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gv*.
SEP 15 1931
COPYRIGHTED IN 1936 6YW.LL.AM B. DANA
COMPANY. NEW YORK.
ENTERED AS SECOND-CLASS
MATTER JUNE 23. 1879, ATTHE POST OPP.CE AT NEW YORK,
NEW YORK, AUGUST 29,1936.
VOL. 143. lM"edW^3L?vlVCopy~
NO. 3714
,
TRUST
BROOKLYN
CHASE
THE
COMPANY
Chartered
NEW YORK, UNDER THE ACT OP MARCH 3. 1 i79.
NATIONAL BANK
Kidder, Peadody & Go.
1866
George Y. McLaughlin
OF
CITY
THE
The
BOSTON
YORK
NEW
OF
NEW
YORK
is
chase
tra-
President
PHILADELPHIA
ditionally
For
bankers' bank.
a
it has
years
many
BROOKLYN
NEW YORK
served
large number /
a
Corporation
Member Federal Deposit Insurance
of banks and bankers
as
New York
WellsFargpBank
and
b
depository.
reserve
United States
UnionTrustCo.
correspondent
and
COMMERCIAL BANKERS SINCE 1S52
Government
SAN
Member Federal
FRANCISCO
Member Federal Deposit Insurance
RESOURCES OVER
Government
$200, Til
:
r
United States
Securities
Corporation
—
.
Deposit Insurance Corporation
Securities
I
±hc
Hallgarten & Go.
FIRST BOSTON
Brown Harriman & Co.
Incorporated
CORPORATION
Established 1850
63 Wall
Street, New York
BOSTON
NEW YORK
Telephone: BOwling Green 9-5000
CHICAGO
NEW YORK
Boston
London
Chicago
1
AND OTHER
Philadelphia
San Francisco
Chicago
SAN FRANCISCO
PHILADELPHIA
Representatives in other leading Cities
PRINCIPAL CITIES
'
throughout the United States
WERTHEIM & CO.
npi
120
lhe
Broadway
State and
New York
Amsterdam
London
CARL M. LOEB
61
New\orkTrust
Company
& CO.
BROADWAY
Barr Brothers & Co.
Capital Funds
NEW YORK
Municipal Bonds
.
$32,500,000
4
-
INC.
Z'
New York
Berlin
Amsterdam
»
Chicago
Paris
London
IOO BROADWAY
57TH ST. & FIFTH AVE.
40TH ST. & MADISON AVE.
United States Government
SECURITIES
NEW YORK
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State
-
New York
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Municipal
Industrial
PHILADELPHIA
Cleveland
New York
•
•
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(5th Ave.)
•
BOSTON
European Representative's Office:
London
•
Allentown
•
8 KING WILLIAM
Easton
Railroad
STREET
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BONDS
LONDON. E. C. 4
R.W.Pressprich&Co.
*
Correspondent
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(
St. Louis
Member Federal Reserve
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f
Y.
Members New York Stock Exchange
System and
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Chicago
Philadelphia
San Francisco
n
Financial Chronicle
A. G. Becker & Co.
& HARDEN
Established 1893
Members
New York Slock Exchange
Seligman & Co.
No.
>
>*•
'
.1
New York Curb Exchange
Philadelphia Stock Exchange
Commercial Papfer
•
J. & W.
Investment Securities
Investment Securities
.
1936
BAKER, WEEKS
Incorporated
Aug. 29,
Chicago Board of Trade
54
Wall
Street
NEW YORK
*
New York
52 WALL
Chicago
STREET, NEW YORK
Graybar Building, New York
Commercial Trust Bldg., Philadelphia
And Other Cities
,
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Buhl Building, Detroit
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Bourse Building, Amsterdam
Correspondent*
SELIGMAN
BROTHERS
52, Avenue des Champs-Elysees, Paris
BIRMINGHAM
MARX & CO.
Foreign
Foreign
BIRMINGHAM, ALABAMA
Royal Bank of Scotland
SOUTHERN
MUNICIPAL
CORPORATION
AND
BONDS
Incorporated by Royal Charter 1727
NATIONAL BANK
Capital (fully paid)
Head Office
£3,857,143
Deposits
£64,009,174
Cairo
.
NEWARK
Over
FULLY PAID
New
Jersey State & Municipal Bonds
.
200
£3,000,000
Years of Commercial
3
HEAD
7, King William Street, E. C.
Branches in all the
•
.
.
FOREIGN DEPARTMENT
Bishopgate, London, England
LONDON AGENCY
and
Banking
3,000,000
....
CHIEF
6
OFFICE—Edinburgh
General Manager
-
principal Towns in
William Whyte
EGYPT and the SUDAN
J. S. RIPPEL & CO
ST.
CAPITAL
RESERVE FUND
Newark Bank & Insurance Stocks
18 Clinton St.
£3,780,192
Reserve fund
of EGYPT
Total number of offices, 254
Assnciated Bank, Williams Deacon's
Newark, N. J.
Bank, Ltd.
LOUIS
The
Comptroller of the State of New York
will sell
.
St. Louis Securities
his office
at
Albany, New York,
Wednesday, September
at
3rn{
at
1 o'clock
p. m.,
9, 1936
(daylight saving time)
Co.
a
$55,000,000.00
SAINT LOU IB
0O9 OUVK st
Members St. Louis Stock
Exchange
Emergency Unemployment Relief
Serial Bonds of the
.
(
State
Missouri and Southwestern
New York
Dated September 10, 1936 and
maturing
.
Stocks and Bonds
of
#5,500,000.00—Annually September
Smith, Moore & Co.
St. Louis
The First Boston
the Bank of the Manhattan
York City.
Exchange
Exempt from all Federal and
Bidders
bonds
DETROIT
as
1937 to
follows:
1946 inclusive
Principal and semi-annual interest March 10th and September 10th
payable in lawful money of the United States of America at
St. Louis Stock
Corp. Wire
10,
be in
terest
for
these
bonds
will
be
Company, 40 Wall Street, New
New York State Income Taxes
required
to
name
the
rate
of
interest
are to bear not
exceeding 4 (four) per centum per annum. Such interest
multiples of one-fourth of one per centum, and not more than a
single
shall
be
named
for
the
issue.
which
rates
the
must
rate of in¬
Bidders
may condition their bids upon the award to them of
all but no part of
$55,000,000.00 bonds and the highest bidder on the basis of
"all or none"
will be the one whose bid
figures the lowest interest cost to the State after
deducting the
amount of
the
MICHIGAN
MUNICIPALS
entire
premium bid if
No
and
CORPORATION BONDS
WATLING, LERCHEN & HAYES
Members
New York Stock Exch.
New York Curb Assoc.
Detroit Stock Exchange
Chicago Stock
Exch.
334 BUHL
BLDG.,
DETROIT
nor
bidder.
proposals,^ together with the security
deposits,
must
be
sealed
and
endorsed
for bonds" and enclosed in a sealed
envelope directed to the "Comptroller
of the State of New York,
Albany, N. Y."
The Comptroller reserves the
right to reject any or all bids which are not in his
opinion advantageous to the interest of the State.
Approving opinion of Honorable John J. Bennett, Jr.,
Attorney General of the
State, as to the legality of these bonds and the
regularity of their issue will be furnished
the
successful
If the
ANALYZED
.
unless
successful
All
"Proposal
to
INVESTMENT HOLDINGS
any.
bids will
be accepted for separate maturities
or for
less than
par value of the
accompanied by a deposit of money or bv a certified check or
bank
draft upon a solvent bank or trust
company of the cities of Albany or New York, payable
to the order of the
"Comptroller of tne State of New York" for at least two
per cent
of the par value of the bonds bid
for. No interest will be allowed upon the
good faith
check of the
bonds
suit
the
bidder
preparation of the
ready for delivery
The
delivery of the
Bonds of this issue
upon
Definitive
net
bonds
to
him.
be prepared and delivered at a time
right to deliver Interim Certificates pending
Definitive Bonds, and will endeavor to have these Interim Certificates
on or about
September 10, 1936.
purchaser, the State
debt
of
the
reserves
can
not
the
State
of
New
York
on
August
1,
19J6 amounted to
which is about 2.5 per cent of the total assessed
valuation of the real
personal property of the State subject to taxation for State
purposes.
Circulars descriptive of these bonds will be mailed
upon
$638,842,957.45
and
Charles A. Parcells & Co.
Members
of
Detroit
Stock
Exchange
application to
MORRIS S.
Dated
PENOBSCOT BUILDING, DETROIT, MICH.
August
27,
TREMAINE, State Comptroller, Albany, N. Y.
1936.
Vol. 143
AUGUST 29, 1936
No. 3714
CONTENTS
Editorials
Financial
page
Situation
1280
Uncertainties and Dangers of the Robinson-Patman Act_1293
Peace
Proposals and War Plans
If Landon Wins
_
1294
1303
__
Comment and Review
Gross and Net
Earnings of United States Railroads for
the Six Months Ended June 30_
Week
on
the
____1296
European Stock Exchanges
1284
Foreign Political and Economic Situation.______
Foreign Exchange Rates
and
Comment
1290 & 1340
Course of the Bond Market
Indications of Business
1285
1307
Activity.
Week
on
the
New
York
Stock
Week
on
the
New
York
Curb
.1308
Exchange-
1282
Exchange
1339
News
Current Events and
Bank and
Trust
Discussions..
1319
Company Items
General Corporation and
1337
_.
Investment News
1384
Dry Goods Trade.
1434
State and
1435
Municipal Department
Stocks and Bonds
Foreign Stock Exchange Quotations
Dividends
Auction
,
Declared
Sales.
New York Stock
New York Stock
New York Curb
1383
1342
1383
.___
Exchange—Stock Quotations
__1351
Exchange—Bond Quotations. .1350 & 1360
Exchange—Stock Quotations
New York Curb
Exchange—Bond QuotationsOther Exchanges—Stock and Bond Quotations
Canadian Markets—Stock and Bond Quotations
Over-the-Counter Securities—Stock & Bond
1366
1369
1372
___1376
Quotations. 1379
Reports
Foreign Bank Statements
1288
Course of
1340
Federal
Bank
Clearings
Reserve Bank Statements.
General Corporation
1347
and Investment News_
____1384
Commodities
The Commercial Markets and
the
Crops_
Cotton
___1423
1426
Breadstuffs__t___
^
_
1431
Published Every Saturday Morning by the William B. Dana Company, 25 Spruce Street, New York City
Herbert d. Seibert, Chairman of the Board and Editor1 William Dana Seibert, President and
Treasurer; William d. Riggs, Busines
Other offices:
Chicago—In charge of Fred H. Gray, Western Representative, 208 South La Salle Street (Telephone
State 0613).
London—Edwards & Smith, 1 Drapers' Gardens, London, E. C.
Copyright, 1936, by William B Dana Company.
Entered as second class matter June 23. 1879. at the post office at New York, N. Y., under the Act of March
3, 1879.
Subscriptions
in United States and Possessions, $15.00 per year, $9.00 for 6 months: in Dominion of
Canada, $16.50 per year. $9.75 for 6 months
South and Central America, Spain, Mexico and Cuba, $18.50 per year. $10.75 for 6
Manager.
(except Spain), Asia, Australia and Africa. $20.00 per
Contract and card rates on request.
per agate line.
year;
$11.50 for 6 months.
'
months; Creat Britain, Continental Europe
Transient display
dvertising matter. 45 cents
The Financial Situation
on
so
They
of
question had
similar effect
aroused
government, like any responsible individual, recog¬
nizes the fact that it must not "get in the habit"
by the victor in the election of that
in
pains to get
it
when
nearly
so
the
it
distressing
recommend thorough exploration of
possibilities of covering the unavoidable
risks resulting from the irregular alternation
of good years and bad by some form of in¬
prom¬
report to the President as having fallen
to the widespread misunderstanding
ex¬
depression is
responsible.
confidence
But
This
particular
other
victim
of the
have
apparently
been
enough in the
If
ican people to believe that
they
be aroused to the
can
hazards
of
the
position
straightforward
that
of
sume
national
It
financial
if such
talks
<■
ployed
in
the
Federal tax
scathing
the
some
profits has apparently
attracted
tion
of the
recent years,
atten¬
against fire in
a
a
practice to
city which
some
reason
the
deficits of
obtain
it does
no
the
people..
The
any
funds, that
produce
a
be effectively
an
living
on
the
used, but let
us not
delude
new
tax law is
an
things thatfno
one
is.
and in addition it is
so
fend the policy
able.
do, it is certain to do many
supposed to want done,
rapidly being discovered to be
to be
practically unwork¬
Then, too, the huge subsidies and the "relief"
funds of
one
sort
and
another
dent upon any one type
tant
fraud; it plainly will
obvious
as
of
are
in
of taxation.
no
way
depen¬
Most impor¬
all, perhaps, is the fact that the Governor
careful
ate
form and using
Reserve
such
repealed.
obvious that the Governor in his
Buffalo address had pointed his shafts at the heel
Achilles.
of
Indeed, the quick if unfortunate reply of
the Federal
System to
obligations
at
place
arti¬
ficially high prices.
can
No Defense
our¬
It
was
valid then,
not
when the whole situation is
now,
difficult and dangerous. One might
said in 1929, as some did say, that the
inflationary
movement
of
the
1920's was
that time!
Judged
on any
such basis, practically the
entire economic structure would necessarily
found
extraordinarily well buttressed.
days had
is
course
national
proved sound by the securities market as it stood at
do about this law if elected—ask to have it
of
of the
more
well have
as
whole
tells, "in straight-flung words and few," what he will
was
part
public debt in short-term
subject.
sciutiny
enormously
for
It
of keeping
entirely disproportion¬
an
and much less will it stand
even
defectively drafted
and those close to it
during the New Era to de¬
are
not do what it claims to
greatly
employed by the Treas¬
aver¬
excellent thing where it
selves with fantastic ideas about the
argument
ury
probably not far to seek.
The
obligations.
be
drought
the
in
farmers
excessively high prices
different from this used to
plan to enable
a
based
argument
nothing other than
not
believe that what
to
bond
Thus the basis is
An
event hopeless.
Insurance is
from the
reasons
re¬
of government
over'a period of years.
If no living can be
made on the land, then the situation is in
funds, and
not take
be
government
for
laid
age
be made to
the
upon
The usual term for such action is
"saving," not "insurance," and there is not
slightest reason why the farmers should
not do this for themselves if the land they till
ple reminder that the Gov¬
can
Will
budgetary and Treasury
market.
the
can
no
facts.
position of this public
of
must
of those who talk of "insurance" in this
persuade)
and his sim¬
ernment has
public
called, that "the acid test"
region to lay aside something (probably in the
form of grain) in good years to tide them over
condemnation
enormous
the
confuse
to obscure the
The
bad years.
his
as
much
as
ldng if he made it
connection have in mind is
(or
uted
New
mere¬
in
There is
new
undistrib¬
on
high
will be
and
periodically and frequently was all but com¬
pletely destroyed by conflagration.
Neither can any insurer,
including the
Federal Government, "protect" the farmers in
the so-called "dust bowl" against the ravages
of periodic and frequent drought, unless, of
course, funds obtained from other parts of
the country are to be employed for the pur¬
pose, in which case the program becomes a
subsidy program, not an insurance program.
New Tax Law Attack
of
who
the
main solvent
justly made.
The Governor's
in
official was, as
insurer,
of
management is to be found
insure property
complaint is
denunciation
No
judge by the
defense
effort
ly to
necessary
insurance.
is to
Deal quarters
to point to the
situation of this sort does not lend
a
to
any
outlays from receipts obtained from
his business as an insurer, could hope to re¬
em¬
correcting
evils of which
is
meet his
equally forthright exposi¬
tions of methods to be
himself
President
the burden of insurer.
ought not to be
itself
followed by
are
the
fact that
as
Governor Landon
at Buffalo
that
one
the
less official, have already
more or
abroad
defend
to
Secretaiy of the Treasury,
seriously considering "crop insurance" to
protect "dust bowl" farmers in the future,
and, second, because it is obvious that any
program likely to be evolved would without
doubt oblige the Federal Government to as¬
of the Amer¬
common sense
the in¬
or
practice.
off-hand
recom¬
is, however, given rather more
than ordinary import, first, because reports,
largely
we
in
simple-minded,
the
irresponsible
attempt
mendation
the
so
"insurance."
term
out of
as a way
were
other time.
curable inflationists would
With
this
suggestion the Great Plains
Drought Area Committee reveals itself in its
dies and its studied popu¬
travagance
the
they
as
surance."
ises, its stupendous subsi¬
larization of waste and
are as unanswer¬
at any
or
Only
the
New
Deal, with its broken
1932
"We
is
as
today, the
case
Subsidy?
or
not
was
spends,
able in 1936
in
as
Insurance
1932,
full dollar's worth for every dollar that
a
Treasury
1936
of
spending more than its income, aqd must always take
a
If the public cannot be so readily
now.
by the
situation
The
indicated.
already
simple statements of the Governor that any careful
They should be similarly received and have
year.
had
reform
of
timations
budget management.
applauded then, and without
good deal to do with the size of the
a
received
vote
national
sound
roundly
were
position at Washington know the
point in their armor, as, indeed, the recent pro¬
nouncements about early tax "studies" and vague in¬
weak
ardently
preached by Mr. Roosevelt in 1932, concerning the
essentials
those in high
even
ex¬
pounded doctrines, remarkably like those
of the Treasury seemed to suggest that
the Secretary
GOVERNOR LANDON delivered in which he at
Buffalo
Wednesday evening an address
to
any
have been
Few in those
serious difficulty in finding purchasers
their securities
at
ridiculously high prices.
It
precisely because the Treasury is at present able
place its offerings at high prices that the Secre¬
tary
would give
his
management of the Treasury
and the whole Federal fiscal situation
a
clean bill of
Volume
Financial
143 \
health.
Of course,
the market ultimately reflected
the true state of affairs in the late
came
later!
1920's, but that
Let the New Deal managers
take careful
heed of this fact.
tary's "acid test" is
no
test of the wisdom or sound-
of the management
ness
Treasury operations.
ment. bond
market
"rigged" market
rectly,
either of the budget
of
or
In the first place, the governis
ever
far-flung
a
the worst
Directly and indi-
today
perhaps
known.
creates conditions favor-
program
able to this market, and in addition the Secretary
the
Treasury,
Accumulating Labor Troubles
r I 'HOSE who have'been carefully following develop.
1
through
the
of
government
various
ments from day to day have found it difficult
avoid the impression that we are
to
A moment's reflection will reveal that the Secre-
1281
Chronicle
labor
difficulties
which
in
accumulating
effect
cumulative
their
at least threatening to reach a serious stage.
are
A
number..of instances have been reported during the
or two in which important plants were
being dismantled, the operations heretofore carried
on in them being transferred to some other print
past week
where labor is less troublesome.
the plant for
In
such
one
case
time past had been trying to
some
operate under the "protection" of
an
injunction which
agencies with huge funds to invest, and through the
forbade violence.
so-called Stabilization Fund,
that there has been "a complete breakdown"; in law
enforcement in the community and that no real pro-
endless
to
resources
has, and uses, almost
"support" the price of govern-
ment bonds whenever he deems such action
In
addition, of
course,
advisable,
the Reconstruction Finance
The enterprise asserts, however,
tection to those who desired to work
was
afforded.
Labor difficulties not infrequently make their apin periods when business is sharply expand-
Corporation, entirely owned by the Treasury, has
pearance
control of thousands of banks
ing the volume of its operations, but there seems to
be more in the current situation than might be expected as a result merely of enlarged industrial
activity.
throughout the
coun-
try, and the Banking Act of 1935 places the manage^ment of the Reserve
System effectively, if not tech-
nically, directly in the hands of the government.
But this is not
by
any means
Be-
the whole story.
It is highly probable that for
we
but
effects of public policies that
continuing the purchases in 1933, the Federal
Reserve banks themselves accumulated,
still hold, some $2,500,000,000
gations.
ing of
in government obli-
These purchases, and this continued holdgovernment obligations
Reserve banks, not only
the
and today
the part of the
on
took that large amount off
market, but by increasing and maintaining the
reserves
of the member banks
they enormously
en-
larged the capacity of the latter to buy government
bonds,
opportunity the banks have not let
an
a
to not far from $3,500,000,000, all of
now
the country,
of the banks of
ieserves
enabling them to
go
still
more
deeply
government bond market.
.
the Federal government, but
Forcing Banks into Governments
doctrines designed to catch the
—and of
adopted
leave
all.
this
is
The government,
through
the
wholesale into the business of making loans
banker in his
institutions'
and
individuals
right
that
no
would undertake to dupli-
senses
It has, moreover,
terms
on
for
years
past so bedeviled
the business
community that the conservative
hesitated
borrow, while the conservative lender
to
did not dare lend
same
has inevitably been that at the
time that money was made unprecedentedly
the banks
confined to the government
indeed, and
make it
a
when the
its
and
bond market for
more
an
but-
Treasury policy re markedly unsound,
impossible for
sold in circumstances such
venture
were more
A fiscal situation needs to be bad
let for their funds.
we
man
anything but the choicest of the
on
The result
abundant and cheap,
to
which,
when
even
impress
an
earner
govern-
as
ear
of the
held invalid
on
con-
several of them have-been,
the mind of the
upon
wage-earner
Enactments have been
average wage-
which easily leads to strikes and other trouble.
unions themselves
the
government bonds to be
as
these.
None the less,
prediction that the time will
come
government will have difficulty in placing
securities
unless
it
mends
its
ways
very
sub-
over
the type of organization they
prefer, with its inevitable stimulation of activity
the part of organizers.
shall
increase,
not
be
as
on
It is to be hoped that with
continued increase in industrial activity, if it
we
Credit Corporation and various other organizations,
risks.
his, vote.
course
stitutional grounds,
con-
apparently is widely expected,
handicapped
very
seriously with
labor difficulties.
Reconstruction Finance Corporation, the Commodity
cate.
Not only
State
many
ments, have of late years been feverishly preaching
tinues to
<
to
not be adequately
can
other than "coddling" labor.
The various relief agencies have also done their part
which further added to the
has gone
as
in contributing to this state of mind. To all this has
lately been added the open -struggle among labor
step that laid the basis for an influx of gold amount-
Nor
described
was re-
ing in all
into the
come
something less than 60% of its old amount,
Eaily in 1934 the gold content of the dollar
duced to
pass,
time to
some
shall continue to feel the immediate and direct
ginning before the inauguration of the New Deal,
Federal Reserve Bank Statement
\V7EEKLY changes in the banking statistics
VV
now
again are of
no
once
great immediate significance
that the 50% increase of reserve requirements
has been effected.
member
banks
The total of excess
over
reserves
of
requirements advanced $80,-
000,000 in the week to Wednesday night, and
officially estimated at $1,890,000,000.
was
The actual
increase in member bank balances for the week
was
$102,984,000, with the gain occasioned largely by
continued Treasury disbursements from its general
account with the Federal Reserve banks.
ury
TheTreas-
general account only recently has been
mitted
to drop below
per-
the $500,000,000 minimum
established last December, indicating
than ever that the Treasury practice
more
was
clearly
due entirely
to an effort to keep excess reserves down and thus
forestall criticism of the official
easy money
policy,
Gold still is flowing to this country, and the imports
and domestic accretions added $17,000,000 to
our
Governor
monetary gold stocks during the week, making the
Landon's strictures merely to point to the govern-
aggregate $10,695,000,000.
Needless to say, that
figure represents another record in the holdings.
stantially.
It
is
clearly
no
answer
ment bond market as an "acid test."
to
The
$18,994,000 gold eertifi-
Treasury deposited
Federal Reserve banks in the week,
cates with the 12
raising the holdings to $8,274,032,000 on Aug. 26
from
$8,255,038,000 on Aug. 19.
Small additions
redemption fund and in other
also occurred in the
cash
holdings, so that total reserves moved up to
$8,571,038,000 from $8,550,541,000.
Although the
in circulation did not vary, that part
total of money
represented by Federal Reserve notes advanced to
$3,993,664,000 from $3,988,055,000. • Total deposits
with the banks increased to $6,811,358,000 from-
$6,785,505,000, with the individual changes of some
interest.
Member bank balances moved up $102,-
while Treasury deposits
984,000 to $6,331,502,000,
general account fell $72,000,000 to $143,424,000.
on
Foreign bank deposits continued their .recent adwith
vance
gain of $8,048,000 to $98,174,000, but
a
non-member bank
gain
was
overshadowed by the advances in note
and circulation
to
79.3%
counts
deposits were down $13,179,000 to
Although reserves increased a little,
$238,258,000.
this
liabilities, and the reserve ratio fell
Aug. 26 from 79.4% on Aug. 19.
on
Dis-
slightly higher at $7,238,000 against the
were
previous figure of $6,477,000, indicating again that
requirement increase
the effects of the reserve
Open market operations
$108,000 to $28,554,000.
in
remain
were
Industrial advances dropped
slight indeed.
very
suspense,
bankers' bill holdings in-
as
creased
$1,000
to
United
States
Government
while
$3,095,000,
holdings
securities
were
of
un-
changed at $2,430,227,000.
will be made on Sept. 30 as against 50 cents
June 30.
American News New York Corp.
action was not favorable was the
mercial
tC corporate^ dividend1
x j* * i
share and
actions were
X'
extra of 25 cents a. share on its
an
Sept. 30 next;
$10 par common stock on
of 75 cents
a
j°Uj
share
dend of $1 per
distributed
was
i°
store
on
dividend
a
June 30 last.
!ar?u an 6X,
'gar
m
addition to the regular
quar-
terly dividend of 50 cents on the no-par common
stock, both payable
Foreign Trade in July
*
Oct
iV|
in
burse ment of h
addi
e
87^ cents
dend of
par
per
in
share
on
was
Co. will pay an extra dividend
a
share
on
the
of
an
paid
July llast.
extra dividend of 25 cents
an
24.
Holders of
^be thirteenth consecutive
increased the dividend
paid
share payable Oct. 1.
a
store
the recipient
addition to
in
on
on
the
common
Corp.
stock;
larger distribution this quarter;
per
10 cents
July 1933 and with $184,909,000 in June
chadise
stock
a
payable Oct.
387,000 in June of this year.
months of 1936
dividend of 45
a
months there
In 1935 for the same seven
was an excess
of exports in the amount
$26,243,000, the exports for the seven months of
that
having been $1,197,340,000 and imports
year
'
manufactured articleS) including machinery, elecdue chiefly to larger shipments of finished and semi^
aircraft
t
wood and
and to
shipments of inedible vegetable products and
edMe animal
gh
products.
Cotton exports dropped off
173393 baleg valued at |10
onl
in Jul
l
788)090 having been shipped in July 1936 as com.
pared with 294,920 bales valued at $19,232,000 in
Jul
bales in June this year
lg35 and with
yalued at
?19 707,000.
The increage in
among a
creaseg
imports compared with the cor-
months
ndi
of
last
year
'was
distributed
wi(Je range of commoditieg) although in.
jn bbe
imports of furs,
whiskey and other
spjrits, cotton and wool manufactures, wood pulp
and paper
nickel and tin accounted for over half
tbe total increase
•
Exporte of gold amounted to $695)900 compared
with
rtg
with
$77)000 in June and $39j000 in July 1935, Im.
of
go]d amounted to
$16,074,006
compared
$277,851,000 in June and with $16,287,000 in
silyer
July
exports
amounted to $138,000
compared with $i97jo00 in June and $1,547,000 in
jldy j933_
with
silver imports were $6,574,000 compared
$23,981,000 in June and $30,230,000 in July
The New York Stock Market
T^IRM conditions were restored this week in the
A
New York
stock
market,
with demand for
previously disbursed.
Mesta
The uncertainty that prevailed last.week was over-
Sept. 28
dividend,
a
distribution
l as
against 75 cents
paid
on
Directors of General Refractories Co.
stock, in this
imports $1,356,562,000, leaving an excess of im-
ports of $24,091,000.
0f
For the first seven
exports amounted to $1,332,471,000
equities steadily on the increase as prices advanced,
on
also decided to double the current
common
mem-
will receive
share being declared on the $5 par common
July 1 last.
$176,631,000 in July last year and $190,-
this year>
and
1936. Mer-
imports were valued at $193,409,000 in July
against
Machine Co. has doubled its
of $1.50
was
$178,324,000, which compares with $173,230,000 in
as
share will be paid
dividends.of
merchandise
of
value
July 1 last to 70 cents
bers of the Federated Department Stores,
cents
higher than in the
The
of the previous year.
exports during. July
corresponding month
Common stockholders of
Bloomingdale Brothers, Inc., in line with other
a
month the value of both
jmports and exports has been
common
The directors of Union Carbide & Carbon
this time from 60 cents
that the United States foreign trade statehag shown an unfavorable balance, but for
ment
no
regular quarterly payment of 50 cents on Sept.
again
per
stock,
extra dividend of 37^ cents
Oct. 1;
on
common
stock of Crowe 11 Publishing Co. will be
the
15.
addition to the usual quarterly dm-
12^ cents
value,
will be paid on Oct.
amoun
Wesson Oil & Snowdn
of
he regular quarterly dis-
o
ion
This is the fifth time
July by $15,085,000.
tlm year
The directors of the
1.
$1 per share on the company s no-par common stock;
this dividend
imports exceeded exports in
* ERCHANDISE
also declared an extra dividend of
Quaker Oats Co
U. S. Industrial
Its directors have decided to take no
action upon the payment of a common dividend at
this time; the company paid 25 cents a share on its
stock on July 1.
Alcohol Co.
The urease in exports over July of last year was
feature during the past week
The ComCredit Co. will pay a quarterly dividend of
again a
has
$1,171,098,000.
AVORABLE
F* ttatv a
paid
raised its common dividend from the 40 cents paid
on July 16 to 50 cents a share payable Sept. 15. About
the only company of any importance whose dividend
Corporate Dividend Declarations
$1 per
A°z- 29> 1936
Financial Chronicle
1282
payment Ion the
case a payment
of $1 per
share
come
readily,
partly
because
the
war
scare
in
Europe diminished and partly because trade and
industrial reports remain persistently favorable.
In
these circumstances, traders and investors were not
inclined to place too much emphasis upon the politi-
cal campaign, which played little part in determin-
Volume
Financial
143
ing the tendency.
in
Chronicle
Drought factors likewise lessened
shares;
on Monday they
Tuesday, 799,830 shares;
importance, for it is realized that the national
economy as a whole will find
losses
of
the
drought
farmers elsewhere.
and
After
offset for the dire
an
in higher
area
change the sales last Saturday
steady prices early this week, buying of equi¬
ties
resumed and became
was
Thursday and yesterday.
were
were
85,800' shares ;
Monday, 180,645 shares; on Tuesday, 181,800
shares; on Wednesday, 231,550 shares; on Thursday,
especially pronounced
groups
on
907,170
on
275,200 shares, and
Changes for the week
decidedly upward, with virtually all
Wednesday,
on
on Thursday, 1,336,110 shares, and on Fri¬
day, 1,376,900 shares. On the New York Curb Ex¬
period of dull trading
a
803,210 shares;
were
shares;
to
returns
1283
The
of
issues affected.
stock
Friday, 287,430 shares.
on
rallied
this week
market
briskly and
regained the sharp setback in prices registered Fri¬
Stocks tended to
last
recover
day of last week.
Saturday from the
On
Saturday last the market
drastically reduced figures of the preceding session,
closed
but
ing recoveries ranging from fractions up to as much
there
was
no
great
tendency of traders and investors
ther
developments.
corded
on
Small
selling
stocks
was
The advance
the rule
appeared in
the
gen¬
Tuesday, with the
Some of the preferred
long list of sugar, amusement and in¬
a
request.
Wednesday,
was
sharp gains, while smaller advances
stocks, with
in
re¬
Quiet accumulation
on
buying selective in character.
wise
were
modified only a little by a
at the end.
wave
remained
stocks showed
dustrial
again
Monday, with utility and rail issues less
eral, however, and it
small
chief
the
<
to await fur¬
was
gains
in demand than industrials.
of
and
turnover
rails and utilities like¬
some
The
market
little uncertainty
as a
hesitant
was
on
caused by
was
July report of foreign trade, wdiich disclosed
that
imports
ther
agitation for
continuing to exceed exports.
are
Fur¬
increases in the steel indus¬
wage
»
higher in light trading,
four
as
and
points.
closed
the
market
closed
market moved
Stock prices
of
one
steady bidding for issues of all descrip¬
tions, and the result
last three months.
the best advance in the
was
Some stimulation
by campaign criticism of the
law
the
on
Many industrial
stocks
moved
and rail sections.
The
upward trend
time to time.
the most active scale of the
of issues closed at
Dealings
were
week, and most
on
groups
higher levels for the day.
In the listed bond market the trend
was
without
exception, attained record high levels since
There
issuance.
the
fair demand for listed
was
bonds
highest corporate classifications, but
interest
again
absorbed
more
taken in fresh offerings, which
was
readily by investors.
of the
narrow
several
Friday.
Bonds with
against 44%
movement in
cultural
metals
grains and
Gas
N.
firm.
softness in the
new
likewise
products
were
other agri¬
unsettled.
were
French francs showed
But
spells of
some
gold shipments from Paris to New York
were
point
But the franc held above the lower gold
as
a
Sterling
rule.
was
linked with British currency
On
the
touched
touched
New
new
now
Stock
York
stocks
New
Exchange
high levels for the
low levels.
touched
York
new
Stock
On
low
firm and the units
also held well.
Exchange 42 stocks touched
the
commodity
foreign exchange market, and
arranged.
19
some
year
the
levels.
85
stocks
while 20 stocks
Exchange
Curb
high levels and
Call
loans
remained
on
un¬
changed at 1%.
On
the
the
New
J.
at
at
half-day session
Stock
on
Exchange the sales at
Saturday last
were
that had persisted for
was
upward again
Electric closed yesterday
on
at 47
Friday of last week; Consolidated
on
& Elec.
against 40%; Columbia
21% against 20; Public Service of
46% against 45%; J. I. Case Threshing
159% against 147%; International Har¬
against 75%; Sears, Roebuck & Co. at
against 43%; Wool worth at 54% against 53, and
American
Tel.
&
Tel.
.
Western Union closed
at
174%
against
170%.
yesterday at 88 against 84%
Friday of last week; Allied Chemical & Dye at
on
236
against 220; E. I. du Pont de Nemours at 157%
against 158%; National Cash Register at 25 against
23%; International Nickel at 53% against 51%;
National
Dairy Products at 27% against 27; Na¬
tional Biscuit at
31%, unchanged; Texas Gulf Sul¬
phur at 38% against 36%; Continental Can at 69%
Standard
Brands
house Elec. &
at 23
at
15% against 14%;
Westing-
Mfg. at 139% against 132%; Lorillard
against 22; United States Industrial Alcohol
33
at
Canada Dry at 15% against
against 35%;
14%; Sclienley Distillers at 47% against 41, and
National Distillers at
The steel stocks
70
29% against 28%.
played
a
leading part in the
mar¬
United States Steel closed yesterday
against 65 on Friday of last week; Inland
Steel at 111
against 109%; Bethlehem Steel at 66%
against 59%; Republic Steel at 22% against 20%,
and
Youngstown Sheet & Tube at 81% against 76%.
In the motor group,
at
Auburn Auto closed yesterday
31% against 30% on Friday of last week; Gen¬
eral
at
Motors
66
against
64;
Chrysler
at
114
against 109%, and Hupp Motors at 2% against 2.
In the rubber group,
Goodyear Tire & Rubber closed
week; United States Rubber at 29% against 28, and
B.
F. Goodrich
stocks
the
were
week.
431,830
at
24% against 23.
The railroad
active and showed healthful
gains for
Pennsylvania RR. closed yesterday at
38% against 35% on Friday of last week; Atchison
Topeka & Santa Fe at 81% against 76; New York
Central
York
range
trend
yesterday at 24% against 22% on Friday of last
New York
new
was
84% against 79%; Montgomery Ward & Co. at 45%
a
irregular downward
while
corn,
Thursday, with
moved to where it
was
Edison Co. of N. Y. at 43
at
The
yesterday.
slow and
a
The
General
gains
extended
level
trading
weeks.
ket's advance.
were
on
1 to 6 points, with the net result
up
Thursday of last week before the market broke out
speculative tinge surged forward Thursday, and the
markets witnessed
On Wednesday the
against 67%; Eastman Kodak at 177% against 178;
generally
United States Government securities, almost
good.
were
continued
was
modest scale, with profit-taking
on a more
evidence from
of
ahead
points, and gains also appeared in the utility
yesterday
in
corporation tax
new
part of Governor Landon, the Republican
candidate.
1 to 5
afforded
was
irregular..
warily and closed generally lower.
that the average
vester at 79
was
On Tuesday, after dis¬
recovered briskly
leading issues
fractionally lower.
Thursday
On Monday the market was dull
slightly higher.
try also bothered the market, and most stocks moved
on
stocks register¬
playing mild advancing tendencies in early trading,
Machine at
The market record
many
42%
at
42% against 39%; Southern Pacific at
against
39%;
Southern
Railway
at
21%
against 19%, and Northern Pacific at 27 against
24%.
attention once again was paid to trade and Industrial reports, which remain favorable in most of the
Among the oil stocks, Standard Oil of N. J.
closed
yesterday at 63% against 61% on Friday of
last
large industrial countries. Problems of international finance also received closer study, partly be-
week; Shell Union Oil at 18y2 against 18, and
Atlantic
Refining at 27% against 27.
In the
copper
Anaconda Copper closed yesterday at 38%
group,
against 36%
.
*
fining at 83% against 80, and Phelps Dodge at 38%
against 36%.
>
Continued brisk trade in many
lines again finds
its due reflection this w&ek in the
today
leading industrial
estimated by the American Iron
was
Steel Institute at
last week
duction
and
72.5% of capacity against 72.2%
watt hours in
mal routine.
Trading on the London Stock Exchange was quiet
in the initial session of the week, but the general
year.
2,125,502,000 kilowatt hours for
Aug. 22, the Edison Electric Insti-
tone was encouraging.
British Government issues
improved and gains also appeared in most industrial
with 2,093,928,000 kilo-
stocks. Gold mining securities were erratic, but the
preceding week and with 1,839,-
international group was stimulated by a sharp ad-
This compares
tute states.
kets once again are settling into a more or less nor-
throughout the United
energy
States amounted to
the week ended
.
Pro-
47.9% at this time last
electric
of
and
and
absent, it was evident that European financial mar-
Steel ingot production for the week ending
reports.
of the extended visit to Paris by Dr. Hjalmar
head of the Reichsbank. Such studies were accentuated on Thursday, after the Italian Government
announced an issue of its bonds for sale in foreign
markets, presumably for exploitation of newly conquered Ethiopia. Although fresh factors were not
at 47% against 44%; American Smelting & Re-
per
cause
Schacht, Minister of Economics in Germany
Friday of last week; Kennecott Cop-
on
Aus- 29, 1936
Chronicle
Financial
1284
the
in Anglo-American favorites, occasioned by
815,000 kilowatt hours in the corresponding week
vance
of last year.
favorable week-end advices from New York.
week to
Car loading of
revenue
freight for the
Aug. 22 totaled 734,973 cars, according to
the Association of American Railroads.
This
was a
mand for British funds was
while
some
Deunabated, Tuesday,
of the British industrial issues also con-
drop of 1,524 cars from the previous weekly figure,
tinued to climb, although others were soft on profit-
but
taking. Trading did not increase to any appreciable
extent.
Gold-mining issues reflected improved in-.
gain of 109,199
a
same
As
closed
mar-
quiry, and German securities advanced in the inter-
national section. Conditions were not much changed
closed
yesterday
112%c. the close
oats at
against 113%c. the
as
Friday of last week.
on
on
September
106%c.
at
>
as
as
against
ponderous advance and many bright spots appeared
against
as
was
rubber
sales. British funds remained firm, but motor and
aircraft stocks declined in the industrial department, while textile and iron and steel stocks were
Friday of last week.
Domestic
for
closed
copper
Friday of previ-
same as on
In London the
19%
York
price of bar silver yesterday
pence per ounce as
against 19 3/16
was
pence per
Friday of last week, and spot silver in New
ounce on
closed
yesterday at 44%c., unchanged from
Friday of last week.
In
the
of
matter
transfers
the
foreign
London closed
on
exchanges,
cable
yesterday at $5.03%
as
against $5.03 3/16 the close on Friday of last week,
transfers
cable
and
6.58%c.
marked
vanced
weeks.
ous
Paris
on
closed
yesterday at
against 6.58 7/16c. the close
as
of last week.
.
on
Friday
stock
on
financial
cated its
conditiops
were
As
willingness to
trading.
International issues adTrading yesterday
was
thereby. The session on Tuesday was extremely
^ut movements favored the holders in most in-
the rule this Aveek
country after Country indiengage
late
out, but the rest of the market was not much affect¬
/•
exchanges in the leading European
centers.
slightly higher.
in
Gilt-edged issues were
bought and good inquiry appeared for many industrial and gold-mining stocks.
Prices on the Paris Bourse were steady in the
opening session of the week, principally because of
the German decision to join in the general move
for neutrality in Spain. Rentes were marked irregularly higher, while gains outnumbered the
losses among French industrial, utility and railroad
stocks. Gold mining shares were in demand through-
European Stock Markets
c
•
quiet, but the tone was good.
ed
HEERFUL
The London market was unsettled
against 16.12c. the close
as
yesterday at 9%ci, the
national group.
to a moderate degree on Thurshday by realization
The spot price
16.31c.
Commodity issues were in
favor, but gold mining securities were uncertain.
on
against 12.03c. the close
Friday of last week.
yesterday
in the industrial list.
Movements were small and irregular in the inter-
spot price for cotton here in New York closed
yesterday at 11.78c.
Wednesday, for the general tone again was cheer-
ful. British Government securities continued their
Friday of last week.
on
on
at
corn
September
Friday of last week.
Chicago closed yesterday *at 42c.
43%c. the close
The
of the commodity
course
yesterday at 108%c.
Chicago
on
the total for the
over
September option for wheat in Chicago
indicating the
kets, the
close
cars
week of 1935.
in
a
general neutral-
stances.
and
Rentes continues to advance very sloAvly,
some
of the bank stocks also improved,
but
French industrial and utility issues were indifferent.
Not much interest was taken in gold issues or
Activity increased on Wednes-
ity pact with regard to the Spanish civil war/fears
foreign securities.
of
general conflict throughout Europe diminished
day and the tone of the market also was improved
with
in that session. Rentes and bank stocks engaged in
a
and
caused
them
Rallies took
and
as
a
the
financial
sharp declines
on
rule, although
some
lesser
that
markets last Aveek.
Avere
well sustained
liquidation again made its
from time to time.
bles continued to occupy
a
apprehensions
place early this Aveek at London, Paris
Berlin, and the advances
appearance
to
some
International trou-
traders in all markets, but
degree than in previous weeks.
Some
a
general advance, Avhile signs of business improve-
ment caused increased buying of industrial stocks,
International obligations were weak.
on
Thursday
was
gains in prices
The turnover
relatively modest, but -previous
were
maintained.
Rentes
Avere
frac-
tionally higher and small gains marked almost all
stocks.
International securities were neglected and
Volume
soft.
143
Gains
Financial
again predominated in
dull period
a
yesterday.
Eentes advanced slightly, and the tone
good also in French equities. *•
was
Boom
conditions
the Berlin
on
reflected
Boerse
the
relief felt in the German
capital, Monday, re¬
garding relaxation of international tension. Sharp
advances
in
of 2 to 4
points
equities.
Fixed-income
soft.
securities
Trading
again
once
were
issues
Tuesday
on
registered, with gains
in the leading industrial
common
was
active, and prices
marked sharply higher.
were
and
neglected
were
The Ger¬
Government announcement of increases in the
man
military
establishment occasioned gains
in
arma¬
ments
issues, but other stocks also joined in the
ward
tendency.
the
Banks intervened
gains by liquidating
was
reported.
up¬
minimized
and
of their holdings, it
some
Fixed-interest issues
and
dull
were
Chronicle
1285
countries, drawn by sympathy
trol to
side
one
or
armaments and
all
sions
preparations for
damental
one
desire
to 4 points.
up
was
The upswing on the Boerse finally
interrupted, Thursday, when profit-taking made
its appearance in considerable volume.
to
3
points
were
Losses of 2
but they served only
numerous,
to
It
peace.
is
unquestionably
his return
on
Europe last week, that 95% of the people in
Europe do not want to fight. Since Mr. Lamont
has access to the best sources of
information, it is
gratifying to note that he considers remote the pos¬
sibility of
general
a
velt
x\yhile a few issues scored gains
are
for they reflect the fun¬
sense,
for
York "Times" of
stocks,
apprehen¬
from
advances
industrial
apparent
war are
The current
Thomas W. Lamont remarked
as
re¬
Increased
progress.
regarding the results of these tendencies
encouraging in
true,
in
now
parts of the world.
greatly changed. Activity lessened on Wednes¬
day at Berlin, but the tone again was good. Small
registered in nearly all prominent
situation through¬
Europe and the Far East and the obvious
alignment of Powers
in
con¬
regarding world
concern
peace also relates to the chaotic
out
Government
or
other, might become involved.
But much of the immediate
not
were
the
Of
in Europe.
war
.
exceptional interest is the report in the New
Wednesday that President Roose¬
hopes, in the event of re-election, to call
a con¬
ference of the heads of all the leading countries of
the
of
world, with the aim of considering the
and
war
Diplomatic denials of the report promptly
peace.
were
causes
plans for the continued maintenance of
issued, but only future events
modify the previous advances. No changes of any
significance appeared among the fixed-interest
stantial
issues.
determine
can
that
Movements
in most groups,
yesterday favored the holders
but the gains
small.
were
the real
basis, if
account
deplomatic representation abroad.
the
our
Straus
made known and
as
be
important post at Paris.
ture, for European affairs
was no
choice.
his
as
a
was
successor
in
change of this
Straus, who
was
head
of R. H.
Macy & Co. before he took the diplomatic
post at Paris, informed the President of his en¬
forced retirement from such affairs in
ate
personal letter, which
cially, Mr. Bullitt still
was
was
the French post,
fer.
Long
was a
a
an
affection¬
made public.
Offi¬
the American Ambassa¬
dor to Russia when he received the
appointment to
and this change is therefore
personal friend
a
trans¬
of Mr. Roosevelt, he
protangonist of Soviet recognition, and when
were
he be relieved.
the ways
one
of
to
disappointing,
this
however,
country with
a
and
he
request that
Although not profoundly versed in
of diplomacy, Mr. Bullitt
our
now
is to occupy
key posts in Europe and it will be
in¬
teresting to observe the results.
the
government
If any
plated, it would
unequivocal
ments
of peace
last
ten
have filled the columns of the press for the
days.
a
and
national armaments
military establishments, and hints of
ances
directed
against older alliances.
degree these discussions apparently
were
new
To
a
alli¬
large
stimulated
by the events in Spain and the danger that other
useful
of
purpose
circles
trial
a
generally
was
un¬
that the most distinct and
seem
reservations
German
the
decree
should
be
German
Government last
extending to two
listment
made
term
of
one
years
as
to
for
year
military services.
Monday issued
the ordinary
like
550,000
various
When
into
to
men
This action
approximately
German
en¬
conscripts in
the
that
means
the German forces will be increased from
something
800,000
auxiliary forces
men.
taken
are
consideration, it is possible that the German
military establishment will exceed that maintained
in
Europe by any other country.
for
the
the
on
many's
to
action,
rising
Finance
attempted to
as
tal.
Minister,
ment,
Dr.
was
Bolshevism.
Hjalmar
army increase,
Ger¬
SchacM,
a
Visit
but acute
prevailed in the French capi¬
Parliamentarians
preparing to
go
to
felt
convinced
war over
that
the wheat
Officials of the French Gov¬
immediately abandoned
of
means
of
the French, during
reassure.
nevertheless
French
The Reich justi¬
might be expected,
menace
Paris; regarding the
concern
reducing the French
their
search
for
military establish-'
and they began, instead, to study
wrays
of
meeting the German increase.
Also prominent have been further
reports of fresh additions to
Whatever the facts
be, it remains true that
Meanwhile, it is disquieting in the extreme to note
that
ernment
NUMEROUS and confusing reportsmaintenance
and senti¬
regarding the continued
these
known
are
American commitments.
the Reich is
World Peace
of
some
such conference really is contem¬
fields of the Ukraine.
I
for
soil.
may
European
based
returned
others,
own
favorable.
was
soon
faulty in remarking
balloon, and it is noteworthy that the reaction in
fication
appointed Ambassador to the Soviet Union. His
their
served
account
Russia finally was recognized Mr. Bullitt
promptly
experiences
and
regarding this matter
forced by illness
was
Mr.
na¬
in turmoil, but the
are
resignation^of Mr. Straus
and there
France
This would appear to
awkward time to effect
an
to
immediately thereafter the Presi¬
dent named William C. Bullitt
the
The resignation
Ambassador
Lebrun
leave
to
never
a
I.
was
heads of State do not rule while others
PRESIDENT of considerable significanceTuesday
Roosevelt announced oh in
change
of Jesse
possibly
The circum¬
participants would include King Edward VIII,
Joseph Stalin, Benito Mussolini, Adolph Hitler,
President
The Paris Embassy
for the story.
any,
That
tance
diplomatic
now
are
in
conversations
progress
of
great
but the actual trend of such discussions is
of
conjecture.
Austria
was
impor¬
is hardly to be denied,
a
matter
Over the last week-end, reports from
indicated
that
Chancellor Adolph Hitler
holding conferences with Austrian and Hun-
with the general aim of for¬
mulating an anti-Russian bloc. From Berlin, on
Tuesday, came another report that German and
Japanese military officials had strengthened the re¬
several military establishments,
regarding the demand for "indivisible non¬
The Russian Government agreed on
satisfied
casioned
garian representatives
lations between the
German military leaders
with the result that
forward with less
intervention."
"lolok
the Russian army
Government warned the
vessels
the Paris regime
when the
desire for colonies
man
portions
that
circulation
in
colonial units.
of
til
recognized "war zone" around rebel ports, but the
Government made it plain in a note
United States
validity of the zone could
recognized unless an effective blockade was
be
maintained.
occasion for a further meeting un¬
°
Wednesday that the
on
not
Tuesday, and decided
Sept. 2.
internationally
Government endeavored to create an
Spanish Morocco
the Spanish rebels if
they win the civil war. It may be equally signifi¬
cant, hoewver, that the foreign affairs committee
that there was no
and an, apology.
of the ship
release
might be ceded to Italy by
of the British Cabinet met on
and insisted upon
The Spanish
waships appeared on the scene
expansion apparently are unsat¬
the Ethiopian acquisition, for rumors are
isfied by
last
would be made by loyal¬
ist warships to search or seize such merchant craft.
But on Monday a Spanish cruiser did halt a Brit¬
ish vessel carrying gasoline to a port in control of
the rebels. This incident was adjusted when British
Saturday that no attempts
might find some satisfac¬
purchase of some Portuguese
Italian desires for
warning by the German
Assurances were given by Madrid
Government.
ing tightened the link between the two countries.
There were hints at Berlin, last week, that the Ger¬
tion in
the
on
parallel to the previous
visit to Warsaw without hav¬
elin, returned from a
Madrid loyalist regime on
molestation of British merchant
high seas, this action being exactly
Aug. 21 against any
Chief-of-Staff, General Marie Gustave Gam-
French
Spain
rights of neutrals met with some success, but
nervousness on this score still exists.
The British
of the
and people a
apparent failure,
in
week
last
ended
country.
prevent any infringement by
Endeavors to
but such reports were denied
collaboration with
active
sume
of assur¬
the
Spanish war would be confined to
borders of that
French efforts to induce Poland to re¬
in Moscow.
general neutrality move¬
London these developments oc¬
profound relief and a fair degree
that the
ance
with Russia." It was
in London, Wednesday, that dictator Stal¬
virtual call to arms,
In Paris and
ment.
uncertainty than before to aid from
issued to
had
in
day to join in the
the same
Japan in the event of ,a war
reported
Aus- 29, 1936
Chronicle
Financial
1286
The difficulties of
maintaining genuine neutrality
.
toward
Spanish rebels and loyalists were demon¬
'
Neutrality Toward Spain
strated, meanwhile, in various ways. The German
Government announced late last week that it had
NO GREAT progress loyalists or this rebels by
the Spanish was made
the week in
lodged vigorous protests, both at
either
the civil
that started last month,
war
able advance appears to
but
a
consider¬
"slanderous
have been made toward a
that
the loyalist cause
in Spain amounted to $13,000,000.
In some reports
from Spain it was hinted rather broadly that avi¬
public donations by Russians to
One after the other, the leading countries
with the French and British proposal
Europe.
fell
in line
for
genuine neutrality.
plan
It is now hoped that the
ators
be implemented, despite reservations which
countries attached to their acceptances.
To
can
some
some
ment
been
Frenchmen who were
more
developments
somewhat
allayed
the
and
struggle
of
a
possible European
confla¬
/
trality proposal on
The effectiveness of the Italian
reservations.
made
dependent
upon
pledge
similar action by France,
Soviet
Italian
stipulated that "indirect interference" should
Germany, Great Britain, Portugal and the
and
of diminishing the
means
with
a
on
portant changes in the military
German
The
mitted.
either
side in
Spain should be per¬
Government announced
Monday that it would establish immedi¬
on
ately an embargo on all arms shipments to
and it
Italian
fect.
pub¬
Spain,
indicated that the
French, British and
Ambassadors had been informed to this ef¬
was
The
arms
statement,
was
embargo, according to the official
proclaimed
on
the receipt of in¬
formation that like action had been taken or prom¬
ised
by all
dustries.
States with important armaments in¬
In effect,
this signifies that the Reich felt
situation were lack¬
that all the reports of
sanguinary engagements are credible.
Claims and
counter-claims still are important weapons in the
is it
Nor
ing.
certain
and even the most careful and prudent
note
public subscriptions or enrollment of
both sides apparently was continued
disregard for consequences, but im¬
reckless
civil war,
volunteers for
conferred on ways
desperation and the
ferocity of the Spanish conflict.
neutral press
no
A
Argentine Ambassadors to Spain
Union, and as a matter of clarification the
that
executed.
"intervention" was fore¬
Tuesday when the British, French and
on
Fighting
French neu¬
Aug. 21, with only two minor
Italy announced its acceptance of the
serving as volunteers with the
acceptable kind of
shadowed
gration.
licly
of the rebels,
the effect that five
loyalist forces had been captured and
Monday that no American
foreign-owned private property in Spain
taken over without full and fair compensa-
These
mean
From the Spanish
city of Pamplona, which is in the hands
widespread fears of foreign intervention in the Span¬
was
piloting airplanes
were
reports emanated on Monday to
Madrid Govern¬
regard to foreign property also have
clarified, as a promise was given the United
will be
ish
nations
sides in the conflict.
with
other
tion.
other
from
for both
extent, the measures by the
States Government last
or
dispatch to the Associated Press stated
cow
of neutrality by all the great Powers of
program
Madrid and at
broadcasts that amounted to
propaganda against Germans." A Mos¬
Moscow, against radio
correspondents seem to be misled occa¬
sionally by glowing accounts of victories that
not take
altogether
ents
with
Saturday,
stake all
to
Dispatches from correspond¬
unlikely.
rebel
forces
at
Merida
indicated last
that the Fascists would
Madrid, which they proposed
for instance,
on a
dash for
capture within five days.
the border town of
on
did
place and by promises of advances that are
In another report from
Hendaye, France, it was stated
Tuesday that the rebels would risk all on an
effort to take San
end.
Actually,
have taken
Sebastian by the current week¬
only
moderate fighting
seems
place this week in southern Spain.
to
In
Volume
Financial
143
the north the rebels started
tant
the drive
that occurred
made late
Thursday of
three-mile advance by
a
the
on
capital.
events
time mainly because of its presumed effect, exter-
probably indicative that much
the rebels in their march
on
decided upon at this
was
purge
based
were
and it seem fairly obvious
years ago,
that the Soviet
through the Guadarrama Mountains toIt is
1287
the charges in the Soviet trial
impor-
railway town of Irun, and they also intensified
ward Madrid.
was
battle for the
a
Chronicle
nally
internally.
or
In
some
circles it is assumed
that the horrible demonstration was designed to
•
illustrate the retreat of
Schacht and Labeyrie
from the earlier
and his associates
Stalin
principle of world revolution and
CLOSEST attention was paid throughout Europe with internal absorption Whatever the explanation,the increasing
of the present dictatorship
this
meeting in Paris between Dr.
week
-
to
a
concerns.
Hjalmar Schacht, Minister of Finance of Germany
and
President
of
the
Reichsbank,
and
various
officials of the French
Government.
Dr.
Schacht
it is evident that dictatorships, whether communist
arrived in Paris
to him in Berlin
on
Tuesday to return
a
fascist,
or
.
visit paid
weeks ago
Governor of the Bank of France.
These conferences
V
.
between the heads of the
leading central banks of
Continental Europe may be of considerable signifi-
they
cance,. as
certainly indicate efforts
greater collaboration.
Dr.
Schacht and M.
their
own
assumed in
Labeyrie
are
than
more
Schacht had
con versa-
conjecture.
It
was
stabilization prob-
of Franco-German
Quite
even
their
of the discussions, together with
general question
understandings.
well able to keep
on
Paris that currency
lems formed part
the
Like other central bankers,
counsel, and reports
tions consist of little
toward
possibly,
economic
however,
important things to
more
Dr.
say
to
much the same
#
Anglo-Egyptian Treaty
by Emile Labeyrie,
some
their aims in
pursue
dreadful fashion,
O ELATIONS between Great Britain and Egypt
tv
reduced at long last to a formal under-
were
standing
representatives of
Wednesday, when
on
the two countries attached their signatures to
a new
Almost all the claims and desires
treaty at London.
of Egyptian nationalists
conceded in this docu-
were
ment, which follows closely the lines of the draft
treaty prepared six
at London.
problem
by the Labor Ministry
years ago
Although the Laborite views of the
were
inacceptable in 1930, they prevail in
the current agreement.
For the
more
taken by the Conservative
now
Great
Britain
in
of Ethiopia
Italian conquest
the
liberal view
Government
Premier Leon Blum and other French officials with
probably is responsible in good part.
whom he conferred until his
trol of essential Empire routes will continue to be
yesterday.
or
to
departure from Paris
Although he disclaimed
any
interest in
understanding of politics, Dr. Schacht is reported
have assured
increases
of
the
the
French
German
Government
military
aimed not at France but
were
that
the
establishment
occasioned
were
en-
tirely by recent increases in the Russian establishHe also is said to have advanced the
argu-
ment.
ment that
a
greater absorption by France of German
goods might make possible
a
diversion of German
armaments manufactures to the
production of
more
peaceful products.
the
concern
of the British authorities under the
strip along the Suez Canal.
But all British troops
eventually are to evacuate Cairo, Alexandria and
other
large Egyptian cities.
The
proper
protection
of Egypt against foreign aggression will be assured
by construction of
Great Britain
new
roads and by provisions that
send any armed forces deemed
may
including warships, to
necessary,
in the event of
war or
Government
included
ALL the characteristics of the typical European
*
\
dictatorships were displayed by the Soviet
Miles Lampson.
Russian Government at the conclusion of the weird
a
former
new
treaty, and British troops will patrol the narrow
part of Egypt,
any
the threat of
Premier
war.
gation at London, while signatories for the British
.
of 16
con-
Mustapha Nahas Pasha headed the Egyptian deleboyiet "urge
trial
Military
high officials of that regime
on
Foreign
Secretary Anthony
Eden, and the High Commissioner to Egypt, Sir
Premier Nahas Pasha declared in
address
formal
Egyptian relations
that
on
the
treaty
"respect for
based
our
Anglo-
independence
charges of conspiring against Josef Stalin and other
and the
leading figures at Moscow.
Minister Eden said that "the efforts of the last 16
Kameneff
and
14
others
Gregory Zinovieff, Leon
vied
with
each
other
in
safeguarding of
lems
assassinate dictator Stalin and many of his associ-
been crowned with
When the trial ended last
tribunal
verdict
soon
was
entered
the
day.
Bolshevist
of the
by
some
revolution,
was
impli-
Hoenefoss, Norway,
duty to "unmask
executed."
Moscow
All
were
Tomsky, who
"based
statements made
Saturday,
State
accusations leveled
was
on
one
of the great-
history and to
against him at
lies," he said.
of
during the trial, committed suicide
even
the
Mikhail P.
"under investigation" because of
though he
was
head of the Soviet
publishing house and presumably
adherent
avenge the
present dictatorship.
a
staunch
Almost all
Foreign
in
Anglo-Egyption
success
relations" have
because of "the
growing
conviction in both countries that their interests
inseparably linked."
;
,
the
Trotsky scorned the charges and accusations
and declared it his
last
was announced
of the defendants at the trial, but
est crimes in the world's
inherent
immediately, for the
conspirators
from his residence in exile at
Mr.
death, and that
Leon Trotsky, who ruled „with Lenin at
start
cated
sentence of
carried out almost
execution of all 16
next
a
Monday the Soviet
interests."
to reach a satisfactory solution of the prob-
years
confessing their complicity in the amazing plot to
ates.
your
,
are
J.'1
'
Chaco Problem
\
,
M
\V/ITH tlie resumption of diplomatic relations
W
was
between Paraguay and Bolivia,
taken
on
Chaco problems that caused
war
an
a
long step
Aug. 21 toward adjustment of the
between those nations.
a
protracted and bloody
Formal agreement for
exchange of Ambassadors and for, adjustment of
several thorny points in the long
peace
negotiations
was
effected by the two countries, while signatures
also
were
attached by representatives from Argen-
tina, Brazil, Chile, Peru, Uruguay and the United
States.
the
The convention must, still be ratified
Bolivian and Paraguayan
difficulties
are
anticipated
on
by
Congresses, but no'
that
score.
Resolu-
tions adopted at the peace conference provide that
Financial
1288
Bolivia
to accept the report of a neutral
agrees
military commission regarding the exchange of pris¬
while Paraguay agrees to the opening of an
oners,
in the Bolivian Chaco.
The
question of war prisoners was especially disconcert¬
ing, as Paraguay claimed to have 23,000 Bolivian
captives at the end of the Chaco war, whereas only
17,000 were returned to Bolivia under the agree¬
ment for an exchange.
Bolivian authorities charged
important highway
being held
that thousands of their countrymen were
the estates of leading
Para¬
A neutral commission found the records
guayans.
of
work
to
forced
and
prisoners in Paraguay in disarray, and the im¬
prevailed that Paraguay never
really knew how many Bolivians were taken in the
finally
pression
toward
uncertainty than before to aid from Japan
of
event
resulted, it was said, in a
Tokio talks on this matter
"gentlemen's agreement," rather than in any formal
The tactical-probabilities indi¬
cate that Japan would strike across Outer Mongolia
to cut Soviet communications before attempting to
military alliance.
the Maritime Provinces of Siberia, and that
interest to all reports of con¬
conquer
factor lends unusual
flict
the border between
on
Manchukuo and Outer
Mongolia.
Foreign Central Banks
Discount Rates of
DISCOUNT RATES OF FOREIGN
diplomatic relations before the start of the Pan-
American
Dec. 1.
on
Austria
July
4
Batavia
Belgium
FRESH deepening strain in thethis week of rela¬
indications appeared diplomatic the
ever
Japan and China, on the one hand,
tions between
and
Japan and Russia
observers of international affairs are
war
All acute
the other.
on
in Eastern Asia is more
likely
convinced that
even
than
war
in
Although Japan now has gained the hege¬
Europe.
2
Bulgaria...
6
Canada
2H
4
Jan.
4
July
Jan.
1 1936
Danzig
5
Oct.
21 1935
Denmark..
3M
3
June 30 1932
Aug. 21 1935
June 30 1932
May 18 1936
4H
Italy
3.29
Japan
Java
5
Jugoslavia
3X
Morocco
6
Norway
Poland
_
Apr.
England
2
Estonia....
5
Finland
4
3
July
Germany
4
_.
7
5
3.65
Feb.
I 1935
38
July
t*
6^
3H
1 1936
6
May 28 1935
4
5
May 23 1933
Oct. 25 1933
Dec.
13 1934
Dec.
7 1934
6
¥
SouthAfrica
4H
3H
May
15 1933
4
Spain
5
July
5
Sweden
7H
Switzerland
234
234
May
Portugal
Sept. 30 1932
Oct. 13 1933
Greece _.._4
334
434
334
3>4
5
2H
Sept. 25 1934
Dec.
4 1934
France
6 1936
June] 2 1935
Lithuania..
vakia
Rumania
9 1936
__
10 1935
Dec.
1 1933
2 1935
6
534
53*
3
2
Foreign Money Rates
N LONDON open
unmistakably late last week that they look
forward to economic
of Northern
penetration of five Provinces
China, which "must be handled as a
single economic and political bloc in order to make
investments
that
Aug. 28 1935
Nov. 29 1935
Ireland
7
Czechoslo¬
territory of China proper now is coveted.
Nipponese military authorities in North China indi¬
cated
3
...
all of Manchuria, it appears that much
mony over
of the
k
18 1933
3
.
4
India
24 1935
Colombia.
Rate
6 1936
July
Hungary...
Mar. 11 1935
Chile
vious
3
Holland
1936
1935
1935
1935
10
July
1
May 15
Aug. 15
Date
Established
Effect
Aug 28
Rate
1 1936
Mar.
3H
Argentina..
Far Eastern Tension
Pre¬
Rate in
Country
vious
Established
3H
'
*
Date
Effect
Aug 28
>
CENTRAL BANKS
Pre¬
Role in
Country
"
.
Aires
at Buenos
conference
peace
in the
Berlin dis¬
Tribune" said.
the New York "Herald
to
patch
with Soviet Russia," a*
war
a
justed, and it is believed the two nations will resume
full
to
understanding with the Japanese as
an
procedure in the event of a conflict with Russia.
The German leaders now look forward "with less
Such troublesome points now have been ad¬
war,
Aug- 29> 1936
Chronicle
profitable."
such
any
It is altogether too obvious
will result in
"handling"
simple
bills
on
^
market discount rates for short
9-16% on
months' bills
Friday of last week. Money on
Friday were 9-16%, as against
Friday of last week, and 9-16% for three
as
against 9-16%
on
call in London on Friday
at
was
J^%.
At Paris the
market rate remains at 3J^% and in
open
234%.
.
Switzerland
.
alignment of the five Provinces with the Japanese
The Nanking Nation¬
regime remains passive in the face of such de¬
Bank of England Statement
puppet-State of Manchukuo.
alist
Chinese hatred of the
velopments, but
causes
and
killed
were
nese
Japanese
On Tuesday two Japa¬
outbreaks at times.
injured
one
in
rioting at'
THE statement for the week ended Aug. 26 shows
in gold holdings of £982,104,
further increase
a
which raises the total to another new
Chengtu, capital of Szechuan Province, and the in¬
As the bullion
furiated Chinese
000 in
proceeded
demolish all shops
of
Japanese
a
allegedly handling Japanese mer¬
Consulate in
Japanese
Chengtu.
promptly protested and indicated that an¬
other series of "demands"
No less
tween
gathering that
protest against the planned opening
called to
officials
the following day to
The rioting started at a
chandise.
was
on
might be expected.
Japan and China are the various causes for
friction
between
months since
Japan and
Russia.
It is some
Japanese military authorities turned
definitely toward Northern China as a suitable area
for further
conquests, but border difficulties remain
in evidence as between the new State of
the
and
Russian-controlled
of
was
attended by a loss of £1,130,-
to
the
effect
that
nine
Russian
munists" had been executed and many
off £6,332,000,
counts, which decreased
serve
ratio is
ment
now
£2,117,518. The Bank's re¬
40.00%, compared with 37.80%
38.19%
a year ago.
Loans on govern¬
declined £1,650,600
securities
and those on
£3,943,233. Other securities con¬
"discounts and advances" and "securities"
other securities of
sists of
which decreased
ly.
£475,797 and £3,467,436 respective¬
The discount rate remains unchanged at
Below
we
show
2%.
comparison of the different items
a
for several years:
Outer
BANK OF ENGLAND'S
COMPARATIVE STATEMENT
Aug. 26
Aug. 28
1936
"com¬
others sen¬
Public
while other deposits
gained £2,828,060. The latter consists of bankers'
accounts which increased £4,945,578, and other ac¬
fell
deposits
Indicative, also, are Tokio reports of
Mongolia.
Monday
Manchukuo
Government
gain
circulation, reserves rose £2,113,000.
last week and
significant than the continual strife be¬
high of £245,-
844,482, in comparison with £194,083,561 a year ago.
1935
£
Aug. 29
1934
Aug. 31
1933
1932
£
£
£
£
Aug. 30
1. 443,409,000 399,564,647 379,283,726 374,003,359 365,287,400
Public deposits
9,359,708 33,991,138 41,959,840 20,726,776
17,229,000
114,955,063
Other deposits
138,751,659 133,388,938 118,962,714 122,354,975
Bankers' accounts. 100,911,403
96,935,098 83,746,689 79,424,559 79,548,532
35,406,531
Other accounts...
37,840,256 36,463,840 35,216,025 42,930,416
Government securs..
84,758,310 81,274,999 83,184,709 83,195,963 73,148,993
14,959,223 21,670,669 31,242,240
Other securities
27,015,752 25,195,136
12,159,215
9,973,041
5,615,506
Dlsct. & advances.
9,201.652 12,934,587
9,343,717 11,697,628 19,083,025
Securities
17,814,100 12,260,549
49,519,079
Reserve notes & coin
62,435,000 54,618,914 73,052,127 77,662,884
139,806,479
Coin and bullion.
245,844,482 194,083,561 192,335,853 191,666,243
Circulation
tenced to
munist
long terms in prison on charges of com¬
activity in
Manchukuo.
the
the Japanese puppet-State
of
Russian fears relate particularly to
possibility of
an
alliance between Germany and
-
Japan, directed against the Soviet Union.
It was
reported from Berlin on Tuesday that German mili¬
tary
officials were making
considerable progress
Proportion of reserve
to liabilities.
Bank rate
40.00%
2%
38.19%
47.75%
47.26%
2%
2%
2%
36.49%
2%
Volume
Financial
143
Bank of France Statement
Chronicle
creased
the
1289
requirements
rate
hardly such
are
structure,
for
THE statement for the week ended Aug. 21 shows
gold holdings of 173,823,-
$1,890,000,000, dspite the
402
requirements.
further decrease in
a
francs, bringing the total outstanding down to
54,674,051,812 francs.
Gold
a
year
71,608,646,858 francs and the
495,986 francs.
The
against 75.67% last
year and
59.30%
now
contraction of
a
742,000,000 francs, bringing the total notes
standing down to 83,618,086,145 francs, which
with 80,685,062,380 francs
pares
also
creases
appear in
abroad, in advances
a
year
credit balances
French commercial bills
on
as
80.05% the previous
Notes in circulation reveal
year.
before 81,759,-
year
ratio is
reserve
aggregated
ago
out¬
rates
were
changes of
to affect
as
reserves
excess
recent 50%
now
are
increase of
Bankers' bill and commercial paper
carried
any
over
were
kind
from
noted.
last
week,
and
Call loans
on
no
the
New York Stock
Exchange held at 1% for all trans¬
actions, whether renewals or new loans, while time
loans
available at
were
six months.
The
1%% for all datings
up
Treasury sold last Monday
to
fur¬
a
ther
com¬
De¬
ago.
abroad, in
issue of $50,000,000 discount bills due in 273
days, and the average rate was 0.170%, computed
on
annual bank
an
discount basis.
discounted, in bills bought
treasury bills
New York Money Rates
and in ad¬
vances
against securities. Creditor current accounts
record
a
gain of 252,000,000 francs and temporary
advances to
State of
1,169,000,000 francs.
parison of the various items for three
years
A
com¬
is shown
below:
DEALINGExchange from day toloan rates
in detail with call day, 1%
Stock
ruling quotation all through the week for both
loans and renewals.
still
BANK OF
FRANCE'S COMPARATIVE
at
reported this week.
Changes
a
Francs
Francs
Aug. 24,1934
—69,000,000 6,163,528,530 6,503,902,444 3,921,598,374
b Bills bought abr'd
—3,000,000 1,242,894,348 1,228,657,798 1,110,294,766
cAdv. on Treas. bills
—1,169,000,000 5,597,205,448
Adv. against securs.
—16,000,000 3,464,199,548 3,120,910" 782 3.049,572,051
Note circulation
—742,000,000 83,618,086,045 80,685,062,380 79,971,019,560
Credit current accts.
+ 252,000,000 8,582,999,299 13,947,292,430 22,160,618,833
d Tem. adv. to State
+ 1,169,000,000 8,736,218,000
Propor'n of gold on
.
hand to sight llab.
a
Includes
+ 0.13%
59.30%
75.67%
Bank of
Germany Statement
shows
a
decline in
marks, bringing the total down to 70,428,000 marks.
the
period
same
a
755,000 marks, and two
reserve
quarter,
year
investments
year
year
aggregated 94,-
ago
years ago
ratio remains the
1.83%; last
previous
74,878,000 marks.
same
it
the
as
previous
2.75% and the
was
2.23%.
Reserves in foreign currency,
other daily maturing
obligations
and
record
increases, namely 92,000 marks, 47,000 marks
and 53,108,000 marks, respectively.
Notes in cir¬
culation
reveal
102,000,000
another
marks,
contraction,
which
brings
this
the
standing down to 4,147,955,000 marks.
a
year
year
ago
has been
fairly large.
Rates
is
been
134%
prime Commercial
brisk this week.
very
the supply;of
The demand
has been
paper
%% for extra choice
names
running from four to six months and 1% for
names
are
less known.
Bankers' Acceptances
THE market this prime bankers' acceptances has
been good for
week.
The demand continues
time
total
of
out¬
Circulation
heavy,
Rates show
but
no
prime
change.
Decreases also
Below
furnish
we
is
a
comparison
of
REICHSBANK'S
scarce.
as
issued
34% f°r bills running from 1 to 90 days, %% for
120-day bills and 1% for 121* to 180-day bills.
The Federal Reserve banks'
holdings of acceptances
increased
to
from
$3,094,000
$3,095,000.
market rates for acceptances are
as
the dealers
their
own
are
are as
far
so
they continue to fix
as
follows:
—180 Days
Bid
Asked
H
—150 Days
Bid
Asked
5u
Prime eligible bills.
90
—
X
Days
Bid
FOR
Open
nominal in
The nominal rates for
open market
rates.
acceptances
concerned,
■
Asked
X
DELIVERY
—120 Days—
»i«
60
Days
Bid
WITHIN
Eligible member banks.-'
Bid
Asked
»i«
30
Asked
X
16
the
COMPARATIVE STATEMENT
been
91-to
Prime eligible bills—
various items for three years:
have
up to and including 90 days, are 34% bid and
3-16%
asked; for four months, 5-16% bid and 34% asked;
for five and six months,
^% bid and 5-16% asked.
The bill-buying rate of the New York Reserve Bank
in bills of exchange and checks and in ad¬
vances.
bills
Official quotations,
by the Federal Reserve Bank of New York for bills
stood at 3,638,468,000 marks and the
before at 3,502,022,000 marks.
appear
having
Rates continue nominal at
The market for
been good and
quite
THE statement for the third bullion ofof August
gold and quarter 1,983,000
The
has
80.05%
purchased In France,
d Includes
bills
discounted
abroad,
Included In French commercial bills discounted,
d Representing
drafts of Treasury on 10-billion-franc credit opened at Bank.
Gold
transactions
no
bills
Previously
c
for all maturities.
paper
Francs
—173,823,402 54,674,051,812 71,608,646,858 81,759,495,986
—5,000,000
8,027,653
7,187,135
12,856,632
French commercial
bills discounted..
Aug. 23, 1935
Francs
Gold holdings
Credit bals. abroad,
Aug. 21, 1936
the
new
The market for time money
standstill,
a
STATEMENT
for Week
on the
was
X
Days
Bid
■
Asked
X
THIRTY
DAYS
X % bid
-
Eligible non-member banks
...
H% bid
Changes
for Week
Assets—
Gold and bullion.
Of which depos. abroad
Reserve In foreign curr.
Bills of exch. and checks
Silver and other coin...
Notes
oth. Ger. bks.
on
Aug. 22, 1936 Aug. 23, 1935 Aug. 23, 1934
Reichsmarks
Advances
Investments
Other assets
Liabilities—
Notes in circulation
Other dally matur. obllg
Other liabilities
Reichsmarks
Reichsmarks
—1,983,000
70,428,000
94,755,000
74,878,000
24,528,000
29,620,000
16,952,000
+92,000
5,627,000
5,371,000
3,400,000
—37,696,000 4,268,732,000 3,539,213,000 3,188,894,000
al55,734,000
226,719,000
308,662,000
*
13,086,000
16,554,000
—5,409,000
41,484,000
31,864,000
66,833,000
+47,000
529,157,000
663,827,000
732,058,000
a526,893,000
678,984,000
609,192,000
No change
curr. to note
1
Validity of
a test
circul'n.
THERE have been no changes this week banks.
Federal Reserve in the
rediscount rates of the
The
for
following is the schedule of rates
the
a214,109,000
225,469,000
No change
1.83%
notes on other banks expired March
31, 1936.
of
paper' at
now
in effect
the
different
1
DISCOUNT RATES OF FEDERAL RESERVE
BANKS
Rate in
2.23%
Figures of
available.
classes
174,134,000
2.75%
a
various
Reserve banks:
—102,000,000 4,147,955,000 3,638,468,000 3,502,022,000
+ 53,108,000
692,918,000
768,698,000
701,518,000
Propor. of gold & for'n
*
Discount Rates of the Federal Reserve Banks
Reichsmarks
Federal Reserve Bank
Aug. 7.
Effect
Boston.
Date
Previous
Established
Rate
on
Aug. 28
THE New York
routine this
demand
now
for
that
IX
Feb.
2 1934
Philadelphia.-.
2
Jan.
17 1935
IX
8 1934
2X
o
2X
Richmond
money with a continued its dull
market slight increase in
week,
commercial
business
New York
Money Market
Feb.
Cleveland
New York
2
-
is
accommodation apparent,
slowly expanding.
2
Atlanta.-----.................
May 11 1935
May
9 1935
2
Jan.
14 1935
Chicago
2
Jan.
19 1935
St. Louis
2
Jan.
3 1935
Minneapolis
Kansas City...
2
May 14 1935
2
2
May 10 1935
May
8 1935
2X
2
Feb.
2X
Dallas
The
in-
8mi Francisco
_
16 1934
2
2X
2X
2X
2X
2X
2X
Aug. 29, 1936
Financial Chronicle
1290
before the autumn
fronted with a new financial crisis
Exchange
Course of Sterling
STERLINGmarket presents the entireaspect from jS
exchange and no new foreign exchange
we^ advanced*the gold which the ^ of England
^
Practically all
Bank
on commer
^as Purchased in the past six months seems to have
cial account and because of demand from Continental
been sold to the Bank by the Exchange Equalization
Aside from Continental demand for ex-
Europe.
change
pound is firm both
The
recent weeks.
London, the foreign exchange market is
on
None the less stealing is so far
exceptionally dull.
all other currencies that the
favored above
British
Exchange Equalization Fund has been active in pre-
venting the rate from moving higher both with respect
the
to
gold currencies
of Europe and the
bankers' sight bills,
$5.0211-16 and $5.03% for
with
pared
The
week.
for cable transfers
range
$5.02%
between
been
com-
$5.02 9-16' and
between
of
-range
a
$5.03% last
has
United
The range this week has been between
States dollar.
and
$5,03 5-16
com-
•
Fund, which in turn acquires sterling exchange with
which to combat irregularities which may arise in
future markets. This week the Bank of England
bought £1,265,502 in gold bars, bringing its total
purchasesvto £45,441,447 since Jan. 1, the greater
Par^ °f which was acquired since early in March,
The Bank's gold holdings are now at record high
levels, standing at £245,844,482 on Aug. 26, as
aSainst £194,083,000 a year earlier, with the minimum
of £150,000,000 recommended by the Cunliffe comniittee and with £136,880,252 in the Banks statement just prior to the suspension of gold in September,
1931.
'The Bank of England's note circulation has not
The following tables show the mean London check
declined as rapidly this season as has been customary
rate
Paris, the London open market gold price,
after the August holidays 3-nd owing to the upswing
and the price paid for gold by the United States:
*n general business the Bank expects an immediate
pared with
a
of between $5.02% and $5.03%
a range
week ago.
on
increase in circulation in
mean
Saturday, Aug. 22
76.407
Friday,
76.425
Aug. 27
Aug. 28
76.350
price
london open market gold
Saturday, Aug. 22
i38s. 2^d.
(federal reserve bank)
„r
Monday, Aug. 24
Tuesday, Aug. 25
present and future
of sterling
course
are
the
con-
expansion and prosperity
buying of gold by the
Currently the price of
On Wednesday of last week and
Wednesday this week the price dropped to
138s.
2d.,
as
compared with the peak of 149s, 4d.
March
6,
1935.
over
The demand for the metal in
general and of
sterling at
a
character sufficient
a
fairly substantial premium
This premium has,
parity of the French franc.
however, not been sufficiently high to attract gold in
any
quantity from Paris in arbitrage
Such
operations
are
operations,
further restricted at this time
owing to unofficial but highly effective control regu-
respectively gold shipments from Paris. \
lations
Foreign exchange authorities assert that in the past
few weeks
terms
sterling would have ruled much higher in
of gold
but for the active intervention of the
British exchange control.
France to
Heavy gold imports from
England have occurred since July 6, be-
lieved to have amounted to
This gold
than £60,000,000.
more
represented chiefly metal acquired by the
British Exchange
Equalization Fund and held under
■
.
current
opinion, the British authorities
are
probably actuated
by the unsettled situation in Europe and there is a
may
be compelled to place
gold exports. There
financial
London
expects
can
be
France
an
no
question
to
be
con-
.
*
Continental
meager returns on
domestic investments the
British public is ready for reasonable overseas risks.
Thus far there has been no indication that the Treasauthorities
ury
that
f
-
funds to London for safety.
There is renewed agitation in London to have the
British Treasury authorities remove restrictions
against
foreign lending, as these restrictions are
believed to curtail exports of British manufactured
goods and are responsible for the present adverse
balance of £38,000,000 in visible foreign trade. Last
year the net balance of overseas transactions was on
the credit side for the first time in several years.
In the first half of the current year, however, there
was a sharp reversal in merchandise movements, as
imports rose 11%, while exports remained stationary,
thus accounting for the increase in the net visible
adverse balance of £38,000,000. Recently the London Times took occasion in an editorial to warn
Britain that her chief economic problem—that of
export trade—is not yet solved, and urged the.
Government "to embark upon a more active policy
for the expansion of international trade and the lessening of its present shackles." There is no doubt
that financial London would like the embargo to be
lifted from the issuance of foreign loans, for under the
and they
bringing the gold home, according to London
on
,
deposits in the London banks.
In thus
possibility that France
,
.
hoarders are also responsible for much of the gold on
offer in the London open market. The severe restrictions placed on exchange transfers in the Continental
countries only serves to intensify the desire to shift
earmark for London account at the Bank of France,
embargo
..
,
Omental
on
to maintain
..
the Continent and their acquisition increases Con-
again
London has been
,
35.oo
gold in London has been relatively steady at 138s.
on
f
,
35.00
appreciation of sterling in terms of
ounce.
...
Bntish bank notes continue to be m demand from
Aug. 28..
lowest in two years.
per
rates and
Aug. 27
gold currencies the market price of gold has fallen
2%d.
pflsv mnnpv
Fnday,
Bank of England.
the
wWf>hv f n mmntAi'n
Thursday,
in Great Britain and the heavy
to the
u
credit oase wnereoy to maintain easy money rates ana
eventualities which may result from the
to meet any
..$35.00
tinued evidence of business
Because of the
The principal object of the Bank's
requirements.
^
_
J
outstanding feature of the market affecting the
The
...
Wednesday, Aug. 26
$35.00
35.00
35.00
Saturday, Aug. 22
.
,
disturbed political condition in Europe.
for gold by the united states
price paid
...
.
purchases seem to have little relation to circulation
g0j^ purchase policy seems to be to establish a broad
Wednesday, Aug. 26___l38s. 2d.
Thursday,
Aug. 27...i38s. 2^d.
Friday,
Aug. 28___i38s. 4^d.
138s. 23^d.
Monday, Aug. 24
Tuesday, Aug. 25..—i38s. 2^d.
However, the Bank's gold
76.410
Thursday,
_76.392
Tuesday, Aug. 25
Wednesday, Aug. 26
__,.-_76.415
Monday, Aug. 24
the fall, with a new high
level around Christmas.
London check rate on paris
are
are
disposed to change their policy,
not likely to do so until a semblance of
exchange stabilization is in sight, a condition of which
there is no present sign.
Money rates in Lombard Street continue easy and
show little change from day to day. Call money
against bills is in supply at %%. Two- and three-
Volume
Financial
143
months' bills
9-16%, four-months' bills 19-32%,
are
and six-months' bills
The
gold
On
sharply in terms of the franc and these
also
£442,000,
Wednesday
on
Thursday £83,000 and
on
£162,800 in gold bars,-
Monday £37,200,
on
There
the week ended
Aug. 26,
as
are
bear activities
no
against the franc
as
because of official restrictions imposed by the French
authorities.
Thursday £545,579.
on
At the Port of New York the
opera¬
from declining below
franc
prevent the
such operations could not be sustained at this time
Tues¬
on
the
present ruling rates in terms of the dollar.
Friday £210,-
Saturday last the Bank of England bought
day, |519,923, and
of
offer of £152,000, on Monday
Tuesday
000.
efforts
consistent
the
more
£162,000,
on
Only
tions
was an
on
franc.
British exchange control prevents sterling from rising
On
entirely for unknown destination.
Saturday there
£170,000,
1291
changes, particularly the Holland guilder and the
Swiss
11-16%.
offer in the London market this week
on
taken
was
Chronicle
ing to
gold movement for
All French banks
consistently refus¬
are
in gold operations for profit, in
engage
pliance with the wishes of the Government.
reported by the Federal
com¬
In the
Reserve Bank of New York, was as follows:
past few weeks France has lost considerable gold to
GOLD
Great
MOVEMENT
AT
NEW
YORK,
Imports
AUG.
20-26,
INCLUSIVE
Exports
J
Britain,
United
the
Switzerland, but these losses
$4,904,000 from Mexico
4,006,000 from France
unfavorable
French
Holland
States,
and
believed due to the
are
commercial
balances.
Aside
3,448,000 from Canada
2,577,000 from India
from the fact that financial Paris is
None
732,000 from England
3,000 from Guatemala
the
over
civil
balance
is
at
Increase:
,
Note—We have been notified that approximately $954,000
above
figures
Wednesday.
On
from India.
There
were
no
of
.
week ended
$202,800
on
also
was
exports of the metal, or
reported that $271,000 of gold from Hong¬
kong and $70,000 from Australia
Francisco.
of
On
was
received at San
Friday $5,711,900 of gold
was
which $2,827,000 came from France,
from
Canada,
There
were no
but gold .held earmarked for
$1,131,400.
was
It
foreign account decreased
reported that $165,000 of gold
was
Canadian exchange
discount of
a
$2,700
exports of the metal
received at San Francisco from
tween
received
$2,742,600
$139,600 from England and
from Guatemala.
Hongkong.
a
premium of 1-64%.
Saturday last
cable
firm and
was
Bankers'
from the previous
up
sight
was
$5.03%@$5.03%
and
were
transfers
$5.03 3-16@$5.03 5-16.
On
Monday the pound
range was
steady in dull trading.
was
was
on
firm.
was
London continued firm.
On Tuesday
Bankers' sight
$5.03%@$5.03 3-16;#able transfers, $5,03 3-16
@$5.03%•
ers'
The
$5.02 15-16@$5.03% f°r bankers' sight and
$5.03@$5.03 3-16 for cable transfers.
exchange
on
On Wednesday the undertone of sterling
The range was
$5.03@$5.03% f°r bank¬
fers.
On
range
Thursday the
and $5.02
was
pound
was
market.
trifle easier.
15-16@$5.03 3-16 for cable transfers.
The range was $5.02
bankers' sight and
fers.
a
$5.02%@$5,033/$ for bankers.' sight
Friday sterling continued steady in
On
relatively light
a
11,-16@$5.03 3-16 for
$5.02%@$5.03% for cable trans¬
Closing quotations
for demand and
on
Friday
were
$5.03 1-16
$5.03% for cable transfers.
Com¬
mercial sight bills finished at $5.02%, sixty-day bills
at
$5.02, ninety-day bills at $5.01%, documents for
payment
bills
at
closed at
(60 days)
$5.02%.
at
$5.02, and seven-day grain
Cotton and grain for
payment
$5.02%.
abatement of fears for the
In this connection great
stress is
The
French franc
is
showing decided
ease
only in terms of the dollar and sterling, but also
with
respect
to hthe
placed
upon
statements of Governor Labey-
rie, who when addressing the general council of the
Bank
said
he
endeavor
would
designed to protect the
would
inflation.
oppose
financial
circles
to
Nevertheless
scepticism
some
pursue
policy
a
of France and such
money
there
to the
as
as
in
is
Bank's
ability to refuse urgent State demands for advances
needed.
The
Government
Blum
popular subscription to the
issue.
have
is
to
now
a
Had there
been any
Treasury for
the
popular subscriptions
have
reached
since
it
was
not
less
few
a
real confidence in the
Government and the ultimate
business
As
period of tax collection, these
subscriptions should help the
weeks.
to
seem
3,200,000,000 francs.
only
in
largely
"baby bond"
Subscriptions to the loan thus far
amounted
the country
new
relies
new
improvement of
should
by
now
than
15,000,000,000 francs
The
Bank of France state¬
launched.
ment for the week ended
Aug. 21 shows
an
increase of
1,169,000,000 francs in temporary advances to the
State.
'■
'
;
..
■
:
/•
.
The immediate riiture of the French economic and
financial situation is decidedly clouded.
Bankers in
London and also in Amsterdam expect a new
crisis to
of
develop in France in the autumn.-
France
shows
francs.
statement
decrease
a
in
for
the
gold
tweek ended
reserves
This decline follows
a
of
financial
The Bank
Aug. 21
173,823,402
decrease in gold hold¬
ings of 140,763,701 francs the week before.
The Ger map
mark situation is unchanged from the
past few wreeks.
ruling
around
The so-called free
40.22-24.
Dollar
Travel and commercial marks
21.60, respectively.
are
or
gold mark is
parity
is
40.33.-
quoted 22.30 and
The Reichsbank statement
as
neighboring
Continental
ex¬
Aug. 22 showed gold holdings of 70,428,000 marks,
as
Exchange
CONTINENTAL foreign exchange movements fol¬
low closely the pattern of the past several
weeks.
bring about
of
Continental and Other Foreign
not
an
sight and $5.03 1-16@$5.03 5-16 for cable trans¬
The
4
,
leading French monetary authorities continue
efforts to
upon
3-32% and
some extent
by the hoarding in London.
nation's economic status.
■
during the week ranged be¬
Referring to day-to-day rates sterling exchange
it is almost impossible
as
against the export of capital.
however, being evaded to
is evidenced
The
if
'
close.
as
opinion in Paris
present outflow of gold will not
laws
new
These laws are,
received
was
principal element in the
The general
alarming proportions,
to evade the
change in gold held earmarked for foreign account.
It
reach
old was
\
for the
are
Thursday
to be that the
seems
$4,207,000
received at San Francisco from Australia.
The
weakness of the franc.
Change in Gold Held Earmarked for Foreign Account
greatly disturbed
Spain, the unfavorable trade
present the
$15,670,000 Total
Net
in
war
compared with 94,755,000 marks
The bank's ratio
The
Belgian
terms of the
on
Aug. 22
was
Aug. 22, 1935.
1.83%.
while
relatively easy in
dollar, is the firmest of the Continental
currency,
currencies and also the steadiest.
currencies
on
are
While the leading
quoted at slight discounts in terms of
bank situation is strong although domestic business
in Holland shows only slight improvement. The
futures, the belga has been quoted flat
the dollar for
On Aug. 20 the National
for futures since
Aug. 15.
Bank of Belgium
reported gold stock of 3,726,900,000
Dutch East Indies situation is definitely encouraging
owing to market improvement in commodity prices
and this fact cannot be without favorable effect on
of 83.37% and
total sight liabilities of 68.37%.
•
belgas, giving a ratio of gold to notes
a
ratio of
gold to
schillings
Austrian
Holland,
Amsterdam reports that there is likely to be a
break in the gold bloc unity, with Holland and
Switzerland avoiding any trouble which may develop
been quoted with very
have
Financial
h'ttle fluctuation for some time.
news
Austria continues to be
which
from
Besides
generally favorable.
the better trade returns
received from time
are
with respect to the French franc. On his recent
courtesy visit to Dr. Trip, head of the Netherlands
Bank, Governor Labeyrie of the Bank of France was
reported not to have discussed views regarding mone-
of improvement in the
time, there is now a report
to
The budget still shows a deficit,
but considerably less than had been estimated.
The
first seven months of the fiscal year shows a deficit
budgetary position.
35,000,000 schillings, compared with esti-
of about
59,000,000 schillings for the period,
mates of about
Exchange
on
Czechoslovakia is
of the minor
one
units in the
to note that
the gold stock
of interest '
New York market, but it is
Czechoslovakia
on
of the National Bank of
Aug. 23 stood at 2,697,700,000
Bank's note circulation is at 5,292,-
The
crowns.
200,000 crowns, and its ratio of
market, has been relatively steady for some
An Exchange Telegraph dispatch
time.
London
to
council to
the Greek economic defense
strength of Holland has improved considerably in
recent months. The bulk of the gold lost during the
spring has been recovered and gold is constantly being
repatriated. The Netherlands Bank statement for
Aug. 24 showed gold holdings of 671,500,000 guilders
Greek subjects will be permitted to make
of
trip abroad only on payment
a
tax of 20,000
drachmas, about $188.
The following
currencies still
table shows the relation of the leading
on
gold to the United States dollar:
'
Old Dollar
France
ftaiy^ra?61^
"(franc)II"I
Holland (guilder)....
^"92
^26
*89i
t<T6J58 %
*7 86>! to ^ 88
19.30
32.67
32.59
to 32.61
40.20
(franc)
Switzerland
68.06
67.88M
to67.94
at
76 44
sight bills
on
on
°* ,^anS
Friday
fT? 0n fnday
of last week
In
cable
and
transf
:
.
.
67.71,
against 67.70.
week;
against
32.58 and
Checks
whde checks
on
g
igh
on
22.47',
Sweden closed
^
Norway finished at 25.28
and cable transfcR3 at 25.29>
Final quotations for Berlin marks were
Copenhagen
&t 25 ^
at ^ ^ ^
and 25 gg
32.59.
and cable transfere at
against 22 47 and 22 4g
16.88^ for bankers' sight
Swiss francs
32.59^ for checks and at 32.60^2 for cable
checks finighed at
16£8M for cable transfers against 16.88
16.88J^.
bills at
sight
' closed at
transfe^ at 6.5% against 6.58 7-16 7rl6.
and
6.55/4 against 6.55
Antwerp belgas closed at
/
^7.89, against 67.90 on Friday of last week; cable
commercial sight bills at
bills and at
ratio of 77.9%.
transfers at 67.91, against 67.91, and commercial
the French center finished
6.5% against 6.57 15-16 on Friday of last
a
Bankers' sight on Amsterdam finished on Friday
e.ss we
_
TJf^°nd0n
at 76.37 against
New York
and
Range
New Dollar
serious financial crisis which will result in the
abandonment of the present monetary policy. Holland, Amsterdam advices state, will in the event of
a break in the gold bloc, take a firm stand and continue to defend her gold parity. The monetary
safeguard the exchange value of the Greek
currency.
a
a
from Athens
Aug. 21 stated that strong measures
on
been devised by
have
These discussions have led to the opinion
that the gold bloc is no longer united. In Amsterdam
it is assumed that France will soon be confronted with
,
of the minor units in the New
Greek exchange,, one
tary "realignment." Recent Amsterdam dispatches
state that the Governor of the French Bank did bring
this matter up with Dr. Trip and tried to win the
Dutch official over to his views on the subject,
Dr. Trip, it is reported, flatly refused to manipulate
in any way the gold parity of the guilder, asserting
his confidence in the maintenance of the present
parity.
gold to note circula-
50.95%.
tion stands at
York
1936
Financial Chronicle
1292
against 25.28 and 25.29.
d ^ New York_
tas are not
^
cable
40.22.
40.213^ for bankers'sight bills and 40.22^ for
in
transfers,
comparison
with
Italian Ure closed at 7.80 for
at
and
EXCHANGE on the South American countries is
J-< generally buoyant owing to the improved export
Position and higher prices of the commodities of these
countries. Buenos Aires exchange is especially firm
and the free niarket 111 Argentine pesos shows a strong
tendency to approach the official quotations. The
bankers' sight bills and
cable transfers, against 7.86
7.87 for
and 7.87.
schillings closed at 18.87, against
Austrian
18.86%
Czechoslovakia at 4.13%, against 4.13%
Bucharest at 0.74, against 0.74; on Poland at
exchange
on
40.21
18.84,
on
against
18.84, and
on
exchange situation of Brazil is steadily improving,
but the county's export balances are still far from
satisfactory. In the first five months of 1936 the
favorable export balance was £1,795,234. In the
Finland at 2.22%
Greek exchange closed at 0.93^ for
sight bills and at 0.94J/£ for cable transfers,
against 2.21%
bankers'
against 0.93^8 and 0.943^.
/
—,—
corresponding period of 1934 the favorable balance
EXCHANGE on the countriesdurinr the past few balance does not argue well forof the Brazilian trade
neutral during the was £4,286,843. Development early resumption of
folio*vs trends evident
war
The Scandinavian currencies are strong
weeks.
and
The Holland
guilder and the Swiss franc are ruling slightly under
dollar parity.
The guilder is the easier of the two
currencies owing largely to the fact that there is a
steady
in
sympathy
with sterling.
constant demand for American securities from Amsterdam.
Both these units
are
firm in terms of all
Continental currencies and Switzerland and Holland
are
able to command
gold from France.
The Dutch
Inasmuch as Brazil is still in the stage,
of early development, service on its foreign debt can
be carried on only by means of a continued heavy
export balance in its trade account. Its present plight
is due largely to aggressive measures taken in recent
years to expand production in various new fields,
In the production of cotton for example, heavy imports were required of machines, automobiles, tractors
and other materials which should be productive in
debt service.
Volume
Financial
143
the future.
In the first five months of 1934 Brazil
Chronicle
1293
and the kind that is forbidden.
imported approximately £9,400,000 and in the corre¬
of the Act
sponding period this
tion and
£11,700,000.
year
to
was
The broad purpose
prevent unfair price discrimina¬
thereby help the
case
of small
concerns
in
competition with larger ones.
A good many of its
quotations, at 33^2 f°r bankers' sight bills, against
supporters,
elsewhere,
33}4
that the Act would curb
Argentine
paper
against 33.53.
Friday, official
unofficial
The
free market close
or
Brazilian
28.10@28.15, against 27.85@28.05,
milreis, official rates
and 8.44 for cable
The unofficial
against 5.90.
at
on
Friday of last week; cable transfers at 33.51,
on
was
closed
pesos
8}4 f°r bankers' sight bills
are
transfers, against S}4 and 8.44.
free market close
or
5.92@5.95,
was
Chilean exchange is nominally quoted
5.19, against
Peru is
5.19.
25.25,
nominal at
drive them
of
out
popularly known
not
clear
that
and
the chain
business, and
businesses
some
for
reason
fearing that it
is
be
to
seriously
The Far Eastern currencies
firm in sympathy
sterling, to
legally
higher ruling rates for
with the
which most
are
of them
are
allied either
The general
Closing quotations for
29.45, against 29.47
yen
checks yesterday
were
Hong¬
Friday of last week.
on
Act
will
be
produced.
uncertainty has not been lessened by
Commission,
upon
responsibility for enforcement of the
devolves, to
advisory opinions
express even
re¬
garding the meaning of the Act in advance of specific
complaints of violation, and its failure thus far to
promulgate
through exchange control operations.
or
Yet it is
affected, convincing evi¬
quiet for the
from day to day.
became
make their
may
is still to be
menace
the refusal of the Federal Trade
most part, showing very little change
this
was
such
as
even
position worse; while if the business of the chain
which the main
are
or
measure
the "chain store bill."
as
small
EXCHANGE on the Far Eastern countries units
presents
features of importance.
These
no new
much
so
that the
expected
stores
greatly helped by the Act; On the contrary, there is
dence of the
—+
Congress
expectation emphasized
stores
against 25.25.
in
regulations dealing with the appli¬
any
cation of the Act
doubtless
or
procedure under it.
There is
something to be said for the refusal of
kong closed at 31 5-16@31^s, against 31.28@31^;
the
Shanghai at 30J^@30%, against 30J4@30% Manila
its
at
clumsily drawn and its language difficult to inter¬
50.05, against 50.10; Singapore at 59.10, against
Commission to
commit itself
in
advance, but
position would be stronger if the Act
59.15; Bombay at 38.01, against 38.00, and Calcutta
pret. The
at
to conform to the law and avoid its drastic
38.01, against 38.00.
for the business
case
man
who is anxious
,
but who is
Gold Bullion in European Banks
with the
penalties,
genuinely in doubt about how to proceed
specific problems of his
well stated in
very
not
were
a
own
business,
was
letter of July 23 to the Com¬
THE following table indicates the amounts of gold
(converted into pounds sterling at
mission, signed by the president and general counsel
of
of the Associated
bullion
par
exchange) in the principal European banks
as
of
respective dates of most recent statements, reported
ica, Inc.
to
the
by special cable yesterday (Friday); comparisons
us
are
Robinson-Patman
corresponding dates in the previous
four years:
1936
>
England
Germany b.
Spain
"
Netherlands
Nat. Belg'm
Switzerland
Sweden
Denmark-
>
—
Total week.
Prev. week..
a
1934
£
88,092,000
a42,575,000
54,900,000
106,714,000
49,811,000
24,081,000
6,553,000
6,604,000
1933
£
194,083,561
672,869,175
3,230,950
90,772,000
54,694,000
48,818,000
2,297,000
Italy
Norway
1935
£
245.844.482
437,392,414
France
192,335,853
654.075,967
2,901,500
90,575,000
68,812,000
71,950,000
75,418,000
62,887,000
15,408,000
7,397,000
6,577,000
100,606,000
45,554,000
19,817,000
7,394,000
6,602,000
1932
£
£
191,666,243
657,813,700
12,666,200
90,390,000
75,643,000
67,979,000
76,855,000
61,462,000
13,922,000
7,397,000
6,569,000
139,806,479
657,913,607
32,247,750
90,264,000
61,652,000
85,880,000
74,724,000
89,164,000
11,444,000
7,400,000
7,911,000
1,064,863,896 1,144,440,686 1,248,337,320 1,262,363,143 1,258,406,836
1,065,209,729 1,149,923,555 1,245,055,353 1,258,633,516 1,260,909,016
Amount held
Oct. 29,
1935; latest figures available,
b Gold holdings of the
Bank of Germany are exclusive of gold held abroad, the amount of which the
present
year
and
"knowingly and
these
until
letter
of—
Act,
complying
Act
shown for the
Banks
Grocery Manufacturers of Amer¬
Referring to certain "doubtful terms" in
Is £1,226,850.
terms
the
difficulty
confidently" with
had
been
interpreted, the
urged "that in all fairness the Commission
should
announce, as soon as may be, how it will
interpret these terms for its enforcement of this
law.
.
tion
.
It is
.
whether
any
clear, of
course,
commercial
that the
transaction
ques¬
within
the field of this law violates it must be decided
upon
the basis of the
transaction.
tains
are
was
doubtful and
numerous
open
particular facts presented by that
But it is also clear that this law
con¬
puzzling terms which
to various interpretations," and these, it
urged, should be interpreted in advance.
record of debates in
Congress, it
was
The
pointed out, is
Uncertainties and Dangers of the
open,
but the record "does not suffice to define
Robinson'Patman Act
exact
enforcement
and
In
spite of the fact that the Robinson-Patman Act
has been in force for
more
than
two
months, and
presumably operative since June 19, the date of its
approval, for all the situations and transactions to
which 'it
men
nor
was
intended
lawyers
to
apply, neither business
to have emerged
seem
from the confusion and
trade
associations
show
legal counsel
are
a
far
first
Numerous studies by
wide
conclusions that have been
ions of
very
uncertainty in which
reading of the law left them.
divergences in the
reached, and the opin¬
curiously lacking in
una¬
nimity. Manufacturers, wholesalers, jobbers and re¬
tailers, buyers, brokers and sellers, small concerns
and those of the
in
doubt
sions
of
the
of
largest class appear to be equally
regarding the meaning of various provi¬
the Act, the relation of one
provision to
others, and the kind of action that is permissible
such
Commission in advance and
At the
subject to court review."
request of a National Food and Grocery
Conference
Committee, representing six national
ganizations of manufacturers, wholesalers and
tailers,
a
conference with the Commission
Department of Justice
August 13.
what
of
the
to clear up
one
are
re¬
on
some¬
version being that the
Government
or¬
and the
held at Washington
was
Reports of what took place
conflicting,
ments
the
interpretation of these terms,"
interpretations "should be made by the
com¬
spokesmen did nothing
the confusion which has prevailed among
trade, while another described the
members of the
proceedings
and
as
"a free and frank discussion
of the
of each and every disputed question
of interpretation under the
Robinson-Patman Act
pros
cons
which the national
cussion."
committee brought up
Any hope that the
Commission
in
regard to
announced
advance
for dis¬
policy of the
interpretations
Aus- *9, 1936
Financial Chronicle
1294
might be changed, however, was dashed by the statement of the Commission's chief counsel that while
resulting from the different methods or quantities
in which such commodities" are sold or delivered
the
to purchasers. Manufacturers are interested to
know whether advertising allowances to distributors, on a sliding scale, even if offered to other
purchasers who are held to be similarly situated and
on substantially the same terms, are permissible
under the Act, and, if they are, whether a manufacturer who in good faith has adjudged conditions
to be similar and terms substantially equivalent,
must face a continuing danger of prosecution be-
position of the trade members was understood,
permit the request for such inter-
the law did not
As long as that policy
pretations to be granted.
business of all kinds will have to wait
is adhered to,
complaints have been lodged with the Com-
until
mission, argued and ruled upon there, and, if the
ruling is not accepted, again argued and ruled upon
through
Federal court to which cases can be.
It may thus be years before the
every
carried for review.
obscure
language of the Act
sight appeared to be a concession
What at first
found in
was
mission,
statement made public by the Com-
a
August 20, calling attention to differ-
on
between the
ences
Robinson-Patman
the
differences are'
make
to
provisions of the Robinson-Pat-
Act and Section 2 of the
man
receive authori-
can
judicial interpretation.
tative and final
amendment.
an
The
important, and their net effect is
the provisions against price
severe
more
Clayton Act of which
Act is
cause the Commission has not ruled upon a case
identical with his. It is extremely important to
producers and distributors to know whether a cost
accounting system which they have installed in or-
der to make possible a compliance with the Act
will be approved by the Commission, or whether it
is likely at any time to be rejected as inadequate
because the Commission prefers something different,
Until such questions as these are answered, busiwill have to act warily and under serious risk,
ness
There can be no doubt, however, of the immense, and
to a large extent mischievous, reach of the Act.
Some twenty complaints, it was
Under the guise of preventing or punishing unfair
August 20, had been filed with ■' price discriminations and related trade practices
discrimination, but the statement itself did nothing
clarify the terms or provisions which business
to
has found obscure.
further learned
the
on
Commission, but the names of the complainants
the
or
specifications of the charges were not diThe announcement served to recall atten-
vulged.
tion to the
fact, however, that where a prima facie
is found by the
of violation
case
Act
Commission, the
imposes upon the alleged violator the obliga-
tion to clear
himself, thus reversing the common law
rule
puts
which
burden
the
of
proof
the
upon
devised by the champions of centralization and so-
'
accuser.
On the other
hand, while the statement of August
20 did
nothing to clear up uncertainties in the lan-
guage
of the Act, it shed unexpected light on the
extraordinary
ery
of the statute and the machin-
scope
available for enforcing it.
proceedings
are
however,
above, is
As far
Department of Justice. Primarily,
Robinson-Patman Act,
the
criminal
as
involved, enforcement will of course
be the task of the
as
was
said
amendment of Section 2 of the Clayton
an
Act, and the enforcement provisions of Section 11
of
the
ment
Commission,"
mission
has
Whether the announcement that President Roose-
authority
enforce
to
or
compliance in
carriers engaged in wire
common
radio transmission of
en-
while the Federal Reserve Board has authority
ergy,
enforce
compliance where the Act is applicable
banks, banking associations and trust companies,
Other
proceedings
violation of the
tions
of
the
violations and
for
new
Act
are
are
threatened
provided by other
and
what
it
prohibits.
know, for example, whether
to be held
some
time after the election in November
if he is then re-elected, is anything more than
a
trial
balloon sent up to test the political currents in this
country and Europe may be doubted, but it is cer-
tainly
curious proposal to emanate from the
a
re-
There is difficulty in believing, however, that an experienced
sponsible head of any government.
Washington correspondent would have discussed the
suggestion to the extent of nearly two columns, and
merchandising
every
that
a newspaper
of the standing of the New York
new
"Times" would have given the matter conspicuous
They want to
front-page display, unless the President had been
naturally concerned to know what the
allows
sec-
Clayton Act."
Manufacturers and dealers in the
field
Proposals and War Plans
velt is considering the idea of a peace conference,
radio communication
Act
f
*ecfce
carriers subject to the Interstate
applicable to
cases
to
Commission's, state-
The Federal Communications Com-
common
Commerce Act.
to
the
cialization for overriding the constitutional distinction between interstate and intrastate commerce,
since the transactions with which on its face the
Act is mainly concerned are overwhelmingly of an
intrastate character. If there is any logical distinction between the right of a Federal agency to determine what is an unfair discount and the right of
the same agency to determine what is a fair price,
the distinction is not easily perceived. It is greatly
to be hoped that a test case involving the constitutionality of the Act will not be long in forthcoming.
pointed out, "has authority to enforce com-
pliance by
or
"The Interstate
Clayton Act apply to it.
Commerce
which tend to restrict competition or foster monopoly, the Act projects Federal authority into virtually every form of business in the country as far as
buying and selling are concerned. As the Commission has itself pointed out, it extends beyond business as the term is usually employed, and includes
banking, transportation and communication by wire
or radio. It is the most powerful instrument yet
price that is dis-
willing to allow the information to leak out.
The
criminatory in fact will be held to be discriminatory,
statement given out by Secretary Wallace on Thurs-
and hence
day,
punishable by fine
or
imprisonment
both, within the intent of the law,
Commission will lean to
the
or
or
whether the
generosity in interpreting
proviso that nothing in the Act "shall prevent
differentials which make
ences
in
the cost
of
only allowance for differ-
manufacture, sale
or
delivery
on
the train which was carrying Mr. Roosevelt
and his party to Bismarck, N. D., was in the most
approved
manner
of diplomatic side-stepping.
President," Secretary Wallace
was
quoted
as
"The
say-
ing, "has not sjeen the story [the story had been pub-
lished in New York only that morning]
and does
Volume 143
not know
Financial
just what
But
he
been
nothing in
said
toward any
There
.
in it, so he can't
was
I
could
any
shape,
tell
form looking
manner or
seriously concerned
the situa¬
over
Europe, and the influence of the
pressure
,
hand"
a
in
Europe
to be reckoned with at
nounced
on
so
how Mr.
Roosevelt
could
son
or
wonder
to make one
as
other well-informed per¬
any
entertain it.
important
The
suggestion of inviting
on
will be
nothing that
it
in
save
direct part in either domestic
any
itics.
is
The President
also
of
Republic, who
included, would not long remain in office
if he made his office
of
foreign pol¬
or
the French
King from
political, while only
writer
a
highly imaginative fiction would have been like¬
ly, until the Washington announcement
to
picture
round-table
a
conference
made,
was
attended
by
Hitler,
Stalin
and
spokesman
a
for
Japan.
What the
three
political situation in Europe
months
hence
is, of
course,
The
over
once more
will continue to influ¬
war
nations, and there
conference can do about
any
changes of front
Powers
of
a
gust 21 it
to
a
the part of some of the
on
specially interested in the
adds another element of
it
information
formally promised to prohibit
to Spain, and to exchange
arms
with
forcement of the
Powers
other
prohibition.
accompanied
sure,.
On that day, how¬
unexpectedly announced that the Ital¬
was
exportation of
be
France had
as
would continue to allow indirect aid to
or
ian Government had
the
Down to Au¬
doubtful whether Italy would agree
was
given to the Spanish rebels.
ever,
Spain
in
war
uncertainty.
policy of non-intervention such
regarding the
The
by
en¬
assurance was,
reservation
the
to
that
France, Great Britain, Germany, Soviet Russia and
Portugal must
agree
to similar action before the
pledge would become effective, and by
of the view that
a
the
must
be two
public
largely
may
very
kind
extremely remote possibility
tion
Mussolini,
or
the
fighting is
some
general agreement to intervene.
be
that the British Constitution debars the
Until the
other.
authority of
the relations of Continental
ence
win,
parts of the British Commonwealth, ignores the fact
forth, with reports of vic¬
quickly matched by reports of
established, the Spanish
proposed,
the ground that the King represents all
the
on
national
a
King Edward VIII instead of Prime Minister Bald¬
on
side
one
successes
What was an¬
is in
however,
impracticable
respects
States to
elsewhere is always
or
Washington.
Thursday,
in¬
1295
tinues to rage back and
tories
and
that Mr.
recently been intimations
was
terests and groups that want the United
"take
deny it.
that there has
you
meeting of the sort described."
have
Boosevelt
tion in
that
Chronicle
pledge
cover
enrollment
subscriptions of
was
a
reiteration
prohibition of indirect interven¬
of
volunteers
This
money.
and
conditional
followed (on Monday by announcements
speculation, but there is nothing in the present situ¬
that
ation
with Great
Britain, France, Italy and Portugal in
placing
embargo
how it
could
indicate
to
called
was
serve
that
or
a
conference, regardless of
how its members
chosen,
were
useful purpose now, or that the op¬
any
Germany and Russia
portunity for such service will develop in the im¬
of
mediate future.
which
and
Not for many years have
diplomatic conditions been
nearby
There
of events
course
two
are
so
difficult
so
political
chaotic
to
conditions under which
or
the
forecast.
an
interna¬
tional peace
some
produce
where
a war
or
settlement is necessary.
versies, not
war
one
general peace
but with obvious
implications, have set nations sharply at odds
and the
parties principally interested
to consider
exists
any
war
in
willing
are
compromise. Neither of these conditions
Europe at the present time,
would
nor
informed observer venture to predict when they
come about.
might
The outcome of the civil
war
obvious interest of
or
Spain, for
rebel
a
successes.
well
sist Bolshevism.
are
news
of the
as
they can, have magnified their
own
If
French
influenced
any
general rapprochement.
the German
and Russian
On the
German decree increased the
military service from
providing for
army-
an
same
assurances
were
an arms
day that
given,
a
period of compulsory
to two years, thereby
one year
eventual inrease of the German
from the present estimated 600,000 to about
800,000,
or
approximately the
same
the outbreak of the World War.
The
speech of Joseph Stalin at Moscow
number
as
at
reported radio
Wednesday,
on
warning the Russian people that "war is imminent"
and
declaring that "at
any
the
to lay down
moment you may be
your
lives in protection
activity of Russian military and naval
tions has
front
long been known. If the plans for
by
Germany,
Austria
and
prepara¬
a
united
Hungary which
have been rumored this week have any
basis of fact,
essentially accurate, is in this instance
Europe is shaping itself under increasing apprehen¬
success
are
making headway
favor their side.
pelled to abandon the capital.
of
such
a
There
forecast
sion of war,
an
other
was
to cancel
of
their side.
The conflict, however,
com
a
France had felt
and
seems to be more
the
as
the lead¬
Soviet system
underlying issue.
neutrality.
centers, and popular sympathy
versus
The immediate effect of the
com¬
The loyalist forces,
with Germany and Russia
ing factors and Fascism
hand, appear to be more compactly
placed, they still control important industrial areas
on
have
it is clear that the situation in Central and Eastern
suggestive corroborations
largely
may
mat¬
opinion, which in such
reports that the Madrid Government may be
on
considerations
proletarian birthland" has been denied, but
founded, the rebel forces
the
Whatever
of the
good
of
v
re¬
Leftist Government makes it
loyalists, and it is possible that the
and the chances
in
exam¬
as
ters is often
to
upon
leaders, in their natural desire to make
showing
Germany and Italy in the Span-
Germany's determination
called
impossible to obtain full and impartial
situation of the
struggle and
The censorship im¬
ple, is still highly uncertain.
posed by the Madrid
in
proposed, but
embargo, their accord at this point does not indicate
The other is where contro¬
yet involving
as
a
had
a num¬
indirectly,
victory of the other, and
France
appeared likely to be defeated because of the
Italy, Germany and Russia in the matter of
ber of nations has ended in the clear defeat of
side and the
shipments to Spain.
arms
One is
practically useful fruit.
involving, directly
on
be open, accordingly, for the kind
which
action
united
ish
conference may, in general, be expected
to
an
The way seems to
prepared to join
were
service,
Germany
army
decree
good deal of the satisfaction which
over
Germany's acceptance of joint
France already has
a two-year period
but the possibility of increasing very
(Continued
on
page
1307)
•
Financial
1296
Chronicle
Aug. 29,
1936
Earnings of United States Railroads for the Six Months
Gross and Net
Ended June 30
For the first time since 1931 it is
operating statistics covering
review of railroad
extended
results
period, to report relatively
Gross
trend.
an
satisfactory
earnings of the principal
carriers of the Nation advanced
of
months
with
when contrasted
The gain
period of 1935.
scale that reflected
was on a
fair degree of accuracy
a
business
in
improvement
general
sharply in the first
current year,
the
with the similar
the
a
and, what is equally important, a markedly
favorable
six
possible, in
conditions
throughout the country, and for that matter in most
other countries
reflect
also
a
Net earnings, before taxes,
well.
as
considerable upswing, but the
very
gain in net still leaves much to be desired.
It
was
in the tabulation of
but it
1936,
that gross revenues
1936
of
months
six
absorbed
of
operating expenses to earnings was reduced only
slightly to 75.85% from 76.98%.
railroads
$75,765,722,
or
found
have
only
proper
obstacles to progress
been
have
$
both natural and artificial
in the railroad transportation
First and foremost
the obstacles
among
egregiously high
wage
scales,
roads to
be
were
under official order and main¬
year
throughout the period here under considera¬
When combined with the
tion.
far-
and
numerous
corresponding to the full 1929 levels, which
tained
inability of the rail¬
dispose of surplus labor, this burden must
regarded
altogether unwarranted and
as
14.53
12.85
375,859,793
Net earnings
(—)
+ 161,491,026
1,632,939,310
1,257,079,517
76.98%
451,625,515
Ratio of earns, to exps._.
o^Dec.
(+)
1—1,162
i|$
+ 237,256,748
$
1,870,196,058
1,418,570,543
75.85%
Operating expenses
has
gross revenues
Inc.
238,191
0.49
%
—1.13%
+ 75,765,722
20.16
revenues.
unusually
must be mentioned the
restored last
a
1935
237,029
against
struggle
Before
to note that during the first
six months of this year
reaching.
Put in tabular form the
1936
;
Mileage of 139 roads
the
proportion of the increased
swelled the total of net
business
20.16%.
follows:
as
are
managers
higher operating costs an unequal one, and only
It is
$451,625,515
against $375,859,793 in the first half of 1935, a gain
Gross earnings
small
Net earnings of
the railroads before taxes amounted to
Jan. 1 to June 30
the capable
a
Operating expenses
$161,491,026 of the increase, and the ratio
equally large increase of net earnings.
Such has not been the case, as
the
period of last year,
same
gain of $237,256,748, or 14.53%.
of
of
of the railroads during the firfet
totaled $1,870,196,058 against
$1,632,939,310 in the
results
almost
Chiefly because business
setting the reductions.
improvement was widespread and general, we find
of gross
an
that the changes are
appear
modest, since increased traffic appears to be off¬
commonly said, some years ago, that any increase
earnings by the railroads would result in
earnings for the first half of
would
as
plac¬
proceeding to
of
factors
it is advisable to note in greater detail
revenues,
some
It
of the other matters that have influenced and
continue
will
business
of the
survey
a
importance in this increase of railroad
influence
to
Feb.
on
was
Commission
28
concluded
effective June 2,
to
Pullman
of earnings.
its
study of
two-year
the.,
fare problem by issuance of an order,
passenger
fares
trend
the
the Interstate Commerce
that
2c.
for
mile
a
a
downward revision of basic
in
3c.
and
coaches
Extra-fare trains may
cars.
the Commission ruled in its 5-to-4
mile
a
in
be continued,
decision, but the
ing the railroads under decided disadvantages when
Pullman
contrasted with other
portant Eastern railroad, with the exception of the
roads
a
found
unconstitutional is
much
rail¬
Supreme Court
pension system that the
spirit of paternalism at the
with that
line
in
of private enter¬
expense
The search of the Federal authorities for
prise.
constitutional
is
foist upon the
Administration to
the Federal
The attempt of
enterprises.
in
means
In
progress.
of
effecting the
addition
same
such
to
a
end still
regulatory
surcharge must be eliminated.
Baltimore &
this
the
The im¬
Ohio, promptly took legal steps to halt
order, but
no
decision having been reached in
courts, the order went into effect as required
by the ICC.
the
order
It cannot be said that the results of
were
especially unfavorable in the brief
period during which the lower charges so far have
been
effective,
have increased
as passenger revenues
hindrances, the railroads during the first half of
along with other revenues, due to increased travel.
this year were
Whether the increase would have been still
greater
at the old
In
forced to meet unusually large out¬
The
lays because of extreme weather conditions.
winter
was
one
of the coldest
accompanied by extremely
tied
transportation
up
times.
record, and it was
snowstorms that
severe
State-wide areas
over
at
event,
the lower fares apparently have
expressed in
failed
any
to
some
quarters.
1
Of
by devastating floods that caused immense
dent
the
matter of opinion.
a
justify the fears of drastic reductions in revenues
spring the northeastern States were
In
afflicted
on
charges is
general interest is
Roosevelt
on
a
March
communication by Presi¬
8
to
railroad
managers
damage to the railroads, as well as to other enter¬
and
prises in the affected
employers and employees should settle, outside the
The
.
misfortunes
areas.
of
railroads
the
were
over¬
shadowed, however, by the general increase of trade
and
industry and by the few official interventions
that
favored these
to be enumerated
on
various bulk
carriers.
commodities
and extended to the end of
control
now
Among the latter
the emergency
are
freight surcharges
authorized
last
year
1936, and the regulatory
slowly being extended
over
some
com¬
peting modes of transportation through implementa¬
tion
of the Motor Carrier Act.
It is
necessary
to
field
labor, in which it
of
legislation,
was
any
suggested that railroad
differences regarding the
protection of employees displaced through railroad
consolidations
was
of
and
Consolidation
coordinations!.
urged strongly by the President as a means
eliminating wasteful competition.
the railroads and union officials
the President at
the rail labor
the advocated
some
future date,
problem.
direction
It is necessary
were
As yet,
Managers of
asked to meet
in order to adjust
no
have been
further steps in
taken.
to record, likewise, that the Inter-
note, in this connection, also the enforced reduction
state^Commerce Commission
of passenger
petition of Class I railroads for continuance after
June
over
fare rates which
the
effected early in
protests of most Eastern railroads.
The effect of that decrease
was
was
not
fully apparent
Dec.
31,1936, of fhe
ized two years ago.
on
emergency
Aug. 3 denied the
freight rates author¬
:The conditions that occasioned
Volume
the
Financial
143
surcharges still prevail, and the carriers will
attempt to obtain
the railroads will seek to file complete new
sary,
tariffs
the
If neces¬
reversal of tlie order.
a
various
on
commodities,
maintenance
of
the
alternative to
as an
Perhaps
surcharges.
equal importance with such developments,
spectacular, is the steady
railroads toward
in this
progress
period of extreme monetary
half of 1936
refunding
was
marked
bonds
rates
coupon
under those
increased
made by many
reduction of funded debt
a
of
by
offerings of
railroads,
invariably far
the bonds refunded.
on
This offset to
monetary
Turning
to
now
a
succession of increases in
although
results,
but
far
as
unbroken
on a very
earnings also advanced,
are
the
previous
railroads
be
to
aggregate
The long up-hill climb of
years.
genuine prosperity remains still
accomplished, for the most part.
toward increased gross revenues
in net
vance
In
The
the best since 1931,
they remain far below the figures for 1929 and
for many
to
year
an
moderately.
more
a!\eady noted,
that
earnings
month
was
the business
half
the
earnings.
gain in
gross
During February
improvement continued, but the rail¬
Added to such difficulties were huge
the
first two months
that traffic
in the
Hardly
States.
The
and in
unparalleled scale, and the gain in net
was
small
very
against the increase of
as
With weather conditions
April, results
somewhat
were
more
the railroads
were
column
part of the increase of
The
fair
a
comparison during May
lines
of
the
and other
the
able to carry
The
some
the situation
culties
repairs still
were
crease
table
of net
we
much
that amounted
revenues
the increase in
show the
gross.
no
reflection
will
naturally
ments
in¬
approximately
half-yearly periods
:
of
weather diffi¬
April.
The
in the
reflect
operating statistics for
although further results
such
unfortunate
develop¬
When
considering,
is
as
custom, the leading
our
trade statistics in relation to their effect upon
road
naturally
of the
those
revenues,
Here,
first in
come
automobile
substantial gain is
a
According to the figures released by the
out
Census, the number of motor vehicles
in
six months
the first
2,490,408
was
cars
same
in
cars
1935; 1,714,263
period of 1934; 990,114
period of 1933; 871,448
the
of the current
against only 2,218,255
as
in the first six months of
in the
rail¬
industry
the iordqr of importance.
might be expected,
as
recorded.
cars
in the
that the
seen
the
was
cars
same
in 1932; 1,572,935
cars
cars
in the first six months
cars
no
less than 3,225,443
corresponding period of 1929.
since 1929.
Thus it
present year's automobile pro¬
for
largest
the
half-year period
Moreover, with the exception of Febru¬
and March, all the months of the present
ary
showed
large increases as compared with the
year
corre¬
sponding months of 1935.
Turning to another basic industry, the production
In the following
each
as
advent
fully.
duction
comparisons of the totals for
of the different months of the
the
the first half of this year,
along the
an
set
country in July and August with growing intensity
found
will be
again to show
were
longer period.
drought that swept the northwestern part of the
earnings.
in progress, but in June
once
with
ceased
1930, but comparing with
previous month, partly because flood
railroads managed
to half of
was
were
great,
was
maintenance repairs, but by June
of
into the net
over a
approached normal,
favorable and
gross
the North¬
special budgetary items
cases
1931, and 2,198,589
mend
a
when
away
in
damage to the railroads
in
over
cleared
States
dozen
a
in
the
on
at
was
During April and May the carriers continued to
•cars
gross.
Iowa
raging waters caused immense damage
effect necessary
During
revenues
troubles
on
to spread the cost of repairs
March the railroads contended with flood disasters
almost
It is indicative
of
State
nearly the
over
throughout New England, New York and Pennsyl¬
year
on an
year
eastern and Central Atlantic sections of the United'
turned
in that month.
entire
these
a were
floods descended
Bureau of the
revenues
the
complete standstill forH some days last February.
aDd the
to be added to net
of
entire northern belt of the country.
roads met
increasingly adverse weather conditions,
sharp advance jf operating costs left little
Sov
cold.
severe
hampered traffic in
snowstorms, which piled tremendous drifts during
The trend
smaller ad¬
a
in evidence last January.
than
more
translated into net
was
and
frost that it
affected.
earning^
gross
substantial scale, while net
find
we
gripped by
was
the
was
vania, and parts of several other States also
month-by-month comparison of
period of 1935,
same
country
States.
many
up
earnings during the first six months of this
with the
the
intense
and
come,
continues.
ease
of
1297
con¬
operating costs in other spheres will
quite possibly be extended considerably if
may
the
the
with
the further issues
on
tinue to be effective for many years to
it
charges
The first
ease.
numerous
leading
of
if less
Chronicle
of
iron,
of
1936
we
find the output in the first six months
was
on
a
greatly increased scale
as
com¬
pared with the corresponding six months of 1935—
Gross Earnings
Net
Earnings
in
Month
1936
1935
Inc. or Dec.
Feb
March.
April
May
June
_
298,704,814 263,862,336
300,049,784 254,555,005
307,833,663 280,484,056
312,908,137 274,144,735
320,487,420 279,133,293
330,212,333 280,967,649
1935
$
Jan
1936
$
Inc.
or
Dec.
+ 34,842,478 67,383,511 51,905,000 +
15,478,511
+ 45,494,779 64,601,551 55,402,531
+ 9,199,020
+ 27,349,607 71,711,908 68,205,090
+ 3,506,818
+ 38,763,402
fact, the largest for the same period since 1930.
The "Iron
or
78,326,373 65,214,202 + 13,112,171
+41,354,127 80,729,491 70,331,577 + 10,397,914
+ 49,244,684 88,872,678 64,826,419 + 24,046.259
Note—Percentage of increase or decrease in gross for above months has been:
Jan'., 13.20% inc.; Feb., 17.87% inc.; March, 9.75% inc.; April, 14.14% inc.;
May, 14.82% inc.; June, 17.53% inc.
Percentage of increase or decrease in net
for above months has been- Jan., 29.82% inc.; Feb.,
16.60% inc.; March, 5.14%
inc.; April, 20.11% inc.; May, 14.78% inc.; June, 37.09% inc.
In January the
length of road covered was 237,078 miles in 1936, against 238,393 miles in
1935;
in
Feb.., 237,051 miles in 1936, against 238,280 miles in 1935; in March, 237,054
miles in 1936, against 238,226 miles in 1935; in April,
237,028 miles in 1936, against
238,208 miles in 1935; in May, 237,012 miles in 1936, against 238,159 in 1935;
in
June, 236,814 miles in 1936, against 238,019 in 1935.
Age" makes the output of pig iron in the
first half of the current year
year,
when production was 9,799,000
first
the
half
of
1934
the
were
adverse to
an
unusual
and extreme
degree during the first three months of
1936, and to
some
sented
first
are
part of 1935
turbances.
degree the comparisons here
affected
pre¬
9,798,313
1929.
and
of the
for the
the
first days of the
Steel
present
same
in
1933,
4,441,003
tons.
In
was
tons;
in
production, too, in the first half
year was not
only very much larger
1935, but the largest output
period since 1930.
American
Iron
and
Steel
The tabulations of
Institute
show
that
output of steel ingots in the first six months of
year
1936
onward, through all of January and February, much
with
tons;
than in the first half of
relatively free of such dis¬
very
gross
gross
tons, respectively, in the first six months of 1930
the
From the
tons,
1932, 5,168,814 tons, and in 1931, 11,105,373 tons,
but comparing with 18,261,312 tons and
21,640,960
by such circumstances, for the
was
gross
output of pig iron
.
Weather conditions
13,528,226
37.3% above that in the similar period of last
aggregated 21,326,335
only 16,042,651
gross
gross
tons
tons
in
as
the
compared
same
six
1935
of
months
proportions (as a
result, obviously, of the curtailment of acreage
under the crop control plan), falling not only very
much below the small movement in the first six
months of 1934, but having been the smallest on
record for the first half-year period in all the years
movement was of very small
33%);
of nearly
increase
(an
16,402,554 gross tons in the same period of 1934;
8,874,388
tons in the same period of 1933;
gross
7,697,210 tons in 1932, and 15,559,860 tone in 1931,
comparing with 23,578,619 tons in the first six
of 1930 and no less than 29,036,247 gross
but
months
corresponding six months of 1929.
basic industry—the mining
tons in the
As
1
of
another
to
the soft coal output
coal—we find that while
was
Aug. 29, 1936
Chronicle
Financial
1298
The present year's in*
equal
in the first six months of 1933. We analyze
immediately
preceding.
creased movement, moreover, was by no means
to that
States Bureau of Mines re-
the grain movement in a separate paragraph further
along in this article, and will, therefore, only say
here that for the 26 weeks ending June 27, 1936, the
ports that 209,212,000 net tons of bituminous coal
was mined
in the United States in the first six
receipts at the Western primary markets of the
five items, wheat, corn, oats, barley and rye, corn-
much larger than in the first half of 1935,
there was a decided falling off in hard coal pro-
very
The United
duction.
against 189,223,000 net tons in
bined, reached 250,805,000 bushels as against but
period last year; 182,308,000 net tons in
six months of 1934; 145,210,000 tons in
128,957,000 bushels in the same period of 1935 and
197,921,000 bushels in the same period of 1934, but
1933; 144,588,000 tons in 1932, and 189,797,000 tons
the same six months of 1931.
Further back,
comparing with 297,450,000 bushels in the first half
of 1933.
Still further back the comparisons are:
of 1936
months
the
same
the first
as
in
however, comparison is with 230,634,000 net tons
329,847,000 bushels in 1931; 328,514,000 bushels in
production of Pennsylvania anthracite, on the
The
1930, and no less than 361,385,000 bushels in the
corresponding period of 1929.
It is, however, in the statistics showing the loadings of railroad revenue freight measured by the
number of cars moved that a composite picture, as
it were, of the railroad traffic movement as a whole
is found. The fighres in this case relate to the railroads of the entire country, and include all the various items of freight.
During the first half of the
current year the aggregate number of cars loaded
was 16,590,870 cars as against only 15,160,729 cars
in the corresponding half-year of 1935; 15,436,623
cars in the first half of 1934; 13,344,300 cars in the
same period of 1933, and 14,107,820 cars in the
same period of 1932, but comparing with 19,020,485
cars in the first six months of 1931; 23,216,874 cars
other
and
no
less than
hand, reached only 27,265,000 net tons in the
first half of the current year as
against 28,645,000
1935 and 32,766,000 net
net tons in the first half of
of 1934, but
tons in the first half
comparing with
only 22,387,000 net tons in the first six months of
1933
and
24,162,000 net tons in the same period
Continuing the comparisons further back,
of 1932.
find that
we
31,542,000 net tons of hard coal was
mined in the first half of
in the first half of
the
1931; 33,193,000 net tons
1930, and 35,517,000 net tons in
corresponding half-year of 1929.
In the
of the
case
W.
F.
The
most striking improvement,
Dodge Corp. reports that construction
awarded
contracts
'
building industry, there was,
it is needless to say, a
37
the
in
States
east
of
the
of no less than
in 1930, and no less than 25,516,953 cars in the corresponding six months of 1929.
against only $696,506,800 in the
$854,101,900 in the
So far as weather is an influence on the traffic
and earnings of the railroads of the country, the
Bocky Mountains involved an outlay in the first
six
first
the
of
months
$1,237,730,700
as
current
year
of last year;
months
six
period of 1934; $432,113,400 in the first half ; winter of 1936 was
same
of
205,354,000 bushels in the first six months of 1932;
257,847,000 tons in 1929.
in 1930
1933, and $667,079,700 in the first six months of
1932.
the
In
however,
years
immediately preceding 1932,
find that in the first half of 1931 con-
we
in sharp contradistinction to
the mild winter of 1935, when there were no unusual
conditions with which the roads had to contend. In
practically all parts of the country intensely cold
value of $1,792,-
weather prevailed (making the winter one of the
494,700; in the same period of 1930 of $2,638,013,300,
coldest on record), accompanied by tremendous
snowfalls, which took their toll from the railroads
in greatly increased operating costs. In the latter
part of March, too, devastating floods occurred in
the New England, Middle, and Central States, which
greatly handicaped the roads traversing those sections of the country and increased their expenses
heavily.
The Western grain movement, as we have already
pointed out, in the first six months of 1936 was on
a greatly increased scale as compared with the same
six months of 1935, when the grain traffic fell not
only far below the very small movement in the same
period of 1934, but was the smallest on record for
contracts had
struction
and
in
less
than
which
the
is
a
corresponding
$3,667,983,000.
money
period
of
no
The lumber industry—
closely allied to the building trade—
so
likewise showed
a
large increase, the National Lum-
ber Manufacturers Association
26 weeks of the
reporting that in the
present year an average of 582 iden-
tical mills turned out
as
of 1929
5,717,863,000 feet of lumber
compared with only 4,091,335,000 feet produced
by 704 identical mills in the similar period of 1935,
and with
4,106,391,000 feet turned out by 637 iden-
tical mills in the
corresponding six months of 1934.
Going further back,
we
find that for an average of
637 identical mills in the first half of 1933 the cut
of
lumber
aggregated 3,174,487,000 feet; in 1932,
2,806,164,000 feet, and in the first six months of
1931, 5,218,633,000 feet.
Turning for the moment from the trade statistics
to
the
figures
traffic, here
we
dealing
with
the Western
find that the movement
was
grain
very
much
larger than in the first six months of last
year,
and, moreover, that all the different cereals
in
greater
or
It is proper
less degree contributed to the increase,
tie half-year period in all the
to state, however, that last year's grain * Western primary
years
immediately
preceding. The present year's movement, however,
was by no means equal to that of the first six
months of 1933, nor did it equal that of any year
(with the exception of 1932) back to and including 1929. While the largest part of the increase
occurred in the corn, oats and barley receipts, all
the different cereals in greater or less degree contributed to the total. The receipts of wheat at the
markets for the 26 weeks ended
Volume
Financial
143
June
27, 1936,
only
40,695,000
59,497,000 bushels
were
bushels in
1935; the receipts of
as
in
of
103,620,000 bushels
as
same
1299
,
the same
period of 1934; 200,751 bales in 1933;
218,967 bales in 1932; 428,553 bales in 1931, and
314,365 bales in 1930, but comparing with 475,570
against
26 weeks
the
corn,
Chronicle
against only 50,313,000 bushels; of oats, 37,862,000
bales in the first half of 1929.
bushels
ports the receipts comprised 1,324,806 bales in the
ley,
against but 15,961,000 bushels, and of bar¬
39,161,000
bushels.
bushels
Adding
rye,
against
first
17,463,000
only
the receipts of which
six
months
1936
of
760,373 bales in the
were
At the Southern out¬
with
compared
as
but
period last year, but com¬
same
10,665,000bushels against only 4,525,000 bushels,
paring with 1,806,866 bales in the same six months
the
of
receipts of the five staples—wheat, corn, oats,
111999333665655
barley and
bushels
in
the
26
weeks
of
128,957,000 bushels in the
1936
same
26 weeks of 1935
and
comparing with 297,450,000 bushels in the
corresponding period of 1929.
197,921,000 bushels in the similar weeks of 1934,
but
with
1936
same
we now
present:
RECEIPTS
OF COTTON
JUNE 30,
in
FROM
JANUARY
TO
1
1932 AND 1931
1935
1934
172,587
608,060
563,066
790,030
259,439
Houston, &c
372,263
173,565
396,864
936,245
843,980
379,048
16,304
9,353
15,300
6,783
95
679
472,272
67,333
20,270
298,179
556,416
Pensacola
corre¬
34,363
15,593
38,701
50,915
14,483
8,010
22,027
30,288
32,811
76,385
738
2,733
12,954
6,447
17,323
5,046
6,842
14,418
14,287
2,515
38,274
15,222
16,794
2,384
Corpus Christi.i
In the subjoined fable we
Beaumont...
New Orleans
Mobile
usual form:
23,089
June 27
Wheat
Corn
Oats
{Bush.)
{Bush.)
{Bush.)
*
{Bbls.)
Barky
{Bush.)
Chicago—
Charleston
Rye
{Bush.)
Lake Charles.
1936......
4,839,000
1935--.... 4,206,000
4,878.000 29,527,000
4,103.000 11,669,000
9,868,000
6,661,000
3,712,000
Norfolk..
2,275,000
3,345,000
__
Wilmington
•
1,963,000
Jacksonville
Minneapolis—
1936
18,318,000
"
'1936.
6,'059,000
12,617,000
1935
Duluth—
1,070,000
*
:
.'4,058,000
3,555,000
1,602,000
49,000
347,000
3,372,000
599,000
2,789,000
1,718,000
1,938,000
567,000
590.000
103,000
425,000
......
3,171,000
441,000
129,000
2,197,000
2,248,000
646,000
Withu the
2,112,000
556,000 10,613,000
730,000
5,516,000
249,000
298,000
and net
27,000
.
1935...
3,329,000
135,000
84,000
3,431,000 22,993,000
3,431,000
8,312,000
34,000
railroads
of
the
677,000
327,000
earnings alike, it is
much
are
the
the
majority of the roads
472,000
177,000
both gross and net
18,000
727,000
363,000
the
4,349,000
2,440,000
St. Louis—
46,720
26,585
14,616
18,352
32,947
17,927
11,158
6,353
country
as
gains
are
68
.
whole
a
when
same
gross
surprise to find that
no
come
we
separate roads and. systems.
11,000
371,000
312,000
Indianapolis and Omaha—
1935
with
2,213,000
Detroit—
1936
results
93,000
Toledo—
19,435
44,015
recording substantial improvement in both
337,000
Milwaukee—
386,000
459,000
98,984
4,813
461,272
204,350
18,554
156,721
27,112
10,628
764,079 1,209,551
138,668
252,369
21,757
36,672
760,373 1,806,866 2,667,753 3,394,799 1,613,175
1,324,806
,
2,746,000
'
8,249,000 15,431,000
1,641,000
4,790,000
-
16,275
3,314
40,247
,
613
162
Total..
32,640
66,707
14,814
Brunswick.
Flour
1931
1932
1933
288,521
Savannah
1930, and 361,385,000 bushels in the
6 Mos. Ended
deal
to
The great
able to report increases in
are
many
instances
Only
earnings, and in
for large amounts.
one
road
"
•
,
1936.
2,876,000
3,042,000
i
4,891,000 12,073,000
3,057,000
4,396,000
1,343,000
3,030,000 '
700,000
959,000
956,000
5,862,000
1,396,000
383,000
363,000 13,698,000 11,030,000
364,000
6,820,000 11,485,000
1935..
798,000 11,270,000
289,000
6,883,000
reports a decrease in gross earnings for an amount
439,000
71,000
Peoria—
in
1,608,000
682,000
1,873,000
1,524,000
1,184,000
of
excess
decrease of
1,132,000
$500,000, and but four roads record
than that amount in the net.
more
a
Of
City—
1936......
__
these
St. Joseph—
756,000
2,245,000
1,015,000
1,340,000
4,564,000
2,972,000
125,000
46,000
90,000
61,000
422,000
1,283,000
157,000
433,000
393,000
155,000
676.000
They
which with
671,000
in
~
180,000
1,000
of
net
2,000
City—
1935
latter, three report increases in
ings.
Wichita—
Sioux
PORTS
1933,
1934,
Galveston
give the details of the Western grain movement in
Kansas
SOUTHERN
1935,
1936
sponding period of 1929.
our
AT
1936,
205,354,000 bushels in the first six months of
1932; 329,847,000 bushels in 1931; 328,514,000 bush¬
els
Full details of the
port movement of the staple are set out in th$ table
Going further back, comparison is
period of 1933.
period of 1933;
same
1932; 1,613,175 bales in' 1931;
1,485,129 bales in 1930, and 1,929,832 bales in the
against only
as
1934; 2,667,753 bales in the
3,394,799 bales in
combined—aggregated 250,805,000
rye,
gain in
a
and
1,000
loss
a
&
Western,
of $6,392,384, has
gross
earn¬
gross
North
loss
a
$1,239,677; the New York New Haven &
Hartford, with
88,000
Chicago
the
are
in
increase in
an
of
net
of $2,676,504
gross
$1,052,040, and the Western
Total all—
1936
On
the other
ment appears
hand, the Western livestock
to have fallen below
the smallest in
all recent years.
six months of 1936 the livestock
comprised
42,657 carloads
loads in the
same
1934; 69,101
96,298
cars
1935; 17,407
cars
cars
were
11,831
cars
as
same
cars
cars
six months, they
cars
cars
were
in 1935;
in 1933; 41,640
cars
in 1931, and 50,206 and 51,006
cars, respectively, in 1930 and 1929.
Coming
this
was
cars
to the cotton movement in the South,
very much larger than last year, both as
now
regards the overland shipments of the staple and the
receipts at the Southern outports. Gross shipments
of
$6,339,330
porting
1935; 316,248 bales
increase
cover
in
and
gross
the operations
and its leased
lines; in¬
gross
and
gross
&
Ohio,
a
earnings and of
$5,493,605
showing
re¬
in
$8,691,878
gain in gross and $5,458,232 increase in net; the
Southern
and
Pacific, with $14,206,763 gain in
gross
$4,697,873 increase in net; the Chicago Bur¬
lington & Quincy, showing $7,304,758 increase in
gross
and $3,586,701 increase in net, and the Mis¬
souri
Pacific,
with $6,800,528 gain in
$3,315,623 increase in net.
we
bring
together
in
six months of
in
Chesapeake
the
net;
amounts
same
(which
$6,269,938 in the net); the Norfolk & Western,
aggregated
bales in the
$21,133,301
gain of $22,951,226 in the
for
against only 345,035
The Pennsylvania RR.
the New York Central
changes
as
our¬
few of the
a
cluding the Pittsburgh & Lake Erie the result is
•
a
respects) reports $26,175,336 gain in
with
overland in the first six months of the
present year
452,305 bales
shall confine
we
$5,783,036 in net (these figures
cars
in 1931;
of $710,110 and
To enumerate (with
and $6,051,209 increase in net; the New York
Central,
car¬
in 1929, while
against 33,308
in 1934; 39,052
1932; 45,054
in 1934; 18,492
gross
and
space,
conspicuous:
gross
in 1932;
in 1930, and 106,072
in 1932; 36,446
City, in the
only 30,191 carloads
in
cars
in 1930, and 39,153
cars
at Kansas
40,909
most
leads in both
compared with 11,238 carloads in the first
1933; 25,173
42,743
cars
cars
gain in
$502,366.
selves, therefore, to mentioning only
car¬
1935; 67,049
1929; at Omaha the receipts
as
six months of
in
of
a
of
and net earnings alike would take alto¬
gether too much
was
receipts at Chicago
in 1933; 76,467
in 1931; 99,502
cars
in
loads
six months
cars
net
increases) the roads distinguished for gains in
both gross
During the first
against 42,162
as
their
move¬
when it
in
decrease
the small
even
movement in the first half of last
year,
in
Pacific, reporting
9,423,000 59,497,000 103620,000 37,862,000 39,161,000 10,665,000
9,061,000 40,695,000 50,313,000 15,961,000 17,463,000
4,525,000
1935
or
the
without
separate
excess
of
gross
and
In the following table
further
roads
and
comment
all
systems
for
$500,000, whether increases
decreases, and'in both
gross
and net:
Financial
1300
IN GROSS EARNINGS FOR
ENDED JUNE 30, 1936
CHANGES
PRINCIPAL
THE
Western District—
Increase
Pennsylvania
$26,175,336
Kansas
City Southern._
1,727,032
New York Central
a21,133,301
Chic St P Minn & Omaha
Del Lack & Western
1,699,651
1,643,380
1,506,288
1,494,147
1,425,358
1,345,966
1,248,821
1,223,275
1,155,551
1,130,968
1,108,791
1,086,344
1,077,930
Southern Pacific (2 rds)_
Baltimore & Ohio----
*14,206,763
-
Chic Milw St P & Pac-
-
-
Cin Neyv Orl Sc Tex Pac.
Bessemer & Lake Erie—
10,485,064
8,880,990
Chesapeake & Ohio
St Louis Southwestern..
8,691,878
Union Pacific
8,294,359
7,907,180
7,304,758
6,800,528
6,392,384
6,360,030
6,339,330
5,558,057
5,556,630
5,374,827
4,796,283
Santa Fe
Quincy_ -
Atch Topeka &
Chic Burling &
Missouri Pacific
Chic & North Western—
Louisville & NashvilleNorfolk & Western
Southern
-i
Illinois Central
Chic R I & Pac (2 rds)
Great Northern-
—
Duluth Missabe & Nor.
-
Yazoo & Miss Valley
Atlantic Coast Line—-
Seaboard Air Line
Chicago Great Western.
Alton.
46,303
Central West, reg'n. 56,821
Southwestern region. 30,311
35,359,387
58,806,597
33,693,413
21,749,497+11,943,916
54.92
133,435 133,946 127,859,397
97,907,627+29,951,770
30.59
districts..237,029 238,191 451,625,515
375,859,793 + 75,765,722
20.16
Total
Total all
conforms to the classification
Commission, and the following indicates the confines
NOTE—Our grouping of the roads
Commerce
groups
and regions:
eastern District
„
673,920
Chic Ind & Louisville—
Colorado & Sou (2 rds) _ _
N O Tex & Mex (3 rds)_
Region—Comprises the New England States.
«
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
east of a line from Chicago through Peoria to St. Louis and the Mississippi River
to the mouth of the Ohio River, and north of the Ohio River to Parkersburg, W.
Va., and a line thence to the
629,832
_
River to its mouth.
991,708
909,024
867,342
Minneapolis & St Louis.
New England
Great Lakes
3,607,519
Mobile & Ohio
Western Pacific
3,417,764
3,031,283
Central of New Jersey.
Gulf Mobile & Northern
2,"67,076
Alabama Great Southern
606,573
N Y N H & Hartford--
2,676,504
Wheeling & Lake Erie..
Reading
2,438,537 Virginian
554,817
554,668
of the Ohio River to a point near Kenova,
554,624
eastern boundary
N Y Chicago & St Louis.
Lehigh Valley.
Missouri-Kansas-Texas
_
2,419,421
_
Louisiana & Arkansas
2,303,885
Long
2,166,698
2,088,852
Central
Grand Trunk Western._
Elgin Joliet & Eastern.-
2,029,519
Total
Texas & Pacific
1,962,694
1,885,766
1,865,242
Pere Marquette
Denver & R G Western.
—
Wabash
Minn St P & S S Marie.
-
535,422
515,092
Island
of Georgia
*
Detroit Toledo & Ironton
Indianapolis
&
Michigan CentralTerre Haute.
In,
of $22,951,226.
eluding Pittsburgh & Lake Erie, the result is an increase
PRINCIPAL CHANGES IN NET EARNINGS FOR THE SIX MONTHS
vr
ENDED JUNE 30, 1936
Increase
Increase
Pennsylvania
$6,051,209
a5,783,036
5,493,605
5,458,232
4,697,873
3,586,701
870,002
859,456
832,471
776,353
757,658
751,274
728,801
694,776
689,019
682,750
651,456
577,287
525,035
503,032
Reading
Central
Norfolk & Western
Lehigh Valley
York
New
Chesapeake & Ohio
Southern Pacific (2 rds)
Chic Burling & Quincy.
Missouri Pacific
Yazoo
Great
_
St L San Fran
Baltimore &
(3 rds)
Ohio
& Pacific
Alton
Colorado & Sou (2 rds)__
Elgin Joliet & Eastern.
_
Minneapolis & St Louis.
Coast
Atlantic
Line
St Louis Southwestern..
1,913,991
Chicago Great Western-
1,820,073
Erie (2 roads)
Union Pacific
Mobile & Ohio
1,814,032
Pacific
Northern
Northern.
Texas
2,945,871
2,647,936
2,328,598
2,033,229
1,947,901
NashvilleChic Milw St P & Pac..
&
& Miss Valley
Duluth Missabe & Nor__
3,315,623
Southern
Louisville
Total
Illinois Central
1,792,697
N Y Chicago & St Louis.
Missouri-Kansas-Texas
Minn St P & S S Marie.-
1,516,990
1,302,949
1,195,561
1,058,598
Pere Marquette
1,034,331
(43
$73,227,036
roads)
1,682,720
Kansas
City
_
Southern._
Grand Trunk Western._
Decrease
Boston
$1,872,998
1,239,677
H & Hartford-..
1,052,040
&
Maine
Chic & North Western..
N Y N
502,366
Western Pacific—,
Bessemer & Lake Erie--
§63,231
Cin New Orl & Tex Pac.
942,679
Total
$4,667,081
(4 roads)
a These figures cover the operations of the New
York Central
leased lines—Cleveland Cincinnati Chicago & St. Louis, Michigan
Cincinnati
and the
Central
and Evansville Indianapolis & Terre Haute.
Ixxl
& Lake Erie, the result is an increase of $6,269,938^
Northern
eluding Pittsburgh
of Kentucky and the southern
the roads
are
arranged in groups or geo¬
graphical divisions, according to their location, the
favorable character of the results shown, as
very
compared with the first half of 1935, is very clearly
illustrated, in as much as it is found that all three
districts—the Eastern,
the Southern and the West¬
ern—together with all the various regions grouped
these
under
districts,
in both gross
able to record increases
are
earnings and net earnings alike, with
single exception that in the case of the net 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 boundary
to the
Pacific.
Southwestern
Region—Comprises the section lying between the Mississippi
from St. Louis to Kansas City and thence to El
Grande to the Gulf of Mexico.
south of St. Louis and a line
and by the Rio
We
now
add
detailed statement for the
our
is
(in the Eastern district)
England region
groups
to
report a
is as below.
decrease.
Our summary by
As previously explained, we
the roads to conform to the classification
the
Interstate
Commerce Commission.
The
'
foregoing summary:
EARNINGS OF UNITED STATES
1936
S
$
S
3,431,436
22,158,377
3,827,017
21,824,343
1,274,744
3,331,967
C N Lines in N E.
638,885
Central Vermont.
2,790,405
521,821
2,629,656
—163,537
55,888
1935
Inc. (+) or Dec
.
(—)
%
$
$
4.48
(10 roads)... 77,330,701
Great Lakes region (24 roads)
.371,508,571
Central Eastern region (18 roads). 396,586,245
74,013,161
329,571,024
349,404,671
+3,317,540
+41,937,547
+47,181,574
12.72
845,425,517
752,988,856
+92,436,661
12.28
240,010,929
.118,163,764
212,501,052
102,245,264
+27,509,877
+15,918,500
12.95
15.57
New England region
Total (52 roads)
13.50
$
—171,602
267,023
.
+8,065
—211,135
Dul Winn & Pac—See Northwestern region.
Grand Trunk Western—See Great Lakes
region.
Can Pac System—
1,250,826
487,614
CP Lines in Me..
C P Lines in Vt—
119,106
—217,529
1,093,596
469,115
138.825
-127,275
-19,719
-90,254
—309,597
Dul Sh Sh & Atl—See Northwestern region.
Minn St P & S S M—See Northwestern
region.
Spokane International—See Northwestern region.
5,985,426
5,809,575
1,150,586
1,460,183
New Haven System—
NYH&Hartf.. 37,558,441
34,881,937
8,179,041
9,231,081 —1,052,040
1,399,241
1,556,860
1,076,830
48,330
1,074,737
7,313
77,330,701-74,013,161
14,855,426
region.
N Y Ont & West—See Great Lakes
N Y Connecting...
1,396,488
1,632,803
Rutland...
Total (10
roads)
—
1936
1935
1936
Great Lakes
$
Region—
Cambria <fc Indiana
38,774
559,742
585,690
+ 2,093
+ 41,017
18,813,341 —3,957.915
-Nel-
-Gross-
1935
Inc. or Dec.
$
$
176,070
—+37,296
Can Nat System—
Can Nat Lines in N E—See New England region.
Central Vermont—See New England region.
Dul Winn & Pac—See Northwestern region.
Grand Trk West-
12,303,768
12,318,578
24,448,940
Mackinac
305,225
Sh Line.,
2,069,117
Del & Hudson
Detroit &
3,235,819
1,886,240
4,749,786
10,214,916
11,860,611
22,805,560
271,840
2,040,258 +1,195,561
1,688,835
+197,405
4,331,067
+418,719
24,957
4,379
1,836,031
1,166,170
1,017,574
36,323,276
11,271,200
397,821
1,891,020
771,445
1,785,045
20,751,232
2,039,570
920,385
—29,954
+20,578
+148,596
Erie System—
New Jersey &NY
N Y
Susq & West
Lehigh & Hud River
Lehigh & New Engl.
Monongahela
39,929,338
399,278
1,779,725
.775,828
1,996,750
23,618,308
2,303,802
1,009,537
513,876
219,488
519,441
5,882,692
1,402,438
379,006
9,424,991 + 1,846,209
+ 67,782
—97,736
—35,580
549,456
—28,875
248,363
+ 1,116
518,325
+859,456
5,023,236
+ 153,661
1,248,777
—12,470
391,476
New Haven System—
N Y N H & Hartford—See New England
region.
4,343,737
1,012,048
171,616,006 150,482,705
Pitts & Lake Erie
9,599,992
7,782,067
N Y Chic & St Louis 19,600,644
16,569,361
Pere Marquette
15,765,758
13,461,873
Pitts &Shawmut_—
265,391
367,155
Pitts Shawm & No.
502,632
527,786
Pitts &WVa
1,813,463
1,433,425
41,191,177
1,932,654
6,903,754
4,142,502
—19,983
58,237
615,657
N Y Ont & West.
4,399,936
Wabash System—
Ann Arbor
1,919,740
22,181,125
Wabash
1,133,569
—121,521
'
NY Central
-Gross Earnings
1936
Eastern District—
Inc. or Dec.
1,728,091
—453,347
5,204,965 —1,872,998
Can Nat System—
N Y Central Lines—
SUMMARY BY GROUPS
District and Region—
1935
$
1935
Region—
Bangor & Aroostook
Boston & Maine...
of
6 Months Ended June 30—
-Net-
-Gross-
Montour...
and regions are
RAILROADS FROM JAN. 1 TO JUNE 30
1936
New England—
Lehigh Valley
boundaries of the different groups
.
Eastern District
group
indicated in the footnote to the table:
half-
classified in districts and
Erie
obliged
River
Paso,
It shows the results for each road separately,
regions the same as in the
year.
Det & Tol
New
west of the
to Portland
Region—Comprises the section adjoining Canada lying
north of a line from Chicago to Omaha and thence
Great Lakes Region,
and by the
Del Lack & Western
the
of Maryland and
Parkersburg to the southwestern corner
River to its mouth.
WESTERN DISTRICT
thence by the Potomac
Maine Central—...
When
Mississippi River and south
following the
W. Va., and a line thence
boundary of Virginia to the Atlantic.
Pocahontas Region—Comprises the section north of the southern boundary of
Virginia, east of Kentucky and the Ohio River north to Parkersburg, W. Va.,
Northwestern
Evansville
and
district
Region—Comprises the section east of the
Southern
$634,118
.,
a These figures cover
leased lines—Cleveland Cincinnati Chicago & St. Louis,
Northern
1
and south of a line from
$228,213,930
(68 roads)
Total (1 road) —
■
$634,118
the operations of the New York Central and the
Cincinnati
Maryland and by the Potomac
southwestern corner of
southern
Decrease
1,817,925
Pittsburgh & Lake Erie.
of the Interstate
of the different
829,219
710,110
Chic & Eastern Illinois.
3,571,695
Erie (2 roads)
St Louis San Fran G3 rds)
Northern Pacific
Inc. (+) or Dec. (%"h
$
27,659,897 +7,699,490 27.84
48,498,233 + 10,308,364 21.26
$
$
46,490
56,996
30,460
Northwestern region.
Earnings-—
1935
1936
Mileage
1936
1935
6 Mos. End. June 30
Increase
-Net
District and Region—
SIX
MONTHS
1936
29,
Aug.
Chronicle
1,879,062
20,295,359'
329,907
5,218,170
35,408,141 +5,783,036
+ 486,902
1,445,752
5,221,034 + 1,682,720
3,108,171 + 1,034,331
—65,495
45,512
78,149
—19,912
450,685
+ 164,972
423,719
4,825,334
+ 392,836
—93,812
Southern District—
Southern region
(28 roads)
Pocahontas region (4 roads)..
Total
(24roads)-.371,508,571 329,571,024
92,644,056
Total
358,174,693
(32 roads)
314,746,316
+43,428,377
13.80
Region—
Western Dtstri>ct~~'~
(15 roads)...201,362,043
Central Western region (16 roads).319,261,225
Southwestern region (24 roads)
145,972,580
169,820,688
272,972,048
122,411,402
+31,541,355
18.57
+46,289,177
+ 23,561,178
16.96
18.86
666,595,848
565,204,138
+101,391,710
17.94
Northwestern region
Total (55 roads)
Total all districts (139
roads)..1,870,196,058 1632,939,310 +237,256,748
Eastern District—
Mileage
1936
1935
7,073
26,635
Central Eastern reg'n 24,944
New England region.
Great Lakes region..
14.53
■Net Earnings
District and Region—
6 Mos.End. June 30
1936
Central Eastern
1936
$
1935
$
Akron Canton & Y.
Inc.(+) or Dec.t.—)
S
%
21.04
17.71
13.04
58,990 213,281,675 191,099,834+22,181,841
11.61
1935
1936
$
$
$
1,102,159
1935
$
Inc. or Dec.
S
410,902
977,130
328,904
+ 81,998
Bait & Ohio System—
Alton—See Central Western region.
79,466,026
Bait & Ohio
Staten Isl Rap Tr
Bessemer & L Erie.
Chic & East Illinois.
68,980,962
19,306,169
17,358,268
+ 1,947,901
790,067
5.567,478
731,040
—14,222
4,073,331
1,888,334
1,693,630
—17,416
925,103
+ 963,321
6,491,604
1,627,599
3,856,864
4,717,340
Elgin Joliet & East.
7,577,948
1,677,855
4,934,794
4,083,222
8,957,424
Jllinois Terminal
2,919,285
2,475,514
Chic & 111 Midland-
Chic Ind & Louisv.
3,957,915
18,813,341
78,705+37 + 13,938,919
93,581,356 + 12,200,837
7,132
14,855,426
26,797
92,644,056
25,061 105,782,193
-
78,705,137 +13938,919
-Net
Gross
_
Det Tol & Ironton..
6,927,905
1,259,369
539,013
945,736
485,863
2,154,647
2,723,323
1,060,118
2,639,161
2,034,304
742,194
658,088
+ 3,194
+434,261
+ 53,150
+ 287,648
—484,514
+ 689,019
+ 317,924
Missouri Pac System- -See Southwestern region.
Missouri Illinois
511,163
118,753
109,142
+9,611
11,520,143
204,968,166 178,792,830
2,685,630
55,631,632
2,255,826
+ 429,804
49,580,423
+ 6,051,209
—84,675
3,517,924
8,838,922
—342,269
3,971,156
7,968,920
+257,594
—453,232
+870,002
520,571
-.
Pennsylvania System—
Total
58,652
Long Island
Pennsylvania
Southern District—
38,932
Pocahontas region.._
6,010
Southern region
39,235
6,020
57,298,775
53,185,668
45,024,260+12,274,515
41,828,072 + 11,357,596
27.26
27.15
Reading System—
Penn Read SSL.
12,055,565
Central of N J...
Total.
44,942
45,255 110,484,443
86,852,332 + 23,632,111
27.2
2,540,330
15,472,646
Reading
29,098,960
2,380,219
14,798,726
26,660,423
Financial
143
Volume
Western Maryland.
Wheeling & L Erie.
7,008,386
1936
1935
$
$
$
7,428,309
6,453,569
2,610,205
1,756,152
Chesapeake & Ohio.
Norfolk & Western.
+430,310
+ 311,727
2,179,895
1,444,425
349,404,671 105,782,193
Virginian
93,581,356 +12200,837
Total
Total Eastern Dis¬
trict (52 roads)
1936
$
Inc. or Dec.
$
$
28,571,438
19.407,184
823,059
4,383,987
23,113,206 +5,458,232
13,913,579 +5,493,605
731,467
+91,592
4,069,820
+314,167
53,185,668
41,828,072 +11357,596
110,484,443
86,852,332 + 23632,111
54,592,006
36,467,759
.3,542,264
7,643,235
63,283,884
42,807,089
3,874,888
8,197,903
Richm Fred & Po._
Total (18 roads).-396,586,245
1935
$
Region—
1935
$
1936
Pocahontas
Inc. or Dec.
$
$
7,845,363
Region—
Net
Gross
1935
1936
Central Eastern
1301
Chronicle
—Net
-Gross-
,
(4roads).—118,163,764 102,245,264
.845,425,517 752,988,856 213,281,675 191,099,834 +22181,841
Total Southern DisWestern District
triot (32
,
roads).-.358,174,693 314,746,316
...—
,,,
-Net-
-Gross
Northwestern
1936
1935
$
$
1935
1936
Region—
Inc. or Dec.
5
T°(139 roadsf^—1.1^870,196,058
$
+ 75765,722
1632939,310 451,625,515 375,859,793
Can Nat System—
Results
C N Lines in N E—See New England region.
Years
for Earlier
Central Vermont—See New England region.
Dul Winn & Pac.
during the first six
(14.53%)
in gross and of $75,765,722 (20.16%) in net, follows very
poor results in the first half of 1935, when our compilations
ings
1,333,308
12,207,991
337,895
Chio&North West. 41,761,255
ChlcStPM&O.
8,422,905
Chic Great Western.
8,315,801
MStP&SSM—
Spokane Internat.
Chic MU St P & Pao 50,258,662
Dul Missabe & Nor.
5,517,122
36,886,929
780,207
926,513
Minn & St Louis—
4,202,888
Northern Pacific..- 26,204,494
Spokane Portl&S3,520,097
Great Northern
Green Bay & West.
Lake Sup &Ishpem.
385,182
1,990,417
70,601
3,343,092
985,948
1,799,078
9,080,733
1,958,669
10,535,592
186,057
374,282
721,602
2,741,826
1,065,147
1,084,504
10,342,749
243,486
35,368,871
6,723,254
7,184,833
41,377,672
4,171,156
32,090,646
689,333
592,430
3,335,546
22,786,730
3,335,714
+ 154,514
230,668
931,819 + 1,058,598
+ 71,729
—1,128
4,582,769 —1,239,677
+ 398,375
587,573
1,274,043
+525,035
6,752,135 +2,328,598
+ 776,353
1,182,316
+ 757,658
9,777,934
144,039
+42,018
117,148
+257,134
+ 682,750
38,852
927,794 + 1,814,032
1,107,463
—42,316
showed
roads)-.201,362,043 169,820,688
35,359,387
27,659,897
1935
1936
Region—
Atch Top & S Fe— 69,496,823
Bait & Ohio System—
Alton
1935
1936
and
after
$
S
$503,786,279 in gross and
$147,407,933 in net in the first half of 1931, and a decrease
of $324,823,450 in gross and of $199,587,164 in net in the
first half of 1930.
On the other hand, our tabulations for
the first half of 1929 recorded $151,648,890 gain in gross
of
—201,000
6,416,456
1,496,148
767,347
+ 728,801
7,525,247
Bait & Ohio—See Central Eastern region.
$116,628,506
Burlington Route—
Ch Curl & Quincy
Colo & Southern.
43,963,246
3,234,428
Denver & Salt Lake
2,620,565
2,320,500
8,773,649
815,506
Nevada Northern..
1,235,691
274,985
Rock Island System—
Chic R I & Gulf..
2,045,473
Chic R I & Pac.. 34,654,169
9,308,165
541,440
714,789
1,312,063
252,382
120,455
36,658,488
Ft Worth & D C.
2,698,345
Den & Rio Gr West. 10,940,347
176,590
5,721,464 +3,586,701
182,485
378,968
1,367,809
296,320
30,905
the
+358,955
+335,821
—55,746
—43,938
+ 76,730
showed
506,188
2,537,353
429,458
2,210,922
Northwest Pac...
1,439,955
89,238
—58,695
+147,933
1,653,079
13,702,604 +3,418,315
Texas <fc N O—See Southwestern region.
Tol Peoria & West..
Union Pacific
442,538
5,343,821
14,340,910
136,496
33,982
143,313
12,520,837
109,922
536,348
Total (16roads)..319,261,225 272,972,048
58,806,597
48,498,233 + 10308,364
Utah...
Western Pacific
1,145,131
65,681,095
519,180
338,843
809,451
57,386,736
6,053,931
+ 1,820,073
+26,574
—502,366
i
-Net-
-Gross-
Southwestern
+ 195,530
1936
1935
1936
1935
$
S
S
35
Region—
Island..
386,132
395,920
Ft Smith & Western
357,697
303,815
233,250
St L-San Fran
21,947,385
St L San Fr & Tex
587,357
Kansas City South6,356,861
Kansas Okla & Gulf
1,171,970
Louisiana & Ark
2,762,332
La Ark & Texas
623,269
Midland Valley
692,058
Missouri & Arkansas
494,329
Mo-Kansas-Texas-- 14,508,401
199,527
18,542,983
453,787
4,629,829
—68,148
41,972
Inc.
or
Dec.
—74,305
3,329,098
—80,223
2,345,291
604,112
1,045,687
152,788
296,657
103,257
3,057,597
925,446
2,207,708
464,338
574,113
184,510
—91,847
+ 23,699
—4,982
+46,954
12,088,980
+ 17,954
—92,259
1,348,110 + 1,980,988
—114,510
+ 34,287
1,042,342 + 1,302,949
384,427
+219,685
709,803
+ 335,884
90,468
+62,320
210,997
+85,660
46,746
+ 56,511
1,540,607 + 1,516,990
Missouri Pac System—
1,193,608
5,787,032
864,954
5,694,718
374,556
215,113
1,040,326
+159,443
—186,231
3,901,276
139,618
5,565,484
245,644
807,165
2,809
3,150,002
85,393
+3,315.623
+113,953
-26,844
+235,392
+ 751,274
+54,225
Northwestern Pac—See Central Western region.
St L Southwestern
9,227,899
7,802,541
3,037,942
2,460,655
+577,287
2,836,790
218,645
51,569
+1,279,558
Int Gt Nor--.
—
.
.
Missouri Illinois-
854,095
•See Central Eastern region
Missouri Pacific.
41,421,556
N O Tex & Mex..
1,112,194
St L Brownsv & M
2,932,422
S A Uvalde & Gulf
671,371
Texas & Pacific.
12,939,937
Okla City-Ada-Atoka
272,623
.
*8,881,107
34,621,028
864,406
359,597
780,321
238,201
2,599,840
444,253
10,977,243
221,822
Southern Pacific—See Central Western region.
Texas Mexican
Wichita Falls & So.
19,364,170
677,079
251,648
Total (24roads)-.145,972,580 122,411,402
Total Western
trict (55
4,116,348
202,869
53,700
16,446,127
653,068
250,446
-
33,693,413
—15,776
+2,131
21,749,497 +11943,916
roads)—666,595,848 565,204,138 127,859,397
97,907,627 +29951,770
1936
1935
$
$
$
1935
$
Inc.
or
Dec.
$
Atl Coast Line System—
1,599,154
'1,447,194
Atlanta &W Point
835,821
Atl Coast Line;.. 23,313,558
726,854
119,165
98,338
22,090,283
5,863,413
801,649
+214,033
88,750
+ 23,442
8,367,687 + 1,792,697
1,085,252
+ 832,471
49,447
+ 53,706
559,198
—132,662
3,690,661
—477,068
731,017
3,048,330
151,875
873,295
378,469
150,508
12,109,185
305,464
291,088
+439,929
2,105,651
+ 942,679
93,933
+ 57,942
370,263
+ 503,032
245,791
+ 132,678
107,456
+ 43,052
9,163,314 +2,945,871
273,098
+32,366
337,890
1,277,947
263,220
10,835,262
723,480
41,627
_
6,171,631
522,399
647,580
413,005
5,242,437
528,606
3,433,857
4,989,745
522,578
2,804,025
Illinois Central System—
Central of Georgia
7,568,651
7,053,559
Columbus & Greenv
Florida East Coast
Georgia & Florida.
_
_
Gulf Mobile & Nor.
,
1,550,634
36,323,883
k
Gulf& Ship Island
I
Illinois Central...
Yazoo & Miss Vail
Mississippi Central.
Norfolk & Southern.
Seaboard Air Line..
719,922
46,854,976
6,812,668
429,063
2,209,195
19,230,743
642,523
41,298,346
3,058,310
7,912,405
1,145,235
2,451,737
6,406,117
946,002
4,079,771
1,098,887
291,268
39,452,294
5,563,847
337,767
2,429,631
18,075,192
+ 60,078
1,015,682
112,192
10,160,384
1,917,723
103,153
426,536
3,213,593
1,037,906
2,589,350
1,092,464
2,993,286
1,734,681
Loulsv & Nash v.
42,683,913
Nash Chatt & St L
6,650,926
West Ry of Ala..
741,873
59,087
2,526
1,223,446
Charles & W Caro
Georgia
4
47,285
+51,053
5,211,957
+ 651,456
298,059
+39,831
+ 272,780
1,005,167
235,131
+28,089
8,187,326 +2,647,936
+ 172,937
550,543
—40,437
+82,064
—24,180
+ 63,150
1,321,265
+454,820
22,640
—20,114
857,179
+366,267
Clinch field
'
Ga South & Fla._
Mobile & Ohio—
N O & Northeast.
North Alabama..
Southern...
Tennessee Central..
depression in the South,
wheat, all imposed a state of
quietude on general trade in
38,970
1,776,085
4,908,990
1,265,815
351,664
45,010,351
1,159,966
1,059,443
Total (28 roads)-240,010.929 212,501,052
57,298,775
How¬
and left their mark on railroad revenues.
that year
slight—only $9,132,430 in the
gross, or less than one-third of 1%, and $16,035,003 in the
net, or 2.20%,
In the two years preceding, on the other
the decrease was very
ever,
and
the
were
returns
situation
1925—the
hand—1926
distinguished
was
for quite
different
Then
considerable im¬
Especially was this the case in 1926, when our
recorded $131,448,135 increase in gross and
$71,056,875 increase in net.
There were increases also in
1925 over 1924, but they were much more moderate, at least
in the gross, having been only $23,096,456 in that item, but
$58,807,728 in the net.
However, these increases came
after a big falling off in both gross and net in 1924.
This
latter year was the year of a Presidential election, when,
provement.
tremendous slump in business oc¬
which involved a corresponding contraction in the
traffic and the revenues of the railroads.
The falling off in
pending the outcome, a
curred,
the gross in
1924 amounted to no less than $225,987,341; in
$54,000,364.
1924 shrinkage in grqss and net it is
important not to overlqok the fact that this followed pro¬
digious gains in gross and net alike in the year preceding,
that is, 1923, the addition to the gross that year having been
$480,926,565 and to the net $117,564,651.
Moreover, this
improvement, at least in the net, came after large increases
in 1922 and the year before, too, the improvement, however,
in those two years following entirely as a result of savings
in expenses, gross earnings in . both 1922 and 1921 having
recorded losses.
In 1922, as against $63,299,701 decrease
the net is
in
was
noting the
the saving in expenses was $281,731,725, affording,
in gross,
in like
In 1921,
though there was $67,476,090 loss in gross,
turned into a gain of $141,808,030 in net by a
manner,
was
The 1921 reduction
would have been very much greater than actu¬
ally recorded except that the railroads were operating under
much higher wage scales, the United States Labor Board
having in July, 1920, awarded an increase of 20%..
On the
other hand, the decrease of 12% made by the Labor Board,
in
of $209,284,120 in expenses.
expenses
effective July 1,
1921, was
a
factor in lowering
expenses
in
.
Southern System—
Ala Gt SouthernCin No O & Tex P
the coal miners' strike, the
"
reduction
—Net—
1936
Region—
Atl Blrm & Coast
earnings.
impaired status of the agricultural classes, especially in
the Northwest, by reason of successive poor crops of spring
this
Southern District
-Gross-
,
net
therefore, a gain in net earnings of $218,332,024.
Dis¬
Southern
likewise
then
and
the
But
Southern Pacific System
Texas & New Orl.
gross
compilations
S
Frisco Lines—
Ft W & Rio Gr—
tables
our
both
in
slump in the automobile trade, the
+326,431
St. L Southwestern—See Southwestern region.
Southern Pacific. 68,140,055
56,851,335 .17,120,919
that
so
shrinkage
some
Mississippi River floods,
The
+89,550
'
1,812,568
29,512,247
favorable,
altogether
Southern Pacific System—
BeaumSL&W..
$114,947,201 gain- in net, which, in turn, came after
loss in gross and $13,059,449 loss in net in
first half of 1928.
In 1927, also, conditions were not
and
Staten Isl Tr—See Central Eastern region.
Burl-Rock
$30,679,039 in the corresponding
In the same six months of 1932, however,
$584,780,093 in gross and of $149,-
889,660 in net; also a decrease of
$
10,158,226
of $168,965,008, accom¬
decrease of
a
was
in turn,
these gains,
and
loss in gross earnings
a
panied by a gain in net of
+7,699,490
9,957,226
respectively),
$71,353,026,
period of 1933.
Inc. or Dec.
61,589,643
gross—$5,259,590—accompanied
slight increase in
a
a
'Came
Mel-
-Gross-
Central Western
namely, $237,256,748
the current year,
loss of $41,593,457 in net.
On the other hand, in the
first half of the preceding year
(1934) there were sub¬
stantial increases in both gross and net alike ($214,374,745
by
there
Total (15
the railroads of the country
of
months of
C P Lines In Vt—See New England region.
Dul So Sh & Atl._
the gross and net earn¬
The substantial increases in both
+114,689
6,472
121,161
493,764
685,976
Gran Trunk Western—See Great Lakes region.
Can Pac System—
C P Lines In Me—See New England region.
45.024,260 + 12,274,515
half of 1922.
first
the
It
must
.
be particularly
remembered,
though,
viously to 1921 expenses had been mounting
ful way,
and best managed properties
meet ordinary running expenses, not
and fixed charges
pense
in
until in 1920 a point was reached where
strongest
to
up
were
that
a
pre¬
fright¬
even
barely
the
able
to mention taxes
And it is these prodigiously inflated ex¬
accounts that furnished the basis for the savings and
economies
that
were
.effected in 1921
and
1922 and
in the
immediately succeeding years.
As compared with 1920, the
roads in both 1921 and 1922 also had the advantage of much
more
favorable weather conditions.
In 1921 the winter
was
exceptionally mild, and much the same was true of the
winter of 1922, though this last is declared to have been a
hard
one
in
certain
on
special
sections—in Wyoming and
contiguous territory
In 1920,
the other hand, not only was the winter unusually severe,
Montana, for instance,
but
many
other
and
adverse
influences and
conditions
existed
Financial
1302
at
all combining to cut clown the net, and in our
for this half-year period we were
the time,
of the earnings
review
prompted to sa_y that it was not likely that we would ever
be called upon to record a poorer statement of net earnings
of United States railroads for any period of six months than
that for the first half of 1920.
Rising costs of operation—
advancing prices for material,
fuel, supplies and everything else entering into the operating
induced
by wage increases,
of
accounts
railroads,
the
heavy extra
by
and
,
expenses
arising out of special unfavorable circumstances of one kind
or another—had been a feature of railroad affairs for many
we then pointed out,
but in 1920 the movement,
unquestionably, might be said to have reached its climax
and its apex, many of the roads failing to earn bare operat¬
ing expenses.
Altogether, the result of this array of un¬
favorable influences on earnings in the first half of 1920
years,
that
was
as
against
gain in gross earnings of $358,015,357,
a
compilations showed an addition to expenses of no less
our
$425,461,941, leaving the net diminished in amount of
$67,446,584. '
It should be noted, furthermore, that the falling off in
net in 1920 was merely one of a long series of losses in net.
•than
119923754802.
In the first six months of 1919 the
(as compared with 1918)
gers
higher rates then in force
for the transportation of
passen¬
and freight barely sufficed to meet the great rise in
penses;
our
to gross earnings
$265,952,855,
$316,985.
ex¬
compilations then showed $265,635,870 addition
with
leaving
In
the
a
coincident increase in expenses of
net
slightly
preceding
two
smaller,
years
the
namely,
results
by
were
equally bad, huge increases in expenses acting to cause
heavy losses in the net.
For instance, in 1918 the addition
to
expenses
(over 1917) reached the prodigious sum of
$457,054,265, or about 34%, with the result that a gain of
$181,848,682 in gross was turned into a loss of no less than
$275,205,583 in the net, or over 50%.
Not only that, but
in 1917 a gain of $205,066,407 in gross was concurrent with
an
addition of $212,222,155 to expenses, leaving a loss of
$7,155,748 in net.
In the following we furnish the half-
Year
1913.
....
1915.
Increase (+) or
Per
Preceding
Decrease (—)
Cent
1917.
-
1921.....
—
.
1922-..,--.
—
.
1926...
1930
1933
1934.
1936.
operations to any great extent over any large sections of
On the other hand, in February the New Eng¬
land roads suffered severely by reason of heavy falls of
stated, quite mild, but in February there were some
in
9.97
11.6 inches
5.72
—39,998,560
2.76
fail
+328,012,578
+205,066,407
+ 181,848,682
+265,635,870
+358,015,357
23.37
4.30
11.78
9.62
12.81
15.39
—67,476,090
—63,399,701
2.46
2,605,203,228
+ 480,926,565
18.46
3,091,934,815
2,864,512,167
2,890,965,666
3,020,982,478
3,018,008,234
2,905,912,090
3,062,220,645
2,688,007,639
2,183,918,659
1,599,191,879
1,413,361,745
1,627,736,490
1,632,939,310
—225,987,341
+ 23,096,456
+ 131,448,135
—9,132,430
—116,628,506
+ 151,648,890
—324,823,450
—503,786,279
—584,780,093
—168,965,008
+ 214,374,745
+ 5,259,590
+ 237,256.748
2.38
snowstorms, namely,
snow
Year
1915—.
1916...
559,476,894
1917...
555,683,025
265,705,922
265,007,159
195,582,649
310,890,365
530,420,651
649,131,565
597,828,199
656,663,561
727,905,072
711,888,565
700,846,779
817,500,221
618,567,281
471,189,438
321,450,701
352,131,926
417,993,205
376,399,748
451,625,515
1919-..
1920-..
1921-..
1922...
1923...
1924-.,
1925...
1926.-.
1927..
1928...
1929-.,
1930..
1931..
1932..
.
1934..
1935,_
1936.-
fell, and another on
For the whole
on
fall
27.5
was
year,
which
the
'
$294,951,102
371,562,668
404,569,430
375,407,648
373,442,875
394,495,885
347,068,207
393,225,507
562,838,773
540,911,505
265,325,144
263,029,233
169,082,335
312,088,627
531,566,924
651,828,563
597,855,833
656,848,197
727,923,568
713,906,228
702,553,020
818,154,445
618,597,371
471,340,361
321,452,887
346,640,179
417,993,205
375,859,793
only 0.8 inch in
inches, and comparing with
7.31
and
all
3.86
5.22
10.61
18.74
26.78
New England roads virtually
through New York State.
as
reported for that month large losses in gross as well
in net", and no doubt the circumstance mentioned was
in
part responsible for this, in addition to which, however,
0.30
these roads must have had their coal traffic reduced
miners'
anthracite
by the
strike.
0
10.57
15.17
0.32
14.53
In both 1925 and 1924 the railroads
able
enjoyed quite remark¬
exemption from bad weather and from the often
treme rigors
ex¬
In January, 1925, bad weather
drawback on certain lines here in the
of the winter.
of
somewhat
a
Increase ( +
)
or
Per
Decrease (—)
Cent
+ $76,640,239
25.98
+ 36,817,815
9.91
—25,717,377
6.36
—2,037,477
+26,788,669
—50,660,208
0.54
7.18
12.84
+ 47,615,343
13.55
+ 166,141,381
42.28
—7,155,747
—275,205,583
—316,985
—67,446,584
+ 141,808,030
+ 218,332,024
+ 117,564,641
—54,000,364
+ 58,807,728
+ 71,056,875
—16,035,003
—13,059,449
+ 114,947,201
—199,587,164
—147,407,933
—149,889,660
+ 30,679,039
+ 71,353,026
—41,593,457
+ 75,765,722
1.27
50.88
There
January in the history of the local
This compared with
bureau, reaching 26.2 inches.
only 2.6 inches in January, 1924, but with
heavy sonwfalls.
the
tended
in
ous
83.87
into
21.9 inches in
Albany
this
York
the
as
and
running
of
came
of
toward the end
Thursday,
is,
Jan.
29,
and
ex¬
Friday, Jan. 30—proved particularly mischiev¬
New
it
which
A storm
1925—that
in
month
ported
8.28
in New York City the fall of snow
January, 1923, this latter 'having also been a month of very
25.64
69.96
repeated snowstorms in these parts in
the heaviest of any
weather
0.12
22.12
were
the month in 1925, and
State.
its
York
history,
Central
The
area
RR.
re¬
especially between
causing considerable delay
Rochester,
trains.
New
The
in
worst
in
the
of disturbance, however,
in
16.36
being confined
largely to New York and New England, while elsewhere in
the northern part of the country the winter was compara¬
tively mild, and little complaint was heard of obstruction
24.39
because
9.84
10.82
2.20
1.83
23.83
9.40
9.95
20.16
of
was
much
very
snow
and
circumscribed,
ice
because
or
of
extreme cold.
After this heavy snowstorm in New York
31.80
20.58
way
part of January
of
the
(1925), from which,
country were
February, and this
winter
to the
nearly
as
State the latter
noted, other parts
exempt, mild weather developed in
be said to have been a condition
may
whole
United
everywhere
States and
'having
been
even
an
Canada, the
open
one
and
spring having come unusually early virtually everywhere.
Nor, as already stated, was there much severe winter
weather in
was
of
1924, but in 1923,
of unusual severity
the
United
States,
in
on
many
especially
the other hand, the winter
parts of the northern half
in
New
England
and
in
northern New
added greatly to the operating expenses of
unusual conditions with
Weather conditions in prior years have been detailed above.
mild
one.
Whereas in 1936 tremendous
intense cold, which
roads, in 1935 there were no
the snow-
York, where the roads suffered from repeated
snowstorms, and from the depth of the accumulated snow¬
falls, with resulting large increase in operating expenses.
was a
snowfalls and
February
1925 (when, however, the fall was extremely
heavy in January), and with 11.5 inches in February, 1924,
and 17.9 inches in February, 1923.
The February snow¬
storms of 1926 seem to have extended all over New England
4.55
winter weather has played a part
entire country,
month of
February,
common
as
heavy
1926 aggregated 25.7 inches, being the
record for any February since 1899, when the
heaviest
0.81
in affecting
the traffic and earnings of the roads in the different years,
w.e have already pointed out that the winter of 1936 was
one of
the severest ever experienced in many districts of
the country (being the coldest on record in some sections),
and therefore in sharp contrast with that of the previous
So far
very
East, though not to any great extent for the country as a
Preceding
373,370,171
400,242,544
343,835,677
394,083,458
two
there were
Feb. 3-4, when 10.3 inches of
Feb 9-10, when the snowfall was
on
one
in this city in
was
1,918--.
month
last-mentioned
this
snowfall
during the winter until February, but
of any consequence
whole.
1914...
In this city there was, in 1926, no
ning of trains.
—85,033,426
Year
1912...
of 1926, taking the country as a whole,
The winter
snow.
1,366,304,199
1,486,043,706
1,447,464,542
1,403,448,334
1,741,329,277
1,889,489,295
2,074,114,256
2,326,657,150
2,738,845,138
2,665,747,212
Given
1913--.
extremely good as it had been in 1925,
the country.
2.16
408,380,483
378,852,053
1933.
weather
15.27
1910--.
was
that
on
was,
11.44
$371,591,341
any¬
the whole, quite favorable.
In January
conditions in 1926 did not interfere with railroad
yet
was
1911...
severe
respect wras not so
and
—28,958,798
+ 56,349,506
+ 136,168,743
1909...
the middle of April
seri¬
into
1927
towards
even
spring blizzard was reported,
ously interrupting traffic, the latter extending also
South Dakota.
Barring this, however, the winter of
did not impose drawbacks of any great consequence
where.
In 1926, likewise, the winter on the whole
not much of a disturbing influence.
The situation in
unusually
+ 179,089,522
NET EARNINGS
Jan. 1 to June 30
difficult;
operations
an
+ $120,332,208
,627,736,490
,632,996,080
,870,196,058
1935
through
all
1,339,539,563
1,309,006,353
,022,413,801
,011,796,048
,901,379,728
,057,560,980
,737,397,195
,184,221,360
,599,138,566
,430,226,871
1929.
Wyoming, repeated heavy snowstorms oc¬
the winter of 1927, making railroad
and
Colorado
curred
$1,051,853,195
1,172,481,315
,407,465,982
,731,460,912
,946,395,684
,071,337,977
,339,750,126
,684,672,507
,671,369,048
,602,347,511
,086,129,793
,865,947,474
,887,608,623
1916
—
heavy falls
of snow were encountered during
February and March.
In fact, it may be said
that in some of the Rocky Mountain States, particularly
usually
January,
,502,472,942
,401,010,280
1912...
drawback, in the western
a
severe, extreme
by repeated heavy
quite
was
,310,580,765
,365,355,859
1911
1923
half the winter
cold accompanied in many
instances
snowfalls having seriously
interfered with railroad operations.
Particularly does
this remark apply to Wisconsin and Iowa, Colorado, Utah,
Wyoming, Montana, Idaho and, as a matter of fact, along
much the same parallels of latitude all the way west to
the State of Washington.
In contradistinction to this, the
winter of 192S ranked as one of the mildest on record,
complaints of obstruction to railroad operations from snow
or
ice or extreme cold having been entirely absent in all
parts of the country in that year.
In 1927, too, the winter
was not severe in any part of the country, if we except a
limited area in the Rocky Mountain regions, where un¬
of
not much
,172,185,403
,351,570,837
1910_.......
1914
Year
Given
1909
to
quite severe, with
winter was
big snowstorms in the East, with, however, nothing ap¬
proaching a blizzard.
In other words, there were no big
drifts to tie up traffic and interfere seriously with the run¬
GROSS EARNINGS
Jan. 1 to June 30
contend. However, in 1934 the
frequent heavy snowstorms.
In 1933, as in 1932 and in 1931 and 1930, there were no
unusual conditions, but in 1929, while in the northern part
of the eastern half of the country weather conditions were
had
roads
the
which
was, as
yearly comparisons back to 1909:
Aug. 29, 1936
Chronicle
embraced practically the
Financial
143
Volume
If London Wins
By H.
The
his
in developing its relationship to
banks?" is of such
cannot too
taken
predominant importance that it
early be taken in hand by the members
of the financial
It has
community for discussion.
long time to focus the attention of even the
a
1303
apparently sincere, than the President himself in
Parker Willis
question, "What policy is to be adopted by
government
our
Chronicle
pre-election criticism and denunciation of the
financial
than
methods
No
ment.
the
for
the
generation had been
a
complaining of the
means
-Yet, no sooner had
ately authorized, the continued
same
there has long been, un¬
situation, and
substantial difference of opinion as to
a
how far the various institutions could
go
in
fact remains that most persons
two
maintained
in
and not the
slightest attention
length
paign
they do not recognize the
immediate character of this
danger—the fact is that
it
an
almost
to
itself
present
may
as
irresistible menace
overnight, should conditions become such as
This has been the ex¬
compel such an outcome.
and there can be no
perience of other countries,
question that the United States will have to suffer
the
same
There
kind of risk under similar circumstances.
however, many who admit the danger
are,
but who
seem
to
suppose
that it can be overcome
by merely reaching a decision to adopt some other
Those who believe that Governor Landon,
policy.
Republican candidate for the presidential office, is
opposed to present fiscal methods and who further¬
more
expect his election, are inclined to say that all
that is necessary
.*
is to place him in the White House
the banks which had been charac¬
before March I, 1933, were
years
full
criticisms
months.
of the Treasury,
Secretary
The methods of raising money and the
upon
things.
The fact remains that
his
and
dependence
recognize that there is grave danger in the present
/
Hoover
Ogden Mills.
teristic for
material attention to financial conditions at
state of
dent
it may, the
as
of exactly the
use
technique that had been employed by Presi¬
who have given any
Be this
absorbing government bonds.
safely
he in
as
firmly settled in office than he immedi¬
financial
•■/
outspoken
so
that were being used for
leading members of the banking fraternity upon the
doubtedly,
govern¬
presidency for more
handling of the finances.
he become
Hoover's
President
of
candidate
force from
and
promises
Perhaps there
time
that
forward,
paid to the
was
of
cam¬
preceding
the
less basis for defending
was
this continued adherence to unsound financial meth¬
ods than there
of
for the reversal of
policies that
promised in other directions.
had been
The spring
was
1933, with its necessity of change of method in
many
essential financial policies, was, on the whole,
/a very appropriate and favorable time for making
a
change in the government's attitude in dealing
with the securities that
of
were
issued in the process
providing the funds for meeting the deficit.
why the promised change
reason
was
evidently that
for
it.
The
preparation had been made
no
incoming
Administration
strong in criticism but
plans.
ferent
One
not introduced
was
was
It had formulated
had
been
weak in constructive
no
for
program
dif¬
a
policy of dealing with the financial needs of
and that thereupon the Treasury and banking situa¬
the
tion will correct itself.
tantly recognized and admitted by the then Secre¬
He
will, according to them,
simply give direction to his Secretary of the Treas¬
ury
to alter the present basis of relationship with
the
banks, and to substitute for it another that is
of
free
Thereupon,' the government
danger.
back from
automatically turn
another and
pursue
ers,
a
precipice
the
safer road.
To these
political control of the Nation.
a
clude that
the
a
coming autumn,
This is
a
reason-
change in the
with the
would meet exactly the
tration
morass
has
tricably.
ties, and is correspondingly soothing.
The diffi¬
culty in the case is that it is not true; and that, by
accepting it, the Nation may easily be betrayed into
a
continuation of the" present
Administration
dangers under
which, perhaps,
<
may
a new
take
office
thoroughly convinced of the evils of present methods
of
financing, yet facing the
confront
the
sunk
of
means
so
difficulties that
be
and
deeply
present Adminis¬
apparently inex¬
It is the duty of those who
are
comes
of relief.
measures
known, in order that there
(if
come
it may) to order.prac¬
This discussion is intended
to outline the nature of the fiscal and
by which such
which
and
a new
the
banking prob¬
administration will be
present
Administration-—
should it be continued in office—will have to
gle with,
them¬
question regarding the steps to be taken
no
tical
faced,
attempting
agree among
substitute fiscal and banking policy,
when the time
lem
same
the
change the Administration to
may
situation,
one way or
another, before
very
strug¬
long.
present administration of the Treas¬
without
ury-
same
which
into
and to let its elements be
present difficul¬
same
probability of becoming mired in the
financial
to
»
our
accompanied by the best of
programs,
Problem
simple analysis of
con¬
and
selves upon a
A Complicated
We must
change of administration during
mere
will
The only thing that needs to be done,
according to them, is to bring about
tary of the Treasury, Mr. Woodin.
reluc-
was
intentions, but not associated with definite financial
accordingly, the whole situation is enormously
simplified.
Treasury Department—a fact which
any
different
or
more,
Balancing the Budget
satisfactory
There is
It is the history, of all
meeting them.
a
great deal of .loose talk about the
neces¬
political administrations that they show the utmost
sity of balancing the budget and the
reluctance to turn back when
employed to that end, it being assumed that the
upon
it is
a
given
unwise.
course,
tion of Governor Landon
forced
ury
prospective Administra¬
suppose
itself practically
by circumstances to continue present Treas¬
methods,
afforded for
a
strong argument would have been
going ahead with them without further
endeavor to substitute
agement.
been, the
tion.
they have started
though convinced that
even
Should the
once
No
To
some
a
new
type of financial
extent this very decision
man¬
has
experience of the Roosevelt Administra¬
one
could have
been
more
outspoken,
or
balancing of the budget, is merely
cision
determination.
and
from the case,
or
anyone
else
which
as
will
can soon succeed in
obvious
attained
well
be
that
a
matter of de¬
as
the
course,
bringing about
to adjust.
easy
desired/budget balance
a
a
large problem involving many
many financial considerations
anything but
only by
increase of
to be
is far
and the question whether Mr. Landon
budget balance is
political
a
This, of
means
curtailment
of
incomes, and probably
outgoes
means a
It is
can
be
or
an
,
further
-
Financial Chronicle
1304
ministration must go
of bringing
confidence in the worth of
the currency on the part of the public at large. In
fact, the discussion at that time was all based upon
what was called "controlled inflation," the idea
being that it was entirely feasible to cut down the
buying power of the dollar without destroying the
essential belief of the community in the fundamental value of what was left of it. This was an
erroneous thought.
There was no basis whatever
for the view that by reducing the weight of the
dollar a correponding change could be produced in
the price of the goods that were bought with it.
In the same way the notion that a regulated or controlled change in the value of the dollar could be
brought about by increasing the number of dollars
in existence ignored the actual teaching of experience in connection with the subject of money. Be
this as it may, neither those who affected to believe
that the changes in the value of money exactly
corresponding to changes in the weight of the unit,
1926.
In either case, the new ad-
taxation.
increase in
from Jan. 1 to June 30, the
That amount of time would
end of the fiscal year.
required to alter appropriations or impose new
be
taxation, or both, and to introduce the long-sought
balance between the two of which so much has been
of this discussion, however,
For the purposes
said.
even
if
we
that this difficult task can
may assume
and will be
allowed for
accomplished within the six months thus
it, it still remains true that at least a
basis must be pro-
half-year of financing on the old
More important
vided for.
still is the fact that an
find the
things exactly the same as at present—just as it has been
built up under the Roosevelt Administration. What
incoming administration would, of course,
,
banking and general financial status of
should, it do in order to improve the situa-
can, or
foundation for some other pro-
tion, and to lay a
which would be more practicable and less
gram
hazardous than the
present one?
The Fundamental
Danger
nor
power
may
both metal
and paper, could be effected, found the slightest
vindication for their views. Both branches of the
Administration's school of monetary economists
proved to be wholly at fault; and both, it should be
added, ignored the possibility of any extensive de-
of the banks to absorb government bonds
not be carried.
As many bankers have ex-
pressed it, and almost in these words: "We do not
see
why the government may not go on
any reason
indefinitely issuing its securities, forcing the banks
convert
to
checks
to
them
into
deposits,
demand
engaged in public works
those
preciation of the dollar which had nothing to
drawing
or
existence, but which depended entirely upon the
in need of
relief, the proceeds in either case being spent and
eventually
coming back to the banks as renewed
deposits."
It may be true enough that there is no
determinable limit to be set to this dangerous proc-
experience of the past, however, makes it
The
ess.
entirely possible to mark out in general terms
conditions under which the further success
of this
Generally
of "creating credit"
must be brought to an end.
program
speaking, the end of this process
is
the
by the refusal of the community
furnished
to
the result
in the United States
accept the credit or "dollars" which are
In
of it.
a
country where, as
do
in
fact
with the legal weight or the number of dollars
deposits, and distributing the checks
these
on
changes in
changes in
the total number of dollars, including
definitely determinable limit beyond which the
or
those who supported the view that
the value of the dollar corresponding to
obvious
been observed, there is no
As has often
Probably there was no thought
about a definite loss of
ahead with financing on the
present basis—certainly
Aug. 29, 1936
<
that the public had lost confidence in the government's monetary policy and was inclined to value
goods much more highly than formerly, with the
result that prices were not only raised, but advanced
by leaps and bounds, because of the opinion that
their worth in the future was likely to decline in a
degree which could not be exactly measured, but
was likely to be great. It is the existence of the
latter opinion or point of view on the part of the
public which produces conditions such as were seen
in an extreme form in Germany after 1921, and in a
less extreme form in the United States during
the
today, the paper dollars represented by deposits on
the books of the banks are directly convertible
latter part of the Civil War, and which are ordinarily described as "inflation" in contemporary dis-
bank into
"dollars" takes the form of an advance
cussion. This is the fundamental danger which
must be contemplated as the result of a policy like
that which is now being pursued by the Department
of the Treasury, in its insistence upon having the
The rank and file of the public are not
allow themselves to be paid in paper
tions against which the banks stand ready to pay
through the intervention of the central
settlement of
disinclination of the public to accept such
legal tender money, payable in the
debts, the
"credit"
in
or
prices.
to
content
claims
which
they believe to be in excess
able
yield
of the
government or the probof its power of taxation.
That this
probable assets
of the
who are
They point to the
point is still far off is the opinion of some
otherwise
conservatively minded.
enormous
wealth of the country and to the
burdensome as
is the existing load
might still theoretically be considerably
without
that
a
fact that,
of taxation, it
enlarged
breakdown, and they, therefore,
assert
deeply as we may deplore a continuation of
present financing, we have still a long way to go
before the wealth of the country
to
it
will have been even
preponderating extent "socialized."
At the opening of the Roosevelt Administration
was
announced that an important object of
a
national
policy would
be the restoration of the
price level to the point at which it had stood in
assets of the banks consist of government
obliga-
to their depositors actual legal tender money which
the government gives them, when demanded, against
the banks'own obligations protected by government
bonds or notes as collateral.
It should be plainly stated that, thus far, there
has been little or no reflection of current "inflation"
in the level of prices. . Although prices are higher
now that they were in 1932, there has been nothing
in their movement which is not readily explained
by the withdrawal of cultivable land from use, the
destruction of livestock and the withholding or
shortening of production in other directions. The
fact that the dumping of government bonds into
our banks has not been reflected in the price level
has puzzled many "economists," and market forecasters who have been ready to predict the arrival
of "inflation," with high prices for commodities and
Volume
Financial
143
higher prices for stocks, at the
expected to fall.
were
modifies,
same
just explained, have been only normally
as
high, while stocks have reached
before
sition
1929,
Accordingly,
in
the
ditions which later degenerate into the familiar "in-
theory of
no
money
was
furnished, the actual
at
con-
These hasty views
flation" which,
happened has been this:
circulation has not very
What has
The volume of
money
greatly changed.
in
Importa-
so
far from, being subject to "con-
trol," is characterized by its independence of con-
trol—its tendencpto
overpass
all reasonable bounds
and to be carried to extreme limits,
prevented the development of
active public opinion on the subject.
any
as
dispo-
for the arrival
cause
presented itself.
of the situation have
goods,
have ;been disposed to
entire
had beeii
dition had not
of an increasing number of persons that they will
be wiser to "spend their money" (i.e., redeem their
bank notes or deposits in the form of consumption
marked fashion whatever,
any
fault, and that although ample
of "inflation"
1305
or, later, in the form of real estate and
physical property of any kind). This, as has been
observed elsewhere, is a first indication of the con-
many persons
that
such level
no
bonds have displayed
and
to decline
exclaim
time that bonds
Instead of this result, com-
Chronicle
Any change in the present fiscal policy of the
Treasury Department designed to bring back
ditions less dangerous than those which
must,
accordingly,
begin
now
rectification
its
con-
exist
the
of
tions of
gold have been large and have greatly in-,
present state of things by freeing the banks from
creased
the
their present danger and convincing the public that
There
notes, and
a
reserve
been
have
no reason
plethora of
supply held
no
money
in the Treasury,
increased
out-payments
of
to sustain the expectation that
would
in the circulation,
occur
We have had in the United States
a
situation rather
different from that which has been observed in varicountries
ous
caused
where inflation
extreme
legal tender notes.
to
the currency
depreciation, almost
after the distribution of
been
of
new
What
had
immediately
issues of government
have done here has
we
compel the banks to absorb the constantly
there is nothing
more
serious than at present to be
feared in' the latter direction.
It will be noted that
for the moment this view does not necessarily call
for the
clearing
of the banks' present portfolio,
up
but does call for the
applying
revenue
positive step of developing and
effective
an
method
for the government, in
of insuring future
far
so
as
Certainly it would be
could
be
assured
by
very
desirable if this end
balancing
the
recurring issues of government obligations, agreeing
whenever actual currency was
sons
already explained,
cure
is out of the question.
budget and
thereby disposing of the whole issue.
that it should
bank's
be furnished
subject to putting the
behind the currency,
note
own
wanted by the banks
the bank
as
does
when
with
government securities as collateral.
it
borrows at
fidence of the
Federal
a
public that the
Reserve bank
The
con-
currency notes issued
it is neces-
above and beyond the proceeds of taxation,
sary
might be
process
so
severe
as
of curing him.
rea-
this immediate
however,
to
For the
As things
stand, it
kill the patient in the
The practicable method of
proceeding is that of making
that the process
sure
of taking the funds of the community and trans-
by the government will continue good—and hence
ferring them to others through "relief" and the
its
struction of useless works affects only the property
willingness to exchange commodities for them at
prevailing prices—has been made to depend directly
upon
the assets owned by the banks, supported and
of those who
are
con-
directly touched by it, and does not
bring with it the entire collapse of the present
sys-
protected by government policy, as exemplified in
tern of ownership and distribution, through the fact
the
that the monetary circulation of the country becomes more or Jess nearly worthless.
To sum up
to :
practice of the Treasury in applying large
maintaining the market value of
bonds at current
quotations.
in the hands of the banks
Now, today,
something
sums
government
more
have
we
than $18,-
this whole situation, the point of urgent danger is
in
the position of
our
banking system,
and
the
000,900,000 of government obligations, while at the
remedy to be applied is through the restoration of
end of 1934 the
public confidence in the probable future solvency
of our banks.
were
little
a
capital funds of all member banks
below
$5,000,000,000 and their total
loans and investments
only about $28,000,000,000.
The assets of the banks of the Reserve
member and Federal Reserve
400,000,000, and their
combined,
currency
Restoring Confidence
System, both
It will, of course, be observed that the step which
were
$48r
is thus urged has no relationship to the condition of
and deposits
were
any
given bank, but relates to the general condition
$41,400,000,000, leaving the balance not to exceed
of
$7,000,000,000.
taken
this
margin
creases
What
we
must expect
of net worth
or
net
ownership
the value of the bank guarantee
currency
will progressively
grow
is that
behind
as
de-
the
evidence
were
of
of
Does not this leaye
undoubtedly, is that of finding
upon
this phase
confidence
would
come
us,
however,
exactly where we were before, without any specific
policy for immediate adoption?
possible to redeem them in gold,
lack
whole—the situation of all banks
our
of the financial situation it must be
expected that
ttie worth of the notes will tend to decline in
buying
If it
as a
together.
smaller, and when
public opinion is definitely focused
power.
banking
The real problem,
a
regular
supply without resort to the banks.
the
source
of
Assuming that
position already indicated with regard to taxa-
tion and the opinion that
far in the use of that
correct,
we
have already gone
resource
as
we
should
the problem then resolves itself into
as
is
the
through the presentation of notes for redemption;
since this is
not possible, the test will be
question whether it is possible to work out without
furnished
As to this there
but
by the conversion of bank deposits into
tangible goods, including real estate, whenever the
public at large becomes convinced that the supply
of current consumption goods is small as
compared
with the
that
outstanding volume of notes and deposits
may be used for purchasing them.
It is
already
no
doubt true that the present high level
of sales in marly
directions is due to the conviction
much delay a program of direct popular
can
borrowing,
be very little doubt.
Not only
by popular borrowing the immense
Liberty Loans which resulted in the payment into
did
we
raise
the Treasury of
more than $25,000,000,000 in less
than two years, but the condition of business and
banking at the present time is such
as
to stimulate
the belief that it would be entirely feasible to
go
direct to the public with a
request for the funds
*
that
This, however, would involve pay-
needed.
are
ing for the funds thus turned in a rate of interest
sufficient to induce the rank and file of the public
be fairly asked
why "A," an ordinary citizen, should be better satis¬
fied with a purchase of $1,000 of government bonds
at par than he would be if possessed of a $1,000
deposit in a savings bank, whose assets consisted
to
The question
purchase.
may
bonds?
entirely of government
almost
In other
words, would the public prefer direct ownership of
government bonds to ownership of the obligations
of financial institutions which depended entirely
government bonds for their goodness?
Keduced to this bare choice, the answer might be in
upon
the
In practice, the inducement leading
negative.
the average man
to prefer government bonds would
latter would yield a
fact that the
the
be
which
reasons
be
would
such
already set forth, it
advantage to exercise
infinitely to his
did
siderations
in his direct
The
owner¬
would undoubtedly be a
bonds
of the
ficient motive to
needed.
appeal to him, the fact that
not
income advantage
was an
ship
have
we
For
preference, but even if such theoretic con¬
a
there
rate of
give him some income.
interest which would
the
bring in the subscriptions that
banks,
suf¬
are
themselves, instead of being
$18,000,000,000 of government obligations,
holdings.
increasing their present
In short, the
step that must be taken in getting out of the
Treasury
present
is
morass
substitution
of
strongly urge that the banks
should be "bailed out"; that is to say, relieved of
their tremendous overload of public securities as
would
reasoning
According to the current monthly figures
about $5,000,-
appears.
of
assets, it would seem that
bank
two years
the
obligations as they mature, and to con¬
them in considerable measure into the new
short-term
vert
one
step would immediately make a very con¬
siderable
change in the portfolio situation of the
This
Holdings of long-term bonds, held by sav¬
banks.
ings banks or by commercial banks for the protec¬
of
tion
and
financing
own
the
annual
or
the
government
by
the
possible by Congress for
as
and to be used for no other."
upon
the credit situation would
Of course,
new
the average citizen, in pay¬
upon
his bank account.
loans, therefore, which
now
The issu¬
results in
adding to the deposits of the banks each year the
approximate amount of the Federal deficit, would
of these
reverse
effect—it would reduce the amount
deposits to some extent, and would reduce
individual
deposits to the full extent, while at the
time
increasing government deposits carried
same
by the banks.
and
The government, of course, would
pay
pay
the bulk of it to holders of its bonds, to its
employees, and to recipients of "relief," just as it
does.
In this process,
the total amount of de¬
posits would, however, tend to fall somewhat, in¬
stead of
other
of
being regularly enlarged
words, the obligations
would
by this
emphasized.
course
or
as
at present.
In
liabilities of banks
of action be lessened instead
This is
a
factor which would make
strongly toward safety of financial conditions.
the
first
step
groundwork laid for
of
the
remain.
bonds
the
above
and
over
the
two
of portfolio constituents already described,
a
thus taken,
and
are
of to the public
disposed
Of the
$18,000,000,000 which
at large as
are now
with
the
safe conduct of the finances
The banks would still be possessed of some
in the
banks, probably about $15,000,000,000 are in
the
hands Of the member and other commercial institu¬
tions, and of this $15,000,000,000 the process which
has thus been described should
eventually result in
Assuming,
withdrawing about two-thirds.
be¬
as
fore, that bonds placed with the public are substan¬
tially paid for out of existing bank deposits, the
general result would be to cut outstanding deposits
by about $10,000,000,000 and reduce assets consist¬
ing
of
obligations
government
by
approximately
equal amounts.
This would eliminate a large part
of the fictitious
"deposits" which have resulted from
Treasury financing during the past two or three
years
and which
are
official literature
The
as
so
an
frequently referred to in
"evidence of
prosperity."
question is frequently asked, "What would
the banks do with the
in
ernment
'money' paid them by the
exchange
their
for
pointed out that at present
many
bonds?"
gov-
It
is
of them have diffi¬
culty in earning dividends, and are able to make
expenses
volume
only
by
carrying
of bonds which
of income.
Take away
an
abnormally
the bonds, it is alleged, and
they will have nothing left.
of
any more
have at
of the
a
spare
present.
public and
large
yield purely nominal rates
As to this, of course,
proposed is
tion which would not leave the banks in
government, difficult questions would still
offered for conversion should gradu¬
are
it should be noted that what is
Development of Banking Policy
With
,
ally retire them, putting in their place new bonds
out its income, just as it does now, and would '
now
As for the remainder of their hold¬
of
they
as
which
as soon
by drawing
have the
Treasury
calculated to call in perhaps one-half to
before.
ing for the bonds for which he subscribes,, would
of
artificial
present
to an end, the banks will, of their
accord, reduce these holdings in so far as may
enlargement of the interest
segregation of taxation, set apart for
a
also result.
ance
the
as
comes
be necessary.
To meet this total, provision
public debt.
Important effects
so
deposits, need not be interfered
savings
As the rate of interest in the market becomes
change,
\
of
this exclusive purpose
do
outlined.
popular loans which have already been
partment should offer a satisfactory basis of ex-
expenses
should be made
taxation
should be to take up these
The first task
folios.
groups
on
being carried in bank port¬
are
the banks, pending the eventual
proposed policy would, in the first place, in¬
charge
bills with a maturity
000,000 of Treasury notes and
below
two-thirds
amount of
less troublesome than at first
shows that it would be
Would Be the Effect of This Shift?
What
crease
This would be a difficult and
undertaking, although analysis
possible.
as
soon
extensive financial
ings of government obligations, the Treasury De¬
balancing of the budget.
The
All experience and all financial
already set forth.
the people for the present exclu¬
direct reliance upon
sive reliance upon
the
resort
policy of putting new bonds into banks
to the same
normal
discouraged' from
be
continuance
prevail with regard to continuous
now
bludgeoned into subscribing for more and more gov¬
should
of theory against such
reasons
same
that
ernment
obligations,
and the
question would be whether such a state of affairs
should be allowed to continue.
There would be the
with.
first
Aus- 29> 1936
Financial Chronicle
1306
an opera¬
possession
cash for investment than they
As the bonds pass into the hands
are
paid
for
out of bank deposits,
change takes place in the balance sheet position
-
Volume
of the
143
Financial
bank, but they
of any more spare
are not
Chronicle
necessarily possessed
The question
may
also be asked
they would not immediately buy in the
market bonds which had been placed with the
open
ysis they would be
their bond
public,
preventative.
of conditions
to
British
operate
more
or
higher rate
such
as
go
unchecked,
on
to have
>
generally known. The Anglo-Egyptian treaty which
is to end the long British occupation of Egypt
turns
out, now that the terms have been made
less effectively
Far better would be the creation
such that the banks would not want
extent
preparations
lack of publicity that suggests that more
a
is being done than the Government desires
public, to contemplate no early change of importance. The quarters for troops and air forces which
back into the government bond field to any
go
armament
and with
Various artificial methods of
directing
bank action would
opinion
cannot be prevented from recovering its
military status, and that political relations
must develop with that prospect in mind. Meantime
before except that
a
official
where
practical conclusion that
pre-war
that in the last anal-
were
holdings would be yielding
of interest.
as a
so
they
as
Britain,
Germany
whether
rank and file of the
Great
seems to have reached the
before.
were
in
concern
investment funds than they
or
1307
now.
Indeed, one of the major
objects of the proposed change in Treasury finance
Egypt is to build along the Suez Canal, together.
with military roads in the Canal area, are expected
would be to get the
to require
Department out of its present
relationship to the
money market.
ence
some eight years for completion, and in
the meantime the British will continue to
might expect that the field for
removed,
we
With this influ-
occupy
Alexandria.
British air forces
to have full
are
lib-
legitimate banking business would gradually return
to
normal, so that the banks would be no more de-
erty of flying for training purposes, and a British
military mission will dominate the training of the
pendent
Egyptian
income from government bonds than
upon
they have been in past
plished, would itself be
and
cance
restore
value.
the
It
natural
This result, if
years.
change of utmost signifi-
a
would
operate
of
course
strongly
in
events
to
the
upon
For
government.
restore the older standards of credit
to
judgment and
of selection of
investments, in place of the present
practice of buying government bonds when in doubt
—and at almost
any
no more
other time.
Perhaps there is
important reform in American business
financial life
at
government in
and
present than that of getting the
one
of
war
and preparations for
Until the
war.
atmosphere changes radically, suggestions of peace
conferences will be academic. The depressing influence of the League breakdown is also felt.
The
more
and it would be necessary
now,
ingly
*
rule-of-thumb
bankers, business would perhaps be rendered
difficult than
The European atmosphere, in short, is increas-
banking
operations and get rid of the present reliance of the
banks
army and air force. The most important
concession is that of British support for a general
abolition of the system of capitulations giving foreigners special rights in the country.
1
accom-
;
League Council is due to
meet in
September, with
consideration of proposed changes in the Covenant
as
one
of the scheduled items of
Russia
appears
proposals,
and
meeting.
to have drawn
no
business, but only
up
important
any
interest is being shown in
the
Some encouragement is,
perhaps, to be
embargoes on arms
way or another out of business,
gathered from the proposed
thus outlined is anything but easy,
shipments to Spain, the reported acceptance by the
and will
necessarily have to be undertaken with : Madrid Government of responsibility for
property
utmost care.
It will be the
duty of the government
losses of foreigners and its recognition of obligations
to avoid any
step that would result in inflicting
under international law, and the efforts of Great
one
The program
loss
upon
which
banks
now
large holders of bonds
very
they have been urged
forced to take up at
of interest during the past
merely nominal rates
three
The question
years.
fleeted
or
how
to
prevent
a
re-
to
be
skilfully and tactfully, but there is
whatever
reason
mitigation of the
barbarities which have attended the fighting. The
course of events, however, waits upon some decided
turn in the
The process
why the operation should
not
:
be
of restoring the United States Treas-
to solvency and sobriety and of warding off the
J,J
8
imminent danger which now threatens our
entire
ury
.
.
,
,
,
.
structure of finance and
money is the first and most
insistent problem which a new administration
must
face,
which
or
the
present
Administration
contend with should it remain in office.
must
The issue
cannot, ue
cannot be very much longer delayed save at a
veiy mucu tuiigtn ueiayeu, save at a risk
riSK
too great to
contemplate.
to
bring about
It will be well, therefore,
Coizrse of the Bond Market
without this
until
until
no
Tllis week has brousht
new. highs-for many of the bond
groups- y«w™da rails and industrials
gams and triple A's advanced in
recorded
High-grade
the
week.
railroad
new
highs.
bonds improved
Central Pacific 4s,
fractionally during
1949, advanced %
to 110%;
Chicago Burlington & Quincy 4s, 1958, advanced % to 113%;
New York Central
at 101
the
1907» were likewise
strength
0f
improved
Ohio, 5s, 1995, at 89%
were
earnings
up
circumstances
circumstances
comuel it to
compel it to
dn
do
*
so—a
gained 6^> 5y2
erate
for
range
and 7% points, respectively.
utility bonds moved
during the week.
over
an
e
much the present army
from page
)
strength of about 750,000 is
by the fact that the country is
now
feeling
the effects of the
great loss of life during the four
years of the World War in a decline in a birth
^
t
n
even
normally
•
is
1
mi
.
,
low. There has been less
extremely mod¬
Quotations
were
while prices for
.
&
1; Chicago Milwaukee & St.
bonds, particularly recent offerings,
J
one
,
on
Baltimore
reports.
closed at 86%, up %. One of the outstanding features
in tke second~grade market has been the action of Lehigh
Valley junior mortgage issues- The 4s> 4^s and 5s» 2003>
Peace Proposals and War Flans
,
%, closing
Paul 4s, 1989, rose 5% to 55; Atlantic Coast Line
4%s, 1964,
Prices
Tate which
up
Lower"Srade railroad bonds aeted favorably
of the work to be done, since
government is likely to undertake
moment when further effort will be too
late.
lessened
^moderate
United States
proportion.
Governments
degree of recognition of the
some
real nature and scope
reform
retorm
and the further unfolding of German
plans.
successful.
„
war
a
no
depreciation of the bonds will have
dealt with
Britain and France to induce
were
medium-grade issues
%
for
high-grade
to %
higher,
extremely mixed,
The fluctuations within the latter group were for the most
part, however, of a very minor character. The strength in
the obligations of the Hudson & Manhattan RR. Co. was
to 84%, and
power
the adj. 5s, 3 points to 37.
5s, 1957,
on
P0^S
The Interstate
the other hand, at 72% made
a
new
low
;
Financial
1308
the
for
offerings during the week the
Electric 1st 3%s, 1966, were well received,
Of the new
year.
Cincinnati Gas &
about a quarter point premium after
the offering.
The Central Vermont Public Service 1st 3%s,
1966, on the other hand, sold slowly.
With virtually all groups sharing in the continued ad¬
vance
of industrial bonds, exceptions have been confined
largely to individual issues.
U. S. Pipe & Foundry conv.
31/2S, 1946, featured the steels by rising 9% to 129%, while
Bethlehem Steel 4%s, 1960, provided a contrast by declin¬
price advancing to
the
the
The oils have been strong, although
to 105.
%
ing
Pan-American
Petroleum Co. and Richfield Oil Co. of California sold off
3 and 1, respectively, upon the announcement of the latest
deposit for the obligations of
certificates of
MOODY'S BOND
(Based on Average
U
proposed reorganization
ranged up to 3 points,
obligations
International Cement conv.
lost ground.
issues
given in the
are
MOODY'S BOND YIELD
(Based on Individual
All.
120 Domestic Corporate*
120 Domestic
by Ratings
Corporate* by Groups
Bonds
tic
**
Corp.*
1936
A
Aa
Aaa
RR.
Baa
P.
U.
Indus.
120 Domestic
AVERAGESt
Closing Prices)
tic
30
Corporate by Groups
Domes¬
Averages
tt
120 Domestic
Corporate
by Retings
120
Daily
1936
yield averages
bond prices and bond
following tables:
Moody's computed
Yields)
120
Daily
Averages
plan. Gains among the equipments
and even the rather neglected coal
participated in the upward movement.
4s, 1945, were 6% points higher
at 157, while attention was attracted to Associated Rayon
5s, 1950, which rallied 2% to 94, a new high.
Foreign bonds have been somewhat irregular.
Changes
have been mostly of a fractional character, with gains ap¬
proximately balancing losses.
Italian issues advanced a
few points, however, as did Dominican Republic bonds and
French railroad bonds.
The Serbs, Croats and Slovenes
company
PRICESt
Domes¬
S
Govt.
Aug- 29' 1936
Chronicle
ForBaa
RR
U.
Indus
3.41
3.58
4.09
4.83
4.21
4.12
3.61
3.58
4.09
4.85
4.22
4.13
3.61
X
3.61
X
X
Aaa
Aa
A
P
eigne
5.71
121.81
111.54
98.73
109.31
110.98
121.17
Aug. 28..
3.98
121.81
111.54
98.41
109.12
110.79
121.17
27—
3.99
3.42
108.94
110.98
121.17
3.42
4.23
98.41
26-
4.85
111.54
4.09
121.81
3.58
125.30
3.99
4.12
4.13
3.62
113.46
98.25
108.94
110.79
120.96
3.99
4.23
25—
4.86
111.54
4.09
121.81
3.58
125.08
3.43
4.86
111.35
98.25
108.75
110.79
120.96
4.10
113.26
121.60
3.59
110.76
125.08
3.43
3.62
4.00
4.13
24-
4.24
4.25
4.13
3.63
98.25
108.57
110.79
120.75
22—
4.86
111.16
4.11
121.60
3.59
124.86
3.44
113.26
4.00
110.77
110.71
113.26
121.60
111.16
108.57
110.79
120.54
3.59
21-
124.86
3.44
3.64
4.00
4.25
4.13
21—
4.87
98.09
4.11
4.85
4.24
20-
110.73
113.26
111.35
98.41
108.75
110.98
120.75
4.10
121.60
3.59
124.86
3.44
3.63
4.00
4.12
20—
4.12
3.64
X
19-
110.71
108.75
110.98
120.54
4.00
4.24
98.25
19-
4.86
111.35
4.10
121.60
3.59
124.86
3.44
113.26
4.86
4.23
X
111.35
98.25
108.94
110.79
120.54
4.10
121 38
3.60
110.68
124.86
4.00
18-
113.26
3.44
3.64
18-
4.13
4.24
4.13
3.65
17-
110.61
113.07
98.25
108.75
110.79
120.33
4.01
4.86
111.16
4.11
121.38
3.60
124.64
3.45
4.24
4.13
3.66
"98.25
108.75
110.79
120.11
4.86
110.98
4.12
121.38
3.60
124.64
3.45
113.07
4.01
110.60
15—
15—
4.24
14-
110.59
113.07
98.25
108.75
110.79
120.11
4.86
110.98
4.12
121.38
3.60
124.64
3.45
3.66
4.01
4.13
14-
X
121.38
98.25
110.79
120.33
3.60
110.56
124.64
3.45
13-
113.07
4.01
4.13
3.65
13-
4.23
108.94
4.86
111.16
4.11
4.14
3.65
98.25
110.61
120.33
4.11
4.23
111.16
108.94
4.86
121.3b
3.60
124.64.
3.45
L13.07
4.01
110.49
12—
12-
X
X
11-
110.41
124.41
98.09
108.57
110.61
120.11
4.01
4.14
3.66
11-
4.25
110.98
4.12
4.87
121.38
3.60
113.07
3.46
98.25
108.75
110.79
120.11
4.86
110.98
4.12
124.41
121.38
3.60
113.07
3.46
10-
110.44
4.01
4.13
3.66
10-
4.24
4.14
3.66
108.75
110.61
120.11
3.60
4.24
110.98
98.25
4.86
121.38
4.12
124.41
3.46
113.07
4.01
110.42
8-
8-
112.85
110.98
108.57
110.61
120.11
4.12
110.42
121.38
3.60
7-
124.19
3.47
4.14
3.66
7-
4.25
98.09
4.87
4.15
3.67
108.21
110.42
119.90
3.47
4.27
110.61
97.78
4.89
121.17
4.14
124.19
3.61
112.69
4.03
110.30
6-
6-
3.48
4.14
3.67
119.90
5-
4.15
108.03
110.42
4.28
110.61
97.78
4.89
121.17
4.03
110.23
L23.97
3.61
112.69
3.48
3.61
4.14
4.90
3.67
119.90
4.03
4.16
110.23
4—
4.28
108.03
Aug. 28-.. 110.91
27- 110.91
113.65
125.52
113.46
125.30
26—
110.89
113.46
25—
110.86
24-
22-
:
5-
1
17-
4.02
'•
X
X
5.76
X
X
X
5.75
X
X
5.82
X
X
X
X
L10.19
112.69
121.17
110.61
97.62
4.15
3.68
108.03
110.42
119.69
3.62
4.28
97.62
4.90
120.96
110.42
4.15
123.97
3.48
112.50
4.04
110.17
3-
3-
3.67
X
119.90
3.62
4.15
108.03
110.42
4.28
110.61
97.78
4.89
120.96
4.14
123.97
3.48
112.69
4.03
110.16
1—
1
4.28
4.15
3.68
5.75
4-
—
123.97
Weekly—
120.96
110.61
108.03
110.42
119.69
July 31—
4.04
3.48
4.14
123.97
3.62
112.50
97.62
4.90
3.71
5.75
110.23
119.07
3.64
4.16
107.67
4.06
4.30
97.31
4.92
120.54
110.05
4.17
123.53
3.50
112.11
24__
109.92
4.96
5.77
17.
109.76
110.05
4.08
3.74
107.14
17-
4.17
96.70
118.45
4.33
109.68
4.19
120.33
3.65
123.53
3.50
111.73
110.05
4.21
5.82
106.60
118.45
4.36
109.31
96.08
5.00
120.33
3.65
110.05
123.32
3.51
10-
111.54
4.09
3.74
10-
4.17
5.80
3-
110.04
118.94
106.07
118.04
4.12
3.76
3—
4.20
109.49
4.39
95.48
5.04
119.90
4.23
123.10
3.67
110.98
3.52
95.63
106.25
117.84
5.03
5.77
108.75
4.24
119.48
3.69
122.46
3.55
June 26.. 109.88
109.93
19
110.79
4.13
3.77
June 26..
4.23
108.94
4.38
3.70
5.85
4.13
3.78
117.63
19—
4.24
106.60
108.75
4.36
95.63
5.03
119.27
108.94
4.23
122.46
3.55
110.79
3.76
5.95
12- 110.01
110.98
122.67
108.94
106.42
118.04
3.71
4.24
109.75
4.37
95.93
5.01
119.07
4.23
3.77
6.06
5- 109.99
110.42
122.46
118.66
108.75
95.18
105.72
108.39
117.84
May 29.. 110.01
22- 110.20
110.61
122.24
118.86
108.94
95.18
105.89
108.57
117.63
110.23
122.03
118.66
108.75
94.88
105.54
108.57
15.. 109.98
110.42
121.81
118.45
108.94
95.18
105.72
108.57
121.60
118.04
108.38
94.73
105.20
108.39
116.82
4.18
3.59
109.86
8—
109.70
104.51
108.03
116.01
1
4.21
3.60
Weekly—
July 31- 110.13
24.
8.
93.09
3.54
12-
4.12
5—
4.15
3.55
3.73
4.24
5.06
4.41
4.26
4.23
5.06
4.40
4.25
5.91
4.14
3.72
3.78
May 29..
3.56
3.57
3.73
4.24
5.08
5.92
4.16
3.79
22-
4.25
117.43
4.42
3.58
3.74
4.23
5.06
4.25
5.89
4.15
3.80
15-
4.41
117.22
3.76
4.26
5.09
4.44
4.26
3.82
5.84
3.80
4.28
5.14
4.48
4.28
3.86
5.96
3.80
4.27
5.08
4.46
4.27
3,84
5.86
3.83
5.83
•
109.69
109.31
121.38
117.22
108.03
117.22
108.21
94.88
104.85
108.21
116.42
Apr. 24 _.
4.19
Apr. 24.. 109.80
121.38
3.60
109.68
95.78
105.89
108.21
116.62
3.60
4.25
4.40
108.57
5.02
117.43
3.79
121.38
4.17
109.96
110.05
17..
4.27
3.83
5.83
9— 109.75
110.42
108.57
106.42
116.62
4.15
4.26
108.39
4.37
96.23
4.99
117.63
3.78
4.25
121.60
3.59
5.83
95.93
106.25
108.21
5.01
108.57
4.25
117.73
3.78
110.23
4.16
109.64
121.60
3.59
3.83
3..
4.27
116.62
4.38
4.28
5.85
Mar.27_. 109.66
121.17
106.07
108.03
116.42
4.39
95.63
5.03
108.75
4.24
117.43
3.79
110.05
4.17
3.61
3.84
Mar.27—
5.80
110.23
108.94
106.07
116.62
4.16
20- 109.51
117.84
4.23
121.38
3.60
3.83
20..
4.26
108.39
4.39
95.48
6.04
5.94
108.03
3.63
4.28
106.07
116.22
4.39
95.63
5.03
108.75
4.24
117.63
3.78
120.75
13-
109.11
110 05
4.17
3.85
5.87
110.98
118.04
108.57
116.22
4.12
3.61
3.85
6—
4.26
108.39
4.25
97.62
4.90
109.49
4.20
121.17
3.76
3.87
6.00
117.84
Feb. 29—
1..
17.
3.
13.
—
9..
3.77
6-
109.46
107.67
108.39
115.81
4.23
4.30
97.16
4.93
108.94
3.77
108.98
120.54
3.64
Feb. 29..
110.61
4.14
4.26
4.22
3.87
5.92
115.81
3.62
4.25
108.57
108.57
4.25
109.12
98.09
4.87
117.43
3.79
120.96
4.13
108.95
110.79
21
21..
6.05
4.14
3.62
3.87
115.81
15-
4.24
108.75
4.29
107.85
3.79
120.96
97.62
4.90
108.94
4.23
117.43
3.81
4.26
4.96
4.38
6.10
4.16
3.62
3.88
8.
4.25
115.61
3.82
4.28
5.02
4.42
4.25
6.15
4.19
3.63
3.89
1—
3.82
4.28
5.03
4.43
6.13
3.63
3.89
4.19
4.25
4.27
5.02
4.43
4.25
6.11
3.83
3.89
4 19
3.64
4.26
3.91
6.17
—
15- 108.52
8- 108.22
110.23
120.96
117.02
108.39
96.70
106.60
108.57
107.96
120.75
116.82
108.03
95.78
105.54
108.57
115.41
1—
109.68
108.03
109.68
120.75
116.82
108.03
95.63
105.37
108.57
115.41
31..
109.68
120.54
116.62
108.21
95.78
105.37
108.57
115.41
24..
24.. 107.89
17.. 108.34
Jan.
110.61
95.18
104.68
115.02
17-
4.21
3.83
6.06
116.62
107.85
4.29
120.11
3.66
109.31
108.39
4.47
4.27
6.26
108.02
119.90
103.48
108.21
114.04
4.54
93.99
5.14
107.14
4.33
115.41
3.89
108.39
4.26
3.67
3.96
10..
4.29
4.03
6.23
114.63
106.07
101.97
107.85
112.69
4 63
92.53
5 24
5.71
98.73
109.31
110.98
10„
Jan.
31
—
3..
4.32
3.70
3 93
4.39
3.41
107.31
119.27
1936
3.98
4.21
4.12
121.17
4.83
125.52
111.54
4.09
113.65
Low
Hlgh 1936 110.91
121.81
3.58
3.61
4.05
6.31
112.31
High 1936
4.29
101.64
107.85
4.65
91.96
5.28
106.07
4.39
114.43
3.94
119.07
3.71
107.14
4.33
107.77
3.68
4.41
5.30
6.78
4.34
3.94
4.06
112.11
Low
4.30
105.72
101.31
107 67
4.67
91.67
4.83
6.40
6.37
6.13
6.97
4.25
4.35
4.80
3.82
4.16
4.58
5.71
4.97
4.45
6.87
3.80
4.28
4.56
5.02
5.37
4.45
7.32
107.94
3Low
1936
High 1935 109.20
106.96
119.69
114.43
1935 105.66
99.20
116.82
108.57
Low
Aug.28'35 107.28
103.15
Yrs.Ago
Aug.28'34 104.83
117.22
110.23
102.81
2
»
96.85
These prices are
114.82
107.14
•»
3291.
tTAverage of 30 foreign
94.14
106.78
105.03
High 1935
108.03
77.55
96.54
95.78
90.69
Yr. Ago
4.95
105.03
3.92
4.33
STATE
basis of one "ideal" bond (4*4 % coupon, maturing in 31 years) and do not purport to suow euuer_ »
to illustrate in a more comprehensive way the relative
Moody a index of bond price* by month, back to 1928. see the issue of Feb. 6
list of bonds used In computing these indexes was published in the issue of May 18.
bonds but adjusted to a
1932 P«e907.
comparable basis with previous averages of 40 foreign bonds.
OF
TRADE—COMMERCIAL EPITOME
Friday Night, Aug.
28, 1936.
expand during the current week,
of the "Journal of Commerce," the
business index being 91.8 against 91.3 the previous week
and 75.3 the corresponding week of 1935.
A new record of
Business
6.43
5.11
X Daily averages discontinued .xcept
1935,
Friday
>
of each week.
THE
94.43
86,12
computed from average yields on the
averages,
Actual
page
90.69
movement of actual price quotations.
They merely serve
the latter being the truer picture of the bond market,
For
averaee price of 8 long-term Treasury issues.
+ The latest complete
level or the average
liefd
77.88
1
Yr. Ago
1
98.73
1935
continued to
according to the figures
production by the electric light and power industry was
recorded, the figures being 2,125,502,000 kilowatt hours,
which was 15.5% higher than for the same week in 1935
and 1.5% higher than for the week previous in 1936.
Indi¬
cations are that there will be no major interruption to the
_
until after the turn of the new year,
in industrial activity.
Steel con¬
tinues to be the outstanding feature of the industrial field,
with its sustained high rate of activity.
According to the
"Iron Age," current ingot operations are estimated at 73%
of capacity, a new six-year top.
It is stated that the ingot
rate does not give a true picture of the steel industry's
present high activity, as rolling mills in many plants are
present upward trend
barring any sharp slump
100% of theoretical capacity and
materially their backlogs of some
products, particularly sheets, structural shapes and plates,
which show a tendency to increase as new business flows in.
Although the outlook for steel is most promising, there are
elements in the situation that could bring about an abrupt
change, such as threatening labor disturbance in connection
with wage increase or the activities of the
conflicting
unions.
Indeed, a portion of the current wave of steel
buying is ascribed to the purchasing by consumers who
fear a possible disruption at some later date on account
turning out from 80 to
still unable to reduce
are
of
strikes.
In the case of the
railroads, lower prices have
greater revenues.
July reports now being issued by
the roads show a general expansion in this department.
The announcement of General Motors that it will build a
meant
new
plant at Linden, N. J., to cost about $5,575,000, and the
announcement by the Packard Motor Car Co. that
further
it is
are
expending an additional
clear indications of the
$5,100,000 on plant expansion
optimism that prevails in these
Volume
Financial
143
industries
Retail
concerning current and future business.
2 to 5%
business showed gains of
over
the previous week,
and 12 to
15% above the 1935 comparative period.
Whole¬
18 to 25% above the same week last
year.
Car loadings totaled 734,973 cars, a decrease of
1,524 cars from the week before, and an increase of 109,199
sale business averages
cars
of
the
over
the week
corresponding period of 1935.
characterized by
was
weather
The
continuation of abnor¬
a
Chronicle
loadings were 19.9% above those for the like week of 1935,
and 22.4% over those for the corresponding week of 1934.
Loadings for the week ended Aug. 8 showed a gain of 25.1 %
when compared with 1935 and a rise of 20.6% when com¬
parison is made with the
same week of 1934.
The first 18 major railroads to report for the week ended
Aug. 22,1936 loaded a total of 345,570 cars of revenue freight
on their own
lines, compared with 346,149 cars in the pre¬
ceding week and 298,249
mally high temperatures throughout the central valleys and
important rainfall, though good showers were
24, 1935.
rather
revenue
without
general to the northward of the heated
Maxi¬
area.
1309
temperatures qfor the week ranged from 100 to 110
degrees in all sections from Ohio, Kentucky and central
Tennessee
westward
over
the
to
central
Rocky
Texas.
and
Mountains
The
highest
of
other
stations
in
the
heated
third week in succession with
sections.
This
makes
the
abnormally high temperatures
daily in much of the interior of the country.
The persist¬
of the heat is indicated by the records for Oklahoma
City, where,
day for the past three weeks, maxi¬
reached 100 degrees or higher,
and during the past 43 days, 35 have had like
readings, with
an average for the entire
period of 102 degrees. This con¬
on every
temperatures
stitutes
have
remarkable record of
a
continuously high tempera¬
area cool, cloudy weather
prevailed most of the week. Today it was cloudy and warm
here, with temperatures ranging from 59 to 73 degrees.
tures.
The
In
the
forecast
New
York
for
was
City
showers
and
somewhat
Atchison Topeka & Santa Fe Ry.
Baltimore & Ohio RR
98; Salt Lake City, 48 to 80; Seattle,
Montreal, 50 to 68, and Winnipeg, 54 to 72.
"Annalist"
Weekly Index of Wholesale
modity Prices Decreased 1.7 Points During
Ended
Gulf Coast Lines
International Great Northern RR
Missouri-Kansas-Texas
RR
Missouri Pacific RR.
New York Central Lines
New York Chicago & St Louis Ry
Norfolk & Western Ry
Pennsylvania RR
Pere Marquette Ry
Pittsburgh & Lake Erie RR
Southern Pacific Lines.
Wabash Ry
Total
The
Aug.
Prices lost 1.7
25—Monthly
Average
for
August
The decline canceled almost all of the rise of the
on
heavy buying, the
one
point above
"Annalist" said.
The index
now
the levels
year
drought and other factors
of
one
withstanding.
ago,
5,352
26,951
5,537
6,907
x7,963
7,108
Co.
i
RECEIPTS
FROM
CONNECTIONS
Weeks Ended—
Aug. 15, 1936
Aug. 24, 1935
Chicago Rock Island & Pacific Ry.
24,936
Illinois Central System
St Louis-San Francisco Ry
31,566
14,060
24,404
31,354
14,133
21,689
27,737
12,444
70,562
69,891
Total
not¬
prices
week ended Aug.
Loading of
and the
15 reported
This
<
was
increase of
an
Loading of
8,204
122,492
large purchases
Cocoa
while
a
revenue
freight for the week of Aug. 15
1.1% above the preceding week.
cars or
WEEKLY INDEX OF WHOLESALE
COMMODITY PRICES
,<
1936 Aug.
18,
above the preceding week,
124.8
127.9
129.4
135.8
*110.7
xlll.3
110.0
165.7
165.7
164.3
112.7
109.8
111.8
111.4
and
cars
grain
products loading
the Western Districts
97.3
Miscellaneous
'
97.3
98.6
86.9
All commodities
Preliminary,
82.8
129.0
126.3
75.5
76.5
74.6
basis.
on old dollar
Revised,
87.0
127.3
All commodities
Based
exchange quotations for France, Switzer¬
land and Holland; Belgium included prior to March 1935.
x
y
Monthly Index of Wholesale Commodity
Prices for August is 127.8, a gain of 2.2
points over the
index for July and 1 point over August 1935.
The announce¬
ment by the "Annalist" continued:
products accounted for most of the rise, with food and
Fuel prices showed a relatively large decline
products trailing.
during August and outside of that item only the miscellaneous
ground.
THE
"ANNALIST"
MONTHLY
INDEX
Live stock loading amounted
decrease of 16,237 cars
12,097 cars,
an
increase of 643
above the preceding week,
13,963
cars
27,464
cars
and 4,631 cars
All districts
cars
cars,
an
year
above the
increase of 1,348
week in
same
cars
1935 and
cars
above the corresponding week in 1935, and
8,365
cars,
a
decrease of 85
cars
same
below the
week in
1935,
reported increases in the number of
cars
loaded with
revenue
freight, compared with the corresponding weeks in 1935 and 1934.
OF WHOLESALE
Loading of revenue freight in 1936 compared with the two previous
years
follow:
1936
July 1936
119.8
119.2
128.3
125.6
136.1
Four weeks in March
110.4
109.2
Four weeks in April
Five
weeks in February
164.3
Five
109.4
Four weeks in June.
111.8
111.4
97.3
97.1
98.6
Week of Aug. l._
87.0
87.1
82.9
Week of Aug. 8
127.8
125.6
75.8
74.1
•
126.8
weeks In May
Week of Aug. 15
*—
2,353,111
3,135,118
2,418,985
2,544,843
3,351,801
2,787,012
2,825,547
747,551
728,293
736,497
1934
•
2,169,146
2,927,453
2,408,319
2,302,101
2,887,975
2,465,735
2,224,872
595,297
582,077
614,005
2,183,081
2,920,192
2,461,895
2,340,460
3,026,021
2,504,974
2,351,015
19,176,980
19,606,054
612,660
603,968
601,788
74.9
Total
exchange quotations for France, Switzerland and Holland;
Belgium
Year Ago
Loadings of revenue freight for the week ended Aug. 22,
1936, totaled 734,973 cars.
This is a decline of 1,524 cars
or 0.2% from the preceding week,
a gain of 109,199 cars,
or 17.5%, over the total for the like week of
1935, and an
increase of 128,056 cars, or 21.1 %, over the total
loadings for
the corresponding week of 1934.
For the week ended Aug. 15
In
the
21,628,758
following table we undertake to show also the
loadings for separate roads and systems for the week endec
Aug. 15, 1936.
During this period a total of 117 road*
showed increases when compared with the same week las
year.
The most important of these roads, which showee
increases, were the New York Central Lines, the Pennsyl
vania System, the Baltimore & Ohio RR., the Southeri
System, the Atchison Topeka & Sanata Fe System and th<
Illinois Central System.
,,
a
»
-
Four weeks in July
included prior to March 1935.
Freight Car Loadings Above
1935
Aug. 1935
112.6
15 totaled
above the same week in 1934.
170.8
Revenue
cars
In the Western
above the preceding week this
preceding week, but an increase of 3,584 cars above the
111.8
on
increase of 531
above the corresponding week in 1934.
167.0
Based
an
week in 1934.
same
cars
6,004
Coke loading amounted to
112,8
All commodities on old dollar basis.
cars,
below the
cars
week in 1935.
Ore loading amounted to 56,132 cars, an increase of 1,926 cars above the
preceding week, 21,161
Fuels...
All commodities
same
above the same week in 1934.
Building materials
...
15,248
to
products loading totaled 36,547
Metals
M iscellaneous
of
1,469 cars above the same week in 1935.
Forest
125.2
Chemicals
decrease
week in 1934.
Districts alone, loading of live stock for the week ended Aug.
and
111.2
«
Textile products
a
same
decrease of 2,025
cars, a
below the
Four weeks in January
Food products
cars,
below the corresponding
above the preceding week, and 970 cars above the same week in 1935, but
a
group lost
COMMODITY PRICES
Farm products
42,771
cars
alone, grain and grain products loading for the
Aug. 15 totaled 28,317
Unadjusted for Seasonal Variation (1913=100)
Aug. 1936
totaled
preceding week this year, and 191 cars below the
on
The "Annalist"
The various farm
week ended
1935,
1934.
below the preceding week, and 150
118.1
127.2
cars
increase of 7,459
preceding week, 27,139 cars above the corresponding week in
week in 1935, but an increase of 3,164 cars above the
In
Farm products
an
above the corresponding week in 1935, and 5,443 cars above the same
Grain
1935
but
Coal loading amounted to 117,033 cars, an increase of 2,509 cars above
3,680
1936 Aug. 27.
Food products
111.8
or
56,325 cars' above the corresponding week
and 24,059 cars above the same week in
Unadjusted for seasonal variation (1913=100)
112.7
increase
....
week in 1934.
"
Chemicals
corre¬
22.4% above
or
was an
•
,
decrease of 387 cars below the preceding week,
the
"ANNALIST"
Building materials
cars
Loading of merchandise less than carload lot freight totaled 165,337
cotton
declined sharply to break the 11 H-cent support level.
Metals
19.9% compared with the
cars or
increase of 134,709
an
in 1935, and 72,222 cars above the corresponding week in 1934.
cars
Commodity markets were featured by two items during the week.
futures rose above the seven-cent level on
...
follows:
Miscellaneous freight loading totaled 295,064 cars, an increase of 6,042
majority of markets lacked the speculative interest that has
Textile products
Fuels.
as
freight for the week ended Aug. 15 totaled 736,497
the corresponding week in 1934.
The "Annalist" added:
were
Aug. 25,
revenue
sponding week in 1935, and
marked recent sessions.
THE
61,870
reviewing the
cars.
orderly-
manner
;-
The Association of American Railroads in
stands but
paid for most commodities during the past week.
Although liquidation was the general rule, selling was done in an
*
8,661
38,622
9,556
4,403
42,012
4,829
6,670
x8,440
7,837
19,360
6,720
31,191
5,742
1,156
1,743
2,838
8,396
39,077
9,606
4,370
43,149
4,679
1,723
2,679
Aug. 22, 1936
cars
Lower
*
56,541
5,361
7,800
7,936
11,088
4,502
11,857
8,258
6,985
6,944
8,584
1,289
1,617
2,532
7,629
32,316
7,417
3,368
31,660
3,797
5,369
x5,919
7,358
(Number of Cars)
Com¬
Weekly Index of Wholesale Commodity
points during the week ended Aug. 25 to close
preceding week when prices soared
textile
23,145
67,128
5,100
15,599
10,810
interchanged between S. P. Co.-Pacific Lines aq,d Texas & New
cars
RR.
TOTAL LOADINGS AND
"Annalist"
at 127.3.
*
5,498
19,115
15,836
2,166
2,295
4,693
13,703
35,084
4,897
16,462
40,813
5,251
5,088
15,272
11,159
8,234
8,411
10,843
1,278
18,600
26,588
20,930
15,240
23,813
16,436
23,114
18,228
2,599
2,318
4,729
345,570 346,149 298,249 195,717 195,476 157,301
Excludes
x
Orleans
Week
Above July
y
Weeks Ended—
City, 76 to
60 to 78;
The
Received from, Connections
Own Lines
20,473
32,640
21,173
33,505
24,066
16,575
22,578
17,392
2,411
2,167
4,867
16,974
39,626
5,222
22,726
67,599
5,219
7,103
30,549
5,818
Chesapeake & Ohio Ry
Chicago Burl & Qulncy RR
Chicago Milw St P & Pac Ry
Chicago & North Western Ry
Cleveland, 64 to 74; Detroit, 62 to 74; Charleston, 78 to 90;
Milwaukee, 66 to 70; Savannah, 78 to 96; Dallas, 74 to 94;
Kansas City, 78 to 104; Springfield,
Mo., 80 to 96; Okla¬
homa
on
Aug. 22 Aug. 15 Aug. 24 Aug. 22 Aug. 15 Aug. 24
1936
1935
1936
1936
1936
1935
to¬
warmer
night and Saturday.
Overnight at Boston it was 54 to 72
degrees; Baltimore, 68 to 78; Pittsburgh, 64 to 82; Port¬
land, Me., 54 to 72; Chicago, 70 to 76; Cincinnati, 68 to 94;
from connections
Weeks Ended—
temperature
ency
mum
Loaded
south-
reported from first-order stations was 110 degrees at Omaha,
Neb., on the 18th, and 108 degrees occurred at a number
days ended Aug.
seven
(Number of Cars)
■
mum
westward
in the
cars
A comparative table follows:
Freight loaded and received
Financial
1310
LOADED AND RECEIVED FROM CONNECTIONS
REVENUE FREIGHT
Total Revenue
1936
1934
1935
1936
531
Chicago Indianapolis & Louis v.
1935
1,099
263
239
7.074
1,232
9,089
2,328
8,191
1,574
22
27
70
63
1,012
3,628
8,001
904
4,694
7,853
2,048
6,445
"6,511
3,893
5,404
4,863
412
229
258
136
98
1,795
2,235
1,825
244
230
1,023
2,259
1,091
286
-.
Delaware Lackawanna & West.
Detroit & Mackinac.---.
Detroit Toledo & Ironton-
Detroit & Toledo Shore Line.
_
13,722
3,103
11,634
3,299
170
123
1,184
1,316
5,959
2,582
2,596
2,314
34,129
9,658
1,248
4,882
5,283
6,579
2,700
2,975
2,018
34,174
9,565
1,991
4,433
4.075
6,259
1,721
1,211
7,517
1,713
5,005
4,441
143
190
258
781
Lehigh & Hudson River.
Lehigh & New England.
Lehigh Valley-
.
2,982
Maine Central-
Monongahela
3,728
— -
2,371
Montour
b New York Central Lines
40,813
N. Y. N.H. & Hartford-
10,442
1,531
5,498
6,759
5,100
New York Ontario & Western..
Louis
Pittsburgh & Lake Erie.-N. Y. Chicago & St.
Pere MarquettePittsburgh & Shawmut
224
1,279
646
Wabash....
5,742
Wheeling & Lake Erie
4,811
Group B {Concluded)—
Georgia
—
885
1
592
5,689
3,539
6,392
1,479
Mobile & Ohio
172
109
394
255
1,674
2,566
1,740
1,373
2,215
1,649
456
423
336
685
513
Total
47,366
46,652
28,225
23,152
Grand total Southern District
'
98,250
81,804
80,910
'57,322
47,135
1,448
8,457
2,528
6,663
3,738
Northern District—
753
704
707
2,126
21,146
Belt Ry, of Chicago
18,563
2,254
19,862
3,831
18,427
11,088
3,096
20,435
3,935
2,989
7,936
4,121
—
& North Western
Great Western..
Duluth South Shore & Atlantic.
6,868
4,679
7,081
5,250
3,771
24
19
206
135
Green Bay & Western.—i
1,055
1,246
982
Lake
262
861
785
5,242
2,873
7,108
3,376
7,337
2,270
564
494
375
51
30,415,
608
32,640
5,866
25,465
360
160
1,300
5,888
878
5,290
1,664
2,431
280
278
58,517
Tennessee Central
2,880
23,U4
4,485
15,545
1*354
7,323
Milw. St- P. & PacificSt. P. Minn. & Omaha
Elgin Joliet & Eastern
Ft. Dodge Des Moines & South.
122,123
777
152
8,850
726
!■
5,670
228
496
354
3,686
8,857
4,985
3,734
471
Northern Pacific.
140
141
16,247
3,036
2,693
478
524
541
2,514
2,197
8,092
10,551
Minn. St. Paul & S. S. M.....
410
19,924
571
Superior & Ishpemlng
Minneapolis & St. Louis
422
21,659
Great Northern
1,920
1,961
5,489
9,617
1,543
117
84
1,627
2,609
3,419
1,387
2,182
2,512
5,480
9,692
_
■
466
2,681
359
319
292
308
228
1,418
1,873
1,630
1,193
1,091
124,432
102,521
98,192
46,959
38,027
22,027
4,543
1,923
Spokane International
Spokane Portland & Seattle...<TotaL.
■
358
170
1,M
Duluth Missabe & Northern.--
149,149
9,239
3,593
124
16,236
,3,098
St. L.
1,585
44
124,840
667
10,495
4,809
175
— — ~~
Nashville Chattanooga &
9,602
180
39,077
10,396
1,628
9,606
126,500
817
777
266
147,289
426
1,454
17,672
167
267
•
1,371
I
1,677
21,619
21*451
Mississippi Central
Chicago
Chicago
Chicago
Chicago
T
1,140
717
686
409
1,176
18,210
15,871
777
692
--
Georgia & Florida
Gulf Mobile & Northern
Illinois Central System.. -----Louisville & Nashville.--Macon Dublin & Savannah—.
'
345
Pittsburgh Shawmm & North-.
Pittsburgh & West Virginia.. -.
Rutland--..-'
-
1,757
11,360
5,074
1,306
14,015
2,860
1,491
8,615
Grand Trunk Western.....--.
II,568
169
Erie
—
1,156
689
28
-—.
_
Delaware & Hudson
Total-..-
542
1935
1936
1934
1935
1936
1,076
4,479
8,772
■
_
Central Vermont_.
\
I,086
7,579
1,398
7,908
1,702
Boston & Maine.
Central Indiana
626
929
---
-
Bangor & Aroostook-
from Connections
Freight Loaded
Railroaas
Eastern District—
Ann Arbor
Total Loads Received
Total Revenue
from Connections
1936
AUG, 15
(NUMBER OF CARS)—WEEK ENDED
Total Loads Received
Freight Loaded
Railroad
Aug. 29,
Chronicle
I
Allegheny District—
Akron Canton & Youngstown.
Baltimore & Ohio..
.
Bessemer & Lake Erie
24,285
3,785
3,798
534 *
1, ,599
12,226
2,016
2,399
......
Buffalo Creek & Gauley
Cambria & Indiana.
Central RR. of New Jersey.
878
18
9
Bingham & Garfield.
4,635
9,722
8,259
827
678
77
35
43
312
288
234
38
•39
82
52
56
29
22
879
732
854
2,028
1,373
67,128
Reading Co
Union (Pittsburgh)
13,651
13,992
1,483
1,053
32,692
11,674
3,670
—
—*
West Virginia Northern
Western Maryland
1,219
55,759
10,381
6,535
1,239
50,794
10,902
5,383
1,261
43,149
15,352
5,712
33
35
40
0
1
3,544
3,064
2,984
5,596
4,478
__
...
Chicago
Chicago
Chicago
Chicago
148,439
114,828
106,788
78,204
101,553
Burlington & Qulncy..
<fc Illinois Midland....
Rock Island & Pacific.
.
Norfolk & Western
19,512
17,703
'
•
Virginian
1
.....
638
3,505
3,071
689
41,358
38,750
16,954
51,865
915
2,331
3,433
570
6,141
1;749
1,222
2,327
32
23
607
254
981
1,265
916
874
1,146
1,753
1,317
1,026
1,327
1,717
1,218
Nevada Northern
North Western Pacific
...
1,931
204
Illinois Terminal
268
Included
Grand Island
90
69
871
472
502
106
111
66
19,568
System
5,303
3,657
1,136
677
a
1,254
21,430
24,260
Southern Pacific (Pacific)
in U. P.
•
349
282
396
14,373
12,761
13,892
1,185
8,810
242
231
224
6
6
1,884
1,708
1,638
2,578
2,397
108,846
Utah...
3,634
1,115
572;
4,370
1,085
730
999
V
6,813
767
7,800
1,054
7,670
2,231
1,262
2,969
517
7,495
10,810
3,908
Norfolk & Portsmouth Belt Line
•Total
19,106
15,843
16,199
1,386
12,185
2,254
/'
Fort Worth & Denver City....
97,902
100,851
51,250
42,426
4,447
3,713
Union Pacific System
23,813
23,145
43
15,330
1.409
11,235
2,084
18,780
3,347
Denver & Salt Lake.
Toledo Peoria & Western
Pocahontas District—
54
•
*
Denver & Rio Grande Western.
St. Joseph &
Chesapeake & Ohio
177
1,035
3,145
>
Peoria & Pekln Union
Total
5,251
2,181
205
16,436
1,428
12,926
2,814
—..
<fc Eastern Illinois.....
Colorado & Southern.
2,657
305
20,473
3,212
System.
Alton......-.-.--
Cumberland & Pennsylvania.-
-
Central Western District—
5
—
Ligonler Valley.
Long Island
Penn-Reading Seashore Lines.
Pennsylvania System
Cornwall
•
Atch. Top. & Santa Fe
7
267
•
Western Pacific
1—
Total
7,067
12,816
Southwestern District—
Alton & Southern
;
3,626
1,223
4,074
1,484
150
130
149
189
140
185
Fort Smith & Western
Southern District—
Group A—
206
Burlington-Rock Island-.
156
131
128
234
181
2,599
2,318
2,161
2,010
2,640
1,156
1,743
1,474
Gulf Coast Lines
;;..
8,019
1,277
7,394
972
6,806
1,004
Charleston & Western Carolina.
361
351
332
935
617
Kansas Oklahoma & Gulf
Durham & Southern.
170
133
140
384
408
41
26
30
83
78
Kansas City Southern..
Louisiana & Arkansas
Atlantic Coast Line.
Clinchfield
Gainesville Midland
950
958
1,087
1,198
1,091
Piedmont & Northern.
380
327
476
865
632
Richmond Fred. & Potomac
345
328
336
2,670
3,395
13,225
2,004
2,737
10,902
Norfolk
Southern..
Seaboard Air Line
7,252
20,761
-
Southern System
6,534
17,263
6,199
17,678
'
177
152
170
784
665
39,733
Winston-Salem
34,438
34,258
29,097
23,983
Southbound
Interaationa-Great
Northern.
-
474
903
763
Midland ValleyMissouri & Arkansas*——
692
708
617
253
202
160
115
95
243
188
Missouri-Kansas-Texas Lines.
4,729
16,462
4,750
4,325
14,302
2,838
8,396
2,496
13,550
Missouri Pacific
St. Louis Southwestern
738
628
428
843
607
573
1,003
1.984
485
341
87
3,450
1,382
-2,325
3,243
-
Wichita Falls & Southern
3,900,
5,896
4,609
2,503
2,587
199
160
80
69
28
13
55
39
49,092
51,457
66,652
47.037
5,614
14,639
184
377
113
4,088
1,966
2,660
3,634
19,172
32
Terminal RR. Ass'n of St. Louis
379
184
8,374
1,883
57,376
772
256
18
16
131
281
936
179
i
2,373
6,931
4,197
3,180
Texas & New Orleans
3,363
7,456
7,433
2,001
108
8,640
-
41
37
58
-----
Quanah Acme & Pacific
Texas & Pacific--
211
893
100
254
145
3,638
324
122
237
321
890
1,401
201
182
3,832
907
1,973
1,116
243
222
1,141
2,248
128
1,571
1,266
154
...
204
Atl. & W. P.—W. RR. of Ala..
Central of Georgia.
1,617
204
1703
1,211
Litchfield & Madison
St. Louis-San Francisco..
"'
Group B—
Alabama Tennessee & Northern
Atlanta Birmingham & Coast..
2,051
190
2,088
1,430
Louisiana Arkansas & Texas—
Natchez & Southern
Total.
.
_
187
Columbus & Greenville
Florida East Coast
460
Note—Previous year's figures revised,
*
Previous figures.
a
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 Michigan Central RR.
Railroad
Credit
Distribution
?
to Make Large Liquidating
Aug. 31—Payment to Amount to
Corp.
on
$7,354,139
The Railroad Credit Corp. on Aug.
31, will make to the
participating rail carriers the largest liquidating distribution
so far made by it at any one time, E.G. BucMand, President
of that corporation, announced Aug. 27.
The distribution
will amount to $7,354,139, or 10% of the fund originally
contributed by the carriers participating in the Marshalling
and Distributing Plan, 1931, Mr. BucMand said, adding:
The Railroad Credit Corp. was
organized by the railroads to make loans
to those rail carriers in need of funds to
prevent them from defaulting
fixed
interest obligations.
Of the total amount to
in cash
$3,753,630 will be
indebtedness to the
be distributed on Aug. 31,
and $3,600,509 will be credited on carriers'
corporation.
This will
bring the total amount distributed by the Railroad Credit
Corp. to $46,331,074, or 63%
participating carriers.
of the fund originally contributed by the
Of the latter amount, $22,475,584 will have been
returned in cash and $23,855,490 in credits.
Moody's Daily Commodity Index Declines Moderately
The average price of
week.
Moody's
this
basic commodities declined moderately
Daily Index of Staple Commodity
Prices closed at 183.1 this
a
Friday,
as
compared with 185.2
week ago.
NlPrices of silk, wheat, corn, hogs, cotton and wool were
lower, while there were advances in cocoa, hides, rubber and
steel.
The
lead, coffee and sugar
i
•
The movement of the Index during the week, with com¬
parisons, is as follows:
remained
Fri.,
Sat.,
Mon.,
Tues.,
Wed.,
Thurs.,
Fri.,
prices of silver,
unchanged.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
21
22
24
25
26..
27
28
copper,
185.2
—
—
184.9
184.3
183.9
183.8
—183.1
*
2 Weeks ago, Aug. 14-
185.2
Month ago, July 28
Year ago, Aug. 28
180.0
-164.5
1935 High—Oct. 7 and 9..—175.3
Low-—Mar. 18
148.4
1936 High—Aug. 18
188.9
...-162.7
Low—May 12
Slight Decline in Wholesale Commodity Price Average
During Week Ended Aug. 22 Reported by National
Fertilizer
Association
Due
largely to a drop in food prices, the weeMy wholesale
commodity price index compiled by the National Fertilizer
Association registered a small decline in the week ended
Aug. 22, following four consecutive weeMy advances.
The
index last week was 80.1, based on the 1926-1928 average
as 100, compared with 80.3 in the week
preceding, 79.0 a
month ago, and 77.5 a year ago.
The announcement issued
in Washington by the Association on Aug. 24 also had the
following to say:
Although
a
moderate decline in the food index, was largely responsible for
the recession of the all-commodity index,
the week
were
most, meats,
foodstuff price movements during
mixed and the number of increases in the group exceeded the
number of declines.
Lower quotations for such important commodities as
potatoes,
bread,
flour,
butter, and
eggs
sufficient, however, to offset the effect of declines in
a
were
more
than
larger number of
Volume
Financial
143
commodities.
The 10th consecutive weekly advance in the index of farm
product prices occured last week, but the rise
was
a
slight one.
Cotton
Chronicle
1311
2.4% in 1934; and in 1935
the rise amounted to 2.1%.
year has advanced from 80.1 to 81.5 or
1.7%
The index for this
.
prices were lower but the trend of grain prices continued upward; livestock
price trends were mixed.
A small advance in the index of fuel prices was
weighted according to their relative importance in the country's markets
brought about by higher quotations for fuel oil.
and is based
The
The
drop in the price of cotton as well as in the prices of certain cotton
goods resulted in the textile index falling off to the lowest point reached in
the past two months.
week were
Changes in the other commodity
index
The
of the
on
Bureau
the average
following table
were
during the
groups
784 price series
of the composite index
shows comparative movements
of wholesale
prices for similar six week
periods for the past five years:
COMMODITIES
ALL
lacking in significance.
Advances
Statistics includes
of Labor
for the year 1926 as 100.0.
registered by 35 price series included in the index and
Date and Index
declines by 24, the greatest number of declines recorded in several weeks;
preceding week there
% Change
(1926=100.0)
Year
Over 6 -Week
in the preceding week there were 28 advances and 19
declines; in the second
'
Period
July
August
1936
Per Cent
Preced'g
Week
'
17-80.5
10-80.1
3-79.6
25-76.9
18-76.1
11.75.4
4-75.1
28-74.71
21-75.1
+2.4
26-69.6
19-69.3
12.69.4
5-69.2
29-69.2
22-69.7
—0.1
27-65.2
20-65.4
13-65.2
6-64.8
30-64.7
23-64.5
+ 1.1
*
Month
Week
15-81.1
Ago
July 25,
Aug. 24,
1936
1935
Foods..
82.0
Cottonseed oil
22.3
79.9
80.7
75.3
The
97.4
93.1
76.6
72.2
89.2
78.2
75.6
75.5
73.1
79.7
79.3
79.9
74.6
77.8
77.4
77.4
69.4
69.5
commodities.
70.0
70.2
66.3
84.4
:
■
80.3
82.1
Fuels
Miscellaneous
''
(1926=100.0)
61.0
102.4
--------
10.3
_
Textiles
Aug.
Commodity Groups
Aug.
Aug.
July
Aug.
Aug.
Aug.
Aug.
All commodities
22
15
8
1
25
24
25
26
1936
1936
1936
1936
1936
1935
1934
1933
81.5
81.1
81.1
80.3
80.2
80.8
76.9
69.6
products.....
Farm
84.6
83.6
83.2
81.5
81.4
80.7
71.8
58.2
...
6.7
Metals
Foods
82.8
5.8
Building materials.
81.8
81.8
82.8
77.5
94.2
94.4
94.1
94.0
90.2
84.6
92.8
Chemicals and drugs.
94.6
94.6
94.6
95.4
Hides and leather products
Textile products
94.3
1.3
70.4
70.6
70.5
70.3
70.2
70.7
71.1
74.2
77.0
76.8
75.4
84.6
84.6
-
82.6
81.0
82.9
75.5
86.1
81.0
65.0
Fertilizer materials
67.3
67.2
66.5
64.6
Fuel &
lighting materials.
77.0
76.9
77.0
.3
Mixed fertilizers
73.7
73.1
73.1
73.0
Metals and metal products
86.3
86.3
86.3
86.3
86.2
86.0
85.9
81.2
.3
Farm machinery.
92.6
92.6
92.6
92.0
Building materials
86.9
86.9
86.9
86.8
86.8
85.1
86.4
80.7
79.5
79.2
78.8
78.9
79.1
79.3
76.0
72.5
.3
'
Chemicals and
100.0
All groups combined
...
drugs
Housefurnishing goods
75.2
66.7
Wholesale
Prices
up
Slightly
During
Aug. 22 According to United States
Ended
Department of Labor
82.6
81.7
82.9
76.9
71.3
70.5
71.3
67.2
70.1
65.2
81.1
81.0
79.7
79.5
*
*
*
75.6
75.5
75.6
75.5
75.5
*
*
*
Finished products
All commodities other than
82.5
82.2
82.2
81.7
81.6
*
*
*
farm products.:......
All commodities other than
80.8
80.6
80.6
80.1
80.0
80.7
77.9
72.0
farm products and foods
Commodity
Week
82.4
71.1
81.8
Semi-manufact'd articles.
77.5
79.0
71.6
Raw materials
80.3
80.1
82.5
Miscellaneous
,
i'
of com¬
groups
.■
.
76.3
69.0
"•104.6
16.4
20-79.1
96.5
79.9
66.5
Livestock
V
72.8
80.0
Cotton
Grains
27-79.2-
+ 1.7
+2.1
•18-80.1
following table shows index numbers for the main
82.2
a
99.3
Farm products
7.7
82.6
81.3
Fats and oils.-.-
25-80.2
1-80.3
modities for the past five weeks and for Aug. 24, 1935, Aug. 25, 1934, and
Aug. 26, 1933:
28.6
8-81.1
Year
Ago
Aug. 22, Aug. 15,
1936
1936
Total Index
24-80.8
1934
INDEX
1926-1928—100
Latest
Group
1935
1932
Each Group
22-81.5
1933
Compiled by the National Fertilizer Association.
Bears to the
1
32 advances and 15 declines.
were
WEEKLY WHOLESALE COMMODITY PRICE
79.7
79.6
79.6
79.4
79.5
78.1
78.4
74.4
Wholesale
commodity prices turned upward during the
ending Aug. 22 and increased 0.5%, according to an
announcement made Aug. 27 by Commissioner Lubin of
*
82.6
...
82.6
Not computed.
week
the United
States Bureau
of Labor
Statistics.
Mr.
This advance
brought the composite index of wholesale prices to 81.5%
of the 1926 average.
Compared with the corresponding week of July, the
current level showed an increase of
1.6% and is 0.9% above the week of
Aug. 24, 1935.
The rise in the, combined index
was
in farm products and an increase of
Smaller increases
largely due to
an
advance of 1,2,%
0.7% in miscellaneous commodities.
shown for foods, bides and leather products, fuel and
lighting materials, chemicals and drugs, and housefurnishing goods.
The
textile produces group declined 0-3%
following a steady rise since the first
of June,
were
and metals and metal products and building materials remained
unchanged.
'
Average wholesale prices of
j
raw
materials
rose
0.9% and showed an
accumulated increase of 2.9% over the
corresponding week of July.
manufactured articles showed an increase of
0.1%
and
month
a
above
a
over the
week ago and is
Semi¬
higher by 1.1 % when compared with
a
The index for all commodiies other than farm products and foods
well
as
The
following is also from the
Institute, in its weekly statement,
Aug. 22, 1936, totaled 2,125,502,000 kwh.
For the
this year weekly electric output figures have
established a new all-time high mark.
Total output for
the latest week indicated a gain of 15:5% over the corre¬
sponding week of 1935, when output totaled 1,839,815,000
time
kwh.
Electric output during the week ended Aug. 15 totaled
2,093,928,000 kwh.
This was a gain of 14.3% over the
1,832,695,000 kwh. produced during the week ended Aug. 17,
The Institute's statement follows:
1935.
PERCENTAGE
INCREASE OVER PREVIOUS
Week Ended
Major Geographic
Regions
YEAR
Week Ended
Aug. 15, 1936
Aug. 22, 1936
New England
Week Ended
Aug. 8, 1936
15.0
14.7
Week
Ended
Aug. 1, 19361
15.9
12.7
Middle Atlantic.
14.6
13.3
14.0
.10.9
Central Industrial
18.4
17.1
16.5
18.2
.
issued
announcement
Commissioner Lubin:
by
West Central
16.4
13.1
7.4
10.6
Southern States
20.4
18.7
15.5
18.4
Rocky Mountain.
14.1
12.8
15.0
16.0
Pacific Coast
% and that for non-agricultural goods which includes foods
industrial commodities increased 0.1%
as
Electric
ended
fifth
month ago.
(industrial) increased 0.1% and is 0.3% higher than the corresponding week
of July.
During the past 12 months the index for industrial commodities
has advanced 2
Edison
disclosed that the production of electricity by the electric
light and power industry of the United States for the week
0.4%
was
Non-agricultural commodities advanced 0.2% during the week to 80.8%
of the 1926 average and showed an increase of 1
% over the level of a month
ago.
The
preceding week
Tne level for the finished products group
ago.
Weekly Electric Output Again Reaches New Peak
Lubin
stated:
10.6
8.6
10.6
9.5
15.5
14.3
14.3
14.2
Total United States.
DATA
,
.
FOR
RECENT WEEKS
The largest increase during the week—1.2%—was
registered by the farm
>
products group.
The advance was primarily due to increases of 5% for
grains and 2.3% for livestock and poultry.
Other farm products, including
cotton, eggs, fresh fruits and vegetables, declined 0.9%.
The index for the
group—84.6—now stands at the highest level since September 1930.
3.9% above
a
month ago and 4.8^
higher than
articles showing increased prices over the week
cows, steers,
a
were
corn, oats,
were
apples,
Sharp advances in prices of bran, cottonseed meal, and middlings caused
12% during the week.
Automobile tires, paper and pulp,
and
crude
rubber
remained
stable.
The
average
for
the
miscellaneous
0.7%.
Chemicals and drugs increased 0.4% due
primarily to higher prices for inedible tallow, vegetable oils, and menthol.
group
rose
Mixed fertilizers and fertilizer materials remained at the
preceding week's
level.
"
year
a
Higher prices
flour, raisins, fresh veal, coffee, and eggs.
6...
1,945,018 1,724,491 +12.8
13...
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
2,088,284 1,823,521 + 14.5
June 20...
June 27--.
July
4...
11...
July
18...
July
25...
1...
Aug.
Aug.
8...
Aug.
15...
Aug.
22...
Aug.
2,079,137 1,821,398 + 14.2
2,079,149 1,819,371 + 14.3
2,093,928 1,832,695 + 14.3
2,125,502 1,839,815 +15.5
29...
1,809,716
Month
of—
Jan
1935
8,664,110
8,025,886
Feb
March
.
8,375,493
cow¬
May...
hides, and goat skins accounted for the 0.1 % increase in the hides and leather
products group.
Fuel and lighting materials advanced 0.1% because of
June...
8,640,147
Advancing prices of chrome calf and chrome
April.
side
leather, packer's
fractional advances in coal, coke, and natural
gasoline.
The index for the
increased 0.1 % due to higher prices of
blankets,
and felt mattresses.
Falling
prices
for
_.
July...
August.
Sept
—
Oct
Nov
chinawood
oil
and
building
sand
Dec
counterbalanced
slightly higher prices for yellow pine lumber and prepared roofing
resulting
no change for the building materials
group index.
Metals and metal
products also remained unchanged from the preceding week.
Lower prices of cotton yarns, print cloth, cotton
broadcloth,
raw
silk,
stationary.
During the past six weeks, the general trend of wholesale prices has been
upward.
The trend for corresponding periods during the
preceding four
1.1%.
also upward.
In 1932, the increase for the
corresponding period
In 1933, the index showed virtually
1929
1.435
1,442
1,441
1,457
1,342
1,416
1,434
1,440
1,621
1,657
1,610
1.635
1,607
1,604
1,645
1,651
1,644
1,707
1,690
1,699
1,703
1,723
1,592
1,675
1,688
1,556
1,648
1,648
1,664
1,684
1,654
1,662
1.658
1.659
1,674
1,648
1,650
1,627
1,650
1,630
1,637
1,627
Total
Ch'ge
7,762,513
7,048,495
7,500,566
7,382,224
7,544,845
7,404,174
7,796,665
8,078,451
7,795,422
8,388,495
8,197,215
8,521,201
1,427
1,415
1,432
1.436
1,465
1,643
1,629
1,643
1,638
1.636
1,698
1,704
1,594
1,626
1,667
1,686
1,678
1,692
1,677
1,691
1,688
1,712
1,727
1,723
1,725
1,730
1,733
1,750
1,762
(THOUSANDS OF KWH.)
+ 16.7
7,056,116
no
change; the increase
was
6,608,356
7,198,232
6,978,419
7,249,732
7,116,261
7,309,575
6,832,260
7,384,922
7,160,756
7,538,337
i
1932
6,480,897
5,835,263
6,182,281
6,024,855
6,532,686
6,809,440
7,058,600
7,218,678
6,931,652
7,094,412
6,831,573
7,009,164
7.011,736
6.494,091
6,771,684
6,294,302
6,219,554
6.130.077
6,112,175
6,310,667
6,317,733
6,633,865
6,507,804
6,638,424
1931
7,435,782
6,678,915
7,370,687
7,184,514
7,180,210
7,070,729
7,288,576
7,166,086
7,099,421
7,331,380
6,971,644
7,288,025
85,564,124 80,009,501 77,442,112 86,063,979
Note—The monthly figures shown above
based on
1933
7,131,158
93,420,266
.
1934
+ 11.6
+ 13.9
+ 11.7
+ 12.9
+ 13.1
of the electric light and
about 70%.
mately 92%
and silk yarns, Manila hemp, and raw jute caused the textile
products group
to decline 0.3%.
Clothing, knit goods, and woolen and worsted goods were
years was
1930
1,542
1,578
1,598
1,656
1,539
MONTHS
in
was
1931
1,655
1,665
P. C.
1936
-
8,336,990
8,532,355
group
1932
The current foods index—1
corn meal, canned
housefurnishing goods
1933
month ago but is still 3.8% below the level of
were reported for oatmeal, rye
flour, hominy
peaches, canned spinach, prunes, fresh and cured
beef, fresh pork, copra, glucose, lard, oleo oil, pepper, raw
sugar, edible
tallow, and vegetable oils.
Lower prices were reported for butter, wheat
ago.
of Kilowatt-hours
1934
DATA FOR RECENT
Wholesale prices of foods increased 0.2%.
a
1935
June
...,
82.8—is 2.2% higher than
grits,
1936
July
eggs,
cattle feed to rise
commodity
in Millions
Ch'ge
June
rye, wheat,
Lower prices
reported for barley, sheep, live poultry (New York), cotton,
fresh milk (Chicago), hops, onions, and potatoes.
Weekly Data for Previous Years
P. C.
It is
Important
year ago.
hogs, hay, seeds, oranges an,d dried beans.
-
(In Thousands of
Kilowatt-hours)
Week of—
are
based
power industry
on
reports covering approxi¬
and the
weekly figures are
.
Monthly Indexes of Board of Governors of the Federal
Reserve System
The Board of Governors of the Federal Reserve
System;
under date of Aug. 28, issued as follows its
monthly indexes
of industrial
production, factory employment, &c.:
Financial
1312
Exports of cotton
this year.
BUSINESS INDEXES
bonded warehouses, plus
goods entering consumption channels upon arrival in the United States)
amounted to $193,409,000 compared with $190,387,000 in June and with
(goods entered for storage in
General imports
Adjusted for
Without
Seasonal Variation
Seasonal Adjustment
July
June
July
July
June
July
1936
v
1936
1935
1936
1936
1935
•
General Indexes—
pl08
103
86
pl04
104
83
Manufactures
pl09
104
86
pl05
105
83
Minerals
pi 02
99
84
pl03
100
84
p5 7
p40
52
35
p63
60
39
36
25
p41
39
25
p70
65
43
p81
78
total
Industrial production,
Construction contracts,
value:(a)
Total
—-—£
Residential
All other
50
Imports for
spirits, cotton
tin accounted
7*79.7
from
77.8
7*78.7
7*64.8
$2,005,000 to
86.3
73
70
58
75
72
60
p91
88
80
p63
84
55
119
113
69
111
113
pll5
107
105
pl07
101
97
92
88
74
90
87
74
123
7-118
94
128
134
98
pll2
101
109
pi 10
97
107
74
52
•.«.
154
147
140
167
161
p80
74
55
p72
66
Factory payrolls (5)
Freight-car loadings
value
Department store sales,
—
•
by Groups
and Industries—
Manufactures—Iron and steel.
Textiles
Food products
Automobiles
Leather and shoes
Cement
Tobacco manufactures—...
Minerals—Bituminous coal
•
64
92
63
152
50
*
and wool manufactures, wood pulp and paper, nickel and
total increase.
Imports of furs increased
$4,792,000 to $7,030,000: whiskey and other spirits from
for over half the
value of
86.0
87.7
Factory employment (&)
Production Indexes
1935.
consumption (goods entering consumption channels imme¬
diately upon arrival, plus withdrawals from bonded warehouses) amounted
to $197,405,000 compared with $193,622,000 in June and $173,096,000
in July, 1935.
The increase in imports for consumption compared with
the corresponding month of last year was distributed among a wide range
of commodities, although increases in the imports of furs, whiskey and other
$176,631,000 in July,
86.8
r80.6
a
amounted to $695,000 compared with $77,000 in June
1935.
Imports of gold amounted to $16,074,000
in June and with $16,287,000 in July, 1935.
Silver exports amounted to $138,000 compared with $197,000 in June and
$1,547,000 in July, 1935.
Silver imports amounted to $6,574,000 com¬
pared with $23,981^000 in June and $30,230,000 in July, 1935.
Exports of gold
66
62
p60
57
51
146
134
pl49
149
137
and
81
80
50
164
157
102
compared with $277,851,000
104
103
103
73
69
99
75
101
62
70
57
97
80
—
71
-
Silver
Lead
59
■
,
68
$59,000 in
July,
I
production, car loadings and department store sales based on daily
averages,
a Based on three-month moving averages of F. W. Dodge data centered
at second month.
6 Indexes of factory employment and payrolls without seasonal
*
$3,-
from $1,865,000 to $2,605,000, and wood
pulp and paper from $11,899,000 to $14,698,000.
Imports of nickel
increased from 3,924,000 pounds, valued at $984,000, to 7,726,000 pounds,
valued at $1,945,000, and tin from 9,360,000 pounds, valued at $4,558,000,
to 15,005,000 pounds, vauled at $6,546,000.
General imports of merchandise exceeded exports of merchandise by
$15,085,000.
In the first seven months of the year, imports have exceeded
exports by $24,091,000 compared with a net balance of merchandise exports
of $26,243,000 in the corresponding period of 1935.
p73
Zinc
manufactures from $2,648,000 to
$5,525,000: cotton
wool manufactures
707,000,
pl46
Anthracite..
Petroleum, crude
Iron ore shipments
semi-manufactures
manufactures and cotton
both increased.
1923-1925=100)*
of Board of Governors,
(Index numbers
1936
Aug. 29,
Chronicle
•
.
Indexes of
adjustment compiled by Bureau of Labor Statistics.
Index
adjusted for seasonal variation compiled by Federal Reserve
p Preliminary.
r Revised.
BY MONTHS—EXPORTS, INCLUDING
EXPORTS, GENERAL IMPORTS, AND BALANCE OF TRADE
TRADE
MERCHANDISE
of factory employment,
Board of Governors,
7
July
Ended July
Months
Increase
Exports and Imports
FACTORY EMPLOYMENT AND PAYROLLS—INDEXES
AND INDUSTRIES* (1923-1925^=100)
(+)
Decrease(—)
1935
1936
1935
1936
BY GROUPS
RE¬
1,000
1,000
Dollars
Dollars
Dollars
Dollars
Dollars
178,324
173,230
193,409
176,631
1,332,471
1,356,562
1,197,340
1,171,097
1,000
1,000
Payrolls
Employment
Exports.
Seasonal
'
'
Adjustment Seasonal
Seasonal
Variation
Imports
Without
Without
Adjusted for
/
....
Adjustment
July
June
July
July
June
July
July
June
July
1936
1936
1935
1936
1936
1935
1936
1936
.
1,000
+ 135,131
+ 185,465
26,243
Excess of exports.
24" 091
"3" 401
15" 085
Excess of Imports.
1935
1934
1935
1936
Month or Period
1933
1932
1931
1,000
1,000
Dollars
Dollars
*
Total
86.3
87.7
7*80.6
7*64.8
7*78.7
77.8
7*79.7
86.0
86.8
Exports
,
85.1
82.2
72.4
83.8
82.4
71 3
75 8
78 5
7*52 6
101 0
100 7
86 1
100.4
100.3
85.6
87.5
7*90.6
67.5
98.2
7*99.1
7*84.9
101.0
7*104.6
7*87.3
93.3
7*99.5
7*68.1
Iron and steel
Machinery
Transporta'n equip
106.4
60.1
1,000
1,000
Including Reexports
Dollars
Dollars
Dollars
Dollars
January
198,663
176,223
February..
182,030
163,007
.
135,095
235,899
215,077
114,203
131.899
203,970
99.5
7*107.1
53.5
58.0
62.3
48.2
April
196,189
192,783
7*59.9
May
200,674
184,909
170.244
179,427
160,197
170,519
119,790
114,148
178,324
173,230
161,672
144,109
106,830
172,126
171,984
108.599
198,803
191,313
206,413
194,712
170,654
131,473
160,119
132,037
187,077
180,772
164,808
180.228
193,069
153,090
204,905
184,256
192,638
138,834
131,614
193,540
184,070
.
7*76.8
March
7*82.2
88.7
89.7
7*80.2
73.6
52.0
58.1
57.5
51.9
48.5
7*49.4
38.3
June
54.4
61.1
60.7
54.7
48.8
49.5
38.9
July..:
58.3
;
...
Stone, clay & glass
60.5
Textiles & prod'ts.
1. Fabrics
98.2
94.5
92.2
93.4
93.2
87.8
76.3
75.7
68.4
August
95.9
91.8
91.2
92.0
90.6
87.5
78.5
76.5
70.1
September
Wear, appar'l
99.3
96.7
90.3
92.5
95.2
84.4
67.4
69.6
60.8
October
221,296
86.4
85.9
86.9
86.9
82.4
87.3
76.5
66.7
77.5
November
269,838
100.4 7*105.7
103.6
95.8
7*96.9
December
223,469
102.4 7*101.6
103.9
105,217
100.6
90.8
Food products
154,876
60.6
57.3
products.
108,015
114.3
58.2
Leather
190,938
58.9
90.9
2.
153,972
109.6
metals
r
150,022
101,515
53.2
Lumber & prod'ts.
L
120,589
185,026
164,151
165,459
76.1
Nonferrous
249,598
224,346
172,220
162,752
97.7
108.2
58.6
Automobiles
RR. repair shops..
1,000
1,000
107.7
Tobacco products.
57.6
57.2
58.2
57.0
56.9
57.6
49.2
48.3
47.6
Paper and printing
Chem'ls & petrol.
98.9
99.2
96.5
97.9
98.3
95.5
87.7
90.5
81.4
114.2
111.8
110.7
110.7
108.3
106.8
103.7
7*102.6
95.4
114.8
112.3
111.1
109.7
107.8
105.7
102.3 7*101.7
93.8
112.1
7*109.7
108.8
114.6
7*110.7
111.2
83.6
r81.7
7*77.4
84.5
7*83.7
7*78.3
r._
products
January
except pet'm
refining
Petrol,
2.
946,842 1,496,739
813,438
1,332,471 1,197,340 1,197,725
2,282,874 2,132,800 1,674,994 1,611,016 2,424,289
.
General Imports—
Chem. group,
1.
7 months end. July..
12 months end. Dec..
ref'g.
Rubber products ..
108.4 7*105.6
100.5
7*79.0
61.3
77.0
187,482
152,491
177.356
198,496
1.
March
166.832
192,771
—
February
170,500
170,533
156,754
202,799
April
191.218
May.........
96,006
83,748
135,520
130,999
174,946
158,105
94,860
131,189
210,202
146,523
88,412
106,869
122,197
126,522
employment and payrolls without seasonal adjustment com¬
Indexes of factory
185,706
110,280
173,455
142,980
79,421
91,102
174,460
166,679
170,384
168,708
149,480
153.773
154,647
Index of factory employment adjusted for
Underlying figures are
for payroll period ending nearest middle of month.
July 1936 figures are pre¬
liminary, subject to revision.
r Revised.
piled by Bureau of Labor
Statistics.
seasonal variation compiled by F. R.
Board of Governors.
176,631
136,109
127,229
August
169,030
119,513
154,918
September
161,647
189.357
131,658
146,643
October
120.635
150,867
November
*
169,385
150,919
128,541
133,518
190,387
193,409
June
July
186,968
December
Country's Foreign Trade in July—Imports and Exports
of Commerce
statement on the
7 months end. July..
183,148
135,706
132,753
132,258
112,276
98,411
105,499
104,468
97,087
179,694
735,072
826,207 1,281,611
2,047,485 1,655,055 1,449,559 1,322,774 2,090,635
1,356,562 1,171,098
12 months end. Dec..
991,072
The Bureau of Statistics of the Department
Washington on Aug. 26 issued its
foreign trade of the United States for July and the seven
months ended with July, with comparison by months back
to 1931.
The report is as follows:
at
In
from the June
general rule, both exports
July United States export trade declined 4% in value
level, while imports increased about 2%.
As a
Compared with
and imports 9%
compared
imports
16% larger in value.
Compared with the first seven months of 1933, which
immediately preceded the general improvement of our foreign trade, ex¬
including reexports, amounted in July to
and
semi-manufactured
articles,
including machinery,
electrical
wood and paper, and
(excluding textile fibers),
and edible animal products.
Exports of iron and steel semi-manufactures
increased from a value of $5,356,000 to $6,789,000: electrical machinery
apparatus,
aircraft, iron and steel manufactures,
larger shipments of inedible vegetable products
and
to
$6,242,000
from
apparatus
$3,046,000
from
1935
1,000
1,000
1.000
1,000
Dollars
Exports (U. S. mdse.)..
Imports for consumption
Dollars
Dollars
Dollars
174,894
167,865
173,096
1,309,536
1,349,422
1,170,985
1,157,448
197,405
(+)
Decrease(—)
1935
1936
to
$8,079,000;
sawmill
products from
$4,002,000, and aircraft, including parts and accessories,
$909,000
to
$3,053,000.
Exports
creased from 14,782,000 pounds, valued at
in¬
$4,410,000, to 20,884,000 pounds,
of
Month or Period
1936
1935
1934
Dollars
+ 138,551
+ 191,974
1933
1932
1931
1,000
Dollars
Exports
85% larger.
$178,324,000 com¬
pared with $184,909,000 in June, and with $173,230,000 in July, 1935.
The increase over July of last year was due chiefly to larger shipments of
Exports,
to
July
Increase
1936
corresponding period of 1935, exports have been 11% and
ports have been 64% larger and imports
finished
7 Months Ended
July
Exports and Imports
1,000
exports were 3%
July of last year,
In the first seven months of the current year,
larger in value.
with the
MERCHANDISE AND IMPORTS FOR
show a small seasonal decline in July.
and imports
MONTHS—EXPORTS OF UNITED STATES
CONSUMPTION
MERCHANDISE TRADE BY
1,000
1,000
1,000
1,000
1,000
U. S. Merchandise
Dollars
Dollars
Dollars
Dollars
Dollars
169,577
118,559
146,906
245,727
159,617
99,423
220,660
187,418
106,293
151,048
151,403
March
192,481
173,560
160,312
181,667
April
189,561
160.511
176,490
103,265
May
196,921
159,791
157,161
180,602
167,278
167,902
111,845
117,617
132,268
128,553
109,478
174,894
159,128
141,573
104,276
August
167,865
169,683
169.851
129,315
September
196,040
188,860
203,536
192,156
168,442
157,490
190,842
106,270
129,538
January
195,691
February
179,387
June
July
.....
218,184
October...
November...
267,258
December
220,931
unmanufactured tobacco
231,081
210,061
199.225
182,797
177,025
161,494
177,382
181,291
136,402
201,390
190,339
189,808
128,975
180,801
151,035
923,932 1,466,576
798,475
1,309,536 1,170,985 1,177,292
months end, Dec..
2,243,081 2,100,135 1,647,220 1,576,151 2,377,982
7 months end. July..
12
valued at $4,774,000.
Exports of packing-house products, which declined in the first six
of this
larger
year
than
months
compared with the corresponding period of last year,
in
July,
1935.
Exports
of meat
products
Imports for
Consumption
were
increased from
January.
February
13,083,000 pounds, valued at $2,462,000, to 14,863,000 pounds, valued at
March
$3,014,000, while lard exports increased from 4,915,000 pounds, valued at
April
May
$614,000, to 7,481,000 pounds, valued at $835,000.
June
Exports of unmanufactured cotton, which were substantially larger in
the first six months of the current year compared with the
corresponding
period of last year, dropped sharply in July, with foreign buyers apparently
holding off because of the diminished supply of desirable grades of spot
cotton and in
anticipation of the new crop, which is
somewhat larger than that
which amounted
to
of last year.
expected to be
August..
September
October
November
December
168,482
193,622
197,405
155.313
152,246
175,485
128,976
125.047
153,396
92,718
84,164
91,893
88,107
109,141
134,311
112,509
79,934
166,070
141,247
166,756
147,467
135,067
123,931
124,010
141,018
173,096
180,381
168,683
189,806
162,828
179,760
129,804
130,584
123,176
112,611
183.284
177,483
205,690
182,867
176.443
170,747
137,975
149,288
104,662
174,559
168,735
174,740
171,589
149,470
125,269
105,295
152,802
126,193
127,170
95,898
149,516
117,262
152,714
93,375
149,893
147.599
102,933
Unmanufactured cotton exports,
157,885,000 pounds, valued at $19,232,000 in July,
1935, amounted to 93,322,000 pounds,
now
July
186,392
189,587
194,091
199,796
188,529
valued at $10,788,000 in July of
730,972
822,929 1,271,073
955,211
2,038,905 1,636,003 1,433,013 1,325,093 2,088,455
7 months end. July.. 1,349,422 1,157,447
12 months end. Dec..
MONTHS—EXPORTS,
BY
SILVER
AND
GOLD
Financial
143
Volume
Excess
f)
Increase
Exports and Imports
Decrease(—)
1935
1936
1935
1936
1,000
1,000
1,000
1,000
1,000
Dollars
Dollars
Dollars
Dollars
Dollars
695
59
27,118
Imports
16,074
16,287
552,766
+25,834
1,284
821,676
820,392
—268,910
15,379
16,228
525,648
Exports
138
1,704
13,779
Imports
6,574
1,547
30,230
124,168
121,456
6,436
28,683
122,464
107,677
Excess of Imports
Silver—
—12,075
+2,712
,
Excess of exports
Excess of imports
ber
Period.
1936
1935
1934
1933
1936
1935
1934
1933
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
Dollars
Dollars
Dollars
Dollars
Dollars
Dollars
Dollars
363
4,715
14
253
1,248
859
1,551
23,637
46
51
1,661
734
209
540
44
21,521
28,123
141
2,315
237
3,128
665
62
37
16,741
535
1,593
1,425
5
49
1,780
22,925
203
2,885
1,638
235
77
166
6,586
4,380
197
1,717
2,404
343
695
59
114
85,375
81,473
58,282
138
1,547
1,789
2,009
1,741
102
14,556
86
76
22,255
2,173
November
242
December
170
August
September
October
*7 mos. end. July
1,472
1,424
260
1,162
2,281
2,957
512
1,698
464
140
10,815
769
1,014
590
13,779
18,801
1,704
13,325 179,078
52,759 366,652
9,513
16,551
5,371
19,041
Imports—
February
March
2,128
1,823
1,693
11,002
1,955
1,520
j
855
54,785
6.769
169,957 140,065
35,362
1,785
4,989
13.501
4,435
5,275
277,851 230,538
70,291
1,136
23,981
10,444
5,431
15,472
6,574
30,230
2,458
5,386
30,820
21,926
20,831
11,602
14,425
4,106
15,011
8,711
4,977
16,287
52,460
1,497
46,085
51,781
September
156,805
3,585
1,085
1,545
October
13,010
315,424
210,810 121,199
92,249
190,180
July..
16,074
November..
December......
45,689
48,898
1,696
2,174
60,065
1,687
47,603
552,766 821,676 904,847 185,010 124,168 121,456 21,822
354,531 102,725
Dec
11740979 1186671 193.197
end. July
mos.
12
3,593
16,351
28,106 148,670
August
7
1,763
19,085
20,842
58,483
17,536
8,115
4,490
1,947 128,479
45,981 149,755
30,397
7,002 122,817 452,622
14,948
13,543 237,380
7,795
January
.....
end.
mos.
3.494
4,083
31,963
60.225
which
in
increased
Aug.
Noted in Production,
Further Increase During July
Employment and Trade
•
19.
♦
States,
United
in the
the Board of
that pro¬
duction, employment, and trade increased further in July,
and
July
three weeks of August,
first
the
Governors of the Federal Reserve System reports
the usual
for
made
is
allowance
when
seasonal changes,
to advance. Money rates
extremely low levels, the Board noted in its
commodity prices continued
and
remained
at
summary,
which, as issued Aug. 27, follows:
Production
Industrial
maintained
which
production,
level
the
at
of
••
rate, 'although
according to the monthly "Business Summary" of the
as
whole
a
1937
in
June,
declines considerably in July, was
months, and the Board's
preceding three
curtailed as preparations were made for the production
Output of nondurable products was larger in July than
models.
reflecting chiefly
tinued
sharp
a
activity at
rise in
cotton mills and
mills.
flour
and
seasonal increases in production at shoe factories, silk mills
At coal mines output increased and crude petroleum con¬
than
greater
be
to
produced
in
large volume.
Factory payrolls decreased by a smaller amount than is usual in July.
The
value
of
construction contracts
awarded increased
considerably
from
June to
reported
publicly-financed
both
for
Dodge Corp. with large increases
and privately-financed work.
according to F. W.
July,
Agriculture
Crop
On
the
basis, of
1'
Aug.
last
1,439,000,000 bushels, a reduction of 37%
and estimates for spring wheat, oats, hay, and potatoes
season,
also
were
considerably
forecast
was
crop
last year
and
at
the
under
an average
harvests
bales as
12,481,000
at
of a year ago.
The cotton
compared with 10,638,000 bales
of 14,667,000 bales during the five
years
indicating
to
the
trade
for
allows
1923-1925
store
a
also
Freight-car
in
Statistics,
in
loadings
index
seasonal
June
showed
to
smaller
increased
91%
*
July
and
and the middle
prices
prices
siderable
increase
also
in
in
respect
upon
the
in
.
business
general
to
has
obscured by the
been
of the drought of almost unexampled severity in
crops
and
Provinces
Prairie
to
index of
3,300 stores, the general
74.1 in June.
.
over
May to
Ontario.
of
situation
The
this
in
clear,
and the lowest figure since 1929.
increased
from
is
usual
88%
than
are
usual
for
the
of
the
varietyseason.
continued
to
advance between
Prices of
wheat,
flour,
the
grains,
while cotton
price of steel scrap.
declined.
There
was
a
con¬
Favorable
at
Trends
During
July—Seasonal Decline Noted in Department Store
Sales—Industrial Employment Lower
In
reporting
on
business in the Seventh (Chicago) District
Reserve Bank of Chicago, inits
Report" of Aug. 28, noted that "un¬
the Federal
July,
during
"Business Conditions
trends prevailed" in reporting lines of
compared with June, while department
trade recessed seasonally during the month. A decline
usually favorable
wholesale trade as
store
V2% from mid-June to mid-July in industrial employment
the Chicago District was also reported by the Bank,
in
distribution of auto¬
which made known that the mid-West
dropped sharply during July from June.
mobiles
The fol¬
lowing is from the Bank's review:
Wholesale
trade
wholesale
in
the
sales
July average of 9,
electrical
the
reporting lines
in
declines
of
customary
are
in
business
from June.
Sales of
electrical
supplies
ex¬
and
4, 11 and 6%, respectively.
comparison. the grocery trade
and
Whereas
those of groceries 22% over a month earlier, while
sales declined 4% and drug sales 1%, as against decreases in the
12%
hardware
during July
District.
Seventh
preceding month, and hardware and drugs showed less than
the
recessions
panded
the
this year groceries and electrical supplies recorded gains in
month,
over
in
Trade
trends prevailed
Unusually favorable
Furthermore, in the yearly
showed the largest gain since October 1934/
supply trade
since
last
August.
.
.
.
Department Store Trade
Although Seventh District department store trade experienced
recession
in July
of 25%,
sales
a
seasonal
continued to exceed substantially those of
corresponding month of 1935, the gaius in the
comparison for
year-ago
past three
months having been the heaviest since the close of 1934.
Detroit showed
the greatest improvement over a year ago and the aggregate
for stores in
somewhat
smaller cities
between
the end
the least.
As
June
and
of
slightly under July 31 last
year,
aggregate gain for the district
Industrial
middle
feed
Trade
Wholesale
of
were
in July.
Federal Reserve District—Lines
Conditions in Chicago
the
higher level than
July and mail order and
decreases
of August.
advanced
in the
72.9
from
According
levels.
higher
on
submitted monthly to the Bureau of
above those in June 1935.
In retail
but the more recent reports from the West are
that early threshing returns indicate a higher wheat yield than had been
expected, with the grain of a high quality.
Meanwhile the accelerated
marketing of last year's wheat has been maintained.
The annual estimate
of the wheat carry-over in Canada at July 31, the end of the crop year, was
108,747,059 bushels, a decline of 94,525,957 bushels as compared with last
in
a
decline,
dairy products rose considerably, owing primarily to the drought, and
livestock
12%
returns from
to
is not yet
respect
the
Commodity Pricescommodity
effect
of
parts
been
has
June were
in
once,
.
.
trade
firms
sales
outlook
serious
an
Wholesale
electric power index
the
exceeded
been
200 wholesale
of
advanced
The
.
retail
according
trade,
of department store sales, which
July at
Board's adjusted
considerable
average
sales
sustained
was
The
month.
that
of
reports
1935.
and
activity,
industrial
general
which has only
213,
Wholesale
1928-1932.
Distribution
Retail
Bank
has
namely, in April last,
and is .11.7% higher than
a year ago.
Iron andl steel production was
down in July from the previous month, though for the half-year the pigiron output was 31% higher and the cumulative output of steel was 49%
As
risen
seasonal
July as a result of continued drought.
conditions, the corn crop was estimated by the
Department of Agriculture
from
\
.
declined during
prospects
above the average as at
were
July 1 for the last 15 years.
In its "Summary " the
of Montreal also had the following to say:
of
increased further in July, contrary to seasonal
tendency. The number of workers was larger than in June at steel mills,
foundry' and machine shops, and furniture factories, while at railroad
repair shops there was a decline. Among the nondurable goods industries
employment increased at textile mills and meapacking plants, and de¬
clined less than seasonally at establishments producing wearing apparel.
employment
Factory
and the gains in mining, trans¬
showed gains,
portation and construction
year
factories output was
of
Bank
Additional employees recorded
in the monthly returns numbered 24,500, the bank noted,
as against a gain last year of 18,500, the gain bringing the
government employment index for July to a higher point
than at any corresponding date since 1930.
Manufacturing
Montreal, dated Aug. 22.
sharp decrease is
a
decided
that July employment registered a
gain both over the preceding month and over July a year ago,
usual, and automobile production
declined by less than the usual amount.
In the first three weeks of August
there was little change in activity at steel mills, while
at automobile
June
midsummer season
the
into
continued
cated by the fact
advanced to 108% of the 1923-1925 average
compared with 103% in June.
Output of steel continued at about the
as
Canadian business situation
and are indi¬
The favorable trends in the
liave
index
adjusted
seasonally
Favorable
and Employment
usually
the
•.
Reports Continuation of
Trends in Canadian Business
Bank of Montreal
sales
of general business and financial
based upon statistics for
In its monthly summary
demand deposits,
Adjusted
customers.
high level on July 22, were slightly smaller on
new
a
to
loans
other
to
higher than in
Summary of Business Conditions in United States by
Board of Governors of Federal Reserve System—
conditions
securities and of
obligations, partly offset by an increase
on
States Government direct
$60,000,000
of
June
loans
in
130,000,000
of
3,321
34,046
310
1,284
1,960
27,118
end. Dec
April
May
reporting mem¬
reflecting reductions
$160,000,000 in holdings
leading cities declined by $260,000,000,
in
7,015
•
,
mos.
1
,
,
19 loans and investments of
July 15 and Aug.
2,572
April
May
12
among
193
February
March
July
distributed
269
51
banks
of
Dollars
338
January..'
June
requirements there remained a
reserve
widely
reserves
of United
Exports
banks.
large amount
member banks. The money
market was not affected by the action,
and interest rates remained at
extremely low levels. In the week ending Aug. 19 a few scattered banks
borrowed at the Reserve banks, but the total amount borrowedi was neg¬
ligible and some banks drew upon their balances with other banks in
order to meet the increase in requirements.
Deposits of domestic banks
with reporting member banks
in leading cities declined by $210,000,000'
excess
Between
or
on
19.
in the week.
Silver
Gold
Month
Aug.
on
Federal Reserve
with
After the increase in
of
Excess of exports
$1,810,000,000
to
15
deposit
Gold—
Exports
$2,920,000,000
from
decreased
banks
member
of
reserves
About $1,470,000,000 of excess
reserves were
absorbed by the increase of 50% in reserve requirements of
member banks, which went into effect Aug. 15.
This decrease was offset
in part by a growth of $360,000,000 in total reserve balances, reflecting
principally large disbursements by the Treasury from its funds held on
July
July
Months Ended
7
Credit
Bank
AND NET
IMPORTS,
BALANCE
July
1313
Chronicle
totaled
trend,
in
the
middle
smaller
though
of
July
usual, stocks
close
of
July;
declined
on
hand
in
Chicago,
they
but increases in other cities effected
over
a
year
ago
of 3%.
.
.
.
Employment Conditions
Industrial employment in the
lower
is
Seventh Federal Reserve District
than
a
month
earlier
and
wage
was
%%
payments
by 4%%, the changes following the customary midsummer
being
less
than
seasonal
in
extent.
Declines
were
more
£1314
Financial
pronounced
by
in
vacations
durable
the
and
a
whereas
consumers'
the
former
products
while
item
and
leather. goods
Only minor
a
as
changes
whole,
a
similarly
of
industries
showing
decrease.
rather
tribution
about
last
of
decline
those
of
retail
new
dealers
46%
in
sales
midwest
month
over
recorded
was
used-car
stocks
employed
year
ago
53%
of
July,
and
this
for
last
during
than
the
ratio
did
total
Consecutive
Increase
and
Board—Notes
Effect
of
Production
Drought
Business
■
Industrial production continued
Industrial
Conference Board.
for
month
which
activity, said
ference
in
June,
July orders
of
a
in
July
with
has
the fifth
reported
.
in
by the Con¬
in
reported at
were
usual
a
seasonal
Total
approximately
July,
1935.
cars,
fell
1929
by
Preliminary
by
of
States
increase of
an
indicate
reports
registrations,
31.7%
that
retail
about
were
over
sales
23%
above
ago.
Total
steel
ingot production
slightly less
than in
for
construction
steel
for
June
during July
and
73%
3,922,731
was
above
and
purposes
output
for
in
1935.
first
months
seven
corresponding
period
Conditions
of
1936
sales
about
were
workers
combined.
In its survey the Board said that the
effect of the drought
general business and trade "is problematical."
The an¬
on
The
prices
effects
and
The
of
are
a
higher
from
but
trade
year
in
the
in
in
June
to
July
compared
as
12.5% above
a
year
by
that
rural
retail
a
there
sales
trade
offset
Within
1,427
class
this
Government.
was
evidence
no
in
Some
agricultural
the
by 409,479 wage earners
hours worked in July
actual
reporting man-hours were 40.1,
enterprises
industrial
1.5% from the average of 40.7 in June.
*
the manufacturing plants, the average hours
of
In
compared
with
of
cent
in the
decrease
July
as
In the non-manufacturing enterprises, the
worked per week during July was 40.6, or
hours
1% less than in June.
♦
Automobile Sales in July
The Bureau of
the Census has issued the figures in the
automobiles manufactured in
(including foreign assemblies from parts
made in the United States and reported as complete units
or vehicles)
for July, 1936.
Canadian production figures
have been supplied by the Dominion Bureau of Statistics.
table below of factory sales of
the United States
NUMBER OF VEHICLES
United States
(INCLUDING CHASSIS)
Canada
(Factory sales)
(Production)
Total
Total
Year and Month
Passen¬
(All
Passenoer
Trucks,
(All
Vehicles)
Cars
Ac.
Vehicles)
Trucks
Cars
ger
1936—
364,004
298,274
65,730
February
287,606
224,816
62,790
March
420,971
343,523
77,448
April
May
502,775
460,565
417,133
385,507
*375,894
13,302
13,268
18,021
11,261
10,853
14,488
85,642
24.951
20.247
4,704
75,058
20,006
*77,061
16,389
13,126
8,192
3,617
3,274
2,283
2,041
2,415
3.533
440,999
372,402
68,597
16,400
10,475
2,929,875
2,417,549
512,326
116,423
94,556
21,867
289,728
227,554
62,174
June
*452,955
July
Total (7 months)
1935—
2,355
273,576
58,655
13,566
4,549
425,913
359,410
66,503
10,607
18,115
21,981
8,252
332,231
March
17,964
4,017
452,936
361,107
387.158
65,778
24,123
20,563
305,547
55,560
16,938
June
356,340
62,158
332,109
294,182
274,344
57,765
20,702
15,745
13,188
9,371
3,560
3,764
3,627
3.817
2,550,364
2,121,771
428,593
124,461
98,772
25,689
155,666
230,256
338.434
42,912
43,482
59,160
352,975
288.355
64,620
15,451
2,912
330,455
273,764
56,691
8,571
14,180
18,363
20,161
4,946
7,101
12,272
1,958
March
112,754
186,774
279,274
6,904
February.
16,504
June
306,477
45,197
13,905
July
264,933
261,280
223,094
3,657
3,095
41,839
11,114
8,407
2,707
1,979,196
1,625,295
353,901
93,198
75,491
17,707
January
February
—
July
...
Total (7 months)
..
12,118
-
cities
substantially
higher
by less than the
in
year
usual
in
39:8
were
a
1934—
levels
last
or
June.
40.6 in
number
average
area,
smaller
1,289
industries,
of
-
reported a
and female
establishments
concerns
worked by male
man-hours
total
April.
May
the
agricultural
during July.
Central
declined
ten
with
in
the
an
Average
3,373
buying.
above
ago.
partially
increase
the Federal
West
sales
Five and
will
the
reaching
,
store
14.5%
were
of
the
rural
on
July,
Department
physical volume.
were
volume
tendency to retard
and
also
indicates
in
its study also stated:
on
farmer
will
disbursed
noted
was
advanced
ago.
amount
cotton
as
analysis
primarily dependent
Urban
seasonal
credit
had! 'a
the
money
Board's
recession
of
has
of
drought,
emergency
material
this
than
the
Conference
any
which
position
of
the
curtailment
and
by the Board bearing
improved
adverse
in
January
years.
for
increase of 1.9% and a decrease of 1.7% in the total number
man-hours worked by male and female workers, respectively.
reported
113% above those for the
industry showed substantial improvement during
July?
Consumption of cotton by domestic mills was reported at 603,203
bales, an increase of 8.4'% over June compared with a
customary seasonal
decline, and the largest amount for any month during the
past three
nouncement
'
1%
of
0.2
were
textile
man-hours
reported
classification
non-manufacturing
Orders
last year.
in the
the
of
important factors in maintaining a high rate of activity.
Activity in most of the non-ferrous metal markets was maintained at a
high rate during July and the first two weeks in
August.
Sales of
domestic copper were larger in
July than for any month on record.
During
the
enterprises
1,946
workers.
female
tons, only
gross
July,
miscellaneous requirements
which
plants
manufacturing
1,889
decrease
the
Canada
industries,
of
separately, hours worked decreased 2.8% for males workers and 3.2%
8.5%.
and
2.0% and 2.9%,
July decreased
and female workers together, and in these
the total hours worked were 2.2% less in July than in June.
average.
United
enterprises,
reporting
all
Total hours worked by male
male
for
above
about
substantially less than
the
in
455,000 units,
reflected
as
July
output
figure 16.5%
a
decline
in
1.6%.
decreased
hours
during the month of
man-hours
the
In
consecutive
increase
an
Comparison with June
combined,
workers
manufacturing classification
establishments
of
.
of
workers
the
reported
0.5 of
only about 3.7% below the
amount.
at
passenger
year
This is
Board
production during
seasonal
production
tools
compared
estimated
was
the
announcement issued Aug. 25
an
were
Automobile
normal
j
time.
in
female
and
female
Within
to
Board, which added:
Orders for machine
that
on
improve during July,
to the- regular monthly survey of the National
according
number
respectively.
sexes
During July Reported by National Industrial Con¬
ference
category, representing
a
1% in the number of female workers
of
0.9
in\, Man-Hours During July in
number
total
In
Industrial
in
as
compared with June.
Total wage payments to
declined 0.3 of 1% and 3.4%,. respectively,
as
period
same
male
of
workers
female,
the
for
Fifth
July
during
and
For
comparing
July.
decrease
a
Changes
continued
a
in
but
male,
of
was
comprised
sales
item
the
but
increase
payment
reporting
the preceding
The
dis¬
15% above July
in July,
were
Some increase
hand,
en
much smaller
Deferred
cars.
of
of
one
cars
new
a
indus¬
wholesale
at
workers increased 0.7 of 1%
period.
non-manufacturing industries considered
1,760 reporting enterprises, showed an increase of 0.2 of 1% in the
likewise numbered considerably less
cars
of
showed
and
sales
with
stocks
in
in
sold
cars
and retail
ago
year
a
number of
the
June
industrial enterprises, 2,156
of
classification
declined 1.5%, but total wages paid to female
during the
from
manufacturing
during the June-July
hiale
July
the
Aug. 29, 1936
reporting establishments, the number of male and female workers increased
0.3 of 1% and 1.0%, respectively.
Total wage payments to male employees
month
slight increase and payrolls
very
for
well above the month in 1935.
month
to
but
Sales of used
were
the
automobiles,
the
declines.
of Automobiles
shown
was
5% greater than
year.
but
drop
sharp
during
in
food
...
Distribution
A
\l/2%
The
the non-manufacturing
by
a
payrolls,
of
latter.
gains
goods registered
contributed
employment
negligible
the
Within
mainly
industries
in
increase
in
recorded
These
oV2%
of
an
V2%
only
and rubber
were
and
showed
goods
decrease
a
occasioned
were
inventories.
in employment
nondurable
or
and
and
industries
the taking of
for
iy2%
of
chemicals,
textiles,
tries
loss
total
goods
lay-offs
reported
Chronicle
store
value
sales
seasonal
and
usual
13.1%
declined
decline
4.9%
of
3.6%,
Variety stores advanced sharply
on
January
...
April
May
1,470
1,908
10,810
a
seasonally adjusted basis.
Total (7 months)
*
Revised.
Illinois
Department of Labor Reports Industrial Em¬
ployment and Payrolls in State During July Above
Seasonal Trends
In
his
ditions
Peter
monthly
in
T.
of industrial employment con¬
during July, as compared with June,
Chief of the Division of Statistics and
Swanish,
Research of the Illinois Department of
Labor, reports that
the statistical
summary of data returned
and
by 4,688 reporting
non-manufacturing enterprises reveal
1% in employment, a contraseasonal
"an increase of 0.3 of
change, and
a
less-tlian-seasonal
For the
of
decrease of 0.9 of 1% in total
wage payments,
decline.
Mr. Swanish noted:
a
13-year period, 1923-1935,
Statistics
decreases of
Twelve
and
Research
show
inclusive, the records of the Division
that
the average
June-July changes
1.3% and 3.9% in employment and
payrolls, respectively.
out
of
the
were
.
.
.
13
June-July comparisons comprising the 13-year
period,* 1923-1935, inclusive, exhibited decreases in both
the number em¬
ployed and total wages paid.
,
following
is
also
from
the
review
issued
Swanish:
Compared
with
July, 1935, the July, 1936, indexes show
9.7% in employment and 16.5% in total
wages paid.
The
in
index^ of employment for all
reporting
industries
July, 1935, to 79.4 in July, 1936, while the index
65.8, respectively.
from 56.5 to
Changes in Employment and
Reports
their
of
from
woiking
male and
Total
female
wage*
3,916
forces
industrial
showed
workers
to
The
decreased
0.8
of
rose
Mr.
increases
of
lumber
tion and
which
ended
Aug.
15,
60% of 1929 shipments.
This was the first week
reported new orders were in excess
of
production.
Production
was
close to the top weeks of
1936;
shipments were almost a record low since March.
Reported production during the week ended Aug. 15 of 2%
fewer
mills
5%
was
below
revised production
figures
of
preceding week; shipments were 6% below and new
orders 1% below that week, according to reports to the
the
National
Lumber
Manufacturers
Association from
associations covering the operations of
and
hardwood
week ended
17%
mills.
Reported
new
regional
important softwood
business during the
Aug. 15 was 0.4% above production; shipments
below output.
Reported new business of the
week, ended Aug. 8, was 3% below production;
shipments Tvere 16% below output. Production in the week
previous
ended
Aug. 15
was
shown by reporting softwood mills 13%
above the
from
72.4
payrolls advanced
designated
week
the
during
industry
in four months in which
corresponding week of 1935; shipments were 2%
below and orders 34% above shipments and orders of last
year's week.
The Association further reported:
During
increases
males
of
by
Wages Paid, According to Sex
enterprises
the
of
sex
of
Of 0.3 of
1% in both the number
during July as compared with June
declined
1.2%, while total wages paid
1%.
female workers employed
payments
Ended
1936, stood at 70% of the 1929 weekly average of produc¬
were
The
Week
Movement,
Lumber
of
Report
Aug. 15
review
Illinois
manufacturing
Weekly
the
hardwoods
orders
of
Mills,
580 ;
week
and
ended
production,
orders, 258,605,000 feet.
Southern
pine,
West
reporting
Aug.
softwoods
255,492,000 feet.
regions which
15,
567
combined;
Revised
Coast
produced
254,333,000
feet
booked
figures for the preceding week were:
266,890,000
showed
milla
shipped 210,766,000 feet;
and
orders
feet;
shipments,
Northern
above
224,829,000
hardwood
production
feet;
were
the
only
during
the
week
Volume
ended
Financial
143
Chronicle
Aug. 15.
1315
Only Northern hardwood reported shipments above output.
All softwood regions but Southern
cypress and Northern hemlock reported
in very
orders
While infection is widespread,
pine
above
and
those
Northern
Northern
hemlock
Lumber orders
wood
mills
corresponding week of
hemlock
reported
shipments
production
reported
totaled
reported
244,673,000
feet,
ended
Aug.
1%
or
above
last
above
have not been
of the
production
the
are
9,786,000
feet,
23%
or
below
production.
Production
Petroleum
week's
feet, and
a
feet
and
it
ago
feet
and
180,143,000
identical
mills
210,303,000 feet; shipments
was
201,849,000
and
feet,
237,349,000
was
were,
above
feet.
77,108 tons
In
a
the Montreal
in
July totaled
months ended
271,794, tons,
increase of
States
700 barrels.
"Gazette" of
compared
as
compared with
16%.
with
practically the
July, Canadian production at 1,763,990 tons
1,520,539 tons in the like period of 1935,
The output for
same as
the first
months in
seven
the
an
United
was
in
1935.
Newfoundland's output for that period
Canadian stocks at the end of July totaled
75,420 tons, as
down 5.2%.
compared with 73,199 at June 30.
The following
table, contained in the "Gazette," shows
production of newsprint in Canada and the United States
for each month since
July, 1934:
Tons1936—
•
•
,,
Canada
July
June
270,051
267,067
258,721
243,900
221,569
227,955
May.
April
March
February
January....
1935—
Canada
73,361 June
79,830 May.
75,719 April
76,470 March
76,507 February
72,252 January..
1934—
79,361
1935—
i...
October
September
August.
July
244,732
262,854
266,515
223,892
235,573
234,266
75,869
78,929
205,682
180,305
201,959
239,544
240,869
235,021
196,172
216,164
208,238
November.
79,746
71,416
75,187
73,108
September.
August
Report of Bank of
U. S.
232,020
242,693
222,224
December...
December..
November
Crop
-Tons-
U. S.
274,627
October..
July
Montreal—Canadian
77,339
84,323
74,891
73,528
70,805
80,666
79,777
74,933
80,572
74,117
80,903
76,184
Wheat
Crop of Excellent Quality
"With wheat threshing now
general in Manitoba, Sas¬
katchewan and Southern and Central
Alberta, inspection
returns confirm earlier indications
that while the crop will
be lighter than last
year and of uneven distribution the
is of excellent
Montreal's Canadian
further said:
grain
quality," according to the Bank of
crop report, issued Aug. 27, which
In Quebec crops have made
good progress and conditions are favorable
harvesting. In Ontario recent rains have been beneficial to
late
Fall wheat, now
harvested,
grains
were
a
light
crop.
crops.
was an average
yield of good quality and spring
In the Maritime Provinces moderate rainfalls
have been beneficial to
growing crops, all of which
In British Columbia a
good
other crops are
of good promise.
are
grain crop has been harvested and in
general
satisfactory.
Production in Texas for the latest week covered in the
American
Petroleum Institute report of 1,173,400 barrels
compared with the Bureau of Mines estimate of 1,154,700
barrels.
California turned out 576,500 barrels daily, against
an indicated
demand of 550,000 barrels.
Oklahoma pro¬
ducers ran up a total of 605,300 barrels daily, against the
Bureau of Mines estimate of 575,500 barrels.
Louisiana
production of 234,350 barrels daily compared with 188,500
barrels.
Kansas held a little closer to the estimate at 167,000
barrels, against 166,500.
The Bureau of Mines Aug. 25 reported that stocks of
domestic and foreign crude oil dipped 377,000 barrels during
the week ended Aug. 15 to 304,938,000 barrels.
Domestic
stocks dipped 245,000 barrels with a decline of 132,000 bar¬
rels in holdings of foreign crude accounting for the balance.
A report issued by the Bureau of Mines earliei in the week
disclosed that the Nation's crude oil production in 1935 rose
more
than 9% over 1934, totaling 994,000,000 barrels.
Total demand for all oils last year set a new high at 1,110,000,000 barrels, about 7,000,000 barrels above the previous
record set in 1929, and an increase of 75,000,000 barrels over
consumption in 1934.
Texas producers will be allowed daily average output of
1,125,674 barrels during September under the new State-wide
proration schedule established by the Railroad Commission
on Aug. 25, a decline of 54,329 barrels from the current pro¬
duction.
In making known the new allowable, Chairman
E. O. Thompson explained that the cut was in keeping with
the normal trend at this time of the year.
The new total is
1,326 barrels under the Bureau of Mines estimate for market
demand for Texas for September.
A slight increase was granted in the East Texas field, the
new
maximum allowable of 434,000 barrels being around
2,000 barrels above current production.
The allowable for
the Texas side of the Rodessa field was lifted from 6,875
.
barrels
Summary
of
Crop
Situation
in
Canada—Dominion
Bureau of Statistics
Reports Drought Conditions
Partially Relieved by Recent Rains
The Dominion Bureau of
Statistics, at Ottawa, issued on
Aug. 25 the last of a series of seven telegraphic
reports
covering crop conditions throughout Canada, which also
included the 14th of a series of 15
weekly telegraphic reports
conditions in the Prairie Provinces.
summary is from the report made available
crop
The
Gulf Coast and West Texas districts.
Col. E. O. Thompson was renominated for Chairman of the
in a run-off
election on Aug. 22, defeating
Commission
Morris.
Colonel Thompson received a plurality of
288,000 votes in the first primaries, but was 24,000 votes
shy of the majority of tne total cast for his three opponents
needed to win the renomination.
Mr. Morris, who was
Frank
Drought conditions which have prevailed widely
throughout the farming
season have been
partially relieved by recent rains in south¬
Ontario, southern Manitoba and the southwestern
supported by Lon Smith,
western
part
katchewan and
adjoining
areas in Alberta.
Harvesting, nearing completion,
generally interrupted by showery weather
Wheat deliveries
are
still
of Sas¬
over
increasing and will
the Prairie wheat
soon
reach the peak.
Quality is generally good with the protein content
extremely high. Yields
from very poor in the worst drought areas to good in the northern
vary
where moisture supplies were adequate for
growth.
widespread, has caused little damage
account
on
of
the
Rust, while
early ripening.
Coarse grains are yielding poorly over the greater part of the
Prairies and
pastures
are
badly depleted,
Supplies of rough forage
of Alberta and
for winter feed.
requiring
are
much
Harvesting operations
the
Prairies
which
have been
rain
to
bring them
adequate in Manitoba but
Saskatchewan, farmers
Some hail damage
was
are
halted
are
in the drought
stacking Russian thistle
caused to late crops in the
Calgary
and Lethbridge areas by a storm on Sunday.
considerable
more
well
on
.
the
way
by showers which
toward
completion
have fallen
over
a
during the past week.
The rains have helped pastures
and late crops and the delaying of cutting and threshing will not be serious
area
provided the weather clears
soon.
Yields of
w&eat
vary
from less than seed
a
member of the Commission,
favored opening Texas wells wide open.
Colonel Thompson
ran on his record as an ardent proponent of proration.
Figures published by the Railroad Commission during the
the East
districts this
districts
daily to 7,250 barrels, due to the completion of addi¬
Most of the cuts in the allowables were in the
tional wells.
.
following
Aug. 25:
has been
.
newly developed Rodessa field was held the answer to the
of oil.
The records set in the past few weeks,
however, have been due to sharply higher production totals
in all major oil-producing States.
All of the five major oil-producing States—Texas, Cali¬
fornia, Oklahoma, Louisiana and Kansas—are producing
crude at a daily rate substantially above the market demand
estimates for August compiled by the United States Bureau
of Mines.
Total production for the Nation, as a whole,
for the week ended Aug. 22 of 3,069,600 barrels compared
with the August market demand estimate of 2,936,900
barrels, and actual outturn in the like 1935 period of 2,688,-
262,959 tons in June.
seven
•
the
Aug. 15 also noted:
Canadian shipments
'
.
record output
year ago.
reporting the foregoing,
In the
Output Holds
Daily—Texas September
Barrels
When crude production first jumped past the 3,000,000barrel level last May, expanded production in Louisiana in
during July totaled 73,361 tons against 79,830 tons in June
and
Products—Crude
Its
3,000,000
average crude oil
the 3,000,000-barrel
week.
Increasing 17.1% as compared with a year ago, newsprint
production in Canada during July reached the all-time high
record of 274,627 tons.
This compares with an output of
270,051 tons in June, the previous record month, and with
234,266 tons in July, 1935. Production in the United States
»■
and there is little growth
production continues to hover
level, reached earlier this year
for a brief period for the first time in the history of the in¬
dustry,
Reports of the American Petroleum Institute cover¬
ing the week ended Aug. 22 disclosed average crude produc¬
tion was 3,069,600 barrels, off 800 barrels from the previous
240,916,000
from June
over
Hail losses
evident.
Supplies of forage for livestock
poor
Daily
respectively,
received
orders
Newsprint Output During July at Record
High—Production During Month Totaled 274,627
Tons—Decrease Noted in United States Output
areas
are
Prices
softwood
Canadian
back.
being attacked by grasshoppers
Allowable Cut—Standard of California Lifts Crude
production of 461
year
197t384,000
and
Above
was
Identical Mill Reports
Last
fields.
crops are
considerable sawfly damage is
during the past week.
serve
reasonably abundant but pastures
12,756,000 feet.
on
injury to the grain was alleviated by the
Late
crop.
or
were
to
and
in stubble fields.
Shipments as reported for the same week were 200,980,000
17% below production.
Production was 241,577,000 feet.
Reports from 99 hardwood mills give new business as 10,819,000 feet,
15% below production.
Shipments as reported for the same week
was
fairly good in more favored areas but high quality
Little damage has been caused by rust except on late crops.
in some sections
1936, by 484 soft¬
15,
general.
to
early maturity of the
but
all
year;
that of last year's week.
above
for the week
is
Southern pine, Western
1935;
mills.
same
feet,
or
of
dry sections
week disclosed that total crude oil recovery from
Texas field, to Aug. 15, was 985,854,105 barrels
the
pass
1,000,000,OOO-baorel
mark
by
late
should the present rate of production continue.
moved to market during the Aug. 15 week was
and will
September
Crude oil
2,830,835
barrels, off 286,435 barrels on the week.
A statewide hearing for the purpose of considering the pro¬
•
duction
State
allowables
in
the
various
fields
in the
Lone
Star
during October was called by the Commission for
11.
The Commission asked that prospective pur¬
Sept.
chasers
file
nominations
for
the
October
requirements
as
possible.
Officials of the Commission disclosed that
in addition to the proration allowables, the question of uni¬
form and wider spacing of oil wells in all Texas fields and the
abolition of the rule which permits exceptions to drill more
soon as
than
one
at the
well
on
meeting.
tracts of 10
acres
or
less will be considered
♦
Financial
1316
the Texas Railroad Commission to en¬
spacing rules for wells in the East Texas
field was upheld in a decision handed down by a three-judge
Federal court in Tyler denying a petition filed by J. O.
Whittington asking an injunction against the enforcement of
such rules.
The Federal court ruled that the Commission
The authority of
force its current
has
authority to promulgate and enforce reasonable
regulations and orders for the conservation of the
Oil Co., Inc., Friday confirmed
London that it had purchased through
Socony Vacuum Oil Co. of Venezuela, a subsidiary, rights
for the exploration and exploitation of more than 300,000
hectares (a hectare is equivalent to about
acres) for a
total price of approximately $2,000,000 from the Venezuelan
Government, owner of all of the mineral rights in the country.
The company said that a refinery would be built in Venezuela
"if and when" production is secured.
Hearings of the 23 major oil companies indicated by a
Special Federal Grand Jury in Madison, Wis., early this
month on a charge of violating the Clayton Anti-trust laws
have been set for Dec. 1.
Judge Patrick T. Stone approved
a stipulation allowing the companies, which, under the 20day limit of the original warrants would have had to appear
this week for trial, to postpone their hearings until Dec. 1
The
Vacuum
Socony
reports originating in
with
no
gallon, effective Aug. 26.
Third-grade is now 8.50c.,
premium 10.75c. a gallon, respectively. The company
posted a similar cut on the following day.
Aug. 27—An increase averaging 3 He. a barrel was posted in Grade O
bunker fuel oil prices in Canadian ports, effective Aug. 24.
Halifax was
lifted to $1.25, Montreal to $1.40 and Quebec to $1.50.
a
Under the
barrel.
new
schedule,
the lower grades, 14 to 18.9 gravity, were lifted 5 cents and
on 33 to 33.9 gravity 34 cents a barrel to $1.38, against $1.04
for the top-grades posted previously.
The advances on
from 8 cents to 32 cents.
new prices were effective as of Aug. 19.
Crude oil price changes follows:
Aug.
cents
a
Los Ang., ex.
Richfield Oil (Calif.)
.0734
Gulf
Warner.-Qulnlan Co.
.07)4
Republic Oil
.07%
Tulsa
—
Gas Oil, F.O.B.
Kettlemen Hills, 39 and over
1.42
1.15
.95
1.43
Petrolia. Canada
1.10
Mont
Huntington, -Calif., 30 and over...
...
.75-.80
Smackover, Ark.. 24 and over
REFINED PRODUCTS—GASOLINE STOCKS DIP 882,000
RATES
—REFINERY
RECORD
NEAR
OF OHIO AGAIN CUTS TANK CAR
ADVANCED
UCTS MARKET
IN
BARRELS
LEVEL—STANDARD
GAS PRICE—STANDARD
OF INDIANA CHANGES MARKETING
FUEL
.97
__
Sunburst,
1.23
Mid-Cont't, Okla., 40 and above.. 1.18
Winkler, Texas
.85
Western Kentucky
PRACTICES—BUNKER
CANADA—LOCAL
REFINED
PROD¬
QUIET
Gasoline, Service station.
Buffalo
Chicago
gasoline dipped 882,000
the third week of August, reports released
barrels during
Total holdings
60,071,000 barrels.
At the
by the American Petroleum Institute show.
of motor fuel
on
Aug. 22
outset of the current
were
motoring
season,
around the 74,000,000-barrel figure,
total inventories were
arousing considerable
disquietude in the trade over possible unfavorable market
repercussions.
•
Not including
was
off 515,000 barrels during
totaling 34,864,000 barrels while bulk
dipped 265,000 barrels to 19,790,000
barrels.
A decline of 102,000 barrels in stocks of unfinished
gasoljne pared holdings to 6,417,000 barrels.
Daily average
production of "cracked" gasoline rose 15,000 barrels to 695,the Aug. 22 period,
terminal inventories
.20
of the restrictions
During
gasoline
10.623^c.
a
gallon, respectively, for the three grades.
Daily average production for the four
1936 is estimated at 3,012,950 barrels.
output for the week ended Aug. 24, 1935
2,688,700 barrels.
Further details, as reported by
weeks ended Aug. 22,
The daily average
totaled
the Institute, follow:
for domestic use and receipts in bond at principal
the week ended Aug. 22 totaled 900,000 barrels,
average of 128,571 barrels, compared with a daily average of 148,286
for the week ended Aug. 15 and 168,857 barrels daily for the four
Imports of petroleum
United States ports for
daily
barrels
weeks ended Aug.
22.
oil at Atlantic and Gulf ports for the week ended
daily average of 14,571 barrels, compared
of 38,286 barrels for the week ended Aug, 15 and
Receipts of California
Aug. 22 totaled 102,000 barrels,
with
a
daily average
26,714 barrels daily for the four
Reports received from
indicate that the
industry as a whole ran to stills, on a
2,975,000 barrels of crude oil
daily during the week, and that all companies
and in pipe lines as
61,071,000 barrels of finished and unfinished
110,628,000 barrels of gas and fuel oil.
Cracked gasoline
lifted to $1.40
Aug. 24.
a
barrel, all advances effective
gasoline
.
production by companies owning
charging capacity of all
on a
of the 3,889,000
of the United States,
Bureau of Mines basis,
refineries, bulk terminals, in transit
of the end of the week,
and
weeks ended Aug. 22.
refining companies owning 89.7%
daily potential refining capacity
barrels estimated
95.9% of the potential
cracking units indicates that the industry as a whole,
produced an average of 695,000 barrels daily
Bureau of Mines basis,
during the week.
CRUDE OIL PRODUCTION
(Figures in Barrels)-
B. of
M.
Actual Production
Average
Week Ended
4 Weeks
Dept. of
culations
.167,000
495,000
141,400
65,950
61,150
26,55(
181,050
60,700
60,550
26,450
179,850
61,100
26,500
56,100
57,150
25,800
60,500
432,300
86,600
259,300
60,250
431,250
86,800
257,200
180,150
59,500
430,700
85,550
256,450
437,950
58,250
186,050
1,173,400
1,163,050
1,160,500
1,017,800
80,650
153,700
79,800
152,550
82,400
151,500
24,700
117,250
188,500
234,350
232,350
233,900
141,950
31,200
110,800
29,200
112,250
31,600
38,850
16,500
4,700
70,100
29,100
112,550
30,600
40,750
17,100
4,950
78,000
5,000
78,200
29,300
111,700
32,400
39,900
16,550
4,850
77,100
30,150
101,200
45,800
38,950
12,850
4,450
53,050
2,386,900
2,493,100
2,478,800
2,434,500
2,082,600
550,000
576,500
591,600
578,450
606,100
3,069,600
3,070,400
3,012,950
2,688,700
East Central Texas
East Texas
Southwest Texas
Coastal Texas
1,154,700
North Louisiana..
Coastal Louisiana.
Wyoming
Montana
Colorado
New Mexico.
Total East of California.
California
Total United States
1935
570,050
158,250
West Central Texas
Michigan
Aug. 24,
1936
West Texas
Eastern
Ended
Aug. 22,
1936
601,450
170,350
North Texas
Arkansas
Aug. 15,
1936
575,500
166,500
Panhandle Texas
Total Texas.
Aug. 22,
605,300
(August)
Kansas
Week
Ended
Int. Cal¬
Total Louisiana.
the price was
Off 800 Barrels
Institute estimates that the daily
imposed by the various oil-producing States
Officials of the Standard Oil Co. of Indiana disclosed dur¬
ing the week that, effective Sept. 11, the company will dis¬
continue posting service-station prices in Indiana, Kansas,
Michigan, Minnesota, Missouri, South Dakota and Wis¬
consin and thereafter resellers will set their own retail prices.
It was further disclosed that under the company's new mar¬
keting arrangements, it will post only dealer and tankwagon prices.
Major companies have advanced Grade C bunker fuel oil
prices in Canada an average of 33^c. a barrel.
Halifax has
been advanced to $1.25; Montreal to $1.40 and at Quebec
.16
August.
Oklahoma
The Standard Oil Co. of Ohio twice cut tank-car
...
week's figure was above the 2,936,900 barrels calculated by
the United States Department of the Interior to be the total
DAILY AVERAGE
prices J^c. a gallon, the third reduction in the past seven
days.
The company posted a Ysd. cut on Thursday fol¬
lowed by a similar slash on the following day, making the
net drop for the current week l/ia. a gallon and over the past
seven days of ^c. a gallon.
Under the first cut, the prices
were lowered to 8.50c., 8.75c. and 10.75c. a gallon for thirdgrade, regular and premium gasoline, respectively. Friday's
cut lowered prices s further Yc. to 8.37Yc., 8.623^c. and
_
crude oil production for the week ended Aug.
of
barrels.
Francisco.
22, 1936 was 3,069,600 barrels.
This was a decline of 800
barrels from the output of the previous week.
The current
1.3% in the operating rate of refineries
lifted the total to 79.5% of capacity, within striking distance
of record high of slightly above 80% set a few months back.
Daily average runs of crude oil to stills of 2,975,000 barrels
were
50,000 barrels above the previous week.
Stocks of
gas and fuel oils showed a contra-seasonal dip of 167,000
increase
St. Louis
Daily Average Crude Oil Output
The American Petroleum
000 barrels.
An
San
.19
.23
.195
2% duty city sales tax.
had in storage at
•
Gasoline held at refineries
Pittsburgh
..
..
.15
.175
—
New Orleans
Philadelphia
.16
.168
.168
.165
165
..$.184
Minneapolis
.175
.215
.177
Boston
.$.02)4-.02)4
Tax Included
$.175
$.182
Camden....
a
Stocks of finished and unfinished
$.04-.04)4
Newark
.90
Refinery or Terminal
IChicago,
|Tulsa..
I 32-36 G0~$.02)4-.02HJ
(Bayonne)
zBrooklyn
$
$1.15-1.25 Phlla., Bunker C-.-i 1.05
$1.10
28-30 D... 1.65
zNew York.
.04H-.04K
New Orleans C
California 27 plus D
(Bayonne)
27 plus
Orleans.$.03)$-.04
ITulsa
Refinery or Terminal
Bunker C
N. Y.
ports
06)4
.05)4-.0494
.06
-.06%
06
-.06)4
F.O.B. Refinery
|Los Angeles.. .04)4-.05
$.04)4
Fuel Oil, F.O.B.
N. Y.
Gulf
.
-.06)4
.06
.07
-
INorth Texas.$.03H-.03)£ [New
'
(Bayonne)
average gross
Central Field, Mich—*
1.23
Illinois
East
Water White, Tank Car,
Kerosene, 41-43
New York
.
.$1.10
1.15
-
Shell
Wells
$2.45 Eldorado, Ark., 40
1.25 Rusk, Texas, 40 and over
1.42 Darst Creek
$.06
.
)4
07%
.07%
New
Texas
a
(All gravities where A. P. I. degrees are not shown)
-_
Colonial Beacon. .$.07
24—Standard Oil of California posted advances of 5 cents to 34
Bradford, Pa
Lima (Ohio Oil Co.)
Corning, Pa
_
Orleans.
.07)4
.07%
barrel in the Lakeview area, effective Aug. 19.
Prices of Typical Crudes per Barrel at
Chicago.
New York—
J--$.07%
Socony-Vacuum—_
Tide Water Oil Co..
The
the intervening grades ranged
Tank Car Lot*, F.O.B. Refinery
(Above 65 Octane),
U. S. Gasoline
Standard Oil N.
Diesel
a
of all three grades of
27—Standard of Ohio cut tank-wagon prices
regular 8.75c. and
Further readjustments
district 5 cents to 34 cents
apparent
placards
Representative price changes follow:
Aug.
loss of rights.
in the California crude oil price
structure were made public during the week by the Standard
Oil Co. of,California.
The company, it was disclosed on
Aug. 25, has advanced crude oil prices in the Lakeview
sub-normal retail
price war in the scattered areas is nearing an end are
in the gradual disappearance of "6 for 98 cents"
outside of service stations.
gasoline
State's natural resources.
exception of the continued
the
With
gasoline prices ruling in some sections of the metropolitan
New York area, the local market was quiet.
Signs that the
the
rules,
Aug. 29, 1936
Chronicle
32,400
38,600
13,900
2,936,900
Note—The figures indicated above do not
might have been surreptitiously produced.
60,550
150,100
46,400
include any estimate of any oil which
Volume
Financial
143
UNFINISHED
GASOLINE AND GAS AND FUEL OIL, WEEK ENDED AUG. 22, 1936
CRUDE RUNS TO STILLS AND STOCKS OF FINISHED AND
Chronicle
Paul
Mr.
(Figures in thousands of barrels of 42 gallons each)
1317
Ryan, Chief Statistician of the American Gas Assn.
Ryan further stated:
This gain in customers .is reflected in the fact that
gas
Stocks of
Finished and
Unfinished Oasoline
Crude Runs
Daily Refining
Capacity
to Stills
Stocks
of
Poten-
Aver¬
Total
Rate
P.
Oper¬
age
ated
Fuel
Terms., Nap'tha
At Re¬
fineries
C.
and
in
C.
P.
Daily
Reporting,
ial
Oas
Unfin'd
Finished
District
Oil
Distil.
&c.
ranges
was
mately 80%
612
612 100.0
502
82.0
146
114
78.1
908
94.8
of such sales
914,100 for the first
total of 700,000
a
first half of 1936.
This
six months of 1935. Approxi¬
consisted of relatively high priced ranges in¬
1936.
of
six months
the corresponding period of 1935.
921
11,881
276
586
763
5,581
six
aggregated $418,-
This was an increase of 7.4%
Revenues from industrial and com¬
gained 4.1%.
462
444
96.1
393
88.5
5,204
453
384
84.8
286
74.5
1,917
512
330
160
48.5
114
71.3
128
199
680
Ind.,Ill.,Ky.
country during the
Revenues of manufactured and natural gas utilities
9,998
1,059
2,867
6,210
154
,
Appalachian.
sold in the
corporating modern automatic features, such as oven-heat control, etc.
v
over
East Coast..
were
increase of nearly 30% over the first
an
658
96.8
632
96.0
241
1,815
432
251
3,450
1,735
8,566
2,260
77
38
384
99
808
1,105
73,126
mercial users increased
15.7%, while revenues from domestic customers
Manufactured gas industry revenues totalled $196,732,400 for the first
Okla., Kan.,
Mo
169
163
96.4
135
82.8
3,236
1,015
4,450
1,189
No. La.-Ark.
80
72
90.0
37
51.4
126
Rocky Mtn.
California
97
60
61.9
52
86.7
885
852
789
92.6
509
64.5
8,404
2~278
3,488
89.7
2,774
79.5
Inland Texas
Texas Gulf__
La. Gulf.—
.
201
31,627
3,237
18,997
401
793
5,979 108,377
438
2,251
3,889
3,889
2,975
2,925
34,864
35,379
19,790
20,055
6,417 110,628
6,519 110,795
y26,549 yl9,383
a
Revenues from industrial and commercial
gain of 2.1%.
of
manufactured'gas gained 11.0%.
such
as
cooking, waiter-heating, refrigeration, etc. were 1.2% less than for
Revenues from domestic uses,
the corresponding period of 1935.
Revenues of the natural gas industry for the first six months amounted
to
$222,181,700,
dustrial
y5,768 yI09282
Reported
Estd.unrepd.
months,
uses
gain of 12.6%
a
over
a
year
increased 20.0%, while revenues
uses
Revenues from in¬
ago.
from domestic uses gained
9.3%.
^
xEst.tot.U.S.
Aug. 22 '36
3,889
3,889
Aug. 15'36
U.S. B.o'f M.
Aug. 1935.
x
2,729
Bureau of Mines basis currently estimated,
y
Fair Call for Copper Here and Abroad—Lead
Moderates—Platinum $62
"Metal
and Mineral Markets"
stated that
As of Aug. 31,1935.
in its issue
Demand
of Aug.
27
demand for copper held up fairly well in the
domestic market,
notwithstanding fhe recent announcement
that
Coal
Output Rises During Past Week ' V
The United
Mines, in its weekly coal
States Bureau of
report stated that the total production of soft coal during
the week ended
Aug. 15 is estimated at 7,700,000 net tons,
in the
preceding week.
Production during the week in 1935 corre¬
sponding with that of Aug. 15 amounted to 5,569,000 tons.
Anthracite production in Pennsylvania during the week
ended Aug. 15 is estimated at 591,000 net tons.
This shows
an increase of 41,000 tons, or 7.5% over the
output in the
preceding week, and compares with 446,000 tons produced
in the corresponding week of 1935.
During the calendar year to Aug. 15, 1936, a total of
247,979,000 tons of bituminous coal and 32,155,000 net tons
of Pennsylvania anthracite were
produced. This compares
wit/h 222,372,000 tons of soft coal and 33,125,000 tons of
hard coal produced in the same period of 1935.
The Bureau's
increase of 108,000 tons, or 1.4% Over the output
an
statement follows :
ESTIMATED
production is to be increased. Buying of copper abroad
substantial scale, which was attributed to renewed
fears over the tense political situation on the Continent. In
fact, these fears brought out a higher London market for
all metals.
Lead quieted down in the domestic trade after
eight weeks of heavy demand. Platinum attracted wide
interest because of another sharp advance in the price to
$62 per ounce on speculative operations in the metal. Cad¬
mium was in better demand. Antimony and tungsten prices
advanced. The publication further reported:
was on a
Copper
Buying has been
Aug.
and
on
24 and Aug.
1,421 tons
amount to
a
were
STATES PRODUCTION OF COAL AND
COKE
25,668 tons. Last week's transactions involved 4,943 tons, com¬
pared with 12,466 in the preceding week.
BEEHIVE
one-third capacity.
Aug. 8,
15,
Calendar
Aug.
fear
men
mines will
1,
with
operationsfat
men,
approximate 60% of capacity.
will be added to the payroll'.
.
Yes¬
1935
1929
e
^
Lead
Sales of lead in the last week amounted to about 4,000 tons,
1936
and
Production at Utah Copper
improved demand for spot copper.
an
to Dale
17,
1935
1936 d
c
Sept.
Wages will be raised 5%, effecting 2,300
Abroad, the buying continued to be active and well diversified.
(IN NET TONS)
Week Ended
1936
Business has chiefly been between
The price remains firm at 9Mc., Valley.
Copper will reopen its Arthur mill
terday's late business indicated
Aug.
Total sales for the month so far
sold, respectively.
about 250
UNITED
on
increase in demand when 1,353 tons
an
related producers and fabricators.
Utah
but sales
moderate scale most of the week,
25 reflected
9,600
tons
in
the
week.
preceding
The sales
volume
was
against
regarded
as
satisfactory under present circumstances for consumers have been unusually
,
Bitum. coal:
a
Tot. for per'd 7,700,000
7,592,000 5,569,000 247,979,000 222,372,000 320,976,000
928,000
1,288,000
1,155,000
1,660,000
Dally aver.. 1,283,000 1,265,000
Penn. anthra.:b
aver__
550,000
91,700
446,000
74,300
32,155,000
167,900
33,125,000
173,000
42,825,000
223,600
29,800
27,200
11,300
4,967
•
591,000
98,500
4,533
1.883
846,200
4,339
537,700
2,757
4,326,700
22,188
•
Beehive coke:
Tot. for per'd
-
Daily
aver.
-
Includes
lignite, coal made Into coke, local sales, and colliery fuel,
b Includes
Sullivan County, washery and dredge coal, local sales, colliery fuel, and coal shipped
a
by truck from
authorized operations,
Subject to revision,
d Revised,
justed to make comparable the number of working days in the three years.
ESTIMATED
WEEKLY
c
PRODUCTION
OF
e
Ad¬
COAL, BY STATES
or
Refining Co., and at 4.45c.,
Louis.
St.
Shipments of lead to domestic
the current year were about
time last year.
consumers
in the first seven months of
10.75% higher in volume than in the
with comparable figures for the same time in 1935 in parenthesis, was as
follows:
Cable,
tin foil,
13,166 tons (8,509); batteries, 38,692 tons (32,978); brass-making,
tons
18,759 tons
(1,334);
(14,326); ammunition,
sundries,
22,269
tons
10,253 tons
(17,128); jobbers,
Zinc
State
Aug.
1936
Aug. 10 Aug. 11 Aug. 10
1935
1934
1929
The foreign
firmer, but so far the advance abroad has not
market
was
Aver.
been sufficient to revive talk of higher prices in this country.
of Prime Western to consumers in the last week totaled a little
1
2
2
3
210
132
150
354
39
57
32
26
77
81
Colorado
81
84
60
66
117
173
8
8
397
1
1
1
Illinois
755
765
454
567
914
1,363
Indiana.
240
229
173
217
296
440
41
40
27
52
64
100
Georgia and North Carolina
Iowa
Kansas and Missouri
1
/
s
total 36,000 tons.
News from abroad in reference to the Cartel of foreign
Tin
s
The
market for
tin
was
described
115
67
77
669
478
520
873
765
tiations for the renewal of the control
132
96
106
209
217
for
29
26
22
22
48
44
Maryland
Michigan
97
145
a
drifting affair.
plan after the next meeting scheduled
World
production df tin, on ore basis, totaled 15,479 long tons during
3
2
1
8
17
21
44
41
36
57
50
July, the American Burueau of Metal Statistics reports.
New Mexico
29
24
21
23
37
49
with
North and South Dakota
16
12
13
16
12
20
1935.
•
394
386
223
348
445
871
2,110
1,969
1,209
1,490
2,764
3,734
87
86
73
70
102
118
Ohio
Pennsylvania bituminous
-
Tennessee
14
13
14
13
22
24
34
32
23
30
63
83
225
235
160
141
227
248
Texas-.
Utah
...
Virginia
26
24
17
22
36
47
1,983
1,678
1,214
1,286
2,127
484
296
416
676
875
83
72
75
106
154
1
1
s5
s4
Northern, b
•
85
Wyoming
Other western States _c
This compares
14,156 tons in June, 14,397 tons in May, and 13,851 tons in July,
Malaya produced 6,407 tons in July, against 5,187 tons in June,
and Siam's output in July came to
month.
1,266 tons, against 715 in the preceding
Both the Netherlands East Indies and
less in July than in
Bolivia produced
a
little
*4
June.
Chinese tin, 99%, was
quoted nominally as follows: Aug., 20th, 41.875c.;
21st, 41.750c.; 22d, 41.750c.; 24th, 41.750c.; 25th, 41.625c.; 26th, 41.875c,
1,515
235
Washington
West, Virginia—Southern, a
was,
The
Sept. 18.
46
Montana
Demand
International Tin Committee will issue a statement on the status of nego¬
96
,
as
moderate, though Consumption in this country is holding up well.
122
Western
Shipments
under 4,000
'unfilled orders)-
producers remains conflicting.
690
Kentucky—Eastern
Undelivered sales
Sales amounted to 2,000 tons.
tons.
210
Alabama.
moderate
the basis of 4.80c., St. Louis, for Prime Western.
1923 d
Arkansas and Oklahoma
Alaska.
a
business passing daily on
Week Ended
Aug. 1
(13,824);
2,434 tons
pipe, etc., 147,396 tons (138,945).
The zinc situation here underwent little change last week,
1936
same
The record, by industries, for the seven months this year,
of final annual returns from the operators..
Aug. 8
Sales by
(2,963); unclassified, which includes pigments, oxides, babbitt, sheet and
(IN THOUSANDS OF NET TONS)
sources
Smelting &
St. Joseph Lead involving its own brands were reported at a premium.
1,762
[The current weekly estimates are based on railroad carloadings and river ship¬
ments and are subject to revision on receipt of monthly tonnage reports from district
and State
Quotations held at 4.60c., New York, the contract settling basis of the
American
Tot. for per'd
Daily
active buyers in the last eight weeks.
*
*
Employment
Industry
and Earnings in the Iron
Analyzed by the National
and Steel
Industrial
Conference Board
Total bituminous coal
7,592
5,782
550
7,402
1,100
4,922
Pennsylvania anthracite
433
690
9,745
1,063
11,538
1,926
8,142
8,502
5,355
6,472
10,808
13,464
Grand total
a
Includes operations on the N. <fc W.; C. & O.; Virginian; K. <fe M.; B. C. & G.;
and on the B. & O. in Kanawha, Mason
and Clay Counties,
b Rest of State, in¬
cluding the Panhandle District, and Grant, Mineral, and Tucker Counties. «c In¬
cludes Arizona, California, Idaho, Nevada, and Oregon,
d Average weekly rate
for the entire month.' b Preliminary,
s Alaska, Georgia,
North Carolina, and
South Dakota included with "other western States."
* Less than 1,000.
Average hourly earnings in the iron and steel industry
during the past seven years have been higher than the general
average in manufacturing, according to an analysis made by
the National Industrial Conference Board.
Comparison of the data for the iron and steel industry with the
Gas
Utility Revenues Gain in First Six Months
utilities totalled 15,164,100* on June 30, an increase of
26,000 during the first six months interval, according to
gas
cor¬
responding figures regularly compiled each month by the Conference Board
for 25
Domestic customers served by manufactured and natural
Under date of
Aug. 24 the Board further said:
manufacturing industries also indicates that the weekly earnings of
iron and steel workers have likewise been higher than the general average
with the exception of the years 1932 and 1934.
During the depression the number employed in proportion to production in
the iron and steel industry was considerably above the average in all manu¬
facturing industry and is still
more
than 10% above that average.
Financial
1318
Since 1932 there has been an
upward trend in production per man-hour in
time since 1929 has the output per
industry reached the levels shown for the same years by
the iron and steel industry, but at no
man-hour in that
This is borne out by the prediction
tons of Lake
Superior ore will
navigation.,
Federal
Reserve
Pennsylvania—Output Higher Than
University of
Month Since May, 1930
In Any
;
production of steel castings during July increased in
Philadelphia Federal Reserve District ac¬
The
headway.
more
has been
but
to
v;'•
followed the change in production
Unfilled orders showed a slight increase
in gray iron foundries
marked decrease in steel foundries.
a
;
THE "IRON AGE" COMPOSITE
•
;
One week ago
-—.
One month ago
One year ago..
-
1934
1933
-
-
1931..
1929
V
+ -/A+'/
'
while those of scrap
than last month,
more
hand in gray iron
*
1928...
-
1927
-
-
85% ot the United States output.
Per Cent
July,
Change
Change
Report-
1936
from
One week ago
Per Cent
Firms
from
of
Short
ing
3,566
—10.1
+ 27.3
444
—1.6
+84.4
3,590
—10.0
For further manufacture
28
Shipments
17
634
+ 1.1
T
23
Scrap
23
—4.6
1929_
'■
1928..—
1927
■-
-
—
Per Cent
July,
Change
from
from
ing
One year ago
-
1935
Capacity
8
Production
0.0
0.0
8,630
4,945
4,227
+ 13.9
+97.9
+ 10.0
+ 118.0
+ 43.7
+ 28.3
1930
+ 95.1',
1929
+58.5
1928
For further manufacture
8
Shipments
4,297
+9.1
7
Unfilled orders
5,522
—12.7
1933......
1932...
Raw stock:
6"
6
Scrap
Coke
604
—1.6
5,402
—14.5
—30.6
176
+ 9.0
—28.3
stated that rising
peak for the year of 73%, steel ingot production
still fails to keep pace with the insistent demands for finished
steel.
In fact, the ingot rate does not give the true picture
of the steel industry's present high activity, as rolling mills
in many plants are turning out from 80 to 100% of theoret¬
ical capacity and still are unable to reduce materially their
backlogs and some products, particularly sheets, structural
shapes and plates, which, on the contrary, show a tendency
to increase as new business flows in.
The "Age" further
customers' requirements have emphazised
the unbalanced condition of steel plants,
ceeding rolling miU requirements at
elsewhere.
Therefore,
some
many
with ingot capacity greatly
whole does not
are
companies
next 30 to 60
ment
or
furnaces
shortage of
use
to
as
a summer
slump in steel business have disappeared
have been
in disrepair.
Several steel company blast
have long been idle have been put in blast
scrap.
of pig iron
because of the
Moreover, the high cost of scrap has brought
by foundries.
a
Although orders for
some
products; notably tin plate,
lighter,
are
aggregate demand for all products is more than holding its own.
has
for example, specifications for finished steel
are
rates
the
At Chi¬
25% greater in ton¬
closer to the average operation for the entire country
Sheet
than at
any
1930, reflecting the increasing demand for heavy steels which
constitute the bulk of
mills
have
Aug. 11
$18.73
17.83
May 14
16.90
Jan.
27
13.56
Jan.
3
13.56
Dec.
6
14.79
Deo. 15
15.90
Dec. 16
18.21
Dec.
17
17.04
July
24
17.54
Nov.
1
No.
1
heavy
melting
steel
Philadelphia
Low
9
25
10
13
8
12
$12.67
6
18
29
31
11
8.50
Dec. 29
June
10.33
Apr. 23
9.50
Sept. 25
6.75
Jan.
3
6.43
July
5
11.25
Dec.
9
14.08
Deo.
3
13.08
July
2
13.08
Nov. 22
an
1936—
Nov. 18
Nov. 25
Aug.
Aug.
.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%
Dec.
Oct.
14
Oct.
21
Oct.
28
5
Sept.
Sept.
Sept.
Sept.
Sept.
Nov.
Feb.
53.7%
55.4%
56.4%
65.7%
May
4
May 25
2
Dec.
9
Deo.
16
Deo. 23
54.6%
.49.5%
30
46.7%
Dec.
1936—
Jan.
6
Jan.
13
49.2%
49.4%
on
nearly all the tonnage thay can ship during
1
June
69.5%
season,
72.2%
72.5%
of the iron and steel
Aug. 24, stated:
"With demand still showing greater
able
70.1% Aug. 17
69.1% Aug. 24
69,4%
67.9%
68.2%
May 11
May 18
"Steel" of Cleveland in its summary
markets
8
9
52.0%
50.9% Feb. 10
52.6% Feb. 17.....51.7%
5
June
70.0%
70.2%
55.8% June 22
74.0%
Mar. 16.....60.0% June 30
Mar. 23
6—67.2%
53.7% July
Mar. 30
69.0%
62.0% July 13
70.9%
Apr.
6——64.5% July 20
71.5%
Apr. 13
67.9% July 27
3
71.4%
Apr. 20
70.4% Aug.
70.0%
Apr. 27
71.2% Aug. 10
53.5% June 15
2
Mar.
49.9%
50.4% Jan. 20
51.8% Jan. 27.....49.4%
3
50.0%
51.9% Feb.
Nov. 11
52.9%
24
Mar.
strength than in any recent compar¬
the national steekworks operating rate last
week increased
of the
1}4 points to 72%, highest since May, 1930, and 20 points ahead
same
week last year.
six years, further
"Steel's" scrap composite
increase of 30 cents from the previous week, and the
Scrap prices rose to the highest levels in more than
narrowing the spread between basic pig iron.
is
now
at
$15.13,
an
Whereas prices of heavy melting steel
$19.13, respectively, at
has been reduced to
Because
extensive
a
use
in
a
1935, at present the gap
Pittsburgh in January,
advances in scrap, which would lead to more
of pig iron, steel
of blast furnaces.
1929, when it stood at $15.25.
and basic pig iron were $13.50 and
$16.50-$20.21 relationship.
of these sharp
works operators are studying the obsolescence
Since 1919, 203 stacks have
present rated capacity of
been dismantled and only
enlargingpof existing units has resulted
20 built, although the remodeling and
finishing capacity in that district.
booked
and
one
iqis
46.0%
Aug. 12
Aug.
than in the previous week, while in Pittsburgh the ingot rate, at 72%,
come
time since
Valley
Buffalo,
and Steel Institute on Aug. 24 an¬
highest since the last week in October,
blast furnaces except those that are self-sustained as to coke supply.
nage
from
larger
A shortage of furnace coke, which is begin¬
ning to grow acute, will definitely hamper the blowing in of many additional
cago,
71.5%
This represents
ago.
freely predicting higher operating rates within the
are
that
Chicago,
month ago, and 47.9% one year
increase of 0.3 points, or 0.4%
the estimate for the week of Aug. 17.
Weekly indicated
of steel operations since Aug. 5, 1935, follow:
week ago,
one
a
days, which will necessitate the use of some high-cost equip¬
units
that
being pushed
the country
fully reflect this situation.
Now that chances of
steel
ex¬
points, and the reverse situation
rolling mills
their limit, though activity of steel making furnaces for
,
of basic Iron at Valley
indi¬
98%
of the steel capacity of the industry will be 72.5% of ca¬
pacity for the week beinning Aug. 24, compared with 72.2%
Oct.
stated:
existing
-
The American Iron
new
Efforts of the mills to get out
1
nounced that telegraphic reports which it had received
cated that the operating rate of steel companies having
The "Iron Age" in its issue of Aug. 27
a
Nov.
+ 78.2
Increasing Demand for Some Steel Products Lifts In¬
got Rate Higher
to
2.212c.
9
Low
Aug.
Dec.
Mar.
Aug.
Jan.
Jan.
Feb.
Jan.
Dec.
Jan.
...$15.58
13.42
13.00
12.25
8.50
11.33
15.00
17.58
16.50
15.25
....
1927
Pig iron
6
-
1931
718
i—.
Jobbing
on
...
-
1934
8
17
High
1936..
1935
1936 July,
June,
29
July
and Chicago.
--
Change
1936
Tons
Oct.
2.217c.
quotations at Pittsburgh,
-—$15 .42
13 67
12.58
One month ago
Per Cent
Firms
Report¬
Short
Dec.
2.273c.
Jan.
7
Nov. 5
May
1
Dec.
5
Jan.
5
Jan.
6
Jan.
7
May 14
Nov. 27
Jan.
4
Based
Aug. 25, 1936, $15.58 a Gross Ton
;
Dec.
Steel Scrap
FOUNDRIES
of
2
29
1.945C.
2.018c.
on average
15.90
18.21
18.71
18.59
19.71
1930
One week ago
No.
18
Birmingham.
-
—11.3
-i
Coke
STEEL
—
1931
—23.7
+ 13.9
-
1932
+ 13.3
'•
Pig iron
-
1934
+ 25.6
+ 0.7
398
'
Raw stock:
2
Apr.
Feb.
:
--S18.84
18.84
17.90
16.90
14.81
1936
1933
+ 34.8
1,593
1,081
Unfilled orders
24
Jan.
1.867c.
1.926c.
High
1935
+ 32.4
—11.2
Castings.
Jan.
2.008c.
Philadelphia,
18.84
17.84
One year ago-..
0.0
Jobbing
Mar. 10
8
2.124c.
Oct.
1
Apr. 24
Oct.
3
Oct.
4
Jan. 13
Jan.
7
Apr.
2
Dec. 11
Jan.
4
furnace and foundry irons at
$18.73
;
-
One month ago
1936 July, 1935
0.0
3,122
Production of gray iron
29
!
Tons June,
11,792
29
Low
2.084c.
7
July
Based
Aug. 25, 1936, $18.73 a Gross Ton
No.
plates,
steel bars, beams, tank
Pig Iron
VV-■■
GRAY IRON FOUNDRIES
on
wire, rails, black pipe, sheets and hot
rolled strips.
Those products represent
2.159c.
2.130c.
2.199c.
..2.015c.
1.977c.
2.037c.
2.273c.
2.317c.
2.286c.
2.402c.
—
•„
1932.
declined slightly and those of
pig iron were practically the same.
In steel foundries pig iron declined
slightly and scrap substantially, while coke supplies increased.
on
Based
High
1936
1930
of coke
PRICES
Finished Steel
Lb.
2.159c.
2.159c.
...2.124c.
Aug. 25, 1936, 2.159c. a
foundries were substantially
Inventories
'•
+++ y+Vv
$15.58.
1935
Shipments in both types of foundries
and
a
gain
a
The gray iron foundries,
decrease from the June production.
in direction.
almost
granted at this time. There
halt in the rapid rise of scrap prices at Pittsburgh and Chicago,
at Philadelphia increases the "Iron Age" composite scrap price
regardless of whether a wage increase is
certain
continued.
report:
r
finished products for fqurth quarter are
Price advances on some
however, had a 10%
The July output still
exceeded that of any other month after October, 1930..
Nearly all the steel foundries shared in the increased activity,
but only about one-third of the active gray iron foundries
had any increase in output.
The following is also from the
construction in¬
fast pace in an effort to
forestall a possible car shortage this fall.
New equipment purchases are
under consideration by many roads, though definite inquiries of important
size have not yet come to light.
The public works program will call for
large tonnages of steel for some months and private building is making
Railroad repair work is proceeding at a
dustry.
foundries in the
cording to reports received by the Industrial Research De¬
partment of the University of Pennsylvania. As a result the
July output was higher than any month since May, 1930, and
the rise from last November, which was halted in May, was
automotive industry,
expected from railroads and the
considerable tonnages are
Operations in Philadelphia
District During July Reported by
demand from the
to a renewed large
In addition
Increase in Steel Foundry
and in some instances
that 42,000,000 to 44,000,000
be brought down the Lakes before the close
the present rate,
at not lower than
year
higher.
of
whole.
for manufacturing industry as a
the average
of next
1936
29,
Aug.
Chronicle
49,777,893 gross tons annually, only 100,000
After the long period of idlesness during the depres¬
September notwithstanding the fact that the automobile industry has not
tons less than in 1919.
yet reached the peak of its buying for
sion, operators estimate that $25,000,000 would be required to recondition
nearly all motor
the usual
car
new
models.
By mid-September
plants will be in production of 1937
difficulties incident
to
model
cars,
and, when
changes have been ironed out,
high rate of production is almost assured to the end of the
a
desire of
traced to
a
as
protection against price advances and to insure
flow
of
a
their
own
users
and distributers to build up larger inventories,
manufacturing
operations,
an
difficulties
uninterrupted
have
been
en¬
for
together with definite
or
probable requirements
the fall and winter, is causing steel companies to make plans for
average
an
operation through the final quarter of this year and the first quarter
plans to resume production in September.
The
uniform open
March, has proved
price plan, as inaugurated by the steel industry in
so
successful, according to sellers, that its continuance
through the fourth quarter is considered almost certain.
The moderate falling-off in new
countered because of delayed mill shipments.
The present momentum,
Unusually active demand for coke resulted in two blast furnace interests
coming into the beehive coke market last week with inquiries based on their
year.
Some of the past week's increase in steel orders may be quite definitely
both
furnaces.
but
was not
Automobile sales
are
holding up.
f"
steel specifications continued last week,
reflected in the operating rate
because of the backlogs.
Last week's production of 73,709 units
exceeded output in the previous week
by 17,030 and
was more than 23,000
Volume
'
units
ahead
the
'definitely decided
another
are
Financial
143*
of
week
same
one
year
With
ago.
gradually become
A dozen contracts
debut Sept.
a
8, automotive requirements of steel
pronounced again.
more
each
"
Pending business included
several large
projects,
of 12,670.
involving 10,000 to
one
12,000 tons for the Los Angeles union station, and another 10,000 tons for
a
work
car
and
shipbuilding had
lation hap developed
comparatively quiet week,
a
but here again prospects for future activity
are
Considerable specu¬
good.
the plate tonnage likely to be required by the
over
•
new
•
Navy building
Prices
ferous
ores
have
ores
are
placed
■
"Wall
contracts
quarter of 1937.
Some domestic con¬
Street
Journal"
with
ago.
level since April, 1930, as a result of the increases in scrap.
United States Steel is estimated at approximately 69 }4, against 66J^%
in the week before and 67
H% two weeks ago.
Leading independents are
credited with 75H%, compared with 74% in the preceding week and
75%
two weeks ago.
with
following table gives
The finished
were
up
4 points to 72%, partly
due to the resumption of operations after
employee vacations; the
1+
up
to 72
New England 8 to 78; Detroit 7 to 100; Cincinnati
4 to 76 and eastern Pennsylvania
down 5 points to
Other districts
Chicago
»•
•
'
•
,
1936
U. S. Steel
1935
69
"+2
72X
50^
1932
—2y
13J*
58
47
—1
+3X
—1
■
14
66
—1
—1
51
+2
+4
1929
89
94
—1
1928
76
+1
77
—1
1927
68
+2
69
unchanged.
daily average volume of Federal Reserve bank credit
outstanding during the week ended Aug. 26, as reported by
the Federal Reserve banks, was $2,472,000,000, a decrease
of $4,000,000 compared with the
preceding week and of
$2,000,000 compared with the corresponding week in 1935.
After noting these facts, the Board of Governors of the Fed¬
eral Reserve System proceeds as follows:
.
26 total Reserve bank credit amounted to $2,465,000,000, an
increase of $8,000,000
for the week.
This
increase
Aug. 26 Aug. 19
1936
1936
Liabilities—
■
$
•
Demand deposits—adjusted....
Time deposits
569
United
States govt, deposits...
Inter-bank deposits:
Domestic banks
$
1,516
599
191
191
247
2,314
2,055
373
249
5
...
Other liabilities
■
1,394
382
2
101
r
101
129
624
508
5
4
•'
341
348
1,427
an
$
"
444
615
374
1935
:
1,518
444
2,321
*
Aug. 28
1936
$
2
Foreign banks..
Borrowings
Chicago
1936
5,653
562
+2
Aug. 26 Aug. 19
$
6,240
/
—iy
+4
75H
65
H
Aug. 28
1935
$
6,348
Capital account
corresponds with
increase of $103,000,000 in member bank reserve balances,
85
+
New York City
The Week with the Federal Reserve Banks
—2K
50^
X
y2 to 5014, Youngstown operations were
—2
30
—1
74%; Birmingham 3 to 64, and Cleveland 2lA to 79H%.
were
+2
20 y
—2
—
+1H
57
—3
12H
34^
—1
32
1930
75X
<
19
"
1931
Independents
+2X
41
—2 X
49
1933
+1X
20
........
The
On Aug.
together with the
approximate changes, in points, from the week immediately preceding;
1934
Operations in the Pittsburgh district,
comparison of the percentage of production
a
the nearest corresponding week of previous years,
(
was
This
26.
Industry
highest
steel index is still at $53.40.
rate
Aug.
The "Journal" further states:
'
"Steel's" composite of iron and steel prices is up 6 cents to $33.94,
•
of
compares
first
the
through
requirements
'
.
African
and North
is higher.
ore
and mangani-
manganese
Spanish
on
involving
"
24 is
Aug.
70^% in the previous week and 71^% two weeks
The
Chrome
week ended
<
chrome,
Quotations
unit.
a
>
manganese,
advanced.
H cent
up
have
sumers
program.
foreign iron,
on
ingot production for the
■
placed at slightly above 72V£% of capacity, according to the
General Motors building in Elizabeth, N. J.
Railroad
,
1319
involving between 1,000 and 5,000 tons helped
raise the total of shape awards for the week to 35,298 tons, a gain
■
Steel
manufacturer
one
Sept. 15 for the initial showing of 1937 models, and
on
likely to make
Chronicle
1,428
274
;
21
20
44
227
1,450-
227
227
offset in part
by decreases of $72,000,000 in Treasury cash and deposits with Federal
Reserve banks and $5,000,000 in non-member deposits and other Federal
Complete Returns of the Member Banks of
Reserve accounts and by increases of $17,000,000 in monetary gold stock
and $2,000,000 in Treasury currency.
Aug. 26
Member bank reserve balances
estimated to be approximately $1,890,000,000 in
were
on
excess
of
legal requirements..
Relatively small changes
were
reported in the System's holdings of bills
discounted, purchased bills, industrial advances and United States Govern¬
ment securities.
'-•<
■>
\\
'
.
.v
,
The statement in full for the week ended Aug. 26, in com¬
parison with the preceding week and with the corresponding
on pages 1348 and 1349.
Changes in the amount of Reserve bank credit outstanding
and in related items during the week and the year ended
Aug. 26, 1936 were as follows:
date last year, will be found
'
;
Increase
.•
.
(+)
Decrease
or
(—)
Reserve
S
.
close of business
Bills discounted.
7,000,000
3,000,000
Bills bought.
U. S. Government securities..
+1,000,000
...
2,430,000,000
advances
(not
including
$23,000,000 commitm'ts—Aug. 26)
j
ing cities
,
—2,000,000
—2,000,000
_
*
Monetary gold stock
—4,000,000
+ 7,000,000
—1,000,000
+ 8,000,000
+17,000,000
+ 2,000,000
—6,000,000
+1,498,000,000
+ 93,000,000
6,184,000,000
6,332,000;000 +103,000,000
+611,000,000
+ 986,000,000
Money in circulation
Member bank
reserve
balances
Treasury cash and deposits with Fed¬
eral Reserve banks.....
2,553,000,000
Non-trember deposits and
decrease for the week of $68,000,000 in total
a
and of $208,000,000 in deposit
2,465,000,000
10695,000,000
.2,501,000,000
^
Aug. 19 shows
adjusted, and decreases of $120,000,000 in balances
29,000,000
.
Other Reserve bank credit..
Treasury currency.'
on
loans and investments, an increase of $29,000,000 in reserve
balances with
Federal Reserve banks, an increase of $42,000,000 in demand
deposits—
...
Industrial
Total Reserve bank credit....
Aug. 19:
The condition statement of weekly reporting member banks in
101 lead¬
Aug. 28, 1935
>'
—72,000,000
—130,000,000
592,000,000
—5,000,000
+119,000,000
with
domestic banks
balances standing to the credit of domestic
banks.
...
Loans to brokers and dealers in New York declined
$6,000,000, loans
brokers and dealers outside New York declined
$5,000,000,
securities to others
ceptances
and
(except banks) increased $5,000,000.
commercial
banks declined
bought
paper
increased
all reporting
and loans
Holdings of
$2,000,000;
to
on
ac¬
loans
to
$1,000,000; and "other loans" increased $16,000,000 in the
New York district, $9,000,000 in the Chicago
other Fed¬
eral Reserve accounts.,
Federal
As explained above, the statements of the New York and
Chicago member banks are given out on Thursday, Simul¬
taneously with the figures for the Reserve banks themselves
and covering the same week, instead of
being held until the
following Monday, before which time the statistics covering
the entire body of reporting member banks in 101 cities
cannot be compiled.
In the following will be found the comments of thelBoard
of Governors of the Federal Reserve
System respecting the
returns of the entire body of reporting member banks of
the Federal Reserve System for the week ended with the
Since
Aug. 26, 1936 Aug. 19, 1936
the
System for the Preceding Week
district, and $22,000,000 at
member banks, and declined $6,000,000 in the San Francisco
district.
Holdings of United States Government direct obligations declined $45,-
Returns
of
Member
Banks
in
New
000,000 in the Chicago district and $48,000,000 at all reporting member
banks.
Holdings of obligations fully guaranteed by the United States
York City and
Chicago—Brokers' Loans
Government declined $42,000,000 in the New York district and
$45,000,000
Below is the statement of the Board of Governors of the
Federal Reserve System for the New York
and
banks
also
for
the
City member
Chicago member banks, for the
week, issued in advance of full statements of the
member banks, which latter will not be available until the
coming Monday:
current
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS
CENTRAL RESERVE
IN
CITIES
New York
Aug. 19
1936
1936
«5
~:
Loans and investments—total..
Aug. 28
1935
Aug. 26
1936
8,596
7,543
897
862
74
56
2,074
securities
to
Aug. 28
1935
§'
751
74
2,043
1,761
35
Demand deposits—adjusted increased $24,000,000
reporting member banks.
A summary of the principal assets and liabilities of the
reporting member banks, together with changes for the week
and the year ended Aug. 19, 1936, follows:
'
Increase
696
712
142
142
159
113
116
129
19
20
Loans
on
real estate.
—
Loans to banks
132
132
122
15
15
15
33
32
34
5
5
6
1,262
Assets—
1,253
1,184
352
358
246
3,800
3,856
3,136
1,119
1,081
933
440
446
359
91
91
83
1,129
1,060
297
296
272
Obligations fully guaranteed by
United
States
government
Other securities.
a...
Reserve with F. R. Bank
Balances
$
In New York
1,132
•
2,412
2,290
2,333
556
594
483
—
51
50
44
32
31
35
71
71
95
197
201
229
454
451
512
70
70
80
-
or
1936
^
Decrease
(—)
§
Aug. 21, 1935
5
—68,000,000
+2,388,000,000
903,000,000
205,000,000
City
Outside New York City
on
securities
to
—6,000,000
—5,000,000
+54 000 000
+42 000 000
others
(except banks)
.
Accepts, and com'l paper bought.
with domestic banks..
Other assets—net
Aug. 12,
22,256,000,000
Loans on real estate
Loans to banks
Other loans
Cash in vault..
1936
Loans to brokers and dealers:
Loans
U. S. Govt, direct obligations..
19,
21
Loans and investments—total
Other loans..
(+)
Since
Aug.
702
(except banks).
Deposit balances of other domestic banks
$35,000,000 in the Chicago
$14,000,000 in the Cleveland district, $13,000,000 in the Phila¬
delphia district and $208,000,000 at all reporting member banks.
others
Accepts, and com'l paper bought
in the New York dis¬
trict, $16,000,000 in the Chicago district, $10,000,000 in the San Francisco
i
34
mem¬
district, $8,000,000 in the Cleveland district and $42,000,000 at all reporting
member banks, and declined $11,000,000 in the Richmond district.
Time
deposits declined $9,000,000 in the New York district and $7,000,000
25
,
In New York City
Outside New York City
on
1936
$
Loans to brokers and ealers:
Loans
Aug. 19
♦$
8,585
Holdings of "other securities" increased
district,
Chicago—
§
member banks.
ber banks.
declined $113,000,000 in the New York district,
'
City
Aug. 26
<r
A. ssctS'
all reporting
$12,000,000 in the New York, district and $8,000,000 at all reporting
at all
(In Millions of Dollars)
1
at
U. S. govt, direct obligations
Obligations
United
fully
States
Other securities
guaranteed
government
2,024,000,000
323,000,000
1,146,000,000
63,000,000
3,705,000,000
9,332,000,000
—48,000,000
+424,000,000
+1,485,000,000
1,232,000,000
3,323,000,000.
—45,000,000
+8,000,000
+211,000,000
+213,000,000
+5,000,000
+2,000,000
—53 000 000
—1,000,000
+22,000,000
—ll'.oooiooo
+13 000 000
-fio'ooo'ooo
by
Financial
1320
(+)
Increase
or
Decrease
(—)
SiltCd/
Aug.
A GO etc
+29,000,000
—10,000,000
—120,000,000
banks. 4,884,000,000
Reserve
373,000,000
2,288,000,000
Cash in vault
domestic banks
Balances with
$
$
' '
•
Reserve with Fed.
► Liabilities—
,
deposits
Time
United States govt,
Inter-bank deposits:
Domestic banks..........
Borrowings..........----------
+815,000,000
+135,000,000
+4,000,000
Price for 1936-37
Canadian Cabinet Approves Minimum
Wheat of 87^ Cents Per Bushel—Minimum
Con¬
Below 90 Cents
Announcement was made in Ottawa on Aug. 27 by
Mackenzie King, Canadian Prime Minister, of the approval
by the Cabinet Council that day of recommendation of the
Canadian Wheat Board to fix the minimum price for the
1930-1937 wheat crop at 873^ cents a bushel. The regulation
would be conditional, however, on the closing market level's
dropping below 90 cents, it was stated in Associated Press
advices from Ottawa, Aug. 27:
The advices continued:
Market Price Falling
ditioned Upon
after
soon
the minimum fixed by the former government
wheat board came into existence late last Summer.
It
the same as
The price is
.
the
producer who sells to the board a minimum of
in any profits arising if the board disposes
guarantees the
bushel, with a share
at a better
87 cents a
of the wheat
price.
Minister said the recommendation was
that it became automatically effective whenever
the closing market price of No. 1 Northern wheat at Fort William dropped
below 90 cents.
A drop below 90 cents during the day's trading would not
affect the situation if the market improved to a point above that level at
In his
announcement the Prime
approved only to the extent
visit here yesterday by James R.
of the wheat board, who was called into consultation
announcement followed upon a
Murray, Chairman
byAthe Cabinet.
Institute
Acquired by
in-Council Issued March 6, 1935
financial conditions in Hungary have
improvement during the past four years,,
according to a bulletin issued Aug. 24 by John T. Madden,
Director of the Institute of International Finance.
The
Institute, which is conducted by the Investment Bankers
Fixes
1936-37 Season
prices and strict
$0.91 a bushel.
until June 1937.
the price of wheat has been
bushel; barley, $1.32 a bushel; and
of the marketing season
For the beginning
•
fixed at $2.05 a
bushel; rye, $1.61 a
These prices are to be increased monthly beginning Sept. 1
The prices in all instances are lower than prices at the end
deliveries to flour mills and of flour production,
prices and distribution have been continued.
The principal change in the
government's grain policy for 1936-37 is the tightening of the control
exercised over the purchase, sale, processing, and distribution of feed grains.
The second official estimate places the German wheat crop this year at
Strict
regulation of grain
bushels, rye at
177,140,000
314,234,000 bushels, barley at
163,829,000
397,517,000 bushels. These figures represent a sub¬
each instance over 1935 and indicate the largest harvest
bushels, and oats at
stantial increase in
since)1933 when 205,920,000 bushels of wheat, 343,570,000
159,287,000 bushels of barley, and 479,011,000 bushels
♦
bushels of rye,
of oats were
an
was
increase
described in the League of
United
League
by
a
By
reduction in exports.
an Order
in Council,
Nations "Mone¬
Review," issued Aug. 11, as being much greater in the
United States than in the United Kingdom, and, according
to the same advices, the industrial recovery in the United
States from the depression is relatively less marked.
The
report, according to Associated Press accounts from Geneva,
Switzerland, on Aug. 11, also said:
.•
In the United Kingdom the only direct monetary action taken by the
or
on
...
issued March 6t 1935, all individuals and
required to report to the National Bank
1935, all gold, other than jewelry, in their posses¬
Between March 7 and March 20, 1935, holders of gold were per¬
to sell it to the Central Corporation of Banking Companies with¬
before March 20,
sion.
required
being
disclose their identity.
to
production was to encourage the development of
in the United States d long series of recovery measures
introduced.
-
the United Kingdom was the result of banking policy,
States it was achieved at a cost of heavy additions
Cheap money in
to
in
the United
national debt.
the
National Bank's statutory buying price of 3,794 pengos
This represents a 34.6% de facto devaluation of the
pengo, but certain types of blocked pengos are selling at higher discount
rates.
Up to the end of
1935 the Central Corporation acquired gold
tendered to it for the statutory value of 13,600,000 pengos at a cost of
kilogram.
per
approximately 21,000,000 pengos.
deficit in each year
in the matter issued by
the Institute.
Provisional figures of the State Administra¬
tion budget for the fiscal year ended June 30, 1936, indicate
a
deficit of only 18,000,000 pengos, the smallest deficit
since 1931.
The announcement, in quoting the bulletin,
Hungarian budget has shown a
The
since
1930-31, said an announcement
the following to say:
also had
of 1931 and
the end
Between
June 30, 1936,
added:
essential monetary
in
difference
a
abundant
was
In
United
the
difference between
lies in the
medium; the medium itself
the two countries
rapid circulation of a monetary
in
both cases.
States the velocity of circulation
the
last quarter of
the
United
of demand deposits in
1935 was still only half as great as in 1929,
the
Kingdom
rate of
turnover
of current accounts
while in
only
was
30% less than at the beginning of 1930.
about
These
principally
differences
confidence
reflect
the
the
pengos
in
government
366,500,000 pengos, partly as a result of government
with the .Farm Debt Relief legislation.
Hungarian Government has agreed to continue to pay
degrees of
business
The
currencies 50% of the'dnterest on
until
1937.
2,
Aug.
a
advices
we
than the National Government are required
Credits Cash Office interest in pengos at not
5% per annum.
"However," according to the Institute,' "not
are
making interest payments to the Foreign Credits Cash
Foreign bond debtors other
deposit with the Foreign
than
debtors
all
June 30, 1936, service arrears on municipal and
to 20,500,000 pengos.
Up to June 30, 1936,
Office, and on
amounted
Office
received
and
paid
out
siderable
About
part
bonds
excess
reserves
funds which may be
corporate
the Cash
212,900,000 pengos
for coupons and bonds 165,200,000 pengos, of which a con¬
went to Hungarian holders of repatriated foreign bonds.
issued by Hungarian banks in foreign
May, 1936. Bonds of the nominal
of 421,600,000 pengos, or about half of the mortgage and municipal
issued abroad, have been repatriated."
47%
currencies
value
municipal and corporate debtors
from
of the mortgage bonds
repatriated up to
had been
Trade Treaty
Between Canada and Uruguay Signed at
Ottawa
trade treaty between Canada and Uruguay
at Ottawa on Aug. 12, was made known in Canadian Press
accounts from Ottawa, Aug. 12, to the Toronto "Globe"
The
signing of
a
position.
are
was signed by Prime Minister Mackenzie King on behalf
Senor Don Mateo Marques Castro for the Government
P* The agreement
of Canada and by
It has yet to be ratified
of Uruguay.
effective thirty days
thereafter.
Canada and Uruguay
guayan
meats.
totaled
machines, aluminum
exports to the Dominion are
During
attributed by the report to
withdrawn at a moment's notice.
an
inflow of foreign
However, due to the
by both countries and will become
.
rub¬
goods and electrical apparatus. Uru¬
confined almost exclusively to canned
Canada ships newsprint paper, farm implements,
broadening scale.
ber tires, sewing
.
.
for some years have been trading on a gradually
the
$368,508,
past fiscal
while the
year
exports from Canada to Uruguay
South American country sent goods worth
$206,633 to Canada.
Commonwealth,
as
exclusively to other parts of the British
granted by Uruguay to bordering
of the new agreement.
well as preferences
♦
also quote :
report expressed the opinion that although the
sounder banking
The
in foreign
the 7*£% Reconstruction Loan of 1924-44
States, are expected from operation
"excess" reserves of
member banks of the American Federal Reserve System form an element
of inflation danger, at the same time they represent an important element
in
borrowing
to
connection
Preferences which Canada grants
varying
in the two countries.
From the Associated Press
The
the external funded debt
decreased from 1,25+800,000 pengos to 918,300,000
pengos,
due largely to the depreciation of the dollar and the pound)
sterling.
The. internal funded debt showed a small decrease during the
above period, but the internal floating debt was increased from 87,700,000
of
which also said in part:
production in the United Kingdom
took place without any considerable rise in prices, whereas
in the United States prices rose more sharply, the report
Stating that increased
The
The Central Corporation
buying gold at 6,000 pengos per kilogram, the then prevailing
price on the free market.
Owing to relatively large offerings the price
was gradually
reduced to about 5,800 pengos per kilogram, i.e., a 52.9%
began
government to stimulate
while
compared
in Hungary were
domiciled
bonds
tary
was
f
mainly to a rise in the quantity of imports.
The quantity of exports in 1935 was approximately the same as in 1934,
but the average prices obtained were higher than in the preceding year.
During
the first five months of 1936
imports exceeded exports by
6,100,000 pengos against a favorable trade balance of 45*700,000 pengos
in
the
corresponding period of 1935.
This adverse development was
brought about by the relatively sharp increase in imports rather than
more
United States Than in
Kingdom, According to Monetary Review of
of Nations—Views on Excess Reserves
cheap money* while
.
in the value of imports as
previous year, due
the
with
to
—
Greater in
Deflation was
there
1935
In
produced.
Deflation
with New York Uni¬
;//
1929.
in
as
the 1935-36 season.
of
in cooperation
following to say in its bulletin:
During the 1920's the foreign trade of Hungary regularly showed an
excess
of
imports over exports, but since 1930 exports have exceeded
imports in every year.
The development of a favorable trade was brought
about by a drastic reduction in the value of imports.
In 1935 the total
value of
imports was only 32.8% of the value in 1928, while exports
represented 55.4% of the total for 1928.
However, the total value of
foreign trade in 1935 was only slightly more than two-fifths as large
versity, had the
premium over the
governmental regulation of the
grain trade will be continued in Germany during the 1936-37
marketing season, according to a report to the Bureau of
Agricultural Economics, United States Department of
Agriculture, from Agricultural Commissioner, L. V. Steere
in Berlin.
The German government's grain policy applies to
wheat, rye, oats, and barley, said an announcement issued
Aug. 27 by the Department of Agriculture, which added:
Fixed
steady
Association of America,
out
to
and
Economic
shown
mitted
Continue Regulation of Grain Trade—
Prices for Bread and Feed Grains During
Germany
Financial Con¬
Years Noted
of International Finance—Gold
Central Corporation Under Order-
by
firms
closing.
The
market.
Steady Improvement in Economic and
ditions in Hungary During Past Four
,
—208,000,000
—3,000,000
+1,000,000
5,750,000,000
411,000,000
4,000,000
American money
the repatriation
accomplished with a
United States can be
the
disturbance to the
$
+589,000,000
+51,000,000
+165,000,000
„
-
Foreign banks
legal requirement,
surplus above the
from
funds
foreign
minimum
+42,000,000 +1,576,000,000
—7,000,000 +162,000,000
—1,000,000 +259,000,000
deposits—adjusted...i...14,794,000,000
5,014,000,000
deposits..
820,000,000
Demand
Aug. 21, 1935
of the large
existence
of
Aug. 12, 1936
19, 1936
Aug. 29, 1936
Chronicle
Diplomatic Relations Re-Established Between
Bolivia
and Paraguay
The re-establishment of
livia and
signing of
diplomatic relations between Bo¬
Paraguay was announced on
a
Aug. 21,' with the
formal agreement by their delegates to
the Chaco
Volume
Financial
143
conference, according to a cablegram on that date
Aires, Argentina to the New York "Times",
peace
from Buenos
from which
also quote:
we
The declaration
also
was
signed for the United States
the peace
States, under whose auspices
conference has been in session since
June
of last
lives.
\
v
,
during which
•',./*
The declaration must be ratified
by the Congresses of Bolivia and Para¬
but it is expected that the ratifications will be voted in time to enable
before
the
belligerents to
Con¬
declaration followed the signing of two resolutions
delaying the peace
been
had
negotiations for several months.
In
one
of these resolutions Bolivia agrees to accept
the report of a mili¬
In the other, Para¬
tary commission regarding the exchange of prisoners.
guay agrees to the opening
at Villa Montes
of
road between Bolivia's Chaco headquarters
a
and the rich Bolivian province of Santa Cruz de la
A stubborn disagreement on these two
to wreck the conference.
After
the
the
February,
of last
new
headed by Colonel Rafael Franco, charged that large numbers
war
prisoners
as
laborers
of President Eusebio
government
but
being used
were
the charge
was
never
on
the estates of members of the
who resigned after the revolt,
Ayala,
A commission, composed of army officers and of the six
belief that
the
neutral nations
unable to find orderly records of
was
the prisoners at the Paraguayan War
conference its
regime,
of Bolivian
proven.
represented at the peace conference,
peace
Sierra.
questions had threatened frequently
Office, and finally reported to the
Paraguayan
had
Government never
de S.
23 that
and
to
Hoover, Executive Secretary, announced on Aug.
a letter to the Minister of Finance
they had sent
Public
Credit
of
the
Protective
Council, Inc.,
Committees
included
tending to show
settlement
to negotiate a
in
the
announcement
.
on
,
tabulation
a
ranging from 2.20 to
18 points.
The
letter continued:
realize, of
istration
of
the
that
course,
Government
these loans
of
the
official records which
gives
loans that
above.
far
in
almost
not
the
the
two
sign
this
a
such
are
methods
now
market
entitled1,
letter
value
.
and
of
the
of
the
.
pared
at
behalf
the
debt
firmly of
are
to
.
Municipalities
position
of
sentatives
the
the
proval, and
of
all
We
Committees
is
were
noteworthy
and
Your
fair
view
as
to
well
are
and
legal
profit
actual
for all time the present
are
pre¬
on
of
the
Departments and
basis
as
that
would
the
upon
convinced
lend
we
settlement
a
of the
Excellency's
would
has
status
Government
your
burden
a
best
advice
adequate representa¬
such
on
not
your
with
that
firmly
Bondholders
of
and
the
which
the
agency.
effecting
as
Banks,
and
to
as
that
as
Excellency that
negotiations
a
advice
such
the
other
any
assure
Mortgage
Republic,
It
however that
and the lack
by
into
with
offer
opinion
ignores
.
bondholders
American
settle
so
best interests
the
these
the
to
enter
Government
your
and
of
accord,
to
today.
moderate
a
situation
a
the
.
bonds
opportunity
equitable—fair to
an
the
bondholders
of
these
on
the agents of the Government and
are
required, to
even
settlement in
a
of
time
any
of
external
this
liberty of
Colombian
.
Agents
referred
holders
take
the
table from
accruing to the bankers
bonds
charged only
these Committees in this situation,
We
previous admin¬
a
take
clear idea of the large profits
very
which
letter.
of
in the
in
we
enclosed
the
instance the profits
banks
reaching
developed.
We
given
but
by the banking houses who signed the letter mentioned
every
of
excess
also that
did
made
were
In
made
were
Republic,
calling to Your Excellency's attention
tion
Carlsbad, Czechoslovakia, which said that the sum of
$22,000 would be transferred to New York during the next
few days with which, in addition to a credit now deposited
in New York, a partial payment of 5% will be effected on the
Jan. 1, 1935 coupons of the City's 30-year sinking fund gold
8% municipal external loan, dated Jan. 1, 1924, due Jan. 1,
1954.
.■■■■■; /'
A previous communication of the Mayor relating to the
City's loan, was referred to in our issue of July 25, page 509.
referring
profit of the houses of issue of vari¬
gross
Colombia bonds,
ous
of
The Foreign Bondholders Protective Council, Inc., made
known on Aug. 25 the receipt of a letter from the Mayor of
of Colombia,
Republic
government, departmental, municipal and mortgage-bank
We realize that the Fiscal
City of Carlsbad (Czechoslovakia) to Pay 5% of Jan. 1,
1935 Coupons on 8% Municipal External Loan
to
behalf of the bondholders. The Committees, by virtue of
the fact that they hold
bond$ on deposit, asserted that they
have been authorized to
represent the bondholders.
The
as
this year of the Chaco peace protocol
by the Bolivian and Paraguayan Congresses was noted in
these columns Feb. 22, page 1210.
Right
dollar issues in default, and denying the right of the banking
houses that marketed the bonds and the Foreign Bondhold¬
known how many prisoners it had siezed.
The ratification early
Assert
Committees
The Colombia Bondholders Committees through Lawrence
E.
We
revolution
Bondholders
Represent Bondholders
...
Paraguayan
The current rate
thaler, according to the report.
ranges from 5.50 to 6 lire to the
Colombia
ers
troublesome points which
two
up
Pan-AmeriCan Peace
Roosevelt's
1.
The signing of the
clearing
legations at Asuncion and La
reopen "the
of President
start
ference here Dec.
exchange
delegate to the conference.
as a
The agreement terminates five years of broken relations,
Paz
period July 15 to Aug. 15,
1936 is prescribed; paper thalers, July 15 to Oct. 15, 1936.
of
Spruille Braden
year,
Bolivia and Paraguay fought a three-year war which cost more than 100,000
the former Chaco
1321
For the exchange of the fractional coins, the
signed by delegates of Argentina, Brazil, Chile,
Peru, Uruguay and the United
guay,
Chronicle
should
Government
their
support
be
financial
repre¬
reach
and
unfortunate situation,
ap¬
to the
concerned.
.
Increase Noted in July Sales of Securities
Securities
Exchanges
as
National
on
Compared with June and
July, 1935
Bank
of
France
vances
Operating
Gold
on
Not
to
Under
be
New
Regime—Ad¬
After Sept.
Renewed
1
Control of the Bank of France
was formally taken over by
Aug. 19 when the Bank began operations
under the new Council as called for in the recently enacted
law providing for the "democratization of the Bank."
With
the inauguration of the new regime Governor Emile Labeyrie,
who presided with two assistant governors, Messrs. Fournier
and Guirand, had the following to say:
the Government
"You will help
that when
on
make it understood throughout working France
to
us
resist with regret
we
certain demands which
to be
perfectly reasonable it will be because
to do
so
by
care
we are
seem
to their makers
council,
the
said,
governor
represent the government,
was
harmoniously
composed
both large and small industry and
A
permanent
committee
to
aid
.,
the
.
was
elected
as
follows:
Pierre Dalbouze, President of the Paris Chamber of Commerce and of the
Chambers of Commerce of France; Mr.
Gaussel, member of the adminis¬
trative council of the National Federation of Consumers
Cooperatives, and
Leon Jouhaux, secretary general of the Confederation of Labor.
committee, which will meet
appointed
its
as
every
representative
To this
second week, the Ministry of Finance
Louis .Martin,
director
the
of
National
Credit Services.
At the last meeting of the regents the decision of the governor was
ap¬
proved that advances
No
advances
new
on
have
gold ingots would not be renewed after Sept.
been piade since May,
previously have been renewed.
formed that
Now clients
of the
they must liquidate such accounts.
1.
bank
have
Italian Lira
to
Will
been
in¬
999.
appeared
be Legal Tender in Italian East Africa—
Replace Maria Theresa Thalers
report to the United States Department of
Commerce from Commercial Attache Charles A. Livengood,
a
Under
Rome.
date
of
Aug.
21
the
Department
also
announced:
Based
recent Royal Decree-Law, exchange of silver Maria Theresa
on a
Thalers for the legal money is to be effected beginning July 15 at the branches
of the
decrees
Bank
of
of the
Italy at rates which
Governors.
will be periodically established by
Exchange of the coins representing fractional
parts of the thaler also of paper thalers will be effected at the
exchange, the report states.
was
on
all registered
exchanges;
94.7%
95.4% of the value
of stock sales and 99.8%
,
of
bond sales. '
The dollar value of sales on all exempt exchanges
an
in July
was
$2,013,331,
increase of 87.4% over June.
Persons
Desiring Exemption of Oil and Gas Offerings
Required by SEC to File Offering Sheet
The rules under the Securities Act of 1933 for the
exemption
of oil and gas offerings have been amended by the Securities
and Exchange Commission to require that persons seeking
an exemption must file an offering sheet even though the
proposed sales are to be to dealers, banks, trust companies, or
insurance companies.
Previously, in instances of this type
an offering sheet was not always required in order to obtain
the exemption.
The amendment, announced by the SEC
on Aug. 15, is to Rule 320, and becomes effective on Sept. 1.
SEC
Eases
Registration Rules—Description Unneces¬
Issues to be Retired Within Short Period
sary
on
The
Securities
statements filed
1933
\
The Italian lira and its multiples or fractional parts will be
"the money having legal course in Italian East Africa,"
according to
The two leading New York Exchanges accounted for
and
Exchange
Commission
announced
Aug. 21 that it has amended its instructions for registration
A reference to the change in control in the Bank
page
64,728,459 shares
of bonds sold
$350,594,325, an increase of 5.5%.
This decision does not
the heading "Advances on Ingots and Gold Moneys."
Aug. 15,
amouni
1935, but advances made
apply to advances made to foreign banks, which hold by far the larger part
of the 1,274,000,000 francs figuring in the bank's weekly statement under
in the Chronicle of
Total principal
commerce
.
governor
July (including rights), were
47.3% above June's figure.
to
and agriculture, both workers' and consumers' organizations and the
people
who have savings.
It would be completed, he added, by representatives
of shareholders and the bank personnel.
Total sales of stock in
or
of sales
cablegram to the New York "Times" from Paris
reporting this added in part:
new
Securities and Exchange Commission announced
Aug. 26 that the dollar value of sales on all registered se¬
curities exchanges in July amounted to
$2,057,844,758, an
increase of 42.1% over the value of sales in June and an
increase of 44.7% over the value of sales in July, 1935.
Stock sales (including rights) had a value of
$1,765,391,249,
an increase of
51.6% over June. Bond sales were valued at
$292,442,992, an increase of 3.1%. The Commission added:
imperiously commanded
for the general interest.''
A Paris
The
The
same rates
of
so
on
Form A-2 under the Securities Act of
that, subject to certain conditions,
no
description
need be given of any security issue which is to be retired
within a reasonable time after the effective date of the
registration statement.
The Commission's ruling said in
part:
I.
In the Instruction Book for Form A-2 there is added to the Instructions
to Item 9A a new
paragraph reading as follows;
permitted by the second paragraph of the Instructions to Item 14,
of any issue is omitted under that item, indicate that fact
by footnote and state briefly the steps taken and to be taken to effect the
discharge of such issue.
If,
as
the description
II.
In the Instruction Book for Form A-2 there is added at the end of
the Instructions to Item 14, and immediately preceding the Instructions to
Item 14 (b), a new paragraph reading as follows:
No statement need
be made as to any. issue which is to be discharged
a reasonable time after the effective date of the registration state¬
if, prior to, or concurrently with, delivery by the issuer of the securities
registered/either
• •
within
ment
Financial
1322
Such issue shall be
(b)
ft
'
discharged; or
Aug. 29, 1936
Chronicle
Includes $60,800,000
e
lawful money deposited as a reserve for
All of the following steps to effect such discharge shall be taken:
(i) There shall be deposited in trust for that purpose funds sufficient to
discharge the issue;
,
,,,
(ii) The lien or mortgage, if any, securing the issue shall be duly released,
or by reason of the steps referred to in subparagraphs
(i) and (iii) hereof,
will be duly released at the maturity date or at the date fixed for redemption;
and
in circulation includes any paper currency
tinental limits of the United States.
Postal Savings
deposits.
.
(iii) If the issue is not presently maturing, all steps necessary to the call
redemption of such issue shall be taken or else powers, irrevocable by the
issuer, to take such steps shall be given by the issuer to some third person.
certificates and Treasury notes of 1890 should be
deducted from this amount before combining with total money held in the Treasury
to arrive at the total amount of money in the United States.
f The amount of gold and silver
g Includes
Reserve Bank of
'
!
held outside the con¬
held by the Cuban agency of the Federal
money
Atlanta.
h The
money
'
or
the Country
Stock of Money in
;
Department at Washington has issued the
customary monthly statement showing the stock of money
in the country and the amount of circulation after deducting
the moneys held in the United States Treasury and by
Federal Reserve banks and agents.
The figures this time
The Treasury
that the money in circu¬
(including, of course, what is held in bank
vaults of member banks of the Federal Reserve System) was
$6,161,947,699, as against $6,241,204,903 on June 30, 1936,
and $5,517,942,493 on July 31, 1935, and comparing with
$5,698,214,612 on Oct. 31, 1920.
Just before the outbreak
of the World War, that is, on June 30, 1914, the total was
only $3,459,434,174.
The following is the full statement:
are
31, 1936, and show
for July
lation at that date
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realignment of the Nation's banking and financial
is regarded as possible with the adoption of a
proposal for a Federal Administrative Court, contained in
a report presented at the annual convention of the American
Bar Association in Boston on Aug. 24, by the Association's
A
Legislative Committee.
An earlier reference to the report
appeared in our issue of Aug. 1, page 674, in which it was
stated that it was proposed that the Court be established to
take over the judicial functions exercised by the 70-odd
Government agencies.
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on Aug. 24, stated that the report was prepared for Comp¬
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adding in part;
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pointed out that under the proposal, the
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be unable to
appoint conservators for National banks; he
of the
Secretary
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would be denied the power to revoke
Treasury
foreign exchange transactions,
transfers of credit between or
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banking holiday of 1933, the report said
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Treasury—(i) as a reserve for United States
notes and Treasury notes of 1890—$156,039,431 in gold bullion; (ii) as security for
Treasury notes of 1890—an equal dollar amount in standard silver dollars (these
notes are being canceled and retired on receipt); (111) as security for outstanding
silver certificates—silver in bullion and standard silver dollars of a monetary value
equal to the face amount of such silver certificates; and (lv) as security for gold
certificates—gold bullion of a value at the legal standard equal to the face amount of
such gold certificates.
Federal Reserve notes are obligations of the United States
and a first lien on all the assets of the issuing Federal Reserve Bank. Federal Reserve
notes are secured by the deposit with Federal Reserve agents of a like amount of
gold certificates or of gold certificates and such discounted or purchased paper as is
eligible under the terms of the Federal Reserve Act, or, until March 3, 1937, of
direct obligations of the United States if so authorized by a majority vote of the
Board of Governors of the Federal Reserve System.
Federal Reserve banks must
maintain a reserve in gold certificates of at least 40%, including the redemption fund
which must be deposited with the Treasurer of the United States, against Federal
Reserve notes in actual circulation.
"Gold certificates" as herein used Includes
credits with the Treasurer of the United States payable in gold certificates. Federal
Reserve bank notes and National bank notes are in process of retirement.
Note—There is maintained in the
licenses of banks issued after the
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At a press conference Aug. 24 Henry Morgenthau Jr.,
Secretary of the Treasury, announced that the details of the
Treasury's mid-September financimg will be made known
the morning of Sept. 3.
The Secretary did not, however,
information regarding intended financing plans..
maturity on Sept. 15 of $514,066,000 of Series
D-1936 two-year 'lp£% Treasury notes.
As to further com¬
ment
by Secretary Morgenthau at his press conference
Aug. 24, we take the following Washington advices, that
day, from the New York "Herald Tribune" of Aug. 25:
disclose any
There is
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Open Market
Committee—$514,066,000 of
Notes Mature Sept. 15
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The Secretary of the Treasury
the Treasury will
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With
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Treasury's Mid-September Financing to be
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General
will confine itself to a
ask for new money in its September financing.
opinion here, however, has been that the Treasury
refunding of its notes.
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This opinion is
that the present
based, not on any Treasury statement, but on the fact
It
results
from
June
a
Sfi $
in explanation of the date
the
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Revised figures.
Does not Include gold
This total includes credits
(1)
Certificate Fund-Board of Governors, Federal
fund for
$1,800,000,000 Exchange Stabilization Fund.
Included
with the Treasurer of the United States payable in
the Gold
the amount of $5,382,078,913, and (2) the redemption
Federal Reserve notes in the amount of $12,662,328. .
Reserve System, in
d Includes
Labor
Once
on
a
Sept. 7 would be
again
the
He named the date because
of announcement.
Day,
Sept.
7, might bring confusion to financial
usual date for announcement.
a
Secretary of Treasury reiterated
"day-to-day" basis.
settled conditions abroad.
that the Treasury is
He declined to comment on a report that the
Treasury is determined to keep a $1,000,000,000
balance because of un¬
arose
Mr.
Several months ago before the present Spanish
Morgenthau said that the Treasury is desirous of keep¬
$1,000,000,000.
Question as to his opinion on whether the money
Included In the total, since the gold or sliver held as
and Treasury notes of 1890 Is
gold, standard silver dollars, and silver bullion, respectively.
certificates in
on
Causes Delay
.
security against gold and silver certificates
c
circles.
situation
other than that held by the Treasury,
b These amounts are not
gold
bonus pay-,
will be" was the phrase Mr. Morgenthau used
ing a balance of between $750,000,000 and
*
a
meet
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to
larger than those applied for.
ments
Labor Day
S ^ 3 S 5
"overborrowing"
,
"5
"Whatever financing there
«
$1,526,000,000 is suf¬
needs for the next three
Treasury working balance of about
ficiently large to provide for Federal government
months.
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drew from Mr.
not
Morgenthau
a
"no comment".
market is tightening
He explained that he was
ready to disclose any information on financing until
Sept. 8.
Secretary Morgenthau revealed on Aug. 27 that he will
confer on Sept. 2 with the Open-Market Committee of the
Board of Governors of the Federal Reserve System on the
plane for the Sept.
15 financing.
In advices from Wash-
Volume
Financial
143
Chronicle
ington, Aug, 27, appearing in the New York "Times" of
Aug 28, it was stated:
v
GOLD
1323
RECEIVED
BY
THE
THE
FEDERAL
TREASURER'S
RESERVE
BANKS
AND
OFFICE
,
It
was
(Under Secretary's Order of Dec. 28, 1933)
expected that the conference would decide upon the character ©f the
issue to replace the notes, the form of the
security, the length of maturity
and the interest rate.
Officials predicted that the rate would be favorable
Gold Coin
in view of the condition of the
government securities market.
Mr.
Morgenthau declined to give
financing
amount of the
any
advance information
whether the Government would borrow
or to say
this
to
as
Received by Federal Reserve banks:
Week ended Aug. 19
Some authorities said that in view of the present
maturity.
$254,950.00
110,384,210.00
$31,706,627.54
$110,639,160.00
$268,656* 00
$2,200.00
2,496,920.00
$268,656.00
Total to Aug. 19
Received by Treasurer's office:
large cash balance, with the prospects of reduced expenditures and with the
bulk of the soldiers' bonus already paid off no "new
money" would be
$7,561.92
31,699,065.62
$2,499,120.00
Received previously
than the
more
Week ended Aug.
19
Received previously
soughtp
Total to Aug. 19...;
$197,603,000 Received
to Offering of $50,000,000 of 273Day Treasury Bills Dated Aug. 26—$50,046,000
Accepted at Average Rate of About 0.170%
'
Announcement
that
bids
Note— Gold bars deposited with the New York
Assay Office in the amount of
$200,572.69 previously reported.
Previous
of
$197,603,000 had been re¬
offering of $50,000,000, or thereabouts, of
273-day Treasury bills, dated Aug. 26, 1936, and maturing
May 26, 1937, was made on Aug. 24 by Henry Morgenthau
Jr., Secretary of the Treasury.
The tenders had been re¬
ceived up to.2 p.m., Eastern Standard Time,
Aug. 24, at
the Federal'Reserve banks and the branches thereof
Of
ceived
made in
.
the amount
received, Secretary Morgenthau said, $50,046,000 were accepted.
Previous reference to the offering of
Treasury bills was made in our isssue of Aug. 22, page 1159.
The following, regarding the
accepted bids to the offering,
is from Mr. Morgenthau's announcement of
Aug. 24:
The accepted bids ranged in price from
99.876,
equivalent to
Gold
annum,
on
bank discount basis.
a
bank discount basis.
.
Receipts by Mints and Assay Offices During Week
Aug. 21—Imports Totaled $21,222,768
A total of
$24,602,016.93 of gold was received during the
Aug. 21 by the various mints and assay offices,
the Treasury announced on Aug. 24.
It said that $21,222,767.97 of this amount was imports,
$530,576.21 secondary
and $2,848,672.75 new domestic.
The gold, the Treasury
made known, was received as follows
by the various mints
and assay offices during the week ended
Aug. 21.
week ended
RECEIPTS OF GOLD BY THE
,v
;
MINTS
AND
Imports
--
Philadelphia
ASSAY
OFFICES
on re¬
273-day bills of 0.194% (bills dated Aug. 19),
0.213% (bills dated Aug. 12), 0.230% (bills dated Aug. 5),
0.224% (bills dated July 29), 0.115% (bills dated July 22),
and 0.071 % (bills dated
July 15).
Offering of $50,000,000, or Thereabouts, of 273-Day
Treasury Bills—To Be Dated Sept. 2, 1936
offering of 273-day Treasury bills to the amount
$50,000,000, or thereabouts, to which tenders will be
New Domestic
$100,815.77
$511.66
19,702,800.00
358,617.00
23,053.02
257,500.00
1,515,492.67
597,903.09
San Francisco
cent issues of
Secondary
v
$9,442.16
New York.
The average rate of 0.170% compares with rates
of
was
rate of
a
the latter price was accepted.
The average price of Treasury bills to
be issued is 99.871 and the
average rate is about 0.170% per annum on a
A
receipts of hoarded gold
Only part of the amount bid for
at
New
the
to
issue of Aug. 22, page 1159.
Ended
about 0.164% per annum, to 99.867,
equivalent to a rate of about 0.175%
per
reference
our
the
to
Gold Certificates
1,499,086.61
Denver...
7,315.14
4,124.06
17,201.29
21,790.15
9.098.98
477,265*43
$21,222,767.97
$530,576.21
$2,848,672.75
New Orleans
Seattle
f
Total for week ended Aug. 21
_.
'
i
■
♦
Silver Transferred to United States Under Nationaliza¬
tion Order During Week Ended
Aug. 21 Amounted
to
3,038.31 Fine Ounces
new
received
thereof,
the
at
Federal
to 2
Reserve
banks,
the
or
branches
m., Eastern Standard Time, Aug. 31,
Aug. 27 by Secretary of the Treasury
Henry Morgenthau Jr. The Treasury bills will be sold on
a discount basis to the
highest bidders. They will be dated
Sept. 2, 1936, and will mature on June 2, 1937, and on the
maturity date the face amount will be payable without in¬
terest.
There is a maturity of similar securities on
Sept. 2
in amount of $50,045,000.
In his announcement of Aug. 27
Secretary Morgenthau
had the following to say:
up
announced
was
p.
on
Announcement was made by the
Treasury Department on
Aug. 24 of the transfer of 3,038.31 fine ounces of silver to
the United States during the week ended
Aug. 21, under the
Executive Order of Aug. 9, 1934,
nationalizing the metal.
The Treasury said that 112,969,655.42 fine ounces of the
metal have been transferred since the issuance of the Order
of Aug. 9, which was given in our issue of
Aug. 11, 1934,
%
Treasury's announcement of Aug. 24 the fol¬
858.
page
From
the
lowing is taken:
,
They (the bills) will be issued in bearer form only, and in amounts
denominations
of
$1,000,
$10,000,
$100,000,
$500,000,
and
$1,00
or
,000
(maturity value).
No
tender
for
an
amount
less
than
multiples of $1,000.
$1,000
will
be
considered.
Each
The price offered must be expressed
the basis of 100, with not more than three decimal
places,
e.
g.,
recognized dealers in invest¬
securities.
Tenders from others must be accompanied
by a deposit
10% of the face amount of Treasury bills applied for, unless the tenders
accompanied by
are
bank
or
an
guaranty of payment
express
the closing hour will be opened
to
STATES
Philadelphia...
Fine Ounces
.
300.00
—
New York....
—
...
2,143.85
....
549.50
Denver.....
.....
New Orleans.......
.....
by
an
44.96
....
...
.....
Seattle
;.
....
Total receipts through Aug.
1936
3,038.31
112,969,655.42
21, 1936
In the "Chronicle" of
Aug. 22, page 1159, reference was
during the week ended Aug. 14.
made to the silver transferred
incorporated
trust company.
Immediately after the closing hour for receipt of tenders on Aug. 31,
1936, all tenders received at the Federal Reserve banks or branches thereof
up
UNITED
21, 1936—
Total for week ended Aug. 21,
Tenders will be accepted without cash deposit from
incorporated banks
and trust companies and from responsible and
ment
Week Ended Aug.
99.125.
Fractions must not be used.
of
TO
(Under Executive Proclamation of Aug. 8, 1934)
San Francisco...
tender must be in
on
SILVER TRANSFERRED
of
Receipts
Newly-Mined
Silver
by
Mints
and
Assay
Offices from Treasury Purchases Totaled 778,700.38
Fine Ounces During Week Ended Aug. 21
and public announcement of the
acceptable prices will follow
the
following morning.
the right to
reject
any
as soon as possible thereafter,
probably on
The Secretary of the Treasury expressly reserves
or all tenders or parts of tenders, and to allot less
than the amount applied for,
final.
and his action in any such respect shall be
Those submitting tenders
jection thereof.
must be made at the
available funds
will be advised of the acceptance
Federal Reserve banks in cash
or
other
gain from the sale
of any
No loss from the sale
as
a
any
(Attention is invited to
Treasury Decision 4550, ruling that Treasury bills
shall be allowed
immediately
interest, and
other disposition thereof will also be exempt, from
or
taxation, except estate and inheritance taxes.
gift tax.)
re¬
Sept. 2, 1936.
on
The Treasury bills will be exempt, as to principal and
all
or
Payment at the price offered for Treasury bills allotted
deduction,
are not exempt
from the
or
other
or
otherwise recognized, for the purposes
tax now or hereafter imposed by
disposition of the Treasury bills
th# United
States
or
any
of its
possessions.
Treasury
Department Circular No.
418,
as
amended,
and
this
notice
During the week ended Aug. 21
of silver
over
were
mints
the
to
proclamation
1933,
page
was
4441.
RECEIPTS OF
total of 778,700.38 fine
and
assay
offices.
Reference
SILVER BY THE
MINTS AND
ASSAY
as
-
-
OFFICES
Fine Ounces
Hoarded
Ended
Aug.
Gold
19—$7,562
Received
Coin
During Week
and $257,150 Cer¬
tificates
announced
by the Treasury on Aug. 24 that
$264,711.92 of gold coin and certificates was received by the
Federal Reserve banks and the Treasurer's office during the
week ended Aug. 19, under the Order of Dec. 28, 1933,
requiring all gold to be returned to the Treasury.
Since the
Order was issued and up to Aug. 19 receipts have totaled
$145,113,563.54.
Of the amount received during the week
ended Aug. 19, the Treasury revealed, $7,561.92 was
gold
coin and $257,150 gold certificates.
The following is the
data made available Aug. 24 by the Treasury:
was
Denver
491,744.55
280,285.02
-
San Francisco
of
the
Amended)
Week Ended Aug. 21. 1936—
$264,712
to
made in the "Chronicle" of Dec. 31,
The Treasury's statement of Aug. 24
(Under Executive Proclamation of Dec. 21, 1933
Philadelphia..
It
a
over
follows:
prescribe the terms of the Treasury bills and govern the conditions of their
issue.
turned
by the Treasury Depart¬
offices, it is learned from
a statement issued
Aug. 24 by the Treasury.
The silver
was
purchased by the Treasury in accordance with the
President's proclamation of Dec. 21, 1933, which authorized
the Department to absorb at least 24,421,410 fine ounces of
newly-mined silver annually.
Since Dec. 31, 1933, a total
of $96,943,352.96 fine ounces of the metal have been turned
ounces
ment to the various mints and assay
.....
-
6,670.81
—
Total for week ended Aug. 21, 1936
Total receipts through Aug.
Since
issuing
its
778,700.38
21, 1936.
report
96,943,352.96
for
the
week
ended
Aug. 14,
given in these columns of Aug. 22, page 1159, the Treasury
has made known that the figure for Philadelphia was inad¬
vertently reported at 300,000.63 fine ounces; the corrected
figure, as supplied by the Treasury, is 300,020.63 fine
ounces.
The change brings the total for the week ended
Aug. 14 to 615,167.94 fine ounces, instead of 615,147.94,
and the figure of total receipts through Aug. 14 to 96,164,652.58, in place of the 96,164,632.58 reported in our
issue of
a
week ago.
,
Financial
1324
Extemporaneous Talk of President Roosevelt at Bis¬
marck, N.
Dak., on Aug. 27—Says Immediate
Drought Problem Is to Enable Those Who Have
Livestock to Keep Going—Sees
Necessity of Cooperating With Nature
In an extemporaneous talk at Bismarck, N. Dak., on
Aug. 27, President Roosevelt who is on a tour of the drought
stricken area of the West, stated that "what I have seen
confirms me in the belief that I have had for a long time—
the belief that we are going to win on this problem."
As¬
sociated Press accounts from Bismarck in the New York
Lost
and
Crops
"Herald Tribune" went on to say:
It
really
of keeping
one
*
%
problems. The first is the immediate
people going who have lost their crops and lost their live¬
down to three
comes
stock.
keep them going over
The second is to
hope we will have more
we
rain,
untii next
the winter
year, when
.
future—not only the future of North
good many other states. It relates to working
problem relates to the
The third
Dakota, but the future of a
with nature instead of going along with what we
have been doing in the past—trying to buck nature.
That means cooperation between all agencies involved.
There are a lot
plan of cooperation
out a
and
chief
our
agencies
agencies and there are local agencies,
problem now is to work out a plan that all of these different
carry out, working intelligently with each other and not
agencies, there are state
of Federal
can
His
It
have got to have the cooperation
the people on
as
the farms.
conversations were held at Bismark,
27 with Acting Governor Welford
of North Dakota; Acting Governor Holt of Montana; Sen¬
ators Frazier and Nye of the first-named States and Senators
Wheeler and Murray of Montana. On Aug. 28 the President
inspected the drought territories of North and South Dakota.
Today (Aug. 29) the President is scheduled to reach Pierre,
S. Dak., and to confer there with Governors Berry of South
Dakota, and Miller of Wyoming; Senators
Norbeck and
Bulow of South Dakota and Carey and O'Mahoney of
The President's first
where he conferred on Aug.
Wyoming.
Monday, Aug, 31, the President planned to reach
Minn., where he will meet State and Federal
officials of Minnesota and Senators Shipstead and Benson;
On
Rochester,
of the people in the cities
Incidentally, in an agricultural
be any cities if there were not farms.
here, and that was to look
dent, at Des Moines, Iowa, on Sept. 1, Associated Press
Moines Aug. 24 stated that the President
and Governor Landon would meet twice socially and once
is what we all want to see—the
centers
your
The first meeting,
in
populated.
Ind., where you pass through mile
problem out here is their problem back there,
obvious fact is that steel factories would not run at
agricultural states were in a position to buy farm
because the perfectly
"we could not
I get
so-called great plains
ernment
Republican opponent by inviting the Governors,
today, and I am going to learn more in
and must and will go ahead—not
can
the, state government and the local government—go
out through a system of careful long-range planning.
And
so
I ask for your cooperation
And again I say
at
my
in his telegram, to "have
home immediately following the con¬
ference."
Governor Herring
announced the program after a telephone conversation
with Marvin Maclntyre,
ahead with
follows in
as
through many, many years to come
to
that you are not licked.
President Roosevelt's Secretary.
the President's tour were indicated
dispatch from Hyde Park, N. Y., Aug. 21
the New York "Times":
details
Further
putting that kind of a program into effect.
in
President
the
with
dinner
only the Federal govern¬
ment, but
winning
third meeting of the President and his
The Iowa Governor arranged a
implements and other
the
a picture which reassures me as to the future of the
drought area—reassurance of the fact that the Gov¬
I have learned a great deal
days.
is the drought conference, to be held
Herring's office at the State House at
Governor Herring explained the meeting will be closed because
accommodate all newspaper men who wish to attend."
4.30 p. m.
products of the steel mills.
next few
that you have luncheon with him aboard his
behind closed doors of Governor
full capacity unless the
of the
Roosevelt's train. Governor
invitation to the luncheon which
'
proposed, Governor Herring said, is at a luncheon
The second meeting on the program
that
Clyde
Des Moines at 1.30 p. m."
train at
industrial
I told them there what is perfectly true,
1 if they follow the
Governors aboard President
President requests
"The
Gary,
States,
Sept.
on
began:
We want to
prosperity.
the United
capacities
Herring telegraphed Governor Landon an
people in every part of the
I was passing through one of the greatest
after mile of steel factories.
official
drought conference schedule announced by Governor
L. Herring of Iowa. From these advices we quote:
five conferring
We want to see this country remain
days ago
their
in
.
few
Crosse, Wis., with
accounts from Des
there was a despondency, a lack
it attain a greater
A
day he will confer at La
same
La Follette and Duffy.
As to the President's talk on the drought situation with
Governor Landon of Kansas, Republican nominee for Presi¬
It is just as much their problem as it
here.
see
the
on
Back East there have been all kinds of reports
people.
And that
Progress
Governor McNutt
with
talked
Indiana and Kentucky.
a
country.
including the Secretary
of Indiana, who
boarded the train to ride with him through that State, anticipating a
formal visit to Indianapolis on Sept. 4, when, at the end of his torn1, Mr.
Roosevelt will return to discuss the drought which has spread to Southern
also
President
The
another reason for coming out
the drought area
and
with a group of officials
Henry A. Wallace, and Harry L. Hopkins, Works
Administrator, who will accompany him throughout this trip.
that out in
of hope for the future
general atmosphere of gloom.
But I had a hunch, and it was the
right one, that when I got out here I would find that you people had your
chins up; that you are not looking forward to the day when this country
would be depopulated, but that you and your children expect to remain
at you
train stopped were interspersed
bearing on the drought
studies of data
of Agriculture
problem of the farmers themselves.
country, there would not
There was
factual
Governor La Follette and Senators
we
means
well
as
serious,
more
regions, and conversation
crossing wires.
is the
at points where the
appearances
between
1936
Aug. 29,
Chronicle
of
a
Sept. 2—Motor through the western part
train
at
a
of Iowa and then embark on
place yet to be chosen.
'
Better Land Use Urged by
President Roosevelt in Rear
N. D.
Platform Address at Jamestown,
Sept. 3—Dedicate a new bridge at
>
Speaking yesterday (Aug. 28) from the rear platform of
leaving Jamestown, N. D. for Aberdeen,
D., President Roosevelt said (according to Associated
Dieterich
of
there for the final drought confer¬
McNutt of Indiana, Chandler of Kentucky, Davey of Ohio
Sept, 4—Visit Indianapolis and meet
ence
S.
and Fitzgerald of Michigan,
"perfectly sure" that with co-operation
between the Federal, State and local governments a solution
of the drought problem would be found.
While emergency
relief proceeds, he added, the Government would be "trying
to work out a long-range system of planning the use of land
for the best
President
*To
purposes."
Confer
With
Western
Governors
President Roosevelt left Washington at
midnight Aug. 25
marked
by conferences with Governors of the affected States.
The President is accompanied on his tour by Secretary of
Agriculture Wallace, Harry L. Hopkins, Works Progress
Administrator; William I. Myers, Governor of the Farm
to visit the Western
drought sections, his tour being
Credit Administration and others.
His train went direct to
Bismark, N. Dak., where the special Administration Drought
Committee, which is making studies in the field, submitted
of rehabilitation for the drought region. By train
planned to cover the northern
States of the Great Plains, and then to confer with Governor
Landon of Kansas and other midwestern Governors in Des
Moines, Iowa, on Sept. 1. Because of the death on Aug. 27
of Secretary of War Dern, however, it was believed that
the Sept. 1 meeting might be postponed for a day or two.
In advices from Bismark, N. Dak., Aug. 27 to the New York
"Times" it was stated that the President had altered his
tour in order to attend the funeral of Secretary Dern at
Salt Lake City on Sept. 1.
A dispatch to the "Times" on Aug. 26, sent.from the
President's special train en route to Bismark had the follow¬
ing to say in part regarding the Presidential trip:
a
Roosevelt's
first
day of travel toward the Western drought
regions turned long before sundown into a series of political
despite Mr.
demonstrations,
Roosevelt's insistence previously that this trip must be con¬
sidered purely as non-political.
In
response
to
the
made service stops,
his private car to
in Indiana
crowds
which gathered at points where his train
the President repeatedly went to the rear platform of
respond to the greetings, to discuss the height of corn
compared with that on his farm at Hyde Park and to tell the
residents of cities that
he
was
happy to
see
evidences of increasing pros¬
perity as compared with their situation in recent years.
5—Arrive
Sept.
in
early morning
events dictate a return to
The President plaps to
and possibly Sept.
at
Hyde
Park,
unless
unforeseen
Washington direct from Indianapolis.
spend the weekend of Sept. 5-6 here [Hyde Park]
v
7.
The invitation extended by
.
President Roosevelt to partici¬
given in our Aug. 22 issue,
who are to join in the con¬
for that day are Governors
Herring of Iowa, Landon of Kansas, Cochran of Nebraska,
page 1162.
The five Governors
ference which had been planned
Park of Missouri and Marland of Oklahoma.
It
was
stated
deliver
to
one
on
Aug. 25 that while the President proposed
on his Western tour—at Hannibal
address
Sept. 3—it is possible he may speak at one or two other
points.
President Roosevelt concluded his visit to Hyde
Park on Aug. 24, when he returned to Washington before
his
departure for the West.
President
program
President
together with the Senators of those States and
other officials.
Roosevelt
at
Hyde Park
Declares Majority
Peoples Want Peace—Praises Work of People's
Mandate
Committee,
Headed
by Dr. Mary E.
of
and automobile the President
►
Governors
pate in the Sept. 1 conference, was
Drought Area—
Gov. Landon and
Other State
Visits
Roosevelt
Senators Lewis
Illinois.
his train, just before
Press advices) he was
Hannibal, Mo., and then proceed to
Springfield, 111., for a conference with Governor Horner and
and
Woolley, Which Is Seeking Signatures to Disarma¬
ment
Petition
The demand for peace among
the peoples of the Western
stronger than ever before in history,
President Roosevelt said on Aug. 23 in an informal talk at
Hemisphere is
now
large delegation who
Mandate
Committee, which is seeking 50,000,000 signatures through¬
out the world to a petition urging all Governments to reduce
armaments and renounce war.
The President, in endors¬
his home in
called
on
Hyde Park, N. Y., to
a
him to describe the work of the People's
ing- the Committee's work, said that real peace can be
achieved only as the great bulk of citizens of all countries
impress their desire on their Governments.
The delegation
which visited him was headed by Dr. Mary E. Woolley,
President of Mount Holyoke
Committee.
College and Chairman of the
•
'
between President Roose¬
velt and the Committee members were reported as follows
Remarks made at the meeting
in
a
Hyde Park dispatch of Aug. 23 to the New
"Times":
York
Financial
Volume 143
r
press conference in Washington on
of Gov. Landon,—the Republican
the com¬
the call¬
be convened at Buenos
assured the President of the appreciation felt by
toward peace, particularly as expressed in
Dr. Woolley
his efforts
mittee for
commenting on the Governors criticisms asserted that the
healthy condition of tne Government bond market afforded
the best answer to Mr. Landon, Secretary Morgenthau is
Aires in December,
Mr. Roosevelt that more than 1,000,000
the mandate petition, which will be
official gathering for the first time at Buenos Aires.
Woolley also informed
Dr.
already have been signed to
names
presented formally to an
quoted
World's Peoples for Peace
Roosevelt received the
Mr.
"The
delegation privately, with no news corres¬
the
His remarks were not recorded by a stenographer,
could not be reported in the form of direct quotation, but they
pondents
peaceful conditions must and
properly should spring
from the botton up.
He had always felt 95% of the
people in almost every
nation
and favored peace,
but that,
unfortunately, many
ganization showed that
opposed
war
instead of abreast of the wishes of their peoples.
hemisphere, he observed, the popular demand for peace was
stronger than ever before in history, a fact apparently recognized by all the
American governments, as attested by the organization of the Buenos Aires
governments were behind
In
of
the
acid test is the
The
Country.
Government bond
^
York
the name of the or¬
words "people's mandate" in
saying:
According to the Washington correspondent of the New
"Journal of Commerce" Mr. Morgenthau declined
to comment further on the Landon assertions beyond stating
that before he called in the newspaper correspondents for his
semi-weekly press conference he "had looked in on the bond
market" adding, "after seeing it.
I guess there is no cause
for alarm."
From the Washington account Aug. 27 to that
paper we also quote:
•
follow in substance:
He said that the very
as
policy being pursued by the United States Treasury has met with
approval
market."
present.
and hence
Aug. 27.
The remarks
Presidential nominee,—
Secretary Morgenthau in
noted elsewhere in this issue.
are
Inter-American Peace Conference to
and in his recent speech at Chautauqua.
ing of the
1325
Chronicle
this
Secretary Morgenthau's assumption that the bond market is the "acid
Conference.
good for the future
popular belief of this
test" of approval of his policy
he went on, the greatest
In view of this condition,
of mankind could be
accomplished by spreading the
while
world, seeking to make the people in
within their own nations against war. .
aroused the interest of economists here who,
agreeing that there could be
no
doubt about the sincerity of the
hemisphere to other parts of the
statement, declared, however, it was "getting out of the realm of fact and
other countries more insistent
into the world of opinion."
used the need for improved economic
conditions as an excuse for possible war, and thereby had put the cart
before the horse, the President said that the solution was not to go to war
but to stress efforts to improve international economic conditions.
Some
Pointing out that some nations
Dr.
The President delivered his
there is
are
sure
and several
as
bond
Government
interpreted
by
the
confidence in the stability of the Government,
.
fiscal policy of the Government is
a
question that cannot necessarily be answered by the condition of the price
that the public places on Government
securities, it
was
contended.
With
so
much idle money
to
disregard the present and particular policy so long as there is faith in the
awaiting investment, it was added, there is the tendency
safety of the Go vernment.
you
people of the United
by governments to
realize the strong desire of the
,
The people's mandate
United States Warns Spain it
only for peace but for constructive action
end wars.
concrete aims that we
Then she read
which we represent has four simple
believe will abolish war."
"demands" to which
the four
signers
and
Stop immediately all increase of
•
•
•
conflicts.
,
recognition of world inde¬
end the economic anarchy which breeds war.
,, ■
..
Lamonts'
statement
was
given
in
these
columns
Aug. 22, page 1166.
Reiterates Declaration that
Not
Seek
Important Tax
Changes at Next Session of Congress—Says Letter
to President Roosevelt Was Intended as "Legiti¬
Morgenthau
Secretary
Will
Administration
Maintained—
Any
Foreign
recognize the validity of the
Spanish ports unless an
effective blockade is maintained, the Spanish Government
was informed on Aug. 26 in a note from Secretary of State
Cordell Hull delivered to the Spanish Foreign Minister by
Eric C.. Wendelin, Third Secretary in charge of the American
Embassy in Madrid. The note said that this Government
"cannot admit the legality of any action on the part of the
Spanish Government in declaring such ports closed unless
that Government declares and maintains an effective block¬
declared around certain
war
step toward
„
•
The United States will not
armaments and of armed forces.
complete world disarmament.
Secure international agreements founded on
is
for
Promises Compensation
Property Taken Over
Spain
of the mandate
«Use existing machinery for peaceful settlement of present
Secure a world treaty for immediate reduction of arms as a
Will Not Recognize War
Blockade
Effective
Unless
Zone
petition subscribe, as follows:
Mr.
"boiling
plethora of idle money and there is also the matter of protecting
a
Whether the public agrees with the
short speeches.
States not
pendence to
a
bond market is at its present
she continued:
desired peace,
"We
even
approbation
of
They explained that the
investments in Federal securities.
observations after Dr. Woolley
Mr. President," Dr. Woolley
tell you,
to
that
evidence
such
not
level because the public nas
said, "how much we
appreciate your willingness to add this to your already over-full program."
Citing the recent statement by Thomas Lamont on his return from
abroad estimating that 95% of the population of the countries of Europe
"I wish
was
Treasury head.
Woolley Tells Objectives
of the other visitors had addressed him in
insisted
commentators
market"
,
zone
ade
of such
The text of the United States note
ports."
follows:
Sir:
mate" Assurance
No sweeping tax revision of any kind is
the Roosevelt Administration, Secretary
contemplated by
of the Treasury
Morgenthau said at a press cbnference on Aug. 24.
He
discussed the Administration's recent promise that no new
sought at the next session of Congress, and
was intended as a "legitimate and aboveboard" assurance that no sweeping changes of any kind
I have the honor to acknowledge the receipt of your note of Aug.
1936, requesting me to inform my government,
merchant ships might be
20,
in order that American
warned and possible incidents thus avoided, that
government has declared Spanish ports in control of the insurgents,
your
both
the Spanish mainland and in
on
taxes would be
Islands,
declared that this
planned in the revenue laws. The original statement
by Mr. Morgenthau was referred to in the "Chronicle" of
Aug. 15, page 1007. On Aug. 24 he explained that he in¬
tended to leave no loopholes whatsoever in his letter so far
as the intention to avoid major tax revisions was concerned.
liest feelings toward the
Morocco and the Balearic and Canary
to enter.
were
conference was reported as follows in a Washington
dispatch of Aug. 24 to the New York "Times":
of any kind would be sought so far as the Execu¬
that no major tax revision
meant to say
The
what
concerned, he answered, with empahsis, that he
just that.
Secretary
added that the Executive branch
might
Congress
do,
pendent legislative action in any extensive
Neither did he shut the door to
as
had no control over
but he admitted the improbabilities of inde¬
remodeling of the tax laws.
minor repairs in the taxing system, such
operation of the new surtax on
be turned up in a study of the tax
might become advisable with the full
undistributed
laws which he
corporate
profits,
or
suggested in his letter ought to be undertaken by the re¬
The
question
later
as
blockade of such ports.
by
Senator Harrison and
of the
Morgenthau's statement, and
administration's intentions as made by
Representative Doughton of North Carolina,
ceeded basically from the fact that a
taken, one that could shift
pro¬
major tax revision might be under¬
the burden of taxation or even institute a new
system, without the levying
of additional taxes.
Might Overcome Inequities
letter in which,
A
The
verbale of Aug.
note
that "Spanish ports
York
20 from the
of our proscription zone in Morocco, Balearic
Islands, have all been declared a war zone and, therefore, it
and Canary
possible for the ships of our fleet to permit the entry into them of
is not
order in this way to prevent furnishing of provinces of
merchant ships in
Almeria, Murcia, Alicante and
Before preparing
the
American
United
two
the note,
Badajoz and supplies to the Rebels."
Secretary Hull was in communication with 4
Export Line and the
Gulf West Mediterranean Line, the
steamship services that operate to
States
Spanish ports.
It
said that there had been no incidents affecting American interests as
was
a
Spanish Foreign Office stated
in the power of the rebels, as well as those of Ceuta
and Melilla and the ports
result of the declaration of
the paper blockade.
Spanish Government notified fhe United States that no
American or other foreign-owned private property in Spain
over without full and fair compensation.
The
United States protest was referred to in the "Chroniple" of
Aug. 22, page 1163. A Washington dispatch of Aug. 24 to
the New York "Herald Tribune" reported the Spanish reply
will be taken
after treating of the lack of need for new levies, he said:
follows:
The
Spanish reply was set forth in a formal note transmitted by Eric C.
Wendelin, Third
charge.
soon
Morgenthau
fiscal policy,
the subject of
Gov. Landon's criticisms of the Government's
contained in his Buffalo address Aug. 26, were
by Secretary of the Treasury Morgenthau at his
Secretary of the American Embassy at Madrid and in
It was made public today by Cordell Hull, Secretary of State,
Phillips, who has been Acting Secretary during the
after William
major part of the Spanish crisis, relinquished his post as Under Secretary
of State and took the
oath of office
as
American Ambassador to Italy.
All Points Not Granted
Mr. Wendelin
in Answer to Gov. Landon's
Criticisms of Federal Government's Federal Policy
Declares Bond Market is "Acid Test"
somment
dispatch of Aug. 26 to the New
Washington
"Times" discussed the announcement as follows:.
specifically, however, from that part of the Secretary's
"Any changes in the tax structure should, therefore, not be in the direc¬
tion of increased taxes.
But this very situation makes it possible and
timely for us now to consider revision of the tax laws 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 disadvantages which
out weight their revenue yield."
Secretary
In taking this position my government is guided
long line of precedents in international law with which the Spanish
a
Government is doubtless familiar.
as
It resulted more
Spanish Government, it cannot admit the legality
the part of the Spanish Government in declaring such
Answering in part the American protest of Aug. 5, the
to the meaning of Mr.
announcement
be permitted
closed unless that government declares and maintains an effective
ports
sponsible committees in Congress.
the
into which merchant vessels will not
zone
My government directs me to inform you in reply that, with the friend¬
Replying to questions at a press conference
tive administration was
war
of any action on
His press
this afternoon relative to
the meaning of some parts of his letter, Mr. Morgenthau insisted that it
spoke for itself.
Asked specifically if he meant to say by the document
a
earlier
American
said in
note
a message
had
not
that, although all points raised by the
been
cleared
in
consultations
with
the
Spanish Ministry of Industry and Commerce and the Ministry of Interior,
the Madrid Government, through its Ministry of
State,
was
enabled to say:
"The Government of the republic holds as an unalterable principle not
possession of any property, movable or immovable, belonging to
Spanish citizens or foreigners, except, naturally, in cases of 'force majeure,'
and especially when it is a question of the safety of the state or the public
interests so require.
In such a case it will pay the value after a just and
to take
Financial
1326
if possible—and this is the chief desire of the
Government^—in agreement with the interested parties or their legal rep¬
Chronicle
The
equitable appraisal and,
resentatives."
Announcement
was
made
State Department at
by the
Aug. 27 that the opening and censoring of
of the American Embassy at Madrid had been
on
official mail
protested to the Spanish Foreign Office, it is learned from
Washington advices Aug. 27 to the "Herald Tribune" which
added:
the protests,
to
'•
'
;•
reply
:
•
;
-
.
..
the Foreign Office has expressed "profound
regret" and promised that it would never happen again.
United States to
Appeal Decision in Harriman National
Co. Case—J. W. Harriman, Former
Institution, Paroled
Bank & Trust
President of Defunct
Federal
25:
the
/;■;'/•
•
In response to numerous inquiries
suit
:
by the Comptroller of the Currency and the
filed
Receiver of the
York, J. F. T. O'Connor, Comptroller of the Currency, today stated
that shortly after the decision was
rendered by the Supreme Court of the
by the Comproller to New York
State of New York instructions were issued
Appellate
counsel to take the necessary s eps to prosecute an appeal to the
Mr.
Division of the court.
O'Connor said:
The appeal can not be perfected until the entry of final judgment and we
understand that under the required procedure it is necessary for counsel for
house banks to submit formal findings to the court preliminary
of the judgment.
Our counsel now report that these findings
being prepared by counsel for the clearing house banks and that they
will be presented to the court when it reconvenes in September.
We have requested our attorneys to expedite the procedural steps as
much as possible in order that the questions involved may be determined on
appeal at the earliest date practicable.
the clearing
to the entry
are
J.
W.
Harriman, former President of the Harriman
institution, who was convicted on charges of irregularities
in the administration of the bank, was paroled on Aug. 27
from the Federal Northeastern Penitentiary at Lewisburg,
Pa.
Mr. Harriman had served two years of a four and onehalf
"Herald Tribune"
sentence.
In the New- York
28 it was stated:
year
of Aug.
The Harriman National Bank &
in 1911 and had been built up
in 1933 with a loss of
must be registered
brought on Aug. 15 appeared in
1162.
In its issue of Aug. 22 the
Chicago "Daily Tribune" stated that the brief field on
Aug. 15 attacked the legality of the Commodity Exchange
Act on 19 counts, but centered on the contention that the
Act is unconstitutional because trading in commodity futures
is purely local and intrastate business which does not directly
affect interstate commerce and that the regulation of such
business is exclusively reserved to the States under the 10th
$50,000,000 institution when it failed
a
$6,000,000 to its depositors.
Congress.
From the
V
Chicago Denies Injunction to
Chicago Mercantile Exchange from Com¬
Restrain
plying with Commodity Exchange Act—Holds Law
Grain
of
Extension
an
Futures
Act
fully delegates legislative power to the Secretary of Agriculture and the
Commodity Exchange Commission; that the vagueness of terms used in the
from
enforcing the provisions of the Act.
Judge Barnes in
dismissing the complaint, upheld the contention of Wendell
Berge, special assistant Attorney General of the United
States, that the statute was "merely an extension of the
provisions of the Grain Futures Act/' which the Supreme
Court held constitutional. As to Judge Barnes's conclusions
a Chicago dispatch Aug. 25 to the New York "Times," said:
Judge Barnes delivered his opinion immediately after extensive argu¬
and
tjafat no purpose would be served by issuing an injunction
against it.
Cites Case
"The Court
i^\of
of United States vs. Olsen
'
the opinion," he said, "that the Supreme Court in its
in favor of cotton exchanges and
against other futures exchanges, and that it violates the
'
suit
The
directors
fifth amendment
unlawful and unreasonable searches and seizures.
which prohibits
names
as
defendants
the
Chicago
Mercantile Exchange, its
individuals; Henry A. Wallace. Secretary of Agriculture; Daniel
as
C. Roper, Secretary of Commerce; Homer S.
Cummings, Attorney General,
Attorney for the northern district
Illinois, and Ernest J. Kruetgen, postmaster at Chicago.
of
answer to the allegations in
filed in Chicago on Aug. 24 by United
States District Attorney Michael L. Igoe, Assistant District
Attorney Edmond Sullivan and Wendell Herge, special
Assistant Attorney General of the United States, \vho asserted
that the complainant has ample legal remedies and that
issuance of an injunction now would be improper.
Pointing out that only the "procedural provisions [of the
Act] are now in effect," the Government stated that the
Exchange and its members were not subject to any Federal
regulations until other provisions become effective on Sept. 13
and that therefore the complainant was requesting "injunc¬
tive relief from provisions not yet effective."
The Chicago
advices to the New York "Times," Aug. 24 continued in part:
The
the
Government's
Federal
complaint
was
"The bill of complaint does
not show such direct, immediate and irre¬
parable injury to the complainant
an
as
would warrant
require issuance of
or
interloctory injunction," the answer set forth.
"It is not enough that the
ance
complainant may be put to some slight annoy¬
inconvenience if the Act becomes effective as to him on Sept.
or
because it is
possible by making certain assumptions about hypothetical
future events, to imagine that the complainant may, at some
injury if certain events,
now
future date,
wholly speculative, should transpire."
'
urging the adequacy of ordinary legal remedies the answer pointed out
a
complainant can appeal directly to the United States Circuit Court of
Appeals from
as
13.
Nor is the complainant entitled to an interlocutory injunction merely
suffer
the
was
order issued by the Commodity Exchange Commission—
any
under the Grain Futures Act, predecessor of the idsputed
case
statute.
"Vague Allegations" Seen
be issued
no
showing of facts has been made to support
"mere vague
on
and substantial injury"
The
a
contention
injury done, the Government insisted that no injunction should
and general allegations."
The burden of proof,
it insisted, rests upon the complainant, who must show that •
specific, direct
has been done.
Government argued also that no constitutional questions should be
decided "at this stage of
A separate answer,
proceedings,"
filed by Mr. Berge and J. C. Wilson, special Attorney
for the Government, asked that the
suit be dismissed so far as it was directed
against Secretary of Agriculture Wallace, Secretary of Commerce Roper and
Attorney General
Cummings,
as
members of the Commodity Exchange
It contended that suits could be brought
Commission.
against them only
in the district in which they live.
Chicago Mercantile Exchange Applies to Secretary of
Agriculture for Designation as "Contract Market"
for Butter, Eggs and Potatoes Under Commodity
Exchange Act
He expressed the opinion that the law
hfeard this afternoon.
is afforded for the purpose of compliance with pro¬
visions of the Act; that it discriminates
of serious
"contract market" and to restrain Federal and local officials
valid
violate due process of law because no intelligible
Act in certain sections
standard of guidance
Asserting that
An injunction to restrain the enforcement of the new
Commodity Exchange Act was denied by Federal Judge
John P. Barnes in Chicago, on Aug. 25, at which time he
dismissed a bill of complaint filed on Aug. 15 in behalf of
William S. Moore a member of the Chicago Mercantile
Exchange; the petition sought to obtain an injunction
restraining the Exchange from becoming registered as a
ment had been
quote:
paper we
charged that the Act is unconstitutional in that it unlaw¬
Which
Supreme Court Held Constitutional
is
same
The brief also
that
Federal Judge Barnes in
page
amendment to the Constitution and is not within the power
of
1936.
Trust Co. was founded by Mr. Harriman
into
t^ith the Commission that was set up under the law.
Aug. 22 issue,
our
In
Is"f
On Sept. 13 com¬
Reference to the action
Michael L. Igoe, United States District
concerning the present status of the
Harriman National Bank & Trust Co. against certain clearing house banks
in New
1936
June 15, 1936, after being in Congress for a
on
but only procedural provisions are in effect now.
year,
Government' will
appeal the decision
handed down on June 29 by Justice Bernard L. Shientag of
the New York State Supreme Court in the suit of the Comp¬
troller of the Currency to hold the Bankers Trust Co. and
eight other banks of the New York Clearing House Associa¬
tion liable to depositors of the closed Harriman National
Bank & Trust Co., of New York City, was made known by
the Treasury
Department on Aug. 25.
The decision of
Justice Shientag was referred to in our issue of July 4, page
38. * The following is the Treasury's announcement of Aug.
That
passed
modity efrqhanges must be registered as contract markets and their members
Washington
In
Aug. 29,
measure was
The
Chicago Mercantile Exchange made formal application
Aug. 26 to the Secretary of Agriculture for designation as
"contract market" for butter, eggs and Irish potatoes under
the terms of the recently enacted Commodity Exchange Act,
on
a
decisftmsdn theSphecher and Carter cases did not overrule the previous find-
which
ingjjn
confined, after Sept. 13, to markets so designated.
The filing of the application followed the Federal Court
decision handed down in Chicago on Aug. 25 upholding the
the cSsbof United States vs. Olsen in which it held the Grain Futures
The Commodity Exchange Act of 1936 merely extended
Act constitutional.
provisions of the old Act to commodities, with possibily additional regula¬
tion
.
'
and restrictions."
The
Schechter
case
was
,
.
that in which
the
Supreme Court voided the
National Industrial Recovery Act, and the Carter case was the one
the Guffey
Coal Act was held unconstitutional.
Walter Bachrach, attorney for Mr. Moore, had
and Carter
merce
cases
in which
;
argued that the Schechter
changed the picture and contended that the interstate com¬
clause of the Constitution
cantile Exchange or
was
not
applicable to activities of the Mer¬
He held that this business is strictly
its members.
requires that future trading in these commodities be
constitutionality of the act and denying an injunction to
by William S. Moore,
a member of the Exchange, on behalf of himself and other
exchange members, to which reference is made in another
item in this issue.
In its announcement of Aug.< 26 the
Exchange said:
restrain enforcement of the law sought
A
resolution
intrastate.
and
execute
To this point,
no
Judge Barnes answered later in his opinion that there was
doubt in his mind that trading in futures as well as in
commodity exchanges,
Board
of Trade,
as
well
as
on
cash products on the
other markets such
directly affect interstate
commerce
and
as
the Chicago
are,
therefore,
subject to regulation by Congress.
Arthur Miller, counsel for the Chicago Mercantile Exchange,
Government lawyers in urging denial
is only one
of the injunction.
of 475 members of the exchange.
he believed some
provisions of the new Act
the Exchange as an
may
application
President of the butter and egg mart to
for
designation and to
accompany
it
with
of the
August 13.
on
test
Actual filing was postponed pending the outcome
suit, in which the Exchange and its directors were named as
defendants together with certain government
a
brief filed
on
officials.
behalf of the Mercantile Exchange by Attorney Arthur
Miller, urging denial of Moore's petition for a restraining order, the exchange
joined with
He said Mr. Moore
He indicated, however, that
be unconstitutional and that
organization may test their validity later, when pro¬
visions of the law are in effect.
directors
In
Mercantile Exchange Aids United Stales
authorizing the
file
required information and records was passed by the Exchange's board of
took the position that the
ional insofar
market."
as
it
Commodity Exchange act is valid and constitut¬
required that the Exchange be designated as a "contract
The brief pointed
opposed the bill while it
was
out,
however,
that the mart's officials had
pending in Congress and that many of its
members resent this further indication of governmental
business.
interference in their
Volume
Financial
143
that
Lloyd S. Tenny, business manager of the Chicago Mer¬
in announcing the filing of the application,
pointed out that there remain provisions of the law on which
the Exchange could express no opinion at this time—pro¬
visions which were not properly at issue in the Moore test
case.
Mr. Tenny said:
These include
which
future
regulations
may
and turning down Chicago's request for the
allowed Michigan's lower
peninsula to be included
fact since 1931.
It has been under eastern time in
.
hearing held in the Morrison hotel, Chicago, last February at
both sides presented their cases, and today's
.
.
whi<^i time
result:'
decision was the
city in addition to its briefs, had filed with tne Commission a request
the decision be withheld until after the referundum on the
held, but this request also
and those under
The
that
subject had been
denied by the Commission.
was
Meanwhile, since the ICC authority does not extend to the city council,
the
Whether or not such
contract market.
same time
ClydeB. Aitchison, veteran member of the ICC, presided over a four-day
effective after the
become
be passed and
as a
be reopened,
case
in the eastern zone.
provisions relating to segregation of margins by futures
Exchange has been designated
the
change, at the
cantile Exchange,
commission merchants, requirements covering warehouses
1327
Chronicle
Labor
Federation
has
been
circulating
a
petition for a referendum,
provisions of the act will be burdensome to the Exchance and its members,
which must be signed by about
whether
tration, and the Democratic organization has recently
or not
they
are unconstitutional,
and whether
or not
the Exchange
and-or its members will ultimately contest their constitutionality,
taking
furnish
questions that must be left for future consideration.
share in the circulation of these
a
In its issue of
following to
Ruling
Registration as Floor Broker
Commodity Exchange Act
on
Under
floor broker if they execute futures transactions in
or
surround¬
merce
government offices," the Commission
or manner,
commission, brokerage, salary,
or any
directly
right
or
or
indirectly, including
interest in
or
to the
any
earnings
The Commission further ruled that advantages
with financial
Chief of
the Commodity Exchange Administration, that an individual
engaged in executing orders in the pit or ring for and in
behalf of a single clearing firm and none other, need not be
registered under the Act as floor broker.
for
of
Trade
Votes
Change
Commodities—New
in
Trading
Schedule
Effective
Members
the
An unusual feature of the vote
was
the volume of non-resident
totaling 206, of whiah 191 approved the suggested change.
Situation Aids Michigan
f In
reversing
itself on Eastern Time for the lower
declared that the adoption
beyond the experimental stage and that the
areas resume
Standard Time at the close of next month, officials
peninsula of Michigan,
of fast time there has gone
change for railroads can now
be made without difficulty.
rejected Michigan's plea for fast time
versal
Michigan indicates that
on
justifying the extension of the
'
Michigan.
Eastern Time Zone through
Chicago
the Commission regards the
permanent measure, thus
time change as a
because
opposed the change and because Chicago was
suggested yesterday that the re¬
Some observers here
Central Time.
on
Chicago advices, Aug. 21, to the
Aug. 22, had the following to say:
.
New York "Times" of
filed Chicago's petition With the ICC,
stated that he had requested that
it be withheld until after the November referendum.
He pointed out, however, that the ruling affects only railroads and does
not change the status of Chicago's time.
Because of some popular opposition the Council and Mayor Kelly or¬
dered a referendum on the time question in November, provided sufficient
Corporation Counsel Hodes, who
was
surprised by the sudden ruling and
The latter are now in circulation.
the decision today, but Governor
obtained to petitions.
signatures were
Mr." Hodes refused to comment
ballots,
As most Day¬
west."
and commercial sections in the middle
the western edge of the state
of
Chicago Board of Trade approved on
Aug. 12 by a vote of 482 to 234 an amendment to the rules
changing the hours of futures trading in commodities, other
than cotton, to the period from 10:15 a. m. to 2
p. m.,
Eastern Standard Time, except on Saturdays when the
hours will be from 10:15 a. m. to 12:30 p. m.
The change
will become effective on Sept. 28.
Trading hours at present
are from 9:30 a. m. to 1:15 p. m.
daily and from 9:30 to
12 noon Saturdays.
The amendment approved provides
also that hours for trading in cotton and securities shall be
fixed by regulation adopted by the directors of the Board of
Trade, it is learned from the Chicago "Journal of Commerce"
of Aug. 13, which also had the following to say:
light Saving
uniformity of time between Chicago
than is the existing
In 1932 the Commission
Sept. 28
of commerce, taken as a whole,
and the agricultural
to the convenience
of any greater importance
the Commission
Board
than advantages
the Central Time to the mildde west.
apparent," the Commission said, "that a parity of time
and industrial connection to the east of Chicago would be
"It is not here
This means, according to Dr. J. W. T. Duvel,
Hours
which Chicago would gain
through time parity with the east would be no greater
lost by changing from
of any other person or of any firm, corporation, association, or trust.
Chicago
and
Declares Advantages Offset
..
market for the meeting
of persons similarly engaged and if for such service such individuals receive
compensation in any form
governing interstate carriers
said.
'
.T
a contract
communities the domination over
effect upon operations in interstate com¬
the laws of the United States
or
indi¬
the summer
their equal rights of sover¬
to yield
eignty and to concede to the powerful
time standards, regardless of the
individuals other than those engaged in executing futures transactions
solely
and exclusively for one principal (clearing member) only are required to
suit the opposed needs of
either the year round or for
communities,
months, compels neighboring States
The Commodity Exchange Administration announces that, in order to
as
of time in Chicago.
"The shifting about of the standards to
vidual States or
accomplish the purpose and intent of the Commodity Exchange Act, all
register
the Chicago petition held here
State of Wisconsin opposed the change
Aug. 22:
ing any pit, ring, or post, &c., provided by
communities
hearings
in February, downstate farmers and the
The ruling pointed out that in
which might not desire the change.
on
.
States or their subordi¬
thus enforce their will on other
for carriers, since they would
Commodity Exchange Administration of the United
States Department of Agriculture following the receipt of
inquiries indicating the existance of some misunderstanding
and doubt as to the class of persons subject to registration as
floor broker under the Commodity Exchange Act, issued the
had the
permitted to change the time
nate municipal governments should not be
The
on
Aug. 22 the Chicago "Tribune" also
regarding the ICC decision:
In its decision the Commission said that individual
v
following announcement
say
city's regis-'
announced itself as
petitions, to insure the referundum.
425,000 voters, a quarter of the
on
He expressed favor for Day¬
while opposing it for the entire year.
Springfield called it "a just one."
Horner at
light Saving Time during the Summer,
of the Board of Trade deemed it necessary to change the trading hours so
that they would conform most
on
closely to those prevailing in other markets
Central Standard Time.
The
confusion
arises from the fact
adopted Eastern Standard Time.
that
the
City of Chicago officially
In the belief that Chicago will
officially to Central Standard Time following
a
referendum next fall,
Plan
Conserve and Develop Water Resources of
England with View to Better Land Utilization
to
New
back
go
Proposed
many
mittee—Also
ICC Denies Petition to Place Chicago in Eastern Stand¬
ard Time Zone—Ruling Applicable Only to Rail¬
roads—City to Continue Eastern Time—Part
Michigan Permitted to Make Change
of
A petition by the Corporation Counsel of Chicago that
city be included in the Eastern Standard Time Zone,
the
thus permitting railroads in
Chicago to operate on Eastern
the Interstate
affecting the
peninsular of Michigan, however, was granted by the
Standard Time, was denied on Aug. 21 by
Commerce Commission.
A similar petition,
lower
designed to conserve and develop the resources
provide a coordinated transportation
system and greater recreational facilities is outlined by the
New England Regional Planning Commission in a report to
the National Resources Committee made public Aug. 13.
In
embarking on a program of studies to improve the environ¬
ment of the 8,000,000 people who live in the densely popu¬
lated area the Commission hopes to agree upon a basic
A program
regional plan which will include:
•
City of Chicago has had Eastern Standard Time as
the official time for the transaction of all city business since
March 1, when the ordinance adopted by the City Council
lishment
in
of
effective.
Eastern Standard
Reference
Time in
to
Chicago
was
made
coordinated
1.
A
2.
Plans
*
3.
of
all forms of transportation.
development of interstate water resources
land utilization.
for conservation of forests and wild life and for the
recreational facilities.
program
of legislation necessary to make effective the plans
A
program
development
4.
system
conservation and
for
and for better
the estab¬
issues of March 7, 1936, page 1575; Feb. 29, page 1392,
and Nov. 9, 1935, page 2988.
As to the application of the
A
of
formulated.
our
ruling of the ICC of Aug. 21 on the city ordinance,
qhote the Chicago "Tribune" of Aug. 22:
we
Central Time, as is done now in Chicago.
The Commission took
a
sim¬
ilar position when it denied a Michigan petition for Eastern Time in 1933,
but it reversed itself on Michigan in the ruling yesterday.
From the
Chicago "Daily News" of Aug. 21
following regarding the decision of the ICC:
In
a
we
take the
12-page decision, the Commission denied the petition of the city
that the Eastern Time Zone be extended westward from the Ohio-Indiana
border to include northern Indiana and northeastern Illinois, to bring all
that
area
into conformity with a city ordinance passed last November and
Michigan time case, in which the state of Michigan tried to have itself
declared under Eastern Time and was refused, in 1932.
The Commission,
acceding to the request of the city of Chicago and the State of Michigan
plan
regional
basic
the
the
recommends
Commission
that:
Land
and
use
several
the
soil
surveys
be extended throughout New
boards
planning
State
by
cooperation
with all
England by
agencies
now
this work.
be initiated for the further extension of scientific forestry
New England can more nearly meet her own demands for lumber
engaged in
2.
60
A program
that
and
(a) better utilization of farm wood lots and
the establishment of wood-using industries in rural areas
pulp and make possible
forests,
and
(b)
having little or no other means of livelihood.
3. Studies be made by State planning boards as to necessary adjustment
of
taxation of
forest land
to
encourage
private enterprise
on
a
sustained-
yield basis, such studies to be coordinated by a regional forestry committee.
4. The New England States, following the example of New
Hampshire
and
made effective March 1.
K The city's petition took the form of a request for a re-opening of the
to further accomplishment
As immediate steps necessary
of
1.
The Commission pointed out that its ruling will not affect the Daylight
Time system adopted in Chicago, but requires common carriers to operate
on
National Resources Com¬
Proposes Coordinated Transportation
of New England and to
The
November became
Planning
Regional
England
System
Commission.
last
New
by
Commission in Report to
members voted against the proposed change in trading hours.
Vermont,
land acquisition
5.
A
study
study
be
private recreational
each other.
.
and
establish
by Federal,
made
to
facilities
definite
State and
determine
may
policies
in
regard
to
public
local authorities.
the
extent
supplement
to
rather
which
than
public
compete
and
with
\
unsuited
landmarks.
7. Study be made, by the several State planning boards with the coopera¬
tion of existing State agencies, of coordination of fish and game laws to
preserve wild life for the benefit of both sportsmen and conservationists.
8. The Regional Planning Commission, in collaboration
with the State
planning boards, prepare a comprehensive transportation and communica¬
tion
scientific and geological
plan.
.
sions
limited motorways,
build
to
instituted
be
legislation
State
9.
reservations.
with
agencies.
appropriate agency.
farm
about the size of Pennsylvania, Massachusetts and Con¬
or 312,000 farms of 160 acres.
From about 125,000,000
acres
more—land still largely in cultivation—the topsoils, representing
the most productive part of the soil, have been washed away or largely
washed off
by the accelerated run-off of storm waters.
In addition,
planning agency
'
•
.
the official organizations, the Regional
has set up an advisory committee of some
transmitting the report of President Roose¬
letter
developments,
report
"illustrates the possibilities of cooperation
among State
planning agencies for joint attack on interstate problems,"
velt, the National Resources Committee declares the
That
continuous
a
regional
heading in the
erosion
on
.
is
.
.
lands
our
largely
due
to
destructive
The problem of prevention of such practices and of
checking the erosion now under way is one of great magnitude and com¬
plexity, which can be met only by the concerted action of the entire
practices in land use.
Nation.
and plan¬
interstate planning activity
or
and grazing.
agriculture,
accelerated
The
and makes the following recommendations:
1.
acres of cultivated land are
125,000,000 acres of soil-stripped land.
100,000,000
These prodigious
losses do not take into account the widespread erosional wastage that is
speeding up over the vast domain of the Western grazing areas.
This wastage of the most basic and indispensable resource of the Nation,
the soil, has become one of our most pressing problems.
From a country
with
the
greatest proportional area of rich agricultural land we are
plunging, almost heedlessly, in the direction of a Nation of predominantly
poor agricultural land, as the result of unrestrained erosion.
The
economic and social
aspects of this tragic transformation have
been tremendoue.
The acceleration of erosion in the East and in the
South, in the North and in the West, has readied an annual cost to the
Nation
of
probably not less than $400,000,000 as measured by soil
depreciation and reduced yield, and has carried with it consequences of
first
importance to the permanence of investments in the billions of
dollars
in navigation, water power, municipal water
supply, irrigation
500 citizens.
In its
area
of the
direction
legislation establishing State Planning Boards on a perma¬
nent basis, the regional office serves as a clearing house of
information and in order to fill in gaps in the work which
Supplementing
combined,
approximately
the
overlap State lines.
an
necticut
Boston,
offices in
organization, witti
coordinating
through
and soil surveys, that
of approximately 50,000,000 acres of formerly good
been destroyed for cultivated crops by gully erosion, repre¬
has
land
tire basis of erosion surveys
on
utility
the
senting
State Planning Boards and with the
consulting staff of each of the separate State agencies.
It
is added that since all of the New England States now have
works
estimated,
is
already
England Regional
members-at-large.
This
report says:
The
It
Planning Commission is com¬
posed of the District Chairman of the National Resources
Committee, Victor M. Cutter, and the following Chairmen
of the State Planning Boards:
Samuel Stewart, Maine;
James M. Langley, New Hampshire; Frederick W. Shepardson, Vermont; Elisabeth M. Herlihy,. Massachusetts; John
Nicholas Brown, Rhode Island, and William L. Slate, Con¬
necticut.
Mrs. Charles Sumner Bird and Frederic H. Fay
are
may
as
Provisions
10.
and tidal areas.
The New
aid
such
providing for erosion-cpntrol work, independent of
be offered by the Federal Government.
to lend credit to farmers either direct or through an
legislation
State
9.
by
'■
control.
flood
interstate compacts and a program be developed by the
State
planning boards and Regional Planning Commission to deal with
pollution, navigation, flood control, and other problems of interstate lakes,
streams
authorizing the organization of conservancy districts
authority to carry out measures of erosion control as well as for
legislation
State
with
resourced of New England be conserved and
water
interstate
The
11.
developed
the Federal Govern¬
erosion control.
in
8.
..
.
authorizing cooperation with
legislation
State
7.
under
including those needed in erosion
control.
ment
_
the progressive restoration of the
and for other improvements,
vegetation
,
States Bureau of Public Roads in
commissions and other appropriate
whole by the United
the State highway
a
as
cooperation
the work of research,
with funds adequate for
administration,
destination traffic survey be made for New
periodical origin and
A
10.
enlargement of
tire
for
experiment, demonstration and extension teaching now under way.
6. Federal
legislation providing for placing the public domain
permitting State highhway commis¬
freeways, parkways and other modern
lands
public
•
legislation
Federal
5.
types of highways
England
1936
Acquisition by the Federal and State governments of erodible
to agriculture' and appropriately located for additions to
4.
preservation of outstanding
States plan for the
England
New
6. The
historic, scenic,
Aug. 29,
Chronicle
Financial
1328
cooperation
and through
ning organization for New England should be provided through
State
of
Planning
Boards
Federal
financial
continued
by other
That
2.
States
appropriate
agencies and
given
to
Program to Reduce
the
and
assistance be
approval
to the
offered
England
New
insure
only for continued planning
It is recommended
financial support not
of
work, but also for the financing and execution of plans.
that
Federal
appropriate
should
representation
provided
be
agencies established through such interstate compacts.
Commenting
.
it
whole, the National Re¬
a
recommendations
New
the
of
Commission
England
.
.
discussed in
two
for which intensive surveys were initiated
is stated, the first proposal of a practical
nature for the execution of a water resource plan as a major
corrective for serious drought conditions.
The announce¬
planning field
Stages.
long experience
from
with
familiar
vinced
of
them
the
the
The
.
The surveys
nical
development of
natural
meaning and
necessity of
Control
Erosion
National
ordination
Proposed
Activities
of
for
and
Public
of
Report
in
Provides
Committee
Resources
of
urge
Co¬
co-ordinate the
is
cies
activities
suggested in
a
erosion
of
both
report
control
Private
they
soil
and
by
prepared
the
Soil
Certain
Service
Conservation
that
and
of
work
portance,'
The report
July 15 by the National Resources Committee.
was
now
are
studies
made public
erosion
of
natural
lake
levels,
reduction
rural
water
The
and
tri-State organization to operate and maintain
works under a unified plan of water man¬
setting up a
contemplated
agement.
which would
public and private agen¬
on
restoration
dams,
control,
and
its adoption as the basis of work relief in the Red River basin.
have indicated willingness to contribute a share of the cost,
existing
of nation-wide
program
small
flood
municipal
of
States
Agencies
A
under the tech¬
furnished by the National Resources Com¬
of stream pollution and
supplies are contemplated
in the plans.
Expenditures necessary for the most urgent portions of the
program are estimated at approximately $10,000,000.
The three State Planning Boards unanimously approve the plan
and
organization.
Nation-Wide
also
Committee
of the States.
of
improvements,
improvement
continuing interstate regional planning
a
Resources
carried out by a tri-State committee
construction
The
channel
and con¬
work
planning
of
purpose
were
supervision of consultants
mittee at the request
village improvement organ¬
with
commissions, has made the New England
izations, town and city-planning
States
.
National
the
by
says:
of legislation passed during the last
.
issued
ment
the planning for New England
in
progress
is the record
report
by the separate
years
the
the
significant
July 24 by Secretary Harold L. Ickes,
on
last year, marks, it
.
through voluntary, and advisory planning agencies.
Perhaps the most
announced
was
This program,
fol¬
low closely, but with local application, the principles laid down in previous
reports of this committee.
They emphasize the importance of decentralized
action by the people most concerned, but with cooperation and coordina¬
tion
conservation
Chairman of the National Resources Committee.
Committee says, in part:
sources
"The
the report as
on
program
water
by the State Planning Boards of Minnesota, North Dakota
and South Dakota, and the National Resources Committee,
regional
on
Roosevelt by Na¬
to reduce drought damage and to
in the basin of the Red River
the North has been transmitted to President Roosevelt
definite
A
compacts to provide
interstate
of
Red River Basin Proposed in Re¬
port Transmitted to President
tional Resources Committee
means.
and
Drought Damage and Assure Water
Conservation in
in
and
negotiation
be
the1 form of technical consultants and
present, or by the loan of Federal personnel,
ways
encouragement
the
in
executive
the area
should
Assistance
assistance.
personnel as at
emergency
or
Federal officials in
and
Planning Commission
Regional
studies
the
urgent
projects
them
be
projects
yet
the
tri-State
committee
Other
projects,
possibly
available,
at
once.
placed
been
not
considered of immediate importance and, as detailed
now
started
have
have
are
are
been
of
recommends
equal
im¬
second priority list because detailed
completed.
Still other meritorious but less
on
a
have been specified as integral parts of the general plan.
Bureau
on
a
of Agricultural Engineering, and is based chiefly
preliminary soil erosion reconnaissance which covered
1,903,176,620
Recommendations
This
report,
which has not been
by the National Resources Committee, is
acres.
formally acted
on
mitted
V of the H-part supplementary report of the Land
Planning Committee.
The 10-point erosion program as out¬
determine the
country to
corrective
legislation providing for
of
the
for
measures
the character
and
needed
the
2.
State
clude
in
3.
the
as
Federal
may
for
to
with
the
describe
most in
soil
erosion,
need
control.
for
'
.
land
designation
classification,
of
areas
measures
for
the Federal
land,
in
exposed
to
would in¬
soil erosion
controlling erosion.
appropriation by Congress
Government
the
.
which
to
establishment
cooperate,
of
such
through
measures
of
by
Country Sub¬
Great Plains
extended tour of the drought stricken areas
Great Plains Drought Committee sub¬
study to President Roosevelt on Aug.
27 in which it said that "we endanger our democracy if we
allow the Great Plains, or any other section of the country,
to become an economic desert."
The report was presented
to the President, who is touring the drought area of the
west, shortly after his arrival on Aug. 27 in Bismark, N. D.
Reference is made elsewhere in our issue of today to the
an
of the country, the
preventive and
mitted the results of its
the survey to be com¬
be appropriate for the control of soil erosion.
of
Prairies
Roosevelt
Winter Wheat Seed from $200 to $400
Following
lands of the
the
the extent of present and prospective damage,
standard
of
of
would include also the determination
authorizing the annual
enable
owpers
are
of
survey
providing
legislation
$20,000,000
States,
erosion,
detail
would
control
The
measures
legislation
greater
and which
of
of
which
areas
pleted within five years.
reconnaissance
Save
President
lined in the report is, in part, as follows:
Federal
to
President
Drought Committee—Corn Seed Loans Planned—
Increases Maximum Loans by FCA for
Part
1.
to
■
President's
trip.
The Great Plains Drought Committee,
by Morris L. Cooke, Administrator of the Rural
Electrification Administration, was appointed by President
headed
Volume
Roosevelt
Financial
143
July 22 to
on
survey
the drought sections of the
to
The Committee's report
country with a view to formulate a long-term program
rehabilitate the great plains area.
to President Roosevelt contained several
recommendations,
and also the
suggestion that "a study be made to determine
what new Federal legislation, if any, may be necessary in
order to permit the Federal government to promote the
transfer from crops to grass forming where needed, to guide
and facilitate the necessary resettlement, stimulate proper
measures of conservation and furnish the necessary credit."
The principal recommendations of the Committee, as re¬
ported in Washington advices, Aug. 27, to the New York
"Herald-Tribune" of Aug. 28, follow:
Division of region into subareas for separate study of farm
and engineering
1329
Chronicle
by the Department of Agriculture Drought Committee, the
total number of such counties was brought to 1,062 in 22
States.
Four States are now wholly within the official
territory. All counties in North Dakota had been certified
on July
8; South Dakota on Aug. 6; Oklahoma on Aug. 10,
and Kansas on
Aug. 21. Up to Aug. 26 all but five of the
93 counties in Nebraska
of
most
the
were
in the emergency area, as was
two-thirds
upper
and
Minnesota
both
of
Wisconsin.
In a national survey of feed conditions on Aug. 15, the
Crop Reporting Board of the Bureau of Agricultural Eco¬
nomics, United States Department of Agriculture, said that
"the drought situation became-increasingly serious during
the first half of August.", The survey, issued Aug. 26, said
in part:
treatment.
Permanent removal of submarginal lands for commercial use.
Adoption of soil conserving practices such
as
Although there has been
regrassing, contour plowing,
terracing and tree planting.
Construction
the total rainfall
normal
of small
of thousands
and readjustment
dams
of water
rights.
and
southward
Ohio.
less rainfall in much of the drought area,
more or
during the first three weeks of August was decidedly below
insufficient
in
practically the whole area from the
and southeastward
through
Dakotas
Arkansas, Tennessee, and
Texas,
During part of this period the losses due to the drought were greatly
I>rovision of long-term credit to farmers.
increased by excessively hot weather, and there was
Public acquisition
of pastures
and late hay and feed
pastures
Aug. 15 equalled the previous low record of Aug. 1, 1934 and
badly injured for private enterprise to
of land too
restore.
Government
land
of
lease
condition
on
by
restore
owners
grass
or
forestation.
whereas at this
Use of city zoning precedent to formulate public action to protect
land
Stimulation
of
grazing
co-operative
and
associations
of
prevention
over-grazing.
of land.
trend from crop
Increase of size of individual farm holdings to scale where a
family
Use of public funds to
can
;
;
enable tenants to buy their farms and end the
Study of the Wallace "Joseph plan" of
crop
establishment
insurance,
board representing state and Federal agencies to co-ordinate
the long-term program,
on
and carry
relating current emergency relief work to the
the report,
to
staff correspondent of the "HeraldTribune," in advices from Bismark Aug. 27, said:
Eighty
much
as
may
the report said.
become
a
of the Great Plains is now in "some stage of
per cent
15%
erosioy and as
already have been injured seriously and permanently,"
It warned that the farm colony of the prairie states will
"increasingly unstable and unsafe," endangering the future of a
farm population of 2,500,000 and directly
involved, unless
a
affecting 10,000,000 in the states
remedial program,is adopted.
,
On physical conservation works in the great plains region
since Jan. 1,
1933, Federal agencies alone have spent about $140,000,000, not including
grants, loans and relief disbursements of $335,000,000, the report pointed
">
out.
Permanent
•
be speeded
"must
reconstruction
■
...
and expanded
up
if the
great plains areas are to avoid a worse disaster than has yet befallen it,"
the President's committee warned.
the situation has
"The
to
basic
impose
not
on
of
the
the region
the
whole, only for
present
great
a
semi-arid region methods which are suitable,
humid region," the report declared.
a
be found in which more than 90%
can
net cash income of a wheat farm over
Yet each
single year.
plains situation is an attempt
of agriculture to which the plains are
a system
adapted—to bring into
Extreme instances
Public agencies must step in "because
passed out of the individual farmer's control."
now
cause
upon
year some
would figure in a crop insurance plan was not
Previous reference
this week
Aug. 22,
to
How this farm
mentioned.
the
pages
of the entire
twenty years was concentrated in a
of all of the wheat land was plowed and
the soil exposed to the destructive forces of sun and wind.
columns of
drought
1161-1162.
made in these
Other developments
was
follows:
were as
a press conference Aug. 24 Henry A. Wallace, Secretary,
Agriculture, disclosed tentative plans for Government
loans, reported as ranging from $5,000,000 to $15,000,000, to
farmers to purchase seed corn for next year.
On Aug. 21 President Roosevelt, at Hyde Park, N. Y.,
signed an Executive Order increasing from $200 to $400 the
maximum amount the Farm Credit Administration may lend
to any one borrower for winter wheat seed.
The text of the
country cannot
The amount
or
be lent to any
loans heretofore granted to such
one
borrower (inclusive of
any
borrower under the provisions of
except that the amount which may be lent to any one borrower for the
production of Winter wheat (inclusive of any loan or loans as afordesaid)
shall not exceed the
sum
of $400, and
to the satisfaction of the proper
the Governor may
as
procure such loan from any
each applicant for
loan shall establish
a
officer or employe of the FCA, under such
prescribe, that the applicant is unable to
other source:
Provided, that preference shall be given to the applications of farmers
whose cash
W. I.
requirements
are
small.
The Bureau of
a
between States and a comparison of 1936 with
Agricultural Economics also issued on Aug.
on the national food supply situation for
special report
1036-37 in which it said:
Although the drought, has cut sharply into the nation's feed crops, the
total supply of foods in general
for the 12 months ending with June 1937 is
below that of 1935-36 and 1% less than in
1934-35.
Since exports
of
many
of these products probably will be less
than in the previous year,
the supply of food available for domestic con¬
sumption will be almost
as
large as last year.
National
of
Income
United
States
Myers, Governor of the FCA, said
on
Aug. 23 that
provided their
cases
are
meritorious.
In noting this, As¬
Washington, Aug. 23, added:
sociated Press advices from
"No blanket extension of interest payments is contemplated,"
of the
Federal
on
agency
both long
"When the drought
which
supervises
more
than
said the
or
and seriously restricted
realized national income of the United
States, including all items which can be estimated, amounted
to $50,899,000,000 in 1934, according to a study "National
Income and Its Elements" recently published by the National
Conference Board.
"With the exception of a relatively small
proportion received in kind and a few items which could not
be estimated, this estimate of realized income represents the
cash purchasing power received by individuals," the Board
said:
A preliminary estimate for 1935 of approximately
$55,000,000,000 is indicated by the Conference Board's
analysis.
An announcement by the Board continued:
Realized national income is still about a third below the level in
although about 20% above 1933.
of
grasshoppers have
causes
extensive crop failure
1929,
■
Between 1929 and 1933 there was a decline of about 45%.
During the
period the cost of living, as shown by the Conference Board's index,
This indicates in a general way that the "real income"
fell off only 25%.
individuals,
in
of goods
terms
and services
purehaseable with total
realized income received, decreased about a fourth.
as
1929 to 1934 inclusive are
follows:
Accountable Realized National Income
$80,029,000,000
72,792,000,000
60,592,000,000
-
A summary
following to
1932
1933
1934
——
$46,890,000,000
44,642,000,000
50,899,000,000
by the Conference Board of its study had the
say:
;
estimates are obtained by analyzing data that are in¬
National income
Out of a total national income
in 1929, about $39,000,000,000 or about 50%, is con¬
sidered to be based on fully
reliable data, while about $8,000,000,000, or
10% of the total, is the realm of opinion.
Government accounted for
or
91%
8.5% of the total realized income in 1929 and
In 1934 Governmental salaries and wages averaged $1,401,
17.5% in 1934.
of the 1929 average: the 1934 average for private industry was
$1,023, or only 72% of the 1929 level.
* •
Wages and salaries represent over 60%
and two-thirds of realized
of accountable realized incomei
In the
production income.
case
of manufacturing
of its income disbursements are in the form of wages and salaries.
80%
Total
and
wages
In 1934 they
salaries
amounted to
about
$51,000,000,000 in
1929.
$30,000,000,000 in 1932 and $28,000,000,000 in 1933.
'
increased to $31,000,000,000.
Independent entrepreneurs or persons engaged in business for themselves,
representing
approximately one-fifth
about 22% of the
of the gainfully occupied received
private production income realized by individuals in 1934.
Dividends received by individuals amounted to
as
competed with $5,692,000,000 in 1929.
$2,306,000,000 in 1934
In 1933 and 1934 dividends
represented only 6% of the total production income realized by individuals.
In 1929 and
in
both
those
shown in the
1933 New York acquired approximately 17% of the income
The District of Columbia had the highest per-capita income
of the nation.
income," Governor Myers said, "the FCA agencies
Estimated
in 1934.
The accountable
$3,000,000,0(0
and short term credits to farmers.
1935
in
$55,000,000,000 in Study of National Industrial
Conference Board-—Compares with $50,899,000,000
at
They declined to
farmers in drought areas who owe money to FCA agencies
"will get extended time in which to meet their payments,
loaned out
changes in recent weeks
1934 and other drought years.
of $80,000,00°,000
which may
the above act and this executive order) shall not exceed the sum of $200,
conditions
The reports
yet be determined.
complete and inaccurate in many respects.
Order follows:
head
of the
The Conference Board's estimates for the years
At
•
19320
feeding next winter, the final effect of the drought on the live¬
industries
received from farmers serve, however, to show the
same
of
loan
/
short that many
being compelled to feed hay and grain that they had expected
are
indicated to be only about 3%
long-range plan.
As
stock
26
tenancy system.
a
farmers
and to provide a comparison
-
support itself.
of
during the drought of 1934 pastures had received
season
considerable rain and had begun to improve.
to save for
Study of voluntary relocation of population and determination of whether
The condition of
the third week of August,
With the drought still unbroken, and with pastures so
present population can be supported in probable necessary
use
further deterioration
in this area.
crops
the condition probably declined further during
from harmful private use.
grazing
on
years.
Striking differences
among
the several States
are
composition of realized production income.
will consider extension—treating each case on its own merits."
The farm credit head predicted, however, that even in the areas hardest
hit many borrowers will repay loans from livestock sales or reserves.
Mr.
Myers said farmers voluntarily paid $45,000,000
their indebtedness last year although not required to
ments
until
1938.
He
$41,000,000.
With the
said
normal
payments
•
on
the principal of
make principal
would
have
been
pay¬
only
.
designation of 28 counties in Minnesota, Ne¬
braska and Wisconsin as emergency drought areas on Aug. 26
W.
L.
Ransom
Warns
Courts—Tells
Paramount
Against
American
Political
Bar
Invasions
Association
This
of
Is
Issue—Group Adopts Reorganization
Plan
This country
must preserve impartial, independent and
non-political courts, William L. Ransom, President of the
American Bar Association, said on Aug. 24 in addressing the
1330
Financial
opening session of the 59th annual meeting of that organiza¬
tion in Boston.
This issue, he said, "above all others is
stirring the consciousness of the American people, and should
have the militant support of all lawyers."
The Association
on Aug. 24 voted to adopt a new constitution to extend the
Association's control among the bar groups of the 48 States.
Mr. Ransom warned against "invasions of
arbitrary,
personal government," and said that in many States "the
bar and people face fundamental issues which may decide
the future of law and courts of justice."
Associated Press
advices of Aug. 24 from Boston quoted from his speech as
follows:
Chronicle
Predicts Overthrow of Act
the
declared
judges," controlled by "their
should
courts
be
made
of
up
"courageous
conscience."
own
They should
owe no
fealty to political
views," he added, and the public would,
as a
secure
result, benefit by their "de¬
liberate, detached and disinterested judgment."
"If the courts
judges
be reconstituted to
to
are
be chosen to reward partisan
are to
such."
as
remain active in partisan or factional contests
safeguards
become of
avail,
no
.
"We
are
distinctive feature of
institutions if the courts
our
denied the right and duty to speak of fundamental
questions,
made subservient to the demands of transient political control.
issue
we
are
.
shall lose the
should nail to the
or
Here is
masthead, and put and keep in first place."
enterprise of every kind are increasing so rapidly that they may alter our
day's debate by declaring that
like it."
to
"If
Establishment of
prepared and desire to give up such-individualism and initiative
we are
business,
has
which
majority of American lawyers.
Eighty-three will be elected by
a
160 members.
business
American
of management
guarantee, its
(one for each State) by mail ballot of
the remainder to be officers,
delegates of organizations affiliated with the
legal profession.
of
Board
a
of
Governors
consisting
of
association
elected member from each Federal judicial district.
one
Nomination
of
association
Authorization of mail
This
officers
ballot
on
and
well
governors
in
advance
by petition.
Though
proposed amendments if assembly
numerous amendments to the
reorganization plan were proposed,
Only two attorneys opposed the plan in entirety.
of Chicago contended adoption meant the Association
adopted.
are
be to fight to retain
must
public opinion
a
•
in the
"The rights of the States
and investor.
consumer
here recovered and preserved," he said.
"State regulation has been placed
dignified position it warrants and will be immensely streng¬
more
thened."
:
Mr. Seavey proposed a short cut to regulation of rates of public utilities
which would, in effect, establish rates on the basis of original or
cost of property,
Quay
"admits its failure to accomplish its original
purpose; that its membership
Speaking
declared
before
that
"it
the
is
valuation
constitution
first
considered
was
put to a standing vote.
than 1,000 delegates rose in opposition.
article
by
article
Fewer than 15 of the
and
more
a
Seavey
substantial
be applied" in the quick determination of utility rates,
may
a
Mr.
meeting,
there is
and litigation.
amended to
off engineering
V
-
change Mr. Seavey would have the judicial code again
provide:
.
where after proper notice and opportunity for hearing, rates
by a Court to produce a
the property devoted to
and used in the public servic.e, the evidence supporting such finding shall
constitute prima facie proof that such rates are just and reasonable.
2. That no such order of an administrative commission shall be set aside,
That
modified, suspended or restrained by any court upon constitutional
unless the court shall find that such rates are confiscatory.
It
was
Heretofore Association policies have been determined by the
3,000 or
Often, too, reorganization
pro¬
which
indicates
criterion
a
established.
Seavey that the first provision establishes
unquestionably may be imposed
The
which
upon
second
grounds
Mr.
a
a
"rule
judiciary,
the
upon
the consideration of rates may be
constitutes
a
legislative
rights of the regulatory body and the consumer to
more
The 25,000 members not present
direct voice in proceedings.
stated by Mr.
of evidence
merits of
,
delegates who attend the annual meetings.
no
that
fixed by a Federal or State Commission are found
fair return upon the original or historical cost of
and
by-laws and the constitution.
was
Association
conviction
personal
and which would eliminate the long and expensive procedure
Charles P. Meagan, also of Chicago, said he approved the plan in
principle,
revised
Bar
American
my
Would Fix Criterion
but opposed its adoption on grounds of
inadequate provision for amend¬
finally the entire plan
historical
instead of the present established custom of reproduction
valuation less depreciation.
cannot make it function."
have had
of freedom
degree
■
1.
and house of delegates disagree on proposed amendment.
The
dominant position in
a
reasonable
was
To effect such
of the annual meeting with independent nominations
ments to
States
a
Robert E.
mission
Board will be the administrative body.
Eugene
treasures
which it formerly had considered safe under constitutional
determination
remedy which
Establishment
officers and
none was
still
favorable to that end, and the time is now."
members of the American Bar Association;
section chairmen and elected
•
the United
given
industry, then we are on the right track toward that end," he said.
national house of delegates entitled to speak and
a
house will comprise
State and local bar associations; 48
3.
along with it and endeavor
'
v
Favors Original Cost Valuation
act in behalf of the ascertained wishes of
4.
decision at this time was necessary as to
a
whether "we shall attempt to resist or shall go
policies:
2.
Grant, Chairman of the Section, began the
whole business structure, Mr.
tection of the individual
following
principal features of the reorganization plan, designed to
give members a more direct vote in formulating Association
1.
•
utility legislation passed by Congress was directed particularly to the pro¬
United Press Boston advices of Aug. 24 listed the
The
v,0
Clyde L. Seavey, of the Federal Power Commission, declared that the
hodgepodge of human
supposed social ends, the 'blessings of liberty'
serve
to that extent forfeit.
,
an
and the very keystone of the American
He asserted that "if the judge on the bench makes a
rights in order to
.■
are
to
then Constitutional
.
.
are
form of government is in danger."
v
'•
Healy, of the Securities and Exchange Com¬
reported in the Boston account, Aug. 25, to the
New York "Herald Tribune" as declaring that the Com¬
mission in administering the Public Utility Holding Company
Act did not regard its task as that of "driving an entering
wedge for public ownership" and that such regulation of
utility activities must still be regarded as in the "experi¬
mental stage." From the "Herald Tribune" advices we also
quote:
V/Y; Y.
'■((■ V;-: L vY'/'V ^ ;
preconceived theories, if
factional services, and
judicial
Warning that attempts at governmental regulation of private business
:
serve
or
a
Congress has the power to regulate, control or suppress a holding company
"If
programs or preconceived
by
"I do not believe that
determination of its unconstitutionality," he said.
^
"Judges should be selected for their qualifications, and should be
in tenure.
„
going to be relieved of this additional task, relieved of it
are
•
Ransom
1936
29,
"My sympathy for the SEC is lessened, however, by the belief that they
in
Mr.
Aug.
interpretation of the
a
decision upon the
rather than upon procedural technicalities,"
case
Seavey said that legislation of this character is imperative if full
and proper effect is to be given to the Federal Power Act and the regulatory
laws of the States.
ponents declared, convention city delegations by their size have been able to
"railroad" through proposals.
'
^
...
Finds
Regulation Experimental
Speaking before the Public Utility Law
Section of the American Bar
Association, Mr. Healy declared that Federal regulation of public utility
Before American Bar Association View Is
John
W.
Davis That
Public
Expressed by
Utility Holding Com¬
Will Be Declared UnconstitutionalRobert E. Healy of SEC and C. L. Seavey of Federal
Power Commission Defend Regulation
Act
pany
Speaking at the annual convention of the American Bar
Association in Boston on Aug. 25, the assertion was made
by
John W. Davis that the Public Utility
Holding Company
Act of 1935 "constitutes the gravest threat to the liberties of
the American citizen that has emanated from
Congress in
the halls of
lifetime."
Mr. Davis, who spoke before the
Association's Section on Public Utility Law, was a former
Democratic nominee for President. Stating that his remarks
climaxed a day of discussion in which George R. Grant of
Boston, Chairman of the Section, urged that American
business must rapidly mobilize public opinion against further
governmental interference.
A Boston dispatch Aug. 25, to
the New York "Times" added in
part:
my
activities must still be regarded as in the "experimental stage."
He asserted that
procedure
so
"fortunately the Act provides extensive flexibility of
that the
Commission
gradually develop substance of
may
regulation in the light of actual experience."
Recalling
that
of the
most
major
gas
and electric
companies in
the
country have refused to register with the SEC as provided in the Utility
Holding Company Act, only 65 having complied, Mr. Healy said that "the
constitutionality of the Act has still, of course, to be determined, but I
think most people agree that the problem is one with
Government will have to deal in
one
way or
which the Federal
another."
"Meanwhile, both the utility industry and the Commission
useful experience in many aspects of our fundamental
are
acquiring
problem, which is
defined by the Act as the protection of public interest and the interest of
investors and consumers."
Mr.
Healy declared that the SEC has no concern with utility rates
as
such, although it hopes administration of the Act will aid State commissions
in obtaining information on which to base intelligent rate regulation.
Hails
"The
cooperation
which
we
Cooperation
have
which have registered," he said, "has
in
enabling
us
received
been an
from
holding
companies
extremely important factor
to approach these problems with some understanding, and
Two members of the Securities and
Exchange Commission and other
speakers held that further regulatory action by Government agencies was
I think I may say with reasonable success.
necessary.
members of the industry has meant complete
Mr.
Davis, leading the general discussion in the Public Utility Section
that followed the formal papers of the
that
the
day, broadly intimated his confidence
Utility Holding Company Act
stitutional by the Supreme Court.
would
soon
be
declared
uncon¬
Speaking extemporaneously, but with
evident care, he said there was involved in this Act
something more than the
fact that it was badly conceived and
badly drawn.
Mail Restrictions Assailed
"There is something in this Act that
tenor of the Act
history of
the
our
liberties
itself," he declared.
legislation; in
of
arouses me
American
"In
one respect
citizens
that
one
respect it is unique in the
from
the
that failure to register
tion has been extremely
"Furthermore,
made
an
effort to
some
on part
of most
absence of cooperation.
have been submitted for comment to
committee composed of executives of
major companies and their
A
a
co-opera¬
helpful.
of the unregistered holding company systems have
adjust their practicies in
many respects to
comply without
regulation in order to give them a fair trial."
s
far beyond the scope and
emanated
and regulations
Commissioner William O. Douglas of the SEC, speaking
it constitutes the gravest threat to
has
"I do not wish to imply, however,
number of rules
halls
of
on
Aug. 25 before the Section of Municipal Law, of which
Charles W. Tooke is Chairman, said (according to the Boston
advices to the "Times") that the Supreme Court decision
last
"What method of compulsion is relied
upon by the Government for the
enforcement of this Act ? This Act denies to the resistant or
May holding unconstitutional the Municipal Debt
Readjustment Act had resulted in grave difficulties in dealing
with debt reorganization plans because of the "disruptive
companies the right to
power" that it left with minorities who refused to accept
Congress in
my
lifetime.
That is strong language.
But I
mean to
make it
so.
non-complying
use
the United States mails, which by statute have a
legal monopoly in their field.
domiciliary arrest.
conduct of those who
This is
use
They
an
them!"
are put, as it were,
under
a
species of
attempt to regulate not the mails but the
,
JfcMr. Davis had previously expressed his sympathy for the sincerity and
industry which the members of the SEC had shown in attempting to under¬
take the enforcement of the Holding Company Act.
settlements.
He offered
deprived
or
as
The advices also said:
a
personal suggestion the idea that Federal courts might be
greatly limited
"in their
power to
issue writs of mandamus and
mandatory injunctions directing city officials to
of the city who are
dissenting from
found to be fair and equitable."
a
pay
holders of obligations
debt readjustment plan which has been
Volume
Financial
143
Rejection
American
by
Presented
Showing
Indorsement
President
by
try.
Federal
of
Association
Bar
Child Labor Amendment to Constitution—Letters
Child
labor
amendment
of
Constitution
the
Y
States
in
orderly
is
procedure
the
this
direction
for
In
No
.
that
"sonie
rejuvenation of
some
and
pressure
parts of the country.
"Two factors may be primarily responsible therefor," the report declared.
their
Act is the first con¬
join with the
Security
of
field
Mr.
welfare,"
human
which
and
administration.
$Vithin
time and experience may warrant.
as
Silver
at
N.
Bay,
Y.,
be
Social
the
be
can
made
the
will
it
that
legislation
that
Mr.
20,
Aug.
on
•
contends
No
itself
Act
the
and the Congress
change;
said:
.
purpose
and to insure
to perfect legislation
necessary
effective
study
address
one
.
are
and
for
change
an
Changes will
said
It
when
made effective
by providing funds to make such studies and recommenda¬
direction
tions
assume
December.
Social
widening
experience
York
activity in favor of ratification" had been noted in
to
laws
such
consider
Federal
prior
adopted legislation
will
States
year.
"the
this
Time and
Winant
Simpson of Birmingham, Ala.', who
next
Winant said:
succeeded to the chairmanship on the death of William D. Guthrie of New
last
additional
convene
had
States
structive effort by the Federal Government to
The report of the special committee of the association on child-labor was
presented by its chairman, James A.
these
Fourteen
Legislatures
was
registered on Aug. 27, when the Assembly of the Association,
in Boston, by a vote of 233 to 109, decided (we quote from
Boston advices to 4the New York "Times") to continue for
another year the special committee that has been in existence
since 1933, charged with the dual purpose of opposing
ratification of the amendment and working for the adoption
of uniform child-labor laws
by the States.
In part the
"Times" advices also said:
of
one
Stating that
opposition of the American Bar Association to the
Federal
Only
action.
Roosevelt and Gov. Landon
The
1331
Chronicle
the
in
Board
itself
always be to
Security
wish
It-.is reasonable
changes.
But
Act.
recommend
to
it stands.
as
the moment of its inception.
from
Social
will
is perfect
Security Act
perfect
to
our
increase the security for
improve the Act and
already has laid the foundation.
"First, the active part being taken by the President of the United States and
the members of his government; secondly, the fatuous
hope on the part of
of
some
the unemployed
of bettering their chances for getting
removing from employment
class of persons
any
whatsoever, entirely oblivious of
job by
a
by any possible device
of the principle involved.
course,
Secretary of Commerce Roper Regards Trade Agreement
as Best Method of
Stimulating "Lasting Trade"—
On
"If ratification is withheld until the
country has again returned to normal
conditions, danger of ratification will have passed."
Return
Britain
from
and
Indicates
Abroad
Germany
Great
That
Entering
of
Desirous
Are
into Pacts
Says Candidates Approve
Judge L. B. Day of Nebraska, chairman of the resolutions committee,
reported
that
that
committee
had
approved
continuance of the special committee.
offered
with
the
recommendation
for
Arthur G. Silverman of New York
amendment to discharge the existing committee and replace it
an
committee instructed to work for ratification of the amendment.
a
Isidor Ostroff of Philadelphia, who had introduced several resolutions
on
Monday calling for approval of the amendment, made a vigorous speech in
behalf,, in which he asserted that the question was not a political one.
its
Every President since Harding has favored action, he said, and he declared
he had letters in his hand from President Roosevelt and Governor Landon
approving it.
He did not read the letters, but displayed them later to
reporters.
letter he had described
Rott,
secretary,
a
from Governor Landon
as
was
The
actually from Carl A.
pointing out that Governor Landon had twice
Following his return from abroad, on Aug. 21, noted in
our Aug. 22
issue, page 1171, Secretary of 'Commerce Roper
indicated that Great Britain and Germany are desirous of
entering into reciprocal trade agreements with the United
States.
According to Mr. Roper, the trade agreement is the
best method of stimulating "lasting trade."
He said he
favored trade agreements as a "universal policy."
Much of Mr. Roper's time while abroad was spent in
Great Britain and Germany, and in reporting that he said
he favored trade agreements as a "universal policy," the
Washington correspondent of the New York "Journal of
Commerce" on Aug. 21 added:
recom¬
mended adoption of the measure to the Kansas Legislature.
The letter from the White House follows:
He
noted
negotiation
that
of
nothing definite
"August 25, 1936.
"My dear Mr. Ostroff:
is
agreement
considerable
be
could
an earlier acknowledgment.
My views on the question of childlabor have undergone ho change.
I still hope that the ratification of the
child-labor amendment to the Constitution will be completed.
Assistant
admitted
accomplished
Secretary Draper,
Mr.
D.
"FRANKLIN
ROOSEVELT."
.
Am
Governor Landon recommended the
adoption of the Child Labor Amendment to the special session of the
Kansas Legislature in the Fall of 1933 and again to the regular session of the
Kansas Legislature in 1935.
"In Governor Landon's behalf I want to thank you for your interest in
writing.
"Very truly yours,
ROTT, Secretary:'
in
impression
that
trade
a
Canadian
there
According
to J.
G. Winant of Social Security
Who Reports More Than 1,000,000 Indi¬
viduals Receiving Aid
Board,
■
a
review
of
United
States,
John
the
first
of social security
year
Government^ in cooperation with the States, is
than
$48,000,000."
that
out
under
Winant,
Mr. Winant,
"the
three
now
million individuals with grants totaling
a
ends
under date of Aug. 19, pointed
sought under this measure
major categories;
major
pensation.
The
industry.
In
trade
the
provisions
of
establishes
venience,
State
of
action
a
accom¬
is
their
the
In
"felt
Great
is
first, that
are
District
in
of
rights
involve
the
smoothed
Columbia
children
Under
effect
Act,
14
the
in
on
and
laws
the
modern
insurance
alleviation
A national
of
the
bases
constant
State
for
to
through
Mr.
rocal
systems
for
need for
our
old-age
rather
than
in
22
States
Increases
and
of
benefits
of
approved
plans
plans
for
for
the
assistance
to
needy aged,
possible because of this Act.
section
Columbia
have
of
the
adopted
Social
Security
unemployment
45% of the industrial population of
bargaining
campaign
the
The
Republican
more
extensive
Aug.
but
21,
on
the
Hull
opened fire,, for
Republicans
into
understanding
in
for
and
lasting
New
the
to
York
both sides of the Atlantic
path
November
the
on
policy
the
on
the
Canada
the
issue
for
the Democrats
In
second
that
declares
to
countervailing
be
a
date resulting
recip¬
of
the
prepared
are
Trade
Agreements
repeal.
with
ago
It
Germany,
declaration
immediate
few weeks
put
ago.
Administration's
major
of the
with
...
Democrats
its
duties
few weeks
a
started
advantages of the
was
squarely
platform
the
will
elections, at least.
indicate
to
of
this country
negotiations
showing trade gains
Address
in
intendent
to
Act.
Secretary
memorandum
a
from the 14 completed agreements.
of
L.
H.
Pink,
New York Super¬
Stresses Insurance as
Insurance,
International
force
for
Trade
the
coun¬
Cooperation—$2,-
000,000*000 of Life Insurance in Canada Written
by United
States
Companies-—$1,500,000,000 in
United States by Canadian Companies
Insurance
as
an
international force for tirade cooperation
was
stressed
ance
of the State of New
Aug.
by
Louis
H.
Pink,
Superintendent of
York, in
Insur¬
address at Quebec, on
annual meeting of the Association of Su¬
25, at the
an
perintendent of Insurance of the Provinces of Canada.
Pink
declared
barriers and
Insurance
that "the
is
of
one
institution
of
to
nation.
nationalism."
the
There
few
is
way.
It
He
commodities
neither tariff
is the bulwark
main,
it
knows
great
English
insurance
seven
in
no
of
civilized
in
locality
particular,
parts
of
the
added:
which
nor
do
world
business
to
from
impede
credit.
In
restrictions.
or
continents
freely
officers
and
boundaries
five
travels
customs
individual, national
artificial
companies,
all
Mr.
insurance has much
dangerously committed to impassable trade
economic
the
State
periods
retirement
approved
both
for
Secretary
far
was
cancellation
imports
the
operating in 36 States,
are
the
an
internal politics
direct
no
face
nation
in
have been
compensation
District
There
out well
reach
difficult,
German
Roper's, emphasis
trade
in
all
and
The
branches
on
all
of
of
the
seas.
After
Hawaii.
Secretary
abroad, and
interest
continued
a
population today 65 years
now
great
is working
Unitedi
the
*
reasons
different
long
with
July, after
nations to
recovery
leading to
of
that
until after the
Presidential
dependency—
migration of individuals who
The
third of
awakened
dispatch,
more
to teach a world
important
48
the
.
against
of
system
more
to
life
.
during
has undoubtedly been
by the recent conferences between German experts and the Treas¬
be said
hovyever,
.
States.
covering
of
than
Two
a
of
con¬
devised
was
problem
number
a
may
to
Government
entrusted
Act
governments.
assistance plans
andl
unemployment
States
comensation
problem
several
operating
21
State
approach.
than
The
insecurity
difficulties.
more
approved old-age
of
measures
satisfactory actuarial
under
Federal
agreement
stated:
was
Department
ury
compensa¬
is
and
essential.
great
The
British
conference,
press
British
agreement
17%
Britain,"
foreign
our
Washington
a
make
administrative
these
rather
dependent children, and the blind
.
back
uniformity and,
the
the
of
older, is dependent.
or
dependent
blind
charged
traditional
governments.
Federal
prevention
due to the fact that
There
is
the
own."
"Times" it
com¬
for' protection,
of
State
impossible and, second,
retain
would
standards
scope
is,
system
this are,
of age
unemployment
unemployment
the
to
cooperation.
against
by the
different type
Federal-State
are
Federal
several
and
nature
demanded
years
industry
in
conforms
administration
the
dependency—that
would
deals with
measure
public assistance and
Act
andi
safeguard
eoene
cooperative
for
general
the
and
provide
for
the
time.
some
of
set out
are
public assistance is
unemployment
Security
certain
jurisdiction
systems
of
cost
Social
approach
The
of
of
"the agreement
in
men
betterment,
than
...
these
tion
section
Canadian
has
pact
is that
explaining the interest of
States toi assist needy
In part, he added:
dependent persons."
Another
for.
the
that
_
plished tliruogh grants-in-aid to the
and
the
on
for
indicated
extent
in the Roper
done
be
Britain
but
direction
the
is
*
business
"Some
in the
Chairman of the Social
Security Board at Washington, states that "under the
public assistance provisions of the Social Security Act the
G.
the
increase
With Germany questions of
Federal Grants Totaling $48,000,000 Made Under Public
Assistance
Provisions
of
Social
Security
Act,
more
that
countries."
it will interest you to know that
A.
announced
stated the
the
"This will acknowledge your letter of July 31 to Governor Landon.
"CARL
Draper
resulted
could
Great
in
country,
expires.
agreement
States
"Dear Mr. Ostroff:
Federal
in
participating
nothing effective
Roper
"Aug. 13, 1936.
The letter from Topeka follows:
that
until the Ottawa
"Very sincercely yours,
,
aiding
this
of the chief difficulties, he explained,
Empire and its interwoven responsibilities.
receive
In
sentiment
with
One
"Your letter of August 14 came to the White House while I was absent
on a flood trip and
fulfilling other engagements.
I regret that you did not
sure
there
trade
a
written
pointing
some
out
that
United
States
companies
$2,000,000,000 of life insurance in Canada
have
and
Canadian companies have about
insurance in force in the United
that
$1,500,000,000 of life
States, Mr. Pink took issue
with
in
ers
"Buy American" zealots who charge that $350,000,000
premiums is taken annually from American policyhold¬
by foreign and foreign-owned companies.
As to this, he
observed:
.
1332
insurance
of
Insurance
700,000.
leaving a net outflow of about $15,-
at $16,600,000,
Canadian,
largely
been
has
never
nationalistic and never
or
narrow
be.
should
foreign
But I am proud to
say that in the main this campaign has neither been financed nor countenanced by insurance companies domiciled in and owned by citizens of the
been
has
There
in American companies.
insure only
and
companies
agitation to induce Americans to boycott
some
States.
United
.
other lands
increased interest on the part of American companies
is
revelations
withdrawal
forced
of
field
the
con-
companies and eventually there was a
our
in existence was liquidated.
companies have not
business was still
what
been
has
profitable that our
so
competition has incompanies which are properly organized
extent that our
recently
But
markets.
foreign
seek
to
to such an
creased
seek to supplement the home
The recent issuing of a . policy
mosque in Cairo is perhaps an indication
equipped for foreign, business may again
field
participation abroad.
by reasonable
United states company on a
a
a
new^trend.
;
.
Spring Co.—Union Had Called Strike
Following
the two
strike on Aug. 17,
calling of a
the
Aug. 17
plants of the Standard Steel Spring Co. in the Pittsburgh
district at Coraopolis and Moon Township, Pa., were perma-
nently closed
Aug. 23 and moving of the equipment to
on
company's plants at Racine, Wis., and Gary, Ind., was
started.
The strike was called at the plants on Aug. 17 by
the
Association Of Iron, Steel and Tin Work-
the Amalgamated
mi.,
The
ants.
week
ago
Moon
tear
Township
Later
The
hurled until State highway patrolmen halted the
evacuated about 150 workmen and watchmen.
local
newly-organized
and revised
of
Amalgamated
the
Association
called the strike at the Coraopolis and
demands
enforce
to
union recognition,
for
Iron,
of
Moon Town-
increased
wages
working hours.
of
deal
"as
with the men
union."
outside
an
decline to
said they would
officials
Company
members
the plants in suburban Coraopolis
remaining at work.
Stones and
men
company
Steel and Tin Workers
plants
with
clashed
were
the
Survey by National Association of Manufacturers Disputes Impression that Large Percentage of Industrjal Payrolls Goes to Executives—Latters' Salaries
Figured at 3% of Total Payroll—34% Absorbed in
Taxes
"
,
standard
since
steel
Spring,
17 by
Aug
a
its
bumper and spring plants
two auto
Tin
and
Workers,
told its
or
•'■Ae Association added:
Actually, executive salaries range from about one-third of the total pay¬
roll, insmalibusinesses employing frommore 25 persons, workers. the total
1 to than 5,000 to 1% of For the
payroll, in large businesses employing
nearly 700 companies
proportionate amount for those who guide the destinies of business,
Compared with the tax burden weighing down on these same companies,
executive salaries dwindle into insignificance. Taxes take more than 11
times the amount paid in executive salaries. While 3 % of the total payroll
goes for such salaries, taxes equal 34%—or more than one-third—of the
total payroll of this cross section of American industry,
Let the American people turn the same spotlight of public attention on
taxes that has been turned on executive salaries. Nothing could be more
beneficial to the Nation in its present crisis,
Let industry be relieved of a portion of this overwhelming tax burden,
as
company
strike
the
'
compared With 47c. hourly paid in valley steel plants.
Regarded
Test Case
as
organizers have regarded the Standard
Steel Spring controversy as a test case which may give a clue to the course
of the labor organizing movement.
The Standard Steel Amalgamated lodge
was
the first to be organized after the Lewis Committee for Industrial
steel
Botii
producers
and labor
in June.
drive started
Organization
_
c
to Settle
Tlie
plant
where
p>
r-
•!__
ca.
I
Closing Norwood, Ohio, Plant Due
Rand
Remington
Trnncformr]
*
Transferred—Attempt
Conn., Plant rails
Strike at Middletown,
Of Remington
at Norwood, Ohio,
Rand, Inc.,
the past three months,
strike has been in progress
a
closed, the company informed Judge Nelson Schwab
Pleas Court in Cincinnati on Aug. 24.
The
is being
Common
in
equipment of the plant is being transferred to plants of the
in other. cities, said Associated Press advices from
firm
Cincinnati, Aug. 24, which added:
Floyd
within
the
Williams,
two
company
strike
other
M.
was
there
May
said
Van
plant,
the
the
1,700
persons
were
Frank, of the Machinists Union,
dismissal by the
ment
with
A. R.
Rumbles,
question
national
removal would be
was
"hopeless"
completed
andi that
possibility of an agreement,
when the
26, simultaneously with strikes in the company's
company
together with the question
"closed
said
strike situation
officers
company
of
of 16 workers in its Syracuse, N.
of whether
the
employed here.
has asserted the strike hinged
office
Y.,
it would negotiate a settleEquipment Workers Council.
Vice-President, had contended the strike involved
"open shop" or a
could operate an "open
of whether the company would operate an
shop," and said that
unless the
company
Shop It would Close the.plant.
An
attempt to settle the strike at the Middletown, Conn.,
Remington Rand failed on Aug. 21.
Regarding
this action, United Press advices from Hartford, to the
"Wall Street Journal" of Aug. 22 had the following to say:
plant
of
*2on
/o
^
idea of the distance
the oil
combined figures for the companies covered,
The statement points out that some
industry where
be seen in the case of
employing over 5,000 ^persons, showed that taxes
equalled 120% of the total payroll, and amounted to $2,111
per employee.
Public utilities and automotive manufac-
each
tures covered by the Study, pay taxes amounting to 59% and
37%, respectively, of their total payrolls. ^ On the other
hand, executive salaries in these two industries total 2% Or
less 0f the total payrolls, the Study reveals.
Other industries, it is stated, which pay taxes amounting to one-quarter
°yhe£ ra^%riude food- pharmaceutical
^ATtll^dustries covered by the study, some to a
r?
greater degree than others,
follows:
/
Automotive manufacturing, automotive parts, chemicals and ^allied
products, coal and its products, copper mining and products, electrical
manufactur6( food industry, gas and electricity, hardware, iron and steel,
jewelry, leather and its manufacture, lumber and forest products, ma-
product, paper and
publishing, railroad
equipment, rubber products; stoneiclay and glass; text).es an pro u •
transportation (other than railroads and automotive) and other miscel
afleous u ne e •
#
•',
Business Hampered by Increased Burdens Through
Government Regulation, According to Report of
Secretary of Merchants Association of New York
chinery, mining (except coal and copper), oil and its
allied products, pharmaceutical products, printing and
no
was
plants, approximately
around
the
He
felt
called,
attorney,
company
weeks.
34%
142%
iu/0
-terceni or aivicienus
«
♦
Taxes
«6ri
in*/
-y~~~ZT~"~a':z:z
P»
watchmen being taken into the plant to protect property.
the strike, only
executive salaries,
3%
■
to which taxation has gone may
Wage Rise
that it granted a 10% wage increase July 15,
began, giving common labor 48c. an hour,
revealed
before
weeks
io%
who are
reemploy many of those
Executive Salaries
,
The
far better position to
Following is a comparison of taxes with
revealed by the Association's Study:
"Owing to the actions of a few men, some of whom have no interest in your welfare
the best interests of this community, and because of our inability to obtain
four
a
unemployed or on the public payroll.
Percent of total payroll.
Granted
but 3% of
contend that this is a dis-
covered by the study, the average was
Few people, indeed, would
em-
protection for our property and men who desire to work, it has become necessary
to close our plants."
total payroll of
"A wholly false and misleading impression of the portion
of the payroll received by top executives has been created in
minds of many Americans by the publication of the
salaries of executives of certain large corporations, the
Association said in commenting on the results of the Study,
closed
ployees Saturday:
,
.
sales, and 13 cents for
Taxes, on the other hand, it is
each share of common stock.
stated took 34% of payrolls.
;now
union recognition dispute with the
a
Steel
of Iron,
Association
Amalgamated
Of Aug.'25 it was stated:
strike called in
,
.
the basis of this survey, but 3% of the
and it will be in
Wall Street Journal
In. til 6
'
■
The belief that a large percentage Of the Nation S lndUStrial payroll goes to a handful of top executives is not borne
ou in a survey by the National Association of Manufacturers
the results O-f which covering 694 companies in 25 leading
industries, Were made public on July 6.
According to the
Association executive salaries, including bonuses, comprised,
tjje t0tai payroll.
crowds gathered outside
bombs
gas
melee.
ship
were
advices Ot Aug. £5'.
Piess)
"
employed at the
/ a
Plttsbuitoh (Associated
750 workers
following, IS from
Approximately
ers.
A
,
American industry, 6-10ths of 1% of
,
Pennsylvania Closed by Standard Steel
Two Plants in
and
.
...
,
on
Q
I
•
p
iipd
llb^.
The difficulties of the great war accentuated
field.
that
so
American
diminished!
investigation
Armstrong
people in
that
from
situation
and
by
European insurance.
the
of .European
fidence
been
in
of
factor
real
a
The
The
right to resort to the subpoena
to make it advisable."
Previous-reference to the strikes at the various plants of
piemingtoh ltand, Inc., Was made in our issue of Aug. 22,
in
shutting of the door by the United States.
Armstrong investigation our large life companies, such as the
Equitable and the New York Life, did a sizable business abroad.
They
subpoena.
«Tiie Board, however, reserves the
method should the situation develop as
the
Before
the
negotiate with the union; and the strikers likewise have refused to negotiate excepting through their labor organization.
"For this reason the Board seriously doubts the advisability of using
business rather than a
foreign
were
The State Board of Mediation and Arbitration reported to Governor
Wilbur Cross that it finds it "impossible" to mediate the Remington Rand
strike at Middletown at the present time.
"In the case under consideration," the Board reported, "each party
*n its public statements has maintained a position irreconcilable with that
of the other,
"The company in its public- statements has refused categorically to
its power of
,
Superintendent Pink then offered the suggestion that
United States companies might profitably seek a larger
share of foreign business, saying.
...
The logical and proper remedy for the outflow of insurance premiums
to
Aug. 29, 1936
Financial Chronicle
'
•
Department of Commerce for last year puts the outflow
funds at $32,300,000 and the inflow from foreign companies,
report of the
A
increased
„
burdens which were piled on business
,
„
,
,. ^
nn-mrynfif^n nlcuWI
by way
nn
vm-
of government regulation and compebtion placed an un
usual tax on the facilities of the Merc^
and Other commercial organizations during tile last yeai%
according to the annual report of S. C. Mead, Secretary of
the Merchants' Association
of New York, which was
public on Aug. 22.
Commenting on the fact that a series
decisions>
of
Of Supreme Court
that voiding the National
the most important, taken by
which
Recovery Act was
made
had the effect of restoring to business a
Industrial
themselves
greater degree
of freedom and greater opportunity for the application of
private initiative.than had existed for a considerable period,
the report comments as follows:
Volume
But
Financial
143
did not
decisions
these
pile
tendency to
to halt the
serve
the
in
demands
for
that would
fold.
the
to
problem
the
On
the;
which
"battle
against
where
possible
tax plans andi
new
and
manner
a
continued.
commerce were
became two¬
therefore,
members adjust themselves to
help its
to
constantly
were
groups with similar
other
in
load
tax
Association,
Merchants'
band,, it haid
one
spread the
On
arising.
in
purposes
it had
other,
the
almost continuous
an
regulative programs, to defeat them
new
'
tion
so
where that
and
minimize
to
as
destructive."
mented
impossible,
was
their evil
and
effects
their applica¬
influence
to
prevent them from becoming
The letter made
said
lists
the
following
of the Association's activities
1.
A
persistent
and
continuous
as
the
in the year
under review:
2.
and
government costs
The defeat
through
campaign
research,
publicity,
of
adjustment
equitable
an
workers for
3.
for the establishment of
plans
continuous
A
York,
carried
to
4. An
battle
against
unfair
which culminated when
the
United
approach
municipal
a
and
power
States
the
to
labor
the so-called
Supreme
problems
practices
Pier
the
at
Port
Injunction Case
of
unemployment
insurance
and social
an
ameliorating the conditions of the National
New
enabled
the
York
State
Association
Unemployment
be
to
of
Insurance
assistance
to
Social
Law,
and
of
many
its
election.
those
services
noted
that
unprecedented
through the
substantial
level
by
the
reached
interested
certification
and
total
the preceding year
that
In
also
which
members
in
this
and the free
connection
it
use
should
of
be
shipping documents advanced to an
savings effected by the members
foreign
the
undoubtedly amounted to
very
Mr. Burke became
been
circulated
Says He
Re-election
President Roosevelt, before his departure from
Washing¬
ton on Aug. 25 for a tour of the western
drought stricken
States, conferred with Senator Carter Glass of Virginia, who
later announced that he would vote for Mr. Roosevelt's
as
Jollows:
Tlie
largely
a
gesture of deference to the Senator, whose influence
talked
and
over
many
Roosevelt
can
ill spare.
as
veteran
a
The-President said they
subjects, including the question of minting special medals
half dollars.a This
last
was
humorous allusion
a
the
to
troubles
of
the Senator who wanted to get a half dollar minted for a Virginia celebra¬
but
tion
found that
the
special legislation prescribed
a
medal.
With
both
the President and the
subject of their discussion, it
was
banking affairs had been touched
Senator
not
Glass in line,
comforted him.
Senator avoiding mention of the real
nevertheless indicated that fiscal and
Mr.
on.
Roosevelt is anxious to keep
and the speeches and remarks of the Senator have
had advised him against the exertion
had. similarly advised him in 1932.
of speaking and recalled that they
But then he did speak
over
Mr. Glass volunteered the information that the President
"ironical
and
the radio.
was
"properly
published reports that made it appear that Mr. Glass
over
sarcastic"
mented
A
his
this decision as follows:
on
between
debate
decision.
Landon."
M.
the
of
Governor,
He
him
references to
paper
in
introducing
Mr.
Roosevelt
when
he
was
spoke
to umpugn a man's motives like that," Mr. Glass said.
"It imputes incivility to a man as well as insincerity."
to the interpretations of his use of the
as
Republican.
relations and news¬
Federal "Squandering" of
of "Must" Legislation in
Attacks
Rear-platform Speeches in Eastern Cam¬
Series of
of "must" legis¬
Waste of Federal funds and the passage
were
Alfred
M.
in
Landon
attacked
practices
the
among
Politics from
Elimination of
paign Tour—Urges
Drought Problem
Governor
by
number of brief speeches delivered
a
Aug. 20 and 21 from the train on which he was traveling
Colorado* to West Middlesex, Pa., where he made a
on
from
extended address
more
this
in
route
He
the
from
made
were
22,
Aug.
on
"Chronicle."
of the
issue
assailed
the
platform
rear
"squandering
the
of
special
his
of money,"
stressed
election of a
and urged
of efficient government,
need
described elsewhere
of his speeches en
as
Most
Congress which would exercise its constitutional functions
of consolidation and debate.
He told the sugar beet growers
tariff protection
of Colorado and Nebraska that he favored
Some
them.
for
marized
of
"professing"
termed
a
"darn
He
was
referring
follows in
as
love for the common man.
reports
that
With
"I
sentence,
one
to hammer
him
expect
go
He stated he would vote for President Roosevelt.
almost
Va., the home of
a
believe
from
a
man
on
be
can
he
being
without
a
He said this par¬
until Election Day.
phrases
Welcomed
hours
12
liberal
which his close advisers
on
four thousand people at North
or
emphasized
the
thought
same
at
step.
every
of
td
Omaha
campaigning he
strenuous
welcomed
was
to
Omaha
and a group of anti-New Deal Democrats.
overnight before resuming his journey to West
by Republican leaders
tonight
is
here
stopping
Middlesex, Pa.
A
now
crowd of three
a
other
in
.
He
The President's address at Monticello,
Thomas Jefferson, was delivered on July 4 and referred to
in our July 11 issue, page 201.
but
Neb.,
After
Virginia might
Aug. 20 were sum¬
dispatch of that date from Omaha,
speeches
spendthrift," Governor Landon struck a note
word "professes" when he introduced
nonsense"
his
Neb., to the New York "Herald Tribune":
Platte,
Senator
on
papers
Republican
the primary and
the
for the name of "Alf."
Enactment
and
Funds
the signature
uses
for
ran
his name appeared
1932
are
Landon
Governor
ticular sentence before
The
in
for Governor
first
he
when
because
by
settled
been
has
transactions
signature in signing official
the same
uses
Kansas
recently at Monticello, home of Thomas Jefferson.
the President
his business
in
advisers
his
and
Governor
Mr. Landon
Jfr "It is
an outrage
Republican
Kansas,
of
Landon
...
t*Leaving the White House, Senator Glass, who is 78, said his doctors
indignant"
on
Use of "Alf M."
the ballots in the sev¬
eral States as "Alfred M.," and not "Alf M.," nor, as some
had
suggested,
as
"Alfred Mossman Landon," it
was
authoritatively revealed on Aug. 21.
A dispatch of Aug. 21
from Cedar Rapids, Iowa, fo the New York "Times" com¬
train.
Also the
Senator did not like the fact that his portrait was to be on the medal.
M."
"Alfred
of
Name
Use
to
Governor
of
name
lation
The Presidential invitation to Senator Glass today was considered to be
in Democratic ranks Mr.
would accept a petition filing.
far has not said he
so
nominee for President, will appear on
re-election, although it was not certain whether he would
make any speech for the Administration.
A "Washington dispatch of Aug. 25 to the New York
"Herald Tribune" reported the conference between the Presi¬
dent and Senator Glass
Norris's name on the November
Senator
place
general election ballots in that form.
Governor Landon's personal preference in his social
Will Vote For President
Roosevelt's
George W.
Petitions
Roosevelt last spring in urging
Ballots—Decides Against
nomination
Glass
to
Landon
Governor
as
Senator
Mr. Carpenter
Senatorial nomination in the same
Senator in 1934.
a
President
ballot, but the Senator
"Alf
'
sums.
last spring over Terry
Neb., banker.
Fremont,
Stephens,
Norris, senior Senator from Nebraska, to seek re-election this fall.
gross
all the various services
of
use
in
members.
of
Dan
joined with
important
adjusting themselves to both of these experiments in social legislation.
5. The maintaince of the Association's program of direct service to mem¬
bers at the high
protest against what seems to
elected National Committeeman
was
defeated State Chairman Quigley for the
Security Law
in
be no per¬
was
Court.
of
Democratic party
which he said there could
Government cooperated more
the
wrong."
have
factor
the
prosperity unless
Senator Burke
He
security along lines which enabled the Association to become
and
Mr. Carpenter in the campaign.
followed criticism from some
move
recent address here in
a
National Committeeman
considering resigning as
seriously
freely with
industry.
In the same address he used the words of Governor Alfred M.
Landon, Republican Presidential nominee, that there could be no permanent
prosperity as long as men and women relied on Government relief.
In his letter to Mr. Farley, Senator Burke asserted that he would "yield
to no one in my appreciation of the unparalleled accomplishments of this
Administration," but added that he could not give "blanket approval to all
manent
of the tax load.
light plant in New York City in competition with private enterprise.
New
was
Carpenter and
appeals to public officials and arguments before legislative committees for
lower
he
Senator Burke's
outstanding
most
com¬
of Terry Carpenter, of Scotts Bluff,
Senator Burke recently
mention by name
no
that has been done, and must continue to
.
Mead
Omaha
follows:
as
because he did not feel he could support
me
Mr.
this letter
on
Democratic nominee for Senator from Nebraska.
populace tax-conscious, efforts to obtain
from industry
revenues
of
situations
new
join with
than
entire voting
the needed additional
"Tlie
Rather
taxes.
new
make the
government competition.
regulation and of
of
way
Associated Press advices of Aug. 25 from
new
up
Worst
of all, the continuation and development of an unprecedented program of
spending in virtually all. governmental fields, made necessary in part by
the
inability of trade andi industry to absorb the unemployed, led to
burdens
1333
Chronicle
.
.
*
.
of the Governor's campaigning was done, however, on
large part
train.
eight-car special
the
*
Speaking at Cedar Rapids, Iowa, on Aug. 21, Governor
that politics should be kept out of efforts to
the drought problem.
This speech, and. others on
Landon said
Senator
of
Burke
Nebraska
Resigns
as
Democratic
National Committeeman—Says He Cannot
All
Party
Nominees
nor
All
Policies
Support
of
Present
Administration *
Senator Edward R.
had done.
that
he
on
had
He added that he felt he must continue to protest
against Administration policies which to him seemed
In his letter to Mr. Farley, Senator Burke said:
Some loyal and sincere party
adherents feel it is the duty of
a
wrong.
member
contention, but find myself unable to proceed
The
was
more
of
said
Governor
I cannot work for the election of any
candidate masquerading
crat, who is a Democrat in name only,
at all for the fundamental
Demo¬
and who neither understands
nor
principles, adherence to which has made the
vital force in upholding our Nation.
as a
dispatch
brought in his remarks on the drought by referring to the
to him
a
pipe by a delegation of Mesquakie Indians
peace
where he had1 stopped
the reservation near Tama,
jestingly that he did not
short time before.
a
kr^ow whether
pipe
a peace
gift. for the beginning of a campaign, but added
seriously, with obvious reference to his coming conference with the
an
appropriate
President, that it might well be.
"Now
aside
entirely
politics
from
facing the emergency of the
and
this
year's
campaign,
are
we
1936 drought," Governor Landon eaid, speak¬
ing with far more than his usual emphasis.
"Being
possibly
a
to
Kansan,
even
an
The
years
bravely, just
emergency
with
know
I
what
it
We
means.
have
suffered
I
as
the
know that the
courage
and
people of
fortitude
that
Iowa
are
meeting this
so
are
characteristic
,v
"We should
problems of
meet
this
there
greater extent than you have here with your rich
people have met this problem for the last several
Kansas
soil.
combine
forefathers who settled
along that line.
Democratic party such a
from
of them.
of all the nominees of the party.
I recognize the merit of this
Landon
presentation
black
of the National Committee to bend every effort to bring about the election
cares
Aug. 21, were described, in part, as follows in a
of that date to the New York "Times":
Mr.
Burke of Nebraska
Aug. 25 an¬
resigned as Democratic National
Committeeman for Nebraska.
In letters to James A. Farely,
Democratic National Chairman, and James C. Quigley,
Nebraska Chairman, Senator Burke said that he did not feel
able to "bend every effort to bring about the election of all
nominees of the party," and also that he could not give
"blanket approval" to all that the Roosevelt Administration
nounced
solve
their
problem
cerned where the
our
day.
from
credit
initiative
and
this State combined
But
the
goes
no
our
individual
point
of
efforts,
their
view
and
of
just
efforts
no
to
as
our
meet
organization
politics.
I
am
pioneer
the
great
should
not
con¬
in the solution of the problem of our drought
just so we meet it in a humane and
a
constructive and
a
sensible way."
Financial
1334
the high point of a busy day for the
candidate, during which he appealed to the fanners of Iowa who deserted!
the Republican party in
1932 to support President Roosevelt and have
kept a Democratic State administration in power ever since.
Speaking in a State which received many millions in Agricultural Ad¬
justment Administration payments before this method of the Federal Gov¬
ernment was declared unconstitutional,
the Republican Presidential candi¬
date again expressed belief that the American people did not want the
rally
Cedar Rapids
at
was
and declared that the basis of American
to squander money
national life and prosperity was
government
"Just
in
so
took
Council Bluffs, Governor Landon said that
hard year for agriculture like the present one to bring about
of the needs of the country.
a
realization
♦
Landon
Upholds
Individualism Against
Regimentation—Republican Nominee, in First
Campaign Speech at West Middlesex, Pa., Assails
Policies of
New Deal—Tells Gathering He Will
Governor
American people is "between the
the
before
choice
policies of the present Administration and
under which we have enjoyed
liberty and attained a higher standard of living than
any other people in the world," Governor Alfred M. Landon,
Republican candidate for President, told a crowd of 75,000
persons at West Middlesex, Pa., on Aug. 22.
The speech,
entitled "The American Way of Life," was delivered at
Governor Landon's birthplace, and was his first important
address since he accepted the Republican nomination.
In
a general outline of his basic political and social philosophy,
pig in the poke
American institutions
those
more
urged
Landon
Governor
American
to "the
return
a
way
security and abun¬
with the determination to win
without sacrificing the freedom
of life,"
dance
choose
of
precious heritage of freedom.
...
told noAV that Ave got out of previous
our
We
are
face
iioav
opportunities.
to
correct
citizens," he
free
of
Nation
a
said,
himself, each holding not only to oppor¬
tunity, but to the truths he has inherited. This, an America
of free and independent citizens, recognizing our mutual
obligations,
is the America we should'
to the other,
one
Governor Landon stressed
strive to leave for our children."
preserving individual initiative as con¬
the theory that "the government owes everyone
necessity
trasted
to
of
He criticized the New Deal belief that overpro¬
of food and manufactured goods and the disap¬
living."
a
duction
of the Western frontier had created the end of an
pearance
and
era
Out
a
of
Landon
situation.
new
attributes
the
American
the
which
thought
spring the habits of
He continued:.
said,
people, Governor
Wherever
idle
no
than
phrase.
is
It
outlook
an
but
justice,
with
life.
on
Our
specifically granted
he said, was the
beginning of American liberty, and "we are now asked to
barter it away for persuasive theories which have been tried
cherished this way
fathers
blood.
that
being
is
deep
and
liberty
of
love
heart
The
accusations.
So
it
is
not
that
go
The
relief
is
This
and
to
fostered
political
give
scrap
the confidence
been shaken.
kind
The
of
This
supplant
institutions
our
of
This doubt
is always
it
people in
our
wondering whether
are
institutions.
to whom
men
of
many
and
dangerous
to
like the depression, is world-wide,
States.
It challenges not only the eco¬
distrust,
United
the
enterprise
free
but
representative
the
even
form
of
Before the depression such phrases as "the onward sweep of
government.
democracy"
Now in
commonplace.
Avere
parts of the Avorld
many
democ¬
is in retreat and dictatorships are advancing.
racy
Today
Ave
the
on
that
Let
at
the
picture
are
in
tion
Avith
them
see
their
normal
that has
ask
ourselves whether the end
times.
responsibility
assuming
also
life
us
it exists in thousands of American
as
earn
the
solving
friends
and
.
.
their
for
We
.
support,
of support.
means
through
neighbors,
.
carrying
of
every
on
coopera¬
of
organizations.
others.
This
freedom
distinctive
these
lives
They
Avould
enable
services
Under
Avhere,
and
shorter
saw
.
.
Our
been
them
to
Avanted,
hours,
has
to
The
matter
a
life.
foreign
and
had
of
of
traveling
the
before
countries
revival
recent
subject
Avere
overproduction
underpaid
the
at
Here
believe to
the
pig
attained
of
people
life
have been
cooperate
their
with
to
of
restrictions
to
families,
make jobs
goods,
and
men
free to
one
start
develop
another
honest
any
give
women
expanded
Avorkers
on
a
their
children have had better school
There has teen
more
remain
holding
fast
,
.
our
»
.
I
of the
which
enjoyed
have
to protect for America
mutual
our
to
and opportunity.
...
of free citizens, each choosing
leave
only
not
obligations,
for
those
libertyv and
more
other people in the world.
for himself,
Nation
a
and
Administration
present
Ave
understood, I have no doubt of the outcome.
opportunity,
to
but
the truths
to
has
he
independent citizens—recognizing
of free and
This—an America
inherited.
to the other, is the America we should! strive
one
children.
our
♦
byJjGovernor Landon—
Defended
Freedom
Academic
at
Chautauqua
Teachers' Oaths and Upholds
Declares
Speech
room
Against
Right of Free Class¬
Discussion—Criticises Administration "Propa¬
ganda"—Would Keep Newspapers Free from Gov¬
Control
ernment
freedom, together with
and constitute
"the very bedrock of democracy," Governor Alfred M. Lan¬
don of Kansas, Republican presidential nominee, said on
Aug. 24 in an address at Chautauqua, N. Y.
In a speech be¬
fore approximtaely 10,000 persons, Governor Landon made
few political references, although he attacked, as "propa¬
ganda in its most shabby form, the widespread use of the
machinery of the Federal Government to maintain the pres¬
Academic, religious and political
opportunity, are all inseparable
of
and to bring into question the
ent Administration in power
in their way of life and in their form of
He declared against the principle of requir¬
faith of the people
ing special oaths for teachers, and asserted that a teacher
has
right to the same freedom of speech in expressing his
a
religious convictions as any other citi¬
that a teacher should not use a
classroom to advance his own theories at the expense of
other views and theories.
If he does that, Governor Landon
political,
zen,
social
or
added
although he
said, "he is
The
here
faster
had
facilities,
leisure
higher
of
all
have had
for spiritual
and
in
was
chiefly
an
relation
its
assemblies
cation.
some
In
the
on
social
other
Landon
advocates
from
limitations
by teachers of radical
expo¬
democ¬
to
of
special
systems
or
teachers'
discussion
classroom
of
the expression
on
opinions.
briefly
at
reviewed
Chautauqua,
the
where
history of the
he said were
of the present leading methods of adult edu¬
discussing
some
of the problems
of education,
he said:
_
wages
speech
education
on
independence
and
communism and
Let
sions
else-
views
His political associates described it as his declara¬
of
oaths
goods
than
teacher, he is a propagandist."
a
nominee's
Republican
racy.
tion
longer
no
sition of his
give you two of
that
Kansas:
I
In
have
reached
Kansas
we
private—must be kept
Kansas
we
insist
that
free of
no
fundamental conclusions at
my
as
a
believe
citizen
that
all control
teacher
and
should
as
the
once, conclu¬
Chief
schools—public,
our
Executive
parochial
of
and
by the Federal Government.
be
required to take
any
In
oath not
required of all other citizens.
Now
the
now
under
is clearly
must
We
pioneered
Governor declared, gives the
most personal liberty to human beings and offers the highsystem,
of
groups
Amer¬
many
How can it be said
felloAV citizens are
housed?
have sought to make clear - what I
before our country.
It is the choice between
policies
poke
heritage of freedom
our
own
that
things.
American
standard of
days many of our
better
a
pledge myself, so far as it liea within my nower,
annual
voluntary
enterprise
public the
the
have
to
way
higher standard of living than any
a
free
for themselves and others.
business has
more
left
has
large
birth
my
choice
the
institutions
Once that choice
,
when
unemployed?
or
place of
the
be
in
American
Governor
way
borders and
oavii
our
Even in our most prosperous
badly fed, badly clothed and badly
are
course.
government has always been a
Even
the
points
Avants
meAV
this country.
have
we
.
support
higher standards of living.
cultural
as
encouraged
encouragement
public
generally jspeaking,
them*
coercive hand
fit and
have
it
this
the
this
American
the
see
American
of
restrictions.
basis.
and
the
America.
they
as
of
the citizens of
in
contrast,
from
all
from
feature
dictatorships
unknown
In
take
We
We
of
frontier
in
neglected,
economic, educational and
from
the cradle to the grave without ever feeling the coercive or directing hand
of government, except in so far as they may have transgressed the rights
political
Avithin
lie
developed
be
to
yet
people did not live well enough.
Hoav can it be said that we have overproduction Avhen so
icans
and
.
.
problems by voluntary
their larger
com¬
heads
the
see
the tendency of monopoly to fix prices
sea.
government."
brought
thus
of
and
Avay
reached.
been
variety of occupation to
We
the
greatness,
they
as
families
revieAV
national
to
has
look
munities
Avell
cap
road
road
us
markets
the
living
people to
our
is to do away Avith
One of the chief causes
privilege
of our first objectives.
one
special privilege.
Great
is
'
to
of
system
of
be
special
and
monopoly
for
must
economic difficulties is
retain
It is clear that
going to provide
is real work
Avork.
of
remedy
our
permanent dole.
Of course,
for it exists. The American
a
long as the need
as
'
them.
modern
meet
not
some
They
American
our
by unstable
doubt and
confined
not
be continued
at good wages.
of production and destruction of crops is not
limitation
this
is not
unemployment
for
remedy
must
freedom
power.
feeling of
nomic
that
things has
have
not
may
distrust
incline
In concluding, he said:
wanting."
remedy for unemployment
their
There
are
as
^
and found
This American way of
does
it
trying to
are
them.
from
...
surprising
of doing
way
that
the time
Some
gift
should.
we
told
are
conditions of
The
these
to
We
free
a
as
powers
distrust of centralized power,
and
responsibilities
and
of life because they bought it with
prize it as
challenged.
by others from abroad.
of
only
dangers
it
received
not
may
we
requirements.
listen
have
We
danger
far
attitude of
an
not
means
the
to mean
come
means
such
only
it.
to
In
life
Ave
It
Landon
have
liberty.
own
our
It
face
to
courage
has
boundaries.
our
That is
something more
principle of the American system,asserted, that the Federal Government
fundamental
a
shall
each
this country I have found Americans.
The word "American''
within
dweller
a
mind,
have gone in
I
and local governments.
efficiently administered by State
create
political issues.
So far as
this should be done by the individual States or by compacts
among the States.
In the case of abuses beyond the power of jurisdiction
of the States, Federal authority should be used.
I am, however, against
the transfer to Washington of any power which can be more safely and
I
of
unflinchingly
Government
possible,
The
remain
must
do with the form
poAver must ahvaj's be used
the abuses and inequalities which admittedly exist.
government.
across
"We
...
proposals for changing our America has to
of the
of
of the individual
"each choosing for
dole out
production,
restrict
offered is that the Federal Gov¬
jobs and parcel out business
The remedy
situation.
neAV
a
shall
ernment
citizen.
the
groAvth of the country and the westAvard expansion of^ the frontier.
Avarned that Ave are at the end of that era of expansion and must
natural
We
depressions because of the
are
Governor
of Freedom
Preserve Heritage
■
The
warned
One
speech at Ames.
his first Iowa speech at
a
In
it
in the soil.
does the Nation prosper," he declared
farmer prospers,
the
as
He
possible standard of life to the greatest number.
against the "defeatist" argument that we • must
between freedom and security, and then said:
Let us not surrender to any such counsel of despair.
Let us not abandon
our
determination to Avin security and abundance without sacrificing any
est
Appeals to Farmers
The
1936
Aug. 29,
Chronicle
to
let
these
education
me
discuss the
conclusions.
in
our
background of study and experience that led
They have
country.
their
roots
far
back
in the
Our forefathers knew that the
me
history
success
of
a
of
free
still
that
Surplus Tax Bill was the most "cock-eyed
of legislation" ever enacted in a modern country.
The mounting deficits of the present Administration, he
said, are "closing the door of opportunity" to the children
^
piece
today.
true
be
can
the
he said that the
depended upon an educated and' informed citizenry.
This is
Now, as then, public education is the best insurance
taken out by a democracy.
The first school law enacted in
Illinois declared: "To enjoy our rights and liberties we must
government
of
State
understand them."
If
few
I
not
being educated up
these failures
provides
foundation
the
laid
for
of
their
conviction
educational
our
in
its
guide the policy of the Federal Treasury—careful
preservation of the Government's source of income, scrutiny
of all expenditures to assure full value therefor, restriction
of expenditures within the limits provided by actual receipts,
and provision for a rainy day.The fundamental principles
in
remember, that
For
system.
observed in
supreme
family and business finance must also apply to
V
The Governor advocated direct taxes and voiced his oppo¬
people themselves, the founders set a noteworthy example which we have
always followed.
This was that they did not use the powers of the
national
government either to establish
an
educational system or to
influence
1
development.
its
the
realized
They
growth,
in
the wisdom
institutions
to
serve
for
solution
ate
of
It
developed.
They
problems.
and
thing
the
This
government.
was
Government receipts than in 1932 and as a result the average
with a small income contributes more heavily to the
Government now than before the present Administration took
to create their own
person
own needs.
;
-i,;:
people become impatient and demand "an immedi¬
needs
our
have
short-cuts—to
sition to indirect levies upon the consumer.
He pointed out
now furnish a larger proportion of total
as
their
times, some of our
At
done
at
inclined
are
by
stroke,
one
struggle
long
expenditures.
discussing the fundamental principles of Government
finance, Governor Landon said in part:
v
/
In
and
devotion.
sustained
So long as our Government follows these principles our
of
of educational opportunity has been one
The freedom
if
the Nation, Governor Landon said.
Next to
the government itself, he continued, our educational system
is our greatest public effort.
He declared that the control
of our educational institutions must be kept in the hands
ing forces of
themselves.
of the local communities and the educators
people will prosper.
They will be able to weather depression, drought and other disasters.
priceless assets of American life and one of the unify¬
the
if all incomes above
even
confiscated, the Government would still require
were
additional funds to finance its
educational system
not the way in which our
the result of patient labor,
He stressed the fact that
$5,000
the powerful hand
was
was
office.
take
to
Government, he asserted.
that indirect taxes
life is a process of
and advance. They put
just
by which men live
and ability of the people
the things
are
so
trust
their
the
.;
that
truth,
important
principles
Landon said that four fundamental
should
desire for public education, and in spite of
value, both to the Nation and to the
earnest
of their
all
spite
Governor
governments that
the people's
to the responsibilities of self-government.
Each of
evidence of the wisdom with which our forefathers
popular
of
the failures
of
some
other countries have been largely due to
have witnessed in
we
last
at developments of the
look
need merely to
we
least
At
years.
of this nation.
this
doubt
we
1335
Chronicle
Financial
143
Volume
•
and
But
Government disregards these principles, it squanders our resources
our
destroys the public credit.
Now, what
'
In broadest terms, there are four of
these principles?
are
them:
The Government must guard and preserve its source of income.
The Government must make sure that it gets a dollar's worth for every
dollar it spends.
The Government must not get in the habit of spending more than it
receives.
He
.
added:
In
V
the
made into
It is being
education.
free
countries
J''
;
t
hand
the
lands,
many
of
these
teachers
cratic
propaganda,
widespread
of
free
our
be
not
must
let
But
me
censorship
here,
say
to
what
of
spoken
is
Now let
Fundamentally, this is
portion of its
when
Education
doing
counted
in
to
upon
his
not
he
If
schools
the
in
than
of
lead,
nor
is
ever
freedom
upon
Americans
are
expressed
free
main
who have to pay most of the bill.
commented
the
on
'
.*
,,
Surplus Tax Bill
.
is
serious
more
It
concerns
Government to maintain
to
to
application,
of
we
we
propaganda
see
in its
is
as
one
illimitable
follow
to
reason
of the
Virginia,
freedom
truth
is
by
expressed
of
wherever
left
free
essentials
of
that
will
our
.
of
academic
lead
soon
freedom,
all.
to
we
are
political
all
bound
infringement
will make
upon
greatest
the
others.
progress
by
In
It
means
less
There will not be those jobs that come from the
gradual growth of our small businesses, from the replacement of equipment
just
already have jobs, the effect of this tax law is
Because of this legislation it is no longer possible for a business,
bad.
as
except at unbearable cost, to build up a reserve for meeting future losses.
In other words,
a
business organization, unless it already has reserves, is
This means that it
put on a hand-to-mouth basis.
as
it
ness
can
make
a
profit.
cannot make a
profit it is lost.
its lot is bankruptcy, and the lot
one
can
exist only
so
long
Once trade slackens to the point where the busi¬
Not having
a reserve to
fall back
upon,
of the workers is unemployment.
other point in this connection I would like to mention:
Dur¬
ing the depression private industry paid out over 20 billion dollars more than
it took in—20 billion dollars that
This expenditure was possible only because of
employees working.
created
during
helped to cuchion the depression and keep
prosperous
years.
business
man
from expanding by the
usual method of plowing earnings back into his organization.
is
And it is jeopardizing the
working
for
business
a
reserves
.
.
.
This legislation prevents the small
of
job of
corporation.
many
It is making
of those at present out of
every man and woman who today
This is
the
most
"cock-eyed"
piece of tax legislation ever imposed in a modern country and if I am elected
I shall recommend the immediate repeal
Let
me
of this vicious method of taxation.
add, the revision of this bill is only one of the changes needed in
...
our
ever-increasing
of
our
future citizens will be able to
amount
destiny.
We
of
propaganda.
can
remain
so
We
only
through the process of sound education.
Covernor Landon in Buffalo Address Attacks
Present
Administration for "Reckless
Spending"—Promises
to
Recommend
Repeal of Surplus Tax Law if
Elected—Says Man of Small Income Bears Heaviest
Tax Burden
tributed corporate surpluses,
enacted this year, he declared
on Aug. 26 in a campaign speech before more than
20,000
persons at Buffalo, N. Y.
This address of the Governor's
was devoted to the fiscal policies of the Roosevelt Adminis¬
tration, which he denounced vigorously.
He outlined some
of the reforms which he proposed to initiate if elected, and
tax system.
Our whole tax structure, Federal and State, needs
over¬
hauling.
The
Republican Party, Governor Landon said, believes
in spending money for relief and emergency
purposes, but it also believes that these funds "should be
spent without waste and absurdities."
He charged that
the present Administration is paying half its bills with bor¬
rowed money and is living far beyond its income.
He con¬
tinued, in part:
in being generous
The final principle the Government must follow is to prepare for the rainy
day.
Governor Landon, if elected President, will immediately
recommend to Congress that it repeal the tax on undis¬
dividends;
and from plant expansion.
work.
freedom,
together.
out in
Now, what does this mean to a man looking for a job?
our
control
It must pay them
earnings no longer provide funds for making needed improve¬
harder and harder the re-employment
freedom,
opportunity
the business.
in
chance of finding work.
to
free
bedrock of democracy.
freedom
the
the
long
as
inquiry
that
of the University of
on
afraid
not
error
remain
must
based
are
free
remember
of
be
will
very
one
earnings
consequence,
ments, for replacing out-of-date equipment, and for additions to the plant.
There is
tolerate
and
in
people,
our
practical effect of this tax law is to prevent a corporation from using
For those workers who
It
bring into question the
of life and in their form of government.
and
power,
way
here
right
from
still
,
propagandist.
a
are
propagandists.
of the Federal
understanding and intelligence,
truth
for¬
put
this I am, I believe,
in resolutions by the
present.
now
explaining the aims
For
fighting to maintain
separate
in
broad
fighting for the freedom
With
cigarettes—then the
follows:
One
;
.
.
its
It is the
Infringement
views
Upon
becoming
teachers
our
In
The
must
religious
propaganda
institution
mind.
government.
We
in
"This
it."
where
to
forcibly taken by government from citizens and used to tear
Jefferson.
may
teacher; he is
a
the opinions expressed
own associations.
things most precious to
human
combat
it
of other views and
expense
the teachers.
of
with
people in their
attitude,
said:
the
as
its
classroom
a
U6e
the
institutions
Administration
the
longer
no
of the machinery
use
shabby form.
Our
Thomas
he
of
danger
those
most
is
through their
from
danger
When money is
down
is
prejudices
agreement
present
faith
man
Landon
Governor
other citizen.
any
teacher should
a
always be
themselves
the
he
does,
personal
widespread
the
This
and
gasoline
those of small income and the cost of government is
upon
and the small business
for the accomplish¬
right to work
same*
views and theories at
must
complete
Another
the
has
that
mean
pet
own
of
teachers
better.
things
clothing,
food,
as
.
theories.
Our
old
doing
I have
On the other hand, if the major portion of the Gov¬
ways
as
teacher
a
political and social ideals as
does
This
ward
and
„
When this is done, every one pays his fair
In this case, it is the wage earner, the salaried worker, the farmer,
hidden.
educational system has not been
our
things
burden falls
change
encourage
from direct taxes levied on the net incomes of in¬
ernment's income is obtained from indirect and hidden taxes—taxes upon
such
educational
our
ability to con¬
-
just how much the Government is costing him.
government.^
cost of
...
that
his
of
ment
things,
new
be.
believe
I
In
Thus
their
our
should raise the major
constantly worked for legislation in Kansas to prevent concealment of the
for change.
policies in govern¬
progressive
origin
of
had
usually be
can
change means progress.
should
•
cited
have
thing apart from that restless search of the American people for
of
it
which
business
in
institutions.
a
could be
examples
many
and
revenue
dividuals and corporations.
economic problems.
In some instances the arguments
advanced by our institutions of learning have jarred the
of income.
Are they direct taxes, levied according to our ability to pay,
share and knows
viewpoints of those who are unable to see the necessity
But
the
question of the fairness of the kind of taxes that
It has always been my belief that the Government
.
.
a
tribute to the support of the Government?
social, political and
ment
are
principles in turn:
they indirect taxes, levied without regard to
are
or
our
conclusions
levied.
are
most of the
that
to our everlasting credit
it is
examine each of the four
us
The first is the question of guarding and preserving the source
and,
written,
or
,
and
They
finances.
own
foresighted government must
ingly complex civilization.
educational institutions have been made without any
strings attached to them.
They have been kept singularly free from
political influence of bureaucratic control.
An excellent example of the freedom which exists today in our educa¬
tional institutions is the active interest always taken by educators in our
gifts
the four great principles which a prudent, foresighted
are
family follows in the handling of his
follow if it is to meet the financial demands made upon it by an increas¬
and that our educational institutions, our news¬
be kept independent, either from control of auto¬
from the influence of any selfish interest.
equally important, there must be no control of the source of news.
great
a
four great principles which a prudient,
same
that
imperative
is
it
the radio,
government or
There
These, in brief,
head of
kept
be
Finally, the Government must prepare for the rainy day.
In these
tool, for autocratic purposes.
a
upon
.
days
and
papers
•'
down
closing
pursuit of enlightenment for its own sake is
inquiry in the
being destroyed.
In
is
government
and
In our own families we all recognize the importance of doing this
we
try to build up individual reserves.
In the case of the
ability'to borrow..
Government the equivalent of these reserves is the
It protects this ability by keeping its financial house
in the best possible order.
How does it do this?
In periods of good times, the Government pays
off its debts, so that if necessary it will be able to borrow again.
its taxes as low as
possible,
so
that there will be
a
ability which can be called upon to meet emergencies.
to prosper, so
that they will not have to
go to
reserve
It keeps
of tax-paying
It permits its citizens
the Government for aid at the
In bad times certain
trustee of the
loses
people.
that it is used in the way which
than is absolutely necessary,
for it knows that if we exhaust our borrowing capacity today our children
will be helpless should they be called on to face an emergency
.
.
.
We must establish a system of simple, honest bookkeeping.
We must
return to the principles which we follow in the handling of our own finances.
Thi£ will give us a government able to meet every reasonable demand
made upon it; a government fully prepared to assume its increasing finan¬
cial responsibilities; a government able to meet the needs that arise from
any emergency; a government that will leave our children a fair chance to
solve the problems that arise in their time.
That is the kind of government we must have if we are to get rid of un¬
employment by giving our workers real jobs at good pay.
I know that
accomplishing all this is not a task that can be completed overnight, and
I make no such promise.
We have huge responsibilities that we must con¬
tinue to meet.
But with the help of a courageous country it is a task that
can and will be done.
That is my pledge to the American people.
It watches every dollar
will do the most
Governor Landon
Tomb
Visits
it spends to be sure
It borrows no more
good.
abolish it."
welcome moves me deeply.
to
represent the President at the
'
I came here today to give
inspiration that comes to
votes."
deathless splendor, leave
Aug. 31.
Hjalmar Petersen, Danish emigrant and
country editor, took the oath of office as Governor of Minne¬
sota, succeeding the late Governor Olson.
In taking the oath of office Governor Petersen said:
Olson at the hospital on
On
naked,
it shining on.
Governor, who
no
Gov.
tauqua
today.
New
such
of .'our
other good business.
of
of
Secretary
1,652 individual companies,
funeral of Secretary
Hill's
126
Dern in Salt Lake City next Tuesday,
Secretary Hull's proclamation follows:
TO
THE
PEOPLE
George Henry Dern, Secretary
the morning
OF THE UNITED STATES
of War, died in the City of Washington on
of Thursday, Aug. 27, at 5 minutes
The death of this
as a
his friends, and as a national bereave¬
and people of the United States.
Government
Reaching a position of high trust
a
member of the Senate of the State
Council of Defense in the
In 1925 Mr.
otherwise difficult to
that
Dern was elected Governor
Roosevelt,
Mr.
in private enterprise, he became in 1915
of Utah and later a member of the State
World War.
filled with honor and distinction.
,
Secretary of War.
on
H.
Petersen His
Olson of Minnesota—
Supporter of New Deal—
B.
of Minnesota, head of the
State, died on Aug. 22 after a
brief illness which was diagnosed as cancer of the stomach.
He was 44 years old and was serving his third term as
Governor.
He was a strong supporter of President Roose¬
velt, and his death was expected to handicap the Demo¬
cratic party in the coming election in Minnesota.
A state
funeral was held in Minneapolis on Aug. 26.
A summary
of his career is given below, as contained in the New York
"Herald Tribune" of Aug. 23:
Governor
Floyd
B.
Olson
Floyd Bjornstjerne Olson was
of
Minnesota
and hoped
the first Farmer-Laborite elected Governor
to be the first third-party candidate to
gain the
Governor
his
it was his unfaltering
becoming President, called him to serve as
During his whole official career,
of his country.
As a mark of respect to the memory of Secretary Dern, the President
directs that the national flag be displayed at half staff on all-public buildings
in the District of Columbia and the State of Utah until the interment shall
high purpose to promote the interests
•
*
.
By direction of the President.
CORDELL HULL,
Was
Successor
Farmer-Labor party in his
of his State, which position he
It was after his second term as
have taken place.
Floyd
before 11 o'clock.
distinguished member of the President's Cabinet comes
great shock and a great sorrow to
ment to the
Financial Review was
Governor
Farmer-Laborite
Attend
Proclamation
Sept. 1. An army service for the late Secretary will be held in
Washington today (Aug. 29).
The death of Mr. Dern
brought from the President an expression of the loss suffered,
stating that the Nation had lost "an able and honest public
servant," and the army "a devoted leader" the President
added "I am deeply grieved that he has left us." Numerous
tributes to the memory of Secretary Dern were paid by the
various members of the Cabinet, army heads and others.
offering
with the first volume when some
of
Formerly
Dern—Was
War
Secretary's death, ordered all flags in the District of
lowered to half staff, and
asked Secretary of State Hull to issue a public statement
officially notifying the people of the United States of
Mr.
Dern's
death.
The President plans to attend the
Book
Toronto.
Death
the late
Governor,
great
Columbia and at all army posts
obtain.
primarily compiled as a record for
stocks listed on the two Canadian Exchanges, but has now assumed the
position of being the "Blackstone" of Canadian finance.
The "Bluebook," as it is familiarly known, is compiled and issued by
Houston's Standard Publications with offices at 33 Temperance Street,
The Annual
policies
of the
corporations were treated.
Easy reference is provided to
details on the various companies, the book giving their latest
balance sheets, changes in dividend and market records,
histories, description of plant and properties, details of
funded debt, etcetera.
As to the information comprised in
the book, the announcement of Aug. 21 stated:
The review has the official sanction of The Toronto Stock Exchange and
the Montreal Stock Exchange, containing a record of high and low prices of
all listed stocks and bonds extending back a number of years.
In addition
to the industrial companies, information is also given on the larger producing
gold and base metal mines.
Commission rates and individual sales records
are posted
of the Toronto, Montreal and Vancouver Exchanges.
A list
of1 representative brokers in other Canadian cities is given together with
details of Dominion and Provincial financing, bank debits, and a host of
other information
the
Secretary of War George H. Dern of Utah died in Wash¬
ington on Aug. 27 of cardiac and kidney complications follow¬
ing an attack of influenza.
He was 64 years old. President
Roosevelt when informed at Bismark, N. Dak. on Aug. 27
Houston's Annual Financial Review
manual of Canadian corporate life, has been released from
the press, it was announced Aug. 21, marking the 36th
consecutive year for the publication.
The book contains
marked contrast
out
in the spirit of the liberal movement to which he gave
impetus.
I am here to conduct a business administration.
is the biggest business in our State and should be operated
Funeral—Secretary
Houston's Annual Financial Review,
1,200 pages, covering
carry
Governor of Utah—President Roosevelt to
The 1936 edition of
a
great
Death
22, page 1169.
Canada's Standard Reference
to
Olson,
Government
like any
Middlesex, Pa., Chau¬
and Buffalo, are referred to elsewhere in our issue of
An item bearing on his Eastern tour appeared in
Edition of
intend
I
24
Aug.
Floyd B.
Landon's*addresses at West
these columns Aug.
tour of the droughtplanned to visit Governor
a
on
now
stricken territory in the West, had
entered the tomb of Lincoln alone,
speech there, in accordance with the respect ordi¬
narily given to the shrine, said the correspondent of the New
York "Herald Tribune," aboard the Governor's special
train, the account also stating:
With his arrival in Topeka late tonight Governor Landon completes
eight days of strenuous campaigning.
He has made three major speeches
and more than 60 short speeches, most of them from the rear platform of his
train.
He has met and talked to Republicaii state and local leaders in
Colorado, Nebraska
Iowa, Illinois, Ohio, New York, Pennsylvania and
Missouri, and a few from other states.
In the eight days he has been seen
probably by between 400,000 and 500,000 persons.
made
Roosevelt,
President
of the Union said these words:
"To add brightness to the sun or glory to the name of Washington is
alike impossible.
Let none attempt it.
In solemn awe pronounce his
name, and in its naked, deathless splendor leave it shining on."
the name of Lincoln, and in its
funeral of Governor Olson,
Minneapolis on Aug. 26.
Governor
Olson, who died at St. Mary's Hospital at
Rochester,
Minn.,
endorsed the reelection of President
Roosevelt from his bed on Aug. 18.
His indorsement, em¬
bodied in a telegram to Senator Robert La Follette, Wis¬
consin Progressive, voiced respect for the Union party can¬
didacy of Representative William Lemke, but declared that
"progressives and liberals cannot afford to divide their
which was held in
pilgrim to Springfield.
His Country, the savior
In solemn awe let us pronounce
commander
named by President Roosevelt
Fort Snelling, Minn., was
Of the Father of
The
24 Brigadier-General David L. Stone,
at
station, said:
humble heart, and to receive the
this
earlier this year to veto the idea of a third party at
present.
It would, he felt, only serve to defeat "our liberal President"
(Roosevelt) and elect a "Fascist Republican."
In four years the country
would be ready for a third party, he predicted.
This innate political shrewdness is also disclosed by an examination of
his record.
Mr. Olson held) that a leader can go ahead no faster than he
can
induce his followers to go on with him, and having lost the guberna¬
torial race in 1924, he agreed to run again in 1930 only on the cpndition
that he write the platform.
Permission was granted, and the platform
skirted adroitly the radical issues.
He was elected.
By 1932, when it came time to run again, the platform was a little
stronger, the Governor declaring that "the capitalistic system is on trial
for its life.''
In 1934 the flat statement was made in the platform that
"the capitalistic system has failed and immediate 6teps must be taken to
On Aug.
The honor of your
poli¬
ability that led him
Gov. Landon of Kansas,
every
ability to
ticians—an
111.
the homage of a
martial law
He possessed a certain quality that is rarely found in
analyze his chances of success coldly.
It was
politician.
of Kansas Concludes Eastern Trip—
of Abraham Lincoln at Springfield,
Republican Nominee for Presi¬
dent, concluded his Eastern Presidential Campaign tour
with his arrival at Topeka late at night Aug. 27.
Before
reaching Topeka, Gov. Landon visited the tomb of Abraham
Lincoln at Springfield, Mo. on Aug. 27.' Following a wel¬
come extended to him by Mayor John W. Kapp Jr., Gov.
Landon addressing a gathering of about 5,000 at the railroad
he put Minneapolis under
drivers' strike and ordered the militia to take the side
of the strikers, he had been the
white hope of radicals throughout the
Nation, who saw in him a man capable of leading the various radical
factions under a common party label to a national victory.
Although he seemed to violate all the political rules by his outspoken
stands on controversial issues, Governor Olson was considered an astute
the truck
during
changes become necessary.
sible administration never
Since July, 1934, when
Presidency.
be followed in good times.
But a financially respon¬
sight of the fact that it acts at all times as a
These are the policies to
first breath of ill-wind.
Aug. 29, 1936
Chronicle
Financial
1336
Secretary of State
Department of State, Washington,
Aug. 27, 1936.
United Press accounts from Washington
Aug. 27 review¬
ing Secretary Dern's career said:
While a
studied military tactics
under John J. Pershing, then a lieutenant instructor. Mr. Dern
Utah when he was 22 and became a bookkeeper for the Mercur Gold
& Milling Co.
He remained with the firm until he was elected to
Dern
Mr.
was
born in Dodge County,
student at the University of
Neb., Sept. 8, 1872.
Nebraska in 1893-4 he
and training
went to
Mining
Legislature in 1914.
the Utah
He
was
elected Governor in
.
1924, serving two terms.
second term that he first came to
met at
a
the attention of
Governors' conference while the latter was
York State.
*
It was during his
Mr. Roosevelt when they
Chief Executive of New
Volume
flying the airmail when contracts with private
over
canceled; and he oversaw expansion of the Army's river and
From
the
New
"Sun"
York
companies were
harbor work.
Though
ended,
my
Roose¬
velt, occupied his high post at a time regarded by the experts as one of the
most important in the peace-time history of the department.
M
World events brought to the forefront of American consciousness the need
all the indications
George Henry Dern, Secretary of "War in the Cabinet of President
adequate and
of the country were
Dern
was
realization that
the
efficient military organization,
an
a
responsibilities
in
Mr.
Dern's
world Power
hostile
'
Administration and Works Progress
the
Mr.
Dern became
He
was
'
'•*-
'
"
"
"
A
of
Winifred
Mrs.
Mason
Yours has been
task faithfully
a
Mason
Winifred
Huck, first
woman
However, I want
State.
most
you
important consideration and that you must take the complete rest
her official
on
When she took her place as the
career as
for
militant arguments for peace
tive to
as
charge him with treason in 1917.
declaration of
an
her son,
war,
war
splendid
an
Straus
however, Mrs. Huck appointed
term
that
efficient navy."
Col.
•
area
at
the
both
Panama
by,the American colony and
Ridley .is favorably known here, having had
Canal in preparation for
years as
years as
seven
the post of Governor.
Assistant Engineer of Maintenance and has just completed four
Engineer of Maintenance.
His
successor in that
on your returning as a part of it."
The following re¬
garding the resignation of Mr. Straus and the appointment
of his successor is from Washington advices, Aug. 25, to
the New York "Times" of Aug. 26:
Co.,
both of which
posts
former Governor Schley.
he has filled temporarily during absences of
"
r
Col.
Schley recently returned to the United States from
the Canal Zone; his departure from there was noted in our
issue of Aug. 15, page 1016.
•
.
♦
Francis
Burton
Harrison
Resigns as Adviser
Philippines
Philippine Islands, submitted his resignation
from Manila,
of the
He said he
youngest Ambassadors in a new key post at a crucial time in European
House press
a
hotir the White House offices issued
an
ment of the appointment
Mr. Bullitt
an announce¬
H. B.
of Mr. Bullitt.
was
named
"desirous of entering the boards of directors of several
This repudiation
ardent
Agricultural Adjustment Administration announced
on Aug. 22 that Dr. Howard B. Boyd,
formerly Assistant
Director of the Northeast Division, has been appointed
director of the Insular Division, in charge of the Agricultural
Conservation Program that was developed for the Insular
Region, which includes Alaska, Hawaii, and Puerto Rico.
the first Ambassador
as
recognition and completion of
appeared to observers to have changed Mr.
defender of Soviet recognition.
June in charge of Loy W.
debt
a
Bullitt
He left the Embassy in
Henderson, Second Secretary, and returned to
request that he be relieved.
several
at the State
decided
on
talks
in rank
with
and
Department.
Mr. Bullitt
Straus, who
Roosevelt,
an
he
consented to remain
an
assignment to conduct special studies
When Mr. Straus became acutely ill the President
as
was
Mr.
take
his successor.
President of R. H. Macy & Co., New York de¬
partment store concern, was named Ambassador to France
after President Roosevelt took office in 1933.
Sugar Chief
The
agreement, which the Soviet hap since repudiated.
Ambassador
President Quezon
Boyd Appointed Director of AAA Insular Division
—C. B. Robbins Named Assistant
by President Roosevelt
to the Soviet Union after American
After
as
accepted the resignation.
White
Resented Repudiation
an
Aug. 26
conference, making public the letters of resignation and of
Within
acceptance.
at
on
Aug. 26, which added:
was
newly forming business corporations in the Philippines."
affairs.
Straus
to
adviser to Manuel L. Quezon, President of the Common¬
wealth Government, according to Associated Press accounts
,
announced the resignation of Mr.
post has not been
As Governor of the Canal he will also be President of the Panama RR.
Francis Burton Harrison, former Governor General of the
count
President
years' service
He served three
named.
President of
istration shall be continued for another four years, I shall
The
expired
by Panamans.
President Roosevelt advised Mr. Straus that "if tms Admin¬
Mr.
Governor of the Panama Canal would have
Canal has been weU received in this
Shortly after announcing the resignation of Jesse I. Straus
as Ambassador to France, President Roosevelt made known
on Aug. 25 the appointment of William Christian Bullitt,
Ambassador to Russia, to succeed Mr. Straus. Mr. Bullitt
announced in Washington on Aug. 25 that he will sail about
Sept. 20 to assume his new duties.
Mr. Straus, who is also in this country, having returned
from abroad on Aug. 11, said in a letter to the President
that he relinquishes his post on the advice of physicians who
recommend that he "must have a complete rest for six»
months." .In accepting the resignation with "deep regret,"
from
as
The appointment of Col. Clarence S. Ridley as Governor of the
Resigns
one
Aug. 25 by the War Depart¬
years as
*
major shift in America's diplomatic representation puts
on
served during the past several
Engineer of Maintenance of the Canal. In cable¬
gram advices from Balboa, Canal Zone, Aug. 25, to the New
York "Times" of Aug. 26, it was stated:
Hull, Mrs. Huck
as Ambassador to France—Presi¬
Expresses "Deep Regret"—Names
W. C. Bullitt, Ambassador to Russia, to Paris Post
The
made
in October of this year.
The new Governor has
Roosevelt
dent
was
Schley as Governor of the Panama Canal, effective
Aug. 26, and the appointment of Col. Clarence S. Ridley,
of the Army Engineer Corps, as his slicces'sor.
Col. Schley
is returning to active duty with the Army in command of
the Army Engineer School at Fort Belvoir, Ya. His
four-year
investigation, charging Mr. Hull with having spent $100,000
to win the nomination.
Governor of Panama
Ridley
L.
Mrs. Huck, upon her election,
In defending this appointment, she pointed out
and
as
ment, at Washington, of the resignation of Colonel Julian
referendum resolution was realized the country would need
army
an
Schley Resigns
Announcement
the office of her father, whose
When defeated for renomination in 1923 by Morton D.
requested
L.
ROOSEVELT.
Canal—-Succeeded by Colonel C. S.
Wallace, to the Naval Academy at Annapolis before the expiration
until her
I.
Colonel J.
follows:
impossible except by direct vote of the people.
war
of her term in 1923.
J.
FRANKLIN D.
amendment to the Constitution making
Despite her avowed opposition to
"a
well
possible
In the meantime, I send you my
As ever yours,
and opposition to war led a fellow-Representa¬
announced she would advocate
a
as
to motor to or from Hyde Park.
me
affectionate regards.
only woman in the 67th Congress in 1922,
Mrs. Huck assumed the convictions
Furthermore, if this Administration shall
I shall try a little later on to stop at Mt. Kisco to see you if it is
to represent
Congress, died on Aug. 25 in Chicago. Mrs. Huck,
old, served as a Republican Representative
in 1922-23, after having been elected Representative-atLarge to fill the term of her father, the late Representative
William E. Mason.
The New York "Times" of Aug. 26
commented
State Department and in other
to feel that your health is for the moment the
part of it.
53 years
was
4
be continued for another four years, I shall count on your returning as a
Illinois in
who
°
France,
performed to my complete satisfaction.
branches of the Administration will feel your loss at the Paris post.
Woman Member of Congress
Mrs.
"
I have received your letter—regret
Not only I but all of your associates in the
Illinois
Huck, First
'
'
which the doctors have ordered.
Death
'
to the United States as Ambassador to
the second Democrat
and the second non-Mormon to hold that office in the history of the
STRAUS.
a complete rest compels your resignation, and regret
because you cannot continue the splendid service which you have given
with his entrance into the Cabinet,
national figure
a
ISIDOR
that your need for
Public Works
,
after serving two terms as Governor of Utah.
in)l932. However,
sincerely'yours,
It has been with deep regret that
Administration projects came under
supervision of the War Department.
Very
My dear Jesse,
War Department's activities and
of the
I did
will show its appreciation
initiative,(and foresight.
-
not only to meet any
Thousands
term.
will continue unabated, and I only
favorable and the country
JESSE
designed to combat unemployment,
also played a major part in increasing the
are
President Roosevelt, in accepting tbe resignation of Am¬
bassador Straus, Wrote him under date of Aug. 25, saying:
eventualities but in the interests of preserving peace.
The Roosevelt make-work program,
in the campaign
well enough to take an active part, as
of your courage,
The armed forces
modern defense machine.
were
MS
materially strengthened, and the policy under Secretary
of general expansion, in
one
must have
more
I could have*desired, and I
as I relinquish^my respon¬
official association with your A dministration is, I fear, thus
my interest
wish I
a more
gratitude and affection.
sibility.
following:
for
service"'officers* who were
Theyjgave me
foreign
career
have won my
me
the most able and intelligent assistance that
wish particularly to commend them to you,
Aug. 27 we take the
of
The
experiences.
associated with
enrolling of
Conservation Corps; the Army
His department had general supervision of the
thousands of jobless youths in the Civilian
took
instructive
Deal
duties in the New
Secretary Dern performed several important
recovery drive.
1337
Chronicle
Financial
143
immediately
He and the President
are
/
At the same time it was made known that Dr. Carl B.
Robbins, formerly Principal Agricultural Economist of the
Sugar Section of the AAA, who on a temporary assignment
as officer in charge of the program for the Insular
Region during its formative period, has been appointed
Assistant Chief of the Sugar Section.
acted
close
friends.
The
letter
Savings Banks Association of Maine
of
resignation submitted by Mr.
President Roosevelt was made public as follows:
Straus
to
When I left Paris at the beginning of the month, I had hoped to return
informed
a
me
that I
was
Upon arriving at home, however, my physicians
in a very run-down condition and that I must have
complete rest for six months.
to
In view of the fact that there is much work
be done in Paris at the moment, I feel that it is
the Embassy staff at Its full
complement.
imperative to keep
I, therefore, tender
my resig¬
nation, to be accepted immediately or at your pleasure.
Needless to say,
years
I give up my post with regret.
The three and
Hold
Annual
ecutive
by Harry M. Nelson, Ex¬
Manager of the Savings Banks Association of Maine
that the 43rd annual convention of the Association will be
held at the Breakwater Court
Hotel, Kennebunkport, Me.,
Sept. 3 and 4.
Among those scheduled to address the meetng, Mr. Nelson said, are: '
Judge Edward A. Richards, President of the East New York Savings
Brooklyn, and former President of the National Association of
Bank,
Mutual Savings Banks;
a
half
that I have held it have been filled with enjoyable, interesting and
to
inKennebunkport, Me., Sept. 3 and 4
Announcement has been made
Aug. 18, 1936.
My dear Mr. President,
about the first of October.
Convention
Major Fred N. Oliver, Counsel for the National Association and
Savings Banks Association of the State of New York;
for the
also
Financial
1338
Edward K. Wood worth,
Hampshire Savings Bank,
President of the New
the Committee on Public Utilities of the
National Association of Mutual Savings Banks;
Edward G. Buckland, Chairman of the Board of the New York, New
Concord, N. H. and Chairman of
Inc., Cleveland, and President
1927.
National Bank of Clarksville, Tenn.
Harry Boyd Browti, Sales Manager of Philco Radio & Television Corp,
Frank J. Reynolds, President of Albert Frank-Guenther Law, Inc.
John Stevenson, of McGraw-Hill Publishing Co., New York.
J. K. Sinclaire, of McMiUan-Sinclaire Co., New York.
A. G. Brown, President of the Ohio Citizens Trust Co., Toledo,
/
Massachusetts.
speaker at the annual family dinner
which will be held the evening of Sept. 3.
for
Plan
Officers
Bank
and
Employees Per-
New Jersey Bankers Association—To be
Inaugurated Sept. 1
fected by
•
plan whereby officers and employees of New Jersey
be retired with pensions has been perfected by
A
banks will
it is stated in the
Jersey Bankers Association,
New
the
New York:
■
one
of the first specific matters to which attention
finally promulgated gives adequate considera¬
reduction
contributions
in
Association
Bankers
contains that
will permit
which
uncertainties
and credits in line with
essential flexibility under the present
operate almost regardless of any
it to
changes which are to be anticipated in
The outstanding
taxes coming due
In short, the plan developed by the New Jersey
under the Federal Act.
Federal Social Security legislation.
transaction.
the previous
4
sold
small banks, who could not independently
write their own plan with any degree of satisfaction.
2. A plan that would be fair and equitable to all and at the same time be
within cost limits of the average bank.
Retirement benefits adequate to maintain a standard of living com¬
parable to that during employment.
4. A plan that will reward employees (both officers and clerks) for their
faithful service to the banking institution by guaranteeing to them pen¬
sions for their further lifetime after retirement.
sliglithly lower sale Aug. 25 when E. S. MacKenzie
his seat to C. A. Mackey, for another, for $3,400.
The plan
adopted places the cost jointly on the banks and their employees.
be provided gives each employee an income at retirement
earnings during his term of employment, and on
such pensions will approximate 50% of such earnings.
No
in proportion to average
the
average
provision is made for pensions based on salaries in excess of $10,000, all
above that amount being taken at a flat rate of $10,000.
The
salaries
retirement age
is fixed at 60 for women and 65 for men.
withdraws from service he has an option
irubutions he had paid in or receiving a
If an employee
previous sale, Aug. 17.
the last
4
27.
E. A. Canalizo purchased the
Bleecker for $2,100, off $250 from the previous
Aug.
William H. English Jr. for
Canalizo transaction.
bought the membership of
Hill
$2,150, or $50 over the
pension organization.
•
4
of the New York Curb Ex¬
& Co., New York City* died
on
Aug. 25 at his home in Larchmont, N. Y.
He was 60
years old.
Mr. Gerety had been a member of the New York
Curb Exchange since 1912 and had served on its Board of
William J. Gerety, a partner
change firm of D. B. Warwick
Federal Savings and Loan Association
Organized in Bayonne Under Jurisdiction
Federal Home Loan Bank of New York—Charter
Awaited
Following permission to organize granted by the Federal
Home Loan Bank of New York, the Federal Savings and
Association of Bayonne,
N. J.,
on
the first time, the
well as members,
being made for more than 500 play¬
The tournament will be 18 holes—medal
Chairman: William Mann,
Vice-Chairman: Edward Foerst,
Secretary: John F. X. Landrigan,
play handicap.
will.be presented by the Governors
of the Exchange to the player with the low net score, and
prizes will also be awarded to the players having low net
and low gross scores, and runners-up.
'
sterling silver
cup
♦
Aug. 17 elected
been granted
charter by the Home Loan Bank, will be the first such
organization in New Jersey.
The following are the officers
of the new body elected on Aug. 17:
following, regarding the dissolution of the Broadway
The
Central Bank, New York, is from the Aug.
21 "Weekly Bul¬
State Banking Department:
Broadway Central Bank.
Location, 2574 Broadway, New York, N. Y.—
Certified copy of order granted at a Special Term, Part I, of the Supreme
Court of the State of New York, held in and for the County of New York,
at the Court House thereof, Centre and Pearl Streets, in the Borough of
letin" of the New York
Aug. 14, 1936, declaring
terminated, filed.
the subject
Concerning the affairs of the defunct Atlantic
From the
National
Manhattan,
J. Smith.
Treasurer: Martin
City of
"Jersey Observer" of Aug. 18 the
for the charter, Mr. Landrigan said, will be filed with the
Board of Directors of the Federal Home Loan Bank in New York by
Sept. 1.
Home Loan Bank Board
of such organizations and
out its advantages. * Mr. Landrigan said the organization will in
compete with existing building and loan associations.
Supervisor Gildersleeve of the Federal
Bank of Boston,
Mass., a plan for the compromise of-share¬
holders' liability has been mailed to all shareholders, it is
learned from the Boston "Herald" of Aug, 18, from which
quote the following:
we
A
yesterday outlined the purpose and procedure
plan for the compromise of Atlantic Bank shareholders'
been
mailed
The
troller
Convention of Financial Adver¬
Practically Completed—Meeting
Nashville, Tenn., Sept. 14-17
Program for Annual
tisers Association
Held
in
Kiphart, Advertising Manager of the FifthTru$t.Co., of Cincinnati, Ohio, and First
Vice-President of the Financial Advertisers Association,
announced this week the practical completion of the program
Thomas J.
Third
Union
the
21st
Advertisers
to
be
held
in Nashville,
Tenn.,
Side of Finance" and concerns
itself with the manner and need of rendering financial
service rather than the technical method. Leaders in public
relations work in other fields will stress the importance of the
human relationship, both in their own industries and in
finance.
M.
"Human
the
Among the speakers are:
Preston,
President,
Hamilton National Bank,
President of Hotels Statler, Inc., New York.
Carlton K. Matson, Editor, The
"News Bee," Toledo, Ohio, formerly a
member of the Financial Advertisers
Association.
by
of
is
Sept.
shareholders
The
letter
a
Bank
favorable
Shareholders,
the
"informal
the
The
sums
letter
full
paid
states
have
over
that
"The
of
per
by
committee"
paid, the
consummation
who
depositary and
as
is made for the
receiver
and
participa¬
the refund
share.
shareholders," and
the present
consummation
already
$1.75
shareholders
enforcement of
Provision
payments.
who
participation of
consummated
The
by share¬
signed
plan,
counsel.
and
shareholders
of
full
the Comp¬
consideration
accompanying
Day Trust Co., 45 Milk Street, Boston, is named"
of
the
in
Savings
tion
is
and
"Prompt
receive shareholders'
to them
share in
per
Payment under the plan must
T. O'Connor.
J. F.
will
the
$1.75
share assessment made in March by
per
19.
of
by shareholders of
payment
$10
recommended
Committee
do not
of
the
plan
is
points out that
dependent
"If
on
the plan
participate will remain subject to
assessment
claim of $10
per
share."
the
plan is conditioned upon the making of a
by certain Boston commercial banks with respect to 250,000 Atlantic
loan
Bank shares.
It
has
number
be
on
been
of
the
There
Knoxville, and
President of the Tennessee Bankers Association.
F. A. McKowne,
made
the
the
of the Currency,
holders"
annual convention of the National Financial
Association,
Sept. 14-71. Previous reference to the coming convention was
made in our issue of Aug. 8, page 856.
The theme of the
meeting is
be
involves
of
liability has
all shareholders.
to
plan
settlement
Be
on
following is
The petition
to
York,
New
dissolved and its corporate existence
taken:
C.
21
and arrangements are
The Association, which has not as yet
a
for
an¬
that its fortieth annual tournament and
dinner will be held on Sept. 10 at the Fresh Meadow Coun¬
nounced Aug.
A
way
Association
Golf
Exchange
Stock
York
New
The
of
no
1915 to 1921.
Governors from
ers.
pointed
$5,100
the previous transaction.
Aug. 21, a decline of $400 from
Being
Field
of Trade membership sold for
Chicago Board
A
try Club, Flushing, L. I.
This year, for
tournament will be open to partners as
First New Jersey
Loan
'
•
completed Apg. 19 for the sale of a
membership in the Chicago Stock Exchange at $4,300, up
$100 from the last previous sale.
Arrangements were
paid up pension for the amount
contributions.
Withdrawal credits arising from the
employing bank's contributions on behalf of such employees will be credited
officers.
Exchange were
seat of It.
sale. M. C.
memberships of the New York Cocoa
Two
sold
of receiving in cash all the con-
purchased by such
to the
of $250 from
of $3,500 represented a rise
Aug. 24's price
3.
The pension to
followed
Aug. 24 at $3,500 each were
Exchange which sold
a
Coffee and Sugar
memberships in the New York
The two
objectives of the New Jersey plan are as follows:
A method of pensions for
1.
Exchange
Curb
York
provisions of the Federal Social Security Act to that
modification is possible in their voluntary plan,
effecting
end that some
a
18 for the sale of a New
membership at $30,000, unchanged
Arrangements were made Aug.
the present
tion to
COMPANIES, ' &c.
TRUST
BANKS,
ABOUT
'
by
the provisions of the Federal Social Security Act.
given was
National
of the American
Sutton, Advertising Manager
Bank of Kalamazoo, Mich.
from
be
will be Miss Betty
A woman speaker
London, Canada.
membership so that the plan wall be inaugurated
as of Sept. 1.
The following regarding the plan is also from the publi¬
cation of the Savings Banks Association of the State of
charter
to
by G. S. H. Carter,
Canada is represented on the progi^m
ITEMS
The New Jersey program as
President of the First
Publicity Officer of the Toronto General Trust Corp., and G*.
Lome Spry, Advertising Manager of the Canada Trust Co.,
Savings Banks Association of the State of New York.
Ac¬
cording to Armitt H. Coate, Secretary, the New Jersey
Bankers Association has definite assurances of a sufficient
had
Advertisers Association in
Aug. 21, published by the
"Association News Bulletin" of
As in other groups,
of McCann-Erickson,
C. H. Handerson,
of the Financial
Mr. Luce will be guest
Pension
•
,
C. W. Bailey,
Robert Luce, of
Former Congressman
Corp.,
Research, General Motors
Manager, Customer
G. Weaver,
H.
•
Detroit.
Hartford Railroad, and
Haven &
Aug. 29, 1936
Chronicle
of 3,300
indicated
shares
same
are
will
basis
895,000
that
the
savings
participate
as
individual
shares
in
the
banks which held
plan.
the
substantial
shareholders.
outstanding,
$10
par
each, held by upwards
shareholders.
The plan was announced from the office of Frederick D.
for
a
Their participation will
savings bank committee which
committees in
efforts
to
reach
a
carried
settlement.
on
Bonner, counsel
negotiations
with
other
Volume
Edward
143
Financial
Chronicle
F.
Beard, President of the South Norwalk
Say¬
ings Bank, South Norwalk, Conn., died on Aug. 26 at his
home in
be
the
Norwalk, at the
President
oldest
States.
Born in
age
rose
held
to
the
Works.
He
United
the
13, it
became
President
of
the
was
announced by officials
quoted, which added:
South
Word
Norwalk Savings Bank in 1930, after
serving 40 years as
a
«
made
was
Aug. 19 by Dr. Luther A.
Secretary of Banking of Pennsylvania, of the
declaration of liquidating dividends
totaling $101,125 by two
on
State
closed banks
two
others
and
release of
through
assets
payment
appraised at $401,826 to
Reconstruction Finance
of
Corporation loans,
said
the
Philadelphia
"Record"
Aug. 20, from which the following is also taken:
Columbus Title & Trust Co.
The
Sept.
the
3
amounting
eighth
mean
an
such
payment
aggregate
deposit liability.
The
Heights
of
ment
bank
Deposit
Sept.
23,
1934,
Richmond
to
make
$123,833
The
for
assets
far
bank
&
August,
which
5%
pay
will
mark
Bank
liquidation
to
as
or
Sept.
The
10,
involving disburse¬
sixth
payment,
as
depositors,
result
a
has
of
since
the
result
of
from the RFC
has
obtained
or
31,
1935,
to
make
Its
return
a
repayment
of
possible
a
to
$187,993
the
in
RFC
of
20%
dividend
in
•
at
tional
and
Gribbel
Bank
Tampa
director
a
of
the
and
of the Insurance Co.
President of the America
also
was
was
of
»
Over
$134,000,000 of assets have been charged off
four years, according to the analysis.
It is also
bank's earnings for the first half
of 1936
to $9.15 per share of its
common
stock, or an
in the past
that the
annual
of
rate
$1S.30, and that the current market is
approximately 8.2 times the current rate of annual earn¬
ings.
As of Dec. 1, 1935, the bank's total
capital funds,
exclusive of preferred stock, amounted to
$41,012,508, while
as
of
June 30,
1936, after cash dividend payment of
$1,500,000, capital funds had increased
16.4%
744,872.
to
$47,-
•
On
Aug. 24 a total of $54,399 was paid to
depositors of
Granite City Trust & Savings
Bank, Granite City, 111.,
who had waived half of their
deposits, temporarily, to
facilitate reopening of the bank
following the bank mora¬
torium of March, 1933, it is learned
from the St. Louis
the
"Globe-Democrat" of Aug. 25.
the
same
The
The
following is also
from
paper:
debt
has
been reduced
having brought
the
debt could
the
Federal
the
have
Deposit
total
been
to
paid,
Insurance
$117,000, yesterday's 25%
to
45%.
but this
was
Corporation
Bank
not
and
officers
done at
the Illinois
Department, in keeping with a conservative
policy.
300% since the bank was reorganized in
payment
stated
the
all
of
instance of
State
Banking
Deposits have increased
November,' 1933, officials said.
Checks amounting to
to
1,000
depositors
Madison, 111., which
failed
to
which
$26,665
of
was
the
were to be
old
added:
The
bank
of
dividends
still
was
the
due
First
mailed
National
on
Aug. 1
Bank
of
reorganized in July,
1934, after it
the bank holiday in
open following
it is learned from the St.
Louis
amount
March, 1933,
"Globe-Democrat" of Ausr 1
*
'
to
be paid today
(Aug. 1) represent 15% of the
total
depositors who received 50% of their
deposits when the
A similar dividend of
25% was paid by trustees
reorganized.
bank
last
year.
Dividend payments
aggregating
$178,606 to
approximately
13,700 depositors in five closed banks
in the
Chicago area
were announced
on
Aug. 18 by Edward J.
Auditor
of
of
Illinois.
The Chicago
Aug. 19, from which this is
"Journal
Barrett, State
Commerce"
of
learned, indicated
the banks
follows: Reliance Bank
and
Trust Co. 5% or a total of
$116,277; First State Bank of
Barrington, 5%, or $14,112; The
Commercial Bank
and their dividend
payments
as
of
Chi¬
Heights, 5%, or $22,965; the
Lyons State Bank of
Lyons, 5%, or $10,661, and the Proviso
State Bank of Mavwood, 5%-, or $14,591.
cago
The paper added:
Following
have
received
the 'present
a
total
of
payment
20%, of
depositors
the
Board of
low
charges.''
financial
de¬
sent
by the
"prevailing
overhead
Its
statement
a
voted
paper
for
rates
,
statement
as
of
$2,093,037; cash on hand and United
$1,250,062, and loans and discounts, $99,083.
profits totaled $81,115.
will
nation-wide
the
be
the
bank
Senator
of
and
$100,000.
the
totaling
liquidation
the
taxes
in
was
as
said
first
for
any
National
bank
in
holiday.
Alva
bank,
B.
Adams of Colorado
which
is
headed
Trotter.
is
G.
by
a
F.
r
The
Comptroller of
authority to the Bank
ings
Association,
in the
the
of
Currency
America
San Francisco,
Aug.
on
17
granted
National Trust &
to
open
a
branch
Sav¬
office
unincorporated town of Millbrae, San Mateo County,
California.
Purchase of
First
america
the
National
Corp.,
President
of
was
the
First
National
Bank of Elko, Nev., by
Reno, owned by the Transannounced on Aug. 20 by Carl F.
Wante,
Bank
in
Reno institution.
The sale price was rer
portedly about $250,000, said Associated Press advices from
Reno, Aug. 20, which added:
Elko
bank,
according to
$2,700,000; capital, surplus
in
of
excess
branches
in
$2,800,000.
Carson
and
The
its
June
undivided
First
30
statement,
profits of
National
Bank
hadj deposits of
$248,150, and aseets
in
Reno
has
now
City, Tonopah, Winnemucca, Fallon and
Sparks.
<
THE
CURB
EXCHANGE
Trading on the New York Curb Exchange has been un¬
usually quiet this week, and while the trend of
prices has
generally pointed upward, the changes have been small and
without special significance.
Irregularity, due to profit
taking, has been apparent from time to time, but the volume
of sales has been
light and it has had small effect on the
Specialties and public utilities attracted
buying, but there was also some interest apparent
in the oils and mining and metal stocks.
Prices were fairly
steady, but the market was quiet and
most of the changes were in small
fractions during the twohour session on
Saturday.
Scattered through the list were
market movements.
the most
a
few of the
tered
active of the market favorites that
regis¬
or more points, but most of
these
in the preferred section of the
utilities and the
more
gains from 1 to 3
stocks
were
specialties
The best gains of the day included
America, 2V2 points to 125%; Bunker HillSullivan, 1 point to 80; Consolidated Gas of
Baltimore, 1
point to 92; Gulf Oil of Pennsylvania, 1 % points to
85; Great
Atlantic & Pacific Tea
Co., 1st pref. 1*4 points to 126%;
Mead Johnson, 1 point to 103 and Northern
States Power A,
1% points to 3334"
The rally from Friday's low
prices continued in a small
way on Monday, and while the volume of
trading showed
very little improvement, the tone of the market was
good,
groups.
Aluminum Co. of
.
and
a number of the leaders
among the utilities registered
modest gains.
Specialties were also active and there was
a small amount of
buying in the oil shares
though the trans¬
about
payment
deposits
States
Co. and the
study of the Continental National Bank & Trust Co. of
Chicago has been prepared by J. G. White &
Co., of New
York City.
The study, it is said, emphasizes the bank's
satisfactory earning power even during the current
period
of low interest rates, with commercial
business at low ebb,
as illustrated by
the fact that during 1935 the bank was
able to clear $1 of net
operating income to every $2 of gross
amounted
since
North America,
Meter
A
stated
showed
contained
was
announcement
at
bank,
Philadelphia Na¬
(Florida) Gas Co.
income.
capitalized
voluntary
The
Gribbel, Chairman of the Executive Committee of
Estate Trust Co.,
Philadelphia, died on Aug. 25
his summer home in
Camden, Me.
He was 78 years of
Mr.
is
Vice-President
the
Real
age.
30
Colorado
John
the
bank
the
liquidation, which
the
States Government
securities,
As of Jan.
1, its surplus and
of
1935.
July
The
July 31,
release
repayment.
obtained
move
the
in
in contrast with higher
money
June
for
given
of
Aug.
borrowed $117,911
payment
Merchants
borrowed
closed
$574,462,
depositors.
liquidation
voluntary
Reason
was
United
5% dividend
This
bring total distribution to $717,421,
deposit liability.
Assets of $329,622 remain.
10%
further
$50,243
pay a
depositors.
17, 1931, and will
80% of the $717,974
remain for liquidation.
of
will
5,996
6,240
of
1931, will
Trust,
a
for further
Miners
the
thus
Bank
to the
Philadelphia will
its
since
return
55% of the $1,304,530
The
of
to
Assets of $59,331
$65,226
closed
$35,899
to
the
positors.
.
Announcement
of
Directors,
director.
Harr,
was
reported in the Denver "Rocky Mountain News" of
Aug. 22.
depositors will be paid in full in cash upon demand, it
All
also President of the Norwalk
was
Beard
;
The Western National Bank of
Pueblo, Colo., founded in
188i, will go into voluntary liquidation on Sept.
Presidency of the firm, which position he
Mr.
present
said to
was
mechanic for the Eben Norwalk Lock Co.
a
for 63 years.
Iron
a
Norwalk, Sept. 14, 1837, Mr. Beard, at the
of 17 became
He
of 98 years.
He
savings bank in
age
of
1339
Chicago Heights bank 65% and of the Lyons bank 30%.
The
5% disbursement is the first for depositors of the Proviso State.
of
the
Reliance
bank
Barrington institution 45%, of
will
the
fers in the latter group centered in a few of
the more impor¬
tant issues.
Prominent among the stocks
closing on the side
of the advance were Aluminum Co. of
America, 2% points
to
128; Bunker Hill-Sullivan 1% points to 81%; Common¬
Edison, 3 points to 108; Ford Motor of Canada B,
2% points to 25%; Singer Manufacturing Co., 5
points to
333; Thermoid Co. pref., 4 points to 69; Todd
Shipyard,
2 points to 49 and Western Auto
Supply A, 5% points to 59.
Dealings were quiet but steady during most of the session
on Tuesday, and while there were
several new tops for 1936
wealth
established during the day, the advances in the
general list
were
small and without special
significance. Steel stocks
were especially active and in line with the
strength in the steel
.shares on the "big board" and there was
considerable interest
manifested in the mining and metal shares.
Moderate buy¬
ing was also apparent in the specialties and oil stocks.
Among the advances of the day were such active issues as
Allen Industries, 1% points to
24%; Apex Electric Manu¬
facturing Co., 2V2 points to 30%; Brill Corp.
pref., 2%
points to 39%; Jones & Laughlin Steel, 2 points to 45; Ther¬
moid Co. pref., 2% points to 71
% and United Light & Power
pref. A, 2 points to 58.
Irregular price movements due to profit
taking were
apparent during most of the trading on
Wednesday, and while
,
a number of stocks in the
specialties group continued to move
forward, in some instances to new tops for the
year,
the
changes among the miscellaneous stocks were small.
Cities
Service com. was
moderately active in the afternoon and a
number of substantial sales were
recorded before the market
closed.
The transfers for the
day approximated 232,000
shares against 182,000 on the
among
the
preceding day.
day's
transactions
included
Advances
Diamond
Shoe
4
'
Financial
1340
points to 22; American General pref., 2~pointsTto?34; Gulf
Oil of Pennsylvania,
points to 85Mangel Stores pref.,
points to 66 and United Light & Power pref VA, 1 point
to 59.
We
priced industrial stocks were in demand on Thursday
and a number of trading favorites broke into new high ground.
Sullivan Machinery and Carrier Corp. were especially active,
the former raising its top to 24}^ and the latter reaching a(
new peak for the year at 17
Oil shares attracted some
speculative attention, Humble Oil registering a gain of 1
point at 66% and Gulf Oil of Pennsylvania closed at 88 with'
a net advance of
2% points. Other noteworthy gains were
Aluminum Co. of America 4 points to 129, American Manu¬
purchase from Brokers and Investment
Firms
'
Low
drafts, with securities attached, drawn
their foreign correspondents and
on
1936
29,
Aug.
Chronicle
clients.
MANUFACTURERS TRUST COMPANY
HEAD OFFICE AND FOREIGN DEPARTMENT:
55 BROAD
STREET, NEW YORK
Member Federal Reserve System
Member New York Clearing House Association
Member Federal Deposit Insurance Corporation
Midvale Co. (A 2) 5 points
5$; Pepperell Manufacturing Co. 3% points to 87
facturing Co. 3% points to 35%,
to
Manufacturing Co. 2 points to 40, Western Auto
Scovil
Supply A 2 points to 59 and General Outdoor Advertising
pref. 3 points to 98%.
Specialties were active during most of the trading on Friday
as the market continued to move steadily forward.
There
were a few stocks among the public utilities that attracted
some buying,
but with few exceptions the advances were
usually in small fractions.
American Manufacturing Co.
again climbed upward and added 334 points to its previous
gain and it closed at 39. McWilliams Dredging improved
2^4 points to 8634; Royal Typewriter 2 points to 69 and
Thermoid cv pref. 5 points to 76.
As compared with Friday
of last week the range of prices was higher, Aluminum Co.
of America closing last night at 13034 against 123 on Friday
a
week ago;, American Cyanamid B at 3424 against 33;
American Gas & Electric at 4334 against 4334; American
Laundry Machine at 2534 against 25; American Light &
Traction at 24 against 2234; Carrier Corp. at 1834 against
1524; Commonwealth Edison at 107 against 105; Creole
Petroleum at 23 against 2024; Electric Bond & Share at
2234 against 21; Ford of Canada A at 2034 against 1924;
Glen Alden Coal at 1524 against 15; Gulf Oil of Pennsylvania
at 8834 against 8334; Hudson Bay Mining & Smelting at
2434 against 2324; Humble Oil (New) at 6634 against 6534;
Newmont Mining Corp. at 8624 against 85; Niagara Hudson
Power at 1524 against 15; and Standard Oil of Kentucky at
20 against 19%.
CURB EXCHANGE
DAILY TRANSACTIONS AT THE NEW YORK
FOREIGN EXCHANGE
RATES
requirements of Section 522 of the Tariff
Act of 1930, the Federal Reserve Bank is now certifying
daily to the Secretary of the Treasury the buying rate for
cable transfers in the different countries of the world.
We
give below a record for the week just passed:
Pursuant to the
FOREIGN
RATES
EXCHANGE
BANKS TO
CERTIFIED
BY FEDERAL RESERVE
TREASURY UNDER TARIFF ACT OF 1930
AUG. 22,
1936, TO AUG. 28, 1936, INCLUSIVE
Noon Buying Rate for Cable Transfers in New York
Value in United States M oney
Country and Monetary
Unit
Aug. 22
Aug. 24
Aug. 25
Aug. 26
Aug. 27
$
$
S
$
S
Europe—
Aug. 28
$
Austria, schilling—
.188416*
.188400*
.188433*
.188466*
.188450*
.188483*
Belgium, belga
.168780
.168780
.168801
.168826
.168811
.168769
.013000*
.013000*
.041314
.013000*
.013000*
.013000*
.013000*
.041316
.041317
.041321
.041322
Denmark, krone
.224587
.224533
.224562
.224570
.224508
.224433
England, pound sterl'g
.031458
.030375
.031375
.031708
.029791
5.028392
Finland, markka
France, franc
.022140
.022150
.022143
.022155
.022125
.022137
.065835
.065841
.065838
.065838
.065846
.065846
Germany, reichsmark.
.402200
.402250
.402161
.402160
.402153
.402200
Greece, drachma
.009391
.009381
.009390
.009387
.009395
.009387
Holland, guilder
.678921
.678842
.678871
.678882
.679057
.679121
Hungary, pengo
.197750*
.197750*
.197750*
.197750*
.197750*
.197750*
Italy, lira
.078666
.078639
.078644
.078652
.078647
.078653
Norway, krone
Poland, zloty
.252758
.252708
.252745
.252758
.252713
.252616
.188216
.188066
.188150
.188175
.188133
.188320
Portugal, escudo
Rumania, leu
.045508
.045512
.045662
.045483
.045612
.045603
.007300*
.007295*
.007304*
.007304*
.007300*
.007308*
Spain, peseta
Sweden, krona
.136500*
.136500*
.136500*
.136500*
.136500*
.136500*
.259376
.259331
.259370
.259370
.259329
.259204
Switzerland, franc
Yugoslavia, dinar...
.325896
.325925
.325955
.325928
.325966
.326023
.022925*
.022950*
.022920*
.022925*
.022935*
.022922
Bulgaria, lev
Czecjoslo'kia,
koruna
.041337
Asia—
China—
Value)
Chefoo (yuan)
dol'r
.300541
.300266
.300675
.300641
.300708
.300500
HankowCyuan) dol'r
Shanghai (yuan) dol
.300541
.300266
.300675
.300641
.300708
.300500
Foreign
Bonds (Par
Stocks
.300541
.300125
.300625
.300641
.300708
.300500
Tientsin (yuan)
.300541
.300266
.300675
.300641
.300708
.311991
.311541
.311333
.311608
.311608
.311783
.379695
.379670
.379730
.379710
.379690
.379550
.294495
.294490
.294510
.294510
.294450
.294185
.589750
.589900
.589900
.590050
.589750
.589437
(Number
Foreign
Week Ended
of
Aug. 28 1936
Shares)
Domestic
85,800
180,645
181,800
Saturday
Monday
Tuesday
Wednesday
Thursday
231,550
275,200
Friday
287,430
Government
$913,000
$9,000
8,000
24,000
19,000
19,000
20,000
$16,000
12,000
$888,000
1,320,000
1,624,000
1,747,000
2,095,000
2,422,000
Total
Corporate
59,000
26,000
51,000
30,000
1,340,000
1,707,000
1,792,000
dol'r
Hongkong, dollar..
India, rupee
Japan, yen
Singapore (S. S.) dol'r
.300500
Australasia—
2,165,000
Australia, pound
.007500* 4 .006750*
.007250* 4.007250* 4.006500*4.001750*
2,472,000
New Zealand, pound-
.036500*4 .035500*
.036250*4.036250* 4.035500*4.034750*
Africa—
1,242,425 $10,096,000
Total
Jan. 1 to Aug.
Week Ended Aug. 28
Sales at
$99,000 $10,389,000
$194,000
28
New York Curb
1935
1936
1935
1936
Exchange
1,242,425
1,788,918
89,058,751
39,968,686
$10,096,000
$20,349,000
194,000
99,000
471,000
$564,623,000
12,263,000
8,747,000
$804,952,000
11,357,000
8,575,000
$585,633,000
$824,884,000
Stocks—No. of shares.
Foreign
government—
Foreign corporate
$10,389,000
Total
256,000
$21,076,000
Cuba, peso....
Mexico, peso..
Newfoundland, dollar
.277500
.997187
.999000
.277500
.996968
.277500
.277500
.277500
.277500
.996906
.997187
.997312
.997375
.335350*
.085133*
.335400*
.335440*
.335425*
.335200*
.085416*
.086327*
.086327*
.086268*
South America—
Argentina, peso
Bonds
Domestic
South Africa, pound- 4.979166*4.976458* 4.975416*4.974750* 4.976458*4.975625*
North America—
.999856
.999817
.999427
.999687
.999531
Canada, dollar...... .999687
.999500
.999000
.999500
.999000
.999000
.335450*
Brazil, (official) mllrels
.085133*
(Free) milreis
Chile, peso
Colombia, peso
.058500
.058875
.058820
.058833
.058900
.058850
.051733*
.051733*
.051733*
.051733*
.051733*
.051766*
.569000*
.569000*
.569000*
.569000*
.569000*
.569000*
Uruguay,
.796875*
.796875*
.796875*
.796875*
.796875*
.800000*
peso
Nomina) rates; firm rates not available.
IN
CHANGES
NATIONAL
NOTES
BANK
COURSE
the monthly changes
We give below tables which show all
in National bank notes and in bonds
and legal tenders on
deposit therefor:
National Bank Circulation
Amount Bonds
on
Afloat on—
Deposit to
Secure Circula¬
Legal
tion for National
Bank Notes
Total
Tenders
Bonds
June 30 1936
b60Q,000
600,000
a357,525,840
371,121,815
May 31 1936
b600,000
a383,415,980
b600,000
b600,000
a397,548,410
a412,859,760
a428,125,995
a445.407.210
a472,546,661
a498,090,117
a629,121.057
a572,428,022
618.311,862
735,754,750
uly
31 1936
Apr. 30 1936
Mar. 31 1936
Feb.
b600,000
29 1936
Jan.
-
31 1936
b600,000
Deo. 31 1935—
b600,000
Nov. 30 1935.
beoo.ooo
Oot.
b600,000
31 1935
beoo.ooo
Sept. 30 1935
600,000
♦900,000
2,351,260
Aug. 31 1935
31 1935
July
13,984,735
Includes proceeds tor
b Secured by
*
428,725,995
446,007,210
473,146,661
498,690,117
529,721,057
573,028,022
618.911,862
*
749.739,485
called bonds redeemed by Secretary of tbe Treasury.
been retired by deposit of that amount
week ended
Friday of 6.9%.
Our comparative summary
for the week follows:
circulating notes had
Chicago
Boston
Kansas City..
St. Louis
Pittsburgh
Detroit
Cleveland
New Orleans
....
1935
$2,648,693,144
214,064,164
New York
Philadelphia
Cent
1936
Week Ending Aug. 29
Baltimore
of lawful money.
Per
Clearings—Returns by Telegraph
San Francisco
$600,000 U. S. 2% Consols 1930 deposited with U. S. Treasurer.
Includes $300,000 bonds which were on deposit although
CLEARINGS
413,459,760
1, 1936, secured by
$2,307,460 Federal Reserve bank notes outstanding Aug.
lawlul money, against $2,380,123 on Aug. 1, 1935.
a
358,125,840
371,721,815
384,015,980
398,148,410
OF BANK
this week will show an increase compared
Preliminary figures compiled by us, based
upon telegraphic advices from the chief cities of the country,
indicate that for the week ended today (Saturday, Aug. 29),
bank exchanges for all cities of the United States from which
it is possible to obtain weekly returns will be 8.6% above
those for the corresponding week last year.
Our preliminary
total stands at $5,409,648,248, against $4,980,223,596 for
the same week in 1935.
At this center there is a gain for the
Bank clearings
with a year ago.
$2,477,105,755
+ 6.9
179,392,450
218,000,000
133,000,000
+ 19.3
262,000,000
159,776,000
71,138,152
65,000,000
108,897,000
95,742,088
77,354,386
62,266,652
47,296,071
29,876,000
77,677,482
58,800,000
+20.2
+20.1
—8.4
+ 10.5
97,826,000
75,243,760
60,159,955
50,056,499
39,372,752
+ 11.3
21,754,000
+37.3
+ 27.2
+ 28.6
+ 24.4
+ 20.1
National bank notes
deposits July 1 1936
and Aug. 1 1936, and their increase or decrease during the
Twelve cities, five days
Other cities, five days
$3,842,103,657
665,936,550
$3,488,388,653
541,001,395
+ 10.1
month of July:
Total all cities, five days
All cities, one day
$4,508,040,207
901,608,041
$4,029,390,048
950,833,548
+ 11.9
—5.2
$5,409,648,248
$4,980,223,596
+8.6
The following shows the amount of
afloat and the amount of legal tender
+23.1
National Bank Notes—Total Afloat—
Amount afloat July 1, 1936..
Net decrease during July
....
....
Amount of bank notes afloat Aug.
.......
...
.................
1, 1936
......
Legal Tender Notes—
Amount deposited to redeem National bank notes July 1, 1936.....
Net amount of bank notes redeemed in July
Amount on deposit to
•
$371,721,815
13,595,975
$358,125,840
$371,121,815
13,595,975
redeem National bank notes Aug. 1, 1936— a$357,525,840
Includes proceeds for called bonds redeemed by Secretary of the Treasury.
Total all cities for week
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-diay, inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day.
Accordingly in the above the last day
of the week in all cases has to be estimated.
Volume
^
143
Financial
Chronicle
present further below,
results
the
for
week
For the week there
we are able to give final and complete
previous—the week ended Aug. 22.
was
an
clearings for
the whole
Inc. or
1936
Grand Rapids.
Lansing
Ind.—Ft. Wayne
Indianapolis
South Bend
Terre Haute.
Wis.—Milwaukee
Iowa—Ced. Raps
Des
Sioux City
1936
1935
Dec.
1st
222,247,303
193,380,509
2nd
New York .12
"
2,813,074,969
Philadelphia 9
"
3,040,056,468
315,650,685
Cleveland.
3rd
1934
1933
$
%
+14.9
167,490,236
2,452,703,537
Waterloo
+5.0
248,910,229
201,356,465
+32.5
"
170,519,631
6
162,293,634
124,299,152
101,461,356
+22.5
"
85,123,032
10
67,921,685
138,800,474
109,329,028
7th
+27.0
Chicago
18
*'
90,319,834
8th
St. Louis
Peoria
Springfield
Total (18 cities)
Ky.—Louisville..
Tenn.—Memphis
111.—Jacksonville
Quincy
28,038,117
14,434,688
Total (4 cities).
300,693,122
259,141,889
Minn.—Duluth.
Minneapolis
St.
+24.9
109,434,650
+20.2
91,294,655
79,031,341
S.
93,453,269
+23.3
79,716,433
69,852,217
Mont.—Billings
11th Dallas
6
"
110,697,446
78,466,896
52,217,395
12th San Fran.. 11
"
252,247,869
+6.2
39,432,312 +32.4
218,713,722 +15.3
5,033,442,854
2,317,894,636
136,131,245
add
our
.
Helena
34,616,122
146,180,737
+2.5
4,912,277,224
1,964,966,205 + 18.0
4,026,020,408
1,642,756,827
1,420,318,933
Tenth Federal
+7.4
270,669,683
254,051,063
Neb.—Fremont-.
Hastings
314,401,967
detailed statement
showing last week's
years:
Total (7 cities).
Inc. or
Dec.
$
476,827
+ 20.5
1,986,770
191,712,024
Mass.—Boston..
1,487,756
167,411,935
497,626
258,238
+ 33.5
Fall River...
665,541
Lowell
309,967
New Bedofrd.
1933
Total (10 cities)
737,997
+ 0.4
477,347
1,339,742
145,975,481
553,406
271,190
383,515
1,966,261
898,466
6,398,578
3,029,539
5,957,500
239,211
193,380,509
+ 14.9
167,490,236
strict—New
York-
Springfield
2,532,918
Worcester
R.I.—Providence
N.H.—Manches'r
1,715,246
9,375,651
3,134,366
9,147,100
355,309
559,083
2,137,161
1,020,760
8,999,916
2,768,496
7,408,900
353,811
Total (12 cities)
222,247,303
Hartford
New Haven
Feder al Reserve D
N. Y. Albany...
4,413,574
5,175,114
965,001
794,639
Buffalo
32,200,000
25,900,000
Elmlra
636,877
460,371
Jamestown...
542,952
454,397
New York
2,715,548,218 2,947,311,019
Rochester
6,467,932
5,486,155
Syracuse
3,693,116
3,469,968
Conn.—Stamford
3,421,716
4,376,099
N. J.—Montciair
♦400,000
350,000
Newark
16,512,035
13,515,164
Northern N. J
28,273,548
32,763,542
BInghamton
Total (12 cities) 2,813,074,969
Third Federal
Pueblo
1934
%
574,414
Portland
Second
3,040,056,468
+ 14.5
+33.7
+20.0
+32.0
+ 18.5
+ 68.0
+ 4.2
+ 13.2
+ 23.5
—14.7
362,962
a*400,000
N. J.—Trenton..
269,374
1,127,877
321,000,000
961,200
2,111,120
1,478,434
1,279,956
2,893,000
267,417
a218,180
248,182
879,223
306,000,000
982,840
1,789,274
854,706
1,086,043
3,543,000
Total (9 cities).
331,483,923
315,650,685
Bethlehem
Chester
Lancaster
Philadelphia...
Reading
Scran ton
Wilkes-Barre.
York
Cincinnati
52,984,599
83,423,857
9,120,100
1,880,078
Columbus.....
Mansfield
Youngstown
b
»
41,678,011
69.720,761
8,664,500
1,279,890
b
»
249,378
414,250
2,084,214
869,670
332,628
359,803
276,650
2,383,263,581 2,621,251,018
+ 17.9
4,731,107
3,993,016
+ 6.4
2,666,134
2,463,038
—21.8
2,380,313
1,935,763
+ 14.3
203,230
271,814
+22.2
12,417,622
11,301,777
—13.7
19,236,740
19.667.059
+83
+8,
+28,
+4,
—2,
+ 18,
+ 73
+ 17,
—18,
+ 6.0
+27.1
+39.7
+5.3
+46.9
b
2,452,703,537 2,691,116,926
262,087
248,910,229
212,139,705
b
b
34,049,075
54,597,159
7,076,500
896,875
b
1,582,656
1,407,568
756,455
1,554,000
l»
31,601,883
52,947,816
5,827,500
890,559
b
201,356,465
+ 32.5
170,519,631
162,293,634
154,233
2,176,000
29,947,232
599,912
40,253,495
11,992,160
99,546
1,489,000
24,956,492
625,234
32,292,779
8,458,634
Reserve Dist rict—Richm end—
C.—Wash'g'n
124,299,152
3,391,652
14,904,550
53,700,000
101,461,356
929,540
804,988
Nashville
Ga.—Atlanta
Augusta
Macon
Fla.—Jacksonville
Ala.—Birm-ham.
Vicksburg
142,865 + 127.3
1,844,000 + 39.0
36,258,267 + 11.8
844,444
+0
47,356,156 +31.6
15,015,624 + 17.9
+ 22.5
Reserve Dis trict—Atlan ta—
Tenn.—Knoxville
Miss.—Jackson..
61,100,000
19,471,251
10,401,404
53,600,000
17,211,324
7,974,017
b
b
392,000
+ 32.7
322,000
246,000
109,434,650
+20.2
91,294,655
79,031,341
+ 11.8
2,399,658
54,332,288
18,697,083
1,535,226
519,598
393,458
1,839,122
3,262,190
50,265,505
12,863,415
1,357,462
435,551
239,786
1,428,308
+23.3
79,716,433
69,852,217
+23.9
b
Reserve Dis trict—Minn eapolis
3,487.591
78,829,917
25,546,418
2,262,515
704,327
691,124
2,554,199
62,826,348
22,515,709
1,799,729
688,801
572,194
2,496,289
93,453,269
+ 36.5
+25.5
+ 13.5
+ 25.7
+ 2.3
"
+ 20.8
Reserve Dis trict—Kans
as
City
108,900
138,214
2,509,778
32,177,415
2,285,196
3,500,465
99,393,740
2,993,828
701,320
710,367
1,736,444
2,586,910
93,888,269
3,151,980
587,130
484,588
+46.6
500,276
496,834
144,519,223
136,131,245
+6.2
110,697,446
78,466,896
670,006
25,977,830
4,537,013
1,357,000
20,266,736
3,875,485
1,217,000
—3.1
112,348
99,429
2,177,414
+ 15.3
31,306,733
+2.8
71,634
49.089
48,291
1,549,472
25,030,204
1,870,309
2,111,729
76,206,427
2,811,472
1,544,379
18,656,866
1,435,920
1,255,777
52,366,884
2,369,334
384,628
+39.0
+31.6
+35.3
+ 5.9
—5.0
+ 19.4
404,817
•
2,731,003
11,627,736
41,100,000
953,483
782,255
14,090,000
18,142,438
1,243,733
12,848,000
14,500,851
1,118,457
b
b
+24.2
+28.2
+30.7
—2.5
+ 2.9
+9.7
+25.1
+ 11.2
85,123,032
67,921,685
2,033,961
9,780,285
33,400,000
774,148
684,263
10,416,000
11,519,114
920,493
3,668,982
8,000,837
29,900,000
848,514
107,638
16,229,543
b
149,805
31,443,768
86,968
23,580,275
+ 72.3
La.—New Orleans
88,026
+33.3
20,703,544
Total (10 cities)
138,800,474
109,329,028
+27.0
District—Da lias—
895,210
40,006,669
5,736,216
2,366,000
a642,954
3,213,300
723,201
30,160,323
5,312,312
1,348,000
a641,361
1,888,476
+ 70.2
2,074,273
1.288,432
52,217.395
39,432,312 .+32.4
34,616,122
27,133,436
+ 23.8
+ 32.6
+8.0
+ 75.5
+ 0.2
Calif.—L. Beach.
Pasadena
San Francisco.
San Jose..
Santa Barbara.
Stockton
37,384,082
9,787,000
841,551
32,595,367
15,045,756
3,653,093
2,957,928
143,186,788
3,110,407
1,554,242
2,131,655
Francl
29,718,123
9,297,000
494,306
.
b
_
+ 5.3
4t
+ 70.2
f
[126,797,073
+ 12.9
2,575,583
+ 20.8
24,293,761
7,654,000
622,294
20,774,505
.11,011,949
H
2,623,256
1,782,516
i 114,900,000
.
2,083,576
1,031,829
1,549,098
+ 50.6
ii
218,713,722
+ 15.3
.
V>
'
■'
+ 16.8
13,444,205
3,359,039
2,548,254
,
'
+ 11.9
+8.8
+ 16.1
b
M
SCO—
+ 25.8
i* 27,899,212
485,783
22,147,201
4,376,000
i 925,736
1,264,538
251,048
16,099,423
8,281,161
2,635,681
2,057,721
86,923,000
1,594,467
872,265
942,770
187,936,131
146,180,737
r
+37.6
►
Total (11 cities)
Grand total
252,247,869
(109
cities)
►
5,033,442,854 4,912,277,224
+2.5 4,026,020,408 4,041,569,951
Outside New York 2,317.894,636 1,964,966,205 1+18.0 1,642,756,827
1,420,318,933
273,950
219,083
607,588
205,000,000
738,405
'
266,797,666
Mobile
259,141,889
b
211,841
887,962
241,000,000
940,179
2,124,696
829,206
816,258
1,838,000
Total (5 cities).
.
Ore.—Portland..
Utah—S. L. City
—7.9
71,025,876
8. C.—Charleston
Spokane
+21.0
73,900,022
Total (6 cities).
Sixth Federal
306,093,122
b
Twelfth Feder al Reserve D istrict—San
411,648
+35
(5 cities).
Yakima
+32.6
Richmond
Total
i
90,013,303
324,700
2,563,000
40,523,556
845,480
62,341,842
17,700,574
Galveston
Wichita Falls..
Wash.—Seattle-
+ 38.3
—7,
Worth
La.—Shreveport.
170,974,513
119,389,032
W.Va.—Hunt'ton
Ft.
5,370.700
228,256
Pa.—Pittsburgh.
Va.—Norfolk
Dallas
8,979,517
3,260,696
+24.3
Feder al Reserve D istrict—Clev eland
Ohio—Canton...
b
b
*
b
Md.—Baltimore
+24.9
493,979
760,545
520,000
Eleventh Fede ral Reserve
Texas—Austin-
626,505
9,501,774
588,311
19.455.058
Fourth
Cleveland
389,150
1,288,078
147,215,099
5,275,201
558,486
21,278,692
+21
Reserve Dist rict—Philad
elpia-
Pa.—Altoona....
Fifth Federal
1,891,751
492,596
724,827
1,685,147
+ 30.3
+ 86.3
Reserve Dlst rict—Boston
Me.—Bangor.._.
—
Kan.—Topeka „L
Wichita
Clearings at—
1935
Omaha
Mo.—Kan. City.
St. Joseph.
Colo.—Colo. Spgs
Week Ended Aug. 22
Conn.
—72.4
4,041,569,951
figures for each city separately for the four
First Federal
427,297
27,133,436
187,936,131
337,685,615
1936
475,973
+ 18.3
114,313,118
D.—Fargo...
D.—Aberdeen
Lincoln
now
250,000
177,593,248
+39.1
23,693,350
11,649,300
2,791,226
353,877,515
131,592,805
N.
_
Paul..
114,313,118
We
b
531,793
197,001,854
131,592,805
Ninth Federal
441,848,957
..32 cities
+30.4
+ 19.2
+ 23.7
353,877,515
...
Rockford
"
Canada.
441,848,957
750,245
639,319
"
Outside N. Y. City
+8
+ 19.8
b
1,209,962
1,150,101
Decatur
4
..109 cities
+ 52.8
+45.8
350,538
47,740,253
922,732
538,146
425,633
8,352,000
363,661
2,706,214
10,656,019
185,643
3,914,795
1,776,039
+34.5
271,120
229,272,031
539,227
2,318,016
649,573
882,406
283,574,568
Minneapolis 7
10th ICansasCitylO
Total
364,712
Chicago
77,316,972
144,519,223
+34.4
+ 55.8
+22.5
b
HI.—Bloom'gton.
212,139,705
"
Richmond.
Atlanta
"
+ 12.0
,
$
6th
9th
1,466,182
1,045,381
14,533,000
1,213,505
4,555,073
20,681,039
1,113,737
8,581,300
3,437,193
259,233
67,122,849
1,279,474
830,678
536,330
10,729,000
585,435
3,070,070
12,579,925
564,930
5,512,977
2,503,427
+27.7
2,691,116,928
6th
5
74,133,977
<2,259,280
1,091,278
671,132
11,862,000
794,324
4,204,437
14,181,230
929,865
6,581,874
2,882,715
170,974,513
—7.5
331,483,923
266,797,666
4th
94,705,941
2,530,267
Eighth Federa 1 Reserve Dis trict—St. Lo uis—
Mo.—St. Louis._
88,600,000
+20.2
73.700,000
Inc.or
Reserve Dists.
Boston
12 cities
Moines
1933
%
Seventh Feder al Reserve D istrict—C h i
cago—
297,432
353,030 —15.7
Detroit
15.3%.
by Federal Reserve
SUMMARY OF BANK CLEARINGS
Week Ended Aug. 22 1936
1934
Dec.
Mich.—AnnArb'r
and in the San, Francisco Reserve District of
In the following we furnish a
Federal
1935
$
-
districts:
22
at—
country
summary
Ended Aug.
Week
Clearings
increase of
2.5%, the aggregate
having amounted to
$5,033,442,854, against $4,912,277,224 in the same week
in 1935.
Outside of this city there was an increase of 18.0
%,
the bank clearings at this center
having recorded a loss of
7.9%.
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
7.5%, but in the Boston Reserve
District the totals record a
gain of 5.0%.
In the Cleveland
Reserve District the totals show an
expansion of 32.5%, in
the Richmond Reserve District of
22.5% and in the Atlanta
Reserve District of
27.5%.
The Chicago Reserve District
has enlarged its totals
by 24.9%, the St. Louis Reserve
District by 20.2% and the
Minneapolis Reserve District by
23.3%.
In the Kansas City Reserve District there is an
increase of 6.2%, in the Dallas Reserve District of
32.4%
of
D.
1341
In the elaborate detailed
statement, however, which we
90,319,834
499,051
8,078,000
9,163,099
821,308
Inc.
1936
Canada—
Toronto
—
Montreal
—
Winnipeg
Vancouver.,
-
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John..—
Victoria
London
Edmonton
Regina
/
1935
$
....
Brandon
Lethbrldge
S
1,522,652
Moose Jaw
662,167
Btantford
809,010
823,600
686,258
263,299
Fort William
New Westminster
Medicine Hat
Peterborough....
Sherbrooke
—
Kitchener
Windsor
Prince Albert
644,531
566,459
1,014,135
2,370,539
345,404
Moncton
757,932
Kingston
628,340
484,399
422,891
998,560
Chatham
Sarnia
Sudbury
Total (32 cities)
337,685,615
Not included In totals.-
♦
Estimated.
1934
Dec.
.
&
5
f 95,784,268
87.443,019 » +6.4
76,905,671
68,411,934 —19.5
45,762,792
14,598,669 ,+21.2 + 12,936,513
—2.0
13,892,160
4,087,988
+ 7.3
3,544,556
3,524,904
2,076,657
1,866,752
+2.9
3,597,727 f+15.4
3,133,241
5,533,021 —10.6
4,689,238
—7.4
1,866,648
1,839,163
1,461,590 + 14.1
1,243,999
+6.2
2,595,487
2,246,820
+4.8
3,564,755
3,500,358
+54.5
3,064,153
2,821,632
+ 7.7
312,373
242,277
+4.0
414,712
401,530
+ 11.8
1,361,773
1,186,238
+24.0
533,890
399,288
+20.5
671,541
636,267
+20.7
682,148
567,390
+ 32.3
518,648
408,843
+4.6
251,769
215,495
640,989
+ 19.1
524,758
+ 3.5
547,519
461,669
896,802
+ 13.1
837,989
1,859,530
+27.5
1,708,714
319,742
+ 8.0
250,360
+ 18.8
637,813
602,219
+ 9.1
484,486
464,765
+41.7
341,873
340,450
473,663 —10.7
402,535
+40.3
711,602
676,557
r
431,662
Saskatoon
or
)\ %
91,190,818 1+26.1
114,987,657
93,018,357
55,046,437
17,689,469
13,608,576
3,802,301
2,136,987
4,150,160
4,954,509
1,728,173
1,667,904
2,757,319
3,736,665
4,733,053
336,310
a
77,316,972
rl
Week Ended Aug. 20
Clearings at—
-
314,401,967
+ 7.4
b No clearings available.
270,669,683
19331®
$
M
77,129,890
67,528,195
59,633,366
12,598,906
3,411,104
3,282,423
1,810,129
2,966,827
4,391,814
1,677,803
1,289,266
2,332,912
3,008,763
2,621,142
257,784
306,811
1,067,491
929,292
604,732
567,390
401,305
213,402
514,765
546,642
756,092
1,764,681
241,331
555,574
459,844
333,804
330,820
526,763
254,051,063
Financial
1342
current week.
GOLD AND SILVER MARKETS
THE ENGLISH
show
we
r"
We
reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Aug. 12 1936:
the
Then we follow with a second table in
dividends previously announced, but
have not yet been paid.
The dividends announced
Bank
are:
960,427
on
Aug.
6
£239,941,219
with
compared
as
the
on
£242,-
New
of gold were announced by the Bank during the week under
v
■
;"■■■.■
market about £1,200,000 of bar gold was disposed of at the
In the open
There was a general demand and prices included a premium
daily fixing.
gold exchange parities, which, however, was
inclined to vary. Special
but the import of £13.-
buying has been less in evidence in the market,
200,000 of bar gold from France, shown in the figures below, was presum¬
ably for
special account.
a
:
'V.
ivPer Fine
Equivalent Value
of £ Sterling
Ounce
6
7
8
10
11---.-
Aug.
138s. 6d.
—
12s. 3.21d.
138s. 6d.
--
Aug.
Aug.
Aug.
Aug. 12
Average
12s. 3.21d.
—
12s. 3.3id.
4d.'
5Hd.
6d.
5d.
5.42d.
138s.
138s.
138s.
138s.
138s.
12s. 3.26d.
12s. 3.21d.
12s. 3.30d.
12s. 3.26d.
The following were the United Kingdom imports and exports of gold
registered from mid-day on Aug. 1 to mid-day on Aug. 10:
Exports
United States of America_£l,0i6,552
Imports
,
£1,909,507
367,291
British South Africa
British India
China...
France-
Germany
Switzerland
Other countries-*
78,500
Switzerland
Finland-
22,349
2,000
-
Palestine
Other countries—
13,273,391
402,542
55,084
23,002
France
102,984
197,170
Netherlands
693,880
!
5,575
54,754
—.
Belgium-.-Begian Congo
16,825
55,569
Belgium
10,976
53,308
New Zealand--
•
British India---
10,715
British Malaya
British Guiana
225
30c
Abraham & Straus, Inc
Alabama Power Co., $7
pref. (quar.)
$6 preferred (quar.)
$5 preferred (quar.)
Albert Frank-Guenther Law, 6%
American Can Co.,
$1%
$3%
#1%
20C
—
from Bombay last Week amounted to about £581,000.
Ranchi carries £424,000 consigned to London and the SS. President
consigned to New York.
maintained
a
■':/
/ /■'
SILVER
The market has
There has been further buying for American
requirements and this, with demand from the Indian Bazaars, offset
only within narrow limits.
trade
sales on China account and resales
There is no change in the
by speculators. <■..:'
outlook, the market showing a steady undertone
present level of prices.
at the
United Kingdom imports and exports of Silver
The following were the
registered from mid-day on Aug. 1 to mid-day on Aug. 10:
Exports
Imports
United States of America-- 232,661
Esrypt
2,580
15,142
British India...
5,717
British Malaya
Australia
New Zealand
Manchuria
—
Belgium
Sweden
1,755
-
3,997
Other countries
4,624
France--
2,510
Denmark
2,453
1,814
13,461
-
£58,050
British India
£97,240
Japan
3,153
1,670
Other countries-
(quarterly)
y:
Quotations during the week:
£301,553
J
IN NEW YORK
IN LONDON
50c
25c
1%%
(Per Ounce .999 fine)
Oz. Std.
2 Mos.
Cash
Aug.
6
19 9-16d.
Aug.
7
19%d.
Aug.
8——19 ll-16d.
Aug. 10
19 9-16d.
Aug. 11
19 9-16d.
Aug. 12
19 9-16d.
Average19.594d.
Aug
5
Aug.
6
Aug.
7
Aug.
8
Aug.
9-Aug. 10
Aug. 11
19 9-16d.
19%d.
19 ll-16d.
19 9-16d.
19 9-16d.
19 S-16d.
19.594d.
-_-
;
highest rate of exchange on New York recorded during
from Aug. 6 to the 12th inst. was $5.03 and the lowest $5.01% •
The
ENGLISH
FINANCIAL MARKET—PER
45
-45
45
45
45
45
45
cents
cents
cents
cents
cents
cents
cents
the period
CABLE
as
Sat.,
Mon.,
Aug. 24
Balfour Building, Inc. (quarterly)
Bankers Nat. Life Insurance Co. (J. O.,
Bellows & Co., Inc., ciass A (quar.)
85 3-16
85 3-16
107
106%
107%
!
107%
British 4%
Holiday
The
price of silver
118%
118%
118%
1960-90
Oct.
1 dept. 10
1 dept. 19
1 Sept. 19
91X
on
the
same
per
118%
(in cents) in the United
ounce
days has been:
Bar N. Y.
44%
44%
44%
44%
44%
U.
50.01
50.01
50.01
50.01
50.01
U.
(lor.) Closed
S. Treasury. 50.01
S.
77.57
77.57
77.57
77.57
77.57
5c
50c
dept. 30 dept. 21
45c
$1.62
dept. 28 dept. 18
Oct. 23
hl7%c
17 Xc
Sept.30 Sept. 23
Sept. 30 Sept. 23
$1%
(quar.)
*i&
Telephone of Penna., 6%% pref. (qu.)
(qu.)
Bloomingdale Bros
Bloomingdale Bros., Inc., preferred
Boston Acceptance Co., Inc., 7% pref
7% preferred (quarterly)
Bower Roller Bearing Co
Brandywine Corp
Bridgeport Brass Co. (quar.)
7 DC
31%c
10c
15c
7 DC
Briggs & Stratton Corp. (quar.)__
50c
(quarterly)
50C
Extra
British-American Tobacco Co., ord. (interim)
—
Budd Wheel Co., preferred
Preferred (partic. div.)
lOd
-
,
$1%
(quar.)
25c
$1%
$25.17
Bunte Bros., 5% preferred (quar.)
Cache La Poudre Co. (liquidating)
Campbell, Wyant & Cannon Foundry (extra)
Canada Northern Power Corp., Ltd. (quar.)
7% cum. pref. (quar.)Central Illinois Light, 4%% pref. (quar.)
Chicago Flexible Shaft Co. (quarterly)--
25c
__
30c
1%%
$1,125
Climax Molybdenum Co. (quarterly)
Clinton Trust Co. (N. Y.) (quar.)._.
following information regarding National banks is
from the office of the Comptroller of the Currency, Treasury
Department:
The
CHANGE
Aug. 15—"Lamar National
Bank
in
Bank,"
OF
Colo.
To: "First National
Lamar."
BRANCH
AUTHORIZED
Aug. 17—Bank of America Nat. Trust & Savings Ass'n, San Francisco, Cal.
Location of branch: Unincorporated Town of Millbrae,
San Mateo
County, Calif.
Certificate No. 1257A.
VOLUNTARY
LIQUIDATION
Amount
Aug. 18—The Red Wing Nat. Bank & Tr. Co., Red Wing, Minn.
Effective Aug. 10,1936.
Liq. Agent: L. B. Hogue, care of the
liquidating bank.
of Red
Absorbed by:
$100,000
"The First National Bank
1
29
29
16
1
30
Oct.
Sept. 15
Sept. 19
Sept. 19 V
Aug. 26
Aug. 26
Sept. 12
1 dept.
16
50c
Oct.
1
Oct.
1 dept. 19
$1%
Oct.
1
25c
20c
Extra
Dejay Stores, Inc., initial (quar.)
De Long Hook & Eye (quar.)
Diamond State Telep., 6%% pref. (quar.)
Dominguez Oil Fields (monthly)
Dover & Rockaway RR., 6% gtd. (s.-a.)
Draper Corp. (quar.)
75c
$1%
25c
$3
60c
dept. 19
10
10
10
10
Aug. 20
dept. 11
dept.
1
Aug. 25
Aug. 25
dept. 1
dept. 14
dept. 24 dept. 14
Oct.
1 dept. 15
Oct.
2 dept. 20
Oct. 15, Sept. 19
Aug. 31 Aug. 24
Oct.
Sept. 30
Oct.
Aug. 29
..
Oct.
Oct.
Sept. 15
Oct.
Sept. 19
10c
Oct.
dept. 15
$1%
30c
75c
$1
91X
10c
87 %c
25c
25c
10c
(Wm.) & Sons, pref.
^2 5c
Florsheim Shoe Co. A (quar.)
Extra
25c
Oct.
Oct.
Oct.
50c
Oct.
91X
$1
$4%
Sept. 15
Sept. 15
Oct.
Oct.
15
Oct.
Sept. 20
Sept.
Sept.
Aug. 15
Aug. 15
Sept. 15
Oct.
Oct.
$6 preferred (new)
Sept. 21
Sept. 15
Sept. 15
Oct.
Oct.
25c
Sept. 15
dept. 15
_
Nov.
0X%
.
_
Sept. 10 Aug. 31
dept. 21 dept. 10
Sept. 21 Sept. 10
Oct.
Sept. 19
12%c
$1%
i
dept. 15
Sept. 10 Aug. 21
Oct.
Sept. 19
Oct.
Sept. 21
Oct.
Sept. 21
12%c
—
dept.
dept.
dept.
dept.
$1%
12%c
-
General Refractories Co__
Gimbel Bros. $7 preferred—
dept. 16
75c
—
_
Sept. 15
1
Sept. 30 Sept.
Sept.15 Sept.
Oct.
.9
25
DIVIDENDS
Dividends are grouped in two separate tables.
In
first we bring together all the dividends announced
Goodyear Tire & Rubber Co., 1st pref
Group No. 1 Oil Corp
$50
Sept. 30 Sept. 9
9
Sept. 30 Sept.
Oct.
1 Sept.
1
Sept. 30 Sept. 10
25c
Oct.
Goebel Brewing Co. (quar.)
Extra..
5c
.«
10c
$1
(quarterly)
$1
Hamilton United Theatres 7% preferred
Hanes (P. H.) Knitting Co. pref. (quar.)
Hathaway Manufacturing (increased)
Hearst Consol. Publishers, class A (quar.)
Heath (D. C.) & Co. 7% pref. (quar.)
Helme (Geo. W.) Co., common
Preferred (quar.)
Hercules Powder Co. (quar.)
Home Fire & Marine Insurance (quar.)
$1%
$2
43 Xo
$1%
$1%
—
$*M
50c
Honokaa Sugar Co. (initial)
Honolulu Oil Corp., Ltd
Wing," Red Wing, Minn., Charter No. 1487.
Oct.
Haloid Co.
TITLE
Lamar,
Oct.
Oct.
31
31
4
16
16
25
25
12
26 dept. 30
15 dept. 30
dept.30
[dept. 30
Quarterly
dept. 30
25c
Extra.'.
;
$1.06% dept. 30
4%% preferred, initial (quar.)
Sept. 1
91X
Commonwealth Loan Co. (Ind.), 7% pref. (qu.)
Oct.
1
75c
Commonwealth & Southern Corp., pref
dept. 23
15c
Consolidated Biscuit Co. (quar.)
dept. 1
15c
Cook Paint & Varnish Co. (quar.)
i-__
dept. 1
$1
$4 preferred (quarterly)
dept. 15
Crane Co., 7% preferred2
$1%
dept. 24
50c
Crowell Publishing Co. (quar.)
Filene's
1
65c
—---
Clorox Chemical Co. (quar.)
—
Cluett. Peabody & Co., Inc., pref. (quar.)
Commercial Credit Corp
(monthly)
Preferred
(monthly)
Georgia Power, $6 pref. (quar.)
$5 preferred (quar.)
BANKS
15 I Aug.
15 Aug.
30 dept.
30 dept.
dept. 30 dept.
Aug.
Sept.
Oct.
Sept.
dept. 30 dept.
Sept.
Sept.
dept.
dept.
50c
$30%
$1
Christiana Securities (irregular)
Cleveland Builders Realty Co_
24 Oct.
dept. 30 [Aug. 26
dept. 30 dept. 61
dept. 30 dept. 16
dept. 16 dept. 5
20c
10c
Gas Securities
NATIONAL
Oct.
Sept.
Sept.
Sept.
Sept.
Sept.
50c
Extra
■Class B (quar.)
Extra
•77.57
Aug. 21
Sept. 15 Aug. 31
dept. 16 Aug. 31
Oct.
lb dept. 23
Oct.
15 dept.19
Sept.
Aug. 20
Aug. 20
Sept.
Franklin Teleg. Co., 2%% gtd. stk. (s.-a.)
Gar Wood Industries, Inc
Treasury
(newly mined)
|Aug. 31
50c
25c
Federal Motor Truck.
States
Oct.
2
2
Oct.
N. J.)-
118%
19 9-16d.
19%d.
138s.2%d. 138s.4 %d.
Sept.
_
2oc
Fairbanks Morse & Co., resumed (quar.)
Extra
Fri..
Aug. 28
British 3%%
Holiday
1 dept. 10
1 dept. 10
Oct.
Babcock & Wilcox
107%
Thurs.,
Aug. 27
Wed.,
Aug. 26
Tues.,
Aug. 25
19 %d.
19 9-16d.
Silver, per oz., 19 5-16d.
19%d.
Gold, p.fineoz,138s.2%d. 138s.2%d. 138s.2 %d. 138s. 2d.
85 5-16
85%
Consols. 2%%_ Holiday
85
War Loan.-..
1 Sept.
Oct.
Oct.
$1%
(quar.)
Preferred (quar.)
Duquesne Brewing Co., pref. A (quar.)-Eagle-Picher Lead Co_
6% preferred (quarterly)
Eastern Malleable Iron (quarterly)
Electric Controller Manufacturing
Elizabeth & Trenton RR. (semi-ann.)
Preferred (semi-annually)
Equitable Office Building
Erie & Pittsburgh RR., 7% guaranteed (quar.)-
quotations for securities, &c. , at London,
reported by cable, have been as follows the past week:
Aug. 22
Oct.
Oct.
h$ 1%
12%c
Duke Power
The daily closing
19 dept. 12
25C
91X
$1%
$1%
—
Bar Silver per
8
Sept. 30 Sept. 10
Oct.
1 Sept.15
dept. lb dept. 1
Oct.
1 dept. 10
(quar.)
American Tobacco Co., pref. (quar.)_
Anaconda Copper Mining Co
Appalachian Electric Power, $7 pref. (quar.) —
$6 preferred (quarterly) _ Armour & Co. of Del., pref. (quar.)
Armour & Co. of 111., $6 pref. (quar.)
7% preferred
— Automatic Voting Machine (quar.)
Extra-—
£145,274
8
dept.
iSept. 30 Sept. 10
American Stores (quarterly)
American Sumatra Tobacco
Bristol Brass
dept.
1
$1%
Extra
quietly steady tone and prices have moved
i
%
-
Harrison £157,000
5
Oct.
Oct.
Extra
Gold shipments
Sept. 15 Sept.
$1%
preferred (quar.)
Black & Decker Mfg. Co., 8% pref.
£1,572.174
dept. 15
1
Oct.
50c
(bi-monthly)—
Light Co., $6 pref. (quar.)_
Bell Telephone of Canada
15
Sept. 30 |Aug. 25
15c
American Safety Razor (new)
Bell
Oct.
1 .dept. 14
Oct.
20c
American Investment Co., 7% preferred
Americah Machine & Metal, lnc
Old
dept. 15
_
Aug. 28 Aug. 25
Oct.
1 dept. 21
[Jap.
1 Dec. 15
Oct.
1 Sept. 17a
Oct.
1 dept.15
38.24c
pref__
pref. (quar.)_
(quar.)
American News N. Y. Corp.
dept. 16
Oct.
Nov.
American Hawaiian Steamship
American Power &
Oct.
9ix
.
Allied Stores Corp., 5% pref—--- —
-American Bakeries Co., 7% pref. (semi-ann.)-
$5
dept. 28 dept. 15
dept. 28 dept. 15
dept. 30 dept.21
loc
90c
Beneficial Loan Society (Del.) (quar.)
£16,860,025
The SS.
(quar.)
(extra)
Holders
Payable of Record
Share
American Home Products Corp
Quotations during the week:
".■)
Aug.
of Company
Abbott Laboratories, new
review.
over
Name
previous
Wednesday.
No purchases
When
Per
gold reserve against notes amounted to
of England
which
which
*
this week
GOLD
The
1936
29,
Aug.
Chronicle
the ■
the !
Houdaille-Hershey, class B (quarterly)
Class B (extra)
Class A preferred (quarterly)-----Idaho Maryland Mines
Illinois Bell Telephone (quar.)
25c
37%c
62 %c
—-
62Jgc
1 Sept.
Sept. 30 Aug.
Oct.
1 Sept.
Sept. 1 Aug.
Sept. 15 Sept.
Sept. 30 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Sept. 25 Sept.
Sept.15 Sept.
ept. 30 Sept.
lept. 15 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Sept. 30 ,Aug.
ISeDt.
15
31
21
20
1
28
10
10
14
5
21
5
19
19
19
31
30 SeDt. 19
Volume
143
Financial
When
Per
Name of Company
Share
Imperial Paper & Color.
6% preferred (quar
International Salt Co. (quar.)
,
SIM
SIM
SIM
10c
30c
1M%
12Mc
SIM
SIM
30c
SIM
10c
!
5c
2Mc
Mathieson Alkali Works (quar.)
Preferred (quar.)
37 Mc
SIM
McKesson & Bobbins $3 pref.
(quar.)
Memphis Power & Light $6 pref. (quar.)
$7 preferred (quar.)
Mesta Machine
i
75c
SIM
SIM
Meyer (H. W.) Packing Co. 6M% pref. (qu.)__.
Mid vale Co
Missouri Edison Co. $7 preferred
Montreal Cootons, Ltd., 7% pref.
(quar.)
25c
SIM
National Breweries, Ltd. (quar.)
Preferred (quar.)
National Can Co., Inc., common (quar.).
National Dairy Products
(quarterly)
Preferred A&B (quarterly)
National Gypsum 2d pref. (quar.)__
50c
44c
SI
30c
SIM
25c
1st preferred (quar.)
Naval Stores Investment
(quar.)
Nehi Corp. 1st preferred
20c
Neptune Meter Co. 8% preferred
Nevada-California Electric 7% pref. (quar.)
Newark & Bloomfield RR. Co.
(semi-ann.)
New England Gas & El. Assoc.
$5M pref
New York Lackawanna & Western
Ry.—
5% guaranteed (quar.)'
New York Telephone
6M% pref. (quar.)
Northwestern Nat. Insurance Co. (Wis.), extraOhio Assoc. Telep. 6% pref.
(quar.)
Ohio Edison Co. $5 pref.
(quar.)
$6 preferred (quar.)__
1
$6.60 preferred (quar.)
$7 preferred (quar.)
$7.20 preferred (quar.)
___
—
Otis Elevator Co. (quar.)
6% preferred (quar.)_
Pacific Finance Corp. of Calif. (Del.)
h$ 4
SIM
SIM
25c
SIM
SIM
SIM
SIM
SI %
SIM
$1.65
SIM
$1,800
SI
45c
___
Pacific Indemnity Co. (quar.)
Pacific Lighting Corp. $6 pref. (quar.)
—
Pantheon Oil Co. (quar.)
Parke, Davis & Co
2.-2-..
Penn Central Light & Power pref.
h% 5M
15c
*
;
Extra
$1
306
SIM
2Mc
40c
_
(quar.)
"SIM
37 Mc
Perfection Stove Co. (quar.)
Petroleum Corp. of America
—
Public Service of Oklahoma 6% pref. (quar.)
7% preferred (quar.)
Quaker Oats Co. (quar.)
Special
Extra
SIM
(quar.)
ct.
1
Oct.
15
Oct..
Oct.
15
1
Oct.
1
Oct.
1
Oct.
15
Aug. 28
Sept. 30
Oct.
1
1 Sept. 21
JL
Oct.
SIM
SIM
SIM
_
Extra
SIM
Oct.
15c
Oct.
2c
25c
50c
$11.02
$11.04
$2.76
*
_
—
Series BB
$2.75
Standard Brands, Inc. (quar.)
$7 cum. preferred series A (quar.)
20c
Sterchi Bros. Stores, Inc., 6% pref. (quar.)
75c
Supply Mfg. Co., class A
(quarterly)
Extra
Sept. 20
1 Sept. 20
1
Sept.
1
Sept. 30 Sept. 15
Oct.
1 Sept. 15
Oct.
1 Sept. 15
Sept. 5 Aug. 28
Sept. 21 Sept. 9
Sept. 15 Aug. 31
Sept. 15 Aug. 31
Sept. 15 Aug. 31
Sept. 15 Aug. 31
1 Aug. 20
Sept.
Oct.
1 Sept.
2
Sept. 15 Aug. 31
Oct.
1 Sept. 10
Sept. 10 Sept. 3
Oct.
1 Sept. 10
1 Sept. 15
Oct.
Oct.
1 Sept. 15
Oct.
1 Sept. 15
1 Aug. 15
Sept.
Aug. 25] July 31
Aug." 25 July 31
Aug. 25 July 31
Aug. 25 July 31
1 Sept.
Oct.
4
1 Sept.
4
Sept. 30 Sept. 19
Corp
Allen
Union Carbide & Carbon Corp
United-Carr Fastener- l
70c
50c
Conv. preferred (quar.)
25c
United Profit Sharing Corp. pref. (semi-ann.)
Utgb Power & Light $7 preferred
50c
58 l-3c
$6,preferred
50c
SIM
____
fcSIM
SIM
15 Oct.
3
SIM
75c
3%
25c
15c
25c
1
Oct.
1
Sept. 15
Sept. 15
Sept.
Sept.
1 Aug. 15
1 Aug. 15
Oct.
Sept. 15
Jet.
Sept. 20
Oct.
Sept. 8
^ept. 16 Sept.
1
Sept. 16 Sept.
1
Sept.
1 Aug. 15
2
Sept.
Sept.
19
Dec.
15c
Oct.
87Mc
Oct.
5 Aug. 20
5 Aug. 20
1 Sept. 25
Sept. 25
Jet.
1
25c
Allied Laboratories, Inc.
(quar.)
S3M conv. preferred (quar.)
Allien Producis, class A
(quar.)
Aluminum Goods Mfg. Co.
capital stock
Aluminum
J.
Manufacturing, Inc. (quarterly)
Quarterly
7% preferred (quarterly)
7% preferred (quarterly)
American Arch Co.
Holders
Payable of Record
lan.
Industries, Inc. (quar.)
Extra
"IIIII
43 240
15c
50c
50c
III__
.sept. 15
Oct.
Sept. 20
Sept. 30 Sept. 15
Dec. 31 Dec.
15
Sept. 30 Sept. 15
W
(increased)
Dec. 31 Dec.
15
75c
7% preferred (quar.)
American Bank Note Co.
Preferred (quar.)
American Business Shares, Inc
American Capital Corp.,
prior pref. (quar.)
Sept.
1 Aug. 20
7oc
American Bakeries Corp., class A
Oct.
1
oept. 15
Sept. 15
SIM
Oct.
1
25c
Oct.
75c
Oct.
1 Sept. 10
1 Sept. 10
2c
American Chicle (quar.)
American Cigar Co
"H
Preferred (quar.)
American Cities Power & Light, class B
American Electric Securities
SIM
Participating preferred (quar.)
American Envelope Co., 7% pref. A
(quar.)___
7% preferred (quar.)
American Felt Co., 6% preferred
7Mc
'Jpl
Q
20c
Sept.
1 Aug.
Aug.
Sept.
Sept.15 Sept.
Sept 30 Sept.
Sept. 12 Aug.
Sept.
Oct.
1
1
15
15
12
2
5
21
Corp.—
(quar.)
American General Corp., S3 preferred (quar.)
$2M preferred (quarterly)
SIM
Nov. 25
25c
(quar.)
Oct.
Jan.
Dec.
Sept. 30 Sept. 18
Sept. 1 Apg. 14a
Sept. 1 Aug.
1
Sept.
1 Aug. 22
Oct
1. Sept. 15
20c
40c
(quar.)
Laundry Machinery
loc
American Metals Co. preferred
American Paper Goods 7% pref.
(quar.)
7% preferred (quar.)_
American Radiator & Standard
Sanitary
Preferred (quarterly)
SIM
SIM
n$4
SIM
SIM
15c
Corp
American Seal-Kap Corp. of Delaware
20c
American amp
50c
Btulaing Co. (quar.)
Preferred (annual)
$7
American Smelting & Refining
American Steel Foundries, preferred
American Sugar Refining Co.
(quar.)
Preferred (quarterly)
American Telep. & Teleg, (quar.)
American Tobacco, com. & com. B
50c
SIM
-
50c
SIM
S2M
SIM
(quar.)
American Water Works & Electric Co.
American Woolen Co., pref. (quar.)
Anaconda Wire & Cable Co
common
.
(quar.)
Dec.
16 Dec.
5
Nov.
2 Oct.
16
Nov.
2 Oct.
15
Aug. 31 Aug.
7
Sept.30 Sept.15
Oct
Oct
Oct.
Sept.
Sept.
Sept.
Sept.
Sept.
Dec.
2 Sept.
2 Sept.
5
5
16 Sept. 15
1 Aug. 10
16 Aug. 26
16 Sept. la
14 Aug. 14
30 Sept. 20
30 Dec. 20 k
Sept.
Sept.
1 Aug. 10
sept.
1
35c
^
35c
fc$3
37Mc
j
Aug. 21
Aug.
Nov.
Oct.
20
Feb.
1 Jan.
20
Sept.
1 Aug.
7
Sept. 30 Sept. 19
Sept. 30 Sept. 19
Sept. 30 Sept. 19
Sept.
1 July 31
Sept.
1 Aug. 20
Sept. 15 Aug. 21
4UC
Sept.
75c
Sept.
1 Aug. 15
Nov. 16 Nov.
2
25c
5% preferred (quar.)
SIM
Atchison Topeka & Santa Fe
$2
Atlantic & Charlotte Air Line Ry. (s.-a.)
$4M
Atlantic Refining Co. (quar.)
Corp. semi-ami.
Atlas
$3 prefernce ser. A (quar.)
Atlas Plywood Corp
Atlas Powder Co. (quar.)
25c
50c
—
...
25c
—
3c
Baldwin Co., 6% preferred (quar.)
6% preferred A (quarterly)
SIM
SIM
Extra
2c
;
Bangor & Aroostook RR. Co. (quar.)
Preferred (quar.)
Bangor Hydro-Elec. Co. 7% pref. (quar.)_
6% preferred (quar.)
;
Barlow & Seelig Mfg. Co. class A com. (quar.)__
Baton Rouge Electric Co. $6 preferred
(quar.)__
Bayuk Cigars
First preferred (quar.)
Beatrice Creamery 7 % preferred
Beech-Nut Packing Co. common (quar.)
—
63c
Belding-Corticelli, Ltd. (quar.)
Preferred (quar.)
.4.
Bendix Aviation Corp
Bethlehem Steel Co. 5% preferred
(quar.)
7% preferred (quar.)
Bigelow-Sanford Carpet Co., Inc
Preferred
(quarterly)..
Biltmore Hats Ltd., 7% pref.
(quar.)__
Black-Clawson Co., 6% preferred
(quar.)
Br08. Tobacco (quar.)
6% preferred (quar.).
6% preferred (quar.
'.).
Blue Ridge Corp. $3 preferred
(quar.).
Blue Ridge Corp. (resumed)
Bioch
Bohn Aluminum &
Brass Corp
(quar.)
(quar.)
10 Aug. 31
10 Aug. 31
3 Aug. 22
-3 Aug. 22
Oct.
1
"
SIM
Aug. 31
Aug. 31
Oct.
Sept. 10
Sept. 10
Aug. 20
SIM
30c
SIM
18Mc
SIM
75c
)ct.
Sept.
Sept.
.
SIM
Oct.
Oct.
5oc
25c
SIM
Aug.
15
Sept. 15 Aug. 31
15 Sept. 30
Oct.
Oct.
1
Oct.
Oct.
_
Sept.
Sept.
Sept.
Sept.
12
12
15
15
Sept. 12 Aug. 20
Oct.
1 Sept.
4
Oct.
1
25c
1
SIM
SIM
SIM
—1
Sept.
4
Aug. 15
Aug. 15
Sent.16 Aug. 15
Sept.
1 Aug. 26
37 Mc
Nov. 15 Nov. 11
SIM
SIM
Sept.30 Sept. 25
n75c
Sept.
1 Aug.
5
Sept. 10 Aug. 20
Jet,
1 Sept. 15
Oct.
1 Sept.18
sept.
1 Aug. 15
Sept. 3D Aug. 31
Oct.
1 Sept. 10
8
Sept. 1 Aug.
10c
50c
$2
$1 M
]
16 Aug. 31
Sept. 30
SIM
40c
Ry. (quar.)
15
Oct.
Oct.
75c
Border Co., common
Boston & Albany RR
5 Aug.
Sept.
Sept.
Sept.
Sept.
Sept.
50c
Extra
-
15
Sept. 25 Sept. 11
25c
Extra
1
Sept. 30 Sept. 3
Sept. 1 Aug. 24
Sept. 1 Aug. 25
mi&
Associated Dry Goods 1st preferred
Associates Investment Co. (quar.)
(E. J.) & Sons
15
37Mc
__
Art Metal Works, Inc.
(quarterly)
Bon Ami, class B
Dec.
1 Aug. 21
Sept. 16 Sept. 6
50c
cumuJ. preferred
City Brewing Co. (quar.)
31
12
50C
Armstrong Cork Co. (quar.)
Extra
Dec.
16
19
19
19
12
Sept.
50c
Arcner- uaniels-Midland Co
Asbestos Mfg. preferred
Preferred (quar.)
Sept.
Sept.
Sept.
50
...
.
20c
/i$l
Anheuser Bush, Inc. (quarterly)
Auto
Aug. 20a
Aug. 26 ■
Dec.
Oct.
7oc
62 Mc
;50c
American Mfg. Co. preferred
(quar.)
Preferred (quar.)
Artloom Corp
Sept.
Sept.
Sept.
Aug.
Aug.
Aug.
Sept.
75c
Quarterly
American Hide & Leather preferred-_
American Home Products
Corp
American Investmbnt Co. of 111., cl. B
American
SIM
SIM
25c
$2 preferred (quarterly)
American Hardware Corp.
Brach
25c
1 Nov. 20
1 Nov. 20
20c
_____
Boston Elevated
SIM
SIM
SIM
Tide Water Assoc. Oil 6% pref. (quar.)
Traders Building Assoc., Ltd. (quar.)
Sept. 15 Aug. 31
Sept. 15 Aug. 31
Sept. 15 Aug. 31
Oct.
37 Mc
20c
Preferred (quar.)
Agricultural insurance Co. (N. Y.)
(quar.)
Alabama &
Vicksburg Ry. Co. (semi-ann.)
Ailegneny Steel Co. common
Common (extra)
7% preferred
Allegheny & Western Ry. gtd. (semi-ann.)
Oct.
30c
1 Sept. 12
When
h $1,125
Class A
1 Aug. 15
Sept.
Sept. 30 Sept. 10
Oct.
1 Sept. 15
Oct.
1 Sept. 18
Oct.
1 Sept. 18
Oct.
1 Sept.10
1 Aug. 24
Sept.
Oct.
1 Sept. 15
Oct.
1 Sept.
4
Sept. 15 Sept. 10
Sept. 15 Sept. 10
Oct. 31 Sept. 30
Oct.
1 Sept.
1
Oct.
1 Sept.
1
Oct.
1 Sept. 12
Oct.
1 Sept. 14
25c
Products
(quar.)
87Mc
Share
Agnew Surpass Shoe Stores (semi-annual)
Dec.
Thompson
1 Sept. 24
1 Sept. 24
Per
Dec.
15c
Oct.
Oct.
U7&
„r_
Name of Company
Aero
SIM
Co.,
Oct.
25c
75c
give the dividends announced in previous weeks
we
$2
7% preferred (quarterly)
Aug. 20 Aug. 10
Oct.
1 Sept. 15
and not yet
paid.
This list does not include dividends an¬
nounced this week, these
being given in the preceding table.
SIM
Texon Oil & Land Co. (quar.)
Thatcher Manufacturing Co
Virginia Public Service,Co. 7% pref. (quar.)
Ward Baking Co. 7%
preferred
Warren RR. Co. (semi-ann.)
1
Oct.
Sept.
Oct.
Tampa Gas Co., 8% pref. (quar.)
7% preferred (quarterly)
Sept. 1
Sept. 21
1
2%
37Mc
Stamper No. 1 Trust, series A
1
1 Sept. 10
1 Sept. 12
SI
Preferred (quar.)
South Shore Utilities Assoc., pref. (qu.)
Oct.
Oct.
SIM
Sivyer Steel Casting Co. (resumed)
Southern Acid & Sulphur Co., Inc.,
7% pf.(qu.)_
South Porto Rico Sugar Co. (quar.)
1
Nov. 30 Nov.
2
Oct.
1 Sept. 15
Oct.
37 Mc
Selected American Shams, Inc
Shell Union Oil Corp. 5M% cum. conv. pref
1
3c
SIM
SIM
_
Oct.
15 Oct.
15 Oct.
50c
3,"
1 Aug. 20
1 Sept. 15
1 Sept. 15
«JPA
-
Below
Sept.
Oct.
Oct.
h
$6 preferred
Wieboldt Stores, Inc.
(quar.)
6% preferred (quar.)
Wisconsin Michigan Power
6% pref. (quar.)
Wisconsin Power & Light Co.
6% pref
7% preferred
Quarterly
20c
(quarterly)
1
1 Sept. 21
prior pref. (qu.)
preferred A (quarterly)
1
Oct.
Oct.
20c
__
<£
Sept. 15
Sept. 25
Sept. 25
Sept. 19
Sept. 19
Sept. 15
Sept. 30
Aug. 24
Sept. 19
Sept. 10
Sept. 20
Sept. 10
se^t. i9
Sept.
1
Sept. 4
Sept. 21
Oct.
SI
SI
:
San Jose Water Works, 6% pref.
(quar.)
Scranton Electric Co., $6 pref. (quar.)
Oct.
SIM
SIM
SIM
25c
...
Extra.
St. Helens Pulp & Paper Co. (quar.)
St. Joseph Lead
Tri-Continental
1 Sept. 15
1 Sept. 15
Oct.
37Mc
Safety Car Heating & Lighting Co.
Preferred
1 Sept. 15
1 Sept .15
Oct.
Oct.
Sept. 15
Sept. 15
10c
Flour Mills
Oct.
Sept. 30
Sept. 30
SI
Roos Bros., Inc. (quar.)_
Tex-O-Kan.
Aug. 31 Aug. 17
Sept. 10 Aug. 31
Oct.
qp
Preferred (quar.)
Queens Borough Gas & El. Co. 6% cum. pref—
Railway Equipment & Realty Co.—
1st preferred (quar.)
Ray-O-Vac Co., 8% pref. (quar.)
Reno Gold Mines, Ltd. (quar.)
Republic Steel Corp. preferred A (quar.)^
Roeser & Pendleton (quar.)
Series B
Oct.
15c
__
Series A A
1 Sept. 12
15 Sept. 18
25c
Brewing Co. (quar.)__:
Powdrell & Alexander, Inc. (quar.)
Publication Corp., 7% 1st pref. (quar.)
7% original preferred (quar.)
Public Service Co. of Texas, 7% pref.
(quar.)._
Preferred class B
Oct.
30c
Pfeiffer
Prior
SIM
SIM
$1
$1.16*3
SIM
Moore Corp., Ltd., common
7 % conv. preferred A&B
San Joaquin Light & Power,
Preferred A (quarterly)
1 Sept. 12
Oct.
1 Sept.
5
Sept. 30 Sept.10
Sept. 25 Sept. 15
Sept. 14 Sept. 4
Oct.
1 Sept.16
Oct.
1 Sept. 15
Oct.
1 Sept. 15
Oct.
1 Sept. 15
Oct.
1 Sept. 15
Sept. 10 Aug. 31
Sept. 15 Aug. 31
Sept. 15 Aug. 31
Sept. 30 Sept. 8
Sept. 30 Sept. 8
Sept. 15 Sept. 3
Oct.
1 Sept. 12
Oct.
1 Sept. 12
Oct.
1 Sept. 16
Sept. 1 Aug. 20
Oct.
1 Sept. 19
Oct.
1 Sept. 21
Sept. 15 Aug. 31
Oct.
1 Sept. 10
Oct.
1 Sept. 10
Oct.
1 Sept. 15
Oct.
1 Sept. 15
Oct.
1 Sept. 15
Oct.
1 Sept.
9
Oct.
1 Sept.
9
Oct.
1 Sept. 19
Oct.
1 Sept. 19
Sept. 1 Aug. 27
Sept. 15 Aug. 31
Aug. 31 Aug. 28
Nov.
2 Sept. 30
Oct.
1 Sept. 20
Oct.
1 Aug. 31
SI
2c
_
h37Mc
12Mc
87Mc
Corp. 7% pf. (qu.)
Wheeling Steel Corp.
Holders
Payable of Record
Oct.
SIM
Extra
common
31
31
31
15
Oct.
1 Sept. 15
Oct.
1 Sept. 15
Sept. 15 Aug. 31
$6.52
cum.
Western Grocer Co. common.
Westvaco Chlorine Products
Aug. 25 July
Aug. 25 July
Aug. 25 July
Oct.
1 Sept.
$1.50
Lindsay Light & Chemical Co. pref. (quar.)
Loudon Packing Co. (quarterly)
Long Island Lighting Co. series A pref
Ruberoid Co.
Sept. 15 Sept.
Sept. 15 Sept.
50c
Lackawanna RR. of N. J.f 4% gtd. (quar.)
Lava Cap Gold Mining Corp.
(initial)
Lazarus (P. & R.) Co. (increased)
1 Sept.
1 Sept.
Oct.
$1.63
Kings County Lighting Co. series B 7% pref
Series C 6% cum. preferred
Series D 5% cum. preferred
Kir by Petroleum Co
Koppers Gas & Coke Co. 6% preferred
_
Oct.
Oct.
When
Share
West Coast Telep.
6% preferredWesson Oil & Snowdrift
Co., Inc.
Extra
2
2
15a
1
1
1
1 Sept.
1 Sept.
50c
Series A partic. trust certificates
Series B partic. trust certificates
Series C partic. trust certificates
preferred
Lorillard (P.) & Co. (quar.)
Preferred (quar.)
Mallory (P. R.) & Co., Inc
Maryland Fund (quarterly)
Oct.
371H0CC
International Vitamin Co. (quar.)
Investment Corp. of Philadelphia (quar.)
Extra
Jones (J. Edw.) Royalty Trust—
Per
Name of Company
19
2
1 Sept.
1 Sept.
SIM
SIM
7% preferred (quar.).
Series B
Oct.
Oct.
$3
n
1343
Holders
Payable of Record
SIM
Indiana General Service Co.
6% pref. (quar.)__
Indiana & Michigan Electric Co.—
Chronicle
30c
Dec.
31
Dec.
24
t
Financial
1344
Per
Name:
Brewer (O.) & Co.
Share
of Company
--
*
Extra
-—
Bristol-Myers (.quar.)
Extra
_
Brooklyn-Manhattan Transit, preferred
Preferred (quar.)
^Preferred
Oct.
Brown Fence & Wire class A
Class
(semi-ann.)-------
2
....
Sept.
1
1 Oct.
Bullard Co
Sept. 30 Sept. 15
Sept. 1 Aug. 10
pref. (qu.)
—
(final) —
Burroughs Adding Machine Co
Calamba Sugar Estates (quar.)
....
—..
Extra
—
Preferred
(quarterly)
..........
California Art Tile Corp., $1M pref
California Ink Co. (quar.)..—..............
Extra..
........
California Packing Corp.
Calumet & Hecla Consol.
(quarterly)
Copper Co
Campbell Wyant & Cannon Foundry..........
Canada Malting Co., Ltd. (quar.)..—....—.
Canada Permanent Mtge. (quar.)
Canada Vinegars, Ltd. (quar.).
Canadian Industries, Ltd., com. A & B (qu.)
Preferred (quarterly)
Canadian Oil Cos., Ltd., 8% preferred (quar.).
Preferred
&^Light~Co~," pref."
Sept.
1 Aug. 15
Sept. 30 Sept. 21
Oct.
1 Sept. 16
Oct.
1 Sept. 16
Oct.
1 Sept.16
Sept. 15 Aug. 31
Sept. 15 Aug. 31
Sept. 1 Aug. 15
Oct.
1 Sept. 19
Oct.
1 Sept. 20
(quar.)
Capital Administration Co., Ltd., class A
Class B
$3 preferred (quarterly)
Cardinal Gold Mining Co. (initial)
Extra
Carman & Co. class A
Carnation Co., 5%
preferred (quarterly)
7% preferred (quarterly)
7% preferred (quarterly)
Carolina Power & Light 6% pref. (quar.)
7% preferred (quar.)
.........
Carolina Telephone & Telegraph (quar.)
Carter iWm.) Co., pref. (quar.)
Caterpillar Tractor (quar.)
Central Arkansas Public Service, 7 % pref
Central Mississippi Valley Elec. Properties—
6% preferred (quar.)
Centrifugal Pipe Corp. (quar.)__
Century Ribbon Mills preferred (quar.)
Champion Paper & Fibre Co.. 6% prer. (quar.)_
Chartered Investors Inc. (quar.)
Chesapeake Corp. (quar.)
...
Chesapeake & Ohio Ry. (quar.)....—......
Preferred (semi-annual)
....
Chesebrough Mfg. Co. (quar.).
Dictaphone Corp
Preferred (quar.)
Oct.
Jan.
Sept.
Sept.
Sept.
5
5
Aug. 20
Aug.15
Aug. 15
Sept. 15
Sept. 15
Aug. 10
Aug. 10
Aug. 31
Aug. 31
Aug. 20
Aug. 15
Aug. 15
Oct.
Oct.
Oct.
Sept.
Sept.
Sept.
Sept.
Extra
--
Sept.
—
Sept.
Sept.
,
Oct.
5% preferred (quar.)
muar.;
••)-
jiri
50c
Jan.
Dec.
1 Nov. 10
Sept
Sept.
15 Aug. 25
1 Sept. 12
1 Sept. 12
6
1 Aug.
1 Sept. 5
1
1 Aug. 20
1 Aug. 20
1 Aug. 20
30 Sept. 12
28 Sept. 14
1 Aug. 14
10 Aug. 25
1 Sept. 15a
1 Sept. 15a
1 Aug. 15
2 Aug. 26
15 Aug. 31
30 Sept. 25
Dec.
31 Dec. 25
Oct.
Sept.
Oct.
Sept.
Sept.
Sept.
Sept.
Sept.
Extra..
(quar.)
Colt's Patent Fire Arms Mfg. Co. (quar.)
Columbia Broadcasting A & B (quarterly)
Sept.
Sept.
...
Sept.
Columbus & Xenia RR
Oct.
Commercial Invest Trust Corp
Conv. preference $4M series of 1935 vquar.)
Compania Swift International
)
_
Compo Shoe Machinery vot. tr. ctfs
Compressed Industrial Gases
Confederation Life Association (quar.)
Quarterly
Congoleum-Nairn, Inc. (quar.)
Connecticut Light & Power—
i
5H% preferred (quarterly
6H % preferred (quarterly)
Connecticut Power Co. (quar.)
Consolidated Cigar Corp., 7% pref. (quar.)
Consolidated Edison Co., N. Y
Consolidated Film Industries preferred-I.III.I
$1.06;
Oct.
Sept.
Sept.
Sept.
Sept. 15 Sept.
Oct.
(quar.)
Class A 5% preferred (quar.)
Consolidated Oil Corp., $5 pref. (quar.)
Consolidated Paper Co. (quar.)
Consumers Power Co. $5 preferred (quar.jl._l
6% preferred (quar.)
6.6% preferred (quar.).
7% preferred (quar.)
6% preferred (monthly)
6% preferred (monthly)
6.6% preferred (monthly)
6.6% preferred (monthly)
Continental Casualty Co. (Chic., 111.)
Continental Steel Corp
;
Preferred (quarterly)
Oct.
Oopperweld Steel (quar.)
Aug.
Quarterly
(resumed)
—
Extra
Oct.
Sept.
Sept.
Oct.J
Oct.
Oct.
Oct.
Sept.
Oct.
Sept.
Oct.
Sept.
Sept.
Oct.
1 Sept. 15
1 Sept. 15
1 Aug. 15
1 Aug. 21
1 Sept. 15
1 Sept. 15
1 Sept. 15
1 Sept. 15
1 Aug 15
1 Sept. 15
1 Aug. 15
1 Sept. 15
1 Aug. 15
1 Aug. 14
1 Sept. 15
31 Aug. 15
Nov. 30
Nov.
15
10
Oct.
24 Oct.
Oct.
15 Sept. 15 i
_
(quar.)
Duro-Test Corp. common
Eastern Gas & Fuel
6%
Sept. 15 Sept.
Oct.
Sept.
Oct.
Sept.
Aug.
Sept.
Aug.
Sept.
Oct.
Sept.
_____
Association, 4H% Pre*
preferred (quarterly)
--
$6H pref. (quar.)_
Extra
Dec.
-—
Preferred (quar.)
Eddy Paper Corp
El
Electric Products Corp
Electric Shareholding Corp.,
Electric Storage Battery
Preferred (quar.)
$6 conv. pref
Co. (quar.).
Electrographic Corp. (quar.)
Extra
Preferred
(quar.)
Electrolux Corp
Extra
.
Elgin National Watch Co_
Elizabeth & Trenton RR. Co. (semi-ann.)....—
5% preferred (semi-ann.)
----El Paso Electric Co. (Del.) 7% pref. A (quar.)
$6 preferred B (quar.)
El Paso Electric Co. (Texas) $6 pref. (quar.)
El Paso Natural Gas, preferred (quarterly).
Ely & Walker Dry Goods Co. (quar.)
Emerson Drug Co., 8% preferred (quar.)
Empire & Bay State Teleg. Co., 4% guar, (quar.)
4% guaranteed (quar.)——.
...—
Empire Capital, A & B (quar.)..—..........
Empire Power Corp., participating stock.
1 Sept.
Aug.
Aug.
Aug.
5
Oct.
Oct.
Sept.
Aug.
Aug.
Aug.
Aug.
Aug.
5
6
5
15
31
15
1
5
8
8
20
20
20
15
15
5
1 Sept.
Oct.
Oct.
Sept.
Aug.
Sept.
Sept.
Sept.
1
" Sept.
Oct.
—
20]
20J
r
15 Sept. 30
15 Sept. 30
1 Aug. 21
Sept.
1 Sept. 15 ]
1 Aug. 21
Dec.
1 Nov. 21
Aug. 31 Aug. 19
Sept.15
Sept. 15
Sept. 26 1
Aug. 25
Sept.
Aug. 15
Sept.
Sept. 10 Aug. 31
Oct.
Oct.
Oct.
Enamel Products Co
Equity Corp., $3 conv. preferred (quar.)
Erie & Pittsburgh RR. Co. 7% gtd. (quar.)
7% guaranteed (quar.).
Dec.
10 Nov. 30
Sept.
Aug. 31
Dec.
Nov. 30
Oct.
(quar.).
Guaranteed betterment (quar.
'•).
European & North American Ry. (semi-ann.) __
Faber Coe & Gregg, Inc. (quarterly)
Fairbanks. Morse Co., 6% pref. (quar.)
Fajardo Sugar Co. (quar.)
Famise Corp., common class A (quarterly).
Fansteel Metallurgical Corp. $5 pref. (quar.)__
$5 preferred (quar.)
Farmers & Traders Life Insurance (quar.).
Faultless Rubber Co. (quar.)
Federal Compress & Warehouse Co. (quar.)
Federal Light & Traction, pref. (quar.)
Federated Dept. Stores
Special
Sept. 14
Aug.
Aug.
Aug.
Oct.
Sept.
Sept. 30 Sept.
15
12
15
19
Dec. 31 Dec.
15
Sept.
Sept.
Sept.
$2H
Oct.
50c
Oct.
35c
Sept.
15
35c
15c
Oct.
Feltman & Curme preferred (quar.)
Firestone Tire & Rubber, pref. (quar.)
87Hc
Oct.
Sept.
Sept.10
Sept. 15
Aug. 20
Aug.17
Sept. 21
Sept. 21
Sept. 1
Aug. 15
First National Stores
62 He
Oct.
Sept.
8
$ik
Oct.
Sept.
8
20c
Oct.
Preferred
(quarterly)
8% preferred (quarterly)
First State Pawners Society (111.)
Fishman tM. H.) Co. (quar.)
FitzSimmons &
$15*
(quar.).
15c
Connell Dredge & Dock-
12Hc
12Hc
Extra
•-1
$1 H
$1H
._..i.
$1 k
87 He
7% preferred (quar.),
20c
Foote-Burt Co
Ft. Wayne & Jackson RR. Co., 5H %
pref.(s.-a.)
$2H
Sept.
Oct.
Sept. 8
Sept. 30 Sept. 21
Aug. 15
Sept.
Aug. 21
Sept.
Aug. 21
Sept.
Sept.
Sept.
Sept.15
Sept.
Aug. 15
Aug. 15
Sept. 5
Aug. 20
15
Franklin Rayon Corp., $2H pref. (quar.)
Franklin Simon & Co.. Inc., 7% nref
62 He
Nov.
Oct.
$1*4
Freeport Texas Co. (quar.)
Preferred (quar.)
Fuller Brush Co. 7% pref. (quar.)
General American Corp. (semi-annually)
General Candy, class A (quar.)
25c
Sept.
Sept.
Aug. 14
Nov.
Oct.
...
Preferred
(quar.)
—....
Preferred
(quar.)
General Finance Corp. (Detroit)
General Mills preferred (quar.)
General Motors Co. (quar.)
15c
$12*
Preferred (quar.)
General Telep. Allied Corp. $6 preferred
General Telephone Corp., $3 conv. preferred-
(quarterly)
Globe Democratic Publishers, pref
Oct.
1 Feb.
1
Sept. 12
Sept. 12
Nov.
Sept.
Oct.
40c
Oct.
Sept.
19
1 May 22
Sept. 15
75c
$1M
Nov. 22
Dec.
$1H
SIM
fc$lM
15
Sept. 25
Aug. 15
Sept.
Sept. 21 Sept.10
Sept. 21 Sept. 10
Aug. 22
Sept.
Mar.
June
50c
Aug.17
Oct.
lit
ui
75c
Extra
Glens Falls Insurance Co.
$1H
$1M
30c
Class A, extra
General Cigar, Inc., preferred (quar.)
Preferred (quar.)
.....
,
15 Sept. 30
1 Aug. 22
Sept.
Oct.
$6 cumulative preferred
Emporium Capwell (semi-ann.)
Guaranteed betterment
1 Sept.
1 Sept.
Aug. 31
Sept. 15
Aug. 29
Sept. 15
Sept.
1
Sept. 30
Sept. 30
Sept. 1
Sept.
1
Sept. 1
Sept. 15
Sept. 15
Sept. 15
(quar.)
Dorado Oil Works (quar.)
Edison Bros. Stores, Inc.
10
15
15
10
10
18 1
15 Dec.
Oct.
Oct.
Oct.
Florida Power Corp. 7% pref. A (quar.)
Aug. 15
Aug. 15
Aug. 15
Aug. 15
Aug.
7
1 Sept. 10 J
Consol. Gas, El. Lt. & Pow. Co. of Baltimore—
Common
Dec.
Debenture stock (quar.K_
Duquesne Light Co., 5% cum. pref.
1
1
1
Sept. 1
Sept. 1
Sept. 15
Sept.
Sept.
10]
10
Aug. 18
Sept.
Sept. 30 Sept. 15
Oct.
1 Sept. 21J
Oct.
1 Sept. 21
Sept. 15 Aug. 26
Sept. 15 Aug. 26
$7 preferred (quar.)
7% preferred (quar.)
_____—
Du Pont de Nemours (E. I.) 8c Co., Inc. (qu.)—
1 Aug. 10
1 Aug. 10
Oolgate-Palmolive-Peet (quar.)..
Preferred (quar.)
Collateral Trustee Shares, series A registered
Collins & Aikman Corp., common
(quar.)
15
22
27
27
Sept.
Sept.
Oct.
Columbian Carbon Co.
1 Sept. 19
1 Dec. 19
Sept. 30 Sept.
Sept. 1 Aug.
Sept.15 Aug.
Sept. 15 Aug.
Coca-Cola International Corp., com
Preferred
Doehler Due Casting
15
14
14
Sept.
(quar.)....
Quarterly
31
Sept.
Sept.
Sept.
Sept.
Chicago Rivet & Machine (quar.)
piciorieu
Dec.
Sept.
Extra
o /o
5
Nov.
Aug. 20
Sept. 15
Aug.
1
Sept. 8
Sept. 8
Oct.
Chestnut Hill RR. (quar.)
Chicago Corp., preferred
Chicago District Electric Generating, $6 pref...
Chicago June. Rys. & Un. Stockyards (quar.)
6% preferred (quar.)
Chicago & Mail Order Co. (quar.)
City Ice & Fuel Co. (quarterly)
.quarterly)
► 6H% preferred (quarterly).
Clark Equipment Co
K Preferred (quar.)
...
Cleveland & Pittsburgh RR—
4% special guaranteed (quar.)
Cleveland & Pittsburgh Ry. reg. gtd. (quar.)
Registered guaranteed (quar.)....
Coast Counties Gas & Elec. pref. (quar.)
Coca-Cola Co. (quar.)
Oct.
Class A (quar.)
Doctor Pepper Co.
Nov. 14
Aug.
Aug.
Aug.
Sept.
Sept.
Oct.
(quar.)
Dixie Vortex Co.
1
Sept.
19
Sept.
Sept.
Sept.
$6 preferred (quar.)%
-----Eastern Steamship Line, pref (quar.) —
East Mahoning RR. Co. (semi-annual).
Eastman Kodak Co—..—
Nov.
5 Dec.
Sept. 10 Aug. 27
Aug. 15
Sept.
Aug. 15
Sept.
.......
Eastern Shore Public Service
Aug. 15
1 Aug. 20
1 Aug. 25
1 Aug.15
Jan.
.............
1 Aug. 15
1 Aug. 15
Sept.
Extra
Cincinnati Union Terminal Co.—
Sept.
Sept.
Sept.
-—
2 Dec. 20
Aug. 31 Aug. 15
Sept. 1 Aug. 17
31
Dec.
guarterly (semi-ann.)
referred
Oct.
...
k
Dec.
Diamond Match
Sept.
Sept.
Sept.23
11
21 Dec.
Sept. 30
Dexter Co
Jan.
Sept. 15 Sept.10
1 Aug. 13
Sept. 30 Sept. 16
Sept. 30 Sept. 21
Dec.
Extra
Canfield Oil, 7% pref. (quar.)
Chicago Yellow Cab Co., Inc. (quar.)
Chrysler Corp
Cine. New Orl. & Texas Pacific 5% pref. (qu.)
6M% pref_,
RR. (semi-annual)..
Dayton Power
(quar.)
Deposited Insurance Shares, ser A& B........
Deere & Co., preferred (quar.) —
Dentist's Supply Co. of New York (quar.).
Quarterly
_ _ _
7% preferred (quar.)——————
7% preferred (quar.)
Denver Union Stockyards, 5H% pref. (quar.)—
Detroit City Gas, 6% pref. (quar.)..
Detroit Gasket & Mfg. Co.. 6% pref
Detroit Hillsdale & South Western RR.
Detroit Paper Products Corp. (quar.)..
Canadian West Natural Gas, Lt., Heat & Pow.—-
1 Sept. 14
Aug. 31 Aug. 20
Aug. 31 Aug. 20
Sept. 15 Aug. 31
Oct.
1 Aug. 31
Sept.
1 Aug. 15
Sept. 15 Sept. 5
Sept.15 Sept. 5
Aug. 21
Sept.
Oct.
Sept. 15
Oct.
Sept. 15
Aug. 20
Sept.
Nov.
Sept. 15
Aug. 15
Sept.
Sept. 30 Sept. 19
Extra
Dayton & Michigan
Sept. 1 Aug. 15
Sept. 1 Aug. 15
Sept. 10 Sept. 1
Oct. 12 Sept. 30
Oct.
6 Aug. 27
Sept. 5 Aug.
1
Oct.
1 Sept. 15
Oct.
1 Sept. 15
Oct.
1 Sept. 15
Sept. 1 Aug. 24
Oct.
1 Sept. 21
Oct.
1 Sept. 21
Sept. 15 Aug. 31
Oct. I 1 Sept. 1
Aug. 31 Aug.
8
Sept. 15 Aug. 31
Oct.
1 Sept. 15
Sept.
1 Aug. 15
Oct. 31 Sept. 30
Oct. 15 Sept. 30
Oct.
1 Sept. 20
..
......—...
Burma Corp., Ltd., Am. dep. rec. reg.
$2
preferred (quar.)..
Daniels & Fisher Stores Co.,
15
Concent'g Co.
..........
Extra
Burdine's, Inc
$2.80 preferred (quar.)
Sept." 15"
1
10 Oct.
Sept.
Crum & Forster Insurance Shares—
Common A & B (quarterly)
1
Nov.
Quarterly...
Oct.
Orum & Forster,
15
Oct.
Buckskin National Mining
Bullock's, Inc
Bunker Hill & Sullivan Mining &
Oct.
Cutler-Hammer (quar.)—
28 Feb.
\
Buffalo, Niagara & Eastern Pow., 1st
$1.60 preferred (quar.)
10c
hU%
50c
7% preferred (quarterly)-—
Guneo Press, Inc., preferred (quarterly).
Curtis Publishing Co., 7% pref
_.
Cushmau's Sons, Inc., 7% pref. (quar.).
Feb.
(semi-annual)
Brown Shoe Co., common (quar.)
Buckeye Pipe Line Co. (quar.)—
Sept. 26 Sept. 12
Sept. 1 Aug. 15
Sept. 1 Aug. 10
Sept. 8 Aug. 21
Sept. 15 Aug. 31
$2M cumul. preferred (quarterly)
Co., common..—_—
Crown Willamette Paper 1st preferred
Crown Zellerbach Corp., gI.A&B
Crucible Steel Co. of Amer.. pref
56 He
Holders
When
Payable of Record
87Hc
Crown Drug
1
15 Jan.
15c
B.) Co. (resumed).
Sept.
1 Aug. 20
Sept.15 Aug. 21
B
Class B
15 Oct.
Share
of Company
Corrugated Paper Box Co., 7% pref. (quar.)...
Creameries of Amer., Inc., $3M conv. pref--—
Crown Cork & Seal Co., Inc., com. (quar.).
Apr. 15 Apr.
1
Oct.
1 Sept. 15
Oct.
1 Sept.
1
Aug. 31 Aug. 15
Aug. 31 Aug. 15
(quar.)
Brooklyn & Queens Transit pref. (quar.)
Brooklyn Union Gas Co. (quarterly)——.—.
Name
Coon (W.
20
16
31
31
14
14
Jan.
(quar.)
Per
Holders
Payable of Record
Sept. 25 Sept.
Sept. 30 Sept.
Sept. 15 Aug.
Sept. 15 Aug.
Sept. 1 Aug.
Sept. 1 Aug.
(monthly)
Bridgeport Gas Light Co
Bristol Brass (quar.)
When
Aug. 29, 1936
Chronicle
Sept.10
Sept. 10
Aug. 13
Aug. 13
2 Oct.
Aug.
Sept.
Sept.
Aug.
5
20
15
15
20
Volume
Financial
143
Per
Name
Share
of Company
Extra
1 Aug. 15
1 Sept. 20
Le Tourneau (R. G.), Inc. (quarterly)
Extra
Sept.
Sept.
Jan.
1 Dec. 20
Sept. 15 Aug. 31
Sept. 10 Aug. 31
Sept. 10 Aug. 31
Sept. 1 Aug. 24
Sept. 15 Sept. 1
Sept. 1 Aug. 20
Sept.30 Sept. 19
Aug. 30 Aug. 20
Sept.
1 Aug. 10
Sept. 28 Sept. 8
7
Sept. 1 Aug.
7
Sept. 1 Aug.
7
Sept. 1 Aug.
Aug. 31 Aug. 20
Sept. 1 Aug. 20
Libby-Owens-Ford
Life & Casualty Insurance Co. of Tenn—
Life Savers Corp.
(quar.)
Liggett & Myers Tobacco com. & com. B
Liggett & Myers Tobacco, pref. (quar.)
Lily-Tulip Cup Corp. (quarterly)
Lincoln National Life Insurance (quar.)
Lincoln Stores, Inc. (quar.)
7% preferred (quarterly)
Link Belt (quar.)_
Extra.—.—
Sept.
«1X
25c
'V*
Grand Rapids Varnish (quar.)....
Special
S3
15c
7Xc
Grand Union Co., preferred
Grand Valley Brewing Co..
Great Atlantic & Pacific Tea Co. (quar.)......
Extra
:
Preferred (quarterly)
25c
5c
six
Great Lakes Towing Co., 7% pref. (resumed)
Great Northern Paper Co. (quar.)
—
Great Western Electro Chemical Co., 6% pref.
.
60c
_:
Great Western Sugar Co. (quar.)
Preferred (quar.)
Greene Gananea Copper Co. (quar.)....
Gulf States Steel 7 % 1st preferred
:
Gulf States Utilities Co., $6 pref. (quar.)......
...
$5X preferred (quarterly)
Hackensack Water Co., 7% pref. A (quar.)
Hale Bros. Stores (quar.)..
Hamilton Watch, 6% preferred
Hammer mill Paper
6% preferred (quar.)
Hanes (P. H.) Knitting Co. (extra)...
Class B (extra)
Hancock Oil Co., class A and B (quar.)
Class A and B (extra)
Hanna (M. A.) Co., 5% pref. (quar.)
Harbison-Walker Refractories Co
Oct.
Oct.
Oct.
75c
h% 3X
SIX
SIX
43 Xc
15c
S3*
25c
SI X
10c
10c
25c
12Xc
SIX
50c
Preferred (quar.)
SIX
SIX
Harris burg Gas Co., 7% pref.
(quar.)
pref. (quar.)
Hart-Carter Co., $2 conv.
Hartford & Cbnnecticut Western RR—
50c
1 Sept. 19
2 Sept. 15
2 Sept. 15
Sept. 14 Sept.
Oct.
1 Sept.
Sept. 15 Aug.
Sept. 15 Aug.
Sept. 30 Sept.
Sept. 1 Aug.
Sept. 1 Aug.
Sept. 15 Sept.
Oct.
1 Sept.
Sept. 1 Aug.
Sept. 1 Aug.
Sept. 1 Aug.
Sept. 1 Aug.
Sept. 1 Aug.
Sept.. 1 Aug.
15
8
1
15
20
20
15
15
15
14
20 Oct.
15 Sept. 30
Sept.
1 Aug. 15
Sept.
1 Aug. 15
1 Aug. 15
Hobart Mfg. Co., class A (quar.)
Sept.
Hollander (A.) & Son, (quarterly)..
Nov. 16 Oct.
Nov. 16 Oct.
*
Hollinger Consol. Gold Mines, Ltd
10
10
Sept.
Sept.
7 Aug. 24
7 Aug. 24
1 Sept. 15
1 Sept. 15
1 Aug. 14
1 Aug. 15
Sept.
1
Sept.
Sept.
Extra
Oct.
Oct.
............
(Henry) & Co., A (quarterly)
Hoover & Allison Co., 7% pref. (quar.)...
Hoover Ball & Bearing Co. (extra)
Horn & Hardart (New York), preferred (quar.).
Hoskins Manufacturing Co. (quarterly)
1 Aug. i2
Sept. 26 Sept. 11
Sept. 26 Sept. 11
Oct.
1 Sept.
1
Oct.
1 Sept.
1
Sept. 5 Aug. 15
Sept. 1 Aug. 15
Oct.
1 Sept. 30
...
Illinois Water Service, 6% pref. (quar.)
Imperial Life Assurance of Canada (quar.)
Jan.
Quarterly...
..l
Imperial Tobacco of Great Britain & Ireland—
Amer. dep. rec., ord. (interim)
Indianapolis Water Co., 5% cum. pref. A (qu.).
Industnal News Service, extra
Ingersoll-Rand Co
2 Dec. 31
Sept.
International Mining
International Nickel Co
9 Aug. 14
1 Sept. 12a
Sept. 16 Sept. 1
Sept. 1 Aug.
3
Sept.
1 Aug. 14
Oct.
7 Sept. 30
Oct. 10 Sept. 22
Sept. 29 Sept. 11
Oct. 15 Sept. 19
Oct. 15 Sept. 19
Sept. 1 Aug.
5
Sept. 21 Aug. 31
Sept. 30 Aug. 31
Interstate Hosiery Mills, Inc.
Nov* 16 Oct.
Intertype Corp., common......
lstpreferred (quar.)
Mfg. (quar.)
Quarterly..
Irving (John) Shoe Corp. (initial)....
Preferred (quarterly)...
Jaeger Machine Co. (Col., Ohio)
Jantzen Knitting Mills 7 % preferred.
Jar vis (W. B.) Co. (quar.)
Jewel Tea Co., Inc., common (quar.).
Johns-Manville Corp. (quarterly).
Sept. 15 Sept. 1
Oct.
1 Sept. 15
Sept. 1 Aug.
0
Oct.
Inland Steel Co
Insurance Certificates, Inc
International Business Machines Corp. (quar.).
International Cement Corp...
International Harvester Co
guarterlv (quarterly).
referred
Iron Fireman
Dec.
1 Nov.
31
5
Sept. 15 Aug. 31
Sept. 15 Aug. 31.
Sept. 1 Aug. 20
....
Sept.
....
(quar.)..
Quarterly
Kansas City Power & Light, B 1st pref. (quar.).
Kansas Utilities, 7% pref. (quar.)
Oct.
Katz Drug iquar.)
Sept. 15 Aug.
Oct.
1 Sept.
Sept. 30 Sept.
Sept. 1 Aug.
Oct.
1 Sept.
Oct.
1 Sept
Sept. 1 Aug.
Sept. 1 Aug.
Sept. 1 Aug.
Sept 30 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
OCt.
Sept.
Sept.15 Sept.
Sept. 1 Aug.
Oct.
1 Sept.
Oct.
Preferred (quar.)
Kaufmann Dept. Stores, pref. (quar,).
...
Kayser (Julius)
Keith-Albee-Orpheum Corp., 7% preferred
Kelvinator Corp
Kemper (Thomas) Co., 7% special preferred...
Kendall Co., cumulative particpating pref. (qu.)
► -^Cumulative participating prer. (partic. div.)—
Kennecott Copper Corp......
Kimberly-Clark Corp. (quar.).
Special
Preferred (quar.).:.
Kingston Products (initial)
Preferred (quarterly)
Klein (D. Emil) (quar.).
...
1 Sept. 14
1 Sept. 21
JL
31
15
19
22
15
15
22
10a
10a
4
12
12
12
1
18
21
Kobacker Stores. Inc
PT8f6IT0(i
(semi-annual)
May Department Stores (quar.)
May Hosiery Mills, $4 preferred
$4 preferred (quarterly)
Mayflower Assoc., Inc. (quarterly)
McCahan Sugar Refining & Molasses, 7% pref.
SIX
(quarterly)
43 Xc
McClatchy Newspapers, 7% pref. (quar.)
43 Xc
7% preferred (quarterly)
20c
McColl Frontenac Oil Co. (quar.),
50c
Mclntyre Porcupine Mines (quar.)
McWilliams Dredging Co
*100%
Quarterly
Mead Corp., cumulative preferred A
h$ IX
SIX
Memphis Natural Gas Co., preferred (quar.)
15c
Merchants & Mfg. Securities class A & B
26c
Participating preferred
Participating preferred
...
Merrimac Hat Corp. (quar.)
8% preferred (quar.)
Metal Textile Corp., common
Preferred (partic. in common div.)
...
—
—....—
............
....
...
Partic. preference (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)
Michigan Steel Tube Products Co. (quar.)
Middlesex Water Co. (quarterly).
Mid-West Rubber Reclaiming Co., $4 pref. (qu.)
Minneapolis Gas Light (Del.), 7% pref
6% preferred (quarterly)
Missouri Utilities, 7% pref. (quarterly)_...
Mock, Judson, Voehringer Co
Preferred (quar.)
Monarch Knitting. Ltd., 7% preferred
Monarch Machine & Tool (quar.)..
.
.
_
...
Extra
—
Monroe Loan Society (quar.)
Monsanto Chemical (quar.)..
Extra
Montgomery Ward & Co
Class A (quar.)
Montreal Loan & Mtge. (quar.)
Moore (Wm. R.) Dry Goods (quar.)—
Quarterly
...—.............
Morrell (John) & Co
Morris (Philip) & Co. (quarterly).
Plan Insurance Society (quar.).
Morris P
Quarterly
Motor Finance Corp. (quarterly)
Motor Products
Extra
;
Motor Wheel Corp. common (quar.)
Mt. Diablo Oil Mining & Development
Mueller Brass Co. (quarterly)
Mull ins Mfg. Corp., $7 preferred
Munsingwear, Inc...
Murphy (G. C.) Co. (quar.)
Muskogee Co., 6% cum, pref. (quar.)
Mutual Chemical Co. of Am. 6% pref. (quar.)—
6% preferred (quar.)
...
Nachman Springfilled Corp
National Bearing Metals Corp——....
National Biscuit Co. (quarterly)
Preferred (quarterly)
—
National Casualty Co. (quar.)
National Container Corp. (quar.)
Preferred (quar.)
National Gas & Electric Corp—.............
National Lead Co. (quar.)
—
Extra
-
.
Class A
preferred (quar.)
Class B preferred (quar.)
National Linen Service Corp., $7 pref. (s.-a.)—
National Oats Co
.....—.........
National Power & Light Co
National Pressure Cooker Co...
Kresge (S. S.) Co. (quarterly).
Sept.
Sept.
Sept.
Sept.
Extra
Preferred (quarterly)
Kroehler Mfg. Co., class A preferred (quar.)
Class A preferred (quar.)
...
Landis Machine Co. (quar.)
30
30
30
30
Sept. 10
Sept.10
Sept. 10
Sept. 24
Dec. 31 Dec.
Kroger Grocery & Baking Co. (quar.).
6% preferred (quar.)
7% preferred (quar.)
Krueger (G.) Brewing Co. (quar.)
Lake of Woods Milling Co. (quar.)
Lake Shore Mines, Ltd. (quar.)
Lake Superior District Power, 7% pref. (qu.)_..
6% preferred (quarterly)
Landers, Frary & Clark (quarterly)
Quarterly
23
(quarterly)
Lawson (F. H.) Co., prer. B (quar:)—
Preferred BB (quarterly).
Leath & Co., $2X preferred (quar.)
'
National Sugar Refining (quar.)
Nebraska Power Co., 6% pref. (quar.)
7% preferred (quarterly)
Neiman (Marcus) Co., preferred (quar.)
Neisner Bros., Inc. (quar.)
Oct.
1 Sept. 18
New Bedford Cordage (quarterly)
Preferred (quarterly)
Nov.
2 Oct.
Newberry (J
Sept.
25c
rll
SIX
SIX
37Xc
37 Xc
1 Aug. 10
20
Newmont Mining
Oct.
1
New York Air Brake (resumed)
Jan.
1
Nov. 16 Nov.
5
Sept. 15 Sept.
5
Dec.
5
SI
45c
62Xc
15c
15 Dec.
Aug. 31 Aug. 21
Sept. 15 Sept. 10
Sept. 15 Sept. 10
Oct.
1 Sept.15
Sept.
lOlSept.
5% preferred A (quar.)
4
......
New England Telep. & Teleg. (quar.)
New Jersey Power & Light, $6 pref. (quar.)
$5 preferred (quarterly)
of Md. class A pref. (qu.)__
Corp., class A (quar.)
Ry. (quar.)
North American Edison, preferred (quar.)
North American Investment Corp., 6% pref
5 X % preferred (quarterly)
North River Insurance (quarterly)
Nortnern RR. Co. of N. J., 4% gtd. (quar.)
4% guaranteed (quarterly)
Niagara Share Corp.
25c
six
J.) Co. (quar.)
Sept. 16 Sept. 2
Sept. 1 Aug. 15
Sept. 15 Sept. 1
Sept. 1 Aug. 15
Sept. 1 Aug. 15
SIX
six
Preferred (quarterly)
Preferred (quarterly)
Extra
Maui Agricultural Co
Extra
1
Sept. 1 Aug. 15~
Sept. 30 Sept. 16
Sept. 24 Sept. 10
Sept. 24 Sept. 10
Oct.
1 Sept. 17
Sept. 30 Sept. 20
Dec. 31 Dec. 21
7% preferred (quarterly)
Lessings, Inc
——
............
Preferred
Nineteen Hundred
Norfolk & Western
Sept.
Sept.
Sept.
Sept.
...
Sept.
Extra.
■
...I...........
Humble Oil & Refining (quar.)
Extra
Hutchinson Sugar Plantation (monthly)
Kalamazoo Vegetable Parchment Co.
-—
......
Preferred (quar.)
Hibbard, Spencer, Bartlett & Co. (special)
Hibbard, Spencer, Bartlett & Co. (monthly)...
Hires (Chas. E.) Co., class A com.
(quar.)
Extra
4 Aug. 20
1 Aug.
1
1 Aug. 17
Oct.
1 Sept. 10
Sept. 15 Sept.
1
Nov. 2 Oct. 27
-
7
Oct.
Oct.
Aug. 31 Aug. 20
Oct.
1 Sept. 17
Sept.15 Aug. 31
Sept. 1 Aug. 20
Sept. 1 Aug. 20
Oct.
1 Sept. 22
Sept. 25 Sept. 15
Sept. 25 Sept. 15
2% preferred (semi-annual)..............
Hazel-Atlas Glass Co. iquar.)
Hazeltine Corp
Hey den Chemical Corp. common
Extra
i
Holophane Co
Preferred (semi-ann.)
4
15
31
31
16
1 Aug. 15
1 Aug. 15
Sept.
Sept.
Sept.
Preferred (quar.)..
......
Lis8en, Ltd., cum. preference (semi-ann.)
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 (quar.)—,—
8% preferred (quar.)
Lone Star Gas Corp., 6% conv. pref. (quar.) —
Loose-Wiles Biscuit Co., 5% preferred (quar.).
Lord & Taylor Co. 1st pref. (quar.).
Louisiana Land & Exploration Co. (quar.)
Louisville Gas & Electric, class A & B (quar.) —
Ludlow Mfg. Association (quar.)........
—
Lunkenheimer Co., preferred (quar.)
Preferred (quar.)..
Macy (R. H.) & Co.. Inc. (quar.)..
Madison Square Garden Corp. (quar.)
...
—
Magnin (I.) & Co., 56 preferred (quar.).
Manhattan Shirt (quarterly)
Masonite Corp. (quar.)
.....
30c
SIX
(quarterly)
Lanston Monotype Co.
When
Payable
Oct.
60c
i
Goodman Shoe Co. 6% pref. (quar.)
Gorham Mfg. Co., vot. trust certificates
Grace National Bank of N. Y. (semi-ann.)
■
Name of Company
40c
Preferred (quarterly)
Golden Cycle Corp. (quar.)
Holt
Per
Share
Holders
When
Payable of Record
60c
Olobe & Rutgers Fire Insur. Co., 2nd pref. (qu.)
Globe Wernecke Co., pref. (quar.)
Extra
1345
Chronicle
Oct.
Sept.
Sept.
Dec.
Sept.
Dec.
Sept.
Oct.
Jan.
1 Aug. 24
1 Aug. 24
1 Aug. 15
1 Aug. 15
1 Sept. 15
1 Aug. 18
10 Aug. 25
10 Nov. 25
10 Aug. 25
10 Nov. 25
1 Aug. 12
1 Oct.
1
2 Dec. 31
Sept. 30 Sept.
Oct.
1 Sept.
Sept. 1 Aug.
Sept. 15 Sept.
Sept. 25 Aug.
Sept. 1 Aug.
Oct.
1 Sept.
Jan.
2
1
18a
17
la
31
15
2k
Dec. 2k
Sept. 1 Aug.
7
Aug. 31 Aug. 14
Nov. 15
Nov.
1
Sept. 1 Aug. 10
Sept. 15 Sept. 1
Sept. 15 Sept.
1
Sept. 1 Aug. 15
Oct.
1 Sept. 19
Sept. 1
Sept. 2
Sept. 2
Sept. 15
Aug. 15
Aug. 18
Aug. 18
Sept. 1
Sept. 1 Aug. 15
Aug. 31 Aug. 31
Nov. 30 Nov. 30
Sept. 15 Aug.
Sept. 1 Aug.
Sept.
Aug.
Sept. l.Aug.
Sept. l|Aug.
Oct.
1 Sept.
15
1
20
20
15
20
Oct.
15 Oct.
1
Oct.
15 Oct.
1
Oct.
15 Oct.
1
Sept,
Sept.
Sept.
Sept.
Aug. 18
Aug. 18
Aug. 20
Aug. 20
Sept.
Aug. 20
Oct.
Aug. 31
Oct.
Aug. 31
Oct.
Aug. 31
Oct.
Aug. 31
Oct.
Aug. 31
Oct.
Aug. 31
Sept. 10 Aug. 31
Sept.
Aug. 25
Sept.
Aug. 20
Sept.
Aug. 31
Sept.
Aug. 31
Sept.
Aug. 26
Sept. 10 Aug. 21
Oct.
Sept. 15
Oct.
Sept.15
Sept.
Sept.
Sept.
Aug. 21
Sept. 15 Aug. 25
Sept.15 Aug. 25
15 Sept. 11
1 Sept. 18
Sept. 15 Aug. 31
Oct.
Oct.
1
Oct.
1 Oct.
Jan.
2 Jan.
2
Nov.
3 Oct.
10
15 Oct.
1
Oct.
Sept.
1 Aug. 27
Dec.
1 Nov. 20
Aug. 31
Aug. 31
Sept. 30
Sept. 30
Sept.10
Sept. 1
Sept.28
Sept. 1
Oct.
1
Sept. 1
Sept. 1
Sept. 28
Aug.
Aug.
Sept.
Sept.
Aug.
Aug.
Aug.
Aug.
Sept.
Aug.
Aug.
Sept.
24
24
19
19
20
24:
31
15
15
22
15
17
17
Sept. 15 Sept.
1
Sept. 1 Aug. 20
Oct. 15 Sept. 11
Aug. 31 Aug. 14
Sept. 15 Aug. 31
Sept. 1 Aug. 15
Sept. 1 Aug. 15
Sept. 1 Aug. 21
Sept. 30 Sept. 11
Sept. 30 Sept. 11
Sept.15 Aug. 28
Nov.
2 Oct. 16
Sept.
Aug. 20
Sept.
Aug. 21
July 27
Sept.
Sept.
Aug. 15
Oct.
Sept.
1
Sept.
Aug, 14
Sept.
Aug. 14
Sept.
Aug. 20
Sept.15 Aug. 31
Sept.
Aug. 12
Sept.
Aug. 12
Oct.
Sept. 16
Sept.
Aug. 15
Sept. 30 Sept. 10
Oct.
Aug. 31
Oct.
Aug. 31
Sept. 15 Aug. 31
Sept.
Aug. 12
Sept.24 Sept. 9
Dec. 28 Dec.
Nov. 14 Oct.
31
Sept. 19 Aug. 31
Sept.
Aug. 15
Oct.
20 Sept. 30
Oct.
20 Sept, 30
Sept. 10 Aug. 29
* Aug. 22
liNov. 21
Sept
Dec.
1346
Financial
When
Per
Share
Name of Company
Northam Warren Corp., conv. pref. (quar.)—
Northeastern Water & Electric, $4 pref. (quar.)
North Oklahoma Gas Co., 6% pref. (quar.)—,,
Holdi
Dec.
6% preferred (quar.),
1
1 Nov. 15
1 Aug. 21
Sept.
Sept. 1 Aug.
Sept. 1 Aug.
Sept. 1 Aug.
Sept. 15 Aug.
1
sept.
Sept. 1
Sept. 1
Sept. 1
Sept. 15
Sept. 15
Sept. 15
,,,.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Sept.
Sept.
1 Aug.
1 Aug.
Oct.
Oct.
1
Sept
Sept. 1
Sept. 1
Sept. 1
Sept. 1
Sept. 15
Parker Rust Proof (quarterly)
Parker Wolverine
Co.,
common
Patterson-Sargent Co. (quarterly).
Pender (David) Grocery Co., class A (quar.)
Penick & Ford. Ltd (quar.)
Peninsular Telegraph Co., 7% preferred (quar.)
7% preferred (quar.)
Peninsula Telephone Co. (quar.)__,
Quarterly
Pennsylvania Gas & Electric (Del.) A (qu.)
7% and $7 preferred (quar.)
Pennsylvania Glass Sand Corp.—
$7 preferred (quarterly)
Pennsylvania Power Co., $6.60 pref. (monthly)_
$6 preferred (quarterly)
Pennsylvania Water & Power Co. (quar.)
Preferred (quar.)
,|
Penn Valley Crude Oil, class A pref.
(quar.)
Peoples Drug Stores, Inc. (quarterly),
Special.
6>4% preferred (quarterly).
>ple
'
Peoples ~
Natural Gas Co., 5% pref. (quar.),,Peoples Telephone Corp. 6% pref. (quar.)
Peteroorough RK. Co
(semi-annually)
Pet Milk Co. (quarterly)
Pfaudler Co., preferred (quarterly)
Phelps Dodge Corp
Philadelphia Co. 6% preferred (semi-ann.)
Philadelphia Co., $6 preferred (quar.)
—
_
$5
preferred (quarterly)
*
6% preferred (semi-annual)
Philadelphia Elec. Power Co., 8% pref. (qu.),_
Phila., Germantown & Norristown RR. Co
Philadelphia Suburban Water Co.. pref. (quar.),
Philadelphia & Trenton RR. Co. (quar.)
Phillips Petroleum Co. (quar.)
l
__
Phoenix Hosiery, 1st preferred
(quar.)
Photo Engravers
Oct.
SIX
55c
M
<1P
A
$1X
12 He
25c
50c
$1X
62Hc
S1H
UK
25c
$1H
25c
25c
1 Sept.
Sept. 15 Aug.
Oct.
1 Sept.
Sept. 1 Aug.
Oct.
1 Sept.
Oct.
1 Sept.
Sept. 1 Aug.
Sept. 15 Aug.
Sept. 1 Aug.
1 oept.
Oct.
1 Sept.
$1 Yi
50c
Oct.
Oct.
1
$1H
$1H
$2H
Sept.
Sept.
5
25c
(quarterly)
1
1
Oct.
50c
10
Sept.
Sept.
Jan.
1
Sept.
Sept.
Aug.
Aug.
Sept.
Aug.
Aug.
8
31
15
31
25
10
20
25
10
1
1
1 •
10
20
12a
30
7
7
10 Sept. 30
10 Dec
31
1
Sept.
Sept.
Sept.
Aug.cl9
1 Aug. 15
1 Aug. 15
Oct.
1
$1*4
SIX
$1X
Oct.
1
1 Aug. 21
1 Sept. 15
1 Sept. 10
Jan.
2 Dec.
Oct.
6
%IH
Jan.
5 Dec.
SIX
12Hc
Oct.
1 Sept. 10
1 Aug.
3
75c
UK
SI X
lHc
Sept.
Oct.
Sept.
Sept.
Dec.
Sept.
Oct.
Sept.
$IH
$1 %
Sept.
Sept.
70c
10c
„
$3 preferred (quarterly)
I
I__
Procter & Gamble,
5% pref. (quar.)
Properties (A. P. W.), Inc., class B„
Public Electric Light, pref
(quar.)
Public National Bank & Trust Co.
(quar.)
.75c
$1X
3%
$1H
37 He
37 He
Quarterly
Public Service Co. of
Colorado, 7% pref. (mo.). 58 1-3 c
6% preferred (monthly)
50c
5% preferred (monthly)
41 2-3 c
Public Service Corp. of N. J.
(quarterly)
cumulative preferred (quar.)
50c
PyreneMfg. Co
Quaker Oats, preferred
(quarterly)
$1X
$1H
MX
Rapid
Electrotype (quarterly)
Quarterly
10c
87 He
50c
60c
60c
RayPestos-Manl attan. Inc. (.q'uar")""!""!
Reading Co. 1st preferred (quarterly)
2nd preferred
(quarterly)
Red Indian oil Co
(quarterly)
Reeves (Daniel), Inc.
(quar.)
6H% preferred (quarterly)
I
Reliance Grain Co., 6H%
pref. (quar.)
_
Inc.
Quarterly
IIIIIIIII
-IIZIIZZIIIIIIZI
(quar.),
"
....
pref.Tqu.j
pref."B_("quarZ)
....
Rubinstein
(Helena), Inc., $3 preferred
Manufacturing Co. (quarterly)
Russek's Fifth Ave., Tnc
St. Lawrence Flour Mills (extra)
Aug.
1 5
1 Mar. 31
Jan.
Sept.
Sept.
Sept.
Oct.
1 Sept. 21
2 Dec. 21
1
1
1
30
30
30
31
30
30
30
30
1
1
1
Sept.
1
sept.15
Aug. 31
Oct.
Sept.
Sept.
Aug. 15
Aug. 15
Aug. 15
Sept. 1
1
Sept.
1
Sept.
1
Aug.
1
Sept.
Sept.
1
Sept.
Sept. 1
Sept.10
Sept.10
Sept.10
Aug. 15
Aug. 31
Aug.
1
Sept. 9
Aug. 20
Sept.
1
1
Dec.
Dec.
Sept.
Aug. 31
Sept.
Aug. 20
Sept.17
Aug. 15
Aug. 31
Aug. 31
Aug. 31
Sept.10
Sept.10
Sept.10
Sept. 10
Aug. 11
Sept. 21
Sept. 15
Oct.
3c
sept.
Sept.
Sept.
Sept.
Oct.
15c
Oct.
31 He
Oct.
Oct.
Sept.
SI X
Oct.
$1X
Oct.
Sept.
Aug.
28
h$ 3
Sept.
Sept.
Sept.
15c
Oct.
10c
Extra
Quarterly
1
1 Aug. 21
12Hc
MX
MX
el%
Oct.
15
27
21
20
20
13
13
10
22
15c
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Aug.
Aug.
Sept.
Sept.
Aug.
Aug.
Sept.
Aug.
Aug.
15c
Dec.
Dec.
40c
Rich's, Inc.. preferred "(quarterly)IZZZZZIZZ]
Rike-Kumler (quarterly)
Riverside & Dan River Cotton
Mills, 6% preflll
Roberts Public Markets, Inc.
(quar.)
Rochester Gas & Elec. Corp., 7%
6% preferred C & D (quar.)
Roos Bros., Inc. (quarterly)
50c
25c
.
Richaruson Co.
37 He
50c
SI H
,
Reynolds Metals Co. (quar.).
5H % preferred (quar.)
Rice-Stix Dry Goods Co., 1st and 2nd
.
Oct.
20c
Radio Corp. of America—
$3 H cumulative conv. 1st preferred
Rainier Pulp & Paper, $2 A & B
(quar.),.,..
1 Aug. 20
1 Nov. 20
1 Aug. 15
1 Sept. 15
30 Sept. 10
1 Aug. 15
Oct.
$1H
10
Sept.
Oct.
Sept.
Sept.
Aug.
Sept.
Sept.
Sept.
Sept.
50c
SI X
(quar.).
Public Service Electric & Gas
Co., 7% pref. (qu.)
$5 preferred (quarterly)
Pure Oil Co., 5)4
% preferred (quar.)
6% preferred (quarterly)
8% preferred (quarterly)
Purity Bakeries Corp
Sept. 10
Oct.
Sept.
preferred (monthly)
$5 preferred
10
1 Aug. 20
1 Aug. 20
Sept.
1 Aug. 20
Sept. 15 Aug. 25
$2
%ix
-
.sept.
Sept.
Sept.
60c
'
preferred (quar.)
preferred (monthly)
1
Oct.
50c
lc
Potomac Electric Power Co., 6% pref.
(quar.)..
5H% preferred (quar.)
1
Prentice Hall, Inc.
Ruud
1 Sept. 15
1 Sept.
8
Oct.
Oct.
25c
5% preferred (quar.)
1 Aug. 20
1 Sept.15
1 Sept.15
Oct.
15c
Plymouth Oil Co
$6 preferred
Sept.
Sept.
Oct.
Oct.
Oct.
$1H
SIX
r20c
•_
Remington-Hand,
1 Sept. 15
1 Aug. 20
50c
(quar.).,
Pittsburgh Bessemer & Lake Erie (semi-ann.)__
Pittsburgh Ft. Wayne & Chicago Ry. Co. (quar.)
Quarterly
L
7% preferred (quarterly)
7% preferred (quarterly)
Pittsburgh Plate Glass
Pittsburgh Screw & Bolt (resumed)
Pittsburgh Youngstown & Ashtabula Ry. Co.—
7% preferred (quarterly)
7% preferred (quarterly)
Plymouth Found. A (quar.),
8%
7%
6%
6%
Oct.
40c
Pioneer Gold Mines of B
C., Ltd.
Pioneer Mill Co
(monthly)
Extra
1 Sept. 21
;
Oct.
Oct.
7H % debenture B (quarterly)
7% debenture C (quarterly) _
6H% debenture D
6% preferred (semi-annually)
6% preferred
—
Schenley DJstillors Corp. (quar.).
Schiff Co., common (quarterly).
Preferred (quarterly)
Scott Paper Co. (quarterly)
Seaboard Oil Co. of Dela., (quar.)
Sears, Roebuck & Co. (quar.),.
Second Investors Corp. (K. I.), $3 pref. (quar.)
Record (L.) Candy Stores, Ltd. (quar.)
Servel, Inc., common
7% cum. preferred (quar.)
7% cum. preferred (quar.)
Shattuck (Frank G.) (quarterly)
Sheep Creek Gold Mines (quar.)
Shenango Valley Water, 6% pref. (quar.)
Sherwin Williams Co., 5% preferred (quar.)...
Oct.
Oct.
Oct.
Oct.
Oct.
Sept.15
Sept.15
Sept.15
Sept. 15
Sept. 15
Sept.
1
_
'
(W.)
(aunr.)
(quar.)
Brewery
17
Jan.
2 Dec.
1
Sept. 21 Sept.
Oct. 15 Sept.
Sept. 1 Aug.
1 Aug.
Sept.
Sept. 1 Aug.
Aug. 29 Aug.
Sept. 15 Aug.
Sept. 15 Aug.
,,
Sloss-Sheffield Steel & Iron, pref. (resumed)...
Rmith
15
15
16
31
31
31
1
Dot.
1
Sept.
Simmons Co. (resumed)
Simon
15
20
15
15
15
15
15
15
20
1 Sept. 19
Sept.
.
Sisco Gold Mines. Ltd.
_
Dec.
Aug.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Aug.
Aug.
Aug.
Sept.
Aug.
Aug.
Aug.
Aug.
Nov.
(S. Morgan) Co. (quar.)
I
Nov.
19
1
30
20
15
5
14
31
31
1
Socony-Vacuum Oil Co
Sept. 15 Aug. 19a
Sonotone Corp., common
Oct.
Sound view Pulp Co. (quar.)
South Carolina Power Co. $6 pref. (quar.)
Sept.
1 Aug. 15
Oct.
1 Sept. 15
15 Oct.
1
Southern Calif. Edison Co.—
fc87Hc
(semi-annual)
Pillsbury Flour Mills Co
Extra
Aug.15
Aug. 10a
Aug. 15
Aug. 20
Aug. 20
Sept. 1
31
Sept.
_
1
Nov. 16 Nov.
5
Feb. 15 Feb.
6
Oct.
1 Sept. 15
Jan.
1 Dec. 15
Sept. 1 Aug. 20
25c
Extra,
Phoenix Finance Corp., preferred
(quarterly)
Preferred (quarterly)
10 Oct.
Dec.
--
.
Sept. 30 Sept.15
Sept. 26 Sept.10
Sept. 26 Sept. 10
Preferred (quar.)
Parker Pen (quar.)
Sept 30 Sept. 15
(quar.)—
Savannah Gas Co., 7% preferred (quar.)
Savannah Electric Power, 8% deb. A (quar.)—
21
15
20
31
3
15
15
15
31
31
1
20
20
Pacific Can (initial)
Paraffine Cos., Inc. (quarterly).
Extra
Dec. 31
—
Quarterly
Payable of Record
Sept. 30
Mt. & Pacific Co.. preferred.,
Preferred
San Francisco Remedial Loan Assoc.
1
sept.
...
St. Louis. Rocky
Aug. 10
Aug. 15
Holders
When
Per
Share
Name of Company
1 Aug. 15
1
Sept.
6% preferred (quar.),
Nova Scotia Light & Power Co., 6% pref. (qu.)_
Ogilvie Flour Mills Co., 7% pref. (quar.).
Ohio Oil Co., 6% preferred (quar.)
Ohio Power Co., 6% pref (quar.)
Ohio Public Service Co., 7% pref. (mo.).
6% preferred (monthly)
5% preferred (monthly)
Oklahoma Gas & Electric, 7% pref. (quar.)
6% preferred (quarterly)
Ontario Silknit Co., preferred (quar.)
Oshkosh Overall Co. (quar.),,
$2 preferred (quar.)
Ottawa Light, Heat & Power, pref.
Aug. 29. 1936
rs
Payable of Record
Sept.
Sept.
Northwestern Public Service, 7% pref. (quar.),,
Chronicle
$1X
25c
SIX
S1H
37Hc
25c
5
5
25c
Sept.
Aug. 20
$1
Sept.
Aug. 20
37Hc
6% preferred series B (quarterly)
Sept.15 Aug. 20
Southern Colorado Power Co.—-
$1
20c
Sept.15
Sept.
1
Sept. 1
Sept. 30
Sept.30
7oo
7% cumulative preferred (quarterly).
Sept.
Southern Fire Insurance Co. (N. Y.) (s.-a.)
60c
Southern Pipe Line
Southland Paper Co., common
Extra
10c
Southwest
Consol.
40c
(quarterly)
Utilities
Gas
Spear & Co., $5H pref. (quar.)
Spencer Kellogg & Sons, common (quar.)
Spiegel May Stern Co.. $6H preferred (quar.)..
Standard-Coosa-Thatcher Co., 7% pref. (qu.),.
SIX
40c
s\x
six
25c
Standard Oil of Califorinia
5c
Extra
25c
Standard Oil of Indiana (quar.)
Extra.J-.-
25c
3oc
Standard Oil of
Ky
Rtrawbridge & Clothier, 6% pref. (quar.)
Sterling Products, Inc. (quarterly)
Strawbridge & Clothier Co.. 6% pref. (quar.).,.
Stromberg-Carlson Telep. Mfg. Co., pref
Sun Oil Co. (quarterly)
Preferred (quarterly)
Sunray Oil Corp. (Dela.) common
Superior Portland Cement, class A pref.
Susquehanna Utilities Co., 6% pref. (qu^ir.)
Swift & Co. (quar.)
Sylvanite Gold Mines, Ltd. (quar.)
Tacony-Palmyra Bridge Co. (quar.)
Class A (quarterly)
5% preferred (quarterly)
7H% preferred (quarterly)
Talcon (James), Inc., 5H% pref. (quar.
Tampa Gas Co., 8% pref. (quar.).;
7% preferred (quarterly)
Teck-Hugbes Gold Mines, Ltd
Telephone Investment Corp. (mo.)
Tennessee Electric Power Co. 5% pref. (qu.)
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)
—
Extra _•
$1 H
95c
MX
hSIX
25c
SIX
5c
27 He
M X
25c
5c
50c
50c
!i&
68Mc
$2
SIX
r
10c
27Hc
$1H
$1H
SIX
$1.80
50c
50c
60c
60c
25c
25c
Texas Gulf Sulphur Co
Texas & Pacific Ry., preferred
50c
S2H
Tidewater Associated, Oil Co
Tidewater Oil Co
15c
45c
Tide Water Power preferred (quar.)
Timken-Detroit Axle Co. (quar.)
$1 H
25c
,
Extra
25c
Preferred (quarterly)
SIX
_
Timken-Roller Bearing Co.
Extra
'
(quar.)
50c
Title Insurance Corp. of St. Louis
Toledo Edison Co., 7% pref. (mo.)
25c
25c
_
58 1-3 c
50c
6% preferred (monthly)
41 2-3 c
5% preferred (monthly)
,i
Trans-Lux Daylight Picture Screen Corp.(s.-a.)
10c
Transue & Williams Steel Forging
15c
—
Extra
5c
Tri-State Telephone & Telegraph
Trusteed Standard Oil Shares, series B (bearer),
preferred'
7% preferred (quar.)
Tuckett Tobacco Co., Ltd., preferred (quar.),,
208 S. La Salle Street Bldg. Corp. (Chicago)
-
2 oct.
15 Oct.
sept. 15
Sept.
1
Sept.
Sept.
1
1
Sept.
1
Sept. 15
Sept. 1
Sept. 1
Sept. 1
1
sept.
Oct.
1
Sept. 30
Sept. 30
Sept.30
Nov.
1
Sept.
1
Sept. 15
1 Aug. 20
1 Aug. 20
Oct.
1 Sept. 10
Sept.
1 Aug. 20
Oct.
1 Sept. 15
Oct.
1 Sept. 15
Oct.
1 Sept. 15
Oct.
1 Sept. 15
Sept.
1 Aug. 15
Oct.
1 Sept. 15
Sept.
1 Aug. 15
Oct.
1 Sept. 15
Oct.
1 Sept.
4
Oct.
1 Sept. 4
Sept.15 Sept. 1
Aug. 31 Aug. 15
Sept. 1 Aug. 10
Aug. 31 Aug. 10
Sept.
Sept.
I
Sent.
Sept. 21 Sept. 10
Sept. 21 Sept. 10
Sept. 1 Aug. 20
Sept. 5 Aug. 18'
Sept. 5 Aug. 18
Aug. 31 Aug. 21
Sept. 1 Aug. 15
Sept. 1 Aug. 15
Sept. 1 Aug. 15
Sept. 1 Aug. 15
Oct.
1 Sept.15
Oct.
Oct.
>
Oct.
-1 Sept. 15
Sept.
Sept.
1 Aug. 15
1
1 Aug. 10
1 Sept. 10
15 Sept. 30
15c
Q/v
hS IX
$13$1
Sept.
Oct.
Oct.
1
Sept.15
1 Sept. 15
Oct.
50c
Jan.
Dec.
Sept.
Sept.
Sept.
Sept.
SIX
Oct.
2
i
30c
Preferred (quarterly)
United Corp., $3 preferred (quar.)
United Dyewood, preferred (quarterly)
Nov.
Oct.
75c
Oct.
Oct.
Sept. 4
Sept. 11
25c
(quarterly)
United Gas Corp. $7 pref. (quar.)
United Gas & Electric Corp
7 % prpterred (quarterly)
United Gas Improvement
(quar.)
Preferred (quarterly)
United Light & Ry. Co., 7%
pref. (monthly)
6.3% preferred (monthly)
6% preferred (monthly)
7% preferred (monthly)
6.3% preferred (monthly)
;
6% preferred (monthly)
,15c
SIX
60c
SIX
25c
$1 X
—
58 l-3c
54c
50c
58 l-3c
Jan.
Dec.
Oct.
Sept. 11
Sept. 4
Aug. 14
Sept.
Sept.
Sept.
Oct.
Sept.
Sept.
Sept.
Sept.
Sept.
Oct.
11
sept. 15
Sept.
Aug
Aug.
Aug.
Aug.
Aug.
Sept.
Sept.
Sept.
15
31
31
15
15
15
15
15
15
Envelope (semi-annual)
54c
Oct.
50c
Oct.
Oct.
Sept.21
Sept.
Sept.
Aug 15
Aug. 15
Sept. 15
Sept. 15
Aug. 21
Sept.15
Sept. 15
(semi-annual)
United States Foil, class A & B
Preferred (quarterly)
United States Freight (quarterly)
7% preferred (quarterly)
15
$2H
$2H
J. KR. & Canal Co
United States Gypsum Co. (quarterly)
Oct.
SIX
SIX
Preferred (quarterly)
United Dyewood Corp. (quar.)
United Elastic Corp.
United States
19
40c
12Hc
-
Sept. 19
Sept. 12a
Aug. 20
Sept. 1
Sept. 1
Aug. 17
Aug.
5
Union Pacific KK
Preferred fsemi-annually)
Union Tank Car Co. (quarterly)
United Biscuit Co. of Amer., com
15
1
Oct.
15
Aug. 15
Aug. 15
Aug. 15
Aug. 15
Aug. 3i
Aug 15
Aug. 15a
Aug. 15
Aug. 17
Aug. 25
Aug. 10
Aug. 11
Aug. 22
Aug. 20
Sept. 1
Aug. 17
Sept.15
Sept. 15
Sept. 17
75c
-
Underwood Elliott Fisher Co., common
Union Gas Co. of Canada, Ltd
Preferred
Nov.
Oct.
Sept.15
Sept.15
Sept.15
Sept. 15
50c
Quarterly
Quarterly
United N
J Aug, 20
Sept. 1 Aug. 15
Sept. 30 Sept. 15
25c
v
$6 cumul. preferred (quarterly)
Tubize-Chatiilon 7%
Aug. 15
Aug. 18
Sept. 15
Sept. 15
SIX
:
Tri-Continental Corp., common
Aug. 31
15C
Oct.
SIX
Oct.
25c
*.
Sept.
50c
Oct.
SIX
Oct.
,
Volume 143
Financial
Company
Share
United States Pipe & Foundry Co. common (qu.)
Common (quar.)
United States Playing Card Co.
(quar.)
Extra
L
United States Steel, 7% cumul. preferred
Oct.
Oct.
$1
25c
25c
Aug.
Sept.
Sept. 19
Aug.
1
Aug. 15
Dec.
Nov. 14
Mar.
Feb.
Wiser Oil
25c
June
Nov.
50c
1 Jan.
26
1
Oct.
7% preferred (quar.)
Vapor Car Heating Co., preferred (quarterly)___
UK
*1H
Preferred (quarterly)
Veeder-Root, Inc. (quarterly)
Sept.
Sept.
Sept.
Sept.
Sept.
%\v<
Dec.
60c
$1
__
50c
Extra
.
(quarterly)
10 Dec.
Sept.15
Sept.15
Sept. 1
Sept. 1
$1
50c
10c
Vicksburg Shreveport & Pacific Ry. Co
Preferred (semi-annually)
,
Victor-Alonognan iresumed)
7% preferred (quarterly)
Viking Pump Co
Preferred (quarterly)..
Virginia Coal & Iron Co. (quar.)
Virginia Electric & Power $6 pref. (quar.)
Virginia Fire & Marine, Ins
Vogt Mfg. Co. (quarterly)
Oct.
1
Sept.
Oct.
1
1
Sept. IS
Sept.15
Sept.
1
Sept.21
Sept. 1
Sept. 1
Sept. 15
Extra.
Vulcan Detinning, preferred
(quarterly)
Wagner Electric
Walker (H.), Qooderham & Worts
(quar.)
Preferred (quarterly)
Walthain Watch Co., prior preferred (quar.)
Washington Ry. & Electric Co
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 conv. pref
Western Auto Supply, A & B (quar.)
Westinghouse Electric & Mfg
Preferred (quarterly
West Jersey & Seashore 6% spec. gtd. (s.-a.)_
Westland Oil Royalty Co.f class A
(monthly)..
Westmoreland. Inc. (quar.)
Wheeling Electric Co. 6% pref. (quar.)
1
Oct.
„
Oct.
1
Sept.
9
2 Oct.
I Electric
MEMBERS
OF
FOR THE
OF
THE
NEW
WEEK ENDED
*
Dec.
Surplus
CLEARING
Y- & Tr. Co
6,000,000
20,000,000
677,500,000
20,000,000
90,000,000
/42,935,000
21,000,000
15,000,000
10,000,000
50,000,000
4,000,000
103,964,300
500,000,
25,000,000
10,000,000
5,000,000
12,500,000
7,000,000
5,775,000
Bank of Manhattan Co__
National City
Bank
Chemical Bk. & Tr. Co..
Guaranty Trust Co
Manufacturers Trust Co.
Cent. Hanover Bk. & Tr.
Corn Exch. Bank Tr. Co.
First National Bank
Irving Trust Co
Continental Bk. & Tr. Co
Chase National Bank.—
Flfth Avenue Bank_____
Bankers Trust Co.—
Title Guar. & Trust Co..
Marine Midland Tr. Co.
New York Trust Co
Com'l Nat. Bk. & Tr.Co.
Public N. B. & Tr. Co__
Total
*
As
reports:
stock for each
H share of Pacific So. Investors, Inc.,
American Cigar Co., stock dividend of l-40th of a share of American
common for each share of Amer. Cigar Co. held.
<7
Payable in Canadian funds, and in the case of non-residents of Canada,
a tax of 5% of the amount of such dividend will be madie.
r
a
reduction of
Deposited Insurance Shares; ser. A & B stock div. of 2H % payable in
Holders have option of div. in cash based on liquidating value
s
trust shares.
of shares.
u
Less tax.
'
j
Payable in U. S. funds,
x
y
to
Less depositary
A deduction has been made for
9,690,110,000
11,981,000
33,809,000
162,374,000
10,456,000
36,684,000
95,987,000
13,621,000
22,470,000
3,543,000
422,000
2,426,000
50,957,000
39,704,000
483,000
2,991,000
25,867,000
1,381,000
44,023,000
e As of
(c) $89,617,000; (d) $29,175,000.
in comparison
are
York
following
'Times"
publishes regularly each week
a
are
the figures for the week ended Aug. 21:
NATIONAL AND STATE
Loans?
$
from
3,234,773,000 3,145,661,000 2,760,148,000
1,046,000
1,627,000
1,627,000
72,122,000
48,474,000
71,201,000
Sates Treasury _x.
United
Redemption fund—F. R. notes
t—
Other cash
Total reserves
3,308,522,000 3,218,489,000 2,809,668,000
.
Bills discounted:
Secured
by
U.
Govt, obligations,
guaranteed
S.
Grace National
23,508,800
20,850,000
5,581,782
Treasury bills
3,897,000
Notes
Dep. Other
Banks and
Gross
Elsewhere
Trust Cos.
Deposits
$
$
85,400
482,000
161,889
6,703,200
5,070,000
1,419,523
Total U. S. Government
securities.
957,000
Res. Dep.
Cash
Invest.
$
N.
Y. and
Elsewhere
$
$
57.099,200 *7,126,300
8,846,227
190,442
12,239,610
*1,137,666
19,914,400
*4,371,500
28,935,500 *10,374,100
72,302,228
14,519,704
Fulton
Lawyers
United States
10,250,100
1,292,256
88,404,000
Fiduciary
2,402,400
485,000
77,634
817,000
Kings County
xu^iuuw
clary
amuuuv
34,995,000
8,660,468
34,812,921
tt
i
l
ix
583,400
3,628,800
16,617,669
1' evict ai
2,762,000
2,471,302
avcoci
vu.ttn
fuiiuwa,
,795,812; Fulton, $4,150,900; Lawyers. $9,641,200.
660,561,000
739,318,000
673,269,000
754,030,000
83,000
9,185,000
124,256,000
10,854,000
33,655,000
82,000
258,000
6,395,000
144,970,000
10,854,000
32,910,000
6,670,000
102,923,000
553,000
Gold held abroad
Due from
foreign banks
Federal Reserve notes
of other banks.
premises..—-—-—
All other assets
Total assets.
11,977,000
34,027,000
$
Liabilities—
817,210,000
718,194,000
F. R. notes In actual circulation
818,529,000
Deposits—Member bank reserve acc't— 2,844,247,000 2,733,685,000 2,605,564,000
U. S. Treasurer—General account—
31,278,000
10,255,000
30,426.000
35,759,000
7,066,000
Foreign bank
32,980,000
Other deposits
187,104,000
—
146,552,000
197,660,000
28,982,400
24,024,000
5,722,620
5,241,000
Total deposits
3,098,388,000 2,994,751,000 2,769,437,000
-
Banks and
contingencies
Deposits
—
150,236,000
50.18L000
50,825,000
7,744,000
8,849,000
5,854,000
101,935,000
59,498,000
49,964,000
6,863,000
7,500,000
6,062,000
Gross
Trust Cos.
121,289,000
50,181,000
50,825,000
7,744,000
8,849,000
6,032,000
Capital paid in
Surplus (Section 7)
Surplus (Section 13b)
All other liabilities
Dep. Other
$
2,392,400
1,946,776
836,962
Brooklyn—
Brooklyn
660,561,000
Foreign loans on gold
Deferred availability items
77,000
Loans
Disc, and
Manhattan—
98,412,000
492,016,000
148,890,000
Other securities.-
Reserve for
Federation
88,263,000
406,823,000
165,475,000
securities:
Bonds
Treasury notes.
,
Res. Dep.,
Y. and
N.
TRUST COMPANIES—AVERAGE FIGURES
Empire
1,800,000
6,985,000
2,920,000
FIGURES
Brooklgn—
People's National
5,927,000
1,103,000
7,075,000
4,160,518,000 4,086,969,000
United States Government
4,530,000
673,963,000
Industrial advances
3,007,000
88,263,000
406,823,000
165,475,000
market-
2,130,000
2,400,000
1,103,000
7,100,000
Total bills discounted.
BIIIb bought in open
2,294,000
2,905,000
5,199,000
direct and (or) fully
Other bills discounted
Bank
$
Including
Batik
$
Trade Bank of N. Y.
BANKS—AVERAGE
Other Cash,
Disc, and
Investments
Sterling National
York
Aug. 26, 1936 Aug. 19, 1936 Aug. 28,1935
Assets—
Uncollected items
INSTITUTIONS NOT IN THE CLEARING HOUSE WITH THE
CLOSING
OF BUSINESS FOR THE WEEK ENDED
FRIDAY, AUG. 21, 1936
Manhattan—
Per 100 shares,
,
number of banks and trust companies which
not members of the New York
Clearing House.
The
of
z
with the previous week and the corresponding
Total bills and securities.
New
expenses,
date last year:
559,179,000
1936; State, June 30, 1936; trust
Aug. 1, 1936.
/As of July 21, 1936.
Includes deposits in foreign branches as follows:
(a) S241,931,000; (6) $81,630,000;
The
,
expenses.
The following shows the condition of the Federal Reserve
Bank of New York at the close of business Aug. 26-1936,
Gold certificates on hand and due
132 ,267,000
390 ,633,000
share of common for
one
National, June 30,
companies, June 30, 1936.
returns
com¬
share held.
Tobacco class B
Average
834,141,100
pref. opt. div. ser. ww., 44-1000th
opt. of the holder %\H in cash.
conv.
or at the
Deposits,
Average
25,431,700
653,577,400 al,430 ,273,000
450 ,130,000
52,685,400
177,649,400 61,443 ,583,000
476 ,201,000
/34,011,900
758 ,708,000
63,661,200
244 ,584,000
16,662,900
519 ,734,000
90,750,600
516 767,000
59,102,000
48 ,072,000
3,871,500
122,927,400 cl,856 ,301,000
45 ,848,000
3,440,500
d791 ,126,000
69,091,300
17 ,561,000
2,724,200
87 ,844,000
8,385,100
326 ,250,000
22,744,400
76 010,000
7,873,900
78 ,218,000
8,595,100
526,174,300
•
per official
stock,
Time
Deposits,
10,955,200
accu¬
each share of preferred.
1936
$
Bank of N.
common
Kobacker Stores, Inc., pref. stock div. of
p
HOUSE
SATURDAY, AUG. 22,
and
Shareholding Corp., $6
Neu)
Net Demand
Members
h On account of
Life & Casualty Insurance Co. of Tenu.; a 33 1-3% stock div.
o
\
City
Undivided
Capital
Payable in scrip,
Condition of the Federal Reserve Bank of
Profits
•
Clearing House
g
j Payable In preferred stock.
Blue Ridge Corp. 83 conv. pref., ser. 1929, 1-32 of one share of com.
stock, or at the option of the holder 75c. cash.
15
2
New York
YORK
common stock,
n
Weekly Return of the New York City
Clearing House
ASSOCIATION
made:
Aug. 1.
Pacific Investors Corp.,
m
mon
Sept. 15 Aug. 31
Oct.
1 Sept. 16
Sept. 1 Aug.
3
weekly statement issued by the
Clearing House is given in full below:
as
of 1 share of
15
20
31
31
Jan.
The
been
Refining Co., stoek div. of l-25s sh. of Allied Mills1
Inc., for each sh. of Corn Products Refining Co. held.
15
Sept. 1 Aug.
Sept. 1 Aug.
Aug. 31 July
Aug. 31 July
...
Sept.
8
8
19
19
10
15
k Corn Products
Nov. 16
Nov.
_
Oct.
Oct.
15c
83 H
following corrections have
/ Payable in
Sept. 1 Aug.
1
Aug. 31 Aug. 15
...
Sept.
10
Nov. 16
Dec.
$2;
1
Co,"(qiiar.jIIIIIIIII""II
mulated dividends,
1 Aug. 15
1 Aug. 15
Dec.
•
1
Oct.
Payable jn stock.
e
10
Sept.
Sept.
10
24.
Transfer books not closed for this dividend.
reported
Aug. 24
Aug. 14
Aug. 28
Oct.
Oct.
25c
25c
The
Sept.
Aug.
Aug.
Sept.
Sept.
Aug.
Sept.
Sept.
Aug.
Detroit Paper Prod., payable Sept. 10; previously reported as Sept. 20.
Phoenix Hosiery, 1st preferred, holders of record Aug. 19 previously
Sept. 21 Sept.
1
Sept. 15 Aug. 22
Sept. 15 Aug. 22
...
Sept.
10c
5c
c
Aug. 31
20 Oct.
Sept.
WrifonthlWm") Jr. Co. (monthly).,
Sept. 1
Sept. 1
Aug. 15
Aug. 15
Sept. 8
Sept. 8
Aug. 22
Sept. 30
Sept.
1
Sept.
1
Aug. 21
Oct.
60c
;
a
15
15
15
12
Aug. 15
Nov.
$1H
_______
Zimmerknit Co., Ltd., pref
1
Sept.
50c
25c
Extra
Vale & Towne Mfg.
Oct.
Aug.
Aug.
Aug.
Sept.
Nov.
Wrlght-Hargreaves Mines, Ltd. (quarterly)
Sept.
1
1 3ept.
1
1 Aug. 21
2 Aug. 20
1 Aug. 19
1 Aug. 19
10 Sept* 1
Sept.
81 %
\2He
(quarterly).
Wolverine Tube, 7% pref.
(quarterly)
Wool worth (F. W.) Co.
(quar.)
26
Feb.
h$3H
:
May 15
1 Oct.
Oct.
58 l-3c
Vanadium-Alloys Steel
15
Sept.
Sept.
$3
White Villa Grocers
(serai-annual)
Whitman (Wm.) & Co., Inc.,
7% pref. (quar.)__
Wilson & Co.
(quarterly)
;
Wlnstead Hosiery Co.
(quarterly)
Extra
UH
%IH
#6 preferred
Utica Knitting, 7% preferred
STATEMENT
10c
Nov. 30
Sept. 19
Holders
Payable of Record
10c
Dec.
Oct.
25c
Quarterly
;
Quarterly
Quarterly
Upper Michigan Power & Light Co.—
6% preferred (quar.).
6% preferred (quar
'.).
Utah Power & Light, $7 preferred
_
Westvaco Chlorine Products
(quar.)_
Extra
Sept. 30
When
Share
25c
Universal Insurance (Newark, N. J.)
(quar.)
Vick Chemical Co.
Extra
Name of Company
25c
37 He
...
Van Raalte Co., Inc
Per
Payable of Record
37 He
1347
Holders
When
Per
Name of
Chronicle
4~8~3~506
$
67,161,500
10,379,049
11,831,667
20.706.500
40,351,300
74.441.501
"306,000 118,844,000
40,889,799
Total liabilities
Ratio
F.
of
R.
4,160,518,000 4,086,969,000 3,719,553,000
total reserves
to
deposit and
note liabilities combined
Commitments
to
make
vances
Industrial
84.5%
84.4%
80.6%
9,020,000
9,041,000
9,738,000
ad¬
t "Other cash" does not Include Federal Reserve notes
bank's
or a
own
Federal
Reserve bank notes.
These are certificates given by the United States Treasury for the gold taken
over from the Reserve banks when the dollar was on Jan. 31, 1934, devalued from
x
100 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 Act of 1934.
,
Aug. 29. 1936
Financial Chronicle
1348
Weekly Return of the Board of Governors of
The following is
the Federal Reserve System
issued by the Board of Governors of the Federal Reserve
System on Thursday afternoon, Aug. 27,
Reserve banks at the close of business on Wednesday. The first table presents the results
for the System as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding
week last year.
The second table shows the resources and liabilities separately for each of the twelve banks.
The Federal
Reserve note statement (third table following) gives details regarding transactions in Federal Reserve notes between the
showing the condition of the twelve
Reserve Agents and
returns
The comments of the Board of Governors of the Federal
department of "Current Events and Discussions "
the Federal Reserve banks.
for the latest week appear
in
our
AT THE CLOSE OF BUSINESS AUG. 26,
AND LIABILITIES OF THE FEDERAL RESERVE BANKS
COMBINED RESOURCES
Aug. 26, 1936 Aug. 19, 1936 Aug. 12, 1936 Aug.
$
ASSETS
$
1936 July 29, 1936
5,
July 22, 1936 July 15, 1936 July
1936
1936 Aug. 28,1935
8,
$
$
$
$
$
$
Reserve System upon the
.
$
8.185,322,000 8,186,524,000 8,106,569,000 6,482,231,000
U.S.Treas.x 8,274,032,000 8,255,038,000 8,225,038,000 8,211,046,000 8,185,529,000
20,407,000
12,542,000
12,542,000
12,185,000
11,663,000
14,070,000
13,070,000
13,720,000
13,720,000
Redemption fund (F. R. notes)
227,124,000
271,008,000
287,652,000
293,440,000
303,084,000
282,936,000
282,433,000
289,980,000
288,635,000
Other cash ♦
*
Gold ctfs.
on
.
hand & due from
Total reserves
8,390,119,000 6,729,762,000
8,571,038,000 8,550,541,000 8,528,738,000 8,513,401,000 8,500,276,000 8,490,947,000 8,486,718,000
—
Bills discounted:
Secured
by
U.
direct and (or)
S. Govt; obligations,
fully guaranteed—.—.
Total bills discounted
market....
Industrial advances
Treasury notes
——
...........
3,296,000
9.409,000
3,084,000
29,457,000
3,085.000
29,500.000
4,685,000
29,447,000
7,863,000
3,960,000
3,094,000
28,662,000
3,094,000
28,782,000
3,092,000
28,888,000
3,986,000
2,430,331,000
2,430,227,000 2.430,227,000 2,430,227,000 2,430.227,000 2,430,227,000 2,430.227,000 2,430,228,000
181,000
181,000
181,000
.......
181,000
181,000
i8i,ooo
181,000
181,000
.......
Total bills and securities
2,473,872,000
2,469,295,000 2,468,641,000 2,470,147,000 2,466,348,000 t2,466,752000 2,466,460.000 2,465,848,000 2,466,290.000
....
Gold held abroad
219~66O
Federal Reserve notes of other banks....
219~ 000
"~~219~000
221*000
"""22T666
225~O6O
229*000
"""229:656
'"640",606
25,093,000
Due from foreign banks.
21,540,000
589,851,000
48,054,000
43,644,000
23,348,000
598,183,000
48,055,000
44,152,000
22,540,000
547,616,000
48,056,000
44,190,000
24,185,000
553,019,000
48.055,000
28,268,000
591,182,000
48,055,000
.44,275,000
25,884,000
681,238,000
48,055,000
18,821,000
598,237,000
48,054,000
42,533,000
21,196,000
443,265,000
49,966,000
46,350,000
528,322,000
48,055,000
43,586,000
Uncollected Items
Bank premises
All other assets
2,899.000
3,088,000
29,573,000
6,477,000
Total U. S. Government securities.. 2,430,227,000
Other securities..
3,391,000
3,092,000
t29.584,000
1,676,000
1,992,000
290,316,000
315,673,000
315,672,000
324,721,000
324,721,000
324,721,000
324,721,000
324,721,000
324,721,000
1,494,218,000 1,618,354,000
1,496,719,000 1,496,719,000 1,496,719,000 1,496,719,000 1,496,719,000 1,496,719,000 1,494,218,000
521,661,000
620,337,000
620,337,000
608,787,000
608,787,000
608,787,000
608,787,000
608,787,000
608,787,000
U. S. Government securities—Bonds....
Foreign loans on gold...
3.668,000
1,856,000
2,104,000
3,095,000
28,554,000
—
Treasury bills
1,438,000
1,858,000
2,311,000
7,238,000
'
Bills bought in open
1,052,000
1,847,000
3.405,000
3,072,000
5,552,000
5,423,000
1,528,000
1,863,000
3,638,000
3,600,000
Other bills discounted
....
145,282,000
43,499,000
9,765,051,000
11,685,608,000 11,722,490,000 11,712,842,000 U,642,372,000 11,637,790,000 11,669,412,000 11.751.471.000 11,564,283,000
Total assets........................
LIABILITIES
3,352,057,000
3,993,664,000 3,988,055,000 3,983,473,000 3,979,814,000 3,951.101,000 3,976,863,000 4,006,015,000 4,040,332,000
F. R. notes in actual circulation.....
5,935,131,000 5,871,746,000 5,814,251,000 5,346,437,000
Deposits—Member banks' reserve account 6,331,502,000 6,228,518,000 6,116,084,000 6,004,796,000 6,016.170,000
49,877,000
592,501.000
506,644,000
519,317,000
466,210.000
338,062,000
439,391,000
143,424,000
215,424,000
U. 8. Treasurer—General account
19,122,000
60,321,000
60,100,000
61,415,000
57,158,000
86,438,000
71,040,000
98,174,000
90,126,000
Foreign banks
193,429,000
202,795,000
238,445,000
205,713,000
240,676,000
249,675,000
250,309,000
238,258,000
251,437,000
Other deposits......................
Total deposits
6,754,308,000 6,730,060,000
J.............. 6,811,358,000 6.785,505,000 6,790,893,000 6,764,902,000 6,780,214,000
Deferred availability items.........
532,971.000
Capital paid in
Surplus (Section 7)
Surplus (Section 13-B)
130,170,000
145,501,000
27,088,000
34,235,000
Reserve for contingencies
10,621,000
All other liabilities..
of
total
reserves
591,154,000
130,177,000
145,501,000
26,513,000
34,141,000
10,990,000
550,985,000
130,205,000
145,501.000
26,513,000
34,105,000
10,347,000
559,363,000
130 170,000
145,501,000
26,513,000
34,105,000
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
6,584,011.000 5,608,865,000
693,077,000
130,988,000
145,501,000
26,513,000
34,117,000
9,744.000
447,201,000
146,741,000
144,893,000
22,621,000
30,775,000
11,898,000
9,765,051,000
11,685,608,000 11.722,490,000 11,712,842,000 11,642,372,000 11,637,790.000 11,669,412,000 11,751.471,000 11,564,283,000
Total liabilities
Ratio
601,610,000
130,169,000
145,501,000
27,088,000
34,236,000
10,326,000
to
deposits
and
79.3%
Commitments to make Industrial advances
79.4%
79.2%
79.2%
79.2%
79.1%
79.0%
79.0%
75.1%
23,365,000
F. R. note liabilities combined
23,271,000
23,394,000
23,453,000
23,711,000
23,771,000
'23,839,000
23,844,000
26,313,000
$
*
Maturity Distribution of Bills and
$
$
$
1
$
Short-term Securities—
5,320,000
4,534,000
803,000
1-15 days bills discounted...
16-30 days bills discounted
31-60 days bills discounted
600,000
463,000
256,000
381,000
...T.
61-90 days bills discounted
Over 90 days bills discounted
6,097,000
141,000
.
2,028,000
2,360,000
34,000
28,000
31,000
20,000
873,000
205,000
654,000
624,000
593,000
2,290,000
813,000
207,000
622,000
673,000
278,000
658,000
622,000
283,000
106,000
1,959,000
1,681,000
$
7,025,000
17,000
61,000
658.000
916,000
48,000
564,000
725,000
715,000
776,000
137,000
194,000
128,000
7,238,000
7,863,000
3,960,000
3,668,000
3,391,000
2,899,000
3,296,000
880,000
768,000
233,000
495,000
122,000
283,000
4,000
880,000
236,000
133,000
24,000
1,809,000
1,857,000
2,075,000
352,000
769,000
244,000
1,727,000
1,874,000
1,598,000
16-30 days bills bought in open market
31-60 days bills bought In open market—
61-90 days bills bought in open market---
6,477,000
978,000
Total bills discounted........
1-15 days bills bought in open market-
9,400,000
898,000
4,000
1,625,000
352,000
963,000
837,000
234,000
664,000
92,000
2,036,000
502,000
247,000
270,000
2,095,000
1,249,000
Over 90 days bills bought in open market-
3,095,000
Total industrial advances
3,092,000
3,092,000
3,088,000
3,084,000
3,085,000
4,685,000
1,395,000
1,434,000
1,550,000
1,502,000
1,429,000
1,331,000
294,000
684,000
799,000
294,000
279,000
288.000
411,000
188,000
674,000
876,000
589,000
948,000
560,000
670,000
623,000
1,732,000
757,000
527,000
25,413,000
25,543,000
25,638,000
882,000
26,243,000
840,000
25,303,000
179,000
575,000
930,000
26,214,000
1,716,000
172,000
750,000
711,000
Over 90 days industrial advances
3,094,000
1,472,000
297,000
61-90 days Industrial advances
3,094,000
1,493,000
Total bills bought in open market-.'
1-15 days industrial advances
16-30 days Industrial advances
31-60 days industrial advances.—.
26,157,000
'26,280,000
25,669,000
29,573,000
29.457,000
29,500,000
29,447,000
...
28,554,000
1-15 days U. S. Government securities..
37,930,000
16-30 days U.S. Government securities—
31-60 days U. S. Government securities—
61-90 days U. S. Government securities--
85,786,000
79,282,000
72,006,000
Over 90 days U. 8. Government securities 2,155,223,000
28,662,000
28,782,000
28,888,000
29,448,000
24,930,000
26,341,000
28,827,000
27,979,000
28,580,000
28,459,000
31,956,000
36,956,000
27,463,000
27,979,000
28,459,000
28,580,000
31,956,000
37,930,000
•36,956,000
81,016,000
112,318,000
65,536,000
69,886,000
117,972,000
123,716,000
129,459,000
130,275,000
87,452,000
35,985,000
129,459,000
130,275,000
87,452,000
70,804,000
79,282,000
85,659,000
66,816,000
2,229,635,000
2,147,987,000 2,144,407,000 2,164,428,000 2,166,814,000 2,168,244,000 2,172,780,000 2,180,913,000
2,430,227,000 2,430,228,000 2,430,331,000
2,430,227,000 2,430,227,000 2,430,227,000 2,430,227,000 2,430,227,000 2,430,227,000
Total U.S. Government securities
1-15 days other securities...
16-30 days other securities
31-60 days other securities
61-90 days other securities
Isi~666
Total other securities
18
XTOOO
i8i~566
18i~666
"~l~8l",666
isi'ooo
a 8i~666
""18I~66o
181,000
Over 90 days 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—-. 4,302,908,000
Held by Federal Reserve Bank
In actual circulation
309,244,000
4,345,447.000 3,631,472,000
4,297,480,000 4,292,938,000 4,284,874,000 4,291,673,000 4,308,344,000 4,331,177,000
279,415,000
305,115,000
325,162,000
331,481,000
305,060,000
340,572,000
309,465,000
309,425,000
4,040,332,000 3,352,057,000
3,993,664,000 3,988,055,000 3,983,473,000 3,979,814,000 3,951,101,000 3,976,863,000 4,006,015,000
.......
Collateral Held by Agent as Security for
Notes Issued to Bank—
Gold ctfs.
on
hand & due from U. S. Treas. 4,306,338,000
By eligible paper.
U. S. Government securities
Total
♦
x
5,777,000
73,000,000
3,663.424,000
4,385,115,000 4,379,376,000 4,378,845,000 4,365,472,0001 4,368.401,000 4,379,167,000 4,388.670,000 4,391,066,000
collateral..
"Other cash" does not include
3,436,984,000
4,301,338,000 4,299,338,000 4,289,838,000 4,313,023,000 4,319,023,000 4,348.023,000 4,342,023,000
7,940,000
2,043,000
1,647,000
2,634,000
2,378,000
2,144,000
6,507,000
5,038,000
218,500,000
47,000,000
39,000,000
73,000,000
58,000
53,000,000
73,000,000
73,000,000
Federal Reserve notes,
These are certificates given by the
t Revised figure.
U. S. Treasury for the gold taken over from the Reserve banks when the dollar was devalued from
Jan. 31,1934, these certificates being worth less,to the extent of the difference,
of the
Gold Reserve Aot of 1934,
,
100 oents to 69.06 cents on
the difference itself having been appropriated as profits by the Treasury
under the provisions
Volume 143
Financial
Chronicle
1349
Weekly Return of the Board of Governors of the Federal
WEEKLY
STATEMENT OP RESOURCES AND LIABILITIES OF EACH OP
Two Ciphers
Reserve
System (
)
RESERVE BANKS AT CLOSE OF BUSINESS AUG. 26 1936
(00) Omitted
Federal Reserve Bank of—
Total
Boston
New York
Phila.
RESOURCES
i
%
S
$
Gold certificates on hand and due
from U. S. Treasury
Redemption fund—F.
R. notes-
Other cash ♦
Total reserves
Bills discounted:
Sec. by U. S. Govt,
Cleveland Richmond
%
Atlanta
Chicago
1
%
5
Louis Minneap. Kan. City
St.
%
Dallas
San Fran *
S
%
%
S
h
8,274,032,0 498,564,0 3,234,773,0 411,750,0 613,895,0 276,856,0 221,939,0 1,598,843,0 214,786,0 184,033,0 261,922,0 164,654,0 592,017,0
14,070,0
939,0
1,986,0
1,627,0
865,0
900,0
2,956,0
528,0
199,0
367,0
840,0
922,0
1,941,0
282,936,0 34,555,0
72,122,0 36,254,0 25,916,0 15,182,0 10,061,0
33,944,0 13,536,0
7,041,0 13,772,0
7,166,0 13,387,0
8,571,038,0 535,105,0 3,308,522,0 448,869,0 640,750,0 292,938,0 234,956,0 1,633,315,0 229,162,0 191,398,0 276,231,0 172,062,0 607,730,0
obligations,
direct <k (or) fully guaranteed
Other bills discounted
3,36;8,0
2,294,0
66,0
50,0
2,905,0
7,238,0
116,0
ff,199,0
3,095,0
28,554,0
226,0
3,100,0
1,103,0
7,100,0
5,072,0
324,721,0
1,496,719,0
608,877,0
21,607,0
99,596,0
40,510,0
■
3,600,0
Total bills discounted
Bills bought in open market
Industrial advances.U. S. Government securities:
Bonds
Treasury notes-—.
Treasury bills-.—.
...
Total bills and securities
...
Uncollected items
Bank premises.
All other
resources-........—..
Total resources
219,0
25,093,0
528,322,0
48,055,0
43,586,0
280,0
11,0
137,0
93,0
311,0
291,0
230,0
84,0
317,0
294,0
1,480,0
121,0
3,601,0
108,0
602,0
17,104,0
78,839,0
32,067,0
13,142,0
60,575,0
24,639,0
38,630,0
178,054,0
660,561,0 211,180,0 235,795,0 128,010,0
98,356,0
289,107,0 129,927,0
30,0
54,0
32,0
37,0
386,0
87,0
532,0
61,0
1,152,0
17,361,0
80,018,0
32,548,0
11,571,0
1,788,0
72,423,0
711,0
131,0
87,0
96,0
>
293,0
418,0
69,0
<75,0
21, p
87,0
1,556,0
218,0
1,668,0
903,0
120,0
11,0
16,425,0
75,708,0
30,794,0
12,502,0 28,392,0
57,628,0 130,863,0
23,440,0 53,228,0
86,598,0 122,927,0
93,570,0 212,483,0
53,534,0
21,693,0
181,0
2,469,295,0 165,155,0
foreign banks
Fed. Res. notes of other banks
311,0
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
Total U. S. Govt, securities.
2,430,227,0 161,713,0
Other securities
181,0
Due from
THE 12 FEDERAL
673,963,0 216,880,0 237,860,0 131,962,0
99,150,0
54,711,0
3,113,0
83,0
9,185,0
124,256,0
10,854,0
21,0
738,0
40,854,0
8,0
1,615,0
17,999,0
'26,0
1,697,0
72,335,0
384,0
33,655,0
3,316,0
2,284,0
1,382,0
4,831,0
559,0
17,0
346,0
20,0
1,553,0
50,980,0
6,525,0
1,616,0
5,079,0
10,0
1,958,0
46,919,0
2,919,0
1,128,0
291,281,0 130,642,0
4,0
1,550,0
21,739,0
2,453,0
218,0
87,811,0 124,167,0
95,924,0 214,500,0
3,0
1,350,0
17,141,0
6,0
922,0
26,260,0
1,531,0
319,0
•
6,0
1,270,0
28,526,0
3,360,0
377,0
1,526,0
233,0
15,0
2,909,0
26,602,0
3,580,0
399,0
11685608,0 758,831,0 4,160,518,0 715,757,0 939,304,0 477,834,0 357,394,0 2,004,044,0 385,768,0 299,553,0 433,937,0
296,933,0 855,735,0
liabilities
,
F. R. notes In actual
circulation
3,993,664,0 354,957,0
817,210,0 294,282,0 394,364,0 186,230,0 175,742,0
916,436,0 168,845,0 125,765,0 154,040,0
85,005,0 320,788,0
Deposits:
Member bank
reserve account.
U. 8. Treasurer—Gen'l
acc't—
Foreign bank
Other deposits
Total deposits
...
Deferred availability items......
Capital paid In
Surplus (Section 7)
Surplus (Section 13-B)
Reserve for contingencies...._.
All other liabilities
Total liabilities
Commitments
6,331,502,0 306,793,0 2,844,247,0 332,791,0 440,496,0 210,070,0 137,639,0
143,424,0
6,626,0
31,278,0
5,146,0
8,223,0 13,943,0
8,264,0
98,174,0
7,274,0
35,759,0
9,141,0
9,043,0
4,325,0
3,440,0
238,258,0
4,061,0
187,104,0
1,829,0
4,304,0
2,662,0
2,183,0
939,439,0 161,437,0 126,788,0 229,974,0 150,961,0 450,867,0
16,718,0 11,363,0
14,299,0
7,981,0
14,397,0
5,186,0
11,402,0
2,949,0
2,359,0
2,850,0
2,850,0
6,782,0
2,015,0
7,458,0
4,146,0
261,0
2,124,0 20,111,0
6,811,358,0 324,754,0 3,098,388,0 348,907,0 462,066,0 231,000,0 151,526,0
969,574,0 183,207,0 147,592,0 241,066,0 170,332,0 482,946,0
532,971,0
130,170,0
145,501,0
27,088,0
34,235,0
10,621,0
121,289,0
9,409,0
9,902,0
2,874,0
50,825,0
1,513,0
185,0
8,849,0
6,032,0
50,181,0
7,744,0
51,544,0
12,575,0
14,371,0
1,007,0
3,111,0
266,0
45,825,0
4,724,0
5,186,0
3,448,0
1,281,0
140,0
16,770,0
4,246,0
74,323,0
12,136,0
21,350,0
1,391,0
7,573,0
1,261,0
5,616,0
754,0
2,555,0
185,0
23,573,0
3,762,0
4,655,0
16,972,0
2,955,0
3,149,0
546,0
1,003,0
894,0
286,0
1,442,0
29,119,0
3,951,0
3,613,0
1,142,0
840,0
166,0
675,0
30,582,0
3,816,0
3,783,0
1,252,0
1,328,0
835,0
28,337,0
10,194,0
9,645,0
1,696,0
1,849,0
280,0
to make industrial
23,365,0
"Other cash"
2,698,0
9,020,0
FEDERAL
Two Ciphers (00) Omitted
Federal Reserve Agent at—
Total
Federal Reserve notes:
Issued to F.R. Bk.
by F.R. Agt
Held by Fed'l Reserve Bank-
Boston
S
New York
$
1,380,0
2,311,0
381,0
49,0
1,745,0
87,0
394,0
509,0
4,517,0
RESERVE NOTE STATEMENT
Phila.
S
Cleveland Richmond
$
S
Atlanta
St.
Chicago
Louis Minneap. Kan. dtp
Dallas
San Fran*
$
%
•
$
$
$
$.
$
'
$
4,302,908,0 379,198,0
309,244,0 24,241,0
918,143,0 310,940,0 416,798,0 198,933,0 196,399,0
100,933,0
16,658,0 22,434,0 12,703,0 20,657,0
950,078,0 178,063,0 130,363,0 163,724,0
33,642,0
9,218,0
4,598,0
9,684,0
94,919,0 365,350,0
9,914,0 44,562,0
3,993,664,0 354,957,0
817,210,0 294,282,0 394,364,0 186,230,0 175,742,0
916,436,0 168,845,0 125,765,0 154,040,0
85,005,0 320,788,0
4,306,338,0 396,000,0
5,777,0
116,0
73,000,0
935,706,0 312,000,0 419,000,0 199,000,0 161,000,0
3,791,0
311,0
291,0
230,0
85,0
45,000,0
966,000,0 155,632,0 132,000,0 165,000,0
96,000,0 369,000,0
661,0
131,0
4,385,115.0 396,116.0
939.497,0 312.311,0 419,291.0 199,230,0 206,085,0
966,000,0 180,728,0 132,000,0 168,065,0
it
In actual circulation..
Collateral
held by Agent as se¬
curity for notes issued to bks.
Gold certificates
due from U. S.
274,0
does not Include Federal Reserve notes.
i"......
Eligible
39,400,0
12,221,0
13,406,0
4,231,0
3,000,0
310,0
11,685,608,0 758,831,0 4,160,518,0 715,757,0 939,304,0 477,834,0 357,394,0 2,004,044,0 385,768,0 299,553,0 433,937,0 296,933,0 855,735,0
advances
•
55,237,0
on
hand
and
Treasury
paper...
U. 8. Government securitiesTotal collateral
Weekly Return for the Member Banks
96,0
65,0
25,000,0
3,000,0
96,661,0 369,131,0
of the Federal Reserve System
Following is the weekly statement issued by the Board of Governors of
the Federal Reserve System, giving the principal
resources and liabilities of the
reporting member banks in 101 leading cities from which weekly returns are obtained.
These figures are
always a week behind those for the Reserve banks themselves.
The comment of the Board of Governors of
the Federal Reserve
System upon the
items of the
immediately preceding which
i
In
figures for the latest week appears in our department of " Current Events and Discussions "
also give the figures of New York and Chicago reporting
we
member banks for a week later.
The statement beginning with Nov.
6, 1935, covers reporting banks in 101 leading cities, as it did prior to the banking holiday in
1933, Instead of 91 cities, and haa
revlse^ further so as to show additional items." The amount of "Loans to banks" was Included heretofore partly in "Loans on securities—to others'* and partly
Other loans."
The item "Demand deposits—adjusted" represents the total
amount of demand deposits standing to the credit of
individuals, partnerships, corporations,
associations, States, counties, municipalities, &o., 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, second, amounts due from banks are now deducted from
gross demand deposits, rather than
solely from amounts due to banks, as was required under the old law.
These changes make the figures of "Net demand deposits" not
comparable with those shown prior to Aug.
23,1935.
The item "Time deposits" differs in that it formerly included a relatively small amount of time
deposits of other banks,
whloh are now Included in
"Inter-bank deposits."
The item "Due to banks" shown heretofore included only demand balances of domestic banks.
The item "Borrowings"
represents funds
received, on bills payable and rediscounts, from the Federal Reserve banks and from other sources.
Figures are shown also for "Capital account," "Other
assets
net," and "Other liabilities."
By "Other assets—net" is meant the aggregate of all assets not otherwise
specified, less cash items reported as on hand or In process
of collection which
have been deducted from demand
deposits.
—
ASSETS AND LIABILITIES OF
WEEKLY REPORTING MEMBER BANKS IN 101
Federal Reserve District—
■ •
Boston
New York
Phila.
5
ASSETS
Loans and investments—total
Loans to
LEADING CITIES, BY DISTRICTS, ON AUG. 19 1936 (In Millions of Dollar
Total
$
$
%
$
1,231
9,464
1,188
1,826
636
549
3/,007
646
22,256
Cleveland Richmond
Atlanta
Chicago
$
$
%
St.
Louis Minneap. Kan. City
$
$
393
687
Dallas
San Fran.
$
$
$
i
473
2,156
11
okers and dealers:
'
In New York City
real estate
-
Loans to banks
Other loans
U. S. Govt, direct obligations
Obligations fully
868
9
9
1
76
20
11
3
6
39
6
1
3
3
148
835
148
215
65
55
202
47
40
guar, by
U. S. Govt.
Other securities
Reserve with Federal Reserve Bank..
Cash in vault--
-
Balance with domestic banks
Other assets—net
3
70
31
323
47
123
25
7
7
4
38
8
10
29
1
1,146
82
24
244
62
184
24
24
69
43
6
17
23
3
368
32
2
4
1
1
9
7
4,884
deposits—adjusted
Time deposits
United States Government deposits—
Inter-bank deposits:
Domestic banks
3
m m
168
1
306
1,403
188
209
101
132
499
117
111
141
136
431
3,705
9,332
1,232
3,323
362
4,090
318
868
302
208
1,574
227
173
261
190
690
17
474
100
68
60
38
152
57
15
49
31
160
4
171
1,319
316
260
73
81
416
110
46
135
49
358
228
2,409
214
307
139
801
108
72
148
94
282
82
373
'123
64
14
32
17
10
56
11
5
12
107
10
2,288
1,296
182
145
228
131
133
443
122
92
287
171
77
247
522
88
111
39
41
104
24
17
24
27
222
14,794
5,014
969
6,774
756
1,021
390
307
2,228
389
263
487
362
287
848
958
275
715
197
177
816
179
121
147
820
12
120
231
71
76
43
1,022
52
148
11
3
22
37
114
214
186
845
239
131
412
175
294
———
LIABILITIES
Demand
2
63
Acceptances and com'l paper bought.
on
11
(except
banks)
Loans
.
26
2,024
—
to others
903
205
-
Outside N<?w York City
Loans onim rlties
1
19
5,750
230
2,382
299
343
Foreign banks
Borrowings
411
11
375
3
1
1
6
1
12
Other liabilities
813
"24
360
"~21
13
29
-~7
25
9
4
2
"I
3.491
233
""315
1.558
224
334
89
85
343
84
56
88
76
Capital
account
o
4
m-im
m
1
—-r -
32 [
1350
,
;
;
.
.
V
.
/
-
A"S- 29■ 1936
.
Stock and Bond Sales—New York Stock 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. No account
of such sales in computing the range for the
year.
^
^
United States Government Securities
,
,
Below
York Stock Exchange
furnish
we
Transactions at the New York Stock Exchange,
the New
on
Daily, Weekly and Yearly
daily record of the transactions in
a
Home Owners' Loan, Federal Farm Mortgage Corporation's
bonds
and
Quotations after decimal point represent one
a
more
or
32ds
point.
Number of
High
118.28
118.27
119.3
118.28
118.25
118.28
119.2
119
119.1
118.28
118.26
118.29
119.3
119
119.1
,
Total sales in
8
$1,000 units—
(High
3)£b, 1943-45
■m
.
Low.
m
m
-
119.3
-
10
9
3
8
108.20
108.18
108.16
108.19
108.16
108.17
108.17
108.16
108.18
108.16
108.17
6
3
'
1
51
113.31
113.30
114.1
113.30
114.2
114.3
LOW.
113.26
113.30
113.29
113.30
114
(Close
113.31
113.30
114.1
113.30
114.2
_■
2
18
16
(High
112.11
112.11
112.14
Low.
112.11
112.11
112.13
(Close
112.11
112.11
112.14
1
1
2
•
'
$3,585,000
6,333,000
8,176,000
7,965,000
8 930,000
10,885,000
$38,361,000
$4,399,000
$3,114,000
$45,874,000
Total sales in $1,000 units
(High
3^8. 1943-47
— —
—
mmmm
Total
108.29
109,2
109.3
109.2
109.2
m
108.29
109.4
109.3
109.2
109.2
m
$199,487,000
217,339,000
1,855,808,000
S517,510,000
258,359,000
1,418,340,000
$2,272,634,000
$2,194,209,000
Stock and Bond Averages
109.2
rnrnm
m
•
$45,874,000
.
5
109.2
m
$26,461,000
7,595,000
32,897,000
$66,953,000
$3,114,000
4,399,000
38,361,000
112.15
mmmm
m
109.3"
mm
196,710,302
112.15
-
mmmm
m
320,344,319
Bonds
State and foreign
Railroad and industrial
6
109.4
—
m
(Close
—
7,831,050
5,655,050
112.15
108.30
-
Low.
mmmm
1935
1936
1935
1936
Government
114
3
I
mmmm
'
Jan. 1 to Aug. 28
Week Ended Aug. 28
113.30
$1,000 units...
3^s, 1946-50
$287,000
430,000
994,000
777,000
307,000
319,000
Stocks—No. of shares.
108.17
108.17
2
mm mm
$406,000
847,000
905,000
850,000
763,000
628,000
Exchange
24
108.16
:
5,056,000
6,277,000
6,338,000
7,860,000
9,938,000
Sales at
(High
Total sales in
...
$2,892,000
New York Stock
108.16
mm
m
(Close
Total sales in $1,000 units
4s, 1944-54
Total
119.4
Low.
Close
Treasury
4J*s. 1947-52
Sales
5,655,050
Friday..
119.1
Bond
431,830
803,210
799,330
907,170
1,336,110
1,376,900
Saturday.
MondayTuesday
Wednesday
Thursday..
Aug. 22
Daily Record of U. S. Bond Prices Aug. 22 Aug. 24 Aug. 25 Aug. 26 Aug. 27 Aug. 28
For'n Bonds
Bonds
Total
Slates
Bonds
Mis cell. Municipal &
and
Shares
United
State,
Railroad
Stocks,
Week Ended
Aug. 28 1936
\.
New York Stock
Treasury certificates on the
Exchange.
of
Is taken
Below
are
the
daily closing averages of representative
'
Total sales in $1,000 units
2
2
4
16
-
2
(High
105.4
105.5
105.7
105.9
105.9
Low.
105.2
105.1
105.3
105.7
105.6
105.7
105.5
105.6
105.7
105.7
(Close
V
105.4
6
26
(High
105.27
105.28
106.3
106.3
106
105.27
105.28
106.1
106.2
106
(Close
105.28
106.2
106
3s, 1946-48
5
32
106.2
12
27
.
Total sales in
(Low.
(Close
108.8
108.10
108.12
— -
108.8
108.10
108.14
m rnmm
,
1
$1,000 units
(High
1941-43.
[-mm
Low.
Close
1946-49
V
3
-
-
.mmmm
20
20
Total
10
First
Second
10
Rail¬
Utili¬
70
Indus¬
Grade
Grade
Utili¬
40
trials
roads
ties
Stocks
trials
Rails
Rails
ties
Bonds
109~.4~
109.4
mmmm
109.5
109.4
mmmm
mmmm
Aug 28.
166.78
54.10
34.62
61.33
107.09
111.55
91.13
106.30
104.02
109.4
Aug. 27.
166.77
53.81
34.16
61.11
107.04
111.31
91.04
106.38
103.94
109.4
Aug.26.
163.32
52.45
33.80
59.87
107.00
111.38
90.54
106.36
109.4
Aug. 25.
164.34
52.70
33.98
60.22
107.10
111.35
90.53
106.40
103.85
3
Aug. 24.
163.78
53.06
33.86
60.16
107.06
111.28
90.25
106.25
103.71
Aug. 22.
162.14
52.44
33.78
59.61
106.92
111.28
89.75
106.21
103.54
1
1
10~6~25
106.30
106.30
106.30
106.30
106.22
106.26
106.29
106.25
106.27
106.29
106.30
31
102
5
106.16
106.19
106.19
----
106.16
106.18
106.19
■mmmm
mmmm
106.16
106.19
106.19
'mmmrn
m:m
18
2
28
mmmm
mmmm
(Close
'm'
mmmrn
27
United States Treasury
----
m
Total sales in $1,000 units...
(High
__|Low.
(Close
m
■
Rates
Low.
Close
109.5
109.4
109.4
109.1
109.4
109.4
109.4
2%8. 1955-60
Low
(Close
109.2
108.30
....
5
108.5_
108.8
108.4
108.9
108.8
108.5
108.9
108.9
1
103
103.1
102.26
102.27
103
103
103
103.4'
37
Low.
104.3
104.7
Oct.
103.5
103.6
103.9
103.6
103.10
103.11
Oct.
14 1936
Oct.
21 1936
28 1936
85
76
70
11
104.11
104.10
104.10
Oct.
104.9
104.7
104.8
Nov.
104.10
104.8
104.8
...
7 1936
104.8
104.7
Iciose
103.11
Sept. 23 1936...
Sept. 30 1936
104.10
37
104.7
,
15
103.10
103.9
103.6
Sept. 9 1936
Sept. 16 1936
108.9
2 1936
2
3
17
6
108.7
108.9
Sept.
108.8
"108.6
108.11
104.9
104.10
104.9
Nov. 10 1936
....
4 1936
.
Nov. 18 1936
Total sales in $1,000 units...
6
10
56
36
2
4
(High
102.15
102.14
102.20
102.25
102.21
102.24
Nov. 25 1936
102.14
102.11
102.17
102.20
102.20
102.22
Dec.
102.22
Dec
Low
■
Iciose
102.15
Total sales in $1,000 units..
(High
102.14
102.18
102.20
3
41
29
101.24
101.30
101.30
i02.21
55
57
9
101.22
2 1936.
.
9 1936
16 19361
Dec.
102
102
Low.
•
Total sales in $1,000 units...
Federal Farm Mortgage
(High
3^8. 1944-64...
101.18
101.21
101.29
101.29
101.29
101.30
101.24
101.30
101.29
101.30
101.31
Jan.
22
Jan.
55
76
104.22
Low.
104.22
m
mmmm
m.
mmmm
104.29
104.28
mmmm
104.29
mmmm
23
3
mm
6 1937
....
13 1937...
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%
0.20%
0.25%
0.25%
Jan. 20 1937—.
.....
Asked
Jan. 27 1937——
mmmmm
rnmm
Feb.
mm
3 1937
Feb. 10 1937
mmmmm
1937———.
1937
0.30%
0.30%
0.30%
0.30%
0.30%
3
mmmmm
mmmmm
—
Mar. 10 1937
Mar. 17 1937
'
mmmmm
1937—
0.30%
0.30%
0.30%
0.30%
0.30%
0.30%
Apr.
------
mmmmm
"
mmmmm
m m
mmmmm'
mmmmm
mmmmm
mmmmm
\
i
:
mmmmm
mmmmm
^
-----
mmmmm
mmmmm
mmmmm
0.30%
7 1937
14 1937—
21 1937-...
Apr. 28 1937
May
5 1937
May 12 1937
May 19 1937—
May 26 1937
mmmmm
mmmmm
mm
1937
Apr.
Apr.
mmmmm
m
Mar. 24
Mar, 31
•'
-----
0.25%
Mar.
mmmmm
— —* —
0.25%
0.25%
0.25%
0.25%
Feb. 24
mmmmm
'
....
Feb. 17 1937
mmmmm
.
0.25%
0.30%
-----
,
------
-----.
mmmmm
mmmmm
•
mmmmm
-----
'
■
„
104.29
•
104.23
1
i
8
40
2
104.28
104.22
(Close
ml sales in $1,000 units
Federal Farm Mortgage
(High
•
...
Dec. 23 1936
Dec. 30 1936.
101.22
2&s, 1951-54
Bid
Asked
Bid
108.9
108.6
108.8
(High
2^8, 1948-51..—...
for discount at purchase.
4
2
5
108.8
Total sales in $1,000 units...
2Hb. 1945-47
are
109.2
109.3
quoted
109.2
109.3
Total sales in $1,000 units...
(High
mmmm
108"30
2
(High
—•
108.30
Total sales in $1,000 units
3&s, 1944-46.
Bills—Friday, August 28
m m
'
3^8. 1941
103.82
106.28
54
.
106.28
106.24
mm
■rnm
mmmm
Low.
Total
108.10
mmmm
(High
Date
1
,
8
mm
(Close
10
30
Indus¬
'
.,.m-m-mm
109.5
'
mmmm
Total sales in $1,000 units...
3Hs, 1949-52
m
'
-
mmmm
'
Low.
•
'mm
255
109.2
....
m
m
(High
,
mm
'•■'■
Total sales in $1,000 units
1
mm
m
10
108.10
(High
108.14
-
Bonds
Stocks
108.10
504
108.10
-
6
106.1
2
2
108.8
Total sales in $1,000 units..
1940-43
the New York Stock Exchange
compiled by Dow, Jones & Co.:
106.1
105.27
as
106.1
Low
Total sales in $1,000 units
,
on
105.8
3s, 1951-55
•
stocks and bonds listed
105.8
'
mmmm
mmmm
103.16
10 3". 19
103.26
103.28
103.26
103.28
103.16
103.17
103.18
103.28
103.25
(Close
103.16
103.19
103.24
103.28
103.26
103.28
Total sales in $1,000 units...
1
13
62
2
3
13
104.10
104.10
104.10
104.12
104.8
104.10
104.10
104.12
104.10
104.10
104.10
104.12
5
15
25
1
102.30
102.31
102.28
102.30
102.28
102.30
30
50
Quotations for United States Treasury Certificates of
103.28
3s, 1944-49
Federal Farm
| Low.
Mortgage
3s, 1942-47..
(High
{Low.
(Close
-
Total sales in $1,000 units...
Federal Farm Mortgage
(High
2%s, 1942-47.
Low.
—
-
mm-m
mmmm
'mm
_
m
-J
—
—
—
-
Total sales in $1,000 units
Indebtedness, &c.—-Friday, August 28
Figures after decimal point represent one or more 32ds of
a
point.
'.1
rnmm
Maturity
102.30
102.30
12
Int.
Int.
102.30
m-mmm
Rate
Dec.
15 1939...
m%
June
Bid
Asked
Maturity
101.14
101.16
Rate
Bid
Asked
104.2
Sept. 15 1938...
104.4
Home Owners' Loan
High
103.14
103.17
103.18
103.18
103.18
Low.
103.8
103.11
103.12
103.16
103.14
103.16
103.11
3s, series A, 1944-52
103.11
103.14
103.17
103.16
103.18
103.18
29
31
39
Total sales in $1,000 units...
140
29
55
15 1941...
1v%%
100.28
100.30
Feb.
1938...
2*i%
103.16
103.18
Mar. 15 1939...
1H%
101.24
101.26
Dec.
15 1936...
101.23
101.25
Mar. 15 1941...
1H%
W%
1H%
101.13
101.15
June
15 1938
2%%
2H%
104.19
104.21
101.17
101.19
Feb.
15 1937...
101.25
101.27
100.28
100.30
Apr.
15 1937---
3%
3%
102.8
102.10
101.14
101.16
Mar. 15 1938...
3%
104.10
104.12
102.3
Sept.15 1937.—
3k %
103.17
103.19
103.16
June
Sept. 15 1936...
Dec.
101.26
101.28
101.31
102.1
102
102
Low.
101.23
101.24
101.27
101.30
101.28
101.26
101.28
101.30
102
102
70
20
High
101.27
101.28
101.31
102
LOW.
101.27
101.25
101.27
Close
101.27
101.28
101.31
1
3
7
103.14
102
16
2
101.30
.Close
i4%
102.1
June
High
25^8, series B, 1939-49..
Total sales in $1,000 units..
Home Owners' Loan
2^8. 1942-44
Total sales in $1,000 unus.
.
102
above
table
includes
only
102
101.29
102
102
102
102
sales
34
of
♦
1
coupon
t Companies reported in receivership.
n
r
Transactions in registered bonds were:
Bid and asked prices; no sales on this day.
Deferred delivery
New stock,
Cash sale.
x
3
1
Treas. 3s, 1951-55
Treasury 2Jis, 1955-1960...
y8%
FOOTNOTES FOR NEW YORK STOCK
102
4
15 1939...
3
16
78
a
bonds.
15 1940...
Mar. 15 1940...
Home Owners' Loan
Note—The
15 1940...
1
.105.5
to 103.9
Ex-dividend.
V
Ex-rights.
to 105.5
......103.9
PAGES
Abbott,
Proctor
consolidation of
Members
York Stock
New
and other
LOW AND
Saturday
59
66
12%
~20_
60
20" ~
"20%
20%
26
26
*2534
26%
*2%
2%
*2l4
2-%
73
73
4
4
13%
'"14"
*
180
4%
"l3% "14"
*
178
334
""3%
3734
3612
37%
37%
3%
38%
37%
3534
36
38
38
*37
38
38
3834
39
39
3l2
37
*35
33%
3314
*
33%
24%
12%
2434
1238
80
80
52%
53%
24%
2%
24%
2%
*47
55%
5434
93%
55%
38
38
92
*69
55%
3%
38%
37%
34
378
3%
38%
39
38
38
400
*36
37%
38%
34%
*36
38%
*36%
39
400
38%
*224
230
24%
12%
77%
52%
24%
2%
51%
24%
*38
35
*101
229% 235%
24%
2478
12%
12%
78%
78%
53
55%
25
*24%
5,000
39
35
106
35%
106
235% 238
25
27%
12%
1278
24%
2%
*53%
12%
78%
54%
24%
2%
54%
52
52
52
94%
56%
38%
94%
95
95%
94%
56%
38%
56
56%
56%
94%
56%
96%
5578
56
38
38%
38%
42
53%
95%
57
38%
70%
56%
24%
40
*37%
34%
*101
4
69%
*55%
*137
69%
56%
141
12%
78
54
24%
2%
51%
2%
80
55%
25%
2%
*24%
2%
2%
*48
80
55
96%
42%
70%
71
71
71%
57
57
57%
43%
*70
57
57
*137
137
137
...
120% 121%
72
137
137
122% 12378
121% 122% 120% 121
121
120% 122
121%
*166
*167%
*167% 175
*167% 175
*167% 170
*164% 170
39%
42
41%
42%
41% 42%
41%
43
42%
41%
4278
43%
*81% 83
83
83
83
83
83%
84
8278
8278
83%
84
56
57
57%
59%
58
57%
59%
59%
59%
58%
58%
59%
*127
129% *128
129%
129% 129% *125
129
129% *125
129%
129
*9884
99
*99
*98% 100
*98
99%
9978
99% 99% *95% 100
*28 •
29
.
,
*28
•
934
25%
28%
*95%
934
25%
33%
*14%
*27%
*1938
v
534
*34%
45%
*2%
19
10%
95%
4%
4%
*13
634
634
20
1034
12%
2678
31%
11%
26%
31%
31%
96%
96%
4%
*12%
6%
33%
4%
13%
96%
4%
97
4%
4
13
6%
16
28
19%
5%
19%
5%
36
*33%
46
45%
20
36%
5%
46
35%
45%
3
2%
18%
11
10%
11
30
29%
*86%
34
678
29..
30
34%
14%
2878
20
20%
19%
5%
36
5%
35%
45%
5%
2%
17%
10%
28%
*S6%
22%
2%
*17%
1078
11
29%
29
*13
4%
.
22%
10%
1,200
9,300
29
37
15%
16
1,100
31
20%
5%
31%
20%
5%
18
11%
30%
45%
2%
17%
11%
30%
89%
2334
10%
31
35%
45%
600
3,300
146
*60
.63
*133
140
3838
*129
39%
27%
56%
*139
140%
23%
23%
170% 172
98
98%
100% 101%
*147
11%
148
145
145
*140
*106% 107
40%
130
63
*60
62
*60
140
*133
500
4,800
5,300
2,700
"""366
30,100
8,500
41%
130
41
130
41%
130
39%
*129
27
27
27%
27
57
56%
57%
58%
57%
140% 140% *136
140
*136
*2334 24%
24% 25%
*24%
172
173%
173% 174%
174
100
100
99% 100
*99%
101
101%
101% 102% 102
148
11%
*140
148
11%
41
39%
130
129
27
58
140
2478
62
41%
129
2678
2678
59%
57%
*13878 140
2478
175%
174
2478
174%
100
100
100
102
101% 102
147% 147% *143
148
11 %
12%
11%
12
•
*14534 147
ii%
12%
*139
*146
12%
,
.
48%
12%
48%
12%
48%
*12%
*102
108
*102
49
48%
48%
48%
12%
12%
12%
12%
For footnotes see page 1350
104
48%
12%
*102
48%
12%
108
143
140
24%
24%
174% 175%
*99% 100%
101% 102%
"24% 24%
24%
24%
£24%
24
24%
23%
"23% 24%
24%
*102% 108% *102% 108% *102% 108%
*102% 108% *102% 108% *105%
8%
8%
8%
8%
8%
8%
8%
8%
8%
8%
8%
61%
61%
61
60% 61%
62
61
60% 62
63
62
*34
%
%
%
*%
%
*%
%
%
%
*34
*5%
534
6
*5%
6
6
6
6
6
6
*578
*334
4
4
4
*3%
4
378
3%
3%
378
*3%
*50
53
*50% 53
*50% 53
*50% 53
*50% 53
*50%
26%
26%
27
*26% 27
*26%
*26% 27
26% 26%
*26%
3634
37%
37% 38
37% 38
37% 38%
37% 38%
38%
6184
62
65%
65%
65%
65
65%
68
68% 69%
69%
17%
18
*17% 18
17%
17%
18
18
*17%
18
18%
*101
103
*101
103
103
103
*103
106%
103% 103% *103%
*11
*11
12%
11
11
12%
12
*11
*10%
*11
12%
*3%
3%
*3%
3%
*314
3%
*3%
3%
*3%
3%
3%
*40
42
39% 39%
*39% 40
39% 39%
39%
39%
39%
*120
121% *120
121% *120
120% *120
120% *120
120% *120
*108
109% *108% 108% *108% 108% 108% 108%
*108% 109%
109%
5%
5%
5%
5%
5%
5%
5%
5%
5%
5%
5%
*75
77
*75
*76
77
77%
*76
77
a 76
76
76%
*100
108
*100
108
146
42
42%
129% 129%
*26% 26%
59% 61%
*136
*102
69
No par
Preferred
50
34
75
par
49
July 17
37
July
10
Preferred
100
American Car & Fdy__.No par
Preferred
100
American Chain
No par
147
210
600
10,800
400
1,700
8,200
800
4,300
200
12%
7,300
25%
108%
18400
8%
63%
%
4,300
31
3
89
Apr
12
Apr 30
25
Apr 30
10
13
Jan 20
...1
50
1
par
100
100
Amer Metal Co Ltd...No par
6 % con v preferred
100
Amer News, N Y
Corp.No par
Amer Power & Light..No par
$6 preferred
...No par
—No par
San'y-Nfl par
Pref erred........—...100
Rolling Mill
Amer Safety Razor
American Seating Co
.
25
No par
.No par
Amer
Shipbuilding Co.No par
Amer Smelting & Refg-No par
---100
Preferred
preferred 6% cum...100
5% July 7
3258 July 11
37
Jan
Jan
15134
10
Jan
Mar
25% Mar
18
Apr 30
25% Jan
104
Jan
133% Jan
IOC
Preferred..
No par
Sugar Refining
100
100
Preferred
Am Sumatra Tobacco ..No par
100
Telep & Teleg
25
Tobacco..,
25
Common class B
—...100
Preferred
Am Type Founders Inc
Preferred
.10
-.100
Am Water Wks & Elec. No par
No
preferred
American Woolen
Preferred
par
No par
100
1
Preferred
20% Apr 30
10734 Jan 4
26 May 29
48% Apr 30
129
Jan
6
20% Mar 21
149% Apr 30
87
Mar 13
88% Mar 13
136
Jan
70
Nov
42% Deo
149%
168
Oct
May
33%
65
Deo
Dec
28
Jan 20
35
Jan
Anchor Cap
15% Jan
100
3%
100
A P W Paper
39%
12034
109%
5%
76%
1,400
Archer Daniels Mid'ld.No par
37
"""206
7% preferred
100
Armour&Co(Del)pf 7 % gtdlOO
118
11,400
Armour of Illinois new..
Co
.No
$6 conv pref
par
5
No par
Preferred
100
Armstrong Cork Co
Corp
No par
5
8
9
July
Oct
Oct
9
Mar
Mar
18% Mar
4% Apr
13% Mar
72
Jan
x24
Jan
273s
10% Mar
134% Mar
1534 Mar
Jan
4
4
34
116%
28%
33%
91%
15234
Feb 19
Mar
5
Aug 11
Apr 8
Mar 20
Mar 11
42 38
130
Aug 28
Aug 24
36
Jan 29
61% Aug 28
141% Jan 29
26% Jan 28
178
Feb 14
102% Feb
104
Feb
6
Mar 17
Aug
35
Jan 10
27
July 28
108% Aug 19
11% Feb 1
7034 Feb 1
•
2
10
1% Mar
10% Mar
838 Mar
66
Mar
4% Mar
20
Mar
31% Apr
121
Feb
101%
Dec
63
Deo
Deo
Deo
Nov
Nov
Nov
Aug
Aug
Dec
Sept
32% Nov
9584 July
21% Deo
26% Jan
64% Deo
144
May
117% Aug
July
Feb
32% Dec
50% Dec
124
Dec
18% Jan
98% Mar
72% Apr
7484 Mar
129% Jan
9
Mar
7% Mar
48
25% Nov
113
Deo
43
Jan
70%
Feb
140% May
27% Nov
100% Nov
104% Nov
107
Nov
141
Nov
1034 Sept
Mar
8
7
Jan 13
5%
49
Deo
Aug
Mar
30
Deo
37
Deo
17%
1% June
36
Jan
117 " Aug
104
125
Jan 28
85
4
2% Deo
II84 Deo
10% Sept
96% Oct
3% Mar
3% Apr
55% May
62% Mar 23
6884 Nov
16% Apr
Jan 28
738 Jan 25
Deo
4% Mar
35% Mar
73% Mar 2
31
Apr 2
41% Aug 13
69% Aug 27
2634 Mar 5
Jan 30
Deo
94% Nov
Mar
Feb 17
38%
2234
Mar
% Mar
Mar
159
Nov
Nov
88
3
15
2784
75%
33%
12%
32%
130%
36%
9%
49%
41%
25%
June
84
9
Feb
11% Nov
76
110% Jan 20
7% Jan
Jan
3734
143
105% Jan 3
4%June 10
66% Jan 2
Aug 18
47% Feb 24
Nov
4%
Jan
2% Mar
Jan
40
38% Nov
Feb
31
50
Aug
Aug
38% Aug
15% Oct
6% Nov
Mar
2
122
9% Aug
12
5
7«4 Mar
Deo
Deo
125
Jan 10
Feb
Deo
Deo
7
5% Jan 27
Apr 30
May 11
3
32
15
June
8% Apr
28
Jan 14
111
3
Mar
July 16
13
Anaconda W & Cable.-No par
pref.;
17
55% Aug 26
14% July 28
87
Aug 28
7338 Aug 28
150
2
42
Feb 13
2
Jan
Mar
Mar
Feb 28
165i«fAug
19%
9234
3%
9%
2
12
Deo
34% Aug
9% Deo
3584 Nov
3% Mar
Feb 27
35% Mar 20
33%
14
4% Mar
878June 30
20 May 13
19% Apr 28
9234 Jan 3
784 Apr 28
5434 Apr 30
s4May 19
4% Apr 30
3% July 3
2s4 Apr
Jan 14
108%May 28
73% Jan 22
143%May 28
57% Mar
Amer Steel Foundries..No par
American Stores.
2
5684 Jan
130% Jan
-100
Preferred.
7
Feb
Aug
34 May
April
134
Feb 20
Jan
6%
72
15
7% Feb 20
2334 July 7
89% Jan 21
2% Mar
22% Mar
/29%'Apr
1% Oct
14% Oct
24
30% Feb 20
1834 Apr 30
25
—
Arnold Constable
110
13%
36%
95%
29%
Aug 26
Apr 23
Apr 30
Apr 28
60
Apr 28
.21 May 9
10
Apr 28
27
Apr 30
124
Apr 2
£35% Jan 3
157
Jan <!?
47% July 24
5% Jan 14
2%
17%
9%
23%
43
3
Jan
46
,2
1,600
1,100
34
1334 Feb 13
32% Mar 6
3134 Aug 27
99%June 17
5
May 2
14% Feb 17
934 Mar 26
43% July 11
18% Apr 7
37% July 10
21% July 20
8% Mar 6
8
2,100
"moo
Jan
Mar
Mar
July
7% July 10
20% July 1
16% Jan 9
106%
12%
12%
43
21
30
29
No par
$6.50 conv pref erred. No par
Andes Copper Mining.
20
51
4
28
June
May 18
500
Deo
Deo
5734 Feb
47% Nov
96
24
108
40
80
Feb
25
Copper Mining..50
50
June
60
Preferred...
Anaconda
2% Mar
26
48% Jan
41%June
13% Jan'
July 31
44
44,300
2234 Nov
4% Deo
102
25
39%
69%
Mar
87%May 11
pref
non-cum
$5 prior
Oct
14
Nov
Preferred
"""206
Oct
37%
115
No par
Amer Zinc Lead & Smelt—1
27
Nov
Mar
Jan
Amer Macb & Fdy Co.No par
Amer Mach & Metals..No par
Amer
9
75%
12
Jan
Amer Hide & Leather
American
24% Deo
8
{Am Writing Paper
12%
3
No par
No par
$6 preferred..:
Amer
22% Dec
3% Mar
/49
June
38
300
12%
27
6% Apr 30
2984 Jan 2
2d preferred
2d
Deo
Sept
June 12
900
50
29
30
Amer & For'n Power._-No par
Preferred
No par
6%
32
173
130
400
49%
24
Jan
Jan
Mar
Feb
27
17
19
13
13
20
Deo
No par
__
6
18
11534 Feb
162% May
30
Apr
57% Apr
Apr 15
Apr
3%
14% Deo
14% Deo
1438 Deo
33% Deo
11434 Jan 14
4
53
72
Aug 8
Mar 29
Feb 11
187
125
58% Aug
137
Aug
137% July
167
Aug
44% Aug
8678 Aug
59% Aug
3% Apr 30
934 Jan 2
1st
"2", 500
Jan
European Sees..No par
American Snuff
20,600
5434
125%
63%
55%
Apr 28
May 2
124
I84 Mar
6% Apr
Deo
100
American
40
65
40
June 17
Mar
Nov
2%
21
59% Aug 12
28% Mar 11
5% Jan 24
Jan
50
13,1)00
300
84
Apr 20
par
$5 preferred
300
1334 July 28
Jan 31
35% Jan 21
1934May 13
238 Aug 26
1
Am Rad & Stand
190
10,800
Aug 14
6% Jan
Alpha Portland Cem_.No par
13,700
1,500
41% Aug 18
4578 Feb 5
39% Feb 11
103% July 27
245
Aug 8
28% Mar 26
Apr 28
173
Sept
ar20% Jan
Apr
2
37% Nov
24% Deo
20% Deo
8% Feb
74
Oct
34 Mar
2% Mar
Aug 18
4134 Aug 18
Jan
par
186
4% Jan 31
Jan
100
Mar 25
100% Deo
Apr
Sept
13%
43
Feb
23,600
2,300
195
26% July
23
«4
74
Aug
Oct
7434 Nov
11% Dec
Jan
4% Mar
6% Sept
104% Mar
share
52% Nov
116
June
8
7
17% Jan 23
Jan
98
Amer Internat Corp—No par
1,800
27
Mar
95
Jan
157
American Locomotive..No par
*106% 107%
*60%
62
141
Aug
Apr 28
5,300
146
*60%
178
3,700
107
140
July 17
31
107
140
13
2%
18%
11%
*140
62
140
27%
11%
146
10678 10678
140
*60%
*133
130
*27%
56%
146
107
Mar 25
300
6% conv pref
1,700. Amer Home Products—
2,600 American Ice
i...No
—.
107
91
2,600 Amer Hawaiian S S Co
...
*106% 107
Vicksburg RR Co.. 100
Jan
28
Feb 28
9
Apr 28
2%
12%
12%
12%
4% Mar
8434 Jan
3534 Feb 14
28
8134 July 22
6% Apr 1
(Alleg Co).25
Amer Colortype Co
10
8,100 Am Comm'l Alcohol Corp..20
9,700 American Crystal Sugar
10
150
6% 1st pref...
100
1,400 Amer Encaustic Tiling New.l
6,600
3,200
June
2
American Chicle.
7%
51
58
100
6%
35%
7484 Feb 10
137„ Feb 21
100% Jan 10
Frb
par
7% preferred
678
34%
14%
Jan
per
Apr
110
.
Allied Chemical & Dye.No
par
Allied Mills Co Inc
No par
Allied Stores Corp
No
Amer
32
"
1778June
22% Jan 21
Pref A with $30 warr
100
Pref A with $40 warr
100
Pref A without warr.... 100
Highest
share $
per
Aug 25
par
300
300
t
par
1,700 Am Brake Shoe & Fdy-No par
20
5H % conv pref.
100
3,600 American Can
25
"MOO
share
21% Jan
3,800 Amalgam Leather Co
300
7% preferred...
1,000 Amerada Corp
No
1,300 Am Agrlc Chem (Del) .No
9,900 American Bank Note
113%
*35
9% Apr 30
100% Jan ~
10
"4" 100
12
61
118
par
Am Coal of N. J
27%
89%
89%
90
88
88
89
89%
23%
23
23%
23%
23%
23
23% 23%
23%
10%
10%
10%
10%
11%
10%
10%
10% 10%
11
31%
31%
31%
31%
31%
31% 32
32
3134
31%
33
*128
133% *128
*128
133% *128
133%
133% *128
133% *128
133%
*52
56
*52
55
55
*52%
55
*53
*55
55%
55%
55%
1134
12%
11%
i2%
12%
12%
12%
13
1278
12%
1278
1338
75
73%
73%
76
75%
82 U
75%
80
75% 80%
83% 87
63
64
6414
65%
64%
64%
64%
70
69%
71%
71%
73 >8
21% 21%
22
2134 22%
22%
21% 22%
21% 22%
*
2238 23
*
*
*
162%
162
162
162
162
*162
26%
27"26% 27%
27
27%
26%
27%
~26% 27%
27% 28
*102
108
*105% 107% 107% 107% *102% 109
109
*107
nS6
38
23%
24
23%
24
23%
23%
23% 23%
23% 24%
24%
24%
*25%
28
26%
26%
*26%
28%
26% 26%
*26%
27%
27% 28
82% 83%
82% 83%
82
83%
83%.
83%
81% 84
83%
84%
*145
146
,
600
Year 1935
Lowest
zl% Jan 14
7% Jan
17,500
1,000
5% pref
16,400 Allis-Chalmers Mfg
20%
5%
35%
45%
2%
14%
*28
45%
2%
18%
*28
19,300
30
14%
2878
2%
18%
18%
*28
13
34
18%
10%
29%
10%
90
11%
25%
3078
28
45%
*2%
29%
*86%
11
26%
31%
96%
*14%
*35
19
10%
25%
30%
*96%
26%
31%
96%
4%
13%
6%
34%
14%
271
*19%
5%
3
29
34%
27
534
36%
45%
♦281
11
26
29%
96%
*4%
13%
6%
7
*33%
14%
29
*10%
14
33%
14%
2834
29
'
10%
26%
29%
95%
4%
29
14
6%
*28
26
28%
9734
4%
*12%
29
"3,500
per
Mar 31
500
2J^% prior conv pf__No par
2,300 Allegheny Steel Co
No par
Alleg & West Ry 6% gtd.,100
440
58%
Ala &
$
110% Aug
59
Apr 28
No par
...
10,100 Alaska Juneau Gold Mln__.10
Albany & Susque RR Co.. 100
liaoo tAllegheny Corp
No par
38
232
*54
178
38%
230
*69
"l4% "l4%
*
178
37%
230
*137
4%
30
14%
*
106
52
75%
4
"3%
34
24%
12%
78%
1,400 Address Multlgr Corp
500 Advance
Rumely
...No
Affiliated Products Inc.No
"MOO Air Reduction Inc new.No
2,300 Air Way El Appliance.IVo
*36
*102
24%
12%
78%
54%
25%
2%
"4", 100
93
14%
100
22%
25%
2%
"74%
74%
378
3%
..25
No par
Adams Mtills
42
100
24%
2%
2%
Range for Previous
Highest
$ per share
No par
__
"21%
2578
378
38%
34
94%
70%
55%
22"
25%
*2%
Par
Preferred.
37%
3%
39
33%
52
*137
"21%
Abraham & Straus
Preferred
Acme Steel Co
14,400 Adams. Express
37
106
38%
13%
230
700
*36
3%
38%
37%
37%
*102
*55%
13
72
178
106
24%
12%
78%
53%
*24%
*2%
13%
1351
>
4
420
64
1278
"l3% ~14~%
228
222
64
4l4
*102
106
220
*
178
*56% 62
111% 111%
64
2
Lowest
Shares
64
73
378
S per share
EXCHANGE
NORFOLK,VA.
Range Since Jan. 1
On Basis of 100-share Lots
STOCK
Week
*56%
60
111% 111%
21%
26%
2%
"72"
74%
4%
Aug. 28
a93
~14~
■
"21%
*25%
*2%
2%
"73%
4%
"
4
21%
*2%
the
$ per share
*56%
26
26
74%
73%
1312
$ per share
61
"20%
STOCKS
NEW YORK
Friday
Aug. 27
60%
111% 111% *111% 111% *111% 111%
65
65
65%
*64
65%
65
12%
13%
12%
13%
1278
13%
*110% 111%
12%
per share
60
Sales
Thursday
Stocks, Bonds, Commodities
RICHMOND, VA.
Record—Continued—Page
SHARE, NOT PER CENT
Wednesday
Aug. 26
Aug. 25
$
orders executed
for institutions and individuals
INDIANAPOLIS
for
Tuesday
$ per share
59
*65
SALE PRICES—PER
& COMPANY
CLEVELAND
New York Stock
Aug. 24
$ per share
MONTREAL
143
Monday
Aug. 22
LIVINGSTON
CHICAGO
HIGH
in
and
leading exchanges
Volume
57
Commission
ABBOTT, PROCTOR & PAINE
Exchange
NEW YORK
Paine
&
97
Apr
Jan
25% July
4
Mar
109
12%
4
Jan
Apr
Deo
Deo
52
Aug
122% July
109
6%
70%
110
Deo
Jan
Jan
Jan
50s4
Deo
9%
Dec
New York Stock Record—Continued—Page 3
1352
LOW
SALE PRICES—PER
HIGH
AND
SHARE, NOT PER CENT
NEW YORK
J VI
Range Since Jan. 1
STOCKS
Sales
On Basis of 100-sAaro
STOCK
Monday
Aug. 24
Tuesday
Aug. 25
Wednesday
Aug. 26
Aug. 27
Aug. 28
Week
$ per share
15
*147«
$ per share
$ per share
*14
1434
$ per share
$ per share
$ per share
Shares
15%
1434
*93
*9234 108
108
18
14%
14%
*93
108
*93
18
18%
14%
108
1734
1834
107
the
Friday
15%
15%
107
*93
15%
1,500
110
60
18
*95
107
*95
107
*100
107
*95
107
18%
18%
1834
*100% 107
*100% 107
*117
120
*115
120
*117
" 120
*115
120
*117
*39
42
*39
42
*39
42
*39
42
*39
17%
1734
1734
78% 79
102
102% *102% 105%
30
29
30%
30%
19% 20
19%
19%
»
24% 24%
*23% 25
27% 27%
27% 27%
7678
*110
*110% 113
113
66% 69%
*122% 124
69
*66
*122% 124
18
16%
*16%
31
3034 31
578 ■V.6
*584
*32%
*32% 33
5%
5%
5%
3%
3
103
27
2734
27%
28%
2734
*110
113
31%
31%
*6
6%
32%
32%
5%
5%
5%
3%
3%
3
5%
3
3%
278
43%
44
22%
34%
278
43%
*42%,
21%
33%
44
44
42
42
4378
21
2I84
22%
34%
4378
22%
33%
2134
3334
22
32%
34
35%
44
44
44
44
44
44
44
44
*115
117
*115
117
115
115
*115
117
*15
16
16
16
16
*40%
16%
*92%
16%
17%
16%
96
1634
94%
*92% 95% *92%
16%
16%
16%
16%
16%
18
18
18
177s
18%
18%
114
114
*112% 114
*112% 114
*112% 114
22
*21% 2134
21% 2134 *2184 2178 / 21%
*111% 1117s *111% 1117s *111% 1117s *111% 11178
*92%
16%
94%
163s
*18
*100
100
101
100
39
39
*93
94
*137S
14
*86
87
86
86
27%
21%
28%
21%
27%
21%
21%
55
55
55
60%
1884
61%
61%
*100
27
*37%
93%
1378
....
*37%
....
*37%
....
28%
21%
55%
62
63%
19%
26%
26%
28
1834
120
111% 111%
88
29%
16%
1634
28%
29%
111% 111%
*87% 88%
28% 29%
43
28%
21%
55
63%
64%
19 *
187g
12034 12034
38
*3634
1634
16%
28
2878
111% 111%
88
*87%
28%
27%
43%
43%
8934
*86%
*40% 4078
30
30%
7484 75
87
43
....
27%
21%
5478
120
37
37
43%
90
90
90
41
41
*40%
30
30%
30
4078
30%
73%
7%
73%
74
74%
75
*7
7%
*7%
7%
7
*1%
14%
2
*1%
2
*1%
15
14%
55
54
4978
*4538
50
49%
*4538
7%
*38%
51%
*87
14%
54
48%
48
734
*39
40
*51%
52
*103% 104
1484
54%
49%
*45%
*77g
387S
51%
8
387S
5178
*103% 104
*4784
48
49%
48
48
10
10
10
12%
12%
12%
1078
12%
48
—-
~13% "l4"
"l378 "l4%
114
*111% 115
114
48
778
778
*38%
5178
39
52%
104
*103% 104
I684
29
88
27%
29%
4334
*40%
407s
2978
75%
7%
29%
7434
*7%
*1%
1434
90
2
54
48
734
387g
52%
55
49%
*4538
7%
3878
51%
50
50
48
115
1478
5584
50%
"l334 "14"
7%
7%
*38%
3934
52
51%
*110
115
100
50
100
1,400
8,900
3,400
1,400
880
410
40
20,600
1,700
90
20
8,600
..
5,700
300
......
5,300
11,000
1,600
115
*110
100
4% conv pref ser A
13% Apr 24
26%June 4
11238May 22
Preferred
Corp.--.-.No par
26%June 5
538June 30
29%June 30
1,100
-100
assented
100
100
Baltimore & Ohio
Preferred-.--
50
Bangor & Aroostook—
100
Preferred
No par
Barker Brothers
100
6}4% conv preferred
Barnsdall Oil Co
5
—
No par
Bayuk Cigars Inc
-—100
preferred
Beatrice
-.25
100
Creamery
Preferred
No par
50
Beech-Nut Packing Co
20
Belding Heminway Co.No par
Belgian Nat Rys part pref
$5 pref ww
Beech Creek RR Co
—-6
Aviation
Bendix
3
Beneficial Indus Loan._No par
Best & Co
-—No par
1%
36
2684
26%
*4%
*12%
16%
*4%
*20%
*63%
28%
*40%
1%
.
11%
34%
1478
*56%
11%
*43
10
3678
27%
27
4%
1%
934
34%
37%
27%
27%
27
2654
*4%
4%
14
*12%
14
16%
*16%
4%
2078
43s
20%
I884
4%
20%
6734
29%
6784
2884
407s
1%
11%
34%
15%
60
11%
44%
15»4
51%
*63
28%
40%
1%
11%
34%
1%
15%
....
11%
11%
138
*130
138
4%
14
18%
438
1%
1%
11%
3478
15%
11%
34%
15%
*56%
11%
44
*130
1%
10%
36%
2778
27
27%
4%
*43g
1%
9%
3534
2784
26%
4%
*12%
14
16%
4%
16%
4%
*16%
*65
21%
65
41
1%
978
36%
2778
*12%
29%
41%
....
*130
27%
65
*51
....
28
29%
*15%
15%
51%
51%
*98%
*98%
*101
100% 100% *100% 103
*7%
7%
7%
734
*7%
152
155
152%
151% 151%
1534
*5078
*98%
36%
27
44
43%
*15%
10
*4%
*12%
*16%
4%
20%
40%
11%
34%
15%
*56%
1%
1%
978
35%
2734
1%
10
14% Jan
60
H84
44
6734
4%
20%
65%
29
29%
42%
29%
4134
21
20%
41%
1%
11%
34%
15%
*56%
11%
43%
15%
1%
11%
1%
11%
35
35
15%
5934
11%
.44%
15%
51%
15
*56%
11%
36
.
28
35
Feb 28
85
Boeing Airplane Co
5
5
80%June
No par
Class B
39
15
—10
Borden Co (The)
Corp.
Borg-Warner
100
Boston & Maine
JBotany Cons Mills class A .50
Bridgeport Brass Co...No
Brtggs Manufacturing-No
Briggs & Stratton
-No
Bristol-Myers Co.
Brooklyn & Queens Tr.No
par
par
par
5
6
Apr 27
1% July 16
y!2%July 2
43% Apr 30
47%June 30
41
4%
21%
4i2 Jan
3034
67
40% Jan
300
1,400
100
11,900
13,600
20
100
7% pref. new..!
7% preferred.—
Budd (E G) Mfg
7% preferred
-
27%
4%
13%
1978
4%
4,700
Burroughs Add Mach..No par
42%
1%
11%
35%
15%
5934
11«4
69
£41
180
7,900
3,700
-
....
.
138
*130
138
138
Bush Term Bldg gu pf
Butte Copper & Zino
ctfs.100
5
Byers Co (A M)
Preferred
No par
100
Byron Jackson Co
No par
California Packing----No par
Callahan Zinc-Lead
5s Jan
2
6,500
Calumet «& Hecla Cons Cop.25
6
Jan
6
Campbell W & C Fdy.-No par
Canada Dry Ginger Ale
—5
30
Jan
6
Canada Southern
—100
54
Canadian Pacific
25
....
*130
No par
-100
Debenture
8,100
11,100
15,200
1,000
300
30
•
-
tBush Term.—
lli2 Jan 10
20<4 Apr 28
25
Apr 27
2% Jan 2
8% Jan 2
14i8 Apr 29
2% Jan 2
16% Apr 29
54i8June 15
22
Apr 30
30*4 Apr 30
2,400
......
*130
138
......
10
1,600
6,400
......
Cannon Mills
No par
Capital Adminis cl A
1
Preferred A
10
Carolina Clinch & Ohio Ry.100
103s Apr 30
Jan
6
107s Jan 20
37
Apr 30
1234May 8
4534 Jan
8
87
Jan
4
100
1
100
91
Jan
4
100
116
—
Stamped
!_
Carriers & General Corp
Case (J I) Co
Preferred certificates
6%May 22
92% Jan. 6
Jan
7
"
7434
26%
29%
74%
26
28%
74
26%
2884
29
76%
3O84
3084
♦39%
77
77
*297s
31
41
76%
*39
42
'
7%
*684
*98% 107%
51
52
9
9
*7
7%
*98% 107%
52% 5234
9
9%
98% 99
97% 9784
103% 103% *103% 10334
*19% 20
*19% 20
*40
*40
52
48%
81
81
79%
79%
65%
65% 66%
64%
134
1%
*1%
*1%
4
4
*3%
4%
1%
*1%
1%
1%
684
*6%
*2784
*1%
*3%
284
*7%
17%
*55%
2
*5
\
434
*26
7
7%
28%
1%
3%
234
8%
17%
56%
2%
5%
5
27%
7484
7
*634
*28
1%
3%
278
7
10
29
1%
3%
27s
*7%
8
17%
17%
6684
2%
534
*56
*2
*5
*478
*25%
5
27
27
29%
*76%
fc31
fc
40
7
29%
78
3178
40
7%
*98% 107%
*52% 53
74%
2534
29%
7684
75%
74
2634
29%
25%
29%
77%
31
31
*39
41
*7
7%
*98% 107%
52%
5234
-
76
9%
1350.
3,000
16,300
74%
27%
30
74%
2634
29%
30
4,400
78%
78
78
520
74%
2678
3084
40%
3278
41%
*7
*7
32%
40%
7%
*98% 107%
52% j 42®4
9%
9%
9%
9%
9%
98% 98%
98%
98%
98%
98%
*103% IO384 *103% 10334 *101% 10334
*19% 20
1934
1934
1934
19«4
*40
*40
52
5184
*40
52
82
82
83
81% 81%
83%
66
65%
65%
6578
65%
66%
*1%
1%
*1%
1% 4 *1%
17fi
4
*384
4%
4
4
3%
1%
*1%
1%
*1%
*1%
178
*7
7%
7%
7%
7%
7%
10
10
*6%
*6%
9
*6%
*28
29
*28
2878
281 * 28%
1%
1%
*1%
1%
*1%
134
3%
3%
3%
3%
3% ,
3%
*284
278
27g
*234
3
2%
7%
7%
7%
7%
7»4
7»4
18
1778
17%
17%
17%
1778
57
57
67% 57% .*56% 47%
*2
*2
2%
2%
2%
2%
5
5
*5%
5%
5%
5%
5
5
5
478
5
4%
*26
27
1 25% 26
26
26
For footnotes see page
7478
26%
75%
27%
33
41%
7%
*98% 107%
5234 53%
9%
9834
98%
10234 103%
9%
*19
20
*40
52
28%
83%
66%
17s
378
17s
8%
6%
28%
1%
1%
3% 1
3%
278
3
83%
66
*1%
378
178
7%
6%
6
17%
*56%
2%
5%
5%
26
8
177s
57%
2%
5%
5%
26
NO par
5434 Jan 16
Celanese Corp of Am—No par
JCelotex Co
No par
21>4May 22
19
Apr 30
54 May
1
25% Jan 6
35
Apr 28
6% Apr 29
97%May 2
4784 Jan 21
Caterpillar Tractor
5%
preferred
100
3,900 Central Aguirre Assoo.No par
300 Central RR of New Jersey-100
mmmmmm
■mmm^mm
3,400
Century Ribb
on Mills.No par
Preferred-—
—lO'O
Cerro de Pasco Copper.No par
3,500 Certain-Teed Products.No par
230
7%
preferred..
_100
60 Champ Pap & Fib Co 6% pflOO
200
......
Common
Checker
Cab
1,300 Chesapeake
Corp
10.900 Chesapeake & Ohio
tChio & East III Ry Co
500
6%
Preferred
1,800
7%
6%
Yellow Cab
Jan
2
100
4
100
6
100
par
preferred
No par
Rock Isl & Pacific.-100
preferred
preferred
2
51
l%May 19
278 Jan 4
1% Apr 28
Conv
400 Chicago
3
2
Jan
Aug
100
5
1,700 tChic Milw St P & Pao-No par
Preferred
100
2,000
2,500 Chicago & North Western. 100
2,900 Chicago Pneumat Tool-No
Mar 13
59
100
—
700
19
4
4
22% Jan
100
preferred
Ind & Loulsv pref
300 Chicago Mail Order Co
500 tChic
101
No par
5
10 tChio
400
8%June
80% Feb
No par
25
400 Chicago
Great Western
Preferred
5,100
400
113
Jan
5
2
6
Feb 28
99
31% Aug
63% Mar
6
7
100% Apr 13
—.100
^-—100
No par
Jan
2
May 12
25%May 13
,
lf2 Apr
2?s Apr
2% Apr
6>4May
12% Apr
4034May
1% Apr
3% Apr
3% Apr
1934 Jan
30
27
29
1
30
4
23
24
28
2
4
Mar
15
Mar
48% Nov
Sept
19% Dec
45% Oct
14
1%
Feb
36% Mar
106% Mar
3% Feb
32
June
578 Mar
10784
"Jan
14
Oct
100%
Jan
"33"
Nov
72
Feb
63
5%
Jan
6%
116
Jan
Dec
Jan
Deo
Deo
15% Nov
88
14%
115"
Nov
Dec
May
20% Nov
108% June
45
11% Mar
79
33% Sept
95
Sept
1434 Nov
Jan
117% Mar
24% Oct
2284 Deo
57% Nov
M84 Mar
9% Mar
16%June
237g Aug
Sept
117s Mar
15% Mar
34
103% Jan
28% Mar
6% Mar
39% Juiy
90
Jan
27% Sept
17
Nov
114
Dec
90
Deo
22% Deo
597g "Jan
100
July
Jan 15
38
Dec
47% July
323s Aug 10
„21
Mar
27»4 Nov
Mar 4
Jan 30
Feb 14
28% Jan
334 Mar
% June
Feb 13
Mar 6
69
Apr 4
50% July 24
8% Apr
24% Feb
23% Jan
30% May
1% Apr
83%
11%
33s
187s
6478
12% Mar 5
51% Mar 5
5334 July 29
Apr
7
56% Jan 31
65% Jan 15
Mar 23
July 22
1578May
Apr
14
1%
16%
59%
1178
4
64% Aug 26
19% Aug 20
1228s Aug 13
48
Apr 6
20% Feb 19
29% Aug 25
15s July 1
1
July 15
83s Apr 30
11%
35%
11%
*4334
*15%
June 10
5
114
1%
*56%
39% July 16
8
Jan
11%
35%
15%
45
4434 45
1578
16%
15%
15%
*51
.51%
51%
51%
51% *5078
*98%
*9834
*9834
103
*101
103
*101% 102
*101% 102
7«4
7%
7%
7%
7%
7%
7%
161
149
159
148
159
153
152%
-
No par
i
2
85
Second paid rights
No pu
_.:.No par
7
9% Jan
No par
--.-100
Bullard Co
1,500
5,600
Mar 11
26
lll%May 20
July 30
123
Mar
115
May
105
100
3,900
60
2
14% Feb 14
110
Aug 25
5
28
300
July
2034 Mar 19
Apr 11
x20
Apr 8
195s July 13
114% Jan 15
102
13
Bulova Watch
......
118
100
Bucyrus-Erie Co
3284 Apr
10684 Jan
*
18
Sept
25% Dec
49% Aug
8%May 19
878 Jan 2
109i2 Aug 25
No par
Deo
197g Deo
28
7% Mar
9% Mar
36
Aug 13
49% Feb 28
100
Co.—
Bruns-Balke-Collender.No par
17%
Oct
40
104
Brooklyn Union Gas-.-No par
Brown Shoe
5
9734 Feb 4
44i2May 11
48
Aug 24
7,400
22%
7
2
33i2 Jan
Budd Wheel
30%
41%
4
$6 preferred series A .No par
6,900
4%
21%
67%
29%
Jan 17
par
No par
Preferred
2
Jan 21
64
Bklyn Manh Transit-.No par
100
3,900
*1684
June 30
25% Jan
92% Deo
37% 'Jan
7% Apr
57% Apr
Aug
Dec
678 Feb 24
384 Apr 22
54% Feb 28
45
Aug 28
24% Feb 21
243s Mar
41
Deo
5% May
35% May
234 July
7
No par
Bon Ami class A
54% Mar
Jan
10934 Jan
77% July
1678 Apr
60
Sept
10% Jan 15
46% Jan 24
734 Mar 18
Jan 18
3
Bohn Aluminum & Br—
Feb 18
48
8
8
24
11
30
20
12
Deo
3584 Mar
66% Mar
19% Apr
18% Nov
June 12
126% Apr 18
30% Feb 14
20
18%May
44
Mar
89%May 5
3134 Apr 15
8
100
6
5
23
109
Feb
20%
73
Oct
Nov
Mar
2934
10
115
978
90
48
13
83
June
Apr
7% Mar
8078 Apr
Mar
16% Mar
21% Jan 20
334 Mar
70
.3
13
96
Bloomingdale Brothers.No par
100
8
11
21
2
Jan
Blumenthal & Co pref
27
2
18
10
8
14i2 July
100
19*4 July
IO984 Apr
119
Aufe
51% Feb
88% Aug
IO634 June
3534 Feb
25
July
31
July
35% Apr
Feb
107i2July
Preferred
22i8 Feb 27
May 13
108
13% Jan
.No par
Blaw-Knox Co
1%
19
8
5% preferred
—20
7% preferred
100
Bigelow-Sanf Carp Ino.No par
10%
36%
*4%
*12%
2
Aug 18
16% Apr 28
1%
978
35%
2634
4%
13%
Jan
Jan
18
107
100
4534 Am- 30
new
26%
■'
6
1634June 26
May 8
110
(Del)-No par
Beth Steel
27
1%
10
Apr 9
2% July 9
238 July 8
29% Apr 30
3334 July 8
1578 Apr 30
21
Apr 30
4178 Jan 3
112% Apr 3
13% Jan 6
8214 Jan 10
1st paid rights
1
984
June 26
14
No par
Prior A
1st
Jan 17
—No par
Austin Nichols
Pref
2
Jan
48
No par
-100 £112
Atlas Powder..--
2
Jan
3,400
"l378 "14% 27",900
"l3% 13*78
115
600
......
48
104
*110
40
27%
•
"13% "l4_"
3,500
7,600
*103% 104
103% 103%
48
48%
4878
4878
48%
487S
4834 49
48
*46
*46% 48
*46% 4778 *46
48%
11%
11%
10%
1078
1078
11%
11% "11%
13
12%
12%
12%
1234
1278
12%
13%
*104
110
110
*104
110
*104
109% 110
*111
200
30,600
17
*4538
734
3878
5178
20
2,300
400
*1%
14%
5434
4978
1478
9034 Jan 2
21% Apr 24
11
Apr 22
SS Lines..No par
Preferred
100
Atlantic Refining.
25
At G & W I
Works..No par
1,000
2
Atlantic Coast Line RR—100
Loco
38
111% 111%
88%
88%
28%
29%
44%
44%
*86%
90%
*40% 41
2934 30%
75%
76%
7%
7%
59
Assented-
122
27
Topeka & Santa Fe—100
Preferred
-.100
Preferred
67% 121,900
3,100
19%
*3684
16%
Atch
Baldwin
1,300
56
19%
122
Feb 21
May 21
1,600
300
June 19
98
5,100
9,800
Jan 20
12% Apr 30
Del(The)new.3
41,800
3
8is Jan
95
36
8,400
28%
21%
66%
37
43%
89%
5478
49%
4834
'
28%
21%
5534
$ per share
103
Aviat Corp of
100
*8638
28%
21%
5534
•....
Highest
$ per share
25
Oil
8,600
r
Lowest
$ per share
-100
100
6% 1st preferred
7% 2d preferred
Auburn Automobile—No par
110
9478
1334
1334
100
Preferred.
Associated Dry Goods——1
Atlas Tack
200
Highest
$ per share
—No par
Artloom Corp
4,100
....
*93
111% 111%
15
55%
16%
*28
2
14%
54%
37
101
*37%
....
67
63%
19
18%
12034 121%
7
2
90
*100
1378
25
73%
*684
101
95
1634
48
*100
40
45
1334
*8638
27%
21%
5478
16
30
45
*93
16%
30
45
21%
2278
2234 23%
33%
35%
35%
3578
44
*43%
z4378 4378
115
114% 114% *113
17
1534
16%
16%
94
94
94
94%
16%
1734
17%
18%
18
1734
£1784
18%
*112% 114
*112% 114
21%
21%
*21% 21%
*111% 11178 *111% 11178
PaT
1,000
3%
278
47%
1378
16
*48
*43
3%
234
4434
95
37
28%
42%
400
278
137s
*86%
62%
88
100
69
3%
*93
55
*3634
113
4478
1378
119
734
278.
95
37
*1%
14%
6234
48%
*45%
3
43
1384
*8638
......
9,960
113
122% 122% *122% 123%
17
17
17
17%
2978
3084
31%
31%
6
6
*6
6%
*31
33
32%
32%
5%
5%
5%
5%
*93
27%
21%
55
1,400
#69
70%
14
119
*1107S 111%
*86% 88%
*
28% 29%
4278 427g
*86% 90
*40% 41
101
80%
113
93%
1834
I884
120% 120%
I884
*37%
*100
101
*67
5%.
3
3%
*278
*43
1,200
9,400
2,090
80
Lowest
"a'' '
Associated
41%
il", 500
*112
70
*6634
122% 122%
1534
1534
2934 31%
*6
6%
33
*32%
17
17
21
*110% 113
*6684 69%
123% 123%
6
44
25
27%
31%
3
30%
25
33
*41%
28%
1934
""160
117
104% 104% *10034 10434
2834
30%
3034 3178
20
20%
21%
2034
29
29
28%
29%
27%
2784
27% 27%
105
3084
20%
20
117
*39
41%
6,200
817S
"77%
7734
76%
103% *104
29%
17
3%
3%
4234
3
41
79%
77%
78
120
Range for Previous
Year 1935
Lots
EXCHANGE
Saturday
Aug. 22
Thursday
Aug. 29, 1936
14
May
36% Mar
90
Jan
43
Mar
53
Mar
3% July
4% Mar
62% Mar
3% Mar
23
Mar
70%
878
Deo
Deo
234 Deo
17% Nov
55%
Oct
55
Oct
42
Dec
5%
38
Deo
Deo
4684 Aug
100
Aug
71% Aug
6334 Aug
11% Deo
87g
100
Deo
Deo
984 Nov
97% Deo
3%May
1% Aug
Mar
2% Mar
37% Aug 20
31% Feb 4
33% Feb 13
384 May
8% Mar
13% Mar
9
Mar 23
1
19
Mar 24
6%
2478 Mar 23
6% Mar 20
25% Feb 13
74
Jan 10
3034 Aug 22
4384 Aug 10
17g Feb 10
Apr 13
2
16% Aug 8
60
Aug 20
14
40% Apr
16
Feb 19
46?i Aug 19
18% Feb 24
52% Apr 18
99
Aug 20
102
Aug 21
934 Feb 19
186
June 22
143
July 16
7834 Apr 15
32% Jan 6
31% Feb 19
78% Aug 27
35% Mar 13
57
Feb 21
934 Jan 17
107
Mar 7
58
Apr 14
19% Mar 24
1
104% Mar 7
£21
Apr 29
69% Apr 17
86
Aug 13
69% July 15
3% Jan 13
6% Jan 15
2% Feb 5
8% June 27
102%June
10
Apr
Apr
Mar
1% Mar
IDs Mar
32
Mar
30% Aug
% July
2% Mar
7% Mar
8% Sept
60
Apr
8% Oct
30
June
14% Nov
1484 Nov
24% Nov
28
Nov
3%
10%
22%
Jan
66
Deo
Jan
Jan
3% Nov
20% Jan
~42% "Feb
1%
634
Jan
Oct
33% Nov
17%
56%
1334
40%
Deo
Oct
Jan
Oct
14
Nov
Feb
Feb
48
Nov
88
Aug
85
Mar
95
July
7
Dec
4% Mar
32%
82%
4584 Mar
83% Apr
36% Jan
19% Apr
16% Nov
55
Nov
22%
34
Feb
Mar
6% July
96% Mar
38%
Jan
3% Mar
23
Mar
4% Mar
36
Mar
8% Deo
111% Nov
126% Nov
60
35%
Nov
Jan
21% Nov
6284 Nov
29
May
62% Aug
12% Jan
109% Jan
65% Deo
15% Deo
88% Deo
21
Deo
Feb
Feb
61%
53%
2%
3%
2%
5%
Mar
9
Deo
Jan 6
Feb 11
19% June
735
Nov
% Mar
3
Jan
Feb 11
Feb 21
>4 Mar
1% June
3% July
4% Mar
12
Jan 31
31%
27s
57g
47s
12% Feb 21
20% Jan 2
59 July 22
37% Mar
1
Apr
7s June
%
1%
1
20
Mar
3
Feb
8
84 July
8
Jan 11
1% Mar
1% July
9% July
8
July 15
3134 Apr 1
Nov
Deo
Jan
Deo
Jan
Deo
4% Jan
5% Jan
10% Jan
20% Deo
5434 Deo
2% Jan
4% Deo
4
Jan
1984 Deo
Volume
New York Stock
143
LOW AND HIGH
SALE
PRICES—PER
Record—Continued—Page
Sales
SHARE, NOT PER CENT
STOCKS
NEW YORK STOCK
for
Saturday
Monday
Aug. 24
Tuesday
Aug. 25
Wednesday
Aug. 22
$ per share
$ per share
$ per share
$ per share
22%
23
*8
8%
*33
3678
110
11034
16%
1678
*83
2258
23
8iS
3678
11058 112I8
1678
17
84l2
7
.*65s
32
83
678
3178
*11114
35i2
5034 *4934
36
*56
58
56
*12612 135
*12612
IHI4 11412 115
*57
57
57%
1312
1358
1358
101i2 *10H8
50
49i2 4934
♦1093s 112
*10934
*27
27i2
27i2
*101
5%
558
27
27
30i4
28
*28%
*27%
*28%
28
*28l2
2978
124l2
3714
*4512 46i2
20
2038
*1053s 10618
*123
125
3714
101
7H2
10484 105U
7612 78
115
115
116
71
6
534
27%
29
29%
2978
6
27%
*28%
119
107%
78%
79%
117% 117%
117% 118
1578
16%
*18
20
*16%
17
*16
*10
1712
1034
*6884
73
*78
783s
*75
110
4l2
165s
405s
*106
4%
16%
4118
70%
8
34%
*10%
*68%
73
*78
*
7838
75
1078
70
8
34
514
12iS
*658
"VU
1
3'2
15
10%
16
78
*75
110
434
2012
1534
1%
89i2
6784
*2H8
38%
284
2914
*30i4
22%
1534
1%
89%
68i2
2134
■
4%
*10%
*6878
73
15%
10%
*687g
*76
78
78
78
110
*75
110
11
5
17
4%
16%
167S
41
42
107
107
*104%
5%
12%
*104%
6%
6%
%
H
*3
3%
%
3%
15%
22%
5%
12%
...»
6%
%
16
16%
41%
3%
2134
6%
%
*14
15
15
3%
15%
*21
22
20%
21
16%
1%
16
16%
178
16%
1%
1638
1%
89%
91
91
92%
69
6934
68%
92%
69%
21%
21
69%
21%
69
21
21%
21%
39
38%
27g
30%
39
30%
3984
27g
30%
1%
,89%
1%
4%
1%
93
687g
21%
70%
21%
69%
39%
234
2934
39%
2%
30%
32%
3938
2%
29%
32%
65%
69%
32
33
*65%
6478
66
65
65
6434
65
66
67%
66%
161
*158
161
*150
5%
5%
5%
36%
36%
30
30
36i4
36i4
36%
29
30
30
30%
63l4
67
66
68
68
69%
48i2
48i2
49
49%
49%
10,000
400
5,900
20
300
3,300
760
Y
300
56,300
400
70
24,100
"8%
*105
*105
884
433s
834
884
43%
43% 44%
44%
118i2 *116% 117
*116%
•13s
ll2
♦13s
1%
1%
•III4
11%
*11%
1158
11%
103s
1038
10%
1034
10%
103
103
102
102% *102%
*37
*37
37%
37% *37
193s
1958
1934 20
19%
10778 108
6%
658
1858 187S
*61%
74
*36%
41
63% 64
16
16%
68%
68%
*2884 29%
24% 25
42
43
18
18%
*5%
*148
*4
*5
*51
*34
6
151%
5%
17
52%
*385s
23%
♦18%
34%
40
2338
20
55
55%
*95s
71%
72%
"40%
*20%
97g
40%
23
*3,
1
*1S8
*434
*1384
2
IO884 10834
6%
634
18%
19%
*61%
68
*36%
41
643s
6434
161
5%
36%
16
70
29
25
425g
183a
*53s
148
*4
5,300
11,200
1,000
800
21,100
44,400
4,500
71%
29%
2538
437s
187g
6%
148
5%
6%
300
5%
200
800
*31
21%
6434
69%
*155
161
5%
*155
36%
36%
300
2,100
28,400
30
30
*109% 110
6%
6%
634
19
18%
18%
113
*8
200
11,300
2,100
39%
234
30%
41
*36%
40
6%
18%
61%
*36%
65
*64
65
64
16%
16%
71%
29%
2434
43%
18%
6%
29%
24%
42%
1734
*5%
16%
70%
29
29
24%
42%
18%
*5%
25
24%
42%
17%
*5%
44
1878
6%
1507g *148
550
40
40
*40
41
2334
20
23%
*19%
*39%
24%
56%
978
56
73
14%
113
*4
5%
20
14
41
23%
1978
*39%
24%
1978
....
*9%
56%
*984
57%
97g
71
72%
69
72
113
*16
"41"
23
1
2
47g
13%
120
8%
176
113
17%
8%
176
160% 160%
34
34%
11%
37»4
112
143s
14
For footnotes see page
1350,
*40
567g
97g
*115
113
100
*148
;
100
100% July
7
Comm'l Invest Trust--No par
Conv preferred
No par
Jan
9
110% Jan
9
122
97
Commonw'lth & Sou—-No par
$6 preferred series
No par
2% Apr 30
59% Apr 28
7
July 3
307a Aug
par
16
Jan
May
100
Consolidated Cigar
No par
preferred
40
65
65%
16%
73%
29%
25
29%
2434
44%
19
72%
29%
2434
4434
19
6
*5%
150
149
4534
19%
534
149
Aug 28
50
2,000
2,300
15,600
1,100
5,800
12,600
11,300
5
50
par
X'
pref--100
No par
Inc
No par
Davega Stores Corp
5
—No par
20
Corp.10
100
Delaware Lack A Western..50
Denv & Rio Gr West
"""266
pref .100
102
Jan
3% Apr 28
11% Apr 30
101
Jan
♦4
5%
*4
2
12
38%
112
14%
~37% "41 ~
21
21
*34%
40%
23%
*19
*39%
67%
*934
69%
35%
40%
24%
1934
.....
5834
9%
7284
"37%
41
"
35
35
*40
41
6% Jan 7
63% Jan 7
35%May 26
167sJune 4
21% Mar
60
90
6
May 28
36%May 17
43% Jan 6
7% Apr 27
40.100
Douglas Aircr Co Inc..No par
*37%
40%
"""loo
Dresser (SR)Mfg conv ANo par
Convertible class B__No par
2
*%
*1%
*478
13%
5
5
5
♦5
13%
13%
13%
120
*113
*16 4
8
\
174
11334
17%
8
174
160% 160%
3334 34%
11% 11%
377$ 38%
113
1378
113
14%
*115
120
Dominion Stores Ltd
Rights
23
155% 159%
12934 1297g
Dome Mines Ltd
21
21
.
*1234
*115
200
1
2
5%
13%
Duluth S S & Atlantio—100
"""166
600
600
120
115
158%
157% 159%
129% 129% *129% 12934
II384 II334 113
113%
*16
*16
17%
17%
8
8%
8%
8%
177
177
177
177%
I6I84 10184 *161
165
3334 34%
34% 34%
11%
11%
11% 11%
37% 39%
38%
39%
113
113
*118% 113
13%
14%
13%
14%
Preferred
100
Dunhill International
Duplan Silk
1
.....No par
Preferred
100
21% Nov
.49
July
58% Sept
11% Nov
...100
3
7% Jan
22% Feb
3484 Nov
105% Nov
6%
Deo
12% Deo
101% Deo
Jan
69
Jan
99% Nov
20% Dec
28% Mar
84
Jan
15% Mar
4134 Mar
60
Oct
Deo
234 Nov
Deo
69%
Dec
78% July
May
7% Deo
397b Mar
19% Dec
487b Nov
165
"74%
loo"
Mar
3% Mar
14
Mar
47% Apr
1
Jan
5
Jan
5% July
48
9%
38
Nov
Deo
Deo
Deo
105% Deo
2% Deo
14
Deo
37
Dec
15
Mar
8% May
8034 May
47% Jan
2434 Nov
89% Mar
105% June
40%
2
Jan
Mar
6% Mar
Mar
Jan 27
Aug 28
Aug 20
Apr 6
61
4%
Deo
12% Deo
*95
Nov
June
75
Nov
16
Mar
47
Deo
6
June
31
Feb
7
19
Mar
6
1878 Dec
23% Mar
23% Feb 20
9% Feb 7
447g
Deo
35
148% Oct
4% Mar
3578 Jan
1134 Sept
23% Mar
43% Jan
73
Feb 20
23% Deo
1178 Dec
17g Deo
Jan
26
52
8% Deo
1% Nov
7
Jan 21
70%
65%
16%
89%
147g Apr 30
4% Jan 4
May 12
Jan
46%
6234
2
2234 Mar
Jan
11
Mar
10% Deo
6884 Nov
28
Sept
24% Deo
43% Jan
19% Jan
Feb
5
Deo
153
Feb 17
65
Mar
130
Deo
Jan 24
65
May 12
45
Apr
45
4
Apr 29
10
2
Aug
6
Jan
13
June 12
Oct
19
Deo
42
Jan 10
50%
Jan
50% Jan
6
29
Jan
6
5% Jan 10
%May 20
1% Jan 6
47g July 10
13% Aug 27
114
8
Preferred.
Dec
4% Mar
% Apr
Jan
Du P de Nemours(E
Electric Boat
22
27
30
80
Jan
s8 Aug
19% Apr 28
36% Jan 20
Feb
24,500
9
Dec
7
I)&Co.20 133
Apr
500
Feb
6% non-voting deb
100 129
190 Duquesne Light 1st pref—.100 xl 11% June
10 Durham Hosiery Mills pf.100
13
Aug
2,700 Eastern Rolling Mills
5
5% July
1,200 Eastman Kodak (N J) .No par 156
Apr
70
6% cum preferred
100 152
July
3,000 Eaton Mfg Co........No par
28% Jan
12,300 Eltingon Schild
...No par
534 Apr
16,100 Eleo Auto-Lite (The)
...5
3034 Apr
lMOO
100%
2%
Jan
278 July 10
-
Feb
1% Mar
6% Mar
62
41% Jan 2
7«4 Apr 28
7334
*1%
Aug 27
9% Mar 11
Jan 15
No par
No par
58%
9%
5,800
9%
72%
20%
*%
44% Jan 14
24% Apr 13
10% Jan
18% Apr 30
19% Aug 28
40
Aug 10
No par
9
110
99% Mar 13
No par
Class A—
4
107% Aug 19
6
Dixie-Vortex Co.
July 22
18% Feb
14% Mar
8
200
6
lCrMa*- 4
4734 Aug 28
119% Aug 28
278 Feb 4
1% July 13
Jan
19%
300
109
10% Apr 28
Aug
.19%
*39%
1
738 Mar
3734June 19
32
Aug 19
72
Aug 28
4778 Apr 28
51% Aug 28
4
33
Participating preferred—.25
Distil Corp-Seagr's Ltd No par
Jan 14
69
Jan 27
38
200
72%
Mar 20
82%June 18
168% Apr 15
Apr 30
95% Apr 29
4
Feb 11
4
Mar 27
5% non-cum preferred-.100
Devoe & Raynolds A..No par
Diamond Match
No par
10,900
58
46
38% Feb 11
46
Apr 8
15% Mar 16
43% Jan 7
45% July 29
46% July 22
60
2434
1%
*115
1,200
Nov
16
9334 Aug 28
87% Jan 13
2438 Mar 5
35% Apr 30
2% Apr 30
28%June 6
27
July 9
55% Apr 30
63% Aug 22
158
Aug 20
4
July
7%May
9
30
19% Mar 3
2% Feb 21
128
24
*78
1%
1
400
Feb
24
18
17
26% Mar
June 18
12%June 18
35
7% Feb 13
20% Feb 13
443g Aug 10
109
July 14
106%June
11% Feb
1% Jan
4% Apr
20% Apr
6% Aug 17
38May
Det & Mackinac Ry Co__.100
5%
9
14% Nov
6% Feb 10
15% Mar
6
100
Detroit Edison
Deo
Feb
1
Preferred.—
Oct
11
4534 nov
Mar
Mar
No par
Delsel-Wemmer-Gilb
71
27
74
100
Delaware & Hudson
29% Jan
578 Mar
Nov
80
100
Deere & Co
3
82
..No par
preferred
Jan
84 Mar
Nov
2.50
Preferred
8%
Oct
23%
Mar
5
Preferred
Cutler-Hammer
Jan
105
72% Oct
3% May
14% May
1578 Feb
w-No par
Cushman's Sons 7%
Aug
115%
Mar 25
-.100
m
72
110% Dec
9778 July
16% Oct
85
1
mmmmwm
Oct
Mar
par
Corn Exch Bank Trust Co.20
C1&S8 A
Dec
68
7
17% June 30
Curt iss-Wright..
83
119% Aug
62
20
Preferred
Oct
69
Continental Diamond Fibre.-5
w
Jan
Deo
Jan 15
No par
—100
pref
Mar
50
1534 Oct
90% Dec
Mar 24
No par
Continental Can Ino
conv
31
39%
110
Deo
78
1534May 14
10% Jan 6
1% Jan
67% Jan 3
67%May
$2.25
Jan 10
33% Jan
133s Jan 22
June
40% Dec
48% Deo
21
17% Deo
101% Nov
497$ Dec
85
.100
-
400 Cudahy Packing
6,200 Curtis Pub Co (The)—No
38%
16%
8
20
Jan
72% Jan 27 ,
'
73% Feb 13
4% Apr 30
15% Apr 30
27% Apr 30
5% preferred v t 0
100
Container Corp of Amerlca.20
Continental Bak CI A..No par
Preferred
Feb
Jan
Deo
Dec
6 534 June 24
No par
Class B
7
5%
29
22%
100
No par
Consol Laundries Corp
Consol Oil Corp
Feb
100
;
Prior preferred
Prior pref ex-warrants
$5
15
Feb 17
12% Feb 27
44% Jan
2584 Mar
2
10
82
978 Nov
"56% "Feb
July 22
July 22
24% Feb 21
5% Feb 17
7
__
Mar
6% Mar
82%May
14% June 26
107% Deo
% Mar
5
1084
7
Mar
123
Jan 10
55
$4.25conv pf ser of '35No par
Commercial Solvents.-No par
Preferred
Deo
7978 Aug 28
123% July 18
116
Aug 28
conv pref
par
Deo
338 Mar
9
No par
50
109
35% Mar
8
Deo
Dec
Mar
107% July 13
103
Aug 24
Jan
Deo
21
9
2
6
Jan
May
93
58%
6984 Mar
684 Jan
90% Jan
8034 Jan
44
126
Deo
Jan
Jan 11
11
22
23
Dec
June
101
28
110
Conde Nast Pub Ine
Aug
72% Nov
53% Apr
15% June
2
10
1,000 Cuba Co (The)
No par
160 Cuba RR 6% pref
100
7,900 Cuban-American Sugar
10
500
Jan 15
36
100
4M%
48%
48
5234
Jan
Det Hillsdale & 9WRR ColOO
5%
23
176
5% preferred
Commercial Credit
27% Deo
July
110
Deo
May
6% Nov
June
49
May 20
42%May 26
14
937a
247g May
48
36% Feb 20
377g Mar 11
31
28
300
39
35
175
No par
No par
100
Deo
Nov
100
27% July
136% Aug
a;45% Jan
51% Jan
23% July
21,700 Crucible Steel of America.-100
~3~906
65%
16%
72%
35
160% *159
160%
34
34%
343g
IO84 11S4
11%
12%
37
3734
3734 383s
pref
Oct
9% Feb 19
7
102
60
634
34%
8%
v 10
conv
Columbia Gas & Elec
Preferred series A
Mar
12
55% July 31
2
Jan
Cr W'mette Pap 1st pf.No par
Crown Zellerbach v t c-No par
19
34%
34
14
5,700
60
34%
16%
Corp
Jan
2
28% July 20
2
16
94
31
6934 Sept
3% Apr
12% May
Deo
9
20
112
2
2
No par
No par
Coty Inc
No par
1,300 Cream of Wheat ctfs
No par
2,200 Crosley Radio Corp—.No par
No par
12,800 Crown Cork & Seal
17
113
$2.75
24
May
21% Jan
19% Jan
Mar
3134
26
Feb
Feb 20
3% Mar 16
100
c
10",500
6%
18%
53
8%
4% 2d preferred..
Columbian Carbon v t
Preferred
60
53
16%
100
9,500 Corn Products Refining—-.25
6%
18%
61%
*10
113
100
100
June 30
Aug 14
39% Apr 30
107% Jan 3
8% Jan 6
par
4% 1st preferred
Continental Insurance
1,100
26,200
13,200
17
*115
113
151
69%
110
53
1334
No par
100
Continental Motors
m
*51
♦159
•112
•71%
*10
*%
*1%
478
13%
100
No par
3,400
5%
36%
31%
72
17
1384
175% 177
36%
30%
71%
51
*37%
13
^Colorado Fuel & Iron.No
Col Pict
Jan 31
100
Collins & Alkman
Preferred
Colonial Beacon Oil
50
Jan 15
84
9
70% Feb 7
129
July 28
122% July 31
577gJune 5
20% Jan 6
106% Feb 28
55% Jan 16
preferred
6,600
33
51
1
6%
124
No par
Colgate-Palmollve-Peet
46
Sept
3% Mar
46% Mar 24
111% Aug 13
4
July
No par
12,200 Continental Oil of Del
1,500 Continental Steel Corp .No
65%
69%
53
478
Class A.
tConsolidated Textile.-No par
Consol Coal Co (Del) v t c.25
2,600
1.200
53
2
Preferred
100
Coca-Cola Co (The) —_iVo par
Consol RR of Cuba pref,-.100
17g
93%
70%
2178
53
14
16
8%
110
67
70
*21
107% Jan
25
_
Jan 24
8634 Aug 19
7% Mar 5
Apr 28
2,900
6,000
*51
*%
138
478
113
69%
67
29
41
2
2
Jan 7
2334 Jan 21
48
"""900
6,000
'
158% 158%
159% 159% 1158
159%
*12984 130
*12934 130
*1297g 130
*14%
69%
16%
69%
22
Jan 21
Jan
48
par
Preferred
17%
*10
*38%
*21%
11 s4
Jan
Clev & Pitts RR Co
special 50
Cluett Peabody & Co..No
Consol Film Indus
1578
21%
17
55%
*958
71%
30% Jan
36% Aug 13
124% July 27
1978 Feb 14
7
Mar 30
Preferred
..No par
Consol Ed Co of N Y—No par
500
*10
♦19%
*393a
85%
15%
7278
434
33
2,700
32,400
161
5
5%
36%
29%
70%
m m _
*36%
*64%
*4
June 12
(The)_l
"2",700
3%
17
34%
.1—5
".No par
Equipment
'
65
*146
8
Clev El Ilium Co
pref. .No par
Clev Graph Bronze Co
Preferred
60
434
x51
50% 51
50%
51%
51%
*110
*108%
*110
87S
8%
8%
8%
8%
8%
9
45%
47
44% 457g
44% 47
4734
119
117
119
117% 117%
119% 119%
1%
*1%
1%
1%
1%
1%
1%
11
11%
11
*10% 11%
11% 11%
11%
11
10%
11%
10%
11%
11%
104
103
104
102% 102%
105%
104%
37%
37
36% 37
*36%
3634
3634
20
19% 20%
19%
1934
1934 20%
*62
16%
3
Jan
8,900 Congoleum-Nairn Inc.-No
Congress Cigar
No
17
*5
5
♦115
16%
*29.
108% 109
18%
Jan
5
$2.70 preferred
*116
7
Colorado & Southern
10
600
3,400
$ per share
2Q
Preferred
60
270
50%
*108%
8%
32
3%
15%
94
65%
5%
100
■
14%
1%
32%
♦30%
16%
3
♦93
6538
*150
30
2,900
42%
16%
178
64%
5
30
500
Clark
$ per share
25
No par
100
City Stores
""eoo
15%
10%
73
80
4%
16%
42%
21
65
161
1,400
1,400
$ per share
10
Preferred
110
16%
65
2%
30
*75
21
64%
3
10%
*6878
*78%
16%
65
39%
15
14%
2078
6358
5
410
Highest
$ per share
No par
25
Chrysler Corp
City Ice & Fuel
1,600
6%
Cotton Oil
Chile Copper Co
61,900
111% 116
78%
79%
117% 118%
117% 117%
16%
17
3%
3%
6978
70%
7%
7%
33
33%
*18% 20
10%
73
3
32
*150
Chllds Co
10
43%
107
107
106% 106%
5%
5%
5%
5%
12%
12%
12%
12%
*104%
*104%
*7
7%
67g
7%
%
%
%
%
387g
278
2934
3
578
15%
4%
16%
40%
38i2
278
2958
3234
3038
5%
20
♦18%
17
%
*14
20
42%
"7%
5%
26%
*28%
29%
*28%
*75
10%
73
78
*284
3
15
Chlckasha
900
36
Year 1935
Lowest
Connecticut Ry & Ltg—100
*18
17
47g
17%
42%
*106
108
*106% 108
514
5%
5%
*5%
5%
1214
12%
1238
12%
12%
*10434
*634
Par
2,800
2178
834
8%
36
107
106% 107%
1077g
78
78% 79%
78%
117
118%
117% 117%
118
118% 118% *117
16
15%
1578
16%
3%
3%
3%
3%
70
69
70 •
70%
*7%
778
*7%
77g
33
33
33%
32%
20
*6878
110
4%
1634
4138
3%
108
•105
2,178
8%
36
28
26% 27
27%
28%
29
29
*28% 29
29%
28% 28%
29%
28% 29%
29%
28% 287g
2978
*28% 2978
127
122
*124% 126%
127
124% *123
38
38%
38
38%
39%
3834
39%
*45
4578
46
46
46
46%
*45%
21%
20% 21%
20%
21%
21% 22%
105% *105% 105%
106
106
105% 105%
101
*101
101% 101
101% *101
101%
73
73%
74
7378
7278
75% 797g
107
*16
70%
*7%
3334
75S
8%
*33
Range for Previous
Lots
Highest
preferred
20
32i2
5%
29
*28%
*18
7i2
5%
29%
3%
6934
*7%
33%
♦18
32i2
8%
3678
277s
*28
*124
118% 118%
1578
16-%
3%
3%
71
2078
Range Since Jan. 1
On Basis of 100-share
Lowest
"
107%
78% 79
1578
314
Shares
....
125
*117
1534
3is
$ per share
$ per share
21
2078
1353
EXCHANGE
—
106
116
20%
8%
*33
Aug. 28
27;
111
37% 38
37%
45% 45%
457S
21
2034 21
105% 105% *105%
103
103
101%
7134 73%
733S
101
70i4
36
Aug.
112%
10978 11178
113% 1147g
109% 11378
17
17
17
17%
17%
17%
17%
17%
84
84
84
82% 83
84%
84% 85
7
7
7%
7
7
7%
*634
6%
678
317S
32% 33
33
*32% 34
32%
32%
34%
*111% 113
*111% 113
*111% 113
*111% 113
*35
35
36is
35
*36
36%
37%
36%
3678
5034
*4934 50% *49% 50%
*49%
50%
49% 4934
56
*57
57
*55% 59%
56
57
59%
56%
*126%
*126%
*126%
126% 126%
116
116
116
116%
116%
116% 118
11$% 119
57
*56%
57%
*56% 57%
*56%
57%
*56%
57%
14
14i8
14%
14
1438
14%
14%
1334
14%
10112 101% 101%
10178,10178 *101% 102
101% 102
5034
50%
51%
50% 50%
50%
52%
51%
527g
110i2 *109% 110% 110% 110% *110% 112
*110% 112
28
28
2712
28
28
28
*27% 28
28%
534
27
*28is
22%
8%
*33
the
Week
83
32
*11114
*34%
*4934
20%
8%
8
*33
Friday
Thursday
Aug. 26
4
7
12
11
1
28
24
6
28
27
110% Jan 23
10
Apr 30
Jan
3
213g Jan 31
58% July 27
40% Jan 25
43
Aug 6
34% Jan 2
1%
5%
35% Aug
26% Jan
34% Jan
33
Dec
41
Apr
Nov
41% May
38% Deo
'
21
June 19
4034July 18
61%June
117g Jan
793s July
6'%6 July
40% Aug
25% Aug
4
23
30
30
10
7
134 Jan 15
3
Jan 15
8% Mar
18% Jan
115»4July
16734 July
133% Apr
11534 Feb
25
9
17
17% Mar
"l3%
Mar
6% Mar
% June
% June
2
June
12% May
44% Deo
12% Jan
58%
"32"
Deo
Nov
17% Deo
1
Deo
1% Deo
8% Deo
19
Aug
116
Nov
28
103
29
86% Mar
1267g Feb
146% Nov
14
104
Feb
115
Jan 13
12
Nov
97t Feb 11
185
Aug
166
Mar 13
8
37
Apr 6
12% Aug 24
44% Feb !9
114
?4% Jan
684 May
Feb
6
17% Feb
4
Mar
384 Mar
132
Oct
Aug
27% Deo
8
Jan
110%
Jan
172% Nov
141
Jan
164
16% Jan
3% Mar
19% June
107
Jan
37$ Mar
July
30% Oct
8% Nov
38*4 Oct
113% Sept
14%
Deo
New York Stock Record—Continued—Page 5
1354
Aug. 29,
Aug. 22
$
$ per share
per
61%
$ per share
$ per share
$ per share
Sahres
6
578
6%
15
71%
71%
14%
71%
14%
73%
69%
69
70
67
14%
72%
6884
47%
%
6
578
14%
75
6
5%
68
46%
*%
2%
111%
578
15
78
13
*11
13
*70
,*75
76%
*7078
75
82
*75
81
*75
81
*75
81
*75
85
85
85
*80
85
*80
84%
*80
6%
15%
6%
15%
6%
16%
25
25%
6%
15%
6%
167b
17
17
*137S
14%
14%
26%
6%
14%
26%
15%
25%
16%
14%
20
,
26%
26%
24%
*16%
*6
*6
3
3
3
278
16
153s
25
25
17%
16
14%
14
27
26%
27%
3
2%
2%
137s
1378
1378
13%
13
13
53
54
54
55
57%
*155
160
*157
163
*160
38%
*80
88j
8
8%.
*378
4%
3534
40%
-
*33%
*111%
2034
*10334
47
3334
*30
*23
97
*94
97
*94
*37
38%
*37
38%
88
*80%
8%
88
*80%
88
>^8%
*4
4
■
38
io884 109
*37%
*106
32%
32%
109% *108
*37%
*37% 38
32%
*68
74
*68
25
25
*
121
61
*56%
*35%
6%
38%
6%
25%
*
10%
103%
10%
149
110
37%
*
61
14
*34
*45
*62%
46%
9%
9%
53%
54%
110
*109
4%
43
4%
43%
113
*109
111% *110
111%
55
*53%
5534
*143% 150
46
39
38%« 39
2
2%
2%
40
.
.
.
46%
40%
40%
.
54
*34
.
.
*45
..
54
64
63%
63%
120
123
*119% 121
66
65%
65%
65%
121
121%
121% 121%
46%
46%
45%
*46%
9%
9%
9%
9%
•
53
53
110
110
4%
43
44
43
*109
113
*109
43%
113
2%
*34
347s
34
34%
14
14%
14
14%
14
14%
73%
75%
74
74
17
17%
17%
18%
4%
7
54
4%
7%
12%
1278
23%
23%
105% 105%
22%
2278
98
98
*8%
87„
91%
2%
91%
2%
2%
3%
2%
*3%
*17
18
28%
*70
58
*2
30%
*14
42%
42%
54
54
4%
7%
4%
7%
12%
12%
23%
23%
105% 107
22% 23%
98%
98%
9
*8%
92%
*91%
2%
2%
2%
2%
3%
*3%
17%
*17%
18%
18%
39%
18%
40%
35%
36
18%
38%
35%
109% 109%
39
40%
41
*53
43%
2%
34
25%
25%
149
2%
34
25%
4i
25%
35%
149
59%
28%
79%
58
2%
31
41
*145% 149
*54
59%
28%
*70
29
79%
112
42%
54%
4%
7%
13%
13
23%
23%
106% 106%
22%
23%
99% 100
9
8%
92%
*91%
2%
2%
27g
2%
3%
*3%
74%
*108
4%
4278
113
19
20%
28%
*70
*2
*14%
*4634
,
*54
*120% 129
33
36%
1178
11%
*70
79%
57%
2%
29
56%
*2
34
*32
*47
15%
48%
*54
56
15%
33
*32
36%
*36
11
11%
18
18
*115
118
...
5934
33
*36
18
-
146
*54%
28%
129
102% 102% *102% 103
418s
41%
41% 41%
*125
36%
35%
146
*122
117
*17%
117
1734
*126
'....
*121% 129
33%
36%
1078
17%
118
11%
17%
118
102% 102%
41% 42%
*126
.
.
.
2,800
10,100
3,800
700
300
52,000
50
180
76,100
800
1350
—
$8 preferred
No par
5
General Cable..
No par
No par
Class A.
100
7% cum preferred
General Cigar Inc
No par
100
No par
General Electric.
Aug 21
24is Apr 30
9534 July 1
30i8June
63
July
General Motors Corp
10
$5 preferred
No
par
3U2 Apr
334 Jan
lU2May
8izMay
97
Jan
Apr 21
3834 Feb 17
127
Feb
5
2
3434 Feb
6
1034 Apr 28
143g Jan
6
21
141
July
Jan 23
7% July
534 Jan
17
2
2
Jan
2
7012 Jan
2
6
5212 Aug
140
Jan 21
63
150% July 29
1134 Jan 11
155s Feb 11
Feb
55
Nov
65% Nov
Aug
7% Dec
Mar
Mar
147s Aug
May
40%
Dec
Apr
6
Nov
5s Mar
4
Mar
17
Jan
115
Dec
538 Mar
No par
60
1,600
30,000
3,200
2,500
500
2,900
/7%
4,000
14%
24%
110%
24%
102%
9%
19,000
29,400
3,700
2L,900
2,400
1,600
50
9284
2%
8,500
3%
3%
20,800
•
400
No par
100
Preferred.—.
1,100
2,600
16,300
15,800
2,700
60
5,400
No par
100
Preferred
Glldden Co (The)
No par
4Yi% conv preferred
Gobel (Adolf)
Goebel Brewing Co
50
1
1
Gold Dust Corp v t c...No par
Goodrich Co (B F)
No par
Preferred
.100
Goodyear Tire & Rubb.No
1st preferred
Gotham Silk Hose
par
.No par
.No par
Preferred
4.00C
1,400
2%
290
36
1578
200
49
220
10
1
300
*32
33
36
36
80
11
11,400
800
20
130
5,900
90
1,700
......
9,400
Aug 21
684 Jan 6
69
78
No par
No par
No par
Gt Nor Iron Ore Prop. No par
Great Northern pref...—.100
Great Western Sugar—No par
Preferred
.100
Jan
6
2158 July
8
87
2
Jan
8% Apr 28
2
Granite City Steel
Grant (W T)
6
125s Aug 17
13% Jan 21
Graham-Paige Motors
1
Gr'by Con M S & P 2d stpd 100
Grand Union Co tr ctfs.
1
...
Jan
3934June 11
52is July 6
378 Jan 2
07g June 30
77
Jan
6
6
16
Apr 29
2412 Aug 4
28l2 Jan 10
Gulf Mobile & Northern
Preferred
Preferred
par
100
100
.No par
...100
Haokensack Water
Apr 28
May 21
914 Jan
30i2 Jan
283s Jan
105
6
14
2
2
4
Jan
9
Jan
2
May 19
Hanna (M A) Co $5 pf_ No par
Harbison-Walk Refrac.No par
Preferred
..100
100
June 22
2
4'
3018 Jan
120
12
Jan
3
8
Jan 20
1041s Feb 17
45s Apr 30
Deo
Mar
13%
5% Mar
1078
100%
48%
22%
*13%
8434
Jan
325s Mar
II34 Mar
73s Mar
115
Jan
5% Mar
Deo
6% Nov
78 May
7
Nov
•>
146
Deo
Dec
Sept
Dec
Nov
Oct
Aug
103s Nov
2
Mar
4
Mar
18% Nov
19
Mar
70
63s Nov
46% Nov
%
6
Nov
% July
145%
Oct
8
Oct
11
Mar
18
Aug
Jan
Feb
18
Apr
1534
72% Oct
110
Jan zl20% Dec
693s Nov
205s Mar
5978
June 20
93%
Jan
638 Feb
5
Feb
4
118% Mar 14
378 Jan 21
43
Feb 21
46
Aug 28
6OI2 Feb 7
zl07%
1% Mar
15% Mar
80
Jan
84 Apr
1434 Mar
1684
Jan
14
Apr
12
Mar
109
Oct
4% Nov
41% Dec
109
3%
Oct
Dec
39% Dec
33% Deo
51
Nov
3
307sJuly 25
2578 Aug
185s Jan 10
Jan 24
90
18% Aug 25
112
Aug 25
5514 Jan 14
55
July 27
7i2 Feb 28
10% Feb 17
213s Jan 6
24% Aug 28
July 25
317b Apr 15
10214 Aug 28
12% Mar 11
III
96
July
3
70%
Jan
2% Mar
18
Mar
23%
Feb
1%
Apr
14% May
7% Mar
40
Mar
1534 Mar
70
Apr
2% Apr
20
Apr
4% Feb 19
1% June
11% Mar 20
5% Mar
2% Mar
63s
235g
35%
4312
Jan 15
Jan 15
Apr 2
Feb 21
39
Mar
9
14% May
18% Mar
26
Mar 19
2658
Jan
1
Feb
19
Feb
4
Mar
6
Apr
12
Mar
Mar
105% Mar 18
42% Aug 28
Apr 23
163s Mar 25
115
9
Jan
9
Mar
5
Jan
Jan
35% Nov
38% Sept
Deo
347b May
n«c
6% July
48
126
5
29>4
Dec
8
8
4% Oct
3% Nov
95
3
Feb
Deo
Feb
Aug
117b Aug 20
213s Feb 4
85
28%
Aug 14
119
Jan
10% Deo
50
Mar
3
4
Jan
92
140
55
Aug
Deo
2078
Jan
4
37
14% Deo
82
Apr
25% Nov
21
19*4 Mar
34% July
Jan
Nov
16
34
39
4%
"22"
35% Deo
Jan 23
80% Jan 27
3% Feb 7
8*4 Deo
7584 Deo
49% Deo
9% Mar
119
95
Mar
19% Aug
Aug
93
9% Mar
149% Aug 14
56% Aug 13
2978 July 28
63
109
Hayes Body Corp
55
434 Mar
Deo
122
100
1
126
Mar
15
Feb
7
Jan
30% Nov
112% June
17%
Jan 24
June 10
Deo
Nov
70
6
5712 Aug
7
65
Deo
36% Nov
Nov
Jan
22
30
111
6% Dec
42% Nov
31
30
100
97g Mar
60% Mar
1934 Mar
30% Apr
17% Mar
21
136
33
Corp of America cl A
6)4% preferred
Deo
Dec
120
44
25
Hat
Jan
934
Jan
6
7% preferred class A
25
Hall Printing
10
Hamilton Watch Co...No par
Preferred
63s
Aug
2
48%May 11
1% July 7
24
July 7
.100
30%
Mar
Jan
Greyhound Corp (The)
Guantanamo Sugar..—No
Preferred
Feb
2% Mar
20% Jan
3
Jan
9
July
25% Deo
1027S Deo
5878 Aug
10
16
6
114
10% Aug 13
32 U
Jan
Dec
Sept
47U Aug 18
Aug 10
20% Feb 19
50i2 Mar
5
3
Feb 24
70% Jan 6
123
Aug 24
72% July 27
12234 July 3
June 30
138July
3i8 Apr 30
Green Bay & West RR Co. 100
Green (HL)CoIne
1
Greene Cananea Copper.
100
Gulf States Steel
56%
13%June 25
100
_.
58
Jan 10
70
Conv pref series
17%
106
Gillette Safety Razor—No par
Conv preferred
..No par
Glmbel Brothers
"l9~
Aug
25
377b July
1% Aug
15% Aug
5178 Aug
Gen Steel Castings pf_.No par
Gen Theatres EquipCrpNo par
Gen Time Instru Covp No par
1
•16 preferred
.No par
General Refractories...No par
13% May
84% Apr
4438 Nov
25
45%
8ept
Feb
July 27
55
2
3
Feb
4078 Nov
3
2
Apr 28
26%May 25
3314 Apr 30
32i2 Apr 30
17
July 6
3018 July 7
Gen Realty & Utilities
78
16% Mar
28% Mar
10
Apr
106% Mar
Jan
3
6
May
Jan
Jan
Jan 27
95
127%
1912 Jan
53'8 Jan
Dec
21% Nov
z85
Aug
72
Apr
8% Dec
30
118
Deo
4% Jan
3% Aug
July
49
11712 Jan 13
15
39% Deo
125
2
4318June 22
43s Feb 5
July 29
3% Deo
334 Mar
14
19
Jan
15
20%
58
14
19% Deo
13% Dec
10% Mar
483s Aug 10
3
Deo
'2
34i2 Apr 30
333s Feb 18
78 Jan 2
Jan
Sept
8% Nov
395s Aug 10
11212 Aug 27
59%June 20
150
Aug 21
50
S6 preferred
Feb 17
3934 July 29
3
77i2 Feb 8
355s Feb 4
15
Apr 14
3 xl35
75
Feb 20
17
53i2 Feb 29
30
7h Aug 5
6
18U Jan 27
11
12it Feb 19
20
3
104i2 Apr 21
6
42% Apr 30
66
134
II li2
110
4%
102% 103
42% 42%
June
Jan 17
53%
*126
325g July
—
4is Jan
312 Apr 28
3212 Apr 28
9,500
42%
1778
100
Preferred.
Gen Railway Signal—No par
190
110
118
par
Gen Public Service
113
*121% 129
1034
1778
25l2Mar2l
33
105
20
36%
36%
145% 145%
5934
*54%
29%
2834
*70
79%
*115
No par
No
.—.No par
4,400
20%
20%
40% . 41%
*53
par
5
Aug 11
10512 July
4834June
301s Aug
500
300
1578
48%
No
1,000
4%
43%
7,000
2%
z247b Jan 2
IOOI2 Feb 20
40
Apr 30
Feb 17
3434
34
..No par
Conv pref series A...No par
11*4 Mar
2014 Jan 27
110
Jan 4
28
14
29
22
11
17
23
28
31
2
47i2Mar
Apr 30
38
14%
7434
17%
57
38
473s Jan
General Bronze
3
_
23i2 July
5
10
5
Asphalt
General Mills
Jan
General Printing Ink..No par
14%
3%
5012 Aug 27
2012 Aug 8
99U Aug 11
Doc
68>4 Nov
7b Jan
178 Aug
Mar
6S4 Mar
534 Mar 25
18% Mar 25
5714 Aug 25
10Oi8 July 25
3,300
24%
*34%
9%
2%June
8I2 Apr 29
3434 Jan 7
12212 Jan 7
315s Feb 24
1834 Apr 30
1858 Jan
534 Jan
8,600
*91%
2%
3%
3
Gen Outdoor Adv A—No par
Common
;
No par
1,200
2478
24
3
118% June
No par
Preferred
$7 pref class A
48
4%
7%
14
2
10
Preferred
$8 pref class A
500
46
4134
7
100
Freeport Texas Co
7% preferred
110
14
14
14
14
14
14%
137s
1378
*13%
1334
1384
13%
*10478 108% *104% 108% *104% 108% *10478 108% *10478 108
*10478 108
6
6
6
6%
6%
5%
5%
534
5%
584
578
5%
For footnotes see page
par
F'kln Simon & Co Inc 7% pf 100
3,700
......
4534
*53
1578 Aug 10
4078 Jan 8
8'4 Mar 19
Jan
4s8 Jan
106
No
No par
Fourth Nat Invest ww
1
Preferred
General Baking
*45
109
12
2318 July
100
% conv pref
Foster-Wheeler
General
1,200
1634
Feb 15
19
32
Gen Amer Trans Corp
12,900
74
175s Feb 21
2734 Feb 21
3
t Follansbee Bros
No par
Food Machinery Corp new—10
5,000
2%
*17
,
40%
35% 35%
*145% 147
59%
*54%
29
28%
28%
79% *70
79%
57
57
57%
*2
2%
2%
33
33% 34
*14
16
15%
48%
*46% 48%
*53
57%
57%
(The)... No par
Florshelm Shoe class A-No par
4,600
3534
2%
10134
3878. 40%
59%
.
...
35
100% 101%
9%
9%
9234
*91%
2%
2%
3%
3%
3%
3%
19
36
.
9,800
121% 121%
47
*4534
934
984
54
*52%
108%
24%
39%
147
j..
.
.
54
10734 108%
23%
24%
19
33
126
14%
7434
38%
*36
10484
41%
24%
34%
19
36
36
41
4534
48
40
*54%
34
126
45
*4434
23%
41
147
36
40
.
50
40%
*33
126
1,200
41
34
40
300
63%
63%
118% 119
6678
6578
40%
36%
126
3%
3%
20
8,000
8%
14%
3778
40%
*36
*101% 104% *102
2%
278
3%
400
151
42
*33
17
2%
Flintkote Co
6,400
5684
23%
12%
*41
122
11%
2%
35%
16%
17%
1678
111% 112
*109% 110
42%
4214
4134 42%
54
54%
*54%
54%
4%
4%
4%
414
7%
7%
7%
7%
14
14%
14%
1378
24%
23%
23%
23%
92%
First National Stores—No par
100
2778
121
117
1,000
9,800
14%
27%
*54
10%
*16%
113
.
34%
*91%
03^ % preferred
—100
Rubber—10
Preferred series A
100
Firestone Tire &
160
27
32
*115
2%
35%
14
9
Filene's (Wm) Sons Co-No par
300
10
6,200
3,200
27
*46
107S
4%
43%
*109
14%
74%
18%
9
.
...
50
6%
*1678
18%
39%
Federated Dept Stores.No par
35%
17
60
17
110
4%
41%
34%
107% 108
2278
23%
99% 100
Federal Water Serv A..No par
Fidel Phen Fire Ins N Y
Fuller (G A) prior pref.No par
$0 2d pref
No par
Gabriel Co (The) cl A—No par
26
49
117
52%
52%
110
*
Apr 29
11>4 Jan
14%
15%
4%
7%
8%
6
24
61
17
120
10%
*16%
9%
9%
•
16
June 30
75s Feb 21
4
1,500
26%
26
*54
*115
74%
46
97
57g Mar
553 July
3734 July
49% Feb
34
July
1137g Apr
33% Feb
1,600
71%
17
2%
31%
58%
14
24
121
46
89%June 30
4
,
3134
Nov
12U Mar
2,000
3784
26
2%
31%
49
*33%
2%
35%
45%
46%
66%
64%
121
6
Jan
5U Apr 7
11
Apr 30
Feb
50
Federal Screw Works—No par
111
17
56%
15%
42%
121
*119
Jan
55
838
7% Aug
34% Dee
Mar
400
39
26
56
*14%
45
46%
23%
34% 1
42%
54%
4%
7%
57
15%
2%
35
48
24%
4%
113
113
45%
*33%
110
4%
41%
35
23%
120
*46%
9%
54
23%
54
9%
110
4%
47
1678
108% 10878
41% 41%
46%
*53
45%
16%
46
*109
4%
48
71
64%
65%
121% 121%
54
24
70%
120
119
.
48
14
1,500
478
*45
54
Jan 14
Jan
32
*34
50
6334
45i2
Apr
Apr
Gen'l Gas & Elec A
63%
58 Apr
5234 Jan
12534 Jan
1% Mar
54
General Foods
*45
7
July 22
15% Apr 17
84 June 30
48
5,000
*34
63%
6
Feb
69
116
40
8,000
51
% Mar
6
2%
40%
50
•
4
Mar
5
• —
Aug 18
7l2 Jan 3
110
2% Mar
39
55I4 Jan
158 Feb
37g Feb
6312 July 25
7
Mar
6
39
2
40%
July 27
1% Mar
3
Mar
3884
2
78
2
65s Sept
Mar
39
44
2
% Jan
H2 Jan
9
92
38%
2
July
101
47%
*40%
85
Aug 10
Gen Amer Investors—.No par
13%
7>4 Feb 21
1734 July 14
2
097b Mar 30
738 Jan 9
3
Apr 28
212 Jan 2
2012 Jan 9
Gamewell Co (The)—.No par
37%
2
37
200
8%
6% Jan
32*4 Jan
2912 Jan
4238 July 13
Highest
i per share $ per share
84
850
12%
3 per share
No par
Preferred
1,700
*146
$ per share
5i* July 28
Preferred..
100
Federal Motor Truck-.No par
100
47
2
*45
100
Rlco.20
15
11
23%
Year 1935
Lowest
Federal Min & Smelt Co.—100
10
97
38%
100
47
42
*62
0% oonv preferred
45
2
*34
-
o
17,000 Fajardo Sug Co of
1,300 Federal Light & Trao
25
114
111% 112% *112
54
54
*53% 55
*143% 150
*143% 150
42
110
4%
*45%
4378
48
"
46%
39%
*53
23
*45
23
2%
33%
45%
38%
*109
2%
34%
45%
2%
33%
43%
*143% 150
-
101
56
8%
13%
3634
12%
54"
*46
151
.
11
14
12%
8
36%
46%
r
101
5634
23%
*146
8
6%
14
1178
151
8
13
111
Fairbanks Morse & Co.No par
.
50
121
*58%
35%
103
55%
23%
*147
25%
107s
1078
37
2
65%
1178
12
*68
*
6%
14
12%
40
121%
56%
23%
37%
35%
*101
36%
45%
38%
39
122
64%
11
103
*105
61
35%
6%
13
40%
121
10%
*101
4%
*38%
26%
*58%
37
64
122
14
6%
14%
32
71%
121
36%
*143% 150
45%
•
*62
35%
6%
5534
*53%
.
....
37%
25%
*12%
2%
*45
35
110
*
8%
13%
55
2
61
*58%
23
8%
--
38%
*68
2578
121
11%
112
*38%
*32%
25
12
*8%
-
478
36
36%
55
55%
44%
38%
*68
*
24
151
110
37%
71%
5634
*147
-
Fairbanks Co——......—25
Preferred
100
230
*106% 114
*107% 114
33
33%
3434
3434
8%
12%
111% 111% *110
*143% 150
33%
56
11%
*85
32
478
38%
36
12%
35%
*55
10%
103
*30
110
23%
55%
23%
151
6%
14%
10%
*100
100
36
35%
6%
38%
6%
14%
10%
1178
61
*56%
110
37%
26
121
*95
*37
90
90
38%
33
71%
25
25%
97
38%
97
110
6,100
278
13%
57
170
4834
24%
2434
*37
5
*106
38
*163
5% Pref__
—.100
Engineers Public Serv
1
$5 oonv preferred
No par
$5^ preferred
—No par
$0 preferred
—No par
Equlpable Office Bldg. No par
Ede——.100
Firt preferred—
—100
Second preferred.......100
7,400
2,300
3,100 Eureka Vacuum Cleaner—.5
-—5
5,300 Evans Products Co
700 Exchange Buffet Corp .No par
.
*106
3334
110
*68
71%
55%
22%
*147
33
*106
38
14%
10%
100
8%
8%
12%
35%
*106
33%
111
6%
11%
11%
110
27g
13%
55%
50%
*24
32
38%
5%
170
..
5
39
*36
22%
*147
*38
*56%
55
54%
22%
39
121
13
13
*100
5
17%
1434
27%
534
3,800
884
8%
884
8%
*4
438
4%
4%
5
4%
4%
484
37
37
37
3678
*36%
41% *41%
41%
41%
41%
*34%
*34%
112% *111% 112% *111% 112
28
27%
2778
27%
2778
104
104
*104
105
105
47
47%
46% 47
*46%
35
35
34% 35%
36%
*30
32
5
5
5
*30
16
26%
100
100
1,900
8%
4%
4%
*4
...
-..
-
8%
8%
4%
4%
3684
4%
4%
36
36%
40%
40% 41
*34%
*3414 '.
111% 111% *111%
28
27%
2784
103% 103% *104%
46%
47% 47%
34%
34% 35%
4%
4%
36% 36%
41
40%
*33%
113
*111% 113
27
27%
27%
105
103% 103%
47
47% 47%
34
34% 34%
32%
32% *30
4%
41
*106
-
8%
4
36
38
.
46%
6%
16%
27%
1778
15%
28%
578
13%
55%
4884
97
38%
*8JP
1
*163
200
79%
8434
6%
3
3
13%
55
49%
2434
49%
24%
4
478
48
*24
*37
97
*36%
170
*163
*94
25
*94
3
20
75
79%
*80
Par
......
12
11%
*74
6
578
1378
56%
*13%
55%
47%
24%
45%
*23%
45%
25
175
6
6
•6
%
2%
*2
16
I584
25%
26%
16%- 17
14%
14%
26% 27%
17%
14%
52
45%
6%
16
26%
6
6%
»
6
6
6%
49
Range for Precious
Highest
Lowest
9,400 Elec & Mus Ind Am shares.
27,400 Electrio Power & Light-No par
$7 preferred
No par
3,100
$6 preferred
No par
2,600
2,800 Eloo Storage Battery—No par
100 t Elk Horn Goal Corp.No par
6% part preferred
50
EndicofctrJohnson Cor p.... 50
59
*57%
*112% 115
8484
6%
25
72
47%
*%
81
*82
*11
the
578
16%
7878
72%
15%
76%
70%
47%
78
2%
47
47%
47%
*%
78
*%
%
2%
*1%
*1%
2%
*1%
597s *57% 59
*57%
59% *57%
*112% 115
111% 111% *112% 115
13
13
13
*11%
*11%
*11%
*72
75
75
*70% 75
*70%
46%
60%
*111
110
140
Week
$ per share
69
%
2%
*134
*57%
Friday
Aug. 28
46%
%
*184
*5778
46
*34
Thursday
Aug. 27
15
70%
46
;
Aug. 25
share
5%
14%
*71%
6%
14%
74%
*5%
14%
*72%
*68%
..
Range Since Jan. 1
On Basis of 10O-*har« Lots
EXCHANGE
Wednesday
Aug. 26
Tuesday
Monday
Aug. 24
Saturday
STOCKS
NEW YORK STOCK
Sales
SHARE, NOT PER CENT
LOW AND HIGH SALE PRICES—PER
1936
May
L-to
74% Nov
234
43%
11%
34%
33%
108
May
May
Dec
Deo
Nov
Dec
21%
Jan
30>4 Deo
30
Jan
35
4
Mar
6% Apr
8
Deo
Oct
14% Nov
Jan
112
Deo
100% Sept
105
NOV
63
16
Mar
30% Deo
121
Dec
99%
Jan
5%
Feb
14%
Dec
Feb
113%
Dec
1% Mar
6%
Oct
81
Volume
LOW
AND
New York Stock
143
HIGH
SALE PRICES—PER
Record—Continued—Page
STOCKS
Sales
NOT PER CENT
SHARE,
NEW
for
Monday
Aug. 24
Saturday
Aug. 22
Wednesday
Thursday
Friday
the
Aug. 26
Tuesday
Aug. 25
Aug. 27
Aug. 28
$ per share
$ per share
Shares
$ per share
106% *105
106%
*105
105
105
10634 106%
*125i2 1361s *125% 136% *125% 136% *125% 136% *125% 136% *125% 136%
*162
164
*162
164
*162
28
*28
28%
*113
115% *113
*127
*12618 131
115%
2714
*6H8
164
28
*162
28%
164
*162
28
28
28
11334 115% *112%
131
127%
*61%
66
*61%
108% 108% *108%
*36
3634
37%
11334 114
*112%
2034 21
20%
36
36%
36%
*112
114
*112
114
*112^
440
*410
440
*410
440
37
*40
40%
265s
27%
*76
*40%
*4934
40%
4184
2834
29
76%
*76%
63%
76
3%
1178
16%
*50
5038
50%
49%
5034
4934
4934
*3%
3%
11%
3%
11%
16%
2%
2584
3%
11%
1634
2%
27%
52
*65
51
*3%
2
25%
4612
48
*10
12
16%
2%
25%
50%
2
24i2
3%
3%
*10
64
1634
3%
12
*10
16%
16%
1634
2%
26%
16%
2%
2%
26
27
2%
25%
2%
26%
51
51%
52%
52
53%
68
*66
66%
66
66
66
66
1534
1534
*16%
17
17
18
17%
17%
*9
978
3034
10
*8%
3134
10
*9
10
31%
31%
31%
32
*65
303s
*129
-
134
10
.
3134
IOI4
10%
900
3,000
27
3%
12%
16%
2%
27%
53%
54
54
66%
17%
9%
3134
2,200
66%
17%
68%
110
17%
17%
260
9%
32%
9%
32
9%
32%
3,300
3%
2%
900
8,800
52,900
4,000
300
134
100
1,800
2,300
103s
5%
1334
13%
3%
10%
*3
3
10%
3
3
24%
24%
172
*166
5334
755s
76
54
76%
*14934 155
*33s
*4i2
*24%
169
5284
3%
4%
5
*149% 154
•
3%
4%
53%
3%
*4%
110
*110
658
*6%
7%
7
*534
7
*3914
40%
40%
48U
*1612
*58i4
63%
123s
12%
22
22%
*27
19
98
*9734
*27
48
20
2534
48
12%
22%
*124
98
9514
40U
40%
2218
22%
44%
45
*23
2334
*25i2
26%
94%
*2158
223s
19%
19%
1958
101
41%
27%
48%
*16%
41%
27%
48%
19
41%
41%
*27%
28%
*48
48%
17%
48
60
60
*16%
*5834
12%
13
12%
13
12%
2234
22%
22%
23%
23%
*18%
22%
98%
20
25
25%
22%
97
97%
98
*18%
*25
*124
88"
97
20
25%
*124
....
126
124
124
*124
99
99
100
100
101%
*39
40%
*40
42
..
«
-
42
*119
-
22%
4538
94%
*21%
*19%
/ 20%
94%
22
20
2034
45
20
20%
27%
434
*32
22%
*45%
47
24
*23
2334
26%
25%
*93%
21%
25%
99%
*100
101
19%
21%
4534
24
22
*25%
*3%
23
32%
20
20%
101
101
21%
20
20%
101
45%
20
4534
20
45%
20%
19%
20%
27%
*2534
27%
*4
4%
32%
27%
*2534
4%
45%
4%
32
32
98%
25%
45%
98
25%
87
87%
116
117
115
*124
126
*124
100
101
101
41
41
*40%
*119
*6
110
*85
*70
72
*70
CO J?
6%
*25
*22
25%
*42
45
*42
20%
72%
2034
20%
>
110
*70
72%
20%
26%
CO
*85
110
21
26%
*24
*534
6%
owe
-
-
-
400
34,900
"100
400
100
1,100
21,400
500
80
60
RR Sec ctfs series A__
Indian Refining.....
Industrial Rayon
Ingersoll Rand
100
20
m
-
35i2 Jan
«•
-
565s Jan
Int Hydro-El Sys cl A
25
Int Mercantile Marine. No par
Int Nickel of Canada..No par
Preferred
100
Inter Pap & Pow cl A..No par
Class B
No par
Class C
*
No par
Preferred
100
Int Printing Ink Corp..No par
Preferred
Internat Rys of Cent Am
1,700
Kelsey Hayes Wheel conv cl AI
Class B__
—1
45%
1934
*2584
*4
47
100
4634
20%
20
27%
4%
*26%
*4%
33%
100
47%
2034
27%
4%
33%
2734
*6%
634
6%
6%
96
96
*90
36%
»36%
21
21%
20%
36%
21
Preferred
*90
8
June
Jan
2
Jan
2
May
7
17
Jan 27
July 31
80
*lli2
*12%
2684
*10914
14
2 84
17%
12%
12%
2634
110%
14%
234
Kresge Dept
100
Kress (S H) & Co
24
25%
25%
44
44
46
18C
17
17
17
2,900
12%
12%
12%
12%
1234
12%
1234
1,000
Lee Rubber & Tire
26%
27%
27%
2734
5,400
Lehigh Portland Cement
30
1134
12%
10314 10414
15%
15%
56
56
65
65%
12%
12%
12%
2734
*1134
12%
12
12
12%
12%
27%
12
12%
26%
27%
12%
27%
111
27
111
111
111
1434
14%
14%
234
234
12%
12%
104l2 10534
15%
15%
57
56%
67
66%
15%
234
234
110
14%
2%
12%
112
*12
110
15%
1434
2%
12%
111
16%
2%
13
112
16%
112
4% conv preferred
Lehigh Valley RR—
190
17%
234
47,900
13%
2,900
Lehigh Valley Coal
16
16
16
2,400
Lehn & Fink Prod Corp
57
55
5638
54
57
57%
58%
3,600
Leruer Stores Corp
68
66
12%
12%
10534 10534
15%
16%
57
67
106
106% 107%
15%
16
67%
6638
6634
66
9%
9%
938
9%
9
25%
25%
13
107
108
1,300
6684
Lehman Corp (The)...No par
9%
9%
5,000
25%
25%
00
168
*2014
*30
168
20%
31%
9%
*2534
*168
9%
26
170
*2034
30%
*168
43
4234
4234
40
40
40
40
54
54%
*168
170
5434
2034
2034
2034
31%
31
42%
40%
55%
30%
43
170
2034
*3084
20%
43
40%
5734
42%
31%
43
39
40
55%
56%
58%
*107
*107
108
108
*107% 108
*107% 108
2
2
2%
2%
2%
2%
2%
2%
*4i2
434
434
434
*4%
434
*4%
434
41
41
41
41
41
41
*41
42
*112
114
*112
114
*112
114
112
112
22is
*143
*30i2
29
*83
26
*35
*130i8
3512
46i2
IO84
*4214
22%
14434
31%
29
87%
26%
36
—
35%
46%
1034
45
22%
30%
30%
28%
8734
26%
89
89
26%
*35
*130%
3534
47%
*2014
31%
170
33
1,000
43
1,500
Link Belt Co
40%
59%
1,500
Liquid Carbonlo
3934
107
2%
4%
*40%
*112
58%
107
2%
4%
42
114
26%
*35%
36
89
27%
35%
*130
35%
36%
4734
47
1034
11
*1034
*43%
45
45
For footnotes see page
1350/
*87
90
26
27
26%
27%
35%
35%
/35%
35%
*130
36
47%
11%
45
35%
46
*89
130
36
47%
35%
47
90
130
36
47%
58%
*106
2%
*4%
107
2%
434
Loft Inc
42
400
30
2234
23
14434 14434
29%
30%
x28%
29
8934
90
27%
27%
36
36
130
130
36%
*1034
11
1034
1034
47%
1034
44
45
44
44
4434
37%
47%
1034
47
8,600
No par
-
Long Bell Lumber A ...No par
Loose-Wiles Biscuit
25
600
114
No par
No par
Preferred
100
1,200
42
..No par
Loew's Inc
26,700
*112
No par
•
5% preferred
Lorillard (P) Co
...—100
10
2,500
7% preferred
100
t Louisiana Oil pref
100
Louisville Gas & El A—No par
1,100
Louisville & Nashville
170
880
6,000
300
20
Ludlum Steel
MacAndrews & Forbes
6%
preferred
100
...—
1
10
100
6,000
Mack Trucks Inc.....No par
3,600
Macy (R H) Co Ino...No par
800
2,400
20U Nov
30
Oct
901s
Oct
3H4 Nov
314 Mar
IOI4 Aug
28I4 Nov
96
Mar
I8I4
1384 Mar
303s
21
97
2
6
May 19
May
7
Marl6
9734 Mar 13
19
2838 Aug
6
1934 Mar
1103s Feb 10
103i2 Apr
Jan
July
Deo
9^
Apr 29
13
May 19
2H8 Apr 28
Jan
80
Oct
80
Nov
32 'g
Aug
Jan
12
Mar
3378 Jan 31
50% July 13
19U Mar
46
2138
28i2
Jan
9
Jan
6
28
Aug 14
113
Oct
May
4
Jan
July 28
67's Mar
10i2 Oct
21i2 Mar
63s Sept
49U Oct
1038 Nov
109i2
1634
60%
70i2
Ills
31i8
July 15
Aug
3
Aug 10
Jan
6
Jan 29
21
Mar
Jan 16
94U
1161s Jan 15
169
Aug 19
9334
Apr
Apr
151i2
Jan
115
23 U Feb
5
4414 Apr
6
59i2 Aug 28
1087s July 17
35s Feb 11
83s Mar 24
45
Jan 17
1127s April
26i2 Jan 27
5U2May 25
4
30
2
93
Aug 7
July 22
8
35
May 14
42
130%
38%
4978
14is
Mar 16
6
lli2
314 Aug
1534 Nov
9534 Nov
17U Jan
3
2
Mar
li2 Mar
5i2 May
Jan
Jan
5
6
May
Jan
105s Mar
6
13
Apr 30
14i2 Deo
1738 Jan
Feb
20
9
Aug
163s Feb
57>2 Jan
22% July
Jan 30
27i2 Deo
Aug 17
1738 Aug 28
7
Jan
6i2 Nov
2634 Feb
Jan
12712
27%
4018
85s
34i2
Deo
Apr
May
3
21
2
113
2
32%Jtme
Apr
104i2 Feb
2
Apr
33s Jan
40i2 Mar
23
Deo
27®4 Nov
5618 Apr
2214 May
5078 Feb 19
28
Nov
42
3
43
618
41
3
39U Feb 21
35
Mar
July 13
678Mar
2
142
Oct
23
2578 Jan
36
July
107
Mar
8
8i2 Mar
958 Apr 29
89 May 11
12
.2%
Jan
16% Mar 17
100 zl 60% June
32%
4234
3934
4812 Aug 15
Deo
Deo
84
July 15
2
32%
3
5
8i2 Jan
2
July
7
Preferred
Aug
Feb
13% Aug 15
15i2 Apr 30
94i2 Apr 30
25
Lily Tulip Cup Corp—.No par
Lima Locomot Works ..No par
3934
56%
14i2 Deo
22
Mar
2
47% Jan
20%
43
June 10
2
20%
43
334 Mar
65s Mar
8
12
.
Nov
8
28
4
25
101
93
Aug
2
6
3
Mar 16
Jan
Series B
200
120%
37
Apr
Apr
77% Jan
5
Liggett & Myers Tobacco...25
400
ilSii
121
90
Libby McNeill & Libby No par
100
99i2 Nov
1261s Deo
10
387sMay
5
Life. Savers Corp
2,700
38i2 Mar
117i2 Mar
50
Apr
43
No par
2034
22%
22%
22% 2234
22%
23%
143% 14434 *142% 145
*142% 14434
*31
30
31%
31
2834
30%
28
28%
28% 28%
28%
29
22%
14434 14434
*2734
*168
103% 103%
10534 106%
*168
169
Feb 21
12012 Apr
22% June 22
Libbey Owens Ford Gl. No par
6,400
9%
9%
26
50
Preferred
1,700
25% 25% *2534 25%
*101
105
*101% 104% *102
105% *104% 10634 *103% 106
103l2 10412
10334 104
104% 105
104% 106% 10584 106%
9%
*2534
25
100
50
No par
2%
12%
106%
16%
2%
129
126% Feb 24
10is8 Aug 28
43% July 30
2912 Apr 24
738 Jan 8
7>8 Jan
5
Jan
Jan
Mar
4
1578 July 29
No par
Lane Bryant
500
Nov
49
2
32
Lambert Co (The)—...No par
16
36
110
4
7
165s Sept
90
Aug
Feb 24
June
Feb 28
Jan
Aug 28
Jan
19%June 30
20i2 Apr 27
100
5% preferre 1
Deo
88
4% Apr 29J
7478 Feb 26
Kroger Groc & Bak
No par
Lacelde Gas Lt Co St Louis 100
17
Oct
14
123
66
No par
24
17%
78
55s Mar
6
Apr 28
20i2 Apr 28
IJI34 July 1
100
Preferred
28
Dec
7
378May 11
Stores ...No par
200
2
2934 Feb 19
July
1434 Jan
10
100
*42
1634
2234 Apr
49i2 Nov
16
283s Jan 2
2478 Jan 2
2558 Mar 20
30
25
17
101% July 15
Jan
4214 Mar
May 20
No par
45
44
17
8% May
70i2 June
6i8 Mar
24i2 Oct
Deo
36U May
Jan
Mar
No par
No par
25
44
17%
2478 Aug 13
110
Dec
7i2
1584
28% Jan
1734June
18i2 Jan
*43
45
17
565s
25
34
'
17i8
23% Jan 30
6734 July 27
19% Feb 17
914 May
18
No par
7% preferred
5,100
463s July 31
293s July 21
53i2 Feb 21
94i2 July 23
87
Kresge (S S) Co
50
July 31
24i2 Aug 11
3314 Feb 25
Kimberly-Clark
3,500
4i2 Mar
21i2 Jan
98i2 Jan
20
No par
Preferred
3
7
Jan
Kinney Co
390
Mar 26
Jan
25
Keystone Steel & W Co No par
100
Aug
44
Deo
Deo
Kenuecott Copper
5,000
45
5
3*8 Deo
23s Deo
2878 Deo
4284 Deo
20i2
5
Kelvlnator Corp
22,100
h July
85 May
5
Kendall Co pt pf ser A. No par
50
Maris
Deo
4«4 Aug
6i2 Oct
4714 Deo
130.2 Nov
43s
Kayser (J) & Co
700
Mar
154
Oct
Kaufmann Dept Stores $12.50
21,800
Jan
July
42«4 Jan
19012 Deo
3678 Nov
655s Nov
Oct
Keith-Albee-Orpheum pf_.100
96
72% *rt35
Kansas City Southern
Jan
Mar
June
3i8 Feb 10
26
22%
20%
20%
19%
4
8
"
48% Aug
99%
20%
738 Feb
2
20
101
5412 Aug 27
12934 Aug 27
2
*2334
26%
*93%
22%
20%
20%
19%
1U
178
22%
12378
1%
Jan
2334
20%
8
Feb 21
19U Jan
2,000
*100
5i2 Jan
13
"4,166
47%
23%
26%
22%
135
100
23%
22
3
8
Jan
34i8 Mar
Apr
160
100
22%
47%
June
22% Mar
Jan
Jan
I84
12134 Feb 6
75i8May 27
39i2 July 15
116i2June 29
10
4634
26
149i2
5
2
88
—100
22%
99%
Mar 23
3
133s Deo
7
Apr 29
58i2 Jan 18
No par
45%
2334
25%
*93%
900
41
4% Mar
8%June 26
113
Kan City P & L pf ser B No par
300
li2 May
23s July
83s Oct
7i2 Deo
2358 Sept
7
2438 Aug 14
Jones & Laugh Steel pref.. 100
Co
Feb
Mar
9
Jan
15
1
1
Stove
4
111% Aug 28
82
100
No par
No par
Kalamazoo
2i2
884 Mar
Apr 27
12is Apr 30
1038 Apr 30
Interstate Dept Stores. No par
Preferred
Nov
3
No par
Johns-Manvllle
July
108
334 Jan
100
...
Nov
130
May 22
100
Island Creek Coal
121
Jan
4614 Mar
109
5i4 Feb 14
185U Apr 11
5634 Aug 8
90i2June 121
Oct
Jan
Deo
37
No par
Preferred
23i2 May
60i2 Mar
Jan
Dec
107
100
Jewel Tea Ino
*
514 Deo
3638 Oct
Mar
1534 Mar 4
578 Mar 11
2,
8
148i2 JaD 23
2»4 Apr 30
4i2 Jan 2
43i4May 8
125U Feb 6
334 Apr 30
214 Jan 6
158 Jan 9
20i2 Apr 30
Feb 14
Aug 24
778 Jan 18
1878 Jan 11
160
100
22
26
147
11412 Feb 20
1334 Apr 13
2234 July 10
Apr 28
Int Business Machlnes.iVo par
International Cement-.No par
Internat Harvester
No par
7
127
618 Jan 6
SisJ.une 10
lli2 Apr 30
2i2 Jan
1
O..100
v t
Intertype Corp
200
m,
13i2 Apr 17
34% Apr
8858 July
50
30
41
I8I4 Feb 24
418 Jan
25%May21
106 May 12
125
Aug 24
100
1,750
Deo
2i8 Mar
40
100
3,200
15
Feb 18
No par
"loo
Deo
Deo
4% Mar
Aug 28
70
No par
.
5>2
1384
17i2
378
2214
38I4
5914
54
No par
6% pref
Inland Steel
Preferred..
Feb
2'4
11
6
July
Nov
58
May 12
Deo
42
3158 Deo
6038 Deo
30
June
495
Jan
100
10
Jan
Nov
84 Apr
9i2 Mar
15
Apr
No par
11
223s Deo
7
3% Feb 19
28% Feb 19
Jan
3084 Deo
73
100
Leased lines
118
Jan
July
Jan
100
6% pref series A
8184
ll2 Mar
5% Jan 23
Jan
7% preferred
Inter Telep & Teleg
900
6i2 Mar
18% Apr 30
International Shoe
230
101%
_..i
1
10
International Silver....
.
Feb
3078 Mar
6i2 Mar
500
5,900
338
4
6% Mar
No par
25,200
Mar
6
200
_
33
6
International Salt
10
1918 Dec
1934 Mar
I914 Jan 9
23
Apr 28
47i8 Jan 2
15
Apr 29
200
658 Mar
100
Certificates
"260
Jan
584 Mar
1738 Feb
Hupp Motor Car Corp
Illinois Central
Preferred
«.
8
Feb
44U Feb 20
2% July 10
3,500
_
544
9% July
-
104
36i2 Deo
Aug 15
3isJune 10
8% Apr 27
13i2May
100
No par
No par
10,600
Deo
100
Manhattan
Motor Car
No par
100
500
Oct
131
43
No par
400
90
Feb
5778 Feb 19
Internat Agricul
Prior preferred
9,500
Mar
7314 Apr
4884 Jan 21
Inter lake Iron
300
71
122
7
638 Jan
Intercont'l Rubber
17,500
June
49
t c new 25
Preferred
son
June
162
76i8 Aug 27
70i8 July 25
12U Jan 15
50
No par
v
Sound Co
Hudson &
5
Feb
141
Jan
Jan
....5
Class A
t Interboro Rap Tr
126
*70
21
Household Fin partlc pf
Jan
11
114i2 Aug 21
July 3
39%June 5
22*4 July 2
65% Jan 14
6434June 4
No par
..No par
Preferred
88
11734
*90
20%
414
Feb 17
100
26
32
33
32%
27
26%
27%
26%
27
26%
27%
27%
103% 103% *10234 10234 *10234 103% *10234 103% *10234 103%
*85
.100
Class B
108
Jan 13
22% Aug 12
3784 Aug
1
1914 Jan 13
100
Inspiration Cons Copper
Insuraasharcs Ctfs Inc.
61
*19%
No par
2
700
2
40%
38%
111%
6%
7
42%
28
48%
17%
1234
23%
98%
20
9
Jan
_
447„ Feb 19
June 13
300
*124
87
*119
26%
94%
19%
126
*119
....
97%
*19%
25%
20
*16%
*59
61
*124
11534
26
20
'
*86% 87%
115% 117%
*86%
88
116% 117%
2434
20
*27%
*48%
19
27%
4%
32%
26%
205s
41%
28%
61
13
*23'2
*378
*31l4
267s
658
7
*68%
1234
45%
*534
7%
*534
*23%
25%
94%
101
39%
*3734
111%
6%
*534
41%
111
*6%
22%
45%
22
39%
38%
38%
111
7%
.7
48
44%
19l2
*10284 103i2
38
111
*22%
45%
*9414
*19
38
111
*1%
*6%
*534
20
*40
*119
40
38
2
7%
7
25
97%
*119
38%
*1%
38%
*16%
12%
2234
25
115
126
4034
2
1634
*8534
112l2-114
*124
2
41%
*27%
*124
88"
2
61
16%
*58%
♦183s
.
*8534
3%
4%
53%
52%
12934 *128%
534
*5%
2%
*2%
*6%
*534
27%
97
*18l4
*25
200
134
*149% 153' *149% 153
3%
3%
3%
3%
3%
- 4%
*434
5
*4%
434
53
53%
54%
z53%
54%
12934
12934 12934 *128% 130,
5%
*538
558
*5%
5%
2%
*2%
2%
2%
2%
111
*110
111
*612
*534
41%
28%
48%
*131
132
132
*14934 154
3%
4%
5H2
52%
52%
52%
*127i2 12934 *127% 12934 *128%
5l2
5%
5%
5%
5%
3
*2%
*2%
2%
*2%
2
2
2%
2>8
2%
38
38
39
38%
39%
*37
38
38%
37% 37%
110
134
*125%
*126%
*126%
*126%
111
111
111% 111%
11034 111
110% 111%
10%
10%
10%
10%
10%
10%
1034
10%
1034
5%
*5%
6
*5%
53^
*538
6
5%
5%
13%
1334
1334
*13%
14
1334
14
*13%
14%
*3
3%
3%
*3%
3%
*3%
3%
*3%
3%
1034
10%
1034
10%
10%
11%
11%
11%
10%
3
*3
*2%
3%
3%
*2%
3
*2%
3
25
25
26% *24% 26%
25%
25%
25%
25%
168
169
169
170
168% 168% *168
168% 168%
5434
54%
55%
5434
55%
55%
55%
54%
55%
78
77
79
77%
7834
76%
78%
78%
80%
*14934 154
3%
*130
116
5
Houdaille-Hershey cl A
Hu
6,800
110
134
108
.
Houston Oil of Tex
127
no
6
*5i2
*100
200
12,700
51
16%
119
No par
No par
Homestake Mining
1,000
35,300
80
6
108
Aug 12
30<8 Jan 2
127
142i2
Jan
115i8 July 15
135
Apr 17
6II2 Aug
No par
7% pref
9%
11%
Aug 13
Conv preferred
Holland Furnace
Jan 27
Aug
3534
Jan 23
126
Holly Sugar Corp
125
*13i2
3%
IOI4
*124
8%
50%
84
100
3,000
134
-
109i2 10912
*129
76%
*61
No par
7,600
65
8%
834
der
26% Apr 30
Highest
$ per share $ per share
85
Jan
120
Dec
Mar
141
164
8
.No par
cum
$5 conv pref
Hollander & Sons (A)
76
8%
63%
834
64 '
83<j
834
No par
133
Aug 10
May 14
preferre I
$7
500
4134
29%
*76%
63%
8%
29%
76%
66%
9%
102
150U July
Herahey Chocolate
10
435
*400
40%
29%
76%
76%
3i2
1534
435
40%
28%
64%
*984
*400
40%
28%
*76%
50%
435
40%
28%
*63
834
Hercules Po
600
$ per share
11/
100
Hercules Motors
1,400
100
40%
25
25
Preferred..
11334 11334
113% 11334
21
21
21%
21%
37
36%
35%
37%
37%
11334 *112
11334 *112
11334
*400
Hazel-Atlas Glass Co
Helme (G W)
-
2,500
37
36%
40%
76%
85S
-
Highest
$ per share
Par
37%
35%
Year 1935
Lowest
Lowest
—
29
28%
28
63
63
28
2834
Range for Previous
On Basis of 100-share Lots
EXCHANGE
300
,■
164
113%
21%
11334 *112
*410
*162
164
115
114% 114%
*112% 114%
127% *127% 131
*127% 131
64%
*61%
*61%
66
65%
108
110
109
108% 108%
*127
131
*61%
65%
109
109
*108% 109 •
38
*36l2 38%
*36%
*112i2 114
*112% 114
20
21
20%
20%
3518 35%
3534
3534
6678
Range Since Jan. 1
STOCK
Week
$ per share
$ per share
$ per share
*105
10678 *105% 107
YORK
1355
6
151
49
Jan 30
15i2 Oct
13i2 Mar
17i8 Mar
24i2 Mar
3U4 Feb
102
Feb
1
Mar
1U Mar
33
Apr
10734 Nov
2958 Nov
Aug
Aug
167i2 May
120
122
2884 Nov
27% Nov
43
Oct
37i2 Deo
55is Nov
10834 Oct
25s Oct
43s
Deo
415s July
112
Deo
18i2 Mar
26i2 Nov
Apr zl49% Deo
124
15
Deo
1038 Mar
23
Aug
34
Mar
64
Deo
Feb 19
1234 Mar
26
Sept
Jan 21
3778 Nov
46
Feb
130
May
4i2 June
113
Feb
Aug 10
185s June
3034
Aug 13
Apr 18
30i2 Apr
5i2 Jan
1858 Jan
3784
July 21
Deo
5714 Nov
1114
Deo
Deo
New York Stock Record—Continued—Page 7
1356
for
Aug. 22
Aug. 24
Aug. 28
Week
$ per share
$ per share
$ per share
Shares
Aug. 25
$ per share
$ per share
$ per share
*2
2i2
13
13
16iS
1912
18
*3
33s
12l2
*35
37i2
16
19%
3%
11%
3U
11
*23s
46%
1414
*8%
343S
.
16
12
12
300
40
50
11%
38%
37%
37%
*34%
*15%
16
16%
163s
16
*18
18%
*18
19%
*18
3%
1134
134
8%
25%
2%
47%
14%
834
3534
3
25%
25
*46%
47%
238
47%
1438
47
14%
1438
9%
35%
834
3434
11%
134
834
1438
14%
3
*238
47
*8%
*160
55%
5534
36%
16
16
3
*658
24
25
25
26
*238
49%
14%
2%
47%
14%
49%
1434
9
9%
35%
34
934
3538
48
*45
48
*45
108
108
*108
109
109
109
109
109
>108
109
108
34
34
34
20%
41%
19%
19%
19%
41%
41%
93%
934
41%
'4134
44%
1334
44%
100
41%
94
91%
9%
*92
9%
4334
44%
44
44%
1334
1334
13%
14
15%
*14%
106% *106
77%
9%
9%
*71
72%
71
71
*32%
36
*32%
36
56
56
57
9
57%
22
21%
40%
4034
41%
124
123
4,100
5,400
300
19%
1834
1834
19%
42
42
42%
42
19%
42%
*14%
14%
*14%
106
106
>106
107
*106
78
78
79
79
*78
78
9
9%
9%
71
71%
7134
36
*32%
9%
2134
41%
*124% 125
59%
58%
9%
58%
9%
2134
4034
21%
4034
9%
105
14%
,30
4,900
*38
1%
*2%
3
*19%
20%
20%
21
*19%
834
5%
20
29%
2%
5%
19%
2%
20
*2%
834
2834
2%
5%
20%
834
28%
2%
28
8%
28%
"*8%
5%
5%
20
x98%
44
44
4434
*45%
50
*46%
50%
*64%
66%
1
1
.
65
72%
250
1
62
63
9%
21%
38%
1,600
4,700
42%
43
3,400
Midland Steel Prod.
125
190
62%
9%
21%
41%
125
125
17J00
9%
17%
30%
*29
30%
*65
68
*65
66
........
19%
19%
46%
48
48
*64%
1
1
1
1
37%
64%
*64%
%
66%
1
20%
21
19%
20
20
20%
88
88
88
15%
67
27%
27%
2634
28
16
16
16
19%
*49%
16%
15%
*26%
16%
39
39%
*87%
30%
30%
30%
30%
66
67
68%
6534
*103% 104% *103% 104% *103% 104%
20
20%
20%
20
19%
19%
19%
52
52
51%
*4834
49% 50
51%
16
1634
16%
16%
16
15%
1534
30
29
30
29%
*2634 28
2734
16
16%
16%
16%
16%
16%
16%
87%
30%
65%
87%
30%
*103%
51%
15%
37
«.
-
87%
30%
3134
2338
32%
31%
*150
160
2334
2334
9
1,000
106%June
"5"606
6% pref series A
No par
Minn Moline Pow Impl No par
700
700
200
100
380
'
No par
67% Jan
t Minneapolis & St Louis.. 100
Minn St Paul & SS Marie. 100
1% July
100
..100
2% Aug
234 Jan
No par
No par
1634Jnue
Preferred series A
100
X Missouri Pacific
Conv preferred
Mohawk Carpet Mills
100
100
20
14% Jan
2%May
3% Jan
19% Aug
Preferred
'
7% preferred
4% leased line ctfs
Mission Corp
Mo-Kan-Texas RR
10
65%
.
44
20
3,500
3,700
4,200
17,800
300
600
1,400
46" 100
400
16,000
520
3,310
12
11%
11%
12%
12%
*1234
13
500
3134
32
31%
32%
31%
32
8,800
*150
23%
24
160
*150
24
24
110
*108
110
27%
27%
27%
*110% 112
109% 110
*109
110
*109
110
110
26%
27
27%
1434
15%
15%
15%
15%
1534
28%
28%
*28%
29%
29
29%
27%
*143
113s
*1
33
33
33
*28%
28
28
28%
27%
28%
168%
168% *155
168% *155
148
*143% 148
*143%. 148
11%
1%
%
*%
62%
62%
63
6334
125
125
8
8
1034
1034
*46
55%
*107
47%
55%
112
*26
33%
14% •14%
*48
50%
40%
39%
35
34%
75
*3%
*10%
*130
1%
75
4%
12%
136
1%
97
*3%
3%
8%
8%
4%
*4%
*3%
12
80%
*98%
3%
11%
1%
*%
62%
63%
126
8
10%
*47
*5534
*107
*26
14%
51%
40%
34%
11%
1184
1%
*%
1%
58
126
*110%
30%
63%
*125
12534
8%
8%
1034
8
48
*47%
56
57%
*107
3334
5634
8%
*99
*100
'
25%
*50
2%
*20
52
14%
5334
40%
*8%
4%
*3%
56%
112
*%
6434
25,700
1134
11%
1%
11%
%
*%
65%
64%
%
6534
61
63%
*1
1%
1134
*1
100
240
11,100
16,100
No par
50
Morris & Essex
Mother Lode Coalltion.No par
Motor Products Corp ..No par
Motor
5
Wheel
Mullins Mfg Co class B
Preferred..'
Munsingwear
1
No par
No par
No par
—100
10
Inc
Murphy Co (G C)
5% preferred
Murray Corp of Amer
Myers F & E Bros
"MOO
*56
*107
5634
112
3334
56%
*107
*26
56%
112
33%
56%
*107
*26
278
278
*110%
31%
5634
8%
*56
104%
*98
8%
*100
32%
101
1134
11%
*78
99
*1
275
900
1,200
15
10,600
53%
1,100
41
40%
42%
36%
78%
*100
25%
*50%
*20
2%
.
25%
79
80
80
80
98%
99
99
99
240
1%
275
2%
*20
102
26%
52
2%
2434
6134
*2
8%
100%
101
25%
52
2%
20
12%
38%
39
123s
12%
12%
40%
39
39
*100
31%
56%
20
12%
1350
8
1%
278
23
39%
For fooeaotes see page
*1
278
100
52
400
99
*56
26
1,400
80
5634
52
"l"600
*98%
108% 108%
12%
109%
108% 108% *108
1%
1%
1%
1%
275
*271
*270% 280
109% 109%
109% 109%
32%
3134
30%
3134
57
56%
56%
*56%
83
8%
8%
8%
104
102% 102% *102
*100
25%
*52
*2
80
27
53
*52
2%
*17% 21
12%
13%
38% •39%
*2
53
2%
19
19
12%
39%
13%
41
8% Mar
60% Mar
85
Nov
Jan
150
Deo
Jan *111% June
3% Mar
1
7
734 Feb 11
z28% Apr
8
103
6
Mar
48
July 30
7
Feb 25
1% Feb 10
41% July 28
22% Mar 3
20% Aug 28
77
3
Apr 30
104
2
52
89% July 29
32% July 30
Aug
Oct
20% Dec
24% Sept
116% Oct
Nov
5% Feb 10
6% Feb 8
26% Apr 14
9% Feb 21
32% Aug 10
Feb
684
Deo
58
31
4
Deo
85
105
76% Mar 24
1% Feb 10
234 Feb 7
Mar
% Mar
Apr
84
Mar
1%
10%
2%
5%
Mar
Apr
July
7% Nov
68
Nov
84 Nov
2% Deo
4
July
4% Deo
1784 Deo
6% Nov
May
July
16%
1% Mar
1034 Mar
4%
23
55
94% Nov
1
Feb
2U4 Mar
41% Dec
Deo
3
Jan
Deo
^nov
40%
Deo
66
Feb
60
Dec
65% May
%
3D4
7%
9%
Apr
1% May
Deo
33%
Deo
Mar
15%
Deo
Aug
15'4 Nov
Sept
13% Mar
8I84 Nov
4*4 Mar
21% Nov
47% Oct
62
26%
Deo
3
July 23
22'4 Mar
6
Jan
3t« July 15
31% Apr 30
"tt July 28
3834 Jan 9
164
July 31
Jan
100
153
No par
21
30
Nat Dairy Prod
No par
21
7% pref class A
100
7% pref class B
100
t Nat Depart Stores...No par
Nat Distil Prod
No par
10
National Lead
Jan
9
Feb 11
4% Mar
684 Feb
22%
141%
13%
12%
Apr 30
Apr 30
108% Jan 4
28% July
7
11234 Mar
2
108
107% Jan
112
4
zl06
6
Apr 28
10
25% June 11
2884 Jan
2
26% June 30
June
15% Aug 24
33% Mar 6
37% Apr 14
31%May 26
14%
Deo
Apr
Mar
"36%
Nov
158%
Mar
23%
Dec
Deo
Mar
Sept
Sept
1% Mar
Deo
113% Nov
108
Aug
22%
4%
Jan
23% May
34% Nov
21
May
32% July
100
158
2
168
Mar 17
150
Jan
162% May
Preferred B
100
13734 Jan 21
144
Aug 28
121%
Jan
140% July
No par
9%May 11
4% Mar
14% Aug
4% jpf_ 100
.100
preferred
National Steel Corp
...26
25
National Supply of Del
Preferred
100
Bros
Newberry Co (J J);
No par
Newport Industries
N Y Air Brake
1
-No par
New York Central
No par
N Y Chic & St Louis Co...100
Preferred series
A......100
100
Preferred
100
June
% Jan
8
% Jan 10
57% Apr 29
19% Jan 2
74% Jan 6
7% July 10
10%June18
3234 Apr 29
41
Apr 15
104% Apr 7
10% Feb 4
9
Apr 30
32% Jan 8
2784 Jan 2
1734 Jan 2
36% Jan 2
3% July 7
10%May 16
50
119
Jan
6
$ N Y Investors Inc.—No par
1
Jan
2
24,300
4,300
108
2
9
Mar
20% Aug
Aug
Jan
Jan
Aug
26
17
24
36
Mar
77% Aug
10
41«4
Jan
3
21% June
43% Jan
3% July
4% Mar
"11%
Deo
10%
Deo
Apr 14
15% Aug 7
Aug
8
43% Aug
8
37% Aug 28
81% Aug 13
6% Mar
4
17% Feb 17
139
x8% Mar
7%
Jan
11%
Jan
Deo
Oct
61% Dec
13%
July 15
43
65
34 Nov
Aug 10
June 27
2% Feb
18% Mar
12% Mar
36% Nov
2934
Dec
Mar
19
Deo
9% Mar
39
Dec
6
2
Mar
4
Mar
112
Mar
% May
5
6%
16%
139
1%
99
Deo
Deo
June
Deo
May
6
2%
Oct
100
7% Apr 28
4
July 9
14% Feb
5%
Oct
16% Aug
2% Jan 7
z2% Jan 17
N Y Shipbldg Corp part stk..l
9% Apr 27
67 May 21
5% Feb
5% Feb
15% Mar
82
Aug
2%
%
%
6%
Mar
Mar
May
Mar
6% Nov
No par
7
24
24
24
13
21
51
Oct
July 22
69
June
109% Aug 12
2% Jan 14
79
May
Conv preferred
N Y Ontario & Western... 100
N Y Railways pref
Preferred stamped
7%
preferred
100
83
No par
Preferred
93% Apr 23
—.50
North Amer Aviation
1
No Amer Edison pref..No par
No German Lloyd Amer shs
Central....
.....50
Northern Pacific
.100
Northwestern Telegraph
50
Norwalk Tire & Rub—No par
Preferred..........
Ohio Oil Co
Mar 17
No par
N Y Steam $6 pref
$7 1st preferred
105
20
69%
126%
11%
13%
5134
59%
Jan
4
210
400
8334 Nov
75
Mar
100
80
% Mar
40% Mar
5% Feb
Adjust 4% pref
100
North American Co—No par
17,800
1% Nov
1% Feb 11
Jan 10
t Norfolk Southern....... 100
300
% July
Apr 24
Norfolk & Western
400
Feb 11
3
500
10,500
3
90
320
29,600
14% Feb 17
100
t N Y N H & Hartford.
North
27%
12% Mar 23
7
300
*100
27
Mar 30
Aug 10
109% Mar 16
4
N Y Lacka & Western....100
^'300
*78
8%
104%
2534
12%
6
Oct
33%
42%
Jan
Deo
N Y & Harlem
99
8%
52
"""30
3,200
12
9% Mar
Apr
8% Nov
6034
•
19%
New York Dock
80%
5684
*98
2,000
5%
3%
12
Apr 13
July 21
Aug 28
98
Jan
97% Deo
65% Nov
Jan
2084 Mar
22
Apr
24% Jan
2% Mar
Dec
27%
14%
5% preferred series A... 100
t New Orl Tex & Mex
100
33%
1134
97% Dec
Mar
104% Aug 20
21
1434
Mar
No par
53
12
Dec
14
Neisner
700
1434
5%
11
Jan
115% Dec
Mar
30% Apr 6
17% Feb 19
15% Mar 9
No par
52%
42%
*3%
12%
2334
47%
131%
44%May
14
Deo
15%
3
63
May
102% July
Deo
40
41
72% Aug 21
3734 Apr 3
70
1
1034
Dec
Apr
5
71
2
28% Apr 30
15% Jan 2
11
Apr 30
May
July 21
10% Mar
6
34 Jan
5%
38%
8%
85%
Deo
Nov
20%May 4
12% Apr 30
9% Apr 30
No par
15
4%
3%
Mar 24
10834 Apr 14
81
1984
45% Sept
131
Jhn
Jan
Natomas Co
112
'9
19
90%
Apr
National Tea Co
63%
8%
June
35% June
11
1,500
1434
8%
5%
3%
103
Mar
30
2,600
53
8%
15% Mar 26
108
Apr 23
7% cum pref..
Nat Cash Register
2d
%
1434
8%
4%
3%
Oct
Jan
84%
28
10
National Pow & Lt
1,100
1,130
110% 110% *109%
31%
31%
30%
25%
2%
4%
108% 108%
57
8%
104%
3%
8%
4%
3%
1134
3%
8%
Oct
55
Aug 28
21% Feb 19
;
Nat Rys of Mex 1st
57
Nov
54
Jan
No par
Biscuit
400
5,200
33% ,*26
1438
15%
5334 *48%
3934
41%
20
32%
Aug 12
1
10,000
6134
Feb 17
46
60% Jan
15
Nat Aviation Corp.
National
3
1134 Feb 14
6934 Feb
43
National Acme
1%
6338
123
al22% 122%
126% *122% 124
8%
8
8%
8%
8%
8%
1034
1034
1034
1034
1034
1034
49
50
48
*47
*4734
47%
61%
5784 Nov
Jan
Preferred A
60
~3~806
60%
Nov
Jan
7% Mar
3334 Nov
49% Jan 24
4
No par
Nashv Chatt & St Louis—.100
12%
*%
Dec
33% Nov
156
7
118% Jan
Jan
-No par
Nash Motors Co
Nat Enam & Stamplng.No par
6634
8%
4%
3%
4%
80%
99%
39
48
1
35
8%
99
12%
10%
11%
77
80
25%
12%
5,100
28%
6,000
35%
99
2%
25%
35
37%
35
3534
36%
35%
79
80%
78
78
78%
79%
77%
4%
4
*334
4%
4%
*3%
*3%
*3%
4%
*3%
11
11
12%
11%
12%
*1034
12%
12%
*10%
*1034
137
137
*130
*130
137
*131
*130
137
136
*130,
1
1%
1
1%
1%
1%
1%
1%
1%
1%
*
*
*
*
96
97%
97%
97
99% *91
3%
"3%
3%
"3%
3%
338
3%
""3%
"3%
3%
*75
80%
102
100
157
88,400
12
31%
24%
2734
43%
41%
1134
38%
I
*26
15%
12
281
%
62
*108% 109% *108% 109%
*1
*1
1%
1%
*271
1%
G4
1034
112
11%
63
62%
64%
157
*108% 110
110
28%
*28%
*155
24%
27%
*111
112
112
112%
*108% 110
*108% 110
15
15
15%
15%
15%
15%
30
29%
2834
29%
28% 29%
33
32%
*29
32%
*28%
*28%
28
28%
28
28%
28%
28%
168%
*155
168% *155
168% *155
143% 144
*143% 145
*143% 145
*108
26%
160
28
28
May
35»4 Jan
31%
160
79
Mont Ward & Co Inc. No par
12
2334
5% Jan
Monsanto Chem Co
3134
*150
% Jan
Morrel (J) & Co....
12%
23%
6% Jan
1,700
25,600
32%
160
Feb 21
110
8
19
6
17
7
14
6
2
10
6
2
5
3
24
19
7
Mllw El Ry & Lt 6%
Rights.
*150
9
6
534 Jan 3
xl7% Apr 30
21% Jan 9
Apr
m
-
May 13
31% Jan
40% Jan
200
99%
38%
20%
*29
20%
5034
15%
*49%
15%
*12
99%
45%
47
18%
•
18%
12%
99%
46
-100
1st pref
30
Mar
3,200
20
66
*4984
,
6%
21
19
87%
87%
87%
*29
*12
5%
2%
No par
6%May
88
200
21
43%
*46%
64%
47%
2%
8 %cum
...
97% Jan
55% Jan
x65
5,300
9,800
1,500
4,400
30%
6
-.10
Mid-Continent Petrol
11% Apr
97% Jan
12% Jan
pref. 100
9
21
44%
47%
66%
43%
30
-5
Mesta Machine Co
8% Apr
3734 Jan
6
30
3
29
7
2
10
31
22
Minn-Honeywell Regu. No par
30
20
38%
20%
20%
18%
*103%
99
100
5%
834
1834
19
*86%
10338
21
20
20
38%
20%
87%
2%
5%
8'.
2934
2%
38%
20%
39
17%
.
28%
20
7% preferred....
Merch & Min Trans Co.No par
1
38%
20
98
1
100
Miami Copper
22%
2138
41%
*19%
83s
21%
,
No par
Mengel Co (The)
36
1
1934
37%
20
17
1
5%
21
$6 pref series A..
Melville Shoe
Aug
17% Aug
9
12%May
-No par
No par
Mead Corp
*32%
2%
5%
2%
2%
5%
20%
$3 conv pref
71
2834
28
29%
85
36
8%
8%
*46%
*64%
65
20
*1934
9
98% 100
44%
4434
50%
65%
98%
98
43%
97%
20%
39% Mar 25
11
June
5%
Jan 31
Mclntyre Porcupine Mines..5
Deo
45% Deo
14% Nov
July 21
24
70
*104%
6%
100
June 16
*32%
58%
9%
106% al0434 10434
104% 104% *104% 106% *10434 106%
92
92
92
92
92
92
92
*91
88"
88%
88%
112
>1061
*106% 112
*106% 112
*106% 112
112
*106% 112
7
7%
7%
7%
7
6%
7%
7%
7%
7%
6%
*59
62
58
58
58
58
58
58%
58%
57%
57%
%
%
%
%
*%
%
*%
%
%
%
%
1%
1%
13S
*1%
1%
*138
*1%
1%
1%
*1%
1%
3
3%
*2%
*234
*2%
3%
3%
*2%
2%
2%
3%
334
3
3%
334
3
3%
3
3%
338
3%
*3%
*56
800
79%
934
125
*85
""260
107
*123 „
*106%
June 19
16
9%
70%
125
125
125
9
92
McGraw-Hill Pub Co..No par
Deo
3%
33
50% Apr 8
110%June 15
3434 Aug 26
No par
Dec
23»4
35% Mar
Feb 28
JMcCrory Stores Corp new_-l
6% conv preferred
100
100
*100
2
Jan
Feb 24
Deo
10
23»4 Mar
21% Feb 28
29
Deo
1%
Mar
Jan
May
9%
6'4 Mar
161
Feb 13
103
6% conv pref
105
14%
No par
Prior preferred—
McCall Corp
—No par
1
14%
>100
ex-warrs—No par
McLellan Stores
14
105
55
3
Mar
20
59% Aug 27
McKeesport Tin Plate. No par
McKesson & Robbins
5
14
1
4
46% Aug 15
30
2% Oct
3% Mar
136
Mar
43%May 4
13% Apr 30
45
19% Nov
Feb
5
12
No par
Preferred
Mar
37% Aug 13
Aug 12
Stores...10
No par
Maytag Co
Deo
Oct
Sept
1
4% Mar 18
5034 Mar 5
19% Mar 5
6% Apr 28
27% Apr 27
May Department
May
12%
66%
Jan
6% Apr
38 June
7
3% Mar 19
10% Mar 18
3034 Apr 6
May
10
10
Mar 17
684 Mar 17
1234 Aug
Feb
Apr
29
Apr
13% Mar
153% Jan 17
1,700
3,900
1334
%
2% May
3
100
No par
1,500
1334
4
Mathleson Alkali Wks.-No par
Martin-Parry Corp
9,100
44%
9%
Marshall Field & Co.—No par
10%
10%
4434
*94
No par
Marlin-Rockwell
7
23
5
11% Jan 22
94%
95
934
4434
14%
36
600
3,700
.
41
7
Aug 19
57% Jan 10
23% Feb 3
7
2% July
45
94%
10
4434
*100
106%
21%
4034
16
100
96%
15
93s
9%
9%
9%
2O84
2034
*40%
14
9%
71%
*32%
5734
16
99%
95%
9%
10
78
77%
9%
78
9%
*96
"""180
34
*96
16
16
99%
2d
Preferred
*44%
13%
94%
*143S
14%
.14%
*97
105
*100
105
106% 106% *106
78
10
9%
*100
105
*100
16
16%
99
20%
*19
91%
3434
16
15%
99
16%
16
*19%
41%
34
34%
33%
3334
33%
6~5o5
48
108%
100
100
preferred
preferred
Prior
Preferred
~
47%
*45
*97
10
35%
700
48
16
1,500
4,900
5,500
7,200
14%
200
*45
98%
300
16%
48
33%
230
59%
*45
1534
Marine Midland Corp
59
*47
25
1
(Del) .5
Market Street Ry
100
Preferred
...--—..100
Manhattan Shirt
5,600
3% Feb
13
32%May 27
14% Apr 30
!7%May 4
2% Jan 3
8% Apr 30
1% Jan 7
6% July 27
1834 Jan 10
t Manhattan Ry 7% guar. 100
Mod 5% guar
100
$ per share % per share
17% Feb
2
2
June 30
7
No par
Maracalbo Oil Explor
*16
59%
16%
47%
48
98
100
—100
Preferred—
$ per share
1% Jan
7% Jan
——100
t Manatl Sugar
Mandel Bros_.._
Highest
Lowest
Highest
% per share
Par
2,100
""396
*160
58%
16%
47%
16
47
1,400
3%
50
2%
*45
33
16%
19%
338
11%
1%
11%
1%
834
11%
1%
59
16
47
2,540
3%
1138
1%
*634
*160
5838
58
16%
47
*46%
47%
*46%
o4%
*160
56%
16%
5634
16%
*8%
9%
35%
*160
16%
700
11%
*35%
3%
11%
*1%
*6%
*1%
3
*23S
47i2
1538
12
*6%
25
65
*46%
1534
12
3%
41%
11%
178
24
26%
3%
46%
14%
9%
34X2
*160
2i*>
14%
25
11%
*112
*734
Us
*1%
*6%
*23%
•>
1538
*3
*11%
37l2
16
2%
14
18
16
*18
12%
*33%
*18
*2
12
37%
16%
*11%
37%
1578
*11%
2
2%
13%
13
13
Lowest
13%
*2
2%
*1%
Friday
Lots
EXCHANGE
Aug. 26
Saturday
Tuesday
On Basis of 100-share
NEW YORK STOCK
the
Thursday
Aug. 27
Wednesday
Monday
1936
29,
Range for Previous
Year 1935
Range Since Jan. 1
STOCKS
Sales
NOT PER CENT
SALE PRICES—PER SHARE,
AND HIGH
LOW
Aug.
50
..No par
Oliver Farm Eq new..No par
1% Aug 27
Jan
2
May 12
23% Apr 30
5234 Feb 6
6% Jan
98
Jan
19
Jan
87
Jan
92% July
102% Deo
2% Deo
Mar
218
Deo
99
Jan
108
June
9
Mar
28
Nov
69
35% Mar
June
2
Mar
Jan
102
Aug
5
36'4 Feb 20
12% Aug 25
6
Deo
2% Nov
16%
158
67
6
384
Jan
July 14
1034 Mar 19
Aug 28
24% Jan
84 Aug
8%
111% Aug 12
35% July 27
300
106% July 21
12% Feb 21
Aug 18
Jan
100
Nov
2
23% July
2
7% Feb
96
6
4% Jan 17
97% Apr
50
98
57
Mar 24
4% Mar
30
6
Jan 22
17% Jan 15
54%May 5
3%
86%
13%
35%
1%
x20
55
7%
102
Deo
Deo
Nov
Nov
10% Nov
Mar
99
Mar
25%
Jan
July
Mar
9% Mar
16% Oct
Aug
Deo
Deo
Jan
32% Jan
14% Deo
27% Deo
52%
2%
Volume
LOW
AND
New York Stock
143
SALE PRICES—PER
HIGH
Record—Continued—Page
Sales
SHARE, NOT PER, CENT
STOCKS
for
Aug. 22
Monday
Aug. 24
Tuesday
Aug. 25
YORK STOCK"
EXCHANGE
$ per share
$ per share
$ per share
19
19%
19%
$ per
the
Friday
Aug.28
Thursday
Wednesday
Aug. 26
Aug. 27
*12%
27%
19%
113%
12%
*52
53
*114%
*140% 146
16
5%
12
6%
38%
54%
54
*17%
127
113
12%
27%
53
*
.16
6%
*11%
*5%
38%
19%
19%
113
19%
127
53
*115
—
-
-
*52
m
16
144"
16
16
16%
5%
*5%
5%
12 *
*10%
*6%
38%
6%
38%
54%
38%
54
54
19
*18%
*127
18%
129
*52
56
*114%
*114%
144
*140% 145
5%
*10%
*52
56
*114%
144
16
*5%
*10%
*5%
38%
53%
18%
5%
12
6%
38%
54%
18%
129
150
mmmm
*114%
144
145
3,600
300
1,600
4,200
1,900
3,900
19
19
600
14%
14%
14
14
10%
10%
*12%
10%
*12%
11
*12%
10%
13%
11
13%
2%
50%
10%
13%
13%
12%
11%
12%
2
2
2 »
2
2%
2%
55
76%
78
2%
*107
*2
50%
*74
*2
2%
55
*50
78
76%
*107
*107
50
78
76%
mm
m
*107
*77
80
*78
109
*107
7%
*66
8%
*25
7%
66%
7%
67%
7%
67%
8%
8%
8%
25%
3
3
41%
23%
41%
*5%
7%
11
*2%
23%
5%
7%
11%
2%
26
7%
,
70
*25
26
41%
41%
24
24
5%
7%
5%
7%
11%
11%
*2%
109
86%
*3%
86%
87
87
86%
*3%1
6%
4%
6%
42%
20%
*3%
6%
*38%
20%
39
*39%
20%
*19
*60
3
3%
24
11%
2%
5%
778
61
61
86%
3%
6%
86%
378
6%
39
39
2178
*21
8%
24%
5%
8
3%
*41%
23%
5%
m
J
—
_
1,500
2,800
1,000
0,900
3,000
2,400
5%
62
62
88%
89
*4
4%
6%
40%
4
4
6%
6%
*38
40%
*39%
*21%
22
*6%
21
400
30%
*59
*11
*46
*182%
10%
*72
10
*30%
65
*59
*70
31
65
11%
50
11
*59
*11%
♦47%
49%
100
200
21
*82%
86
86
35,900
mmmmmm
10
9,000
2,000
600
500
100
200
2,200
4,200
7,400
*1%
14%
15
14%
15
14%
*20
21
21
21
-19%
19%
*5%
19%
6%
1%
7%
3%
19%
5%
2%
7%
3%
*21%
19%
*5%
*1%
7%
3%
*26%
45%
27%
45%
5%
*1%
33%
2
2%
1%
8
*7%
3%
3%
28
27%
28
7%
7%
36
35
34%
2%
14%
*21%
2
1
45%
45%
*118%
45%
16
15
22%
20%
6%
2%
7%
3%
2
7%
86
34%
2%
15%
22%
20%
1*8
7%
3%
51
1%
16
7%
87
2%
16%
22%
20%
6%
3%
3%
19%
*1%
*13%
778
90
35
19%
*5%
*1%
7%
3%
*11%
*182%
10%
10%
76
76%
34%
*2%
15%
*21%
7%
*59
12
*1%
*13%
7%
85%
70
170
35%
*2%
16%
*21%
20
10%
60
7%
90%
2,500
35%
2%
17%
22%
20%
400
120
200
25,800
100
14,800
6
165
*155
165
*155
164
*155
164
*155
163
*155
163
114
*113
114
*113
114
*113
114
*113
114
*113
114
16
16%
106
106
*95
96
13%
10%
*88%
13%
10%
72
43
72%
6%
33%
43%
6%
33%
„
53%
54%
16%
16%
106% 106%
53% 55
16% 17
106% 107
*95
*95
.
98
13%
10%
*
13%
10%
13%
*95
72
73
10%
'mmmm
*45%
48%
41%
*41
48%
41%
*46
*40%
*10
11
10
10
*10%
*....
76
*70
76
*73
76
2%
15%
17%
*2
2%
*14
15%
~*2~
*14
*16%
17%
*86%
88
*22
22%
18
16%
33%
44
17
17%
18%
87
87
*22
22%
100% 100% *100% 102
4%
4%
4%
4%
20%
21%
103% 103%
IOO
*14%
*40
115
100
15
43%
115
24
25
*109
115
26
55
26%
55%
21%
106
21%
106
99%
99%
15
15
41%
2%
15%
16%
17%
24%
*109
40
40
4
41
119
39%
*114
♦116
v
119
25
25
*109
115
24%
115
26%
55%
26%
55%
26%
55%
26%
55%
59
*59
61
59
59
69
*11%
*26%
*41%
13
*11%
*25%
*41%
13
*11
29
*27 J
*42%
28%
43%
For footnotes
2%
43%
see pace
,
t
1350
*2%
*15
16%
16%
18%
*86
87%
*22
22%
100
100%
4%
4%
21% 22
105% 105%
99% 99%
15
14%
13
28%
43%
~6"66O
600
"800
......
..1
Parmelee Transporta'n.No par
Pathe Film Corp
No par
Patino Mines & Enterpr No par
Peerless Motor Car
3
Penick & Ford_______.No par
Preferred series A
100
Penn G1 Sand Corp vtc No par
...No par
60
Pennsylvania
Peoples Drug Stores. _Noo
16%
17%
*86
22
*
76
*73
2%
16%
*15
16%
18
87%
22
102
"~4%
4%
21%
22%
105% 106
99% 99%
14%
40%
*116
247S
*110
27%
55%
*59%
*11%
*27
43
15
41%
118
25
115
27%
56
61
13
2%
16%
17%
*86
22%
*100
4%
21%
75%
2%
*73
18
*15
*2%
1678
17
18
87%
22%
102
4%
22%
800
15,100
64,000
8
Aug
Nov
69
135
2%
100
56
Jan
-.--No par
16
Apr 27
2
6
12% June
Pfeiffer Brewing Co.
6
.No par
$6 preferred
Preferred...
2
88
1,300
22
300
102
5
22%
22%
107% 108
99
99
15
15%
15%
42%
43
25%
25%
100
30
25%
90
115
*110
115
27
27
27
28
55%
59%
*11%
28%
27
43
43%
56%
59%
13
27%
43%
56%
*59%
*11%
27
*4278
28
44%
Oct
Dec
Deo
Nov
80% Deo
60
'
"400
19% Mar 4
40% Apr 11
54% Aug 19
98
July 15
0% preferred..
Pittsburgh United.
100
....25
Preferred
100
38% Mar
84
Feb 21
17
Jan 15
2
2% Feb
37% Jan
50
Jan
7i8June
4
8
7i2 Apr 30
2
l%May
4
3
June 20
21
$5 preferred..
6% preferred
7% preferred
8% preferred
No par
100
100
100
Pub Ser El & Gas pf $5.No par
No par
(The)...——No par
8% conv preferred
100
6% preferred
.100
Purity Bakeries...
No par
Radio Corp of Amer...No par
No par
preferred
50
.50
2d preferred
Silk Hosiery
10
100
Reia (Robt) & Co
No par
100
Reliable Stores Corp
No par
Remington-Rand
1
$6 preferred
.......25
Prior preferred
25
Rensselaer & Sar'ga RR Co 100
preferred
Preferred
.100
Class A
10
Rhine Westphalia El & Pow__
Ritter Dental Mfg.__.No par
......
1,100 Roan Antelope Copper Mines
85% Mar
6
Jan 17
3
31
Apr
65% Aug
7
Mar
26% June
172
Feb
5% Mar
22% Mar
1
Jan 16
40i4May 12
117% Apr 7
Jan
6
May 18
Jan
2
Apr 29
10312 Feb 21
11318 Apr 3
128
Apr 4
146
Apr 14
39
112
Jan
7
367b Jan 2
16
Aug 21
103 May 1
91i4May 4
9%May 9
934May 12
83i2 Jan 2
68i2 Apr 28
Jan
2
2878 Jan
6
3
5
35i2 Jan
Nov
Nov
2
122% Feb 26
49% July 22
"l2%
Nov
% May
4% D O
26% Dee
115
Jan
73
Deo
85% Mar
132
Dec
100
Mar
148
Deo
99
Jan
113
Jan 14
Aug 17
Jan 15
Apr 15
Jan 23
114
Apr 15
8% Mar 25
26% Feb 19
108
Aug 27
18%
23%
99%
24%
100
Aug 15
16% Feb 17
43
Aug 28
34
Jan 23
Feb
5
117
Jan 13
30
July
52% Jan
29% Oct
57b Mar
49% Mar
119% Deo
65
103
June
8% Feb
4
Mar
35% Mar
""1%
Mar
16% Mar
30
Feb 17
46% Nov
104% Deo
117
29% Mar
3% Jan 14
53% July
121
Nov
Mar
48% Feb 24
22
5% Nov
2% Nov
16% Jan
6% May
.42% Jan
July 14
88
3
Deo
6% Mar
1% Mar
% Feb
4% June
July 15
4
Jan
13
113
144% July 14
104 July 14
114
Apr 1
57% Aug 13
247b Mar 20
133% Apr 17
117% Mar 27
17% Jan 6
14% Jan 17
108%June 18
80
July 15
9% Feb 19
38% Apr 14
2% Aug
6% Mar
130
Jan
32
Mar
20% Mar
62% Feb
120
Oct
25
49% Aug 11
42
Aug 28
16% Jan 30
Aug 25
418 July 8
1678 Apr 30
77 May 4
78i4May 4
10
Apr 20
24%June 9
90
Apr 28
22%May 25
105
Apr 27
25
July 3
60
Apr 29
6»
Aug 11
10*< Jan 3
19i2 Feb 2
Dec
62
2
100
10
55
1
7
17b Apr 28
12&sMay 7
16
Aug 21
17*8 Aug 21
85i2 Jan 3
21
July 9
Deo
Nov
76% Jan
12% Aug
44% Aug
180
Aug
67s June
4
70
Nov
24% Apr
Jan
37
1%
Feb
Jan
97b Jan
39
8
38
Apr
4
6
Aug 28
Mar 3
Aug 28
Mar 4
Jan 11
Feb 6
5% Jan 16
2i4 Apr 29
18
Deo
16% Dec
3% Sept
36
12
Deo
2% Nov
49
117g Jan
85
40
Mar
Apr 30
li2 Apr 24
4% Jan
*68% Deo
14% Dec
78% Nov
Apr 8
2
Dec
July
2% July
% July
50
Apr 11
Jan
Jan
8
Deo
10% Deo
9%
91%
41%
3%
17%
26%
20%
9%
3%
12%
3
Jan
14
I^ar
10% Apr
1% Mar
14
20
par
5
11% Jan 31
Jan
Pond Creek Pocahon. .No par
No par
No
Feb
Aug 27
June 25
7
Pub Ser Corp of N J...No par
12
52
181
2
Procter <fe Gamble
62% Aug 26
3
Feb
6818 Jan
100
5
6
35i2 Apr 28
21
Preferred..—
5% Mar
2
Dec
Nov
Feb
53% Apr
13% Mar
Jan
Nov
10
23
5
July 13
Apr
Aug
Dec
July
Nov
Nov
7
U2 Jan
4
Dec
Mar
19%
28%
45%
85%
4%
Oct
Feb
49% Apr 2
97b Jan 10
32%
39%
116%
43%
11
12% Mar
Mar
88
Pittsburgh & West Va
100
Pittston Co (The)
..No par
Plymouth Oil Co..
.5
Poor & Co class B
.
68
3818 Jan
5i2July
Aug 14
84% Sept
6% Aug
6% Aug
30% Nov
19% May
35% Mar
30
May
1% Nov
81
July
64
Mar
July 24
Mar 13
7«4 Apr 29
May 29
6
3
Dec
8% Deo
13% Oct
7% Mar
1% July
66
4%
15
13
3% July
1% Mar
No par
12
Sept
101% Sept
14% Sept
21% Nov
6
Apr
34% Nov
64% Deo
Mar 13
"l'ooo
56%
59%
13
20
Deo
2% Feb
9% Mar
16% Mar
Mar 13
Jan 13
2,100 Reynolds Metals Co
No par
5H% conv pref
100
Reynolds Spring new.
__l
5,100 Reynolds (R J) Tob class B.10
25%
*110
5
Feb
167b
3%
101%
15%
...5
21,200 Reo Motor Car
43,300 Republic Steel Corp...No par
2,700
6% conv preferred
..100
1,400
6% conv prior pref ser A.100
1,200 Revere Copper & Brass..
5
Class A.
............10
1,600
116% 116%
Feb
17% Mar
30
108% Oct
17% Mar
12
49
1st
Mar
3U Jan
Pitts Steel 7% cum pref..^100
Pitts Term Coal Corp
....1
Preferred
400
18
818 Jan
l%July
Raybestos Manhattan.No par
Reading
50
"""700
Mar
8118 Jan
176
1st
3
50
Pitts Ft Wayne & Chic pf.100
Pittsb Screw & Bolt.-No par
Real
% July
64% Feb
57% Apr
2% Mar
No par
50
t Phila Rapid Tran Co
7% preferred
900
200
Feb 21
18
lOisJune 30
255g Jan 7
45i2 Jan
_
Phelps-Dodge Corp
25
Philadelphia Co 6% pref___50
$3.50 conv 1st pref.No par
22
108
42%
1%
Nov
Aug 19
39
Jan 13
Preferred
Feb 21
493s Ang
116% June
56% Aug 10
7% Feb 19
46% Aug 10
104% Aug 28
88
Aug 7
25% Aug 20
5
Petroleum Corp. of Am
Preferred B
17%
87%
14%
116
7%
Deo
2734 July 17
25i8 Apr 28
64ig Jan 3
Pet Milk
Oct
Feb
135
Feb 19
Jan
Apr
10*2 Mar 24
48% Mar 24
28U Apr 29
4
%
47b
8%
91% July 31
678 Jan 28
Aug 19
100
100
1
73
Mar 13
Mar
23
10
12
9% Aug
11
May
2% Mar
2
24
27g Mar 17
3]8June 23
4% Jan 2
2834 Jan 2
17 June 30
Pere Marquette
Prior preferred
t Radio-Keith-Orph...No par
'""366
Apr
5% Jan
47% Mar
26%June
10
Apr
1.17b Apr
17% Jan
28
10%May 20
lis Jan 2
60
Aug 17
38
16,200
1,300
12
67
People's G L & C (Chic)___100
Peoria & Eastern..
100
"1,900
18
99
39%
6% Mar
71% Dec
6
30
Pure Oil
470
75%
106
116
14
21
7
3
1
110
53,400
1,700
8,400
4%
6% July
Feb
par
Pullman Inc.
17%
18%
*100
56
3% Mar
10% Jan
%June
1234 Jan
100
Preferred
i2"o66
mmmm
72
6%
34%
44%
48%
41%
10%
0%
,
*73
14%
10%
*96%
7178
6%
33%
44%
6%
33%
*43%
*45%
,
Park-Tilford Inc
Park Utah C M._
1
Parke Davis & Co
No par
Parker Rust Proof Co...2.50
5% pf (ser of Feb 1 *29)-100
••
55%
55%
56%
56%
56%
56%
16%
16%
16%
16%
16%
17%
100% 106% 106% 106% 106% 106%
96
96
95%
95%
95%
95%
15
14%
14%
14%
15%
15%
11
10% "10%
10%
1078
11%
*101
108
*102
110
*98%
72
74
72
*74
72%
74%
6%
6%
0%
678
6%
6%
34%
*33% 34%
34% 233% 33%
44% 45%
44% 45%
45% 45%
*46
48% *46
48% *46
48%
42
42
41%
41% *41% 41%
*10%
10%
10% *10%
10%
10%
96
6% Dec
31% Dec
Mar
8734 Feb
June
1,300
1,800
140
10
1
13% Mar
3
718 Aug 22
*28
28%
*27% 28%
27% 27%
45% 45%
45%
45%
45%
45% 46%
*119
*119
*118%
46
45
44%
45%
45%
45%
4658
109
108
108%
108% 108% 109
108%
*117
123
121% *117
121% *117% 121%
139
138
138
138
137% 137% al38
300
29
*150
17% Nov
3% Deo
3% Apr
Sis Aug 19
17i2 Jan 13
2% July 7
4034May 4
23
Apr 28
418 Jan 2
658June 20
59
2
*137
53%
1
100
__10
8
100
16
123
53
First preferred
Second preferred
2
•
Nov
106% July 31
July 30
li4 Jan
-
9
4% Apr 6
74i2 Apr 4
97% Feb 13
I8I2 Jan 3
Apr 28
6%May 21
-
142% Dec
20% Jan
67
103
70
270
1%
*117
-113
100
conv pref
418 Jan
•
Jan
Feb 19
t Postal Tel & Cable 7% pf 100
j Pressed Steel Car...No par
mmmm
Dec
111%
18
Porto-Ric-Am Tob cl A .No par
Class B......
No par
mmmm
Jan
123
13
.100
10.900
78
*108
45%
21
Jan
July 16
Feb 10
700
Pierce Oil Corp pref
,100
No par
3,300, Pierce Petroleum
1,000 Pillsbury Flour Mills
25
100 Pirelli Co of Italy American shs
1,700 Pittsburgh Coal of Pa
100
Preferred
100
1,500
mmmmmm
45%
*118%
45%
108
108
108%
*117
123% 1*117
137% 137% *137
45%
Mar
June
152
Phillip Morris & Co Ltd
10
Phillips Jones Corp
No par
7% preferred
100
Phillips Petroleum
No par
Phoenix Hosiery
5
10
11%
45%
108%
*120
Deo
19
8
Phila <fc Read C & I
15,600
51
*178
7%
3%
129
12
Jan
400
2%
7%
Deo
70
140
1,200
2,600
6%
65
Mar
100
7%
3%
1%
'92
116% Mar
Aug
Feb 27
8,200
65
6
14%Mayl5
2%
*6
Mar
1
130
1,900
10
mmmm
74
100
30%
52
11%
75
30%
600
10%
1%
65
51
86
33%
2%
*1%
12
51%
7%
*85%
*33%
7%
7%
50
1%
31
4%
$7 conv pref
70
10%
1%
*59
16
73
16
84%
33%
50
mmtmm
70
10
9%
1%
30%
16
J
1%
*13%
11%
62%
11%
30%
62%
75
*70
16
72
17%
7%
1%
*1%
10%
72
1%
9%
1%
30%
*182%
10%
10%
10%
2
9%
1%
30%
*183%
10%
10%
74
74%
*1%
1%
73
m m -
75
9%
65
30%
11
49%
*182%
*70
75
9%
1%
1%
1%
*182%
10%
10%
mmmm
*1%
*13%
*7%
33
75
10
38
114% Mar
14
3
No par
200 Penn Coal & Coke Corp.
10
2,600 Penn-Dixie Cement
No par
•
*70
Jan
4% Mar
22% Jan
Nov
11% Nov
20% Dec
125
July
17% Sept
Mar
Jan
2,400 Penney (J C)
.
10%
1%
30%
47% Apr 30
7
4,600
3%
41%
24%
87%
86
106
20% Deo
107
80
118
138 Jan
700
26
63
2%
8
100
2
4
3,000
778
11%
2%
7%
No par
11% Apr 30
10,100
11%
2%
11%
No par
15,700 Paramount Pictures Inc
9
.
75
8
2
8% July 8
4% Jan 3
3034 Jan 11
1,100 Panhandle Prod & Ref -No par
130
8% conv preferred
100
1,500 Paraffine Co Inc
No par
71%
134% *122
134%
134% *122
134% *122
134% *122
134% *122
35% 30%
36%
37%
38%
38%
37% 37%
37%
3778
37% 38%
*44
*44
*44
*45
47
47%
*46% 47
47%
46%
46% *45
*114
116
*114
116
114
114
*112% 116
*112% 116
*112% 116
50
51
50
48%
52%
50%
51%
48% 50%
51%
49%
48%
7
5
7
6
*4%
5%
5%
7%
5%
5%
6%
6%
42
42
42
40
40
*38% 42% *40% 45
42%
42%
41%
102
102
102
104%
*101% 104%
102% *102% 104% *103% 104% 103
*80
86
*82
86
*82
86
85%
85% *84
85% 85% *82
*25
26
*25
25
25
*25
25% *25
25% 25%
25%
25%
13%
13%
13%
*13%
13%
13%
13%
13%
13%
13%
13%
13%
12
11%
11%
12%
12%
11%
11%
11%
11%
12%
11%
11%
37
38
36%
38
38%
z36% 37%
38%
38%
37% 37%
38%
*53
55
63
54
53
53
53%
*53% 54%
54%
53%
63%
*95
*95
97
*96
97%
96%
96%
97%
*95% 97% *95%
97%
*5
*5
5
5
5%
5%
5%
*5%
578
*5%
5%
578
*9
*9
9%
9%
9%
9%
9%
*9%
9%
9%
*9%
9%
2
2
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
85
86
87
89
88
92%
85%
86%
89%
89%
88%
89%
12
12
12
*9%
*9%
*9%
11%
*9%
*9%
117g
*9%
1178
*71
79
*71
*71
*71
72
72
79%
79%
79%
*75%
79%
41%
42%
41%
42%
41% 42%
41% 42%
41% 42%
41%
42%
*6
*5%
7%
6%
7%
*5%
7%
*5%
*5%
7%
*5%
7%
*9%
1%
July
3% Jan
5
10
No par
6% Jan
12i4 Aug
100
*122
*70
13
Inc
Feb
July 22
Jan
4% Apr
11% Apr
164i2Mar 4
177b Mar 25
934 Feb 11
17
Feb 11
934 Feb 10
41
July 20
5834July 22
19a4 July 11
2
Pac Western Oil
Corp..No par
—
8
26
3%
42
*41%
23%
5%
7%
11%
2%
*60%
114
Jan
75
'
71
8%
26
26
26
11
41
9
8%
41%
2%
8%
71%
71
9%
23%
5%
7%
21%
60
6%
3
8
8%
71%
41%
8%
*39%
*20%
60
4
*25
3%
41%
24%
5%
6%
2%
9
11%
2%
62%
87%
3%
6%
62
*69%
69%
9%
26
3
3%
3%
41%
23%
5%
7%
11%
*2%
8
8%
72
8%
63
July 22
Packard Motor Car
No par
Pan-Amer Petr & Trans...5
'
*
95i8 Feb 19
1,100
80
*107
78
20'4 Mar
7
7
68,000
55
55
52
50
50
mmmm
2
Jan
Pacific Telep & Teleg
6% preferred
40
2
128
Fisheries
June 12
136
Jan
47
Pacific Mills..
190
3234 Feb 24
July
114
1st preferred
2d preferred..
Mar 25
12*2 July
70
Co___25
Glass
53
_
mmmm
123
ioo
3,400 Pacific Gas & Electric
25
3,400 Pacific Ltg Corp:
No par
127% 129
per share
14
24% Apr 27
No par
__1
Owens-Illinois
Pacific Amer
Pacific Coast
__100
18%
14%
2%
♦50%
-No par
Prior preferred
Outlet Co
54
10%
*13
100
Otis Steel
18%
mrnmmmm
10%
14
No par
53%
54
30
■
*13%
*13
2
38%
54%
7
Highest
$ per share
3% July
25i8 Mar 30
115i2 Feb 24
2
Jan
38%
140
5%
11%
14%
*149%
Jan
8
7
6%
10%
*150
107
38%
38
7
38%
10%
par
loo
16%
16%
*5%
10%
*5%
Lowest
$ per share
% per share
17
July 7
& Co.-No par
Preferred
146
10%
«...
30
•
56
----
*13%
-
Corp(The) vtcNo
Preferred A
Oppenbelm Coll
Otis | Elevator
Preferred
9,200
1,900
128% 129
149% 149% *149%
14%
14%
14% 15
*150
Omnibus
10%
5%
11%
*5%
16%
18%
6%
11%
18%
128% 129
129
150
145
144
*52
*56
PaT
~
19%
18%
111
111
*109
109%
12%
12%
12%
12%
12%
28
27%
27% 27%
27% 27%
*130
134%
134% *130
134% *130
134% *130
134% *130
134% *130
16
16
16%
1578
15%
14%
15%
15%
15%
15%
15%
15%
82
82
a82
82
82
83
82
83% 85
83
82% 83
*108
Highest
Lowest
Shares
$ per share
Year 1935
On Basis of 100-sAars Lots
Week
$ per share
19%
19%
18%
19%
113%
109% 109% *108
12%
12%
12%
12%
27% 27%
27%
27%
share
Range for Previous
Range Since Jan. 1
NEW
J VI
Saturday
1357
8
33
Apr
Apr
17
Dec
Deo
17% Oct
13% Deo
92
Deo
6
Oct
30% Deo
43% Jan
43% Nov
38
Deo
3% Apr
11
Aug
20% Apr
72
Nov
1
Mar
3
Oct
8
Mar
18
Nov
7
June
69
Aug
21% Oct
98% June
2% Mar
9
Mar
28% Mar
78% Oct
5% Apr
13
Apr
75
Apr
17% Apr
20% Dee
88
Nov
25% Nov
110
Mar
5% Deo
20% Nov
97
Nov
95% Nov
16
Dec
37% Deo
115
Nov
32
Dec
July 17
.
_
68% Feb 28
65% Feb 10
13% Jan 9
35
MarlO
44% Aug 13
101
June
113% Deo
43% Mar
55% Apr
11% Deo
5% Mar
21% Feb
58% Nov
07
Nov
13% Mar
20% Dee
83
Dee
New York Stock Record—Continued—Page 9
1358
LOW
AND
SALE PRICES—PER
HIGH
NOT PER
SHARE,
CENT
Monday
Tuesday
Aug. 24
Aug. 25
$ per share
*83
99
$ per share
S per share
95
*80
*434
*82
2 >8
$ per share
Shares
*8
*
35
13
1014
*9i2
6H2
1
212
3134
62
62 i2
*98
*H2
1
78
31%
5'8
*4io
5
81%
3%
23
12712 *122
*122
*61
63
*61
101
101
101
518
31%
*
5
538
32
31%
*
153
*92%
7%
7%
7%
4,900
57%
57%
57%
400
*32%
33%
*55%
*32%
57%
33%
57%
32%
33%
20
32%
153
~30%
*45
52
*45
*£
Q
*8
9
20%
38%
39
40
52
*
8%
*8
153
100
7,700
500
1,300
16,400
—'
-
*1034
7
*42
*3
35
36%
61%
100
11%
*47%
1734
18
*80
34%
378
10%
17%
17
18%
29,400
South Am Gold & Platinum.. 1
19,700
So Porto Rico Sugar
9
6,600
1,300
20
200
17,800
,
45
45
45
2,300
46%
4734
47
49%
52%
53
54%
3
3
3%
3,100
35%
35%
36%
35%
35%
35%
35%
35%
35%
3534
21,300
36%
36
36%
36
37%
37
37%
7,000
36%
36%
26
*23
*23
*23
26
*28
73
73% ■r
72%
*2%
72%
72%
73
3%
3%
500
*11%
11%
3%
11%
3%
11%
1134
4934
18%
4934
*47%
4934
*47%
18
18%
18
18%
17%
•
i7934
18%
18%
18
18%
18
13%
1234
80%
13%
1234
80%
7934
121
121
121
80%
35%
3534
4
4
4
16%
*34
31
30%
10%
22
31
*1%
2
1%
1334
14
13%
*7%
7%
7
7%
38
38%
37%
36%
4
3%
16%
34%
*9%
21%
30%
1%
13%
17%
3434
31
36
3%
39%
1%
14
$6 cum prior pref
No par
$7 cum prior pref
No par
9% July
5% Apr
9% Jan
2434 Apr
2634 Apr
29
30
3
28
30
31
30%
30%
2
14
14%
7%
37%
38%
10%
38%
1100
*39
44
62%
9%
8934
*61
*87%
8934
9%
9%
*9%
*87%
9%
6
2734
29%
*2034
29%
5%
5%
2934
108
534
6%
*934
*26
2934
108
10
*34
10
*103% 105
*47
54%
54%
20% 21
20%
62% 63
6234
13
13%
13
19%
19%
19%
13%
13%
13%
9%
10%
934
10%
*61
30%
105
38%
35%
*9%
16%
934
7
35
*5%
*27%
*9%
16%
25
30%
10
16%
16%
*104% 105
*50
54%
-
*5%
*29%
10
28%
5%
*25
35
678
37%
Convertible preferred
Stewart-Warner
Stone & Webster..
700
36®4 Jan 25
24% Aug 4
29% July 27
53% Mar 20
8534 July 31
109
Aug 27
31% Apr 13
18
Feb 24
129
Feb 24
31
Nov
7% Mar
8% Mar
33% Feb
12% Sept
122% June
130
38
37%
38
11,800
3834
Sun
Oil
1
Preferred
Sutherland
...100
Paper Co
Sweets Co of Amer
10
(The)
Swift & Co
50
1,900
;
.•
No par
Class A.......^....No par
17,800
6,200
Texas Pacific Coal & Oil
10%
7,100
Texas Pacific Land Trust.
*925
1100
*925
*39
43
*40
8934
9%
6
29%
10
29
5%
28
16%
16%
104% 104%
*45
54%
20% 21
9%
5%
*28%
10%
28l4
13%
13
19
14%
19%
1434
7
7
9%
7%
*934
10%
*934
10%
28%
29%
28%
37%
37
3734
37
*13%
13%
13%
14
13%
29%
37%
14%
61%
100
10%
1,700
8934
50
9%
2,500
20%
934
108
*7
*934
2878
37%
14%
Texas
Jan
2%May 21
8%May 8
48
May 18
16% Apr 30
14% Jan 2
9% Jan
3
484 Mar
6
26% Deo
28% Deo
2% Nov
116
Apr
Pacific
Ry
Mfg
.10
1
Co. 100
...No par
$3.60 conv pref
Fair
The
No par
No par
Preferred
Thermoid
100
Co...
1
29%
29%
29%
100
Third Nat Investors
10%
10%
10%
900
Thompson (J R)
2834
29%
4,800
5%
3,900
29
16%
5%
*26
16%
6
5478
21%
64%
13%
19%
15
10
108
100
28
1634
6
Jan 11
"4466
300
Mar
% July
111
Jan
27% Mar
40%
23
Mar
33%
20
Oct
July 27
2% Mar
2% Apr
60% Mar
115% Jan
ill
Apr
4
Mar 12
124%May 15
40% Mar 18
6% Mar 12
17% Aug 25
10% Aug 21
July 27
Third Avenue
100
1
5% Apr 27
.10% Mar 11
28% Jan
6
40
33
6
39% Aug 25
15% Feb 29
28
33% Apr 27
59
Mar 25
8®4June 16
89
June
4
8%May 23
3% Jan 2
2334june 5
Deo
Deo
32
Feb
Deo
Preferred
100
6
3
Transcont & West'n Air Inc..5
14% Jan
Transue & Williams St'l No par
10%May 19
10%
4,700
Tri-Contlnental Corp. .No par
6%
preferred.
12%
11
89
85
85
88
94
93
89%
87%
3%
3%
3%
*3%
334
*3%
3%
334
3%
81
79
81
80
81
80%
80%
80%
80%
126% 126% *126% 126% *126% 126% *126l8 126% *126% 126% *126% 126%
40
40
40
40%
40%
40%
40%
40%
40% 40%
*40%
4034
840
*3%
900
Ulen & Co
80%
2,000
Trans..No
par
100
No par
Under Elliott Fisher Co No par
Preferred..!
100
Union Bae
Pan Corn .No par
Nov
Oct
Oct
10% Deo
Jan
29
Nov
19% Feb
106% Mar
4
3
72% Feb 18
14% Feb 25
27% Apr 4
16% Jan
2
12
4
Feb
Jan
Dec
Dec
84
26%
4%
2835
4%
7%
5%
1%
41
24%
Jan
8% Jan 20
3%
Mar
Mar
48
Deo
13%
Deo
72% Nov
Mar
14
Deo
Mar
15% Nov
Mar
Mar
16
Apr
97% Nov
6% May
Oct
3% Mar
Aug
Oct
2% June
18
104% Nov
Mar
13
95% Aug 27
Dec
15%
7% Aug 17
10% Feb 18
3238Mar 2
15% Aug 27
5
7% Mar
6
2
2634 Nov
28
4% Jan
Mar
8% Nov
1% Mar
Apr
69
Mar
1% June
6334 Mar
29
99
Jan 13
125% Apr 23
133
Jan 17
125
Dec
52% Feb 19
29
May
38%May 21
Deo
Mar
5%
109% Aug 12
30
12%
Dec
Deo
5
6
20
22
.12% May
28%
4438
June
Jan
834Mtiy
65% Jan
2%June
74%June
Jan
2
Aug 19
3
Dec
Feb.
Oct
9% Feb 18
Mar 11
7% Apr 30
22%June 1
31% Apr 27
..10
20th Cen Fox Film Corp No par
Preferred
No par
Twin City Rap
Preferred
10
5
60
7% Jan
Dec
30%
36%
9%
61
12% Mar
Dec
9%
884
100
22
93
6%
May
8
No par
Truax Traer Coal.....No par
......
Sept
5% Apr
61% Jan
2% Mar
6
2
Dec
9
50
5
Feb 28
Dec
25
14% Mar
Jan
Apr 27
Apr 30
Mar
62% July 27
110
July
Truscon Steel
1,300
13% May
17
1484 Jan
100% Jan
Nov
30%
Dec 1075
Apr
1338 Mar
3,300
12,200
14
8% Mar 23
39% Feb 25
3,500
39
1050
32% July 31
15
38%
1434
16% Mar
2834 Apr
3% Jan
8% Jan
2
19%
3834
Mar
4% Jan 21
13%
1,000
4
24% Jan
No par
77
121
2234 Deo
33% Dec
1% Nov
26
Tidewater Assoc Oil
Deq
15% Deo
1084 Nov
1234 Aug
Thompson Prods Inc...No par
Apr 30
Deo
Dec
18%
17% Oct
3% Mar
15
Sept
32% Dec
% Apr
1% Apr
6% Sept
Thompson-Starrett Co .No par
$3.50 cum pref
No par
1434
30,300
8
Deo
50
Mar
5
16
19%
10%
Jan
Nov
4
10
3% Dec
30% Aug 12
12% Feb 14
13%
31
44
68
Jan
3
51
*9%
July 22
14% Mar 6
Feb 18
July 15 1375
Jan
2
49
July 21
56
30%
2% Feb 11
14% Aug ? 0
938 Jan 8
No par
7%
10%
6
1%
8% Jan
.25
Tide Water Oil
600
Jan
634May 14
Jan
Mar
6% Mar
36
7% Jan 6
9%June 30
36
Apr 16
4
Tlmken Detroit Axle
10
Timken Roller Bearing.No par
Transamerlca Corp
No par
30%
15%
9534
Jan 28
14% Mar
91
8
3
9,200
13,300
54%
7%
Jan
Jan
17*.500
7%
July 21
4% Jan 28
12%
63%
24%
21%
6% Jan
23
21%
107
6
8
6434
9%
Feb
9% July
21%
107
30
2
63%
*45
113% Jan 24
47% Feb 8
40% Feb 5
Jan
-:-100 1000
&
Thatcher
*5%
104% 104% *10434 105
*45
400
5%
5%
14%
108
*934
"166
8%
2934
19
9%
61%
*89
Old
1100
9%
5%
13
*107
10%
*25%
16%
19%
14%
10
Telautograph Corp
..5
Tennessee Corp
5
Texas Corp (The)
25
Texas Gulf Sulphur.....No par
11%
62%
Jan
Apr
9
35% Jan 30
6,900
9%
*89
19%
9
July
334 Jan 17
28% Apr 28
1% Jan 3
5% Jan 2
7
*61%
Oct
105% Nov
65
Swift Internat Ltd.....No par
6%
9%
Nov
84
43% Mar
IOI84 July
50% July
Symington Co
7
62%
18% Deo
15% Oct
48
12% Deo
9% Aug
2,700
500
35
Oct
36% May
11% Aug
2,700
7
*34%
Deo
8%
134 Mar
25
7
42%
Dec
8%
2% Mar
1% Mar
20% Apr 28
14%
35%
10%
28%
No par
t Studebaker Corp (The)
383.i
62%
1350.
Mar 27
107
13% Mar 17
9% Feb 17
19% July 9
25
14%
35%
2734
36%
For footnotes see page
5
11%
63
*85
50
10
62%
7
No par
38%
21
*107% 109
6%
'
Preferred.,
11%
62%
13%
13%
934
10
Sterling Securities cl A .No par
10
38%
1078
978
61%
18%
1,200
7%
7%
2034
13
2
'
7%
6%
*925
5%
10
8
Aug 21
Superior Steel
30%
178
45
*25
3234 Jan
18,800
14
1100
*27
35
25
10,700
4%
30%
1%
*39
6
il09%June
Standard Oil of Calif. .-No par
2
3%
2
Feb 26
2
5,700
2
2
Jan
2134
*925
3%
14% Apr 19
120% Jan 10
Jan
2134
45
86
21% Apr 27
27
21%
1100
80
12
Standard Oil of Indiana
6,300
3%
13
Mar
72
10%
*925
*5%
Stand Investing Corp..No par
Standard Oil Export pref..100
15%
80
Mar
118
22
11
28%
534
*84
63
99
100
34
10%
27%
5%
*13
...No par
22
No par
10
10%
36
13%
Preferred..
2
Jan
Superheater Co (The).-No par
Superior Oil..
1
80
2,200
17%
10
*9
800
36%
34
10
9%
*5%
*28%
*9%
80%
121
36%
10%
10
*9
80
121
13,700
98,500
17%
10%
*9%
*87%
13%
34
11
*61
20
*9%
21%
38
9%
8934
9%
6
30%
10
19%
13%
8,500
16%
3778
36%
35%
621.!
9%
8934
9%
1834'
3334
7
*35
4
18%
10% ;
7%
6%
1
t Stand Gas & El Co...No par
«
'
17%
7%
7%
38%
38%
11%
36
62%
3634
4934 l__
34%
7%
*39%
79%
*47%
17%
7%
36%
1878
13%
121
121
121
36
36%
4
79%
80%
121
121
35%
15%
73
13
2
10%
Stand Comm Tobacco
900
*47%
27%
No par
13% Jan
44
83
Aug 20
July 31
74
7234
4934
18%
1834
13%
*3
14
634
No par
Preferred.
2934May ' 1
15% Apr 30
18
Apr
59% Apr
3% Mar
3% June
7
34%
31
27%
35%
42
65
33
*17o
*10
6
Sterling Products Inc
33
31
9%
78
112
Deo
3384 Dec
884 Nov
70% Nov
3,800
31
*47%
18%
18%
1234
108% 108%
63%June 12
101% Mar 18
534 Apr 30
6% Jan
4
73%June 10
21%
32% Nov
31%
*13%
*13
Mar
7
12% Mar
5834 Jan
1% Mar
3% Mar
31%
21%
6234
12%
19%
5
34% Aug 28
30
2134
20
6
9
26.600
21%
*47
July
July
11% Feb
24%May
"
21%
105
15
8
3,100
64
3%
16%
3
25% Dec
16% Jan
52%
63%
10%
21%
16%
Nov
28% May
35% Mar
6334
11%
29%
Deo
27
21
6
Oot
152
Jan
Feb
Nov
1534 May
Jan
Jan
Aug 13
30
112
Feb
6% July
934 Mar
68% Deo
10% Mar
12% Mar
6% July
19
12% Apr 27:
Deo
Jan
20% Deo
116% Deo
65% Deo
70% Nov
20
34
;
1938 Apr
20%
1834
132
100
100
Railway
Deo
Nov
Mar 19
6234
10%
*25
2
111
70
63%
16%
3434
9%
89%
23% Jan
Mar 26
July
16% Deo
6
62%
*2%
40
32% July 28
534 Nov
50
34%
Si's Jan
63%
11%
1100
20
*
Standard Oil of New Jersey.25
Starrett Co (The) L S_.No par
62%
3%
40
7
Feb
Standard Oil of Kansas
26
*23
62%
*934
*61
26
*23
30
62%
3334
*34%
26
11%
*925
160
Jan
25
Jan
43% Aug 10
23
Aug 8
42% Aug 8
55
Aug 6
Standard Brands
15,300
3
7% Feb 29
35% Aug 28
150
Spalding (A G) & Bros .No par
1st preferred
100
Spang Chalfant & Co Inc pflOO
Sparks Withington
No par
Spear & Co
1
$5.50 preferred
.No par
Spencer Kellogg & Sons No par
Sperry Corp (The) vtc__
1
Spicer Mfg Co
...No par
Conv preferred A....No par
Spiegel-May-Stern Co..No par
6M% preferred........100
Square D Co..........No par
2,300
48%
72%
934
1,200
11,200
3% July 29
26
Apr 27
107%
Mobile & Ohio stk tr ctfs 100
25,900
3
1034
934
10%
7% .8
19%
10%
49%
734
4
25
100
Preferred
70
3
1534
34%
10%
25,300
47%
*3334
7%
7%
37%
36%
2,000
3
*10%
15%
100
49%
48
7%
*11%
34%
378
11
1,300
20
Mar
100
Southern Calif Edison
100
3
*43
No par
Preferred
10
18%
1034
3%
11%
121
*120
1
127
7%
17
72%
18%
12%
80%
12
July
Southern
31%
72%
*2%
11%
18
114
3
6134
4934
Solvay Am Invt Tr pref—100
44%
49%
35%
36%
30
10% Aug
110
Jan 31
'
•
*28%
72%
*278
4638 Nov
15% Apr
4
35%
49
3%
26
*23
6
27,300
18,200
10%
Mar
Feb
57
7%
Mar
24
17
40%
17%
Jan
13
Aug 14
72
22%
11
April
Apr 17
60
75
28% Jan
2134
7%
Jan
12%May 20
40
1634
Oct
105
132
Mar
55
July 16
65% Jan 2
Mar
4%
6%
21% Aug 26
52
11
112
6
?
40%June 30
Snider Racking Corp
22
7%
1-7%
July 24
No par
-
7%
100
100
No pa
Southern Pacific Co
11 4
5% Mar
63% Mar
8% Feb
Socony Vacuum Oil Co Inc.. 15
900
1,500
32,400
127
124
31% Mar 30
100
42%
126
19% July 25
19% Jan
preferred
Smith (A O) Corp
4134
126
4
6% Jan 15
7%
4178
128
834July
Jan
Mar
3% Mar
40% Nov
29% Dec
July 12
Jan
4% Nov
40
14% Jan 25
38% Aug 13
Sloss-Sheff Steel & Iron
6,000
*126
1434 Apr 30
110% Jan 2
34
1934 Jan
35%
*734
60
_
Mar
34,300
153
*50
Mar
i3%June
5%
*
5
Jan 16
25
52
126
43% Jan
30% Apr
par
4% Feb
97%May 29
8% July 15
434 Jan
par
Jan 17
10
Petroleum..
31%
8%
par
7
7
No par
Simmons Co
"30%
*8%
•
par
preferred
100
Sliver King Coalition Mines.5
3078
40%
par
Conv
Preferred
30
320
par
No par
Shell Union Oil
Skelly Oil Co
3
17%
45
48%
126
-No
No
$5 conv pref
...No
Sharpe & Dohme
No
Conv preferred ser A .No
Sheaffer (W A) Pen Co.No
Simms
*10%
7%
1634
44%
48%
11
7%
*1634
128
*126
128
(F G)
Sharon Steel Corp.
1,600
.
*126
Shattuck
20%
38%
834
—
-1
Servel Inc
1,100
*67
69
69
*67
68%
67%
68%
*66%
*66%
*67%
*66%
69
*107% 111
*107% 110% *107% 110% *107% 110%
*107% 111
*107% 111
7
7
7
7
7%
6%
6%
6%
7%
7%
678
7
17%
17%
17%
17%
17%
17%
17%
17%
17%
17%
*16%
17%
*80
J
*80
*80
*80
79%
79% *7934
32
32
32
32
*32
33%
33%
*32%
32%
*3134
33% *32
21
21
21%
20%
20%
2034 21%
20% 21%
2034
20% 20%
28
28
2734
27%
27%
2734 2734
27% 2734
*26%
26%
26%
*50
51%
51%
51% *50% 51%
*50% 51% *50
51% 51% *50
83
82
78
78
78
82%
80%
79%
80% 80%
79% 80
109
109
*107
109%
*105% 109
*105% 109
*108% 109
*105% 109
28
27
28
28
27
27%
26% 26%
27% 27%
27% 2734
15
15
15
15
15%
15
15%
1514
15%
15%
15%
15%
:«»-
Preferred
130
20,900
40
52
*46
35%
'
"30%
31
39% 40%
20% o2034
38% 39%
21%
*734
34
34%
153
~3034
41%
*50
21%
33%
*
30%
40%
20%
39%
200
3%
18
34
30%
31%
41%
15,000
18%
18%
19%
18%
18%
120% 121
*120% 123% *120
120%
9%
9%
9%
934
9%
9%
35% 37
36% 37%
37%
3734
4
4
4%
4%
4%
4%
27
27
27
26%
2634
2634
27%
127% *122
127% *121
127% *121
127%
62% *61
62%
62% 62%
61%
61%
99
99
99
*96
98
100
100
47
*45
47
47
47%
*45% 47
22
22
22
21% 22
22%
22%
1334
13%
13%
13% 13%
13%
13%
114
*112% 114
112% 112% *112% 113%
153
153
52
39%
20%
37%
40%
Dee
9
7%
3078
4034
2078
38%
303s
69% Nov
3
*92%
5%
3434
31
32
7%
5%
Deo
Nov
3,200
5
Deo
12% Deo
2584 Nov
24
5%
Deo
36%
4%
7% Mar
2,200
9334
4%
Nov
1%
3
4
15
*54
5
91
% June
% Aug
2034 Mar
2% Oct
7
4% Feb 7
43% Mar 12
1684 Apr
14%
*92%
7%
434
1% Feb
Jan
17
7%
5%
3234
8
55
70
92%
45
45
22
2278
1338
13%
13%
1314
13%
*112% 114
*112%
*112i8 114
4312
2278
4% Nov
20% Jan
7
7
Mar 31
76
Deo
1% May
Apr
7%
57%
*32%
18%
26%
26%
127% *122
62% *60%
101%
99%
47
46%
22
22%
134 Apr
Apr
4% Feb
20% Feb
13%
7% Mar
24%
9334
18%
121
127%
121% *122
9%
9%
9%
9%
35%
36%
36% 36%
4
4
4
y-: 4
56% Nov
7
25%
23
18%
Mar
25% Aug
69
25
32%
Jan
22
7
73
68%
23%
32%
6
Feb 29
52
Oct
15% Jan
11% Jan
2034 Jan
89
July
*67%
24%
23
32%
Jan
113% June
114% June
10434 Mar
109
6l%May 13
85%
2334
3212
46
--1
84%
*3%
23%
92%
*31
Jan
23% Nov
Dec
114% Mar 11
163s Jan 13
4
6
2
Apr 23
Nov
853s Aug 10
84%
3%
14%
58
Mar
Jan
3
14
59% Jan 21
234May 25
81%
*3%
68%
25%
1434
24%
9334
*56
Jan 20
Deo
2
Sears, Roebuck & Co..No par
Second Natl Investors
1
5%
25%
14%
7%
113
12
31%
8
Dec
10
2534 Dec
30% Aug 22
3% July 24
*5
14%
35% Jan
102
Nov
3
Apr
10% Mar
84 June
1
Apr
6
Apr
Feb 28
Mar 4
Mar 4
July 21
July 27
3,900 Seaboard Oil Co of Del-No par
400 Seagrave Corp
.No par
3234
3%
82
Feb 19
101% Mar
2
100
Preferred
1,100
5
67%
8
June
7%June
24%
14%
3%
11
37% July 15
53% Jan
% Jan
32
81%
5
33
Highest
share % per share
per
97% Feb
1
l%May 26
100
31%
5%
4%
Aug
110% June 30
Co........No par
No par
3,300 $ Seaboard Air Line
25%
14%
*3%
58
26%
'
Jan 24
July 29
108
230 Scott Paper
67%
.
26%
31
18
1
1,200 Schulte Retail Stores
Preferred
300
14
27
...100
preferred
5H%
600
67
7
4i8
10
No par
1,700 Safeway Stores..
80
6% preferred
.—.100
130
7% preferred...
...100
No par
1,900 Savage Arms Corp
24,200 Schenley Distillers Corp.....5
25%
58
9i2
36
31
14%
23%
9334
*92%
18%
*28
7% Jan
preferred
100
South western... 100
Preferred
100
50 t St Louis
8084
3%
67%
7
18 .*
31
4%
81%
34
2% Jan
1% Jan
1st
1,900
67
23
9334
2%
31
434
11%
July
i
117% Feb 19
10%
29%
3%
6%
22
—-10
4,400 St Joseph Lead
400 t St Louis-San Francisco._ 100
24%
*3%
1438
2638
%
31%
81
9%
62
2%
3H2
*65%
24%
14%
67
*4
%
2%
%.
2%
.
212
1%
9%
61%
8034
2438
*9i4
35%
10
62
*2
100
pref
$ per share
74% Apr 28
5%June
Ruber'dCo(The)cap stkNo par
Rutland RR 7%
Highest
$ per share
,Par
'"700
6%
Lowest
Lowest
90
25%
2%
478
11%
29%
29%
2934
108% 108% *108% 110%
112
112% *111% 112%
13%
14%
14%
14%
44%
45%
45%
47%
98%
99
*98%
99
1%
1%
1%
1%
*9%
10%
*9%
10%
61%
61%
*61%
61%
%
%
*%
1
*2%
2%
2%
2%
99
1%
1%
1%
9%
62
25%
2%
4%
11%
the
29
45%
*98
99
2i2
31is
81
314
7
*27
13%
44%
44%
*98
*438
23
4%
*9%
34
13
13%
12%
43%
4378
99U
1%
lOli
1438
*27
28
*85%
6%
2434
6%
*2
4%
11%
*8
11%
28
13
4178
41%
24
4%
434
4%
2
29% 2934
29% 29%
29l2
109% 109% *108% 109%
10812 10812
112
112
11112 111% "111% 112
99i2
I58
*92l4
2
*10
90
6
25%
2912
133s
41
*97i2
112
*9i2
6H2
*%
2i2
3012
*4%
*65
2%
32
*26
29i2
*10812 HI
*11H2 112
80%
3U
*2
412
1II4
4%
"29i"2
*13
25
2
11'4
25%
*85
6
25%
*5%
25
2
2l8
.
6
*5%
6
25
24i2
4%
*8
91
*514
6
24%
24
,
Week
$ per share
S per share
*81
92
Year 1935
EXCHANGE
Friday
Aug. 28
Aug. 26
1936
Range for Previous
On Basis of 100-share Lots
STOCK
NEW YORK
Thursday
Aug. 27
Wednesday
Aug. 22
Range Since Jan. 1
STOCKS
Sales
for
Saturday
Aug. 29,
Dec
8% Nov
8% Nov
24%
Deo
33% Deo
12% Nov
73
Deo
5% Nov
87%
133
50%
Deo
Apr
Jan
Volume
LOW
New York Stock
143
AND
HIGH
SALE PRICES—PER
Record—Concluded—Page 10
Sales
"SHARE, NOT PER CENT
STOCKS
Range Since Jan. 1
NEW
for
YORK STOCK
EXCHANGE
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
the
Aug. 22
Aug. 24
Aug. 25
Aug. 26
Aug. 27
Aug. 28
$ per share
$ per share
$ per share
$ per share
$ per share
$ per share
Shares
94i4
9438
2114
21%
13812 13812
97i2
97i2
*27
2712
24
251g
1778
177s
*1818
22l2
*26%
27
95
96
05
95%
21%
21%
138% 138%
9784
9734
*27
27%
25%
2434
18
18%
21
21%
138% 139
*18
*1934
2634
97%
27%
27%
25%
18%
24%
17
22
27
2634
97-%
*114
115
84
83
83
29
*2612
738
*2634
7%
47%
29
*27%
7%
712
47i8
i- 46i2
1478
15
*2534
105
*512
37%
105
558
105
5%
39%
80%
375s
7934
7934
7%
47%
15%
27%
15%
2738
2714
*104
"J 15
14
81
13%
28
27%
99%
*164
14
14
*49
36
534
14%
50%
*49
36%
534
37%
57g
14%
49%
3734
49%
37
578
57S
1238
97
1238
12%
91
91
50
51
51
52%
52
934
28i«
7114
IOI4
29
10%
29
10%
29%
934
287S
65%
72
73
*7734
79
*71
13312 13378
*135
142
*163
72
66%
67%
*130
....
6
6
*m
*86
—
6
86
*72
*95%
*2%
96
*95%
3%
1234
28%
99%
12%
28%
98
....
15
14%
18%
96
1,000
United Biscuit
10
Preferred^
.....
700
United Dyewood Corp
1,400
6,200
99%
99%
1,500
51
51
51
31%
33%
57g
1234
1278
*88%
9078
200
54
5434
12,300
8,400 U
11,800 U
3,600
3,700 U
71%
75%
*71%
6634
72
6734
138
142
5%
1234
5%
13
91
90
90
5234
51%
10%
29%
72%
76%
72
934
28%
71%
68%
66%
53%
10%
30%
7334
77%
72
69%
77
71%
137% 139
139%
*135
*130
142
*165
142
....
57g
97g
2934
7334
10%
30%
7378
77
78
*70
300
72%
"70% 149,300
69%
13834 139%
*130
Nov
Prior preferred v t o
U S Pipe & Foundry
-
*163
•
6
6%
*165
........
6
6%
*86
90
73
74
75
5%
6%
*85
*74
6%
*88
90
16278 *160
104%
105
«.
75
75
107
-
43g
4%
4%
4%
4%
1%
1%
13s
1%
1%
Preferred class A
75
400
Universal Leaf Tob
107
4%
1%
4%
4%
4%
4%
4%
434
Jan
Feb
10i8 Nov
Aug 27
59
Apr 2
978 Jan 27
1838 Jan 28
35is Mar
3is Mar
7i2 Mar
5058 Nov
8
91
53
73
13
Aug 24
5538 Aug 6
*112i2 11312 *112% 113%
96i2 Jan 24
7518 Apr
723s Apr
5
9,500
220
-
27i2 Mar
7358 Mar
1191s Jan
14934 Feb
3i2 Apr
46
Apr
144
July 30
168
July 10
10
7% Mar 26
93
Aug 28
78i2 July 29
Jan
165
115
21
131
131
*70
7312
*11%
*130
22
*7
*130
*4l2
1434
33%
5i2
1434
33%
*115% 116
7%
7%
35
35%
*18%
18%
*21
23%
4
74
147g
33og
*115
1178
12%
*52
56
%
83g
"8
8%
23
*2034
27-.
27
21%
7
*80
l3s
40%
*8134
40%
115
8
35%
*18%
*21%
18%
4
*115
12%
*51%
%
56
8%
*2134
273s
7g
938
July
June
50
1614 Apr 30
2834 Jan 16
100 rllOU Feb 17
5
40
Apr 30
45
*27
*92
21
6%
80
63
Dec
6
4834Mar 19
9%
19
2%
6
86%
9%
*17%
2%
534
85%
42
135%
42
134
80,
105
84
8%
24
115
115
116
734
8%
35%
18%
18%
18%
23
24
35
8
*6%
*80
*80
1
1
40%
8134
41%
84
7%
40%
1
83
100
41
1
4158
104
108
9%
m
-
-
-
115
115
9%
9%
9%
34
74,500
%
*8%
100
2i2 Mar
17i2 June
85
72i2
9i2 Sept
I6I4 Sept
22%
Sept
Deo
lli2 Dec
1714
48
Jan
Deo
124i2 Apr
7334 July
5058 Nov
II914 Nov
14034 May
165
7i2
78
Aug
Jan
Oct
Jan
Jan
2*8
Jan
193s Mar
414 Aug
2
Nov
56i2 Nov
2134 Jan
33
Nov
114
Nov
44%
63
478
37
Deo
Deo
Dec
Deo
12012 Oct
112i2 Dec
734 Nov
2
June
15
Feb
33
Nov
63i2 Mar
109% Feb
1
Apr
I84 Mar
83
May
1834
17%
*2
2%
5%
87
42%
2
2%
578
*5%
87
86
2%
6
5%
87
42%
42% 4234
135% 136%
137
28%
"240
3,400
2%
5%
300
60
20
3,200
100
2%
1,100
2,100
534
95
80
*66
80
*66
80
*66
80
*66
105
*101
105
*101
105
*101
28
27
27
*92%
19%
*14%
*3%
95
338
19
*3%
*19
3%
778
778
2834
2834
74%
*75%
53%
*2834
72%
65%
96
*3%
95
*92%
95
2034
20
20%
15
14%
33g
14%
338
3%
21%
3%
*19
3.%
20
3%
8
8
77%
5334
*75%
29%
29
96
53
63
63
28%
73%
6334
94%
97%
96
73
8%
77%
53%
73%
6334
19
3%
8
*75%
19%
27%
*92%
19%
14%
14
334
19
3%
8%
77
3%
19
3%
28
28%
95
21%
14%
95
22%
14
14
#
3%
19
3%
8
8
76
76
54%
29%
53
53%
53
28
28
6434
96
72%
73%
64
64
28%
72%
6434
*92
94
91
74%
*63%
64
64
64
64
64
64
64
*64
66
*40
42
*40%
42
*40
42
39%
39%
18%
*40
42
1878
187g
19%
135
135
135
47
47
47
18%
135
4634
19
137%
4634
78
77%
77%
78%
7938
*119% 121
*119% 121
*119% 121
34
37
35%
36
35%
35%
*6%
7
6%
6%
634
6%
76%
For footnotes see page
1350
18
18%
19
137% 137%
45%
46%
77%
78%
77%
7934
120
120
*120
121%
34
35%
34%
3534
135
45%
6%
136
46%
6%
6%
6%
3%
*19
*3%
8
*76%
54%
29%
85
284 Jan 13
46% Jan 2
83i2 Aug 11
Feb 25
91% Jan
7
106
July 24
96
Jan
2
110
Apr 21
87.
Feb 20
101
July 24
H6I2 Jan
11134 Jan
100
Maryland
122% Aug 26
6
116
100
147
32% Mar
150% Aug 10
90
Feb
126
3334 Jan 25
10
Mar
39
29
Jan
4
Jan 13
Feb 13
3
Aug 10
18
Mar
Dec
Jan
Jan
Nov
Deo
Nov
Dec
Westvaco Chlor Pro d..No° par
1934Juue 29
32
July 29
1684 Mar
34
Jan 14
80
June 24
18
Jan
99
100
35i2 Sept
July 21
Aug 19
900
100
z
12,600
14U Mar
46i2 Jan
67g Mar
125g Oct
U4 Mar
32i4 Nov
I02i2 Nov
No par
Class A
5^6
% conv preferred
.
36I4 Jan 14
100
100
Wheeling Steel Corp...No par
Preferred..
100
White
2D2July 1
84
July 8
18% Feb 3
1334 July 7
314 Apr 28
50
Motor
1,100
White Rk Min 8pr ctf..No par
600
White Sewing Mach—No par
2,500
300
Conv preferred
1,700
7,400
Wilcox Oil & Gas
5
Wilson & Co Inc
No par
16
300
$6
—No par
100
preferred
Woolworth
(F W) Co
Worthington P & M
Preferred A
10
100
Apr 28
234 Jan
*
7
6%June 19
70
June 20
4484 Apr 23
23i« Apr 30
Jan
3
37% Jan 10
IO914 Feb 19
28% Mar
4
17
6
Mar
55s Jan 13
24i2 Jan 10
5% Mar 30
11
Jan 14
87
Jan 15
563s Feb 5
35i2 Mar 23
7878 Aug 13
68i2 Aug 13
75
570
700
Jan
4
180
Fright Aeronautical...No par
62% Jan
6
106
Mar 11
66%
700
Frigley (Wm) Jr (Del)-No par
Feb 10
300
rale & Towne Mfg Co
63
Aug 21
333s Apr 28
834 Jan 3
79
41
45
Jan 23
26,800
220
46%
46%
7934
81%
...
Preferred B
100
56
100
47
25
'ellow Truck & Coach cl B.10
Preferred
100
4,600
24,100
6%
2058 Mar
Dec
33i8 Dec
38I4 Dec
25% Nov
96
6%
Feb
Deo
Wheeling & L Erie Ry Co.
2,000
10,900
36
Dec
Jan
8
481# Mar
29%
120"
Jan
95
2%
64
35%
Nov
104i2
7
74
120
9114 Dec
9914 Nov
92
978 Feb
95
3%
1934
3%
8%
7634
5478
20%
Nov
Mar
7
3434
10
28%
145
Feb
3
55i2 Nov
84i4 Oct
7
5'8 Aug 26
Dec
90
36
Feb
4
Sept
734 Nov
6
2
Apr 30
Apr 25
64
19%
Jan
Mar
32
3014
3978 Mar
5i2 Mar
7i2 Mar
Us July
*93%
66%
4034
141
72
34
158 Dec
6% Jan
Aug
22%June
preferred
100
Western Pacific....—.—100
1218 Feb 21
2034 Feb 24
72%May
10
Jan
Jan
Deo
17
94i2 Jan
15
Mar 23
Westingh'se Air Brake .No par
Westinghouse El & Mfg
50
1st preferred
—....50
Weston Elec Instrum't.No par
400
Apr
1
30i2
52
120%
11434
10i8
1934
33g
778
7714
3534
9834
8ia Apr 27
100
2d
Preferred
6
Mar
Dec
1038 Deo
123i2 Jan
100
Western Union Telegraph. 100
13,200
95
21%
June 23
7,900
105
28
4
100 f
preferred
Western
6
100
,
Penn Power pref
6%
11% Feb
78
No par
West Penn El class A..No par
West
2
13,000
80
*101
Conv preferred
29% Jan
85
May 26
1
Aug 21
33%June 30
1
6% preferred
9~7g
2%
534
87%
4278
Wells Fargo & Co
9
% Mar
,
83
100
Preferred
20
6i8June
Wesson Oil & Snowdrift No par
140
-
Apr 30
19i2 Apr 28
No par
Webster Elsenlohr
180
1834
9%
14ij Mar
2U Mar
2058 Aug
25is Dec
21
5
Preferred
*17
14% Feb 19
5778 Feb 8
278 Feb 29
29% Aug 28
*1
934
Deo
47
778 Mar
41
18%
2%
5%
Deo
3
Jan
2i2 Mar
300
-
11
Feb
Aug 14
7
•
Mar
10% Mar 31
Waukesha Motor Co...
Deo
Apr
638 Nov
5
26
l2June 18
Convertible
3314
120
U4
28i2
2
7
*115
Aug 28
7
10,000
pref
85
4% Jan
*80
9%
*16%
5
438 Aug 27
1578 Jan
2,600
■
100
Warner Bros Pictures
$3.85 conv
2ig Apr 29
473s Jan 2
914 Apr 30
44
Apr 29
No par
23
97g Nov
Feb 25
No par
24l2 Aug 17.
Feb
pref....No par
Warren Fdy & Pipe
No par
200
11734 Deo
314 Nov
584 Dec
43g Deo
Aug 28
19
class A ...No par
U4
t Warner Qulnlan
28%
105
27%
38
No par
Preferred...
Ward Baking
Jan
Warren Bros
23
*66
27%
*92%
Feb 28
No par
Co
114
3,400
24%
2934
*80
■
10
May
2,500
%
834
*23
7%
*6%
17%
6% Jan 3
26i8 Apr 17
1778 Apr 17
107s Jan 4
1
418 Mar
26% June
No par
No par
29%
22%
28
22
9%
*17%
19
Jan 16
Walk(H) Good & W Ltd No par
1,000
13%
*54%
8%
834
*22%" 24
....
118
13%
56
7
Aug 17
t Walworth
3,200
7
115
11,100
56
918 Jan
100
25,600
8%
1038 Mar 3
734Mar 6
16% July 21
3478June 24
preferred
Preferred
13%
6%
H%
2,000
56
•
6
137i2June 10
4i2 Feb 5
2
4i8June 29
No par
Feb 19
Apr 30
86
17%
28%
8%
100
Jan
86
30
81
56
2234
110
5
30i2 Feb 7
13U2 Aug 26
...No par
Class B
13%
7
117
4
Co....
7,400
12%
27%
*116
May
122i2 Aug 14
214 Aug 21
...100
......100
Preferred B
Walgreen
38
4%
78
34
S34
24
28%
23
5,300
1,600
5%
18%
24%
43g
13%
*2234
28%
223g
16
34
35%
77
%
9%
24%
*4%
1534
34
81
4
4%
.100
.....
t Wabash..
18%
23%
4%
77
22
lSg
5%
15%
33%
23
*53%
34
834
Preferred
14
100
..100 *11412 Jan 16
70
100
Aug 8
Waldorf System
*4%'
1534
33%
36
56
10
5% preferred
Virginia Ry Co pref
Vulcan Detinnlng
Preferred A
*101
75%
53%
18%
938 Feb
1,100
*115
*3%
734
4678
133%May 27
114i2May 15
Apr 27
1,000
*115
20
*134
Mar 24
4
7
*122%
100
*14
9384
Jan 23
109
2%
18%
4
125
8134
*8134
82%
104
*104
105%
109% *107% 108%
*100
100% *100
100%
*122%
122-% 122%
14
*63
105
Va El & Pow $6 pref..-No par
7
35%
27%
106%
107% 107%
75%
53%
•
Aug 20
100
...100
2%
23
21%
*104
20
74
% Mar
1914 Apr
IU4 Apr
IU4 Feb
Feb
838 Mar 16
7%
1
1%
1%
42
41%
417g
82
8l% 8134 *80
104
105
105
104%
107
107% 107%
108%
*100
100
100
100%
*122%
*122-%
14
19
Oct
May
6
preferred
preferred
Oct
Mar
34
7
6%
7%
1
91
May
No par
Jan
Aug 8
48i4 July 21
4is Jan
2834 Aug
2%
77
12%
,
*1
40%
*8134
19%
*3%
July 23
116
72
Chem
7
8
4%
*120
20
.
*66
*101
Jan 18
2714 Feb 19
Vicks Shr & Pac Ry Co comlOO
2%
35%
18%
*54%
%
8%
24%
125
23
76
12%
*120
"""300
8538
86%
87%
8834
42
42%
4234
437g
133% 136%
133% 140
139% 140%
150
150
*145
149
*145
149
149% *145
*145
149% *145
149%
*2414
25% *24%
257g
*24%
2534
26
*24%
*24%
2534
25%
25%
*37%
38% *37%
38%
38% 38% *3738 38%
*37%
38%
*37-% 38%
26
*25%
2534
25%
24% 25
26
,26
24% 24%
24%
25%
40%
134
7
314 Mar 24
30
Deo
73i2 Nov
133U Feb *159i2 Dec
29
Aug
73
Nov
2284 Mar 23
6i2Mar 2
23s Jan 18
100
Nov
Mar
12 Aug
Va-Caroiina
80
*15
22
22
*U%
22
131% *130% 133% *130% 131%
*70
73
70
*69%
70
784
4%
75
*114
8
3534
18%
22%
36%
75
*69%
115
77g
23%
3'8
131
*115
83
105
*107% 108
*99% 100
*122%
85
116
*80
'*1%
2%
*5%
5%
778
4
74
*4%
14~g
70
122% 122% *116% 125
*2%
27g
2%
2%
634
*6%
634
7%
*4%
5%
*4%
5%
15
15%
1534
1534
33%
33%
33% 3334
7
33%
*11%
131
70
73%
7
734
.
22
*11%
131
*70
*122% 125
*122% 125
*2%
2%
23},
2%
9%
*17%
6
Virginia Iron Coal & Coke. 100
114
113% 113% *112
5
*4%
5
*4%
113% 113% *112% 113%
5
*4%
*4%
5
5
*4%
Aug
Apr
51
13i2 Apr
3is Jan
No par
Vick Chemical Co
1,800
2,400
918 Mar
24i2 Mar
9134 Dec
627s
~
Mar 23
1
Mar
9
57% Apr 29
1
7% lstpref
-
3,500
3
9
Apr 30
6734May
Vanadium Corp of Am.No par
Van Raalte Co Inc.
—5
900
-*«««•
1434 Mar
1
Preferred
15,500
Jan
139i2 Aug 26
6
87
165
»
*13
105
4
Apr 15
8034 Apr 9
'
*6%
Jan
35
Jan
Apr 27
Oct
51
Aug 17
Jan
50
Vadsco Sales
Deo
5
4i2 Mar
100
Utilities Pow & Light A
Nov
143
153
7,600
96
Nov
I6I4 July 24
100
:
Nov
110i2 Feb 15
169% Feb 18
Universal Pictures 1st pref.100
260
15
May
16034 Feb
No par
Preferred
Mar
Mar
IU4
Oct
131
No par
164%
107%
110
Dec
463s Jan 21
..100
200
1%
1%
1%
134
1%
134
35
35
34i2 *32
36
36
34%
34% 35%
35%
36%
22%
22%
24
2234
23%
22% 23%
22% 24
22% 23%
23%
*42
42
*4112
42
42
42%
42%
43%
42%
4234
42%
42%
*11314 116
*113% 116
*113% 116
*113% 116
*113% 116
*113% 116
44
44
4314
4314
43% 43%
*43%
44
43% 43%
4334
44%
84
*79i2
84
*79%
*79% 84
*79% 84
*79% 84
79%
79%
5
438
434
4%
4%
4%
4%
4%
4%
4%
4%
4%
31% 32
31% 32
31% 31%
31% 32%
32% 33
3H2 3U2
*21
Jan 23
18i2 Nov
Mar
Jan
3i2
2038
United Stores class A..No par
6,000
Mar
3938
11512 Jan
No par
93
*32
5
5
9%
87%
218
4i2
6514
Mar
Apr 29
7214 July 30
68i2 Jan
100
Preferred
-
6%
91
164% *160
105
-
6%
90
*74
7534
164% *160
16278 *160
*102
103% 105
*165
Jan
9234 May
^8 June
July
47
100
Preferred
*4i8
Mar
.
Oct
2U2 Jan 6
7% Apr 30
1638 Jan
50
} Universal Pipe & Rad
,
Feb 17
60i2
5
71
...50
U S Tobacco
5
Deo
7i2
11
10
100
|.' Preferred....
9
7
Aug 18
3114 Aug 28
5% Aug 25
No par
Rubber
8
1278 Feb
Jan
Mar
Deo
784 Nov
3% July
8
193s Jan
Jan
96
1
24l4
Aug 27
85i8 Aug
49
..20
S
65
2
4534 Nov
1334 Deo
20i2 Deo
87s Jan
No par
1st preferred
S Smelting Ref & Min
171* Oct
U2 Feb
2034 Mar
884 June
4i2 Mar
1978 Jan 23
3938 Jan 2
160
100
S Realty & Impt
June
738 Apr
42
113U July
24i4June
SOUMay
20
Preferred
142
78
99
10
...No par
U S Steel Corp
5,000
Jan
20
2
Jan
Aug
46
91
No par
100
Nov
118
29% Aug 10
2
Jan
1334 Deo
20
2612
Oct
618 Apr 30
13
Apr 30
100
Preferred
35
534
109
Mar
20% May
6
Deo
Jan
90i2 July
26i2 July
3038 Deo
111
105
143s Apr 30
No par
U S Freight
U S Gypsum
9
Jan
t United Paperboard
100
U S & Foreign Secur...No par
50
13%
.....No par
7
914 Feb 17
4878 Aug 4
1612 Feb 4
32i8June 18
7% preferred
100
3,200 U S Hoffman Mach Corp
5
1,100
Sy2 % conv pref._
..50
24,500 U S industrial Alcohol-No par
5,000 U S Leather v t c
No par
Class A v t c
6,300
No par
16~
157g
6
1034 Apr 27
United Gas Improve...No par
220
1,800
53s Apr 30
40U Apr 29
Jan 15
Preferred
137g
22% Jan
Jan
978 Mar
4i2 Mar
7584 Nov
24
llli2
Jan 11
July 10
U S Distrlb Corp
30%
par
4
June 10
28ia Jan
Jan
1434 Feb
82t2 Mar
79i2 Mar
20% Oct
87I4 Aug 28
30
Aug 28
par
5
44
7
Aug
31% Feb 7
3238 Feb 18
4
2834 Mar 6
117
Highest
$ per share $ per share
2U4 Apr
Jan 21
68
United Electric Coal..-No par
United Eng & Fdy.
...1
100
1378
2834
100
16i2 Apr 27
24% Mar 18
112i2 July 23
par
par
Lowest
28% Feb 7
14934 Aug 12
2
Jan
15
Preferred
-
13
93
500
2,300
1,500
100
71% Jan 3
2034 Aug 26
108i2 Jan 7
9018 Jan 2
2258 Jan 2
20% Apr 30
10
Preferred
2,300 United Fruit
20,100
100
$ per share
100
40
3%
*164
No par
1,200 United Carbon
No
1,300 United-Carr Fast Cor p. No
41,500 United Corp
No
2,600
Preferred
No
17,700 United Drug Inc
*2%
16
United Amer Bosch....No
par
............
32
90
73
7434
16278 *160
*99
103%
102
18
1,200 Union Tank Car
No par
15,800 United Aircraft Corp
5
16,400 Un Air Lines Transp Corp...5
49
51%
934
28%
138%
*131
142
18
100
$ per share
Year 1935
Highest
'
*163
*85
*160
135
134% 13478
18
100
Preferred
37%
*88%
5234
10%
29%
7234
78%
7678
*71%
66%
16% Zl6%
16-%
111% *110% 111%
10%
107g
10%
10%
Union Carbide & Carb.lVo
par
Union Oil California
25
Union Pacific...
49
13%
72
6638
16%
4,700
1,300
35%
5%
12%
97
72
*71
17%
*164
.14%
6
5%
127g
*91
7U4
7734
77
2534
17%
111
*164
14%
12%
*8812
2634
25
22
*18%
*18%
22
27
27
26%
267g
273g
*113% 115
*113% 115
*113% 115
*83
84
84
87%
86%
8.7%
29
29
30
2934
29%
29%
7%
73g
734
7%
7%
77g
47
47
4634
46%
4634
46%
15
147g
14%
15%
1434
15
27
2634
2634
27%
*26%- 26%
103
103
102% 102% *102% 103
5%
5%
5%
5%
5%
5%
39
39%
39% 42
4034
4134
79% 80%
79% 80
7934 80%
16%
16%
16%
16%
111% 111% *111% 112%
10
10%
10%
1034
*17%, 18
*17%
18
96
*9534
95%
95%
*2%
3%
*2%
3%
*12%
13% *12
13%
*27
28'
*27%
28%
99
99
99% 99%
*164
14%
50l4
35l2
15%
2678
105
80%
*12
*164
15%
267g
.
8034
*99.
26%
Par
800
'
3934
I6I4
16%
16%
11U2 *111
111%
934
978
978
18
17%
17l2
*17%
96
96
*9534
9612
*2i2
3i8
3%
*2%
26%
25%
17%
22
16%
Lowest
10,000
97
,
7%
5%
3934
*912
*2712
28
99% 100
28%
47
534
39%
16i8
*12
8334
*103
*111
97
26%
24%
24%
17%
16%
97
*27
115
4678
24%
97
*18%
27
82%
*11314 115
*82
22
93
96%
9534
9534
21
21%
20%
21-%
138% 14034 *141% 144
93%
95%
2C34
21%
138% 139
*97
97%
26% 27%
Range for Previous
On Basis of 100-share Lots
Week
.
1359
200
13,500
700
534%
preferred.!
.100
Apr 30
83% Jan
42% July
4134 Jan
105
Jan
2178 Aug 4
July 29
Apr 6
8114 Aug 28
6
145
1
55
6
6
1U8 Jan 28
534 July
7
,122
Aug
7
395s July 31
93s
Jan
4
6
Jan
1
Mar
378 Apr
58
Apr
51
Jan
ID4 Mar
25i2 Mar
20
Apr
35i2 Mar
7334 Mar
17'4 Apr
25g June
19i2 Dec
24i2 Jan
4s4 Dec
20'g Dec
3'g Dec
914 Nov
79
Nov
6514 June
2514 Nov
61
Nov
515g Nov
68
Deo
8234 Apr
35U Nov
9U Deo
3U2 May
96
Nov
18
Mar
13
Mar
53 >8
467g
Deo
38t2 Apr
1'4 May
258 June
105
Deo
Dec
1434 Nov
7»4
Deo
1
-s
-
.
Bond
Complete
"•
}
.
'
Brokerage Service
RICHARD WHITNEY & CO.
Members
New
York
Stock
Members
New
York
Curb
15 BROAD
T*l«phone BOwllng-Green
NOTICE—Cash and deferred delivery
the week In which they occur.
Week's
Friday
<o
Last
BONDS
Week Ended Aug.
U.
S.
Sale
EXCHANGE
STOCK
Y.
28
Price
sa,
Low
Government
15 1947-1952 A
Treasury 4>6S—Oct
Treasury 336s—Oct
Treasury 4s
Dec
15 1943-1945
15 1944-1954
Treasury 3568—-Mar 15 1946-1956
Treasury 356s.—June 15 1943-1947
A
J
M
J
Sept
Treasury 3s
D
M S
J D
J D
F A
A O
M S
M S
M S
J D
15 1941-1943
Treasury 356s...Mar
Treasury 3Ms—June 15 1946-1949
15 1949-1952
Treasury 336s
3s
15 1942-1947 J
Jan
256s
105.24108.20
113.26
114.3
46
112.11
112.15
108.29
109.4
26
105.1
105.9
109
102.20105.9
105.27
106.3
769
102.29106.3
109.2
256s series B__Aug
236 s series G
112.15
107.19109
108
109.9
106.28 106.22
106.30
219
103.24106.30
External 5s of 1914 ser A
106.16
106.19
48
I69T2"
103.19106.19
External loan 4 Ms
108.30
109.5
18
108.5
108.9
106.4
108.11
44
103.11
316
104.11
114
100.31104.11
102.24
194
101.7
101.31 101.18
102
203
100.23102
104.9
104.3
104.29
103.28 103.16
103.28
104.12
46
102.31
92
1952
1942
External gold 5Ms
1955
External g 4 Ms
Apr 15 1962
Deutsche Bk Am part ctf 6s.-.1932
{♦Stamped extd to Sept 1 1935...
101.20104.12
94
J 104.12 104.8
102.30 102.28
Dominican Rep Cust Ad
5Ms—1942
1940
1940
♦Dresden (City) External 7s—.1945
1st
100.15102.31
103.18
323
102
101.23
102.1
203
102
101.25
102
103.18 103.8
M N
A
J
ser
5 Ms of 1926
100.17103.18
D
98M
92%
82 M
94 M
83 M
27
26J6
27
6
100
101
3
100
100
42
.
1933
♦Antloqula (Dept) coll 7s A...1945 J
s
f 7s series B
1945 J
f 7s series C
1945 J
f 7s series D
1945 J
J
s
f 7s 1st series
1957 A
O
sec s
f 7s 2d series. 1957 A
O
♦External
sec s
f 7s 3d series-1957 A
O
Antwerp (City) external 5s
1958 J
Argentine Govt Pub Wks 6s... 1960 A
D
O
10156
Argentine 6s of June 1925
D
10136
O
101 m
External
s
s f
6s (State
8
1
10033
6
10153
10153
46
.
8
.
8
101 M
1960IM N
10156
10136
101
101 %
10033
1957 M S
..1958 J
f 6s of May 1926
External
7
8
D
1959 J
External 6s series B
Extl
853
Ry)_._1960lM
S
Extl 6s Sanitary Works
1961 F A
Extl 6s pub wks May 1927..1961 M N
—
101
101 36
10053
IVI
s
F
A
97 36
*10136
"5156
9736 10136
9736 102
63
10153
10133
23
38
*91
100
101
10833
10953
10833
10953
30
102}^
102
103
External g 4 Ms of 1928
1956
M N
Austrian (Govt) s f 7s
....1957 J
♦Bavaria (Free State) 6Ms
1945 F
J
96
96
1
25
25
A
43
25
J
104 J6
10333
10433
33
External 30-year 8 f 7s.„i__1955 J
D
11336
11033
11333
2
External
s f
6s
1949
...
105
S
M
10o3'32 106', 6
10033
10133
1956 M N 1053132
100 36
Stabilization loan 7s
Bergen (Norway) ext s f 5s
1960 M S
♦Berlin (Germany) s f 6 Ms
1950 A O
♦External sinking fund 6s...1958
♦External
s
9
25
24
24
18
3433
2653
2753
31
6 Ms of 1927... 1957
2753
174
Sinking fund gold 5s
20-year s f 6s
....1958
10153
100 33
101
5
*10333
104
1962
9953
Buenos Aires (City) 6Ms B-2..1955
External s f 6s ser C-2
1960
External
s
f 6s ser C-3.
Extl
30
2956
3036
10336
10256
95
70
64
1976
1976
6533
65
66
Canada (Dom of) 30-yr4s
6553
6533
6933
6833
6633
6933
4753
4753
4753
1
17
16M
1736
19
1960 A
6s
O
1952 M N
..Aug 15 1945 F
25-year 3 Ms
♦Carlsbad (City) s f 8s
♦Cent Agric Bank (Ger) 7s
4
13
19
100M
10056
25
103
103M
*3536
-
-
62
....
3856
1
35
4
32 M
3256
4
37
3656
37
s f 7s
1942 M N
♦External sinking fund 6s... 1960 A O
♦Extl sinking fund 6s...Feb 1961 F A
15
15
1533
1456
♦Ry ref extl
J
♦Extl sinking fund 6s..Sept 1961 M S
♦External sinking fund 6S—.1962 M S
♦Farm Loan
s
♦Farm Loan 6s
1950
S
J
f 6s__Oct
15 1960
O
3233
A Apr
15 1938
o
ser
♦Chile (Rep)—Extl
s
f 6s
Jan 1961 J
34 33
3
101
103%
32M
45
29
2736
38 56
36
27
3456
28
38
4
1536
14
16
1536
66
1356
1556
1533
15
1536
35
14
15M
1533
1456
1536
86
1356
15M
1533
1456
1456
1536
14
14
15M
1536
14
1356
15M
15
1536
8
14
1556
1356
13 M
12
13M
♦Nat Loan extl
♦Guar
1336
1356
12
12
1356
♦Nat Loan extl
12
1236
12
1136
12 M
♦Chinese (Hukuang Ry) 5s
1951 J
50 M
50 M
1
4036
52
2356
2356
1936
2756
25 M
25 M
8456
2
2236
23
24
19
22 33
22
23
16
19
8436
s
*2236
77
51M
91M 10036
34
78
40
J
536
436
*536
736
636
4
10
1036
7M
734
70
~69
7U
1036
12 M
1236
536
736
4
5
536
436
436
436
636
7M
736
7M
9M
9
5
736
"7l"
18
18
*1736
536
24
50
18M
105
~52
77
15M
1436
1
1936
19 M
10036 10536
"97
105
19
101
10536
106
13
10436 107 M
105
105 M
15
101M
10136
43
101M
25
M
105
121
7636
A
O
97 M
1953
J
D
105M
97
104
2336
82 M
1958 M N
1955 IVI N
9636
*10336
24
~Il
83
10
7636
7636
14
10036 IOO'Sjz
97 M
9736
12
52
105M
18
10536
*6856
71
60M
61
69
16M
16
16M
13
1963 IVI N
M
S
105
108
100 M 10436
9936 102 M
9636
9736
10236 104
118
72 M
27
8636
8236
100M
9636
104
104
106
9756
67
90M
58
81
12 36
17 M
1336
19
10
1636
1336
1336
3
D
11M
1136
11M
72
O
11M
1156
11M
8
10
7
37
80 M
11136
1959 M S
1940 A
O
5056
50
5056
1947 A
O
69
6836
71
1950 J
J
♦8s June coupon off
1961 J
♦7 Ms July coupon off....... 1966 J
D
External sink fund g 8s
Porto Alegre (City of)—
1036
10036
f 6s 2d ser.1961 A
PolaDd (Rep of) gold 6s
Stabilization loaD s f 7s
3136
101
5
f 6s 1st ser..1960 J
s
32 M
98
9 36
*536
*636
7M
89 M
2234
*9736. 104M
D
*436
1947
83
53
37
25
'
22 33
10036
50
S3M 100
61
12 M
1365.
1965 IVI N
99J6
8336
♦Stamped
1236
For footnotes see page
99 56
1955
Pernambuco (State of)—
♦7s Sept coupon off
♦Peru (Rep of) external 7s
14
1961
A
Municipal Bank extl s f 5s___ 1970
♦Nuremburg (City) extl 6s
1952
Oriental Devel guar 6s
•
1953
34
♦6s July 1 1935 coup on. Jan
10
10136
1356
1960 M S
1
25
IVI
1336
1356
♦Chilean Cons Munlc 7s
94 M
26
11236 115
8736
6036
57
70
103
Panama (Rep) extl 5 Ms
♦Extl s f 5s ser A
;
8136
75
105 M
Sinking fund 4 Ms
1636
38
4436
115
73
103 M
1336
♦Cologne (City) Germany 6MS-1950 M
Colombia (Republic of)
♦6s Apr 1 1935 coup on.Oct 1961
27
1943 F
1944 F
1336
..1962 M N
3236
2536
1736
10336
1336
f 6s
30
1854
6736
1963
1956
1965
110
20
10336
,
104
94 M
1959 M S
Oslo (City) 30-year s f 6s
10536
*6936
8136
;
Extl deb 5 Ms
1636
17
4436
*
External sink fund 5s_,
19M
J
.1945 Q
External sink fund 4Ms
External s f 436s
9336
21
*18
Milan (City, Italy) extl 6Ms—1952 A O
Minas Geraes (State)—
Sec extl s f 6 Ms
1958 IVI s
D
s
99
2636
24 M
99
24
20
*112%
1954
♦Assenting 4s of 1910 large... I
♦Assenting 4s of 1910 small.....
♦{Treas 6s of '13 assent (large) '33
♦Sink fund 656s of 1926- —.1961 J D
♦Guar s f 6s
1961 A O
1957 J
2836
1954
11
♦Chile Mtge Bank 6 Ms
3736
3136
2136
20
♦Medellln (Colombia) 6 Ms
1954 J D
♦Mexican Irrig assenting 4 Ms. 1943 M N
♦Mexico (US) extl 5S of 1899 £.1945 Q J
20-year external 6s
96 M
9956
23
♦External sinking fund 6s... 1963 M N
26
7836
94 M
♦Leipzig (Germany) s f 7s
Lower Austria (Province of)—
♦7 Ms June 1 1935 coup on ..1950 J
Norway 20-year extl 6s
4536
3436
2736
New So Wales (State) extl 5s.. 1957 F
External a f 5s_.
Apr 1958 A
10556 111
111M 115
34
2736
28 M
25M
11
*18
1957
1947
f 6 Ms
3936
25
*19
s
s
29
2936
2736
10436
S
Sec extl
2934
20
34
20
35
98 M
24
External sec s f 7s ser B_____ 1947 IVI
♦{Small
3936
182 M
2236
2736
*17
Italian Cred Consortium 7s A..1937 IVI
♦7s with all unmat coup
110
190
166
2436
27
1960 M N
1951 J D
Italy (Kingdom of) extl 7s
167
*25
1960
f 5s
s
67 M
14
36
i954
Irish Free State extl
149 M 183
172 M
151
33
*30
♦Assenting 4s of 1904
17%
60
15 1960
35
3936
3936
D
J
♦7Ms unmatured coup on...1945
J
♦7s unmatured coupon on...1946
♦Hungarian Land M Inst 7 Ms. 1961 M N
66
13
115
f 6s_.July
Helsingfors (City) ext 6 Ms
71
11
34 M
s
J
Hungarian Cons Municipal Loan—
♦4s of 1904..
49
111
-
34
1946
99
71%
114 M
-
28M
28
*29
1968
6936
68 M
110
•
2736
1968 FA
paid
8336
39 M
3836
♦Farm Loan
10036
10036
5956
11453
"10333
3836
61M
13
111
A
1961
♦6s part
57 M
8
.18
4
1964
58
48
♦Sink fund 7s July coup off.. 1967
J
♦Sink fund 7 Ms May coup off 1968 M N
♦7s part paid...
♦Sink fund secured 6s
55 M
8
6933
6333
J
1958
♦(Cons Agric Loan) 6 Ms
55
11
6336
1984 J
172
♦Greek Government a f ser 78—1964 M N
70
6733
6953
1975
168 M
German Prov & Communal Bks
92 M
9833
67
1977
3% external s f $ bonds
Bulgaria (Kingdom of)—
19
-.-.1949
♦Assenting 5s of 1899
♦Assenting 5s large
♦Assenting 5s small
93
*80
1961
Extl re-adj 4 56-4 56 s
Extl sf 4M-4 56-s
10-year 2 Ms
25
.1961
f
4H-4%S-__...
Refunding s f 436-4 Ms
s
175
10156 10456
100
*9833
1960
♦6s stamped
♦6 Ms stamped
5
173
"3436
Extl sinking fund 5 Ms
Jugoslavia State Mtge Baaik—
3756
95
*9833
♦Buenos Aires (Prov) extl 6s...1961
159
I75"
1965
♦7s unstamped
100',6 10436
27
18
25
162
27M
9736
10536 10856
160M
15836
2836
70 M
93
96
10836
*993,32 10036
*2236
2436
D
Japanese Govt 30-yr s f 6M3--1954 F
195
2 7 53
27 53
21M
162
1965 J
♦5 Ms of 1930 stamped
27 36
2736
5
—...1950
6136
4136
172
Italian Public Utility extl 7s... 1952
Budapest (City of)—
♦6s July 1 1935 coupon on
17
V'
German Govt International—
2856
2156
10153
100 M
1957
11856
22 36
22
43
28
2653
28
10153
96
10736
108M
D
7s unstamped
67
*60
1941
1949 J
1949
7M8 unstamped
External 7s stamped
19
39
3233
1952
74
7334
73
30 M
6136
1
26
48 J6
6636
24
J
19
34 M
♦7s (Central Ry)
Brisbane (City) s f 5s
10036 102 M
9336 100
46
73M
73
M N
105M
105M
37
74
72
♦Sinking fund 7 Ms ser B
1961 IVI N
♦Hungary (Kingdom of) 7Ms—1944 F A
32
110
10536 109 36
9856 10256
6
2653
97
10136 10956
4
10
27 56
s f
10136
10936
10956
103 56
109
27 56
1941
53
71
♦Heidelberg (German) extl. 7Ms '50
105
f 6M8 of 1926...1957
♦Brazil (U S of) external 8s
♦External
•
90
66
99
70 M
26
External sink fund 6 Ms
1956 M S
♦Frankfort (City of) s f 6Ms—-1953 IVI N
French Republic 736s stamped.1941 J D
♦Hamburg (State) 6s
22*6
10733
1955 J
Belgium 25-yr extl 6 Ms
10036
Haiti (Republic) s f 6s ser A—.1952
9456
10456
104M
9856
9056
71
9633
100 M
O
96 M
10236
60 M
10436 106 M
*4136
M S
9756 10156
123
108 36
92
3736
31
72 M
1967
1945
of) 7s
9756 10156
40
101
10836
39
127
74
S
O
8336
34J6
9936 103
9936 101
89
105M
M S
A
70 M
23
a94
10536
10056
A
•
30
95 M
a94
98 M
2036
100
5336
10536
J
9756 10136
37
J
10156
9736 1Q136
9756 10156
10153
10133
A
5136
9636
28
103
a94
1948
♦5Ms unstamped
9756 101%
55
1957 M S
External 5s of 1927
10
10
756
9536 10156
26
10133
96M
96 56
♦German Rep extl 7s stamped-1949 AO
10
8
16
10133
21
2136
10056
1136
1136
1136
1136
736
58
10133
1955 J
i
836
756
7
1962 F
Public Works extl. 5 Ms
Australia 30-year 5s
8
"~2
10053
10053
10053
10053
10053
10053
6s of Oct 1925.. 1959 A
f 6s series A
s
~8~~
756
10
100
s
♦External
17M
98
2
933
953
833
953
♦External
1736
8
953
933
*9
♦External
s f
99
9
9 36
J
External
9
9 33
J
s
1
2033
9853
J
♦External
♦External
1933
19*3
98 M
J
Estonia (Republic
A
"27
97
9436
82 56
El Salvador 8s ctfs of dep
99.17102
Finland (Republic) ext 6s
♦Sink fund 6s Apr coup on... 1948 A O
Akershus (Dept) ext 5s.
1963 M N
22
17M
2036
92 M 100
88 M
97
25
1736
99.16102.1
50
Foreign Govt. & Municipals—
Agricultural Mtge Bank (Colombia)
♦Sink fund 6s Feb coupon on. 1947 F
17
J
M
High
1
3
IVI N
Sinking fund 8s ser B
102.20104.29
Low
20
2036
*19M
A
Denmark 20-year extl 6s
102.24
2d series sink fund 5 Ms
1 1939-1949 F
.1942-1944
F
1949
1949
100.26 103.28
27
104.22
103.11
100
No.
High
1936
Sinking fund 5Ms
105.12108.11
Since
20
M N
Jan 15 1953
♦Public wks 536s—-June 30 1945
Czechoslovakia (Rep of) 83—1951
109.12
102.22 102.11
103.11 102.26
Low
O
A
♦Sinking fund 7s of 1926
114.3
109
12
109.5
28
♦Colombia Mtge Bank
106.17109.4
6
108.14
Jan. 1
Price
so,
636s—1947
1946
♦Sinking fund 7s of 1927
1947
Copenhagen (City) 5s
1952
25-year gold 4 Ms
1953
Cordoba (Prov) Argentina 78—1942
Costa Rica (Republic of)—
♦7s Nov 1 1936 coupon on—.1951
Cuba (Republic) 5s of 1904
1944
119.4
111
9
Range
Friday's
Bid
<fc
Asked
Foreign Govt. & Mun. (Concl.)
High
115.3
63
1 1942-1947 MS
Mar
Home Owners' Mtge Corp—
3s series A
May
1 1944-1952
Low
62
109.4
1 1941
Treasury 3368—.Apr
15 1944-1946
Treasury 236s„.Mar 15 1955-1960
Treasury 256s___Sept 15 1945-1947
Treasury 256s„_Sept 15 1948-1951
Treasury 256 s
1951-1954
Federal Farm Mortgage Corp—
336s
Mar 15 1944-1964 M S
3s
May 15 1944-1949 M N
Aug
No.
119.4
108.20
108.10 108.8
Treasury 356s.—June 15 1940-1943 J
Treasury 3M3—Dec
High
Range or
Sale
If
EXCHANGE
Week Ended Aug.
Jan. 1
108.16
15 1951-1955 M
106.1
June 15 1946-1948 J D
Treasury 3s
N. Y. STOCK
Since
118.25
119.1
O
108.17
O
114
D
112.15
S
109.2
D
105.8
S
Week's
Last
ts
BONDS
Range
outside of the
Friday
S3
Range or
Friday's
Bid
&
Asked
Aag.29.m6
range, unless they are the only transactions of the week, and when selling
No account Is taken of such sales In computing the range for the year.
sales are disregarded In the week's
regular weekly range are shown in a footnote in
Weekly and Yearly
interest"—except for income and defaulted bonds
1,1909 the Exchange method of quoting bonds teas changed and prices are now "and
On Jan.
TWX, N. Y. 1-1793
A. T. & T. Teletypa
...
New York Stock Exchange— Bond Record, Friday,
1360
N.
-
,
NEW YORK
STREET,
9-4600
Exchange
Exchange
J
1636
7
44
40
96
16
22
15
1936
50
50
5056
31
1756
1756
1956
18
*17 36
1756
Volume
143
Friday
Range or
Range
Sale
Week Ended Aug. 28
Week'*
Last
BONDS
N. Y. STOCK EXCHANGE
Friday's
Bid
<&
Asked
Jan. 1
Price
Foreign Govt. &Munlc. (Concl.)
Prague (Greater City) 7%s
1952 ^
♦Prussia (Free State) extl 6%S-1951 ^
♦External s f 68--1952 1
Queensland (State) extl 8 f 7s._1941 J
25-year
external
6s
how
18%
15%
24
1946 1
♦6%s Aug coupon off
1053 I
Rio Grande do Sul (State
of)—
♦8s April coupon off
1946 i
♦6s June coupon off
1968 J
♦7s May coupon
z99%
24%
24 %
112%
112%
29%
18%
15%
1950 1
25%
17%
17
off-———1966 1
♦7s June coupon off
High
z99%
23%
22%
112%
111%
*27%
1947 I
♦Rhlne-Maln-Danube 7s A
Rio de Janeiro (City of)—
♦8s April coupon off
18
18
1967 J
17%
17%
1952 i
72
75%
1964 f
Rome (City) extl 6%s
Rotterdam (City) extl 6s
Roumanla (Kingdom of
*110%
113%
28%
28%
29%
30
18%
16%
18%
16%
Monopolies)
♦7s August
coupon off
Since
-
1959 I
I
♦Saarbruecken (City) 6s-_——1953
Sao Paulo (City of
Brazil)—
♦8s May coupon off
'
1952 I
♦Extl 6%s May
coupon off—1957 I
.
.
i
.
San Paulo (State
of)—
§♦88 July coupon off1936
♦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
1945
♦Sinking fund g 6%s
1946
Serbs Croats & Slovenes
(Kingdom)
♦8s Nov 1 1935
coupon on. .1962 IVI N
♦7s Nov 1 1935
coupon on.-1962 M N
23%
23
Silesia (Prov of) extl 7s
1958 J D
♦Slleslan Landowners Asan 68—1947 F A
Solssons (City of) extl 6s
1936 MN
Styrla (Province of)—
♦7s Feb
coupon off.—
—1946
Sydney (City) 9 f 5%s
Taiwan Elec Pow s f
5%s
43
163%
1971
1955
Tokyo City 5s loan of 1912—1952
External s f 5%s guar
1961
Trondhjem (City) 1st 5%s
1957
♦Uruguay (Republic) extl 8s._1946
♦External s f 6s
1960
♦External s f 6s
1964
Venetian Prov Mtge Bank 78—1952
Vienna (City of)—
♦6s Nov
coupon on
Warsaw (City) external 7s
1952
1958
Yokohama (City) extl 6s
RAILROAD
AND
1961
INDUSTRIAL
COMPANIES
♦StAbltlbl Pow & Paper 1st 58.1953 J
D
Adams Express coll tr
g 4s
Coll trust 4s of 1907
D
Adriatic Elec Co. ext 7s
Ala Gt Sou 1st cons A 5s
1st
cons
4s
1948 M
1947 J
52
S
O
D
.
D
-
♦Albany Perfor Wrap Pap 6s—1948 A O
♦6s with warr assented
1948
Alb & Susq 1st guar
3%S——1946 A
O
JAlleghany Corp coll
Coll A
conv
1944
6s
F
1949 J
♦Coll &
conv 5s
♦5s stamped
—-1950 A
1950
103
97
103
80
*63
O
102%
.
99
97%
93%
Allegh & West 1st gu 4s
1998 A O
gen guar g 4s——.1942 M S
1955 M
-2030 M
Am Internat
Corp
conv
1953 J
S
S
D
111%
100%
157%
111
137
10
286
98%
70%
75
76
J
113%
111%
128%
128%
136
1975 M N
109%
109%
5%s„1949 J
J
S
D
J
Debenture 5s.
1965 F
Am Type Founders conv deb..1950 J
Amer Water Works & Electric—
Deb g 6s series A
A
111%
13
67
21
47
61
96
42
29
45
20-year sinking fund 5%8—1943 M N
Convertible debenture 4 %s—1939 J
J
Certificates of
98%
69%
76
112%
105%
115
108%
112%
114
114
112%
Rolling Mill conv deb 4 %s.l945 M
Am Telep A Teleg coll tr 5s—1946 J
35-year s f deb 5s
1960 J
♦
98%
70%
110%
105%
113%
107%
111%
113%
113
111%
120%
1949 M N
Am
t*Am Writing Paper 1st
211
173
100
f deb 5s
Amer I G Chem conv
5%s
76
85
147
s
80
65
101
93%
100
American Ice
53
2
67
80
63%
157%
♦Alplne-Montan Steel 7s
Am A Foreign Pow deb 5s
3
66%
103%
99
"
92%
Allls-Chalmers Mfg
105%
115
108%
111%
113%
80
111
103% 107%
*111%
63
Allied Stores Corp deb
4%s.—1950 A
O
M N
53
109
60%
*101%
.
Allegh Val
conv deb 4s 1945
75
107%
*
D
—-
104%
87% 99
78
J
J
Anaconda Cop Mln s f deb 4 %s 1950 A O
♦Anglo-Chilean Nitrate 7s_—-1945 M N
99
101%
118% 169
90%
98%
66%
83%
66
79
110% 117%.
101% 106%
i0S% 134%
107% 110%
112
111% 114%
107% 131%
106%
110
33
97
41
41
43
35
42
24
32% 49
32% 48%
99% 106%
23%
34%
106
.106%
70
32
32
2
J
30
29
30
27
1995 Q
J
72
72
72
1
67
Ark A Mem Bridge & Ter5s—1964 IVI S
Armour A Co (111) 1st 4%s
1939 J D
1st M 8 f 4s ser B (Del)
1955 F A
103
103
103
2
96
104%
103%
98
104%
114%
110%
104%
98%
149
105%
43
115
50
g
4s
Armstrong Cork deb 4s
1950 J
J
Atcb Top & S Fe—Gen g
4s-—1995 A O
Adjustment gold 4s
1995 Nov
Stamped 4s
1995 IVI N
Conv gold 4s of 1909—-----1955 J
D
Conv 4s of
1905
Conv g 4s Issue of 1910
deb 4 %s
Conv
.1955 J
D
1960 J
D
—1948 J
D
Rocky Mtn Dlv 1st 4s
1965 J
Trans-Con Short L 1st 4s_..1958 J
Cal-Ariz 1st & ref 4 %s A
1962 IVI
For footnotes see page 1365
114
112% 115
109% 11.9%
1967 J
^♦Ann Arbor 1st
95%
88%
67%
90
101%
108% 112%
48%
36%
41
g 6S—1947
deposit
S f Income deb
59%
97
50
*112%
*106%
80
A
tr 5s
40%
32
101%
*69
.
1943 J
104
102
101%
101%
--.-.1943 J
--.-1952 A
ser B
52%
50%
101
.
98%
105%
114%
—
109%
109%
109
......
111
109
*106%
111
J
*107
J
110%
110%
110
109%
107%
111%
22
4
15
6
17
111%
111%
103% 105%
94 %
99
104% 106%
110% 115%
104% 113%
104% 113%
106% 110
105
110%
102% 107%
109
24
105% 107%
110% 114
110% 113%
108
112
30%
84%
103
12
*113%
S
29
111
114
BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug. 28
=2=3
New York Bond Record—Continued—Page 3
1362
Week's
Friday
v
ti
STOCK
Y.
EXCHANGE
8*5
Hewlett Hros. &
Johnson
Members
sX
133 So.
Trivtte Wirt
Lm
Stilt
St.
Jan
A
15
Bid
&
99
104%
"l04%
1961
105%
48
80%
105%
99% 105%
98% 105%
*112
110
*112
i'.1955
110% 111%
1949
109<5j6 10915,6 ...5
1943
*102%
1951
guar
105%
105
*108%
*106%
104%
104%
107%
105%
54
105
112%
109i5,6112%'
104% 104%
106
110%
105% 108
104% 105%
53
103% 105
♦Consolidated Hydro-Elec Works
1956
1951
J
J
D
{♦Consol Ry non-conv deb 4s..1954
J
J
of Upper Wuertemberg 7s
Since
Asked
Consol Gas (N Y) deb 4%s
Jan. 1
*22%
J
Ranoe
Friday's
Sale
Price
sn.
Week Ended Aug. 28
69%
4
Conn Ry & L 1st & ref 4 %s
Ranoe or
'feS
e ts
N. Y. STOCK EXCHANGE
55
60
105%
Conn & Passum Rlv 1st 4s
Week's
Last
85
73%
Comm'l Invest Tr deb 5%s
C*»- 343
Friday
85%
105
104%
4%s
1951
Consol Edison (N Y) deb 3%s.l946
3%s debentures..
1956
1
5
104%
O
A
....1948
Stamped
BONDS
104%
104%
A
104%
Col & Tol 1st ext 4s. ^
%tndolph 7711
<DIgby 4-5200
Conntctiont
1^. Y. 1-741 •¥ Hell System Teletype
F
F
High
110% 111%
65%
85%
98% 105
48%
87%
"so"
72
Col & H V 1st ext g 4s
Chicago, HI.
et
*75%
81%
15 1952
Low
*110%
J
73%
Apr
Since
Jan. 1
High
D
85
Debenture 5s
Is
Asked
&
M N
Debenture 5s
One Well
Bid
Price
Columbia G & E deb 5s...May 1952 M N
%AILROADJBONDS
fiew Tort, ti. r.
Friday's
Low
1945
{♦Colon Oil conv deb 6s
1938
{♦Colo Fuel & Ir Co gen s f 5s. 1943
{{♦Col Indus 1st & coll 5s gu_.1934
Colo & South 4%s ser A
1980
Coal River Ry 1st gu 4s
*\e» York Stock Exchange
York Cnrb Exchange
Ranoe
Ranoe or
Sale
NA,
Week Ended Aug. 28
l
Last
BONDS
N.
1936
29,
Aug.
30
22%
106%
105%
105%
21
105% 109%
20
21%
32
♦Debenture 4s
Low
F
110 %
A
A
1960
5s—1937
1941
1948
Champion Pap & Fibre deb 4 % si950
Chesap Corp conv 5s
1947
10-year conv coll 5s
1944
Ches & Ohio 1st con g 5s
1939
General gold 4%s__
1992
Ref & impt 4%s
1993
Ref & lmpt mtge 3 %s ser D
1996
Craig Valley 1st 5s
May 1940
F
A
Guaranteed g 5s
Cent RR & Bkg of Ga coll
Central Steel 1st g s f 8s
Certaln-teed Prod 5 %s A
_
R & A Dlv 1st con g
4s
82
89
84%
84%
84%
125%
23
M
106'
147%
J
*148 %
131
D
149
104
129%
S
IVI N
106
1
.
131
127
110
9
123%
124
18
A
O
110%
llO'hz
21
99%
100%
99
100
IVI.N
_
J
*110%
J
*110
J
J
*115
J
J
113%
IVI
s
110
113%
112% 118%
108% 113%
54%
94
108%
19
111%
General 4s
1958 IVI
1st & ref 4%sserB_
1st & ref 5s ser A
1977
111%
113%
5
112%
s
F
111%
114%
A
1971
1934
111%
114%
97%
20%
97%
3
82
14
21%
2
116
122%
1
104
105%
104
{♦Chicago Great West 1st 4s__1959 M S
38%
*35
J
37
J
38
38
1966 J
J
1956
J
J
Chic L S & East 1st 4%s
1969
J
D
15%
28
16%
29
9
50
55
55
57%
60
57%
"29
M N
1987
..1987 M N
58%
47%
68
68
3
49%
17%
69%
59
38%
38
21%
7%
38%
40
38%
40
38
38
38%
38%
41%
42%
42
*37%
42%
40%
45%
1936 IVI N
65%
47%
19
42%
46%
30
58%
6%
92% 102%
110% 111%
43
50%
7%
M N
841
409
25
9%
6
13
33%
40
35%
48%
54%
1
36
37
56
56
"*30
38%
40%
42
61%
57%
20%
.18%
20%
19
17
27
D
19%
18%
20
25
16
25%
D
19%
18%
19%
12
11
12
21
180
16
;
10%
25%
17
74%
2
J
34%
♦Certificates of deposit
..1934 AO
{♦Refunding gold 4s
♦Certificates of deposit
{♦Secured 4 %s series A
1952
*16"
M~S
1960 IVI N
.1951
16%
57
14%
4
16%
|K
♦Certificates of deposit
♦Conv g 4%s
Ch St L & New Orleans 5s
34%
15
74%
32
14%
1988 J
4s
A
73%
32%
32
F
Aug 1 1933 25% part pd
gen
J
16%
70
80
68
32
20
31
46%
43%
20%
14
16%
"s%
8%
'111
D
Gold 3%s
June 15 1951 J D
Memphis Dlv 1st g 4s
.1951 J D
D
Chic T H & So East 1st 5s
1960 J
Inc gu 5s_.
Dec 1 1960 IVI S
8%
111
15
13%
15%
14%
"24
7
1
105
19%
22%
20%
11%
111%
*90
94
94
"94" ""2
93%
82%
"82%
93%
84
"83%
94%
4
74
40
61
84
105%
15
____1944 J
J
106%
106%
10
105% 109
105% 108%
1963 J
J
Ii6%
110%
110%
13
108% 112
.1963 J
J
107%
107%
108
48
107
4s...1952 J
J
105
104%
105
43
99% 105%
73
86%
100% 103%
..1944 J
1st mtge 4s series D
D
105%
105%
Chllds Co deb 5s
1943 A
O
1947 J
J
82%
102%
84%
33
102%
84%
Chile Copper Co deb 5s_.
102%
38%
50
I
{♦Choc Okla & Gulf
cons
5s... 1952 IVI N
1968 A
Cln G & E 1st M 4s A
O
166%
100%
1st mtge guar 3%s series D..1971 M N
J
Clearfield & Mah 1st gu 4s
1943 J
Cleve Cln CM & St L gen 4s...1993
General 5s serial B_____
1993
ser
101% 103
*106%
108%
106
109%
106%
109%
6
106
106%
39
*105%
102%
D
120
111%
*96%
*104%
105
J
101%
.102
J
1939
J
105%
106
3
J
101%
101%
1
23
Cln Wabash & M Dlv 1st 4s. 1991 J
94%
161%
93%
94%
105
'96% 104%
102%
J
D
108%
109% 113
106
107%
104
1977
Cairo Dlv 1st gold 4s
106
101
1941
E
47
100%
..1963
Ref & lmpt 6s ser C
Ref & lmpt 5s ser D
lmpt 4%s
35
109
100%
C
J
Cln H & D 2d gold 4%s
...1937 J
Cln Leb & Nor 1st con gu 4s
1942 M N
Cln Union Term 1st gu 5s ser C.1957 MN
Ref &
J
1st
•
mtge
1st mtge
119
103% 105%
23
159
89
103%
105
104%
1990 M N
100%
101%
1940 M S
*105%
107%
104
J
W W Val Dlv 1st g 4s
1940 J
Cleve-Cllffs Iron 1st mtge4%s_1950 M N
*100%
105%
106"
94% 101%
101% 107%
110%
111
J
111
O
12
6
*111
96
104
108% 111%
*104%
Series B 3%s guar
Series A 4%s guar
1942 A
1942 J
Series C 3%s guar
Series D 3%s guar
1948 M N
112%
*110%
1950 A
111%
*106%
*111
J
104%
105
J
D
103%
103%
103%
3
warr
D
102
102
102%
12
101
101
3
Crown
*101%
107%
A
Willamette Paper 6s_._ 1951
M
w W..1940
105%
106
105%
106%
*102%
S
J
D
*55"
Cuba RR 1st 5s g
1st ref 7%s series A
1st lien & ref 6s ser B
1952 J
1936 J
J
54%
D
60%
Cumb T & T 1st & gen 5s
Dayton Pow & Lt 1st & ref 3%s
Del & Hudson 1st & ref 4s.
Gold 5%s
1937
1960
1937
60%
*60%
A
"~85"
82%
J
J
J
1st mortgage 4 %s.
Den Gas & El 1st & ref
1969 J
J
as to
s
106%
106%
1951 M N
*106%
{♦Den & R G 1st
1936
cons g 4s.
{♦Consol gold 4 %s
{♦Den & R G West gen 5s.Aug
♦Assented (subj to plan)
♦Ref & lmpt 5s ser B.__Apr
1936
1955
107%
107%
111% 113
30%
30
30%
30%
30J%
13%
30%
15
29
13%
14
13%
14
32
25%
19
5
65
107'316
1961
108
1952
110%
ser F
1965
♦Detroit & Mac 1st Hen g 4s... 1995
♦1st 4s assented
..1995
1995 J
116
104%.
3%s...l965
♦{East Cuba Sug 15-yr s f 7%s.l937 M S
♦Ctfs of deposit..
East Ry Minn Nor Dlv 1st 4s..l948 A O
,81
107%
108
115%
116
108%
110% ,111%
*35%
50
*35%
*25%
Detroit Term & Tunnel 4%s..l961 ivi n
Dul & Iron Range 1st 5s
1937 A O
J
J
Dul Sou Shore & Atl g 5s._
1937
J
J
Duquesne Light 1st M
....
108
*25%
D
1995
81
106
106*
113
113
1st s f 5s series B guar
1st s f 4 %s series C
I
For footnotes see page
105% 111%
*111%
1961
1972
1973
111%
110%
111%
107%
107
1977
103%
103
1365.
17
24
12
90%
102%
106%
100% 105
110
105% 108%
105% 108%
30
30%
38
38%
13%
20%
13
20%
23
3%
66
31%
7
71
10713,6110
113
116%
108
110%
108% 111%
50
50%
45
45
35
35
45
35
15%
116
1
104%
83%
5
13
107%
107%
12
29
27%
29%
55
29
27
29
146
15%
112%
116%
104% 107
52%
85%
107
12%
108%
29%
29%
cons g
4s 4s
113%
bII!
....
prior.!
114
106%
108
135
128% 138
112%
112%
110
*111
111%
*108
O
103%
107%
135 •
1965
109%
101% 110%
100% 108%
107
1940 J
1940 J
107
89%
1951 F
1953 A
104%
88%
*106%
"90%
89%
5
105
89%
90
88%
88%
85
84%
105% 107
99% 105%
89%
77%
105% 106%
74%
90%
3
90
1953 A
1967 M N
1975 A O
lmpt 5s of 1927
lmpt 5s of 1930
135
"90% "36
1953 A
Series B
Gen conv 4s series D
113
105% 107%
*105%
105
1996 J
1996 J
Conv 4s series A
Ref &
113%
*106%
1965 A
1st consol gen lien g 4s
Penn coll trust gold 4s
Ref &
104% 104%
J
1939 J
J
1995 J
1941 M N
Ed Elec (N Y) 1st cons g 5s
Elgin Joilet & East 1st g 5s
El Paso & S W 1st 5s
16%
109%
1956 M N
East T Va &. Ga Dlv 1st 5s
Ed El 111 Bklyn 1st cons 4s
5s stamped
Erie & Pitts g gu 3%s ser
Series C 3%s
*106
75
90
2
74
88%
83%
85
146
83
84%
229
70
69%
86
85%
J
*117%
J
*118
118%
116% 119%
N Y & Erie RR ext 1st 4s... 1947 M N
M S
3d mtge
*111
112%
111
111
103
104%
Erie &
Jersey 1st
s
Genessee River 1st
f 6s
8
...
f 6s
4%s
1955 J
1957 J
,
117
*103%
1938
Ernesto "Breda 7s
F A
1956 •* D
1942 M S
1942 M S
1954
5s International series
1st lien
s f 5s stamped
1st lien 6s stamped
30-year deb 6s series B_
Fiat deb s f g 7s i.
{♦Fla Ceiit & Penln 5s
.1942
1942
Wl
w
1954 J
J
...1943 J
1946
♦Certificates of
deposit
12
105% 112
107%
53
100% 109
103%
70
95
5
35
103
103%
2
*101%
119
74
101%
103
98
104
5
104%
*75%
65
62
64
101%
95
80
*58
84%
52%
7
61
56%
66%
7%
11%
7
10%
11
8%
9%
115
8%
7%
8%
•'79
*7%
9%
8
*3%
4%
4
*3%
4
-
*105%
J
J D 105*1,6 105",6
Framerlcan Ind Dev 20-yr 7 %s 1942 J
109%
J
84
"86"
{♦Francisco Sug 1st s f 7%S—1942 M M
104
103%
60%
9%
M N
103%
101%
97% 103
103"
104
*103%
42%
99
103
Fort St U D Co 1st g
4%s____'_1941
Ft W & Den C 1st g 5%s
1961
♦Certificates of deposit
66%
103
*>
J
J
♦Certificates of deposit
Fonda Johns & GIov 4%s
1952
{{♦Proof of claim filed by owner. M N
(Amended) 1st cons 2-4s
1982
owner
66%
102%
S
S
{♦Florida East Coast Ist4%s..l959 J D
♦1st & ref 5s series A.__.
1974 M S
{{♦Proof of claim filed by
66%
3%
105
6%
6%
105
r, e
3
105
,106%
109%
2
106
110%
105'
34
35%
86
.......
----
lst5%s A..1938 A
O
Gas & EI of Berg Co cons
J
g 5s..1949
Gen Amer Investors deb 5s A..1952 F
Gen Cable 1st s f 5%s A
1947 J
94%
94%
D
"l2
"75%
94%
♦Gen Elec (Germany) 7s Jan 15 1945
♦Sinking fund deb 6%s
1940
♦20-year s f deb 6s
1948
Gen Pub Serv deb 5%s
1939
*121%
*102
A
103
105%
106
J
J
*36%
J
D
104
"II
38
*36%
J
105%
M N
J
*36%
Gen Steel Cast 5%s with warr. 1949 J
{♦Ga & Ala Ry 1st cons 5s
1945 J
90
17
30%
102
104
90
76
98
16
17
12
20%
35
20
108%
108
108%
105
105
105%
♦{♦Gould Coupler 1st s f 6s
Gouv & Oswegatchle 1st 5s
1940 F
1942 J
124"
1941 J
A
D
J
104%
99%
121
*97
*108%
125
36
107% 108%
32
47
99
32
30
"35"
Goodrich (B F) Co 1st 6%s...1947 J
Conv deb 6s
1945 J
Goodyear Tire & Rub 1st 5s...1957 M N
Gotham Silk Hosiery deb 5s w wl946 M S
104%
36%
103
*20%
.
101% 104%
101
106%
29
36%
30
36%
87%
103
J
Gr R & I ext 1st gu g 4 %s
4%s
Cleve Union Term gu 5%s
*II6~~
1981 J
Gen & ref mtg 4%s ser B
Cleve Short Line 1st gu
15
3
5
*42
5
{{♦Ga Caro & Nor 1st ext 6s.. 1934 J
♦Good Hope Steel & Irsec 7s.. 1945 A
...1977 F
Gen 4 %s ser A
"32
J
25
78%
105
105
9
J
25%
75%
70%
101% 104%
104% 107%
98
7
A
J
Gen & ref M 4s
♦2d 4s assented
256
F
{♦Des M & Ft Dodge 4s ctfs___1935
{♦Des Plaines Val 1st gu 4%s..l947
Detroit Edison gen & ref 5s ser C '62
♦Second gold 4s
5
J
1978
Gen & ref 4%s series D
Gen & ref 5s series E
'"7
61
49%
46%
10
105
1 05
49%
7
5
102
102
....
103% 106%
104
106%
102
103%
65%
10
101
M N
f 5s...1951
Penna tax
107%
85
101
105%
1971 J
Stamped
101%
107
O
M N
Del Power & Light 1st 4%s
1st & ref 4%s
1969
62%
72
101%
161%
56
102
96
10
54%
D
1943 M N
100% 103%
"29
55
105
103
8
1942
J
107%
103% 105
6
Cuba Nor Ry 1st 5%s
1936 J
J
104
106%
J
Crown Zellerbach deb 5s
9
106"
..1950 M N
f 4s
62
101% 103
107
109%
106%
93% 101%
Spr & Col Dlv 1st g 4s
O
105%
104%
J
Galv Hous & Hend
78%
St L Dlv 1st coll tr g 4s
Cleve Elec Ilium 1st M 3%s___1965 J
Cleve & Pgh gen gu 4%s ser B.1942 A
105%
46
31%
42%
M N
Copenhagen Telep 5s Feb 15.. 1954 F
s
~~6
104
20
M N
1970
1946
Container Corp 1st 6s....
Crown Cork & Seal
1
14
1943 J
3%s
15-year deb 5s with
21%
21%
45%
46%
101%
107%
105%
.May 1 1965
3%s
Fairbanks Morse deb 4s .1.1.
Federal Light & Tr 1st 5s
Guaranteed g 5s..
Guaranteed 4s
con
J
1960
f 5s
s
95%
Chicago Union Station—
1st mtg 3'%s ser E
Chic & West Indiana
30%
....1956
♦Debenture 4s
Erie RR 1st
§ {♦Chicago Railways 1st 5s stpd
{♦Chic RlisP Ry
31
20%
54%
30
D
1949 MN
♦Conv 4%s series A
46%
17
20%
J
♦1st ref g 5s
May 1 2037
♦1st &.ref 4%s stpd.May 1 2037 J
♦1st & ref 4%s ser C.May 1 2037 J
28%
11
Stpd 4s non-p Fed inc tax. 1987
♦Gen 4%s stpd Fed lnc tax..1987 M N
♦4%s 8tamped..
{♦Secured g 6%s
48%
20%
55
_1987 M N
M N
♦Gen 5s stpd Fed lnc tax
1
49
29
20%
"56%
Jan 1 2000
♦General 4s
39%
101%
19%
*43
♦Gen 4% series F___May 1 1989
{♦Chic Mllw St P & Pac 5s A. .1975
{♦Chic & No West geng 3%s..l987
26%
19
55
♦Gen 4%s series C__May 1 1989
♦Gen 4%s series E._May 1 1989
_
23%
28%
....
*110%
♦Chic M & St P gen 4s ser A.. 1989
♦Gen g 3%s ser B__May 1 1989
5s.
38%
14
101
20%
20%
♦1st & gen 6s series B.May
Chic Ind & Sou 50-year 4s
♦Conv adj
529
37
1966 IVI N
♦1st & gen 5s series A
38%
J
1947 J
1947 J
1947 J
98
45
104
{♦Chic Ind & Loulsv ref 6s
♦Refunding g 5s ser B
♦Refunding 4s series C
114
193
104
34%
113%
23
121%
Ch G L & Coke 1st gu g 5s
113
20
121%
19
117%
112
121%
20
55%
108%
16
"22%
5S.1951
20
41 '
19
IVI N
gen
110
104%
108%
107%
106%
112%
114%
1982 MN
J
1937 J
{♦C & E 111 Ry (new Co)
110
110
108
52%
110% 113%
100%
108% 111
II2"
*110%
54%
100
115% 157
110% 138%
109% 112%
118% 126%
110 %
S
19%
29
D
Consumers Gas & Chic gu 5S..1936 J
Consumers Power 3%s.May 1 1965 M N
102% 106
109%
IVI
22
*19%
Consolidation Coal
88
90
'l24"
IVI N
*21%
O
102%
67
60
J
1955
108
121% 127
93
90%
1949
♦Certificates of deposit
Chicago & Erie 1st gold 5s
103% 110%
1
125%
1949
3%S—-1949
§{ Chicago & East 111 1st 6s
102
125%
90%
S
Chic & Alton RR ref g 3s
Chic Burl & Q—111 Dlv
Illinois Division 4s
102
M N
IVI
1989
..1989
1941
2d consol gold 4s
Warm Spring V 1st g 5s
2
101%
'ibly8
107
IVI N
1946
Potts Creek Branch 1st 4s
36
110%
1955
♦Debenture 4s.
Hioh
110
O
4s
Low
107
1949
Through Short L 1st gu 4s.1954
Cent Pac 1st ref gu g
Hloh
104
105%
103% 106
13
18
98
100
56
128%
100
104%
108
110
Volume
143
Range
Since
Jan. 1
BROKERS IN BONDS
FOR BANKS AND DEALERS
D. H. SlLBERBERG & Co
Members New York Stock Exchange
63
Wall St.
NEW
Telephone Whitehall 4-2900
Week's
Friday
BONDS
N. Y. STOCK
EXCHANGE
Week Ended Aug. 28
YORK'
A. T. & T. Tele. N. Y. 1-1598
Last
.
Range or
Sale
Friday's
Price
Bid
&
Range
Since
Asked
Jan. 1
99*4
104**
131
133 **
118
122*4
84
98**
110*4 113
107*$ 109*4
103
105**
107*4 109**
102** 106
107*4 111*4
103*4 110*4
103*4 107**
101*4 104*4
105
81
109**
92**
111** 114
86
98 %
108** 113
88
99
102** 104*4
99** 100*4
76
80*4
23
53
22
52*4
58*4
71*4
68
50**
53*4
34*4
91
74
100
96*4
61
89*4
36
.36*4
95*4 100
78*4
97
100
103
102
105*4
108
110*4
100*4 103*4
11
18**
1*4
3*4
23*4
29}*
102*4 104*4
90
94
104** 109**
98*4 106
67*4
95
101*4 105*4
101*4 106
71*4
95"
60}*
88
32
49**
70
79
5
32**
10**
29
46**
42*4
38
52
23**
39
18**
30*4
93**
81**
.
83
83
36
49**
76
95**
59**
89
49*4
52*4
76*4
80*4
30**
27*4
71
37*4
26**
10*4
36
27
37**
26*4
27*4
36?*
37*4
26*4
36**
7H
27**
12*4
37*4
36*4
37**
26**
27
16*4
27
36
82
98*4
*14 H
9
/.9*4
85 H
26**
16
16**
96
105*4 111
1031* 105*4
102*4 104*4
106** 108**
97** 104**
66*4
97
100** 104*4
83}*
87
85 J4
88
80
For footnotes see page 1365
83
,
Aug. 29, 1936
New York Bond Record—Continued—Page 5
1364
Friday
Week's
Last
Range or
Sale
Friday's
BONDS
BONDS
RAILROAD
Bought
Sold
-
N.
STOCK EXCHANGE
Week Ended Aug. 28
Y.
LOBDELL & CO.
Gen & ref 414s
Week's
Last
Range or
Range
Sale
Friday's
Since
STOCK EXCHANGE
Week Ended Aug. 28
Price
Bid
dk
Asked
1939
Morris & Essex 1st gu 3%s__—2000
Constr M 5s series A
1955
Constr M 4%s series B——1955
Mutual Fuel Gas 1st gu g 5s.._1947
Mut Un Tel gtd 6s ext at 5%--1941
Namm (A I) & Son—See Mfrs Tr—
Nash Chatt & St L 4s ser A
1978
Nash Flo & S 1st gu g 5s
1937
Nassau Elec gu g 4s stpd
1951
Nat Acme 1st s f 6s
1942
Nat Dairy Prod deb 3%s w W--1951
Nat Distillers Prod deb 4%s_—1945
Nat Ry of Mex pr Hen 4 %s
1957
Morris & Co 1st s f
J
4%s
1914 coupon on.—1977
♦4s April 1914 coupon off-—1977
♦Assent warr & rets No 5 on '77
♦4s April
104
90
9614
9614
22
89
8914
26
11614
18
M N
96 %
M N
89%
11634
*11014
M N
F
A
F
A
J
J
J
9114
*103
D
65%
9
9114
10314
IVI N
9214
10414
5714
7314
102
10414
10114 10714
7
10614
10414
105 %
10414
10714
101
57
10514
103
*3
3
3%
Nat RR of Mex prior lien 4%s—
♦Assert warr & rets No. 4 on. 1926
♦4s April 1914 coupon on
1951
♦4s April 1914 coupon off. —1951
♦Assent warr & rets No 4 on '51
O
3
J
O
*214
*214
214
A
O
1965
^♦Naugatuck RR 1st g 4s
1954
Newark Consol Gas cons 5s—•—1948
♦New England RR guar 5s
1945
♦Consol guar 4s
——1945
New England Tel & Tel 5s A—1952
1st g 4%s series B
1961
N J Junction RR guar 1st 4s__. 1986
N J Pow & Light 1st 4 %s
1960
New Orl Great Nor 59 A
1983
NO & NE 1st ref& lmpt 4 %s A.1952
New Orl Pub Serv 1st 5s ser A. 1952
D
J
106 %
66
IVI N
J
D
10614
66
122 %
12214
3
New Orleans Term 1st gu
4%
"4%
2%
"l5
214
28
10614
6%
10314 10714
6
66
8
122 34
7714
6114
12014 12214
Ref mtge 334 s
J
D
12534
19
122
12214
12
11914 123
*10114
100
19
12614
Paramount Pictures deb 6s
f g 3s loan
10714
10814
J
9114
9114
6
75
92
Paris-Orleans RR ext 554a
78
7814
21
52
80
^♦Park-Lexington 6 54a ctfs
10534 10814
8814 100
Parmelee Trans deb 6s
89
9954
Pat & Passaic G & E cons 5s.
4s—1953
J
9434
95
60
8014
95
♦Paullsta Ry
2414
3214
36
Penn Co gu 354a
"43
42
Guar 3J4a coll trust ser
94 %
F
A
F
A
"4014
4014
39
4014
13
3314
42
Guar 3)4a trust ctfs
3814
O
A
4014
3814
3814
-.8
30
4154
4314
Guar 334a trust ctfs
40
4214
91
4234
3214
*11014
1945 J
11514
1946 A
A
A
J J
J J
Ref & lmpt 4J4s ser A
.2013 A
Lake Shore coll gold 314s—.1998 F
Mich Cent coll gold 314s
1998 F
N Y Chic & St L 1st g 4s
1937 A
Refunding 514s series A
1974 A
Ref 414s series C
1978 M
3-year 6s
Oct 1 1938 A
N Y Connect 1st gu 414s A_—1953 F
1st guar 5s series B
1953 F
N Y Dock 1st gold 4s
1951 F
Serial 5% notes
1938 A
9914
11314
99
99%
10-year 3%s sec s f
Ref & lmpt
9914
9014
96 34
10114
9114
9514
9414
Guar 4s
C
D
9714
49
9714 10014
7414
9214
8014
9754
9114
195
14
98
100
10214
9414
16
16
10214
28
9314
9714
191
10714
7
9254
98
8654 .9614
10114 10454
82
103
\
128
99
88
10514
109
106J4 10814
59
7754
16
52
75
10514 10914
""83
J
F
IVI
M
M
D
A
N
N
N
126
11514
*9914
M
A
J
IVI
J
J
A
M
♦1st & ref 4J4s ser of 1927--1967 J
♦Harlem R & Pt Ches 1st 4s. 1954 IVI
3!4s_-1947
314S--1954
1955
♦Non-conv debenture 4s
1956
♦Conv debenture 314s
1956
♦Conv debenture 6s_
—1948
♦Collateral trust 6s
1940
♦Debenture 4s_
1957
♦Non-conv debenture 4s
S
O
J
N
J
J
O
N
D
N
2
10314
10514 10614
N YTelep
N Y Trap
6s
IVI N
IVI N
M N
3%s
1966
Niag Lock & O Pow lst5s A---1955
Niagara Share (Mo) deb 5%s—1950
Nord Ry ext sink fund6%s
1950
Niagara Falls Power
For footnotes see page
1365.
10014 10014
2714
2814
2734
2614
22
2
3014
"23
2314
2614
-3814
33
3514
17
6
29
31
80
8834
89
7
4014
40
48
203
4014
148
3514
1514
"91
"14
6
41
5114
2614
"■ 28
4054
8414 101
36
3214
103
*10314
90
82 J4
5654
4914
10354
9314
10414 107
10614
107
4
iS8
3114
106
2
9954 106
106
106
106
3
10554 10814
10814
10814
10814
2
10814 111
50
6314
106
10634
5
106
10714
10634
10614
1
106
27
97%
'"l6
121%
1
81%
16
68%
1952
102%
104
95'%
97
i05%
104%
O
106%
106%
*111
IVI N
O
Series G 4s guar
Series H cons guar 4s
19
99
90%
105
105%
103% 107%
108% 108%
106
107%
110% 113%
*25
107
"52
112%
111% 115
115
101%
111% 114%
63
100% 102%
A
121%
122
2
J
D
111%
112
23
109
1968 J
D
119%
119%
20
115% 120%
104%
104%
105
186
A
108
109
34
99% 105
105% 111%
108 34
108%
44
105% 111%
120%
120%
113%
95%
18
O
108%
J
J
108%
A
O
M S
113%
11334
O
95%
91%
1
80
31
111%
17%
111%
"105%
10534
105%
12
J
98%
98%
98%
32
S
100%
A
J
1956 J
17
17%
Apr
J
IVI
100
MN
*123%
2
73
127""
113%
106%
107
107%
'I65"
107%
6
104%
2
49
105%
35
40
44%
99
23%
17%
23%
273
30%
30%
31
J
43%
S
101
113
124
118
115%
103% 107
110
109
105
103% 108%
37
•
15%
55
32%
108%
111
111
112%
*112%
111
114
*112%
111
113%
*110%
110
110%
108
1940 A O
.1942 A O
1942 MN
1945 MN
111
1949
99
89
34
25%
106% 109
32
70
*75
F
89
113
117
113%
A
108% 112
98% 105%
120
117
107
115% 121
106% 113)
76
95!)
9
19)
111
101
*112%
IVI N
1952
114
O
F
1980
1943
118% 123
A
4s
Series E 3)48 guar gold
Series F 4s guar gold
97
,
101% 105%
F
—1971
Series C 434s guar
Series D 4s guar
105
102% 107%
51
I6S%
101%
mn
Phila Elec Co 1st & ref 4)4s—1967 MN
Pitts CC&StL4%sA
Series B 4)4s guar
104
104
114%
IVI N
D
s f
60
81%
102%
104% 106
101
105"
*114%
D
1st & ref 4s
73
49%
119% 122%
107 %
J
J
IVI N
.1967
5s series A
42
32%
*105%
D
O
J
sec
102% 151%
107
A
A
105% 106%
104%
A
111
114%
111
109
*111
D
1953
1957 M N
85
113%
<..1960 F
A
*110
108% 108%
1963 F
A
*120%
115% 121%
Series J cons guar 4)4s
1964 IVI N
*120%
General M 5s series A
1970
D
*119%
O
119%
120%
120%
108
108
Series I cons 4 343
A
General mtge 5s series B
1975
J
General 4)4s series C
1977
Pitts Va & Char 1st 4s guar
1943 M N
D
♦Pitts & W Va 1st 454s ser A.. 1958
1st M 4)4s series B
1958 A O
1st M
4343 series C
Pitts Y & Ash 1st 4s ser A
54
9214
86
45
87
1st gen 5s series B
6414
46
72
1st gen 5s series C
10354
11014 1U54
100
I I6"l4
24
80
8314
6
80
93
84
8814
9
80
96
1214
2214
1234
1234
10514
*10754
10334
114
O
"1814
13
10514
10814
10354
118
45
1
|10514 105%
10554 108
"25
27
9614 104
11314
1614
1514
1814
34
1214
1714
24
1214
11814
11814
*
51
6154
*106
'10654
83
38
37%
70%
*105%
1977
1981
88
88
IVI
97
110%
*105%
1974
85
8314
*11814
89
85
D
General g 4)4s series C
General 4)4s series D
*68
J
61%
1960 A
O
118
15
*90
91%
91%
107
110
109% 110
*109%
91%
121
115% 121%
116
121%
73
92
92
36
93
75
92
92
74
92%
10714
88
IVI N
59%
55
D
3754
3754
3014
37%
14
IVI N
25
1634
78
56
105
General 5s series B
Phila Co
102
93
102% 104%
105
108%
39
61%
*102%
PlrelU Co (Italy) conv 7s
2714
103%
39
40%
s
3754
*103J4
11014
11034
F
1st g 4 343 series C
99% 102
101% 104%
106%
A
5)48—1974
5s—.1956
Phila Bait & Wash 1st g 4s
14
"~5
37%
M S
April 1990
:
86
100%
101%
121%
81%
IVI
73
55
101% 104%
106% 110%
105% 106%
"40% "29
39
s
3814
*2514
29J4
3714
101%
103%
"70%
O
24J4
IVI N
O
A
IVI
2414
2714
17
f$*Norfolk & South 1st g 53—1941
N & W Ry 1st cons g 4s
1996
Pocah C & C joint 4s
1941
North Amer Co deb 5s
1961
No Am Edison deb 5s ser A—-.1957
Deb 514s series B
Aug 15 1963
Deb 5s series C
Nov 15 1969
1944
.1949
J
1937
Plllsbury Flour Mills 20-yr 6s..1943 A O
6314
♦Certificates of deposit
102
100% 104
*37%
Philippine Ry 1st
J
|$*Norfolk South 1st &ref 5s—1961 F A
105%
101%
110%
*2514
*2514
10334
57
J
37
A
S
O
N
49
110%
106%
J
39
A
M
A
IVI
A
102
109%
S
J
24
F
^♦N Y Westch & B 1st ser 14%sl946 J
6
88
J
IVI
2514
F
lBt&gens f4%s—1939 M N
Rock 1st 6s
1946 J D
1946
61%
101%
55
27
J
stamped
15
62
A
F
2814
2814
106
102
38%
*26
107
101%
98% 103%
*107
Phila & Reading C & I ref 5s.. 1973
Conv deb 6s
1949 IVI
*10034
Prior lien 6s series A
1947
1951
1956
1937
1937
1940
1943
108
*10434
"90J4
1965 J
J
N. Y. & Richm Gas 1st 6s A.. 1951 IVI N
103
*10614
4s—1993 A O
Lt & Pow 314s. 1965 M N
J*N Y Rys Corp inc 6s___.Jan 1965 Apr
106
9414 10054
10014 10214
10414 10554
4714
N Y Queens El
♦Income 4s
12214 12614
9214 10014
10614
3834
2
"39""
Peoria & Eastern 1st cons 4s.-.1940 A
Pere Marquette 1st ser A
1st 4s series B
102
10614
June 1992 M S
General 4s
-.1955 J D
Y Providence & Boston 4s. 1942 A O
N Y O & W ref g 4s
loo""
35
3014
100%
103%
1970
General 4%s series D
1981
Gen mtge 4%s series E
1984
Peop Gas L & C 1st cons 6s.—1943
Refunding gold 5s
*1947
Peoria & Pekin Un 1st
11314 11654
*10214
-.1973 IVI N
514S.1942 IVI N
NYLE&W Dock & lmpt 5s.1943 J
J
N Y & Long Branch gen 4s
1941 M S
J*N Y & N Eng (Bost Term) 4s 1939 A O
J*N Y N H & H n-c deb 4s
1947 M S
♦Non-conv debenture
5
I6634
100
4 J48 series B
N Y L E & W Coal & RR
♦Non-conv debenture
12614
*106
10014
108%
161%
Pepnsylvanla P & L 1st 4)43—1981
Pennsylvania RR cons g 4s
1943
Consol gold 4s
—1948
4s sterl stpd dollar May 1.1948
Gen mtge 354s ser C
1970
Consol sinking fund 4)4s
1960
General 4)4s series A
1965
10114 10254
N Y & Erie—See Erie RR.
5S--1948
1949
1946
2000
1973
123%
105
,121
*100
34a.-.1960
Pa Ohio & Det 1st & ref 454a A. 1977
454s series B
1981
General 5s series B...—
121
119
22
101%
Debenture g 4 34s
7014
"6514 ""§4
*105'532 10614
102
102341
10614
74H
10314
60
10254
90
*10814
A—-1941 A
D—--1965 A O
118
1
106%
106%
Penn Glass Sand 1st M 4
10614
59
1
106%
100%
Penn-Dlxle Cement 1st 6s A.-.1941 M S
14
6234
5
119%
121
110
100
55
6914
111
111% 115
109
113%
101)4
119
10114
64
1
110
124
111% 114%
114
119%
102"
89
138
"7
114%
'
106%
109
9114
10134
9134
9614
10734
9214
113
39%
121
109
100
24
102%
111
1963
E trust ctfs
ser
106
119)4
J
87
9714
9414
10314
'10214
NY Edison 1st & ref 614s
gold 5s
Terminal 1st gold 5s
103%
114
438
9614
10154
10634
.
General
113%
113%
102
113
9914
9014
9714
414s series A
2013
C—-.-2013
N Y Cent & Hud River M 3)48-1997
Debenture 4s
1942
2d gold 414s
111
105%
*105%
11514
106 34
9114
Ref & lmpt 5s series
N Y Susq & West 1st ref 5s
112
7
1942
1937
B—1941
1942
1944
coll tr A
35J4
39
1944 MN
...1998 F
mortgage 5s
"2
1st ref s f 7s
*34
28-year 4s
mortgage 5s
113%
1953
-1956
-1954
1st
109% 109%
104% 106%
1955
1968
J
A
—
1st
"42
1955
a
50
N Y Steam 6s series A.
106""
108
103
*109
106
'40
ctfs
♦1st M
31
N Y & Putnam 1st con gu
44
27%
29%
Paramount Broadway Corp—
102
9914
gold 4s
N Y Greenwood L gu g 5s
N Y & Harlem gold 314s
N Y Lack & West 4s ser A
99% 103
29%
J
♦Certificates of deposit
9934
Purchase money
107% 109
"21
-.1966
454a—-1955
JJ*Pan-Am Pet Co (Cal) conv 6s
9814
N Y Gas El Lt H & Pow g
3
101%
series B
Paducah & 111 1st s f g
7754
O
1st lien & ref 3Ms ser
108%
108
101
1937
Pacific Tel & Tel 1st 5s.
99
4}4s
108%
"l5
*106%
J
—1946
Pacific Gas & El gen & ref 5s A.1942
1st & ref 4s series G—
1964
1st & ref mtge 354s ser H...1961
Pac RR of Mo 1st ext g 4s—1938
♦2d extended gold 5s
1938
98%
6s—
108)4
J
MN
Pacific Coast Co 1st g 5s
6%
3%
9914
Consol 4s series A.
MN
Otis Steel 1st mtge 6s ser A. -1941
8314
O
N Y Cent RR conv
104% 107%
"6%
58
A
N & C Bdge gen guar
49
2%
J
A
106%
-1961
45J4
A
♦1st 5%s series
106
Ore-Wash RR & Nav 4s
A
series D
106%
6%
70
J|*N O Tex & Mex n-c Inc 5s__1935
♦1st 5s series B.
1954
♦ 1st 5s series C_.
1956
♦1st 4 %s
O
A
Oregon RR <fc Nav com g 4s_
J
Ore Short Line 1st cons g 5s. -1946
-1946
Guar stpd cons 5s.
1955
First & ref 5s series B
104% 107
105%
114%
60
ids'
15
F A
Ontario Power N F 1st g—- ..1943
IVI N
Ontario Transmission 1st 5s. ..1945
..1946 J D
Ohio River RR gen g 5s——
*
122
106
112
109%
99% 109
5
112%
*
A
105%
72
107%
*101%
J
F
106
O
J
125""
o
.-1937 A
J
125J4
122 %
o
O
A
J
IVI N
100
..1947 F
1st & ref 7s series B
&
Nat Steel 1st coll s f 4s
107
15
J
Oslo Gas & El Wks extl 5s.- -1963
"8
*314
A
109
108
2%
"3
314
J
112
107%
107%
*107%
104%
105%
2%
12
314
*214
T%
101%
in%
107 %
69
79%
79%
Ohio Indiana & West 5s_.Apr 1 1938 Q J
A O
Ohio Public Service 7 %s A— ..1946
"4%
2%
2%
*254
O
A
101
111%
..1965 MN
Ohio Edison 1st mtge 4s
10514
3
*254
*214
A
101%
J
J
86
104% 112%
85%
74%
93
103%
79)4
..1948
Og & L Cham 1st gu g 4s
M S
Ohio Connecting Ry 1st 4s._. ..1943
103
"20
66
6514
9414
9814
9234
10914 11634
10814 11014
73
53
109
108
108 %
J
1961
Ref mtge 5s
1964
Northwestern Teleg 414s ext—1944
Norweg Hydro-El Nit 5%S—1957
84
65
J
414 s ser B
Ref mtge
75
78
J
—1941
1st & ref 6s ser B
10514
90
104
107""
M N
4 on '57
♦Assent warr & rets No
3
105
92
A
76%
69
F
1938
1941
5s—
Nor States Pow 5s ser
64
75
*72%
6s series B
2047
series C
2047
Ref & lmpt 5s series D—,—2047
High
70
92 %
M N
Low
75
75
Ref & lmpt 5s
Jan. 1
No.
9214
105
D
1957
1957
1957
♦4%s Jan 1914 coup on
♦4%s July 1914 coup on
♦4%s July 1914 coup off
High
High
121%
112% 115
122%
72%
Ref & lmpt
Nor Ry of Calif guar g
Low
Low
120
8
*115
.1945
♦Stpd as to sale of April 1 '33 to
April 1 1935 iticl coupons—1945
North Pacific prior lien 4s
-1997
Gen lien ry & Id g 3s Jan
2047
Ref & lmpt 4148 series A
2047
Kingsley 1030
No.
*121
♦Oct 1935 and sub coupons.
NY 1-735
Y.
1974
series A
Since
High
8
IVI
M
J Northern Ohio Ry 1st guar 5s—
♦April 1 1934 & sub coupons. 1945
123 S. Broad St., Phila.
Friday
N.
1974
5s
Range
Jan. 1
Asked
dk
Low
Members New York Stock Exchange
BONDS
Bid
Quoted
-
North Cent gen & ref
48 Wall St., New York
HAnover 2-1720
A. T. & T.:
Price
10614
*10434
F
10454
10454
M N
10614
106
"39
115
155
2254
2114
6314
122
105% 10714
107
"65
10354 10654
10214 10554
10514
"~9
10614
26
10314 106
10154 107
10614
105
1st
*111%
119% 119%
*108
103
Port Gen Elec 1st 4)4s ser C..1960 M
J
1st 5s 1935 extended to 1950conv
102%
103
103
Port Arthur Can & Dk 6s A...1953 F
1st mtge 6s series B__
1953 F
102%
103
73
76%
84
"76%
29%
31%
96%
*10%
13
104%
^♦Providence Term 1st 4s
Pure Oil Co s f 4%s w w
434 s without warrants
1956
1950 J
1950 J
Purity Bakeries
1948 J
J
f deb 5s
73%
*94%
31
91%
113%
104%
95%
113%
"95%
224
111
77% 103%
79% 103
80%
66%
104% 108
82
64%
27% 41%
80
9
169
(65% pd)__
^Debenture gold 6s
1941
91% 103
158
*100%
75
78
21%
92%
110% 131%
102% 105%
^♦Radlo-Kelth-Orph pt pd ctfs
for deb 6s & com stk
100
79
96%
*87%
8
IVI
72
*106%
6s. .1942 J
J
J ♦Postal Teleg & Cable coll 5s. 1953 J
J
§ ^Pressed Steel Car conv g 5s. 1933 J
^♦Providence Sec guar deb 4s..1957 IVI N
s
...
110
1974 J
...1977 J
434s series D
Porto RIcan Am Tob
110
112%
*119%
1948 J
1962 F
19
63
158
82%
Volume
New York Bond
143
bonds
Last
Sale
Friday's
&
Ashed
High
No.
100M
100M
15
106
107
24
106
Low
Reading Co Jersey Cent coll 4s_1951
a
O
Gen & ret 4 Ms series A——1997 J
Gen & ret 4 Ms series B
1997 j
J
J
Remington Rand deb 4mb w w.1956 m S
Rensselaer & Saratoga 6s gu
1941 M N
Republic Steel Corp 4 %s ser A.1950 M s
Gen mtge 4 Ms series B
1961 f A
1946 J
J
♦Rhlne-Westphalla El Pr 78—1950 M
♦Direct mtge 6s
♦Cons mtge 6s of 1928♦Cons M 6s of 1930 with
{{♦Richfield Oil of Calif
IVI N
16
106
13
*26%
27 m
27 m
27 m
41m
42
41 %
41
*102 %
1955
*
♦Rio Grande June 1st gu 5s
1939
80
39%
113%
108%
1962
{{♦R I Ark <fc Louis 1st 4 Ms—1934
20M
.1948
4s—1933 ivi N
j
j~~i
1950
♦Certificates of deposit
♦Con M 4 Ms series A
—
ivi's
1978
♦Ctfs of deposit stamped
ctfs
*80
81
5s
Guaranteed 5s
J
1937 J
81
105
1
67 %
71
81
79
36%
30
34%
S A & Ar Pass 1st gu g 4s
1943 j
San Antonio Pub Serv 1st 6s..1952 j
J
81%
25%
75
86
15%
27%
25%
28%
27%
25M
23%
25%
8
23%
20%
24%
170
Santa Fe Pres <fc Phen 1st 5s.-1942 M
Schulco Co guar 6 Ms
--.1946 J
Stamped
s f 6Ms series B
Stamped
o
♦Certificates of deposit
{♦Atl & Blrm 1st g 4s
1933
m~s
{♦Seaboard All Fla 6s A ctfs.-1935 A
♦Series B certificates
1935 F
o
100 M
M
"l7
16M
4%
S
1946 F
16 %
■4%
97%
85%
J
30
106
121
99%
110%
114%
*26%
26%
29%
6%
J
o
1937 J
J
4
4%
72
4
4
1
108
8
15%
107%
St Louis Div 1st g 4s
East Tenn reor lien g 5s
97%
103
94%
97%
85%
3
81%
61%
23%
2
99%
100%
173
105%
56
90
3
23%
105%
27
107%
"22
106
94 M
U4% 127
106% 108 M
20
102 M 106 M
80 %
95
59
98 M
94
164
87%
86
76%
94
93 %
144
77
93%
142
93%
93%
97%
92%
97%
112%
97%
153
113%
12
105%
76%
97%
106%
99 M 106 M
75%
78%
215
90%
93%
118
68 M
95
95%
97%
71%
99
85
99%
94%
93%
"86%
*102%
86%
107%
107 %
"il2M
1947 a
o
Tenn Coal Iron & RR gen 5s._1951 J
.
51
"55
86%
107%
19%
"~7
8
9
105
105
100
100M
113
103
112M
233
105 %
106
4
.
78
97% 103
57%
88%
104% 108 M
34
14%
104% 106
98% 100M
*103M
96%
j
S
18%
105M
96
96%
26
14
81 % 117
105
1947 j
D
4Ms—1939
1944
1953
125
3
120
104 %
104M
10
103
100 %
94
94
110%
105
105
1944
lOD.e
1015,6
1951
10.3
102 %
Tex & N O con gold 5s
1943
Texas & Pac 1st gold 5s
2000
124%
124M
Gen <fe ref 5s series B
1977
103%
103 %
110
117
"39
109
13
105M
10V>32
103
29
59
128
*105
Gen & ref 5s series C
1979
105
1980
105
a
o
115
——
130
"
6
•
99
90 % 100
84 M
97
——
A
*91%
95
S
94%
105%
96
5
79
90M
89 %
106
11
104% 107 M
106%
106M
3
104 H 106M
'l20M
120%
29M
121M
115%
114%
Union Elec Lt & Pr
(Mo) 5s„. 1957
Un E L & P (111) 1st
g 5 Ms A- 1954
{{♦Union Elev Ry (Chic) 5s_— 1945
Union Oil of Calif 6s series A— 1942
12-year 4s
conv deb
a
o
j
J
A
A
*
O
F
106M
99%
1947 ivi N
Union Pac RR 1st & Id
gr4s„..1947 J
1st lien & ref 4s
June 2008 ivi
1st Hen & ref 5s__
June 2008 ivi
Gold 4s
1968 j
j
'i~15%
s
108%
s
111%
D
35-year 3 Ms debenture
1971 MN
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
122M
111
123
18
19
111M
4
109
32
101
105
111M 115M
107 M 111M
118
% 105
99
99M
106M 109M
99M
71
107 M
1
101
101M
78
98
113
113
99
107%
"m%
103M
1
111
30%
30 M
3
25
129%
123%
108
131
106%
129M
106M
29M
45
106%
43
103
M 107 M
s
1st g 4s... 1934 J
119
109M
103 %
99 %
21
15
115M
108%
111%
105
17M
....
22
116
j
113
35 %
27
33 M
29 M
30
6
27 %
33
29%
♦Sink fund deb 6 Ms ser A— 1947
Utah Lt & Trac 1st & ret 5a... 1944
Utah Power & Light 1st 5s
1944
Utll Power & Light 5 Ms
1947
6
27
33M
102 %
104
103M
104%
29%
29%
8
15
40
95% 104M
97 % 104%
71
69%
72
24
64
78
69
67
69
39
60
75
90
88
90 %
28
104%
1959
Vanadium Corp of Am conv 58.1941 a o
Vandalla cons g 4s series A
1955 f A
Cons
s
f 4s series B
4MS-1934 J
j
J
gu
*109M
2%
-.1942 J
d
2%
j
♦Vertlentes Sugar 7s ctfs
Virginia El & Pow 4s ser A
1955 MN
Va Iron Coal & Coke 1st g 5S..1949 M S
Va & Southwest 1st gu 4s
J
2003 j
1st com 5s
1958 a o
Virginian Ry 3Jis series A
1966 ivi
{Wabash RR 1st gold 58—-1939
♦2d gold 5s
1939'
1st Hen g term 4s
Det & Chic Ext 1st 5s
"18%
108M
108
ivi N
96
58
70
4
104
110
98
14
81
98
105M
102 %
93
93%
*78%
81
*102
m-mmm
74%
1939
*97%
32%
34M
~31%
34%
♦Ref & gen 5s series B
33%
99
*
1976 F
a
'33%
70
103M 105M
39
98 M 104 %
21
84%
96%
67%
78%
100% 102%
72
82%
mmmm
mmmm
4
74%
67%
67%
1941
1941
32
1978 A
O
o
108"
33
54
76%
77%
88
97%
29
S
65M
28
1939
1st mtge 4s ser H
71
86
84
92 H
98M
,
28
46%
65%
11
41%
69
26
41%
69
77
83
79
mmmmm
mmmm
mmmm
108%
5
mmmmm
121%
mmmm
110%
124%
121%
*123 %
121%
6
mmmm
1
5
94 M 101
105M 108M
109 M 110M
110
112
121M 125
119
123
110'
109
109
2
108
107M
107 M
8
101M
102
75
107M 108
96% 102%
107M
J
1966
1952
109
102"
1961 j
1st mtge 3 Ms series I
Western Maryland 1st 4s
70
1
29
*110M
110M
110M
S
52
104
65%
*99%
108M
1945
f 5s
103M 108M
63%
*
Warren RR 1st ref gu g 3MS..2000 F a
Washington Cent 1st gold 4S..1948 Q ivi
Wash Term 1st gu 3 Ms
1945 f A
4s
M
64%
■
65
Westchester Ltg 5s stpd gtd.._1950
West Penn Power 1st 5s ser E.1963 ivi
24
88
S
♦Deposit receipts
8
26
25
95%
{♦Warner-Quinland Co deb 6s. 1939 ivi
♦Warner Bros Co deb 6s
1941 ivi
32%
108%
106%
o
S
36 M
25
26
77
o
„
31
34
27
113
"54
"97"
1955 a
1939 ivi
guar
26
mmmm
mmmm
*
1955 a
6s debentures
40-year
32 M
34
38
35%
32%
36%
*
♦Certificates of deposit
♦Ref & gen 5s series D
98%
33 %
"34"
Walworth Co 1st M 4s
33
31M
32%
1980 a
♦Certificates of deposit
Walker (Hiram) G&W deb 4Msl945
31%
77
89
46
,
♦Ref & gen 4Ms series C
1st
60
26%
5
mmmm
♦Certificates of deposit
Warner Bros Pict deb 6s.
20M
106M 109M
108
102%
102%
"W
22
7
104%
A
5 Ms A.1975
♦Certificates of deposit
19
60
~97%
105%
gen
rnmrnm
"l9" "63
60
1941
Toledo & Chic Div g 4s
2%
17%
108%
"60"
S
f
m — mmrn
*0
1954
Des Moines Div 1st g 4s
Omaha Div 1st g 3 Ms
{♦Wabash Ry ref &
*109M
1957 M n
{♦Vera Cruz & P 1st
{♦July coupon off
85M 95%
106% 108
107% 107%
2%
6%
1st & ref 5 Ms series A.
1977
West N Y & Pa 1st g 5s
Gen gold 4s
{♦Western Pac 1st 5s
♦5s assented
ser
1937 j
107M
107 %
26
106
101M
110M
101%
2
101^ 104
1943 a
110%
35%
7
106
25
32 %
29
32%
o
1946 ivi
A
J
S
1946
;
•
1938
3~~j
Funding & real est g 4 Ms—1950
25-year gold 5s
1951
30-year 5s
1960
♦Westphalia Un El Power 68—1953
ivi N
Western Union coll trust 5s
35
35
34M
35
105 %
6
105
107
108%
13
103
108M
106%
108%
37
103% 106M
47
104
d
105%
105M
S
108%
108
j
J
West Shore 1st 4s guar.-——.2361 j
J
J
--.2361 j
Wheeling & L E Ry 4s ser D—1966 m
26
22M
33M
~94%
93 %
94 %
63
85
96
88%
88%
88%
11
81
92
*105
s
*«■
-
6
•»
111M
111M
7
A
101%
101
101 %
78
1940 mn
White Sew Mach deb 6s
100%
100
100 %
f
109
26
1949 m s
Wheeling Steel 4 Ms series A—1966
42%
105 %
ivi
Registered
110M
44
108%
105M
J
—
109
104
107 M
107 M 112M
99
101M
11
90
28
38
28
131
18%
18M
31
31M
45
67
101M
{♦Wlckwlre Spencer St't 1st 78.1935
J
♦Ctf dep Chase Nat Bank
J
♦Ctfs for col & ref codv 7s A.1935 MN
Wilk & East 1st gu g 5s
1942 j
28
D
Will & S F 1st gold 5s.
1938 j
Wilson & Co 1st M 4s series A.1955 J
24 %
24
27%
D
WlMton-Salem S B 1st 4s
{♦Wis Cent 50-yr 1st
gen
j
65%
107%
107 %
102
25
102
65M
68
5
106 M 107 M
99 % 102
107
111%
j
{♦Sup & Dul div & term 1st 4s '36
M N
"16%
{♦Certificates of deposit
♦Wor & Conn East 1st 4Ms—1943
}"}
'
24%
78
15%
21
33
15%
14M
16%
45
14%
mmmm
*10
"24%
109 M
*10%
j
♦Certificates of deposit.
23%
19
1960 J
4s__.1949 J
101%
109%
25
2
25%
25%
9
16M
9
21
14M
21
Youngstown Sheet & Tube—
Conv deb 3 Ma
1st mtge s f 4s ser C
1951
f
A
1961 ivi N
130
123
130
732
102 M
102 %
102 M
126
1055* 130
98 % 102%
124M
104M
""3
116
99 % 105
117% 126 M
98
104%
104%
10.5
11
97
105
19
97
109
4
69%
47
37M
38%
46
HIM
118M
1015,6 105
101M 103
16
68M
125
105 % 111%
87% 107
109
38
'mmmm
■
101% 106
120 M 122
102
Texas
Gen & ref 5s series D
122
alOO
*95 %
ivi N
mmmm•
——
— mm
105
99%
Texarkana & Ft S gu 5Ms A—1950
Tex Pac Mo Pac Ter 5 Ms A. .1964 M s
Third Ave Ry 1st ref 4s
1960 j
J
-
74% 100M
125
104%
99%
M n
——
—
mmmmm
1952 f
—
107%
*109%
116%
108%
ivi
1942 M s
f 7s_.— 1945 ivi
1
s
RR 1st comoi 4s
105
92 M 108
53
78%
Staten Island Ry 1st 4Ms.—.. 1943 j
D
♦Studebaker Corp conv deb 6s. 1945 j
J
Swift & Co 1st M 3%a
1950 ivi S
»AdJ lnc 5s tax-cx N Y—Jan 1960
98M
106% 118
91
j
Tenn
f 7s
86 M
99 M 107 M
31%
96% 100M
103% 106M
"56
100%
59% 103M
42%
58%
.—-
58%
105%
A
,
105
107%
D
1961 j
s
UlJIgawa Elec Power
88 M
"94%
d
al00
♦Guar sec
77 M
96 % 102
'
Truax-Traer Coal conv 6 Ms— 1943
♦Tyrol Hydro-Elec Pow 7Ms— 1955
Wash Water Power
*101
1964 J
High
100% 103 M
....
.1
6%
105 % 109
97
1938 m s
Cop & Chem deb 6s B—-1944
24%
7%
97%
i~06%
Standard Oil N J deb
deb 5s
3
85%
*103 %
58%
104%
g 5s.... 1955 J
Staley (A E) Mfg 1st M 4s
1946 f
conv
13%
11M
78
{♦Spokane Internat 1st
Corp
8
105M
1938
Low
36
106
m
13M
101% 101M
1996
Debenture 3 Ms
4%
7%
6%
8%
10 M
9M
93%
1951
f g 4s
88
128
107%
1956
s
26
j
1955 j
66
114% 120M
150
*104%
113M
66
25%
119
7%
6%
10%
9%
16%
5%
93%
92%
Devel & gen 6 Ms
Mem Div 1st g 5s
Gen refund
23
66
28
20%
97%
93 M
97 M
Jan. 1
35
80 M
79%
105%
*101%
105%
*104M
*121M
*119M
21
93 M
1st 4s stamped
1955
Southern Ry 1st cons g 5s—. 1994
Devel & gen 4s series A
1956
Devel & gen 6s
1956
Term Assn of St L 1st g
1st cons gold 5s
33M
25%
3%
6%
93%
1950 a
Tenn Elec Pow 1st 6s ser A
1
13
97%
5s.. 1937 mn
Tenn Cent 1st 6s A or B
"24
11%
s
—.1946 J
3Ms
34
30
7
107
1981 m n
tr 4s
35
156
1969 ivi N
S'west Bell Tel 3 Ms ser B
112
"18
94 M
So Pac Coast 1st gu g 4s
So Pac RR 1st ref guar 4s
5
18K
So Pac coll 4b (Cent Pac coll) .1949
1st 4 Ma (Oregon Lines) A—1977
San Fran Term 1st 4s
114M
*125
1968 ivi
5
*109
100%
111%
114%
62%
16%
4%
4%
105%
93%
3^s
108
14%
195%
-
89
1
14
Socony-Vacuum Oil 3 Ms
1950
South & North Ala RR gu 5s..1963
South Bell Tel & Tel 1st 8 f 5s_ 1941
Southern Colo Power 6s A
1947
Gold 4 Ms
Gold 4 Ms-—
Since
No.
—
55
110M
23%
100 %
High
102%
g 4s— 1946 j D
Trenton G & El 1st g 5s
1949 ivi s
Tri-Cont Corp 5s conv deb A— 1953 j
J
31
27
16%
102% 10 7 M
102% 104M
104% 107 M
117% 124 %
100M
33
22%
95%
105M
17M
26
61%
a
1951
2
17%
7%
108
d
105
23
25%
28%
100% 102%
101% 102M
2
101%
104%
103%
8%
1951 m s
1941 F a
Skelly Oil deb 4s
17
102%
7M
6%
10M
4
Shlnyetsu El Pow 1st 6 Ms—11952 J
♦{Siemens & Halske s f 7s
1935 j
6 Ms
75
*118
a
1951 ivi
Sllesian-Am Corp coll tr 7s
Silesia Elec Corp 6Ms.—
46
44
33
1951 M N
deb 4mb
Shell Union Oil deb 3 Ms
62%
47%
1
39
121
A
.
71
39 %
67%
61%
*105
o
1945 ms
50
91
60
9M
♦Certificates of deposit
14%
13%
76%
*102%
*33
Oct 1949 F
1959 A
79
7
95%
22%
j
Scioto V & N E 1st gu 4s
-1989 m n
{{♦Seaboard Air Line 1st g 4s._1950 a O
{♦Gold 4s stamped
1950 a O
6s series A
22
15
*105%
28M
1946 A
♦Adjustment 5s
{♦Refunding 4s
19
58
67%
s
Guar
m
95
J
Bonds Sold
Asked
51%
4
14%
J
coil
87
17%
J
Mobile & Ohio
92
78
50
D
1940 j
__1972 j
Mont ext 1st gold 4s
t Pacific ext gu 4s (large)
St Paul Un Dep 5s guar
con gu g
85
20
17 M
o
U S Pipe & Fdy conv deb 3
Ms— 1946 M N
U S Rubber 1st & ref 5s ser A— 1947 j
J
♦Un Steel Works
Corp 6 Ms A_. 1951
♦Sec 8 f 6Ms series C
1951
103
27
104 M
D
Range
..
&
102%
D
1950 a
{{♦United Rys St L
24H
107M 110%
105%
1
92%
101%
*101%
1943 J
1953 J
1960 J
—
35
23%
1937
St Paul Minn & Man 5s
1st 6s dollar series
Tol & Ohio Cent ref &
Imp 3%a
Tol St L & W 1st 4s
Tol W V & Ohio 4s ser C„
Toronto Ham & Buff 1st
42 M
22
1937
Bid
Price
J
43
20 m
23
61M
45%
D
con g4s._1968 j
J
{♦St Paul E Gr Trk 1st 4Ms—1947 j
{♦St Paul & K C Sh L gu 4 Ma. 1941 f A
1937 J
24
25%
j
Friday's
Tokyo Elec Light Co. Ltd—
24%
53
27
%
Range or
Sale
Low
Third Ave RR 1st
g 5s
Debenture 5s
St Paul & Duluth 1st
So Pac of Cal 1st
22 %
78%
21M
♦1st terminal <fc unifying 5s.-1952
♦Gen & ref g 5s ser A..
1990
10 year secured
13
*93%
1989 mn
♦2d g4s lnc bond ctfs. --Nov 1989 j
Gold 4 Ms
54
37%
112% 113%
107% 109
5
23
♦Certificates of deposit
s f
25
90
79
♦Prior lien 5s series B
♦Debenture
"27
103%
81
conv
40
103 %
36
Sharon Steel
1
110M
O
107%
52%
94 %
76 %
22
110M
j
cons
47%
108%
30%
35%
110%
j
♦1st &
35%
103
41%
113%
32 m
gu 5s—1948 J
Rocky Mt & P 5s stpd—1955 J
{♦St L-San Fran pr lien 4s A—-1950 J
•
49
90
26m
St L
cons
37
99
210
*23
{♦St L Peor & N W 1st
St Paul City Cable
23%
33%
33%
35
34 M
Week's
Last
33 %
23
9
~30M
♦Certificates of deposit
{♦St L SW 1st 4s bond
23
1
20%
19
34
1
103 %
1949
2d gold 6s
.1996 A
St Louis Iron Mt & Southern—
g
42 M
42 M
.1941
St Joe & Grand Island 1st 4s
1947
St Jos Ry Lt Ht & Pr 1st 58—1937 M n
St Lawr & Adir 1st g 5s
j
1996 J
♦{Rlv <fc G Div 1st
27 M
27 M
27 M
81
1949
f 6s
24
—-
55
.1977
Rut-Canadian 1st gu g 4s
Rutland RR 1st con 4Ms.
2
*90~~
{♦Rio Grande West 1st gold 48.1939
s
40
126
95% 100 %
109%
102 % 105
34
27%
28%
21%
106
23
1952
♦Ruhr Chemical
12
32 M
24M
110
106
101
104M
24
Rlchm Term Ry 1st gu 5s
♦Rlma Steel 1st s f 7s
♦1st con & coll trust 4s A
Roch G & E 4 Ms series D
Gen mtge 5s series E
"l25
99
109
m
il
Week Ended Aug. 28
105M 108
25
82%
O
1944 IVI N
6s
♦Certificates of deposit
106 %
103 %
24 M
n
'55 a
108 M
112%
116%
98
ii
High
96% 100M
107%
108
1952 M N
1953 F a
warr
Low
n§"
99
J
1953 J
Jan. 1
%
106
*
H5M
bonds
N. Y. STOCK EXCHANGE
Since
106 %
106 M
106 %
Purch money 1st M conv 5 Ms *54 M n
Revere Cop & Br 1st mtge 4 % s. 1956 J
J
♦Rhelnelbe Union s f 7s
♦Rhine-Ruhr Water series 6s
Range
fs
Is
Bid
Price
28
1365
6
Friday
[Range or
N. Y. STOCK EXCHANGE
Week Ended Aug.
Record^Conciuded—Page
Week's
Friday
105 M
105 %
105%
105 % 109%
57%
71%
22% 43
e
Cash sales transacted
during the ourrent week and not Included in the yearly
range;
No sales.
r
Cash sale only traMactlon
traMaction
during
current
during current week,
week,
current week.
n
t Companies reported
Section 77
*
t Accrued Interest payable
as
Friday's bid and asked price.
Deferred
In the
Deferred delivery sale only
only traMactlon during
being In bankruptcy, receivership, or reorganized under
of the Bankruptcy Act, or securities assumed by such
companies.
selling flat.
z
a
Under-the-rule sale
§ NegotiablUty impaired by maturity,
at exchange rate of $4.8665.
<
.
♦ Bonds
•
delivery sales traMacted during the ciirrent week and not included
yearly range;
No sales.
No sales traMacted during current week.
week
extensive list we furnish a complete record of the transactions on
occurred during the week covered:
Week's Range
STOCKS
of Prices
Low
High
Price
Par
43
7% 1st pf 100
A
*
105
Adams Millls
Aero Supply Mfg cl
Class B
Shares
Low
40
May
46%
Jan
99
June
113%
Mar
Jan
1*200
15%
Mar
62%
4%
Mar
27
Alabama Gt Southern... 50
59 %
Ala Power $7 pref
*
_.*
Allegheny Steel 7% pref 100
80%
79%
81
72
71
72
1
26 %
125
$6 preferred
37%
67%
Feb
84
July
58
Feb
76
Feb
24
26%
1%
23%
130%
116
17%
*
Aluminum Ind
*
99%
2%
American Beverage com__l
2%
71
100
Feb
Bunker Hill & Sullivan.. 10
1%
17
900
87
Jan
450
109
Jan
121%
200
15
Feb
50
99%
300
.
Mar
Apr
May
87
Jan
13%
Mar
Jan
9%
100
2%
18
75
Mar
101
Jan
Mar
1%
1%
33%
*
$5.50 prior pref
33%
100
44
125
43%
Class B
1
6%
34 %
10
2,400
25
34
Amer Cyanamid class A. 10
n-v
6%
34
32%
34%
Feb
Feb
Calamba Sugar Estate..20
Canadian Canners Ltd
*
9
Jan
Jan
43
2
Jan
Jan
91%
Feb
Jan
7,500
31%
29%
36%
Jan
American General
9%
100
3
Aug
150
19
Jan
5,900
9%
25
3,300
500
34
25
*39"
100
1
1
Amer Meter Co
*
25
*
*
Angostura
46
250
2%
5%
31%
*
Appalachian El Pow pref.*
Arcturus Radio Tube
1
Arkansas Nat Gas
*
com
Common class A
Mar
24
25%
July
Feb
30%
14
Jan
40
1,450
1
Jan
Aug
100
1%
Feb
Jan
39%
Feb
2%
Jan
2,900
25
100
29
9>«
18
5%
5%
*
.
Apr
29%
Aug
Apr
21%
4%
Feb
l
l
1%
$5 preferred.
*
11%
V t c common
2%
Aug
Jan
7%
June
2,600
Mar
13
40
104%
Jan
1,300
%
32%
3%
Jan
7,300
13%
1,100
1%
1%
11%
200
5,600
3%
7%
Jan
Jan
June
83
9%
Aug
200
Jan
k
9%
Aug
96
Jan
13%
Aug
1
Jan
1
Jan
5%
Jan
14%
Feb
32%
32
Atlas Corp common
$3 preference A
*
13%
13%
*
54%
54
9%
3
Warrants..
2%
13%
*
12
Austin Silver Mines
I
1 %
5
9%
9%
Automatic-Voting Mach
*
7%
7%
Class A common
49
70
July
94
June
June
11% May
28
Jan
2%
1,200
7%
July
May
Jan
4%
Feb
13%
Aug
1%
11
12%
40
70
7% 1st pref
Bell Tel of Pa
conv
6
75
Aug
175
142
Jan
151
June
121
Jan
123
May
6%% pf-100
2%
"
6,200
Jan
Feb
4%
Jan
1%
July
2%
Aug
%
i3%
Jan
36
25
35%
23%
18%
2%
43%
21%
8%
23
600
18%
13%
Jan
July
Jan
2%
Apr
55
56
13.6
%
23%
18%
Blue Ridge Corp com
1
3%
$3 opt conv pref
Blumenthal (S) & Co
*
44%
*
22%
Bohack (IIC) Co com
*
7% 1st preferred
100
Botany Consol Mills Co..*
*
3%
44%
2,700
22%
10
400
1,000
43% June
14%
July
19%
Aug
Mar
40
June
30
Feb
27
Feb
4%
53
25%
3%
Feb
Jan
*
19%
100
7% preferred...
*
100
38
Class A
*
31%
Jan
56
Aug
Jan
44
Feb
125
17
May
30%
Feb
5
400
x4% May
6%
100
16
Aug
100
105
May
124%
Mar
3,660
,38
Jan
52%
Aug
Jan
34%
Jan
59
46
45
46
4
Jan
3%
May
June
40
50
68
60%
15%
16
68
60%
68
16
42%
65%
Jan
19%
Apr
3%
Jan
Jan
4%
1%
July
%
8
Aug
%
%
1,800
8
50
100
50
8%
8%
2,500
2%
Aug
41
May
52%
Aug
16%
7%
1%
100
Mar
7%
1
1
50
49%
Feb
21
Aug
Aug
111%
2,475
93
Jan
3%
6,000
July
5%
Mar
%
1%
"40%
39
'l3%
13%
2
%
Mar
45
Jan
97
Jan
117
July
%
49,600
500
1%
41
,
250
Feb
1%
Aug
44%
Aug
3%
Mar
900
1 %
Jan
300
2
13%
11%
Jan
16
Feb
46% May
14% July
49
Apr
Apr
94%
Aug
May
3% May
Jan
May
2%
100
2
99%
99%
100
88
Jan
% May
12
12%
250
18
21%
16,300
49
48
49
700
Jan
6%
Jan
2%
20%
23%
3% June
90
Cont G & E 7 % prior pf 100
Continental Oil of Mex...!
Cont Roll & Steel Fdry.l..*
%
Apr
June
Jan
1%
13
53% June
12
9%
34
57%
8%
3%
Jan
101% June
Feb
2
Jan
13%
21%
Jan
50
Aug
Aug
Mar
105
Aug
Aug
Aug
8
4%
300
6%
Jan
9
Apr
5
7%
3%
4,600
3%
Aug
8
Mar
1
5%
5%
100
8
Feb
Reynolds—""
4% June
65
$6 preferred A
Cosden oil com
Preferred
Jan
116%
36
2.40Q
105% 108
125
*
fyfar
4
Jan
Jan
Apr
Mar
73
2,200
_.*
8%
July
%
Feb
12
May
8%
com
3%
42
%
Aug
Feb
6
900
1,100
50
55%
Aug
108
3"
May
July
7
7%
37
Jan
3%
105
J*
Feb
May
""8%
Aug
Feb
Mar
8%
400
3%
8% preferred w w.,.100
Consol Royalty Oil
10
Aug
Courtauld's Ltd
Crane Co com.
loo
25
77%
Feb
4%
Feb
3,100
1%
Jan
14
14
14%
600
6%
Jan
35%
34%
35%
7,500
2%
"
Jan
2%
3
24
Apr
1%
Jan
4%
Feb
133
133%
50
120%
Jan
200
3
Jan
8%
5
"23*
21
23%
16,000
19%
29
Jan
53%
Feb
Feb
Creole Petroleum
950
Crocker Wheeler Elec
*
11'
11
11
Jan
Apr
Apr
Mar
10%
July
Croft Brewing Co
1
29%
Mar
Crowley Milner & Co
*
26%
Aug
July
May
Consol Min & Smelt Ltd...
Consol Retail Stores
.5
2%
15%
350
Feb
June
63
11
84
29%
27
6%
43
100
800
Aug
7%
Feb
June
66
100
4%
5,300
k
100
Apr
Mar
7%
2,800
4%
3,300
2%
9
Feb
Jan
.22
70%
4%
Corroon &
300
1
Jan
19%
Feb
13 %
41%
92%
6%
97
3,400
Jan
3
18%
Aug
May
10
4%
34%
4%
91%
55%
3%
3,400
200
79,100
58%
3%
56
58
Preferred
100
Crown Cent Petroleum.. .1
For footnotes see page 1371
550
4%
1,200
27,
Jan
18%
3%
9
Brillo Mfg Co com
Feb
31 %
91%
3%
26%
39%
-3H
Jan
Alrcraftl.IIl
Copper Range Co
Cord Corp
37
Jan
Consol Copper Mines....5
Consol GELP Bait com *
Consolidated
Feb
18% 19%
v108
108
2%
2%
4%
4%
Apr
1%
..*
$3 preferred A
Jan
Aug
eb
1%
18%
52%
*
Secur $3 pref
Cooper Bessemer
9%
Jan
Aug
175
Connecticut Gas & Coke—
Aug
37
81%
1,600
50%
%
Aug
50
Feb
-ily
4,600
52%
Warrants
12
800
Apr
42%
'•4
2%
120% 120%
*
Common
Brill Corp class B
Class A
16
Commonwealths Dlstribli
Community P & L $6 pref *
Community Water Serv__l
Compo Shoe Machinery..1
56%
11%
17
81
16
4%
Conv
1%
37
Preferred.
22%
20
_*
Colt's Patent Fire Armsl25
Columbia Gas & Elec—
Jan
37
Jan
Apr
2%
II*
July
20
Jan
22%
49
Preferred BB..
*
Cities Serv P & L $7
pref.*
$6 preferred.;
'
_*
City Auto Stamping
*
May
40
Aug
24
50%
Co 5
Preferred B
5
7,100
July
20
100
& Mach...*
Childs Co pref
.J...100
Cities Service com
._.*
Preferred
*
34
2%
56%
50%
2%
21
*
%
Bridgeport Gas Lt Co...
Bridgeport Machine
warr
75
81%
Chicago Rivet
50
29%
Apr
Aug
22%
2%
2%
2%
100
300
Brazilian Tr Lt & Pow..
300
22%
Conv preferred
100
Conv pref op ser "29. .100
%
2%
11%
100
10
17
79%
Cent & South West Utll__l
Cent States Elec com
1
40
Bowman Biltmore Hotels
7% 1st preferred
July
102
%
28%
Bearing
19%
1,700
%
July
3,900
36
%
com
Black & Decker Mfg Co..
Bliss (E W) & Co com
*
Bower Roller
Aug
3%
2
2
pref
Bourjois Inc
Aug
Aug
July
2
150% 150%
100
Purchase warrants.,
$2.50
Feb
51
4%
19%
68
Jan
200
3%
Aug
7%
Aug
87
16%
107
"180
2
Benson & Hedges com
Berkey & Gay Furniture-
BIckfords Inc
2%
Apr
16
14%
87
*
Commonwealth Edison" 100
Commonwealth & Southern
Mar
103
Aug
July
93%
18%
87
1st preferred..
Cent Hud G & E v t c..!.*
Cent Maine Pow
7% pf 100
Cent P & L 7 % pref
100
109%
2%
"73"
100
com
Bell Tel of Canada
Jan
Apr
Mar
Jan
5% preferred. .100
Columbia Oil & Gas...... 1
Columbia Pictures__
*
"75"
Baumann (L) & Go com..*
Bellanca Aircraft
July
%
2,400
Apr
5
26%
102
Jan
Jan
June
Mar
55%
Jan
5a
Cohn & Rosenberger.
Colon Oil Corp com
Apr
Jan
Aug
29%
Cockshutt Plow Co com..*
Aug
July
May
29%
Feb
1
2%
18%
86
25
29%
Feb
7%
250
%
20
Jan
16%
8%
50
92
%
100
400
100
Feb
Feb
la
38%
1,200
49
89 %
3%
26%
3%
26%
4%
21
116
Club Alum Utensil Co
1,000
Jan
Feb
Jan
55
Aug
July
8%
48%
16%
Aug
1%
Mar
_
Apr
June
8%
1,200
47%
1*666
22
Feb
9%
Cleveland Tractor com
*
Clinchfield Coal Corp..100
51
91%
F< b
107%
Jan
1,300
%
.10
Baldwin Locomotive warr
2%
225
Feb
Axton-Flsher Tobacco—
Babcock & Wllcox Co.... *
Ju'.v
111% 112
Feb
3,100
7%
1%
"2% ""2%
Celluloid Corp com.....15
$7 div preferred
*
,%
8,100
10
Jan
1,200
Aug
12%
Mar
3%
14
54%
1%
Automatic Products
11%
16%
Jan
10
32%
13%
38
%
26%
3
Aug
July
40
Claude Neon Lights Ine_.l
Clayton & Lambert Mfg. *
Cleve Elec Ilium com
^*
300
Aug
July
200
City & Suburban Homes. 10
Jan
June
Jan
Mar
5%
5%
26,900
Feb
92
Atlantic Coast Line Co..50
Corp
Feb
32
6%
18%
July
1,000
Aug
100
16%
S32
%
47%
45%
Atlanta Gas Light pref. 100
Jan
5%
Jan
Feb
400
15%
4%
1%
9i6
5%
7
16
10
Mar
1 %
Jul.\
May
5%
16%
3,6 May
10
50
18%
25
Feb
'32
May
%
'5
75
Chesebrough Mfg
Chicago Flexible Shaft
Aug
100
47%
5%
100
Feb
Mar
2%
3%
*
Atlantic Coast Fisheries._*
Feb
1% "-U %
3%
26%
Charis Corporation
13%
%
Associates Investment Co *
500
16%
Centrifugal Pipe
Jan
10 %
3,600
2%
Mur
14%
Aug
112
Jan
2,800
17,100
1
300
%
'
5%
5%
2%
100
1
5
*
7% preferred
4%
Jan
2%
2%
%
116%
6% pref without
June
1%
*
Jan
50i
July
Jan
Assoc Laundries of Amer. *
Associated Rayon com
Aug
7%
May
Feb
33Z
Option warrants
11 !4
2%
2,6uc
9%
Feb
4%
1%
1%
10%
Apr
Jan
2%
11%
3
99%
99%
Industries
Class A
Feb
Jan
Mar
325
63%
30
Common
40
%
%
7^600
Jan
1,300
13%
Jan
Aug
"9% "io%
May
3,400
13%
Mar
3%
101% 104%
32
9%
£1
Aug
85
Jan
"fo"
82
93%
Amer deposit rets
Assoc Gas & Elec—
76
Jan
1%
7% 1st partic pref... 100 101%
7% prior preferred... 100'
200
13%
Jan
51%
100
5%
'2%
Castle (A M) & Co
10
Cataiin Corp of Amer
1
Celanese Corp of America
1,500
5,700
5
48
300
*
Carrier Corporation^
Casco Products
93
2%
5
Jan
25% July
107% June
475
100
%
"l%
*
com
46
9%
13%
Jan
5%
5%
27%
32%
110% 111%
1%
1%
2%
3,750
Jan
50
7
*
Class B
2
2%
Apr
103
Convertible class A....*
9,000
92%
12%
Atlas Plywood
Jan
46
27%
9%
Elec
Mar
Jan
93%
Associated
Jan
43%
Jan
10
,
39%
Apr
Arkansas P & L $7 pref..-.*
Art Metal Works com
5
Preferred
Jan
Aug
30%
4
*
com
Feb
17%
.5
Wupperman__l
Apex Elec Mfg Co
12
Jan
19%
2%
92%
42%
*
1st preferred
Preferred
Amer Thread Co pref
Anchor Post Fence
Aug
July
29
29
29
Amer Potash & Chemical. *
com
47%
114%
1,300
Amer Pneumatic Service.*
Superpower Corp
7%
Apr
2,100
,3ie
23%
150
S'6
5lS
2%
10%
5
Carolina P & L $7 pref...*
$6 preferred
*
31%
25
Jan
37%
*
Carnation Co
26
"3lk "40"~
Aug
5%
25c
Feb
1% May
Amer Maracaibo Co
Am
Feb
5
24%
25%
22%
25
Amer Mfg Co com
Capital City Products
25%
24
1,100
June
8
39%
Carman & Co—
30%
25%
25%
25%
105% 10 6
71%
76
79
81%
3%
3%
7
1
Carib Syndicate
Jan
33%
108
Canadian Marconi
Feb
37
Mach_..20
6% preferred
3%
20%
9
July
100
24 %
*
July
Feb
Jan
44
32
33
]
Amer Lt & Tr com
3%
41
112% 112%
$2.50 preferred
..1
Amer Hard Rubber com.50
Amer Laundry
300
20%
Corp 10c
$2 preferred
4%
Mar
B non-voting
Aug
40%
Jan
3%
'43%
12%
"5%
6% preferred
100
Canadian Indus Alcohol A*
Feb
9
5% May
Amer
*
Mar
'"166
44
Canadian Hydro-Elec—
48%
4%
*
Aug
%
July
122
Preferred.'
Mar
,516
16%
5
Mar
126%
Amer Gas & Elec com
10%
Aug
1
36%
Jan
warr
Aug
%
%
Amer dep rets pref shs £1
Feb
Foreign Pow
6%
*
Am dep rets A ord sh_£l
Am dep rets B ord shs. £1
115
Amer Fork & Hoe Co com*
Jan
400
Cables & Wireless Ltd—
Jan
116
4%
3%
2%
11%
Jan
*
com
Aug
15%
33%
Burma Corp Am dep rets.-.
Butler Brothers
10
Cable Elec Prod vtc
Jan
30%
7,400
*
Warrants
4%
7% conv pref erred. ..100
Amer Equities Co com.__l
Amer Dist Tel N J
*
com
$3 convertible pref
77%
9i«
27
86 %
._*
..25
75%
81%
Mar
Am Cities Pow & Lt—
Class A
25%
106
Aug
2%
68
1,000
•
$3 preferred
Burco Inc
3%
Jan
May
7%
"
100
71
4%
~i%
10c
Feb
Mar
9
50
pref25
Aug
Jan
25 %
152
..10c
com
Buckeye Pipe Line
June
Jan
June
32%
30%
2% May
28
200
8
44
$5 1st preferred
..*
Bulova Watch S3 % pref..*
%
Jan
Mar
28
"T%"h%
*
*
Buff Nlag & East Pr
American Capital—
Common class B
Co
Aug
45
100
6% preferred
(E L)
July
21
26% June
9I6
7%'
Rights
Bruce
50
11
716
Bruck Silk Mills Ltd
100
2%
29%
11
8
Brown Forman Distillery. 1
27
300
123% 131%
116
119%
17%
17%
10%
10%
11"
100
pref
2%
29
*
116
*
American Book Co
Brown Co 6%
Apr
200
300
31;
28%
2%
Amer dep rights reg__
British Col Pow cl A
June
15
*
30%
bearer £1
reg_.£l
19
2,800
1%
100
Aluminum Ltd com
July
Feb
Mar
1%
130
•
*
com
62
140
59%
22%
Allied Internatl Invest...*
6% preference
35
Jan
Jan
British Celanese Ltd—
114
Allied Products cl A com 25
Aluminum Goods Mfg
Feb
Apr
% June
Warrants
59
20%
Am dep rets ord
Apr
High
Low
Shares
Amer Tobacco—
Am dep rets ord
Mar
25
Aug
May
2% June
Conv preferred
Aluminum Co common
British
4%
2%
1
Corp.-.-10
Price
British Amer Oil reg.....*
Aug
44%
"~3% "3%
Air Investors com.
$3 conv pref
Week
9%
3%
*
Allen Industries com
for
of Prices
Low
High
Par
20
Agfa Ansco Corp com
Alnsworth Mfg
Week's Range
Sale
High
150
43%
105
Range Since Jan. 1 1930
Last
Range Since Jan. 1 1936
15
Acme Wire v t c com—20
Sales
STOCKS
(<Continued)
for
Week
Last
Sale
Friday
Sales
Friday
Class B
the New York Curb Exchange for the
on
which any dealings
Class A
computing the range for the year.
In the week in which they occur. No account is taken of such sales In
Saturday last (Aug. 22, 1936) and ending the present Friday (Aug. 28, 1936). It is compiled entirely
daily reports of the Curb Exchange itself, and is intended to include every security, whether stock or bond, in
beginning
from the
1936
transactions of the week, and when selling outside of the
sales are disregarded in the week's range, unless they are the only
NOTICE—Cash and deferred delivery
regular weekly range are shown In a footnote
In the following
Aug. 29,
York^Curb Exchange—Weekly and Yearly Record
New
1366
"16
1,100
2,800
%
9
«,6
July
5
"
"1% "l%
2*200
1%
Feb
17
36 %
134
July
34%
Feb
Aug
Feb
16
%
Feb
May
7%
July
Jan
2%
Jan
1
rc
Volume
143
New York Curb
STOCKS
IMst
Sale
(Continued)
Par
Price
Crown Cork Internat A..*
Crown Drug Co com
Preferred
Crystal Oil Ref
Cuban Tobacco
Cuneo Press
of Prices
High
Range Since Jan. 1 1936
for
600
1,000
*2~366
*
Aug
Jan
"4§k
"266
4%
37%
"'"k ""*
'V. loo
11*
"43"
*
6*% preferred
100
Cusi Mexican Mining__50c
106
*
Jan
4
July
22* June
vtc__*
com
Feb
Mar
*
5
x9
Mar
12
Jan
Dayton Rubber Mfg com. *
Class A
16 *
15*
Preferred
De Vllbiss Co
66
8*
Jan
7%
34*
Aug
Aug
Aug
37*
May
23*
35 *
9*
23%
.....
9X
100
23%
425
21
20 *
11
500
11
9%
,15
5*
11
100
26%
34%
114
115%
preferred
3*
76
3%
7*
July
July
110
Feb
Aug
6
Mar
Feb
80
Jan
Imperial
Aug
1*
10*
15*
Jan
Jan
Amer deposits
rcts_._£i
Imperial Oil (Can)
coup..*
Registered
*
Imperial Tob of Canadalls
Imperial Tobacco of Great
66
1,000
73%
*
7*
275
300
"I*
"_2k "2%
36%
59*
41*
July
Jan
100
11*
85
Jan
83
Mar
42*
3*
24*
17
45
44*
Jan
14
100
3%
20%
3%
23%
80,800
73%
6*
50
57
72
22*
17
57
17
Jan
Jan
"l2k "l3% "3", 400
300
July
Apr
88
July
Jan
88*
July
Apr
12
Mar
Apr
Jan
9%
75*
July
July
Internal Holding & Inv
*
Internal Hydro-Elec— "
Pref $3.50 series
50
Jan
8*
Mar
Intl Metal Indus A
2
300
5
May
97%
850
88
May
Jan
'Is"
""loo
15
Jan
,
38*
Jan
63*
43
Jan
65
225
44
Jan
66
62
63%
62%
63%
400
43*
Jan
66*
68%
70%
150
47
Jan
72
21
Jan
28*
15
Jan
21*
61%
.....
18
75
19
1%
300
2
1
*
Metallurgical
Fedders Mfg Co
Ferro Enamel
Corp
"16"
1*
July
July
%
200
*16
*
Jan
*
Feb
Aug
1%
Feb
600
16
"2",600
6%
9%
3,900
4%
14*
700
6
16
200
13*
13
200
12
28%
34%
600
23 *
-1,100
28*
%
%
(PhilajllO
76%
7% 1st preferred
Flsk Rubber
6%
*
46%
45
47
1,500
8
8
20%
26
8
■
19%
25%
20%
2,100
1,400
26
;
2%
2%
Ford Motor of France—
American dep rets 100 fes
Fort Worth Stk Yds Co.
Froedtert Grain & Malt...15
2%
Flreproofing
17%
__*
2%
21%
18%
com
17%
2%
18
2%
2*
21%
18%
New common
700
Gilbert (A C) com
Preferred
Godchaux
%
98%
98%
275
80
80
81
51X
"l7* "18%
50%
51%
71
71
13*
89%
6%
*
"15%
7,800
200
12*
400
13*
12*
13*
34
34*
125
24*
Feb
Feb
117
Jan
9
Feb
70
Feb
60
65*
13
11
13*
13
100
~89*
5%
6%
Feb
1
preferred
I100
Insurance Co of N Amer 10
4%
1,400
39%
250
55*
50
56
2,450
54
51
54
150
56
56
25
"
20*
"20*
1
300
8*
13*
3*906
13*
IC O X'
1»
13*
1,400
'
1
7*
32
32
10
1%
19
%
19
316
1,000
16*
17*
4%
12%
20*
400
V t c agreement extended
Grand National Films Inc 1
Grand Rapids Varnish
*
12%
3%
12%
Gray Telep Pay Station..*
20%
19
4
17,300
28*
Feb
76*
Mar
* May
9* Aug
13* June
2*
40*
Feb
30
Apr
Jan
9*
7%
Feb
Jan
40*
Jan
56*
July
July
July
1
Jan
55*
Feb
56
Aug
9%
Jan
10
June
20
Jan
20*
13*
Apr
24*
24*
14*
Jan
Mar
5*
Jan
10
Feb
June
Jan
99*
6*
Jan
Aug
6*
Jan
Jan
3*
28*
July
34
1*
Apr
3*
11*
Apr
14*
Jan
Feb
11
11
7*
14*
5%
Feb
1*
Jan
Jan
Feb
400
7
1,200
10
4*
2,000
34*
5,600
1,500
39*
38*
7*
Feb
4*
3* June
32* Aug
33* Aug
3* May
64
64
Jan
5*
4
34*
3*
34*
10C
9*
1*
Aug
Jan
800
9i6
88
5%
5%
31*
Jan
14*
2*
Feb
Jan
June
1,100
5%
Aug
300
27*
Feb
22 *
130
20
25*
800
21
21
400
14%
100
85
84
...100
90
May
* May
23* May
15
100
Jan
* May
*
Apr
1,100
200
85
14*
70*
Aug
Jan
90
"4%
90
10
76
Jan
99
...100
101
80
86
May
4*
4*
500
42*
Jones & Laughlin Steel.100
Kansas City Pub Service—
45*
9,400
*
600
*
*
4
4
114
V t c preferred A
,_*
Kansas G & E
7% pref.100
Ken-Rad Tube & Lamp A*
114
700
30
'
13*
2*
Kingsbury Breweries
__1
Kings County Lighting—
13*
2*
100
3,400
100
100
88
Jan
6*
•
Jan
2*
31*
22
Apr
July
25
"22%
Jan
Feb
Jan
4
500
1*
Feb
9*
Apr
32
Jan
33* Mar
* May
31*
Feb
26* Mar
1*
Feb
*
17
93*
Aug
Aug
Jan
4*
45*
*
1*
Mar
111*
Jan
10
Jan
Feb
Aug.
97*
105
Jan
30
Feb
June
*
1*
6%
114
Aug
July
Aug
Mar
Mar
Aug
July
1*
95
13*
Aug
Jan
3*
Mar
4*
4*
32
Feb
4*
5*
1,100
Kirkland Lake G M Ltd.l
*
10
July
96
Aug
74
100
Jan
74
Jan
4
July
5* June
2*
Jan
7i6 May
18*
Jan
5*
Jan
* May
8
Jan
24
11*
Mar
Apr
400
3*
Mar
107
50
96*
Apr
12
12
200
10* May
22*
22*
100
14
Jan
*25
74*
1
Jan
78
Mar
56*
57*
2,900
51
Jan
60
5%
May
5%
1,100
107
1
Lakey Foundry & Mach-.l
Lane Bryant 7% pref. .100
Langendorf United Bak—
Feb
Aug
Aug
Aug
11
316
14*
Lackawanna RR of NJ 100
Lake Shore Mines Ltd
1
38
11
316
14*
*
Aug
Jan
1*
2.50
42*
9*
37*
Feb
1*
1
Feb
Feb
Mar
84
Investors Royalty
1
Iron Fireman Mfg v t C..10
Irving Air Chute
1
Italian Superpower A
*
Warrants
Jacobs (FL) Co
Jersey Central Pow & Lt
Jan
36*
38*
52*
3i6
...
Feb
May
2*
32
*
Interstate H08 Mills
_*
Interstate Power $7 pref.*
5* June
6
107
12*
8*
Mar
Feb
Mar
June
Mar
70
Mar
*
11
Aug
15*
Jan
*
3
Aug
3*
4*
Aug
90
July
Feb
60*
Aug
Class
Jan
*
Feb
Class B
98*
84*
Aug
Aug
Lefcourt Realty com
Preferred
1
13*
13*
200
Jan
*
9*
8*
9*
6,600
11*
6*
July
Lehigh Coal & Nav^
July
*
*
'316
3,800
*
Jan
2
Feb
Mar
Leonard Oil Develop
25
Lerner Stores 6 * % pref 100
Feb
111
'"766
107*
7*
Apr
15
Mar
3
Mar
5]
Apr
Jan
18*
17*
Apr
6* May
Jan
9*
213
Aug
Aug
Jan
Jan
2*
19*
Jan
52*
93
Jan
13*
Apr
Apr
Apr
Apr
74*
8*
July
Apr
Aug
102
45
Jan
90 *
Feb
Lion
A
Oil Refining
Lit Brothers
2
*
*
"13*
*
4*
Loblaw Groceterias cl A..*
21*
com
Class B
2
*12* "l3*
4*
21*
-
4*
21*
300
1,300
25
*
Aug
Lockheed Aircraft
1
Feb
Lone Star Gas Corp
*
Feb
9
9*
2,400
13*
13*
13*
6,800
4*
4*
2,300
91*
340
3%
72*
80
400
64
Jan
18*
39*
Mar
7%
8
Jan
20
July
6% preferred class B.100
"66"
4*
88*
78*
Feb
Loudon Packing
*
Louisiana Land & Explor.l
6*
6*
600
*12*
12*
13*
10,900
Jan
Louisiana PAL Co—
*
Jan
21 *
Feb
516
16* May
2* July
200
10
Jan
200
17
July
I
1* June
Jan
Jan
Long Island Ltg—
4*1 Aug
Common
$6
preferred
preferred
*
100
*
16
Apr
Jan
Lynch Corp common
Mangel Stores Corp
6*
9*
94
Lucky Tiger Comb G M.10
32*
6%% pref
1371
Jan
June
67
2*
Jan
,
Aug
June
5
100
*
Jan
111*
20*
24
*
Aug
July
Jan
Apr
*
Emil)
13*
39*
May
1*
$7 prior preferred
New warrants...
Kleinert Rubber
Knott Corp common
Aug
22 *
29*
22*
July
12*
Apr
13*
Sugars class A.*
Goldfield Consol Mines. 10
Gorham Mfg Co—
13* Aug
14* May
Apr
Jan
11
9
1
49* May
July
17*
69
Kirby Petroleum...
Jan
35
750
Feb
Aug
Feb
21*
13* Mar
6* June
9* Mar
75
28*
18*
Jan
73*
Class B
7% preferred B
5% preferred D
Jan
Feb
74*
9*
t c
17*
50
10C
1J
4*
4*
21*
Aug
11
4*
4%
17*
1%
10*
4*
Feb
Jan
Mar
3
100
1
4*
Mar
Aug
Class A
v
Jan
6*
55
Internatl Safety Razor B
Internat *1 Utility-
Common
2*
July
92*
_
Naumburg
.
8*
Jan
14
*
Warrant*
H_
International Petroleumll*
Registered
*
International Products
*
6% preferred
100
Jonas &
86
72*
July
37
8*
Products
Jan
Jan
79*
68*
'3~2o6
450
39
CorpIIIIl
5%% preferred
6% preferred
7% preferred
Jan
Aug
Apr
Apr
June
42
6
3*
4*
Kingston
Jan
68* June
13* Aug
300
"14% "Is*
2,500
39*
Feb
47
"loo
"89"
"4:766
66*
9%
12*
25
"23* "24*
66*
5*
Jan
67
200
50
1
3*
10*
105
56*
40
14
11
Kress (S H) & Co pref.. 100
85
*
For footnotes see page
13*
12
Feb
71
90
100
11
Koppers Gas & Coke Co—
6% preferred
100
'is
~5~666
46
14
Mar
1
"I§"
900
11
19
400
...
Class B
July
,3i6 May
55 preferred
Glen Alden Coal
1*
89
5*
100
Jan
18*
12*
100
*
Jan
Aug
July
Apr
2,900
1*
1*
Jan
2*
1,600
%
93%
5
preferred A
12*
17
Kreuger Brewing
500
16
Warrants
Georgia Power 56 pref
700
30
13
53 convertible pref
General Tire & Rubber..25
V t c common
International Vitamin
Feb
95
1,600
Jan
40
Gen Rayon Co A stock
*
General Telephone com.20
1*
3*
17*
16
300
preferred....
Gen Outdoor Adv
6% pflOO
Gen Pub Serv 56 pref....*
July
July
22* June
600
21%
16%
__1
com
Mar
21*
19
200
1*
3*
7%
Klein (D
Gen Gas & Electric-—
56 preferred
Gen Investment
Jan
40*
7* May
200
1%
3%
30
reg__£l
Gen Electric Co Ltd—
Am dep rets ord
31*
Jan
Apr
4*
Apr
46
May
40* May
225
Feb
May
Jan
1,300
July
June
July
6%
60*
9*
16*
Jan
17
*
59%
reg__£l
Conv preferred
General Alloys Co
Jan
74*
60%
Ford Motor of Can cl A..*
Class B
*
Jan
20
100
Florida P & L 57 pref
Ford Motor Co Ltd—
Am dep rets ord
23*
10*
Jan
112
...
preferred
Apr
2,300
76%
100
Corp
Feb
May
19
First National Stores—
Feb
Feb
21
Aug
30
35%
3*
44
Jan
19%
12
Fiat Amer dep rets
Fidelio Brewery
Fire Association
6
34 H
com.
"16*
8%
"30
com
Feb
July
Aug
Apr
38*
5
6
July
July
200
16
i
Aug
July
4,500
%
*
19*
Feb
42 X
42
Option warrants
Fansteel
Jan
Apr
Jan
European Electric Corp—
Fanny Farmer Candy
98
42
70 H
Feb
29*
19 *
30*
Empire Power Part Stk._*
Fairchlld Aviation
Falstaff Brewing
9*
Mar
Apr
Finance-^
Internal Mining
1*
Mar
68
International Cigar Mach *
9*
6 *
18*
Jan
3*
„
Jan
Jan
98
300
6
5*.,
"*
27
*
128
Jan
*
Feb
10
100
class A
Apr
4*
*
130*
72
76
5%
Ind;po-isP&L6*%pfl00
Non-voting
1* June
100
3,300
Indian Ter Ilium Oil—
Class B
600
6%
%
£1
Industrial
,900
60%
Ireland
July
Mar
6%
.
and
Mar
1,800
96%
Aug
Britain
Indiana Pipe Line
"10
Indiana Service
6% pref 100
7% preferred
jjIOO
64*
74*
950
400
2%
88*
84
Feb
81
Shares cl A..*
Chem Industries
63
2,200
"is"
July
June
IIIoo
preferred
23*
11%
9%
61%
6%
Jan
6%
2%
15*
1,600
Feb
%
Illuminating
Jan
84
56%
6%
Feb
Illinois P & L $6
pref.....*
15* June
11%
61
Mar
Hygrade Food Prod
5
Hygrade Sylvania Corp..*
36
82%
9
Mar
Jan
23
100
7% preferred
..100
Ex-cell-O Air & Tool.....3
Jan
Jan
July
1* May
"l~,306
25
Jan
23*
36%
10*
Common
7% pref stamped.II'iOO
7% pref unstamped.. 100
Hydro Electric Securities.*
*
64
July
Mar
Inc—
105*
4
Empire Gas & Fuel Co—
6% preferred
100
Evans Wallower Lead
Huylers of Delaware
Jan
11X
*
Emsco Derrick &
Equip..5
Equity Corp com
10c
Eureka Pipe Line
50
preferred. _111II100
Hud Bay Min &
Smelt
*
Humble Oil & Ref
39
72
6*
7%
June
61%
1,100
2*
88%
*
Jan
6%
"64"
8*
8%
*
Mar
10%
7
July
Coll"*
Hardart
73*
5
com.l
100
Horder's Inc
Hormel (Geo
A) &
Horn &
All*
& Co cl
124*
100
6*
6*% preferred.7% preferred
8% preferred
(Henry)
Jan
25
36*
clA._I.I.»
Apr
1,700
2,300
"~9%
w w
FeD
July
(CE) Co
Ho
Aug
%
6*
pref
Aug
Hires
15*
Elgin Nat Watch Co... 15
Empire District El 6%. 100
6%
35*
8
7
warrants
conv
Aug
June
Aug
July
800
76
Elec Shovel Coal $4
pref..*
$6
9*
Shareholding—"
Electrographic Corp
Gen
Aug
Holt
26*
11
Common..
$6
linger Consol G M....5
Holophane Go com
*
Jan
6X
84
*
Apr
12*
%
6%
"~3 *
Elec P & L2d pref A
Aug
*94 *
20
3%
76
*
6%
*
.....
19*
10*
10
120
110
Apr
11*
21*
Jan
25
110
24*
46
I
500
71
124
100
12*
July
June
65*
69%
110*
125
32*
46
Aug
July
23* Mar
27* May
100
800
100
126*
32*
8*
Hey den Chemical
4%
72*
18*
25
High
125
Hecla Mining
C0ZZZZZZI26
Helena Rubenstein
*
Jan
Mar
Low
119* 120
*
Aug
4* June
l
$6
9*
18
100
Hazeltine Corp
Mar
8
13*
Elec Power Assoc com._
Class A
Option
35*
Range Since Jan. 1 1936
Shares
High
*
...I*
Hartford Electric
Lightl25
Hartman Tobacco Co
*
Harvard
Brewing Co
~1
Aug
19
*
Corp
Electric
35*
34
Economy Grocery Stores.*
56
300
8
7*
26%
Easy Washing Mach "B".
Elec Bond <fc Share com..5
$5 preferred
Mar
Mar
800
*
com
19*
70
Feb
1,700
16
Iron.25
Edison Bros Stores
Eisler Electric
Aug
19%
17%
*
$7 preferred series A
56 preferred series B
Aug
1%
Corp.l
Corp.....*
Apr
15*
28
Apr
25*
16*
100
100
Guardian Investors
1
Gulf Oil
Corp of Peniial25
$5.50 preferred
Hall Lamp Co
600
10
preferred
Apr
50
10
for
Week
of Prices
Gulf States Util
$6 pref..*
1,000
4 * % prior preferred-100
6%
66
Week's Range
Low
.
Apr
12
19
Duke Power Co
100
Durham Hosiery class B__*
Duval Texas Suplhur
*
Eagle Picher Lead
10
East Gas & Fuel Assoc—
Eastern Malleable
Eastern States
Non-vot com stock
7% 1st preferred.... 100
Paper
25
Greenfield Tap & Die..I.*
Grocery Sts Prod com..25c
Gt Northern
16*
4%
Dominion Tar & Chem com *
Douglas (W L) Shoe Co—
7% preferred
..100
Dow Chemical
*
Draper Corp
*
Common
Aug
Apr
1*
17 X
Amer deposit rets
£1
Doehler Die Casting
*
Dominion Steel & Coal B 25
preferred
Dubilier Condenser
43*
109
3*
8
7% pref.__10
7%
Feb
16*
"16"
Diamond Shoe Corp com.*
Driver Harris Co..
11*
3*
*
2
Distilled Liquors Corp...5
Distillers Co Ltd—
Feb
Aug
17 *
1
Dictograph Products
Feb
25
2*
Price
Great Atl & Pac Tea—
10* June
1,000
*
Detroit Paper Prod.
Detroit Steel Products
5*
July
16* May
Dennlson Mfg 7% pref.100
Derby Oil & Ref Corp com*
1367
Sales
Sale
Par
22*
"l5%
35
De Havlll Aircraft Ltd—
Am Dep Rec ord Reg.£l
Detroit Gasket & Mfg coml
6% pref ww
__20
Detroit Gray Iron Fdy
5
16*
Aug
Davenport Hosiery Mills.*
com
Last
(Continued)
High
Low
""Ik "l%
4*
STOCKS
Week
Shares
15*
4*
4*
T%
*
2
Friday
25
com
Darby Petroleum
Week's Range
Low
14*
25c
com
Exchange—Continued—Page
Sales
Friday
1*
5
34*
*
7*
6*
100
66*
61*
7*
68
2,600
150
4
42*
Apr
25
11*
18*
10*
14*
5*
Jan
96
Jan
84
July
Jan
May
July
Jan
Apr
Apr
8*
Jan
Jan
Jan
Jan
Mar
Feb
July
July
Feb
15* May
100
2*
65*
9*
68
Aug
Mar
Feb
Jan
Aug
New York Curb Exchange—Continued—Page
1368
Sales
Friday
Last
Week's Range
for
Sale
of Prices
Low
High
Week
Price
Par
100
8N
300
12
Amer dep
rights
Margay Oil Corp
Marion Steam Shovel
June
8%
9%
92
700
5
Apr
9%
300
Jan
100%
Aug
Mar
2%
2,100
62%
1%
Jan
4
Feb
4%
400
20
Aug
27%
Feb
July
9%
*
common..*
Assoc v t c
1
91%
Masonite Corp
Mass Util
Tn
4
4
common..*
1
*
Massey-Harrls
2%
9%
22%
Jan
ION
B_—*
86 n
McWilliams Dredging—
106 %
Co
5%
com..5
P&L $7 pref-. ~
Memphis Nat Gas
15
Aug
50
June
Feb
49
800
8%
13%
Apr
July
102 A 106%
800
Feb
106%
Aug
Pantepec Oil
5%
300
79%
5%
Aug
8%
Apr
Paramount Motor
7
400
%
100%
1%
2%
Corp..1
3%
Michigan
Aug
Apr
102
2%
500
400
IN
16%
Jan
Aug
in
400
's16
Jan
Mar
Apr
Apr
%
Feb
Feb
4%
2%
Aug
4%
Mar
Mar
18
Aug
ClassB vto
n
N
Products—
div sha
*
$2 non-cum
Jan
Pa Water & Power
100
"16
Jan
2%
Feb
Jan
13
Pepperell Mfg Co——100
Perfect Circle Co
*—*
Philadelphia Co com
*
Phila Elec Co $5 pref—*
Phila El Pow 8% pref—25
100
19
57 n
350
39%
2d
109
'98%
86 n
7%
Util.-10
148"
"97% "98%
28%
Apr
57%
Aug
1%
33%
Jan
Jan
Jan
15%
—*
Corp——1
Montanft-Dakota
110
115
114
114
preferred
Molybdenum
Jan
July
May
Jan
75
81
85
86 n
50
41%
Jan
7n
14n
8n
14n
3,200
6N
July
100
Jan
14%
Aug
Mar
115
July
30%
101%
94%
13%
20
Aug
Aug
June
170
142
Jan
30
May
34
Feb
34
34%
100
34
Aug
40
Apr
38%
38%
38%
25
"8%
"8%
8%
5n
"l",I66
155%
July
Distillery..1
Producers....10
34
34 n
;
Jan
Apr
Apr
200
Jan
400
32
Aug
1% Feb
1%
Jan
42% May
6%
100
2
2n
10,600
son
100
55%
1%
19n
in
*28"
4%
80
N
700
in
1,000
4n
100
n
in
28
100
86
28
85
86
1,100
65
4n
pref—*
Mach—.—*
Nat Service common
1
Conv part preferred—*
National Steel Car Ltd.—*
National Sugar Refining..*
Nat Tea Co 5% % pref—10
500
1%
54
2,400
55%
19
65
65
*
600
4n
4n
1,000
100
n
n
""%
n
n
100
*30"
29n
8n
30N
8n
4" 166
8%
ion
1,200
%
400
10
12.50
Corp—1
*
Nebraska Power 7% pf-100
Nehi Corp common
*
Neisner Bros 7% pref-.100
Nelson (Herman) Corp—5
Neptune Meter class A—*
»1«
6%
Aug
50
39% May
5
New England T & T
Apr
Feb
4%
1%
2%
Jan
Jan
5
Feb
28
Aug
13n
1,600
4%
110%
12%
Jan
115
Apr
""166
July
19
Feb
11
1%
400
9
May
16
Feb
200
1%
3n
3
,
3n
300
4%
Feb
Jan
24%
July
74
Co 100
Aug
11
1%
Mar
93%
4%
July
Feb
2%
123
"466
Jan
Apr
128
Mar
*
"tn"
"8n
9n
25
78 n
77%
2%
79
2%
650
New Mex & Ariz Land—1
100
1%
Jan
Jan
10%
92%
66%
86%
1,200
74%
Jan
96%
Aug
New Jersey 2iinc
Newmont
Mining Corp. 10
£86%
N Y Auction Co com
*
N Y Pr & Lt 7%
$6
preferred
pref—100
*
23
Aug
Mar
Feb
Jan
July
Aug
Feb
26%
4%
28
150
23
Aug
38
Jan
37
39
300
36
Jan
52
Feb
105
Jan
24
3n
N Y & Honduras Rosario 10
N Y Merchandise
100
Apr
27%
24
*
*
New Process common
2%
84
6%
69%
39
105*
4%
600
""20
104% 105
2%
96%
Jan
112%
105%
*
N Y Telep 6%%
pref.. 100
5
16n
5n.
15%
14%
*16
Class A opt warr...
2%
Class B opt warr
16n
300
150
122
121
122
New York Transit Co
Niagara Hudson Power—
Common
15
16n
5n
100
15%
N
2%
22,400
10,800
100
6% May
14% Apr
116%
Jan
4% Aug
7%
Apr
s,. May
May
1
Jan
July
125
6%
Feb
17% Aug
% May
3% Aug
Niagara Share—
Class B common—....5
*
2,500
Nipissing Mines
5
"2n
Noma Electric
1
7n
13n
14
41
13%
Niles-Bement-Pond
41%
600
2n
2n
3,200
6
7n
6.800
7%
28%
2%
3%
Jan
Apr
July
Jan
15%
44%
3%"
7%
Aug
Mar
Jan
Mar
3%
62 n
3n
62 n
3%
1,250
n
3%
1
Nor Ind Pub Ser 6% pf.100
7% preferred
100
n
n
Nor European Oil com
82
80 n
82
300
80
Class
A
Class
B
105% 105%
100
10
19N
1,600
'"166
%
%
9N
600
27%
2,200
200
N
1,100
*
10
1
Goods..—*
Richfield Oil pref
25
Richmond Rad com
1
Rochester Gas & Elec Corp
6% preferred ser D—100
Roosevelt Field Inc..—-.5
Root Petroleum Co—.—1
$1.20 conv pref
20
Rossla International
*
Royalite Oil
*
Royal Typewriter
*
*
Steel..—*
Russeks Fifth Ave
Rustless Iron &
8%
27
*
Schulte Real Estate com..*
2%
9%
%
Mar
Scoville
Aug
Securities Corp
48
Feb
Seeman Bros Inc
30 n
450
July
13 n
11%
13%
10%
13%
Oklahoma Nat Gas com. 15
12
1,800
15%
14%
Feb
Aug
$5.60 prior stock
25
Allotment certificates—
50
33
31%
33
700
33%
Aug
For footnotes see page
1371
July
hon hon
106 n 106 n
10
114%
July
10
109
200
Feb
July
May
109
July
Jan
59
July
Jan
29%
July
Apr
70
July
92
Jan
99
July
Jan
110
Feb
7%
July
July
50%
Jan
87%
22
Jan
44
14
Jan
18
Aug
Jan
9
Mar
5%
June
141
Jan
Aug
137%
149
Jan
Apr
14%
Jan
20%
Aug
17
Jan
23%
2%
Aug
Jan
Jan
n
Aug
July
Feb
19%
Apr
Feb
36
Feb
2%
Jan
3
Jan
7% June
15% Mar
21
June
27*<
July
July
Jan
5
8}1*
20},
2%
9%
%
3%
2%
9%
IN
4%
1,800
6%
%
12%
4%
Jan
7
e1' Aug
11
3%
300
8,700
200
May
Aug
July
Mar
Jan
2%
6%
Jan
Mar
105%
4%
15
15%
1,200
3,100
18%
18%
200
19%
916
3N
15
916
500
23
3%
3N
1%
69
67
69
800
39%
26 n
6
23%
27
2,000
1,500
1,700
70%
"95%
95%
5%
3
6
3%
27
175
98
*16
100
700
""4% ""5%
'9",966
%
7i«
5%
91
91
98
7
7%
3
6
1,700
99
300
10
37%
*16
200
37%
41%
1,750
45
6%
500
45
41%
2%
190
*16
*
Oilstocks Ltd oom
Jan
July
110%
11%
103
105
39
41%
5%
46%
General—*
Segal Lock & Hardware..*
Seiberling Rubber com...*
Selby Shoe Co
*
Selected Industries Inc—
Common
1
35
109%
Feb
June
Jan
Manufacturing.25
38
27
700
25
Feb
Aug
Mar
3%
Schiff Co common
1,000
300
200
5
Rice Stix Dry
4,200
110%
M
5%
£8%
36%
107
Apr
Aug
•-
25
N
26 n
30
Aug
July
's,6
3i«
*8%
34
109
3%
30%
125
N
35n
107
i
41
100
13%
"x8%
(Daniel) com..—*
Reiter-Foster Oil
*
25n
30%
6*A
1%
Jan
37% May
%
-*
Reeves
32%
*
Ohio Oil 6% pref
100 x109n
Ohio Power 6% pref...100
Ohio P S 7% 1st pref—lOu
'i",756
*
Reed Roller Bit Co—
35n
Ohio Edison $6 pref
Apr
3}
20}
18}
115
19N
Tn "Tn
3
Feb
9
"MOO
13%
Tn
36
9%
7n
86%
140
625
20
120
5
Mar
Feb
Aug
37
120
2,375
"7 % "8"
Salt Creek Producers... 10
108%
Jan
July
14%
July
30
240
9n
26 N
19%
*
34
preferred
83%
44
120
Pile—
preferred
Engineering..*
$3
"x7 N
81%
July
25
10%
42
Jan
11%
Aug
Feb
July
Jan
18%
4 N
12%
9
100
20
39
Prod—
*
*
Common
$3 conv
Feb
Aug
Aug
8
300
Raytheon Mfg v t 0—50c
Red Bank Oil Co—
*
Novadel-Agene Corp
Ohio Brass Co cl B com.—*
Nor Sts Pow com cl A.. 100
Northwest
83%
43%
July
7,6
Aug
Jan
1% June
90
Jan
% May
Feb
Aug
Jan
Jan
56%
23%
99
85
3%
5%
62%
6%
18%
3%
Apr
15%
90%
98
99
Apr
Apr
June
1,900
——
Raymond Concrete
Savoy Oil Co
7% 1st preferred
14%
Apr
Feb
Northern N Y Util—
Northern Pipe Line
12%
71
3%
36%
Aug
7%
Jan
36%
Apr
7%
Jan
66% May
98%
Jan
1,700
*
Safety Car Heat & Lt—100
St Anthony Gold Mines.. 1
St Lawrence Corp Ltd—*
St Regis Paper com
5
7% preferred
100
1,300
No Am Utility Securities.*
58%
3%
*
N
'16
%
77%
500
3n
....
preferred
$6
7%
7%
40
48
Ryan Consol Petrol
Nor Amer Lt & Pow—
Common
Rainbow Luminous
Reybarn Co Inc.—
Jan
23
Manufacturing—10
Quaker Oats com..———*
6% preferred
100
Quebec Power Co—-—*
Ry & Light Secur com
*
Ry & Util Invest cl A
1
July
11%
Jan
Apr
$6
Reliable Stores com..
20%
2,600
_
Pub Serv of Nor
Reynolds Investing
1
Founders shares
N Y Steam Corp com
2%
100
$7 prior
July
N Y Shipbuilding Corp—
200
N
N
55%
21%
Pyrene
Feb
7%
103%
Public Service
Aug
15%
June
8% May
98%
Apr
13%
Jan
_
85
Jan
of Colo—
Aug
Jan
Aug
9
_
50
Jan
Mar
9%
11
113%
17%
30%
_
5,600
%
14%
Jan
Feb
_
7,300
'"'166
N
preferred
100
preferred
100
of Indiana—
6% 1st
7% 1st
6%
9%
14%
31
3%
28N
N
*
—
Royalty
Feb
2%
111%
ion
Rights
Producers
2
9,6
10
un
5n
8%
14%
30%
3%
4%
36
1
28 N
3%
%
July
Feb
Feb
TTn'isn
13 %
500
800
_____
pref..—
—*
preferred
111 com..*
Pub Service of Okla—
6% prior lien pref—100
7% prior lien pref—100
Pub Util Secur $7 pt pf—*
Puget Sound P & L—
$5 preferred—
-*
$6 preferred
*
Pyle-National Co
90%
8%
%
Jan
Mar
Jan
700
31
of Amer..*
Pub Serv Co
Jan
111% 111%
100
New Bradford Oil..
23
July
74% May
3% June
Jan
'"706
86%
130% 133%
84%
1—*
Prentice-Hall Inc
Pressed Metals
Apr
89
7% Aug
9% June
»,6 July
"11% "IlN
9%
14N
of Can com..*
Co
*
Premier Gold Mining
1
Feb
57
23
1,600
"18% "l8N
1
Propper McCallum Hos'y *
Prosperity Co class B
*
Providence Gas
—-*
Prudential Investors.——*
$6 preferred
:
—*
Feb
May
Jan
Jan
12% May
8%
Pratt & Lambert
Apr
2
1,700
un
Power Corp
17% May
45% June
1% June
25%
8
*
Aug
300
4%
7%
86 n
E RR-50
5
Alexander—-.5
Mar
T660
4
8n
Sugar com
19
31
®,6 July
1%
Jan
"12% "l"3n
Wine Co.l
47
'l"306
4n
Pittsburgh Forgings
1
Pittsburgh & Lake Erie.50
Pittsburgh Plate Glass..25
Powdrell &
800
8
Co
Plough Inc
500
5%
"14% "15%
Meter
Pleasant Valley
■366
11%
5n
Pitney-Bowes Postage
Potrero
Jan
%
A.—*
100
New Haven Clock Co
Pioneer Gold
*15% "l5n
"13%
*
5
Mines Ltd—1
Feb
36%
Aug
60
480
15%
-100
Aug
150
Jan
2%
52% Aug
14% May
Nebel (Oscar) Co com
preferred
Apr
33
19 n
Nat Rubber
7%
July
10% May
Feb
8%
13
com...*
4
Nev Calif Elec com
38%
150
£24
50n
n
IN
Nestle-Le Mur Co cl
July
23%
11%
6%
"2 n
National P & L $6
Transit
138
1,700
17n
National Oil Products
Nat Union Radio
50
35
19
34 n
"34"
Warrants
National
900
145
5%
*34%
Mueller Brass Co com
Nat Mfg & Stores
Jan
June
7%
5
145
Tel. 100
1
N achman-Spring filled
*
Nat Auto Fibre A v t c—*
National Baking Co com.l
Nat Bellas Hess com
1
Nat Bond & Share Corp..*
National Candy Co com..*
National Container com—*
$2 conv preferred
*
National Fuel Gas
*
National Gypsum cl A—6
National Investors com—1
$5.50 preferred
—1
Mountain Sts Tel &
Nat Leather common
<
28
149
Moore (Tom)
700
90
11
com...-*
preferred
Pitts Bessem & L
34 %
preferred
*
Moore Corp Ltd com—
Preferred A
100
Partic
97%
84
5%
-10
pref ser A
Pines Wlnterfront
100
40
94%
15%
Pierce Governor com
Moody s Investors Serv—
Mountain
7%
370
94%
—1
Common
Pie Bakeries Inc
HJOO
88N
*
Co
Feb
31n
150
145
Phillips Packing
2.50
*
Co
Phoenix Securities—
conv
150
Co..20
Aug
31n
Montgomery Ward A
*
Montreal Lt Ht & Pow—*
21%
50
•
50
Co
Jan
22^
pref—100
Mock Judson Voehringer.*
Moh & Hud Pow 1st pref.*
21%
106% 107
6
23
27n
109% 110%
Aug
51
27n
*
preferred
July
Mining Corp of Can
*
Minnesota Mining & Mfg.*
Miss River Pow
27 n
"4 H "4 %
2%
23
57
*
Midvale Co
32,400
*
*
pref
Pa Pr & Lt $7
Penn Salt Mfg
Feb
"2",166
5%
*
$2.80 preferred
Pa Gas & Elec class A
1,000
*
S2 conv pref
"56"
4%
Fuel Co
—1
Pennroad Corp vto
1
Penn Cent L & P $5 pref.-*
Pennsylvania Sugar
Penn Traffic Co
Midland Oil Corp—
Midland Steel
'54"
5%
100
Preferred
10%
*
'•56
A—*
~
5%
3%
n
3n
*
"1*650
Penn Mex
Feb
Petrol—
Class A v t c
"38%
Peninsular Telep com
$6
2~300
"34"
*'
Plymouth Mills*
B
Class
2,500
"38%
1%
6%
10
Preferred
Middle States
Pender (D) Grocery
62
9,700
in
Patchogue
Aug
Jan
£17%
17
xl7
Tube—2.60
Sugar Co
-*
Michigan Steel
July
Jan
2%
3%
2%
3%
Mar
36
8%
31%
10%
Aug
Aug
Mexico-Ohio Oil
Michigan Gas & Oil
82%
104%
2,800
—1
10
Parker Pen Co
Jan
40
200
5
5ie
Jan
May
3%
1,100
61
6%
pref—
Michigan Bumper
Feb
Apr
27
preferred—100
6% % A
Apr
20%
89%
5%
of Venez
200
300
~
10
1
Pan Amer Airways
High
800
"7% "tn
7%
Pacific Public
90%
60
Mesabi Iron Co
Metrop Edison $6
pref
*
pref—100
Service
*
$1.30 1st preferred
*
Pacific Tin spec stock
*
Page-Hersey Tubes Ltd..*
Low
2,400
"""l25
l07*
i67"
Pacific P & L 7%
Jan
25
4N
32%
Pacific Ltg $6
Jan
5%
"6N
preferred...25
1st
5%%
pref
59
Merchants & Mfg cl
6%
May
2N
1
com..*
*
Overseas Securities..—..*
Pacific Eastern Corp
1
Pacific G & E 6% 1st pf-25
Class A conv
100
104% 104%
A—1
Participating preferred
Merritt Chapman & Scott *
Aug
Apr
Distillers
Oldetyme
#*86 X
9M„J0%
86
76
100
preferred
Jan
64
Mercantile Stores com..
7%
Mar
7%
16%
100
950
May Hosiery Mills—
$4 pref w w.
Memphis
Aug
15
55
42
Mayflower Associates
Mead Johnson &
4
15
54
Master Electric Co
McCord Rad & Mfg
7N
Shares
7%
2%
18
6n
4%
32 n
6%
2%
17%
6%
4%
32%
7n
Outboard Motors B
24%
8N
Marconi
High
Low
Range Since Jan. 1 1936
Week
of Prices
Price
Par
High
for
Week's Range
Sale
(Continued)
Low
Shares
24%
Mapes Consol Mfg
Internatl Marine
Sales
Last
STOCKS
Range Since Jan. 1 1936
STOCKS
(Continued)
Aug. 29, 1936
3
Friday
100
2N
2%
2%
3
3%
4%
2,800
3
1,200
4%
40
3%
3
3%
95
93
95
95
93
95%
2,700
2%
Jan
4%
Feu
350
81
Jan
95
Aug
1,150
78
Jan
95%
Aug
Volume
New York Curb
143
Friday
STOCKS
Last
Sale
(<Continued)
Par
Price
Exchange—Continued—Page
Sales
Week's Range
of Prices
High
Low
—.£1
1
—*
11*
Seversky Aircraft Corp—1
*
11*
3*
com
700
7*
3,600
1,700
3*
Jan
Apr
Jan
Aug
4*
7*
Shawinigan Wat & Pow—*
18*
128
131*
110* 110*
750
117
May
145*
Apr
U S Foil Co class B
30
110
July
116
Apr
June
U S and Int'l Securities..*
1st pref with warr.
*
*
100
332
*
333
100
20
*
328
3*
27*
2*
40
"27 k"
Southern Colo Pow cl A.25
26*
2*
27*
2*
800
40
40
28*
27*
28*
600
27*
300
5*
600
10
5*
5
100
Southern N E Telep.—100
Southern Pipe Line
10
1*
*
7*
39
8
1,500
39*
1,400
.—100
Standard P & L
32 *
*
9*
32*
9*
32*
2*
11*
40*
Feb
Mar
Mar
650
40
450
41
41
20
12*
31*
107
41
100
19*
20*
12*
12*
30*
31*
106* 107
3*
3*
3*
3*
48
23*
49
20*
23*
h
4,400
600
1,200
50
300
100
150
*
Jan
33
Apr
July
Jan
6*
36*
37*
12
12
6*
3*
16*
26*
*
3
6
6,000
7
1,400
200
50
6*
3*
16*
26*
....
23*
2*
20*
——-
3*
3*
15*
9*
100
2,500
3*
17
2,700
27*
3
24*
3*
14*
9
72
Swiss Oil Corp
4*
15*
9*
8
37*
Tasty east Inc class A....1
1
2*
4*
Technicolor Inc common.*
27*
1
6
Tenn El Pow 7 % 1st pf. 100
Tenn Products Corp com.*
Thermoid 7% pref
Thew Shovel Coal Co
100
*
1
Tlshman Realty &
2*
4*
27
M6
106
5*
Apr
July
23*
Jan
97
Jan
36*
107*
4*
4*
11
2* May
2* Apr
14*
5*
pref
1*
50c
*
3*
4
12*
7*
4*
68
3*
50
47
4*
50*
*
*
*
3*
2*
3*
2*
Mar
Jan
Aug
Feb
Feb
July
Jan
Feb
Jan
Feb
Utah Radio Prod
Utlca Gas & Elec
1*
77
8*
"li""
4
3*
3*
4
1*
1 *
1*
Class B
125
600
...
100
Venezuela Mex Oil Co
Va Pub Serv 7%
1
26*
125
91*
26*
Class B
32*
Wentworth Mfg Co
Western Air Express
19*
5
1
Western Auto Supply A..*
West. Cartridge 6% pf.100
Western Grocery Co
20
Western Maryland Ry—
7% 1st preferred
100
July
West Texas Util $6
4*
24*
5
Aug
Jan
June
Apr
Aug
Apr
r>32 June
24*
Jan
4*
8*
59
100
7% preferred
78
Williams (RC)& Co
*
Williams Oil-OMat Ht__*
Conv preferred J
United Gas Corp com...
1st $7 pref non-voting .*
101*
7*
114*
1*
United G & E 7% pref.100
com A..*
United Lt & Pow
Common class B_.
*
8*
14*
$6 conv 1st pref
*
United Milk Products
Apr
Yukon Gold Co
5
July
May
80*
1*
7*
Aug
J Aug
Apr
Apr
5*
52
Aug
June
16*
11*
Aug
July
* June
65
Jan
109
9*
Feb
1946
1951
1st & ref 5s
1st & ref 5s
Feb
...1956
1968
1st & ref 5s
June
1st & ref 5s
8*
8
2*
page
Feb
103
"95*
1967
89*
Aug
Aluminum Co s f deb 5s '52
107*
Aug
Aluminium Ltd deb 5s 1948
1st & ref
4*8
5*s'53
Aug
Amer Com'ity Pow
10
July
Am El Pow Corp
68*
Aug
Amer G & El deb 5s...2028
"l2*
deb 6s '57
1,000
Aug
5*
Jan
stp—1946
Appalachian El Pr 5s. 1956
Appalachian Power 5s. 1941
Jan
Jan
Mar
2,300
'l07*
Am Pow & Lt deb 6s.-2016
82
102*
Aug
Aug
May
Aug
July
66
Apr
80
Jan
27
3*
25
64
Mar
250
100
May
1,000
8*
300
15*
2,000
1
100
6*
200
32*
100
7*
8*
1,800
37*
7*
37*
300
2
8
2*
15,600
4,200
106* 106*
103
103*
101* 102*
93*
95*
2% June
7% Apr
10% May
1
6*
Apr
7* May
9* May
82
104*
5*
10
16*
3
Aug
15*
30
July
40
Feb
3%
5%
29
91*
Aug
Mar
Feb
Apr
July
Feb
Feb
Jan
July
7
Jan
Jan
11
Mar
Jan
37*
9*
4*
Aug
Feb
Feb
Jan
7% Mar
1% June
104
88
10,000
60,000
107
Feb
Jan
Feb
107
July
104*
102*
95*
91*
Aug
Aug
108*
Mar
105*
12*
Aug
96
Feb
84
Mar
89*
173.000
107* 107*
105
105*
11*
12*
J21* 22*
14,000
107
107*
18,000
16,000
s8~66O
102*
53—1948
Amer Seating 6s
100* 101
160,000
102* 103
36,000
8,000
103* 104
U05
105*
56:666
106*
106* 106*
107* 107*
2,000
1119
96*
8,000
121
...2024
Arkansas Pr & Lt 5s—1956
Jan
Apr
102*»
62,000
101
4*s—1947
102*
4*s—1953
62*
60*
62* 100,000
72*
72
79* May
105* May
103* Feb
Associated Elec
102 *103*
Feb
3*
Jan
Jan
28*
Aug
Feb
Jan
108*
Mar
92*
102*
Jan
Aug
103* June
105*
Jan
103
June
105
102
May
107* Feb
106* May
104* Apr
107* ' Feb
Feb
113*
6Ecoo
Aug
13*
106
14,000
47
7,000
40,000
48*
52
161,000
51* 200,000
56
2,000
Debenture 6s
June
400
98
Feb
55* May
108*
117
104
Mar
Jan
Apr
July
65*
Feb
80*
July
54
July
Associated Gas & El Co—■
3*
3
8*
2,700
Conv deb
2,300
Conv deb
1,100
12*
15
9*
38*
14*
16*
16*
2* July
25* May
8*
Jan
94* Aug
5*8——1938
4*8 C—1948
4*8
1949
"48*
46*
46*
..—1950
1968
51*
51*
49*
49*
July
Conv deb 5s
Mar
Debenture 5s.
Feb
Mar
Aug
Feb
Feb
Mar
June
Aug
4*
36*
14*
94*
7*
12
Apr
22
Apr
Feb
10*
July
51
July
1*
Apr
Feb
1977
1950
5*s A '55
Atlanta Gas Lt 4*s_.1955
Atlas Plywood 5*s—1943
Conv deb
55*
5*s
.87*
103*
800
17*
300
1*
800
6*
7*
113* 115
1*
1*
17,400
2,000
July
4
Jan
81*
1,100
*
Jan
Jan
2*
10*
9*
119
7*
8*
6s with
warrants—1938
104
98* 104
w—1938
103
98
6s stamped w
63
50,000
93* 104* 204,000
104* 344,000
Aug
Mar
Bell Telep of Canada—
1st M 5s series A—1955
121
121*
Mar
I960
Bethlehem Steel 6s—1998
J122
Jan
Jan
400
6*
29*
6*
Jan
2*
94*
8*
9*
Jan
68
July
July
Jan
20*
Aug
Jan
55
200
5*
257
Jan
June
6*
257
Aug
July
May
Jan
June
104
Aug
Mar
July
101*
6s stamped x w
Binghamton L H & P 5s '46
Birmingham Elec 4*s 1968
Birmingham Gas 5s—1959
Broad River Pow 5s..1954
Buffalo Gen Elec 5s—1939
Gen & ref 5s
1956
Canada Northern Pr 6s '53
Canadian Pac Ry 6s.. 1942
Carolina Pr & Lt 5s... 1956
Cedar Rapids M & P 5s_'53
Cent Ariz Lt & Pr 5s. 1960
*140*
tl07*
96*
85
84*
98*
106*
104*
105
104*
113
112*
104*
103*
112*
97
25,000
5,000
143
"97
85*
98*
107
104*
105
Apr
Aug
108
Mar
79
Apr
103
Aug
73*
Apr
Apr
104*
104*
Aug
Aug
114*
Jan
117
116
Jan
Jan
134
93
115* 115*
5s series C
77*
116*
122*
3*
4,400
42,000
103
104*
7,800
July
Baldwin Locom Works—
104*
Mar
59
94
1938
July
Mar
July
91*
126,000
18,000
103* 103*
3,000
101* 101*
2,000
6s without warrants 1938
Mar
July
July
57
94
Aug
July
Jan
54
57*
87*
91*
Assoc Rayon 5s
Assoc T & T deb
72*
1st M 5s series B—1957
11*
6*
1371
20
U05* 107
23*
13*
43
United N J RR & Canal 100
59
25
80
76
Am Roll Mill deb
—
dep rets ord reg—£1
Jan
Alabama Power Co—
Feb
13*
7*
700
8*
1
1942
Abbott's Dairy 6s
6*
100
54*
300
BONDS—
Jan
Mar
Aug
*
63
Feb
36* June
20* July
10* Feb
1,000
Wise Pr & Lt 7% pref—100
Wolverine Portl Cement. 10
Aug
1,700
1,000
6,700
6*
2*
2*
3,100
14*
6*
32*
Amer deposit rets
86*
7*
8*
78
101* 101*
3
*
5
8
Option warrants
75*
82
*
5*
8*
1 *
31*
33
19* 20*
8*
8*
55* 59
102* 102*
7* May
9% May
Wil-low Cafeterias Inc—1
Wilson-Jones Co
Woodley Petroleum
1
Woolworth (F W) Ltd—
Jan
Mar
7*
35*
1*
29
15*
*
West Va Coal & Coke
21*
*
om
$3 cum & part pref
United Corp warrantsUnited Elastic Corp
*
92
7
pref..*
Mar
38*
16
3
20
100
*
Westmoreland Co
5s
Wright-Hargreaves Ltd..*
4*
16
i~§66
Jan
July
July
Westvaco Chlorine Prod—
Mar
50
United Aircraft Transport
Warrants
-
1,500
1
2*
500
3*
33*
3y
—*
19*
4*
32*
100
Union Traction Co
91*
26*
Feb
10 y
5b
10b
Wayne Pump common... 1
3,300
38*
8*
11*
26*
Jan
3
600
8,200
*
July
June
7
11*
24*
"*1* "I*
Jan
Aug
2*
6*
'
"Th
pref—100
*
Walker Mining Co
Feb
Feb
5*
89
10
Venezuelan Petrol
Jan
300
10
Union American Inv'g...*
Union Gas of Canada....*
3*
1
7% preferred
Jan
101
1
June
7*% pref_._25
Union Stock Yards
425
Jan
12
*
Twin Coach Co
8
1,000
4*
6
13
"~8*
4*
*
—-*
*
*
Util Pow & Lt common
Conv deb
1
2,800
Western Tab & Sta v t c..*
26*
11*
1
1*
77 *
Westmoreland Coal Co—-*
Trunz Pork Stores
1
X77
200
*
Feb
Am dep rets for ord reg.
Tri-State T & T 6 % pref. 10
Tublze Chatlllon Corp
Class A
1*
19
7% pf 100
Utility Equities Corp
Priority stock
Utility & Ind Corp
Conv preferred.
Jan
May
Triplex Safety Glass Co—
Tung-Sol Lamp Works
80c dlv pref.....
20 800
2*
77*
29
107
*
1,100
Utah Apex Mining Co
6
Utah Pow & Lt $7 pref.—*
Aug
July
1,200
Aug
1* Feb
4* Mar
6* Mar
Aug
Apr
103
*
600
July
...
19
Amer Radiator
4*
3*
1
3*
4*
32
63
1*
1,050
4*
«*
3*
Apr
Feb
3
*
Jan
4*
*
v tc
United Verde Exten
United Wall Paper
Jan
200
23*
12*
7*
68*
—
conv 1st
United Stores
Jan
41*
*
Mar
*
3*
17*
4*
20
-
900
2*
Jan
Feb
Aug
June
Aug
35*
3,400
3*
90
12*
23*
1,000
*
24*
900
200
27
Aug
Jan
3,400
4*
5*
3,600
2*
24
500
3,500
106
15
89
1
20*
5,700
2,700
16
4*
14*
2*
88
Mar
Universal Pictures com
Universal Products
Trans Lux Pict Screen—
see
2*
Aug
6*
150
July
July
July
6,000
6
76
Trl-Continental warrants..
For footnotes
14*
89
3
8
52
13*
3*
Feb
3
3
3
U S Rubber Reclaiming..*
U S Stores Corp com
_*
$7
Feb
10
Apr
30
37*
2*
4*
18*
12*
100
Tonopah Belmont Devel.l
Tonopah Mining of Nev—1
Am
2*
1*
Universal Consol Oil
25
Feb
7% preferred A
$3 preferred
United Molasses Co—
May
39*
Feb
17*
21*
18
300
69
""68*
Todd Shipyards Corp
*
Toledo Edison,6% pref.100
United Chemicals
Jan
42
88*
39*
Wahl (The) Co common..*
Waitt & Bond class A
*
100
1,400
76
ord reg—£1
dep rets del reg—£1
Unexcelled Mfg Co
90
50
39*
100
Feb
Jan
Feb
Apr
2,500
Am dep rets
Ulen & Co
675
89
Jan
Feb
3* May
Feb
Apr
Tobacco Securities Trust
Common
89
10
Universal Insurance
50
23*
Tobacco Prod Exports...*
Am
1,000
3*
18*
6,900
28
106
Const.
Tobacco and Allied Stocks
2
1*
7%
49*
3*
25*
8*
37
5*
4*
Tilo Roofing Inc
2
200
35*
Jan
66
Texas Gull Producing—
Texas P&L7% pref... 100
Texon Oil & Land Co
*
2
2*
35*
Aug
3,300
High
1%
10
51
8
Tampa Electric Co com—*
.....
Apr
10* June
33* Aug
4*
Jan
1* Feb
41* Feb
Aug
5
Low
1*
Corp com..*
U S Radiator
Waco Aircraft Co
102
Taggart Corp common—*
Talcott (J) Inc 5* % pf-50
Teck-Hughes Mines
*
*
250
72
Range Since Jan. 1 1936
Shares
July
July
May
4*
3*
16*
Syracuse Ltg 6% pref—100
Taylor Distilling Co
U S Lines pref
U S Playing Card
Apr
Rights
Swiss Am Eiec pref....
1
6*
59
50
20
Sterling Brewers Inc...—1
Sterling Inc
...-1
Stetson (J B) Co com...
Stroock (S) & Co
*
Sunshine Mining Co.—10c
Swan Finch Oil Corp
15
100
Mar
July
1,200
.._*
Sunray Oil
July
High
*
common
3*
12*
1st preferred
2d preferred
Sullivan Machinery
9*
60
Jan
29
for
Week
of Prices
1 *
Vogt Manufacturing
Co common.
Stutz Motor Car
Jan
July
Feb
*
1
Sterchl Bros Stores
Jan
*
1,200
Steel Co of Can Ltd.—*
Stein (A) &
Mar
Feb
Jan
6*
32*
2*
*
Standard Silver Lead
34*
3*
Jan
Feb
600
38*
—*
Common class B
Preferred
July
*
7ie
9*
1
Standard Products Co—1
7*
7*
48
Conv preferred
5% preferred
Feb
May
1
8
39*
—-—*
Standard Oil (Neb)
25
Standard Oil (Ohio) com 25
July
41*
29*
28*
6*
76*
155*
Spanish & Gen Corp—
Am dep rets ord bear__£l
Stand Investing $5.50 pfStandard Oil (Ky)
10
*
365
Jan
34* Feb
27* Mar
25*
Jan
2* May
76* July
141
So'west Pa Pipe Line....50
Common
Jan
Jan
19
800
7% preferred
Am dep rets ord reg—£1
Spencer Chain Stores
*
Square D class A pref
*
Stahl-Meyer Inc com....*
Standard Brewing Co—
Standard Cap & Seal com.5
Standard Dredging Co—
20*
3* June
6% preferred B
25
6* % pref series C—25
Southland Royalty Co—5
South Penn Oil
25
Finishing
Preferred
7% preferred...
Amer dep rec ord reg..£l
Smith (L C) & Corona
Southern Union Gas
U S
Aug
Aug
Week's Range
Low
U S Dairy Prod class A...*
Class B
*
47*
1*
Price
10
700
Shreveport El Dorado Pipe
Line stamped
25
6% original preferred.25
Preferred
United Shipyards com B..1
United Shoe Mach com..25
Preferred
25
16
128
5% cum pref ser AAA 100
Typewriter v t c com—*
Sonotone Corp
;—1
Southern Calif Edison—
Feb
Apr
"loo
Sherwin-Williams of Can. *
-
Mar
*
20*
"50"
-—25
Singer Mfg Co
Singer Mfg Co Ltd—
15
Sharing
"56"
com—1
Sherwin-Williams com..25
2*
1*
July
Apr
Jan
4
7
20
100
Sale
Par
Feb
3*
Shattuck Denn Mining—5
Shenandoah Corp
$3 conv pref
2*
*
12
*
Lasi
(Concluded)
High
Low
United Profit
Sentry Safety Control
Seton Leather
STOCKS
Week
Shares
Selfrldge Prov Stores—
Amer dep rec
1369
Sales
Friday
Range Since Jan. 1 1936
for
4
138
75
Jan
145
105*
Feb
107
50,000
89*
Jan
17,000
76
Jan
87^
Jan
103*
Apr
Apr
109
6,000
5,000
89*
105*
9,000
104
7,000
102*
109*
98*
Mar
105*
Apr
116*
Jan
iosl
Jan
104*
113*
Jan
107*
113*
32,000
104*
112*
18,000
106* 107*
4,000
2,000
108
Last
(Continued)
Sale
Price
Week's Range
of Prices
Low
High
104 34 10434
1956
434 s
F.1967
ser
6s series G
103
1981
Yards 5s
Chic Pneu
1940
-
Cincinnati St Ry 534s A '52
1955
1966
6s series B
7,000
96
9,000
Jan
Apr
May
102
Aug
10434
10234
Aug
95
Apr
Feb
93,000
43,000
61
Apr
7534
6234 May
7834
Jan
7034
70
71
97,000
45,000
8034
10634
Feb
8,000
105
10534
{10534 106
65
10434
10534
Apr
Apr
Aug
96
106
Aug
,
Feb
Jan
June
2,000
111
111
111
10234 10334
7334
10,000
10934
10134
67
8634
93
6934
6934
9734
9634
4,000
99
9934
11.000
82
8234
8,000
8134
102
229.000
82
10234
104
8,000
7334
9934
9634
11134
Apr
Apr
82
96 34
Jan
39,000
Aug
June
1949
Commerz & Prlvat 534 s '37
Commonwealth Edison—
1st M 5s series A... 1953
1st M 5s series B
1954
10434
104
17,000
Jan
98
Aug
Jan
100
Aug
Indianapolis Gas 5s A. 1952
Jan
8634 June
8534 July
10334 July
Ind'polis P L 5s ser A. 1957
Intercontinents Pow 6s '48
Jan
May
8034 July
Jan
8034
July
International Salt 5s..1951
53
5234
5334
8,000
34
Feb
5334
Aug
International Sec 5s_. 1947
Interstate Power 5s—1957
1.00c
5,000
50,000
10534 10634
46,000
111 X
4,000
12,000
11034
11034
11034
Apr
Mar
110
July
103 34
10334
10,000
7634
106
"77"
7734
99 u
99,000
10534
10334
10234
6334
8,000
9834
9934
Jan
113
11334
11334
June
Jan
Mar
124
1951
{12534
1956
5s series D._
...1962
{10634 108
{10734
10634
106
—
{111
113
11034
120
{122 34 123
1954
May
Jan
Apr
10634
Feb
7934
Aug
Aug
99 34
Aug
Jan
w
w.1943
Cont'l Gas & El 5s__._195£
Crucible Steel 5s
734s 1941
9434
194C
Cuban Telephone
Cuban Tobacco 5s
Delaware El Pow
"97 k~
1944
Cumberl'd Co P&L 434s *56
Dallas Pow & Lt 6s A. 1949
5s series C—
1,000
10534 10534
10334 10334
534s.1969
2,000
{108 34
Denver Gas & Elec 53.1949
1950
5,000
10,000
106
1952
Det City Gas 6s ser A. 1947
106
107 34 108
107 m
103
103
Derby Gas & Elec 5s. .1946
5s 1st series B
Iowa Pub Serv 5s
Jan
Isarco Hydro Elec
109
Jan
Isotta Fraschini 7s
July
Jan
11234 May
12434 July
Mar
110
Feb
Aug
10634
Aug
k
13~666
10634
10634 107
15,000
106
10534 106
35,000
88
Jan
10034
Mar
48
Jan
2934
Jan
8534
Jan
95
Aug
Aug
104
Apr
10134
8834
70
10534
106
Jan
Jan
Mar
Apr
10534 Aug
10234 May
10734 May
9934
Jan
10534
Jan
10234
Jan
10234 June
8334 Apr
10734 June
110
Jan
108
May
10534
Apr
109
Feb
10334
Aug
10734
July
10634
July
634
Aug 1 1952
.
6343-1937
103 34
9334
89 m
Elec Power & Light 5s. 2030
1952
634 s series A
Erie Lighting 5s
103 %
9234
87 34
1,000
5,000
9334 200,000
8934 255,000
1,000
9234
Banks 6s-5s stpd___1961
10134
10334
10334
74
60
10634 10634
k
9734
98 34
9634
9734
Louisville G & E
Jan
Manitoba Power
Jan
234
Jan
Jan
104
July
Middle States Pet
92
Jan
Midland Valley 5s
1943
4034
Jan
69
June
Jan
108
June
2734
28
...
Aug
July
1,000
134
7534
Apr
20,000
10134 10134
12,000
9934
Feb
10334 10334
18,000
10334 10434
9,000
Jan
3934 Jan
2834 June
534 Feb
9334 Aug
28~666
69,000
Jan
11,000
8834
9234
8334
9634
9734
13,000
82
Jan
9734
9834
13,00C
96
July
10134
3,000
98
"92"
May
31,000
Jan
Jan
9934
10034
9834
9734
10234
10234
Aug
New Amsterdam Gas 5s '48
N E Gas & El Assn 5s. 1947
93
19,000
79
Jan
96
July
69
2,000
30
Jan
70
Aug
2734 July
2234
June
2^666
20
June
27
Apr
48,000
86
May
95
Aug
Georgia Power ref 5s.. 1967
102
10134 102
112,000
8534
8434
"
16,000
6~8~666
85
Apr
16,000
79
Aug
10134 102
86
18,000
83 34
"88 M
93
3834
9034
103
Jan
10234
106
Apr
108
"78
64
July
{55
6934
60
44
{10634
Gt Nor Pow 5s stpd—1950
Grocery Store Prod 6s. 1945
Guantanamo & West 6s '58
71
71
6,000
10434 10434
8,000
1961
102 34 10234
22,000
Hackensack Water 5s. 1938
10934 10934
106 34 10634
1,000
10434
1977
1947
1935
10234 July
{7534
Grand Trunk West 4s. 1950
Hamburg Elec 7s-
Apr
May
86
87 34
Glen Alden Coal 4s...1965
Hall Print 6s stpd
Mar
79
29
8534
{32
1953
9534
96
9434
{2834
97
2,000
42,000
90
5634
10434
10234
10834
10534
Mar
Jan
Mar
Mar
Feb
& St Ry
534s
Rubber 7s
11034 July
10734
Jan
97
4334
Aug
Jan
10134 10134
1,000
{10434 10534
10334 10334
Tooo
Houston Gulf Gas 6s.. 1943
634s with warrants. 1943
10334
3234
Jan
Aug
10334 May
9734
Jan
10434
Jan
10734
10334
July
July
2134 June
{26 34
1936
2934
10134
Houston Light & Power—
1st 5s series A
1953
10534 10534
6,000
10434
Mar
1st
434s series D
434s series E
1978
105
105
1,000
103
Mar
10834
10734
Mar
Mar
1981
106
106
4,000
104
Mar
107
Aug
Hydraulic Pow 5s
1950
{11534
—
Jan
1951
{196 34
—
11134 June
10634
Apr
114
Ref & impt 5s
108
Jan
1st
For footnotes see page
1371
July
1,000
107
853
853
1093
July
Feb
103
Feb
72 34
July
88
Feb
60
July
79J4
Jan
92
Feb
2,000
12,000
'
5,000
99
Apr
10434 June
10434 May
10434 Apr
10134
Jan
4734 May
10534 Aug
61
Jan
8,000
108
Jan
'7,000
10334
Apr
106
Mar
35,000
10334
Jan
Jan
Mar
Aug
Feb
10634
11934
10334
Apr
100
Aug
Feb
10834 July
10834 July
10434
"
4~666
11534
10034
18,000
90
4,000
9934
9834
10634 107
102
10234
101
5,000
9534
Feb
90
Apr
26,000
10334
Jan
10434
Apr
10334 10334
10434 10434
7,000
10234
Apr
June
8,000
10334 May
10834
Feb
Jan
10434
10634
II234
10434
10434
11134
15,000
4,000
21,000
IO234
10334
10234
Jan
106
Feb
"moo
105
Apr
22,000
10334
Jan
10434 Apr
10734 Mar
10634 May
10534
7534
Aug
10734
Feb
Jan
8734
Aug
111
105
{10334 104
10534 10634
10534 10534
10534
{10534 106
87
8634
10534
{2534
"
2~6OO
10134 10234
104
10434
10634
{106
Aug
10434 July
10734 May
"i~6do
103
10234
46,000
102k
July
106
10534 106
3,000
106 4
Aug
93
20,000
98 34
57,000
106 34 10634
108
10834
14,000
7,000
10734 May
10934 June
10734 10734
7534
7434
1,000
10834 May
93
9834
7534
9234
9734
96
734
{105
97
8
11,000
9534
Aug
18,000
10734
Aug
31,000
25,000
16,000
10034
10434 10534
96
9534
2l~666
27,000
35
127,000
10834 109
33
12,000
3234
12334
10734 108
97
9734
{122
108
9734
119
"75 k
119
9534' Feb
9834 Aug
"V, 000
92,000
1,000
54,000
76
9334
Jan
534 July
10234 May
Apr
97
July
18
Jan
10734 June
11734
Jan
10534 May
8634
Jan
10934
Jan
6434 May
139,000
91
7,000
8434
2,000
103
7434
Jan
84
103
10634
10334
10734
10134
1954
113
{105
434s stamped..1950
434s '67
N Y State E & G 434s-1980
11034
{11134
N Y P&L Corp 1st
{108
10634
10334
10734
10134
Nippon El Pow 6348—1953
106
69
Jan
97
May
July
Apr
10634
10,000
105
10334
26,000
3,000
10234
Jan
10534 Mar
10134 Aug
11134
Apr
10534 Aug
10534 May
8434 Mar
108
10134
{10634 10734
8634
8634
1959
6434 May
6434 Apr
105
New York Penn & Ohio—
2.000
1,000
No Amer Lt & Pow—
93
6134
93
93
15,000
9034
61
62
14,000
1,000
10634
10634 10634
Feb
Aug
8534
9034
103
July
107
91
84
10
106
Apr
Jan
New Orleaas Pub Serv—
July
10134 May
97
Jan
No Indiana G & E 63.1952
Jan
9934
9934
94
9434
10634 10734
10134 102
94
107
85
..1956
534s-1948
Mar
15,000
8834
5348 series A
Aug
62
52,000
5s series A
Aug
102 34
11,000
64,000
Debenture 5s
June
June
27
33
50
{
10234
June
10434 10434
10534
11134
10434
98
534s
July
10334 10334
9934 100
1st
Apr
22,000
9734
Ext
99
June
9834
98 34
9834
9934
534s '50
Feb
Mar
Feb
9734
N Y Central Elec
Jan
10634
10534
June
1954
Income 6s series A..1949
Feb
July
75
New Eng Pow Assn 5s. 1948
1942
106
71
3934
13,000
5s stamped
101
10634
90
6,000
10234 10234
10634
Jan
Apr
Jan
53
10534 106
102
8734
10234
Jan
I2T666
52
99
Apr
May
59
104
78
65
90
{11934 120
Apr
44
1,000
67
10734 108
106
8134
99$4 June
5734
108
Feb
Aug
22,000
67
July
9834
10434 10534
10534
{69
Jan
61,000
2,000
105
"58 k
Niagara Falls Pow 6s. 1950
10334
83
Feb
5334
60,000
Feb
Mar
10634
Jan
54
7534
Feb
Aug
50
7534
75
Aug
Jan
25,000
42,000
41.000
10534 10534
10534
Jan
Feb
Feb
17
7534
Nor Cont'l Utll
1938
10534
Jan
7334
7334
Jan
Hamburg El Underground
Hood
9634
10634
10434
434
74
1962
N Y & Westch'r Ltg 4s 2004
Jan
Aug
19 000
30,000
75
Mar
May
78
51,000
7534
60
72
July
1950
Jan
Jan
7534
1948
Mar
Jan
Jan
Conv deb 5s.
82 34
25
3034
Feb
Feb
63
Conv deb 5s
Debenture 534s
Feb
8,000
105
.2022
6s series A
Feb
7434
25,000
434s. 1981
Nevada-Calif Elec 53.1956
11134
July
8634
1944
Munson SS 634s ctfs.. 1937
Neisner Bros Realty 6s '48
107
Jan
Feb
76
8534
534a
Nebraska Power
Jan
Aug
Jan
{10134
1c034 101
5343 '55
Nat Pub Serv 5s ctfs. 1978
91
Aug
July
65
75
80
10734 10734
9834 100
86
Miss River Pow 1st 5s_ 1951
Aug
Aug
Aug
Mar
107
Jan
May
10934 May
20,000
Mississippi Rlv Fuel 6s '44
Aug
9134
2534
Apr
86M
9834
10434 May
9134
2030
98
69
{20
10834
10134
2,000
4,000
9034
95?4
10534
69,000
Aug
63
10534
Jan
9834 9934
9934 100
98 34
9834
MS*
97
7234
Nassau & Suffolk Ltg 5s *45
100
Apr
102
Jan
7234
Nat Pow & Lt 6s A...2026
Jan
10634
9534
9034
Jan
100
35,000
63
Feb
91
...
10434 10434
97 34
10534
July
95
5s series A
1957
96
1,000
Montana Dakota Utilities
July
24
434s series B
Miss Pow & Lt 5s
22,000
96
7434 118,000
33.0c0
6534
Feb
Feb
Jan
Mar
102
10234
9.2 34
Gulf States Utll 5s... 1956
1955
10134
7434
"lod"
Missouri Pub Serv 5s. 1947
20
Guardian Investors 5s_ 1948
1955
Mississippi Pow 5s
Jan
7934
Aug
95
(Adolf) 434s.-1941
4348—1967
434s
1978
5s
86
75
79
Memphis P & L 5s A..1948
Metropolitan Ed 4s E.1971
Minn P&L
30,000
79M
102
24
Gobel
McCord Rad & Mfg 6s '43
June
9734
74
634s *45
Jan
Jan
106
10534
70 34
78 without warrants. 1941
104
Gen Wat Wks & El 58.1943
Georgia Pow & Lt 5s..1978
434s C '61
5348.1951
Feb
23,000
Mansfield Min & Smelt—
3
Gen Vending Corp 6s. 1937
Certificates of deposit
Gesfurel 6s
1942
Lone Star Gas 5s
Long Island Ltg 6s.—1945
Louisiana Pow & Lt 5s '57
105M
35
634
McCallum Hosiery 6348 '41
134
101
General Pub Serv 5S..1953
Gen Pub Utll 634 s A. 1956
General Rayon 6s A..1948
Kimberly-Clark 5s—1943
Koppers G & C deb 5s. 1947
Sink fund deb 5348-1950
Lehigh Pow Secur 6s__2026
Lexington Utilities 5s. 1952
Libby McN & Libby 5s '42
Deb 5s series B
99H
9934
Deb 6s series B
1941
1969
5s series I
Aug
93 34
9134
{93
104
Deb gold 6s. June 15 1941
General Bronze 6s_.__1940
634b series D
5343 series F
H..1961
1948
.1955
9334 Aug
9234 flune
10934 Aug
10534 Aug
Gary Electric & Gas—
1944
1st mtge 5s ser
Feb
5,000
60,000
Kentucky Utilities Co—
Jan
109
102
74
1947
Kansas Power 5s
Feb
5,000
2,000
20,000
105*4
Kansas Gas & Elec 6s.2022
Jan
Feb
Aug
78
8334
10534 106
6
634
"79"
Jersey Central Pow & Lt—
5s series B
1947
1961
10134
Jan
9934
Jan
{111
7434
Stamped
Missouri Pow & Lt
First Bohemian Glass 7s '57
Gatineau Power 1st 5s. 1956
1963
1942
1034
Mar
10534
87
434
Jan
434 May
34
Jan
34
Jan
10134
Jan
9234 Aug
.
9934
10234
9834
8034
10334 10334
{28
134
Federal Water Serv 534s'54
Finland Residential Mtge
Fla Power Corp 534s.1979
Florida Power & Lt 5s. 1954
34
10334
34
103
{26
Federal Sugar Ref 6s.. 1933
53 ex-warr stamped.
Jacksonville Gas 5s.
Milw Gas Light
Farmers Nat Mtge 7s. 1963
Firestone Tire & Rub 5s '42
1,000
60
106 H
European Mtge Inv 7s C'67
Firestone Cot Mills 5s. 1948
134
86
86
1953
1967
134
104
1950
Empire Dist El 5s
Empire Oil & Ref 534s. 1942
Ercole Marelli Elec Mfg—
3,000
10834 10834
Elmira Wat Lt & RR 5s '56
El Paso Elec 5s A
32,000
534
%
Certificates of deposit.
Eastern Gas & Fuel 4s 1956
Dixie Gulf Gas
734
5
Aug 1 1952
Certificates of deposit.
Deb 7S
1942
106
Jan
Feb
Jan
7434
7434
8234
8134
109
95
ink"
78.1952
11
Detroit Internat Bridge—
6348-—
1957
Mar
109
12734
Mar
82
99
10834 10834
9534
9534
4348-.1958
Mar
Jan
107
{10634
1961
5s series B._
May
May
106
{9334 95
33
{30
9434 161,000
9434
5,000
10134 10234
97
2,000
9734
2,000
7634
7(534
9434
10834
1947
5s series A w w
58
1,000
10434 10434
Iowa-Neb L & P 5s... 1957
105
4348 series C
1st & coll 6s ser A..1943
101
10134
"95k
Without warrants....
Jan
10634
{106 34 108
1981
9634
Jan
92,000
10134 102
9734
Invest Co of Amer—
Jamaica Wat Sup 534s '55
1981
633 s
1958
Mar
108
Consol Gas Utll Co.—
Conv deb
434s series F
113
Consol Gas El Lt & P (Bait)
4s called
165 k
loik
5634
1,000
109
9834
1956
Italian Superpower 6s.
Consol Gas (Bait City)—
5s
1939
1st ref s f 4s
6s series D
9,000
7534
7534
High
Low
S
9934 158,000
7,000
10734 10734
37,000
105
10534
12,000
10434 105
"9934
Interstate Public Service—
Iowa Pow & Lt
434s series C
1952
Debenture 6s
Jan
Connecticut Light & Power
434s
1952
7s series F
Jan
6634
111 3$
Gen mtge
1957
6534
10734
7s series A
7s series E
18.000
107
1960
105
60,000
111
Community P S 5s
Mar
77 m
111/4
1965
102
1955
7734
107
I
7534
109
International Power Sec—
77
111M
334s series H
1963
1st lien & ref 5s
77
1956
Community Pr & Lt 5s '57
1948
'58
Indiana & Mich Elec 5s '56
5s
..1957
Indiana Service 5s
1950
Indiana Gen Serv 5s__
7734
1st 434s series D —1957
1st M 4s series F
1981
Com'wealth Subsid 534s '48
1951
5s series C—
77 h
11134 11134
11134 11134
11134 11234
434s series C
...1953
634s series B
634s series C
Line 6s
534s
1949
1947
Illinois Central RR 6s. 1937
111 Northern Utll 5s... 1957
111 Pow & L 1st 6s ser A '63
1st & ref 534 s ser B.1954
1st & ref 5s ser C...1956
S f deb 534s.—May 1957
Indiana Electric Corp—
6s series A
1947
7534
75 a
6s series B
Idaho Power 5s
Jan
Jan
Range Since Jan. 1 1936
Week
80
Gas
Service
for
of Prices
Low
High
Indiana Hydro-Elec 5s
81H
1st
9334
10234
7134
10234
Pipe
1943
Cities Serv P & L 534s. 1952
Jan
Mar
Aug
July
6934
-.1950
Cities
99M
10534
10234
10434
70
Cities Service Gas 534 s '42
Conv deb 5s
Jan
18,000
2,000
Jan
94
68
1927
Cities Service 53
Week's Range
Sale
High
71 34
Tools 534s.1942
Chic Rys 5s ctfs
Last
Price
8834 June
8234
Jan
D..1957
"94 k
Cent Pow & Lt 1st 58.1956
69 34
Cent States Elec 6s...1948
5Mis ex-warrants—1954
534s '53
Chic Dist Elec Gen 434 s '70
6s series B
1961
Chic Jet Ry & Union Stock
100J4
10234 10234
90
8934
9434 9534
102 X
Cent Power 5s ser
Cent States P & L
18,000
10134 102
10334 10334
Cent Maine Pr 434 s E. 1957
Cent Ohio Lt & Pr 5s. 1960
Low
$
10234 111,000
103 m
16,000
102
102
1968
434 s series H
BONDS
(Continued)
Range Since Jan. 1 1936
Hygrade Food 6s A —1949
Central 111 Public Service—
68 series E
for
Week
1936
Sales
Friday
Sales
Friday
BONDS
1st & ref
Aug, 29,
New York Curb Exchange—Continued—Page 5
1370
53
3634
Aug
112
May
125
June
109
9834
119
Feb
July
July
7934
Feb
7934
7934
9934
10234
Feb
91
8634
104
Feb
Mar
Mar
Aug
July
Feb
11034
10734
Mar
104
July
10834
Apr
Jan
10534
Feb
11234
10834
Mar
Jan
109.
Jan
90
Feb
Jan
Apr
97
Mar
67
July
Mar
108
Jan
Volume
New York Curb
143
Exchange—Concluded—Page
Sales
Friday
BONDS
Last
Week's Range
for
0Continued)
Sale
of Prices
Low
High
1966
6s series D
10524
10534 10524
5,000
10534
35,000
104
104
1970
104""
1940
10334
10334 10334
19,000
3,000
N'western Elec 6s «tmpl945
N'western Power 6s A. 1960
10324
10324 104
16,000
434s series E
No States Pow
534s
7134
Ogden Gas 5s
5,000
30",660
*70
Ohio Edison 1st 5s__—1960
10624
10534
Ohio Power 1st 5s B—1952
...v.—
1st A ref
1945
7134
10234 10334
10624 107
10534 10524
Certificates of deposit..
N'western Pub Serv 6s 1957
434s ser D.1956
10624
*106
10534 106
62,000
18,000
1953
5s series D
1954
534s series E
1961
Okla Gas A Elec 5s—.1950
1940
6s series A
Okla Power A Water 5s '48
Oswego Falls 6s
1941
*10934 111
10534 10534
*10634 10734
105
105
10524
10234
10234 10234
9234
9224
9234
10034 10024
1023*
102M
98
10234
10024
June
Standard Pow & Lt 6s. 1957
Standard Telep 534s..1943
10524
June
Stlnnea
Jan
104
June
Aug
Mar
10434
10434
Aug
7-4% stamped
Jan
73
Aug
Jan
7234
Aug
Jan
10334
Jan
10934 June
107
10734
Mar
10334
Apr
107
Mar
July
July
112
Feb
107
May
t
10734
Jan
10334 June
107
Feb
6,000
11,000
102
Mar
105
86
Apr
106
1,000
9334
10524
120
52,000
11924
Apr
11934
Pacific Invest 5s ser A.1948
10134
Pacific Ltg A Pow 5s-1942
J11524
Pacific Pow A Ltg 5s„1955
8924
8934
Palmer Corp 6s
10234
1938
Penn Cent LAP 434s. 1977 'lbl%
10434
5s
1979
10534
162
Penn Electric 4s F
1971
10134
1941
10134
4,000
11634
8934
2,000
10434
30,000
10534
1,000
12,000
10634 10634
Deb 534s series B
1959
Pennsylvania Power 5s '56
Penn Pub Serv 6s C—1947
5s series D
10334
10524
10524 10524
107
434s series B
1968
Peoples Gas L A Coke—
—1981
Phlla Electric Co 5s—1966
9734
1824
Apr
108
Aug
Toledo Edison 5s
Twin City Rap Tr
Jan
12134 Mar
10234 Mar
11634 May
9434 Feb
Feb
Apr
Apr
104
May
100
Jan
105
Apr
10734
Jan
102
Aug
Mar
Mar
11224
10834
534s —1972
Phlla Rapid Transit 6s 1962
Phil Sub Co G A E 434 '57
Ptedm't Hydro-El
634s '60
Piedmont A Nor 5s
Elec
93
107
107
104
10434
24
6s__1953
Feb
Jan
72
7324
2,000
11,000
103
Jan
5,000
105
May
108
Mar
9634. Jan
2034 May
10324 Feb
105
Apr
14,000
5,000
105
4,000
7324
51,000
65•
June
10524
10624
6634
Mar
107
107
10724 108
8834
8834
9934
9934
24,000
Power Securities 6s
100
100
12,000
14034
14034 14034
42,000
111 34
11134 H234
19134
92
10434 10424
104
10434
10334 104
10534 105 34
6,000
10824
104
"3",000
10134
Jan
Jan
Prussian
1949
107
100
*2534
Electric 6s-.1954
Aug
25,000
7,000
5,000
1,000
3,000
26
Jan
Jan
9024
Jan
9724
Jan
2234 June
11334 Mar
11234 July
9434 Apr
10834
Jan
7534 June
10634 Mar
2734
106
8334
107
Mar
Mar
Mar
100
101
Aug
July
1956
5s series C
32
1978
1980
F.1981
1960
ser
104
10534
634s.
1966
10524
10534 10524
10334 10334
9434
9524
Pub Serv Subsld 534s. 1949
3,000
"9434
1st A ref 5s series C. 1950
9124
9134
92
20,000
1st A ref
86
8524
8634
50,000
ser
D_ 1950
1968
Queens Boro G A E 434s '58
534a series A.
1952
t10334 10434
Reliance Manag't 5s__ 1954
Rochester Cent Pow 5s '53
75,000
tl0524 10634
19924 101
8934
J89 '
Quebec Power 5s
106
27
Ruhr Gas Corp 6348--1953
Ruhr Housing 634s
1958
Safe Harbor Water
434s *79
'10534
Saxon Pub Wks 6s
27
12934 12934
San Joaquin L A P 6s B '52
Sauda Falls 5s
1955
Schulte Real
'
t25
2834
10624 10634
15
1434
10534 10524
106J4
St Louis Gas A Coke 6s '47
San Antonio P S 5s B..1958
106
t10834
t2534
1937
634 % serial notes
1939
634 % serial notes... 1940
Utah Pow & Lt 6s A..2022
3,000
2,000
27
88
1,000
36,000
9334
15,000
10534
9424
9324
33,000
8,000
11124 112
"87"
86
14,000
87
434s
1944
*19224
*10324
10134
10034
10034
102
Utica Gas & Elec 5s D. 1956
5s series E
22,000
1937
10134
1st ref 5s series B ..1950
10034
1946
20,000
10134
10,000
108
101
534s '57
534 s A. 1946
6s.
104
102
*105
Vamma Water Pow
Va Public Serv
103
1935
2024
6s ex-warrants...
1935
2024
*
100
8634
8334
7824
103
7s with warrants
Second Int'l Sec 5s
1948
Servel Inc 5s
100
1948
Shawinlgan WAP 434s '67
434s series B
1968
1st 434» series D._. 1970
Sheridan Wyo Coal 6s_ 1947
"165"
104J4
10424
6634
100
100
10634
10434
10424
10434
10634
6634
105
101
3,000
10034 10124
10034 101
94
95
23,000
30,000
95
14,000
25
Ward Baking 6s
1937
Wash Gas Light 5s... 1958
Wash Ry & Elec 4s_. 1951
107
2534
West United G & E
534s '55
Wheeling Elec Co 5s..1941
107"
26:660
10424 105
11134 11134
95
9734
6634
6724
10524 106
10724 10724
10,000
107
2030
July
10524
1,000
~4"666
5,000
30,000
1,000
Yadkin Rlv Pow 5s... 1941
York Rys Co 5s
1937
2,000
4,000
Baden 7s
25
July
Jan
Jan
107
Ref M
324s
1945
334s.May 1 1960
324s B.July 1 '60
10634
lo'ooo
4,000
28,000
Jan
Jan
6s series A
Aug
Danish
July
17
July
16
July
30
10124 May
104
Sou Indiana G A
8224
Southern Nat Gas 6s..1944
10324
S'western Assoc Tel 53.1961
10024
APy 5s
1945
Stand Gas A Elec 6s—1935
81
External
634s
Aug
Aug
110
Feb
105
Mar
10734 May
Feb
10734
Jan
11634
100
10434 Apr
11334
Jan
4534
Jan
2534 May
2534 June
76
Jan
80
Jan
10034
8124
Jan
10124
7534
Jan
1029,6
10334
9024
9234
Aug
Jan
Jan
72
June
3224
3334
92
Jan
Jan
June
97
July
10624 May
95
June
11324
9024
Aug
July
Aug
Jan
Mar
June
Apr
9634 j Jan
10034 May
9534
Jan
9134
Jan
8324
Jan
10534
Feb
10634
Feb
10324 July
10134
Aug
10634 May
10734 June
IOO34 Aug
104
Apr
103
Aug
Aug
July
101
9534
June
27
10324
Aug
107
Jan
10534
10534
Mar
10734
Feb
Aug
107
17
105
Feb
Jan
Mar
10724 May
Jan
10534
Aug
11134
8854
Jan
97 34
Aug
Aug
July
Mar
Jan
333
30,000
105
Mar
1,000
107
Feb
5,000
7,000
106
Jan
106
Mar
7,000
6924
10624
10754 June
10234
4,000
Jan
Jan
10334 10324
99
10024
27,000
9234
17,000
99
9,000
91
Jan
104
104
10,000
100
83
8434
35,000
69
8334
3,000
29,000
2424 May
7234 June
7434 Aug
11
Feb
3334
Mar
34
Jan
Jan
102
July
Jan
25
100
Aug
May
9524
8934
6034
2634
2424
1,000
60
Aug
1824 May
1824 May
73
.•>,
Apr
Jan
95
88
July
*20
2034
1924
1334
18
Jan
2034
12,000
9734
1934
1524
1,000
5,000
9234
Jan
July
Apr
Jan
Mar
1034
Jan
8,000
12J4
134
134
20,000
1
Jan
May
1.34
12,000
134
134
124
9,000
1
June
134
20,000
1
May
26
21
2634
1934 May
1 2 24
1,000
17
17
8,000
(State) 7s
Rio de Janeiro
1324
1924
1334
9734
1934
Issue of Oct 1927
Mtge Bk of Chile 6s_—1931
Mtge Bk of Denmark 5s '72
Parana
11:660
15
1524
134
"124
....
6,000
May
9
May
1334
934
7134
Jan
1724
Mar
12
Jan
1
34 May
Feb
Feb
Jan
Jan
22
1434
9834
2324
1724
234
234
224
234
Apr
Jan
Jan
Jan
Jan
Jan
*65
58
Feb
71
Mar
*5024
53
49
June
60
.1224
1945
67
1224
1224
Apr
May
7,000
1134
1134
Jan
1254
.1234
Jan
8234
"MOO
754 May
Feb
May
84
8334
Jan
13",666
934
1224
7s stamped.......1945
Santiago 7s
1949
Aug
5624
Jan
5734
Jan
Feb
Jan
105 54
53,000
5554
Jan
63
Jan
21,000
101
Feb
95
Santa Fe 7s.___.
Feb
1,000
73
*24
1958
Jan
Apr
May
*2334
634s.1958
.1958
634S--1959
Russian Govt 634s
1919
634s certificates
1919
1921
534s
534 s certificates
1921
Mar
Jan
20
80
24
1947
1951
1951
Mtge Bk of Bogota 7s. 1947
-issue of May 1927
Mar
Jan
Jan
17
1,000
*8834
Maranhao 7s
Jan
1824
16,000
*12
10534
10534
103
20,000
2134
2134
2624
Jan
*76
Jan
10034
10624
10524
2,000
Jan
Mendoza 734s
48 stamped
Lima (City) Peru
101
Feb
Medellln 7s series E._1951
10524
10334
107
10724
10454
Aug
Jan
Aug
July
Jan
23,000
Apr
2854
2834
3254
2654
1224
1734
1434
Aug
10634
10034
10034
10034
6934
6034
*2534
Hanover (City) 7s
1939
Hanover (Prov) 634S--1949
37,000
19,000
"2934
"9734
1952
Secured 6s
108
10824
10334
9934 100
Jan
Mar
8434
10254
75,000
*27
3034
2934 2934
10024 100 24
9734
9724
German Cons Munlc 7s '47
103
Feb
83
1953
Apr
103
1957
So'west Pow A Et 6s__2022
S'west Pub Serv 6s
1952
934
..1955
—
98
101
10524 106
1951
July
Danzig Port & Waterways
7234
63,000
10334 10334
Sou Indiana Ry 4s
534s.
Apr
72
Sou Counties Gas
4348.1968
E 534s '57
3034
101
107
69
*7134
824
Prov Banks 6s B._. 1951
Jan
107
Aug
3734
Jan
34,000
2024
2034
2334
2034
1952
124
Apr
8,000
2334
1947
10124
July
58
1st A ref mtge 4s—1960
Sou Calif Gas Co 434s. 1961
S'weetern Lt
7s stamped
Aug
Cauca Valley 7s;
1948
Cent Bk of German State &
12
97
10634 10624
10924 11034
Mar
90
(Province)—
734s stamped
2234 June
10534
4,000
10634
Ref M
108
Jan
,99
107
*2034
...1951
Buenos Aires
May
Sou Calif Edison Ltd—
Debenture
Apr
10634
7634
AND MUNICIPALITIES—
25,000
10524 10624
10634 10634
Mar
FOREIGN GOVERNMENT
Jan
Apr
6634
10734 109
July
34
Jan
Jan
10024
10734
Mar
103
Apr
61
22,000
Southeast PAL 6s
2025
12,000
22,000
100
100
Jan
10334
10324 10324
10324
Agricultural Mtge Bk (Col)
20-year 7s
1946
20-year 7s...
1947
103
10834
2434
10434
100
Jan
Jan
10634
11034 June
1,000
10634 10634
Wise-Minn Lt & P6w 5s '44
July
July
74
10434
Sou Carolina Pow 5s. 1957
40
Aug
July
9834
10534
2534 223,000
10324 10324
14,000
10324
10634 10624
16,000
*106
1954
9824 May
10434
2,000
"28~
2134
2034
2134
2024
10224 10234
68
t66
Feb
June
Waldorf-Astoria Corp—
5s
6s with warrants
90
June
,90
105
*10624 10834
*100
102
...1952
Valvollne Oil 7s
Estate—
Scripp (E W) Co 5348.1943
Seattle Lighting 5s
1949
Jan
July
Puget Sound PAL 534s '49
434s
Jan
Feb
U S Rubber Co—
Jan
10534
"5:606
6634
93
Aug
47,000
Jan
Aug
Aug
10534
27
104 24
"9324
.1952
1973
18,000
87
1974.
6s series A
43
Pub Serv of Oklahoma—
4s series A
Apr
Mar
Feb
74 24
10524
Mar
24
66
88
105
106
11,000
27
107
10424
10434
"4:606
33
1,000
.1945
11234
Jan
29
10434
104
27
Jan
Apr
7,000
11524 11524
Feb
10334
Jan
3,000
6634
97
102
Jan
9924
20,000
98
7724 May
4134
Apr
Aug
10634
11034
10934
Jan
5,000
"97"
42
6724
102
89
39,000
*10624
West Newspaper Un 6s '44
5,000
Apr
Aug
*10534 10634
10634 10634
Wash Water Power 5s. 1960
10,000
Apr
10624 10734 ~32",666
8634
8934 112,000
West Penn Traction 5s '60
26,000
Apr
10224 10224
Feb
Aug
Aug
16,000
2,000
80
*25
14524 May
Jan
6034
4834
10834
104
63
95
10234
West Texas Util 5s A. 1957
1966
434s series D
434 s series E
1st A ref 434s
4|4s series I
f 6s.
s
West Penn Elec 5s
13224
Pub Serv of Nor Illinois—
1st A ref 5s
1st
Jan
Feb
10834
9134
'53
Aug
104
10124 10224
"9624
„
Jan
Public Service of N J—
6% perpetual certificates
80
1967
United Elec N J 4s
.1949
United El Serv 7s ex-w 1956
United Industrial 634s 1941
Mar
11134 June
10834 Aug
8634
Jan
10534 Mar
4134
Jan
14,000
108
434s series F
2024
94
63
—.1957
534s
1959
Un Lt & Rys (Del) 534s '52
United Lt & Rys (Me)—
100
Jan
1961
Potrero Sug 7s stpd—1947
Power Corp(Can)434a B '59
Potomac Edison 5s E.1956
5s series B
434s
Aug
Jan
Aug
43
10534
10624
10424 10534
36 24
3524
3624
105 24
10534 106
*10824
Union Elec Lt & Power—
5s series A
1954
107
Feb
65
43
105
4234
United Lt & Pow 6s__. 1975
8634
6
93
9334
3d stamped
1944
Union Amer Inv 5s A. 1948
6s
July
July
10534
Feb
16,000
*10824 110
8824
10834
10824
1,000
July
49
TOOO
45
*10634 10734
107""
July
39,000
July
"3",000
4634
*43
1962
10524
11424
Jan
10834 June
24
10434
1939
Portland Gas A Coke 5s '40
94
10724 10724
6134
6334
10534 10534
"623*
1954
Poor A.Co 6s
9724
10834 110
94
Pittsburgh Coal 6s—1949
1948
Pittsburgh Steel 6s
Pomeranian
10634
10434
Jan
10624 June
56
46
10534 10534
105
10524
534s '52
Apr
10134
9834
4,000
Ulen Co—
Mar
10434
9734
July
78
7,000
5734
}54
"4634
Tie$z (Leonard) 734s. 1946
Jan
105
2022
Thermoid Co 6s stpd. 1937
Tide Water Power 5s-.1979
Mar
10134
1956
„
Jan
80
112
1924 145,000
24,000
11234 11224
1924
Phila Elec Pow
107
8,000
Texas Elec Service 58.1960
Texas Gas Utll 6s
1945
6s series A
9734
1979
Peoples Lt A Pr 5s
17,000
1,000
10834 10834
*10634 10734
Jill
11234
1954
Penn Water A Pow 53-1940
4s series B
1,000
10334 10434
1950
x-w
Tennessee Elec Pow 5s 1956
Tenn Public Service 5s 1970
Terni Hydro-El 634s.. 1953
Texas Power & Lt 5s
6s
81 "
53
76
5624
1957
Aug
9434
Penn Ohio Edison—
6s series A
5s series B
101
114
50,666
10234
102
98
5734
1970
Jan
Pacific Gas A El Co—
1st 6s series B
1946
434s
1936
High
623^ May
4634
Jan
8034 123,000
75
Syracuse Ltg 534s..—1954
Jan
Apr
108?4
10434
1st
Low
7834
7s stmp ctfs dep. 1946
Super Power of 111 434s '68
Aug
Mar
80
Range Since Jan. 1
*
High
I
Mar
51
10334
10534
Low
(Hugo) Corp—
7-4% stamped
1936
7s stamp ctfs dep. 1936
39P00
4,000
Week
106
5034
9834
107
107
Pacific Coast Power 5s '40
2,000
for
of Prices
Jan
Jan
104
22",000
Week's Range
Sale
Price
Ohio Public Service Co—
6s series C
Last
High
Low
%
105
1969
.
BONDS
(Concluded)
Range Since Jan. 1 1936
Northern Indiana P S—
6s series C
Sales
Friday
Week
Price
1371
6
6734 May
10434
82 24
8434
24,000
50,000
69
84
8224
84
37,000
66
1951
85
8334
85
75,000
64
1966
8324
75,000
6334 May
Jan
Jan
May
May
Debenture 6sDec 1
*12
1961
7s
May
Certificates of deposit.
Debenture 6s
Certificates of deposit.
Convertible 6s
1935
Standard Investg 534s-1939
8434
8334
8124
10024 10024
1,060
97
Jan
*
No par value,
a Deferred delivery sales not included in year's
range
the rule sales not included in year's range,
r Cash sales not Included
range,
x
* 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.
y Under-the-rule sales transacted during the current week and
not Included in
weekly or yearly range:
.
,
No sales.
Deferred
delivery sales transacted
in weekly or yearly range:
z
during the
current
week
No sales.
Abbreviations
I
Above—"cod," certificates
trust certificates;
«•
.,■1
Used
x-w,
without warrants.
w
and
not
included
•
.
i,
of
deposit;
when issued;
"cons," consolidated
"n-v." non-voting stock
"w w " with warrants
Financial
1372
Aug. 29, 1936
Chronicle
Other Stock Exchanges
Sales
Friday
for
of Prices
Low
High
Shares
Price
Par
(Concluded)
Stocks
quotations, Friday, Aug. 28
Closing bid and asked
Week's Range
Sale
Securities Exchange
New York Real Estate
Unlisted Stocks
Ask
Bid
Unlisted Bonds
City & Suburban Homes..
32
Dorset ctfs of deposit
Oliver Cromwell ctfs
10%
7%
-
Bid
Ask
5
4%
143
Hotel Barbizon vtc
103 East 57 St Bldg 6s. 1941
67
69
Lincoln Bldg Corp vtc
Pennsylvania Bldg ctfs
61 Bway Bldg 5%s—1950
32%
35
39 Bway Inc
4%
IX
555
1
IX
2,825
»16
X
3
20
2X
16
413
IX
1
"is%
14%
Established 1853
Mar
$10,000
70
Jan
84
3,950
70
Jan
90%
84
82
84
87
87
90 X
Members:
Exchange
Baltimore Stock
Salle St., CHICAGO
10 So. La
Sales
Friday
of Prices
High
Sale
Bait Transit com v t c__*
*
4%
pref vtc
Consol Gas E L & Power.*
■mm —
35%
16%
%
2%
19%
24
422
92%
40
—
-
Jan
21
July
Jan
36
July
Jan
120
Aug
Apr
50
36
3%
,
30
17%
634
8%
10
1%
3%
155
20
35
35
141
1,001
27%
27%
100
57%
56%
5
13%
12%
57%
13%
Northern Central Ry—50
mm----
7% pf.25
39%
Jan
May
3
6%
Mar
Aug
20%
Jan
14%
7% May
92
3%
3%
1
Feb
17
1%
Merch & Miners Transp..*
Aug
116
11
3%
-
-
Shares
88
8%
mmr-
Price
61
16%
*.
17%
for
Feb
of Prices
Low
High
94%
Jan
July
Week's Range
Sale
450
1,057
43%
43%
mm — —
84
Last
22%
July
111
77
%
Jan
Jan
2
Feb
Aug
31
Jan
3%
37%
23%
Feb
28
Aug
40
Apr
Apr
60
New Amsterdam Cas
23
29
100% 100%
2
1,820
Owings Mills Distillery__l
1%
1%
Penna Water & Pow com.*
95%
95%
95%
57
57
18%
19%
Real Estate Trust Co.. 100
"18%
Western National Bank.20
9%
Jan
16%
Jan
101
Aug
July
2
Aug
98
July
58
Aug
36%
Apr
95
1%
6
87
Jan
70
57
Aug
1,692
34
Jan
55%
D) Mfg com...*
31
30
$22,000
36
99%
53
1975
37%
99%
...1975
North Ave Market 63.1940
3,800
54
1,000
8,000
1,000
100
100
5%s'45
55
16
17
8%
Castings..5
Allied Products Corp—
Common
10
Class A
25
Altorfer Bros conv pref..
Amer Pub Serv Co pref.100
Armour & Co common—5
Asbestos Mfg Co com...l
Associates Invest Co com.*
Automatic Products com.5
Automatic Washer conv pf *
Advance Alum
Boston Stock
15%
Jan
33
July
17
Jan
41
July
84
Jan
100
Apr
53
Aug
63
Apr
100
101% June
Apr
Exchange
both inclusive, compiled from official sales
Par
Week's Range
of Prices
Low
High
IX
4
4
170 X
175%
65
1%
1%
139"
Feb
51
880
20
May
51
Aug
5%
3
3%
1,850
45
47%
9%
11% June
800
850
5
9%
2%
27%
7%
Feb
Jan
7%
4% June
3%
29
27%
12%
7%
27%
40
14%
28%
12%
8%
29%
3%
28%
12%
8%
1,500
950
2,350
400
July
5%
Jan
Jan
48%
Aug
Feb
11
Feb
5
July
1% May
6%
.
16%
21%
Jan
32
7%
Jan
14%
July
3
Jan
10%
July
Apr
490
July
Apr
30%
183%
Mar
Jan
107%
Feb
111%
Mar
150
16%
Jan
250
20
150
27
300
11%
13%
76
1,000
100
110
10
com..*
23
23
23
20
20
21
27
27
V 27
preferred...
Jan
1,400
74
22%
64
Class B
—_---*
Class A
Mar
23
Aug
Aug
34%
Mar
Apr
30%
Mar
July
18%
Mar
Brown Fence & Wire—
10%
......
10
pref.*
Castle & Co (A M) com.. 10
Central 111 Sec com
1
Conv preferred
*
Cent 111 Pub Serv pref...*
Butler Brothers
52%
13%
11%
6,250
7%
Jan
2%
Bruce Co (E L) com
2%
20
1%
Jan
5
Jan
52X
200
38%
Jan
56
July
13
52X
1
13%
13%
Aug
Feb
65%; 71
14
150
1
Jan
350
1,980
1H
70%
1
*
Common
preferred
12
July
18
Jan
57
Jan
71
Aug
"
„
2%
2%
.2%
2%
1%
15,000
Apr
3%
Feb
90
88
90
470
49
Jan
90
Aug
55
*
46
55
820
20% May
55
Aug
Apr
178
30
97%
Jan
107% June
85
224
65
Jan
Range..;-.
70
*
50
14%
Feb
Chic Rys part ctfs
12%
Feb
Chic Towel conv pref
17
Jan
Chic
20%
Jan
14
220
12%
Aug
15%
11%.
261
5%
Jan
14%
%
Feb
1
Apr
Mar
6%
Jan
9%
Apr
CommonwealthEdison.100
%
Jan
1%
Feb
Compressed Ind Gases cap*
Consolidated Biscuit com.l
72
*
100
Employers Group
.General
167"
*
Capital
*
Gillette Safety Razor
—
.*
Isle Royal Copper
100
5% cum preferred
100
*
Mass Utilities v t c
Mergenthaler
July
Jan
16
May
23%
169
Jan
27%
Apr
34
40
Aug
Dixie-Vortex Co
*
2%
25
2%
25
2%
60
1,591
8%
*
May
2%
Jan
July
1%
Aug
Econ Cunnghm Drug com *
16%
%
Jan
2%
Apr
Eddy Paper Corp (The).
7%
18%
Jan
Jan
1%
Jan
45
20
38%
117%
18
45
3%
51
Jan
174
Mar
38c
760
100
50
25
23 X
21%
23%
193
19
38%
986
28%
1%
100
70c
Jan
—--*
United Gas Corp
1
United Shoe Mach Corp.25
ioi'x
"89
'<se
^age
1375.
39
1%
Class A.
Dunst MT_
Elec Household Util cap.5
50
120
Jan
135
106
July
110
"5l"
*
Feb
*
11%
Aug
400
19%
Jan
29
Aug
4%
Jan
120
19%
39%
500
19
100
16%
25%
13%
16%
700
130
9%
18
Aug
18% July
38% May
21
June
41% June
Aug
19
Aug
16%
Jan
20
Mar
10
23
Apr
30
1,60C
13
June
200
19
Jan
27%
38%
Aug
39
Jan
60
July
Gen Household Util—
com
20
'
Jan
Mar
Common
(new)
Godchaux Sugars Inc—
Class A
Class B
*
Feb
Goldblatt Bros Inc
Feb
Great Lakes D & D com..*
com.
12%
10,750
7%
Aug
14%
Aug
600
22%
Jan
39%
Mar
18%
33%
29%
10%
35%
18%
36%
32%
11%
350
8%
22%
Jan
12%
18%
36%
32%
11%
34
*
12%
100
1,200
4,400
7,100
20%
July
Jan
36%
Aug
26
July
33%
Apr
6
Jan
11%
Aug
9%
Jan
17
Apr
13%
Apr
400
14%
Feb
21%
July
Harnishfeger Corp com.. 10
Heileman Brew Co G cap.l
11%
11%
1,110
1%
Jan
5%
Aug
Heller
25
26
26
50
25
July
29
90%
Jan
Mar
Hibb-Spencer-Bart com.25
37
37
70
30
May
38
Mar
Horders Inc
14
100
11
Apr
146
4
713
83
30
38%
104
Jan
Jan
Aug
-
9%
90%
42
Jan
18%
Jan
Aug
226
Mar
75
Jan
9%
July
100% 101%
6%
7%
Mar
Jan
50
15%
30
1,631
Jan
15%
10
51
Aug
Jan
290
50
Jan
Apr
Aug
10%
18
13%
38%
8
36%
250
75
25
Apr
1,000
17%
19%
39%
38
13%
Elgin Nat Watch Co... 15
Gardner-Denver Co
Feb
70%
com
Feb
Aug
58c
May
15%
29
6%
Aug
24
23
5%
39
Apr
107
3%
1,000
Jan
19%
89%
Mar
14%
27%
4,750
98
Jan
17%
88%
Feb
11
14%
38%
25
Preferred
1%
•
15%
23
14
4%
19%
Sub Elec Sec Co com...
June
42
Hall Printing Co com
22
"llli
Mar
5%
Apr
1%
Aug
130%
Aug
35%
"~i~X
26c
%
19
Jan
1%
2%
Aug
2,300
75
100
:
5%
26% May
33c
Reece Buttonhole Mach.10
(Alf) & Cohn comlO
Preferred.
19%
39%
127% 129
45
11%
6%
217
33c
Torrington Co
29
40
*
Stone & Webster
Decker
18
25
July
107
15%
5
146
*
100
Cudahy Packing pref.. 100
Dayton Rubber Mfg com.*
Cum class A pref.
35
Dexter Co (The) com
3%
Shawmut Assn tr ctfs
35
Feb
3
RR
Feb
4
25
Preferred
Mar
Mar
..6
Crane Co common.
July
3X
Quincy Mining
Cord Corp cap stock
13%
150
Aug
10%
300
Feb
202
9%
72%
1,700
100
14%
9%
Aug
U%
117%
100
Preferred
13%
9%
43
U%
May
15
110
96%
42
Continental Steel—
May
14%
1%
July
30
18
Aug
1%
1,300
116
100%
3%
4%
34%
35%
133% 135
Apr
62%
Feb
60
40c
Feb
Jan
Fob
July
10
Jan
38
4%
11%
19%
98
3%
1% May
30% June
12%
41%
500
•
60
Jan
Jan
1%
Feb
800
Jan
May
2
7%
5%
5%
8%
Mar
2%
36%
1%
2%
10
93
1
10,900
340
220
8%
Apr
2%
4%
1%
2%
32% 32%
105% 108
100
3%
Jan
20
31%
20
6%
June
155%
Jan
%
60
3
(The) 100
Pennsylvania RR
tuuuijies
23%
70
Aug
19%
X
6%
11
Linotype..*
100
Butte
Old Colony
294
106%
150
26
100
40%
New England Tel & Tel
N Y N H & H RR
10
168
1%
Jan
26%
105 X 106 X
Consumers Co—
10%
Co—25
Maine Central com.
17
166
Aug
Jan
6% prior pref A
7% prior preferred
50
8%
11%
40%
*
1
Class B
101
106%
42%
11
Hathaway Bakeries pref..*
Class A
*
Helvetia Oil Co
475
23%
*
Gilchrist Co
14
55
17
Economy Grocery Stores.*
Edison Elec Ilium
13%
55
v
8%
Feb
Mar
Jan
33
Jan
4%
Aug
%
84
55
Jan
%
Jan
240
31
May
2%
Feb
Aug
__5
Jan
14
26
52%
Jan
Common
60
49
18
33%
Mar
Mar
41%
12%
120
600
Feb
5%
Mar
75
45
250
11%
83
'
3,850
Apr
1%
Jan
55
64
55
1%
com.*
100
72
*
2d preferred
Coleman Lp & Stove
530
61%
..100
Preferred B
Eastern SS Lines com
Club Aluminum Uten Co.*
67c
72
100
4
*
Cities Service Co com
8%
Eastern Mass St Ry—
preferred
26%
100
62 %
100
100
6% cum pref
4 %% prior pref
106 X
67c
*
2%
X
100
*
yellow Cab Inc cap.*
%
3%
4%
49
%
7%
East Gas & Fuel Assn—
Common
1%
Feb
May
Feb
11%
150
4
100
Apr
7%
25
3
July
6%
June
28
4%
12%
67c
52
28
154
June
Apr
Apr
3
8%
8%
43%
28
41
20
Aug
com..100
July
11%
%
Chic & No W Ry
17%
5
250
Feb
106
6% May
50
Aug
26%
15
54%
Jan
20%
51%
30%
90
22%
Jan
40%
52
Aug
7
Jan
35
X
*
Preferred.:
29
10
8
120
240
Chicago Elec Mfg A
*
Chicago Flex Shaft com..5
Chic Mail Order Co
5
Feb
492
7
240
50
4%
49%
20%
52%
29%
11%
--*
East Boston Co
15%
*
Chicago Corp common...*
Feb
143
May
117%
16
52
Chic C & C Rys pref
July
9
7
25
25
Cliff Mining Co
Apr
2
5%
15
51%
49
Cherry Burrell Corp com.*
Feb
2%
July
67%
8
8%
Tr_*
-.25
Calumet & Hecla
Apr
*
Chain Belt Co com—...*
25%
26 X
100
1st pref stpd.100
1st pref
100
1st pref stpd.100
1st pref stpd.100
Boston Personal Prop
pur
46
110
29
"~29%
Prior preferred..
North
25%
Jan
76
Preferred..
149%
20
141
139
1%
Boston & Maine—
1st
Jan
40
110
66%
100
Herald Traveler.-*
Boston Elevated
Copper
21
20
Borg Warner Corp com. 10
High
Low
1,763
103% 106
Blgelow Sanf Carp pref.100
Boston & Albany...
100
Class D
700
14
Berghoff Brewing Co
1
Blnks Mfg Co A conv pref *
Bliss & Laughlin Inc cap.5
Prior lien
Shares
4
174%
Preferred
Amer Tel & Tel
Class B
Aug
500
43
3%
47%
9%
Preferred
Co—
25
.100
Common..
Class A
16%
15%
23
Central States Pr & Lt—
Amer Pneumatic Serv
Class A
Mar
43
5%
*
Bendix Aviation com
Week
Price
Mar
8%
Central S W—
for
Sale
Aug
18%
Jan
15%
46%
51
Bastian-Blessing Co com.*
Range Since Jan. 1 1936
Last
Stocks-
lists
Sales
Friday
57%
June
5%
1,700
22%
15X
"43"
Canal Const Co conv
Aug. 22 to Aug. 28,
July
15
240
8%
8
High
51%
1,850
57%
17
Common (new)
Adams (J
Brach & Sons (E J)
Bonds—
30%
Low
Abbott Laboratories—
7%
Bait Transit 4s flat..1975
Range Since Jan. 1 1936
Week
Aug
Mar
Vern-Woodb Mills—
Preferred
Par
Stocks—
.
11%
May
1%
Sales
Friday
Feb
Feb
30
Jan
Jan
5
June
290
7%
Apr
223
5%
116% 117
116%
25
25
preferred
400
2%
112% 112%
19
20%
35%
33%
20%
1 Preferred
Mar Tex Oil
18%
92
<-
-
112%
100
com.l
1
Fidelity & Deposit
20
Fidel & Guar Fire Corp. 10
Guilford Realty com
*
Houston Oil pref
100
preferred
Eastern Sugar Assoc
pref
—
High
Aug. 22 to Aug.
23%
23%
*
Black & Decker com
Low
4%
"~2%
Chicago Stock Exchange
28, both inclusive, compiled from official sales lists
Week
Shares
2
17%
*
Arundel Corp
Low
Range Since Jan. 1 1936
for
Week's Range
Last
Price
Par
Stocks—
Boston
Chicago Stock Exchange
Chicago Curb Exchange
Stock Exchange
Curb (Associate)
both inclusive, compiled from official sales lists
Aug. 22 to Aug. 28,
Read Drug & Chem
Aug
Pan! H.Davis & (?o.
Baltimore Stock Exchangee
and Commodity Exchange, Inc.
New York
A 5s flat
Aug
Listed and Unlisted
New York
B 5s
X
SECURITIES
CHICAGO
York and
Chicago Board of Trade
Mt
Jan
21
1948
NEW YORK
Yoik, Pa
Louisville, Ky.
Hagerstown, Md,
Monon W Pa P S
Apr
4
10
Ry—
39 Broadway
BALTIMORE, MD.
2d
July
121
1948
STEIN BROS. &> BOYCE
Mfrs Finance 1st
16X
10%
29 X
9
21
8X
Baltimore Stock Exchange
Orders Executed on
5%
9X
May
21
Series B 5s
1st
1%
4
Bonds—
Eastern Mass St
New
Feb
Aug
2X
Jan
Jan
Apr
Jan
Jan
21
Series A 4%s
Members
High
Low
7
units
54
6. S.Calvert St.
Week
3
IX
Mining
5
Utah Metal & Tunnel
1
Venzuela Mexican Oil C-10
Waldorf System Inc
*
Warren Bros Co
*
Warren (S D) Co.*
Utah Apex
1 1936
Range Since Jan.
Last
Feb
Feb
(WE) pref
Hormel & Co
com
w w
10
11
"il%
*
(Geo) com A*
Houdaillle-Hershey cl B._*
18%
29%
17%
27%
14%
18%
29%
1,250
8%
Jan
14%
200
16%
May
22
5,100
22%
May
32%
Jan
Jan
Aug
Jan
Mar
Volume 143
Financial
Chronicle
1373
siI
Sales
Friday
Last
Week's Range
Sale
Stocks (Concluded!)
Week
of Prices
High Share s
Price
Par
Indep Pneum Tool
v t c.
Interstate Pow $6 pre!...*
Iron Fireman Mfg v t c..*
Jarvis (W B) Co cap
1
Katz Drug Co com
com 10
Ky Utll ]r
6%
cap
La Salle Ext Univ
Leath & Co
10
40
2
100
1%
5%
9%
Feb
July
15
170
6
170
1,450
•440
Jan
109#
60
16% June
May
24
Feb
18%
Feb
32
Apr
4%
24#
Mar
31
Feb
24
Mar
42
May
12#
Aug
Aug
125
July
10
Apr
14
34#
Feb
43#
90#
1,250
May
Jan
1%
1% May
Jan
3%
7
May
1,050
7
4%
12%
6%
40%
12
45%
4%
13%
6%
42
34
35
1,600
27
Jan
60
40
50
June
1
July
76
Jan
"92%
Crystal Tissue
Dow Drug
Eagle-Picher Lead
Gibson Art
..
11%
3#
7
Feb
Leonard..
Lunkenheimer
11#
Jan
Jan
13#
July
43
Lion Oil Refining Co com.*
Loudon Packing Co com..*
A...*
40%
34%
5
McQuay-Norris Mfg Co..*
60
Manhatt-Dearborn com..*
"l%
Marshall Field common..*
14%
0%
.
100
Jan
Apr
50
July
Jan
July
35%
400
4
300
7%
15
350
6%
800
140
33
Apr
14
1%
14%
6%
32%
7
33
2%
12%
5%
2%
11%
5%
2%
12%
5%
1,350
23,250
1,950
2%
3%
July
%
4%
4%
4%
1%
6%
Mer & Mfrs Sec cl A com.l
%
2,500
2,950
1,460
%
Middle West Corp cap...5
Stock purchase warrants
3
4
Jan
Mar
8#
Feb
Apr
43
38#
July
61
Apr
3#
Jan
Jan
3%
%
4%
4%
1%
Prior preferred
*
Mickelberry's Food Prod-
Common
6#
1,850
2,350
120
11%
Jan
19
Apr
8
35
85
Jan
55
44
Jan
100
10
31#
6
2
7
June
8
Jan
15
14
28
Jan
33# June
16
1#
10#
19#
31#
1#
14
27#
Jan
4
Jan
6#
Mar
25
18
Jan
33
Aug
5
2
Jan
170
7
Jan
4#
12#
Feb
Aug
3#
40#
Feb
16
Jan
10
41
*
5#
6
275
*
31
National Pumps
*
Procter & Gamble.
Randall A__
*
46
*
21#
31
2#
10#
6#
45#
20#
._*
2#
12#
6#
46#
21#
6#
*
Rapid
6
30
<69
136
110
28
28
64
1938
4%.._
85
85
July
Jan
•
Aug
9
Jan
Jan
25
1,000
Aug
27
5
28
27#
8
48#
21#
June
20#
70
64
*
..10
Jan
4#
35
27#
100
Playing Card
Jan
July
July
13
21
2.50
Mar
1#
Aug
July
13
U S
6# June
11# Feb
June
,
Jan
July
July
5
20#
Wurlitzer 7% pref
Jan
Feb
Feb
Aug
140
*
40
B
Jan
5#
1,284
Kroger
Manischewitz
Jan
1#
100#
133
Mar
64
Aug
Aug
87#
July
85
48#
Jan
35#
Feb
Jan
25% May
173
17%
4#
107#
8#
92#
Mar
5%
10#
31#
1)
*
com
High
12% May
40
8
11
*
Kahn
Low
Shares
11
*
20
Hatfield
Aug
Aug
Mar
Jan
3#
8
Coca-Cola A
High
14%
14#
3#
3#
107# 107#
7#
8
90#
90#
92#
94
6#
107%
Range Since Jan. 1 1936
for
Week
of Prices
Low
Price
Cincinnati Ball Crank pref*
Cincinnati G & E pref. .100
Cincinnati Street Ry
50
Cincinnati Telephone...50
Feb
68
75
Par
Churngold
Magnavox
11%
45%
4%
$3 # preferred
Lindsay Lt «fe Chem com 10
com
5,600
90
9%
Common
Electric
700
12%
2
com
McCord Rad & Mfg
42
125
13%
43%
5
com
2,200
90
Llbby McNeil & Libby..10
Lincoln Printing Co—
McGraw
10
550
12%
42%
42%
100
1
preferred
Kingsbury Brew
~13%
50
pref
cum
16%
25%
21%
120
100
10
(Concluded)
Jan
12#
30
16%
Preferred (new)
100
Ken-Rad T & Lamp comA*
May
8
24%
19%
40%
11%
25%
21#
41%
12#
1
Kellogg Switchboard
Sale
250
10
9%
108% 108%
64%
64%
Week's Range
Last
Stocks
High
Low
Low
Illinois Brick Co...
25
111 North Utilities pref.100
Sales
Friday
Range Since Jan. 1 1936
for
Jan
Jan
Apr
7
4# June
12# Aug
Ohio Listed and Unlisted Securities
Members Cleveland Stock Exchange
Feb
7#
Midland United Co-
Common
*
Conv preferred A_.
.*
Midland Utll 7% prlienlOO
6% prior lien
7% preferred A
Miller & Hart
conv
100
100
pret..*
Modlne Mfg com
*
Monroe Chemical Co pref
Monroe Chemical Co com *
3
-
5%
Northwest Bancorpcom..*
10
27
7% preferred
...100
Prior lien pref
100
Okla Gas & El 7% pref.100
Oshkosh Overall Co com..*
50
49
6%
July
17
Jan
52
56
Jan
19%
11
Jan
220
28
Apr
33
May
150
38%
Jan
65
Feb
1%
16%
700
1 %
Jan
July
7%
70
5%
44%
200
35
700
32 %
26
Jan
Jan
Apr
Jan
27
450
15#
7% June
Jan
7%
Jan
Apr
19#
2#
16#
Jan
July
Jan
Aug
July
120
110
10
104
Apr.
112#
July
July
11
150
9
Jan
11#
July
27
10
27
Mar
30
July
26
150
19
Apr
56
350
1%
1%
50
36
3%
4,150
1,000
4%
2%
2
1%
Jan
32
Apr
27#
Jan
3#
Feb
41
Jan
2%
Mar
4#
July
2
Aug
6
Mar
Public Service of Nor 111—
Common
*
6% preferred
7% preferred
71%
69
71%
1,050
Apr
49#
Jan
72#
120
July
103
Jan
123
Mar
June
140
120
114
120
640
100
118
117
118
70
123
120
123
360
115
143
143
Aug
Quaker Oats Co—
Common...
*
Preferred
Rath
100
Packing Co
10
20
142
Jan
50
22
May
26
3#
1#
24#
250
2%
Jan
50
1%
Jan
Jan
150
25#
25#
v
t c.
6% preferred
50c
v
t c
3#
3#
1#
..5
Reliance Mfg Co com
•
10
23#
23
Rollins Hos M conv pref.*
Schwitzer-Cummins cap__l
Signode Steel Strap com..*
11
Jan
21#
10#
24
11
60
22#
11#
Slvyer Steel Cstgs com
*
Southwest Lt & Pr pref...*
11
Aug
17 #
Jan
18#
22#
Aug
2%
July
Apr
14#
Mar
15%
Jan
28 #
Apr
Standard Dredge—
Common
61
Feb
93
Aug
79#
Jan
91
Mar
3% Mar
12# June
7
Apr
Stein & Co (A) com
Sundstrand Mach Co
Utah Radio Products com.*
Utll & Ind Corp
*
Walgreen Co
30%
21%
9%
2%
1
3%
,_.*
5
*
Wieboldt Stores Inc com.*
Wllliams-Oil-O-Matlc
33
33%
149
"19%
com*
*
18%
14%
14%
Wisconsin Bankshares com*
Zenith Radio Corp. com..*
24#
Aug
6
"35%
50
16%
50
31
1,350
1,900
1,600
1,350
22
19%
10%
3%
950
1,200
Feb
10#
Jan
35#
Jan
34%
Apr
Jan
Apr
25
Aug
19#
Aug
8#
Jan
12#
Feb
2#
Mar
4#
Feb
#
May
2
2# May
39# Mar
41
20#
18
700
4
16# Aug
5# June
28# Apr
18#
18#
Jan
Allen Industries Inc.
*
100
4
Apr
850
30
Apr
100
142
Jan
156#
19%
14%
6%
300
16
Apr
1,050
10
Mar
37
8,150
250
16
June
July
8#
Jan
Jan
11
Cincinnati
39#
July
20
of Prices
High
31
Great Lakes Towing
1st preferred
toi
fouui.tw*
5
Preferred
Harbauer
9#
19#
6
*
4#
19#
103#
5
200
20
163
104
163
103#
1375
75
July
25#
Aug
309
61#
17
July
Feb
Aug
Feb
15
Feb
15
Aug
112
10
112
Aug
112
Aug
65
73
45
70
Jan
13#
15
10
May
Feb
14
Jan
31
54
25
July
35#
Jan
16
100
16
22
106
106
25
51
22
*
106
16#
130
25
•
6#
12
Jan
Jan
36
19#
Mar
30
Mar
51#
Aug
Jan
23
107#
Apr
125
104
Aug
50
16
Aug
26
Mar
Apr
16#
.•*
52
49#
52
344
34#
Jan
55
Kelley Island Lim & Tras. *
22
22
22
175
19# June
26
5
5
25
.25
25
20
17
49
Interlake Steamship
O Lamson & Sessions
*
McKee A G cl B
*
.
Meduca Portland Cement *
16#
16#
Metropolitan Pav Brick..*
Monarch Mach Tool
62
20# May
15
Mar
4# May
Mar
25
Aug
18#
30#
3,326
7#
7#
44
5
6
40
4#
.*
Parker Corporation.
Patterson-Sargent
*
*
Richman
30#
*
100
1
Seiberling Rubber
8% cum pref..
S M A Corporation.
Aug
30#
Jan
9
12
July
Jan
Jan
Apr
30#
Jan
18
17#
July
17
Jan
54
Aug
68
Feb
Jan
'; 4#
Feb
Jan
25
22
23
60
56
55
56
510
3
3
3
103
2
10
Apr
9#
"2§"
•
210
Apr
July
27
18
8#
Aug
Feb
14#
18
157
14
May
19#
Feb
10#
10#
115
9
May
12#
July
18#
Weinberger Drug Inc— .*
14#
18
14#
*
Vlchek Tool
13
,30#
17
*
Feb
16#
27#
Ohio Brass B
Mar
7
25
24
5#
30#
17#
Mar
7#
6
Aug
15
"36"
*
28
Apr
Aug
*
National Refining
Feb
5# May
9#
62
25
Murray Ohio Mfg..
Mar
10
9#
24
*
3#
62
30
62
9#
9#
50
4#
4#
Cum 7% pref
100
Miller Wholesale Drug—*
19
83
17
Jan
19
June
Watling, Lerchen fit Hayes
Members
New York Curb Associate
New York Stock Exchange
Detroit Stock
Stocks-
Chicago Stock Exchange
Exchange
DETROIT
Building
Randolph 5530
Sales
Par
of Prices
Price
10
2,450
1,875
iu
10#
14#
2#
14#
3
800
tS16
5,500
100
6#
7#
6#
888
8
990
35#
35#
1#
35#
1#
286
200
18
Detroit Steel Prod com..
18
18#
8#
66#
7#
2y
5#
13#
29#
735
8
*
13%
Mar
Federal Motor Truck com *
Jan
27
Mar
General Motors com
Jan
Goebel Brewing com
June
20
6
June
102
2#
for
Range Since Jan. 1 1936
Week
Shares
"16
"2%
1
Detroit Cripple Creek
Jan
3
3#
19#
High
2
1
Low
Low
1#
9#
High
Jan
3%
2#
#
2#
7#
July
14
Aug
14
24#
4#
Jan
Aug
Jan
4
Mar
7#
10#
37#
#
Feb
4
9#
7#
54#
6#
Jan
23
Aug
Feb
Apr
Jan
Feb
Apr
Apr
Apr
Aug
Mar
High
100
,
Exchange
Week's Range
1
Dolphin Paint B
50
6
100
Jan
6,889
51
"22"
100
Capital City Prod com—*
Detroit & Cleve Nav com 10
Low
83
10#
25#
*
nog*
71#
Sale
Week
4
"26"
Jan
84
30
,
16
100
Cooperage A.*
Halle Bros.
Detroit Paper Prod com__l
Shares
4
100
54
Last
Range Since Jan. 1 1936
for
7
Burger Brewing
Champion Coated
25
1,246
Friday
Sales
Week's Range
10#
"25#
July
13#
___*
Federal Mogul com
prior pref
Part pref
79
15
"63"
Detroit-Mich Stove com._l
Friday
Amer Laundry Mach
10
Detroit Stock
Aug. 22 to Aug. 28, both inclusive, compiled from official sales lists
Amer Prod
84
63
15
100
Baldwin Rubber com
*
84
19#
Aug. 22 to Aug. 28, both inclusive, compiled from official sales lists
Cincinnati Stock Exchange
Aluminum Industries
Jan
112
Commercial Bookbinding.*
Auto City Brew com
Low
15#
Stock Exchange
A. T. & T. Tel. Cin. 291
Sale
265
25#
BLDG., CINCINNATI
Cherry 6711
Price
Aug
17
23
Stocks and Bonds
Par
13
69
Wire System—First Boston Corporation
Stocks—
Aug
Telephone
Specialists in Ohio Listed and Unlisted
Last
12#
25#
BALLINGER & GO.
Members
236
69
*
Buhl
UNION TRUST
Aug
13
Cliffs Corp vtc
Jan
July
Jan
5#
Aug
1,352
32
Jan
6#
35
26#
Mar
Jan
22#
500
149
,
Apr
11#
16#
"§4""
18#
68#
69#
Greif Bros.
Mar
431
65#
pref
40
32
69
Elec Controller & Mfg...*
Enamel Products
*
High
Mar
26
Cleveland-Cliffs Iron pfd.*
Cleveland Railway
100
Dow Chemical
Low
25
12#
*
100
25
24
12#
Preferred
29
27
--
Akron Brass.
City Tee <fc Fuel
Shares
High
29
29
1
Apex Electric Mfg
Low
Price
Jan
5#
40%
5%
33%
40%
(Mont) & Co cl A__*
1,000
1
1
4
14%
7
18
.*
common
100
13%
3
»
Wahl Co com
4
7
Thompson (J R) com...25
Ward
40
16%
25
Convertible pref
520
30%
21%
18%
10%
15
Viking Pump Co pref
93
82
14%
pref_25
Swift & Co
40
May
for
Week
Airway Elec Appl pref.100
National Tile
*
conv
24
4
*
Swift International
320
81
81
Convertible preferred..*
Storkllne Fur
2,400
91
St Louis Nat Stkyds
cap. .*
*7# June
3#
Feb
1,950
12
22#
Par
of Prices
July
>
Raytheon Mfg—
Common
Stocks—
Week's Range
Sale
Faultless Rubber
112#
...100
Range Since Jan. 1 1936
Last
7# June
14
27
Sales
Friday
Feb
57
565& 566
Cleveland Stock Exchange
July
28
d T. GLEV
Aug. 22 to Aug. 28, both inclusive, compiled from official sales lists
Aug
10
47
37#
T
A
Aug
25
36
2%
150
27%
25
1%
13
.300
2,060
5%
27
"4%
300
10
11
Peabody Coal Co B
1,000
3%
110
25
Tetephone CHerry 5050
Aug
55
51
*
Union Trust Building/ Cleveland
Jan
10#
26#
32
27
10
com.. *
Perfect Circle (The) Co..*
Pines Winter front com
5
Prima Co com
_*
260
33%
5%
9%
25%
"35"
Northwest Eng Co com..*
Northwest Utll—
com
60
7
Jan
Feo
44
*
Conv pref
51
GILLS Stf#JWOODc<a
Jan
2#
11#
55
1%
16%
7%
16%
7%
Parker Pen Co
Jan
Jan
May
Mar
Mar
17%
...
com
Feb
Aug
5
4#
55
Nat Rep Inv Tr conv pfd_*
Natlonal Standard com
*
North Amer Car
%
3%
4#
31
"i%
Noblitt-Sparks Ind com..*
Jan
38 %
24
6%
32
10
com...
Mar
90
24
Natl Pressure Cooker Co.2
National Leather
Mar
1
20
6%
47
50
~~6%
Muskegon Mot Spec cl A.*
1
1%
200
m
6%
44%
47
Nachman Sprlngfllled com*
National Battery pref
*
Natl Gypsum cl A com..5
850
Feb
Jan
4#
11
6#
June
Graham-Paige com
Apr
Hall Lamp com
8
10
66#
1
7V
2$
..*
5#
Aug
25
Feb
Hoover Ball & Bear com. 10
Mar
105
Feb
Houdaille-Hershey B
*
8#
64#
7#
2#
5#
13
"29#
28#
363
1,564
1,955
1,050
180
19#
July
Jan
12
Mar
Jan
72
July
Mar
2
Jan
July
5#
Aug
10#
4#
8#
Feb
Feb
400
13
June
18#
Feb
2,025
23
May
31#
Mar
Financial
1374
Stocks
Par
(Concluded)
17
100
1
370
,3i6
100
5
3
Aug
"~5 54
5%
3%
3H
20%
19%
Motor Wheel com
5
Murray Corp com
10
"20%
"l2%
*
River Raisin Paper
*
com..*
Scotten-Dlllon
com.....
10
Timken-DetroitAxle com 10
Tivoli Brewing com
United Shirt Dlst
com
1
com
15
Apr
22%
34
Aug
36
654
Jan
41% May
1054 June
1
50
559
347
July
Mar
June
Natl
5%
Feb
21
Shamrock Oil & Gas.
Standard Steel Spring
4X
July
5
July
8)4
7%
Feb
July
7
Jan
365
25
Jan
30
July
12%
Jan
Jan
21%
Apr
12X
9%
4X
Mar
8%
6,278
5 %
8%
754
3%
IX
854
754
454
IX
693
754
654
254
Jan
'5i6
Jan
54
July
560
9,285
1,450
615
16
IX
1,575
1,117
3X
3%
18
40%
IX
IX
Jan
Jan
40%
2%
Aug
Feb
1,405
60c
Jan
1.00
July
156
34 X
Jan
47 X
Mar
16
97
Jan
145 X
Aug
Jan
Jan
Apr
101% 101%
219
100
July
106 X
Mar
4%
48
Jan
554
Feb
Unlisted—
Lone Star Gas
6% pref. 100
.*
4%
Pennroad Corp v t o
3X
July
3
Mar
154
Mar
ST. LOUIS MARKETS
CO.
I. M. SIMON &
Business
Established 1874
Enquiries Invited on all
Securities
Mid-Weatern and Southern
Members
MEMBERS
New York Stock Exchange
Louis
St.
NEW YORK
Exchange
Stock
315 North Fourth St., St.
30 Broad Street
(Associate)
of
Trade
New York Curb
Chicago
Board
New York Stock Exchange
Philadelphia Stock Exchange
,
5%
26
Aug
May
X Aug
1.00
-95c
DeHaven & Townsend
1513 Walnut Street
Jan
Apr
June
42%
41X
134% 134%
*
Westinghse Elec & Mfg.50
Established 1874
PHILADELPHIA
Apr
2
22 X
*10
Mar
16%
Jan
3%
17
840
IX
11%
Jan
1
Feb
140
Jan
12%
80
17
30
Jan
98%
Jan
7X May
10
Aug
7%
Apr
100
37 %
Apr
May
1
50
IX
Apr
5%
25
70
15%
5%
Aug
11X
858
IX
Westinghse Air Brake
425
5%
15%
61X
July
Jan
Jan
IX
4%
525
—1
*
*
Renner Co.
Mar
210
25%
25%
1%
1%
134% 134%
10%
10X
5
Pittsburgh Plate Glass. .25
Pittsburgh Screw & Bolt..*
Plymouth Oil Co
-5
Pittsburgh Oil & Gas
4X
1,600
1,138
1,332
554
29%
2154
5%
29X
1,064
2,384
5X
Pittsburgh Brew Co pref.*
Feb
18%
5%
2%
Flreproofing com...*
100
Mar
12X
Jan
41
61X
Preferred
Hnh
Low
Shares
4X
2X
Fdy
United States Glass Co..25
Victor Brewing Co
1
7%
"
Feb
Feb
July
22
4%
IX
*
Wolverine Brew
Jan
2,872
4%
5
*
Warner Aircraft
15%
2,497
11%
41%
12%
Apr
IX
654
4X
100
4%
„*
B
20'
Jan
8%
1
com
Universal Cooler A
Apr
Mountain Fuel Supply
Range Since Jan. 1 1936
for
Week
56 X
5
Co.
Mesta Machine Co.
Mar
United Engine &
m
5%
5%
29%
21%
5
Reo Motor com...
Rlckel (H W) com..
16
324
34
10%
4154
11%
n%
*
com
Pfelffer Brewing com
5X
3%
20%
20%
34
*
Packard Motor Car com..*
Natl Auto Fibres vtc
5X June
100
of Prices
High
Low
Price
Par
(Concluded)
Mar
19X
8%
Jan
1,750
'S16
10
Mid-West Abrasive com50c
Parke-Davis
Apr
16%
5%
17
17
*
*
Preferred
14
445
Stocks
High
16%
5%
Lakey Fdry & Mach com.l
Michigan Sugar com
Low
Shares
Low
Hudson Motor Car com.-*
McAleer Mfg com
Sale
Week
of Prices
High
Sale
Week's Range
Last
Range Since Jan. 1 1936
for
Week's Range
Last
Sales
Friday
Sales
Friday
Price
Aug.' 29, 1936
Chronicle
Louis, Mo.
Telephone Central 3350
Philadelphia Stock Exchange
St. Louis Stock Exchange
Aug. 22 to Aug. 28, both inclusive, compiled from official sales lists
Sales
Friday
Week's Range
Last
Sale
Par
Stocks—
American
.100
American Tel & Tel
Bell Tel Co of Pa pref. .100
Budd (E
Chrysler
Apr
2%
204
115%
9%
8%
Jan
127
356
10%
715
231
86
Jan
260
17
20%
Feb
American Inv B
6%
Feb
127% Aug
15% May
14% May
124% July
Apr
24%
*
Preferred
66
66
22^:
8%
23
Aug
Elder Manufacturing A 100
55%
Jan
Ely & Walker D G com..25
23%
34%
Mar
Falstaff Brew com
1
"8 54
66
Jan
72%
July
Griesedieck West Brew com
Jan
Hamilton-Brown Shoe com
1754
2%
2
1%
Jan
11%
1,217
8%
Jan
16%
Aug
2%
229
%
Jan
8%
Mar
8
66
2%
3%
444
1%
Jan
11%
12%
886
9%
Feb
14%
Feb
4%
38%
50
RR
4%
4%
3,339
3%
Jan
5%
Feb
35%
38%
2,693
28%
Apr
39
265
113%
Feb
112
Apr
..50
Penna Salt Mfg
.
*
Phila Elec of Pa $5 pref
Phila Rapid
7%
Transit
34%
9%
Philadelphia Traction. ..50
Scott
13%
5%
48
48%
12X
35
36
9
10
110
13
14%
10%
15
34%
34%
Mar
30
Aug
Sun Oil
21%
Feb
30
160
2%
Jan
9
9%
419
Jan
1%
8%
1%
12% Mar
28% May'
July
10%
Jan
4%
July
7%
Apr
Scruggs-V-B D G
16% May
30%
Apr
1,614
11%
4%
150
18%
19%
1,259
60%
61%
15
79%
80%
130
%
4%
X
Tonopah-Belmont Devel.l
Union
50
Traction
5
19% May
Jan
75
Mar
71%
Jan
90%
Mar
1,100
X
Aug
1%
3%
Feb
8%
Apr
7%
7%
640
5%
Apr
9%
Feb
46%
47%
160
40%
16%
'7,341
19%
20
Aug
July
310
16
Aug
800
2
June
3%
Feb
105
6%
Jan
4
Jan
14%
754
July
Apr
Jan
5354
Mar
2d
11
*
100
preferred
1st preferred
St Louis Car
"~~4%
10
com
4%
10
3
30
554
4%
12554
5
5%
4%
25
com
5
4
128
Jau
13
Aug
Aug
12%
July
14
Apr
17%
July
Feb
15
May
102
Jan
June
100
.
Feb
14%
36
Aug
9%
9%
330
60
Jan
June
6%
6
9%
30
30
100
Preferred
28
82
r
112
4%
41%
8X
25
11
9%
112
..100
90
100
100
100
9%
Rice-Stlx Dry Gds com...*
50
754
ui%
3%
Jau
June
10%
Aug
117 54
Jan
Feb
5%
Feb
25
July
3X May
1% Mar
30
Aug
110% 112%
212
108%
Apr
166
7%
Jan
9
$1,000
Jan
20
Mar
1,000
21
Aug
27
355
33%
33%
75
$2,000
34
75
15
com.
178
75
123
Jan
5%
Aug
5
Aug
127%
Mar
Apr
35
Aug
July
75
Aug
28%
Bonds—
July
10
Wagner Electric
125
125
Southwest Bell Tel pref 100
Feb
July
110%
8%
8%
St Louis Car 6s extended.
Elec & Peoples tr ctfs 4s '45
12%
•
...
12%
21
21
.
69
113% June
LOS ANGELES SECURITIES
Bonds—
Peoples Pass tr ctfs 4s. 1943
Aug
954
July
14%
Apr
Apr
48%
16
*
*
Jan
Feb
1,960
5
57
16%
*
Westmoreland Coal
Jan
7%
*
Preferred
3%
46%
*
United Corp common.
United Gas Impt com.
Preferred
9
Scullin Steel pref
12%
235
X
*
Co
National Candy com
51
5%
61%
80%
#
4%
13
Meyer Blanke com
*
Mo Portld Cement com.25
35%
4%
Paper
23
13
Laclede-Christy CI Pr com*
Aug
May
Jan
19%
...1
Salt Dome Oil Corp
Jan
66
July
12%
117
33%
12
Reo Motor Car Co
Mar
17
48%
*
Knapp Monarch pref
147
65
321
*
Phila & Rd Coal & Iron..*
Aug
64
"36"
International Shoe com.
1%
..50
preferred
Aug
5
13K
5%
*
Hnttig S & D com
5%
..50
__
145% 147
29%
Phila Elec Power pref. ..25
*
Phila Insulated Wire..
81
76
.9
17%
2%
16
com.*
Hussmann-LIgonier
Feb
113% 114%
114
Mar
Feb
3
30%
1,812
Key Boiler Equipt com—*
Pennsylvania
Jan
32%
654
Jan
Mar
17
12%
25
July
110
13
July
6%
Aug
32
32%
13%
200
July
552
Feb
25
297
5
Mar
9%
64%
Aug
202
25
78
21%
54
Aug
21
48
5
42%
987
Aug
47
July
29
78
99%
HQ
30
33
110
—*
Dr Pepper com
Apr
Mar
July
30
5
Columbia Brew com
Apr
60
17
*
25
10
Lehigh Coal & Navigation *
50
Lehigh Valley.
Pennroad Corp v t c._
1
698
Mitten Bank Sec Corp ..25
*
~47~~
*
High
27%
28%
47
21X
Burkart Mfg com new
Low
21
5
22%
21%
22%
32%
*
Brown Shoe com
Week
Shares
22%
21%
22%
-.25
8% preferred
Range Since Jan. 1 1936
for
30
20
23%
9
Nat'l Power & Light..
A
of Prices
High
Low
Price
48%
110
46%
64%
8%
14%
Preferred
177%
June
110
48%
23%
..10
General Motors
Jan
14%
19%
*
Electric Storage BatterylOO
10
General Asphalt
A S Aloe Co com
July
109% 111%
20%
com.*
Preferred
149%
41
9%
10%
...5
Corp....
Curtis Publishing Co
590
Par
StocksJan
36
July
13%
14
*
Budd Wheel Co.
318
124
124%
*
G) Mfg Co..
26
High
official sales lists
Sales
Week's Range
Last
Sale
Low
170% 175%
3
3%
175%
*
Baldwin Locomotive..
Range Since Jan. 1 1936
for
Shares
27%
26%
inclusive, compiled from
Friday
Week
of Prices
High
Low
Price
*
Stores
Aug. 22 to Aug. 28, both
Listed and Unlisted
Dobbs-Crowe-Wagenseller & Durst
Member Los
H. S. EDWARDS & CO.
Members
UNION
Angeles Stock Exchange
Spring St.,
PITTSBURGH, PA.
BLDG.,
Court-6800
120
Los
A. T. & T. Tel. Pitb-391
Angeles Stock Exchange
Last
Sale
Pittsburgh Stock Exchange
Par
Week's Range
for
Sale
Par
official sales* lists
of Prices
Week
Price
Low
High
Shares
Berkey & Gay
California Packing Corp..*
High
Low
10
Broadway Dept St prf-100
Byron Jackson Co
*
Chapman's Ice Cream
*
com
34 54
Arkansas Nat Gas Corp..*
Preferred
100
5X
5X
954
34%
5%
15
25 X
July
38%
July
*
Citizens Natl T & 8 Bk__20
90
3%
Jan
Jan
7%
Apr
58
7 X
9X
Aug
Armstrong Cork Co com..*
4854
48%
35
47 54
Feb
62%
Apr
Blaw-Knox Co
*
1654
16 X
190
July
20 X
Feb
Carnegie Metals Co.
1
13 %
2
Central Ohio Steel Prod..*
254
1854
2X
16
9%
2
X
18*,
2,177
2,152
9
Clark (D L) Candy Co
*
4
Columbia Gas & Elec
*
20
21X
18
5
17 X
14 X
14%
518
5
15
15
100
100
3
Devonian Oil
.....10
Duquesne Brewing Co
Class A
Electric Products
*
Follansbee Bros pref
Fort Pittsburgh Brew
9X
100
1
27 X
1
McKlnney Mfg Co
I
For footnotes see
702
40
Jan
18X
Aug
6
Jan
80c
7%
101%
30%
40%
3%
11
11%
Consolidated Oil Corp
Consolidated Steel com
12%
12%
3%
*
*
*
Emsco Der & Equip Co..5
Exeter Oil Co A
__1
General Metals Corp..
General Motors Corp
15
Aug
Hancock Oil A
21
Apr
10X
July
Holly Development Co__l
Jan
40
Mar
Honolulu Oil Corp
Internatl Cinema
2,500
1
42
July
1%
Jan
8!oi?
1.10
*
82% c
30%
1.10
June
1
Jan
26% June
Aug
12%
800
1,500
11% June
354
Jan
21
Jan
5% May
11
21
Jan
7X
Aug
Aug
200
100
7%
Aug
90C
51
50
21%
66%
17%
8%
Globe Grain & Mill Co..25
2%
100
21%
65%
17%
8%
10
Gladding McBean & Co..*
July
75c
Jan
10,000
Feb
2
Jan
70c
July
5
16%
500
Feb
200
300
100
500
85c
200
30%
100
1.10
May
1,100
300
100
Jan
Aug.
100
60c
17%
High
Low
254
98
30
18%
15
*
700
70c
20
com
1,300
4%
18%
18%
4
18%
18%
23X
1
3%
11
Jan
15J*
600
Claude Neon Elec Prod..*
Jan
355
2%
82% c
7%
101%
30%
40%
29
16 X
30
6,200
29
Preferred
Shares
3%
29
14
July
2
7%
101%
30%
40%
3%
21%
65%
17%
8%
3% June
High
254
Range Since Jan. 1 1936
for
Week
of Prices
70c
Feb
21% Aug
53% June
11%
Jan
8
Aug
18%
46c
26
Jan
Jan
May
1.10
Aug
10
July
Apr
104%
Apr
30%
40% Aug
Apr
4%
Jan
32%
Feb
16%
15% Mar
Apr
5%
Feb
19%
Apr
20%
July
87% C
23% June
72% July
19% Mar
Feb
13%
24% Apr
1.50
31
Apr
Mar
1.45
Aug
226
31
Jan
42
Aug
Jade Oil Co
10c
10c
10c
4,000
9c
Jan
16c
Feb
101
130
80
June
101
Aug
37c
43c
July
95c
Feb
345
97
Jan
107
Aug
14c
14c
18c
12,300
55,175
37c
107
Kinner Airpl & Motor...
Lincoln Petroleum Corp
42c
106
8c
Feb
29c
Feb
18%
3,969
10
Jan
Mar
Lockheed Aircraft Corp. .1
9%
6% June
Jan
IX
225
1
Apr
Mar
Los Ang G & E 6% pref 100
107%
11%
111%
40%
106
.*
w,
9%
100
4%
July
2%
2%
Week's Range
Low
100
Harb-Walker Refrac com.*
Jones & Lough Stl pref. 100
Hoppers G & Coke pref. 100
Lone Star Gas Co.
*
4
July
Price
80c
Warrants
Bolsa-Chica Oil A
Range Since Jan. 1 1936
Last
Stocks—
Bandini Petroleum Co__.l
Sales
Friday
Sales
Friday
Stocks-
Aug. 22 to Aug. 28, both inclusive, compiled from
official sales lists
Aug. 22 to Aug. 28, both inclusive, compiled from
BROADWAY, NEW YORK
Specialists in Pittsburgh Listed and Unlisted Stocks and Bonds
Allegheny Steel
LOS ANGELES
J Pittsburgh Stock Exchange
j New York Ourb Exchange (Associate)
BANK
Tel
626 So.
1375
13%
13
IX
14X
2%
10c
9%
9%
107% 107%
800
30
105
July
Jan
Volume 143
Financial
—
Friday
Los Ang Investment
Week's Range
for
Sale
Par
of Prices
Price
Low
5%
18%
*
High
5%
18%
5%
18%
Occidental Pet Corp.
Oceanic Oil Co
Olinda Land Co
40c
1
|50
2%
32c
Jan
6%
82% c
Mar
Mar
12c
July
28c
Apr
Jan
57%
400
70c
1
12c
12c
iin
11%
29%
.25
400
27
54
54
*
Pacific Western Oil
14%
9%
14
14%
10%
Republic Petroleum Co__l
Rice Ranch Oil Co
,
1
Secur Co units of ben int. *
Natl Bk .20
Sou Calif-Edison Co
25
25
25
28%
27%
42%
35%
18%
13%
21%
19%
8%
Southern Pacific Co
Standard Oil of Calif
100
*
Taylor Milling Corp.....*
Transamerica Corp
*
Union Oil of Calif
25
Universal Cons Oil Co... 10
Co
1
Yellow & Checker Cab
Blk Mammoth Cons M.lOc
Calumet Gold Mines Co 10c
Cardinal Gold Mining Co. 1
Jan
54%
950
503-4
Jan
60
Jan
900
25%
27%
Jan
40
Aug
500
July
400
Mar
Jan
29
26
28%
1,000
24
Jan
43
35% Aug
14% May
47
Feb
19%
Feb
20
8%
56%
46c
48c
4c
4C
1.25
1.35
l%c
1%C
2c
36c
Imperial Development. 25c
Tom Reed Gold Mines Co 1
4c
1.25
34c
37c
Unlisted—
Amer Tel & Tel Co
Bendix Aviation Corp
100
Cord Corp
Nor Amer Aviation Inc.
North American Co..
Pacific Eastern Corp
27%
27%
46%
1
Packard Motor Car Co....
Radio Corp of America
411
100
34%
10
2,705
26
26
127
107
107
20
prpref__.100
115
115
115
110
7% June
23%
104%
13%
29%
Apr
July
Feb
Jan
Feb
Mar
113
110
121
July
Aug
41%
40%
Jan
Aug
*
43%
3%
Spring Valley Water Co..*
Standard Oil Co of Calif..*
41%
3%
1%
1,128
3%
1%
8%
35%
8%
35%
_
6% preferred
Transamerica Corp.
100
3
1%
8%
35%
3
3
16%
80
2
May
100
1%
May
117
6%
Jan
4,544
105
35
Jan
106%
Mar
13%
21%
11
Apr
Aug
14%
Feb
13
22
25
34
36
2% June
14%
21,503
1,734
4,250
535
20%
16%
17%
20
37
Feb
34%
37
55
52
56%
1,835
1,105
Jan
Aug
10
32%
32%
100
4%
10%
10%
4%
11%
100
24%
4%
Apr
Apr
800
7
11
500
9% May
Feb
19
Feb
Feb
28%
10
74
Western Pipe & Steel Co 10
Yellow Checker Cab A..50
20%
208
17%
Jan
Jan
25
23
Jan
36
3,518
63
42%
Jan
Feb
47%
4%
101
62
7%
Aug
Mar
65
17%
18%
33% May
Jan
2%
9
100
63
100
Aug
July
398
21%
24%
10
Feb
16%
105%
36
5
23%
901
13%
Union Oil Co of Calif....25
Union Sugar Co com
25
7 % pref
25
Jan
%
2% May
3
16%
105
100
%
8%
8
8%
*
United Air Lines Trans
Universal Consol Oil
%
Waialua
500
16%
Aug
7%
Jan
28
50% June
Jan
26%
Jan
23%
Aug
Aug
Apr
July
63
20%
38
Aug
July
56%
July
May
Aug
3in
6TOCK.
Aug
Feb
Jan
Apr
200
15
300
58%
May
71
9,%
May
14%
1
Apr
1,900
jg|
d
Feb
2
STRASSBURGER & CO.
3
133
n
MONTGOMERY
STREET
1
?
13
14%
16%
Aug
Feb
*
%
Feb
177%
30%
Jan
Apr
41
100
4c June
44c
Aug
91%
Southern Pacific Co
Aug
1.45
Apr
May
9
9%
26
107
Feb
Jan
Jan
So Pac Golden Gate
A
B
8%
15
80%
400
Aug
47H
69%
13%
20
38
74%
May
15
89
38
Jan
37
67%
12%
89
38
Apr
24
July
Apr
26%
4%
_
89
19%
15%
100
41
19%
Feb
Feb
7%
42
Jan
Aug
July
July
Jan
200
4%
16%
720
Feb
May
385
4%
227
63c
150
5
19
18
7%c
Jan
152
July
56%
Feb
Jan
Aug
130
139%
4%
100
26
Jan
35
lOO
JL&P7%
Jan
119
150
*
Thomas-Allec Corp A
*
Tide Water Assd Oil com.*
July
3
29%
107% May
8% July
Jan
73%
Jan
lc
4%
18%
Jan
Jan
Jan
18
3c June
31c
2,904
1,198
40%
32%
71
Jan
1.C0
150
July
July
July
July
29%
26%
104%
836
150
23
Feb
60
29
128
Mar
July
31
18
Apr
22c
12,600
1,000
8,100
16,000
3,300
1,457
17%
72
200
15
5
July
4
69%
13%
Corp
Warner Bros Plct Inc
44%
32%
659
Hgih
July
1%
8%
19%
Jan
57
1,725
106
7%
25%
Schlesinger
Aug
7%
4%
11
21%
38%
13%
20%
& S (B F) com*
Preferred
100
Shell Union Oil com
*
Sound view
Pulp Co
5
47%
41%
8%
11
Seaboard Oil of Del
20%
27%
4
1
..
1,000
7,100
1,500
1,900
2,200
175
47%
41%
8%
32%
4%
11%
__5
General Electric Co
N Y Central RR
U S Steel
170
174%
5
900
20%
38%
32%
28%
100
*
com
Preferred
S
Low
16
106%
7%
7%
25%
25%
126% 128
Rainier Pulp &
Paper A..*
Republic Pete
Roos Bros com
1
Apr
28%
27%
42%
35%
18%
13%
21%
17%
8%
55%
46c
17%
13%
31
20%
Mining—
July
45
10c
500
215
52%
13
56
200
4,900
;
46
51%
30%
28%
27%
40%
35%
18%
31
6% preferred
5%% preferred
600
Ry Equip & Rlty
5%
6%
Range Since Jan. 1 1936
Shares
High
16
106
Pacific Tel & Tel com..100
6% preferred
100
Aug
July
Aug
Aug
58%
29%
Jan
18% Mar
48% May
12% June
2%
Jan
25
(non-vot)com*
(Non-voting) pref
*
Feb
July
Apr
25c
46
51%
29%
40%
32%
28%
Feb
...25
Pac Pub Ser
Mar
40c
25c
46
14
Low
21%
38%
32%
28%
II25
5%% pref
Feb
Jan
8>
25c
_
Wellington Oil
300
32%
28%
54
Jan
Week
16
com
6% 1st pref
Jan
Jan
183
313
10,800
200
32^
28%
10
8c
for
of Prices
Price
Pacific Light Corp
6% pf *
July
85c
Jan
8
600
39
*
Pacific Indemnity Co
Pacific Lighting Corp
Security-First
38%
32%
50c
4,000
,
Jan
25
200
12c
UK
29%
___
Pacific G & E
Apr
714
70c
39
1.00
July
1,000
31
Pacific Clay Products
*
Pacific Finance Corp.__ 10
Pacific Gas & Elec Co
25
6% 1st preferred.
65c
Par
Week's Range
Pacific American Fish
Pacific Can
Jan
13c
30
70c
6%
500
13c
30
Stocks {Concluded)
40c
40c
13c
1
High
Jan
100
Sales
Last
Sale
Low
500
62%Z 62>|c 62||c
Mt Diablo Oil M & Fev__l
Nordon Corp
5
Range Since Jan. 1 1936
Shares
1
1
Friday
Week
10
Magnin (I) & Co
Mascot Oil Co
Menasco Mfg Co
1375
Sales
Last
Stocks (Concluded)
Chronicle
-m.
SAN
>
^J!
MEMBERS
FRANCISCO
z
(Since 1880)
0
w
Members: New York Stock Exchange—San Francisco
Stock
Exchange—San
Francisco
Curb
Exchange—Chicago
Board of Trade—New York Curb Exchange
0
(Associate)
Direct Private Wire
Members
Dean Witter & Co.
Municipal and
PRIVATE
York
Stock Exchange
San Francisco StockExchange
LEASED
WIRES
Los Angeles
Oakland
Portland
Beverly Hills
Honolulu
Sacramento
Stockton
Seattle
Tacoma
San
San Francisco
Corporation Bonda
San Francisco
New York
New
CurbExchange
Chicago
Board
of
Trade
Chicago
Stock
Exchange
New York Curb Ex.
(Asso.)
New York Cotton Exchange
Aug. 22
to
Francisco Curb
Exchange
Aug. 28, both inclusive, compiled from official sales lists
Friday
Sales
Last
Stocks—
New York
Coffee & Sugar Ex.
Commodity Exchange, Inc.
Honolulu
Stock
Exchange
Par
Week's Range
for
Sale
of Prices
Week
Price
Low
High
Range Since Jan. 1 1936
San
Aug. 22
to
Francisco Stock
Exchange
Last
fcw
Sale
4 Stocks—
Par
Alaska Juneau Gold Min 10
Anglo Calif Nat Bk of S F20
Assoc Insurance Fund
10
Atlas Imp Diesel Eng A..5
Bank of California N A. 100
Bishop Oil....
Byron Jackson Co
Calamba Sugar com
7% preferred..
Calaveras Cement Co
California Engels.
*
20
20
Price
of Prices
Low
14%
21%
6%
19%
195
6%
30%
30%
22%
Range
for
14
140
13%
876
17
5%
28%
30%
22%
6%
f!
30%
30%
22%
2,055
18
15
187
100
1,355
722
25
6
10
Calif Cotton Mills com. 100
Calif Ink Co A com
*
29
29
29%
500
48
48
48
175
1
California Packing Corp..*
Calif Water Service pref 100
Clorox Chemical Co
*
Cst Cos G & E 6 % 1st
pf 100
Crocker First Nat Bank 100
Crown Zellerbach v t c
*
Pref A
*
103%
DI Giorgio Fruit Co
com. 10
preferred..
1
40% 42%
103% 103%
42
42
120
103
103
5
315
315
315
26
110
105
13
110
110
8%
9
104% 105
11%
13
52
55%
53
24
24
20%
19
.
25
10
Galland Merc Laundry
General Motors com
Gen Paint Corp B
Gladdlng-McBean
*
10
Golden State Co Ltd
Hale Bros Stores Inc
*
*
18%
61%
100%
4%
41%
65%
12%
17
17%
10%
10
19
18
Aug
%
20%
19
61%
100%
4%
41%
66^
13
17%
10%
19
45
5%
24
203
Jan
Jan
Aug
Aug
Jan
22%
Mar
7
June
51
43%
105
July
100% June
301
325
Mar
100
Apr
112
7%
91%
Aug
Apr
105
11
10%
3%
Jan
23%
32%
Jan
75
170
22
300
50
140
415
25
444
850
444
290
1,225
14
Aug
Mar
Feb
14%
57% June
97
May
3% June
40
May
Jan
54%
10
July
14%
Apr
8% July
Jan
14%
30%
20%
21
63%
112
39
54
Feb
*
31
29%
31
1,838
Jan
32
20
30
30
July
30
70
Jan
30
Jan
16%
3%
6%
11%
16%
16%
3%
Langendorf Utd Bak A...*
B
*
111II *
com *
Lockheed Aircraft
1
L A Gas A El
Corp pfd. 100
Lyons-Magnus Inc B
Magnavox Co Ltd
Magnin (I) & Co com
3
7
11%
100
536
486
505
3
390
*
37%
37%
38
555
38
Letourneau
Libby, McN & Libby
3
3%
6%
11%
37%
9%
38
1,005
.9%
9%
107%
2
9
107
2
,
2%
2%
*
20%
22%
2%
18%
16
1%
5%
11
June
July
July
Apr
42
Aug
Aug
6% June
6% May
11
Jan
11%
Jan
105%
Aug
2%
1%
Jan
1,029
2
July
2,735
9,776
16
Jan
Market St Ry pr pref..100
Natl Automotive Fibres._*
26
24%
2%
21
23%
26
34
34
34
Natomas Company
260
10%
10%
790
No Amer Inv 6% pref..100
10%
91
88
91
5%% pref
100
North Amer Oil Cons
10
Occidental Insur Con_._10
88%
225
14
14
14
465
14
June
30
30
30
25
28
Jan
Merchant Cal Mch com.10
*
Oliver United Filters A...*
B
Paauhau Sugar
88
19
21%
87
19
_*
5%
5%
15
19%
18%
85
35
19
220
6
1,076
19%
95
19%
20
Aug
Jan
Jan
33%
10% June
Jan
68%
Jan
65%
19
5%
12%
Aug
Aug
Jan
116
4%
3%
21
23%
26
47%
13
91
Feb
1.45
Jan
Jan
Aug
1.75
Jan
15%
Mar
89
Aug
65
70
1.10
Jan
26%
545
59
June
21
9%
70
Mar
Apr
Apr
Aug
Apr
780
90c
400
50c
Feb
1.55
189
4.50
Jan
16.25
July
6%
2,820
3.15
Jan
6%
July
1,350
1.00 May
12% May
1.00
1.00
40c
12%
25
48c
4.00
1
1.15
12%
53c
5,483
"~53c
3.75
22c
Apr
Jan
22%
Apr
2.95
Feb
19
Feb
75c
Feb
4.00
7,116
1.60
Jan
40c
41c
1,725
37c
July
95c
Feb
47%
47%
50
38%
Jan
July
20c
20c
100
15c
Jan
CO 00 £
58c
.
10
4.10
Aug
Feb
16c
18c
7,500
10c
Mar
20c
Apr
29c
30c
6,300
13c
Jan
35c
Feb
27%
44%
7%
8%
27%
44%
10
21%
36%
Apr
27%
Aug
50
Jan
1,700
4.10
Jan
47%
8%
10%
Aug
July
29c
"7%
8
8%
52c
—5
20
20
52c
42
Occidental Pete
42%
34c
7%
600
e
200
Jan
25c June
27%
Jan
Mar
1.00 June
42%
Aug
July
34c
200
21c
Jan
54c
410
6%
Jan
17%
15
17%
15%
400
June
22%
2.75
3.10
3,185
2.50
3.15
Jan
4%
4%
28%
3.50
1,485
3%
19%
Aug
Apr
6%
28%
Aug
47
50%
169
41
Feb
50%
27
Aug
27
60
27
Aug
27
Aug
14%
10%
10%
O'Connor-Moffatt
14%
10%
10%
1%
20
13
May
18
Feb
12%
14%
2%
13%
Feb
17%
1..20
Pacific Finance Corp
Pacific Ptld Cement... 100
16
15
3.00
Olaa Sugar
Pacific Coast Agg
Pacific Eastern Corp
Preferred
100
4%
28%
28%
3.50
"50%
Pacific Western
Packard Motors
Radio Corp (Del)
Richfield Oil pref
85c
Riverside Cement A
11
5%% pref
6% pref
497
18%
9%
"lI66
6%
10
260
27%
28%
312
1.00
1.25
1,400
46c
150
31
27%
28%
25
3.10
2,160
11
9%
25
8
80
31
31
7%
Feb
Apr
Jan
Apr
Aug
Aug
July
Feb
5.00 May
Jan
Jan
330
9
Jan
50
17
Mar
19
9%
Aug
24%
25%
27%
Feb
14%
32%
July
Aug
Aug
25
Feb
Mar
Jan
Jan
Mar
28%
28%
OO
h->
Aug
2.10 June
7%
12
5%
Apr
39c
39c
300
25c
Jan
55c
Feb
69%
69%
10
48%
Jan
70%
4.80
4.10
4.80
2,954
3.10 June
4.50
Apr
Apr
13%
12%
13%
13%
1,010
1,115
10%
May
12%
Aug
9%
May
14%
Feb
—
United States Steel
Victor Equipment
Preferred
5
Warner Bros Pictures
13%
Feb
♦
Jan
rCash sale—-Not
Jan
2Listed,
tin default
t Company in bankruptcy, receivership
value.
9
17%
5
25
40c
200
11
Schumacher Wall Bd pref..
Silver King Coal
South Calif Edison
Mar
Aug
Jan
17
15%
6%
1
Nevada Porph
par
Jan
80c
620
Feb
21%
1
Oahu Sugar
No
4%
200
•••
Feb
85c
Kinner Air & Motor
2
287
80c
21%
7%
1%
15%
6%
Montgomery Ward
2
20
6%
80c
—1
United Corp
United States Pete
Aug
Jan
21%
International Cinema—1
Aug
19%
33%
32%
14%
19%
Jan
65c
21%
Texas Consol Oil
89
3
100
1
Mountain City Copper
North Amer Aviation
Feb
Jan
2,243
76c
21%
.
Marine Bancorporation—
Feb
Jan
4,400
4%
20
Holly Development
Aug
Mar
1.35
6%
70
2
Aug
Aug
Aug
Aug
76c
21%
2
Jan
June
75
1.00
73c
4
Pacific Ind
25
350
1.25
June
July
Aug
38
1,445
71c
72
July
2% May
Jan
25%
9%
9%
107%
100
17%
4%
7%
16%
5%
Aug
Aug
86
Kleiber Motors
Aug
Jan
*
46c
86
2
-
2,700
11%
Preferred
Aug
88
71c
Kennecott Copper
July
Aug
Jan
42c
60c
150
2
Feb
44
75
63
Mar
11,400
International Tel & Tel
4% May
Jan
47%
26
12
30
Apr
18% Aug
13% May
88% Aug
73c
1
150
com
88
85
61c
12%
1
197
Preferred
88%
May
July
May
12%
M J & M & M Oil
38%
21%
27%
12
10
175
July
May
Apr
July
44
Honolulu Plantation
Hudson Motor Car
Jan
25
38
88
88
52
17
1.50
Lincoln Petroleum
38%
82
12%
88%
4
Aug
44
6%
Jan
1.25
Italo Petroleum
Feb
38%
10
384
17
1
Idaho-Maryland
Aug
Aug
Jan
7%
45
2
Mar
19
Jan
Mar
Jan
7%
9%
20
71c
Honokaa Sugar Co
July
18%
11%
14%
Jan
10
225
1.50
July
14
Mar
5%
15%
10%
4%
1.50
2
Feb
73
13
81
Great West Elec-Chem__20
Preferred
20
June
42%
106%
Jan
81
2
July
Jan
Jan
35
Aug
17%
70c
1
Dumbarton Bridge..—10
General Metals
Feb
June
Feb
76c
Curtlss-Wright Corp
Feb
44
177%
Jan
Jan
Crown-Will 2d pref
Feb
45
July
Apr
39c
Consolidated Oil
Mar
1%
Jan
Aug
July
60
5%
7%
Cities Service
25
30%
99%
100
Cardinal Gold
2
150
14
24
12%
Claude Neon Lights
Coen Co's A
31
Jan
10
1927
52
Jan
Apr
13
"13"
17
July
Jan
215
7,000
Jan
Aug
9
19%
6,900
1
Aug
7%
30%
5
Cent Eureka Mining
Preferred
July
44
Rawaiian Pineapple
Les llV-C all f Salt Co.
24
105
1,286
Apr
180
50
75c
3
Cal Art Tile A
6%
35
High
17%
70c
1
Cal Ore Pow 6% pref...100
Jan
Feb
Aug
Aug
Home F & M Ins Co
Honolulu Oil Corp Ltd
Hunt Bros A
19
61%
100%
4%
41%
66%.
13
com...
5
42
100
Fireman's Fund Ins
Foster & Kleiser com
784
17%
22%
Aug
July
175
California Associates.
July
6%
15%
23%
21%
4%
1,200
1
Eldorado Oil Works
_*
Emporium Capwell Corp.*
Emsco Derrick & Eq Co..5
Ewa
415
103
*
Pref B
41
6
High
Jan
3%
924
com *
......
Low
21
5%
19%
195%
100
Bunker Hill-Sullivan
2
Shares
14%
195
10
70c
Low
50
Aviation Corp
Bancamerica-Blair
Range Since Jan. 1 1936
21%
6%
19%
12%
American Toll Bridge
Week
High
52
22%
173% 175
Anglo National Corp..
Argonaut Mining
Sales
Week's
50
12%
22%
American Tel & Tel
Aug. 28, both inclusive, compiled from official
sales lists
Friday
S3
American Factors Ltd...
American Pow & Light..
American Radiator
Fresno
1
Shares
cCasb sale.
Included
in
c60%
range
13%
8%
July
stock dividend paid Aug. 15, 1936.
for year.
2 Ex-dividend,
y Ex rights.
or
reorganization."
1936
29,
Aug.
Financial Chronicle
1376
Canadian Markets
LISTED
Provincial and
6s...
Jan
1 1948
/67
4%s
Oct.
1 1966
/65
Dec
.Mar
5s
of Prices
Low
High
Week
Sept
15 1943
113
114
-May
1 1959
122
110
Price
101
116% 117%
—
Stocks
(Concluded)
Canadian Wallpaper A
B
Mar
2 1950
H2M 113 M
Carnation Co pref
4s
Feb
1
1958
110
111
Cockshutt
May
1 1961
113
114
112
111
112%
112
Saskatchewan—
118
June
15 1943
90
92
Nov
15 1946
91
93
Oct
1 1951
86
88
120
*
Bonds
Fanny
Gundy
14 Wall St.
&
Inc.
.100
*
com
*
Internatl Utilities A..
.100
Bid
Canadian Pacific
5s
100
101
4%s
116
1 1954
1 1960
104% 105
1 1946
-Dec
July
*
Groc A
Loblaw
*
B
103 % 103 %
108
108%
116M
113
5s..—...July
1 1944
Ask
Ry—
Sept
4%s
♦
Laura Secord
96 %
114
Canadian
National
4%s
Sept
4%s
June
4%s
Ask
116% 116%
119
119M
116% 117%
116
116M
1 1956
1 1957
5s
July
July
5s
Oct
1 1969
1 1969
5s
Feb
1 1970
July
6Ms
1 1946
126M 127M
"loo
*
M cColl-Frontenac
:ioo
Preferred
*
Moore Corp common.
lioo
—Jan
1 1962
109
'
...»
1Q3
102
...
lioo
Canadian Commodity Exchange,
16
Apr
3
Aug
10%
7%
13%
18%
Jan
23
Feb
12%
Feb
Jan
16%
Feb
July
28%
Feb
64 M
53%
Jan
80
Aug
Mar
59
Mar
Jan
3
287
441
1%
7%
1%
100
7%
530
5% May
8%
3%
100
2
4
615
16%
—
—
—
—
14
102%
53%
------
17
14
14
14
10
13%
17
14
1,590
9
18
15%
------
12% May
155
102% 102%
51%
54%
296
13,822
200
9
1.10
Jan
17%
6
June
14
Aug
14
July
Apr
14%
Apr
June
105%
Feb
43% May
Jan
3%
54%
14%
Aug
101
40c
Jan
2.25
Feb
6%
Jan
18
Aug
15
102 M
Aug
107
Feb
Aug
July
27
28
60
11
Jan
28
66
67
66
122
65
Jan
70
21%
21%
1,415
18%
Jan
21%
19
18%.
19
1,781
17%
Mar
Mar
3%
15
2%
1.50
1.75
435
1.00
3%
4%
4%
77
4
......
14%
29
14
103
104
38%
------
7%
------
------
38
175
7%
138
29
300
960
14%
Aug
19
June
4
Feb
Jan
2.25
Jan
Apr
5%
Jan
Aug
29% May
7%
Jan
2
3%
40
Mar
Feb
12%
Jan
97
Jan
105
Jan
27%
Jan
39
Mar
146
Jan
180
1,210
5
June
Aug
Aug
50
104
130
June
138
July
July
20
Mar
Jan
95
66
.
38%
220
175
5
7%
138
17%
25
86
88%
125
5%
1,280
22
22
457
17%
4%
Feb
325
1,885
18
102% 102%
.3
Jan
Aug
July
4 VI
13%
------
4
Feb
June
16%
79
3%
Jan
22
130
21% June
17%
7%
6%
27
Feb
Apr
Jan
14%
14%
15%
190
11%
Jan
18%
Feb
28
29
100
19
Jan
29%
Apr
28%
29
75
Aug
Aug
101%
------
------
*
7
*
*
Gas
*
corn-
I'll*
*
Western Can Flour
lioo
Preferred
Westons (Geo) common..*
New preferred
.100
Winnipeg Electric pref. 100
31
June
Aug
6
4
June
10
70
Aug
80
Feb
Jan
11
Aug
Jan
69%
61%
Aug
15
Aug
July
77%
80
491
------
10%
11
35
69
68
61
60
69%
61%
14%
15
11
11%
38
3%
34%
38
8,454
26%
Apr
38
18%
18%
18%
1,818
Mar
19
10
17%
4%
25
36
------
11%
*
com
Preferred
28%
100%
7
80
~~
..25
5
100% 100%
1
i
.100
...
(Hiram)
Aug
28
"*
Preferred
Toronto Stock Exchange
Feb
1%
270
-
*
Twin City Rapid Transit..
WA. 3401-8
King Street West, Toronto.
85
220
3
♦
Metals
Walker
Feb
11%
13% May
3
7%
*
United Steel
Aug
Feb
8
Aug
1
l
Steel of Canada
Inc.
Jan
18%
Mar
63
Pantepec Oil
Standard Chemical
New York Curb (Associate)
34%
10
55%
5%
Union
Apr
Aug
June
72%
80
88%
Simpsons Ltd pref
Toronto Stock Exchange
Members
Apr
May
4% May
8
May
77
*
Riverside Silk A
STOCK BROKERS
18%
14
54%
Page-Hersey
Saguenay Power pref.
Simpsons B
Duncanson, White & Co.
1,179
5%
65%
♦
Pressed
210
18
80
------
Photo Engravers
Power Corp
3s
119
119M
121% 121%
121% 121%
1 1962
Jan
2%
"
1,435
*
National Grocers
Preferred..
4s.
56
2,244
National Sewer Pipe A
Grand Trunk Pacific Ry—
25%
8
16%
*
A
Canadian Northern Ry—
Ry—
1 1951
15 1955
Feb
4Mb
Bid
Ask
Bid
205%
JaD
20%
*
Maple Leaf Gardens..
Preferred
Bonds
Jan
Apr
7%
15%
19%
8
Maple Leaf Milling... I.*
Maple Leaf Milling pf.100
Massey-Harris com
Dominion Government Guaranteed
Mar
57% May
21%
Lake of the Woods
As*
9%
1.00
♦
Feb
18%
17%
22
16
— —
July
8%
Apr
May
30
21
22
B
Railway Bonds
95%
5
5
10
*
"~5
Preferred.
Bid
610
------
*
Kelvinator
Ry—
105
11%
-
17%
_
B
Internatl Nickel
perpetual debentures.
6s
Sept 15 1942
4%s
Dec
15 1944
10
72%
-
*
Imperial Tobacco
Intl Milling pref
Private wires to Toronto and Montreal
6,230
72%
—
Hunts A
Co
25
11%
*
Hinde & Dauch
New York
25
22%
—
-
*
Gypsum
Harding Carpets
235
25%
46
11%
—
50
Great West Saddlery.. _..*
203
46
24%
17%
5%
9%
20%
Preferred
202
102%
Aug
189
Ford A
Goodyear Tire
June
5%
16%
15%
**
24%
m*
Farmer
101
43
'
------
*
B
Wood,
124
6
51
*
English Electric A
125
101% 101%
1,597
*
Easy Washing
Canadian
Aug
55%
*
"ioo
East Theatres pref
Aug
26
54
"25
East St Prod
26
Aug
300
Dominion Steel & Coal B 25
Dominion Stores
Aug
17%
*
pref..
24%
24%
5%
------
Distillers-Seagrams
25
125
17%
*
.100
Jan
6%
.100
Gas
Feb
10%
25
11%
------
64%
Crow's Nest
Consumers
101%
*
*
Cosmos
4Mb
25
Smelters "25
Consolidated
5s
113%
....
.
5 Ms..
4s
High
Low
1,438
11%
24%
24%
*
"♦
Consolidated Bakeries.
Prov of
24%
11%
100
4Mb
114
Par
Canadian Pacific Ry._ ..25
Dominion Coal
Canadian Pacific
Shares
123
109
4 Ms-
15 1952
1 1960
Sept
Sale
.June
1 1962
4 Ms
Jan
15 1965
Province of Quebec—
Province of Nova Scotia—
4%8
112% 113M
5s
100% 102
103% 105%
15 1960
15 1961
Apr
Apr
4%s
1 1942
4s
Prov of New Brunswick—
4%s
Oct
—
2 1959
.
for
95%
99
15 1954
June
5s_
Week's Range
6s
...June 15 1936
6a
Last
91%
Province of Manitoba—
4%s
.
Range Since Jan. 1 1936
101% 102 %
94
1 1953
Sales
3 1937
89 %
12 1949
Oct
Exchange
Friday
Ask
5s
Prov of British Columbia—
July
Bid
5%s.__._.Jan
67
4%s
Toronto Stock
Ontario—
Province of
69
6s
UNLISTED
Municipal Issues
Ask
Bid
of Alberta—
Province
AND
3%
------
6%
83
3%
51
53
17%
16%
17%
103
—
...
10%
57
Jan
49%
8% June
2,722
9
620
6%
51
104
1,026
1,185
6%
1,430
104
Jan
2% May
Apr
98
25
Aug
Feb
Aug
Feb
10
May
65
13%
50
10%
14%
4%
Jan
Apr
10%
May
Aug
17%
104
17%
Jan
Jan
Aug
Aug
Feb
■
Aug. 22 to Aug. 28, both inclusive, compiled from official
sales lists
Banks—
Canada
..50
------
57
57%
48
Jan
61%
58% June
Sale
Stocks-
Par
Abitibi
*
6% preferred
Price
Bathurst Power A..
*
B
Beauharnois Power
*
Bell Telephone
.100
Blue Ribbon
*
of Prices
Low
High
2%
150
4%
1.25
Jan
11
65
6M
Jan
12 %
75
12%
Aug
3%
5
3%
Aug
10%
230
1.65
4
589
846
4%
149
3
150%
2%
115
29%
__50
Brantford Cord 1st pref.25
6%% preferred
81
149
Jan
170
Feb
15
190
Jan
222%
Feb
205
202
205
47
197%
July
221
Feb
200
198
200
151
182%
Apr
213
Feb
280
280
281
95
271
Jan
300
Feb
Royal..
179
178
179
33
164
Jan
182
Feb
14
July
Toronto
222
224
30
220
July
235
Mar
14%
June
Aug
145
146
26
137%
Jan
160
Feb
78
78
Mar
10
July
July
90
10
80
80
High
Low
Shares
1,990
1.60
10
*
159
206%
Week
3%
*
Beatty Brothers
158
206
Imperial.
for
12%
100
159
206%
Range Since Jan. 1 1936
Week's Range
10
1.60
Commerce
Nova Scotia
Last
Dominion
Sale3
Friday
30
45
9M June
1% June
141
Apr
3M
27
2M
3%
Montreal
100
Loan and Trust—
Jan
Canada Permanent
.100
3%
Jan
Huron
.100
150 M
15
Aug
5
Aug
Apr
Jan
33
June
26%
26%
105
25 M
Jan
26%
*
11%
11%
11%
Jan
15%
95c
90c
95c
85c
Mar
1.40
2
1%
2
295
1%
Aug
4M
Apr
18%
Mar
27%
32%
145
------
---
Toronto General Trusts 100
Toronto Mortgage
Apr
Mar
30
'
70
100
9
38
80
Aug
8
115
Mar
122% 122%
50
Feb
13
Erie
Jan
14%
95
122%
Feb
Aug
Feb
*
2,122
1,780
9%
Brewers & Distillers
&
20% preferred
Aug
Brazilian.
Feb
Brewing Corp of Canada..
13
)
Preferred
British American Oil
*
Brit Col Power A
*
23%
Burry Biscuit
*
50
23%
29%
23 %
4,887
16%
Jan
147
28 M
May
30
10
Jan
43%
350
33
Jan
6%
43%
Aug
26
10
20
June
27
58
58
80
50
June
60
Aug
43%
47%
Mar
Exchange—Curb Section
Last
reek's
Range
Range Since Jan. 1 1936
for
.
4
3%
July
Sale
Stocks—
Par
Price
of Prices
High
ow
Week
Shares
5
Canada Bread
5
*
1st preferred..
100
100
Canada Cement
6%
Preferred
100
Can North Power
*
81
*
Canada Packers
Canada Steamships pf.100
Can Wire & Cable A
*
81
6%
Apr
6 Ye
Aug
5
90
Jan
Jan
100 M
8
Aug
6
163
58
Jan
130
26
5
90
125
8%
7
225
40
190
40
Jan
782
88%
4%
Feb
Car.
.
Feb
Feb
5
160
4
May
103
135
7
1,005
Canadian Oil
46%
46
7%
88%
5
Feb
Jan
June
5M
103
8%
Feb
Aug
Feb
5M
Apr
805
13 M
May
37%
6%
July
12%
Feb
July
11
80%
1%
1%
43
43%
165
52
52
300
7%
3,820
5%
10
60
33 %
21
5
12
Jan
Aug
9
20 M
50
18
July
July
June
Jan
5
Crown Dominion Oil
Dominion
*
Bridge
_*
43 %
Dominion Fdry & Steel..
Dom Tar & Chemical
Preferred
7%
*
94
100
Hamilton Bridge
Hamilton Bridge pref—100
Honey
4%
High
Aug
8
16%
6%
Mar
10% June
Mar
Feb
30% May
35
19% May
Jan
27%
26% June
21
Jan
160
5
June
9
8
77
Apr
90
5
1%
34%
Aug
2%
Jan
Apr
43%
37
Mar
Aug
July
21
626
4
94%
90
56
Jan
5%
145
4
May
7%
5
Apr
Aug
Jan
53
8%
96
6%
Jan
Jan
July
July
Jan
43
15
30
Jan
44
Aug
50
50
228
40
Apr
70
Feb
28
Aug
35
Feb
Jan
24%
Jan
7%
60
Apr
Apr
Aug
37%
Apr
29%
20%
Imperial Oil
Int Metal Indust
50
20%
4,895
6%
50
4
25
30
Jan
4,099
33
Aug
55
Int Metal Indust pref..100
International Petroleum.
29%
20%
6%
Humberstone
♦No par value.
Low
2%
43
Dew
Jan
46 %
5%
12
9
430
6%
12
7
80%
Aug
Aug
Dredge.
21
40
4
Cndn Industrial Alcohol A*
101
24
JaD
16
8%
587
21
20%
57
20
33%
23%
Feb
Aug
8%
33
20%
*
15
July
6%
*
*
June
2
19%
Malting
Canada Vinegars
Canadian Wire Box A
Canada
6%
40
8%
200
Corrugated Box pref... 100
5-
20
100
9%
Consol Press
10
*
8%
9
Aug
410
25
8%
*
Aug
July
3
Conv preferred
Preferred
*
90
16
101
Bruck SI k
27
42
Canadian Canners 1st pref.
5
81%
2
4%
5
Mar
80
42
Canadian Canners
*
May
23%
*
15%
B
6%
37 M
100
Preferred
Canadian
80
5%
100
26
"89
B
Canadian Bakeries
Canadian
6%
180
Beath & Son
Canada Bud
25
lists
Sales
Friday
Aug
42
"5§"r
Toronto Stock
Aug. 22 to Aug. 28, both inclusive, compiled from official sales
Feb
43
4
43 %
50c
Burry Biscuit pref
Burt (FN)
100
26
*
B____
Building Products A
13%
~34%
/ Flat price.
55
34%
34%
20%
Volume
143
Financial
Chronicle
1377
Canadian Markets—Listed and Unlisted
Toronto Stock Exchange—Curb Section
Friday
Last
Week's Range
of Prices
Low
High
Sale
Stocks (Concluded)
Par
Langleys pre!
Mercury Mills pref
Price
Toronto Stock Exchange—Mining Section
Sales
for
Friday
Jan. 1 1936
Range Sines
Low
Shares}
Stocks
High
Lake-Gold Shore
*
1.96
I.i
"II
1
—Ill*
30Hc
55
15
35
June
56
Aug
Red
10
10
10
9
Jan
13H
Mar
Reno Gold
31
33
658
30%
June
34 H
Feb
Roche-Long
14H
1H
15
85
13
May
17 H
Feb
Royalite Oil
San Antonio
75
50
.
360
75
Roger Majestic Corp Ltd..
Shawinigan
*
Standard Paving
Preferred
1H
350
__
6
Jan
1.75
Mar
Jan
4.00
Mar
1.00
80
'
3.15
9
6
m
19H
75
735
4
June
6H
Jan
656
18H
July
23 H
Mar
Siscoe Gold
175
1.15
Jan
4%
Aug
Sherritt-Gordon
20
35
11
Jan
27
July
77
20
66
Aug
77
Jan
41
Aug
Aug
41
39H
1.00
114
31
1.00
5.00
Aug
34
65
18
Aug
37
75
110
May
119
20
Apr
34 %
Aug
Aug
3H
2
2
160
2
*
1
1H
330
1
to
July
Sale
Stocks—
Par
Acme Gas & Oil
Alton Gold
*
Price
10%c
10c lOtfc
8c
—
A J ax Oil & Gas
1
Alexandria Gold
Algoma Mining
4c
7c
6Hc
*
6.50
6.50
*
1.55
1.51
1.02
90c
15c
Anglo Huronlan
Argosy Gold Mines
"~5H~c
13c
Arntfield
Ashley Gold
Astoria-Rouyn
9%o June
115,600
200
4c May
40c June
6c
4Hc
7Hc
7%e
6Hc
5c
._*
24c
20c
III.
58c
50c
60c
*
1.35
i;35
1.43
Barry-Hollinger
_
Base Metals
Bear Exploration
__
Beattie Gold Mines
Bidgooe Kirk
1.55
Big Missouri
i
BobJo Mines
Rralorne Mines
3
24c
*
B R X Gold
Mines
55c
7.70
Buffalo Ankerite
7.40
7.70
13c
__
~*
4%c
12HC
7.80
8.15
4Hc
5Hc
U%c 12%c
Feb
10c
Jan
12 Ho
Aug
May
Jan
7.50
1.71
Apr
9Hc
2%o
Jan
5%c
Jan
3 He
Mar
10C June
14c June
40c
Jan
28c
69c
July
Mar
1.20 June
1.84
Feb
1.50
Aug
2.00
July
51c
Aug
Apr
76c
Jan
13o
36 He
Aug
5.55
Jan
9c
Jan
25 He
Mar
3.80
Jan
8.95
July
2c
Jan
6c
Jan
13c May
18c
Feb
73c
Jan
1.60 June
8.60 June
5c
Jan
1.17
10,150
1.40
Feb
900
95 Ho
1.15
Mar
2.00
Jan
2.10
15,560
14,105
22,250
Aug
1.69
Jan
1.35
1.30
1.35
4.10
4.00
4.15
39c
36c
42c
98c
1.00
*
"2I63
2.00
*
8c
*
_•__
*
Dome Mines
I*
Falconbridge.
Federal-Klrkland
36c
Aug
59c
July
July
90c
Jan
1.60
Feb
2.00
Aug
2.46
July
4.95
2.20
2,190
14,200
7c
8c
36,650
3c
Jan
3.25
14c May
250
2.80
Jan
2.00
2.12
12,950
1.80
Jan
1.63
1.78
4.25 June
2.75 Apr
6,597
553*
58%
5c
4%c
Jan
70
27,925
13,665
530
July
Aug
90c
July
82c
1.38
Jan
9.70
66c
71c
93c
90c
95c
9.00
9.70
6Hc
1.12
33c
36H<
7Hc
17Hc
8H<
28c
Graham-Bousquet
1.01
8c
Goodfish Mining,
35(
36Hc
'
Goldale
7c
30c
1.02
God's Lake
6c
30c
32c
18c
Granada Gold
Grandoro
Greene
*
22c
9c
10c
55c
63c
11c
lie
88c
99c
4c
4c
4He
2.81
Stabell.IIIII—Hl
2.60
2.95
55c
1
III"
90c
Haicrow-Swayze
,
15,667
20,000
95,825
39,418
21,400
38,300
18,600
30,344
3,500
69,800
1,000
10,260
6.90
Feb
Aug
25Hc
25Hc
28c
16,900
18c
Jan
Feb
4.55
4.25
4.60
9,727
3.00
38 Ho
4.95
15c
14c
17c
27,300
6c
Jan
1
1.97
1.83
1.98
83o
Mar
2.03
3.22
3.15
3.25
33,035
8,870
2.25
Mar
3.50
35c
32c
37c
17,500
28o
Jan
5.85
6.00
6,090
4.30
Mar
6.70
July
1.78
1.70
1.78
3,654
1.65 June
2.50
—Ill
1.95
1.90
2.00
3,455
1.20
Jan
2.25
95c
90c
20c
Jan
1.17
Apr
Aug
Aug
2.15
2.10
1.17 174,130
2.20
19,660
1.60
2.50
Feb
1.43
1.35
1.43
5,323
1.00
Jan
1.80
July
9c llHc
178,550
9c
Aug
20 Ho
Feb
Ventures
»
II
"*
Consolidated! 50c
Eagle
Kirk Hudson
Bay
Kirklan d-Lake
Lava Cap Gold
Lebel Oro
Lee Gold Mines
Little Long Lac
Macassa Mines
l
Aug. 22
to
Friday
Stocks—
Par
Aldermac Mines
Brett
Feb
Aug
40c June
5Hc
Jan
21c
Mar
8c
Feb
75c
Jan
Aug
Aug
1.20 May
2c
Jan
lOHc June
37c
Jan
15c
July
860
12c
July
M cVittie-Graham
Jan
41c May
26,180
70c
Aug
22c
59,640
12c
Jan
51,400
III*
2Hc
5.75
5.75
6.00
4,295
5.90
____!
4.20
4.15
4.30
9,690
3.12
Jan
20,035
91,300
7,475
69,575
2,141
51,670
845,804
28,220
22,290
8,595
17,600
39,900
27c
40c
35c
44c
5
42%
41H
42%
1
1.81
1.80
1.94
l
8Hc
8c
11c
IIIl
20Mc
20c 24Hc
*
1.43
1.40
1.46
Mining Corp
*
1.62
1.60
1.67
36c
40c
25c
23Hc
28c
I*
Moneta-Porcupine
1
Morris-Kirkland
Murphy Mines
1
l
55c
58c
5,850
4c
4%c
40,800
"4Mc
Newbec Mines
New Golden Rose
*
4c
3%c
4%c
1
1.15
1.15
1.31
Ni pissing
5
2.45
2.43
2.50
Noranda
1,380
*
63 %
63
65
Northern Canada Mining I*
O'Brien Gold
1
Olga Oil <fe Gas New
Jan
1.08
McWatters Gold.
Minto Gold
Mar
7 He
24c
Mclntyre Porcupine
55 %c
29c
17c
4.10
McKenzle Red Lake
McMillan Gold..:..
Jan
Jan
6Hc
3.85
*
15,500
5,230
5%C
5%c
35c
July
I8H0 May
17 H July
81c May
1.00 July
80 He Aug
1.75 July
94c May
1.38 May
Mar
Mar
29 He
15c
Aug
July
7.75
Feb
3.50 June
■
3.63
4.90 June
5.05 May
Jan
30c
Aug
Jan
30c
Aug
1.22
Aug
55c
July
Mar
40
49 %
2.24
July
15c
Feb
Mar
2%c May
19c July
1.19
Apr
1.11
Apr
Jan
7%c
Jan
6%c
54c June
H
2c
Jan
Jan
-1.00
July
2.30
42c
Jan
Jan
1.78 June
-1.67
Aug
1.00
Mar
33c May
80c
Feb
7 H
5 He
1.40
May
July
Aug
July
3.05
Jan
6,632
44%
Jan
51c
65H
51c
Aug
900
"5I6O
28 %c
Jan
5.55
6.15
34c
Jan
7c
6c
7c
70,140
19,900
17,397
32,385
44,750
23,650
6c
Aug
Omega Gold
1
68c
65c
70c
Pamour-Porcupine
*
4.50
4.40
4.75
Paymaster Consolidated.. 1
94c
94c
1.00
1.60
40c
Mar
3.50
Mar
50 He
Jan
63c May
7.00
July
15c May
85o June
5.20 June
1.25 May
Perron Gold
1
1.50
1.50
1.12
Jan
Peterson-Cobalt
1.74
1
2Hc
2Hc
3c
5,300
2c
Pickle Crow
Pioneer Gold....
July
4Hc
Feb
1
6.75
6.60
7.00
3.95
Mar
7.60
1
8.00
7.45
10,520
6,260
July
Aug
12
1
3.12
3.05
3.24
*
1.78
1.70
1.84
Prospectors Airways
*
2.15
2.10
2.19
800
Read Authier
l
4.00
3.85
4.00
10,685
Premier Gold...
Preston (new)
8.00
9,510
18,245
Week's Range
Sale
of Prices
Price
Low
7.25
Feb
Jan
1.80
Jan
3.30
21c
Mar
2.55
2.10 May
3.25
Jan
1.44
4.35
July
Jan
lOo June
for
Range Since Jan. 1 1936
Week
High
*
24%
1
10c
22 H
10c
1
29c
Shares
24%
36c
33c
Low
5c
*
8Hc
3,200
6c
500
4c
24c 24He
22c
2,305
l
Hudson Bay
3c
8c
*
Grozelle Kirk
2Hc
1
Cobalt Contact
East Crest Oil
8c
6c
Central Manitoba
Churchill Mining..
5c
2Hc
Trethewey
69,400
7,000
81,285
13,100
24,200
6c
High
7c
Jan
Jan
Jan
Jan
lHo
Jan
4c
Aug
6Hc May
13 He
Feb
Apr
Jan
9c
8,600
22Ho
14He
Jan
12%c
12c
14c 135,900
3c
Jan
21c June
4Hc
Lake Maron
*
4 He
6c 128,000
30c
5,450
lHc
Jan
1
*
28c
1
3Hc
5
3c
3Hc
10Hc 10Hc
12c
Jan
lHc
Jan
10c
36,600
1,300
*
4 He
4c
Parkhill
4 He
2,000
4o
1
25c
25c
Pa wnee-Kirkland
21HC
77,400
18c
Aug
July
May
1
4%c
4 He
6c
Pend Oreille
110,900
78c
6,100
2Hc
Jan
1
Selections.....
July
14He July
57c July
9He May
2c
11 He
3 He
21c
24Mc
Malrobic Mines
Oil
27c
May
28Ho Feb
3lc May
Kirkland Townsite...—_ 1
Night Hawk
Nordon Corp
11c
75c
70c
July
103,000
4c
lc
Jan
7c
l
12c
10Hc
13c
1
7Hc
7Hc
9c
1
6Hc
5c
1
3Hc
3Hc
Temiskaming
1
13c
13c
15c
10,900
Wood-Kir kland
1
6Hc
6Hc
6Hc
4,000
4c
Apr
Feb
42c July
6Hc May
26c
Apr
7c
Jan
31 Ho
Feb
11c June
Jan
45,600
7Hc 191,900
4c
25,700
Porcupine Crown
Ritchie Gold
Robb Montbray
Sudbury Mines
1.20
Feb
15c
Mar
13 He May
9c
Feb
3Hc
Jan
2c
-Jan
23c May
4c
Jan
9c May
,
7 He
Mar
Montreal Stock Exchange
Aug. 22
to
Aug. 28, both inclusive, compiled from official sales lists
Jan
Mar
5%e June
Stocks—
Par
Price
Sales
Low
High
for
Range Since Jan. 1 1936
Week
Shares
Low
High
48c June
26 He
24c
17c May
7c
Jan
Sales
Last
3%o
11c
3c
Aug. 28, both inclusive, compiled from official sales lists
Jaii
47c
24Hc
23%c
Jan
41,500
Toronto Stock
Exchange—Mining Curb Section
Jan
Mar
24c
71o
6c
60c
3.90
Mar
4Hc
Jan
24Hc
38c
Jan
Jan
*
3,000
1.45
19c
acLeod-Cockshutt
46c
Mai
5c
Manitoba & Eastern..___*
Maple Leaf Mines
l
May Spiers Gold Mines...
42c
75C
7Hc
I
Feb
43c
of Prices
51 % c
95c
9.00
*
Ymtr Yankee Girl
Week's Range
36,425
3,311
1.08
Mar
Sale
35c 242,500
65c
Jan
7.55
Last
30c
57%c
3e
10.425
Friday
24,310
57c
10,900
8.10
Feb
1.29
60c
4c
8Hc
8.00
Aug
1.00
21c
3 He
7He
8.10
July
86c
61c
3Hc
7Hc
*
.IIIl
10c
13%
Jan
»
...
40c
69c
57Hc
25Hc
I"
Lamaque-Contact
10HC
Jan
79c
14c 14Hc
43c
36c
68c May
6.00
Aug
1.20
Consolidated.I.
13 He 14Hc
14c
Aug
July
*
3c
60c
37c
Feb
20o June
*
30c
83c
j
Hollinger Consolidated 1—5
Homestead Oil
l
Howey Gold
Jan
Gold
Feb
25,100
75,135
43,850
6,722
33,200
118,275
26,350
14c
73o
750
2.18 May
63c
...
Harker Gold
43c June
8 Ho
Mar
58
~~68c
4.75
44,350
Jan
61% June
6c
3,356
4,750
1.22 May
42
Jan
9.40
I
_
Glenora Gold
M
Jan
Mar
1.70
Chibougamau
Lake Shore Mines
1.24
2.41
"2l09
_
Dominion Explorers
l
Eastern Malartio Gold M.l
Eldorado
J M
18c June
3.25
Clerlcy Consolidated
Conlagas
Hard Rock
3,950
1.12
1.90
_i
_
Chemical Research
Chromium Mining
Grull Wihksne..
Gunnar Gold
"ill?
1
Trethewey.
Central-Patricia
Central Porcupine
Cons
10c
1.85
Jan
29,159
21,450
69c
Mar
Aug
31c July
6 He
Feb
ll^o Feb
1.90
*
Cariboo Gold
Castle
Coniaurum
1.45
Jan
1.56
4.65
61c
Aug
July
Aug
Aug
3 He
18c
1.20
1,100
1.27
1.00
2.87
1.48
4.30
Jan
87c
33,400
Aug
40,800
12,700
1.45
_
Calmont Oils
Canadian-M alartio
Jan
63,700
Mandy Mines
Calgary <fc Edmonton.
56c
6c
Aug
Apr
6Hc May
2,521
1,500
2,270
"V.9Q
Buffalo Canadian
Bunker Hill
70c
Jan
65c
27,850
11,600
38,002
15,410
52,200
12Hc
50c
2,600
88c May
1.00
6Hc 141,650
8%c 26,600
7c
92,300
32c
50,375
1.50
1.65
52 He
55c
22c 26Hc
85c
Feb
1.15 June
69c
Wiltsey-Coghlan
Wright-Hargr eaves
Feb
4.10
1.20 106,085
20c
27,300
1
1
I8H0
lHc
3%o
6Hc 259,940
7%c 23,875
6.90
1,489
1.59
1,956
l
Bagamac Rouyn
Apr
5c
White
45c
45c
l
Aug
75c
60c
Wayside
High
10,200
39 Ho
3.45
1.60
82,725
5c
Toburn Gold
Week
Low
27c May
26,015
98c
60c
Towagamac Exploration 11
Range Since Jan. 1 1936
Shares
200
Aug
1.30 May
76o Aug
90c
63c
Waite-Amulet
for
9c
7Hc
Mar
2.40
Texas-Canadian...
Sales
Week's Range
of Prices
Low
High
Mar
L54
'
Tashota Goldfields..
Exchange—Mining Section
Last
1.00
5Hc
27 He 27Hc
1.60
1.95
4.35
1
Sullivan Consolidated
Sylvanlte Gold
Feb
Aug. 28, both inclusive, compiled from official sales lists
Friday
9,425
42c 200,150
34c
Jan
82c
IIHi
Teck-Hughes
Aug. 22
1.24
High
50c
Anthony Gold
1
Sudbury Basin
*
Sudbury Contact—I IIIII.
Mar
*
Toronto Stock
51,465
Feb
2%
Walkerville Brew
Waterloo Mfg
Low
2.11
96c
St.
Feb
.
Range Since Jan. 1 1936
Shares
1.20
1.23
South Tlblemont
..I*
Stadacona-Rouyn .___.._*
Feb
239
114%
28
30
5
18 H
18H
Toronto Elevators pref. 100
United Fuel pref
100
350
1.00
High
1.96
27 He
Sladen-M alartlc. IIIIIIIIl
76
~20~
100
Low
1.70
3%
3H
19%
Supersilk pref
__100
Super Petroleum ord
*
Thayers corn..
*
Thayers preferred
*
Price
Shawkey Gold—IIIIIHI*
Sheep Creek..
HI" 50c
Feb
90
Aug
Lao.
20 H
19
*
Week
Par
55
North Star
;
__*
North Star Oil pref.__.__5
Ontario Silknit pref.
.100
for
of Prices
(Concluded)
100
32%
Week's Range
Sale
100
Montreal Lt Ht <fc Pow Con
National Steel Car
*
Sales
Last
Week
Aug
July
Agnew-Surpass Shoe..
*
Preferred.
8%
*
Alberta-Pac Grn A pref 100
Ang-Cndn T pf 7%C reg 50
Associated Breweries
*
Assoc Tel &
Teleg pref...*
Bathurst Pow & Paper A.*
Bawlf N Grain
*
Preferred
Bell Telephone
106
.
«.
M
-
106
—
m
12%
1.60
100
Brazilian Tr, Lt & Pr
*
British Col Power
Corp A.*
11K
30H
_
106
10
10
-
20
22 H
53
51H
12 H
220
51H
1.60
149
11H
29H
13
1.60
Building Products
A
Jan
July
15
Jan
Jan
55
July
1,248
130
60
553
11H
3,581
30 H
683
4
8
8
8H
250
43
43 H
375
6H
Canada Cement
*
Preferred
.100
Canada Forging cl A
*
Can North Power
Corp
*
Canada Steamship
*
Canada
6%
80
6
*
*
Candn Industrial Alcohol.*
Class B
*
May
9H
4H
Feb
Jan
Aug
38
Jan
Mar
150
Feb
Feb
Jan
15H
Jan
37 H
Feb
5H
Feb
7
May
July
33
Jan
28
3H
16
43 H
Jan
Aug
608
6
May
8
Feb
82
813
58
Jan
82
Aug
6
100
3
June
7
Feb
25H
445
22 H
Jan
27 H
July
1.55
10
1H
Apr
Feb
6H
June
3H
15H
Aug
Apr
6H
6H
7
445
16
8%
27
17
55
9
Jan
17
38
39
175
31
Jan
41
107
108
8H
19
8H
20
26 H
27 %
121H 123 H
50
1,915
2,291
870
102 H
5H
13
25 H
May
Apr
May
108 H
Feb
20 H
July
July
July
31H
Feb
8H
21
35
112
May
May
21
21
40
18
Feb
21H June
22
123%
C onverters.. 100
Canadian Cottons
100
Canadian Cottons pref. 100
Canadian Fairbanks prf 100
Canadian Foreign Invest.*
Candn Hydro-Elec pref 100
1H
22 H
141
17 H
July
1.55
20
100
Mar
Jan
25 H
108
7%
10 H
38 H
55
1.55
Canadian Car & Foundry. *
Preferred
__25
Preferred
6
60
34
Aug
25%
Steamship pref. 100
Can Wire & Cable cl
B„.*
Canadian Bronze
*
Canadian Bronze pref.. 100
Canadian Celanese
6H
78 H
Mar
9H
4
43%
Jan
107
51H
15
4
*
Jan
20
*
Bruck Silk Mills
100
22 H
255
22 H
150
10
7H
5
*
_
Rights
Canadian
9
H
22 H
"156"
_
22
53
«.
100
B
8H
24
45
22
Aug
30
Jan
55
35
48
Aug
97
53
53
100
100
100
5
28
28
28
15
36
35
39
638
MM
7H
-»*•
•
—
128
Jan
Jan
55
May
105
98 H
23 H
Apr
Jan
100
Jan
34
Mar
26
Apr
48
Jan
Feb
Jan
6H
5H
7H
5H
July
June
12 H
796
*
1.00
1.00
1.00
20
1.00
4.00
Canadian Pacific Ry
Cockshutt Plow
Aug
Jan
25
11H
693
10 H
Jan
121
5H
Aug
15H
9H
Feb
Con Min & Smelt new
Feb
25
11H
5H
54 H
57 H
May
Cndn Locomotive
Crown Cork & Seal Co
Dlst Corp Seagrams
Dominion Bridge
Dominion Coal pref
Dominion Glass..
6
6
6H
11H
Jan
*
*
100
1,496
51
May
17
HH
5H
54H
16H
17
180
15
Mar
24 H
*
24
24 H
835
18H
Apr
34 H
Jan
43 H
18
42
43 H
970
32
Jan
Aug
18H
1,086
43H
18H
H
17H
6
55 H
100
110
110
110
Preferred
100
Dominion Steel & Coal B 25
Dominion Textile
*
150
150
152
Dry den Paper
*
Eastern Dairy
Electrolux Corp
5H
5
64
*
6H
5%
65
17
Feb
225
14 H
106
Jan
115
Feb
15
136 H
Jan
155
July
1,141
4H
May
July
8
Feb
195
6H
7H
1,330
1.75
1.75
55
60
Apr
79
Aug
Jan
B
Foundation Co of Can
No par value.
1
23
22 H
23 H
315
*
4H May
1H July
19H
Jan
22 %
8
21H
7%
22%
120
10 H
24
Feb
._.*
English Electric A
*
1,894
365
4
June
12H
Feb
*
18H
17
8H
18H
1,505
13
Mar
18H
Apr
Jan
7H
Aug
3%
Feb
28 H
Feb
r'
.
Financial
1378
r
;
of Prices
Stocks
(Concluded)
Gurd.
Price
Par
Charles.-
734
7M
434
Hamilton Bridge
*
pref.-100
5
Howard Smith Paper
*
534 June
4
May
55
1434
2534
Jan
13.60
Mar
12
9234
1,371
88
14
3,369
1334
1334
1334
*
334
334
934 June
\373
434
Apr
Mar
3
150
July
57
240
94
93
94
Jan
534
834
Mar
834
>
Jan
Jan
Jan
634
45
July
Jan
1734
1434
Mar
100
30
2634
30
156
Jan
1634
2,925
Mar
1434
Feb
6
9434
Aug
Jan
2c
Jan
30c
Aug
Ltd 1
Fields..1
*
1
30c
30c
34c
600
1834c
Jan
58c
July
1.78
3,525
5834
220
Cent Manitoba Mines
Consol Chib Gold
Dome Mines
East Malartic..
1.60
1.72
56
5834
;
Lake Shore Mines
Aug
Mar
June
89c
July
65c
73c
7.90Q
9.10
9.60
2,215
.,6.90
Jan
9.60
Aug
1.78
1.75
2.24
10c
July
2.24
Aug
57c
55c
62c
10,200
23c
Jan
93c
Aug
70c
39,960
2834c
Jan
81c
5734
309
57c
Jan
60c May
Jan
67c
*
1
1
.1
Greene-Stabell Mines
2.30
61
July
52c
FalconbridgeNIckelMines *
Francoeur Gold
Apr
Jan
1.10
43
62c
63c
57
6734
Lamaque Contact Gold M*
250,100j
Aug
4634c
July
123
Jan
25c
May
Jan
Lebel Oro Mines
17c
200
13c
Jan
Mar
2
1
29c
5
22 34c
17c
48,600
5
Jan
5534
Aug
1
7c
634c
8c
49,600
Apr
Aug
40
Lee Gold Mines
14c
21
3c
55
370
4
Aug
734
Jan
Mclntyre-Porcup N Ltd.5
4234
4134
4234
195
Jan
434
1434
1
1.27
1.12
1.35
17,400
25
156
4
434
*
1434
1334
3134
Jan
1234
156
4
Feb
1734
3034
33
1,231
10,468
30
May
34
Montreal Loan <fe Mtge. .25
26
26
80
26
Apr
28
Mar
40
57
5734
11
5534
Apr
60
Jan
93
80
85
Jan
June
Montreal Telegraph
88
88
Apr
*
4334
43
44
1,493
39
Jan
45
*
1434
1434
15
126
13
May
Niagara Wire new
Niagara Wire Weaving pf *
6334
Feb
1734
6.20
17,500
35c
Jan
4.60
4.55
4.65
875
3.75
Jan
25c
22c
1.52
1.50
Perron Gold
1
Pickle Crow Gold
1.58
•100
7.40
Read-Authier Mine
1
4.00
3.85
4.05
6,815
1.43
Jan
4.40
July
Shawkey
1
95c
90c
98c
27,100
80c
July
1.03
Mar
July
1
4.40
4.40
4.65
8,135
110
Jan
Sladen-Mal
1
63c
6234c
69c
Jan
Sullivan Consol
1
1.95
1.83
1.95
23,330
26,421
Apr
Teck-Hughes Gold
1
Thompson-Cadilac
1
Towagmac Explor Ltd_._l
6.05
5.90
6.05
1,205
1.23
18,500
1.00
90c
Ventures Ltd.:
*
2.22
2.13
199J4
32
10634
10134
Feb
15
10
125
1534
861
1734
580
310
10134
220
10034 10034
2
234
234
.
634
1834
53
100
100
1134
12
3334
Shawinigan W & Power. .*
2034
1734
125
Jan
1134
Jan
1434
434 May
Feb
1234
1,245
6
21
110
1934
1734
June
Jan
16
18
3234
v
Jan
97
Aug
10034
1.50 May
1,080
320
Feb
Aug
634
Feb
1834
July
104
10134
334
May
10c
*
8.10
July
934c 1134c
8.00
8.10
634c
98c
Mar
1.42
Feb
650
2.43
Mar
4.75
Mar
4.10
July
1034c
Jan
July
2334
16
May
20
Jan
11
June
14
Mar
57
6934
6134
Jan
Duparquet Mining
1
Kirkland Lake Gold
634c
734C
24,500
65c
634c
4c June
66c
1,300
4334c May
1
1
"
Aug
6934
796
6134
1,110
Aug
Macassa Mines Ltd
4.45
4.15
10
10
10
Aug
22
Apr
McVittie Graham M Ltd.l
157
157
10
150
Jan
157
Aug
San Antonio Gd M Ltd
1
1~64
1.64
Feb
Sherritt-Gordon Mines._.l
1.50
1.50
1.55
Jan
4934
1
107
Aug
334
Aug
234
385
234
Aug
434
Mar
Sylvanite Gold
234
234
100
234
Aug
234
Jan
112
12
30
10
July
18
62
65
120
50
May
Mar
67 34
Jan
Banks—
5734
5734
Jan
5134
133
Jan
5834 June
14134 Aug
158
15934
109
148
Apr
170
Feb
206
10
195
Jan
206
Aug
199
200
308
184
May
214
Feb
278
280
57
271
Jan
300
164
Jan
181
'
200"
100
.100
M
.
•.
MM
-
136
179
177
178
100
Royal
27
206
15934
100
Nova Scotia
22
5734
141
140
.100
Montreal
Jan
20c
Aug
38c
200
1.64
Aug
3.40
Jan
6,250
1.00
Jan
1.90
July
Jan
77c
Aug
Mar
3.55
July
69c
41,200
3.33
130
2.38
1.50
1.30 May
Feb
Unlisted Stocks—
Abitibi Pow & Paper Co.. *
Cum 6% pref
.100
Ctf of deposit 6% pref 100
Brew & Distillers of Van..
*
Brewing Corp of Can
*
Preferred
145
6 34
June
1034
10
634
Jan
80c
Mar
1.40
Jan
1.75
Aug
434
1834
Mar
1.75
210
80
13
Aug
10
75
July
75
57
Apr
8634
6134
3034
Apr
35
Feb
20
Jan
23
Feb
Jan
6
Apr
8134
2,261
46
3334
3334
Canadian Light &
20
20
2034
59
6
A
General Steel Wares
*
pf 100
Loblaw Groceterias A
Public Utility and
*
Massey-Harrls Ltd pf__100
Price Bros Co Ltd
330 Bay St., Tinata
100
900
3,585
634
604
434
Apr
934
Feb
5
234
Jan
Aug
734
July
1634
Feb
1834 "July
2834
534
20
20
No par
9
30
275
2034
52
50
52
85
45
June
2134
2134
2134
15
19
Jan
29
30
29
56
96 34
29
29
10334 10334
4
434
"434"
value.
July
Jan
Aug
Jan
42
41
42
205
22
27
27
2734
215
2634
May
Apr
Feb
Jan
65
2134
Aug
40
Mar
Jan
10434
634 May
July
234 May
1,230
*
Royalite Oil Ltd
*
534
9
2
100
Preferred
Jan
60c
20o June
25c
434
9
McColl-Frontenac OllpflOO
Industrial Bonds
Feb
534
*
100
Eastern Dairies pref
Feb
25c
*
Donnaconna Paper B
434
•5
6
Feb
334
334
Ltd..*
Ford Motor of Can A
Montreal
550
1.90
Feb
INCORPORATED
1B83
1.00
13
1334
1334 July
13 34
90c
95c
1.90
Feb
Donnaconna Paper
Feb
July
925
11
1034
8134
5934
33%
Pow. 100
Cndn Pow & P Invest pref*
2.50
1334
.1.60
10
1.50
"1034
Calgary Pow Ltd pref. .100
Canada & Dom Sugar
*
Canada Malting Co Ltd..*
HANSON BROS Canadian Government
Sparks St, Ottawa
3.18
1,000
63c
Claude Neon Gen Ad Ltd *
255 St. James St.,
610
22c
1.80
3.25
1
Consolidated Paper
ESTABLISHED
July
5.00
4.30
.
1834c
63c
93c May
Aug
112
11
50
22c
Stadaconna-Rouyn Mines *
,234
112
100
Apr
1.15
4.00
10
"65"
1134c
Jan
1.15
1,920
1,000
2c
1.15
5934
100
Feb
4.00
68
100
Feb
8.90
1
530
6
7.65
1
j.
10
,
Feb
21c
Mar
934c June
11,400
3,100
Central Patricia Gold
61
234
Aug
2.50
Cndn Malartic Gold
6934
*
Aug
1.15
Jan
1.60
Arno Mines
.*
B
1.60
24c May
3734 c May
Unlisted Mines—
25
Western Grocer* Ltd pf.100
July
July
250
476
6.65
July
1234
1.05
Mar
Mar
1434
18
1.00
Aug
4.30
1.15 143,320
800
Tooke Brothers pref...100
Tuckett Tobacco pref. .100
Viau Biscuit
*
2.03
2.20
634c
Wright-Hargreaves
Aug
Mar
4134
1734
*
Wayside Con G M Ltd.50c
Aug
76c
83c
2.88
Jan
2034
18 34
2034
■
85c
98c
4.75
4234c June
Aug
1934
6,038
'
Jan
8
1,197
1834
2034
12
Sherwin Williams of Can.*
Dominion
Jan
100
8.00
July
1134
Commerce
11.60
7.05
8.00
July
33 34
Canada
Aug
6.80
8~00
61
1434
*
50
Canadlenne
Feb
July
3034
St Lawrence Paper pref .100
Preferred
1.75
7.55
240
Jan
1934
Saguenay Power pref
Woods Mfg pref
Jan
Mar
Jan
1934
Winnipeg Electric
1.12
July
125
125
100
Preferred
Feb
10,825
3.95
"
5.10 June
3134
56
18
634
Steel Co of Canada
18c June
27c 107,800
29
24
1434
Southern Can Power
5.55
*
1
130
25
preferred
July
5.70
Pamour-Porcup M Ltd
Parkhill Gold
Siscoe Gold
Regent Knitting
St Lawrence Corp
7.00
O'Brien Gold Mines Ltd__l
3,706
*
Holland Paper pref
Aug
6534
106
Penmans pref
100
Power Corp of Canada.—*
Preferred
1.35
2934
20934 213
213
100
Quebec Power
Aug
6334
100
Ottawa Traction
95c
40
Pioneer Gold Mines of B Cl
Ottawa L H & Power
Preferred
Mar
46 34
29
*
Oglivie Flour Mills
Montague Gold
Jan
.
103
56
Jan
40c
37
29c 394,500
5
Nat'l Steel Car Corp
1
July
Aug
24c
Aug
3034
National Breweries
,
10c
29
'25c
55
156
—*
A
2934
Cartier-Marlartic Gold...l
Mar
119
Montreal Tram ways.. .100
1
29
29
1,000
1,090
20c
18o
Ml
5
High
Low
Shares
*
Montreal L H & Pr Cons. *
.
Price
6c
McColl-Frontenac Oil
1
Bulolo Gold Dredging
1 193(
Week
100
Massey-Harris
;
Par
for
of Prices
Low
High
35c
Lindsay (C W)
Preferred
;
(Concluded)
Brazil Gold & Diamond
J-M Consol Gold
100
Preferred—
!
Aug
11
w
International Power pf.100
i
5
1,705
45
Imperial Tobacco of Can.5
Lake of the Woods
.
June
91
11
100
90
Stocks
High
3
141
5
434
14
1434
Hollinger Gold Mines
International Power
645
45
Hamilton Bridge
1
140
8
534
Low
Shares
334
534
334
Gypsum, Lime <fc Alabast.*
Preferred
High
Low
*
*
General Steel Wares
Range Since Jan.
Last
Week's Range
Sale
for
Week
Sale
.
Sales
Friday
Range Since Jan. 11936
Week's Range
Last
Market
Curb
Montreal
Sales
Friday
j
1^
Canadian Markets—Listed and Unlisted
Montreal Stock Exchange
1
1936
29,
Aue.
Chronicle
48
Feb
39 34
/ Flat price.
Montreal Curb Market
Aug. 22 to Aug. 28, both inclusive, compiled from
Last
Sale
Stocks—
Par
Asbestos Corp voting tr„ *
Bathurst Pr & Paper cl B. *
Price
52
Week's
4534
4
234
2Vs
Brit Amer Oil Co Ltd
*
23 34
23 34
Vickers Ltd
Cum pref
Canadian Wineries
*
100
"_334
28
City Gas & Electric Ltd..*
Dominion Eng Works
Dominion .Stores Ltd
*
*
Dom Tar & Chemical Ltd *
_
„
Jan
5%
3
Aug
Feb
Jan
34
27 34
Apr
13
8
10c June
334
875
1.50
Apr
4
1134
Jan
28
34
934
734
30 Broad Street
•
New York • HAnover 2-6363
Tele. NY 1-208
Bell System
Aug
3 34
28
25
May
July
2
50C
334
234
1134
15
10
1134
Aug
15
1.50
1.50
20
1.50
July
3.00
30
26 34
Jan
July
35
34
36
12
July
r<9'wmwwm"www w m vvm ■>' T
Industrial and Public
Feb
Bid
Feb
Feb
Jan
Abitibi P & Pap ctfs 5s '53
Alberta Pac Grain 6s.
Bid
Ask
1946
MacLaren-Que Pr 534s '61
8634
8734
Manitoba Power 5348-1951
86
8634
7 34
65
6634
9134
35
754
734
4%
80
50
Jan
97
July
BeauhornoisLH&P 534s '73
Beauharnois Pr Corp 5s '73
15
5
Jan
16
Mar
Bell Tel Co of Can 5s. 1955
115
11534
234s to '38—5348 to '49
Massey-Harris Co 5s__1947
Brit Col Power
107
McColl Frontenac Oil 6s '49
6
Feb
65c June
834
July
2.75
Apr
70c
30
15 34
14
718
9
Jan
1934
Feb
Jan
19
Feb
Jan
*
1334
13 X
1434
1,958
*
90c
90c
91c
1,925
70c
162"
47
534s.-1960
106
Mar 1 1960
75
Maple Leaf Milling—
48"
105
534s-334s. 1948
5s
Burns & Co
_
Int Petroleum Co Ltd
Inter Util
Corp class B
Melchers Dist Ltd A
*
2034
.....
3434
Power of Can
33
Minn & Ont Paper
Montreal Island Pr
77
"934
(Robt) Ltd *
234
Apr
6
Jan
Can North Power 5s__1953
2,009
3334
Aug
1.10
700
50c
Jan
70
55
10
109
9734
102
70c
United Securities Ltd..100
27
2
70c
28
2
35 34
38
18 34
3734
Walker-Good <fc Worts pf.*
1834
1,048
160
Beaufort Gold
1
Big Miss or Mines
1
1
6c
7c
42c
41c
46c
55c
52c
38c
36c
1
Bousquet Cad....
88
90
7034
7034
7134
7134
Certificates of deposit
10834
Ottawa Traction
534s. 1955
Ottawa Valley Pow 5348 '70
Power Corp of Can 434s'59
101
1 1957
102
Dominion Coal 5s
105
8
Jan
Aug
Dom Gas & Elec
634s. 1945
Aug
Dominion Tar 6s
1949
July
98
90
4734
9034
10534 10634
5s
Dec
85
99
9934
10234 10334
10534 10634
10234 10234
10434 10534
Apr
.
95c
Mar
Apr
2834
July
Eastern Dairies 6s
July
334
Feb
Fraser Co 6s.
38
Aug
Gatlneau Power 5s
19
Feb
General Steelwares 6s. 1952
10434 10534
534s '47
Quebec Power 5s
1968
Saguenay Power 434s. 1966
Shawinigan W & P 434- '67
Simpsons Ltd 6s
1949
Smith H Pa Mills 534s *53
/5634
5734
Southern Can Pow 5s. 1955
105
Apr
10c June
Gt Lakes Pap Co 1st 6s '50
Int Pr & Pap of Nfld 5s *68
Lake St John Pr & Pap Co
49c
Apr
July
9,000
434c
33,250
7,150
30c
Jan
55c
50c
Aug
75c
Jan
45c
43.750
36c
Aug
48c
Aug
Aug
634s
634s—
__
Jan
77
1949
8134
1950
99
1956
1
9934
—
MM
100
8234
-
MM
9934
Provincial Pap Ltd
___
•
10134
83
Donnaconna Paper 534 s '48
East Kootenay Pow 7s 1942
103
Mines—
Barry-Hollinger Gold
51
5034
10234 10334
Ottawa Lt Ht & Pr 5s. 1957
102
1940
par value) 3s
1939
Montreal Tramway 6s 1941
New Brunswick Pr 58.1937
Northwestern Pow 6s. 1960
9234
11234 113
Apr
534
Montreal L H & P ($50
106
Mar
50c
2634
1734
-
.MM
3734
105
Nova Scotia L & P 5s. 1958
/4634
Jan
2
-
6s. 1945
5348 '57
9134
10634
3634
91
Cedar Rapids M & P 5s '53
Consol Pap Corp 534s. 1961
98
20
9034
Feb
June
10
Canadian Vickers Co 6s '47
Feb
4
240
2.50 May
534
120
25
2 34
Can Lt & Pow Co 5s—1949
1334
55
554
103
M
10134 102 34
Apr
3934
Aug
2 34
5
101
9134
June
9
2
Sou Can Pac Ltd pref. .100
United Dlst of Can Ltd..*
10434 105
Apr
Aug
10
5 34
10734
33
9%
100
109
1941
2434
Aug
19
120
34
634
Canada Bread 6s
Jan
2034
34 %
34
pref. 100
Rogers-Majestic Ltd A...*
Walker-Gooderh & Worts *
20
234
634
cum
Walkerville Brewery Ltd.*
3,784
10034 10034
Feb
Canada Cement Co 534s '47
Canadian Inter Pap 6s '49
334
1.05
B
Mitchell & Co
2034
33
3
1
*
20 34
1.46
As*
52
94
/5134
340
10
8
Imperial Oil Ltd
*
Inter City Baking Ltd.. 100
Int Paints (Can) Ltd A___*
Utility Bonds
May
Calgary Power Co 5s_-1960
Home Oil Co Ltd
vwrtTT
w 0* mv ^ mi wwww
9334
954
70c
1534
Corporation
Feb
195
•
York, Montreal and Toronto
Royal Securities Corporation
Jan
100
2%
1.00
Foreign Pow Sec Corp Ltd*
Voting trust ctfs
16 34
53
302
6
*
Jan
Mar
3
1.95 June
35c
92
Fraser Cos Ltd
1,295
17 34
934
pf 100
cm
1,972
Municipal
•
Private wire connection between New
934
East Kootenay P cum pf 100
Dom Tar&Chem
10
334
2354
1134
Ltd..*
Catelli Food Prod pref A230
Government
High
Low
35c
9 34
Cndn Pow & P Invest Ltd *
Canadian
3,226
53
4
4
Shares
SECURITIES
CANADIAN
Range Since Jan. 1 1936
for
Week,
High
*
*
Range
of Prices
Low
Beauharnois Power Corp.
Brit Col Packers (new)
official sales lists
Sales
Friday
106
10634
106
•106
"
.—Feb
1 1942
/7834
Feb
1 1947
111
Steel of Canada Ltd 6s '40
113
United Grain Grow 5s_ 1948
102
96
98
80
United Secure Ltd 534s '52
8534
8634
112
Winnipge Elec 6s. Oct 2 '54
88
8834
103
—-
Volume 143
Financial
Quotations
Bid
a3%s Nov 11954.
a3%s Mar 1
....
a3%s Jan 151976.
108% 109%
a3%s July
109
a4s
Nov
a4s
a4s
117
Oct
117%
a6s
113% 114
113% 114
113% 114
113% 114%
114% 115
1
——
a4s
117%
117
May 1
109%
1
a4%s Sept 11960.
a4%s Mar 1
a4%s Mar 11964.
117
Jan 25 1937
New York State
Bia
3s 1974.
less
1
4%s April 1940 to 1949.
Highway Improvement—
4s Mar & Sept 1958 to '67
2.85
Bonus—
{
2.10
b
...
Barge CT 4%s Jan 1 1945
116%
loo
123
128
Lawyers
__20
135
138
Manufacturers
Chemical Bank & Trust. 10
Clinton Trust
^...50
68
70
75
85
Brooklyn
Central Hanover
Colonial Trust...
25
375
18
17
1750
1700
58
55
25
50
O
48
51
53
..25
...
144
147
1
l
Preferred
New York..
14%
19%
16%
Underwriters
66%
United States
10%
Title Guarantee & Tr. -.20
21
65%
11%
90 i
21151
80
100
.100 2065
■
Par
Bid
Ask
American National Bank &
Trust
100
Trust
Bid
Par
Ask
100
289
294
Harris Trust & Savings. 100
425
450
Northern Trust Co
835
875
First National.
210
230
100
J
—
107%
ser
Gen & ref 3d
ser
107 %
104%
Inland Terminal 4%s ser D
1937-1941
M&S
104
-
1942-1960
M&S
Holland Tunnel
100%
112% 113%
4%s
ser
33 1-3
Ask
BOUGHT
106
M&S
1942-1960
M&S
—
QUOTED
PUTNAM & CO.
50.50 to 2.40
110
SOLD
—
107
111
York Stock Exchange
Members New
E
1937-1941
150% 154%
...
Hartford Insurance Stocks
Bid
Bayonne Bridge 4s series C
1939-53
J&J 3
George Washington Bridge
...
Authority Bonds
Ask
106%
1939-53.M&N
..10
Kings County.
Continental Illinois Bank &
131%
1937-50..J&D
.100
Irving
10
...
Gen & ref 2d
ser B
•
127%
127%
115%
Gen & ref 4s Mar 11975
4%s
■
Barge C T 4s Jan- '42 to '46
Bid
B
Guaranty
12
9
Ask
Canal Imp 4s J&J'60 to '67
...
Port of New York—
ser
74
10
Continental Bank & Tr.10
Corn Exch Bk & Tr
20
134%
Port of New York
4s
72
7
27
263
370
10
Fulton
io
Slcllly
County
102% 102%
134%
3%s '65
3%s '76
516
26
249
510
20
Bronx
Ask
Bid
Par
Empire
Chicago Bank Stocks
World
5s Jan & Mar 1946 to *71 b
Highway Imp 4%s Sept '63
Canal Imp 4%s Jan 1964-.
Can & Imp High 4%s '65—
Companies
Ask
115
Bank of
121% 122%
122% 123%
Bid
War
Bid
105
Bankers
Bonds
1
Canal & Highway—
Par
Banca Comm Itallana.100
Bk of New York & Tr__100
119% 120
119% 120%
120
120%
Ask
less
b 2.60
38 1981
119% 119%
119
119%
—
b 2.50
___
117 %
118% 119
118% 119%
118% 119%
.
117%
-
117% 118%
118
118%
—
108% 109
107% 108%
May 11959.
117
a4%sApr 11966
—
a4%s Apr 15 1972
a4Ms June 11974
a4%s Feb 15 1976
a4%sJan
11977
a4%s Nov 151978.
a4%s Mar 11981
o4%s May 1 & Nov 1 1957
a4%s Mar 1 1963
a4%s June 11965
a4%sJuly 1 1967
a4%s Dec 15 1971
a4%s Dec 1 1979
108% 109%
1 1975.
May 1
Ask
Bid
105% 105%
a4s
New York Trust
City Bonds
Ask
a3%s July 11975.
a3%s May 11954.
1379
Over-the-Counter Securities
on
New York
Chronicle
6
50.75 to 1.75
113%
114%
Bid
CENTRAL ROW
Ask
HARTFORD
Tel. 5-0151
A. T. T. Teletype
Hartford 35
—
United States Insular Bonds
Phllllppine Government—
Bid
4s 1946
Ask
100
101%
Honolulu 5s
3.50
1959.
106
107
U S Panama 3s June 1 1961
106
106%
Insurance
Govt of Puerto Rico—
5s
April
1955..
101% 103%
5s
Feb
1952
109
115
4%s July 1958
110
3.75
_•
3.50
Aetna
113%
113% 114
3s 1956
1946.
J&J
.
opt 1946.. ..M&N
3%S 1955 opt 1945
4s 1946 opt
4S 1957
Ask
101% 101%
101% 101%
101% 101%
J&J
.
..M&N 102'316
103
Bid
4s
Ask
.M&N.
104
10
American of Newark
2%
1958 opt 1938
105
M&N
105%
4%s 1957 opt 1937...J&J 101"i« 101%
Par
••
Home
34%
4%
.10
24%
Importers & Exporters
11
14
Lincoln Fire..
5
5
14%
75%
15%
Maryland Casualty
1
Mass Bonding & Ins..12%
52
55
Merch Fire Assur
57
61
5
6
25%
Ins Co of North Amer. .10
74
35%
Knickerbocker
14
78%
28%
5
_
com.2%
104%
58%
Merch & Mfrs Fire New'kS
10%
10
17
19
8
9
National Casualty
National Fire
10
68
71
101
6.35
National Liberty
2
National Union Fire._..20
23%
New Amsterdam Cas
27%
28%
New Brunswick Fire
25%
Bought—Sold—Quoted
Continental Casualty
"
5
--2%
Eagle Fire
42
27%
29%
4%
43
Employers Re-Insuran
JDcmfamu, <$nc.
27%
41
MUNICIPAL BONDS
5%
45
6%
Excess
10
46
Fidelity & Dep of Md...20
115
Fire Assn of PhiladelpbialO
Firemen's of Newark
5
76
Federal
49
State 0540
Land
Atlantic 5s
100
98
California 58.
100
Chicago 5s...
/7%
Dallas 5s
100
Denver 5s
78%
Bank
9
Louisville 5s
.
101
100
Maryland-Virginia 5s
Mississippi-Tennessee 5s..
—
100
100
89
r
First of Fort Wayne 5s
First of
100
Montgomery 5s...
First Trust of
79%
Fletcher 5s
91
Globe & Republic
5
50%
-
2d preferred.
101
100
Pacifio Coast of Los Ang 5s
Pac Coast of Salt Lake 5s.
100
m
m
—
Southern Fire
10
26
28
Springfield Fire & Mar..25
Stuyvesant....
5
137
140
11
100
470
500
.100
561
571
6
35%
U S Fidelity & Guar Co..2
18%
25%
27%
75%
US Fire
72%
76
79
Westchester Fire
73
Southern Minnesota 5s
/23
25
Tennessee 5s
100
-
-
-
M
-
-
-
-
-
78
79
100
San Antonio 5s.
Southwest 5s
Union of Detroit 5s
98
Virginia-Carolina 5s_
96
Land
Bank
98
Ask
Par
25
Lincoln
100
99
4
56%
19%
58%
....10
55%
58%
2.50
99
2
Ask
4
North Carolina
100
22
25
Pennsylvania
100
14
18
2
100
San Antonio
100
Virginia
Fremont
1
3
Virginia-Carolina
5
100
20
24
53
56
20c
40c
45
60
Debentures
54
35%
37%
Bid
1936 b
1936 b .35%
Ask
Bid
FIC
---
F I C
FIC
1936 b. 40%
FIC
FIC
l%s
Jan 15
1%8—Feb 15
1%8—Mar 15
1%8—Apr 15
l%s—July 15
1937 b
1937 b
1937 b
1937 b
1937 6
45%
50%
55%
60%
65%
2-6s—.1953
Contl InvDeb Corp 2- 6s* 53
5%s &
1934-43
Mortgage Bond Co of Md
Inc 2-5s
1953
Nat Bondholders part ctfs
(Central Funding series)
Nat Bondholders part ctfs
/Mtge Guarantee series).
Home
Bid
issues) 2-5s
44
...1953
ture Cotp 2-6s
1953
Realty
mm•
Bond
&
38%
41
34
f
deb 2-6s
1953
Universal Mtg Co 6s '34-'39
»
68
39
41
40
43
Mortgage
Union Mtge Co 5%s&6s'37
74
39
Atlantic
Debenture Corp 2-6s '53
mm
Realty
/3!
40%
40%
Potomac Maryland Deben¬
mm*
Potomac
/3l
...
38%
38%
/55%
/65%
...
•
40%
Par
Ask
Bid
(N J) com. *
—100
123
of Canada.. 100
148
Am Dist Teleg
pref—100
Cincin & Sub Bell Telep. 50
Cuban Telep 7% prrif—100
Emp & Bay State Tel.. 100
Ask
Par
126
York Mutual Tel. 100
127%
N'west Bell Tel pf
150
124% 127
89% 91%
47
6% % 100
Pac & Atl Telegraph
25
Peninsular Telephone com*
Preferred A
100
Bid
Ask
25
117% 119%
19
21%
21
23
110
113
115
Roch Telep $6.50 1st pf 100
So & Atl Telegraph
25
112
Franklin Telegraph
100
44
48
155
National Safety Bank. 12%
Sou New Engl Telep...100
15
17
Gen Tel Allied Corp $6 pf.
98
99%
S'western Bell Tel pref.100
Tri States Tel & Tel—
124% 125%
50
49
12%
42
44
Penn Exchange
Peoples National
50
59
Commercial National.. 100
192
198
Public National
25
48
50~"
Fifth Avenue
990
1020
Sterling Nat Bank & Tr.25
34%
First National of N Y..100 2190
36%
2230
Trade Bank.
24
—
-
10
12%
10%
,.
Int Ocean Telegraph... 100
103
Lincoln Tel & Telegraph,*
12
117
Mtn States Tel & Tel. .100
144
147
128
130
-
For Footnotes
see
page
.
62
30
60
2-6s
74%
24%
Bensonhurst
100
1953
Potomac Deb Corp 2-6s '53
Potomac Franklin Deb Co
mm
,
/36
.1953
Corp—
80
National Bronx Bank
Klngsboro National
2-6s
41%
f56%
79
—
Potomac Cons Deb
•
20
Merchants Bank
60
34
46
76%
...
78
(all
50
35
54
100
1954
Corp
100
33
Bank of Yorktown._66 2-3
Flatbush National
Bond
Ask
Telephone and Telegraph Stocks
—
Bell Telep of Pa
Par
Bank of Manhattan Co. 10
47
2-6s_1953
Potomac
49%
Ask
Bank Stocks
Ask
mm*
part ctfs
(Mtge Security series)..
Nat Cons Bd Corp 2-5s '53
Bell Telep
Bid
Series B 2-5s
mm'
Mtge Co
6s
Preferred
New York
Bid
Nat Union Mtge Corp—
Series A 2-6s
1954
.
Associated Mtge Cos Inc
Nat Deben Corp
.30%
30%
mm
79
Nat Bondholders
Federal Intermediate Credit Bank
78%
Arundel Bond Corp 2-5s '53
Debenture
68
Potomac
1953
Cont'l Inv Bd Corp 2-5s '53
Bid
U S Guarantee
Ask
Cos Inc—
Arundel Deb Corp 2-6s '53
37
6
Bid
Allied Mtge
All series 2-5s
65
70
7,
m
Stocks
2
100
13
Surety Guaranteed Mortgage Bonds and Debentures
-
100
Virginian 5s
65
City (National)
6%
10
Hartford Fire
—
Hartford Steam Boiler. .10
1
13.55
80
28
8
10%
10
Harmonia.
—
33
Chase
78
26%
205% 210%
—10
Hanover Fire...
--
100
70
15
National..50
37%
Travelers
101
Bid
Par
35%
Sun Life Assurance
100
100
15
30
10
23%
/33
100
94
l%s
Nov 16
l%s___Dec 15
28
Security New Haven
27%
37%
First Carolinas
F I C
19%
52%
21%
St Louis 5s
Par
F I C l%s...Oct
St Paul Fire & Marine. .25
Seaboard Fire & Marine..5
Seaboard Surety
10
20
Potomac 5s__.
Joint Stock
F I C
..5
26
40%
110
98
b
Rossia
,
38%
10
_
100
l%s___Sept 15 1936
13%
10
24
10
108
Kentucky of Lexington...
F I C
12
6
101—
77%
Des Moines
33
Hamilton Fire
Pacific Coast of Portland 5s
mm-
100
100
26%
30
Halifax Fire
100
Iowa of Sioux City 5s
Denver
41
25
60
100
100
Atlantic-
90%
20%
99
Pac Coast of San Fran 5s._
Greensboro 5s
La Fayette 5s...
19%
98
5
Great American
86%
128
39
/55
Ohio-Pennsylvania 5s
Phoenix 5s
72
Illinois Midwest 5s
10
124
Providence-Washington. 10
Republic (Dallas)
10
Preferred Accident..
100
Pennsylvania 5s
100
Illinois of Montlcello 5s...
15
Phoenix
28%
116% 121%
25
97
Great Amer Indemnity— 1
99%
27
2.50
99
98%
95
12.50
New York 5s
98%
100
....
Dallas
-
—
23%
Rochester American
23%
17%
Globe & Rutgers Fire—15
-
—
94
Greenbrier 5s
Atlanta.
100
5
97%
Fremont 5s
21%
1
10
Glens Falls Fire—
88
100
Chicago 5s
33
Georgia Home..
92
First Texas of Houston 5s.
101
31
97
86%
First of New Orleans 5s...
99
5
Ask
48
20
National.25
North Carolina 5s
8%
101
Oregon-Washington 5s
First Carolinas 5s
118%
77%
13%
General Alliance
Bid
Lincoln 5s
45
45
2
Northern
43
.20
Pacific Fire
12%
Franklin Fire
Bonds
Ask
99% 100%
Burlington 5s.
Teletype CGO. 437
10%
132% 138
13%
12%
34%
36%
10
New Hampshire Fire...10
New Jersey
New York Fire
Northwestern
12%
9%
2
North River
8%
Fireman's Fd of San Fran25
MUNICIPAL BOND DEALERS
Bid
6
3%
97
2%
JOINT STOCK LAND BANK BONDS & STOCKS
Atlanta 5s
8%
75%
16%
36
6.25
Joint Stock
3%
5%
26
34
Baltimore Amer
St., Chicago
Ask
36%
87%
....
21%
120 So. La Salle
Bid
5
10
Home Fire Security.
Homestead Fire
27%
56%
4%s 1957.opt. 1937..M&N 102",6 "» 'i
4%s 1958 opt 1938-M&N 107
107%
1944.. ...J&J 10913,6 110
opt 1937
54
85
113
Conversion 3s 1947
American Home
1945.
'
108
32% -34%
111%
Federal Land Bank Bonds
Bid
104
52
Casualty & Surety 10
1
As A:
24%
32%
109
U S conversion 3s 1946
117
3.00
Bid
5s July 1948
113% 115
5%s Aug
1941
4%s Oct 1956
Hawaii
3s 1955 opt
3s 1956 opt
Companies
118% 119
1952
4%s Oct
4%s July
1382.
107
Preferred
10
Wisconsin Telep 7 % pf. 100
21%
10%
115%
24
158
11%
—
T
VI
Financial
1380
1936
29,
Aug.
Chronicle
Quotations on Over-the-Counter Securities—Friday Aug. 28—Continued
DEFAULTED
Railroad Securities
Guaranteed Railroad Stocks
Offerings Wanted
3o$*i>b Walkers Sons
Membtrt K™
DUNNE&CO.
Ttrh Stotk Extbungt
Members New York Security Dealers Ass'n.
\
Dealers in
120 Broadway
Tel* REotor
20 Pine
NEW YORK
2-6600
STOCKS
[Since 18:>r>
(Guarantor
BONDS
RAILROAD
Bought
Guaranteed Railroad Stocks
i
JOhn 4-1360
'Street, New York
GUARANTIED
Sold
—
Bid
Asked
SLOANE & CO.
E.
JOHN
Dividend
Members T^ew Tor\Security
6.00
93
97
10.60
173
178
6.00
103
2.00
8.76
57
Railroad
142
stock
6.00
103
100%
99
88
90
2.00
48
50
2.00
45
47
Augusta Union Station 1st 4s. 1953
Birmingham Terminal 1st 4s. 1957
Boston A Albany 1st 434s, April 11943
6.60
86
89
Boston A Maine
'
90
—.........
23
64
68
-60
1.60
40
42
-60
3.00
76
80
Goshen A Decker town 1st
7.00
165
7.00
184
76
1100
3.876
64
66
5.00
93
96
4.00
101
102
-60
.100
Preferred
.100
....
6.90
6.00
3.00
Preferred
Macon Terminal
Meridian Terminal 1st 4s.
Maryland A Pennsylvania 1st 4s.
148
256
259
6.00
86
89
6.00
100
5.00
80
"83
5.00
83
86
.50
3.50
50
53
.60
3.00
67%
70
Lack A Western)
West Jersey A Sea Shore (Pennsylvania)
Warren RR of N J (Del
10234
69
101
9934
65 34
6634
102
8934
88 34
10134
10234
103
104
/34
10434
...
.......
1951
40
78
9334
ioi?4
10134
77
80
76
77
92
93
9034
m m
93
m —
87
1st 5s, 1955-.-.—
Ml
.
6434
67
90
—..
92
t~
.
9034
t~
6834
—
-
11234
11134
Terminal RR 434s. 1957—
Buffalo 434s. 1966....—
Union Pacific debenture 334 s, 1971
Washington County Ry 1st 334s. 1954
..
56
95
Toronto Hamilton A
Quotations—Appraisals Upon Request
-
84
9834
Bridge 1st 4s, 1951..
334s, 1946
Southern Pacific secured
—
101
Minneapolis St Paul A Sault Ste Marie 2d 4s, 1949.....
Montgomery A Erie 1st 5s. 1956
New York Chicago & St. Louis 4s, 1946
New York A Hoboken Ferry general 5a, 1946
Portland RR 1st 334s. 1951
Consolidated 5s, 1945
...
Rook Island-Frisco Terminal 434s. 1957
.....
St Clair Madison A St Louis 1st 4s, 1951
Toledo
:
81
Southern Illinois A Missouri
CERTIFICATES
EQUIPMENT TRUST
—
/ 67
1955
Shreveport Bridge A Terminal
Somerset Ry 1st ref 4s, 1955
.
—
90
85
76
1965....
1st 5s,
M.
83
...—
"77
.100
—
1946
103
74%
3.00
United New Jersey RR A
81
534s, 1978....—..........
1955
Kansas Oklahoma A Gulf 1st 5s, 1978..—
Little Rook A Hot Springs Western 1st 4s. 1939
10.00
.100
(Terminal RR)
.100
Canal (Pennsylvania)
.100
Utlca Chenango A Susquehanna (D L A W)
.100
Valley (Delaware Lackawanna A Western)
100
Vioksburg Shreveport A Pacific (Illinois Contra!)...
Tunnel RR St Louis
Hoboken Ferry 1st 6s.
10534
64
Kanawha A West Virginia 1st Be,
148
.100
170
100
.100
(Delaware A Hudson)
(Terminal RR)
preferred
195
73
950
10134
105
(Pennsylvania).. .100
Pittsburgh Port Wayne A Chicago
10034
.............
20
190
4.00
60.00
.100
—
Preferred
St Louis Bridge 1st pref
1946
4~.60
10.00
79
•mm
95
3.60
68.
7534
73
634s. 1945
6.00
-60
(Pennsylvania)—
Hartford)
Oswego A Syracuse (Del Laok A Western)
Pittsburgh Bessemer A Lake Erie (U S Steel)
Asked
Bid
Akron Canton A Youngs town
8s, 1950........—................
Prior lien 4a. 1942
..........
.....—
Prior lien 434s. 1944
..................
Convertible 5s. 1940-45
.................
Buffalo Creek 1st ref 5s. 1961
Chateaugay Ore A Iron, 1st ref 4s. 1942
Choctaw A Memphis, 1st 5s, 1952
........
Cincinnati Indianapolis A Western 1st 5s. 1965
Cleveland Terminal A Valley 1st 4a. 1995—..........
Georgia Southern A Florida 1st 5s, 1945—..........
Old Colony (N Y N H A
Rensselaer A Saratoga
Bonds
98
4.00
(Pennsylvania)—
.100
prel (N Y Central)—.—
.100
Georgia RR A Banking (L A N-A C L)
.100
Lackawanna RR of N J (Del Lack A Western)—
.100
Michigan Central (New York Central)
..60
Morris A Essex (Del Lack A Western)
.100
New York Lackawanna A Western (D L A W).._
Northern Central
Bell System Teletype NY 1-684
"60
..26
Betterman
•
145
8.00
HAnover 2-2455
•
39%
139
8.60
Fort Wayne A Jackson
Second
38H
York
41 Broad St., New
..60
Delaware
Dealers Association
106
.100
(Illinois Central)
.100
Albany A Susquehanna (Delaware A Hudson).....
.100
Allegheny A Western (Bull Roch A Pitts).........
..60
Beech Creek (New York Central)
.100
Boston A Albany (New York Central)
.100
Boston A Provldenoe (New Haven)
....
.100
Canada Southern (New York Central)
...
.100
Carolina Clinohlleld A Ohio (L A N-A C L) 4%—
.100
Common 6% stamped
.100
Chicago Cleve Cine A St Louis pre! (N Y Central).
-60
Cleveland A Pittsburgh (Pennsylvania)
Alabama A Vlcksburg
Quoted
Earnings and Special Studies on Request
In Parenthesis)
Par in Dollars
—
-
.
70
Stroud & Company Inc.
Private
Wires to
Philadelphia, Pa.
New York
garlock packing company
Quotations and Analysis
Railroad
Equipment Bonds
Bid
Bid
Ask
54.25
61.75
1.00
Baltimore A Ohio
62.80
2.00
5s
62.80
2.00
534s
4%s..
4%s
5s
63.50
2.50
New York Central
3%s Dec 1 1936-1944..
63.30
2.25
N Y Chic A St L
63.00
2.00
62.75
5s
2.00
63.00
Canadian National 4%s..
2.00
434s
6s
...
N Y N H A Hartf
434s
62.85
2.00
2.00
2.00
63.00
2 00
82
*
8754
*
Assoc Gas A El orig pref..*
56.50 preferred
*
57 preferred
Atlantlo City El 56 pref..*
BangorHydro-El 7% pf 100
Birmingham Elec 57 pref. *
Buff Nlag A E pr pref...25
Carolina Pr A Lt 57 pref..*
94
95
Mississippi Power 56 pref..
7234
64.50
3.75
Northern Paclflo
434a
61.75
1.00
Pennsylvania RR 434b
62.00
1.00
6%s
4%s
61.00
0.50
5a
62.00
1.00
62.60
2.00
4s series E due
6s
62.00
1.00
64.90
3 50
64.90
Chicago A Nor West 4%s.
3.50
66.76
6.00
5s
Chlo Milw A St Paul 4%s.
66.75
5s
6.00
1936-49
62.85
2.00
non-call Deo 1 1936-50
62.75
2.00
62.80
2.00
2%s series G
434b
Reading Co 434s
Pere Marquette
62.75
2%
2%
6%
Denver A R G West
74
65 00
4%s.
3.75
68
65.00
3.76
6%a
65 00
3 75
Erie RR
62.75
6>$s
/.00
85
90
85
90
5s
85
90
•
St Louis-San Fran 4s
Southern
Paclflo 434s
2 00
5s
62.80
2.00
61.75
1.00
61.75
1.00
61.75
1.00
62.85
2%
5s
6s
62.25
1.50
634s
62.00
1.00
Internat
64.50
3.50
63.00
2.00
62.50
1.75
61.75
1.00
i
Illinois Central
...
4%s
GreatgNor 434a.
Long Island 4%s
5a
Loulav A Nashv 4%s
6s
61.75
1.00
63.50
2.50
63.50
Maine Central 5s
2.50
Southern Ry
434s
1.75
2.25
Minn St P A 8 S M 4s...
65.00
4.00
65.00
434b
4.00
6% preferred
6.60% preferred
2.00
1.50
61.60
434s
5s
2.00
62.65
0.75
61.60
Union Pacific
-
1.25
62 65
62.50
-
0.75
Espex-Hudson
1.00
61.75
Virginian Ry 4348
61.76
6s
1.00
99
101
100
434s
5s
102
10034
6s
10234
100
534a
Western Maryland
102
2.00
2.00
65.00
5s.
Western Paclflo 5e
62.50
62.50
4%s_..
4.00
4.00
....
For footnotes see page
1382.
11
Par
Ask
Lawyers Mortgage
20
79
80
83
78
80
11034
52 34
..
106
105
106 34 10734
Bid
34
1
100
98
194
$7
preferred
cum
preferred
preferred
Foreign Lt A Pow units..*
Gas A Elec of Bergen.. 100
cum
Hamilton Gas Co
v
Idaho Power 56
--
95
46%
47
4834
•
122
--
..
%
34
113
»
Ohio Power 6% pref...100
Ohio Pub Serv 6% pf._100
7% preferred
..100
Okla G A E 7% pref...100
57 preferred
Paclflo Pow A Lt 7% pf 100
pref
»
Philadelphia Co 55 pref..*
Pub Serv of Colo 7% pf 100
G A E—
preferred..
100
Rochester G A E 7% B 100
6% preferred C
100
Sioux City G A E 57 pf.100
6%
Sou Calif Edison pref B.25
110
111
South Jersey Gas A El. 100
Tenn Elec Pow
56
2834
22 X
2334
5434
99
..
101
11134 114
97 34
9934
7%
6% pref 100
preferred..
100
109
94
97
10534 10634
111
113
11034 11134
100
102
105 34 107
109
88
110
9134
112
91
•
11034
9334
107
9134
--
93
106
108
104
10434
95 34
96 34
28 34
2934
194
67 34
76 34
6834
77 34
107 34
Toledo Edison 7% pf A 100
109
111
United G A E(Conn)7% pf
United G A E (N J) pf.100
72
Utah Pow A Lt 57 pref
76
*
Utlca Gas A El 7% pf—100
90
92
Virginia
85
11434
106
8134
82
6034
104 34 106
Texas Pow A Lt 7% pf.100
7934
107
59 34
Queens Borough
110
26 34
4934
7% cum preferred... 100
N Y A Queens E L P pf 100
Nor States Pr 57 pref.. 100
Ohio Edison 56 pref.....*
109
55
7834
49
*
100
pref..*
pref.*
Jamaica Water Sup pref. 50
Jer Cent P A L 7% pf..l00
Kan Gas A El 7% pf—.100
Kings Co Ltg 7% pref. 100
Long Island Ltg 6% pf.100
7% preferred
..100
Los Ang G A E 6% pf—100
Memphis Pr A Lt 57 pref *
3934
78
105
194
Natural Gas..*
.
3834
*
Penn Pow A Lt 57
4634
4634
4734
11134 11334
122
56 pf. *
pf..*
N Y Pow A Lt 56 cum pf.*
100
pref
7% preferred
69
67
t o
Hudson County Gas
Illinois Pr A Lt 1st
Ask
106 34 10734
100
$6.50
35
57 prior lien pref
112
cum
33
pf._ 100
Nebraska Pow 7% pf--10()
Newark Consol Gas...100
Nassau A Suff Ltg
New Orl Pub Serv 57
7% preferred
100
Dallas Pr A Lt 7% pref. 100
Derby Gas A Elec 57 pref. *
$6
4534
New Jersey Pr A Lt
Continental Gas A El—
Gas
4234
E534% pf-*
N E Pow Assn 6% pf„100
New Eng Pub Serv Co—
Federal Water Serv Corp
Realty, Surety and hHortgage Compsinles
Empire Title A Guar... 100
100
100
62 00
534s
Texas Paclflo 4s
76
6
100
preferred
New EngG A
95
106 34 10734
Interstate Power 57
Bid
26
109
A... 100
preferred B
100
Consol Traction (N J). 100
Consumers Pow 55 pref..*
Interstate
Pari
7834
101
99
1st 56 preferred
2.25
65.00
534s
7734
19
434
7%
56.50
62.00
5s
Wabash Ry
1.75
62 65
434a
4%s
6s
3.50
62 90
5s....
1.00
62.80
64.50
62.65
534s-....
3.50
64.50
St Louis Southwestern 5s.
62.00
Hocking Valley 5s
115
Columbus Ry Pr A Lt—
62.75
6s....
17
Mountain States Pr com.*
122
2534
8834
7634
8234
115 34
114
pref... 100
Mo Pub Serv 57
9734
Cent Ark Pub 8er
6% pref. 100
Miss Rlv Pow
12
113
7834
57 preferred
11
11
93 34
pref. 100
Cent Maine Pow 6% pf 100
57 preferred
100
Cent Pr A Lt 7% pref..100
4%S
Great Northern
634
5
10
*
preferred
434s
6s
74
70
Chicago RIA Pao 4%s._.
70
Ask
Bid
80
Arkansas Pr A Lt %7 pref.
1.00
Jan A July
Par
Alabama Power $7 pref..1*
Mississippi P AL56 pf
3.76
1.25
5a
Stocks
Ask
Bid
61.75
4%s
Cent RR New Jer 4%s—.
Chesapeake A Ohio 5%s_.
Public Utility
Par
61.50
Canadian Paoiflc
NT«5
HAneo'Xh2?ie282 52 William Street, N.Y.
3.75
64.50
68
INO.
2.50
64.25
63.00
4%s—
434s...
2.50
5s
63.50
2.60
63.75
62.85
-----
New Orl Tex A Mex
Boston A Maine 4%s
3.00
63.75
Missouri Pacific 434s
Atlantlo Coast Line
co.
robinson, miller
Ask
Ry
100
93 34
9534
..
77 34
10134 103
136
140
Volume 143
Financial
.
*
*
-
4
*
•
Chronicle
1381
'
1
.
Quotations
Over-the-Counter
on
S. A. O'BRIEN
Specialists
BROADWAY, NEW YORK
75
COrtlandt 7-1868
FEDERAL
*
I
Swirt, Brent & Co.
ST., BOSTON
HANcock 8920
.
INCORPORATED
Direct Private Telephone between New York and Boston
Bell
in—
Complete Statistical Information—Inquiries Invited
CO.
Members New York Curb Exchange
ISO
'
Water Works Securities
System
&
'
Securities—Friday Aug. 28 -Continued
Securities of the
Associated Gas & Electric.
'
40
EXCHANGE PLACE, NEW YORK
Tel.: HAnover 2-0510
Teletype: New York 1-1078
System Teletype—N.Y, 1-1074
_
Public Utility Bonds
Bid
Amer States P S
6%s_1948
Amer Wat Wka A El 5s '75
Ariz Edison 1st 5s
1948
1st 6s series A
1945
Ark Louisiana Gas 4s.1951
80 H
ink
Bid
82 H
101H 102 H
86
88
95
97
Kan City Pub Serv 3s. 1951
Kan Pow A Lt 1st
4%s '65
Keystone Telep 5%s_1956
OFFERINGS
rtsA:
62 %
50%
109% 109%
101% 103
Los Angeles G A E 4s. 1970
106
Metrop Edison 4s ser G '65
Monongahela W P Pub Ser
First Mortgage
108 % 108%
106 %
.
69
70
Associated Electric 5s. 1961
Assoc Gas A El Co 4%s '58
69H
46
70 H
47
37 H
38
Narragansett Elec 3%s *66
1978
103 % 103 %
37%
Newport N A Ham 5s. 1944
1978
41
38%
41H
106 % 107%
73
75
45
46
Income deb 3%s
Income deb 4s
1st A gen 4%s
1960
106
Mtn States Pow 1st 6s 1938
74 H
•
76
New Eng G A E 5s... 1962
New York Cent Elec 5s '52
101
N Y Edison
H
3%s ser E '66
Niagara Falls Power—
t
76
83
91H
1st A ref mtge 3%s.l966
Northern N Y Util 5s. 1955
44%
Water Bonds
Old Dom Pow 5s May 15'51
69
71
Alton Water Co 5s
52%
57%
Pacific Gas A El
—
-
3%s H '61
102 % 103%
110
—
101
Pennsylvania Elec 68.1962
Penn Telep Corp 1st 4s '65
Peoples LAPSES
1941
Potomac Elec Pr
3%s_ 1966
Cinn Gas A Elec
Pub Serv of N H 3 %s D *60
79
Pub Util Cons 5 Hs—.1948
105% 106%
81% 82%
84
San Diego Cons GAE 4s '65
109% 110
Sioux City Gas A El 4s 1966
100% 101%
106% 106%
94
105 %
105%
102% 102%
Sou Calif Gas 1st 4S..1965
105 H
Sou Cities Util 5s A..1958
S'western Gas A El 4s. 1960
107 H
Tel Bond A Share 5s..1958
107%
105 H 105 %
60
106 %
107 H
/45
5%s._1957
Butler Water Co 5s...
101
_
79H
103
_
81%
104%
102%
101
West Penn Pr 3 %s ser I *66
Western Mass Co 3 %s 1946
Wisconsin GAE! 3%sl966
Wise Mich Pow3%s__1961
Wise Pr A Light 4s
1966
t—-
M
1st mtge 4s
.1961
90
92
6Hs
1951
New York Wat Serv 5s '51
92
94
104
1951
102
Ohio Cities Water 5Hs '53
Ohio Valley Water 5s. 1954
Ohio Water Service 5s. 1958
1951
103%
Ore-Wash Wat Serv 6s 1957
Penna State Water 5Hs '52
102%
Penna Water Co 5s... 1940
Peoria Water Works Co—
99% 100
104% 104%
5 Ha series A
103
(Wash)
5s.
---
...
105%
102%
Community Water Service
84
86
inquiries for copies of
150
Bid
our compre¬
/42%
/50%
Ssserels A
/31
33
/40
42
105 %
100
1952
Hackensack Wat Co 5s '77
1977
6s
1954
1962
Illinois Water Serv 5s A *52
1st mtge 3Hs
.1966
Indianapolis W W Secure—
Mortgage Certificates
Bid
/27%
Ask
29%
Metropolitan Chain Prop—
6s
1948
6s
1947
88%
/69
71
S f deb 5s
1945
61%
64%
Munson Bldg 1st
76
78
34%
1st A gen 6s
1946
N Y Eve Journal 6%s.l937
N Y Title A Mtge Co—
69%
/29%
N Y Athletic Club—
95
1st mtge 28 stmp A reg'55
/49%
/31%
/6%
79
79
6%s_1939
7%
81
1
51%
53"
33%
33%
101
5%s series BK
5 %a series C-2
5 Ha series F-l
/44%
/38%
/56%
534s series Q._
4 Hs
1958
Scranton Spring Brook
Water Serv 5s
1961
1st A ref 5s A
1967
Sedalia Water Co 5Hs '47
South Bay Cons Wat 5s '60
99% 101%
99% 100%
1st 6s
July 7 1939
/30
Oliver Cromwell (The)—
1st 6s
Nov 15 1939
1 Park Ave 6s..Nov 6 1939
93
6s
....1958
103 E 57tb St 1st 6s. .1941
64%
165 Bway
Bldg 1st 5%s '51
50%
Prudence
Co
42 Bway 1st 6s
...
/49
71
1939
1400 Broadway Bldg—
1st 6%s stamped...1948
/43
72%
73
Fox Theatre A Off Bldg—
1st 6%s
Oct 1 1941
Fuller Bldg deb 6s
1944
5%s unstamped
1949
Graybar Bldg 5s
1946
Harrlman Bldg 1st 6s. 1951
Hearst Brisbane Prop 6s '42
Hotel Lexington 1st 6s '43
Hotel St George 4s
1950
Kelth-Albee Bldg (New
Rochelle) 1st 6s
1936
Lefcourt Manhattan Bldg
5%s double stpd...1961
Realty Assoc Seo Cor&r46
10%
12
65%
/47%
49%
66
68
63
65
90
92
/55
50%
75
58
52%
—
1st fee A l'hold
I
6%s_19'40
Savoy Plaza Corp—
Realty ext 1st 5%s_1945
6s
1960
I960
101%
102 H
79"
77
103
103
10.5
102%
Texarkaoa Wat 1st 5s .1958
104%
Union Water Serv 5Hs '51
Water Serv Cos Ino 5s. 1942
101H 103
102% 104
West Virginia Water 5s '51
W Va Water Serv 4s..1961
102
101% 101%
102
103 %
103
97
98
lOl"
98
100 H
100 H
Western N Y Water Co—
1st mtge 5s
104%
Kokomo W W Co 58
104%
1950
1951
98
1st mtge 5 Hs
1050
Westmoreland Water 5s '52
100
102
richita Water Co 5s B. *56
5s series C
99% 101%
•
99 H
5s series B
106
Lexington Wat Co 5Hs '40
Pittsburgh Wat 5s '65
5s series A
102 H
100
1960
6s series A
1949
102 %
102
104"
104 H
103
105"
...
70%
30%
BURR Si COMPANY Inc.
35
35%
Chicago
103
63%
65%
1947
92%
London Terrace Apts 6s '40
68"
/50%
94
40
Chain
57%
1942
69%
1936
69%
Chain Store Stocks
67%
52%
51
/39%
42
Ask
--
5
*
Bickfords Inc
*
Bohack (H C) common..*
7% preferred
100
Par
16
5%
14
15
35%
7%
36%
9%
55%
52
Diamond Shoe pref..-.100
/20
/20
22
22
104% 106%
Edison Bros Stores
pref 100
157
Fishman (M H) Stores...•
18
100
103
Green (H L) 7%
pref.. 100
preferred
*
100
Katz Drug
105
Preferred
24%
24""
51
53
/II
Kobacker
*
-
85
Bid
Stores
Kress (S H) 6 % pref
Lerner Stores pref
Melville Shoe—
Bid
Ask
100
11%
12%
108% HO H
4H% preferred
(I) Sons com
100
120
*
4
7
6H% preferred
Murphy (GC) $5 pf
100
29
33
100
103 H
NeLsner Bros
100
105
100
105
Miller
pref
125
112"
■
19%
10
100
Par
22
—
15
Reeves
(Daniel) pref
Rose 5-10-25o Stores
5
Schlff Co preferred
100
United Cigar Sts 6 % pf. 100
100
102J4
23
26
22 H
6% pref ctfa
25 H
5
15
7%
preferred
--
U 8 Stores preferred
100
2
Syracuse Hotel (Syracuse)
Oct 23 1940
/62%
1958
/51
1st 5%s
1939
2 Park Ave Bldg 1st 4s 1941
98
Sugar Stocks
5§"
Trinity Bldgs Corp—
Oct 19
1938
1st fee A leasehold 4s '48
Cache La Poudre Co
20
Eastern Sugar Assoc
62%
1
Preferred
/28
Haytlan Corp Amer
/72%
Ask
Par
...
Westinghouse Bldg—
—
14
99
$2.50 conv pref
53
1945
Bid
*
100
preferred
B/G Foods Inc com
/49%
23
7s
Par
Borland Shoe Stores
7%
52
May 151948
Textile Bldg 1st 6s
1st 6%s
1st 6s (Bklyn)
1st 6^8 (L I)
Store Securities
32%
Walbridge Bldg (Buffalo)—
Ludwig Bauman—
Boston
-
57 William St.
67
(Newark) 6s '37
616 Madison Av 1st 6%s'38
61 Bway Bldg 1st 5 His 1950
1st 6 Ha
65%
1945
1st 53*s
60 Park PI
NEW YORK
-
45%
Sherry Nether land Hotel—
General
/48%
.1943
income
68
1st 4-5s extended to 1948
l?t 6s
5s
Roxy Theatre—
Lewis Morris Apt Bldg
1st 6%s
Apr 15 1937
Lincoln Bldg inc 5%s.l963
Loew's Theatre Realt Corp
104%
Terre Haute Water 5s B '56
6s series A
...1949
102%
1958
Sou
5s series B
105
108
Interstate Water 6s A. 1940
/7%
28
1947
103 %
101
(Phila)
33
N'iV
93
106"
102%
Jamaica Water Sup 5 %:? '55
Joplin W W Co 5s
1957
/40
19th A Walnut Sts
44
6s
91
104:%
Metropol Playhouses Ino—
1949
Film Center Bldg 1st 6s '43
40 Wall St Corp 6s
1958
108
103 H
95
502 Park Ave 1st 6s. .1941
52d A Madison Off Bldg
unstamped
101
103
101
Metropolitan Corp (Can)
Court A Remsen St Off Bid
6%s
104%
108 %
,
99
Richmond W W Co 58.1957
1952
Huntington Water 5s B '54
Majestio Apts 1st 6s_ .1948
53%
1st leasehold 6%s__1944
50 Bway Bldg 1st 3s inc '46
600 Fifth Avenue—
107
90% 101H
98
6s series B.
& CO.
Ask
B'way Barclay 1st 6s. 1941
B'way A 41st Street—
..
103
Roanoke W W 5s
1950
Roch A L Ont Wat 5s.1938
St JosephWater 4ssel9A66
104
Broadway, N.Y.
Real Estate Bonds and Title Co.
Deb 5s 1952 Legended
1948
97
Indianapolis Water
1st A ref 5%b
1947
Equit Off Bldg deb 5s. 1952
101
Prior lien 5s
95
104
BArclay 7
Dorset (The) 1st 6s...1941
East Ambassador Hotels—
1948
91
Consol Water of Utica—
4 H»
-19E
6s
Apr 28 1940
100 H 102 H
.'.1948
102
Greenwich Water A Gas—
INCORPORATED
1st 6s
95
108"
89
5Hs series B
AMOTT, BAKER
Broadway Motors Bldg—
6s stamped
1948
Chanin Bldg Inc 4s... 1945
Cheeebrougb Bldg 1st 6s '48
Chrysler Bldg 1st 6s_.1948
93 H
Scranton Gas A Water Co
hensive statistical reports on real estate issues.
Jan 1 1941
H
103
106
100
Real Estate Securities
Broadmoor (The) 1st 6s '41
93
101"
99
Phlla Suburb Wat 4s. .1965
Pinellas Water Co 5 Hs *59
Pittsburgh Sub Wat 5s '58
Plalnfleld Union Wat 5s *61
...
101% 103
Alden 1st 6s
I960
91H
108
1st consol 4s
105
2360
1st A ref 5s
104
96 %
97%
99
101
1st consol 5s
Commonwealth Wat (N J)
1
We invite
104 H
Newport Water Co 5s. 1953
103% 105
Citizens Water Co
5s
—
Wisconsin Pub Ser
102
Calif Water Service 4s 1961
Chester Wat Serv 4%s '58
93
104% 104%
103% 104%
103% 104%
100
102 H
102 H
New Rochelle Wat 5s B '51
105%
101%
91
99
Monongahela Valley Water
5Hs1950
Morgantown Water 5s 1965
Munole Water Works 5s '65
New Jersey Water 5s_,950
--
103"
109"
104
105%
106
Wash A Suburban 5 %s 1941
Western Pub Serv 5%s '60
107
103"
101
123
1942
85
Ask
105
Middlesex Wat Co 5 Hs' 67
Monmouth Consol W 5s '56
103
64
63
Green Mountain Pow 5s '48
Iowa Sou Util 5%s—1950
Utica Gas A El Co 68.1957
Virginia Power 5s
1962
61
103% 104%
83
104
Bid
Long Island Wat 5HS.1955
101
-.
100
92
Edison El HI (Bos) 3%s '65
Federal Pub Serv 1st 6s '47
Util
-
83
Colorado Power 6s
1953
Columbus Ry P A L 4a '65
Conn River Pr3%s A.1961
Federated
106% 107%
/85% 87%
103% 103%
106%
78
3%s .1966
Consol E A G6s A
105"
99
107% 107%
Ask
100% 102
105%
103% 105"
103%
105
Publio Serv of Colo 68.1961
Cent Ind Pow 1st 6s A 1947
Cent Maine Pr 4s ser G '60
1956
t—-
Parr Shoals Power 58.1952
-
100 H 101H
Cent 111 Light 3%s.—1066
Bid
102% 103%
49
1946
Tel. 2-3761
t_...
90
1st lien coll tr 6s
Est. 1854
PORTLAND, MAINE
100 % 102
75
Cent Ark Pub Serv 5e 1948
Central G A E 6%s___1946
H. M. PAYSON & CO.
105%
99
82
Bellows Falls Hy El 5s 1958
Blackstone V G A E 4a '65
of Subsidiaries
American Water Works & Electric
Co., Inc.
Consumers Water Co. (Maine)
100 H 101
Ark Missouri Pow 1st 6s '53
Assoc Gas A Elec Corp—
Income deb 3%s
1978
WANTED
Bonds
1
24%
19%
33%
*
%
m
mm
21
35
Savannah Sugar Ref.....*
7%
preferred
100
West Indies Sugar Corp..l
Bid
Ask
133
133
0%
137"
4%
1%
75
For footnotes see page
1382.
SS5
Securities—Friday Aug. 28-Continued
Quotations on Over-the-Counter
HAMILTON GAS CO. V T C
Specialists in all
Quoted
Boughtt Sold &
Investment
QUAW & FOLEY
"
Curb Exchange
Telephone HAnover 2-9030
Members New York
Kneeland 8C Co.—Western Trading
REORGANIZATION SECURITIES
WHEN ISSUED SECURITIES
Ask
17.95
19.10
Affiliated Fund Ino com..
2.03
2.23
M. S. Wien & Co.
25
Cal;
Angeles,
Los
1.29
12%
Equities Inc
Am Insurance Stock Corp*
Assoc Stand Oil Shares...2
Bankers Nat Invest Corp *
Basic Industry Shares
*
British Type Invest A
1
1.10
1.22
4%
4%
Amer General
Teletype N Y 1-1397
2-8780
HAnover
1.18
12%
Amer &
1
Mutual Invest Fund
1
Nation Wide Securities..1
Voting trust certificates
27.85
29.55
16.29
17.81
4.57
4.67
N Y Bank Trust Shares—
3%
ctfs.
74%
No Amer Tr Shares 1953..
2.73
4.25
46
6
—
Teletype N. Y. 1-1666
*
15%
io%
Class B
*
3%
4a
Plymouth Fund Inc A-10c
.99
1.10
Quarterly Inc Shares. _25c
Representative Trust Shs.
Republic Investors Fund.5
Royalties Management...
1.72
1.90
13.48
13.98
4.90
5.20
28%
115
100
36%
30%
In the
Deposited Bank Shs ser A.
Deposited Insur Shs A
Deposited Insur Sh ser B
2.70
Diversified Trustee Shs B
11
%
1.74
1.90
Selected American Shares
"3.66
%
Selected Amer Shares Ino.
38%
no
6.20
3.91
Selected Cumulative Shs..
3.64
Selected Industries oonv pf
4.05
22%
23%
21.24
22.11
4.20
4.45
1.13
1.22
C
4.85
5.20
Spenoer Traak Fund
*
Standard Am Trust Shares
7.35
8.15
Standard Utilities Ino—*
1.79
1.95
State Street Inv Corp
32.04
1920
34.43
York Security Dealers Association
Tal. BArclay 7-0700
_
Fidelity Fund Ino
Super Corp of Am Tr
* 109.89
Shs A
43%
31.11
4.37
B
2.78
12.60
Foundation Trust Shares A
Bid
Amerlcan
11
Book
100
Macfadden Publica com..*
12
73
8% cumul preferred
32%
*
19
6
46
18%
Corp
*
Art Metal Construction_10
19%
5%
Ohio
3%
27
29
100
118
122
Climax Molybdenum
pref._100
*
41
42%
Columbia Baking com
12
14
Canadian Celanese com__*
85
—
Yeast
100
100
87
—
Pharmacal
Norwich
2
100
—100
5
44%
46%
*
19%
21%
14%
16
preferred
Northwestern
Hotels
1st preferred...:
Leather
Ohio Match Co
Carrier Corp 7%
*
com..
preferred
100
Dentists' Supply Co of N Y
Dictaphone Corp
*
37
100
Preferred
Dixon (Jos) Crucible-..100
Doehler Die Casting pref.*
Preferred
,
50
*
25
Singer Manufacturing. .100
330
54
56
Sparta Foundry commonStandard Cap A Seal
5
24
52%
52
55
50
51%
1%
4
4%
5
*
32
10
42
*
Sylvania Indus
5%
64
30 %
2
1.25
1.36
1.30
1.42
1.68
1.82
1.24
1.35
1%
21%
1%
22%
Schoellkopf, Hutton A
.45
.60
Pomeroy Ino com..
25.66
27.59
Steel
-
Tobacco shares
5%
6%
35
45
108
2%
11
7%
*
West Va Pulp A
Preferred
17%
102
114
24
5%
Worcester 8alt
120
6%
on
ebb,
as
$1 of net operating income to every
60
Debenture 3%s
1951
1%S
of assets
126
Consolidated Oil 3%s_1951
ContlnentalRollASteel Fdy
98%
98%
analysis.
Journal or
Martin
Ask
L)
6s
conv
1939
105
106%
96%
N Y Shipbuilding 5S..1946
95
97
Reynolds Investing 5e 1948
89%
debenture
3%s, ...1951
102% 102%
102% 102%
106
107
/II
Wltherbee
/15
/64
Woodward Iron 5a
6s '44
1952
earnings for the first half of
common
66
or
an
to
$41,012,508,
payment of $1,500,000,
Walnut
Street
building did not
loss for 1935
was
Building,
cover
1936 amounted to $9.15 per
annual rate of $18.30
The current
current rate of annual earnings.
while as of June 30,
preferred
1936, after cash
capital funds had increased 16.4%, to
was
The net
down to $62,500 from $75,000 the preceding year.
successor
to the Philadelphia Co. who underwrote
guaranteed the first mortgage bond issue, supervises the operations
of the
building.
—The Statistical Department of
a
Philadelphia, show that this 12-story
its taxes after operating expenses.
$4,500 after taxes, compared to a $12,900 profit in 1934.
Mortgage Service Co.,
and
81
17
stock,
1, 1935, the bank's total capital funds, exclusive of
amounted
1700
office
13
Sherman
offers possi¬
—Amott, Baker & Co., Inc., of Philadelphia and New York, report on
46%
Std Tex Prod 1st 6%s as
Struth Wells Titus 6%s
1945
'42
'43
charged off in the past four years, according to the
$47,744,872.
91%
Scoville Mfg 5%s
its
Gross income in 1935
98
/44%
bank's
of
dividend
the
108% 110%
101% 102%
73
'71
101.9
been
low
during 1$35 the bank was able to clear
$2 of gross income.
Over $134,000,000
The recent improvement in the security markets
As of Dec.
stock,
103% 103%
101.7
have
Chicago
York.
satisfactory earning power even during
market is approximately 8.2 times the
18%
15 1937 101.12 101.16
Aug
15 1938 102.16 102.20
101.7 101.9
June
1 1939
86 «
82
uomm 6%s.l937
(Glenn
NOTICES
bilities of substantial recoveries.
Merchants Refrlg 6S..1937
Nat Radiator 5s
1946
95%
77.4234 grams of pure gold.
--
share
Kelsey Hayes Wheel Co—
Conv deb 6s
..1948
104% 104%
Registered coupon (serial).
y Now selling on New
—
Aug
2s
102%
e
Ex-dlvldend.
interest rates, wH|h commercial business at
illustrated by the fact that
35%
1/17
Commercial Invest Trust—
prloe.
J. G. White & Co., 37 Wall St., New
55
Bid
1%S.
Chicago Stock Yds 5s. 1961
x
York Stock Exchange.
the current period of low
98%
—
New
33%
Ask
52
When Issued,
120
111
50
| AH
87.421
study of the Continental National Bank & Trust Co. of
—A
35"
*
102%
v> i
100 gold rouble bond equivalent to
has been prepared by
The
1953
Interchangeable, b Basis
The study emphasizes the bank's
Miscellaneous Bonds
Bear Mountain-Hudson
7%
Repub
10% gold rouble.-.1942
100
100
Young (J S) Co com
7% preferred..
97%
Union of Soviet Soo
—100
110
Arnold Print Works
a
per
25
WJR The Goodwill Station
250
Bid
8%
46 %
6%
Corp
!
CURRENT
100
100
1941
Boston
19"
104
S) Dental Mfg.20
Spring—
100
-
value,
/ Flat price.
t Quotations
18
100
-
par
t Now listed
9
36%
1st 6%
'
No
Coupon.
2%
$7 1st preferred
100
Wlloox-GIbbs common..50
2
A
12%
17
2d
6%s__
First
York Curb Exchange.
35
$3 cum preferred
22
1%
7%
44%
Bancamerloa-Blalr Corp..
1943
7% gold rouble
102
Pap com.*
100
West Dairies Inc com v t c.
7
67
2%
40
pref. 100
$3 conv preferred
Welch Grape Juice
...
Lawrence Portl Cement 100
1st s f
....
Investm't Banking Corps
Union of Soviet Soo Repub
*
10%
44 %
White Rock Min
River Bridge 7s
Fund
Warren Northam—
White (S
Am Wire Fabrics 7s__1942
-
Wellington
20.87
19.03
19
43%
com
36
American Tobacco 4s_1951
shares
..
Bid
9%
—*
23
Trico Products Corp.
*
72
Tubize Chatillon cum pf.10
1% Unexcelled Mfg Co
10
United Merch A Mfg com *
5
Un Piece Dye Wks pf—100
-
4%
3%
Un N Y Tr Shs so rF
31
17
Corp——*
.*
Taylor Milling Corp
41%
preferred
8% preferred
1.35
Un N Y Bank Trust C 3„
{Soviet Government Bonds
mm
33
Lord & Taylor com
1.27
Voting trust ctfs
1.47
RR Equipment shares..
Steel shares
10%
39%
com...
1.58
%
9%
Great Northern Paper..25
Kildun Mining Corp
1
Great Lakes SS Co
1.45
Petroleum
Taylor Wharton Iron A
102
100
3.22
1.65
335
149 %
53%
101 %
pf_100
Preferred
20%
3.12
40%
39%
100
Standard Screw
118
69
Graton & Knight com
20%
B
1.53
,
Huron Holding Corp
Incorporated Investors..*
Stromberg-Carlson Tel Mfg
49%
*
*
U S El Lt A Pr Shares A..
1.15
40
*
Gen Flreprooflng 37
Golden Cycle Corp
1.99
1.73
1.35
shares
Preferred
25
38
108 %
Corp
Galr (Robert) Co com.
Preferred
1.75
4%
Remington Arms com
Scovlll Mfg
57%
Foundation Co—
shares...
1.60
Trusteed N Y Bank Shares
6.31
..
27
Flour Millsof America
*
*
1.44
2.11
1.05
...
Guardian Inv Trust com.*
3
57%
20
Foreign shares
1.29
Trusteed Industry Shares.
Mining shares....
42
103
3%
55%
Douglas Shoe preferred .100
American
2
Publication Corp com
55%
'•
Crowell Pub Co
1.16
1.66
1.59
shares
Merchandise
106
39
Conversion.—1
*
$7 1st preferred
100
Petroleum
V
Trusteed Amer Bank Shs B
1.95
Investing shares
5
21
25
31 cum pref
Columbia Broadcasting A *
Class B
*
Draper
«*
----
102
*
7% pref
Pathe Film
7.07
Trustee Standard
2.21
1.53
shares
Food shares
no
3%
'
Preferred
Chemical
50
46
Oil Shs A
7.37
B
Building shares—
19
New Haven Clock pf
53%
52%
Beneficial Indus Loan pf_*
Automobile
15.56
2.99
D
2.04
Agricultural shares
.29%
C
3.06
6.71
General Investors Trust-
115
8.23
Trustee Standard Invest
7.00
5.79
B
8.23
14.31
Supervised Shares
•
113
Nat Paper A Type com
6%
43
Andlan National
Bowman-Blltmore
"
6.33
Fundamental Tr Shares A.
102
Casket
Preferred
81
100
American Republics com.*
25.78
Group Securities—
100
*
*
Preferred
National
39%
38
100
American Mfg
Preferred
27%
1
--.100
preferred
24.22
—-
D
5.30
Mock Judson A Voehrlnger
34
17
25
6%
3
2%
Merck A Co Inc com
112
108
Amer Maize Products
65%
Preferred
Maytag warrants.
American Hard Rubber—
American Hardware
*
12%
08%
11%
36
70
*
Arch
American
33%
vto.
Amer Air Lines ino
Ask
Bid
Par
Ask
5.00
Fundamental Investors Inc
Industrial Stocks
Par
C
10.55
B.
4.17
2.78
AA
40%
28.88
Equity Corp cv pref
NY 1-1493
10.12
5.31
Selected Income Shares
3.76
D
Bristol & Willett
115 Broadway, N. Y.Bell System Teletype
43 %
Class A
3.55
COMPREHENSIVE SERVICE
Established
42%
100
Securities
3.55
Series ACC mod
Market
75
Pacific Southern Inv pref.*
2.80
mod
8% preferred
Over-the-Counter
70
Northern
11%
2.80
AA
3.56
Series 1958
2.87
Series
78%
3.53
Series 1956—
28.78
2.15
1.99
3.58
Series 1955
mm
-
Corporate Trust Shares
Accumulative series....
Members New
No Amer Bond Trust
4.65
4
Continental Shares pref
BOwllng Green 9-3665
A
21
40
11%
Exchange, Ino.
New York
Mass Investors Trust
19%
Series AA
61 Broadway,
Maryland Fund Ino 00m..
26.77
(commodity
10.64
7%
4%
.50
*
*
/New York Security Dealers Association
25.70
3%
9.84
35.33
Commercial Nat'l Corn
Members
6%
23.44
*
Major Shares Corp
.30
Century Trust Shares.
C. E. UNTERBERG & CO.
*
Keystone Gust Fd Inc B-3.
4.89
Fund
Class B
110.18 112.40
Investors Fund C
Investment Tr of N Y
33.03
Central Nat Corp cl A
Sylvania Industrial Corp.
44%
4
Ltd
1
Canadian Inv Fund Ltd. 1
Co.
Climax Molybdenum
44%
6%
•
Broad St Invest Co Ino
Bullock
1.16
1.02
10
*
Invest Co of Amer 00m
7% preferred.;..
21%
Amer Business
Assn.
Investors Fund of Amer...
23
Corp...*
Shares—1
Continental Corp.
Amerex Holding
Established 1919
Ask
Bid
Par
Bid
*
Par
Fund
Administered
New York Security Dealers
BROAD ST., N. Y.
Correspondent
Investing Companies
RIGHTS
Members of the
Company Securities
DISTRIBUTORS GROUP. Incorporated
63 Wall Street, New York
BOwling Green 9-1420
NEW YORK
STREET
30 BROAD
1936
29,
Aug.
Chronicle
Financial
1382
study
on
R. S. Dickson & Co., Inc., has prepared
the Asheville-Buncombe
in which the debt structure,
County, N.
C., refunding program,
available revenue and resources
are
discussed.
Volume 143
Financial
Chronicle
1383
By Crockett & Co., Boston:
flotationsFridayOver-the-Counter Securitieson Aug. 28—Concluded
Shares
Co.,
Mills,
Anhalt 7s to
1946
Antloqula 8%
1946
my
/32
/19H
/19J4
/18 34
my,
Bank of Colombia 7 % . 1947
Bank of Colombia 7 % -1948
Barranqullla 8s'35-40-46-48
Bavaria 63*s to.1945
Bavarian Palatinate Cons
Clt 7% to
1945
73*8
Hungarian
63*s
16
"21)4
6934
Leipzig O'land Pr 634s '46
Leipzig Trade Fair 78.1953
Luneberg Power Light A
30~~
Mannheim A Palat 7s. 1941
21H
Merldlonale Elec 7s—1957
Water 7%
Bank
/31
/10
fioy
1946
1234
1034
1034
1947
/3
Chile, Gov. 6s assented
1968
68
15
Hungary
15
Mtge
pest, 7a
1963
Columbia scrip Issue of '33
Issue of 1934
/28
/73
51
1947
Oberpfals Elec 7%—.1946
Oldenburg-Free State 7%
51
53
Costa Rica Pac Ry 7 Ha '49
gg
1949
Panama 5% scrip...
Porto Alegre 7%
/21
24
Protestant
47
49
6lis.. 1959
flOH
my
my
my
/22
/24
/24
Dortmund Mun Utll 6s '48
Duesseldorf 7s to
1945
Dulsburg 7% to
1945
East Prussian Pow 6s. 1953
Electric Pr (Germ) 6ya '50
6Hs
1953
to
55"
1134
2534
2334
2334
Prov Bk
1957
5334
f22
5434
Banque de Paris et Des Pays Bas
Banque de I'Unlon Parisienne—
25
Canadian Pacific
my
2334
Canal de Suez cap
Cie Dlstr. d'Electrlcitie——
,
97
Francs
5,700
636
644
228
232
237
240
180
183
182
180
184
19,500
19,400
19,000
18,900
19,000
627
627
638
647
/1534
my
my
16 34
1,090
Eaux Lyonnaise cap
1,090
1,110
Energle Electrlque du Nord....
Energie Electrlque du Littoral..
1945
d'Electrlcitie
910
/35
2534
45
155
m
/39
159
900
910
930
253
252
257
261
640
Transatlantique
640
643
645
Comptoir Nationale d'Escompte
Coty S A..
17
85
85
970
470
475
430
430
441
444
Holi-
750
770
day
655
640
13
630
631
/ii
362
14
13
14
996
1,010
1,042
1,074
65.80
66.10
(Colom) 78.1948
(Brazil) 6s. 1943
/1034
my
113*
1634
Rentes 4%, 1917
Rentes 4%, 1918
m
my
2734
Rentes 43*%. 1932 A
Rentes 43*%, 1932 B
Rentes 5%, 1920
38
Royal Dutch
634s
—1951
Rentes, Perpetual 3%
my
37
Serbian coupons
/44 55
Slem A Halske deb 6s.2930 /305
Utll" 7s—.1946
fOy
934
my
1934
Stinnes 7s unstamped. 1936
7b unstamped
1946
/12
my
1234
Toho
1534
Tolima 7s
Stettin Pub
Electrio 7s
94
97
Tucuman Prov 7s
1950
United Steamship 6s._1937
Unterelbe Electric 6s. 1953
Vesten Elec Ry 7s
1947
Wurtemberg 7s to
25
1945
9534
11
65.80
65.60
65.00
64.80
69.40
69.50
70.10
70.30
70.10
70.50
70.50
70.60
71.40
71.20
87.25
87.00
87.50
88.10
87.60
2,930
1,100
i.
2,9301,105
2,950
1,140
2,930
2,930
847
790
825
32
32
32
Societe Generale Fonclere
77
76
74
75
972
955
974
990
501
501
502
Tubize Artificial Silk, pref
Union d'Eelectricltle
55
55
55
56
308
304
312
315
36
36
36
36
9634
9734
99
2434
2634
THE
BERLIN STOCK
EXCHANGE
sold at auction
Allgemelne Elektrlzltaets-Gesellschaft
on
Wednesday
Aug.
$ per Share
$2,775 lot
$35 lot
Co., Inc. (N. Y.)
$14 lot
Bond—
Per Cent
$587,000 principal amount of 7% gen. mtge. sinking fund gold bonds due
Nov. 1, 1948, of Textile Properties, Ino., Textile
Bldg., New York City,
with May 1, 1935, and all subsequent coupons attached
33^% flat
By R. L. Day & Co., Boston:
% per Share
75 United Elastic Corp.
31 2-8 West Boylston Mfg. Co. of Alabama common
8 Naumkeag Steam Ctton Co., par $100.
113£
534
American Finance 4 Securities
37
37
28
38
37
38
124
123
124
125
124
152
153
153
152
100
101
101
100
100
107
Deutsche Erdoel (4%)
107
108
109
108
107
97
98
100
100
100
100
152
124
128
129
129
125
125
pf7%_123
123
123
123
123
123
98
Deutsche Reichsbahn (German Rys)
98
100
100
100
100
161
164
Farbenlndustrie I G (7%)—_—_—
(6%)
Hamburg Elektrlzltaetswerke
Hapag
-
158
159
160
161
132
134
136
138
133
135
...139
140
141
145
144
145
14
14
14
14
14
14
103
Gesfuerel
106
109
110
107
107
14
14
14
14
15
14
-
—
Mannesmann Roehren.
Norddeutscher Lloyd..
—.......—...
(8%)
182
184
186
(8%)
—.216
220
227
-
171
170
...183
185
Salzdetfurth (7 y %)
Siemens 4 Halske (7%).
— ....
$1,000 demand note Charles G. Remick to Mrs. Ella S. Albin, dated June 10,
1930, int. at 6%, one year's Int. paid
$130 lot
2 Ohio Service Holding Corp., common, par $1
$700 Seattle A Rainier Valley Ry. Co. 5s, July,
21
_
186
183
222
172
173
186
184
183
225
175
182
185
15 Gary Electric & Gas Co. common
1 Columbian National Life Insurance Co., par $100
having improved sufficiently to warrant
as
"favorable"
—In an
Steel
4
an
upward revision in rating to
analysis of The Stainless Steel Industry and of Rustless Iron &
Corp.,
prepared by
Distributors
Group,
are
Inc.,
outlined
as
63
well
Wall
as
St.,
the
New
growing
importance of the industry.
—Robert A.
Mackie, formerly associated with
Steelman & Birkins, is
department of Lilley & Co., where he will specialize
preferred stocks of utility companies, industrial corpora¬
in the trading
—Captain Horace Russell
son
10
$5,000 Boston Metropolitan Building 5s, 1942, certlf. of deposit
Aug. 15
tions and investment trusts,
common
734
;
on
the steel, distilling and motion picture industries.
are
in common and
81
$100
leading industries
regularly surveyed by the Fenner & Beane Industries Service,
.$70 lot
-
NOTICES
of the present position and prospects of 28
revealed that the three industries whose near-term prospects are regarded
now
1934 coupon, July, 1928,
and sub. on; $500 Seattle & Rainier Valley Ry. Co.
6s, July, 1934, registered;
$400 Seattle & Rainier Valley Ry. Co. 6s, ctf. of deposit; $68.49 Seattle
& Rainier Valley Ry. Co. bond scrip; 75 Perry & Whitney Co.
pref., par $100;
2 B. B. & R. Knight Corp.
CURRENT
—The study
York, the many uses of stainless steel
Co., par $1; $400 The American Finance &
contingent obligation, $26 paid; 20 The Autosales Corp.;
Aug.
30
$5,000 Straus Safe Deposit deb. 534s, March, 1943; coupon March, 1933 and
sub. On; $2,000 Thayer West Point Hotel, Ino.,
6s, Dec. 31, 1950, registered;
40 Thayer West Point Hotel, common v. t. c.;
54
American Writing
Paper Co. common, par $1; $2,000 First National Co., Baltimore, 1st mtge.
6s, April, 1937, series KW, coupon April, 1930 and sub. on ctf. deposit
$183.40 paid; $1,200 Mortgage note Luck Land Co. to Waubun State Bank
dated April 17, 1920, extended to April
17, 1930; recorded County of
Mahnomen, State of Minnesota
$78 lot
200 Robh-Montbray Mines, Ltd., par $1; 50 North Butte Mining
Co., par $234;
100 The Androscoggin & Kennebec Ry. Co., 2d pref. ctf. of benef.
interest,
par $100; 10 The Sanitary Paper Mills, Inc., class A; $1,000 Hotel Charles
Co. 1st mtge. 534s, Sept., 1953, coupon Sept., 1932 and sub.
on; 7 The
Bonds-—
27
99
Dresdner Bank
Relchsbank
„
par
Aug.
26
150
(7%)
Rhelnische Braunkohle
•
16,101 B. F. Sturtevant Co. common,
1 Boston Insurance Co., par $100
Aug.
25
122
Deutsche Bank und Dlsoonto-ffieeellschaft—
20 Glens Falls National Bank 4 Trust Co. (N. Y.)
150 Margene Engineering & Equipment Corp. (N. Y.)
common A;
Aug.
24
36
Berliner Handels-Geseilschaft (6%)—
Berliner Kraft u. Licht (8%)
Dessauer Gas
Slocks
Corp.
received by cable
as
-Per Cent of Par
By Adrian H. Muller & Son, New York:
22 B. B. & R. Knight
C
500
•Ex-divldend.
Commerz'und Prlvat-Bank A. G.
Securities Co. ctf. of
32
27
of the current week:
Stocks
32
100
Z2234
/2434
...
22
Shares
1.154
788
Wagon-Lits
/25
66.20
65.10
64.30
Closing prices of representative stocks
each day of the past week:
were
66.20
64.80
63.80
Soclete Marseillaise
/55
356
64.90
Soclete Francalse Ford
2434
flO
1951
356
64.00
Schneider 4 Cie
/66
City 7s
357
Soclete Lyonnaise—
m
1947
358
65.75
•
.
8aint Gobaln C 4 C
/10034
1955
Tucuman
109"
810
14
Pechlney
Aug.
40 Delma Construction
635
Orleans Ry 6%
Pathe Capital
AUCTION SALES
Shares
656
21
Saxon State Mtge 6s„ 1947
Serbian 5s
1956
117)* 118
/40
950
....
810
634
62
1940
following securities
800
645
*
Saxon Pub Works 7s—1945
98
1,130
240
469
82
....
980
240
475
...
940
239
Lyon (P L M)
Nord Ry
363*
82
237
«
L'Alr Llquide
my
,
82
960
Kuhlmann
900
____
/20
/61
/73
Scrip
8
—
1,120
2534
2434
——
141
Salvador
28
5,900
625
367
Salvador
2834
Francs
5,900
140
Royal Dutch 4s
/47
/38
Aug. 28
Francs
5,600
618
Citroen B
For footnotes see page 1382.
The
Francs
5,700
366
Sao Paulo
m
Francs
Bank of France
/28
127
Santander
6%
/28
byjcable
Aug. 24 Aug. 25 Aug. 26 Aug. 27
361
2534
108
Aug. 22
Francs
received
as
139
my
4s
1960-1990
Guatemala 8s 1948...
Hanover Harz Water Wks
BOURSE
313
Rom Cath Church 6 34b '46
German Building A Land-
8tamped
PARIS
Credit Commercial de France—
Credit Lyonnaise
Santa Fe 7s stamped..1942
12-1-34
THE
Quotations of representative stocks
each day of the past week:
Courrieres
78
June 1 '35 to June 1 '36.
Graz (Austria) 8s
1954
Gt Brit 4 Ireland 534 s '37
26
/86
/84
/9534
Shatb
6c
3034
2834
stamped
Apr 15'35 to Apr 15'36.
German
Young
Coupons
$ per
4134
/72
m
1934
Stocks
10 Zenda Gold Mines
/39
Gelsenklrchen MIn 6s. 1934
German Atl Cable 7s.. 1945
Dec
Shares
my
7% '36
1933
7%
1957
7% ctf of dep '67
Salvador 4% scrip
Santa
Catharlna
(Brazil)
8%
1947
German called bonds
German
Dawes
Coupons
10
By A. J. Wright & Co., Buffalo:
Westphalia 6s '33
Westphalia 6s '36
/25
/27J4
/26
/734
/20 50
34
/2234
m
Jan to June 1934
69"
66
25
1946
1966
July 1934 to June 1936..
July to Aug 1936
German scrip
/2434
5434
9234
$100
par
Cie Generals
1945
French Govt 5Hs
1937
Frenoh Nat Mall SS 6s '62
bank 6 34 %
1948
German defaulted coupons
July to Deo 1933
25
Cie Generale
R C Church Welfare 7s '46
148
5
5
par $10
5634
Saarbruecken M Bk 6s '47
144
25
-
55
24
151
per Share
/5134
2534
2534
..$4 lot
/50
Rhine Westph Elec
Rio de Janeiro 6 %
26
$10
1968
(Ger¬
Church
many) 7s
European Mortgage 4 In¬
vestment 734s
Frankfurt 7s to
1945
Prov Bk
par
25 Bryn Mawr Trust Co
2734
1962
/5834
/5334
Cundlnamarca
27
/2334
/2434
7%
Cordoba 7s stamped.. 1937
7s stamped
1957
Costa Rica funding 5% '51
1053*
*
2334
1948
North German Lloyd 6s '47
75
/50
4%...1946
/24
/2134
1948-1949
4s
.
Exchange National Bank & Trust Co., par $20
Newark, N. J., 8% preferred,
Passenger Railway Co., par $50
Union Passenger
Railway Co., par $50
5
2534
1946-1947
734b
15c
$10.50 lot
Shares
Stocks
170 Newark Hair Felt
Co., par $100
100 Land Title Bank &
Trust Co., par $5
120 Land Title Bank 4 Trust
Co., par $5
6 Germantown Trust
National Hungarian A Ind
70
City Savings Bank, Buda¬
$11 lot
_
par $100
13 Corn
Nat Central Savings Bk of
6
/1434
my
7a assented
(A A B)
CC4D7
preferred,
100 Mono Service
Corp. of
583*
Nassau Landbank 634s '38
Natl Bank Panama 634%
10J4
$25; 45 Keeweenaw Copper Co.
2 Continental
/24
Municipal Gas A Elec Corp
Recklinghausen 78—1947
113
12
300 OJIbway Mining Co. ($16
paid), par
($20 paid), par $25
250 Willys-Overland Co.
common, par $5
14 Page 4
Shaw, Inc., 7%
Co.,
/45
/27
/26
1945
7s
flW
(Colombia) 7%.. 1947
Callao (Peru) 7)4%—1944
/2334
/533*
f57y
Munio Bk Hessen 7s to '45
50
38
37
1959
1952
Munich 7s to
/28
Call
ChUean Nitrate 5s
1948
Montevideo 6s
Buenos Aires scrip
'48
Burmeister 4 Wain 6s. 1940 /110
Caldas (Columbia) 7ha '46
Cauca Valley 73*8.
Ceara (Brazil) 8%
1943
$1 lot
$2 lot
By Barnes & Lofland, Philadelphia:
m 55
Land M Bk Warsaw 8s '41
71
/25
/19
1962
Coal Ind Corp—
1953
Brown
Hungarian Discount A Ex
1956
55
Mining Co
15 Cochitit Gold
Mining Co
Cordage Co., par $100—
5 Emerson Brantingham
Corp. class A,
change Bank 7s
1936
/29
Hungarian defaulted coups /20 40
Hungarian Ital Bk 734b '32
/29
Ilseder Steel 68—
1948
/26
Coupons
Koholyt 6 348
1534-165*
1234
3734
1234
par $100
1 Plymouth
20
/68)4
6s 1940
25
25 y
Jugoslavia 5s
1940
Brandenburg Elec 6a_. 1953
Brazil funding 5%.1931-51
Brazil funding scrip
Bremen (Germany) 7s '36
British
/22
/29
834
634
634
834
2334
$ per Share
—
Hungarian Cent Mut 7s '37
2034
2034
Ask
97
/40
16 34
1969
6s
1953
1939
Housing A Real Imp 7s '46
f7%
/6
/6
f7
1958
7s
6%
Hansa S3 6s stamped.
34
21 y
8s. 1947
7s
Bid
Haiti
23)4
m
J15 K
/1534
Bogota (Colombia) 6 3*s '47
8s
1945
Bolivia (Republic)
20 Alaska Gold
Ask
>.
...
/
par $50
15 Arlington Mills
10 Wamsutta
Mills, par $100
1 Sanford Mills
Foreign Unlisted Dollar Bonds
Bid
Stocks
32 Farr Alpaca
15 Wamsutta
Becker & Co.,
its
„
—.626
Per Cent
4334
Taylort formerly
associated with John Nicker-
& Co. and Gilbert Eliot & Co., and Bennett Myers,
formerly
are now associated
with The First New
with|A.£G.
Amsterdam
Corp. in
syndicate department.
—W. R. Bull
investment
news
fund
& Co., 207
securities,
State St., Bridgeport, Conn., distributors of
have
commenced
publication
of
a
weekly
bulletin for circulation among their dealer friends.
sL
Financial
1384
Investment9News
General Corporation and
RAILROAD—PUBLIC
FILING
UTILITY—INDUSTRIAL—MISCELLANEOUS
REGISTRATION STATEMENTS UNDER
OF
SECURITIES ACT
announced
ments
and Exchange Commission on Aug. 27
filing of nine additional registration state¬
Securities
P* The
the
(Nos. 2398-2406 inclusive)
The total involved is
under the Securities Act:
$6,409,025.57, of which $3,327,277.99
The issues included in the
total
$3,327,277.99
3,081,747.58
,
are as
Gaylord Finance Co. (File 3-3-738), no address. Offering 5,000 shares
6% cum. pref. stock at par value of $10 per share and 23,950 shares com¬
stock of $1 par value at par.
Louis K. Gaylord, 11604 E. Jefferson
Ave., Detroit, Mich., is President of the corporation.
No underwriter is
named.
principal amount for each 100 shares held. American Public Welfare
Trust, of Babson Park, Mass., the underwriter, will purchase all notes not
subscribed for by the stockholders.
The net proceeds from the sale of the
notes are to be used to complete the construction and equipment of a new
the
Ledyard Cogswell Jr., of
Mining Co. (2-2399, Form A-l) of Lake City, Colo.,
has filed a registration statement covering 500,000 shares
($1 par) of
common stock, of which 130,000 shares are presently to be offered at par.
The remaining 370,000 shares are outstanding and are not to be offered at
this time.
Of the^stock to be offered, 98,750 shares are for the account
of J. J. Feeney & Co., Inc., of New York City, the underwriter; 5,000
shares for the account of Everett Stanford, and 26,250 shares for the account
of Otto Johnson.
The 98,750 shares to be offered by the underwriter were
contributed by Everett Stanford and Otto Johnson and were issued to the
underwriter in consideration of their services in selling 337,500 shares of
the common stock for the company.
W. L. Soens of Durango, Colo., is
President.
Filed Aug. 15, 1936.
Messenger Corp. (2-2400, Form A-2) of Auburn, Ind., has filed a
registration statement covering $340,000 of 15-year convertible 43^%
Gold
sinking fund debentures, due July 15, 1951.
into common stock of the company at $8
The debentures are convertible
a
share
after
the first year
Bastian-Blessing Co.
(2-2401,
Form A-2)
of Chicago,
111., has filed
registration statement covering 6,500 shares (no par) of $5.50 cumu¬
lative preferred stock, 13,000 shares (no par) of common stock, and war¬
a
calling for the common stock being registered. The warrants are to
preferred stock certificates and will entitle the holder
purchase two shares of common stock for each share of preferred at
the following prices: $17.50 a share on or before July 1, 1938; $20 a share
previous list of registrations was given in our issue
1216.
The last
of Aug. 22, page
declared an extra dividend of 15 cents per share in
quarterly dividend of 30 cents per share on the larger amount
stock now outstanding, both payable Sept. 28 to holders
The company recently declared a 200% stock dividend,
three new shares being issued for one old.
See V. 142, p. 3660, for detailed record of dividend payments on old stock J
a
of no par common
of record Sept. 15.
Earnings—
6 Months Ended June 30—
Earns, per share on
x
V.
Paper Sales Co. of Detroit, Inc. (2-2402, Form A-l) of Detroit, Mich.,
filed a registration statement covering 600,000 shares
($1 par) of
common stock to be offered at par.
The net proceeds are to be applied
to the payment for plant and equipment, improvement of plant and pur¬
chase of additional equipment, and to working capital.
Robert T. Creason
of Roseville, Mich., is President.
Filed Aug. 18, 1936.
has
Iten-Barmettler Biscuit Co. (2-2403, Form A-l)
Before provision for surtaxes
143, p. 572.
Akron Canton & Youngstown
railway....
Net from railway.
Gross from
The net proceeds from the sale of the stock are to be applied to the
completion of a building and the purchase of equipment.
Otto H. Barmettler of Omaha is President.
Filed Aug. 18, 1936.
Globe
Silver
Mines,
Inc. (2-2404, Form A-l) of Wallace, Idaho, has
registration statement covering 3,000,000 shares of 5c. par value
common
capital stock, of which 2,305,000 shares have been issued and
695,000 shares are presently to be offered as follows: 150,000 shares at
25 cents a share, 100,000 shares at 30 cents a share, 100,000 shares at
35 cents a share, 100,000 shares at 45 cents a share, 100,000 shares at
60 cents a share, and 145,000 shares at $1 a share.
The net proceeds are
to be applied to the development of property, the purchase of machinery
and the erection of a mill, engineering and geological services, and general
filed
a
administration.
Henry
principal underwriter.
Aug. 19, 1936.
Friedlander & Co. of Spokane, Wash., is the
Herman J. Rossi of Wallace is President.
Filed
Leavenworth & Western Transportation Co.—Bond¬
(2-2405, Form D-l) of Kansas City, Mo.
has filed a registration statement covering the issuance of certificates of
deposit for $435,700 of first mortgage bonds, due Jan. 1, 1953, of Kansas
City, Leavenworth & Western Transportation Co. Filed Aug. 19, 1936.
Kansas City
Chicago Rock Island & Pacific Ry.—Protective committee for the
7% and 6% preferred stock (2-2406, Form D-l) has filed a registration
statement covering the issuance of certificates of deposit for 294,169 out¬
standing shares of $100 par value 7 % preferred stock and 251,159 outstand¬
ing shares of $100 par value 6% preferred stock of the Chicago Rock Island
& Pacific Ry.
Filed Aug. 19, 1936.
were filed for six issues under Rule 202,
from registration certain classes of offerings
not exceeding $100,000.
The act of filing does not indi¬
cate that the exemption is available or that the Commission
has made any finding to that effect.
A brief description
of these filings is given below:
Prospectuses
which exempts
Gel-Sten, Inc. (File 3-3-733), Hub Building, Chicago, 111.
Offering
#1,334 shares of 7% preferred stock ($50 par) and 666 shares of common stock
(no par) in units of two shares of preferred and one share of common at a
price of $150 per unit.
I. M. Newgard, 1127 Oberlin Drive, Glendale,
Calif., is President. No underwriter is named.
Hagerstown Industrial Savings & Loan Co.
(File 3-3-735), Hagers-
Net after rents
Inc.,
Offering 59,529
shares $1.35 par value stock at par.
Wm. G. Nagel, 1930 Nibhols Road
West, Detroit, Mich., is President. No underwriter is named.
1,051,888
474,844
204,280
212,628
912,748
336,901
183,305
Alabama Great Southern
396,452
RR.-—Earnings.—
1933
1934
1935
1936
July—
$559,116
137,029
71,512
$428,619
54,231
40,243
$402,631
75,607
39,504
$424,995
139,117
103,405
3,617,427
Gross from railway
2,880,356
345,319
115,728
2,850,806
599,626
388,161
2,485,052
—
Net from railway
Net after rents
From Jan. 1—
Gross from railway
868,047
441,550
Net from railway
Net after rents
—V. 143, p.
528,953
241,860
742.
Alabama Power
Co.—Earnings—
/
'
Corp.]
1936—12 Mos. -1935
$1,349,800 $17,587,545 $16,068,591
[A Subsidiary of Commonwealth & Southern
Period End. July
Gross revenue
Oper.
1936—Month—1935
31—
$1,562,315
6,943,780
7,981,209
1,580,755
195,178
655,043
116,175
404,724
195,178
4,848,916
2,342,138
1,282,450
""
4,869,670
2,342,184
$59,605
def$21,320
$834,525
$630,505
764,884
& taxes
exp.
Prov. for retirement res.
140,500
Int. & other fixed charges
Dividends on pref. stock
402,147
Balance
—V. 143, p.
742.
Alabama Water Service Co.
12 Mos. End. June 30—
-Earnings-
(& Subs.)-
1933
1934
1935
1936
$791,880
277,406
$1,038,749
Operating revenues
331,138
Operating expenses
Gen. exps. chgd. to conCrl2,139
$716,504
255,937
$747,505
252,901
Rent for leased property
10/516
44,734
Cr4,683
9,617
31,119
"¥,251
Maintenance
8,545
108,857
9,845
75,810
15,106
69,387
14,389
89,256
$547,096
4,852
$392,766
4,067
$370,280
$325,566
4,399
$551,948
245,535
J.405
$396,833
213,436
3,179
$374,7d6
1,617
960
960
956
31,109
9,761
6,911
3,407
111,992
81,144
75,500
3,380
82,574
4,982
$160,290
$88,353
$73,219
$25,886
Prov.
General taxes
Net earnings
Other income
Gross corp. income
on funded debt
Int.
interest..
Miscellaneous
debt
of
for
retires.
&
.
22,625
deducts
Net inc. bef.
$329,965
211,566
593
_
_
pref. stk.
divs. & int.
5%
4,426
212,579
2,159
re¬
placements
Miscellaneous
&
"8",730
,
disct.
and expense
Prov. for Fed. inc. tax..
Prov.
30,580
uncollectible
for
accounts
on
notes
debs, subor¬
dinated thereto
debs., owned by Federal Water Service
Corp., is subordinated to the payment of pref. dividends. At June 30, 1936
int. on debs., unpaid and not accrued amounted to $66,650.
At May 31,
1935 the cum. pref. div. not accrued and not declared, amounted to $101,850. Preferred divs. since June 1, 1935 have been accrued and paid on the
regular quarterly div. date.
Notes—Interest on $372,000 5%
Consolidated Balance Sheet June 30
1936
Assets—
Funded
.$8,530,529 $9,210,077
&c
deposits
Working funds...
Notes,
accts.
warrants
x
491,260
216,329
4,340
1935
$4,926,000
872,000
138,292
54,780
15,890
155,870
47,672
14,610
147,776
Notes & accts. pay
4,258
Accrued liabilities.
872,000
$9,537,985
40,511
138,406
229,422
31,021
151,384
$6 cum. pref. stk
679,100
1,269,876
679,000
z
Common stock..
600,000
600,000
Capital surplus...
surplus
464,906
359,918
231,956
Earned
86,563
202,757
y
Reserve
Deferred charges
Total
debt
debentures.
credits
144,100
and
rec...
Materials & suppl.
Conv.
Def. liab. & unadj.
Misc. inv. & spec'l
Cash
1936
$4,900,000
Liabilities—
1935
Plant, prop, eqpt
Clifton M. Eisele, 137 Glenbrook Road,
Zonolite Co. of Montana (File 3-3-736), ho address.
59,992
1,117,255
363,946
259,492
...
& prepaid accts.
Md., is President.
The Southeastern Investment Co.,
1407 K St., N. W., Washington, D. C., is named as underwriter.
92,836
11,162
—V. 143, p. 742.
Accr'd unbilled rev
share of common at $25 per unit.
$187,043
32.846
1,281,253
Gross from railway..
Net from railway.....
town, Md.
Offering 2,500 shares 7% cum. pref. stock ($20 par) and 2,500
shares common stock (no par) in units of one share of preferred and one
Bethesda,
1933
1934
$128,154
34,042
15,132
63,942 \
33,219
From Jan. 1—
Amortiz.
holders' protective committee
_
$140,125
$179,094
..
Net after rents.
filed
at par.
1936
x$677,570
Ry.- -Earnings.-
1935
1936
July—
of Omaha, Neb., has
a registration statement covering 30,000 shares
($10 par) of common
stock, to be offered to a limited and selected list of investors, it is stated,
1935
$524,066
$1.13
$0.87
and excluding profit on sale of securities.—
deprec. & Fed. inc. taxes—
600,000 shares capital stock—
Net income after int.,
be attached to the
thereafter and including July 1, 1940; and $22.50 a share thereafter and
including July 1, 1945. The warrants may not be exercised apart from the
preferred stock prior to March 1, 1937, except in the event of the call for
redemption of the preferred stock, and become wholly void after July 1,
1945.
The proceeds from the sale of the preferred stock are to be applied
to the redemption of the $6 cumulative preferred stock of the company and
of its subsidiary, Russ Soda Fountain Co.; to the payment of bank ioans
of the company and its subsidiary, and to working capital.
The proceeds
from the common stock are to be added to the general working capital of
the company.
Sills, Troxell & Minton, Inc., and Harrison, O'Gara & Co.,
both of Chicago, are the principal underwriters. L. G. Blessing of Evanston,
111., is President. ' Filed Aug. 18, 1936.
New
on
The directors have
addition to
rants
to
Inc.—Initial Dividends
Laboratories,
Abbott
Stock—
of
issuance, $9.50 a share after the second year, and $12 a share after the
third year, after which the conversion privilege will expire.
The net pro¬
ceeds are to be used for the purchase or acquisition of outstanding preferred
stock; for the purchase and installation of a lithographing plant; and for
working capital.
Morrish & Hockett, Inc., of Indianapolis, Ind., is the
principal underwriter.
Harry M. Messenger of Auburn is President.
Filed Aug. 15, 1936.
.
companies mentioned:
(No. 2-2420, Form A-2), covering $20,000,000 gen.
series G, due Sept. 1, 1966. Filed Aug. 25, 1936.
Bethlehem Steel Corp. (No. 2-2427, Form A-2), covering $55,000,000
consol. mtge. 30-year sinking fund 3% % bonds, series E, due Oct. 1, 1966.
Filed Aug. 25, 1936.
Detroit Edi»on Co.
& ref. mtge. bonds,
Filed Aug. 15,
Albany, is President.
registration statements also were filed with
SEC, details regarding which will be found on a subse¬
quent page under the
1936.
Monitor
.
The following
W.
of $100
building.
Milling Co. (File 3-3-740), 1223 First
Nampa, Idaho.
Offering 79,530 shares common stock of $1
value at par. B. A. Smith, 1223 First St. South, Nampa, Idaho, is
President of the corporation.
No underwriter is named.
South,
par
follows:
Paper Co., Inc. (2-2398, Form A-2) of Albany, N. Y., has
filed a registration statement covering $125,600 of 314%
10-year regis¬
tered convertible notes, due Aug. 1, 1946, and 25,120 shares (no par)
common stock to be reserved for conversion of the notes.
The notes are
convertible at the option of the holder on and after Aug, 1, 1937, on the
basis of 25 shares of common stock for each $100 of notes or 20 shares of
class A stock of A. P. W. Properties, Inc., for each $100 of notes.
The
notes are to be offered to stockholders of record July 31, 1936, in the ratio
P.
Offering
(File 3-3-737), no address.
mon
St.
Total
of Issues
Type
7
Commercial and industrial
2
Certificates of deposit
A.
& Seal Corp.
Cap
Pneumatic
30,000 shares capital stock at $2.25 per share.
Anton F. Burkardt, 70
Pine St., New York, N. Y., is President.
R. Murray Glover Co., 70 Pine
St., New York, N. Y., is named as underwriter.
Mother Lode Gold Mining &
represents new issues.
No.
Aug. 29, 1936
Chronicle
1,280,387
802,436
68,732
$9,793,0961
Total
$9,537,985 $9,793,096
x Including unamortized debt discount and expense and commission on
capital stock, y Represented by 6,791 shares (no par),
z Represented by
6,000 shares (no par)-—V. 142, p. 3495.
Volume
143
Financial
Chronicle
1385
American Agricultural Chemical Co. (Del.)—Stock—
The
Specialists in
Stockholders
at their annual meeting Sept. 16 will consider a reduction
by retiring 13,305 shares of capital stock owned by the company.
of capital
—V. 143, p. 1218.
All
Rights and Scrip
American Airlines, Inc.—Annual
Report—
.Operations
for 1935 resulted in a loss of $748,370, after
providing $1,118,for depreciation and
obsolescence, as compared with a net loss of
$2,313,678 for 1934, with a provision for
depreciation and obsolescence
m 1934 of
$1,034,317.
Company is successor to American Airways, Inc.
093
McDonnell & Co
The revenue derived from
the transportation
with the total
revenue is as follows
__/Ne-w York Stock Exchange
Curb Exchanjfe
Passenger
Member^ NewYork
BROADWAY,
TEL.
NEW YORK
RECTOR 2-7818
Albert Frank-Guenther Law, Inc.—Initial
Pref.
Mills, Inc. (& Subs.)
Year's End. June 30—
Gross profit from oper.
Selling expenses
Administrative
Div.—
Earnings—
1936
1935
1934
1933
$6,030,691
1,909,555
665,756
$5,313,816
1,741,491
630,334
$3,079,201
1,191,825
598,137
$1,982,177
1,109,949
420,816
$3,455,379
178,430
$2,941,990
140,626
.,289,239
187,747
$451,412
204,947
$3,633,810
361,051
27,389
$3,082,616
362,786
55,569
.,476,985
293,934
y54,920
$656,359
186,305
14,148
5,000
6,000
12,000
667,829
25,000
442,298
.125,000
167,686
60,000
expenses
Net profit from oper_
_
Miscellaneous income
Total profit
Depreciation
Interest and exchange._
Writedown of invest, to
quoted value
Loss—Amer. Milk Prod¬
•
ucts Co
Provision for taxes
Prov. for contingencies.
Loss
on
bldgs. & mach'y
8,501
9,403
55,776
per share
$2,090,963
886,888
$2.35
$2.86
•
$888,445
886,888
$382,226
882,394
$0.43
$1.00
After deducting all
manufacturing expenses, incl. reductions of inven
tories to lower of cost or market,
x
Interest only.
y
1936
a
Accts.& notes
Dep.
1935
$1,919,036
rec 2,184,748
Liabilities—
1,321,256
on grain sold
Inventories
3,269,004
141,055
57,474
Capital stock
4,565,891
d
Surplus
6,029,656
$175,793
207,619
263,318
447,745
4,565,891
4,052,398
79,432
b Plant & equipm't
4,425,271
Leasehold improve¬
613,049
c
80,460
Investments, &c__
1935
$139,659
298,602
349,731
Accrued liabilities.
Prov. for taxes
8,598
3,141,793
Prepaid insur., &c.
1936
Accounts payable.
Reserves
$814,760
for future deliv..
4,263,816
ments in process
of amortization
Total
•
$11,996,589 $9,712,766
Total
1936
From Jan. 1—
Gross from railway
Net from railway
1934
$1,163,440
1933
$1,280,983
defl97,191
$1,285,293
388,905
155,301
9,033,778
1,866,683
7,579,896
7,411,331
817,238
51,062
def723,348
1,633,001
167,579
2,156,208
766,558
49,891
742."
1936
|
and rebates.
Net sales..
Cost of sales.
1934
$1,076,973
.
Not
48,134
$1,028,839
680,975
$1,464,427
56,589
$1,407,838
955,418
$452,420
341,308
$70,126
3,412
$111,112
1,841
$73,538
30,625
7,914
$112,953
30,423
14,801
$48,468
20,000
$34,999
$67,728
$0.49
Net profit
Dividends declared.
$347,864
277,739
$94,115
36,168
9,479
$0.35
$0.68
capital stock (no par)
charges
for
labor
material,
and
including depreciation.
manufacturing
expenses,
Assets—
1935
$52,234
trade
$64,762
Notes payable
Accts. and rebates
426,379
821,078
20,283
319,500
681,455
Payrolls, commis's,
Liabilities—
ac¬
cepts, and accts.
Other
.
curr. assets.
consolidated)...
17,258
employees
Patents & develop.
Life
insur.,
cash
surrender value.
Spec, deposits, &c.
60,909
29,308
218,750
57,947
Capital stock...
Surplus
Treasury stock
10,000
1,580,006
378,915
67,328
mmmm
mm
24,414
1,580,006
335,259
19,594
See
z
Other assets......
11,445
x Plant
property.. 1,046,823
Deferred charges..
50,793
x
a292,689
74,272
y
5,983
60,902
22,037
z43,318
Investments
$90,000
Reserves
Notes receiv. from
1935
$174,988
royalties & taxes
Dividend payable.
Due from subs, (not
Total
1936
payable
receivable
Inventories
cost
at
Dr6,246
Dr5,706
express,
Operating
Mail, $1,999,246;
$99,719; other, $104,271
revenue:
$5,864,536
5,441,002
expenses
$423,535
27,539
Provision for obsolescence and
depreciation
$451,074
81,351
1,118,093
...
Net loss
$748,370
Consolidated Balance Sheet Dec. 31, 1935
Assets—
Liabilities—
Cash in banks and
a
on
hand...
$229,686
454,435
636,990
Accounts receivable
Flying equipment
Land, buildings and
equipment
5,009
1,497,023
other
Deferred charges
Accts. payable & accrued exps.
Accrued interest
Prov. for State and local taxes.
Note payable 4% due on demand
Unearned
..2. 1,482,707
78,037
Total
$4,383,888*
tion of $891,513.—V. 143, p.
revenue
Deficit
Total
10,217
6,387
'
$4,383,888
$13,402.
c
After
b After
reserve
reserve
for
for
deprecia¬
98.
American Bakeries Corp.—To
Pay
The directors
$423,337
3,136,664
149,294
2,777,750
2,119,762
Capital stock ($10 par)
a After reserve
for doubtful accounts of
obsolescence and depreciation of $891,513.
75-Cent Dividend—
Aug. 18 declared a quarterly dividend of 50 cents
per
additional dividend of 25 cents per share on the cumulative
class A stock, both payable Oct. 1 to holders of record
Sept. 15.
These
will be the first dividends paid on the "A" stock since
April 1, 1932, when
a dividend of 25 cents per share was distributed.
share and
on
an
On Oct. 1,1935 dividend notes at the rate of $10.25
per share were dis¬
tributed to the class A stockholders.
These notes were dated July 1. 1935
and bear interest at the rate of 5% per annum
subject to certain conditions
which are printed on the face of the notes.
These notes
paid all accrued
dividends on the class A stock to July 1, 1935.
In connection with the
issuance of the notes, the class A stockholders
agreed, through an amendment
to the charter, to a moratorium on cumulative dividends from
July
1, 1935
July 1, 1936.—V. 142, p. 1275.
List prices of the new small cars and trucks to be
brought out in November
by this company were announced on Aug. 25 by President R. S. Evans.
In addition to a business coupe at $335, there will be a
standard coupe at
$365, de luxe coupe at $375, roadster at $385 and custom roadster at $445.
The truck models will be priced at $385 and $395, and the chassis
at $275.
The cars will have 20 horsepower, four cylinder
engine said to deliver
45 to 50 miles on a gallon of fuel.—V. 143, p. 573.
American-Hawaiian
Period End. July 31—
Operating earnings
Operating expenses
Net profit from oper.
Steamship Co. (& Subs.)—Earns.
1936—Month—1935
$1,264,051
$1,123,047
1,128,081
1,061,040
1936—7 Mos—1935
$8,803,211
7,867,408
$6,822,080
6,691,507
$135,970
2,109
$62,007
1,349
$935,802
32,946
$130,573
23,174
$138,079
58,267
$63,356
58,291
$968,749
400,366
$153,747
398,823
$79,811
17,363
$5,065
$568,382 def$245,075
23,635
48,382
$97,175
_
—
Total profit
Provision for deprec'n..
1,041,812
47,613
$2,562,572 $2,310,0501
z
Total
$2,562,572 $2,310,050
1936 and $665,955 in 1935. y Repre¬
Includes special deposits, a Accounts
143, p. 1218.
Amalgamated Leather Cos., Inc—Meeting Adjourned—The stockholders at a meeting to vote on a
proposed recapitalization plan
held Aug. 26 voted to adjourn to Sept. 17.
John Blatz, President, stated adjournment was tak en to get
substantially
more preferred and common stockholders
present.—Y. 143, p. 742.
.
$3,661,300;
-
$5,065
$592,018 def$196,693
13,103
After depreciation of $847,584 in
*
passenger,
Balance
Other income.
Other income
16,030
sented by 100,000 shares (no par),
payable only.—V.
officers, directors
American Bantam Car Co.—Car Prices Announced—
1936
Cash
installment basis to
Consolidated Income Account Year Ended Dec. 31, 1935
Operating
to
Condensed Balance Sheet June 30
Notes,
on an
Airlines, Inc. in accordance with a plan of allot¬
be based in part upon merit and service and
part upon the em¬
ployees' compensation and ability to pay, which plan is to be made effective
when approved by the board of directors of this
corporation.
It is believed
that the acquisition of this financial interest in the
corporation by those
b
$82,902
11,213
expenses.
Gross income
all
convertible debentures for sale
and employees of American
ment to
c
x$418,670
335,769
Other deductions...
Federal income tax.
After
through the
operating
Airways,
,
Indebtedness of employees
1935
j Reported
Net profit on sales..
Other income
x
improved
"The Aviation Corp. has agreed that if it
acquires from the company the
debentures referred to, it will set aside $200,000
principal amount of said
475,556
259,772
c.—Earnings—
Returns, allowances
greatly
of most of the indebtedness contracted when the
assets were taken over from the
predecessor company, American
Inventories
6 Months Ended June 30—
Gross sales
Selling and general
thereby
elimination
7,472,643
rents, .it..
143, p.
under the Securities Act of
Exchange Act of 1934 and listing the same on
exchanges, which expenses this company has
stock
Total income
Other charges
1935
$1,508,531
370,535
91,185
Net after
national
agreed to pay.
If all of said convertible debentures are converted, the
corporation will be provided with $2,777,812
permanent additional capital,
and its financial
set-up will be
.$11,996,589 $9,712,766
Earnings.—
Gross from railway
Net from railway
Net after rents
—V.
the
as other matters was to be
submitted to the stockholders for their ratification
and approved at the annual
meeting to be held July 16, 1936."
a After reserve
for bad debts of $193,375 in 1936 and
$142,412 in 1935.
b After depreciation of
$2,087,316 in 1936 and $1,805,854 in 1935. c Repre¬
sented by 886,888 no
par
shares,
d Initial surplus $662,250 in 1936
($781,250 in 1935); discount on stock purchased for
treasury, $167,323 in
1935 and 1934; earned
surplus, $5,200,083 in 1936 ($3,103,825 in 1935).
——V. 143, p. 261.
'
July
of
one
actively engaged in the company's business will increase the morale and
efficiency of our operating personnel.
The sale of the debentures, as well
2,650
Alton RR.
the
Corp., amounting to $3,401,323, including accrued interest to
1936, and will provide additional cash to the corporation in the
$248,677, less such expenses as may be incurred in registering
of
Inc.
Consolidated Balance Sheet June 30
Assets—•
"The proceeds of this
loan, which The Aviation Corp. will purchase, at
the debenture issue and stock of
the company
1933 and the Securities and
$2,539,702
886,888
Shs.cap.stk.out.(no par)
Cash
$1,884,081
4,727,604
par, will be used to retire the present indebtedness of this
company to
Aviation
Mav 31,
7,837
profit.
Earnings
$1,845,527
1,388,856
regards to the financial position of the company, C. R. Smith, Presi¬
dent, June 20, said:
"Additional flying equipment will be needed during 1936 for the
replace¬
ment of obsolete
eqiupinent and to provide additional equipment needed
for the operation of other
schedules required by increasing passenger and
express business.
To supply this demand, company has contracted to
purchase 20 new Douglas airplanes
equipped with automatic pilots, at an
aggregate cost of
approximately $2,000,000.
One of these airplanes has
already been delivered and is receiving its final tests, and delivery of the
balance is expected
during the next four months' period.
This new equip¬
ment
consists of 21-passenger
day airplanes and 14-passenger sleeper
airplanes, and will enable this company, during the balance of 1936, to
furnish to its
passengers a superior service, and it is believed will place
American Airlines, Inc. in a most favorable
competitive position.
"To finance in
part its purchase of this new equipment, American Air¬
lines, Inc. is negotiating the sale of
equipment trust certificates payable
in 48 equal
monthly payments, with interest at the rate of 5% per annum.
The balance of the additional cash
required will be supplied by a new loan
in the amount of
$3,650,000, to be underwritten by the Aviation Corp. in
the form of
5-year 4^% debentures, of which $872,187 principal amount
are to be
non-convertible and the balance of $2,777,812 principal amount
are at the
option of the holders to be convertible at any time prior to the
fixed maturity of said debentures into
this corporation's authorized and
unissued capital stock,
consisting of 222,225 shares, at a price of $12.50
per share.
amount
abandoned
Net
1933
$3,661,299
1,999,246
revenue
Air mail revenue....
The company paid an initial dividend of
38.24 cents per share on the 6%
cumulative preferred stock on
Aug. 28 to holders of record Aug. 25.—V. 142,
p. 2487.
Allied
compared
as
1934
In
120
x
of passengers
1935
Balance
Non-recurring items
Net profit before Fed¬
eral income tax
-V. 143, p.
1064.'
American Locomotive
Co.—Subsidiary Merger—
Effective Sept. 1, Mcintosh &
Seymour Corp., a subsidiary manufactur¬
ing diesel engines, will be merged with this company and thereafter this
business will be carried
on
by the diesel engine division, which will continue
Aug. 29, 1936
Chronicle
Financial
1386
will
The dividends
Eerpaid on Sept. newto holders ofvalue common10.
share on the 30 $18.50 par record Sept. stock,
President of Mcintosh
of American Locomotive.
operations at Auburn, N. Y.
Robert B. McColl,
& Seymour, has been appointed a Vice-President
—V. 143, p. 908.
American Machine & Metals,"
directors have declared a dividend
of 15 cents per share on the
have declared a
stock, payable Sept. 15
directors
with dividends of 40 cents
May 16 and on March 16, last,
pares
?ach two months
tributed
dividend of 50 cents per share on the
to holders of record Sept. 5. This compaid on July 16, last; 30 cents paid on
and dividends of 25 cents per share dis-
Accts.
Cash in banks and
1,731,284
523,678
hand.
on
incl.
accts.
accts.
notes
33,218
Miscell. reserves..
100,492 7% cum. pref. stk. 7,000,000
6,036,774 x Common stock._ 6,269,018
68,298 Earned surplus.__ 2,763,507
102,355
Inventories
'7,059,997
74,958
Due fr. employees
..
and
accounts receiv.
2,490,838
Sales for
694,114
4,540,107
cos
Prepaid expenses &
sundry assets...
January
February—
March
147,967
209,959
Represented by 258,936 no par shares of which
held in treasury.—V. 141, p. 265.
x
April
x
May..
17,571,632 16,873,716
Total
17,571,632 16,873,716
Total..
June
1,310 shares in 1935
August
and 915 shares are
American Potash &
Calendar Years—
1935
$4,927,010
2,836,406
.
Cost of sales (exclusive
Gross
of depreciation)
878,436
(before deprecaiation).
..
charges
Depreciation
Earnings per share on 528,390 shares
(no par)
Receivables
Inventories
Sim dry invest
Property
Patents and trade¬
x
marks
x
After
$25,423
reserve
for
capital stock
Net profit
$8,842
$203,497
$25,074
25,811
$108,972
5,575
$177,688
xl26,877
$103,397
72,024
$25,074
30,259
_
$209,613
—
Earns, per sh. on 108,967
shs. com. stk. (no par)
$0.87
$1.76
31
x
~~
71,182
54,466
Common dividends
See
Balance Sheet Dec. 31
$
Accr. int.
128,738
__
128,738
counts receiv.
18,951
15,271
683,721
19,550
661,850
40,109
164,865
income...$10,376,600
Int. to public and other
deductions
3,988,646
Int. chgd. to cons true'n_
Cr2,090
Property retire't & depletion reserve approp'ns
1,669,167
59,380,787 $42,675,435
$39,021,613
4.112,460
Crl,202
16,042,522
Cr7,119
16,481,029
Dr734
1,428,140
6,501,423
5,781,849
$4,720,877
$3,841,389 $20,138,609
..
$2,215,859 $2,118,266
Total..
$2,215,859 $2,118,266
Total
378,695
payable
patents
and goodwill
$38,642,918
and
165,428
Tr.-mks.,
234,274
25,600
1,025.671
544,839
282,870
146,410
payable.
declared
Res.for advertising
Land, bldgs.& eq
Prepaid & deferred
Light Co. (& Subs.)—Earnings—
1936—3 Mos.—1935
1936—12 Mos.—1935
$9,303,231 $42,441,161
9,064
25,810
25,750
Pref. stk. ($50 par) 1,015,961
y Common stock.
544,838
Paid-in surplus
277,606
Earned surplus.
230,375
6,754
474,807
x
American Power &
from oper.—$10,339,807
30,259
4,055
406,155
Due on open ac¬
$79,594,904
40,951,986
Fed. income taxes.
Div.
receiv'le
Foreign subsid.:
Secur. owned.
$19,652,910 $87,131,571
10,349,679 44,690,410
17,931
Accruals
381,265
74,676
Inventories
Operating revenues
$21,668,783
Oper. exp., incl. taxes.. 11,328,976
$40,069
17,761
11,463
$169,366
384,240
119,525
Accts. receivable..
Total
1934
$61,844
Accounts
$286,057
Cash
Mkt'lesec.(atcost)
8,670,537
6,291,826
1935
Liabilities—
1934
1935
Assets—
601,685
934—Y. 143, p. 98.
x After reserve for depreciation of $679,544 in 1935 and $643,822 in 1934.
Represented by 108,967 no par shares.—V. 142, p. 1973.
$16,758,001
Net
rev.
36,793
Other income (net)
Gross corp.
,
77,556
Nil
$0.29
$0.97
$1.27
54,009
x
Preferred and common dividends.
1934
$
16,392,162 15,564,048
depreciation of $4,378,035 in 1935 and $3,926,184 in
Period End. July 31—
V Subsidiaries:
$15,533
$239,873
$459,741
1935
15,564,048
16,392,162
Total
36,253
27,430
$17,227
Preferred dividends
37,068
88,178
37,524
74,899
charges.
14,702
Est. Fed. income taxes—
472,506
395,489 Current liabilities.
1,165,456
561,103 Capital stock (528,390 shs. no par) 8,670,537
1,095,507
1,288,385
7,249,118
467 Surplus
13.531,752 13,193,362
(less res.)
$16,250
30,235
11,059
Other income, net
83,325
440,814
Liabilities—
$
$
262,443
$93,438
Deductions
Profit before taxes—
1934
1935
Deferred
$807,597
176,283
487,022
.
247,954
44,738
19,314
$983,880
Consolidated Balance Sheet, Dec.
Assets—
277,127
$186,271
28,286
Other income
165,156
Net income
Cash
300,647
$214,449
$1,706,303
145,280
629,964
(before depreciation)
Income
$278,693
Operating profit
$931,059
Gross income
$341,393
Oper. exp
$1,541,147
Other income credits
$463,398
$515,096
merchandise
$1,686,033
1932
1933
1934
1935
Calendar Years—
Mfg. profit from sale of
549,457
Profit from operations
Co.—Earnings—
American Thermos Bottle
$3,203,740
1,517,707
and miscellaneous
expenses
'
1934
$2,090,604
profit
General administration, selling,
.
—V. 143, p. 418.
Chemical Corp. (& Subs.)—Earns.
Net sales
Five weeks
x
y
Angostura-Wupperman Corp.—Earnings—
„■
-
xl935
$354,559
175,686
84,950
33,904
$42,686
—-
Cost of goods sold.
Sales and distribution expenses.
1936
$317,790
175,533
65,644
33,926
30—
6 Months Ended June
Income from sales (net)
$60,018
3.418
Administrative and general expenses-
,
Pref. divs. to public (full
div. requirem'ts appli¬
Profit from sales.
520
Other income
6,692
$63,436
4,527
2,946
13,512
20,000
$42,450
40,000
$11,477
$0.11
$2,450
$0.21
$43,206
5,037
mmrn.
Federal income and excess profits taxes.
cable to respective peri-
.
.
.
ods whether earned or
1,792,701
Net
equity
Pow.
&
of
Lt.
1.792,255
7,170,598
7.167,891
16,547
unearned)
applicable
minority Interests
Portion
18,985
86,239
76,916
$2,030,149 $12,881,772
$9,513,194
Am.
Co.
x
$2,911,629
Including Trinidad Products Corp.
Note—Trinidad Products Corp. had no
the six months ended June 30,
Net equity of Am. Pow.
& Lt. Co. in income of
P
Surplus
- —
Earnings per share on 200,000 shares par $1.,
in
income of subs
subs, (as shown
Dividends paid.
to
Am. Pow. & Lt. Co.:
Other income
$2,916,662
145,076
Total income
725,929
Int. & other deductions.
$2,030,149 $12,881,772
6,479
19,541
$9,513,194
$2,036,628 $12,901,313
76,906
385,384
753,358
2,916,737
$9,553,335
40,141
238,631
3,080,869
•
,
$1,206,364
equity of American Power & Light Co. in income of subsidiaries" includes
interest and preferred dividends paid or earned on securities held, plus the
proportion of earnings which accrued to common stocks held by American
Power & Light Co., less losses where income accounts of individual sub¬
sidiaries have resulted in deficits for the respective periods.
directors
have
declared
a
dividend
of $1.50 per share on
the no
$6 cum. pref. stock and a dividend of $1.25 per share on the no par
$5 cum. pref. stock, both payable Oct. 1 to holders of record Sept. 8.
Dividends of 75 cents and 62)^ cents per share, respectively, were paid on
par
July 1 last and compare with dividends of 37 M cents and
share paid on April 1 and Jan. 2 last and dividends of 75
36,641
28,115
rec.
Note rec.—aftil.co.
1,042
175,022
1,168
28,243
Inventories.
Marketable securs.
Life insurance
Other
note
26,279
affil. company..
215,139
575
575
104,762
a20,534
17,112
6,569
Advertising
35,888
paign exps
Pat.
application,
&
Excl.
agency
60,300
50,300
the regular quarterly dividend of $1.50 per
stock and an alternative dividend of 50 cents
The directors have declared
share
on
the no par common
14.278
1,126
5,879
11,981
902
14,737
&
profits
excess
taxes 1934-35 on
Bit¬
Angostura
Ltd.
ters
inc.
8
2,364
Prov. for cap. stk.
2,500
for
291
accrued
Fed. inc. tax...
11,341
16,233
loan—
Bit¬
Angostura
ters, Ltd
Capital stock
$1)
Surplus
Total
Razor Corp.—Dividends—
Federal taxes
Long-term
31M cents per
cents and 62M
1064.
Accruals
Res.
con¬
share paid on the respective issues on Nov. 15, 1935.
The divi¬
dends due July 1, 1935 were omitted, prior to which the company paid divi¬
dends on both issues at only one-quarter the full rate in the nine previous
American Safety
55,000
commis¬
payable...
Prov. for unemploy.
insur. taxes
20,679
cents per
quarters?—V. 143, p.
&
sions
taxes
de¬
tract
pay.—bank
Accts.
within U.
cam¬
velop. costs
6,425
Prov. for Fed. inc.
Inv. in affil. co...
Deferred charges..
$325
pay.—bank
(unsecured)
1,041
150,568
23,519
21,661
rec.—
Fixed assets (net).
yl935
$19,991
(sees.)
Note
Trini¬
634
x
1936
ters, Ltd..
Loans
dad Prods.Corp.
formulas
Accumulated Dividends—
$32,621
Accts. receivable—
customers
Liabilities—
Due Angostura Bit¬
$21,060
hand
-
$9,599,192 $6,233,835
Notation—All intercompany transactions have been eliminated from the
above statement. Interest and preferred dividend deductions of subsidiaries
represent full requirements for the respective periods (whether paid or not
paid) on securities held by the public. The "portion applicable to minority
interests" is the calculated portion of the balance of income available for
minority holdings by the public of common stock of subsidiaries. The "net
$2,045,657
yl935
1936
Assets—
Cash in banks & on
Accts.
Bal. carried to consoli-
dated earned surp—
income or operating expenses for
1936.
Condensed Balance Sheet June 30
above) $2,911,629
5,033
Expenses, incl. taxes
The
:
Year to Date
1936
1935
1934
1933
$10,193,697 $10,630,723 $10,602,865 $10,157,087
9,078,407
9,418,804
9,074,434
8,425.292
8,860,420
9,048,869
9,234.926
8.446,763
11.207.484
11,595,220
9.010,725
8,349.021
8,411,377
9,010,563
11,231,864 10,363,100
9.263,157
9,072,179
8.843 731
8,615,951
-—
9,894,879 10.357,987
10,294,961 10,223,120
ended May 2.
y Four and two-thirds weeks ended Aug. 1.
Month of—
598,483
equipm't 4,779,646
affil.
'
profits
236,029
220,645
Invest. In and adv.
to
Subs.)—Earnings—
30—
1936
•
1935
1934
1933
Net income after deprec.,
Federal taxes, &c
x$l,083.506
$1,399,757
$2,089,200 $2,376,636
Shares of common stock
(no par) outstanding1,301:320
1,301,320
1,301,870
1,302,270
Earnings per share
$0.83
$1.07
$1.60
$1.82
x No mention is m
de of any provision for Federal surtax on undistributed
notes
Plant and
$227,165
$192,563
of July 25, p.
6 Mos. End. June
88,960
32,026
7,000,000
6,282,447
87,010
change
and
receiv., less
reserve
Other
American Stores Co. (&
979,443
taxes.1,418,878
Res. for foreign ex-
1,971,297
2,174,993
reserves
Miscell.
provision for
income
less
rec.,
payable and
Federal and State
Customers' notes &
SI;
$381,855'
for Dec. 31 was published in our issue
574.—V. 143, p. 574.
The balance sheet
& accr. expenses
1,520,293
1,653,971
28,831
305,482
287,92?
136,333;
$245,788
Net loss....
$
$
$141,750
$88,049
27,286
23,382
245,073
2,700
1934
1935
1932
1933
1934
$22,934
._
,
Extraordinary charges--
Sheet Dec. 31—*
Liabilities—
'
$
$
Marketable secur.
General
-Earnings-
Commerce Corp.
1935
loss$221,857
expenses—.—
21,230
Interest charges
1934
1935
Assets—
American Ship &
Calendar Years—
Total income
previously.—V. 143, p. 908.
Optical Co.—Consol. Balance
American
Dividend—
The directors on Aug. 17 declared a dividend of 20 cents per share on the
capital stock, no par value, payable Sept. 1 to holders of record Aug. 25.
Previous dividend payments were as follows:
20 cents on April 1, 1935
and $3 per share on April 10, 1934.—V. 142, p. 1276.
Corp.—Dividend Again Raised—
Y.
American News N.
The
common
of Del.—20-cent
American Seal-Kap Corp.
record Sept. 15.
dividend of 10
capital stock, no par value, payable Oct. 1 to holders of
A like payment was made on July 1, last, and an initial
cents was paid on April 1, last.—V. 143, p. 743.
n
who prior to Sept. 1U
$18.50 par shares on a
dividend is for those stockholders
completed the exchange of old no par shares for new
3-for-l basis.—V. 143, p. 1218.
The alternative
15-cent Dividend
Inc.
The
e
x
After
$475,801
reserve
for
$394,253
Total.....
12,661
8,585
200,000
144,046
200,000
141,488
$475,801
$394 253
(par
royalties on unbottled concentrates, payable when
bottled of $207,924 in 1936 ($140,334 in 1935). y Consolidated, z Indudes
accounts receivable, a Includes prepaid expenses.—V. 143, p. 262.
Volume
'■
Financial
143
American
Water Works & Electric Co.,
Inc.—Weekly
Output—
Output of electric energy for the week ended Aug. 22 totaled 47.441,000
kilowatt hours, an increase of 19.3% over the ouput of
hours for the corresponding period of 1935.
Chronicle
.
Amt.
39,774,000 kilowatt
Co.—Removal of Liquidators
Asked—
Charles H. Green, of Lynn, holder of $2,000 of bonds,
has filed
a
petition
with referee Black, who is sitting as master in the liquidation proceedings
seeking a review of the election on Aug. 14 of Frederick C. Dumaine and
William Parker Straw as liquidating trustees.
Green seeks to have both
removed, claiming that Straw, as a resident of New Hampshire, is beyond
the jurisdiction or the Federal Court in Massachusetts, and that Dumaine's
election is detrimental to the interests of the creditors of the corporation
because it will prevent a full and complete investigation of the acts of
as
From
rev.
from
from oper
"
leased prop.
(net)
$321,686
Notes
4,505
93,937
11,867
$3,430,203
156,534
1,881,138
Balance
y$200,262
y$ 167,127 " $1,549,065
Property retirement reserve appropriations.590,400
z Dividends
applicable to preferred stocks for
period, whether paid or unpaid
949,266
t,384,618
.,889,901
$1 ,494,717
597,000
$9,399
def$51,552
y Before
property retirement reserve appropriations and dividends,
z Dividends
accumulated and unpaid to July 31, 1936, amounted to
$1,265,687.
Latest dividends amounting to $1.75 a share on $7 pref. stock
and $1.50 a share on $6 pref. stock, were paid on July
1, 1936.
Dividends
on these stocks are cumulative.—Y.
143, p. 575.
Associated Electric Co. (& Subs.)—Earnings—
Calendar Years—
1935
1934
1933
*1932
Oper.revenues—Elec—-$15,160,589 $14,765,577 $14,003,463
Gas
3,505,204
3,347,710
2,222,663
$20,227,469
8,699,729
1,311,360
1.770,086
expenses
Maintenance
Provision for retirement
(renewals & replace'ts)
Pro v. for taxes (incl. co.'s
est, for Fed, taxes).
1,171.064
1,302,864
1,073,024
1,538,947
1,335,357
1,062,760
1,084,522
$6,486,513
$7,161,877
521.369
353.763
$7,079,650
323,413
$7,868;254
588,658
$7,007,882
Operating income
a
$7.5x5,640
$7,403,064
$8,456,912
Other income-.-
Gross income
Deductions from income—
Subsid. companies':
Inter&st
fundeo and
unfunded debt
of
&
1,879.638
1,868,183
1,881,749
1,827,873
164,901
111,272
122 321
141,626
520
discount & expense-
520
'
pref. stk
Dividends in pref. stock.
Income applic. to com.
on cum.
stock held
by public.
Credit
durina
for
80,937,159
46.804
23.934
28.203
$5,427,196
$6,540,466
3.550.000
3,550,000
31,463
3,550,000
91,069
3,540,000
3,360
247,863
248,137
248.302
247,995
$1,208,403
2,400,000
$1,729,997
1,580,000
$1,537,825
2,985,000
income
Income statement for 1932 revised to show amortization of debt
dis¬
count and expense as a deduction from income, in order to make the
state¬
ment for that year comparable with the statement for
1933.
a Includes
income from investments in affiliated companies.
1934
5
$
Plants, proper's,
franchise, &c_160,330,454 160,662,307
4,764,520
2,911,591
Investments
ma'td
bonds, &o_—.
Liabilities—
common
528,051
Accts. receivable
121,970
37,742
1,860,498
1,865,201
Int. receivable..
68,643
75,991
Mat'l & supplies
Accts. rec. appl,
967,689
942,996
Notes receivable
(contra)
Prepayments
121,512
102,563
debt
disct. & exp_.
Miscell.
6,394,711
6.708,424
,
.
co
506,221
Res. for losses of
164,366
Capital surplus.
sub.
since
debt
9,741,676
144,328
Corporate surp.
4,909,998
342,720
9,638,826
76,369
5,157,863
Total
122,687,880 121,749,485
122,687,880 121,749,485
Armour & Co.
(III.)—Accumulated Dividend—
The directors have declared
a dividend
of $1.50 per share, applicable
outstanding shares of 7% cum. pref. stock, par $100,
which have not yet been converted into prior pref. and common stocks,
payable Oct. 1 to holders of record Sept. 10.
A like disbursement was
made on July 1, April 1, and Jan. 2, last and on Oct. 1 and July 1. 1935,
this latter being the first disbursement on the issue since Jan. 2, 1931.
New Vice-President—
The directors have elected Harry S. Eldred, Vice-President in charge of
plants, succeeding the late Harry G. Mills.
Mr. Eldred has been a plant
manager.—V. 143, p. 909.
*
■
4Ashley Drew & Northern Ry.—Reconstruction Loan—
The Interstate Commerce Commission on Aug.1 19 found the company,
not to be in need of financial reorganization in
the,public interest at this
time and approved the extension for a period not jto exceed three years,
of time of payment of loan by the Reconstruction Finance Corporation
maturing Aug. 19, 1936, in the amount of $50,000.1 Consideration of ap¬
plication for extension of the time of payment of loans of $100,000 and
$150,000 maturing on Aug. 19, 1937 and Aug. 19, 1938, were deferred.
—V. 135, p. 1325.
J
•
'
■■
; ' ■
■•
■
Associated
Electrical
Industries,
■
•
Ltd.—To
Increase
Stock—Acquisition—
At
recent extraordinary shareholders' meeting the resolutions authorizing
the increase in capital to £6,495,000 by the creation of 100,000 new shares
of £1 each unanimously were approved.
a
The Chairman, Sir Felix Pole, said, "The board desires to effect this
increase of capital in pursuance of its policy of financial consolidation of the
Associated group of companies."
The directors also have decided to make
an
offer at
an
early date to the
spectively, of Associated.
Referring to the proposed acquisition of the Edison Swan shares. Sir
Felix stated: "It is proposed to offer the holders of shares in Edison Swan
an exchange of shares by the issue of one fully paid 8% cumulaitve preference
share in this company in exchange for one fully paid 7 H% cumulative
preference share in Edison Swan and three fully paid £1 common shares in
this company for five fully paid 4s common shares in Edison Swan."—V.
142, p. 1974.
Associated Gas & Electric
$
of 82,580,355 units (kwh.), which is an increase of 12.7%
over the corresponding week a year ago.
These figures are the highest
ever reported by the system.
Net earnings are not comparably higher,
due to increased operating expenses and taxes.
The expenses are up be¬
cause of new business campaigns to offset rate cuts and because of higher
costs for fuel to provide the greater output.
Weekly Output—
parent
parent
13,875
[The accounts of associated companies are not consolidated herein.]
in
co
10,482
Pats.,
23,518,852
43,804
1
500,000
437,005
count & expense
1
1,661,180
Special
110,520,400
499,111
1,254,545
($100
par)
3,296,700
cum. pref
stk
(no par).——. 4,050,805
$4 cum pref stock
(no par)
1,193,800
458,783
3,000
funds
-
ed companies
39,381
436,689
(contra)
586,795
Due to affil. cos..
extensions
118,254
9,084,320
225,695
Capital surplus.
Corporate sur..
common
Total
9,266,432
1,116,437
Total
176,929,777 174,799,528
stock, $1 par.
399,320
529,684
950,415
657,736
173,385
657,735
Capital surplus...
Surplus
94,560
x
176,929,777 174,799,528
119,022
7,473
104,848
Reserve for proba¬
ble loss
152,118
.
3,070
112,658
Accrued taxes
6,000
Contributions for
Includes 650,000 shares of
1,193,800
pref
Accrued interest..
Due from affil. cos.
13,280,245
applances
sold
4,050,805
Reserves
594,502
accts.
rec.
cum
2,231,482
2,231,482
Com stk. (par $1) 1,038,308
1,038,308
5
debentures .12,290,000 11,438,000
Accounts payable.
4,164
7,020
Due to assoc. cos.
21,884
36,106
Due from associat¬
3,159,142
3,296,700
stock (no par)._
6,909
3,750
*29,435
deposit—
Working
Aoc'ts receivable.
Class A
1,140,868
465,770
Cash in banks
$
$6
Unamort. debt dis¬
Mat'd bonds and
Funded debt—110,434,200
payable.
847,275
Accrued
taxes,
43,804
pat. rights,
&c
574,274
2,067,427
$
7 % cum. pref. stk.
assoc-
ated companies.24,190,485
Miscell. investm'ts
'
June 30 '36 Dec. 31 '35
Liabilities—
$
$
Assets—
300,000
payable
(other)
of
Associated Telephone & Telegraph Co.—Balance Sheet
14,306
Notes
Guar,
including sales to other utilities amounted to 96,809,680
Gross output,
units.—V. 143, p. 1220.
306,905
to
bond interest-
20,686
output of 84,156,543 units (kwh.), which is an increase of 14.4%
above the comparable week a year ago. This is the highest electric output
ever to be reported by the System, being 1,576,188 units or approximately
Invest,
co
pay.
For the week ended Aug. 22, Associated Gas & Electric System reports
net electric
35,000,000
Note payable to
Accts.
Co.—Weekly Output—
For the week ended Aug. 15, Associated Gas & Electric System reports
net electric output
June 30 '36 Dec. 31 '35
2,013,505
625,833
Reserves, &c._. 12,888,636
y
cos.
acquisition...
cos
1,655
13,932
1,662,500
3,000
to accumulations on
704,840
interest, &c__
Consumers' deps
Total...
accrued
Contract'l oblig.
8,000
bds.
to
—
Accts.
unadj.
debits
Interest
759
113,365
261,700
-V. 143. p. 1219.
1934
35,000,000
301,668
30,550
Notes pay. banks
152,118
.
...
Unamortiz.
155,570
68,740
stock
pay.
affll.
1,292,270
sold
$
Cap. stk. of subs
Adv. from fin. co
Accts.
1,561,180
Sink. fd. deposit
Taxes accrued—
1936.
1935
y Assoc. El. Co.
Cash
10,481
parent co____
Accts. payable-
1,421,211
2% above the previous high figure established for the week ended Aug. 15,
Consolidated Balance Sheet Dec. 31
1935
for
1,421,211
Acct. payable to
.3
disct. & exp..
*
Dep.
704,840
&
bond interest.
.
1,430
on
Total
$2,589,513
2,953.000
162,957
debt
Common dividends
Assets—
Matured bds.
mat'd
Unamort.
53.847
$5,559,598
unfunded debt
discount & expense.
Net
300,000
affiliated co_.
627
$5,009,626
of
parent co
Acct payable to
35,000,000
75,000,000
.
construction..
Amortization
73,654,399
& stocks
rec.
debt
Note payable to
accts.
for
$
35,000,000
75,000,000
$1)
par
Funded
bds. &bd. int.
Other dep. with
int.
Balance
on
*"166
-
Associated Electric Co.:
Int. on funded debt..
Int.
35,310,079
6,956,553
stock) at
nom'lval.).
Dep.
1934
$
(650,-
holders of the preference and common shares of the Edison $wan Electric
Co. to exchange thier* holdings for preference and common shares, re¬
debt
Prov. for divs. not being
Less:
1,263,602
on
Amortization
paid
$14,657,096
---$20,435,879 $19,907,872 $19,024,976
9,503,091
8,652,550
8,447,972
1,736,263
1,455,223
1,361,568
Total
Operating
3,362,051
L.780,243
3,161,914
1,859,598
Miscellaneous
35,410,078
.
conv.
(incl. subsc.
949,269
Balance
$927,728
000 shs. outst.
Cash
11,424
14.441L
517
1,458
3,550,000
91,069
248,302
1935
Liabilities—
$
cos.:
Bds.
$3,358,753
$323,661
$1,476,953
1,580,000
1934
"
Cap. stk.
receivable
Affil.
affil.
Dr834
Gross corp. income
Int. & other deduct'ns—
$
of subsid. and
$357,936
157,674
Other income (net)
*
:■
cos.:
notes.
Int.
$3,324,399
31,462
248,137
.
$1,867,005
2,400,000
_
1935
Assets—
Inv. sub.
Co.—Earnings—
$354,265
3,550,000
247,863
Balance Sheet (Parent Company Only) Dec, 31
_
Net
—
.Net income
Dividends, common
trustee
Inc.—Registers with SEC—
[Electric Power & Light Corp. Subsidiary]
Period End. July 311936—Month—1935
1936—12 Mos.-—1935
Operating revenues
$740,779
$672,617
$7,530,325
$7 ,220,774
Oper. exp. & taxes
386,514
350,931
4,205,926
3 ,862,021
Rent
16,712
161,538
25,175
Crl',724
29,032
3,550,000
3,360
to
See list given on first page of this department.—Y. 143, p. 1066.
Arkansas Power & Light
34,843
—
valuation)
a slow, orderly fashion to
If the municipality bought the property it would be
the General Court and pass special legislation
move.—V. 143, p. 1219.
A. P. W. Paper Co.,
$5,020,526
86,201
Interest on unfunded debt——
Amort, of debt discount & expense—
Bonds &
reconvene
a
$5,339,672
29
-------
The purchasers would dispose of the mills in
permitting such
171,138
$5,783,462
Provision for taxes—Federal-—-Other (net)
Interest on funded debt
.4—
avert an auction.
to
225,000
Other
City Considers Buying Plant.—
liquidation proceedings, and members of the liquidating board to ascertain
if the property and equipment could be bought at private sale and thus
concerns.
322,496
investments
Stocks (at co.'s
committee on Aug. 25 began
giving serious thought to the purchase of the entire assets of the company
either by the City of Manchester or by local interests.
Representatives of
the group have conferred with Attorney Arthur H. Black, Master in the
necessary
companies—Divs.
on
Total income
General expenses
Governor's Amoskeag rehabilitation
going
affiliated
and interest
treasurer and trustee of the company.
Manchester (N. H.)
The
181,287
on
_
Comparative table of weekly output of electric energy for the last five
follows:
Week Ended—
1936
1935
1934
1933
1932
Aug.
1
46,759,000
36,622,000
31,950,000
34,675,000
24,466,000
Aug. 8
46,707,000
37,243,000
31,136,000
35,394,000
23,958,000
Aug. 15
47.032,000
38,696,000
31,342,000
36,370,000
24,000,000
Aug. 22
47.441,000
39,774,000
30,790,000
36,289,000
24,085.000
—V. 143, p. 1219.
Dumaine
charged subs, for Fed. inc.
individual company basis
tax
years
Amoskeag Manufacturing
1387
Statement of Income Years Ended Dec. 31 (Parent Co. Only)
1 Q33 *
Income—From su b. companies
1934
1935
Dividends on common stock
$1,464,000
$1,370,000
$1,509,000
Int. on bonds, notes &
3,744,672
3,204,071
3,951,966
open accts.
26,423,728 25,804,144
Total
949,952
143,205
26,423,728 25,804,144
Includes $15,000 notes receivable.
The earnings for the six months ended June 30 were published in V. 143.
p.
1220.
►
,
Financial
1388
Topeka & Santa Fe Ry. System—Earn ngs—
Atchison
[Includes Atchison Topeka & Santa Fe Ry.—Gulf Colorado
Fe Ry.—Panhandle & Santa Fe Ry.]
& Santa
1936—Month—1935
1936—7 Mos.—1935
Railway oper. revenues.$15,688,531 $12,491,495 $85,185,354 $74,081,139
Railway oper. expenses. 10,898,758
9,398,172 70,438,355 60,829,589
Railway tax accruals
1,222,050
811,591
7,620,459
5,985,477
Other debits
Crl21,830
Cr34,640
0297,903
221,450
Period End. July 31—
$7,424,443
$2,316,372
income. $3,689,553
Net ry. oper.
$7,044,622
Average miles operated.
13,227
13,260
13,232
The operating expenses for the period ending June 30, 1935
credit of $1,028,816. reversing charges in 5 months ended Dec.
made under the Railroad Retirement Act, 1934.
13,303
include a
31, 1934
Railway tax accruals for month and period ended July 31, 1936 include
$300,413 and $1,516,165 respectively, representing accruals under companion
act to Railroad Retirement Act, 1935 and also under Social Security Acts,
Federal and State.—V. 143, p. 744.
Atlantic Coast Fisheries Co.
Year End. April
Sales
of
Cost
(& Subs.)—Earnings—
1936
1935
1934
1933
$6,650,595
$6,099,712
$4,993,929
$4,619,173
30—
materials,
raw
732,883
$447,860
Cr4,228
25,065
Gross profit
Other deductions
Federal income taxes
4,126,673
5,271,050
859,972
loss$31,310
15,535
818
5,469,851
Sell. & adm. cost, &c
4,059,391
912,734
758,956
$108,299 loss$352,953
Cr4,713
5,516
per
stock,
40,211
25,424
91,974
31,774
96,280
102,465
140,191
prof$309,626
$175,719
$35,180
$493,143
vessels
Depreciation
Net loss
sh.
on
"
com.
was
Nil
$1.03
no par
Time to
$169,587
1,200
$206,360
FHOLC 2 %% bds
Accts. & notes rec.
(less reserves)..
Inventories
391,032
495,501
Baltimore & Ohio
383,018
374,619
Cash surrender val.
cap.
Depos.
of insurance
22,398
15,259
51,046
42,937
153,641
45,000
10,711
133,961
45,000
Patents & tr.-mks.
3,304
Vessels, plants and
equip.(less res). 1,508,213
Outlays in connect,
purch.
935
$240,000
$89,214
17,943
172,498
and
30,637
stock taxes
rec. under
3,619
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Period End. July Zl—
Operating re venues
Operating expenses.
(less sink, fund)
71,868
1936—Month—1935
$913,345
$845,820
71,871
25,000
Common stock..
2,327,318
31,829
2,308,568
__
19,145
Represented by 299,185
142, p. 1974.
no par
Atlantic Coast Line
shares in 1936 and 296,685 no par shares
RR.—Earnings.—
129,187
...
(Joseph) Bancroft & Sons Co. (& Subs.)—Earnings—
1935
1934
1933
1932
$4,935,406
allowances
$4,285,611
$5,029,934
$4,331,197
4,860,167
4,407,533
4,823,354
'
1933
$2,515,949
195,930
16,127
25,311,776
24,520,758
5,123,083
1,413,165
26,200,701
6,229,748
2,299,809
accts. pay.,
on
Prof,
24,424,648
7,288,723
3,380,784
6,685,746
3,061,216
Indies SS. Lines
(& Subs.)—
Period End,. June 30— al936—Month—1935
al936—6 Mos.—1935
$1,915,408
$1,449,596 $12,315,938 $10,366,737
Operating revenues
1,791,727
1,587,455
11,035.323
10,453,134
Operating expenses
38,812
$84,869
def$151,923
2.453
175,782
14,064
2.394
Taxes
Gross income
17.908
22.423
$1,127,255 def$ 161,680
713,129
750,533
on
def$28.764 defi270,398
$414,126 def.*912,213
has been made by Atlantic Gulf and West Indies SS. Lines
any of its Subsidiary Companies for surtax on undistributed profits
imposed by Section 14 of the Revenue Act of 1936 as the earnings cannot yet
be determined.—V. 143, p. 576.
No provision
Atlantic Refining Co. (&
6 Mos. End. June 30—
1936
Subs.)
$183,390
$126,225
528,182
926,580
83,542
979,365
(at cost)
int.
—$10,447,021
Interest, discount, &c—
592,581
Insur. & other reserves..
202,644
5,233,595
Deprec'n & depletion—
Federal taxes (est.)-___b734,288
543,996
Intangible devel. costs.
$255,378
1,332,951
Total income
Net income
Preferred
dividends
Balance, surplus..,.—
y
"
$2,526,249
z2,162,859
$9,769,023
$4,689,108
362,221
243t335
$6,590,477
$3,139,916
1,331,999
147,325
$8,646,227
zl,122,796
$6,496,594
y93,883
363,018
298,683
5,163,922
630,000
378,967
203,434
4,975,710
240,537 "
545,008
(non-current)
At¬
In¬
cludes Federal capital stock and excise taxes.
Consolidated Balance Sheet June 30
1936
x
$
Plant account.
invest'ts
Perm't
Cash
Oth.
112,421,548 109,858,983
8,283,758
4,992,753
11,920,175
9,499,689
_
Acc'ts
receiv'lelyll.361,956
Notes
receiv'le/
Due from empl.
Inventories
Prepaid and
47,773
23,638,728
875,165
172,011
Fed'l taxes (est.)
Other recur, liab.
current
assets
222,499
...
Acer,
liabilities.
Deferred
items.
Other oper. res.
Surplus
13,659
4,187
4,245
46,891
46,891
.
(at cost)
Total
x
—
166,693.141 163,340,019
After deducting
Total
Bangor & Aroostook RR.—Earning,
1936—Month—1935
$249,946
$272,412
300,431
319,649
Period End. July 31—
Gross oper. revenues...
Operating expenses
1936—7 Mos.—1935 ^
$3,681,382
$4,099,428
2,457,123
2,418,575
366,968
360,886
21,538
18,176
def$72,023
10,406
def$65,413
15,746
$857,291
def8,681
$1,319,967
defl4,808
def$61,617
62,135
def$49,667
62,426
$848,610
428,035
$1,305,159
455,308
def$123,752 def$112,093
$420,575
$849,851
accruals..:
Operating income
Deductions
12,573
6,756,681
Gross income
"
8*263
income
—V. 143, p. 1221.
Bates Mfg.
15,633
Co.—Earnings—
28 '35 Dec. 29 '34 Dec. 30 '33
$3,622,659
$3,769,789
$3,227,584
3,697,461
4,022,749
3,307,708
Dec.
Years Ended—
Net sales.
669*581
164,983
1,002
868,587
351,213
8,403,151
66,933,771
8,067,196
65,897,296
404,767
x
Cost of sales
$74,802
166,693,141 163,340,019
$89,480,478 in 1936 ($85,244,008 in 1935) for depre¬
y After reserve for doubtful receiv¬
$252,960
$80,124
2,208
$74,802
147,520
14,222
Loss from operations.
$252,960
154,313
$77,916
76,548
$236,545
$407,450
Other income
Operating
loss.
Other charges
Net loss.
ciation, depletion and amortization,
ables of $496,952.
$8,430,053 $8,902,364
x Represented by 113,762 no par shares,
y Represented by 2,400 shares
preferred stock and 186 shares common stock.—V. 140, p. 4389.
Interest
Total
Total
$8,430,053 $8,902,364
14,765
5,351,283
4,037,247
Tax
13,659
for¬
7 % cum. pf. stk.
Net
626,269
21,499
croft & Sons Co.
5,672
payable.
liability
46,891
Dr212,182
Sinking fund: 448
shs. Joseph Ban¬
due
minority int..
46,891
6,760,739
mulas, &c
14,000,000
24,179
within 1 year-
Accts.
11,617
6,515,664
Cash on dep. with
banks in llquid'n
Cap. & surp. of
de¬
pref.
Treasury stock.. Z>r212,182
plant
Trade-marks,
14,800,000
42,179
22,516,250
oblig.
estate,
Other income
oblig's
Pur.
y
1,000
66,622,525
66,600,000
(par $100)
Purchase
of
stock
34,587
securs.
22*793
stock.
retire,
63,923
3,000,000
3,083,985
2,194,922
Approp. surplus for
83,580
&c__
6 equipment...
Cum. pref.stock
(9,985,306
922,429
\
ferred items..
Other
1,433,143
1,212,543
Real
$
Debentures
marketable
securities
Common
25,000
par)
1935
$
Liabilities—
14,000
__
rec.
(at cost)
Tax
1936
1935
36,423
3,000,000
x Common stock..
3,083,985
Unapprop. surplus 2,035,028
non-mar¬
ketable
consolidated,
Includes profit on sale of company's investment in stock of Union
lantic Co.
a After deducting $102,672
loss on foreign exchange,
b
z
A oopfo
Invest, in
-149,442
$1657,601def$2338.406
$l,660,591def$1077,573
taxes,
300,000
1935
processing tax..
($100
slow of collec'n.
sur,
due
7% cum. pref. stk.
Prepaid & def'd in¬
$2,990,578def$1001,659
1,332,977
1,336,747
Includes proportion of earnings of affiliated companies not
Oct. 1,
2,742
& mtge. rec.
Notes & accts.
notes
11,000
Mtge. rec., due '36
Acct.
61,542
Eddystone
2-year
Res've for possible
refunds of cotton
investm'ts, bank
4,879.625
370,409
&c
344,788
26,380
_
on
rec.
142,665
Acer, wages, taxes,
6%
& replacements.
$54,488,271 $48,966,068 $47,197,290 $33,953,325
42,469,474
38,551,063
31,427,076
44,620,565
$9,867,706
a579,315
payable
Accounts payable-
Invest, in mktable.
securs.
1934
$300,000
50,000
77,205
$250,000
Loan
459,079
Inventories
1933
1934
.
$561,705
47,242
Notes pay., banks
hand
Acer.
1935
>
Uncompleted plant
add'ns,
repairs
Earnings—
1935
Liabilities—
1934
Notes & trade ac¬
Net income
or
$93,050
$352,241
$159,894
Cash in banks and
93,191
$1,104,832 def$179,588
$87,322 def$149,529
116.086
120.868
Interest, rentals, etc
$261,587 loss$101,354
214,587
229,642
37,811
36,391
102,238
194,317
Consolidated Balance Sheet Dec. 31
1935
deposits, &c
Operating income.
Other income
loss$63,297
240,154
34,777
27,601
Crl3,588
sales of inv., &c.
Net deficit.
ceptances ree'le.
Atlantic Gulf & West
$206,580 loss$246,739
55,006
145,385
$157,446
242,263
28,202
46,875
&c._
deductions
on
Acc'ts receivable..
Common dividends
„
4,577,936
$75,239 loss$121,922
82,207
58,624
Total profit.
Depreciation
Assets—
income
$252,421
def$28,616
744.
Calendar Years—
—V. 143, p. 744.
Net
$350,190
9,963
$27,977
13,003
Salas, net of returns and
Other
1934
$2,301,756
defl54,169
def314,818
1935
$2,430,475
def88,874
def282,962
From Jan. 1—
Other income
$315,885
63,463
income
Operating profit.
1936
$2,887,143
366,335
Operating charges—
$421,986
71,795
charges
143, p.
Int.
Gross income
$409,165
12,821
$302,881
839
$2,851,754 $2,876,534
Total
in 1935.—V.
a
def$17,060
def$ 16,220
12,395
Other income (net).
Gross from railway
77,333
$36,543
1,397
$37,940
Manufacturing cost, sell.
and admin, exp., &c_.
H
233,163
May 1, 1935...
3,420
Net from railway
Net after rents
eliminated]
1936—7 Mos.—1935_
$6,915,522 $6,540,004
5,821,716
5,667,483
684,640
569,638
31,871
..$2,851,754 $2,876,534 '
Gross from railway
785,547
795,088
Operating income
Non-operating income.-
—V.
Earned surplus fr.
Net from railway
Net after rents..
70,115,254
22,556,582
15,271.273
81,713
Net
25,000
Capital surplus.
July—
13,741,861
Co.—Earnings—
Taxes
Fixed
contingencies, &c
x
Treas.stk.(380 shs)
x
81,359,468
20,887,318
12,455,522
^
5,249,801
4.232,308
910.
Baltimore Transit
Reserve for sundry
M int. in
Total
79,752,368
19,615,595
1933
$13,461,167
24,780
.
1,532,786
95,778
11,642
94,001,562
23,201,594
14,627,880
Gross income
giving
tain pat't rights
5% 1st mtge. bds.
of subs., due '40
to
patent rights...
Deferred items
•1934
1936
1935
$14,535,536 $10,771,406 $11,654,709
3.156,947
3,895,425
2,257,327
2,166.003
2,513,625
1,258,469
July—
Gross from railway
35,833
opt. to purch cer¬
rent, &c
Sundry inv. & adv.
Leaseholds
option
inc.
contract
Prepaid insur.,tax.
with
1936
payable
Sundry accruals._
for
'
RR.—Earnings.—
1935
Notes pay. to bks.
Accts. & ins. prem.
Prov.
1947, with payment of
[And Baltimore Coach Co.—Inter-company items
I/labilities—
1935
1936
hand
deposit first mortgage bonds under the plan has been extended
1.
The plan also provides for extension of the $907,000 first
mortgage bonds from May 1, 1937 until May 1,
20% on account of principal.—V. 143, p. 576.
Consolidated Balance Sheet April 30
on
Co.—Recapitalization Plan Voted—
Autocar
$20,046
$7,748
Cash in banks and
The book
Dec. 31, 1935.
accompanying balance sheet
576.
A plan of reorganization was approved by directors on Aug. 27, accord¬
ing to which holders of the old preferred stock will receive one new share of
$100 preferred to cover the old stock and all accumulated dividends.
The
new stock will be cumulative on the basis of $3 a year and will share with
the common stock up to an additional $3 a share.
The new preferred is
convertible into common at 5 for 1 until 1946.
Victor F. Sheronas was elected a director to represent preferred stock¬
holders.
Under the new plan preferred shareholders will have the right
to elect one board member, the others being elected by common holders.
—V. 143, p.
1936
financing is an increase in the net worth, now
$50.13 for each share.—V. 143, p.
Net after rents
Nil
Nil
3 Months Ended July 31—
Net loss after taxes and depreciation
Assets—
effect of this
further
A
$148,333,771, as compared with $132,239,912
value of the common stock as of the date of the
Net from railway
Charges for idle plants &
Earns,
sheet reflects the changes in capital
structure of company as authorized by the special meeting of stockholders
April 9, 1936.
148,000 shares of cumulative preferred stock, convertible
4% series A, have been issued and sold.
The proceeds are being used for
the retirement of $14,000,000 15-year 5% debentures.
Of such debentures,
$4,908,800 have been purchased and canceled and $9,091,200 of cash is in
the hands of trustees for purchase and (or) payment at maturity of the
balance of debentures outstanding.
consolidated balance
Note—The
until Nov.
of fleets, plants,
oper.
&c_
Aug. 29, 1936
Chronicle
x
,
Includes depreciation: 1935,
176
$154,464
$95,638; 1934, $124,060; 1933, $85,000.
Volume
143
Financial
Chronicle
Balance Sheet
Assets—
Dec. 28 *35 Dec. 29 '34
on
hand.......
Notes & accts.
$58,181
a421,208
1,103,382
17,682
rec.
Inventories
Investments
b Fixed assets
Prepaid
i
4,639,484
expenses.
43,860
Cash In closed bks.
Binks Mfg.
Liabilities—
Cash in banks and
Dec. 28 '35 Dec. 29 '34
Notes pay. (bank)
Notes pay. (sec. by
$147,003
415,708
1,320,137
17,682
5,285,784
49,916
mach.
$650,000
Prov. for Fed. tax.
6,363
160,009
61,338
1,319
Notes & accts. pay.
(due after 1 yr.)
cl5,976
56,576
Inc. 1,717,740
1,619,110
Notes pay.
&
Capital surplus
Surplus.
2,700,000
49,262
1,622,870
Total
$6,283,798 $7,236,267
'Total
.$6,283,798 $7,236,267
a Accounts
receivable only,
b After reserve for depreciation of $2,194,
760 in 1935 and $2,537,962 in 1934.
c" Accounts payable only.—V. 140,
p. 4389.
Dumbauld
Years End. Apr.
of
30—
fleet
sales
oper.
now
Vice-President in addition to the position of Treas¬
a
holds.
and
'
four
of its subsidiary companies have announced
employees paid on an hourly basis.
Workers with
one year's
continuous service will get one day's vacation with pay; two
years'
service, two days, &c., with a week's vacation with pay for all
employees
with the Blaw Knox
group of companies more than five years.
Subsidiaries affected by the plan are National
Alloy Steel Co., Union
Steel Casting
Co., Pittsburgh Rolls Corp., and Lewis Foundry & Machine
Co.—V. 143, p. 1067.
pay for all
Bloomingdale Brothers, Inc.—Dividend Inc eased—
stock,
on
Aug. 24 declared
a
dividend of 45 cents per share on the
no par
value, payable Sept. 28 to holders of record Sept. 18.
dividends of 10 cents per share had been paid each three
March 31, 1934, to and
including June 27, last.
Previously regular
months from
1936
1935
1934
1933
$2,213,564
$1,918,275
$1,986,648
2,488,063
2,160,927
1,819,153
1,999,959
and
made
he
company
vacations with
The directors
$2,695,387
fish
was
urer, which
common
Bay State Fishing Co. (& Subs.)—Earnings—
Fish sales
2658.
p.
Frank Cordes, Senior
Vice-President of the company, on Aug. 24 was
elected President, to fill the
vacancy caused by the death of Irvin F. Lehman.
Chester H. Lehman was elected Senior
Vice-President, and George L.
Bastian-Blessing Co.—Registers with SEC—
See list given on first
page of this department.—V. 143, p. 1221.
Cost
debentures.—V. 142,
This
2,700,000
22,082
948,969
1935
$14,627
$0.15
$47,861
$0.50
Blaw Knox Co.—New
President, &c.—Vacations—
($100
par)
charges.
share on x96,637 shares.
After giving effect to
exchange of old class A and class B stocks and
x
int.. New Eng.
Industries,
per
conversion of
(def'd)
Capital stk.
1936
Net income after
85,739
183,298
18,158
1,250
pledged).
Acc'ts payable
Co.—Earnings—
6 Months Ended
June 30—
$900,000
Earnings
Accrued liabilities.
35
1389
Preferred Stock Called—
All of the
outstanding 7% preferred stock has been called for redemption
Oct. 23 at $110 and dividends
(or $111.62 per share).
Payment will
be made at the Chase
National Bank, New York City.—V.
on
expenses..
143,
Gross
profit
fish
on
sales
$207,324
Gross prof, from oper.
Oper. & adm.
expenses.
Non-oper. income (net).
Prov. for Fed. inc. taxes
$52,637
$99,122
loss$13,309
19,795
$207,324
70,668
Drl0,301
8,500
Other oper. income..
$52,637
57,214
Cr8,817
2,550
$99,122
53,982
Crl3,862
8,000
$6,486
55,292
Crll, 336
Boston Elevated
Month of July
Total receipts
Rent for leased roads
Subway, tunnel
Net profit
Preferred dividends
$117,854
10,341
47.570
Balance, surplus
Earnings per share
23,785 shs.
(no par)
$1,691
40,201
$59,943
Common dividends
def$38,510
$51,002
loss$37,471
def$37,471
Assets—
1936
Cash
U.
S.
$1.65
Nil
mature in
&
mers
Prov.
1935.
264,999
others).
169,445
Inventories
142,022
107,450
197,529
9,512
Investments
729,394
charges.
Total
$35,186
24,798
13,413
$1,538,697 $1,579,188
100,000
133,000
162,460
; ,034,001
1,034,001
6,307
223,896
Capital surplus
6,307
Earned surplus
1
203,770
Total
After provision for
depreciation of $1,192,112 in
in 1935.
y Represented by
$1,538,697 $1,579,188
Bethlehem
no par
1936
p.
317,200
forExtensions and Improvements—
The corporation,
on
Aug.
25,
filed with the Securities and
Exchange
Commission a registration statement
(No. 2-2427, Form A-2) under the
Securities Act of 1933
covering $55,000,000 of consolidated mortgage
30-year
sinking fund 3 %% bonds, series E, due Oct.
1, 1966.
According to the registration statement, the net
proceeds from the sale
of the bonds will be
applied as follows:
To the retirement of
$4,143,500 of outstanding 1st mtge.
5%,
20-year sinking fund gold bonds, due Jan.
1, 1937 of Penn
Mary Steel Co., at not in excess of
100% of the principal amt.
To the redemption on or
before Jan. 1, 1937 of
$3,155,000 prin¬
cipal amount of outstanding purchase
year
sinking
102^ %, of the principal amount, or
approximately
redemption on or before May 1, 1937 of $2,461,000
in excess of
To the
cipal amount of outstanding
gold coupon bonds of
3,233,875
may
be
desirable
1,715,700
1,173,000
,
Society (Del.)—Extra Dividend—
an
extra
dividend
of
5
cents
per
share in
no par
JNational Power & Light Co. Subsidiary]
1936—Month—1935
1936—12 Mos.—1935
Operating revenues
$555,028
$473,153
$6,402,126
$6,066,099
Oper. exps. & taxes
420,712
386,715
4,887,543
4,725,990
Net
July 31—•
from oper.
Other income
$134,316
Gross corp. income.
Int. & other deducts.
rev.
$1,514,583
Dr7
87
82
1,387
$134,309
49,915
$86,525
49,968
$1,514,665
599,141
$1,341,496
604,886
y$84,394
y$36,557
reserve appropriations
applicable to preferred stocks for
period, whether paid or unpaid
$915,524
483,443
$736,610
476,557
429,203
429,244
Balance
Property retirement
z
Dividends
$1,340,109
Balance
$2,878 def$ 169,191
y Before
property
retirement reserve appropriations and
dividends,
Dividends accumulated and
unpaid to July 31, 1936, amounted to
$250,352.
Latest dividends amounting to $1.75 a share on
$7 preferred
stock and $1.50 a share on $6
preferred stock were paid on July 1, 1936.
Dividends on these stocks are cumulative.—*Y.
143, p. 577.
z
year
—-
$74,391
69,010
$5,381
567
Insur'ce premium.
Accts. receivable..
Treasury stock...
Total
787
30,753
2,000
10,000
188,800
iQM
Liabilities—
Surplus
Suspense
iQ3»;
.$1,569,000 $1,569,000
327,775
362,160
1,423
1,014
.
28,718
2,000
10,000
188,800
$1,898,199 $1,932,174
Total
$1,898,199 $1,932,174
143, p. 420.
Roller-Bearing Co.—To Pay Larger Dividend—
The
directors have declared a dividend of 75 cents
per share on the capital
stock, par $5, payable Oct. 24 to holders of record Oct. 1.
Previously
regular quarterly dividends of 25 cents per share were distributed.
In
addition, a stock dividend of 20% was paid on Dec. 20, 1935.—V. 143, p.
911.
The company will pay a dividend of 31
^ cents per share on Sept. 30 to
An initial dividend of 17 cents per share was
holders of record Aug. 26.
on
June 30, last.—V. 142, p. 3665.
Brazilian Traction, Light & Power
Period End. July 31—
earns, from oper..
Operating
Co.—Earnings—
1936—Month—1935
1936—7 Mos.—1935
$2,775,741
$2,565,892 $17,999,216 $17,778,279
1,221,698
1,171,026
8,154,159
8,199,108
expenses
$1,554,043
$1,394,866
$9,845,057
$9,579,171
Bridgeport Brass Co.—Extra Dividend—
The directors have
declared an extra dividend of 15 cents
per share in
addition to the regular quarterly dividend of 10 cents
per share on the capital
stock, no par value, both payable Sept. 30 to holders of record Sept. 16.—
V. 143, p. 745.
Bristol Brass Corp.—Extra Dividend—
,
The directors have declared
an extra dividend of 50 cents
per share in
regular quarterly dividend of like amount on the common stock,
par $25, both payable Sept. 15 to holders of record Aug. 31.
The company
paid a special dividend of $1 per share on Dec. 14, 1935, and extra dividends
addition to
a
of 25 cents on Dec. 14 and June 15, 1935, and on Dec.
15, 1934.
The
regular quarterly dividend was increased from 37 H cents to 50 cents per
share wiin the March 16, 1936 payment.—V. 142,
p. 4332.
Broadway Motors Building Corp.—Reorganization—•
A plan of reorganization of Broadway Motors
Building Corp. (General
Motors Building, New York) has been formulated by the first
bondholders'
committee
and
mortgage
Property Management, Inc., aftdr negotia¬
of the debtor and of the holders of the
junior
securities, all of whom have accepted it.
The plan was formally filed
by
the debtor on July 24, 1936 in bankruptcy
proceedings (under Section 77-B
of the Bankruptcy Act) in the Federal Court for the Southern
District of
New York.
with representatives
The plan, according to the committee for the first
mortgage bondholders
B. Hibbard, Chairman) is favorable to the bondholders.
In order
the plan may be consummated, however, it is
necessary to receive
acceptances from holders of at least two-thirds of the
outstanding bonds.
The committee therefore urges bondholders to send in
their
(C.
that
$86,438
_
Co.—Earnings-
Capital stock...
$1,666,079 $1,701,869
Cash
tions
Birmingham Electric Co.—Earnings—
Per. End.
Land, buildings &
machinery
Construction
1,894,200
Quarterly dividend of 10 cents per share on the com¬
value, both payable Sept. 1 to holders of record
Aug. 20.
Similar payments were made on
March 9, last.
For detailed record of
dividend payments see V. 142,
p. 1807.
stock,
$422,899
1935
earnings
-Y. 143, p/577.
[It is reported that the issue will be underwritten
by Edward B. Smith &
arjd Kuhn, Loeb & Co.]—V. 143, p. 744.
mon
$2,772,736
Balance Sheet March 31
Net
-
to
directors have declared
addition to a regular
$139,753
1936
Gross
Co.
Beneficial Loan
$3,975,790
4,398,689
$15,298
Assets—
paid
replenish working capital which has been
applied to the cost of acquisitions and
improvements made since Jan. 1,
1935 and to provide additional
working capital.
The price to the
public* the names of the underwriters, the
underwriting
discounts or commissions and the
redemption provisions are to be furnished
by amendment to the registration statement.
The
$1,665,234
4,437,970
Brandywine Shares—Larger Dividend—
2,522,525
The balance of the
proceeds will be deposited with the trustee under
the
consolidated mortgage, to be withdrawn
from time to time to provide for
the cost of future
acquisitions and improvements and to such
extent, if
as
$490,422
630,175
prin¬
.___
any,
634,695
Surplus for the year before depreciation.
1st mtge.
40-year 5% sinking
Pittsburgh-Westmoreland Coal
Co. at not in excess of
102^ % nrincipal amt. or approximately
To the redemption on or
before May 1, 1937 of
$1,634,000 princi¬
pal amount of outstanding 1st
mtge. 30-year 5% sinking fund
gold bonds of Union Coal & Coke Co. at not in
excess of
105%
of the principal amount or
approximately
To the retirement of
$1,173,000 principal amount of
outstanding
serial gold bonds, due Jan.
1, 1937 of Bethlehem Steel
Corp. at not in excess of 100 % or
approximately
To the redemption on or
before Jan. 1, 1937 of 18,040 shs. of
outstanding 6% cum. pref. stock,
having a par value of
$1,804,000 of Johnstown Water Corp., at not in
excess of
105% of the par value, or approximately
fund
3,318,740
657,050
Quarterly dividends totaling 5% for the
Bower
money mtge. 5%, 30fund gold bonds of Finch Run Coal Co. at
not
672,845
Net income before depreciation
—V.
$4,143,500
992,389
$619,397
...
353,726
136,696
Earnings for Year Ended March 31, 1936
Steel
Corp.—Registers with SEC—To Issue
$55,000,000 New Bonds—$14,682,800 for
Refunding—$40,-
7,620
$430,636
489,505
129,892
Boston Storage Warehouse
$1,533,568
2816.
an
shares.—V. 142,
$341,670
—V. 143, p. 745.
x
23,785
receipts.
103,449
234,309
319,740
1936—Month—1935
1936—7 Mos.—1935
$3,818,283
$3,432,714 $25,976,660 $25,257,056
959,381
705,941
4,291,348
5,910,905
Net deficit
100,000
par)
y Common stock..
_
326,188
7,134
over
Gross income.,
Deductions
cum. pref. stk.
($20
103,602
234,732
_,
17,336
Federal,
losses
7%
7,488
1,950
861,659
11,893
1,950
Capital assets...
_
Other income
Res. for uninsured
Prepaid Insurance.
Deferred
for
1935
State & local tax
(custo¬
rec.
items..
1936^
$36,820
Accounts payable &
accrued
Operating revenues
Net oper. revenues
Net ry. oper. income
Liabilities—
$181,725
Govt, oblig.
Accts.
x
1935
$108,639
308,813
secur.
_
rapid transit line rentals.
Period End. July 31—
Nil
Consolidated Balance Sheet April 30
Marketable
and
Boston & Maine
RR.—Earnings—
on
$4.52
1935
$1,812,902
1,461,381
117,037
bonds and notes
Excess of cost of service
-143, p. 576.
$51,002
1936
1,545,855
87,020
Miscellaneous items
stock
com.
on
1067.
$1,962,862
•
Operating expenses
Federal, State and municipal tax accruals
Interest
p.
Ry.—Earnings—
for deposit with Chemical Bank & Trust
Co., depositary,
N. Y. City, together with properly executed letter of
bonds promptly
165 Broadway,
transmittal.
On July 29, 1935 corporation filed in the U.S.
District Court its petition
for reorganization pursuant to Section 77-B of the
Bankruptcy Act, and
on Aug. 1, 1935 failed to make
payment of interest due on the first
mortgage
leasehold 6% sinking fund gold bonds.
Corporation had previously failed
to make payment of the sinking fund due
July 1, 1935 and has since made
no payments on account of
principal or interest on the bonds, except that
on March 24,
1936 the Court authorized the
payment of 2% interest to
be applied on the 3% due Feb. 1,
1936, and such payment has now been
made to the Bankers Trust Co., trustee.
The first mortgage bonds are secured
by a mortgage on a leasehold cover¬
ing the block bounded by Broadway 58th Street, Eighth Avenue and
57tb
Street, New Y^rk. and the 25-story office
ouilding erected thereon, known
as the General Motors
Building.
Financial
1390
original issue of first
The
mortgage bonds
payments to
by sinking fund
($6,000,000) Jias been reduced
$4,764,500.
,
$1,892,bonds
however, to acquisition
Realty Corp.
The leasehold estate is also subject to a second mortgage securing
000 guaranteed 7% serial gold bonds.
These second mortgage
were
purchased by Manufacturers Trust Co., subject,
by the then owner of the common stock of Motors
The leasehold estate, through foreclosure of a third mortgage, is now
owned by Motors Realty Corp., subject, however, to the mortgages secur¬
ing the first mortgage bonds and the second mortgage
mortgage bonds are corporate obligations of Broadway
Corp ■ the second mortgage bonds are corporate
Motors Building Corp., a former owner of the leasehold estate.
Neither
bonds. The first
Motors Building
obligations of Midtown
The common
of the
of $714,short-term leases,
.Mi
1936 other tenants of the building occupy space, with or
without leases, at rentals aggregating about $284,410 annually.
As of June 1, 1936 the aggregate rentals from the building were about
As of June 1,
Brown
1936—
$213,300.
Operating expenses, other than real estate taxes and ground rents
the year 1935, amounted to approximately $235,000.
In the formulation of this reorganization plan, two factors were of pri¬
for
(1)
importance:
The income
,
,
,
,
account indicates that
first mortgage
account of the
General Motors lease expires May 1,
income from the property will then
suffer a substantial reduction.
The formulation of this reorganization
plan has been influenced by the belief that it is essential to the best interests
of the holders of the first mortgage bonds that the bond issue be substan¬
tially amortized before maturity.
To this end, the plan provides for de¬
ferring the 3% interest due Aug. 1, 1935, a reduction of the fixed interest
rate accruing from Aug. 1, 1935 from 6% to 4%, the application of the
next $100,000 of income to amortization of the first mortgage, and the pay¬
ment of additional contingent cumulative interest of 1% accruing from
Aug. 1, 1938, and of 2% accruing from Aug. 1, 1944.
This deferment
and these reductions of interest aggregate 15%.
In compensation, in part,
at least, for such reductions, the plan provides for 20% deferred interest
($200 on each $1,000 and $100 on each $500 bond), payable as provided
sinking fund.
The present principal
1948 and it is not improbable that the
in the plan.
•
The holder of the second mortgage and the committee controlling
the stock of Motors Realty Corp., the present owner of the leasehold estate,
have contended that under the provisions of the New York Mortgage
Moratorium Statute, the holder of the second mortgage is entitled to interest
in full on the second mortgage bonds before any payments can be made on
the principal of the first mortgage bonds, and that this right must be
recognized in the present reorganization proceeding.
The committee
(counsel, however, holding contrary opinion) believed it to be in the best
interest of the holders of the first mortgage bonds to make some concession
to the holders of the second mortgage bonds.
The plan, therefore, pro¬
vides (a) that the second mortgage be reduced from $1,892,000 to $250,000;
and (6) that out of the first $390,000 annual net income from the property,
after payment of 4% fixed interest and $100,000 per annum amortization
on the first mortgage bonds, 40% of the excess shall be devoted to the pay¬
ment of 3 % interest on and amortization of the second mortgage bonds in
the reduced principal amount of $250,000.
indenture and
the issuance of
se"al
$65 000,000 principal amount rapid transit collateral trust bonds, 4M%
series has notified the New York Stock Exchange that it has received,|as
First Mtge. Leasehold 6%
fixed
Sinking Fund Gold Bonds—Holders
order on
of such bonds
1, 1935, payable semi¬
accruing from Aug.
annually until maturity;
(2) additional contingent cumulative interest at
from Aug. 1, 1938, until Aug. 1, 1944, if available
sufficient;
(3)
from
Rapid Transit Corp. demand note
18, 1936, payable to its own
Co.
held by the Brooklyn Trust Go.
this, it was necessary for them to
making a total of demand notes
608,000.
In order to accomplish
cash account, leaving a
$200,000 cash from the deposited
of $1,253,250.—V. 143, p. 1221.
Brown-Forman Distillery
general expenses
—
8619,706
$641,547
79,685
86,800
Net profit
Dividends on
deferred interest maturing Feb. 1, 1948 for 20% of the face value of
the bonds, representing 3% interest accrued at Aug. 1, 1935 and not paid;
3 years' deferred interest at 2% per annum and 6 years' deferred interest
at 1% per annum, making 15% in all, deferred to Aug. 1, 1944, and bonus
of 5 %, making a total of 20 %.
The deferred interest will be payable out
of income and to the extent not paid matures with the principal;
(5) The benefit of a sinking fund payable out of income to consist of an
annual amount of $100,000, cumulative and such additional sinking fund
as is available from income pursuant to the terms of the plan of reorgan¬
Consolidated Balance Sheet
1935
1936
Assefs—
$322,780
Trade accept. reo_
27,896
x Accts. rec., trade
982,586
Inventories
2,785,449
Cash.
$248,620
393",375
1,914,011
15,317
deposits...
22,379
Notes
500
employees...
5,746
Aug. 1, 1935, aggregating in excess of $364,822, will be canceled
the reduced principal amount will be reduced from 7%
3%, cumulative from Aug. 1, 1935.
Principal and interest, as reduced,
be payable, as provided in the plan, to the extent earned, only out of
40% of so much of the first $390,000 of annual net income derived
the
building as remains after the 4% fixed interest and the minimum annual
sinking fund of $100,000 on the first mortgage bonds has been met.
to
will
from
Disposition of All Net Income
that
from the Building
Is available,
following items in the order of their appearance
annual net income from the building
payment shall be made of the
the schedule below :
lnv.t
11,992
net
Res., non-operat'g
z 6% cum. pf.stk.
Common stock ($1
47,039
1,500,000
1,500,000
200,000
397,510
439,159
200,000
419,668
76,470
Surplus
640
1,014,461
634,481
68,240
63,015
11,058
equipment
7,261
Prepd. ins. & oth.
deferred charges
Brands & tr.-mks.,
at
cost—..
.....$5,242,170 $3,301,525
Total
Total
$5,242,170 $3,301,525
of $35,359 in 1936 and $24,071
After allowance for doubtful accounts
in 1935.
y
in 1935.-
z
After allowance for depreciation of $65,324
Represented by 15,000 no par shares.—V.
$78,764
6,066
.....
Depreciation.
Miscellaneous income
Loss
Special charges from consolidations.
(A) Disposition of annual net income up to $390,000:
(1) Fixed interest of 4% on the first mortgage bonds.
(2) Minimum sinking fund of $100,000 per annum on the first mortgage
bonds, accruing from Jan. 1, 1936, payable if earned but cumulative.
(3) 60% of any balance to additional contingent cumulative interest on
and amortization of the first mortgage bonds, as provided in the plan.
(4) 40% of such balance to contingent cumulative interest at 3% on
and amortization of the second mortgage bonds as reduced in principal
amount from $1,892,000 to $250,000.
After payment in full of the second
mortgage bonds, as so reduced, this 40% will oe applied to the payment of
additional contingent interest on and amortization of the first mortgage
bonds.
'
Hi) Disposition of annual net income inincome of $390,000:
excess in excess of
ommencing Jan. 1, 1936 annual net
$390,000 for
shall be applied to amortization of the first mort¬
bonds, as provided in the plan, to the extent necessary to comply
with the original sinking fund requirements oh a cumulative basis, of the
original indenture securing the first mortgage bonds.
Thereafter, and so long as the sinking fund requirements of the original
indenture securing the first mortgage bonds are met and the second mort¬
gage bonds, principal and interest, have been paid in full, 70% of the re¬
maining net income for each annual fiscal period and continuing until
maturity (or such earlier date as said deferred interest shall have been paid
in full) shall be applied to the payment of deferred interest; and 30%
thereof shall be available for proper corporate purposes of the corporation
owning the mortgaged premises.
each annual fiscal period
gage
Outstanding Securities to Be Dealt with
First
mortgage
Feb. 1,1948
leasehold
6%
Under the Plan
sinking fund gold
bonds, due
New or modified securities
Current
of
assets
liabilities were $593,225.
This
with cash and marketable securities of $1,565,557, current assets
$6,525,418 and current liabilities of $325,106 on June 30, 1935.
In¬
ventories amounted to $2,460,882 against $2,439,773.
i
Total assets as of June 30, 1936 amounted to $11,204,093, comparing
with $9,422,332 on June 30, 1935; capital surplus was $2,836,284 against
$2,562,630 and deficit from operations was $227,917 against deficit of
$1,220,639 on June 30. 1935.
There was no funded debt.—V. 143, p. 1067.
Registered
Bonds
$4,764,500
Preferred Dividend—
The directors on Aug. 27 declared a
.,
Bulova Watch Co .—Dividend Plan
The directors in
For
some
time
a
we
$1.75
the 7%
regular quarterly dividend of
share and a participating dividend of 25 cents per share on
cum. 1st pref. participating stock, par $100, payable Sept. 30 to
of record Sept. 16.
A like payment was made June 30 and March
—V. 143, p. 1068.
per
holders
31 last.
Voted—
letter to stockholders dated Aug. 24
stated:
for the accrued
have been considering plans to provide
unpaid dividends on the $3.50 convertible preferred stock apd for the retire¬
ment of the preferred stock in whole or in part.
We have now approved
for this purpose a plan of exchange contemplating the retirement and can¬
cellation of the outstanding preferred stock.
Briefly, the plan contemplates the exchange of the preferred stock for
cash and qommon stock.
For each share of the preferred stock there is being offered the following:
(a) 1 share of conunon stock; (5) $22.50 in cash; and (c) an additional amount
in cash equal to the dividends accrued and accruing upon such share of
preferred stock to Dec. 1, 1936 ($17.50 per share) and remaining unpaiu
at the date of exchange.
This offer will remain open until Sept. 30, 1936 and may be extended by
the board of directors.
Stockholders accepting this offer will, accordingly,
upon consummation of the plan, receive for each share of preferred stock:
(1) $40 in cash (including the accrued dividends to Dec. 1), and (2) 1 share
?LcJ?m?12n„stock whictl had a market value at close of business Aug. 21,
1.936 of $36, making, on that basis, a total of $76.
The call price of
Preferred stock is $55 per share plus accrued dividends.
The directors believe that the plan is in the best interests of the company
and to
Will Receive
Existing Securities—
Outstanding
1st mtge. leasehold 6s
$4,764,500
Guar. 7% serial gold bonds—
1,892,000
$62,577
Brunswick-Balke-Collender Co. and subsidiaries as
cash and marketable securities,
of
ai?ii i?°
will be
100 shs.
100 shs.
will be distributed to present security holders
New 1st Mtge.
$62,577
compares
$1,892,000
the following basis:
Net loss
$62,577
1,339,868
of June 30, 1936, including $2,611,938
amounted to $7,604,021, and current
$4,764,500
serial gold bonds, the obligation of Midtown
Motors Building Corp
Common stock of Motors Realty Corp
Common stock of debtor
Guaranteed 7%
on
sale of securities
-
$152,931
90,354
$84,830
25,598
......
$124,362
28,569
$59,232
Costs and expenses....
1935
$1,215,506
$165,550
86,786
...
1936
$1,395,432
1,529,860
$134,428
31,122
sales
on
in 1936 and $43,424
143, p. 1222.
Sibs.)—Earnings—■
Brunswick-Balke-Collender Co. (&
Net
Budd Wheel Co.—$2
in
130,000
93,274
Land, bldgs. and
Profit
and the interest on
43,729
149,236
long-
pay.,
par
due
Dep. in closed bk.
Guaranteed 7% Serial Gold Bonds Dated Feb. 1, 1928—The principal of
these bonds will be reduced from a total of $1,892,000 to $250,000.
Accrued
extent
155,037
(est.)
Loss
fully registered bonds.
48,043
98,928
/—
&c
taxes,
value)
Capital surplus...
6,039
7,842
Sundry invest'ts_.
y
$467,500
322,837
comm'ns,
Accrued
term.
Life insurance....
sundry
payable
$1,855,544
payable.
399,714
taxes
accts. receivable
&
1935
1936
Liabilities—
Notes
Fed'l income, &c.,
mis.
Notes rec.,past
April 30
Accounts
Accts. rec., officers
&
90,000
Nil
$1.92
200,000 shs. common stock--
Condensed
9,800
90,000
preferred stock
Earnings per share on
ization.
the
830,970
paid, &c—.
(estimated)
Income, &c., taxes
(4)
To
$48,810
8,040
~ $475,062
income
Discount allowed and interest
and
5,626
21,840
_
Gross
Acer, storage,
$989,461
946,276
$43,184
$2,221,760
1,602,053
Operating profit
credits
ia,i3U
15,88/
—
Gross profit
3 Months Ended June 30—
additional contingent cumulative interest at 2% per annum accruing
1, 1944 until maturity, if available income of the building is
interest to
2,915,885
$971,312
$2,205,873
profit on sales
Other operating income
1 % per annum accruing
income of the building is
Aug.
sufficient;
Holders will receive
$3,887497
5,458.505
Gross
Income
<—*
J>7,6646379
-
-
-
Selling, admin. &
or $1,release
balance on hand
Co.—Earnings—
cStoftais:::::::::::::::::::::::::
x
interest at 4%
New York
D. N. 2, 5%, dated Aug.
demand at Brooklyn Trust
No. R. T.
of Plan
will be entitled to:
(1)
the following
amount
$200,000 face
(2)
Summary
of the debtor.
Corp.—Collateral—•
„
,
undisturbed.
this plan and the
interest, If any, in
have
^
Brooklyn-Manhattan Transit
the present income from the
onds in is sufficient to pay the 6% interest due on
on
Eroperty full and to make some, but not full, payment the
Corp. shall remain
The Brooklyn Trust Co., as custodian trustee under trust
supplemental indenture, both dated May 1, 1936, securing
$45,000,000 principal amount rapid transit collateral trust
of $190,000
of $210,000
annum
mary
stock of Motors Realty
stock of the debtor shall receive nothing under
be divested of possession and of all other
the mortgaged premises.
Motors Realty Corp. shall
obligation to maintain or continue the corporate existence
V. 143, p. 106
Common
debtor shall
additional collateral,
corporation has any assets.
General Motors Corp. occupies the upper 13 stories and a portion
basement, under a lease expiring May 1, 1948, at an annual rental
981, and as of June 1, 1936 other space in the building on
at an annual rental of $116,365.
,
,
.
*> .. .
■*&».
$1,115,757 per annum.
*
The ground rent payable to the owner of the fee is at the rate
per annum to Jan. 1,1941, and thereafter at the rate
per
up to Jan. 1, 1962.
An additional ground rent of $50,6uu per annum is payable to
Bros. Harriman & Co., as agents, until Oct. 31, 1945.
Real estate taxes for the year 1935 were $225,600; for the year
Aug. 29, 1936
Chronicle
New 2d Mtge.
3% Income
Bonds
$250,000
.
ciasses
its stockholders, because (a) preferred stockholders
given the opportunity to receive their accrued dividends in cash
acquire common stock at less than the current market price and less
than the conversion price specified
in the preferred stock certificates;
and, upon the exchange and (or) retirement of the preferred stock, (b) com¬
mon
stockholders will be
stock,
and
quirements,
placed in a position to receive dividends on their
(c) the company will be relieved of all preferred dividend re¬
accrued and current.
Listing Approved—
The New York Curb
Exchange has approved the listing of the deposits
to 50,000 shares of $3.50 convertible preferred
receipts representing up
stock.
Volumt
143
Financial
Earnings for 12 Months Ended March
12 Mos. End. Mar. 31—
Operating profit
Net profit
shs.
1935
$2,108,160
1934
1933
Canada Cement Co.,
Ltd.—May Refund Bonds—
The directors have
recommended to stockholders that at a special meet¬
on Sept. 25 approval be voted to refund the
outstanding bonds, which
bear a
5J4 % coupon, payable in three currencies.
It is proposed to replace
the old issue with a
new loan payable in Canadian funds
only.
Present funded debt consists of
$948,102 loss$150,497 loss$142,077
84,942
29,482
25,314
60,390
414,780
131,121
921,541
>'$ $387,989 loss$311,100
$1,317,268
$17,059,000 outstanding of $30,000,000
authorized 514% first
mortgage sinkiner fund fa'mds.
They are callable at
104 and interest to
Nov. 1,1937.—V. 143, p. 578.
Canadian Car & Foundry Co., Ltd.—New Vice-President
L.
loss$ 1088932
$4.15
$0.77
Nil
*
Cash
N. Y. City bonds.
Accrued interest on
1936
1935
12,308
9,104
5,015
abroad
Notes & accts.
rec.
Inventories
Notes receiv.
$3.60 conv. pref.
y
Common stock
stock
$2,750,000 $2,750,000
1,193,698
3,093,283
1,928,276
1,496,129
900,000
256,683
salesmen
805,575
147,233
1,992,601
95,292
297,835
89,972
.
Accounts payable.
Loan
payable
to
foreign
Due
Real
bank
estate
2,005,974
gages
1,660,664
Operating
Operating
19,818
1 Q^A
payable..
62,146
—V. 143, p. 1222.
87,873
3,329
Unamort. impts. to
leasehold prop..
16,433
1QQ A
4,716
Years Ended April 30—
$7,884,075 $7,501,789 I
Total
$7,884,075
After depteciation of $711,301 in 1936 and
$697,245 in 1935.
Provision for depreciation
Provision for Dominion & Provincial
income taxes.
sented by 275,000 no par shares,
z
—V. 142, p. 1460.
Bush
Represented by 50,000
Terminal
Co.—Show-Cause
Order
100,000 Interest Action Up on Sept. 15—
An
order
$7,501,789
y
no pa
Repre¬
shares.
Net earnings for
year
Earned surplus bought forward
signed Aug. 21 by Federal Judge Robert A.
Lynch in
Brooklyn, directing all those concerned with the affairs of the
company to
show cause on Sept. 15
why an interest payment of $1,100,000 should not
be paid to holders of the
company's consolidated mortgage bonds.
Com¬
pany is now under reorganization under Section 77-B of the
was
Cache La Poudre
143, p. 1068.
Co.;—Liquidation—
The company's assets will be distributed to
stockholders at the rate of
a share, it was indicated in an announcement
made by officials.
Stock transfer books will be closed
permanently Sept. 25.
Distribution in final liquidation will be made on and after
$25.17
Oct. 7 upon
delivery of the stock for
surrender and extinguishment at the office
of the
Hankers Trust Co#
York#
Each certificate must be endorsed, witnessed and
carry signature guar¬
anteed by a bank having a New York
correspondent or by a New York
Stock Exchange firm.
Stockholders
are
advised that the words "for surrender and
extinguish¬
on back of each certificate.—V.
ment" should also be written
143,
California Oregon Power
Net oper. revenue (before approp. for retire,
res.)
Other income
1
1936
1935
$4,215,241
$3,843,598
1,730,037
1,667,592
$2,547,649
$2,113,561
4,321
Assets—
Cash
Net
oper. rev. & other income (before approp.
for retirement reserve)
Appropriation for retirement reserve
Gross income
'
Rent for lease of electric properties
Interest charges (net)
.....
....
Amortization of debt discount and expense
Other income deductions
1936
;
64,769
77,933
551,931
672,673
558,447
Stock of wine and
a
Fixed assets
12,100
541,211
Expend. & advs in
connection
with
establishment of
business, &c., at
Lewis ton, N. Y_
Deferred charges._
Total
a
x
——
$828,506
Including $83,338 for the year ended July 31, 1936 and
$116,662 for
1935 for amortization of extraordinary
operating
1931.—V. 143, p. 1222.
the year ended July 31,
$100,000
38,117
14,376
77,828
18,772
7,975
Mortgage payable5,250
fa Capital stock
1,071,327
136,923
1,071,327
149,441
Notes payable (for
construc'n work)
10,400
5,250
..$1,353,969 $1,433,019
Total
$1,353,969 $1,433,019
After
reserve for depreciation of
$260,381 in 1936 and $245,797 in 1935.
b Represented by 114,000 no
par shares.—V. 143, p. 578.
Canton &
Carthage RR.—Abandonment—
The Interstate Commerce
Commission on Aug. 10 issued a
certificate
permitting the abandonment of operation under
trackage rights by the
Canton & Carthage RR. over
part of a line of railroad or the
Pearl River
Valley Lumber Co. in Rankin County, Miss.—V.
136, p. 1371.
Carolina Power & Light
[National
Power
Period End. July 31— '
Operating
revenues
Oper. exps. and taxes—
Co.—Earnings—
&
Light Co. Subsidiary]
1936—Month—1935
1936—12 Mos.—1935
$864,137
$760,364 $10,315,891
$9,843,644
467,152
411,951
5,064,289
17,078
17,078
205,656
4,887,945
201,058
Other income (net)
$379,907
1,126
$331,335
1,252
$5,045,946
32,549
$4,754,641
37,319
Gross corp. income
Int. & other deductions.
$381,033
195,995
$332,587
196,731
$5,078,495
2,356,973
$4,791,960
2,364,639
y$185,038
y$135,856
$2,721,522
960,000
$2,427,321
960,000
1,255,237
1,255,237
$506,285
$212,084
Balance
Balance
reserve appropriations
Dividends applicable to preferred stocks for the
period, whether paid or unpaid
Balance
Before property retirement reserve appropriations and
dividends.
Dividends accumulated and unpaid to
July 31, 1936 amounted to
$574,765.
Latest dividends, amounting to $1.75 a
share on $7 pref. stock
y
z
and $1.50 a share on $6 pref.
stock, were paid on
these stocks are cumulative.—V.
$379,496
expenses deferred in
1935
$80,000
231,548
9,614
45,223
on
Net income
1936
Notes pay. (bank)
Trade and sundry
creditors
Earned surplus
Property retirement
$1,819,091
236,137
1,034,302
157,054
$0.42
Taxes
supplies
$2,119,091
300,000
$2,251,970
239,933
971,857
172,195
39,477
$149,441
$0.04
stk.(no pax)
Liabilities—
$14,265
receiv'le
(less reserve)
z
$2,551,970
300,000
$171,740
22,300
$136,923
cap.
1935
$19,371
Accounts
5,530
—
149,441
$154,023
17,100
Rent for leased prop.(net)'
Co.—Earnings—
12 Months Ended July 31—
Operating revenues
v:
x
Operating expenses, maintenance and all taxes..
,
p. 1222.
9,615
$47,743
123,997
Consolidated Balance Sheet April 30
foreclosure of the
prompt reorganization
company and will be helpful in bringing about a
for the benefit of the stockholders of the
company."—V.
J.
Balance, surplus April 30
Earnings per share on 114,000 shs.
Bankruptcy Act.
Lowell M. Birell, an attorney for the
company, secured the order to
show cause.
He stated that the reason for
asking for payment of this
interest is that no interest has been
paid on this account for three years,
even
though the firm earned a surplus above its fixed charges.
"The consolidated bondholders'
committee," he continued, "of which
E. A. Potter, Jr., Vice-President of
Guaranty Trust Co., is Chairman,
has indicated that the bondholders either
should have their interest
paid
or should
proceed with the foreclosure of the mortgage.
I feel that it is
only right that these bondholders should have the interest paid rather than
that the funds should lie in the bank at the
present time.
"I do not believe that anybody can, with a
good conscience, oppose this
application.
Further, the granting of this motion by the Court in
my
opinion will remove any possible threat of liquidation or
$95,612
1,199
37,054
$4,582
-
Total surplus
Dividends paid
Issued—$1,-
1935
$64,001
16,900
36,596
5,922
Deductions
Total
$214,000
1936
juice, before providing for the following deduc'ns
10,460
T'YiW£>n<i0
Subs.)—Earnings—
Net earnings from the sale of
wine, cider and grape
'
x
$2,388,000
Canadian Wineries, Ltd. (&
23,204
30,174
<$/>
$415,524
1 QQfv
$2,602,000
earnings
—V. 143, p. 1222.
of
foreign branch..
Tii
Earnings of System for Third Week of August
Gross
8. dollars of Uab.
assets
$3,139,888
Canadian Pacific
Ry.—Earnings—
Bulova
Conversions into U.
and
1QQ fj
$3,555,412
Gross earnings.....
66,611
1,350,631
2,649,554
Cash
life insurance
$3,273,658
"
79,024
Funds In closed bk.
expenses
158,350
from
Watch Co., Ltd.
val. officers'
3685.
[All-inclusive System] '
1936—Month—1935
1936—7 Mos.—1935
$15,296,295 $14,871,131 $100,757,723 $95,002,926
15,209,092
13,765,010
98,195,479
91,729,268
$87,203
$1,106,120
$2,562,244
Earnings of System for Third Week of August
21,746
231,334
revenues
mort¬
Surplus
p.
Net revenue..
(not
current)
Due
Comptroller and Treasurer.—V. 141,
as
Period End.
July 31—
900,000
271,731
.
Comptroller and Treasurer, has
Vice-President and General Manager of the
company.
Chief Accountant for a number of years, has been named
Canadian National
Ry.—-Earnings—
1935
Accrued liabilities.
N. Y. City
Other securities...
Gold bullion held
1936
z
$365,119
973,675
688,606
formerly Vice-President,
McLachlan,
to succeed Mr. Peto
Liabilities—
$311,482
808,926
147,138
Peto,
appointed
P. C.
Nil
Consolidated Balance Sheet March 31
Assets—
x'Land, machinery,
equipment, &c.
A.
been
per sh. on
com.
was
ing
$925i452 loss$187,578 loss$191,568
22,650
37,081
49,490
275,000
stk. (no par)
share which
per
previously declared is payable on
Aug. 31, to holders of record
Aug. 8.—V. 143, p. 1222.
$865,560
1,057,128
$529,076
716,654
1,182,708
1391
dividend, of 251cents
$1,961,299
84,099
231,676
328,255
*
Chronicle
(incl. subs.)
$1,783,332
177,967
Other income
Total income
Interest
Federal taxes, &c
Other deductions
1936
$3,263,981
1,480,649
Gross profit
Expenses
Earns,
31
143,
p.
July 1, 1936.
Dividends
1222.
Cassco Corp.—Tenders—
The Chase National Bank of the
City of New
the sale to it of 1st mtge.
York, as trustee, Is invit¬
6% sinking fund bonds at a price
principal amount and accrued interest, in an
amount suf¬
ficient to exhaust the sum of $21,554.
Tenders will be received
up to 12
o'clock noon, Sept. 18, 1936.—V. 141,
p. 1088.
ing tenders for
not to exceed the
Callahan Zinc-Lead
Co.—Options—
The New York Stock
Exchange has received notice from Berle &
Berle,
counsel for this company,
advising that the company mailed to its stock¬
holders of record on the close of business on
July 27, 1936 purchase war¬
rants to purchase, upon certain conditions therein set
forth, 747,518 shares
of the authorized but unissued stock of the
company.
By the expiration
of said warrants on the close of business on
Aug. 17, 1936 stockholders had
subscribed and paid for 93,515 shares of said issue.
Frank
Eichelberger,
under the terms and provisions of a certain
option with the company, dated
July 11, 1936, subscribed and paid for, on Aug. 21, 1936,
276,485 shares.
Under the terms of the purchase
warrants, this
subscription by Frank
Eichelberger made unconditional
the theretofore conditional
subscriptions
Certificates for the 370,000 shares submitted
and paid
for by the stockholders and Frank
Eichelberger are presently being prepared
and issuance by the Title Guarantee & Trust
Co., the transfer agent of the
of the stockholders.
company, as soon as applicable.
An'additional 75,000 shares are
also
being presently issued to Frank Eichelberger under the terms of
the com¬
pany's option in payment for services rendered by him to the
company.—
V. 143, p. 746.
Central of
Georgia Ry.—No Interest—
Holders of first, second and third preference
income bonds were advised
Aug. 26 that the directors have ascertained and declared
that for the
fiscal year ended June 30, 1936, there are no
net earnings or income
appli¬
cable to the payment of interest on the first
preference, second preference
and third preference income bonds of the
company, or on any of
them, and
have determined that no interest is payable
thereon.—V. 143, p. 913.
on
Central Maine Power Co. (&
Period End. July 31—
Operating
Operating
revenues
expenses
Net oper. income
Subs.)—Earnings—
19ZQ—Month—1935 ■
$529,461
$469,815
274,805
254,099
1936—12 Mos.—1935
$6,280,431
$5,921,386
3,110,705
2,971,213
Cambria & Indiana RR.Gross from railway
Net from railway
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
1936
1935
1934
1933
$98,256
27,302
60,386
$68,403
4,984
54,523
$81,117
13,248
59,181
$109,889
683,946
628,145
181,054
524,268
600,055
705,907
66,076
408,644
—V. 143, p. 746.
•
-Earnings.
140,900
497,349
43,043
93,759
231,250
536,201
dividend of 25 cents per share on
the
capital stock, no par value, payable Sept. 30 to holders of record
Sept. 12. A
like payment was made on June 26 and March 31 last. The
regular
$3,169,726
45,907
$2,950,173
66,186
$217,813
143,773
$3,215,633
1,779,074
Net income
Pref. div requirements.
$3,016,359
1,794,435
$110,679
108,099
$74,040
108,099
$1,436,559
1,297,182
Gross income
^Prefen^dmdends have been paid at one-half of the full
Central RR. of New
July—
_
an extra
quarterly
From Jan. 1—
Gross from railwayNet from
railway.
Net after rents
—V. 143, p. 747.
_
$1,221,924
1,297,182
rate since Oct. 1,
Jersey. —.Earnings.—
1936
Gross from railwayNet from railway.
Net after rents
Campbell, Wyant & Cannon Foundry Co.—Extra Div.
The directors have declared
$215,716
2,097
Deductions
July—
$254,656
3,316
$257,972
147,293
Non-oper. income—net.
1935
$2,555,774
$2,381,206
693.950
113,711
1934
$2,289,517
660,824
36,744
551,386
def47,363
18,028.420
4,211,874
709,663
17.179,932
4,631,980
1.815,503
17,171,184
15,267,313
5,004,471
2,255,195
4,044,555
1,397,290
_
1933
$2,337,213
654,396
50.779
Financial
1392
1936
29,
Aug.
Chronicle
Issuance—Approved by the P. S.
Commissions of Vermont and
New
Hampshire.
of this Financing
Capitalization upon Completion
Central Ohio Steel
3H% bonds, series B, 1966
pref. stock, $6 dividend series (no
Cum.
Common
par)
stock, no par value
Earnings for Stated Periods
Products Company
Calendar Years
12 Mos.End.
1935
1934
1933
operating revenues
$1,880,834
$1,833,177
$1,814,293
$1,752,400
Maintenance
Provision for retirements
$703,194
119,607
181,325
$645,285
117,523
175,784
$636,680
114,335
175,951
$605,551
81,798
198,585
185,489
174,793
47,000
163,772
47,000
144,355
$676,553
$677,110
903
7,858
$647,000
$676,023
$677,456
total funded debt to be outstanding
$684,968
$245,000
'36
May 31
COMMON STOCK
Total
Bought—Sold—Quoted
Taxes, other than
eral income.
Fed¬
—
47,510
,\
inc. taxes
Prov. for Fed.
'
'ii
Net
Annual int. charges on
s
Ratio between
Incorporated
New York
Broad Street
Bell System
Teletype N. Y. 1-1489
x
Products Co.—Earnings—
Central Ohio Steel
~
June 30,
Calendar Years-
$343,267
$421,783
$347,969
$255,754
14,090
66,008
32,558
118,429
89,214
20,349
130,707
78,675
17,698
113,075
77,706
$181,581
1,145
4,800
1,329
10,500
$118,238
2,452
11,400
$47,274
11,821
11,400
*29,038
26,472
expense
Selling expense
Administrative expenses
profit
57,224
Otherdeductions.net
Interest on bonds
Federal income & excess
profits taxes
Net
*
. _
No
Comparative Balance Sheet
31,'35
$75,509
June 30'36 Dec.
$109,412
Cash...:
Notes, accept, and
accts. rec.
265,766
282,196
851
11,986
Other accts. receiv.
Value of life insur.
208,377
204,616
27,763
15,000
(net).
Inventories
27,763
Corp. capital stocks
Sinking fund bonds
248,879
1,931
14,484
Fixed assets
Patents...*
Deferred assets
payroll, accts.
payable & accr.
exp., &c
—
3,200
misc.
mtge. 6% sink.
2,016
13,564
1st
pay.,
160,000
fund bonds
Aug. 1.
for Federal
Reserve
&c
42,742
income taxes,
Demonstrator
chine
$978,269
$774,325
Total
equipment were appraised
Appraisal Co. at June 13, 1936 at a sound value of
4,307
330,000
19 L 582
$978,268 $774,325
by the Manufacturers
$354,153.
Company—Established in 1914 at Galion, Ohio. Plant and equipment are
and up-to-date and are used mainly for the manufacturing of
Galion Allsteel Body Co. products, which company is wholly owned by the
Central Ohio Steel Products Co.
The Galion Allsteel Body Col is the second largest manufacturer of
hydraulic hoists and dump bodies, made and sold under the trade name
"Galion Allsteel."
These products are manufactured for all sizes and
types of trucks, and are sold through a nation-wide distribution organiza¬
modern
"Galion Allsteel" products are nationally
Certain parts of the hoisting mechanism are
tion.
known.
covered by United States
tates Government, company s customers for dump bodies
municipalities
§atents. Among the State highway departments, counties, are the United
and
truck manufacturers.
The company also has
connections in foreign
countries.
All improvements
of its products and additions to the plant have been,
paid for out of earnings.
With present facilities the company can manu¬
facture 1,000 dump bodies per month.
After contemplated improvements
have been completed the production can be stepped up to 1,500 units a
month.
It has for its production of dump bodies and hoists straight line
conveyor systems which not only speed up manufacture but also makes
manufacturing costs lower.
There has been a steady
growth in the demand
The
(1936) the
the
for dump bodies.
in 1935 was 150% of 1934.
So far this year
business is 152% of 1935 with the prospects that by the end of the year
increase will be even greater.
The Central Ohio Steel Products Co. also owns wholly National
Vault Co. which is one of the largest steel bvurial vault manufacturers
United States.
Its vaults are sold by the company's own sales
which covers every State in the Union.
It manufactures one of the most
total
business
Grave
in the
organization
Through its sales and
complete lines of burial vaults of modern design.
advertising media it enjoys an enviable national reputation.
Capitalization—
•
6% bonds due March 1,
Capital stock (par $1)
In February 1936 the 33,000 common
Management—G. L. Stiefel, Pres.; B.
First mortgage
Authorized Outstanding
$240,000
$160,000
150,000 shs. 132,000 shs.
shares were split four for one.
J. Heiser, V.-Pres.; W. C. Mason,
Purpose—Net proceeds in the extimated amount of
estimated expenses ($56,266) will be used as
Record—The dividend record is as follows:
1914, None; 1915,
10% stock; 1916, 10% cash and 10% stock; 1917, 2% cash; 1918,
1920, 15% cash each; 1921, 9% cash; 1922, 1923. and 1924,
each; 1925 and 1926, 37% cash each; 1927, 26% cash; 1928, $44,211;
1929, $55,000; 1930, $48,000; 1931-1935, none; 1936, paid 50c. in
(1st 6 months) on old stock; paid 25c. in Aug. on pew stock.—V.
p.
National Bank,
of
and
Sept. 1, 1936,
March 1, 1946,
with accrued int. to
to
1933,
to time,
Pow. Co.
available for
of the
following:
Dated Aug.
an
indenture
1, 1936; due Aug. 1, 1966.
Bonds are
1, 1929, supplemented by a
dated Oct.
being issued under
proposed indenture
Old Colony Trust Co., trustee.
Interest payable
Feb. 1 and Aug. 1 in Boston and New York.
Both principal and interest
payable in legal tender of the United States of America.
Coupon form in
denominations of $1,000 and 500, registerable as to principal only, and
interchangeable with fully registered bonds of denomination of $1,000 or
multiples thereof.
Red. at option of company at any time upon at least
30 days' notice, at principal amount plus int. and plus following premium:
7% through Aug. 1, 1937; thereafter 7% reduced by H of 1% for each year
through Aug. 1, the premium for the year through Aug. 1, 1964 being
of 1%; thereafter without premium.
Company covenants to reimburse
the holder of series B bonds for taxes imposed upon and paid by such holder
under any present or future applicable law as follows: (a) for any income
tax of the U. S. 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.
'
dated
Aug.
1,
1936.
Business—Company was incorp. in Vermont, Aug. 20. 1929.
public utility and is now engaged in the electric and gas
It is an operating
electric energy
and sells it in the
the State of Vermont,
New Hampshire,
York.
of
103.000.1 Company also sells at wholesale, for resale by the purchaser,
electric energy to two municipally owned utilities, one in Vermont and one
in New Hampshire, and to other purchasers serving 41 other communities,
all in Vermont.
Company distributes and sells electric energy to domestic
commercial, industrial, agricultural and municipal customers, and to
utilities for redistribution.
The industries in the territory served by the
company include, among others,
quarries, paper mills, textiles, wood¬
working, and the manufacture of machine tools, scales and shoes.
Management and Control—Company is a subsidiary of New England
Public Service Co. of Augusta, Me., which has, since the organization of
the company, owned all its outstanding common stock amounting to 50,000
Company generates,
purchases and transmits
heat, power and other purposes and distributes
City of Rutland, Vt., and in 84 other communities in
the City of Claremont, N. H.', and 15 other communities in
and to 59 customers in the towns of Hampton and Granville, in New
These communities have an aggregate estimated' population in excess
for light,
shd>r6s
,
,
Underwriters—The names of the
of series B bonds which
underwriters and the principal amount
severally agreed to purchase are
each of them has
follows:
as
Halsey, Stuart & Co., Inc., Chicago,
Graham, Parsons & Co., New York
Arthur Perry & Co., Inc., Boston.
Newton, Abbe & Co., Boston
111
j.
—
Balance Sheet as at May 31,
1,448,000
1,448,000
1.131,000
1936
Liabilities—
$14,630,712
114,498
Fixed assets
Other land and property
receivable..
Unbilled income (estimated).
Notes and accts.
Merchandise
-
Other current assets
on
deposit with trustees
Special deposits
I
Other assets
Reacquired securities, at cost
Current & accrued
liabilities.
and
bond interest
dividends unclaimed
Matured
12,272
2,486,437
3,542,860
2,500,000
158,199
235,239
$15,496,957
Total
.$15,496,957
Total
-V. 143,
$6,083,000
478,948
debt
Funded
4
54,174
165,213 Reserves
70,800 $6 preferred stock
154,667 Common stock (no par)
17,551 Capital surplus
12,272 Earned surplus
33,465
14,869
295
228,437
Security Investments
Cash
Cash
$2,973,000
—
Assets
p.1223.
Products
Certain-teed
Corp.—Consolidated
Balance
Sheet' June 30—
1936
1919, and
15% cash
Feb.
143, 1223.
Central Vermont Public Service Corp.—Bonds Offered—
Offering of $7,000,000 1st mtge. 3%% bonds, series B, was
made Aug. 25 by a group headed by Halsey, Stuart & Co.,
Inc., and including Graham, Parsons & Co.; Arthur Perry
& Co., Inc., and Newton Abbe & Co.
The bonds are priced
at 101% and int.
A prospectus dated Aug. 25 affords the
$6,985,173 (after
follows: (a) $4,trustee, to redeem
series A.
with accrued
of that
8,
783,750 will be deposited with Old Colony Trust Co.,
on Oct. 1,1936, $4,450,000 1st and refunding mtge. 5% gold bonds,
due Oct. 1, 1959, of the company at par, plus a premium of 5%
int. to redemption date; (b) $1,800,000 will be used to repay a loan
amount made by First National Bank, Boston, to company on Aug.
1936, which amount the company deposited with Chase
New York, trustee under the Rutland Ry., Lt. & Pow. Co. 1st mtge., to
be used, with $25,321 of sinking fund money in the hands
trustee
$11,803 funds of company (total of $1,837,125) to redeem on
$1,633,000 Rutland 1st mtge. 5% 40-year gold bonds, due
at principal amount thereof, plus a premium of 10%
the redemption date; and (c) the balance will be used by the company
reimburse its treasury for monies expended (1) for payment on Nov. 1,
of $188,700 Pittsford Power Co. bonds, (2) for payment from time
through the sinking fund thereof, of $145,000 Rutland Ry., Lt. &
bonds, and (3) for extensions or purchased property.
The proceeds so received by way of reimbursement will be
general corporate purposes and it is the present ntention
company
to use them for further extensions or additional purchased property, or both.
1943-.-
See -Tres.
Dividend
^
deduction of
Deferred charges
—
3.38 times
2.64 times
and before interest and other
counsel, series B bonds win, upon
the series A Donds, qualify as legal
States of Maine, New Hampshire,
Vermont, Massachusetts, Rhode Island, and, upon proper demonstration
by the company, in the State of New York.
businesses.
3,531
132,000
198,000
316,860
3.47 times
2.75 times
Legal Investment—In the opinion of
redemption of the Rutland bonds and
investments for savings banks in the
History and
27,195
ma¬
refund
and
Note—Plant
160,000
33,000
pay.
Capital stock
Capital surplus
Surplus
Total
$58,041
3,200
2,376
Div.
232~329
$86,559
Accr. int. on bonds
Accts.
lb"150
$20,443
June 30,'36 Dec. 31,'35
Liabilities—
Acer,
3,610
14,808
$89,578
accumulations.
$170,962
$143,280
provision made for Federal surtax on surplus
profit
Assets—
1933
1934
1935
$205,945
profit on sales....
Shipping & warehousing
Gross
Operating
'36
for Federal income taxes
computed above.
After provision
deductions as
~
6 Mos. End.
and
net incomex (on basis of 1935 earnings)
annual interest charges:
,
•
Before provision for retirements
over
After provision for retirements
over
Ratio between net incomex (on basis of earnings for the
12 mos. ended May 31, 1$)36) and annual interest charges:
Before provision for retirements
over
After provision for retirements
over
Campagnoli & Company
41
3.293
45,000
before int.
deductions.
Net income
& other
'
$672,790
3,233
$643,707
i
operating revenue
Non-operating income._
REQUEST
ANALYSIS UPON
Outstanding
Authorized
—$7,000,000 $7,000,000
50,000 shs. 37,856 shs.
50,000 shs. 50,000 shs.
1st mtge.
$
Assets—
$
Land, bldgs., ma¬
chinery, &c
11,846,408 11,851,113
Goodwill, trade¬
marks, pats., &c
1
1,078,447
Notes&accts.rec. 2,422,689
Cash
y
677,833
84,339
697,591
9,550,000
2,165,242
91,480
Pur. mon. bonds..
deposits
84,719
Bal. in closed bks.
34,973
24,035
77,902
37,146
Debs, in treasury.
Statutory
6,300,400
5,734,500
bonds. 9,500,000
expenses
Debenture
2,919,193
Corp...
$
$
Accts. pay. & accr.
Res. for conting's.
3,366,803
Blabon
Liabilities—
7% cum. pref. stk. 6,300,400
x Common stock..
5,734,500
1,122,927
Sloane-
in
Invest,
1935
1936
1935
43,500
54,500
bond int..
174,819
Taxes due & accr.
76,309
175,900
63,500
33,896
1,386,346
1,532,021
Accr'd
Prov. for Fed. inc.
& cap.
stk. taxes
Deficit
Advs. & charges in
respect of mdse.
ree'd on consign¬
214,883
1,901,796
257,162
2,408,097
investments
91,666
Exp. paid In adv.
196,865
63,273
199,760
ment for resale.
Inventories
Other
21,239,251
Total
x
21,125,8511
in
Total
21,239,251 21,125,851
of no par value, y Less reserveTfor
receivable of $194,640 in 1936 and $234,019
Represented by 382,300 shares
doubtful notes and accounts
1935
for the 3 and 6 months
1223.
The earnings
V.
143, p.
Chesapeake & Ohio
Ry.—Preferred Stock Called—
calling its 6 H % cum. conv.
1, next, at $115 a share and
only 894 share of the stock outstanding.
The company is
redemption Jan.
are
ended June 30, were published in
series A preferred stock for
accrued dividends. There
Volume
143
Financial
r The issue is convertible
before Dec. 2, next, into four shares of
stock for each share of
preferred.—V. 143, p. 1223.
Chronicle
common
regular
common
prior to
an
extra dividend of 10 cents
per share in
quarterly dividend of 50 cents per share on the
stock, par $5, both payable
Sept. 29 to holders of record Sept. 19.
A similar extra
dividend has been paid in each of
the six preceding quarters.
The regular dividend
was increased from
30 cents to 50 cents with the
March 31,1936
payment.—V. 142, p. 3500.
Chicago Milwaukee
July—
Gross from railway
railway
.
St. Paul & Pacific
1936
19,757,458
2,212,610
Net from
railway
Net after rents
From Jan. 1—
Gross from
1935
-
60,016,120
11,293,343
3,048,640
RR.—Earnings.
1 Q33
1934
$7,357,098
$7,583,749
def63,748
1,354,257
314,738
$8,413,060
2,427,050
I,3*59,143
48,535,963
9,890,197
2,903,167
47,904,249
II,890,149
4,285,<21
925,463def1,082,949
Net from
railway
Net after rents
—V. 143, p. <49.
48.734,770
6,688,387
20,655
Chicago & North Western
Intervene in Plan—
indenture
Ry.- -Insurance Group to
Interestate Commerce Commission
has permitted a committee
representing 12 life insurance
companies, holding $72,287,500 of bonds of
the
company, to intervene in reorganization
proceedings involving the
railroad now pending in the
Federal District Court of the Northern District
of Illinois,. Eastern
Division.
IfcThe members of the executive
committee of the life insurance
company
group committee who petitioned for the
right to intervene are Frederick W.
Walker,
V.-Pres., Northwestern Mutual Life Insurance
Co.; Gladden W.
Baker, Treas., Traverlers Insurance
CO.; Dwight S. Bebee, V.-Pres. and
financial manager, Mutual Life
Insurance Co. of New York; Frederic W.
Ecker, V.-Pres., Metropolitan Life
Insurance Co ; John W. Stedman,
V.-Pres., Prudential Insurance Co. of
Treas., Mutual Benefit Life Insurance America, and Milo W. Wilbur,
Co.
All of these companies are
holders of the bonds.
Underwriters—The
Chicago Pneumatic Tool
Co.—Earnings—
1936—3 Mos.—1935
x$290,405
$185,692
$0.14
$0.82
$0.18
x
Including profits of approximately
$50,000 for the 3 months ended
June 30, 1936, and
approximately $100,000 for the 6 months ended June
30, 1936, earned in foreign countries
having exchange restrictions.
Before provision for Federal
surtax on undistributed
profits.—V. 143,
p. 1069.
& Pacific
Ry.—Abandonment—
Interstate Commerce Commission
on Aug.
1 issued a certificate
permitting the abandonment by Frank O.
Lowden, James E. Gorman,
and Joseph B.
Fleming, trustees of the company, of a branch line of
rail¬
road extending from Newton
in a general
southerly direction to Reasnor,
approximately 9.62 miles, all in Jasper
County, Iowa.
Registers with SEC—
Christiana Securities Co.—To
Pay $30.50 Dividend—
The
directors have declared
stock,
a
dividend of $30.50 per share
pa^able^Sept. 16 to holders of record Aug.
26.
on
the common
& Co., New York..
Field, Glore & Co., New York.
Lee Higginson
Corp., New York
;
Kidder, Peabody & Co., New York
offered at 102 and int.
Aug. 26 by Morgan Stanley &
Co., Inc.; W. E. Hutton & Co.; Edward B.
Smith & Co.;
Bonbright & Co., Inc.; Mellon Securities
Corp.; Brown
Harriman & Co., Inc.;
White, Weld & Co.; J. & W. Seligman
& Co.; Field, Glore &
Co.; Lee Higginson Corp., and
Kidder,
Peabody & Co.
A prospectus dated
Aug. 26 affords the
following:
Dated Aug. 1, 1936; due
Aug.
N. Y. City.
Coupon bonds in
1, 1966.
Interest payable F. & A. in
denomination of $1,000, registerable as to
principal.
Registered bonds in denominations of
$1,000, $5,000, $25,000
and $100,000.
Coupon bonds and registered
bonds, and the several de¬
nominations, interchangeable. , Redeemable
at company's
option as a
whole at any time, or in
part by lot from time to time on
any interest pay¬
ment date, upon not less
than 30 days' published
notice if red. on an int.
payment date, and upon not less than
60 days' published notice if
red. on
other than an int.
payment date, at the
following redemption prices: to
and incl. Aug. 1, 1939 at
107%; thereafter with successive reductions in
the
redemption price of 1% during each
successive three-year period to
and
incl. the period
ending Aug. 1, 1951; thereafter with
successive reductions
in the redemption price of
H % during each successive
three-year period to
and including the period
ending Aug. 1, 1963; thereafter at
100%; in each
case with
interest accrued to or due on
the date of
redemption.
Also re¬
deemable for the sinking fund.
Irving Trust Co., trustee.
Legal Investment, in the opinion of counsel
for the
underwriters, for
savings banks in the State of New York.
Sinking Fund—The bonds of the series due
1966 are entitled to the bene¬
fits of a sinking fund, into which
the company agrees to
make semi-annual
payments, commencing May 15,
1937, of amounts equal to M of
the bonds of the series due
1% of
1966 authenticated and delivered
prior to the
sinking fund payment date, less the amount
of such bonds theretofore
retired otherwise than
through the sinking fund.
In lieu of
making such
payments in cash the
company may tender bonds of the series due
1966
at cost to it or at the then
redemption price, whichever is lower.
All bonds
acquired by the trustee for the purposes of
the sinking fund are to be
02bUC©l6cL
Company—Company
was organized in 1928
by consolidation pursuant
laws of the State of Ohio of the
original Cincinnati Gas & Electric Co.
and Columbia Power Co.
From the date of its
organization until June 30,
1936, company's properties were operated under
lease by Union Gas &
Electric Co.
On the latter date Union Gas
& Electric Co. was
merged into
the company.
All of the outstanding common stock
(now representing
100% of the voting power) of the
company is owned by Columbia Gas &
Electric Corp.
Company is advised that as of June 30,
1936, The United
Corp. owned stock representing
approximately 20% of the voting power of
Columbia Gas & Electric
Corp.
The general type of business done
and intended to be done
by the com¬
pany is the production, purchase, transmission
and marketing of
electric
energy, and the purchase of natural
gas, the production and
purchase of
manufactured gas and the
marketing of natural, manufactured and mixed
manufactured and natural gas in the
City of Cincinnati, Ohio and certain
adjacent and rural territory.
Properties of the company include two
steam
electric generating stations, 69
electric substations, one
gas manufacturing
plant, electric transmission and distribution
systems, gas transmission and
distribution systems, and various other
buildings and structures used in
to the
the conduct of its business.
Capitalization Outstanding—Balance Sheet as
of June 30, 1936
First mortgage gold bonds, series A
4%, due April 1,1968
$35,000,000
Cumulative 5% preferred stock, series A
(par $100)
40,000,000
Common stock (no par) (750,000 shares
outstanding)
'
Purpose—Net proceeds from the
30,000,000
sale of $35,000,000 bonds
of the
3H%
(estimated at $34,787,725, after
deducting expenses and
interest) will be applied toward the
redemption on
Oct. 1, 1936 of all its 1st
mortgage gold bonds, series A 4%, due
April 1,
1968, at their principal amount and accrued int.
The balance (estimated
at $912,275, exclusive of accrued
interest on the bonds
being offered)
required for such purpose will be supplied out of other funds
of the
series due
exclusive
1966
of accrued
company.
|_
;
Balance Sheet, June 30, 1936
[Cincinnati Gas
& Electric Co. after
Assets—
Property, plant
equipt—.$116,863,719 5%
progress
762,208
7,703
381,504
Security Investments
Due from affiliated
Cash
Accts.
Merger]
Liabilities—
&
cos
5,485,691
1,267,661
342,458
receivable—service..
Appliance
....
Accts. & notes
rec.—other..
Reserve for doubtful
accts..
94,120
Cr244,568
1,027,293
Other current assets
177,853
Special funds and deposits..
Unamort. debt disct.&
exp.
Prepaid insurance
32,138
2,979,690
59,797
Other deferred
charges
132,186
For dividend record
Cincinnati Gas & Electric
Co.—Bonds Offered—An
issue of $35,000,000 1st
mtge. bonds,
series due 1966,
was
...
Brown Harriman &
Co., Inc., New York
White, Weld & Co., New York.
Inventories
See list given on first
page of this department.—V.
143, p. 1224.
$10,000,000
5,500,000
5,500,000
3,000,000
3,000,000
2,000,000
1,500,000
1,500,000
1,000,000
1,000,000
1,000,000
....
Hutton & Co., New York.
Edward B. Smith &
Co., New York
Bonbright & Co,., Inc., New York..._
Mellon Securities
Corp., Pittsburgh
Construc'n work in
Chicago Rock Island
of
J-. & W. Seligman
1936—6 Mos —1935
*$481,832
$351,115
$0.66
The
names
the several principal underwriters
and the
underwritten by them
respectively, are as follows:
several amounts
Morgan Stanley & Co.,
Inc., New York...
W E.
Additional
companies represented by the
committee are: Aetna Life
Insurance Co., Connecticut Mutual Life
Insurance Co., John Hancock
Mutual Life Insurance
Co., Massachusetts Mutual Life Insurance
Co.,
New England Mutual Life
Insurance Co. and New York Life
Insurance
Co.—V. 143, p. 1069.
contains provisions for the
issuance of an additional $5,000,000 aggregate
principal amount of bonds of the same or another
series (but
passu with these
bonds) upon the request of the company.
In
addition, provided certain conditions and
requirements specified in the
indenture are met, the
indenture permits the issuance of additional
bonds
of the same or
another series without
limitation as to principal
amount,
ranking pari passu with these bonds.
The indenture further permits the
release of
property from the lien, thereof without notice
other than applica¬
tion in certain
instances to the trustee and
permits the substitution of
cemuin
of property without notice.
The provisions of
the indenture
may be modified (subject to certain
limitations set forth in the
indenture) with the consent of holders of 75%
of the
outstanding bonds of each of the series to be affected
by the proposed
modification.
ranking pari
The
Period End. June 30—
Net profit after all
chgs.
Earns, per sh. on 199,469
no par shares com.
stk.
are summaries of the income statements of the
company and Union Gas & Electric
Co., lessee of the company's properties
June 30, 1936.
Years Ended Dec. 31—
xl936
1935
1934
1933
Union Gas & El. Co.—
Gross revenues
$12,332,062 $22,028,362 $20,743,180 $21,587,454
Cm. Gas
&Elec. Co.—
yRental income received
from Union G.
& El Co
4,526,177
8,633,022
7,413,642
7,858,389
Gross income
2,813,668
5,648,539
4,916,057
5,653,938
Total income
deductions
748,782
1,566,521
1,634,112
1,493,866
Net inc. before
adjust'ts
2,064,886
4,082,018
3,281,945
4,160,072
x Six
months ended June
30.
y Net income—the Union Gas & Electric
Co.—paid to Cincinnati Gas & Electric
Co. as rental under lease agreement.
Bonds of
the3H% Series Due 1966—These bonds, in the opinion of counsel
for the
company, will, upon the discharge of the first
mortgage securing
the series A
4% bonds mentioned above, be secured
by a direct first lien,
subject only to liens, if
any, for certain taxes and assessments, on all
prop¬
erties (with certain
exceptions specified in the indenture) owned
by the
company on the date of execution of
the indenture, other than leases
at the date
existing
of the indenture
pertaining to steam heating plants and systems.
The
Chicago Flexible Shaft Co.—10-cent Extra Dividend—
The directors have
declared
addition to the
1393
Earnings—The following
cum. pref. series A
Com.
(750,000shs., no pap¬
ist mtge. series A 4s.
Accounts
Accrued
$40,000,000
30,000,000
35,000,000
payable
481,311
1,771,426
taxes
Consumers
service deposits
and accrued interest
431,690
350,000
40,161
271,980
Accrued bond interest
Other accrued
liabilities.
Other current liabilities
Contingent earnings pending
rate decisions.
Retirement
240,035
reserves
Reserve for contingencies
Res. for deps. &
contribut'ns
Res. for injuries &
damages.
Other reserves
12,838,050
152,269
289,838
107,818
57,078
Surplus
Total..
$129,369,457
7,337,800
Total......
—V. 143, p. 1224.
$129,369,457
Cincinnati New Orleans & Texas
Pacific Ry. —Earns.
July—
1936
Gross from
railway
Net from
1935
$1,607,016
724,138
1934
1933
railway
Net from railway
Net after rents
—Y. 143, p. 749.
$1,119,576
466,643
370,126
$1,260,059
450,634
326,945
627,878
486,955
9,519,421
3,772,468
2,770,057
Net after rents
From Jan. 1—
Gross from
$1,247,152
548,540
railway...
7,653,269
2,572,294
1,874,665
7,463,062
2,952,136
2,131.467
6,714,855
2,641,813
1,975,748
Cincinnati Union Stock Yards
Years Ended Dec. 31—
Co.—Earnings—
1935
1934
$329,825
188,969
1933
$388,917
1932
198,025
$376,853
197,861
$384,651
203,148
$140,855
12,762
16,634
$190,892
$178,992
10
71
23,622
23,383
$181,503
lossl7,387
21,320
$136,983
83,777
$167,280
82,689
1,292
$155,679
82,645
71
168
94,781
Cr2,016
:—
$220,689
154,496
$248,677
164,900
$238,156
155,467
$239,593
156,948
Surplus at Dec. 31—
$66,192
$83,777
$82,689
$82,645
-
Earnings-
Net inc. from oper. for
the period
Gain
on
sale of cap .assetst
Fed. inc. tax liability...
Net gain for the year
Surplus at begin, of year
Misc. surplus adjustm'ts
'
■
Total surplus
Dividends paid
1
'
$142,796
Condensed Balance Sheet Dec. 31
Assets—
1935
Cash
Marketable
securs.
Accrued int.
on seo
Accts. receivable..
Accrued revenue..
Inventories
Treas. stock owned
1934
$54,797
529,802
3,730
12,387
1,629
5,584
61,769
$34,522
533,437
3,835
3,385
Land,
structures,
mach'y & equip.'' 1,872,516
Cap. stk. other cos
15,200
Deferred
items—
9,464
Lid bilities——
4,192
.
25,777
52,419
1,926,845
15,200
13,264
Accounts payable.
Accrued
Federal,
x
$2,566,879 $2,612,8761
1934
$416
$508
13,229
16,634
10,836
23,622
county and city
taxes.
Fed. inc
taxliab..
Unearned income.
150
x
Capital stock... 2,000,000
Surplus
66,192
Res
for conting..
100,000
Res. for renewals.
Cap. surp. (arising
thr.
Total..—
1935
appraisal)..
2,000,000
50,000
83,777
100,000
50,000
320,257
344,134
Total
$2,566,879 $2,612,876
Represented by 100,000 no-par shares.—V.
141, p. 912.
Cincinnati & Westwood
RR.—Court Asked to
Foreclose—
Press dispatches from Cincinnati
Aug. 21 had the
following:
One of America's shortest railroads
was believed "on
its way out"
as Louis Nippert, trustee for
today,
the road's
bondholders, asked Common Pleas
Court to foreclose a
mortgage executed 45 years
ago.
It is the Cincinnati &
Westwood on whose five miles of
track no
had ridden in 40 years, nor
passenger
freight been hauled since June 1.
1924.
The road is still
technically in operation, for at intervals or
a week or
a gasoline "jerky" makes
so,
one round
trip, with only the operator
to comply with the terms of
aboard,
the franchise.
On Aug. 1, 1891, the late
David Gamble, son of a
pioneer soap manu¬
facturer, financed the road for
$100,000,
taking a mortgage on all
including roadway and roadbed, from
assets,
what was then suburban
a point in Chevoit.
Brighton to
There were 100
bonds, each valued at $1,000,
Aug. 1, 1916.
maturing
Attorneys for Mr. Nippert contended in
their petition that none
of the
bonds ever has been
redeemed,
nor
interest paid.
Although equipped to haul
"commuters,
much of the road's business
derived from coal,
lumber, sand, cement and other
building materials.
was
Financial
1394
The
•
advent of the street car
is
what
PSMr\
one
now
of the largest
of a main line track by
railroads caused the abandonment of its
Nippffl-^asks^that ^trustee, he succeed to all rights of the road, that
be "ejected,"
bondholders.
the company
of the
and the building
and that real estate be
sold to satisfy claims
Cleveland & Sandusky Brewing Co.—Reorganization—
of reorganization of Cleveland & Sandusky Brewing Co. and
Cleveland-Sandusky Co. has been filed with the court in the reorganization
The plan
proceedings.
The plan was
developed after negotiations and conferences, not only with
the bondholders' protective committee, but also with the two committees
representing unsecured creditors of the two companies.
In the opinion
common stock reorganization along the lines proposed
to be the best possible solution of the problems of the
companies/and at the same time affords their creditors, both secured and
of the management a
offers what seems
unsecured, the
realize the largest possible amounts
and the various committees feel that
opportunity ultimately to
The management
upon their claims.
it would be unwise
from the vievrooint of the creditors themselves to burden
the new companies with any substantial amount of funded debt or fixed
charges, and that the distribution provided for by the plan fairly recognizes
the proportionate interests of the various classes of creditors in the assets
of the present
the plan,
It is estimated that upon the consummation of
giving effect to any exercise of subscription rights by
companies.
and without
will own 893^ % and present
present shareholders, present bondholders
unsecured creditors of the two companies
will own 10
of the stock
provided for by the plan.
its petition in the U. S. District Court
for the Nrothern District of Ohio, Eastern Division, pursuant to the provi¬
sions of Section 77-B of the Bankruptcy Act.
On the same date ClevelandSandusky Co., a wholly-owned subsidiary, filed its petition in the same
Court stating that it desired to effect a plan of reorganization with, or as
a part of, the plan of reorganization of Cleveland & Sandusky Brewing Co.
The Brewing company was organized in Ohio on Feb. 9, 1898, and has an
authorized capital stock of 600,000 shares of common stock (no par).
Of
these, 114,599^ shares have been issued and are now outstanding, and |
300 additional shares have been subscribed for but have not been issued
pending completion of the payment of the subscription price therefor.
Cleveland-Sandusky Co. was organized in Ohio on April 23, 1919, and
has an authorized capital stock of 250 shares of common stock (par $100),
of which 100 shares have been issued, are now outstanding and are owned
by Cleveland & Sandusky Brewing Co.
Classification of Shareholders and Creditors of Both Companies
The Court has, for the purposes of the plan and its acceptance, divided
the shareholders and creditors into the following classes:
Class 1—Holders of $910,000 1st mtge. 6% 50-year gold bonds, dated
June 1, 1898, of Cleveland & Sandusky Brewing Co. in the hands of the
of such claims shall be
the plan and holders
be issued under
1936
Aug. 29,
Chronicle
entitled to re¬
only to the nearest full share.
shall also be entitled to receive under the plan the
security held by them for their respective loans.
Class 3—Holders of unsecured obligations of Cleveland-Sandusky Co.
shall be entitled to receive under the plan, in full satisfaction of their claims,
the following treatment:
.
,,
(a) Holders of claims allowed in the reorganization proceedings in
ceive distribution
Secured bank creditors
amounts of less
shall be paid 50% of their
than $26.74
respective claims in
C£tsh* and
proceedings in
Holders of claims allowed in the reorganization
amounts of $26.74 or more, shall receive one share of the common stock
of the reorganized operating company for each $26.74 of their respective
claims, provided, however, that no fractional share or scrip
be issued under the plan and holders of such claims shall be entitled to
receive distribution only to the nearest full share.
No distribution shall be made on the inter-company account owing from
Cleveland-Sandusky Co. to Cleveland & Sandusky Brewing Co.
Class 4—Holders of shares of common stock of Cleveland & Sandusky
Brewing Co. shall be entitled to receive under the plan, for each 10 of
shares
the right to purchase one share of the common stock of the reor¬
ganized operating company at the purchase price of $26.74 per share,
only if on or before Jan. 1, 1939, such purchase price is paid in
to
reorganized operating company and the stock certificates upon
right is predicated are surrendered to the reorganized operating company.
Class 5—Holders of shares of common stock Cleveland-Sandusky Co.
shall be entitled to receive no distribution under the plan.
(b^
therefor will
such
but
cash
the
which such
Sheet July 11,1936
Liabilities—
Consolidated Pro Forma Balance
of the new operating company
On Feb. 16, 1935 company filed
Assets—
Accounts
receivable (less res.).
Inventory
Inventory
Revenue stamp
Investments
Containers
8,240
Deferred expenses
915.
—V. 143, p.
Subs.)—Earnings—
Chemical Co. (&
Clorox
Years End. June
1933
1?34
1935
1936
30—
$355,886
26,968
$510,312
25,850
$469,149
30,502
$587,843
$484,462
$438,648
$330,428
3,473
$587,843
$484,462
69,200
$438,648
$333,901
45,900
60,817
$614,812
profit from oper—
Depreciation
Net
$1,410,478
Total
$1,410,478
Total
Gross
160,461
1,196,603
724,985
fixed equlpm't
Land, bldgs. &
$53,414
$9,274 Current liabilities.
42,461 Real estate taxes, penalties &
43,782
Int. (delinquent & current).
11,284 Common stock (40,668 shares)
423,356
147,093
.'
Cash
profit from oper..
25,458
Other income, net
'S ublic and pledgee, and the unpaid interest coupons pertainingand interest
1,1933, and subsequently, whether or not such bonds
thereto due
an.
income taxes
102,149
62,510
94,453
$325,313
X276.773
Prov. for taxes.
a
unsecured claims, the amount of any secured claims of bank
creditors (to-wit: Cleveland Trust Co., S. H. Squire, Superintendent of
Banks of Ohio, in charge of the liquidation of Guardian Trust Co., Cleve¬
land, Ohio, and Equity Savings & Loan Co.) in excess of the value of the
Federal
Income before
have been deposited under the bondholders' protective agreement
and whether or not such bonds have been stamped with
legend with respect to the payment of interest on bonds held in the sinking
fund and defaults in that regard.
Class 2—Holders of unsecured obligations of Cleveland & Sandusky
Brewing Co., excluding holders of claims for deposits on containers, and
coupons
dated Jan. 1, 1933,
$313,113
x260,856
$281,685
106,170
$227,184
$48,540
$2.86
$52,257
$175,515
$2.48
$6,815
$2.00
70.0Q0
192,530
.—_—
(net)
Other expenses
220,369
including, as
security therefor.
Class 3—Holders of
Balance, surplus..—
Earns, persh. on
Less dividends on shares
,x
Cleveland-Sandusky Co.,
containers.
of common stock (no par) of
Brewing Co.
outstanding shares of common
Cleveland-Sandusky Co.
Cleveland & Sandusky
Class 5—Holders of
stock (par $100)
classify the following creditors
(a)
and
Holders of claims based upon taxes and assessments
charges with respect thereto against Cleveland
other
Brewing Co. and
are
and interest
& Sandusky
such claims
Cleveland-Sandusky Co., to the extent that
allowed in the reorganization
proceedings;
Holders of claims based upon unpaid interest coupons due prior to
1933, pertaining to the $910,000 1st mtge. 6% 50-year gold bonds
& Sandusky Brewing Co. in the hands of the public and
pledgee; and
(c) Holders of claims against Cleveland & Sandusky Brewing Co. and
Cleveland-Sandusky Co. for deposits on containers.
Reorganized Operating Company—A new corporation, having the name
Cleveland-Sandusky Brewing Corp. (or such other name as maybe selected)
shall be organized in Ohio, having an authorized capital stock of
shares of common stock (no par).
Cleveland & Sandusky Brewing Co. and
Cleveland-Sandusky Co. shall convey, transfer and assign to the reorganized
operating company all of their assets (including the so-called Fishel plant of Cleveland & Sandusky Brewing Co. located at 2764 East 55th St., Cleve¬
land, Ohio, which is the only plant now being operated), except such assets
as are hereinafter provided to be conveyed, transferred and assigned to the
real estate subsidiary of the reorganized operating company.
Real Estate Subsidiary—A new corporation, having the name ClevelandSandusky Real Estate Corp. (or such other name as may be selected)
shall be organized in Ohio, having an authorized capital stock of 250 shares
of common stock (no par).
The Brewing company shall convey, transfer
and assign to the real estate subsidiary (a) all of its real estate (except that
sold under land contract subsequent to the institution of the reorganization
(b)
Jan. 1,
Sub. cos. invest, in
50,000
Sroceedings) other than the so-called Fishel plant; subsequent to secured
real estate mortgages other than those acquired (b) all notes the in¬
reorganization proceedings; and (c) the note receivable from
Holton Realty Co. (Ohio), dated Oct. 25, 1933, and its interest in the trust
agreement dated Oct. 25, 1933, by and among Cleveland & Sandusky
Brewing Co., Holton Realty Co. and Cleveland Trust Co. with reference
to the indebtedness represented by said note receivable.
The agreement
of lease dated April 5,1934, by and between Cleveland & Sandusky Brewing
Co., as lessor, and Cleveland-Sandusky Co., as lessee, covering the opera¬
tion by the latter of the so-called Fishel plant, shall be canceled.
The real
estate subsidiary shall issue to the reorganized operating company all of its
shares of common stock.
Plant equipment
real
of the plan, interest will be
computed upon claims only
instruments acknowl¬
edging satisfaction of the first mortgage, and all indentures supplemental
thereto, and shall transfer and deliver to the reorganized operating com¬
pany all moneys and other property held
by it as trustee thereunder,
whereupon such trustee shall be discharged. No distribution shall be made
under the plan with respect to the sinking fund bonds and interest coupons,
canceled.
or
Guaranty Trust Co. shall execute proper
treasury bonds and interest coupons.
Holders of the $910,000 of bonds in the
shall
be entitled to receive under
hands of the public and pledgee
the plan, for and in full
satisfaction of
$1,000 of such bonds, and the unpaid interest coupons pertaining
thereto due Jan. 1, 1933, and subsequently, upon surrender of such bonds
and such interest coupons, 40 shares of the common stock of the reorganized
69,200
1,219,606
456,809
19,103
shares.—V. 142, p. 3844.
Utensil Co.—Earnings—
Club Aluminum
1936
Years Ended June 30—
.
$2,060,313 $2,001,978
Total..
$2,060,313 $2,001,978
1935
$22,255
:
royalties.
$21,943
117
46
$22,372
Miscellaneous income.
9,318
Net profit
$11,611
23,853
$1,260
operating profit
Interest and other deductions.
Net
$21,989
10,378
$13,054
11,794
Total gross income.
Operating expenses..
loss$12,242
for year.
Balance Sheet June 30
$2,061
$331
Accts.
x
4,979
6,142
3,071
2,006
50,677
118,167
2,796
2,092
2,335
57,392
119,932
(time contracts)
Other accounts re¬
...
Inventories
Other assets
Fixed assets
Deferred charges..
y
Patents,
602
Total
400,000
400,000
5,880
606,740
50,000
7,409
271,240
Surplus—Valuation
patents, trade¬
marks & licenses
Donated surplus..
400,000
$582,029
marks & licenses
Common stock..
Deficit
trade¬
1935
$447,101
15,670
400,000
5,880
594,264
Mortgages payable
Reserves
z
.
$439,377
2,387
50,000
7,409
271,240
Notes payable
Accruals
receivable
ceivable
1936
Liabilities—
1935
1936
Assets—
Cash
$590,559
$590,559
$582,029
Total
debts of $99,520 in 1936 and $116,309
in 1935.
Less reserve for depreciation of $32,472 in 1936 and $30,408
Represented by 271,240 shares of no par value.—V. 141, p. 1592.
in 1935.
After reserve for bad
y
Collins & Aikman
A
total
of
12,221
Corp.—Preferred Stock• Called—
shares of 7% cumulative preferred
on Nov. 2 at $110 and dividends
called for redemption
Payment will be made at the Bankers Trust
City.—V. 143, p. 915,
share).
^
Colon Development
The
New
York
Curb
stock has been
(or $111.19 per
Co., New York
Co., Ltd.—Listing Approved—
approved the listing of £660,000
cumulate redeemable convertible preference
Exchange has
aggregate principal amount 6%
£182,991.18 aggregate principal amount 5% cumulative redeemable
income stock, series A.
Also 2,200,000 ordinary shares of the nominal
value of 1 shilling each, with authority to add to the list upon official notice
of issuance 330,000 additional ordinary shares of the nominal value of 1
shilling each, reserved from the authorized number of said shares, for
issuance upon conversion of the preference stock into ordinary shares at
the rate of 1 ordinary share for each £2 principal amount of preference stock.
(Securities are quoted in pounds, shillings and pence.)—V. 142, p. 3337.
stock.
each
operating company, which is equivalent to one share for each $28.95 of their
respective claims.
Class 2—Holders of unsecured obligations of Cleveland & Sandusky Brew¬
ing Co shall be entitled to receive under the plan, in full satisfaction of their
claims, the following treatment:
(a) Holders of claims allowed in the reorganization proceedings in amounts
of less than $33.80 shall be paid 50% of their respective claims in cash; and
(b) Holders of claims allowed in the reorganization proceedings in
amounts of $33.80 or more, shall receive one share of the common stock of
the reorganized operating company for each $33.80 of their respective
claims, provided, however, that no fractional share or scrip therefor will
70,000
1,219,606
394,921
19,103
Capital surplus...
Capital stock...
Earned surplus...
339,253
300,188
129,487
169,811
Represented by 113,756 no par
Income from
16,1935, the date of the institution of the reorganization proceedings
and no interest will be computed upon overdue interest.
Class 1—The 1st mtge. 6% 50-year gold bonds of Cleveland & Sandusky
pertaining thereto due Jan. 1,
1933, and subsequently shall be canceled.
All bonds and all interest
coupons pertaining thereto held by Guaranty Trust, New Tork, trustee,
in the sinking fund provided by the first mortgage dated June 1, 1898, and
all bonds and interest coupons pertaining thereto held in the treasury of
Cleveland and Sandusky Brewing Co. and not pledged shall likewise be
328,587
300,188
70,725
_
Total
to Feb.
Brewing Co., and unpaid interest coupons
65,897
348,196
313,845
Adv. & devel. costs
y
$168,750
68,508
&
estate
Deferred charges..
x
Accorded Shareholders and Creditors
65,897
598,714
290,548
Co
Trade-marks.
$285,434
71,248
Accounts
y
Inventories
y
stitution of the
For the purposes
of
Accountsreceiv...
of Cleveland
Treatment to Be
$312,360
22,940
payable.
Dividends payable
Est. Fed. inc. and
capital stock tax
Stocks and bonds.
stock
1935
1936
Liabilities—
1935
Clorox Chemical
whose claims shall not
subsidiary.
held by the company and its
1936
$383,330
22,324
Cash on hand
by the Plan
be affected by the plan:
$2.75
Consolidated Balance Sheet June 30
*
Assets—
capital
Creditors Not Affected
The Court did not
cap.stk.
unsecured obligations of
excluding holders of claims for deposits on
Class 4—Holders of outstanding shares
of
'
Colonial Beacon Oil Co.
6 Mos. End. June 30—
Gross profits
x
Operating expense
Loss
...
Minority interest
Net
x
loss...
1935
1934
1933
$4,128,181
5,498,225
$3,710,735
5,730,946
74,264
$5,462,437
6,398,160
86,057
$3,860,399
5,555,250
458,987
$1,379,376
CY26.520
$2,094,475
$1,021,780
25,798
$2,153,838
11,505
$1,352,856
$2,105,980
$1,047,578
9,333
Interest
..
(& Subs.)- —Earnings—
1936
,
Depreciation and amortization included: $744,563 in
1934 and $778,151 in 1933.^-V. 143, p.
in 1935, $842,745 in
$2,153,838
1936, $778,775
105.
Volume
143
Financial
Chronicle
Commercial Credit Co.—Common Dividend
Again Raised
—Extra Dividend—Stock Dividend—
10,000 founders
shares
outstanding will receive one new share for each 200 shares held.
The value of the
2,517,336 shares of present common stock is problematical
in view of the
prior claims of $38,137,000 of preferred stock
■
The directors
and
on
Aug. 27 declared
a
quarterly dividend of $1 per share
extra dividend of 25 cents
per share on the common stock, par $10,
an
both payable Sept. 30 to
holders of record Sept. 10.
This compares with
75 cents paid on June
30, last; 62^ cents per snare
paid on March 31, last,
Dec. 31 and Sept. 30,
1935; 50 cents per share paid in each of the three pre¬
ceding quarters and 25 cents per share on
Sept. 30, June 30 and March 31,
1934.
Prior to this latter date no
payments were made on the common
stock since June 30,
1932, when 12H cents was disbursed. On March 31,
1932, 25 cents per share was paid, and on Dec.
31 and Sept. 30, 1931, divi¬
dends of 40 cents per share
were paid, while from March
30, 1929, to and
incl. June 30, 1931,
quarterly payments of 50 cents per share were made.
In addition, the directors
carried out their previously declared intention
by the declaration of a 20% stock dividend on
the common stock, the
stockholders at the special
meeting held Aug. 26 having approved an amend¬
ment to the
certificate of incorporation increasing the authorized shares
of common stock to
3,000,000 shares.
The stock dividend is likewise
payable Sept. 30 to holders of record
Sept. 10.
As
•
-
with
Committee Opposes Plan for Trust—
Stock Increase Voted—
stockholders of company, at the
special meeting held Aug. 26,
voted their approval of an
amendment to the certificate of
incorporation, as
recommended by the directors,
whereby the authorized shares of common
stock were increased from
2,000,000 shares to 3,000,000 shares of a par
value of $10
per share. This action will permit the declaration of the stock
dividend of 20% on the common
stock, in favor of which the board of
directors recently declared
itself.—V. 143, p. 916.
'
Ry., Power & Light Co.;
Richard Schaddelee, Vice-Chairman of
the Executive Committee of
the
United Light & Power
Co., and W. A. Stinchcomb, director of the Cleveland
Metropolitan Park Board.
"We are advised," the committee
writes in part, "that the
initiators of the
reorganization committee represent substantial
holdings in the stocks of the
Cleveland-Cliffs Iron Co. and the Cliffs
Corp., stocks of which two com¬
panies constitute
presents
or
Oper.
exps. and taxes...
Prov. for retire, res've..
Int. & other fixed
Divs.
on
chgs..
pref. stock
Balance
-V.
and
12
Months
Ended
5,953,380
961,769
3,231,527
749,761
(Incl.
66,554,049
11,036,587
40,683,300
8,997,033
right to transfer the trust
Subs.)
1935
1934
$1,203,781
533,517
$1,266,904
515,012
$497,366
70,131
86,616
100,908
100,235
6,070
11,515
26,482
3,429
xl26,039
x89,881
140,000
273
4,347
12,736
$715,913
1,895,069
$481,978
1,614,249
$480,153
def$59,871
1,134,124
Loss
Cr74,338
Earnings
per share
-
-
of
tax and
for
accrued
preferred
p.
Consumers Power
on
subs. pref. stk.
funded debt
in
respect
-
—V.
143, p. 751, 918.
Continental Shares,
$4,081,681
$3,245,549
'
holdings
of
which
of
Col.
University, Cleveland
director of Cleveland Trust Co. is
Chairman, is proposing to stock¬
holders for approval a plan of
reorganization for the purpose of
the company, lifting the
recapitalizing
receivership, and enabling it once again to
become
an active
and
participant in the investment field.
Adams Express Co. and American
International Corp., both
substantial
holders of Continental Shares
preferred stock, are included in
the invest¬
ment group which is
cooperating with the committee.
The proposed plan involves reduction of
capital and
shares
so
that
stock.
the
Trust will have only one
The plan also contemplates
stock to raise $650,000.
class
reclassification of
outstanding
of stock
offering to stockholders ad¬
common
According to the committee
company, while still in receivership, is nevertheless
solvent, having
with a current market value in excess
of $7,500,000
and liabilities
exclusive of receivership expenses of
$3,000,000. A recent settlement
with
the Chase National Bank eliminated the final
major claim against the
comditional
the
assets
PaUn'der
the proposed plan, each share of
present preferred stock
with
accumulated dividends will receive one share of
new common
stock, in¬
volving the issuance of 381,274 shares.
Each 200 shares of
the
present
#
37,828
acq.
by
$2,611,938
731,060
200,579
$2,105,666
186,039
$1,614,249
$1,112,080
19,695
24,558
$1,895,069
$1,614,249
$1,112,080
$1.69
$1.62
parent
955
company
Surplus..
.....
pref. stock
on
on common
stock.
Unamort. disc. & prem.
paid on bonds retired
prior to maturity
Loss on major dismantle¬
ments, &c_.
••
38,977
$1,621,627$2.67
y After deducting cost of sales of
$13,897,537
general expenses of $1,293,169.
and
Nil
adm., selling, and
Consolidated Balance Sheet June 30
1936
Assets—
,1935
$
aNotes&accts.
Marketable
Inc.—Reorg. Plan Formulated—
preferred stock.
A preferred stockholders committee for
reorganization
Frank A. Scott, Fiscal Director for Western
Reserve
12.000
of accrued
subs.
pref.
rec
Inventories
A plan of reorganization for the
company, in receivership since
1933
has been formulated by Cleveland
interests with the
cooperation of a New
York and Chicago
investing group which has substantial
common
on
Cash
$205,116
10,015
252
int.
x Income tax
only.
Earns, per share on com.
Corp.]
1936—Month—1935
1936—12 Mos.—1935
Gross revenue
$2,569,574
$2,391,590 $32,012,531 $29,150,054
Oper. exps. and taxes.._
1,388,156
1,164,485
15,853,612
14,165,644
Prov. for retire. res've._
262,500
237,500
3,025,000
2,850,000
Int. & other fixed chgs__
333,277
433,834
4,844,233
4,680,961
Dividends on pref. stock
350,686
350,654
4,208,004
4,207,899
$234,954
9,185
,
Earned surp., June 30
& Southern
Period End. July 31—
Balance
divs.
Divs.
Divs.
1.112,080
on
retired, &c
Reduction of ruin.
a
proposed
3671.
Co.—Earnings—
[A Subsidiary of Commonwealth
stock......
Restored to earned surp.
in respect of accrued
divs.
Consolidated Railroads of Cuba—To
Reduce Directorate
co.'s
Net profit
Previous surplus
Co.—Hearing Sept. 9—
The stockholders at their annual
meeting Sept. 29 will consider
reduction in the number of directors from
10 to 7.—Y. 142,
dividends
sub.
on
•
1,184
contingency..
Provision
stock
Connecticut Ry. & Lighting
Allot¬
.
Discount
*
The SEC has fixed
Sept. 9 as the date for a public
hearing on request of
the Company for permission to
withdraw from,
listing on the New York
Stock Exchange 98,772 shares of
(no par) common stock.
The Commission
declared it deemed a hearing
necessary for protection of investors
and in¬
terested parties.—V. 143, p. 1069.
.
Superior
1933
440,837
on
ment Co
Prov. for Federal income
are $1,639,000 of first
mortgage 5% gold bonds,
A, and $916,000 of Consolidated
Telephone Co. of Wisconsin first
mortgage 5.5% sinking fund gold bonds, series A —V.
135, p. 817.
—V. 143, p. 1225.
4172.
1936
properties
The bonds to be retired
Net income
p.
Subs.)- -Earning
499,696
bonded indebtedness.
Loss on dismantlement of
series
1935
com¬
Mary¬
operation._y$l,344,696
expenditures
each $1,000 of bonds
which
1936
the reorganization
Depreciation
Other income
Interest and discount
charges.
The indenture securing the bonus
provides that the company will
retire;
starting in 1937, $50,000 of the bonds each
year or else make
__.$18,301,665 $17,079,271
3,809,849
3,697,785
$3.31
$3.22
to
Years End. June 30—
Profit from
$1,963,957 def$873,667
Co.—Earnings—
us
reor¬
holdings
authority
to the provisions of the
laws of
situation.—V. 142,
.
12 Months Ended
July 31—
Gross operating revenue
as
Continental Steel Corp. (&
Commonwealth Telephone Co.
(Wis.)—To Refinance—
Connecticut Light & Power
reposed in
and we had no
Preferred stockholders are being urged not to
sign proxies until they have
considered the full import of the
58,866,369
10,263,921
40,374,874
8,996,824
The Company was authorized
by the Wisconsin Public Service Commission
on Aug. 14 to issue
$2,750,000 first mortgage bonds, series
A, paying 4%
and maturing in 1966, to refinance all
its outstanding funded debt.
The bonds are to be sold at not less
than 99 %, and the discount
and ex¬
pense incurred in connection with
refinancing shall be amortized by equal
annual
for bondable
property equal to $1,666.67 for
would otherwise be retired.
so
us
company's charter, that the reorganization
$9,556,501$129,234,928$117,628,321
4,983,234
857,303
3,410,116
749,741
our committee re¬
the affairs of Continental
plan proposed by
the reorganization committee cannot
be accomplished.
"As above indicated, our
committee will further
develop the origin and
purposes of the reorganization plan and in the
meantime sincerely
hopes,'that
those who have joined our committee
approve of the attitude and
position
we have taken and will
continue to give us their
support. We also present
to those preferred shareholders
who have not
already given us their proxies
the situation as outlined above and ask
their support
soley on the basis^of
the best interests of the
preferred shareholders.
1936—12 Mos.—1935
def$72,079 def$443,891
..,
143, p. 750.
July 31
minority position in
mittee.
"It is our belief, based on advice
land and the
increase of
1936—Month—1935
$10,824,358
be placed in a
above stated have entrusted their interests
to
as
21.06%. Total output for the year ended
July 31,
1936, was 12,567,581,800 cu. ft. as
compared with 10,435,603,400 cu. ft.
for the year ended
July 31, 1935, an increase of 20.43%.
Month
committee
"Another reason that we refused to take a
minority position in any
ganization is because nore than
2,000 preferred shareholders with
July Gas Output—
for
to
Shares, Inc.
Gas output for the month of
July was 805,411,600 cu. ft. as compared
with 710,429,000 cu. ft. for
July, 1935, an increase of 13.37%. For the
seven months ended
July 31, 1936, the output was 7,708,153,600 cu.
ft.
as compared
with 6,367,383,300 cu. ft. for the
corresponding period in
July 31—
our
companies which might be proposed
solely from
preferred shareholders of Continental
Shares, Inc. Any dual interest of the
initiators of the reorganization
committee is an additional reason
for our
refusing to permit the preferred shareholders, whom
19.50%.
Statement
has
of
merger of those two
the standpoint of the
Electric Output—
revenue
Continental's
any
conflicting stock interest in either of the two
corporations above referred
to and,
therefore, will be in a position to consider any
Electric output for the month of
July was 663,958,296 kilowatt hours
compared with 522,254,903 kilowatt hours
for July, 1935, an increase
of 27.13%.
For the seven months ended July
31, 1936, the output was
4,318,972,978 kilowatt hours as compared with
3,591,180,733 kilowatt
hours for the
corresponding period in 1935, an increase of
20.27%. Total
output for the year ended July 31,
1936, was 7,143,848,352 kilowatt hours
as compared with
5,977,910,202 kilowatt hours for the year ended
July 31,
1935, an increase of
Period End.
more
portfolio.
It is our belief that further disclosures will
reveal that such
initiators have their
primary interest in their stockholdings of those
two
companies and that they are not interested
solely on behalf of the Con¬
tinental preferred shareholders.
No
as
Income
than one-half of the market
value of
member
Commonwealth & Southern
Corp.—Accum, Dividends
The directors on Aug. 25
declared a dividend of 75 cents
per share on
the preferred stock, $6
series, payable Oct. 1 to holders of record
Sept. 11.
A payment of like amount
(which is one-half the regular rate) was made
in each of the six
preceding quarters.
Gross
<
.
A committee for
holders of preferred stock made
public Aug. 26, a letter
security holders urging them to withhold their
support from the recently
announced plan of reorganization for
the company.
The
committee, which is headed by George H. Charls of
Cleveland, also
comprises Ben W. Marr, Pres. of the
Columbus
to
The
an
share
dividends of
The
$60 of par value thereof, if converted on or before
June 30, 1941, and if converted
thereafter at the ratio of one share of com¬
mon stock for each
$65 of par value thereof.
1935,
accumulated dividends, each preferred
share on liquidation with accumulated
members of the reorganization committee
are: Col. Scott
(Chairman),
Warren Bicknell, Chairman of
Lundoff, Bicknell Co., Cleveland; Harry
W. Croft, Chairman of Harbison.
Walker Refractories Co.:
George Gund,
President of Gund
Realty Co., Cleveland; and Henry L. Hollis, President
of Palmer
Securities Co. of Chicago, with Horace
Andrews Jr., Sec., 1882
Union Trust
Bldg., Cleveland, and Andrews, Hadden &
Putnam, Cleve¬
land, Counsel.
stock at the ratio or one share of
common
a
Upon completion of a
reorganization. It is indicated the management
plans to take an active investment
participation in the important industries
centered in the Cleveland area.
The more
important holdings in the company's
portfolio at present include
approximately 150,000 shares of Cliffs Corp., 80,000 shares of
Republic
Steel, 30,000 shares of Goodyear Tire & Rubber and
smaller amounts of
Youngstown Sheet & Tube,
Wheeling Steel, Firestone Tire & Rubber, and
United Light & Power B shares.
••
that it will be convertible into
outstanding
$12,000,000 of
largely
20% stock dividend, the conversion ratios of the 4.K%
cumulative convertible preferred stock will
be adjusted on Sept. 30, 1936,
so
common stock for each
some
being entitled to $100
about $33 a share.
result of the
a
1395
common stock will receive
not to exceed one share of new
common, which
should involve the issuance
of 12,587 shares. Holders of the
secure.
Real estate held lor
90,275
Misc.
Investments
Other assets
b
12,323
46,185
Deferred
charges.
Liabilities-—
1,092,860 Accounts payable.
1,398,110 Payrolls payable..
3,003,571 Accrued int., gen.
1,200
taxes,0 &c_.
Sundry accts. pay.
71,374 Bonds due within
12,320
year
51,782
Land, buildings,
mach. & equip..
Patents..
1936
$
916,487
2,026,397
3,612,168
1,200
Funded debt
Operating
7,521,272
7,475,318
1
118,181
reserves
Res. for conting..
Min. stockholders'
65,700
$
$
391,074
147,642
345,188
272,030
3,263
100,000
1,400,000
244,108
160,156
178,500
986,600
232,571
232,000
int. in sub. cos.
7%
c
1935
552,433
225,978
cum. pref. stk.
2,630,600
Common stock..
5,279,310
Treasury stock
Dr65,013
Initial & cap. surp.
1,850,093
Earned surplus
1,621,627
4,856
2,773,500
6,146,193
Z>r91,064
1,89V, 069
Total
14,344,481 13,172,2351
Total
14,344,481 13,172,235
for doubtful notes and
accounts and discounts of
$165,555
in 1936 and $138,443 in 1935.
b After
deducting reserve for depreciation of
$6,201,773 in 1936 and $5,847,844 in 1935.
c
Represented by 200,648
shares no par in 1936 and
175,648 shares in 1935.—V.
142, p. 3164.
a
After
reserve
Crane
The
Co.—Accumulated Dividend—
directors
have declared a
dividend of $1.75 per share on
account
on the
7% cum. pref. stock, par $100,
payable Sept. 15
holders of record
Sept. 1.
A like payment was
made on June 15 and
March 1, last.
Dividends of $1 per share were
paid on Jan. 25 last.
Oct. 25, July 10, and
April 25, 1935.
This latter payment was the
first
of accumulations
to
Financial
1396
Coty, Inc. (& Domestic
1936
6 Mos. End. June 30—
Subs.)—Earnings—
1934
33,233
11,190
15,000
27,649
$443,906
17,103
62,200
j
1,255,281
Period End. July 31—
$277,195
21,044
37,779
Operating revenues.
Operating expenses
287,486
Net income.
loss$7,925
$406
$364,603
$218,372
1,537,435
.
1,537,435
1,537,435
$0.23
1,537,435
$0.14
.
\
Earnings per share
Nil
Nil
Net income
•
Pref. div.
requirements.
752,
Holders
Road
T oronto—Bondholders
Apartments,
approved the sale of the
first mortgage bonds have
Apartments Ltd.
to be made in prin¬
cipal amount of $157,000 of 7% first mortgage bonds outstanding, but
these are to be exchanged for new first mortgage income bonds, carrying
non-cumulative 5% interest payable out of net operating revenue only,
if, when and to the extent earned. In
par) are to be issued at 10 cents a share
addition 1,570 common shares (no
apd allotted pro rata to the holders
of the first mortgage bonds.
of $2,000, which is to be
used by the new company as
is to be
working capital, all cash in the hands of the receiver and manager
applied in payment of fees of the National Trust Co. as trustee
first and second mortgages of Crescent Road Apartments, the
669,408
$32,573
19,997
$37,962
19,997
$535,132
$525,432
239,964
for the
cost of
and
of $400. The sum of $1,500 is also to be
Co. as trustee for the second mortgage bonds.
the National Trust
$1,694,471
$2,011,827
def60,335
defl52,689
def8,294
def75,646
300,536
208,585
14,284,823
2,187,874
1,317,309
Net after rents
13,539,386
1,628,500
1,085,162
14,075,531
1,693,069
1,293,930
11,759,425
55,218
def476.341
—V. 143, p.
752.
Delaware River RR. &
machinery and equipment of
Wednesday and Thursday, Sept.
[Including De Long
plant, Clifton, N. J. The sale was ordered by John W. Griggs, trustee in
bankruptcy, and under authority of the U. S. District Court for the State
of New Jersey. Samuel T. Freeman & Co. has been engaged as auctioneers.
The real estate, which will be sold first, consists of two modern factory
groups, each complete in itself.
The machinery and equipment, used for
dyeing and printing silk and rayon, will be offered in approximately 1,000
separate lots immediately following the sale of the real estate.
Crowell Publishing Co .—Extra
Dividend—
declared an extra
3671.
Paper Co. (&
Crown Willamette
$6,917,732
5,310,333
.
Operating profit
(net)
$1,606,683
545,761
74,918
264,819
100,929
8,275
604,054
173,101
270,237
92,032
7,413
x$635,524
$497,928
$459,846
$190,585
$2.49
$2.29
10,016
Minority interest
Net
profit
-
Earns, per sh. on
Dejay Stores,
share
on
The
The
par common.
Dayid Kaufman, President, has announced that sales for the second
quarter—May, June and July, 1936—were approximately 35% ahead of
the comparable 1935 period.—V. 143, p. 583.
.
$1,227,799
573,743
134,459
285,835
45,000
Crl,823
earnings.—V. 143, p. 1071.
[Not including Crown
Other
Total operating
Cost and expenses.
-
Operating income
Other expenses
(net)
Gross profit-.--Depreciation
-
——
$6,497,384
5,491,040
Not
Available
$1,006,344
40,045
$966,299
302,869
$1,099,388
271.008
«?:8f
soil
--
88,677
profit.....-----------------
x$669,780
Federal income taxes..
Net
E^?^-On250'601ShS-pref-A
$2.67
been made for any surtax on
No
24,416,493
4,648,485
2,987,532
1,800,237
3,003,252
1,501,421
Net after rents.
Derby Oil & Refining Corp. (& Subs.)—Earnings—
1926—Month—1935
1936—7 Mos.—1935
$78,460
$29,683
$416,435
$292,039
Period End. July 31—
Operating profit
Non-prod, devel., depr.,
35,922
profit.
32,066
242,652
258,508
$42,538
depletion—
Net
loss$2,383
$173,783
$33,531
Current Assets and
Current Liabilities July 31
,
60,395
1936
'
,
Detroit Edison
ties
$702,176
285,448
2,325
102,627
44,140
Co.—Registers with SEC
$502,019
is
ended
1226.
Act of 1933 covering
to pay
off
any
bank loan that might be
ing the bonds.
The new bonds
rate is to be furnished by
are
made for the purpose of redeem¬
redeemable as a whole or in part by
Reduce- Directorate—
Aeroplane & Motor Co., Inc.—To Change Par—
has called a special meeting of stockholders for Sept. 3
the common stock from no par to $10 par and to reduce the
31,
1940, 109%; thereafter and including Aug. 31, 1941, 108%; thereafter
including Feb. 28, 1943, 107%; and thereafter with successive reduc¬
tions of 34%. effective during each successive 18 months' period to and
including Aug. 31, 1959; and thereafter with successive reductions of 3£%,
effective during each successive 12 months' period to and including Aug. 31,
1961. No premium will be paid if the bonds are redeemed after that date.
and
The price to the public and the names of the underwriters
writing discounts or commissions are to be furnished by
the registration statement.
and the under¬
amendment to
1936
12 Months Ended July 31—
Gross earnings from
$50,543,613 $44,377,595
1,935,376
1,722,661
Steam-
361,102
111,197
Gas
Miscellaneous
Balance, income from operations
Other miscellaneous income
Gross corporate income
on funded and unfunded
debt
Interest charged to construction
—
Amortization of debt discount and expense
Extraordinary appropriations to
additional to current
142,094
35,544,703
33,162,437
$17,406,586 $13,448,843
131,803
182,029
$17,538,390 $13,630,872
6,239,169
6,496,777
Crl8,500
Cr44,350
270,260
retirement reserves
appropriations
-$11,047,459
Net income
368,929
$52,951,290 $46,611,281
Total
—V. 143, p. 918.
1935
operations:
Electricity
Interest
will approve action of
reduce the number of
lot at any time
if re¬
after 60 days' notice at the following prices, plus accrued interest:
deemed on or before Aug. 31,1939,110%; thereafter and including Aug.
Curtis
toAchange
I^sue $20,-
According to the registration statement, the proceeds from the sale of
the bonds, together with other funds of the company, will be used either to
redeem $20,000,000 of general and refunding mortgage bonds, series G,
which have been called for redemption on Oct. 1, 1936, at 10734 % and int.,
Operating and non-operating expenses
Cuba Co.—To Reduce Directorate—
their annual meeting Sept. 29 will approve action of
Board of Directors in amending the by-laws to reduce the number of directors
from 12 to 10.—V. 142, p. 3672.
The stockholders at
The company
To
$20,000,000 of general and refunding mortgage
bonds, series G, due Sept. 1, 1966. The interest
amendment to the registration statement.
or
$267,636
$2.00
$1.06
undistributed earnings
their annual meeting Sept. 29
board of directors in amending the by-laws so as to
directors from 11 to 8.—V. 142, p. 3672.
766,704
000,000 Bonds for Refunding Purposes—
The company on Aug. 25 filed with the Securities and Exchange Com¬
mission a registration statement (No. 2-2420, Form A-2) under the Securi¬
dividend
the
represented
Cuba RR.—To
1,169,004
402,299
431,523
—
Working capital
under the Revenue
The stockholders at
1935
$440,056
$378,477
140,000
1,217,088
785,564
—
-
...
—V. 143, p. 583.
provision has
Act of 1936.
^
Note—Consolidated net profit of Crown Willamette Paper Co. and its
subsidiaries for the three months ended July 31, 1936, less minority stock¬
holders' proportion, amounted to $635,524 (subject to annual audit and
year-end adjustments), which was $224,024 in excess of the
requirements on the preferred stocks of that company.
Inasmuch as
corporation's investment in Crown Willamette Paper Co.,
by the entire outstanding common stock, is carried at cost, this excess
which accrues to the equity of the common stock, is not reflected in the
above income account. Due to the dividends in arrears on Crown Willamette
preferred stock, aggregating $3,491,500 at July 31, 1936, such excess
not available for the payment of dividends to Crown Zellerbach Corp.
As the result of agreement with the United States Treasury Department as
to depreciation rates and policy, depreciation provided for the quarter
July 31, 1936, has been reduced approximately $50,000 below the amount
that would have been charged on the basis used in computing the de¬
preciation provided for the quarter ended July 31, 1935.—V. 143, p.
x
633.904
26,682,468
5,632,514
Current liabilities
1934
$1,130,004
30,616
income
29,980
25,988,271
4,188,751
Due banks
$7,082,764
5,952,760
operating income
def517,335
Current assets
1935 ^
$6,274,248
223,136
1936
1933
$3,913,795
1,111,709
—V. 143, p. 752.
„
$6,816,093
266,671
July 31—
$3,391,097
409,045
28,504,351
5,450,135
Cash in bank——
Subs.)—Earnings—
Willamette Paper Co. and subsidiaries]
Zellerbach Corp. (&
3 Months Ended
1934
1935
$3,182,711
defl42.316
343,783
and
Net sales
Western RR.—Earnings.—
1936
$4,055,411
700,349
Gross from railway..._.
Net from railway
Pacific
Crown
all of its class A stock.
solely of 139,903 shares
recently called for redemption
outstanding capitalizztion consists
company
present
of $1
making provision for any surtax on undistributed earnings
under the Revenue Act of 1936.
.
„ ^
Note—Above figures include company s proportionate share of
Mills, Ltd.,
cents per
of record
From Jan. 1—
200,000
pref. stock.__
Inc.—Initial Common Dvividend—
declared an initial quarterly dividend of 20
par $1, payable Oct. 1 to holders
the common stock,
Sept. 15.
Before
x
142, p. 1637.
of $39,501.—V.
$0.95
,
159,992
144,740
$3.99
totaled $509,764, including $78,572
liabilities were $41,632.
12 to 1. This compares
March 31, 1935, of $470,758 and current liabilities
Net after rents
$1,492,630
&c__
Fed. income taxes,
with current assets as of
34,233
113,728
$42,665
$6.65
Delaware Lackawanna &
$1,458,397'
Interest
$71,171
$2.93
March 31, 1936,
Current assets as of
July—
$3.17
Gross profitDepreciation
Depletion
$31,365
$5.03
Gross from railway
Net from railway
Dr21,386
-
$52,198
cash and $128,008 investments at cost.
Current
The ratio of current assets to current liabilities is
1933
$1,586,013
522,013
Other income
shs. 1st
1934
$5,956,175
4,497,778
$1,607,399
Cost and expenses
&
State taxes
Subs.)—Earnings—
1935
1936
3 Mos. End. July 31—
Net sales
1933
1934
1935
1936
Earnings per share
The directors have
dividend of 25 cents per share in
addition to a regular quarterly dividend of 50 cents per share on the norpar
common stock, both payable Sept. 24 to holders of record Sept. 14.
Extra
dividends of 25 cents per share were paid on June 24 last, Dec. 24, Sept. 24,
and June 24, 1935.
The company increased the regular quarterly dividend
from 25 cents to 50 cents per share with the March 25, 1936, payment.
The directors have
Canada]
Hook & Eye Co., Ltd.,
profit after deprec.,
est. Fed. inc. and
Net
the company will be sold
9 and 10, at the Cretona
Subs.)—Earnings-
Hook & Eye Co. (&
De Long
paid to
Works—To Be Sold—
The real estate,at auction on
—V. 142, p.
Bridge Co.—Bonds Extended—
Commission has authorized the company to
extend from Aug. 1, 1936 to Aug. 1, 1946 the maturity date of $1,005,000
first mortgage bonds with the interest rate reduced to 3 M % •
The Penn¬
sylvania RR. was authorized to assume, as lessee and guarantor, obligation
and liability with respect to sinking fund instalments and interest and
principal of the extended bonds.—V. 143, p. 918; V. 106, p. 2228.
The Interstate Commerce
Years End. Mar. 31—
Cretona Print & Dye
1933
1934
1935
$1,678,775
Front Jan. 1—
Gross from railway
Net from railway
organization of the purchaser, the liabilities of the
manager,
and the expenses of the bondholders' protective
committee to the extent
239,964
RR.- -Earnings.—
and
incorporation
receiver
$1,194,840
678,024
301,634
158,223
Gross from railway
Net from railway
property to a new company known as Ramsden Park
Under the terms of the sale as approved, no cut is
With the exception
$1,213,156
4,893
1936
$1,966,245
Net after rents
of the 7%
$94,068
56,106
Delaware & Hudson
July—
Crescent
$1,133,124
61,716
—V. 143, p.
268.
Approve Sale—
2,945,667
$1,155,251
57,905
50,611
Gross income
3,095,415
$89,175
$83,184
Non-oper. income—net.
238,420
$77,419
5,765
Net oper. income
Deductions
160,000
140,000
Light Co.—Earnings—
Securities Corp.j
1936—Month—1935
1936—12 Mos.—1935
$364,905
$327,595 $4,250,666 $4,078,791
[Including Cumberland
~
(
cise taxes.
—"V. 143, p.
$249,546
'
$202,314
14,638.
27,270
$158,265
Depreciation
additional
$382,860
31,676
Federal tax
Reserve for
$1,504,827
61.046
$170,638
Other income.
Cumberland County Power &
$1,780,848
1,397,988
$1,410,066
1,239,428
$125,032
Expenses
authorized payment of the dividend to stockholders of
record at the close of business Aug. 24 in the event that the capital change
creating sufficient surplus is approved.—V. 142, p. 3672.
have
Directors
1933
1935
$1,318,453
1,193,421
of $2
a
dividend of $1.75 per share was
Gross profit..
$3,489,930 in order to pay a dividend
capital from $10,598,623 to
March 15, 1932, when a regular quarterly
paid.VJrtfl
Arreareages after the payment of the^current dividend will amount to
$22.25 per share.—V. 142, p. 4173.
pref. stock since
made on the
1936
29.
Aug.
Chronicle
201,054
1,400,000
$5,577,390
Volume
143
Financial
Detroit & Mackinac
July—
Ry.—Earnings.•—
1936
Gross from railway
Net from railway
The directors have
declared
1933
1934
_
—V. 143, p. 753.
$53,119
4,740
1,376
$48,953
20,970
324,959
9,119
defll,123
326,416
27,660
49,350
a dividend of 30 cents per share on the capital
$25, payable Sept. 10 to holders of record Aug. 21 >
This com¬
paid on June 20 and March 20. last, this latter payment
being the initial distribution on the $25 par stock.
The company had paid
quarterly dividends of 5 cents per share on the old $5 par stock which was
exchanged on the basis of 10 old shares for one new share.—V. 143, p. 1074.
stock,
$51,670
3,630
def 1,539
383,947
46,940
16,525
railway
Net from railway
Net after rents
319.885
13,217
def7,035
2.967
July—•
Gross from railway.
Net from railway.
$396,847
163,109
95,119
$382,344
165,326
127,269
4,727,347
2,476,460
1.733,212
..
5,184,524
2,8:6,308
2,081,857
3,798,775
2,177,455
829,632
524,469
.
..
_
_
..
—V. 143, p. 753.
1,984,063
1,413,862
Detroit & Toledo Shore Line RR.—
July—
1936
Gross from railway
Net from railway
Net after rents
From Jan. 1—
Gross from railway
Net from railway.
2,322,532
1,283,178
661,473
2,052,678
1,112,913
586,327
Ducktown Chemical & Iron
Years Ended Dec. 31—
Sales
Cost of sales (excluding
expenses..
Net profit from operations
Other income
Total
,
income
Deductions from income
Financing charges, incl. int.
Depreciation
y
on
bondsi
.
Federal income taxes
$1,283,041
$1,088,553
9,420
56,788
69,103
$148,229
$133,341
$1,339,829
$1,157,656
63,586
106,500
66,149
109,314
449,322
768,004
464,539
763,610
Eastern
Steamship
$497,213
i
2,502,848
202,161
V
$122,503 * loss$70,493
loss$42,122
Lines,
Inc.—New
Stock
Issue
Approved—
1,464,917
736,546
307,822
1,871,657
1,024,996
529,900
$123,921
Deprec. & equalization.
$229,194
124,419
48,390
The Maine P.
.
issue
U. Commission has approved the company's petition to
a new no-par convertible
preferred stock. This stock
exchange for the present no-par $3.50 preferred.—V.
63,806 shares of
is
beuig offered
143, p. 1227.
Co.—Earnings—
in
Eastern Utilities Associates
(& Subs.)—Earnings—
1934
$1,331,241
828,301
213,859
$1,130,603
703,483
206,283
$220,836
51,167
$38,877
45,335
$328,759
60,508
76,095
131,936
2,900
$272,004
61,534
74.751
131,714
Period End. July 31—
Gross earnings
$689,487
524,807
125,802
$289,080
39,678
depreciation)
Grross corp. income
on
funded
debt,
rents, &c__
^
$4,091,044
2,560,218
247,785
$3,793,562
345,608
27,684
Net inc. before
prov.
for retire, losses
loss$21,857
—V. 143, p. 584.
1935
Selling and administrative
x
$181,674
73,551
23,910
$499,290
326,308
33,469
$139,513
8,716
Int.
,
.
Net after rents
—V. 143, p. 753.
Balance.H
1933
1934
$216,64795,339
42,030
oper. expenses.
Other income.
-Earnings.
1935
$253,415
117,008
48,350
oper. revenues.
Taxes
1933
1934
$467,184
217,147
165,070
Net after rents
From Jan. 1—
Net after rents
1935
$644,125
321,813
234,386
_
Eastern Massachusetts Street Ry.—Earnings—
Per. End. July 31—
1936—Month—1935
1936—7 Mos.—1935
Railway
Railway
RR.—Earnings-
1936
,
Gross from railway.
Net from railway.
par
pares with 50 cents
^
Detroit Toledo & Ironton
1397
Eastern Malleable Iron Co.—Smaller Dividend—.
1935
$78,722
21,983
15,541
Net after rents
From Jan. 1—
Gross from
Chronicle
$84,213
110,344
77,555
132,323
1933
Operation
Maintenance
Retire't res. accruals...
Taxes (incl. inc.
taxes)..
Int. & amortization
1936—Month—1935
$676,974
$643,952
-357,014
346,282
28,645
27,884
60,416
60,416
68,713
74,604
44,076
45,875
Balance.
$118,107
Preferred dividends—B. V.G.&E.Co.
.
$88,889
$1,805,498
77,652
10,730
31,538
to
minority interest
Applicable to E. U. A—V. 143, p. 754.
Net profit
$57,319
$4,003 loss$236,010
Including discount on own bonds purchased, $1,420 in 1935; $13,000 in
1934 and $11,745 in 1933.
y Including interest paid, $28,858 in
1935;
$28,563 in 1934 and $34,251 in 1933, but not
including interest on bonds.
Note—For the year 1934
marketing charges of $47,341 are included in
"selling and administrative expenses."
In prior years this item was in¬
*
$1,663,229
77,652
49,500
29,249
$1,685,578
P. G. Co. of N. J
Applicable
1936—12 Mos—1935 ^
$8,599,170
$8,303,411
4,191,396
4,026,007
338,609
340,079
725,000
725,000
975,080
989,444
563,584
559,650
$1,506,828
x
Eaton Mfg. Co.—To
Change Par Value—
The company has notified the New
York Stock Exchange of a proposed
of common stock from no
par to $4 per share.—V.
change in par value
143, p. 919.
cluded in "cost of sales."
Ebasco
Condensed Balance Sheef Dec. 31
Assets—
1935
1934
|
Cash in banks and
I
Notes pay. (secur.)
1934
hand
$116,494
142,613
445,942
$58,990
89,923
465,925
Invest, in & notes
of
subsidiary
12,800
149,654
910,000
350,000
247,100
1,010,026
llab.,
plant
124,150
Other indebtedness
12,725
2,254,289
93,344
the week ended
Aug. 20, 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:
.151,601
939,000
...
construction
pref.
stock
(with accr. int.)
Prepd. & pf. chgs.
127,600
97,992
4,167
secured)
Accounts payable.
Defd
16,100
of
Fixed assets
$50,000
99,814
142,310
9,257
Notes payable (un¬
Reserves
Note rec'le for sale
x
$100,000
340,000
247,100
zCom.stk.&surp. 1,067,346
on
Notes & accts. rec.
Inventories
(non-current)...
2,356,754 Bond, indebtedness
101.220 7% pref. stock—
($100
par)
y $7 cum.
pf. stock
;
$3,065,483 $3,101,639
Total
^.$3,065,483 $3,101,639
par
shares,
Represented by 89,783
/
z
shares.-—V. 143, p. 1226.
Duluth
Winnipeg & Pacific Ry.-
July—
1936
Gross from
railway
National Power & Light Co...
—V. 143, p. 1227.
Net from railway
Net after rents
From Jan. 1—
Gross from railway.....
Net from railway
1933
573,904
417,699
def108,762
def10,516
def 13,401
497,825
def45,573
(iefl6,828
directors
-
June 30—
1936
Production and
7,468,046
Total
on
notes
$561,208
$855,808
operating profit
income
Interest
$505,191
$862,268
6,459
General and administrative
Bad debt provision—less recoveries
Net
$1,378,303
417,635
109,800
306,454
39,222
$830,629
31,638
Selling
Traffic, warehousing and shipping
payable
Provision for depreciation and
depletion...
on abandonment of
prospects
Provision for Federal and State income taxes
$552,043
394,000
426,982
22,306
68,000
Loss
(est.)
Net profit for period—before
provision for Fed¬
eral surtax, if any, on undistributed
profits.
__
1936
Assets—
1935
$
•
Cash
$
1936
Liabilities—
541,490
509,825
Accts. and notes
Divs.
receiv.
(net).. 2,602,175
Inventories
5,874,822
Other assets
253,392
Fixed assets
5,372,779
payable
Accrued liabilities.
Cust's'credit bals.
2,007,141
5,161,621
307,653 Res. for self-insur.
9,325,873 Normal metal inv.
U.S. Treas. obligs.,
at
cost
Investments
Treas. stk., at cost
Prepd. & def. chgs.
Pats., goodwill,&c.
Total
$
Notes payable
Accounts payable.
price
126,181
30,205
24,128
303,436
1
600,000
654,862
97,641
338,943
21,486
154,460
56,016
9,165
15,128,611 17,725,407
Total
-V. 142, p. 3848.
share
—V. 142, p. ,1982.
per
on
37,042
have
declared
no par
■.
Net revs, from oper..$10,410,568
Other income (net)
Dr4,641
$7,321,065 $41,536,241 $33,820,158
18,717
Dr68,631
86,347
Gross corp.
income...$10,405,927
Int. to public and other
$7,339,782 $41,467,610 $33,906,505
deductions....——
Property retire't & deple¬
tion reserve approp'ns
Balance
common shares
3,875,878
Cr8,752
2,716,426
$3,822,375
Pref. divs. to public (full
div. requirements ap-
plicable to respective
periods whether earned
or unearned)
^
Portion applic. to minor¬
ity
interests
(based
upon holdings by the
public of common stks.
—
.
3,737,216
Dr681
15,622,199
Cr42,226
2,080,443
9,896,192
8,695,877
$1,521,442 $15,991,445
$9,815,355
15,441,739
Cr46,466
/
1,980,751
1,980,875
•/,
7,923,007
'
„
7,923,499
,
,
of subs, at end of each
of the respective peri¬
37,577
27,017
127,211
$1,804,047 loss$486,450
$7,941,227
$1,804,047 loss$486,450
$1,730,645
879
$7,941,227
2,746
$1,804,510 loss$485,571
Expenses, incl. taxes—
60,506
58,149
Int. & other deductions.
397,244
397,244
$7,943,973
223,474
1,588.974
$1,736,740
348,060
1,588,974
$128,195
161,211
Net equity of El. Pow.
& Lt. Corp. in in¬
1935
come
$
950,000
364,402
1~8~5~492
of subsidiaries
El. Pow. & Lt. Corp.:
Net equity of El. Pow. &
Lt. Corp. in income of
subs, (as
shown above)
Other income
463
2,131,021def2510,824
15,128,611 17,725.407
Total income-
Balance carried to
6,095
con¬
solidated earned
Notations—All
above statement.
resent full
sur. $1,346,760
loss$940,964
$6,131,525 loss$200,294
intercompany transactions have been eliminated from the*
Interest and pref. dividend
deductions of subsidiaries rep¬
requirements for the respective periods only (whether
paid or not.
paid) on securities held by the public. The "portion applicable to
minority
interests" is the calculated portion of the balance of income
applicable tominority holdings by the public of common stocks of subsidiaries.
Minority
interests have not been charged with deficits where income
accounts of sub¬
sidiaries have
$73,191
$1.71
$1,730,645
•
16,300
119,378
Earnings for the 5 Months Ended May 31, 1936
Earnings
$20,922
,
Earley & Daniels Co. (& Subs.)—Earnings—
Net income before Federal taxes
$11,281
Operating revenues.. ___$22,219,821 $17,775,871 $87,570,028
$75,932,042
Oper. exp., incl. taxes.. 11,809,253
10,454,806
46,033,787
42,111,884
29,846
fluctua'ns
Net surplus
$725
.
.
reserves
111,220
1,124,610
45,258
34,985 Conting. reserves.
450,186
24,128 6% pref. stock
555,400
555,400
242,959 Common stock... 9,000,000
18,000,000
1
294,182
39,523
40,000
Electric Power & Light
Corp. (& Subs.)—Earnings—
Period End. July 31—
1936—3 Mos.—1935
1936—12 Mos.—1935
Consolidated Balance Sheet June 30
Current assets:
310,431
40,435
44,000
A like payment was made
in each of the three
ods):
$338,520
1936—7 Mos.—1935
$406,147
$394,627
a
dividend of 75 cents per share on the
value, payable Oct. 1 to holders of record Sept. 19.
on July 1, last, and
compares with 50 cents paid
preceding quarters, and 25 cents per share paid each
three months from Oct. 1, 1932. to and
including July 1, 1935. In addition
an extra dividend of
$1 was paid on Jan. 2, last, and 25 cents per share on
July 1, 1935.—V. 143, p. 919.
;
'
stock,
resulted. The "net equity of Electric Power &
Light Corp.
income of subsidiaries" includes interest and
pref. dividends paid orearned on securities held, plus the
proportion of earnings which accrued tocommon stocks held by Electric Power &
Light Corp., less losses wherein
so
"
10.5
$1,067
Total surplus
Int. chgd. to construct.
Gross operating profit-
Other
$6,704,774
5,326,471
$1,805,531
503,888
118,166
330,615
22,230
manufacturing costs
1935
$9,273,578
Net sales_
*
%
15.7
21.0
5,646
3,000
Subsidiaries:
have
declared a dividend of 10 cents
per share on the
stock, par $10, payable Oct. 1 to holders of record
Sept. 15. A
similar distribution was made on
July 1, last, this latter being the first
payment made by the company on the common stock since
April 10, 1930,
when a dividend of 20 cents
per share was distributed.
common
6 Months Ended
increase
Amount
1
15,616,000
9,040,000
7,075,000
$50,178
40,807
—V. 142, p. 4338.
Eagle Picher Lead Co.—10-Cent Common Dividend—
The
74,709,000
—
$52,830
42,987
5,776
3,000
charges
common
$77,274
9,232
18,886
def105,021
99,684,000
43,083,000
67,634,000
1936— Month—1935
Renewals.
The directors
1934
$67,100
def20,982
defl5,556
782,552
113,979
''i
Electric Controller & Mfg.
Co.—75-cent Dividend—
$80,140
def 19,873
def34,127
def 51,461
Net after rents
—V. 143, p. 753.
.,
1935
Edmonton Street
Ry.—Earningst-—
Period End. July 31—
Total revenues
Total expenses
Earnings.—
1935
$96,576
def7,182
def26,536
no
^
i
x After reserve for
depreciation of $1,602,621 in 1935 and $1,506,760 in
1934.
y Represented by 3,530 no
par
">
Operating Subsidiaries of—
1936
American Power & Light
Co...115,300,000
Electric Power & Light Corp..
52,123,000
Fixed
Total
Services, Inc.—Weekly Input—,
For
1935
Liabilities—
Financial
1398
Consolidated Balance Sheet Feb. 29, 1936
entirely independent
The statement for each period is
respective periods.
Aug. 29, 1936
Chronicle
have resulted in deficits for the
income accounts of individual subsidiaries
Liabilities—
Assets*"*"
of the statement for any other period.
No provision has been made in the above
x
distributed net income"
$832,303
1,189,457
3,303,234
256,814
Accts. & notes receivable..
Other assets
Emporium Capwell Corp.—Earnings
y
$5,535,740
$4,847,974
',952,396
$10
Department stores—
130,195
Real est. used in opers.
47,791
30,288
48,775
299,540
97,218
2,647
loss6,435
1,360
lossl4,819
bond
deb.
$ 9,611,818
Real
_
_
loss39,777
loss32,9&3
loss7l,703
$39,694
69,564
$326,415
137,880
$188,535
loss$29,870
$71,982
loss$33,021
loss$29,870
2,920,214
$160,232
3,633,768
$2,890,343
$3,794,000
$2,971,194
Fall River Gas Works
Dr338
Dr 1,289
Dr2,057
Z>r4,375
Dr3,360
$2,883,910
$3,788,016
Dr3,360
Dr4.375
Pref. stock divs
Retirement
109
$12,532
5,000
$204,401
60,000
12,518
82,570
$2,883,910
$3,581,590
_
res.
$131,883
$3,581,590
$2,883,910
782
$0.14
412,853 shs. com. stk.
—V. 143, p.
....
$1,884,833
1,217,824
1,142,385
4,991.734
4,508,981
$844,771
28,008
$742,448
33,725
$3,336,306
100,877
$3,093,692
126,564
$872,779
$776,174
$3,437,184
$3,220,256
108,347
46,355
108,605
433,350
46,599
185,687
432,564
187,879
91
Cr524
Cr492
Cr2,451
174,527
114,916
192,369
112,945
734,536
457,099
818,710
431,314
$428,542
$316,179
Net operating revenue
Other income
Total income
Interest,
discount
and
other charges of subs.
Pref. divs. of subs
*
chairman, in connection with the current payment
being declared at this time because in the opinion of
justified by the current position of the company.
The
question of payment or non-payment of further dividends cannot be
indicated now, he said, but must be dependent upon the position of the
company and the results of operations in the future.—V. 142, p. 3850.
said the dividend was
$8,328,041
$7,602,673
Proportion of net income,
the board it was
sub. company ap-
or a
iterest
Slicable to minority
Interest,
other
Erie RR.—Earnings.—
discount and
charges of Fed.
Light & Traction Co—
[Including Chicago & Erie RR.]
Provision for deprec
1933
1936
$7,286,527
2,307,270
1,458,984
1935
$5,814,438
1,073,753
460,896
1934
$6,398,008
1,684,236
953,090
$7,000,282
2,464,356
1,764,994
47,215,865
13,578,470
8,694,646
42,137.714
10,498,744
6,445,232
44,955,123
13,060,554
8,433,404
40,195,048
11,175,533
6,455,999
Net after rents
1936—12 Mos.—1935—
$2,062,595
tax)..
have declared a dividend of 10 cents per share on the
stock, payable Oct. 1 to holders of record Sept. 15. A
similar payment was made on July 1, last this latter being the first dividend
paid since July 2, 1934 when a like payment was made.
Dividends of
25 cents per share were distributed each auarter from April 1, 1933 to and
including April 2,1934 and a payment of 37 34 cents per share was made on
common
July—
Subs.)—Earnings—
1936—3 Mos.—1935
Oper. exps., maint. and
taxes
(incl. provision
for est. Federal income
directors
Net from railway.
$111,913
755.
Gross oper. revenue
Equitable Office Building Corp.—10-Cent Dividend—
Gross from railway
$6,664
Federal Light & Traction Co. (&
Nil
$0.37
3674.
Jan.
868
$5,438
5,000
accruals
Period End. June 30—
Nil
.
$183,979
60,000
12,065
charges.......
income
Net
206",426
on
2, 1933.
Leroy W. Baldwin,
179
5,861
$2,966,481
III HZ
Com. stock divs
par
$204,292
14
$11,221
...
Interest
The
$183,799
6
...
Balance
Drl ,333
DroUO
$3,581,590
Total
no
$12,518
$11,214
Taxes
Other miscellaneous
—V. 142, p.
$885,673
457,887
60,231
163,262
Net oper. revenues—
Maintenance
—
share
12,287
$874,553
468,916
64,312
157,525
$67,725
37,057
Operating revenues
Operation.
424
1936—12 Mos.—1935
_•
$66,869
39,701
3,937
12,015
Non-oper. income—net.
profit on purchase of
own bonds after de¬
ducting adjust, of un¬
amortized disc't & por¬
tion of Fed. inc. tax
applicable
Adjust, of prior years
Fed. & State corp. &
per
Co.—Earnings-—
1936—Month—1935
Period End. July 31—
Net
Surp. bal. end of per.
refund an issu e of the notes at a higher rate of int
Purpose of the loan is to
loss$33,021
3,004,216
$3,585,026
Total
Earns,
be secured by a first mortgage on
America.
$61,354
3,523,672
period
Surp. bal. beginn. of per.
the
income taxes
These
the land and improvements
of Kingshighway Memorial Boulevard and
Terry Ave., St. Louis, Mo.
The land, church and parish house have a
conservative value of approximately $220,000.
The church has the largest congregation of its denomination in St. Louis,
and is affiliated with the Illinois Synod of the United Lutheran Church in
28,302
10,628
profit for
Consol. net
After reserve for
Denom. $500 and $1,000.
1, 1936; due 1937-1948.
Dated Aug.
notes will
Fed'l
income tax..
«
y
located on the southwest corner
prof., before Fed.
normal
$14,799,141
of $124,407.
Evangelical Lutheran- Church of St. Louis—
Offered—Eckhardt-Petersen & Co., Inc., St. Louis,
early in July offered $108,000 4%-4}4% serial real estate
1st mtge. notes.
Price:
101 and int. for notes due through
Sept. 1, 1939.
100 and int. for notes due thereafter. •
$107,699
140,720
income tax
for
Total
Faith
loss63,339
$140,856
68,873
Deb. bond interest..
Prov.
8,459,920
.2,440,693
Notes
of
&
&
Total
Net
shs.,
no
par)
Surplus
depreciation of $5,440,782.—V. 140, p. 2354.
used in
not
est.
operations.
.
Gen. adminis., excl.
divs.
from
subs.
before
bond
int.
Fed. income tax..
Preferred stock ($100 par)...
After reserve for doubtful accounts
x
230,767
150,703
3,067,600
Reserves
$14,799,141
Total
Fed. inc. tax:
$449,456
accruals...
Reserve for local & Fed. taxes
1
will
&
int.
Common stock (422,996
151,271
Brands, trade-marks & good¬
87,647
98,210
Net sales of dept. stores,
Net prof, of units bef.
Plants and equipment
Deferred charges
1936—6 Mos.— 1935
1936—3 Mos—1935
Period End. July 31—
Acc'ts payable &
9,066,059
Inventories
Cash on hand and In banks..
statement for surtax on "un¬
under the Revenue Act of 1936.—V. 143, p. 920.
Net inepme
$1,627,002
$1,352,239
66,561
66,561
266,244
266,244
$361,981
$249,618
$1,360,758
$1,085,995
Pref. divs., Federal Light
& Traction Co—_
—
From Jan. 1—
Gross from railway
Net from railway
Net after rents
—V.143, p. 921.
Exchange Buffet Corp.—Earnings—
$43,126
$11,674
tion and taxes
*
1934
1935
1936
31—
Net loss after deprecia¬
—V. 143, P.
preferred dividends.
Note—The net earnings of $1,360,758 for the 12 months ending June 30,
equal to $2.59 per share on the 524,903 shares of common stock out¬
standing after "provision for depreciation."
No deductions have been made in this statement for a surtax on undis¬
1936
<
3 Mos. End. July
1933
$58,290
on
hand
$39,423
Period End. June 30—
Accts.
ccts.& notes rec.,
and for redem.
.....
$500,000
$220,853
15,000
181,141
7,500
7,021
586,700
30,000
6,309
payable..
Dividend payable.
Res've for collision
6,914
46,664
74
51,231
x
1,173,086
Common stock..
Surplus
repaid ins., taxes,
interest, &c
utomobiles, furn.
15,816
1
Total
$2,347,899 $2,518,436
Represented by 30,000 shares no par stock.—V. 141, p. 919.
$0.15
1936,
29,
—V. 142, p.
share
Aug. 26 declared an extra dividend of 25 cents per
quarterly dividend of like amount on the common stock,
directors
and
a
on
no par value, both payable Sept. 21 to
will be the first disbursements to be
holders of record Sept. 10.
These
made on the common stock since
of 40 cents was paid.
in announcing the declaration, stated:
"The application of the 1936 Revenue Act as it affects undistributed
profits has created a difficult problem with respect to dividend declarations,
By reason of this, it would seem to me that extra dividends should be
paid as the profits warrant with recognition given to the necessity for the
June 30, 1931, when a dividend
Robert H. Morse, President,
maintenance of a proper
balance between the financial needs of the cor¬
poration to enable it to keep in step with its rapidly expanding business
of avoiding heavy penalties on undistributed profits.
We shall direct our efforts to such solution of this problem as will be equitable
to all concerned."—V. 143, p. 755.
and the desirability
'
Fairmont
Creamery Co. (Del.)
Income Account for
(& Subs.)—Earnings—
Fiscal Year Ended Feb. 29, 1936
$42,994,983
40,976,812
(excluding inter-company sales)
& adm. expenses and interest
Repairs and maintenance.
....
Depreciation
...
State, local and social security taxes
Estimated liability (capital stock tax)
Net sales
Cost of sales, selling, gen.
,
....
....
10,000
deductions
Reserve for Federal income tax
Net
$812,642
income—Int. & divs. received, discounts taken, &c
Other
profit
Earnings per share on
372,733
655,076
167,719
Profit from operations..
Other
$0.15
$0.31
$0.31
1936, $18,251; total surplus, $110,202; dividends paid
account, $15,297.
$94,905; balance to credit of surplus
2827.
(Wm.) Filene's Sons Co.—Preferred Stock Called—
All of the outstanding 6
% preferred stock has been called for redemption
at the First
—
...
—
*
422,996 shares com. stock (no par)
C'r.58,338
24,408
129,490
$717,082
$1.22
Inc.—Removed
Co.,
The New York Curb Exchange has removed the
from listing and registration.—V.
Florida East Coast
Fairbanks, Morse & Co.— Resumes Common Dividends—
The
$187,014
Film
Inspection Machine
Listing and Registration—
$2,518,4361
$2,347,899
Total
$187,050
Oct. 23 at $110 and dividend.
Payment will be made
National Bank of Boston, Boston, Mass.—V. 143, p. 1075.
trade¬
...
balance March 31,
on
15,138
1
and fixtures
marks
$91,999
„
30,000
18,078
7,547
....
-1935
$91,951
Earnings for 3 Months Ended June 30, 1936 are as follows: Income—
dividends received from New York Transportation Co., $95,634; Delaware
franchise tax,
$1,850; general expenses, $1,833; net income, $91,950;
June
Preferred stock...
1936—6 Mos.-
profit after expenses
Earns, per sh. on 593,156
shs. cap. stock (no par)
620,400
1,488,325
Federal
insurance
preferred stock,
policies
x
780.998
841,910
of
lie insur.
oodwiil &
taxes
576,818
458,024
796,405
806,354
less reserve
lvestments
<fe
Feb. 29 '36 Feb. 28 *35
to
-Earnings—
1936—3 Mos.—1935
and taxes.
Inc.—Balance Sheet
Liabilities—
Feb. 29 '36 Feb. 28 *35
Notes
payable
and
banks
$231,914
$212,447
iventories
profits.—V. 142, p. 3508.
Fifth Avenue Bus Securities Corp.-
921.
Faber, Coe & Gregg,
Assets—
are
tributed
Net
flash in banks
deducting
after
Net
142,
capital stock,
from
no par,
4020.
p.
Ry.—Earnings.—
1936
JulyGross from railway.
Net from railway..
....
Net after rents
1935
1934
1933
$378,922
def84,472
(lefl78.990
$307,182
defl62,228
defl96.260
$282,480
defl55,895
def252,427
$243,933
defl69,898
def269,799
5,621,359
1,691,613
818,121
5,296,927
1,159,037
344,175
5,302,867
1,627,149
745,400
4,708,399
1.425,331
575,657
From Jan. 1—
Gross from railway.
Net from railway.
Net after rents.
—V. 143, p.
_
1228.
Florsheim Shoe Co .—Extra Dividends—
The
share
directors
on
on Aug.
22 declared an extra dividend of 25 cents per
the no-par class A common stock in addition to the regular quarterly
amount and an extra dividend of 12 H cents per share
dividend of like
the no-par class B common stock besides the regular quarterly dividend
of like amount.
All dividends will be paid on Oct. 1 to holders of record
on
Sept.
15.
Similar payments
made
were
on
July
1
and Jan.
2
last.—
Y. 142, p. 3850.
Flour Mills of America,
Inc. (& Subs.)—-Earnings—
Years End. May 31—
1936
Earnings from oper
loss$548,900
Depr. & maint. of bldgs.,
machinery & equip \t_.
141,528
Interest
179,547
1935
Net
earns
.for
year..loss$869,976
1933
x$678,250
$569,882
155,665
181,902
151,744
183,456
9,500
153,158
227,500
27,000
$167,800
150,000
$333,550
300,000
$162,224
75,000
Prov. for Federal tax
Divs. paid on pref. stock
1934
x$505,368
1935 and $273,153 in 1934.
Note—Included in the figures for year ended May 31, 1936, are amounts
aggregating $687,957, representing the unpaid levy accrued during this
fiscal year to Jan. 6, 1936, imposed by Agricultural Adjustment Act. which
x
Includes non-recurring income of $266,281 in
Volume
143
Financial
declared unconstitutional on Jan.
6, 1936.
that date, less certain
expenses incidental
Chronicle
1399
was
at
sheet
as a reserve
pending final adjustment.
The total amount unpaid
thereto,
old Missouri
State Life Insurance Co.
policy holders will benefit through
the mutualization
program.
The price that has been agreed to
by State
supervising officials and those in control of the life
insurance companies is
appears in the balance
Consolidated Balance Sheet May 31
1936
Assets—
Drafts
1936
$
613,646
116,457
41,368
92,290
109,658
hand &
on
lection
z
$
Accounts payable.
Notes & accounts
receivable
322,497 x- 272,900
1,906,628 13,413,847
5,871,672
6.,410,990
264,346
128,385
Inventories
Fixed assets
Other assets
Bonded debt.
y
x
$8 pref. stock
Common stock
.
9,794,057 11,041,718
Total...
.
...
Represented by 500,000 shares
x
96,732
804,500
77,459
process
As stated,
the stock will be retired
entirely from future earnings of the
company.
The mutualization contract
provides that the surplus for
the
benefit of
policy holders shall not be reduced below
$2,000,000,
Res.
for
Federal
income tax
Other reserves
9,500
1,234,102
2,800,000
2,500,000
500,000
3,020,041
9,500
428,946
2,800,000
2,500,000
except to
pay interest oh the
outstanding stock, but under no circumstances shall it
go below $1,500,000.
The only departure from this
provision that shall
be permitted will
be when it becomes possible to
retire all of t.he
remaining
outstanding stock.
500,000
The
company's policy holders
selected at the annual
9,794,057 11.041,718
z
436.
p
Follansbee Bros. Co.-
New Plan of
Reorganization Filed—
A plan of
reorganization by the bondholders'
protective committee has
been filed in the U. S.
District Court in
Pittsburgh.
A plan was recently
offered by the
company.
This plan has been
formulated in behalf of holders of
1st mtge. bonds
whose claims are in excess of
25% of the claims of all
bondholders, which
25% amounts to more than
10% of the total claims against the
corporation.
Under the plan there would
be authorized
$2,500,000 of 1st mtge. 5%
bonds, of which $1,262,500 would be
presently issued; $1,262,500 of 5%
income debentures,
$500,000 collateral trust 10-year 4%
notes, and 200,000
shares of common stock of no
par value.
The common stock would have
the exclusive
voting right and the certificates be in
such form as the re¬
organization manager may
determine.
Holders of the present 1st
mtge. bonds shall receive for each
$1,000
bond and all
unpaid coupons $500 of new 1st
mtge. bonds, $500 of new
5% income debentures and five
shares of new common stock.
Present
preferred stockholders would receive in
new common
stockfone share for
each share of the
present preferred stock.
Holders of present common
stock would receive one
share of the new common
for 20 shares of present
common.—V.
143,
p.
They were mutually agreed upon
by the boards of
directors of the General American
Life, and of the Southwestern Life In¬
Co. of Dallas, which, with the
Southwestern Investors
Corp. of
Dallas, owns 45,000 of the 50,000 shares of
General American Life out¬
standing, and approved by Superintendent of
Insurance O'Malley.
trust agreement
This
provided for the complete
divorcement of the
surance
of the St. Louis and
Dallas companies.
(The)
no par
a
dividend of 20 cents
per share
on
the
i.
of Walter W. Head, President;
O.
berg, Powell B. McHaney, Sidney W. Souers Moloney, Harry H. Langenof St. Louis: James
M. Kem¬
per of Kansas
City; George Brandeis of Omaha, and J.
R. Prentice of
Chicago.
It will be recalled
com¬
value, payable Sept. 15 to holders of
record Sept. 5.
A
on July 15
last, and compares with 25 cents
on March
paid
15, last, Sept. 25, 1935, and on
Dec. 15, 1934, Dec.
23, 1933 and
Dec. 20,1932, this latter
being the first payment made since March
when 32H cents
16,1931,
per share was paid; prior to this
latter payment
quarterly
distributions of 65 cents per share
were made.—V.
141, p. 1769.
Earnings
—V.
per
137.
p.
share
320.
on
General Motors
Corp.—To Build New Plant—•
$33,458
$0.08
.b
Galveston Electric Co.Per. End. July 31—
Operating
Earnings—
1936—Month—1935
revenues
\
$23,808
13,835
2,744
1,648
Taxes
1936—12 Mos.—1935
$20,605 j
13,476
2,840
1,394
$5,578
Operation
Maintenance
$2,895j
Net income
—V. 143, p. 686.
The
company will build one of the largest
automobile assembly
the world on an 80-acre site in
plants in
Linden, New Jersey, it was
announced on
Aug. 27.
The plant, when
equipped for maximum operation, will
represent an
outlay of approximately $5,575,000.
It will have a
normal
capacity of
120,000 cars a year.
Approximately 2,000 persons will be
the plant is
employed when
operating at full capacity.
The factory will be for the
assembly of Buick, Oldsmobile and
Pontiac
passenger cars for delivery to the East Coast
region and over-seas.
Twothirds of the production is
scheduled for domestic
delivery and one-third is
for export.
1936
400,000 shares
$235,260
160,997
31,900
17,567
$222,485
$24,794
$11,317
159,430
32,699
19,037
Construction will begin in about a
week, with completion
scheduled for
December.
Contracts for materials and
building are being allotted in
Detroit.
"
Pontiac and Buick Deliveries—
Galveston-Houston Electric Ry.
Co.—Earning
Per. End. July 31—
-
Operating
revenues
Operation
Maintenance
Taxes...
*
1936—Month—1935
$22,030
11,794
3,526
1,460
Net oper. revenues
Inc. from other sources.
Net income
—V. 143, p. 586.
$5,248
1,620
$4,040
$6,868
5,108
Pontiac dealers delivered 4,146 new cars in
the second 10
days of August,
against 5,037 in the corresponding period of
July and 3,198 a year
Deliveries for the first 20 days
ago.
amounted to 8,481
units, compared with
10,438 in the corresponding period of
July and 7,144 in the first
20 days
of August last year.
Deliveries for the entire month
are expected
to total
between 12,500 and 13,000 cars.
Used car stocks are
below a 30
days'
supply.
1936—12 Mos.
1935
$210,663
$215,036
129,455
123,565
41,626
43,137
15,934
18,503
$19,878
11,261
3,315
1,260
$1,759
Balance
Int. on 1st mtge. bonds.
$23,647
1,620
$4,040
5,108
$25,267
61,300
$29,921
def$l ,067
$36,032
Retail deliveries of Buick cars in
second 10 days of
August totaled 5,359
units, against 3,654 in first 10 days and
1,258 in
corresponding period a
year ago, W. F. Hufstader, sales
manager, states.
Used car stocks were
also reduced in the first 20
days.
Buick dealers
selling 8,861 used cars
during the second 10 days and 7,226 in the first
third of
$29,829
$31,378
92
the month.
New car retail volume in the
past 60 days, formerly a slow
selling season,
totaled 31,384 cars, or an
average of more than 15,000 cars a
month.
This
comparable with best selling month of the
year and is above
average
monthly sales since the 1936 line was introduced last
fall.—V.
61.300
is
Gar Wood
The directors
mon
p.
stock
1076.
143, p. 1076.
Industries, Inc.—Initial Dividend—
have
declared
a
dividend of 25 cents
per share
to holders of record
(par $3), payable Oct. 5
l
,
on
General Public
the com¬
Period End. July 31—
Gross oper. revenues
Sept. 20.—V. 143,
on
first page of this
department.
General American Life
Insurance
$148,754
$1,762,613
4.116
46,768
$1,659,490
25,392
$185,537
$152,871
$1,809,381
$1,684,882
34,452
3,228
36,345
67,908
72,651
870,309
3,242
38,910
38,910
$37,403
$415,633
$274,935
\
lnc
Aug. 21 by the insurance
supervising officials
Missouri of the
6,065
Charges of subs, cos
Fixed chgs of G. P. U.,
lnc
approval
of Texas
proposed merger of the
Mutual Life Insurance Co.
recently organized
of Missouri with the
General American
Insurance Co. of St.
Life
Louis, the last legal step
necessary for the accomplish¬
ment of the complete
mutualization of the latter
company was taken.
General American Life is the
The
name under which
the merged
operate.
company will
The State
supervising officials who met as a special
sider the terms of the
commission to con¬
merger and the amendment of
the charter of
General American Life to
the
provide for its mutualization
were: R. Emmet
O'Malley, Superintendent of the
Insurance Department of
the State of
Missouri; *R. L. Daniel, Life Insurance
Commissioner and Chairman
the Board of Insurance
of
Commissioners of the State of
Texas; and Jess G
Read, Insurance Commissioner of the
State of
Oklahoma, Secretary of the
National Association of
Insurance Commissioners
and Chairman
Committee on Examinations for
of the
that association.
After fully
considering the terms and conditions of the
for the merger and
proposed contract
consolidation of the Mutual Life
of Missouri
General American
and the
Life, as outlined in an application
for approval
the Missouri Insurance
filed with
Department on Aug. 5 last, the
Aug. 21 expressed itself as being fully satisfied that special commission
the interests
policy holders of both of said
of the
companies are
properly protected and that
there is no reasonable
objection to the said contract
of
consolidation and
merger and the said amendment of
the charter of the
General American
Life, and inasmuch as all of the laws
fully complied with and the contractgoverning such consolidations had been
and amended
charter
ratified and adopted
having been duly
by both companies, the
commission gave its
to and authorized the
approval
proposed merger as outlined in
the General
Life's petition
American
filed on Aug. 5.
Under the terms of the
merger and consolidation the
General American
Life becomes the first
Missouri stock
company to mutualize.
In a general
way the plan for mutualization
closely follows the methods used
of the largest Eastern life
by some
insurance companies in
effecting their mutualiza¬
tion, some 20 or 25 years
ago.
The process of
mutualization that is to be
followed provides for
ual retirement of the
a grad¬
outstanding stock of the General
the benefit of its
American Life for
policy holders.
Both the holders of
new policies
by the General American Life since it
issued
started in
September, 1933, and the
1936—12 Mos—1935
$4,800,365
$4,524,733
3,037,752
2,865,243
Exp. & taxes of G. P. U.,
Co., St. Louis, Mo.
—Merger—Complete Mutualization Accomplished—
With the
Oklahoma and
—
$414,039
265,284
$69,751
Total
i
$457,256
277,891
3,242
Net oper. income
department.
1936—Month—1935
$179,361
6,176
expenses
Non-oper. income
Gel-Sten, Inc.—Registers with SEC—
See
list given on first
page of this
Utilities, Inc. (&
Subs.)—Earnings—,
72,026
Operating
Gaylord Finance Co.—Registers with
SEC—
See list
given
on
142, p. 4178.
1076.
Fuhrmann & Schmidt
Brewing Co.—Earnings—
11,
Joynt
$125,000,000 of admitted assets.
The plan for the retirement of
the General American
Life stock provides
that the holders of the smallest
blocks of stock are to
be paid out first.
Owners of 100 shares or less are to be
paid out
immediately.
Later larger
blocks of stock will be retired
proportionately as the net earnings of the
company permit.—V.
the
outstanding extended first mortgage bonds due
Dec. 1, 1961,
have been called for
redemption on Oct. 26 at 105 and interest.
will be made at the
Payment
Bankers Trust Co., New
York
Earnings for 28 Weeks Ended
July
Net income after
depreciation and other charges
Circuit Judge Jobn W.
The General American Life now
has
approximately $750,000,000 of
insurance in force, including both
ordinary and group life
about
insurance, and
Fort Worth & Denver
City Ry.—Bonds Called—
All of
p.
that
June 16 last
approved an order permitting the General
American Life to
of Southwestern Life
selL30,000 shares
Insurance Co. stock to Dallas
financial interests for
$60 per share.
It is anticipated that over a
period of years the local com¬
pany will completely liquidate all of its
stock investment in
the Dallas
company so that eventually it will have no
interest, direct or indirect, in
any other life insurance
company.
This complete
divorcement of the St.
Louis and Dallas
companies has the full approval of the
of Missouri and Texas.
supervising officials
similar payment was made
City.—V. 143,
management of the com-
£any in Carter, John B. Strauch, Thomas
Ray the board of directors consisting
Foote-Burt Co.—20-cent Dividend—
stock,
management
The
consummation Aug. 21 of the final
steps for the mutualization of the
General American Life
places the control of the
1075.
The directors have
declared
>
attorney, St. Louis.
,
*
mon
,
are to name two of the
six directors to be
meeting of the company to be held in
and three of the
January, 1938,
seven at the 1939
meeting.
From then on there will be a
gradual increase in the number of
policy-holder-named directors until all
of the 13 directors
of the company are so
named.
Pending complete retirement of all the
outstanding stock, control of the
company is vested in three trustees selected in
accordance with a 10-year
voting trust agreement
recently perfected.1
These trustees will name
all
directors not selected direct
by policy holders.
The trustees under this
agreement are: Walter W.
Head, President of the General American
Life;
Sidney W. Souers, Vice-President of the
company, and Powell B.
McHaney,
3,294,734
401',452 sur468,523
of SI par.
y 25,000 shares of no par
After reserve for doubtful
notes and accounts of
$17,141 in 1936
($16,128 in 1935).—V. 141,
value,
company.
Pending the final retirement
to receive only a nominal
interest re¬
are
During the first five years of the mutualization
they will be paid 3H % interest,
4% during the next five years and
4H% thereafter.
61,322
72,733
Notes payable
Acer. int. & taxes.
Capital surplus
Earned deficit....
Total
turn
59,132
Fed. process, tax..
In banks for col¬
Marginal deposits.
can be no increase in that price regardless of the
merged
of their
stock, the stockholders
on their
investment.
1935
Liabilities—
1,271,087
?!60 perearnings of there
share and the
uture
1935
$
Cash
Divs.
on
G.
P.
,
U., Inc.
$5 pref. stock
Bal.
avail,
stk. &sur.
for
30,881
465,324
416,619
874,831
com.
—V. 143, p. 757.
General Refractories Co.—Dividend
Doubled—
The directors
on
Aug. 21 declared
a
dividend of $1
per share on the
stock no par value, payable
Sept. 30 to holders of record
Sept. 1.
This compares with 50 cents paid on
June 30 last, and on
Dec. 30, 1935,
this latter being the first distribution to
be made since Nov.
25, 1931 when
a dividend of 25 cents
per share was
common
paid.—V. 143, p. 757.
General Time
Net
Instruments
Corp.—Earnings—
Earnings for Quarter Ended June 13,1936
sales
Expenses, depreciation, Federal
income
$2,400,712
taxes, &c
2,044,310
Operating income
Other income, net of expenses
$356,402
11,772
Total income
$368,174
38,430
Pension fund loss
Consolidated net income
Earnings
x
per
share
on
*$329,744
327,078
shares common stock
(no par)
$0.79
Exclusive of provision for Federal
surtax on
undistributed income.
income for the six months
ended June 13, 1936
Consolidated net
$653,170, after
was
depreciation. Federal income taxes and
pension fund loss but
exclusive of provision for Federal surtax
on
undistributed income, is
$1.55 a share on common.—V.
equal
142, p. 4021.
to
General Water Gas & Electric
Co.
(&
Subs.)—Earnings
[Revised to give effect to the elimination of
gross revenues and
operating
expenses of properties sold from
July 31, 1934 to date of sale.
The net
results from properties sold are
included in "other
income."]
'
•
Financial
1400
Ended July 31—
12 Months
Total operating revenues
7
Operation
Maintenance
Taxes (other than Federal income
Netoper.
68,477
Other income-_L
522,397
8,425
unfunded debt
on
34,170
29,502
81,958
on
288,684
73,625
46,985
subsidiaries' preferred stocks.
15-yr.5% 1st lien & coll.trust bonds, series A
Provision for Federal income tax (estimated)._—
Expenses incurred in defense against plan submitted
to City of San Jose by Water Properties, Ltd--Int.on
This latter dividend is equivalent to $5,623^ a share on
paid Oct. 25.
has been a gratifying improvement in earnings over last year and this im¬
provement is continuing.
In the six months ended July, unaudited net
profit before provision for Federal taxes was about $487,000, after giving
effect to Pittsburgh flood losses amounting to about $402,000 and to a non¬
recurring profit from the sale of assets amounting to about $391,000.
41,531
28,850
52,445
290,045
stock discount and expense
Provision for amortization of deferred charges.—
Dividends
be
debt and preferred
of subsidiaries'
Amortization
Preferred Stock—
the present stock, making a total payment of $6.62H a share in cash.
President Bernard Gimbel stated in his letter to stockholders that "there
$1,821,675
365,972
487,367
71,239
$1,769,290
344,411
Total net earnings
Provision for depreciation and depletion—
Interest on subsidiaries' funded debt
Interest
$1,693,855
127,819
$1,700,812
1936
The directors at a special meeting held on Aug. 26 approved a plan for
refunding the preferred stock and accrued dividends of the company by
offering 1
shares of new $6 no par preferred stock in exchange for each
of the 160,900 shares of $7 preferred outstanding.
In addition, a cash
dividend of $1 a share will be paid Sept. 15 to stockholders of record Sept. 9
and a further cash dividend of $4.50 a share on the new $6 preferred will
1,350,395
153,716
295,992
320,968
tax)
before prov. for deprec. & deple.
earns,
Aug. 29,
Gimbel Brothers, Inc.—To Refund
$3,493,960
155,636
—
_
Chronicle
1935
1936
S3,556,271
1,378,853
In the corresponding period last year there was a net loss of $839,000."
The recapitalization will increase the number of preferred shares out¬
standing to 201,125 but will not impair cash working capital and will
leave number of common shares unchanged.4 It is pointed out that pre¬
ferred shareholders witt-reCeive the equivalent of $7.50 a share annually in
dividends instead ofthe $7 annually to which they are now entitled.
At the commencement of the fiscal year, Feb. 1, accruals amounted to
4,000
.
Net profit--.Earned per share:
$386,116
—
-
$433,236
$28
1
'
.
„
$5.05
$3.82
Common stock
—
$0.73,
$0.49
Notes—Total operating revenues are stated after deducting $120,000 in
respect of estimated annual reduction which will result in the event that
$3 pref. stock (average no. of shs.
outstanding)__
the one-quarter share of new $6 preferred on which cash dividends of $4.50
a share have been declared for this year.
The plan will add Only about
$80,000 annually to charges ahead of the common stock.
In the opinion of counsel for the company, the proposed change in pre¬
ferred stock capitalization will not subject stockholders to any tax under
the 1936 Federal Revenue Act except on cash dividends paid.
Public Service Commission and the Appellate
Division of the Supreme Court of the State of New York, adverse to Con¬
solidated Water Co. of Utica, N. Y., a subsidiary, are upheld on appeal
rate
of the
decisions
case
acquire stock for
V. 142, p. 3676.
No
—V. 143, p.
922..
.
Income
Year
Account
Gross sales.
Globe Silver Mines,
Inc.^—Earnings-
Genesee Brewing Co.,
—
Ended
April
See list
cost,
Globe
$3,908,128
1,502,929
—
from listing and
115,000
;---
Vv
■
&
Accounts
real estate,
Land &
& equip.,
10 cents per share ip
to the regular quarterly dividend of 5 cents per share on the
stock, par $1, both payable Sept. 30 to holders of record Sept. 9.
Previous extra distributions were as fellows:
5 cents on June 30 and
lncl. de¬
Note payable
410,000
10,000
175,000
77,066
393,483
118,150
665,256
—
Class A stock ($1 par)
Class B stock (81 par).__
Paid-in
Goodwill, trademark & formu¬
surplus
surplus
Appreciation
j.
Earned
82,251,7971
After depreciation
90,000
April 30 1937
1937-41
Reserve for contingency.-
1,262,901
14,139
Total...
121,237
(B. F.) Goodrich Co.—Wins Declaratory Judgment—
Term Indebtedness—notes
payable
packages, cases &
March 31 last, 10 cents on Dec. 20, 1935, and 5 cents on Sept. 30, 1935.—
V. 143, p. 1229.
$191,604
215,036
114,608
bottles
x
pay.,
Federal and State taxes
mach'y
Deferred charges.
lae
& notes
161,740
Inv. In & ad vs. to subsld's
surplus
Management of the company was supported by the votes of more than
the required 75% of both classes of its stock in the meeting last summer in
which a resolution was passed authorizing the directors to place a $45,000,000
mortgage on the company's property, it was determined in the New
Supreme Court Aug. 25.
In
The decision resulted from an action for a declaratory judgment brought
by the Goodrich company on Sept. 13,1935, through the law firm of White &
1936—7 Mos.—1935
1936—Month—1935
$85,256
$77,370
Railway oper. revenues .
Net rev. from ry. oper'ns
Net ry. oper. deficit
Non-operating income.
11,800
1,146
1,499
$10,600
$10,300
973
Gross deficit
911
Deductions
$11,57
Deficit
$613,863
.
def 1,611
*
55,206:
V 9,169
def 3,003
def4,887
11,746
_
Period—
$14,925
7,281
$52,764
$11,212
$44,750
Gross earnings
$599,948
19,636
23,618
8,693
$46,037
6,727
-Second Week of August—
1936
1935
$22,206
—Jan. 1 to Aug.
1936
1935
$689,605
$44,650
$679,248
—V. 143, p. 1229.
Georgia Power Co.—Earnings—
[A Subsidiary of Commonwealth & Southern Corp.]
Period End.
July 31—
Gross revenue
_
-
1,188,447
133,750
512,790
245,870
Prov. for retirement res.
Int. & other fixed charges
Dividends on pref. stock
$1,848,377 $25,202,672 $22,733,298
948,228
12,574,436
10,968,300
125,000
1,561,250
1,350,000
510,293
6,303,514
6,144,076
245,873
2,950,434
2,950,486
$99,528
Balance
-Y. 143, p.
\ 1936—12 Mos.—1935
1936—Month—1935
$2,180,387
Oper. exp. & taxes
$1,813,037
$18,981
a
vote."
Georgia & Florida RR.—Earnings—
Period Ended July 31—
decision handed down in the
Supreme Court by Refer'ee John God¬
frey Saxe, President of the New York State Bar Association, who was
appointed to hear and determine by Justice Lloyd Church, the court held
that the resolution "was duly carried by the votes and consents of more
than three-fourths in interest of plaintiff's stock outstanding entitled to
2469.
p.
Case.
'
"The decision just handed down in the suit for declaratory judgment, con¬
firming the action taken a year ago by more than 75% of the stockholders
of each class,in consenting to a proposed mortgage, is gratifying," David M.
Goodrich, Chairman of the board, said.
"It now seems clear that approval by the stockholders of the plan for
changing the preferred stock, which has been recommended by the board of
directors, will, I believe, remove the last serious obstacle remaining at
this time to securing for the company and its stockholders a more satisfactory
capital structure.
The action was brought against Otis & Co. and other stockholders by the
company to determine its authority in the matter after the legality of
certain proxies had been challenged in meeting.
Referee Saxe found that
the company had valid votes and consents for 4,232 shares more of pref.
stock than the three-quarters required and 5,433 more shares of common
than were required.
4
7
In his opinion, Referee Saxe said in part:
"Three-fourths of plaintiff's preferred and common stockholders formally
or informally approved the issuance of the proposed mortgage.
A minority
challenged some of the votes.
The inspectors of election found and certified
that there were sufficient valid votes.
Plaintiff brought this action to
remove the uncertainty aroused by such contest.
The challenge persists.
I have judicially recanvassed all disputed votes and find and decide that
there were sufficient valid votes.
There is no evidence of any fraud or
misrepresentation. The resolution was duly and regularly adopted and the
mortgage was duly authorized."
$1,320,436
Consolidated Balance Sheet June 30
757.
1936
1936
July—
Net after rents.
a
1934
1935
$161,709
$194,879
27,971
6,685
Gross from railway
Net from railway
■Earnings.-
$
$155,354
24,321
10,542
1,340,113
179,846
25,869
Gross from railway
Net from railway
Net after rents
1,147,167
147,076
90,512
1,107,711
108,429
12,201
991,699
169,413
27,266
Inv. In & adv. to
other cos.
4,542,049
43,864,781
Inventory
fund
trustee
for 25
Gibson Art
Accts.
802,375
tire.
29
Feb.
Years Ended—
*36 Feb.
28
'35
$617,643
$561,714
51,853
ciation and Federal income tax
68,074
Depreciation of plant and equipment
—
year.
—
accts. recelv—
Min. int
24,162,458
742,408
Other notes and
Govt, securities.
Cash..
21,159,885
675,926
77,422
$416,218
1,914,910
$2,570,830
r
Dividends paid
Loss
on
mach'y & equipment sold or scrapped
drawings, verses, &c., writ¬
off—
.
In subs
accr.
Uab.
8,786,337
811,054
.
6,173,205
1,608,374
Res.
com.
Feb. 29 '36 Feb. 28 '35
$861,887
$537,120
793,299
(less reserve)
723,180
562,943
63,876
in treasury
504,785
for unreal,
376,098
$£.27
Inventories
498,480
33,611
Other assets
x
Real estate,
and
Building loan
ins.
equipment-
911,628
997,608
19,647
23,975
1
1
Goodwill
co.
$20,409
89,034
$41,010
77,422
47,131
31,271
taxes,
int. & expenses.
plant
Prepaid exps. and
inv. of supplies.
Feb. 29 '36 Feb. 28 '35
Liabilities—
other
(not
items
due
120,000
1,000,000
2,094,074
Common stk. pur.
& held in treas.
Total
x
y
$3,118,555 $2,908,705
(17,300 shs.)..,
Total
Total
133,186,609 130,353,478
143,
5,292,065
^
Total.....-.133,186,609 130,353,478
p. 1229.
Gould
Coupler Corp.—Incorporated—
incorporation of Gould Coupler Corp. of Rochester, N. Y., has been
by the Secretary of State at Albany, N. Y.
Grand Trunk Western
July—
455,073
455,073
$3,118,555 $2,908,705
Represented by 200,000 no par shares.—Y. 142, p. 4179.
From Jan. 1—
Gross from railway
Net from
railway
Net after rents
—V.
143,
RR.—Earnings.-
1936
Gross from railway
Net from railway
Net after rents
After reserve for depreciation of $402,123 in 1936 and $474,106 in 1935.
•
announced
pay.
120,000
1,000,000
Earned surplus.— 2,297,053
1
433,839
107,534
a Real
estate, buildings, machinery and sundry equipment, after de¬
ducting reserve of $44,858,076 for depreciation and obsolescence in 1936,
and $46,662,081 in 1935.
b 1,156,101 no par shares.
The earnings for the six months ended June 30 were published in V.
The
before April 8,
1941)...
Common stock.-
y
492,227
785.000
813,637.
profits
$2,094,074
$2.61
Accounts payable.
Acer. Fed. inc. tax
Acer,
600,000
Res. for mlscell.
Balance Sheet
Assets—
680,000
stock
Surplus
Accts. & notes rec.
3,120,205
552,849
1,347,135
foreign exch'ge
100,000
Cash
305,303
1,726
1,649,950
Res. for contlng.
$2,297,053
643,160
8,117,015
54,320
Difference in val.
of
137,054
—-
Earned surplus at end of year
Earnings per sh. on 182,700 shs. com. stk. (no par)
„
of
..
Pension reserve
Book value of designs,
ten
Sund.
19,832
$2,331,128
237,510
36,267
19,798,800
1,989,000
subsidiaries
Trade notes and
Prepd. accts. &c
—
1,130,684
6,357,606
24,000
Rubber
Co., Inc
accts. recelv..
Total
payable.
Bond indebt.
600,000
89,034
"
Net
S
Fed'l
Mtges. payable.
Hood
15-yr
6% conv gold
$476,756
2,094,074
Federal income tax
1935
39,316,910
29,430,800
7,250,401
17.798,500
7% gold notes of
of
debs
profit for the year before deduction for depre¬
profit for the year
Earned surplus at beginning of
700,850
of agent for re¬
Co.—Earnings—
for
income tax
6M % 1st
years
$
39,316,910
51,777,314 Preferred stock. 29,430,800
Bills pay. to bk.
8,863,530
3,296,565 25-yr 1st M6Hs 17,156,500
44,875,046 15-yr. 6% conv. "
gold debs
19,798,800
Prov.
sinking
mtge. gold bds
Pur.fd. in hands
—V. 143, p. 757.
Net
48,941,630
Cash in hands of
From Jan. 1—
Liabilities—
b Common stock
&
estate
plants
1933
$173,186
30,319
21,132
14,497
2,421
Real
1936
1935
$
Assets—
Georgia Southern & Florida RR.-
York
,
—$2,251,797
Total.
of $200,367.—V. 137,
par,
common
posits on packages
(less reserve)
Merchandise (cost)
x
Accts.
receivable
notes
Exchange has removed the capital stock, $2
registration.—V. 143, p. 588.
The directors have declared an extra dividend of
Liabilities—
j
$483,370
Cash
from
addition
Balance Sheet April 30, 1936
Assets—.
Inc.—Removed
Exchange,
Goebel Brewing Co.—10-cent Extra Dividend—
$356,987
—
Underwriters
The New York Curb
78,694
Depreciation.
Reserve for Federal and State income taxes
Inc.—Registers with SEC—
first page of this department.
on
Listing and Registration—
1,854,517
delivery, selling and administrative
Netprofit
given
1936
30,
Federal and State stamps and sales tax
Material
callable at $105 a share and a sinking fund will
10% of consolidated net earnings each year to
retirement not exceeding 5,000 shares annually.—
The new preferred will be
be provided consisting of
pending.
provision has been made for any possible undistributed surplus tax.
now
share and the dividend of $1 plus a dividend of $2 paid April 15 re¬
This amount will in effect be funded by
a
duces this amount to $25 a share.
p.
757.
1935
1934
1933
$1,902,632
391,750
9,43 5
$1,721,477
265,335
146,029
$1,493,828
182,347
32,313
$1,409,818
189,427
3,645
14,206,400
3,627,569
2,224,956
11,936,393
2,305,593
1,272,869
10,939,651
2,051,049
718,693
8,795,242
812,377
def457,994
Volume
143
Financial
Great Northern
Ry.—Earnings.—
July—
»
1936
Gross from
railway.
1933
1934
$7,058,077
2,498,944
1,771,389
$6,694,852
1,924,730
1,244,967
39,148,723
12,276,878
7,559,475
36,496,523
9,063,346
4,420,688
30,687,362
8,099,753
3,037,703
Green Bay & Western RR.July—
1935
1934
$146,564
44,844
27,087
*—
$112,390
17,9697,577
926,771
230,901
114,188
Net after rents
801,723
162,008
81,970
From Jan. 1—
Gross from railway
Net from railway
Net after rents
■
606,399
14,270
def34,752
.
624,599
86,515
32,099
,-■
y-'v
Group No. One Oil Corp.-
/
~
Net
Net from railway
after rents
Net
—V.
$74,382
def3,050
def26,373
742,362
98,452
def64,179
687,487
108,012
def72,540
630,281
115,868
def87,284
1934
*
Suit seeking appointment of a receiver for
the company and removal of
Luke E. Hart as its President has been filed
in Circuit Court, St. Louis,
Ralph B. Brundrett, a shareholder and
formerly an officer of the
company.
Judge John W. Joynt has entered an order for the defendant
to show cause why the relief asked for
should not be granted. This order is
returnable Sept. 17.
The petition allegesdihat the
company is operating at
a loss because of
mismanagement.—V. 142, p. 1122.
by
Theatres, Ltd.—Accumulated Div.—
dividend of $1 per share on account of
accumulations on the 7% cumulative
preferred stock, par $100, payable
Sept. 30 to holders of record Aug. 31, leaving arrearages of $5.25
per
Insurance
Go.
of
N.
$2,142,196
1,278,150
1,119,732
Public utility bonds
1,390,410
Industrial & miscell. bonds..
418,501
Stocks.,
8,946,113
Cash on deposit and in office.
367,234
Real estate and mortgages
208,894
share.
bonds
Agency bals. not
over 90
Capital-
surplus
$4,454,051
555,144
514,500
4,000,000
7,518,968
due
$7,210
11,711
$30,651
13,971
$19,090
10,025
$10,391
15,547
$18,921
x20,672
$44,622
38,579
$29,115
32,759
$5,155
$1,751
prof$6,043
&
deplet'n.
Net loss
x
Includes loss
on
sale of U. S.
int.
Balance Sheet June 30
Assets—
■y,,
Oil
1936
Accounts
&c.
$133,626
259,123
$140,967
217,014
10,242
8,769
rec
Inv. in Socal Oil &
&
material
Total..
$17,042,663
-V. 142, p. 2996.
Havana Electric & Utilities Co.
(& Subs.)
Years Ended Dec. 31
58,849
6,288
Accrued
1935
taxes
y$910,000
7,941
550
408
Surp. from reduct.
par
value
of
6,631
_
capital stock._.
Deficit
Total
x
1936
44,738
$477,229
$476,969
Represented by shares of $1 par.
V. 141, p. 1596.
286,619
441,381
$477,229
Total.:
y Represented
'v
5,155
$476,969
by shares of $5
par.—
Honokaa Sugar Co.—Initial Dividend—
The directors have declared
the
common
p. 1831.
initial dividend of 50 cents per share on
stock, payable Sept. 30 to holders of record Sept. 21.—V.
135,
1
an
■
*
'
-
Honolulu Rapid Transit Co.
Period End. July 31—
rev. from
transp..
Gross
$535,434
350,606
$27,029
2,499
$190,093
18,362
$184,828
16,553
$35,248
20,699
$29 529
19,943
$208 456
136,116
$201,381
132,365
$9,585
$72,339
$69,016
rev.
from transp.
$32,780
2,468
rev.
from opers..
Deductions
...
re venue
—V.143,
p.
1936—7 Mos.—1935
$575,904
385,811
Net
Net
Ltd—Earnings—
1936—Month—1935
$89,679
$77,085
56,899
50,055
$14,548
expenses
758.
...
Net revenues from operation
..
Other income (net)
Period End. July 31—
Operating
-Earnings1934
Retire't
accruals
$9,909,735
5,752,168
$8,721,446
5,267,508
Interest and amortiz
$4,157,567
$3,453,937
$3,422,185
4,158,293
2,376,512
Cr6,114
535,000
..
appropriations.
Net income
Cr 579
Period End. July 31—
Gross oper. revenue
Oper.
exp.
& taxes
480,000
$1,264,315 z$l,215,529
103,593
$1,179,513 z$l,319,122
-
Other income.
$4,457
Hudson & Manhattan
Operating income
Non-operating income—
Gross income
Havana Electric & Utilities.Co.-
Co.—Earnings—
1936—Month—1935
$201,539
$172,196
100,063
87,866
26,306
25,500
28,333
29,166
22,485
13,492
19,892
20,061
—V. 143, p. 589.
Interest charged to construction
..
reserve
Taxes
DrS 1,753
Preferred dividends to public.
revenues..
Operation
Maintenance
1935
..
reserve
56,455
11,494
&
_
Liabilities—
Capital stock.... x$182,000
Accounts payable13,216
in
Houston Electric
$17,042,663
Property retirement
1935
field
reserves,
equipment,
272,164
Total
$3,644
;
Treasury bonds.
Houdaille-Hershey Corp.—Extra Dividend—
899,269
receivable accrued
and other assets
1933
The directors have declared an extra
dividend of 62 H cents per share in
addition to a regular quarterly dividend of
37 H cents per share on the
class B stock, no par
value, both payable Oct. 1 to holders of record
Sept. 19.—V. 143, p. 430.
days
Bills
1934
$1,173
9,218
Net
Reserve for all other liabilities
Net
1935
Operating profit
Other income,
int., &c__
Y.—Financial
Reserve for unearned prem's.
Losses in process of adjust...
Municipal bonds..
1936
$41,045
21,955
Liabilities—
U. S. Government bonds....
loss$52,406
20,138
Statement June 30, 1936
Assets—
$17,733
$50,789
Operating
Fire
1936—12 Mos.—1935
loss$29,251
$53,928
46,717
a
—V. 142, p. 3677.
Hanover
$59,607
$97,467
96,293
supplies.
Deferred charges
Hamilton Brown Shoe Co.— Receiver
Asked—
have declared
$97,601
35,000
2,993
insur., &c_
exps.,
Refining Co
The directors
$59,192
$25,921
Years End. June 30—
Total revenues.
Taxes,
Oil
See list given on first page of this
department.
United
172
$5,260
1936—3 Mos.—1935
taxes...
—V. 139, p. 2206.
Cash
Hagerstown Industrial Savings & Loan
Co.—Registers
Railroad
184
74
$96,956
35,000
2,763
Hegeman-Harris Co.—Earnings—
1933
with SEC—
Hamilton
$97,526
$6,996
accruals
Period End. June 30—
Net profit after
$80,583
10,211
defl5,751
—V. 143, p. 758.
$96,874
$8,350
2,916
p. 924.
Depreciation
$99,839
9,702
defl3,916
1935
$571,334
364,249
23,062
86,495
$8,350
$10,097
2,916
income
143,
$559,457
352,826
22,698
87,058
81
Total income
840,778
116,765
def56,884
after rents
From Jan. 1—
Gross from railway
Net
Halves Dividend
1936
$120,856
4,573
def20,502
"
$10,097
1936—12 Mos.—1935
Holly Oil Co.—Earnings-
Ship Island RR.—Earnings.—
Gross from railway.....
Net from railway
revenues
Balance
Retirement res.
Interest charges
$111,489
30,579
22,279
The directors have
July—
II
Non-oper. income—net.
1933
$76,656
def7,207
defl3,024
declared a dividend of $50 per share on the
capital
stock, no par value, payable Sept. 30 to holders of record
Sept. 10.
Pre¬
viously regular quarterly dividends of $100 per share were distributed. In
addition an extra dividend of $100 was
paid on Sept. 29, 1934; and extra of
$200 was distributed on Dec. 31, 1932 and an extra of
$150 per share was
paid on Sept. 30,1932.—V. 143, p. 272.
~~
Operation
Net oper.
Earnings-
1936—Month—1935
$44,668
$44,810
27,142
26,588
1,932
1,955
5,495
7,917
revenues
Maintenance
—Earnings.—
1936
Gross from railway
Net from railway
^
Operating
Taxes
Net from railway
Net after rents
—V. 143, p. 758.
Gulf &
Period End. July 31—
$5,955,504
2,344,591
1,581,185
45,927,037
14,221,542
9,520,246
From Jan. 1—■
Gross from railway
P..758.
'
1935
1401
Haverhill Gas Light Co.
$9,040,108
3,685,950
2,710,986
Net from railway
Net after rents
—y. 143,
Chronicle
$1,179,513 z$l,319,122
4,386
...
def$3,891
$20,153
def$97,784
RR.-—Earnings-
1936—Month—1935
1936—7 Mos.—1935
x$601,802
$584,189 x$4,547,249
$4,511,043
400,155
389,090
2.799,051
2,745,428
$201,646
24,594
$195,098
23,821
$1,748,198
167,298
$1,765,615
166,253
$226,241
$218,920
$1,915,497
$1,931,869
305,355
314,867
2,187,330
2,204,858
Inc.
chgs.—inc. int. on
adj. inc. bds. at 5%—
1936—12 Mos.—1935
$2,285,715
$2,124,736
1,129,531
1,077,623
320,791
305,150
344,166
350,000
227,608
216,541
243,464
273,204
Deficit....
$79,114
$95,947
$271,832
$272,989
Subject to adjustment when effect of reduced fares from
joint service
with Pennsylvania RR. between New lork and
Newark is determined.
—V. 143, p. 1080.
x
z$l,314,737
154,753
Miscellaneous interest.
Balance
Dividends
z
on
6%
cum.
$1 ,071,335 z$l,469,489
454,455
1st pref. stock
in
Consolidated Balance Sheet Dec. 31
1935
1934
$
$
Plant, property,
franchises, &c.l84,526,496 184,489,642
Investments
89,849
102,151
Cash in banks..
1,046,088
234,468
U. S. Govt. sees.
786,087
639,741
Notes receivable
18,385
8,119
Accts.
receiv'le.
Mat*
&
s
suppl's
831 945
Sundry assets..
Deferred receivs.
1,832,250
426,525
3,397,424
Special deposits.
1,149,917
2.053,467
420,085
3,540,529
14,001
cap.
stk.
($6
pref.)
66.736
Deferred
chgs..
$
stk. ($100
par)
199,723
78,429
55,452
$
20,198,917
78,203,009
78,203,009
1,643,360
Funded debt... 69,148,650
1,707,824
65,096,550
4,062,100
951,597
805,412
1,332,568
pf.
stk.
& com. stock.
Cap.stk.
Cuban
Elec. Co
deposits.
Accounts
pay'le
int. payableReserves
Surplus
1,026,070
515,160
1,868,321
18,351,630
2,159,100
1,192,511
18,274,979
1,067,828
Total
193,114,218 192,893,2961
Total.
.193,114,218 192,893,296
Represented by 294,665 shares of $5 cum.
pref. stock, no par, and
1,000,000 shares of common stock, no par.—V.
143, p. 1230.
x
Hercules Motors
Period End. June 30—
Corp.—Earnings—1936—3 Mos.-
1935
Net
profit after deprepreciation, taxes, &c..
Earns, per share on 310,100 no-par shares com¬
mon
x$138,660
$149,871
1936—6 Mos.—1935
x$250,098
$245,515
$0.44
$0.48
$0.80
Before provision for surtax on
undistributed profits.—V.
in
dealer
organization, although somewhat impaired by the
publicity
regard to the litigation and the delay in new production, is still
efficient.
A skeleton organization has been preserved to enable
the factory to
speedily
effective operation. But before it can resume
operation, adequate
working capital must be provided.
"This problem has received the particular effort of
the
resume
the board of directors for some time. It could not be
until the litigation was concluded in the Circuit
$0.79
142, p. 4180.
management and
effectively attacked
Court of Appeals.
"It is, however, now expected that a
plan to rehabilitate the
company's
finances will be presented at the annual
meeting.
"Should such plan require a vote of the
stockholders an adjournment of
the meeting will be had and the nature of the
plan and the action proposed
be communicated to
you in order that you
may
give the grantees of the proxy such instructions as
you may wish.
The en¬
closed proxy if signed by you will hot be
authority to vote on such a plan
until you have had the opportunity to examine it
and advise the
grantees."
With production suspended the
principal cash receipts have been from
operations of the service department and the sale of unused
property and
obsolete materials and
equipment, the committee said. These have pro¬
vided sufficient money to
virtually discharge the indebtedness to vendors
of material and to do some of the work
necessary in connection with antici¬
to be taken thereon will
pated introduction of
stock
"It is still indebted for some past due taxes.
There are miscellaneous
claims, some of which are not admitted, which grew out of the
Andrews
management.
There is an indebtedness of $85,000 of borrowed
money.
Its plant and equipment is intact ready for future
operation.
Its
and distributor
Dem. notes pay.
Custs.
"The company now finds itself in the position of
having discharged
practically all its liability to its merchandise creditors," the committee
said.
20,198,917
Cum.
Accrued accts._
Mat'd & accrued
Reacq. proposals
1934
6% cum. 1st pf.
x
financing plan will be presented at the annual meeting of stockholders
Richmond, Va., on Sept. 9, the proxy committee has announced in
a
letter to shareholders.
1935
Liabilities—
Con-
A
Loss.
Assfifs—
x
Hupp Motor Car Corp.—Refinancing Plan to Be
Sept. 9—
sidered
new
models »■
Counsel for the
company has expressed the opinion that there is no
possibility that the United States Supreme Court will entertain
the appeal
of Archie M. Andrews, former
Chairman, from the decision of the United
Financial
1402
of Appeals upholding the validity of the election of
cancellation of the Andrews contracts, "since the case
does not fall within the class of cases which the United States Supreme
Court ordinarily consents to review."—V. 143, p. 1081.
Aug.
Chronicle
Manhattan Division Operations
States Circuit Court
a new
Door Co.—Plans to
Huttig Sash
age on
the $100 par
Eliminate Back Divs.—
It is
1935
1934
$933,040
$937,114
863,235
828,645
$64,281
$69,805
$108,469
4,986
3,891
3,485
6,610
4,868
3,879
4,704
3,874
3,443
6,525
3,017
6,855
$18,973
$18,718
$18,451
$35,307
Gross operating revenue
$61,087
$90,018
operating revenue
Net
operated lines:
Queensboro line
Lexington Ave. line.
Rental of jointly
eliminate the arrear¬
7% cumulative preferred stock, amounting to $47.25
Aug. 31 on a proposal to
Road line
Other rent items
White Plains
share.
per
1936
$907,620
Month of July—
board and the
The stockholders will vote
preferred holders 4H shares of common and $2.25
proposed to give
share of stock.
would be issued in exchange for the present preferred.
$100 par and call for 7% annual dividends, but
cash in ueu of the arrearage per
n
New preferred
The
new
only 5% would be cumulative from date of issue, Oct. 1, 1936 to Oct. 1,
1939, and 7% thereafter.
However, it is proposed that no dividends may
be paid on the common in any fiscal year unless the full 7 % shall have been
—V.
declared for that year on
on
The common
Idaho Power Co.—Earnings—
Subsidiary]
1936—12 Mos.—1935
$4,561,225 $4,197,200
191,529
2,243,054
2,109,628
[Electric Power & Light Corp.
1936—Month—1935
$428,211
$382,803
Period End. July 31—
Operating revenues
Oper. exp. & taxes.—.
211,335
$2,319,162
$191,254
59,171
$216,618
59,695
Gross corp. income—.
Interest & other deduct.
991
Dr20
Dr 2 58
Other income (net)
$2,318,171
$191,274
$216,876
Net rev. from oper...
709,434
$2,087,572
-Drl.986
$2,085,586
715,003
143,
p.
•To
Match Corp.-
International
would
139,861 shares outstanding after the plan becomes effective, namely,
100,000 in exchange of the present 100,000 shares and the other 39,861 to
be given to the preferred holders.—V. 139, p. 2048.
be
operating revenue..
1231.
Balance of net
issue would be
the preferred and all accumulations paid.
would be changed from no par to $5 par, and there
1936
29,
Pay 1Q% to Creditors
Oct. 20—•
Oscar W.
Ehrhorn, Federal Referee, on
the Irving Trust
Aug. 26, signed an order enabling
for the company, to pay a
Co., as trustee in bankruptcy
amounting to $9,800,000 to the creditors on Oct. 20.
The payment will be made to all claimants or holders of debentures
and certificates of deposit whose applications will be on record as allowed by
Sept. 28, the date on which the payment will be formally announced.
This is the second disbursement since last December, when a 5% pay¬
ment was declared.—V. 143, p. 1233.
10% disbursement
International Paper & Power
-
Neil
and
as
an
Co.—Vice-Pres. Resigns—
24 as Vice-President of this company
its affiliates, effective immediately.—
Head resigned on Aug.
officer and director of
C.
143, p. 1082.
V.
Corp.—Certificates Offered—
International Platinum
of deposit are currently being offered by the cor¬
The certificates are issued by the Chemical Safe Deposit Co.
and evidence the ownership of pure platinum metal in standard ingot form.
The literature of the corporation explains the convenience of this method of
investment for individuals as a hedge against possible inflation.
Platinum certificates
poration.
z
$1,609,728
y$132,083
427,000
appropriations
stocks for
$1,370,583
420,000
414,342
414,342
$768,386
$536,241
y$156,923
Balance
Property retirement reserve
applicable to preferred
period, whether paid or unpaid
Dividends
...
-
-
Before property retirement reserve appropriations and dividends,
z Regular dividends on 7 % and $6 pref. stocks were paid on May 1, 1936.
After the payment of these dividends there were no accumulated unpaid
dividends at that date.
Regular dividends on these stocks were declared
for payment on Aug. 1, 1936.—V. 143, p. 589.
RR.—Earnings of System.—
Illinois Central
1936
1935
1934
1933
$7,368,276
1,005,149
186,669
$7,537,558
1,707,540
813,618
$8,024,497
2,700,260
1,871,367
63,075,204
14,365,772
7,149,874
Net after rents
54,230,469
51,719,156
13,099,087
7,321,095
48,751,451
14,223,437
8,572,774
From Jan. 1-—
Gross from railway
.
Net from railway
.
Net after rents
.
,10,458,088
/ 5,338,065
._
.
Net from railway—...
.
Net after rents
.
declared an extra dividend of 50 cents per share in
quarterly dividend of like amount on the common
stock, no par value, both payable Sept. 15 to holders of record Sept. 1.
A similar extra was paid on June 15, last, and extras of 25 cents per share
were distributed in each of the five preceding quarters.—V. 143, p. 760.
Italian
Corp.—Consolidated Balance Sheet
Superpower
June 30—
1935
1934
1933
$6,456,155
868,318
243.116
$6,645,584
1,565,453
868,700
$7,117,506
2,442,711
1,808,980
,
Cash
.29,285,285 29,207,350
1,933,014
1,482,781
821
—
Interest accrued..
Net
from railway
Net after rents
—V. 143, p.
but not present.
Gross from railway
Net from railway
Net after rents
92,332
88,290
78,686
66,583
3.377,544
1,210,108
2,898,041
2,842,369
863,191
848,635
2,604.170
786,820
573,662
540,778
414,750
-
<
.
railway
Net after rents
759.
,
India Tire Co.—■Assets to Be
,
Auctioned Sept. 22—
history of the company will be written on Sept. 22
Ohio. That is the date set for auctioning the assets of the
following ruling made last May by Federal Court ordering the
company to liquidate. Assets of the company are estimated to be $340,000.
—V. 142, p. 3856.
The final chapter in the
in Mogadore,
company,
Indiana Associated
Period End. July
Operating revenues.—.
Uncollectible oper. rev._
Operating expenses
Rent
for
lease
of
50
operating income.
143, p. 759.
Insurance
507
350
12,125
86,461
84,896
$33,979
Net
Stock
50
10,981
—
Co.
for
divs.
on
$27,513
$235,371
of State of Pennsylvania—To
x
no
3,476,816
3, 911,418
Total ——31,218,299 30,690,953
31,218,299 30,690,953
,
839,470
Represented by 124,172 no par shares $6 cum. pref. stock, 970,015
shares common stock class A and 150,000 no par class B common
par
stock.
There
are
outstanding
option
to purchase
series of 1929,
warrants,
59,985 shares of the common stock, class A, as such stock may be constituted
at the time of purchase, at any time up to and including Jan. 1, 1938, at a
price of $20 a share, on which last-named date the rights to purchase repre¬
sented by such option warrants, series of 1929, expire.
The earnings for 3 and 12 months ended June 30 were published in
V. 143, p.
1233.
Italo Petroleum Corp, of
America—Earnings—
1935
1936
Six Months Ended June 30—
$71,017
$122,972
$0.21
Net income after depr., depl. & other charges...
Earns, per share on 597,958 shares pref. stock
$0.12
—V. 139, p. 4129.
1936—7 Mos.—1935
$644,354
$691,979
797
706
359,858
368,934
oper.
property
Operating taxes
—V.
Telephone Corp.—Earnings—
1936—Month—1935
$98,818
$92,659
97
114
53,711
52,857
31—
Total
610
982
&int rec.
converted..
pref. stock
1933
$432,651
153,487
1934
$407,457
106,242
832,259
From Jan. 1—
Gross from railway—..
—V. 143, p.
Lire divs
Res.
1935
$422,527
121,997
5,370
117,700
33,459
Accounts payable.
Co.—Earnings.1936
$458,259
149,990
.
taxes
Due for sec. pur..
not
.
Net from
42,459,826
12,249,285
8,077,906
45,265,490
11,506,064
7,059,636
7,020
78,326
for payment
758.
Illinois Terminal
July—
47,754,501
9,236,005
5,389,767
'
$
Deb. coupon due,
Accrued
55,057,047
12,151,774
6,409,198
.
6% debs, due 196310, 504,000 10,582,000
x Cap. & surplus..15, 561,963
16,155,559
Acer. int. on debs.
315,120
319,440
From Jan. 1—
Gross from railway
$
Liabilities—
$
$
1935
1936
1935
1936
Assets—
declared value)
1936
$8,202,071
1,991,390
1,132,293
July-
of Philadelphia—Extra Dividend—
Investment Corp.
The directors have
Investm'ts (cost or
Earnings of Company Only
Gross from railway.
quarterly dividend of 10 cents per share on
stock, par $1, payable Oct. 1 to holders of record Sept. 1.
An
initial dividend of 10 cents in addition to an extra dividend of 2% cents per
share was paid on July 1 last.—V. 142, p-. 3347.
The directors have declared a
the capital
addition to the regular
$9,407,560
2,287,665
1,207,671
JulyGross from railway
Net from railway
Dividend—
International Vitamin Corp.—10-cent
1
Balance
y
$198,453
Vote on
Split—
I ten-Bar mettler Biscuit
Jenkins
Co.—Registers with SEC—
first page of this department.
See list given on
Bros.—Earnings—
6 Months Ended June 30—
Net income after depreciation
Shares common stock outstanding.__
Earnings per share
—V. 142, p. 4182.
$110,259
$77,272
125,824
$0.45
$160,278
125,736
$1.10
Jersey Central Power & Light Co. (&
A special meeting of stockholders will be held Sept. 17 to vote on a pro
posal to change present 10,000 shares of capital stock of $100 par into
100,000 shares or $10 par.
Stockholders are to receive 10 shares of new stock for each share now held.
—V. 143, p. 431.
'
1934
1935
1936
and
Federal income taxi
125,744
$0.71
Subs.)—Earnings
Consolidated Income Account 12 Months Ended June 30,
1936
$11,188,111
6,127,007
1,130,135
Gross
operating revenue
Operating expenses and uncollectible accounts...
Taxes—general
,
Interborough Rapid Transit Co.—July Earnings—
Jr., receiver, in his monthly report states:
Traffic—The Subway Division during the month of July carried 58,878,365 passengers, an increase of 2,609,329, or 4.64%, as compared with
July, 1935.
All lines on this diyision showed increased traffic over the
corresponding month of last year, ranging from 3.45% on the Lenox Ave.
and White Flams Road line to 9.55% on the Pelham Bay Park line.
The Manhattan Division during July carried 17,105,448 passengers, an
increase of 262,526, or 1.56%, as compared with July, 1935.
The Second
Ave and Third Ave. lines snowed increased traffic, and the Sixth Ave.and Ninth Ave. lines were off at about the same percentage loss as in the
preceding month.
The number of passengers carried on the entire system during July was
75»983,813, an increase of 2,871,855, or 3.93%, as compared with July, 1935.
Thomas E. Murray
Subway Division Operations
Current rent deductions.
$1,115,465
142,239
$935,862
$962,827
124,353
77,272
$811,509
218,708
$885,555
218,708
62,435
$592,801
93,537
GV12.904
of assets of enterprise
Balance—city and company
$692,082
$499,263
$679,752
Gross income
218,708
2,104,945
Net income
Balance, deficit
131,790
$1,682,873
i
Dividend paid or
declared on preferred stock
7% pref. (cumul.) stock
6% pref. (cumul.) stock
6^% pref. (cumul.) stock...
1,626,066 Common 1,053,770 shs. no par
464,722 1st mtge. 5s series "B"
707,127 1st mtge. 4Hs series "C"
66,936 Discounted contracts.,
12,157 Accounts payable
receivable
Unbilled Income
Materials and supplies
Miscellaneous
Miscellaneous assets
Deferred
18,356
3,234,968
debits
Co.'s own
pref. stock held..
124,607
Dividends
$177,234
$177,234
$364,377
$161,706
accrued
224,284
333,021
34,169
701,169
Misc.
deposits
unadjusted credits
Capital surplus
Earned surplus
631
Total
...$85,083,294
•
263,719
263,458
338,472
Accrued interest
Reserves
—V 143, p. 275.
$7,100,000
7,030,300
7,910,800
10,537,700
10,225,000
32,000,000
Accrued taxes
Miscellaneous
$162,338
724
$368,176
3,799
867,440
$0.32
Liabilities—
Assets—
Plant, property and equip...$77,943,776
Cash in banks and on hand..
789,591
Notes receivable
94,990
$679,752
842,089
$499,263
$336,829
Consolidated Balance Sheet, June 30, 1936
Consumers
$692,082
870,040
1,346,043
:
applicable to common stock
i _
Approximate earnings per share of common stock (a total of
1,053,770 shares outstanding)
...
Balance
Prepayments
$177,958
Non-operating income.
Cr3,772
Interest charged to construction
Provision for Federal income tax.
Payable to city under contract No. 3_
Fixed charges.
*
Miscellaneous deductions from gross income
Accounts
$666,848
$3,969,204
1,971,163
142,449
44,700
...
charges
Bond and other interest
Amortization of debt discount and expense.
1934
$3,067,772
$754,517
Balance
Used for purch.
1935
$3,107,435
2,171,572
$973,225
Net operating revenue.
Taxes.:
1936
$3,218,639
2,108,174
Month of July—
$3,930,969
38,235
Net operating income
Non-operating income
Total
5,651,153
7,532
785,769
1,676,747
....$85,083,294
Volume
Financial
143
Jewel Tea Co., Inc.—Sales—
.£jj
•'
Four Weeks Ended—
Jan. 25
Feb. 22...
Mar. 21
May 16
June 13
1935
1934
$1,214,762
1,276,473
:* 1,335,685
1,276,651
1,265,773
1,265,347
1,311.074
1,275,079
tion
1933
$1,395,225
1,450,684
1,439,369
1,436,962
$1,095,551
July 11
Aug.
8
1,422,600
1,417,014
1,407.424
1,429,522
1.579.602
1,543,505
Formation of Kreutoll Realization Co., Ltd., by the two protective
committees for the Kreuger & Toll Co. 5% secured debentures was an¬
nounced
1936
Earnings
per
142,
share
$552,035
p.
lulian
&
$3.77
$2.98
$2.24
on
to be held
company.
Mr. Murphy asserted that
1234.
debentures
Leavenworth & Western Transportation
Co.—Registers with SEC—
Co.—Earnings—
1936—12 Mos.—1935
1936—Month—1935
$1,397,982
$1,255,551 $16,346,999 $15,252,000
Operating expenses
691,361
630,786
7,850,791
7,191,170
Interest charges
133,073
134,705
1,612,470
1,742,192
Amort, of disc. & prem's
9,115
9,102
109,333
127,880
Depreciation
184,254
185,514
2,211,422
2,213,636
Fed. & State income tax.
63,850
47,561
679,757
585,217
$247,880
-Y. 143, p. 1234.
Kansas Gas & Electric
Co.—Earnings—
[American Power & Light Co. Subsidiary]
Period End. July 31—
Operating
Operating
revenues
expenses—...
Net revs, from oper..
Other income..
Gross corp. income
Int. & other deductions.
1936—Month—1935
$485,465
$434,538
256,143
227,641
2,664,248
$229,322
1,133
$206,897
613
$2,682,759
13,601
$2,647,568
15,777
$230,455
82,559
$207,510
82,393
$2,696,360
989,521
the two
com-
;v.-
Motions in Case—
on
secured debentures.
'
/. „■■
This agreement is subject to the approval of the Court and will be
pre¬
1936—12 Mos.—1935
$5,595,515
$5,311,816
2,912,756
with
trustee of Kreuger & Toll Co. has made an agreement with the
protective
committee
(Grayson M.-P. Murphy, Chairman), and the independent
committee, (Bainbridge Colby, Chairman), fixing the value of this collateral
at $10,000,000, or the net amount realized
upon a sale of the collateral
whichever is greater.
These committees represent about 94% of all the
$3,391,903
$3,883,223
been deposited
debentures issued by Kreuger & Toll Co.
Referee Coffin also signed orders fixing Sept.
10,1936, at 10:30 a. m. for
two other
meetings in the Kreuger & Toll case.
One of these meetings is
for the purpose of
reducing the claims of all holders of secured debentures
by the value of certain collateral held by the Marine Midland Trust Co. of
New lork as trustee for secured debenture holders.
Mr. Greenbaum, as
.
$316,327
than 94% of the entire issue of the secured
already
...
Hearings Set
Period End. July 31—
Gross earnings.
....
more
has
An order signed
by Referee Harold P. Coffin and filed in his office
Aug. 24 has directed that a hearing be held in his office in the New Federal
Court Building, N. Y. City, on
Sept. 22, on a motion made by Edward S.
Greenbaum, trustee in bankruptcy of Kreuger & Toll Co., to expunge or
subordinate claims of holders of American certificates and participating
See list given on first page of this department.
Balance
outstanding
littees.
Kansas^City
Kansas City Power & Light
successor trustee.
the new
Tim New York Curb Exchange has approved the listing of 131,411 out¬
common stock, no par.—V. 143, p.
by the Marine Midland Trust Co. of New York,
To that end the
right to receive distributions from this collateral appertain¬
ing to the deposited debentures is being transferred by the committees to
Kokenge Co.—Listing Approved—
standing shares of
as
As provided in the
plan, the new company's intention is to protect the
interest of holders of secured debentures which have been
deposited with
the two
committees, at the forthcoming foreclosure sale of the collateral
$429,409
165,000 shares
(no par)
4181.
organized under the laws of Canada and lists
was
Murpny and Mr. Colby, includes Pemberton Berman,
Brundell, Walter Carter, Hugh Kindersley, Jean Monnet, Eugene
Regard, Lindsay Rogers, James R. Sheffield, Rodolphe Speich and Jacob
Wallenberg.
1934
1935
$681,599
stock
common
concern
to Mr.
Petrus
(Mead) Johnson & Co. (& Subs.)— ■Earnings—
____
new
Resident Mr. Murphy, with Tristan Antell, Secretary. The directorate,
addition
In
____
Aug. 27, by G. M.-P. Murphy and Bainbridge Colby, pursuant to
^readjustment recently declared operative by the committees
The
i
-
Realiza¬
Co.—Groups Give Canadian Unit Right to Receive Dis¬
tributions—
1,061,842
1,052,312
1,073,939
1,034,522
1,071,758
1,015,899
1,021,186
—V. 143, p. 1233.
6 Months Ended June 30—
Net profit after depreication, Federal
income taxes, &c
1403
Kreuger & Toil Co.—Committees Form Kreutoll
V..
1936
$1,470,582
1,522,355
1,534,026
1,497,019
1,499,772
1,502,338
April 18
Chronicle
$2,663,345
988,262
sented at the
meeting for the purpose of seeking this approval. At "the other
meeting, the Court will be asked to reduce the claims of the secured de¬
benture holders by the same amount. In connection with those meetings Mr.
Greenbaum stated that Murray H. Klinger, Referee appointed by Justice
Ferdinand Pecora of the Supreme Court, has recommended to that Court
upset prices on said collateral of over $8,500,000.
Mr. Greenbaum stated
that similar agreements had been made between
the committees and the
Swedish liquidators of Kreuger & Toll Co. At one of the meetings to be held
Sept. 10, there will also be presented for approval an agreement with
James F. Egan, Public Administrator of New York
County, representing
the estate of Ivar Kreuger in New York, for the settlement of all disputes
between said Administrator and Kreuger & Toll Co. in this country.—V.
on
Balance
y$147,896
y$125,117
Property retirement reserve appropriations
z Dividends
applicable to preferred stocks for
period, whether paid or unpaid
$1,706,839
600,000
520,784
Before
520,784
$586,055
Balance..
$1,675,083
600,000
$554,299
143,
retirement reserve appropriations and dividends,
7 % and $6 preferred stocks were paid on July 1,
1936.
After the payment of these dividends there were no accumulated
unpaid dividends at that date.—V. 143, p. 591.
'
y
z
property
Regular dividends
final distribution of $1 per share in liquida¬
The property was absorbed by the Berkshire Fine Spinning Associates,
Inc., in 1930, and liquidation dividends included one of $40 in 1930 and $14
in 1931.—V.
133,
p.
3100.
(G. R.) Kinney Co., Inc. (& Subs.)6 Mos. End. June 30—
1936
Net sales
$6,776,797
Cost and expenses
6,479,813
Int. & misc. chgs. (net).
Loss
on
factory tem¬
porarily closed
Deprec. & amortization.
1935
1934
tax.
Provision for retirement.
Taxes...
Net operating income.
422
$5,623,178
5.615,456
90,646
956
116,211
2,000
123,363
loss$80.280
6,366
126,868
$180,064
4,849
of
1936
Cash..
Accts. receivable..
Notes receivable..
Cash in closed bkB.
$458,847
102,056
11,704
4,898
Merchandise, raw
materials, &c
3,481,832
Investments
Prepaid
y
118,237
expenses.
patterns
Accounts payable.
Notes pay., banks
Prov.
144,043
213,451
1,466,595
223,996
1,521,312
liabilities
Real est. mtges
Gold notes outst'g
Res. for conting..
Preferred stock
dies
x
Trade-marks .good¬
Common stock..
Surplus
2,480,051
and
$981,360
275,000
x
1935
$627,061
400,000
No
x
tion
153,526
and
no par
Total
Lane
2,000
149,275
140,000
726,500
91,333
140,000
817,000
22,000
2,523",950
2,523,950
1,535,320
1,924,436
1,535,260
2,048,427
....$8,381,771 $8,081,100
shares in 1936 and 153,532 in 1935.
y After deprecia¬
of $1,644,926 in 1936 ($1,589,478 in 1935).—V.
amortization
143, p. 591.
(Mich.)—Stock Offering—Alison & Co.,
Detroit, early in July announced the oversubscription of
175,645 shares of common stock at par ($1).
According to the offering circular, the proceeds will be used in part
by the company for the purchase of 88,626 shares from the estate of Edward
O. Kinsel, deceased, at par. The company will also purchase at par 37,359
shares from other stockholders and indebtedness to the company in the
amount of $37,359 will be paid in stock at par.
The company will cancel
the stock purchased from the estate and an additional 37,359
shares, a
total of 125,985 shares.
After the cancellation, the capital will consist
of 828,000 shares.
Additional funds received by the company from the financing will be
balance of funds received
will
Stockholders at
a meeting held on Aug.
17 approved a plan to issue one
$2.50 pref. stock, and ^-share common stock, in exchange
for each share present $3.25 cum. pref. stock and accrued dividends thereon.
Accumulations as of July 1,1936 totaled $8.12)^ pershare.—V. 138, p. 2415.
new no
par
$77,025
59,179
$219,465
118,358
$169,029
118,358
$101,106
$50,670
been
3348. •
made
Cost of sales, operating,
admin. & selling exps.
Federal
surtax
on
undistributed
v-v;
y
•
1934
1933
$12,398,603 $10,751,930
12,950,143
12,554,872
11,820,344
10,663,334
$346,338
135,848
$199,506
134,792
$578,258
11,823
$88,596
12,251
$334,298
$590,081
$100,846
174,146
69,276
176,709
79,113
194,977
196,601
92,397
CV772
Cr2,467
5,527
5,331
33,000
""9,850
$201,010
74,021
$65,765
80,641
$255,582 def$161,001
86,195
86,387
$126,989
126,228
def$14,876
128,928
Nil
*'
$169,387 def$247,388
128,957
128,957
-
Miscellaneous income—
income
1935
$12,754,378
$482,186
Operating profit
Total
$17,846
for
.;v
Bryant, Inc. (& Subs.)—Earningt
before
,
for
Provision
deprec. of
bldgs., equip., &c
Interest
Discount
on
debs,
92,022
pur¬
-
Crll4,951
Excess
of exps.
except
deprec. over income of
props, not used n oper
Non-operating losses
General inventory res—
Federal taxes
Net income
Preferred divs. (7%)
Surplus—
Shs.com.stk.out.(no par)
Earnings per share
87,800
$1.01
47,500
$1.31
Nil
1936
1935
Consolidated Balance Sheet May 31
be
Knapp Monarch Co.—Dividend Plan Voted—
share
4,252
Years End. May 31—
1936
Sales (net of returns). ..$13,296,481
by $49,504, leaving
a balance due of $12,000.
used for working capital.
The company was started in 1888 when E. O. Kinsel opened a store at
Cass and Bagley Aves., jJetroit.
In 1889, larger quarters became necessary
and a move was made to Michigan Ave. and 17th at.
In 1893, it was ag, in
necessary to seek larger quarters and the move was made to the present
location of the main store at Griswold St. and Michigan Ave.
The business was incorporated in 1923 under its present name with a
capital of $171,809. Management of the business is in the hands of R. H.
Danz, Vice-President and General Manager, who has been with the com¬
pany 25 years.
The company operates four branch stores and it is planned
to open additional units.
Profits in the first five months this year were $43,379, before deduction
of Federal tax, against $30,471 in the like period of last year. The
company
has never had an unprofitable year since incorporation.
Earnings in 1935 were $79,726, against $89,171 in 1934.
The balance sheet as of May 31, 1936, shows current assets of $349,216,
against current liabilities of $174,466. Total assets are given as $976,610,
earned surplus as $104,781, and surplus due to appraisal May 16 at
$501,748, a total surplus of $678,340, including $71,809 paid-in surplus.
The
20,363
4,252
$105,475
59,179
has
p.
chased and canceled-
Kinsel Drug Co.
used to decrease bank loans
21,443
2,126
$46,296
provision
profits—V. 142,
2,480,051
..—$8,381,771 $8,081,1001
10,180
2,126
expense..
Federal taxes
Total
$330,112
132,591
3,876
debt
Net income before pre¬
ferred dividends
Federal
Income tax.....
3,115,432
&
will....
for
$378,430
129,450
3,819
Balance.....
1936
Accrued & miscell.
162,336
Fixed assets
Lasts,
$392,178
168,193
20,328
15,567
$157,459
66,190
1,937
$140,151 loss$201,161
Liabilities—
1935
$322,524
7,587
discount and expense.
of
pref.
stock
Balance Sheet June 30
Assets—
$362,244
16,185
,
Amort,
Pref. stock dividends
Net profit
$153,070
4,389
10,678
Funded debt interest...
General interest
Amortization
1936—6 Mos. —1935
$846,102
$775,753
219,306
204,367
8,220
9,598
38,211
27,674
90,679
90,363
xl27,439
121,224
$378,705
103,645
3,678
15,124
45,123
58,062
$184,914
64,725
1,908
Other income (net).
comm.
$8,943
Prov. for Fed. inc.
1933
$6,757,869
6,408,983
75,501
$6,035,475
5,873,465
117,971
169,410
$419,651
105,180
3,095
22,068
45,528
x63,713
Operation
Power purchased
Gross income—
Earnings—
.
-Earnings—
1936—3 Mos—1935
Maintenance
King Philip Mills —Final Dividend—
a
276.
Period End. June 30—
Total oper. revenues
on
Stockholders have received
tion of assets.
p.
Lake Superior District Power Co.
1936
Assets—
1935
Land, buildings,
equipment, &c.
$907,047
Def'd cash on dep.
970,181
575,964
2,799,629
16,567
x
$805,424
Cash
940,823
762,158
y Accts. receivable
Inventories.
2,858,036
anticip.
Tax
rants, &c
321
634
23,527
5,441
Prep'd rents,taxes,
Loans
269,861
34,206
depts..
4,704
7,469
investments
700
700
& advances
to leased
Other
Prepaid
sales
and
i
cred. to custom.
69,401
130,224
Mtge.
'
H
64,175
104,895
instalments
payable within 1
year
251,741
18,782
&c
Loans & advances.
6% debentures—
Accounts payable-
$1,122,000
1,416,618
1 ,348,500
1,358,500
785,565
756,741
Accrued expenses.
13,365
war¬
Adv. to manufac's
Liabilities—
Preferred stock...$1 ,018,000
z Common stock..
1 ,386,972
Prov.
2,000
for
Mortgage
estate
Surplus
2,000
35,290
14,141
Federal
income taxes
on
real
5,000
7,000
898,630
741,629
Patterns, pats., tr.
mks, goodwill..
$5,679,584 $5,587,7001
Total
$5,679,584 $5,587,700
1936 ($1,654,331 in 1935) for deprecia¬
amortization,
y After
deducting $77,700
($70,600 in 1935)
for doubtful accounts,
z Represented by $126,228 shares of no par value
in 1936 (128,928 in 1935).—V. 143, p. 1082.
Total
x
tion
After deducting $1,813,966 in
and
1
Lanova
or
Corp.—Files with SEC—
registration statement "with the Securities and
Exchange Commission under the Securities Act of 1933 covering 200,000
shares ($1 par) common stock. On the basis of proposed offering prices, the
The corporation has filed a
about $5,300,000.
Russell Maquire & Co., Inc., New York, is underwriter for the issue and
proposes to offer the stock at the following prices: 40,000 shares for $7.50
per share, 6,000 shares for $7.50; 10,000 shares for $7.50; 22,000 shares for
$15, and 113,000 shares for $40. The underwriter is to receive 9,000 shares
for placing the block of 40,000 shares.
The price scale is in accordance with options and agreements held by the
underwriter, who has agreed to find purchasers for or to purchase 40,000
shares at $5; it has an option to purchase 16,000 shares at $5, 22,000 shares
at an average price of $12.50, and 113.000 shares at an average of $30.
Of the stock covered by the registration statement, only 65,000 shares is
new stock; the other 135,000 shares, covered by the last two options men¬
tioned above, is a part of the 160,000 shares already outstanding.
Proceeds from the sale of the 65,000 shares will be used as follows; $50,000
to retire indebtedness of the
company to Lanova Aktien Gesellschaft
total cost of the issue will be
^
(Vadus, Liechtenstein), $30,000 to pay indebtedness to William S. Murray,
a director, $10,000 to reimburse R. J. Fellner for out-of-pocket expenditures;
$15,000 to retire indebtedness coming due Sept. 1, $11,000 to cover regis¬
tration expenses, and the balance, estimated at $164,000, to extend the
company's laboratories and replenish working capital.
The company, incorp. in 1931, gave as its business the granting of sub¬
licenses for the-manufacture and sale of Diesel engines of the Lanova type,
and experimentation in connection with the engines.
9 Mos. End.
Year
May 31 '36
Net loss after all charges
Lawton Mills
$28,347
——.—
(P. T.) Legare Co., Ltd.—Earnings—
1936
Earnings for 4 Months Ended April 30,
$305,336
197,173
92,840
65,886
Cost of
goods sold
Operating expensesOverhead (incl. management fee)
Provision for doubtful accounts
—
3,845
—
less losses where income accounts
Net loss—before depreciation
—
Interim Balance Sheet
Consolidated Balance Sheet Dec.
Investments
demand)
Cash in banks (time deposits)
U. S. Govt. & other short Cash in banks (on
Prepayments
Inventory
Sale of assets account
Deferred charges
Sundry deferred receivables —
Fixed assets
-
Special deposits segregated
Miscellaneous assets
Deferred charges
840,000
21,867
$3,097,365
1933
1934
$264,438
48,805
47,657
$303,913
101,906
81,917
2,047,780
561,346
2,085,961
550,051
1,705,148
• 380,484
569,535
481,663
362,101
2,296,002
589,791
445,358
Net from railway
Net after rents
1082.
4,472,572
$6,414,485
132,903
Interest & other deductions—
1934
1933
$2,405,111
267,319
881,067
353,831
$2,465,129
1,126.332
629.930
13,829,844
3,063,316
360.779
14,178,942
3,764,679
1,154,105
13,845,454
4,712,508
2,236,859
1936
Net from railway.,
1935
$2,309,701
807,490
14,514,256
3,494,189
666,975
*
Net after rents
From Jan. 1—
Gross from railway,
Net from railway. _
Net after rents.
.
—V. 143, p. 761
Loomis-Sayles Mutual Fund, Inc.—Earnings—
June 30, '36 June 30, *35 Dec. 31, *34
$33,695
$15,767
$20,360
2,220
2,020
7,460
,
bonds.
on
$35,715
12,674
$23,228
8,443
$22,580
8,913
1,568
1,177
1,005
472
386
575
10,208
4,420
6,187
$10,792
$8,801
74,639
$5,898
95,883
$83,440
x831
14,040
41,254
Total income
Management fees
22,969
$101,781
5,241
35,099
& transfer agent fees and
Custodian
expenses
Miscellaneous expenses
Provision for Federal capital stock andI
Massachusetts excise tax
of income
and
divs.
from
■
264,379
securities sold
Provision for Federal income tax.
Dividends paid
Excess of income & realized profits
over
1,559,792
the
x
Balance carried to earned surplus..
Balance Sheet Dec. 31, 1935 (Company
expenses
six
Prior years.
value
3,314,122
2,100,000
394,644
Only)
266,607
15,857
Accts. rec. from others
764,250
68,000
Deferred charges
500
$60,000,000
25,480,000
49,896
Capital stock (no par)
Long-term debt
x
Accounts
Accrued
payable
154,525
accounts
Matured
&
accrued
int.
surplus
Earned
surplus
on
market quotations, was
compared with $638,109
639,250
68,000
4,273,872
19,086,224
$109,751,768
Total
Represented by: $6 pref., cum. (entitled upon liquidation to $100 a
with $7 pref. authorized, 300,000 shares; issued and out¬
share); pari passu
standing, 130,000 shares; $7 pref., cum. (entitled upon liquidation to $100
a share); pari passu with $6 pref.; authorized, 300,000 shares; issued, none.
Common: authorized, 4,000,000 shares; issued and outstanding, 2,928,280
shares.
Consolidated Income Account for
Calendar Years
1935
Subsidiaries—
from operation
1934
$37,316,313 $36,609,916
19,975;650
18,583,825
Operating revenues
Operating expenses (including taxes)
$17,340,663 $18,026,091
110,456
165,310
—
Other income (net)
held, based
Comparative Balance Sheet June 30
Dividend
Common
stocks$l,771,322 $1,007,005
33,600
55,805
157,353
414,052
bank
77,930
4,762
Bonds
Cash In
Cash
dep.
on
payable.
$23,574
1935
$11,334
Provision for Fed.
and State taxes.
x
49,473
45,257
Capital stock...
1,945,992
1,493,256
for
div. payable
rec'le.
11,334
2,631
3,294
23,574
4,651
1,572
_
Accrued int. rec'le
Total
1936
Liabilities—
1935
1936
Assets—
Securities, at cost:
Dividends
$109,751,7681
$61,440
•
Pref. stocks
on
long-term debt
Securities guaranteed(contra)
Capital
"
$46,431
$233,086
of securities
Note—'The
Liabilities—
Invest, in subsidiaries, &c..$102,827,887
and divs. paid for
months
$599,664 in excess of cost at of June 30, 1936 as
at Dec. 31, 1935.
$4,761,255
$4,137,064
—
Assets—
revenues
20,991,289
3,985,104
1,558,728
$2,458,691
808,559
221,806
July—
Gross from railway
93,438
1,562,687
Expenses (including taxes)
Special deposits (interest)
Securities guaranteed (contra)
24,108,630
5,747,844
3,319,381
1934
$6,345,177
69,308
$5,832,654
-
-
Accts. rec. from subsidiaries.
27,566,942
7,118,142
interest over expenses
1935
Total
U. S. Treasury notes
$3,358,483
821,908
537,482
From Jan. 1—
Net profit on
$5,781,449
51,205
■
Cash in banks (time deposits)
1933
334,116
27,834
23.747,731
5,145,318
2,883.308
858,443
1934
$3,030,109
120,082
def230,007
(Company Only) for Calendar Years
Gross income—From subsidiaries
Cash in banks (on demand)..
1935
$2,996,499
1936
$3,948,634
1,235,450
Net after rents
Excess
Lehigh Power Securities Corp.—Earnings—
Income Account
Earnings.—
Lehigh Valley RR.
July—
Gross from railway
Net from railway
$275,171
From Jan. 1—
Gross from railway
24,227,034
$323,191,816
-
x Represented
by—Lehigh Power Securities Corp. (no par value): $6
pref., cum. (entitled upon liquidation to $100 a share); pari passu with
$7 pref.; authorized, 300,000 shares; issued and outstanding, 130,000 shares.
$7 pref., cum. (entitled upon liquidation to $100 a share); pari passu with
$6 pref.; authorized, 300,000 shares; issued, none.
Common, authorized,
4,000,000 shares; issued and outstanding, 2,928,280 shares.—V. 141, p. 3539,
Interest
1935
$262,735
43,021
50,739
1936
$299,252
70,350
52,557
Net from railway
Net after rents
64,662
2,988,123
152,159
—
Total
$323,191,816
Total
Income dividends.
Lehigh & New England RR.—Earnings.—
July—
divs.
on pref. stk. of subsidiary..
Capital surplus
Appropriated surplus
Earned surplus, excl. minority
6 Months Ended-
'
—V. 141, p. 4169.
Gross from railway
cumulative
Undeclared
Long Island RR.—Earnings.—
Total
$3,097,365
Tot^l
934,565
—V. 143, p. 761.
Reserves
Net
(contra)
Net from railway
Net after rents
.
.
1,086,768 6% debentures due 1977
Security pledged
Total
125,740
2,095,356
268,000
3,188,169
current assets
Securities guaranteed
5,107,000
1,290,007
Accrued accounts
7,821,360
Miscell. current liabilities...
12,903
Miscellaneous liabilities
783,408
Securities guaranteed (contra)
268,000
Sundry credits
136,398
Reserves
25,056,484
3,279,072
922,002
Materials & supplies.
Miscell.
64,779
133,362,500
1,071,120
com.
Dividends declared
receivable
Accounts
59,851,309
stock
Mtge. bonds of subsidiaries..
Customers' deposits..
3,804,306
9,753
4,549,800
receivable
Gross from railway
194,486
$38,261 Accounts & bills payable
2,245
648,187 Accrued taxes
19,933
485,621 Acer, manag., oper fees & exps
3,795
73,997 Deposits on contracts
11,047
18,663 Mtge. payable and accrued int.
75,739
4,046 Privileged & secured creditors
1,016,211
730,943 6% 1st mtge bonds..
912,037
10,874 Ordinary unsecured creditors.
hand and in bank
Accts. and bills receivable..—
x
__
$60,000,000
Capital stock
Subsidiaries—Pref. stock
x
Minority int. in
1,231,173
12,266,376 Long-term debt
Accounts payable
3,558,478
term securities
Notes
31, 1935
Liabilities—
Assets—
April 30,1936
Liabilities—
Assets—
resulted in
of individual subsidiaries have
Plant, prop., franchises, &c.
of subsidiary companles__$287,893,589
$40,506
Sundry credits—
and preferred
deficits for the respective periods.
$54,409
13,903
Loss for period.
Other
income of subsidiaries" includes interest
Securities Corp. in
dividends paid or earned on securities held, plus the proportion of earnings
which accrued to common stocks held by Lehigh Power Securities Corp.,
interest
20 the company sent to its stockholders final liquidating checks
at the rate of $5.50 per share.
This is the final distribution of all the assets
of the corporation.
On April 15, 1936 a distribution of $18 per share was
made—a net amount of $23.50 per share after payment of all liquidating
expenses.—V. 142, p. 2163.
—V. 143, p. 927,
Minority interests have not been charged with deficits where income ac¬
counts of subsidiaries have so resulted.
The "net equity of Lehigh Power
Corp.—Final Liquidating Checks—
Net sales
The "portion applicable to
securities held by the public.
on
End.
On Aug.
on
paid)
not
minority interests" is the calculated portion of the balance of income avail¬
able for minority holdings by the public of common stock of subsidiaries.
Aug.31 '35
$26,982
Period—
Cash
Aug. 29, 1936
Financial Chronicle
1404
$2,019,039 $1,549,848
Total
$2,019,039 $1,549,848
Notes—The value of the securities of the fund, based on
market quota¬
amounted to $2,584,144 on June 30, 1936 and
June 30, 1935.
The net asset value per share, on the basis
of market quotations for the securities, was $108 on June 30, 1936 and
$78 on June 30, 1935.
The liquidating value per share, on the basis of
market quotations for the securities and after giving effect to Federal and
State taxes on unrealized profits as at Dec. 31, 1935 and State tax only on
unrealized profits as at June 30, 1936 was $107 and $75 on June 30, 1935.
x Represented
by 23,539 no par shares in 1936 and 22,675 in 1935.—
V. 142, p. 4024.
•
tions at the respective dates,
$1,729,737
on
and Benevolent Institution (Ky.)j—
Offered—An issue of $200,000 1st mtge. 4% serial
was recently offered at prices ranging from
100 to 101, according to maturity, by Metropolitan St.
Louis Co., St. Louis, Mo.
Loretto Literary
Notes
Gross corporate income
Interest to public & other
deductions
Interest charged to construction
Property retirement reserve appropriations
$17,451,119 $18,191,401
5,355,344
5,364,678
Cr25,038
09,623
2,377,946
2,616,096
Balance
Preferred dividends to public
Portion applicable to minority interests
Net equity of Lehigh Power
income of subsidiaries
$9,742,867 $10,220,250
3,741,362
3,741,373
23
Securities Corp. in
$6,001,505
$6,478,854
real estate notes
Dated July 1, 1936; due serially Aug. 1, 1937-1951.
Principal and int.
(F. & A.) payable at Mercantile Commerce Bank & Trust Co., St. Louis,
Notes in coupon form in $500 denom. Subject to registra¬
tion as to principal. Any or all unmatured notes may, at the option of the
maker, be prepaid on any interest date at 100 and int. on 30 days' notice.
-»
Mo., trustee.
Maturities
Total
Expenses (including taxes)
Interest to public & other deductions
$6,052,710
132,903
1,562,687
$6,478,854
69,308
$6,548,162
93,438
1.559,792
$7,500,
8,000,
8,500,
8,500,
9,000,
Loretto
the
Sisters
Balance carried to consolidated earned surplus..
$4,357,120
$4,894,932
Notation—All intercompany transactions have been eliminated from the
statement.
Interest and preferred dividend deductions of sub¬
sidiaries represent full requirements for the respective periods (whether
paid
$9,500,
9,500,
10,000,
10,500,
11,000,
1, 1937
1, 1938
1, 1939
1, 1940
1, 1941
Literary and
of
Loretto
Aug.
Aug.
Aug.
Aug.
Aug.
Benevolent
at
the
Foot
1,
1,
1,
1,
1,
1
1942
1943
1944
1945
1946
■
JSfc
.
$11,500, Augri7l947
12,000, Aug. 1, 1948
12,500, Aug. 1, 1949
13,000, Aug. 1, 1950
59,000, Aug. 1, 1951
Institution is the corporate title of
Cross, whose motherhouse is
of the
Loretto, Nerinx Post Office, Ky.
The order, established in
Kentucky in 1812, was the first religious community In America without
foreign affiliation.
located
above
Aug.
Aug.
Aug.
Aug.
Aug.
TTi
—
.
Lehigh Power Securities Corp.—
Net equity of Lehigh Power Securities Corp. in in¬
come of subsidiaries
$6,001,505
Other income
51,205
at
There are 980 professed sisters, 66 novices, 14 postulants and 45 aspirants
in the order.
The sisters conduct two senior colleges, one junior college,
Volume
Financial
143
11
academies, 18 high schools and 84 grammar schools, having a total of
more than 22,000 pupils under their
charge.
The order is represented in the Archdioceses of St. Louis, Chicago and
Santa Fe, and in the dioceses of
Belleville, Columbus, Denver, El Paso,
Kansas City, Lincoln, Los Angeles and San
Diego; Louisville, Mobile,
Oklahoma City and Tulsa, Omaha,
Rockford, St. Joseph and Tucson;
also
in China.
The "Sisters of Loretto" own and conduct Webster College for women
Nerin i. Jtiall Hign school for girls in Vver>ster proves, jyk
a suburb of
St. Louis, as well as Loretto
Academy, on Lafayette Ave., in the City of
St. Louis.
and
.,
These notes are an obligation of Loretto Literary and Benevolent Instiution and are secured by a first deed of trust on land, and buildings erected
thereon, situated in the City and County of El Paso, Texas.
Security
value estimated in excess of $600,000.
The proceeds of this loan are to be used to refund outstanding indebted¬
ness bearing a higher rate of interest
Chronicle
respective classes
Louisiana & Arkansas Ry.-—Stock—on Aug. 13 authorized the com¬
issue 260,000 shares of capital stock, consisting of 60,000 shares of
prior pref. stock (par $50), 40,000 shares of pref. stock, 6% series, (par $50),.
and 160,000 shares of common stock
(no par); such prior pref. stock and
pref. stock, 6% series, to be delivered on a share-for-share basis in exchange
for an equal amount of outstanding stock of the classes indicated, and such
stock
stock for each
to
The
be exchanged on the basis of 1.6 shares of reclassified
share of outstanding common stock.
shares of 6% cumulative prior pref. stock
(par $50); 40,000 shares of
pref. stock (par $50), and the 100,000 shares common stock (no par).
6%
to further modify the provisions
proposes
applicant
on
July 10, 1936, the proposed amend¬
unanimously approved by all
has
not
procured the amendment to its certificate of
provide for the changes heretofore described, but
before issuing any
shall file with this
Commission, a duly attested copy of the necessary amendment to its certif¬
icate of incorporation.—V.
143, p. 927.
-
incorporation
so
to
as
Louisiana Power & Light Co.—Earnings—
[Electric Power & Light Corp. Subsidiary]
Period End. July 31-
Operating
of its present
outstanding capital stock by again amending its certificate of incorporation
so as to provide,
among other things, that its authorized capital stock will
consist of 359,724 shares, of which
149,724 will have a par value of $50 a
share and 210,000 will be without par value.
The par value shares will be
divided into 80,000 of prior pref.
stock, 40,000 of pref. stock 6% series, and
29,724 shares of pref. stock 4% series.
The remaining 210,000 shares of
stock will be common stock without par value.
The present application requests
authority to issue (1)
Rent
an.
for
leased
erty (net)
Balance
$580,224
359,923
1936—12 Mos.—1935
$496,814
336,182
$5,628,885
3,554,184
$6,641,063
4,087,740
nroD
178
366
537
Crl,462
$220,123
$160,266
:$2,552,786
4,127
9i2
30,955
$2,076,163
19,986
$224,250
77,123
$161,178
:$2,583,741
$2,096,149
76,759
922,161
928,703
y$147,127
y$84,419
Property retirement reserve appropriations.
z Dividends
applicable to pref. stock for period,
$1,661,580
492,500
$1,167,446
420,000
...
___
Other income (net)
Gross corp. income.
Interest & other deducts
__
•
Balance..
whether paid
or
Balance
60,000 shares of
Srior 1, 1936; (2) which will be of pref. stock, 6% series, from whichfrom
pref. stock, 40,000 shares entitled to 6% cumulative dividends the
1936—Month—1935
revenues.
Oper. exps., incl. taxes..
The report of the Commission says in
part:
The applicant's certificate of
incorporation, as amended provides that its
authorized capital stock is to consist of
200,000 shares, divided into 60,000
The applicant
,
meeting held
the certificate of incorporation was
°f the shares
represented at the meeting.
proposes to do so.
Our order will therefore require that
of the stock herein authorized to be issued the
applicant
The Interstate Commerce Commission
common
reclassified.
as
At a stockholders'
ment to
pany to
common
1405
Common stock without par value may be issued from time to time for
such consideration as
may be fixed by the board of directors.
No holders of
any stock of any class will be entitled as of right to purchase
or subscribe for
any part of any stock authorized by the certificate of
incorporation or of any additional stock to be issued by reason of increased
authorized stock, or of any securities convertible into stock, the board of
directors being authorized to
dispose of them at their discretion.
Upon notice from the board of directors, holders of certificates represent¬
ing previously authorized shares of stock are to surrender their respective
certificates to the applicant for cancellation, and upon such surrender, will
be entitled to receive new
certificates representing shares of stock of the
z
unpaid
356,532
356,532
$812,548
$390,914
;
■_
...1..
_
y Before
property retirement reserve appropriations
and
Regular dividend on $6 pref. stock was paid on May 1, 1936.
dividends,
After the
of cumulative dividends will be
eliminated, and which will be noncumulative until two years after the earliest date on which
any shares of
payment of this dividend there were no accumulated unpaid dividends at
that date.
Regular dividend on this stock was declared for payment oni
Sref. stock, 4% series, are issued by shares of
the applicant, and will be convertible
stock
ratio of 1)4
stock for each share
Aug. 1, 1936.-—V. 143,
arrears
lto
common
at a
Louisville Gas & Electric Co.
pref. stock, 6% series; and (3) 160,000 shares of common stock without
par value which will be outstanding as a result of the proposed reclassifying
of
592.
p.
common
of
applicant's capital stock.
The stated value of $4,000,000 for the out¬
standing 100,000 shares of no par common stock is to remain the same upon
reclassification into 160,000 shares, which would have the effect of
(Del.) (& Subs.)—Earns.
12 Months Ended July 31—
Operating
Operating
1936
revenues
the stated value of each share of common stock from
$40 to $25.
With the exception of $100,000 of
6% cumulative prior pref. stock, all
of the applicant'8 presently
outstanding stock is owned or controlled by the
syndicate to which it was originally issued pursuant to authority granted by
our fourth supplemental order of March
3, 1930.
Cumulative dividends
in arrears since April 1,
on
the
6% cumulative prior pref. stock have been
1932.
The total of such dividends in arrears on
Jan. 1, 1936, amounted to $11.25 a
share, or an aggregate of $675,000.
Cumulative dividends on the 6% pref. stock are also in
arrears, but as the
certificate of incorporation provides that
they are cumulative to the extent
of "net
profits," which would have been distributable upon the stock, the
amount in arrears has never been determined because of the lack of
clarity
in these words.
5,585,064
Net oper. rev. (before approp. for retire. res.)..
Other income
5,068,105
$5,234,972
380,527
$5,067,052
391,400
Net oper. rev. and other income (before appropr.
for retirement reserve)
$5,615,499
Appropriation for retirement reserve
1,025,000
Amortization of contractual capital expenditures.
37,000
Gross
amendment
to
Balance
10028.
,
,
The proposed change in the number of shares of common stock from
100,000 with a stated value of $4,000,000 to 160,000 shares with the same
total stated value is for the purpose of
continuing the present parity of voting
control as between the holders of the common stock and of tne
preferred
stock, incl. the additional pref. stock authorized, without again amending
the certificate of incorporation.
The proposed amendment further provides that dividends on the
prior
pref. stock, to be issued in reclassification, at the rate of 6% per annum
will be pref. over the other classes of stock and will
accrue from Jan. 1,
1936, and that dividends on this stock authorized but not issued will accrue
from the first day of the
quarterly period in which the shares are issued.
Dividends on the prior pref. stock will accumulate or accrue from
day to
day, but without interest if unpaid when due.
In preference to the common
stock the holders of the pref. stock will be entitled to dividends
at the rate
of 6% with respect to the 6% series and
4% with respect to the 4% series.
Dividends on the pref. stock are to be cumulative from
day to day, but
without interest, two years after the earliest date on which
any shares of
pref. stock 4% series are issued, which will approximate two years after
the consummation of the plan of reorganization of the Rock
Island Arkansas
1,025,000
37,000
$4,553,499
1,397,824
$4,396,452
1,525,251
122,856
141,982
13,647
12,279
$3,019,171
_
Dividends
pref.
on
stock
Electric Co. (Ky.)
the certificate of
incorporation provides for an additional
$1,000,000 of prior pref. stock, and the creation of $1,486,200 of pref. stock,
4% series, the former to be available without further amendment of the
certificate, for issue and sale for applicant's corporate purposes, subject to
our authorization, and the latter to be
available without further amendment,
for issue and delivery upon the consummation of the so-called Rial
agree¬
ment, subject to our authorization, in connection with the proposed pur¬
chase by the applicant of certain railroad
properties o the Rock Island
Arkansas & Louisiana RR., now in
bankruptcy, application for authority
to acquire which is being considered in a
proceeding recorded under Finance
Docket No.
income
Interest charges (net)
Amortization of debt discount and expense
Other income deductions.
$2,716,939
;
.
$5,458,452,
_
The
proposed reclassification is for the pin-pose of making the 6%
cumulative prior pref. stock held
by the syndicate more salable, and to
relieve the applicant of the payment of the dividends in arrears
upon the
6% cumulative prior pref. stock and on the 6% pref. stock. The proposed
1935
$10,820,037 $10,135,158
expenses, maintenance and all taxes
reducing
Louisville
of
Gas
&
1,354,920
1,354,920
$1,664,251
$1,362,019
i,
Net income
—V. 143, p. 1236.
Lowell Gas
Light Co.-
-Earnings—
12. Months Ended June 30—
Gross operating revenues
Operations
Maintenance
1936
193<>
Taxes—Local and State
$743,401
413,955
35,020
93,691
$731,701
409,047
51,164
125,932
Net operating income
Non-operating income.
$200,734
6,678
$145,556
6,986
$207,413
49,083
14,030
31,890
2,909
$152,542
53,443
10,847
49,279
4,063
$109,499
$34,907
__
Gross income
•
_
Interest
on
long-term debt
Interest
on
other debt
Provision for retirements and replacements
Amortization of debt discount and expense
Balance
Interest
indebtedness
on
wealths Power Assoc.
of American
Common¬
(not received in cash)
Net income
17,335
$112,755
.
3,256
$52,242
Earned Surplus Statement June 30, 1936
Balance July
Net income
1, 1935.
....
$898,164
112,755
.
...
Net tax adjustments
357
& Louisiana RR.
The
common
stock "will then
Total
be entitled to
such dividends as may be
determined
upon out of funds available for that purpose.
In the event of
involuntary liquidation or dissolution, the prior preferred stock will be
entitled to distribution from the assets of the
corporation to a sum of $50
plus accrued and unpaid dividends, and in event of voluntary liquidation
to the sum of $52.50 with accrued and
unpaid dividends in preference to
holders of pref. or common stock.
After such payment the
pref. stock will
be entitled to a similar distribution, unless the assets are
insufficient, in
which case the remaining assets will be divided,
ratably among holders of
pref. stock.
If assets remain, the common stockholders will be entitled to
pro rata distribution.
The prior pref. stock and the pref. stock are
redeemable, in whole or in
part, by vote of the board of directors, at any time at $52.50 a share
plus
a sum equal to accrued and
unpaid dividends.
The pref. stock, 6% series,
outstanding may at any time be converted into fully paid shares of common
stock without adjustment as to cash dividends, at the rate of
l^i shares of
common stock for each share of pref. stock
6% series. Of the 210,000 shares
of common stock authorized therein, 50,000 shares are
reserved for issue
upon conversion of pref. 6% series.
.
In lieu of fractional shares of stock, the directors
"may in their discretion,
issue scrip representing fractional shares of common stock
entitling the
holders to such rights as they may determine.
Preferred stock 6% series
called for
redemption may be converted at any time up to and incl. the
10th day preceding the date fixed for redemption of this class
of stock.
Deposit of any pref. 6% series stock will be deemed to be sufficient for all
purposes to constitute a conversion, and the holder of record will be
deemed
4
to have become a common
which he shaU be entitled.
stockholder of record of the number of shares to
Each holder of each class of stock will be entitled to one vote for
each
and the various classes of stock will vote as
Dividends
.
on common
Write-down
indebtedness
wealths Power Associates
Balance June 30,
-V. 143, p. 927.
authorized, but additional
sent of the
pref. stock 4% series
as a
class.
from
American
Common¬
230,302
46,791
1936-
McKesson &
Robbins, Inc.
Month—
1936
January
L
February—
-Net Sales1935
1934
$11,605,621 $10,532,634 $11,549,832
11,475,413
10,071,120
9,753,342
12,701,173
10,917,744
11,585,545
—
12,193,691
10,973,631
9,928,061
11,313,419
10,599,499
9,975,412
12,159,311
10,242,095
9,811,048
11,752,388
10,302,383
8,598,161
.....
March
April
May
June
—
July
—V.
$562,487
„
142,
p.
1933
$8,598,303
7,650,743
7,742,201
7,539,051
8,545,505
8,798,986
8,178,903
1236.
McLellan Stores Co.—New President—
G. K. Morrow, Chairman of the board of directors announced at a board
meeting held Aug. 27 that W. W. McLellan had resigned as President and a
director.
F. G. Coburn was elected to succeed Mr. McLellan.—V.
143,
p.
928.
.
.
Mahoning Coal RR. Co.—Earnings—
Period End. June 30—
Inc. from lease of road..
Taxes
pref. stock of existing or any other series ranking
on a
parity with the pref. stock 4% series may be issued in the manner
provided by the laws of the State or Delaware without requiring the con¬
due
$1,011,277
152,405
19,290
Unamortized expense on bonds called
The consent of at least two-thirds of the number of shares
of prior pref.
stock then outstanding is required to authorize
any new class of stock which
is entitled to dividends or shares in distribution of assets in
preference over
or in priority to the prior pref. stock.
The consent of at least two-thirds of the number of shares of
pref. stock
new class of
or shares in distribution of assets
in preference
over or in
priority to the pref. stock 4% series, or (2) to authorize any
shares of prior pref. stock in excess of the 80,000 shares of such
stock therein
-
stock
of
Other income
4% series then outstanding is required (1) to authorize any
-
Payments on serial non-interest bearing obligations
share of stock held by him,
one class.
stock entitled to dividends
.
$450,489
34,740
2,306
$512,694
68,307
18,991
3,107
$485,229
58,054
21,819
4,353
8,266
$249,830
8,266
$422,288
16,533
$401,001
16,533
$268,450
$241,563
$405,754
$384,468
$8.95
$8.05
$13.53
$12.82
9,152
1,629
deductions
Net income
$276,717
Div., pref. stock 1.25%.
1936—6 Mos.—1935
$478,179
34,515
$333,699
46,201
Interest charges
Other
1936—3 Mos.—1935
$316,442
$282,126
17,257
17,482
$299,609
36,653
10,819
Net income after div.
on preferred stock.
Net income per sh. com.
_
stock, par value $50.
—V. 142, p.
3514.
_
Financial
1406
(Glenn L.) Martin Co.—Transfer
Agent—
Trust Co. of New York has been appointed transfer agent
stock $1 par value.—V. 142, p. 3349.
The Guaranty
for 1,000,000 shares of common
Chronicle
Minneapolis & St. Louis RR.—Earnings.—
1936—Month—1935
$963,041
$875,388
224,169
209,251
130,756
138,382
39,337
39,762
Operating revenues
Net oper. revenues
Net ry. oper. income—
Other income—
35822
Netincome
—V. 143, p.
$6,948,467
512,923
275,127
$178,144
$788,050
$1,241,324
180,642
1,189,222
1,272.295
dei$2,498 aer$4Ui,i72
aer$3U,971
1.374.755
Net after rents
12 Months Ended
J9§6nr»i
$7,448,921
6,251,200
res.).. $1,197,721
8,493
$1,079,082
and all taxes
(before approp. for retire't
Net oper. rev.
1?^
$7,382,618
6,303,535
July 31—
Other income
8,394
$1,206,214
^
reserve).
$645,199
508,943
27,260
6,405
charges
490,052
—
25,368
4,581
discount and expense
Amortization of debt
Other income deductions
Netincome
$186,213
-
Maryland Fund, Inc.—Extra Dividend—•
share in addition to a
the capital stock, both payable Sept. 15 to holders of
stock dividend of 100% was paid on July 20, last.
record Aug. 31.
A
Regular quarterly
share were previously distributed on the smaller
outstanding.
In addition an extra dividend of 10
cents was paid on March 15, last, and extra dividends of 5 cents per share
were distributed in each of the first three quarters of 1935.
A stock dividend of 3% was paid on June 15, last, Dec. 15 and June 15,
1935.—V. 142, p. 4183.
dividends of 10 cents per
amount
of stock then
Memphis Power & Light Co.—Earnings—
[National Power & Light Co. Subsidiary]
Per. End. July
1936—Month—1935
$565,757
$502,242
31—
Operating revenues.——
Oper. exps., & taxes
Net
rev.
319,722
360,425
$205,332
$182,520
331
from oper—
Other income
340
(net)
1936—12 Mos.—1935
$7,483,748
4,797,320
$2,686,428
26,888
$6,662,937
4,224,462
$2,438,475
10,012
$182,860
64,595
$2,713,316
776,193
$2,448,487
795,824
Balance.,
y$141,101
y$118,265
Property retirement reserve appropriations
z Dividends
applicable to preferred stocks for
period, whether paid or unpaid.—....
$1,937,123
682,440
$1,652,663
671,809
394,876
394,876
$859,807
$585,978
Gross corp.
18,503
80,060
Net after rents
$205,663
64,562
income—
Int. & other deductions.
,
Net
y Before
property retirement reserve appropriations and dividends,
Regular dividends on $7 and $6 preferred stocks were paid on July 1,
1936.
After the payment of these dividends there were no accumulated
unpaid dividends at that date.—V. 143, p. 594. ■
z
Melville Shoe
Corp.—Thorn McAn Reduces Prices—
The 637 Thorn McAn stores put into
reduction on all men's and boys'
shoes.
effect on Aug. 28 a general price
Men's shoes were dropped from
$3.30 to $3.15 and boys'and little men's from $2.45 and $1.95, respectively,
$2.35 and $1.85.
There were no changes in the price of women's shoes.
President Ward Melville explained that the reduction was in line with the
to
.
company's long-established policy of lowering prices when increased volume
brought about lower selling costs.
"The Thorn McAn management has
always felt," said he, "that its brightest opportunity lay in the progressive
lowering of prices in order to reach the great mass of consumers.
The mar¬
ket represented by these families is an obvious one for us and we believe
they deserve the help of all thoughtful retailers in getting the goods and
services they require at price levels they can afford."
Mr. Melville added that sales of the Thorn McAn stores were approxi¬
mately 20% ahead of those for the same months last year, making it neces¬
to open another factory to keep up production.
This new unit, sit¬
uated in Manchester, N. EL., will employ about 200 operatives on a full
time schedule and will bring the total of factories engaged in manufacturing
men's and boys' shoes for the Thorn McAn stores to 11.—Y. 143, p. 1083.
sary
Messenger Corp.—Registers with SEC—
See list
revs,
leased
$133,662
_
$105,243
$1,776,176
$1,496,383
962
| 316
from oper..
from
677
1,539
149
2,189
6,797
14,638
$107,459
$1,778,514
$1,517,818
prop¬
$134,940-
Oct. 1 to holders of record Sept. 16.
This
with 75 cents paid on July 1, last; 50 cents paid in each of the
and 37H cents per share distributed on July 1,
April 1 and Jan. 1, 1935, this latter being the initial payment on the
common stock since the company distributed a 66 2-3 % stock dividend
in November 1935.—V. 142, p. 3514.
stock, par $5, payable
three preceding quarters,
Dividend—
The directors have declared a dividend of $1 per share on the capital
value, payable Oct. 1 to holders of record Sept. 19.
This
compares with 50 cents paid on July 1 and April 1 last, $1 per share paid
on Dec. 7, 1935, and on Nov. 7, 1934. 50 cents paid on Jan. 1, 1933; 75
cents on Oct. 1, 1932, and from Jan. 1, 1930, to and including July 1, 1932,
quarterly distributions of $1 per share.—V. 142, p. 3859.
no
More than
94% of the 6% secured notes have been deposited under an ex¬
tension agreement whereby payment of principal, which matured on Aug. 1,
1936, will be extended until Feb. 1, 1938 with interest at 5%, according to
G. T. Jaffray,. President of the company.
Holders who have not yet
deposited are requested to forward their notes to First National Bank &
Trust Co., Minneapolis.—V. 135, p. 762.
Minnesota Power &
Balance
revs,
from oper—
Other income
Gross corp. income
Int. & other deductions.
1936—Month—1935
$542,337
225,054
$465,478
205,578
y
z
Before
property
retirement
accumulated
Dividends
reserve
unpaid to
and
403,608
appropriations
July
31,
and
1936,
dividends,
amounted
to
$622,229, after giving effect to a dividend of $1.50 a share on $6 pref. stock
declared for payment on Aug. 1, 1936.
Dividends on this stock are cumu¬
lative.—V. 143, p. 594.
At
a
recent
Utilities
Valley
Mississippi
capitalize—
Investment Co.—To Re¬
meeting of prior preferred and preferred stockholders a plan
capitalization was approved.
Present prior pref.
pref. stock 8% of the new shares.
for the readjustment of
stock will hold 92% and present
Readjustment is for purpose of accomplishing liquidation.
Adolphe Boissevain, Albert D. Farwell and William J. Marshall were
elected directors#
share
on new
.
had cash of $1,462,503, equivalent to $2.21 a
stock, and over $37 a share on the present prior pref. stock on
the basis of exchange terms, plus some
miscellaneous assets.—V.138, p. 3278.
Co.—Preferred Dividend—
Missouri Edison
have declared
a
dividend of $1.16 2-3 per share on the
$7 cum. pref. stock, no par value, payable Oct. 1 to holders of record
Sept. 21.
A like payment was made on July 1, April 1 and Jan. 2, last.
Divs. of 87H cents per share were paid on Oct. 1, July 1, April 1 and Jan. 1,
1935, as against 58 1-3 cents per share paid in each of the five preceding
quarters, prior to which the stock received regular quarterly payments of
$1.75 per share.—V. 143, p. 762.
Missouri-Kansas-Texas Lines—Earnings—
Operating revenues
Operating expenses
1936—7 Mos.—1935
$2,365,130 $17,399,247 $14,457,155
1,902,007
13,499,402
12,450,380
1936—Month—1935
Period End. July 31—
$2,890,846
2,048,598
-
137,433
356,942
491,114
349,692
Available for interest.—
Fixed interest charges—
1,492,015
2,479,993
defl34,247
2,450,559
Surplus before adjust¬
$141,422 def$219,509 def$987,978df$2,584,806
ment bond interest.
—Y. 143, p. 594.
Missouri Pacific RR.—Asks Court Order Be Set Aside—
Court at St. Louis Aug. 21 by the company
a recent court order disaffirming and cancelling
made with Terminal Shares, Inc., in 1930, whereby
A motion filed in Federal
seeks
to
set aside
have
contracts which the road
Pacific acquired certain properties from Terminal for approxi¬
mately $20,000,000, on account of which $3,200,000 has been paid.
The
been issued by Judge Moore on motion of Guy A. Thompson,
trustee for the road, while the new motion was filed by Herbert Fitzpatrick,
Missouri
order had
that disaffirmance of the contracts is improvi¬
to the risk of very great loss.
heretofore taken to recover
the $3,200,000 paid to Terminal is in doubt and cannot be foreseen with
certainty.
If the contracts are ultimately held valid, Mr. Fitzpatrick
said, the road cannot recover the $3,200,000.
The disaffrimance of contracts, if permitted to stand, he says, will pre¬
clude treatment of the contracts in the reorganization plan and thereby
deprive the road of the benefit of the $3,200,000 paid in event the contracts
ultimately are held valid.
Furthermore, if the order be permitted to stand,
it will deprive the Interstate Commerce Commission of the opportunity to
determine if the contracts are to the best interest of the estate and the public.
—V. 143, p. 1084.
'
$317,283
$259,900
543
335
$317,826
142,948
$3,421,140
1,188
$2,868,618
2,599
$3,422,328
1,717,214
$2,871,217
1,726,480
Balance
y$174,878
y$116,504
Property retirement reserve appropriations
z Dividends
applicable to preferred stocks for
$1,705,114
405,000
$1,144,737
990,629
990,558
period, whether paid or unpaid-,
Balance
361,250
$309,485 def$207,071
y Before
property retirement reserve appropriations and dividends,
Dividends accumulated and unpaid to July 31, 1936, amounted to $805,-
Lateat dividends ..amounting to $2.33 a share on 7% preferred stock.
Mobile & Ohio RR.—Earnings.—
July—
i
1936
$923,833
226,741
129,329
.
Gross from railway
Net from raUway
Net after rents
1935
$755,448
132,052
45,094
1934
$688,788
84,246 '
defl0,844
1933
$776,881
169.039
62,876
From Jan. 1—
Gross from railway—
5,832,823
Net from railway
Net after rents
1,100,036
394,811
—V. 143, p.
.....
763.
4.835,219 s
502,315
defl34,094
5,084,532
767,328
36,544
4,582,351
829,152
104,563
|
Mock, Judson, Voehringer, Co., Inc.—Stock Incr. Voted
The stockholders at
stock from
132,500
a
no
special meeting voted to increase the common
shares to 300,000 shares of $2.50 par value.
recent
par
shares.—V. 143, p. 1238.
1936—12 Mos.—1935
$5,991,459
$5,424,749
2,570,319
2,556,131
$260,235
143,731
749.
403,608
$94,697 def$122,349
—
—
$631,259
350,000
The exchange will be made on a two-for-one basis.
The authorized pre¬
ferred stock has been reduced to 6,500 shares by the retirement of 3,500
Light Co.—Earnings—
[American Power & Light Co. Subsidiary]
Period End. July 31—
Operating revenues
Operating expenses
z
392,500
y$59,012
-
886,559
$890,805
y$31,788
Property retirement reserve appropriations—...
z Dividends applicable to pref.
stock for period,
whether paid or unpaid—
Balance
par
Minneapolis St. Paul & Sault Ste. Marie Ry.—Over
94% of Notes Deposited Under Extension Agreement—
Net
887,709
•
Mr. Fitzpatrick contends
The directors have declared a dividend of $1.50 per share on the com¬
Midvale Co.—Larger
75,671
75,928
Interest & other deducts
dent and, if not rescinded, will expose the road
His reasons are that the outcome of the steps
compares
stock,
1,791
334,687
16,717
def28,717
Missouri Pacific Vice-President.
given on first page of this department.
Mesta Machine Co.—Dividend Doubled—
mon
372,227
34,679
def4,416
1936—Month—1935
1936—12 Mos—19351^
$420,518
$358,713
$5,424,042
$4,924,218
286,856
\ 253,470
3,647,866
3,427,835
erty (net)
The directors
—
-
-
1933
$55,323
9,915
[Electric Power & Light Corp. Subsidiary]
Period End. July 31—
Operating revenues..
Oper. exps., and taxes._
On June 1, the company
Balance......
1
$51,024]|
def1,309
def7,201
Mississippi Power & Light Co.—Earnings—
Gross corp. income...
27 declared an extra dividend of 2H cents per
regular quarterly dividend of 5 cents per share on
■
512,627
129,666
Other income (net)
The directors of Aug.
1934
1935
$56,869
6,241
1,562
394,636
55,688
12,193
1936
$83,564
26,513
—V. 143, p. 762.
$102,589
1237.
def316,207
From Jan. 1—
Rent
—V. 143, p.
4,251,013
428,597
21,010
Mississippi Central RR.—Earnings.—•
Gross from railway
Net from railway
442,277
Gross income
133,395
3,948,186
134,253
def258.645
762.
Net after rents
$1,087,477
500,000
8706,214
for retirement
$748,204
173,304
def39,356
3,897,421
26,201
5,040,488
947,319
332,828
Net after rents
—V. 143, p.
other income (before approp.
Net oper. rev. and
Appropriation for retirement reserve
1933
1934
$573,962
6,219
1935
$551,875
def 12,651
def69,540
From Jan. 1—
Gross from railway
Net from railway
July—
Operating revenues
Operating exps., maint.
Interest
$837,600
225,717
132,295
Gross from railway
Net from railway
Gross from railway
Net from railway
(& Subs.)—Earnings—
'
1936
July—
Mos.—1935,
761.
Market Street Ry. Co.
r"
1936—7
$6,684,963
1,669,435
953,132
288,192
$170,093
169,271
Gross income
Deductions
1936
29,
$2 a share on 6% preferred stock, and $2 a share on $6 preferred stock, were
paid on July 1, 1936.
Dividends on these stocks are cumulative.—V.
143, p. 594.
Maine Central RR.—Earnings—
Period End. July 31-
Aug.
Monitor Gold Mining
See list given on first page of
Co.—Registers with SEC—
this department.
Monongahela Ry.—Earnings.—
July—
Gross from railway_——
Net from railway
Net after rents
1936
$353,476
208,568
1935
109,298
$264,907
145,699
53,438
2,657,278
1,611,006
2,304,477
1,394,476
883,493
698,530
1933
1934
$279,605
162,470
60,098
$361,872
247,875
2,314,892
1,387,236
690,351
1,937,298
1,210,235
622,546
151,027
From Jan. 1—
Gross from railway
Net from railway
Net after rents
—V. 143, p. 763.
Mother
Lode
Gold
Mining
& Milling
with SEC—
See list given on first page of this
department.
Co .—Registers
Volume 143
Financial
Chronicle
1407
(H. A.) Montgomery
Co., Inc.—Earnings—
Consolidated Balance Sheet April 30
Assets—
Earnings for Period from Jan. 1 to June 30, 1936
$245,234
Accts. & notes
161,507
53,675
2,444
2,432
Selling, administrative and general expenses
Taxes (other than Federal
income)
Depreciation
Net profit from sales.
Other income
Cash surrender
val.
of life
Insurance.
Total income.
Interest paid...
51
.Total
Net profit
$25,684
per share on 40,000 shares
capital stock
u
$0.64
Note—Above statement does not include
advertising for Monitol products.
Federal income tax not shown.
Earnings
Balance Sheet
•-
Cash in bank and
on
hand...
36,398
Investments, advances, &c__
Prepaid expenses an deferred
charges
$109
payable
10,151
6,473
200,000
41,167
155,481
...
Accrued items
Common stock (par $5)—.
Earned surplus and profit.
Capital surplus
p.
$69,010.—V. 142,
9 Mos. End.
July 31—
$41.3,383
y
491,455
Operating profit—
Other income..
Federal taxes.
Period End.
July 31—
1934
1933
68,297
1,013,667
408,516
82,146
$694,236
356,468
105,128
$879,849
7,646
Net profit
Preferred dividends
$613,800
15,682
$523,006
40,396
$232,640
41,608
$629,482
91,000
$563,401
80,000
$274,248
$538,482
7,500
240,000
25,000
$483,401
45,000
$234,248
60,000
50,000
$759,495
•p
Common dividends
Prem. on pref. stk. ret'd
-
-
-
«,
x350,000
$409,495
:
$2.04
Net rev. from
oper...
Other income
150,000
$265,982
$288,401
$2.19
no
action
on
y
or unearned)
^
Portion
Pref. Div.
Net
the payment of a
equity
Sales,
less returns
allowances
Cost of sales,
$8,325,506
Profit from operation
xExtraord. charges not
Surplus
Earnings
as at
July 31.
176,865
$176,865
bl936
postage...
Accts. receivable..
cost
1935
23,053
301,436
16,965
109,865
682,940
73,433
73,335
52,342
610,397
54,543
100,949
37,566
Inventory' supplies
Prepd. catalog cost
Prepd. Insur., &c.
500,000
716,964
500,000
Assets taken over
from Nat. Bellas
Hess Co., Inc..
Land & buildings.
y
& equipment
exp.
$48,911
41,037
55,229
b 1936
18,519
54,996
outst'g, current.
51,458
15,794
52,834
mtge. conv. bds.
Due receivers on
acct. of purch.of
K. C. property.
Current portion of
30,226
2,946
'
3,711
Interest—net
Provision for deprec
Special charges
Prov. for Fed. i:c. tax..
$375,376
Cr3,134
120,542
41,948
;
1,551,847
368,133
284,690
23,531
1,368,101
194,325
Subs.)—Earnings—
10 Mos. End.
Apr. 30, '35
—Years End. June 30—
1934
1933
$275,046
$319,357
2
4,101
92,032
104,009
30,2~2~2
35~938
$216,020
$152,789
$175,309
$1.57
$1.00
$1.10
209,492
1,355,813
Co.—Earnings—
After taxes,
Corp.—Plan of Reorganization—
petitioning creditors.
The above companies, as
petitioning creditors, intend to institute a
proceeding for the reorganization of the debtor pursuant to Section
77-B of
the Bankruptcy Act, as
amended, in the U. S. District Court for the
Southern District of New York.
In case the
proceeding is not instituted
prior to Jan. 1, 1937, this plan shall be and become null and void.
as
'
The creditors mentioned above hold
Total
$396,178
Cr7,694
95,718
309,051
7,404
Net
profit carried to
surplus account....
Earns, per sh. on 89,929
shs. com. stk. (no
par)
$7,647,394
Utility Investors
Corp., Associated Investing Corp., and General Realty & Securities
Corp.
12,000
$2,805,419 $1,771,100
mailing list. $499,994; machines and
and furniture and
equipment
fixtures, $1; packing material, box and
stationery supplies,
$1; catalogue plates,
drawings, &c., $1; trade mark and trade
names, $1*
easehold at Kansas
City, $1; goodwill, $1.
b Consolidated balance
-—V. 142, p.
sheet!
080I, 3684.
Net profit before int., deprec.,special chgs.,&c.
$8,182,245
194,645
1,356,195
National Public Service
without
Capital surplus...
Year End.
$1,428,256
44,193
337,145
49,344
337,407
""A petition has been filed for the reorganization of the
corporation under
Section 77-B of the
Bankruptcy Act, as amended, in the office of the Clerk
of the U. S. District Court for the Southern
District of New York.
The plan has been filed and is to be
proposed by General
As follows: Customers'
Apr. 30, '36
$1,699,281
reserve for
192,700
note pay.
Surplus
National Battery Co. (&
$7,572,179
75,215
$1.08
y Of which $13,241 has been set aside as a
contingent
possible inventory fluctuations.
The company's balance sheet aated
July 31, 1936, discloses a strong
current position.
Current assets totaling $547,653
included $47,795 in
cash, $267,724 of accounts receivable,
and merchandise inventory of
$222,384.
Current liabilities stood ,at
$229,350 and included $95,925 of
accounts payable which, it is
understood, have since been
substantially
reduced and may be eliminated
by Sept. 1.
At the end of July surplus
stood at $345,344 as compared with the
capital stock account of $200,000
which represents the sole capitalization of the
company.—V. 142, p. 3352.
x
55,127
12,292
5,819
..
Due to customers.
Due to employees.
Federal & State in¬
to' rec.
Period—
1,122,351
59,894
National Pressure Cooker
6,051
19,365
Accts. pay. catalog
costs.—
interest..
Common stock
.$2,805,419 $1,771.1001
$1,420,474
7,782
7 Mos. End.
Year End.
Period Ended—
July 31'36 Dec. 31 '35
Net profit after deducting all
operating expenses,
maintenance & deprec., but before inc. taxes..
y$101,537 • x$108,132
Earns, per sh. on 100,000 shs. common stock
' "
1935
Misc. exp. accruals
Cust. refund, chks.
L'g-term
a
$1,692,995
6,286
income accounts of individual subsidiaries
have resulted in deficits for the
$71,542
note pay. to rec.
Total
$7,572,179
respective periods.—V. 143, p. 930.
$5,586
$0.04
,
$180,510
Accts. pay. mdse.
come tax pay
44,110
55,228
$8,122,351
minority holdings by the public of common stock of
subsidiaries. Minority
been charged with deficits where
income accounts of
so resulted.
The "net equity of National Power &
Light
Co. in income of subsidiaries" includes
interest and preferred dividends
paid
or earned on securities
held, plus the proportion of earnings which accrued
to common stocks held
by National Power & Light Co., less losses where
Including subsidiaries.
Nat. Hold. Co. 1st
Improve. & mach.
$1,420,474
interests have not
$48,911
$176,865
$0.13
Liabilities—
$244,560
or
market
Organization
$194,325
$0.01
Oct. 1, 1932.
$282,576
hand and
$1,692,995
<
subsidiaries have
e:.^
on
13,135
Interest and pref. dividend deductions of
subsidiaries
represent full requirements for the
respective periods (whether paid or not
paid) on securities held by the public. The
"portion applicable to minority
interests" is the calculated
portion of the balance of income
applicable to
5,586
$194,325
$0.13
6,063,401
11,880
$1,312,530
$1,046,918
$6,631,405
$6,082,089
Notation—Ail intercompany transactions have been
eliminated from the
Comparative Balance Sheet July 31
Assets—
Cash in banks
at
37,730
$171,279
$368,133
6,063,329
2,315
above statement.
43,324
per share
mencement of operations
a
1,104
6,596
$17,460
curr. oper..
Including finance
Mdse.
$50,014
$368,i33
Total surplus
on
$209,009
79,289
Previous surplus..
Cash
$24,056
6,187,871
Bal. carried to consoli¬
dated earned surplus
31.502
$173,808
194,325
.
above)
taxes...
Int. & other deductions-
$18,513
54,610
6,089,832
$2,938,642 $14,197,560 $13,648,715
Nat.
Expenses, incl.
State
Net income for
period
x
$154,399
4,844
1,525,661
12,591,243
Crl7,870
\
1,515,853
4,722,874
$253,097
income taxes, &c
applic. to
6,749,197
$19,213
charge—Prov'n
Federal and
Other income
$4,741,387
71,051
,
Gross income
Income
for
6,793,425
$6,903,596
$182,045
.
of
& Lt. Co. in
of subsidiaries
Total income
$6,812,637
12,406,601
Crl9,375
2,133
1933
credits—Inter¬
est, discounts, &c
c
10 Mos.
1934
oper., ad-
8,143,460
Income
12 Mos.
1935
and
3,103,165
Crl,832
to
Nat. Pow. & Lt. Co.:
Net equity of Nat. Pow.
& Lt. Co. in income of
subs, (as shown
12 Mos.
1936
$7,565,636 $32,674,618 $32,409,959
1,515,831
applicable
Pow.
Inc.—Earnings—
12 Mos.
1,532,574
Balance.
$3,210,959
Pref. divs. to public
(full
div. requirements
ap¬
plicable to respective
periods whether earned
minority interests
on
3,086,187
Cr4,635
re¬
appropriations..
come
National Bellas
Hess,
1936—12 Mos.—1935
$7,671,525 $33,065,594 $32,745,501
105,889
390,976
335,542
serve
cents per share extra.
Nassau & Suffolk
Lighting Co.—No Action
meeting held Aug. 21 took
1239.
$7,556,506 $32,695,895 $32,339,220
115,019
369,699
406,281
Property retirement
$0.87
ng• rafifol** $1-50 per share, plus 25
p.
$7,823,093
120,680
other deductions
Int. charged to constr'n.
$124,248
$2.65
r
1936—3 Mos.—1935
Gross corp. income...
$7,825,085
Interest to public and
40,000
x
Period Ended July 31—
par.—V.x142,
Total income.
$7,943,773
Other income deductions
118,688
•
200,000
stk. (no par)
a
no
$18,518,118 $17,378,448 $75,036,673 $71,649,580
Oper. exp., incl. taxes—
10,695,025
9,821,942
42,340,778
39,310,360
$887,495
128,000
The directors at
par, for each share of common stock,
Operating revenues.
1935
$1,173,552
515,926
58,507
on
19^T
National Power & Light Co.
(& Subs.)—Earninas—
After
-Earnings—
$1,454,282
Depreciation
sh.
in
..
stock, both payable Sept. 30 to
hplders of record Sept. 21.—V. 143,
3350.
p.
1936
per
c?™^on stock' Si
1297*
Subsidiaries:
(F. E.) Myers & Bro. Co.
com.
Paid-in surplus
Earned surplus
have declared an extra dividend of 20 cents
per share
in addition to
the regular dividend of 30
cents per share on the common
$413.3831
Total
After reserves for doubtful
accounts and containers of $6,538.
shs.
$2,020,167
Common stock..
directors
reserve for depreciation of
Earns,
I
Total—200,34k
y
751,629
538,638
118,958
409,139
National Oil Products
Co., Inc.—Extra Dividend—
The
1,477
profit
106,358
738,271
538,638
118,958
617,018
Approved—
The New "i ork Curb
Exchange has approved the application of the com¬
to list 164,430 shares of
common stock, $1 par, upon official notice
of
issuance, in substitution for 13,356 shares of $2 conv.
pref. stock, no par,
and 55,503 shares
of common stock, no
par, on the basis of four shares of
common stock, $1
par, for each share of $2 conv. pref.
stock, and two shares
Total
Manufacturing
$2,020r167
Cum. conv. pref.
stock
/
be
Expenses
..$2,200,348
—
Surplus approp. for
red. of pref. stk.
x
National Container
Corp.—Listing
25,923
amortized
x
6,521
1935
$31,068
18,740
39,338
6,296
pany
Notes payable
Accounts
1,921
x
1936
126,596
y72,675
...
to
30,
— .
1936
$86,317
50,271
44,688
6,184
Represented"~by 33?734 no-par shares in 1936 and""^t,344
Represented by 89,929 no-par shares.—V.
141, p. 1776.
y
Liabilities—
$113,330
x36,983
Receivables
Inventories
Plant and equipment
Patents and licenses
June
•'
715,929
13,807
35,671
Deferred charges..
Cap. stk. acquired
by sub. at cost—
$25,736
Liabilities—
$178,015 Accounts payable.
366,225 Accruals
682,516 Prov. for Fed. tax.
15,327 Divs. on pref. stk.
7,726
42,370
712,988
8,480
Other assets
Plant & equipment
561
1935
$194,269
416,731
800,438
21,581
rec.
Inventories
Prepaid expenses.
$25,174
Assets-f-
1936
Cash
Gross income, less returns
and allowances
Cost of sales
def$8,301
Nil
$6,437,000 of secured gold deben¬
tures, 5% series due 1978, of the debtor, and
(or) certificates of deposit
therefor, out of a total issue of $20,000,000 of
debentures, dated Feb. 1,
1928.
As of Aug. 18, 1936 there are
pledged and deposited under the
indenture with the trustee (New York Trust
Co.) as collateral security for
the debentures, the following:
600,000 common shares Seaboard Public Service Co.
60,144.3 common shares Municipal Service Co.
712,411 common shares Jersey Central Power &
Light Co.
The total amount of all claims
against the debtor is less than
$50,000,000.
The certificates of deposit were issued
under and pursuant to a
deposit
agreement dated as of July 5, 1932, under which
approximately $14,500,000
of the debentures have been
deposited.
New Company—For the
purpose of carrying out this plan and
putting it
into effect, there shall be organized a new
corporation to be organized in
Delaware, or under the laws of such other State as
may be selected, and
under such name as the creditors shall
select, with a capital stock of 353,761
shares of common stock,
(par $1) or, if the creditors so elect, without
value.
Upon its formation the
par
new corporation will
create an issue of
$10,000,000
of 5% debentures bearing interest at
rate of 5% per annum,
payable semi¬
annually, and maturing 30 years from date.
Interest on the new debentures
shall be payable, during the first
five years, if and to the extent that the net
income of the new
corporation shall be sufficient for the payment thereof.
the
unpaid accumulation
debentures.
new
The
debentures
Bonds Called—
All of the outstanding 1st mtge. 4H% 30-year s. f. gold bonds due
Oct. 1, 19o5, have been called for redemption on Oct. 1 at par and interest.
Payment will be made at Dillon, Read & Co., New York City, or at the
Royal Bank of Canada, Montreal, Canada.—V. 141, p. 1447.
^
,
shall contain a covenant that so long as the new
issued and outstanding, no dividends shall be paid by the
indenture
new
are
corporation on any class of stock, if at the time there shall be any
unpaid accumulations of interest on the new debentures.
The new deben¬
tures shall be redeemable, during the first 20 years of their life, at 105%,
during the next succeeding five years at 104%, during the next succeeding
year at 103%, during the next succeeding year at 102%, during the next
succeeding year at 101%, and thereafter at par, plus
int., including the
payment in full of any unpaid accumulations of interest.
During the first three months from their date, the new debentures will
be convertible, at the option of the holders, into common stock of Jersey
Central Power & Light Co. at the rate of 3H shares of such common stock
for each $50 of new debentures converted, but without the payment of
accrued interest on the debentures converted.
In order to secure the right
of such conversion to the holders of the new debentures, 700,000 shares of
the common stock of Jersey Central Power & Light Co. will be appro¬
Naval Stores Investment Co.—Regular Div. Increased—
declared a dividend of 20 cents per share on the com¬
stock, payable Sept. 1 to holders of record Aug. 27.
This compares
with 15 cents per share distributed in each of the three preceding quarters
and 12)^ cents per share paid each three months previously.
In addition
extra dividends were paid as follows:
5 cents on June 1 and March 2, last;
15 cents on Dec. 2, 1935 and 2j^ cents on Sept. 3, 1935.—V. 142, p. 3861.
g
'
new
The directors have
mon
;
dividend of $5.25 per share on account
of accumulations on the $5.25 div., 1st pref. stock, no par value, payable
Sept. 15 to holders of record Aug. 31.
A like payment was made on
Aug. 15 last and compares with $2.62M Paid on July 1 and April 1 last;
$1.31 y2 paid on Dec. 31, 1935; $2.62H on Nov. 15, and.$1.31 J* on Oct. 1,
1935.
This latter payment was the first made since Oct. 1, 1931, when a
regular quarterly dividend of like amount was disbursed.!
Gross
Selling
including unpaid accrued
claims,
...
since any
liability for such tax cannot be
receivable
$3,060,175
carried on the balance
sheet of a predecessor company merged with Nehi, Inc. in 1928, and an
increase of $1,140,101 at the same time, in book valuation thereof, reflected
in revised capitalization of Nehi, Inc., a wholly-owned subsidiary of Nehi
$3,060,1751
Total
Corporation.
«
b After allowance for doubtful notes
allowance for
$254,330.
e Represented by 19,000 no par shares,
f Represented
by 7,000 no par shares,
g Represented by 150,000 no par shares.
The earnings for the 6 months ended June 30 were published in V. 143.
p. 1239.
Nebraska Power Co.—Earnings—
[American Power & Light Co.
Period Ended July
Net
to
1,214
on
$3,226,108
264,230
$3,161,633
268,168
$257,723
85,967
$264,454
86,415
$3,490,338
1,037,242
$3,429,801
1,039,061
y$178,039
$2,453,096
450,000
$2,390,740
537,500
499,100
499,103
$1,354,137
of whatever class.
Balance...
Property retirement reserve appropriations
z Dividends
applicable to preferred stocks
period, whether paid or unpaid.,
Before property retirement reserve appropriations and dividends,
Regular dividends on 7% and 6% preferred stocks were paid on June 1,
1936.
After the payment of these dividends there were no accumulated
y
z
directors have declared
New
on
the 8%
England
Gas
The directors have declared a
of accumulations
on
the
$4,387,876
4,929,167
4.898,378
4.816.420
4,885,980
$4,344,288
4,735.402
4,747,235
4,608,491
4,659,679
$4,928,125
4,650,848
5.062.463
5.022,922
4.843,404
4,796.725
4,743,075
on
Aug.
dividend of 25 cents per share on account
stock, no par value,
$5.50 cumulative preferred
1 to holders of record Aug. 31.
A like distribution was
male on July 1 last, and compares with 37
cents paid on Oct. 1, July 1,
and April 1, 1935; 75 cents paid on Jan. 1, 1935, and regular quarterly
payable
1933
1,224
Association—25-cent
Electric
&
Preferred Dividend—
1 934
operation declined from
All Preferred Accruals—
a dividend of $4 per share on account of
cumulative preferred stock, par $100 payable
Aug. 31 to holders of record Aug. 28.
This dividend represents full pay¬
ment of all accumulated dividends on the issue.
For record of dividend
payments see Y. 143, p. 595.
The
accumulations
I
4,626.518
4,404,117
595.
Neptune Meter Co.—To Pay Off
Oct.
New
Per
July—
463,680
def38,071
460,019
defll5,550
defl83,905
Net after rents.
def254,041
1933
$79,034
def3,998
def26,710
506,713
565,620
def21,238
defl85,372
defl00,511
def242,629
143, p. 764.
New Orleans & Northeastern
1936
$235,043
86,720
Gross from railway
Net from railway
RR.- -Earnings.
1935
$196,484
52,768
39,499
17,541
1,500,858
465,189
1,295,372
298,560
151,000
Net after rents
60,503
1934
1933
$179,288
47,333
7,931
$183,721
39,972
defl0,977
1,285,153
1,040,791
88,798
def238,204
From Jan. 1—
Gross from railway
Net from rail way
Net after rents
309,105
41,758
—V. 143, p. 764.
New Orleans Texas & Mexico
Operating revenue
ry. oper. income
Chairman Dies—■
Ry. System—Earnings—
1936—Month—1935
Period End. July 31—
Net
George Rasmussen, Chairman of the Board, died of an apoplectic stroke
residing on his estate near Copenhagen, Denmark, according to
advices received by company officials in Chicago.—V. 143, p. 930, 763.
def35,189
1934
$65,568
defl7,232
def35,821
'
1—
Gross from railway
Net from railway
4,881,542
4,730,998
10, 1935,
1935
$62,189
defl7,823
def30,626
Net after rents
—V.
RR.—Earnings.-
1936
$64,402
def8,117
.
Gross from railway
Net from railway
From Jan.
764.
share previously.—V. 143, p.
Jersey & New York
July—
5,037,572
for
Balance
Aug. 15, 1936.
$735,453
defll7,376
$715,592
def70,281
Listing of Certificates of Deposit for
of
deposit
for
1st
mtge.
gold
1936—7 Mos—1935
$7,229,102 $5,894,392
660,868
360,211
Bonds—
has authorized the listing of certificates
bonds as follows:
$15,770,000 series A,
The New York Stock Exchange
while
$259,282
5,172
Int. & other deduc'ns.
$5,135,421
4,662,014
4,733,906
4,582,700
4,349,416
Number of stores in
$252,373
5,350
.
unpaid dividends at that date.—V. 143, p.
4,588.974
4,297,939
$6,625,775
3,464,142
y$171,756
from oper..
Gross corp. income
issued,
otherwise pursuant to this plan,-
1936—12 Mos.—1935
$6,997,531
3,771,423
$1,503,096
rev.
Other income (net)
cash or other assets shall be
Subsidiary!
1936—Month—1935
$606,865
$569,774
354,492
310,492
31—
Operating revenues.
Operating expenses
1935
4.628,100
and accounts of $40,850.
c After
d After allowance for deprecia¬
doubtful notes of $51,875.
tion of
outstanding.
4.504,609
4,812,646
Total
$899,547 at which similar items were
Includes
a
1936
-.
Treasury stock
_a2,039,648
mulae
National Tea Co.—Sales—
May
Deficit
d307,802
Goodwill, trade-marks and for¬
700,000
150,000
830,750
71,494
Drl76,000
Capital surplus
c44,816
Fixed assets.
protective committee for holders of debentures has stated that it will
oppose approval by the court of the petition for reorganization of the com¬
pany submitted by Associated Gas & Electric interests.
These interests,
it is stated, hold more than 32% of the debentures or their certificates of
deposit.
' "
In addition, the committee made known its opposition to the reorganiza¬
tion plan filed with the petition.
The committee, it is said, is preparing to resist the plan in the U. S.
District Federal Court, when a date is set for hearings.
It comprises
Burton A. Howe, Chairman; J. H. Briggs, L. S. Gilmour, Stewart S. Haws
and P. A. Russell, Secretary.
Wing, Lakin & Whedon are its counsel.
—Y. 143, p. 1239.
July 18
Aug. 15
1,496,250
preferred stock
Common stock
dividends of $1.37H
Jupe 20
First
$8 convertible cum pref. stock.
The
25
23-
69,812
income taxes
& advances
expected to be realized
within one year
month, pending the making of the exchange.
April
Provision for Federal and State
mdse. sold, loans
corporation at the rate of 33^
such $3,000,000 of new deben¬
tures, or an aggregate of 210,000 shares of such common stock.
In case
the order of confirmation shall so provide, (a) the total authorized number
of shares of common stock of the new corporation shall be increased from
353,761 shares to 563,761 shares; and (b) General Utility Investors Corp.
agrees that it will exchange $3,000,000 of new debentures, within one
month after the receipt thereof, for 210,000 shares of stock of the new
corporation, and thereby reduce the amount of new debentures to remain
outstanding from $10,000,000 to $7,000,000.
In order to insure the making
of said exchange, new debentures, so to be exchanged, shall be appropriately
escrowed with the trustee of the new indenture during the period of one
1
2,297
Customers' credit balances—
9,950
29,450
not
be exchanged for common stock of the new
shares of such common stock for each $50 of
Feb. 29....
Mar.
28
41,524
&c
122,677
:
Prepaid insurance and taxes__
Advertising material
Notes rec. from bottlers for
If requested by any holder of an old debenture, and the court approves,
the order of confirmation, confirming this plan, may provide that $3,000,000
of new debentures to be received, by General Utility Investors Corp., shall
Feb.
S17.035
payable—
taxes,
commissions,
wages,
bl90,734
JL-.;
Inventories
(mentioned above) as the holders of $6,437,000 of old
plan and agree to exchange the Old debentures for
$3,218,500 of new debentures.
In order that the new corporation shall at
all times own a majority of the outstanding common stock of Jersey Central
Power & Light Co., the creditors agree that none of the new debentures to
be received by them in exchange for old debentures held by them, will be
converted into shares of common stock of Jersey Central Power & Light
Co., if, after the conversion thereof, the number of shares of such common
stock then owned by the new corporation will be less than a majority of the
Four Weeks Ended—
Accrued
Notes, acceptances and accts.
the
New Set-up—
......
undistri¬
on
Liabilities—
Accounts
$315,096
Cash in banks and on hand
creditors
Creditors to Oppose
$100,772
$178,496
86,625
Consolidated Balance Sheet June 30, 1936
debentures accept this
total number of such shares
10,119
24,000
■
Act of 1936#
determined until the end of the year.
Assets—
interest thereon, shall
or delivered by the new corporation or
to the holders of stock of the debtor now outstanding,
9,700
42,500
Note—No provision has been made for the Federal surtax
buted net income which may be payable under the Revenue
olders aforesaid, shall be available as as unsecured creditors, claims of the
Elan, asthereof who exchange the same, evidence to support the as aforesaid.
As the debtor is insolvent, no securities,
$377,181
235,069
Cr7,775
14,995
taxes
Preferred dividends
therefor, shall be entitled to participate in
all other unsecured creditors.
An appro¬
priate arrangement will be made to the end that all old debentures, in¬
cluding any coupons attached thereto, which may be exchanged under this
paid
$663,809
$663,809
418,173
CY7.128
22,067
current uncollectible
receivable.,
Provision for Federal and State income
exceed t,he value of the security
such distribution pro rata with
The
allowed
acceptances and accounts
respective interests.
of their
—
1935
$576,092
198,910
Allowance for possible losses on
is confirmed.
The only class of creditors of the debtor affected by this plan are the
holders of its debentures and (or) certificates of deposit therefor.
No other
creditors or class of creditors are affected by the plan.
All assets of the
debtor, including cash, other than (1) the shares of stock pledged, under the
trust indenture, dated Feb. 1, 1928, and (2) any cash which may be held
by the trustee under said indenture, are hereinafter referred to collectively
as the "unpledged assets."
The unpledged assets which may remain after
the payment of the costs of administration in the bankruptcy proceeding
now pending in the U. S. District Court for the Southern District of New
York, in which the debtor was adjudicated a bankrupt on July 8, 1932,
shall be distributed pro rata among the creditors of the debtor in accordance
amount
profit
and administrative expenses
on purchases, &c
Cash discounts
calendar month in which this plan
the debtor, to the extent that
1936
$991,233
327,424
Discount
pledged under the trust indenture,
The holders of the old debentures of
a
6 Months Ended June 30—
ing over 32% of the total amount of such common
in full consideration therefor the new corporation
with their
directors have declared
Cost of sales.
dated Feb. 1, 1928, constitut¬
shares outstanding, and
will issue and deliver to
or
upon the order of NY PA NJ Utilities Company 341,350 shares of its
common stock.
The 341,350 shares of common stock of Jersey Central
Power & Light Co., together with the 712,411 shares of such stock pledged
constitute the entire issue of common stock of Jersey Central Power &
Light Co., with the exception of nine directors' qualifying shares.
The $10,000,000 of new debentures shall be issued by the new corporation
in exchange for the $20,000,000 of old debentures, at the rate of $50 of
new debentures for each $100 of old debentures exchanged.
Each holder
of old debentures and (or) certificates of deposit therefor, shall be entitled
to receive in exchange therefor, upon the presentation and surrender thereof
to the new corporation, $50 of the new debentures for each $100 of old
debentures and (or) certificates of deposit therefor.
All new debentures
so delivered in exchange, irrespective of the date on which delivered, shall
bear interest from the first day of the calendar month next succeeding the
not
Corp.—Accumulated Dividend—
Nehi
The
priately deposited in escrow with the trustee of the new debentures.
The 712,411 shares of the common stock of Jersey Central Power &
Light Co., as well as the shares of stock of Seaboard Public Service Co. and
Municipal Service Co., in case, prior to the confirmation of this plan, the
same snail not have been sold by New York Trust Co., as trustee under
the trust indenture, as well as any cash which may, at the date of confirma¬
tion of this plan, be in the possession of the trustee, including any cash
deposited for the payment of coupons on the old debentures, which matured
on or before Feb. 1, 1932, shall be transferred, delivered and paid over to
the new corporation, free and clear of all claims of the debtor, its stock¬
holders and creditors, and free and clear of the lien of the trust indenture,
dated Feb. 1, 1928.
The cash, so deposited, when received by the new
corporation shall be applied by it to the payment of the coupons for the
payment of which it was so deposited, as and when said coupons are pre¬
sented and surrendered.
The trust indenture and the lien thereby created
shall be satisfied and discharged.
The plan, however, shall not prevent
the trustee under trust indenture dated Feb. 1, 1928, from selling the
shares of stock of Municipal Service Co. and Seaboard Public Service
Co., in accordance with terms of the indenture, if the shares are sold prior
to the confirmation of this plan.
In order to provide additional assets back of the new debentures, NY PA
NJ Utilities Co., will transfer and deliver to the new corporation 341,350
shares of the common stock of Jersey Central Power & Light Co. which
are
Transcontinental Ry. Branch Lines Co.—
National
new debentures shall, after the expira¬
unconditional. To the extent that such
of five years, it shall accumulate, and
shall be payable not later than the maturity of the
The obligation to pay interest on the
tion of the five years, be fixed and
interest is not paid during the period
1936
Aug. 29,
Chronicle
Financial
1408
Volume
143
Financial
Chronicle
5M%, due April 1, 1954; S14.345.900 series
B, 5%, due April'l. 1954;
$4,600,000 series C, 5%, due Aug. 1,
1956; $5,900,000 series D, 4M%,
due Aug. 1, 1956, and certificates of
deposit for $2,354,100 of 5% noncumulative income bonds, series
A, due Oct. 1, 1935.—V. 143, p. 764.
New Orleans Public Service
Rys.—Hearing on Plan—
Various interests in the Utica lines of the New
York State Rys. have
agreed upon a plan of
reorganization under Section 77-b, and Federal
Judge Frederick H. Bryant of Malone has set
Sept. 14 as the date for a
hearing on the plan in Syracuse.
Funds will be asked then to enable the
Public Service Commission
to investigate the plan.
Securities that would
participate in the
Inc.—Earnings—
[Electric Power & Light Corp. Subsidiary]
1936—Mcmth—1935
1936—12 Mos —1935
Operating revenues
$1,287,673
$1,149,501 $16,307,370 $15,127,005
Oper. exps., & taxes
925,254
784,679
11,029,575
9,774,207
plan are the $539,000 Utica Belt
Line Street
RR., the first and second mortgage bonds and the
$2,258,000
bonds of the Utica &
Mohawk Valley Ry.
Tne petition says these bonds
alone should
participate and that the consolidated mortgage
bondholders,
to the amount
of more than
$16,000,000, have no interest in the Utica
system.
Period End. July 31-—
„
Net
revs,
from oper--
$362,419
900
$364,822
4,805
$5,277,795
32,030
$5,352,798
28,011
$363,319
226,578
$369,627
241,578
$5,309,825
2,819,770
$5,380,809
2,896,771
y$136,741
y$128,049
appropriations
$2,490,055
2,124,000
$2,484,038
2,124,000
544,586
544,586
Other income (net)
Gross corp. income.-Interest & other deducts
Balance..
Property retirement
z
reserve
Dividends applicable to
whether paid or unpaid
prer. stock for
period,
A
new
company would take over all the transportation facilities in and
about Utica and
acquire from the Clinton Utica Corp. all properties now
leased from the Utica
Clinton & Binghamton RR., and would
pay these
properties $12,000 in cash,
$254,000 in 20-year 4% debentures of the new
company and 5% of the common stock of the new
company.
The company would have an
authorized capital of 75,000 shares
($10
par).
The stock would be allotted
to Utica Belt Line bondholders and
Utica & Mohawk
Valley bondholders and any others entitled thereto.
Basis of allocation has
not been drawn.—V. 141, p. 3235.
,,
Deficit
New York
Susquehanna & Western
$178,531
$184,548
y Before
property retirement reserve appropriations and dividends,
z Dividends
accumulated and unpaid to
July 31, 1936, amounted to
$1,883,360.
Latest dividend,
amounting to 87Yi cents a share on $7 pref.
stock was paid
April 1, 1933.
Dividends on this stock are cumulative.
—V. 143, p. 596.
New York Central
July—
Net after rents
—V. 143, p. 1085.
July—-
p.
1936
1935
New York
1934
$201,411
152,966
74,733
1,590,795
I 1,211,008
1,623,870
1,293,440
781,485
1,736,340
1,413,335
903,063
736,142
1935
1934
The
$2,584,843
676,170
239,774
$3,029,090
1,229,319
783,634
19,092,051
5,797,153
3,232,371
19,816,636
6,620,835
3,612,221
17,217,141
5,707,104
2,880,328
23,112,518
8,175,262
4,889,917
Federal Judge Carroll Hincks
RR.—Equip. Trust—
and
10 Diesel switching engines.
The First National
Bank, Boston was designated
tificates which will mature in 15
annual payments of
Earnings for July and Year
July 31—
revenues
Netrev. from ry. oper..
Net ry. oper. income...
as
trustee for the
cer¬
a440,746
1936—7 Months—1935
$5,675,689 $44,009,292 $40,557,626
1,456,087
9,698,647
10,687,168
636,670
a2,504,158
4,880,499
288,927
b4,793,172
1,902,857
was
approximately $136,000.—V. 143,
New York Ontario & Western
1936
$889,427
304,553
212,315
.
^
Net after rents
From Jan. 1—
Gross from
p.
Gross income
5,289,364
1,316,601
Net after rents.
747,811
—V. 143, p. 764.
1934
v
216,221
298,757
5,721,652
1,491,944
.830,781
5,476,985
1,561,553
1,026,176
Richmond Gas Co.—Asks
Exemption
application, the company stated it had not been
able to
complete all the steps necessary for
issuance of these
bonds, and such
steps may not be completed before
Sept. 1, 1936, the date at which the
notice of the proposed
refunding would have to be issued to effect
the
retirement on Nov. 1,
1936, the next redemption date.
Therefore, the company has made
arrangement with a bank for a
loan of $2,300,000, to be
standby«
evidenced by a note to mature in
not more than
nine months, which the
company will have the right to take down in
Nov 1
1936, to retire the outstanding
6% first refunding mortgage gold bonds
due 1951.
The company does not
intend to avail itself of this loan
if it is
able to procure the
major part of the funds
necessary for the retirement by
the contemplated issue of the
new bonds.
after
Earnings—Period Ended July 31
1936—Month—1935
1936—12 Mos.—1935
$93,421
$99,559
$1,203,484
$1,219,391
taxes,
provision was made for Federal
—Y. 143, p. 1239, 1086; V.
142, p. 4349.
New York
29,787
surtax
xl73,113
on
198,421
undistributed profits.
Shipbuilding Corp .-—Earnings—
Period End. June 30—
Net profit after
ordinary
1936—3 Mos.—1935
(& Subs.)—Earnings—
1936
'
1935
$2,477,282
41,079
$2,325,683
1,298,533
70,141
253,669
48,265
76,501
$575,303
208,979
$578,572
219,000
1,962
15,468
17,642
$348,892
Operation
Maintenance
$2,284,432
$2,518,362
1,397,429
100,270
277,166
57,671
110,520
—
Provision for retirement and depletion reserves—
General taxes
Net earnings
on funded debt
Interest
Interest
on unfunded debt—
.•
Amortization of bond discount and expense
Net income
-
Note—No provision has been made for Federal
profits.—V. 140, p. 3396.
Northern Alabama
July—
$341,356
41,250
undistributed
"
1935
Net after rents.
1934
1933
$29,875
2,658
defll,222
$42,640
13..756
def471
$46,196
23,143
7,052
398,570
169,014
58,817
Net from railway
321,142
318,275
108,232
15,729
def 13,668
,
Gross from railwayNet from railway
Net after rents
110,115
def 1,277
—V. 143, p. 766.
.
,
Northern States Power Co.
299,000
116,304
.
(Del.) (& Subs.)—Earnings
Period End. July 31—
1936—7 Mos—1935
1936—12 Mos.—1935
Operating revenues
$20,024,151 $18,940,312 $33,991,029
$32,452,331
Oper. expenses, mainte11,566,414
10,637,438
19,373,741
18,382,450
Net oper. rev.
ment
for
(before
retire¬
reserve)
$8,457,737
58,370
$8,302,873 $14,617,287 $14,069,881
$8,516,107
1,613,333
$8,358,245 $14,721,612 $14,166,345
1,613,333
2,900,000
2,900,000
$6,902,773
3,459,205
Other income
56,744,912 $11,821,612 $11,266,345
3,467,071
5,927,867
5,880,389
55,372
104,324
96,464
Net oper. rev. & other
inc.
(before approp.
for retire, reserve)
Approp. for retire, res've
Amortiz.
$76,216 loss$418,561
on
Ry.—Earnings.—
1936
From Jan. 1—
surtax
573
$46,906
18,505
2,505
.
Gross from railway.
_
Gross income
$37,1851oss$258,018
$1,756,390 $16,708,136 $11,568,812
Total gross earnings
Int. charges (net)
of debt
& undistributed
profits
—V. 142, p. 3518.
$2,350,038
_
1936—6 Mos.—1935
taxas,
int.,
deprec.,
but before Fed. income
taxes
$1,935,207 $17,959,820 $13,514,642
178,816
1,251,683
1.945,829
143, p. 765.
approp.
x24,114
No
$2,528,855
178,816
funded debt
Federal and State income taxes
In the present
deprec., int., &c
_
on
refunding the same amount of
outstanding 6% first refunding
mortgage gold bonds, due 1951.
x
2,567,819
373,300
def2,548
Ry.—Earnings—
Operating revenues—
Non-operating revenues—Net
$881,774
draft.
Grossrevenue
2,896,101
812,544
415,732
12 Months Ended July 31—
1933
$881,075
263,576
The company
previously had filed an application for
exemption with
respect to filing a declaration for the issue
and sale on or after
Sept. 1, 1936
of $2,125,000 of
4^% first mortgage bonds, series A, due
1961, for the
purpose of
Net income
1933
$375,879
66,721
V 15,521
1936—Month—1935
1936—7 Mos.—1935
$7,732,180
$5,903,766 $50,539,270 $42,371,525
3,577.583
2,405,314
22,984,767
16,318,893
2,458,953
1,902,000
17,615,101
12,728,379
69,901
33,206
344,719
786,263
North Penn Gas Co.
165,926
5,087,561
1,297,146
769,462
on
Net income
—V.
1239.
The company, a
subsidiary of Washington & Suburban
Cos., a registered
holding company, has applied to the Securities and
Exchange Commission
for exemption under Section
6-B of the Public
Utility Holding Company
Act of 1935, with respect to
filing a declaration on the issuance of a note
or
Int.
Ry.—Earnings.—
1935
$743,824
163,577
92,595
oper. revenues.
Net ry. oper. revenues.
.
&
1934
619,693
243,673
Net ry. oper. income
Other inc. items (bal.)._
•
railway
Net from railway
York
167,897
Railway
disct.
and expense
Other income deductions
New York State Electric & Gas
Corp.—Offering Delayed
The corporation, in an
amendment filed with the Securities
and Exchange
Commission, states that its offering of $17,500,000
4% first mortgage bonds
due 1965 has been
delayed to Sept. 15.—V. 143, p. 1239.
151,859
30,442
150,436
29,606
259,837
50,239
249,284
Minority int. in net inc.
of subsidiary cos
39,530
35,012
67,096
46,792
1,221,736
$3,062,785
$5,516,571
$5,035,243
Net income
—V. 143, p. 1240.
.
$414,496
111,010
55,617
2,803,818
491,434
Norfolk & Western
no liability for the
stated rental under
has been disaffirmed.
No further
charges
will be made to New Haven
income account for such rentals.
The monthly
ulV~
1935
$374,187
60,495
9,382-
64,898
11,931
2,584,471
Period End. July 31—
Colony RR. lease, which
Gross from
railway
Net from railway
1936
Net from railway
b Effective June
1, 1936, there is
proportion for July 1936
.
RR.—Earnings.—
$375,276
75,276
2
Net after rents
—V. 143, p. 765.
to Date
a The lease of
the Old
but net
railway operating income includes the results of
operations of the
Old Colony properties.
New
was separately
incorporated does not
being apart of the New Haven system," the Commission's
"It
Net after rents
From Jan. 1—
Gross from railway.-—
b506,675
separately operated properties,
Colony RR. was disaffirmed effective June
1, 1936
.
however, held that almost all of the "Westchester's
owned by the New Haven and that there
were other im¬
1936—Month—1935
$6,450,851
1,519,606
Net def. after
chargesx Before
guarantees on
Note—
was
Gross from railway
Net from railway.
$205,000 each.
„
Holds
Commission,
July—
Aug. 25 signed an order allowing the
equipment trust certificates to finance
locomotives, 50 lightweight steel coaches
on
trustees to issue
$3,075,000 of 3%
purchase of 10 steam passenger
the Old
931.
Ry.—ICC
Labor Act—
Norfolk Southern
New York New Haven &
Hartford
x
Boston
.
railway
Net from railway.
Net after rents
—V. 143, p. 1085.
Period End.
&
seems
clear that the Westchester was
operated as a
part of the New Haven system prior to Dec.
23, 1935, and we think the
appointment of a separate trustee for the Westchester
did not necessarily
take it out of the New Haven
system, especially as the trustees for both
companies were appointed and are supervised
by the same Court.
Everything cpnsidered, we are of the opinion that the Westchester still is
an integral ^art of the
New Haven system; and while the New Haven
has
been electrified from New York to New
Haven, it is.undoubtedly a general
steam railroad system of
transportation."—V. 143, p. 1240.
1933
$2,522,690
576,119
208,500
1,271,508
732,471
Net after rents
From Jan. 1—
Gross from
Operating
Westchester
portant relationships.
"The fact that the Westchester
prevent it from
1936
43,328
1,930,916
461,583
140,830
of transportation.
finding read.
$3,511,874
2,233,178
623,138
324,743
Telephone Co.—New Director—
York
capital stock
Chicago & St..Louis RR.—Earnings.—
Gross from
railway
Net irom railway
2,191,321
632,325
254,357
The Interstate Commerce
Commission ruled on Aug. 21 that the com
pany, being "still an integral part" of the New
York New Haven & Hart¬
ford, could not receive an exemption that would
remove it from the power
of the National
Railway Labor Act.
The company had claimed
exemption on the ground it was a suburban
electric railway and not operated as
part of a general steam railroad system
$293,134
239,411
171,964
1,631,985
1,256,200
792,003
1933
$299,702
86,634
55,596
15,840
Lewis H. Brown, President of the
Johns-Manville Corp., was appointed
director of this
company at a meeting held Aug. 26,—V. 143,
New
1933
$191,554
136,271
64,915
1934
$283,791
p.
42,611,391
17,023,131
$235,497
179,370
122,578
764.
July—
45,084,904
18,993,139
RR.—Earnings.—
34,153
Company Under Rail
From Jan. 1—
Gross from
railway
Net from
railway
Net after rents
143,
39,927,952
16,805,021
a
Connecting RR.—Earnings.—
Gross from rail
way...
Net from railway
Net after rents
—V.
New York
-
174,299,343 175,344,723 159,339,857
1935
$300,301
82,869
39,851
2,066,046
604,851
247,326
From Jan. 1—
Gross from
railway
Net from
railway.
Net after rents
•—V. 143, p. 765.
_
48,931,661
23,944,396
1936
$286,321
90,975
Net after rents
RR.—Earnings.—
From Jan. 1—
Gross from
railway—..201,032,622
Net from railway
New York
July
Gross from railway
Net from
railway
1936
1935
1934
1933
$29,416,616 $23,816,638 $23,824,080 $26,468,195
7,740,484
4,519,811
8,259,764
5,142,114
4,255,844
1,765,347
1,825,455
4,529,619
.
Gross from railway
Net from railway..
Net after rents
1409
New York State
54,636
Financial
1410
Chronicle
Old Colony
Northern Pacific Ry.—-Earnings.—
1936
$5,569,212
1,104,229
July—
Gross from railway
Net from railway
1934
$4,545,445
831,522
672,835
$4,398,358
1,124,661
834,691
27,280,701
4,078,797
2,774,998
24,771.591
2,023,201
111,797
392,152
801,312
176,088
31,773,706
3,846,055
27,015,423
1,319,946
Net after rents
From Jan. 1—
Gross from railway
1933
_
Net from railway
Net after rents
156,626
2,256,134
—V. 143, p. 1240.
Co.—Earnings—
Northwestern Electric
Subsidiary]
1936—Month—1935
1936—12 Mos.—1935
$323,032
$293,231 $4,042,392 $3,705,391
2,308,859
203,232
206,807
2,517,371
203,589
17,211
17,047 205,534
[American Power & Light Co.
Period Ended July 31—
Operating revenues- - Operating expenses
Kent for leased property
$102,589
$69,377
Other income (net Dr.)-
611
46
J$1,319,487
3,453
$1,192,943
1,273
Int. ,& other deductions-
$101,978
47,076
$69,331
52,976
!$1,316,034
575,448
$1,191,670
617,139
$740,586
260,000
$574,531
260,000
Balance
-
Balance
y$54,902
y$16,535
Property retirement reserve appropriations
.
z Dividends
applicable to preferred stocks for
period, whether paid or unpaid
-
334,179
334,159
$146,407
cef$19,628
RR .—Hearing on Trusteeships—
Interstate Commerce
The
1935
$4,228,693
1936
29,
Aug.
Commission has assigned oral argument for
Sept. 25 on the petitions of Howard S. Palmer, W. M. Daniels and James
Lee Loomis for ratification of their appointments as trustees of the Old
The appointments are opposed by the Bank of Manhattan
Reconstruction Finance Corporation on the grounds that these
administer the Old Colony's affairs while at the same
time acting as trustees of the New Haven.—V. 143, p. 1241.
Colony RR.
Co. and the
men
cannot properly
""Ottawa Light, Heat & Power Co., Ltd.—Pref. Shares
Offered—A syndicate comprising Wood, Gundy & Co., Ltd.,
and W. C. Pitfield & Co.,[Ltd., on Aug. 20 offered in Canadian
markets $1,700,000 5% cumulative preference stock for con¬
version by holders of 6^% cumulative preferred shares,
which were called for redemption at 105 on Oct. 1.
The
offering price for this conversion is $100 a share in exchange
for the 6H% preferred shares at 105.
Cumu¬
capital and dividends.
preference shares are preferred as to
The
lative dividends at rate of 5%
per annum
will accrue from Oct. 1, 1936.
payable quarterly, Jan. 1, &c., the first dividend being payable
on Jan. 1,
1937.
Dividends on the preference shares will be payable by
cheque in Canadian funds on the company's bankers at any branch thereof
in Canada (Yukon Territory excepted).
Redeemable as a whole on any
dividend payment date, at the option of the company on 60 days' notice
at 103, plus divs.
Transfer agent, National Trust Co., Ltd., Montreal.
Registrar, Royal Trust Co., Montreal and Ottawa.
In the opinion of counsel, these preference shares will be a legal invest¬
ment for insurance companies registered under the Canadian and British
Insurance Companies Act, 1932.
Application will be made to list these preference shares on the Montreal
Stock Exchange.—V. 143, p. 438.
and will be
f
Balance.
y
z
-
retirement
property
Before
appropriations
reserve
Dividends accumulated and unpaid to
and
1936
$1,028
6 Months Ended June 30—
Net income after taxes and charges..
Ohio Bell
to $1,239,share paid
share paid
-
Co., San Francisco, in July offered at $19 per share
55,000 shares of common stock (no par value).
&
1935
$7,466
Nil
630,000 shares__
$0.01
1934
$19,113
The Bank of California,
$0.03
.
The company has applied for listing of its
shares on the San Francisco Stock Exchange.
The company was
tends
1936—6 Mos.—1935
1936—7 Mos.—19o5
$3,278,497
$2,950,118 $22,482,002 $20,552,802
6,888
■
1,259
46,076
45,956
2,059,600
1,915,026
13,615,237
12,902,863
452,544
379,064
3,160,352
2,619,061
Uncoil, oper. revenue—
Operating expenses
Operating taxes
$759,465
Net operating income.
$654,769
$5,660,337
The
revenue
Prov. for retirement
res_
Int. & other fixed chgs-Divs. on pref. stock-_-_
$1,386,285
685,329
125,000
278,887
155,576
$141,492
Balance.
—V. 143, p. 767. '
:
;■
$1,211,896 $16,840,705 $15,568,248
576,839
7,814,012
7,056,501
100,000
1,375,000
1,350,000
327,659
3,889,881
3,870,588
155,573
1,866,908
1,866,882
$51,822
Oklahoma Gas & Electric
$1,894,902
taking, and the company has rapidly developed this new source of business,
the most significant in the industry in recent years.
Nearly alb of the
products of the company are sold under contract direct to industrial users.
The largest single customer is Acme Breweries, which purchases all of its
requirements of beer and ale cans from the company.
The company also
owns can closing machinery which it leases to its customers.
For some time the company has made, and expects to continue to make,
secured loans or advances to its customers.
The company owns a modernly equipped factory in San Francisco, con¬
reinforced concrete buildings and an addition, comprising
approximately 95,000 square feet, and it has contracted for the construction
of another reinforced concrete building of some 21,000 square feet.
Management is chiefly in the hands of E. F. Euphrat, President and
Treasurer, who founded the business.
The company has not, since 1928, sustained an operating loss in any year.
The net earnings, after depreciation and Federal income tax, for the three
years ended Dec. 31, 1935, are as follows:
1933, $150,728; 1934, $227,042,
1935, $300,181.
'
Proceeds—Net proceeds from the sale of 55,000 shares of common stock
will amount to about $918,869.
Of these net proceeds, $254,500 will retire
the 7% cumulative preferred stock, together with $38,175, wiieh will be
the premium on redemption of said stock.
$90,350 will be used to retire
notes of the company.
The balance of $535,844 will be applied to working
capital.
Capitalization—The capitalization of the company upon completion of
present finanding and retirement of the 2,545 shares 7% cumulative pre¬
ferred stock (par $100) will be as follows:
sisting of two
$1,424,275
V
:
.
.
Co.—Earnings—
12 Months Ended July 31—
1936
1935
Operating revenues
-—
$11,962,884 $11,084,164
Operating expenses, maintenance and all taxes—
6,180,070
5,919,168
Net oper. rev. (before approp.
Other income
for retire, res.)— $5,782,813
$5,164,995
2,651
2,703
and other income (before
appropriation for retirement reserve)
$5,785,465
Appropriation for retirement reserve
1,025,000
$5,167,699
1,025,000
Net operating revenue
Net income.-
-
;
-
$4,760,465
2,223,810
200,000
28,704
,
$4,142,699
$2,307,950
Gross income
Interest charges (net).
Amortization of debt discount and expense—
Other income deductions
$1,688,046
Authorized
2,228,381
200,000
26,270
Finance
Pacific
The directors
Oklahoma Natural Gas Co.—Securities Placed—
ment terminated as of
Thursday.
Distribution of the $10,000,000 5% convertible debentures of the com¬
the same time as
pany, due May 1, 1946, which were originally offered at
the first mortgage bonds, was completed late in July.
(American Power & Light Co. Subsidiary)
Operating revenues
Operating expenses
$1,971,063
$1,782,803
180,334
399,529
178,389
370,933
$188,875
107,737
$2,550,926
1,251,576
$2,332,125
y$81,138
Property retirement reserve appropriations
z Dividends
applicable to preferred stocks for
period, whether paid or unpaid
$1,299,350
600,000
$1,070,950
600,000
458,478
458,478
$240,872
$12,472
Net
$155,097
from oper.
revs,
\
(net)
Other income (net)
Okmulgee Northern Ry.—Stock Dividend—
Commerce
Commission
on
was
<
authorized to reissue its existing $242,000
of capital stock,
par value from $100 to $10 a share so the number of shares
would be 24,200 instead of 2,420 shares, and to issue an additional 12,100
shares at $10 par as a dividend to be delivered pro rata to present holders.
changing the
In connection with the transaction, the company is rewriting its
ment account to eliminate a discount of $213,000 on capital stock
ICC, in which the Commission said it was
142, p. 4032.
the investment account.—V.
■
Old Dominion Power Co.
Period End. June 30—
Total oper. revenues
Operation
Power purch. from Ky.
Util. Co., parent co_Maintenance
Provision for retirementTaxes
-
a
,
questionable item in
V
'
$168,988
40,902
$357,996
85,398
$354,298
82,947
53,440
13,107
46,696
11,638
20,532
12,136
116,230
20,355
41,143
26,267
98,375
21,559
41,050
24,247
z
$39,000
$37,082
$68,602
$86,118
157
60
$37,240
36,562
$68,662
73,125
$86,433
73,125
1,261,175
property
retirement
098, after giving effect to dividends of $1.75 a share on the 7% preferred
$1.50 a share on $6 preferred stock, declared for payment on
Aug. 1,1936. Dividends on these stocks are cumulative.—V. 143, p. 599.
Pan-American Petroleum
Period End. June 30—
& Transport Co.
1936—3 Mos.—1935
(& Subs.)
1936—6 Mos.—1935
fet profit after deprecia¬
depletion, taxes
charges
and other
y$993,168
$62,645 y$l,601,012
x$73,227
Earns, per share on 4,-
702,944
mon
on
shares
com¬
Nil
$5)
$0.21
$0.01
$0.34
Federal income taxes,
y Before provision for possible surtax
stock (par
Before
_
undistributed profits.—Y. 142, p.
3687.
315
$39,030
36,562
-
30
—
—
•
stock and
x
Net operating incomeOther income (net)
$203,990
103,556
y$100,434
Before
tion,
10,158
20,607
14,947
33,676
reserve appropriations and dividends,
Dividends accumulated and unpaid to July 31, 1936, amounted to $573,y
1936—6 Mos— xl935
$179,761
43,447
$140,252
15,111
33,782
Balance—
(& Subs.)—Earnings-
1936—3 Mos. —xl935
•
Balance
invest¬
and to
differentiate between actual earned surplus and donated property.
Elimination of the discount on capital stock resulted from correspondence
with the
Int. & other deducts-
$121,000 dividend
company.
The road
Gross corp. income
26 approved the«first
Aug.
1936—12 Mos;—1935
$4,469,784
$4,168,845
2,498,721
2,386,042
1936—Month—1935
$365,833
$350,098
210,736
209,846
Period End. July 31—
597.
railroad stock dividend it has acted upon since 1929—a
share and a
Pacific Power & Light Co.—Earnings—
underwriters, are
Blyth & Co., Inc.; the First Boston Corp.; Schoellkopf, Hutton & Pomeroy,
Inc.; Halsey, Stuart & Co., Inc.; Kidder, Peabody & Co.; E. H. Rollins
& Sons, Inc.: Trail & Middendorf, Inc.; Graham, Parsons & Co.: White,
Weld & Co.; Bosworth, Chanute, Loughridge & Co.; Central Republic Co.;
Estabook & Co.; Jackson & Curtis: Paine, Webber & Co.; Lawrence Stern
& Co., Inc.; Francis Bros. & Co.; Whiting, Weeks & Knowles, Inc.; Win.
Cavalier & Co.; A. M. Kidder & Co.; G. M.-P. Murphy & Co.—V. 143,
Associated with Stone & Webster and Blodget, Inc., as
Interstate
Calif.—Extra Div.—Regular
of
have declared an extra dividend of $1 per
quarterly dividend of 45 cents per share on the common stock, par $10,
both payable Oct. 1 to holders of record Sept. 19.
This compares with
dividends of 30 cents per share paid in each of the four preceding quarters*
15 cents paid on July 1, April 1, and Jan. 2, 1935; 5 cents per share paid
each three months from July 1, 1932 to and including Oct. 1, 1934, and
22 cents paid previously each quarter.
In addition an extra dividend of
20 cents per share was paid on Dec. 15, 1933.—V. 143, p. 438.
Blodget, Inc., as head of the nation-wide banking group which underwrote
the financing, that all the $20,000,000 issue of 4]^ % first mortgage series A
bonds of the company, due May 1, 1951, had been sold and the selling agree¬
by this
Corp.
Dividend Increased—
Successful conclusion of public financing in the amount of $30,000,000
for the company is revealed in the announcement by Stone & Webster and
The
Outstanding
500,000 shs.195,000 shs.
Common stock (no par)
—V. 143, P. 1087.
—V. 143, p. 1241.
P.
metal containers.
consists of packers' cans
greater proportion of the container output
large variety of industrial products, including oil, paint, varnish and drypackage goods. Also in general-line cans are cans for coffee, tea, spices, &c.
The manufacture of cans for the canning of beer and ale is a recent under¬
$4,984,922
1936—12 Mos.—1935
1936—Month—1935
Period End. July 31—
organized on July 19, 1927. It is engaged in, and in¬
the general business of manufacture and
continue to engage in,
plain, lithographed and lacquered cans and other
packaging of various food products, such as vegetables, fruits,
and fish. The remainder consists of general-line cans used as containers for a
Co.—Earnings—
Oper. exp. and taxes—
Registrar.
195,000 outstanding common
used for the
[A Subsidiary of Commonwealth & Southern Corp.]
Gross
to
sale of
-V. 143, p, 932.
Ohio Edison
National Association, San Francisco, transfer
The Anglo-California National Bank of San Francisco,
agent.
Telephone Co.—Earnings—
Period End. July 31—
Operating revenues
(Nev.)—Stock Offering— Dean Witter
Co.
Can
Pacific
3, p. 597.
Corp.—Earnings—
Occidental Petroleum
Earns, per share on
—V. 141, p. 1104.
dividends,
July 31,1936, amounte
558.
Latest dividend on 7% preferred stock was 88 cents
Jan. 3, 1933.
Latest dividend on 6% pref. stock was $1.50
Oct. 1,1932.
Dividends on these stocks are cumulative.—V. 1
Panhandle Eastern Pipe Lines Co.—Tenders—
Gross income
Funded debt interest
General interest
Amortiz.
of
bond
425
737
842
1,558
4,395
4,395
8,790
8,790
$2,353
$4,454
$14,095
prof$2,959
dis¬
count and expense
Net loss before pf. divs
x Adjustments made subsequent to June 30, 1935, but
applicable to the
period beginning Jan. 1, 1935, have been given effect to in these columns.
—V. 143, p. 767.
The City Bank Farmers Trust Co., as trustee, is inviting tenders of
20-year mortgage bonds, series A, 6%, due Oct. i, 1950, for sale to the
sinking fund at prices not exceeding 105% of the principal amount and
accrued interest, in an amount not to exceed $315,074 available in the
sinking fund. Tenders will be received until 3 p. m. on Sept. 23, 1936, at
the Corporate Trust Department of the bank, 22 William St.—V. 142, p.
1481.
Paper Sales Co. of Detroit, Inc.—Registers with SEC—•
See list given on
first page of this department.
Volume
Financial
14j
Chronicle
1411
Consolidated Balance Sheet (Giving Effect to Stock Presently to Be Issued)
Currently telling
Dec. 31, 1935
at about $3 per share
Assets—
Cash
Petroleum Conversion Corporation (Common)
in
on
Liabilities—
hand, in banks and
Accounts
transit
Marketable securities
Additional information on request
reserves)
LANCASTER & NORVIN GREENE INC.
30
BROAD
v
of
salable
ST.,
N. Y.
for
parts
% external bonds, due 1968, have been notified that Sept. 1
Morgan & Co. in New York in
(a) U. S. currency at the dollar face amount or (b) U. S. currency at the
dollar equivalent of'French francs (25.52 per dollar of face amount of the
coupon) upon the basis of J. P. Morgan & Co.'s buying rate for exchange
Paris
at the time of presentation.—V.
Intangible assets—Patents
'
I
.V';
Total-
:
i.-V.."
■'
.
Parke, Davis & Co.—40-Cent Dividend—
The
directors
have
declared
dividend of 40
a
cents
per share on the
value, payable Sept. 30 to holders of record Sept. 19.
and March 31 last, and compares
on Sept. 30, June 29, and March 30,
cents per share paid on Sept. 29,
of $1 per share were paid in 1933,
$1.30 in 1932, and $1.65 per share in 1931, 1930, and 1929.
In addition
a stock dividend of
1% was paid on Jan. 10, 1936.—V. 143, p. 1087.
common
stock,
Profit before interest and other items shown below
Interest expenseLoss on sale of capital assets
on purchase of stock of
subsidiary company
Proportion of loss applicable to minority stockholders
Provision for Federal income taxes
Loss for the 29 weeks ended
July 18,1936
—V. 143, p. 282.
Balance before prov. for retire't, amortiz. and
trust indent, require'ts as
briefly outlined below
The trust indenture securing the 1st
mtge. 6H%
gold bonds requires:
A, 33 1-3% of the balance after
-V. 142. p. 4350.
B.
12 Months Ended July 31—
Operation
Maintenance
$7,899
-
Ltd., and
10,000
Corp.
1936
1935
$41,462 loss$168,483
$1,167,023
17,687
—
Gross corp. income.
Int. & other deducts..
Balance
y$664,923
y$715,024 $10,011,884 $10,363,210
Property retirement reserve appropriations
1,874,000
1,875,000
Dividends applicable to preferred stocks for
period, whether paid or unpaid
3,846,545
3,846,535
Balance
$4,291,339
$4,641,675
y Before
property retirement reserve appropriations and dividends.
Regular dividends on all classes of preferred stock were paid on July 1,
1936.
After the payment of these dividends there were no accumulated
unpaid dividends at that date.—V. 143, p. 599.
2
Pennsylvania Reading Seashore Lines.—Earnings.—
excepting Canadian
Sanitary Postage Service Corp., conveyed
Weighing & Vending Ma¬
July.—
Gross from railway.---_
Net from railway
From Jan.
6,544
revenue
from machine earnings
_»
$162,286
8,116
Selling
Total incomeDeductions from
July—
Gross from railway
Net from railway
3 256
Net after rents
104J68
From Jan. 1—
Gross from railway
$169 838
Net from railway
Net after rents
—V. 143, P. 933.
$178,881
income
49,044
498,186
^
—
166,935
572,368
$368,350
$7,904,893
Earnings of
9 f943
Depreciation and amortization
Netry. oper. income.
$277,864
——
def578,654
604,341
216,777
Joint facility rents
87,789
-
(before depreciation)
Net loss for period—
E quipment rents
195 834
expense
Net operating profit
Other income (sundry)
Railroad Retirem't Act-
$561 487
General and administrative
expense
3,446,289
3,175,502
3,241,981
268,200
def89,570
23,603
def938,375 defll56,001 defl242,899
Uncollectible ry. rev—
35,079
Gross operating profit
1933
$760,378
168,016
defll7,012
1,498,405
def 1,912
143, p. 768.
Unemployment insur
$170,403
135,323
Total gross revenue
Direct cost of revenue (excl. of
depreciation);
Collection and field costs
Service costs
1934
$807,465
228,163
def45,342
[Excludes L. I. RR. and B. & E. RR.]
*
Period End. July 31—
1936—Month—1935
1936—7 Mos.—1935
Railway oper. revenues_$37,855,562 $29,586,439 $243292,572 $208757,795
Railway oper. expenses. 25,972,348
21,284,771 175,861,123 150,850,978
Railway tax accruals—
2,417,900
2,303,692
14,887,200
14.183,437
$526,408
Gross profit on sales
1935
$795,283
252,699
6,387
Pennsylvania RR. Regional System—Earnings—
$913,729
387,321
Sales—Confections, cigarettes, stationery, &C
Vending & weighing mach., mechanisms & parts-Total-..
Cost of sales
•Y.
1936
$905,959
352,875
70,236
1—
Gross from railway. -—
Net from railway
Net after rents.-...---
$907,185
-
$1,237,609 $16,266,447 $16,643,124
522,585
6,254,563
6,279,914
2
Co., Ltd.
(99 + %) of the common
however,
Customers' commissions and ticket costs
$1,213,630 $16,005,134 $16,252,187
23,979
261,313
390,937
$1,184,710
519,787
—
Other income (net)
Cameo Scale Corp.
Canadian Rhodes Mfg.
revenue)
Vending machines and miscell. (incl. rentals)
Gross
$250,567
[Lehigh Power Securities Corp. Subsidiary]
earnings—Weighing machines (including ticket
/Total
210,000
$222,893
Net after rents
.
$460,567
210,000
1936—Month—1935
1936—12 Mos.—1935
Operating revenues
$2,872,010
$2,760,935 $35,706,361 $34,429,109
Oper. exps., & taxes
1.703,276
1,545,664
19,678,537
18,154,477
Rent for leased property
1,711
1,641
22,690
22,445
Consolidated Income Account Year Ended Dec.
31, 1935
Gross
$432,893
Pennsylvania Power & Light Co.—Earnings—
and transferred all of its assets to the
Peerless
chine
"
-
—
Operating revenues include the following amounts with respect to gas
delivered during the period under gas sales contracts, for which
payments
advance in prior years:
1936, $586,689; 1935, $661,430.—
V. 141, p. 2287.
stock of Sanitary Postage Service
Corp.
During the year 1936,
each of the above-named
subsidiary corporations,
Co.,
691,599
353,765
Per. End. July 31—
all of the preferred stock and
nearly all
Rhodes Mfg.
706,712
310,237
were made in
$16,399
Hoff Vending Corp. of America
Rhodes-Hochriem Mfg. Co.
Weighing Machine
$1,505,931
$1,950,060
153,688
518,175
on
Balance-!
The first annual report of the
corporation, which was incorporated in
Delaware on Oct. 16, 1935, has just been issued.
This corporation,
pur¬
suant to the final
plan of reorganization which was approved on Oct.
14,
1935, by the U. S. District Court for the Southern District of New
York,
acquired all of the assets of Consolidated Automatic
Merchandising Corp.
and General Vending Corp.
The assets thus acquired include the entire
issued and outstanding capital stocks of the
following corporations;
as
(incl. divs.
cos.:
245,268
pref. stock of Penn. Gas & El.
Balance
well
of sub.
Corp
Weighing & Vending Machine Corp.—First
Annual Report—
Corp.
266,836
367,188
taxes
J)ref. stocks & min. com. stkhldrs. int. in net
Peerless
as
$4,761,881
x
143, p. 1243.
(Me.)
$5,399,711
$2,488,876
198,768
658,031
ncome of sub. company)
i
Int. & other charges of Penn. Gas & El. Corp
on
1935
$4,516,613
—
Divs. accrued
5,000
(Del.)
1936
$1,449,843
;
Net earnings
& other charges
Corp.—Earnings—
Peerless Weighing Mach. Co.
Peerless Weighing Mach. Co.
Pacific Peerless
105,000
$23,829
155,310
448,882
'—
Int.
1st mtge. bond
Nine Months Ended June 30—
Net profit after taxes, deprec. and other
charges._
'
105,000
$5,230,107
169,603
Taxes, incl. Federal & State income
-
other corporate purposes
—V.
,
4
Total gross earnings
Net income
6H%bonds
Peerless
19.266
$81,170
>
x
Operating revenues
Non-operating revenues—net
$49,197
Prov. of $20,000 is required to be made
annually for extraordinary maintenance or for
^
18,638
$79,178
Pennsylvania Gas & Electric Corp. (& Subs.)—Earns*
interest charges is required to be
paid into a
sinking fund for the retirement of 1st mtge.
„
16,056'
268,217
909/
995
$25,821
leaseholds
$23,698
_
on
Deficit
$178,046
19,308
52,268
2,588
5,933
48,750
State, local, &c., taxes
Interest on 1st mtge. 6H% gold
bonds, series A--
14,902
263,511
Provision for retirement and depletion reserves
Prov. for non-productive wells and abandoned
$89,247
10,263
26,572
1,153
3,184
24,375
Operation
$385,619
pref.
—
6 Mos.
Maintenance
on
-
Net income..
Divs. accrued on pref. stock of
Pennsylvania Gas
\ & Electric Co
7
3 Mos.
Power purchased
(incl. divs.
unfunded debt.
Amortization of bond discount and expense
Valley Power & Light Co.—Earnings-
Period Ended June 30, 1936—
Electric operating revenues
e
Interest
$17,295
;
.
earnings.
Int. & other charges of subs.
stocks held by public)
Interest on funded debt
$15,938
20,197
2,511
19,450
Crl0,299
1,375
Loss
Pecos
Net
-$376,178
287,923
4 13,852
-
$83,879
99,817
Non-operating income
_2
_
.,126,332
526,541
57.265
119,033
37,872
$377,227
reserve
Taxes, including Federal income taxes_
$156,018
239,897
and general expense--
1935
$1,027,752
98,580
$1,131,065
531,559
58,428
119,764
44,085
Total gross earnings
$74,402
64,276
17,339
Loss from operations
1936
$1,037,595
93,470
;
•
Profit from laboratory operations
Income from film rentals (net)
Income from other operations (net)
Selling, administrative
-$1,813,613
(& Subs.)—Earnings
Operation—.
Maintenance
Provision for retirement
Total
Co.
12 Months Ended
July 31—
Operating revenues
L
Non-operating revenues^-Net
Subs.)—Earnings—
Earnings for the 29 Weeks Ended July 18, 1936
Film developing and printing
laboratory—Net sales
Operating expenses
Depreciation.-.
i——
Total
Pennsylvania Gas & Electric
no par
A like payment was made on June 30
with 55 cents paid on Jan.^2 last; 45 cents
1935; 75 cents on Jan. 2, 1935, and 35
June 30, and Jan. 2, 1934.
Dividends
Pathe Film Corp. (&
$1,813,6131
x
Authorized, 40,000 shares, no par; 37,150 shsl to be presently issued;
Stated value. $20 per sh.
y Authorized, 125,000 shs., $1 par; 111,793 shs.
to be
presently issued to make effective plan of reorganization approved by
the U. S. District Court—V.
142, p. 2680.
142, p. 1481.
'
-
65,719
27,471
6,502
191,099
-
Deferred charges
coupons will be paid atr'the office of J. P.
Common stock ($1 par)—
Capital surplus-.--
743,000
111,793
846,073
weighing
-
Fixed assets
.;;v^
1,049,336
117,400
Preferred non-cum. stock-
y
2
machines.—
Paris-Orleans RR. Co.—Interest Payment—
Holders of
x
8,086
Weighing machines—
Vending machines
Hanover 2-0077
20,814
Capital stock:
chandise (at cost)
Finished
on
mer¬
Investments
A. T. & T. Teletype NY-1-1786
theft of weighing & vending
machines,-
23,462
Inventories
$84,521
7,412
-
Reserve for loss from fire and
20,900
Acc'ts & notes receivable
(less
payable
Accruals
$303,635
1,115,849
2,726,434
18,788
821,415
113,516
4,282,311
1,471,169
79,906
4,311,643
976,156
$5,044,257 $42,948,486 $38,355,675
Company
Only
1936
1935 '
1934
1933
-$37,748,225 $29,508,837 $28,985,514 $30,375,407
11,870,066
8,291,725
7,781,178
10,334,240
7,907.171
4,904,938
4,411,158
6,585,615
242,716,391 208,362,786 205,362,973 178,646,635
67,501,698
57,933,267
56,764,397
52,895,199
43,088,165
37,560,956
36,126,216
30,182,492
Peoples Gas Light & Coke Co.—Increase
in Rates Denied
The Illinois Commerce Commission has denied the
company's petition
for temporary increase in rates pending final order in the
permanent rate
increase case.
On June 12 Commission had refused to allow an increase in
.
/
Financial
1412
rates
to
the 3% State sales tax. ' Hearing on company's June 26
permanent rate increases will be resumed Sept. 15.
These
yield about $2,475,000 additional income annually if
cover
petition for
would
increases
obtained.
,
The Commission found that
.
.
the company, under existing rates, is earn¬
143, p. 934.
ing approximately 6%.—V.
Pepperell Mfg. Co.—Earnings—
ended June 30, 1936, were $29,640,000.
The
$1,121,000 after all charges.
Net current assets
The sales for the fiscal year
ndicated net profit
$106
were
was
share.
per
Preliminary Consolidated Balance
1936
$
Cash, receiv.;, &c_ 4,362,000
Allother
260,000
Total.'.
20,255,000 21,544,000
Total
1935
$
$
Liabilities—
10,000,000 10,000,000
7,851,000 Capital stock
9,022,000
8,174,000
9,639,000 Surplus
3,369,000
3,729,000 Pay'les & accruals 1,233,000
323,000
8,166,000
7,467,000
Inventories
*
1936
8
Assets—
Plant
Sheet June 30
1935
20,255,000 21,544,000
—-V. 143, p. 934.
Pere
Marquette Ry.—Earnings—
1936—7 Mos~ 1935
1936—Month—1935
$2,551,3il
$2,022,704 $18,317,069 $15,486,106
4,744,180
3,420,887
601,677
311,187
2,955,115
2,061,7 ol
327,667
146,710
Period End. July 31—
Operating revenues
Net oper. revenue
Net ry. oper. income
41,153
3,096
Net income
1,960,553
245,990
55,367
2.032,200
$1,257,105
$220,173
40,110
768.
—V. 143, p.
of America—25-Cent Dividend—
Petroleum Corp.
The
30.2,652
288,351
$90,122 def$ll7,003
charges
35,183
9,546
275,602
Other income
Deductions
Fixed
directors have
declared
a
dividend of 25 cents per share on the
capital stock, par $5, payable Sept. 30 to holders of record Sept. 10.
A
like payment was made on May 29, last, and compares with 33 cents paid on
Oct. 31 ♦ 1935; 50 cents paid on April 30, 1934, and 25 cents per share dis¬
tributed on Jan. 31 and June 1, 1931.—V. 143, p. 768.
'
1933
121.
$94,267
$65,844
$50,087
$51,960
.
York
New
Stock
of 296,631
official notice of issuance and
payment in full, pursuant to offer to stockholders, making the total amount
applied for 4,736,081 shares.
The stock applied for is to be offered for subscription at $30 per share,
pro rata, to stockholders of record of 4,152,836 shares,
mentioned 4,439,450 shares less 286,614 shares owned by
the close of business on Sept. 4, in the ratio of one share of
each 14 shares of old stock held. These subscription rights
close of business on ,Oct.
(being the above
the company) at
the new stock for
Balance Sheet, June 30, 1936
Assets—
Income Statement Jan. 1 to June
30, 1936 \.Incl.
Subs.)
$49,063,502
$49,413,068
Costs, operating and general expenses
Taxes, including Federal and State income tax
Interest and discount
31,661,683
a2,466.240
b
r
-
1—
Reserves and retirements
Net income
$7,336,302
•.
Balance at beginning of period
!___
Total
$29,290,339
4,152,417
:
period
21,954,037
—
Dividends
Balance at end of
298,886
7,649,957
$25,137,922
-
-
which may accrue for
b In addition to the
provision for taxes, there was collected but not included in gross income and
paid (or accrued) for Federal and State taxes on gasoline and oils, the sum
a
the
of
Comparative Consolidated Balance Sheet
June 30, '36 Dec.
Cash
5,385,068
cost
products
5,774,117
15,855,249
3,663,641
16,407,882
3,081,494
cos.,
&
marketable se¬
(less
2,434,318
reserve)
1,791,365
Cap. assets (net) 142,616,796 137,258,621
Prepaid
&
de¬
143,
1,664,131
1,282,216
177,854,661
Total..-V.
5,195,859
Total
4,149,444
75,000
Notes payable..
Serial notes
due
2,000,000
1,945,221
Def.purch.obl 'g. 2,250,401
Notes payable..
3,900,000
5,000,000
Serial notes
12,000,000
14,000,000
493,807
462,448
Deferred credits
Res. for insur...
1,000,000
1,000,000
Res. for conting.
168,149
108,184
Common stock.119,955,533 119,955,533
174,487,773
25,137,922
Earned surplus.
Total
21,954,037
177,854,661 174,487,773
1243.
p.
Phillips Packing Co., Inc. (& Subs.)—Earnings— t;
Earnings for 6 Months Ended June 30,
1936
Net profit after deprec., Fed. income taxes and other charges._
$129,524
Current assets as of June 30, 1936, including $506,501 cash, amounted to
$4,226,623, and current liabilities
$2,920,879.—V. 142, p. 4034.
Pierce
were
$1,051,417.
Inventories totaled
Corp.—Settlement of Tax Litigation—W. H.
President, in interim report to
stockholder
Oil
Coverdale,
states:
By order entered in the U. S. Board of Tax Appeals on April 30,1936,
the claims of the U.S. Bureau of Internal Revenue against Pierce Oil Corp.,
taxpayer, for the years 1918, 1919 and 1920 were settled for $1,063,070
deficiency in taxes and $972,652 interest—or a tot)al of $2,035,722.
As
as
Sart of the samePierce Petroleum Corp., of the U. S. of Pierceof Internal
ievenue against
transaction the claim as transferee Bureau Oil Corp.,
was
15,000,000
..
29,622,831
..
9,555,694
..
34,917,817
,
44,493
-
2,063,541
$37,067,138
—
$37,067,138
Total.
Payments in settlement of claims of the U. S. Bureau of Internal
Revenue against Pierce Oil Corp., as taxpayer, for income, excess profits
and war profits taxes for the years 1918, 1919 and 1920, and against Pierce
Petroleum Corp., as alleged transferee and for additional interest and
x
penalty on assessment for the year 1920.
The earnings for the six months ended June 30 were
p. 1243.
Pierce Petroleum Corp.-
published in Y. 143,
Balance Sheet June 30, 1936—
Liabilities—
Assets—
Demand deposits in bank
Investment, at cost
Collateral note
$60,107
_.xl8,976,107
2,000,000
Notes payable, bank loan
$21,036,214
Total
$1,350,000
Capital stock (2,500,000 shs.,
no
par)
Surplus
Total...
19,134,519
551,695
$21,036,214
645,834 shares of the no par value common stock of Consolidated Oil
Original book value, $19,386,867; less subsequent adjustment in
unit cost of 20,834 shares, $410,759.
The earnings for 3 and 6 months ended June 30 were published in V. 143,
p. 1243.
x
Corp.:
Settlement of
p.
Tax Litigation—See Pierce Oil Corp.—V. 143,
1243.
'
dismissed, and
a
claim of the U.S. Bureau of Internal Revenue
against
Pierce Oil Corp, as taxpayer, for additional interest and penalty on a prior
assessment for the year 1920 (paid under protest in 1930, and not directly
involved in the tax litigation abovementioned) was also settled for $27,819.
The abovementioned settlements were effected pursuant to agreement
between the two corporations: Pierce Petroleum Corp. advanced to Pierce
Oil Corp. $2,000,000 on the note of the latter in the principal amount of
dated April 30, 1936, payable six months after date, with
2H% per annum, secured by the certificates for the
1,103,419K shares of stock of Pierce Petroleum Corp. owned by Pierce
Oil Corp.; and Pierce Oil Corp. utilized this $2,000,000 advance, and other
$2,000,000,
interest at the rate of
20-year 6% gold bonds are being notified that City
by lot for redemption on Oct. 1,
Bank Farmers Trust Co., trustee, has drawn
1936, at their principal amount p l(us a premium of 3
%, $224,500 of
bonds.
Bonds so drawn should be surrendered for payment at the
642,047
currently
&c.,
charges
55,969
4,688,241
Accruals
Cap..tockof, &
advs. to, affil.
ferred
...
office of the bank, 22
due currently.
6,878,406
Crude & refined
Materials & supp
$
Def.purch.oblig.
accts.
(less res.)
6,204,638
Accts. payable..
8,249,121
Dec. 31, '35
$
Liailities—
curities
Deficit. ."
$2,000,000
..
(pref.,
Holders of 1st mtge.
June 30, '36
31, '35
Assets—
rec.
stock ol
......
8% preferred stock
Common stock (par $25).
Pillsbury Flour Mills Co.—Bonds Called—
$7,590,818.
&
par
Suspense account—
No provision has been made for Federal surtax
calendar year 1936 on undistributed profits,
Notes
(1,103,-
1,890
33.2575 shs.) at
stock
shs.; com.,
x
349,566
Total!
no
cost
Pierce Petroleum Corp)...
net
Gross operating income
Other income
at
.
Collateral note
$41,287
419.5 shs.
The
obtain additional working capital.
proceeds to be received by the company, after deducting expenses, are
$8,826,330.
While no definite allocation has been made of
such proceeds, it is the present aim and purpose of the company to apply
$3,000,000 to the payment of bank loans and $2,000,000 to the payment of
the first maturities of outstanding serial notes.
The balance will be applied
to reimbursement of the treasury for capital expenditures made during the
first six months of the current year and to other proper corporate purposes.
The company has arranged for no underwriting services and has incurred
no underwriting expense in respect of the stock applied for.
Liabilities—
1
banks
Investment,
Treasury
estimated at
for the years
Demand and time deposits In
will expire at the
5. 1936.
The purpose of the issue is to
U. S. Bureau of Internal
late subsidiaries, as tax¬
1927, 1928, 1929 and 1930, was entered into under
which certificates for 60,000 shares of Consolidated Oil Corp. common stock
owned by Pierce Petroleum Corp. were deposited in escrow.
payers,
Exchange has authorized the listing
additional shares of capital stock (no par) on
abovementioned, all the escrow agreements
canceled, and a new escrow agreement,
mentioned in previous reports were
relating only to the last mentioned claims of the
Revenue against Pierce Petroleum Corp. and its
Phillips Petroleum Co.—Listing—Rights—
The
between them.
At the time of the settlements
Net profit after deprec.,
int. & all other charges
—V. 143, p.
be settled at or about the time that the abovementioned special counsel
two corporations are ready to report in respect to the claims as
of the
1934
1935
1936
Aug. 29, 1936
funds, in payment of the $2,035,722 and $27,819 amounts abovementioned.
The abovementioned settlements and the payments, advance, pledge
and note in connection therewith, were made and given upon the agreement
of both corporations that the same would be without prejudice to the rights
of either as against the other.
Pierce Petroleum Corp. obtained the $2,000,000 that it thus advanced to
Pierce Oil Corp, by (a) borrowing $1,350,000 on its note dated April 30,
1936, payable six months after date, with interest at the rate of 2H% per
annum, secured by the certificates for 160,000 shares of Consolidated Oil
Corp. common stock owned by it, and (b) by drawing on cash and the
proceeds of sale of United States Treasury notes to the extent of $650,000.
In addition, Pierce Oil Corp. and Pierce Petroleum Corp. have respec¬
tively paid various amounts for fees and expenses in connection with the
tax litigation abovementioned, upon the understanding that the making
of such payments would be without prejudice to the rights of either as
against the other.
Since each corporation believes that it has claims against the other with
respect to the settlements and payments abovementioned, each has ap¬
pointed a different and independent firm of attorneys of high standing, as
special counsel, to advise and represent it in respect to.such claims, with a
view to arriving at an adjustment equitable to both.
Under the agreement between the two corporations dated May 6, 1924,
Pierce Petroleum Corp. is obligated to pay the expenses to enable Pierce
Oil Corp. to maintain its corporate existence, so long as the latter is in
existence, but in no one year to an amount greater than $10,000, plus
franchise taxes other than those, if any, based upon income or profits re¬
ceived by Pierce Oil Corp.
Since it is necessary that this liability be
compromised, if Pierce Petroleum Corp. is to be dissolved, the adjustment
of this matter also has been referred to the abovementioned special counsel
of the two corporations.
*
By reason of its ownership of approximately 44% of the entire outstanding
capital stock of Pierce Petroleum Corp., Pierce Oil Corp. will only benefit
to the extent of approximately 56% of the amount of any claims that it
may sustain as against Pierce Petroleum Corp.
The abovementioned settlements of the claims of the U. S. Bureau of
Internal Revenue against Pierce Oil Corp., as taxpayer, for the years 1918,
1919 and 1920, and against Pierce Petroleum Corp., as transferee of Pierce
Oil Corporation, did not include the claims of the U. S. Bureau of Internal
Revenue against Pierce Petroleum Corp. and its late suosidiaries, as tax¬
payers, for the years 1927, 1928, 1929 and 1930—in which Pierce Oil Corp.
is in no wise concerned, except as a stockholders of Pierce Petroleum Corp.
These claims are now in course of negotiations and it is hoped that they
may
Phillip-Jones Corp. (& Subs.)—Earnings—
6 Mos. End. June 30—
Chronicle
these
head
William Street, New York.—V. 143, p. 1243.
Pittsburgh Hotels Corp.—Developments in Reorg., &c.—
The protective
committee for 15-year 6J£% sinking fund gold
debentures
(Roger S. B. Hartz and Frederick E. Milligan) and unsecured notes payable
of corporation has issued a letter advising them of developments which
have occurred since the date of its last communication in November 1935.
of the more important matters which have transpired follows:
In response to a petition of the first mortgage committee (William II.
Donner, chairman) the Court in October 1935, appointed the American
A summary
Appraisal Co. to appraise the properties;
The appraisal company sub¬
mitted its report on Dec. 26, 1935, in which it found the fair value of the
physical properties of the debtor to be only $9,275,000.
Subsequent to the submission of the report, the Donner committee on
Jan. 23, 1936, filed a plan of reorganization in which it offers no participa¬
tion to the junior creditors, but seeks in substance to effect a foreclosure of
the first mortgage and take the entire property for the benefit of the first
mortgage bondholders.
This plan presumably was predicated on the find¬
ing of the Ameriqan Appraisal Co. that the fair value of the physical proper¬
ties is only $9,275,000.
Thereafter, and in order to make its plan effective,
the Donner committee petitioned the court to confirm the appraisal made
by the American Appraisal Co.
The effect of the confirmation of the
appraisal would have been to wipe out entirely the interests of all creditors
junior to the first mortgage, since the first mortgage claim, principal and
interest, now amounts to approximately $12,000,000, so that a judicial
finding of a fair value of $9,275,000 would have indicated that the assets of
the debtor were not sufficient to satisfy even the claims of the first mortgage
holders.
The committee realized that
unless prompt and effective steps were
taken
the true facts to the court respecting the correct value of the
property and to prevent the confirmation of the appraisal, a grave injustice
would be done to all holders of junior securities, who had in good faith
invested in the obligations of the debtor.
The committee believes that the
correct value of the property is considerably in excess of the first mortgage
to present
claim, and believes further
that the earnings of the debtor are now increas¬
ing rapidly in line with the general improvement in business which is being
experienced in the Pittsburgh District, so as to permit an equitable reorgani¬
zation to be consummated in conformity with the intent and purposes of
Section 77-B of the National Bankruptcy Act.
It was felt therefore that a thorough study of the situation would indicate
a potential value sufficient to permit the junior security holders to parti¬
cipate in a reorganization plan. Accordingly, the committee, realizing that
a critical situation confronted the junior security holders, actively sponsored
a movement to bring together all of the various interests junior to the first
mortgage in a unified effort to establish the true value of the properties.
Through such cooperative effort, the debenture committee, the protective
committee for the serial (2nd) mortgage bonds, representatives of other
secured and unsecured creditors, and of the debtor, joined in the employ-
Volume 143
Financial
Chronicle
1413
menfc of
special counsel, qualified to handle such
matters, for the purpose of
protesting as vigorously as possible the injustice which was
being done to
the junior security holders.
Experts were engaged to investigate various
subjects having to do with the value of the
property, and subsequently
testified at hearings which were held at
Pittsburgh during March and April
1936.
Counsel have now filed briefs in the
case, and it is expected that the
court will render its decision as to
the fair value of the property sometime
during the early fall.
The committee, with the
cooperation of the serial (2nd) mortgage com¬
mittee and other secured and
unsecured creditors, has been able to ac¬
complish much to date through unified
action, and only through such
continued united effort
be made effective.
can
>
'
■
•
1936
$380,715
146,065
$241,311
151,367
$234,650
expenses
1935
$1,411,899
1,170,588
$89,945
Taxes and insurance.
Emergency
expenses paid for repairing
damages to
the Fort Pitt Hotel caused
by the March 1936
flood
$175,746
Balance Sheet
as at
Accounts recelv. (less reserve)
Inventories
...
Pittsburgh
Hotels Equipment Co
June 30, 1936
Liabilities
incurred
$59,223
78,462
600
4,500
prior
Pittsburgh & Lake
Total..
707,846
9,915,000
281,943
1,033
1,650,000
2,400,000
3,871,084
363,989
$20,336,940
Gross from railway
143.
1934
$1,697,759
581,724
548,737
2,780,672
Pittsburgh Shawmut
July—
& Northern
1936
Gross from
railway
Net from
railway.
Net after rents
.....
railway
9,324,725
1,828,785
2,209,950
7,795,670
1,441,664
1,558,126
RR.—Earnings.—
1935
1934
$56,426
defl4,490
defl9,179
$47,982
def22,419
def29,745
,
$90,815
16,753
8,057
From Jan. 1—
Gross from
1933
$82,636
17,243
9,484
.
593,447
79,990
584,212
63,659
570,830
34,257
501,475
60,576
" 18,150
7,512
defl9,725
rent^...
Pittston Co.—New
Gallagher,
was
President, was. elected Chairman
elected President.—V*
143, p. 1243.
Pleasant Valley Wine
_
.
Period—
Net loss after
charges..
$5,503
of
the
taxes and other
•
deprec.,
$22,139
$40,488
per
Pneumatic Cap & Seal
Pollak
_
on
•
charges but before Fed. taxas...
3335.
$159,953
212,722
$0.75
income,
after
8,296,021
Total operating revenues
Power purchased
128,678
purchased.
Operation expense...
Maintenance
Taxes
Appropriation for depreciation
2,702,697
1,436.466
4,000,000
;
unfunded debt.
Amortization of debt discount and
expense
Interest charged to construction
on
...
...
...
Net income
$9,388,530
337,702
$9,602,643
5,483,019
221,417
483,707
Cr22,783
$9,726,233
5,739,772
$3,437,282
Net earnings
on funded debt
4,004,874
$9,357,553
245,089
Interest
Interest
2,702,697
1,436,081
$38,135,159 $38,241,922
3,691,777
3,691,959
3,745,298
3,753,296
11,497,883
11,544,142
1,973,682
1,977,560
3,868,963
3,881,558
...
Gas
8,327,928
209,822
128,678
209,822
revenue
$3,437,282
68,986
502,975
Cr22,783
Note—The above earnings statement for the
12 months ended July 31,
1936 includes the allocation of adjustments
affecting that period, also a
provision for surtax, in accordance with the Revenue Act of
passed by
culated
present
surtax
1936.
the
seven months of the
year 1936, as cal¬
of estimated undistributed
profits for 1936 and the
dividend disbursements.
The amount accrued for such
bases
rate of
for the 1936
depending
1936, recently
Congrass, for the first
on
upon
period thus far
included may be
materially changed,
fluctuating factors during the remaining five months of
Tne earnings statement is subject to further
change if subsequent
information, other than that relating to
surtax, indicates the necessity of
revisions.—V. 143, p. 935.
,
Quaker Oats Co.—$1 Extra Dividend—
an extra dividend of
$1 per share in addition
dividend of like amount on the common
stock,
value, both payable Oct. 15 to holders of record Oct. 1.
Similar
extras were paid on April 15, last, Oct. 15 and
April 15, 1935, Oct. 15 and
April 16, 1934, and on April 15, 1933, while on April
15, 1931 and 1932 an
extra dividend of $3 per share was
paid.—V. 142, p, 1483.
no par
Quaker State Oil Refining Corp. (& Subs.)—Earnings
3 Mos. Ended
Period—
June 30'36
Mar.31 '36
Net income after deprec.,
taxes and other chges.
$389,307
$163,752
Earns, per sh. on 902,305
Year
Dec. 31 '35
$570,823
40,312
.
$38,564
15,717
1936—6 Mos.—1935
int.,
$0.43
6 Mos. EndedJune 30 '36
June 30'35
$552,059
$361,486
$0.18
x$0.61
$0.40
x A block of 80,000 shares was
distributed in July by A. G. Becker &
Co.,
25,000 shares of this representing new capital.
The earnings per share on
the 927,305 shares now outstanding for the six months
of 1936 was 59^
cents.—Y. 143, p. 122.
Reading Co.—Earnings.—
1936
from railway....
Net from railway
Net after rents
From Jan.
143,
$4,608,304
v
1,302,495
1,093,158
1935
1934
1933
$3,691,937
808,077
657,174
$3,820,612
841,519
661,269
$4,620,433
30,357,015
8,781,652
6,808,392
32,426,950
10,285,439
8,035,967
27,633,220
8,926,946
6,970,966
1,882,588
1,577,612
1—
Gross from railway
Net from railway
Net after rents
—V.
1936—3 Mos.—1935
shares.
July— '
Subs.)—Earnings—
Period Ended June 30—
Net
.
after
.$25,361,858 $25,436,329
;
revenue
Charges to other utility cos. in equalization of
generating capacity among such companies._
Other operating revenues
(net)
Gross
6 Months
June 30 '36
.
Poor & Co. (&
Water
Corp.—Registers with SEC—
•
—V, 139, p.
r
$157,413
257,148
$0.61
first page of this
department.—V. 143, p. 1244.
Period Ended—
Sales
income
1934
Manufcturing Co.—Earnings—
..
Net
1935
$190,614
300,000
$0.64
share
power revenue.
revenue
common
143, p. 283.
See list given
1936
Fed.
charges
Shares capital stock
outstanding
Earnings
—V.
Gas
6 Mos. Ended
June 30,'36 June 30,'35
$16,636
Plough, Inc. (& Subs.)—Earnings—
6 Months Ended June 30—
Net inc. after
exp.,
Subs.)—
to the regular quarterly
Co.—Earnings—
3 Mos. End.
June 30'36 Mar. 31,'36
—V. 141, p. 3871.
$1,849,419
825,371
The directors have declared
President, Ac.—
formerly
Board and L. L. White
$1,790,068
859,492
Earnings Statement for 12 Months Ended July 31, 1936
Corporate
Consolidated
15,223
Net from
railway
Net after
Michael
9,201,117
1,783,355
2,099,974
2,556,433
...
$142,296
68,015
Public Service
Corp. of Northern Illinois (&
1933
$1,301,676
214,790
289,461
1088.
p
Earnings.
1935
$1,419,050
337,603
389,558
11,642,338
Net from
railway
Net after rents.
—V.
$1,809,404
40,015
Net earnings from operations
Other income (net)
$2,042,346
623,779
604,636
$1,750,896
39,172
$129,744
70,866
lucumt;.
$135,856
6,440
$58,878
$74,281
$930,576
$1,024,048
46,613
45,360
551,726
544,401
operating results of New Hampshire Power Co.
from Mar. 31, 1936.—V.
143. p. 1089.
916,848
1936
Net from
railway
Net after rents
From Jan. 1—
ui uoa
Heating
incurred prior to
gen. creditors
receivership.
First mortgage 5)^8
Int. on 1st mtge. bonds adv.
Interest on Raymond claim..
Erie RR.
5,940
Deductions
84,722
-V. 142, p. 795.
July—
$123,804
Operating revenues—Elec. light &
to
Trustees' net profit
Gross from railway
Hampshire—Earnings—
[Incl. Manchester St. Ry. & New
Hampshire Power Co.]
July 31—
1936—Month—1935
1936—12 Mos.—1935
Oper. revenues
$459,583
$394,453
$5,172,802
$4,958,859
Operating expenses
335,779
' 258,597
3,421,906
3,149,455
Period End.
to
Incurred
Liabilities
.$20,336,940
Public Service Co. of New
900
Serial 6% mtge. bonds
6Y%% gold debentures
Trustees' equity
Total.,
of
136
trusteeship
Liabilities
Co.—Appeal Ordered—
Pittsburgh, approving the corporation's amended plan for
financial revamping of the
company, which the committee of stockholders
claim is unfair.—V.
143, p. 768.
5,750
prior
1st mtge. receivership
1,933,359
17,955,443
Fixed assets.
Hotel code deposit
Deferred charges
an
common
Net income
Pref. div. requirements.
This statement includes
Liabilities—
Prepaid expenses
Capital
stock
Pressed Steel Car
$89,945
$230,257 Accounts payable
1,492 Accrued expenses
88,301 Accounts held for others
99,179 Other deposits
23,808 Miscellaneous reserves
_u
$5 par
Non-oper. income—net.
reorganization proceedings.
Assets—
new
Net oper. income
58,904
a Before
depreciation and interest, and without deduction for
trustees'
fees and other costs of the
Cash
the
Federal Circuit
Judge Joseph Buffington at Philadelphia granted a
petition of a committee of
preferred stockholders, Aug. 27, to appeal from a
decree authorizing the
reorganization of the company under Section 77-B
Of the Federal
bankruptcy laws. Judge Buffington's order will bring before
the Third District
Circuit Court the decree of District
Judge Robert M.
Gibson,
$1,530,370
1,149,655
Notes receivable.
initial quarterly dividend of 15 cents
stock, payable Sept. 15 to holders of
no-par common stock was recently
par common stock.
An extra dividend
of 12
cents in addition to a
quarterly dividend of 37 H cents per share
was paid on
the old common stock on June
15, last.—V. 143, p. 1089on
Sept. 1.
Each share of old
exchanged for four shares of new $5
1
revenues
Aug. 24 declared
on
per share
record
the work in behalf of the
junior security holders
Comparative Earnings Statement for Six Months Ended June 30
[*Taken from Trustees' Reports]
Operating
Operating
Powdrell &
Alexander, Inc.—60-cent Basis for New Stock
The directors
p.
33,707,264
10,341.417
7,703,270
601.
Republic Steel Corp.—Accumulated Dividend—
The directors have declared
a
dividend of $1.50 per share
on account
of
on
the 6% cumulative prior preference, series A
stock,
$100, payable Oct. 1 to holders of record Sept. 12. Similar payments
were made on July 1, April 1 and Jan.
1, last, this latter being the initial
distribution on the issue.
The stock being entitled to cumulative dividends from Jan.
1, 1935, is
now $4.50 in arrears.—V. 143, p. 769.
accumulations
depreciation, Federal
income taxes, &c_.
Shs. class B stk.
$215,000
362,843
$85,000
$334,000
$155,000
outstdg.
362,782
362,843
362,782
Earnings per share.
"YT"~?£
$0.43
$0.07
$0.59
»
.iMj.uy
$0.09
For the 12 months ended
June 30, 1936, net profit was
$306,000 after
taxes and
charges, equal to $1.91 a share on class A and
after
deducting
months dividend requirements
thereon, to 18 cents a share on class B
stock, compared with $142,000 or 89 cents a
share on class A stock in
like
12 months of 1935.—V.
142, p. 3360.
12
par
Rhode Island Public Service Co.—Plans to Issue Notes—
The company, a subsidiary of New England Power
Association, has noti¬
fied the Securities and Exchange Commission of its intention to
issue notes
Portland Gas & Coke
covering an $8,000,000 bank loan.
Co.—Earnings—
(American Power & Light Co.
Subsidiary)
Period End. July 31—
1936—Month—1935
1936—12 Mos.—1935
Operating re venues
$255,516
$260,930
$3,245,752
$3,118 578
Operating expenses
175,983
188,522
2,440,499
2,265,526
Other income (net
dr.)..
455
84
4,595
9 472
Gross corp. income
$79,078
Int. & other deductions.
Balance
Property retirement
z
Dividends
45,612
y$33,466
reserve
$72,324
45,115
$800,658
536,847
$843,580
535,948
y$27,209
$263,811
250,000
$307,632
250,000
430,167
430,167
appropriations
applicable to preferred
period, whether paid or unpaid
Deficit
stocks
for
$416,356
$372,535
Before property retirement reserve
appropriations and dividends
z Dividends
accumulated and unpaid to
July 31, 1936, amounted to
$1,237,000. Latest dividends,
amounting to 87 cents a share on
7% pref
stock and 75 cents a share On
6% preferred stock, were paid on Feb
1*
1934. Dividends on these stocks are
cumulative.—V. 143, p. 600.
'
'
y
The New England Power Association at the same time filed a
declaration
of its guaranty of the notes to be issued by the
subsidiary.
A hearing
before the SEC on the proposed financing will be held
Sept. 14.
Hearing
is necessary because the notes are not being registered and are
not intended
for public offering.
The New England Power Association stated that notes
payable evidencing
the bank loans will be delivered to the banks
participating in the credit if
the refinancing plans of the company and its
subsidiary, the Narragansett
Electric Co., are carried out.
The notes will be secured by the pledge of all the common
stock of the
Narragansett Electric Co., after the reclassification of the
present common
stock, all of the funded debt and stock of United Electric
Ry. Co., then
owned by the company, and, in addition, the notes will be
guaranteed as
to principal and interest by New England Power Association.
It is expected that not more than 12 banks will
participate in the credit.
There will be no public offering.—V. 140, p. 4247; V.
143, p. 601-
Richfield Oil Co. of
Calif.—Reorganization Plan—
As announced last week a plan of
reorganization of Richfield Oil Co. of
Calif., and Pan American Petroleum Co., filed in the U. S.
District Court
at Los Angele i, Aug. 20, 1936, has been submitted to the
mmmnies for their annroval.
security holders
o
Financial
1414
The reorganization committee in a notice dated
As a result of extended negotiations, this new
Cities
Co.
Service
and
Rio
Grande
Oil Corp.,
Oil Co., all subject to the approval
to time during
time
contemplates the formation of a new company in which Con¬
solidated Oil Corp. and Cities Service Co. will have substantial financial
interests. Subject to the terms of the underwriting agreements, a minimum
of $15,500,000 new capital will be available for (l) acquisition or develop¬
ment of crude oil production, (2) rehabilitation and modernization of
refineries and other facilities, and (3) additional working capital.
The several committees approving the plan are as follows:
/
Reorganization committee—G. Parker Toms (Chairman), Robert C.
Adams, F. S. Baer, O. C. Field, Robert E. Hunter, and Richard W. Millar.
Richfield bondholders' committee—George Armsby (Chairman), F. S.
Baer, Harry J. Bauer, Stanton Griffis, Robert E. Hunter, and Albert E.
The
plan
.
Van Court.
Pan American bondholders'
committee—Robert C. Adams (Chairman),
Thomas B. Eastland, Edward F. Hayes, and Richard W. Millar.
Richfield unsecured creditors' committee—G. Parker Toms,( Chairman),
O. C. Field, M. W. Lowery and R. R. Templeton.
An introductory statement to
the plan affords the following:
creditor's bill, the Court appointed William C.
for Richfield, and subsequently in ancillary suits
appointed receiver or correceiver for Richfield
in the Northern District of California, and in Oregon, Washington, Arizona
and New York [Irving Trust Co. was appointed co-ancillary receiver with
William C. McDuffie in the Southern District of New York. The ancillary
receiverships in New York and Arizona have been terminated and the
properties of Richfield and its receivers within the territorial jurisdiction
On Jan.
15, 1931, on
a
McDuffie equity receiver
the same individual was
of said courts and the claims filed therein were remitted to the receiver of
the
Court.], and the business of Richfield has been conducted by the re¬
ceivers so appointed since that date.
On March 5, 1932, on bills of a creditor and the Richfield receiver, the
same individual was appointed receiver for Pan American by the Court, and
subsequently in an ancillary proceeding the same individual was appointed
receiver for Pan American in the Northern District of California.
At the
time of the appointment of the receiver of Richfield, Richfield owned and
still
owns
all of the issued and outstanding capital
The properties of Pan American have been operated
under
At
an
The allocation of the shares of stocks and subscription rights provided
the holders of Richfield bonds. Pan American bonds and
general claims was determined by agreement among the deposit committees.
in the plan for
and Interests to Participate in the Reorganization
Claims
.
the period of negotiations between the above
parties, the properties of Richfield and Pan American as a whole were offered
at public sale with a minimum price of $29,656,510, fixed by the Court.
No bids in this amount were received.
From
Aug. 29, 1936
Digest of Plan of Reorganization
plan has been prepared
Loeb Co.,
and agreed upon by the reorganization committee and Kuhn,
and approved by the deposit committees and by Consolidated
of the Court
Chronicle
Aug. 20, states:
stock of Pan American.
by the Richfield receiver
$24,981,000
outstanding, excl. of $1,296,-
Richfield bonds (principal amount outstanding)
Pan American bonds (prin. amount
000 pledged to secure the Richfield bonds)
Richfield unsecured claims (excl. of the claim of
bonds in the amount of $28,000,000 against
9,145,400
the Richfield
Richfield un¬
19,500,000
mortgaged assets) estimated at, not to exceed
Pan American unsecured claims (excl. of the claim of the Pan
American bonds estimated at $9,480,060 against Pan Ameri¬
6,200,000
unmortgaged assets) estimated at, not to exceed
can
*L_.
Total
$59,826,400
—-
The foregoing claims are exclusive of liabilities of the receiver and trustee,
and claims, expenses and allowances entitled to preference or priority of
payment or lien in the equity proceedings and under the provisions Of the
Bankruptcy Act, which are to De paid prior to or upon the consummation
of the plan or assumed by the new company.
The plan does not provide for participation therein by the holders of
preferred or common stocks of Richfield.
New Company—The new company will be organized in Delaware, and
with such name, including the word "Richfield," as Rio Grande may
determine. The new company will acquire the assets of Richfield, and may,
at its option, elect to require that the assets of all or any subsidiaries of
Richfield, including Pan American, shall be conveyed to the new company
directly, or the new company may acquire directly the stocks of all or any
of such subsidiaries, including Pan American.
Any cash remaining in the
hands of the trustees under the mortgages securing the Richfield bonds and
the Pan American bonds and any cash to which such trustees may be en¬
titled shall be transferred to the new company.
The new company and its
subsidiaries and their respective properties shall be free of any claim or lien
based on the Richfield bonds'. Pan American bonds or general claims.
The
new company will also acquire from Rio Grande certain additional assets.
Authorized Securities of the
New Company
15-year convertible 4% sinking fund debentures
—$10,000,000
stock (no par, or of such par value as may be
determined)
shares
7,500,000
10-year warrants for the purchase of com. stock (each warrant
entitling the holder to purchase one sh. at $15 during the first
three years, $17.50 during the next three years and $20 during
Common
_ _ _
warrants
the next four years)..
operating agreement.
the time of the
Securities of
Richfield receivership there were outstanding $24,-
981,000 of Richfield bonds on which no interest or sinking fund instalments
had been paid since Nov. 1, 1930, as well as large amounts of unsecured
obligations of Richfield.
At the time of the Pan American receivership there were outstanding
$10,441,400 of Pan American bonds (including $1,296,000 owned by
Richfield and pledged under the mortgage securing its bonds) on which no
interest had been paid since Dec. 15, 1930, as well as certain unsecured
obligations of Pan American.
/
The trustee under the mortgage securing the Richfield bonds filed its
bill to foreclose the mortgage in the Court, and in the U. S. District Courts
for the ancillary jurisdictions mentioned above (other than New York), and
the courts have extended the receivership to the foreclosure action and
appointed the receiver in the creditor's action receiver of the mortgaged
properties in the foreclosure action.
The trustees under the mortgage securing the Pan American bonds have
likewise filed their bills to foreclose the mortgage in the Court, and in the
U. S. District Court for the Northern District of California, Southern
Division, and the courts have extended the receivership to
action and appointed the receiver in the creditor's actions
the foreclosure
receiver of the
1,700,000
New Company to Be Issued
(1) New Common Stock—(a) 2,000,000 shares to the holders of Richfield
bonds of said issue owned by Rio Grande), Pan American
bonds of said issue owned by Rio Grande), Richfield
unsecured claims (including claims of Rio Grande), and Pan American
unsecured claims,
(b) 865,000 shares to Rio Grande,
(c) 100,000 shares,
to be issued with the new debentures and warrants,
(d) Not to exceed
1,000,000 shares for cash, at $10 per share,
(e) 45,000 shares to Kuhn,
Loeb & Co. for their services and expenses in connection with the plan, in¬
cluding the seeming of the agreement of Rio Grande to transfer certain Of
its properties, assets and business to the new company, the agreement of
Rio Grande and (or) Consolidated and Cities Service to underwrite the
debenture offering, and the agreements of those to underwrite 550,000 shares
included in the stock offering.
bonds (including
bonds (including
New Debentures—$10,000,000.
Warrants—(a) 500,000 to Rio Grande,
(2)
(3)
the new debentures and new common stock,
(b) 200,000 to be issued with
(c) 550,000 to the underwriters
of the stock offering.
Up
but
to
not
„
exceeding 450,000
may become
of the purchase
additional warrants
issuable to the underwriters of the stock offering in the event
included in the
mortgaged properties in the foreclosure action.
On Feb. 9,1931, the Chancery Court of the State of Delaware appointed
John Biggs Jr. and Alexander F. Crichton as receivers for Richfield.
As of Feb. 9, 1934, the Richfield bondholders' committee, the Pan
American bondholders' committee and the unsecured creditors' committee
by such underwriters, or their nominees, of additional shares
stock offering, as provided.
adopted a plan of reorganization of Richfield and Pan American and entered
into a reorganization agreement under and pursuant to which a reorganiza¬
Rio Grande, half of the capital stock of which is owned by Consolidated
and half by Cities Service, is primarily an operating oil company, but it
tion committee
was
of the reorganization
was not consummated, never¬
committee will continue to act
the reorganization committee for the purpose of this plan.
On Jan. 31, 1936, pursuant to appropriate decrees and orders, the
properties of Richfield and Pan American as a whole were offered at public
as
sale with
an upset price of $29,656,510 fixed by the Court.
bidders therefor, although a written bid of $19,500,000 for
of indebtedness
There were no
all assets "free
obligations" was submitted by mail by a bidder who was
held by the Special Master not qualified.
There being no qualified bidder
the sale was adjourned until Feb. 29, 1936, and the properties were again
offered at the upset price. No bidder appeared and the sale has been further
adjourned from time to time and is presently set for Sept. 30, 1936.
Following the failure to obtain a bid for the properties at least equal to
the upset price fixed by the Court, the reorganization committee and the
deposit committees, with the approval of the Court in the equity proceed¬
ings, adopted this plan as a substitute plan and, in the event that it meets
with acceptance of the requisite amount of Richfield bonds, Pan American
bonds, Richfield unsecured claims and Pan American unsecured claims,
propose to effect the reorganization contemplated hereby under and pur¬
suant to Section 77-B of the Bankruptcy Act.
During the period of the receiverships of Richfield and Pan American a
number of involved and troublesome questions of major consequence have
been settled or determined, either by litigation or adjustment.
The major
problems which were thus settled are the following:
(1) A claim of the U. S. Government for more than $9,000,000 was settled
for approximately $5,500,000 and paid, releasing therefrom all of the
assets of Richfield and, with certain minor exceptions, all of the assets of
or
JPciu American
(2) The relative rights of the holders of bonds of, and unsecured claims
against, Richfield in respect of the free assets of Richfield have been settled
and finally determined, and a final settlement and determination also has
been made as to what assets of Richfield and Pan American are mortgaged
in addition to its other assets, $6,383,000 of Richfield bonds, $1,503,American bonds and Richfield unsecured claims aggregating
$91,052. Rio Grande has agreed to accept the plan in respect of the Rich¬
field bonds, the Pan American bonds and the Richfield unsecured claims
owned by it as above stated, subject to acceptance by other holders of
Richfield bonds, Pan American bonds and general claims in sufficient
amounts to consummate the plan.
Rio Grande has agreed, in connection with the consummation of the
plan to transfer to the new company, or a subsidiary thereof, all its business,
properties and assets (except $259,000 in cash, preferred and common stock
of Richfield owned by it, and the Richfield bonds, the Pan American
bonds, and the Richfield unsecured claims above referred to) as they exist
at the time of the consummation of the plan, subject to all the liabilities
and obligations of Rio Grande, as they exist at such time (including any
liability for taxes of any kind accrued up to such time, whether or not then
assessed), which liabilities and obligations are to be assumed by the new
000 of Pan
j
Rio Grande has also agreed to
company.
underwrite the offering of $10,000,000 of
stock,
be offered for subscription to the holders
of Richfield bonds, Pan American bonds and general claims, and to pur¬
chase all of the new debentures, with the accompanying warrants and new
common stock that are not subscribed for by the holders of the bonds and
claims, at the same price at which they are offered to the holders of the bonds
and claims.
Consolidated and Cities Service have agreed severally to
purchase from Rio Grande (or from the new company, if Rio Grande shall
so elect or shall fail to purchase) in equal amounts, all of the new debentures,
with the accompanying warrants and new common stock, that Rio Grande
shall, or is under obligation to, purchase pursuant to its underwriting
agreement above mentioned in this paragraph, at the same price which
Rio Grande agrees to pay therefor.
For and
in
consideration of the foregoing, Rio Grande will receive
865,000 shares of new common stock and 500,000 warrants.
new
debentures, with the accompanying warrants and new common
of the new company, which are to
are free.
Serious' litigation had arisen over these matters
equity prodeedings, and the amounts of money and rights involved
and what assets
in the
in this litigation were large.
(3)
.,
the bonds of, and the
American have been settled,
Most of the claims entitled to priority over
paid and discharged, the remaining claims entitled to priority being for the
most part claims arising from the receiver's operations.
There are certain
additional claims in which rights of preference or priority are or may be
asserted, aggregating substantial amounts. These claims are not conceded
by the receiver, and it is hoped that such claims will be eliminated or
greatly reduced.
capital stock of Richfield Oil Corp. of New York, the
eastern
distributing subsidiary of Richfield, and the indebtedness of that cor¬
poration as of June 30, 1934 to Richfield and the receiver of Richfield were
sold to Sinclair Refining Co., a subsidiary of Consolidated, for $4,400,000;
and Sinclair Refining Co. also paid to the receiver of Richfield on behalf of
Richfield Oil Corp. of New York the sum of approximately $650,000 in
payment of indebtedness to the receiver accrued subsequently to June 30,
1934. The cash so received made possible the payment of the aforementioned
sum to the Government.
The eastern distributing subsidiary had proved
to be an uneconomic and unnecessary unit in the operation of Richfield.
Some time prior to the date hereof, Kuhn, Loeb & Co. submitted to the
reorganization committee, at its suggestion (but without commitment on its
part), an outline of a plan of reorganization which, in the opinion of the
reorganization committee, took cognizance of the advisability of additional
capital for the acquisition of additional production, improvements and
betterments and for other purposes, desirable to constitute the properties
an efficient unit in the oil business, and which also contemplated the interest
of important oil companies in the reorganized properties.
In connection with the outline submitted, Kuhn, Loeb & Co. stated that
they would undertake to secure from Rio Grande, and from Consolidated
and Cities Service as the holders of all the outstanding stock of Rio Grande,
an acceptance of a plan conforming to such outline including an agreement
for the transfer of certain assets of Rio Grande to the new company and that
they would undertake to secure an underwriting of securities of the new
company.
This plan
committee
then prepared and agreed upon by the reorganization
Kuhn, Loeb & Co., and approved by the deposit com¬
Consolidated, Cities Service and Rio Grande.
was
and
mittees and by
Treatment of Existing Claims and
Obligations
Claims and Obligations Not Affected by the Plan
,
.
unsecured claims against, Richfield and Pan
All of the
Be Acquired
owns,
constituted.
While such prior plan of reorganization
theless the members
Obligations Undertaken by Rio Grande and Additional Assets to
by New Company From It
Liabilities
and Trustee—Liabilities of the receiver and
entitled to preference or priority of pay¬
of the Receiver
trustee, expenses and allowances
ment
or
lien in the equity proceedings
and (or) under the provisions of the
by the trustee,
Bankruptcy Act, to the extent not paid by the receiver or
shall be paid in cash in full or assumed by the new company.
priority of payment or
and (or) under the provisions of the Bank¬
bonds and Pan American bonds), to the
extent not paid.by the receiver or by the trustee, shall be paid in cash in
full or assumed by the new company to the extent (if any) that the asserted
right to preference or priority shall be finally established in the reorganiza¬
Priority Claims—Claims entitled to preference or
lien in the equity proceedings
ruptcy Act (other thail Richfield
tion proceedings.
Contracts—All obligations
of the receiver under any executory contracts,
and
(or) agreements entered into, made, affirmed, assumed or
adopted by the receiver and all obligations of the trustee under any execu¬
leases
tory contracts, leases
and
(or) agreements entered into, made, affirmed,
or adopted by the trustee, shall be assumed by the new company
such, are not affected by the plan. All other executory contracts of
Richfield and Pan American shall be deemed to have been rejected and
assumed
and,
as
disaffirmed by the plan.
Bonds
and
Be Exchanged for New
Subscription Certificates
Claims to
Common Stock and
(a) $24,981,000 Richfield Bonds—For each $100 of Richfield bonds
including all accrued unpaid interest thereon, for the claim of the Richfield
bonds against Richfield unmortgaged assets and for the distributive share
of the Richfield bonds in respect of Pan American bonds pledged under the
Richfield mortgage, the holder thereof shall receive:
(1) 4.79 shares of new com. stock of the new company, and
(2) Debenture subscription certificates and stock subscription certificates.
(b) $9,145,400 Pan American Bonds (exclusive of $1,296,000 pledged to
secure
the Richfield bonds)—For each $100 principal amount of Pan
American bonds, including all accrued unpaid interest thereon, and for the
claim of the Pan American bonds against Pan American unmortgaged assets,
the holder thereof shall receive:
Volume 143
,
(1) 4.20 shares
(2)
Financial
Chronicle
of new common stock of the new
company and
manner
Debenture subscription certificates and stock
subscription certificates.
(c) Richfield Unsecured Claims
(estimated at not to exceed $19,500,000;
exclusive of the claim of the
Richfield bonds in the amount of $28,000,000
against Richfield
unmortgaged assets)—For each $100 of Richfield unsecured
claims allowed in the
reorganization proceedings, the holder thereof shall
stock
offering:
Kuhn, Loeb & Co
Consolidated Oil Corp.
Cities Service Co
2.22 shares of
new common
stock of the
Atlas
new common
stock of the
shall have the right,
pro rata according to the
respectively purchased by them, to purchase such untaken
shares at any time
or from time to
time, at $10 per share, within the six
months next
succeeding the expiration of the stock subscription certificates
and shall be
entitled to one warrant for each untaken
share so
purchased.
Description of Warrants
The warrants
shall be in bearer or
registered form as the reorganization
committee shall
determine, with the approval of Rio Grande. Each warrant
shall entitle the
bearer or registered
holder thereof, as the case may be,
to purchase
within 10 years from the date
thereof (which will be as of the
first or 15th
day of the month, whichever first occurs, after the
stock
subscription certificates
expire), subject to adjustment as hereinafter
provided, one share of new common stock at
the following prices:
$15 per share, if exercised
during the first three
have been
finally determined, receive additional new common stock in
accordance with their
respective rights thereto. In the event that the total
Richfield unsecured claims or Pan American
unsecured claims
finally established in the
reorganization proceedings shall exceed the
amounts above
stated, respectively, the plan shall not be carried out
except
by modification thereof effected in
the manner provided in the
Bankruptcy
Act.
amount of
additional
of two
new
to the holders
and also, by
company,
adjustment of the purchase price or terms,
against dilution in
the event of
stock split-ups, stock
dividends, reclassifications or similar
divisions or distributions.
All moneys received
by the new
company upon the exercise of the warrants
shall be applied, so long as
of the new
any
debentures are
outstanding, to the purchase of new debentures
at
dilutions,
•
the additional working capital which
it is
the new company to become an
efficient
is made for the
offering for subscription
securities of the new
company for cash.
securities for cash subscription will
consist
not
exceeding their redemption price, or, if the new debentures
cannot
be purchased at
their redemption price or
less, any moneys not used for
new debentures shall be
turned over to the trustee of the in¬
denture or the
paying agent for the new debentures to be
applied to the
redemption thereof by lot whenever the amount
available for redemption
equals or exceeds
$100,000.
All new debentures so redeemed
shall be
canceled and shall not be
reissued.
purchasing
separate offerings
(entitled respectively "debenture
offering" and
"stock
offering"), and those entitled to subscribe
may subscribe to either
offering or to both. In respect of said
offerings subscription certificates will
be issued, as set
forth, entitled respectively "debenture
subscription
certificates" and "stock
subscription certificates."
Management—It is contemplated that the board of
directors of the new
company will include the
following persons: Fred Bartlett, F. R. Coates,
H. R.
Gallagher, W. Alton Jones, Chas. S. Jones,
George MacDonald,
William C. McDuffie, P. H.
O'Neil, H. F. Sinclair, G. Parker Toms.
Debenture
Offering—$10,000,000 of new debentures, with 200,000 war¬
the purchase of new
common stock and
100,000 shares of new
common stock, will be
offered to the holders of
Richfield bonds, Pan
American bonds, Richfield
unsecured claims and Pan American
unsecured
claims for
subscription in the proportions set forth
below, in units each
consisting of (a) $100 of new
debentures, (b) two warrants, each for the
purchase of one share of
new common
stock, and (c) one share of new com.
stock, at a price of $100
per unit, plus interest accrued on
the new de¬
bentures from their date to
the date of
delivery thereof. [The new common
stock included in the
units will be issued at a
price of $10 per share and the
new debentures
with the
rants for
of the new
Stock
warrants at a
debentures.]
Pro Forma
Consolidated Balance Sheet
Assets—
assets
19
Prepaid taxes, Ins., rents, &c.
Discount on debentures
.
Rights in Respect of the Debenture
Offering and
9ffeiVlg—Such subscription rights shall be allocated tp the of the Stock
holders of
Richfield bonds. Pan
American bonds, Richfield
unsecured claims and
Pan American
unsecured claims, as follows:
(a) For each $100 of Richfield
boDds, the holder thereof shall be entitled
to subscribe for
either or both of the
following: (1) .2395 of a unit, and
2.395 shares new common
(2)
stock;
(b) For each $100 of Pan
American bonds, the holder
thereof shall be
entitled to subscribe for
either or both of the
following: (1) .2100 of a unit,
and (2) 2.100 shares
new common
stock;
(c) For each $100 of Richfield
unsecured claims, the holder
be entitled to
thereof shall
subscribe for either or both of the
following: (1) .1109 of a
unit, and (2) 1.109 shares new
common stock; and
(d) For each $100
principal amount of Pan American unsecured
the
319,102
1 051,607
1 000,000
subscription certificates
Court shall
order, pending final determination
of the
they are allocated, and shall be
ultimately distributed and
the Court shall
determine and
be held as the
claims to which
disposed of
as
direct.
Underwriting of Debenture Offering—Rio
Grande
has agreed to
purchase
which shall not be
taken
all units included
in the
holders of Richfield
debenture offering
by the
bonds, Pan American bonds,
Richfield unsecured claims
American unsecured
claims, at the same price at which
offered to the holders of
they are
said bonds and claims.
Rio Grande shall
and pay for the units
take up
which it is
and Pan
called upon to purchase
at any time
later than 12 months
not
from the date the new
debentures shall be
for delivery
available
upon three days' written
notice to it from the new
if so agreed
between the new
company, or,
company and Rio Grande, in
said 12 months period.
instalments over
Any agreement to take
up and pay for such units in
instalments shall,
however, be subject to (a) the
right of Rio Grande to
up ,aud pay in full for the then unpaid for units
at
(b) the right of the new
any time, and
company to call upon Rio Grande
to take up and
pay for the then
unpaid for units at
any time upon three
notice.
days' written
Consolidated and Cities Service
have agreed to
amounts, from Rio Grande,
purchase, in equal
(or from the new
shall so elect or shall
company, if Rio Grande
fail to
purchase) all the securities of the new
which Rio Grande is
company
called upon to
purchase in pursuance of
its underwr^tinA agreement hereinabove mentioned, at the same
and at the same
time or times
price which Rio Grande is
called upon to
pay therefor. New
debentures, with the
accompanying new common stock and
be delivered to Rio
warrants, shall
Grande, or to Consolidated and
case may
Cities Service, as
be, from time to time as taken
the
up and paid for, but
PP ai*d
until taken
the securities underwritten by Rio Grande as
stated shall be held in escrow
hereinabove
by the trustee of the indenture
under which the
Consolidated and Cities Service respective agreements of Rio Grande,
in
debenture offering shall terminate at respect of the underwriting of the
their option unless
the plan shall be
*?£e
—
JuneG5 °1937
The
new debentures shall be
available for delivery prior
to
Underwriting of 550,000 Shares Included in the
Stock Offering—For
consideration of one warrant for
and in
each share of new
common stock
witten, those below named each
underfor itself and not
at $10 per share, such of
jointly, will purchase"
the 1,000,000 shares
of new common
in
the stock
stock included
offering as are not taken
by holders of Richfield
American bonds, Richfield
bonds, Pan
unsecured claims and Pan
American unsecured
claims, up to but not
exceeding the number of shares
set
respective names and will take
opposite their
and pay for said
shares at the time and
in the
to
Consol.
Oil
700,000
2,769,146
1,917,675
1,300,000
10,000,000
1,112,500
49,500
23,690
1,500,000
;
Res. for fees & expenses
15-year
4% debs
Mtges. on building
Purch .money obligs
$55,092,432
conv.
$10)
35,600,000
—
Total—.
$55,092,432
Earnings for Period from Jan. 15, 1931, to June
30, 1936
[Including wholly-owned subsidiaries]
Profit of the
Jan.
1
*36 Jan.
15 *31
to
to
June 30 '36
June 30 *36
Western companies before
depletion,
depreciation, loss on abandoned properties, &c-_ $1,555,315
$14,754,994
Depletion on producing properties
608,532
10,476,956
Depreciation on other properties
1,218,058
13,689,973
Loss on
properties abandoned
Loss
or
sold—
—
„
52,981
Loss—..——,
2,577,368
$324,256 $13,131,293
Interest accrued from Jan.
15, 1931, on obligations
of Richfield Oil Co. of Calif, and Pan
Amer.
Petroleum Co.:
Pan Amer. Petr. Co. bonds
(to March 4, 1932)
Purchase money obligations
—1,085
Income from forfeited leases—
Discount
on
Pan Amer. Petr. Co. bonds
purchased
Loss for the period
1,141,989
$324,256 $10,553,925
Lossof Richfield Oil
Corp. of New York to April 30,
1935 (date of sale May 14, 1935)
*
637,154
238,551
819,108
Crl72,785
$325,342 $14,653,321
Consolidated Statement of Assets and Liabilities
June 30'36 Dec. 31 '35.
Assets—
$
on
x
y
2,504,636
Notes receivable.
277,149
&
Inventories
Mat'ls & supplies.
Other current
$
26,006
21,523
Deferred
Prior to
260,098
9,445,060
913,790
467,105
423,570
6,526,956
38,265
38,265
903,735
..
deposits.__
contr. companies
3,581,800
credits
rec.
1,281,922
22,838
1,287,921
14,827
liabils.:
of Calif.:
1st
mtge.bds.,
6%, 1944..24,981,000 24,981,000
Accr.int.there¬
property funds.
Other special funds
Inv. In and adv. to
4,284,644
Richfield Oil Co.
.
437,875
Sinking & released
-
contract
liab. of wholly
owned cos...
•
em pi.
receivable
16,790
on
■
41,400
2,336,628
561,230
581,356
Capital assets
33,422,220 34,490,178
Deferred charges..
962,553
990,065
308,099
pay'le.
to
308,099
17,253,801 16,926,574
con¬
trolled co_.
1,183,148
Pan Amer. Petr.
receivables
a
to Jan. 14
Accts.
Due
•
b Misc.inv.& longterm
taxes, &c
1,417,054
Miscell. accounts
and
Accts. pay., accr.
$ Purch.
1,674,040
accts. receivable
z
4,138,459
309,492
Customers'accts.
Officers'
Dec. 31 *35
$
Liabils. to receiver:
hand
receivable
June 30'36
Liabilities—
Cash in banks and
Co.:
1st mtge. 6%
bonds
9,145,400
9,145,400
684,439
365,376
684,439
365,376
9,997,500
Accr .int. there¬
on
to Mar. 4
Accts. payable
7% pref. stock
Com.
shs.
par out¬
Deduct deficit
Total
9,997,500
(2,061,257
no
standing)
Pa/d for
^r^-158ue<l'
47,422
pay.
Corp
Accounts payable
Accrued liabilities
Period—
be valid for 20
subscription certificates
days after the date upon which such
certificates shall be
made available for
distribution to holders of Richfield
bonds, Pan American
bonds, Richfield unsecured claims and
Pan American
unsecured claims,
which date shall be
specified in a published notice.
Each debenture sub¬
scription certificate shall entitle the
holder thereof to
of units of securities
purchase the number
or fractions thereof
set forth
therein, and each stock
subscription certificate shall entitle the
holder thereof to
number of shares of stock
purchase the
or fractions thereof
set forth
within such 20
therein, at any time
days, but unless exercised within said
be null and void.
period shall become and
will
—
>
stock
The
debenture subscription
certificates and the stock
certificates allocated to the
subscription
holders of Richfield
unsecured claims and Pan
American unsecured claims
which have not been
finally established in the
reorganization proceedings
prior to the confirmation of
the plan by the
Court will not be
delivered to the holders of such
claims, but shall be offered
for sale by the
reorganization committee. The
proceeds of any such
such debenture
sale of
subscription certificates and stock
Notes
at
Total
claims,
and
$72,500
in year
Reserve for contingencies
Capital stock (3,560,000 shs.
to subscribe for either or
both of the
(2) .133 shares new common stock.
In the event that
the total amount of
Richfield unsecured claims or
Pan
American unsecured claims
is
finally established in the reorganization
proceedings prior to confirmation
by the Court and shall be less than
amounts above
the
stated, respectively, the holders of
Richfield bonds, Pan
American bonds, Richfield
unsecured claims or Pan
American unsecured
claims, as the case may be, will
receive additional debenture
certificates and stock
subscription
subscription certificates in accordance with
their
respective rights thereto.
Debenture subscription certificates
will
year
Purch. money oblig. due with¬
Deferred credits
„
holder thereof shall be entitled
following: (1) .0133 of a unit, and
Mtges. due within
...
Capital
1932
Liabilities—
$17, 962,699
Marketable securities
46,744
Accts. & notes rec.
(net)
2, 708,276
Inventories
11, 683,727
Materials and supplies
881,912
Other current assets
(net)...
382,106
Miscell. invests. &
long-term
receivables (net)
56,258
Offering—1,000,000 shares of new common stock will be
the holders of
offered to
Richfield bonds, Pan American
bonds, Richfield unsecured
claims and Pan
American unsecured
claims, in the proportions set forth
below, at a price of $10
per share.
June 30, 1936 (New Co. &
Subs.)
as at
Cash
price of 90% of the principal amount
Subscription
per share, if exercised
during the next three years;
$20 per share, if
exercised during the next four
years.
Appropriate provision will be made in the
warrants designed to protect the
purchase right
evidenced thereby in the event of the
merger or consoli¬
dation of, or sale of all or
substatially all of its assets by, the new
New Securities to Be Issued
for Cash and the
Underwriting Thereof
years;
$17.50
'
[Claims held by subsidiaries of
Richfield and Pan American will not be
entitled to new common
stock or subscription
certificates, but such claims
have been
For the purpose of
providing for
deemed will be required to
enable
unit in the oil
business, provision
and for the sale of
additional new
The offering of
Richfield bonds, Pan American bonds, Richfield
Pan American unsecured claims and
by the above
to the undertaking above set forth, then
pursuant
company and
stock subscription certificates.
In the event that
the total amount of Richfield unsecured claims
or Pan
American unsecured claims
finally established in the reorganization pro¬
ceedings shall be less than the amounts above
stated, respectively, the
holders of Richfield
bonds, Pan American bonds, Richfield unsecured
claims or Pan American
unsecured claims, as the case
may be, shall, after
all Richfield
unsecured claims and Pan American
unsecured claims shall
Offering of Additional
-
shares
shares
shares
shares
shares
shares
each of said
underwriters
number of shares
new
determining the distribution
_
unsecured claims and
named
underwriters
Debenture subscription certificates and
taken into account in
of bonds and
claims.]
"
Inc.V—I III —" I I
of
bonds estimated at $9,480,against Pan American
unmortgaged assets)—For each $100 of Pan
American unsecured claims
allowed in the reorganization
proceedings, the
holder thereof shall receive:
0.26 share of
_
In the event
that the shares included in the stock
offering are not all
taken by holders
060
(1)
(2)
.
Corp
Blyth & Co.,
new
company and
(2) Debenture subscription certificates
and stock subscription certificates.
(d) Pan American Unsecured Claims
(estimated at not to exceed $6,200,000; exclusive of the claim of the Pan American
112,500
112,500
112,500
112,500
50,000
50,000
~
_
Petroleum Corp. of America,
receive:
(1)
1415
provided in the agreement in
respect of the underwriting of the
51,531,439 51,531,439
69,287,513 67,350,968
50,568,946 52,656,5561
Total
.....50,568,946 52,656,556
$76,349 in 1936 and $70,976 in 1935.
y After reserve
1936 and $399,293 in 1935.
z After reserve of
$69,376 in
1936 and $74,893 in 1935.
a After reserve
for depletion and
depreciation
of $23,133,934 in 1936 and
$21,384,312 in 1935.
b After reserve of
$134,455
in 1936 and $129,455 in 1935.
Note—Contingent liabilities are not included in this
statement.—Y. 143,
x
Less reserves of
of $398,619 in
p.1245.
Roeser &
Pendleton, Inc.—Special Dividend—
The directors have declared
a regular
quarterly dividend of 15 cents per
special dividend of 10 cents
per share on the capital
stock,
payable Oct. 1 to holders of record Sept. 20, 1936.
Similar action was taken
in the preceding quarter.—V.
142, p. 4190.
share and
a
Financial
1416
Potomac RR.-
Richmond Fredericksburg &
1935
$480,304
*35,009
1936
$585,985
143,102
July—
Gross from railway
Net from railway
Net after rents
■Earnings.
1934
$426,701
29,271
1933
$509,827
118,208
66,585
def23,777
defll,724
4,022,568
766,476
3,851,745
849,319
3,827,166
1,012,525
355,357
Net from railway
Net after rents
defl8,270
4,460,873
966,161
Gross from railway
286,307
339,230
376,389
—V. 143,p. 769.
Rustless Iron & Steel
Corp.—Earnings—
'
12 Mos. Ended
5 Mos. End.
10Mos.End.
June 30 '36
Dec. 31 '35
Dec. 31 '34
Dec. 31 '33
$312,718
156,227
$494,080
304,907
$217,980
235,505
$188,387
129,626
$156,491
$189,173
loss$17,525
6,073
Period—
Aug. 29, 1936
B stock shall have
one-third of the members of the board of directors of the
Under the original plan all the stock was to have been of
one class, of which United States Realty & Improvement Co. was to have
received ftbout 34 %«
(2) The modified plan provides that it will be necessary for 75% of the
principal amount of the income bonds to be issued under the plan to approve
any modification of the indenture under which such bonds are to be issued,
and provides further that if the mortgaged property is sold free and clear
of the lien of such indenture pursuant to such approval, an amount not in
excess of 5% of the net proceeds of the sale may be distributed to holders
of the common stock of the new company.
The plan originally proposed
provided that the percentage of bonds need be only 66 2-3 % and there was
no limitation upon the terms of the sale.
(3) A limitation of $250,000 has been placed upon the reserve fund to be
held in trust to defray the cost of additions, improvements, &c.
(4) A limitation of 1% of the gross receipts from the property has been
placed upon the aggregate salaries of the officers, directors and voting
trustees.—V. 143, p. 602.
*
board of directors of the new company and the class
the right to elect
new
company.
14,060
b Gross profit...-
Operating expense
Operating income.--Miscell. income
Note interest
$58,761
a43,264
„
17,101
20,000
8,227
20,215
Interest paid
Other expenses
5,509
Seaboard Air Line
$134,122
$166,132 ldss$23,034
$15,497
a Note was exchanged for common stock during period,
b Gross profit
after deducting depreciation.
Balance Sheet
Gross from railway..
Net from railway—
June 30 '36 bDec. 31 '35
Current liabilities.
Land, bldgs., &c.
(net)
$805,569
2
16,867
596,935
Other assets
745,513
Current assets
$146,383
a275.000
2,000
$246,425
a275,000
Notes payable
$705,713
2
22,301
Patents
Reserves
Cap. stk.& surplus 1,051,960
..
Net after rents
1934
1933
$2,231,668
defl8,068
$2,300,780
def212,519
342,900
172.278
20,299,249
3,514,692
1,350,926
20,946,794
4,002,999
1,621,855
19,117,006
3,784,367
1,650.628
From Jan. 1—
Gross from railway..
Net from railway.
—
Liabilities—
June 30 '36 bDec.31'35
Assets—
Ry.—Earnings.~
1936
1935
$2,689,465
$2,214,057
167,239 ' defl75,969
17,572
def339,141
July—
Net income
is
Chronicle
Net after rents
—V. 143, p.
21.920,208
3,380,832
1,179,525
...
...
...
1246.
Sears, Roebuck & Co.—Earnings—
896,134
1936
,,.,1935
$217,531,666 $178,122,304
15,248,636
9,071,071
2,614,351
1,598,554
24 Weeks Ended July 16—
Sales.
a
$1,573,385 $1,319,517
Federal Reserve Bank of Richmind in installments 1936-1939.
Total
$1,573,385 $1,319,517
Total
Due to
b Giving effect to liquidation of
Normal
Net
Rutland
profit
Shares capital stock
Earnings per share—
RR.—Earnings.—
1934
$302,226
49,277
39,795
1,832,925
12,421
1,910,806
1,911,387
107,077
defl 12,047
defl2,720
176,611
122,751
defl7,443
1,940,125
90,225
def918
Net after rents
I From Jan. 1—
Gross from railway
Net from railway
Net after rents
x
1933
$275,003
11,705
def6,487
1935
$276,065
5,108
1936
$307,322
41,895
27,267
July—
Gross from railway
Net from railway
—V. 143, p. 1090.
Safety Car Heating & Lighting Co.-—Extra Dividend—
in addition
of like amount on the common stock,
value, both payable Oct. 1 to holders of record Sept. 15.
par
New
Director—
Herbert A. May
has been elected
a
director of the company.—V. 143,
Lead Co.—20-cent Dividend—-
The directors have declared a dividend of 20 cents per share on the
capital stock, par $10, payable Sept. 21 to holders of record Sept. 9.
A
like payment was made on June 20, last and compares with dividends of
10 cents per share paid each three months from June 20, 1934 to and in¬
cluding March 20, 1936; 15 cents paid on March 21, 1932; 25 cents per share
distributed on Dec. 21, Sept. 21 and June 20, 1931 and 50 cents paid on
March 20, 1931.—V. 143, p. 1090.
St. Louis-San Francisco Ry.
Period End. July 31—
Operating revenueOp-rating expenses
„
Corp'.—Accumulated Dividend—-
Shell Union Oil
System—Earnings—
accumulations
on
the
5)4%
$100, payable Oct. 1 to holders of record Sept. 10.
A similar payment
was made on July 1 last, this latter being the first distribution made since
July 1,1931 when a regular quarterly dividend of $1.37 H Per share was paid.
After giving effect to payment of the current dividend, accumulations on
the preferred stock as of Oct. 1, 1936 will amount to $26.12)4 Per share.
—-V. 143, p. 603. »j|
i
««
tAjgt
*
I i * a jj *
—-4
,
fPgSPPSM*'
Sie
.
_
.
$244,144
7,531
$1,953,458 def$212,167
45,910
44,924
$613,574
Bal. avail, for int., &c
$1,806,814 def$411,633
146,643
199,465
$619,374
5,799
Total income.
Deductions.
$218,565
25,577
$236,612
6,066
26,040
8,207
19,000
74,670
224,675
202.751
$75,536
1,342
$67,895
1,337
$708,110
3,904
$627,004
4,782
$76,879
8,333
10,369
$69,232
8,333
10,352
$712,015
100,000
126,652
$631,787
100,000
126,252
$58,175
$50,546
$485,362
$405,534
revenues.!.
Non-oper. income (net).
Retirement accruals
Int. & amortization, &c_
Net income
Simms Petroleum
Net
rev.
from ry. oper_„
Net ry. oper. income
Non-oper. income
Gross income
Net deficit
San
$170,077
265,648
$141,696
274,595
Deductions.
—V. 143, p.
Statement
Lines—Earnings—
1936—Month—1935
1936—7 Mos.—1935
$1,590,622
$1,283,553 $10,818,521
$9,086,093
449.327
408,195
3,487,270 ' 2,868,850
132,738
161,493
1,702,250
1,401,087
8,958
8,584
45,052
46,776
$132,898
$95,570
$1,747,303
2,019,480
$272,176
$1,447,864
1,842,732
$394,867
770.
Diego Consolidated Gas & Electric Co.—Earnings
1936
$7,755,587
4,502,054
$3,253,532
$3,331,466
12,109
$3,254,987
1,255,000
$3,343,576
1,205,000
$1,999,987
619,802
.•
61,680
1,423
$2,138,576
813,577
$1,317,081
$1,239,621
1936
[Simms Petroleum Co. (in liquidation) and Simms Co.]
6 Months
3 Months
.
Miscellaneous
Total
Administrative expenses
Field expenses (watchmen, insurance, &c.)
$2,105
2,037
1,865
2,739
$3,966
4,610
4,946
3,753
$8,748
10,053
3,048
Income—Interest on notes and acc'ts receivable
Rentals of marketing stations, &c
Tankcar mileage receipts."
$17,276
23,244
7,660
2,479
393
777
196
than Federal income & excess profits)
Federal income tax liability)
Simms Petroleum Co.'s portion of deficit for the
Taxes (other
78
78
$5,406
$16,579
period of subsidiary not consolidated
1935
$7,216,758
3,885,291
1,454
Operating revenues
Operating expenses, miantenance and all taxes
666,42$
Co.—Earnings—
of Consolidated Income—Period Ended June 30,
Interest (on est.
12 Months Ended July 31—
$1,583,840
—V. 143, p. 603.
—V. 143, p. 1090.
St. Louis Southwestern Ry.
1936—12 Mos. -1935 '<
$1,675,632
668,175
Maintenance
$1,907,547 def$257,091
Subs.)—Earnings—J
1936—Month—1935
$151,801
$138,839
44,157
43,735
Period End. July 31—
Operating revenues
Operation
Net oper.
(&
•m.rnmmim.
-
—
i.
■
Pacific Electric Co.
ra
Balance
$599,297
20,076
Net ry. oper. income.
Railway oper. revenues
$1.37H Per share on account
cumulative convertible preferred stock,
The directors have declared a dividend of
of
Taxes
1936—Month—1935
1936—7 Mos.—1935
$4,457,179
$3,753,362 $27,398,426 $23,096,778
3H84.974
3,213,822
23,269,264
21,443,225
Other income
Period End. July 31—
1936—9 Mos.—1935
$2,122,306
$1,067,336
$3,792,511
$1,794,372
Shs. com. stk. out. (par $1) 1,781,426
1,766,426
1,781,426
1,766,426
Earnings per share
•
$1.18
$0.60
$2.11
Note—No provision is required for Federal surtax on undistributed profits
as the corporation's fiscal year ends Oct. 31, 1936.—V. 142, p. 3523.
par
122.
St. Joseph
1936—3 Mos.—1935
Period End. July 31—
Net profit after deprec.,
interest & Fed. taxes..
the regular quarterly dividend
no
Before provision for surtax on
*$12,634,285
$7,472,517
4,859,968
4,804,943
$2.60
*
$1.55
undistributed profits.—V. 143, p. 1247.
Servel, Inc. (& Subs.)—Earnings—
The directors have declared an extra dividend of $1 per share
to
p.
Federal tax and employ, fund
subsidiary effective Jan. 1, 1936.—V. 143,
601.
p.
Profit
Deficit for the period
Notes—The foregoing does not include $239,711 received during
Net oper. rev. (before approp.
for retire't res.)_.
Other income
is
Net operating revenue and other income (before
appropriation for retirement reserve)
Appropriation for retirement reserve..
the six
months' period from Tide Water Oil Co., representing six months' instal¬
ments on account of principal of the amount receivable if, as and when oil
produced (less $16,666 deposited in escrow), and $57,466 interest thereon.
These were credited as part of the sale price of the Simms Oil Co. stock.
The above statement does not include charges for depreciation ($37,708)
and losses on property
retirements ($358,249), all of which were charged to
the reserve for revaluation.
Gross income
I
Interest charges (net)
Amortization of debt discount and expense
Other income deductions.
Net income
-V. 143, p.
....
1246.
Savoy Plaza Corp.—Report
The
77,665
7,712
on
Progress of Reorganization—
Real Estate Bondholders Protective Committee, George
E. Roose¬
velt, Chairman, Roosevelt & Son, in a letter to depositors with this com¬
mittee of first mortgage fee and leasehold 20-year sinking fund 6% gold
bonds, states in part:
By order dated Aug. 11, 1936, the U. S. District Court for the Southern
District of New York confirmed the plan of reorganization which had been
proposed in proceedings under Section 77-B of the Bankruptcy Act.
The plan approved (called the modified plan) was a modification of the
plan dated June 29, 1936 and proposed by the bondholders' committee of
which Hunter S. Marston is Chariman and the certificate holders' committee
of which Arthur W. Loasby is Chairman.
The order confirming the modified plan provides that it is binding on all
of the creditors of Savoy-Plaza Corp., including the holders of the above(
named bonds.
Roosevelt committee believes that the modifications, which are
dated as of Aug. 6, 1936, and embodied in the modified plan are beneficial
to bondholders, but it is not believed that these modifications change the
essential nature of the plan originally proposed.
I
organization in June, 1935, Simms Co. provided a reserve of $90,725
for rentals payable to expiration of lease contracts for tank cars and two
marketing stations.
The rentals paid on these properties for the six
months ended June 30, 1936, amounting to $25,583, were charged to this
reserve, but the rental income and tank car mileage earnings therefrom,
amounting to $563 and $4,946, respectively, were taken into income.
At
The
The chief modifications
are
as
follows;
The share of United States Realty & Improvement Co. (the parent
and its largest unsecured creditor) in the common stock of the
reduced to 25%, to be represented by a separate class of
stock consisting of class B shares.
Bondholders are to receive the balance
of 75% of the common stock of the new company represented by class A
shares.
Both classes of stock are alike in all respects except that the class
A stock shall have the right to elect two-thirds of the members of the
(1)
company
new company was
Capital Interest of Stockholders, June 30, 1936
Undistributed Capital and Surplus—
Capital stock of Simms Petroleum Co., 463,650 shs. outstand¬
ing at par value of $10 per share
$4,636,500
Capital surplus: Balance, Jan. 1, 1936
—
1,531,691
Amount realized on sales of fixed property and investments
in
excess
131,789
745
of book value after reserves
Amount transferred from reserve for rental obligations
Profit and loss surplus, Balance, Jan. 1, 1936
$1,107,439
Less: Deficit for 6 mos. ended June 30,1936. $16,579
Amount added to reserve for loss in title
150,000
and other litigation, &c
.
166,579
Remainder
z
-
940,859
Plus amount equal to charges made against reserve for loss in
title and other litigations, &c., restored to surplus and de¬
ducted from sale price of Simms
Total
$7,248,760
Less dividends in liquidation paid
Petroleum Co.:
$10.00
per
1.25 per
1.00
7,174
Oil Co. stock
..J
per
share on July
share on Oct.
share on Jan.
Remainder
on
5, 1935
18, 1935
27,1936
I
capital stock of Simms
—
4,636,500
579,562
463,650
$1,569,047
Volume
Financial
143
Unrealized Profit on Sale of Simms Oil Co. Stock—
Fixed portion of sale price—Balance Jan. 1, 1936Six months' instalments on contingent
payment fixed in agree¬
ment of
May 14, 1935, being $239,711 principal and
$57,466 interest, less $16,666 deposited in escrow fund
5,494,976
Total
Total
$5,775,488
5,774
-
-
$5,781,262
—
3,761,022
$9,542,285
7,024,700
217,299
____
—
taxes—
Net operating income.
-V. 143, p. 603.
Remainder
1936
Cash, March 31, 1936—
-
$424,694
—
Additions:
on account
of
contingent portion of sale price of
'
Simms Oil Co. stock
$149,470
64,525
93,316
Realization from sale of oil inventory
Reduction in deferred charges and
equity in sub-
sidiary not consolidated
890
_
387,742
Total
$812,436
Deductions;
■'
;.:C>
,"v.
Excess of expenses over income for three months.
Increase in notes, accounts and accruals receivable
Cash, June 30. 1936p.
-
36,070
141,380
$671,056
124.
,
Siscoe Gold Mines,
share
on
4,750,000 shares
1935
$503,224
$0.11
$0.12
Sivyer Steel Casting Co.—Dividends Resumed—
The directors
have declared a dividend of 25 cents
per share on the
stock, payable Sept. 10 to holders of record Sept. 3.
This will be
the first payment made since Dec.
1, 1930 when 50 cents per share was
distributed.—V. 140, p. 986.
Maintenance and repairs
Depreciation of plant and equipmentSelling, general and administrative expenses
$762,516
81,594
101,748
413,271
___;
—
new
$165,902
28,513
4,200
$133,188
_—
Assets—
has
Notes payable to banks
Accounts payable and accrued
2,115,878
Taxes due and accrued
Provision for Federal income
products
expenses
finished and in process, and
Prepaid expenses and deferred
charges.
251,690
Property, plant and equipm't
Goodwill,
patents,
trade
6,318,946
and capital stock taxes
Reserve for contingencies
Class A 6% pref. stock
Capital surplus
Earned
$9,767,7831
Represented by 75,633
no par
Gold
290,413
11,102
common
Ins.
on
1, 1951.
approved by the
The
new bonds and certificates for the new
preferred, stock and
stock are now available for
delivery.
The Pennsylvania Co. for
Lives & Granting Annuities,
Philadelphia, is the agent for dis¬
tribution of the
The amended
securities.
new
plan of reorganization, having been confirmed, is now
binding upon all holders of the firs tlien 6% gold bonds, series A, of the old
company, whether such holders have deposited with the reorganization
committee or with Ralph A. Bard,
Thompson Ross, James P. Hale or
Josiah Maoy (the other
reorganization committee), or have not deposited
their holdings with either of the committees.
Under the provisions of the
amended plan of reorganization so
confirmed the holders of the first lien
6% gold bonds, series A, of the old company, whether they have deposited
Southwestern Gas & Electric Co.Period End. June 30—
9,877
1,502,700
xl,890,825
2,621,900
Maintenance
Prov. for retirement-__
$9,767,783
(& Subs.)-—
South Porto Rico Sugar Co.—Extra
Dividend—
The directors
on Aug. 25 declared an extra
dividend of $1 per share in
regular quarterly dividend of 50 cents per share on the
common
value, both payable Oct. 1 to holders of record
Sept. 15.
The company states that advice has been
received that American Colonial
Bank & Trust Co. of Porto Rico will
make a distribution on Oct.
1 of 25
a
no par
cents a share on the common stock
to stock of record
Sept. 15 out of profits
of Russell & Co. for its
fiscal year ended May 31, 1935.
'
Russell & Co., a sugar
producing organization, is controlled by South
Porto Rico Sugar Co.
It is a Porto Rican
company partnership, beneficial¬
ly owned by common stockholders of South
Porto Rico Sugar, and when
dividends are declared by Russell
they are passed along to them as is the
case with
the 25-cent payment
just ordered in addition to the $1 extra and
regular 50-cent payment.—V. 141, p. 3393.
(
revenues
1936
-----$2,064,749
l ,176,864
expenses, maintenance and all taxes
General interest
of
bond
—V. 143, p. 1247.
$537,133
9,167
$1,292,605
18,170
$1,039,667
17,939
$546,300
$1,310,776
409,999
$1,057,607
8,786
19,321
498,867
15,069
102,317
31,545
dis¬
count and expense
51,263
bonds repurchased
15,706
;
Net inc. before pf. divs
Pref. stock dividends
$437,582
;
3,223
9,227
154,605
$269,860
167,073
$779,136
309,211
$502,896
334,147
$282,976
$102,787
$469,925
$168,749
Note—The liability of the company for Federal income
taxes for the first
six months of 1936 is estimated at
$15,794, which reflects a substantial de¬
crease on account of deductions to be
claimed in its return for
1935
on
premiums and
bonds redeemed in connection with its
Excass accruals for such taxes to
refunding operations in. January, 1936.
June 30, have been reversed and the
columns of this statement.
*
It is estimated that there will be no
reversal
directors
$601,099
427.211
«]70 064
$170,071
&J /U.U04
3,815
on
■
a dividend of
$3 per share on account of
6% cum. pref. stock, par $100, payable Oct. 1
to
holders of record
Sept. 16.
This compares with $2.50 paid on
July 1 last; $1.50 on April 1 last; $4.00 paid on Dec. 31, 1935; $1.50 on
Oct. 1, 1935; $1.00 on July 1, 1935, and 50 cents on
April 1 and Jan. 2,
1935 and on Dec. 31, 1934, this latter
being the first distribution made since
April 1, 1932, when a regular quarterly dividend of $1.50 was paid.—V. 143,
p. 1092.
/
'
,
•
•
.
(L. S.) Starrett Co.—Earnings—
Years End. June 30-
1936
Operating profit
Total
$1,195,422
756,134
$674,182
582,164
$944,905
429,501
$589,815
334,473
$439,288
285,420
$92,018
274,588
$515,404
6,806
2,150
$255,342
5,233
Dr594
$153,868 def$182,570
10,794
17,084
1*264
1,324
$259,981
$165,926 def$164,162
30,308
65,897
Crl7,100
145,209
23,290
31,555
Crl6,921
30,503
19,155
23,058
Cr22,941
207,443
Cr"l6,134
$300,047
$191,555
804,853
_
1934
$1,445,915
856,100
$524,362
Manufacturing profit.
Selling & gen. expenses.
1935
$2,01-4,294
1,069,389
_
Surplus
Surplus charges
Balance, surplus
profit and loss
$601,459
427,292
4,103
1936
the
822,927
754,196
522,657
$504,806
24,645
190,709
$631,372
26,782
146,699
$791,926
31,001
$721,825
32,370
$720,160
$804,853
$822,927
$754,196
Previous
$817,912
216,813
the
surtax
have declared
on
591
$888,516
287,056
in
Spang Chalfant & Co., Inc.—Accumulated Dividend—
The
accumulations
counts, bad debts, &c)
631
effect
undistributed profits.—V. 143, p. 1284.
Other charges (cash dis¬
$817,320
given
liability in 1936 for Federal
1,053,824
$887,885
,
248,790
8,719
Discount & exp. on co.'s
deficit
Balance deficit
Net income,
314,343
325,430
10,835
$1,871,145
Net oper. rev. and other income
(before approp.
Other income deductions.
158,543
346,106
292,105
$704,681
205,000
Funded debt interest
Res. for accrd. inc. tax.
Other income.
retirement reserve)
34,886
88,559
155,967
158,781
$695,895
Other income
Co.—Earnings—
Net oper. revenue (before
approp. for retirement
for
42,320
76,852
172,487
151,944
$2,789,763
659,902
193,758
88,181
168,481
—__
Income from securities..
12 Months Ended July 31—
96,433
unamortized discount and expense
Co.
Earnings for 6 Months Ended June 30, 1936
profit after depreciation, depletion, U. S. & Colombian
income taxes, minority interest, &c
*$242,620
Earns, per share on 1,760,000 shares
capital stock (par $1)_
$0.13
x Before
provision for surtax on undistributed profits.
During the six months ended June 30. 1936, the subsidiaries of
company
produced 23,112 ounces of crude gold and
12,828 ounces of crude
platinum;
both of these products require
refining.—V. 143, p. 124.
Operating
Operating
_
Taxes..:
259,251
Total.
Net
Southern Colorado Power
1936—6 Mos.—1935
$3,065,691
664,131
204,064
108,134
(subsequent
1, 1932).,
Platinum
-Earnings—
1936—3 Mos.—-1935
$1,087,091
$51,419.024
346,956
347,263
100,635
Power purchased
Gas purchased
AmortiZ.
shares.—V. 133, p. 1139.
&
\
The certificate of incorporation of the new
corporation setting forth all
of the terms and provisions of its
preferred stock and common stock, the
Gross income
45,434
,__
surplus
to May
Total
-
•
$715,480
2,420,800
Class B 5% pref. stock
Common stock
marks, &c
•
.
Other income (net).
;
$258,369
822,898
supplies
incorporated in Delaware.
capital stock consisting of 16,507
and 74,433 shares of common stock
authorized
(par $100)
The assets of the old
company have been transferred to the new
cor¬
poration, and it has entered into an indenture with Pennsylvania Co. for In¬
surances on Lives &
Granting Annuities, as trustee, dated June 1, 1936,
to secure an authorized issue of
$1,000,000 of first lien 6% income bonds,
Net oper. income
Liabilities—
South American
corporation
Operation
Balance Sheet June 30, 1936
stock,
Division.
A new corporation of the same
name has been
The
or not, are entitled to receive for each
$100 of old bonds held
$50 of first hen 6% income bonds, y2 share of
preferred stock and 2)4 shares
new corporation.—V.
142, p. 2341.
Miscellaneous charges (net)
Provision for Federal capital stock taxes.
addition to
Eastern
of common stock of the
.
Net operating profit
Cash in banks and on handNotes and accdunts receiv—
v
Co.—-Plan
their bonds
Corp.—Earnings—
Earnings for 6 Months Ended June 30, 1936
Gross operating profit—
Net profit for period
Gas
The reorganization committee
(W. W. Turner, Chairman) in a notice to
the holders of first lien
6% gold bonds, series A, due April 1, 1937, and
certificates of deposit therefor, announces that the
amended plan
of re¬
organization promulgaged by the
reorganization committee has been con¬
firmed by the U. S. District Court for
the Northern District of Illinois,
Court.
1936
$568,133
common
materials,
United
new indenture executed to
secure such new first lien
6% income bonds, and
the form of such new bonds, have been
submitted to and
Ltd.—Earnings—
—•V. 142, p. 3524.
Sloane-Blabon
branch.—V. 143, p. 1248."
(par $1).
99,904
•
—
6 Months Ended June 30—
Net income after deprec., taxes & other
charges
per
To Abandon Branch in TVA District—
Stating it had reached a compromise agreement with the Tennessee Valley
Authority over damages which will be caused in its 11-mile Vasper-La Follette
due June
—
Week of
1936
1,404,105
.
(principally deferred payments on property sold)
in current payables and reserve for
rental obligations
Reduction
x
-Jan. 1 to Aug. 21
August193?
1936
1935
$2,069,375 $77,924,016 $66,422,373
'
shares of preferred stock
$5,407
_
Raw
44,222,017
12,853,000
8,346,772
Confirmed by Court—
New Company
of Same Name Incorporated in Delaware—
15,421
64,121
Realization from sale of fixed property
Realization from sale of pref. A stock of
Pantepec
Petroleum Co., Inc
Earnings
45,818,328
11,876,664
7,345,097
-Third
Southern
sale
143,
46,085,213
10,633,926
6,257,546
Gross earnings
to abandon the
Miscellaneous credit adjustments in sale price of
Simms Oil Co. stock, less expenses in connection
—V.
1933
$7,398,830
2,755,470
2,077,694
branch in Campbell
County, Tenn., by contruction of the Norris Dam, the
company has applied to the Interstate Commerce Commission for
authority
Instalments from Tide Water Oil Co. for 3 months
with
1934
$6,075,936
1,193,654
583,007
53,155,143
14,628,250
9,496,798
From Jan. 1—
Gross from railway—___
Net from railway
1935
$6,633,919
1,470,612
805,892
Periods-
Following is an analysis of the changes in the consolidated Cash position
during the three months' period ended June 30,1936:
$6,216,142
-$8,144,792
2,519,065
1,737,555
—
Net after rents
$2,300,286
$3,869,334
_
$6,818,590
$794,646
Ry.—Earnings.—
Gross from railway
Net from
railway.,
Netafterrents
Total
1936—7 Mos.—1935
>
$4,286,027 $32,765,239 $30,244,458
20,668
101,562
131,500
2,953,329
— —
21,683,161
20,199,458
517,384
4,161,926
3,697,358
$978,022
July—
„
-
Total
Less; Book value of Simms Oil Co. stock sold___
Expenses in connection with sale
_
Operating
Southern
from Tide Water Oil Co. if, as and when oil is
produced, plus *
fund; realization in full on these items being subject
to reduction under various
contingencies as set forth in the
14, 1935)—
1936—Month—1935
$4,752,395
15,700
3,150,740
607,933
Uncollectible oper. rev-Operating expenses
amount receivable
escrow
agreement of May
Period End. July 31—
Operating revenues
280,511
-
Contingent portion of sale price (principal of
1417
Southern BelllTelephone & Telegraph
Co.—Earnings
M
-
Plus miscellaneous credit adjustments (net)
Chronicle
1933
28,083
def$37,730 d Lef$199,168
before1
dividends
Preferred dividends
Common dividends
Oper. deficit at end of
period—
Financial
1418
Comparative Condensed Balance Sheet June 30
posits & currency
321,967
Pref.
38,503
1,349,170
1,406,374
227,228
$100)
Res.
607,500
1,500,000
2,453,830
65,303
720,160
fd.—pref. stock.
30,178
19,067
receivable
607,500
1,500,000
sinking
for
Operating deficit..
securities-
65,303
804,853
shrinkage
res, for
in value
Sinking
Electric Power Co.—Earnings—
Commonwealth & Southern Corp.]
Period End. July 31—
1936—Month—1935
1936—12 Mos.—1935
$1,138,975 $14,271,579 $12,705,005
Gross revenue
$1,254,887
[A Subsidiary of
Dividends on pref. stock
65,303
pref. stock
<
65,303
87,132
86,087
81,333
*378,617
86,087
81,333
387,720
y737,668
11,936
704,264
23,332
Net rev. from oper—
Net ry. oper.
Other income
(3,301
Land—cost
Buildings—cost
Mach'y & equip¬
Deferred charges.
_
1,010
2,710
for
reserve
of $589,195.
Staten Island
Rapid Transit Ry.—Earnings.—
1936
1935
1934
$255,794
$136,220
3,848
$130,487
def38,709
$145,820
20,575
def37,159
defll,217
6,168
926,287
defl0,374
def262,720
861,527
def56,125
1,012,519
172,694
def55,753
Net from railway
—V. 143, p.
def321.160
773.
of Toronto, and Thrift Stores, of Montreal, have amal¬
gamated.
A list of directors indicates that Stop & Shop are in control
though W. M. Hodgson, formerly of Thirft Stores, is Chairman of the Board
for both companies now and W. E. Dunton, formerly with Thrift Stores, is
also a director.
Other directors were with Stop & Shop Co.
"No new company will be formed, Stop & Shop Co. will probably be
the holding company and Thrift Stores operating company for stores of both
companies.
The two systems will therefore be under one management.
Total sales for two companies in 1935 reached $10,200,000 and in the Mon¬
treal district combined stores make largest single chain store group. There
179 retail stores in all.
management took place as of Aug. 8. R. H. Hommel will
H. R. Berg, Vice-President in Charge
at Toronto, and G. A. Wright, Vice-President, in Charge at Montreal.
G. O. Anspach will be Secretary-Treasurer.
Other directors are A. D.
Cobban, H. B. Housser, E. F. Coste and B. N. Barrett. ("Financial Post.")
—V. 139, p. 3490.
The change in
Bros.
z
.
loss$5,138
,
$213,502
24.5%.—V. 143, p. 1092.
20,526
36,922
253,832
479,497
229,592
453,667
$115,315
2,201
$1,764,819
22,032
;$1,701,302
$128,039
35,833
$117,517
35,833
$1,786,852
954
845
12,930
$127,724
Net oper. revenues
315
Non-oper. inc.—net
Balance
Retirement accruals
Interest
Net income. .1
.
■
$91,251
$80,838
430,000
•
$1,343,921
28,456
1936—Month—1935
$274,157
$236,676
195,868
199,268
.
$184,251
228,563
$15,570
$44,312
Deductions
Net deficit
143.
p.
40,346
774.
Thompson Products,
Inc.—30-Cent Dividend—-
dividend of 30 cents per share on the com¬
1 to holders of record Sept. 18. A like
this latter being the first made on the
stock since Jan. 2, 1932, when a regular quarterly dividend of 30
stock, no par value, payable Oct.
distribution was made on July 1, last,
mon
common
share was distributed.—Y. 143, p.
July 30, *36 July 25,
deprec.
3 Months Ended—
Net
loss
after
8,208
$37,408
8,158
921
'
Thrift Stores,
Ltd.—-Merger—
See Stop & Shop Co.,
Ltd., above.—V. 142, p. 4196.
Timken-Detroit Axle
Co.—Consol. Bal. Sheet June 30—
$
$
■
5,443,527
1,533,348
$795,370
accts.
98,676
7,264
93,688
8,665
&
744,011
188,298
137,373
281,979
114,634
3,168,758
State
1,269,861
305,509
252,304
payable..
1,685,727
tax
payable
704,348
875,318
3,891,502
2,373,085
Deferred income..
3,902,162
3,310,103
524,471
Surplus
602,871
Reserves
receivable
Inventories...
Govt. & other sec.
2,514,200
9,800,000
Accts. and accrued
Fed.
and patterns
$
$
Liabilities—
7% pref. stock— 2,249,000
Common stock
9,800,000
Dies, jigs, fixtures
Cash
1935
1936
1935
Land,bldgs.,&c.,
less depreciation 4,927,823
Good will & pats. 1,470,966
$849,048
728
$78,289
'35 July 26, '34July 27, '33
y$41,825
x$47,979
$52,833
,
$55,808
x No depreciation included in 1935 loss, asset involved having been fully
depreciated,
y These figures do not include results from operations on the
Colorado River Aqueduct contract scheduled for completion in 1938.—
V. 142, p. 3872.
and Federal taxes
x
1936—12 Mos.—1935
$3,176,511 $2,786,791
2,327,463
1,991,421
1095.
Thompson-Starrett Co., Inc. (& Subs.)—Earnings—
Notes, accts., &c.,
Rent from leased prop.
Other income (net)
104,148
$143,905
$213,135
228,706
1936
[National Power & Light Co. Subsidiary]
.
111,169
$173,093
40,043
Gross income
-V.
1935
$1,065,916
817,863
1936
$1,119,420
835,158
-
Assets—
from oper,
accumulated unpaid
stocks were declared
605.
Operating income
Non-operating income
$1,289,428
Tennessee Public Service Co.—-Earnings
revenue
865,050
$800,617
System—Earnings—
Taxes
—V. 143, p. 605. "
Period End. July 31—
Operating revenues
Oper. expenses & taxes..
865,050
Operating revenues
Operating expenses
$1,729,759
429,999
10,330
21,666
38,493
Taxes
450,000
[Railway and Bus Operations]
cents per
1936—12 Mos.—1935
1936—Month—1935
$4,143,499
$3,938,905
$323,640
$304,430
1,645,349
1,554,343
135,755
131,665
_
Aug. 1, 1936.—V. 143, p.
Third Avenue Ry.
Tampa Electric Co.—Earnings—
revenues.....
$2,115,667
523,708
for
The directors have declared a
$39,200
$378,121 compared with $303,549 in July, 1935,
Period End. July 31—1
$2,657,777
appropriations
preferred stocks
unpaid
Month of July—
<
$21,658
Operation.
y$170,643
$1,269,019
for payment on
1936—7 Mos .—193 5
1936—Month—1935
Sales for July totaled
increase of $74,572 or
Maintenance.
y$216,165
....
10,076
Inc.—Earnings—
Stores,
an
$4,576,844
2,461,177
Before property retirement reserve appropriations and dividends,
Regular dividends on 7% and $6 pref. stocks were paid on May 1, 1936.
y
be President and Managing Director;
Per. End. July 31—
211,081
$5,075,776
2,417,999
After the payment of these dividends there were no
dividends at that date.
Regular dividends on these
Stop & Shop Co., Ltd.—Merger—
Net profit after charges
and taxes
$381,724
622
Balance.
.
The company,
Sterchi
$420,743
204,578
period, whether paid or
Net after rents.
$4,566,768
Property retirement reserve
z Dividends
applicable to
From Jan. 1—
Gross from railway
$5,068,060
7,716
Other income (net).....
l.
017,500
$381,338
386
$420,121
Balance
Balance.
Subsidiary]
1936—12 Mos.—1935
$9,442,298 ($8,987,150
4,374,238
4,437,882
1936—Month—1935
$831,190
$758,568
411,069
377,230
Period End. July 31—
Operating revenues
Operating expenses
Rent for leased property
936,111
224,177
11,924
Net from railway
Net
36,543
Co.—Earnings—
[American Power & Light Co.
Int. & other deductions.
1933
$152,794
35,890
Net after rents
Operating
$670,167
Gross corp. income
def31,924
July—
Gross from railway
r
$149,187
Texas Power & Light
Total
$4,120,812 $3,950,917
depreciation of $458,051.
y After reserve for depre¬
z Represented by 150,000 no par shares.—V. 142,
..$4,120,812 $3,950,917
Standard Gas & Electric Co.—Weekly Output—
Electric output for the week ended Aug. 22, 1936 totaled 103,466,026
kilowatt hours, an increase of 18.9% compared with the corresponding
week last year.—V. 143, p. 1248.
are
2,401,719
1094.
—V. 143, p
2845.
p.
$2,694,056
37,194
2,371,428
liqui¬
Total
After
$3,078,789
3,901
339,894
$144,415
Net income.
National
dation
x
$492,982
336,990
$485,276
3,871
Total income
Fixed charges
Deposit in Millers
1936—'T Mos.—1935
$15,373,168 $13,028,242
4,687,039
3,848,719
456,486
2,840,172
2,408 221
36,496
238,617
285,839
450,388
34,888
income.
Miscell. deductions..
ment—cost
ciation
$362,557
1936—Month—1935
2,433,231
$2,050,999
785,763
698,717
Operating revenues—
stock—
shs.)—cost
Bank—in
$609,473
Ry.—Earnings—
Texas & Pacific
Period End. July 31-
138,039
—cost
River
6,854,019
1,260,000
2,677.215
1,551,214
143, p. 936.
-V.
pref. (l,117shs.)
common
1,260,000
2,688,604
1,550,893
for
Treasury stock—
Treasury
$31,090
•_—-.
8,162,607
$58,427
105,000
225,132
129,382
charges
Int. & other fixed
621,062
105,000
225,145
129,341
764,283
Oper. exp. & taxes
Prov. for retire't reserve
Balance
50,250
47,750
..
fund
After
dividends
Regular dividend on $6 pref. stock was paid on July 1, 1936.
payment of this dividend there were no accumulated unpaid
date.—V. 143, p. 605.
Tennessee
Capital surplus... 2,443,830
Misc.notes & accts
Misc.
91,664
(par
stock
Common stock..
z
Marketable securi¬
ties—cost
$37,472
129,192
States taxes
232,052
sold
Merch. & supplies.
$95,146
Accrued Federal &
Accts.inc.—for sec
the
at that
expenses
$575,826
223,184
$612,306
rec.—cust_
z
1935
& accr.
Accts. pay.
Cash—demand de¬
Accts.
1936
Liabilities—
1935
1936
Assets—
Aug. 29, 1936
Chronicle
Time deposit & int.
$954,988
392,774
$897,723
392,242
$87,418
32,769
$46,294
32,669
Deficit.
$562,214
353,739
297,618
297,618
$126,133
333,996
Before property retirement reserve appropriations and dividends,
z No dividends have been paid since Aug.
1, 1934, when 75 cents a share
was paid on the $6 pref. stock.
Dividends accumulated and unpaid on this
stock to July 31, 1936 amounted to $706,843.
Dividends on the $6 pref.
stock are cumulative.—V. 143, p. 605.
,y
Texas Electric Service
Co.—Earnings—
[American Power & Light Co.
Period End.
July 31—
Operating revenues
Operating expenses
Rent for leased property
210,262
838,572
115,024
877,489
130,320
thereon
...
$505,481
$89,143
y$54,649
y$13,625
Property retirement reserve appropriations
z Dividends applicable to preferred stock for the
period, whether paid or unpaid
Balance
780,462
Miscellaneous....
Deferred assets...
Gross corp. income
Int. & other deductions.
Subsidiary]
1936—12 Mos.—1935
$7,093,429 $6,589,799
3.732,181
3,330,219
•
62,888
76,670
1936—Month—1935
$647,092
$583,181
323,989
316,264
5,000
6,444
$260,473
3,387
$3,298,360
$3,182,910
Dr5,690
12,783
$263,860
142,733
$3,292,670
1,713,197
$3,195,693
1,713,568
y$174,907
y$121,127
$1,579,473
Property retirement reserve appropriations
379,170
z Dividends
applicable to preferred stock for
period, whether paid or unpaid
*
375,678
$806,447
x
$318,103
Other income (net).
Dr369
Gross corp. income...
$317,734
Int. & other deductions.
142,827
Balance
Balance
y
Before property retirement reserve
300,000
....17,233,730 15,277,924
Total
After allowance for depreciation.
The earnings
for six months ended June 30 were
'
Tri-State
Telephone & Telegraph Co.—Earnings—
Period End. July 31—
Operating revenues
Uncollectible oper. rev._
Operating expenses
Operating taxes
Net operating income
—Y. 143, p.
1936—Month—1935
$486,522
$441,318
108
374,537
29,495
1,461
324,458
23,690
$82,382
$91,709
1936—7 Mos—1935
$3,268,187
$3,014,909
7,255
10,580
2,429,545
2,291,550
220,356
151,174
$611,031
Twin State Gas & Electric
Co.—Earningt
[Including Berwick & Salmon Falls Electric
Period End. July 31—
Operating revenues
Operating expenses
1936—Month—1935
$193,235
$179,672
167,209
131,562
Gross income
Deductions
income
Pref. div. requirements.
P.
Co.]
1936—12 Mos.—1935
$2,353,285 $2,285,659
1,802,264
1,591,845
$26,026
$48,110
335
$551,021
3,675
$693,814
386
$26,412
24,500
Net operating income.
Non-oper. income (net).
Net
$561,604
774.
$48,445
25,524
$554,696
296,585
$695,343
306,766
$1,912
20,790
$22,921
20,790
$258,111
249,475
$388,577
249,475
375,678
appropriations and dividends.
published in V. 143,
P.1249.
$1,482,125
$824,625
17,233,730 15,277,924
Total
1095.
1,529
Volume
143
Financial
Chronicle
1419
Ujigawa Electric Power Co.,
Ltd.—Earnings—
Stock Purchase Warrants
As part of
the terms of the
reorganization of United Aircraft & Transport
A/Orp., holders of stock
purchase warrants issued by that corporation were
right to purchase on or before Nov.
1, 1938, one-half share of
stock of this
corporation, one share of stock of United Aircraft
Corp. and
one-quarter of a share of stock
of Boeing Airplane Co., in lieu of each
or common
share
stock of United Aircraft
& Transport Corp. represented
such
by
warrants; and the three new
corporations have agreed that sums paid
upon the
Earnings for the 6 Months Ended March 31, 1936
•
Japanese Yen
Total income
Operating
given the
23,048,316
16,685,563
expenses
Business profit
;
Loss and depreciation
Special depreciation
Allowance for retirement of officials
and employees
Special reserves reverted
6,362,753
3,100,000
1,458,500
170,000
Crl ,458,500
._
;
—£
Net profit
commencing operations.
currently received by this corporation for each share so issued
by it amount to
$18.49.
If subscription rights are
given to stockholders
corporation for the
purchase of additional capital stock at a price
substantially below the foregoing amount, as is
contemplated, the stock¬
holders will
accordingly be asked and in that case proxies will be voted
to authorize
the directors to make an
adjustment with respect to the
shares
'
of this
Union Carbide & Carbon
Corp.—Di>. Again Increased—
The
issuable
Proposed Allocation of Stock for Sale to
Officers and Employees
*
After careful consideration
it is recommended that 50,000 shares of stock
be set aside for
sale to officers and
subsidiaries
oper.
1936—Month—1935
1936—7 Mos.—1935
revenues_$13.830,645 $10,437,816 $79,511,740 $67,824,552
expenses_
9,719,130
8,120,550
61,059,315
52,986,448
tax accruals and
uncollect, ry. revenues
Net income
—V. 143. p. 606.
1,155,421
701,541
58,215
1,058,952
519,288
40,238
7,456,838
3,513,482
320,750
$2,196,338
Equipment rents
Joint facility rents
$698,788
$7,161,355
Union Water Service Co.
(&
Subs.)
12 Months Ended June
30—
Operating
accounts
Maintenance
.....
General
taxes
Net earnings before
provision for Federal income
tax and retirements
and replacements
income
...
Other
$269,107
999
384
.........
Miscellaneous interest
Amortization of debt expense
Interest charged to construction
Provision for Federal income tax
Prov. for retirements &
replacements in lieu of depr.
.......
$269,491
142,092
1,796
3,071
......
233
....
Cr787
10,511
...
Cr459
11,317
31,000
31,550
Net income
$87,873
36,000
10,000
Preferred dividends
Common dividends
$80,673
Assets—
ment,
1936
&e
1935
Investments
1,200
1,200
revenue.
176,832
al05,842
11,236
Mat'ls & supplies.
31,898
93,218
117,091
11,870
32,437
Misc. spec, depos.
Cash
Notes & accts.
Unbilled
Security
&
ization
211
rec.
organ¬
expense.
14,161
Deferred charges &
prepaid accounts
14,394
12,751
17,945
Total
y
1936
1935
J4% gold
bonds
$2,583,500 $2,583,500
Due affiliated cos.
1,738
2,715
Accounts payable.
7,784
4,943
Accrued liabilities.
93,191
100,479
Deferred income..
376,957
377,359
Reserves
800,255
774,387
y $6 cum. pref. stk.
600,000
600,000
z Common
stock..
820,000
820,000
Capital surplus
84,632
84,330
Earned surplus
260,088
198,143
$5,628,145
$5,545,8591
Total
$5,628,145 $5,545,859
Represented by 6,000 shares (no
par),
z Represented
by 9,000 shares
a Accounts receivable
only.r—V. 142, p. 3874.
United Air Lines
Transport Corp.— To Increase Stock—
to Stockholders—New Stock
for Expansion
Rights
of
Service—
Pas¬
to the
approximately $3,000,000
corporation; and also approve
to
a
$4,000,000'net
proposed allocation of 50,000
shares of
A proposed
adjustment with
reference to
outstanding stock purchase warrants of
United Aircraft &
Transport Corp. will also be voted upon.
W. A. Patterson,
President, in a letter to
stockholders, states:
The transportation of
mail, passengers and express
by this corporation
is
now
carried
on
with
46
10-passenger twin-engine airplanes.
recent installation of
The
for
sale
to
officers
and
employees.
supercharged engines and
constant-speed propellers
has resulted in increased
cruising speed, improved
single-engine perform¬
ance and, iu
general, a more efficient
airplane.
However, airplanes have
been developed which
fly with the same crew and
relatively less fuel con¬
sumption, in proportion to pay load, and
carry from 14 to 21
passengers
dependent upon the amount of
space reserved for mail and
express.
order to effect economies in
In'
operation and improve its
existing air transport
service, the corporation has purchased
20 Douglas twin-motor
airplanes
powered with twin-row Wasp
engines, at a cost of
each, for delivery commencing in
such airplanes will have a
cabin
October, 1936.
approximately $110 000
It
is
planned that 10
arrangement
accommodating 21 passengers
and that the other 10 will
accommodate 14
passengers with a relatively
greater cargo capacity.
Tne corporation also has under
consideration the purchase of
four-engine
airplanes for delivery
commencing late in 1937.
Detailed specifications
have been completed for a
four-engine low-wing monoplane
designed with
sleeping accommodations and to
carry from 20 to 40
passengers, depending
on length
of flight and mail and
express loads.
One experimental four-
engine airplane of the type above
described is now
being manufactured
by Douglas Aircraft Co., Inc.
The number of such
airplanes which will
be purchased
by the corporation is dependent
upon results of demonstration
and test flights and the
price at which such airplanes will
be obtainable
Other air lines are
participating with this corporation in the
development
payment of the
engineering costs of the experimental
The prices at which
airplane.
such four-engine
airplanes will be obtainable will
be
very largely dependent upon the
number of such
airplanes which may be
purchased by this corporation and
and
in
It is planned
by other air lines.
that upon the
acquisition of the
will be used for local and
10-passenger planes
that these planes
may not be needed,
will be possible to sell them at
new
equipment,
feeder service.
present
^
which will be
other corporate
to
accommodate
It is
necessary
larger equipment, and for
purposes
accordingly proposed to offer to stockholders for
subscription pro rata!
according to their respective stock
holdings, such number of additional
shares of capital stock
as, at the offering
price, will realize
the necessary funds.
approximately
As both the
offering price and the number of shares
to be offered will be
influenced by market
conditions, it is impossible to
forecast the terms of the
offering at this time, but it is anticipated
that the
price will be substantially below the
market at the time of
is expected that the
offering.
It
offering will be
p.
1250.
-
1936—3 Mos.—1935
$6,005
1936—6 Mos.—1935
$13,005
$11,667
$27,107
Current assets as of June 30,
1936, amounted to $1,400,757 and current
liabilities were $120,259 compared with
$1,309,360 and $116,887 respectively
on June
30, 1935—V. 142, p. 4197.
,..
United Gas Corp. (&
Period End. July 31—
Subsidiaries:
Total oper. revenues
Subs.)—Earnings—
1936—3 Mos—1935
Oper. exp., incl. taxes..
$8,547,185
4,023,871
Net rev. from oper...
Other income (net)
$4,523,314
$5,668,070 $33,562,723 $26,284,401
3,494,518
15,570,719
14,280,596
$2,173,552 $17,992,004 $12,003,805
34,072
35,606
$4,oo/,386
$2,209,168
to
public and
other deductions.
1
.
1936—12 Mos.—1935
93,698
104,958
$18,08o,702 $12,108,763
*
337,950
306.313
Dr3,530
1,323,396
20,917
1,273,690
4,697
1,193,673
685,873
4,388,838
3,459,447
$1,213,442
$12,394,386
37.380
$7,417,961
9,345
4,953
42,452
72,235
$1,199,144 $12,314,553
$7,308,346
T
Int. charged to constr'n.
Property retire't & deple¬
'
tion reserve
approp'ns
Balance
$3,030,400
Pref. dividends to public
9,345
Portion
applicable
to
"
42,335
37,380
*
minority interests....
14,881
Net
equity of United
Gas Corp. in income
of subsidiaries
$3,006,234
United Gas Corp.:
Corp. in income of subsids. (as shown
underwritten by responsible
investment
,
above)
Other income
I-
$3,006,234
67,458
$1,199,144 $12,314,553
23,025
142,505
_________
Total income.
Expenses, incl.
.$3,073,692
115,251
730,392
taxes
Interest
poTTiPd
—
$1,222,169 $12,457,058
69,459
335,740
723,350
2,960,716
.
$7,308,346
86,232
....
$7,394,578
232,244
2,869,812
tn pnnsoli—
dated earned surp._
$2,228,049
$429,360
Notations—All
$9,160,602
$4,292,522
intercompany transactions have been eliminated from the
above statement. Interest and
pref. dividend deductions of subsidiaries rep¬
resent full requirements for the
respective periods only (whether paid or not
paid) on securities held by the public. The "portion
applicable to minority
interests" is the calculated
portion of the balance of income applicable to
minority holdings by the public of common stocks of subsidiaries at the end
of each respective period.
Minority interests have not been charged with
deficits where income accounts of subsidiaries have so
resulted.
The "net
equity of United Gas Corp. in income of subsidiaries" includes interest and
pref. dividends paid or earned on securities held, plus the
proportion of
earnings which accrued to common stocks held by United Gas Corp., less
losses
where income accounts of individual subsidiaries
have resulted in
deficits for the respective periods.
No provision has been made in the above
statement for surtax on
'un¬
distributed net income" under the Revenue Act of 1936.—V.
143, p. 775.
United Gas & Electric
The directors
Corp.—To Pay 60-cent Com. Div.
Aug. 19 declared a dividend of 60 cents per share on the
stock, no par value, payable Sept. 25 to holders of record Sept. 15.
This compares with 75 cents paid on Dec.
31, 1935; $1 per share on Nov. 6,
1935 and 75 cents per share paid on Dec. 31,1-934.—V.
on
common
142, p.
United Gas
Week Ended—
Electric output of system (kwh.)
—V.
3873^.
Improvement Co.—Weekly Output—
143,p. 1250.
United Wall
Aug. 22, *36 Aug. 15, *36 Aug. 24, '35
85,561,786
84,120,244
74,775,324
Paper Factories, Inc. (& Subs.)—-Earnings
Consolidated Income Account for
Net sales..
Cost of goods sold...
—
Year Ended June 30,
—-—
—
—
—
Gross profit from operations
Selling
expenses
General
.....
expenses......—...—
..........
Net profit from oper.
Other income credits
(before depreciation)
Gross income-
Interest
on
Provision
mortgage bonds
for
depreciation
Fiscal agency expenses
Expenses applicable to temporarily closed mills..
Miscellaneous
Provision
for
deductions
Federal income taxes
Net income for the year
Miscellaneous adjustments applicable to
prior years (net)
Surplus for the year
,
Earnings per share on 1,138,090 shares
1936
$4,684,655
3,714,492
$970,164
381,918
199,528
$388,717
,..
To the extent
the corporation
anticipates that it
approximately book values.
It is estimated that approximately $3,000,000 to $4,000,000 of
funds will be required
additional
by the corporation for the purchase of
new flying
equipment, improvements in ground
facilities
bankers.
taxes, &c
"Dol
A special
meeting of the stockholders of this
company will be held
Sept. 23 to vote on approving a
proposed increase in the
authorized capital
from 1,200,000 shares
(par $5) to 2,000,000 shares
(par $5^ and to approve
a
proposed offer to stockholders of such
number of shares of stock
as
the offering price, will realize
at
stock
Exchange.—Y. 143,
Chemicals, Inc. (& Subs.)—Earnings—
Net equity of United Gas
(no par),
senger
either
Per. End. June30—
Net loss, after
Interest
Liabilities—
1st lien 5
$5,274,223 $5,257,491
on
United
Gross corp. income
Balance Sheet June 30
Plant, pro p., equip¬
listed
deprec.,
.
Gross corporate
income..........
Interest on funded debt
the board of directors may in its disthe offering price of the shares to be
of allotment which will give con¬
Exchange of Voting Trust Certificates for Stock Certificates
1935
$272,426
as
The voting trust
agreement of July 23, 1934, for capital stock of the
corporation expired by limitation
of term on July 22, 1936.
Holders of
voting trust certificates who have not as
yet effected an exchange of their
voting trust certificates for stock
certificates, according to instructions
sent them, under date
of July 11, 1936, are
urged to do so immediately.
The capital stock of the
corporation is listed on the New York and San
Francisco Stock
Exchanges, but the voting trust certificates are on longer
Earnings—
9,402
19,179
59,246
upon such terms
determine, but at not less than
stockholders, under a plan
sideration to length of
service and compensation.
242,919
$471,339
119,404
05,001
are
offered to
$4,919,368
$273,425
~
142,092
1,951
_
General expense
charged to construction
Provision for uncollectible
subsidiaries,
cretion
3,301,447
$482,798
121,588
CY2.926
8,137
24,479
59,093
Operation
its
.
1936
revenues
employees of the corporation and its
price at which the offering to stockholders
requested, at the time of authorizing the
at not less than the
Stockholders
set
6,374,370
.
made.
increase in the number of
shares of the corporation, to waive their
pre¬
emptive rights to subscribe to
said 50,000 shares of capital stock to be
aside and to be
offered for sale, from time to time, to officers and
employees (excluding directors who are not
officers) of the corporation and
RR.—Earnings—
Period End. July 31—
oper.
the
to
is
Railway
Railway
Railway
upon
exercise of warrants subsequent to the record
date for the issuance of
subscription rights to stockholders, and on or prior
the expiration of
such warrants on Nov.
1, 1938.
The exact amount
of the
adjustment will of course depend
upon the price and ratio at which
the new stock is
offered to stockholders.
directors have declared a dividend of
70 cents per share on the
stock, no par value, payable Oct. 1 to Holders of record
Sept. 4.
This compares with
60 cents paid on July 1,
last, 50 cents paid on April 1
and Jan. 1,
last; 40 cents paid on Oct. 1, July 1, and April
1, 1935; 35 cents
in each of the three
preceding quarters, 25 cents per snare paid each three
months from April
1, 1933 to and incl. April 2, 1934, 30 cents on Jan.
2,
1933 and on Oct. 1 and
July 1, 1932, 50 cents April 1, 1932 and 65 cents per
share each
quarter from July 1, 1929 to and incl. Jan.
1, 1932.—V. 143,
P. 606.
■/ '
;
common
Union Pacific
relative
I he
proceeds
3,092,753
—V. 140, p. 2554.
exercise of the warrants will be
divided among them in proportion
net worth as at the time
of their
to their
99,004
$487,721
98,330
196,765
13,979
54,953
6,230
10,601
$106,861
2,006
$108,868
common stock, $2
par..
$0.06
Note—The above statement does not
include undistributed current earn¬
ings of the subsidiary company not consolidated.
Financial
1420
receiv.
res.)
_
inventories
Merchandise
Other current assets.
x
Land, bldgs., mach., eq.p &c.
Accruals
supplies
Deferred charges
90,075
j
20-yr. 6% sinking
fund gold bonds, due 1947.. 1,590,500
mtge.
1st
6% cum. prior preference stock
700,000
($100 par)
2,276,180
Common stock ($2 par)..
2,240,866
Surplus
& office
of factory
Inventory
184
dividends
Unpaid
100,000
Blocks and rollers
unclaimed.
Matured bond int.
1,342
272,884
3,659,747
Deposits in closed banks
Investments (cost value)
$91,441
3,255
payable
Accounts
$1,006,854
156,146
738,688
606,458
25,568
Cash
Cust. accts. rec. (less
have declared a dividend of $1.75 per share on account
the 7% cum. pref. stock, par $100, payable Oct. 1 to
holders of record Sept. 14.
This compares with 75 cents paid on July 1,
last and 50 cents paid in each of the 11 preceding quarters, while on
and July 1, 1933 distributions of 25 cents each were made,
per
share paid on Jan. 3, 1933, $1 per share on July 1 and Oct. 1,
$1.75 per share in previous quarters.
„
,,
. '
,
Accumulations after the payment of the current dividend will amount to
The directors
Liabilities-
Cust. notes & accept's
of accumulations on
April 1
50 cents
1932 and
143, p. 607.
$20.50 per share.—V.
Foundry & Pipe Corp.
Warren
depreciation of
After reserve for
x
Universal Consolidated
Total
.. — .-$6,992,503
$1,684,337.—V. 143, p. 776.
Oil Co. (& Subs.)—Earnings—
[loss$8,655 [loss$49,510
$135,006
$0.68
Net profit after deprec. & other chgs.
Earns, per share on 200,000 shares—
—V.
1934
1935
,1936
30—
6 Months Ended June
Nil
Nil
*
;■/'/./
141, p. 1288.
U. S. Industrial Alcohol Co.—Common Div. Omitted—
The directors have decided not to pay the dividend ordinarily due
this time on the no par common
stock.
at
A dividend of 25 cents was paid on
1, last, and compares with 50 cents paid each three months from
March 30, 1935 to and including April 1, last. Prior to the March 30, 1935
dividend no disbursements had been made since May 1, 1931 when a div.
July
of 50 cents per
share was paid.
New Director—
Simpson has been
M.
Kenneth
elected a director of the company.—V.
Utah Light
& Traction Co.- —Earnings—
Period End. July 31—
Operating revenues
Oper. exps. and taxes..
$88,310
82,976
$82,159
73,246
$1,108,703
969,451
$1,019,903
924,399
from oper.
Rent from leased prop'ty
$5,334
$8,913
43,054
$139,252
488,447
943
$95,504
532,988
2,882
Net
revs,
_
46,934
-
264
Other income (net)
$52,268
$52,231
52,596
52,559
$628,642
632,583
$631,374
635,321
$328
$328
Gross corp. income
$328
$3,941
$3,947
Interest and other deduc.
Deficit
,
$328
$3,941
$3,9
appropriations and dividends.
'
Before property retirement reserve
V. 143, p. 607.
y
$947,296
554,839
from oper.
Other income (net)
$392,457
Net
revs,
Net income
236,498
$337,884
239,411
$4,615,512
2,858,601
$4,121,391
2,902,925
y$156,182
y$98,473
$1,756,911
747,299
$1,218,466
223
Balance
—
Property retirement reserve appropriations
z Dividends applicable to pref. stocks for period,
whether paid or unpaid
42,099
746,916
1,704,761
1,704,761
$695,149
and dividends.
31, 1936, amounted to
$5,256,346.
Latest dividends amounting to 58 1-3 cents a share on $7
pref. stock and 50 cents a share on $6 pref. stock, were paid on July 1,
1936.
Dividends on these stocks are cumulative.—V. 143, p. 1251.
Before
z
Dividends
property
retirement
accumulated
and
appropriations
reserve
unpaid
Corp. of America—To Reduce Capital—
j.
The stockholders at a special meeting Sept. 14 will vote on a proposed
reduction in capital represented by capital stock from $11,351,020 to $3,Viau
1251.
p.
Biscuit
mention is made of any
profits.
,
as of June 30, 1936, including $616,073 cash and mar¬
ketable securities, amounted to $1,878,566, and current <liabilities were
$147,743. This compares with cash and marketable securities of
current assets of $1,748,145 and current liabilities of $198,822 on June
1935.
Inventories totaled $903,226, against $934,680.
.
Total assets as of June 30, last, aggregated $4,140,179, comparing with
Note—No
distributed
assets
$466,529,
30,
$4,056,331 on June 30, a year previous; earned surplus was $412,342,
$279,156, and capital surplus was $1,801,774, against $1,800,713.
142, p. 3533.
to
name
Inc.—V. 130, p.
Ltd .—Reorganization
Voted—New
Wentworth Mfg.
special meeting held Aug. 20 approved a
Viau Limited and proposals for reorganization of the
a
change of
company's
Present common shares will be exchanged
of the present shares for one of the new.
No change is proposed in respect of
for new common stock,
five
Interest on notes
Interest
the $318,400 of 6)4% mortgage
on
note of
—
1936—6 Mos—1935
$1,354,122
$1,444,190
$1,354,122
1,224,925
-
$71,006
19,237
$129,197
$131,658
15,385
37,972
48,666
$76,648
10,150
$90,243
16,180
$167,169
39,677
$180,324
$66,497
Total
Taxes, &c.
Net profits
$74,063
$127,492
$140,253
General.
1935
171,228 $1,408,492
$1.45
40,071
period, before reserves
of int. (Alexandria Gas
bond discount
Reserve for write-down of investments.
2 794,676
&c
Cash
inves ments
572,443
18,225
Market, securities.
254,192
Accts. receivable..
195,043
Advs.&
8,492
pre'd chgs.
1 ,320,768
Inventories
2,794,676
payable.
Dividends payable
Accounts
239.392
18,961 Reserve for taxes,
&c
291,388
143.393 Tin Tetrachloride
equalization res.
8,426
1,533,888 Excess of par over
cost of pref. shs.
$2.30
$2.65
Loss for the year
$6,335,067 $6,438,617
x
After
deprec.
$1,496,303 in 1935.
and
y
$91,800
45,000
45,500
149,500
$160,931
1,292,042
....
period
—
$148,200
1,143,842
Deficit end of period
.x$l,452,973 x$ 1,292,042
subsidiary operating
.
increases of the various
Does not reflect net surplus
amounted to
$2,066,265.
companies since acquisition.
These net surplus increases
$2,451,707 at Dec. 31, 1935 and at Dec. 31, 1934 they totaled
Note—The trustees have not treated as accrued during the year
dividend of $98,276 declared by the Washington Gas Light Co.
1935 and payable Feb. 1, 1936, to stockholders of record on Jan.
1935
Accounts receivable
176,834
1,317
5coll.
c
497,282
406,782
2,864,805
shares. 7,483,900
2,864,805
7.483,900
4,719,755
cum.
Common
pref.
4,719,755
Dt1,-452,973Dr1,292,042
Capital surplus
Deficit
20,737,959 20,805,735
Total
20,737,959 20,805,735
After deducting investment reserve
par
6,500,000
for contings.
shares
„
3,367
119,167
6,500,000
March 1, 1941..
Res.
b $6
Total
$
trust
& adjustments..
in 1934.
1934
6,022
119,167
gold bonds, due
1,051,596
1,068,796
220,636
175,531
securitiesl9,250,956 19,400,456
Accrd. int. receiv..
Invest.
payable.
int. payable
Accounts
Accrd.
'
S
Liabilities—
Demand notes rec.
a
15, 1936.
1935
$
195,912
1,658
1935, the
Dec. 30,
31
1934
$
Assets—
•
of $352,149 in 1935 and
shares,
c Represented
b Represented by 70,000 no par
$202,649
by 6,000
shares.—V. 141, p. 291.
Co., Inc.—Larger Extra Div —
extra dividend of 87 Vi cents per share in
quarterly dividend of 12 H cents per share on the
common stock, no par value,
both payable Oct. 1 to holders of record
Sept. 15.
Previous extra distributions were as follows: 37 H cents on July 1,
April 1 and Jan. 2, last; 87H cents on Oct. 1, 1935; 37
cents per share
in the three preceding quarters, and 50 cents on Oct. 1, 1934.—V.. 143,
the regular
129.
Coast Telephone
West
The directors have declared a
to
Total
Co.—Accumulated Dividend—
dividend of 37 M cents per share on account
preferred stock, par $25. payable Sept. 1
A like payment was made on June 1 and
holders
of record Aug. 20.
April 1, last, this latter being the first payment-made on the
when a regular quarterly dividend of 3714
was distributed.
Accumulations after the current payment
West Texas Utilities
287,816
57,845
1,025,871
$6,335,067 $6,438,617
obsolescence reserve of $1,746,290 in 1936 and
Includes accruals.—V. 142, p. 3699.
1936—6
Mos.—xl935
$2,233,819
778,942
22,410
126,123
294,841
141,708
36,029
$2,072,256
737,283
37,814
106,921
297,195
134,291
33,716
$459,645
$415,460
2,341
$833,765
7,271
$725,034
3,339
$462,983
Net oper. revenue.
Gross income
$417,802
$841,037
293,038
4,631
21,995
302,200
4,213
22,688
590,934
9,359
44,372
$730,796
605,718
8,261
45,478
$143,319
$88,700
$196,371
$71,339
General interest
ferred
$1,122,810
73,955
18,342
State, local, &c., taxes._
Fed.3% tax on electricity
Amort .of debt disc.& exp
1,137,681
will amount to
1
a
"
388,888
19,587
61,838
148,587
71,355
17,093
147,802
Prov. for retirement
Net income before
preferred stock
cents per share
Co.—Earnings—
$1,189,391
407,752
L12,518
69,376
Operation
Power purchased
Funded debt interest
82,625
,
1936—3 Mos.—xl935
Other income (net)
226,588
4041.
$5.62H per share.—V. 142, p.
Maintenance
1935
$1,563,800
3,225,800
yl67,239
140,126
55,456
54,733
in treasury.-
Surplus
Total
$79,069
45,000
45,500
149,500
Co.)
Reserve for amortization of
Period End. June 30—
1936
$1,522,300
stock... 3,225,800
Liabilities—
Preferred stock
Common
Patents, good-will,
31,684
Net income for the
Reserve against accrual
Deficit beginning of
6,934
------
35,292
of accumulations on the 6% cum.
Balance Sheet June 30
1936
Assets—
Plant & equipt..$l,
,
:
Total oper. revenues
$1.23
$487,919
357,500
since June 1, 1932,
Earns, per sh. on 32,258
shs.
($100 par) com.
stock
&c
Transfer taxes-
$1,444,190
1,312,532
$61,263
Other income-
45,000
$489,066
357,500
7,257
9,948
.
Tax refunds on bonds interest,
p.
--
$690,699
619,692
690,380
32,613
Wesson Oil & Snowdrift
-
Expenses, deprec., &c_.
1934
$410,305
45,000
addition to
1936—3 Mos.—1935
$690,699
$751,643
$751,643
.
Alexandria Gas Co. earned but
Interest.:
x
„
$410,462
33,604
*
The directors have declared an
Corp., Ltd., above.
Vulcan Detinning Co.—Earnings—
Other
1935
and bonds
Total income
no
Viau, Limited—New Name—
Inv. of finished products
$2.54
Companies—Earnings—
paid
a
bonds, due 1946.—V. 141, p. 453.
Period End. June 30—
261,042
103,671
$1.01
Income received: Dividends
canceled.
Sales
9 MonUg
$3,399,698
3 Months
$1,386,762
I
.........I.-.-.
.
profit after deprec., int. & Fed. income taxes.
Earns, per share on 102,474 shares capital stock..
—V. 143, p. 939./
(sub. cos.)_..._
7% first preferred shares were altered by
reducing the dividend rate to 5% and the redemption price of the stock
from 115 to 100.
The new dividend rate will be cumulative from Jan. 1,
1937, with the first quarterly payment due April 1, 1937. Holders will
receive two new common shares in compensation for arrears of dividends
to Dec. 31, 1936.
•
Holders of the $470,000 of second preferred stock will receive five new
common shares for each $100 preferred share held.
Dividend arrears will
See Viau Biscuit
Co.—Earnings—
1936—
Net
Cash in banks
Provisions of the $946,000 of
x
26
President of General Mills, Inc., announced on Aug.
Mitchell as Vice-President of Washburn Crosby Co.,
307.
Period Ended July 31,
capital.
be
Vice-President
Co., Inc.—New
Washburn Crosby
Donald D. Davis,
the election of E. P.
Balance Sheet Dec.
Nam&—
Stockholders at
?78,006
124,400
175,000
180,300
$0.84
$0.42
$0.92
provision for Federal surtax on un¬
stock (no par)..
,
Corp.,
$103,673 def$101,242
I-.-
Surplus
Shares capital
to July
Vanadium
783,673.—V. 143,
$165,191
87,185
Earnings per share
$1,233,211
Deficit
y
$73,132
174,374
.
Dividends
$4,079,292
$392,680
$227,173
39,791
22,191
Washington & Suburban
$4,594,496
21,016
Gross corp. income
Interest and other deduc.
40,970
9,634
Calendar Years—
Subsidiary]
1936—12 Mos.—1935
$818,252 $11,150,028 $10,169,348
484,361
6,555,532
6,090,056
$333,891
3,993
_
$123,736
.
[Electric Power & Light Corp.
Period End. July 31—
1936—Month—1935
Operating revenues.....
Oper. exps., and taxes..
$181,645
45,528
Total income
Co. (& Subs.)—Earnings—
Utah Power & Light
$87,800
35,936
Depreciation and depletion
Federal and State taxes..
Sales....
y
$179,581
21,735
..
.
against
V.
1936—12 Mos.—1935
-1935
1936—Month-
810,304
$147,267
43,594
—
Operating profit
Other income (net)
Current
143, p. 607.
1934
$991,949
648,656
$201,316
37,699
16,350
Costs and expenses..
$6,992,503
Total
1935
$736,456
1936
I
Net sales
360,665
(& Subs.)- -Earnings-
$1,098,851
919,270
Ended June 30—
Six Months
64,147
-
Corp.—Accumulated Dividend—
Ward Baking
Consolidated Balance Sheet June 30, 1936
Assets—
29
Aug.
Chronicle
pre-"
dividends
5,762
x Adjustments made subsequent to June 301 1935, but applicable to the
period beginning Jan. 1, 1935, have been men effect to in these columns.
'Note—No provision has bee nmade for Federal surtax on undistributed
profits.—V. 142, p. 4041.
•'
Volume 143
Financial
Chronicle
1421
of chlorine and
caustic soda and today is ranked as one of the
largest pro¬
the field.
The Warner Chemical Co.
originally pioneered and
ducers in
Westvaco
Westvaco Chlorine Products Corporation
and use of
acquired exclusive
Par Value $30
MEMBERS NEW YORK STOOK EXCHANGE
15 Broad Street
New York
tures
$104,512
1936—7 Mos.—1935
$9,152,052
143,
p.
$2,311,530
1,858,909
$669,814
—Third Week of August
1936
1935
V
Gross earnings
2,492,713
2,259,265
52,265
$2,515,533
1,845,719
$16,584
$8,490,947
3,068.793
2,470,848
44,685
$281,403
264,819
Net income
(est.)_
$306,854
Western Pacific
$452,621
Jan. 1 to Aug. 21
1936
1935
$281,329 $10,048,852
1252.
$9,334,935
RR.—Hearings Postponed—
The Interstate Commerce Commission has
postponed from Aug. 25 to
Sept. 28 further hearings on a plan of reorganization.
The delay was
granted upon request of T. M. Schumacher,
co-trustee, who stated that
because of the illness of Reconstruction Finance
Commission Chairman
Jones and the absence from the United States of
Frederick H. Ecker, Chair¬
man of the protective committee for the
1st mtge. bonds, the parties would
be unable to proceed with further
hearings Aug. 25.—V. 143,
Weston Electrical Instrument
1252.
p.
Corp.—Earnings—
[Including Domestic Subsidiary]
6 Mos. End. June 30—
Net profit before deprecOther deductions (net)
Federal taxes
-
1936
Net profit
Class A dividends
Common dividends-....
1934
$163,414
Cr 2,840
14,750
76,758
$177,934
8,797
15,779
70,596
loss$74,805
$101,030
30,748
40,146
Prov. for depreciation..
1935
$204,389
Cr5,485
23,400
85,443
_
$74,746
34,376
$82,763
loss$79,186
Profit.
$30,136
1933
4,381
■*
Assets—
1936
Cash
52.200
$40,370
1935
$187,738
fc accrued
alNotes
$30,563
def$79.186
23,400
Accrued accounts.
67,861
23,329
12,317
Fed.
1,037,309
328,596
958,723
County & munici¬
inc.
tax
bal.
for prior year
194,188
25,168
Electrical
gencies..
Res. for inter
Instrument Co.,'
Ltd., London
136,684
;
127,504
co.
prof.in inventory
of
F (entirely owned)
Sundry dep. accts.
> rec. &investm'ts
bLand, bldgs.,ma-
183,149
165,221
unconsolld'd
English sub
Capital stock
Surplus
c
24,214
22,923
1,448,085
17,494
2,500,000
607,153
16,025
2,500,000
716,675
1,420,606
k-chin'y,furniture,
I
fixtures, &c
Patents & goodwill
Deferred charges..
Total
After
2
2
92,281
97,468
$3,500,581 $3,479,437
$3,500,581 $3,479,437
reserves
142,
Westvaco
Chlorine
3875.
p.
Products
Corp.—Preferred Stock
Offered—As part of an operation to simplify
company's
debt and capital structure, public
offering of i92,000 shares
of 5% convertible preferred stock
($30 par) was made
Thursday through an underwriting group
comprising Hornblower & Weeks; Eastman, Dillon &
Co.; C. B. Ewart &
Co., Inc., and Lawrence Stern & Co., Inc.
The shares,
priced at $31, have been oversubscribed.
The refinancing will eliminate interest
charges on bank
debt and debentures
had restricted the
as
well
as
availability
disbursements
on
the
A prospectus dated
The convertible
common
amortization charges which
of net earnings for dividend
stock.
.
Aug. 27 affords the following:
preferred stock is preferred as to assets and
dividends
stock.
Dividends cumulative from Sept.
1, 1936, at rate of
$1.50 per share, per annum
payable quarterly Aug., &c.
Red
in whole or in part, at
any time upon 30 days' notice, at
$33 per share if
red. on or before Sept. 1,
1941; at $32.50 per share if red. thereafter
and
on or before
Sept. 1, 1946; and at $32 per share if red.
thereafter, together
in each case, with
unpaid dividends.
over
common
5%,
or
Convertible
as
accrued
follows: On
or before Sept.
1, 1938, into 1 l-10th shares
stock; thereafter and on or before Sept. 1,
1940, into one share
of common stock; thereafter and on
or before
Sept. 1, 1942, into 9-1 Oths
of a share of common
stock; thereafter and on or before Sept.
1, 1944, into
8-10ths of a share of common
stock; thereafter and on or before
Sept. 1
1946, into 7-10ths of a share of common
stock; thereafter and on or before
Sept. 1, 1948, into 6-10ths of a share of common
stock, and thereafter into
M share of common stock.
If called for
redemption, conversion right con¬
tinues through the
day before redemption date.
Transfer agent,
Guaranty Trust Co., New York.
Registrar, Central
Hanover Bank & Trust Co., New York.
History and Business—Company was incorp. in
Delaware on Dec. 15
1926, and on Dec. 28, 1926, acquired,
through exchange of common and
preferred stocks and a cash payment, all of the
outstanding stock of West¬
vaco Chlorine
Products, Inc., which had been engaged in the
production
of chemicals since 1915. In
of
common
1928 the company acquired all of
the outstand¬
ing stock of Warner Chemical Co.
through an exchange of stock.
The
Warner Chemical Co. had been
engaged since 1902 in the production
and
sale of phosphoric acid,
phosphates and kindred products, and was
one of
the principal manufacturers in its
field.
The company
primarily is a holding company and owns no
plants or
properties. Its sole assets consist of the entire
capital stock (except direc¬
tors' qualifying shares) of what is now
its manufacturing
subsidiary West¬
vaco Chlorine
Products, Inc., and of Warner Chemical
Co., which since
the end of 1934 has been
solely a distributing organization.
The company, through its
subsidiary, has been one of the leading com¬
panies in the development of the electrolytic
process for the manufacture
Carbon
Chemicals Corp. during the
period after March 1,
1937, the
discharge of the additional tonnage
commitment.
The ratio of all sales of chlorine
and caustic soda to all sales of the com¬
pany and its subsidiaries
•
during the
1933,
1934 and 1935 was an
1935 this ratio was 62%; and during
1935 the ratio of sales of chlorine and caustic soda
years
average of 57.67%, and for the
year
the years 1933, 1934 and
by the
company and its subsidiary to Carbide & Carbon Chemicals Corp.
under the provisions of the
aforesaid contract, to total sales of those par¬
ticular products to all
19326548
persons during those three years, was an average of
61.67%, and this ratio during the year 1935 was
46%.
*
The subsidiary of the
company also manufactures and sells substantial
amounts of carbbn
bisulphide, carbon tetrachloride, and related products.
Carbon bisulphide is sold
largely to the rayon industry; it also finds im¬
,
portant
use in the
manufacture of rubber goods.
,
Carbon tetrachloride has
three important uses: as a base
for fire-extinguisher fluid; in petroleum
refining; and a non-inflammable solvent and dry
cleanser, which latter use
has substantially increased
during the past five years. At the present time
Westvaco Chlorine Products, Inc., sells carbon
tetrachloride to many of
the major manufacturers of fire
extinguishers.
Westvaco Chlorine Products,
Inc., has continued the production of
phosphates and allied products in its plant at Carteret, N. J., which formerly
was
own«d by the
company's other subsidiary, Warner Chemical Co.
Materials requiring the use of
phosphoric acid and its by-products in their
manufacture have a wide range of
uses; such materials enter into the pro¬
duction of baking powder,
cheese, and other food products and drugs; also
in the preparation of
dyes and as compounds for softening water for boiler
also are manufactured, such as alumina
ydrate sold to manufacturers of lithographic
ink, laundry bleach, hydrogen
peroxide and Epsom salts.
Capitalization After Giving Effect to Present Financing
/
,
Authorized
Outstanding
250,000 shs
x560,000 shs.
192,000 shs.
284,962 shs.
.
Conv. pref. stock ($30 par)
5% cum. div
Common stock
Includes
211,200 shares (including scrip certificates for fractional
shares) initially reserved for issuance in the event of conversion of the
5%
convertible preferred stock.
Purpose of Financing—Net proceeds to the company from the sale of the
5% convertible preferred stock, after deducting the estimated expenses in
with the issue and sale
thereof, will be approximately $5,605,470.
The company proposes to
apply a portion of the net proceeds to the
redemption and retirement, in each case at principal amount
plus accrued
interest, of the following indebtedness:
'
,
■
$172,159 note payable to bank, which amount gives effect to a reduction
of $29,705 made
subsequent to June 27, 1936.
1,250,000 7-year 4% sinking fund debentures, due March 1, 1942.
1,988,562 4% sinking fund debentures, due Jan. 1, 1948, which amount
gives effect (a) to the private sale of $700,000 on July 1,
1936,
and (b) to a reduction of $11,437.8 ) on
Aug. 1, 1936.
Of the aforesaid net
proceeds, the company will apply a maximum of
$3,410,722 to the redemption of the indebtedness.
The 4% debentures sold
privately by the company to obtain funds to
undertake a construction program which has been
practically completed
and the company now deems it advisable to
refund the aforesaid obligations
Total
of $46,020 in 1936 and
$24,364 in 1935 for doubtful
accounts, &c.
b After allowance for
depreciation of $1,366,619 in 1936 and
$1,264,939 in 1935 and allowance for possible loss in
dismantling and scrap¬
ping plant and equipment of subsidiary of $39,263 in 1935.
c Represented
by 27,376 shares class A stock'in 1936 (34,376 in 1935) and
160,583 shares
common stock, both of no par value.—V.
a
&
company shall receive $9,191.18 in
respect of each month from the time of
such cancellation
until Feb. 28, 1942, for
discharge of the principal tonnage
commitment and $7,246.38 in
respect of each month from the date of such
cancellation until Jan.
1, 1948, for
connection
1935 & est. add.
Reserve for contin¬
pal securities
I
1935
$62,360
14,750
29,805
275,335
Mdse. inventories-
Weston
1936
$124,660
ac¬
333,614
l
Liabilities—
Res, for Fed. tax..
recelv'Ie.
is to be retired out of the proceeds of the sale
of the convertible
preferred stock, whereupon an amendment to the contract
will become effective
providing that, in the event of cancellation by Carbide
x
$185,390 Accounts payable-
interest
& trade
counts
requirements
its 4% deben¬
Slants. A number of other products
Consolidated Balance Sheet June 30
Ctf. of deposit and
on
deliverie..
The aforesaid
indebtedness
1936—Month—1935
Operating revenue
$1,306,689
$1,062,638
N et operating revenue
458,588
312818
Net railway oper. income
361,579
274,999
Other income
5,914
"
6,404
$367,493
262,981
company's obligation maturing Feb. 10, 1937, and
maturing in 1942 and 1948, said debentures
having been issued to
obtain the funds to
provide the additional capacity required to meet such
Maryland Ry.—Earnings—
July 31—
Gross income
Fixed charges...
the
on
A. T. & T. Teletype N. Y. 1-7*2
—V.
Inc., carried on the development, manu¬
electrolytic cell, subsequently the latter
Nelson
and non-chemical
companies such as paper manufacturers, which
produce chlorine and caustic
soda for their own manufacturing requirements.
Westvaco Chlorine
Products, Inc., under a contract continuing until
1948 with Carbide &
Carbon Chemicals Corp., a wholly-owned
subsidiary
of Union
Carbide & Carbon
Corp., furnishes the entire requirements up to
a fixed
minimum of chlorine and caustic
soda of said Carbide & Carbon
Chemicals Corp. for the
manufacture of various products including ethylene
glycol (Prestone). This contract
provides for sufficient minimum deliveries
of the aforesaid
chemicals to pay interest and sinking fund
Eastman, Dillon 6 Co.
Period—
the
ical
TRADING DEPARTMENT
Western
Products,
rights to manufacture the Vorce electrolytic cell, which
possessed particular
advantages and economies in operation over the original
Nelson cell. The
company not only uses the Vorce cell for the major portion
of its
output but also is the sole manufacturer of Vorce cells for sale
to chem¬
5% Convertible Preferred Stock
Period End.
Chlorine
facture
through the issue of an equity security.
An amount of $2,194,600 or the net
proceeds will be applied by the com¬
to the redemption on Oct. 1, 1936, of $2,194,600
7% cumulative
preferred stock and the balance thereafter added to its working
capital funds
pany
Sales and Net Earnings
Provision
Calendar
hNet
Years—
Interest
for
Income
Net Sales
Deprec.
$5,215,865 $1,495,217
5,943,958
1,792,952
1930—— 5,116,795
1,337,954
4,016,912
1,277,329
3,240,869
948,759
4,200,343
1,075,974
a5,505,756
1,271,471
1935.
a6,121,077
1,325,342
$395,999
412,734
414,138
428,652
443.207
469,168
493,659
553,874
$138,147
127,914
111,609
98,601
85,117
80,844
55,247
58,506
6 Mos. End. June 30—
a
a3,167,074
a3,387,596
Net after
Provision
Charged on for Fed.
Fund. Debt Inc. Tax
Net
Avail,
for
Dividends
$115,352
$845,717
125,248 1,127,054
92,062
720,144
85,068
665,005
39,213
381,221
62,796
463,164
126,566
595,997
94,618
618,343
663,558
670,788
freight charges,
tion and Federal income tax.
273,248
24,636
50.665
315,008
295,529
35,790
c48,500
290,969
b Before interest on funded debt, deprecia¬
c Does not include
any provision for Federal
surtax on undistributed net income.
Underwriters—Principal underwriters
Hornblower & Weeks, New York
Eastman, Dillon & Co., New York
C. B. Ewart & Co., Inc., New York
Lawrence Stern & Co., Inc., Chicago
—,
as
at June
48,000
48,000
48,000
48,000
shs.
shs.
shs.
shs.
27, 1936
Liabilities—
receivable
(net)—
Inventories
°
Other current assets
i.
,
Deferred charges—
Other assets
Fixed assets
—
.
Consolidated Balance Sheet
jL$S€tS~~mmm
Cash and demand deposits
Marketable securities-.
Accounts
are:
_
(net)
Intangible asset
(contract)-.
Total
$706,843 Bank loan
67,808 Accounts payable
559,058 Dividend payable
702,982 Accrued liabilities
3,863 Funded debt
137,805 7% cumulative pref. stock..
67,842 Common stock (284,962 shs.)
8,493,743
84,273
$10,824,2171
Capital surplus
Earned surplus
Total
$201,865
864,811
38,406
192,886
2,550,000
2,194,600
2,436,359
167,224
2,178,066
$10,824,217
Listing of 5% Convertible Preferred Stock and Common Stock
York Stock Exchange has authorized
the listing of 192,000
shares of 5% convertible preferred stock
($30 par) upon official notice of
issuance and satisfactory distribution
pursuant to public offer and
sale,
and 211,200 additional shares of common
stock (no par), upon official
notice of issuance from time to time
The New
upon
preferred stock.—V. 143,
p.
conversion
of its
1098.
Weybridge Co.—New Van Sweringen Unit—
convertible
"
Van Sweringen affiliate was
disclosed in the Securities and Ex¬
Commission's latest report on
security transactions by officers,
directors and principal stockholders of
listed corporations.
The Weybridge Co., of which O. P. Van Sweringen is an officer and
director, acquired
during February and March $423,000 of
stamped Alleghany Corp. 5%
bonds of 1950 and 2,200 shares of
Alleghany preferred with warrants at
$30 a share.
The company, it is understood is a
small company
designed for the segre¬
gation of separate items into a separate fund and has
no
particular signifi-#
cance as to Alleghany
Corp., Chesapeake Corp. or any of the other Van
Sweringen holding companies.
A
new
change
Financial
1422
Earnings for 6
Months Ended June
Net income after
depreciation, &c.,
Earnings per share on
—V. 118, P. 2838.
charges
$3,042,466
159,539
$2.18
Wheeling Steel
stock
Corp.—$1 Preferred Dividend—
of $1 per share on account of
accumulations on the 6% cum. pref. stock, par $100, payable Oct. 1 to
holders of record Sept. 12.
This compares with 50 cents paid on July 1
and April 1, last Dec. 24, Oct. 1, July 1 and April 1, 1935, this latter being
the first dividend paid since Jan. 2, 1932, when the company paid 75 cents
per share.
An initial dividend of 75 cents was paid on Oct. 1, 1931.
Accruals after the payment of the Oct. 1 dividend will amount to $26
The directors have
per
declared a dividend
25—
—V.
142,
1936—3 Mos.—1935
1936—6 Mos.—1935
$5,098,993 $4,423,955 $10,397,954 $9,117,629
4200.
p.
Winnipeg Electric
Co.—New Securities to Be Issued—,
completed to issue new securities on and
Arrangements have just been
after Sept. 8 to the holders of
the Winnipeg Electric
Co. 6% refunding
Manitoba
30-year 5%
1,650,906
1,617,520
$2,405,589
1,610,247
$788,077
33,359
$792,848
41,657
$719,732
52,839
$795,342
63,739
$821,436
$834,505
$772,571
$859,081
309,381
309,571
309,771
318,731
36,978
122,955
36,979
110,889
36,979
36,957
"""864
"""402
$352,120
$377,066
80,004
245,500
$424,956
80,000
270,000
$2,120
$51,562
$129,952
count & expenses
of new
Net inc. for the year..
Preferred dividends
Common
settled in New
securities could not be made
certificates may be de¬
posited for exchange as follows:
Winnipeg Electric Co., 6% ref. mtge. bonds, at the offices of: Montreal
Trust Co., 511 Place d'Arms, Montreal; 61 Yonge St., Toronto; 218 Portage
Ave., Winnipeg; agency, Royal Bank of Canada, 68 William St., New
Winnipeg Electric Co., 5% ref. mtge. deb. stock at the offices of: British
Empire Trust Co., Ltd., Stafford House, 14-20 King William St.,
E.C. 4, England; A. J. Mitchell & Co., Ltd., 1610, 25 King St. West,
York.
dividends
Balance.
London,
Co., Ltd., 1st mtge. 5M % sinking fund gold bonds,
B, at the offices of: Montreal Trust Co., 511 Place
d'Armes, Montreal; 61 Yonge St., Toronto; 218 Portage Ave., Winnipeg;
agency The Royal Bank of Canada, 68 William St., New
Northwestern Power Co., Ltd., 6% 1st mtge. sinking fund convertible
gold bonds, series A and scrip certificates, at the offices of: Royal Trust Co.,
105 St. James St. West, Montreal; 59 Yonge St., Toronto; 436 Main St.,
Manitoba Power
series A and series
affiliated cos
Cash
Accounts receivable
Materials & supplies
Deferred accounts
Treas. bonds,
York.
York.
Winnipeg; the agency, Bank of Montreal, 64 Wall
New
The Winnipeg, Selkirk & Lake Winnipeg Ry. 5% first mortgage gold
bonds at the office of: National Trust Co., Ltd., 20 King St., East, Toronto.
Suburban Rapid Transit Co., 1st mtge. 30-year 5% gold bonds, at the
office of: Royal Trust Co., 105 St. James St. West, Montreal.
Those holding preferred and common shares of the Winnipeg Electric
Co. are being notified through the mail to exchange their present share
certificates in accordance with the plan.
Holders
of certificates of deposit representing the above-mentioned
Northwestern bonds will receive instructions by mail from the bondholders'
committee as to carrying out
Wisconsin Michigan Power
Operating expenses
—
Maintenance
^
442,431
7,054
$1,311,300
2,560
$1,380,520
475,000
13,394
1,683
GY442
41,093
$1,313,861
475,000
13,394
4,892
0808
60,961
412,698
$437,093
...
_
& expense
Amortization of bond discount
Other interest charges
construction
Other deductions.
$344,091
Appropriations for depreciation reserve
1
Net income
—V. 143. p.
directors
Light Co.-—Preferred
have declared
a
Dividends—
respec¬
tively.
Listing Approved—
—V. 143, p.
approved the listing of $32,000,000
1st mtge. bonds, series A, 4% due June 1, i960.
"
\
Curb Exchange has
issued and outstanding
1254.
Wisconsin Public Service
31—
12 Months Ended July
.
$7,082,069
and all taxes
4,257,917
approp. for retirem't res.) $3,204,375
$2,824,151
(before
Other income
27,217
-
and other income (before
appropriation for retirement reserve)
Appropriation for retirement reserve
T
Gross income
30,221
$3,231,593
915,833
$2,854,373
805,089
67,647
24,000
$2,049,283
1,349,096
93,014
18,725
$921,109
$588,447
1,303,002
and expense
Other income deductions
Net income
Gross
the exclusive present and
produced on these leases at
Eleven gas wells are now connected with Consumers Power Co.'s MidlandSaginaw-Bay City pipe line and 10 with that company's Lansing pipe
The corporation contemplates an immediate drilling and development
line.
program
of approximately 50
offset locations to
loss$2,640
30
60
3,220
3.042
$34,855
472,588
$46,448
461,175
035,035
Taxes
Net deficit
Totaldefic.it.
Note—Operating
1934, $15,948.
Dr46
includes $14,857
General Balance Sheet Dec.
$472,588
depreciation;
31,1935
Liabilities—
Assefc—
in
$507,489
a_______
1935
for
expenses
•
.
40,705
102
Miscellaneous interest.
Invest,
loss$2,640
$9,172
40,705
profit
road,
and
power
$1,933,007
equipment
$481,775
179,100
469,200
344,900
7,493
Common stock
Cash
Accounts
Material
receivable
supplies
.
and
stock
Preferred
Funds tied up In
wells in the proven gas field, most of
producing wells.
I
which
Accrued
664
J
Co
Special
by trustee
22,285
546,749
reserve
Depreciation reserve
Other unadjusted credits
2,985
3,416
1,583
507,489
Deficit
$2,010,3041
...
420,100
44,606
Interest
Reserve held
Fidelity Trust
Prepaid taxes, Insurance, &c_.
Unfinished construction
-.
Total...
bonds
2nd mortgage bonds
Accounts payable
mortgage
1st
18,527
1,500
5,596
44,606
Deposit with trustee
$2,010,304
Total
619.
The New York
Steel Door Co.—Listing
Zenith
Approved—
332,960 out¬
approved the listing of
stock, no par.—V. 143, p. 290.
Curb Exchange has
standing shares of common
Radio
3 Mos. End. July
Corp.—Earnings—
1933
1934
1935
1936
31—
profit after excise
taxes, royalties, exp. &
depreciation but
be¬
fore Fed. income taxes
Net
$8,336
$148,146, and
assessment against
x$65,422 loss$36,573
y$706,940
Operating profit for the quarter was $229,516, expenses
depreciation $15,948.
y Before profits taxes for possible
undistributed profit..—V. 142, p. 4201.
x
Zonolite Co. of*
See list given on
Montana—Registers with SEC—
first page of this
department.
CURRENT
NOTICES
Stock Exchange, 50 Broad¬
circular on Marine Midland Banks which
are controlled by the Marine Midland Corp.
—John E. Sloane & Co., 41 Broad St.,, New York, have issued their
monthly summary of comparative earnings of 89 leading railroads for the
—E. J. Coulon & Co.,
members New York
New York, have issued a
first six months
of 1936.
—Gray & Wilmerding announce
branch office at
the opening of an uptown New York
under the management of Jorge R.
515 Madison Avenue,
Andre.
—Sherwood
Wolverine Natural Gas Corp. (Mich.)—Shares Offered—
Securities Investment Corp., Grand Rapids, Mich., recently distributed
for the corporation 1,200,000 shares of capital stock at par ($1 per share).
Stock offered to residents of State of Michigan only.
The corporation has
contracted to purchase the following described
properties situated in what are considered the largest and richest pro¬
ducing and proven gas fields in Michigan: 21 producing gas wells with
daily open flow rating of approximately 238,000,000 cu. ft.; 5,592 acres of
gas and oil leases, of which 4,557 acres are located in the proven and highly
productive Hinton-Millbrook-Belvidere (Six Lakes) gas field in Montcalm
and Mecosta counties; 480 acres located on trend in Austin Township,
Mecosta County; 555 acres located on trend in Crystal and Ferris town¬
ships, Montcalm County, and oil rights on 4,122 of the 5,592 acres.
are
$9,142
Coupon interest
—V. 143, p. 1254.
Consumers Power Co.
has contracted for
potential production of all of the natural gas
15 cents per 1,000 cu. ft.
$82,133
84,773
1
way,
$2,315,759
1.
1934
84,104
$7,614,013
4,409,637
Net operating revenue
Interest charges (net)
Amortization of debt discount
1935
$93,247
revenue
Profit from operations.
Non-operating income
Corp. (& Subs.)—Earnings—
°
1936
1935
Operating revenues
Operating expenses, maintenance
Net oper. rev.
454.
-Earnings-
Calendar Years—
Youngstown
the
of 87H cente
both payabls
made on
dividends
16 and
dividend of 75 cents per share on
6% cumulative preferred stock (par $100), and a dividend
per share on the 7% cumulative preferred stock (par $100),
Sept. 15 to holders of record Aug. 31.
Similar payments were
June 15, March 16, last, and on Dec. 16, 1935, prior to which
were paid on the 6% and 7% cumulative preferred stocks on Sept.
June 15, 1935, at the rates of 50 cents and 58 1-3 cents per share,
The New York
-V. 141, p.
Expenses
-V. 139, p.
939.
Wisconsin Power &
The
...$13,726,488
Total
416,329
__
Gross income
Interest during
114,3u7
439,535
70,158
£—L.
$1,373 466
operating revenues
Non-operating revenues
debt.
93,534
■
Net
Interest on funded
$2,828,380
893,049
112,918
4
Taxes, other tfian income taxes
Provision for income taxes.
Earned Burplus
Profit or loss adjustment-.
1935
1936
$2,928,843
906,493
a.
Reserves...
Deficit from previous year.
Co.—Earnings—
June 30—
12 Months Ended
Total operating revenues
448.
the exchanges.—V. 143, p.
19,998
415,772
2,457,803
453,050
Accrued accounts
$13,726,4881
York Utilities Co.Total
2,500,000
6,116,000
1,550
162,314
obligs.)
payable (eqpt.
Accounts payable
Div. on pref. stock.
Notes
doubtful accounts of $17,573.
After reserve for
-
$1,600,000
par)
Funded debt
10,000
Total
stock (voting,
Com. stock ($50
pledged as guar.
under damage claim
a
$302,988
$50 par)
2,404
451,378
472,290
259,493
87,689
106,549
Investments
a
80,003
120,000
-
Liabilities—
5% cum. pref.
$12,336,682
capital
Due from
$502,991
x
80,004
215,000
Dec. 31, 1935
Consolidated Balance Sheet
vH SS€^Sm"^m
Fixed
Toronto.
St.,
*—
Miscell. deductions
above companies
stock certificates and scrip
chgs.
Prov. for Fed. inc. tax..
gold bonds. This is in accordance with the
England, the issue
York and London,
$2,337,252
paid and accrued
general plan of consolidation and readjustment of the
dated May 15, 1935.
Owing to legal technicalities involved in getting details
before this date.
Bonds, debenture
$2,443,754
Amortization of debt dis¬
Power Co., Ltd.
Co. first mortgage
1Q"39
1933
$2,434,961
1,646,883
Total income.
Bond & other int.
bonds and 5% refunding mortgage debenture stock;
first mortgage 53^ % sinking fund gold bonds series A and
series B; North-Western Power Co., Ltd., 6% first mortgage sinking fund
convertible gold bonds series A and scrip certificates; Winnipeg, Selkirk &
Lake Winnipeg Ry. 5% first mortgage gold bonds; Suburban Rapid Transit
mortgage
428.820
1934
1935
Operating revenue
Operating expenses, &c_
.
6.291,625
1,974,152
192,702
-Earnings—
Subs.)-
Calendar Years—
$906,991
257,549
52,473
6,453,666
1,593,023
6,479,068
1,225,183
defl00,777
Operating income
.
Non-operating income. _
Inc.—Sales—
Wieboldt Stores,
Period Ended July
Net sales.
8,018,157
2,213,998
676,917
..
1933
142,087
def65,260
$912,172
136,882
def61,447
Co. (&
York Rys.
1934
$891,974
1935
$1,205,489
296,275
63,981
railway
Net from railway
Net after rents.
From Jan. 1—
Gross from railway
Net from railway
Net after rents.
—Y. 143, p. 780.
share.—V. 143, p. 778.
RR.—Earnings.-
Mississippi Valley
1936
Gross from
.
68,488 shares of common
July—
30, 1936
—
Net sales
Yazoo &
Earnings
Co. (& Subs.)
Weyenberg Shoe Mfg.
Aug. 29, 1936
Chronicle
list
Rosenfeld Jr., has
trader.
—Peter P. McDermott & Co., 39 Broadway, New York, have prepared
bulletin on the no-par common stock of Doehler Die Casting Co.
—Joseph
become
a
40 Wall St., New York, have issued a
municipalities yielding from 1.90% to 4%.
& Merrifield,
of bonds of New York State
connected with Wm. I.
Cohen, formerly
associated with Leo
—Dunne
&
Co.,
20 Pine St., New
Gilbert &
Co.,
circular on Great Lakes
analysis of Central Ohio
—Andre Y.
Association.
York, have prepared a
120 Broadway, New
Dredge & Dock Co.
—Campagnoli & Co., Inc., 41
Co. at their
York, have prepared a three-page
England Gas & Electric
memorandum on New
—Clinton
Gold & Co. as unlisted securities
Broad St., New York, are
distributing an
Steel Products Co.
Smolianinoff has become
associated with Eastman, Dillon
&
Rockefeller Center office.
—Louis Glazer has become
their unlisted trading
associated with Wyser & Diner
department.
in charge of
Volume
United
Financial
143
States
Chronicle
Freight Co.- ■Comparative Balance Sheet
Western Grocer Co. (& Subs.)—Earning.
June 30—
Years End. June 30—
1936
1935
$
$
Assets—
Cash
1936
$
$
1,173,017
800,008
2,002,076
Capital stock
y
Reserve for taxes.
_
153,192
372,660
46,499
290,536
52,703
Accounts payable-
91,331
20,654
225,000
Mtge. notes receiv.
225,000
1,500,000
Inv. In other cos..
4,012,800
7,496,220
7,496,220
109,874
Selling,
64,006
Furniture, flxt's
and
equipment.
Stationery & suppl.
liability
Real estate
1st
mtge.
Earned
surplus
Capital surplus
■■
■
399,113
1,159,717
Treasury stock
Contingent aco't..
8,381
97,500
18,847
27,111
22,868
165,000
Other invest, written off
t
12,505
Prov. for Fed. inc. taxes
1,500,000
3,959,365
Provision
for
loss
24,729
departmental profits in
109,348
jobbing branch inven¬
11,371,088 10,691,250
30,
p.
see
;
"Chronicle" of
Improvements
on
leased ry.
property-
5,690
Traffic and
Deposits in lieu of mortgaged
property sold
Miscell. physical property..
Invest, in affil. companies..
3,227
3,844,236
investments...
6,060
Cash
2,678,443
4,083,470
Special deposits
Traffic &
car
service balance
rec.
269,132
Other current assets
Deferred assets
Unadjusted
balance
Miscell.
200,737
1,067,358
33,417
•
per share
Assets—
654,131
accounts
payable..
Interest matured unpaid
Dividends matured unpaid.
Funded debt matured unpaid
liabilities
Unadjusted credits
Corporate surplus
33,727
5,180
312,116
18,000
100,000
68,944
100,197
11,356,810
21,650,792
»•
xl02,860
xl02,890
Nil
$1.63
Liabilities—
1935
$286,319
699,920
2,665,615
Deferred charges..
41,590
$220,210
524,649
2,098,451
Receivables
Inventories
a
Accept,
1936
Bank loans
$26,316
400,000
30,655
Accounts payable.
878,929
6~4~5~314
115,828
45,600
943,200
84,033
Investments & mis¬
cellaneous assets
Due from officers.
75,120
73,373
17,300
Accrued taxes, pay¬
Plant & equipment
Good-will
1,303,256
1,278,481
l
1
24,250
rolls, &c
Prov. for Fed. tax.
Common
stock
2,100,000
Sin-plus..
481,406
Treasury stock... Drl9,457
250
$105,807,902
Total
$38,679
Bals.pay.on acquis.
of canning plants
7% pref. stock
$105,807,902
-V. 143, p. 778.
1935
under let¬
ters of credit
85,326
570,707
debits
...
1936
Cash
Total
Total
$1.52
Condensed Consolidated Balance Sheet June 30
wages
payable
Deferred
34,850
$235,641 def$495,994
102,860
$1.62
Par $25.
x
306,847
and
Other current liabilities
from agents and
conductors
Material and supplies
Interest and divs. receivable
car serv.
accts.
Unmatured Int. accrued
—receivable
Miscell. accounts receiv
Audited
Earnings
15,332,300
—payable
34,649
$233,718
102,860
Shs. com. stk. (par $20).
$55,868,858
Capital stock
Long term debt
90,031
25,715
Balance, surplus...
Liabilities—
$92,890,350
$235,641 loss$495,994
Preferred dividends
Common dividends
Wheeling & Lake Erie Ry.—Balance Sheet April 30, 1936
Asse's—
—
15,000
$233,718
$106,548
Net profits
.
1097.
Invest. In road & equip.
2,500
$222,294
Total ———11,371,088 10,691,250
After depreciation,
y Represented by 300,000 no par shares.
For income statement for 6 & 12 months ended June
Aug. 15,
19,971
48,450
45,913
on
J.__
! Prov. for res. to eliminate
intercompany & inter¬
1,569,986
8,381
x
Net bal.
14,499
tories
Total
Other
.,115,949
12,644
closed banks
1,558,986
8,264,915
1,172,755
Foods, Inc
*
excess of
book value
9,509,052
1,193,625
Interest, &c. (res.)
Cost of securities of
subs. In
11,228,358
1,240,021
and
expenses
Prov. for loss in invest,
and adv. to Creamed
marine
equlpm't bonds.
,101,710
12,331,208
warehouse
adminis.
109,348
1,462,845
97,500
1,760,133
747,643
1,159,717
1933
$13,854,581 $12,733,650 $10,991,638
Cost of goods sold
Res. for contingent
__
1934
1935
1936
Ne<> sales
1935
Ltabilttles—
Acc'ts receivable.. 2,220,349
Notes receivable
64,565
x
1423
Total
...—$4,971,823 $4,243,122
After
a
reserve
1935).—V. 142,
...
48,450
947,700
2,100,000
374,153
Drl9,457
$4,971,823 $4,243,122
for doubtful receivables of $87,887 in
1936 ($91,108 in
1492.
p.
The Commercial Markets and the
Crops
"
COTTON—SUGAR—COFFEE—GRAIN—PROVISIONS
PETROLEUM—RUBBER—HIDES—METALS—DRY GOODS—WOOL—ETC.
COMMERCIAL EPITOME
September to a new low at 4.15c.
Rio de Janeiro futures
unchanged to 25 reis lower.
From Sao Paulo the
exchange was informed that 60% of the receipts will be new
crop coffee, temporarily, instead of 40%, as originally ruled.
were
Friday Night, Aug. 28, 1936
Coffee—On the 24th inst. futures closed 1 to 4 points down
Santos contracts, with sales of 38,000 bags.
Old Rio
for
Rio coffee prices
contracts closed 5
to 11 points down, with sales of 18,750
New Rio contracts were 3 lower to 1 point higher,
with sales of 6,000 bags.
Rio de Janeiro futures were un¬
changed to 25 reis lower.
Cost and freight offers from
Brazil were 5 to 15 points down, with Santos 4s from 9.25 to
9.45c.
Havre futures were 2% to Zl/i francs lower.
On the
25th inst. futures closed 4 to 10 points higher for the Santos
contract, with sales of 31,500 bags.
At one time during the
session the Santos contract sold 12 to 16 points higher and 16
to 23 points above the lows of Monday.
Old Rio contracts
closed 2 points lower to 6 points higher, with transactions
totaling 14,500 bags.
New Rio contracts closed 2 to 4
points higher, with transactions 3,750 bags.
Rio de Janeiro
futures were unchanged. Cost and freight offers from Brazil
were
steady.
Santos Bourbon 4s were generally at from
9.25 to 9.45c., although one shipper was offering as low as
bags.
9.10c.
A cable from Brazil to the effect that the National
Coffee
Department there had been tendered 3,500,000 bags
4,000,000 they plan to purchase, was looked upon as
good news.
On the 26th inst. futures closed unchanged to 1
point lower for Santos contracts, with sales of 8,500 bags.
Old Rio contracts closed 2 to 7 points lower, with sales of
28,250 bags.
New Rio contracts closed 1 to 6 points higher,
with sales of 11,750 bags.
Rio de Janeiro futures were 50
reis higher.
Cost and freight offers from Brazil were steady,
with Santos Bourbon 4s offered generally at from 9.30c.
up.
Havre futures were
francs higher.
On the 27th inst. futures closed 1 to 5 points higher for
Santos contracts, with sales of 17,500 bags.
Old Rio con¬
tracts closed 10 to 13 points lower, with sales of 45,500
bags,
of which about 25,000 were in the September position.
New
Rio contracts closed 5 higher to 4 lower, with sales of 12,250
bags. Rio de Janeiro futures were 25 reis lower, and primary
offers were about unchanged with Santos Bourbon 4s at no
less than 9.20c.
Havre futures were unchanged to
franc
higher. Trading in the local market for futures was heavy.
issuance
and
circulation
of
42
transferable
Sales
were
103 contracts.
The old Rio contract closed 4 to
9
points down, with sales of 39 contracts. New Rio contract
closed 9 to 11 points down, with sales recorded of 27 con¬
tracts.
Seventeen additional notices
were
contracts, and four additional notices
contracts, the latter circulating as
on
issued for Santos
were
issued for Rio
yesterday and sending
prices closed
March—
(March
4.56
follows:
as
...8.971 Sep tember
8.991 December
May
July
-.9.00
3,500,000
8.97
8.98
]
Bags
of Coffee Tendered for Purchase
Program to Destroy
4,000,000
Bags
Last Season's Surplus
in
Brazil's
of
Brazil's plan to buy 4,000,000 bags of la$t season's surplus
for destruction is very near completion, according to a cable
New York
the
to
Coffee
& Sugar Exchange which stated
beep tendered to the controlling
National Coffee Department there.
The fact that destruc¬
tion of coffee by burning has totaled 934,000 bags since the
that
3,500,000
first
of July
bags
had
indicates
already started,
that destruction
said an
of this
announcement issued
coffee has
by the Ex¬
change, Aug. 25, which added:
Burnings for the first half of 1936
the
prices that would be paid for
purchase plan,
and
bags
purchased and!
had been
offered
for
first
the
day in
end
6,452,400
or
fore
made
to
amount
followed.
but
that
As
five
the
Sale
various grades
Exchange
that
awaited
the
of
the
4,000,000
informed that
was
1,937,830
additional
an
the
of
under
648,935
grading.
necessary
progress
30,
of 30%
bags
the
to
bags had
Today's
purchase
been
cable
plan, since
is
that
for
milreis
also
and
about
bankers here
11
(about
of
current
in
1930-40 coffee loan
and
abroad.
Total
of
millions
if
30c.)
per
that coffee
bags
bag,
will
Molasses
is
crop
the
be
New York Coffee and
Blackstrap
the
destruction,
crop
year
which
addition to the
4,-
(estimated at 21,508,000 bags)
800,000 bags which will be released
30% of the current
acquisition
on
the
of the current crop
over
the
for
program
1937,'calls
stocks pledged against the
from
the
the
destruction
complete
June
000,000 bags,
are
and
word
In March, this year, Brazil announced
May.
Brazil's
will
purchase
official
May 6
on
but 787,000 bags and for the last
were
six months of 1935 but 680,000 bags.
notices
against the old Rio contract sent the September position
down 23 points at the opening to 4.18c., the lowest
quotation
registered in that contract, which is in liquidation, since 1903.
Today futures closed for the Santos contract 1 point up on
September and 4 to 9 points down on the rest of the list.
follows:
as
4.20
.-4.421
Santos coffee
of the
The
closed
September
December:
as
and when payments
destruction
the
program
would there¬
is
completely
being paid for at the rate of
trade
held
up
considers
it
for the lack
unlikely
of funds.
Sugar Exchange of Cane
First
in
More
Than
Four
Years
The
first
delivery in
sale
over
of
four
cane
blackstrap
years
was
molasses for future
made on the New York
Coffee and Sugar
Exchange Aug. 27 when a broker action
Henry Hentz & Co. bought 24,000 gallons for January,
1937 delivery from a broker acting for Harriss & Vose.
The
price was 5.85c. per gallon.
An announcement by the
Exchange said:
for
Trading in molasses for future delivery was inaugurated on the
Exchange
Feb. 2, 1931 and between that date and the last trade on March
24,1932,
a total of 3,026,000 gallons was traded.
The high and low over that period
was 5.15—3.00c., with the last sale at 4.25c.
on
For several days
bids and offers have
3^d. lower, while raws were
finally resulting in the
sale at 5.85c. with further bids and offers being made.
The increased
interest in blackstrap molasses, which is principally used in this country in
the manufacture of industrial alcohol, is reported to have been engendered
by the higher price of domestic'grains which are also used in making alcohol.
In addition, a good part of consumption is used in mixing sweet feeds for
the Exchange is 24,000 gallons
registered in cents and
>
days' needs was reported contracted for with refiners at
Wednesday's one-day price of 4.65c., most of the refiners
now quoting at 4.75c.
London futures were unchanged to
34d. lower. Today futures closed unchanged to 1 point up.
Thirty notices were issued against September delivery, but
were well taken, and further liquidation and switching from
the near month found a good demand, though prices showed
30
port of New Orleans.
Cocoa—On the 24th inst.
futures closed 12 to 14 points
The session was one of the most active in weeks, with
excellent foreign and domestic buying.
Influenced by a
strong London market, prices here advanced sharply.
On
the bulge there was heavy profit taking which caused prices
to give way several points.
The offerings were so. well ab¬
up.
sorbed
that
all losses were
appreciable change throughout the session. The market
raws
was
quiet and little changed, with parcel lots
offered at 3.70c., while cargoes were at from 3.72c. to 3.75c.
It was reported a Gulf refiner would still pay 3.68c.
London
parcel lots of raws were reported sold at 4s. 534d., followed
by further sales at 4s. 6d., or about .88%c. f. o. b. Cuba.
no
for
recovered shortly, the market
closing at approximately the top prices of the day.
actions totaled 555 lots, or 7,437 tons.
Local
Trans¬
closing:
Dec., 6.65; Jan., 6.68; Mar., 6.75;
On the 25th inst. futures closed
7 to 8 points up.
The maximum advance for the day was
15 points, at which level considerable profit taking was en¬
countered.
However, new high peaks were reached for the
three-year period.
There were reports of heavy business
done in the actual market.
The London future market
showed the best volume on record, and was sharply higher.
The New York Exchange had one of the most active sessions
of the year. European interests, United States manufacturers
and Wall Street traders took part in the trading.
Volume
on the New York
Exchange was 545 lots, or 7,303 tons.
Local closing: Sept., 6.55; Dec., 6.72; Jan., 6.75; March,
6.83; May, 6.92; July, 6.98.
On the 26th inst. futures
closed 6 to 9 points higher.
After receding 3 to 5 points in
the early trading, due largely to profit taking, the market
turned firmer and advanced to new highs for the movement
on a renewal of general buying, prices closing at the best of
the day.
Sales totaled 4,985 tons.
Local closing: Sept.,
6.62; Dec., 6.80; Jan., 6.84; March, 6.90; May, 6.98; July,
Sept., 6.48; Oct., 6.52;
May, 6.84; July, 6.90.
'
7.05.
;
On the 27th inst. futures
closed 4 points lower to 1 point
higher.. The reaction was due to profit taking by Wall
Street, this developing after new ground had been reached
for the three year
highs.
Transactions totaled 643 lots, or
8,616 tons.
Local closing: Sept., 6.58; Oct., 6.66; Dec.,
6.80; Mar., 6.90; May, 6.99; July, 7.06.
Today futures
closed unchanged to 2 points down.
Cocoa again made new
three year
highs today, December selling
in the early trading
6 points. London was also strong. The
Street continued to buy, it is reported, while
up
trade and Wall
there was some
profit taking. The spot market was also active, with manu¬
facturers conspicuous on the buying side.
Closing: Oct.,
6.66; Dec., 6.78; Jan., 6.82; Mar.,6.89; May, 6.98; July, 7.06.
Cocoa Consumption
World
During 1936 to Be Higher
of W. R. Grace
1935 According to Estimate
Than
& Co. '
■; >
world consumption of cocoa
Total
for 1936 is estimated
with estimated world shipments
according to a survey
by the Cocoa Department of W. R. Grace & Co., New York.
The survey finds that consumption in 1935 was 655,000 tons
compared with shipments of 675,000 tons, the survey states:
713,218 tons compared
at
of 672,000 tons
At
estimate
for
end
the
increase
the
of
of
17%
for
for the calendar year,
May
over
figures showed an
aud assuming our
net consumption
bean consuming countries will be about 569,000
1936,
total
world consumption
the corresponding period in 1935
the balance
five leading cocoa
of the year
to be conservative,
against 529,000 tons a year ago.
We have estimated 9% increase in net consumption in
tons
giving a total for 1936 of 288,000
the United States,
Sugar—On the 24th inst. futures closed 2 points down to
points up.
Sales totaled 9,700 tons. March touched a
new high for August, while July equaled the previous top.
In the market for raws there was very little change in offers.
3
The cargo
of Cubas which arrived over the
weekend will be
put into store unless 2.80c. is secured, while about 70,000
bags of Puerto Ricos are offered at 3.75c., with some possibly
available at 3.72c.
About 7,000 to 10,000 tons of Philip¬
pines were on offer at 3.75 to 3.80c., and 25,000 bags of 1937
quota "Puerto Ricos were available at .340c., last week's sale
price.
London futures closed % to lj^d. higher.
On the
25th inst. futures closed 1 to 3 points lower.
Sales were
9,650 tons, of which 6,700 tons were in September.
market for raws was slightly easier, with 20,000 bags of
The
Sep¬
Puerto Ricos offered at 3.70c., and bids
solicited on September and October Cubas and Puerto Ricos
at that price without success.
About 10,000 tons of duty
frees were offered outright at from 3.72 to 3.75c.
London
futures closed \id. higher to 34d. lower, while raws were
reported sold to outports at 4s. 6d., or about .84c. f. o. b.,
Cuba, with further sellers at that price.
On the 26th inst.
futures closed 1 to 2 points higher.
In the market for raws
the tone was distinctly better, with only parcel lots offered
at 3.70c., while cargoes were held generally at from 3.72 to
3.75c.
All major local refiners were accepting 30-day con¬
tract business at 4.65c. for the day only, advancing then to
4.75c.
A good 30 days supply was reported offered them.
Some of the beet distributors followed at the usual 20 points
tember shipment
Prices
were as
follows:
--2.50
-_2.49
2.52 January
July
2.44 May
March
September
--2.71
_•
2.69
November
Lard—On the 22d inst. futures closed 5 to
10 points higher.
light. Hogs closed nominally steady at Chicago,
quoted $11.60.
Western hog run was very
light and totaled 7,800 head, against 9,900 for the same day
a
year ago.
Export shipments of lard were again fairly
heavy from the Port of New York, as reported on Saturday,
and totaled 151,000 pounds for Hull, England.
Liverpool
closed quiet 3d. to 6d. lower.
On the 24th inst. futur s
closed 12 to 17 points down.
The weakness in grain and
hogs was responsible in large measure for the heaviness in
lard.
Prospects of an unusually early fall marketing of hogs,
and in large runs, are doing much to discourage the develop¬
ment of any bullish sentiment.
Western receipts were 58,900, against 45,500 for the same day last year.
Opening
hog prices were as much as 20c. higher, but towards the
close all gains were wiped out.
The top price at Chicago
was $11.65, and the bulk of the sales reported ranged from
$9.15 to $11.65.
Liverpool was steady, with prices at the
close 6d. higher on the spot position and unchanged to 3d.
higher on the deferred months.
Lard clearances from the
Port of New York continue quite heavy, and over the week¬
end shipments totaled 143,584 pounds to London.
On the
25th inst. futures closed 7 to 10 points lower.
The extreme
declines for the session were 15 to 20 points.
Hedge selling
Trading
was
with top price
.
,
by packers was a prominent feature.
Short covering resulted
a slight rally.
Hog marketings were again fairly heavy
at the principal Western markets and totaled 54,600, against
43,100 for the same day a year ago.
Final hog prices at
Chicago were mostly 10 to 20c. lower, the top price being
$11.60, with some of the sales reported ranging from $9
to $11.50.
Liverpool lard futures closed weak following
the break in the American markets.
Prices in the English
market closed at Is. lower on the spot position and Is. 3d.
in
lower on the
deferrecj deliveries.
Port of New York were
Lard shipments from the
light and totaled 23,800 pounds for
Liverpool.
On the 26th inst. futures closed unchanged to
5 points lower.
In the early trading prices gained 2 to 5
points, but this was subsequently lost on the development of
considerable selling pressure.
Hogs were unchanged to 10c.
lower at Chicago.
The top price for the day was $11.35, with
most of the sales reported ranging from $9 to $11.35.
The
total receipts for the Western movement were 48,200 head,
against 32,700 for the same day a year ago.
Liverpool lard
futures ranged lower throughout the session, and closed
3 to 9d. down.
On
tons.
unchanged to 1 point
Trading was quiet. Only one additional notice was
issued, and but 1,000 tons transacted.
In the market for
raws parcel lots of Puerto Ricos were offered at 3.70c., while
cargoes were at from 3.72c. to 3.75c.
A Gulf refiner was
reported bidding 3.68c. and soliciting an offer at 3.70c.,
but otherwise refiners appeared content to wait.
About
lower.
while quotations
hundredths of a cent per gallon. A change in
price of 1-lOOOc. per gallon would, therefore, be equivalent to $2.40 on the
entire contract.
Delivery is^providedfrom licensed storage tanks in the
The unit of trading on
unchanged.
futures closed
On the 27th inst.
live stock.
are
London futures closed unchanged to
discount, or 4.15c.
been made on the Exchange floor
from a number of sources,
with interest developing
Aug. 29j 1936
Chronicle
Financial
1424
the 27th
inst.
10 points down.
futures closed 7 to
Packing interests were conspicuous on the selling side, with
the downward course of values being checked by commission
the day, with
Prices on some
$11.25. Totql
receipts for the Western run were 42,300, against 31,100
for the same day a year ago.
Liverpool lard futures were
quiet with prices at the close unchanged to 3d. lower. Lard
clearances from the port of New York the past few days
have been exceptionally light.
No shipments reported
for Thursday.
Today futures closed 17 to 22 points down.
The extreme weakness of grains and the downward tendency
of the hog market, had a decidedly adverse effect on lard,
house
buying.
Hbg; prices averaged steady for
the top price at Chicago registering $11.40.
of the sales reported ranged from $9 to
prices closing at the lows of the day.
DAILY CLOSING
PRICES OF LARD
Sat.
Mon.
FUTURES IN CHICAGO
Wed.
Thurs.
Fri.
Tues.
September
12.25
12.07
11.97
11.95
11.87
12.30
12.40
12.17
12.25
12.05
12.17
12.05
12.15
11.97
12.05
11.70
October.
/...12.50
12.32
12.22
12.20
12.12
11.92
December
January
11.75
11.85
Pork—Mess, $31.00 per barrel; family, $30.50, nominal,
per barrel; fat backs, $22.50 to $25.50 per barrel.
Beef:
Mess, nominal; packer, nominal; family, $15.50 to $16.50
per barrel, nominal; extra India mess nominal.
Cut Meats:
Pickled Hams, picnic3, loose, c.a.f.: 4 to 6 lbs., 16He., 6 to
8 lbs., 1534c., 8 to 10 lbs., 14c.
Skinned, Loose, c.a.f.: 14
to 16 lbs., 24c., 18 to 20 lbs., 2234c., 22 to 24 lbs., 2034c.
Bellies, clear, f.o.b., New York: 6 to 8 lbs., 21 %c.,, 8 to 10
lbs., 2134c., 10 to 12 lbs., 2034c.
Bellies, clear, dry salted
Volume
Financial
143
Boxed, New York: 14 to 16 lbs., 15%c., 18 to 20 lbs., 15Mc->
20 to 25 lbs., 15 y%c., 25 to 30 lbs., 14
Butter: Creamery,
firsts to higher than extra and premium marks: 33 %c. to
3534c.
Cheese: State, Whole Milk, Held, 1935, 22 He. to
23c.
Eggs: Mixed colors, checks to special packs, 17He.
to 26He.
.
•
Oils—The Argentine c.i.f. price
Linseed oil is easing
off only slowly, according to reports, and some crushers are
holding firm at 9.7c.
Quotations: China Wood, tanks, Old
14Hc.;
on
Mareh,
forward, 14c.;
Drirs, spot, 15c.
Coconut: Manila, tanks, Coast, 4 He.; Spot, 5He.
Corn:
Crude, tanks, Chicago, 9Hc.
Olive: Denatured, spot,.
Spanish, $1.45 to $1.50." Soy Bean: Tanks, mills, 8Hc.,
New crop, 8c.; C.L. drms., 9.5c.; L.C.L., 10c.
Edible: 76
degrees, 11 He.
Lard, prime, 12He.; Extra strained winter,
11 He.
Cod, crude, Newfoundland, nominal; Norwegian
yellow, 38He- to 39c.
Turpentine, 43c. to 47He.
Rosins:
crop,
$7.20 to $8.35.
Cottonseed
Oil
Crude S. E., 8HCDecember
10.03 @
August
10.02 @10.04 September
10.03@
October
10.02@10.04 November
January
February
March
sales, including switches, 92 contracts.
Prices closed as follows:
—
T
10.03 @
/'Petroleum and Its Products."
Sept., 16.04; Dec., 16.21; Mar., 16.32; May, 16.42.
On the
25th inst. futures closed 3 points down to 2
points up.
actions totaled 520 tons.
Outside prices remained
Trans¬
unchanged
at 16 3-16c. for standard sheets.
London and Singapore
closed quiet, with prices on the London
Exchange l,-16d.
higher and on the Singapore market l-32d. lower.
Local
closing: Aug., 16.05; Sept., 16.06; Dec., 16.22; Mar., 16.31;
May, 16.43; July, 16.47.
On the 26th inst. futures closed
14 to 19 points higher.
Transactions totaled 2,050 tons.
Spot ribbed smoked sheets advanced to 16.28 from 16.12.
London closed l-16d. to Hd. higher.
Singapore unchanged.
Local closing: Sept., 16.22; Dec.,
16.39; Mar., 16.49; May,
16.57; July, 16.66.
futures
closed
1,460 tons.
2
to
5
points higher.
Outside prices were un¬
changed on a spot basis of 16 15-16e. for standard sheets.
During the day 10 tons were tendered for delivery against
August contracts. London and Singapore closed steady with
slight advances.
Local closing: Sept., 16.26; Dec., 16.41;
Feb., 16.47; Mar., 16.51; May, 16.62. Today futures closed
4 points down on the September
delivery, and unchanged to
1 point up on the rest of the list.
Transactions totaled 134
contracts.
There were 4,200 tons tendered for
delivery
against September contracts today.; London and Singapore
closed quiet at unchanged to l-16d lower.
Local closing:
Sept., 16.22; Dec., 16.41; Mar., 16.52; May, 16.63.
Hides—On the 24th inst. futures closed 12 to 17
points
down.
Trading was the heaviest in some time, but at the
expense of prices.
Volume of business aggregated 7,160,000
pounds.
Stocks of certificated hides in warehouses licensed
by the Commodity Exchange remained unchanged at
842,553 hides.
No sales reported either locally or in the
Argentine spot markets.
Local closing:
Sept.,
10.83;
Dec., 11.15; March, 11.50; June, 11.81.
On the 25th inst.
futures closed 3 to 6 points
higher.
Trading continued quite
active
and on a broadening scale.
Transactions totaled
7,840,000 pounds.
Little or no business developed in the
spot hide market, the only actual trading heard of being 5,000
extra light native steer hides, which were sold in
Chicago at
12Hc. a pound.
Local closing: Sept., 10.86; Dec., 11,21;
March, 11.53; June, 11.85.
On the 26th inst. futures closed
14 to 18 points higher.
Transactions totaled 7,840,000
pounds.
Sales in the Argentine spot market totaled 2,500
frigorifico light steers at 11 9-16c.
Local closing:
Sept.,
11.04; Dec., 11.38; March, 11.67; June, 12.00; Sept., 12.30.
On the 27th inst. futures closed 6 to 9
points higher.
Transactions totaled 2,440,000 pounds.
During the day
there were 80,000 pounds tendered for
delivery against
September contracts. The domestic spot hide market main¬
tained
firm appearance.
Sales reported included 32,100
Heavy native steers sold at 13He. a pound in the
Chicago market and 14c. here. In the Argentine there were
17,000 frigorifico Steer hides sold at 12 3-16c., an advance of
5-16c.
Local closing: Sept., 11.11; Dec., 11.45;
Mar., 11.76;
June, 12.06; Sept., 12.36.
Today futures closed 4 to 6
points down. Transactions totaled 48 contracts. Certificated
a
hides.
stocks of hides in warehouses licensed
by the exchange in¬
creased by 1,101 hides to a total of 844,401 hides in
store.
Closing: Sept., 11.05; Dec., 11.40; Mar., 11.71; June, 12.02;
Sept., 12.32.
N
Ocean
Freights—In the early part of the week little
reported, but the last two days the chartering
market gave a better account of itself, with indications of
better business the coming week:
•
activity
was
of
15c.
on
lump, 10c.
asserted that
stated
on
it is
on
and 5c.
egg
chestnut.
on
It is
other changes will be made save those as
No. 1 nut sold as small egg and the 6-inch
lump.
no
reported that July Lake loadings of 6,629,851 tons were
the largest in
history. Climbing temperatures this week have
reduced the domestic anthracite trade to
even
than last week.
There seems neither occasion
tion to pile up anthracite in retail New York
less volume
nor
disposi¬
yards. On the
other hand the seaboard industries are
generally maintaining
coal inventories against
rising consumption.
On Monday
bituminous dumpings at New York were 400 cars.
j|
Copper—The domestic copper market continue active.
August total up to this writing was 22,667 tons. It is
The
presumed that the bulk of this business
quotations remained
spot basis of 16 13-16c. for standard sheets.
London and Singapore closed dull, the former 1-16d. to
Hd.
lower, while the latter remained unchanged.
Local closing:
On the 27th inst.
recent^
Coal—it is reported that higher September prices are on
the way.
That they will include a southern Illinois advance
companies and their fabricating subsidiaries, with independ¬
ent
purchasing small.
The European market lately has
been showing a decided
upward tendency. The good local
sales and the rising
foreign markets are serving as quite a
stimulus to the copper industry here.
Ihere are persistent
rumors to the effect that
foreign producers may step up
production again, possibly on September 1st, having in¬
creased output 5 points on
August 1st.
The good copper
sales being made in the domestic market continue to
surprise
producers, and as a result optimism is running high concern¬
ing the immediate future. World copper production outside
the United States on a smelter basis totaled
283,400 tons in
the second quarter against 286,500 tons in the
previous
quarter, according to the American Bureau of Metal Sta¬
a
Transactions totaled
Kingdom, basis, 2s. 3d.
Same, Sept. 10-20, same, rate basis, 2s. 3d.
Sugar: Sept., Cuba to L.L.G.
A.R.A., 15s. 6d.; 5, Sept., Cuba, to Liver¬
pool, Is. 3d.
Trip: Prompt Philadelphia, Pacific Coast, 3s. 3d.
West
Indies, round, $1.45.
Trip across prompt, about $1.25.
Trip across,
prompt, $1.20; prompt, $2; prompt, $2.10.
Canadian, round, $1.30,
10.00 @
Rubber—On the 24th inst. futures closed 3
up to 1 point
down.
Sales for the day totaled 770 tons.
There was very
little feature to the trading.
Outside
unchanged at
1425
Charters included: Grain booked: 30 loads to Scandinavia, 12c. and
14c.; 10 loads Montreal to Scandinavia, Albany first half Sept. to Antwerp,
lO^c.
Grain: Montreal, Sorel, Quebes, Three Rivers, Oct.-Nov., United
10.04 @10.08
10.02 @10.03
Petroleum—The summary and tables of
prices formerly
appearing Aere regarding petroleum will be found on an
earlier page in our department of "Business
Indications,"
in the article entitled
Chronicle
tistics.
Deliveries
of copper for
was
between refining
consumption outside the
United States in the last three months averaged
99,375 tons
monthly, against an average of 101,000 tons monthly in the
three months reported on July 23d.
Tin—There was nothing spectacular concerning the trad¬
ing in this metal, conditions being very quiet with very little
promise of any marked activity for some little time to come.
The next known international event will be the
meeting of the
tin committee at London on
September 18th.
It is quite
possible that the tin market will be in the doldrums until
that time.
Although business is light, prices hold steady.
Tin afloat to the United States is 7,158 tons.
Tin arrivals
far this month have been: Atlantic ports, 4,821
so
tons;
Pacific ports, 65 tons.
at 255 tons.
Lead—Business
in
Warehouse stocks here
are
v."
this
metal
the
same
...•-
continues
excellent, this
making the ninth week of extraordinary business volume.
Producers are reporting the demand well diversified, a
character of business which has been noted
among other
metals, such as steel. In a day or two books will be opened
for October delivery quite generally, which will
probably
be a signal for a rush to buy.
Expectations therefor are" that
next week's sales may be particularly
large, though some pro¬
ducers do not look for active business until after Labor
Day.
That consumption is gqod "is indicated by the fact that
several
sooner
have
consumers
than
Zinc—Domestic
for
an
asked
that
deliveries
be
made
specified in contracts.
demand for this metal continues
occasional carlot, and
producers
to
be
puzzled to know
how consumers can keep out of the market for so long a
time.
However, steel operations promise to rise over the
next few months, and the consumption of zinc
promises to
increase both in steel and brass industries.
Demand for high
grade zinc is brisk.
This is attributed largely to the auto¬
mobile
industry,
manufacturers apparently starting to
seem
^
collect
raw
materials for the manufacture of 1937 models,
Steel—One of the outstanding features of the activity in
the steel industry is the pronounced demand for heavy steel.
It is pointed out that during a long period of the depression
and early stages of recovery,
by
heavy steel
comparison with light steel.
to be
•
was very
backward
Now, the demand is reported
virtually on a par with the demand for light steel. The
Age" estimates ingot operations for the current week
73% of capacity.^ According to this authority, this is a new
six-year top. It is stated that the ingot rate does not give a
true picture of the steel industry's present
high rate of
activity, as rolling mills in many plants are turning out from
80 to 100% of theoretical capacity, and are still unable to
reduce materially their backlogs of some products,
particu¬
larly sheets, structural shapes and plates, which, on the
contrary, show a tendency to increase as new business flows
in.
It is reported that although orders for some
products,
notably tin plate, are lighter, the aggregate demand for all
products is more than holding its own. It is stated that sheet
mills have booked nearly all the tonnage
they can ship during
September, notwithstanding the fact that the automobile
industry has ndt yet reached the peak of its buying for new
models.
By mid-September nearly all motor car plants will
be in production on 1937 cars, and a
high rate of production
seems assured to the end of the
year." Agitation appears to
be getting under way for wage
increases, and what will be
done as concerns prices for the fourth
quarter is more or less
"Iron
.
Financial
1426
problematical.
The consensus of opinion appears to be
against a general rise in quotations, though adjustments here
and there in the form of advances to bring certain products
into better line with the general price structure, may occur.
Pig Iron—It is reported that the
Genral Electric Company
has entered the market for 3,000 tons
fourth quarter.
It is believed that pig iron producers will
take their time in naming fourth quarter prices.
The trade
not be apprised of any changes
until after Labor Day,
1936
29,
bales, against 76,336 bales last week and 52,891 bales the
previous week, making the total receipts since Aug. 1,
1936, 304,770 bales, against 384,248 bales for the same period
of 1935, showing a decrease since Aug. 1, 1936, of 79,478
bales.
of pig iron, the largest
inquiry of the year which has been reported in the East.
The Company is said to be buying for several plants.
According to observers, consumers are showing a tendency
to anticipate their needs further into the future, due to the
possibility of a pig iron scarcity, or at least the possibility of
embarrassment1 where prompt delivery is depended on.
The
extraordinary activity in the steel industry and sustained
activity in many bther lines leads many to believe there will
be quite an expansion in demand for pig iron during the
may
Aug.
Chronicle
982
2,292
1,566
852
1,224
7,220
3,328
970
11,409
5,061
2,429
5,519
10,636
166
Houston
Corpus Christi..
New Orleans-
—
537
829
1,317
6,753
2,423
1,008
Mobile
Pensacola, &c___
Jacksonville
Savannah
•
m
-
546
4,454
-
348
9,066
4,847
7,139
345
"843
1,330
1,873
1,315
2,063
268
163
500
952
332
"
Lake Charles
'"«•
.10
Norfolk
348
1,642
2,632
7,139
345
.......
<■»
Charleston
mm,
*»
mm
—
*• —. mm
m
*im
10
mmmm
Baltimore-
....
40,131 141,365
27,459
14,620
23,352
21,762
14,041
Totals this week.
14,928
17,051
45,665
33,039
4,473
4,454
3,935
9,643
7,821
5,239
1,387
5,301
1,468
6,943
6,352
-
Total
Fri.
Thurs.
Wed.
Tues.
Man.
Sat.
Receipts at—
Galveston
and it is said that in many cases
following table shows the week's total receipts, the
total since Aug. 1, 1936 and stock tonight, compared with
agents at all.
last year:
producers may not notify
Price policies may depend somewhat on the
general steel price situation.
A general advance in finished
steel might carry pig iron along with it.
marked change is evident in this staple.
The demand for raw wool is beginning to expand and at firm
prices.
The chief source of this demand is the manufac¬
turers, who appear spurred on by prospects of a more active
goods market. The resumption of wool buying by manu¬
facturers is regarded as a welcome development, and in¬
Wool—Quite
dications
that the month will close with the price of
definitely firm basis.
The market
particularly de¬
sirable, the 10-12 months selling at 82c. to 83c., average
on
a
Texas wools
continues to broaden.
seem
This
Since Aug
1 1936
Week
Texas
Week
19,899
43,603
17", 051
45,665
30,088
152,574
33,039
*53", 459
16,757
29,325
6,731
27,684
70,179
Corpus Christi
Beaumont
New Orleans
1935
1936
339,928
25
50
41,389
166,296
128,755
25,814
272,726
1
City
Houston
Gulfport
Since Aug
1 1935
This
„
14,928
Galveston
Stock
1935
1936
Receipts to
Aug. 28
a
now are
wool established
The
126,608
6,731
62,253
276,946
2,047
309,889
94,595
7,499
267,995
__
4",473
"6,277
3",607
"6",831
Pensacola
4,454
5,758
3,466
348
428
808
9,066
13,011
19,608
6,305
1,392
35,216
Charleston
4",847
"6", 3 54
3", 348
""6",212
Lake
7,139
13,412
3,523
18,627
Savannah
12 months 84c. to 86c. and choice 12 months 87c. to 88c.
Wilmington
37",004
30,803
22,403
9,699
23,930
23,526
22,521
10,785
17,547
"4", 977
12,495
4,125
93,367
Brunswick
Prices paid on original bag territories are very similar, 81c.
to 83c. on short French combing, 83c. to 85c., good French
-
81,503
10,263
2,164
153,063
"""497
Mobile
Jacksonville
combing, and 86c. to 88c. on staple wool. Medium wools are
selling freely. Vills are buying three-eigths blood Ohio and
similar at 38c. to 39c., and the quarter-blood at 37c. to 38c.
in the grease.
Medium territory wools are also firm to
higher, some quantity of the three-eights blood combing
bringing prices within the range of 75c. to 78c., scoured
basis.
Dealers are hoping that nothing happens at the
opening of the new Australian season to impair the price
position of domestic fine wools. Any substantial decline in
the early weeks of the season there might have a strong
sympathetic influence on domestic sentiment.
Silk—On the 24th inst. futures closed yc.
lower to l^c.
higher.
Transactions totaled 660 bales.
Grade D in the
Yokohama market was 15 yen lower, the price being 752K
yen.
At Kobe Grade D dropped 15 yen, with the price at
750 yen.
On the Yokohama Bourse quotations were 7 to 10
yen lower, and at Kobe 6 to 13 yen lower.
Cash sales for
both markets were 725 bales, while transactions in futures
totaled 6,975 bales.
Local closing: Aug. 1.753^; Sept. 1.68;
Oct. 1.64; Nov. 1.61; Dec. 1.59^£.
On the 25th inst. futures
closed lp^c. lower to y<s. higher.
Sales for the day totaled
1,050 bales.
Grade D in Japan was unchanged at both
Yokohama and Kobe.
Bourse quotations at Yokohama were
1 yen lower to 5 yen higher, and at Kobe 2 yen higher to 3
yen lower.
Cash sales were 950 bales, and transactions in
futures totaled 5,025 bales for both markets.
Local closing:
Aug. 1.74^; Sept. 1.663^; Oct. 1.64; Nov. 1.603^; Dec. 1.60;
Jan.
On
1.60.
lower.
at $1.75.
the
26th
inst. futures
clos d
to lc.
Spot market unchanged
Grade D at Yokohama sold at 755 yen, a gain
Sales
totaled 330 bales.
of 2y2 yen.
At Kobe it sold at 755 yen, which at that center
a rise of 5 yen.
Bourse quotations at Yokohama were
3 to 5 yen lower, and. at Kobe unchanged to 4 yen lower.
was
1,100 bales of actual silk, with
totaling 3,825 bales.
Local closing:
Sales for both centers
futures
transactions
were
Charles.--.
"io
...
886
*972
1,645
"345
Norfolk
"2",066
'305
781
Newp't News, &c.
New York
694
Baltimore
pound down.
141,365
304,770 159,138
384,248 1,269,238 1,187,233
comparison may be made with other years,
give below the totals at leading ports for six seasons:
In order that
we
Receipts at—
Galveston
Houston
Orleans.
Mobile
New
Savannah
14,928
17,051
33,039
4,473
9,066
1933
1934
1935
1936
20,994
38,266
12,656
4,905
7,347
43.603
16,757
27,684
3,007
19,608
Brunswick
1932
27,000
73.453
20,549
2,785
13,709
1,100
"
1931
8,366
13,689
62,457
16,834
2,987
10,906
3,950
9,284
55,154
4,449
799
15,341
"l",063
"¥,847
Wilmington
"3", 348
"l",968
8,231
828
742
554
12
10
Charleston
"*"§72
314
474
480
118
__
Norfolk
N'port News.
57", 951
¥4", 159
35",255
58,576
33,412
¥l",661
Total this wk_
141,365
159,138
122,533
206,619
154,553
126,962
Since Aug.
304,770
384,248
317,364
563,513
462,061
294,186
All others
1__
The. exports
for the week ending this evening reach a
total of 41,651 bales, of which 7,528 were to Great Britain,
8,126 to France, 4,862 to Germany, 936 to Italy, 11,300
to Japan, and 8,899 to other destinations.
In the corre¬
sponding week last year total exports were 66,958 bales.
For the season to date aggregate exports have been 149,982
bales, against 209,301 bales in the same period of the pre¬
vious season.
Below are the exports for the week.
Exported to—
Week Ended
Aug.
28,
1936
"
Exports from—
Ger¬
Great
Britain France
Galveston
265
Houston
...
3/613
443
7,418
Lake
Italy
many
349
1,903
1,848
l.on
.Japan
China
Other
316
4,433
Total
1,071
300
....
"587
7,266
12,942
7,312
16,041
200
6,567
787
"782
Charles
782
markets was the extremely delicate political situation between
Japan and the two countries of Russia and China.
Sales for
the day totaled 1,370 bales.
Grade D at Yokohama was
reported lx/2 yen lower, with the price at 7473^ yen.
At
Kobe Grade D was 5 yen lower, at the price of 750 yen.
Yokohama Bourse quotations were 9 to 21 yen lower and
Kobe 10 to 19 yen lower.
Cash sales for both centers totaled
900 bales, while transactions in futures totaled 12,150 bales.
105
2,428
Week cables from Japan were in a large measure responsible
for the declines, and behind the weakness of the Japanese
105
2,428
1,200
Jacksonville
Los Angeles
Savannah
Wilmington
....
1,200
"loo
100
*
Total
7,528
Total 1934.
13,666
5,284
12,272
936
4,862
9,984
11,138
Total 1935
8,126
14,049
11,300
8,899
4,993
16,800
100
7,291
,
21,712
1,200
41,651
9,143
14,200
74,874
Exports from—
Galveston
Houston
Corpus Christi
.
New Orleans..
Lake Charles..
Mobile
Ger¬
Great
Britain
4,375
13,328
7,781
8,789
1,119
1,956
Jacksonville
France
Pensacola,
2,483
1,232
10,452
2,078
many
9,374
8,564
3,427
5,788
Italy
Japan
China
Other
695
5,880
9,069
3,090
6,040
7,996
3,280
32,193
37,017
36,965
25,877
1,400
3,920
3,050
1*219
256
361
370
&c.
Savannah
Charleston
Wilmington
370
5,024
"897
349
416
"650
765
Gulfport
1,697
119
318
Los Angeles
202
1,816
318
"366
"656
10
Francisco.
22
'"l9
51
20,965
149,982
34,695|
209,301
45,035
Total
6,571
1,200
1,200
Norfolk.
Total
7,832
""50
2,249
1,734
1,269
2,892
281
105
San
66,958
Exported to—
From
Aug. 1, 1936, to
Aug. 28, 1936
Extensive
liquidation was indicated on the primary ex¬
changes.
Local closing: Sept., 1.61 K; Oct., 1.593^; Nov.,
1.57Dec., 1.57; Jan., 1.56^; Feb., 1.57; Mar., 1.56;
Apr., 1.55To-day futures closed 13^c. to 2J^c. up.
Transactions totaled 17 contracts.
The price of Crack XX
in the New York spot market remained unchanged at $1.72.
The Yokohama Bourse closed 9 to 15 yen higher with the
exception of August, which was 11 yen iower.
The price of
grade D in the outside market declined 7 y2 yen to 740 yen a
bale.
Local closing: Sept., 1.64; Dec., 1.583^; Feb., 1.56y2\
Mar., 1.58; Apr., 1.57y.
1,150
Philadelphia
New Orleans
On the 27th inst. futures closed,2 to 4c. per
765
650
Boston
Corpus Christi..
Sept. 1.653^; Oct. 1.633^; Mar. 1.59.
54
558
17,221
31,948
8,144
26,669
39,172
53,420
32,072
23,489
25,490
15.245
51,342
16.652
54,183
62,513
1,158
COTTON
Total 1935
Friday Night, Aug. 28, 1936.
The
grams
Movement of the Crop,
as
indicated by
from the South tonight, is give below.
our
tele¬
For the week
ending this evening the total receipts have reached 141,365
Total 1934
200
23,827
42,503'
265,502
Canada—It has never been our practice to include in the
above table reports of cotton shipments to Canada, the reason being that virtually
all the cotton destined to the Dominion comes overland and It is impossible to give
NOTE—Exports to
returns
concerning the same from week to week, while reports from the customs
Financial
Volume 143
districts
the Canadian border
always very slow In coming to hand.
In view,
however, of the numerous Inquiries we are receiving regarding the matter, we will
that for the month of July the exports to the Dominion the present season
have been 9,720 bales.
In the corresponding month of the preceding season the
exports were 25,259 bales.
For the 12 months ended July 31, 1936, there were
on
are
say
243,777 hales exported, as against 221,335 bales for the 12 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
Leaving
Ger-
Britain
Coast¬
many
France
Other
Foreign
wise
Stock
Total
1427
this pressure indicated
clearly its underlying weakness and
lack of support.
Under the selling referred to all the early
gains
were lost, and the close was barely steady at about
the lows of the
day.
Continued dry weather in the Western
belt and an unfavorable
interpretation of the weekly weather
and crop bulletin
inspired a fair amount of buying in the
early trading, but, as has been the case, for some time past,
the buying has lacked
vigor.
The cautious attitude of most
traders
Shipboard Nop Cleared for—
Aug. 28 at—
Great
Chronicle
be
can
easily understood, in view of the delicate
foreign political situation and the prospects of keen com¬
petition from foreign growths of cotton.
These uncertainties
appear to be
Galveston
2,000
200
100
190
1,195
416
3,393
659
1,554
1,519
"12
Houston
New Orleans
Savannah
1,700
2,281
1,594
334,128
162,086
263,086
153,063
30,803
79,972
23,930
200,989
5,800
4,210
9,640
1,800
128
2,440
Charleston
Mobile
1,531
Norfolk
Other ports.
__
Total 1936--
Total 1935Total 1934-
7,102
5,459
—
5.401
2,066
2,070
3,112
2,574
4,838
10,535
5,575
12,570
37,521
525
2,191
scale,
narrow
range.
interest in
with
fluctuations
There
covering
appeared
to
the market, especially on
be
comparatively
lack of
general
the part
of outsiders.
which has led to
Continued
reports of crop deterioration,
crop estimates, have served to check aggressive
On the other hand, fears of increased hedge pres¬
reduced
selling.
and
sure
rather
was on a
a
a
the extremely
delicate political situation abroad
factors restraining large-scale
operations on the
upward side of the market.
have been
~On
temperatures and lack of rain
able in
the 22d inst.
prices closed 3 to 7 points down.
This
represented about the lows of the day.
The market
continued dominated as it had been all
week, by foreign and
domestic selling, wearied long
liquidation, induced largely
by the uncertainties over the political situation abroad and
how foreign developments will affect America's
exports of
range
year
for the early
season,
and
estimates of the China crop
running above 3,000,000 bales
in some cases, and in one case even
substantially above that
figure—were influences that did not help local prices much.
The bullish weather reports from the Southwest
appear to
get very little attention in comparison with these
foreign
items of news.
Trading was
quite active during this session,
heavy volume changing hands.
For the week ended
Saturday, futures were 20 to 29 points lower.
Average
price of middling at the 10 designated spot markets was
with
a
11.67c.
On the 24th inst. prices closed 5 to 9
points down.
This decline was attributed to
reports of showers in parts
of the drought area in the Southwest and increased
hedging
operations, which sent prices down to
movement.
day.
The close
was
The official weather
failed to show
as
new
map
was
over
on
Outside business
was
from the South indicated
comparatively small.
more
increased
other
to
October
to
absorbed
March.
most
of
Trade
the
price
offerings.
fixing
on
After
the
a
scale
down
hedge selling
steadily on covering and
petered out, the market worked up
price fixing by mills.
The weather map showed
no rain iii Oklahoma and west
Texas, with only a few showers
in east Texas.
The prolonged drought and numerous com¬
plaints of rapid deterioration in Texas and,Oklahoma have
continued
in
The weather reports created very little
interest, even though
they contained further evidence of deterioration, particularly
in
the
of
the
Southwest.
Spot houses were responsible for some
hedging in October and December, but the
offerings appeared to be fairly well absorbed.
Liverpool,
light
the Far East and the Continent
commission houses,
led to expectations that private
crop reports will indicate
a
for deliveries
the probable crop, over half a million bales.
of the private crop authorities has
on
While
none
yet estimated the present
outlook, ideas
be crystallizing around12,250,000
bales or under.
The average price of
middling at the 10
designated spot markets was 11.67c.
On the 26th inst.
prices closed 3 points down to 2 points up.
Due to a strong
crop
seem to
Liverpool market and bullish weather advices from the
Southwest, prices here in the early session advanced 15 to 19
points.
At this level considerable hedge selling and liquida¬
tion developed, and the way the market
slumped off under
buyers, while
as
sold.
Differences between grades established
for deliveries
on
Sept. 3.1936
inch
contract to
on
Sept
quotations
average
.
of
3,1936
the
ten
markets
designated by the Secretary of
Agriculture.
1-inch &
longer
.23
the
are
15-16
.48
Middling Fair
.23
.48
Strict Good
.23
.48
do
.51
.23
do
.48
Good Middling
Strict Middling
do
.33
do
.23
.48
Middling
do
Basis
do
.18
.39
.15
.33
..White
Middling.,
.23
.71
do
Strict Low Middling
,r_
on
.60
do
Low Middling
do
56 off
1.93
do
do
....2.43
do
Good Middling
.23
.48
Strict Middling
do
do
.48
Middling
do
do
.01
Strict Low Middling
Low Middling
do
do
do
do
do
.33
.23
.18
.39
.33
.22
.42
.22
Extra White.
Good Middling
Strict Middling
.42
.16
.34
Mid.
128
do
.48
.15
Mid.
do
♦Strict Good Ordinary.,
♦Good Ordinary
.51
do
do
do
.55 off
.14
do
Middling
on
'
1.25
Spotted—
do
do
on
do
.10 off
do
♦Strict Low Middling
♦Low Middling
do
.57 off
do
..
do
1.29
do
1.99
do
.29
Good Middling
Tinged
.12
.29
Strict Middling
♦Middling.*
do
.54
do
do
1.17
do
♦Strict Low Middling...
do
1.91
do
♦Low
do
2.44
do
1.26 off
do
Middling
Good Middling...
♦Strict Middling
♦Middling
.28
.12
.12
.28
Good
.12
.28
do
Middling
The
on
do
177
do
Strict Middling
Not deliverable
.32 off
Yellow Stained
do
'..2.26
Gray
do
do
do
do
.53 off
do
.79
do
1.30
do
do
♦Middling
•
r
do
.12
1
future contract.
official quotation for middling upland cotton in the
day for the past week has been:
New York market each
Aug. 22 to Aug. 28—
Middling upland
Sat.
-..--.11.96
Mon.
Tues.
11.85
11.91
Market and Sales
The total sales of cotton
at
Wed.Thurs.
11.88
11.88
Fri.
11.78
New York
the spot each day
during the
week at New York are indicated in the
following statement.
For the convenience of the reader, ,we also add columns
which show at
closed
on
fall in crop prospects of a month
ago, and that the Bureau
estimate on Sept. 8 will indcate a substantial
reduction from
the August estimate of 12,481,000 bales.
A
leading co¬
operative association, it is rumored, has lowered its figures
noted
were
locals and the South
Staple Premiums
60% of average of
six markets quotin
designated spot markets was 11.60 cents.
On the 25th
inst. prices closed 6 to 9
points up.
Trading was only moder¬
on
move¬
quite steady, 2 to 4 points lower, influenced by poorer cables
Liverpool. The market continued quiet for some time.
this
points.
Hedge selling appeared in considerable amount
an
early bulge, and this with local selling carried prices
below the previous low levels for all active
positions from
the
as
more
from
the
of 7
was
the drought area.
Average price of middling in
designated spot markets was 11.66c.
Today prices closed 10 to 11 points down. Futures opened
which
range
narrow
A restraining influence here
hand, buyers seemed to be apprehensive
relief
10
a
prices moving over a
There was very little
the 10
hedge selling.
The Census Bureau report that
ginned from the growth fof 1936
prioy to Aug. 16
had totaled 208,327
running bales, compared with 317,193
last year and 354,724 two
years ago, confirmed the fact that
the crop is late.
Average price of middling cotton at the
over
Trading
up.
hedge selling
orders come into the market from the
producing sections.
Conditions abroad were also a disturbing
factor, as mer¬
chants believe export possibilities may have a decided in¬
fluence on the price trend.
The weather map showed no
cotton
to 10
with
11
to
Advices
sales of spot cotton,
ate, with fluctuations somewhat erratic
6
ment of cotton increased in volume and
and the detailed reports
as the
early reports
export sales of American cotton
-V;.''
points
the steady stream of
reports on crop deterioration in parts
of the central and western cotton
belts, which led to expec¬
tations of substantially reduced crop estimates.
Reports
of more
activity in the textile markets and a firmer stock
market tone served to make sellers more cautious.
On the
account, as well as over competition of
foreign growths.
Japanese interests were noticed as buyers during this
day's
session, while leading spot houses andv cooperative interests
sold.
of
about selling aggressively.
indicated, but heavy rains in the lower Mississippi,
Valley offset complaints of deterioration to the crop in the
Western belt.
Buying of an aggressive character has not
appeared in the market for some time, this being ascribed
to the disturbed
political situation abroad and continued
uncertainties
relatively light,
points.
outside
interest in evidence, business being confined largely to local
professional traders.
There was a noticeable hesitation
much rain in Oklahoma
had
"
On the 27th inst.
prices closed 2 to 5
low levels for the
barely steady at the lows of
were
sections.
11.64c.
cotton.
Another consideration of no small
proportions was
the growth of foreign crops.
A large Indian cotton indication
on heavier
plantings than last
again decidedly unfavor¬
Average price of middling
the 10 designated spot markets of the South was
the Western
cotton at
range
Speculation in cotton for future delivery
limited
21,181 1,248,057
24,240 1,162,993
60,486 2,341,756
4,368
acting as restraints to active healthy trading.
The weekly crop bulletin said the crop continued to make
satisfactory gains over the eastern third of the belt, but high
on
glance how the market for spot and futures
days.
a
same
Futures
Spot Market
Closed
Saturday— Quiet,
Monday
Quiet,
Quiet,
Tuesday
Wednesday- Quiet,
Thursday
Quiet,
Friday
Quiet,
—
—
..
SALES
Market
Closed
7 pts. dec
11 pts. dec
6 pts. adv
3 pts. dec
unchanged..
10 pts. dec...
Stea
y
BarePy stady
Steady
Barely steady..
Steady
Steady
Spot
Contr'et
i
i
i
i
1
1
i
i
i
i
1
1
1
•
•
i
i
I
1
I
1
1
1
i
i
i
i
i
i
i
i
1
i
i
1
1
1
i
i
•
1
1
Total
i
i
i
t
14* I .i
i
i
i
i
i
i
i
i
Total week.
Since Aug. 1
3",700
New York
The
'200
3,966
Quotations for 32 Years
quotations for middling upland at New York on
Aug. 28 for each of the past 32 years have been as follows:
1936
11 78c.
1928
1935
10 95c.
13 35c.
9. 65c.
9. 20c.
1927
1931
7. 15c.
1923
1930
11. 70c.
1922
1934
1933
1932
1926
—
1925
1924
1921
1929 —,_-19. 05c.
Futures —The
>
—
34.25c.
32.10c.
37.30c.
23.45c.
15.60c.
1920
19.30c.
22.60c.
18.95c.
22.00c.
26.85c.
25.45c.
22.55c.
15.60c.
1919
1918
1917
1916
1915
9.85c.
1914
11.00c.
12.70c.
1913
12.75c.
-
Saturday
Aug. 22
Aug. 24
decrease of
11.35c.
2,505,561 bales from 1933.
at
is, the
the movement—that
Towns
Interior
the
At
for
receipts for the week and since Aug. 1, the shipments
the week and the stocks tonight, and the same items for
Friday
Aug. 28
Aug. 27
Aug. 26
Aug. 25
t
and a
1,890,644 bales over 1934,
13.55c.
9.90c.
Thursday
Wednesday
Tuesday
last
1935, a
decrease of
gain of 536,609 bales over
1905
lowest and closing prices
week have been as follows:
Monday
a
1907
1906
highest,
New York for the past
bales,
of 47,229
week
9.50c.
u
1936 show an increase over
figures for
above
The
1910 —,—16.90c.
1909
12.90c.
1908
week have been 41,000 bales.
Continental imports for past
11.25c.
1912
1911
29, 1936
Aug.
Chronicle
Financial
1428
corresponding period of the previous
the
year—is set out in
detail below&*'
-
SeptX1936)
Range
11.58-11.58
*
Closing
.
11.62ft
11.58ft
11.61»
11.55ft
11.59ft
Movement to Aug.
11.51ft
Oct.—
Closing
Week
|
Nov.—
Range—
11.50ft
11.47ft
11.48ft
11.42ft
11.49ft
Closing
11.40»
'
Jan. (1937)
•
Closing
_
11.53
11.48
—
11.56
—
11.53
—
il.51-li.57
11.46
_
11.59ft
11.56ft
11.58ft
11.50ft
11.57ft
32
_
11.62
11.53
—
11.62
11.60
11.61
—
193!
93
104
309
557
2,154
173
3
406
21
728
30
2
1,390
498
18
54
450
931
3,410
5,753
5,771
11,270
500
2,100
300
701
368
Athens
Range_.
11.64ft
11.61ft
11.61ft
11.53ft
Atlanta
11.54ft
Augusta
Columbus..
May—
11.59-11.66 11.53-11.64
Range.. 11.60-11.65 11.53-11.68 11.53-11.63 11.62-11.79
La., Shreveport
11.56ft
4,184
ll!53-11.60
11.62-11.79 11.60-11.67 11.53-11.64
11.60
11.62
Greenwood.
11.56
11.67
_
Nominal.
3,853
864
573
311
33
33
121
26
26
4
7~05i
11,048
2~484
~2~5l6
50
"
3^935
4*955
118
145
391
725
2,539
7,698
4,755
2,840
21,857
21,180
17,364
2,281
94,353
2,200
1,506
300
11,961
1
250
2,816
1,859
1,183
300
1,277
2*730
61
800
763
10,249
4,361
5,241
1,002
31,672
2,031
3,246
174
12,679
16
1,102
124
123
36
2,298
151
1,759
2,813
13,601
1,381
2,852
~99
4,111
"930
977
236
11,562
1,512
1,373
4,962
1,373
158
351
2,444
15
81
162
2,022
373
489
79,485
2,258
2,746 35,592
21,020327,694
2,660
644
4,924
32,187
661
9,806
49,389
9 1936 12.90
10.39 Jan.
116
150
45
163
239
127,
600
"60
229
70,
612
797
1,434
1,378
1,692
1,036
2,037
1,519
650
6,922
733
1,636
329
2,127
4,532
4,408
5,495
1,284
5,878
2,819
Aug. 24 10.42 Sept.
11.62
Aug.
Oct.
26
9.80 Jan.
10.12
Nov. 1936..
July
21 1936
Mar.
_
Dallas..
3 1935 12.32
July
8 1936
July
10 1936
Robstown
3 1936 12.25
July
23 1936
San Antonio
Paris
Dec.
1936.. 11.42
Aug.
11.69
Aug. 26
9.76 Jan.
9 1936 12.78
July
10 1936
Texarkana
Jan.
1937- 11.45 Aug.
11.71
Aug. 26
9.94
Feb.
25 1936 12.76
July
10 1936
July
10 1936
1 1936 12.78
July
lb"1936
1,046
43
....
Aug.
Aug.
ii.5~3" Aug"
11.79
Aug.~2 6
Mar. 1937.. 11.50
Apr.
26 10.20
10 "4 8
June
*
June 1937-
July
1937- 11
The Visible Supply of Cotton
and telegraph, is as follows.
afloat are this week's returns, and
cable
as
1,147
900
719
7,126
1,462
541
1,580
538
2
1,043
1*447
1,616
58,184
129,135
tonight, as made up by
Foreign stocks as well
consequently all foreign
1936
Total Great Britain.
Stock at Bremen.—
—
Stock at Rotterdam
.
Stock at Barcelona
...
Stock at Venice and Mestre
Stock at Trieste
984,000
393,000
151,000
the
Europe—
American cotton afloat for Europe
Eg#pt, Brazil,&c.,afl't for Europe
Stock in Alexandria, Egypt
83,000
202,000
424,000
702,000
940,000
41,000
118,000
166,000
69.000
93,000
550,000
735,000
1,187,233
1,269,238
1,140,781 1,119,686
Stock in Bombay, India
Stock in U. S. ports
9,000
25,000
59,000
51,000
12,000
11,000
:
Stock in U. S. interior towns
13,306
today
20,797
1,686,000 1,681,000
97,000
65,000
118,000
281,000
179.000
89,000
168,000
247,000
901,000
736,000
2,402,242 2,990,134
1,102,173 1,111,525
17,554
21,227
4,748,325 4,211,716 6,638,969 7,253,886
Total visible supply
totals of American and other descriptions are as follows:
A/ttlCViCCLTl—*
214,000
Bremen stock
Havre stock
;
Other Continental stock
American afloat for Europe..
U. S. ports stock
129,000
289,000
34,000
93,000
82,000
57,000
83,000
bales.
Liverpool stock
Manchester stock
19,000
113,000
49,000
78,000
118,000
41,000
339,000
119,000
104,000
118,000
394,000
61,000
1,140,781 1,119,686 1,102,173
13,306
U. S. exports today
20,797
17,554
same
reports
452,000
Bremen stock
48,000
55,000
46,000
77,000
54,000
•
Havre stock
Other Continental stock.
Indian afloat for
_
Europe
202,000
Egypt, Brazil, &c., afloat
93,000
Stock in Alexandria, Egypt
Stock in Bombay, India..
735,000
^
1
318,000
318,000
50,000
94,000
23,000
67,000
41,000
166,000
69,000
550,000
610,000
610,000
44,000
53,000
32,000
55,000
65,000
179,000
168,000
901,000
Aug. 1
1,111,525
21,227
Since
Aug. 1
13,967
6,600
Week
45,000
83,000
97,000
89,000
247,000
736,000
Total visible supply
4,748,325 4,211,716 6,638,969 7,253,886
Middling uplands, Liverpool
Middling uplands. New York
6.70d.
11.78c.
6.21d.
10.75c.
7.lid.
13.35c.
Egypt, good Sakel, Liverpool
Broach, fine, Liverpool—
Peruvian Tanguis, g'd fair, L'pool
10.58d.
8.40d.
9.29d.
8.33d
5.48d.
5.19d.
5.46d.
4.63d.
C.P.Oomra No.l staple,
s'fine.Liv
Since
5.60d.
9.45c.
Aug. 1
Week
500
5,037
1,806
312
730
1,165
"117
""~457
3,345
3,000
14,218
11,088
3,305
6,721
14,112
17,966
.11,889
Via St. Louis...
Via Mounds, &c
47,768
12,016
39,378
345
305
839
238
9,009
2,066
1,162
31,133
8,100
1,009
23,606
9,730
34,361
8.643
25,454
2,159
2,159
13,407
3,373
13,924
2,852
2,380
jmm
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, &c
Deduct
Shipments—
Overland to N. Y., Boston, &c
.
376
.
.
Total to be deducted
.
.
Leaving total net overland *
*
.
1,373
Including movement by rail to Canada.
week's net overland movement
bales, against 3,373 bales for
the week last year, and that for the season to date the
aggregate net overland exhibits a decrease from a year ago
The foregoing shows the
this year has been 2,159
of 517 bales.
1935-
Since
Aug. 1
In Sight and
Spinners
Takings
Week
Net overland to Aug. 28
South'n consumption to
2,159
Aug. 28-.125,000
,
,268,524
8,605
Aug. 1
159,138
3,373
80,000
384,248
13,924
247,000
818,177
*65,636
242.511
25,562
745.172
*4,651
268,073
277,129
740,521
752,541
Total in sight Aug. 28
North, spinn's* takings to Aug.
*
Since
Week
13,407
500,000
304,770
141,365
Receipts at ports to Aug. 28
355,000
Total American
7.50d.
5.49d.
1935-
1936
Aug. 28—
Shipped—
1936
1,762,000 1,378,000 2,107,000 1,652,000
2,986,325 2,833,716 4,531,969 5,601,886
Total East India, &c
•
Week and Since Aug. 1—
.
Liverpool stock
5,035 bales more than
.
movement
telegraphic
Friday night.
The results for the week and since
in the last two years are as follows:
East Indian, Brazil, &c.—
Manchester stock
interior stocks have
the
week last year.
2,986,325 2,833.716 4,531.969 5,601,886
Total American
in Oklahoma.
that
show
.
743.000
281,000
.1,269,238 1,187,233 2,402,242 2,990,134
U. S. interior stock
totals
32,622 1119686
We give below a statement showing the overland
for the week and since Aug. 1, as made up from
,
826,000
above
Overland Movement for the
855,000
462,000
171,000
23,000
69,000
101,000
1,158,000
54,000
Total European stocks
India cotton afloat for
Of the above,
516,000
207,000
72,000
16,000
41,000
69,000
10,000
410,000
Total Continental stocks
U. S. exports
749,000
106,000
54,614 140,781
150,251
receipts at all the towns have been
1933
899,000
85,000
58,000
50,000
11,000
6,000
—
Stock at Genoa
1934
447,000
69,000
748,000
148,000
128,000
9,000
Stock at Manchester
Stock at Havre
1935
666,000
82,000
bales-
Liverpool
63,219
926
10,854
5,615
2,239
10,950
7,857
during the week 8,605 bales and are tonight
21,095 bales more than at the same period last year. The
only.
Aug. 28—
607
32
75
22
4,523
5,630
increased
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
Stock at
104
1,349
Includes the combined totals of 15 towns
The
ir79.~Aug~.~26 11751 "Aug." 24~ 1936 12*55 July" 27" 1936
"51 Aug".
702
919
Total, 56 towns
1937..
May 1937-
650
_.
2,429
359
1,147
1937Mar. 27 1936 12.78
.
Waco...
Feb.
11.78
8,054
67
188
9 1936 12.78
11.58
1936- 11.35 Aug.
2,270 105,901
4,823 30,618
6,930 302,937
3,866
Austin
Since Beginning of Option
Sept. 1936.. 11.58 Aug.
3,064
17
410
Brenham
Aug. 1936-
767
13,726
18,489
23,081
22,604
1,167
59
1,277
14,640
15 towns *
S.C., Greenville
Tenn.,Memphis
Texas, Abilene
Range
Range for Week
285
Oklahoma—
Range for future prices at New York for week ending
Aug. 28, 1935, and since trading began on each option:
Option for—
T08
"...
11,512
15,953
24,379
50,876
14,290
26,481
11,063
7,799
5,091
210
530!
"276
'80
12
19,609
13,118
8,199
1,975
2,702
Mo., St. Louis
N,C.,Gr'nsboro
3,071
148
59
Vicksburg—_
Yazoo City.
1*869
4,476
5,720
18,206
38,009
73,852
16,695
997
156
Natchez
Range..
L041
2,425
8,100
2,137
_
Jackson...
Aug.—
6,675
4,876
2,033
9,704
6
Columbus..
11.51
11.59ft
11.66ft
11.62»
11.61»
11.52ft
Closing. 11.60ft
4*771
Miss.Clarksdale
Range..
July—
Range.. 11.57-11.60 11.51-11.62
3,263
38
Rome
June—
.
235
Macon
11.56
11.66
11.61-11.63 11.62
Closing. 11.61-11.63 11.53
256
90
"917
Walnut Ridge
Ga., Albany.._
30
1
1,037
2,737
4,975
8,504
9,173
39,670
10,554
26,759
10,461
15,962
18,166
74,663
87,777
33,500
25,616
19,972
19,295
8*200
Pine Bluff...
11.52
1,037
60,464
5,211
425
Newport
Closing. 11.62ft
»
660
21
Aug.
Week
Season
i
'
425
Little Rock.
11.49ft
11.60-11.78 11.55-11.64 11.50-11.60
Range.. 11.59-11.67 11.53-11.70 11.52-11.62
Closing
675
21
Jonesboro
Range..
Closing
565
Hope.
March
Closing
April-
1,096
Helena
Feb.—
Closing
675
3,600
Ark., Blythville
Forest City..
11.45-11.55
11.56ft
11.53-11.71
Range.. 11.53-11.58 11.48-11.60 11.46-11.56
2,096,
3,019
Selma
Week
30,170
9,555
50,133
54,573
24
1,524
Montgomery
11.51-11.69 11.47-11.57 11.42-11.52
Range— 11.50-11.58 11.43-11.58 11.42-11.53
11.51-11.52 11.51-11.52 11.53-11.54 11.43-11.44
Closing
11.53-11.54 11,44 —
144
37
Eufaula
Dec.—
539
450
45
AIa.,Birming'm
28
Stocks
ments
Aug.
Week
Season
Ship¬
Receipts
Stocks
ments
Towns
11.46-11.54 11.40-11.55 11.39-11.49 11.43-11.62 11.39-11.50 11.35-11.46
11.48-11.49 11.38
11.46-11.48 11.43 —
11.46-11.48 11.40 —
Range.
•
28, 1936
Ship¬
Receipts
30, 1935
Movement to Aug.
28- 29,058
29,058
.
85,786
16,722
56,259
Decrease.
Movement into sight
in previous years:
Bales
Week—
Since Aug.
203,902 1934
338,084 1933
213.151 1932
1934—Aug. 31
1933—Sept. 1
1932—Sept. 2
Quotations for Middling Cotton at
Below
are
the
closing
Southern and other
of the week:
1—
Bales
665,069
-1,082,281
698,957
Other Markets—
quotations for middling cotton at
principal cotton markets for each day
Volume
143
Financial
Closing Quotations for Middling Cotton
Week Ended
Aug. 28
Saturday
Monday
Galveston
11.86
New Orleans..
11.80
11.46
11.79
11.70
11.40
11.70
11.75
Mobile
Savannah
Norfolk
11.78
11.80
11.35
Montgomery..
11.55
Houston
11.83
Little Rock
Dallas
Fort Worth—
11 86
11.52
11.53
11.52
11.82
11.87
11.81
11.85
11.43
11.48
11.73
11.70
11.78
11.75
11.33
11.40
1429
average hours per spindle
the following statement:
on—
Wed day Thursday
11.77
11.46
11.78
11.80
11.37
11.72
11.55
11.82
11.53
11.52
11.52
11.25
11.65
11.50
11.75
11.45
11.45
11.45
11.72
Augusta
Memphis
Tuesday
Chronicle
11.77
11.75
11.38
11.68
11.65
11.35
11.68
11.73
11.35
11.83
11.25
11.33
11.53
11.48
11.48
New Orleans Contract Market—The
for
leading contracts in the New Orleans
the past week have been as follows:
11.53
Active Spindle Hours
Spinning Spindles
11.73
11.18
11.43
11.43
closing quotations
cotton market for
Monday
Aug. 24
Aug. 22
Tuesday
Active Dur¬
July 31
ing July
United States
28,157,094
23,249,572
7,859,348,920
279*
Cotton growing States
New England States.
19,032,036
8,137,126
987,932
17,145,596
5,394,700
6,058,855,873
1,623,446,094
177,046,953
318
1,874,410
797,160
3,300,000
782,160
4,388,176
V
226,508
981,814
509,012
6,051,744
1,684,720
603,206,159
147,660,744
1,091,446,915
208,879,734
858,598,527
56,181,030
120,824,569
73,518,789
1,792,202,298
255,870,680
1,978,062,243
225,374,366
70,892,388
188,283,941
188,346,537
322
All other States
iS'
Aug. 26
Thursday
Aug. 27
Friday
Aug. 28
«
Alabama
Connecticut
Georgia
Maine
Massachusetts
North Carolina
Rhode Island
Tennessee
September
Texas
11.44
..
11.34-11.35 11.42-11.43 11.40-11.42 11.45
11.34-11.36
November
December.
11.37-11.38 11.47
11.48
11.48
11.49
11.51
11.47
11.57
115561157a 115861159a 11.46
115761158a 11.47
February
11.58
11.41
-—
.
11.56
115761159a 11.62
11.51
June..11.52
July
Bid. 11.42
Bid. 11.53
Bid. 11.57
11.61
Bid.
11.50
bid
Tone—
"
Spot
Options
Steady.
Steady.
Domestic
stock
of
Steady.
Steady.
Steady.
Steady.
Steady.
Steady.
Carryover of Cotton
all
the cotton
cottons
in
the
United
on
Steady.
Steady.
Steady.
Steady.
July 31—The total
States
at
the
close
of
just ended, on July 31, was smaller than
that on any comparable date since
1930, according to
preliminary figures issued by the New York Cotton Exchange
Service.
It totaled approximately
5,477,000 bales, com¬
pared with 7,208,000 on the corresponding date last year,
and a maximum of 9,678,000 in 1932, said the
Exchange
Service, which under date of Aug. 15 also had the following
season
During the past cotton season the distribution of cotton by the United
States, in the form of consumption and exports plus a small
quantity
destroyed, exceeded the new supply; in the form of production plus
imports,
by 1,731,000 bales.
Distribution totaled 12,395,000 bales, while the
new supply aggregated
only 10,664,000.
it is this excess of distribution
over
the new supply which accounts for the reduction of the
domestic
carryover of all cottons from 7,208,000 bales last year to 5,477,000 this
year.
Distribution during the past season was much greater than in the
previous
season.
The total of 12,395,000 for the past season
compares with only
10,207,000 in the preceding season, the increase being 2,188,000 bales.
However, a distribution of all cottons by the United States of 12,395,000
bales in a cotton season compares
unfavorably with most past seasons for
several decades.
The largest distribution in any season was recorded
in
1926-27, when it aggregated 18,223,000 bales.
As far back as the 1906-07
season
this country distributed 13,189,000 bales.
Average distribution
in the 10 seasons prior to this last season was
13,914,000 bales.
However, much encouragement is felt in the cotton trade over the
increase of distribution during the season just ended from the low
point
reached in the preceding season.
Domestic consumption totaled ap¬
proximately 6.318,000 bales, compared with 5,361,000 the season before;
and
exports
6.047,000, compared with 4,816,000.
Average domestic
consumption in the 10 seasons prior to last season was only 6,100,000
bales,
and hence domestic consumption last season was
higher than the 10-season
average.
Average exports during the 10 seasons prior to last season were
7,777,000 bales, and thus exports last season were far below the 10-season
average.
While distribution
of cotton
by this country substantially exceeds the
below it in other seasons, due to
conditions, it naturally tends to rise and
fall with the supply, and the large increase in
distribution during the
past season over the previous season is doubtless to be credited in
large
part, at least, to the increase in the supply.
Last season the new supply
aggregated, as stated, 10,664,000 bales, which compared with only
9,671,000
in the previous season.
However, another important factor
supply in
fluctuations
in
some
world
seasons
and falls
business
contributing
to the increase in distribution was the release
by the Government of nearly
2,000.000 bales of spot cotton from its holdings in the Producers' Pool
and
Loan stocks.
A third, and most important factor was the
rise in con¬
sumption of cotton both in the United States and abroad.
The new supply of cotton of this country, in the form of
production
and imports, of 10,664,000 bales last
season, compares with an
average
for the 10 years prior to last season of
14,474,000 bales.
While imports
have been reduced substantially in recent seasons as a
result of the tariff
on long staple cotton, they are
only a minor factor in t he domestic supply
situation, and the main reason for the decrease in the domestic
supply
for the 10-year average is to be found in production
control,
form during the past three years of the Agricultural
which has been succeeded this year by the Soil
taking the
Adjustment program
Conservation program.
Domestic production has been reduced almost
entirely by acreage control,
since yields per acre have increased during the past few
years.
During
the new
179
580,362
2,960,266
667,534
2,922,480
172,816
371,764
295,984
5,408,622
779,664
5,425,638
561,868
193,108
566,242
658,504
856,280
185
331
267
196
248
123
144
296
235
344
352
277
290
220
Aug. 24, compiled from the
ginners, shows 208,327 running
bales of cotton (counting round as half bales and
excluding
linters) ginned from the crop of 1936 prior to Aug. 16,
compared with 317,139 bales from the crop of 1935, 354,724
bales from the crop of 1934, 459,528 bales from the
crop of
1933, 251,451 bales from the crop of 1932, 590,608 bales
from the crop of 1931, and 572,810 bales from the
crop of
1930, and with 304,771 biales from the crop of 1929.
Below
is the report in full:
of
the
Running Bales (Counting Round
State
and
1936
Alabama
season
which the cotton trade is
now
entering, 1936-37, domestic
acreage has been increased appreciably over last year, and
present pros¬
pects are for a crop substantially larger than last year.
Although the
carryover into the new season is smaller than that in recent
seasons, the
increased production for the coming season should
help to sustain dis¬
tribution.
1935
5,669
Half Bales
1934
.
27,115
972
198
2,613
2,853
Florida
1,200
18,724
22,657
4,689
153,668
3,129
77,812
7,608
12,448
3,404
Arizona
.
Louisiana
Mississippi
Activity in the Cotton Spinning Industry for
July,
Bureau of the Census announced on
Aug. 21
that, according to preliminary figures, 28,157,094 cotton
spinning spindles were in place in the Unietd States on
July 31, 1936, of which 23,249,572 were operated at some
time during the month, compared with
22,957,322 for June,
22,828,888 for May, 23,123,536 for April, 23,175,502 for
March, 23,337,070 for February, and 22,311,970 for
July,
1935.
The hours of employment and of
productive ma¬
chinery are affected generally by organized short time.
However, in order that the statistics may be comparable
1936—The
with those for earlier months and years, the
of computing the percentage of
same
method
activity has been used.
this basis the cotton spindles in the United
States were operated during July, 1936, at
119.8% capacity.
This percentage compares with 111.0 for
June, 105.2 for
May, 110.9 for April, 108.1 for March, 105.2 for February,
and 73.5 for July, 1935.
The average number of active
spindle hours per spindle in place for the month was 279.
on
The total number of cotton
spinning spindles in place, the
number active, the number of active spindle
hours, and the
2,659
538
197,318
1,300
331,182
*208,327
_.
United States...
*
Includes
867
748
;
Texas
*317,139
All other States..
41,130 bales of the
crop of
counted in the supply for the season of
bales of the crops of 1935 and 1934.
819
*354,724 1
1936 ginned prior to Aug.
1 which
was
1935-36, compared with 94,346 and 99,787
The statistics in this report include 452 round bales for
1936, 892 for 1935, and
4,424 for 1934.
The statistics for 1936 in this report are subject to revision when checked
against
the individual returns of the ginners being transmitted by mail.
CONSUMPTION, STOCKS,
IMPORTS, AND EXPORTS-
UNITED
STATES
Cotton consumed during the month of July, 1936, amounted to 603,203
bales.
Cotton on hand in consuming establishments on
July 31 was
898,084 bales, and in public storages and at compresses 3,924,101 bales.
The number of acting consuming cotton spindles for the month was
23,249,572.
The total imports for the month of July-, 1936, were 20,305
bales and the exports of domestic cotton, excluding linters, were
156,262
bales.
WORLD
The
STATISTICS
preliminary
estimate of the world's production of commercial
exclusive of linters, grown in 1935, as compiled from various
sources, was 25,894,000 bales, counting American in running bales and
foreign in bales of 478 pounds lint, while the consumption of cotton (ex¬
clusive of linters in the United States) for the year ended July 31, 1935,
was
25,283,000 bales.
The total number of spinning cotton spindles,
both active and idle, is about 154,000,000. «
cotton,
Weather Reports by Telegraph—Reports to us by tele¬
graph this evening indicate the drought which is cutting
daily into the Oklahoma cotton crop remains unbroken.
The rainfall
was
very
scarce
over
the entire eastern half
of the cotton
Louisiana.
region, but showers were rather numerous in
The daily picking of the crop is adavncing
northward.
Rain
Texas—Galveston
4 days
Amarillo
Rainfall
0.54 in.
dry
*——-1 day
0.02 in.
Abilene
1 day
0.12 in.
Brenham
2 days
1 day
0.04 in.
0.06 in
0.62 in.
0.26 in.
Austin
Brownsville
Corpus Christi
2 days
--1 day
Dallas
Del Rio
El Paso
Henrietta
Kerrville
Computed
as
Excluding Linters)
Georgia
to say:
new
200
Cotton Ginned from Crop of 1936 Prior to
Aug. 16—
The Census report issued on
individual returns
April:
May
Spindle in Place
11.49-11.50 11.39-11.41
11.38
Jan.(1937) 11.48
March
Virginia
All other States
11.47
709,276
1,089,304
5,756,438
639,528
255,744
648,816
South Carolina
Aug. (1936)
October
Average per
Total
,
Mississippi
Wednesday
Aug. 25
for July
In Place
New Hampshire
New York
Saturday
shown in
are
State
11.63
11.55
11.78
11.48
in place, by States,
Friday
1
1
—2
--3
Lampasas
Longview
Luling
Nacogdoches
--2
Palestine.
Paris
1
-
2
San Antonio
Taylor
1
-—I
1
Weatherford
Oklahoma—Oklahoma City.
2
Arkansas—E ldorado
Fort Smith..
Little Rock
—
Pine Bluff
Louisiana—Alexandria
4
Amite
5
New Orleans
3
Shreveport..
4
1
1
3
3
1
Mississippi—Meridian
Vicksburg
Alabama—Mo bile
Birmingham
Montgomery
Florida—Jacksonville
Miami
Pensacola
Tampa
Georgia—Savannah
3
4
2
1
4
Atlanta
Augusta
Macon
1
i_,
1
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
high
high
high
dry
dry
dry
dry
0.24 in.
day
0.72 in.
day
0.38 in.
days
3.42 in.
days
0.24 in.
days
0.04 in.
day
0.14 in.
days
0.72 in.
day
0.90 in •
day
dry
days
0.58 in.
dry \
dry
dry
days
2.50 in.
3.71 in.
days
0.50 in.
days
0.37 in.
days
0.01 in.
day
0.24 in.
day
3.13 in.
days
0.26 in. .high
days
0.82 in.
day
high
1.50 in.
days
high
0.82 in.
days
high
0.36 in.
days
high
0.02 in.
day
high
0.46 in.
days
high
0.16 in.
day
high
dry
high
day
0.32 in.
high
-Thermometerlow 78
mean
90
low 64
mean
102
low 70
mean
98
low 70
mean
104
low 72
mean
96
low 74
mean
92
low 76
mean
92
low 74
mean
102
low 70
mean
100
low 68
mean
96
84
83
84
87
84
'
1Q8
102
104
100
104
96
98
104
100
100
106
104
105
102
98
102
96
94
94
100
}
low 68
low 66
low 66
low 72
,
low
96
96
94
88
94
94
99
96
98
98
88
85
82
mean
88
mean
84
mean
85
mean
86
mean
87
low 70
low 70
mean
mean
84
74
low 70
mean
89
low
low 66
low 70
mean
85
85
mean
85
mean
88
low 75
low 73
mean
90
mean
89
76
mean
89
low 74
low 74
mean
86
70
mean
83
low 68
low 76
mean
81
mean
85
low
low
mean
88
low 74
mean
87
70
74
mean
85
low
98
94
70
83
84
low
low 73
low 72
74
74
76
low 76
low 74
low 72
mean
86
mean
85
mean
84
low
mean
85
low
mean
84
low
mean
82
mean
85
mean
84
mean
86
mean
83
low 70
low 74
mean
86
72
mean
85
low
Financial
1430
days
days
day
ThermomelerRainfall
low 71
96
mean 84
high
1.96 in.
low 69
mean 85
high 100
1.07 in.
low 72
96
mean 84
high
0.12 in.
92
low 62
mean 77
high
0.02 in.
days
0.44 in.
Rain
South Carolina—Charleston.3 days
3
Columbia
2
North Carolina—Asheville__l
Charlotte
3
Newborn
3
Greenwood
1.68
days
1.66
2 days
0.79
2 days
1.47
5 days
dry
Raleigh
Weldon
Wilmington
Tennessee—Memphis
Chattanooga
2 days
the dates
on
m.
0.51 in.
low 68
mean
82
low 73
mean
86
low 70
96
high
98
high
94
high
97
high
high 94
high 100
high 102
high 100
mean
mean
82
mean
83
low 75
mean
low 74
mean
86
88
low 76
mean
88
rivers at the points named at
given:
Aug. 30, 1935
AUQ. 28, 1936
Feet
New Orleans
-
Nashville
Shreveport-Vicksburg
Dallas
Cotton
Co'ton
Dallas
»
2.0
-Above zero of gauge-
Above zero of
Above zero of
Above zero of
---Above zero of
Memphis
82
low 67
low 72
statement has also been received by tele¬
The following
graph, showing the height of
a.
in.
in.
in.
dry
Nashville
8
in.
gauge-
Feet
4.5
11.4
0.3
8.2
gauge.
9.0
gaugegauge-
2.0
6.2
-3.0
17.1
Weekly Crop Report—The
each week publishes a; compre¬
Exchange
Exchange
report covering cotton crop conditions in Texas,
The current week's report, dated
hensive
Oklahoma and Arkansas.
Aug. 24, which is the final report for the 1936 season, is as
County)—Estimate our crop has been cut about one-half
The dry weather has not hurt the cotton so much
weather, it has simply burned up.
However, our
cotton is looking better since the cool nights set in.i
Some cotton that was
badly wilted a few days ago is now making some progress blooming and
putting on new fruit.
There is no insect damage.
Chickasha (Grady County)—About 50% of our cotton is so badly wilted
that rain wouldn't do any good.
The amount of root rot is about 40%
more than an average season.
We have some small damage from grass¬
hoppers.
Estimate about one-third less crop than our guess Aug. 1.
Frederick (Tillman County)—Weather has been extremely dry and hot.
we have had 78 days without rain.
All insects have burned up, dried up
and blown away days ago.
It is very hard to make an estimate of the
crop for we are having very unusual weather and do not know whether to
expect regular weather or the kind we have had, so it is just a guess.
.
Hugo (Choctaw County)—This week, as well as the past three or four, has
seen further deterioration in the crop, which is opening prematurely and
shedding is much in evidence.
Bolls are opening 15% to 35%, picking is
general and marketing will be in full swing next week.
No insect damage,
all damage being caused by the extreme heat.
Bryan, Choctaw and McCurtain counties will probably harvest a total of 24,000 bales.
Pauls Valley (Garvin County)—Crop in this county looks to be cut one-half
since Aug. 1 due to the hot dry weather.
There is no insect damage.
Waurika (Jefferson County)—The past week has been another one of
continued dry weather and high temperatures with the result of daily
deterioration of the crop in this section.
Bolls opening prematurely and
on that account several bales have been ginned the past week.
Rain, of
course, is badly needed and should it materialize within the coming week
may be of considerable benefit.
The continued drought has cut the crop
Ardmore (Carter
since the first of August.
the extremely hot
as
in this territory more
TEXAS
has been
Abilene (Taylor County)—Still hot and dry, and our crop prospect
about one-third since the first of the month.
Some ginning,
but the
cut
weather has been too hot for the farmers to put
The staple and character
in a day's work in the field.
generally poor.
^
•
have not been as high
there has been no rain and
Big Spring (Howard County)—While temperatures
this week and the nights have been pleasant,
cotton has continued rapid deterioration.
Plainview (Hale County)—Our cotton has been hurt badly the last two
weeks, probably cut by one-half. Today it is showering locally and this has
broken up the hot wave that has prevailed so that we may have some
comeback.
We have no insect damage this year.
They haven't had a
chance on account of the hot, dry weather.
Quanah (.Hardeman County)—No change in condition since our
The crop is almost a total failure. Under present conditions
report.
last
this
county will not make over 4,500 bales.
ARKANSAS
(Little River County)—Our crop will be cut about one-fifth from
We have lots of dead cotton, unusual for our section.
Insect infestation is much less than last year;
however, leaf-worms are
appearing freely. In some localities there is some increase of weevil damage.
Conway (Faulkner County)—Since report of 15th there have been seven
days of excessively hot weather and seven days of deterioration.
Cotton is
opening rapidly and as soon as the weather maderates pcking will become
general.
Little Rock (Pulaski County)—Cotton plants still hurting from extreme
heat and lack of rain.
Temperatures past week averaged about 12 degrees
above normal.
August rainfall to date about 10% of normal. Deterioration
was slightly less the past week as compared to previous week, but uplands
and thin or light lands suffered considerably from the heat.
Lowlands and
river bottom sections are holding up fairly well, although even in such
North
Texas
(Red River County)—The weather still continues hot and dry
and the crop is still deteriorating.
Cotton is still blooming some but is
shedding everything it puts on. Picking is well under way and city yard
receipts for the week were 450 bales. A good rain would be very beneficial.
Dallas
(Dallas Coilnty)■>—The crop is still deteriorating, plant about
stopped blooming.
Scattered insect damage, some poisoning:
Picking
becoming general, lint turnout good.
Most gins in this territory think
they will gin a little more than last year.
(Dallas County)—The cotton crop in this section does not look
as good as it did before the hot, dry weather started.
Most of the farmers
will begin picking next week.
Some of them say they will make between
one-half and three-fourths bale to the acre.
I think about one-third will
Garland
average for
this community.
have
Honey Grove (Fannin County)—The cotton in this section seems to
done about all it is going to do unless we get about a two- or three-inch rain
soon.
The weather has been so dry and extremely hot it is causing a lot
of premature bolls to open.
early
districts plants are shedding more than normal, but with rains at an
date much of the cotton on such lands can stage a someback to some extent.
Picking has been slow owing to the extreme heat.
Blooms are scarce except
in a few favored districts where the plants are nourished by subsoil moisture.
Newport (Jackson County)—The crop condition here in Jackson County
daily deteriorating due to excessive heat aDd drought.
In Craighead,
and Clay counties north of here, the crops are considerably
better, having had good rains in July.
We have had no rain here since
June 30th.
There is no insect damage, all damage have resulted from the
drought and hot winds.
'
/
,
A.
..
is
Lawrence
Clarksville
Farmers are picking freely and gins are
running
day and night.
getting well under way and most
everybody will be picking next week.. Dry weather has caused the crop to
deteriorate heavily the past three weeks; however, cotton is average In this
section.
Rain would be very beneficial to make bolls mature.
Paris (Lamar County)—Cotton picking is
Sulphur Springs (Hopkins County)—The crop over our entire territory
continues to deteriorate because of the lack of rain.
However, the weather
is not so hot and winds have subsided.
No rain, and scattered showers in
eastern section were more harmful than beneficial. Immature bolls opening.
(.Kaufman County)—Another week of hot, dry weather has been
the crop all over the territory. However, some of it is
holding up remarkably well considering what it has gone through.
In
places, many very small bolls have cracked open from the heat, and the
burr is burned to a dark brown and is crisp.
Dry weather shedding is also
much more noticeable.
However, if we could get a good rain in the next
few days it would change the outlook altogether and we could still make a
big crop, as the stalk is damaged only to a very small extent.
In some
scattered fields root rot is evident, but this cdndition is not serious.
We
have had no damage from insects and there are no signs of any present now.
Terrell
very damaging to
Wills Point (Van Zandt County)—Temprature not so high
The early cotton shows serious deterioration, some of the
the pas-pweek*
late cotton is
holding up remarkably well. Weather is cloudy today and have received
light showers.
Leaf-worms are working, but most farmers are poisoning.
It is my opinion a general rain will still give us a chance for a fair crop.
Central Texas
if you please, or cooler weather, and
much of it will shed.
We must not
cotton made than
of insect
had a fair
year
late and fewer bolls had set when they appeared.
the
*
Cleburne (Johnson County)—Due to the hot dry weather the crop in this
area has deteriorated for the past week.
The crop is still above the average
at this
time.
The general movement will start about Sept. 1.
Hillsboro (Hill County)—Past week hot
and dry, which caused consider¬
able shedding of small bolls and squares; however, the older cotton has a
fair crop made, but at least 30% short of what it promised two weeks ago.
We need several inches of rain if we expect anything like a full crop.
Move¬
ment will be rather free
by the middle of the coming week.
Taylor
(Williamson County)—The effect of the recent high temperatures
now than it was a week ago.
Everyone seems of the
same opinion that we will gather something
like 65,000 bales, whereas
before the heat wave hit the average guess was 85 to 90 thousand.
Fully
30% decrease.
Picking will be general next week.
About 2,000 bales
already ginned in the county.
is
more
noticeable
Temple (Bell County)—Considerable deterioration in the old cotton.
Leaf-worms doing damage in the young cotton over considerable portions
of this county.
Crop as a whole has deteriorated this week, but to what
extent is difficult to say.
East Texas
Longview (Gregg County)—No rain the past week.
now
is that
cotton.
open
in
The general opinion
rain at this time would be more harmful than beneficial to
Cotton continues to open rapidly and it looks as if it all will be
a
a
few days.
Crop prospects
now are
about the
same
as
at
this
time last year.
Tyler (Smith County)—This territory has had one more week of extremely
hot dry weather.
In most sections of the county cotton is opening pre¬
maturely due to the excessive heat.
The estimate is now that the crop
has been cut about 10%, which will make the county produce from 25,000
to 30,000 bales.
The insect damage had been slight to date.
South Texas
Seguin (Guadalupe County)—Cotton crop has shown
week.
Weather has been hot and dry.
especially to young cotton.
be beneficial,
no improvement past
a good rain would
Picking is well under way with
Believe that
continued dry weather will last only about two weeks more
_
last report, and the weather
the middle crop will mature, otherwise
complain, for there will be much more
planters are prosperous and
last year, and the cotton
happy.
the Plantations—The following table
week from the planta¬
figures do not include overland receipts nor
Southern consumption; they are simply a statement of the
weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports.
from
Receipts
indicates the actual movement each
tions.
Week
The
Stocks
Receipts at Ports
at
Interior Towns
Receipts from Plantations
Ended
1936
I
1935
I
1936
1934
1935
1936
1934
1934
1935
May
22..
18,627
45,482
52,470
21,846
47,072
32,597
29_.
18,907
14,317
8,501
34,486 1,651,649 1,328.412 1,378,269
33,148 1.594,234 1.301,899 1,351,401
4,060
1,106
Nil
Nil
7,151
Nil
1,181,353il ,222,383
Nil
1,349,502 1,161.421 1,203,873
1,301,765 1,145,0081,179,660
Nil
Nil
16,112
Nil
4,302
1,255.364 1,133,5631,164,839
1,206,417 1,121,5461,145,796
Nil
25,760
34,849
27,222
35,787
6,280
June
19-.
39.972
13,466
26-.
21,698
8.706
34,989 1,554,313 1,269,5641,312,579
34,833 1,517,933 1,244,82011,284.177
47,623 1,465,362 1,218,931 il,262,078
69,054 1,424,612 1.201,2951,236,729
3_.
21,952
9,188
50,199 1,384,154
10..
13,381
13,918
17-.
16.973
20,715
24..
28,419
37,205
31..
39,742
46,866
5-.
12..
34,622
51,435
50,608
62,636
•
Nil
Nil
Nil
Nil
Nil
6,431
25,524
Nil
33,705
Nil
35.853
Nil
July
.
Nil
43,693
Aug.
Nil
38,119
39,943
30,140
71,884 1,132,176 1,094,124 1,104,626 63,862 92,915 58,929
141,365159 ,138 122;533 1,140.7811,119,686 1,102,173 149,970184,700 120,080
38,915
52,891
14..
56,583
55,632 1,167,4011,111,5321,128,283
61,492
50,645 1,144.6501,097,2831,117,581
76,336
7..
46,569
47,243
96,074
(1) That the total receipts
The above statement shows:
have done
Caldwell (Burleson County)—We have about the same amount
infestation this year as last, with the exception that last year we
crop made before the weevil and leaf-worm got started.
This
,
,
exceedingly warm.
The average temperature for the past week was
105 degrees.
Cotton has a brownish appearance.
There are no insects of
any kind troubling it.
There is no dew to revive the plant, it has wilted
and stands with its head hanging down day and night.
Just a little water,
28..
Bryan (Brazos County)—As a whole our crop looks very short.
Insects
a great deal of damage, however since the weather has turned
hot and dry they have been more or less checked.
Some signs of worms.
.
•
.
Bluff (Jefferson County)—No rain since
Pine
is
21..
crop was
than 50%.
estimate of Aug. 1st.
West Texas
an
OKLAHOMA
Ashdown
follows:
be
Aug. 29, 1936
Chronicle
plantations since Aug. 1, 1936, are 243,972 bales;
1935 were 379,537 bales and in
1934 were 266,800
bales.
(2) That, although the receipts at the outports the
past week were 141,365 bales, the actual movement from
plantations was 149,970 bales, stock at interior towns
having increased 8,605 bales during the week.
from the
in
World's Supply and Takings of Cotton—The follow¬
ing brief but comprehensive statement indicates at a glance
the world's supply of cotton for the week and since Aug. 1
for the last two seasons from all sources from which statistics
obtainable; also the takings or amounts gone out of
sight for the like period:
are
Cotton
1935
1936
Takings,
Week and Season
Week
Visible supply Aug. 21
Visible supply Aug. 1
American in sight to Aug. 28
•
Week
4,899",258
_
277",129
7,000
14,000
6,400
9,000
Season
4,162,019
4,701,096
Bombay receipts to Aug. 27-Other India ship'ts to Aug. 27
Alexandria receipts to Aug. 26
Other supply to Aug. 26-*5-Total supply
Season
4,295,259
752,541
80,000
34,000
8,200
32,000
268,073
7,000
4,000
400
4,000
740.521
45,000
46,000
1,200
22,000
5,014,625
5,805,999
4,445,492
5,149,980
4,748,325
4,748,325
4,211,716
4,211,716
266,300
214,900
51,400
1,057,674
857,474
233,776
163,376
70,400
938,264
694,064
244,200
Deduct—
Visible supply Aug. 28
Total
takings to Aug. 28_a
Of which American
Of which other
200,200
♦Embraces receipts in Europe from Brazil, Smyrna,
West Indies, &c.
a This total embraces since Aug.
1 the total estimated consumption by
Southern mills, 500,000 bales in 1936 and 347,000 bales in 1935—takings
Volume
143
Financial
Chronicle
1431
not
being available—and the aggregate amount taken
by Northern and
foreign spinners, 557,674 bales in 1936 and
591,264 bales in 1935, of which
357,474 bales and 347,064 bales American.
6
193564
To
"
1935
Aug. 27
Receipts—
Since t.
Week
To
CORPUS CHRISTI—To
Week
To
Since
Aug. 1
Week
Gothenburg—Aug. 22—Toledo,
80,000
45.00C)l 26,000
7,00C
For the Week
Conti¬
Jap'n&
Britain
nent
China
Great
Britain
Total
Conti¬
nent
To
&
Total
Japan—Aug. 22—Effingham,
To
'
2,000
3,000
15,000
20,000
3,000
3,000
12,000
13,000
16,000
26,000
2,000
19,000
7,000
12,000
2,000
1,000
19,000
3,000
13,000
1934
7,000
2,000
14,000
4,000
20,000
17.000
18,000
70,000
37,000
85,000
To
To
To
1936
14,000
1,000
7,000
1934
5,000
6,000
20,000
15,000
13,000
34,000
21,000
28,000
20,000
46,000
19,000
26,000
41,000'
12,000
53,000
70,000
37,000
85,000
years:
'
•
,
Alexandria, Egypt,
Manchester—Aug. 26—Colorado Springs,
JACKSONVILLE—To Manchester—Aug.
1936
1935
Aug. 26
This week
Since Aug. 1
32,000
41,000
This
Exports (Bales)—
Liverpool
Manchester, &c
Aug.
2,000
To America
3",660
w-
Total exports.
High
StandDensity
ard
Liverpool
.30c.
.45c.
Trieste,
Manchester.30c.
.45c.
Fiume
Antwerp
.30c.
.45c.
Barcelona
5,000
10,000
16,200
5,700
1
Since
Week
Aug.
This
1
Aug.
1
1,000
4",660
28,000
5,000
2,800
3,700
24,700
1,000
32,200
1936
Shanghai
Bombay z
*
*
.50c.
.60c.
ings, Common
Middl'g
9",000
9.000
43,950
s.
May—
d.
d.
d.
.65c.
Leghorn
.40c.
Bremen
.55c.
.30c
.45c.
.57c.
Gothenb'g
.42c.
Hamburg
.57c.
.32c.
.47c.
♦Rate Is open.
10nly small lots.
Liverpool—By cable
V
from
Liverpool, we have the follow¬
imports, stocks, &c., at that port:
ing statement of the week's
Aug. 7
47,000
641,000
234,000
9
1
@93
6.57
9
1
@93
6.64
mmiy*
9
@92
to
s.
10* @11*
10
@11*
@93
6.82
9
@93
7.00
9 1
@93
7.18
\0H@nyt
9
@97
7.18
July—
@12*
9*@n*
9*@11*
9*@11*
9*@11 *
d.
28
Saturday
0
@92
9
0
@92
6.92
8
6
@90
@90
To
To
To
To
To
@90
6.79
@9 0
To
To
To
To
To
To
To
To
To
To
To
business
Moderate
doing.
demand.
6.72d.
Quiet,
9 pts. 3 to 4
pts.
decline.
decline.
7.33
10*@11*
8
6
7.10
10
6
@90
@90
Steady,
decline.
4 pts.
3
6.71d.
Steady,
un¬
6
changed.
to
8
6.70d.
Quiet,
Steady,
pts. 3 to 4 pts. 2 to 3 pts.
decline.
advance.
advance.
Quiet,
Quiet but
Quiet but
Quiet but Q't but st'y
to 4 pts.
steady, un¬ stdy., 7 to stdy., 3 to unch. to 2
decline.
changed to 8 pts. adv. 4 pts. dec. pts.
decline
1 pt. adv.
6.80
8
f
[
Friday
More
6.66d.
Quiet,
Market,
Thursday
6.94
@11
8
6
@90
6.94
Prices of futures at
Aug. 22
@10 5
@10 5
7.02
9*@10*
8 7
@91
6.92
6.48
9*@10*
9% @ 11
8 7
@91
6.74
6.56
9
2
@10 3
@94
6.70
9
2
@94
6.21
Sat.
6.33
9*@11
shown
on
a
previous
Melbourne—Aug. 20,Weirbank,
page,
the
Tues.
Wed.
New Contract
d:
—
d.
6.22
6.16
January (1937)
Thurs.
—
d.
6.20
6.16
d.
6.18
-
6.12
-
-
6.14
d.
6.18
_
d.
6.19
6.12
6.12
6.12
6.12
d.
6.26
_
«
«...
6.19
d.
6.26
6.20
d.
6.23
««.
-
d.
6.22
....
d.
6.21
6.14
6.20
6.16
6.12
6.12
6.12
6.19
6.20
6.16
6.17
6.15
6.16
6.12
6,16
6.12
6.15
6.12
6.19
July
6.20
6.14
6.17
6.13
6.16
6.11
6.16
6.15
6.11
6.18
October.—
5.94
6.15
6.15
6.14
6.14
December
5.90
l
5.94
5.94
5.90
5.90
March
6.16
131
;
201
6.14
...
—
-
5.91
6.11
..
-
-
-
5.87
6.18
5.91
5.98
5.87
5.94
_
_
6.16
6.15
6.14
BREADSTUFFS
64
40
349
110
4,433
1,507
2,237
341
776
190
6,567
6--
6.22
6.16
-
May
Friday Night, Aug. 28, 1936
Flour—The
1,863
21—Michigan,
Frl.
75
-
Havre—Aug. 22—Cardonia,
216--_Aug. 21—Michigan, 104
Dunkirk—Aug. 21—Michigan, 123
Copenhagen—Aug. 26—Toledo, 198
given below:
Close Noon Close Noon Close Noon
Close Noon Close Noon
Close
Aug. 26—Lu-
Japan—Aug. 27—Effingham, 6,567
Ghent—Aug. 22—Cardonia, 14_--Aug.
are
Bales
75__
Liverpool—Aug. 26—Chancellor, 2,237
Hamburg—Aug. 25—Lubeck, 341
Manchester—Aug. 26—Chancellor, 776-J
Antwerp—Aug. 22—Cardonia, 190
Gothenburg—Aug. 26—Toledo, 112-Oslo—Aug. 26—Toledo, 115
Gdynia—Aug. 26—Toledo, 436—
•Mon.
to
Aug, 28
December
Ghent—Aug. 22—Michigan, 85---Aug.
20—Cardonia, 46—
Havre—Aug. 22—Michigan, 120---Aug.
20—Cardonia, 81Dunkirk—Aug. 22—Michigan, 55
Aug. 20—Cardonia, 9Bremen—Aug. 22—City of Omaha, 485
Hamburg—Aug. 26—Lubeck, 40
Genoa—Aug. 22—Monbaldo, 349
Antwerp—Aug. 20—Cardonia, 110
Japan—Aug. 25—Effingham, 4,433
Liverpool for each day
6.68
@10 3
6.68d.
8 to
•
6.85
6
8 6
HOUSTON—To Bremen—Aug.
25—Lubeck, 1,507
To
31,000
demand.
Quiet,
opened
7.02
beck, 1,378
To
154,000
'
'
Quiet.
6.76
exports of cotton from the United States the
past week have
41,651 bales.
The shipments in
detail, as made
up from mail and telegraphic
reports, are as follows:
To
Quiet.
6.70d.
Futures.
6.83
8 6
8
reached
To
Wednesday
demand.
October (1936)
GALVESTON—To
51,000
666,000
214,000
70,000
21,000
A fair
Moderate
7.01
90
3
News—As
Tuesday
"l
12:15
Mid.Upl'ds
9
@
10
Shipping
Monday
Market,
d.
@90
10
10* @12
10 3
10*@11* 10 3
io*@n* 10 1
10 *@11* 10 1
14
21
d.
6
7.47
@10 1
@10 5
s.
86
10
@10
7
Aug.—
7
181,006
37,000
Aug. 28
42,000
656,000
219,000
59,000
9,000
178,000
46,000
Liverpool market for spots and futures
past week and the daily closing
prices of
spot cotton have been as follows:
•
:
Upl'ds
8
7.58
7
9
1
Finest
@11*
@lltf
@11*
@10 0
9
11
10* @12
-
54,000
645,000
233,000
47,000
16,000
The tone of the
each day of the
P. M.
10
9 6
11*@12*
31
Aug. 21
42,000
3,000
Of which American
Market
6.68
9 1
10H@11H
loxmih
@12*
Aug. 14
185,000
41,000
Amount afloat
P. M.
9Ji@H H
11
.55c.
.40c.
.61c.
Cotton
Middl'g
•
—
,65c.
.57c.
Naples
.42c.
v
ings, Common
32s Cop
Twist
9^@11M
4
1.00
.50c.
.46c.
Forwarded
8* Lbs. Shirt¬
Upl'ds
to Finest
1
.85c.
Copenhag'n.42c.
Stockholm
3,900
6,800
31,450
1,800
Spot
Cotton
0
ard
1.00
Salonica
*
*
.45c.
Stand-
.85c.
1935
8* Lbs. Shirt¬
June—
High
Density
Piraeus
.45c.
*
Total imports
Of which American
d.
105
Venice
.30c.
*
Market—Our report received
by cable to¬
night from Manchester states that the market
in yarns and
cloths is steady.
Demand for foreign markets is
improving.
We give prices
today below and leave those for previous weeks
of this and last
year for comparison:
3.
719
63
Oslo
6,000
6,000
14,000
2,000
Manchester
10
500
.
ard
Japan
Total stocks
Of which American
17
700
63
.65c.
.42c.
were
24_
100
Standr
.50c.
Rotterdam .30c.
Genoa
,45c.
Since
Week
High
Density
.27c.
Havre
This
Egyptian bales weigh about 750 lbs.
This statement shows that
the receipts for the week
ended Aug. 26
32,000 cantars and the foreign
shipments 5,000 bales.
3
300
Cotton Freights—Current rates
for cotton from New
York, as furnished by Lambert &
Barrows, Inc., are as
follows, quotations being in cents per pound:
;
Note.—A cantar is 99 lbs.
26
2,128
41,651
1934
2,000
Since
Week
To Continent and India—
12
859
-
24—Sundance, 105
Receipts (cantars)—
d.
550
-
LAKE CHARLES—To
Liverpool, Aug. 26—Colorado Springs, 719
To
a
32.? Cop
Twist
Aug. 26—Leerdam,
—
Receipts and Shipments—We now re¬
cable of the movements of cotton at
Alexan¬
dria, Egypt.
The following are the
receipts and shipments
for the past week and for
the
corresponding week of the
previous two
of Omaha, 50
15—Seattle, 100
Alexandria
weekly
400
WILMINGTON—To Liverpool—Aug. 26—Prince
Rupert City, 700
To
Manchester—Aug. 26—Prince Rupert City, 500
increase of 15,000 bales.
an
260
26—Leerdam,
Ghent—Aug. 23—Questconck, 859SAVANNAH—To Liverpool—Aug.
24—Reedpool, 2,128
To
Manchester—Aug. 24—Reedpool, 300—
LOS ANGELES—To
Hamburg—Aug.
According to the foregoing, exports from all India
ports
record an increase of
14,000 bales during the week, and since
Aug. 1 show
Riga—Aug. 25—City
To
104,000
150,000
118
7,068
100
350
1,011
Tallin—Aug. 25—City of Omaha, 260
Reval—Aug. 25—City of Omaha, 100—Aug.
500
119,000
611
84
-
300-__
To
1935
5
.'
Aug. 26—Leer"
Dunkirk—Aug. 23—Questconck, 350
Bremen—Aug. 25—City of Omaha, 1,011
To
Total all—.
608
350
200
300
400
300
Havre—Aug. 23—Questconck, 7,068--Abo—Aug. 22—Toledo, 100.
To
34,000
46,000
46,000
500
Mantyluoto—Aug. 22—Toledo, 34—Aug. 27—Svanhild,
To
104,000
16,000
22,000
36,000
24,000
10,000
To
85,000
500
269
-
Leningrad—Aug. 22—Toledo, 400--!
Rotterdam—Aug. 23—Questconck, 100
To
58,000
606
Norrkoping—Aug. 22—Toledo, 350—
Nykoping—Aug. 22—Toledo, 200
To
To
China
750
Stockholm—Aug. 22—Toledo. 500
Gefle—Aug. 22—Toledo, 269
Varberg—Aug. 22—Toledo, 108--^Aug.
27—Svanhild,
.
Japan
100
281
Aug. 27—Svanhild,
dam, 511
Other India-
19
350
-
To
114,000
Since August 1
Great
506
100
Aug. 1
To
1935
29---
100
350
Aalborg—Aug. 22—Toledo, 281
Gdynia—Aug. 22—Toledo, 450—Aug.
25—City of Omaha,
250—-Aug. 27—Svanhild, 50-
To
7,000
1936
22
1100
Copenhagen—Aug. 22—Toledo,
Vijle—Aug. 27—Svanhild, 100
Bombay—
.
100
487
100
To
1934
Since
Aug. 1
Exports
To
Gothenburg—Aug. 24—Stienholm,
Trieste—Aug. 25—Laura C, 100
To
From—
To
Gdynia—Ahg. 24—Stineholm, 100
Venice—Aug. 25—Laura C, 487
To
To
1936
Bombay
ceive
Bales
NEW ORLEANS—To
Estimated.
India Cotton Movement from All
Ports—The receipts
of India cotton at
Bombay and the shipments from all India
ports for the week and for the season from
Aug. 1 as cabled,
for three years, have been as
follows:
20
320
123
198
112
115
436
carlots
week to date has been
a
quiet
1
one.
Only odd
almost entirely
have
been moved, business
being
Bakers appear to feel that
prices may yet work
somewhat lower as new
crop wheat continues to come
for¬
ward.
Until prices show
evidence of
routine.
in
the
attitude
of
stability,
consumers
to
any
marked
pected.
Wheat—On the 22d inst.
prices closed
no
change
extent is
ex¬
%c. down to y%c.
quiet, with very little feature to the
Canadian grains hardened a
little
under wet harvest
weather through the
prairies, just as
Liverpool December wheat was
strengthened by German
buying of Danube
wheat—apparently to tide over some im¬
mediate requirements of
its mills
pending its own wet
harvest which, as
forecast, is expected to yield
180,000,000
bushels.
Prom week-end to
week-end Chicago
nearby wheat
up.
news
The session
or
trading.
was
The
On the 24th inst. prices closed l%c. to 2%c.
markets abroad was the chief in¬
the heaviness of domestic wheat, as this was
gained l%s.
down.
The weakness of
fluence
in
regarded as reflecting in considerable measure the easing
political situation, which has been so strained lately.
Thus
the loss of about lc. a bushel in Liverpool wheat and late
declines of more than 2c. at
Winnipeg, found quick reaction
market.
Heavy hedging pressure from Cana¬
dian interests, together with a slow milling demand, were the
factors largely responsible for the liquidation in the Liverpool
market.
Winnipeg received the heaviest receipts of the year,
totaling 1,868 cars over the weekend, most of it being new
crop grain.
The declines of 2 to 4c. in wheat for immediate
delivery here were not lost sight of as a factor in the down¬
ward trend of futures on the Chicago Board.
On the 25th
inst. prices closed unchanged to 3%c. off.
There were a
combination of bearish factors that operated against most of
the world's wheat markets.
There was acute weakness
evident in wheat markets abroad. - Some Liverpool and
Rotterdam wheat futures lost the equivalent of approximately
3c. a bushel.
The chief depressants in the Canadian markets
were the heavy movement of Canadian wheat crop and con¬
in the Chicago
sequent hedging at Winnipeg, together with news of much
better harvesting conditions in Europe.
Chicago wheat
declined as much as 1
before the late rally.
September
wheat here at one time sold %c. above the previous close,
and at the end was exactly unchanged.
On the 26th inst.
prices closed He. to Hc. higher.
As a result of strong for¬
eign markets prices on the Chicago Board advanced sharply
in the early trading, scoring a gain of IjHjc. a bushel.
At
this level considerable selling developed under which prices
yielded, losing a good part of the early gain.
The corn
market also had a sharp break of as much as 2c. and this had
a weakening influence on wheat.
There was nothing par¬
ticularly outstanding in the wheat market, the selling being
of a general character.
Much of the early buying was
credited to Eastern and milling interests.
Reports of heavier
export takings from the
September delivery. Activity in the corn pit
September contracts, on which deliveries can
begin within a week.
The nearby delivery shot up 2He. in
the final hour, carrying December and May corn with it,
though the strength in the latter options was not as pro¬
nounced as in the September delivery.
On the 26th mst.
in
factor
centered
on
prices closed H to lc. lower.
During the early session the
market advanced a cent above the previous close, only to
lose this gain later and close with substantial net losses.
The news was decidedly bearish.
Beneficial moisture in
improvement
parts of the corn belt and reports of
in pastures
were bearishly construed!
Another item to the effect that
a certain railroad had announced a reduction in rates
on
foreign corn from New Orleans to Memphis, Cairo and
St. Louis, and a further report that a cargo of Argentine
corn had arrived at the Southern port—naturally had an
adverse influence on the market for corn, and resulted in the
2c. break from the highs of the day.
Consideration of a
proposal to prohibit delivery of foreign grain on futures
contracts pn the Exchange came in for considerable attention.
l%c. lower.
the corn
belt and cooler weather.
Illinois territory sent in reports
of improvement in late corn.
Rain was also expected to
aid pastures and other feed crops.
Today prices closed 2%
closed weak, % to
the 27th inst. prices
On
This weakness was
attributed to further rains over
grain was
that recent
rains had benefited late corn.
Profit-taking was heavy.
The sharp decline in prices brought September corn down
to $1.06% a bushel, the lowest price since early in
the
month, and 13c. below the nine-year peak established last
to
The
lower.
4c.
ascribed to private
at
sensational break in this
estimates in some quarters
about 3c. The close was
The open interest in corn was
Other corn deliveries lost
week.
the day.
of
lows
the
45,271,000 bushels.
Sat.
Dominion estimated in excess of
OF CORN FUTURES IN
Sat.
December.
May
'
September
Season's High
*4 to %c. higher. Rumors
that Canada might raise the price guaranteed producers of
her reduced 1936 wheat crop did much to firm prices on
the Chicago Board, resulting in net fractional gains.
In
the early trading prices advanced as much as l%c. above
yesterday's close.
With the United Sattes expected to
continue importing Canadian wheat, reports that a guaran¬
teed price was being considered by the Canadian Govern¬
ment, which might be as high as 97x^c. or even $1 a bushel,
created quite a feeling of uncertainty.
Until • this matter
is definitely cleared up trading is not expected to be on any
substantial scale.
prices closed 2% to 3%c. down.
The weakness
grain was due in large measure to the decision of
Canadian Government not to fix a minimum guaranty
Today
of this
the
producers while the market remains above 90c. Winnipeg
prices broke about 2c. a bushel.
Another depressing
influence on wheat was the action of corn, which broke 4c.
to
wheat
a
bushel.
The
open
DAILY
CLOSING
PRICES
OF
Sat.
128%
No. 2 red
WHEAT
Mon.
IN
Tues.
124% 124
wheat and corn markets
it
Thurs.
Wed.
CLOSING PRICES
OF
prices closed Hc- to
down. This grain, the same as
wheat, showed no disposition to follow the upward move¬
ment in corn as in many sessions of the recent past.
On
the 26th inst. prices closed unchanged to He- down.
There
was very little of interest in this market.
On
WHEAT
Sat.
December
.
May
December
May
116%
115
116
82%
Aug. 19, 1936 September
Aug.
3, 1936 December85
Aug.
3, 1936 May....!....106%
DAILY CLOSING PRICES
Fri.
December
—
Apr.
3, 1936
May 28, 1936
Aug, 28, 1936
OF WHEAT FUTURES IN WINNIPEG
Sat. Mon.
Tues.
Wed. Thurs. Fri.
99%
98%
October
May
Thurs.
Wed.
Season's Low and When Made
Season's High and When Made
September
Tues.
110% 110% 111% 111% 108%
112% 110% 109% 110% 110% 107%
110% 109
108% 109% 109% 106%
97%
96
96
95%
.100%
97%
96%
97%
96%
97%
98%
91%
99%
95%
94%
96%
closed 3^c, down to He. up.
The trading in this grain was light and without special feature.
Traders appear less disposed to operate in a large way on the
upward side in view of the reported imports of Argentine
corn and the extremely delicate foreign political situation.
It would seem that for the time being at least, violent fluctua¬
tions in corn will not be such a common occurrence as it has
been for some weeks past.
On the 24th inst. prices closed
1 to lkjc. down.
September corn broke lHc. to $1.10H> a
new low on the current downward movement from last week's
Corn—On the 22d inst. prices
nine-year peak of $1.19HOther deliveries fell off in
sympathy.
Rumors of heavy imports from Argentina, and
advices of substantial rains in many areas of the farm belt
beneficial to feeds, implying further competition to corn—
were the bearish influences given for the heaviness in this
this market.
little of consequence in
other
IN NEW YORK
CLOSING PRICES OF OATS
DAILY
Sat.
Mon.
44%
45%
46%
May
...
48%
DAILY CLOSING PRICES
44%
42%
44%
Sat.
Mon.
48%
December
45%
44%
42
42%
43%
IN WINNIPEG
Thurs.
46%
46%
44%
46%
44%
Fri.
When Made
June 2, 1936
May 27, 1936
July 29. 1936
Wed.
Tues.
46%
43%
43%
OF OATS FUTURES
October
Thurs.
44%
43%
44%
When Made
Season's Low and
Aug. 19, 1936 September—. 25%
Aug. 19, 1936 December
26%
Aug. 3, 1936 May.
40%
Season's High and
September
CHICAGO
42%
43
44%
45%
December
43%
44%
—
Fri.
55
55
54%
55
OF OATS FUTURES IN
Sat. Mon.
Tues.
Wed.
September
December
Thurs.
Wed.
Tues.
55%
56%
—
44%
Fri.
45%
43%
Rye—On the 22d inst. prices closed He. to
higher.
grain was due to an improved spot de¬
On the 24th inst. prices closed 1H®. to 2c. down.
These rather substantial declines were due to the heaviness
The firmness in this
mand.
of other grains and to a slow spot demand for rye.
/The close
represented the lows for the day.
On the 25th inst. prices
closed He. down to
up.
There was little to report
concerning this grain.
On the 26th inst. prices closed Hcdown to He. up.
This market was quite erratic, with
trading light.
^
On
the
prices
inst.
27th
This
to l%c. up.
%
closed
the strength
Today prices
Influenced by the sensational
this grain developed consider¬
strength was due in considerable measure to
of wheat and improved demand for spot rye.
closed
2%
to
2%c. lower.
and wheat,
declines in corn
able weakness and closed at
DAILY
CLOSING
PRICES
the lows of the day.
OF RYE
Sat.
FUTURES IN CHICAGO
Mon.
December...——
82%
81%
81%
May
81
79
"
September
85%
85%
84
Aug.
However, it was pointed out by market
specialists that the Southern Hemisphere product is not
expected to be available here in sufficient quantity to be a
October
83%
83%
81
81
78%
Aug. 18, 1936 September
December
Aug. 19, 1936
May
Season's High and
DAILY
4, 1936
December.
-
81%
81%
79%
84%
84%
82
82
80%
49%
May
55%
OF RYE FUTURES IN
68%
66%
Mon.
67%
65%
Fri.
81%
81%
79%
79%
77%
Made
'4, 1936
June
3, 1936
Aug. 11, 1936
75%
May
Sat.
-
83
83
Season's Low and When
When Made
CLOSING PRICES
Thurs.
Wed.
Tues.
82%
82%
84%
84%
September..
December
grain
grains.
grain.
On the 25th inst. prices closed He. to 2c. higher.
The strength manifested in this grain was due largely to
short covering, apparently influenced by advices that Argen¬
tina would aid farmers in holding corn in anticipation of
higher prices.
%c. up.
Today
prices closed % to 1^4c. lower. The heaviness of this
was quite obviously due to the marked heaviness in
FUTURES IN CHICAGO
Mon.
down to
%c.
closed
prices
inst.
27th
the
There was very
Fri.
113
September.
On
the
showing anything but buoyancy,
decline.
On the 25th inst.
May.
DAILY
higher.
closed He. to
but natural to see oats
was
DAILY CLOSING PRICES
124% 124% 120%
52%
85%
Trading in this grain was light and without feature.
the 24th inst. prices closed Hc- to Hc. down.
With
No. 2 whiter.
NEW YORK
2. 1936
June
2, 1936
July 29, 1936
June
56%
May
Oats—On the 22d inst. prices
of the day.
Wheat prices closed at about the lows
interest in wheat was 91,562,000 bushels.
Fri.
Thurs.
Season's Low and When Made,
December....
3,1936
Aug.
99
CHICAGO
Wed.
Tues.
Mon.
Aug. 19, 1936 September
Aug. 19, 1936
«_102%
May
123%
112% 111% 112% 112% 110% 106%
97%
96% 96% 96.% 95%
92%
- 93%
92% 92% 92% 91% 88%
-
When Made
and
119%
September
December
Fri.
Thurs.
Wed.
Tues.
Mon.
...130% 128% 130% 129% 128
DAILY CLOSING PRICES
markets.
YORK
OF CORN IN NEW
DAILY CLOSING PRICES
No. 2 yellow—_
2,000,000 bushels, were the largest in several days and accom¬
panied advances of about 2c. in Liverpool and Winnipeg
On the 27th inst. prices closed
1936
29,
Aug.
Financial Chronicle
1432
Tues.
67
65%
WINNIPEG
Wed.
67%
66
Thurs.
68%
66%
Fri.
65%
64%
Volume 143
Financial
DAILY CLOSING
PRICES
OF
BARLEY
Sat.
September
December
May
FUTURES
Mon.
80 ^
7634
Tues.
79
8034
7634
Wed.
79
73
73
%
Chronicle
GRAIN
Fri.
77
Thurs.
80
74
Sat.
Mon.
573<
October
55^
5234
5434
Closing quotations
Tues.
Wheal
5434
5534
5334
5434
5234
52>4
53K
52
follows:
No
55
Rye. Vo. 2, f.o.b. bond N. Y— 7334
Barley, New York—
4734 lb«. malting
8334
Chicago, cash
.115-140
.
Corn, New York—
No. 2 yellow, all rail
^
123 34
Hard winter straights...
Hard winter patentsHard winter clears...
Kansas City.a
Omaha
Sioux City....
St. Louis
Indianapolis.
Peoria
Chicago..
FLOUR
On Lakes
7.30@7.691 Rye flour patents
5.10@5.20
6.90(^7.10! Seminola, bbl., Nos. 1-3.
9.55(^9.65
6.00@ 6.301 Oats, good
3.40
6 0_)@6 301 Corn flour
3.35
6.15@6.40 Barley goods—
6.30@6.55
Coarse
5.75
o.30@5.50
Fancy pearl,Nos.2.4&7 8.60@8.90
Soft winter straight#
Baltimore
New Orleans
St. Joseph
2 white
Milwaukee
Minneapolis.
r__
Duluth
Detroit
Buffalo
"
afloat...!
.
On Canal
Total Aug. 22, 1936—
All the
statements below
regarding the movement of grain
—receipts, exports, visible supply, &c.—are prepared
by us
from figures collected
by the New York Produce Exchange.
First we give the
receipts at Western lake and river
for the week ended last
of the last three years:
ports
Saturday and since Aug. 1 for each
*
Flour
Wheat
226,000
679,000
T, 000
Detroit
Indianapolis.
Louis...
107,000
41,000
15,000
City.
Joseph..
Wichita
Sioux City..
Buffalo..
49,000
11,000
190.000
62,000
wk.
'36
Same
wk.
'35'
393,000
372,000
337,000
'34!
wk.
61,000
4,000
5,000
161,000
24,000
380"666
49,000
3,000
7,000
31,000!
114.0001
'
231,000
322,000
331,000
358,000
48,000
24,000
......
134,000
40,000
73"666
478,000
1,805,000
473,000
1,585,000
12,000
38,000
51,000
57,000
90,000|
8,053,000
14,855,000
7,208,000
4,355,000
1,639,000
12,700,000
621,000
541,000
2,128,000
8,426,000
1,843,000
4,792,000
873,000, 1,687,000
256,000
2,899,000
1930
1,768,000
1,389,000
1,346,000
1935
1934
50,353,000 18,823,000
70,881,000
6,102,000
33,843,000 46,082,000
Ft. William &
not
Philadelphia-
23,328,000
8,576,000
22,000
New Orleans *
17,000
Oats
5l",000
43,000
1,613,000
308,000
Montreal
Sorel
2O~66O
Boston
Rye
Barley
7,000
5,000
19,000
10.000
ii'ooo
MOO
~9~66O
81~66o
wk.
'36
282,000
9,579,000
Week 1935—
165,000
Since Jan.1'35
2,852,000
92,000
2,983,000
928,000
28,849,000
7,865,000
78,012,000
322,000
11,745,000
37,000
15,000
98,000
4,678,000 2,699,000 3,351,000
63,000i
20,000
10,006,000
27,000
3,940,000
2,184,000
*
on
Receipts do not include grain passing
through New Orleans for for
•eign ports
through bills of lading.
The exports from the several seaboard
ports for the week
Saturday, Aug. 22, 1936, are shown in the annexed
statement:
ended
:
Exports from—
Wheat
Corn
Flour
Oats
Rye
Barley
Bushels
Bushels
Barrels
Bushels
Bushels
Bushels
New York..,
514,000
96,000
Albany
38,771
Baltimore
~1~666
New Orleans
Sorel
2,000
308,000
1,613,000
588,000
...
Montreal.
Churchill
Halifax.
Vi'ooo
Fort William..
Total week 1936
Same week 1935
157",666
...
9,000
81,000
9,000
81,000
84,000
~6~66o
...
3,276,000
1,793,000
98,771
84,392
84,000
The destination of these
exports for the week and since
July 1, 1936, is
below:
as
Flour
Wheat
Week
Since
Week
Since
Aug. 22
Week
July 1
Aug. 22
Since
July 1
1936
1936
Aug. 22
1936
1936
July 1
1936
1936
Barrels
United
Kingdom.
Continent
So. & Cent. Amer.
West Indies
Brit. No. Am. Col.
Other countries
Total 1936
Total 1935
The
43,346
16,425
13,000
22,000
3,000
1,000
98,771
84,392
Barrels
Bushels
Bushels
369,727
101,560
140,000
238,000
8,000
21,815
2,078,000
1,168,000
30,000
879,102
3,276,000
1,793,000
23,365,000
10,196,000
Bushels
Bushels
279" 000
539,923
visible
13,430,000
9,582,000
70,000
4,000
"i"66o
1,000
1,000
supply of grain, comprising the stocks in
principal points of accumulation at lake and
seaboard ports
Saturday, Aug. 22, were as follows:
granary
at
Oats
Rye
Barley
Bushels
Bushels
Bushels
300,000
137,000
198,000
1,631,000
1,229,000
1,598,000
231,000
410,000
49,943,000
118,669,000
1,597,000
1,657,000
2,793,000
2,206,000
1,839,000
1,547,000
78,044,000
48,091,000
4,695,000 50,418,000
3,580,000
6,284,000 10,690,000
1,597,000
2,206,000
1936..126,136,000
125,767,000
4,695,000 53,998,000
4,506,000 52,434,000
6,246,000 23,356,000
7,881,000 12,896,000
8,027,000 10,817,000
9,754,000
6,964,000
*
173,270,000
The world's shipment of wheat and
corn, as furnished by
to the New York Produce
Exchange, for the week
ended Aug. 21, and since
July 1, 1936, and July 1, 1935,
are
following:
Wheat
Corn
Week
Since
Since
Week
Since
Aug. 21,
Since
July 1,
July 1,
1936
Aug. 21,
1936
July 1,
1935
1936
July 1,
1936
Black Sea...
Argentina.
Australia
_.
India
Oth. countr's;
4,762,000
1,080,000
887,000
1,293,000
272,000
808,000
Bushels
36,700,000
4,440,000
7,931,000
8,303,000
472,000
5,288,000
9,102,000! 63,134,000
Weather
I
Bushels
of
the
Bushels
1935
Bushels
17,935,000
Bushels
1,000
1,000
2,480,000
324,000' 4,406,000
2,416,000
19,674,000, 7,894,000, 44,435,000. 52,979,000
11,808,000
5,960,000
128,000;
2,085,000
3,785,000
57,857,000
8,346,000
50,927,000
59,181,000
Report for the
summary
I
Week
weather
Ended
Aug. 26—The
bulletin
issued by the
Department of Agriculture, indicating the influence of the
weather for the week ended
Aug. 26, follows:
/
1
The weather of the week was characterized
by a continuation of ab¬
normally high temperatures throughout the central
valleys and without
important rainfall, though good showers were rather
general to the north¬
ward of the heated area.
Maximum temperatures for the
week ranged
from 100 to 110 degrees in all sections from
Ohio, Kentucky, and central Tennesee westward to the
Rocky Mountains and south west ward over central
Texas.
The highest reported from first-order stations
was 110
degrees at
Omaha, Neb., on Aug. 18, and 108 degrees occurred at a
number of other
stations in the heated sections. This makes the
third week in succession with
abnormally high temperatures daily in much of the interior of the
country.
The persistency of the heat is indicated
by the records for
Oklahoma
City, where, on every day for the past three weeks maximum
temperatures
have reached 100 degrees or higher, and
during the past 43 days, 35 have had
like readings, with an average for the entire
period of 102 degrees.
This
constitutes a remarkable record of
continuously high temperatures.
The weekly mean temperatures were from 10
degrees to as much as 17
degrees above normal throughout the central valleys and much
of the
Great Plains, the relatively warmest weather
being in the western Ohio,
central Mississippi, and lower Missouri
valleys.
In the extreme South
normal warmth prevailed, while in the extreme
Northeast temperatures
were somewhat below normal, with some frost
reported on Aug. 18. Also,
moderate temperatures were the rule west of the
Rocky Mountains, the
weekly means being below normal over considerable areas.
Rainfall was scanty in most central sections of the
country and in the
Southwest. Except in parts of Ohio and the northern
portions of Indiana
and Illinois, there was little or no rain from the Ohio
Valley westward to the
Rocky Mountains, while in much of the Southwest
including Oklahoma
and most of Texas, the week was
practically rainless. On the other
hand,
showers were general, many in substantial
amounts, from the Potomac
Valley northward over New England, in the Lake region, the
upper Mis¬
sissippi Valley, and much of the northern Plains as far south as
southern
JNF ebraska
there were
some
good rains in
north-central Montana and local
substantial amounts in the northeastern portion of
that State.
The total
fall for the week ran as high as 2 to 3 inches in
parts of Michigan, southern
Wisconsin, and extreme northern Illinois.
Scattered showers were rather
Corn
Exports for Week
July 1 to
Corn
Broomhall
Also,
and Since
6,284,000 10,690,000
6,370,000
8,978,000
6,961,000
5,417,000
1,649,000
Total Aug. 24, 1935
general
2,000
6,000
Since Jan.1'36
884,000
5,800,000
1,397,000
115,000
397,000
1,911,000
1,768,000
14,000
413,000
Bushels
Summary-
Total..!
1,000
■
Halifax
Total
4,000
17,000
i
Galveston
1,566,000
37,000
3,580,000
3,743,000
4,102,000
American
North Amer.
Corn
103,000
125,000
13,000
1,809,000
included
Total Aug. 22, 1936..
48,091,000
Total Aug. 15, 1936
Total Aug. 24, 1935
2,452,000! 5,709,000
965,000 7,826,000
bbls.imbs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs.
bush.56lbs. bush.48lbs.
i
153,000
660,000
60,000
4,000
6,000
Baltimore
51,000
106,000
23,161,000' 2,482,00016,032,000
.
New York
4,000
65,000
221,000
55,000
4,695,000 50,418,000
24,753,000
Bushels
Wheat
1,560,000
1,000
2i"6o6
Bushels
r
water points
receipts of flour and grain at the seaboard ports for
Saturday, Aug. 22, 1936, follow:
Flour
29,000
93,000
47,000
19,000
44,000
687,000
139,000
Other Canadian & other
the week ended
Receipts at—
287,000
1,966,000
4,763,000
470,000
1,252,000
958,000
14,000
10,851,000
54,000
428,000
39,000 20,251,000
14,000
7,038,000
6,000
15,000
6,555,000
Pt. Arthur 16,783,000
Exports
Total
"2" 000
Wheat
Montreal
shown in the
Since Aug. 1—
1,596,000
122,000
261,000
22,000
Includes 28,000 bushels Of feed wheat.
Canadian—
Total Aug. 22,
45,000
248,000
57,000
132,000
677,000
7,000
6,000
1,000
10,000
82,000
1,000
wheat.
Note—Bonded grain
Total Aug. 15, 1936
15,000
141,000
100,000
286,000
497,000
5,000
-
above:
Barley, Buffalo, 60,000 bushels; on
Lakes, 35,000; Duluth, 499,000; total, 594,000
bushels, against 226,000 bushels In
1935.
Wheat, New York, 1,716,000 bushels; New York
afloat, 197,000; Buffalo,
7,264,000; Buffalo afloat, 184,000; Duluth,*
5,436,000; Erie, 1,743,000; Albany,
2,874,000; Chicago, 131,000; on Lakes,
518,000; Canal, 314,000; total, 20,377,000
bushels, against 17,088,000 bushels in 1935.
Canadian
2,000j
988,000
'
78,044,000
Barley
164,000
141,000
*
1.691,000
Total
Same
291.0001
96,000
<
Omaha
St.
Rye
395.000
184,006
*
Toledo
Peoria
1,069,000
275,000
1,836,000
1,134,000
201,000
169,000
60,000
58,000
200,000
34,000
1,243,000
403,000
79,000
253,000
13,000
Duluth
Milwaukee..
Kansas
Oats
bbls.imbs. bush. 60 lbs. bush. 56 lbs. I bush.
32 lbs. bush.b&lbs. bushASlbs.
Chicago
Minneapolis.
St.
Corn
1,158,000
3,000
400,000
3,582,000
1,644,000
5,457,000
2,060,000
19,018,000
6,017,000
717,000
4,857,000
2,183,000
21,000
10,764,000
113,000
1,203,000
6,424,000
*4,165,000
210,000
6,792,000
189,000
82,000
Barley
Bushels
22,000
38,000
55,000
Total Aug. 15, 1936
75,824,000
4,506,000 48,691,000
Total Aug. 24, 1935—.
54,601,000
6,246,000 19,254,000
*
Duluth includes 93,000 bushels of feed
*
Receipts at—
79,000
42,000
3,000
57,000
2,000
99,000
-
Fort Worth
Oats, New York—
Rye
Bushels
1,000
166,000
afloat
Wichita
Hutchinson
GRAIN
Wheat, New York—
No. 2 red, c.l.f., domestic...
12034
Manitoba No. l. f.o.b N.Y.
10234
Spring pats, .high protein
Spring patents.
Clears, first spring
45,000
940,000
"
Philadelphia...
Fri.
Thurs.
Oats
Bushels
...I..
Galveston....
were as
Corn
Bushels
Boston
New York
Wed.
STOCKS
Bushels
United States—
72
____
DAILY CLOSING PRICES OF
BARLEY FUTURES IN WINNIPEG
July..
1433
CHICAGO
IN
general from the lower Mississippi Valley eastward, with
fairly heavy rains
in much of Florida.
West of the Rocky Mountains
there was very little
rainfall, except along the northern Pacific Coast.
While the drought has been broken in limited
areas only, rainfall of
the week, mostly in the form of scattered
showers, was decidedly helpful
over a considerable area
extending from New England and New York
westward over the Lake region and upper
Mississippi Valley to the Plains.
More rain is needed in most of this
area, but showers were
sufficient to
revive late crops and green-up pastures in
many places, though improve¬
ment in the pasture situation is not marked.
In the
Dakotas, lower tem¬
peratures and showers made the best week since the
first of May, while
in Nebraska there was a better distribution
of rainfall than has
occurred
since early in June.
In Iowa the average rainfall of the week was
50% more than the weekly
normal, and the average for August so far is about
65% of normal.
In
In Minnesota late crops show a decided
revival and the soil has
been mate¬
rially improved for plowing, while in Wisconsin and the Lake
Region the
outlook in much better.
From the Potomac
Valley northward showers
were beneficial generally,
though more rain is needed in some sections,
especially in New York.
Financial
1434
Valley
continued
absence of rain and prevailing high temperatures were decidedly unfavorable, and crops show further deterioration.
Here it was one of the hottest,
dryest weeks of record.
Tennessee had very little rain and moisture
is needed badly, but toward the latter part of the week beneficial showers
occurred in Mississippi; much of Louisiana continues too dry.
In the Southeast, from Virginia to Alabama, conditions continue gen¬
erally favorably, except that rain is needed in northern Alabama, while
in much of Virginia crops are again suffering.
Northeastern Wyoming
and much of Montana still need rain, but beneficial showers occurred in
north-central
Montana.
From the Rocky Mountains westward the
previous favorable conditions are being maintained, except for need of
in a belt extending from the Ohio
Missouri, Arkansas, Kansas and Oklahoma, the
of this northern area,
South
westward over
rain in much
of the Pacific
Northwest.
threshing and combining made good progress in
with favorable results. In the central valleys
preparation for fall seeding is being delayed, because the soil is too dry
for plowing, but in northern sections, where showers occurred, plowing
is more active and some winter wheat has been sown.
Some seeding is
reported also from the more western districts. Grain sorghums have been
badly damaged in the lower Great Plains; only a small percentage of the
Kansas crop will make grain, but much of that in the Northeast will make
forage.
Rice made Excellent progress in Louisiana.
Small Grains—Late
Pacific Northwest,
the
northern Corn belt, especially in sections east
of the Mississippi River, showers were helpful and corn shows some im¬
provement.
In the more eastern and southeastern States progress con¬
Corn—In parts of the
tinued good in most places.
In Ohio weekly progress of corn
quite variable, being locally good,
but mostly poor to fair.
In the southern portions of Indiana and Illinois
and in Kentucky extremely high temperatures and no rain were detri¬
mental and further deterioration was rather general.
Also in Missouri,
where like weather conditions prevailed, the crop has been badly hurt in
the heretofore good southeastern counties; nearly all corn has been cut
for fodder in
about
was
three-fourths of the State, but the fodder has been
In the Plains States there was some improve¬
north, but extremely unfavorable weather con¬
saved in good condition.
ment in late corn in the
tinued in the south.
In Michigan, Wisconsin
high as farther
so
and Minnesota, where temperatures were not
south, and showers more general, the outlook improved.
occurred, the extreme heat was decid¬
corn acreage ranges from dead brown
half from poorly filled ears to excellent
yields, the latter mostly in east-central portions.
Cotton—In the Cotton belt temperatures ranged from abnormally high
In Iowa,
while fairly general rains
edly unfavorable; about half of the
good, green fodder, and the other
to
in the north to near
most of
normal in the south; showers were fairly frequent in
of the Mississippi River another mostly
the eastern belt, but west
experienced.
Cotton continued to make satisfactory
advance over the eastern third of the belt, but high temperatures and
lack of rain were again decidedly unfavorable in western sections.
In Texas progress of cotton is still good along the coast and in the ex¬
week
rainless
was
deterioration continued
picking and ginning
In Oklahoma
deteriorated rapidly,
with the general condition now very poor to only fair, and with much
premature opening, shedding and many plants dying.
In the States bordering on the Mississippi River, the week was mostly
unfavorable, especially in Arkansas where progress was mostly poor be¬
cause of hot, dry weather.
However, showers in Mississippi near the
close of the week were decidedly helpful in that State.
In the eastern
belt, from Alabama to Virginia, conditions continued mostly favorable
and the cotton crop is developing satisfactorily, though still late in many
places; harvest has begun as far north as central South Carolina.
and
south
treme
western
portions;
elsewhere
with premature opening, shedding, and top blooming;
advanced rapidly, well to the northern portion of the State.
the week was again extremely unfavorable and cotton
'
The
furnished the following resume
Weather Bureau
of
conditions in the different States:
Virginia—Richmond; Temperatures much above normal; only light, scat¬
Crops, vegetation and pastures again suffering.
Corn good
excellent; ripening.
Cotton good condition; some shedding reported.
Tobacco maturing; considerable cutting and curing in progress. Peanuts
fair to good.
Most meadows cut, with normal growth will make good
winter pasture.
• <
'
■
.
North Carolina—Raleigh: Progress of cotton good; late, but improving;
blooming and fruiting well, though shedding slightly in east.
Advance of
other crops satisfactory, but some late corn, pastures and truck would be
benefited by rain. Favorable for curing tobacco and saving hay and other
tered rains.
to
forage.
,
,
South Carolina—Columbia:
Warm; local moderate rains; sunshine abund¬
though more moisture needed locally for
Fodder pulling and haying mostly good pro¬
Favorable crop progress,
ant.
late corn and minor crops.
by
Late cotton still blooming and boiling satisfactorily; about laid
though grassy in over-moist localities.
Picking early cotton made mostly
good advance in south and beginning in central; local ginning reported.
Georgia—Atlanta: Warm, with light rains. Condition of cotton fair to
good; progress very good; picking continues in south and begun in
to Concord; ginning progressed rapidly in south and some central sections;
fruiting rapidly in north; favorable for checking weevil in all sections.
Condition and progress of late corn very good; some damaged by wind in
Coweta County.
Vatas fair to good; growing fast. Truck and vegetables
fair to good; much planting yet to be done.
Pastures mostly good. Sugar
cane good growth.
Peanuts fair to good; need rain.
gress.
north
Progress
advance.
market. Preparation
Citrus excellent.
Alabama—Montgomery: Rain needed in Tennessee Valley; light to mod¬
erate rains fell elsewhere, with favorable distribution.
Warm with abun¬
Florida—Jacksonville: Normal temperatures; moderate rains.
condition of cotton fairly good; picking and ginning fair
and
nearly all harvested. Sweet potatoes coming to
for fall-truck planting active.
Seed beds doing well.
Corn
Progress and average
dant sunshine.
condition of cotton very gooa;
opening
rapidly; picking made fair to good advance and starting well to
Corn, sweet potatoes, legumes, pastures, and miscellaneous crops
north.
doing
well.
Mississippi—Vicksburg: Progress of cotton mostly poor to
badly deteri¬
orated, but fairly good locally, especially in extreme east; opening rapidly,
prematurely account warm, dry weather to Saturday; picking
mostly
much
fair
Ginning slow.
progress.
Progress of late-planted corn poor to de¬
in occasional damp localities.
teriorated generally, but fair to very good
Rains last two days benefiting gardens and
Louisiana—New Orleans: Frequent light
pastures.
rains in southeast, with light
elsewhere; still insufficient in northwest where
crops suffering.
Cotton opening rapidly; much premature opening in north;
picking made excellent progress; staple generally good; general condition
fair.
Late corn deteriorated and seriously injured in drier sections; con¬
dition mostly good in southeast; early corn matured.
Rice and cane ex¬
cellent progress; harvesting and threashing early rice.
Truck benefited by
rain.
Pastures and minor crops poor in northwest; fair to excellent else¬
to
heavy at end of week
where.
Texas—Houston: Temperatures
of State; near
treme
west,
considerably above normal in north
third
normal elsewhere.
Rains, widely scattered, over east, ex¬
Panhandle.
Progress and condition of cotton mostly
and
good along coastal plains, in extreme south, and extreme west, but
where deterioration continued with premature opening, very heavy
else¬
shed¬
ding, and top blooming general; picking and ginning made rapid advance
in extreme south, where practically completed, and progressed favorably
well to northward; little prospect of crop in extreme south.
Ranges and
truck in mostly fair to good condition along the coast, in extreme south,
and extreme west, but need rain badly elsewhere. Cattle continue generally
good.
Oklahoma—Oklahoma City: Aug. 24 was the 22nd consecutive day with
higher at most stations; no material rain. Cotton
maxima of 100 degrees or
deteriorating; condition ranges from badly deteriorated to only fair, with
much premature opening and shedding, many plants dying; picking made
fair advance in east and south where ginning started. Corn being gathered;
light yield. Pastures gone; livestock water and feed scarce practically
entire State; many catole forced to market or being moved.
Tree
defoliation continues; some dying.
Progress and condition of grain sor¬
very
the
ghums, broomcorn, and minor crops very poor.
Arkansas—Little Rock: Progress of cotton poor due to unfavorable
weather of previous weeks and continued warmth and insufficient rain;
heavy shedding, and half-grown bolls opening prematurely; blooming ceased
in most sections; opening rapidly; picking made fair to good advance in
nearly
all
portions;
ginning in
many localities.
Aug. 29, 1936
Chronicle
Late corn, meadows.
destroyed in hills; badly
pastures, and most truck practically
most lowlands.
Feed crops badly damaged
damagedJn
< -i
progress; some
in most sections.
Tennessee—Nashville: Corn deteriorated or made poor
burning and twisting; condition mostly fair, some very
good. Progress of
prematurely; squares dropping; general
to good and some very good; heat
some opening
condition fairly good.
Tobacco fair
cotton rather poor,
in barns, much late. Hay
condition; excellent progress in
forcing early maturity; some burning, some
materially shortened, but much in good
rapdily, but fairly good in large areas. Po¬
fair; needing rain badly.
Kentucky*—Louisville: Mostly dry weather and excessive heat expanded
saving hay. Pastures drying
tatoes and vegetables poor to
north half
cutting in north;
generally poop to
good in few southern
areas; district of good growth decreasing.
Early corn drying rapidly in
north.
Pastures, potatoes, field tomatoes, and gardens poor in north
condition or
of stationary crop
area
deterioration to include
southern districts. Tobacco firing and forced
good progress in south. Progress of late corn
deteriorated in north; mostly fair in south, but Very
and some
fair to
two-thirds of State.
Mostly too dry for
f
plowing.
'
■
THE DRY
as
Friday Night, Aug.
28, 1936.
turned somewhat spotty during
continued hot weather in many sections of
Retail
week
GOODS TRADE
New York,
•
:>i
trade
the past
the coun¬
promotions.
Total sales
day less than in 1935.
Very optimistic views
outlook for the fall season continue to prevail
regarding the
try put a damper on early fall
volume, nevertheless, again exceeded
that of last year by a
margin.
Estimates for the entire month forecast an
increase in department store sales of from 7 to 10%, not¬
withstanding the fact that August this year has one business
fair
among
retail
Improved general business conditions as well as
the maintenance of various Government relief disbursements
are expected to increase consumer buying power sufficiently
to assure brisk activity and continued gains in sales volume
over the corresponding 1935 period.
Trading in the wholesale dry goods markets reflected the
somewhat reduced activity in retail trade, although total
transactions continued to run ahead of last year.
Re¬
orders, however, were not so numerous, as retailers had pre¬
viously covered against all their present requirements and
are now awaiting actual results of their promotions before
re-entering the market.
A good amount of business was
done in school and misses's wear, as retailers, encouraged
by a good consumer response to initial offerings, increased
their purchases in these lines.
Business in coats and suits,
however, was sluggish.
Wholesalers, on their part, while
likewise curtailing their orders, displayed nevertheless grow¬
ing concern over the tight delivery situation in the ootton
goods market, with prospects increasing that following the
next Government cotton crop report buying will be resumed
on a large scale.
Business in silk goods showed a slight im¬
provement.
Most interest centers on crepes, satins and
moires.
Trading in greige goods quieted down somewhat
and prices eased off slightly.
Activity in rayon yarns
showed no abatement and producers were hard pressed by
their customers for larger allotments of their October pro¬
duction in viscose numbers.
Acetate yarns benefited by
the shortage of viscose numbers.
While the bulk of the
demand continued for weaving counts, a marked expansion
merchants.
in the chll for knitting yarns was
also reported.
Goods—Trading in the gray cloth
market continued quite sluggish.
In view of the further
easing of prices in the raw cotton market, buyers were little
inclined to place forward orders and
he belief prevailed
that no change in the present situation would occur before
the release of the next Government cotton crop report.
A fairly large amount of inquiries at lower prices came into
the market, indicating that buyers were still in need of sub¬
stantial quantities.
Total sales, however, were estimated to
amount to not more than 75% of production.
Business in
fine goods remained quiet.
Although buyers again tried to
cut under existing quotations, the statistical position of the
mills remained sufficiently strong to forestall any such at¬
tempts.
Fancies remained in good demand.
Closing prices
in print cloths were as follows: 39-inch 80's, 7% to 7Kc.;
39-inch 72-76's, 7^c.; 39-inch 68-72's, 6M to 7^c.; 3SHinch 64-60's, 5% to 5^c.; 38>6-ineh 60-48's, 5 to 5^c.
Domestic
Woolen
Cotton
Goods—Trading in men's wear fabrics
continued
although interest in new spring lines in¬
creased somewhat actual orders remained limited and several
mills closed their plants for the purpose of repairing machin¬
ery.
While reductions in the prices of worsted suitings for
spring ranging from 2b£c. to 7%c. a yard were said to re¬
move some of the main obstacles to the early resumption of
buying on the part of clothing manufacturers, the latter
were not expected to place volume spring orders until after
Labor Day.
A steadying influence in the market was the re¬
port that the Army will soon place substantial orders on allworsted shirtings.
Retail clothing centers reported a fairly
satisfactory consumer response to August promotions.
Business in women's wear goods continued to make a good
showing, with mills said to be sold ahead for several weeks.
Garment manufacturers, on the other hand, reported few
sales, as retailers displayed more caution in adding to their
seasonally dull,
,
stock.
Foreign Dry Goods.—Trading in linens
the influence of reports that
continued fairly
supplies of raw
plentiful, due to heavy European
buying.
Prices held firm.
Business in burlaps was again
restricted to a few spot lots, with interest in shipments con¬
tinuing negligible.
Prices eased off somewhat but later
recovered in sympathy w th steady Calcutta cables.
Domes¬
tically lightweights were quoted at 4.10c., heavies at 5.40c.
active under
material
were
none
too
Volume
143
Financial
Chronicle
1435
MUNICIPAL
Specialists in
BONDS
Dealer Markets
Illinois & Missouri
Bonds
WM. J. MERICKA <S CO.
INCORPORATED
Union Trust Bids.
STIFEL, NICOLAUS
105 W. Adams St.
& CO.,
DIRECT
314 N. Broadway
WIRE
CHICAGO
ST. LOUIS
RECONSTRUCTION FINANCE CORPORATION
Offering of 54 Municipal Bond Issues Aggregating $5,007,250
—Notice was given on Aug. 24 that the above
Corporation
will receive sealed bids at the office of H.
A. Mulligan, Treas¬
1825
urer,
H
Street,
N.
W.,
Washington, D. C., until
Time, on Sept. 10 for the
purchase of all (but not less than all) of
any issues of securi¬
ties described below.
The bids will be opened
immediately
after noon on said
date, and, subject to the right hereby
reserved by the Corporation to
reject any and all bids, said
issues will be awarded to the
highest bidders.
12 o'clock noon, Eastern
Standard
Bids must be made
official forma,
separately for each issue, must be
accompanied by an exact copy of the
offering notice, must be unconditional,
and must be accompanied
by a certified check payable to the order of
on
"Reconstruction Finance
Corp" for (2%) of the principal amount of the issue
for which the bid is entered.
tained as security for
Checks of the successful bidders will be re¬
compliance by such bidders with the terms of such bids.
The successful bidders for said
securities will be required to
accept delivery
of the securities at the
Federal Reserve Bank or Branch
named with that
issue, and to pay for the same in cash or in other
immediately available
funds at any Federal Reserve
Bank or branch
thereof, within 15 days of
acceptance of bid, at the bid prices
plus accrued interest to the date of
payment, less the amount of the checks
accompanying the bids.
Signed or certified copy of the
approving legal opinion of counsel, where
indicated, as to the legality of the issue will be
furnished the purchaser
without cost.
Said securities are offered and will
be sold on the condition
that the successful bidders will not
expressly or by implication indicate to
RFC, or the United States of
America, or any Agency thereof,
has any obligation or
responsibility whatsoever with respect to such bonds,
or refer to or use the
name of the
RFC, or the United States of America
anyone that
or
any agency thereof,
securities.
as an
'
inducement to anyone to purchase
any of said
The following are the issues
referred
accordance With the terms
as stated:
to
above and offered for sale in
$967,000 Los Angeles County Flood Control
District, Los Angeles County,
Calif., 434 % bonds, maturing on
May 1 as
follows:
t36,000, 1938; $37,000, 1939;
42,000, 1942; $44,000, 1943;
$34,000,1937;
$39,000, 1940;; $40,000,
$46,000, 1944;
1941;
$48,000, 1945;
$50,000, 1946; $52,000, 1947: $54,000,
1948; $56,000, 1949;
$59,000, 1950; $61,000, 1951; $64,000,
1952; $66,005, 1953; $69,000, 1954, and $70,000, 1955.
Legal opinion, Messrs. O'Melveny,
Tuller & Myers,
Los Angeles, Calif.
Place of delivery, Los
Angeles Branch, Federal Reserve Bank of
San Francisco, Los
Angeles, Calif.
60,000 The City of Prescott, County of
Yavapai, Ariz., 4% water works
improvement bonds, maturing $2,000 Jan.
2, 1948-62, incl. and
$2,000, July 2, 1948-62, incl.
Legal opinion, Chapman &
Cutler,
Chicago, 111.
Place of delivery. Federal
Reserve Bank of San
Francisco, Los Angeles, Calif.
74,000 Hot Springs County, Ark.,
4% court house and jail
bonds,
maturing as follows: $1,000, Dec. 1,
1937; $2,000 Dec. 1, 193848, incl., and $3,000, Dec. 1,
1949-65, incl.
Legal opinion, D.
M. Halbert,
Malvern, Arkansas.
Place of delivery. Little Rock
Branch, Federal Reserve Bank of St.
Louis, Little Rock, Ark.
30,250 Lakeside School District No. 9 of
Garland County.
Ark., 4%
school bonds,
maturing as follows:
$1,250, Nov. 1, 1936; $1,500,
Nov. 1, 1937-54, incl,, and
$2,000, Nov. 1, 1955.
Legal opinion:
Wallace Townsend, Little Rock Ark.
Place of delivery. Federal
Reserve Bank of St.
Louis, Little Rock, Ark.
20,000 City of Siloam Springs,
Ark., 4% sewer revenue bonds,
maturing
on March 1 as
follows: $1,000.
1940-49, incl. and $2,000, 1950'54,
incl.
Legal opinion, Rose, Hemingway, Cantrell &
Loughborough
Little Rock, Ark.
Place of delivery, Federal
Reserve Bank of
St. Louis, Little
Rock, Ark.
29.000 City of Seal Beach,
County of Orange, Calif., 4% water works
system bonds of 1935,
maturing on April 1, as follows;
$1,000,
1937-45, incl. and $2,000, 1946-55 incl.
Legal opinion. Burr A.
Brown, Seal Beach, Calif.
Place of dehvery, Los
Angeles Branch,
Federal Reserve Bank of San
Francisco, Los Angeles, Calif.
21,000 Town of Louisville, Boulder
County, Colo, 4% water works
improvement bonds, maturing on June
1 as follows:
$2,000,
1937-46, incl. and $1,000, June 1, 1947.
Legal opinion, Myles
P. Tallmadge,
Denver, Colo.
Place of delivery, Federal
Reserve
Bank of Kansas
City, Kansas City, Mo.
15,500 Village of Downey,
County of Bannock, Ida., 4% water
bonds,
series of March
1, 1934, maturing on March 1 as
follows: $1,000,
1937-40, incl.; $1,500, 1941-47, incl, and
$1,000, 1948.
Legal
opinion, Pershing, Nye, Bosworth &
Dick, by Clyde C. Dawson
Jr., Denver, Colo.
Place of delivery. Salt Lake
City Branch,
-
■
Federal Reserve Bank of San
Francisco, Salt Lake City, Utah.
123,000 City of Aurora, 111., 4%
water revenue bonds,
maturing on Aug. 1
as follows:
$13,000, 1952; $16,000, 1953;
$17,000, 1954; $18,000,
1955;. $19,000, 1956, and $20,000, 1957-58, incl.
Legal opinion!
Merritt J. Little,
Aurora, 111.
Place of delivery, Federal
Reserve
Bank of
Chicago, Chicago, 111;,
City of Lawrenceburg,
County of Dearborn, Ind., 4%
sewage
revenue
bonds, maturing on Feb. 1 as
follows; $1,000.
1939-44, incl. and $2,000, 1945-62, incl.
Legal opinion, Charles
A. Lowe, City
Attorney, City of Lawrenceburg, Ind.
Place of
delivery, Federal Reserve Bank of
Chicago, Chicago, 111.
58,000 City of Des Moines,
County of Polk, Iowa, 4%
swimming pool
revenue bonds,
maturing on Nov. 1 as follows:
$4,000, 1936-38
incl.; $3,000, 1939-42, incl.;
$4,000, 1943-48,
1949-50, incl. Legal opinion, J. C. Shaw, Des incl., and $5,000,
Moines, Iowa; Place
of delivery, Federal
Reserve
42,000
works
Bank of Chicago,
Chicago, 111.
23,000 City of Linn, Washington
County, Kan., 4% water works bonds
niauiring on Feb. 1 as follows:
$1,000, 1938-42 ,incl. and
$1,500,
1943-54, incl.
Legal opinion, Bowersock, Fizzell &
Rhodes
Kansas City, Mo.
Place of delivery. Federal
Reserve Bank of
Kansas City, Kansas
City, Mo.
11,000 City of Onaga, Pottawatomie
County, Kan., 4% water filtration
Slant bonds, maturing on April 1 as follows: $1,000, 1937-41,
1,500, 1942-45, incl.
Legal opinion, Orman Miller,
incl.
Onaga, Kan.
Place of delivery, Federal
Reserve Bank of Kansas
City, Kansas
City, Mo.
51.000 City of Bessemer, Gogebic
County, Mich., 4% serial sewer im¬
provement bonds, maturing on
July 1 as follows: $10,000,1937-38
incl.; $11,000, 1939; $12,000.
1940, and $8,000, 194i.
Legal
opinion, Michael E. Nolan,
Bessemer, Mich.
Place of delivery
Federal Reserve Bank of
*
One Well Street
135 S. La SalleSL
CLEVELAND
NEW YORK
CHICAGO
Inc.
Minneapolis, Minneapolis, Minn,
$119,000 City of Ludington,
County of Mason, Mich., 4% sewage disposal
system bonds, maturing on Oct. 15 as
follows: $4,000, 1937-39,
incl.; $5,000,1940-42, incl.; $6,000,
1943-47, incl.; $7,000,1948-50,
incl.; $8,000, 1951-54, incl., and
$9,000, 1955.
Legal opinion,
Peter R. Von
Sprecken, Ludington, Mich.
Place of delivery.
Federal Reserve Bank of
Chicago, Chicago, 111.
6,000 City of Ely, Minn.,
4% water works plant bonds,
maturing
$2,000, Jan. 1, 1943-45, incl.
Legal opinion, A. W. Nelson,Esq.,
Ely, Minn.
Place of delivery, Federal Reserve Bank
of Minne¬
apolis, Minneapolis, Minn.
37,000 Town of Hernando,
County of DeSoto, Minn., 4% sewer bonds,
maturing on Aug. 1 as follows: $1,000, 1937-45, incl. and
$2,000,
1946-59, incl.
Legal opinion, R. F. B. Logan and John W.
Barbee, Hernando, Miss.
Place of Delivery,
Memphis Branch,
Federal Reserve Bank of St.
Louis, Memphis, Tenr.
13,000 Town of Sardis, Panola
County, Miss., 4% water works improvex ■
ment
bonds, maturing $1,000, Jan. 2,
1937-49, incl.
Legal
opinion:
James
McClure, Sardis, Miss.
Place
of
delivery,
Memphis Branch, Federal Reserve Bank of St.
Louis, Memphis,
Tenn.
.
•
.
33,000 Consolidated School District No. 4 of
Dunklin County,
Mo., 4%
bonds, maturing on April 1 as follows:
$1,000, 1938 and $2,000,
1939-54, incl.
L««al opinion, B. H. Charles, St.
Louis, Mo.
Place of delivery, Fed'l R,
Reserve Bank of St. Louis, St.
Louis, Mo.
57,000 State Board of Education of the State of
Montana, 4% Montana
State Industrial
School bonds, maturing on Nov. 1
as follows:
$1,000, 1936-39, incl.; $2,000, 1940, and
$3,000, 1941-57, incl.
Legal opinion, Raymond T. Nagle,
Attorney-General, State of
'
Montana.
Place of delivery, Federal Reserve
Bank of Minne¬
apolis, Minn.
4
9,000 Village of Cedar Bluffs, Saunders
County, Nebraska, 4% water
bonds, maturing $9,000, Jan. 1, 1954.
Legal opinion, S. S.
Sidner, Cedar Bluffs, Neb.
Place of delivery, Federal
Reserve
Bank of Kansas City, Kansas
City, Mo.
14,000 Village of Nehawka, Cass County, Neb..
4% water bonds, matur¬
ing $14,000, June 1, 1954.
Legal opinion, Wells, Martin, Lane
& Offutt,
Omaha, Neb.
Place of delivery, Federal Reserve Bank
Of Kansas City, Kansas
City, Mo.
193,000 County of Middlesex, N. J., 4% tuberculosis
hospital bonds,
maturing on April 1 as follows:
$20,000,1954-62, incl. and $13,000,
1963.
Legal opinion-, Edmund A. Hayes, New
Brunswick, N. J.
Place of delivery. Federal
Reserve Bank of New York, New
Xv /:
York, N. Y.
'
46,000 Board of Education of the Borough of
Ridgefield, N. J., 4% school
district bonds, maturing on
Sept. 1 as follows: $2,000, 1937-40,
incl.; $3,000, 1941-52, incl., and $2,000, 1953.
Legal opinion,
Hawkins, Delafield & Longfellow, New
York, N. Y.
Place of
delivery, Federal Reserve Bank of New York, New
York, N. Y.
407,000 The Board of Education of the
Township of Teaneck, Bergen
County, N. J., 4% school district bonds,
maturing on Nov. 1 as
follows: $18,000,
1936-38, incl.: $8,000, 1941; $18,000,
1942-60,
incl., and $3,000, 1961.
Legal opinion, Hawkins, Delafield &
Longfellow, New York, N. Y.
Place of
delivery, Federal Reserve
Bank of New York, New
York, N. Y.
/
,
39,000 Capitan Union High School District, Lincoln
County, N. M.,
4% school district bonds, maturing on
April 1 as follows: $2,000,
1937-50, incl.; $2,500, 1951-54, incl., and $1,000
1955.
Legal
opinion, John E. Hall, Carrizozo, N. M.
Place of delivery, El
Paso branch, Federal Reserve Bank of
Dallas, El Paso, Tex.
32,000 County of San Miguel, State of New Mexico,
4% court house and
jail bonds, maturing on Jan. 1 as. follows:
$1,000, 1937-40, incl.
and $2,000,
1941-54, incl.
Legai opinion, Waldo Spiess, Las
Vegas, N. M.
Place of delivery, Federal Reserve Bank
of Kansas
City, Kansas City, Mo.
66,000 Common School District No. 9, Town of
Babylon, Suffolk County,
N. Y., 4% school building
bonds, maturing on Nov. 1 as follows:
$2,000, 1936-46, incl.; $3,000, 1947-58, incl., and
$4,000, 1959-60,
incl.
Legal opinion, Robert N. Gilmore, 50 Court
St., Brooklyn,
N. Y.
Place of delivery. Federal Reserve
Bank of New York,
New York, N. Y.
■
23,000 Union Free School District No. 1, Town of
Harrietstown, Franklin
County, N. Y., 4% school building
bonds, maturing $1,000,
Nov. 1, 1936-58, incl.
Legal opinion, Cornelius J.
Carey, Jr.,
Saranac Lake, N. Y.
Place of delivery, Federal Reserve
Bank of
New York, New York, N. Y.
15,000 Town of Mount Pleasant, Westchester
County, N. Y., 4% water
works improvement bonds,
maturing $1,000 Sept. 1,1938-52, incl.
Legal opinion, Reed, Hoyt & Washburn, New
York, N. Y. Place
of delivery, Federal Reserve Bank of
New York, New
York, N. Y.
18,000 Town of lorktown, Westchester County. N.
Y., 4% town hall
bonds, maturing $2,000, Nov. 1, 1936-44, incl.
Legal opinion.
Clay, Dillon & Vandewater, New York, N. Y.
Place of delivery,
Federal Reserve Bank of New
York, New York, N. Y.
96.000 Town of Granite Falls, Caldwell County, N.
C., 4% bonds (one
bid to cover both issues):
*
$41,000 water works bonds, maturing on Jan. 1 as
follows: $1,000,
1937-40, incl.; $2,000, 1941-58, incl., and
$1,000, 1959.
55,000 sewer bonds, maturing on Jan. 1 as
follows: $1,000,
1937-39, incl.; $2,000. 1940-46, incl.;
$2,500,1947-61, incl., and
$500, 1962.
Legal opinion, Storey, Thorndike, Palmer &
Dodge, Boston, Mass.
Place of delivery, Federal Reserve Bank of
Richmond, Richmond,
Va.
24,000 City of Roanoke Rapids, N. C.,4%
municipal building bonds,
maturing on April 1 as follows: $500,
1937-44, incl. and
1945-64, incl.
Legal opinion, Kelly Jenkins, Roanoke $1,000,
Rapids,
N. C.
Place of delivery, Federal
Reserve Bank of
Richmond,
Richmond, Va.
42,000 The Board of Education, Cavalier, N.
D., 4% school bonds of
1935, maturing on Dec. i as follows:
$2,000, 1937-51, incl., and
$3,000, 1952-55, incl.
Legal opinion, Ross
Mcintosh, Cavalier,
N. Dak.
Place of delivery, Federal
Reserve Bank of
Minneapolis,
Minneapolis, Minn.
54,000 Board of Education of the Norton
Township Rural School District,
Summit County, Ohio, 4% school
improvement bonds, maturing
on Oct.
1 as follows: $2,000,
1937-51, incl. and $3,000,
1952-59,
incl.
Legal opinion, Robert S.
Pflueger, Akron, Ohio.
Place of
of delivery, Federal Reserve Bank
of Cleveland,
Cleveland, Ohio.
11,500 Board of Education of the St. Clairsville
Village School District,
Belmont County, Ohio,
4% school improvement
bonds, maturing
on Sept. 1 -m*
1
*
-----■
incl.
—
-
Lt
Place of
Ohio.
428,000 Board of County Commissioners of Summit
County, Ohio, 4%
county road improvement
bonds, maturing on Sept. 1 as follows:
$43,000, 1937; $42,500,1938-45, incl., and
$45,000, 1946.
Legal
opinion, Herman E. Werner,
Akron, Ohio.
Place of delivery,
Federal Reserve Bank of
Cleveland, Cleveland, Ohio.
Financial
1436
through the Board of Directors
$166,000 City of Toledo, Ohio, acting by and
of the University of the City of Toledo, 4% university improve¬
ment bonds, maturing on May 1, as follows: $4,000, 1938; $7,000,
1939-42, incl.; $9,000, 1943-56, incl., and $8,000.
opinion, Squire, Sanders & Dempsey, Cleveland,
Federal Reserve Bank
delivery.
1957. Legal
Ohio. Place of
of Cleveland, Cleveland, Ohio.
4% water bonds of 1934
June 1, 1937-51, incl.
Place of delivery,
15,000 Town of Hinton, Caddo County, Okla.,
of the town of Hinton, maturing $1,000,
Legal opinion, Omer Luellen, Hinton,
Okla.
Kansas City, Mo.
works bonds of 1934, maturing
and $30,000, 1959.
Okla. Place of de¬
livery, Federal Reserve Bank of Kansas City, Kansas City, Mo.
The City of Dayton, Yamhill County, Ore., 4% water bonds,'
maturing on Oct. 1 as follows: $500, 1939-48, incl.; $1,000,
1949-58, incl., and $500, 1959.
Legal opinion, Eugene E. Marsh,
McMinnville, Ore.
Place of delivery, Portland branch. Federal
Federal Reserve
Bank of Kansas City,
555,000 City of Shawnee. Okla., 4% water
on Sept. 1 as follows:
$25,000, 1938-58, incl.,
Legal opinion, Randall Pitman, Shawnee,
15,500
Francisco, Portland, Ore.
of Oregon, acting through the State Board of Higher
Normal School gymnasium bonds, matur¬
ing on April 1 as follows: $2,000, 1938-39, incl. and $3,000,
1940-49, incl.
Legal opinion, Estes Snedecor, Attorney for the
Department of Higher Education, Portland, Ore.
Place of
delivery, Federal Reserve Bank of San Francisco, Portland, Ore.
27,000 School District of the Borough of Chalfant; County of Allegheny,
Reserve
Bank of San
34,000 The State
Education, 4% Oregon
4% elementary school bonds, maturing $1,000,<Dec. 1,
1937-63,incl.
Legal opinion, M. E. Evashwick, 910 Berger Bldg.,
Pittsburgh, Pa.
Place of delivery, Pittsburgh branch.
Reserve Bank of Cleveland, Pittsburgh, Pa.
Pa.,
Federal
Pa., 4% water plant
36,000 Borough of Sykesville, Jefferson County,
extension bonds, maturing on Jan. 1 as follows: $i,000, 1937-52,
incl.; $2,000, 1953-59, incl.; $3,000, 1960, and $3,000, 1961.
Legal opinion, Burgwin, Scully & Burgwin, Pittsburgh,
Pittsburgh branch,
Pittsburgh, Pa.
of delivery,
Place
Cleveland,
Pa.
Federal Reserve Bank of
4% water and
incl.,
Agricultural College of South Carolina, 4% agricultural
maturing on Sept. 1 as follows: $4,000, 1937-40,
building bonds,
$5,000,1941-45, incl.; $7,000,1945-60, incl.; $8,000,1951-55,
$10,000, 1956-65, incl
Legal opinion, Hughs & Hughs,
Harold Major, Anderson, S O. Place of delivery,
Federal Reserve Bank of Richmond, Richmond, Va.
66,000 The Commission of the City of Brownsville, County of Haywood,
Tenn
4% sewer bonds of 1935, maturing on Nov. 1 as follows;
incl.;
incl., and
Walhalla, S. O.;
incl.; $2,000,
Legal
of delivery,
Memphis,
$5,000, 1938; $1,000,1939-42, incl.; $1,500, 1943-45,
1946; $2,500, 1947-50, incl., and $3,000, 1951-65, incl.
Opinion, John W. Norris, Brownsville, Tenn.
Place
Memphis branch, Federal Reserve Bank of St. Louis,
■
Tenn.
25,000 Mayor
and Aldermen of the Town of Camden, County of
bonds of 1935, maturing on Oct. 1 as
Tenn, 4% sewer
Benton,
follows:
$1,500, 1962-65,
Tenn. Place of
Federal Reserve Bank of St. Louis,
$500, 1938-47, incl.; $1,000, 1948-61, incl., and
incl.
Legal opinion, J. M Holladay, Camden,
delivery, Memphis
branch,
Memphis, Tenn.
bonds, maturing on
59,000 Lake County, Tenn., 4% public building
Oct. 1 as follows: $1,000, 1937-39, incl.; $2,000, 1940-49, incl.,
and $3,000,
1950-61, incl.
Legal opinion, R. C. Donaldson,
Tiptonville, Tenn.
Place of delivery, Memphis branch,
Reserve Bank of St. Louis, Memphis, Tenn.
Federal
Smithville, County of DeKalb, Tenn., 4% water works
maturing on Nov. 1 as follows: $500, 1938-43, incl.;
and $1,500, 1951-60, incl. Legal opinion,
Place of Delivery, Federal
Ga.
37,000 Road District No. 26 of Brazoria County, Tex., 4% road bonds,
second series, maturing on June 1 as follows; $3,000, 1937-38,
incl.; $4,000, 1939-41, incl.; $5,000, 1942-43, incl.; $6,000, 1944,
and $3,000, 1945.
Legal opinion, A. R. Rucks, Angleton, Tex.
Place of delivery, Houston branch, Federal Reserve Bank of Dallas,
25,000 Town of
bonds of 1935,
1,000, 1944-50, incl.,
Turner, Smithville, Tenn.
Reserve Bank of Atlanta, Atlanta,
L.
R.
on
the Legislature
County, Tex., 4% hospital bonds, maturing on Dec. 10
as
follows: $1,000, 1937-40. incl.; $2,000, 1941-55, incl., and
$3,000, 1956-64, incl.
Legal opinion, C. Y. Welsh, Quanah, Tex.
Place of delivery, Federal Reserve Bank of Dallas, Dallas, Tex.
15,000 City of Kilgore, Tex., 4% sewer bonds, maturing on March 1 as
follows: $2,000, 1938-40, incl., and $3,000, 1941-43, incl.
Legal
opinion, Chapman & Cutler, Chicago, 111.
Place of delivery.
Federal Reserve Bank of Dallas, Dallas, Tex.
6,500 Town of Weimar, Tex., 4% water revenue bonds, series 1934, ma¬
turing on April 15 as follows: $500, 1938 and $1,000,1939-44, incl.
Legal opinion, Hollis Massey, Schulenburg, Tex.
Place of de¬
livery, Houston branch, Federal Reserve Bank of Dallas, Houston,
,
.
for additional aid.
Kenworthy's report, based on a
Mr.
State-wide survey
conducted six
the original estimate of relief costs for the balance
made by the State Emergency Relief Administra¬
tion, was about $2,000,000 too high.
Using questionnaire returns from 183 cities and towns, representing 80%
of the relief load as a basis, Mr. Kenworthy estimated the total cost of
relief from July 1 to Jan. 1 at $8,485,663. To meet this outlay, Mr. Ken¬
worthy said the State had available $6,000,000 already appropriated from
the Dorrance tax funds, $1,500,000 recently turned over by the State
Emergency Relief Administration and more than $1,000,000 already
appropriated in municipal budgets as the local share. From these three
sources,
the League Secretary pointed out. New Jersey had ample funds
to meet the relief load until 1937', making allowance for a substantial increase
in the number of cases during October, November and December.
In spite of these reassuring figures, members of the League's executive
and advisory boards, numbering about 30 municipal officials from various
sections of the State, decided that the picture painted by Mayor Ellen¬
stein warranted immediate action by the Governor.
weeks ago, indicated that
of the year, $10,500,000,
Municipal
Jersey—Better
New
Kenworthy, Executive Secretary
League of
Reports
Urged—S.
It was stated
of the
State¬
better municipal reports.
by Mr. Kenworthy that, in his judgement, nothing more
devised to bring about a better understanding between
the
effective could be
municipal officials and the taxpayers.
with various
had
S.
of the New Jersey State
Municipalities, has endorsed the movement
Taxpayers Association in sponsoring a
wide contest to encourage
"Judging from conversations already
"I believe that the oppcr-
municipal officials," he said,
office holders who are
and how
is too
and he
tqnity would be welcomed by all progressive public
interested in informing their constituents of just what is going on
the money which is collected in taxes is being spent.
The taxpayer
often focusing only on the amount which he is called upon to pay
overlooks the benefits which he is receiving for the money."
Federal
Justice
Lloyd Church in the Supreme Court for dismissal of a suit
brought against it by the Richfield Oil Corporation of New
York, to collect '$82,000 in taxes it paid to the Federal
Government on gasoline sold to city departments in 1933
City—Action
York
New
Commenced to Void
Aug. 21 before
Taxes—The city moved on
Excise
and 1934.
We quote
in part as follows from an article appearing in
"Herald Tribune" of Aug. 22, discussing
York
New
the
possible effects of the case:
the
Counsel for the city told the
court that annual
Federal excise taxes of
$200,000,000 depended upon the outcome of the suit.
The
looked upon as a test case of the right of the
government to levy excise taxes on State, city and municipal
and was destined for eventful decision before the United States Supreme
Court.
The city has refused to pay the oil company because it contended
its essential functions were exempt from Federal taxation.
During 1933 and 1934 the Richfield Company had a contract to
gasoline to all New York City departments.
It billed the city for
of the gasoline plus the three-cent State tax and the one-cent Federal tax.
The city paid the company for all but the Federal tax, claiming
from that tax on the ground that its city departments were essential func¬
tions of government and, therefore, not subject to the tax under the revenue
than
more
Federal
functions,
action was further
sell
the price
exemption
act of 1932.
The
Houston, Tex.
61,000 Hardeman
Texas.
Municipalities on Aug. 24, at a joint meeting of its executive
and advisory boards held in Newark.
Urging immediate action by the Legislature, Mayor Meyer O. Ellenstein of Newark said the relief problem had been made more acute in the
last few weeks by a sharp increase in the price of food and milk.
Rents
were climbing, too, Mayor Ellenstein said, and relief budgets would have
to be revised this winter to meet a 20% increase in the cost of living.
The League's action was taken despite an optimistic report, submitted
by Samuel S. Kenworthy, Executive Secretary, who estimated ample funds
were available to carry relief for the balance of the year without calling
New Jersey
341,000 Municipality of Mayaguez, Puerto Rico,
sewer
revenue bonds, maturing on
Jan. 1 as follows: $1,000, 1938;
11,000, 1939-40, incl.; $12,000, 1941; $15,000, 1942-55,
and
$16,000, 1956-61, incl.
Legal opinion, Oscar Souffront,
attorney for the Municipality of Mayaguez, Mayaguez, Puerto
Rico.
Place of delivery, Federal Reserve Bank of New York,
New York, N. Y.
216,000 Clemson
Aug. 29, 1936
Chronicle
city gave the oil company
exemption certificates in
lieu of the one-
turned these over to the government, which ruled
of Water, Parks, Transportation and Docks were not
essential governmental agencies.
The company was then forced to pay
$82,000 in Federal gasoline taxes that the city had refused to pay.
law the company is not permitted to absorb the tax.
The government held that the only city departments conducting
city functions were those of Fire, Police, Education and Welfare.
are proprietary so far as tax purposes are concerned, the government
and are merely acting as private corporations.
The outcome of the suit, according to Isador B. Rosman, of 1440 Broad¬
way, attorney for the oil company, will determine the taxable
of most of the states, cities and municipalities of the nation, which have
held with New York City in declaring their principal functions sovereign.
A decision for the government in the case, he told the court, would give
it the right to collect taxes on all products sold the city governments
declared by the Federal government to be taxable.
• .
Asserting that his company was no more than an innocent bystander
in the case, and that the conflict was between the City of New
the Federal government, Mr. Rosman said the courts had held that if
functions of the city government were held essential the city could go into?
all enterprises and cut off government revenue to the point where it
cent tax.
The company
that the departments
Under
sovereign
All others
ruled,
properties
and
News Items
York and
all
Illinois—Relief Tax Law Held Valid—Attorney General
Aug. 21 made public an opinion in which he
held that the State relief tax law is valid and that tax antici¬
Otto Kerner on
Chi¬
30
could
not
operate.
United
States—Federal Supervision
Advocated on Munici¬
pation warrants issued under it are legal, according to
cago advices.
The law is said to provide for a tax of
cents on each $100 of property valuation.
Under the law, the tax is imposed twice in a number of
townships partly within and partly without the city limits
of Chicago, once by the city and once by the locally elected
Bond Debt Readjustment Plans—Four suggestions for
Federal supervision of debt adjustments by municipalities
were suggested in Boston on Aug. 25 by W. O. Douglas, a
member of the Securities and Exchange Commission, in a
township assessor, according to report.
Because
double taxation feature the law firm of Chapman &
deprived of
of the
Cutler,
of Chicago, is said to have advised bankers that it considers
the law illegal and the warrants consequently questionable.
City officials pointed out that the Kerner ruling did not
touch
on
the
question of double taxation.
Minnesota—Petersen Succeeds Olson as
Governor of State—
Petersen, Danish emigrant and country editor,
took the oath of office as Minnesota's 23d Governor on Aug.
24, succeeding Floyd B. Olson, who died of cancer on Aug. 22,
Hjalmar
Associated Press dispatch from St. Paul
on Aug. 24.
Chief Justice John P. Devaney administered
the oath of office in the Governor's reception room of the
Capitol while a small group of friends and relatives looked on.
Minnesota—Voters to Pass on Abolition of Real Property
Tax—At the general election to be held on Nov. 3 the voters
according to an
proposed Constitutional Amendment No. 2,
which calls for the elimination of the tax levy on real prop¬
erty for State purposes.
will
pass
on
^New Jersey—Governor Urged to Call Special Session on
Relief—A resolution calling on Governor Hoffman to call the
Legislature in special session "at the earliest practicable
f
State
opportunity" was adopted by the
New Jersey State League of
pal
speech before the American Bar Association.
Commissioner Douglas suggested that Federal
courts be
greatly limited in their power to issue writs of
mandamus and mandatory injunctions, directing city officials
to pay holders of obligations who are dissenting from a debt
adjustment plan which has been found to be fair and equi¬
table. If such a program were coupled with comparable State
limitation on the mandamus remedy the disruptive effect of
dissenting minorities could be substantially abolished and
they could be brought to agree to fair and reasonable plans,
Mr.
or
Douglas pointed out.
Protective committees in
Mr.
municipal debt readjustments
and urged that one
Douglas stated,
need supervision,
of the following three
devices
be used:
Registration of committees with the SEC.
2. Fixing of certain standards which such committees
meet in order to be exempt from SEC supervision.
3. Outright SEC supervision for all such committees
meeting of any requirements.
1.
would have to
regardless of the
Municipal Bonds Are Safest Invest¬
and insurance companies
have greatly increased their holdings in municipal bonds in
the last few years and decreased them in mortgages, delegates
to the National Fraternal Congress of America were told on
April 26, at a convention held in New York City, by Leo P.
Griffith, of Cassatt & Co.* Inc., Philadelphia municipal
Fraternal
Told
Men
organizations
ments—Fraternal
house.
'
.
Volume 143
Financial
Chronicle
1437
To prove that
municipals were safer investments than many
of the other
types, Mr. Griffith cited
figures to show that
38% of the foreign bonds floated in the United States were
in default,
14% of railroads, 6% of utilities and only 2% of
municipal issues. He said that $19,000,000,000 of municipal
bonds
were
CALIFORNIA MUNICIPALS
$5,000
Long
outstanding and that they commanded their
highest price in 35
years at present.
;
offerings
634 SOUTH SPRING
ST.
&
&
Playground
LOS ANGELES
TELETYPE
566
LA
MEMBER LOS ANGELES STOCK EXCHANGE
MUNICIPAL BONDS
ESTABLISHED
Park
dBootke,0illeiie& do.
wanted
Arkansas—I llinois—Missouri—Oklahoma
Francis, Bro.
Beach
5's 6-1-52 @ 3.45%
.
Co.
1877
California Municipals
Investment Securities
ST. LOUIS
TULSA
DONNELLAN & CO.
Bond Proposals and Negotiations
111 Sutter St.
San
Francisco, Calif.
Telephone Exbrook 7067
Teletype-S F 396
ALABAMA
BIRMINGHAM, Ala.—BOND
CALL—It is stated by C. E. Armstrong,
City ComptroUer, that the
following $545,000 of bonds wiU be paid, both
prin. and int., upon
presentation at the city's fiscal agency, the Chemical
Bank & Trust Co
New York:
,
Title of Bonds—
School
Central Repair Shop
Date of Issue
Aug.
1 1927
Sept.
Sept.
______Sept.
Incinerator and garbage
Fire station
Free public
Grade
Public
Public
Public
Public
Public
Public
Public
Public
Public
Public
Public
Public
library
Oct.
_
crossing
Oct.
school
building
school building
improvement sewer
improvement bonds..
improvement bonds._
improvement bonds
improvement bonds
improvement bonds
improvement bonds
improvement bonds
Improvement bonds
improvement bonds
Oct.
__
Oct.
Nov.
Aug.
Aug.
...Sept.
Oct.
Oct.
Oct.
Nov.
Nov.
...Dec,
1,1926
1,1926
1, 1926
1,1924
1,1928
1,1924
1,1924
1, 1928
1,1927
1,1929
1,1928
1,1926
1,1927
1,1930
1,1928
1,1929
1,1927
Rate of Int.
4H%
Amount
$75,000
4H%
10,000
4H%
43^%
5%
4H%
4H%
16,000
16,000
16,000
50,000
57,000
30,000
13,000
'
5%
4% %
430,000
5M%
28,000
4\i%
21,000
4 M%
27,000
4%
42,000
4M%
26,000
4%%
30,000
5>2%
32,000
26,000
4M%
DECATUR, Ala.—BONDS AUTHORIZED—The
City Council
have
to
passed
an
refunding bonds,
to
ordinance
for
care
authorizing the issuance
outstanding indebtedness.
of
is said
$1,775,600
in
DECATUR SCHOOL DISTRICT (P. O.
Decatur), Ala.—WARRANT
SALE
DETAILS—It is now reported by the
Superintendent of
that the $16,500
4% semi-annual school warrants purchased
by the
County National Bank of Decatur, as noted here
recently—V.
1267—were sold at par, and mature on
Jan. 15 as follows: $3,000,
1939; $3,500, 1940, and $4,000 in 1941.
Schools
Morgan
143, p.
1937 to
DOTHAN, Ala,—BOND
8 p.m.
on
$52,000
OFFERING— Sealed bids will be received
until
Sept. 15, by I. P. Scarborough, City Clerk, for the
purchase of a
issue of refunding street and
sidewalk bonds.
Interest rate is not
exceed 5%, payable A. & O.
Dated Oct. 1, 1936.
Due on Oct. 1 as
follows: $2,000, 1937 to
1946; $3,000,1947 to 1954. and $4,000, in 1955 and
1956.
to
.
RUSSELL COUNTY
said that
an
(P. O.
Seale)
election will be held
pass on the issuance of
1939 to 1966.
$50,000 in
Ala.—BOND ELECTION—It is
on Sept. 24 in order
to have the voters
court house construction bonds.
Due from
ARKANSAS BONDS
Markets in all State,
County & Town Issues
CALIFORNIA
KERN COUNTY
(P. O. Bakersfield), Calif .—BOND
OFFERING_
F. E. Smith,
County Clerk, will receive bids until 11 a. m.
Sept. 8 for the
purchase of $17,000 5 % bonds of Rio Bravo
School District. Denom.
$1,000.
Certified check for 10% required.
LOS ANGELES COUNTY
FLOOD CONTROL DISTRICT
(P."0.
Los Angeles), Calif.—BOND
SALE—The $5,594,000 issue of flood
control
bonds offered for sale on
Aug. 26—V. 143, p 1267—was awarded to a
syn¬
dicate composed of the Chase
National Bank, the First Boston
Corp.,
Blyth & Co., Inc., R. H. Moulton &
Co., Inc., the Harris Trust & Savings
Bank of Chicago, the
Security-First National Bank of Los
Angeles, Dean
Witter & Co. of San
Francisco, and Griff ith-Wagenseller & Durst of Los
Angeles, as 3Ms, at a price of 102.0234, a basis of
about 3 07%.
July 2, 1924
Due from July 2, 1937 to
1964 incl.
Dated
The second highest bid for
the bonds was an offer of
101.93 on 3}£s,
submitted by Lazard Freres &
Co., Inc
and associates.
A group headed
by Brown Harriman & Co., Inc., was third in the
bidding, with an offer of
101.79 for all 3 Ms.
,
BONDS OFFERED FOR
INVESTMENT—The
reoffered the above bonds for
general
0.60% to 3.15%, according
successful
subscription, priced
bidders
to
re-
yield from
to maturity.
The financial statement of the
District, as officially reported Aug.
15,
1936, shows assessed valuation for 1936-1937
(approximately 50% or
actual value) of
$1,997,071,130, and total bonded debt, including this
issue,
of $31,624,500.
This does not include the debt of
subdivision which has power to
levy taxes
erty within the District.
on any or
any other political
all of the taxable prop¬
^
legal
The bonds, when
issued, will constitute, in the opinion of
counsel,
and binding obligations of the Los
Angeles County Flood Control
District,
payable as to both prin. and int. from ad
valorem taxes, which
may be
levied without limitation as to rate or
amount upon all of the
taxable real
property within the District.
They are int. exempt from all
present
Federal and California State income
taxes.
LOS ANGELES COUNTY
(P. O. Los Angeles), Calif.—BOND SALE
NOT SCHEDULED—It is stated
by Inez R. Babbitt, Assistant Bond
Clerk,
$61,000 school building bonds approved
by the voters last spring,
have not been advertised for sale as
yet.
that the
LOS ANGELES SCHOOL
DISTRICTS (P. O. Los Angeles) Calif.—
BOND OFFERING—Sealed bids will be
received until 2 p. m. on
Sept, 1,
by L. E. Lampton, County Clerk, for the purchase of
three issues of school
bonds aggregating
$73,000, divided as follows:
$30,000 Santa Monica City School District bonds. Denom.
$1,000. Dated
Jan. 1, 1936.
Due $3,000 from Jan. 1, 1942 to
1951 incl. Interest
rate is not to exceed 6
%.
23,000 Los Nietos School District bonds. Denom.
$1,000. Dated Sept. 1,
1936. Due on Sept. 1 as follows:
$1,000, 1937 to 1939, and $*>,000
from 1940 to 1949, incl.
Interest rate is not to exceed
5%, pay¬
able M. & S.
20,000 Alameda School District bonds.
Denom. $1,000.
Dated Sept. 1,
1936.
Due $1,000 from Sept.
1, 1937 to 1956 incl.
Interest rate
not to exceed
5%, payable M. & S.
SCHERCK, RICHTER COMPANY
Prin. and int. payable in lawful
money at the County Treasury. The
bonds
cash only and at not less than
par and accrued interest.
Bids will be received for all or
any portion of the bonds.
A certified check
for 3% of the amount of bonds bid
for, payable to the Chairman of the
Board of Supervisors, is
will be sold for
LANDRETH BUILDING, ST.
LOUIS, MO,
required.
(This report consolidates the various
offering notices which have been
given in these columns recently—V. 143, p.
1267.)
NEWPORT BEACH, Calif.—BONDS VOTED—At the
election held
Aug. 18—V. 143, p. 1118—the voters are said to have
ARKANSAS
State & Municipal Bonds
WALTON, SULLIVAN
LITTLE ROCK, ARK.
SANTA BARBARA, Calif.—PRICE
PAID—It is stated by the
City
Clerk that the $21,000 issue of tennis court bonds
purchased by Donnellan &
Co. of San Francisco, as noted in these columns
recently—Y. 143, p. 1268—
was awarded as 2s,
paying a premium of $41, equal to 100.195, a basis of
about 1.96%.
Due from Aug. 15, 1937 to 1957.
ARKANSAS
ARKANSAS, State of—PRINCIPAL AND INTEREST
PAYMENTS
BE
MADE—Principal and interest of $210,630.76 on four
State
WILLOW GLEN, Calif.—BONDS
DEFEATED—A proposal to issue
sewer system bonds was rejected by the voters at a
recent election.
$56,000
of
issues will be paid on warrants
prepared by State Treasurer
Earl Page, it was announced
Aug. 17.
Payment of $50,000 principal and
$1,167.51 interest will
complete retirement of the $750,000 issue
of 1917
known as the Brough notes.
"
•
,
issue, the Legislature
approved a special general
property levy in event this should be
to meet bond
required
payments.
Local
credit groups are now in
liquidation and
loan payments to the
State Agricultural Credit Board
may be
sufficient to
complete retirement.
Treasurer Page will also
pay $40,000 principal and
$10,327 interest on
bonds of the
University of Arkansas and $10,000
principal and $4,761.25
interest on bonds of the
Negro A. and M. College at Pine Bluff.
NORTH LITTLE ROCK SPECIAL
SCHOOL DISTRICT
(P. O.
North Little
Rock), Ark.—REPORT ON PROGRESS OF BOND
REFUND¬
ING—It is stated by the National
Securities Co. of Little
Rock, that at
the close of business on
Aug. 26, the Exchange
Depository, the Com¬
mercial National Bank of Little
Rock, reported that they had
the refunding of
completed
$795,500 (76%) of the $1,045,500 district
issue.
refunding bond
on
registered
Controller
amounting to $6,780,000
Aug. 20.
The Controller declared that
there
are now
warrants
approximately $52,500,00o in
outstanding and the two calls made this month
will
$36,000,000 by Aug. 20, but State
expenditures
outstanding up to $38,000,000 by the end of
August.
be redeemed
Aug. 20 were issued from Oct. 25 to
reduce the total to baout
will bring the warrants
The warrants to
1935.
Four per cent interest is
paid,
on
them.
Dec. 3
,
-
•
ARIZONA—COLORADO—IDAHO—MONTANA
NEW MEXICO
—
WYOMING
DONALD F. BROWN & COMPANY
DENVER
Telephone: Keystone 2395
—
Teletype: Dnvr 51
COLORADO
ALAMOSA COUNTY (P. O.
Alamosa)
—The County Treasurer is said to be
Aug. 27, the following warrants-
Colo.—WARRANTS CALLED
calling for payment at his office on
School District No. 3, all warrants.
•
'
Consolidated School District No. 1, all
warrants registered on
April 30,1935.
CALIFORNIA
•
Rocky Mountain Municipals
The State will
pay $76,000 principal and $16,425
interest on the
issue sold in 1931 on behalf of
$1,500,000
the State Agricultural
Credit Board to finance
loans to local credit
In authorizing the
groups.
in face value will be called
large majority.
Sept. 8 for the purchase of $10,000 5% bonds of Terminoas
School District.
Certified check for 5%, required.
TO
CALIFORNIA (State of)—WARRANTS
CALLED—State
Ray L. Riley announces that
registered warrants
a
Denom. $1,000.
LOUIS, MO.
Arkansas
by
SAN JOAQUIN COUNTY
(P. O. Stockton), Calif.—BOND OFFER¬
ING—Eugene D. Graham, County Clerk, will receive bids until
11 a. m.
& CO.
ST.
on
approved the issuance
of the $300,000 in sewage
disposal bonds
Consolidated School District No.
2, all registered
1935.
Consolidated School District No.
23, all registered
1935, and Consolidated School District Nos.
on
or
or
before
before Oct. 22,
on or before
Feb. 26,
234, 235, 238 and 245.
BURLINGTON,
Colo.—BOND
SALE—An issue of $22,000
4% re"
recently to Bosworth, Chanute,
Loughridge & Co.
Due $1,000
yearly on Oct. 1 from 1939 to
1960; optional after Oct. 1,1946.
funding bonds
of Denver.
was sold
Dated Oct. 1, 1936.
CEDAREDGE
SCHOOL
DISTRICT, Colo.—BONDS
district has voted the issuance of
$50,000 refunding bonds.
VOTED—The
Financial
1438
nance has been
water bonds.
DOUMECQ HIGHWAY
Colo.—BONDS AUTHORIZED—An ordi-
SPRINGS,
COLORADO
,
$5,000 issue of highway
semi-annually. Denom.
McCulley, District Secretary, for the purchase of a
bonds.
Interest rate is not to exceed 5% .payable
These bonds mature in from 2 to 12 years
after the date of issuance.
Principal and interest payable at the First
National Bank of Lewiston, Grangeville branch, or at the District Treas¬
urer's office.
A certified check for 5% of the bid is required.
DISTRICT NO. 1 (P. O. Trinidad), Colo.—
BOND OFFERING—Sealed bids will be received until 7 p. m. on Sept. 14,
by Luke Smith, Secretary of the Public Schools, for the purchase of an issue
of $195,000 refunding bonds.
•
DISTRICT (P. O. Canfield), Idaho—BOND
until 3 p. m. on Sept. 5, by H. F.
OFFERING—Sealed bids will be received
the issuance of $150,000 refunding
passed authorizing
1936
29,
Aug.
Chronicle
Dated July 1, 1936.
$500.
TRINIDAD SCHOOL
ILLINOIS
BONDS
FLORIDA
"BUTLER
following its approval by the voters at
PIERCE-BIESE CORPORATION
COLLINSVILLE,
Miami
resolution
AUTHORIZED—A
III.—BONDS
passed by the City Council
debt funding bonds.
JACKSONVILLE
Orlando
111.—BOND SALE—Charles R.
the sale of an issue of $25,000 road bonds,
the Aug. 22 election.
TOWNSHIP (P. O. Rankin),
Hill, Township Clerk, reports
Tampa
Council
City
BELVIDERE,
111.—BONDS
AUTHORIZED—'The
recently authorized the issuance of $50,000 funding bonds.
recently, authorizing the issuance
was
of $115,383
COLUMBIA, III.—BOND ELECTION—A special election is to be held
Sept. 8 at which a proposal to issue $28,500 sewer improvement bonds
the voters.
on
will be submitted to
EAST BEND TOWNSHIP (P. O. Dewey), 111— BOND ISSUE DE¬
TAILS—The $29,000 3% road bonds sold recently at a price of 100.96 to
Bonniwell, Neil & Camden of Chicago, are dated Sept. 1, 1936 and mature
Dec. 1 as follows: $2,000, 1938 to 1941 incl.; $3,000 from 1942 to 1944 incl..
and $4,000 from 1945 to
at the Northern Trust
Principal and interest (J. & D.) payable
$1,000.
Legality to be
1947 incl.
Co., Chicago.
Denom.
approved by Chapman & Cutler of Chicago.
Orlando,
Bell
Orlando
GENOA, III.—BOND SALE DETAILS—The $6,000 water revenue
reported sold in these columns recently—V. 143, p. 1269—were taken
bonds
Fla.^^^HJacksonville, Fla.
Teletype
System
Jacksonville
10
by the Municipal Bond Corp of
requisite bond ordinance.
They
No.
Chicago, subject to the passage
bear 4% interest.
96
Sept. 1, 1936, and mature Sept.
$6,000 in 1945.
of
FLORIDA
DATED—The
$563,000 issue of bridge
Fla,—SUPREME COURT APPROVES BOND RE¬
of the city to issue three series of refunding
^CLEARWATER,
FUNDING PLAN—A decision
totaling $5,110,400, and delinquent tax notes as obligations for
payment of interest on the original bonds, has been approved by the State
Supreme Court. It affirmed the Circuit Court validating the issue without
the necessity of a vote of the people. The new bonds will bear interest
ranging from 2% to 5% over a period of 30 years.
Concerning the delinquent tax notes, the Court said: "While these obli¬
gations are uncertain as to dates of maturity, the amount of each is cabable
of definite ascertainment and if the holders are willing to accept these
indefinite obligations in exchange for what they now have, we know of no
legal impediment which will preclude the municipality issuing such obli¬
gations."
bonds,
COUNTY SPECIAL TAX SCHOOL DISTRICTS (P. O.
Fla.—BONDS READY FOR DELIVERY ON SEPT. 15—It is
for the above district's outstanding obliga¬
tions, will be available for delivery on and after Sept. 15, accompanied by
the approving opinion of Masslich & Mitchell of New York.
DADE
Miami),
announced that refunding bonds
DE
SOTO
COUNTY
(P.
O. Arcadia),
POINTED—It is announced that R.
Fla.—FISCAL AGENT AP¬
Inc., Chicago,
the entire outstanding
and the debt of Special
E. Crummer & Co.,
been appointed fiscal agent to refund
county-wide road and time warrant indebtedness,
Road and Bridge Districts Nos, '2 and 4.
111.,
has
COUNTY (P. O. Pensacola), Fla.—BONDS OFFERED
of $172,000 4M% road paving refunding bonds is
being offered by F. M. Blount, Inc. of Pensacola.
Denom. $1,000. Dated
Aug. 15, 1936.
Due on Aug. 15 as follows: $11,000, 1937 to 1950, and
$18,000 in 1951.
Principal and interest (F. & A.) payable at the American
National Bank of Pensacola.
Legality approved by a firm of local bond
ESCAMBIA
TO PUBLIC—An issue
attorneys.
,
.
,
the above bonds retired,
955.)
ESCAMBIA COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 8
(P. O. Pensacola), Fla.—BOND OFFERING—Sealed bids will be received
until Sept. 4, according to report, by the Superintendent of the Board of
Public Instruction, for the purchase of a $30,000 issue of school bonds.
(A notice of call on the original bonds, which
given in these columns recently—Y. 143, p.
was
ORLANDO, Fla.—VALIDATION PETITION PRESENTED—A peti¬
validation of $3,221,000 in refunding bonds of 1937 was
Court on Aug. 24.
It is reported that a hearing on the
tion seeking the
filed in the Circuit
petition will come up on Sept.
15.
»
PENSACOLA, Fla.—BONDS EXCHANGED—It is stated by George J.
Roark, City Manager, that the $86,000 5% refunding bonds authorized by
the City Council early in July, to take up a like amount of 6% certificates
of indebtedness maturing on Aug. 1—V. 143, p. 304—have been exchanged
with the holders of the original obligations.
WEST
PALM
BEACH,
Fla.—CITY MUST PAY DEFAULTED
JUDGMENTS—The above city has been ordered by Federal Judge
Holland to levy taxes to pay defaulted judgments of $68,923
M.
R.
Grant,
a
Pennsylvania bond holder,
obtained by
The
appropriation in
1937 to pay
levy a tax to
bonds, aggregating
according to report.
peremptory writ requires the city commission to make
the budget for the fiscal year from Oct. 1, 1936, to Sept. 30,
the judgments and requires it to fix a specific millage and
judgments
$347,000.
.
pay
awarded
for defaulted
interest on
been
$19,000
water works bonds.
HAPEVILLE,
Ga .—BOND
held on
of issuing $35,000 sewer,
ELECTION—An election will be
will pass on the question
'
Hawaii—BOND OFFERING—It is
the city and county, that he will
17, for the purcnase of a $500,000
issue of 3 M % coupon flood control bonds. Denom. $1,000. Dated Sept. 15,
1936.
Due on Sept. 15 as follows:
$36,000, 1941 to 1953, and $32,000 in
1954. Bids will also be received at the office of the Chemical Bank & Trust
Co., New York City, at 3 p. m. (Daylight Saving Time).
Prin. and int.
(M. & S.) payable at the office of the Treasurer of the City and County of
HONOLULU (City and County)
Successful
the Chemical Bank & Trust Co., New York.
bidders will be furnished with the legal approving opinion of Thomson.
Wood & Hoffman of New York.
Unless otherwise stated in the bid, each
bid will be understood as being for all or any part of the total amount
of
bonds for which application is made. No bid will be accepted for less than
the par value of the bonds bid for and the right is reserved to reject any and
all bids. The bonds will be delivered as may be mutually agreed upon by
the purchaser and the above Treasurer.
Required bidding forms will be
furnished upon request.
A certified check for 2% of the par value of the
bonds bid for, payable to the above named Treasurer, is required.
IDAHO
1
OLNEY, 111.—BOND SALE—N. L.
chased $77,000 4 M % sewer
debt
■
Rogers & Co. of Peoria have pur¬
Due in 20 years.
bonds at a price of par.
INDIANA
CLOVERDALE SCHOOL TOWNSHIP (P. O. Cloverdale), Ind.—
BOND SALE—The $20,000 judgment funding bonds offered on Aug. 21—
V. 143, p. 798—were awarded to the Fietcher Trust Co. of Indianapolis
as 2Ms, at par plus a premium of $76.77, equal to 100.383, a basis of about
2.42%.
Dated Aug. 1, 1936 and due as follows: $1,000 July 1, 1937;
$1,000 Jan. and July 1 from 1938 to 1946, incl., and $1,000 Jan. 1, 1947.
Bank of
Dated
McCprd & Clifford
GOSHEN SCHOOL CITY, Ind.—BOND SALE—The National
has purchased an issue of $10,000 5% funding bonds.
Goshen
July 1, 1936.
Legality
of Indianapolis.
approved by Matson, Ross,
HAMMOND, Ind.—BOND OFFERING—G. B. Smith, City
until 2 p. m. (Daylight Saving Time) on
will receive sealed bids
Controller,
Sept. 8 for
3% judgment funding bonds.
Dated Sept. 1,1936.
Denom. $1,000.
Due $7,000 on Dec. 1 from 1945 to 1951 incl.
Principal
and semi-annual interest payable at the City Treasurer's office.
The
bonds will be full faith and credit obligations of the city.
A certified check
for 2M % of the bonds bid for must accompany each bid.
Bonds will be
sold subject to the favorable legal opinion of Matson, Ross, McCord &
Clifford of Indianapolis and will be printed and furnished by the city, signed
and ready for delivery on or about Sept. 8.
the purchase of $49,000
INDIANAPOLIS, Ind.—TEMPORARY LOAN—The $100,000 Sanitary
general expense fund notes offered on Aug. 27—
1119—were awarded to the American National Bank of Indian¬
apolis at 0.75% interest, at par plus a premium of $25150. The notes, due
Nov. 20, 1936, comprise $50,000 dated Sept. 1, 1936 and $50,000, Oct. 1,
District maintenance and
V. 143, p.
1936.
Two other bids were submitted for the loan.
The Union Trust Co. of
Indianapolis offered a premium of $31 for the first dated $50,000 as Is,
and the balance of $50,000 as lMs.
The Indianapolis Bond & Share Corp.
lMs.
bid of premium of $11 for all as
of Indianapolis
TOWNSHIP (P. O. Jasonville), Ind.—BOND
SALE—The Indianapolis "News" of Aug. 21 reported the sale of an issue of
$22,000 school building bonds to Jackson-Ewert, Inc. of Indianapolis at
par plus a premium of $137.50, equal to 100.62. The township was scheduled
to sell on July 6 an issue of $21,807.70 4% bonds, dated July 1, 1936 and to
mature as follows: .1,000, July 1, 1937; $1,000, Jan. 1 and July 1 from 1938
to 1947 incl. and $807.70, Jan. 1, 1948.
7
LEWIS
SCHOOL
TOWNSHIP (P. O. Madison), Ind.—BOND
judgment funding bonds offered on Aug. 24—V.
awarded to the Fletcher Trust Co. of Indianapolis at par
plus a premium of $411, equal to 102.28, a basis of about 2.56%.
Dated
Aug. 24, 1936 and due as follows: $900, Aug. 15, 1937; $900, Feb. 15 and
Aug. 15 from 1938 to 1946, incl., and $900, Feb. 15, 1947.
MADISON
SCHOOL
SALE—The $18,000 3%
143, p. 798—were
were
as
follows:
Madison Safe Deposit & Trust
Co.
McNurlen & Huncilman
*
;
Jackson-Ewert, Inc
Kennith & Johnson
Charles G. Pickett
MARION,
.
Premium
$270.00
238.80
105.00
100.00
--5.00
Ind.—WARRANT SALE— The Frist National Bank of
of $50,000 5% time warrants at a price
Mation has pin-chased an issue
a
Dated July 30, 1936.
Clifford of Indianapolis.
101.48.
Bedford), Ind.—BOND OFFERING—
Clint K. Hall, Township Trustee, will receive bids until 1 p. m. Sept. 11
for the purchase of $12,000 bonds.
MARSHALL TOWNSHIP (P. O.
MODOC, Ind.—BOND OFFERING—The Board of Trustees of the Town
Sept. 8 for the purchase of $1,000 bonds.
will receive bids until 8 p. m.
ST. JOSEPH COUNTY (P. O.
South Bend), Ind.—BOND OFFERING
Auditor, announces that the County Treas¬
10 a. m. on Sept. 26 an issue of $4,818.45 6%
Glenn M. Thompson, County
urer
will offer for sale at
Benjamin F. Burke Ditch construction bonds.
Dated July 10,
Denom. $481.85.
Due $481.85 each July 10 from 1937 to 1946
Prin. and int. J. & J. 10 payable at the County Treasurer's office.
1936.
incl.
SEYMOUR, Ind.—BOND OFFERING—John Hauenschild, City ClerkTreasurer, will receive bids until 7:30 p. m. Sept. 10 for the purchase of
$15,000 park improvement bonds, which are to bear interest at no more
than4M%.
Denom. $1,000.
Dated Sept. 10, 1936. Principal and semi¬
annual interest (Jan. 1 and July 1) payable at the office of the City ClerkTreasurer.
Due $1,000 each six months from July 1, 1937 to July 1, 1944,
incl.
Certified check for 3% of amount of bonds bid for, payable to the
city, required.
BLACKFOOT, Idaho—BOND SALE—The $46,000 coupon refunding
bonds offered on Aug. 25—V. 143, p. 1118—were awarded to Brown,
Schlessman, Owen & Co. of Denver on a bid of par for 4s.
This was the
only bid received.
Dated July 1, 1936.
Payable annually on the
tion plan, in from 2 to 20 years; unmatured bonds redeemable on
after July 1, 1951.
City" Council
authorizing the issuance of $150,000
v
premium of $744, equal to
Legal opinion of Matson, Ross, McCord &
stated by D.-L. Conkling, Treasurer of
receive sealed bids until 9 a. m. on Sept.
or at
AUTHORIZED—The
111.—BONDS
funding bonds.
of par plus
HAWAII
Honolulu,
VERNON,
MT.
recently adopted an ordinance
Bidder—
CRAWFORDVILLE, Ga —BOND ELECTION—An election has
called for Sept. 15 for the purpose of voting on a proposal to issue
Sept. 9 at which the voters
park bonds.
and
MOUNT CARROLL CUMMUNITY HIGH SCHOOL DISTRICT,
111.—BONDS VOTED—By a vote of 489 to 249 the residents of the district
approved a proposal to issue $99,000 school addition construction bonds.
Other bids
GEORGIA
water and
1 as follows: $14,000 in 1944,
O. Aledo), 111.—PURCHASERS—The $50,000 road bonds reported sold in these columns in the latter part of July
were taken as follows:
$48,000 by Vieth, Duncan, Worley & Wood of
Davenport and $2,000 by a local bank, <g
m
m m 4 V
MERCER TOWNSHIP (P.
COUNTY (P. O. Blountstown), Fla.—BONDS VALI¬
Circuit Court is reported to have validated recently a
construction bonds.
r CALHOUN
of the
HIGHLAND PARK PARK DISTRICT, III.—BOND ISSUE DE¬
TAILS—The $20,000 3 M % general obligation bonds sold recently to Lewis,
Pickett & Co. of Chicago at a price of 105.99—V. 143, p. 1119—bear date
amortiza¬
and
VERMILLION COUNTY (P.
C.
B.
O. Newport), Ind.—BOND
for the purpose
OFFERING—
will receive sealed bids until 2 p. m. on
not to exceed 5% interest series A of
pursuant to Chapter 117, Acts of 1935,
of providing the townships with funds for poor relief purposes.
Cooper, County Auditor,
Sept. 25 for the purchase of $23,000
1936 advancement fund bonds, issued
Volume
143
Financial
Chronicle
Dated Oct. 1, 1936.
Denoms. $1,000 and $500.
Due as follows: $1,000,
J. & D. 1 from 1938 to 1944
incl.; $1,500, J. & D. 1 from 1945 to 1947 incl.
Bidder to name one rate of interest on the
issue, expressed in a multiple of
M of 1%.
Int. payable J. & D.
A certified check for 3% of the bonds
bid for, payable to the order of the Board of
County Commissioners, must
accompany each proposal.
The county will pay for and furnish the suc¬
cessful bidder with the legal
opinion of Matson, Ross, McCord & Clifford
of Indianapolis.
No conditional bids will be considered.
The bonds will
be direct obligations of the
county, payable from unlimited ad valorem taxes
1439
RUSSELL,
Kan.—BONDS AUTHORIZED—An ordinance has been
passed authorizing the issuance of
$35,000 refunding bonds.
WILSON COUNTY (P. O.
Fredonia), Kan.—BOND SALE— The
$9,500 2M% coupon
unemployment relief bonds offered on Aug. 24—V.
143, p. 1269—were awarded
basis
a
bid
of about
1.92%.
101.118.
Dated Aug.
beginning Aug. 1, 1937.
to the Small-Milburn Co. of Wichita at ]
01.731,
The Lathrop-Hawk-Herrick Co. of Wichita
1, 1936.
Due in 10 equal annual instalments
all its taxable
property.
on
KENTUCKY
CORBIN, K.y.—BOND
Iowa Municipals
OFFERING—It is stated by Bradley Peace, City
Clerk, that he will receive sealed bids until noqn on Aug. 29 for the purchase
of an issue of
$100,000 electric light and water bonds.
Bids are invited for
bonds bearing 3>6
% or 4M % and for bonds with interest fixed by the bidder.
All bids are
subject to legalization by the courts.
A certified check for
$2,000 must accompany the bid.
Polk-Peterson Corporation
Des Moines
Building
GREENVILLE,
DES MOINES
Waterloo
Ottumwa
Davenport
Cedar Rapids
Sioux City
Iowa City
A.
T.
&
T.
Sioux Falls, S. D.
Teletype: DESM 31
IOWA
FAIRFIELD, Iowa—BOND OFFERING DETAILS—In
the
connection with
offering scheduled for 7:30 p. m. on Sept. 1, of the $9,500 water works
bonds, notice of which was given here recently—Y. 143,
p. 1269—
it is stated by R. H. Spence,
City Clerk, that the bonds mature on Sept. 1
as follows:
$500, 1937, and $1,000, 1938 to 1946 incl.
revenue
CITY, Iowa—BOND ISSUANCE PROPOSED—The
of $165,000 in electric plant
the city.
issuance
oonds is said to have been recommended by
FREMONT COUNTY (P. O.
Sidney), Iowa—CERTIFICATE SALE—
$40,000 anticipation road certificates offered on
Aug. 26—V. 143,
1119—were awarded to Shaw, McDermott &
Sparks of Des Moines oh a
bid of par for 2 J^s.
The Iowa State Bank of Hamburg bid a $75
premium
for 3s.
Due $20,000 on Dec. 31 in 1937 and
1938.
The
p.
GOWRIE, Iowa—BOND SALE DETAILS—It is reported
by the Town
Clerk that the $74,500 light
plant revenue bonds sold recently, as noted
here—V. 143, p. 1269—bear interest at
4^%, and were purchased at par
by Robinson & Co. of Chicago.
Due from 1937 to
1947.
HAMBURG,
for Sept.
Iowa—BOND ELECTION—An election
17 for the purpose of voting
plant improvement bonds.
water
divided
on the
has
been
KENTON COUNTY (P.
O. Covington),
Ky.—BOND ELECTION—
LOUISVILLE, Ky.—BOND
SALE—The $8,606.43 4% street improve¬
ment
bonds offered on Aug. 25—V. 143, p. 1269—were awarded to the
Public Works Administration at par.
Due on Aug. 17 as follows: $900,
1937; $1,000, 1938; $900, 1939; $1,000, 1940;
—1, 1943; $1,000, 1944; and $1,006.43, 1945.
NICHOLAS
$900,
1941;
$1,000,
1942;
COUNTY
(P. O. Carlisle), Ky.—BOND SALE—An
issue of $25,000 4\i% refunding bonds has been sold to
Walter, Woody &
Heimerdinger of Cincinnati at par.
Denom. $1,000.
Dated Aug. 1, 1936.
Due $1,000 yearly beginning
Aug. 1, 1938.
RUSSELLVILLE, Ky.—BONDS SOLD—It is stated by J. J. B. Hilliard
Son, of Louisville, that $16,000 4M%_funding bonds have been sold.
Denom. $1,000.
Dated April 15, 1936.
Due $1,000 from April 15, 1941 to
1956, incl.
Prin. and int. (A. & O.) payable at the Chemical Bank &
Trust Co. in New York City.
Legality approved by Chapman & Cutler
&
of
Chicago.
called
question of issuing $25,000
Immediate Firm Bids
on
LOUISIANA MUNICIPALS
Scharff L Jones
INCORPORATED
A. T. T. TEL. N. O. 180
a.
plant
m.
J. Riordan, City Clerk, will
Sept. 24 for the purchase of $129,000 electric
bonds.
revenue
OSCEOLA COUNTY (P. O.
Sibley), Iowa—BONDS AUTHORIZED—
The County Board of Supervisors is said to have
passed a resolution provid¬
ing for the issuance of $480,000 in, primary road bonds.
OTTUMWA, la.—BOND OFFERING—On Sept. 10
Council will offer for sale
an
yearly from 1939 to 1943, incl.
POCAHONTAS
at 2 p. m. the City
issue of $25,000 sewer bonds.
Due $5,000
LOUISIANA
BOGALUSA, La.—BOND OFFERING— K.
I. Bean, City Clerk, will
Sept. 14 for the purchase of $40,000 coupon
paving and water bonds.
Denom. 35 for $1,000 and $10 for $500.
Dated
Sept. 1,1936.
Interest payable March 1 and Sept. 1.
Due serially to 1944.
receive
oids until 3
JACKSON
COUNTY
(P.
O.
Pocahontas),
Iowa—ADDI¬
TIONAL BOND OFFERING—In connection with the
offering on Sept. 3,
of the $400,000 primary road
bonds, reported in detail in thase columns
recently—V. 143, p. 1269—it is stated by Roy A. Johnson,
County Auditor,x
that a $60,000 issue of refunding bonds will be offered for
sale at the same
time.
Dated Nov. 1, 1936.
Due $5,000 from 1942 to 1943, and $15,000
from 1944 to 1946.
Bidders to name the rate of interest,
payable M. & N.
The approving opinion of Chapman & Cutler of
Chicago will be furnished.
SIDNEY
CONSOLIDATED INDEPENDENT SCHOOL DISTRICT
(P. O. Sidney), Iowa—BOND SALE—It is reported that
$10,000 refunding
bonds have been purchased by the Polk-Peterson
Corp. of Des Moines.
SIOUX
CITY, la.—BOND SALE— The $380,000 bonds offered for
Aug. 26—V. 143, p. 1119—were awarded as follows:
$315,000 Flood protection bonds to Stranahan, Harris & Co. of Toldeo
as 2^s at a premium of
$2,500, equal to 100.793, a basis of about
2.17%.
Due on July 1 as follows:
$16,000, 1938 to 1945, and
$17,000, 1946 to 1956, all incl.
65,000 Improvement bonds to the Security National Bank of Sioux
City
as 1 Ms at a premium of
$425, equal to 100.653, a basis of about
1.30%.
Due on Nov. 1 as follows:
$15,000, 1938: $20,000,
1939, and $30,000 in 1940.
'
Associated with Stranahan, Harris & Co.,
Inc., m the purchase of the
larger issue were Granbery, Safford & Co. of New York, and
Dougherty.
TELEPHONE RAYMOND 1189
New Orleans
ONAWA, Iowa—BOND OFFERING—H.
sale
the
follows:
as
receive bids until 10
power
AUTHORIZED—It is said that
issue $21,000 in refunding bonds.
It is reported that a $50,000 issue of
county infirmary bonds will come up
for approval at the general election in November.
$56,000 electriclight bonds.
Due $5,000 each six months
beginning March
1, 1944, callable on 30 days
notice.
Final payment on these
bonds is for $6,000.
23,000 electric bonds.
Due $5,000 each six months
beginning Sept. 1,
1949, with $3,000 as the final payment.
Callable on 30 days'
notice.
light and
yo
BONDS RE-OFFERED—Sealed bids will again be received
by the above
Denom. $1,000.
Dated Nov. 1, 1936.
Due on Nov. 1 as follows: $8,000, 1946 to 1955, and
$5,000 in ,1956.
Prin. and int. (M. & S.) payable at some bank or trust
company to be designated by the city.
Iowa—BOND SALE—The two issues of
coupon bonds ag¬
gregating $79,000, offered for sale on Aug. 20—V.
143, p. 1119—were
aWarded to the Harlan National
Bank, of Harlan, as 2>£s, at par.
The
are
Ky.—BONDS
recently
HENDERSON, Ky.—BONDS NOT SOLD—It is stated by Phil J.
Thorny, City Clerk, that the $95,000 issue of funding bonds qffered on
Aug. 21—Y. 143, p. 1269—was not sold as all the bids received were rejected.
HARLAN.
issues
voted
Clerk, until Aug. 31, for the purchase of the said bonds.
DUBUQUE, Iowa—BOND SALE—A $3,000 issue of street improvement
bonds was offered for sale on Aug. 26 and was
awarded to the Albert
Wharton Securities Co., at a price of
102.00, according to the City Treasurer,
FOREST
City Council
p.
m
PARISH
(P.
O.
Jonesboro),
La.—BONDS VOTED—At
a special election held
recently the voters are said to have approved the
issuance of $150,000 in bonds to be used for the construction of a court
house, together with
a
grant of 45% from the Public Works Administration.
LIVINGSTON
PARISH (P. O. Springville), La.—BOND ELECTION
CONTEMPLATED—It is said that the Police Jury will meet on Sept. 9 to
call an election for a vote on the issuance of $90,000 in court nouse bonds.
NEW ORLEANS, La.—BOND CALL—It is announced
by Horace P.
Phillips, Secretary of the Board of Liquidation, City Debt, that the Eleventh
Allotment of Constitutional bonds, bearing 4% interest, consisting of 456
bonds of $1,000 each, and 88 bonds of $500 each, dated July 1, 1892, due on
July 1, 1942, will be payable
on
Jan. 1, 1937, interest to
that date.
cease on and
after
■
on
Corkran & Co. of Philadelphia.
PONCHATOULA SCHOOL DISTRICT (P. O. Ponchatoula), La.—
BOND ELECTION—The Parish School Board has authorized the calling of
an election for the purpose of
voting on the question of issuing $100,000
school
building bonds.
RAPIDES PARISH
.
ROAD
DISTRICT NO. 36 (P. O. Alexandria),
La.—BOND OFFERING—Marion Fogleman, Secretary of the Police Jury,
will receive bids until
11 a. m. Sept. 17 for the purchase of $22,000 road
Interest rate is not to exceed 5%.
Denom. $500.
Dated
Due on April 1 as follows: $500, 1937 to 1940; $1,000, 1941
to 1948, and $1,500, 1949 to 1956.
Certified check for $1,000, payable to
the Parish Treasurer, required.
*
district bonds.
Oct. 1, 1936.
m
BONDS OFFERED FOR INVESTMENT—The
successful bidders rethe above bonds for public
subscription at prices to yield from
.75% to 2.25%, according to maturity.
offered
SWEA CITY CONSOLIDATED SCHOOL DISTRICT
(P. O. Swea
City), Iowa—BONDS SOLD—A $25,000 issue of school bonds is
reported
to have been purchased
jointly by Jackley & Co. of Des Moines, and
Vieth, Duncan, Worley & Wood, of Davenport, as 2Ks.
Aug.
10—V.
143,
p.
799—were
awarded
to
Branch Co. of Wichita at 97.91, a basis of about
4.50%.
1936.
Due July 1 as follows: $1,000, 1937 to
1956, inclusive.
the
Vernon
H.
Dated July 1,
1952, and $1,500, 1953 to
COUNTY (P. O.
Leavenworth), Kan.—BOND
LIMITATION LA W HELD NOT APPLICABLE ON CERTAIN
BONDS—
It was held recently by Clarence V.
Beck, Attorney General, that the State
bond limitation law does not
apply to a proposed issue of Kaw River
bridge bonds.
In an opinion to W. D. Reilly,
attorney for the county, it
was stated by Mr. Beck that: "These
bonds are outside and in addition to
limitation."
NEOSHO
RAPIDS
RURAL
HIGH SCHOOL
DISTRICT, JOINT
NO. 3 (P. O. Neosho Rapids), Kan.—BOND
SALE—The $23,000 issue
of2^% semi-ann. coupon school bonds offered for sale on Aug. 20—V.
143,
p.
1120—was purchased by the Small-Milburn Co. of Wichita.
Dated
Aug. 15, 1936.
Due $2,000 from Aug. 15, 1938 to 1948, and
$1,000 on
Aug. 15. 1949.
PHILLIPSBURG, Kan.—BONDS SOLD—It is stated by Cecil
Kingery,
City Clerk, that the following bonds aggregating $152,353, authorized
by
$93,353 general improvement,
the City Council recently, have been sold:
and $59,000 refunding bonds.
PRETTY
PROPOSED
a
SE\VER~~A~NB
huge program of extension and
improvement in Shreveport's water works and sewerage system, to cost at
least $265,000 and possibly $500,000, have bfeen announced by city officials
under
the
session.
refinancing program legalized by the Legislature at its recent
The city hopes to issue new bonds on a $500,000 issue authorized
and improvements, the hold'ers of that issue agreeing
in 1930 for water works
to
purchase the entire
new
issue and cancel the outstanding bonds.
a
1,000,000-gallon elevated tank in
and sewerage in many sections of the city.
WEBSTER PARISH SUB ROAD
DISTRICT NO. 5 (P. O. Minden),
La.—BONDS A UTHORIZED—The Police Jury at a recent meeting auth¬
orized the issuance of $67,000 refunding bonds.
.
,
LEAVENWORTH
any
ON
South Highlands and the construction of mains and services for both water
HERNDON, Kan.'-—BOND SALE—The $22,000 4% electriclight bonds
on
La—REPORT
The program calls for the erection of
KANSAS
offered
SHREVEPORT,
WATER IMPROVEMENTS—Plans for
PRAIRIE, Kan.—BONDS SOLD—It
is reported by the
City
Clerk that the State School Book Fund has purchased the
$1,400 3% semi¬
annual city hall bonds approved by the voters in
May.
Dated June 1.
1936.
Due in five years.
ROOKS COUNTY (P. O. Stockton), Kan.—PRICE
PAID—It is
reported by the County Clerk that the $5,000 2^% semi-ann. relief bonds
purchased by the Stockton National Bank, as noted in these columns re¬
cently—V. 143, p. 1269—were awarded at a price of 102.465, a basis of
about 1.69%.
Due $1,000 from July 1, 1937 to 1941 incl.
WEST BATON ROUGE PARISH SCHOOL DISTRICT No. 3
Port
Allen),
La.—MATURITY—In
connection
with
the
(P. O.
sale
of
the
$135,000 school bonds to a group headed by Lachlan M. Vass & Co. of
New Orleans, at a price of 100.25, for $79,000 of the bonds as 3s, and the
remaining $56,000 as 4s, as reported in these columns in July—V. 143,
p. 147—we are informed that the bonds mature as follows:
$79,000 bonds, due on July 15: $6,500, 1937 and 1938; $7,000, 1939 and
1940; $7,500, 1941; $8,000, 1942; $8,500, 1943; $9,000, 1944, and
$9,500, 1945 and 1946.
56,000 bonds, due on July 15: $10,000, 1947; $10,500, 1948; $11,000,
/
1949; $12,000, 1950, and $12,500 in 1951.
Basis of about 3.61%.
MAINE
RANDOLPH, Me.—BOND SALE—Smith, White & Stanley of Waterville recently purchased an issue of $17,000 3H% bonds.
SOUTH PORTLAND SEWERAGE
DISTRICT, Me.—BOND SALE—•
drainage bonds offered on Aug. 25—V.
143, p. 1270—were awarded to E. H. Rollins & Sons of Boston as 2%s,
at a price of 102.32, a basis of about 2.58%.
Dated Sept. 1, 1936 and due
$5,000 on Sept. 1 from 1951 to 1955, incl.
Other bids were as follows:
The $25,000 coupon sewerage and
Bidder—
Rale Bid
Int. Rate
Maine Securities Co.
101.514
2%%
Webster, Kennedy & Co., and Frederick M. Swan &
Co..
—
Arthur Perry & Co
E. H. Rollins & Sons
;
3%
3%
3H%
.
101.419
100.72
100.39
Financial
1440
which drafted the bill are Dr. James K.
Pollock of Aim Arbor, Chairman; Mrs. Seigel W. Judd of Grand Rapids,
Rep. Haskell L. Nickols of Jackson, Dr. Lent D. Upson of Detroit and
Edmund C. Shields of Lansing, the Democratic National Committeeman
from Michigan."
"
'
'
"Members of the Commission
MARYLAND
FROSTBURG, Md.—BONDS NOT SOLD—The $80,000 coupon re¬
funding bonds offered on Aug. 10—V. 143, p. 799—were not sold.
In¬
terest rate was optional with the bidder.
Dated Sept. 1, 1936 and due
Sept. 1 as follows: $5,000 from 1946 to 1955, incl., and $6,000 from 1956
to 1960, incl.
Mich.—PRICE PAID—Martin, Smith & Co. of Detroit
1 a block of $122,000 water bonds as 2Ms
at the time, paid a price of
MIDLAND,
which were awarded on June
$33,000 as 3s, as reported in these columns
par plus a premium of $1 for the issue.
and
MASSACHUSETTS
BRAINTREE, Mass.—TEMPORARY LOAN—Award was made on
Aug. 25 of $100,000 notes to the State Street.Trust Co. on a bid of 0.41%
for $50,000 due March 24, 1937 and 0.43% for $50,000 maturing April 21,
1937.
Other bids were as follows:
Bidder—
<
Discount
Discount
0.62%
0.55% National Shawmut Bank
E. H. Rollins & Sons
0.56% Whiting, Weeks & Knowles__0.63%
0.63%
Merchants National Bank
0.58% Faxon, Gade & Co
First Nat. Bank of Boston--0.585%
Bidder—
1936
Aug. 29,
Chronicle
'
Jackson & Curtis
FRAMINGHAM, Mass .—NOTE SALE—An issue of $30,000 notes was
24 to Faxon, Gade & Co. of Boston on a bid of 100.324
lMs, a basis of about 1.16%.
The Firsts National Bank of Boston
bid 100.262 for lMs.
Dated Aug. 15, 1936.
Due from 1937 to 1941.
awarded on Aug.
for
PECK, Mich.—BONDS VOTED—At a recent election the proposal to
$16,000 water works bonds carried by a vote of 83 to 15.
The Fed¬
share part of the cost of the project.
issue
eral Government will
Commis¬
Mich.—BOND OFFERING—T. H. Molloy,
PORT HURON,
will receive sealed bids until 2:30 p. m. (Eastern Standard
Sept. 10 for the purchase of $93,000 not to exceed 4% interest
refunding bonds.
Dated Oct. 1, 1936.
Denom. $1,000.
Due Oct. 1
as follows:
$10,000 from 1937 to 1944 incl., and $13,000 in 1945.
Prin.
and int. (A. & O.) payable at the Central Hanover Bank & Trust Co.,
New York City.
A certified check for $1,000, payable to the order of
the
City Treasurer, must accompany each proposal.
The approving
opinion of Miller, Canfield, Paddock & Stone of Detroit will be furnished
the successful bidder.
sioner of Finance,
Time)
on
Mich.—CERTIFICATE PURCHASE OFFER—Ray¬
announces that the city will accept until
its outstanding 3% certificates of indebted¬
The certificates are dated Jan. 1, 1934 and
the city reserves the right to purchase more than $10,000 worth in the event
additional funds are available for the purpose.
RIVER ROUGE,
Mass.—BIDS RECEIVED—The following is a complete list
for the $300,000 notes awarded on Aug. 13 to the
Security Trust Co. of Lynn:
Name—
Discount
Prem.
Security Trust Co., Lynn
0.62%
LYNN,
of the
bids received
0.63
Day Trust Co., Boston
Leavitt & Co., New
0.64
York
Whiting, Weeks & Knowles, Boston
First National Bank Boston
0.74
TAUNTON, Mass.—BOND SALE—The $30,000 coupon or registered
relief bonds offered on Aug. 25—Y. 143, p. 1270—were awarded to Webster,
Kennedy & Co. of Boston as 2s, at a price of 100.4159, a basis of about
1.925%.
Dated July 1, 1936 and due $3,000 on July 1 from 1937 to
1946, incl.
Other bids were as follows:
of Boston
2%
Tyler, Buttrick & Co
WATERFORD TOWNSHIP SCHOOL DISTRICT NO.
R. No. 2), Mich.—TENDERS WANTED—E. V.
1 (P. O.
Overstreet.
that sealed and written tenders will be received until
5 p. m. on Sept. 24 for the sale to the district of: (1) non-interest-bearing
certificates of indebtedness dated Feb. 1, 1934 and due Feb, 1, 1939;
(2) refunding bonds dated Feb. 1, 1934 and due Feb. 1, 1964.
Tenders will
be received up to the amount of $5,000 of the obligations and offers must
express the lowest price, plus accrued interest in the case of the refundings,
at which the holder will sell them to the district.
Accrued interest on the
bonds will be paid up until 10 days after acceptance of the offer submitted.
Rate Bid
100.396
Int. Rate
2%
Bidder—,
Merchants National Bank
City Clerk,
Director, announces
0.6724
Whiting, Weeks & Knowles
Coffin & Burr, Inc
Peters,
8 p. m. on Sept. 22 tenders of
ness to the extent of $10,000.
Pontiac,
0.65
Faxon, Gade & Co., Boston
$1.85
J.
mond
2M%
100.30
2M%
Northwestern Municipals
100.43
j
100.56
Minnesota, North and
WALTHAM, Mass.—BIDS RECEIVED—The following is a complete
bids received for the $200,000 notes which were awarded on
Knowles of Boston:
Name—
Discount Rate
Whiting, Weeks & Knowles, Boston
0.56% 4-$1
Leavitt & Co., New York
0.5725%
First National Bank, Boston
0.58%
South Dakota, Montana,
Oregon, Washington
list of the
Aug. 12 to Whiting, Weeks &
.
Faxon, Gade & Co., Boston
WELLS-DICKEY COMPANY
*
Mass.—NOTE SALE—The $10,000 coupon water main
awarded to Newton, Abbe & Co. of Boston
about .92%. Notes were offered dated
to date of Sept. 1 at the Town Treas¬
request. Due $2,000 yearly from 1937 to 1941 incl. Other bids were
MINNESOTA
WESTON,
notes offered on Aug. 27 were
Is, at a price of 100.25, a basis of
Aug. 1, 1936, but purchaser agreed
as
urer's
as
follows:
Teletype—M pls287
Telephone—Minneapolis Atlantic 4201
0.587%
0.595%
Bank, Boston
Second National
BENTON COUNTY (P. O. Foley), Minn.— WARRANT OFFERING—
M. G. Winter, County Auditor, will receive bids until 2 p. m. Sept. 1 for
the purchase of $25,000 3 % poor fund warrants.
Denom; $500 and $1.000.
»
Bidder—
-
Graham, Parsons & Co
L. S. Carter & Co
Tyler, Buttrick & Co.
100.704
bids will be received by Julius A. Schmahl, State Treasurer, until
for the purchase of a $4,000,000 issue of highway bonds.
Due
100.57
from
100.535
according to report.
The issuance of these bonds was authorized by the 1935 Legislature and it
is said that marketing them will make $3,500,000 of Federal funds available.
1M%
_
Webster, Kennedy & Co
Ballou, Adams & Whittemore, Inc
First National Bank of Boston
—
1M%
1M %
1M %
1M %
Inc
Burr & Co.,
Rate Bid
100.099
1M %
1M%
1 M%
1M%
First Boston Corp
Washburn & Co
reported that sealed
Sept. 14,
Int. Rate
1%
-
Edward B. Smith & Co
100.532
100.43
100.356
100.279
100.25
100.20
MINNESOTA, State of—BOND OFFERING—11 is
$1,000,000
1948 to
1951
incl.
The bidders will be asked to name the interest rate,
SPRING
VALLEY,
Minn.—BOND
OFFERING POSTPONED—It is
stated by Alfred Lundby, Village Clerk, that the sale of the $25,000
exceed 4M% semi-annual sewage disposal plant bonds, previously
.
We Buy
for Our Own Account
1939 to
suitable
MISSISSIPPI
MICHIGAN MUNICIPALS
BILOXI, Miss.—BONDS REFUNDED—City officials are said to have
announced recently that a block of $47,000 in city bonds held by the NewYork Life Insurance Co., has been refunded.
It is stated by F. A. Tucei,
City Clerk, that all city bonds have now been refunded, except $75,000
held by the county and an additional $50,000.
Cray, McFawn & Company
DETROIT
Telephone CHerry 6828
not to
scheduled
Denom.
Aug. 31—V. 143, p. 1271—has been postponed to Sept. 3.
$1,000.
Dated Sept. 1, 1936.
Due on Sept. 1 as follows: $1,000,
1949, and $2,000, 1950 to 1956.
Prin. and int. payable at any
bank or trust company designated by the purchaser.
for
BROOKHAVEN,
A. T. T. Tel. DET347
Miss.—BONDS
OFFERED
FOR
INVESTMENT—
4M% coupon refunding bonds taken over recently on option
by Scharff & Jones, Inc
of New Orleans, as reported in these columns—
v. 143, p. 1271—are being offered for general subscription priced to yield
4.00% on all maturities.
Dated Sept. 1, 1936.
Due from Sept. 1, 1951 to
1963, incl.
Prin. and int. (M. & S.) payable at the Chase National Bank
in New York.
Legality to be approved by Charles & Trauernicht of St.
Louis, Mo.
The $205,000
,
MICHIGAN
BIRMINGHAM, Mich.—TENDERS WANTED—H. H. Corson, City
Treasurer, announces that the city is in the market to purchase out¬
standing 1935 certificates of indebtedness, dated Oct. 1, 1935 and due
Oct. 1, 1940.
Offers will be received by Mr. Corson until 2 p. m. (Eastern
Standard Time) on Sept. 11 and must be effective for 15 days.
DETROIT, Mich.—BOND OFFERING REPORT—It is understood in
market on Sept. 14 with an
offering of about $19,997,000 serial refunding bonds.
Proceeds of the
financing would be used to redeem a like amount of higher interest bearing
bonds currently outstanding and callable in the near future.
BOND OFFERINGS WANTED—John N. Daley, City Controller, an¬
nounces that the city proposes to purchase up to
$380,000 of its bonds
presently outstanding.
Offerings will be received at the Controller's
office until 9 a. m. on Aug. 31 and shall remain firm until 1:30 p. m. of the
same day.
In submitting offers, the following conditions must be observed:
If callable bonds are offered at a premium:
(a) When the interest rate is
4M% or higher, the yield shall be computed to the first call date,
(b)
When the interest rate is less than 4M %. the yield shall be computed to
investment circles that the city will come to
Financial Statement (Officially
Reported as of Aug. 10, 1936)
Assessed valuation, 1935-36
*
Total bonded debt (including this issue)
Less—Electric light bonds
$3,450,533.00
553,500.00
_
-
$61,400
66,000
10,050
Special assessment street improvement bonds
sinking fund as of Aug. 1, 1936
Cash value of
_
137,450.00
$416,050.00
Population (1930 Census), 5,280; population 1936 (estimated), 6,000.
*
The above bonded debt does not include that or other political sub¬
divisions having power to levy taxes upon property within the city.
Net bonded debt.
Tax Collections
Total
as
of Aug. 1, 1936 (As Officially Reported)
1933-34
1934-35
*1935-36
Collections
^
$120,261.35
-
$118,242.00
$117,318.11
111,008.67
levy
112,011.63
93,593.46
the sixth call date.
If bonds are offered at less than par:
Yield shall be
of maturity whether callable or non-callable.
Non-callable bonds:
computed to the date
Non-callable bonds shall be computed to the date
maturity.
Offerings shall show the rate of interest, the date of maturity,
each offering.
Offerings:
the dollar value and the yield on
DETROIT, Mich.—TAX SALES PRIOR TO 1933 HELD VOID—Sales
Detroit property under the tax-title system employed
before 1933 were illegal, said a formal opinion filed Aug. 17 with Circuit
Judge Ira W. Jayne by Circuit Court Commissioner George W. Schudlich.
The ruling was made on Aug. 8 in a suit brought against the City of
Detroit by Mrs. Mary Foster, of Romeo, who was seeking to recover a
six-family house at 69 Owen St.
Mr. Schudlich said that his ruling affects
proprety valued at approximately $1,250,000.
The decision is based on an ordinance defining the procedure for the
City Treasurer's office.
Under its provisions the treasurer must compile a
of tax-delinquent
list of properties, detailing each parcel for sale.
The listings must appear
four times in one month in a daily newspaper prior to the sale.
This was
not done
prior to 1933, Mr. Schudlich said.
MICHIGAN,
TO ESTABLISH MERIT SYSTEM
FORWARDED TO GOVERNOR—A Lansing news report to I the Detroit
"Free Press" of recent date had the following to say in opening its remarks
regarding the new merit system bill for the State:
"The Michigan Merit System bill, proposing to create a new State de¬
partment to administer civil service among the State's 13,000 employees at
an annual saving of $1,000,000 to the citizens, was handed to Governor
Fitzgerald Saturday by the Civil Service Study Commission.
"The Governor announced he would forward the bill to the next Legis¬
lature and
State
of—BILL
would do his utmost to obtain its
"The bill sets up a
enactment.
four-man commission, to be composed of two Repub¬
licans and two Democrats, each holding office for eight years. The commis¬
would employ a civil service director, who would have powers of
sion
administration reaching into every department of the State Government.
Uncollected..
*
In process
$6,230.37,
5.27%
$9,252.68
7.69%
Per cent uncollected
of
*$23,724.65
20.22%
of collection.
BOND CALL—The city will call for payment
Oct. 1, 1936 the following bonds:
at par and accrued interest
on
Amount
Due
Date
Issue
$85,000
Refunding series A
17,000
Refunding series B
42,000
Refunding series C
30,000
Refunding series D
12,000 '• Refunding series E
9,000
Refunding series F
29,000
Refunding series G
15,000
Refunding series H
21,000
Refunding series I
14,000
Refunding series J
19,000
Refunding
April
April
April
April
April
April
5April
5H%
April
5M%
April
5H%
April
5^%
Oct.
5M%
6%
6%
5H%
5H%
5%
1, 1935
1, 1935
1, 1935
1, 1935
1, 1935
1, 1935
1, 1935
1, 1935
1, 1935
1, 1935
1,1935
April
April
April
April
April
April
April
April
April
April
1,
1,
1,
1,
1,
1,
1,
1,
1940-65
1940-59
1940-64
1940-65
1940-59
1940-57
1940-65
1940-62
1, 1940-60
1, 1940-61
Oct. 1,1940-61
GRENADA COUNTY
(P. O. Grenada), Miss.—BONDS SOLD—A
$30,000 issue of refunding bonds is reported to have been purchased recently
by Lewis & Thomas, of Jackson, as 4s.
The purchasers are said to have
agreed to pay all expenses.
HAZLEHURST,
an
effort toward
a
Miss.—BOND
OFFERING CONTEMPLATED—As
community, the City Council
policy of cash basis for the
for the sale of a $40,000 not to exceed 4% bond
5 to 6% bonds.
It is said that the new bonds
period of 15 years.
is said to be planning a call
issue to refund outstanding
would mature
over a
LIBERTY, Miss .—BOND ELECTION POSTPONED—We are informed
that the election which
11 in order to vote
in these columns recently—
order to change the wording
had been scheduled for Aug.
on the $10,000 in water works bonds, mentioned
V. 143, p. 958—was postponed for a short time in
of the bond issue.
Volume
Financial
143
Chronicle
WEST POINT, Mi as.—BOND SALE DETAILS—It is now reported by
the City Clerk that the $30,000
3H% semi-annual school bonds pur¬
chased by J. S. Love & Co. of Jackson, as noted here in July—V. 143, p.
800—were sold at par and mature on July 1 as follows: $1,000, 1940:
$2,000, 1941, and $3,000 from 1942 to 1950.
1441
H. L. All
MISSOURI
Mo.—BONDS VOTED—At the election held on Aug. 18
143, p. 958—the voters are said to have approved the issuance of
the $35,000 in city hospital bonds.
It is reported that a contractfor
the sale of the bonds was entered into
subject to the election,
dm
N. Y. 1-528
a. T. & T.
100 Broadway
It is stated by the City Clerk that the above bonds will mature in 1947,
in 1944.
"-H
New York
.
PLATTSBURG SCHOOL DISTRICT, Mo.—BOND SALE—An issue
Bernheimer Co. of
of
ipal Bonds
Telephodfli&pr 2-7333
NEVADA,
—V.
optional
Company
New Jersey
MUNICIPAL BONDS
$15,000 school bonds has been sold to the Baum,
Kansas City.
•?
>.
:
ST/lOUIS,
New
Mo.—INJLNCTION SECLRED AGAINST
"$30,000,000
MEMORIAL PROJECT—1Thirty-eight property owners of St. Louis on
Aug. 17 succeeded in stopping, at least for the present, the proposed $30,-
Jersey and General Market Issues
B. J. Van Ingen & Co. Inc.
000,000 Jefferson Memorial project, along the city's waterfront according
newspaper advices.
It is said that an injunction, issued by the United
States Court of Appeals in Washington, enjoins the Federal Government
to
57
WILLIAM STREET,
from
"taking any steps" toward constructing the memorial until the
validity of the $4,880,000,000 Emergency Relief Act of 1935 has been
A.
T.
&.
T.; N.
Y
N. Y.
Telephon
John 4-6364
:
Newark Tel.: Market 3-3124
1-730
decided.
Federal officials
are
expected to present their arguments late this
year
or early in
1937.
President Roosevelt had allotted $6,750,000 for the
memorial from the relief
appropriation, according to report.
Edmund H.
Toiand of Washington, D. C., and David H. Robertson of St.
$32,000 City of Clifton, N. J.
■
Louis,
% Refunding Bonds, due Oct. 1, 1948
To Yield 4.10%
attorneys representing the property owners, argued that the Government
not only had no right to condemn the
property involved, more than 37
city blocks, but also had no right to spend taxpayers money for the purpose.
Colyer, Robinson $ Company
INCORPORATED
MONTANA
FERGUS
COUNTY
(P.
O.
1180
Lewistown),
Mont.—BOND SALE—
The State Board of Land Commissioners has
purchased an issue of $520,000
4% refunding bonds, according to report.
New York
Wire:
2M%
on the first five maturities and 3M%
Dated July 1, 1936.
LEWIS
AND
CLARK
COUNTY (P. O. Helena), Mont.—BOND
OFFERING—A. J. Duncan, County Clerk, will receive bids until 2
p. m.
Sept. 18 for the purchase of $80,000 hospital construction
bonds, to be
issued on either amortization or serial
maturity basis.
Interest is not to
exceed 4M%.
Dated Jan. 1, 1937.
Denom. $1,000.
Certified check for
$1,000 required.
ROSEBUD COUNTY SCHOOL DISTRICT NO. 12 (P. O. Rosebud),
Mont.—BOND SALE-*—The $10,000 issue of school bonds offered
for sale
Aug. 20—V. 143, p. 800—was purchased by the State Land
Board,
according to the District Clerk.
'
m
on
No other bid
was
received for these bonds.
NEBRASKA
,
'
MUNICIPALS
OFFERING
WANTED
OMAHA, DOUGLAS COUNTY, LINCOLN
AND
OTHER
NEBRASKA
ISSUES
THE NATIONAL COMPANY
OF
work
for most
of the
sue
-
was
on
A. T. & T. Teletype OMA 81
NEBRASKA
ELSIE, Neb.—BONDS SOLD—It
water system
KIMBALL, Neb.—BOND
#
is
reported
Kimball,
to
is reported by the
Aug. 20
Village Clerk that
a
SALE—A
$10,000 issue of refunding bonds
have been purchased by the American
National Bank of
v
t
NEBRASKA
(State of)—STATE CASH IN EXCESS OF
NEEDS—
a unique
problem—Nebraska's treasury has too
instance, the State s cash balance increased from
$8,247,507 to $9,627,000, or $1,379,493, in 19 days.
The amount of checks
and drafts on hand now totals
$1,381,000 and there is no place to
deposit
them, so they are held as cash on hand.
"Banks," he said, "don't want State funds.
They have more money
than they can use and I do not like to ask them
to qualify and give
security
for State deposits which are not
likely to remain in banks very long.
The
State has a
checking account on one bank which has asked me to with¬
The
State Treasurer has
much cash on hand.
For
draw it.
The balances should
drop in the next four months because of
heavy
expenditures.
A purchase of $300,000 worth of
Government bonds has
just been authorized and the State has no debts to
pay since the State
Constitution bans indebtedness.
JERSEY
PARK, N. J .—ADDITIONAL BOND INTEREST
PAY¬
MENT—The City Council has voted to make an
additional
on
account of bond interest in
payment of
default to and
1934.
including Dec
31
AsimilarpaymentwasorderedonAug.il. Payment of the interest
be made upon presentation of the
specific coupons or certificates or
securities to the City Treasurer for
charge against the city's Interest and
Coupon Accounts. The two payments of $155,000 each are
equal to 2M %
of the total amount owed
by the
will
city in interest charges during the period
menticned.
BERGEN
COUNTY
(P.
O. Hackensack), N. J.—NOTE SALE
DE¬
TAILS—The $150,000 emergency notes purchased
recently by the Countv
Sinking Fund Commission—V. 143, p. 1272—bear
3M% interest and
mature Feb. 20, 1937.
DEAL, N. J.
BONDS AUTHORIZED—The Board of
Commissioners
of the borough has passed on final
reading an ordinance authorizing the
ssuance of $180,000 bulkhead reconstruction
bonds.
GLEN
ROCK
SCHOOL
•
N.
J.—CALL
FOR
«
TENDERS—Henry E.
announces that offers for the sale to the township
of outstanding general funding bonds of 1934 will be
by the Township Council until 8 p. m. (Daylight Saving Time) on
Sept. 1.
All offers shall remain firm until noon (Daylight Saving Time)
on
Sept. 2.
In submitting tenders, the following conditions must be
complied with:
(a) Tenders miist state the amount and maturity or maturities of, and
the rate or rates of interest payable on, the bonds offered, and the
average
yield to maturity on said bonds at the price at which they are offered and
also the price in dollars (exclusive of accrued interest) at which
they are
to $250,000
received
offered.
(b)
Those tenders stating the highest average yield to maturity will be
offering bonds at the lowest prices.
No tender stating a price in dollars which exceeds the par value of
considered the tenders
(c)
the bonds offered will be considered.
(d)
Acceptance of
a
tender shall obligate the township to accept delivery
of tne bonds and to pay therefor such amount, plus accrued interest to the
date of delivery, as will yield to the township income at the
average yield
stated in such tender, but in any event not more than the price in dollars
stated in such tender.
(e)
The right is reserved to reject all tenders, or all tenders stating an
yield higher than a yield to be fixed by said Township Council, and
tender not complying with the terms of this notice will be rejected.
Tenders may be submitted in the alternative or may be conditioned
upon
the acceptance of all or none of the bonds offered.
Delivery of bonds in negotiable form must be made on or before Sept. 11,
1936, at the office of the Township Treasurer, Municipal Building, Teaneck,
N. J., against payment of the agreed price, plus accrued interest to the
date of delivery.
average
any
N. J.—PLANS RELIEF BOND ISSUE—An ordinance
introduced at the Aug. 20 meeting of the Board of Commissioners
calling for the issuance of $100,000 bonds to provide funds for poor relief
purposes during the remainder of 1936.
The ,bonds, it is said, will bear
6% interest and will be issued as the money is needed.
The ordinance covering the above issue will, come up for final
reading at
the Sept. 3 meeting of the Board of Commissioners.
The bonds, to be
issued pursuant to Chapter 25 of Pamphlet Laws of 1936, will bear interest
at not to exceed 6%.
Dated Sept. 1, 1936.
was
NEW
MEXICO
GALLUP, N. Mex.—BONDS TO BE SOLD—We are now informed that
the $600,000 hospital building general obligation bonds offered for sale on
July 31, as noted here at that time—V. 143, p. 470—have been contracted
for bv Sutherlin & Pcranton of New Orle-ins. offering a premium of
$600,
equal to a price of 101.00, on 4^s, a basis of about 4.66%, subject to the
town receiving aid from the Government in the construction of the
hospital,
either by way of Works Progress Administration or Public Works
Ajd-
DISTRICT,
N.
3.—BOND
ELECTION—
At an election held on Sept. 10 the voters will be
asked to
approve
issue of $375,000 junior high school
building construction bonds.
an
JERSEY
CITY, N. 3.—PROPOSED BOND ISSUE—An
ordinance
providing for an issue of $100,000 playground bonds will come
up for final
reading at the Sept. 1 meeting of the Board of Commissioners.
Interest
rate is not to exceed 6% and notes will be issued
pending sale of the
bond
issue.
LINDEN, N. J.—CHOSEN AS
SITE FOR
NEW AUTOMOBILE PLANT
—The General Motors Corporation announced
Aug. 27 that it had com¬
pleted plans for the construction in the city of a
$5,575,000 automobile
assembly plant.
The various buildings will occupy 80 acres of
ground.
5^%.
TOWNSHIP,
UNION CITY,
ASBURY
$155,000
any
NEW JERSEY
(State of)—FEW TOWNS ASK RELIEF—Only 59
municipalities of the 450 eligible for relief have sought cash advances from
the State Financial Assistance Commission, Arthur
Mudd, Relief Director,
announces.
These 59 municipalities received a total of $222,611, or less
than one-third the estimated $750,000 State reimbursement to munici¬
palities for July.
Mr. Mudd declared although 14 municipalities have
applied for reimbursement for July relief, expenditures, the applications
were returned for failure to comply with
regulations requiring their accounts
to be audited by a State auditor.
Reimbursement applications may be
made any time after the fifth day of the succeeding month.
The unexpectedly small total of cash advances, with the delay in
request¬
ing July reimbursements, leads Mr. Mudd to be lieve that municipalities
are having little difficulty in handling relief.
He says the situation so far
justifies the reimbursement principle and also the policy of the State in
husbanding the $6,000,000 total relief fund.
of up
on
bonds has been sold.
NEW
The city has not effected
Diehl, Township Clerk,
VOTED—At the election held
143, p. 1121—the voters are said to have approved the
issuance of
the $250,000 in electric distribution
system o onds.
$3,500 issue of
,
a
Mueller of Newark; Morse Bros. & Co., Inc. and Lobdell &
Co., both of
New York.Official data released at that time placed the 1935 assessed
valuation at $61,944,614 and net debt at $4,656,225.
TEANECK
COLUMBUS, Neb.—BONDS
city's unemployed.
gublic long-term financing since July, 1935,a when a composed3% Adams &
$308,000 or refunding
sold
2.82% basis cost to
group
est rate on which is
—V.
JERSEY
PAULSBORO, N. J.—PLANS DEBT REFUNDING—The Borough
Council has voted to issue new 4 H% refunding bonds in exchange for the
approximately $525,000 of bonds currently outstanding, the average inter¬
OMAHA
First National Bank Bldg-
24
Construction wil .'begin in about a week, with completion scheduled for
December.
When operating at full capacity, the plant will
require the
employment of 2,000 persons.
Myles McManus, Mayor of the city, an¬
nounced that the municipality would install sewers and
pave streets in the
vicinity of the plant and declared that the motor company had agreed to
use city residents to the extent of
80% of the unskilled workers to be em¬
ployed in the plant.
Mr. McManus also stated that the coming of the
plant would greatly increase the city's taxable property rolls and provide
bearing interest at
balance of the issue.
RED
LODGE, Mont.—BONDS AUTHORIZED—A resolution was
passed recently which authorizes the issuance of $25,985.32
refunding bonds.
NWRK
NEW
The Union Bank & Trust
bonds
on the
MArket 3-1718
A. T. & T. Teletype
REctor 2-2055
LEWIS AND CLARK COUNTY SCHOOL DISTRICT
No. 1 (P. O.
Helena), Mont.—BOND SALE—The $100,000 school building bonds
offered on Aug. 25—V. 143, p. 956—were awarded to the
State Board of
Land Commissioners on a bid of par for
3Ms.
Co. of Helena offered a premium of
$550 for
,
Raymond Blvd., Newark
ministration, but if such aid is not secured the town is under no obligation
to deliver the said bonds.
Denom. $500.
Due on Sept. 1 as follows:
$1,000, 1937 to 1941; $1,500, 1942 to 1946; $2,000, 1947 to 1956; $2,500.
1957 to 1961, and $3,000, 1962 to 1966.
Principal and interest (M. & S.)
to be payable at a bank in New York City.
SAN JUAN COUNTY (P. O. Aztec), N. Mex.—BOND CALL—It
is re¬
ported by E. P. Brewer, County Treasurer, that Nos. 1 to 10 of Aztec
School District general refunding bonds, dated
July 1, 1909, are being
called for payment at< the First National Bank of
Farmington, at the
Citizens' Bank of Aztec, or at his office, on Sept. 1, on which date Interest
shall cease.
Due on July 1, 1939, optional on July
1, 1929.
,.
SANTA FE, N. Mex—HIGH BID—Edward L. Burton & Co. of Salt
Lake City, were the high bidders at 101 for 3s for the $75,000
coupon mu-
Financial
1442
nicipal relief bonds offered on Aug. 21—V. 143, p. 030.
However, the
the State of New Mexico on a bid of 100.20 for 3s
the city may care to issue.
Dated Sept. 1, 1936.
Due Sept. 1 as follows: $3,500 in 1938 and 1939, and $4,000 from 1940 to
1956,inclusive.
,^
AR e give below a list of the bids received:
award may be made to
for any amount which
.
Price Bid
Name
Lake City and First
Security Trust Co., Salt Lake City
E. L. Burton & Co., Salt
101.03 for 3%, or
$5 prem.
J1938-48 at 3%
11949-56 at 2%%
or
100.10 for
Peters Writer & Christensen,
2%%
3%
100.674 for
Denver
City National Bank & Trust Co.,
Kansas City
100.579 for 3%
$11 prem. /1938-50 as 3 %
11951-56 as 2%%
_
Bosworth, Chanute, Loughridge
J. K. Mullen Inv. Co., Denver
Sullivan & Co., Denver
& Co., Denver 100.577 for 3%
100.546 for 3%
Bank, Chicago
Harris Trust & Savings
Weil, Roth & Irving Co., Cincinnati
First National Bank, Santa Fe
Aug. 29, 1936
$6,000,000 special corporate stock notes, dated Sept.
15, 1936.
Bidder to name the rate of interest.
3, 1936 and due Dec.
NEW YORK STATE—BOND OFFERING—Morris S. Tremaine, State
Comptroller, will receive sealed bids until 1p.m. (daylight saving time) on
Sept. 9 for the purchase of $55,000,000 emergency relief bonds.
Dated
Sept. 10, 1936 and due $5,500,000 each Sept. 10 from 1937 to 1946 incl.
Interest payable M. & S. 10.
The issue was authorized by the voters last
November.
The bonds will be awarded to the bidder whose offer figures
the lowest net interest cost to the State.
Bidder will be required to name
the rate of interest, expressed in a multiple of M of 1%.
All or none
tenders may be made and all proposals must be accompanied by a certified
check for 2 % of the bonds bid for.
In announcing the terms of the offering,
Morris S. Tremaine, State Comptroller, made public data showing the net
bonded debt of the State at $487,580,869 as of Aug. 1, 1936 and the total
net debt, including temporary notes outstanding, at $641,842,957, or about
2.5% of the assessed value of property subject to taxation for State puri
poSes
Bidder
is required to name a single interest rate on all of
Principal and interest (M. & S. 10) payable in lawful money of
States at the Bank of the Manhattan Co., New York City.
100.255 for 3%
100.20 for 3%
101.33 for 3] 4 Yo
101.066 for bra
100.33 for 3K
State Treasurer
Chronicle
the bonds.
•
the United
Bonds are
exempt from all Federal and New York State income taxes.
Approving
opinion of Hon. John J. Bennett Jr., Attorney General of the State, as to
the legality and regularity of the bond issue will be furnished the successful
delivery of the bonds.
(Official announcement of the call
page II.)
bidder upon
Offeringa— Wanted
on
New York State Municipals
N. Y.—BOND
Whitehall 4-5770
that sealed bids
the
at
NEW
1 p. m.
not to exceed
YORK
(P. O. Am.nia), N.
The $6,500 coupon or registered general obligation fire apparatus bonds
offered on Aug. 25—V. 143, p. 1122—were awarded to the Mahopac Na¬
tional Bank of Mahopac as 3s, at par plus ajpremium of $7, equal to 100.170,
a basis of about 2.97%.
Dated May 1, 1936 and due May 1 as follows:
$1,000 from 1937 to 1942, incl., and $500 in 1943.
Other bids were as
AMENIA FIRE DISTRICT
follows:
Premium
Par
Int. Bate
3 H%
Bidder—
First National Bank of Amenia
100.12
100.11
4.20%
4.20%
Roosevelt & Weigold, Inc
George B. Gibbons & Co., Inc
FERRY, N. Y.—BOND OFFERING—Walter J. Warman,
Village Clerk, will receive sealed bids until 10 a. m. (Eastern Standard Time)
on Sept. 1 for the purchase of $24,600 not to exceed 2% interest bonds,
DOBBS
divided
follows:
as
from
1938
Principal and interest (M. & S. 15) payable at
Dobbs Ferry.
A certified check for 2% must
proposal.
Dated Sept. 15, 1936.
the Dobbs Ferry Bank,
each
(P. O. Poughkeepsie), N. Y.—CERTIFI¬
CATE ISSUE SOLD—Halsey, Stuart & Co., Inc., of New York, obtained
the award on Aug. 27 of $71,680 certificates of indebtedness, naming an
interest rate of 0.40%. Dated Sept. 1, 1936, and due March 1, 1937.
Prin¬
cipal and interest payable in New York City. Legality approved by Clay,
Dillon & Vandewater of New York City.
Other bids were as follows:
Bidder—
Interest Rate
DUTCHESS
COUNTY
0.42%
0.42%
0.47%
Manufacturers & Traders Trust Co
B. J. Van Ingen & Co., Inc
Salomon Bros. & Hutzler
GLENHAM
FIRE
DISTRICT
(P.
O.
Glenham),
N.
Y.—BOND
SALE—The $6,000 issue of coupon or registered fire apparatus bonds of¬
fered for sale on Aug. 20—V. 143, p. 1273—was purchased by the Mattewan National Bank of Beacon, according to the Secretary of the Board of
Fire Commissioners.
Dated Aug. 1, 1936.
Due $1,000 from Aug. 1,
1937 to 1942, inclusive.
HANCOCK, N. Y.—BOND SALE—The $25,000 coupon or registered
awarded to the First
Geo. B. Gibbons &
1, 1936.
Due on
follows: $1,500, 1937 to 1952, and $1,000 in 1953.
bonds offered on Aug. 21 were
National Bank of Hancock, on a bid of par for 3>£s.
street improvement
Co.
York bid
of New
Aug. 1 as
100.31 for 3.70s.
Dated Aug.
JAMESTOWN CITY SCHOOL DISTRICT, N.
Y.—BIDSRECEIVED
the official list of bids received for the $154,000 school
bonds, series H, which were awarded on Aug. 11 to Geo. B. Gibbons &
—We give below
Co.
of
New
York:
Price Bid
Name—
Int. Rate
155,232.00
154,215.60
3.1
3-00
2M
2.40
2.7
Estabrook & Co., New York--
154,445.22
154,539.00
2.5
2.6
National Chautauqua Bank
154.275.66
2.5
Union Trust Co., Rochester
Halsey, Stuart & Co., New York
Blyth & Co., New York
Geo. B. Gibbons & Co., New York
Lazard Freres & Co., New York
Bank
of Jamestown
$154,338.18
154,305.00
155.091,86
LIBERTY, N. Y.—BOND SALE—The $40,000 registered sewer main
bonds offered on Aug. 24—V. 143, p. 1273—were awarded to the Manufac¬
turers & Traders Trust Co. of Buffalo on a bid of 100.3299 for 2.90s, a
basis of about 2.87%.
Geo. B. Gibbons & Co. of New York bid 100 for
3s.
Dated Sept. 1, 1936.
Due $2,000 yearly on Sept. 1 from 1937 to
1956, inclusive.
MOUNT
VERNON,
N.
Y.—BOND
OFFERING—John
Lynn,
City
Comptroller, will receive sealed bids until 2 p. m. (Eastern Standard Time)
Sept. 2 for the purchase of $1,142,000 not to exceed 6% interest coupon
or registered bonds, divided as follows:
on
$514,000 public works projects bonds.
Due Sept. 1 as follows: $20,000,
1938 to 1941, incl.; $25,000, 1942 to 1944, incl.; $29,000 in 1945,
and $30,000 from 1946 to 1956, incl.
225,000 home relief bonds.
Due Sept. 1 as follows: $25,000 in 1942 and
$50,000 from 1943 to 1946, incl.
220,000 highway improvement bonds.
Due Sept. 1 as follows: $10,000
from 1937 to 1946, incl., and $12,000 from 1947 to 1956, incl.
57,000 Department of Public Works equipment bonds.
Due Sept. 1
as follows: $10,000,
1937 and 1938; $12,000 in 1939 and 1940,
and $13,000 in 1941.
45,000 drainage bonds.
Due Sept. 1 as follows: $2,000 from 1937 to
1951, incl., and $3,000 from 1952 to 1956, incl.
44,000 North 8th Ave. extension bonds.
Due Sept. 1 as follows: $2,000
from 1937 to 1952, incl., and $3,000 from 1953 to 1956, incl.
25,000 fire department equipment bonds.
Due Sept. 1
as follows:
$5,000 from 1937 to 1941, incl.
6,000 municipal playground bonds.
Due Sept. 1 as follows: $1,000
from 1937 to 1942, incl.
6,000 municipal building bonds.
Due Sept. 1 as follows: $1,000 from
1937 to 1942, incl.
All of the bonds will be dated Sept. 1, 1936 and are
of the city, payable from unlimited ad valorem taxes
general obligations
on all its taxable
property.
Rate of interest to be expressed in a multiple of
or 1-10th of
1%.
Different rates may be named on the respective issues, but all of the
bonds of each issue must bear the same coupon.
Principal and interest
(M. & S.) payable at the City Comptroller's office.
Denom. $1,000.
A certified check for 2% of the bonds bid for, payable to the order of the
City Comptroller, must accompany each proposal.
The approving opinion
of Caldwell & Raymond of New York will be furnished the successful bidder.
Bonds will be delivered to the purchaser on or about Sept. 16 at the City
Comptroller's office or at such other place as may be mutually agreed upon.
NEW YORK, N,Y.^—NOTE OFFERING—Frank J. Taylor, CityComptroller, will receive sealed bids until 2 p. m. on Aug. 31 for the purchase of
6% interest coupon or registered school bonds.
The bonds
1, 1936.
Denom. $1,000 and $500.
Due April 1 as
$1,500 from 1937 to 1946 incl., and $2,000 from 1947 to 1956 incl.
will be dated June
follows:
Principal and interest (A. & O.) payable at the main office of the Power
City Trust Co., Niagara Falls, with New York exchange.
Bidder to name
one rate of interest on all of the bonds, expressed in a multiple of
M or
l-10th of 1%.
The bonds are direct general obligations of the school
district, payable from unlimited taxes.
A certified check for $700, payable
to the order of John Rommel, District Treasurer, must accompany each
The approving opinion of Clay, Dillon &
furnished the successful bidder.
proposal.
Vandewater of New
York City will be
NIAGARA FALLS, N.
Y —BOND SALE—The $40,000 series D coupon
registered general obligation water works improvement bonds offered
Aug. 24—V. 143, p. 1273—were awarded to Washburn & Co. of New
York as 2.10s, at a price of 100.015, a basis of about 2.098%.
Dated Aug.
15, 1936 and due Feb. 15 as follows: $4,000 in 1952 and $18,000 in 1953
or
on
and 1954.
$14,600 street improvement bonds.
Due Sept. 15 as follows: $1,100
1937 to 1948, incl., and $1,400 in 1949.
10,000 park bonds.
Due Sept. 15 as follows: $1,500,1937; $2,000 n
and 1939, and $2,250 in 1940 and 1941.
accompany
SCHOOL DISTRICT NO. 3 (P. O. Niagara),
OFFERING—Maine B. Strieker, District Clerk, announces
will be received and considered oy the Board of Trustees
main office of the Power City Trust Co., Niagara Falls, until
(Eastern Standard Time) on Sept. 1, for the purchase of $35,000
NIAGARA COMMON
MEMBERS NEW YORK STOCK EXCHANGE
N. Y.
BONDS PUBLICLY OFFERED—
and Foster & Co.,
Gordon Graves & Co.
WALL ST.,
STATE—$500,000
Special offering of $500,000 4% bonds is being made by Blyth & Co., Inc.,
Inc.
The offering consists of $175,000 of coupon bonds,
due 1944, priced to yield 1.60% and $325,000 of registered bonds, due 1944,
priced to yield 1.65%.
County—City—Town—School Dietrict
1
YORK
NEW
for bids appears as an advertisement
ORLEANS
The following
COUNTY (P. O. Albion), N. Y.—BIDS RECEIVED—
is a complete list of the bids received for the $75,000 highway
bonds awarded on Aug. 20 to the
Harris Trust & Savings Bank of Chicago:
Amount Bid
Name—
New York
Dick & Merle-Smith, New York
Bacon, Stevenson & Co., New York
Rutter & Co., New York
— — —
Roosevelt & Weigold, New York
Halsey, Stuart & Co., New York
Orleans County Trust Co., Albion
M. & T. Trust Co., Buffalo
Harris Trust & Savings Bank, Chicago—
Geo. B. Gibbons & Co.,
Rate
1.90
$75,085.88
75,090.00
2.10
2.10
75,157.50
75,196.50
75,210.00
2.00
2.20
2.00
75,066.75
75,172.50
2.20
2.00
1.90
75,301.75
75,177.75
AND BETHANY, GENESEE COUNTY, COVINGTON
MIDDLEBURY, WYOMING COUNTY, AND YORK, LIVING¬
COUNTY, CENTRAL SCHOOL DISTRICT NO. 1 (P. O.
Pavilion), N. Y.—CERTIFICATE OFFERING POSTPONED—The sale
of $17,810 school certificates of indebtedness which was to have taken
place on Aug. 31 has been postponed to a later date.
PAVILION
AND
STON
(Town), (P. O. Fairport), N. Y.—BOND OFFERING—
Town Clerk, will receive bids until 3 p. m. (Eastern
Sept. 3 for the purchase of $12,437.34 registered water
bonds.
Bidders are to name a single rate of interest, in a multiple of
%
or 1-10%, but not to exceed 6%.
Denom. 11 for $660, 7 for $650 and one
for $627.34.
Dated Sept. 1, 1936.
Principal and semi-annual interest
(March 1 and Sept. 1) payable at the Fairpoat National Bank & Trust Co.,
in Fairport.
Due on Sept. 1 as follows: $627.34, 1937; $650, 1938 to 1944,
and $660, 1945 to 1955, incl.
Bonds are payable from special assessments,
but if such assessments are insufficient to pay the bonds and interest, the
town is authorized to levy taxes on all taxable property in the town, without
limit.
Certified check for $250, payable to the Town, required.
Legal
opinion of Reed, Hoyt & Washburn of New York will be furnished by the
PERINTON
Charlotte
Clapp,
Standard Time),
town.
f
RAMAPO COMMON SCHOOL DISTRICT NO. 13 (P. O. Tallman),
Y.—CERTIFICATE ISSUE OFFERING— Sealed bids addressed to
H. C. Van Houten, District Clerk, will be received until 3 p. m. (Daylight
N.
Saving Time) on Sept. 1 for the purchase of $2,000 not to exceed 3%
registered school certificates.
Dated Oct. 1, 1936.
Denom.
$400.
Due $400 on Oct. 1 from 1937 to 1941 incl.
Bidder to express
interest rate in a multiple of M or 1-10 of 1%.
Interest payable A. & O.
A certified check for $250, payable to the order of Russell Everson, District
Treasurer, must accompany each proposal.
interest
ROCHESTER, N. Y.—CERTIFICATE SALE—'The $1,000,000 public
certificates of indebtedness offered on Aug. 26 were awarded to
& Hutzler of New York on a .31% interest basis, plus a
premium of $7.
The National City Bank of New York bid .32% interest
plus a premium of $13.
Dated Sept. 1, 1936.
Due Feb. 1, 1937.
welfare
Salomon Bros.
SCHENECTADY, N. Y.—PLANS BOND SALE—Clarence H. Greene,
City Comptroller, expects to place on sale sometime next
ing issues of bonds:
»
month the follow¬
$640,000 debt equalization bonds.
Due as follows: $25,000,1943; $40,000,
1944; $75,000 in 1945, and $100,000 from 1946 to 1950. incl.
150,000 general bonds.
Due $15,000 each year from 1937 to 1946, incl.
140,000 series C public improvement bonds.
Due $7,000 each year from
1937 to 1956, incl.
65,000 series B public improvement bonds.
Due as follows: $6,000 from
1937 to 1941, incl., and $7,000 from 1942 to 1946, incl.
30,000 series A public improvement bdnds.
Due as follows: $3,000 from
1938 to 1943, incl., and $4,000 from 1944 to 1946, incl..
SPRINGPORT, FLEMING, AURELIUS,
LEDYARD AND SCIPIO
Springs), N. \ .—BOND
registered bonds offered on Aug. 25—V.
143, p. 1123—were awarded to George B. Gibbons & Co., Inc. of New
York as 2%s, at a price of 100.11, a basis of about 2.78%.
The sale
CENTRAL SCHOOL DIST. NO. 1 (P. O. Union
SALE—The $25,000
coupon
or
consisted of:
$15,000 school of 1936, series No. 2 bonds.
Due $1,000 on Aug.
1939 to 1953, incl.
10,000 equipment of 1936 bonds.
Due $2,000 on Aug. 1 from
,
1 from
1937 to
1941, incl.
Other bids
were:
Price Bid
Name
Bancamerica-Blair Corp., New York
E. H. Rollins & Sons, Inc., New York
Roosevelt & Weigold, Inc., New York
B. J. Van Ingen & Co., Inc., New York
Rutter & Co.,
—
New York.
Bacon, Stevenson Co., New York
Manufacturers and Traders Trust Co., Buffalo
—
$25,032.50
25,087.50
25,027.50
25,047.75
25,150.00
25,036.00
25,099.77
Int. Rate
2.80%
3.00%
2.9%
3.25%
3.00%
3.20%
2.9%
The bankers reoffered
the bonds for public investment at prices to
yield from 1.25% to 2.70%, according to maturity.
The district includes
the Village of Union Springs, which, owing to the medicinal qualities of
its mineral springs, is a popular resort community, according to report.
The bonds are legal investment for savings banks and trust funds in New
York State, the bankers state.
Volume
Financial
143
Chronicle
1443
WHITE PLAINS, N. Y.—BONDS PUBLICLY OFFERED—The First
Boston Corporation and Salomon Bros. &
Hutzler, both of New York, are
offering a block of $353,000 4.30% and 4.40% bonds due 1947 to 1960,
at prices to yield from 3% to
3.20%.
WAKE COUNTY (P. O.
Raleigh), N. C.—BONDS AUTHORIZED—
The County Board of Commissioners
is said to have authorized the County
Board of Education to issue
$96,000 in school addition and equipment
bonds.
$25,000.00
COLQUHOUN SCHOOL DISTRICT NO. 2 (P. O. Sherwood),
N. Dak.—CERTIFICATE OFFERING—F. M.
White, District Clerk, will
receive bids until 7 p. m.
Sept. 3 for the purchase of $6,000 7% certificates
of indebtedness.
•
NORTH
GREENSBORO, N. C., Wtr. Swr. 43/4s, ,L
DAKOTA
,,
Due
February 1961-64
at
4.00% basis
EDEN
VALLEY SCHOOL DISTRICT NO. 1 (P. O. Sherwood),
Dak.—CERTIFICATE OFFERING—Harry Sorenson, District Clerk,
will receiVe bids until
8p.m. Sept. 14 for the purchase of $5,000 7% certifi¬
N.
F. W. CRAIGIE & COMPANY
cates of indebtedness.
Richmond, Va.
Phone 3-9137
NORTH
ANDERSON COUNTY
—Sealed
bids
STILLWATER SCHOOL DISTRICT NO. 3 (P. O. Scranton),
N. Dak.—CERTIFICATES NOT SOLD—We are informed by H. A.
Soehren, District Clerk, that the $2,000 5% certificates of indebtedness
offered on Aug. 8—V. 143, p. 802—were not sold as no bids were received.
Dated Aug. 8, 1936.
Due on Feb. 8, 1938.
A. T. T. Tel. Rich. Va. 83
CAROLINA
P. O. Anderson), N. C.—BOND
will be received until
on
noon
OFFERING
Sept. 10 by James Hunter,
Clerk of the Supervisor and Board of
Finance, for the purchase of a $420,000
issue of coupon road bonds. Bidders to name the rate of interest in multiples
of M of 1%, and must be the same for all of the bonds.
Denom. $1,000.
OHIO
MUNICIPALS
Dated July
1, 1936.
Due on Jan. 1 as follows: $42,000. 1938 to 1941;
$50,000, 1942 to 1945, and $52,000 in 1946. These bonds are issued pur¬
suant to the authority of Act No. 1010, Acts of the General Assembly of the
State, 1936, and will be general obligations of the county with unlimited
tax for payment.
Principal and interest (J. & J.) payable in New York.
The approving opinion of Reed,
Hoyt & Washburn of New York will be
furnished at the expense of the purchaser. A certified check for 2% of the
amount of bonds bid for,
payable to the county, is required. Alternate
bids
as
follows
MITCHELL, HERRICK & CO.
700 CUYAHOGA
CANTON
invited:
Sealed bids are likewise invited to be made until the above date for the
purchase of bonds of the foregoing description subject to the following con¬
ditions as to their
delivery, namely: that of said bonds $220,000 shall be
AKRON
BUILDING, CLEVELAND
CINCINNATI
COLUMBUS
SPRINGFIELD
are
OHIO
ALLIANCE, Ohio—BONDS TO BE SOLD—It is stated by John M.
Boyle, City Auditor, that the $13,200 4% semi-annual judgment funding
bonds authorized by the City Council on Aug. 3 are to be sold to the
Sinking Fund Trustees.
Denom. $1,000 and $600.
Due on Nov* 1 as
follows:
$2,600, 1938 and 1939, and $2,000, 1940 to 1943.
Payable
at the office of the City Treasurer.
delivered
forthwith and paid for upon delivery, but that the remaining
$200,000 thereof shall not be delivered and paid for until one year from the
date of issuance, and that the
bonds, the delivery of which is so deferred,
shall bear interest from the date of
delivery only. Refusal to bid on said
bonds, to be delivered as contemplated in this statement, shall not affect
the right to bid on said bonds as invited above.
BLUFFTON, Ohio—BOND ELECTION— On Sept. 22 the voters of
Bluffton will pass on a proposal to issue $45,000 sewage disposal system
bonds.
ASHEVILLE AND BUNCOMBE
COUNTY, N.
ING PLAN DECLARED OPERATIVE—A
plan for
C.—BOND REFUND¬
refunding the bonds and
County, N. C., and bonds of
the Asheville Local Tax School
District, outstanding in the aggregate
principal amount of $41,633,000, has been declared operative jointly by the
notes of the city of Asheville and Buncombe
CAMPBELL,
of the following 4%
Asheville; 91.1% of the outstanding bonds of Buncombe County and 100%
of the outstanding notes of Buncombe
County and of the County Board of
Education of Buncombe County; and
94.4% of the outstanding bonds of
the
Asheville
notes
Local
Tax
School
District.
The
School
District
outstanding.
has
no
■
•
A distribution of interest will be made
by both committees on or about
Oct. 10 to all depositors of bonds and notes of record
Sept. 26, 1936.
W. D. Bradford, 115
Broadway, is Secretary of the Bondholders' Com¬
mittee, and J. E. Woodbridge, 1 Wall St., is Secretary of the Noteholders'
OFFERING—John Ross, City Auditor,
noon Sept. 14 for the
purchase at not less than par
refunding bonds:
$63,000 bonds, payable on Oct. 1 as follows:
$7,000 1945, 1946 and 1947.
32,000 bonds,'payable on Oct. 1 as follows:
Harrigan, Vice-President of Irving Trust Co.,
are chairmen respectively.
Assents to the plan, which was adopted on June 2 and submitted to
depositors on June 4, 1936, have been received from holders of 91.3% of
the outstanding bonds and
98.5% of the outstanding notes of the city of
Ohio—BOND
will receive bids until
bondholders' and noteholders' protective committees, of which Frederic W.
Ecker, Vice-President of the Metropolitan Life Insurance Co., and Nolan
Denom.
$1,000.
Dated Oct. 1, 1936.
Principal and semi-annual
interest (April 1 and Oct. 1) payable at the office of the Sinking Fund
Trustees.
Certified check for 2% of amount of bid, payable to the City
Auditor, required.
Delivery to be made at Campbell not later than Sept.21.
CONCORD
RURAL SCHOOL DISTRICT,
Champaign County,
Ohio—BOND ELECTION—At a special election scheduled for Sept. 1 a
proposal to issue $30,500 school building bonds will be voted upon,
CORNING,
struction of
A plan for refunding the
obligations of 38 taxing districts within Bun¬
combe County is expected to be announced within the
next three weeks by
the Bondholders'
Committee, which also represents creditors of these
Ohio—BONDS
VOTED—A
by
election.
should prove of interest to dealers and
bondholders, and it is stated that
copies may be had upon request to the above-named firm.
BURLINGTON, N. C.—MATURITY— In
18, 1936.
*
;
'
.*
M
N. C.—NOTE SALE—
of County Commissioners that
Winston-Salem, on Aug. 18, purchased
aggregating $4,500:
$3,000 revenue anticipation notes at 4%, plus a premium of $1.50.
1,500 revenue anticipation notes at 6%,
plus a premium of $7.50.
(This notice corrects the report of sale given nere
recently as $64,500.
—V. 143, p. 1274.)
i® now stated by the Clerk of the Board
the Wachovia Bank & Trust Co. of
the following notes
DURHAM, N. C.—NOTE
,
SALE—The $25,000 issue of
revenue
antici¬
pation notes offered for sale on Aug. 25—V. 143, p. 1274—was awarded
to
the Mechanics & Farmers Bank of Durham at
1 %, plus a premium of $28.50,
according to the Secretary of the Local Government
Commission.
Due in
tlx months.
FORSYTH COUNTY (P. O. Winston
Salem), N. C.—NOTE SALE
DETAILS—In connection with the sale of the
$60,000 bond anticipation
notes to the Wachovia Bank & Trust Co of
Winston-Salem, at 1K%.
plus a premium of $1.23, as reported here recently—V.
143, p. 1274—it is
by the County Accountant that the
on Aug. 15,
1937.
notes are dated
and mature
Aug. 15, 1936,
PROPOSED BOND ISSUE DISAPPROVED BY NEW
YORK BANKING
DEPARTMENT—In connection with the above report we
give the
following
Street Journal" of Aug. 25:
Banking Department has notified Mecklenburg
County Accountant Douglas Bradshaw that the County will lose its
place
dispatch from Raleigh to the "Wall
New
York
State
on New York State's preferred list of local
Government bonds if the pro¬
jected $1,173,000 Charlotte City-Mecklenburg
County School Bond pro¬
gram is ratified.
County officials expressed the opinion the Empire State
calculations on the county's bonded debt are incorrect.
The department declared New York latf limits bonded
indebtedness to
not more than 5% of total real
property valuations, thus banning the
purchase of county bonds not on the list by savings banks and
destroying
market values.
County Tax Supervisor J. Arthur Henderson said, however
the debt of Mecklenburg is
$3,326,880, as of last June 30, while total real
property valuations are $95,041,265. as of July 1, with
approximately
$1,250,000 to be added this year.
Issuance of the school bonds would
according to these figures, still keep Mecklenburg's
'
mir
bond issue for con¬
of 431 to 26 at a recent
Ohio—PLANS
authorized the issuance
BOND
ISSUE—The
Council
City
has
of $50,000 first mortgage fire protection bonds.
a 2-mill special tax levy for a period of five
fhn
K07
r*ir»«lr
percentage
°
almost
^j&l below the 5% mark.
Mecklenburg County bonds are selling well over par; the 6% issue of
1950's is quoted at $120, with par at $100.
/0
OI
The matter of issuance of the bonds will
likely come to a vote sometime
early in September and, if passed, the issue, largest proposed of
a local
—
governmental Government Commission here. years, will be set for letting
y the Local unit in North Carolina in several
PITTSBORO, N. C.—jNOTE SALE—A $72,000 issue of
pation
notes is reported to
boro at 6%.
have been purchased by the
revenue
antici¬
Bank of Pitts-
SOUTHERN PINES, N. C.—BOND SALE—The
$27,000 issue of coupon
public improvement bonds offered for sale on Aug. 25—V.
143, p
1274
was awarded to R. S. Dickson & Co, of Charlotte as
4Xs, paying a premium
of $124.70, equal to 100.46, a basis of about
4.20%. Dated July 1 1Q3fi
Due from July 1, 1938 to 1956 incl.
y '
years
for consideration of the voters at the November election.
DENNISON, Ohio—BOND SALE—The issue of $9,225
coupon refund¬
ing bonds offered on Aug. 24—V. 143, p. 961—was awarded to Seasongood
& Mayer of Cincinnati as 3Ms, at par plus a premium of $22.85, equal to
100.24.
Dated July 1, 1936 and due serially on Oct. 1 from 1942 to 1947,
incl.
Other bids
were as
follows:
Bidder—
Price Bid
Int. Rate
Saunders, Stiver & Co
4J^%
5%
GREEN TOWNSHIP RURAL SCHOOL
$9,334.78
9,243.46
,
DISTRICT, Wayne County,
Ohio—BOND ELECTION—A proposed $51,000 bond issue for construction
a high school building will be submitted to the voters at an election
to be held on Sept. 8.
of
HOLLO WAY, Ohio—BOND SALE—The $2,183.94 coupon debt fund¬
ing bonds offered on Aug. 24—V. 143, p. 961—were awarded to Saunders,
Stiver & Co. of Cleveland, the only bidder.
Dated April 1, 1936, and due
Oct. 1 as follows: $183.94 in 1937 and $500 from 1938 to 1941 incl.
f137,000
LUCAS COUNTY (P. O. Toledo), Ohio—BOND SALE—The
refunding bonds offered on Aug. 24—V. 143, p. 1275—were awarded to
Stranahan, Harris & Co. of Toledo as 2Ms, at a premium of $956.15, equal
to 100.698, a basis of about 2.69%.
Prudden & Co. of Toledo, McDonaldCoolidge & Co. of Cleveland and Assel, Goetz & Moerlein of Cincinnati
combined to offer a premium of $835.70 for 2%s.
Dated Sept. 1, 1936.
Due Sept. 1, 1951; subject to call by lot on Sept. 1, 1942, or any interest
payment date thereafter.
SANITARY
DISTRICT,
Ohio—CURES
Gibbons, Treasurer, reports that on Aug. 15
default on $39,000 bond principal, together with
interest at 6% from May 1, 1936, and is now current with respect to debt
MAHONING
VALLEY
DEFAULT—William
P.
the district cleared up the
service.
.
MARTINS FERRY. Ohio—BOND ISSUE DETAILS—The $10,000 fire
MECKLENBURG COUNTY (P. O.
Charlotte), N. C.—BOND ELEC¬
TION NOT CONTEMPLATED—It is
reported that petitions which were in
circulation calling for an election to vote on the
proposed issuance of $1,169,000 in school bonds, will not be presented to the
County and City School
Board until Sept. 5.
1Z 07
DEFIANCE,
$50,000
a vote
■
Bliss Bowman & Co
£ CASWELL COUNTY (P. O. Yanceyville),
The
water works was approved
connection with the sale of
the $20,000 revenue anticipation notes to the
Security National Bank of
Burlington, at 1
%, reported in these columns recently—V. 143, p. 1274—
it is stated that the notes mature on
Dec.
stated
a
Council also voted to submit
ASHEVILLE, N. C.—FINANCIAL ANALYSIS PREPARED—A de¬
tailed study of the financial condition of the above
city has been prepared
recently by Kirch ofer & Arnold, Inc., of Raleigh, containing statistics on
bonded debt, population trend in recent
years, wage earnings, a summary of
the city's recent financial
history and a thorough explanation of the bond
refunding plan which has now been declared operative.
This analysis
.
1938 to 1945, and
$3,000,
$4,000, 1946 and 1947.
v
Committee.
districts.
$6,000, 1938 to 1944, and
equipment bonds purchased recently by the Treasurer's Investment Board
—V. 143, p. 1123—bear 4% interest and mature in 1947.
NORTH COLLEGE HILL SCHOOL DISTRICT (P. O. North College
Hill), Ohio—BONDS VOTED—At an election held on Aug. 18, the voters
said to have approved the issuance of $105,000 in school addition bonds.
are
OAK
HILL, Ohio—BOND OFFERING—David S. Brown, Village
Clerk, will receive bids until noon Sept. 12, for the purchase of $5,100 4%
Denom. $200 except one for $300.
Dated
July 1, 1936.
Interest payable semi-annually.
Due yearly on Sept. 1
from 1937 to 1961.
Certified check for 3%, required.
water works extension bonds.
OHIO (State of)—COUNTY RELIEF BONDS APPROVED—The State
Tax Commission on Aug. 20 authorized the issuance of $107,000 poor relief
County and $18,500 by Coshocton County.
serially from 1937 to 1944, incl.
bonds by Ashtabula
mature
They will
RICHLAND COUNTY (P. O. Mansfield), Ohio—BOND SALE—The
$56,000 utility excise tax poor relief bonds offered on Aug. 24—V. 143, p.
962—were awarded to the Citizens National Bank & Trust Co. of Mansfield
l^s, at a premium of $150, equal to 100.267, a basis of about 1.45%.
a premium of $407.35 for 2% bonds.
Sept. 1, 1936.
Due on March 1 as follows: $6,300, 1937; $6,500,
1938; $6,700, 1939; $6,900, 1940; $7,100, 1941; $7,300, 1942; $7,500, 1943,
and $7,700, 1944.
Other bids were as follows:
as
Stranahan, Harris & Co. of Toledo bid
Dated
Bidder—
Int. Rate
Stranahan, Harris & Co
Braun, Bosworth & Co_
Prudden & Co
Johnson, Kase & Co
First Cleveland Corp
Seasongood & Mayer
Provident Savings Bank & Trust Co
Weil, Roth & Irving Co
Richland Trust Co.
Premium
2%
2%
2%
2%
2%
2\i%
214%
2H%
2M%
SHAKER HEIGHTS, Ohio—BOND OFFERING DETAILS— In
tion with the offering scheduled for
annual refunding
$407.35
233.00
208.00
355.00
89.60
224.85
' 61.60
56.00
42.00
connec¬
Sept. 14 of the $450,000 3H% semi¬
bonds, reported in these columns recently—V. 143, p.
Financial
1444
1275—it is stated by E. P.
1936
29,
Aug.
Chronicle
Rudolph, Director of Finance, that the bidders
bid for a different rate of interest in multiples of )4 of 1% .
These
are issued for the purpose of refunding a like amount of bonds of
the city heretofore issued and now about to mature, and are issued under
authority of the laws of Ohio and the Uniform Bond Act, and under and in
accordance with Ordinance No. 4462, passed by the City Council on
$200,000 Allegheny County, Pa.
may
bonds
1, 1965
2V±% Bonds due Dec. 1, 1962 and Dec.
Prices:
To Net 2.35%
Aug. 10.
SMITHFIELD,
Ohio—BOND SALE—The $13,000 special assessment
Moncure Biddle & Co.
municipal waterworks system bonds offered on Aug. 21—V. 143, p. 962—
were awarded to the Miners and Merchants Bank of Smithfield at a premium
of $388.20. equal to 102.986.
Saunders, Stivers & Co. of Cleveland offered
prwnium
a
Dated Oct. 1, 1936.
of $57.
from 1937 to 1949,
Locust Street
1620
#
Ohio—REFUNDING BONDS AUTHORIZED—'The City
ordinances providing for the issuance of $3,781,bonds, to mature as follows:
s
due on Dec. 15 as follows: $97,000 from 1938 to 1947, incl., and
TOLEDO,
Council
$32,000
Aug. 18 passed
on
000 3% refunding
$1 660 000
$98,000 in 1948 and 1949.
1.243.000 due Dec. 15 as follows: $103,000 from 1938 to 1942, incl.,
$104,000 from 1943 to 1949, inch
674.000 due Dec. 15 as follows: $56,000 from 1938 to 1947, incl.,
$57,000 in 1948 and 1949.
204,000 to mature $17,000 each Dec. 15 from 1938 to 1949, incl.
will be dated Dec. 15, 1936.
payable at the Chemical Bank & Trust
All of the bonds
and int.
Denom. $1,000.
CITY OF PHILADELPHIA
4s
,
and
and
YARN ALL & CO.
Prin.
Members
Co., New York City.
New York Stock Exchange
Philadelphia Stock
New York Curb Exchange (Associate)
Ohio—BOND OFFERING—Frank
Penny packer 0300
A. T. & T.
Barton,
W.
will receive bids until noon Sept. 14, for the purchase
$537,000 3)4% refunding bonds.
Denom. $1,000. Dated Sept. 1, 1936.
Principal and semi-annual interest payable at the office of the Sinking
Fund Trustees.
Due approximately one-tenth yearly on Oct. 1, from 1941
to 1950, incl.
Certified check for $10,000, required.
OKLAHOMA
ADA, Okla.—BOND OFFERING—It is stated by the City Clerk that he
until Aug. 31 for the purchase of a $20,000 issue of
bonds.
Interest rate is not to exceed 5)4 %, payable semi¬
annually.
These bonds were approved by the voters at an election held
on Aug. 18.
'
will receive sealed bids
incinerator
Okla.—BOND OFFERING—Sealed bids will be received
by the City Clerk, for the purchase of a $30,000
These bonds are said to mature over a period of
19 years.
They were approved by the voters at the election held on Aug. 4
—V. 143, p. 802—by a count of 101 to 97.
BETHANY,
until 8 p. m. on Sept. 2
issue of city hall bonds.
DILL CITY
SCHOOL DISTRICT
(P. O.
Dill City), Okla.—BOND
Aug. 31 by O.
OFFERING—Sealed bids will be received until 2 p. m. on
Doran, District Clerk, for the purchase of an $11,500 issue of school bonds.
Due $1,000 from 1939 to 1948, and $1,500 in 1949.
A certified check
for 2% must accompany the bid.
DILL
CITY,
Okla.—BOND SALE— It is stated by C. H. Feltman,
works system bonds were sold on Aug. 24
Bank, of Dill, as 5)4s.
Due $1,000 from 1939 to 1944
Town Clerk, that the $6,000 water
to the Dill State
incl.
CITY, Okla.—BOND OFFERING—Sealed bids will be received
until 8 p. m on Sept. 4, by P. E. Baldwin, City Clerk, for the purchase of a
$55,000 issue of water works bonds. Due on Sept. 1 as follows: $3,000, 1939
to 1955, and $4,000 in 1956.
A certified check for 2% must accompany
ELK
the bid.
-
to bear interest at rate
are
three years
; •
..
Okla.—BOND OFFERING—F.
GOLTRY,
will receive bids until 2:30 p .m.
which
"
.
M. Scarlett, Town Clerk,
Sept. 8 for the purchase of $15,000 bonds,
named in the successful bid.
Due $1,800
from date of issue, and $600 yearly thereafter.
of bid, required.
Certified check
for 2% of amount
PERRY, Okla.—BOND OFFERING—C. V. Guthrie, City Clerk, will
purchase at not less than par of
receive bids until 8 p. m. Sept. 2 for the
$118,000 waterworks extension bonds, which are to bear interest at rate
named in the successful bid.
Due $7,000 yearly beginning four years from
amount to $6,000.
(This report supple¬
issue of Aug. 22—V. 143, p. 1278.)
issue, except that the last instalment shall
Certified check for 2% of amount of bid, required.
date
of
ments the
offering notice given in our
ROGERS COUNTY
(P. O. Claremore), Okla.—BOND OFFERING—
until Sept. 8 for the purchase of $25,000
The County Clerk will receive bids
courthouse construction bonds.
YALE SCHOOL DISTRICT
Dated
interest at 2%
in the successful bid.
Nov. 1, 1936.
Interest
ELL WOOD CITY, Pa.—BOND SALE—The $52,000 4% coupon or
registered municipal building bonds offered on Aug. 25—V. 143, p. 962—
were awarded to Leach Bros., Inc. of Philadelphia at par plus a premium
of $4,232.80, equal to 108.14, a basis of about 3.27%.
Dated Dec. 1, 1935
and due $2,000 each Dec. 1 from 1938 to 1963, incl.
Glover & MacGregor,
Inc. of Pittsburgh, second high bidder, offered a premium of $3,985.
SALE—The
Pa .—BOND
flood repair
and $2,500
.
FRANKSTOWN TOWNSHIP (P. O. Hollidaysburg),
Hollidaysburg Trust Co. has purchased $3,500
funding bonds.
'
Pa .—BOND OFFER¬
District secretary, will receive bids until 5 p. m.
office of J. K. Spurgeon, Solicitor, Uniontown, for the pur¬
chase at not less than par of $65,000 4% coupon, registerable as to principal,
improvement and funding bonds, series of 1936.
Denom. $1,000. Dated
Oct. 1, 1936.
Principal and semi-annual interest (April 1 and Oct. 1)
payable at the Second National Bank, Uniontown.
Due Oct. 1 as follows:
$6,000, 1938 to 1942; and $7,000, 1943 to 1947.
Certified check for $1,000,
required.
Approving opinion of Burgwin, Scully & Churchill of Pittsburgh
will be furnished to the purchaser; the district will pay for printing of the
GEORGES TOWNSHIP SCHOOL DISTRICT,
ING—Ira
O.
Sutton,
Sept. 14 at the
bonds.
COUNTY (P. O. Waynesburg), Pa .—BOND SALE—The
offered on Aug. 21—V. 143,
962—were awarded to Glover & MacGregor of Pittsburgh as 2s at par
plus a premium of $112.90, equal to 100.245, a basis of about 1.95%.
Due
Sept. 1 as follows: $1,000 in 1937 and $5,000 from 1938 to 1946, inclusive.
•„
GREENE
$46,000 series of 1936 coupon funding bonds
p.
SCHOOL
HAZLETON
DISTRICT,
OFFERINQ—As
Pa .—BOND
already reported in these columns, the district will offer for sale on Sept. 1
an issue of $250,000 coupon bonds..Bids will be received until 8 p. m.
(Eastern Standard Time) on that date by D. T. Evans, District Secretary.
are to name rate of interest, in a multiple of )4%, from 2)4% to
Bidders
Bonds may be registered as to principal only.
Denom. $1,000.
Sept. 1, 1936.
Principal and semi-annual interest (March 1 and
1) payable at the District Treasurer's office.
Due on Sept. 1 as
follows: $10,000,
1937; $15,000, 1938'; $20,000, 1939, 1940 and 1941;
$25,000, 1942; $50,000, 1943, and $30,000, 1944, 1945 and 1946.
Bonds
are entitled' "Operating Revenue Bonds, Series of 1936," and are general
obligations of the district.
Cert, check for 2%, payable to the District
Treasurer, required.
Printed bonds and legal opinion of Townsend. Elliott
& Munson of Philadelphia will be furnished by the district.
Delivery on
or about Sept. 15.
3)4%.
Dated
Sept.
TOWNSHIP SCHOOL DISTRICT (P. O. Herndon,
D.), Pa .—BOND OFFERING—John Rothermel, District Secretary,
m. (Eastern Standard Time) on Sept. 2
for the purchase of $3,500 3)4% school bonds.
Dated Sept. 1, 1936.
Denom. $500.
Due $500 on Sept. 1 from 1937 to 1943, incl.
Interest
payable M. & S.
JACKSON
R. F.
will receive sealed bids until 7 p.
JONES
TOWNSHIP
SCHOOL
DISTRICT
(P.
O.
Wilcox),
Pa.—
E. Simons, District Secretary, will receive bids
for the purchase of $8,000 4% school bonds.
Interest pay¬
able April 1 and Oct. 1.
Due $1,000 on April 1 in each of the years from
1956 to 1963, incl.
Certified check for 10%, required.
.
OFFERING—H.
until Sept. 4,
LIMESTONE TOWNSHIP SCHOOL DISTRICT (P. O.
(P. O. Yale), Okla.—BOND SALE—The
$1,586 6% funding bonds offered for sale recently, were sold at par, accord¬
ing to the District Clerk.
Dated May 1, 1936.
Due on May 1, 1940.
PHILADELPHIA
2)4%. 2)4%, 2)4% or 3%, as
Denom. 20 for $500 and 15 for $1,000.
payable semi-annually.
Due as follows:
$2,000, 1937 and 1938, and $3,000, 1939 to 1945.
named
BOND
Okla.—BONDS SOLD—
A $12,000 issue of funding bonds has been purchased by the Taylor-Stuart
Co. of Oklahoma City, according to the County Clerk.
WOODWARD COUNTY (P. O. Woodward),
9-2230
PENNSYLVANIA
bonds which are to bear
.
SCHOOL DISTRICT, Okla.—BOND OFFERING—
H. A. Jackson, Clerk of the Board of Education, will receive bids until
2 p. m. Aug. 31, for the purchase of $5,000 school building bonds.
Due
$1,000 yearly beginning three years after date of issue.
Certified check
for 2%, required.
ADDINGTON
Exchange
New York, Bowling Green
Teletype—Phlla. 22
WALNUT ST.
1628
Director of Finance,
of
July 1, 1980/50
On a 2.90% Basis.
.
.
WAPAKONETA, Ohio—BOND OFFERING—Harold F. Shuler, City
Auditor, will receive bids until noon Sept. 9 for the purchase at not less than
par of $2,100 4% coupon water main extension bonds.
Denom. $52.50.
Dated Jan. 1, 1936.
Interest payable annually on Oct. 1.
Due $52.50
yearly on Oct. 1 from 1937 to 1976, incl.
Certified check for $21, payable
to the city, required.
YOUNGSTOWN,
Philadelphia
'
Due $1,000 yearly on Oct. 1
incl.
Pa.—BOND
Limestone),
bids
OFFERING—The Board of School Directors will receive
until 8 p. m. Sept.
28, for the purchase of $3,500 3)4% emergency bonds.
Due Sept. 1, 1944; redeemable on and
interest payment date.
Interest payable semi-annually.
after Sept. 1, 1936 on any
COUNTY
LUZERNE
(P.
O.
Wilkes
Barre),
Pa.—BOND SALE—
and funding bonds offered on Aug. 25—V. 143,
962—were awarded to Bancamerica-Blair Corp., New York, Butcher &
Sherrerd and E. W. Clark & Co., both of Philadelphia, as 1)48, at ,a price
The $500,000 improvement
Oregon Municipals
p.
of 100.585, a basis of about
on
CAMP & CO., INC.
Porter
Building,
Portland, Oregon
OREGON
DISTRICT NO. 30 (P. O. Monmouth,
Ore.—BOND SALE—The $1,500 school bonds offered for sale
on Aug. 24—V. 143, p. 1276—was awarded to the State Bond Commission,
as 4)4s, paying a premium of $1.50, equal to 100.10, a basis of about 4.46%.
Due $300 from Aug. 1, 1937 to 1941, incl.
POLK COUNTY SCHOOL
Route 1),
PORTLAND, Ore.—BOND OFFERING EXPECTED—The city will have
to sell about $300,000 in bonds to get the chance to retire $600,000 in water
bureau bonds in the next two months, William Adams, City Treasurer,
The bureau will redeem $50,000 in bonds Sept. 1 and $550,1. There is on hand about half enough in cash to meet
these retirements.
When the city sells the bonds in the bureau's sinking
funds, it will make some money on the deal, because these bonds are now
bringing record prices, much more than the city paid for them.
said
recently.
000 in bonds Oct.
SALEM, Ore.—BOND OFFERING—Sealed bids will be received until
purchase of
8 p. m. on Sept. 8 by A. Warren Jones, City Recorder, for the
$20,000 issue of refunding bonds.
The rate of interest is to be specified
by the bidder.
Denom. $1,000.
Dated Oct. 1, 1936.
Due $2,000 from
Oct. 1, 1937 to 1946; optional on any interest paying date after five years.
Principal and interest payable at the City Treasurer's office.
The ap¬
proving opinion of Teal, Winfree, McCulloch, Shuler & Kelley of Portland
will be furnished.
A certified check for 2% of the par value of the bonds,
payable to the city, must accompany the bid.
a
PENNSYLVANIA
BOROUGH SCHOOL DISTRICT, Pa.—BOND OFFER¬
ING—Philip J. Conrad, Secretary of the School Board, will receive bids
until 7:45 p. m. Sept. 10 for the purchase at not less than par of $25,000
ASHLEY
1.30%.
Dated Sept. 1, 1936 and due $100,000
Sept. 1 froih 1937 to 1941, inclusive.
MAHANOY TOWNSHIP SCHOOL DISTRICT (P. O, Mahanoy),,
Pa.—BOND SALE—The $18,000 3% coupon funding bonds offered on
Aug. 21—V. 143, p. 962—were awarded to M. M. Freeman & Co. of Phila¬
delphia at a price of 101, a basis of about 2.84%.
Dated April 1, 1936, and
due as follows: $2,000, 1940; $3,000, 1941 to 1943, incl.; $2,000 in 1944 and
1945, and $3,000 in 1946.
The First National Bank of Mahanoy City
bid a price of 100.875.
NICHOLSON
TOWNSHIP SCHOOL DISTRICT
(P. O. New Gen¬
Pa.—BOND OFFERING—W. Clyde Provance, District Secretary,
Sept. 8 for the purchase of $10,000 revenue
deficiency bonds. Bidders are to name rate of interest, making choice from
3)4%, 3)4%, 4%, 4)4% and 4)4%. Denom. $1,000. Dated Oct. 1, 1936.
Interest payable April 1 and Opt. .1 Due $1,000 yearly on Oct. 1 from 1937
to 1946, incl.
Certified check for $1,000, payable to the district, required.
Legal opinion will be furnished by the district.
eva),
will receive bids until 7:30 p. m.
TOWNSHIP, Pa .—BOND OFFERING—William Essington,
Secretary, will receive bids until 2 p. m. (Eastern Standard
K. Spurgeon, Solicitor, Unionton, Sept. 18, for the
purchase at not less than par of $30,000 4% coupon, registerable as to
principal, water supply bonds, series of 1936.
Denom. $1,000.
Dated
Oct. 1, 1936.
Principal and semi-annual interest (April 1 and Oct. 1)
payable at the First National Bank of Perryopolis. Due $3,000 yearly on
Oct. 1 from 1937 to 1946, incl.
Certified check for $500, required. Approv¬
PERRY
Township
Time)
at the office of J.
ing opinion of Burgwin, Scully & Churchill of Pittsburgh
by the district; the district will pay for the printing of the
PORTER
TOWNSHIP
SCHOOL
will be furnished
bonds.
Schuylkill County,
will offer for sale an issue
DISTRICT,
Pa.—BOND OFFERING—On Sept. 9 the district
3% bonds.
Denom. $1,000.
Dated Sept. 1, 1936.
1, 1951; redeemable any time after Sept. 1, 1937.
of $59,000
Due Sept.
Pa.—BOND OFFERING—Walter
R.
Hollinger,
City
Comptroller, will receive bids until 10 a. m. (Daylight Saving Time) Sept. 2,
for the purchase at not less than par of $500,000 coupon
registerable as to
principal only or as to principal and interest, improvement bonds.
Bidders
are to name a single rate of interest, not to exceed 3%.
Denom. $1,000.
Dated Sept. 15, 1936.
Interest payable semi-annually (March 15 and
READING,
Volume 143
Financial
Chronicle
Sept. 15).
Due $25,000 yearly on Sept. 15 from 1937 to 1956, incl. Certified
check for 2% of amount of bonds
bid for, payable to the City Treasurer,
required.
Sale will be made subject to approval of Townsend, Elliott &
Munson, of Philadelphia, and the Department of Internal Affairs of the
Commonwealth.
m SOUTH
UNION
TOWNSHIP
SCHOOL
NASHVILLE, Tenn.—BOND SALE—The two issues of coupon bonds,
aggregating $140,000, offered for sale on Aug. 25—V. 143, p. 1125—were
awarded to Mackey, Dunn &
Co., Inc., of New York, divided as follows:
$80,000 street improvement bonds as
234s, paying a premium of $71.20,
equal to 100.089, a basis of about
2.46%. Due $16,000 from Sept. 1
1937 to 1941, inclusive.
60,000 general improvement bonds as 2s, paying a
premium of $53.40,
equal to 100.066, a basis of about 1.95%.
Due $4,000 from Sept. 1,
1942 to 1956, inclusive.
DISTRICT,
Pa.—BOND
receive bids until
5 p. m. (Eastern Standard
Time) Sept. 8, at the office of J. K. Spurgeon,
Solicitor, Uniontown, for the purchase at not less than par of $68,000 4%
coupon, registerable as to principal, funding bonds, series of 1936.
Denom.
$1,000.
Dated Oct. 1, 1936.
Principal and semi-annual interest (April 1
OFFERING—Springer Francis, District Secretary, will
.
and Oct.
1) payable at the Second National Bank, Uniontown.
Due on
$6,000,1937 to 1942; and $8,000,1947 to 1950. Certified
$1,000, required.
Approving opinion of Burgwin, Scully &
Churchill of Pittsburgh, will be furnished
by the district.
The district will
pay for printing of the bonds.
Oct. 1
check
A
as
follows:
Average interest
cost of funds to city is about 2.11%.
BONDS OFFERED FOR INVESTMENT—'The above bonds
were refor public subscription
priced to yield from 0.50% to 2.50%,
according to maturity.
These bonds are stated to be legal investments
for savings banks and trust funds
in New York State.
for
SWOYERVILLE
$40,000
5%
SCHOOL
coupon
bonds
DISTRICT,
offered
on
Aug.
Pa.—BOND
143,
17—V.
awarded to the First National Bank of Pittston at
par.
1936.
offered
SALE—The
803—were
p.
ROCKWOOD, Tenn.—BOND REFUNDING NOT SCHEDULED—In
connection with the report
given in these columns last May, to the effect
that the city was
planning to refund a total of $540,000 in 534% and 6%
bonds through the issuance of
Dated June 30,
TELFORD, Pa .—BONDS AUTHORIZED—'The Borough Council has
authorized the issuance of $35,000 sewer bonds.
2% and 234% bonds, it is stated by Asa
Wright, City Recorder, that the refunding proposition is still undecided
as it has been
held up due to the Municipality Act being declared uncon¬
,
UNIONTOWN CITY SCHOOL
DISTRICT, Pa .—BOND OFFERING
—J. K. Spurgeon, District
Secretary, will receive bids until 7:30 p. m.
Sept. 16, for the purchase at not less than par of $220,000 coupon, register-
able
to
as
Bidders
are
principal,
to
name
1445
Construction of the distribution
system, if started, will follow the general
scheme laid down
by the late Roy Husselman, consulting engineer, whose
cost
estimates are being followed by the Commission.
stitutional.
r
improvement and funding bonds, series of 1936.
single rate of interest, making choice from 2%,
a
234%, 234 %» 2*A%, 3%, 3M%. 334%. 3and 4%.
TEXAS BONDS
Denom. $1,000.
Dated Oct. 1,1936.
Principal and semi-annual interest (April 1 and Oct. 1)
payable at the Second National Bank, Uniontown.
Due $20,000 yearly
on
Oct.
1
from
1946 to
1956, incl.
Certified check for
Bought —1 Sold
$2,500. required.
—
Quoted
Approving opinion of Burgwin, Scully & Churchill of Pittsburgh will be
furnished by the district, which will also pay for the
printing of the bonds.
H. C. BURT & COMPANY
RHODE
ISLAND
Incorporated
WESTERLY, R. I.—NOTE SALE—The $100,000 tax anticipation
temporary loan notes offered on Aug. 26—V. 143, p. 1276—were awarded
to the Second National Bank of Boston on a
.327% discount basis.
Dated
Aug. 26, 1936 and payable Nov. 10, 1936.
The First National Bank of
Boston bid .35% discount.
Sterling Building
Houston, Texas
TEXAS
CHILDRESS, Texas—BONDS AUTHORIZED—'The City Council
recent
at a
meeting authorized the issuance of $241,000 water refunding bonds.
CROCKETT,
Texas—BONDS VOTED—The
taxpayers
have
voted
favorably
on four propositions calling for the issuance of a total of $150,000
The issues include $98,500 bonds for
refunding, $14,500 for street
bonds.
improvements, $25,000 for waterworks
$12,000 for city park improvements.
and
sewer
improvements
and
GRAHAM, Tex.—BOND DESCRIPTION—In connection
with the report
total of $142,000 re¬
given in these columns recently to the effect that a
funding bonds had been purchased by Donald O'Neal & Co. of Dallas—V.
143, p. 1125—we are informed that the bonds are 4^% bonds and are
divided
as
follows:
$109,000 water works and sewer bonds.
Due on July 1 as follows: $4,000,
1937; $5,000 in 1939 and 1940; $6,000, 1942 to 1944; $7,000, 1946
to
1948; $8,000, 1950 and 1951; $9,000, 1952 and 1953, and$11,000 in 1955 and 1956.
33,000 street improvement bonds.
Due on July 1 as follows: $4,000,
1938; $6,000, 1941 and 1945; $8,000, 1949, and $9,000 in 1954.
'
Denom. $1,000.
Dated July 1, 1936.
Principal and interest (J. & J.)
payable at the Graham National Bank of Graham.
Legality approved
by Charles & Trauernicht of St. Louis, Mo.
The above bonds convert
into
a
lower interest rate
works and
sewer
a:
ike amount of bonds issued for
street, water
improvements.
.
HASKELL
INDEPENDENT SCHOOL DISTRICT (P. O.
Haskell),
Texas—BONDS SOLD—A $14,500 issue of 434% semi-annual
refunding
bonds is reported to have been purchased by the Satte Board of Education.
HIDALGO COUNTY (P. O. Edinburg), Texas—BONDREFUNDING
PROGRAM TO AID TAXPAYERS—It is announced by the Commissioners'
Court of Hidalgo County that the bond refunding program now in
progress
in the county will mean a saving of approximately $2,000,000 to
taxpayers.
In September, 1935, the county refunded $8,500,000 in road district bonds.
Delinquent taxes on the road districts are being settled at 3234 cents on
the dollar, and, according to the contract, this rate increases
234 cents each
six months.
The next increase will become effective Sept. 1 of this
year.
This rate increase will continue until 50 cents will have been
reached, which
will be in March, 1940.
ORANGEBURG COUNTY
(P. O.
Orangeburg), S. C.—BOND
OFFERING—It is reported that sealed bids will be received until
Sept. 3
by the Clerk of the Board of Highway Commissioners for the
purchase of
aj&450.000 issue of highway bonds.
SOUTH
DAKOTA
CARLYLE SCHOOL DISTRICT NO. 1
(P. O. Huron), S.
BOND SALE—The $8,000 issue of
refunding bonds offered for sale
11—V. 143, p. 803—was
at par.
Dated Oct
Dak.—
on Aug.
purchased by the Bank of Alpena, of Alpena, as 4s
1,1936.
Due $1,000 from Oct. 1,1937 to 1944, incl.
WAYNE SCHOOL DISTRICT NO. 1
(P. O. Alexandria), S. Dak.—
BOND OFFERING—William
Schleich, District Clerk, will receive bids
until 8 p. m. Sept. 1 for the purchase of
$1,700 school bonds.
WEBSTER, S. Dak.—BOND SALE—A $14,000 issue of 4% semi-ann.
sewer bonds is
reported to have been purchased at par by the Security
Bank of Webster.
storm
CHATTANOOGA,
Tenn.—BOND OFFERING—Sealed bids will be
on Sept. 8, by F. K."
Rosamond, City Auditor, for
$9,700 issue of 4% semi-ann. public improvement
bonds.
Dated Sept. 1, 1936.
Due $1,000 from 1937 to 1945, and $700 in
1946.
No bid for less than par and accrued interest will be
considered.
Prin.
and int. payable in lawful money at the National
City Bank, New
received until 11 a. m.
a
Authority for issuance:
LA SALLE COUNTY (P. O. Cotulla) Texas—BONDS SOLD—It is
reported that an issue of $100,000 road and bridge bonds was sold recently.
These bonds are said to be part of a $600,000 issue authorized
by the voters
on May 7, 1927.
'
MIDLAND, Tex.—BONDS REFUNDED—Refunding of $100,000
York.
Chapter 682, Private Acts of Tennessee, 1935.
ELIZABETHTON, Tenn.—BOND OFFERING—R. B. Moreland,
City
Clerk, is calling for bids until 10 a. m. oil Aug. 31', for the purchase of a
$425,000 issue of 434% semi-annual water revenue bonds.
It is said
PECOS, Texas—BOND CALL—Mayor M. D. Cowan is said to be calling
for payment at par and accrued interest on Sept. 15, on which date interest
shall cease, the
HAMILTON COUNTY (P. O.
Chattanooga), Tenn.—BOND SALE—
$590,000 public works, school, first series, coupon bonds offered
on
Aug. 25—V. 143, p. 1125—were awarded to the Hamilton National
Bank
of Chattanooga and associates as 3.40s at a
premium of $4,584.72, equal to
100.777, a basis of about 3.34%.
Jack M. Bass & Co. of Nashville were
second high bidders, offering a premium of $477.90 for
3.40s.
Dated
Jan. 1,1936.
Due $15,000 oh Jan. 1 in odd years and $16,000 in even
The
beginning in 1939 and running to 1975, with $17,000 maturing
years,
on
Jan. 1.
It is stated that Gray, Shillinglaw & Co. of Nashville and
Nelson, Brown¬
ing & Co. of Cincinnati were associated with the above named bank in
the
purchase of these bonds.
McMINN COUNTY (P. O.
Athens), Tenn.—BOND REDEMPTION—
J. J. Warel, Chairman of the County
Court, states that the county desires
to exercise its option and
redeem, on Oct. 4, on which date interest shall
cease, a total of $100,000 6% road bonds.
Dated Oct. 4, 1921.
Due
on Oct. 4, 1951, optional on Oct.
4, 1936.
These bonds may be
presented
either at the Citizens National
Bank, Athens, or at the Third National
Nashville.
following bonds:
$22,000 5%
sewerage bonds, dated March
1, 1913.
Numbered 9 to 17, 19 to 23, and 28 to 35. Due
5,000 6%
works
water
ROXTON,
but these funds have been tied
up in a general
District of Columbia, challenging the
Washington
injunction suit filed in the
validity of this type of financing
dated
Denom.
$1,000.
March 1, 1953.
Denom.
$1,000.
Texas—BONDS DEFEATED—At
voters are said to have defeated a
a
recent election, the
proposal to issue $50,000 in water and
bonds.
sewer
•
of
STEPHENVILLE, Texas—BOND ELECTION—A proposed bond issue
$35,000 for construction of swimming pool, recreation hall and golf
course
will be submitted to the voters at
an
election scheduled for Sept. 7.
INDEPENDENT SCHOOL DISTRICT (P. O.
Teague).
Texas—BOND SALE—It is reported that a $9,000 issue of 4% semi-annual
school bonds approved by the voters at a recent election has been purchased
TEAGUE
by the State Board of Education.
TEXARKANA,
Texas—BOND
ELECTION
CONTEMPLATED—It
is reported that an election has been proposed for the near future in order
to vote on the issuance of $118,436.97 in bonds to fund Treasury warrants.
We understand that these warrants are the remainder of a total of
$146,250
issued in 1934 to refund outstanding scrip.
OFFERINGS
WANTED
UTAH—IDAHO—NEVADA—MONTANA—WYOMING
Bank in
MEMPHIS, Tenn.—CITY PLANS TO BUILD POWER PLANT—'The
city has announced definitely that it is going ahead with its own
plans for
a Tennessee Valley
Authority distribution system, breaking off
negotia¬
tions with the Memphis Power & Light Co. for
purchase of its plant.
An¬
nouncement was made by letter to
power company officials by
Major
Thomas H. Allen, Chairman of the
City Light and Water Commission
Next step is expected to be the sale of bonds
by the city, an issue of
$9,000,000 already having been authorized, but exact plans were
vague and
are expected to await Mayor Overton's
return from a three weeks'
vacation
started Monday.
The city now has an application for a Public
Works Administration loan
and grant for erection of a distribution
system pending at
bonds,
on
Nov. 1, 1913.
Numbered 1 to 5. Due on Nov. 1, 1953.
Payable at the Fort Worth National Bank, Fort Worth.
that
the bonds, both principal and interest, are
payable solely from the revenues
of the water system and mature over a
period of from 3 to 32 years, and will
not be sold for less than par and accrued
interest.
1976.
sewer
bonds, reducing the interest rate from 534%" to 434% and
converting the
issue into optional rather than non-optional bonds, has been accomplished
in a contract made by city officials with a San Antonio bond firm.
»»
(
TENNESSEE
the purchase of
HUTCHINSON COUNTY (P.O. Stinnett) ,Tex.—BOND OFFERING—
be received by L. L. Roberts, Co. Aud., until
Sept. 14
Sealed bids will
for the purchase of a $65,000 issue of 5% semi-ann.
hospital bonds. Due
from 1937 to 1946 incl.
These bonds were approved by the voters at an
election held on Aug. 8—V. 143, p. 1125.
MUNICIPALS
FIRST SECURITY TRUST CO.
SALT LAKE CITY
Phone Wasatch
3221
Bell
Teletype: SL K-37
UTAH
SALT LAKE CITY, Utah—BOND ELECTION
PROPOSED—'The City
Commission is said to have been urged to call an election to submit to the
voters the proposed issuance of $850,000 in bonds to finance a
program,"in conjunction
city building
with the Public Works Administration.
291
Aug.
Financial Chronicle
1446
METOMEN, Wis.—INTEREST RATE—We are informed
VIRGINIA
BLACKSTONE, Va.—BOND OFFERING—Sealed bids will be received
7, by C. H. Hardy, Town Clerk, for the purchase
a $35,000 issue of 3M%
funding bonds.
Denoms. $1,000 and $500.
Dated Sept. 1, 1936.
Due as follows: $1,500, 1937; $2,000, 1938; $1,500,
1939; $2,000, 1940, $1,500, 1941, and so on up to final maturity in 1956.
Interest payable M. & S.
The bonds are being sold subject to the approval
of Chapman & Cutler, of Chicago.
A certified check for 5% must accom¬
pany the bid.
\ -
until 7:30 p. m. on Sept.
1936
by the Town
Clerk that the $37,000 road bonds purchased by the Milwaukee Co. of
Milwaukee, at a price of 101.50, as reported here recently—V. 143, p. 964
—were sold as 3s,
giving a basis of about 2.78%.
Due from July 15,
1937 to 1951, inclusive.
of
DANVILLE, Va .—BOND SALE CONTEMPLATED—The City Council
preparing to issue the following bonds aggregating $66,373.50:
52,070.50 street widening, and $14,303 school ground grading bonds.
is said to be
MARION
SCHOOL
DISTRICT (P.
O. Marion), Vs.—BONDS
Aug. 18—V. 143, p. 154—the voters are
of the $120,000 in school bonds.
VOTED—At the election held on
said to have
apprbved the issuance
OFFERING—Sealed bids will
of—BOND
State
(E. S. T.)
on
be re¬
Sept. 28 by A. B. Gathright, State
Treasurer, acting for the Sinking Fund Commission, for the purchase of an
issue of
$11,680,000 coupon or registered refunding bonds.
Denom.
1, 1936The bonds will mature annually in in¬
approximately $275,000 on July 1, 1937 to $500,000
on July 1,
1966.
It is stated that a supplemental notice of sale will be
given out shortly before Sept. 28, setting forth the total amount of bonds
to be sold at public sale without specifying the amount of each maturity.
These bonds are said to be issued in accordance with the provisions of
Chapter 203 of the Acts of the General Assembly of Virginia of 1936.
Dated Nov.
$1,000.
WYOMING
given in these columns, to the
City Council had authorized the issuance of $40,000 in harbor dredging
bonds—V. 143, p. 1277—it is stated by A. M. Hamilton, City Clerk, that
the total amount of bonds contemplated is $130,000, and if authorized they
will be issued in three blocks as follows:
$40,000, $30,000 and $60,000.
He states that all inquiries regarding these proposed issues will be ignored
until such time as official action is taken and the bonds have been authorized.
VIRGINIA,
RICE LAKE, Wis —BOND OFFERING—T. G. Hoff, City Clerk and
Comptroller, will receive bids until 8 p. m. Sept. 22 for the purchase of
$59,000 3% school bonds. Denom. $500 and $1,000.
Dated Oct. 1, 1936.
Interest payable annually on Oct,. 1.
Due $5,000, Oct; 1„ 1938, and $6,000
yearly on Oct. 1 from 1939 to 1947, incl.
Assessed valuation of property,
$3,391,142; bonded debt $42,000.
ISSUANCE CONTEMPLATED—In
effect that the
NEWPORT NEWS, Va —BOND
connection with the report
ceived until 10 a. m.
PESHTIGO SCHOOL DISTRICT (P. O. Peshtigo) Wis.—BONDS
VOTED—At the election held on Aug. 18—V. 143, p. 1126—the voters
approved the issuance of the $55,000 in school building bonds by a count of
562 "for" to 29 "against." These bonds are to be issued in connection with
a Public Works Administration grant, according to report.
creasing amounts from
SCHOOL DISTRICT, Wyo.—BONDS VOTED—The resi¬
dents of the district have voted favorably on a proposal to issue $15,000
school building bonds.
•
BOSLER
Wyo .—BOND
of Schools,
be held on
CHEYENNE SCHOOL DISTRICT (P. O. Cheyenne)
ELECTION CONFIRMATION—A. S. Jessup, Superintendent
confirms the report given here recently, that an election will
Sept. 16, to have the voters pass on the
proposed issuance of $170,000 in
High School addition bonds—V. 143, p
Senior
1126.
SPRINGS, Wyo .—BOND SALE— The $40,000
Paving District No. 13 improvement bonds offered on Aug.
4%
ROCK
Street
17—V. 143,
6964—were 15, 1936. to Due North 14, 1946; redeemable after one year.
the Aug. Side State Bank of Rock Springs at par.
ated Aug. awarded
TORRINGTON PAVING DISTRICT NO. 1 (P. O. Torrington).
Wyo.—BONDS CALLED—It is reported that all paving bonds, up to and
Aug. 1, on which date interest
including No. 60, were called for payment on
ceased.
permit persons holding
the bonds which are to be refunded to purchase bonds of the refunding issue
at the same price that such refunding bonds are sold to the purchasers at
the sale advertised by this notice. The notice of call for tenders for exchange
of proposed refunding bonds for 2-3% "Century" bonds is published simul¬
taneously and must be read in conjunction with and constitutes a part of
the terms of said Act it is necessary to
Under
this notice.
Canadian Municipals
Information and
;
bidder to name the dollar price extended
places on each $100 par value of bonds which he will pay
for each year's maturity, such price to be not less than par.
Bidders may
name rates of interest in multiples of 5-100 of 1% specifying a single rate
not exceeding 2% on the first 10 years' maturities; a single rate not exceeding
Markets
be necessary for each
It will
to three decimal
BRAWLEY, CATHERS & CO.
2$
ELGIN
ST. WEST, TORONTO
KING
6438
r
to be refunded.
Interest and principal will be payable at the office of the Treasurer of
Virginia at Richmond, Va. Proposals for purchase must be unconditional
and be enclosed in a plain sealed envelope marked "Proposal for purchase of
refunding bonds, series 1936."
Said proposals must be accompanied by a
certified check, on a bank or trust company, payable to the order of the
Treasurer of Virginia, for 2% of the par value of the amount of the bonds
bid for, to secure performance of proposal.
Check of the successful bidder
will be applied as part payment on purchase price of bonds;
Comparison
of proposals will be made by ascertaining the amount of interest to be paid
by the State throughout the life of issue at the proposed rates, and deducting
therefrom the amount of premium bid, thus determining the lowest net
interest cost to the State for the whole issue.
Approving opinion of Messrs. Thomson, Wood & Hoffman of New York
City, will be furnished the successful bidder without cost. Bonds will be
ready for delivery on 6r about Nov. 1, 1936.
(.The official advertisement of the above
CANADA
of)—SPECIAL SESSION PROGRAM— Among
the matters to be taken up during the special session of the legislature which
convened on Aug. 25 will be legislation empowering the government with
specific authority for inauguration of its social credit program and the
validation by law of the order-in-council providing for the forced reduction
in interest charges on the approximately $160,000,000 of funded debt
presently outstanding.
ALBERTA
(Province
CALGARY,
Alta —BONDHOLDERS
REPRESENTED
AT DEBT
INQUIRY—Appointment of H. M. Evans, Edmonton, to represent bond¬
holders at a proposed inquiry into Calgary's financial affairs was announced
Aug. 20 by the Investment Dealers' Association of Canada.
Calgary Board
of Aldermen requested the inquiry two months ago.
offering and the exchange plan
page V
of
CAMPBELLTON, N. B.—BOND SALE—An issue of $30,000 4% 20-year
paving debentures, dated Aug. 1, 1936, has been sold to W. O. Pitfield
& Co.
The bonds are being offered at 101.50, to yield about 3.90%.
held on
CANADA (Dominion of)—TREASURY BILL SALE—'Treasury bills
totaling $20,000,000 were sold on Aug. 14 at an average discount price of
$99.824662, with a yield of .68936%.
They are due Nov. 16, 1936.
offered to the holders of the original obligations, appears on
this issue.)
WINCHESTER, Va .—BOND ELECTION—An election is to be
Sept. 29 at which a proposal to issue $500,000 water
supply bonds will be
submitted to the voters.
MUNICIPAL OFFICIALS FAVOR BOND CALL PLAN—Revision of the
Provincial Government's policy whereby municipalities would be given
permission to make present outstanding bond debentures callable was
favored by delegates attending the Okanagan Valley Mayors and Reeves
Association, in session at Vernon, B. C., recently.
If such permission
were
granted municipalities could make considerable savings in interest
rates by reissuing debentures at lower rates, it was argued.
Mayor O. L. Jones of Kelowna explained this would enable bondholders
to accept their principal and reinvest it as they chose.
He declared such
a policy was preferable to an arbitrary reduction
in interest.
Majority
of the delegates believed municipal debts could be refloated at approxi¬
mately 3%.
NORTHWESTERN MUNICIPALS
Washington
—
Oregon
—
Idaho
-—
Montana
Ferris & Hardgrove
SEATTLE
SPOKANE
PORTLAND
.
Teletype—SEAT 191 Teletype—PTLD
Teletype—SPO 176
ORE 160
COBOURG,
bonds mature for
PIERCE
COUNTY
SCHOOL
DISTRICT
NO. 4 (P. O. Tacoma)
received until 10:30 a. m.
Sept. 19, by O. E. Dahlgren, County Treasurer, for the purchase of a
$6,000 issue of school bonds.
Interest rate is not to exceed 6%, payable
on
semi-annually. The bonds will be issued in denominations of $100 each, or
any multiple thereof, not exceeding $1,000, at the discretion of the Board
of Directors, said bonds to mature and be payable in their numerical order,
lowest number first, on the annual interest dates.
The various annual
maturities of said bonds will be in 12 equal instalments.
Prin. and int.
payable at the County Treasurer's office, the State Treasurer's office, or
at the fiscal agency of the State in New York.
A certified check for 5% of
the bid is required.
V
WISCONSIN
CREEK, Wis.—BOND SALE—An issue of $46,000
grading and surfacing bonds was sold recently to T. E. Joiner
Chicago at 3% on a premium of $788, equal to 101.713.
BEAR
highway& Co. of
CALUMET COUNTY (P. O. Chilton, Wis.—LIST OF BIDS RE¬
CEIVED—We give below a complete list of the bids received for the $60,000
3% highway improvement bonds which were awarded on Aug. 12 to the
Northwestern National Bank & Trust Co. of Minneapolis:
Name—
-
Premium
,
Northwestern National Bank & Trust Co., Minneapolis.
Bartlett, Knight & Co., Chicago._*
The Milwaukee Co., Milwaukee
Harris Trust & Savings Bank, Chicago
The Securities Co. of Milwaukee, Inc
A. G. Becker & Co., Chicago
Channer Securities Co., Chicago
Paine, Webber & Co., Chicago
T. E. Joiner & Co., Inc., Chicago
State Bank of Hilbert, Hilbert
Miss. Valley Trust Co., St. Louis
GREEN BAY FIRST SEWER
DISTRICT (P.
$4,127
3,711
3,675
3,647
3,396
' 3,186
3,096
2,888
2,367
1,800
1,536
O. Green Bay), Wis.
City Comp¬
—BONDS TO BE PURCHASED—It is stated by John Tease,
troller, that $2,000 5% sewer bonds will be taken by the City Pension Funds.
Denom. $1,000. Dated Oct. 1, 1936. Due $1,000 on Oct. 1,1951 and 1952.
Prin. and int. (A. & O.) payable at the City Treasurer's office
KENOSHA COUNTY (P. O. Kenosha), Wis.—NOTE SALE—The
$125,000 corporate purpose notes offered on Aug. 21—V. 143, p. 1126—
awarded to R. W. Pressprich & Co. of Chicago on a 1% interest basis,
plus a $10 premium.
Brown, Harriman & Co. of Chicago bid 1.10%
interest, plus $18.75 premium.
Dated Aug. 31, 1936 and payable Aug.
30,1937.
were
MAUSTON JOINT SCHOOL DISTRICT NO. 1, Wis.—BOND
ELEC¬
of
TION—A special election has been ordered for Sept. 4 for the purpose
voting on the question of.issuing $50,000 school building bonds.
15 years and the new rate compares
with that of 4 H%
paid on the old loan.
WASHINGTON
Wash.—BOND OFFERING—Sealed bids will be
new refunding issue of $255,been sold at a price of 99.417. The
Ont.—BOND SALE—A
666.23 3% hydro conversion bonds has
CORNWALL TOWNSHIP, Ont.—BOND SALE—J. L. Graham & Co.
of Toronto were the successful bidders for the $8,000 4% 20-instalment
debentures, paying 99.17, equal to a cost
Tenders were
basis of 4.10%.
follows:
as
Bidder—
Rate Bid
*
J. L. Graham & Co
99.17
R. A. Daly & Co
98.07
TOWNSHIP, Ont.—MAY SEEK PROVINCIAL SUPER¬
Brown, Reeve of Hagar Township in Sudbury district,
recently that administration of the township might be turned over to
the Provincial Department of Municipal Affairs.
Inability to collect taxes,
mounting relief costs, indebtedness and inability to borrow were the rea¬
sons given by Mr. Brown for the possible development.
.
HAGAR
VISION—John
stated
ONTARIO
HYDRO ELECTRIC
POWER COMMISSION £P. O.
Toronto), Ont.—TO REDEEM $17,626,950 BONDS—'The Hydro Electric
redemption on April 1,
1937, its issue of bonds of a par value of $17,626,950, issued for the purchase
of Ontario Power Service Corp. bonds to the amount of $20,000,000,
T. Stewart Lyon, Chairman of the Commission, announced Aug. 27.
The Commission's bonds, issued on Oct. 1, 1932, were for a period of
20 years, with a provision that the Commission should be at liberty on
any interest payment date to redeem the whole or any part of the deben¬
tures outstanding at par, plus accrued and unpaid interest, on giving
at least three months' notice of redemption to the holders of the debentures
Power Commission of Ontario has decided to call for
to
foe redeemed
The rate of interest on the bonds to be
redeemed was set at 3 M % from
1, 1932, to Oct. 1, 1937; 4% from Oct. 1, 1937, to Oct. 1, 1942, and
5% from Oct. 1, 1942, to Oct. 1, 1952.
Mr. Lyon said he believed a refunding operation could be effected to
Oct.
ave
$4,000,000 in interest over 15H years
OUTREMONT,
Que.—BOND
OFFERING—R.
Treasurer of the School Commission, will receive
Aug. 31 for the purchase of $115,000 4% 30-year
1936, in $500 and $1,000 denominations, and
Belleau,
Secretary-
sealed bids up to 5 p. m.
serial bonds dated Aug. 1,
payable at Montreal and
Outremont.
.
JONTS, Que.—BOND OFFERING—Sealed bids
by the City Treasurer until Sept. 8 for the purchase of
$15,000
or 4% electric and water system improvement bonds.
Dated
Aug. 1, 1936 and due serially on Aug. 1 from 1937 to 1956 incl.
STE.
will
AGATHE DES
be received
JOSEPH, Que.—BOND SALE—An issue of $25,000 4% 30-year
been awarded to Societe de Placements
a cost basis of 4.06%.
Tenders were as follows:
Bidder—
Rate Bid
ST.
serial bonds dated May 1, 1936, has
at
99.30, equal to
Societe de Placements
Credit Anglo-Francais, Ltd
Bruno Jeannotte, Ltd
L. G. Beaubien & Co., Ltd..
Ernest Savard, Ltd
.
.
...
......
...
99.30
98.50
98.23
97.25
96.06
@FedFRASER