, Eastern Daylight Saving Time, after the
prin¬
cipal cotton markets, except Chicago, were closed.
Due to
the one-hour difference in time the
Chicago Exchange had
of trading after the report was released.'
comparatively
estimated production of cotton
of 500 pounds
gross weight.
The report made the condition of the crop
72.3% of normal, and estimated the yield per acre at 199.7
pounds.
The estimate was approximately 381,000 bales
larger than the average of expectations.
On the 10th inst.
prices closed 26 to 31 points lower.
The decline on the
local Exchange reflected fully the sharp break in prices on
the Chicago Exchange immediately following the publication
at 12,481,000 bales
this season's crop
last Saturday, when prices
sharply 28 tb 33 points.
There was a heavy
accumulation of selling orders here over the weekend, and
under this wave of selling in the early trading prices fell
there broke
rapidly, substantial losses being registered, approximating
a bale.
There was heavy covering by a substantial
and as a result the market rallied about 12 to
16 points from the morning lows.
Prices eased again,
however, with the day's lows being reached in the last
hour.
Liverpool cables were 48 to 55 points lower than due.
The heavy liquidation that resulted from the publication of
American Government report in the English market caused
prices to drop there rather drastically.
The downward
plunge was accelerated by the uncovering of large numbers
of stop loss orders.
However, there was substantial short
covering and trade buying as prices reached the lower levels.
A sharp rally followed, and Liverpool prices were very steady
at the close, showing net losses of but 8 to 15 points. Average
price of middling in the 10 designated spot markets Monday
was 12.19c.
On the 11th inst. prices closed 5 to 10 points
higher.
Trading was comparatively quiet, with the under¬
off
$1.50
short interest,
The weather reports were
tone much steadier.
the
to
the
growing
effects
crop,
the
of
unfavorable
yet there was no aggressive buying,
Government report apparently
bearish
Extremely high temperatures with
reported for the Western
belt, while further excessive rains occurred in the eastern
part of the belt.
The weather from now on will be watched
eagerly, as traders generally believe that the Government
crop report Saturday reflected the peak of the crop promises,
and that any change in the situation probably would be
deterioration.
At the high of the day the market showed
a rally of 13 to 16 points from the extreme lo\v of the decline
made Monday.
Increased hedging operations are expected
to prove quite a factor soon, when the new crop begins to
move
in larger volume, and it is this impending pressure
that very likely is holding aggressive operations on the
buying side more or less in check.
Spot demand was again
inactive, with buyers generally inclined to hold off for
developments, especially in hopes of a lowering of the
basis.
Average price of middling at the 10 designated spot
markets was 12.27c.
On the 12th inst. prices closed 18 to
22 points up.
This proved to be approximately the day's
high prices and represented almost a complete recovery of
all ground lost after release of Government report Saturday.
The chief influence responsible for this sharp upturn was
reports of crop deterioration after the Federal survey.
The
weekly weather report indicated losses in Oklahoma and
rather poor conditions in a number of other sections.
Re¬
ports from Texas indicated that the crop was not progressing
as
had been anticipated.
The steady undertone of the
market recently has convinced not a few of the bearishly
inclined that selling the market is not altogether a wise
thing to do.
Offerings during this session were com¬
paratively scarce, and the market was unusually sensitive
to the slightest demand.
The large domestic consumption
estimate figures seemed to attract considerable attention.
There was a substantial demand from shorts, local traders,
New Orleans and commission houses.
This readily took
not
having
worn
moisture
were
off.
the conditions
of moderate
hedge selling and liquidation, and prices
The large consumption
figures, which were estimated by the New York Cotton
Exchange Service at 581,000 bales for July compared with
391,000 last year, indicated continued active absorption of
cotton.
The average price of middling at the 10 designated
spot markets was 12.38c.
care
held steady throughout the session.
On the 13th inst. prices closed
1 point higher to 2 points
Western belt
Street buying,
which at one time in the afternoon carried prices to maxi¬
mum
gains of 10 to 14 points.
These gains were subse¬
quently lost.
When the earlier demand had spent itself
there seemed to be virtually no support to the market, and
lower.
The bullish weather reports from the
influenced
on
rumors
considerable
foreign
and
Wall
of thunder showers in northern Texas and north¬
Oklahoma, prices eased rapidly under moderate pres¬
sure.
The market on the whole lacked vigor, and was sub¬
ern
report has been recovered.
45 minutes
the New York Exchange was
Department of Agriculture
from
no
Aug. 1, 1936, to
Aug. 14, 1936
on
quiet, with trading largely confined to evening up operations
in preparation for the Government report, which, of course,
came out after the close of the New York Exchange.
The
of the Government crop report
Philadelphia
Totals
was construed as so distinctly bearish that prices
precipitously at Chicago, registering extreme losses
points.
It was estimated that about 10,000 bales
traded in the first few minutes after the report came
The list at Chicago closed 28 to 33 points lower.
report
ir*
1935
1936
Receipts to
Aug. 14
Aug. 15j 1936
Chronicle
The
on the
clear, hot
fair to cloudy
in the East, with rains along the Atlantic Coast.
Average
price of middling in the 10 designated spot markets was
ject
almost
entirely
The
weather.
weather
over
12.35c.
•
to
weather
the
map
fluctuating
showed
reports
continued
the western half of the belt, and
Volume
Financial
143
Chronicle
Today prices closed 21 to 23 points down.
The weather
reports in the main were bullish, yet the market showed
pronounced weakness, especially in the late trading, prices
closing at about the lows of the day.
Substantial selling
from
came
Bombay.
In
foreign
especially the
sources,
Liverpool
Continental
and
East
Far
Option for—
Oct.
1936- 11.63 Aug.
Nov. 1936—
Dec.
sold.
Jan.
the
early trading good local buying was in evidence,
apparently influenced by the continued adverse weather re¬
ports from the Southwest.
Complaints were still coming in
from
this
section
conditions, and
will
be
The
some
reports
the
on
of
high temperatures an<J
all
were
Staple Premiums
60% of average of
for deliveries
longer
1935
1934
1933
1932
1931
1930
designated by the Secretary of
Agriculture.
.51
.51
.26
.51
1929
Middling Fair
.White
Strict Good Middling.,
do
Good Middling
do
.26
.51
Strict Middling...
do
.26
.51
Middling
.42
.36
do
.39
......
do
56 off
Mid.
..1.30
2.05
do
2.58
do
do
Extra White
do
.55
on
do
.26
.51
do
.39
.26
.51
Middling
do
do
.01
do
.21
.42
.55 off
do
.36
do
do
do
.19
Strict Low Middling...
Low Middling...
.23
.44
.23
.44
.18
.37
do
Good Middling
Strict Middling
do
do
1.28
.
..Spotted
do
1.30
do
2.05
do
.31
.41 off
do
.15
.31
Strict Middling
do
do
.60
do
do
1.30
do
♦Strict Low Middling
do
do
2.04
do
do
2.55
do
♦Low Middling
Light YeUow Stained.
do
.30
Good Middling—
do
do
do
♦Middling
do
do
.67 off
Yellow Stained.
do
1.30 off
do
do
do
do
1.88
do
2.41
.30
Good
Middling
Gray
do
do
j,.
.48 off
do
do
Strict Middling
♦Middling
♦Good Middling
♦Strict Middling
.74
do
do
1.26
do
1.27 off
do
..BlueStained
do
do
do
-...1.88
do
2.39
Mon.
Tues.
12.32
12.42
Market and Sales
The total sales of cotton
closed
are
Wed.
Thurs.
12.60
Fri.
12.59
12.41
New York
at
the spot each
on
indicated in the
day during the
following statement.
of the reader, we also add columns
glance how the market for spot and futures
days.
Futures
-12.41c.
1928
—
-11.55c.
1927
Saturday
Monday
Tuesday
Closed
Steady, 4 pts. dec—
Quiet, 31 pts. dec—
Steady, 10 pts. adv.
Wednesday. Steady, 18 pts. adv.
Thursday
Steady, 1 pt. dec—
Friday.—— Quiet, 18 pts. dec..
—
Spot
Contr'ct
Total
'
Steady
Steady
Steady
Steady
Steady
Steady
400
400
200
:
300
200
200
''loo
9.00c.
—
—
—
—
—
7.35c.
-
6.95c.
-12.05c.
-18.15c.
—
1925
1924
1923
1922
1921
400
800
*
2,300
Monday
Aug. 10
Tuesday
Aug. 11
100
3,700
highest, lowest and
past week have been
New York for the
100
closing
as
Wednesday
Aug. 12
2,400
3,800
prices
at
follows:
Thursday
Aug. 13
Friday
Aug. 14
Range..
11.90-11.90
11.62/1
11.72/1
11.90/1
11.89n
11.67/1
11.77/1
11.95/1
11.94/1
Range..
11.76/1
Oct.—
Range.. 11.91-12.03 11.63-11.79 11.70-11.78 11.78-11.98 11.94-12.09
11.74-11.91
Closing. 11.98-12.00 11.67-11.68 11.77-11.78 11.95-11.96 11.94-11.96 11.76-11.77
Nov.—
1936 12.78
July
10 1936
27 1936
1920
1919
37.50c.
31.00c.
18.00c.
35.25c.
26.70c.
1909
—25.65c.
1918
1917
1916
1915
20.50c.
1914
14.15c.
9.30c.
11.00c.
1908 -...10.60c.
1907
13.25c.
1906
10.40c.
13.20c.
1913
11.90c,
1905
—
-
—
—
—
..
—
—
...23.50c.
—30.20c.
„
—
—
—
1912
12.00c.
1911
12.40c.
1910
15.60c.
12.70c.
10.55c.
1935
1934
1933
645,000
80,000
487,000
60,000
880,000
85,000
737,000
108,000
725,000
161,000
127,000
10,000
58,000
11,000
7,000
547,000
178,000
75,000
19,000
51,000
54,000
12,000
8,000
965,000
397,000
160,000
23,000
54,000
51,000
7,000
11,000
845,000
468,000
175,000
22,000
76,000
93,000
439,000
bales.
397,000
703,000
834,000
65,000
supply.
...bales.
Havre stock
Other Continental stock
American afloat for Europe.,
U. S. ports stock
U. S. interior stock
U. S. exports today
Total American
East Indian,
233,000
33,000
101,000
81,000
73,000
93,000
1,190,612
1,144,650
3,738
149,000
25,000
111,000
56,000
79,000
116,000
302,000
395,000
44,000
64,000
341,000
132,000
93,000
760,000
126,000
352,000
1,069,530 2,347,644 2,880,403
1,097,283 1,117,581 1,130,073
9,844
12,780
14,557
2,953,000 2,712,657 4,516,005 5,596,033
Brazil, &c.—
Liverpool stock
412,000
47,000
60,000
46,000
78,000
58,000
225,000
96,000
780,000
Manchester stock
Bremen stock
Indian afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
Total East India, &c
338,000
35,000
65,000
19,000
67,000
82,000
175,000
82,000
584,000
578,000
41,000
56,000
28,000
53,000
53,000
193,000
192,000
942,000
Closing. 12.00rt
Total visible supply
4,755.000 4,159,657 6,652,005 7,320,033
Middling uplands, Liverpool
6.92d.
6.56d.
7.lid.
5.66d.
srp
Middling uplands, New York
12.41c.
11.75c.
13.30c.
9.25c.
Egypt, good Sakel, Liverpool
11.31d.
8.63d.
9.21d.
8.43d.
Broach, fine, Liverpool
5.50d.
5.63d.
5.42d.
4.83d.
Peruvian Tanguis, g'd fair, L'pool
7.67d.
C.P.Oomra No.l staple, s'fine.Liv
5.57d.
-
•
Continental imports for past week have been 50,000 bales.
above figures for 1936 show a decrease from last
The
of
70,576 bales,
a gain of 595,343 bales over 1935, a
1,897,005 bales from 1934, and a decrease of
2,565,033 bales from 1933.
decrease
of
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
The results for the week and since
Aug. 1 in the last two years are as follows:
11.69/1
11.78/1
11.98n
11.97/1
11.78/1
-19361
Range.. 11.95-12.04 11.66-11.80 11.73-11.81 11.82-12.04 11.99-12.15 11.79-11.98
Closing. 12.00-12.02 11.71
11.80
12.01-12.02 12.01-12.02 11.81-11.82
Jan. (1937)
Aug. 14—
Shipped—
12.02
11.72
11.82
12.03/1
12.04
11.84
—
Feb.—
Closing. 12.05/1
11.76/1
11.84/1
12.05/1
12.05/1
11.85/1
March—
Range.. 11.98-12.08 11.75-11.89 11.81-11.88 11.90-12.11 12.07-12.21 11.86-12.03
11.81
11.86
12.08-12.11 12.07-12.08 11.86-11.89
Closing. 12.08
April—
Range..
6,807
3,040
351
325
3,875
2,000
..10,981
-
Via Virginia points
Via other routes, &c
Total gross overland
Deduct Shipments—
Overland to N. Y., Boston, &c_.
Between interior towns
_
11.81/1
11.87/1
12.08/1
12.07/1
11.87/J
Inland, &c., from South
Range.. 11.97-12.08 11.75-11.87 11.83-11.91 11.92-12.13 12.07-12.22 11.87-12.04
11.80
11.89-11.90 12.09-12.11 12.08
11.88
Total to be deducted
Closing. 12.07
June—
11.79/1
11.87/1
12.08/1
12.07/1
11.86/1
*
Range.. 11.93-12.04 11.71-11.83 11.79-11.85 11.89-12.07 12.05-12:17 11.84-11.98
11.78
11.85/1
Closing. 12.04
12.07
12.05
11.84
Nominal.
Range for future prices at New York for week ending
Aug. 14, 1935, and since trading began on each option: •
3,364
321
927
7,493
4,443
3",194
3,000
170
7,396
7,845
22,797
8,298
19,702
1,341
100
295
551
229
354
575
8,901
15,636
5,788
12,363
-10,019
17,528
6,117
13,292
962
5,269
2.181
6,410
..
..
Range..
12.06/1
Aug. 1
1,783
663
823
Leaving total net overland *
July—
Since
Week
351
Via Mounds, &c
Via Rock Island
..
Closing. 12.08/1
May-
Aug. 1
3,330
1,100
Via Louisville
Range..
1935Since
Week
,
Via St. Louis
Range.. 11.94-12.02 11.67-11.80 11.73-11.82 11.85-12.00 12.04-12.17 11.82-12.00
Closing.
74,000
108,000
98,000
277,000
781,000
1,802,000 1,447,000 2,136,000 1,724,000
2,953,000 2,712,657 4,516,005 5,596,033
Total American...
Dec.—
.
342,000
44,000
reports Friday night.
Range..
n
1
10 1936 12 65 July
American—
week
Auo.am)
Closing
Aug
1936
Liverpool stock
200
800
Since Aug. 1
Futures—The
13 11 71
18.95c.
18.90c.
—
Manchester stock
Bremen stock
400
400
Total week.
Closing. 11.98/1
1926
—
Other Continental stock
'
Closed
Closing. 11.93»
Sept.—
Aug
Havre stock
SALES
Market
Spot Market
Saturday
Aug. 8
...
Total visible
a
same
10 12.17
—
convenience
on
10 12.22 Aug. 13 10.48 June
Aug.
4,755,000 4,159,657 6,652,005 7,320,033
Of the above, totals of American and other
descriptions are as follows:
Sat.
.12.63
week at New York
10 1936
1,164,000
944,000 1,668,000 1,679,000
58,000
82,000
53,000
108,000
American cotton afloat for Europe
93,000
116,000
126,000
352,000
Egypt, Brazil,&c.,afl't for Europe 225,000
175,000
193,000
98,000
Stock in Alexandria, Egypt
96,000
82,000
192,000
277,000
Stock in Bombay, India.,
780,000
584,000
942,000
781,000
Stock in U. S. ports
1,190,612 1,069,530 2,347,644 2,880,403
Stock in U. S. interior towns
1,144,650 1,097,283 1,117,581 1,130,073
U. S. exports today
3,738
9,844
12,780
14,557
future contract.
on
Aug. 8 to Aug. 14—
Middling upland....
the
10 1936
Total European stocks
India cotton afloat for Europe
do
:
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
which show at
July
-
do
♦Middling
For
27 1936 12 78
Total Continental stocks
do
...1.94
♦Strict Middling
Not deliverable
13 10 20 Mar
Aug.
Stock at Venice and Mestre
Stock at Trieste
do
...1.30
♦Middling
•
25 1936 12.76
do
Good Middling
♦Strict Middling
.30
Feb.
July
July
10 1936
9.94
Stock at Barcelona
Stock at Genoa
do
♦Middling
.15
9 1936 12.78
Aug. 13
Stock at Havre
Stock at Rotterdam
do
.31
Strict Good Middling__Yellow Tinged
Good Middling
do
do
.07 off
.15
.15
Aug. 13
Total Great Britain
Stock at Bremen
do
.15
.15
23 1936
Aug. 14—
do
.57 off
do
♦Low Middling
.30
July
Jan.
Stock at Manchester.
do
.09 off
do
on
♦Strict Low Middling...
.15
8 1936
12.25
9.76
AV
11.71
Stock at Liverpool
do
.16
do
Middling
10 1936
21 1936
Supply of Cotton tonight, as made up by
cable and telegraph, is as follows.
Foreign stocks as well
as aloat 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 tonight (Friday) we
add the item of exports from the United
States, for Friday
only.
do
Basis
do
Good Middling...
Strict MlddUng
July
3 1936
Nov.
July
9 1936 12.78
The Visible
do
.55
do
♦Strict Good Ordinary.,
♦Good Ordinary
3 1935 12.32
Sept.
9.80 Jan.
July
—
Mid.
on
.64
do
.19
Strict Low Middling
Low Middling
....
.74
do
.21
.51
1937—
1936
.26
of Option
9 1936 12.90
New York Quotations for 32 Years
quotations for middling upland at New York on
Aug. 14 for eachc f the past 32 years have been as follows:
contract to
.26
.29
1937
July
established
markets
1-lnch A
Inch
10.42
Aug. 13
10.12
10 12.21
Since Beginning
The
between grade
on
Range
Aug. 14 10.39 Jan.
1937—
May 1937.. 11 75
Aug. 20,1936
average quotations of the ten
the
are
15-16
Apr
11.75 Aug.
.
June
droughty
10 12.09
1936.. 11.66 Aug, 10 12.15
1937— 11.67 Aug. 10 12.17
1937..
Mar. 1937.
lower.
Difference
six markets quoting
for deliveries on
Aug. 20, 1936
Feb.
observers believe that before long there
deterioration in most of that district.
foreign markets
Range for Week
Aug. 1936- 11.90 Aug. 14 11.90
Sept. 1936..
and
also
interests
1105
Including movement by rail to Canada.
The
foregoing shows the week's net overland movement
has been 962 bales, against 2,181 bales for
the week last year, and that for the season to date the
this
year
aggregate net overland exhibits
of 1,141 bales.
a
decrease from
a
year ago
Financial
1106
-1935-
-1936Week
87,069
Aug. 1
52,891
962
14.125,000
5,269
250,000
61,492
2,181
80,000
129,036
6,410
187,00h
178,853
...*22,751
Receipts at ports to Aug. 14
Net overland to Aug. 14
Southern consumption to Aug.
342,338
*61,767
143,673
*14,249
322,446
*27,054
Total marketed
Interior stocks in excess.
129.424
156,102
Came into sight during week
Total in sight Aug. 14
280,57I
295,392
25.584
12,052
30,839
14 13,050
North, spinn's' takings to Aug.
1936
report of the New Orleans Cotton Exchange, com¬
by Henry Plauche', Secretary, and issued Aug. 6,
reports that the value of the commercial cotton crop of the
South for the season ended Aug. 1 increased approximately
piled
The crop for this
valued by the
$200,000,000 over the preceding season.
including value of seed last season, is
Exchange at approximately $931,756,291,
year,
211,902
against $739,-
In reporting on the figures of the New
Exchange,
the New Orleans
"Times-
a vear ago.
Cotton
Orleans
Picayune" of Aug. 7 noted:
*'
$110,000,000 in Federal benefit payments due farmers
conservation plan is added to the value of the lint
and seed, the total benefit to the South from its cotton production reaches
above the $1,000,000,000 mark, which is in line with a normal return to
If the total of about
*
.
Aug. 1
Week
Takings
15,
annual
Since
Since
In Sight and Spinners'
Aug.
Chronicle
Decrease.
this
Movement into sight in
Since Aug.
1933—Aug. 18
1932—Aug. 19.-
Interior
the
Bales
1-
310,963
489,205
327,709
1934
...128,143
213,045
..136,150
1934—Aug. 17
At
previous years:
Bales
Week—
1933
1932---.---
is,
movement—that
the
Towns
the
receipts for the week and since Aug. 1,, the shipments for
the week and the stock tonight, and the same items for the
corresponding period of the previous year—is set out in
detail below:
Week
Ala.,
Stocks
14
348
312
5,506
80
189
71
75
465
Selma
61
117
73
79
103
892
Blythville
Forest City—
""l77
Helena
Hope—
Jonesboro...
II
6|
Little Rock-
1751
956
Newport..
Pine Bluff...
Walnut Ridge
188;
403
286
378
30
30
Ga., Albany ...
205
212
Athens.
12
27
Atlanta
2,140
1,006
3,642
Columbus—
700
4,052
1,300
Macon
143
237
Augusta
25
Rome.
"90
91
14
Shreveport
Miss.Clarksdale
La.,
131
224
435
97
122
41
16
16
1,200
33
322
'120
168
120
137
3
"3l
1,154
785
135
6
~~r24
46
40
551
""578
73
63
131
50
739
7,273
600
1,557
1,424
1,500
13
18
888
882
200
115
300
250
377
561
•
"608
1,827
1,827
20,450
2
739
108
159
687
5,028
246
520
655
19
28
257
6,584
15
4
236
Columbus—
568
274
Greenwood.
Jackson.1—
Natchez
16
252
16,279
9,614
540 39,941
36| 11,187
1,237| 27,887
170 10,587
540 15.577
225 21,864
4,930 79,156
4,864 86,487
500 33,200
825 26.273
19.959
"157 13.960
241
Aug.
223
2|
14
Stocks
Week
Season
3
30,908
9,523
49,194
52.272
61.576
6,243
2
Montgomery.
Eufaula
Ark.,
Receipts
Week
227
19
Birming'm
74
■
Ship¬
Aug.
Week
Season
810
it—
""l9
Vicksburg—
73
129
"""280
1,752
8
belt for
a
prosperous year.
Mr. Plauche in his
annual report also had the following
to say:
conditions during the past season
General
The most encouraging feature
the disposition on the part of
closed has been
the Government to "go out of the cotton
Cotton Producers' Pool has ceased to be a factor in the
The
market.
business."
cotton
have been more favorable.
during the 12 months just
Its holdings both of spot
cotton and futures contracts
having been entirely liquidated prior to July 31.
holdings have been decreased by about a million
stocks on July 31 were 3,216,506 bales.
conditions in the cotton
Of the loan cotton, the
bales. The loan cotton
manufacturing industry were most
This today is not the position of the industry.
The un¬
prevailing last year, such as the future of the American Agricul¬
tural Administration, the existence of the National Recovery Administra¬
tion, &c., have all been eliminated by judical decisions.
The passing of
these uncertainties has made it possible for the cotton manufacturing in¬
dustry to proceed under more normal conditions and with greater confidence.
As a result operations, as a whole, have been near normal throughout the
year and the mills have consumed cotton in a very large way.
This is
especially true in the South, which used 5,254,000 bales of lint cotton, com¬
pared with 4,192,000 last season.
This is the largest consumption of lint
cotton by Southern mills since the season of 1928-1929, when it amounted
to 5,286,000 bales.
There was some uncertainty prevalent because of proposed laws in the
United States Congress, which would have vitally affected the industry.
These fears had a tendency to somewhat retard consumption, but with the
adjournment of the Congress, a material improvement has taken place.
Another feature which is a cause of satisfaction is the fact that in the last
three or four weeks, prior to the end of July, the mills have sold goodsfreely.
This will insure full operations through the summer months.
This is un¬
usual even when general conditions are more normal than they are.now.
Political uncertainties, recent Federal tax legislation and further threat¬
ened legislation, &c., are the clouds on the horizon threatening all business.
However, these will not affect the cotton textile industry and the cotton
trade more than business in general.
unsatisfactory.
ments
Ship¬
ments
Receipts
Towns
the cotton
under the soil
Last year,
1935
Movement to Aug. 16,
Movement to Aug. 14, 1936
season
3,440
5,470
16,164
34,388
74,370
16,742
11,662
16,009
24,378
41,091
14,290
23,998
11,113
3,812
22,812
28,485
81,101
11,761
12,617
19,023
21,509
22,919
11,051
28,665
9,625
3,047
4,284
10,837
Yazoo City—
18
24
83
755
15
16
116
Mo., St. Louis.
3,257
6,659
3,330
3,289
1,783
158
189
581
266
1,730
2,195
1,355
N,C.,Gr'rtsboro
52
59
276
certainties
of Cotton Ginned—The
Associated Press dispatch
date of Aug. 6, which Ave give below:
Bale
First
Okla.,
Idabel,
"Oklahoman" of Aug. 7 gave an
from Idabel under
ginned here this season was brought in Thursday,
first bale of 1935.
Smith of Pecan Grove 15 cents a pound, or a total of
$96.67 for the cotton and seed.
Mr, Smith said cotton prospects in this
The first bale of cotton
weeks earlier than the
two
It brough A. A.
2,221
15 towns *—
2,868
13,020
Abilene.
Texas,
1,242
5,035
2,7841
24,456(
488
"~7
7,
2,000
3,617
3,034
1,767
25
56
3
53
Austin
2
Brenham
112
60 106,236
1,925 32,781
9,231 310,791
8,054
"22
2,370
25
4,201.
68
5,698
235 10,607
5,976
1,239
312
2,013
54
14,211
221
7,303
390
355
<
146
1,728 79,878
2,886 36,904
5,825
21,847 22,519341,464
1,113
59
S.C., Greenville
Tenn.,Memphis
...
61
409
Robstown—
'555
1,072
L097
~3J66
San Antonio.
124
181
36
330
327
403
1
1
137
5,377
2,340
2
2
83
121
Dallas
—
102
Paris
Texarkana
__
"223
47
205;
110
Waco
were
good.
New
The
51,0911 50,2031144650 14,443
27,452
Includes the combined totals
totals
above
The
during
decreased
44,8561
28,6921097283
of 15 towns in Oklahoma.
that
show
the
22,751
the week
47,367 bales more than at the same
receipts at all the towns have been
interior stocks have
bales and are tonight
period last year. The
13,009 bales more than
the same week last year.
Quotations for Middling Cotton at Other Markets—
are
the closing quotations for middling cotton at
Southern and other principal cotton markets for each day
Below
bale of cotton
bia, Miss., under date of Aug. 4 as
Monday (Aug. 3)
Closing Quotations for Middling Cotton on—
Wed'day Thursday
Friday
Saturday
Monday
Tuesday
12.43
12.13
12.20
12.42
12.15
12.25
12.38
12.42
12.39
12.19
12.38
12.07
12.17
12.25
12.14
11.96
12.17
,
Orleans
Mobile
12.38
Auctioned—The Memphis
was
this season's crop to be received at Green¬
auctioned off on Aug. 5 and brought 19H cents per pound.
was sold to J. R. Hodge Cotton Co. here.
Twelve bids were
The cotton
entered at the auction sale at the cotton
exchange.
Grown by C. E. Allen, on the J. E. Lindsey plantation near Readland.
Ark., Chicot County, the initial bale weighing 470 pounds was trucked to
Greenville yesterday and last night was placed on display in front of the
J. G. Lusk & Co. Cotton Exchange.
The cotton was consigned to the Staple Cotton Co-operative Associa¬
tion here and is of the Delfos 531A variety, planted in mid-March.
bale
was
taken to Greenville Compress Co. here.
Ending Use of "Aski" Marks Blocks
United States Cotton Exports to Germany, New York
Week Ended
■
Bale
1936
The first bale of cotton from
ville
German
Galveston
First
"Appeal" in a dispatch from Greenville, Miss., under date
of Aug. 5 reported the sale of the first bale of Arkansas as
given below:
After being auctioned the
Aug. 14
follows:
for Marion county was marketed
by H. Davis, tenant on the Louis AVatts farm,
East Columbia, and sold to the Rankin Co. for 13H cents and a barrel of
flour as a premium.
Mr. Davis produced the first bale for Marion county
last year on the same plantation, both of which were ginned and packed
free of charge by T. W. Smith at his Columbia gin.
The first bale of cotton for this season
late
of the week:
New
Ginned in Marion County—
"Times-Picayune" reported the first
for Marion County in a dispatch from Colum¬
Orleans
Arkansas
Total, 56 towns
*
section
First Bale of 1936 Cotton
Oklahoma—
12.18
Savannah
12.50
12.17
12.27
12.46
12.35
Norfolk
12.70
12.45
12.60
12.60
12.45
12.17
12.30
12.30
12.10
13.02
12.56
Decree
Cotton Exchange States—New cotton export business with
Germany has been brought to a standstill by the decree of
the German Government forbidding the use of "Aski" marks
in payment
for German goods by importers in the
United
States, according to the New York Cotton Exchnge Service,
which also says that there is much apprehension in cotton
Montgomery
Augusta
Memphis
12.39
12.40
12.07
13.24
12.92
12.05
12.05
12.75
12.25
12.75
12.40
11.95
export circles in this country,
Houston
12.46
12.12
12.22
12.40
12.40
12.20
Little Rock
12.38
12.07
12.17
12.20
11.92
12.14
11.82
11.88
12.00
11.81
12.14
11.82
11.88
12.21
12.05
12.05
12.00
11.81
compensation arrangement is established, Ger¬
many will obtain its cotton supplies from other cottongrowing countries which are willing to accept German goods.
Reference to the decree of Germany terminating the use of
the "Aski" marks, was made in our issue of Aug. 8, page 841.
The following are the remarks of the Cotton Exchange
Service, as made available on Aug. 10:
Dallas
Fort Worth
....
New Orleans Contract
for
»
12.15
Market—The closing quotations
leading contracts in the New Orleans cotton market
week have been as follows:
for
the past
Saturday
Monday
Tuesday
Aug. 8
Aug. 10
Aug. 11
Wednesday
Aug. 12
Thursday
Aug. 14
The
Friday
Aug. 13
some
decree
of the
German
Government forbidding the use of "Aski"
marks in payment for German goods
States has created much apprehension
The seriousness of the situation
Aug. (1936)
to
September
October
._
11.92-11.93 11.65-11.66 11.74
11.92
11
!?4
11.73
November
December.
Jan.
March
11.77
118561187a 120461206a 12.04
11.82
deprived of the market for such currency, and thereby prevented from
converting the German currency received into dollars, unless some other
11.856-.87a
basis of compensation is arranged.
It is reported in domestic cotton
are
11.95
Bid
11.76
11.96
Bid.
117761178a 11.87
11.96
Bid.
117561177a 118361185a 120261204a 120361205a 11.806-.82a
12.06-12.08 12.07
Tone—
Spot
Options
Germany during the
11.78
117661178a 11.97
June
July.
95% of all the cotton exported by this country to
past season has been paid for by German importers in Aski marks, and the
American exporters have disposed of that currency by selling it, through
the banks, to domestic importers of German goods.
If American importers
cannot use Aski marks to pay for German goods, American cotton exporters
12.00
11.66
_
April..
May
by importers of them in the United
in American cotton exporting circles.
is indicated by the fact that perhaps 90
11.76-11.77 11.96-11.97 11.98
11.92-11.93 11.67
(1937) 11.92
February
and it is feared that unless
new
Quiet.
Quiet.
Barely stdy Very
stdy,
Steady.
Quiet.
Quiet.
Steady.
Steady.
Steady.
Steady.
Steady.
Improvement in Cotton Industry Reported by New
Exchange-Mn noting that the cotton in¬
Orleans Cotton
dustry has shown an improvement
during the past year, the
exporting circles that new cotton
exporting business with Germany has been brought to a standstill, pending
arrangement.
The fear is widely expressed
that unless some other arrangement is established Germany will turn for
the establishment of some new
practically all of its cotton supplies to foreign cotton-growing countries
which are willing to accept German goods in payment.
Germany was formerly one of the largest buyers of American cotton.
German importers resold a large portion of the cotton that they purchased
to other countries of Central and Northern Europe, but even from the
standpoint of the amount of American cptton actually consumed in Ger¬
many,
the German market was of prime importance.
In the 1933-34
Volume
Financial
143
cotton season, consumption
at 1,099,000 bales.
In the
of American cotton by Germany was estimated
1934-35 season, however, it was only 376,000.
Preliminary estimates of consumption of the American staple by German
spinners during the past season range around 400,000 bales.
It is this con¬
sumption which is threatened by the new German decree.
While Germany has thus drastically reduced its
consumption of American
cotton, it has increased its consumption of foreign growths to recordbreaking levels.
In 1933-34, its consumption of foreign growths was
approximately 498,000 equivalent 478-pound bales, which was of itself a
new high record,
but in 1934-35, it increased its consumption of foreign
staples to 568,000, and during the past season its consumption of foreign
growths is estimated at around 750,000 bales.
It will be noted that the increase in
consumption of foreign cottons has
not fully offset the decrease in
consumption of American cotton.
In other
words, total consumption of all cottons by Germany has declined substanti¬
ally. Part of this decrease has been offset by the admixture of rayon staple
fibre with cotton, which German
spinners have been forced to practice by
law.
During the past cotton season, total consumption of all cottons by
Germany was roughly 200,000 bales more than in the previous season, but
practically all of the increase was in foreign growths.
The German Government has forced
importers of cotton to obtain practi¬
cally all of their supplies under arrangements which are, in effect, at
least,
in the nature of barter. The use of Aski marks
comes within this classification,
since Aski marks are in the nature of
domestic currencies in Germany for
use only against
foreign purchases of German goods, and hence they con¬
stitute a device by which imports and
exports by Germany may be brought
toward a balance.
Other barter arrangements resorted to by Germany
have been in the nature of
private barter and official barter.
Recently
Germany made an official barter arrangement with Brazil by which it
agreed to take a large block of Brazilian cotton in
exchange for German
products.
-
Chronicle
carrying large stocks, an unusually large portion
of the carryover is
being carried in this country.
The domestic portion of
of the carryover this
year is estimated at 5,481,000 bales, and the foreign
portion only 1,625,000.
In 1927, when the world carryover was 7,845,000
bales the domestic portion was
only 3,662,000 and the foreign portion
4,183,000.
The decreasein the foreign portion reflects in large degree the
decrease in foreign consumption of the American staple, but the foreign
portion would doubtless be much larger if it were not for the fact that
between 40 and 50% of the
carryover is being carried by the United States
Government in this country.
,
Washington
regarded as an indication that exports of American cotton during the
coming
season will
necessarily run close to foreign consumption and will mane a
favorable comparison with exports during the past
season, unless foreign
consumption of American cotton declines sharply.
Census Report on Cottonseed Oil
Production—On
Aug. 12 the Bureau of the Census issued the following state¬
ment showing cottonseed
received, crushed, and on hand,
and cottonseed products manufactured,
and
exported,
Comments
Below
pages.
Based
on
in full:
conditions
COTTON
cotton seed.
12
months'
RECEIVED,
CRUSHED AND ON HAND
Aug. 1 to July 31
Stale
Crushed
This resulted in
irregular stands, which is the principal
1935
Alabama
291,185
Arkansas
Mississippi
293,811
93,332
427,190
176,606
528,073
North Carolina
223,737
Oklahoma
191,916
South Carolina
208,685
231,599
971,778
California
Louisiana
exceeded only once during the past 30
years.
Mexico and Arizona, also have good
The irrigated areas in New
prospects, and the yield forecast for
California has been exceeded only once.
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 less than average.
COTTON REPORT AS OF AUG. 1, 1936
Crop Reporting Board of the United States Department of Agriculture makes
the following report from data furnished by
crop correspondents, field statisticians
and cooperating State agencies.
The final outturn of
cotton
whether the various influences
affecting the
crop
will
depend
during the remainder of the
upon
season
less favorable than usual.
270,563
287,027
103,245
424,084
159,082
481,844
247,967
98,101
196,360
282,211
193,481
209,333
235,197
744,460
123,191
986,809
104,326
V
Aug. 1 Condition
Yield Per Acre
Production
(Ginnings)
Hon
Bales
Aver¬
Less 10-
age
Yr. Avge.
Abandon¬
1923-
Aver¬
(500
Lbs. Gross)
age
1935
1936
1932
1923-
1935
1936
1935
1936 Crop
a
1932
Crop b
Indicated
ment
Aug. 1
1,000
l,000Acrs
%
%
%
Lb.
Lb.
Lb.
55
Virginia
1935
299,484
295,608
92,689
447,503
280,660
289,699
103,076
427,926
992
349
1,855
177,397
538,981
233,127
161,259
572
488,127
239,831
2,104
22,168
1,363
13,012
10,077
691
8,990
2,409
612
687
678
7,381
22,412
123,382
269
385
3,742,122 3,418,135 3,813,935 3,549,891
17,762
89.575
104,210
United States
1,113
'
Includes seed
destroyed at mills but not 89,575 tons and 222,761 tons on hand
Aug. 1, not 60,627 tons and 128,789 tons
reshipped for 1936 and 1935, respectively.
COTTONSEED
PRODUCTS
MANUFACTURED.
AND ON
SHIPPED
Produced
Season
Crude oil, lbs...
1935-36
1934-35
Refined oil, lbs.:
1935-36
Cake
1935-36
1934-35
and
meal.j
tons
1934-35
Hulls, tons
1935-36
1934-35
Linters, running
balej...
HuU
fiber,
1935-36
1934-35
500-,
lb. bales
Shipped Out
On Hand
Aug. 1 to
Aug. 1 to
Aug. 1
Item
July 31
July 31
Ac.,
500-lb.
On Hand
July 31
*28,262,543 1,163,055,575 1,165,355,438
34,400,287 1,108,582,294 1,117,848,586
a444,833,215 bl091995,785
656,804,830 1,067,245,843
198,367
1,737,950
1,867,412
124,572
1,614,345
1,540,550
76,604
987,416
1,037,742
30,958
913,039
867,393
71,292
873,907
900,413
75,958
805,083
809,749
1935-36
1,332
1934-35
646
37,252
68,428
1935-36
5,966
3,970
41,772
1934-35
*18,707,199
28,262,543
a319,014,573
444,833.215
68,905
198,367
26,278
76,604
44,786
71,292
38,514
1,332
48,243
39,776
45,179
70
67,742
Grabbots, motes.
bales
OUT,
HAND
5,966
2,902
Includes
8,916,786 and 6,139,285 pounds held by refining and manufacturing
establishments and 8,589,280 and
4,111,300 pounds in transit to lefiners and con¬
Aug. 1, 1935, and July 31, 1936, respectively.
a Includes
5,175^698 and 15,147,906 pounds held
sumers
i)n—
M-trV (, Ult
July 1,'36
State
1936
2,243
1,761
4,406
All other States
*
Area in
July 31
1935
808
Texas
*
1936
113,863
195,670
303,019
823,379
Tennessee
prospective
is seriously curtailed by the drought.
adjoining the Mississippi River have especially favorable
The yield forecast for Mississippi of 285 pounds per acre exceeds
An all-time record yield per acre
yield indicated for Arkansas has been
are more or
On Hand at Mills
cause
any yield ever recorded for that State.
is also forecast for Missouri, and the
The
(TONS)
Aug. 1 to July 31
1936
per acre
The States
prospects.
shipped out, on hand
period ended July 31,
Received at Mills *
of reduced yields in these States.
The same condition affects the
crop in
parts of north Georgia, but this is more than offset in that State
by favor¬
able conditions in other parts of the State.
In Oklahoma the
yield
SEED
Georgia
of
Aug. 1, a United States cotton crop of 12,481,000 bales is forecast by the Crop Reporting Board of the United States
Department of Agriculture.
This compares with 10,638,000 bales in
1935,
9,636,000 bales in 1934, and 14,667,000 bales the five-year average, 1928-32.
The indicated yield per acre for the
United States is 199.7 pounds which
is 13.4 pounds higher than the
yield in 1935 and 28.1 pounds higher than
in 1934.
It is 29.8 pounds higher than the
10-year average, 1923-32.
Condition is reported at 72.3% of normal
compared with 73.6% last year
and 60.4% in 1934.
The 10-year average condition is 67.7%.
Indications point to better than
average yields per acre in all States
except Virginia, the Carolinas and Oklahoma.
In Virginia and the Carolinas dry weather after planting time interfered
with the germination of
as
the
on
None of the figures take
any account of linters.
on the report will be found in the
editorial
is the report
for
1936 and 1935:
Saturday (Aug. 8) issued its report
conditions and production as of Aug. 1.
cotton acreage,
on
,
Foreign stock of American cotton at the end of the past season is low
only absolutely butin relation to foreign consumption of American cotton
It is equal to
only about 26% of the foreign consumption of the American
staple during the season just ended, as compared with an average ratio of
42% in the past five seasons.
The low stock of American cotton abroad is
not
Agricultural Department's Report on Cotton Acreage
Condition
and
Production—The Agricultural Depart¬
ment at
1107
As has been the case in recent
years, particularly during the period while
the Government has been
74
75
62
270
273
220
warehousemen at
and
by refiners, brokers, agents, and
places other than refineries and manufacturing
establishments,
7,214,525 and 9,060,418 pounds in transit to manufacturers of lard
substitute,
oleomargarine, soap, &c., Aug. 1, 1935, and July 31, 1936, respectively,
b Produced from
1,186,231,681 pounds of crude
ENDED
Bates
oil.
EXPORTS AND IMPORTS OF COTTONSEED
PRODUCTS FOR 11 MONTHS
JUNE 30
1,0005(5.
30
Item
25
1936
North Carolina
957
72
77
60
269
294
250
572
South Carolina
64
75
54
208
261
200
744
586
Georgia
2,289
64
73
60
176
235
190
1,059
910
86
68
76
76
125
165
165
31
30
343
72
90
256
280
771
72
68
81
197
206
250
317
403
Linters, running bales
Imports—Oil, crude and refined, pounds.
2,316
66
75
75
172
226
220
1,059
Cake and meal, tons of 2,000 pounds..
2,870
68
1,065
74
86
191
228
285
1,259
1,323
65
75
1,710
79
192
11,912
2,473
2,436
66
74
72
139
133
71
70
48
149
117
90
70
69
84
188
191
250
450
1935
501
1,400
Florida
Missouri
Tennessee
Alabama
Mississippi
—
Louisiana
Texas
Oklahoma
Arkansas
New Mexico.
177
287
245
556
678
155
2,956
3,850
567
465
853
.
1,272
107
85
318
398
75
101
90
90
90
327
405
390
135
cl61
364
All other
S.
218
400
cl97
_
Arizona
California
U.
70
91
88
96
386
524
550
239
419
225
193
345
83
91
25
total.
d75
69
88
29,924
67 .7
73.6
72.3
80
98
169.9 186.3 199 .7
LowerCal.(01d
Mexico). e__
136
--
"242
304
246
_
9
18
10,638
12,481
72
70
Indicated Aug. 1, on area in cultivation July
1, less 10-year average abandon¬
ment.
b Allowances made for interstate movement of seed
cotton for ginning,
c Including Pima Egyptian
long staple cotton 40,000 acres and 22,000 bales, b Short
time average,
e Not included in California figures nor in United
States
a
total.
New York Cotton
Exchange Estimates World Carry¬
over
of American Cotton Aug. 1 at
7,106,000 Bales—
The world carryover of American cotton, that
is, the world
stock on Aug
1, was approximately 7,106,000 bales, ac¬
cording to a preliminary estimate of the New York Cotton
Exchange Service
This compares with 9,041,000 bales
last year, 10,701,000 two years ago, and a maximum
in 1932,
of 13,263,000 bales
Under date of Aug 3 the
Exchange
Service stated:
supply.
394,510
2,791,632
10,390
221,218
*127,943,525
„
*
Amounts for July not included above
are
113,354,016
2,844
Cake and meal, tons of 2,000 pounds..
50,441
1,225,520
3,316,203
2,753
186,948
5,968,554 pounds refined, "entered
directly for consumption," 1,492,789 refined "withdrawn from
warehouse for
sumption," and 3,646,106 refined "entered directly into
con¬
warehouse."
Weather Reports by
Telegraph-—Reports to us by tele¬
graph this evening indicate that rain is now imperative in
the northwestern and north central
portions of the cotton
belt if excessive crop deterioration is to be
avoided,,
If
rains continue in the eastern third of the
belt, crop deteriora¬
tion
will
also
occur.
Excessive
high temperatures in
Oklahoma are causing that
State; to be on the verge of a
crop disaster.
Rain
Rainfall
Texas—Galveston
dry
dry
dry
dry
dry
dry
dry
dry
dry
Amarillo
Austin
Abilene.
Brenham.
Brownsville
Corpus Christi
Dallas
Del Rio
El Paso
__2
days
Henrietta
Lampasas
Luling
Nacogdoches.
Palestine
Paris
San Antonio
Taylor
Weatherford
0 05 in
dry
dry
dry
dry
dry
Kerrville
Longview.,
In predepression years, the world carryover of American
cotton averaged
about 5,000,000 bales, but that was at a time when world
consumption of
the American staple was averaging around
15,000,000 bales a year.
If
the carryover is judged in relationship to
consumption, which is now run¬
ning between 12,000,000 and 13,000,000 bales a year, a normal
carryover
would be considered to be around 4,000,000 to
4,350,000 bales.
Hence,
although the world carryover of American cotton this year is
only a little
more than half the maximum reached in
1932, it is well above normal.
Of the carryover of 7,106,000 bales this year,
roughly 3,200,000 bales are
being carried by the Government against loans to growers.
This leaves
around 3,900,000 bales in private hands.
The stock in private hands is
thus not far below normal, in relation to consumption.
During the past
year, the Government has reduced its holdings of spot cotton
by close to
2,000,000 bales, the sale of which has largely averted a very tight
spot situa¬
tion this summer, except on qualities that are in
relatively short
Exports—Oil, crude, pounds
Oil, refined, pounds
2
days
1 day
0 08 in
0 32 in
dry
dry
dry
1 day
0 12 in
Oklahoma—Oklahoma City.
dry
Arkansas—Eldorado
1 day
0 19 in
Fort Smith
dry
Little Rock
Pine Bluff
Louisiana—Alexandria
Amite__
New Orleans
Shreveport.
drv
dry__1 day
0.76 in.
2 days
0.60 in.
2 days
0.78 in
dry
Thermometer—
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
94
low 80
mean
104
low 70
low 72
mean
106
72
76
74
76
78
87
87
7
mean
89
mean
91
110
100
low
96
94
110
104
100
116
108
112
110
106
104
104
114
106
110
112
114
112
114
110
108
100
96
94
low
low 72
mean
83
109
low 79
mean
94
low
low
low
low 74
low 68
low 76
low 62
low 66
low 72
low
low
low
low
low
low
72
70
74
76
72
70
low 70
low 78
low 75
mean
88
mean
85
mean
85
mean
94
mean
89
mean
84
mean
96
mean
85
mean
89
mean
91
89
mean
mean
mean
mean
mean
87
89
95
89
mean
90
mean
91
mean
96
94
mean
low 78
mean
96
low 74
mean
92
low 73
mean
91
72
mean
86
low 68
mean
82
low
1108
Financial
Rain
Miss.—Meridian
3 days
Vicksburg
)
Ala.—Mobile
3 days
Birmingham
Montgomery.
3 days
1 day
Fla.—Jacksonville
Miami
4 days
__4 days
-
Pensacola
3 days
4 days
Tampa
Ga.—Savannah
5 days
3 days
Atlanta
Augusta
1 day
Macon.
4 days
3 days
S.
C.—Charleston
Greenwood
3 days
5 days
Columbia
N.
C.—Asheville
Charlotte
3 days
__3days
Newborn
_5 days
1 day
Raleigh
"Weidon.
—
!
Wilmington
Tenn.—Memphis
1 day
3 days
1 day
3 days
Chattanooga
Nashville-.
-...2 days
Rainfall
2.10 in.
dry
0.57 in.
0.17 in.
0.90 in.
2.38 in.
1.06 in.
2.60 in.
0.47 in.
1.72 in.
1.94 in.
0.01 in.
1.39 in.
4.11 in.
1.70 in.
3.90 in.
1.30 in.
2.40 in.
2.27 in.
0.14 in.
1.64 in.
1.78 in.
0.20 in.
1.79 in.
- 0.14 in.
Thermometer
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
94
96
92
low 68
low 74
mean
low 70
low 70
low 70
low 74
mean
82
mean
81
received to date.
mean
81
mean
82
mean
83
mean
92
92
90
90
low 76
86
low 68
90
low 72
93
low 72
92
low 66
94
low 72
92
low 70
90
low 71
91
low 68
92 1 low 70
88
low 60
88
low 66
95
low 68
90
low 66
92
low 63
90
low 68
96
low 70
92
low 66
92
low 68
Aug. 14, 1936
Feet
Above
zero
of gauge-
Memphis
Above
zero
of gauge-
Above
zero
of gauge-
.Above
Above
zero
of gaugeof gauge-
Nashville
Shreveport
Vicksburg
Dallas
zero
mean
81
85
77
mean
81
mean
82
mean
79
mean
83
mean
81
mean
80
meansSl
mean
74
mean
77
mean
82
meatt^.78
mean,]78
mean, 79
mean 83
meaA 79
mean,
80
Aug. 16, 1935
Feet
1.4
1.9
3.7
14.2
9.1
2.2
—1.5
14.2
8.6
6.5
-
Exchange Weekly Crop Report—The
Dallas Cotton. Exchange each week publishes a
compre¬
hensive report covering cotton crop conditions in Texas,
Oklahoma and Arkansas.
as
The current week's report, dated
follows:
TEXAS
*
West Texas
,
South Texas
Corpus Christi {Nueces County)—Condition of crop about the same as
reported last week except that many farmers are letting the leaf-worms
strip the plant to let the sunshine in to prevent rotting of lower bolls.
Picking is in full force in this and surrounding counties where able to get
pickers and farmers seem to be getting them as needed. Weather has been
clear and hot all week.
ARKANSAS
81
mean
Cotton
Aug. 10, is
Aug. 15, 1936
Tyler {Smith County)—Due to extreme hot weather some of the crop has
suffered from heat and lack of rain.
A good general rain is now needed
Some shedding has been reported with
throughout this entire section.
some insect damage in parts of the county.
Two new bales have been
The following statement has also been received
by tele¬
graph, showing the height of rivers at the points named at
8 a. m. on the dates given:
New Orleans
Chronicle
Ashdown
{Little River County)—Temperatures sharply above normal all
Except for few scattered showers no rain. The old cotton amounting
70% of our acreage is shedding badly, has not added any fruit for two
weeks now.
The balance of the crop is fruiting.
As a whole, do not con¬
sider we have added to our crop any during the past week, as what the
old cotton has thrown off would fully equal, if not exceed, what the young
cotton has put on.
Some few reports of army worm but as yet not general.
week.
to
Cotton is beginning to open and there will be some picking next week.
Blytheville {Mississippi County)—Crop continues to make good progress.
Weather has been favorable for past two weeks with a good rain today.
Plant very healthy, full of sap and very green, and fruiting well.
Several
reports of open bolls on the ligher lands, with few open over entire territory.
Should begin to receive a few bales about 18th or 20th, with a fairly good
movement about the first of September.
No complaint of shedding or
iHS6CtS
Little Rock
week.
{Pulaski County)*—Crop conditions
freely.
Scattering picking has been under way the past
few days and the first blae of the new crop came in to-day, grown 20 miles
southeast of here.
Army worms were reported from a little larger area
but farmers took immediate steps to poison and little damage from this
insect has occurred to date.
'Continued warm dry weather is needed,
although occasional showers would do no harm.
Pine Bluff {Jefferson County)—The weather has been ideal since our last
report.
No rain has fallen and those plantations reporting worms have had
excellent weather for poisoning them.
So far the worms appearing are on
the late planting where the weed is green and tender.
The fully grown
cotton is tougher and not yet troubled with any insects.
After the present
crop of worms webs up, (unless poisoned), the old cotton is likely to suffer.
At the moment cotton is doing fine.
Searcy {White County)—Cotton in the hills in some sections badly in
need of rain but in the bottoms it looks fine and is fruiting more and more.
Worms reported in few fields but farmers are on the lookout and using poison
as soon as any show up.
Unless we can get a good rain in the hills their
crops will be cut short.
My guess is this county will raise 25,000 bales
this *
year.
Abilene
{Taylor County)—Weather still hot and dry.
Cotton crop not'
Unless we get good rains in the
near future we will make a short crop and the staple will be
very short.
Big Spring {Howard County)—No moisture has been received in our trade
area this weak.
Cotton is deteriorating rapidly, particularly on the tighter
lands.
On the sandy loam soils, wnich fortunately constitute most of our
cotton area, the plant is still holding up fairly well, although even these
farms are not Deginning to snow deterioration.
Injury will be serious and
in many cases irreparaDle unless rain is received within the next week or
10 days.
Tne grain sorgaums are suffering even worse than cotton.
Luooock (Luboock County)—We are badly in need of a general rain.
Most
of our cotton is beginning to suffer.
A good rain now would make a good
making any progress, ev^en hot at night.
crop.
Stamford {Jones County)—Have had
no
unchanged from last
are
Weather has been ideal for the development of the crop, which con¬
tinues to bloom
relief from
drought and heat.
The good prospect we had a month ago is deminishing day
by day; however,
with good rains in August a fair crop can still be made.
Many fields have
cotton opening prematurely.
Sweetwater {Nolan County)—Continued dry weather has cut the
crop
Fissioly 20% of cotton still doing satis¬
factorily, balance needs rain badly.
OKALAHOMA
Hugo {Choctaw County)—It is very dry over our entire territory and we
need rain badly.
The bottom land is holding its own very well. The bolls
will open too soon on the upland.
Quite a bit of shedding but hot weather
is
keeping down insect damage to date.
Crop in the three southern counties
will be a short yield in the counties to the north.
cool nights we are having will be an advanatage.
Expect small movement latter part of August.
will
I
be fair but there
believe
the rather
Receipts
from
the
Plantations—The
following table
indicates the actual movement each wqek from the planta¬
tions.
The figures do not include overland receipts nor
Southern consumption; they are simply a statement of the
weekly movement from the plantations of that part of the
crop which finally reaches the market through the ouiports.
prospects in this whole territory.
begin about Aug. 20th.
Cotton loaded with bolls and squares and is still
blooming, with some shedding.
No complaints of weevil or fleas.
Dallas {Dallas County)—Due to the excessive heat the past week the
crop
has deteriorated to some extent.
The plant is still blooming, but beginning
quite a bit. A good general rain would be beneficial unless followed
by insect infestation.
+
Garland {Dallas County)—Cotton in this locality is looking exceptionally
fine just at this time.
However, due to continued dry weather, it is throw¬
ing off some forms and small bolls.
Greenville {Hunt County)—Continued dry hot weather, temperatures
ranging about 100 degrees.
Considerable deterioration, especially in
lighter lands.
Many small bolls falling off.
General opinion that Hunt
County will produce about 60,000 bales, with lowest estimates around
50,000 bales.
Last year's crop in this county was approximately 30,000
bales.
A good general rain would be of inestimable value to this entire
to shed
{Fannin County)—Weather continues hot and dry.
Our
seems to be holding up very well but the cotton in
absolutely burning up.
It has decreased 50% to
60% in the past 10 days.
Paris {Lamar County)—The cotton crop is still looking very good; how¬
ever, the extreme heat the past week has caused it to begin deteriorating,
especially on thin land.
Insects are scarce; however, there has been a sign
or
two of the leaf-worm,
but the fields where found were poisoned im¬
mediately.
Cotton is still blooming but growth of plant has practically
stopped.
Cotton is beginning to open and there is some picking.
If con¬
tinued hot dry weather, picking will get under way the last of next week.
Sulphur Springs {Hopkins County)—Heavy land beginning to need a
general rain for cotton.
Hot weather has checked insect complaints.
Prospects this territory continue very good.
Expect good movement by the
first of September.
Terrell {Kaufman County)—The black land is still looking good and has
not burned from the hot weather the past week.
Several farmers say they
Honey Grove
cotton crop in
half bale to the
acre
made without any more rain, and will make
three-fourths if we have a good rain and then clear weather.
However, the
light land is beginning to suffer, and is badly in need of a good rain.
If it
continues dry, premature bolls will open, thereby
lessening the yield and
also the
1934
1935
Interior
at
Towns
39,157
40,509
45.482
21,595
21,061
18,627
1935
1936
Receipts from Plantations
1934
1936
1935
1934
May
8-
1522—
29.
46,544 1,732,3791,370,8381,436,369
J 52,470 21,846
Nil
51,676 1,693,0711,345,933 1,404,254
34,486 1,651,649 1,328,4121,378,269
33,148 1.594,234 1,301,899 1,351,401
1,201
Nil
4,060
1,106
15,228
19,561
8,501
6,280
Nil
Nil
Nil
7,151
Nil
8,706
34,989 1,554,3131,269,564 1,312,579
34,833 1,517,9331.244.8201.284,177
47,623 1,465.362 1,218,9311,262,078
59,054
9,188
50,199
1,384,1541,181,8531,222,383
June
18,907
14,317
19-
47,072
32,597
39.972
26—
21,698
21,952
5..
12—
13,466
1,424,612|1.201,295,1,236,729
July
3—
Nil
Nil
Nil
6,431
Nil
Nil
25,524
Nil
Nil
33,705
Nil
Nil
35.853
staple.
10-
13,381
13,918
Nil
16,112
16.973
20,715
34,622 1,349,5021,161,4211,203,873
51,435 1,301,7651,145,00811,179,660
Nil
17—
Nil
4.302
27,222
24—
28,419
39,742
37,205
46,866
50,608 1,255,3641,133,5631,164,839
62,636 1,206,4171,121,5461,145.796
Nil
25,760
34,849
35,787
38,915
56,583
14—
52,891
61,492
55,632 1,167,4011,111,5321,128,283
50,645 1,144,6501,097,2831,117,681
31—
A two
three inch rain immediately would be welcome in
all sections, but continued showers would probably do more harm than
good.
The first bale was ginned Monday and turned out good
considering the dry
weather, making better than a third lint.
Four bales in all were received
during the week, and several should come in next week.
There is still no
damage from insects.
or
Nil
43,693
Aug.
bottoms
this immediate section is
a
Stocks
Receipts at Ports
1936
7—
section.
have
Week
Ended
North Texas
Clarksville {Red River County)—Weather continues favorable to cotton.
Moisture is sufficient for the present.
We received our first bale Aug. 3rd
and several others since that date.
Movement of this year's crop will
Nil
30,140
46,569
47,243
38,119
39,943
The above statement shows:
(1) That the total receipts
plantations since Aug. 1, 1936, are 30,140 bales;
in 1935
were
101,922 bales and in 1934 were 87,791
bales.
(2) That, although the receipts at the outports the
past week were 52,891 bales, the actual movement from
plantations was • 30,140 bales, stock at interior towns
having decreased 22,751 bales during the week.
from the
World's Supply and Takings of Cotton—The follow¬
ing brief but comprehensive statement indicates at a glance
the world's supply of cotton for the week and since Aug. 1
for the last two
seasons
from all
sources
obtainable; also the takings
sight for the like period:
'
are
Cotton
from which statistics
amounts gone
or
1936
Takings,
of
out
1935
Week and Season
Week
Season
Week
Season
..
Wills
Point
{Van
Zandt County)—Some upland cotton suffering from
extreme heat the past three days and needs rain.
Cotton on strong land
shows a good crop of bolls, still making, and can
go 10 days without rain.
Leaf-worms in spots, but no damage.
Condition of crop 71%; estimated
yield for this county 24,000 bales.
Central Texas
Visible supply Aug. 7
Visible supply Aug. 1
—
American in sight to Aug. 14-
4,825,576
Bombay receipts to Aug. 13__
Other India ship'ts to Aug. 13
Alexandria receipts to
Aug. 12
Other supply to Aug. 12 * 6__
24,000
4,234,220
4,899", 258
156", 102
7,000
280,571
53,000
12,000
4.295",259
129",424
10,000
3,000
295,392
25,000
32,000
200
400
400
600
12,000
17,000
8,000
13,000
Cameron
{Milam County)—It has been hot and dry the past week and
cotton is doing fine.
However, insects are beginning to get more numerous
and poisoning will have to start soon to save the
young cotton.
Root rot
damage is heavy and will more than offet our increase in acreage.
Cleburne {Johnson County)—Weather for the past week has been
hot and
dry, causing some shedding.
The crop as a whole has made satisfactory
ale the
Erogress.12th, and the movement to start generally time. Sept. 1st.
Prospect for crop is very good at this about Expect the first
Hillsboro
crop
{Hill County)—Weather has been hot and dry; however, the
made about the same advancement, with the exception of appearance
of boll-worm and leaf-worm in
some
sections.
The farmers
are
poisoning.
Temple {Bell County)—Past week hot and dry.
Farmers report damage
from weevils, boll worms and leaf-worms.
Cotton on heavy lands
doing all
right.
Cotton on light lands not doing well.
There are increasing reports
of cotton dying from root rot.
East Texas
Longview {Gregg County)—Cotton has deteriorated
to a great extent since
report.
Hot dry winds have caused crop to wilt and shed badly.
Have received three bales of new cotton, the first being
ginned on Aug. 4th.
Leaf-worms are beginning to appear, but are being checked
by poisoning.
last
Total supply
5,024,878
5,262,229
4,385,044
4,661,251
4,755,000
4,755,000
4,159,657
4,159,657
269,878
194,678
507,229
418,829
88,400
225,387
163,987
61,400
501,594
369,994
131,600
Deduct—
Visible supply Aug.
14
Total takings to Aug. 14 a
Of which American
Of which other
*
75.200
Embraces receipts in Europe from Brazil, Smyrna. West Indies, &c.
a This total embraces since
Aug. 1 the total estimated consumption by
Southern mills, 250,000 bales in 1936 and 187,000 bales in 1935—takings
not being available—and the aggregate amount taken by Northern and
foreign spinners, 257,229 bales in 1936 and 314,594 bales in 1935, of which
168,829 bales and 182,994 bales American,
b Estimated.
India
Cotton
of India cotton at
Movement from All
Ports—The receipts
Bombay and the shipments from all India
ports for the week and for the
season
for three years, have been as follows:
from
Aug. 1
as
cabled,
Volume
193564
143
Financial
Chronicle
1109
Bales
1935-36
MOBILE—To .Liverpool—July 31—Antinous, 1,091—
To
Manchester—July 31—Antinous, 865
To
Havre—July 31—Afoundria, 419
%
1933-34
1934-35
Aug. 13
Receipts—
Since
Week
Bombay
Aug. 1
24,000
Week
53,000
10,00(
Great
Conti¬
Jap'nA
nent
64,000
24,000
25,000
China
Great
Total
Conti¬
Britain
nent
&
Japan
Total
China
Bombay—
1936
1,000
1935
8,000
2,000
18,000
10,000
21,000
1,000
1,000
1,000
1934
6,000
2,000
9,000
1,000
2,000
2,000
7,000
3,000
10,000
Other India-
19,000
18,000
23,000
4,000
23,000
2,000
52,000
45,000
23,000
45,000
6,000
13,000
5,000
38,000
52,000
■12,000
32,000
14,000
8,000
•
9,000
19. nnn
——(
1936
1,000
1935
1,000
1934
1,000
7,000
10,000
11,000
18,000
26,000
21,000
33,000
10,000
21,000
5,000
25,000
4,000
14,000
64,000
70,000
66,000
45,000
23,000
45,000
22,000
17,000
„
compared with last
year
appears
to show
an
in the week's receipts of
14,000 bales. Exports from all India
ports record an increase
bales during the week, and since
Aug. 1 show a
decrease of 6,000 bales.
of 5,000
Alexandria
weekly
Receipts
Shipments—We
now
for
are
the
the receipts and shipments
corresponding week of the
years:
1936
1935
1,000
Since Aug.
1
1934
2,000
3,000
2,000
This
Exports (Bales)—
59
855
1,741
5
200
281
256
Week
Since
Aug. 1
Since
Aug.
This
1
Week
&c
To Continent and India.
To America
Total exports
2~, 666
2,000
Note.—A cantar is 99 lbs.
2,000
3,000
6,000
1,000
2,000
12,000
10,000
2,000
2,000
16,000
8',566
20,000
2,000
6~,666
8,000
ard
Piraeus
.85c.
1.00
Fiume
.30c.
.45c.
Salonica
.85c.
1.00
*
Barcelona
*
,27c.
.42c.
Japan
*
Copenhag'n.42c.
.57c.
.45c.
Shanghai
Bombay z
*
Naples
.40c.
.55c.
.50c.
.65c.
Leghorn
.40c.
,55c.
.61c.
Bremen
.30c
.45c.
Gothenb'g
.42c.
.57c.
.57c.
Hamburg
.32c.
.47c.
.60c.
Oslo
.46c.
Stockholm .42c.
♦Rate is open,
zOnly small lots.
Venice
"
.65c.
50c,
1
"
Liverpool-—By cable from Liverpool,
have the follow¬
ing statement of the week's imports, stocks, &c., at that port:
July 24
Forwarded
July 31
58,000
657,000
238,000
79,000
31,000
155,000
33,000
60,000
634,000
Total stocks
227,000
46,000
...
17,000
142,000
42,000
...
we
Aug. 7
Aug. 1.4
54,000
645,000
233,000
47,000
16,000
181,000
37,000
47,000
641,000
234,000
42,000
3,000
185,000
41,000
The tone of the
Liverpool market for spots and futures
day of the past week and the daily closing prices of
each
as
follows:
Since
Aug. 1
2,000
3,000
14,000
1,000
20,000
Egyptian bales weigh about 750 lbs.
Aug. 12
This statement shows that the
receipts for the week ended
1,000 cantars and the foreign shipments 2,000 bales.
Stand-
.65c.
spot cotton have been
This
Week
High
Density
ard
.50c.
Amount afloat
1,000
2,000
Stand¬
High
Density
.
Trieste
Rotterdam ,30c.
Genoa
.45c.
Havre
Spot
Liverpool
Manchester,
Stand-
Density
ard
Liverpool
.30c.
.45c.
Manchester.30c.
.45c.
Antwerp
,30c.
,45c.
Of which American
L'"
To
50
714
28,356
Of which American
This week
To
389
50
145
Freights—Current rates for cotton from New
York, as furnished by Lambert & Barrows, Inc., are as
follows, quotations being in cents per pound:
Receipts (cantars)—
J
2,416
Total..
Of which American
Total imports
Alexandria, Egypt,
Aug. 12
-
50
_
re¬
movements of cotton at Alexan¬
The following
the past week and
previous two
and
cable of the
a
dria, Egypt.
for
11
1,108
CORPUS CHRISTI—To
Bremen—Aug. 11—Bockenheim, 2,416To
Gdynia—Aug. 11—Bockenheim, 389
To
Reval-—Aug. 11—Bockenheim, 50
To Abo—Aug.
11—Bockenheim, 145
To
Mantyluoto—Aug. 11—Bockenheim, 50
NORFOLK—To Hamburg—Aug. 11—Ionia, 714
To
Manchester—Aug. 13—Manchester Brigade, 59
SAVANNAH—To Liverpool—Aug. 12—Schoharia, 855
To
Manchester—Aug. 12—Schoharia, 1,741LOS ANGELES—To
Liverpool—Aug. 3—Dinteldijk, 5
To Bremen—Aug. 3—Tacoma, 100—Aug. 4—Este, 100
LAKE CHARLES—To
Havre—Aug. 13—Cardonia, 281.—
JACKSONVILLE—To Bremen—Aug. 13—Clearpool, 256
High
According to the foregoing, Bombay
ceive
865
419
Hamburg—July 31—West Kyoka, 11
Bremen—July 31—West Kyoka, 1,108
To Gdynia—July 31—West Kyoka, 50
To
Cotton
Total all—
increase
1,091
—
To
Aug. 1
Since August 1
Exports
Britain
Week
Aug. 1
For the Week
From—
Since
Since
Saturday
Tuesday
Wednesday
Thursday
Friday
Quiet.
Quiet.
A fair
12:15
Quiet.
Quiet.
Moderate
business
demand.
doing.
P. M.
Mid.Upl'ds
7.Old-
Futures.
were
Monday
Market,
6.76d.
Quiet,
Market
1
opened
to
3
6.84d.
Easy,
6.92d.
Quiet but
6.98d.
Quiet,
6.92d.
Steady,
Quiet,
pts. 15 to 23 pts stdy., 1 pt. 2 to 3 pts. 4 to 6 pts. 2 to 4 pts.
decline.
dec. to 1 pt
advance.
advance.
decline.
advance.
decline.
.
Manchester
Market—Our report received by cable to¬
night from Manchester states that the market in yarns and
cloths is steady.
Demand for cloth is improving.
We
Market,
Barely stdy Very stdy.,
Steady,
4 to
4
to
P. M.
5 pts. 5 to 15 pts. 4
decline.
decline.
Prices of futures at
give prices today below and leave those for previous weeks
of this and last year for
comparison:
Aug. 8
Sat.
5
Steady,
pts. 4
advance.
Quiet but
Liverpool for each day
Mon.
Tues.
Quiet,
7 pts. stdy., 4 to 5 to 7 pts.
advance.
6 pts. adv.
decline.
to
are
Wed.
given below:
Thurs.
Fri.
to
1936
1935
8% Lbs. Shirt¬
32s Cop
Twist
d.
Cotton
ings, Common
Middl'g
to Finest
Upl'ds
a.
d.
s.
d
Aug. 14
8% Lbs. Shirt¬ Cotton
ings, Common Middl'g
32s Cop
Twist
to
Finest
Upl'ds
s.
d.
9%@n%
9 1
15
9%@11%
9%@11%
9
1
9
1
@93
6.57
9%@11%
9
1
@93
6.64
9%@11%
9%@11%
9
0
@92
6.68
9 1
@93
6.82
9%@11%
9%@11%
8 6
1
@93
7.00
9% @11%
8
@93
7.18
9%@11%
8 6
22
29
@93
6.56
June—
5.'...
12
19.... 10%@11%
26
10%@11%
9
9 1
July—
s.
d
3
10% @11%
10%@11%
10% @11%
10
@11%
90
6.37
6,37
6.33
6.30
6.37
6.37
6.33
6.31
6.36
6.36
6.32
6.30
6.23
6.25
6.29
6.35
6.35
6.31
@92
6.92
8
6
@90
@90
@90
6.76
@90
6.85
6
8 6
@90
@ 90
6
24
11
@90
7.02
9 7
@12%
10 3
10% @12
@10 1
7.33
10%@11%
8
6
7.10
10
8
6
@90
@90
6.80
@10
10 3
10% @12
10%@11 %, 10 3
@10 5
7.02
8 7
@91
6.48
@10
6.92
8
@91
6.56
@11
Aug.—
9% @10%
9%@10%
7
6.68
Bales
To
To
To
Ta
Ghent—Aug. 8—Bruxelles, 118...Aug. 10—
Bloomerdijk, 100
Copenhagen—Aug. 8—Tampa, 273
Havre—Aug. 8—Bruxelles, 461
Dunkirk—Aug. 8—Bruxelles, 356
;>
Bremen—Aug. 8—Ditmar Koel, 1,323
Gdynia—Aug. 8—Tampa, 1,258
Genoa—Aug. 12—Chester Valley, 86
:
Gothenburg—Aug. 8—Tampa, 420
Naples—Aug. 12—Chester Valley, 500
;
Liverpool—Aug. 6—Custodian, 1,592
Aug. 8—Cripple
Creek, 1,723
Japan—Aug. 12—Komaki Maru, 1,850
Manchester—Aug. 6—Custodian, 42
Aug. 8—Cripple
Creek, 1,018
____
-
To
Rotterdam—Aug. 10—Bloomerdijk, 147
Venice—Aug. 10—Ida, 70
Trieste—Aug. 10—Ida, 963
HOUSTON—To Rotterdam—Aug. 8—Bloomerdijk, 53
To Gdynia—Aug. 6—Gorm, 200
To Venice—Aug. 8—Ida, 387
To Trieste—Aug. 8—Ida, 787
CHARLESTON—To Liverpool—Aug. 13—Schoharie, 35
To Manchester—Aug. 13—Schoharie, 314
To Hamburg—Aug. 13—Schoharie, 416—NEW ORLEANS—To Bremen—Aug.
5—City of Omaha, 625
To Gdynia—Aug. 5—City of Omaha, 50
To Hull—Aug. 4—Ethan Allen, 1,123
To Japan—Aug. 10—Komaki Maru, 800
To Belize—July 23—Port Antonio, 1_
To Havana—July 25—Tivines,
120—Aug. 1—Metapan, 120
To
To
Aug. 8—Santa Marta, 120
To Porto Barrios—July 29--—Santa
Marta, 100
aola, 100
-
-
6.19
5.99
5.95
6.20
—
is
—
—
-
6.04
6.00
_
6.29
6.09
6.13
6.08
6.04
6.09
6.04
Friday Night, Aug. 14, 1936
6.94
Shipping News—As shown on a previous page, the
exports of cotton from the United States the past week have
reached 28,356 bales.
The shipments in detail, as made
up from mail and telegraphic reports, are as follows:
GALVESTON—To
-
BREADSTUFFS
6.94
8
6
6.11
-
6.83
6.79
8
To
6.30
—
6.31
6.27
@11%
@11%
@11%
To
6.38
-
6.30
6.00
10
To
d.
6.40
-
6.27
6.04
10
To
6.36
6.26
July
10
To
d.
6.44
6.25
December
7.18
To
6.31
d.
-
6.24
October
7.68
To
6.27
-
6.21
7.01
7.47
5
6.24
-
6.21
6.90
1
7
6.20
d.
6.46
6.20
@92
@10 0
14
6.19
d.
6.38
6.30
—
6.20
0
@10
5
6.12
d.
6.35
6.13
0
9 6
31
d.
6.32
6.24
6.12
9 0
9
@97
d.
6.27
6.32
9
10% @11%
@12 %
4
6.32
9
6.88
11%@12%
7
d.
6.27
6.19
6.30
@92
@92
11
9
d.
6.19
March
d.
17
10
d.
6.42
6.32
January (1937)
d.
8
6.46
New Contract
October (1936)..
December _•
May
d.
May—
@93
Close Noon Close Noon Close Noon Close Noon Close Noon Close
218
273
461
356
1,323
1.258
86
420
500
3,315
1,850
1,060
147
70
963
53
200
387
787
35
314
416
625
50
1,123
800
1
360
Aug. 5— Six200
Flour—There
of
flour,
was
good part
substantial recovery in most grades
a
of
the losses sustained on Tuesday
This, of course, was influenced by
the sharp rally in grains.
Advertised brands of family
flour moved up 10c.
Bakery grades regained 15c. of their
previous loss.
Not a few in the baking trade were con¬
a
having been eliminated.
vinced the reaction had
the
run its
course, and therefore took
opportunity of covering part of their needs.
Wheat—On the 8th inst. prices closed % to
134c. higher.
The early trading was a dull, listless affair until the
publica¬
tion of the Canadian crop report just before the close Satur¬
day.
The report was regarded as sensationally bullish by
It was limited, however, to an estimate of the
acreage
and condition of the spring wheat
crop and gave no probable
production figure.
The consensus of opinion of the trade,
however, is that a production considerably under the gen-"
erally expected 200,000,000 bushel mark is indicated.
How¬
ever, its bullish aspect had comparatively little effect in
stimulating aggressive buying, though prices did firm up
considerably towards the close.
Aside from a firm spot
market with a good milling demand for actual
wheat, light
country offerings of the grain, there was little in the news to
encourage fresh operations on the bull side in a large
way.
On the 10th inst. prices closed
iy% to l^c. lower.
The dis¬
appointing action of the Liverpool market in response to the
Canadian report Saturday, which was
regarded by some as
distinctly bullish-—had a depressing effect on the domestic
some.
markets.
further
The action of the
Winnipeg market served as a
depressing influence, prices there closing 2% to 3He.
down.
In export circles the
feeling prevailed that while the
present outlook pointed to a very small output in Canada.
European buyers were showing more interest in native
wheats, prices of which were comparatively cheap, against
high-grade Canadian varieties.
With harvesting weather
the
?
Financial
1110
in
favorable
hedging
Canadian areas,
many
prove
.
tained by Canada.
On the 12th inst. prices closed iy8 to
2J/^c. higher.
The chief stimulus to the market during this
session was the large export purchasing of Canadian wheat
and reports of decidedly unfavorable harvesting weather
in Europe.
As a result Chicago wheat value soared 2^0.
It was reported that around 2,000,000 bushels of wheat in
Canada had been bought on this date for export.
This was
on top of 1,000,000 bushels taken the previous day.
Late
cables said field conditions over western Europe were so
adverse that two weeks of dry weather are now needed to
permit harvesting of crops.
It was officially stated, more¬
over, that deterioration has continued during the last week
throughout most of the Canadian spring wheat area.
1 to l%c. higher.
This
pronounced strength
in corn.
Marked strength was reported in the markets
abroad, and this also played its part in the upward move¬
ment of wheat prices in the domestic markets.
Both Liver¬
pool and Winnipeg were active and strong.
The upturn
On
13th
the
firmness
from
seemed to have checked demand for spot
wheat
The Buenos Aires market also showed pro¬
importers.
nounced
prices closed
inst.
attributed largely to the
was
in Canada
there
prices
strength,
being
mid-session
at
approximately 3c. a bushel.
Today prices closed unsteady,
up
down.
Much
statement that
total supplies of wheat in the United States for the 1936-37
season were large enough for usual domestic requirements.
notice
1%
2c.
to
appeared to be taken of an official
factor
bearish
Another
to
as
wheat
big
was
arrivals
at
and but little export business.
Wheat and corn both. slid off today, with wheat weaker
than corn as trading approached the close.
Open interest
808
Winnipeg,
PRODUCTION OF
is
pressure
quite a factor in the markets shortly.
On the 11th inst. prices closed 2}/% to 2%c. lower.
The
weakness of this grain was attributed to the extreme weakness
of foreign markets.
A break of as much as 43/£c. in foreign
wheat gave futures here a weak start.
There was rather
extensive realizing at the start, but this pressure soon spent
itself.
However, there appeared no inclination on the part
of traders to bid up the market when the selling pressure
ceased, though prices held fairly steady up to the closing
hour when another selling wave pushed prices down to the
lows of the day
The Government wheat estimate had little
or no effect, it apparently being in line with general expecta¬
tions of the trade.
The weakness of foreign markets was
attributed to a much less apprehensive feeling concerning
future supplies, much encouragement being afforded by the
favorable growing conditions in Argentina and Australia.
It is believed that with normal crop-developing conditions,
these two countries could more than offset crop losses sus¬
expected to
in wheat was
today,
cars
PRICES
CLOSING
OF
WHEAT
Sat,
DAILY
CLOSING
Mon.
125%
No. 2 red
123
Sat.
September
:
-
May
114%
December
115
May..
116
CHICAGO
Thurs.
Fri.
111^
111^
110%
110%
110%
108%
110%
110%
109%
82%
6, 1936 September
3,1936 December
3, 1936 May
Aug.
Aug.
Aug.
Fri.
123
Season's Low and When Made
Season's High and When Made
September
108%
108%
108
124%
IN
Wed.
Tues.
HO%
Ill110%
111% 110%
.
Thurs.
85
-.107%
Apr.
3, 1936
May 28, 1936
Aug. 11, 1936
1935
1,131,673
1,829,390
1,582,835
Southwest
.....
-
1,988,446
Lake, Central and Southern
1,242,021
1,722,508
1,587,277
464,336
308,702
228,328
6,156,775
4,852,600
4,780,134
Pacific Coast
Total for mills reporting
Ye. lower to y8o.
This grain had a fairly good start but later showed
a
maximum decline of approximately 2c. from the highs
of the day.
The market recovered most of these losses
towards the close.
Crop news was mixed in character, and
Corn—On the 8th inst. prices closed
higher.
clear as to whether or not
The
spot market was weaker, and sales were made at as much
as 2c. below the previous day's price range.
On the 10th
inst. prices closed %c. to lL£c. lower.
There was very
little feature to the trading, the disposition being general
to await the Government report to be published after the
close.
Some fairly good rains were received over parts of
the belt over the weekend, mainly in Illinois, Minnesota
doesn't
yet the trade
as
central Missouri.
and
seem
improved the production outlook.
rains have
recent
As
offset to these reports, high
an
temperatures prevailed over Iowa, with little or no moisture',
relief there.
The forecast indicated a return to fair and
warmer weather over the principal corn belt region.
It was
reported that the recent advance in domestic corn prices
has resulted in relatively heavy purchases of Argentine corn.
The United States Bureau of Agricultural Economics re¬
ported purchases of close to 12,000,000 bushels during July.
On the 11th inst. prices closed He. to lc. higher.
The
Government corn estimate was considerably below trade
expectations, this fact being reflected in the advance of 2c.
at the opening.
However, on the bulge considerable profit
taking developed which wiped out this early gain.
Again
the market rallied 2c., but failed to hold the advance.
The domestic corn situation is so strong from a statistical
standpoint that the belief prevails among not a few that
prices will eventually be ruling above those of wheat.
The price spread is now barely 4c. per bushel for September
contracts.
On the 12th inst. prices closed y8c. to 2%c.
up.
The strength in corn was largely in sympathy with
the upward movement in wheat.
Traders do not appear
so aggressive on the buying side as in recent sessions, this
being attributed to reports that curtailed domestic yields
of grain would result in greater imports of corn from Ar¬
gentina.
On the 13th inst. prices closed 1% to 2%c. higher.
This
grain continues to creep up on wheat in price.
The spread
corn
between the two is
around 3c. for the nearby contracts.
now
spot corn
within
is
YORK
123%
FUTURES
Mon.
112%
..
December
Wed.
Tues.
120%
WHEAT
OF
PRICES
NEW
IN
1934
1936
1,466,403
2,237,690
Month of July
sections
most
of
soft
of regular
wheat,
Hot dry weather continued to prevail
regular wheat.
over
in
lc.
selling as much as 10c. a bushel
while choice white corn is
DAILY
(NUMBER OF BARRELS)
FLOUR
Northwest
Ordinary
91,311,000 bushels.
Aug. IS, 1936
Chronicle
the
corn
belt, with crop prospects in¬
This, of course, not only encourages specu¬
creasingly bad.
lators, but handlers of the spot grain seem confident that
prices closed % to l%c.
Illinois eased corn
Today
higher prices are ahead.
Good rains in parts of Iowa and
down.
values..
Another
influence
bearish
was
the
heaviness
in
wheat, which was, in turn, brought about to a large extent
by
the
official statement
that
total
supplies
of wheat in
the United States were sufficient for domestic requirements.
DAILY
CLOSING
WHEAT
OF
PRICES
Sat.
October
—
Mon.
December...
May........
Tues.
101%
99%
102%
..-..104%
102%
....104%
*
FUTURES
98%
97%
99%
IN
Wed.
WINNIPEG
Thurs.
103
101%
101%
103%
101%
99%
100%
Open interest in
42,357,000 bushels.
corn was
Fri.
100%
99%
DAILY
OF
CLOSING PRICES
Sat.
No. 2 yellow
124%
CORN
Mon.
IN
NEW YORK
Approved by French
The French Parliament
completed
December
an
all-night final session
early yesterday morning (Aug. 14) by passing the wheat
board bill, the last major item on
economic program,
the Socialist Government's
The advices
,
The measure, to set up a
to the Chamber of
"national professional wheat office," shuttled
Deputies from its insistence
curb Government control.
law
new
on
amendments designed to
...
provides for price fixing in the wheat
market and puts
market procedure of crops largely in the hands of co-operatives.
are
Farmers
instructed, under the law, to sell only to registered co-operatives, and
millers
can
buy only from the
Provision
was
made for
same
organizations.
national surveys,
under the supervision of the
board's council, to determine acreage intended to be planted to wheat, and
the harvest must be declared under similar conditions.
fix definite prices for wheat, flour and bread.
in the council the Cabinet would take
The
Government
will
over
The council is to
If disagreement should arise
its duties.
appoint all members of the council,
December
May
99
94%
90%
Fri.
108% 107%
96%
94%
92%
91
3, 1936 September
3, 1936 December
3, 1936 May
56%
52%
85%
June
2, 1936
June
2, 1936
July 29, 1936
for
some time, withdrew from the market.
However, this
development failed to have any adverse effect on prices, if
the report were true.
On the 10th inst. prices closed y8c. to
3^c. lower.
There was no news of importance concerning
this grain, the trading being more or less of a routine char¬
acter.
On the 11th inst. prices closed unchanged to 34c.
higher.
There was very little to the trading, in fact, the
market was featureless.
On the 12th inst. prices closed 34c.
to yo. higher.
There was nothing of outstanding interest,
the firmness of this grain being largely due to the firmness of
other grains.
On
of
Mills, Inc.,
in presenting its summary of flour-
principal flour-milling centers of the United
the
13th
higher.
The
the firmness
Today prices closed % to lc. down.
It
grain should show heaviness, in view of
inst.
34 to %c.
prices closed
other
the
grains.
natural this
weakness
DAILY
of
corn
CLOSING
wheat.
and
PRICES
States
OF
Sat.
OATS
Mon.
6,156,775 barrels.
This
was
an
increase
over
No. 2 white
53%
DAILY
reported that during the month of July, 1936, flour output
OF OATS
the
4,852,600 barrels produced during the corresponding month
The
corporation's
summary
further disclosed:
CLOSING PRICES
53%
IN
NEW
Tues.
53%
Sat.
September.
May..
42%
42%
43%
YORK
Wed.
54%
Thurs.
54%
Fri.
53%
FUTURES IN CHICAGO
"
December
of 1935.
Thurs.
106
prices closed Y8o. lower to }{c.
An interesting item was the report that a large
northwestern interest who has been accumulating spot oats
milling activities for approximately 90% of all flour mills
totaled
Aug.
Aug.
103%
93%
90
Oats—On the 8th inst.
was
the
Aug.
CHICAGO
Wed.
Tues.
103%
92%
89%
steadiness of this grain seemed entirely due to
July Flour Output Placed at 6,156,775 Barrels
in
109%
99%
Mon.
Season's Low and When Made
Season's High and When Made
constituted
from farmers, millers, bakers, retailers and others.
General
...
104%
93%
90%
higher.
back and forth between the two houses eight times before the Senate yielded
The
May
September
said Associated Press advices from Paris,
Aug. 14 to the New York "Sun" of last night.
continued:
Sat.
September
Parliament
Fri.
124% 127% 126,%
123%
DAILY CLOSING PRICES OF CORN FUTURES IN
Creation of Wheat Control Board
Thurs.
Wed.
Tues.
122%
Mon.
Tues:
42
42
42%'
42%
43% 043%
Wed.
Thurs.
Fri.
42%
43%
43%
44%
42%
43%
44%
45%
44%
Volume
143
Financial
Season's High and When Made
September
44 %
Aug.
3, 1936
December
46%
Aug.
May
48%
September
3, 1936 December
3, 1936 May
Aug.
Chronicle
Season's Low and When Made
25 %
26%
40%
June
2, 1936
May 27, 1936
July 29, 1936
DAILY CLOSING PRICES OF
OATS FUTURES IN WINNIPEG
Sat. Mon.
Tues.
Wed. Thurs.
Fri.
October
December
48%
46%
„
47%
45%
46%
44%
48 %
46%
48%
46%
49 %
47
Exports from,—
New York. *
trading, the
being
decidedly dull
a
affair.
On
the ? 10th
On the 13th inst. prices closed
1% to l%c. higher.
This
strength was ascribed to advances in wheat and
corn, and
further to a good
spot demand.
l%c.
down.
with
the
news
on
This
was
declines in
CLOSING
PRICES
grains.
There
.
was
no
79%
78%
77%
Season's High and When Made
83%
83%
84
DAILY
Aug.
Aug.
Aug.
CLOSING
78%
77%
76%
3, 1936 September
December
May
OF
OF
September
December
May
81
77%
49%
55%
75%
May
June
4, 1936
3, 1936
63%
61%
63%
60%
65%
BARLEY FUTURES IN CHICAGO
Sat. Mon.
Tues.
Wed. Thurs.
Fri.
OF
July
78%
80
82%
78
77
83%
83%
78
79
80
80
BARLEY FUTURES IN WINNIPEG
Sat. Mon.
Tues.
Wed. Thurs.
Fri.
61%
58%
October
Closing quotations
follows:
were as
/
61%
57%
61%
64%
58
60
66%
65%
63%
59%
Halifax
Total week 1936.
Same week 1935
Wheat, New York—
No. 2 red, c.l.f., domestic—123
Manitoba No. l.f.o.b
No
Oom, New York—
No. 2 yellow, all rail....
126%
2
7.45@7.751 Rye flour patents
7.05@7.25!Seminola, bbl., Nos. 1-3.
6.10@6.401 Oats, good
Hard winter pate ntt.
pat«nti.
Hard winterclearr
6.5 )(g)6.75|
6.5)
Coarse
5.50@5.70l
Fancy pearl,Nos.2,4&7 4.65@4.90
-
..
.
*
~
5 40
Wheat
Corn
Week
Since
Week
Since
Week
Since
Aug. 8,
July 1.
Aug. 8,
July 1,
1936
July 1 to-
1936
Aug. 8,
1936
July 1,
1936
1936
Barrels
Bushels
Bushels
Barrels
United
Kingdom.
37,755
13,120
17,000
32,000
Continent.1
So. & Cent. Amer.
West Indies
Brit. No. Am. Col.
Other countries
1,811,000
2,132,000
16,000
1,000
The
65,530
3,960,000
1,469,000
Bushels
9,385,000
7,444,000
53,000
4,000
687,770
408,616
102,875
1936
Bushels
287,331
81,194
106,000
189,000
4,000
20,245
16,913,000
6,944,000
3,000
Total 1935
"l.OOO
27:660
1,000
1,000
visible
supply of grain, comprising the stocks in
principal points of accumulation at lake and
at
granary
seaboard ports
Saturday, Aug. 8,
follows:
were as
GRAIN STOCKS
Wheat
Corn
Bushels
United States—
Bushels
Oats
Rye
Bushels
Boston
Barley
Bushels
Bushels
2,000
New York
57,000
108,000
229,000
"
afloat
5,000
26,000
Philadelphia
698,000
29,000
31,000
10,000
1,000
1,069,000
3,000
17,000
32,000
1,000
3,000
Baltimore
80,000
40,000
2,000
1,000
107,000
243,000
3,000
25,000
New Orleans
Galveston
450,000
Fort Worth
3,511,000
Wichita.
1,680,000
Hutchinson
5,564,000
16,000
2,024,000
258,000
12,000
5,000
270,000
1,935,000
103,000
74,000
5,804,000
Sioux City
62,000
19,308,000
324,000
4,512,000
19,000
156,000
695,000
Peoria..
290,000
5,000
32,000
195,000
1,121,000
48,000
136,000
2,091,000
Indianapolis
17,000
4,762,000
St. Louis
5.30@5.70
9.90@
3.25
3.10
517,000
708,000
7,000
14,000
55,000
9,443,000
<
1,270,000 10,065,000
1,803,000
908.000
35,000
664,000
3.40
219,000
121,000
Milwaukee
935,000
25,000
419,000
Minneapolis
5,649,000
42,000
17,405,000
1,899,000
Duluth*
4,251,000
2,890,000
65,000
6,782,000
1,662,000
967,000
180,000
10,000
12,000
10,000
4,822,000
7p,000
678,000
708,000
431,000
443,000
Detroit
Buffalo
—
"
All the statements below
regarding the movement of grain
—receipts, exports, visible supply, &e.—are prepared
by us
from figures collected
by the New. York Produce Exchange.
First we give the receipts at Western lake
and river
for the week ended last
of the last three
the week and since
,
Flour
and Since
93,000
348,000
146:666
On Lakes
Spring pats.,high protein
Spring patents
Clears, first spring
Soft winter straights—.
Hard winter stra gh s...
6.35
86,000
Exports for Week
Chicago.. .1..
FLOUR
"
below:
as
87:666
166,000
The destination of these
exports for
July 1, 1936, is
Omaha
white
53%
Rye, No. 2, f.o.b. bond N. Y_. 74%
Barley, New York—
47% lbs. malting...
89%
Chicago, cash
125-141
N.Y.110%
86:666
102,875
65,530
1,460,000
Kansas City
OatB, New York—
6,000
------
37,000
6,000
3,960,000
_
St. Joseph J
.
GRAIN
58,875
T600
1,532:666
Aug. 11, 1936
79
DAILY CLOSING PRICES
404,000
646,000
Montreal
85%
79%
79%
78%
77
RYE FUTURES IN WINNIPEG
Sat. Mon.
Tues.
Wed. Thurs.
Fri.
65%
63%
62
64%
65%
66%
65%
PRICES
79%
78%
Season's Low and When Made
October....
December
CLOSING
77%
76%
75%
4, 1936
4, 1936
PRICES
Barley
Bushels
......
Total 1936
RYE FUTURES IN CHICAGO
Sat. Mon.
Tues.
Wed. Thurs.
Fri.
_
September
December
Rye
Bushels
special
OF
._
May.
Oats
Bushels
...
other
September
December
May_
Flour
Barrels
New Orleans.
rye to account for its heaviness.
DAILY
DAILY
Today prices closed *4 to
a
sympathetic movement
largely
Corn
Bushels
Albany
inst.
prices closed
to l^c. lower.
This lower tendency of
rye was attributed to the weakness of the wheat markets and
to a falling off in
spot demand.
On the 11th inst. prices
closed lc. to lzAo. lower.
The decline in this grain was
influenced to a large extent
by the weakness of wheat, which
appeared to be weak not only in the domestic but most of
the foreign markets.
On the 12th-inst.
prices closed \ lAo.
to 1 Ac. up.
As a result of the bullish news from
many
centres, especially from abroad,
together with the renewed
upward trends in wheat, rye
naturally had to follow.
A
better milling demand is
reported for flour, and this, of
course, is having its influence.
Wheat
Bushels
Rye—On the 8th inst. prices closed
unchanged to
higher.
There was very little of interest in the
session
1111
The exports from the several seaboard
ports for the week
ended
Saturday, Aug. 8, 1935, are shown in the annexed
statement:
ports
Saturday and since Aug. 1 for each
afloat
822,000
—
On Canal
Total
•
46.000
mm
36,000
Aug. 8, 1936... 72,731,000
Total Aug.
6,079,000
7,785,000
67,380,000
1935
♦Duluth includes
>.
3,992,000 44,807,000
4,664,000 38,836,000
6,009,000
7,011,000
43,117,000
1, 1936
Total Aug. 10.
years:
'
•
6,411,000
6,459.000
3,861,000
8,524,000
80,000 bushels of feed wheat.
Note—Bonded
Receipts at—
Flour
Wheat
253,000
Minneapolis.
I
.
Duluth
Milwaukee
19,000
Toledo
Indianapolis..
St. Louis
Peoria..
Kansas City..
Omaha
251,000
764,000
132,000
39,000
19,000
216,000
2,295,000
989,000
132,000
St. Joseph—
Wichita
55,000
4,412,000
'36
Rye
41,000
779,000
383,000
450,000
84,000
473,000
40,000
37"000
556,000
1,279,000,
199,000
231,000
39,000
6,000
11,000
32,000
51,000
2,461,000
348,000;
45,000
392,000
31,000
320,000;
282,000
48,000
78,000
784,000
48,000
7,000
81,000
935,000
9,000
35,000
Barley
bush.48lbs.
331,000
1,604,000
Same wk.
'35
Same
'34
000,000
14,847,000
21,262,000
00,000,000
4,446,000
1,698,000
0,000,000
7,139,000
4,273,000
0,000,000
New
♦
233,000
350,000
8,000
24,000
Includes 102,000 bushels of feed wheat.
-
*
Wheat
18~666
83,000
640,000
311,000
000,000
3,160,000
1,337,000
0,000,000
Ft. William & Pt. Arthur
1935
1934
671,000
33,188,000
38,735,000
18,033,000
8,810,000
3,425,000
23,303,000
16,355,000
5,850,000
4,793,000
1,379,000
812.000
5,794,000
2,101,000
375.0001 2,837,000
Total receipts of flour and
grain at the seaboard ports for
the week ended Saturdav,
Aug. 8,
1936, follow:
Barley
Bushels
Bushels
368,000
146,000
299,000
22,049,000
1,764,000
1,320,000
1,169,000
25,144,000
8, 1936
1,617,000
240,000
380,000
54,288,000
3,749,000
1,706,000
1,848,000
Total Aug.
1, 1936
59,248,000
3,578,000
1,737,000
Total Aug.
1,910,000
10, 1935
120,582,000
4,377,000
2,601,000
4,616,000
American..
72,731,000
3,992,000 44,807,000
6,079,000
Canadian
7,785,00
54,288, 00
3,749,000
1,706,000
1,848,000
3,992,000 48,556,000
7,785,000
9,633,000
Summary—
t
888,000
674,000
Rye
Bushels
7,095,000
water points.
28,000
481,000
Oats
Bushels
Other Canadian & other
Total Aug.
16,000
11,000
Corn
Bushels
Canadian—
Montreal
-*
462,000
334,000
Since Aug. 1—
1936
1,322,000
123,000
19,000
105,000
34,000
522,000
Sioux. City
Buffalo
wk.
1,480,000
2,298,000
279,000
446,000
620,000
88,000
Detroit
Total wk.
Oats
bbls.lOOlhs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs.
bushMlbs
Chicago
grain not included above:
Barley, Duluth, 379,000 bushels!
Lakes, 329,000; total, 708,000 bushels, against 346,000 bushels in
1935.
Wheat,
York, 998,000 bushels; New York afloat, 738,000;
Buffalo, 7,484,000; Buffalo
afloat, 282,000; Duluth, *4,051,000; Erie, 1,888,000;
Albany, 3,927,000; Chicago,
97,000; on Lakes, 542,000; Canal, 717,000;
total, 20,724,000 bushels, against
12,166,000 bushels in 1935.
on
Corn
Total Aug.
8, 1936.-.127,019,000
.
-
Total Aug.
1, 1936
126,628,000
4,664,000 42,424,000
7,746,000
Total Aug.
10, 1935
8,921,000
163,699,000
6,411,000 10,901,000
9,060,000
4,477,000
The world's shipment of wheat and
corn, as furnished
Broomhall to the New York Produce
Receipts at—
Flour
Wheat
Corn
Oats
Rye
Barley
bbls.imbsJbush. 60 lbs. bush. 56 lbs. bush. 32 lbs.
bush.56lbs. bush.48lbs.
105,000; 1,506,000
52,000
25,000
2,000
Philadelphia..
28,000
153,000
52,000
4,000
~i~66o
Baltimore
84,000
19,000;
19,000
10,000.
32,000
New Orleans *
22,000.
37,000
12,000
New
York
Galveston
40~000
Montreal
24,000
Total
wk.
Week 1935...
Since Jan.1'35
241,000
4,693,000
9,062,000 72,413,000
Corn
North Amer.
160,000
139,000;
2,760,000
4,506,000
34,000
2,592,000
88,000
3,217,000
212,000;
70,000
9,834,000' 3,894,000
40,000
2,031,000
Black Sea
Argentina
1,969,000
26,385,000
501,000
10,218,000
Receipts do not include grain passing through New Orleans
for foreign ports
through bills of lading.
...
Week
Since
Since
Week
Aug. 7,
87,000
2,000
Australia
200,000;
7,436,000
*
on
Wheat
6,000
'36
are
following:
Since
July 1,
Since
July 1,
1936
86,000
1,378", 566
Since Jan.1'36
by
the week
Aug. 7, and since July 1, 1936, and July
1, 1935,
shown in the
Exports
1,532,000
Sorel
Halifax
Exchange, for
Aug. 7,
1936
1935
July 1,
1936
July 1,
1936
Bushels
37~666
Boston
ended
Bushels
Bushels
Bushels
Bushels
5,794,000
640,000
584,000
955,000
14,370,000
8,932,000
800:566
27,369,000
2,648,000
5,981,000
5,118,000
200,000
3,768,000
4,764:600
417,000
1,821:660
2,569,000
8,773,000
45,084.000
41.148,000
7,251.000
35,205,000
45,922,000
India
Oth. countr's
Total
1935
Bushels
12,486,000
656,000
1,000
527:660
6,307,000
1,000
3,461,000
29,922,000
2,152,000
41,200,000
bushy appearance,
The early corn which tasseled during
large proportion of barren stalks.
Wheat—The indicated production of all wheat in 1936 is 632,745,000
bushels, compared with 623,444,000 bushels in 1935 and the five-year
(1928-32) average of 863,564,000 bushels.
The preliminary estimate of winter wheat production is 519,097,000
bushels, compared with 464,203,000 bushels last year and the five-year
average production of 622,252,000 bushels.
The dry weather which prevailed generally during the harvest period
caused winter wheat yields to run somewhat higher than had been expected
in many localities, particularly in the soft red winter area.
In Kansas,
yields were disappointing, especially in the western third of the State.
In
that section, there was a considerable acreage of wheat which was late enough
to be injured by the extreme temperatures of late June and early July.
The average yield per harvested acre in 1936 was 13.7 bushels, compared
with 13.9 bushels in 1935 and the 10-year (1923-32) average of 15.2 bushels.
In general, yields were below average this year except in a few Eastern and
Agricultural Department's Official Report on Cereals,
Reporting Board of the U. S. Department
of Agriculture made public late Monday afternoon, Aug. 10,
its forecasts and estimates of the grain crops of the United
States as of Aug. 1, based on reports and data furnished by
crop
correspondents, field statisticians and cooperating
Departments) of Agriculture.
having been stunted by drought.
period of intense heat, shows a
This report
production of winter wheat is now placed at
519,097,000 bushels, which compares with the Depart¬
ment's estimate of 512,085,000 bushels a month ago and with
a harvest of 464,203,000 bushels in 1935, with 405,552,000
bushels harvested in 1934 and a five-year (1928-32) average
production of 622,252,000 bushels.
The production of
spring wheat is estimated as of Aug. 1 to be only 113,648,000
bushels, which compares with a production of 159,241,000
of
a
Western States.
Indicated
production of all spring wheat in 1936 is
113,648,000 bushels,
with 159,241,000 bushels produced .in 1935 and the five-year
(1928-32) average production of 241,312,000 bushels.
With the exception
of 1934, this year's crop is the smallest of record.
Separate estimates of
spring wheat production are available only since 1909.
Condition of durum wheat in four States was 20.9% of normal on Aug. 1,
compared
five-year (1928-32) average production
241,312,000 bushels.
of the corn belt much of the crop has a
the
shows that the
bushels in 1935 and
m^St
Over
&c.—The Crop
State Boards (or
Aug. IS, 1936
Chronicle
Financial
1112
We give below the report:
Crop prospects declined materially during July according to the Crop
Reporting Board of the U. S. Department of Agriculture.
As a result
there will probably be light supplies of a number of important food crops
and, irrespective of weather conditions during the remainder of the season,
there will be a shortage of grain that will necessitate rather heavy market¬
1936, compared with 60.9% on Aug. 1, 1935, and the 10-year (1923-32)
average Aug. 1 condition of 70.3%.
The Aug. 1 condition indicates a
production of only 9,031,000 bushels of durum wheat in these States this
year.
The five-year (1928-32) average production was 54,020,000 bushels.
Condition of other spring wheat was reported at 34.5% of normal on
ings of grain-consuming livestock and a reduction in the grain ration of the
livestock wintered.
In a fourth of the States pastures were the poorest
on record for Aug.
1 and for the country as a whole they were almost as
Aug. 1, this year.
The condition on the same date last year was 47.7%
and the 10-year (1923-32) was 65.2%.
Indicated 1936 production is 104,617,000 bushels, compared.with 136,284,000 bushels produced in 1935 and
the five-year (1928-32) average production of 187,292,000 bushels.
After having already been severely damaged by drought before the first of
July, the spring wheat crop suffered a continuation of unfavorable condi¬
tions during the past month.
The extreme heat caused the crop to ripen
early in the principal ipring wheat area and harvest was practically com¬
pleted by Aug. 1.
Over this entire area, production appears to be less than
was indicated a month ago.
Little change in prospects occurred in other
areas.
Yields are considerably below average except in the Pacific North¬
west where they are generally average or better.
Indicated 1936 production of wheat by classes is as follows: Hard red
Eoorandin August, 1934. This has necessitated of heavy summer feeding of
ay as
forage and is causing a severe shortage a roughage in the northern
Great Plains area and threatens to cause shortages elsewhere, the outlook
depending primarily on how soon the drought is broken.
The extremely hot weather and drought which prevailed during July
over nearly the whole central area, stretching from central Ohio to the
Rockies in Montana and southward to the cotton belt, reduced prospects
for corn to 1,439,135,000 bushels.
This would be about 2.6% less than the
short crop of 1934 and the smallest corn crop harvested in this country in
more than 50 years.
It would be only about 56% of average production.
With the production of oats forecast at about 772,000,000 bushels, barley
at 145,000,000 and grain sorghum at 81,600,000, all very light crops, the
total production of the four feed grains is expected to total only about
58,000,000 tons.
This would be 8% more than the final harvest of 1934,
but about 31% less than production in any other recent year and 42%
less than the 1923-32 average.
259,670,000 bushels; soft red winter, 207,369,000 bushels57,882,000 bushels; white (including both winter and spring
bushels; durum (including an allowance for durum
whea
produced in States for which separate estimates are not shown),
9,628,000 bushels.
Oats—An oats crop of 771,703,000 bushels is indicated by the Aug. 1condition of 55.0%.
This is approximately 64% of the 1935 production of
1,196,668,000 bushels, 64% of the five-year (1928-32) average of 1,215,102,000 bushels, and about 4% below the July 1 estimate of 805,402,000
winter
varieties), 98,196,000
Prospects for hay are relatively much better.
Allowing for first cuttings
already harvested and assuming the usual progressive relief of the drought,
production is forecast at nearly 69,000,000 tons, compared with 87,000,000
last year and the short drop of 58,000,000 tons in 1934.
Considering the
rather large quantity of old hay on hand and the probability that available
supplies will be rather closely utilized, the quantity fed is expected to be
about equal to the average quantity fed during the last six years, a period
of short supplies.
However, in some areas, principally in the western part
of the Dakotas, eastern Montana and the northeast corner,of Wyoming,
bushels.
1 was 55.0%, compared with 78.0%
Improvement since July 1 was limited to
of Missouri, Illinois, Indiana and Ohio
to Tennessee, Maryland, and Virginia, to a limited area in New England
and to Utah.
Decline was most drastic in the other Great Lakes States
and in the territory north of Kansas west of the Mississippi to Idaho, where
Condition
the drought has
winter.
wheat, rye, buckwheat,
and canning vegetables
About average crops of
rice and sweetpotatoes are expected.
The wheat crop is about equal to
usual domestic requirements.
The potato crop has been badly hurt, but.
in northern States a considerable degree of recovery is still possible.
The
forecast shows 295,000,000 bushels as the most probable production.
This
would be about 21% below average and would be the smallest potato crop
Production
1 prospects indicated light crops of
beans, potatoes, several commercial truck crops
and the principal fruits except pears and citrus.
The Aug.
sinc6 19X6
Dry edible beans are indicated at about 14% below
New York and Michigan considerable improvement is
average but in
still possible.
both
thinned and growth retarded by dry
weather.
Sweet corn has suffered in most producing States.
Home gar¬
dens have suffered seriously throughout the drought area, and in the im¬
portant commercial vegetable areas of the Lake States prospective yields
of late vegetable crops have been greatly reduced.
Fruits have been needing rain in New York, Virginia, Michigan, Arkansas
and other important States, but late spring frosts are chiefly responsible
for the low production expected.
The combined production of apples,
peaches, pears, grapes, cherries, plums, prunes and apricots this season is
expected to be 27% less than it was last year and 23% below the 1928-32
average.
Production of most of these fruits will be light, but pears will
be well up to average and production of citrus fruits to be harvested be¬
ginning this fall promises to be large.
Tobacco had an unfavorable start, due chiefly to dry weather in June
south of the Ohio and Potomac rivers.
The present forecast of 1,107,000,000 pounds indicates a larger crop than was harvested in either 1932 or
1934 but it would still be the third smallest crop in recent years.
The flaxseed crop is estimated at 6,342,000 bushels.
This would be
above production in 1934 but would be only about 40% of the 1928-32
average production.
Cotton, unlike most other crops, was favored by weather conditions dur¬
ing July and less than the usual damage from the boll weevil is probable.
Yields are expected to be above average in all States except Virginia, the
Carolinas and Oklahoma, with prospects particularly favorable in the
States bordering the Mississippi River.
The forecast of Aug. 8 indicated
12,481,000 bales compared with 10,638,000 bales in 1935, 9,636,000 bales
in 1934 and an average of 14,667,000 bales during the five years 1928-32.
Present indications are that the livestock feed situation is somewhat
less serious than it was at this time in 1934.
This assumes, however, that
widespread rains would improve fall pastures as they did in 1934.
In
1934 an exceptionally mild and open winter in much of the drought terri¬
tory also decreased feed requirements.
The shortage of feed grains will necessitate extensive readjustments of
livestock numbers and of feeding practices.
In comparison with 1934 the
available supply of feed grains (production adjusted for carryover and feed
wheat) is expected to be about 5% greater, whereas the number of grainconsuming units of livestock and poultry on farms on Aug. 1 this year was
about 3% less than on Aug. 1, 1934.
Available hay supplies appear to be
about 20% greater and the number of hay-consuming animals 9% less this
year than in 1934.
The greatest shortage in feed grains will be in corn,
the total supply of which will be less than in 1934, and the greatest readjust¬
ments in numbers of livestock will be in hogs, which are most dependent
Stands of late cabbage have been
upon corn
supplies.
States corn crop of 1,439,135,000 bushels in 1936 is
Aug. 1.
The five-year (1928-32) average corn
production was 2,553,424,000 bushels.
Last year the crop amounted to
2,291,629,000 bushels.
Only twice before in the present century has the
crop fallen below 2,000,000,000. bushels.
In 1901 the production was 1,715,752,000 bushels and in 1934 it was 1,487,027,000 bushels. This year's
crop is the smallest since 1881.
The condition of the crop was reported at 46.8% of normal on Aug. 1,
1936, compared with 75.1% on Aug. 1, 1935.
The 10-year (1923-32)
average Aug. 1 condition was 75.6%.
Above normal temperatures, accompanied by lack of moisture,
had
reduced corn prospects to below average in most of the corn belt and in the
Southern States before July 1, 1936.
Below normal precipitation and above
normal temperatures continued during July in all of the corn belt States
with the result that corn prospects declined rapidly during the month.
The greatest losses occurred in
Illinois, Wisconsin, Minnesota, Iowa,
Missouri, and Nebraska, where a fair crop was in prospect on July 1 and
where conditions were relatively the most unfavorable during July.
In the western tier of the North Central group of States the corn crop is
Corn—A United
indicated by condition on
a failure so far as the production of grain is concerned.
A
considerable portion of the acreage in these States will be abandoned and
remaining acreage will be utilized for forage, grazing and silage.
practically
most of the
yields per acre are only about 10% of the 10-year (1923-32)
average in Nebraska and North Dakota and about one-sixth of average in
Kansas and South Dakota.
In Missouri, the yield per acre this year is
Indicated
one-third of the 10-year average. The July 1 condi¬
of about 60% of average in Illinois and Wis¬
and approximately one-hklf of average in Minnesota and Iowa.
in Ohio, Indiana and Michigan will probably be around 75 to 80%
expected to be about
tion indicated yields per acre
consin
Yields
of average.
■'
of the
crop
on
Aug.
(1923-32) averages.
important producing States
the 10-year
the
hay supplies are seriously short and over a wide area pastures are so short
that farmers are being compelled to feed hay that may be badly needed
next
wheat,
hard red spring,
in
been severe.
the North
Central States declined 31,000,000 bushels
during July, 28,000,000 of which were in the Western States of the group
and over 15,000,000 in Nebraska alone.
Prospective production declined
by about 3,000,000 bushels in the North Atlantic States, while little change
was shown in the South Atlantic, South Central and Western groups.
"
The Aug. 1 indicated yield of 22.4 bushels is one bushel lower than the
July 1 figure.
Much of the oats in the drought area had practically matured
by July 1.
In Missouri and in the Ohio Valley yields were better than antici¬
pated and the grain of fair quality.
Drought, heat, and grasshoppers cut
the Nebraska yield from 15 to*8 bushels.
Barley—The production of barley in 1936 is forecast at 145,027,000
Although this is only about one-half as large as last year's pro¬
the five-year (1928-32) average, it is 24% greater than the
production in the 1934 drought year.
The condition of barley was reported at .48.4% of normal on Aug. 1,
1936, as compared with a condition of 74.6 on the same date in 1935, 40.3
in 1934 and the 10-year (1923-32) average of 75.7.
The Aug. 1 forecast of production is about 12% below the forecast on
July 1.
The greatest decrease took place in the West North Central States,
Wisconsin and Michigan.
Continuation of the drought and record-break¬
ing high temperatures in these States forced the ripening of the crop and
resulted in lowering of yields and considerable light-weight grain.
Straw
growths were short, which made harvesting difficult in many sections.
bushels.
duction and
Rye—Rye production, based on the preliminary Aug. 1 yield reports, is
27,095,000 bushels, an increase of nearly 3 % above the production indicated
month ago.
Tne crop is yielding better than earlier conditions indicated
in the North Atlantic and East North Central States, with increases noted in
scattered States throughout the rye-producing area.
Of the major ryeproducing States, Minnesota, North Dakota and Nebraska show no change
from the production forecast a month ago, while Montana is below.
The indicated yield of 9.0 bushels per acre compares with 14.0 bushels
in 1935, and with the 1923-32 average of 12.0 bushels.
Production this
year is only 46% of the large 1935 crop and 71% of the five-year average
(1928-32).
The greatly curtailed production is the result of both heavy
acreage abandonment in the important rye areas, caused by winter killing
and drought, and low yields resulting from the continued dry weather
during May and June.
Quality of the crop is below average in Montana
and the Dakotas, due to the excessive temperatures in early July, which
forced the crop to ripen prematurely.
a
Buckwheat—A buckwheat productin in
1936 of only 5,606,000 bushels
is indicated, which is only 68% of either the 1935 production of
bushels or the five-year (1928-32) average of 8,277,000 bushels.
of buckwheat for harvest in 1936 is estimated to be 398,000 acres,
8,220,000
Acreage
compared
harvested in 1935 and the five-year (1928-32) average
In the important producing States of New York and
Pennsylvania, acreage was reduced 15% by drought at plowing time; in
with 495,000 acres
of 568,000 acres.
North Dakota, moisture was insufficient to germinate the planted seed.
The Aug. 1 condition of 58.3%, the lowest on record for that date back
1867, compared with 82.5% on the same date last year and 81.9%, the
10-year (1923-32) average.
The indicated yield of 14.1 bushels is 2.5 bushels below the 1935 yield
of 16.6 bushels and 1.6 bushels below the 1923-32 average of 15.7 bushels,
Though the lowest yield since the drought year of 1930 is now in prospect,
favorable weather during August and September would improve the out¬
to
look considerably.
Sugar Beets—The prospect for sugar beets on Aug. 1 was about the
on July 1, a production of 8,808,000 tons of beets being indicated
by the reported condition of 76.9% of normal. This is 900,000 tons less
than produced in 1935 and compares with a five-year (1928-32) average of
8,118,000 tons.
There was no change in the prospect in the major producing
States of California and Colorado, but there is an indicated reduction of
50,000 tons in Michigan.
Growth of the beets has been slow in Michigan
by reason of heat and drought, but towards the close of July adequate rains
fell and the fields are showing some improvement.
The outlook in Mon¬
tana is for about 20,000 tons less than a month ago, because of damage by
grasshoppers and crickets.
Withering heat and shortage of irrigation water
are diminishing the prospect in a few of the "Western States.
The condition
of the beet crops in Idaho and Utah is reported as particularly good.
.
same as
Louisiana Sugar Cane—The production of sugar cane in Louisiana,
nterpreted from Aug. 1 condition, is forecast at 4,586,000 tons, which is
371,000 tons less than forecast a month ago and compares with a production
of 4,807,000 tons harvested from the 1935 crop.
A yield of 299,000 short
tons of sugar and 7,652,000 gallons of sirup is indicated for the 1936 crop.
Dry weather early in the season retarded growth of the cane.
It is some¬
what undersized for
this season of the year.
all fields received abundant
Towards the close of July
moisture and the crop is now
making rapid
progress.
1 indicated production of 294,537,000 bushels of
less than indicated a month ago.
The present estimate
with 387,678,000 bushels harvested in 1935, 406,105,000 bushels
1934, and with the five-year (1928-32) average rpoduction of 372,115,000
Potatoes—The Aug.
potatoes is 7%
compares
in
bushels.
In 1925.
The most recent other short crop was
that of 296,466,000 bushels
'
Volume
143
Financial
Chronicle
1113
The
Aug. 1 condition of the potato crop is 59.8% of normal and is the
lowest ever recorded (1863 to
date).
The indicated average yield of 91.6
bushels per acre is the lowest since
1921 and compares with 109.2 bushels
in 1935, 112.9 bushels in
1934, and the 10-year (1923-32) average yield of
CORN
Condition Aug. 1
112.7 bushels.
State
Aver.
Maine
New
/
GENERAL CROP
The
culture
REPORT AS
OF
AUG.
1,
Crop-Reporting Board
makes
spondents,
of the United States Department of
Agri¬
following report from data furnished by crop corre¬
and cooperating State
agencies.
Revised
the
field
statisticians
estimates are shown for crops for which 1935
Federal Census data are
available.
Crops which have not been revised include all tame
hay, dry
edible beans, soybeans, cowpeas,
peanuts, velvetbeans and all fruit crops.
Aug. 1
Total Production {in
Thousands)
Crop
1936
Average
Per Cent PerCent Per Cent
Corn,
all..:
bu.
Wheat, all
75.6
"
Winter
~
"
-
75.1
m
M
<*•*«.
46.8
~
•
m
<■
....
All spring..
"
68.1
49.4
Durum..
"
70.3
60.9
Oth. spr'g
"
a65.2
47.7
34.5
"
78.0
78.3
55.0
75.7
74.6
Oats
Barley......
44
Rye
44
,
20.9
48.4
.
"
Buckwheat...
32~8
81~9
,
m —
82.5
58.3
Flaxseed
"
70.4
71.8
31.6
Rice
"
84.2
87.0
86.1
Grain sorg'ms
"
75.9
71.7
55.8
85.6
57.5
73.6
81.3
42.0
a81.5
89.5
84
67
20,033
84
91
78
6,755
80
88
73
77
Ohio
Indiana
87
57
45,487
129,257
75
79
46
76
74
48
76
82
62,
Wisconsin
81
79
53
Minnesota-
78
78
47
39,171
69,926
143,136
Illinois
Michigan
Iowa
83
81
155,968
336,738
37
438,792
Missouri..
74
53
20
North Dakota
146,489
74
78
20
18,522
South Dakota
Nebraska."
70
71
18
76
72
19
78,447
223,843
69
51
15
126,756
Kansas
Delaware
82
87
Maryland
77
87
81
2,553,424 2,291,629 2,244,834 1,439,135
863,564
623,444
638,399
632,745
622,252
464,203
512,085
519,097
241,312
159,241
126,314
113,648
54,020
22,957
9,610
9,031
187,292
136,284
116,704
104,617
1,215,102 1,196,668
805,420
771,703
281,237
282,226
164,866
145,027
38,212
58,928
26,380
27,095
8,277
8,220
5,606
15,996
14,123
9~468
6,342
42,826
38,132
41,997
43,638
97,760
97,823
81,588
69,533
76,146
65,743
61,853
10,719
11,338
7,545
6,934
m
61.0
79.4
83.1
81.1
30,545
23,605
52.8
74.4
41.6
79.4
77.0
Soybeans
81.4
79.9
74.8
72.3
26,263
74
87
68
77
79
61
28,726
------
m
mm
20,179
25,058
11,858
13,799
11,685
78
3,680
87
75
South Carolina
69
78
60
Georgia
73
77
56
Florida
79
69
76
71
55
74
72
73
76.3
76.9.
72.4
Total
m.
m
60,301
58,519
35,533
Alabama
74
72
73
69
68
Louisiana
66
77
63
...
67
68
77
64
,68
63
24
Texas
69
85
67
Montana
69
68
30
Oklahoma
Idaho
mm
62.7
40.3
cl61,333
C167.283
63.9
42.0
97,895
93,866
60.7
Pears—
60.6.
49.9
rnmmrn
C56.451
103,214
102,487
64,500
mmmrnmm
52,808
41,260
,
V
44
61.6
56.3
58.8
Grapes d
ton
78.6
80.2
66.6
Potatoes
bu.
79.8
80.7
59.8
44
75.6
77.5
66.1
lb.
72.6
79.4
61.7
beets..ton
84.8
84.9
76.9
"
74.5
64.1
45.9
lb.
85.0
82.7
43.2
Hops
38,532
26,196
27,676
25,872
89,368
1,944
43,131
c23,146
22,035
23,264
23,519
c2,200
2,455
1,776
1,831
372,115
387,678
315,359
294,537
66,368
83,198
63,806
66,357
1,427,174 1,296,810 1.111,114
1,106,801
8,118
7,908
8,819
8,808
47
63
28,011
C47.746
41
*
,a Short-time average,
b Excludes sweetclover and lespedeza.
quantities not harvested,
d Production is the total for fresh
raisins.
26~994
82
89
77
75
39
Colorado
74
64
34
74
65
64
85
82
61
474
630
528
85
81
86
465
451
480
91
84
94
51
48
83
50
1,184
1,767
1,860
....
1,322
2,341
20,847
3,528
912
*
2,260
10,761
2,700
'
80
86
1,246
1,044
84
76
86
1,902
86
89
81
2,620
1,736
2,040
75.6
75.1
46.8 2,553,424
;
United States.
fruit,
some
Juice
and
2,291,629 1,439,135
Yield Per
Acre—Bu.
Production
State
Aver.
Pre¬
1923-
1935
1936
Average
1932
liminary
.
1928-32
1935
1936
New York
New Jersey
23.0
20.5
4,273,000
21.2
23.0
22.0
Pennsylvania
18.2
21.0
19.0
19.0
22.0
1,153,000
17,456,000
31,385,000
18.9
6,325,000
1,334,000
19.5
20.0
16.0
605,000
19.4
22.5
18.5
3,309,000
19.5
16.5
23.0
6,698,000
5,924,000
25,562,000
5,638,000
1,342,000
19,019,000
41,292,000
32,200,000
35,122,000
16,195,000
400,000
2,738,000
9,200,000
29,760,000
1,696,000
690,000
Ohio
18.5
Indiana
17.2
15.5
17.5
17.0
14.5
17.5
Michigan
20.5
22.0
20.5
Wisconsin.
Missouri
13.5
20,811,000
46,772,000
29,109,000
29,696,000
18,788,000
440,000
2,655,000
26,458,000
30,674,000
15,684,000
12.5
15.0
20,343,000
13.4
14.5
6.0
1,699,000
15.5
13.7
15.5
13.4
9.3
11.5
18.4
19.0
16.5
Maryland
Virginia
18.8
20.5
20.0
14.7
54,169,000
177,054,000
1,781,000
8,630,000
9,260,000
1,747,000
3,790,000
13.0
12.5
West Virginia
North Carolina
14.2
16.0
13.5
10.7
11.3
South Carolina-
10.3
9.5
10.0
8.0
Georgia
Kentucky
8.9
8.0
8.0
13.5
10.0
14.0
Tennessee
10.7
11.2
9.5
Alabama
10.7
10.0
10.2
8.0
8.5
Oklahoma
12.5
10.0
8.0
Texas
12.1
7.0
704,000
610,000
3,278,000
3,174,000
9.0
Arkansas
7.7
Montana-
15.3
15.5
20.5
19.0
14.0
11.0
11.0
Colorado
11.8
11.5
36,000
304,000
55,145,000
40,971,000
18.0
Wyoming
12.0
New Mexico
35,620,000 45,539,000
63,947,000 120,198,000
1,596,000
1,436,000
8,774,000
8,900,000
8,177.000
7,788,000
2,384,000
2,025,000
5,876,000
5,092,000
1,750,000
1,472,000
1,560,000
1,560,000
4,430,000
6,202,000
4,446,000
5,104,000
70,000
54,000
6.5
912,000
8,998,000
13,682,000
1,608,000
13,051,000
3,236,000
663,000
33,080,000
11,473,000
12,834,000
11,248,000
1,309,000
2,380,000
26,992,000
17,672,000
Acreage (in Thousands)
7.0
5.5
20.4
22.5
23.0
518,000
18.5
12.0
3,496,000
24.1
3,021,000
28.0
27.0
I.
For
1936
Corn, all.
Wheat, all
bu.
"
Winter
"
All
"
spring
Durum........
Other spring....
"
1935
1936
1935
103,341
60,115
39,701
20,414
95,333
98,517
103.3
4,805
51,348
33,353
17,995
2,262
15,733
24.0
14.6
14.4
12.1
15.2
13.9
12.4
8.8
WHEAT
66.5
8.7
9.0
12,243
72.1
22.6
23.1
10.1
a
16.4
1929
4,196
3,015
71.9
12.0
14.0
495
398
9.0
1930
568
80.4
15.7
16.6
14.1
1931
2,772
2,014
1,698
84.3
6.9
7.0
3.7
1932
895
112.9
43.1
48.1
48.8
927
793
"
9,335
53,672
"
7,016
54,340
13,288
"
"
lb.
Cowpeas b
Potatoes
Sweetpotatoes
Tobacco
bu.
14.7
10.5
10.3
1934
1.29
1.42
1.10
1935
12,300
94.0
.82
.92
.60
26,864
20,230
22,425
110.9
1.15
1.30
11,754
.90
13,781
1,843
5.211
14,333
104.0
2.06
2.08
1.75
1,732
4,380
94.0
670
749
ton
lb.
Hops
"
UNITED
1936-b
a
White
{Winter &
Hard Red
371,076,000
403,609,000
509,411,000
280,450,000
176,997,000
207,860,000
202,824,000
259,670,000
164,400,000
179,692,000
261,787,000
159,214,000
162,313,000
188,602,000
145,621,000
157,378,000
72,439,000
189,939,000
1,567
1,859
1,984
a
Total
Spring)
57,117,000
59,522,000
22,099,000
42,252,000
106,469,000 17,816,000
53,279,000 6,891,000
203,872,000 107,653,000 23,878,000
207,369,000
57,882,000 9,628,000
85,003,000
86,269,000
71,095,000
85,072,000
88,088,000
69,761,000
85,217,000
98,196,000
are
Aug. 1, 1936.
823,217,000
886,470,000
936,831,000
756,927,000
551,683,000
526,393,000
623,444,000
632,745.000
not shown separately*
DURUM WHEAT
106.7
98
109
111.2
3,327
3,551
3,217
90.6
112.7
109.2
91.6
1,870
Durum
Includes durum wheat in States for which
estimates
b Indicated
STATES
84.1
119.3
Condition Aug. 1
{Per Cent)
State
771
970
890
91.8
88.5
85.8
1,437
1,472
102.4
770
902
752
231
215
93.1
158
146
763
819
107.3
■
Aver.
Production
{Thousand Bushels)
92.4
717
i
74.6
1,872
111
Broomcorn
THE
Spring
Soft Red
589
201
"
lb.
Sorgo for sirup
Sugar cane for sirup
Sugar beets
84.5
105.0
81
b
Velvetbeans b
1933
7,884
56,341
11,563
1,760
2,635
1,491
1,631
FOR
Hard Red
3,315
44
Hay, alfalfa
Beans, dry edible
Soybeans b
CLASSES)
Year
6.0
"
_
622,252,000 464,203,000 519,097,000
22.4
11.7
"
ton
BY
Winter
"
Rice
19.5
13.7
(PRODUCTION
8.6
30.0
"
......
19.0
13.9
32,450,000
10,999,000
14,554,000
13.7
73.3
12.6
Barley
Flaxseed—
17.9
15.2
United States
12.4
113.6
30.2
39,924
a
California
1936
74.2
40,015
12,645
Peanuts
20.5
Aug. 1,
1923-32
25.4
17.0
86.3
15,610
"
timothy
99.4
1935
56,000
28,543,000
17,610,000
11,046,000
22.0
21.4
1,505
11,679
34,440
8,827
"
Oats—L
Rye.....
51,059
37,875
13,184
age
25.0
Oregon.
cated
Aver¬
Harvest Percent
Aver.
1928-32
23.8
Indi¬
Harvested
1,155,000
70,000
.
Washington
Crop
5,382,000
10,116,000
1,441,000
5,460,000
1,001,000
1,104,000
2,100,000
54,000
17,424,000
14,596,000
16,126,000
990,000
19.0
Nevada
Yield per Acre
11.0
Arizona
Utah
__
Grain sorghums
Hay, all tame
Hay, wild
Hay, all clover and
1,044
1,078
5,572
3,250
WINTER WHEAT.
Idaho
22,216
Includes
c
UNITED STATES
Buckwheat
810
85
Wyomining
Nebraska
Kansas
..
59.6
44
Broomcorn
45,539
32,192
31,540
18,756
51,842
80,574
1,401
South Dakota-
10,200
mm m
mmmmrnm
57.1
crop.bu.
Comm'l crop "
Peaches—
Sweetpotatoes
17,544
36,774
14,872
47,082
23,150
48,500
7,496
62,238
56,040
6,506
Kentucky
Tennessee
Delaware
Peanuts
m
Apples—
Tobacco
50,044
106,630
39,420
4,118
Minnesota
m
mmmmmm
65.9
crop.
60,846
81,430
148,962
373,388
72,890
22,838
30,388
11,054
38,415
20,240
36,288
85
7,178
50,850
102,312
111,900
197,434
36,000
43,225
80,580
185,300
40,032
1,683
11,935
27,627
14,718
3,976
15,840
27,807
12,078
42,490
20,004
35,104
6,842
46,624
56,040
38,676
44,098
30,562
20,884
12,252
68,192
ml
m
22,677
26,939
59.5
Cowpeas
•
65.6
crop.
351
2,040
21,152
14,431
Virginia
West Virginia
North Carolina
1936
m
378
2,067
24,956
8,700
60,896
157,608
160,474
318,510
*
Illinois
Pasture..
Sugar
77
1,621
Iowa
78.8
Beans, dry edible,
100-lb. bag
Total
2,024
Aug. 1,
1936
1935
*
Hay, all tame ton
Hay, wild
14
Hay, all clover
*
& timothy b 44
Hay, alfalfa.. 44
Total
341
87
Oregon
California
July 1,
1928-32
83
Washington
Indicated
1935
83
91
Nevada
Aver.
1923-32
92
456
New Mexico.
Arizona
STATES
.
Condition
2,960
1,638
456
Utah
•
UNITED
672
3,276
1,640
508
93
Mississippi
Arkansas.....
1936
697
2,604
77
86
Pennsylvania
an
month ago.
551
77
82
New Jersey
point to a sweetpotato crop of
average size but 20% below the large
crop of 1935.
Production is now
estimated to be 66,357,000 bushels
compared with 83,198,000 bushels
harvested in 1935 and the
five-year (1928-32) average production of 66,368,000 bushels.
a
84
81
84
New York
indications
improvement of seven
points during July.
Growing conditions in many districts in the Southern
States were generally beneficial to vine
growth.
Stands are spotted, how¬
ever, as many of the
cuttings and slips failed to take root on account of
the shortage of soil moisture
during June and the early part of July.
In
sections where the
drought conditions have been relieved by moderate rain¬
fall, there is a decided improvement in the
growing condition of the crop
over
90
Connecticut
in
1 condition of 66.1% of normal is
87
81
Rhode Island
the 11 early States is
estimated at 25,701,000 bushels
33,799,000 bushels in 1935 and the
five-year (1928-32)
average production of 32,717,000 bushels.
The Aug.
82
Massachusetts
with
1936
1935
,
1932
79
Hampshire
Vermont
bushels.
Sweetpotatoes—Present
Indi-
1928-
1936
1935
1932
and with the five-year
(1928-32) average production of 260,473,000 bushels.
The crop in the combined
30 late States is estimated to be
244,253,000
bushels, which is nearly 75,000,000 bushels less than the
1935 production
and is
approximately 56,000,000 bushels below the
five-year average produc¬
tion for these States.
The indicated production as
reported on Aug. 1 for the seven intermediate
States is 24,583,000 bushels
compared with 34,992,000 bushels harvested
in 1935, and the
five-year (1928-32) average production of 39,212,000
Production
Average
1923-
Dakotas, but timely rainfall during
August would probably result in a general benefit to the
crop in most areas.
In the five central
surplus late potato States, and in Iowa, Nebraska, and
Wyoming drought conditions are responsible for
potato crop losses during
July estimated at 22,000,000 bushels.
However, potato prospects showed
a slight
improvement during July in New
England and the Pacific Coast
States, where the vines grew rapidly
during the past month.
Some potato
blight damage is apparent in Maine but does
not appear to be spreading.
Potato production in the 18
surplus late States is now estimated to be
210,943,000 bushels compared with 272,722,000 bushels harvested in
1935
compared
Production
{Thousand Bushels)
{Per Cent)
The late potato crop is in a
critical condition.
A continuation of the
drought would result in very light yields in most
commercially important
sections from western New York to
the
319
511
23
39
Excludes sweetclover and lespedeza.
time average.
376
31
73.6
79.7
cll.O
311.9
1,274
1923-
Average
1935
1936
1932
1928-
Minnesota
10.4
10.8
247.7
216.7
1.227
717
b Grown alone for all purposes,
c
78
66
51
North Dakota
2,912
70
63
20
South Dakota
69
56
14
38,167
12,607
66
54
32
70.3
60.9
20.9
Montana.
Indi¬
1935
1932
cated
1936
1,261
17,280
4,060
998
7,260
648
333
356
125
54,020
22,957
9,031
ShortFour States
Financial
1114
SPRING WHEAT
Chronicle
(OTHER THAN DURUM)
1933
1935
1936
Bushels
Bushels
Bushels
{.Thousand Bushels)
(.Per Cent)
Wheat—
State
Indi¬
1928-
1936
1935.
1935
Canada
1932
1932
551,683,000
281,892,000
-—
526,393,000
275,849,000
632,745,000
623,444,000
277,339,000 (210,000,000)
833,575,000
United States
cated
Average
Aver.
1923-
1934
Bushels
Country
Production
Condition Aug. 1
1936
1933-36
RYE—PRODUCTION,
AND
WHEAT
802,242,000
900,783,000
1936
(2 countries)
Total
Maine.
88
86
84
55
170
New York
76
53
174
132
98
Pennsylvania
82
80
Ohio
79
82
82
70
842,745,000
133
81
Indiana.
__
66
203
234
165
74
279
120
162
55
274
84
1,745,248,000 1,547,875,000 1,565,135,000 1,496,831,000
Europe (30 countries)
97,112,000
113,313,000
134,170,000
110,037,000
North Africa (4 countries)
507,332,000
504,428,000
499,200,000
493,034,000
Asia (3 countries)
96
(39 countries)... 3,181,894.000 2,983,487,000 3,083,659,000 2,944,020,000
'
Illinois
80
80
76
2,509
364
82
75
61
264
320
338
84
80
57
1,269
1,720
Total
629
Michigan
1,134
Wisconsin
_
74
44
48
14,875
15,760
14,930
,82
61
72
762
284
390
Missouri...
77
72
70
136
86
65
37
13
64,672
36,575
62
43
19
22,696
19,725
3,038
Nebraska
74
59
18
2,350
3,055
1,128
58,928,000
376,402,000
17,070,000
376,420,000
15,890
South Dakota
'
21,418,000
441,535,000
United States.—;____
27,095,000
424,944,000
104
North Dakota
Rye—
Minnesota
Iowa
j
■
Kansas
a9.2
a9.0
a6.5
364
108
78
Montana-
63
55
24
35,829
23,175
12,360
8,930
11,830
81
77
82
13,546
75
62
30
2,024
1,397
966
Colorado.
73
64
46
4,204
4,152
4,358
New Mexico
72
69
63
428
308
252
Idaho
Wyoming
.
86
82
84
Nevada
88
87
90
•311
280
338
Washington
69
68
84
14,255
12,600
78
68
84
3,601
4,504
136.284
104,617
countries reported to date,
Hemisphere
the same countries. The
European countries show an increase of 14% and the North African coun_'
tries a 4% increase, although bad weahter conditions have caused consid¬
erable damage there.
Japan, on the other hand, shows a decrease of 11%,
The Barley prospects in Canada have also been impaired by adverse weather
which last year
accounted for 20% of the estimated Northern
total, is about 8% above "the 1935 production in
6,094
187,292
GRAINS
FEED
Barley—The 1936 production in 14 foreign
28,000
Oregon
Europe (7 countries)
Utah.
-
__
2,106
2,201
2,196
conditions.
Oats—The
United States
11%
a
Cprn—The 1936 area planted to corn in seven countries so far reported,
69% of the estimated Northern Hemisphere
Production
which in 1935 accounted for
{Thousand Bushels)
{Per Cent)
cated
1935
1928-
countries last year. In Argen¬
381,750,000 bushels,
The official esti¬
mate of the April 1 carry-over was 30,000.000 bushels, which would leave
a supply available for export and home consumption not greatly different
from that of the preceding year.
The high moisture content of the grain
tina the 1935-36 crop
Indi¬
Average
the acreage in the same
total, is 3% above
State
Aver.
Late sown oats in
considerable increase.
unfavorable weather conditions.
Canada have suffered from
Condition Aug. 1
The production in
of 1935, while
countries last year.
countries so far reported is 9% above that
and Algeria show
Morocco
OATS
countries, which in
total, is
of the estimated Northern Hemisphere
9% above the harvest in the same
the six European
b Short-time average.
Yield per acre,
a
34.5
47.7
1936 oats production in eight foreign
about
1935 raised
b62.5
1935
1936
Maine.
89
89
85
New Hampshire.
88
91
84
267
333
288
Vermont
90
88
79
1,853
1,980
1,740
Massachusetts..
85
91
79
149
210
87
92
81
63
66
62
Connecticut
86
94
78
216
198
189
New York
83
89
56
18,766
81
81
25,637
1,181
27,585
60,392
25,590
82
1,536
1,305
26,535
22,425
50,652
33,217
32,064
recently harvested amounted to
16% below the record crop of a year earlier.
186
Rhode Island
1923-
New Jersey
1936
1932
1932
which
4,068
4,068
4,346
83
82
67
Ohio
79
81
64
Indiana.
77
71
55
63,810
38,610
78
75
64
152,009
106,372
94,365
79
85
56
43,854
46,967
28,608
Pennsylvania
'__
Illinois
"
has made shelling very
Crop and Countries
-
Iowa..
1933
>
- •
United States
86
51
85,527
86,548
63,250
Europe (9 countries)
North Africa (4 countries)
79
52
148,841
181,189
92,644
Japan
81
70
218,730
208,380
80
58
39,595
29,502
74
13
3S.397
52,392
67
23
59,033
11,634
23
68,421
34,515
65,342
72,704
40,810
a22.9
Kansas
75
al9.0
a26.5
65
97
93
67
82
49
1,288
1,640
990
81
48
1,560
2,837
2,883
3,572
1,414
1,155
5,160
3,600
8,076
10,552
—
West Virginia
7,182
116
112
2,992
1,871
1,040
1,078
1,919
1,843
95
al7.6
North Carolina
a21.5
al5.0
Georgia
a21.5
i
——
__
Florida
a23.5
al8.5
al8.2
al9.0
al7.0
al4.1
South Carolina
al4.0
al6.5
77
Kentucky.
75
Tennessee
72
73
.
35
41
al7.4
al9.0
al7.0
al9.8
Alabama
Hemisphere total
7,807
5,741
80
--
a20.0
V
984
United States
Europe (6 countries)
a25.0
837
860
2,358
2,737
1,125
1,260
Oklahoma
a20.8
a25.0
al6.0
a26.1
a23.0
al8.5
35,825
38,410
20,640
Texas
25,434
39,032
7,214
4,820
7,830
3,680
5,215
4,716
3,302
5,043
2,730
25,326
Montana
66
61
33
Idaho—
84
80
86
Wyoming
78
78
49
Colorado
77
74
59
72
70
54
88
83
57
304
260
312
Utah....
89
82
87
1,648
1,368
1,400
Nevada
87
95
86
91
76
82
80
88
7,513
9,120
8,304
86
69
93
7,878
2,394
9,164
10,948
5,536
Weather
general
Washington
Oregon
_____
a25.0
United States
Yield per acre,
546
667
a32.0
a31.0
b78.0
California
b78.3
b55.0 1,215,102
b Allowance made for condition at harvest in
Foreign Crop
69,821,000
2,161,000,000 2,073,000,000 2,262,000,000
733,166,000
616,560,000
1,883,000
,
542,306,000 1,196,668,000
486,590,000
771,703,000
529,315,000
1,062,000
7,287,000
1,447,000
10,334,000
499,647,000
1,894,000
11,888,000
1,361,312,000 1,055,735,000 1,691,607,000 1,312,799,000
4,106,000,000 3,927,000,000 4,613.000,000
4,250
475
108
Report for the Week Ended
summary
of
Aug. 11—The
the weather bulletin issued by the
indicating the influence of the
weather for the week ended Aug. 11,
follows:
prevailed the past week, except that during the
latter part they were abnormally high from the Mississippi River westward
to the Rocky Mountains.
The table on page 3 shows that the weekly mean
temperatures were mostly somewhat above normal from the Mississippi
Valley eastward and also in the Rocky Mountain States.
In the transMississippi area, however, they ranged generally from about 3 degrees
to as much as 10 degrees above normal from Louisiana and Texas north¬
Moderate temperatures
ward to the Canadian border.
„..
\
100 degrees to 114 degrees from the Missouthward, with all-time heat records broken
at a number of southwestern stations.
On the 10th, Abilene, Tex., with
106 degrees, had the hottest August day of record, while all-time highs were
established at Dallas, Tex., with 110 degrees; Oklahoma City, Okla., 112
degrees, and Fort Smith and Little Roes:, Ark., 114 degrees and 110 de¬
grees respectively.
'
Rainfall was frequent, with substantial weekly totals in many places,
in the Eastern States, extending as far west as eastern Mississippi, west¬
ern Tennessee,
Kentucky and Ohio, with less general rains in Indiana
and Illinois.
Other areas having substantial falls for the week included
Missouri, the southern half of Iowa and the northern half of Kansas.
These rains more or less relieved droughty conditions, but more moisture
The maxima for the week were
ouri
Southern States.
Prospects—The latest available informa¬
ported by the Foreign Service of the Bureau of Agricultural
Economics to the United States Department of Agriculture
Washington, and given out on Aug. 10 is as follows:
Wheat and Rye—The 1936 Northern Hemisphere wheat production,
exclusive of Russia and China, is now indicated to be about 5% less than
last year.
In Canada the drought continued unbroken during July and the
early part of August, as a result of which wheat is being harvested three or
four weeks earlier than usual.
It is reported that both yield and quality
have suffered as a result.
Sawfly damage is serious and general in Sas¬
katchewan, while rust will cause shrunken kernels ih east central Saskatche¬
wan and west central Manitoba.
Present adverse conditions point to a
crop of about 210,000,000 bushels.
In Europe, exclusive of Russia, con¬
ditions indicate a decrease of about 68,000,000 bushels, or 5% less than
last year.
Larger wheat crops are reported in Germany, Czechoslovakia,
Poland and the four countries of the Danube Basin, while smaller crops are
reported in virtually all other European countries.
The first official esti¬
mate of the German crop is 180,000,000 bushels, compared with 171,481,000
bushels last year.
The Paris office of the Foreign Agricultural Service
forecasts production in Italy at 238,800,000 bushels compared with 283,455,000 bushels in 1935, and French production at 242,500,000 bushels
compared with 284,950,000 bushels last year.
The Berlin office estimates
this year's production in Poland at 77,200,000 bushels compared with
73,884,000 bushels last year.
The combined production in the four coun¬
tries of the Danube Basin is forecast by the Belgrade office at 359,048,000
bushels compared with 1935 production of 301,689,000 bushels and the
1934 crop of 249,300,000 bushels.
Preliminary forecasts for the seven
European countries for which reports are available indicate an increase in
the rye crop, the estimate for these countries being 424,944,000 bushels
this year compared with 376,402,000 bushels in 1935.
Rye production in
Germany is forecast at 332,501,000 bushels compared with 294,399,000
bushels last year.
In Argentina, unseasonably warm weather and excessive
moisture during July caused sowings to be retarded somewhat, but during
early Aug. improved conditions permitted a resumption of seeding.
Sowings
are finished in Australia and general rains in July were favorable to germi¬
nation.
During early August continuing rainfall in some sections seemed
excessive, but general conditions are still described as favorable.
Present
indications point to a somewhat larger crop in the Southern Hemisphere
than was harvested last year.
Valley and central Iowa
,
pertaining to cereal crops in foreign countries, as re¬
is needed in most places.
,
,
,
■
From August 1 to 10 the rainfall in Kentucky averaged 1.25 inches or
slightly more than normal; in Ohio 0.80, 73% of normal; Indiana 0.53,
27%; northern Illinois 0.70, 77%; southern Illinois 0.27, 25%; southern
Missouri 0.98, 89%; northern Missouri 0.50, 42%, and southern Iowa
0.82, 75%.
Kansas and Nebraska averaged slightly more than half an
inch.
Other interior States, including Michigan,
Wisconsin, northern
.
629,702,000
Department of Agriculture,
771,703
.
1,428
'
4,480
(9 countries)
Hemisphere total
4,030
1,196,668
-
Arizona
732,322,000
9,703,000
Total
2,320
481
New Mexico
584,210,000
Estimated Northern
1,175
al6.0
a28.0
_______
641,837,000
Algeria
770
a22.5
--
101,917,000
73,205,000
97,658,000
78,609,000
1,564
al7.0
Louisiana
282,226,000
273,829,000
130,499,000
116
864
al8.5
Arkansas
;
Morocco
6,103
\
a22.4
Mississippi
145,027,000
312,937,000
116,680,000
263,826,000
102,982,000
68,631,000
153,767,000
316,457,000
Oats—
50
80
78
81
...
Maryland
1936
Bushels
Estimated Northern
17,752
81.
Delaware
Virginia
1935
Bushels
28,386
77
Nebraska
(15 countries).__
:
5,697
69
..'
South Dakota
Total
29,682
75
...
_
North Dakota
1934
Bushels
171,000
67
Missouri...
at
.
85
Minnesota
tion
'
'
1933-36
Bushels
Reported in 1936
Barley—
84
Wisconsin
'
difficult, however.
GRAINS—PRODUCTION IN SPECIFIED COUNTRIES,
FEED
79
.
Michigan
a
was
.
Iowa, Minnesota, the Dakotas,
of consequence since
had no rain
With Kentucky the only State
Montana and Oklahoma, have
the first of August.
having as much as normal rainfall for
tions having inapprecialbe amounts,
the drought has been intensified, and
these 10 days, and many other sec¬
it is evident that, in many places,
where rains did occur they afforded
only temporaty relief, except locally.
Except in the Lake region, in considerable portions
Illinois, and much of Mississippi, showers of the week were
ful east of the Mississippi River and general improvement is
of Indiana and
decidedly help¬
shown in crop
The greater part of the northeastern area received beneficial
moisture is needed in New England, while western New
York and about one-third of Pennsylvania are still very dry.
In the South¬
eastern States from Kentucky southward and eastward general conditions
prospects.
rains, but
more
making satisfactory progress.
have improved materially and late crops are
In Ohio vegetation is responding rapidly to
improved conditions, though
the south, while in Indiana helpful showers
occurred in the central and southern portions, though it continued too dry
in the north.
In Illinois the moisture of the week helped considerably in
parts of the State, especially the central division, but it continued dry in
sections of the north and most of the south.
The Lake region had practic¬
ally no rain during the week and drought conditions were intensified.
Between the Mississippi River and the Rocky Mountains the week was
nearly rainless, except in parts of Iowa, Missouri, and some central Plains
sections, while extremely high temperatures made conditions decidedly un¬
favorable.
Moderate to good rains occurred over the southern half of Iowa,
helping some fodder and conditioning the soil for planting emergency forage
crops and late gardens; soy beans show much improvement in this section ,
but pastures have not revived much.
About one-third of Missouri had
beneficial showers, but in other sections crops continue to deteriorate.
more
rain is needed in much of
Volume
Chronicle
Financial
143
In the Plains States, rains in central sections, especially northern
and southeastern Nebraska, were helpful, but,
in
general the
Kansas
week
Kentucky—Louisville:IGood rains, except light in some east-central dis¬
General improvement in dry north half, but more rain needed.
Pastures responding slowly and irregularly in north; improvement tem¬
porary unless much more rain; practically restored in south.
Progress
tricts.
s
weather brought further deterioration in growing
vegetation, especially in
Oklahoma, where unprecedentedly high temperatures prevailed; also north¬
ern Texas is now needing rain.
West of the
and condition of late corn
mostly fair in north; very good to excellent in
Tobacco good in south; improbing, but very irregular in north;
topping increasing.
Late potatoes poor stands where planted during ex¬
cessive heat.
Soy beans rapid improvement.
Plains conditions continue
south.
generally satisfactory, with im¬
especially in the range, in most places.
Irrigated crops
are doing well and stock is
mostly in satisfactory condition, except that
pastures have dried out in much of Washington, and a few other areas are
too dry, especially northeastern
Wyoming and parts of New Mexico.
provement noted,
Small
Grains—Threshing of small grains is
about completed in the
harvest is nearly done in spring wheat areas, with
but mostly poor yields.
Excellent weather for
in the Pacific Northwest, with mostly satisfactory
THE DRY
interior of the country;
considerable threshing,
harvesting prevailed
yields of small grains.
of the
Although fears had been expressed that department store
dpring August might experience a recession from the
sales
has been arrested by showers, in some places rather
general rains, and some actual improvement has been noted, especially
in Kentucky, much of Ohio and parts of Indiana and Illinois.
In the
drier sections of the two last-named States deterioration continues; in
Illinois late corn would be further improved with rain soon.
West of the Mississippi River rather
general deterioration continues.
In this area the only rains of consequence to the corn
crop was in parts of
Missouri and locally in Nebraska and Kansas,
though in these latter States
the bulk of corn is beyond help.
The crop lost further ground in Min¬
nesota and northern Iowa, where no rain of
consequence occurred and a
2-month drought is unabated.
In southern Iowa rain has helped some
fodder,
In
but
the
crop
much
South
grain
,,
but
showers
month
in
were
to 17
a
favored
Bureau furnished
Weather
in
North
the following
Carolina
resume
Virginia—Richmond; Temperatures near normal; moderate showers bene¬
to crops, plowing, and fall planting.
Corn generally rather short,
some scattered sections.
Peanuts and cotton making good
growth; boll weevil appearing locally in Nansemond County.
Most to¬
bacco in good condition.
Meadows and pastures greening since rains.
Potatoes average poor; sweet potatoes improving; truck good.
North Carolina—Raleigh: Progress of corn, pastures, and forage crops
good to excellent, with much improvement in mountain region.
Advance
of cotton varies from poor to good; condition fair; too much rain in some
parts; complaints that fields are grassy and plants sappy; some improve¬
in Piedmont districts.
Tobacco curing well advanced on coastal
ment
plain; sales begin this week in southeast.
South Carolina—Columbia: Temperature and sunshine near normal with
mostly good rains, heavy in places; favorable for late-crop growth.
Late
tobacco filling out well.
Commercial elberta peach shipments heavy in
Piedmont area, but yield short in come localities account of hail and spring
frost damage.
Pastures and meadows in good condition.
Late cotton
growing and fruiting, condition good.
Early cotton bolls good, but stands
mostly poor.
Picking made fair advance in south; first ginned on 5th.
Weather favorable for weevil activity.
doing well,
Mississippi—Vicksburg: Warm with little rain, causing rapid opening
of bolls, with cessation of growth in numerous localities;
picking will proba¬
bly become general during coming week.
Increasing leaf-worm infesta¬
tion, with poisoning rendering damage mostly negligible.
Progress of
late-planted corn mostly poor, but fair in extreme east.
Progress of
gardens and pastures poor to fair.
Mostly
warm
and dry,
except in southeast.
Unfavorable for cotton in northeast where local deterioration and
opening
prematurely, with slight shedding; elsewhere progress fair to good; condition
generally good; weather favorable for checking weevil; picking and ginning
begun in most sections.
Late corn, cane, rice, sweet potatoes, and mis¬
cellaneous crops generally good, but needing rain, except in southeast.
Young corn wilting in northeast. Harvesting sweet potatoes and early rice.
Texas—Houston:
Temperatures
averaged
rather
high in north and
slightly lower elsewhere; rains light and widely scattered; favorable for
farming operations which made rapid advance.
Winter wheat harvest
completed.
Corn made, and average condition fair to good, though some
locally poor.
Cotton made good progress, but rain now needed over
northern districts where dry weather causing some premature
opening,
blooming on top, and local, heavy shedding.
Average condition of cotton
still remains very good.
Picking made rapid advance in extreme south
and becoming generally well to north.
Ranges drying, but cattle con¬
tinue generally good.
Citrus made good to excellent progress.
Oklahoma—Oklahoma City: Extremely unfavorable week; drought be¬
coming more serious daily.
The 10th was the hottest day in State history;
maximum 114 degrees.
Grasshoppers continued active and dam¬
average
aging in many western and central localities.
Late corn a complete failure;
early made on bottoms in southern, central and extreme northeastern
portions; much being cut for fodder.
Grain sorghums and other feed
crops deteriorating.
Cotton made no growth or deteriorated, with much
wilting, top blooming, shedding and premature opening; condition poor.
Pastures gone; some destroyed by fires.
Cattle being moved or marketed.
Stock water scarce in all sections; shortage serious in many places.
Feed
getting scarce.
Orchard and shade trees dropping leaves and some dying
Alfalfa very poor; making no growth.
Other hay burnt up.
some
Arkansas—Little Rock: Progress of cotton poor to good in
central;
poor to excellent in west, and good to excellent in east; army leaf worms
checked; top blooms in some west and north portions.
Condition of cotton
fair to excellent in east and most central portions; poor to fair in west. Pro¬
gress of early corn fair to very good; nearly matured; progress of late corn
very good in east; deteriorating in northwest due to hot, dry winds.
Weath¬
er very unfavorable for all other crops in central and west;
favorable in
most of east.
Tennessee—Nashville:
Progress of cotton good; condition mostly good
good; stalks heavy; worms reported locally.
Progress of corn very
good where moisture sufficient, poor to fair in dry areas; condition mostly
very good; early maturing.
Tobacco generally good advance; condition
fair to good.
Alfalfa, lespedeza, hay and grasses good to very good, ex¬
cept locally poor.
•
to very
con¬
according to the
;over
the
same
month
were
reported by the Dallas district
only 6%, clearly reflected the serious
the
lines
Government
cotton
was
crop
well main¬
report put a
business in cotton goods, commitments
on
continued
to
run
well
ahead
of
last
year,
will cause any considerable
switching in
supply, and reports were current that producers
will probably soon be obliged to resort to
rationing their
output to buyers.
of
Domestic Cotton
good, opening rather slowly; picking slow advanco.
Favorable weather first
few days enabled crops to recover considerably from storm
damage.
Past-
the
During the
differences
sources
potatoes, but crop late and stands poor.
tures, corn, cane, peanuts and sweet potatoes
on
drought.
While
other
these
Georgia—Atlanta: Warm, followed by cooler; good rains in north, lighter
Progress of cotton generally favorable; picking made
good advance in south; bolls opening in central; squaring to making bolls
in north.
Continued improvement of other growing crops,
but some
central counties slow account preceding drought.
Favorable for sweet
in middle and south.
Alabama—Montgomery: Good, locally heavy rains.
Progress of cotton
fair; too much rain last few days; condition averages good.
Fruiting very
very
in department
although their total receded somewhat from the previous
week.
Retailers' heavy demand for ladies', men's and
children's apparel continued unabated, and re-orders on
fur,
fur-trimmed and plain coats as well as on some summer
dresses were received in good volume.
In many divisions an
increasing interest in better-quality goods was noticeable.
Prices continued firm.
The tight delivery situation showed
no sign of relief, and
buyers found it increasingly difficult in
many lines to obtain wanted shipments.
Business in finished
silks remained quiet, but prices continued firm.
Trading in
greige goods made a good showing, and quotations stiffened.
Confusion continued to mark trading in
rayon yarns. While
several other producers, in compliance with
provisions of the
Robinson-Patman Act, discontinued their
quantity rebates,
the largest factor decided to retain the
discounts, although
with a provisional clause.
Still another firm replaced its
quantity rebates by a general discount of 5% thus extending
the concession to smaller buyers as well.
In view of the
pressing shortage in yarns, however, it is not expected that
but excellent in
Orleans:
increase of
an
temporary damper
in
ficial
?otatoes good.fall truck. cured; being sold; crop quantity and quality good.
Tobacco Citrus excellent; fruit good size.
reparing for
sales,
Trading in the wholesale dry goods markets
of
Florida—Jacksonville: Normal warmth; light to moderate rains.
Con¬
of cotton fairly good; progress good; picking and ginning begun;
weather favorable for checking weevil.
Corn mostly harvested.
Sweet
continued
been extreme but,
Board, increased 14%
The best results
tained.
of
dition
season
recovery
gain of 22%, while the poorJshowing of Kansas City,
effects of the
conditions in the different States:
Louisiana—New
no means
July department store
and some fields are be¬
coming grassy.
There are also some complaints
plants becoming sappy in the wetter areas.
The
with
and was less favorable in northeastern
were
pointed out that the
by
as
showing during the past
For the New York district the increase amounted
%.
with
much of Mississippi.
However, in general east of the
River conditions were rather favorable, except for too much
localities where weevil
of
last year.
warmth
and
some
was
Federal Reserve
practically rainless.
Droughty conditions in the northwestern belt
showing increased damage to cotton, while there was too much rain
.locally in the east.
Otherwise the weather in general was favorable.
In Texas the progress of cotton continued good, but rain is now needed
in the north where the increasing dryness and heat are causing some pre¬
mature opening and there are complaints of top
fruiting, but the general
condition continues good; picking is progressing well to the northward.
In Oklahoma progress ranged from deterioration to no growth, with much
wilting, top fruit shedding, and premature opening.
Also in parts of
rain
It
store sales has
was
Mississippi
favorable
trary, has been lagging behind |other industries.
are
Louisiana
business, retail trade for the country
and the outlook for the fall
cheerful.
,
western Arkansas progress was poor
summer
whole maintained its
week,
abnormally high in the western Cotton
prevailed in the east.
In the latter area
frequent, but from the Mississippi Valley westward the week
moderate
were
a
corn
Cotton—Temperatures
Belt,
early good
is too far gone to be materially benefited.
the Atlantic area conditions were favorable in most
and
sections.
GOODSJTRADE
New Yorkf Friday Night, Aug. 14, 1936
Corn—In large areas of the Corn Belt east of Mississippi River deteri¬
oration
1115
,
a
marked revival
Goods—Trading in
after
the
gray cloths staged
practical standstill in business
prior to and following the announcement of the Government
cotton crop report.
While the sharp drop in raw cotton quo¬
tations during the early part of the week caused some weak¬
ness in certain
constructions, the subsequent recovery of the
cotton market served to improve
sentiment, and prices again
ruled firm throughout the list.
The sound statistical position
of
the
hold
market remained
a
substantial
unchanged, as mills continued to
backlog of unfilled orders, and buyers
reported to be in need of substantial quantities, due to
the continued good flow of goods in distributive channels.
Business in fine goods quieted down
somewhat, with most
were
buyers having covered their nearby requirements. Mills, on
the other hand, being supplied with a sizable volume of older
contracts, did not press goods on the market.
Fancies con¬
tinued to be in good demand, with
many mills reported to
be sold up for the remainder of the
year.
Closing prices jn
print cloths were as follows: 39-inch 80's, 8c.; 39-inch 72-76's,
7Y% to 7%c.; 39-inch 68-72's, 7 to 7J^c.; 383^-inch 64-60's,
6c.; 38H-inch 60-48's, 5% to 5%c.
Woolen Goods—Trading in men's wear fabrics
continued
dull,J and several mills found it necessary to curtail produc¬
tion.
Clothing manufacturers have virtually finished their
fall buying, and there appeared to be little inclination
as yet
to enter the market for Spring
goods.
Tropical cloths con¬
tinued in good demand for the winter resort
trade, and prices
ruled steady.
Retail clothing centers reported sustained con¬
sumer
demand.
Business in
women's wear goods continued
good showing, as demand for dress goods,
sports
wear and coatings remained active.
Garment manufacturers
received a good volume of
re-orders, and retail merchants
reported continued active sales in all apparel lines.
to make
a
Foreign
Dry
event of the
Goods—Stimulated by the promotional
National Linen and Domestics
Show, trading in
linens showed increased
activity.
Particularly good demand
existed for better-class household items
for fall.
Prices in
some divisions were
advancing. Business in burlaps quieted
down, and quotations
were easier, due to
reports from Cal¬
mills, not belonging to the Jute Association,
had increased their
weekly operating schedules to 104 hours
as against 54 hours
per week at' other mills.
Domestical y
lightweights were quoted at 4.05c., heavies at 5.40c.
cutta that
a
few
I
Financial
1116
Aug.
Chronicle
IS, 1936
$11,000 City of Delaware, Delaware County, Ohio, 4% city hall bonds.
Six bids ranging from $1,015.10 per $1,000 to $1,052.50 per
$1,000.
The highest bid was submitted by the First National
Specialists in
Illinois & Missouri
Bonds
STIFEL, NICOLAUS & CO., Inc.
105 W. Adams St.
314 N. Broadway
DIREGT
CHICAGO
WIRE
/
RECONSTRUCTION
ST. LOUIS
FINANCE
CORPORATION
High Bids Received on Municipal Issues—Sealed bids were
received by the above Corporation on Aug. 11 for the pur¬
chase of a total of $4,985,900 of municipal bonds taken over
from Public Works Administration holdings, as described in
detail in these columns on Aug. 1—V. 143, p. 792.
The
following is an official release on the tenders received for
the greater part of the bonds so offered:
Bank of Delaware, Ohio.
40,500 Board of Education of the Mingo Junction City School District,
Jefferson County, Ohio, 4% school improvement bonds.
Ten
bids ranging from $1,041.90 per $1,000 to $1,103.170503 per
$1,000.
The highest bid was submitted by Saunders, Stiver &
Co., Cleveland, Ohio.
41,000 The City of Cushing, Payne County, Okla., 4% electric power and
transmission equipment bonds of 1934.
Four bids ranging from
$995 per $1,000 to $1,040.65 per $1,000.
The highest bid was
submitted by the Brown-Crummer Co., Wichita, Kan.
16,000 City of Nowata, Nowata County, Okla., 4% water works bonds
of 1934.
Eight bids ranging from $995 per $1,000 to $1,038.60
per $1,000.
The highest bid was submitted by the BrownCrummer Co., Wichita, Kan.
100,000 Hartsville Township, Darlington County, S. C., 4% community
center building bonds.
One bid of $1,010.50 per $1,000 was
submitted by McAlister, Smith & Pate, Inc., Greenville, S. C.
240,000 State of South Carolina, 4% state hospital for the insane bonds.
Eight bids ranging from $1,105.10 per $1,000 to $1,137.70 per
$1,000.
The highest bid was submitted by Goldman, Sachs &
Co., New York, N. Y. and associates.
41,000 City of Spearfish, Lawrepce County, S. Dak., 4% waterworks
bonds.
Two bids of $1,006.10 per $1,000 and $1,012.30 per
$1,000.
The higher bid was submitted by Northwestern National
Bank & Trust Co., Minneapolis, Minn.
58,000 South San Antonio Independent School District, Bexar County,
Texas, 4% schoolhouse bonds, series of 1934.
One bid of $984
per $1,000 was submitted by Russ Roe & Co., San Antonio,
Texas.
38,000 Town of Kilmarnock, Va., 4% waterworks improvement bonds.
Two bids of $1,009.10 per $1,000 and $1,031.95 per $1,000. The
Gadsden, Etowah County, Ala., 4% school
bonds.
Four bids ranging from $940.50 per $1,000 to $988.30 per $1,000.
The highest bid was submitted by Marx and Co., Birmingham, Ala.
67,000 School District No. 1 of Pima County, Ariz., 4% school building
$220,000 City
of
bonds of 1935.
Three bids ranging from $981,777 per $1,000 to
The highest bid was submitted by the
Colo., and Associates.
22,000 Northern Yuma County Union High School District,
Yuma
County, Ariz., 4% school building bonds of 1935.
Three bids
ranging from $965,777 per $1,000 to $995 per $1,000.
The highest
bid was submitted by Refsnes, Ely, Beck & Co., Phoenix, Ariz.
157,000 City of Hot Springs, Ark., 4% sewer bonds.
Four bids ranging
from $963.07 per $1,000 to $1,005.20 per $1,000.
The highest
bid was submitted by Walton, Sullivan & Co., Little Rock, Ark.
104,000 City* of Chula Vista, Calif., 4% improvement bonds.
Two bids
of $1,011.20 per $1,000 and $1,025.5959 per $1,000. The higher
bid was submitted by Miller, Hall & Co., San Diego, Calif.
21,000 Village of Mountain Home, County of Elmore, Idaho, 4% water
bonds, series of Nov. 1, 1934.
Two bids of $960 per $1,000 and
$1,005 per $1,000.
The higher bid was submitted by Sudler,
Wegener & Co., Inc., Boise, Idaho.
18,000 City of Knoxville, Knox County, 111., 4% water revenue bonds.
Six bids ranging from $981.10 per $1,000 to $1,015 per $1,000.
The highest bid was submitted by the Farmers National Bank of
Knoxville, Knoxville, 111.
/
14,000 Village of Mount Prospect, Cook County, 111., 4% water revenue
bonds.
Two bids of $965 per $1,000 and $991.26 per $1,000.
The higher bid was submitted by Municipal Bond Corp., Chicago,
$1,031.90
per
higher bid was submitted by F. W. Craigie & Co., Richmond, Va.
64,000 City of Snohomish, Wash., special waterworks 4% bonds, 1934.
Eight bids ranging from $1,022.50 per $1,000 to $1,055.20 per
$1,000.
The highest bid was submitted by Seattle Trust &
Savings Bank, Seattle, Wash.
8,000 Town of West Union, Doddridge County, W. Va., 4% water¬
works revenue bonds.
One bid of $1,000 per $1,000 was sub¬
mitted by the Empire National Bank of Clarksburg, Clarksburg,
$1,000.
J. K. Mullen Investment Co., Denver,
.
W.
Utah.
News Items
Florida—State
Supreme Court Ruling Paves Way for PWA
Loans to Cities—An Associated Press dispatch from Talla¬
hassee to the Jacksonville "Times-Union" of Aug. 4 had the
following to say in regard to a Supreme Court ruling which
favors cities in this State:,
-
152,000 Gulfport Municipal Separate School District, Harrison County,
Miss., 4% school bonds. Three bids ranging from $975 per $1,000
to $1,003.80 per $1,000.
The highest bid was submitted by the
First National Bank of Memphis, Memphis, Tenn.
27,000 Town of Hot Springs, Sanders County, Mont., 4% water bonds.
One bid of $976.70 per $1,000 was submitted by Foster Petroleum
Corp., Westerly, R. I.
130,000 The Board of Education of the Borough of Red Bank, N. J.,
*4% school bonds. Ten bids ranging from $1,044.10 per $1,000
to $1,097.31
per $1,000.
The highest bid was submitted by
Webster, Kennedy & Co., New York, N. Y.
48,000 Board of Education of the Borough of Ridgefield, N. J , 4%
school district bonds.
Onb bid of $966.90 per $1,000 was submitted
by H. L. Allen & Co., New York, N. Y., and associate.
!
285,000 Albuquerque, N. Mex., Municipal School District, 4% municipal
school district bonds.
Ten bids ranging from $1,026.10 per
$1,000 to $1,082,797 per $1,000.
The highest bid was submitted
by Harris Trust & Savings Bank, Chicago, II ., and associates.
42,000]Baldwin Fire District, Town of Hempstead, Nassau County,
N. Y., 4% district improvement bonds.
Four bids ranging from
$1,002 per $1,000 to $1,042.80 per $1,000.
The highest bidi was
^submitted by Geo. B. Gibbons & Co., Inc., New York, N. Y.,
'
ti/iid associate
50,500 Union Free School District No. 5 of the Town of Machias,
Cattaraugus County, N. Y.,j4% school improvement bonds.
Three bids ranging from $1,001.25 per $1,000 to $1,063.30 per
$1,000.
The highest bid was submitted by A. C. Allyn & Co.,
Inc., New York, N. Y. and associate.
73,000 Union Free School District No. 11 of the Town of Urbana,
Steuben County, N. Y., 4% school building bonds.
Four bids
ranging from $1,020.20 per $1,000 to $1,068 per $1,000.
The
highest bid was submitted by Geo. B. Gibbons & Co., Inc., New
York, N. Y., and associate.
89,000 Village of West Haverstraw, N. Yf,, 4% sewer construction bonds.
Three bids ranging from $1,000.30 per $1,000 to $1,066 per
$1,000.
The highest bid was submitted by A. C. Allyn & Co.,
Inc., New York, N. Y.
96,000 The City of Yonkers, N. Y., 4% assessment bonds.
Thirteen
bids ranging from $1,062.67 per $1,000 to $1,106.11 per $1,000.
The highest bid was submitted by Graham, Parsons & Co., New
York, N. Y.
.
203,000 Town of Tarboro, N. C., 4% waterworks bonds and waterworks
bonds, second series.
Two bids of $990.75 per $1,000 and
$1,006.41 per $1,000.
The higher bid was submitted by Branch
Banking & Trust Co., Wilson, N. C.
54,000 City of Thomasville, N. C., 4% water bonds.
Two bids of
$986.37 per $1,000 and $1,001.76 per $1,000. The higher bid was
submitted by R. S. Dickson & Co., Charlotte, N. C.
37,000 Board of Education of the City of Northwood, N. Dak., 4%
high school bonds of 1934.
One bid of $1,017.50 per $1,000 was
submitted by Charles A. Fuller Co., Minneapolis, Minn.
105,000 City of Coshocton, County of Coshocton, Ohio, 4% first mort¬
gage waterworks revenue bonds.
Twelve bids ranging from
$1,005 per $1,000 to $1,076.60 per $1,000. The highest bid was
submitted by Stranahan, Harris & Co., Inc., Toledo, Ohio.
Court gave 16 Florida municipalities today the legal right
$1,006,600 from the Public Works Administration without sub¬
The Supreme
Illinois.
7,200 Village of Roseville,
Warren County, 111., 4%
waterworks
(revenue) bonds.
Two bids of $900 per $1,000 and $968.78 per
$1,000.
The higher bid was submitted by Municipal Bond Corp.,
Chicago, 111.
458,000 City of Evansville,; Ind., 4% sewage works revenue bonds.
Five bids ranging from $1,011.30 per $1,000 to $1,051.20 per
$1,000.
The highest bid was submitted by Equitable Securities
Corp., New York, N. Y.
34,000 City of Iowa City, Iowa, 4% sewage revenue bonds.
Five bids
ranging from $1,015.10 per $1,000 to $1,051.81 per $1,000.
The highest bid was submitted by Graefe & Co., Des Moines, Iowa.
842,000 State of Kansas, acting by and through the State Highway Com¬
mission, 4% revenue anticipation warrants, series A.
Four bids
ranging from $1,109,452 per $1,000 to $1,127.95 per $1,000. The
highest bid was submitted by Charles H. Newton & Co., Inc.,
New York, N. Y.
119,000 Board of Education of Traverse City, Grand Traverse County,
Mich., 4% general obligation bonds.
Four bids ranging from
$1,023.80 per $1,000 to $1,068.60 per $1,000.
The highest bid
was submitted by Bonniwell, Neil and Camden, Inc., Chicago, HI.
Va.
96,000 City of St. George, Washington County, Utah, 4% waterworks
improvement revenue bonds.
One bid of $1,000 per $1,000 was
submitted for $20,000 par value by Bank of St. George, St. George,
to
borrow
mitting repayment plans to a vote by property owners.
The Court ruled the City of Miami, however, must have freeholders'
approval oefore borrowing $162,000 to rebuild a municipal athletic stadium .
One of the other projects involved was jail improvements by Leon County
(Tallahassee).
The other loans are for improvements of existing municipal
water works and lighting plants.
The Court said the Miami stadium case involved a pledge of rents and
profits from a municipally-owned property, rather than revenues from a
public utility erected to serve the public welfare in general.
It also said
the proposal included a lien upon the stadium property, which could not
be executed without freeholders' approval.
Certificates will
be issued
utilities will be used
made that
no
to
by the municipalities and revenue from their
the PWA loans.
Specific provisions were
could be used for repayment.
repay
tax revenues of the cities
The issues
approved were:
•
Miami, $330,000 for water works.
Fort Myers, $129,000 for water works.
St. Petersburg, $110,000 for hospital.
Clearwater, $97,000 for water works.
Sarasota, $77,000 for water works.
City
Vero Beach. $50,000 for electric plant.
City
Panama City, $50,000 for water works.
City
Live Oak, $37,000 for water works.
City
Homestead, $28,000 for water works and light plant.
City
Fort Lauderdale, $23,000 for water works.
City
Moore Haven, $19,000 for water works.
City
Wauchula, $19,000 for water works.
Town of Dunnellon, $14,000 for water works.
Leon County, $10,000 for jail.
City of Vero Beach, $10,000 for water works.
City of Safety Harbor, $3,600 for water works.
City
City
City
City
City
;
of
of
of
of
of
of
of
of
of
of
of
of
1
•
Tax Law Held Invalid—The cos¬
"omnibus" tax bill was held
unconstitutional on Aug. 3 by Judge William B. Ardery of
the Franklin Circuit Court, according to an Associated Press
dispatch from Paris, Ky.
Judge Ardery is said to have over¬
ruled the Commonwealth's demurrer to a suit attacking the
Kentucky—Cosmetics
metics tax section of the 1936
tax
on
clause
the
of
ground that it violated the Interstate Commerce
Federal Constitution.
The law had been
the
on the ground that the 20% levy on the invoice
price, plus transportation costs, of cosmetics sold to Kentucky
dealers was in violation of the Federal regulations.
attacked
Massachusetts—Changes in List of Legal Investments—
following is the first bulletin issued Aug. 3 which amends
the complete list of legal investments for savings banks,
published in full in these columns recently—V. 143, p. 622:
The
Added to List
Public Utilities—
of July 1, 1936
*
As of July 1, 1936:
w
Niagara Falls Power Co., 1st & ref. mtge. 3Ms,
AsofJuly 16, 1936:
Narrangansett Electric Co. 1st mtge., series A,
Potomac Electric Power Co. 1st mtge.
1966.
.
,
3 Ms, 1966;
3Ms, 1966.
As of July 30, 1936:
Bangor Hydro Electric Co. 1st mtge. 3Ms,
Lowell Gas Light Co. 1st mtge. 4Ms, 1966.
1966;
Railroad Bonds—
As of
July 30, 1936:
Chesapeake & Ohio Railway Co. ref. &
,
Removed From List of July
Bonds and Notes—
Town of Stamford, Conn.
_
_,
.
.
impt. mtge., series E, 3Ms, 1996.
1, 1936
Volume
143
Financial Chronicle
MUNICIPAL BONDS
Dealer
OFFERINGS
MUNICIPAL BONDS
&
CO.
Francis, Bro.
INCORPORATED
ESTABLISHED
Union Trust Bids.
On« Wall Street
135 S. LaSalleSt.
CLEVELAND
NEW YORK
CHICAGO
^ Public Utilities—
k Long Island Lighting Co. 1st
mtge.
1a Wisconsin Public Service
Co.:
First lien
& ref. mtge., series
First lien & ref. mtge., series
i
I
Inoeetment Securities
TULSA
(
,
5s,<1936 (matured);
Bond
A, 6s, 1952, called Aug. 8,1936;
B, 5^s, 1958, called Aug. 8, 1936;
giFiretlien & ref mtge.( series O, 5Ms, 1959, called Aug. 8, 1936.
Colony Gas Co. 1st mtge. 5s, 1961
(called);
Lowell Gas Light Co. 1st
mtge. 5Ms, 1947 (called).
P Street Railway Bonds—
Boston Elevated Railway Co.
debenture 5s, 1937 (called);
West End Street Railway Co.
debenture 5s, 1936
(matured).
Proposals and Negotiations
ALABAMA
ALABAMA STATE BRIDGE CORPORATION
(P. O. Montgomery),
FOR MODIFICATION OF BONDS—A letter
was sent on
Aug. 4 by the above named Corporation to the First National
Bank of
Montgomery, as Trustee, in which was outlined a proposed plan
for the modification of
the Corporation's bonds,
calling upon the holders
of these bonds to
deposit the same under the term s of the modifying
proposal.
(The proposal is discussed in full detail in
the General Corporation and
Investment News
Department, on a preceding page of this issue.)
DECATUR SCHOOL DISTRICT (P. O.
Decatur), Ala.—WARRANT
,
Ala.—PROPOSED PLAN
New York State—Work
Relief Policy for State
A recommendation that work
relief should not be
permanent method of
unemployment
submitted
on
was
years
Opposed,—
adopted as
meeting the problem of large-scale
made to Governor Lehman in
a report
9 by the Governor's Commission on
The report summarized the result of two
OFFERING—It is reported that sealed bids will be
received
on Aug.
15, by the Clerk of the Board of Education, for the
Aug.
Unemployment.
of research and
was
the seventh and last of
$16,500 issue of 4% semi-ann. school
Due from Jan.
15, 1937 to 1941.
series
a
.submitted by the
Commission, of which Major Allen Wardwell is Chairman.
The report did not concern itself
with the Works Progress
Administration, which is a Federal affair, but it
GADSDEN, Ala.
ann.
6% sanitary
Co.
of
basis
for sale on Aug. 11—V. 143,
p. 954—was
Birmingham, paying a premium of $75.00,
4.96%.
Dated Sept. 1, 1936.
Due
of about
sewer
ELECTION—An
the
on
bonds.
election is said to be
proposed issuance of $11,000
TUSCALOOSA, Ala.—BONDS
VOTED—At the election held on
Aug.
625—the voters approved the issuance of the
$110,000 in
4K% city hall, police station and jail construction
bonds,
according to the City Clerk.
•
'
3—V.
143,
p.
not to exceed
.
ARKANSAS
Markets in all State,
special session, which put through
Of these, five were
proposed con¬
stitutional amendments, which do not
require gubernatorial
action but are held for re-submission to the
next Legislature.
We quote in part as follows from a
BONDS
County & Town Issues
SCHERCK, RICHTER COMPANY
LANDRETH BUILDING, ST.
LOUIS, MO.
Harrisburg dispatch
Philadelphia "Inquirer" of Aug. 9 regarding the out¬
of the session:
Another factor in
effecting a savings in the cost of relief was the suc¬
majority to force a reduction in administration
expenditures.
Although the administration expenses, now 13% per
month, have been
gradually declining, the Republican bloc of the Senate insisted
the
cessful fight of the Senate
duction
was
arkansas
re¬
not commensurate
State & Municipal Bonds
with the
dwindling relief load.
Cost Reduction Forced
Accordingly, it forced through the General Assembly a
program requir¬
ing the Democratic-controlled State Emergency Relief Board to
.
cut the
administration expense to
12%, beginning next month, and a 1 % per month
thereafter until the amount reaches
8% in January.
Since the $45,000,000 relief
appropriation is expected to run out Jan¬
WALTON, SULLIVAN & CO.
reduction
uary 31, the question of administration expenditures and
provision of new
unemployment assistance funds will be a knotty problem for the
Legis¬
lature at the 1937 regular session.
'
To finance his original program for relief and
other items in his
call,
Earle proposed seven taxes to raise the
required $80,650,000.
They were:
Increasing the gasoline tax from 4 to 5 cents to
yield $12,000,000.
Boosting the personal property tax from one to four mills for State
pur¬
poses and lifting exemptions allowed stockholders and
bondholders of
Pennsylvania corporations to raise $40,000,000.
Imposing a graduated tax on chain stores $3,000,000.
A 10% tax on liquor sold at State
Stores, to be paid by the consumers
$7,500,000.
LITTLE ROCK, ARK.
levy $5,000,000.
Boosting the license fees upon heavier trucks and trailers
$3,000,000.
Increasing the corporate net income tax from 6 to
10% $10,150,000.
Only three of his proposed levies were enacted into the final
program,
which became law today when the Governor cleaned
up his desk by ap¬
proving all bills submitted to him by the Legislature.
.
In the final compromise program the
corporate net income tax, personal
property, with the exemptions to Pennsylvania corporation
restored, and
the liquor tax were the only ones included.
The compromise tax relief program enacted follows:
Increase in the personal
property tax, to yield $18,000,000.
Ten per cent, liquor tax
$7,500,000.
EUDORA WESTERN DRAINAGE
DISTRICT, Chicot
,
County, Ark.
BOND SUIT FILED—A suit for
$266,000 principal and for interest alleged
past due on bonds of the above district, was filed in
Federal Court at Little
Rock recently by three
bondholders, according to report.
The bonds are
said to be part of the district's
outstanding indebtedness of $648,000, on a
bond issue of $585,000 made
April 2, 1923, and an issue of $100,000 made
on Aug.
1, 1925.
This district has been in
receivership since December,
1931, when it was sued for $41,000 in past due principal and interest
by the
Franklin American Trust
Co., St. Louis.
•
STUTTGART,
$5,000
Long
634 SOUTH SPRING ST.
Proposed. Constitutional Amendment to Change Municipal
Borrowing Limits—In the Aug. 4 issue of "Citizens' Business,"
a
Philadelphia publication, the following article appeared
dealing with a proposal to amend the State Constitution in
relation to the borrowing powers of local units of the
State:
in
the
a
State:
(1)
Philadelphia, which may
now
borrow
deduct such
debt to
the extent that
the revenues
in
of
operating
met the interest and sinking fund charges.
(4) Any county, city,
township, or other municipality or incorporated district
could
borrow, in addition to all,other borrowings, up to 3% to construct or
com¬
plete sewage-treatment works.
expenses
borough,
excess
111 Sutter St.
to
10% of the assessed value of taxable real and personal
property, could
borrow up to 15% of the assessed valuation of taxable real
property.
(2)
Allegheny County, which may now incur debt up to 7 % (under certain con¬
ditions 10%) of the assessed value of all taxable
property, could borrow up
to 10%
(perhaps under certain conditions 13%) of the assessed value of
taxable real property.
(3) Philadelphia, which may now deduct debt for
a
revenue-producing improvement as a charge against the
borrowing
capacity if the improvement yields revenues in excess of operatin expenses
sufficient to meet the interest and sinking fund charges on the
debt, could
Park
&
by the City
Playground
@ 3.45%
J
LOS ANGELES
TELETYPE
LA
566
Municipals
DONNELLAN
gov¬
up
•
California
proposed constitutional amendment that
following changes in the borrowing capacity of local
stated
MEMBER LOS ANGELES STOCK EXCHANGE
gasoline, chain and electric current
taxes, was directly attempting to "sock the market
basket, the motorists
and the home owner," Republican leaders aver.
The Legislature has approved
is
Ff3ootke,§illelte 8 Co.
The bulk of the taxes will fall
would make the
Beach
5's 6-1-52
force taxation upon the average citizen.
In fact, Gov. Earle, in proposing the
ernments
ALLOTMENT—It
CALIFORNIA MUNICIPALS
Increase in the
heavily upon industry, belying the Gover¬
repeated charges that the Republican leadership has been
trying to
Ark.—PWA
Clerk that the Public Works Administration has
approved a grant of $61,000
and a loan of $75,000 for street
improvement purposes.
He also reports
that the loan will be secured
by the $75,000 4% street improvement bonds
approved by the voters last October and upheld as to
validity by the State
Supreme Court on June 8, 1936, as noted here.
Denom. $500. Dated
Nov. 1, 1935.
Due from Nov. 1, 1938 to 1949 incl.
corporate net income tax from 6 to 10%
$10,850,000.
A 4% ad valorem tax on distilled
liquor sold to the State Liquor Stores
System $1,400,000.
Increasing the utilities gross receipts tax from 14 to 20 mills
$1,250,000.
Extending the personal property tax to banks, trust
companies and
savings institutions $2,500,000.
'
Extension of inheritance taxes $500,000.
Corporate loans tax $3,000,000.
nor's
ST. LOUIS, MO.
ARKANSAS
,
An electric current
a
'
LEEDS, Ala.—PWA ALLOTMENT—It is stated by the City Clerk that
Public Works Administration has
approved a loan of $49,000 and a
grant of $40,091 for sewer system
completion but he reports that no bonds
have been issued as yet.
trol and elimination of fire hazards
at State institutions.
On Aug. 7 Governor Earle had before him
for signature or
veto 16 bills passed
by the
come
noon
Aug. 15, 1936.
the
Session Ends—The 14-week
special session of the General As¬
sembly adjourned finally at 5:18 o'clock on the
morning of
Aug. 7, while the governmental officials settled down to the
task of putting into effect
legislation to provide $45,000,000
for unemployment relief until next
February and consumma¬
tion of a $5,500,000
program for social security, flood con¬
to the
&
GOODWATER, Ala.—BOND
involving State participation."
Pennsylvania—Relief Fund Plans Begin as Legislative
total of 62 measures.
Marx
scheduled for Sept. 8 in order to
vote
in
Dated
.
to
equal to 100.23, a
from 1937 to 1951.
suggested
until
purchase of
warrants.
BOND SALE—The $34,000 issue of
5% coupon semi-
refunding bonds offered
awarded
that the problem be studied
"against the day when the
Federal Government
may withdraw entirely from the field
or launch a
program
a
& Co.
1877
ST. LOUIS
Old
a
WANTED
Arkansas—Illinois—Missouri—Oklahoma
Markets
WM. J. MERICKA
1117
San
& CO.
Francisco, Calif.
Telephone Exbrook 7067
Teletype-S F 396
CALIFORNIA
LOS ANGELES
COUNTY
(P. O. Los Angeles), Calif.—BOND OF¬
FERING—The County Clerk will receive bids until
2 p.m. Sept. 1 for the
purchase of the following school district bonds: $30,000 Grant School
District bonds, $23,000 Los Nietos School District
bonds, and $20,000
Alameda School District bonds.
LOS
ANGELES
COUNTY
FLOOD
CONTROL
DISTRICT
(P.
O.
Los Angeles), Calif.—BOND OFFERING— Sealed bids will be received
until 2 p. m. on Aug. 18, by L. E.
Lampton, County, Clerk for the purchase
Financial
1118
Chronicle
$5,594,000 issue of 5% flood control bonds,
Denom. $1,000.
Dated
July 2, 1924.
Due on July 2 as follows: $200,000, 1937 to 1958, and
$199,000 from 1959 to 1964, all incl. Prin. and int.(J.& J.2) pay. in lawful
money of the United States, at the office of the County Treasurer in Los
Angeles.
The bonds will be sold for cash only and at not less than par
and accrued int.
No bid will be considered at a lower rate of interest
of
Aug.
IS,
1936
a
BONDS
FLORIDA
5%.
The legal approving opinion of O'Melveny, Tuller & Myers,
of Los Angeles, will be furnished to the successful bidder.
A certified
check for 3% of the amount of the bonds, payable to the order of the
Chairman of the Board of Supervisors, must accompany each bid.
than
PIERCE-BIESE CORPORATION
(This report supplements the offering notice given in these columns
recently—V. 143, p. 955.)
The following information is furnished with the offering notice:
The assessed valuation of taxable real property in said Los Angeles County
Flood Control District for the year 1936 is $1,978,062,260, and the amount
of bonds previously issued and now outstanding is $25,589,125.
The Los Angeles County Flood Control District contains an area of
approximately 1,722,880 acres.
MONTEREY COUNTY (P. O.
JACKSONVILLE
Miami
Orlando
Tampa
Salinas), Calif.—BOND OFFERING—
receive bids until Aug. 20 for the purchase of $12,500
building bonds issued by Santa Rita School District.
The County Clerk will
school
Calif.—BOND ELECTION—A special city elec¬
NEWPORT BEACH,
18 at which a proposal to issue $300,000
disposal plant and water main bonds will be submitted to the
tion has been ordered for Aug.
sewage
voters.
Orlando,
SAN DIEGO COUNT\
Fla.^^^HJacksonville, Fla.
(P. O. San Diego), Calif.—BOND OFFERING
Bell
System
Teletype
—Sealed bids will be received by J. B. McLees, County Clerk, until 11a.m.
Aug. 17, for the purchase of a $10,000 issue of Pauma School District
bonds.
Int. rate is not to exceed 5%, payable J. & J.
Denom. $500.
Dated July 27, 1936.
Due $1,000 from July 27, 1938 to 1947, incl. Prin.
and int. payable in lawful money at the County Treasurer's office.
A
certified check for 3%, payable to the Chairman of the Board of Super¬
visors, must accompany the bid.
Orlando
on
FLORIDA
"It reversed in part a Pinellas court decree which
SAN DIEGO COUNTY
(P. O. San Diego), Calif.—BOND SALE—
The $28,000 Cajon Valley Union School District bonds offered on Aug. 3—
V. 143, p. 797—were awarded to Miller, Hall & Co. of San Diego at a
premium of $186, equal to 100.664, for 4Ms, a basis of about 4.44% .
Dated
July 13, 1936.
Due July 13, 1950.
SANTA BARBARA, Calif.—BOND AWARD DEFERRED—It is stated
by Walter B. Mcintosh, City Clerk, that the award of the $21,000 not
6% semi-ann. tennis court bonds, previously scheduled for Aug. 10
—V. 143, p. 955—will be made on Aug. 13.
uated Aug. 15, 1936.
Due
from Aug. 15, 1937 to 1947.
to exceed
SEMITROPIC
SCHOOL
voters of the district on
DISTRICT,
Calif.—BONDS VOTED—The
July 29 approved a proposed $18,000 school building
bond issue.
rmmn
10
validated
a
$1,049,000
by the City of Belleair for use in refunding five out¬
standing issues, which originally totaled $1,279,700.
"The decision upheld the lower court decree insofar as it affected issues of
$110,000 and $50,000, dated 1925 and 1927, but reversed a decree as to
other issues totaling $1,119,700.
Some payments have been made on the
bond issue planned
bonds.
"Taxpayers contended the issues totaling $1,119,700 were not used for
public purposes, but went principally to the benefit of the Belleair Estates,
Inc., and the Bellevue-Griswold Hotel Co.
"The court siad it appeared a $300,000 issue, dated 1924, was used to
improve the waterfront of the hotel property, that it was voted by 10 per¬
sons, all of whom were employees of the hotel.
There were 26 persons on
the tax roll at the time.
"Two 1925 issues, totaling $819,700 were used in construction, grading,
in Belleair Estates, a subdivision."
and paving the streets
ESCAMBIA COUNTY SPECIAL TAX SCHOOL DISTRICT NO.
Rocky Mountain Municipals
ARIZONA—COLORADO—IDAHO—MONi ANA
NEW MEXICO
—
8
Penascola), Fla.—BOND OFFERING—J. H. Varnum, Superin¬
Board of Public Instruction, will receive bids until
10 a. m. Sept. 1 for the purchase of $30,000 4% school bonds.
Denom.
$500.
Dated Nov. 1, 1936.
Prin. and se.mi-ann. int. (Apr. 30 & Oct. 31)
payable at the Escambia County depository of school funds or at the
Central Hanover Bank & Trust Co. of New York.
Due $1,000 yearly
on Oct. 31 from 1937 to 1964, and $2,000 Oct. 31, 1965.
(P. O.
tendent of the County
WYOMING
DONALD F. BROWN & COMPANY
of—TAX LEVY SET AT 2M MILLS—Governor
2M mills, reducing it 3 mills from the
dispatch from Tallahassee
on Aug. 5.
It is said that 1 mill represents about $375,000 tax on real
estate in Florida.
The reduction, the Governor said, was made possible
because there are balances in various funds supported by direct ad valorem
taxation.
The new tax levy is reported to be the lowest in the history of
FLORIDA,
DENVER
State
Sholtz fixed the State tax levy at
Telephone: Keystone 2395
—
Teletype: Dnvr 15
1935-1936 levy, according to an Associated Press
COLORADO
ALAMOSA, Colo.—BOND OPTION GRANTED—Coughlin, McCabe &
Co. of Denver nave been granted an option on an issue of $6U,U00 re¬
funding and Works Progress Administration project bonus.
CANON CITY, Colo.—BOND SALE—The $75,000 coupon Paving Dis¬
143, p. 626—were awarded to
trict No. 5 bonds offered on July 30—V.
Guy U. Hardy and Ralph J. Wann, of Canon City, on a bid of 95 for 5s,
basis of about 5.60%.
Denom.. $500 and $1,000.
Dated Aug. 1, 1936.
a
Interest payable Feb.
time.
CANON CITY,
sold recently to
1 and Aug. 1.
Due Aug. 1, 1947; optional at any
Colo.—BOND SALE—An. issue of $25,000 5 % bonds was
Amos Sudler & Co. of Denver at a price of 95.
COLORADO, State of— TREASURY SHOWS BALANCE OF $18,000,000—Coloradans dumped a total of $46,393,251.38 in their official
State cash register during tne fiscal year ending July 1, and spent $35,145,347.41 leaving a balance of $18,861,983.42, Joseph M. Wood, public ex¬
aminer, reported recently to State Auditor Homer F. Bedford.
Included in the balance was $10,000,000 worth of highway revenue
anticipation warrants as well as Federal aid money designed for highway
construction in the State.
Receipts for the fiscal year were: Balance July 1, 1935, $7,613,979.45;
$3,884,189.21; collections from boards and com¬
collections from taxes,
missions, $30,974,596.52; collections from State
collections from U. S. Treasury (road funds),
cellaneous
institutions, $757,879.20:
$5,792,181.35,
and mis¬
collections, $4,984,505.10.
DENVER, Colo.—BOND CALL—It is reported that various storm sewer
sanitary sewer district, surfacing district, improvement district,
district,
alley paving district and street paving district bonds are being called for
payment at the City Treasurer's office on Aug. 31, or, on 10 days' notice
before the expiration of this call, at the Bankers Trust Co. in N. Y. City.
the State.
GEORGIA
Ga.—BOND ELECTION— An election will be held on
Oct. 31, it is said, in order to vote on the issuance of $160,000 in bonds,,
divided as follows: $55,000 swimming pool; $45,000 school; $30,000 sewer,
COLUMBUS,
and $30,000 street
bonds.
•
HAPEVILLE, Ga.—BOND ELECT ON— It is reported that an election
order to vote on the issuance of $35,000 in sewer,
water and park bonds.
will be held on Sept. 9 in
WRIGHTSVILLE, Ga.—BONDS VOTED—At
July 29—V. 143, p. 626—the voters are said to have
of the $15,000 in street paving bonds.
the election held on
approved the issuance
IDAHO
Idaho—BOND OFFERING—Sealed bids will be re¬
ceived until 8 p. m. on Aug. 25, by R. L. osborn. City Clerk, for the pur¬
chase of a $46,000 issue of coupon refunding bonds.
Interest rate is not
to exceed 6%, payable J.
& J.
Denom. $1,000.
Dated July 1, 1936.
The bonds shall be payable on an annual amortization plan, in 2 to 20
years from and after tne date of issue.
The last five maturities of said
bonds are to be redeemable at the pleasure of the city on July 1. \fOl, or
on any interest paying aate thereafter.
Prin. and int. payable at the City
Treasurer's office or at the Idaho Bank & Trust Co., Blackfoot.
The
bonds will not be sold for less than par and accrued interest.
The ap¬
proving opinion of Pershing, Nye, Bosworth & Dick, ot Denver, will be
furnished.
A certified check for 5% of tne amount bid, payable to the
BLACKFOOT,
city, is required.
CONNECTICUT
BRITAIN,
inspected.
Bonds will be delivered to the purchaser on or about Aug.
31, at The First
National Bank of Boston, 17 Court St., Boston.
Debt Statement, Aug. 3,
/
$118,742,459
5,937,123
-
6,241,000
1,190,000
411,000
289,886
140,000
Total bonded debt, outstanding—
Water bonds, included in total debt
.
Subway bonds, included in total debt
Sinking fund, not including water or subway sinking funds—
Short-term debt, serial notes due within 5 years
Tax levy 1936, $2,742,149; uncollected Aug. 1, 1936, $466,358.
Tax levy 1935, $2,644,595; uncollected Aug. 1, 1936, $249,689.
Tax levy 1934, $2,655,370; uncollected Aug. 1, 1936, $181,971.
Population,
68,128.
Note—The above described notes
are
30
of
the $45,000 in
MONTPELIER, Idaho—BONDS NOT SOLD—The $56,000 issue of not
4% coupon semi-annual water works improvement bonds offered
Aug. 6—V. 143, P, 626—was not sold as no bids were received, according
to the City Clerk.
Dated July 1, 1936.
Due from July 1, 1938 to 1956.
to exceed
on
RIGBY, Idaho—BOND OFFERING—Sealed bids will be received unti
8 p. m. on Aug. 31 by the City Clerk for the purchase of a $15,000 issue
of water works refunding bonds.
A certified check for 5% of the bid,
payable to the City Treasurer, is required.
1
UCON, Idaho—BOND SALE DETAILS—The Chairman of the Village
American
p. 626—
Board reports that the $7,500 funding bonds purchased by the
National Bank of Idaho Falls, at par, as noted here—V. 143,
bear int. at 7% and will mature in 10 yearly payments.
'
O.
Weiser), Idaho—BOND SALE—The $22,000 bonds offered on Aug. 10
143, pp. 626 and 798—were awarded to the Idaho First National
Bank, of Boise, and Sudler, Wegener & Co., Inc., of Boise,
jointly, as
3 Ms, at a premium of $100, equal to 100.454.
Dated July 1, 1936.
Pay¬
able on the amortization plan over a period of 20 years.
Richards & Blum
of Spokane, submitted the next high bid, a premium of $58.50 for 3Ms.
WEISER
INDEPENDENT
SCHOOL
DISTRICT
NO.
1
(P.
—V.
1936
Assessed valuation (last completed grand list)Net bonded debt limit (5%)
CALDWELL, Idaho—BONDS VOTED—At the election held on July
143, p. 467-—the voters are said to have approved the issuance
bridge construction bonds.
—V.
Conn.—NOTE OFFERING-W. H. Judd, President
of the Board of Finance and Taxation, will receive bids until 11:30 a. m.
(Daylight Saving Time) Aug. 21 for the purchase at not less than par of
$125,000 coupon tax anticipation notes.
Bidders are to name rate of
interest, in a multiple of M%.
Denom. $5,000.
Dated Aug. 1, 1936.
Prin. and semi-ann. int. Jan. 1 and July 1 payable at the First National
Bank of Boston or at the New Britain National Bank, at holders' option.
Due $25,000 yearly on July 1 from 1937 to 1941.
to Notes will be engraved under the supervision of and authenticated as to
genuineness by The First National Bank of Boston; their legality will be
approved by Storey, Thorndike, Palmer & Dodge, whose opinion will be
furnished the purchaser.
The original opinion and complete transcript of
proceedings covering all details required in the proper issuance of these notes
will be filed with The First National Bank of Boston where they may be
NEW
issued pursuant to No. 405 of the
ILLINOIS
BUCK TOWNSHIP (P. O. Redmon, 111.—BONDS SOLD—It is stated
by the Town Clerk, that $30,000 road improvement bonds have been pur¬
chased by the H. C.
Speer & Sons Co. of Chicago.
Special Acts of 1907 and No. 44 of the Special Acts of 1933, and all taxable
CHAMPAIGN, ILL.—BOND ELECTION—A referendum is to be held
on Aug. 24 at which the voters will decide whether or not the city is to
property in the city is subject to the levy of unlimited ad valorem taxes to
issue $25,000
pay
the same.
city building bonds.
CHICAGO,
111.—PROPOSED
WARRANT ISSUE HELD
UP—It is
.which were to have
relief funds has been rejected by Chapman & Cutler,
municipal bond attorneys of Chicago, who have expressed the opinion that
the legality of the warrants is questionable.
It is believed that measures
will be taken to overcome the objections of the said attorneys.
reported that the proposed $6,000,000 issue of warrant
FLORIDA
been sold to provide
BALLEAIR, Fla.—STATE SUPREME COURT RULES ON VALIDITY
OF OUTSTANDING BONDS—We quote in part as follows from an Asso¬
Aug. 5:
said today municipal bonds
ciated Press dispatch out of Tallahassee on
"The Supreme Court
issued
'primarily to
void insofar
benefit the property of a corporation or chartered company' are
as
they are a charge against the mpniciplaity.
COLLIN5VILLE, III.—BONDS AUTHORIZED—The City Council is
providing for the issuance
reported to have approved recently a resolution
of $115,383 in funding bonds.
„
V
Volume
143
Financial
Chronicle
COOK COUNTY SCHOOL
DISTRICT NO. 69 (P. O. Niles Center),
l\l.—REFUNDING PLAN OFFERED BY DISTRICT—The Board of Edu¬
cation of Cook
County, School District No, 69. at a meeting held June 26,
approved a plan for
refunding of bonds issued by the District and has
awarded
B. Vick and Co.
Refunding Agent.
It is proposed to issue a
total of $165,500 new bonds to be dated Oct.
1,
1936 and due Oct. 1, 1956 to be
made optional in serial installments on or
after Oct. 1 of the
years 1940 to 1954 inclusive.
$10,000 of this amount
will constitute new
4M % bonds, proceeds to be used to
pay interest up to
Oct. 1, 1936.
Holders of past due bonds will receive cash
for their bonds
and interest when
and if the Plan is declared
operative.
The holders of
the several issues of
bonds maturing after Oct
1, 1936 are asked to accept
new
Refunding bonds with the same interest rate as the old with the ex¬
ception of the $17,500 par value
6% bonds, the holders of which are asked
to accept
4M% bonds.
Due $500
Indianapolis
at
a
Ind.—NOTE
m.
OFFERING—
Aug. 17 for the purchase of
SPEEDWAY SCHOOL
TOWN, Ind.—BOND OFFERING—The Board
m. Aug. 20 for the purchase at
$56,000 4M% school building bonds.
Denom. $500.
Dated Aug. 20, 1936.
Principal and semi-annual interest (Jan. 15 and
July 15) payable at the
Speedway State Bank, Speedway.
Due each six
months as follows:
$500 from July 5, 1937 to July 5,1940; $1,000 from Jan.
5, 1941 to July 5, 1942;
$1,500 from Jan. 5, 1943 to Jan. 5, 1945, and
$2,000 July 5, 1945 to Jan. 5,
1955, and $1,000 July 5, 1955.
of Trustees will
receive bids until 7:30 p.
Money available from current tax levies and
also funds available from
uncollected taxes levied for
prior years for payment of bonds and
(or) in¬
paid or refunded, after
payment of all war¬
issued in anticipation of
such taxes, shall be
deposited in the depositary bank of the
.
special account
designated as "Refunding Bond, Series of
1936, and Interest Sinking Fund
Account of School District No.
69, Cook County, Illinois."
Money in
the Sinking Fund Account
shall be used first for
payment of interest on
the Refunding bonds.
After setting aside a sum
of money equal to the
amount of interest that will
accrue on said
Refunding bonds within the
-next 12 months'
period, the Treasurer of the School
District shall, from
time to time, call the
proper bonds for payment.
The plan is to be declared
operative upon receipt of
approvals or tenders
for exchange of
85% of the
WABASH, Ind.—BOND
SALE—The $33,900 4%
coupon
funding and
fire equipment bonds offered on
Aug. 8—V. 143, p. 798—were awarded to
the First National Bank of
Wabash at a premium of $2,973.73, equal to
108.772, a basis of about 3.02%.
Dated Aug. 8, 1936.
Due $847.50 each
six months over a
20-year period.
presently outstanding bonds or such lesser
Refunding Agent and the Board
be agreed upon by the
I1I9^L^ND. tpark PARK
District of
of
not less than par of
terest coupons that have been
rants that may have been
Iowa
Municipals
DISTRICT,
111.—BOND SALE—The
Highland Park at public sale on
Aug. 11 awarded an issue
of $20,000
general obligation bonds to
Lewis, Pickett & Co., Chicago, on
their bid of
$1,198 premium for
3M% bonds.
This bid ^equals
105.99
about a 2.45% basis for 8
1-3-year average bonds.j
TY
Huncilman
City Securities Corp. of
Indianapolis as 2s, at a premium of $33, equal to
100.201, a basis of about 1.93%.
The Rushville National Bank, Rush
ville, offered a premium of
$65.69 for 2Ms.
Dated Aug. 15, 1936.
Due
as follows:
$1,421.34 July 1, 1937, and $1,500 on Jan. 1 and
July 1 in each
of the years from
1938 to 1942.
orderly retirement of prin¬
amount as may
of Education.
&
103.406, a basis of about 3.62%.
Dated July 1, 1936.
1 and July 1 from 1938 to 1947 incl.
RUSHVILLE, Ind.—BOND SALE—The $16,421.34 coupon judgment
funding bonds offered on Aug. 7—V. 143, p. 798—were awarded
to the
«■
a
to
Jan.
798—were
premium of
p.
McNurlen
on
PIKE COUNTY
(P. O. Petersburg),
County Auditor will receive bids until 10 a.
$25,000 tax anticipation notes.
For the purpose of
providing for the payment of principal of and interest
upon these
Refunding bonds as they respectively become due an ordinance
will be passed to
provide for the levy and collection of a direct annual tax
upon all the taxable
property within the School District in such amounts
as will assure
prompt payment of interest and
School District in
to
$136.25, equal
appointed M.
cipal.
1119
MITCHELL SCHOOL
CITY, Ind.—BOND SALE—The $4,000 4M%
coupon heating plant
bonds offered on Aug. 10—V. 143,
MOLINE, 111.—BOND SALE—The
city has sold $122,000^3%
S??? ^ refunding bonds, issued to retire outstanding
6% debt,
White-Phillips Corp. of Davenport.
Dated
Des Moines
Building
DES MOINES
Waterloo
puiofic
Ottumwa
Davenport
Cedar Rapids
to the
Due July 15,
July 15, 1936.
1947.
Polk-Peterson Corporation
Iowa City
A.
T.
& T.
Sioux
City
Sioux Falls, S. D.
Teletype: DESM 31
OAKLAWN, 111.—BONDS DEFEATED—The
defeated recently
bonds.
a
water
voters are said to have
proposal to issue $195,000
in4^% sanitary sewer and
IOWA
^
OAK
PARK, 111.—BOND
tary of the Board of Park
BUENA VISTA COUNTY (P. O. Storm
Lake),
ING—It is stated that bids will be received until
SALE—It is stated by G. A.
Lindberg, Secre¬
Commissioners, that $23,500
bonds were sold in
May to the Suburban Trust &
Savings
comfort
Treasurer, for the purchase of
station
Bank, of Oak Park.
COUNTY ROAD DISTRICT
NO. 4 (P. O.
Winchester),
—BONDS SOLD—It is stated
by Bert Mills, County Clerk, that
$300,000 road bonds have been
sold as
3Ms.
Iowa—BOND OFFER¬
Sept. 3, by the County
$400,000 issue of primary road bonds.
CALHOUN COUNTY (P. O. Rockwell
City), Iowa—BOND OFFER¬
SCOTT
I
a
ING—It is reported by the State
Highway Commission that bids will be
received until Sept. 4, for the purchase of a
$400,000 issue of primary road
bonds.
SPRINGFIELD,
III.—BOND OFFERING
POSTPONED—Inconnection
Aug. 17, of the $8,000,000 issue of
3, 3 M and
3M% coupon electric revenue
bonds, notice of which was given in these
columns—V. 143, p. 956—it is stated that
the Mayor and
Commissioners
have directed
Ray E. Simmons, City
Comptroller, to advise bidders that
the offering has been
postponed until after an election
with the sale scheduled
for
has
order to let the voters
been
held in
pass on the proposed acquisition
by the city of the
electric arnj heating properties of the
Central Illinois Light Co.
VIENNA, 111.—BONDS
$12,500
SOLD—B.
water system bonds have been
S.
Gray,
City
purchased by
a
Clerk, states that
local bank.
WESTFIELD, 111.—BOND SALE—A $3,000 issue of
4M% semi-annual
road bonds approved
by the voters at an election held on
July ll was
purchased by the First National
Bank of Casey,
according to the Town
Clerk.
Dated Aug. 1, 1936.
Due $1,000 from 1937 to
1939.
WILLIAMSON COUNTY
(P.
O.
Marion),
III.—BOND
SALE
DE¬
TAILS—In connection with the sale of
the $170,000
refunding bonds to
Seipp, Princell & Co. of Chicago, as
reported in these columns
early in July
—V. 143, p. 146—we are now
informed that the bonds bear
interest at 5%,
payable J. & J.
Denom. $1,000.
Dated July 1, 1936.
Due on July 1,
1956; optional on July 1 as follows:
$5,000, 1938 to 1944; $10,000, 1945
to 1953, and
$15,000, 1954 to 1956.
Principal and interest payable at the
Continental Bank & Trust
Co., Chicago.
Approving opinion by Chapman
& Cutler of
Chicago.
CENTRAL
CITY
SCHOOL
Aug. 3 the School Board
of
DISTRICT, Iowa—BOND SALE—On
sold $38,000
$256, equal to 100.673.
refunding bonds
as
3Ms at
a
premium
CHEROKEE COUNTY (P. O.
Cherokee), Iowa—BOND OFFERING
—It is reported by the State
Highway Commission that bids will be received
until Sept. 2, for the purchase of a
$500,000 issue of primary road bonds.
EAGLE GROVE, Iowa—PRICE PAID—It is now
reported by the City
Clerk that the $39,000 water works bonds
purchased by the Carleton D.
Beh Co. of Des Moines, as
2Ms, as noted in these columns—V. 143, p.
956—were purchased at
a
from 1938 to 1956.
price of 100.615,
a
basis of about 2.69%.
Due
>
.
FREMONT COUNTY (P. O. Sidney), Iowbl—CERTIFICATE OFFER¬
ING—C. C. Case, County Treasurer, will receive bids until
2p.m. Aug. 26
for the purchase of $40,000
anticipation road certificates.
Denom. $1,000.
Due $20,000 on Dec. 31 in 1937 and 1938.
GALVA, Iowa—BONDS REJECTED—The
refused
approval
of
a
voters
at
proposed bond issue of $12,000
a
recent election
for
a
building.
GOWRIE,
community
Iowa—BOND INJUNCTION DENIED—A district
court
injunction was denied recently in a suit to have the above town restrained
refunding a $74,500 issue of municipal lighting plant bonds that was
floated in December, 1934.
from
INDIANA
EAST
CHICAGO, IND.—BOND OFFERING—M.
A.
McCormick, City
receive bids ubtil 2 p.m.
Aug. 24 for the purchase at not less
$160,000 municipal building bonds.
Bidders are to name rate
of interest, in a
multiple of M%.
Denom. $1,000.
Dated March 1, 1936
Interest payable Jan. 1 and
July 1.
Due $8,000 yearly on Jan.
1 from
1938 to 1957, incl.
Certified check for
$1,000, payable to the city re¬
quired.
Approving opinion of Matson, Ross, McCord &
Clifford of
Indianapolis, will be furnished by the city.
GEORGETOWN TOWNSHIP (P. O.
Georgetown), Ind.—BONDS
SOLD—It is stated by
Virgil Summers, Trustee, that the
$10,800 school
bonds offered on April
10, as noted here, were purchased
by the George¬
town State Bank, as 4s, for a
premium of $214.95, equal to
101.99, a basis
of about 3-71%.
Dated April 10, 1936. Due
$360 each six months from
July 1, 1937, to Jan. 1, 1952, incl.
,
Controller, will
than par of
INDIANAPOLIS, Ind.—LOAN OFFERING—Walter C.
Boetcher, City
Controller, will receive bids until 11 a. m.,
Aug. 18 for the purchase of the
following temporary loans:
$500,000 loan, payable from current
revenues, interest not to exceed
6%.
125,000 loan for use of Board of
Health, interest not to exceed 6%.
Notes are payable in 79
LOAN
II
a.
m.
benefit
days.
OFFERING—The City Controller
Aug. 27 for the purchase of a
of
the
Sanitary
District
of
will also receive bids
until
temporary loan of $100,000, for the
Indianapolis, designated
Sanitary
Maintenance and General Expense Fund
relief.
Int. is not to exceed
6%
Of the notes $50,000 will be
dated Sept. 1 1936 and the
balance Oct. 1, 1936
All will mature Nov. 20,
1936, payable at the City Treasurer's
office.
JACKSON TOWNSHIP SCHOOL
TOWNSHIP (P. O.
Charlottes¬
ville, R. F. D. No. 1), Ind.—BOND SALE—The
$4,000 issue of
3M%
semi-annual school bonds offered for sale on
Aug. 7—V. 143, p. 627—was
awarded to McNurlen & Huncilman of
Indianapolis, paying a premium of
$130.50, equal to 103.26, a basis of about
2.90%.
Dated July 30. 1936.
Due from Dec. 15, 1938 to
1945, incl.
JONESBORO
SCHOOL TOWN, Ind.—BOND
SALE— The $5
500
funding bonds offered on July 15—V. 143, p.
146—were sold
July 24 to the First National Bank of Marion as
5^s at a premium of
$304.75, equal to 105.54, a basis of about
4.50%.
Denom. $500.
Dated
July 1, 1936.
Interest payable Jan. 1 and
July 1.
Due $500 each six
months from July 1, 1940 to
July 1, 1945, inclusive.
coupon school
on
KOKOMO,
Ind.— WARRANT
SALE—The
$70,000
time
warrants
Aug. 12 were awarded to the Union Bank &
Trust Co. of
Kokomo
1% interest, plus a $10 premium.
The Indianapolis
Bond & Share
Corp. bid for 1Ms at a premium of $16.50.
offered
on
at
LAKE
COUNTY
(P. O. Crown Point), Ind.—BOND
SALE DE¬
FERRED—Joseph E. Finerty, County Auditor, states
that the
offering of
$47,000 not to exceed 4% interest bridge bonds
scheduled for Aug. 11
has
been postponed due to the
present inability of the
county to obtain a legal
opinion on the issue.
GRAETTINGER, Iowa —PRICE PAID—It is reported by the Town
Clerk that the $6,000 2M% semi-ann. water works
bonds purchased by
the
HARLAN, Iowa—BOND OFFERING—L. D. BiUings, Secretary of the
of Trustees of the Light and Power
Plant, will receive bids until
8p.m. Aug. 20 for the purchase of the following bonds:
Board
$56,000 electric light bonds, constituting a lien on new plant and
engine,
and subject to $32,000 revenue bonds
already outstanding. Due
$5,000 each six months beginning March 1,
1944; callable on 30
days' notice.
;
23,000 electric bonds, liens on new plant and engine, subject to $32,000
outstanding revenue bonds and $56,000 issue offered at the same
time.
Due $5,000 each six months
beginning Sept. 1,1949; callable
on 30 days' notice.
Certified check for 5% required.
.
HUMBOLDT COUNTY (P. O. Dakota
City), Iowa—CERTIFICATE
OFFERING—Thomas B. Byrne, County Treasurer, will receive bids until
10 a. m. Aug. 18 for the purchase of $23,000
secondary road anticipation
certificates of indebtedness, maturing Dec.
31, 1937.
HUMBOLDT COUNTY (P. O. Dakota
City), Iowa—BOND OFFER¬
ING—It is reported by the State
Highway Commission that bids will be
received until Sept. 4, for the purchase of
bonds.
LOUISA
SCHOOL TOWNSHIP (P. O. Terre
Haute),
SALE—The $9,000 4% coupon school
building bonds offered
V. 143, p. 627—were awarded to Charles
G. Pickett
of
premium of $540, equal to 106, a basis of about
2.65%.
Dated July 15. 1936.
Int. payable Jan. 15 and
July 15.
six months from Jan. 15, 1937, to
July 15, 1945, incl.
a
Ind.—BOND
on
Aug. 10
Indianapolis
at
Denom. $500
Due $500 each
COUNTY
(P.
election has been called for
construction bonds.
a
$400,000 issue of primary road
O. Wapello), Iowa-BOND ELECTION—An
Sept. 1 at which a proposal to issue $13,750 jail
OGDEN, Iowa—BONDS TO BE SOLD—It is reported by D. O. Clark*
Town Clerk, that the $64,000
municipal electric light and
power
plant bonds
mentioned in these columns last June—V.
142, p. 4218—-will be taken by
the contractors.
A loan in like amount has been
approved by the Public
Works Administion.
POCAHONTAS
COUNTY
(P.
O.
Pocahontas),
Iowa—BOND
OFFERING—It is reported by the State
Highway Commission that bids will
be received until Sept. 3, for the purchase of a
$400,000 issue of primary
road bonds.
SIOUX CITY, Iowa—BOND
OFFERING—It is stated by C. A.
Carlson,
City Treasurer, that he will receive both sealed and
open bids at 2 p. m.
Aug. 26 for the purchase of two issues of bonds
aggregating $380,000,
divided as follows:
on
v.
$315,000 flood
bonds.
Due on July
1 as follows: $16,000,
1945, and $17,000, 1946 to 1956, all incl.
65,000 improvement bonds.
Due on Nov. 1 as follows:
$15,000, 1938;
$20,000, 1939, and $30,000 in 1940.
Denom. $1,000.
Dated July 1, 1936.
Bidders to
1938
interest.
Prin.
LINTON
Graettinger State Bank, as doted here recently—V. 143, p. 956—were
a premium of $40,
equal to 100.666, a basis of about 2.64%.
sold for
and
Bids
int.
protection
to
will
name
be
received
on
the
separate
issues
or
the
rate
of
collectively.
payable at the City Treasurer's office.
The approving
opinion of Chapman & Cutler of
Chicago will be furnished.
A certified
check for 2% must
accompany the bid.
WAUKON SCHOOL
DISTRICT, Iowa—BONDS DEFEATED—The
District on Aug. 4 voted down
proposal to issue $28,000 school
building bonds.
The
vote was 311 "for" to
243 "against,"
but 60%
majority was required for approval.
voters of the
Financial
1120
interest may be bid for
$100,000 Quincy
election at which the voters
AUGUSTA, Kan .—BOND OFFERING—W. W. Gron, City Clerk, will
Aug. 17 fo/the purchase of $70,000 2% internal
bonds.
Denom. $1,000.
Dated Aug. 1, 1936. / Due in from
to 10 years.
Certified check for 2 % of bid, payable to the City Treasurer,
Foundation, Improvements, Etc.,
150,000 Chelsea Street and Eastern Avenue Bridge bonds.
Order of
City Council of Boston of Oct. 9, 1935.
Payable $8,000 anually Sept. 1, 1937 to Sept. 1, 1946 incl., and $7,000 annually
Sept. 1, 1947 to Sept. 1, 1956 incl.
100,000 New Intermediate School, Phillips Brooks District, Dorchester,
bonds.
Order of the City Council of Boston of Oct. 29, 1935.
Payable $5,000 annually Sept. 1, 1937 to Sept. 1, 1956 incl.
100,000 South Boston High School Addition bonds.
Order of the City
Council of Boston of Oct. 29, 1935.
Payable $5,000 annually
Sept. 1, 1937 to Sept. 1, 1956 incl.
10,000 Special Class School, John Marshall District, Dorchester bonds.
Order of the City Council of Boston of Oct. 29, 1935.
Payable
$1,000 annually Sept. 1, 1937 to Sept. 1, 1946 incl.
Bidder to name rate of interest in multiples of 34 %, not to exceed 3 34 %
different rate of interest may be bid for all but no part of each loan. .
impt.
reauired.
payable at the State Treasurer's officein Topeka.
of Elcock & Martin, of Wichita, will be furnished.
Prin. and semi-ann. int.
The approving opinion
HARD PAN DISTRICT (P. O. Burlington), Kan.—BONDS SOLD—
The District Clerk reports that $3,000 school bonds have been purchased
by the State Tax Commission.;,
,,
,
HILLSBORO SCHOOL DISTRICT,
Kan.—BONDS VOTED—The
District recently voted the issuance of $60,000 school building bonds.
KANSAS (State of)—
WARRANTS OFFERED PUBLICLY— Public of¬
H. Newton & Co., Inc. of $842,000
fering was made on Aug. 12 by Charles
a
4% Revenue Anticipation Warrants, Series A, purchased from the Recon¬
struction Finance Corporation.
The warrants, which are dated Aug. 1,
1934, are priced to yield from 2.50 to 2.65% for maturities ranging from
1946 to 1949.
They are exempt from all present Federal income taxes.
MORAN
DISTRICT,
SCHOOL
Group "G"—$400,000 Serial Bonds
$100,000 Hospital Department, New Buildings and Alterations and
Equipment bonds.
Order of the City Council of Boston of
Feb. 27,
1934.
Payable $5,000 annually Sept. 1, 1937 to
Sept. 1, 1956 incl.
•
300,000 Schools, West Roxbury District bonds.
Order of the City
Council of Boston of July 24, 1934.
Payable $15,000 annually
Kan .—BONDS VOTED—.A $30,000
building and gymnasium was ap¬
bond issue for construction of a school
proved at a recent election.
RAPIDS RURAL HIGH SCHOOL DISTRICT,
JOINT
LYONS AND COFFEY COUNTIES (P. O. Neosho Rapids),
OFFERING—Mabel V. Jacob, District Clerk, will receive
bids until 2 p. m. Aug. 20 for the purchase of $23,000 2 34 % coupon general
obligation bonds.
Denom. $1,000.
Dated Aug. 15, 1936.
Int. payable
Feb. 15 and Aug. 15.
Due $2,000 yearly on Aug. 15 from 1938 to 1948,
and $1,000, Aug. 15, 1949.
Certified check for 2% of amount of bid
Sept. 1,
NEOSHO
3,
Kan.—BOND
required.
"
V
•
COUNTY
ROOKS
(P.
O.
Kan.—BOND
Stockton),
1937 to Sept. 1, 1956 incl.
1
of interest in multiples of 34% not to exceed 4%;
be bid for all but no part of each loan.
,
OFFERING—
C. F. Reed, Chairman of the Board of County Commissioners, will receive
bids until 10 a. m. Aug. 19 for the purchase of $5,000 234 % public assist¬
bonds.
Denom. $500.
Dated July 15, 1936.
Due $1,000 yearly
July 1 from 1937 to 1941, incl.
Certified check for 2% of amount of
ance
bid required.
ttrf
Bidder to name rate
a
different rate of interest may
Sinking Fund Bonds
Group *'D"—$150,000
$150,000 Traffic Tunnel Bonds, City of Boston, Act of 1929, Series C.
(Chapter 297, Acts Of Massachusetts, 1929, as amended by
Chapter 287, Acts of Massachusetts, 1932 and Chapter 455,
Acts of Massachusetts, 1935.)
These bonds shall be due on Sept. 1, 1966, but may be called
„
.
PHILLIPSBURG, Kan.—BONDS SOLD—It is stated by the City Clerk
that $17,000 community hall bonds that were authorized recently, have
been purchased by a local bank.
on
Building
Market
Order of the City Council of Boston of Nov. 22, 1935.
Payable $7,000 annually Sept. 1, 1937 to Sept. 1, 1946 incl.,
and $6,000 annually Sept. 1, 1947 to Sept. 1, 1951 incl.
receive bids until 8 p. m.
NO.
different rate of
bonds.
park bonds.
2
a
Group "B"—$460,000 Serial Bonds
Kan.—BOND ELECTION—On Aug. 25 the city will hold
will pass on the question of issuing $40,000
ABILENE,
an
of 34 %,
all but no part of each loan.
Bidder to name rate of interest in multiples
KANSAS
1936
15,
Aug.
Chronicle
Bidder to name rate of interest
„
date of this loan on any
by the City after 20 years from the
date upon which interest is payable.
in multiples of 34%.
issued in the denomination of $1,000 each, and will be
1936.
Int. will be payable semi-ann. on March 1 and
Sept. 1 at the City Treasurer's office.
Cert.;check on a Boston national
bank or trust company, for 1% of amount of bonds bid for, payable to the
City Treasurer, required.
All bonds will be
dated
Sept.
1,
Mass.—BOND SALE—The $250,000 coupon municipal
Aug. 12 were awarded to Dick & Merle-Smith
of 100.777 for 134s, a basis of about 1.60% •./,D,ate.d
Due $25,000 yearly on Aug. 1 from 1937 to 1946, incl.
CAMBRIDGE,
STRONG
held
on
CITY,
Kan.—BOND ELECTION—An
election is to be
of issuing $20,000
Aug. 18 for the purpose of voting on the question
water works bonds.
SYLVIA,
$21,000
bond
issue
for
approved by the voters at
a
con¬
recent
election.
WALLACE, Kan.—BOND ELECTION—The city will hold an election
of issuing $14,000
Aug. 17 for the purpose of voting on the question
bonds for construction of water works improvements.
Kan.—BONDS AUTHORIZED—An ordinance has been
WICHITA,
passed which authorizes the issuance of $159,000 internal impt. bonds.
KENTUCKY
Ky.—BONDS AUTHORIZED—'The Board of Trustees
authorized the City Attorney to sell a $75,000 issue of water
ERLANGER,
is said to have
of New York on a bid
1,
Aug.
VOTED—A
Kan.—BONDS
struction of a water works system was
on
relief loan bonds offered on
*
works revenue bonds. -
1936.
Other bidders were:
•
Boston
Nekton, Abbe & Co., Boston, and
R. W. Pressprich & Co., New York..
Tyler, Buttrick & Co., Boston
Lazard Freres & Co., New York -__ —
Brown, Harriman & Co., New York
Salomon Bros. & Hutzler,
-
100-316
1 34%
1M%
_
Halsey, Stuart & Co., New York
Harris Trust & Savings Bank, Chicago, and
Whiting, Weeks & Knowles, Boston
Blyth & Co., New York
— Estabrook & Co. and R. L. Day & Co., Boston.
Burr & Co., New York and C. F. Childs & Co.,
Boston
100.2204
100.113
100.059
l|i%
Boston.
Co., New York
First of Boston Corp.,
Edward B. Smith &
Bldn.
Inter est Rate
134%
Name—
134%
1 34%
100.046
>
■
.
100.004
101-023
100-789
134%
2%
2%
.
100.69
2%
-
Mass.—BIDS RECEIVED—'The following is a complete
list of the bids received on Aug. 7 for the $20,000 water departmental
equipment loan notes awarded to Tyler, Buttrick & Co. of Boston:
CONCORD,
Immediate Firm Bids
on
LOUISIANA MUNICIPALS
Schorff L Jones
INCORPORATED
A. T. T. TEL. N. O. 180
TELEPHONE RAYMOND 1189
New Orleans
CALDWELL PARISH (P. O. Columbia),
La.—BONDS NOT SOLD—
jail bonds
bids were
Dated Aug. 1,
The $70,000 issue of not to exceed 6% semi-ann. court house and
offered on Aug. 10—V. 143, p. 627—was not sold as all the
rejected, according to the Secretary of the Police Jury.
1936.
Due serially from Aug. 1, 1938 to 1958, incl.
IBERVILLE
PARISH
SCHOOL DISTRICT NO.
1
JENNINGS,
are
—
10, 1937,
Lynn, on
(P. O. Plaque-
held on Aug. 4
of the $97,000 in sewer
La .—BONDS VOTED—At the election
.
ORLEANS LEVEE DISTRICT, La.—BONDS OFFERED TO PUBLIC
—The Whitney National Bank of New Orleans is offering to the public
1/4 %
134 %
13>4 %
100.51
100.488
100.42
100.364
100.294
1R0.269
100.251
JQ0-21
100.19
1M %
134 %
134 %
134%
134%
134%
134 %
—
134%
100.634
134 %
SALE—The $300,000 temporary loan notes,
Aug. 3 and Aug.
offered on Aug. 13, were awarded to the Security Trust Co. of
a .62% discount basis.
The Day Trust Co. of Boston bid .63%
Mass.—NOTE
to mature
$100,000 on each of the dates July 22,
<v
discount.
mine), La.—BONDS OFFERED FOR INVESTMENT—'The $80,000 issue
of school bonds sold on July 28 to the National Securities Co. of New Orleans
as 4s at 100.76, a basis of about 3.92%, as reported here at that time—
V. 143, p. 799—was offered for general subscription at prices to yield from
2.50% to 3.75%, according to maturity.
Dated Aug. 1, 1936.
Due from
Aug. 1, 1937 to 1956, inclusive.
—V. 143, p. 628—the voters approved the issuance
and water bonds.
LYNN,
which
iRR'RR®
100.54
100.537
1 34%
Whiting, Weeks & Knowles, Boston
Jackson & Curtis, Boston—
R. L. Day & Co., Boston
Second National Bank of Boston
LOUISIANA
Price Bid
Inf. Rate
Name—
Tyler, Buttrick & Co., Boston
Newton, Abbe & Co., Boston
Faxon, Gade & Co., Boston
Burr & Co., Boston
First National Bank of Boston
Estabrook & Co., Boston
L. S. Carter & Co., Boston
Merchants National Bank of Boston
E. H. Rollins & Sons, Boston
MASSACHUSETTS
fully
offered on Aug. 11
City Bank of New
Bankers Trust Co., Edward B. Smith & Co.,
(State of)—BOND SALE— The $5,000,000
registered Metropolitan Additional Water Loan bonds
were awarded to a syndicate headed by the National
York, and including the
Harris Trust & Savings
the
Bank, Paine, Webber &
Co., Roosevelt &
Weigold, Baker, Weeks & Harden, Washburn & Co., Burr, Gannett &
Co. and Tyler, Buttrick & Co., on a bid of 100.7499 for 234s, a basis of
about 2.19%.
Dated July 1, 1936.
Due yearly on July 1 as follows;
$167,000, 1937 to 1956, and $166,000, 1957 to 1966, incl.
A syndicate
managed by Halsey, Stuart & Co. was second high with a bid of 100.658
for 234s.
The Chase National Bank of New York bid 100.6299 for 234s
and the First Boston Corp 100.543 for 234s.
MASSACHUSETTS,
State
FUNDED DEBT—Massachusetts
of
—
REDUCE
MUNICIPALITIES
municipalities since 1930 have reduced
their indebtedness by approximately $20,000,000, Theodore N.
director of the State division of accounts, announced recently.
Dated June 1, 1936.
Due June 1 as follows: $10,000, 1940;
$12,000, 1942; $7,000, 1943; $10,000, 1948; $15,000, 1949; $20,000, 1950
and 1951; $32,000, 1952; $10,000, 1954 and 1955; $16,000, 1956; $25,000,
1957; $36,000, 1958; $25,000, 1959, and $20,000, 1960 and 1961.
to maturity.
.
MAINE
RANDOLPH, Me.—BONDS VOTED—At
a
a
town meeting held on
Aug. 4
bond issue of $17,000 was approved by the tax payers,
"This is
an
indication," Mr. Waddell declared, "that in sp'te
Waddell,
of rough
sailing during the current depression, the municipalities of this State have
a grip on themselv.es.
"This commonwealth has proved that a safe and sane policy of indebted¬
ness for municipalities can be established in normal times and also has nroved
that modifications of the policy can be provided for abnormal times and still
retain a sound municipal structure."
The net funded debt of the cities and towns on Jan. 1, 1936, he said,
Wcis
•
$298 699 832
(State of)—NOTE OFFERING— State Tr asurer
F. Hurley will receive bids until noon (Daylight Saving Time)
Aug. 18 for the purchase on an interest basis of $6,000,000 notes dated Aug.
31. 1936 and payable Aug. 3, 1937, constituting a renewal of a maturing
note issue.
Interest is to be computed on the basis of a 360-day year.
Principal and interest payable at maturity in Boston or New York, at option
of purchaser.
Delivery to be made in Boston.
MASSACHUSETTS
MARYLAND
MARYLAND
(State of)—BOND SALE—The $55,000 3%
coupon
general bonds offered on Aug. 12—V. 143, p. 628—were awarded to
Alexander Brown & Sons of Baltimore at a price of 109.022, a basis of about
1.95%.
The Mercantile Trust Co. of Baltimore was second high bidder,
offering a price of 108.91.
Dated Aug. 15, 1936.
Due Aug. 15 as follows:
$3,000, 1939 and 1940; $4,000, 1941 to 1946, and $5,000, 1947 to 1951-
Charles
MEDWAY, Mass.—NOTE SALE—The issue of $25,000 revenue notes,
1937, which were offered on Aug. 7, were awarded to the
0.57% discount basis.
Other bidders
due May 20,
Home National Bank of Milford on a
MASSACHUSETTS
BOSTON,
Mass.—BOND OFFERING—John H. Dorsey, City Treas¬
urer, wiU receive bids until noon (Daylight Saving Time) Aug. 20 for the
purchase at not less than par of $6,260,000 coupon serial and sinking fund
bonds, divided into four groups, as follows:
Group "A"—$5,250,000 Serial Bonds
$5,000,000 City of Boston, Municipal Relief Loan, Act of 1936 bonds.
Orders of the City Council of Boston of April 28, 1936 and
Aug. 4, 1936
Payable $500,000 annually, Sept. 1, 1937 to
Sept. 1, 1946 ncl.
250,000 Sewerage Loan bonds.
Order of the City Council of Boston
of March 11, 1936.
Payable $13,000 annually Sept. 1 1937
to Sept. 1, 1946 incl., and $12,000 annually Sept. 1, 1947 to
Sept. 1, 1956 incl.
were:
Discount
0.58%
0.59%
Name—•
Franklin National Bank
Merchants National Bank of Boston
0.63%
0.64%
0.687%
Faxon, Gade & Co., Boston
Jackson & Curtis, Boston
Second National Bank of Boston
NEWTON, Mass.—BOND SALE—The $150,000 coupon,
fully register-
able, bonds described below, which were offered on Aug. 14, were awarded
Newton, Abbe & Co. of Boston on a bid of 100.127 for 134s, a basis of
to
about
1.48%:
$100,000 street improvement bonds.
Due $10,000 yearly on Aug. 1 from
1937 to 1946.
'
•
50,000 water bonds.
Due Aug. 1 as follows: $4,000, 1937 to 1941, and
$3,000, 1942,to 1951.
.
.
Volume 143
Financial
Chronicle
1121
Denom. $1,000.
Dated Aug. 1, 1936.
Principal and semi-annual in¬
terest payable at the First
National Bank of Boston, in Boston; but interest
on registered
bonds will be paid by check from
the City Treasurer's office.
E. B. Smith & Co. of New
York bid 101.127 for
l%s.
NORTH ADAMS, Mast.—BOND
SALE—The $50,000 coupon municipal
relief bonds offered on
Aug. 14 were awarded to the First National Bank
of Boston on a bid of
100.60 for lMs, a basis of about
1.05%.
Washburn
& Co. of Boston bid
100.43 for 1 Hs.
Dated Aug. 1. 1936.
Due $10,000
yearly on Aug. 1 from 1937 to
1941, inclusive.
Northwestern Municipals
Minnesota,
North and
South Dakota,
Montana,
Oregon, Washington
,
WALTHAM, Mass.—NOTE
notes offered on
Boston
Aug. 12
SALE—The
were awarded
to
$200,000
on a
WELLS-DICKEY COMPANY
loan
& Knowles of
temporary
Whiting, Weeks
.5% discount basis.
Leavitt & Co. of New York bid .5725%
Notes are dated
Aug. 12, 1936 and will mature $50,000 on each
of the dates March
15, April 15, May 14 and June 15,1937.
Telephone—Minneapolis
discount.
WORCESTER, Mass.—BOND SALE—The $361,000 coupon, fully
registerable, bonds described below, which were
offered on Aug. 11—V. 143,
p.
BERTHA, Minn.—BOND
ELECTION—The Village Council has ordered
that a special
election be held on
Aug. 17 for the purpose of voting on a
proposition to issue
$19,000 water and village hall and fire station bonds.
DETROIT LAKE
Minn.—INTEREST RATE— The $12,300 street
improvement certificates of indebtedness
recently sold to the City W ater
Light Department were issued at
2% interest.
The
,
and
price
First National Bank of Boston
Boston.
NORTHFIELD
»
SCHOOL DISTRICT, Minn.—BOND
building bonds offered on Aug. 7—V. 143,
$16,000 school
We
MICHIGAN MUNICIPALS
fit
SPRING VALLEY,
Minn.—BOND OFFERING—It is stated
by Alfred
Lundby, Village clerk, that he will receive sealed
bids until 8 p. m. on
Aug. 31, for the purchase of a
$25,000 issue of sewage disposal plant bonds.
Int. rate is not to
exceed 43^% payable
semi-annually.
Dated Sept. 1,
Company
1936.
at an
DETROIT
Telephone CHerry 6828
A. T. T. Tel. DET347
SCHOOL
DISTRICT
SOLD—It is stated by the
Secretary
that the $36,000
coupon school building bonds
May 18—V. 142, p. 3387—were
purchased by the
Public Works
Administration as 4s at par.
Dated Nov. 1, 1935.
Due
from May 1, 1937 to
1966.
for
sale
(P.
O.
offered
MISSISSIPPI
Flint), Mich.—BOND ELECTION—
election has been called for
24 at which
a
CLAY COUNTY
(P. O. West
$500,000 water
of $115,000
by the
ESCaNiaBA,
said
to
Mich —BOAtD~SALE^A $6^600 issue'of
paving bonds"is
have been purchased on
HAMTRAMCK, Mich.—BOND
that
an
retirement
as
of
at
MICHIGAN
(State
of)—BOND
SALE—The
$919,000 2%
Covert
Road highway
refunding (Wayne County portion)
bonds, described below,
which were offered on
Aug. 10—V. 143, p. 957—were awarded
to Cray,
McFawn & Co. of Detroit on
a bid of
102.11, a basis of about 1.38%:
$198,000 Road Asst. District No. 471
bonds, due May 1, 1940.
66,000 Road Asst. District No. 471
bonds, due May 1, 1939.
107,000 Road Asst. District No.
473 bonds, due May
1, 1940.
54,000 Road Asst. District
No. 473 bonds, due
May 1, 1939.
47,000 Road Asst. District No. 473A
bonds, due May 1, 1940.
24,000 Road Asst. District No.
473A bonds, due May
1, 1939.
55,000 Road Asst. District
No. 474 bonds, due
May 1, 1940.
28,000 Road Asst. District No.
474 bonds, due
May 1, 1939.
97,000 Road Asst. District No.
475 bonds, due
May 1, 1940.
49,000 Road Asst. District
No. 475 bonds, due
May 1, 1939.
123,000 Road Asst. District No.
481 bonds, due May
1, 1940.
41,000 Road Asst. District No.
481 bonds, due May
1, 1939.
20,000 Road Asst. District No.
492 bonds, due
May 1, 1940.
10,000 Road Asst. District No.
492 bonds, due
May 1, 1939.
All of the bonds are
dated May 1, 1936.
The First of
Michigan Corp., of Detroit, was second
high with a bid of
101 *82*
„
MUSKEGON, Mich.—BOND ELECTION—It is stated
by R. F. Cooper,
City Clerk, that an election will be
held on Aug. 28 in order
to vote on the
issuance of $200,000 in
city hall bonds.
PORT
HURON, Mich.—BOND CALD-T. H.
Molloy, Commissioner of
Accounts and
Finance, states that Nos. 1 to 103 of
5%
dated Oct. 1,
1933, are being called for payment at the refunding bonds,
Central Hanover
Bank & Trust Co. in New
York City, on,Oct.
1, on which date interest
shall cease.
Due on Oct. 1, 1945.
Denom. $1,000.
SOUTH
ment
HAVEN, Mich.—BOND
SALE—The
$25,000
special
assess¬
paving bonds offered on Aug. 10—V.
143, p. 799—were awarded to
Crouse & Co. of Detroit at
a premium of
$645, equal to 102.58. The First
State Bank of South
Haven offered a
premium of $250.
Due $2,500 on
July 15 from 1937 to 1946, inclusive.
THREE
RIVERS, Mich.—NOTE
special assessment paving notes
SALE—The issue of $30,000
5%
offered on Aug. 1—V.
143, p. 799—was
awarded to Thomas J. Haines
of Three Rivers at a
price of 100.10, a basis
of about 4.98%.
Dated Sept. 1,
1936, and due $3,000 on Jan.
1937
to
15 from
1946, inclusive.
WAYNE
COUNTY
(P.
O.
Detroit),
Mich.—BOND
SALE—The
Covert Road
Highway
V. 143, P. 957—were awarded to refunding bonds offered on Aug. 10—
Cray, McFawn & Co. of Detroit on a bid
of 101.86, a basis of about
.93%. The bonds are divided as
follows;
$45,000 Road Asst. Dist. No. 1
$6,000 Road Asst. Dist. No.
10
23,000 Road Asst. Dist. No. 2
45,000 Road Asst. Dist. No.
11
7,000 Road Asst. Dist. No. 4
8,000 Road Asst. Dist. No. 12
11,000 Road Asst. Dist. No. 5
5,000 Road Asst. Dist. No.
13
20,000 Road Asst. Dist. No. 7
30,000 Road Asst. Dist. No
14
7,000 Road Asst. Dist. No. 9
$207,000
All of the bonds
The First of
pay 101.56.
dated May 1, 1936 and
mature May 1, 1938.
Michigan Corp. of Detroit bid second
are
issue
recently
Memphis.
A
cneck
for
by the $5,000,000 issue recently sold.
$4,100,000, representing the first payment by the Public
on its
grant of $15,000,000, has been received at
Works Administration
Jackson by Governor
GLADSTONE, Mich.—BOND
SALE—The $25,900 5% special assess¬
ment
paving bonds and $2,000 5%
special assessment sewer
bonds
offered on Aug. 11—V.
143, p. 957—were awarded to the
Gladstone State
Savings Bank, and the First National Bank
of Gladstone,
jointly, at a pre¬
mium of $69.75,
equal to 100.269.
Due serially over a
period of five years.
HARBOR BEACH,
Mich.—BOND ELECTION—The
taxpayers will
vote at an election
scheduled for Aug. 31 on the
question of issuing $250,000
municipal water works improvement bonds.
Point), Miss.—BOND SALE—An
is reported to have been
purchased
delayed until about Oct. 1 to
permit clarification of the
highway Act at a proposed special session of
the Legislature to follow the
Aug. 29 primary election.
Governor Hugh
L. White and other State
officers hope to secure a lower interest
rate than
the 4% coupon carried
CALL—The City Controller announces
of $1,527,850
refunding bonds dated Sept. 1, 1933,
4^%, 5%, 534%, 5M%. and 6%,
part scheduled to
1943, and the remainder
Sept. 1, 1963, are called for
Sept. 1 next.
aggregate
bearing interest
Sept. 1,
mature
refunding bonds
f irst National Bank of
MISSISSIPPI, State of—ROAD BOND OFFERING TO BE DELAYED—
Further bond offerings by the State
of Mississippi, which has authorized
$23,000,000 for road construction, will be
Aug. 11 by the Barcus-Kindred Co. of
Chicago.
approved by the voters
Minn.—BONDS
on
BURTON TOWNSHIP
A special
were
WANAMINGO SCHOOL DISTRICT NO.
165 (P. O.
Wanamingo),
NOT SOLD—The
$12,000 3% semi-ann. refunding bonds
on Aug. 7—V.
143, p. 800—were not sold, according to
report.
Education
Aug.
and sewer bond issue
will be voted
upon.
These bonds
(P. O. Caledonia, R. F.
D.), Minn.—BOND OFFERING—
John Bissen, Town
Clerk, will receive bins until 2 p. m. Aug. 29 for the
purchase at not less than
par of $10,000 coupon general
obligation road and
bridge bonds.
Bidders are to name rate of interest.
Dated July 1, 1936.
Interest payable
annually.
Due $1,000 yearly on July 1 from 1938 to
1947,
inclusive.
MICHIGAN
offered
Due from 1939 to 1956.
election held on
Aug. 3.
UNION
BEAVERTON
RURAL
AGRICULTURAL
(P. O. Beaverton), Mich.—BONDS
of the Board of
was par.
SALE— The
p. 800—were
awarded to the First
National Bank of St. Paul as
at a premium of
$80, equal to 100.50, a basis of
about 2.20%.
Harold E. Wood & Co. of
St. Paul offered a
premium of $75 for 2Ms.
Dated July 1, 1936.
Due
$1,000 yearly on Jan. 1 from
1939 to 1951; $2,000 Jan. 1, 1952, and
$1,000
Jan. 1, 1953.
Buy for Our Own Account
Cray, McFawn
Teletype—Mpls287
MINNESOTA
957—were awarded to
Tyler, Buttrick & Co. of Boston on a bid of 100.356
for 1 Hs, a basis of about
1.43 %.
$72,000 trunk sewers loan bonds.
Due $8,000 on April 1 in 1937 and
1938;
and $7,000
yearly on April 1 from 1939 to 1946.
289,000 municipal relief loan bonds.
Due $29,000 yearly on
April 1 from
1937 to 1945; and
$28,000, April 1, 1946.
Denom. $1,000.
Date4 April 1, 1936.
Principal and semi-annual
interest (April 1 and Oct.
1) payable at the
n
Atlantic 4201
White, wno delivered it to Treasurer Newton James.
In addition to the
$15,000,000 grant, the State will receive $4,500,000 from
the United States Bureau of
Public Roads.
It is regarded probable that
the Legislature at its
special session may vote
a
larger allotment from the State's snare of gasoline tax to
assure payment
of the nigh way bonds.
The original Act carries an allotment of
1K cents.
MONROE
COUNTY
SUPERVISORS'
DISTRICT NO.
1
(P. O.
Aberdeen), Miss.—BONijS SOLij—It is reported
by the Clerk of the
Chancery Court that $43,000 4^% and
5% refunding bonds have been
sold.
Dated Jan. 1, 1936.
OKTIBBEHA COUNTY (P. O.
Starkville), Miss.—BOND SALE—The
County Supervisors have sold $100,000
3lA% refunding bonds to Wiggins
& Walton,
inc., of Jackson, at par.
MISSOURI
GOLDEN
CITY, Mo .—BONDS VOTED—At an election held
proposal to issue $30,000 water work,
construction bonds
proved by a vote of 434 to 33.
28
a
MARSHALL, Mo.—BOND ELECTION—An
Aug. 12
to
vote
on
a
pool.
MISSOURI,
election
will
$30,000 bond issue for construction of
State of—BOND
OFFERING—Richard
Treasurer, reports that the Board of
sealed bids until 2:30
p. m. (Central
purchase of a $5,000,000 issue
Dated Sept. 1, 1936.
Due on
1956 and $2,000,000 in 1957.'
or as to principal and
interest,
the denomination of
$5,000,
Fund
R.
Commissioners
be
a
on
July
was
held
ap¬
on
swimming
Nacy,
will
State
receive
Standard Time) on Aug. 17 for the
of road, series X, bonds.
Denom. $1,000.
June 15 as follows:
$1,500,000 in 1955 and
Coupon bonds registerable as to
principal
exchangeable for fully registered bonds in
$10,000, $50,000
and $100,000, which
fully
registered bonds may again be excbanged for
coupon bonds in the denomi¬
nation of $1,000. on the
payment of $1 per thousand.
Subject to the right
reserved, to reject any or all bids, award of said bonds will
be made to the
highest bidder at par or better on the lowest interest
rate.
No split interest
rate bids will
be considered.
interest, which
All of said bonds shall bear the
same rate of
shall be an even multiple of
M of 1%.
Prin. and int.
payable at the Chase National Bank in New
York.
Each bid must be sub¬
mitted on a form furnished
by the State Treasurer.
The approving opinion
of Roy McKittrick,
Attorney General, and Charles & Trauernicht of
St.
Louis will be furnished the purchaser.
A certified check for
1% of the
amount of bonds bid
for, payable to the State Treasurer, is
required.
Delivery of the bonds will be made as soon after the sale
thereof as the
be printed, executed and
registered at St. Louis, Kansas
City,
New York City, at the option of the
purchaser or purchasers,
have been given the State
Treasurer on or before
the 1st day of
September, 1936, stating at which of the said
places delivery
will be desired and the
aggregate of bonds and the numbers
thereof which
will be required at each of said
places; otherwise, delivery will be made at
the office of the State Treasurer in Jefferson
City, Mo.
Payment of the
purchase price of said bonds will be
required to be made in
bonds
can
Chicago,
or
provided
notice shall
Federal Reserve
funds.
MONTANA
BUTTE, Mont.—BOND CALL—It is stated
by Bernard E. Holland,
City Treasurer, that he will call for payment at his
office on Sept. 1 Nos. 1
to 117 of 6%
funding bonds, dated July 1, 1921, redeemable
on or after
July 1, 1936.
EAST
on
HELENA, Mont.—BOND ELECTION—An election
Aug. 22 for the purpose of voting
on a
proposal to issue
system bonds.
will be held
$40,000sewage
high, offering to
WYOMING TOWNSHIP SCHOOL
DISTRICT NO. 4 (P. O.
Grand
Rapids), Mich.—BOND SALE—The $41,000 issue
of coupon
bonds of 1935, offered for sale on
high school
July 31—V. 143, p. 799—was
purchased
by the Public Works Administration, as 4s at
par.
Dated Nov. 1
1936
Due from Nov. 1, 1937 to
1960, inclusive.
MINNESOTA
BATTLE LAKE,
Minn.—BOND SALE DETAILS—It is
now reported
by,the Village Recorder that the $28,000
3% semi-ann. water works
bonds
purchased by the State of Minnesota, as
noted here
recently—V. 143
p. 958—were sold at par, and mature from
1942 to 1956.
NEBRASKA
BEAVER CITY, Neb.—BOND
SALE DETAILS—We are
now advised
by the City Clerk that the $23,000 3H
% semi-ann. refunding bonds
pur¬
chased by the Pathfinder Life
Insurance Co. of Grand
Island, as noted here
early in July—V. 143, p. 149—were purchased
at a price of par and
mature
on May 1 as follows:
$2,000,1938 to 1945;
$3,000,1946, and $4,000 in 1947.
COLUMBUS, Neb.—BOND ELECTION—'The
city
tion on Aug. 20 at which a
proposition to issue
struction bonds will be
submitted to the voters.
FREMONT, Neb.—BOND INJUNCTION
.
hold
an
works
elec¬
con¬
„
SUIT FILED—A suit is said
to have been filed
recently in District Court to enjoin the
issuing $76,180 in right-of-way bonds.
will
$250,000 water
City Council from
Financial
1122
15A 1936
Aug.
Chronicle
bids will be
Clerk, for the
construction bonds. Interest
$1,000. Dated July 1,
1936.
Due in equal annual instalments on July 1, from 1939 to 1955.
These bonds were approved by the voters at an election held on April 7.
Principal and interest payable at the Town Treasurer's office or at a bank¬
ing house in New York City, to be designated by the purchaser.
The
bonds will be sold at not less than par and accrued interest to date of
delivery, for cash only, to the highest and best bidder.
A certified check
for 5% of the amount bid, payable to the town, is required.
LAS
CRUCES,
N.
Mex.—BOND OFFERING—Sealed
Sept. 7, by Clarice Draper, Town
received until 8 p.m. on
purchase of a $50,000 issue of storm sewer
rate is not to exceed 5%, payable J. & J.
Denom.
municipals
nebraska
OFFERING WANTED
OMAHA, DOUGLAS COUNTY, LINCOLN
AND OTHER NEBRASKA ISSUES
THE NATIONAL COMPANY
OMAHA
OF
A. T. & T. Teletype OMA 81
Bldg-
First National Bank
New York State
NEBRASKA
MEMBERS NEW
National Bank of Nashua
Bank of Exeter, jointly, on a bid of 100.625
Head
Y.—BOND OF¬
Fire Com¬
Time) Aug. 25
registerable.
general obligation fire apparatus bonds.
Bidders are to name rate of
interest, in a multiple of H% or 1-10%, but not to exceed 5%.
Denom.
$500.
Dated May 1, 1936.
Prin. and semi-ann. int. (M. & N. 1) payable
at the First National Bank, Amenia.
Due $1,000 yearly on May 1 from
1937 to 1942, and $500, May 1, 1943.
Certified check for $150, payable
to the District Treasurer, required.
Approving opinion of Clay, Dillon
15 from 1937 to 1942.
Municipal Bonds
TelephohB^fepor 2-7333
New Jersey
A. T. & T.
Y.—EOND SALE—The $35,000 coupon or registered
general obligation departmental equipment bonds offered on Aug. 13—
V. 143, p. 960—were awarded to James H. Causey & Co. of New York on
a bid of 100.13 for l^s. a basis of about 1.46%.
Dick & Merle-Smith of
New York bid 100.013 for lj^s, and the Manufacturers & Traders Trust
Co. of Buffalo bid for 1.60s.
Dated Aug. 15, 1936. Due $7,000 yearly
on Aug. 15 from
1937^ to 1941, inclusive.
AUBURN,
New York
MUNICIPAL BONDS
New Jersey
furnished by the district.
of New York will be
Vandewater
&
Tel^e N. Y. 1-528
100 Broadway
YORK
AMENIA FIRE DISTRICT (P. O. Amenia), N.
FERING—John R. Thompson Jr., Secretary of the Board of
missioners, will receive bids until 10 a. m. (Eastern Standard
for the purchase at not less than par of $6,500 coupon, fully
Company
H. L All
EXCHANGE
Whitehall 4-5770
NEW
and the Rockingham National
for 1 Ms, a basis of about 1.57%.
Due $5,000 yearly on Aug.
DatedfiAug. 15, 1936.
YORK STOCK
N. Y.
WALL ST.,
H.—BOND SALE—The $30,000 coupon sewer con¬
Aug. 12—V. 143, p. 958—were awarded to the
N.
HAMPTON,
1
HAMPSHIRE
struction bonds offered on
Indian
£l Co.
Gordon Graves
tol946,incl.
NEW
Municipals
County—City—Town—School District
(P. O. Walthill), Neb.—BOND
SALE DETAILS—We are now advised that the $10,000 school bonds
purchased by the First National Bank of Walthill, as 2^s, as reported here
in July—V. 143, p. 149—were sold at par and mature $1,000 from 1937
SCHOOL DISTRICT
WALTHILL
Offerings— Wanted
'
N.
HUNTINGTON, N. Y.—CERTIFICATE SALE—It is stated by Arthur
Kreutzer, Town Supervisor, that $50,000 certificates of indebtedness
sold at 1)^% as follows: $25,000 to the First National Bank &
Trust Co. of Northport; $15,000 to the Northport Trust Co., and $10,000
to the Citizens National Bank of East Northport.
Dated Aug. 12, 1936.
Due on Dec. 30, 1936.
and General Market Issues
J.
have been
B. J. Van Ingen
57
WILLIAM STREET,
& Co. Inc.
Telephon
N. Y.
:
JAMESTOWN CITY SCHOOL DISTRICT,
$154,000 coupon, registerable as to principal
John 4-6364
N. Y.—BOND SALE—
only or as to both prin¬
school bonds, series H, which were offered on Aug. 11
—V. 143, p. 960—were awarded to Geo. B. Gibbons & Co. of New Y'ork
on a bid of 100.80 for 2.40s, a basis of about 2.3%.
Dated June 1, 1934.
Due on June l as follows: $24,000, 1950; $68,000, 1951, and $62,000. 1952.
The
A. T.
&. T.: N. Y
$50,000 City of East Orange,
4M% Bonds, due Dec.
To
Market 3-3124
Newark Tel.:
1-730
ciple and interest,
N. J.
(Eastern Standard Time) on Aug. 20, by Albert J. Brown,
the purchase of a $12,000 issue of tax revenue Coupon
or registered bonds.
Interest rate is not to exceed 6%, payable M. & S.
Denom. $1,000.
Dated Sept. 1, 1936. Due $3,000 from Sept. 1, 1937 to
1940, incl.
Rate of interest to be in multiples of M of 1% or l-10th of
1% and must be the same for all of the bonds.
Prin. and int. payable at
the Bank of Malverne, with New York exchange.
These bonds are issued
for the purpose of funding outstanding tax notes of the Village pursuant
to the Village Law and Chapter 332 of the Laws of 1936.
The approving
opinion of Clay, Dillon & Vandewater of New York, will be furnished. A
certified check for $250, payable to the village, must accompany the bid.
Village Clerk, for
yield 2.60%-2.90%
Colycr, Robinson $ Company
INCORPORATED
1180
MArket 3-1718
Raymond Blvd., Newark
New York Wire:
A. T. & T. Teletype
REctor 2-2055
NWRK 24
JERSEY
NEW
CAMDEN, N. J—INTEREST ON SCRIP AND OTHER OBLIGATIONS
15—Camden will pay no further interest on city scrip,
matured bonds after Aug. 15, Comptroller Sidney P. McCord
said on Aug. 8, it is reported.
He set such outstanding obligations at
$469,206 and said the average interest rate is 4%.
)i»Mr. McCord said since the city began issuing scrip and warrants March
20, 1933, nearly $20,000,000 in obligations went into circulation.
After
Aug. 15 the city will operate on a 100% cash basis as a result of its re¬
funding program, launched with a $5,000,000 sale in June.
TO CEASE AUG.
warrants or
EAST PATERSON, N. J.—BOND
Co. of
5.12%, the
which no
Dated Dec. 15, 1935 and
SALE—H. L. Schwamm &
New York purchased as 4 J^s, at a price of 93.50, abasis of about
of $350,000 coupon or registered serial funding bonds for
issue
bids
were
received at the offering last March.
due Dec. 15 as follows:
$17,000, 1936 to 1940, incl.;
1950, incl., and $17,000 from 1951 to
$18,000 from 1941 to
1955, incl.
ELIZABETH, N. J.—BONDS AUTHORIZED—The
to have passed an ordinance recently authorizing
$112,000 in 3% refunding bonds.
said
City Council is
the issuance of
N. J .—BONDS SOLD—
bonds offered unsuccessfully
by E. H. Rollins & Sons,
offering the issue at prices
to yield from 1.50% to 3.47%.
Dated Sept. 1, 1936, the bonds mature
$5,000 annually Sept. 1, 1937 to 1954, $10,000 annually Sept. 1, 1955 to
1964, and $11,000 on Sept. 1, 1965.
The bonds, exempt from all present
Federal income taxes, are tax exempt in the State of New Jersey and legal
investment for savings banks and trust funds in New Jersey.
FLORENCE TOWNSHIP (P. O. Florence),
The
$201,000 3)4%
coupon
water funding
July 29—V. 143, p. 800—have been taken
Inc., and Graham, Parsons & Co., who are now
on
HOPATCONG,
N.
J.—BOND OFFERING—Sealed
bids will be re¬
7 p.m. (Eastern Standard Time) on Aug. 28, by Peter P.
Wahlstad, Borough Clerk, at Fire House No. 3, River Styx Road, Hopatcong, for the purchase of an issue of $112,000 refunding bonds, Series of
1936.
Interest rate is not to exceed 5%, stated in a multiple of
of 1%.
Denom. $1,000/
Coupon bonds, dated Aug. 1, 1936.
Due on Aug. 1 as
follows: $4,000, 1937 to 1941; $5,000, 1942 to 1947; $6,000, 1948 to 1956,
and $7,000 in 1957, all incl.
Prin.andint. (F. & A.) payable at the New¬
ton Trust Co.,
Newton, N. J,
Legality to be approved by Hawkins,
Delafield & Longfellow, of New York City.
Further details will be furn¬
ished by the Borough.Council.
A certified check for 2% must accompany
ceived until
the bid.
NEWARK.
UP NEARLY $3,000,000—
8 by Newark totaled
It is the largest sum collected up to Aug. 8 of any year
an increase of $2,935,843.52 over current
collected during the corresponding period last year.
Collections of 1936 current taxes up to noon on Aug.
$19,232,769.13.
in the last five.
taxes
MANCHESTER UNION FREE SCHOOL DISTRICT NO. 7 (P. O.
Shortsville), N. Y.—BOND SALE—It is stated by Walter Barry, District
Clerk, that a $10,000 issue of school bonds was sold on Aug. 10 as 3s, for
a
premium of $19, equal to 100.19, a basis of about 2.96%.
Denom.
$1,000.
Dated Sept. 1. 1936.
Due $1,000 from 1937 to 1946 incl.
MINETTO (P. O. Minetto),
The amount is
The total amount to be collected for 1936 is
$35,043,147.47.
be collected for 1935 was $31,692,832.18.
Current taxes are paid in quarterly instalments,
Only one more quarterly payment is due.
The total
to
beginning
Feb.
awarded to the First &
NEW
N.
YORK,
O.
(P.
Riverside),
N.
J.—BONDS AU¬
THORIZED—The Township Committee on July 29 passed on final reading
ordinance authorizing the issuance of $170,000 refunding bonds.
levy were 13.09%.
'
Betterment in the city's finances has been so marked," continues the
analysis, "that the banking institutions which lend money upon revenue
bills and revenue notes under the Revolving Credit Agreement of October,
1933, several times have reduced the interest rate which is charged on
paper, these reductions reflecting closely the outstanding progress that
MEXICO
BELEN SCHOOL DISTRICT, N.
Mex.—BONDS VOTED—Taxpayers
July 28 voted 150 to 19 in favor of a proposal to issue
$12,000 school building remodeling
bonds.
.
this
has
been made by the city."
The investment house has
prepared a table giving the comparative totals
stock notes and temporary debt of the city fjjpm Dec. 1,
1933 to June 30, 1936.
The outstanding feature revealed by this table i&
that the net amount of the tax anticipation debt was reduced during 30
from $183,814,303
066,465—more than 52%.
months
total net
to
$87,747,838.
This is a reduction of $96,-
It is the principal cause of the decrease
in the
$231,074,618 to $124,861,990—a decrease
proportionate amount of this reduction has occurred
temporary debt from
of
46%.
More than a
during the past 12 months.
Due to the
better tax collections
the city has retired prior to maturity
July 1, 1937, all of the $51,156,000 revenue notes
issued July 1, 1934.
city is particularly commended on its policy of financing relief for
the poor without the issuance of bonds during 1935.
The net amount of the
relief expenditures chargeable to the city was defrayed by special taxes, and
these taxes continue to provide sufficient money to meet the expenditures.
The special taxes have been very successful in placing the net poor relief
costs on a "pay-as-you-go" basis.
Decreases in the temporary debt in the last several years have not been
offset by increases in the funded debt.
There is, on the contrary, a slight
reduction in the gross funded debt and the net funded debt since Dec.
31,1933.
PITTSFORD
of the district on
FISCAL
The
an
NEW
REFLECTS STRONG
of New York has undergone a remarkable
difficulties of the city in 1933.
Not only
is the current fiscal position of the city sound, but the long term debt
structure is favorable.
The vital factors behind this restoration of credit
standing have been a decrease of 52% in the volume of tax anticipation
debt and a marked improvement in tax collections during the past 2 M years.
Striking testimony to this recovery is noted-in an analysis of the City of
New York by R. W. Pressprich & Co., which cites in particular, the figures
which reveal the drastic reduction in the floating indebtedness of the city
since 1933 and the fall in interest rates on this declining indebtedness.
"The major contributing cause to this significant improvement," the
analysis states, "is the favorable record of tax collections in 1934 and 1935,
which have been sustained during 1936."
For example, it is pointed out, collections for the first half of the 1936
evy to June 30, 1936, amounted to 82.89% of the half levy, compared
with current collections in 1935 for a comparable period of 75.69%.
Ad¬
vance payments on the second half of 1936 levy amounted on June 30, 1936.
to 18.23%, whileadvance payments for a similar time in 1935 were 14.24%.
This betterment is also emphasized by comparison of the 1936 figures with
those of June 30, 1934, when the collections of the first half of the 1934
levy were 70.75%, and the advance payments on the second half of the
rehabilitation since the financial
on
(P. O. Metuchen), N. J —BONDS PASSED
ON FIRST READING—Ordinances authorizing the issuance of the follow¬
ing 4)^ % bonds aggregating $1,337,000, were passed on first reading at a
recent meeting of the Township Committee: $737,000 serial funding, and
$600,000 general refunding bonds.
It is said that the ordinances will be
presented for second reading on Aug. 18.
TOWNSHIP
Y.—ANALYSIS
STA tUS—The credit of the City
1.
RARITAN TOWNSHIP
RIVERSIDE
N. Y.—BOND SALE—The $43,500 coupon
registered funding bonds offered on Aug. 10—V. 143, p. 801—were
Second National Bank of Oswego on a bid of 100.241
for 2.80s, a basis of about 2.77%.
The Manufacturer & Traders Trust Co.'
of Buffalo bid 100.399 for 3s.
Dated Aug. 15, 1936.
Due April 15 as
follows: $500. 1937; $3,000, 1938 to 1944; and $2,000, 1945 to 1955.
or
of special corporate
J.—TAX COLLECTIONS
N.
OFFERING—Sealed bids will be received
MALVERNE, N. Y.—BOND
until 3 p. m.
1, 1945-54
Pittsford),
UNION
FREE
SCHOOL
NO. 6 (P. O.
of coupon or reg¬
DISTRICT
N. Y.—BOND SALE—The $18,000 issue
istered school bqnds offered for sale on Aug. 7—V. 143, p. 801—was awarded
to Little & Hopkins of Rochester, as 2.80s, paying a premium of
equal to 100.13,
$2,000 from Aug.
a
basis of about 2.78%.
1938 to 1946 incl.
Dated Aug. 1
$23.40.
Due
1936.
Volume
143
Financial
POUGHKEEPSIE, N. Y.—BOND
Chronicle
1123
SALE—The three issues of coupon
or
registered bonds aggregating $230,000, offered for sale on Aug. 14—V.
143, p. 960—were awarded to
Stranahan, Harris & Co., Inc., of New York,
1.70s, paying
as
divided
price of 100.10,
a
basis of about 1.68%.
a
OHIO
The issues are
follows:
as
$75,000 home relief bonds of 1935.
Due $15,000 from
Sept.
MUNICIPALS
1942 to
1,
1946 incl.
75,000 work relief bonds, series 2 of 1936.
Due $15,000 from Sept. 1,
1937,to 1941.
80,000 incinerator bonds.
Due from Sept. 1, 1937, to 1951 incl.
The second highest bid was an offer of
100.079 on 1.70s, tendered by the
Bank of Poughkeepsie.
B. J. Van Ingen was third, bidding
100.23 for 1%% bonds. The First Boston
Corp. offered 100.118 for lj^s.
MITCHELL, HERRICK & CO.
700
CANTON
CUYAHOGA
AKRON
BUILDING, CLEVELAND
CINCINNATI
COLUMBUS
SPRINGFIELD
ROME, N. Y.—BONDS
PUBLICLY OFFERED—The $167,500 1 60%
purposes bonds, due serially from 1937 to 1946, incl., awarded
on
July 29 to the First Boston Corp. of New York at 100.078, a basis of.
about 1.59%—V.
various
143,
from
OHIO
801—were re-offered by the bankers to
p.
0.40% to 1.70%, according to maturity.
Bidder—
Other bids
were as
Rate of Int.
yield
follows:
1.90%
1.90%
1.90%
1.90%
1.90%
2%
Geo. B. Gibbons & Co, and Dick &
Merlo-Smith..
2%
Salomon Bros. & Hutzler
2%
Bacon. Stevenson & Co
2.10%
AKRON,
Ohio—REFUNDING BONDS AUTHORIZED—The City
Council on July 28 passed an ordinance
providing authority for the issu¬
ance of $728,508.40
general refunding bonds.
•
Amount Bid
$168,113.05
167,833.33
167,650.00
167,617.00
167,541.88
168,144.88
168,076.37
167,684.25
167,751.25
.
Adams, McEntee Co., Inc
Manufacturers &
Traders
,
Trust
Co.
B. Treman & Co
Lazard Freres & Co._
Arthur
and
_
....
Hemphill, Noyes & Co
Kean, Taylor & Co. and Granbery, Safford & Co.
Halsey, Stuart & Co_»_i
OFFERING—Sealed bids
Time) on Aug. 25 by
Standard
fc"e Purchase
as
offering is being made today of
O,
and 2
2M %
% bonds,
Sept. 1, 1936, by a banking group comprising Lehman Brothers;
Estabrook & Co.; Blyth & Co., Inc.; Stone & Webster and Blodget, Inc.;
Phelps, Fenn & Co.; Stranahan, Harris & Co., Inc.; Morse Bros. & Co.,
Inc.; Field, Richards & Shepard, Inc. (Cleveland); Braun, Bosworth &
Co. (Toledo); Provident Savings Bank & Trust Co. (Cincinnati), and
Breed & Harrison, Inc. (Cincinnati).
The issue consists of $2,138,000 refunding 2M% unlimited tax bonds,
priced to yield from 1.25 to 2.75%, and $646,500 refunding 2}4% limited
tax bonds, priced to yield from 1.50 to 2.90%
for maturities which range
from 1938 to 1951 for both the 2M and
2M,% bonds.
will
be received until 2 p. m. (Eastern
Stephen Lockwood, District Clerk, for
registered bonds aggregating $25,000,
two issues of coupon or
follows:
$15,000 school of 1936, series II bonds.
to
CLEVELAND, O.—OFFERING—Public
a
1953
Due $1,000 from Aug. 1,
1939,
incl.
10,000 equipment of 1936
bonds.
Due
$2,000 from Aug.
1,
1937, to
1941 incl.
Bidders
of
1%
to
to name the rate of interest in
multiples of
of 1% or l-10th
Interest rate is not
exceed
,
and
must
be the
same
for all of the
bonds.
inclusive.
CORNING, Ohio—BOND ELECTION—A special election is scheduled
for Aug. 18 at which a proposal to issue $25,000 water works bonds will be
voted upon.
N.
Y.—CERTIFICATE OFFERING—We are informed that
sealed bids will be received
by Thomas J. Nelson, City Comptroller, until
^ (daylight Saving
Time) on Aug. 18, for the purchase of a $500,000
of tax anticipation certificates of indebtedness.
the rate of interest.
Denom.
$50,000.
Dated
issue
specify
Bidders
are
I RONTON,
Nov. 20,
on
bonds offered
Aug. 12—V. 143, p. 633—was postponed to the regular
meeting of the City Council on Aug. 14.
The highest bid received was an
offer of 100.208 for 3s, tendered by Stranahan, Harris & Co., Inc., of Toledo,
Dated Sept. 1, 1936.
Due from Sept. 1, 1943 to 1949, inclusive.
1936.
New York
a.
m.
2.98%
Aug. 21, at the law offices of Wilson & Rice, 75 South
Pirst St., Fulton, N. Y., a $3,100 issue of
5% school bonds.
Denom. $310.
Dated July 20,1936.
Due $310 from July 1, 1937 to 1946 incl.
Prin. and
interest payable at the Fulton Savings Bank,
certified check for 10% of the bid, payable to the above
Fulton-, N. Y.
as
follows:
$250,000 to
be sold in
1936,
bids
maturing $30,000 from
1943 to 1945; $50,000, 1946 to 1948, and $10,000 in
1949; $300,000 to be
sold in 1937, maturing $25,000, 1944 and
1945; $80,000, 1946 to 1948, and
$10,000 in 1949; $300,000 to be sold in 1938, maturing $25,000 in 1944 and
1945; $80,000, 1946 to 1948, and $10,000 in 1949; $300,000 to be sold in
1939, maturing the same way; $100,000 to be sold in 1940,
maturing $10,000
m 1945 and
1946; $35,000, 1947 and 1948, and $10,000 in 1949; $50,000 to
be sold in 1941,
maturing $15,000 in 1947; $25,000, 1948, and $10,000 in
1949.
BONDS TO BE OFFERED—It is stated by Richard
Appel, Commissioner
of Finance, that during the
early part of September he will offer for sale
a block of $250,000 in debt
equalization bonds.
Ohio—BONDS NOT SOLD—The
bonds offered on Aug.
$4,000 6% semi-annual
3—V. 143, p. 633—were not sold as no
Village Clerk.
Due from Oct. 1, 1937
received, according to the
were
1948.
to
A
white plains, n. Y.—BOND ISSUANCE
APPROVED—rMorris S.
Tremaine, State Comptroller, is said to have approved the issuance of $1,300,000 in debt equalization bonds.
The plan calls for the issuance of bonds
divided
town hall
JUNCTION
trustee;,; is required.
WATKINS GLEN, N. Y.—BOND SALE—The
$50,000 coupon, registerable, general obligation, unlimited tax, Public Works Administration
project costs bonds, offered on Aug. 10—V. 143, p. 801—were awarded to
Sage, Rutty & Steele, of Rochester, as 2%s, at a price of 100.276, a basis
of about 2.20%.
Dated Aug. 15, 1936.
Due $5,000 yearly on Aug. 15
from 1937 to 1946
incl.Halsey, Stuart & Co. of New York was second high
bidder for the issue, offering a
premium of $118.00 for 2Ms.
Other bidders
were: The Bancamerica-Blair
Corp., New York, for 2.80s; Bacon, Steven¬
son & Co. of New
York, Roosevelt & Weigold of New York, and Dick &
Merle-Smith of New York, for 2%s; the Marine Trust Co. of
Buffalo, for
2.70s, and Geo. B. Gibbons & Co. of New York, for 2.40s.
annually.
JENERA,
on
annual
on
BOND AWARD—The award of the issue has been made to Stranahan,
Harris & Co. of Toledo. At the price, the money is costing the city about
VOLNEY COMMON SCHOOL DISTRICT NO. 11
(P. O. Volney),
N. Y.—BOND OFFERING—Macel J.
Sheldon, sole trustee, will sell at public
sale at 11
Ohio—BOND AWARD DEFERRED—It is stated by Ralph
T. Mittendorf, City Auditor, that the award of the $39,595.08 refunding
to
Aug. 20, 1936
Payable at the Chemical Bank & Trust Co.
City.
Interest payable at maturity.
Legality to be approved
by Clay, .Dillon & Vandewater of New York.
Delivery will be made to
the successful bidder in New York
City on Aug. 20.
and due
in
issue of $2,784,500 City of Cleveland
COLUMBUS, Ohio—BOND SALE—The $75,000 coupon, registerable,
refunding bonds offered on Aug. 13—V. 143, p. 472—were awarded to
Stranahan, Harris & Co. of Toledo as 2^s, at a premium of $517.68. equal
to 100.69, a basis of about 2.36%.
Lowry, Sweeney, Inc., of Columbus,
was second high, offering a premium of $282 for
2Ms. Dated Sept. 1, 1936.
Due on Sept. 1 as follows: $7,000, 1937 to 1941, and $8,000, 1942 to 1946
6%, payable F. & A.
No bid will be accepted for separate
or separate
issues, or at less than the par value of the bonds.
Prin. and int.
payable in lawful money at the District Treasurer's office,
or at the
option of the holder, at the Marine Midland Trust Co., New
York.
The approving opinion of
Hawkins, Delafield & Longfellow of
New York will be furnished
the purchaser.
A certified check for 2%
of the amount of the
bonds, payable to the Board of Education, must
accompany the bid.
maturities
UTICA,
new
dated
aurelius, ledyard and scipio
DISTRICT NO. 1 (p. O. Union Springs), N. Y.—■
9
BOND
_
CAREY, Ohio—BOND ELECTION CONTEMPLATED—It is stated
by the Village Clerk that an election will be held shortly to vote on the
proposed issuance of $80,000 in not to exceed 6% semi-ann. sanitary sewer
and treatment plant bonds.
He says that if the vote is favorable the issue
will be placed on the market
together with a $30,000 issue of mortgage
bonds.
CITY,
Ohio—BOND SALE— The $3,500 issue of water
works bonds offered for sale on Aug. 12—V. 143, P. 633—was awarded to
the Junction City Banking Co. as 4 Ms at a price of 101.01, a basis of about
4.33%.
Due $350 from Oct. 1, 1938 to 1947, inclusive.
LAKEWOOD, Ohio—BONDS AUTHORIZED—At the meeting held
on
Aug. 6, the City Council is reported to have authorized the issuance of
$55,000 in lake front improvement bonds.
*
LIBERTY CENTER, Ohio—BOND ELECTION—An election is to be
held
on
Sept. 1 at which
a
proposal to issue $15,000 water supply bonds will
be submitted to the voters.
LORAIN, Ohio—BOND OFFERING—Sealed bids will be received until
noon (Lorain time), i l
Sept. 2, by Frank Ayres, City Auditor, for the
purchase of a $25,000 issue of 4% Broadway paving bonds.
Denom.
$1,000.
Dated Aug. 1, 1936.
Due on Sept. 15 as follows: $1,000,1938,
and $3,000, 1939 to 1946, incl.
Bidders may bid for a different rate of
interest in multiples of M of 1%.
Prin. and int. (M. & S.) payable at the
office of the Sinking Fund Trustees.
These bonds are issued in full com¬
pliance with the Uniform Bond Act of the State and in pursuance of
Ordinance No. 4431, passed by the City Council on July 10, 1936.
The
bonds to be delivered to the purchaser at Lorain.
Legality to be approved
by Squire, Sanders and Dempsey of Cleveland.
A certified check for 2%
of the par value of the amount of bonds bid for is required.
LUCAS COUNTY (P. O. Toledo), Ohio—tsOND CALL—It is stated by
George W. Lathrop, President of the Board of County Commissioners, that
4% court house building bonds, dated March 1, 1894, redeemable at the
option of the county 30 years after date of issue, are being called for pay¬
ment on Sept. 1, said payment to be made at the Manufacturers Trust Co.
in New York»
NORTH
the
CABARRUS
COUNTY
(P. O. Concord), N. C.—BONDS AND
NOTES AUTHORIZED—The Board of
County Commissioners is reported
to have authorized
$68,000 in school bonds and $45,000 in bond
anticipation
notes.
SHELBY,
N.
Caro.—BOND SALE—The
$52,000 coupon public im¬
on Aug.
11—V. 143, p. 961—were awarded to
Charlotte, at a premium of $37.10, equal to 100.071,
a net interest cost of about
3.23%, the first maturing $36,000 bonds to
bear interest at
3>£ % and the remainder of the issue at 3%.
The Equita¬
ble Securities Corp. of Nashville and
McAlister, Smith & Pate of Green¬
ville, jointly, submitted the second high bid, an offer to pay a
premium of
$374.40 for $27,000 3H% bonds and $25,000 3Ms.
Dated Dec. 1, 1935.
Due Dec. 1 as follows: $3,000 from 1937-to
1948, and $2,000 from 1949
provement bonds offered
R. S. Dickson & Co. of
1956
to
dated March 1, 1934, in
being called for payment at the same time,
Various other court house
building bonds, dated March 1, 1894 and March 1, 1895, are also being
called for payment, at the office of the County Treasurer.
Interest upon
all of the above bonds will cease on and after Sept. 1, 1936.
Nos. 47 to 56 of court house building bonds,
CAROLINA
incl.
sum
of $5,000 each, are also
payment to be made at the said trust company..
MARTINS
FERRY, Ohio—BONDS TO BE SOLD—It is stated by
Shrodes, City Auditor, that $10,000 fire apparatus bonds au¬
by the City Council on July 28 will be purchased by the city
the Treasurer's Investment Board.
Edward H.
thorized
through
MEIGS COUNTY (P. O. Pomeroy), Ohio—BOND ELECTION—'The
County Board of Commissioners has set Aug. 26 as the date of a specialelection at which a proposed $35,700 poor relief bonds issue will be sub¬
mitted to the voters.
OHIO, State of—RULING GIVEN ON TAX RESTRICTION IN NEW
SCHOOL DIS2RICT—New school
v,
districts in
Ohio
created
through the
of two or more districts may not levy new taxes outside the 10-mill
limitation if two or more of the old districts involved have voted such levies,
merger
NORTH
DAKOTA
until such levies have been voted by the electors of the new
AMUNDSVILLE
TOWNSHIP
(P.
O.
Washburn),
N.
Dak.—CER¬
TIFICATE OFFERING—John Harney, Township
Clerk, will receive bids
until 10 a.m. Aug. 22 for the
purchase of $800 certificates of indebtedness
Certified check for 2% required.
HOPE
SPECIAL SCHOOL DISTRICT NO.
10, Steele County
N. Dak.—CERTIFICATE OFFERING— O. M.
Jensen, District Clerk, will
receive bids at the office of the County Auditor, at
Finley, until 2pm
Aug. 24 for the puchase at not less than par of $8,000 certificates of
in¬
debtedness, to mature in not more than 24 months after date of
execution
Certified check for 2% of amount of bid, required.
NORTH DAKOTA, State of—REPORT ON BOND
CALL—We take the
following item of interest from the Aug. 8 issue of the "Commercial
West"
of Minneapolis:
The Industrial Commission of the State of North
Dakota evidently
intends to go through with its call of $3,617,000 series
A, B and C, State
bonds, inasmuch as Sectetary John Wishek Jr. of the Commission
has
advertised officially in North Dakota papers for their
is
a
legal tangle involved
action may be brought to
has been taken.
ROLETTE COUNTY
redemption.
There
to right of the State to call the bonds and an
enjoin the commission, but as yet no such action
as
(P. O. Rolla), N. Dak.—CERTIFICATE SALE
DETAILS—It is stated by the County Auditor that the
$75,000 cer¬
tificates of indebtedness purchased by V. W. Brewer & Co. of
Minneapolis
as noted here—V. 143, p. 961—were sold at
par, as follows:
$60,000
and $15,000 at 5)4%.
Due
on Aug.
15. 1937.
at
6%'
/0*
district, accord¬
ing to a recent ruling of Attorney General John W. Bricker.
The ruling is expected to affext approximately one-fifth of the 1,900 school
districts in the State, but only those which are involved in the consolidation
program which have outstanding levies outside of the 10-mill limitation.
The Attorney General pointed out that nothing can be done by the new
district to impair the contractural obligations incurred by one or all of the
a new district cannot affect the rights
old districts and that the creation of
of the holders of bonds issued
by the old district to compel the levy of the
rate of taxation in the old districts which
they were authorized to levy when
the bonds were issued, provided such levy is necessary to pay thq bonds.
He further held that if one of the old districts had issued bonds and prior
to the issuance had voted a levy outside the 10 mill limitation, the taxing
authority of the new district must levy sufficient taxes outside the limitation
deficiency necessary to retire the old bonds.
to make up any
ORANGE
VILLAGE
SCHOOL
DISTRICT
(P.
O.
Chagrin Falls),
Ohio—BOND SALE—The $16,500 coupon bonds described below, which
offered on Aug. 11—V. 143, p. 633 and 961—were awarded to the
First National Securities Corp. of Cleveland on a bid of
par for 4J^s:
were
$10,000 school improvement bonds.
Dated Jan. 1, 1936.
Due $500 on
April 1 and Oct. 1 in each of the years from 1941 to 1950 incl.
6,50(0 refunding bonds.
Dated April 1, 1936.
Due $500 on April 1
and Oct. 1 in each of the years from 1944 to 1948; $500 April 1,
1949 and $1,000 Oct. 1, 1949.
PERRY
COUNTY
(P.
O.
New
Lexington), Ohio—BOND SALE—
The $65,000 coupon poor relief bonds offered on Aug. 12—V. 143, p. 633—
were awarded to
Seasongood & Mayer of Cincnnati, as 2s, at a premium of
-
Financial
1124
Aug.
Chronicle
$539.85, equal to 100.83, a basis of about 1.80%.
Stranahan, Harris & O o.
Toledo, bid a premium of $464,75 for 2s.
Dated June 1, 1936. Due
March 1 as follows: $6,500,1937; $7,000,1938:$7,400,1939; $7,800,1940;
$8,300, 1941; $8,800, 1942; $9,300,1943, and $9,900, 1944. m
■
CITY OF PHILADELPHIA
,
4's
POWHATAN POINT, Ohio—BOND OFFERING—Sealed bids will be
received until noon on Sept. 1, by Virgil Volpe, village clerk, for the purchase
of an $11,000 issue of 5H% semi-ann. special assessment street improvement
bonds.
Denoms. $1,000 and $500.
Dated Sept. 1,1936.
Due on Oct. 1
as follows:
$1,500,193811944, and $500 in 1945.
Bidders may bid for a
February 16, 1955
2.90% Basis
multiples of 34 of 1 % •
A certified check for $110,
payable to the village, must accompany the bid.
different rate of interest in
YARNALL & CO.
Members
■
■
RIO
GRANDE, Ohio—BONDS NOT SOLD—W. T. Packer, Village
Clerk, states that no bids have been accepted as yet for the two issues
6f not to exceed 6% semi-ann. bonds aggregating $5,770, offered on July 31,
as reported here—V. 143, p. 633.
The issues are as fololws: '
$3,180 water works bonds.
Due from Sept. 1, 1937, to 1946., incl.
1,590 sanitary sewer system bonds. Due from Sept. 1, 1937 to 1946, incl.
New York
0300
Penny packer
(Associate)
New York, Bowling Green 9-2230
'
A. T. & T.
Teletype—Phl^a. 22
PHILADELPHIA
WALNUT ST.
1528
$100,000 City of
bid of 14,492.21 for 334s.
Philadelphia
1981/51
4M% Bonds due February 27,
SOUTH AMHERST, Ohio—BOND OFFERING—Harold Allsop, Village
Clerk, will receive bids until noon Aug. 29 for the purchase of $4,000 4%
fire apparatus bonds.
Denom. $200.
Dated Jan. 1, 1936.
Interest
payable semi-annually.
Due $200 on April 1 and Oct. 1 in each of the
years from 1937 to 1946, incl.
Cert, check for $100, payable to the Village
Treasurer, required.
HEIGHTS
(P.
O.
South
116.268 & Interest to net
Price:
2.875%
Moncure Biddle & Co.
1520
Philadelphia
Locust^Street
Euclid),
Ohio—BOND
Sept. 5 by W. A.
Horky, Village Clerk, for the purchase of a $485,000 issue of 4% refunding
bonds.
Dated Oct. 1,1936.
Due $48,500 from Oct. 1,1940 to 1949, incl.,
optional in whole or in part at par on Oct. 1, 1940, or on Oct. 1 of any year
thereafter, prior to maturity, on call issued by the Village Council.
Bids
may be submitted for a different rate in multiples of 34 of 1 %.
It is said
that these bonds are issued for the purpose of refunding bonds of the
village
which have matured or are about to mature.
A certified check for 1% of
the bonds sold must accompany the bid.
OFFERING—Sealed bids will be received until noon
on
VAN WERT COUNTY (P. O. Van
Wert), Ohio—BOND SALE—
The $7,600 issue of emergency poor relief bonds offered for sale on Aug. 11—
V. 143, P. 633—was awarded to Saunders, Stiver & Co. of Cleveland, as 2s,
paying a premium of $17.00, equal to 100.223, a basis of about 1.95%.
Dated July 1,1936.
Due from March 1, 1937 to 1944.
WARREN
Philadelphia Stock Exchange
Stock Exohange
New York Curb Exchange
RIPLEY, Ohio—BOND SALE DEFERRED—Sale of the $14,400 4H %
factory building alteration bonds offered on Aug. 8—-V. 143, p. 802—was
deferred, awaiting Federal approval of the project.
The Citizens National
Bank of Ripley was high bidder for the bonds, offering a premium of $96
for 334s.
Charles A. Hinsch & Co. of Cincinnati was second high with a
UNIVERSITY
1936
15
COUNTY
(P. O. Lebanon), Ohio—BOND OFFERING—
A. M. Parker, Clerk of the Board of County Commissioners, will receive
bids until noon Aug. 31 for the purchase at not less than par of
$19,900 6%
relief bonds.
Denom. $1,000, except for odd amounts in maturities.
Dated Aug. 1, 1936.
Int. payable March 1 and Sept. 1.
Due March 1
follows: $2,200, 1937; $2,100, 1938; $2,200, 1939; $2,400,
1940; $2,500,
1941; $2,700, 1942; $2,800, 1943, and $3,000, 1944.
Certified check for
$200, payable to the County Treasurer, required.
poor
as
WOODSFIELD EXEMPTED VILLAGE SCHOOL DISTRICT
(P. O.
issue of $7,500 school addition
May 8—V. 142, p. 3713—was sold as 3 54s,
at a price of par, to the Citizens National Bank of
Woodsfield.
Dated
May 1, 1936, and due serially on April 1 as follows: $1,000 from 1937 to
1943, incl., and $500 in 1944.
PENNSYLVANIA
TOWNSHIP SCHOOL DISTRICT
(P. O. Corsica,
OFFERING—Robert G. Burnbam, Secretary of the
School Board, will receive bids until 8 p.m. Aug. 28 for Che purchase of
$2 000 3H% emergency bonds.
Interest payable semi-annually. Due
Sept. 1, 1944; redeemable on any interest payment date.
CLARION
Route 1), Pa— BOND
DALE SCHOOL DISTRICT (P.
O. Johnstown), Pa.—BOND OFFER¬
(Eastern Standard Time) on
ING—Sealed bids will be received until noon
Aug 29, by D. J. McMonigal, District Treasurer, for the purchase of an
$18,000 issue of 4M% second emergency uncollected tax coupon bonds.
Denom. $1,000.
Dated Aug. 1,1936. Due on Aug. 1, 1946, redeemable in
after Aug. 1, 1941. Proceedings authorizing the issue
is subject to the approval of the Department of
certified check for $500, payable to the District
Treasurer, must accompany the bid.
whole orin part on or
and sale of these bonds
Internal
Affairs.
A
ERIE, Pa .—BONDS PUBLICLY OFFERED—Geo. E. Snyder & Co. of
Philadelphia and Mackey, Dunn & Co., Inc., New York, recent pur¬
a new issue of $245,000 funding and refunding bonds on a bid
of 101.316 and int. for 2^s, are reoffering them at prices to yield from
0.75 to 2.40%.
The bonds are legal investment for savings banks and trust
funds in New York, Pennsylvania, Massachusetts, Connecticut and other
States.
Dated Aug. 1, 1936, and due serially on Aug. 1 from 1937 to 1956,
chasers of
Woodsfield), Ohio—BOND SALE—The
incl.
construction bonds offered on
HAZLETON
CITY
SCHOOL DISTRICT, Pa .—BONDS TO BE
OFFERED—Secretary D. T. Evans informs us that as soon as legal details
have been completed
by Eckert, Degen, Palmer & Co., attorneys, of
.
Easton, the district will offer for sale an
bonds, which were recently authorized.
OKLAHOMA
LEWISTON
set
Aug. 18 as the date of a special election at which a proposal to issue $20 000
incinerator bonds will be submitted to the voters.
APACHE SCHOOL DISTRICT (P. O. Apache), Okla.—BOND
SALE
$11,000 issue of school building bonds offered for sale on Aug. 11—
V. 143, p. 962—was awarded to R. J.
Edwards, Inc., of Oklahoma City as
follows: $5,000 as 3s, maturing $1,000 from 1940 to 1944
incl.;
$4,000
—The
$1
0W)Sinmia949^Sd3!950°
1945 t0 1948' ^ S2,0°° as 3Hs' maturing
CARNEGIE, Okla.—BOND SALE—The $10,000 park site bonds
Aug. io—v.
offered
143, p. 802—were awarded to R. J. Edwards, Inc., of
a premium of $5.16.
C. Edgar Honnold of Oklahoma
OMahoma City, on
j
a Premium of $l.
1iy' P,
Due $1,000 yearly beginning five
date of issue.
years
after
'Berwyn),
Okla.—BOND SALE—The $14,000 issue of school
on Aug. 11—V. 143,
p. 962—was awarded to R.J.
wards, Inc., of Oklahoma City, according to the District Clerk.
Due
$1,000 annually, beginning July 1, 1941.
bonds offered for sale
CUSTER COUNTY CONSOLIDATED SCHOOL DISTRICT NO. 5
(P. 0. Arapaho), Okla.—BOAT) OFFERING—L. W. McFarren, District
Clerk, will receive bids until 10.30 a. m. Aug. 11 for the purchase at not
less than par of $25,000 school
building bonds, which are to bear int. at
rate named in
from June 1,
have the
voters pass
on the proposed
building bonds, to be used in
conjunction with a Public Works Administra¬
tion grant.
MT.
.
CARMEL,
Pa .—BONDS AUTHORIZED—The Borough
has passed an ordinance
Counci
authorizing the issuance of $243,700 bonds.
BRIGHTON, Pa —BOND SALE—The $24,0Q0 coupon bonds
Aug. 12—V. 143, p. 962—were awarded to Singer, Deane &
2%s at a premium of $71, equal to 100.295, a
basis of about 2.69%.
The Beaver County Trust Co. of New Brighton,
bid a premium of $69 for 2^s.
Due Aug. 1 as follows: $3,000, 1937 to
1940. and $2,000. 1941 to 1946. inclusive.
NEW
offered
on
Scribner of Pittsbu rgh as
EAST, Pa.—BOND SALE—The $17,500 3
coupon bonds
on Aug. 7—V.
143, p. 803—were awarded to Glover & McGregor
Pittsburgh at a premium of $526, equal to 103.005.
E. H. Rollins & Sons
of Philadelphia bid a premium of $402.50 for 3>is.
The bonds are coupon, registerable, bonds in the denomination of $500
each, are issued for water works extensions.
Bonds are dated Jan. 1,1936.
interest is payable semi-annually on Jan. 1 and July 1.
Due onJan. 1
as
follows: $1,500 1948;
and $2,000 from 1949 to 1956.
Net interest
cost to the borough is about 3.13% annually.
NORTH
offered
of
COUNTY CONSOLIDATED SCHOOL DISTRICT No. 71
(p-
to
(P. O. Lewiston), Pa .—BOND
election will be held on Sept. 15 in order
issuance of $200,000 in school
SCHOOL DISTRICT
ELECTION—It is reported that an
ADA,. Okla.—BOND ELECTION—The Board of Commissioners has
issue of $250,000 "Mansfield
the successful bid.
Due $2,500 yearly beginning two years
1936.
Certified check for 2% of amount of bid, required.
NORTH
FRANKLIN
TOWNSHIP
SCHOOL
DISTRICT
(P.
O.
Washingcon, K. D. 6), Pa.—BOl\D SALE—The $12,000 issue of coupon
bonds offered for sale on Aug. 8—V. 143, p. 803—was awarded to
the Peoples National Bank of Wasnington, Pa., as 3>^s at par.
Bated
aept. 1,1936.
Due from.dept. 1, iyob to 1944, incl.
The second highest
bid was an offer of 101.38 on 4s, suomitted oy Beach Bros., Inc., of pnila-
scnool
deipnia.
ELK
CITY, Okla.—BOND SALE DETAILS—In connection with the
par, reported in these columns in July—
ttiPI 37,227 funding bonds at
V.
143, p. 152—it is stated that the bonds were purchased by the BrownCrummer Co. of Wichita, as 5s.
Dated May 15, 1936.
Due on May 15
as follows:
$2,O00, 1939 to 1941, and $1,227 in 1942.
GOLTRY SCHOOL DISTRICT, OKLA.—BOND OFFERING—Albert
vv. Streich, Clerk of the Board of
Education, will receive bids until 2 p.m.
Aug. 15 for the purchase at not less than par of $9,000 school building bonds,
which are to bear interest at rate named in the successful bid.
Due $500
yearly, beginning three years after date of bonds.
Cert, check for 2% of
amount
bid, required.
GOLTRY, Okla .—BONDS VOTED—By
of
f
Goltry
on
July 31 approved
a
a vote of 58 to 32 the residents
proposal to issue $15,000 water bonds.
UNION CITY CONSOLIDATED SCHOOL DISTRICT
Union
No. 57 (P. O.
City, Okla.—BOND OFFERING—Leonard Wood, District Clerk,
will receive bids until 2:30
p. m. Aug.
par or $25,000 school building bonds,
17 for the purchase at not less than
which are to bear interest at rate
Due $2,000 yearly, begin¬
ning three years from date of issue, except that the last instalment shall
amount to $3,000.
Certified check for 2% of amount of bid, required.
named
in
the successful bid not to exceed 4%.
PENNSYLVANIA, State of—NOTE OFFERING—Sealed bids will be
(Eastern Standard Time) on Aug. 19 by Charles A,
received until noon
Waters, State Treasurer, for the purchase of a $45,000,000 issue of tax
anticipation, series BT notes.
Interest rate is not to exceed 4>3 %.
Dated
Sept. 1, 1936.
These notes will be payable to bearer and title shall pass
by delivery.
The notes are registerable as to principal only, and shall be
issued in denominations of $5,O0O, $10,000, $25,000 and $100,000, as the
purchaser may require.
..
The issuance of these notes is authorized by Act. No. 36, passed by the
General Assembly at the Special Session of 1936 and approved by the
Governor on Aug. 6, 1936.
Tne constitutionality of issuing tax anticipa¬
tion notes has been upheld by the Supreme Court of Pennsylvania in the
case of Kelley vs. Baldwin, et al., 319 Pa. 53.
The notes now offered will be payable at the Philadelphia National Bank,
Philadelphia, Loan and Transfer Agent of the Commonwealth, in.lawful
money of the United States on May 31, 1937.
Bidders for these notes will have the option to either bid on a discount
basis wherein no interest would be paid on the notes or to name the interest
rate which the notes are to bear not' exceeding 4^ % per annum, in the
latter alternative coupons would then be attached to said notes payable
March 1, 1937, and May 31, 1937.
Where an interest rate is named bids
may be made below par.
The undersigned reserves the right to reject any or all bids and to award
any part, or the entire issue to one bidder if it appears to be to the best
interest of the Commonwealth to do so.
The notes shall be countersigned
,
.
by the Pniladelpnia National Bank, Loan and Transfer Agent of the Com-
Oregon Municipals
CAMP & CO., INC.
Porter
Building,
Portland, Oregon
EAGLE POINT
offered
on
SCHOOL
were
no
DISTRICT
bidders
Aug. 5—V. 143,
p.
for
the
NO.
issue
vania, for an amount at least equal to one-half of one per centum of the
principal of the notes for which the bid is made.
Checks or certificates of
deposit accompanying bids not accepted, will be returned by mail to the
bidders within 48 hours from the time of opening the bids.
Deposits of
successful bidders will be applied in partial payment of the amount of the
No allowance will be made for interest on such pay¬
submitted to the time of settlement.
ment from the time a bid is
9,
of
Ore.—NO BIDS RE¬
$3,000 school bonds
803.
JACKSON COUNTY SCHOOL DISTRICT No. 9 (P. O. Eagle Point),
Ore.—BONDS NOT SOLD—A $3,000 issue of school bonds was offered for
sale without success on Aug. 5, according to report.
Proposals must be made upon the prescribed form of blanks, copies of
which may be obtained upon application at the office of the Governor or
from the State Treasurer at Harrisburg, Pa.
No bid will be considered unless accompanied by a certified check or
certificate of deposit drawn to the order of the Commonwealth of Pennsyl¬
notes awarded them.
OREGON
CEIVED—There
monwealtn.
Settlement for the notes awarded must be made in full
(together with
accrued interest at the rate specified in the notes from Sept. 1, 1936 to date
of settlement), with the Philadelphia National Bank, Loan and Transfer
Agent, at Philadelphia, on or before Sept. 15, 1936.
As provided by law, the Department of Revenue has irrevocably allocated
all of the new revenues raised by laws enacted at the Special Session of 1936
of the Legislature accruing to the General Fund of the State Treasury during
Volume 143
Financial
Chronicle
the present
biennium, for the payment of the principal of said notes at least
in the amounts and on or
before the times hereinafter stated, together with
sufficient additional sums for the
payment of the interest on said notes
when and as the same becomes
due, and such allocation has been approved
by the undersigned:
rate is not to exceed
1936.
Sinking Fund Payments to Provide for Principal of
Noles^
Dec. 15, 1936
$1,500,000 April 15, 1937
$10,000,000
Jan. 15, 1937
1,500,000 May 14, 1937
10,000,000
Feb. 15, 1937
2,000,000 May 31, 1937
10,000,000
Mar. 15, 1937
10,000,000,
These notes, as provided
by law, are further secured by, and, if necessary,
may be paid out of other current revenues
accruing to the General Fund of
the State
Treasury during the present biennium not required for the pay¬
Hamilton County, specifically sustaining the right of Hamilton
County to secure the payment of said bonds.
No proposal blanks will be
furnished. The bonds will not be sold for less than par. A certified check
for 1% of the amount bid
for, payable to the county, is required.
Attorney General, the aforesaid allocations made
to provide a sinking fund for the payment
10
a.
m.
Aug. 25 by S. H. McKay, City Clerk, for the purchase
$140,000, divided as follows:
from Sept. 1, 1937 to 1941, incl.
60,000 general impt. bonds.
Due $4,000 from Sept. 1,1942 to 1956, incl.
Interest rate is not to exceed
6%, payable M. & S.
Rate to be stated
in multiples of
% of 1% and must be the same for all of the bonds.
Com¬
parison of bids will be by taking the aggregate interest on all issues at the
rate named in the
respective bids and deducting therefrom the premium
bid; the award will be made at the lowest net interest cost to the city.
No
bid at less than
par will be considered.
Denom. $1,000.
Dated Sept. 1,
1936.
The approving opinion of Caldwell & Raymond of New York will
be furnished.
Bonds are registerable as to principal in New York City.
Prin. and int. payable at the
City Treasurer's office or at the Chase National
Bank, New York.
Required bidding forms will be furnished by the above
named City Clerk.
A certified check for 2% of the face value of the
bonds bid for is
required.
McKees Rocks),
of coupon school bonds offered for
Aug. 10—V. 143, p. 803—was awarded to a
syndicate composed of
Rollins & Sons, of
Philadelphia, Singer, Deane & Scribner, S. K. Cunningham & Co., and Glover & Mac
Gregor, all of Pittsburgh, as 4s, paying
a premium of
$137.50, equal to 100.11, a basis of about
3.97%.
Dated
Aug. 1, 1936.
Due from Aug. 15,1937 to
1946.
sale on
E. H
TEXAS BONDS
DISTRICT
(P. O. Uniontown), Pa.—
reported by J. K. Spurgeon, District
withdrawn from sale the $230,000 2 to 4%
ia%{■ u£&ng bonds, scheduled for Aug. 12, as noted here
99 999 99 9—It is
Bought —ISold
th,e District has
D:
p"
OFFERING— Sealed bids will be received
on
of two issues of
coupon bonds aggregating
$80,000 street impt. bonds.
Due $16,000
tionS, including current expenses payable from the General Fund,
The foregoing
sinking fund payments which shall be cumulative, will be
deposited in the General Fund to a
special account, or accounts, in escrow
2r,, e holers of said Tax Anticipation Notes.
Said account, or accounts,
shall be designated "General
Fund—Commonwealth of Pennsylvania Tax
Anticipation Notes Series BT Sinking Fund
Account": and shall be main¬
tained until the
maturity of said notes either in cash, or used only for the
purchase of said Series BT Tax
Anticipation Notes, at a price not in excess
of the principal amount
thereof and accrued interest thereon to
maturity.
(P. O.
vs.
NASHVILLE, Tenn.—BOND
until
v*
ST<Si'Sr7i)iVSSWJP $125,000 issue
BOND SALE—The SCHO°L DISTRICT
Dated Jan. 1,
York, will be furnished the purchaser, together
State Supreme Court, in the case of
Atwater
Series BT tax anticipation
notes, are payable into, and shall be
set aside
in, said sinking fund, at least in the amounts and on or before the
timespecified, prior to all other expenditures, expenses, debts and appropria-
P
Pa.
Denom. $1,000.
with certified
copy of opinion of the
by the Department of Revenue
of these
4%, payable J. & J.
Due
$15,000 on Jan. 1 in odd years and $16,000 on Jan. 1 in even
years, beginning in 1939 and
running to 1975, with $17,000 maturing on
Jan. 1, 1976.
Prin. and int. payable at the National City Bank in New
York.
Interest rate is to be stated in multiples of 1-10 or
M.
of 1 %,
and must be the same for all
of the bonds.
The approving opinion of Cald¬
well &
Raymond, of New
ment of the Series AT Tax
Anticipation Notes issued under the authority
of the Act of June
22, 1&35.
In the opinion of the
•
1125
HAMILTON COUNTY (P. O. Chattanooga), Tenn.—BOND OFFER¬
ING—Sealed bids will be received by Will Cummings, County Judge, until
2:30 p. m. (Central Standard
Time), on Aug. 25, for the purchase of a
$590,000 issue of public works, school, first series, coupon bonds. Interest
isaid that the bonds will be re-advertised
upon slightly different
terms, bids to be submitted on or about
Sept. 16,
—
Quoted
is
H. C. BURT A COMPANY
Incorporated
Sterling Building
Houston, Texas
$100,000 City of Greenville, So. Car.
Water refunding
3 Hs.
Price
due May 1, 1971
yield 3.25%
McALISTER, SMITH
67
to
1976
inc.
TEXAS
to
ALLEN SCHOOL DISTRICT
(P. O. Allen), Tex.—BONDS
It is reported that $12,000
building bonds have been sold.
& PATE, Inc.
BROAD STREET
NEW
CROCKETT, Texas—BOND
City Treasurer, that an ordinance
D. Woodson,
was passed by the City Council on Aug. 4,
calling for redemption at the Chase National Bank in New York, (successor
to the Seaboard National
Bank, New York), on Sept. 15, on which date
interest shall cease, a total of
$24,500 water works bonds, dated Jan. 1,
1909.
All of the said bonds
may be presented for redemption at the First
YORK
Telephone WHltehall 4-6765
GREENVILLE.
S.
C.
SOLD—
CALL—It is stated by J.
CHARLESTON, S. C.
National Bank in Dallas.
DALLAS, Tex.—BOND REFUNDING APPROVED—Approval of a
refunding of approximately $400,000 of city bonds which will result in an
interest saving of $9,350 was voted
by the City Council recently.
It also took under advisement financial transactions which would reduce
the city's bonded indebtedness
by $89,000.
MARKETS APPRAISALS INFORMATION NORTH
CAROLINA STATE
AND MUNICIPAL BONDS ALL
SOUTHERN STATE AND MUNICIPALS
DELWIN CONSOLIDATED SCHOOL DISTRICT
(P. O. Delwin),
Texas—BOND SALE—A $17,700 issue of school bonds is said to have
been purchased by the State Board of Education as 5s at
par.
Due from
1937 to 1972.
•
KIRCHOFER & ARNOLD
INCORPORATED
RALEIGH, N.
O.
A
T.
T.
ELDORADO, TEXAS—BONDS
TELETYPE
RLGH
CHARLESTON,
(
—Notice has been
CAROLINA
to issue of
stated by Joseph C.
Clerk of Council, that a
Barbot,
syndicate composed of Edward B. Smith
& Co.,
Lazard Freres & Co.,
Inc., both of New York;
McAlister, Smith & Pate,
of
Greenville: the Robinson-Humphrey
Co., of Atlanta; Kinlock, Huger
& Co.; Frost, Read & Co., E. H.
Pringle & Co., James Conner & Co.,
Seabrook A Karow and R. M.
Marshall & Bro., all of
Charleston, purchased
$1,000,000 3% semi-annual water works
extension bonds, at a
price of
98.00.
Dated Sept. 1, 1936.
Due from 1938 to 1976.
These bonds were
approved by the voters at an
election held on Aug.
10, noted in
York.
these
Legality approved by Thomson, Wood
HUTCHINSON
NO.
2
p.
and
635—have not been sold as
yet.
a grant for the project.
city is awaiting word concerning
INDEPENDENT
SCHOOL
DISTRICT NO. 1, S. Dak.—
on
Aug. 14 at which a vote
issuing $15,000 debt funding bonds.
BOND ELECTION—An election
will be held
will be taken on the
question of
REGENT, S. Dak.—BONDS
NOT SOLD— It is stated
by the Village
$5,100 issue of 5% semi-ann. water
works bonds offered
on
July 20, have not been sold as yet.
Due serially in from 1 to 17
years.
Clerk that
Aug. 15 in order to vote on
$15,000 will bear interest at 3% and the balance at 3%%.
coupon, registerable, in the denomination of $1,000 each, and
July 1, 1936. Interest will be payable Jan. 1 and July 1.
are
dated
1948.
sewer
bonds approved by the voters at the election held on
July 28—V. 143, p.
963—were purchased by the Liberty National Bank of
to
It is
S. Dak.—BONDS
AUTHORIZED—Issuance of $100,000
funding bonds was recently authorized.
QUINN
on
PARIS, Texas—BONDS SOLD—The $100,000 street, abbatoir and
the
Paris, according
Mayor.
PORT
MITCHEL,
warrant
Stinnett), Texas—BOND ELEC¬
Beeke of
1956, incl.
LEMMON, S. Dak.—BONDS NOT SOLD—It is stated
by E. W. Corn¬
ish, Auditor, that the
$15,000 not to exceed 5%
paving bonds offered on
July 24, as noted here—V. 143,
said that the
O.
NUECES COUNTY (P. O. Corpus
Christi), Tex.—BOND SALE—The
$275,000 road bonds offered on Aug. 10—V. 143, p. 804—were awarded to
Rauscher, Pierce & Co. of Dallas, and Mahan, Dittmar & Co. of San
Antonio, jointly, at 4% interest, for a price of $263,490, equal to 95.81, a
basis of about 4.67%.
Russ, Roe & Co. of Ban Antonio, Graham & Co. of
San Antonio, Dewar, Robertson & Pancoast of San Antonio, combnied
to submit the second high bid, $261,250 for 4s.
Dated Sept. 1, 1936.
Due as follows:
$15,000 1938 and 1939; $20,000 1940 and 1941; $25,000
1942 and 1943; $30,000 1944; $60,000 1945;
$25,000 1946; and $20,000 1947
(P. O.
Kimball), S. Dak.—BOND SALE—The $58,000
4% refunding bonds
offered on July 28—V.
Ipswich.
(P.
Of the issue,
Bonds
are
DAKOTA
DISTRICT
A
IRION COUNTY (P. O.
Sherwood), Tex.—PURCHASER—The $50,000
courthouse construction bonds sold by the county
recently were taken by
the State Investment Co. of Fort Worth and Elliott & Eubank of Waco.
S. C.—BOND SALE—The $100,000
issue of coupon
water works
refunding bonds offered for sale on Aug. 10—V.
143, p. 634—
was awarded to
Frost, Read & Co. of Charleston, as 3s,
paying a premium
of $666.00,
equal to 100.666, a basis of.about
2.91%.
Dated Sept. 1,1936.
Due from Sept. 1, 1938 to
1951 incl.
143, p. 634—were awarded to M. P.
Dated Jan. 1,1936. Due
serially on Jan. 1 from 1939 to
COUNTY
TION—It is said that an election will be held
the issuance of $65,000 in hospital bonds.
SPARTANBURG,
SCHOOL
of the intention of the Commissioners' Court
,
£. 634—were
SOUTH
Marlin), Tex.— WARRANTS TO BE ISSUED
published
$100,000 of 30-year 5% road and bridge funding warrants.
GRAHAM, Texas—BONDS SOLD—It is reported by F. F. Parrish,
City Secretary, that a total of $142,000 refunding bonds have been disposed
of through Donald O'Neil & Co. of Dallas.
S. C.—BOND SALE—The $35,000
5K% funding
bonds, sinking fund holdings, which
were offered on
Aug. 10—V. 143,
awarded to Herman P. Hamilton & Co. of Chester and Fox,
inhorn & Co. of
Cincinnati, jointly, at a premium of $4,550,
equal to
113.
R. S. Dickson & Co. of
Charlotte were second
high, offering a
premium of $4,326.
Dated Aug. 1, 1931.
INDEPENDENT
July
of
GAINESVILLE SCHOOL DISTRICT
(P. O. Gainesville), Tex.—
BONDS VOTED—At the election held on Aug. 1-t—B. 143, p. 635—the
voters
are reported to have favored the
issuance of the $132,000 in junior higja
school building bonds.
SPARTANBURG,
KIMBALL
on
like amount of scrip will be funded
by the warrants, it is said.
S. C.—BOND SALE—It is
columns recently—V.
143, p. 634.
& Hoffman of New
held
143, p. 635—the voters are said to have approved the issuance
the $50,000 in municipal water and sewer
system bonds.
FALLS COUNTY (P. O.
SOUTH
VOTED—At the election
28—V.
80
NECHES
COMMON SCHOOL DISTRICT NO.
16 (P. O.
Beaumont), Texas—MATURITY—It is stated by the County Superin¬
$40,000 school bonds purchased on July 30 by
Aves & Wymer, of Houston, as
4Hs, at a price of 100.78, as noted here—
tendent of Schools that the
'
V. 143, p. 963—are due $2,000 from 1937 to
1956, incl., giving a basis of
about 4.40%.
TEXARKANA, Tex.—BOND OFFERING— G. D. Garrett, City Secre¬
tary, will receive bids until 7:30 p.m. Aug. 18 for the purchase of
$1,200,000
gas system revenue bonds.
a
SALEM, S. Dak.—BOND OFFERING—Sealed bids
will be received
until
2 p. m. on Sept. 1,
by C. H. McCay, City Auditor, for the
purchase of an
$18,000 issue of 4% water improvement
general obligation bonds.
Denom.
$1,000.
Dated Sept. 1, 1936.
Due $1,000 from Sept. 1,
1939 to 1965 incl.
The city will not furnish
legal opinion.
Principal and interest (M. &
S.)
payable in lawful money.
(These are the bonds that were
previously
reported as being scheduled for sale on
Aug. 31, as noted here
recently—
V. 143, p. 803.)
WEBSTER SCHOOL DISTRICT NO. 201
(P. O. Webster), S. Dak.—
BOND SALE—The $3,000 issue of
5% semi-ann. school bonds offered for
sale on Aug. 1—V. 143,
p. 803—was purchased by
Day County, according
to the District Clerk.
The bonds will
bear interest at 5%,
payable semi-annually on March 15
andSept.15. Dated July 27,1936. Due on March 15 as follows:
$25,000,
1939 and 1940; $50,000, 1941; $75,000, 1942 and
1943; $100,000, 1944 to
1950; and $125,000, 1951 and 1952.
Principal and interest payable at the
Republic National Bank, of Dallas.
TIMPSON, Tex.—BOND SALE—A $25,000 issue
power plant
of Houston,
of electric light and
refunding bonds was purchased recently by H. C. Burt & Co.
according to report.
Due from 1937 to 1950.'
WACO, Texas—BOND ELECTION CANCELED— Otis W. De
Hay,
City Secretary, reports that the election which was scheduled
for Aug. 8,
aggregating $194,000, as noted
here—V. 143, p. 963—has been
canceled.
to vote on the issuance of the
various bonds
VERMONT
TENNESSEE
"COLLIERVILLE, Tenn.—BONDS
VOTED—At the election held on
Aug. 6—V. 143, p. 475—the voters approved the issuance of
the $42,000 in
sanitary sewer construction bonds by a wide
margin, according to report.
BENNINGTON COUNTY (P. O.
Bennington), Vt.—BOND OFFER¬
ING—Luther R. Graves 2d,
County Treasurer, will receive bids at
office of the First National
Bank, Bennington, until 2
ard Time)
Aug. 20 for the purchase
courthouse and jail bonds.
Bidders
p. m.
the
(Eastern Stand¬
at not less than par of $50,000 coupon
are to name rate of int., in multiples o
Y\ %, but not to exceed 3%.
Denom. $1,000.
Dated June 1, 1936. Prin.
and semi-ann. int. (J. & D. 1) payable at the First National Bank, Benning¬
ton.
Due $5,000 yearly on June 1 from 1937 to 1946, incl.
These bonds will be engraved under the supervision of and certified as
to their genuineness by the First National Bank, Bennington.
This bank
will further certify that the legality of this issue has been approved by
Fenton, Wing & Morse of Rutland, a copy of whose opinion will accompany
the bonds when delivered, without charge to the purchasers.
All legal papers incident to this issue, together with an affidavit certifying
to the proper execution of the bonds, will be filed, with the First National
Bank, Bennington, where they may be inspected.
Financial Statement, July 15, 1936
$15,605,456
50,000
Assessed valuaton 1936, net
(present loan included)
Population: Last census, 21,652.
Total bonded debt
15, 1936
Aug.
Financial Chronicle
1126
1932, 1933, 1934, 1935 and 1936, together with the reduction
made by each.
He states that as a result of the conservative record of the
various governmental units with respect to bonded indebtedness, the
of July 1,
as
have been held within resaonable bounds.
county's tax levies
WISCONSIN
COUNTY (P. O. Chilton), Wis.—BOND SALE—The
$60,000 3% series E highway improvement bonds offered on Aug. 12—V.
143, p. 964—were awarded to the Northwestern National Bank & Trust
Co. of Minneapolis, at a premium of $4,127, equal to 106.878, a basis of
about 2.34%.
Dated Aug. 1, 1936.
Due Aug. 1, 1948.
CALUMET
KENOSHA COUNTY (P. O. Kenosha), Wis.—NOTE OFFERING—
bids will be received until 2 p. m. (Central Standard Time), on
Sealed
purchase of an issue
C. Niederprim, County Clerk, for the
Aug. 21 by John
$125,000 corporate purpose notes.
Denom. $1,000. Dated Aug. 31,
Due on Aug. 30, 1937.
Prin. and int. payable in lawful money
at the office of the County Treasurer.
The notes are issued for the purpose
of meeting current and ordinary expenses of the county including expendi¬
tures for poor relief.
The notes will not be sold for less than parfrond the
basis of determination shall be the lowest int. rate bid by the successful
bidder, and int. cost to the county.
The notes will be ready for delivery
on or about Aug. 31, and the county will furnish its own completed notes,
and the approving opinion of Chapman & Cutler of Chicago.
A certified
check for 2% of the amount bid, payable to the county, is required.
of
1936.
OFFERINGS
WANTED
UTAH—IDAHO—NEVADA—MONTANA- WYOMING
MUNICIPALS
FIRST SECURITY TRUST CO.
which were
Joiner & Co
Bell Teletype: SL K-37
Phone Wasatch 3221
below,
E.
MADISON, Wis —BOND SALE—The $66,000 bonds described
offered on Aug. 11—V. 143, p. 964—were awarded to T.
and the Channer Securities Co., both of Chicago,jointly,
SALT LAKE CITY
premium of $1,170, equal to
2Ks, at a
UTAH
Utah—BOND CALL—It is stated by Henry Blain,
City Recorder, that the city is calling for redemption on Sept. 1, the entire
issue of $5,000 6%
crosswalk and sidewalk intersection bonds, dated
Oct. 1, 1923.
Due on Oct. 1, 1943, optional on Oct. 1, 1933.
Denom.
$1,000.
Bonds will be payable at the office of the Lauren W. Gibbs Co. in
Salt Lake City.
Int. will cease on Sept. 1.
SPRING CITY,
Public Debt Amortization
sold to the
ELECTION—An election is said to
issuance of
issuance
by Mrs. Betzel, Clerk
Va. 83
ELECTION—A
bonds will
Wyo —BOND
MOOR CROFT,
Va.—BONDS SOLD—It is reported by E. J. Sutherland,
$10,000 water system bonds approved by the voters
April 28, as noted in these columns, were purchased by
local bank.
Treasurer that
light and
.
MIDDLEBURG, Va.—BONDS VOTED—It is reported that
approved the issuance of $22,000 in sewer bonds.
the voters
■
WINCHESTER, Va.—BOND ELECTION—An election is reported to
scheduled for Sept. 29, in order to vote on the issuance of $500,000
water supply bonds.
Canadian Municipals
(P. O. Wise), Va .—REPORT ON ACCEPTANCE OF
communication was sent to us recently
Witt Davis, Secretary of the Bondholders" Committee for the
Information and Markets
v
BRAWLEY, CATHERS &
25
be
in
above county:
We believe you will be interested
dated April 25,1936, for obligations of
in knowing that the refunding plan
Wise County, Va., and its constituent
magisterial and school districts, has been declared operative.
present time acceptances of the refunding plan have been filed
and
At the
in the
amounts shown below:
Bonds
CANADA
Acceptances Filed
July 1,1936
Taxing Body—
■
County wide.
Gladeville Magisterial District
Lipps Magisterial District
Richmond Magisterial District
Roberson Magisterial District-
Amount
PerCent
98.4%
85.6%
91.9%
467,500
91.9%
130,000
88.4%
$448,500
315,000
520,000
$456,000
368,000
348,000
508,500
147,000
Big Stone Gap School District
Gladeville School District
Lipps School District
157,000
149,000
72,500
87,000
72,500
80,000
Norton School District
102,000
246,000
32,000
89,000
226,000
32,000
Richmond School DistrictRoberson School District
READY FOR
the New
regard
ALBERTA (Province of)—CERTIFICATES MADE
DIVIDENDS—A Canadian Press dispatch from Edmonton to
York "Herald Tribune" of Aug. 12 had the following to say in
to the experimental scrip program of the Province:
"As a step toward basic social credit dividends, the necessary
negotiable
94.9%
100.0%
92.0%
87.3%
91.9%
100.0%
National
$2,524,000
& Trust
Bank
$2,329,500
Co. of Chicago,
be forwarded with the old bonds.
NORTHWESTERN MUNICIPALS
Washington
—
Oregon
—
Idaho
—
being printed, Alberta
non-
Government officials
'
,
,
and the registration forms and
be under way in Calgary. The
the non-negotiable certificates in readiness when the
basic dividends.
,
"The certificates will be in book form, similar to checkbooks now issued
by chartered banks.
A person entitled to basic dividends will have a
passbook and also a book for non-negotiable certificates, using the latter
when drawing on his credit in the credit house."
case of the stamped scrip
the printing is understood to
purpose is to have
time comes to pay
....
bonds
of
ARVIDA, Que.—BOND SALE—The $160,000 4% improvement
12—V. 143, p. 964—were awarded to the Royal Bank
offered on Aug.
Canada, Montreal, at
AID OFFERED—Brandon
willing to guarantee a
of Canada in crder to enable the
provincial government is
$24,157 from the Imperial Bank
meet outstanding relief accounts.
of
from 1937 to 1961 incl.
—PROVINCIAL
Man
BRANDON,
Due serially on Aug. 1
98.77.
been notified that the
to
92.3%
de¬
positary, or the First National Bank of Norton, Va., sub-depositary, will
accept bonds for exchange for the refunding bonds on July 27, 1936, on
which date the new bonds will be ready for delivery.
The refunding bonds
will be accompanied by an unqualified legal opinion to be furnished by
Chapman & Cutler,, Chicago, approving said bonds as obligations of the
county, magisterial districts, or school districts, as the case may be. Accrued
interest to July 1, 1936, will be paid at the time of exchange in accordance
with the terms of the plan.
All unpaid and partially paid coupons should
The Continental Illinois
certificates are
said today.
"As in the
covenants,
Outstanding
CO.
ELGIN 6438
TORONTO
KING ST. WEST,
WISE COUNTY
REFUNDING PLAN—The following
De
City
7, for the
OFFERING—11 is stated by Jthe
sealed bids until 8 p. m. on Sept.
issue of 6% semi-ann. coupon municipal
he will receive
purchase of a $20,000
power plant bonds.
(•PHOEBUS, Va.—BOND OFFERING—Notice is given by F. C. Larrabee, Town Recorder, that he will receive sealed bids until 8 p.m. on Sept. 8
for the purchase of a $30,000 issue of general obligation town bonds.
In¬
terest rate is not to exceed 5%, payable J. & J.
Rate to be stated in mul¬
tiples of Y of 1%.
No split interest rates will be considered.
Denom.
$1,000.
Dated Sept. 1, 1936.
Due $1,000 from Jan. 1, 1937 to 1966 incl.
Bidders are requested to name the bank at which they desire the bonds
and the coupons attached to be made payable.
by
Dated Sept. 1,
$3,000 in
$500.
1 as follows:
CHEYENNE SCHOOL DISTRICT, Wyo.—BOND
proposal to issue $170,000 high school additions construction
be submitted to the voters at an election scheduled for Sept. 16.
VIRGINIA
at the election on
Wis .—BOND OFFERING—Bids
of the District, until Aug. 20 for the
WYOMING
A. T. T. Tel. Rich.
Town Clerk, that the
a
to vote on the
SCHOOL DISTRICT,
PRESCOTT
purchase of $10,000 4% school bonds.
Denom.
1936.
Int. payable semi-annually.
Due March
1939 and 1940, and $4,000 in 1941.
Richmond, Va.
I* CLINTWOOD,
bonds.
Wis.—BOND
SCHOOL DISTRICT (P. O. Peshtigo),
reported to be set for Aug. 18
of $55,000 in school building bonds.
will be received
F. W. CRAIGIE & COMPANY
Phone 3-9137
Oconomowoc),
be planned for the near
$160,000 in high school addition
PESHTIGO
4-1-38-64@2.50-3.65% basis & int.
,
^
Fund.
DISTRICT NO. 3 (P. O.
OCONOMOWOC SCHOOL
ELECTION—An election is
Kilmarnock, Va. Water 4% bonds,
follows:
high bidders for the bonds,
MILWAUKEE, Wis.—BONDS SOLD—11 is stated by William H. Wendt,
City Comptroller, that $226,000 water works mortgage bonds have been
future to vote on the
$38,000.00
as
2.30%.:
follows:
Co. of Chicago were second
Paine, Webber &
Wis.—BOND
Due
101.772, a basis of about
Dated Oct. 1, 1936. Due Oct. 1, as
$5,000 from 1943 to 1951 incl.
15,000refunding bonds.
Dated Sept. 1, 1936. Due Sept. 1 as
$6,000 in 1942 and $1,000 from 1943 to 1951 incl.
,
$51,000 refunding bonds.
$6,000 in 1942 and
has
loan
city
ISSUED—The Domin¬
bills at an effective
Dominion financing.
of retiring a like amount of bills
CANADA (Dominion of)—TREASURY BILLS
has floated $20,000,000 three-months Treasury
0.896%, a new low record cost for
ion
discount rate of
The issue was placed
for the purpose
coming due on Aug. 15.
JOLIETTE, Que.-*—BOND SALE—The $55,000 issue of coupon im¬
provement bonds offered for sale on Aug. 10—V. 143, p. 964—was
to the Banque Canadienne Nationale, as 3J-£s, at a price of 98.68, accord¬
ing to Camille Bonin, Secretary-Treasurer.
The second highest bid was
submitted by the Comptoir National de Placement, Ltd.
awarded
LABRECQUE, Que—DECLARED IN DEFAULT-rThe municipal
corporation of Labrecque, in Chicoutimi County, was declared in default
on July 28, when a request to this effect was made to a judge of the Superior
Court.
Montana
OTTAWA,
Ont.—TAX
COLLECTIONS HIGHER—G. P. Gordon,
that the tax collections for the first half of
dollars better than the amount
Commissioner of Finance, states
Ferris & Hardgrove
SEATTLE
SPOKANE
Teletype—SPO 176
PORTLAND
Teletype—SEAT 191 Teletype—PTLD ORE 160
the year are about a quarter of a million
collected in the first half of last year. Collections
as
to July 2 were $4,645,949
$4,512,747 to June 18, 1935, an increase of $133,202.
this should be added $237,142, to be paid by the
Government in lieu of income taxes, making a total increase of
compared with
Mr. Gordon states that to
Ontario
$370,344.
CLAIMS RECEIVE PRIORITY—
take second place to the banks in
Before any payments can be
the banks must be paid. It is
expected that supervision of the bankrupt city's affairs by the Quebec
Municipal Commission will result in important economies.
LAMBERT,
ST.
St. Lambert
WASHINGTON
FAIRFIELD SCHOOL DISTRICT (P. O. Spokane), Wash .—BONDS
VOTED—At an election on Aug. 4, the voters are said to have approved the
issuance of
$40,000 in school construction bonds.
TEKOA, Wash.—BOND SALE—The $5,000 issue of coupon street im¬
provement bonds offered for sale on Aug. 8—V. 143, p. 804—were pur¬
chased by the Tekoa State Bank, according to the City Clerk.
SARNIA,
Ont.—BONDS AUTHORIZED—The municipal authorities
Treasurer to offer for sale over the counter $14,604
have authorized the City
of
to
4% debentures at par, plus accrued interest. Proceeds
be used to cover cost of semi-relief work done in 1935.
STURGEON
WEST
VIRGINIA
HARRISON COUNTY (P. O. Clarksburg), W. Va.—BOND DEBT
TABULATION PREPARED—Lawrence
R. Lynch, President of the
Clarksburg Chamber of Commerce, has forwarded to us a copy of a tabula¬
tion recently prepared by the said Chamber which shows the outstanding
bonded indebtedness of all governmental subdivisions of Harrison County,
Que.—BANK
bondholders will have to
receiving payments from the municipality.
made to bondholders, certain sums owing to
PAL
FALLS,
BOARD—The
town
of the issue are
Ont .—UNDER PROTECTION OF MLNICIhas been placed under the supervision of the
Municipal Board, in accordance with an order dated July 24,
and it is announced that all actions of proceedings against the municipality
Ontario
stayed, and thereafter no action or other proceeding against the said
municipality shall be commenced or continued, nor shall a levy be made
under a writ of execution against it without leave of the Ontario Municipal
are
Board.
@FedFRASER